Fundamental Equity Analysis - FTSE 100 Index Members (UKX Index). by Q.M.S Advisors

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

Fundamental Analysis & Analyst Recommendations UKX Index - FTSE 100 Index April 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

14392574

1935.593

1116

204

220

101.42

110.55

15.42

14.14

18.80

Euro Stoxx 50 Pr

EUR

2529002

5372.293

4595

733

768

228.31

305.59

18.52

15.97

13.84

19.53

NIKKEI 225

JPY

2558234

186.6975

188

5.28

5.51

0.27

0.26

0.12

FTSE 100 INDEX

GBP

2682024

11608.24

9587

1446

1647

530.70

818.94

27.31

17.70

22.54

SWISS MARKET INDEX

CHF

1032475

10951.8

4099

841

833

406.58

549.07

20.92

18.53

15.49

21.83

S&P/TSX COMPOSITE INDEX

CAD

1677743

17146.39

7904

1848

2081

794.29

887.81

15.43

13.80

24.27

S&P/ASX 200 INDEX

AUD

1414577

6699.644

2865

604

702

251.37

341.05

21.63

17.51

15.94

22.29

HANG SENG INDEX

HKD

1702834

3309.148

1659

376

407

268.13

266.04

1.39

1.52

1.40

3.12

MSCI EM

USD

7697940

1533.773

1085

201

216

87.02

95.19

11.82

13.40

10.81

20.03

HSBC HOLDINGS PLC

GBp

194198

7288

18476

430

387

#VALUE!

103439

109654

0.74

1.17

1.47

1.65

20.50

16.26

14.54

-16.15

A+

29.11.2011

Aa3

21.06.2012

VODAFONE GROUP PLC

GBp

135478

38651

49646

168.79

70106

67478

66991

68359

27509

21004

0.29

-0.05

0.23

0.25

18.10

16.89

1.75

8.15

36.51

11.89

47.01

A-

30.05.2006

03.08.2011

BP PLC

GBp

132762

4462

19136

245.66

567256

560136

519122

532825

30874

33312

14010

0.33

0.92

1.29

1.44

17.18

30.88

12.30

10.98

0.03

7.69

-83.62

-17.29

8.98

24.09.2010

ROYAL DUTCH SHELL PLC-A SHS

GBp

208003

749

6331

345.33

705563

691755

703368

78710

15643

6.21

6.42

6.34

6.43

11.46

11.88

11.60

11.43

-0.97

5.17

-10.34

-1.03

16.85

03.09.2009

Aa1

20.07.2005

GLAXOSMITHKLINE PLC

GBp

112708

2447

4904

135.32

39920

40677

42251

12803

3385

1.59

1.40

1.74

1.92

24.74

19.21

19.96

18.06

-5.27

4.88

-20.99

-0.84

48.44

A+

18.02.2008

BRITISH AMERICAN TOBACCO PLC

GBp

101779

585

2026

115.25

22942

24307

25379

9278

10049

3.09

2.99

3.48

3.81

26.66

25.79

22.90

20.93

-2.05

12.58

-4.14

19.71

61.08

A-

09.11.2012

ROYAL DUTCH SHELL PLC-B SHS

GBp

208003

1592

6331

345.32

705563

691755

703368

78710

15643

6.21

6.42

6.34

6.43

11.81

12.25

11.96

11.79

-0.97

5.17

-10.34

-1.03

16.85

03.09.2009

Aa1

20.07.2005

DIAGEO PLC

GBp

76295

834

2531

89.67

16254

16680

17328

18529

5779

6082

2654

1.24

1.53

1.56

1.73

29.95

34.95

29.52

26.48

12.56

10.95

27.76

14.74

55.07

A-

01.09.2005

17.10.2005

BHP BILLITON PLC

GBp

173009

2237

5298

308.82

109086

101118

102833

113273

51149

42726

24709

5.50

2.76

3.86

4.59

24.21

16.99

17.27

14.56

1.03

10.20

-16.76

12.56

63.82

A+

15.11.2010

(P)A1

15.11.2010

ASTRAZENECA PLC

GBp

61060

801

1247

95.24

42249

39798

38670

16097

17552

3583

9.15

7.54

8.23

7.93

14.80

12.25

13.56

14.08

-25.26

-2.91

-29.78

-0.72

62.75

AA-

27.07.2007

30.07.2007

RIO TINTO PLC

GBp

92601

1787

1847

185.71

76978

88228

93800

24018

15420

7.06

-2.44

9.02

10.26

15.18

11.88

10.44

-23.88

16.85

-60.94

13.11

47.12

A-

18.04.2011

BG GROUP PLC

GBp

57531

1915

3402

103.70

28595

32722

30416

34615

15403

15951

4161

1.95

1.55

1.99

2.36

24.94

19.08

19.40

16.36

-15.34

10.37

2.59

9.25

73.62

BARCLAYS PLC

GBp

55902

28111

12243

661

194

#VALUE!

59 K

52 K

44 K

46 K

0.69

-0.13

0.56

0.67

9.58

11.81

9.86

1.61

-9.26

29.11.2011

(P)A3

21.06.2012

STANDARD CHARTERED PLC

GBp

61775

832

2413

171

184

#VALUE!

40640

31312

34405

3.20

3.08

3.59

3.96

18.96

18.25

16.25

14.75

15.91

6.22

A+

01.12.2011

26.11.2010

UNILEVER PLC

GBp

121538

783

2832

155.71

77517

80817

85413

12655

2.35

2.39

2.56

2.78

30.81

31.38

28.83

26.54

15.79

8.07

8.73

6.57

24.66

A+

05.10.2000

11.07.2000

SABMILLER PLC

GBp

82313

375

1664

152.82

25242

25857

37002

39254

7784

8197

2.91

4.22

3.62

4.08

27.87

35.02

32.43

28.80

15.64

0.93

15.23

7.70

47.88

BBB+

04.08.2003

Baa1

27.10.2005

RECKITT BENCKISER GROUP PLC

GBp

51591

453

734

55.19

14449

15269

16004

4105

3.99

3.81

4.01

4.24

28.51

27.06

27.13

25.66

1.31

19.53

4.23

24.47

42.91

A+

16.12.2003

TESCO PLC

GBp

45656

5085

8032

57.91

97476

98230

99944

104232

7713

7470

0.57

0.53

0.48

0.50

16.23

16.27

17.99

17.02

10.20

11.24

6.22

12.48

11.49

A-

29.07.2008

Baa1

20.04.2012

PRUDENTIAL PLC

GBp

40748

2223

2557

43.41

83788

87446

89651

1.19

1.31

1.21

1.34

18.43

20.27

19.94

18.00

78.48

A+

17.08.2010

20.12.2002

NATIONAL GRID PLC

GBp

41264

1500

3701

72.88

20891

20548

21787

22598

7215

7538

0.77

0.96

0.81

0.83

17.70

20.70

21.09

20.51

-5.38

12.97

-2.12

11.35

55.41

A-

24.08.2007

Baa1

12.01.2007

ANGLO AMERICAN PLC

GBp

36289

1014

1391

75.65

43439

51703

54057

11602

8034

3.91

-1.70

3.50

4.25

15.55

16.98

13.97

-8.98

20.36

-49.07

-8.82

40.34

BBB+

18.04.2011

Baa1

23.02.2009

IMPERIAL TOBACCO GROUP PLC

GBp

33007

712

990

46.61

22160

12241

12664

6810

2282

2.49

1.03

3.21

3.46

49.56

20.50

15.88

14.75

-5.11

90.21

57.87

35.89

46.42

BBB

20.05.2008

BT GROUP PLC

GBp

32241

5566

8151

45.12

29160

27348

27396

26802

9349

8882

2469

0.36

0.41

0.38

14.99

16.91

16.30

16.11

-5.79

-4.81

7.80

2.85

49.05

BBB

19.07.2011

ROLLS-ROYCE HOLDINGS PLC

GBp

31010

584

1872

29.20

18367

22921

24220

2548

1800

1.41

1.86

0.99

1.08

13.38

17.65

25.18

23.00

14.08

17.11

21.12

30.05

20.95

13.04.2012

LLOYDS BANKING GROUP PLC

GBp

51799

110663

70424

287

168

#VALUE!

54989

27562

27462

0.03

-0.03

0.06

0.08

41.90

18.83

13.11

2.65

A-

29.11.2011

21.06.2012

CENTRICA PLC

GBp

28464

3433

5199

35.09

36161

36902

38476

5585

5958

0.39

0.37

0.42

0.47

22.32

21.06

19.75

17.77

7.40

15.93

17.70

12.24

23.33

A-

29.05.2009

21.06.2006

XSTRATA PLC

GBp

49047

1379

3003

100.39

47754

51372

54842

12267

6878

1.90

0.60

1.88

2.36

61.68

19.62

19.80

15.76

-10.07

5.24

-45.72

-8.64

38.80

BBB+ *-

29.11.2012

COMPASS GROUP PLC

GBp

22725

917

1855

24.34

25532

26573

28154

2235

0.67

0.48

0.70

0.78

38.75

28.18

26.75

24.20

10.23

18.63

16.91

24.50

13.22

18.02.2013

Baa1

26.11.2009

SSE PLC

GBp

21526

397

945

29.45

47914

47330

47887

49926

2940

3132

1.94

0.37

1.72

1.76

90.75

20.28

19.63

19.14

18.07

27.22

7.36

8.57

10.00

A-

21.08.2009

22.09.2009

WPP PLC

GBp

19719

399

1266

24.36

15667

16648

17506

2485

0.97

1.00

1.22

1.34

23.58

24.34

19.31

17.59

5.29

16.47

6.54

16.21

23.95

BBB

10.11.2008

Baa2

26.03.2012

GLENCORE INTERNATIONAL PLC

GBp

38446

5535

7099

112.04

323873

329179

346254

6949

0.27

0.22

0.90

1.12

56.71

45.65

13.77

11.07

22.95

25.78

6.08

-5.44

3.24

BBB

29.11.2012

ARM HOLDINGS PLC

GBp

19310

1071

1381

18.74

871

1015

1195

342

112

0.17

0.18

0.28

0.36

118.32

120.55

73.51

57.85

26.13

30.49

63.77

41.85

59.30

BAE SYSTEMS PLC

GBp

18721

1075

3251

18.25

25102

29168

29011

3321

1814

0.49

0.50

0.64

0.63

17.59

18.01

13.70

13.94

-9.77

4.43

-5.49

6.17

19.98

BBB+

16.10.2007

Baa2

14.04.2005

EXPERIAN PLC

GBp

17087

182

1029

29.22

6777

7178

7782

2232

2293

1.48

0.51

1.26

1.47

75.59

38.08

30.56

26.18

23.40

10.68

26.41

14.38

51.10

TULLOW OIL PLC

GBp

17221

835

908

27.42

3540

4120

4003

1578

1403

0.15

1.04

1.09

1.04

41.62

289.17

39.57

41.76

2.62

32.77

-56.21

8.63

67.31

SHIRE PLC

GBp

16630

209

552

24.54

7021

7646

8217

1834

1880

705

1.81

2.03

3.40

3.85

33.59

33.84

20.02

17.70

14.79

16.19

-24.36

27.99

40.44

CRH PLC

GBp

15726

483

726

23.36

28182

28807

30397

2477

893

0.76

1.15

1.28

1.65

33.46

50.91

30.26

23.45

4.83

-3.02

-1.46

-15.88

13.27

BBB+

17.12.2007

LEGAL & GENERAL GROUP PLC

GBp

15191

4052

5913

#VALUE!

52826

44957

50017

0.21

0.22

0.24

18.49

18.81

17.48

16.36

137.36

09.02.2010

18.05.2010

OLD MUTUAL PLC

GBp

14848

1738

4892

16.59

27044

#VALUE!

0.19

0.18

0.30

0.33

24.90

24.57

15.10

13.79

200.69

187.63

Baa2

08.10.2012

PEARSON PLC

GBp

14273

554

807

16.13

7641

9388

9313

1444

0.72

0.53

1.23

1.38

49.60

36.63

21.48

19.17

7.59

2.47

2.24

2.49

28.54

BBB+

25.11.1998

Baa1

01.02.2002

REED ELSEVIER PLC

GBp

13972

1182

1187

20.56

9237

9244

9613

2853

1308

0.68

0.69

0.80

0.86

25.48

26.03

22.14

20.51

2.87

10.41

13.22

13.29

46.65

BBB+

12.12.2008

AVIVA PLC

GBp

13167

6006

2946

#VALUE!

65754

64966

64009

-0.19

-0.24

0.66

0.72

10.20

9.39

33.87

44.19

A-

15.08.2012

WOLSELEY PLC

GBp

13123

246

286

14.55

20270

19417

20074

21466

719

745

0.42

0.05

2.73

3.27

1544.94

138.98

26.49

22.13

-1.53

-6.73

-67.73

-21.88

5.79

BRITISH SKY BROADCASTING GRO

GBp

21233

436

1674

23.40

10257

10512

10803

11326

2397

2460

646

0.79

0.86

0.91

23.04

21.89

5.20

11.56

19.44

14.45

35.35

BBB+

30.11.2009

Baa1

09.04.2009

STANDARD LIFE PLC

GBp

12846

1144

2358

1.33

28976

30795

33325

0.50

0.45

0.36

0.39

18.35

16.41

22.70

20.95

167.87

A-

25.02.2009

SMITH & NEPHEW PLC

GBp

10260

302

904

15.93

6248

6656

6944

1888

1867

474

1.05

1.23

1.18

1.29

21.00

25.27

21.92

20.09

-4.70

3.46

5.25

8.76

45.12

NEXT PLC

GBp

10503

102

161

11.43

5358

5573

5773

1181

1211

4.78

4.83

4.74

5.20

20.41

20.62

20.82

18.96

4.68

2.07

12.40

5.93

33.28

BBB

13.05.2003

Baa2

06.06.2003

KINGFISHER PLC

GBp

10108

1689

2372

10.17

15969

16653

17312

1494

0.37

0.36

0.40

17.67

17.17

17.75

15.90

-3.60

4.38

-6.15

15.77

14.13

BBB-

30.04.2008

Baa2

29.03.2012

ASSOCIATED BRITISH FOODS PLC

GBp

22264

183

792

24.45

18505

19777

20986

2368

1.22

1.06

1.45

1.61

39.98

34.69

29.32

26.46

16.20

19.36

31.70

20.41

19.33

LAND SECURITIES GROUP PLC

GBp

9567

760

783

14.37

1014

961

833

896

659

624

1.02

0.52

0.54

0.58

35.65

34.48

31.96

-6.54

-21.71

-0.38

-10.59

98.16

127870

121335

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

12.03.2013

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

14392574

1935.593

1116

204

220

101.42

110.55

15.42

14.14

18.80

Euro Stoxx 50 Pr

EUR

2529002

5372.293

4595

733

768

228.31

305.59

18.52

15.97

13.84

19.53

NIKKEI 225

JPY

2558234

186.6975

188

5.28

5.51

0.27

0.26

0.12

FTSE 100 INDEX

GBP

2682024

11608.24

9587

1446

1647

530.70

818.94

27.31

17.70

22.54

SWISS MARKET INDEX

CHF

1032475

10951.8

4099

841

833

406.58

549.07

20.92

18.53

15.49

21.83

S&P/TSX COMPOSITE INDEX

CAD

1677743

17146.39

7904

1848

2081

794.29

887.81

15.43

13.80

24.27

S&P/ASX 200 INDEX

AUD

1414577

6699.644

2865

604

702

251.37

341.05

21.63

17.51

15.94

22.29

HANG SENG INDEX

HKD

1702834

3309.148

1659

376

407

268.13

266.04

1.39

1.52

1.40

3.12

MSCI EM

USD

7697940

1533.773

1085

201

216

87.02

95.19

11.82

13.40

10.81

20.03

MARKS & SPENCER GROUP PLC

GBp

9499

880

1606

12.63

15004

15034

15161

15735

1756

1722

1160

0.43

0.46

0.49

0.52

19.18

21.37

18.17

17.02

-14.83

-3.94

17.30

BBB-

07.01.2009

WM MORRISON SUPERMARKETS

GBp

9622

1391

2532

12.92

27361

27339

28159

1991

0.40

0.39

0.41

15.54

15.57

15.87

15.34

3.87

8.63

0.46

13.01

10.99

(P)A3

30.09.2011

BURBERRY GROUP PLC

GBp

8914

356

439

8.59

2805

2885

2986

3439

707

535

0.95

0.80

1.01

1.15

37.90

45.39

30.16

26.41

35.80

22.35

43.30

25.61

27.99

ROYAL BANK OF SCOTLAND GROUP

GBp

47811

12197

11171

478

164

#VALUE!

42687

40695

34431

31795

0.12

-0.77

0.34

0.49

19.11

18.93

13.12

-26.39

A-

29.11.2011

Baa1

21.06.2012

CAPITA PLC

GBp

8794

196

655

10.81

5062

5723

6181

966

905

0.79

0.56

0.85

0.93

36.19

25.52

23.84

21.86

21.73

15.14

19.18

22.56

28.83

INTERTEK GROUP PLC

GBp

8149

161

9.02

3103

3443

3738

573

690

1.77

1.63

2.29

2.59

46.82

43.25

33.36

29.49

26.32

32.07

28.26

30.39

27.89

23.10.2006

INTERCONTINENTAL HOTELS GROU

GBp

7925

183

268

13.58

2771

2926

3073

1069

227

2.15

2.86

2.39

2.60

23.53

31.17

28.15

25.93

5.72

5.46

11.48

5.61

58.27

BBB

22.06.2011

01.03.2005

SAINSBURY (J) PLC

GBp

10698

1702

1883

14.06

33672

34377

35088

36402

1935

1912

985

0.40

0.50

0.45

0.47

17.25

20.05

19.07

18.10

8.53

8.50

7.55

9.95

8.40

13.05.2010

01.06.2006

RANDGOLD RESOURCES LTD

GBp

7749

11.39

1990

2426

3184

1056

7.10

7.09

8.30

12.12

27.05

23.12

15.83

25.56

68.71

34.30

80.56

80.13

BRITISH LAND CO PLC

GBp

8053

973

888

11.83

526

530

763

789

0.82

0.44

0.45

0.47

27.86

27.59

27.21

26.42

16.89

-19.18

SMITHS GROUP PLC

GBp

7302

261

393

8.60

4576

4679

4744

4938

911

926

539

1.24

1.20

1.43

1.52

23.27

22.58

19.62

18.49

10.00

9.80

1.19

9.49

29.91

BBB+

15.01.2007

Baa2

06.05.2010

UNITED UTILITIES GROUP PLC

GBp

7183

662

682

15.98

2364

2409

2483

2567

1359

1367

0.71

0.72

0.59

0.63

22.13

21.50

27.08

25.38

5.15

-7.70

0.07

1.38

85.70

WEIR GROUP PLC/THE

GBp

7145

276

213

8.19

799

418

2.15

2.22

2.32

2.54

22.81

23.54

21.89

19.99

16.23

26.89

26.60

46.99

31.47

ITV PLC

GBp

7569

4350

3912

7.51

3317

3485

3612

826

0.10

0.15

0.16

28.17

28.90

19.54

18.25

3.95

-0.02

18.26

17.31

37.62

BB+

30.03.2012

Ba1

21.03.2012

JOHNSON MATTHEY PLC

GBp

6914

134

215

7.99

18159

16637

15546

12351

876

853

2.25

2.20

2.33

22.68

22.76

23.17

21.85

30.83

13.87

17.32

17.58

7.74

AGGREKO PLC

GBp

7225

384

266

8.12

2391

2470

2626

939

1.52

1.57

1.43

1.56

25.83

26.70

28.32

26.12

20.24

28.20

27.15

33.66

59.30

WHITBREAD PLC

GBp

6724

178

7.53

2685

2877

3055

3395

706

739

347

2.00

2.40

2.24

2.52

23.60

27.54

25.24

22.44

16.84

16.66

14.22

13.25

38.78

GKN PLC

GBp

6518

1001

1632

8.37

9832

11241

11789

1116

0.41

0.46

0.40

0.46

13.22

14.79

15.01

13.13

20.08

16.71

29.28

18.15

17.15

19.04.2002

BUNZL PLC

GBp

6397

122

355

7.53

8094

9001

9292

567

625

0.92

0.90

1.16

1.22

32.15

31.56

25.17

23.74

7.38

12.53

5.81

11.55

10.57

RSA INSURANCE GROUP PLC

GBp

6282

2924

3590

7.09

13354

13456

14071

0.14

0.19

0.20

18.42

18.57

13.97

13.43

1.85

9.73

13.08.1997

10.03.1997

IMI PLC

GBp

6288

322

3607

632

1.10

1.32

1.44

27.02

26.27

22.48

20.57

4.03

10.08

-0.65

17.32

28.85

REXAM PLC

GBp

6239

472

878

7.61

6513

6891

7130

1013

530

0.50

0.46

0.62

0.67

26.04

23.90

19.20

17.69

2.86

4.75

-0.45

9.80

23.50

BBB-

19.02.2009

Baa3

26.09.2001

INTL CONSOLIDATED AIRLINE-DI

GBp

7028

2474

1855

11.62

27363

27955

29110

2101

2527

-0.39

-0.74

0.18

0.44

37.03

15.45

18.89

-11.44

11.60

CARNIVAL PLC

GBp

27520

260

776

55.02

23232

23250

23962

25258

5048

5149

799

2.85

2.86

3.09

4.02

27.05

26.58

25.02

19.28

-3.93

4.38

-16.65

-4.03

33.45

16.04.2003

03.02.2004

G4S PLC

GBp

6145

984

1411

9.15

11329

12377

13144

998

1085

0.24

0.12

0.37

0.41

55.14

27.42

17.78

16.19

-0.42

14.81

4.71

16.52

13.31

BBB-

05.11.2012

SAGE GROUP PLC/THE

GBp

6039

824

1330

6.26

2024

2094

2141

591

293

0.28

0.33

0.36

27.48

27.21

23.27

21.42

0.69

6.09

-1.38

7.53

44.09

SEVERN TRENT PLC

GBp

5969

238

12.27

2674

2722

2765

2834

1188

1174

1.33

1.41

1.39

1.45

26.76

24.39

27.16

26.08

5.23

5.25

-1.11

4.09

65.16

BBB-

28.01.2010

Baa1

08.09.2009

ABERDEEN ASSET MGMT PLC

GBp

7725

2150

1186

7.55

1313

1529

1730

545

308

0.26

0.29

0.41

0.48

34.11

37.48

23.70

20.14

16.41

31.35

23.05

39.42

62.73

BABCOCK INTL GROUP PLC

GBp

5839

359

6.78

4637

4590

4877

5197

510

512

583

0.62

0.72

1.04

1.06

34.20

36.30

23.56

23.02

20.52

29.05

22.64

52.36

16.85

TATE & LYLE PLC

GBp

5768

301

466

6.43

4664

4801

4937

5255

665

574

0.78

0.86

0.84

0.91

21.63

21.80

22.29

20.51

20.43

7.67

7.95

3.22

18.05

BBB

15.07.2011

Baa2

15.02.2013

MEGGITT PLC

GBp

5716

407

785

6.69

2425

2569

2714

742

0.48

0.47

0.56

0.62

23.41

22.78

19.47

17.85

15.62

16.33

23.46

26.82

46.24

RESOLUTION LTD

GBp

5807

1773

1418

#VALUE!

16810

2367

2655

-0.08

0.38

0.42

16.31

14.57

245.62

PETROFAC LTD

GBp

7439

155

340

10.71

9551

10191

11071

1297

757

2.64

2.81

3.04

3.44

17.48

18.57

16.16

14.25

13.62

27.47

18.79

35.53

20.52

CRODA INTERNATIONAL PLC

GBp

5728

140

6.04

1589

1705

1815

433

109

1.96

2.08

2.27

31.48

29.70

27.20

3.51

5.85

9.71

31.34

41.14

ANTOFAGASTA PLC

GBp

15322

443

986

22.06

10180

9985

9795

5821

1395

2.19

1.58

1.96

1.85

22.42

16.16

18.08

19.16

16.51

36.13

14.38

10.15

86.37

HAMMERSON PLC

GBp

5167

807

713

8.34

541

473

505

328

0.19

0.33

0.36

57.52

33.40

30.45

-19.06

0.46

-20.11

-6.35

91.72

Baa2

12.01.2004

MELROSE INDUSTRIES PLC

GBp

5035

1068

1267

6.55

2343

3541

3721

353

0.18

0.05

0.27

0.30

114.44

51.73

22.59

19.88

52.03

177.35

44.84

71.71

22.75

AMEC PLC

GBp

4757

223

308

4.61

6280

6410

6827

548

1.23

1.01

1.32

1.48

23.90

19.61

18.28

16.39

41.54

18.93

44.07

34.29

13.19

WOOD GROUP (JOHN) PLC

GBp

4887

340

373

7.63

10303

11024

11607

772

1.04

0.99

1.50

1.69

30.27

28.85

19.88

17.63

30.77

16.23

43.98

8.56

11.32

SERCO GROUP PLC

GBp

4684

239

498

5.56

7420

7812

8251

580

597

0.61

0.75

0.66

0.73

18.81

23.20

21.55

19.49

8.67

18.29

10.16

23.39

11.81

EASYJET PLC

GBp

6273

351

396

6.39

5821

5730

6252

6661

660

0.94

0.72

1.18

1.28

33.12

33.40

20.29

18.67

17.59

25.87

32.82

24.63

17.40

ADMIRAL GROUP PLC

GBp

5461

274

5.14

1487

2352

2523

1.43

1.44

1.46

1.54

20.96

21.01

20.62

19.51

19.78

33.05

SCHRODERS PLC

GBp

8547

175

267

1.70

2153

1930

2146

499

1.43

1.58

1.82

2.10

30.01

33.27

26.12

22.66

-7.69

5.23

-27.90

-2.43

34.98

05.12.2002

LONDON STOCK EXCHANGE GROUP

GBp

5385

146

271

6.21

1218

1272

1271

1317

723

733

1.52

2.92

1.42

1.36

10.26

20.16

21.08

22.12

31.58

27.57

35.54

27.12

87.01

13.03.2012

Baa2

01.07.2011

FRESNILLO PLC

GBp

14872

110

717

22.09

3258

3642

4142

1964

1.55

1.63

1.92

30.51

28.95

24.68

-2.43

-23.12

55.13

91.06

HARGREAVES LANSDOWN PLC

GBp

6139

123

474

5.91

361

402

436

497

231

263

142

0.36

0.42

0.47

0.54

46.32

46.55

42.02

36.16

22.40

29.60

31.29

44.91

98.78

POLYMETAL INTERNATIONAL PLC

GBp

4996

419

383

9.08

2003

2789

3257

839

1.11

1.19

2.01

2.55

24.92

26.68

14.80

11.66

65.46

55.51

63.26

TUI TRAVEL PLC

GBp

5393

3902

1118

5.59

21840

22446

22997

1071

0.35

0.19

0.42

0.46

38.73

20.60

17.42

15.92

-2.33

5.29

-6.99

7.41

VEDANTA RESOURCES PLC

GBp

4129

276

297

42.62

21153

22511

22230

25899

6744

8029

1784

1.58

1.13

2.19

3.63

31.41

18.69

16.13

9.77

34.08

26.50

42.16

16.07

53.87

Ba3 *-

21.03.2013

EVRAZ PLC

GBp

4875

1425

1338

16.83

24770

23620

21718

22577

4220

3462

1367

0.91

-2.31

0.12

0.19

64.94

40.00

33.90

40.52

22.14

135

6.55

3311

3464

322

1.13

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

3.01

3.56

A-

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

S&P 500 INDEX

2.17

1.99

1.81

2.17

1.40

1.34

1.28

1.40

10.02

9.72

9.51

10.02

8.80

8.13

7.62

8.80

14.14

12.67

11.44

14.14

2.20

2.36

2.56

2.20

1682.0

%D to Spot

7.6%

Euro Stoxx 50 Pr

1.12

1.06

1.00

1.12

0.72

0.70

0.68

0.72

5.22

4.87

4.64

5.22

7.00

6.62

6.30

7.00

10.84

9.70

8.88

10.84

4.44

4.77

5.08

4.44

2896.5

11.7%

NIKKEI 225

1.51

1.41

1.32

1.51

0.71

0.66

0.65

0.71

9.49

8.15

7.62

9.49

9.50

8.28

7.76

9.50

24.08

18.86

14.60

24.08

1.65

1.93

1.65

11916.4

-4.6%

FTSE 100 INDEX

1.67

1.55

1.34

1.67

1.00

0.97

0.98

1.00

7.84

7.22

5.21

7.84

7.05

6.60

6.33

7.05

11.72

10.63

9.74

11.72

3.92

4.22

4.66

3.92

6826.8

7.5%

SWISS MARKET INDEX

2.37

2.20

2.03

2.37

1.98

1.88

1.80

1.98

12.18

11.13

9.77

12.18

13.15

12.16

11.37

13.15

14.77

13.22

12.00

14.77

3.34

3.70

4.21

3.34

8029.4

3.9%

S&P/TSX COMPOSITE INDEX

1.69

1.56

1.46

1.69

1.58

1.48

1.43

1.58

8.44

7.58

7.00

8.44

8.24

7.29

6.91

8.24

14.05

12.39

11.38

14.05

3.12

3.28

3.48

3.12

14554.2

14.5%

S&P/ASX 200 INDEX

1.90

1.79

1.69

1.90

1.82

1.71

1.62

1.82

11.19

9.99

9.12

11.19

9.54

8.40

7.80

9.54

15.28

13.60

12.48

15.28

4.35

4.66

5.03

4.35

5152.0

3.1%

HANG SENG INDEX

1.34

1.24

1.15

1.34

1.74

1.61

1.50

1.74

7.17

6.65

6.25

7.17

8.13

7.39

6.84

8.13

10.88

9.98

9.08

10.88

3.54

3.83

4.34

3.54

24942.6

11.0%

MSCI EM

1.44

1.31

1.21

1.44

0.95

0.88

0.84

0.95

6.89

7.09

6.50

6.11

7.09

10.81

9.72

9.01

10.81

3.07

3.57

6.08

3.07

1184.9

15.2%

HSBC HOLDINGS PLC

1.14

1.08

1.03

0.96

0.88

2.84

2.67

2.55

11.88

10.76

9.63

8.55

7.30

4.10

4.68

5.18

6.00

5.43

776.75

11.7%

VODAFONE GROUP PLC

1.08

1.19

1.15

1.13

1.12

1.94

2.02

1.98

1.96

4.7%

BP PLC

1.12

1.07

1.01

0.94

0.85

0.37

0.39

0.38

ROYAL DUTCH SHELL PLC-A SHS

1.09

1.01

0.94

0.93

0.83

0.44

0.45

GLAXOSMITHKLINE PLC

10.51

12.28

10.92

8.91

6.89

2.81

BRITISH AMERICAN TOBACCO PLC

8.24

8.85

8.33

8.34

8.05

4.39

ROYAL DUTCH SHELL PLC-B SHS

1.12

1.04

0.97

0.96

0.85

DIAGEO PLC

8.45

6.85

5.61

4.58

BHP BILLITON PLC

2.28

2.11

1.85

1.64

ASTRAZENECA PLC

2.61

2.47

2.34

RIO TINTO PLC

1.66

1.48

1.29

BG GROUP PLC

1.72

1.57

BARCLAYS PLC

0.65

STANDARD CHARTERED PLC

1.44

UNILEVER PLC

6.89

6.34

5.94

11.48

10.35

8.94

8.34

1.95

7.16

6.87

6.62

6.30

7.64

7.68

8.46

8.40

8.27

8.18

11.75

11.98

11.18

10.54

9.96

7.36

5.67

5.78

5.89

6.11

191.96

0.38

0.46

5.16

4.62

4.20

4.03

3.89

4.34

4.22

3.92

3.99

3.84

7.61

8.14

7.27

6.82

6.45

4.89

5.14

5.50

5.92

6.39

481.53

5.0%

0.45

0.40

4.56

4.50

4.42

4.26

4.15

3.85

3.74

3.66

3.53

3.31

7.70

7.68

7.57

7.32

7.05

5.34

5.57

5.72

5.94

6.24

2516.79

17.9%

2.77

2.67

2.55

2.45

12.72

10.87

9.97

9.09

8.10

9.16

9.34

8.87

8.52

8.04

13.71

13.22

11.96

10.98

10.19

4.88

5.13

5.42

5.84

6.14

1502.74

-1.1%

4.19

4.01

3.85

3.63

14.96

13.80

12.93

11.65

10.04

12.51

11.47

10.75

10.06

9.54

16.97

15.16

13.86

12.66

11.39

3.84

4.32

4.72

5.16

5.71

3705.01

5.9%

0.44

0.45

0.40

4.70

4.64

4.55

4.40

4.27

3.85

3.74

3.66

3.53

3.31

7.94

7.92

7.81

7.54

7.27

5.18

5.41

5.58

5.73

5.89

2463.93

12.0%

3.57

4.70

4.40

4.12

3.85

3.67

21.74

18.38

16.01

14.45

12.83

16.83

15.12

13.96

13.02

12.63

21.86

19.54

17.53

15.85

14.68

2.20

2.35

2.57

2.79

3.09

2064.79

2.6%

1.47

2.41

2.54

2.31

2.21

2.12

6.52

7.73

6.52

6.16

5.77

6.11

7.02

5.95

5.60

5.34

9.19

11.43

9.64

8.86

8.63

3.89

4.10

4.40

4.63

4.76

2279.16

17.6%

2.21

1.99

2.18

2.32

2.38

2.43

2.50

7.91

7.70

8.29

7.97

8.03

5.78

6.40

6.59

6.67

6.97

7.89

8.98

9.32

9.38

9.68

5.99

5.75

5.79

5.80

5.61

3046.57

-5.9%

1.15

0.96

1.82

1.59

1.49

1.45

1.40

7.57

5.29

4.99

4.46

6.79

5.59

5.09

4.88

4.63

9.46

7.86

6.91

6.90

6.63

3.33

3.79

4.19

4.50

4.26

4043.26

30.0%

1.41

1.24

1.29

2.55

2.86

2.51

2.02

1.60

7.09

7.40

6.24

5.27

5.19

6.14

6.36

5.33

4.26

4.28

12.42

12.85

10.83

8.51

6.65

1.53

1.63

1.78

2.03

2.28

1390.14

24.2%

0.61

0.57

0.50

1.27

1.26

1.23

1.19

1.31

3.01

3.03

2.66

2.36

8.20

7.82

6.53

5.62

6.37

2.22

2.50

3.20

4.45

3.72

365.84

27.1%

1.30

1.20

1.11

1.06

3.23

2.98

2.71

2.48

2.33

11.48

9.85

8.66

7.78

11.70

10.76

9.76

8.98

8.13

3.20

3.59

3.94

4.38

4.51

1900.72

12.1%

5.85

5.28

4.71

4.25

3.71

1.86

1.78

1.68

1.59

1.52

16.27

14.91

13.82

12.66

11.85

12.53

11.73

10.97

10.17

9.72

20.43

19.09

17.57

16.15

15.02

3.02

3.15

3.41

3.74

4.13

2785.50

2.0%

SABMILLER PLC

3.40

3.05

2.81

2.57

2.24

4.92

3.36

3.17

3.00

2.85

19.48

17.10

16.00

14.06

12.55

19.04

15.75

14.40

13.53

11.74

24.61

21.47

19.07

17.13

15.56

1.73

1.98

2.23

2.51

2.63

3283.07

-3.8%

RECKITT BENCKISER GROUP PLC

5.51

5.21

4.57

4.14

3.31

3.58

3.38

3.22

3.03

2.91

17.65

16.40

15.46

14.74

13.05

13.75

13.18

12.51

11.65

10.55

19.26

17.96

16.99

15.81

14.40

2.71

2.88

3.04

3.25

3.57

4410.93

-7.5%

TESCO PLC

1.69

1.62

1.53

1.45

0.46

0.44

0.42

0.40

8.04

7.88

7.29

6.82

7.24

7.72

7.32

6.88

9.87

11.44

11.91

11.27

10.51

9.93

4.02

3.92

4.10

4.42

4.74

388.11

3.4%

PRUDENTIAL PLC

2.75

2.39

2.13

2.11

1.59

0.54

0.47

0.45

15.20

13.20

11.92

10.94

2.52

2.86

3.06

3.34

3.51

1116.89

5.9%

NATIONAL GRID PLC

2.69

2.65

2.54

2.40

2.28

1.90

1.89

1.83

1.77

1.69

8.00

7.71

7.52

7.24

ANGLO AMERICAN PLC

0.81

0.80

0.76

0.74

1.29

1.06

1.01

0.97

0.86

6.19

4.65

4.35

4.03

IMPERIAL TOBACCO GROUP PLC

2.81

3.54

3.40

3.31

3.11

2.75

2.70

2.61

2.52

2.43

9.97

9.09

8.79

8.07

7.36

BT GROUP PLC

11.53

12.31

7.46

5.46

3.49

1.10

1.18

1.20

1.21

4.38

4.69

4.88

4.78

5.68

ROLLS-ROYCE HOLDINGS PLC

3.60

2.93

2.54

2.26

1.95

1.67

1.35

1.28

1.18

1.10

17.76

14.44

11.62

9.65

LLOYDS BANKING GROUP PLC

0.76

0.78

0.73

0.69

0.63

1.86

1.88

1.86

12.15

8.84

7.15

6.15

CENTRICA PLC

3.12

3.01

2.79

2.51

2.15

0.81

0.77

0.74

0.71

10.10

7.38

6.89

6.50

6.42

5.89

5.60

5.32

XSTRATA PLC

1.03

0.98

0.92

0.95

1.60

1.44

1.35

1.20

7.13

6.99

6.05

5.10

8.67

6.86

6.02

4.84

COMPASS GROUP PLC

4.46

4.65

4.10

3.68

0.89

0.86

0.81

0.76

0.74

14.25

15.17

13.05

12.50

11.06

10.38

9.68

8.98

SSE PLC

2.72

2.95

2.79

2.62

0.51

0.45

0.43

0.41

0.36

8.81

7.96

7.49

7.00

6.94

9.64

8.99

8.46

7.81

WPP PLC

1.82

1.74

1.62

1.53

1.26

1.18

1.13

1.08

1.01

10.99

10.12

9.53

9.01

0.09

GLENCORE INTERNATIONAL PLC

1.19

1.07

0.95

0.87

0.19

0.18

0.17

0.16

0.21

10.31

8.22

6.73

5.98

ARM HOLDINGS PLC

10.25

8.94

7.65

6.19

4.76

22.65

19.02

16.15

14.21

12.27

61.41

47.41

37.04

30.60

BAE SYSTEMS PLC

2.66

2.78

2.58

2.62

2.53

0.66

0.64

0.65

0.63

9.62

13.45

9.50

8.04

EXPERIAN PLC

5.50

5.05

4.27

3.61

3.60

3.32

3.07

2.92

18.05

12.91

11.64

10.91

TULLOW OIL PLC

3.06

2.89

2.82

2.70

7.24

6.31

6.50

6.45

5.26

11.75

10.49

11.89

12.44

SHIRE PLC

4.03

3.46

2.61

2.14

3.54

3.28

3.06

2.90

2.82

12.04

10.61

9.71

8.93

CRH PLC

1.13

1.12

1.09

1.04

0.66

0.65

0.61

0.57

0.48

9.53

8.53

7.54

6.42

LEGAL & GENERAL GROUP PLC

1.80

1.68

1.59

1.48

1.36

0.38

0.34

0.30

4.55

OLD MUTUAL PLC

1.16

1.09

1.04

0.98

3.65

PEARSON PLC

1.53

1.59

1.52

1.46

1.53

1.52

1.53

1.49

REED ELSEVIER PLC

5.52

5.35

4.78

3.84

1.50

1.51

1.45

1.43

AVIVA PLC

0.84

0.81

0.75

0.71

0.13

0.20

0.21

WOLSELEY PLC

2.49

2.94

2.62

2.33

1.94

0.66

0.65

0.61

0.57

BRITISH SKY BROADCASTING GRO

15.67

16.13

12.81

9.13

2.06

1.97

1.87

1.80

STANDARD LIFE PLC

2.03

1.99

1.89

1.77

0.43

0.42

0.39

0.34

SMITH & NEPHEW PLC

2.75

2.38

2.14

1.94

2.47

2.33

2.23

NEXT PLC

25.22

19.15

15.07

11.20

1.94

1.88

KINGFISHER PLC

1.10

1.03

0.97

0.93

0.63

ASSOCIATED BRITISH FOODS PLC

2.41

2.29

2.10

1.93

1.73

LAND SECURITIES GROUP PLC

0.90

0.89

0.85

0.79

0.67

2.86

1.90

1.64

0.67

7.07

9.99

9.48

8.91

8.51

8.35

14.82

13.96

13.58

13.03

13.08

5.27

5.49

5.61

5.78

5.85

723.88

-2.9%

6.27

5.06

4.64

4.45

5.68

13.56

11.24

9.25

8.38

15.14

2.90

3.28

3.48

3.99

5.42

2026.32

17.5%

9.12

8.95

8.59

8.24

7.94

11.21

10.51

9.76

9.07

8.45

4.68

5.19

5.73

6.34

6.90

2637.15

18.0%

4.96

4.90

4.93

4.88

4.89

11.88

10.79

10.67

10.00

9.74

3.10

3.54

3.99

4.54

4.84

267.95

-1.1%

10.62

8.71

8.10

7.47

6.40

19.02

16.67

15.23

14.05

12.98

1.80

2.01

2.27

2.61

2.77

1055.28

-3.4%

20.26

12.47

8.68

7.48

5.72

0.00

0.41

2.06

4.11

3.29

53.63

10.3%

13.47

13.08

11.77

11.43

10.24

4.51

4.73

5.01

5.34

5.83

14.03

13.11

10.44

7.41

2.45

2.71

3.02

3.69

8.54

19.33

17.71

16.02

14.65

7.43

13.14

13.00

12.68

11.62

6.83

14.15

12.78

11.65

11.70

9.12

7.33

4.97

368.25

1.3%

1267.50

17.2%

2.55

2.83

3.11

3.40

832.14

1.0%

10.98

5.39

5.70

5.95

6.19

6.50

1435.85

-2.9%

10.68

9.65

2.69

3.14

3.51

3.94

4.14

1125.65

9.0%

6.26

11.28

2.73

3.12

3.82

4.23

434.00

21.0%

9.14

8.62

8.05

7.54

13.12

10.22

8.15

7.61

47.77

37.61

30.08

24.70

19.80

62.24

48.67

38.28

30.50

22.77

0.44

0.58

0.72

0.89

0.76

972.22

6.2%

5.18

5.05

5.15

5.24

5.07

9.77

9.07

9.23

8.76

7.91

5.05

5.31

5.42

5.73

5.81

356.00

-6.8%

9.89

12.68

12.14

11.06

10.14

9.67

20.96

20.23

17.33

15.65

14.71

1.89

2.00

2.29

2.52

2.78

1209.23

8.0%

8.14

10.38

9.61

9.68

9.88

24.64

26.20

27.65

32.48

25.63

0.84

0.83

0.84

0.97

1.21

1419.92

13.1%

9.25

9.89

9.13

8.11

7.57

7.58

14.73

13.25

11.72

10.53

10.24

0.58

0.66

0.78

0.88

0.91

2336.71

18.2%

9.66

8.97

7.84

6.75

5.48

23.09

20.03

15.54

12.05

9.85

3.72

3.77

3.87

4.06

1365.52

-4.6%

12.15

11.57

10.83

9.83

8.51

4.35

4.88

5.35

6.23

6.11

165.21

-2.9%

11.48

10.00

9.13

8.00

7.28

3.24

4.03

4.48

5.18

5.43

203.99

1.5%

13.73

14.22

12.69

11.25

10.20

3.85

4.10

4.31

4.65

1249.41

8.1%

15.51

14.66

13.58

12.33

3.12

3.16

3.38

3.61

733.30

-5.4% 31.5%

22.83

12.33

9.66

9.05

8.48

11.49

11.64

10.62

9.76

10.02

10.22

9.41

8.34

10.26

9.73

9.19

7.91

7.07

7.02

6.62

6.41

6.38

6.76

6.22

5.65

4.93

8.58

6.62

6.83

6.25

6.59

389.10

0.55

17.46

18.67

13.37

11.93

7.99

12.13

11.30

9.70

8.64

7.65

19.38

17.54

14.65

12.71

10.91

1.80

2.14

2.58

2.98

3.30

3245.32

2.3%

1.72

12.73

11.10

10.59

9.32

9.15

9.95

9.30

9.07

8.57

8.21

17.64

15.25

14.49

13.46

0.40

2.86

3.29

3.52

3.85

121.70

826.18

-5.0%

12.06

15.03

13.87

11.94

11.41

4.08

4.35

4.57

4.85

5.32

334.56

-7.2%

2.12

2.01

12.43

12.06

10.57

9.70

8.71

8.40

7.70

7.15

6.78

15.19

14.51

13.30

12.39

11.57

2.15

2.34

2.56

2.87

3.11

729.28

-2.8%

1.82

1.77

1.70

12.65

11.59

10.42

9.90

9.83

9.43

9.10

8.81

8.46

15.30

13.78

12.55

11.50

10.67

2.35

2.63

2.89

3.19

3.42

4196.95

-3.0%

0.61

0.58

0.55

10.45

9.13

8.45

7.09

6.93

6.48

5.94

5.39

4.43

12.88

11.75

10.53

9.37

7.40

3.23

3.58

3.90

4.29

5.28

303.00

7.4%

1.20

1.13

1.06

1.00

0.94

14.42

12.19

12.28

11.26

9.53

11.22

10.28

9.57

8.94

8.51

21.63

19.42

17.52

15.85

14.51

1.48

1.67

1.83

2.02

2.30

1757.78

-5.6%

9.96

11.48

10.67

10.08

9.38

21.91

23.36

21.73

19.58

17.36

20.27

21.40

19.76

18.46

17.11

21.39

22.83

21.16

19.48

17.51

3.58

3.68

3.81

3.96

4.45

871.38

7.5%

1.27

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

7.33

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

S&P 500 INDEX

2.17

1.99

1.81

2.17

1.40

1.34

1.28

1.40

10.02

9.72

9.51

10.02

8.80

8.13

7.62

8.80

14.14

12.67

11.44

14.14

2.20

2.36

2.56

2.20

1682.0

7.6%

Euro Stoxx 50 Pr

1.12

1.06

1.00

1.12

0.72

0.70

0.68

0.72

5.22

4.87

4.64

5.22

7.00

6.62

6.30

7.00

10.84

9.70

8.88

10.84

4.44

4.77

5.08

4.44

2896.5

11.7%

NIKKEI 225

1.51

1.41

1.32

1.51

0.71

0.66

0.65

0.71

9.49

8.15

7.62

9.49

9.50

8.28

7.76

9.50

24.08

18.86

14.60

24.08

1.65

1.93

1.65

11916.4

-4.6%

FTSE 100 INDEX

1.67

1.55

1.34

1.67

1.00

0.97

0.98

1.00

7.84

7.22

5.21

7.84

7.05

6.60

6.33

7.05

11.72

10.63

9.74

11.72

3.92

4.22

4.66

3.92

6826.8

7.5%

SWISS MARKET INDEX

2.37

2.20

2.03

2.37

1.98

1.88

1.80

1.98

12.18

11.13

9.77

12.18

13.15

12.16

11.37

13.15

14.77

13.22

12.00

14.77

3.34

3.70

4.21

3.34

8029.4

3.9%

S&P/TSX COMPOSITE INDEX

1.69

1.56

1.46

1.69

1.58

1.48

1.43

1.58

8.44

7.58

7.00

8.44

8.24

7.29

6.91

8.24

14.05

12.39

11.38

14.05

3.12

3.28

3.48

3.12

14554.2

14.5%

S&P/ASX 200 INDEX

1.90

1.79

1.69

1.90

1.82

1.71

1.62

1.82

11.19

9.99

9.12

11.19

9.54

8.40

7.80

9.54

15.28

13.60

12.48

15.28

4.35

4.66

5.03

4.35

5152.0

3.1%

HANG SENG INDEX

1.34

1.24

1.15

1.34

1.74

1.61

1.50

1.74

7.17

6.65

6.25

7.17

8.13

7.39

6.84

8.13

10.88

9.98

9.08

10.88

3.54

3.83

4.34

3.54

24942.6

11.0%

MSCI EM

1.44

1.31

1.21

1.44

0.95

0.88

0.84

0.95

6.89

6.34

5.94

6.89

7.09

6.50

6.11

7.09

10.81

9.72

9.01

10.81

3.07

3.57

6.08

3.07

1184.9

15.2%

MARKS & SPENCER GROUP PLC

2.13

2.45

2.33

2.14

1.82

0.63

0.60

0.58

0.56

6.56

6.87

6.42

5.84

5.48

6.44

6.06

5.65

5.55

11.64

12.03

11.27

10.37

9.46

4.36

4.34

4.57

4.95

5.23

387.71

-0.5%

WM MORRISON SUPERMARKETS

1.25

1.17

1.11

1.06

0.35

0.34

0.33

6.33

6.45

6.12

6.45

6.61

6.38

6.10

10.31

10.51

10.16

9.65

4.27

4.56

4.81

5.25

BURBERRY GROUP PLC

6.59

5.85

4.87

4.12

3.66

3.18

2.99

2.59

2.34

2.04

17.91

16.33

13.37

11.61

10.05

12.21

11.14

9.76

8.57

7.87

21.55

19.97

17.49

15.30

13.56

1.88

2.09

2.39

2.74

ROYAL BANK OF SCOTLAND GROUP

0.47

0.49

0.47

0.45

0.41

1.34

1.39

1.50

7.58

8.16

12.26

7.76

6.36

6.01

14.23

12.53

8.69

7.13

0.10

0.00

0.74

CAPITA PLC

6.29

5.54

4.71

3.91

2.70

1.75

1.54

1.42

1.35

1.28

17.81

13.86

12.53

10.05

9.73

12.90

11.95

11.05

10.55

9.70

17.12

15.78

14.47

13.69

12.78

2.62

2.86

3.14

INTERTEK GROUP PLC

8.31

6.73

5.48

4.61

4.54

2.61

2.37

2.18

2.02

1.92

18.51

15.59

13.81

12.02

14.38

14.82

13.07

11.73

10.73

10.42

26.09

22.09

19.53

17.46

17.20

1.20

1.42

INTERCONTINENTAL HOTELS GROU

43.42

114.44

29.95

13.79

4.32

4.09

3.89

3.68

3.53

15.47

13.25

12.16

12.20

12.77

11.68

10.95

10.20

21.36

18.64

17.17

15.55

2.11

1.22

1.16

1.32

0.32

0.30

0.29

0.28

6.72

15.56

3.53

6.87

6.60

6.32

6.36

13.89

12.63

11.98

11.43

SAINSBURY (J) PLC RANDGOLD RESOURCES LTD

3.01

2.49

2.02

1.73

BRITISH LAND CO PLC

0.94

0.89

0.81

SMITHS GROUP PLC

3.21

3.92

3.37

2.91

UNITED UTILITIES GROUP PLC

2.89

2.56

2.43

2.32

WEIR GROUP PLC/THE

3.78

3.25

2.85

ITV PLC

4.85

4.15

JOHNSON MATTHEY PLC

3.05

AGGREKO PLC WHITBREAD PLC

1.03

5.79

4.82

3.68

3.57

3.84

12.78

9.89

7.21

7.07

9.47

10.55

10.20

9.67

9.04

18.70

18.77

17.96

16.53

1.62

1.54

1.48

1.41

1.39

15.58

13.70

12.40

10.01

3.03

2.89

2.80

2.70

2.69

8.77

8.15

7.36

6.75

2.42

1.82

1.80

1.70

1.61

1.53

16.33

13.02

11.35

3.38

2.78

2.27

2.17

2.10

2.03

2.11

14.56

12.94

3.01

2.69

2.41

0.40

0.44

0.56

0.54

0.71

12.05

4.40

3.76

3.16

2.86

2.56

3.01

2.92

2.75

2.53

2.31

3.10

3.05

2.65

2.32

2.16

2.50

2.20

1.98

1.80

1.68

GKN PLC

3.08

2.59

1.87

1.69

0.67

0.58

0.55

0.53

0.54

BUNZL PLC

4.82

4.37

3.87

3.34

0.79

0.71

0.69

0.66

RSA INSURANCE GROUP PLC

1.08

1.05

1.00

0.97

0.48

0.47

0.45

0.43

IMI PLC

6.44

5.80

4.68

4.12

1.87

1.82

1.74

1.69

1.60

REXAM PLC

1.94

1.81

1.62

1.49

0.94

0.91

0.88

0.81

INTL CONSOLIDATED AIRLINE-DI

1.07

1.09

1.04

0.97

0.31

0.30

0.29

CARNIVAL PLC

1.10

1.08

1.03

0.98

1.79

1.73

G4S PLC

2.60

2.71

2.44

2.24

0.51

SAGE GROUP PLC/THE

2.67

3.16

2.85

2.72

2.97

SEVERN TRENT PLC

3.39

4.29

4.05

3.86

ABERDEEN ASSET MGMT PLC

4.23

3.84

3.44

3.06

BABCOCK INTL GROUP PLC

3.77

3.80

3.43

3.08

TATE & LYLE PLC

3.59

3.26

2.88

2.56

MEGGITT PLC

1.95

1.76

1.60

RESOLUTION LTD

0.70

0.72

0.73

PETROFAC LTD

5.07

3.74

3.01

CRODA INTERNATIONAL PLC

10.31

8.37

6.56

ANTOFAGASTA PLC

2.13

1.98

HAMMERSON PLC

0.89

MELROSE INDUSTRIES PLC

1.91

AMEC PLC

0.62

11.33

%D to Spot

256.00

-6.6%

3.12

1484.90

11.2%

2.61

5.97

327.52

15.6%

3.37

3.65

863.79

-2.8%

1.61

1.81

1.74

3653.28

8.9%

2.39

2.62

2.90

4.45

4.61

4.83

4.69

2051.17

4.9%

355.41

-5.2%

7165.33

28.6%

608.64

12.6%

1298.12

5.6%

10.68

8.41

5.96

6.03

6.58

17.63

15.31

10.48

10.57

8.45

0.62

0.64

0.86

0.88

16.23

18.75

18.09

16.30

13.53

18.45

18.02

17.49

16.33

14.61

4.83

4.90

5.01

5.20

9.31

8.74

8.26

7.78

13.45

12.99

12.24

11.30

3.07

3.24

3.44

3.67

11.45

10.98

10.49

10.00

10.45

18.95

17.93

16.81

15.43

16.57

4.59

4.93

5.18

5.42

5.22

731.92

4.9%

11.15

10.23

9.77

8.99

8.44

7.82

15.08

14.49

13.23

12.23

11.51

1.66

1.85

2.02

2.25

3.15

2303.85

3.7%

11.75

10.86

9.28

8.27

7.88

7.38

14.72

12.94

12.08

11.14

10.59

1.87

2.65

2.89

3.12

4.76

129.55

1.1%

12.20

11.31

9.20

9.19

9.73

9.32

8.83

15.25

15.34

14.47

13.08

2.40

2.58

2.79

3.10

2465.00

10.3%

14.72

11.49

10.03

7.72

7.23

8.60

8.47

7.94

7.40

6.91

17.48

18.75

17.29

15.83

14.66

1.33

1.44

1.62

17.86

2.29

2044.81

14.8%

12.75

11.40

10.68

9.43

9.28

10.89

9.91

9.00

8.24

7.94

18.85

16.71

14.86

13.42

12.89

1.99

2.27

2.48

2.72

3.03

2641.76

6.4%

11.25

10.17

7.87

5.65

7.49

6.39

5.71

5.31

11.01

9.94

8.69

8.18

2.69

3.03

3.41

3.82

288.92

9.3%

17.21

15.18

14.23

12.96

13.30

12.05

11.50

11.00

18.19

16.67

15.72

14.79

2.18

2.41

2.56

2.72

1154.07

-9.5%

10.32

9.25

8.89

8.69

8.04

6.49

6.57

6.23

122.35

5.8%

22.11

15.70

13.84

11.71

10.28

9.55

8.93

8.47

15.87

14.89

13.62

12.41

2.50

2.72

2.94

3.21

1316.13

1.4%

0.73

10.60

8.89

8.41

7.38

7.25

6.92

6.53

14.59

12.71

11.72

11.12

3.02

3.39

3.67

3.81

560.17

7.2%

0.27

7.08

5.26

3.64

2.81

7.34

4.60

3.64

3.04

2.96

24.52

10.23

6.79

7.06

0.00

0.07

0.27

1.62

258.22

3.0%

1.65

1.55

1.48

9.15

8.92

7.34

6.66

10.96

10.32

8.98

8.11

7.77

18.20

16.56

12.76

10.80

10.25

3.19

3.44

3.52

3.87

2620.69

16.6%

0.50

0.47

0.44

0.43

12.02

9.13

8.79

6.39

9.14

8.43

7.95

7.41

7.21

12.99

11.77

10.72

9.68

8.74

3.02

3.40

3.68

4.16

2.88

2.82

2.69

15.99

13.95

13.24

13.56

10.54

10.45

9.80

9.25

17.30

15.41

14.18

13.04

3.07

3.30

3.42

3.60

2.24

2.16

2.11

2.06

19.46

17.98

17.27

16.88

18.06

4.23

4.57

4.85

5.14

6.03

5.05

4.46

4.05

19.94

15.69

13.34

11.60

12.19

2.46

3.19

3.73

4.24

1.14

1.20

1.12

1.05

2.29

1.27

1.17

1.10

1.50

2.36

2.22

2.11

2.39

2.45

2.19

2.36

1.16

1.10

1.01

0.92

13.93

9.25

7.81

6.80

5.36

3.51

3.36

3.16

2.94

2.76

18.21

17.05

15.17

0.12

1.82

1.69

2.31

2.32

2.36

2.37

2.53

6.31

6.51

7.05

0.87

0.82

0.77

11.99

10.93

10.24

9.57

8.60

24.48

22.32

20.60

18.39

1.92

1.64

0.03

2.16

1.42

1.35

1.31

19.79

14.95

11.86

0.10

2.68

2.57

2.29

2.07

0.77

0.74

0.70

0.66

12.68

10.75

10.09

8.51

WOOD GROUP (JOHN) PLC

2.21

1.98

1.76

1.51

0.72

0.67

0.64

0.60

15.12

11.13

10.21

9.63

SERCO GROUP PLC

2.67

2.37

2.11

1.88

0.63

0.60

0.57

0.53

0.51

15.25

14.27

11.69

9.00

EASYJET PLC

2.39

2.10

1.88

1.66

1.07

1.00

0.94

0.89

0.85

10.69

8.56

7.97

ADMIRAL GROUP PLC

8.26

7.48

6.74

4.31

1.67

2.32

2.16

1.54

SCHRODERS PLC

2.89

2.45

2.23

2.01

5.07

4.43

3.98

3.71

17.11

17.48

LONDON STOCK EXCHANGE GROUP

3.05

2.43

2.23

2.03

4.52

4.24

4.09

3.87

11.41

0.70

2.44

1.69

4.04

0.70

1.71

14.30

7.22

1156.00

2.18

7.84

7.87

7.51

7.09

16.94

12.78

11.32

10.24

0.97

20.32

18.19

15.76

13.41

1.08

11.54

11.89

9.75

9.26

2.00

15.02

13.24

11.24

9.60

0.73

2.85

6.69

7.23

4.33

5.27

315.26

9.3%

309.20

-8.8%

1668.92

0.7%

463.59

8.6%

10.12

9.82

9.53

9.36

14.43

11.73

10.05

9.04

11.79

12.22

11.65

11.17

10.23

11.41

17.31

15.60

15.24

13.88

12.59

1.99

2.32

2.53

2.73

3.18

1109.15

3.4%

8.70

9.44

9.34

8.67

8.23

7.85

14.76

13.58

12.50

11.55

3.05

3.19

3.38

3.60

3.83

854.62

4.3%

9.52

8.85

8.30

7.82

7.40

14.01

12.89

11.82

11.06

11.99

2.36

2.61

2.84

3.22

3.59

497.00

3.1%

12.32

10.80

9.65

9.22

8.75

7.75

7.82

7.93

7.78

266.33

-1.8% 24.5%

6.50

9.61

5.48

7.69

6.61

5.65

4.84

4.45

11.64

10.70

9.43

8.36

7.97

2.96

3.23

3.65

4.06

5.21

1772.53

13.83

12.68

11.65

10.62

10.00

21.39

19.67

18.01

15.98

14.96

2.17

2.37

2.59

2.90

3.07

2570.19

-5.2%

5.69

3.90

4.30

4.42

4.59

4.92

11.36

11.97

12.69

13.25

14.04

3.75

3.25

2.81

2.68

2.61

1169.09

13.6%

18.82

23.43

21.89

20.26

19.01

18.07

24.12

22.12

20.16

18.32

17.77

3.63

3.85

4.13

4.52

4.61

534.81

11.4%

15.83

10.27

9.37

8.96

16.45

14.95

13.16

12.42

2.62

3.04

3.31

3.57

281.11

6.8%

9.07

8.31

7.50

6.89

13.64

12.10

10.85

10.02

3.16

3.71

4.17

4.50

1231.33

16.2%

10.04

8.57

7.73

7.32

15.48

13.16

11.67

10.58

1.33

1.57

1.77

1.99

918.09

5.9%

9.62

9.32

8.67

8.20

8.01

15.32

14.27

12.90

11.65

10.00

1.43

1.88

2.30

2.93

2.85

650.00

4.5%

8.30

9.37

7.93

7.28

6.69

6.24

17.67

13.44

12.36

11.49

11.42

1.14

2.37

2.58

2.84

2.74

1006.41

-4.0%

14.51

13.65

12.92

11.95

6.50

6.61

7.00

7.02

1182.64

-10.4%

14.98

5.84

3.16

2.67

2.33

2.10

21.07

17.29

15.00

13.48

1.94

2.30

2.58

2.90

2216.05

6.4%

9.55

8.70

6.84

8.91

8.75

8.98

8.44

13.51

13.96

14.64

13.60

2.23

2.27

2.38

2.50

1297.33

-1.3%

1779.08

29.6%

9.08

3.94

8.82

11.97

2.78

FRESNILLO PLC

6.50

5.30

4.70

4.32

6.83

6.17

5.42

5.30

14.26

12.29

10.16

9.43

11.07

9.66

8.24

8.08

20.37

19.16

16.34

14.91

2.78

3.06

3.26

3.56

HARGREAVES LANSDOWN PLC

27.12

21.70

17.04

13.80

17.11

14.08

12.36

11.00

8.25

35.41

24.21

22.14

20.07

26.28

19.18

16.72

14.60

36.01

27.82

23.94

20.75

14.19

2.46

2.96

3.41

3.94

6.42

772.30

-9.9%

POLYMETAL INTERNATIONAL PLC

2.51

2.61

2.11

1.70

3.68

2.71

2.32

2.05

2.02

15.50

9.60

6.72

5.73

9.16

6.77

5.65

4.90

4.92

12.10

9.82

7.73

6.65

6.89

1.10

4.06

5.18

5.12

6.43

1198.37

39.1%

TUI TRAVEL PLC

1.82

2.09

1.91

1.73

0.24

0.23

9.86

8.52

7.41

6.17

5.57

5.06

4.79

4.58

4.35

13.31

11.53

10.54

9.86

7.87

3.69

3.94

4.26

4.57

5.60

VEDANTA RESOURCES PLC

0.86

0.91

0.83

0.76

0.79

0.30

0.28

0.24

0.22

1.87

1.27

1.06

0.92

7.12

5.75

4.85

4.49

5.01

11.57

10.68

6.45

5.20

13.03

3.25

3.63

4.01

4.25

EVRAZ PLC

0.68

0.82

0.80

0.77

0.63

0.30

0.34

0.33

0.31

0.29

2.50

2.90

3.09

2.59

3.76

5.55

5.13

4.45

3.67

5.88

42.99

26.48

12.04

7.42

11.39

2.99

2.51

2.60

1.38

6.00

2.38

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

5.47

299.31

-6.3%

1286.00

25.3%

352.64

60.9%

27.03.2013

HSBC Holdings PLC HSBC Holdings plc is the holding company for the HSBC Group. The Company provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance. The Group operates worldwide.

Price/Volume

12.0 M 10.0 M

8.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (30.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HSBA LN EQUITY YTD Change HSBA LN EQUITY YTD % CHANGE

12/2012 12/yy 741.20 501.20 7'287'944.00 695.6 -6.27% 38.61% 82.21% 18'484.5 128'578.19 284'987.00 2'728.0 7'887.0 256'366.00 -

6.0 M

4.0 M

2.0 M

2 0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-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

14.0 M

14 12

Valuation Analysis

31.12.2008 126'036.0 5'728.0 19.90x

31.12.2009 31.12.2010 97'533.0 91'171.0 5'834.0 13'159.0 31.93x 13.43x Profitability

LTM-4Q 31.12.2011 94'799.0 16'797.0 8.03x

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

31.12.2012 84'663.0 14'027.0 13.58x 15.34% 31.46% 0.53% 8.37% 3.38% 0.03% 21.4% 10.58% 165.20% -

Price/ Cash Flow

12/yy 4'756 8.58x 1'789.0 5.83x 1'085.0 13.25x

LTM 12/yy 4'856 7.73x 1'779.0 4.18x 1'149.0 10.62x

FY+1

4.29 1.09 18'474.42 28.91% 9.18% 1.090 44 4.045 27'755'540 22'664'280 20'333'180 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 68'487 72'602 0.93x 0.41x 18'363.5 20'694.4 10.76x 9.63x 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

29.11.2011 A+ NEG 29.11.2011 A-1 165.2% 60.9% 0.03 7.49 -

Sales/Revenue/Turnover

16.00

6'000.0

14.00

5'000.0

12.00

4'000.0

10.00 8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

HSBC Holdings PLC Holdings By:

All

Holder Name JP MORGAN BLACKROCK LEGAL & GENERAL NORGES BANK INVESTME SCOTTISH WIDOWS FMR LLC CAPITAL GROUP COMPAN FRANKLIN RESOURCES VANGUARD GROUP INC VANGUARD GROUP INC DZ BANK AG STANDARD LIFE INVEST ABERDEEN UBS SUN LIFE FINANCIAL I M&G INVESTMENT MANAG STATE STREET HSBC INVESTMENTS UK AVIVA INVESTORS BNP PARIBAS INV PART

Firm Name

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

Analyst

Macquarie THOMAS STOEGNER Mediobanca SpA CHRISTOPHER J WHEELER Credit Suisse AMIT GOEL Day by Day VALERIE GASTALDY AlphaValue DAVID GRINSZTAJN Investec IAN GORDON Shore Capital Stockbrokers GARY GREENWOOD Sanford C. Bernstein & Co CHIRANTAN BARUA Nomura CHINTAN JOSHI Exane BNP Paribas TOM RAYNER BNP Paribas Equity Research DOMINIC CHAN Oriel Securities Ltd VIVEK RAJA Goldman Sachs FREDERIK THOMASEN Numis Securities Ltd MICHAEL J TRIPPITT Societe Generale JAMES INVINE Deutsche Bank JASON NAPIER Morgan Stanley CHRISTOPHER MANNERS RBC Capital Markets PATRICK LEE DBS Vickers ALEXANDER LEE Independent Research GmbH STEFAN BONGARDT Citic Securities Co., Ltd STEVEN CHAN BOCOM International Holdings LI SHANSHAN Canaccord Genuity Corp GARETH HUNT S&P Capital IQ FRANK BRADEN CCB International Securities Ltd ADAM CHAN JPMorgan RAUL SINHA Keefe, Bruyette & Woods MARK J PHIN Landesbank Baden-Wuerttemberg WERNER SCHIRMER Redburn Partners FAHED KUNWAR Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA Berenberg Bank JAMES CHAPPELL Barclays ROHITH CHANDRA-RAJAN EVA Dimensions AUSTIN BURKETT Daniel Stewart & Co SIMON WILLIS Liberum Capital Ltd CORMAC LEECH JF Apex Securities Bhd TEAM COVERAGE AMTD Financial Planning Limited KENNY TANG SING HING Mizuho Securities JIM ANTOS Grupo Santander ARTURO DE FRIAS China International Capital Corp SALLY NG Redburn Partners JON KIRK

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

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

Amt Held 1'324'583'860 1'110'172'768 681'507'879 476'556'585 440'954'225 332'844'458 324'698'913 224'222'452 209'856'599 200'499'704 199'869'719 198'426'753 193'573'011 187'959'754 181'870'790 180'568'727 174'085'246 141'993'045 127'868'417 125'817'709

% Out 7.17 6.01 3.69 2.58 2.39 1.8 1.76 1.21 1.14 1.08 1.08 1.07 1.05 1.02 0.98 0.98 0.94 0.77 0.69 0.68

Weighting

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

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

Latest Chg (13'049'021) 2'537'898 79'539'775 40'654'991 50'440'600 (2'646'000) 5'636'526 10'505'716 5'126'341 27'428'625 21'768'714 2'568'947 (14'593'182) 2'029'272 (3'241'674) 19'292'369 (3'893'625)

Target Price 800 835 790 #N/A N/A 610 735 #N/A N/A 860 900 825 856 860 940 652 790 760 777 700 820 750 854 746 825 785 692 755 800 720 #N/A N/A 800 680 730 #N/A N/A 650 665 #N/A N/A 676 709 632 668 #N/A N/A

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

File Dt 12.02.2013 25.03.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 28.02.2013 31.12.2012 01.02.2013 01.02.2013 01.02.2013 28.02.2013 01.02.2013 01.02.2013 01.02.2013 26.03.2013 01.02.2013 01.02.2013 01.02.2013

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

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

Date 26.03.2013 25.03.2013 25.03.2013 21.03.2013 21.03.2013 20.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 14.03.2013 14.03.2013 12.03.2013 12.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 04.03.2013 04.03.2013 04.03.2013 26.02.2013 08.02.2013 04.02.2013 31.01.2013 29.01.2013 28.01.2013 22.01.2013 17.01.2013 09.01.2013 07.12.2012 06.12.2012 06.12.2012 19.11.2012 18.09.2012 12.07.2012 27.01.2011

27.03.2013

Vodafone Group PLC Vodafone Group PLC is a mobile telecommunications company providing a range of services, including voice and data communications. The Company operates in Continental Europe, the United Kingdom, the United States, Asia Pacific, Africa and the Middle East through its subsidiaries, associates, and investments.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2012) 52-Week Low (31.12.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VOD LN EQUITY YTD Change VOD LN EQUITY YTD % CHANGE

03/2012 03/yy 191.75 154.20 38'651'308.00 183.35 -4.12% 19.23% 89.35% 48'922.9 89'700.14 34'706.00 0.0 1'267.0 8'461.00 111'754.14

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

31.03.2009 31.03.2010 41'017.0 44'472.0 2.36x 2.54x 14'520.0 14'820.0 6.67x 7.62x 3'078.0 8'645.0 21.03x 9.25x Profitability

5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M a-12

LTM-4Q 31.03.2011 45'884.0 2.67x 14'668.0 8.35x 7'968.0 11.61x

31.03.2012 46'417.0 2.43x 18'214.0 6.20x 6'957.0 12.54x 18'214.00 10'355.00 22.31% 20.57% -1.22% -2.22% -3.81% 0.32% 32.0% 31.1% 14.3% 15.0% 0.83 0.51 24.87% 45.11% 3.76 53.11

Price/ Cash Flow

03/yy 4'233.8 12.62x 1'454.6 10.64x 783.5 19.84x

m-12

j-12

a-12

LTM 03/yy 4'366.3 13.72x 1'296.0 13.77x 712.7 28.25x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

5.30 0.68 48'897.09 11.93% 19.04% 0.680 33 3.939 86'407'620 ######### ######### FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 44'355.0 45'260.8 2.64x 2.57x 13'211.3 13'305.3 8.46x 8.40x 7'536.1 7'856.3 11.98x 11.18x S&P Issuer Ratings

30.05.2006 ASTABLE 30.05.2006 A-2 9.43 6.96 1.51 2.06 45.1% 30.7% 0.32 2.41 97.36 6.89 -14.42

Sales/Revenue/Turnover

20.00

5'000.0

18.00

4'500.0

16.00

4'000.0

14.00

3'500.0

12.00

3'000.0

10.00 8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 27.11.2009

6.0 M

Fiscal Year Ended 31.03.2008 35'478.0 2.93x 13'123.0 7.93x 6'660.0 12.01x

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

0.0 27.05.2010

27.11.2010

27.05.2011

27.11.2011

27.05.2012

27.11.2012

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 |

27.03.2013

Vodafone Group PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL FRANKLIN RESOURCES SCOTTISH WIDOWS NORGES BANK INVESTME FMR LLC UBS SUN LIFE FINANCIAL I ABERDEEN CAPITAL GROUP COMPAN VANGUARD GROUP INC PEOPLES REPUBLIC OF STANDARD LIFE INVEST VANGUARD GROUP INC STATE STREET M&G INVESTMENT MANAG JP MORGAN DODGE & COX DODGE & COX AXA

Firm Name

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

Analyst

Credit Suisse JUSTIN FUNNELL Grupo Santander JOHN DAVIES Goldman Sachs TIMOTHY BODDY Morgan Stanley NICK DELFAS Jefferies JEREMY A DELLIS Oriel Securities Ltd JOHN KARIDIS Landesbank Baden-Wuerttemberg RALPH SZYMCZAK AlphaValue JEAN-MICHEL SALVADOR Societe Generale OTTAVIO ADORISIO Sanford C. Bernstein & Co ROBIN BIENENSTOCK Espirito Santo Investment Bank Research NICK BROWN Barclays MAURICE PATRICK Macquarie GUY R PEDDY New Street Research JAMES RATZER Exane BNP Paribas ANTOINE PRADAYROL Berenberg Bank PAUL ANDREW MARSCH Nomura JAMES BRITTON JPMorgan AKHIL DATTANI Oddo & Cie VINCENT MAULAY Banca Akros(ESN) ANDREA DEVITA Hamburger Sparkasse TINA HECKING-VELTMAN Deutsche Bank DAVID A WRIGHT Independent Research GmbH MARKUS FRIEBEL S&P Capital IQ JAMES CRAWSHAW Day by Day VALERIE GASTALDY Liberum Capital Ltd LAWRENCE SUGARMAN EVA Dimensions ANDREW S ZAMFOTIS HSBC STEPHEN HOWARD Natixis BENOIT MAYNARD DZ Bank AG JOERI SELS Northland Capital Partners Ltd DAVID JOHNSON

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

Recommendation outperform hold Buy/Neutral Overwt/In-Line hold buy hold add sell underperform buy overweight outperform buy underperform hold neutral overweight buy hold hold hold sell buy buy buy buy overweight neutral buy not rated

Amt Held 3'213'888'547 1'840'749'892 1'829'029'872 1'307'796'665 1'168'679'699 1'115'035'830 905'655'588 890'918'812 835'280'974 785'130'474 628'261'806 619'899'347 526'399'681 517'367'935 514'956'230 508'998'599 463'624'918 413'470'000 409'583'000 402'114'002

% Out 6.57 3.76 3.74 2.67 2.39 2.28 1.85 1.82 1.71 1.6 1.28 1.27 1.08 1.06 1.05 1.04 0.95 0.85 0.84 0.82

Weighting

Change

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

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

Latest Chg (25'141'828) (28'812'480) 141'890'605 (11'916'154) (52'316'656) 105'084'426 (52'366'577) 19'552'525 100'485'000 72'066'899 99'016'155 (24'829'446) 44'104'574 (15'517'805) (96'292'120) (60'869'430) 15'508'600 2'613'000 (2'762'350)

Target Price 180 200 220 205 174 225 172 215 100 135 200 210 205 250 178 185 195 220 200 184 #N/A N/A 173 150 190 188 210 #N/A N/A 205 190 190 #N/A N/A

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

File Dt 25.03.2013 03.12.2012 31.12.2012 03.12.2012 03.12.2012 31.01.2013 31.01.2013 31.01.2013 28.02.2013 31.12.2012 31.12.2012 03.12.2012 03.12.2012 03.12.2012 26.03.2013 03.12.2012 31.01.2013 03.12.2012 29.01.2013 31.01.2013

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

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

Date 27.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 21.03.2013 15.03.2013 15.03.2013 13.03.2013 12.03.2013 11.03.2013 11.03.2013 08.03.2013 06.03.2013 06.03.2013 26.02.2013 14.02.2013 14.02.2013 11.02.2013 08.02.2013 07.02.2013 07.02.2013 28.01.2013 18.01.2013 17.01.2013 07.12.2012 02.10.2012 08.11.2011 13.04.2010

27.03.2013

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

Price/Volume

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

6.0 M 5.0 M

12/2012 12/yy 484.45 389.50 4'461'841.00 458.75 -5.28% 17.80% 77.36% 19'161.2 87'902.01 48'797.00 0.0 1'206.0 20'114.00 162'651.80

4.0 M

3.0 M

2.0 M

1.0 M

5 0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

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

7.0 M

40 35

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BP/ LN EQUITY YTD Change BP/ LN EQUITY YTD % CHANGE

31.12.2009 31.12.2010 239'272.0 297'107.0 0.87x 0.53x 33'392.0 38'497.0 6.24x 4.06x 16'578.0 (3'719.0) 10.95x Profitability

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

31.12.2012 375'580.0 0.43x 20'442.0 7.92x 11'582.0 11.34x 20'442.00 7'961.00 2.12% 5.01% 3.90% 10.08% 7.70% 1.25% 11.6% 5.9% 2.4% 3.1% 1.37 0.59 16.26% 41.21% 13.76 12.20

Price/ Cash Flow

LTM

FY+1

4.91 1.04 19'158.33 2.31% 9.44% 1.044 38 3.579 29'512'860 25'806'140 23'933'670 FY+2

FQ+1

FQ+2

12/yy 1'158.5 14.93x 463.4 9.71x 200.9 30.45x

12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'373.9 343'710.7 352'783.7 84'754.3 84'530.7 16.10x 0.46x 0.45x 1.82x 1.78x 519.1 38'524.8 41'496.8 9'276.0 9'646.5 11.90x 4.22x 3.92x 3.97x 3.73x 204.0 16'230.9 18'510.6 3'897.7 4'034.0 35.57x 8.14x 7.27x 8.37x 7.74x S&P Issuer Ratings Long-Term Rating Date 24.09.2010 Long-Term Rating A Long-Term Outlook POS Short-Term Rating Date 24.09.2010 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 13.60 (EBITDA-Capex)/Interest Exp. -1.75 Net Debt/EBITDA 1.30 Total Debt/EBITDA 2.21 Reference Total Debt/Equity 41.2% Total Debt/Capital 29.0% Asset Turnover 1.25 Net Fixed Asset Turnover 3.09 Accounts receivable turnover-days 26.60 Inventory Days 30.00 Accounts Payable Turnover Day 33.14 Cash Conversion Cycle 23.17 Sales/Revenue/Turnover

25.00

1'600.0 1'400.0

20.00

1'200.0 1'000.0

15.00

800.0 10.00

600.0 400.0

5.00

0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

BP PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL CAPITAL GROUP COMPAN SCOTTISH WIDOWS NORGES BANK INVESTME FRANKLIN RESOURCES UBS KUWAIT INVESTMENT AU M&G INVESTMENT MANAG FMR LLC PEOPLES REPUBLIC OF STANDARD LIFE INVEST VANGUARD GROUP INC VANGUARD GROUP INC STATE STREET SUN LIFE FINANCIAL I AVIVA INVESTORS AXA GOVT OF SINGAPORE IN HSBC INVESTMENTS UK

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

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

Analyst JASON KENNEY SVEN DIERMEIER BERTRAND HODEE GORDON GRAY RICHARD GRIFFITH ALEJANDRO DEMICHELIS ALEXANDRE ANDLAUER CRAIG STERLING MICHELE DELLA VIGNA OSWALD CLINT LUCAS HERRMANN JENS MUENSTERMANN ANDREW WHITTOCK IRENE HIMONA COLIN SMITH MARTIJN P RATS DOUGIE YOUNGSON JASON D GAMMEL VALERIE GASTALDY PETER HUTTON JEFFREY A DIETERT PAUL SPEDDING KIM FUSTIER IAIN REID VIRGINIA PEREZ REPES ANNE PUMIR THEEPAN JOTHILINGAM RAHIM KARIM STUART JOYNER CHRISTINE TISCARENO FREDERICK G LUCAS ROBERT KESSLER ROBERT JAKOBSEN DOMINIQUE PATRY TEAM COVERAGE

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

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

Amt Held 1'027'123'894 715'298'081 609'649'091 507'765'071 432'628'420 369'828'759 354'793'433 328'143'792 321'514'948 303'860'650 258'130'496 241'527'129 204'110'697 195'306'957 193'700'712 178'132'910 166'069'621 150'610'225 147'434'500 139'991'616

% Out 5.36 3.73 3.18 2.65 2.26 1.93 1.85 1.71 1.68 1.59 1.35 1.26 1.07 1.02 1.01 0.93 0.87 0.79 0.77 0.73

Weighting

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

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

Latest Chg 19'032'430 44'846'385 4'845'711 21'912'486 10'873'302 (277'008) (1'973'558) (10'962'271) 5'646'262 7'261'934 (698'478) 12'878'131 (5'019'297) (592'855) (6'919'062) 6'546'014

Target Price 530 540 #N/A N/A 500 #N/A N/A 575 425 #N/A N/A 490 510 520 520 445 500 490 442 400 550 #N/A N/A 530 #N/A N/A 550 475 450 6 490 455 480 495 595 525 500 520 500 602

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

File Dt 25.03.2013 01.11.2012 31.12.2012 30.11.2012 01.11.2012 31.12.2012 31.01.2013 01.11.2012 01.11.2012 31.01.2013 01.11.2012 01.11.2012 31.12.2012 01.11.2012 26.03.2013 31.01.2013 01.11.2012 31.01.2013 01.11.2012 01.11.2012

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

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

Date 25.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 20.03.2013 13.03.2013 11.03.2013 11.03.2013 11.03.2013 08.03.2013 01.03.2013 27.02.2013 25.02.2013 22.02.2013 20.02.2013 19.02.2013 15.02.2013 08.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 19.12.2012 15.10.2012 19.09.2012 10.08.2012 16.04.2012

27.03.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RDSA LN EQUITY YTD Change RDSA LN EQUITY YTD % CHANGE

12/2012 12/yy 2'323.50 1'956.50 749'232.00 2134 -8.18% 9.05% 54.63% 3'772.4 137'718.83 37'754.00 0.0 1'433.0 18'550.00 228'640.63

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

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

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

140

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

LTM-4Q 31.12.2011 470'171.0 0.55x 55'943.0 4.60x 30'918.0 7.39x

31.12.2012 467'153.0 0.51x 52'114.0 4.58x 26'592.0 8.12x 52'114.00 37'499.00 8.03% 10.76% 7.54% 14.86% 12.75% 1.32% 15.2% 11.2% 8.0% 5.7% 1.18 0.61 10.48% 20.03% 10.56 13.25

Price/ Cash Flow

LTM

FY+1

5.34 1.03 3'770.78 1.03% 1.89% 1.030 31 3.742 2'639'057 3'382'676 3'002'002 FY+2

FQ+1

FQ+2

12/yy 783.4 52.66x 261.9 48.58x 175.3 82.66x

12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'134.1 458'011.3 465'699.7 110'420.5 113'829.0 65.98x 0.51x 0.50x 2.04x 1.98x 424.0 61'207.0 62'495.8 10'357.0 10'835.0 41.06x 3.74x 3.66x 5.12x 5.03x 254.8 26'655.6 27'485.2 6'859.0 7'011.0 70.48x 7.68x 7.57x 7.59x 7.57x S&P Issuer Ratings Long-Term Rating Date 03.09.2009 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 06.03.1990 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 22.42 (EBITDA-Capex)/Interest Exp. 8.41 Net Debt/EBITDA 0.37 Total Debt/EBITDA 0.72 Reference Total Debt/Equity 20.0% Total Debt/Capital 16.6% Asset Turnover 1.32 Net Fixed Asset Turnover 2.88 Accounts receivable turnover-days 34.68 Inventory Days 27.61 Accounts Payable Turnover Day 40.16 Cash Conversion Cycle 22.13 Sales/Revenue/Turnover

70.00

1'200.0

60.00

1'000.0

50.00

800.0

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

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

27.03.2013

Royal Dutch Shell PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL SCOTTISH WIDOWS FMR LLC PEOPLES REPUBLIC OF SUN LIFE FINANCIAL I VANGUARD GROUP INC GOVT OF SINGAPORE IN UBS VANGUARD GROUP INC FRANKLIN RESOURCES STATE STREET BP INVESTMENT MANAGE ABERDEEN JP MORGAN BNP PARIBAS INV PART NORTHERN TRUST GLOBA SOCIETE GENERALE PRO STANDARD LIFE INVEST ALLIANZ ASSET MANAGE

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

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

Analyst KIM FUSTIER BERTRAND HODEE CRAIG STERLING OSWALD CLINT IAIN REID VALERIE GASTALDY ALEXANDRE ANDLAUER FREDERICK G LUCAS QUIRIJN MULDER ROBERT KESSLER GORDON GRAY JEFFREY A DIETERT JASON D GAMMEL DOMINIQUE PATRY INGO SCHMIDT STUART JOYNER PAUL SPEDDING SVEN DIERMEIER RAHIM KARIM RICHARD GRIFFITH VIRGINIA PEREZ REPES PETER HUTTON JENS MUENSTERMANN DOUGIE YOUNGSON LUCAS HERRMANN JOS VERSTEEG COLIN SMITH TEAM COVERAGE MARTIJN P RATS CHRISTINE TISCARENO

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

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

Amt Held 190'130'247 148'916'543 77'887'769 52'066'121 50'156'944 47'208'897 41'114'969 39'669'849 38'832'374 34'834'706 26'147'686 25'767'455 22'400'138 19'530'183 19'189'183 16'493'284 16'292'959 16'129'705 14'890'316 12'949'057

% Out 5.04 3.95 2.06 1.38 1.33 1.25 1.09 1.05 1.03 0.92 0.69 0.68 0.59 0.52 0.51 0.44 0.43 0.43 0.39 0.34

Weighting

Change

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

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

Latest Chg 13'987'593 2'525'344 16'866'612 9'274'558 3'594'333 2'242'231 1'675'222 1'602'657 (1'443'858) 5'779'775 188'418 (1'313'970) 288'938 161'883 5'377'967 (4'117'735) 35'052 12'387'795 (803'892) 2'215'390

Target Price 2'525 #N/A N/A #N/A N/A 2'410 2'450 #N/A N/A 2'114 2'400 2'843 2'800 2'650 #N/A N/A 2'500 2'431 #N/A N/A 2'168 2'520 2'433 2'550 #N/A N/A 2'567 2'580 2'580 #N/A N/A 2'475 2'722 2'500 2'272 #N/A N/A 2'315

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

File Dt 25.03.2013 01.01.2013 01.01.2013 31.01.2013 01.01.2013 31.01.2013 31.12.2012 01.01.2013 31.01.2013 01.01.2013 31.12.2012 26.03.2013 01.01.2013 28.02.2013 31.01.2013 31.01.2013 01.01.2013 01.01.2013 01.01.2013 28.02.2013

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

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

Date 26.03.2013 26.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 15.03.2013 28.02.2013 27.02.2013 21.02.2013 15.02.2013 13.02.2013 05.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 29.01.2013 24.01.2013 09.01.2013 04.12.2012 03.12.2012 02.10.2012 27.09.2012 18.05.2012 03.05.2012 03.10.2011

27.03.2013

GlaxoSmithKline PLC GlaxoSmithKline PLC is a research-based pharmaceutical company. The Company develops, manufactures, and markets vaccines, prescription, and over-the-counter medicines, as well as health-related consumer products. GlaxoSmithKline provides products for infections, depression, skin conditions, asthma, heart & circulatory disease, and cancer.

Price/Volume 45

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

40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.03.2013) 52-Week Low (19.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GSK LN EQUITY YTD Change GSK LN EQUITY YTD % CHANGE

12/2012 12/yy 1'539.50 1'314.00 2'447'132.00 1520 -1.33% 15.60% 86.03% 4'909.5 74'623.91 18'302.00 0.0 937.0 4'265.00 89'597.90

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

10 5 0 m-12

31.12.2009 31.12.2010 28'368.0 28'392.0 2.77x 2.61x 11'117.0 6'932.0 7.08x 10.70x 5'531.0 1'634.0 12.09x 38.59x Profitability

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

LTM-4Q 31.12.2011 27'387.0 3.07x 9'845.0 8.54x 5'261.0 14.06x

31.12.2012 26'431.0 3.04x 8'477.0 9.49x 4'565.0 14.36x 8'477.00 7'392.00 27.97% 25.32% 11.06% 65.96% 21.91% 0.64% 70.1% 32.1% 28.0% 17.3% 0.99 0.31 44.13% 315.01% 2.01

Price/ Cash Flow

12/yy 2'064.5 19.46x 881.1 10.23x 770.7 15.79x

LTM 12/yy 1'783.0 19.71x 628.1 13.49x 556.8 20.11x

FY+1

4.87 0.66 4'637.64 12.41% 15.47% 0.664 36 3.361 7'702'526 6'841'365 6'725'407 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 26'931.9 27'974.3 6'353.6 6'529.0 3.31x 3.15x 9'594.4 10'101.6 2'241.0 2'467.0 9.34x 8.87x 9.15x 5'555.5 5'997.1 1'263.3 1'367.5 13.22x 11.96x 13.19x S&P Issuer Ratings

18.02.2008 A+ STABLE 18.02.2008 A-1 10.49 9.19 1.66 2.16 315.0% 73.1% 0.64 3.02 181.79 137.13

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

a-12

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

Fiscal Year Ended 31.12.2008 24'352.0 3.17x 9'115.0 8.47x 4'602.0 14.50x

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 |

27.03.2013

GlaxoSmithKline PLC Holdings By:

All

Holder Name BLACKROCK INVESCO LTD LEGAL & GENERAL SCOTTISH WIDOWS CAPITAL GROUP COMPAN FMR LLC NORGES BANK INVESTME FRANKLIN RESOURCES M&G INVESTMENT MANAG UBS NEWTON INV MGMT BANK OF NEW YORK MEL VANGUARD GROUP INC STANDARD LIFE INVEST SCHRODER INVESTMENT PEOPLES REPUBLIC OF PERPETUAL INVESTMENT VANGUARD GROUP INC AXA STATE STREET

Firm Name Shore Capital Stockbrokers AlphaValue JPMorgan Jefferies Sanford C. Bernstein & Co EVA Dimensions Deutsche Bank Credit Suisse Day by Day Berenberg Bank Panmure Gordon & Co Limited Bryan Garnier & Cie Societe Generale Exane BNP Paribas Barclays Leerink Swann & Co Kepler Capital Markets Independent Research GmbH Helvea Morgan Stanley Hamburger Sparkasse S&P Capital IQ Nomura Goldman Sachs Cenkos Securities Ltd Redburn Partners Liberum Capital Ltd CA Cheuvreux Natixis Landesbank Baden-Wuerttemberg Main First Bank AG Cyrrus Mirabaud Securities MP Advisors Pvt Ltd DZ Bank AG First Global Stockbroking

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

Analyst BRIAN WHITE ARMELLE MOULIN JAMES D GORDON JEFFREY HOLFORD TIMOTHY M ANDERSON ANDREW S ZAMFOTIS MARK CLARK KERRY HOLFORD VALERIE GASTALDY ALISTAIR CAMPBELL SAVVAS NEOPHYTOU ERIC LE BERRIGAUD STEPHEN MCGARRY FLORENT CESPEDES MARK PURCELL SEAMUS FERNANDEZ FABIAN WENNER CHRISTOPH SCHOENDUBE ODILE RUNDQUIST PETER VERDULT MARCO GUENTHER SHO MATSUBARA AMIT ROY KEYUR PAREKH NAVID MALIK TEAM COVERAGE NARESH CHOUHAN MARCEL BRAND PHILIPPE LANONE TIMO KUERSCHNER TIM FRANKLIN TOMAS MENCIK NICHOLAS TURNER VISHAL MANCHANDA ELMAR KRAUS KAVITA THOMAS

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

Recommendation buy reduce underweight hold market perform overweight hold neutral hold buy buy neutral buy underperform overweight market perform buy hold neutral Equalwt/Attractive hold sell neutral neutral/neutral buy neutral underweight underperform neutral hold suspended coverage hold buy outperform buy market perform

Amt Held 271'061'000 188'613'112 153'140'293 143'097'310 137'148'963 134'440'074 115'229'583 88'648'845 85'255'473 72'136'226 71'507'300 60'081'894 55'750'486 53'010'281 52'720'290 51'503'238 51'301'508 49'644'084 44'610'398 43'934'496

% Out 5.52 3.84 3.12 2.91 2.79 2.74 2.35 1.81 1.74 1.47 1.46 1.22 1.14 1.08 1.07 1.05 1.04 1.01 0.91 0.89

Weighting

Change

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

M M M M M U M M M M M M M M M M M M M M M M M M N M M M M M M M M M U R

Latest Chg 9'906'677 24'341'047 30'057'500 13'668'350 21'497 (2'215'605) (1'180'943) (1'728'888) 9'684'880 385'845 (188'352) (9'956'056) (5'398'021) 73'324 1'468'137 (43'379) 497'126

Target Price #N/A N/A 1'461 1'550 1'550 1'497 #N/A N/A 1'530 1'450 #N/A N/A 1'530 1'525 1'580 1'810 1'400 1'610 #N/A N/A 1'680 1'560 1'520 1'370 #N/A N/A 1'200 1'340 1'415 1'603 #N/A N/A 1'380 1'250 1'450 1'450 #N/A N/A 1'420 1'640 #N/A N/A 1'500 #N/A N/A

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

File Dt Inst Type 25.03.2013 Investment Advisor 01.01.2013 Investment Advisor 28.02.2013 Unclassified 01.01.2013 Unclassified 01.01.2013 Investment Advisor 31.01.2013 Investment Advisor 01.01.2013 Government 28.02.2013 Investment Advisor 01.01.2013 Investment Advisor 31.01.2013 Unclassified 01.01.2013 Mutual Fund Manager 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Government 31.07.2012 Investment Advisor 01.01.2013 Investment Advisor 31.01.2013 Investment Advisor 26.03.2013 Investment Advisor

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

Date 25.03.2013 21.03.2013 15.03.2013 14.03.2013 14.03.2013 12.03.2013 11.03.2013 11.03.2013 11.03.2013 07.03.2013 06.03.2013 05.03.2013 01.03.2013 26.02.2013 26.02.2013 20.02.2013 13.02.2013 08.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 04.02.2013 28.01.2013 30.11.2012 26.11.2012 05.10.2012 11.09.2012 06.09.2012 03.08.2012 20.07.2012 05.04.2012 02.04.2012 13.01.2012 28.10.2011 23.08.2011

27.03.2013

British American Tobacco PLC British American Tobacco PLC is the holding company for a group of companies that manufacture, market and sell cigarettes and other tobacco products, including cigars and roll-your-own tobacco.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (24.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BATS LN EQUITY YTD Change BATS LN EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 3'631.00 2'986.50 584'954.00 3497 -3.76% 17.01% 79.05% 1'927.0 67'388.16 10'719.00 0.0 307.0 2'107.00 76'307.16

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

6.0 M

250

5.0 M

200

4.0 M

150

3.0 M

100

2.0 M

1.0 M

0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 12'122.0 3.84x 3'978.0 11.69x 2'457.0 14.60x

300

31.12.2009 31.12.2010 14'208.0 14'883.0 3.52x 3.90x 5'091.0 5'881.0 9.82x 9.88x 2'713.0 2'879.0 14.72x 16.97x Profitability

LTM-4Q 31.12.2011 15'399.0 4.56x 6'316.0 11.12x 3'095.0 19.45x

31.12.2012 15'190.0 4.73x 6'143.0 11.71x 3'841.0 15.69x 6'143.00 5'668.00 37.31% 37.18% 14.11% 49.12% 24.11% 0.56% 40.4% 37.3% 25.3% 1.13 0.52 39.22% 143.46% 7.70 -

Price/ Cash Flow

LTM

12/yy 48'077.0 6.86x 1'945.0 36.75x 632.0 126.35x

12/yy 61'093.0 6.68x 2'834.0 38.09x (40.0) 696.86x

FY+1

3.86 0.72 1'925.34 13.50% 14.94% 0.723 28 3.964 2'338'294 2'547'987 2'499'984 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 16'093.4 16'803.5 4.75x 4.53x 6'653.4 7'098.9 11.47x 10.75x 4'410.9 4'743.7 15.16x 13.86x S&P Issuer Ratings

09.11.2012 ASTABLE 16.05.2003 A-2 12.16 10.85 1.40 1.74 143.5% 57.9% 0.56 4.86 47.40 -

Sales/Revenue/Turnover

40.00

70'000.0

35.00

60'000.0

30.00

50'000.0

25.00

40'000.0

20.00

30'000.0

15.00

20'000.0

10.00

10'000.0

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 |

27.03.2013

British American Tobacco PLC Holdings By:

All

Holder Name BLACKROCK REINET INVESTMENTS S LEGAL & GENERAL CAPITAL GROUP COMPAN INVESCO LTD SCOTTISH WIDOWS FMR LLC FRANKLIN RESOURCES CREDIT SUISSE PRIVAT ABERDEEN MORGAN STANLEY INVES M&G INVESTMENT MANAG VANGUARD GROUP INC UBS MORGAN STANLEY Northern Cross Inter VANGUARD GROUP INC HARBOR CAPITAL ADVIS ALLAN GRAY UNIT TRUS NEWTON INV MGMT

Firm Name AlphaValue Day by Day Deutsche Bank Investec Nomura Oriel Securities Ltd Jefferies Goldman Sachs Panmure Gordon & Co Limited Avior Research Canaccord Genuity Corp Independent Research GmbH Redburn Partners Societe Generale Morgan Stanley Natixis Exane BNP Paribas Barclays Credit Suisse JPMorgan Renaissance Capital Berenberg Bank S&P Capital IQ EVA Dimensions Afrifocus Securities Imara

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

Analyst ISABELLE COMBEMALE VALERIE GASTALDY JONATHAN FELL THANE DUFF DAVID HAYES CHRIS WICKHAM DIRK VAN VLAANDEREN FULVIO CAZZOL DAMIAN MCNEELA RICHARD TESSENDORF EDDY HARGREAVES LARS LUSEBRINK CHRISTIAN DE ROUALLE CHAS MANSO DE ZUNIGA MATTHEW GRAINGER NICOLAS LANGLET JAMES BUSHNELL SIMON HALES ROGERIO FUJIMORI RAE MAILE REY WIUM ERIK BLOOMQUIST CARL SHORT AUSTIN BURKETT TANUJA CHITRE RICHARD CLARKE

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

Recommendation add hold buy hold buy hold buy buy/attractive buy neutral hold hold neutral hold Equalwt/Attractive neutral outperform overweight outperform overweight hold buy hold overweight hold sell

Amt Held 132'891'526 81'313'066 70'617'321 67'664'399 62'241'180 51'036'377 44'677'384 44'654'616 37'965'898 35'672'165 26'280'778 24'636'075 24'361'035 23'128'725 22'521'571 22'218'678 21'639'256 20'358'179 17'404'651 16'928'208

% Out 6.9 4.22 3.66 3.51 3.23 2.65 2.32 2.32 1.97 1.85 1.36 1.28 1.26 1.2 1.17 1.15 1.12 1.06 0.9 0.88

Weighting

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

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

Latest Chg (3'000'000) (2'766'594) 1'948'246 3'856'239 (4'619'821) (2'144'127) (376'548) 1'305'019 5'499'279 (427'111) 562'275 (1'102'251) 1'491'898 245'915 1'824'714 260'794 892'088 (202'468)

Target Price 3'801 #N/A N/A 3'700 3'577 4'087 3'700 4'000 4'420 3'900 3'761 3'100 3'600 #N/A N/A 3'550 3'450 3'600 3'800 3'725 3'600 4'209 3'550 3'500 3'540 #N/A N/A #N/A N/A #N/A N/A

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

File Dt Inst Type 25.03.2013 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Unclassified 31.12.2012 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Unclassified 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Bank 28.02.2013 Unclassified 03.12.2012 Investment Advisor 03.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor 03.12.2012 Unclassified 03.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Mutual Fund Manager

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

Date 21.03.2013 18.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 08.03.2013 07.03.2013 06.03.2013 06.03.2013 05.03.2013 04.03.2013 04.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 17.01.2013 18.04.2012 17.05.2011

27.03.2013

Price/Volume

12/2011 12/yy 2'374.50 2'020.00 1'592'459.00 2200 -7.37% 8.89% 56.42% 2'600.7 137'718.83 37'754.00 0.0 1'433.0 18'550.00 228'633.75

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

6.0 M

100

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

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

120

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

LTM-4Q 31.12.2011 470'171.0 0.55x 55'943.0 4.60x 30'918.0 7.39x

31.12.2012 467'153.0 0.51x 52'114.0 4.58x 26'592.0 8.12x 52'114.00 37'499.00 8.03% 10.76% 7.54% 14.86% 12.75% 1.32% 15.2% 11.2% 8.0% 5.7% 1.18 0.61 10.48% 20.03% 10.56 13.25

Price/ Cash Flow

LTM

FY+1

5.18 1.01 2'599.25 3.25% 2.46% 1.006 19 3.105 4'486'656 4'445'420 3'719'687 FY+2

FQ+1

FQ+2

12/yy 15'582.0 12.25x 5'372.0 9.66x 3'683.0 13.02x

12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 17'265.0 458'011.3 465'699.7 110'420.5 113'829.0 14.29x 0.51x 0.50x 2.04x 1.98x 6'665.0 61'207.0 62'495.8 10'357.0 10'835.0 10.15x 3.74x 3.66x 5.12x 5.03x 4'345.0 26'655.6 27'485.2 6'859.0 7'011.0 14.46x 7.92x 7.81x 7.82x 7.80x S&P Issuer Ratings Long-Term Rating Date 03.09.2009 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 06.03.1990 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 22.42 (EBITDA-Capex)/Interest Exp. 8.41 Net Debt/EBITDA 0.37 Total Debt/EBITDA 0.72 Reference Total Debt/Equity 20.0% Total Debt/Capital 16.6% Asset Turnover 1.32 Net Fixed Asset Turnover 2.88 Accounts receivable turnover-days 34.68 Inventory Days 27.61 Accounts Payable Turnover Day 40.16 Cash Conversion Cycle 22.13 Sales/Revenue/Turnover

14.00

20'000.0 18'000.0

12.00

16'000.0

10.00

14'000.0 12'000.0

8.00

10'000.0 8'000.0

6.00

6'000.0

4.00

4'000.0 2.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Royal Dutch Shell PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL CAPITAL GROUP COMPAN SCOTTISH WIDOWS CREDIT SUISSE PRIVAT M&G INVESTMENT MANAG VANGUARD GROUP INC QATAR INVESTMENT AUT PEOPLES REPUBLIC OF UBS FRANKLIN RESOURCES VANGUARD GROUP INC AXA STANDARD LIFE INVEST ABERDEEN FMR LLC BREWIN DOLPHIN LIMIT JP MORGAN STATE STREET THREADNEEDLE ASSET M

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

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

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

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

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

Amt Held 176'509'095 92'965'731 91'962'723 84'449'282 74'947'205 49'588'750 48'224'986 44'703'170 39'898'819 37'871'476 35'090'143 34'738'840 33'594'566 33'060'303 31'402'252 28'774'373 27'392'377 25'480'564 23'787'695 21'990'967

% Out 6.79 3.57 3.54 3.25 2.88 1.91 1.85 1.72 1.53 1.46 1.35 1.34 1.29 1.27 1.21 1.11 1.05 0.98 0.91 0.85

Weighting

Change

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

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

Latest Chg (2'451'432) 10'540'709 (526'247) (2'440'260) 1'120'225 1'669'724 3'975'234 932'195 (3'039'278) 1'176'245 (185'589) (2'304'800) (766'521) (1'060'121) (626'439) 4'342'844 2'600'938 1'154'509

Target Price 2'410 2'409 2'280 2'350 2'400 2'310 2'500 2'700 2'500 2'500 2'650 2'580 2'450 2'600 2'550 #N/A N/A #N/A N/A 2'475

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

File Dt 25.03.2013 01.01.2013 08.03.2013 01.01.2013 01.01.2013 01.01.2013 31.12.2012 01.01.2013 01.01.2013 31.01.2013 28.02.2013 01.01.2013 01.01.2013 01.01.2013 28.02.2013 31.01.2013 01.01.2013 31.01.2013 26.03.2013 01.01.2013

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

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

Date 22.03.2013 20.03.2013 20.03.2013 18.03.2013 15.03.2013 14.03.2013 01.03.2013 27.02.2013 27.02.2013 27.02.2013 21.02.2013 19.02.2013 01.02.2013 01.02.2013 01.02.2013 17.01.2013 04.12.2012 03.12.2012

27.03.2013

Diageo PLC Diageo plc produces, distills and markets alcoholic beverages. The Company offers a wide range of branded beverages, including vodkas, whiskeys, tequilas, gins, and beer.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (23.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DGE LN EQUITY YTD Change DGE LN EQUITY YTD % CHANGE

06/2012 02/yy 2'054.00 1'475.00 834'210.00 2013 -2.14% 36.27% 94.99% 2'509.4 50'514.86 8'629.00 0.0 1'223.0 1'076.00 59'369.85

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

6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 30.06.2008 8'090.0 3.78x 2'516.0 12.17x 1'521.0 15.85x

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

30.06.2009 30.06.2010 9'311.0 9'780.0 3.27x 3.57x 2'777.0 2'984.0 10.96x 11.70x 1'605.0 1'629.0 13.51x 15.99x Profitability

30.06.2011 9'936.0 3.98x 3'232.0 12.24x 1'900.0 16.71x

30.06.2012 10'762.0 4.68x 3'826.0 13.16x 1'942.0 21.00x

3'826.00 3'415.00 31.73% 29.00% 11.04% 44.10% 19.93% 0.48% 60.4% 36.5% 32.8% 18.0% 1.52 0.59 38.61% 154.42% 3.84 1.09

Price/ Cash Flow

LTM-4Q

LTM

02/yy

02/yy -

FY+1 -

2.24 0.71 2'506.64 34.54% 13.53% 0.707 35 4.286 4'597'891 3'961'409 3'834'203 FY+2

06/13 Y 06/14 Y 11'472.6 12'267.9 5.15x 4.73x 3'926.4 4'252.3 15.12x 13.96x 2'578.3 2'854.1 19.54x 17.53x S&P Issuer Ratings

FQ+1

FQ+2

01.09.2005 ASTABLE 01.09.2005 A-2 5.94 5.19 1.92 2.11 154.4% 55.9% 0.48 3.74 95.26 334.29 294.76

Sales/Revenue/Turnover

20.00

3'500.0

18.00

3'000.0

16.00 14.00

2'500.0

12.00

2'000.0

10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 06.11.2009

0.0 06.05.2010

06.11.2010

06.05.2011

06.11.2011

06.05.2012

06.11.2012

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 |

27.03.2013

Diageo PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK SUN LIFE FINANCIAL I LEGAL & GENERAL FMR LLC SCOTTISH WIDOWS NORGES BANK INVESTME UBS Northern Cross Inter HARBOR CAPITAL ADVIS PEOPLES REPUBLIC OF VANGUARD GROUP INC VANGUARD GROUP INC Cascade Investment C STATE STREET FRANKLIN RESOURCES DIAGEO PLC ESOP BREWIN DOLPHIN LIMIT AXA CI INVESTMENTS INC

Firm Name

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

Analyst

Sanford C. Bernstein & Co TREVOR STIRLING Nomura IAN SHACKLETON Stifel MARK D SWARTZBERG AlphaValue ISABELLE COMBEMALE Jefferies DIRK VAN VLAANDEREN Shore Capital Stockbrokers PHIL CARROLL Oriel Securities Ltd CHRIS WICKHAM RBC Capital Markets JAMES EDWARDES JONES JPMorgan MATTHEW WEBB Barclays SIMON HALES Credit Suisse CHARLES MILLS Raymond James HERMINE DE BENTZMANN Canaccord Genuity Corp EDDY HARGREAVES Day by Day VALERIE GASTALDY Exane BNP Paribas JAVIER GONZALEZ LASTRA Investec MARTIN DEBOO Societe Generale NICOLAS CERON Kepler Capital Markets LAETITIA DELAYE Natixis OLIVIER DELAHOUSSE Redburn Partners CHRIS PITCHER Independent Research GmbH LARS LUSEBRINK Bryan Garnier & Cie NIKOLAAS FAES S&P Capital IQ CARL SHORT Liberum Capital Ltd PABLO ZUANIC CA Cheuvreux ERIC BOROIAN Grupo Santander ANTHONY J BUCALO EVA Dimensions AUSTIN BURKETT Goldman Sachs MITCHELL COLLETT Deutsche Bank JAMES ISENWATER Berenberg Bank PHILIP MORRISEY Espirito Santo Investment Bank Research ALEX SMITH HSBC ERWAN RAMBOURG Davy BARRY GALLAGHER

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

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

Amt Held 170'818'263 166'780'393 103'629'142 93'430'267 72'210'629 60'345'332 53'076'191 36'365'999 32'768'036 31'592'406 31'254'191 26'868'931 26'133'318 25'516'958 23'796'416 20'723'095 20'432'541 19'857'996 19'645'452 19'387'391

% Out 6.81 6.65 4.13 3.72 2.88 2.4 2.12 1.45 1.31 1.26 1.25 1.07 1.04 1.02 0.95 0.83 0.81 0.79 0.78 0.77

Weighting

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

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

Latest Chg 32'500 19'483'465 (2'633'373) 116'442 (3'259'491) 21'978'145 751'700 1'138'390 490'603 162'750 7'155'385 1'303'879 (6'773'960) 1'347'040 (262'901) 443'832 (847'762) 2'364'575 (655'760)

Target Price 2'100 2'040 2'400 1'912 1'915 #N/A N/A 2'100 2'100 1'915 2'150 2'350 2'060 1'670 2'460 1'980 1'970 1'900 2'100 2'100 #N/A N/A 1'900 1'900 2'100 2'300 1'850 2'100 #N/A N/A 2'220 2'000 1'760 1'860 1'800 #N/A N/A

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

File Dt 31.12.2012 25.03.2013 31.01.2013 03.12.2012 31.01.2013 03.12.2012 03.12.2012 31.01.2013 03.12.2012 31.12.2012 03.12.2012 03.12.2012 31.12.2012 03.12.2012 26.03.2013 31.12.2012 03.12.2012 03.12.2012 03.12.2012 31.12.2012

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

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

Date 22.03.2013 22.03.2013 21.03.2013 21.03.2013 19.03.2013 19.03.2013 19.03.2013 11.03.2013 11.03.2013 11.03.2013 07.03.2013 07.03.2013 05.03.2013 28.02.2013 22.02.2013 15.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 25.01.2013 21.01.2013 18.01.2013 17.01.2013 09.01.2013 10.11.2012 29.10.2012 02.10.2012 08.08.2012 25.08.2011

27.03.2013

BHP Billiton PLC BHP Billiton Plc is an international resources company. The Company's principal business lines are mineral exploration and production, including coal, iron ore, gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum exploration and production. Dually-listed company with BHP AU.

Price/Volume 800

14.0 M

700

12.0 M

600

10.0 M

500

Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 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 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BLT LN EQUITY YTD Change BLT LN EQUITY YTD % CHANGE

06/2012 12/yy 2'251.50 1'650.50 2'237'435.00 1937.5 -13.99% 17.33% 47.92% 2'111.3 114'549.54 28'330.00 0.0 1'215.0 5'063.00 204'468.90

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

6.0 M

300 200

4.0 M

100

2.0 M

0 m-12

30.06.2009 30.06.2010 50'211.0 52'798.0 2.97x 2.83x 21'761.0 24'590.0 6.86x 6.07x 5'877.0 12'722.0 21.26x 11.48x Profitability

30.06.2011 71'739.0 3.00x 38'093.0 5.65x 23'648.0 9.18x

30.06.2012 72'226.0 2.42x 33'866.0 5.15x 15'417.0 9.78x

33'866.00 27'458.00 38.02% 31.87% 7.60% 14.89% 10.90% 0.52% 42.3% 32.2% 21.3% 0.93 0.44 21.91% 43.01% 8.49 -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

FY+1 -

3.90 1.41 2'012.24 4.44% -7.40% 1.408 32 3.656 7'247'555 6'583'069 5'560'194 FY+2

06/13 Y 06/14 Y 68'085.9 74'998.4 2.98x 2.68x 29'120.2 34'351.7 7.02x 5.95x 13'271.3 16'822.1 11.43x 9.64x S&P Issuer Ratings

FQ+1

FQ+2

15.11.2010 A+ STABLE 06.02.2008 A-1 26.69 10.27 1.07 1.25 43.0% 29.7% 0.52 0.72 43.13 -

Sales/Revenue/Turnover

20.00

180'000.0

18.00

160'000.0

16.00

140'000.0

14.00

120'000.0

12.00

100'000.0

10.00

80'000.0

8.00

60'000.0

6.00

40'000.0

4.00

20'000.0

2.00 0.00 02.10.2009

.0 M a-12 m-12

Fiscal Year Ended 30.06.2008 59'473.0 3.90x 28'137.0 8.24x 15'390.0 13.88x

8.0 M

400

Valuation Analysis

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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 |

27.03.2013

BHP Billiton PLC Holdings By:

All

Holder Name BLACKROCK GEPF EQUITY LEGAL & GENERAL NORGES BANK ABERDEEN SCOTTISH WIDOWS FMR LLC FRANKLIN RESOURCES VANGUARD GROUP INC INDUSTRIAL DEVELOPME PEOPLES REPUBLIC OF BAILLIE GIFFORD AND VANGUARD GROUP INC BNP PARIBAS INV PART SCHRODER INVESTMENT STATE STREET Northern Cross Inter ALECTA INVESTMENT MA M&G INVESTMENT MANAG HARBOR CAPITAL ADVIS

Firm Name

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

Analyst

Exane BNP Paribas SYLVAIN BRUNET AlphaValue SACHIN KUMAR Jefferies Christopher LaFemina Goldman Sachs MICHELE DELLA VIGNA Espirito Santo Investment Bank Research NICK MELLOR Day by Day VALERIE GASTALDY Credit Suisse PAUL MCTAGGART JPMorgan FRASER JAMIESON Sanford C. Bernstein & Co PAUL GAIT RBC Capital Markets DES KILALEA Macquarie JEFFREY LARGEY Macquarie KIERAN DALY Nomura SAM CATALANO Morgan Stanley MENNO SANDERSE SBG Securities PETER DAVEY Canaccord Genuity Corp PETER MALLIN-JONES Barclays DAVID BUTLER Societe Generale ABHISHEK SHUKLA Independent Research GmbH SVEN DIERMEIER Natixis RAOUDHA BOUZEKRI Avior Research CLINTON DUNCAN BMO Capital Markets TONY ROBSON S&P Capital IQ JOHNSON IMODE HSBC ANDREW KEEN Deutsche Bank GRANT SPORRE EVA Dimensions CRAIG STERLING Investec ALBERT MINASSIAN Redburn Partners SIMON TOYNE Liberum Capital Ltd RICHARD KNIGHTS Standard Chartered SUBRAMANIAM VARADA

Source ULT-AGG 20F ULT-AGG RNS-MAJ ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG 20F REG REG REG ULT-AGG REG ULT-AGG REG REG REG MF-AGG

Recommendation neutral reduce buy neutral/neutral sell hold neutral neutral outperform outperform neutral neutral buy Overwt/In-Line buy hold overweight sell hold buy outperform outperform hold neutral buy overweight hold neutral buy in-line

Amt Held 168'784'326 87'131'000 85'921'147 63'635'068 61'007'128 49'811'488 38'877'200 37'588'249 35'795'273 33'804'582 29'045'618 24'697'602 23'459'843 22'369'418 21'902'436 20'415'622 19'780'635 19'545'000 19'266'422 18'688'842

% Out 7.99 4.13 4.07 3.01 2.89 2.36 1.84 1.78 1.7 1.6 1.38 1.17 1.11 1.06 1.04 0.97 0.94 0.93 0.91 0.89

Weighting

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

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

Latest Chg 2'333'522 387'315 3'056'099 5'468'533 1'513'376 8'992'566 (1'247'628) (1'256'810) 819'531 1'376'028 (1'063'116) (920'460) 85'032 (4'850'000) 529'365 -

Target Price 2'000 1'894 2'550 2'200 1'703 #N/A N/A 2'400 2'300 2'450 2'300 2'175 2'146 2'400 2'310 2'500 2'155 2'300 1'585 2'300 2'400 3'042 2'500 2'200 2'250 2'380 #N/A N/A 2'306 #N/A N/A #N/A N/A 2'000

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

File Dt 25.03.2013 24.08.2012 28.02.2013 05.02.2013 28.02.2013 30.11.2012 31.01.2013 31.12.2012 31.12.2012 24.08.2012 01.11.2012 01.11.2012 01.11.2012 31.01.2013 01.11.2012 26.03.2013 01.11.2012 01.11.2012 01.11.2012 31.12.2012

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

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

Date 21.03.2013 21.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 15.03.2013 15.03.2013 15.03.2013 08.03.2013 07.03.2013 07.03.2013 04.03.2013 28.02.2013 28.02.2013 26.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 07.02.2013 30.01.2013 17.01.2013 20.12.2012 06.12.2012 20.09.2012 08.09.2012

27.03.2013

AstraZeneca PLC AstraZeneca PLC is a holding company. The Company, through its subsidiaries, researches, manufactures, and sells pharmaceutical and medical products. AstraZeneca focuses its operations on eight therapeutic areas: Gastrointestinal, Oncology, Cardiovascular, Respiratory, Central Nervous System, Pain Control, Anaesthesia, and Infection.

Price/Volume

12.0 M

10.0 M 8.0 M

Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 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 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AZN LN EQUITY YTD Change AZN LN EQUITY YTD % CHANGE

12/2012 01/yy 3'273.00 2'578.50 801'460.00 3239 -0.96% 25.71% 97.62% 1'248.2 40'427.78 10'310.00 0.0 215.0 8'524.00 63'061.09

6.0 M

6 4

4.0 M

2.0 M

0 m-12

31.12.2009 31.12.2010 32'804.0 33'269.0 2.02x 1.84x 13'235.0 14'170.0 5.00x 4.31x 7'521.0 8'053.0 9.05x 8.14x Profitability

31.12.2011 33'591.0 1.71x 13'276.0 4.32x 9'983.0 6.29x

31.12.2012 27'973.0 2.18x 10'658.0 5.72x 6'297.0 9.46x 10'658.00 8'140.00 29.10% 27.59% 11.84% 26.81% 21.21% 0.53% 80.7% 41.5% 32.5% 22.5% 1.35 1.02 19.26% 43.43% 4.54 2.76

Price/ Cash Flow

j-12

LTM-4Q

LTM

01/yy 10'020.0 5.78x 2'170.0 7.25x 1'538.0 10.92x

01/yy 8'103.0 7.01x 1'285.0 12.13x 26.0 20.69x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

5.72 0.75 1'246.05 21.53% 16.02% 0.752 37 2.703 3'766'305 2'535'952 2'340'425 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 26'350.5 25'603.1 6'532.8 6'360.8 2.36x 2.38x 9'855.8 9'574.7 2'372.5 2'303.0 6.40x 6.59x 6.51x 6'692.7 6'369.7 1'668.0 1'607.0 8.98x 9.32x 8.37x 8.22x S&P Issuer Ratings

27.07.2007 AASTABLE 27.07.2007 A-1+ 11.13 10.42 0.15 0.89 43.4% 30.1% 0.53 4.47 80.64 132.78 150.40 63.02

Sales/Revenue/Turnover

60.00

12'000.0

50.00

10'000.0

40.00

8'000.0

30.00

6'000.0

20.00

4'000.0

10.00

2'000.0

0.00 30.10.2009

.0 M a-12 m-12

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

14.0 M

14 10

Valuation Analysis

31.12.2008 31'601.0 2.11x 11'657.0 5.72x 6'101.0 9.74x

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 |

27.03.2013

AstraZeneca PLC Holdings By:

All

Holder Name INVESCO LTD BLACKROCK AXA INVESTOR AB LEGAL & GENERAL SCOTTISH WIDOWS NORGES BANK INVESTME VANGUARD GROUP INC PERPETUAL INVESTMENT SCHRODER INVESTMENT UBS CAPITAL GROUP COMPAN FMR LLC PEOPLES REPUBLIC OF VANGUARD GROUP INC THREADNEEDLE ASSET M STATE STREET GMO LLC M&G INVESTMENT MANAG ALLIANCE BERNSTEIN

Firm Name Morgan Stanley Shore Capital Stockbrokers Nordea Equity Research Bryan Garnier & Cie Redburn Partners Exane BNP Paribas Barclays Societe Generale Deutsche Bank ABG Sundal Collier Credit Suisse Jefferies Sanford C. Bernstein & Co Independent Research GmbH Carnegie Kepler Capital Markets Natixis Panmure Gordon & Co Limited Danske Markets S&P Capital IQ AlphaValue Helvea JPMorgan Swedbank Nomura Day by Day Berenberg Bank Landesbank Baden-Wuerttemberg Pareto Securities SEB Enskilda Goldman Sachs EVA Dimensions Liberum Capital Ltd Main First Bank AG Mirabaud Securities DZ Bank AG MP Advisors Pvt Ltd Edward Jones

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

Analyst PETER VERDULT BRIAN WHITE ERIK HULTGARD ERIC LE BERRIGAUD TEAM COVERAGE NICOLAS GUYON-GELLIN MARK PURCELL STEPHEN MCGARRY MARK CLARK PETER HUGREFFE LUISA HECTOR JEFFREY HOLFORD TIMOTHY M ANDERSON CHRISTOPH SCHOENDUBE KRISTOFER LILJEBERG FABIAN WENNER BEATRICE MUZARD SAVVAS NEOPHYTOU MATTIAS HAGGBLOM SHO MATSUBARA ARMELLE MOULIN ODILE RUNDQUIST ALEXANDRA M HAUBER-SCHUELE JOHAN UNNERUS AMIT ROY VALERIE GASTALDY ALISTAIR CAMPBELL TIMO KUERSCHNER YILMAZ MAHSHID LARS HEVRENG KEYUR PAREKH ANDREW S ZAMFOTIS NARESH CHOUHAN TIM FRANKLIN NICHOLAS TURNER ELMAR KRAUS BHAVITA NAGRANI LINDA BANNISTER

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

Recommendation Equalwt/Attractive buy sell buy neutral neutral equalweight sell hold sell underperform hold market perform hold hold hold neutral hold hold sell add neutral underweight sell reduce buy hold sell sell hold neutral/neutral buy neutral suspended coverage reduce buy underperform sell

Amt Held 92'577'683 81'345'820 68'601'379 51'587'810 51'010'537 42'533'598 28'877'534 27'002'295 25'266'060 18'084'946 16'999'885 16'945'000 14'071'861 13'747'211 13'473'072 13'153'411 12'362'004 12'158'200 11'452'982 10'705'870

% Out 7.42 6.52 5.5 4.13 4.09 3.41 2.31 2.16 2.02 1.45 1.36 1.36 1.13 1.1 1.08 1.05 0.99 0.97 0.92 0.86

Weighting

Change

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

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

Latest Chg 4'654'729 (19'539'361) (213'062) (419'253) 4'057'409 103'265 482'103 29'422 (791'342) 3'892'025 7'945'000 256'131 1'293'245 476'641 36'670 560'902 (505'782) (828'120) (714'599)

Target Price 3'310 #N/A N/A 3'037 3'540 #N/A N/A 3'300 3'300 2'675 3'100 2'562 3'050 3'000 3'298 3'200 #N/A N/A 2'700 3'383 3'200 3'000 2'700 3'311 2'850 2'750 2'666 2'600 3'181 3'050 2'900 2'843 2'924 3'375 #N/A N/A 3'000 #N/A N/A 2'700 3'700 2'509 #N/A N/A

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

File Dt 01.02.2013 25.03.2013 01.02.2013 01.02.2013 28.02.2013 01.02.2013 01.02.2013 31.12.2012 31.07.2012 01.02.2013 01.02.2013 31.12.2012 01.02.2013 01.02.2013 01.02.2013 01.02.2013 26.03.2013 01.02.2013 01.02.2013 01.02.2013

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

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

Date 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 19.03.2013 15.03.2013 08.03.2013 18.02.2013 14.02.2013 06.02.2013 05.02.2013 04.02.2013 01.02.2013 28.01.2013 17.01.2013 05.10.2012 20.07.2012 02.04.2012 02.02.2012 07.01.2010 20.11.2008

27.03.2013

Rio Tinto PLC Rio Tinto PLC is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Dually-listed company with RIO AU.

Price/Volume 45

12.0 M

10.0 M

35 30

8.0 M

12/2012 01/yy 3'838.00 2'649.50 1'787'473.00 3109.5 -18.97% 17.38% 36.68% 1'411.9 61'311.12 26'819.00 0.0 11'156.0 7'615.00 122'961.25

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

4.0 M

2.0 M

5 0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 54'264.0 1.53x 18'964.0 4.38x 3'676.0 6.19x

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 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 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIO LN EQUITY YTD Change RIO LN EQUITY YTD % CHANGE

31.12.2009 31.12.2010 41'825.0 55'171.0 5.29x 2.71x 10'920.0 22'752.0 20.24x 6.57x 4'872.0 14'238.0 18.14x 9.63x Profitability

LTM-4Q 31.12.2011 60'537.0 1.80x 26'657.0 4.09x 5'826.0 16.07x

31.12.2012 50'967.0 2.67x 15'902.0 8.55x (2'990.0) 15'902.00 11'461.00 22.49% -5.04% -2.52% -6.02% 5.92% 0.43% 31.2% 22.5% -5.9% 1.46 0.94 22.81% 57.23% 11.32 -

Price/ Cash Flow

01/yy 2'215.6 12.65x 469.8 13.90x 285.3 30.00x

LTM 01/yy 2'312.2 11.17x 477.6 14.81x 247.4 34.11x

FY+1

3.55 1.51 1'227.54 -5.09% -9.85% 1.511 31 4.194 4'419'271 4'934'848 4'259'484 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 58'416.0 62'104.9 2.10x 1.94x 21'990.1 24'140.2 5.59x 5.09x 10'986.9 12'212.8 7.86x 6.91x S&P Issuer Ratings

18.04.2011 ANEG 08.07.2009 A-2 22.98 -2.25 1.21 1.69 57.2% 31.6% 0.43 0.73 32.07 -

Sales/Revenue/Turnover

35.00

2'500.0

30.00

2'000.0

25.00

1'500.0

20.00 15.00

1'000.0

10.00

500.0 5.00 0.00 05.02.2010

0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

27.03.2013

Rio Tinto PLC Holdings By:

All

Holder Name SHINING PROSPECT PTE BLACKROCK AXA LEGAL & GENERAL CAPITAL GROUP COMPAN SCOTTISH WIDOWS ABERDEEN BNP PARIBAS INV PART UBS PEOPLES REPUBLIC OF SUN LIFE FINANCIAL I STANDARD LIFE INVEST M&G INVESTMENT MANAG VANGUARD GROUP INC AVIVA INVESTORS VANGUARD GROUP INC JP MORGAN GOVT OF SINGAPORE IN SCHRODER INVESTMENT FMR LLC

Firm Name

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

Analyst

Morgan Stanley MENNO SANDERSE Credit Suisse PAUL MCTAGGART Independent Research GmbH SVEN DIERMEIER EVA Dimensions CRAIG STERLING Jefferies Christopher LaFemina AlphaValue SACHIN KUMAR Sanford C. Bernstein & Co PAUL GAIT Goldman Sachs MICHELE DELLA VIGNA JPMorgan FRASER JAMIESON SBG Securities PETER DAVEY Macquarie JEFFREY LARGEY RBC Capital Markets DES KILALEA Espirito Santo Investment Bank Research NICK MELLOR Day by Day VALERIE GASTALDY Exane BNP Paribas LUC PEZ BMO Capital Markets TONY ROBSON Societe Generale ABHISHEK SHUKLA Deutsche Bank ROBERT CLIFFORD Natixis RAOUDHA BOUZEKRI Canaccord Genuity Corp PETER MALLIN-JONES Nomura SAM CATALANO S&P Capital IQ JOHNSON IMODE HSBC ANDREW KEEN Redburn Partners SIMON TOYNE Barclays DAVID BUTLER Liberum Capital Ltd RICHARD KNIGHTS Standard Chartered SUBRAMANIAM VARADA Axiom Capital GORDON L JOHNSON

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

Recommendation Equalwt/In-Line outperform hold hold buy add outperform Sell/Neutral overweight buy neutral outperform sell hold outperform outperform buy buy neutral buy buy strong buy overweight buy overweight buy outperform sell

Amt Held 182'550'329 128'626'019 59'271'193 53'306'336 41'031'494 32'751'832 29'783'762 28'183'471 27'888'087 22'584'269 20'784'742 20'134'091 15'566'865 14'972'836 14'066'647 13'772'088 13'345'435 13'197'558 13'004'093 10'894'531

% Out 12.93 9.11 4.2 3.78 2.91 2.32 2.11 2 1.98 1.6 1.47 1.43 1.1 1.06 1 0.98 0.95 0.93 0.92 0.77

Weighting

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

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

Latest Chg 605'414 (30'895) 10'311'357 275'493 5'058'654 (363'260) 2'505'810 864'625 (1'535'852) 777'762 559'905 (18'708) 509'965 812'987 (667'279) 3'648'560 49'517

Target Price 3'870 4'000 3'400 #N/A N/A 4'100 3'796 4'575 2'800 4'400 4'300 4'050 4'300 2'910 #N/A N/A 4'700 4'500 3'900 4'720 3'500 4'200 3'700 4'200 4'180 #N/A N/A 4'000 #N/A N/A 3'430 2'059

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

File Dt 03.12.2012 25.03.2013 03.12.2012 28.02.2013 19.02.2013 03.12.2012 28.02.2013 31.01.2013 31.01.2013 03.12.2012 31.01.2013 03.12.2012 03.12.2012 31.12.2012 03.12.2012 03.12.2012 31.01.2013 03.12.2012 03.12.2012 31.01.2013

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

Inst Type Holding Company Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Unclassified Investment Advisor Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Government Investment Advisor Investment Advisor

Date 27.03.2013 26.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 20.03.2013 19.03.2013 15.03.2013 11.03.2013 08.03.2013 04.03.2013 04.03.2013 04.03.2013 27.02.2013 25.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 07.02.2013 21.01.2013 14.01.2013 30.11.2012 22.11.2012 30.07.2012

27.03.2013

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

Price/Volume 70

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (19.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BG/ LN EQUITY YTD Change BG/ LN EQUITY YTD % CHANGE

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

1.0 M

.5 M

10 0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 23'270.8 2.83x 11'459.5 5.75x 5'790.9 10.25x

1.5 M

12/2012 12/yy 1'529.50 991.00 1'915'151.00 1119.5 -26.81% 12.97% 27.67% 3'402.5 38'091.15 15'507.00 0.0 57.0 4'434.00 68'660.96

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

LTM-4Q 31.12.2011 21'073.0 4.20x 10'026.0 8.83x 4'234.0 17.08x

31.12.2012 18'933.0 3.54x 10'198.0 6.58x 4'519.0 16.87x 10'198.00 7'605.00 40.17% 33.62% 7.14% 14.48% 10.24% 0.34% 48.7% 36.8% 23.9% 1.49 0.54 23.77% 46.94% 3.28 -

Price/ Cash Flow

LTM

12/yy 10'326.0 9.20x 2'245.0 11.14x 1'343.3 20.61x

12/yy 10'945.0 9.49x 2'375.4 10.99x 1'407.0 20.41x

FY+1

1.55 1.21 3'260.90 -23.19% 10.57% 1.212 31 4.097 5'299'171 4'937'506 5'871'065 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 20'138.5 22'918.5 5'177.0 5'244.5 3.48x 3.21x 13.30x 12.93x 10'801.0 12'887.3 2'755.0 2'722.0 6.36x 5.33x 6.18x 5.94x 4'404.7 5'280.2 1'194.5 1'174.5 12.85x 10.83x 12.21x 11.37x S&P Issuer Ratings

15.20 0.33 1.05 1.47 46.9% 31.9% 0.34 0.53 111.74 -

Sales/Revenue/Turnover

25.00

12'000.0 10'000.0

20.00

8'000.0 15.00

6'000.0 10.00

4'000.0

5.00

0.00 03.07.2009

2'000.0 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 |

27.03.2013

BG Group PLC Holdings By:

All

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

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

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

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

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

Recommendation outperform buy sell buy Buy/Cautious outperform buy outperform overweight hold buy overweight outperform overweight hold neutral hold buy neutral buy buy overweight Equalwt/In-Line sell overweight hold hold hold suspended coverage not rated

Amt Held 253'990'367 152'363'377 120'599'210 102'081'949 94'465'521 92'621'382 64'366'135 57'396'054 48'293'192 45'954'406 42'153'440 41'754'612 40'100'800 40'085'000 39'857'836 39'552'694 38'280'582 34'797'279 33'967'551 33'600'933

% Out 7.46 4.48 3.54 3 2.78 2.72 1.89 1.69 1.42 1.35 1.24 1.23 1.18 1.18 1.17 1.16 1.13 1.02 1 0.99

Weighting

Change

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

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

Latest Chg 14'804'992 1'010'042 (4'289'039) (22'980'265) 11'446'507 5'290'403 4'003'911 3'496'882 5'128'695 1'265'240 1'734'497 14'104'546 1'113'800 13'734'613 22'192'928 1'790'949 (9'463'064) 4'544'498 1'321'095

Target Price 1'400 1'700 942 1'395 1'600 1'890 #N/A N/A 1'470 1'600 1'200 1'300 #N/A N/A 1'360 1'815 1'268 1'150 1'200 1'415 1'300 1'500 1'400 1'420 1'110 1'000 #N/A N/A #N/A N/A 1'350 1'500 #N/A N/A #N/A N/A

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

File Dt 25.03.2013 01.01.2013 01.01.2013 31.01.2013 01.01.2013 31.12.2012 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 31.12.2012 01.01.2013 01.01.2013 31.01.2013 31.01.2013 31.01.2013

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

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

Date 26.03.2013 22.03.2013 21.03.2013 20.03.2013 20.03.2013 18.03.2013 18.03.2013 18.03.2013 07.03.2013 25.02.2013 21.02.2013 21.02.2013 19.02.2013 18.02.2013 15.02.2013 11.02.2013 08.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 15.01.2013 05.11.2012 02.11.2012 01.11.2012 20.09.2012 05.03.2012

27.03.2013

Barclays PLC Barclays PLC is a global financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services.

Price/Volume 45

3.5 M

3.0 M

2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.02.2013) 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 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BARC LN EQUITY YTD Change BARC LN EQUITY YTD % CHANGE

12/2012 02/yy 330.05 148.20 28'111'340.00 287.8 -13.07% 93.59% 76.44% 12'860.7 37'012.98 437'951.00 0.0 9'371.0 128'120.00 -

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

2.0 M

1.5 M

.5 M

5 0 m-12

.0 M a-12

LTM-4Q

31.12.2009 31.12.2010 41'789.0 40'058.0 9'393.0 3'564.0 11.49x 8.60x Profitability

31.12.2011 38'428.0 3'007.0 7.02x

31.12.2012 38'837.0 (1'041.0) -

22.09% 0.79% -0.07% -1.91% -0.05% 0.02% -3.3% 29.39% 817.29% -

Price/ Cash Flow

01/yy 2'349.0 12.82x 732.0 10.20x 558.0 15.17x

m-12

j-12

a-12

LTM 02/yy 2'377.0 12.79x 740.0 10.51x 563.0 15.83x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

2.27 1.87 11'270.39 17.07% 10.53% 1.874 33 4.091 54'646'920 52'266'530 48'537'040 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 29'393.8 30'155.3 -6.81x -7.31x 4'621.6 5'542.0 7.82x 6.53x S&P Issuer Ratings

29.11.2011 A NEG 19.12.2008 A-1 817.3% 87.4% 0.02 5.30 -

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 06.11.2009

1.0 M

Fiscal Year Ended 31.12.2008 37'159.0 4'382.0 3.00x

0.0 06.05.2010

06.11.2010

06.05.2011

06.11.2011

06.05.2012

06.11.2012

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 |

27.03.2013

Barclays PLC Holdings By:

All

Holder Name QATAR HOLDINGS LLC AL NAHYAN MANSOUR BI BLACKROCK CAPITAL GROUP COMPAN LEGAL & GENERAL FMR LLC SCOTTISH WIDOWS NORGES BANK INVESTME UPPER CHANCE GROUP L DODGE & COX DODGE & COX STANDARD LIFE INVEST UBS BARCLAYS PERSONAL IN SUMITOMO MITSUI FINA VANGUARD GROUP INC FRANKLIN RESOURCES VANGUARD GROUP INC PEOPLES REPUBLIC OF ORBIS INVESTMENT MAN

Firm Name

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

Analyst

Mediobanca SpA CHRISTOPHER J WHEELER Morgan Stanley CHRISTOPHER MANNERS Investec IAN GORDON AlphaValue DAVID GRINSZTAJN EVA Dimensions AUSTIN BURKETT Macquarie EDWARD FIRTH Nomura CHINTAN JOSHI Exane BNP Paribas TOM RAYNER Oriel Securities Ltd VIVEK RAJA Grupo Santander ARTURO DE FRIAS Numis Securities Ltd MICHAEL J TRIPPITT JPMorgan RAUL SINHA RBC Capital Markets FIONA SWAFFIELD Baden Hill LLP JAMIE MOYES Keefe, Bruyette & Woods MARK J PHIN Societe Generale JAMES INVINE HSBC PETER TOEMAN Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA Sanford C. Bernstein & Co CHIRANTAN BARUA Goldman Sachs FREDERIK THOMASEN Redburn Partners FAHED KUNWAR Shore Capital Stockbrokers GARY GREENWOOD Deutsche Bank JASON NAPIER Credit Suisse CARLA ANTUNES-SILVA S&P Capital IQ FRANK BRADEN Independent Research GmbH STEFAN BONGARDT Canaccord Genuity Corp GARETH HUNT Berenberg Bank JAMES CHAPPELL Day by Day VALERIE GASTALDY Liberum Capital Ltd CORMAC LEECH

Source REG RNS-MAJ ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG REG MF-AGG REG REG ULT-AGG REG ULT-AGG MF-AGG ULT-AGG REG REG REG

Recommendation outperform Overwt/In-Line buy add hold neutral reduce outperform buy buy buy overweight outperform sell outperform buy overweight buy outperform neutral/neutral buy hold buy neutral buy buy hold sell hold hold

Amt Held 813'964'552 758'437'618 690'750'564 492'619'694 446'002'615 407'194'329 304'001'751 293'887'216 248'872'808 248'069'617 247'149'298 235'301'396 214'395'988 210'027'061 194'608'412 150'580'109 149'488'179 146'704'193 129'472'703 127'348'130

% Out 6.33 5.9 5.37 3.83 3.47 3.17 2.36 2.29 1.94 1.93 1.92 1.83 1.67 1.63 1.51 1.17 1.16 1.14 1.01 0.99

Weighting

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

M M M M U M M M U M M M M M M M M M U D M M M M R U M M M D

Latest Chg 120'690'937 13'623'199 (55'814'797) 44'011'198 9'654'863 (19'000'000) (4'091'569) (58'772'408) (18'528'345) (259'690) (3'613'787) (11'569'337) 6'134'884 2'971'061 (9'688'810)

Target Price 425 438 345 363 #N/A N/A 320 305 400 380 340 400 375 375 #N/A N/A 400 380 400 418 400 340 #N/A N/A #N/A N/A 380 290 380 350 280 160 #N/A N/A 230

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

File Dt 01.02.2013 26.02.2013 25.03.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 29.01.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.12.2012 01.02.2013 01.02.2013 01.02.2013 01.02.2013

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

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

Date 25.03.2013 25.03.2013 21.03.2013 21.03.2013 21.03.2013 19.03.2013 18.03.2013 18.03.2013 14.03.2013 12.03.2013 12.03.2013 11.03.2013 05.03.2013 01.03.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 21.02.2013 19.02.2013 15.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 07.01.2013 14.11.2012

27.03.2013

Standard Chartered PLC Standard Chartered plc is an international banking group operating principally in Asia, Africa, and the Middle East. The Company offers its products and services in the personal, consumer, corporate, institutional and treasury areas.

Price/Volume 160

4.5 M

140

4.0 M

120

3.5 M 3.0 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.03.2013) 52-Week Low (07.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance STAN LN EQUITY YTD Change STAN LN EQUITY YTD % CHANGE

12/2012 12/yy 1'860.50 1'092.00 831'702.00 1695 -8.98% 55.08% 80.42% 2'413.1 40'901.39 113'172.00 1'495.0 693.0 121'665.00 -

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

2.0 M

1.5 M

1.0 M

.5 M

0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 22'429.0 3'241.0 6.41x

2.5 M

31.12.2009 31.12.2010 20'558.0 21'355.0 3'380.0 4'332.0 14.69x 13.38x Profitability

31.12.2011 24'343.0 4'849.0 10.66x

31.12.2012 26'908.0 4'887.0 12.53x 35.37% 34.97% 0.79% 11.32% 3.31% 0.04% 24.9% 17.78% 257.99% -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

3.28 1.18 1'978.74 9.03% 10.00% 1.177 42 3.881 3'986'690 4'390'414 3'793'590 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/12 Q1 06/12 Q2 20'731.6 22'779.4 5'809.3 6'447.6 1'900.0 10.76x 9.76x S&P Issuer Ratings

01.12.2011 A+ NEG 10.01.2008 A-1 258.0% 71.1% 0.04 4.59 -

Sales/Revenue/Turnover

80.00

25'000.0

70.00

20'000.0

60.00 50.00

15'000.0

40.00

10'000.0

30.00 20.00

5'000.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Standard Chartered PLC Holdings By:

All

Holder Name TEMASEK HOLDINGS PRI BLACKROCK ABERDEEN LEGAL & GENERAL NORGES BANK INVESTME SUN LIFE FINANCIAL I FMR LLC VANGUARD GROUP INC SCOTTISH WIDOWS BNP PARIBAS INV PART VANGUARD GROUP INC BAILLIE GIFFORD AND THORNBURG INVESTMENT JP MORGAN PEOPLES REPUBLIC OF DODGE & COX UBS Standard Chartered B THORNBURG INVESTMENT WALTER SCOTT & PARTN

Firm Name

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

Analyst

Investec IAN GORDON Macquarie THOMAS STOEGNER Mediobanca SpA CHRISTOPHER J WHEELER RBC Capital Markets PATRICK LEE HSBC PETER TOEMAN AlphaValue DAVID GRINSZTAJN EVA Dimensions AUSTIN BURKETT Credit Suisse AMIT GOEL Sanford C. Bernstein & Co CHIRANTAN BARUA Nomura CHINTAN JOSHI Exane BNP Paribas TOM RAYNER Oriel Securities Ltd VIVEK RAJA Berenberg Bank JAMES CHAPPELL Liberum Capital Ltd CORMAC LEECH Independent Research GmbH STEFAN BONGARDT Shore Capital Stockbrokers GARY GREENWOOD Keefe, Bruyette & Woods MARK J PHIN Landesbank Baden-Wuerttemberg WERNER SCHIRMER Societe Generale JAMES INVINE Deutsche Bank JASON NAPIER JPMorgan RAUL SINHA China International Capital Corp SALLY NG BNP Paribas Equity Research DOMINIC CHAN Citic Securities Co., Ltd STEVEN CHAN Numis Securities Ltd MICHAEL J TRIPPITT AMTD Financial Planning Limited KENNY TANG SING HING Morgan Stanley CHRISTOPHER MANNERS S&P Capital IQ FRANK BRADEN CCB International Securities Ltd ADAM CHAN Mizuho Securities JIM ANTOS Day by Day VALERIE GASTALDY Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA Goldman Sachs FREDERIK THOMASEN Redburn Partners FAHED KUNWAR Barclays ROHITH CHANDRA-RAJAN Grupo Santander ARTURO DE FRIAS Canaccord Genuity Corp GARETH HUNT Daniel Stewart & Co SIMON WILLIS JM Financial Institutional Securities P PUNEET GULATI IIFL SACHIN NIKHARE

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

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

Amt Held 432'746'145 165'824'190 157'962'325 85'794'638 54'789'154 53'057'843 51'450'411 49'225'497 46'720'870 45'077'332 39'082'703 30'412'658 30'132'593 28'624'271 28'340'249 27'346'560 24'315'105 24'000'000 23'951'106 20'631'586

% Out 17.93 6.87 6.55 3.56 2.27 2.2 2.13 2.04 1.94 1.87 1.62 1.26 1.25 1.19 1.17 1.13 1.01 0.99 0.99 0.85

Weighting

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

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

Latest Chg (595'713) 116'049 900'637 2'991'820 2'594'560 (92'936) 23'142'351 (415'238) 2'474'481 194'259 (60'464) 4'925'501 5'884'182 106'661 4'313'147 550'000 (437'402)

Target Price 1'900 2'000 1'837 1'700 1'800 1'778 #N/A N/A 1'400 1'330 2'100 1'750 2'050 1'450 1'875 2'100 #N/A N/A 1'890 1'900 2'100 1'825 2'000 1'821 2'157 1'764 2'057 1'888 2'020 1'980 2'049 2'057 1'854 1'970 1'950 #N/A N/A 1'600 1'960 1'325 1'900 1'800 1'700

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

File Dt 29.02.2012 25.03.2013 02.01.2013 28.02.2013 02.01.2013 31.01.2013 31.01.2013 31.12.2012 02.01.2013 31.01.2013 02.01.2013 02.01.2013 02.01.2013 31.01.2013 02.01.2013 29.01.2013 31.01.2013 02.01.2013 31.01.2013 02.01.2013

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

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

Date 26.03.2013 26.03.2013 25.03.2013 25.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 18.03.2013 18.03.2013 14.03.2013 12.03.2013 12.03.2013 08.03.2013 08.03.2013 07.03.2013 07.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 05.03.2013 05.03.2013 05.03.2013 01.03.2013 14.02.2013 29.01.2013 28.01.2013 04.01.2013 17.12.2012 11.12.2012 06.12.2012 08.08.2012 02.08.2012 01.03.2012

27.03.2013

Unilever PLC Unilever PLC manufactures branded and packaged consumer goods, including food, detergents, fragrances, home and personal care products. Dually-listed company with UNA NA.

Price/Volume 80

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

70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (11.04.2012) 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 ULVR LN EQUITY YTD Change ULVR LN EQUITY YTD % CHANGE

12/2012 11/yy 2'782.00 1'993.00 783'098.00 2731 -2.01% 36.78% 97.34% 1'283.5 80'469.99 10'221.00 0.0 557.0 2'866.00 103'093.96

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

20 10 0 m-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

LTM-4Q

31.12.2009 31.12.2010 39'823.0 44'262.0 1.75x 1.62x 6'887.0 7'620.0 10.14x 9.40x 3'370.0 4'244.0 18.57x 15.17x Profitability

31.12.2011 46'467.0 1.77x 7'921.0 10.40x 4'252.0 17.14x

31.12.2012 51'324.0 1.76x 8'379.0 10.79x 4'480.0 18.39x

8'379.00 7'180.00 13.99% 13.02% 9.56% 30.42% 19.56% 1.10% 40.2% 16.3% 14.0% 8.7% 0.77 0.36 22.14% 67.43% 18.04 -

Price/ Cash Flow

LTM

11/yy 9'272.5 4.95x 1'659.2 7.50x 921.9 15.56x

11/yy 10'245.4 5.34x 1'782.2 7.19x 1'015.0 13.74x

FY+1

3.01 0.58 1'212.16 36.68% 16.14% 0.582 28 3.786 2'216'493 2'116'801 2'150'922 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 53'508.8 56'551.8 12'678.3 13'837.2 1.90x 1.77x 8'790.1 9'406.3 11.73x 10.97x 4'919.9 5'363.3 1'120.0 1'140.0 19.09x 17.57x 18.85x S&P Issuer Ratings

05.10.2000 A+ STABLE 05.10.2000 A-1 15.93 12.17 0.88 1.22 67.4% 39.4% 1.10 5.63 20.29 -8.85

Sales/Revenue/Turnover

16.00

10'000.0

14.00

9'000.0 8'000.0

12.00

7'000.0

10.00

6'000.0

8.00

5'000.0 4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 06.03.2009

a-12

Fiscal Year Ended 31.12.2008 40'523.0 1.35x 6'793.0 8.04x 5'027.0 9.21x

0.0 06.09.2009

06.03.2010

06.09.2010

06.03.2011

06.09.2011

06.03.2012

06.09.2012

06.03.2013

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

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

27.03.2013

Unilever PLC Holdings By:

All

Holder Name BLACKROCK The Leverhulme Trust LEGAL & GENERAL M&G INVESTMENT MANAG NORGES BANK INVESTME SCOTTISH WIDOWS MORGAN STANLEY INVES THREADNEEDLE ASSET M CAPITAL GROUP COMPAN MORGAN STANLEY OPPENHEIMERFUNDS INC PEOPLES REPUBLIC OF VANGUARD GROUP INC OPPENHEIMERFUNDS INC FMR LLC UBS SCHRODER INVESTMENT BREWIN DOLPHIN LIMIT VANGUARD GROUP INC CEDAR ROCK CAPITAL L

Firm Name

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

Analyst

Sanford C. Bernstein & Co ANDREW WOOD Panmure Gordon & Co Limited GRAHAM JONES AlphaValue SOPHIE CABO-BROSETA Shore Capital Stockbrokers DARREN SHIRLEY Exane BNP Paribas JEFF STENT Morgan Stanley EILEEN KHOO Oriel Securities Ltd CHRIS WICKHAM Mirabaud Securities JULIAN LAKIN RBC Capital Markets JAMES EDWARDES JONES Credit Suisse CHARLES MILLS Liberum Capital Ltd PABLO ZUANIC Investec MARTIN DEBOO Day by Day VALERIE GASTALDY Goldman Sachs ALEXIS COLOMBO Barclays IAIN SIMPSON HSBC CEDRIC BESNARD EVA Dimensions AUSTIN BURKETT JPMorgan CELINE PANNUTI Berenberg Bank JAMES TARGETT Deutsche Bank HAROLD THOMPSON Jefferies ALEX HOWSON S&P Capital IQ CARL SHORT Redburn Partners JEREMY FIALKO Espirito Santo Investment Bank Research ALEX SMITH Nord/LB WOLFGANG VASTERLING Nomura DAVID HAYES

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

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

Amt Held 74'570'243 70'566'764 43'844'579 33'695'100 29'379'103 23'491'012 20'988'391 18'808'791 18'578'700 18'031'348 17'496'650 17'373'510 17'220'914 17'139'553 15'546'745 15'205'740 14'967'376 14'171'028 14'055'878 13'353'349

% Out 5.81 5.5 3.42 2.63 2.29 1.83 1.64 1.47 1.45 1.4 1.36 1.35 1.34 1.34 1.21 1.18 1.17 1.1 1.1 1.04

Weighting

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

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

Latest Chg (19'403) 521'877 7'368'008 7'492'327 938'955 7'437'850 1'103'042 313'701 4'229'196 82'924 164'900 257'035 (1'458'747) (1'475'510) (201'301) 931'645 (229'486)

Target Price 2'700 3'000 2'419 #N/A N/A 2'900 2'200 2'800 2'800 2'800 2'800 3'250 2'900 2'740 3'100 2'900 2'940 #N/A N/A 2'850 2'800 2'520 2'460 2'600 #N/A N/A 2'280 #N/A N/A 1'870

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

File Dt 25.03.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 31.12.2012 02.01.2013 02.01.2013 31.12.2012 31.01.2013 31.01.2013 31.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013

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

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

Date 25.03.2013 21.03.2013 21.03.2013 19.03.2013 19.03.2013 13.03.2013 13.03.2013 12.03.2013 11.03.2013 07.03.2013 06.03.2013 20.02.2013 11.02.2013 07.02.2013 31.01.2013 30.01.2013 29.01.2013 28.01.2013 25.01.2013 23.01.2013 23.01.2013 23.01.2013 24.09.2012 14.09.2012 03.07.2012 17.01.2012

27.03.2013

SABMiller PLC SABMiller plc is an international beer company. The Company bottles and distributes beer through breweries worldwide. SABMiller also bottles and distributes a number of soft drinks.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (30.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAB LN EQUITY YTD Change SAB LN EQUITY YTD % CHANGE

03/2012 12/yy 3'514.50 2'342.00 375'274.00 3412.5 -2.94% 45.64% 93.90% 1'597.1 54'499.72 19'226.00 0.0 940.0 746.00 101'182.65

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

1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.03.2008 17'057.0 2.50x 4'569.0 9.35x 2'023.0 16.26x

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

31.03.2009 31.03.2010 14'883.0 14'195.0 2.25x 4.08x 3'663.0 4'212.0 9.13x 13.74x 1'881.0 1'910.0 11.84x 23.94x Profitability

31.03.2011 15'145.0 4.42x 4'682.0 14.30x 2'408.0 23.21x

31.03.2012 16'713.0 5.16x 5'154.0 16.73x 4'221.0 15.05x 5'154.00 3'972.00 23.77% 33.52% 9.47% 18.88% 15.36% 0.37% 31.7% 24.4% 25.3% 0.68 0.32 34.55% 76.68% 8.96 -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

1.81 0.96 802.58 35.60% 20.74% 0.961 37 3.459 1'608'823 1'994'878 1'925'772 FY+2

03/13 Y 03/14 Y 24'499.3 25'989.8 4.06x 3.75x 6'424.3 7'025.7 15.75x 14.40x 3'831.8 4'326.8 21.47x 19.07x S&P Issuer Ratings

FQ+1

FQ+2

04.08.2003 BBB+ POS 16.10.2006 A-2 4.72 3.37 3.29 3.43 76.7% 42.5% 0.37 1.91 40.84 -

Sales/Revenue/Turnover

25.00

6'000.0 5'000.0

20.00

4'000.0 15.00

3'000.0 10.00

2'000.0

5.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

SABMiller PLC Holdings By:

All

Holder Name ALTRIA GROUP INC BEVCO INTERNATIONAL PUBLIC INVESTMENT CO KULCZYK HOLDING KULCZYK INVESTMENT H LEGAL & GENERAL BLACKROCK FMR LLC NORGES BANK INVESTME CAPITAL GROUP COMPAN ABERDEEN SCOTTISH WIDOWS ALLAN GRAY UNIT TRUS OPPENHEIMERFUNDS INC PEOPLES REPUBLIC OF OPPENHEIMERFUNDS INC VANGUARD GROUP INC VANGUARD GROUP INC GARDNER RUSSO & GARD BNP PARIBAS INV PART

Firm Name

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

Analyst

HSBC LAUREN E TORRES Credit Suisse SANJEET AUJLA Macquarie WYNAND VAN ZYL Renaissance Capital REY WIUM Oriel Securities Ltd CHRIS WICKHAM SBG Securities BRENDAN GRUNDLINGH Morgan Stanley VIKHYAT SHARMA Nomura IAN SHACKLETON Sanford C. Bernstein & Co TREVOR STIRLING AlphaValue ISABELLE COMBEMALE JPMorgan MATTHEW WEBB Grupo Santander ANTHONY J BUCALO RBC Capital Markets JAMES EDWARDES JONES Canaccord Genuity Corp EDDY HARGREAVES Berenberg Bank PHILIP MORRISEY Barclays SIMON HALES Exane BNP Paribas JAVIER GONZALEZ LASTRA Investec MARTIN DEBOO Day by Day VALERIE GASTALDY Liberum Capital Ltd PABLO ZUANIC Espirito Santo Investment Bank Research ALEX SMITH Natixis OLIVIER DELAHOUSSE Societe Generale ANDREW HOLLAND Deutsche Bank JONATHAN FELL Jefferies DIRK VAN VLAANDEREN Shore Capital Stockbrokers PHIL CARROLL Bryan Garnier & Cie NIKOLAAS FAES S&P Capital IQ CARL SHORT CA Cheuvreux ERIC BOROIAN EVA Dimensions AUSTIN BURKETT Goldman Sachs MITCHELL COLLETT Redburn Partners CHRIS PITCHER Avior Research DE WET SCHUTTE Afrifocus Securities TANUJA CHITRE

Source RNS-MAJ Co File Co File Co File REG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG REG REG MF-AGG REG 13F ULT-AGG

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

Amt Held 430'000'000 225'000'000 67'663'248 60'000'000 60'000'000 35'298'676 34'866'303 32'037'348 29'568'406 21'708'108 21'361'342 19'161'032 15'304'821 12'499'774 12'259'520 10'980'964 10'028'599 9'864'730 9'330'377 8'204'566

% Out 26.92 14.09 4.24 3.76 3.76 2.21 2.18 2.01 1.85 1.36 1.34 1.2 0.96 0.78 0.77 0.69 0.63 0.62 0.58 0.51

Weighting

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

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

Latest Chg (844'858) (1'720'544) 654'378 (755'600) (34'200) (4'245'434) (1'824'542) 2'453'239 (324'670) (1'401'802) 182'666 265'826 77'255

Target Price 3'600 4'000 3'698 3'400 3'760 3'200 3'300 2'840 3'180 3'033 3'645 3'675 3'500 2'750 3'800 3'350 3'333 2'950 #N/A N/A 2'600 2'860 3'000 2'970 2'900 3'200 #N/A N/A 2'633 3'100 2'950 #N/A N/A 3'520 #N/A N/A 2'641 #N/A N/A

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

File Dt Inst Type 29.06.2012 Corporation 08.06.2012 Corporation 08.06.2012 Government 08.06.2012 Holding Company 01.11.2012 Investment Advisor 28.02.2013 Unclassified 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 01.11.2012 Government 31.12.2012 Investment Advisor 28.02.2013 Unclassified 30.11.2012 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 01.11.2012 Government 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.01.2013 Investment Advisor

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

Date 27.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 22.03.2013 21.03.2013 19.03.2013 12.03.2013 11.03.2013 05.03.2013 01.03.2013 25.02.2013 22.02.2013 15.02.2013 11.02.2013 25.01.2013 23.01.2013 23.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 21.01.2013 17.01.2013 09.01.2013 10.12.2012 19.10.2012 24.08.2012

27.03.2013

Reckitt Benckiser Group PLC Reckitt Benckiser Group PLC manufactures and distributes a wide range of household, toiletry, pharmaceutical and food products on a global basis. The Company's products include fabric treatments , disinfectant spray and cleaners, dishwashing detergent, personal care, food, and prescription drugs.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.03.2013) 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 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RB/ LN EQUITY YTD Change RB/ LN EQUITY YTD % CHANGE

12/2012 12/yy 4'850.00 3'274.00 453'288.00 4767 -1.77% 45.51% 97.59% 716.6 34'158.73 3'274.00 0.0 1.0 891.00 36'542.73

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 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 6'563.0 2.96x 1'612.0 12.05x 1'120.0 16.36x

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

31.12.2009 31.12.2010 7'753.0 8'453.0 3.10x 3.28x 2'030.0 2'375.0 11.84x 11.66x 1'418.0 1'568.0 16.87x 16.28x Profitability

LTM-4Q 31.12.2011 9'485.0 2.65x 2'644.0 9.49x 1'745.0 13.26x

31.12.2012 9'567.0 3.23x 2'718.0 11.36x 1'829.0 15.36x

2'718.00 2'570.00 26.86% 25.30% 12.52% 31.45% 21.32% 0.66% 57.9% 28.4% 26.9% 19.1% 0.47 0.14 21.71% 55.29% 5.40

Price/ Cash Flow

12/yy 2'169.5 11.81x 796.1 5.53x 452.8 13.38x

LTM 12/yy 2'197.5 10.67x 701.7 8.27x 328.9 18.34x

FY+1

2.81 0.66 636.76 38.34% 24.90% 0.659 35 2.829 1'256'764 1'269'506 1'075'968 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'109.4 10'596.5 2'452.0 2'473.0 3.58x 3.33x 2'773.4 2'922.0 13.18x 12.51x 1'949.1 2'043.3 17.96x 16.99x S&P Issuer Ratings

16.12.2003 A+ STABLE 01.05.1990 A-1 66.29 62.24 0.88 1.20 55.3% 35.6% 0.66 13.03 67.80 23.86

Sales/Revenue/Turnover

16.00

2'500.0

14.00

2'000.0

12.00 10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 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 |

27.03.2013

Reckitt Benckiser Group PLC Holdings By:

All

Holder Name JAB INVESTMENTS BV SUN LIFE FINANCIAL I INVESCO LTD BLACKROCK FMR LLC LEGAL & GENERAL SCOTTISH WIDOWS NORGES BANK INVESTME MORGAN STANLEY THORNBURG INVESTMENT MORGAN STANLEY INVES MORGAN STANLEY INVES PERPETUAL INVESTMENT WALTER SCOTT & PARTN CEDAR ROCK CAPITAL L PEOPLES REPUBLIC OF VANGUARD GROUP INC UBS VANGUARD GROUP INC FIRST MANHATTAN CO A

Firm Name

Portfolio Name Multiple Portfolios 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 n/a Multiple Portfolios FIRST MANHATTAN COMP

Analyst

Panmure Gordon & Co Limited GRAHAM JONES Sanford C. Bernstein & Co ANDREW WOOD AlphaValue ARMELLE MOULIN Oriel Securities Ltd CHRIS WICKHAM Grupo Santander PEDRO GIL RBC Capital Markets JAMES EDWARDES JONES Credit Suisse CHARLES MILLS Berenberg Bank SETH PETERSON Liberum Capital Ltd PABLO ZUANIC Morgan Stanley ERIK SJOGREN Goldman Sachs ROSIE EDWARDS Canaccord Genuity Corp EDDY HARGREAVES Societe Generale CHAS MANSO DE ZUNIGA Mirabaud Securities JULIAN LAKIN Investec MARTIN DEBOO JPMorgan CELINE PANNUTI Jefferies ALEX HOWSON Exane BNP Paribas EAMONN FERRY Independent Research GmbH LARS LUSEBRINK Raymond James HERMINE DE BENTZMANN HSBC CEDRIC BESNARD Nomura GUILLAUME DELMAS Barclays IAIN SIMPSON Commerzbank Corporates & Markets ANDREAS RIEMANN Deutsche Bank HAROLD THOMPSON Shore Capital Stockbrokers DARREN SHIRLEY S&P Capital IQ CARL SHORT Day by Day VALERIE GASTALDY CA Cheuvreux ERIC BOROIAN EVA Dimensions AUSTIN BURKETT Redburn Partners JEREMY FIALKO Espirito Santo Investment Bank Research ALEX SMITH

Source REG ULT-AGG RNS-MAJ ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG MF-AGG REG REG MF-AGG REG REG REG REG ULT-AGG MF-AGG 13F

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

Amt Held 76'659'342 36'115'649 35'939'131 31'502'568 30'898'866 24'940'741 16'359'039 15'260'822 13'704'925 13'054'020 12'921'988 12'791'415 11'262'286 10'715'075 8'962'334 7'394'843 7'286'409 7'024'809 6'986'024 6'769'218

% Out 10.7 5.04 5.02 4.4 4.31 3.48 2.28 2.13 1.91 1.82 1.8 1.79 1.57 1.5 1.25 1.03 1.02 0.98 0.97 0.94

Weighting

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

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

Latest Chg 97'110 (3'521'895) (1'151'170) 2'518'375 1'434'693 6'346'254 154'056 203'806 131'837 1'135'192 2'130'744 3'028'426 294'364 (645'354) 307'932 26'600

Target Price 4'700 5'000 4'543 4'700 4'200 4'500 4'900 4'490 3'500 4'300 4'320 3'425 4'000 3'950 4'260 4'300 3'640 4'000 4'700 4'630 4'700 4'900 3'700 4'300 4'800 #N/A N/A 4'600 #N/A N/A 3'750 #N/A N/A #N/A N/A 3'140

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

File Dt 03.12.2012 31.01.2013 11.02.2013 25.03.2013 31.01.2013 28.02.2013 03.12.2012 03.12.2012 31.12.2012 31.01.2013 03.12.2012 03.12.2012 31.03.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 31.01.2013 31.12.2012 31.12.2012

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

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

Date 26.03.2013 25.03.2013 21.03.2013 13.03.2013 12.03.2013 11.03.2013 11.03.2013 11.03.2013 08.03.2013 07.03.2013 07.03.2013 05.03.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 28.01.2013 21.01.2013 17.01.2013 24.09.2012 14.09.2012

27.03.2013

Tesco PLC Tesco plc is a food retailer. The Group operates stores in the United Kingdom, Republic of Ireland, Czech Republic, Hungary, Poland, Slovakia, Turkey, Japan, Malaysia, South Korea, China, Thailand, and the United States.

Price/Volume 45

8.0 M

7.0 M

6.0 M

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (06.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TSCO LN EQUITY YTD Change TSCO LN EQUITY YTD % CHANGE

02/2012 12/yy 387.35 294.50 5'085'111.00 375.3 -3.20% 27.32% 84.81% 8'054.7 30'229.15 11'749.00 0.0 26.0 3'548.00 38'344.15

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

28.02.2009 28.02.2010 53'898.0 56'910.0 0.70x 0.75x 4'122.0 4'464.0 9.09x 9.57x 2'133.0 2'327.0 12.28x 14.31x Profitability

28.02.2011 60'455.0 0.67x 4'905.0 8.23x 2'655.0 11.79x

29.02.2012 64'539.0 0.52x 5'107.0 6.62x 2'806.0 8.66x 5'107.00 3'609.00 5.59% 5.94% 5.38% 15.74% 10.57% 1.29% 8.2% 7.6% 5.2% 4.3% 0.67 0.18 23.14% 66.10% 16.61

Price/ Cash Flow

2.0 M

1.0 M

0 m-12

.0 M a-12

m-12

LTM-4Q

LTM

12/yy

12/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

FY+1 -

3.94 0.73 7'643.56 16.04% 11.59% 0.726 32 3.500 14'365'660 15'072'880 15'425'250 FY+2

FQ+1

FQ+2

02/13 Y 02/14 Y 08/11 Q2 11/11 Q3 66'173.0 69'012.3 0.56x 0.51x 4'969.3 5'237.4 7.72x 7.32x 2'574.8 2'729.9 11.91x 11.27x S&P Issuer Ratings

29.07.2008 ANEG 29.07.2008 A-2 9.17 3.11 1.64 2.55 66.1% 39.8% 1.29 2.54 21.92 -

Sales/Revenue/Turnover

20.00

9'000.0

18.00

8'000.0

16.00

7'000.0

14.00

6'000.0

12.00

5'000.0

10.00

4'000.0

8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 01.01.2010

3.0 M

Fiscal Year Ended 29.02.2008 47'298.0 0.79x 3'595.0 10.42x 2'124.0 14.85x

4.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Tesco PLC Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I NORGES BANK INVESTME BLACKROCK LEGAL & GENERAL FRANKLIN RESOURCES SCOTTISH WIDOWS UBS FMR LLC MONDRIAN INVESTMENT WALTER SCOTT & PARTN PEOPLES REPUBLIC OF VANGUARD GROUP INC GEICO CORP VANGUARD GROUP INC ALECTA INVESTMENT MA M&G INVESTMENT MANAG SILCHESTER INTL INVE ABERDEEN STATE STREET GENERAL REINSURANCE

Firm Name

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

Analyst

Jefferies JAMES GRZINIC Cantor Fitzgerald MICHAEL J DENNIS Oriel Securities Ltd JONATHAN PRITCHARD JPMorgan JAIME VAZQUEZ AlphaValue VIRGINIE BLIN Shore Capital Stockbrokers CLIVE WILLIAM BLACK Exane BNP Paribas JOHN KERSHAW Morgan Stanley EDOUARD AUBIN Day by Day VALERIE GASTALDY Credit Suisse ANDREW KASOULIS Panmure Gordon & Co Limited PHILIP DORGAN Nomura NICK COULTER Redburn Partners MARC DE SPEVILLE Baader Bank VOLKER BOSSE Macquarie SREEDHAR MAHAMKALI EVA Dimensions AUSTIN BURKETT Independent Research GmbH ZAFER RUZGAR HSBC JEROME SAMUEL Aurel - BGC JEAN-MARIE L'HOME S&P Capital IQ WILLIAM MACK Espirito Santo Investment Bank Research CAROLINE GULLIVER Barclays JAMES ANSTEAD Investec DAVID MCCARTHY CA Cheuvreux ARNAUD JOLY Natixis PIERRE-EDOUARD BOUDOT Deutsche Bank JAMES G COLLINS Kepler Capital Markets FABIENNE CARON Goldman Sachs FRANKLIN WALDING Merchant Securities AMISHA CHOHAN

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

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

Amt Held 408'516'187 399'699'734 398'866'198 288'620'387 249'889'001 165'943'974 118'272'907 108'307'467 107'524'181 105'137'452 99'385'239 90'584'501 90'000'000 89'847'553 86'150'000 83'932'359 81'651'783 75'403'434 74'866'027 72'862'000

% Out 5.07 4.96 4.95 3.58 3.1 2.06 1.47 1.34 1.33 1.31 1.23 1.12 1.12 1.12 1.07 1.04 1.01 0.94 0.93 0.9

Weighting

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

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

Latest Chg 4'456'725 (597'509) (342'521) 31'939'698 8'061'010 18'452'445 (407'143) 11'857'234 8'288'371 (26'435) 3'707'992 1'917'566 20'121'589 168'248 1'218'140 -

Target Price 440 443 400 425 380 #N/A N/A 375 310 #N/A N/A 430 440 430 #N/A N/A 410 400 #N/A N/A 420 410 300 380 275 360 295 320 300 394 298 375 #N/A N/A

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

File Dt Inst Type 01.01.2013 Investment Advisor 01.01.2013 Government 25.03.2013 Investment Advisor 01.01.2013 Unclassified 28.02.2013 Investment Advisor 01.01.2013 Unclassified 31.01.2013 Unclassified 31.01.2013 Investment Advisor 01.01.2013 Hedge Fund Manager 01.01.2013 Investment Advisor 01.01.2013 Government 31.12.2012 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 28.02.2013 Unclassified 26.03.2013 Investment Advisor 01.01.2013 Insurance Company

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

Date 26.03.2013 26.03.2013 26.03.2013 25.03.2013 21.03.2013 19.03.2013 13.03.2013 11.03.2013 11.03.2013 06.03.2013 06.03.2013 26.02.2013 15.02.2013 12.02.2013 23.01.2013 17.01.2013 11.01.2013 10.01.2013 10.01.2013 10.01.2013 08.01.2013 04.01.2013 04.10.2012 04.10.2012 04.10.2012 24.09.2012 28.06.2012 01.05.2012 18.04.2012

27.03.2013

Prudential PLC Prudential plc is an international company which provides a wide assortment of insurance and investment products and services. Insurance products include life, accident and health, property and casualty insurance, as well as fixed and variable annuities. Financial and investment services include personal and group pensions, equity plans, mortgages and deposit accounts.

Price/Volume 30

20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 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 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PRU LN EQUITY YTD Change PRU LN EQUITY YTD % CHANGE

12/2012 12/yy 1'178.00 654.50 2'222'867.00 1055 -10.95% 60.28% 84.72% 2'557.3 26'979.45 6'832.00 0.0 5.0 5'074.00 28'742.45

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

10 5 0 m-12

31.12.2009 31.12.2010 48'099.0 47'646.0 0.38x 0.39x 676.0 1'431.0 23.20x 11.78x Profitability

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

LTM-4Q 31.12.2011 36'506.0 0.47x 1'490.0 10.85x

31.12.2012 55'476.0 0.43x 2'197.0 10.01x

5.57% 5.07% 0.75% 22.56% 14.10% 0.19% 4.0% 2.20% 65.95% -

Price/ Cash Flow

12/yy 4'754.0 7.81x 1'796.0 4.72x 928.0 11.17x

LTM 12/yy 4'680.0 9.01x 1'836.0 4.72x 924.0 11.05x

FY+1

2.78 1.37 2'447.69 38.61% 23.60% 1.371 27 4.074 4'739'749 4'435'634 3'964'871 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/12 Q1 06/12 Q2 57'898.0 59'358.0 933.1 0.36x 0.35x 2'014.8 2'240.3 13.20x 11.92x S&P Issuer Ratings

17.08.2010 A+ NEG 17.08.2010 A-1 66.0% 39.7% 0.19 -

Sales/Revenue/Turnover

12.00

6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 03.04.2009

a-12

Fiscal Year Ended 31.12.2008 (10'269.0) (396.0) -

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

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 |

27.03.2013

Prudential PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK NORGES BANK INVESTME LEGAL & GENERAL BAILLIE GIFFORD AND SCOTTISH WIDOWS FMR LLC VANGUARD GROUP INC M&G INVESTMENT MANAG JP MORGAN UBS JANUS CAPITAL MANAGE SCHRODER INVESTMENT PEOPLES REPUBLIC OF VANGUARD GROUP INC LAZARD ASSET MANAGEM AEGON HSBC INVESTMENTS UK AVIVA INVESTORS MORGAN STANLEY INVES

Firm Name Exane BNP Paribas Panmure Gordon & Co Limited HSBC EVA Dimensions AlphaValue Berenberg Bank Redburn Partners Day by Day Goldman Sachs Shore Capital Stockbrokers Credit Suisse Keefe, Bruyette & Woods Sanford C. Bernstein & Co S&P Capital IQ Oriel Securities Ltd JPMorgan RBC Capital Markets Morgan Stanley Macquarie Barclays Deutsche Bank Investec Societe Generale Nomura Daiwa Securities Co. Ltd.

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

Analyst ANDY HUGHES BARRIE CORNES KAILESH MISTRY AUSTIN BURKETT JEROME CASSAGNE MATTHEW PRESTON LANCE BURBIDGE VALERIE GASTALDY COLIN L SIMPSON EAMONN FLANAGAN CHRIS ESSON GREIG N PATERSON EDWARD HOUGHTON RODERICK WALLACE MARCUS BARNARD ASHIK MUSADDI GORDON AITKEN JON HOCKING NEIL WELCH ALAN DEVLIN OLIVER STEEL KEVIN RYAN ABID HUSSAIN FAHAD CHANGAZI TIM PROUDLOVE

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

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

Amt Held 256'652'047 128'527'550 109'343'285 104'285'746 88'407'117 73'996'286 72'178'671 53'089'266 47'303'661 46'730'225 41'823'885 39'310'345 33'734'493 32'116'464 29'093'870 25'199'103 24'499'349 24'085'771 23'132'403 22'537'114

% Out 10.04 5.03 4.28 4.08 3.46 2.89 2.82 2.08 1.85 1.83 1.64 1.54 1.32 1.26 1.14 0.99 0.96 0.94 0.9 0.88

Weighting

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

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

Latest Chg 1'911'502 (136'942) 401'633 3'700'201 17'691'038 (685'857) (3'596'819) 5'884'645 (4'347'489) (7'205'386) (3'852'887) 1'381'546 (468'132) (6'815'149) (189'080) 2'472'324 (2'815'055)

Target Price 835 1'160 1'375 #N/A N/A 911 1'350 #N/A N/A 1'200 1'350 #N/A N/A 1'300 950 1'055 1'250 900 781 910 1'135 1'000 1'023 1'060 831 900 680 812

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

File Dt 01.01.2013 25.03.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 31.01.2013 31.12.2012 01.01.2013 31.01.2013 31.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 28.02.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013

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

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

Date 27.03.2013 26.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 20.03.2013 18.03.2013 15.03.2013 15.03.2013 14.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 11.03.2013 20.02.2013 11.02.2013 05.02.2013 04.02.2013 24.01.2013 07.01.2013 03.12.2012 15.08.2012 01.07.2011

27.03.2013

National Grid PLC National Grid PLC is an investor-owned utility company which distributes gas. The PLC owns and operates the electricity transmission network in England and Wales, the gas transmission network in Great Britain, and electricity transmission networks in the Northeastern United States. National Grid also operates the electricity transmission networks in Scotland.

Price/Volume 60

7.0 M 6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (30.03.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NG/ LN EQUITY YTD Change NG/ LN EQUITY YTD % CHANGE

03/2012 12/yy 761.00 622.50 1'499'584.00 745.5 -2.04% 19.76% 92.78% 3'664.7 27'320.61 23'025.00 0.0 7.0 2'723.00 48'255.61

4.0 M

3.0 M 2.0 M

1.0 M

0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

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

8.0 M

Valuation Analysis

31.03.2008 11'423.0 3.20x 3'589.0 10.20x 3'190.0 11.47x

9.0 M

31.03.2009 31.03.2010 15'624.0 14'007.0 2.41x 2.84x 4'037.0 4'309.0 9.34x 9.24x 944.0 1'386.0 14.32x 13.25x Profitability

31.03.2011 14'343.0 2.90x 4'845.0 8.58x 2'159.0 9.30x

31.03.2012 13'832.0 3.16x 4'777.0 9.14x 2'036.0 11.04x 4'777.00 3'495.00 25.27% 18.50% 4.79% 26.24% 12.28% 0.28% 36.7% 27.0% 14.7% 0.94 0.61 48.64% 249.22% -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

5.34 0.48 3'554.87 25.30% 6.05% 0.478 23 3.478 7'055'941 7'462'578 6'748'207 FY+2

03/13 Y 03/14 Y 14'424.9 14'962.4 3.39x 3.35x 5'088.6 5'413.5 9.48x 8.91x 1'952.8 2'008.1 13.96x 13.58x S&P Issuer Ratings

FQ+1

FQ+2

24.08.2007 ASTABLE 24.08.2007 A-2 2.04 0.70 4.19 4.83 249.2% 71.3% 0.28 0.40 -

Sales/Revenue/Turnover

80.00

12'000.0

70.00

10'000.0

60.00

8'000.0

50.00 40.00

6'000.0

30.00

4'000.0

20.00

2'000.0 10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

National Grid PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK CRESCENT HOLDING GMB LEGAL & GENERAL SCOTTISH WIDOWS NORGES BANK INVESTME M&G INVESTMENT MANAG FMR LLC VANGUARD GROUP INC BREWIN DOLPHIN LIMIT VANGUARD GROUP INC STOCK LENDING ACCOUN STATE STREET AXA DEUTSCHE BANK PROP T PEOPLES REPUBLIC OF HSBC INVESTMENTS UK NOMURA GOVT OF SINGAPORE IN FEDERATED INVESTORS

Firm Name RBC Capital Markets Exane BNP Paribas HSBC AlphaValue Credit Suisse JPMorgan Societe Generale Goldman Sachs Redburn Partners Nomura Cantor Fitzgerald Berenberg Bank S&P Capital IQ Liberum Capital Ltd Barclays EVA Dimensions Deutsche Bank Day by Day Morgan Stanley Independent Research GmbH

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

Analyst JOHN MUSK IAIN TURNER VERITY MITCHELL MYRIAM COHEN MARK FRESHNEY EDMUND REID ASHLEY THOMAS ANDREW MEAD JAMIE TUNNICLIFFE JONATHAN CONSTABLE ANGELOS ANASTASIOU LAWSON STEELE CLIVE ROBERTS GUILLAUME REDGWELL PETER BISZTYGA AUSTIN BURKETT MARTIN BROUGH VALERIE GASTALDY BOBBY CHADA SVEN DIERMEIER

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

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

Amt Held 399'638'038 182'630'798 149'414'285 132'427'487 94'750'614 90'428'903 69'496'919 66'845'989 60'226'673 44'812'821 43'614'734 42'803'435 37'994'117 35'193'432 34'419'117 33'236'568 28'398'916 27'260'666 24'997'793 24'687'411

% Out 10.9 4.98 4.08 3.61 2.59 2.47 1.9 1.82 1.64 1.22 1.19 1.17 1.04 0.96 0.94 0.91 0.77 0.74 0.68 0.67

Weighting

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

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

Latest Chg (35'637'904) 2'720'054 15'922'916 1'757'999 (1'736'674) (12'319'399) 3'422'249 (2'034'154) 4'093'896 18'660'830 (1'278'846) (2'110'950) 19'219'117 14'402'655 5'959'620 1'333'083 1'812'745

Target Price 800 780 850 692 800 720 634 604 #N/A N/A 735 617 700 727 730 785 #N/A N/A 600 786 775 710

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

File Dt 21.02.2013 25.03.2013 03.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 31.01.2013 31.12.2012 03.12.2012 03.12.2012 03.12.2012 26.03.2013 31.01.2013 03.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 31.12.2012

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

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

Date 26.03.2013 25.03.2013 21.03.2013 21.03.2013 20.03.2013 18.03.2013 11.03.2013 11.03.2013 08.03.2013 28.02.2013 11.02.2013 05.02.2013 29.01.2013 25.01.2013 25.01.2013 17.01.2013 07.01.2013 04.01.2013 13.12.2012 21.11.2012

27.03.2013

Anglo American PLC Anglo American PLC is a global mining company. The Company's mining portfolio includes bulk commodities including iron ore, manganese and metallurgical coal, base metals including copper and nickel and precious metals and minerals including platinum and diamonds. Anglo American PLC has mining operations in Africa, Europe, North and South America, Asia and Australia.

Price/Volume 120

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 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 22.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AAL LN EQUITY YTD Change AAL LN EQUITY YTD % CHANGE

12/2012 12/yy 2'501.50 1'662.50 1'013'873.00 1724 -31.02% 3.79% 8.76% 1'393.7 24'027.12 16'760.00 0.0 6'130.0 9'094.00 50'085.36

4.0 M 3.0 M

2.0 M 20

1.0 M

0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

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

7.0 M

Valuation Analysis

31.12.2008 26'311.0 1.61x 9'986.0 4.23x 5'215.0 5.19x

8.0 M

100

31.12.2009 31.12.2010 20'858.0 27'960.0 3.39x 2.84x 4'465.0 10'301.0 15.82x 7.71x 2'425.0 6'544.0 21.67x 9.58x Profitability

31.12.2011 30'580.0 1.75x 11'379.0 4.69x 6'169.0 7.24x

31.12.2012 28'761.0 1.97x 7'682.0 7.37x (1'493.0) 7'682.00 5'393.00 18.75% -0.83% -1.97% -3.89% 0.38% 33.9% 26.7% 18.8% -5.2% 2.34 1.32 21.12% 44.51% 11.01 -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

3.26 1.41 1'226.37 -26.29% -7.10% 1.414 32 2.875 3'288'992 3'623'367 3'298'304 FY+2

12/13 Y 12/14 Y 34'232.7 35'791.3 1.53x 1.51x 9'904.2 10'782.7 5.06x 4.64x 2'962.9 3'672.3 11.24x 9.25x S&P Issuer Ratings

FQ+1

FQ+2

18.04.2011 BBB+ NEG 19.04.2010 A-2 7.08 1.91 1.00 2.18 44.5% 27.7% 0.38 0.67 33.24 64.36

Sales/Revenue/Turnover

35.00

6'000.0

30.00

5'000.0

25.00

4'000.0

20.00

3'000.0 15.00

2'000.0 10.00

1'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Anglo American PLC Holdings By:

All

Holder Name BLACKROCK PUBLIC INVESTMENT CO LEGAL & GENERAL TARL INVESTMENT HOLD EPOCH TWO INVESTMENT FMR LLC NORGES BANK INVESTME SCOTTISH WIDOWS E OPPENHEIMER & SON OPPENHEIMERFUNDS INC UBS PEOPLES REPUBLIC OF OPPENHEIMERFUNDS INC VANGUARD GROUP INC VANGUARD GROUP INC CORONATION ASSET MAN GOVT OF SINGAPORE IN AVIVA INVESTORS STATE STREET Northern Cross Inter

Firm Name RBC Capital Markets Sanford C. Bernstein & Co S&P Capital IQ Day by Day Exane BNP Paribas AlphaValue Jefferies Goldman Sachs Macquarie Morgan Stanley Liberum Capital Ltd Nomura EVA Dimensions Societe Generale Independent Research GmbH Deutsche Bank Credit Suisse JPMorgan Natixis SBG Securities BMO Capital Markets HSBC Imara Investec Redburn Partners Barclays Standard Chartered Avior Research CA Cheuvreux Daiwa Securities Co. Ltd. Panmure Gordon & Co Limited

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

Analyst DES KILALEA PAUL GAIT JOHNSON IMODE VALERIE GASTALDY RAPHAEL VEVERKA SACHIN KUMAR Christopher LaFemina EUGENE KING KIERAN DALY MENNO SANDERSE BEN DAVIS SAM CATALANO CRAIG STERLING ALAIN WILLIAM SVEN DIERMEIER GRANT SPORRE LIAM FITZPATRICK FRASER JAMIESON RAOUDHA BOUZEKRI PETER DAVEY TONY ROBSON ANDREW KEEN STEPHEN MEINTJES ALBERT MINASSIAN SIMON TOYNE IAN ROSSOUW SUBRAMANIAM VARADA CLINTON DUNCAN JOAKIM AHLBERG SCOTT FINLAY ALISON TURNER

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

Recommendation underperform outperform sell hold underperform add buy Sell/Neutral outperform Equalwt/In-Line hold reduce underweight sell sell buy neutral underweight neutral sell market perform overweight hold hold sell equalweight in-line outperform outperform hold hold

Amt Held 78'986'629 77'592'603 51'483'011 47'275'613 42'166'686 31'057'459 29'466'453 29'199'945 25'200'000 21'574'878 17'579'059 17'290'964 15'661'337 14'290'980 14'199'373 11'914'195 10'535'767 10'437'360 9'755'061 9'024'700

% Out 5.67 5.57 3.69 3.39 3.03 2.23 2.11 2.1 1.81 1.55 1.26 1.24 1.12 1.03 1.02 0.85 0.76 0.75 0.7 0.65

Weighting

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

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

Latest Chg 421'636 2'876'024 (2'557'012) 3'632'677 3'080'902 497'364 6'944'224 549'175 1'122'571 1'346'501 1'922'748 (639'640) 383'534 95'026

Target Price 1'800 2'300 1'640 #N/A N/A 1'700 2'073 2'450 1'450 2'250 2'080 #N/A N/A 1'700 #N/A N/A 1'900 1'800 2'290 2'100 1'640 1'900 2'000 2'200 2'240 #N/A N/A 2'259 #N/A N/A 1'970 1'960 2'338 2'250 3'329 2'756

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

File Dt 25.03.2013 01.11.2012 28.02.2013 01.11.2012 01.11.2012 31.01.2013 01.11.2012 30.11.2012 01.11.2012 31.01.2013 31.01.2013 01.11.2012 01.11.2012 31.12.2012 01.11.2012 31.12.2012 01.11.2012 01.11.2012 26.03.2013 01.11.2012

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

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

Date 26.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 19.03.2013 18.03.2013 15.03.2013 15.03.2013 04.03.2013 22.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 07.02.2013 17.01.2013 16.01.2013 16.01.2013 14.01.2013 08.09.2012 27.08.2012 30.07.2012 21.04.2011 21.04.2011

27.03.2013

Imperial Tobacco Group PLC Imperial Tobacco Group plc is an international tobacco company that manufactures, markets, and sells a range of cigarettes, tobaccos, rolling papers, and cigars.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.07.2012) 52-Week Low (27.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IMT LN EQUITY YTD Change IMT LN EQUITY YTD % CHANGE

09/2012 12/yy 2'629.00 2'229.00 712'372.00 2235 -15.21% 0.00% 7.87% 977.8 21'853.71 9'587.00 0.0 49.0 631.00 30'858.71

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

30.09.2009 30.09.2010 14'748.0 15'018.0 2.00x 1.93x 3'158.0 3'307.0 9.34x 8.75x 663.0 1'505.0 27.61x 12.78x Profitability

30.09.2011 15'186.0 2.05x 3'260.0 9.53x 1'796.0 12.26x

30.09.2012 14'672.0 2.16x 4'509.0 7.03x 678.0 33.65x 4'509.00 2'747.00 18.72% 7.37% 2.33% 9.91% 9.83% 0.50% 37.4% 30.7% 18.7% 4.6% 0.78 0.38 34.69% 158.86% 5.25 2.97

Price/ Cash Flow

1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M a-12 m-12

LTM-4Q

LTM

12/yy

12/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

FY+1 -

4.74 0.57 977.13 -7.87% -3.14% 0.566 26 3.808 2'355'747 2'126'204 2'055'304 FY+2

09/13 Y 09/14 Y 8'105.1 8'385.1 3.76x 3.59x 3'445.4 3'593.4 8.95x 8.59x 2'089.3 2'202.8 10.51x 9.76x S&P Issuer Ratings

FQ+1

FQ+2

20.05.2008 BBB STABLE 20.05.2008 A-2 3.06 2.86 1.99 2.13 158.9% 61.2% 0.50 7.22 69.69 123.36 43.60 149.45

Sales/Revenue/Turnover

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 08.01.2010

1.8 M

Fiscal Year Ended 30.09.2008 10'116.0 2.96x 1'958.0 15.29x 428.0 35.54x

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

0.0 08.07.2010

08.01.2011

08.07.2011

08.01.2012

08.07.2012

08.01.2013

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 |

27.03.2013

Imperial Tobacco Group PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES INVESCO LTD BLACKROCK LEGAL & GENERAL SCOTTISH WIDOWS FMR LLC Northern Cross Inter CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS CEDAR ROCK CAPITAL L MORGAN STANLEY PERPETUAL INVESTMENT VANGUARD GROUP INC STANDARD LIFE INVEST UBS AXA M&G INVESTMENT MANAG THREADNEEDLE ASSET M ALLIANZ ASSET MANAGE VANGUARD GROUP INC

Firm Name Panmure Gordon & Co Limited Canaccord Genuity Corp Berenberg Bank Natixis Nomura Credit Suisse Oriel Securities Ltd Exane BNP Paribas Jefferies Goldman Sachs AlphaValue Day by Day Societe Generale JPMorgan Investec Morgan Stanley Independent Research GmbH S&P Capital IQ Barclays EVA Dimensions Renaissance Capital Redburn Partners Deutsche Bank

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

Analyst DAMIAN MCNEELA EDDY HARGREAVES ERIK BLOOMQUIST NICOLAS LANGLET DAVID HAYES ROGERIO FUJIMORI CHRIS WICKHAM JAMES BUSHNELL DIRK VAN VLAANDEREN FULVIO CAZZOL ISABELLE COMBEMALE VALERIE GASTALDY CHAS MANSO DE ZUNIGA RAE MAILE MARTIN DEBOO MATTHEW GRAINGER LARS LUSEBRINK CARL SHORT SIMON HALES AUSTIN BURKETT REY WIUM CHRISTIAN DE ROUALLE JONATHAN FELL

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

Recommendation buy buy hold buy reduce outperform buy underperform hold neutral/attractive buy buy buy neutral hold Overwt/Attractive buy hold equalweight overweight hold sell buy

Amt Held 66'461'651 61'000'000 53'000'000 42'126'524 30'498'871 29'706'695 22'902'506 20'453'291 17'630'376 16'997'045 15'549'556 15'439'779 14'733'204 13'734'190 13'368'645 13'190'673 13'022'970 12'498'191 12'129'371 11'373'592

% Out 6.8 6.24 5.42 4.31 3.12 3.04 2.34 2.09 1.8 1.74 1.59 1.58 1.51 1.4 1.37 1.35 1.33 1.28 1.24 1.16

Weighting

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

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

Latest Chg 380'781 (1'077'344) 1'083'885 (864'949) 4'070'578 (4'970'335) 595'616 4'426'083 26'099 465'216 (606'667) (568'794) (138'251) 306'789 2'126'754 1'874'094 311'401

Target Price 2'650 2'900 2'800 2'800 2'443 2'700 2'900 2'450 2'500 2'470 3'011 2'518 2'700 3'067 2'450 2'680 2'850 2'450 2'650 #N/A N/A 2'700 #N/A N/A 3'000

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

File Dt 31.12.2012 30.10.2012 25.03.2013 28.02.2013 01.12.2012 31.01.2013 01.12.2012 31.12.2012 31.12.2012 01.12.2012 31.12.2012 31.07.2012 31.12.2012 01.12.2012 31.01.2013 31.01.2013 01.12.2012 01.12.2012 28.02.2013 01.12.2012

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

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

Date 26.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 20.03.2013 19.03.2013 07.03.2013 07.03.2013 05.03.2013 28.02.2013 20.02.2013 15.02.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 17.01.2013 16.01.2013 16.01.2013 01.05.2012

27.03.2013

BT Group PLC BT Group plc provides telecommunications services. The Company provides local and long-distance telephone call products and services in the UK, international telephone calls to and from the UK, broadband network solutions and web hosting to corporate customers, network ADSL, ISDN, and IP services to communication companies and narrowband and broadband internet access and related services.

Price/Volume 80

1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (15.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BT/A LN EQUITY YTD Change BT/A LN EQUITY YTD % CHANGE

03/2012 12/yy 282.80 197.40 5'565'642.00 270.9 -4.00% 37.54% 93.91% 7'880.0 21'346.94 10'486.00 0.0 11.0 844.00 29'871.94

1.0 M

30 20

.5 M

10 0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

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

2.0 M

Valuation Analysis

31.03.2008 20'704.0 1.28x 5'792.0 4.56x 1'737.0 10.09x

2.5 M

31.03.2009 31.03.2010 21'390.0 20'911.0 0.88x 1.01x 3'629.0 5'594.0 5.19x 3.76x (193.0) 1'028.0 9.33x Profitability

LTM-4Q 31.03.2011 20'076.0 1.23x 5'886.0 4.19x 1'502.0 9.58x

31.03.2012 19'307.0 1.46x 6'190.0 4.54x 2'002.0 8.78x 6'190.00 3'218.00 16.67% 12.66% 8.38% 26.06% 0.71% 32.5% 16.5% 10.4% 0.49 0.28 43.79% 808.48% -

Price/ Cash Flow

LTM

12/yy 10'336.3 4.51x 725.2 15.30x 431.6 26.53x

12/yy 11'359.1 3.44x 713.4 14.45x 593.8 23.07x

FY+1

3.20 0.87 7'870.44 23.90% 17.48% 0.869 28 3.679 14'746'450 14'512'250 14'581'470 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 18'138.9 17'745.4 4'690.3 1.60x 1.59x 6.16x 6'099.7 6'064.4 1'634.5 4.90x 4.93x 1'957.0 1'943.9 571.0 10.79x 10.67x S&P Issuer Ratings

19.07.2011 BBB STABLE 19.07.2011 A-2 8.95 5.22 1.45 1.82 808.5% 88.9% 0.71 1.27 -

Sales/Revenue/Turnover

50.00

12'000.0

45.00

10'000.0

40.00 35.00

8'000.0

30.00

6'000.0

25.00 20.00

4'000.0

15.00 10.00

2'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

BT Group PLC Holdings By:

All

Holder Name INVESCO LTD BLACKROCK LEGAL & GENERAL BT GROUP PLC SHAREVI PERPETUAL INVESTMENT THREADNEEDLE ASSET M NORGES BANK INVESTME STANDARD LIFE INVEST FMR LLC AVIVA INVESTORS SCOTTISH WIDOWS ARTEMIS INVESTMENT M M&G INVESTMENT MANAG PEOPLES REPUBLIC OF ARTEMIS INVESTMENT M THREADNEEDLE INVESTM VANGUARD GROUP INC BT GROUP PLC EMPLOYE VANGUARD GROUP INC MAJEDIE ASSET MANAGE

Firm Name

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

Analyst

Credit Suisse PAUL SIDNEY Nomura JAMES BRITTON Oriel Securities Ltd JOHN KARIDIS AlphaValue JEAN-MICHEL SALVADOR JPMorgan CARL MURDOCK-SMITH Sanford C. Bernstein & Co ROBIN BIENENSTOCK Barclays MAURICE PATRICK Espirito Santo Investment Bank Research NICK BROWN Exane BNP Paribas MICHAEL WILLIAMS Berenberg Bank STUART GORDON New Street Research JAMES RATZER Day by Day VALERIE GASTALDY Morgan Stanley NICK DELFAS Macquarie GUY R PEDDY Liberum Capital Ltd LAWRENCE SUGARMAN Deutsche Bank DAVID A WRIGHT Societe Generale OTTAVIO ADORISIO Goldman Sachs ANDREW LEE Jefferies JEREMY A DELLIS S&P Capital IQ JAMES CRAWSHAW Oddo & Cie ALEXANDRE IATRIDES EVA Dimensions ANDREW S ZAMFOTIS HSBC STEPHEN HOWARD Raymond James STEPHANE BEYAZIAN Landesbank Baden-Wuerttemberg RALPH SZYMCZAK

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

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

Amt Held 778'912'816 414'048'238 326'738'146 284'949'077 218'997'078 176'167'732 153'691'805 151'085'357 139'912'821 134'026'296 128'739'886 121'209'276 103'659'925 95'877'803 90'844'770 86'476'500 82'710'326 81'270'291 81'100'448 79'359'827

% Out 9.88 5.25 4.15 3.62 2.78 2.24 1.95 1.92 1.78 1.7 1.63 1.54 1.32 1.22 1.15 1.1 1.05 1.03 1.03 1.01

Weighting

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

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

Latest Chg 8'748'662 56'100'337 609'027 (2'425'817) (9'615'159) 1'514'171 (16'511'149) 17'151'093 (6'162'708) 5'420'429 (857'049) 4'103'000 12'800'853 689'067 4'210'755 (197'922) 7'324'283 702'630

Target Price 300 360 330 278 280 285 230 250 250 280 225 309 290 180 300 277 245 320 278 260 175 #N/A N/A 220 245 190

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

File Dt 01.11.2012 25.03.2013 28.02.2013 01.11.2012 31.07.2012 01.11.2012 01.11.2012 01.11.2012 31.01.2013 01.11.2012 30.11.2012 01.11.2012 01.11.2012 01.11.2012 31.12.2012 31.12.2012 31.12.2012 01.11.2012 01.11.2012 01.11.2012

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

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

Date 26.03.2013 22.03.2013 21.03.2013 21.03.2013 19.03.2013 15.03.2013 15.03.2013 13.03.2013 08.03.2013 06.03.2013 06.03.2013 05.03.2013 20.02.2013 14.02.2013 05.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 30.01.2013 17.01.2013 20.11.2012 04.09.2012 25.07.2012

27.03.2013

Rolls-Royce Holdings PLC Rolls-Royce Holdings PLC manufactures aero, marine and industrial gas turbines for civil and military aircraft. The Group designs, constructs and installs power generation systems, transmission and distribution systems, and equipment for the marine propulsion, oil and gas pumping, and defense markets.

Price/Volume 70

4.0 M

3.5 M

3.0 M 2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (11.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RR/ LN EQUITY YTD Change RR/ LN EQUITY YTD % CHANGE

12/2012 12/yy 1'132.00 775.78 584'361.00 1092 -3.71% 40.50% 91.86% 1'880.2 20'531.98 1'383.00 0.0 17.0 2'596.00 19'335.98

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

31.12.2009 31.12.2010 10'414.0 11'085.0 0.70x 0.93x 1'396.0 1'404.0 5.26x 7.36x 2'221.0 539.0 4.02x 21.34x Profitability

31.12.2011 11'124.0 1.25x 1'480.0 9.36x 850.0 16.25x

31.12.2012 12'161.0 1.25x 1'687.0 8.98x 2'281.0 7.09x 1'687.00 1'200.00 9.87% 22.24% 13.21% 43.01% 40.90% 0.70% 22.6% 13.9% 9.9% 18.8% 1.33 0.79 7.63% 22.72% 4.14 3.56

Price/ Cash Flow

1.0 M

.5 M

0 m-12

.0 M a-12

m-12

LTM-4Q

LTM

12/yy

12/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

FY+1 -

1.79 1.01 1'876.27 35.09% 24.79% 1.006 25 3.360 4'458'114 4'302'747 4'216'193 FY+2

12/13 Y 12/14 Y 15'175.8 16'036.3 1.27x 1.17x 2'221.0 2'386.8 8.71x 8.10x 1'235.5 1'351.8 16.67x 15.23x S&P Issuer Ratings

FQ+1

FQ+2

13.04.2012 A STABLE 13.04.2012 A-1 3.52 2.61 -0.72 0.82 22.7% 18.5% 0.70 4.96 88.36 102.75 93.48 97.64

Sales/Revenue/Turnover

20.00

1'600.0

18.00

1'400.0

16.00

1'200.0

14.00

1'000.0

12.00 10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 01.01.2010

1.5 M

Fiscal Year Ended 31.12.2008 9'082.0 0.56x 1'096.0 4.61x (1'340.0) -

2.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Rolls-Royce Holdings PLC Holdings By:

All

Holder Name INVESCO LTD FMR LLC BLACKROCK LEGAL & GENERAL BAILLIE GIFFORD AND Northern Cross Inter NORGES BANK INVESTME SCOTTISH WIDOWS HARBOR CAPITAL ADVIS DEUTSCHE PRIVATE BAN VANGUARD GROUP INC PERPETUAL INVESTMENT M&G INVESTMENT MANAG SCHRODER INVESTMENT THREADNEEDLE ASSET M T ROWE PRICE ASSOCIA STANDARD LIFE INVEST THORNBURG INVESTMENT UBS AEGON

Firm Name

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

Analyst

Espirito Santo Investment Bank Research EDWARD STACEY JPMorgan DAVID H. PERRY Sanford C. Bernstein & Co DOUGLAS S HARNED RBC Capital Markets ROBERT STALLARD Jefferies SANDY MORRIS AlphaValue THOMAS PICHERIT Societe Generale ZAFAR KHAN Investec ANDREW GOLLAN Barclays CARTER COPELAND S&P Capital IQ UNAI FRANCO Morgan Stanley RUPINDER VIG CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX Natixis ERIC CHADEYRAS Exane BNP Paribas OLIVIER BROCHET Deutsche Bank BEN FIDLER Kepler Capital Markets CHRISTOPHE MENARD Day by Day VALERIE GASTALDY Liberum Capital Ltd BENJAMIN BOURNE EVA Dimensions CRAIG STERLING Credit Suisse OLIVER SLEATH Arden Partners Ltd GRAHAM J WEBSTER CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX

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

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

Amt Held 112'822'192 102'165'089 93'986'631 75'786'766 58'757'257 45'853'311 45'308'048 43'402'486 43'022'491 41'865'846 36'507'917 36'150'309 30'897'478 27'706'884 26'924'567 25'928'040 25'368'833 24'908'239 21'984'871 21'891'388

% Out 6 5.43 5 4.03 3.13 2.44 2.41 2.31 2.29 2.23 1.94 1.92 1.64 1.47 1.43 1.38 1.35 1.32 1.17 1.16

Weighting

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

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

Latest Chg (3'289'064) (56'735'470) 1'193'881 3'025'904 5'797'601 1'065'936 2'538'998 699'470 2'652'399 759'881 16'496 (5'380'217) 803'995 (428'418) (8'010'744) 941'008 (462'155) (15'824'804) 526'673

Target Price 950 1'300 880 1'180 1'250 987 900 1'125 1'225 1'100 1'200 800 1'100 1'075 930 1'050 #N/A N/A 1'030 #N/A N/A 900 #N/A N/A 800

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

File Dt 01.11.2012 31.01.2013 25.03.2013 01.11.2012 01.11.2012 01.11.2012 01.11.2012 30.11.2012 31.12.2012 01.11.2012 31.12.2012 31.07.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 31.01.2013 01.11.2012

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

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

Date 27.03.2013 26.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 19.03.2013 19.03.2013 11.03.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 14.02.2013 04.02.2013 17.01.2013 16.01.2013 01.10.2012 27.07.2012

27.03.2013

Lloyds Banking Group PLC Lloyds Banking Group plc, through subsidiaries and associated companies, offers a range of banking and financial services. The Company provides retail banking, mortgages, pensions, asset management, insurance services, corporate banking, and treasury services.

Price/Volume 25

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

20 15

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (30.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LLOY LN EQUITY YTD Change LLOY LN EQUITY YTD % CHANGE

12/2012 01/yy 56.10 24.75 110'662'998.00 48.615 -13.64% 95.80% 73.05% 70'343.6 34'295.87 189'866.00 0.0 685.0 110'971.00 -

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

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

Fiscal Year Ended 31.12.2008 20'413.0 772.0 18.90x

31.12.2009 31.12.2010 44'007.0 43'432.0 2'827.0 (320.0) 6.76x Profitability

LTM-4Q 31.12.2011 35'780.0 (2'787.0) -

31.12.2012 36'408.0 (1'427.0) 9.48% -2.60% -0.15% -3.17% -0.49% 0.04% -6.5% 20.54% 431.52% -

Price/ Cash Flow

LTM

01/yy 44'844.0 6.16x 12'018.0 6.27x 6'998.0 13.77x

01/yy 47'252.0 5.76x 13'372.0 6.17x 9'317.0 13.06x

FY+1

0.00 1.70 42'726.89 39.12% 1.12% 1.700 33 3.303 ######### ######### ######### FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 18'248.8 18'182.4 4'748.0 4'658.0 2'900.1 4'068.9 12.47x 8.68x S&P Issuer Ratings

29.11.2011 ANEG 29.11.2011 A-2 431.5% 80.9% 0.04 4.85 -

Sales/Revenue/Turnover

25.00

50'000.0 45'000.0 40'000.0

20.00

35'000.0 15.00

30'000.0

10.00

25'000.0 20'000.0 15'000.0 10'000.0

5.00

5'000.0 0.00 31.07.2009

0.0 31.01.2010

31.07.2010

31.01.2011

31.07.2011

31.01.2012

31.07.2012

31.01.2013

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 |

27.03.2013

Lloyds Banking Group PLC Holdings By:

All

Holder Name UNITED KINGDOM GOVER FMR LLC BLACKROCK LEGAL & GENERAL UBS FRANKLIN RESOURCES SCOTTISH WIDOWS DEUTSCHE PRIVATE BAN NORGES BANK INVESTME HALIFAX SHARE DEALIN SCHRODER INVESTMENT STANDARD LIFE INVEST TD WATERHOUSE GROUP ALECTA INVESTMENT MA HARRIS ASSOCIATES LP SELFTRADE SCHRODER INVESTMENT BNP PARIBAS INV PART PRIVATE INDIVIDUALS VANGUARD GROUP INC

Firm Name

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

Analyst

Mediobanca SpA CHRISTOPHER J WHEELER Morgan Stanley CHRISTOPHER MANNERS Investec IAN GORDON Goldman Sachs FREDERIK THOMASEN AlphaValue DAVID GRINSZTAJN Macquarie EDWARD FIRTH Day by Day VALERIE GASTALDY Credit Suisse CARLA ANTUNES-SILVA Nomura CHINTAN JOSHI Exane BNP Paribas TOM RAYNER Numis Securities Ltd MICHAEL J TRIPPITT Barclays ROHITH CHANDRA-RAJAN Oriel Securities Ltd VIVEK RAJA Grupo Santander ARTURO DE FRIAS Sanford C. Bernstein & Co CHIRANTAN BARUA Societe Generale JAMES INVINE Shore Capital Stockbrokers GARY GREENWOOD Deutsche Bank JASON NAPIER JPMorgan RAUL SINHA Keefe, Bruyette & Woods MARK J PHIN RBC Capital Markets CLAIRE KANE Canaccord Genuity Corp GARETH HUNT Berenberg Bank JAMES CHAPPELL Daniel Stewart & Co SIMON WILLIS S&P Capital IQ FRANK BRADEN Redburn Partners FAHED KUNWAR Liberum Capital Ltd CORMAC LEECH Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA EVA Dimensions AUSTIN BURKETT HSBC PETER TOEMAN

Source RNS-MAJ ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG REG REG REG REG REG REG REG REG MF-AGG ULT-AGG REG MF-AGG

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

Amt Held 27'608'563'642 2'359'287'182 2'335'851'144 1'661'879'228 1'113'818'748 1'096'594'012 1'089'919'867 1'075'638'770 1'075'023'992 1'052'501'056 742'242'002 739'647'720 724'279'567 675'500'000 609'121'200 597'593'904 590'792'286 539'931'137 456'479'052 445'836'749

% Out 39.25 3.35 3.32 2.36 1.58 1.56 1.55 1.53 1.53 1.5 1.06 1.05 1.03 0.96 0.87 0.85 0.84 0.77 0.65 0.63

Weighting

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

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

Latest Chg 40'204'114 35'727'885 4'371'787 (49'558'902) (189'806'781) 462'591'455 41'049'793 (14'804'023) (38'913'754) (128'253'574) 19'888'448 (36'378'354) (40'000'000) (225'724'735) (17'125'603) (893'151) (97'393'597) (1'330'422) 17'836'770

Target Price 53 53 50 60 47 46 #N/A N/A 45 42 60 63 40 41 66 64 61 #N/A N/A 64 55 51 69 35 24 39 55 #N/A N/A 62 48 #N/A N/A 65

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

File Dt 23.03.2012 31.01.2013 25.03.2013 28.02.2013 31.01.2013 28.02.2013 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 31.12.2012 31.01.2013 01.12.2012 31.12.2012

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

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

Date 25.03.2013 25.03.2013 25.03.2013 24.03.2013 21.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 15.03.2013 15.03.2013 14.03.2013 13.03.2013 12.03.2013 11.03.2013 05.03.2013 04.03.2013 04.03.2013 03.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 04.02.2013 29.01.2013 17.01.2013 10.01.2013

27.03.2013

Centrica PLC Centrica PLC is an integrated energy company offering a wide range of home and business energy solutions. The Company sources, generates, processes, stores, trades, saves and supplies energy and provides a range of related services.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (22.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CNA LN EQUITY YTD Change CNA LN EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 369.00 301.20 3'432'503.00 363.6 -1.41% 20.78% 99.85% 5'183.1 18'845.80 5'328.00 0.0 0.0 938.00 23'235.80

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

31.12.2009 31.12.2010 21'963.0 22'423.0 0.81x 0.92x 2'721.0 3'336.0 6.54x 6.19x 844.0 1'935.0 22.13x 9.11x Profitability

31.12.2011 22'824.0 0.81x 3'310.0 5.62x 421.0 33.64x

31.12.2012 23'942.0 0.91x 3'698.0 5.88x 1'273.0 13.56x 3'698.00 2'422.00 10.12% 10.20% 6.13% 22.09% 14.28% 1.15% 19.8% 15.4% 10.1% 5.3% 0.95 0.14 24.27% 89.89% 38.89

Price/ Cash Flow

2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M a-12 m-12

LTM-4Q

LTM

12/yy

12/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

FY+1 -

4.51 0.64 4'974.47 20.46% 9.05% 0.636 25 3.440 11'146'720 9'598'011 8'481'136 FY+2

12/13 Y 12/14 Y 24'432.9 25'474.9 0.95x 0.90x 3'944.5 4'146.8 5.89x 5.60x 1'413.9 1'496.7 13.08x 11.77x S&P Issuer Ratings

FQ+1

FQ+2

29.05.2009 ASTABLE 29.05.2009 A-2 7.44 3.83 1.19 1.44 89.9% 47.3% 1.15 3.33 9.41 9.37 19.73

Sales/Revenue/Turnover

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

3.0 M

Fiscal Year Ended 31.12.2008 20'872.0 0.68x 2'613.0 5.43x (137.0) 241.82x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Centrica PLC Holdings By:

All

Holder Name INVESCO LTD ABERDEEN LEGAL & GENERAL PETRONAS BLACKROCK SCOTTISH WIDOWS NEWTON INV MGMT FMR LLC BANK OF NEW YORK MEL NORGES BANK INVESTME UBS M&G INVESTMENT MANAG BNP PARIBAS INV PART CAPITAL GROUP COMPAN PERPETUAL INVESTMENT JP MORGAN SCHRODER INVESTMENT PEOPLES REPUBLIC OF WALTER SCOTT & PARTN VANGUARD GROUP INC

Firm Name RBC Capital Markets AlphaValue Exane BNP Paribas HSBC Nomura Societe Generale Goldman Sachs JPMorgan Kepler Capital Markets Raymond James Cantor Fitzgerald S&P Capital IQ Mirabaud Securities Credit Suisse Berenberg Bank Liberum Capital Ltd Barclays EVA Dimensions Morgan Stanley Deutsche Bank Redburn Partners Day by Day

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

Analyst JOHN MUSK MYRIAM COHEN IAIN TURNER VERITY MITCHELL JONATHAN CONSTABLE ASHLEY THOMAS ANDREW MEAD EDMUND REID INGO BECKER EMMANUEL RETIF ANGELOS ANASTASIOU CLIVE ROBERTS GUS HOCHSCHILD MARK FRESHNEY ROBERT CHANTRY GUILLAUME REDGWELL PETER BISZTYGA AUSTIN BURKETT BOBBY CHADA MARTIN BROUGH JAMIE TUNNICLIFFE VALERIE GASTALDY

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

Recommendation sector perform add underperform overweight neutral buy neutral/neutral neutral hold underperform buy strong buy buy neutral hold buy underweight overweight Equalwt/In-Line hold buy hold

Amt Held 258'200'185 244'433'202 199'643'469 199'375'000 198'230'837 192'620'011 178'317'146 168'873'344 135'169'676 115'829'394 110'850'900 107'778'794 90'418'317 81'472'000 77'307'596 74'740'477 74'363'376 68'473'929 67'827'517 67'616'691

% Out 4.98 4.72 3.85 3.85 3.82 3.72 3.44 3.26 2.61 2.23 2.14 2.08 1.74 1.57 1.49 1.44 1.43 1.32 1.31 1.3

Weighting

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

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

Latest Chg 2'929'553 (2'602'961) (217'034) 20'183'664 15'220'210 (3'909'961) (7'934'002) 2'398'382 10'261'488 (3'099'325) (10'651'045) 53'727'337 53'600 (11'993'141) (2'361'053) 16'115'286 1'389'000 1'115'563

Target Price 370 382 280 400 350 400 416 370 320 321 403 525 435 325 370 370 325 #N/A N/A 345 340 #N/A N/A #N/A N/A

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

File Dt Inst Type 23.02.2012 Investment Advisor 28.02.2013 Unclassified 01.11.2012 Unclassified 23.02.2012 Government 25.03.2013 Investment Advisor 30.11.2012 Unclassified 01.11.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 26.03.2013 Investment Advisor 01.11.2012 Government 31.01.2013 Unclassified 01.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.01.2013 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Government 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 26.03.2013 26.03.2013 25.03.2013 21.03.2013 13.03.2013 11.03.2013 11.03.2013 08.03.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 25.02.2013 15.02.2013 05.02.2013 25.01.2013 25.01.2013 17.01.2013 11.01.2013 07.01.2013 10.12.2012 22.10.2012

27.03.2013

Xstrata PLC Xstrata plc, a diversified mining group, explores for and mines copper, coking coal, thermal coal, ferrochrome, vanadium, zinc, gold, lead, and silver. The Group conducts operations in Australia, South Africa, Germany, Argentina, and the United Kingdom.

Price/Volume 90

12.0 M

10.0 M

70 60

8.0 M

12/2012 12/yy 1'201.00 760.47 1'379'296.00 1081.5 -9.99% 42.15% 71.51% 3'002.7 32'474.11 17'067.00 0.0 2'339.0 1'983.00 66'468.65

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

31.12.2009 31.12.2010 22'732.0 30'499.0 2.83x 2.59x 6'476.0 10'393.0 9.93x 7.61x 661.0 4'688.0 72.41x 14.58x Profitability

31.12.2011 33'877.0 1.64x 11'648.0 4.76x 5'713.0 7.70x

31.12.2012 31'618.0 2.18x 8'122.0 8.50x 1'180.0 43.00x 8'122.00 4'790.00 15.15% 6.35% 1.49% 2.68% 2.74% 0.40% 27.7% 25.7% 15.1% 3.7% 1.73 0.81 20.53% 38.39% 9.16 -

Price/ Cash Flow

2.0 M

10 0 m-12

.0 M a-12 m-12

LTM-4Q

LTM

12/yy

12/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

FY+1 -

2.79 1.78 1'520.28 0.08% 2.08% 1.785 21 3.524 5'597'255 5'438'155 4'955'808 FY+2

12/13 Y 12/14 Y 34'013.7 36'310.7 1.92x 1.75x 9'689.1 11'041.6 6.86x 6.02x 3'765.6 4'788.3 13.11x 10.44x S&P Issuer Ratings

FQ+1

FQ+2

29.11.2012 BBB+ *29.11.2012 A-2 *20.46 -4.82 1.86 2.10 38.4% 26.7% 0.40 0.57 39.95 69.47

Sales/Revenue/Turnover

40.00

8'000.0

35.00

7'000.0

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 01.01.2010

4.0 M

Fiscal Year Ended 31.12.2008 27'952.0 0.96x 9'645.0 2.78x 3'595.0 2.49x

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (27.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance XTA LN EQUITY YTD Change XTA LN EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Xstrata PLC Holdings By:

All

Holder Name GLENCORE INTERNATION QATAR HOLDINGS LLC BLACKROCK UBS NORGES BANK INVESTME STATE STREET LEGAL & GENERAL JP MORGAN BANK OF NEW YORK MEL SCOTTISH WIDOWS Xstrata Plc Employee STANDARD LIFE INVEST GOVT OF SINGAPORE IN SAFE INVESTMENT COMP PEOPLES REPUBLIC OF LLOYDS BANKING GROUP NORTHERN CROSS LLC HSBC Prop Trading/Ma Northern Cross Inter HARBOR CAPITAL ADVIS

Firm Name Macquarie AlphaValue Jefferies Sanford C. Bernstein & Co BMO Capital Markets Exane BNP Paribas EVA Dimensions Landesbank Baden-Wuerttemberg S&P Capital IQ RBC Capital Markets CA Cheuvreux Redburn Partners SBG Securities HSBC Day by Day Societe Generale Nomura Liberum Capital Ltd Natixis Standard Chartered Credit Suisse Bank Vontobel AG Deutsche Bank Morgan Stanley Goldman Sachs JPMorgan

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

Analyst JEFFREY LARGEY SACHIN KUMAR Christopher LaFemina PAUL GAIT TONY ROBSON SYLVAIN BRUNET CRAIG STERLING JENS MUENSTERMANN JOHNSON IMODE TIMOTHY HUFF JOAKIM AHLBERG SIMON TOYNE PETER DAVEY ANDREW KEEN VALERIE GASTALDY ALAIN WILLIAM SAM CATALANO ASH LAZENBY RAOUDHA BOUZEKRI SUBRAMANIAM VARADA LIAM FITZPATRICK PATRICK RAFAISZ ROBERT CLIFFORD ALAIN GABRIEL EUGENE KING BENJAMIN DEFAY

Source REG RNS-RUL8 ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG REG RNS-RUL8 ULT-AGG RNS-RUL8 REG ULT-AGG RNS-RUL8 REG REG MF-AGG

Recommendation outperform reduce buy outperform market perform neutral sell buy sell sector perform outperform neutral sell neutral hold hold restricted buy neutral outperform restricted buy restricted restricted not rated restricted

Amt Held 1'010'403'999 350'410'601 144'628'350 95'879'064 88'851'173 66'130'949 61'700'951 57'610'174 54'135'734 42'863'026 42'642'114 41'205'251 32'530'740 31'187'938 30'417'938 29'719'950 28'945'439 25'475'000 25'223'487 24'663'230

% Out 33.65 11.67 4.82 3.19 2.96 2.2 2.05 1.92 1.8 1.43 1.42 1.37 1.08 1.04 1.01 0.99 0.96 0.85 0.84 0.82

Weighting

Change

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

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

Latest Chg (81'328) 16'255'320 204'708 (33'850) 8'186'775 (634'892) (202'870) (6'795'572) (24'936) 66'360 (610'124) (3'925'000) 2'450'000 (757'180) 137'523

Target Price 1'200 1'100 1'350 1'575 1'220 1'300 #N/A N/A 1'300 1'000 1'100 1'300 #N/A N/A 1'220 1'250 #N/A N/A 1'190 #N/A N/A #N/A N/A 1'017 1'080 #N/A N/A 1'103 #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 02.01.2013 14.01.2013 25.03.2013 25.03.2013 02.01.2013 26.03.2013 22.03.2013 25.03.2013 02.01.2013 02.01.2013 02.01.2013 22.03.2013 21.03.2013 02.02.2012 02.01.2013 28.02.2013 14.09.2012 02.01.2013 02.01.2013 31.12.2012

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

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

Date 22.03.2013 21.03.2013 20.03.2013 15.03.2013 12.03.2013 12.03.2013 08.03.2013 07.03.2013 05.03.2013 04.03.2013 11.02.2013 11.02.2013 11.02.2013 07.02.2013 05.02.2013 31.01.2013 16.01.2013 10.01.2013 20.11.2012 08.09.2012 21.02.2012 07.02.2012 02.02.2012 02.02.2012 02.02.2012 02.02.2012

27.03.2013

Compass Group PLC Compass Group PLC provides catering and support services in countries throughout the world. The Company's clients are in locations including offices, factories, hospitals and care homes, schools and universities, sports venues, military facilities, offshore platforms and other remote locations.

Price/Volume 45

14.0 M

12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (16.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CPG LN EQUITY YTD Change CPG LN EQUITY YTD % CHANGE

09/2012 12/yy 853.00 611.00 917'443.00 823.5 -3.52% 34.70% 88.02% 1'827.1 15'046.11 1'785.00 0.0 10.0 728.00 16'113.11

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

8.0 M

6.0 M

4.0 M

2.0 M

5 0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 30.09.2008 11'440.0 0.64x 864.0 8.53x 443.0 16.46x

30.09.2009 30.09.2010 13'444.0 14'468.0 0.60x 0.74x 1'102.0 1'228.0 7.36x 8.73x 586.0 675.0 12.96x 15.03x Profitability

30.09.2011 15'833.0 0.68x 1'331.0 8.07x 728.0 14.31x

30.09.2012 16'905.0 0.81x 1'480.0 9.29x 605.0 21.29x 1'480.00 1'143.00 6.76% 4.67% 6.49% 17.99% 13.04% 1.81% 8.8% 6.8% 3.6% 0.87 0.73 19.34% 55.25% 9.57 -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

2.59 0.81 1'821.91 30.22% 15.66% 0.810 32 3.688 3'307'101 3'175'029 2'963'036 FY+2

09/13 Y 09/14 Y 17'594.0 18'640.5 0.93x 0.87x 1'552.7 1'663.9 10.38x 9.68x 846.2 931.5 17.71x 16.02x S&P Issuer Ratings

FQ+1

FQ+2

18.02.2013 A STABLE 15.74 13.19 0.71 1.21 55.2% 35.5% 1.81 25.87 38.26 -

Sales/Revenue/Turnover

8.00

70'000.0

7.00

60'000.0

6.00

50'000.0

5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 01.01.2010

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 |

27.03.2013

Compass Group PLC Holdings By:

All

Holder Name BLACKROCK SUN LIFE FINANCIAL I LEGAL & GENERAL ARTISAN PARTNERS HOL M&G INVESTMENT MANAG SCOTTISH WIDOWS NORGES BANK INVESTME ARTISAN PARTNERS HOL INVESCO LTD STANDARD LIFE INVEST FMR LLC THREADNEEDLE ASSET M MONDRIAN INVESTMENT AVIVA INVESTORS MARATHON ASSET MANAG UBS LONGVIEW PARTNERS (G HSBC INVESTMENTS UK INVESCO LTD PEOPLES REPUBLIC OF

Firm Name

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

Analyst

Morgan Stanley JAMIE ROLLO Raymond James JULIEN RICHER Oddo & Cie GUILLAUME RASCOUSSIER Investec JAMES HOLLINS RBC Capital Markets ANDREW BROOKE Credit Suisse TIM RAMSKILL JPMorgan MIKE J GIBBS Shore Capital Stockbrokers GREG JOHNSON Kepler Capital Markets CATHERINE ROLLAND Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD Nomura TIM BARRETT Numis Securities Ltd WYN ELLIS Oriel Securities Ltd JEFFREY HARWOOD Exane BNP Paribas MATTHIAS DESMARAIS Deutsche Bank RICHARD CARTER Barclays VICTORIA LEE Panmure Gordon & Co Limited SIMON FRENCH AlphaValue BERENICE LACROIX EVA Dimensions CRAIG STERLING Day by Day VALERIE GASTALDY Goldman Sachs NICK EDELMAN Baden Hill LLP CRAIG FRASER Cantor Fitzgerald KEVIN LAPWOOD Natixis GEOFFREY D'HALLUIN HSBC LENA THAKKAR Espirito Santo Investment Bank Research DAVID BROCKTON Jefferies JAMES WHEATCROFT CA Cheuvreux THOMAS MESMIN Canaccord Genuity Corp JULIAN CATER

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

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

Amt Held 181'766'878 120'430'975 88'023'379 70'315'379 50'472'967 44'566'371 43'264'770 37'320'195 35'352'041 31'731'888 30'164'486 29'130'450 29'119'406 26'293'485 25'022'872 24'993'826 23'356'375 23'254'860 22'267'314 21'765'882

% Out 9.95 6.59 4.82 3.85 2.76 2.44 2.37 2.04 1.93 1.74 1.65 1.59 1.59 1.44 1.37 1.37 1.28 1.27 1.22 1.19

Weighting

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

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

Latest Chg (878'115) 11'901'405 2'015'817 1'786'354 (365'885) 1'077'028 704'261 1'983'711 (963'504) (1'471'820) (488'309) 5'795'071 (3'266'913) (2'083'666) (462'367) (65'566) (5'654'098) 1'359'774 210'329 2'541'703

Target Price 810 #N/A N/A 800 900 725 940 890 #N/A N/A 780 730 832 850 800 900 898 840 820 816 #N/A N/A #N/A N/A 915 #N/A N/A 800 775 700 750 710 765 665

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

File Dt Inst Type 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 30.11.2012 Unclassified 01.11.2012 Government 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 31.01.2013 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Hedge Fund Manager 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 31.01.2013 Unclassified 01.11.2012 Unclassified 01.11.2012 Investment Advisor 21.03.2013 Investment Advisor 01.11.2012 Government

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

Date 27.03.2013 27.03.2013 27.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 11.03.2013 27.02.2013 21.02.2013 11.02.2013 08.02.2013 31.01.2013 03.01.2013 28.11.2012 22.11.2012 26.07.2012

27.03.2013

SSE PLC SSE PLC generates, transmits, distributes and supplies electricity to industrial, commercial and domestic customers in the United Kingdom and Ireland. The Company also stores and distributes natural gas, and operates a telecommunications network that offers bandwidth and capacity to companies, public sector organizations, Internet service providers, and others.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 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 19.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SSE LN EQUITY YTD Change SSE LN EQUITY YTD % CHANGE

03/2012 02/yy 1'499.00 1'286.00 397'204.00 1478 -1.47% 14.85% 93.43% 964.3 14'252.66 6'245.60 0.0 0.0 189.20 19'498.96

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

3.0 M

100

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.03.2008 15'256.3 1.04x 1'559.9 10.18x 872.9 13.88x

120

31.03.2009 31.03.2010 25'424.2 21'550.4 0.60x 0.74x 1'784.1 1'773.4 8.58x 8.97x 112.3 1'235.3 87.20x 8.22x Profitability

31.03.2011 28'334.2 0.60x 1'856.3 9.13x 1'504.5 7.77x

31.03.2012 31'723.9 0.59x 1'946.8 9.56x 197.8 63.01x 1'946.80 1'371.50 4.32% 0.85% 1.24% 4.70% 6.42% 1.69% 7.1% 6.6% 4.7% 0.6% 1.00 0.51 31.73% 136.24% 75.49

Price/ Cash Flow

LTM-4Q

LTM

02/yy

02/yy -

FY+1 -

5.50 0.61 963.71 16.66% 6.06% 0.606 23 3.087 1'900'221 1'699'207 1'805'876 FY+2

03/13 Y 03/14 Y 31'706.3 33'056.0 0.67x 0.66x 2'169.9 2'304.5 8.99x 8.46x 1'059.1 1'078.9 13.00x 12.68x S&P Issuer Ratings

FQ+1

FQ+2

21.08.2009 ANEG 21.08.2009 A-2 3.88 0.89 2.53 2.96 136.2% 57.7% 1.69 3.40 4.85 45.98 2.21

Sales/Revenue/Turnover

16.00

120'000.0

14.00

100'000.0

12.00

80'000.0

10.00 8.00

60'000.0

6.00

40'000.0

4.00

20'000.0 2.00 0.00 04.09.2009

0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

04.03.2013

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

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

27.03.2013

SSE PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK LEGAL & GENERAL BANK OF NEW YORK MEL FMR LLC BREWIN DOLPHIN LIMIT SCOTTISH WIDOWS CLEARSTREAM BANKING RATHBONE UNIT TRUST PERPETUAL INVESTMENT VANGUARD GROUP INC FEDERATED INVESTORS RENSBURG INVESTMENT UBS VANGUARD GROUP INC MORGAN STANLEY INVES T ROWE PRICE ASSOCIA TD WATERHOUSE GROUP HARGREAVES LANSDOWN BNP PARIBAS INV PART

Firm Name RBC Capital Markets Exane BNP Paribas HSBC AlphaValue Societe Generale Goldman Sachs Day by Day Raymond James Cantor Fitzgerald Credit Suisse Berenberg Bank S&P Capital IQ Liberum Capital Ltd Barclays Morgan Stanley EVA Dimensions Nomura JPMorgan Redburn Partners Deutsche Bank

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

Analyst JOHN MUSK IAIN TURNER VERITY MITCHELL MYRIAM COHEN ASHLEY THOMAS ANDREW MEAD VALERIE GASTALDY EMMANUEL RETIF ANGELOS ANASTASIOU MARK FRESHNEY ROBERT CHANTRY CLIVE ROBERTS GUILLAUME REDGWELL PETER BISZTYGA BOBBY CHADA AUSTIN BURKETT JONATHAN CONSTABLE EDMUND REID JAMIE TUNNICLIFFE MARTIN BROUGH

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

Recommendation outperform outperform underweight add sell Sell/Neutral buy underperform hold outperform hold hold buy overweight Underwt/In-Line sell reduce underweight buy hold

Amt Held 85'895'986 45'004'899 30'027'307 27'301'984 23'492'836 18'976'901 13'858'241 11'911'626 11'195'816 10'670'380 9'927'607 9'783'770 8'732'939 8'669'092 8'656'546 7'231'304 6'788'561 6'244'569 6'238'761 5'773'007

% Out 8.91 4.67 3.11 2.83 2.44 1.97 1.44 1.24 1.16 1.11 1.03 1.01 0.91 0.9 0.9 0.75 0.7 0.65 0.65 0.6

Weighting

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

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

Latest Chg (9'487'100) (1'426'950) (368'384) 1'649'324 6'581'313 14'632 5'769'622 551'675 30'177 410'077 765'375 (78'985) 3'917'020 481'312 (356'830) 70'228 343'533 381'297 (174'849)

Target Price 1'550 1'620 1'490 1'520 1'249 1'154 1'528 1'270 1'433 1'600 1'430 1'500 1'600 1'585 1'185 #N/A N/A 1'265 1'190 #N/A N/A 1'400

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

File Dt 31.12.2012 25.03.2013 01.02.2013 26.03.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.03.2012 31.12.2012 31.12.2012 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.12.2012 01.02.2013 01.02.2013 01.02.2013

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

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

Date 26.03.2013 25.03.2013 21.03.2013 21.03.2013 13.03.2013 11.03.2013 04.03.2013 27.02.2013 11.02.2013 07.02.2013 05.02.2013 05.02.2013 25.01.2013 25.01.2013 24.01.2013 17.01.2013 12.12.2012 23.11.2012 16.10.2012 06.08.2012

27.03.2013

WPP PLC WPP plc operates a communications services group. The Company's operations encompass advertising, media investment management, information and consultancy, public relations and public affairs, healthcare and specialist communications, and branding and identity services.

Price/Volume 18

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

16 14 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (06.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WPP LN EQUITY YTD Change WPP LN EQUITY YTD % CHANGE

12/2012 02/yy 1'096.00 733.00 398'538.00 1033 -5.66% 41.06% 85.67% 1'263.9 13'055.63 4'766.50 0.0 249.6 1'945.30 16'126.43

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

4 2 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

Fiscal Year Ended 31.12.2008 7'476.9 1.11x 1'107.6 7.51x 439.1 10.48x

31.12.2009 31.12.2010 8'684.3 9'331.0 1.21x 1.29x 1'135.8 1'358.4 9.23x 8.89x 437.7 586.0 16.97x 16.61x Profitability

LTM-4Q 31.12.2011 10'021.8 1.12x 1'576.7 7.14x 840.1 9.99x

31.12.2012 10'373.1 1.38x 1'645.0 8.70x 822.7 13.42x 1'645.00 1'248.40 12.03% 10.53% 3.32% 12.21% 9.86% 0.42% 91.7% 15.9% 12.0% 7.9% 0.92 0.67 19.16% 69.98% 1.66 2.52

Price/ Cash Flow

02/yy 62'071.0 1.52x 5'367.0 4.76x 3'492.0 8.83x

LTM 02/yy 56'940.0 1.29x 4'156.0 4.82x 2'372.0 9.15x

FY+1

2.76 1.12 1'243.05 23.13% 16.44% 1.122 32 4.063 1'998'413 2'959'047 3'144'777 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 11'022.8 11'590.4 2'482.0 2'688.0 1.42x 1.29x 1'870.0 2'002.6 8.62x 8.05x 1'050.0 1'141.7 12.78x 11.65x S&P Issuer Ratings

10.11.2008 BBB STABLE 05.04.2011 A-2 5.49 4.52 1.72 2.90 70.0% 40.3% 0.42 13.86 220.69 145.43 3045.15 -2679.03

Sales/Revenue/Turnover

10.00

70'000.0

9.00

60'000.0

8.00 7.00

50'000.0

6.00

40'000.0

5.00

30'000.0

4.00

20'000.0

3.00 2.00

10'000.0

1.00 0.00 29.01.2010

0.0 29.07.2010

29.01.2011

29.07.2011

29.01.2012

29.07.2012

29.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

27.03.2013

WPP PLC Holdings By:

All

Holder Name SUN LIFE FINANCIAL I BLACKROCK FMR LLC LEGAL & GENERAL VANGUARD GROUP INC CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA SORRELL MARTIN STUAR D E SHAW & CO UK LTD SCOTTISH WIDOWS FIRST PACIFIC ADVISO THORNBURG INVESTMENT INVESCO LTD ARTISAN PARTNERS HOL SUSQUEHANNA INTERNAT ROYAL BANK OF CANADA JO HAMBRO CAPITAL MA ALLIANZ ASSET MANAGE UNITED SERVICES AUTO HARTFORD INVESTMENT

Firm Name

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

Analyst

Berenberg Bank SARAH SIMON Nomura MATTHEW WALKER Exane BNP Paribas CHARLES BEDOUELLE AlphaValue VERONIQUE CABIOC'H Goldman Sachs RICHARD JONES Kepler Capital Markets CONOR O'SHEA Pivotal Research Group LLC BRIAN WIESER JPMorgan FILIPPO PIETRO LO FRANCO Sanford C. Bernstein & Co CLAUDIO ASPESI Investec STEVEN LIECHTI BMO Capital Markets DANIEL SALMON Societe Generale LAURENT PICARD Natixis JEROME BODIN Day by Day VALERIE GASTALDY Barclays JULIEN ROCH Deutsche Bank PATRICK KIRBY Macquarie TIMOTHY W NOLLEN Jefferies WILL SMITH S&P Capital IQ ALEXANDER WISCH Numis Securities Ltd PAUL RICHARDS Liberum Capital Ltd IAN WHITTAKER Morgan Stanley PATRICK WELLINGTON Oddo & Cie BRUNO HARENG Credit Suisse NICK BERTOLOTTI EVA Dimensions CRAIG STERLING HSBC DAN GRAHAM Panmure Gordon & Co Limited ALEX DE GROOTE Espirito Santo Investment Bank Research GIASONE SALATI CA Cheuvreux THOMAS JORION WYT Ltd ANTHONY DE LARRINAGA N+1 Singer Ltd JOHNATHAN BARRETT Wells Fargo Securities, LLC PETER STABLER

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG RNS-DIR Short ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Short ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

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

Amt Held % Out 70'862'918 5.61 61'390'681 4.86 56'149'172 4.44 44'740'301 3.54 41'130'059 3.25 37'363'273 2.96 27'110'460 2.15 18'904'480 1.5 (15'560'800) -1.23 15'428'314 1.22 10'134'960 0.8 10'046'088 0.79 9'354'119 0.74 9'291'280 0.74 (6'323'542) -0.5 6'235'446 0.49 5'535'125 0.44 4'797'561 0.38 4'239'326 0.34 4'050'134 0.32

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

Change M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 13'537'605 (1'528'975) 22'182'791 21'688'538 (4'221'727) (2'314'398) (6'452'270) 2'697'345 176'552 10'046'088 129'258 904'965 120'937 (19'771) (325'574) 129'059 168'491 85'141

Target Price 1'050 1'215 1'250 1'080 1'340 1'135 980 1'282 1'300 1'175 1'000 1'210 1'000 1'210 1'230 1'050 1'200 1'150 1'150 1'270 1'180 1'090 950 950 #N/A N/A 960 820 1'360 1'000 844 #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 31.10.2012 25.03.2013 31.01.2013 20.04.2012 31.12.2012 11.03.2013 31.12.2012 14.03.2013 13.02.2013 30.11.2012 31.12.2012 31.01.2013 21.03.2013 31.12.2012 12.12.2012 30.11.2012 30.11.2012 31.01.2013 30.11.2012 28.02.2013

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

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

Date 26.03.2013 26.03.2013 26.03.2013 21.03.2013 20.03.2013 20.03.2013 15.03.2013 08.03.2013 06.03.2013 05.03.2013 04.03.2013 04.03.2013 04.03.2013 04.03.2013 04.03.2013 02.03.2013 02.03.2013 01.03.2013 01.03.2013 01.03.2013 21.02.2013 14.02.2013 22.01.2013 21.01.2013 17.01.2013 12.11.2012 26.10.2012 04.09.2012 31.08.2012 18.03.2012 01.03.2012 08.02.2012

27.03.2013

Glencore International PLC Glencore International PLC, through its subsidiaries, supplies commodities and raw materials to industrial consumers. The Company operates in three groups: Metals and Minerals, Energy Products, and Agricultural Products.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.04.2012) 52-Week Low (27.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GLEN LN EQUITY YTD Change GLEN LN EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 439.95 289.35 5'534'741.00 358.55 -18.50% 23.92% 44.85% 7'099.5 25'455.10 35'526.00 0.0 3'034.0 2'820.00 74'184.83

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

31.12.2009 31.12.2010 106'364.0 144'978.0 3'074.0 4'474.0 1'633.0 3'751.0 Profitability

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

LTM-4Q 31.12.2011 186'152.0 0.39x 4'423.0 16.24x 4'048.0 8.50x

31.12.2012 214'436.0 0.36x 4'601.0 16.57x 1'004.0 39.57x 4'601.00 3'128.00 1.46% 0.50% 1.05% 3.32% 2.24% 1.9% 2.1% 1.5% 0.5% 1.15 0.45 33.66% 113.63% 12.51 11.13

Price/ Cash Flow

LTM

FY+1

2.91 1.39 3'358.26 -8.31% 2.06% 1.387 17 3.882 14'668'200 15'465'560 13'524'760 FY+2

FQ+1

FQ+2

12/yy 2'537.7 9.29x 421.6 15.85x 244.5 17.76x

12/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 2'928.4 217'949.7 229'254.5 9.79x 0.32x 0.29x 536.9 7'255.9 9'103.7 13.26x 10.22x 8.15x 314.2 4'258.5 4'944.0 20.31x 9.12x 7.33x S&P Issuer Ratings Long-Term Rating Date 29.11.2012 Long-Term Rating BBB Long-Term Outlook STABLE Short-Term Rating Date 29.11.2012 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 3.36 (EBITDA-Capex)/Interest Exp. 1.19 Net Debt/EBITDA 7.11 Total Debt/EBITDA 7.72 Reference Total Debt/Equity 113.6% Total Debt/Capital 50.9% Asset Turnover 2.24 Net Fixed Asset Turnover 11.32 Accounts receivable turnover-days 29.26 Inventory Days 32.88 Accounts Payable Turnover Day 29.43 Cash Conversion Cycle 32.71 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

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M

Fiscal Year Ended 31.12.2008 152'236.0 5'068.0 1'044.0 -

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Glencore International PLC Holdings By:

All

Holder Name GLASENBERG IVAN MATE BADENE DANIEL F MISTAKIDIS ARISTOTEL PETERSON TOR BEARD ALEXANDER FRAN BLACKROCK JSC VERNY CAPITAL FEGEL GARY MAHONEY CHRIS LEGAL & GENERAL FR GALAXY HOLDINGS S CAPITAL GROUP COMPAN STATE STREET ABU DHABI INVESTMENT POPOVIC NIKOLA FMR LLC WOLFENSBERGER CHRIST BLUMGART STEVEN ALVAREZ LUIS CUTLER STUART

Firm Name Macquarie Exane BNP Paribas AlphaValue Jefferies Sanford C. Bernstein & Co BMO Capital Markets Day by Day RBC Capital Markets Societe Generale Deutsche Bank Redburn Partners SBG Securities EVA Dimensions Nomura Liberum Capital Ltd Standard Chartered ABN Amro Bank N.V. Credit Suisse Morgan Stanley JPMorgan

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

Analyst JEFFREY LARGEY SYLVAIN BRUNET SACHIN KUMAR Christopher LaFemina PAUL GAIT TONY ROBSON VALERIE GASTALDY TIMOTHY HUFF ALAIN WILLIAM ROBERT CLIFFORD SIMON TOYNE PETER DAVEY CRAIG STERLING SAM CATALANO ASH LAZENBY SUBRAMANIAM VARADA TEUN TEEUWISSE LIAM FITZPATRICK ALAIN GABRIEL BENJAMIN DEFAY

Source RNS-RUL8 RNS-MAJ RNS-RUL8 Co File Co File ULT-AGG RNS-RUL8 RNS-RUL8 RNS-RUL8 ULT-AGG RNS-RUL8 ULT-AGG ULT-AGG RNS-RUL8 RNS-RUL8 ULT-AGG RNS-RUL8 RNS-RUL8 RNS-RUL8 RNS-RUL8

Recommendation outperform neutral reduce buy outperform market perform hold outperform hold restricted neutral hold sell restricted buy outperform buy restricted restricted restricted

Amt Held 1'101'848'752 417'468'330 414'730'597 366'074'885 320'260'410 263'354'966 176'742'520 154'814'588 143'834'821 131'943'542 129'372'165 112'185'928 99'636'344 99'299'065 93'437'150 92'847'626 87'403'187 86'736'565 81'654'211 78'568'743

% Out 15.52 5.88 5.84 5.16 4.51 3.71 2.49 2.18 2.03 1.86 1.82 1.58 1.4 1.4 1.32 1.31 1.23 1.22 1.15 1.11

Weighting

Change

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

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

Latest Chg 2'700'000 3'000'000 (19'162) (39'649) 16'875'000 (18'700) 8'889 3'072'650 13'162'571 200'000

Target Price 430 450 382 450 475 400 #N/A N/A 425 410 #N/A N/A #N/A N/A 400 #N/A N/A #N/A N/A #N/A N/A 454 415 #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 11.06.2012 11.10.2012 24.05.2012 26.03.2012 26.03.2012 25.03.2013 11.10.2012 15.02.2012 15.02.2012 22.03.2013 29.01.2013 25.03.2013 25.03.2013 02.02.2012 15.02.2012 25.03.2013 15.02.2012 15.02.2012 15.02.2012 18.05.2012

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

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

Date 22.03.2013 21.03.2013 21.03.2013 20.03.2013 15.03.2013 12.03.2013 11.03.2013 07.03.2013 06.03.2013 26.02.2013 11.02.2013 29.01.2013 17.01.2013 16.01.2013 10.01.2013 22.11.2012 31.10.2012 20.03.2012 02.02.2012 02.02.2012

27.03.2013

ARM Holdings PLC ARM Holdings plc develops processors, data engines, peripherals, software, and tools. The Group's solutions are used in a variety of applications, including in the automotive, consumer entertainment, digital imaging, mass storage, networking, security, and wireless industries.

Price/Volume 60

8.0 M 7.0 M

6.0 M 40

Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (18.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ARM LN EQUITY YTD Change ARM LN EQUITY YTD % CHANGE

12/2012 12/yy 985.00 463.60 1'070'797.00 915.5 -7.21% 97.15% 87.15% 1'396.5 12'785.07 5.80 0.0 0.0 386.30 12'404.57

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

4.0 M 3.0 M

2.0 M 10

1.0 M

0 m-12

31.12.2009 31.12.2010 305.0 406.6 7.36x 13.31x 63.1 125.6 35.55x 43.09x 40.4 86.0 55.60x 64.66x Profitability

LTM-4Q 31.12.2011 491.8 15.56x 159.3 48.06x 112.6 70.69x

31.12.2012 576.9 17.72x 226.5 45.14x 160.7 65.72x 226.50 209.10 36.25% 38.31% 11.62% 14.18% 14.16% 0.42% 94.5% 39.3% 36.2% 27.9% 2.84 2.19 0.40% 0.48% 4.73 13.38

Price/ Cash Flow

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

LTM

12/yy 27'226.0 6.64x 6'939.0 6.11x 2'609.0 12.36x

12/yy 29'740.0 6.19x 7'447.0 6.16x 2'949.0 11.05x

FY+1

0.49 1.01 1'390.51 53.18% 19.01% 1.005 30 3.467 4'180'776 3'641'526 4'073'873 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 672.0 791.1 158.3 160.1 18.14x 15.12x 77.73x 76.79x 329.6 412.1 74.3 72.8 37.61x 30.08x 39.19x 36.12x 265.1 342.9 62.3 62.4 48.67x 38.28x 48.11x 45.47x S&P Issuer Ratings

755.00 687.67 -1.68 0.03 0.5% 0.5% 0.42 21.27 77.44 27.36 84.05 20.76

Sales/Revenue/Turnover

9.00

35'000.0

8.00

30'000.0

7.00

25'000.0

6.00 5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 298.9 3.63x 90.0 12.05x 43.6 25.11x

5.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

ARM Holdings PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN FMR LLC BAILLIE GIFFORD AND BLACKROCK THORNBURG INVESTMENT LEGAL & GENERAL JANUS CAPITAL MANAGE VANGUARD GROUP INC SCOTTISH WIDOWS NORGES BANK INVESTME LONE PINE CAPITAL LL FRANKLIN RESOURCES PEOPLES REPUBLIC OF VANGUARD GROUP INC APG ALGEMENE PENSIOE STANDARD LIFE INVEST WILLIAM BLAIR & COMP HARDING LOEVNER LP NATIXIS ASSET MANAGE UBS

Firm Name

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

Analyst

Exane BNP Paribas JEROME RAMEL AlphaValue LIONEL PELLICER BMO Capital Markets AMBRISH SRIVASTAVA Sanford C. Bernstein & Co PIERRE FERRAGU RBC Capital Markets ANDREW DUNN Espirito Santo Investment Bank Research VIJAY ANAND Barclays ANDREW M GARDINER Jefferies LEE SIMPSON Morgan Stanley FRANCOIS MEUNIER Societe Generale PETER KNOX Berenberg Bank ADNAAN AHMAD Deutsche Bank KAI KORSCHELT Peel Hunt PAUL GILMER MORLAND Credit Suisse JUSTIS MCEVILLY Redburn Partners SUMANT WAHI Day by Day VALERIE GASTALDY Goldman Sachs SIMON F SCHAFER JPMorgan SANDEEP S DESHPANDE CA Cheuvreux BERND LAUX Natixis STEPHANE HOURI S&P Capital IQ JAMES CRAWSHAW Numis Securities Ltd NICK JAMES Investec JULIAN YATES Finncap LORNE DANIEL EVA Dimensions ANDREW S ZAMFOTIS D.A. Davidson & Co AALOK K SHAH Liberum Capital Ltd JANARDAN MENON Merchant Securities JULIAN TOLLEY Panmure Gordon & Co Limited GEORGE O'CONNOR

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

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

Amt Held 95'690'311 82'157'574 81'330'184 67'090'522 61'899'954 49'773'219 48'892'118 34'034'027 26'857'349 26'616'977 18'045'002 16'369'401 16'092'906 15'992'665 15'841'776 14'958'679 14'519'056 9'719'233 9'530'232 9'033'928

% Out 6.85 5.88 5.82 4.8 4.43 3.56 3.5 2.44 1.92 1.91 1.29 1.17 1.15 1.15 1.13 1.07 1.04 0.7 0.68 0.65

Weighting

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

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

Latest Chg (1'388'313) 1'385'562 209'000 (3'298'076) 93'283 713'733 619'743 7'456'490 (622'766) (2'524'489) 542'323 (722'733) 3'127'478 460'541 (630'000) 320'681

Target Price 1'000 743 1'200 550 960 920 1'075 1'300 911 640 1'150 445 930 1'130 #N/A N/A 1'090 1'250 625 1'040 955 1'000 920 940 900 #N/A N/A 655 440 680 265

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

File Dt Inst Type 01.02.2013 Investment Advisor 31.12.2012 Investment Advisor 01.12.2012 Investment Advisor 25.03.2013 Investment Advisor 01.12.2012 Investment Advisor 01.12.2012 Unclassified 01.12.2012 Investment Advisor 31.12.2012 Investment Advisor 01.12.2012 Unclassified 01.12.2012 Government 01.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 01.12.2012 Government 01.12.2012 Investment Advisor 01.12.2012 Pension Fund (ERISA) 01.12.2012 Investment Advisor 31.12.2012 Investment Advisor 01.12.2012 Investment Advisor 01.12.2012 Investment Advisor 31.01.2013 Unclassified

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

Date 26.03.2013 26.03.2013 25.03.2013 21.03.2013 19.03.2013 18.03.2013 18.03.2013 15.03.2013 08.03.2013 06.03.2013 05.03.2013 04.03.2013 04.03.2013 01.03.2013 21.02.2013 14.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 17.01.2013 23.10.2012 27.07.2012 09.11.2011 02.09.2010

27.03.2013

BAE Systems PLC BAE Systems plc develops, delivers, and supports advanced defense and aerospace systems. The Group manufactures military aircraft, surface ships, submarines, radar, avionics, communications, electronics, and guided weapon systems. BAE Systems services clients located throughout the world.

Price/Volume 90

3.5 M

3.0 M

2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 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 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BA/ LN EQUITY YTD Change BA/ LN EQUITY YTD % CHANGE

12/2012 12/yy 395.60 268.60 1'075'269.00 382 -3.59% 42.00% 93.94% 3'244.7 12'394.90 2'988.00 0.0 54.0 3'355.00 12'081.90

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

2.0 M

1.5 M

1.0 M

.5 M

10 0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 16'671.0 0.81x 2'512.0 5.37x 1'745.0 7.60x

31.12.2009 31.12.2010 20'374.0 20'980.0 0.60x 0.54x 2'379.0 2'394.0 5.12x 4.72x (67.0) 1'052.0 11.83x Profitability

31.12.2011 17'770.0 0.58x 2'282.0 4.53x 1'240.0 7.71x

31.12.2012 16'620.0 0.64x 2'199.0 4.84x 1'068.0 10.27x 2'199.00 1'530.00 9.21% 8.24% 4.71% 26.83% 0.73% 13.2% 9.2% 6.4% 0.78 0.38 13.41% 80.32% 4.79 -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

5.11 0.97 3'242.84 33.66% 13.21% 0.972 22 3.455 6'912'698 7'457'678 6'262'798 FY+2

12/13 Y 12/14 Y 19'311.9 19'207.9 0.67x 0.69x 2'394.8 2'344.6 5.05x 5.15x 1'350.7 1'313.0 9.07x 9.23x S&P Issuer Ratings

FQ+1

FQ+2

16.10.2007 BBB+ STABLE 24.04.2006 A-2 1.38 1.15 -0.17 1.36 80.3% 44.2% 0.73 6.95 76.45 -

Sales/Revenue/Turnover

60.00

5'000.0 4'500.0

50.00

4'000.0 3'500.0

40.00

3'000.0

30.00

2'500.0 2'000.0

20.00

1'500.0 1'000.0

10.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

BAE Systems PLC Holdings By:

All

Holder Name INVESCO LTD FRANKLIN RESOURCES AXA BLACKROCK LEGAL & GENERAL SCOTTISH WIDOWS PERPETUAL INVESTMENT SILCHESTER INTL INVE BAE SYSTEMS PLC SIP LLOYDS BANKING GROUP STATE STREET UBS NEWTON INV MGMT MAJEDIE ASSET MANAGE BANK OF NEW YORK MEL CAPITAL GROUP COMPAN FMR LLC ARTEMIS INVESTMENT M M&G INVESTMENT MANAG GRANTHAM MAYO VAN OT

Firm Name

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

Analyst

Jefferies SANDY MORRIS Sanford C. Bernstein & Co DOUGLAS S HARNED AlphaValue THOMAS PICHERIT Investec ANDREW GOLLAN Societe Generale ZAFAR KHAN Day by Day VALERIE GASTALDY S&P Capital IQ UNAI FRANCO Exane BNP Paribas TRISTAN SANSON Deutsche Bank BEN FIDLER Morgan Stanley RUPINDER VIG Barclays CARTER COPELAND RBC Capital Markets ROBERT STALLARD JPMorgan DAVID H. PERRY Espirito Santo Investment Bank Research EDWARD STACEY Kepler Capital Markets CHRISTOPHE MENARD EVA Dimensions CRAIG STERLING CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX Arden Partners Ltd GRAHAM J WEBSTER CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX Canaccord Genuity Corp PAUL BRANT

Source RNS-RUL8 ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG REG REG ULT-AGG ULT-AGG ULT-AGG REG REG MF-AGG ULT-AGG ULT-AGG REG REG RNS-RUL8

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

Amt Held 434'657'796 188'777'141 173'121'454 157'632'817 131'374'985 117'018'010 115'758'222 114'594'189 104'111'765 90'005'845 89'405'314 87'196'888 65'214'916 64'156'833 58'846'516 55'533'283 53'409'236 47'629'968 41'681'313 38'552'907

% Out 13.4 5.82 5.34 4.86 4.05 3.61 3.57 3.53 3.21 2.77 2.76 2.69 2.01 1.98 1.81 1.71 1.65 1.47 1.28 1.19

Weighting

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

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

Latest Chg 1'632'804 (5'493'371) 1'170'655 6'040'640 (1'170'558) 59'046'605 342'354 720'000 1'967'358 (59'234) 35'460 108'276 849'248 (1'632'401) (845'307) 3'414 9'263'895 3'672'855 (6'837'681) (33'900)

Target Price 350 347 378 375 350 #N/A N/A 320 360 375 350 370 315 360 425 340 #N/A N/A 360 #N/A N/A 360 345

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

File Dt Inst Type 08.10.2012 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 25.03.2013 Investment Advisor 28.02.2013 Unclassified 01.01.2013 Unclassified 31.07.2012 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Unclassified 28.02.2013 Investment Advisor 26.03.2013 Investment Advisor 31.01.2013 Unclassified 01.01.2013 Mutual Fund Manager 01.01.2013 Investment Advisor 26.03.2013 Investment Advisor 01.01.2013 Investment Advisor 31.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 08.10.2012 Investment Advisor

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

Date 25.03.2013 22.03.2013 21.03.2013 19.03.2013 18.03.2013 11.03.2013 27.02.2013 26.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 18.02.2013 12.02.2013 17.01.2013 11.10.2012 01.10.2012 03.08.2012 26.03.2012

27.03.2013

Experian PLC Experian PLC offers credit and marketing services. The Company manages large databases that enable credit granting and monitoring, and help minimize fraud and credit risk, offers specialist analytical solutions for credit scoring, risk management, and processing applications, processes checks and credit cards, and offers consumers credit reports and scores.

Price/Volume 60

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EXPN LN EQUITY YTD Change EXPN LN EQUITY YTD % CHANGE

03/2012 02/yy 1'193.00 859.00 181'756.00 1120 -6.37% 30.03% 84.13% 1'010.1 11'313.08 2'192.00 0.0 159.0 261.00 19'344.71

2.0 M 1.5 M

1.0 M 10

.5 M

0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

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

3.5 M

Valuation Analysis

31.03.2008 3'789.0 2.72x 1'086.0 9.50x 437.0 17.74x

4.0 M

31.03.2009 31.03.2010 3'873.0 3'880.0 2.24x 3.07x 1'139.0 1'124.0 7.62x 10.59x 486.0 600.0 13.34x 16.47x Profitability

31.03.2011 3'885.0 3.71x 1'258.0 11.44x 581.0 25.10x

31.03.2012 4'487.0 4.04x 1'478.0 12.26x 655.0 23.33x 1'478.00 1'044.00 23.27% 15.36% 4.19% 14.08% 21.39% 0.57% 62.1% 33.8% 24.1% 14.6% 0.52 0.35 26.88% 79.08% 5.29 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

02/yy -

FY+1 -

1.93 0.95 1'006.71 15.02% 14.73% 0.949 18 4.500 1'639'504 1'513'142 1'639'254 FY+2

03/13 Y 03/14 Y 4'752.3 5'152.5 4.26x 3.81x 1'592.9 1'748.6 12.14x 11.06x 836.0 981.3 20.23x 17.33x S&P Issuer Ratings

FQ+1

FQ+2

3.36 3.17 1.40 1.81 79.1% 42.8% 0.57 10.20 69.13 21.12

Sales/Revenue/Turnover

25.00

8'000.0 7'000.0

20.00

6'000.0 5'000.0

15.00

4'000.0 10.00

3'000.0 2'000.0

5.00

0.00 05.02.2010

1'000.0 0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

27.03.2013

Experian PLC Holdings By:

All

Holder Name BLACKROCK ARTISAN PARTNERS HOL FMR LLC CAPITAL GROUP COMPAN SCHRODER INVESTMENT OPPENHEIMERFUNDS INC VANGUARD GROUP INC WILLIAM BLAIR & COMP MORGAN STANLEY T ROWE PRICE ASSOCIA SCOTTISH WIDOWS BNP PARIBAS INV PART JUPITER ASSET MANAGE TRIMARK INVESTMENT M HARRIS ASSOCIATES LP LEGAL & GENERAL TAUBE HODSON STONEX BANK OF NEW YORK MEL SUN LIFE FINANCIAL I SWEDBANK ROBUR FONDE

Firm Name Jefferies Cantor Fitzgerald Goldman Sachs Day by Day Canaccord Genuity Corp Barclays HSBC Evercore Partners Nomura Oriel Securities Ltd JPMorgan EVA Dimensions Credit Suisse Shore Capital Stockbrokers Deutsche Bank

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

Analyst JUSTIN JORDAN CAROLINE DE LA SOUJEOLE CHARLES WILSON VALERIE GASTALDY GRAHAM BROWN PAUL D A SULLIVAN RAJESH KUMAR DAVID M TOGUT MATTHEW WALKER HECTOR FORSYTHE ROBERT PLANT CRAIG STERLING ANDY GROBLER ROBIN SPEAKMAN ANDY CHU

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

Recommendation buy add neutral/neutral buy sell overweight overweight overweight buy buy overweight hold outperform buy buy

Amt Held 51'371'146 50'901'871 34'901'988 32'286'000 12'492'621 11'331'489 10'397'136 9'835'265 9'372'533 8'828'054 8'544'826 7'667'018 6'972'501 5'578'540 5'505'401 4'467'345 3'901'480 3'686'289 3'665'940 3'431'637

% Out 5.09 5.04 3.46 3.2 1.24 1.12 1.03 0.97 0.93 0.87 0.85 0.76 0.69 0.55 0.55 0.44 0.39 0.36 0.36 0.34

Weighting

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

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

Latest Chg 1'386'921 11'347 680'530 394'068 410'711 (738'866) (950'546) 2'999'238 (2'502'390) (59'173) (82'066) 4'079'400 109'939 (61'410) (1'007'000) 963'795 528'260

Target Price 1'200 1'100 1'305 1'192 898 1'250 1'200 1'400 1'215 1'152 1'210 #N/A N/A 1'230 #N/A N/A 1'200

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

File Dt 25.03.2013 09.05.2012 31.01.2013 31.12.2012 30.11.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.11.2012 31.01.2013 30.11.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.01.2013 31.01.2013 31.12.2012

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

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

Date 21.03.2013 18.03.2013 25.02.2013 20.02.2013 12.02.2013 07.02.2013 04.02.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 17.01.2013 16.01.2013 08.01.2013 24.10.2012

27.03.2013

Tullow Oil PLC Tullow Oil plc explores for and produces oil and gas. The Group's assets are in Africa, Europe, South America and Asia.

Price/Volume 70

16.0 M

14.0 M 12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (12.12.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TLW LN EQUITY YTD Change TLW LN EQUITY YTD % CHANGE

12/2012 12/yy 1'599.00 1'098.00 834'822.00 1256 -21.45% 14.39% 30.54% 907.8 11'402.18 1'173.60 0.0 92.4 330.20 18'157.08

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

6.0 M

4.0 M

2.0 M

0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 1'280.9 7.60x 478.0 20.36x 413.4 21.37x

8.0 M

31.12.2009 31.12.2010 911.8 1'089.8 19.23x 17.80x 486.2 628.7 36.06x 30.86x 23.6 71.0 688.29x 243.62x Profitability

31.12.2011 2'304.2 9.77x 1'663.8 13.54x 649.0 30.01x

31.12.2012 2'344.1 8.33x 1'044.6 18.69x 624.3 29.75x 1'044.60 482.70 20.59% 47.60% 6.24% 12.59% 9.78% 0.23% 57.4% 44.6% 20.6% 26.6% 1.05 0.27 12.51% 22.44% 5.13

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

0.63 1.23 898.24 -18.93% -0.40% 1.225 35 3.600 1'917'914 1'920'296 2'174'538 FY+2

12/13 Y 12/14 Y 2'727.7 2'650.3 6.97x 7.52x 1'889.3 1'875.9 9.61x 9.68x 728.8 689.6 26.20x 27.65x S&P Issuer Ratings

FQ+1

FQ+2

17.71 6.64 0.81 1.12 22.4% 18.1% 0.23 0.59 71.31 -

Sales/Revenue/Turnover

25.00

16'000.0 14'000.0

20.00

12'000.0 10'000.0

15.00

8'000.0 10.00

6'000.0 4'000.0

5.00

0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Tullow Oil PLC Holdings By:

All

Holder Name BLACKROCK M&G INVESTMENT MANAG IFG INTL TRUST CO LT LEGAL & GENERAL GENESIS ASSET MANAGE OPPENHEIMERFUNDS INC BAILLIE GIFFORD AND STANDARD LIFE INVEST OPPENHEIMERFUNDS INC UBS GENESIS INVESTMENT M NORGES BANK INVESTME SCOTTISH WIDOWS CARMIGNAC GESTION S FMR LLC T ROWE PRICE ASSOCIA CARMIGNAC GESTION LANSDOWNE PARTNERS T ROWE PRICE ASSOCIA PEOPLES REPUBLIC OF

Firm Name Societe Generale Investec Nomura Morgan Stanley Jefferies AlphaValue Canaccord Genuity Corp Goodbody Stockbrokers Ltd Macquarie Sanford C. Bernstein & Co Exane BNP Paribas HSBC Oriel Securities Ltd Barclays Numis Securities Ltd FirstEnergy Capital Corp Liberum Capital Ltd RBC Capital Markets EVA Dimensions Tudor Pickering & Co SBG Securities Deutsche Bank Credit Suisse WH Ireland Ltd Global Hunter Securities JPMorgan Merrion Stockbrokers Day by Day Goldman Sachs Mirabaud Securities N+1 Singer Ltd Davy Westhouse Securities CAL Brokers Limited

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

Analyst DAVID MIRZAI BRIAN GALLAGHER THEEPAN JOTHILINGAM JAMIE MADDOCK BRENDAN MICHAEL WARN ALEXANDRE ANDLAUER THOMAS MARTIN GERRY F HENNIGAN MARK WILSON OSWALD CLINT ALEJANDRO DEMICHELIS PETER HITCHENS RICHARD GRIFFITH RAHIM KARIM SANJEEV BAHL GERRY F DONNELLY ANDREW WHITTOCK AL STANTON CRAIG STERLING ANISH KAPADIA LIONEL THEROND PHIL CORBETT THOMAS YOICHI ADOLFF ANGUS B MCPHAIL JOHN MALONE JAMES THOMPSON MUNA MULEYA VALERIE GASTALDY CHRISTOPHOR JOST TEAM COVERAGE SIMON HAWKINS JOB LANGBROEK PETER BASSETT NANA AGYEI OPOKU-AGYEMANG

Source ULT-AGG REG Co File ULT-AGG RNS-MAJ MF-AGG REG REG REG ULT-AGG REG REG ULT-AGG REG ULT-AGG REG MF-AGG Short MF-AGG REG

Recommendation hold sell reduce Overwt/Attractive buy reduce hold buy underperform outperform outperform neutral add overweight hold outperform buy outperform sell trim sell hold neutral buy neutral overweight buy hold Buy/Cautious neutral buy outperform not rated buy

Amt Held % Out 88'501'424 9.75 49'204'193 5.42 38'960'366 4.29 34'592'411 3.81 34'047'805 3.75 26'618'768 2.93 25'615'071 2.82 23'871'829 2.63 23'832'447 2.63 22'605'751 2.49 21'305'475 2.35 20'641'618 2.27 17'499'691 1.93 16'994'926 1.87 16'948'666 1.87 16'376'351 1.8 16'367'377 1.8 (16'158'187) -1.78 14'127'789 1.56 13'202'711 1.45

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

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

Latest Chg (10'253'392) (827'789) 247'443 1'542'288 (193'985) 627'730 (122'239) (1'255'509) 4'756'712 (79'832) (6'791'928) 291'947 (239'378) (2'087'856) 685'886 -

Target Price 1'340 970 1'400 1'730 1'800 1'224 1'150 1'470 959 1'800 1'650 1'381 #N/A N/A 1'720 1'225 1'480 1'683 1'500 #N/A N/A 900 1'250 1'075 1'350 1'515 1'300 1'500 1'780 #N/A N/A 1'453 #N/A N/A 1'370 #N/A N/A #N/A N/A #N/A N/A

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

File Dt 25.03.2013 03.12.2012 13.03.2012 03.12.2012 14.01.2013 31.01.2013 03.12.2012 03.12.2012 03.12.2012 31.01.2013 03.12.2012 03.12.2012 03.12.2012 03.12.2012 31.01.2013 03.12.2012 31.12.2012 11.01.2013 31.12.2012 03.12.2012

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

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

Date 27.03.2013 26.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 18.03.2013 14.03.2013 08.03.2013 07.03.2013 07.03.2013 01.03.2013 01.03.2013 01.03.2013 22.02.2013 21.02.2013 19.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 08.02.2013 11.01.2013 20.12.2012 12.12.2012 12.12.2012 27.11.2012 26.11.2012 04.07.2012 30.08.2011

27.03.2013

Shire PLC Shire PLC markets, licenses and develops prescription medicines. The Group focuses its operations on attention deficit and hyperactivity disorders, human genetic therapies, gastrointestinal, and renal diseases.

Price/Volume 250

1.6 M 1.4 M

200

1.2 M 1.0 M

150

.8 M

Valuation Analysis

100

Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (26.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SHP LN EQUITY YTD Change SHP LN EQUITY YTD % CHANGE

12/2012 12/yy 2'173.00 1'682.00 208'961.00 1977 -9.11% 17.42% 60.49% 556.9 11'010.79 1'100.00 0.0 0.0 1'482.20 16'247.95

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

31.12.2009 31.12.2010 2'986.2 3'456.3 3.89x 4.07x 876.3 1'075.4 13.26x 13.09x 491.6 588.0 20.96x 22.34x Profitability

.2 M

0 m-12

.0 M a-12 m-12

LTM-4Q 31.12.2011 4'233.7 4.74x 1'448.0 13.85x 865.0 22.17x

31.12.2012 4'648.3 3.56x 1'214.5 13.61x 745.4 22.84x 1'214.50 905.90 19.49% 19.63% 10.88% 21.31% 16.89% 0.68% 86.1% 26.8% 20.1% 16.0% 1.95 1.40 15.03% 28.88% 5.57 1.66

Price/ Cash Flow

12/yy 1'588.3 16.29x 659.8 10.59x 94.0 56.33x

j-12

a-12

LTM 12/yy 1'913.7 23.94x 819.3 15.54x 144.7 68.96x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

0.58 0.77 556.46 1.62 -6.47% 5.13% 0.767 23 4.522 1'927'948 1'739'587 1'515'374 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'062.3 5'440.5 1'249.5 1'247.3 3.01x 2.56x 12.77x 12.61x 1'779.9 2'002.2 467.0 484.0 9.13x 8.11x 8.06x 1'289.4 1'459.5 310.3 304.3 13.25x 11.72x 12.90x S&P Issuer Ratings

31.79 27.88 -0.31 0.88 28.9% 22.4% 0.68 4.92 65.72 220.31 117.50

Sales/Revenue/Turnover

18.00

2'000.0

16.00

1'800.0

14.00

1'600.0 1'400.0

12.00

1'200.0

10.00 8.00

1'000.0 800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 01.01.2010

.4 M

Fiscal Year Ended 31.12.2008 2'999.7 3.06x 867.6 10.59x 156.0 45.95x

.6 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Shire PLC Holdings By:

All

Holder Name BLACKROCK FMR LLC LEGAL & GENERAL CAPITAL GROUP INTERN VANGUARD GROUP INC SCHRODER INVESTMENT ALLIANZ ASSET MANAGE SCOTTISH WIDOWS SWEDBANK ROBUR FONDE ROYAL LONDON ASSET M JANUS CAPITAL MANAGE INVESCO LTD SEB ALLIANCE BERNSTEIN ROYAL BANK OF CANADA BARING FUND MANAGERS F&C FUND MANAGEMENT BNP PARIBAS INV PART PRINCIPAL FINANCIAL PRUDENTIAL FINANCIAL

Firm Name Bryan Garnier & Cie Jefferies Exane BNP Paribas AlphaValue Credit Suisse Berenberg Bank Shore Capital Stockbrokers EVA Dimensions Nomura Morgan Stanley JPMorgan Societe Generale Deutsche Bank S&P Capital IQ Panmure Gordon & Co Limited Barclays Goldman Sachs Day by Day Redburn Partners Cenkos Securities Ltd

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

Analyst MARTIAL DESCOUTURES PETER WELFORD NICOLAS GUYON-GELLIN KAMLA SINGH KERRY HOLFORD ADRIAN HOWD BRIAN WHITE ANDREW S ZAMFOTIS JAMES CRITCHLEY PETER VERDULT JAMES D GORDON STEPHEN MCGARRY MARK CLARK JACOB THRANE SAVVAS NEOPHYTOU BRIAN BOURDOT KEYUR PAREKH VALERIE GASTALDY TEAM COVERAGE NAVID MALIK

Source ULT-AGG ULT-AGG ULT-AGG RNS-MAJ MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG

Recommendation buy buy outperform add outperform hold buy buy neutral Overwt/Attractive overweight buy buy buy hold overweight Buy/Neutral buy neutral buy

Amt Held 54'260'621 34'275'474 22'275'321 9'789'761 8'949'847 6'007'724 4'573'355 4'551'120 2'825'300 2'345'173 2'185'502 1'992'292 1'944'312 1'742'483 1'551'340 1'521'756 1'476'159 1'386'184 1'310'393 965'389

% Out 9.74 6.15 4 1.76 1.61 1.08 0.82 0.82 0.51 0.42 0.39 0.36 0.35 0.31 0.28 0.27 0.27 0.25 0.24 0.17

Weighting

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

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

Latest Chg 20'903'890 (656'470) 694'811 251'205 881'675 2'001'575 394'229 1'623 846'879 (486'895) 349'830 (48'877) (85'801) 151'717 78'291 (121'776) 49'072 92'063

Target Price 2'250 2'400 2'400 2'303 2'350 2'250 #N/A N/A #N/A N/A 2'160 2'400 2'340 2'397 2'325 2'300 2'150 2'350 2'675 2'273 #N/A N/A 2'343

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

File Dt Inst Type 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 23.02.2012 Unclassified 19.01.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 30.11.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 21.03.2013 Investment Advisor 31.01.2013 Unclassified 31.01.2013 Investment Advisor 30.11.2012 Bank 30.11.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 26.03.2013 21.03.2013 21.03.2013 21.03.2013 11.03.2013 08.03.2013 01.03.2013 01.03.2013 28.02.2013 21.02.2013 19.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 28.01.2013 24.01.2013 26.11.2012 26.06.2012

27.03.2013

CRH PLC CRH plc manufactures cement, concrete products, aggregates, asphalt, clay bricks, chemical lime, security fencing products, and roofing, insulation and other building materials. The Group also operates some 136 builders merchant locations and 54 DIY stores. CRH, via its subsidiaries, operates in some 19 countries, including Ireland, the US, Spain, Germany and the Netherlands.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 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 21.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CRH LN EQUITY YTD Change CRH LN EQUITY YTD % CHANGE

12/2011 12/yy 1'554.00 1'052.00 483'151.00 1432 -7.92% 36.03% 80.28% 727.1 10'412.36 4'915.00 1.0 36.0 1'799.00 15'469.01

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

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 m-12

31.12.2009 31.12.2010 17'373.0 17'173.0 1.01x 0.86x 1'803.0 1'614.0 9.69x 9.18x 592.0 432.0 21.54x 25.28x Profitability

31.12.2011 18'081.0 0.82x 1'656.0 9.01x 590.0 18.60x

31.12.2012 18'659.0 0.76x 1'640.0 8.70x 552.0 20.01x 1'640.00 845.00 4.53% 3.61% 2.59% 5.25% 5.03% 0.88% 27.3% 8.8% 4.5% 3.0% 1.84 1.15 23.22% 46.65% 7.88 5.79

Price/ Cash Flow

m-12

LTM-4Q

LTM

12/yy

12/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

FY+1 -

3.69 1.45 683.33 13.12% 17.67% 1.447 32 2.531 2'283'823 2'524'278 2'172'856 FY+2

12/13 Y 12/14 Y 19'073.4 20'125.6 0.80x 0.75x 1'724.8 1'974.8 8.97x 7.84x 601.1 791.3 20.03x 15.54x S&P Issuer Ratings

FQ+1

FQ+2

17.12.2007 BBB+ STABLE 07.09.2001 A-2 5.92 3.84 1.90 3.00 46.6% 31.7% 0.88 2.15 46.46 63.19 59.16 50.49

Sales/Revenue/Turnover

10.00

4'500.0

9.00

4'000.0

8.00

3'500.0

7.00

3'000.0

6.00

2'500.0

5.00

2'000.0

4.00

1'500.0

3.00

1'000.0

2.00

500.0

1.00 0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 20'887.0 0.78x 2'656.0 6.11x 1'248.0 7.66x

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 |

27.03.2013

CRH PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES BLACKROCK CAPITAL GROUP COMPAN UBS HARBOR CAPITAL ADVIS NORGES BANK GRWTH FUND OF AMERIC FIRST EAGLE INVESTME BNP PARIBAS INV PART VANGUARD GROUP INC MANNING & NAPIER ADV SCOTTISH WIDOWS TEMPLETON INVESTMENT MARKETFIELD ASSET MA INVESCO LTD MORGAN STANLEY MACKAY SHIELDS LLC ARTISAN PARTNERS HOL LEGAL & GENERAL INVESTEC ASSET MANAG

Firm Name Landesbank Baden-Wuerttemberg Oddo & Cie AlphaValue EVA Dimensions Sanford C. Bernstein & Co Raymond James Goldman Sachs Credit Suisse Goodbody Stockbrokers Ltd Deutsche Bank JPMorgan Natixis Day by Day Societe Generale Independent Research GmbH Berenberg Bank Jefferies Bryan Garnier & Cie S&P Capital IQ Exane BNP Paribas Numis Securities Ltd Merrion Stockbrokers Kepler Capital Markets HSBC Morgan Stanley Liberum Capital Ltd Redburn Partners Davy Nord/LB

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

Analyst HANS-PETER KUHLMANN VIRGINIE ROUSSEAU GAETAN DUPONT CRAIG STERLING PHIL ROSEBERG ARNAUD PALLIEZ WILL MORGAN HARRY GOAD ROBERT EASON LUIS PRIETO MICHAEL MORRIS ABDELKADER BENCHIHA VALERIE GASTALDY MURIEL FELLOUS CHRISTOPH SCHOENDUBE ROBERT MUIR MICHAEL F BETTS SVEN EDELFELT JAWAHAR HINGORANI PAUL ROGER HOWARD SEYMOUR DAVID HOLOHAN JOSEP PUJAL JOHN FRASER-ANDREWS YURI SEROV CHARLIE CAMPBELL WILLIAM JONES BARRY DIXON HEINO HAMMANN

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG 20F 20F RNS-MAJ MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

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

Amt Held 46'828'488 28'961'677 27'093'488 26'645'973 21'999'275 21'543'277 21'114'087 11'276'498 8'149'481 7'954'808 7'703'980 5'345'457 4'922'840 4'196'785 3'186'312 2'802'622 2'762'000 2'746'054 2'586'810 2'522'762

% Out 6.44 3.98 3.73 3.66 3.03 2.96 2.9 1.55 1.12 1.09 1.06 0.74 0.68 0.58 0.44 0.39 0.38 0.38 0.36 0.35

Weighting

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

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

Latest Chg (10'758'929) (7'581'034) (214'912) 1'580'407 (1'337'651) 318'307 3'376'460 2'283'455 (13'040) 2'571'785 92'614 342'000 850'506 3'567 (874)

Target Price 1'362 1'353 1'626 #N/A N/A 1'450 #N/A N/A 1'478 1'133 1'297 1'600 1'215 1'465 #N/A N/A 1'380 1'558 1'212 1'724 1'293 1'465 1'552 1'000 1'210 1'376 1'283 1'258 1'150 #N/A N/A #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 21.01.2013 Investment Advisor 31.01.2013 Unclassified 23.03.2012 Investment Advisor 23.03.2012 Government 15.02.2011 n/a 30.09.2012 Hedge Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 21.03.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 31.01.2013 Investment Advisor

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

Date 21.03.2013 21.03.2013 21.03.2013 21.03.2013 18.03.2013 15.03.2013 08.03.2013 07.03.2013 06.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 22.02.2013 04.02.2013 29.01.2013 13.12.2012 09.11.2012 07.11.2012 19.10.2012 14.06.2012

27.03.2013

Legal & General Group PLC Legal & General Group plc is a holding company. The Company, through its subsidiaries, provides savings, risk and investment management services such as annuities, long-term savings, life assurance and financial protection products. Legal & General Group's products are sold through bank, building society relationships, Independent Financial Advisers and directly to customers. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 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 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LGEN LN EQUITY YTD Change LGEN LN EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 175.40 105.30 4'052'013.00 170.1 -3.08% 61.44% 93.01% 5'913.0 10'057.94 3'365.00 0.0 39.0 16'652.00 -

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

31.12.2009 31.12.2010 43'790.0 38'440.0 863.0 820.0 2.72x 6.88x Profitability

2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M a-12

LTM-4Q 31.12.2011 18'317.0 726.0 8.25x

31.12.2012 34'976.0 813.0 10.48x 3.43% 2.96% 0.24% 15.28% 10.70% 0.10% 2.3% 0.97% 61.85% -

Price/ Cash Flow

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

12/yy 6'150.5 5.49x 656.3 11.27x 385.7 22.88x

LTM 12/yy 5'980.9 4.75x 570.7 12.10x 333.4 25.19x

FY+1

4.50 1.37 5'906.56 33.56% 16.76% 1.369 27 3.519 12'036'370 13'479'500 11'780'630 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/12 Q1 06/12 Q2 29'766.0 33'116.0 436.5 0.31x 0.27x 877.7 905.4 11.57x 10.83x S&P Issuer Ratings

09.02.2010 A STABLE 25.02.2009 A-1 61.8% 38.0% 0.10 -

Sales/Revenue/Turnover

45.00

7'000.0

40.00

6'000.0

35.00

5'000.0

30.00 25.00

4'000.0

20.00

3'000.0

15.00

2'000.0

10.00

1'000.0

5.00 0.00 01.01.2010

3.0 M

Fiscal Year Ended 31.12.2008 (31'644.0) (1'067.0) -

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Legal & General Group PLC Holdings By:

All

Holder Name AXA SCHRODER INVESTMENT FMR LLC BLACKROCK CAPITAL GROUP COMPAN THREADNEEDLE ASSET M SCHRODER INVESTMENT SWISS REINSURANCE STANDARD LIFE INVEST SCOTTISH WIDOWS THREADNEEDLE INVESTM ARTEMIS INVESTMENT M AVIVA INVESTORS NORGES BANK INVESTME ARTEMIS INVESTMENT M PEOPLES REPUBLIC OF LEGAL & GENERAL GROU F&C ASSET MANAGEMENT JUPITER ASSET MANAGE VANGUARD GROUP INC

Firm Name Barclays Sanford C. Bernstein & Co Oriel Securities Ltd Credit Suisse Exane BNP Paribas Berenberg Bank HSBC Keefe, Bruyette & Woods Nomura S&P Capital IQ Panmure Gordon & Co Limited JPMorgan Day by Day RBC Capital Markets Deutsche Bank Macquarie Goldman Sachs EVA Dimensions Investec Societe Generale Redburn Partners Morgan Stanley Canaccord Genuity Corp Shore Capital Stockbrokers Daiwa Securities Co. Ltd.

Analyst ALAN DEVLIN EDWARD HOUGHTON MARCUS BARNARD CHRIS ESSON ANDY HUGHES MATTHEW PRESTON KAILESH MISTRY GREIG N PATERSON FAHAD CHANGAZI RODERICK WALLACE BARRIE CORNES ASHIK MUSADDI VALERIE GASTALDY GORDON AITKEN OLIVER STEEL NEIL WELCH COLIN L SIMPSON AUSTIN BURKETT KEVIN RYAN ABID HUSSAIN LANCE BURBIDGE JON HOCKING BEN COHEN EAMONN FLANAGAN TIM PROUDLOVE

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

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

Amt Held 407'420'137 386'066'239 334'301'816 291'921'424 290'344'506 238'287'407 213'441'502 169'171'985 162'792'629 146'965'053 116'326'902 114'033'951 112'000'485 101'018'107 93'648'888 81'906'572 72'641'394 70'631'364 65'293'473 64'344'533

% Out 6.89 6.53 5.65 4.94 4.91 4.03 3.61 2.86 2.75 2.49 1.97 1.93 1.89 1.71 1.58 1.39 1.23 1.19 1.1 1.09

Weighting

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

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

Latest Chg (2'209'633) (10'233'954) 101'373'791 (1'707'207) 11'184'585 277'675 418'703 13'696'488 46'947'806 21'328 21'870'538 (16'190'706) 6'951'655 37'648'888 (2'070'035) 403'808 1'547'523 2'300'121

Target Price 181 175 165 175 116 200 195 110 185 155 190 144 #N/A N/A 150 170 175 165 #N/A N/A 153 144 #N/A N/A 157 150 #N/A N/A 137

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

File Dt 03.12.2012 03.12.2012 31.01.2013 25.03.2013 31.12.2012 03.12.2012 31.12.2012 03.12.2012 03.12.2012 03.12.2012 31.12.2012 03.12.2012 03.12.2012 03.12.2012 31.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012

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

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

Date 27.03.2013 26.03.2013 26.03.2013 25.03.2013 18.03.2013 15.03.2013 07.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 25.02.2013 21.02.2013 20.02.2013 24.01.2013 23.01.2013 18.01.2013 17.01.2013 07.01.2013 11.12.2012 10.12.2012 05.12.2012 26.11.2012 08.11.2012 01.07.2011

27.03.2013

Old Mutual PLC Old Mutual PLC is an international long-term savings, protection and investment Group. The Company provides life assurance, asset management, banking and general insurance to customers in Africa, the Americas, Asia and Europe.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (06.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OML LN EQUITY YTD Change OML LN EQUITY YTD % CHANGE

12/2012 12/yy 213.80 136.60 1'737'517.00 200.9 -6.22% 46.78% 87.69% 4'893.3 9'830.73 3'050.00 273.0 1'692.0 3'863.00 10'982.73

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

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 (2'414.0) 495.0 5.93x

31.12.2009 31.12.2010 18'013.0 17'356.0 0.50x 0.55x (275.0) (220.0) 13.41x Profitability

LTM-4Q 31.12.2011 7'689.0 1.33x 729.0 14.26x

31.12.2012 17'906.0 0.55x 1'173.0 14.62x 9.16% 7.79% 0.77% 13.76% 11.90% 0.12% 6.6% 2.13% 38.94% -

Price/ Cash Flow

LTM

12/yy 46'128.3 2.31x 2'566.7 9.39x 1'275.8 16.80x

12/yy 94'235.2 2.27x 4'672.2 12.27x 1'334.2 22.22x

3.49 1.17 4'097.04 28.52% 12.51% 1.170 21 3.429 8'900'455 9'774'593 7'993'184

FY+1

FY+2

12/13 Y

12/14 Y

FQ+1

FQ+2

09/11 Q3 12/11 Q4 353.0 1'017.4 1'123.2 10.00x 9.13x S&P Issuer Ratings

38.9% 23.7% 0.12 -

Sales/Revenue/Turnover

25.00

100'000.0 90'000.0 80'000.0

20.00

70'000.0 15.00

60'000.0

10.00

50'000.0 40'000.0 30'000.0 20'000.0

5.00

10'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Old Mutual PLC Holdings By:

All

Holder Name CEVIAN CAPITAL SANLAM ASSET MANAGEM PUBLIC INVESTMENT CO BLACKROCK OLD MUTUAL LEGAL & GENERAL SCOTTISH WIDOWS SCHRODER INVESTMENT ALLAN GRAY UNIT TRUS NORGES BANK INVESTME VANGUARD GROUP INC VANGUARD GROUP INC SCHRODER INVESTMENT PEOPLES REPUBLIC OF DIMENSIONAL FUND ADV APG ALGEMENE PENSIOE STATE STREET COLLINS STEWART LTD SANLAM COLLECTIVE IN JP MORGAN

Firm Name AlphaValue Oriel Securities Ltd Day by Day Imara Goldman Sachs Deutsche Bank Investec S&P Capital IQ Credit Suisse Keefe, Bruyette & Woods Sanford C. Bernstein & Co Nedgroup Securities SBG Securities Barclays JPMorgan Avior Research RBC Capital Markets EVA Dimensions Morgan Stanley Nomura Shore Capital Stockbrokers

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

Analyst JEROME CASSAGNE MARCUS BARNARD VALERIE GASTALDY TONDERAI MANESWA COLIN L SIMPSON LARISSA VAN-DEVENTER MARK SALMON RODERICK WALLACE BRIAN MUSHONGA GREIG N PATERSON EDWARD HOUGHTON DAVID S DANILOWITZ RISTO KETOLA ALAN DEVLIN FRANCOIS DU TOIT HARRY BOTHA GORDON AITKEN AUSTIN BURKETT JON HOCKING BEN BATHURST EAMONN FLANAGAN

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

Recommendation reduce buy buy buy Buy/Neutral buy hold sell underperform underperform market perform not rated buy equalweight neutral outperform sector perform sell Equalwt/In-Line buy hold

Amt Held 410'748'581 305'691'719 268'811'081 241'406'155 240'737'104 185'451'357 78'294'908 75'182'544 67'791'621 56'099'783 52'184'053 52'018'689 47'821'797 44'880'947 39'313'687 37'242'823 36'962'867 35'758'032 34'541'968 34'351'633

% Out 8.39 6.25 5.49 4.93 4.92 3.79 1.6 1.54 1.39 1.15 1.07 1.06 0.98 0.92 0.8 0.76 0.76 0.73 0.71 0.7

Weighting

Change

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

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

Latest Chg (5'438'689) 11'251'775 27'971'120 (3'111'564) 123'856 2'583'390 2'178'786 609'391 (637'028) (4'748'190) 3'223'074 (686'845) (1'935'953) 11'966'269

Target Price 206 230 244 #N/A N/A 226 230 221 185 161 133 175 206 260 183 209 225 190 #N/A N/A 171 202 #N/A N/A

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

File Dt Inst Type 03.12.2012 Other 03.12.2012 Investment Advisor 08.03.2012 Government 25.03.2013 Investment Advisor 31.12.2012 Unclassified 03.12.2012 Unclassified 03.12.2012 Unclassified 03.12.2012 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Government 31.12.2012 Investment Advisor 03.12.2012 Investment Advisor 31.10.2012 Investment Advisor 03.12.2012 Government 03.12.2012 Investment Advisor 03.12.2012 Pension Fund (ERISA) 26.03.2013 Investment Advisor 03.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified

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

Date 21.03.2013 19.03.2013 18.03.2013 12.03.2013 05.03.2013 04.03.2013 04.03.2013 04.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 27.02.2013 25.02.2013 21.02.2013 21.02.2013 20.02.2013 17.01.2013 05.12.2012 11.07.2012 31.10.2011

27.03.2013

Pearson PLC Pearson plc is an international media and education company with its principal operations in the education, business information and consumer publishing markets. The Company creates and manages intellectual property to inform, educate and entertain. The Company's content is delivered through books books, newspapers and online services.

Price/Volume 160

100

12/2012 12/yy 1'302.00 1'105.00 554'329.00 1156 -11.14% 4.71% 36.04% 817.5 9'449.93 2'272.00 0.0 24.0 1'068.00 10'677.93

1.0 M

60 40

.5 M

20 0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2009 31.12.2010 5'140.0 5'663.0 1.66x 1.53x 821.0 948.0 10.39x 9.16x 425.0 1'297.0 18.96x 15.27x Profitability

31.12.2011 4'817.0 2.16x 942.0 11.02x 957.0 10.93x

31.12.2012 5'059.0 2.14x 956.0 11.31x 326.0 33.75x

956.00 639.00 12.63% 8.58% 2.89% 5.61% 5.04% 0.45% 56.0% 18.9% 12.6% 6.4% 1.74 0.43 20.02% 39.96% 6.66

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

3.89 0.75 789.10 -1.13% -2.61% 0.748 27 3.222 2'691'054 2'711'657 2'440'488 FY+2

12/13 Y 12/14 Y 6'215.9 6'166.1 1.62x 1.59x 1'045.2 1'134.9 10.22x 9.41x 644.9 725.4 14.22x 12.69x S&P Issuer Ratings

FQ+1

FQ+2

25.11.1998 BBB+ STABLE 25.11.1998 A-2 8.46 7.77 1.26 2.38 40.0% 28.5% 0.45 14.25 54.97 -

Sales/Revenue/Turnover

40.00

1'600.0

35.00

1'400.0

30.00

1'200.0

25.00

1'000.0

20.00

800.0

15.00

600.0

10.00

400.0

5.00

200.0

0.00 02.10.2009

1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (26.07.2012) 52-Week Low (20.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PSON LN EQUITY YTD Change PSON LN EQUITY YTD % CHANGE

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

2.0 M

120

Valuation Analysis

31.12.2008 4'811.0 1.45x 847.0 8.21x 292.0 13.38x

2.5 M

140

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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 |

27.03.2013

Pearson PLC Holdings By:

All

Holder Name FMR LLC BLACKROCK LEGAL & GENERAL LIBYAN INVESTMENT AU THORNBURG INVESTMENT SUN LIFE FINANCIAL I Northern Cross Inter HARBOR CAPITAL ADVIS ABERDEEN THORNBURG INVESTMENT NORGES BANK INVESTME THREADNEEDLE ASSET M SCOTTISH WIDOWS MACKENZIE FINANCIAL MACKENZIE FINANCIAL SARASIN LINDSELL TRAIN INVES DWS INVESTMENT SA UBS FRANKLIN RESOURCES

Firm Name

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

Analyst

Berenberg Bank SARAH SIMON EVA Dimensions CRAIG STERLING Sanford C. Bernstein & Co CLAUDIO ASPESI Exane BNP Paribas SAMI KASSAB HSBC DAN GRAHAM AlphaValue VERONIQUE CABIOC'H Numis Securities Ltd GARETH R DAVIES Societe Generale CHRISTOPHE CHERBLANC Deutsche Bank MARK BRALEY Investec STEVEN LIECHTI Macquarie TIMOTHY W NOLLEN Natixis PAVEL GOVCIYAN Nomura MATTHEW WALKER S&P Capital IQ ALEXANDER WISCH Barclays NICK DEMPSEY Morgan Stanley PATRICK WELLINGTON Goldman Sachs VIGHNESH PADIACHY Espirito Santo Investment Bank Research GIASONE SALATI Liberum Capital Ltd IAN WHITTAKER Jefferies DAVID REYNOLDS Credit Suisse JOSEPH BARNET-LAMB Panmure Gordon & Co Limited ALEX DE GROOTE JPMorgan MARK O'DONNELL Day by Day VALERIE GASTALDY CA Cheuvreux NIKLAS KRISTOFFERSSONN

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

Recommendation hold sell outperform outperform underweight add hold sell hold hold neutral buy reduce hold equalweight Underwt/Attractive Buy/Neutral buy sell hold outperform hold overweight hold underperform

Amt Held 40'551'847 38'923'069 32'385'175 26'572'179 23'375'817 22'522'305 19'312'999 19'130'761 17'884'414 16'108'031 14'432'921 14'169'408 13'749'673 12'289'596 11'719'600 11'542'527 11'409'427 11'369'381 11'061'943 10'827'974

% Out 4.96 4.76 3.96 3.25 2.86 2.76 2.36 2.34 2.19 1.97 1.77 1.73 1.68 1.5 1.43 1.41 1.4 1.39 1.35 1.32

Weighting

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

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

Latest Chg (5'822'202) (161'535) (3'877'187) (37'762) 4'434'586 2'437'466 (214'765) 4'631'557 (125'700) (132'300) (273'440) 664'500 423'149 (505'566) (57'000)

Target Price 1'200 #N/A N/A 1'400 1'400 1'000 1'385 1'192 1'040 1'225 1'150 1'100 1'420 1'195 1'300 1'175 1'140 1'370 1'570 1'050 1'290 1'210 1'125 1'490 #N/A N/A 1'150

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

File Dt 01.02.2013 25.03.2013 31.12.2011 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.12.2012 28.02.2013 31.01.2013 01.02.2013 01.02.2013 01.02.2013 31.12.2012 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013

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

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

Date 26.03.2013 14.03.2013 12.03.2013 08.03.2013 07.03.2013 07.03.2013 28.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 21.02.2013 22.01.2013 21.01.2013 31.10.2012 29.10.2012 07.08.2012 28.02.2012

27.03.2013

Reed Elsevier PLC Reed Elsevier PLC is a holding company. The Company is a publisher and information provider. Reed Elsevier, through its subsidiaries, publishes information for the scientific and medical professions, legal, and business to business sector.

Price/Volume 45

300.0 M

250.0 M

35 30

200.0 M

12/2012 12/yy 790.50 466.10 1'181'691.00 775.5 -2.02% 66.17% 99.68% 1'192.9 9'250.84 3'892.00 0.0 1'108.0 641.00 13'609.84

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

31.12.2009 31.12.2010 6'071.0 6'055.0 1.80x 1.77x 1'528.0 1'650.0 7.16x 6.51x 195.0 327.0 29.68x 19.86x Profitability

31.12.2011 6'002.0 1.81x 1'737.0 6.24x 389.0 16.04x

31.12.2012 6'116.0 1.96x 1'889.0 6.34x 552.0 13.96x 1'889.00 1'334.00 21.81% 19.41% 4.90% 46.88% 20.24% 0.54% 65.0% 30.9% 21.8% 9.0% 0.65 0.47 35.34% 322.72% 4.89 12.26

Price/ Cash Flow

50.0 M

5 0 m-12

.0 M a-12 m-12

j-12

LTM-4Q

LTM

12/yy

12/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

FY+1 -

2.97 0.90 1'192.47 43.99% 20.64% 0.904 29 3.828 3'243'235 3'659'088 3'290'474 FY+2

12/13 Y 12/14 Y 6'120.6 6'365.0 2.12x 1.94x 1'938.8 2'055.8 7.02x 6.62x 1'187.3 1'273.1 14.66x 13.58x S&P Issuer Ratings

FQ+1

FQ+2

12.12.2008 BBB+ STABLE 12.07.2001 A-2 8.14 7.84 1.72 2.06 322.7% 62.7% 0.54 22.16 74.89 29.86 207.92 -103.16

Sales/Revenue/Turnover

60.00

6'000.0

50.00

5'000.0

40.00

4'000.0

30.00

3'000.0

20.00

2'000.0

10.00

1'000.0

0.00 01.01.2010

100.0 M

Fiscal Year Ended 31.12.2008 5'334.0 2.20x 1'337.0 8.76x 241.0 24.70x

150.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 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 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance REL LN EQUITY YTD Change REL LN EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Reed Elsevier PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES FMR LLC SCOTTISH WIDOWS BLACKROCK SILCHESTER INTL INVE LLOYDS BANKING GROUP CAPITAL GROUP COMPAN INVESCO LTD LEGAL & GENERAL ARTISAN PARTNERS HOL NEWTON INV MGMT SCHRODER INVESTMENT ARTEMIS INVESTMENT M BANK OF NEW YORK MEL ARTISAN PARTNERS HOL THREADNEEDLE ASSET M NORGES BANK INVESTME UBS ARTEMIS INVESTMENT M INVESCO LTD

Firm Name

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 n/a Multiple Portfolios Multiple Portfolios

Analyst

Berenberg Bank SARAH SIMON Liberum Capital Ltd IAN WHITTAKER Societe Generale CHRISTOPHE CHERBLANC HSBC DAN GRAHAM AlphaValue VERONIQUE CABIOC'H Goldman Sachs VIGHNESH PADIACHY Sanford C. Bernstein & Co CLAUDIO ASPESI Day by Day VALERIE GASTALDY CA Cheuvreux ANDREA BENEVENTI JPMorgan MARK O'DONNELL EVA Dimensions CRAIG STERLING Investec STEVEN LIECHTI Macquarie TIMOTHY W NOLLEN Nomura MATTHEW WALKER Numis Securities Ltd GARETH R DAVIES Exane BNP Paribas SAMI KASSAB Barclays NICK DEMPSEY Deutsche Bank MARK BRALEY Morgan Stanley PATRICK WELLINGTON Jefferies DAVID REYNOLDS Petercam KRIS KIPPERS S&P Capital IQ ALEXANDER WISCH Peel Hunt PATRICK YAU Credit Suisse JOSEPH BARNET-LAMB Panmure Gordon & Co Limited ALEX DE GROOTE Espirito Santo Investment Bank Research GIASONE SALATI N+1 Singer Ltd JOHNATHAN BARRETT

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

Recommendation buy buy buy neutral reduce neutral/neutral underperform hold outperform overweight overweight buy underperform buy add outperform overweight buy Overwt/Attractive buy buy hold sell neutral buy sell not rated

Amt Held 200'840'551 91'969'406 63'278'995 60'105'105 47'677'807 47'667'406 46'602'367 42'254'826 40'627'705 36'357'666 34'080'964 30'756'657 29'906'301 29'850'728 25'067'088 24'449'279 23'946'229 23'539'529 22'365'700 21'709'286

% Out 16.84 7.71 5.3 5.04 4 4 3.91 3.54 3.41 3.05 2.86 2.58 2.51 2.5 2.1 2.05 2.01 1.97 1.87 1.82

Weighting

Change

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

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

Latest Chg (6'605'853) 20'665'621 (13'309'322) 4'261 4'271'265 2'629'644 2'531'677 2'212'191 4'146'817 (3'679) 1'292'810 (3'082'095) (143'074) (2'639'089) 275'863

Target Price 800 840 825 720 735 800 500 #N/A N/A 730 795 #N/A N/A 800 625 810 830 750 810 790 750 760 610 750 556 620 650 390 #N/A N/A

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

File Dt Inst Type 07.03.2013 Investment Advisor 31.01.2013 Investment Advisor 01.01.2013 Unclassified 25.03.2013 Investment Advisor 07.03.2013 Investment Advisor 07.03.2013 Investment Advisor 07.03.2013 Investment Advisor 01.01.2013 Investment Advisor 07.03.2013 Unclassified 01.01.2013 Investment Advisor 01.01.2013 Mutual Fund Manager 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Government 31.01.2013 Unclassified 31.12.2012 Investment Advisor 21.03.2013 Investment Advisor

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

Date 26.03.2013 26.03.2013 25.03.2013 25.03.2013 21.03.2013 20.03.2013 12.03.2013 11.03.2013 08.03.2013 06.03.2013 04.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 23.01.2013 21.01.2013 11.12.2012 12.10.2012 16.02.2012

27.03.2013

Aviva PLC Aviva PLC is an international insurance company that provides all classes of general and life assurance, including fire, motor, marine, aviation, and transport insurance. The Company also supplies a variety of financial services, including unit trusts, stockbroking, long-term savings, and fund management.

Price/Volume 60

4.5 M 4.0 M

3.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.12.2012) 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 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AV/ LN EQUITY YTD Change AV/ LN EQUITY YTD % CHANGE

12/2012 12/yy 390.40 251.10 6'006'055.00 295.9 -24.36% 17.60% 37.76% 2'946.1 8'717.56 8'194.00 1'582.0 1'574.0 22'897.00 -

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

31.12.2009 31.12.2010 59'434.0 50'197.0 0.09x 0.11x 1'085.0 1'463.0 10.51x 14.10x Profitability

2.0 M 1.5 M 1.0 M

10 0 m-12

.5 M .0 M a-12

LTM-4Q 31.12.2011 35'561.0 225.0 11.69x

31.12.2012 43'536.0 (3'218.0) 3.27% 0.57% -1.02% -31.74% -16.85% 0.14% -7.4% 2.60% 99.88% -

Price/ Cash Flow

12/yy 2'766.9 15.30x 619.5 20.55x 357.9 35.75x

m-12

j-12

a-12

LTM 12/yy 3'133.6 17.16x 727.3 18.91x 420.5 32.85x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

6.43 1.56 2'943.80 -9.53% -18.57% 1.557 27 3.593 12'212'750 15'125'410 12'347'110 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/12 Q1 06/12 Q2 43'014.0 42'380.5 1'295.7 1'445.3 6.76x 6.22x S&P Issuer Ratings

ASTABLE 21.03.2013 A-2 99.9% 41.9% 0.14 -

Sales/Revenue/Turnover

70.00

3'500.0

60.00

3'000.0

50.00

2'500.0

40.00

2'000.0

30.00

1'500.0

20.00

1'000.0

10.00

500.0

0.00 01.01.2010

2.5 M

Fiscal Year Ended 31.12.2008 20'484.0 0.23x (915.0) -

3.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Aviva PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES BLACKROCK AXA LEGAL & GENERAL SCOTTISH WIDOWS M&G INVESTMENT MANAG AVIVA PLC SHARE ACCO NORGES BANK INVESTME PEOPLES REPUBLIC OF THREADNEEDLE ASSET M VANGUARD GROUP INC HARGREAVES LANSDOWN MAJEDIE ASSET MANAGE TD WATERHOUSE GROUP VANGUARD GROUP INC APG ALGEMENE PENSIOE EDINBURGH PARTNERS L UBS GLOBAL ASSET MANAGEM BREWIN DOLPHIN LIMIT

Firm Name

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

Analyst

Day by Day VALERIE GASTALDY AlphaValue JEROME CASSAGNE Keefe, Bruyette & Woods GREIG N PATERSON Shore Capital Stockbrokers EAMONN FLANAGAN Canaccord Genuity Corp BEN COHEN Exane BNP Paribas ANDY HUGHES Berenberg Bank MATTHEW PRESTON Sanford C. Bernstein & Co EDWARD HOUGHTON Barclays ALAN DEVLIN Credit Suisse CHRIS ESSON Societe Generale ABID HUSSAIN HSBC KAILESH MISTRY S&P Capital IQ RODERICK WALLACE Morgan Stanley JON HOCKING JPMorgan ASHIK MUSADDI Nomura FAHAD CHANGAZI Oriel Securities Ltd MARCUS BARNARD Panmure Gordon & Co Limited BARRIE CORNES RBC Capital Markets GORDON AITKEN Macquarie NEIL WELCH Goldman Sachs COLIN L SIMPSON EVA Dimensions AUSTIN BURKETT Investec KEVIN RYAN Deutsche Bank OLIVER STEEL Redburn Partners LANCE BURBIDGE Daiwa Securities Co. Ltd. TIM PROUDLOVE Espirito Santo Investment Bank Research JOY FERNEYHOUGH

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

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

Amt Held 297'644'862 149'521'223 121'609'159 110'128'385 85'425'908 79'690'535 65'593'903 54'324'031 43'197'280 41'989'681 38'160'440 37'865'993 34'882'960 34'726'322 33'401'190 33'235'920 32'415'215 32'343'612 31'437'995 27'977'798

% Out 10.1 5.08 4.13 3.74 2.9 2.7 2.23 1.84 1.47 1.43 1.3 1.29 1.18 1.18 1.13 1.13 1.1 1.1 1.07 0.95

Weighting

Change

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

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

Latest Chg (3'781'712) (145'980) 18'716'026 1'091'900 180'879 11'118'500 6'232 2'236'701 (236'469) (7'987'635) (2'368'648) 1'572'352 515'452 (4'029'494) (1'303'182) 3'380'761 (125'831)

Target Price #N/A N/A 390 432 #N/A N/A 335 379 350 360 289 435 343 360 360 444 443 540 400 340 350 384 416 #N/A N/A 422 #N/A N/A #N/A N/A 508 605

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

File Dt Inst Type 20.03.2013 Investment Advisor 25.03.2013 Investment Advisor 20.03.2013 Investment Advisor 20.03.2013 Unclassified 01.02.2013 Unclassified 01.02.2013 Investment Advisor 01.02.2013 Unclassified 01.02.2013 Government 01.02.2013 Government 01.02.2013 Investment Advisor 31.12.2012 Investment Advisor 01.02.2013 Investment Advisor 01.02.2013 Investment Advisor 01.02.2013 Investment Advisor 01.02.2013 Investment Advisor 01.02.2013 Pension Fund (ERISA) 01.02.2013 Investment Advisor 01.02.2013 Unclassified 01.02.2013 Investment Advisor 01.02.2013 Investment Advisor

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

Date 21.03.2013 21.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 15.03.2013 14.03.2013 12.03.2013 11.03.2013 08.03.2013 08.03.2013 08.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 20.02.2013 23.01.2013 18.01.2013 17.01.2013 07.01.2013 21.12.2012 22.11.2012 01.07.2011 31.05.2011

27.03.2013

Wolseley PLC Wolseley plc distributes bathroom materials, heating and plumbing supplies, and systems and services. The Company's solutions include transaction processing, electronic bill payment and presentment, business process outsourcing, document distribution services, and software and systems solutions.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WOS LN EQUITY YTD Change WOS LN EQUITY YTD % CHANGE

Price/Volume

07/2012 12/yy 3'354.00 2'111.32 245'795.00 3171 -5.66% 49.86% 85.43% 274.0 8'688.65 840.00 0.0 0.0 819.00 9'633.65

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

31.07.2009 31.07.2010 13'301.0 13'203.0 0.36x 0.34x 1'140.0 840.0 4.23x 5.36x (1'173.0) (340.0) Profitability

1.0 M .8 M .6 M .4 M .2 M .0 M a-12 m-12

LTM-4Q 31.07.2011 13'558.0 0.42x 863.0 6.63x 271.0 18.26x

31.07.2012 13'421.0 0.49x 476.0 13.90x 57.0 108.63x 476.00 291.00 2.17% 1.48% 0.23% 0.52% 0.43% 1.82% 27.5% 3.8% 2.1% 0.4% 1.71 0.95 11.76% 26.81% 7.05 5.51

Price/ Cash Flow

12/yy 4'337.0 10.46x 1'345.0 8.39x 472.0 14.87x

j-12

a-12

LTM 12/yy 4'482.0 11.60x 1'410.0 9.51x 611.0 17.64x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

1.96 1.32 273.76 0.01 32.94% 9.10% 1.322 26 3.692 1'139'824 829'263 795'317 FY+2

FQ+1

FQ+2

07/13 Y 07/14 Y 04/12 Q3 07/12 Q4 13'290.8 14'212.6 3'157.3 0.68x 0.62x 852.7 993.1 235.0 11.30x 9.70x 498.9 608.0 17.54x 14.65x S&P Issuer Ratings

14.88 11.03 1.92 2.55 26.8% 21.1% 1.82 10.65 51.93 66.42 76.07 30.45

Sales/Revenue/Turnover

16.00

5'000.0

14.00

4'500.0 4'000.0

12.00

3'500.0

10.00

3'000.0

8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

1.2 M

Fiscal Year Ended 31.07.2008 13'079.0 0.38x 1'152.0 4.35x 74.0 2.55x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Wolseley PLC Holdings By:

All

Holder Name BLACKROCK FMR LLC VANGUARD GROUP INC BLACKROCK STATE STREET LONGVIEW PARTNERS (G SUN LIFE FINANCIAL I INVESCO LTD MERITAGE GROUP LP NORTHERN TRUST CORPO PITTENGER & ANDERSON DILLON DONALD F FINDLAY PARK PARTNER BANK OF NEW YORK MEL EGERTON CAPITAL LIMI INVESTEC ASSET MANAG BRAVE WARRIOR ADVISO EMINENCE CAPITAL LLC JARISLOWSKY FRASER L LORD ABBETT & CO LLC

Firm Name Jefferies Barclays Deutsche Bank Raymond James Goodbody Stockbrokers Ltd Oddo & Cie Oriel Securities Ltd Panmure Gordon & Co Limited Numis Securities Ltd EVA Dimensions Liberum Capital Ltd Day by Day Goldman Sachs JPMorgan Cantor Fitzgerald Redburn Partners Exane BNP Paribas Credit Suisse Berenberg Bank RBC Capital Markets HSBC Shore Capital Stockbrokers Davy

Portfolio Name T ROWE PRICE ASSOCIA n/a VANGUARD GROUP INC n/a n/a LONGVIEW PARTNERS (G n/a INVESCO LTD MERITAGE GROUP LP NORTHERN TRUST CORPO PITTENGER & ANDERSON n/a FINDLAY PARK PARTNER BANK OF NEW YORK MEL EGERTON CAPITAL LIMI INVESTEC ASSET MANAG BRAVE WARRIOR ADVISO EMINENCE CAPITAL LLC JARISLOWSKY FRASER L LORD ABBETT & CO LLC

Analyst SAM CULLEN PAUL CHECKETTS THOMAS SYKES ARNAUD PALLIEZ ROBERT EASON VIRGINIE ROUSSEAU MARK HOWSON ANDY BROWN HOWARD SEYMOUR CRAIG STERLING CHARLIE CAMPBELL VALERIE GASTALDY JOHN WOODMAN EMILY BIDDULPH KEVIN LAPWOOD JOHN MESSENGER PAUL ROGER HARRY GOAD MICHAEL WATTS OLIVIA PETERS RAJESH KUMAR JON BELL FLORENCE O'DONOGHUE

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

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

Amt Held 14'479'666 9'774'796 8'529'325 6'971'332 5'912'133 5'449'211 2'847'515 2'619'234 2'072'806 1'900'334 1'898'286 1'891'654 1'755'042 1'716'266 1'705'366 1'422'001 1'411'128 1'265'796 1'204'996 1'193'655

% Out 10.85 7.32 6.39 5.22 4.43 4.08 2.13 1.96 1.55 1.42 1.42 1.42 1.31 1.29 1.28 1.07 1.06 0.95 0.9 0.89

Weighting

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

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

Latest Chg 3'754'321 949'400 83'298 45'049 202'131 61'900 (99'329) (407) (7'517) 1'042 (39'088) 1'011'066 (2'321) (299'954) (3'090) 47'434 (172'514)

Target Price 2'540 3'450 3'400 #N/A N/A 3'740 3'410 #N/A N/A 2'500 2'980 #N/A N/A 3'730 3'507 3'440 3'350 2'700 #N/A N/A 3'250 3'348 3'032 3'241 3'139 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 25.03.2013 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 07.09.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 27.03.2013 27.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 21.03.2013 20.03.2013 04.03.2013 28.02.2013 25.02.2013 11.02.2013 18.01.2013 18.01.2013 17.12.2012 14.12.2012 10.12.2012 05.11.2012 20.08.2012 18.07.2012

27.03.2013

British Sky Broadcasting Group PLC British Sky Broadcasting Group plc provides a pay television broadcasting accessories. The Company's products include an extensive line of men's and women's fashion watches and jewelry sold under proprietary and licensed brands, handbags, small leather goods, belts, sunglasses, and apparel.

Price/Volume 160

6.0 M

140

5.0 M

120 4.0 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (05.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BSY LN EQUITY YTD Change BSY LN EQUITY YTD % CHANGE

06/2012 12/yy 905.50 629.00 435'578.00 869.5 -3.98% 38.24% 94.21% 1'616.9 14'058.69 2'414.00 0.0 0.0 1'174.00 15'490.69

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

30.06.2009 30.06.2010 5'359.0 5'506.0 1.83x 2.49x 1'104.0 1'182.0 8.89x 11.58x 259.0 878.0 30.57x 13.63x Profitability

1.0 M

20 0 m-12

.0 M a-12 m-12

LTM-4Q 30.06.2011 6'565.0 2.41x 1'406.0 11.25x 810.0 19.46x

30.06.2012 6'791.0 1.90x 1'587.0 8.13x 906.0 13.24x 1'587.00 1'243.00 18.30% 17.51% 15.48% 101.38% 29.12% 1.13% 23.4% 18.5% 13.3% 1.08 0.60 43.82% 255.72% -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

12/yy 2'567.3 8.80x 523.9 8.92x 294.7 17.18x

LTM 12/yy 2'857.5 7.86x 554.4 8.44x 343.4 16.51x

FY+1

3.13 0.69 934.85 31.70% 14.80% 0.691 29 3.345 2'584'114 2'829'078 2'669'556 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 7'152.5 7'498.8 1'811.0 1'820.3 2.15x 2.02x 8.16x 8.21x 1'666.1 1'707.9 428.0 415.0 9.30x 9.07x 930.9 958.5 239.7 227.7 15.25x 14.49x S&P Issuer Ratings

30.11.2009 BBB+ STABLE 14.30 12.24 0.88 1.74 255.7% 71.9% 1.13 7.31 -

Sales/Revenue/Turnover

45.00

3'500.0

40.00

3'000.0

35.00

2'500.0

30.00 25.00

2'000.0

20.00

1'500.0

15.00

1'000.0

10.00

500.0

5.00 0.00 08.01.2010

2.0 M

Fiscal Year Ended 30.06.2008 4'952.0 1.99x 970.0 10.14x (127.0) -

3.0 M

0.0 08.07.2010

08.01.2011

08.07.2011

08.01.2012

08.07.2012

08.01.2013

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 |

27.03.2013

British Sky Broadcasting Group PLC Holdings By:

All

Holder Name BSKYB HOLDCO INC BLACKROCK CAPITAL GROUP COMPAN FMR LLC FRANKLIN RESOURCES AEGON SCOTTISH WIDOWS ODEY ASSET MANAGEMEN LEGAL & GENERAL STATE STREET NOMURA INTERNATIONAL NORGES BANK INVESTME LLOYDS BANKING GROUP M&G INVESTMENT MANAG INVESCO LTD ODEY ASSET MGMT LTD MANNING & NAPIER ADV BRITISH SKY BROADCAS VANGUARD GROUP INC PEOPLES REPUBLIC OF

Firm Name

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

Analyst

Berenberg Bank SARAH SIMON Peel Hunt PATRICK YAU Oriel Securities Ltd JOHN KARIDIS Credit Suisse OMAR SHEIKH AlphaValue VERONIQUE CABIOC'H Goldman Sachs VIGHNESH PADIACHY Sanford C. Bernstein & Co CLAUDIO ASPESI Nomura MATTHEW WALKER Day by Day VALERIE GASTALDY New Street Research FRANK KNOWLES HSBC ADAM M RUMLEY Kepler Capital Markets CONOR O'SHEA Macquarie GUY R PEDDY Deutsche Bank LAURIE DAVISON S&P Capital IQ ALEXANDER WISCH Numis Securities Ltd PAUL RICHARDS Barclays JULIEN ROCH Morgan Stanley PATRICK WELLINGTON Investec STEVEN LIECHTI Exane BNP Paribas MICHAEL WILLIAMS Jefferies WILL SMITH EVA Dimensions CRAIG STERLING CA Cheuvreux THOMAS JORION JPMorgan MARK O'DONNELL Raymond James STEPHANE BEYAZIAN Espirito Santo Investment Bank Research GIASONE SALATI Panmure Gordon & Co Limited ALEX DE GROOTE ING Bank SIMON WALLIS Natixis JEROME BODIN

Source REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG RNS-RUL8 REG ULT-AGG REG REG MF-AGG REG REG MF-AGG REG

Recommendation sell hold sell neutral add Buy/Neutral underperform buy hold buy underweight buy outperform buy hold add equalweight Equalwt/Attractive buy outperform underperform hold underperform overweight market perform buy not rated buy suspended coverage

Amt Held 645'652'521 144'275'740 92'255'500 88'735'928 62'180'113 44'992'780 39'916'152 37'389'881 36'978'729 36'750'929 32'111'245 29'127'229 26'738'843 20'388'936 16'877'130 16'708'784 15'531'610 14'532'207 13'681'795 12'612'223

% Out 39.93 8.92 5.71 5.49 3.85 2.78 2.47 2.31 2.29 2.27 1.99 1.8 1.65 1.26 1.04 1.03 0.96 0.9 0.85 0.78

Weighting

Change

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

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

Latest Chg (8'800'626) (19'085'000) (130'152) (869'021) (1'432'023) (9'115'597) (431'754) (773'923) (49'407) 3'259'976 (332'629) (9'662) (862'242) 2'943'999 60'100 4'699'330 (1'204'732) 865'304 5'232'531

Target Price 650 845 600 800 980 1'070 600 975 #N/A N/A 900 600 960 900 970 860 921 840 860 870 920 650 #N/A N/A 800 910 #N/A N/A 875 #N/A N/A 765 #N/A N/A

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

File Dt Inst Type 01.11.2012 Unclassified 25.03.2013 Investment Advisor 14.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Unclassified 30.11.2012 Unclassified 01.11.2012 Hedge Fund Manager 01.11.2012 Unclassified 26.03.2013 Investment Advisor 11.07.2011 Investment Advisor 01.11.2012 Government 28.02.2013 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 28.02.2013 Investment Advisor 01.11.2012 Unclassified 01.11.2012 Unclassified 31.12.2012 Investment Advisor 01.11.2012 Government

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

Date 26.03.2013 25.03.2013 25.03.2013 21.03.2013 21.03.2013 20.03.2013 13.03.2013 12.03.2013 04.03.2013 01.03.2013 21.02.2013 11.02.2013 05.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 24.01.2013 17.01.2013 17.09.2012 12.09.2012 04.09.2012 04.09.2012 25.07.2011 15.06.2010 16.02.2010

27.03.2013

Standard Life PLC Standard Life PLC is a group holding company for a wide variety of insurance of which are enabled by Global Positioning System (GPS) technology. The Company designs, develops, manufactures, and markets hand-held, portable, and fixed mount GPS-enabled products and other navigation, communications, and information products under its own brand name. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SL/ LN EQUITY YTD Change SL/ LN EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 386.70 199.00 1'144'237.00 360.7 -6.78% 81.16% 90.09% 2'358.0 8'505.42 1'976.00 0.0 341.0 9'942.00 880.42

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

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

Fiscal Year Ended 31.12.2008 (16'225.0) 100.0 29.28x

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

31.12.2009 31.12.2010 17'167.0 18'569.0 0.08x 213.0 432.0 29.06x 11.75x Profitability

LTM-4Q 31.12.2011 9'086.0 298.0 15.93x

31.12.2012 19'185.0 0.01x 698.0 11.19x 4.80% 4.06% 0.42% 16.79% 12.94% 0.11% 3.6% 1.13% 45.37% -

Price/ Cash Flow

12/yy 2'758.6 6.20x 648.3 8.10x 520.9 14.74x

LTM 12/yy 2'715.7 8.08x 694.6 7.34x 542.4 14.30x

FY+1

7.63 1.24 2'354.68 58.42% 8.55% 1.243 25 2.800 4'856'709 5'097'891 4'698'171 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 20'389.6 22'064.2 538.4 603.0 15.03x 13.87x S&P Issuer Ratings

13.01.2004 ASTABLE 13.01.2004 NR 45.4% 29.6% 0.11 -

Sales/Revenue/Turnover

14.00

4'000.0

12.00

3'500.0 3'000.0

10.00

2'500.0 8.00

2'000.0 6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

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 |

27.03.2013

Standard Life PLC Holdings By:

All

Holder Name PRIVATE INDIVIDUALS BLACKROCK LEGAL & GENERAL ARTEMIS INVESTMENT M SCOTTISH WIDOWS NEWTON INV MGMT ARTEMIS INVESTMENT M FMR LLC BANK OF NEW YORK MEL VANGUARD GROUP INC VANGUARD GROUP INC PEOPLES REPUBLIC OF HENDERSON GLOBAL INV JUPITER ASSET MANAGE SCHRODER INVESTMENT STATE STREET MAJEDIE ASSET MANAGE NORGES BANK INVESTME RWC PARTNERS LTD JO HAMBRO CAPITAL MA

Firm Name Panmure Gordon & Co Limited Barclays Day by Day Sanford C. Bernstein & Co Exane BNP Paribas S&P Capital IQ HSBC Keefe, Bruyette & Woods Oriel Securities Ltd Credit Suisse RBC Capital Markets JPMorgan Macquarie Societe Generale Deutsche Bank Goldman Sachs EVA Dimensions Investec Morgan Stanley Shore Capital Stockbrokers Redburn Partners Berenberg Bank Nomura Daiwa Securities Co. Ltd.

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

Analyst BARRIE CORNES ALAN DEVLIN VALERIE GASTALDY EDWARD HOUGHTON ANDY HUGHES RODERICK WALLACE KAILESH MISTRY GREIG N PATERSON MARCUS BARNARD CHRIS ESSON GORDON AITKEN ASHIK MUSADDI NEIL WELCH ABID HUSSAIN OLIVER STEEL COLIN L SIMPSON AUSTIN BURKETT KEVIN RYAN JON HOCKING EAMONN FLANAGAN LANCE BURBIDGE MATTHEW PRESTON BEN BATHURST TIM PROUDLOVE

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

Recommendation buy underweight buy underperform outperform hold underweight market perform add underperform sector perform overweight outperform hold hold Sell/Neutral sell buy Underwt/In-Line hold buy sell reduce hold

Amt Held 1'036'519'084 113'806'452 100'730'729 57'307'886 36'285'342 35'876'476 32'962'353 31'300'278 30'528'602 24'810'875 24'632'319 21'579'330 20'953'671 19'988'853 19'615'519 18'890'275 18'729'100 18'271'783 17'317'577 16'422'300

% Out 43.96 4.83 4.27 2.43 1.54 1.52 1.4 1.33 1.29 1.05 1.04 0.92 0.89 0.85 0.83 0.8 0.79 0.77 0.73 0.7

Weighting

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

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

Latest Chg (15'953'109) 1'507'414 (2'140'745) 1'234'991 (2'379'780) (4'707'169) (7'065'125) 3'823'597 (1'888'164) 1'100'647 3'322'539 1'752'700 (1'018'790) (730'058) 8'107'695 1'970'064 1'451'606 4'361'865 1'178'977 476'348

Target Price 420 317 394 300 395 365 310 338 260 321 260 349 378 330 360 300 #N/A N/A 373 285 #N/A N/A #N/A N/A 290 260 223

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

File Dt Inst Type 03.10.2012 Other 25.03.2013 Investment Advisor 28.02.2013 Unclassified 03.10.2012 Investment Advisor 30.11.2012 Unclassified 03.10.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 03.10.2012 Investment Advisor 03.10.2012 Government 03.10.2012 Investment Advisor 03.10.2012 Investment Advisor 03.10.2012 Investment Advisor 26.03.2013 Investment Advisor 03.10.2012 Investment Advisor 03.10.2012 Government 03.10.2012 Investment Advisor 03.10.2012 Mutual Fund Manager

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

Date 25.03.2013 20.03.2013 18.03.2013 15.03.2013 14.03.2013 13.03.2013 11.03.2013 07.03.2013 07.03.2013 27.02.2013 20.02.2013 11.02.2013 07.02.2013 30.01.2013 24.01.2013 18.01.2013 17.01.2013 07.01.2013 05.12.2012 26.11.2012 22.11.2012 31.10.2012 21.03.2012 01.07.2011

27.03.2013

Smith & Nephew PLC Smith & Nephew plc develops and markets advanced medical devices. The Group is discovers, develops, and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases. The Company's primary areas of focus include HIV/AIDS, liver disease and serious cardiovascular and respiratory conditions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (06.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SN/ LN EQUITY YTD Change SN/ LN EQUITY YTD % CHANGE

12/2012 12/yy 759.00 567.50 301'535.00 750.5 -1.52% 31.72% 99.48% 905.1 6'793.08 468.00 0.0 0.0 178.00 10'549.58

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

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 3'801.0 1.83x 1'049.0 6.65x 377.0 15.00x

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

31.12.2009 31.12.2010 3'772.0 3'962.0 2.68x 2.49x 1'169.0 1'223.0 8.64x 8.08x 472.0 615.0 19.34x 15.23x Profitability

LTM-4Q 31.12.2011 4'270.0 2.06x 1'208.0 7.29x 582.0 14.85x

31.12.2012 4'137.0 2.48x 1'250.0 8.21x 729.0 13.58x 1'250.00 938.00 22.67% 26.59% 14.03% 20.62% 18.75% 0.80% 74.1% 29.9% 22.0% 17.6% 2.31 1.18 8.29% 12.05% 4.56 1.22

Price/ Cash Flow

LTM

12/yy 8'385.4 14.21x 4'094.7 6.98x 2'803.6 11.34x

12/yy 9'702.5 21.53x 4'288.4 14.38x 2'591.6 21.60x

FY+1

2.31 0.86 903.77 20.89% 10.01% 0.864 24 3.500 1'832'336 1'632'606 1'667'207 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'407.2 4'597.9 1'072.3 1'108.0 2.30x 2.13x 9.67x 9.28x 1'255.8 1'370.4 314.0 322.5 8.40x 7.70x 8.03x 694.4 755.3 166.0 172.5 14.51x 13.30x 14.29x S&P Issuer Ratings

104.17 82.08 0.23 0.38 12.0% 10.8% 0.80 5.25 80.29 301.01 196.66 184.64

Sales/Revenue/Turnover

25.00

12'000.0 10'000.0

20.00

8'000.0 15.00

6'000.0 10.00

4'000.0

5.00

0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Smith & Nephew PLC Holdings By:

All

Holder Name INVESCO LTD CAPITAL GROUP COMPAN BLACKROCK LEGAL & GENERAL WALTER SCOTT & PARTN SCOTTISH WIDOWS LEGAL & GENERAL ARTEMIS INVESTMENT M NORGES BANK INVESTME AVIVA INVESTORS PERPETUAL INVESTMENT FMR LLC M&G INVESTMENT MANAG ARTEMIS INVESTMENT M THORNBURG INVESTMENT VANGUARD GROUP INC AXA BANK OF NEW YORK MEL JO HAMBRO CAPITAL MA UBS

Firm Name Societe Generale Sanford C. Bernstein & Co Morgan Stanley Goldman Sachs Exane BNP Paribas AlphaValue EVA Dimensions Barclays Numis Securities Ltd S&P Capital IQ Jefferies Berenberg Bank Panmure Gordon & Co Limited Credit Suisse JPMorgan Nomura Shore Capital Stockbrokers Day by Day Deutsche Bank Investec Cenkos Securities Ltd Daniel Stewart & Co Equita SIM SpA

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

Analyst JUSTIN SMITH LISA BEDELL CLIVE MICHAEL K JUNGLING VERONIKA DUBAJOVA JULIEN DORMOIS KAMLA SINGH ANDREW S ZAMFOTIS SALLY TAYLOR CHARLES WESTON JACOB THRANE INGEBORG OIE TOM JONES SAVVAS NEOPHYTOU CHRISTOPH GRETLER DAVID J ADLINGTON MARTIN BRUNNINGER BRIAN WHITE VALERIE GASTALDY YI-DAN WANG SEBASTIEN JANTET NAVID MALIK VADIM K ALEXANDRE FABIO FAZZARI

Source REG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG RNS-MAJ REG REG REG MF-AGG ULT-AGG REG MF-AGG RNS-MAJ MF-AGG ULT-AGG MF-AGG REG ULT-AGG

Recommendation sell market perform Equalwt/Attractive neutral/neutral outperform reduce overweight equalweight add hold buy buy hold neutral neutral neutral sell buy hold buy buy buy buy

Amt Held 107'823'255 45'423'030 44'811'205 37'192'814 32'053'564 27'648'521 27'146'459 21'472'113 20'961'946 20'885'005 20'140'592 18'751'707 18'269'229 15'864'866 14'783'322 14'151'049 12'955'806 12'019'345 11'748'075 11'736'785

% Out 11.91 5.02 4.95 4.11 3.54 3.05 3 2.37 2.32 2.31 2.23 2.07 2.02 1.75 1.63 1.56 1.43 1.33 1.3 1.3

Weighting

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

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

Latest Chg 12'568'680 (690'970) 335'770 458'500 3'478'352 (613'011) 229'678 (294'422) 23'505 12'053'956 (97'189) 46'000 1'030'208 (1'062'565) 1'502'867 498'476 (41'768)

Target Price 585 760 735 765 775 737 #N/A N/A 717 800 750 800 805 720 725 709 596 #N/A N/A 766 638 730 790 766 680

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

File Dt Inst Type 01.01.2013 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 28.02.2013 Unclassified 01.01.2013 Investment Advisor 01.01.2013 Unclassified 25.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Government 01.01.2013 Investment Advisor 31.07.2012 Investment Advisor 31.01.2013 Investment Advisor 01.01.2013 Investment Advisor 31.12.2012 Investment Advisor 12.01.2011 Investment Advisor 31.12.2012 Investment Advisor 01.01.2013 Investment Advisor 26.03.2013 Investment Advisor 01.01.2013 Mutual Fund Manager 01.01.2013 Unclassified

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

Date 25.03.2013 25.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 06.03.2013 05.03.2013 01.03.2013 15.02.2013 12.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 28.01.2013 08.01.2013 10.12.2012 06.07.2012 07.02.2012 23.11.2011

27.03.2013

Next PLC Next Plc conducts retailing, home shopping, and customer services management engine through its website. The Company offers a wide range of search options, including web, image, groups, directory, and news searches.

Price/Volume 900

4.0 M

800

3.5 M

700

3.0 M

600

2.5 M

500

Latest Fiscal Year: LTM as of: 52-Week High (26.03.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NXT LN EQUITY YTD Change NXT LN EQUITY YTD % CHANGE

01/2013 12/yy 4'386.00 2'882.00 102'068.00 4325 -1.39% 50.07% 98.60% 160.8 6'954.05 747.40 0.0 (0.1) 136.30 7'565.05

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

1.5 M

300 200

1.0 M

100

.5 M

0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.01.2009 3'271.5 0.86x 624.6 4.49x 302.4 7.03x

2.0 M

400

Valuation Analysis

31.01.2010 31.01.2011 3'406.5 3'297.7 1.23x 1.26x 672.8 691.2 6.21x 6.02x 364.1 401.1 10.43x 9.16x Profitability

31.01.2012 3'441.1 1.46x 722.5 6.95x 474.9 10.16x

31.01.2013 3'547.8 2.02x 781.8 9.15x 508.7 12.68x 781.80 664.60 18.73% 18.79% 27.15% 200.12% 55.40% 1.89% 31.5% 22.0% 18.7% 14.3% 1.48 0.17 39.47% 261.60% 6.91

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

2.43 0.65 151.93 48.46% 16.61% 0.645 28 3.250 769'644 537'300 457'158 FY+2

01/14 Y 01/15 Y 3'690.0 3'822.0 2.02x 1.94x 802.0 831.7 9.43x 9.10x 497.3 525.5 13.78x 12.55x S&P Issuer Ratings

FQ+1

FQ+2

13.05.2003 BBB STABLE 09.03.2010 A-2 26.96 24.14 0.78 0.96 261.6% 72.4% 1.89 6.34 52.97 87.25

Sales/Revenue/Turnover

25.00

60'000.0 50'000.0

20.00

40'000.0 15.00

30'000.0 10.00

20'000.0

5.00

0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

27.03.2013

Next PLC Holdings By:

All

Holder Name FMR LLC BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN STATE STREET T ROWE PRICE ASSOCIA JP MORGAN BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO PRIMECAP MANAGEMENT JENNISON ASSOCIATES DAVIS SELECTED ADVIS GOLDMAN SACHS GROUP SANDS CAPITAL MANAGE UBS TIAA CREF INVESTMENT WELLINGTON MANAGEMEN NORGES BANK GRANTHAM MAYO VAN OT

Firm Name Sanford C. Bernstein & Co Jefferies Wedbush Robert W. Baird & Co Wedge Partners Sanford C. Bernstein & Co Cantor Fitzgerald Cowen and Company Barclays Edward Jones Credit Agricole Securities (USA) Tigress Financial Partners JMP Securities Stifel Daiwa Securities Co. Ltd. Pivotal Research Group LLC Sterne, Agee & Leach Canaccord Genuity Corp Wells Fargo Securities, LLC Morgan Stanley BMO Capital Markets Pacific Crest Securities Oppenheimer & Co Nomura RBC Capital Markets Atlantic Equities LLP William Blair & Co Piper Jaffray Argus Research Corp EVA Dimensions Deutsche Bank S&P Capital IQ Telsey Advisory Group JPMorgan Hilliard Lyons Raymond James Hamburger Sparkasse Independent Research GmbH Credit Suisse Needham & Co Macquarie B Riley & Company, Inc BGC Partners

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a T ROWE PRICE ASSOCIA n/a BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO PRIMECAP MANAGEMENT JENNISON ASSOCIATES DAVIS SELECTED ADVIS GOLDMAN SACHS GROUP SANDS CAPITAL MANAGE n/a TIAA-CREF INVESTMENT WELLINGTON MANAGEMEN NORGES BANK GRANTHAM MAYO VAN OT

Analyst HEATHER BELLINI BRIAN J PITZ JAMES G DIX COLIN SEBASTIAN MARTIN PYYKKONEN CARLOS KIRJNER YOUSSEF H SQUALI JOHN BLACKLEDGE ANTHONY J DICLEMENTE JOSH OLSON JAMES LEE IVAN FEINSETH RONALD V JOSEY III JORDAN ROHAN KAZUYA NISHIMURA BRIAN WIESER SHAW WU MICHAEL GRAHAM JASON MAYNARD SCOTT W DEVITT DANIEL SALMON EVAN S WILSON JASON S HELFSTEIN BRIAN NOWAK MARK S MAHANEY HAMILTON FABER RALPH SCHACKART EUGENE E MUNSTER JOSEPH F BONNER ANDREW S ZAMFOTIS ROSS SANDLER SCOTT H KESSLER THOMAS FORTE DOUGLAS ANMUTH STEPHEN TURNER AARON M KESSLER MARCO GUENTHER MARKUS FRIEBEL STEPHEN JU KERRY RICE BENJAMIN A SCHACHTER SAMEET SINHA COLIN W GILLIS

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

Recommendation neutral/neutral buy neutral outperform no rating system outperform buy outperform overweight buy buy strong buy market outperform hold outperform hold neutral buy market perform Overwt/Attractive market perform outperform market perform buy outperform overweight outperform overweight buy hold buy hold no rating system overweight neutral outperform hold hold outperform buy outperform buy hold

Amt Held 18'215'530 14'812'725 11'833'058 11'006'397 10'616'879 9'457'496 6'419'685 4'586'974 4'016'989 3'824'800 3'207'437 2'756'412 2'715'974 2'501'395 2'490'314 2'380'317 2'222'539 2'173'908 2'116'195 2'046'828

% Out 6.81 5.54 4.42 4.11 3.97 3.54 2.4 1.71 1.5 1.43 1.2 1.03 1.02 0.94 0.93 0.89 0.83 0.81 0.79 0.77

Weighting

Change

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

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

Latest Chg (5'443) 308'479 347'460 1'637'525 (388'122) 151'141 623'378 27'119 (227'260) (23'714) (39'630) 597'897 (130'698) (90'008) 6'165 (21'961) (122'117) 320'943 333'660 76'916

Target Price 760 1'000 770 830 #N/A N/A 1'000 900 #N/A N/A 850 #N/A N/A 1'000 #N/A N/A 955 #N/A N/A 925 820 #N/A N/A 830 #N/A N/A 932 790 980 765 860 950 1'000 #N/A N/A 938 875 #N/A N/A 935 825 870 860 #N/A N/A 825 #N/A N/A 800 847 850 795 846 760

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

File Dt 31.12.2012 25.03.2013 31.12.2012 31.12.2012 26.03.2013 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 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 9 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor

Date 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 18.03.2013 15.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 12.03.2013 11.03.2013 11.03.2013 11.03.2013 11.03.2013 10.03.2013 07.03.2013 05.03.2013 01.03.2013 28.02.2013 22.02.2013 21.02.2013 20.02.2013 10.02.2013 07.02.2013 06.02.2013 05.02.2013 29.01.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013

27.03.2013

Kingfisher PLC Kingfisher plc sells a wide range of home improvement consumer goods. The practice management software, to office-based healthcare practitioners. The Company has operations in North America and other countries. Henry Schein's operations include direct marketing, telesales, and field sales.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2012) 52-Week Low (24.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KGF LN EQUITY YTD Change KGF LN EQUITY YTD % CHANGE

01/2013 12/yy 317.00 252.00 1'688'596.00 282.1 -11.14% 11.79% 47.69% 2'372.4 6'692.47 431.00 0.0 8.0 398.00 6'733.47

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

.8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.01.2009 10'026.0 0.44x 672.0 6.60x 209.0 695.50x

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

31.01.2010 31.01.2011 10'503.0 10'450.0 0.50x 0.58x 833.0 915.0 6.36x 6.66x 388.0 494.0 12.87x 12.17x Profitability

LTM-4Q 31.01.2012 10'831.0 0.57x 1'031.0 6.02x 640.0 9.30x

31.01.2013 10'573.0 0.62x 989.0 6.63x 564.0 11.40x 989.00 741.00 7.01% 6.54% 5.78% 9.51% 8.88% 1.08% 37.4% 9.4% 7.0% 5.3% 1.07 0.14 4.35% 7.01% 3.37

Price/ Cash Flow

LTM

12/yy 8'530.2 3.18x 698.0 9.30x 367.7 16.23x

12/yy 8'940.0 3.48x 759.5 10.37x 388.1 18.05x

FY+1

3.36 0.96 2'369.89 -6.60% -0.84% 0.961 26 3.808 7'733'028 6'921'363 6'311'885 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 11'026.0 11'462.1 2'707.0 2'890.0 0.60x 0.56x 1'039.8 1'132.9 6.48x 5.94x 568.1 635.1 11.75x 10.53x S&P Issuer Ratings

30.04.2008 BBBPOS 30.04.2008 A-3 49.45 33.65 0.03 0.44 7.0% 6.5% 1.08 2.85 110.07 29.64

Sales/Revenue/Turnover

25.00

10'000.0 9'000.0 8'000.0

20.00

7'000.0 15.00

6'000.0

10.00

5'000.0 4'000.0 3'000.0 2'000.0

5.00

1'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

27.03.2013

Kingfisher PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES TEMPLETON GLOBAL ADV THORNBURG INVESTMENT BLACKROCK THORNBURG INVESTMENT FMR LLC CAPITAL GROUP COMPAN LEGAL & GENERAL BNP PARIBAS INV PART APG ALGEMENE PENSIOE NORGES BANK INVESTME STANDARD LIFE INVEST HSBC INVESTMENTS UK SCOTTISH WIDOWS JP MORGAN BANK OF NEW YORK MEL PEOPLES REPUBLIC OF UBS MAJEDIE ASSET MANAGE VANGUARD GROUP INC

Firm Name Societe Generale Piper Jaffray Northcoast Research Edward Jones William Blair & Co Leerink Swann & Co Jefferies Stifel Credit Suisse JPMorgan Barrington Research CL King & Associates Wallachbeth Capital LLC Goldman Sachs ISI Group EVA Dimensions

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

Analyst JEFFREY D JOHNSON KEVIN ELLICH EDWIN SNYDER MATTHEW D COLLINS JOHN C KREGER DAVID LARSEN BRANDON COUILLARD JONATHAN D BLOCK GLEN SANTANGELO LISA C GILL CHARLES R JONES ROSS TAYLOR GLEN M LOSEV ROBERT P JONES MICHAEL CHERNY ANDREW S ZAMFOTIS

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

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

Amt Held 423'454'189 197'406'849 186'101'763 142'358'584 104'001'992 102'938'516 96'465'249 94'535'069 63'893'910 59'959'956 54'135'204 53'890'493 52'795'729 50'291'639 41'166'998 34'602'970 30'928'345 27'059'859 26'266'422 24'791'175

% Out 17.85 8.32 7.84 6 4.38 4.34 4.07 3.98 2.69 2.53 2.28 2.27 2.23 2.12 1.74 1.46 1.3 1.14 1.11 1.04

Weighting

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

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

Latest Chg 65'428'739 21'482'758 4'354'842 11'771'600 (2'352'389) (19'386'651) 6'082'195 20'742'949 (4'093'498) 9'600'632 1'062'789 10'730'078 267'265 (1'688'639) 796'676

Target Price 98 92 110 #N/A N/A #N/A N/A #N/A N/A 80 #N/A N/A 92 89 #N/A N/A 100 85 92 88 #N/A N/A

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

File Dt Inst Type 02.01.2013 Investment Advisor 15.02.2012 Investment Advisor 15.02.2012 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 31.01.2013 Investment Advisor 02.01.2013 Pension Fund (ERISA) 02.01.2013 Government 02.01.2013 Investment Advisor 02.01.2013 Investment Advisor 02.01.2013 Unclassified 31.01.2013 Unclassified 02.01.2013 Investment Advisor 02.01.2013 Government 31.01.2013 Unclassified 02.01.2013 Investment Advisor 02.01.2013 Investment Advisor

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

Date 26.03.2013 26.03.2013 25.03.2013 18.03.2013 17.03.2013 26.02.2013 25.02.2013 25.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 04.02.2013

27.03.2013

Associated British Foods PLC Associated British Foods PLC is a diversified international food, ingredients, related products. The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

Price/Volume

30.0 M 25.0 M 20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (19.03.2013) 52-Week Low (06.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABF LN EQUITY YTD Change ABF LN EQUITY YTD % CHANGE

08/2012 12/yy 1'905.00 1'157.00 182'605.00 1862 -2.68% 60.24% 94.39% 791.7 14'740.97 1'452.00 0.0 387.0 391.00 16'188.97

15.0 M

10.0 M

5.0 M

0 m-12

30.09.2009 30.09.2010 9'255.0 10'167.0 0.88x 0.94x 1'082.0 1'304.0 7.52x 7.35x 359.0 546.0 18.89x 15.15x Profitability

30.09.2011 11'065.0 0.95x 1'296.0 8.15x 541.0 16.28x

30.09.2012 12'252.0 0.94x 1'568.0 7.36x 555.0 18.13x 1'568.00 1'052.00 8.59% 6.21% 5.43% 9.58% 8.66% 1.20% 24.2% 12.8% 8.6% 4.5% 1.20 0.53 14.18% 24.89% 12.77 -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

FY+1 -

1.54 0.59 356.29 55.54% 18.54% 0.593 23 3.261 851'703 942'824 1'027'945 FY+2

09/13 Y 09/14 Y 13'094.3 13'894.6 1.22x 1.13x 1'575.3 1'691.9 10.28x 9.57x 755.9 838.0 19.42x 17.52x S&P Issuer Ratings

FQ+1

FQ+2

13.75 7.61 0.68 0.93 24.9% 18.9% 1.20 2.72 28.51 54.48

Sales/Revenue/Turnover

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

.0 M a-12 m-12

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

35.0 M

25 20

Valuation Analysis

30.09.2008 8'235.0 0.85x 878.0 7.96x 357.0 16.50x

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 |

27.03.2013

Associated British Foods PLC Holdings By:

All

Holder Name WITTINGTON PROPTYS L HOWARD INVESTMENTS L CAPITAL GROUP COMPAN FMR LLC NEWTON INV MGMT LEGAL & GENERAL ASSOCIATED BRITISH F ROYAL BANK OF CANADA NORGES BANK INVESTME BLACKROCK BANK OF NEW YORK MEL ABERDEEN AEGON LAZARD ASSET MANAGEM GALEWEST LIMITED VANGUARD GROUP INC JP MORGAN PRIVATE BA STANDARD LIFE INVEST DIRECTOR & RELATED H KUWAIT INVESTMENT AU

Firm Name Shore Capital Stockbrokers BMO Capital Markets Robert W. Baird & Co Wells Fargo Securities, LLC Piper Jaffray Drexel Hamilton LLC Sterne, Agee & Leach Evercore Partners MKM Partners Argus Research Corp JPMorgan B Riley & Company, Inc Miller Tabak + Co., LLC Susquehanna Financial Group FBR Capital Markets Longbow Research Stifel Barclays Williams Financial Group Cowen and Company Maxim Group LLC Pacific Crest Securities Canaccord Genuity Corp Edward Jones ISI Group JMP Securities RBC Capital Markets Needham & Co Lazard Capital Markets Raymond James Nomura Jefferies Hamburger Sparkasse Morgan Stanley Crowell, Weedon & Co Daiwa Securities Co. Ltd. Deutsche Bank Roth Capital Partners Credit Suisse Macquarie Independent Research GmbH Oppenheimer & Co S&P Capital IQ

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

Analyst STACY A RASGON AMBRISH SRIVASTAVA TRISTAN GERRA DAVID M WONG AUGUSTE P RICHARD RICHARD WHITTINGTON VIJAY R RAKESH PATRICK WANG DANIEL A BERENBAUM JAMES KELLEHER CHRISTOPHER DANELY CRAIG ELLIS BRENDAN FURLONG CHRISTOPHER CASO CHRISTOPHER ROLLAND JOANNE FEENEY KEVIN E CASSIDY BLAYNE CURTIS CODY G ACREE TIMOTHY M ARCURI ASHOK KUMAR MICHAEL MCCONNELL ROBERT BURLESON WILLIAM C KREHER SUMIT DHANDA ALEX GAUNA DOUG FREEDMAN N QUINN BOLTON DANIEL L AMIR HANS C MOSESMANN ROMIT SHAH MARK J LIPACIS MARCO GUENTHER JOSEPH MOORE JAMES D RAGAN YOKO YAMADA ROSS C SEYMORE KRISHNA SHANKAR JOHN W PITZER SHAWN WEBSTER MARKUS FRIEBEL RICHARD SCHAFER ANGELO ZINO

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

Recommendation underperform market perform outperform outperform neutral hold neutral equalweight buy buy neutral neutral hold neutral market perform neutral buy equalweight hold neutral buy sector perform hold hold buy market outperform sector perform hold buy underperform reduce hold buy Underwt/In-Line buy neutral buy neutral outperform outperform buy market perform hold

Amt Held 431'515'108 28'173'893 24'295'000 17'725'570 15'975'514 15'921'464 14'299'314 14'216'679 11'741'776 11'501'849 8'303'018 7'886'699 5'933'442 5'841'542 5'258'642 4'608'005 4'495'143 4'293'104 3'952'713 3'815'927

% Out 54.51 3.56 3.07 2.24 2.02 2.01 1.81 1.8 1.48 1.45 1.05 1 0.75 0.74 0.66 0.58 0.57 0.54 0.5 0.48

Weighting

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

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

Latest Chg 4'314'677 (53'882) 179'534 (1'447'801) 217'025 (1'330'909) (310'454) (137'379) (157'533) 977'135 (17'444) 60'113 (150'000)

Target Price 18 21 26 #N/A N/A 21 22 18 22 24 25 19 24 23 21 23 #N/A N/A 28 20 #N/A N/A #N/A N/A 29 #N/A N/A 20 #N/A N/A 25 26 24 #N/A N/A 26 #N/A N/A 19 24 #N/A N/A 20 26 21 26 20 28 26 27 #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 15.09.2012 Investment Advisor 01.12.2012 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 01.12.2012 Mutual Fund Manager 28.02.2013 Unclassified 01.12.2012 Unclassified 01.12.2012 Bank 01.12.2012 Government 25.03.2013 Investment Advisor 26.03.2013 Investment Advisor 28.02.2013 Unclassified 01.12.2012 Unclassified 01.12.2012 Unclassified 01.12.2012 Unclassified 31.12.2012 Investment Advisor 01.12.2012 Unclassified 01.12.2012 Investment Advisor 01.12.2012 Other 01.12.2012 Government

Date 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 9 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 18 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided

Date 26.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 24.03.2013 24.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 18.03.2013 18.03.2013 15.03.2013 11.03.2013 11.03.2013 06.03.2013 06.03.2013 05.03.2013 04.03.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 22.02.2013 12.02.2013 31.01.2013 29.01.2013 22.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013

27.03.2013

Land Securities Group PLC Land Securities Group plc is a property investment and management company. The solutions for small and medium sized businesses, financial institutions, consumers, and accounting professionals The Company provides software for small business management and payroll processing, personal finance, and tax preparation and filing.

Price/Volume 4.0 M

3.5 M

03/2012 01/yy 853.50 700.00 760'478.00 810.5 -4.98% 15.86% 77.85% 781.6 6'334.63 3'235.90 0.0 0.2 29.70 9'511.33

2.5 M 2.0 M

1.5 M

1.0 M

.5 M

0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.03.2009 31.03.2010 821.2 833.4 4.96x 10.25x 519.1 445.7 7.84x 19.16x (5'191.3) 1'088.9 4.71x Profitability

31.03.2011 701.9 12.87x 437.6 20.65x 1'241.6 4.52x

31.03.2012 671.5 13.20x 436.5 20.30x 522.9 10.70x 436.50 431.90 64.32% 76.80% 2.47% 3.75% 5.35% 0.06% 64.3% 65.0% 64.3% 77.9% 2.37 0.13 29.91% 45.22% 1.58

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.63 0.92 705.29 16.76% 0.59% 0.924 22 3.409 1'546'255 1'722'932 1'549'810 FY+2

03/13 Y 03/14 Y 551.8 593.5 18.46x 17.37x 444.4 481.4 21.40x 19.76x 272.0 297.1 22.83x 21.16x S&P Issuer Ratings

FQ+1

FQ+2

2.02 0.11 7.68 7.73 45.2% 31.1% 0.06 0.07 231.09 202.47

Sales/Revenue/Turnover

20.00

4'500.0

18.00

4'000.0

16.00

3'500.0

14.00

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00 0.00 31.07.2009

3.0 M

Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (30.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LAND LN EQUITY YTD Change LAND LN EQUITY YTD % CHANGE

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

4.5 M

70 50

Valuation Analysis

31.03.2008 818.0 15.24x 546.4 22.81x (830.8) -

0.0 31.01.2010

31.07.2010

31.01.2011

31.07.2011

31.01.2012

31.07.2012

31.01.2013

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 |

27.03.2013

Land Securities Group PLC Holdings By:

All

Holder Name BLACKROCK NORGES BANK INVESTME APG ALGEMENE PENSIOE M&G INVESTMENT MANAG ALBRIGHT INVESTMENTS LEGAL & GENERAL SCOTTISH WIDOWS PEEL HOLDINGS PLC STATE STREET ARTISAN PARTNERS HOL MORGAN STANLEY COHEN & STEERS CAPIT PEOPLES REPUBLIC OF ING INV MANAGEMENT E AXA NOMURA UBS VANGUARD GROUP INC HENDERSON GLOBAL INV VANGUARD GROUP INC

Firm Name Societe Generale Raymond James Wells Fargo Securities, LLC Cowen and Company Morgan Stanley Jefferies Millman Research Associates Deutsche Bank Goldman Sachs JPMorgan Janney Montgomery Scott LLC Macquarie Oppenheimer & Co Barclays Wedbush Evercore Partners Northcoast Research EVA Dimensions Pacific Crest Securities

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

Analyst LARRY BERLIN WAYNE JOHNSON TIMOTHY W WILLI PETER GOLDMACHER ADAM H HOLT ROSS MACMILLAN MICHAEL MILLMAN THOMAS ERNST JR GREG DUNHAM STERLING AUTY YUN KIM BRAD A ZELNICK SCOTT A SCHNEEBERGER RAIMO LENSCHOW GIL B LURIA DAVID M TOGUT KARTIK MEHTA ANDREW S ZAMFOTIS BRENDAN BARNICLE

Source ULT-AGG REG RNS-MAJ REG RNS-MAJ ULT-AGG ULT-AGG REG ULT-AGG REG ULT-AGG MF-AGG REG REG ULT-AGG ULT-AGG ULT-AGG REG REG MF-AGG

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

Amt Held 50'151'233 41'815'572 31'221'316 31'191'910 31'088'858 27'474'856 25'927'911 24'519'599 23'593'792 14'060'503 12'891'794 12'282'932 11'044'117 10'437'413 10'226'170 10'028'038 9'371'596 9'330'995 9'329'859 9'103'009

% Out 6.42 5.35 3.99 3.99 3.98 3.52 3.32 3.14 3.02 1.8 1.65 1.57 1.41 1.34 1.31 1.28 1.2 1.19 1.19 1.16

Weighting

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

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

Latest Chg 1'066'379 (1'221'618) (102'729) (736'632) 7'237'633 (5'518) 2'395'448 11'464'325 912'900 (1'868'121) 1'867'358 1'524'389 118'007 (188'921) (170'765) 496'705 1'742'710 531'785

Target Price #N/A N/A 68 #N/A N/A #N/A N/A #N/A N/A 66 59 69 67 65 80 62 65 67 76 64 #N/A N/A #N/A N/A #N/A N/A

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

File Dt Inst Type 25.03.2013 Investment Advisor 01.01.2013 Government 19.02.2013 Pension Fund (ERISA) 01.01.2013 Investment Advisor 29.11.2011 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Unclassified 01.01.2013 Holding Company 26.03.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 25.03.2013 Investment Advisor 01.01.2013 Government 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Unclassified 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 27.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 06.02.2013 15.01.2013 29.04.2011

27.03.2013

Marks & Spencer Group PLC Marks & Spencer Group PLC is a holding company. The Company, through its Company's surgical system controls Intuitive Surgical endoscopic instruments, including rigid endoscopes, blunt and sharp endoscopic dissectors, scissors, scalpels, forceps/pickups, needle holders, endoscopic retractors, electrocautery, ultrasonic cutters, and accessories during surgical procedures.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.03.2013) 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 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MKS LN EQUITY YTD Change MKS LN EQUITY YTD % CHANGE

03/2012 12/yy 407.40 310.60 880'151.00 389.8 -4.39% 25.40% 86.57% 1'613.5 6'289.34 2'275.80 0.0 (11.4) 456.60 8'359.54

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

.7 M

600

.6 M

500

.5 M

400

.4 M

300

.3 M

200

.2 M

100

.1 M

0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.03.2008 9'022.0 0.96x 1'493.9 5.80x 821.7 8.05x

700

31.03.2009 31.03.2010 9'062.1 9'536.6 0.75x 0.85x 1'138.1 1'268.9 5.96x 6.37x 508.0 526.3 8.21x 11.10x Profitability

31.03.2011 9'740.3 0.74x 1'289.4 5.60x 612.0 8.73x

31.03.2012 9'934.3 0.79x 1'162.8 6.79x 513.1 11.67x 1'162.80 683.10 6.88% 6.62% 6.52% 19.11% 11.51% 1.33% 37.8% 11.5% 6.7% 5.2% 0.73 0.28 31.29% 81.56% -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

4.36 0.79 1'611.70 6.00% 1.88% 0.786 28 2.929 4'343'554 5'804'511 5'487'690 FY+2

03/13 Y 03/14 Y 10'038.4 10'418.2 0.87x 0.84x 1'297.6 1'379.1 6.44x 6.06x 516.9 560.6 12.03x 11.27x S&P Issuer Ratings

FQ+1

FQ+2

07.01.2009 BBBSTABLE 03.07.2008 A-3 8.50 4.38 1.83 2.07 81.6% 45.0% 1.33 2.10 -12.05

Sales/Revenue/Turnover

40.00

2'500.0

35.00

2'000.0

30.00 25.00

1'500.0

20.00

1'000.0

15.00 10.00

500.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Marks & Spencer Group PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES BAILLIE GIFFORD AND BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC SANDS CAPITAL MANAGE MORGAN STANLEY MARSICO CAPITAL MANA WINSLOW CAPITAL MANA VIKING GLOBAL INVEST BROWN ADVISORY INC ALLIANCE BERNSTEIN JANUS CAPITAL MANAGE EDGEWOOD MANAGEMENT JP MORGAN NORTHERN TRUST CORPO INVESCO LTD UBS MACKAY SHIELDS LLC

Firm Name Credit Suisse Janney Montgomery Scott LLC William Blair & Co Cantor Fitzgerald Leerink Swann & Co Raymond James Canaccord Genuity Corp Northland Securities Inc Mizuho Securities USA Inc SunTrust Robinson Humphrey JPMorgan Lazard Capital Markets JMP Securities Goldman Sachs Barrington Research Stifel EVA Dimensions

Portfolio Name n/a BAILLIE GIFFORD & CO n/a VANGUARD GROUP INC n/a n/a SANDS CAPITAL MANAGE n/a MARSICO CAPITAL MANA WINSLOW CAPITAL MANA VIKING GLOBAL INVEST n/a n/a n/a EDGEWOOD MANAGEMENT n/a NORTHERN TRUST CORPO INVESCO LTD n/a Multiple Portfolios

Analyst DAVID R LEWIS SPENCER NAM BENJAMIN C ANDREW JEREMY FEFFER RICHARD NEWITTER LAWRENCE S KEUSCH JASON R MILLS SURAJ KALIA MICHAEL S MATSON AMIT HAZAN TYCHO W PETERSON SEAN D LAVIN J T HARESCO III DAVID H ROMAN CHARLES R JONES FREDERICK A WISE ANDREW S ZAMFOTIS

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

Recommendation Equalwt/In-Line buy outperform buy market perform outperform buy underperform buy buy overweight buy market outperform Buy/Neutral outperform hold hold

Amt Held 5'776'094 2'300'257 1'860'003 1'756'880 1'561'366 1'252'626 1'131'468 985'936 969'364 936'203 818'598 748'303 727'270 646'802 575'597 572'264 567'682 547'562 522'564 521'852

% Out 14.3 5.7 4.61 4.35 3.87 3.1 2.8 2.44 2.4 2.32 2.03 1.85 1.8 1.6 1.43 1.42 1.41 1.36 1.29 1.29

Weighting

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

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

Latest Chg 482'400 (77'540) 45'236 34'594 34'047 43'778 (300'639) 653'710 295'136 731'598 74'215 441'507 (382'372) 66'396 (78'814) (12'311) (8'043) 7'272 (494)

Target Price #N/A N/A 670 #N/A N/A 575 #N/A N/A 620 527 400 636 649 625 625 620 715 650 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 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 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 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 31.01.2013 Investment Advisor

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

Date 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 20.03.2013 18.03.2013 14.03.2013 14.03.2013 14.03.2013 01.03.2013 22.02.2013 25.01.2013 23.01.2013 23.01.2013

27.03.2013

WM Morrison Supermarkets PLC William Morrison Supermarkets plc retails groceries through a chain of systems for the semiconductor industry. The Company's systems are used to analyze product and process quality at critical steps in the manufacture of circuits and provide feedback so that fabrication problems can be identified. KLA-Tencor operates sales, service, and application centers worldwide.

Price/Volume

2.0 M

01/2013 12/yy 305.80 247.50 1'391'417.00 274.2 -10.37% 10.75% 48.89% 2'323.5 6'371.02 2'451.00 0.0 0.0 270.00 8'552.02

1.0 M

.5 M

10 0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.01.2010 31.01.2011 15'410.0 16'479.0 0.56x 0.48x 1'209.0 1'224.0 7.10x 6.40x 598.0 632.0 12.68x 11.03x Profitability

31.01.2012 17'663.0 0.50x 1'314.0 6.76x 690.0 10.97x

31.01.2013 18'116.0 0.47x 1'318.0 6.49x 647.0 9.45x 1'318.00 950.00 5.24% 4.85% 6.35% 12.18% 9.49% 1.78% 6.7% 7.3% 5.2% 3.6% 0.57 0.19 23.28% 46.86% 100.92 21.96

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

4.30 0.51 2'184.28 -6.20% 4.22% 0.511 26 2.462 7'803'506 8'533'957 7'883'165 FY+2

01/14 Y 01/15 Y 18'101.3 18'644.4 0.49x 0.49x 1'293.5 1'341.5 6.61x 6.38x 609.9 628.6 10.51x 10.16x S&P Issuer Ratings

FQ+1

FQ+2

14.64 5.24 1.65 1.86 46.9% 31.9% 1.78 2.14 3.68 16.89 31.88 -11.31

Sales/Revenue/Turnover

35.00

3'500.0

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 03.07.2009

1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (28.03.2012) 52-Week Low (08.02.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MRW LN EQUITY YTD Change MRW LN EQUITY YTD % CHANGE

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

2.5 M

50 40

Valuation Analysis

31.01.2009 14'528.0 0.54x 961.0 8.16x 460.0 15.57x

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

27.03.2013

WM Morrison Supermarkets PLC Holdings By:

All

Holder Name INVESCO LTD BLACKROCK VANGUARD GROUP INC JP MORGAN AMERIPRISE FINANCIAL STATE STREET PRIMECAP MANAGEMENT FMR LLC T ROWE PRICE ASSOCIA JANUS CAPITAL MANAGE BANK OF NEW YORK MEL INVESCO LTD RENAISSANCE TECHNOLO NORTHERN TRUST CORPO FIRST EAGLE INVESTME CITADEL ADVISORS LLC CLEARBRIDGE INVESTME EPOCH INVESTMENT PAR GOLDMAN SACHS GROUP STATE FARM MUTUAL AU

Firm Name Jefferies Exane BNP Paribas B Riley & Company, Inc RBC Capital Markets Piper Jaffray Stifel Pacific Crest Securities Susquehanna Financial Group Goldman Sachs Cowen and Company Deutsche Bank Credit Suisse Credit Agricole Securities (USA) EVA Dimensions S&P Capital IQ First Global Stockbroking

Portfolio Name n/a n/a VANGUARD GROUP INC n/a AMERIPRISE FINANCIAL n/a PRIMECAP MANAGEMENT n/a T ROWE PRICE ASSOCIA n/a BANK OF NEW YORK MEL INVESCO LTD RENAISSANCE TECHNOLO NORTHERN TRUST CORPO FIRST EAGLE INVESTME CITADEL ADVISORS LLC CLEARBRIDGE INVESTME EPOCH INVESTMENT PAR GOLDMAN SACHS GROUP STATE FARM MUTUAL AU

Analyst EDWIN MOK JEROME RAMEL BEN PANG MAHESH SANGANERIA JAGADISH IYER PATRICK J HO WESTON TWIGG MEHDI HOSSEINI JAMES V COVELLO TIMOTHY M ARCURI VISHAL SHAH SATYA KUMAR MARK HELLER ANDREW S ZAMFOTIS ANGELO ZINO ISHANSH VIJ

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

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

Amt Held 22'627'316 15'847'397 10'207'414 7'117'585 6'915'022 6'903'570 5'050'800 4'192'094 3'012'005 2'636'341 2'625'824 2'528'135 2'300'784 2'272'086 1'796'300 1'708'804 1'665'757 1'545'691 1'537'676 1'478'800

% Out 13.62 9.54 6.14 4.28 4.16 4.16 3.04 2.52 1.81 1.59 1.58 1.52 1.38 1.37 1.08 1.03 1 0.93 0.93 0.89

Weighting

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

N M M M M M M M M N U M M M R M

Latest Chg (370'332) (735'483) 2'028'630 337'635 126'226 (79'000) (1'402'932) (321'290) (2'104'992) 100'118 (507'988) 376'200 29'564 1'702'853 793'685 100'773 157'204 105'700

Target Price 61 65 66 60 62 58 61 50 50 #N/A N/A 56 63 62 #N/A N/A 57 #N/A N/A

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

File Dt 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 25.03.2013 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

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Insurance Company

Date 26.03.2013 26.03.2013 21.03.2013 15.03.2013 15.03.2013 26.02.2013 25.02.2013 13.02.2013 07.02.2013 04.02.2013 25.01.2013 25.01.2013 25.01.2013 15.01.2013 26.10.2012 05.02.2011

27.03.2013

Burberry Group PLC Burberry Group PLC is a global luxury brand with British heritage, core packaged food and beverages for North American Grocery stores. Kraft Foods offers a wide range of branded beverages, cheese, grocery products and convenient meals.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.04.2012) 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 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BRBY LN EQUITY YTD Change BRBY LN EQUITY YTD % CHANGE

Price/Volume

03/2012 12/yy 1'605.00 998.00 356'118.00 1335 -16.95% 33.57% 56.01% 442.1 5'902.09 208.60 0.0 24.1 546.90 5'689.59

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

1.20

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.03.2008 995.4 2.02x 233.9 8.61x 135.2 14.40x

31.03.2009 31.03.2010 1'201.5 1'185.1 1.01x 2.41x 215.6 272.1 5.65x 10.51x (6.0) 81.4 20.36x Profitability

LTM-4Q 31.03.2011 1'501.3 3.22x 363.8 13.30x 208.4 23.81x

31.03.2012 1'857.2 3.37x 468.1 13.36x 263.3 24.78x 468.10 380.50 20.49% 19.71% 15.00% 28.54% 24.66% 1.24% 69.9% 18.5% 13.5% 14.2% 1.68 1.08 12.95% 24.05% 12.19 1.60

LTM

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

12/yy 9'100.0 3.93x 898.0 0.00x 560.0 0.00x

FY+1

1.95 1.30 440.14 -12.51% 8.73% 1.298 29 3.345 1'695'706 1'179'814 1'275'263 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'977.3 2'277.2 477.7 430.7 2.86x 2.43x 511.3 583.1 11.14x 9.76x 287.5 340.2 19.97x 17.49x S&P Issuer Ratings

33.92 24.78 -0.67 0.40 24.1% 19.0% 1.24 5.69 30.04 228.26 78.35 141.12

Sales/Revenue/Turnover

20'000.0 18'000.0

1.00

16'000.0 14'000.0

0.80 0.60 0.40

12'000.0 10'000.0 8'000.0 6'000.0 4'000.0

0.20

2'000.0 0.0

0.00

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

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

27.03.2013

Burberry Group PLC Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN FMR LLC JP MORGAN AMERIPRISE FINANCIAL THORNBURG INVESTMENT LEGAL & GENERAL SCHRODER INVESTMENT JENNISON ASSOCIATES NORGES BANK INVESTME OPPENHEIMERFUNDS INC BAILLIE GIFFORD AND SCOTTISH WIDOWS OPPENHEIMERFUNDS INC WALTER SCOTT & PARTN SCHRODER INVESTMENT VANGUARD GROUP INC MERRILL LYNCH & COMP PEOPLES REPUBLIC OF CREDIT AGRICOLE GROU

Firm Name Societe Generale EVA Dimensions Credit Agricole Securities (USA) Goldman Sachs Sanford C. Bernstein & Co BMO Capital Markets Edward Jones RBC Capital Markets Argus Research Corp Stifel Jefferies Davenport & Co Janney Montgomery Scott LLC CL King & Associates Morgan Stanley Deutsche Bank Credit Suisse JPMorgan Barclays S&P Capital IQ

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

Analyst ALICIA FORRY AUSTIN BURKETT DIANE GEISSLER JASON ENGLISH ALEXIA HOWARD KENNETH B ZASLOW BRIAN YARBROUGH EDWARD AARON JOHN D STASZAK CHRISTOPHER R GROWE THILO WREDE ANN H GURKIN JONATHAN P FEENEY ERIC J LARSON MATTHEW GRAINGER ERIC R KATZMAN ROBERT MOSKOW KENNETH GOLDMAN ANDREW LAZAR THOMAS GRAVES

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG Co File RNS-MAJ ULT-AGG REG REG REG MF-AGG REG ULT-AGG REG REG MF-AGG MF-AGG REG REG REG

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

Amt Held 43'198'349 40'656'191 37'533'086 29'240'776 21'664'800 19'912'489 19'396'137 12'469'746 11'034'562 10'187'956 10'063'862 9'716'174 9'559'824 9'147'718 8'033'235 7'787'637 7'512'410 6'696'720 6'519'326 5'169'361

% Out 9.77 9.2 8.49 6.61 4.9 4.5 4.39 2.82 2.5 2.3 2.28 2.2 2.16 2.07 1.82 1.76 1.7 1.51 1.47 1.17

Weighting

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

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

Latest Chg 5'197'500 (10'172'288) 791'494 924'834 (935'463) (1'800'361) 143'568 381'440 4'801'296 2'322'973 6'080'394 40'235 (703'649) 243'473 27'992 477'091 769'776

Target Price 56 #N/A N/A 54 51 47 53 #N/A N/A 50 #N/A N/A 49 52 53 46 50 47 46 50 49 51 46

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

File Dt 25.03.2013 19.03.2013 31.12.2012 30.11.2012 22.05.2012 10.01.2013 01.11.2012 01.11.2012 01.11.2012 01.11.2012 31.01.2013 01.11.2012 30.11.2012 01.11.2012 01.11.2012 31.12.2012 31.12.2012 01.11.2012 01.11.2012 01.11.2012

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

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

Date 27.03.2013 22.03.2013 20.03.2013 17.03.2013 14.03.2013 13.03.2013 12.03.2013 11.03.2013 07.03.2013 07.03.2013 01.03.2013 27.02.2013 21.02.2013 19.02.2013 18.02.2013 16.02.2013 15.02.2013 15.02.2013 15.02.2013 16.10.2012

27.03.2013

Royal Bank of Scotland Group PLC Royal Bank of Scotland Group plc, through subsidiaries, accepts deposits and companies operating outside the continental United States, principally in Europe, Asia, and Latin America.

Price/Volume 80

7.0 M

6.0 M

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RBS LN EQUITY YTD Change RBS LN EQUITY YTD % CHANGE

12/2012 12/yy 369.60 193.30 12'196'971.00 283.2 -24.27% 44.80% 52.58% 6'077.9 31'655.69 316'688.00 0.0 2'318.0 108'458.00 -

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

3.0 M

30 20

2.0 M

1.0 M

0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 54'331.0 (23'710.0) -

4.0 M

Valuation Analysis

31.12.2009 31.12.2010 40'844.0 37'526.0 (2'672.0) (1'001.0) Profitability

LTM-4Q 31.12.2011 34'247.0 (1'997.0) -

31.12.2012 28'263.0 (5'971.0) 28.75% -24.44% -0.42% -8.35% -1.37% 0.02% -28.3% 24.13% 464.83% -

Price/ Cash Flow

LTM

12/yy 9'510.8 13.73x 4'262.9 8.10x (772.7) 0.00x

12/yy 10'310.8 14.84x 4'757.2 8.76x 322.8 0.00x

FY+1

0.00 1.68 2'112.27 0.30 -2.37% -13.74% 1.685 32 2.906 13'003'730 13'867'430 12'037'890 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 22'796.6 21'051.6 5'901.0 5'359.0 2'442.7 3'518.8 12.53x 8.69x 11.19x S&P Issuer Ratings

29.11.2011 ASTABLE 29.11.2011 A-2 464.8% 81.8% 0.02 2.49 -

Sales/Revenue/Turnover

7.00

12'000.0

6.00

10'000.0

5.00

8'000.0

4.00

6'000.0 3.00

4'000.0 2.00

2'000.0

1.00 0.00 01.01.2010

0.0 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 |

27.03.2013

Royal Bank of Scotland Group PLC Holdings By:

All

Holder Name UNITED KINGDOM GOVER COATUE MANAGEMENT LL T ROWE PRICE ASSOCIA COMCAST CORP CASCADE INVESTMENT L BLUE RIDGE CAPITAL L DODGE & COX VANGUARD GROUP INC FMR LLC STATE STREET MARSICO CAPITAL MANA MARATHON ASSET MANAG AMERICAN CENTURY COM ETON PARK CAPITAL MA MAVERICK CAPITAL LTD TIGER GLOBAL MANAGEM SLEEP, ZAKARIA & CO GATES FOUNDATION NORGES BANK TIAA CREF INVESTMENT

Firm Name Berenberg Bank ISI Group Evercore Partners Pivotal Research Group LLC Barclays HSBC Morgan Stanley Stifel Goldman Sachs JPMorgan Credit Suisse EVA Dimensions Nomura

Portfolio Name n/a n/a T ROWE PRICE ASSOCIA n/a n/a BLUE RIDGE CAPITAL L DODGE & COX VANGUARD GROUP INC n/a n/a MARSICO CAPITAL MANA MARATHON ASSET MANAG AMERICAN CENTURY COM ETON PARK CAPITAL MA MAVERICK CAPITAL LTD TIGER GLOBAL MANAGEM SLEEP, ZAKARIA & CO BILL & MELINDA FOUND NORGES BANK TIAA-CREF INVESTMENT

Analyst MATTHEW HARRIGAN VIJAY JAYANT BRYAN KRAFT JEFFREY WLODARCZAK MICHAEL BISHOP NICOLAS COTE-COLISSON BENJAMIN SWINBURNE CHRISTOPHER C KING TIMOTHY BODDY DANIEL X MORRIS JUSTIN FUNNELL CRAIG STERLING HENRIK NYBLOM

Source ULT-AGG 13G 13F 13G/PRXY 13G 13F 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation buy strong buy overweight buy overweight overweight not rated buy not rated restricted outperform sell buy

Amt Held 10'240'573 8'584'691 8'102'429 7'681'369 7'381'014 3'900'000 3'758'684 3'672'844 3'626'082 3'605'167 2'958'710 2'655'038 2'635'034 2'471'200 2'385'018 2'300'000 2'210'000 2'119'515 2'056'197 1'872'138

% Out 7.25 6.07 5.73 5.43 5.22 2.76 2.66 2.6 2.57 2.55 2.09 1.88 1.86 1.75 1.69 1.63 1.56 1.5 1.45 1.32

Weighting

Change

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

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

Latest Chg 1'720'594 3'593'100 (43'700) (1'999'643) 1'474'161 (1'229'118) 191'797 (1'516'764) 57'469 897'807 (3'950'000) (209'351) 187'404

Target Price 84 85 83 88 76 80 #N/A N/A 80 #N/A N/A #N/A N/A 65 #N/A N/A 67

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

File Dt 25.03.2013 05.02.2013 31.12.2012 31.03.2012 16.06.2011 31.12.2012 31.12.2012 31.12.2012 31.12.2012 25.03.2013 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

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

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

Date 26.03.2013 25.03.2013 07.03.2013 06.03.2013 26.02.2013 15.02.2013 14.02.2013 14.02.2013 05.02.2013 05.02.2013 21.01.2013 15.01.2013 14.12.2012

27.03.2013

Capita PLC Capita PLC provides an integrated range of services across the United businesses. The Company owns interests in home shopping television networks and lifestyle and travel services Internet websites.

Price/Volume 25

7.0 M 6.0 M

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (23.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CPI LN EQUITY YTD Change CPI LN EQUITY YTD % CHANGE

12/2012 12/yy 915.00 600.00 196'323.00 888.5 -3.01% 47.92% 95.87% 655.3 5'822.57 1'661.20 0.0 0.0 327.90 7'155.87

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

4.0 M

3.0 M 2.0 M

1.0 M

0 m-12

31.12.2009 31.12.2010 2'686.8 2'744.0 2.04x 2.01x 382.1 504.0 14.34x 10.97x 188.9 235.0 24.42x 18.12x Profitability

31.12.2011 2'930.2 1.91x 567.8 9.87x 238.0 16.05x

31.12.2012 3'351.8 1.87x 639.9 9.81x 236.0 20.36x 639.90 471.70 14.07% 8.65% 6.38% 33.66% 11.41% 0.91% 28.1% 19.1% 14.1% 7.0% 0.99 0.26 43.00% 189.18% -

Price/ Cash Flow

m-12

LTM-4Q

LTM

12/yy

12/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

FY+1 -

2.65 0.71 652.75 22.08% 17.55% 0.713 25 3.000 1'338'871 1'596'869 1'391'321 FY+2

12/13 Y 12/14 Y 3'789.3 4'092.2 1.82x 1.65x 599.1 647.8 11.95x 11.05x 362.4 388.1 15.78x 14.47x S&P Issuer Ratings

FQ+1

FQ+2

13.91 11.83 2.08 2.60 189.2% 65.4% 0.91 9.74 -

Sales/Revenue/Turnover

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 2'441.4 2.25x 371.9 14.77x 165.8 27.08x

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 |

27.03.2013

Capita PLC Holdings By:

All

Holder Name INVESCO LTD BROWN BROTHERS HARRI MACQUARIE GROUP FMR LLC BLACKROCK HARRIS ASSOCIATES LP VANGUARD GROUP INC CLEARBRIDGE INVESTME T ROWE PRICE ASSOCIA DAVIS SELECTED ADVIS STATE STREET MERITAGE GROUP LP GOLDMAN SACHS GROUP WELLINGTON MANAGEMEN UNITED STATES STEEL PRINCIPAL FINANCIAL SAC CAPITAL ADVISORS HORIZON KINETICS FPR PARTNERS LLC INVESCO LTD

Firm Name Panmure Gordon & Co Limited Lazard Capital Markets Morgan Stanley Stifel Wunderlich Securities Wells Fargo Securities, LLC Telsey Advisory Group Topeka Capital Markets Inc Wedge Partners

Portfolio Name DODGE & COX BROWN BROTHERS HARRI n/a n/a n/a HARRIS ASSOC LP VANGUARD GROUP INC CLEARBRIDGE INVESTME T ROWE PRICE ASSOCIA DAVIS SELECTED ADVIS n/a MERITAGE GROUP LP GOLDMAN SACHS GROUP WELLINGTON MANAGEMEN UNITED STATES STEEL n/a SAC CAPITAL ADVISORS n/a FPR PARTNERS LLC INVESCO LTD

Analyst CRAIG STERLING BARTON CROCKETT DAVID GOBER BENJAMIN MOGIL MATTHEW HARRIGAN MATTHEW NEMER THOMAS FORTE VICTOR ANTHONY MARTIN PYYKKONEN

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

Recommendation sell buy Equalwt/In-Line buy buy market perform no rating system buy no rating system

Amt Held 27'022'608 24'681'853 24'537'419 23'246'941 19'991'838 19'739'481 19'730'463 14'068'260 12'733'184 10'769'953 10'459'416 10'164'241 9'677'945 7'624'453 6'752'704 6'387'620 6'286'911 6'114'848 5'979'990 5'766'417

% Out 5.27 4.81 4.79 4.53 3.9 3.85 3.85 2.74 2.48 2.1 2.04 1.98 1.89 1.49 1.32 1.25 1.23 1.19 1.17 1.12

Weighting

Change

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

D M M M M M M M M

Latest Chg (2'943'360) 386'568 4'061'744 17'945'695 (508'478) 306'458 551'860 (655'318) (365'600) (626'635) 159'159 2'540'365 1'433'223 2'889'408 444'143 4'950'027 1'036'740 320'700 (586'668)

Target Price #N/A N/A 24 #N/A N/A 23 28 #N/A N/A 25 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 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 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 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Pension Fund (ERISA) 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

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

Date 25.03.2013 12.03.2013 05.03.2013 05.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 07.11.2012

27.03.2013

Intertek Group PLC Intertek Group plc offers product inspection services. The Company tests The Company offers a broad range of products and services, including systems, instruments, reagents, and custom services. Life's portfolio of products includes technologies for capillary electrophoresis based sequencing, sequencing, mass spectrometry sample preparation, and cell culture.

Price/Volume

12/2012 12/yy 3'509.00 2'382.00 84'093.00 3355 -4.36% 40.89% 90.42% 160.8 5'395.40 717.20 0.0 25.3 166.50 5'971.40

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

4.0 M

31.12.2009 31.12.2010 1'237.3 1'374.2 1.79x 2.20x 260.4 274.9 8.49x 11.00x 114.7 128.6 17.33x 21.99x Profitability

31.12.2011 1'749.4 2.21x 319.6 12.09x 138.8 23.44x

31.12.2012 2'054.3 2.71x 379.4 14.65x 173.8 28.64x 379.40 283.30 13.79% 12.49% 9.73% 30.17% 15.91% 1.15% 18.5% 13.8% 8.5% 1.68 1.30 39.08% 113.91% 6.02 -

Price/ Cash Flow

3.0 M 2.5 M

2.0 M 1.5 M

1.0 M

10 0 m-12

.5 M .0 M a-12

m-12

LTM-4Q

LTM

12/yy

12/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

FY+1 -

1.22 0.69 160.20 35.66% 8.29% 0.691 25 3.480 333'953 351'479 323'030 FY+2

12/13 Y 12/14 Y 2'279.9 2'475.1 2.56x 2.31x 456.8 509.0 13.07x 11.73x 243.4 277.1 22.09x 19.53x S&P Issuer Ratings

FQ+1

FQ+2

23.10.2006 NR 11.09 7.73 1.45 1.89 113.9% 52.3% 1.15 7.24 60.82 -

Sales/Revenue/Turnover

16.00

4'000.0

14.00

3'500.0

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

3.5 M

Fiscal Year Ended 31.12.2008 1'003.5 1.56x 204.8 7.62x 93.8 13.18x

4.5 M

60 50

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.03.2013) 52-Week Low (09.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITRK LN EQUITY YTD Change ITRK LN EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Intertek Group PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN MARATHON ASSET MANAG FMR LLC MORGAN STANLEY INVES BLACKROCK ALLIANCE BERNSTEIN Cantillon Capital MORGAN STANLEY LEGAL & GENERAL BAILLIE GIFFORD AND SUN LIFE FINANCIAL I NORGES BANK INVESTME WALTER SCOTT & PARTN UBS T ROWE PRICE ASSOCIA CREDIT AGRICOLE GROU T ROWE PRICE ASSOCIA SANFORD C BERNSTEIN KUWAIT INVESTMENT AU SCOTTISH WIDOWS

Firm Name Credit Suisse Edward Jones EVA Dimensions Mizuho Securities USA Inc Leerink Swann & Co William Blair & Co Cantor Fitzgerald Oppenheimer & Co Piper Jaffray Macquarie Wallachbeth Capital LLC Morgan Stanley Goldman Sachs Credit Suisse First Analysis Corp JPMorgan Robert W. Baird & Co Maxim Group LLC Credit Agricole Securities (USA) Barclays ISI Group Jefferies S&P Capital IQ

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

Analyst DOUG SCHENKEL MATTHEW D COLLINS ANDREW S ZAMFOTIS PETER R LAWSON DANIEL L LEONARD AMANDA MURPHY SUNG JI NAM DAVID FERREIRO WILLIAM R QUIRK JONATHAN P GROBERG DIFEI YANG DANIEL BRENNAN ISAAC RO VAMIL DIVAN GREG CHODACZEK TYCHO W PETERSON JEFF T ELLIOTT BRYAN BROKMEIER PAUL R KNIGHT CHARLES ANTHONY BUTLER ROSS MUKEN JON WOOD JEFFREY LOO

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

Recommendation neutral hold hold neutral market perform market perform hold outperform neutral outperform buy Equalwt/In-Line Sell/Neutral outperform equalweight neutral outperform buy outperform equalweight neutral buy buy

Amt Held 10'818'828 10'387'486 10'375'838 9'127'492 8'053'997 7'192'178 6'727'263 6'696'993 6'372'856 4'422'134 3'783'142 3'760'277 3'103'000 2'428'398 2'352'943 2'263'914 2'172'981 2'117'053 2'109'219 2'017'834

% Out 6.73 6.46 6.45 5.68 5.01 4.47 4.18 4.16 3.96 2.75 2.35 2.34 1.93 1.51 1.46 1.41 1.35 1.32 1.31 1.25

Weighting

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

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

Latest Chg (2'559'673) (2'298'044) 245'261 (401'459) (952'125) 93'400 165'944 (261'390) 32'944 270'000 857'375 (6'381) (288'049) (102'985) 87'638 514'940 346'640

Target Price #N/A N/A #N/A N/A #N/A N/A 60 #N/A N/A #N/A N/A 58 67 63 66 74 #N/A N/A 48 69 45 64 66 75 74 60 65 58 #N/A N/A

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

File Dt 31.12.2012 01.12.2012 31.01.2013 01.12.2012 25.03.2013 31.01.2013 01.12.2012 31.01.2013 28.02.2013 01.12.2012 31.01.2013 01.12.2012 01.12.2012 31.01.2013 01.12.2012 01.12.2012 31.12.2012 30.11.2012 01.12.2012 01.12.2012

Date Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 18 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 9 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided

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

Date 25.03.2013 22.03.2013 11.03.2013 07.03.2013 05.03.2013 25.02.2013 25.02.2013 24.02.2013 22.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 18.01.2013 02.10.2012

27.03.2013

InterContinental Hotels Group PLC InterContinental Hotels Group PLC operates a global hotel business comprised of linear integrated circuits. The Company's products include high performance amplifiers, comparators, voltage references, monolithic filters, linear regulators, DC-DC converters, battery chargers, data converters, communications interface circuits, and RF signal conditioning circuits.

Price/Volume 45

6.0 M

5.0 M

35 30

4.0 M

12/2012 12/yy 2'044.00 1'386.62 183'426.00 1955 -4.40% 40.92% 85.09% 268.4 5'247.21 1'258.00 0.0 9.0 201.00 8'991.13

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

31.12.2009 31.12.2010 1'538.0 1'628.0 3.40x 3.88x 472.0 552.0 11.06x 11.46x 213.0 293.0 19.86x 19.19x Profitability

1.0 M

5 0 m-12

.0 M a-12

LTM-4Q 31.12.2011 1'768.0 3.24x 658.0 8.71x 460.0 11.27x

31.12.2012 1'835.0 4.63x 708.0 12.00x 544.0 14.63x 708.00 614.00 33.46% 30.30% 17.46% 127.25% 42.60% 0.59% 57.9% 38.6% 33.5% 29.6% 0.85 0.70 38.55% 408.44% 5.71 193.00

Price/ Cash Flow

01/yy 1'336.0 20.77x 706.1 9.36x 496.1 13.90x

m-12

j-12

a-12

LTM 12/yy 1'282.8 22.14x 636.2 11.54x 395.8 20.00x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

2.17 1.16 260.03 0.27 38.09% 16.08% 1.156 29 3.655 734'662 936'870 852'277 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'937.6 2'034.6 425.5 490.0 4.75x 4.44x 21.25x 18.50x 769.8 821.0 150.0 207.0 11.68x 10.95x 11.72x 11.51x 420.6 448.2 259.0 284.0 18.64x 17.17x 9.36x 10.39x S&P Issuer Ratings

22.06.2011 BBB STABLE 18.02.2005 NR 12.42 11.65 1.49 1.78 408.4% 79.9% 0.59 1.52 64.12 1.90 57.60 8.42

Sales/Revenue/Turnover

20.00

1'600.0

18.00

1'400.0

16.00

1'200.0

14.00

1'000.0

12.00 10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 03.07.2009

2.0 M

Fiscal Year Ended 31.12.2008 1'897.0 1.90x 661.0 5.47x 262.0 9.15x

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IHG LN EQUITY YTD Change IHG LN EQUITY YTD % CHANGE

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 |

27.03.2013

InterContinental Hotels Group PLC Holdings By:

All

Holder Name JP MORGAN STATE FARM MUTUAL AU VANGUARD GROUP INC FIRST EAGLE INVESTME STATE FARM MUTUAL AU BLACKROCK STATE STREET RENAISSANCE TECHNOLO AMERICAN CENTURY COM BANK OF AMERICA CORP INVESCO LTD WELLINGTON MANAGEMEN JP MORGAN NEUBERGER BERMAN LLC NORTHERN TRUST CORPO BANK OF NEW YORK MEL GOLDMAN SACHS GROUP FMR LLC SUN LIFE FINANCIAL I NORGES BANK

Firm Name Panmure Gordon & Co Limited Wells Fargo Securities, LLC MKM Partners Longbow Research SunTrust Robinson Humphrey ISI Group Stifel Drexel Hamilton LLC Deutsche Bank Credit Suisse JPMorgan Raymond James Macquarie Susquehanna Financial Group Morgan Stanley Goldman Sachs Jefferies Pacific Crest Securities B Riley & Company, Inc Oppenheimer & Co Nomura Piper Jaffray EVA Dimensions

Portfolio Name n/a STATE FARM MUTUAL AU VANGUARD GROUP INC FIRST EAGLE INVESTME STATE FARM MUTUAL AU n/a n/a RENAISSANCE TECHNOLO AMERICAN CENTURY COM BANK OF AMERICA INVESCO LTD WELLINGTON MANAGEMEN n/a NEUBERGER BERMAN GRO NORTHERN TRUST CORPO BANK OF NEW YORK MEL GOLDMAN SACHS GROUP n/a n/a NORGES BANK

Analyst AMBRISH SRIVASTAVA DAVID M WONG DANIEL A BERENBAUM JOANNE FEENEY WILLIAM STEIN SUMIT DHANDA TORE E SVANBERG RICHARD WHITTINGTON ROSS C SEYMORE JOHN W PITZER CHRISTOPHER DANELY J STEVEN SMIGIE SHAWN WEBSTER CHRISTOPHER CASO JOSEPH MOORE JAMES V COVELLO MARK J LIPACIS MICHAEL MCCONNELL CRAIG ELLIS RICHARD SCHAFER ROMIT SHAH AUGUSTE P RICHARD ANDREW S ZAMFOTIS

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

Recommendation market perform outperform neutral buy neutral strong buy buy buy hold outperform underweight underperform outperform neutral Equalwt/In-Line neutral/attractive hold underperform neutral outperform neutral overweight overweight

Amt Held 28'051'250 17'490'900 15'279'740 14'457'182 13'355'946 13'149'330 9'811'143 8'233'100 6'790'653 6'644'258 5'525'424 3'969'889 3'918'427 3'376'310 3'328'502 2'833'058 2'826'455 2'714'529 2'524'415 1'861'718

% Out 12.06 7.52 6.57 6.22 5.74 5.65 4.22 3.54 2.92 2.86 2.38 1.71 1.68 1.45 1.43 1.22 1.22 1.17 1.09 0.8

Weighting

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

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

Latest Chg (2'505'250) 23'904 (1'018'036) 1'493 (19'937) 101'134 652'100 294'543 6'017'757 373'526 (3'419'188) 475'836 (62'075) 83'206 (425'282) (97'291) 1'073'440 412'780 251'633

Target Price 35 #N/A N/A 33 42 36 43 42 45 33 40 25 #N/A N/A 37 35 #N/A N/A 35 38 #N/A N/A 34 43 30 39 #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 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 30.09.2012 Insurance Company 25.03.2013 Investment Advisor 25.03.2013 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 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 31.01.2013 Investment Advisor 31.12.2012 Government

Date Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 9 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 18 month 12 month 12 month Not Provided

Date 25.03.2013 25.03.2013 22.03.2013 20.03.2013 12.03.2013 11.03.2013 20.02.2013 13.02.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 16.01.2013 16.01.2013 16.01.2013 16.01.2013 16.01.2013 16.01.2013 16.01.2013 16.01.2013 15.01.2013

27.03.2013

J Sainsbury PLC J Sainsbury plc retails food. The Company operates Sainsbury supermarkets in toy products on a worldwide basis. The Company sells its products to retailers and directly to consumers. Mattel's products include branded fashion dolls, infant and preschool products, toy cars, and electrical vehicles, among others.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (13.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBRY LN EQUITY YTD Change SBRY LN EQUITY YTD % CHANGE

Price/Volume

03/2012 12/yy 380.30 278.60 1'702'117.00 375 -1.34% 34.67% 96.36% 1'888.8 7'082.95 2'767.00 0.0 0.0 739.00 9'308.95

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

31.03.2009 31.03.2010 18'911.0 19'964.0 0.38x 0.39x 1'074.0 1'156.0 6.70x 6.74x 289.0 585.0 18.83x 10.37x Profitability

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

LTM-4Q 31.03.2011 21'102.0 0.40x 1'220.0 6.95x 640.0 10.19x

31.03.2012 22'294.0 0.35x 1'281.0 6.04x 598.0 9.48x 1'281.00 782.00 3.51% 3.58% 5.02% 11.05% 8.82% 1.86% 5.4% 5.6% 3.3% 2.7% 0.64 0.27 22.42% 49.16% 21.61

Price/ Cash Flow

12/yy 6'266.1 6.08x 1'202.4 7.94x 768.5 12.56x

LTM 12/yy 6'420.9 7.90x 1'195.3 10.63x 776.5 14.65x

FY+1

4.37 0.74 1'225.89 25.29% 8.72% 0.736 26 2.808 5'466'303 5'091'166 5'186'151 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 06/13 Q1 09/13 Q2 23'231.9 24'102.0 0.40x 0.38x 1'355.9 1'409.7 6.87x 6.60x 575.4 608.4 12.63x 11.98x S&P Issuer Ratings

13.05.2010 NR 13.05.2010 NR 7.40 0.31 1.76 2.19 49.2% 33.0% 1.86 2.43 16.85 -15.32

Sales/Revenue/Turnover

18.00

7'000.0

16.00

6'000.0

14.00

5'000.0

12.00 10.00

4'000.0

8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 01.01.2010

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

Fiscal Year Ended 31.03.2008 17'837.0 0.41x 1'002.0 7.28x 329.0 17.38x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

J Sainsbury PLC Holdings By:

All

Holder Name QATAR INVESTMENT AUT CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN VANGUARD GROUP INC JANUS CAPITAL MANAGE T ROWE PRICE ASSOCIA STATE STREET PRIMECAP MANAGEMENT ALLIANZ ASSET MANAGE ARTISAN PARTNERS HOL BANK OF NEW YORK MEL NORTHERN TRUST CORPO CORNERSTONE INVESTME M&G INVESTMENT MANAG INVESCO LTD AMERIPRISE FINANCIAL EDGE ASSET MANAGEMEN MANAGED ACCOUNT ADVI EPOCH INVESTMENT PAR NORGES BANK

Firm Name Jefferies B Riley & Company, Inc Monness, Crespi, Hardt & Co EVA Dimensions Stifel BMO Capital Markets SunTrust Robinson Humphrey Wells Fargo Securities, LLC Goldman Sachs Longbow Research Needham & Co KeyBanc Capital Markets Barclays

Portfolio Name n/a n/a WELLINGTON MANAGEMEN VANGUARD GROUP INC n/a T ROWE PRICE ASSOCIA n/a PRIMECAP MANAGEMENT n/a ARTISAN PARTNERS LP BANK OF NEW YORK MEL NORTHERN TRUST CORPO CORNERSTONE INVESTME M&G INVESTMENT MANAG INVESCO LTD AMERIPRISE FINANCIAL EDGE ASSET MANAGEMEN MANAGED ACCOUNT ADVI EPOCH INVESTMENT PAR NORGES BANK

Analyst ERIC O HANDLER LINDA BOLTON WEISER JIM CHARTIER CRAIG STERLING DREW E CRUM GERRICK L JOHNSON MICHAEL A SWARTZ TIMOTHY A CONDER MICHAEL KELTER JAMES L HARDIMAN SEAN P MCGOWAN SCOTT W HAMANN FELICIA R KANTOR HENDRIX

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

Recommendation buy buy neutral hold hold outperform buy outperform neutral/cautious buy buy buy equalweight

Amt Held 30'339'567 27'510'900 21'552'139 19'932'925 16'419'806 15'622'302 13'796'644 9'035'305 7'773'226 6'818'003 6'423'432 5'845'037 5'289'229 4'744'712 3'802'167 3'728'848 3'194'203 3'103'095 2'953'635 2'838'342

% Out 8.81 7.99 6.26 5.79 4.77 4.53 4 2.62 2.26 1.98 1.86 1.7 1.54 1.38 1.1 1.08 0.93 0.9 0.86 0.82

Weighting

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

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

Latest Chg (862'000) (1'227'792) 606'526 (1'588'071) 209'910 488'774 (28'000) (409'088) (153'300) (313'838) 52'526 545'032 (600) (352'951) 29'712 (50'725) (75'421) 182'402 342'408

Target Price 45 47 36 #N/A N/A #N/A N/A 50 45 #N/A N/A 40 45 42 42 39

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

File Dt Inst Type 25.03.2013 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 25.03.2013 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 31.12.2012 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 Government

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

Date 25.03.2013 20.03.2013 20.03.2013 11.03.2013 05.03.2013 19.02.2013 19.02.2013 19.02.2013 14.02.2013 11.02.2013 04.02.2013 03.02.2013 01.02.2013

27.03.2013

Randgold Resources Ltd Randgold Resources Ltd. provides mining services. The Company offers acquisition, development, and exploration of gold and other precious metal in Africa.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.10.2012) 52-Week Low (16.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RRS LN EQUITY YTD Change RRS LN EQUITY YTD % CHANGE

12/2012 12/yy 7'875.00 4'480.00 64'248.00 5570 -29.46% 24.00% 31.96% 92.1 5'130.86 18.02 0.0 166.1 390.76 7'542.76

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

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 338.6 9.01x 97.3 31.34x 41.6 78.87x

31.12.2009 31.12.2010 432.8 484.6 15.50x 14.79x 142.3 164.3 47.15x 43.62x 69.4 103.5 94.26x 72.03x Profitability

LTM-4Q 31.12.2011 1'127.1 7.97x 569.8 15.77x 377.1 24.74x

31.12.2012 1'317.8 6.59x 699.2 12.43x 431.8 20.57x 699.18 567.44 43.06% 43.12% 15.26% 17.98% 20.11% 0.47% 52.8% 53.1% 43.1% 32.8% 4.10 1.66 0.58% 0.69% -

Price/ Cash Flow

12/yy 2'460.6 10.96x 839.7 8.44x 483.4 16.48x

LTM 12/yy 2'404.5 12.26x 800.9 9.66x 369.7 18.54x

FY+1

0.00 0.63 82.97 -0.73% -6.64% 0.628 23 4.174 272'069 365'074 341'036 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'606.4 2'107.9 4.61x 3.25x 896.8 1'265.8 8.41x 5.96x 521.5 741.5 15.31x 10.48x 16.20x S&P Issuer Ratings

582.65 114.09 -0.53 0.03 0.7% 0.6% 0.47 0.87 138.94

Sales/Revenue/Turnover

16.00

3'000.0

14.00

2'500.0

12.00

2'000.0

10.00 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 |

27.03.2013

Randgold Resources Ltd Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C PACIFIC CENTURY GROU FMR LLC CARMIGNAC GESTION WELLS FARGO LEGAL & GENERAL MASSACHUSETTS MUTUAL FRANKLIN RESOURCES COMGEST SA STATE STREET VANGUARD GROUP INC INVESTEC ASSET MANAG BRISTOW D MARK SCOTTISH WIDOWS COMGEST GROWTH PLC ALLIANZ ASSET MANAGE DWS INVESTMENT SA ROYAL LONDON ASSET M IG INVESTMENT MANAGE

Firm Name Canaccord Genuity Corp Goldman Sachs SBG Securities Nomura Societe Generale Numis Securities Ltd CIBC World Markets Barclays Deutsche Bank Morgan Stanley RBC Capital Markets GMP Clarus Securities JPMorgan Liberum Capital Ltd Investec Day by Day EVA Dimensions Davy BMO Capital Markets

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

Analyst TIM DUDLEY EUGENE KING MICHAEL STARKE TYLER BRODA BRUCE ALWAY CAILEY BARKER LEON ESTERHUIZEN IAN ROSSOUW GRANT SPORRE ALAIN GABRIEL JONATHAN GUY BROCK SALIER NANA SANGMUAH ALLAN COOKE KATE CRAIG HUNTER HILLCOAT VALERIE GASTALDY CRAIG STERLING BART JAWORSKI ANDREW BREICHMANAS

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

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

Amt Held 12'890'359 6'334'035 6'249'762 5'271'384 4'555'052 4'350'752 3'817'444 2'386'554 2'215'042 2'041'700 1'894'654 892'284 786'704 716'507 519'961 350'000 309'369 255'369 179'857 179'019

% Out 13.99 6.88 6.78 5.72 4.94 4.72 4.14 2.59 2.4 2.22 2.06 0.97 0.85 0.78 0.56 0.38 0.34 0.28 0.2 0.19

Weighting

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

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

Latest Chg (691'639) 163'956 1 (161'450) 36'786 19'837 10'442 232'006 (19'169) 20'000 91

Target Price 8'300 7'800 6'500 4'650 8'000 8'000 6'500 6'500 7'360 6'800 7'500 7'800 7'671 7'560 #N/A N/A 6'882 7'530 #N/A N/A #N/A N/A 7'823

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

File Dt Inst Type 25.03.2013 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Corporation 11.03.2013 Investment Advisor 31.12.2011 Investment Advisor 31.01.2013 Unclassified 28.02.2013 Unclassified 31.12.2011 Insurance Company 31.12.2011 Investment Advisor 31.12.2011 Unclassified 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 18.03.2013 n/a 30.11.2012 Unclassified 30.06.2011 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 25.03.2013 15.03.2013 11.03.2013 07.03.2013 01.03.2013 01.03.2013 20.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 01.02.2013 01.02.2013 29.01.2013 23.01.2013 15.01.2013 08.01.2013 07.11.2012

27.03.2013

British Land Co PLC British Land Company plc invests, both directly and through joint ventures, in income-producing and freehold commercial properties in order to maximize their growth and potential. The Company trades, finances, and develops property. Their portfolio consists of offices, retail superstores, shopping centers, leisure, industrial, and distribution spaces.

Price/Volume 40 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (11.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BLND LN EQUITY YTD Change BLND LN EQUITY YTD % CHANGE

03/2012 12/yy 588.00 461.70 972'761.00 540.5 -8.25% 16.85% 69.52% 986.4 5'331.60 2'621.00 0.0 0.0 384.00 7'834.60

31.03.2008 685.0 14.37x (1'563.0) -

15 10 5 0 m-12

31.03.2009 31.03.2010 515.0 407.0 12.19x 13.96x (3'881.0) 1'140.0 3.62x Profitability

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

LTM-4Q 31.03.2011 313.0 20.99x 840.0 5.77x

31.03.2012 348.0 18.67x 480.0 8.87x

233.00 66.95% 137.64% 3.20% 5.13% 0.04% 86.8% 66.7% 137.9% 1.30 1.11 32.13% 51.35% 1.95 -

Price/ Cash Flow

12/yy 1'424.3 16.38x 528.1 11.52x 381.6 19.80x

LTM 12/yy 1'490.4 15.21x 405.4 14.10x 148.3 21.30x

FY+1

3.67 0.98 882.74 14.90% -1.70% 0.980 22 3.864 3'630'233 3'675'431 2'953'406 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 06/12 Q1 09/12 Q2 505.3 522.7 79.0 18.91x 18.59x 417.8 433.2 18.75x 18.09x 269.4 282.0 64.9 18.02x 17.49x 16.55x 17.92x S&P Issuer Ratings

51.4% 33.9% 0.04 0.07 187.69 -

Sales/Revenue/Turnover

20.00

1'600.0

18.00

1'400.0

16.00

1'200.0

14.00

1'000.0

12.00 10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 03.04.2009

a-12

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

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

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 |

27.03.2013

British Land Co PLC Holdings By:

All

Holder Name NORGES BANK BLACKROCK APG ALGEMENE PENSIOE FMR LLC GOVT OF SINGAPORE IN CAPITAL GROUP COMPAN STICHTING PENSIOEN F LEGAL & GENERAL SCOTTISH WIDOWS STATE STREET STICHTING PENSIOENFO BNP PARIBAS INV PART MORGAN STANLEY UBS BREWIN DOLPHIN LIMIT COHEN & STEERS CAPIT ARTISAN PARTNERS HOL PEOPLES REPUBLIC OF VANGUARD GROUP INC ABN AMRO ASSET MGMT

Firm Name

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

Analyst

Societe Generale MARC MOZZI JPMorgan HARM M MEIJER Jefferies MICHAEL PREW Peel Hunt KEITH CRAWFORD AlphaValue PIERRE-LOUP ETIENNE Day by Day VALERIE GASTALDY Goldman Sachs JULIAN LIVINGSTON-BOOTH Oriel Securities Ltd MATTHEW S SAPERIA Deutsche Bank MARTIN ALLEN Kempen & Co RYAN PALECEK Espirito Santo Investment Bank Research MICHAEL BURT Panmure Gordon & Co Limited MARK HUGHES Morgan Stanley BART GYSENS Investec ALAN CARTER Exane BNP Paribas NICK WEBB Numis Securities Ltd CHRISTOPHER SPEARING EVA Dimensions AUSTIN BURKETT Credit Suisse STEVE BRAMLEY-JACKSON Liberum Capital Ltd ALISON WATSON Barclays AARON GUY Fairfax I.S. Limited AOIFE MCGRATH

Source RNS-MAJ ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG RNS-MAJ ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG REG MF-AGG REG REG REG MF-AGG

Recommendation buy overweight hold hold reduce hold neutral/neutral hold buy overweight neutral buy Overwt/Attractive buy outperform hold underweight outperform hold equalweight corporate

Amt Held 62'598'618 52'861'598 51'816'357 43'681'563 39'473'304 36'703'190 34'793'042 31'772'051 27'842'633 26'072'345 16'319'499 15'703'463 13'733'216 13'277'808 12'537'752 12'434'747 11'965'643 11'832'247 11'385'489 10'561'672

% Out 6.35 5.36 5.25 4.43 4 3.72 3.53 3.22 2.82 2.64 1.65 1.59 1.39 1.35 1.27 1.26 1.21 1.2 1.15 1.07

Weighting

Change

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

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

Latest Chg 17'985'340 491'778 2'096'212 89'065 1'728'241 13'961'285 119'980 (44'642) 648'018 1'256'487 (1'949'575) 764'053 1'942'914 432'580 (2'393'639) 7'805'653 268'000 1'668'599 7'478'923

Target Price 630 665 528 550 548 #N/A N/A 585 #N/A N/A 720 610 603 600 630 #N/A N/A 590 615 #N/A N/A 605 528 609 #N/A N/A

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

File Dt Inst Type 15.03.2013 Government 25.03.2013 Investment Advisor 01.03.2013 Pension Fund (ERISA) 01.03.2013 Investment Advisor 21.03.2013 Government 01.03.2013 Investment Advisor 09.02.2010 Pension Fund (ERISA) 01.03.2013 Unclassified 01.03.2013 Unclassified 26.03.2013 Investment Advisor 01.03.2013 Investment Advisor 01.03.2013 Investment Advisor 01.03.2013 Investment Advisor 01.03.2013 Unclassified 01.03.2013 Investment Advisor 25.03.2013 Investment Advisor 01.03.2013 Investment Advisor 01.03.2013 Government 01.03.2013 Investment Advisor 17.07.2012 Investment Advisor

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

Date 27.03.2013 26.03.2013 25.03.2013 25.03.2013 21.03.2013 19.03.2013 18.03.2013 14.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 12.03.2013 12.03.2013 12.03.2013 01.03.2013 17.01.2013 26.09.2012 10.08.2012 18.07.2012 25.02.2010

27.03.2013

Smiths Group PLC Smiths Group plc is a global technology company. The company delivers products and services for the threat & contraband detection, medical devices, energy and communications market worldwide.

Price/Volume 12

25.0 M

20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (19.03.2013) 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 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SMIN LN EQUITY YTD Change SMIN LN EQUITY YTD % CHANGE

07/2012 02/yy 1'342.00 975.00 260'535.00 1229 -8.72% 25.64% 79.84% 393.4 4'834.45 997.00 0.0 8.0 205.60 5'696.35

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

10.0 M

5.0 M

2 0 m-12

31.07.2009 31.07.2010 2'664.6 2'769.6 1.38x 1.88x 544.3 580.3 6.78x 8.96x 269.5 310.0 10.17x 14.82x Profitability

31.07.2011 2'842.0 1.83x 598.7 8.67x 383.8 14.59x

31.07.2012 3'030.1 1.65x 603.4 8.27x 256.6 16.32x 603.40 461.30 15.22% 12.08% 8.37% 27.05% 15.97% 0.83% 45.7% 19.8% 15.2% 8.5% 1.56 0.97 27.65% 102.49% 4.99 3.51

Price/ Cash Flow

LTM-4Q

LTM

03/yy

02/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

FY+1 -

3.16 1.06 392.38 21.41% 3.90% 1.062 21 3.476 929'274 782'867 754'132 FY+2

07/13 Y 07/14 Y 3'141.2 3'269.2 1.79x 1.68x 651.4 689.6 8.74x 8.26x 368.3 390.6 12.99x 12.24x S&P Issuer Ratings

FQ+1

FQ+2

15.01.2007 BBB+ STABLE 19.04.2000 A-2 8.37 7.67 1.39 1.84 102.5% 50.4% 0.83 11.34 73.98 105.09 95.87 123.33

Sales/Revenue/Turnover

9.00

10'000.0

8.00

9'000.0

7.00

8'000.0 7'000.0

6.00

6'000.0

5.00 4.00

5'000.0 4'000.0

3.00

3'000.0

2.00

2'000.0

1.00

1'000.0

0.00 04.09.2009

.0 M a-12 m-12

Fiscal Year Ended 31.07.2008 2'321.2 2.08x 431.7 11.20x 268.5 16.62x

15.0 M

Valuation Analysis

0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

04.03.2013

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

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

27.03.2013

Smiths Group PLC Holdings By:

All

Holder Name M&G INVESTMENT MANAG THREADNEEDLE ASSET M BLACKROCK LEGAL & GENERAL NEWTON INV MGMT SUN LIFE FINANCIAL I MORGAN STANLEY INVES BNP PARIBAS INV PART HARRIS ASSOCIATES LP DWS INVESTMENT SA NORGES BANK INVESTME SCOTTISH WIDOWS DEUTSCHE BANK AG THREADNEEDLE INVESTM ARTEMIS INVESTMENT M HARRIS ASSOCIATES LP ARTEMIS INVESTMENT M RENSBURG INVESTMENT JO HAMBRO CAPITAL MA CREDIT AGRICOLE GROU

Firm Name

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

Analyst

Barclays ALLAN SMYLIE Deutsche Bank MARTIN WILKIE Societe Generale ALASDAIR LESLIE Arden Partners Ltd DAVID LARKAM Investec CHRIS DYETT RBC Capital Markets ANDREW CARTER Espirito Santo Investment Bank Research EDWARD STACEY Exane BNP Paribas JONATHAN R MOUNSEY EVA Dimensions CRAIG STERLING Morgan Stanley BEN UGLOW Credit Suisse ANDRE KUKHNIN JPMorgan GLEN H LIDDY Jefferies SANDY MORRIS Numis Securities Ltd SCOTT CAGEHIN HSBC SEAN D MCLOUGHLIN Day by Day VALERIE GASTALDY Berenberg Bank ALEXANDER VIRGO Nomura JUHO LAHDENPERA Gabelli & Co WAYNE PINSENT

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

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

Amt Held 17'634'120 17'351'791 16'400'000 15'818'211 15'200'000 13'667'513 11'361'652 11'171'749 9'886'445 9'231'910 9'110'247 8'838'154 8'445'657 7'767'438 7'746'982 6'521'955 5'957'384 5'694'339 5'512'090 5'428'572

% Out 4.48 4.41 4.17 4.02 3.86 3.47 2.89 2.84 2.51 2.35 2.32 2.25 2.15 1.97 1.97 1.66 1.51 1.45 1.4 1.38

Weighting

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

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

Latest Chg 293'688 62'001 (6'361) (440'340) (378'487) (2'771'371) 818'190 (114'815) 144'462 1'062'145 (609) 207'527 (1'041'720) 510'500 (3'115'615) 642'148 1'844'500 (420'630)

Target Price 1'157 1'400 1'200 1'300 1'425 1'200 1'220 1'375 #N/A N/A 1'281 1'420 1'500 1'400 1'400 1'400 1'338 1'350 1'150 #N/A N/A

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

File Dt Inst Type 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 25.03.2013 Investment Advisor 28.02.2013 Unclassified 17.09.2012 Mutual Fund Manager 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 31.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Government 01.01.2013 Unclassified 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 01.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Mutual Fund Manager 01.01.2013 Bank

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

Date 27.03.2013 26.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 07.02.2013 24.01.2013 08.01.2013 06.11.2012 05.05.2011

27.03.2013

United Utilities Group PLC United Utilities Group PLC manages and operates the regulated electricity distribution, water and wastewater networks in North West England. The Company also manages other infrastructure assets in the United Kingdom and overseas.

Price/Volume 35

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

30 25 20

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (14.08.2012) 52-Week Low (12.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UU/ LN EQUITY YTD Change UU/ LN EQUITY YTD % CHANGE

03/2012 12/yy 816.00 590.00 661'616.00 697.5 -14.52% 18.22% 51.11% 681.9 4'756.17 5'855.20 0.0 0.0 321.20 10'582.97

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

5 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

Fiscal Year Ended 31.03.2008 2'362.9 3.78x 905.7 9.87x 909.2 14.60x

31.03.2009 31.03.2010 2'427.2 1'573.1 3.57x 5.71x 998.8 1'105.7 8.69x 8.13x 179.1 403.5 18.25x 10.98x Profitability

31.03.2011 1'513.3 6.01x 899.6 10.10x 458.2 11.38x

31.03.2012 1'564.9 6.16x 900.0 10.71x 316.5 13.16x 900.00 602.20 38.48% 17.92% 3.30% 18.54% 0.16% 56.7% 37.2% 20.2% 1.09 0.76 58.37% 331.81% -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

4.70 0.60 661.17 20.62% 3.56% 0.599 20 3.150 3'400'939 2'760'444 2'942'956 FY+2

03/13 Y 03/14 Y 1'644.2 1'699.6 6.26x 6.21x 964.2 1'008.5 10.98x 10.49x 290.8 308.6 17.93x 16.81x S&P Issuer Ratings

FQ+1

FQ+2

28.01.2010 A-3 2.85 1.26 6.44 6.61 331.8% 76.8% 0.16 0.19 -

Sales/Revenue/Turnover

14.00

80'000.0

12.00

70'000.0 60'000.0

10.00

50'000.0 8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 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 |

27.03.2013

United Utilities Group PLC Holdings By:

All

Holder Name AXA BLACKROCK PICTET ASSET MANAGEM LEGAL & GENERAL M&G INVESTMENT MANAG NORGES BANK INVESTME NOMURA BANK OF NEW YORK MEL FRANKLIN RESOURCES NEWTON INV MGMT BARCLAYS PERSONAL IN STANDARD LIFE INVEST SCOTTISH WIDOWS EPOCH INVESTMENT PAR TD WATERHOUSE GROUP PEOPLES REPUBLIC OF HARGREAVES LANSDOWN CO-OPERATIVE INSURAN VANGUARD GROUP INC THREADNEEDLE ASSET M

Firm Name RBC Capital Markets HSBC AlphaValue Goldman Sachs Credit Suisse Day by Day Baden Hill LLP Nomura JPMorgan Cantor Fitzgerald Exane BNP Paribas S&P Capital IQ Barclays EVA Dimensions Societe Generale Morgan Stanley Deutsche Bank

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

Analyst JOHN MUSK VERITY MITCHELL MYRIAM COHEN ANDREW MEAD GUY MACKENZIE VALERIE GASTALDY ROY CAMPBELL JONATHAN CONSTABLE EDMUND REID ANGELOS ANASTASIOU IAIN TURNER CLIVE ROBERTS HARRY WYBURD AUSTIN BURKETT ASHLEY THOMAS BOBBY CHADA JAMES BRAND

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

Recommendation underperform neutral add neutral/neutral underperform buy sell neutral neutral buy neutral sell equalweight sell buy Overwt/In-Line buy

Amt Held 41'587'948 34'976'790 34'090'439 25'417'099 21'148'243 20'495'921 16'048'587 15'593'893 14'000'000 12'112'597 10'780'410 10'763'202 10'653'109 10'464'744 9'861'003 8'614'636 7'984'072 7'613'884 7'470'989 7'373'817

% Out 6.1 5.13 5 3.73 3.1 3.01 2.35 2.29 2.05 1.78 1.58 1.58 1.56 1.53 1.45 1.26 1.17 1.12 1.1 1.08

Weighting

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

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

Latest Chg (277'460) 585'034 188'493 2'341'984 2'009'113 2'211'521 7'365'597 677'916 (1'644'175) 3'592'473 4'081'154 248'244 (556'329) 527'792 822'884 24'089 11'677

Target Price 680 775 766 829 660 816 #N/A N/A 765 720 792 740 603 700 #N/A N/A 779 700 770

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

File Dt Inst Type 01.01.2013 Investment Advisor 25.03.2013 Investment Advisor 23.05.2012 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Investment Advisor 01.01.2013 Government 01.01.2013 Unclassified 26.03.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Mutual Fund Manager 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Hedge Fund Manager 01.01.2013 Investment Advisor 01.01.2013 Government 01.01.2013 Investment Advisor 01.01.2013 Insurance Company 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor

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

Date 26.03.2013 21.03.2013 21.03.2013 11.03.2013 07.03.2013 05.03.2013 01.03.2013 21.02.2013 13.02.2013 11.02.2013 08.02.2013 30.01.2013 25.01.2013 17.01.2013 15.01.2013 04.09.2012 11.05.2012

27.03.2013

Weir Group PLC/The The Weir Group PLC is an engineering solutions provider focused on the minerals, oil and gas and power markets. The Company manufactures and supplies engineering products and services for mining and minerals processing, power generation, oil and gas production, water supply and other industrial uses. The Weir Group supplies pumps, valves, compressors and turbines.

Price/Volume 35

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 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 18.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WEIR LN EQUITY YTD Change WEIR LN EQUITY YTD % CHANGE

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

10.0 M

5.0 M

5 0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 1'353.6 0.66x 203.7 4.38x 170.8 5.76x

15.0 M

12/2012 12/yy 2'490.00 1'352.00 275'613.00 2222 -10.76% 64.35% 73.37% 212.9 4'730.42 1'080.00 0.0 3.2 391.10 5'422.52

31.12.2009 31.12.2010 1'390.2 1'635.0 1.17x 2.47x 230.1 338.7 7.08x 11.91x 128.8 185.1 12.20x 18.88x Profitability

31.12.2011 2'292.0 2.17x 449.7 11.05x 298.3 15.42x

31.12.2012 2'538.3 1.84x 528.9 8.85x 315.4 12.75x 528.90 442.80 17.44% 16.70% 10.18% 26.04% 16.34% 0.82% 34.9% 20.8% 17.4% 12.4% 2.19 1.24 32.90% 82.63% 5.95 -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

1.71 1.46 205.47 27.97% 18.25% 1.458 23 3.565 863'000 1'059'566 866'650 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/12 Q1 06/12 Q2 2'631.0 2'789.2 2.04x 1.85x 554.8 603.4 9.77x 8.99x 311.2 344.0 14.49x 13.23x S&P Issuer Ratings

11.09 8.50 1.30 2.04 82.6% 45.2% 0.82 7.33 61.00 101.11

Sales/Revenue/Turnover

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 |

27.03.2013

Weir Group PLC/The Holdings By:

All

Holder Name AXA ABERDEEN LEGAL & GENERAL AXA FRAMLINGTON INV FMR LLC CAPITAL GROUP COMPAN LANSDOWNE PARTNERS M&G INVESTMENT MANAG STANDARD LIFE INVEST NORGES BANK INVESTME BREWIN DOLPHIN LIMIT BNP PARIBAS INV PART SUN LIFE FINANCIAL I BROOKSIDE CAPITAL MA SCHRODER INVESTMENT BLACKROCK EAST SIDE CAPITAL LL SCOTTISH WIDOWS BAILLIE GIFFORD AND STEADFAST CAPITAL MA

Firm Name Societe Generale EVA Dimensions Investec Nomura Berenberg Bank Credit Suisse Exane BNP Paribas Jefferies Barclays RBC Capital Markets JPMorgan Numis Securities Ltd Baden Hill LLP Oriel Securities Ltd CA Cheuvreux Morgan Stanley Deutsche Bank Cowen Securities LLC Goldman Sachs Arden Partners Ltd N+1 Singer Ltd

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

Analyst ALASDAIR LESLIE CRAIG STERLING THOMAS RANDS JUHO LAHDENPERA ALEXANDER VIRGO JONATHAN HURN JONATHAN R MOUNSEY ANDREW DOUGLAS NICK WEBSTER ANDREW CARTER GLEN H LIDDY SCOTT CAGEHIN ANTOINE HNEIN HARRY PHILIPS OLIVER GIRAKHOU BEN UGLOW PETER REILLY DOUG GARBER ADAM PINCKARD DAVID LARKAM JO REEDMAN

Source ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG Short REG REG REG REG ULT-AGG ULT-AGG Short REG ULT-AGG REG ULT-AGG REG Short

Recommendation sell hold hold neutral hold neutral outperform hold overweight outperform overweight buy sell add outperform Underwt/Cautious buy sell Buy/Neutral neutral not rated

Amt Held % Out 12'014'465 5.64 10'463'664 4.92 9'810'232 4.61 9'384'275 4.41 8'646'153 4.06 8'475'979 3.98 (7'268'078) -3.41 6'382'319 3 5'933'635 2.79 5'744'762 2.7 5'349'175 2.51 4'823'504 2.27 4'777'377 2.24 (3'846'556) -1.81 3'821'801 1.8 3'758'411 1.77 3'728'788 1.75 3'630'537 1.71 3'568'485 1.68 (3'379'019) -1.59

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

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

Latest Chg (96'940) (488'930) 674'122 22'243 (228'360) (2'082'854) 79'630 (188'859) 4'932'525 78'296 (959'132) 1'061'866 1'630'814 (1'188'154) (665'944) 673'114 249'384 106'258

Target Price 1'870 #N/A N/A 2'400 1'950 2'552 2'520 2'600 2'500 2'405 2'550 2'600 2'600 1'720 2'200 2'400 1'830 2'400 1'530 3'150 #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 01.02.2013 05.03.2013 01.02.2013 01.02.2013 01.02.2013 11.02.2013 01.11.2012 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 27.02.2013 01.02.2013 25.03.2013 01.02.2013 01.02.2013 01.02.2013 14.03.2013

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

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

Date 22.03.2013 21.03.2013 19.03.2013 19.03.2013 18.03.2013 15.03.2013 14.03.2013 12.03.2013 08.03.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 25.02.2013 21.02.2013 14.02.2013 11.02.2013 11.02.2013 17.01.2013 05.11.2012 19.06.2012

27.03.2013

ITV PLC ITV plc is a United Kingdom media company covering broadcasting, news, and production. The Company owns all of the regional Channel 3 licenses in England and Wales. ITV owns ITV1, a commercial television channel, as well as ITV2, a partial interest in GMTV, and other interests.

Price/Volume 90

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

80 70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2013) 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 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITV LN EQUITY YTD Change ITV LN EQUITY YTD % CHANGE

12/2012 12/yy 132.90 68.55 4'350'148.00 128.1 -4.06% 86.00% 95.49% 3'912.3 5'011.66 639.00 0.0 15.0 690.00 4'975.66

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

20 10 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

Fiscal Year Ended 31.12.2008 2'029.0 1.21x 247.0 9.96x (2'556.0) -

31.12.2009 31.12.2010 1'879.0 2'064.0 1.54x 1.52x 240.0 438.0 12.06x 7.18x 91.0 269.0 22.33x 10.11x Profitability

LTM-4Q 31.12.2011 2'140.0 1.30x 488.0 5.68x 247.0 10.71x

31.12.2012 2'196.0 1.86x 547.0 7.46x 267.0 15.32x 547.00 460.00 20.95% 15.85% 9.34% 32.90% 28.77% 0.77% 24.9% 20.9% 12.2% 1.88 0.98 22.86% 78.21% -

Price/ Cash Flow

12/yy 1'703.2 14.91x 473.5 15.33x 286.2 29.92x

LTM 12/yy 2'060.7 18.89x 571.2 14.78x 340.0 28.41x

FY+1

2.04 1.11 3'752.78 46.39% 21.20% 1.114 28 3.643 10'620'790 14'410'770 13'288'130 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 2'307.3 2'391.5 456.0 2.07x 1.91x 12.32x 601.8 631.6 8.27x 7.88x 394.1 414.7 12.94x 12.08x S&P Issuer Ratings

30.03.2012 BB+ POS 06.08.2008 B 2.19 1.99 -0.09 1.17 78.2% 43.4% 0.77 13.60 -

Sales/Revenue/Turnover

45.00

2'500.0

40.00

2'000.0

35.00 30.00

1'500.0

25.00 20.00

1'000.0

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 |

27.03.2013

ITV PLC Holdings By:

All

Holder Name BRITISH SKY BROADCAS SKY HOLDINGS LIMITED FMR LLC AXA BLACKROCK MAJEDIE ASSET MANAGE BRANDES INVESTMENT P LEGAL & GENERAL LEGAL AND GENERAL IN AXA FRAMLINGTON INV RUFFER INVESTMENT MA ARTEMIS INVESTMENT M M&G INVESTMENT MANAG MARATHON ASSET MANAG THREADNEEDLE ASSET M WILLIAM BLAIR & COMP STANDARD LIFE INVEST SCOTTISH WIDOWS RUFFER LLP JP MORGAN

Firm Name

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

Analyst

Berenberg Bank SARAH SIMON AlphaValue VERONIQUE CABIOC'H Goldman Sachs RICHARD JONES Sanford C. Bernstein & Co CLAUDIO ASPESI Day by Day VALERIE GASTALDY S&P Capital IQ ALEXANDER WISCH Panmure Gordon & Co Limited ALEX DE GROOTE Westhouse Securities RODDY DAVIDSON Kepler Capital Markets CONOR O'SHEA Deutsche Bank LAURIE DAVISON Investec STEVEN LIECHTI Macquarie ANGUS TWEEDIE Peel Hunt PATRICK YAU Nomura WILLIAM MAIRS Barclays JULIEN ROCH Morgan Stanley PATRICK WELLINGTON Credit Suisse OMAR SHEIKH JPMorgan FILIPPO PIETRO LO FRANCO Espirito Santo Investment Bank Research GIASONE SALATI Numis Securities Ltd PAUL RICHARDS Exane BNP Paribas ADRIEN DE SAINT HILAIRE Liberum Capital Ltd IAN WHITTAKER EVA Dimensions CRAIG STERLING HSBC DAN GRAHAM Jefferies WILL SMITH

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

Recommendation hold sell Buy/Neutral outperform buy sell buy add hold sell hold outperform buy buy equalweight Overwt/Attractive outperform neutral sell add outperform buy hold underweight hold

Amt Held 291'684'730 291'684'730 240'001'700 221'546'934 213'598'277 196'103'145 194'304'930 155'033'195 153'692'144 146'078'266 104'632'310 84'665'233 81'652'583 80'787'915 76'144'837 74'328'141 73'946'918 72'947'106 65'931'596 63'786'556

% Out 7.46 7.46 6.13 5.66 5.46 5.01 4.97 3.96 3.93 3.73 2.67 2.16 2.09 2.06 1.95 1.9 1.89 1.86 1.69 1.63

Weighting

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

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

Latest Chg (12'224'187) (866'485) 415'535 (3'309'120) 14'235'016 (5'029'646) 16'511'797 (2'473'210) (2'384'446) 22'117'971 17'312'822 21'828'248 6'131'143 (6'140'195)

Target Price 91 120 154 155 139 105 180 144 125 100 110 130 130 130 115 135 130 126 76 140 135 155 #N/A N/A 83 77

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

File Dt Inst Type 01.11.2012 Corporation 31.12.2011 Investment Advisor 31.01.2013 Investment Advisor 20.02.2013 Investment Advisor 25.03.2013 Investment Advisor 01.11.2012 Investment Advisor 31.12.2011 Investment Advisor 28.02.2013 Unclassified 31.12.2011 n/a 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor 30.11.2012 Unclassified 31.10.2012 Hedge Fund Manager 31.01.2013 Unclassified

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

Date 26.03.2013 22.03.2013 20.03.2013 19.03.2013 11.03.2013 07.03.2013 07.03.2013 07.03.2013 04.03.2013 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 27.02.2013 21.02.2013 17.01.2013 25.10.2012 26.07.2012

27.03.2013

Johnson Matthey PLC Johnson Matthey PLC is a specialty chemicals company which manufactures catalysts, pharmaceutical materials, and pollution control systems. The Company also refines platinum, gold and silver, and produces color and coating materials for the glass, ceramics, tile, plastics, paint, ink, and construction industries. Johnson Matthey has operations around the world.

Price/Volume

03/2012 12/yy 2'579.00 2'013.30 134'104.00 2234 -13.34% 11.01% 38.13% 204.9 4'577.86 499.30 0.0 0.4 150.70 5'288.26

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

4.0 M

31.03.2009 31.03.2010 7'847.8 7'839.4 0.36x 0.54x 401.2 402.2 7.05x 10.53x 174.1 164.2 12.84x 22.50x Profitability

31.03.2011 9'984.8 0.46x 520.5 8.76x 181.5 21.60x

31.03.2012 12'023.2 0.45x 580.2 9.33x 315.9 15.86x 580.20 433.40 3.60% 3.40% 9.66% 22.91% 15.80% 3.40% 6.3% 5.1% 3.8% 2.6% 1.74 0.90 15.29% 32.60% 15.48

Price/ Cash Flow

3.0 M 2.5 M

2.0 M 1.5 M

1.0 M

5 0 m-12

.5 M .0 M a-12

m-12

LTM-4Q

LTM

12/yy

12/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

FY+1 -

2.48 1.25 204.63 -2.08% -5.93% 1.246 16 3.500 606'883 539'977 559'561 FY+2

03/13 Y 03/14 Y 10'293.0 8'177.5 0.51x 0.63x 543.3 567.6 9.73x 9.32x 297.6 312.7 15.34x 14.47x S&P Issuer Ratings

FQ+1

FQ+2

16.39 12.13 1.26 1.43 32.6% 24.6% 3.40 12.33 23.65 31.18

Sales/Revenue/Turnover

18.00

8'000.0

16.00

7'000.0

14.00

6'000.0

12.00

5'000.0

10.00

4'000.0

8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 01.01.2010

3.5 M

Fiscal Year Ended 31.03.2008 7'498.7 0.66x 374.4 13.16x 186.2 22.71x

4.5 M

30 25

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 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 11.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JMAT LN EQUITY YTD Change JMAT LN EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Johnson Matthey PLC Holdings By:

All

Holder Name BLACKROCK FMR LLC LLOYDS BANKING GROUP THREADNEEDLE ASSET M SCOTTISH WIDOWS LEGAL & GENERAL NORGES BANK INVESTME BAILLIE GIFFORD AND M&G INVESTMENT MANAG STANDARD LIFE INVEST MANNING & NAPIER ADV JOHNSON MATTHEY PLC THREADNEEDLE INVESTM WILLIAM BLAIR & COMP MANNING & NAPIER ADV AVIVA INVESTORS WILLIAM BLAIR & COMP ARTISAN PARTNERS HOL AXA FRAMLINGTON INV NEPTUNE INVESTMENT M

Firm Name HSBC AlphaValue EVA Dimensions JPMorgan Morgan Stanley Numis Securities Ltd Deutsche Bank Goldman Sachs Liberum Capital Ltd Credit Suisse Day by Day S&P Capital IQ Redburn Partners

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

Analyst GEOFF HAIRE MARTIN SCHNEE CRAIG STERLING MARTIN EVANS PAUL R WALSH CHARLES PICK MARTIN DUNWOODIE RAKESH PATEL ADAM COLLINS RHIAN O'CONNOR VALERIE GASTALDY SHO MATSUBARA TONY JONES

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

Recommendation neutral reduce overweight neutral Underwt/In-Line add buy Buy/Neutral buy outperform hold hold neutral

Amt Held 20'254'207 15'393'158 10'470'589 10'363'251 7'570'675 6'099'801 5'551'656 5'278'231 5'222'338 5'110'819 4'967'991 4'463'881 3'969'348 3'965'899 3'851'250 3'569'501 3'361'546 3'121'157 2'858'947 2'323'271

% Out 9.88 7.51 5.11 5.06 3.69 2.98 2.71 2.58 2.55 2.49 2.42 2.18 1.94 1.94 1.88 1.74 1.64 1.52 1.4 1.13

Weighting

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

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

Latest Chg 89'602 (1'208'166) (8'683) (282'632) 2'399'232 (2'091'877) 5'428'717 131'579 (1'054'394) 1'308'506 (999'339) (210'338) 5'635 32'197 325'169 (161'440) (951'213) 235'699 (66'217) (98'729)

Target Price 2'300 2'395 #N/A N/A 2'150 2'200 2'515 2'550 2'900 3'000 2'400 #N/A N/A 2'350 #N/A N/A

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

File Dt 25.03.2013 31.01.2013 01.12.2012 01.12.2012 01.12.2012 07.03.2013 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 31.12.2012 31.12.2012 31.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012

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

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

Date 26.03.2013 21.03.2013 21.03.2013 20.03.2013 22.02.2013 18.02.2013 16.02.2013 15.02.2013 15.02.2013 12.02.2013 07.01.2013 27.11.2012 05.10.2012

27.03.2013

Aggreko PLC Aggreko plc provides specialist power and temperature control rental services in two main product areas, mobile electricity generators and temperature control equipment. Aggreko also supplies oil-free diesel compressors used to eliminate oil based contaminants in the food, pharmaceutical and textile industries. The Group operates through approximately 118 depots in 23 countries worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (31.01.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AGK LN EQUITY YTD Change AGK LN EQUITY YTD % CHANGE

12/2012 01/yy 2'415.00 1'548.00 384'374.00 1781 -26.13% 15.25% 30.57% 268.6 4'783.40 615.90 0.0 0.0 22.90 5'376.40

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

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 946.6 1.65x 318.4 4.90x 122.7 9.74x

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

31.12.2009 31.12.2010 1'023.9 1'229.9 2.62x 3.34x 403.4 472.9 6.64x 8.69x 168.4 213.1 14.84x 18.67x Profitability

31.12.2011 1'396.1 4.05x 526.9 10.72x 260.1 20.60x

31.12.2012 1'583.2 3.30x 621.6 8.41x 276.0 16.71x

621.60 380.70 24.05% 23.18% 14.17% 28.66% 20.00% 0.81% 61.5% 39.3% 24.0% 17.4% 1.12 0.54 29.01% 58.95% 5.68 3.76

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.34 1.05 257.87 -20.26% 2.53% 1.046 25 3.880 908'868 1'038'900 1'026'636 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/12 Q1 06/12 Q2 1'635.6 1'738.8 3.20x 2.92x 634.8 677.4 8.47x 7.94x 255.5 279.5 18.75x 17.29x S&P Issuer Ratings

23.37 6.84 0.95 0.99 58.9% 37.1% 0.81 1.34 64.39 97.45 76.78 85.07

Sales/Revenue/Turnover

20.00

7'000.0

18.00

6'000.0

16.00 14.00

5'000.0

12.00

4'000.0

10.00

3'000.0

8.00

2'000.0

6.00 4.00

1'000.0

2.00 0.00 24.04.2009

0.0 24.10.2009

24.04.2010

24.10.2010

24.04.2011

24.10.2011

24.04.2012

24.10.2012

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 |

27.03.2013

Aggreko PLC Holdings By:

All

Holder Name M&G INVESTMENT MANAG BAILLIE GIFFORD AND BLACKROCK CAPITAL GROUP COMPAN SALVESEN ALASTAIR ER LEGAL & GENERAL PRIVATE INDIVIDUALS LANSDOWNE PARTNERS NORGES BANK INVESTME UBS BREWIN DOLPHIN LIMIT SPEIRS & JEFFERY STO FMR LLC SCOTTISH WIDOWS KIMBERLEY GRANGE INV INVESTEC BANK (UK) L VANGUARD GROUP INC PEOPLES REPUBLIC OF GE ASSET MANAGEMENT VANGUARD GROUP INC

Firm Name

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

Analyst

Oriel Securities Ltd HECTOR FORSYTHE RBC Capital Markets ANDREW BROOKE Deutsche Bank ANDY CHU Westhouse Securities MICHAEL DONNELLY Jefferies WILLIAM KIRKNESS Cantor Fitzgerald CAROLINE DE LA SOUJEOLE Peel Hunt ANDREW NUSSEY Goldman Sachs CHARLES WILSON WH Ireland Ltd NICK SPOLIAR Numis Securities Ltd MIKE MURPHY Investec JOHN LAWSON JPMorgan Nicholas de la Grense Panmure Gordon & Co Limited PAUL JONES AlphaValue LIONEL PELLICER Berenberg Bank SIMON MEZZANOTTE HSBC ALEX MAGNI EVA Dimensions CRAIG STERLING Day by Day VALERIE GASTALDY Credit Suisse DAVID RIGBY Espirito Santo Investment Bank Research DAVID BROCKTON S&P Capital IQ CLIVE ROBERTS Barclays PAUL CHECKETTS Arden Partners Ltd GEOFF ALLUM

Source REG REG ULT-AGG ULT-AGG RNS-MAJ ULT-AGG REG Short REG ULT-AGG REG REG ULT-AGG ULT-AGG REG REG MF-AGG REG REG REG

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

Amt Held % Out 16'535'077 6.16 14'760'487 5.5 12'600'810 4.69 10'568'492 3.93 9'995'283 3.72 9'911'786 3.69 8'391'217 3.12 (7'727'861) -2.88 6'195'331 2.31 5'930'488 2.21 5'909'565 2.2 5'755'174 2.14 5'521'305 2.06 4'873'223 1.81 4'862'100 1.81 4'724'801 1.76 4'684'746 1.74 3'678'747 1.37 3'312'584 1.23 3'125'515 1.16

Weighting

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

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

Latest Chg 388'329 1'376'462 (1'522'547) (894'717) (20'376) (126'635) (348'827) 100'355 3'414'961 59'579 (2'280'341) 659'991 743'000 1'888'342 (193'744) (591'689) 274'861

Target Price #N/A N/A 2'100 2'250 2'502 2'200 2'200 1'800 2'425 2'300 1'938 1'940 1'870 1'742 2'437 1'720 1'650 #N/A N/A #N/A N/A 1'850 1'700 2'300 2'360 1'450

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

File Dt 01.02.2013 01.02.2013 25.03.2013 21.03.2013 27.12.2012 28.02.2013 01.02.2013 02.01.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.12.2012 01.02.2013 01.02.2013 01.02.2013

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

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

Date 27.03.2013 20.03.2013 15.03.2013 15.03.2013 14.03.2013 14.03.2013 12.03.2013 08.03.2013 08.03.2013 08.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 26.02.2013 08.02.2013 17.01.2013 20.12.2012 18.12.2012 18.12.2012 17.12.2012 22.10.2012 30.09.2011

27.03.2013

Whitbread PLC Whitbread PLC is a hotel and restaurant group. The Company operates businesses operations include the production and distribution of motion pictures and television programming. The Company provides television, direct satellite, and cable broadcasting and the publication of newspapers, magazines, books and promotional inserts.

Price/Volume

02/2012 12/yy 2'694.00 1'767.00 95'065.00 2483 -7.98% 40.29% 81.66% 179.3 4'451.76 544.60 0.0 6.4 40.30 4'985.06

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

16.0 M 14.0 M 12.0 M

10.0 M

8.0 M 6.0 M

4.0 M

2.0 M

0 m-12

28.02.2009 28.02.2010 1'334.6 1'435.0 1.45x 2.16x 354.6 364.9 5.44x 8.51x 91.8 161.0 14.17x 15.94x Profitability

28.02.2011 1'599.6 2.20x 427.1 8.23x 223.3 13.43x

29.02.2012 1'778.0 1.98x 467.3 7.52x 267.3 11.13x 467.30 357.60 20.11% 17.20% 9.39% 21.54% 16.99% 0.63% 83.8% 25.7% 19.7% 15.0% 0.40 0.24 18.40% 42.65% 12.27

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

FY+1 -

2.15 0.85 178.84 40.59% 1.31% 0.846 24 3.875 482'968 567'227 460'447 FY+2

02/13 Y 02/14 Y 2'023.0 2'247.8 2.47x 2.23x 502.9 553.8 9.91x 9.00x 261.9 294.6 16.71x 14.86x S&P Issuer Ratings

FQ+1

FQ+2

10.05 3.48 1.08 1.18 42.7% 29.8% 0.63 0.74 29.67 -106.02

Sales/Revenue/Turnover

20.00

40'000.0

18.00

35'000.0

16.00

30'000.0

14.00

25'000.0

12.00 10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 03.07.2009

.0 M a-12 m-12

Fiscal Year Ended 29.02.2008 1'216.7 2.24x 339.6 8.04x 557.9 25.77x

18.0 M

30 25

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.02.2013) 52-Week Low (27.03.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WTB LN EQUITY YTD Change WTB LN EQUITY YTD % CHANGE

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 |

27.03.2013

Whitbread PLC Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN YACKTMAN ASSET MANAG STATE STREET DODGE & COX JANUS CAPITAL MANAGE CHILDRENS INV FUND M VIKING GLOBAL INVEST FMR LLC BANK OF NEW YORK MEL ETON PARK CAPITAL MA HIGHFIELDS CAPITAL M NORTHERN TRUST CORPO EAGLE CAPITAL MANAGE NORGES BANK INVESCO LTD EGERTON CAPITAL LIMI LONE PINE CAPITAL LL WADDELL & REED FINAN

Firm Name AlphaValue Lazard Capital Markets Sanford C. Bernstein & Co Needham & Co Morgan Stanley Wells Fargo Securities, LLC Barclays Susquehanna Financial Group Credit Suisse Wedbush Macquarie Davenport & Co Wunderlich Securities S&P Capital IQ Telsey Advisory Group RBC Capital Markets Argus Research Corp EVA Dimensions Gabelli & Co Evercore Partners Cowen and Company Atlantic Equities LLP Deutsche Bank Goldman Sachs BTIG LLC

Portfolio Name n/a VANGUARD GROUP INC n/a YACKTMAN ASSET MANAG n/a DODGE & COX n/a CHILDRENS INVESTMENT VIKING GLOBAL INVEST n/a BANK OF NEW YORK MEL ETON PARK CAPITAL MA HIGHFIELDS CAPITAL M NORTHERN TRUST CORPO EAGLE CAPITAL MANAGE NORGES BANK INVESCO LTD EGERTON CAPITAL LIMI LONE PINE CAPITAL LL WADDELL & REED FINAN

Analyst MICHAEL NATHANSON BARTON CROCKETT TODD JUENGER LAURA A MARTIN BENJAMIN SWINBURNE MARCI RYVICKER ANTHONY J DICLEMENTE VASILY KARASYOV MICHAEL SENNO JAMES G DIX TIMOTHY W NOLLEN MICHAEL C MORRIS MATTHEW HARRIGAN TUNA AMOBI JAISON BLAIR DAVID BANK JOSEPH F BONNER CRAIG STERLING BRETT HARRISS ALAN GOULD DOUGLAS CREUTZ HAMILTON FABER DOUGLAS D MITCHELSON DREW BORST RICHARD GREENFIELD

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

Recommendation buy buy outperform buy Overwt/Attractive outperform overweight Positive neutral outperform outperform buy buy buy no rating system outperform hold hold buy overweight outperform overweight buy not rated buy

Amt Held 106'117'879 85'939'439 81'642'663 80'106'935 78'438'973 73'990'044 50'745'635 34'348'479 34'295'229 31'740'887 29'665'850 28'100'000 27'945'300 24'797'737 22'180'447 19'150'391 17'590'189 17'571'378 16'929'453 14'275'510

% Out 6.95 5.63 5.35 5.25 5.14 4.85 3.32 2.25 2.25 2.08 1.94 1.84 1.83 1.62 1.45 1.25 1.15 1.15 1.11 0.94

Weighting

Change

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

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

Latest Chg 566'560 531'944 (49'269'500) (449'404) 4'133'923 (9'828'325) 1'242'647 (12'657'102) 3'537'977 1'713'651 25'400 9'100'000 (3'592'000) (375'426) 1'184'087 (668) (3'322'085) 2'373'660 2'887'188 1'726'350

Target Price 31 35 36 34 32 #N/A N/A 33 34 28 26 33 34 36 31 34 32 #N/A N/A #N/A N/A #N/A N/A 30 #N/A N/A 33 32 #N/A N/A 30

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

File Dt 25.03.2013 31.12.2012 31.12.2012 31.12.2012 26.03.2013 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

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

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

Date 25.03.2013 24.03.2013 22.03.2013 15.03.2013 08.03.2013 08.03.2013 08.03.2013 07.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 05.03.2013 20.02.2013 11.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 28.01.2013 28.06.2012 27.06.2012

27.03.2013

GKN PLC GKN plc produces automotive components and aerospace vehicles, and supplies a and consumers around the world. The Company's products include a speech recognizer, call steering, and a product that converts text into speech.

Price/Volume 30

8.0 M 7.0 M

6.0 M 20

Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 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 21.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GKN LN EQUITY YTD Change GKN LN EQUITY YTD % CHANGE

12/2012 12/yy 291.20 171.50 1'000'885.00 264.3 -9.31% 53.99% 79.03% 1'632.9 4'315.71 1'052.00 0.0 353.0 181.00 5'539.71

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

4.0 M 3.0 M

2.0 M 5 0 m-12

1.0 M .0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 4'376.0 0.32x 379.0 3.68x (109.0) -

5.0 M

Valuation Analysis

31.12.2009 31.12.2010 4'223.0 5'084.0 0.52x 0.80x 344.0 570.0 6.41x 7.13x (36.0) 305.0 11.34x Profitability

LTM-4Q 31.12.2011 5'746.0 0.66x 619.0 6.17x 279.0 10.17x

31.12.2012 6'510.0 0.76x 739.0 6.71x 480.0 7.58x

739.00 471.00 7.24% 9.03% 8.45% 33.97% 21.77% 1.15% 11.4% 7.2% 7.4% 1.29 0.11 16.78% 66.84% -

Price/ Cash Flow

12/yy 1'375.6 20.25x 287.0 28.46x 47.6 46.59x

LTM 12/yy 1'753.1 19.19x 379.8 22.20x 175.7 25.08x

FY+1

2.73 1.49 1'628.68 28.68% 15.43% 1.494 15 3.867 4'716'385 5'708'944 4'979'199 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 7'442.5 7'805.4 0.73x 0.67x 867.5 969.7 6.39x 5.71x 418.6 487.8 9.94x 8.69x S&P Issuer Ratings

19.04.2002 NR 8.59 5.36 1.18 1.42 66.8% 35.3% 1.15 3.45 -

Sales/Revenue/Turnover

25.00

1'800.0 1'600.0

20.00

1'400.0 1'200.0

15.00

1'000.0 800.0

10.00

600.0 400.0

5.00

200.0 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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

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

27.03.2013

GKN PLC Holdings By:

All

Holder Name STANDARD LIFE INVEST WARBURG PINCUS LLC T ROWE PRICE ASSOCIA FMR LLC AMERIPRISE FINANCIAL VANGUARD GROUP INC BLACKROCK PRIMECAP MANAGEMENT FRANKLIN RESOURCES JP MORGAN ALLIANZ ASSET MANAGE INVESCO LTD STATE STREET RICCI PAUL A WESTFIELD CAPITAL MG FAIRPOINTE CAPITAL L PIONEER INVESTMENT M LUTHER KING CAPITAL LORD ABBETT & CO LLC ING INV MANAGEMENT E

Firm Name Societe Generale Avondale Partners LLC Raymond James Mizuho Securities USA Inc B Riley & Company, Inc Morgan Stanley Goldman Sachs Needham & Co FBR Capital Markets Stifel Oppenheimer & Co Craig-Hallum Capital Group LLC Northland Securities Inc Canaccord Genuity Corp Piper Jaffray EVA Dimensions Deutsche Bank Wedbush Wedge Partners

Portfolio Name WARBURG PINCUS LLC n/a T ROWE PRICE ASSOCIA n/a AMERIPRISE FINANCIAL VANGUARD GROUP INC n/a PRIMECAP MANAGEMENT n/a n/a n/a INVESCO LTD n/a n/a WESTFIELD CAPITAL MA FAIRPOINTE CAPITAL L PIONEER INVESTMENT M LUTHER KING CAPITAL LORD ABBETT & CO LLC ING INVESTMENT MANAG

Analyst GRAY W POWELL JOHN F BRIGHT SHYAM PATIL JOANNA MAKRIS DANIEL CUMMINS JENNIFER LOWE GREG DUNHAM SCOTT ZELLER DANIEL H IVES TOM RODERICK SHAUL EYAL JEFF VAN RHEE MICHAEL JAMES LATIMORE RICHARD DAVIS JR MARK R MURPHY ANDREW S ZAMFOTIS NANDAN AMLADI SCOTT P SUTHERLAND BRIAN BLAIR

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

Recommendation market perform market outperform strong buy buy neutral Overwt/In-Line neutral/neutral hold outperform hold outperform hold outperform buy neutral sell buy underperform no rating system

Amt Held 53'004'254 43'058'531 29'398'004 17'827'119 11'852'538 11'461'824 10'658'433 10'227'210 8'690'776 7'787'480 6'720'544 5'183'885 4'322'359 4'014'898 3'948'645 3'843'339 3'545'481 2'994'953 2'812'375 2'652'333

% Out 16.76 13.61 9.3 5.64 3.75 3.62 3.37 3.23 2.75 2.46 2.12 1.64 1.37 1.27 1.25 1.22 1.12 0.95 0.89 0.84

Weighting

Change

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

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

Latest Chg (9'945'723) (6'904'115) 2'746'103 (214'677) 332'670 41'737 (715'000) (120'464) (258'843) 315'957 (66'250) 122'473 338'110 104'968 593'927 (6'741) 58'903 406'379

Target Price #N/A N/A 35 28 26 21 28 22 #N/A N/A 28 #N/A N/A 30 24 26 26 22 #N/A N/A 30 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 14.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 01.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 15.03.2013 12.03.2013 06.03.2013 04.03.2013 20.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 15.01.2013 15.11.2012 07.08.2012 15.03.2012

27.03.2013

Bunzl PLC Bunzl plc is a distribution group supplying a range of non-food consumable graphics processors and related software. The Company's products provide interactive 3D graphics to the mainstream personal computer market.

Price/Volume 16

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

14 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (29.03.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BNZL LN EQUITY YTD Change BNZL LN EQUITY YTD % CHANGE

12/2012 01/yy 1'328.00 985.50 122'140.00 1275 -4.22% 29.07% 88.61% 332.2 4'235.13 829.50 0.0 0.0 81.20 4'983.43

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

4 2 0 m-12

31.12.2009 31.12.2010 4'648.7 4'829.6 0.67x 0.68x 319.7 331.7 9.72x 9.88x 148.9 159.0 14.53x 14.64x Profitability

31.12.2011 5'109.5 0.74x 361.3 10.52x 123.8 23.14x

31.12.2012 5'359.2 0.81x 375.2 11.55x 195.3 16.85x 375.20 293.60 5.48% 5.03% 6.87% 23.08% 14.20% 1.89% 7.0% 5.5% 3.6% 1.23 0.62 28.20% 93.68% 8.39 -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.22 0.77 314.64 29.72% 26.07% 0.773 19 2.579 792'362 708'405 599'055 FY+2

12/13 Y 12/14 Y 5'959.6 6'152.3 0.82x 0.77x 413.7 433.3 12.05x 11.50x 252.7 269.6 16.67x 15.72x S&P Issuer Ratings

FQ+1

FQ+2

7.42 6.96 1.99 2.21 93.7% 48.4% 1.89 48.63 43.61 -

Sales/Revenue/Turnover

50.00

4'500.0

45.00

4'000.0

40.00

3'500.0

35.00

3'000.0

30.00

2'500.0

25.00

2'000.0

20.00

1'500.0

15.00

1'000.0

10.00

500.0

5.00 0.00 05.02.2010

a-12 m-12

Fiscal Year Ended 31.12.2008 4'177.3 0.71x 297.9 10.01x 142.2 13.25x

0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

27.03.2013

Bunzl PLC Holdings By:

All

Holder Name SUN LIFE FINANCIAL I VANGUARD GROUP INC BLACKROCK STATE STREET HUANG JEN-HSUN PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA AMERIPRISE FINANCIAL MORGAN STANLEY ALLIANCE BERNSTEIN ROBECO INVESTMENT MG NORTHERN TRUST CORPO INVESCO LTD BANK OF NEW YORK MEL FAIRPOINTE CAPITAL L CONTRARIUS INVESTMEN NORGES BANK JENNISON ASSOCIATES GEODE CAPITAL MANAGE CHARLES SCHWAB INVES

Firm Name HSBC Raymond James Wells Fargo Securities, LLC Sterne, Agee & Leach Evercore Partners MKM Partners Wedbush B Riley & Company, Inc Stifel Nomura JMP Securities Longbow Research Susquehanna Financial Group RBC Capital Markets JPMorgan Oppenheimer & Co Barclays Tigress Financial Partners FBR Capital Markets Miller Tabak + Co., LLC Wedge Partners Deutsche Bank Morgan Stanley Brean Murray Carret & Co Roth Capital Partners Jefferies Needham & Co Macquarie Lazard Capital Markets Goldman Sachs Pacific Crest Securities Canaccord Genuity Corp EVA Dimensions Hudson Square Research

Portfolio Name n/a VANGUARD GROUP INC n/a n/a n/a PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA AMERIPRISE FINANCIAL n/a n/a ROBECO INVESTMENT MA NORTHERN TRUST CORPO INVESCO LTD BANK OF NEW YORK MEL FAIRPOINTE CAPITAL L CONTRARIUS INVESTMEN NORGES BANK JENNISON ASSOCIATES GEODE CAPITAL MANAGE CHARLES SCHWAB INVES

Analyst AMBRISH SRIVASTAVA HANS C MOSESMANN DAVID M WONG VIJAY R RAKESH PATRICK WANG DANIEL A BERENBAUM BETSY VAN HEES CRAIG ELLIS KEVIN E CASSIDY ROMIT SHAH ALEX GAUNA JOANNE FEENEY CHRISTOPHER CASO DOUG FREEDMAN HARLAN SUR RICHARD SCHAFER BLAYNE CURTIS IVAN FEINSETH CHRISTOPHER ROLLAND BRENDAN FURLONG BRIAN BLAIR ROSS C SEYMORE JOSEPH MOORE MIKE BURTON KRISHNA SHANKAR MARK J LIPACIS RAJVINDRA S. GILL SHAWN WEBSTER DANIEL L AMIR JAMES SCHNEIDER MICHAEL MCCONNELL ROBERT BURLESON ANDREW S ZAMFOTIS DANIEL ERNST

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

Recommendation market perform strong buy outperform neutral underweight neutral outperform neutral buy buy market perform neutral negative sector perform neutral market perform equalweight neutral market perform buy no rating system hold Equalwt/In-Line hold buy hold hold neutral neutral neutral/attractive sector perform buy buy buy

Amt Held 79'493'214 37'668'172 32'149'359 25'512'316 22'168'135 17'973'300 14'176'500 11'701'670 11'551'047 8'945'165 8'041'269 7'938'442 7'745'598 6'491'625 5'915'747 5'785'902 5'155'045 4'243'814 4'076'221 3'757'015

% Out 12.91 6.12 5.22 4.14 3.6 2.92 2.3 1.9 1.88 1.45 1.31 1.29 1.26 1.05 0.96 0.94 0.84 0.69 0.66 0.61

Weighting

Change

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

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

Latest Chg (9'978'177) 1'164'492 609'454 (979'500) (12'739'300) 3'158'033 7'413'768 645'257 6'139'523 108'110 (498'513) 245'590 786'088 942'748 713'619 (1'293'529) (36'419) 2'239'918

Target Price 12 17 #N/A N/A #N/A N/A 11 14 17 13 18 15 #N/A N/A #N/A N/A 11 12 14 #N/A N/A 13 #N/A N/A 14 17 #N/A N/A 13 #N/A N/A #N/A N/A 17 14 #N/A N/A 14 #N/A N/A 14 #N/A N/A 16 #N/A N/A 18

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

File Dt 31.12.2012 31.12.2012 25.03.2013 25.03.2013 20.03.2013 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

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

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

Date 25.03.2013 25.03.2013 25.03.2013 24.03.2013 24.03.2013 22.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 04.03.2013 20.02.2013 20.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 15.01.2013 10.05.2010

27.03.2013

RSA Insurance Group PLC RSA Insurance Group PLC is a worldwide commercial insurer. The Company tools, supplies, equipment, and accessories. The Company sells its products to do-it-yourself customers and professional mechanics or service technicians. O'Reilly operates stores throughout the United States.

Price/Volume 120

4.0 M 3.5 M

100

3.0 M 80

Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RSA LN EQUITY YTD Change RSA LN EQUITY YTD % CHANGE

12/2012 12/yy 137.30 97.00 2'924'085.00 115.6 -15.88% 19.07% 47.39% 3'598.3 4'159.63 1'607.00 125.0 129.0 1'329.00 4'691.63

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

2.0 M 1.5 M

1.0 M 20

.5 M

0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 7'143.0 0.67x 574.0 3.97x

2.5 M

Valuation Analysis

31.12.2009 31.12.2010 7'458.0 7'924.0 0.67x 0.62x 418.0 346.0 4.88x 6.23x Profitability

LTM-4Q 31.12.2011 8'735.0 0.49x 426.0 8.86x

31.12.2012 8'842.0 0.57x 344.0 13.26x 6.79% 5.42% 1.52% 9.02% 7.91% 0.39% 3.9% 7.05% 44.33% -

Price/ Cash Flow

12/yy 5'788.8 6.40x 1'029.8 10.30x 507.7 20.93x

LTM 12/yy 6'182.2 7.07x 1'154.5 9.48x 585.7 18.83x

FY+1

6.33 1.00 3'585.14 8.33% -8.11% 0.996 28 2.857 10'200'920 17'611'160 13'677'100 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/11 Q3 12/11 Q4 8'908.9 9'316.5 0.41x 0.45x 452.9 484.4 9.25x 8.89x S&P Issuer Ratings

NR 44.3% 29.3% 0.39 -

Sales/Revenue/Turnover

25.00

7'000.0 6'000.0

20.00

5'000.0 15.00

4'000.0 3'000.0

10.00

2'000.0 5.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

RSA Insurance Group PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES T ROWE PRICE ASSOCIA BLACKROCK STATE STREET RUANE CUNNIFF & GOLD NEUBERGER BERMAN LLC JANUS CAPITAL MANAGE PRINCIPAL FINANCIAL LONE PINE CAPITAL LL CITADEL ADVISORS LLC SELECT EQUITY GROUP BANK OF NEW YORK MEL INVESCO LTD GAMCO WILLIAM BLAIR & COMP OPPENHEIMERFUNDS INC NORTHERN TRUST CORPO O'REILLY DAVID E WELLINGTON MANAGEMEN AMERICAN CENTURY COM

Firm Name Keefe, Bruyette & Woods Piper Jaffray ISI Group Northcoast Research Sanford C. Bernstein & Co Edward Jones Raymond James Nomura EVA Dimensions Deutsche Bank Morgan Stanley Goldman Sachs JPMorgan Stephens Inc BB&T Capital Markets Gabelli & Co RBC Capital Markets Credit Suisse Robert W. Baird & Co Oppenheimer & Co S&P Capital IQ Barclays William Blair & Co

Portfolio Name VANGUARD GROUP INC T ROWE PRICE ASSOCIA n/a n/a RUANE CUNNIFF & GOLD NEUBERGER BERMAN GRO n/a n/a LONE PINE CAPITAL LL CITADEL ADVISORS LLC SELECT EQUITY GROUP BANK OF NEW YORK MEL INVESCO LTD n/a WILLIAM BLAIR & COMP OPPENHEIMER FUNDS IN NORTHERN TRUST CORPO n/a WELLINGTON MANAGEMEN AMERICAN CENTURY COM

Analyst DAVID A SCHICK PETER J KEITH GREGORY MELICH NICHOLAS MITCHELL COLIN MCGRANAHAN BRIAN YARBROUGH DANIEL R WEWER JR ARAM RUBINSON CRAIG STERLING MICHAEL BAKER DAVID GOBER MATTHEW J FASSLER CHRISTOPHER HORVERS JOHN R LAWRENCE BRET D JORDAN BRIAN SPONHEIMER R SCOT CICCARELLI GARY BALTER CRAIG R KENNISON BRIAN NAGEL MICHAEL SOUERS ALAN M RIFKIN DANIEL H HOFKIN

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

Recommendation buy neutral neutral neutral market perform buy strong buy neutral overweight hold Overwt/In-Line neutral/neutral neutral overweight buy buy outperform outperform neutral market perform buy overweight outperform

Amt Held 7'468'481 7'108'025 6'109'760 4'888'553 3'658'781 2'624'914 2'623'402 2'201'413 2'164'498 2'121'541 2'106'437 2'080'092 1'769'464 1'762'790 1'667'578 1'666'774 1'538'303 1'480'017 1'414'240 1'350'050

% Out 6.71 6.39 5.49 4.39 3.29 2.36 2.36 1.98 1.94 1.91 1.89 1.87 1.59 1.58 1.5 1.5 1.38 1.33 1.27 1.21

Weighting

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

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

Latest Chg (303'624) 206'740 (234'802) (40'817) (3'711) 175'909 (1'360'800) 87'264 639'137 2'112'349 (846'503) (43'557) 323'143 61'805 107'970 393'150 (30'510) (502) 459'235 (1'155'963)

Target Price 102 97 106 #N/A N/A 106 #N/A N/A 112 98 #N/A N/A 102 108 110 106 115 112 #N/A N/A 113 115 110 92 112 120 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 25.03.2013 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 Hedge Fund Manager 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager 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 08.02.2013 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 9 month 12 month 12 month Not Provided 12 month Not Provided 12 month 18 month Not Provided Not Provided Not Provided

Date 26.03.2013 25.03.2013 24.03.2013 13.03.2013 12.03.2013 05.03.2013 05.03.2013 01.03.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013

27.03.2013

IMI PLC IMI PLC manufactures fluid controls, retail displays, and other products. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

Price/Volume

30.0 M

25.0 M 20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (07.03.2013) 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 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IMI LN EQUITY YTD Change IMI LN EQUITY YTD % CHANGE

12/2012 02/yy 1'370.00 763.50 135'167.00 1298 -5.26% 70.01% 88.62% 320.7 4'163.02 246.60 0.0 48.0 123.20 4'334.42

15.0 M

15 10

10.0 M

5.0 M

0 m-12

31.12.2009 31.12.2010 1'785.0 1'917.0 1.07x 1.77x 308.6 370.0 6.21x 9.16x 130.2 224.7 12.71x 14.23x Profitability

31.12.2011 2'135.0 1.28x 420.5 6.48x 200.4 12.03x

31.12.2012 2'192.0 1.69x 418.7 8.83x 230.6 15.12x 418.70 343.40 15.67% 14.46% 13.34% 38.42% 27.71% 1.27% 42.5% 19.1% 15.7% 10.5% 1.84 0.26 14.30% 38.80% -

Price/ Cash Flow

LTM-4Q

LTM

02/yy

02/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

FY+1 -

2.50 1.52 319.44 37.07% 18.32% 1.518 22 3.591 830'061 766'288 661'267 FY+2

12/13 Y 12/14 Y 2'293.3 2'388.4 1.87x 1.73x 454.1 485.4 9.55x 8.93x 276.3 301.0 14.89x 13.62x S&P Issuer Ratings

FQ+1

FQ+2

19.57 17.74 0.29 0.59 38.8% 26.5% 1.27 8.88 70.78

Sales/Revenue/Turnover

20.00

40'000.0

18.00

35'000.0

16.00

30'000.0

14.00

25'000.0

12.00 10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 05.06.2009

.0 M a-12 m-12

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

35.0 M

35 25

Valuation Analysis

31.12.2008 1'897.0 0.64x 275.0 4.40x 112.9 7.68x

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 |

27.03.2013

IMI PLC Holdings By:

All

Holder Name STANDARD LIFE INVEST CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET BANK OF NEW YORK MEL WELLINGTON MANAGEMEN SUN LIFE FINANCIAL I FMR LLC INVESCO LTD NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT JP MORGAN TIAA CREF INVESTMENT NORGES BANK JANUS CAPITAL MANAGE PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA ABERDEEN GOLDMAN SACHS GROUP

Firm Name Societe Generale Jefferies Sanford C. Bernstein & Co BMO Capital Markets Morgan Stanley Wedbush William Blair & Co Raymond James Macquarie Stifel Wells Fargo Securities, LLC Lazard Capital Markets Longbow Research Barclays Edward Jones FBR Capital Markets Atlantic Equities LLP Deutsche Bank RBC Capital Markets Argus Research Corp Credit Suisse JPMorgan Janney Montgomery Scott LLC Pacific Crest Securities Davenport & Co Canaccord Genuity Corp Berenberg Bank Nomura Cowen and Company JMP Securities Susquehanna Financial Group Cross Research Piper Jaffray MKM Partners Credit Agricole Securities (USA) Evercore Partners Oppenheimer & Co EVA Dimensions Tigress Financial Partners Goldman Sachs Daiwa Securities Co. Ltd. Hamburger Sparkasse

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a BANK OF NEW YORK MEL WELLINGTON MANAGEMEN n/a n/a INVESCO LTD NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT n/a TIAA-CREF INVESTMENT NORGES BANK n/a PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA n/a GOLDMAN SACHS GROUP

Analyst RICHARD NGUYEN ROSS MACMILLAN MARK L MOERDLER KARL KEIRSTEAD KEITH WEISS STEVEN R KOENIG LAURA J LEDERMAN MICHAEL TURITS BRAD A ZELNICK BRAD REBACK JASON MAYNARD JOEL P FISHBEIN JR KEVIN M BUTTIGIEG RAIMO LENSCHOW JOSH OLSON DAVID M HILAL CHRISTOPHER HICKEY THOMAS ERNST JR MATTHEW HEDBERG JOSEPH F BONNER PHILIP WINSLOW JOHN DIFUCCI YUN KIM BRENDAN BARNICLE F DRAKE JOHNSTONE RICHARD DAVIS JR DAUD KHAN RICHARD G SHERLUND PETER GOLDMACHER PATRICK WALRAVENS J DERRICK WOOD RICHARD T WILLIAMS MARK R MURPHY ISRAEL HERNANDEZ EDWARD MAGUIRE STEWART KIRK MATERNE III BRIAN SCHWARTZ ANDREW S ZAMFOTIS IVAN FEINSETH HEATHER BELLINI KAZUYA NISHIMURA MARCO GUENTHER

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

Recommendation hold hold market perform outperform Overwt/In-Line neutral outperform outperform neutral buy outperform buy buy overweight buy outperform neutral hold outperform buy outperform overweight buy outperform buy buy buy buy neutral market perform Positive hold overweight buy underperform equalweight outperform overweight buy Buy/Neutral outperform hold

Amt Held 1'112'434'580 249'496'992 222'486'587 171'937'103 159'352'080 78'316'425 77'278'005 76'931'851 75'285'789 65'680'186 56'379'053 49'190'816 43'932'887 39'724'493 38'397'212 32'702'179 32'112'868 28'440'138 27'001'141 26'051'615

% Out 23.62 5.3 4.72 3.65 3.38 1.66 1.64 1.63 1.6 1.39 1.2 1.04 0.93 0.84 0.82 0.69 0.68 0.6 0.57 0.55

Weighting

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

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

Latest Chg 7'200'000 (12'392'864) (374'398) 1'391'323 6'018'875 1'366'222 (4'612'811) (1'872'445) 15'270'822 (2'439'523) (610'493) (1'571'164) (11'533'565) 4'197'117 1'152'929 (4'513'686) (1'663'800) (2'801'171) (120'100) (6'302'603)

Target Price 37 36 34 43 39 36 #N/A N/A 36 36 37 #N/A N/A 41 38 38 #N/A N/A 39 33 29 37 39 40 40 43 44 40 42 35 39 #N/A N/A #N/A N/A 40 35 37 38 35 36 40 #N/A N/A #N/A N/A 39 38 #N/A N/A

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

File Dt 28.12.2012 31.12.2012 25.03.2013 31.12.2012 26.03.2013 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 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 21.02.2013 20.02.2013 24.01.2013 24.12.2012 19.12.2012

27.03.2013

Rexam PLC Rexam Plc manufactures and distributes packaging materials. The Company heavy-duty trucks, and related aftermarket distribution of parts. The Company also offers finance and leasing services to its customers and dealers.

Price/Volume 60

3.5 M

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance REX LN EQUITY YTD Change REX LN EQUITY YTD % CHANGE

12/2012 12/yy 531.50 391.87 472'150.00 522.5 -1.69% 33.33% 92.09% 790.6 4'130.63 2'212.00 0.0 0.0 1'307.00 5'035.63

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

1.5 M

1.0 M

.5 M

0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 4'618.0 1.09x 644.0 7.83x 172.0 13.10x

2.0 M

Valuation Analysis

31.12.2009 31.12.2010 4'533.0 4'619.0 1.00x 1.01x 619.0 710.0 7.32x 6.60x (29.0) 124.0 25.49x 12.28x Profitability

31.12.2011 4'232.0 1.07x 673.0 6.72x 376.0 10.66x

31.12.2012 4'312.0 1.10x 671.0 7.06x 214.0 14.39x 671.00 493.00 11.43% 8.21% 3.43% 9.29% 6.82% 0.69% 15.6% 11.4% 5.0% 1.12 0.86 34.76% 96.72% 8.99 -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

2.91 0.85 789.09 0.00 24.94% 19.34% 0.847 15 4.000 1'393'022 1'852'048 1'719'710 FY+2

12/13 Y 12/14 Y 4'562.6 4'720.5 1.12x 1.06x 694.4 728.0 7.25x 6.92x 322.3 349.0 12.71x 11.72x S&P Issuer Ratings

FQ+1

FQ+2

19.02.2009 BBBSTABLE 22.02.2006 A-3 6.16 3.49 1.35 3.30 96.7% 49.2% 0.69 2.83 40.70 -

Sales/Revenue/Turnover

14.00

18'000.0

12.00

16'000.0 14'000.0

10.00

12'000.0

8.00

10'000.0

6.00

8'000.0 6'000.0

4.00

4'000.0

2.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Rexam PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES BLACKROCK BANK OF AMERICA CORP VANGUARD GROUP INC CAPITAL GROUP COMPAN STATE STREET DAVIS SELECTED ADVIS FIDUCIARY MANAGEMENT WELLINGTON MANAGEMEN HOTCHKIS & WILEY CAP NORTHERN TRUST CORPO NWQ INVESTMENT MANAG INVESCO LTD BANK OF NEW YORK MEL PIGOTT MARK CHARLES NORGES BANK PRIMECAP MANAGEMENT FMR LLC US BANCORP GEODE CAPITAL MANAGE

Firm Name Credit Suisse Robert W. Baird & Co Wolfe Trahan & Co BMO Capital Markets Jefferies Sterne, Agee & Leach Wells Fargo Securities, LLC Piper Jaffray Northcoast Research D.A. Davidson & Co Edward Jones RBC Capital Markets BB&T Capital Markets Deutsche Bank Barclays Credit Suisse JPMorgan EVA Dimensions Goldman Sachs McAdams Wright Ragen Inc

Portfolio Name n/a n/a BANK OF AMERICA VANGUARD GROUP INC n/a n/a DAVIS SELECTED ADVIS FIDUCIARY MANAGEMENT WELLINGTON MANAGEMEN HOTCHKIS AND WILEY NORTHERN TRUST CORPO NWQ INVESTMENT MANAG INVESCO LTD BANK OF NEW YORK MEL n/a NORGES BANK PRIMECAP MANAGEMENT n/a US BANCORP GEODE CAPITAL MANAGE

Analyst KRISTINE KUBACKI DAVID LEIKER TIMOTHY J DENOYER JOEL G TISS STEPHEN VOLKMANN JEFFREY A KAUFFMAN ANDREW M CASEY ALEXANDER E POTTER BRIAN M RAYLE JB GROH LOGAN PURK SETH R WEBER A RHEM WOOD JR PATRICK NOLAN ANDY KAPLOWITZ JAMIE L COOK ANN DUIGNAN CRAIG STERLING JERRY REVICH MICHAEL ROARKE

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

Recommendation market perform neutral underperform outperform buy neutral outperform overweight buy buy hold sector perform hold hold equalweight neutral neutral buy neutral/neutral hold

Amt Held 23'256'303 18'461'288 16'314'903 15'213'703 15'159'900 13'607'825 8'943'143 5'994'403 4'801'832 4'668'942 4'504'875 4'228'702 3'766'406 3'580'078 3'314'022 3'001'169 2'892'300 2'792'880 2'470'981 2'286'146

% Out 6.58 5.22 4.62 4.3 4.29 3.85 2.53 1.7 1.36 1.32 1.27 1.2 1.07 1.01 0.94 0.85 0.82 0.79 0.7 0.65

Weighting

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

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

Latest Chg 1'822'240 849'346 1'220'425 289'007 (2'646'713) 499'538 (506'101) 5'994'403 (26'056) (2'196'600) 45'025 (651'306) (407'964) (118'991) 295 489'739 726'600 1'838'017 3'453 29'627

Target Price 44 41 36 57 55 #N/A N/A #N/A N/A 55 55 65 #N/A N/A 50 #N/A N/A 50 44 47 47 #N/A N/A 48 60

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

File Dt 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 26.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 05.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 18 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 9 month Not Provided 12 month 12 month

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

Date 26.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 20.03.2013 19.03.2013 18.03.2013 12.03.2013 04.03.2013 04.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 15.01.2013 04.01.2013 26.10.2012

27.03.2013

International Consolidated Airlines Group SA International Consolidated Airlines Group SA provides international and employee benefits outsourcing solutions for small- to medium-sized businesses in the United States. The Company's services range from calculating payroll and filing tax payments to administering retirement plans and workers' compensation.

Price/Volume 40

4.5 M

4.0 M

3.5 M 3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (28.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IAG LN EQUITY YTD Change IAG LN EQUITY YTD % CHANGE

12/2012 11/yy 274.00 136.00 2'474'474.00 250.8 -8.47% 84.41% 86.88% 1'855.4 4'653.27 4'798.00 0.0 300.0 2'909.00 7'692.64

2.0 M

1.5 M

1.0 M

.5 M

0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

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

2.5 M

31.12.2009 31.12.2010 13'456.0 14'798.0 0.41x 0.48x (134.0) 1'069.0 6.58x (777.0) 100.0 58.52x Profitability

LTM-4Q 31.12.2011 16'103.0 0.29x 1'505.0 3.14x 562.0 5.67x

31.12.2012 18'117.0 0.35x 1'391.0 4.61x (943.0) 1'391.00 -23.00 -0.13% -5.50% -4.76% -18.60% 0.92% 7.7% -0.1% -5.2% 0.66 0.54 24.19% 100.90% 15.59 -

Price/ Cash Flow

11/yy 2'162.8 19.59x 924.8 10.96x 538.8 19.56x

LTM 11/yy 2'268.6 19.67x 972.1 11.86x 559.7 21.13x

FY+1

0.00 1.40 1'628.87 40.74% 35.71% 1.399 35 3.686 6'540'326 7'595'583 6'781'712 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 18'509.3 19'273.9 0.46x 0.45x 1'673.2 2'110.7 4.60x 3.64x 262.6 569.8 24.52x 10.23x S&P Issuer Ratings

2.60 0.28 1.36 3.45 100.9% 48.7% 0.92 1.86 23.47 -

Sales/Revenue/Turnover

18.00

2'500.0

16.00

2'000.0

14.00 12.00

1'500.0

10.00 8.00

1'000.0

6.00

500.0

4.00 2.00 0.00 05.06.2009

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 |

27.03.2013

International Consolidated Airlines Group SA Holdings By:

All

Holder Name BANKIA SA CAPITAL GROUP COMPAN FMR LLC BANK OF NEW YORK MEL BLACKROCK VANGUARD GROUP INC STATE STREET BANK OF AMERICA CORP WELLS FARGO GENERAL ELECTRIC COM INVESCO LTD NORTHERN TRUST CORPO PARNASSUS INVESTMENT MACKENZIE FINANCIAL GOLDMAN SACHS GROUP SELECT EQUITY GROUP NORGES BANK MANAGED ACCOUNT ADVI JP MORGAN UBS

Firm Name Day by Day RBC Capital Markets Credit Agricole Securities (USA) Stifel Wells Fargo Securities, LLC Oppenheimer & Co BMO Capital Markets Goldman Sachs Janney Montgomery Scott LLC Edward Jones Jefferies Robert W. Baird & Co William Blair & Co EVA Dimensions JPMorgan Raymond James Cowen and Company Barclays Credit Suisse First Analysis Corp Evercore Partners Northcoast Research S&P Capital IQ Deutsche Bank

Portfolio Name n/a n/a n/a BANK OF NEW YORK MEL n/a VANGUARD GROUP INC n/a BANK OF AMERICA n/a GENERAL ELECTRIC COM INVESCO LTD NORTHERN TRUST CORPO PARNASSUS INVESTMENT MACKENZIE FINANCIAL GOLDMAN SACHS GROUP SELECT EQUITY GROUP NORGES BANK MANAGED ACCOUNT ADVI n/a n/a

Analyst RODERICK BOURGEOIS DANIEL R PERLIN CRAIG J MAURER DAVID M GROSSMAN TIMOTHY W WILLI GLENN GREENE JEFFREY M SILBER PAUL THOMAS JOSEPH D FORESI JOSH OLSON JASON KUPFERBERG MARK S MARCON TIMOTHY J MCHUGH ANDREW S ZAMFOTIS TIEN-TSIN HUANG MICHAEL J BAKER MOSHE KATRI GARY E BISBEE GEORGE MIHALOS JAMES ROBERT MACDONALD DAVID M TOGUT KARTIK MEHTA DYLAN CATHERS BRYAN KEANE

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

Recommendation market perform sector perform sell hold market perform market perform market perform neutral/neutral neutral hold underperform neutral outperform overweight underweight market perform neutral underweight neutral equalweight equalweight neutral hold hold

Amt Held 37'657'753 31'260'364 21'056'674 17'344'339 17'128'429 14'408'697 12'948'892 8'970'426 7'788'270 6'532'589 5'640'812 4'605'086 3'780'000 3'680'600 3'283'336 3'166'795 2'970'094 2'915'069 2'819'076 2'649'962

% Out 10.35 8.59 5.79 4.77 4.71 3.96 3.56 2.47 2.14 1.8 1.55 1.27 1.04 1.01 0.9 0.87 0.82 0.8 0.78 0.73

Weighting

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

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

Latest Chg (21'975) 3'918'327 5'873'342 403'746 560'492 263'449 957'885 9'133 (302'963) (170'531) (27'271) 10'000 1'244'500 (812'816) (511'503) 320'357 179'459 114'620 190'034

Target Price 29 34 30 #N/A N/A #N/A N/A #N/A N/A 34 36 33 #N/A N/A 31 34 #N/A N/A #N/A N/A 34 #N/A N/A #N/A N/A 30 35 37 34 #N/A N/A 35 33

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

File Dt Inst Type 27.12.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Corporation 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 Hedge Fund Manager 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.01.2013 Unclassified

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

Date 27.03.2013 26.03.2013 26.03.2013 21.03.2013 21.03.2013 19.03.2013 18.03.2013 18.03.2013 15.03.2013 13.03.2013 12.03.2013 08.03.2013 08.03.2013 15.01.2013 11.01.2013 21.12.2012 21.12.2012 21.12.2012 20.12.2012 20.12.2012 20.12.2012 14.12.2012 20.09.2012 20.07.2012

27.03.2013

Carnival PLC Carnival plc owns and operates cruise ships. The Company offers cruise distributes OTC and generic prescription pharmaceuticals, infant formulas, nutritional products, active pharmaceutical ingredients and pharmaceutical and medical diagnostic products. The Company's primary markets and locations of manufacturing and logistics operations are the US, UK, Mexico, and Australia.

Price/Volume 140

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M

120 100 80

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (11.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CCL LN EQUITY YTD Change CCL LN EQUITY YTD % CHANGE

11/2012 12/yy 2'638.00 1'864.93 259'894.00 2247 -14.82% 20.49% 49.81% 215.5 18'220.98 8'958.00 0.0 0.0 465.00 36'429.23

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

20 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

Fiscal Year Ended 30.11.2008 14'646.0 1.73x 3'978.0 6.35x 2'330.0 7.12x

30.11.2009 30.11.2010 13'460.0 14'469.0 2.66x 2.82x 3'463.0 3'763.0 10.34x 10.83x 1'790.0 1'978.0 14.69x 16.28x Profitability

LTM-4Q 30.11.2011 15'793.0 2.26x 3'756.0 9.50x 1'912.0 14.20x

30.11.2012 15'382.0 2.59x 3'342.0 11.94x 1'298.0 24.26x 3'342.00 1'815.00 11.80% 8.46% 3.80% 6.25% 5.46% 0.40% 44.2% 22.1% 12.1% 8.4% 0.25 0.10 22.87% 37.44% 44.88 22.16

Price/ Cash Flow

12/yy 2'959.7 12.24x 629.1 15.96x 344.9 24.02x

LTM 12/yy 3'262.6 13.66x 774.3 13.59x 443.0 20.46x

FY+1

2.95 0.97 183.90 15.52% -4.08% 0.974 19 3.842 917'350 1'044'208 920'152 FY+2

FQ+1

FQ+2

11/13 Y 11/14 Y 05/13 Q2 08/13 Q3 15'865.4 16'723.6 3'580.0 4'922.3 2.26x 2.11x 10.24x 7.29x 3'528.8 4'054.9 529.3 1'761.7 10.32x 8.98x 10.28x 9.69x 1'595.5 2'071.6 55.2 1'283.0 16.56x 12.76x 15.87x 14.21x S&P Issuer Ratings

16.04.2003 NR 9.95 3.01 2.61 2.75 37.4% 27.2% 0.40 0.49 8.13 16.47 154.05 -66.82

Sales/Revenue/Turnover

30.00

3'500.0

25.00

3'000.0 2'500.0

20.00

2'000.0 15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

27.03.2013

Carnival PLC Holdings By:

All

Holder Name Carnival Investments VANGUARD GROUP INC ARKIN MOSHE FMR LLC JENNISON ASSOCIATES STATE STREET MACQUARIE GROUP JANUS CAPITAL MANAGE WELLINGTON MANAGEMEN RUANE CUNNIFF & GOLD WILLIAM BLAIR & COMP MARSICO CAPITAL MANA HARBOR CAPITAL ADVIS NORTHERN TRUST CORPO TIAA CREF INVESTMENT INVESCO LTD SELECT EQUITY GROUP AMERICAN CENTURY COM BANK OF NEW YORK MEL AMERIPRISE FINANCIAL

Firm Name EVA Dimensions Morgan Stanley B Riley & Company, Inc Buckingham Research Group Canaccord Genuity Corp William Blair & Co JPMorgan Deutsche Bank CLAL Finance Betucha Goldman Sachs Needham & Co Stifel Barrington Research RBC Capital Markets EVA Dimensions I.B.I.

Portfolio Name n/a VANGUARD GROUP INC n/a n/a JENNISON ASSOCIATES n/a n/a n/a WELLINGTON MANAGEMEN RUANE CUNNIFF & GOLD WILLIAM BLAIR & COMP MARSICO CAPITAL MANA Multiple Portfolios NORTHERN TRUST CORPO TIAA-CREF INVESTMENT INVESCO LTD SELECT EQUITY GROUP AMERICAN CENTURY COM BANK OF NEW YORK MEL AMERIPRISE FINANCIAL

Analyst LOUISE CHEN DAVID R RISINGER LINDA BOLTON WEISER DAVID G BUCK RANDALL STANICKY JON R ANDERSEN CHRISTOPHER T SCHOTT DAVID M STEINBERG JONATHAN KREIZMAN JAMI E RUBIN ELLIOT WILBUR ANNABEL SAMIMY CHARLES R JONES SHIBANI MALHOTRA ANDREW S ZAMFOTIS NATALI GOTLIEB

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

Recommendation buy Overwt/In-Line buy buy buy outperform neutral hold market perform sell/attractive hold buy outperform sector perform hold reduce

Amt Held 6'461'001 5'448'243 4'531'281 3'880'595 3'834'248 3'752'470 3'328'393 3'161'232 1'861'196 1'728'076 1'290'980 1'283'048 1'278'770 1'239'862 1'192'720 1'140'823 1'041'325 1'025'163 1'017'844 778'624

% Out 6.91 5.82 4.84 4.15 4.1 4.01 3.56 3.38 1.99 1.85 1.38 1.37 1.37 1.33 1.27 1.22 1.11 1.1 1.09 0.83

Weighting

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

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

Latest Chg 120'566 (463'579) (834'279) (562'479) 89'036 (241'297) 456'270 (100'236) (13'319) (150'075) (107'000) (161'001) (18'934) 407'787 (86'938) 18'786 (35'542) 55'105 194'065

Target Price 130 125 133 145 128 #N/A N/A 108 115 106 112 #N/A N/A 125 142 111 #N/A N/A 89

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

File Dt Inst Type 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 01.03.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 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 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

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

Date 22.03.2013 21.03.2013 20.03.2013 18.03.2013 18.03.2013 08.03.2013 19.02.2013 12.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 04.02.2013 01.02.2013 15.01.2013 09.05.2012

27.03.2013

G4S PLC G4S PLC offers security services. The Company offers security guards, alarms, on a variety of products and services. The Company's product allows customers to name their own price on products or services and communicates that demand directly to participating sellers or to their private databases. Participants include domestic and international airlines, and hotel chains.

Price/Volume 900

2.5 M

800 2.0 M

700 600

1.5 M

500 400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (23.07.2012) 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 GFS LN EQUITY YTD Change GFS LN EQUITY YTD % CHANGE

12/2012 12/yy 310.50 237.30 983'621.00 288.4 -7.12% 21.53% 76.37% 1'410.7 4'068.37 2'462.00 0.0 55.0 525.00 6'060.37

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

200

.5 M

100 0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 5'928.5 0.75x 532.2 8.31x 151.2 15.53x

1.0 M

300

31.12.2009 31.12.2010 7'009.0 7'258.0 0.74x 0.71x 637.0 645.0 8.19x 8.00x 202.0 223.0 17.49x 15.07x Profitability

31.12.2011 7'522.0 0.75x 641.0 8.75x 181.0 18.49x

31.12.2012 7'501.0 0.75x 661.0 8.49x 48.0 32.47x 661.00 430.00 5.73% 2.33% 0.85% 3.60% 6.13% 1.34% 20.6% 8.8% 5.7% 0.6% 1.68 0.37 43.84% 209.35% 47.46

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

3.11 0.82 1'398.46 7.65% 12.44% 0.819 23 3.652 3'209'846 3'266'610 2'908'767 FY+2

12/13 Y 12/14 Y 8'194.6 8'702.4 0.71x 0.65x 718.5 762.8 8.43x 7.95x 342.5 372.9 11.77x 10.72x S&P Issuer Ratings

FQ+1

FQ+2

05.11.2012 BBBSTABLE 05.11.2012 A-3 3.16 2.40 2.93 3.72 209.4% 66.7% 1.34 14.37 7.71 55.14

Sales/Revenue/Turnover

35.00

6'000.0

30.00

5'000.0

25.00

4'000.0

20.00

3'000.0 15.00

2'000.0 10.00

1'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

G4S PLC Holdings By:

All

Holder Name INVESCO LTD BLACKROCK FMR LLC VANGUARD GROUP INC STATE STREET LONE PINE CAPITAL LL WINSLOW CAPITAL MANA JENNISON ASSOCIATES SANDS CAPITAL MANAGE WELLINGTON MANAGEMEN JP MORGAN AMERIPRISE FINANCIAL INVESCO LTD UBS MACQUARIE GROUP CAPITAL GROUP COMPAN MACKAY SHIELDS LLC NORTHERN TRUST CORPO JANUS CAPITAL MANAGE BANK OF NEW YORK MEL

Firm Name Credit Suisse Evercore Partners Monness, Crespi, Hardt & Co Tigress Financial Partners JMP Securities Cowen and Company Piper Jaffray Daiwa Securities Co. Ltd. Lazard Capital Markets RBC Capital Markets Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse JPMorgan Janney Montgomery Scott LLC Jefferies Macquarie Stifel Nomura S&P Capital IQ Atlantic Equities LLP Benchmark Company LLC Barclays Ascendiant Capital Markets Pacific Crest Securities Raymond James Millman Research Associates EVA Dimensions

Portfolio Name T ROWE PRICE ASSOCIA n/a n/a VANGUARD GROUP INC n/a LONE PINE CAPITAL LL WINSLOW CAPITAL MANA JENNISON ASSOCIATES SANDS CAPITAL MANAGE WELLINGTON MANAGEMEN n/a AMERIPRISE FINANCIAL INVESCO LTD n/a n/a n/a Multiple Portfolios NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL

Analyst NAVED KHAN KEN SENA WILLIAM LENNAN IVAN FEINSETH RONALD V JOSEY III KEVIN KOPELMAN MICHAEL J OLSON KAZUYA NISHIMURA JAKE FULLER MARK S MAHANEY ROSS SANDLER SCOTT W DEVITT HEATH P TERRY STEPHEN JU DOUGLAS ANMUTH BRIAN MULLAN BRIAN P FITZGERALD THOMAS WHITE MICHAEL B PURCELL BRIAN NOWAK SCOTT H KESSLER JAMES CORDWELL DANIEL L KURNOS ANTHONY J DICLEMENTE EDWARD WOO CHAD BARTLEY AARON M KESSLER MICHAEL MILLMAN CRAIG STERLING

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

Recommendation buy overweight neutral strong buy market outperform outperform overweight neutral buy outperform hold Equalwt/Attractive buy/attractive outperform overweight neutral buy outperform buy buy hold overweight buy overweight buy outperform outperform hold overweight

Amt Held 4'627'871 3'812'408 2'501'932 2'185'936 2'106'662 1'770'983 1'361'625 1'174'200 1'169'858 1'115'144 988'269 976'991 924'834 872'997 862'631 839'300 773'065 664'529 572'001 567'850

% Out 9.28 7.64 5.02 4.38 4.22 3.55 2.73 2.35 2.35 2.24 1.98 1.96 1.85 1.75 1.73 1.68 1.55 1.33 1.15 1.14

Weighting

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

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

Latest Chg (287'074) 130'868 52'433 97'425 354'525 49'346 (142) 28'824 561'028 286'848 (74'602) 8'264 (117'033) 31'140 (8'975) 9'458 160'500 (10'002)

Target Price 800 850 #N/A N/A #N/A N/A 850 #N/A N/A 800 745 859 900 745 750 825 895 835 740 820 820 860 850 875 840 800 775 875 879 840 785 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 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 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 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

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

Date 22.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 18.03.2013 18.03.2013 05.03.2013 01.03.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 15.01.2013

27.03.2013

Sage Group PLC/The The Sage Group plc is a software publishing company. The Group develops, Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits, and produces equipment and software used to track workers and assets, and software for wireless content enablement.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SGE LN EQUITY YTD Change SGE LN EQUITY YTD % CHANGE

09/2012 12/yy 356.30 245.30 824'323.00 339 -4.86% 38.20% 82.79% 1'179.5 3'998.34 209.20 0.0 (2.1) 61.60 4'143.84

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

16.0 M

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 30.09.2008 1'295.0 2.38x 322.6 9.54x 166.3 15.34x

30.09.2009 30.09.2010 1'439.3 1'277.7 2.42x 2.99x 346.2 363.0 10.06x 10.53x 189.5 227.3 16.14x 16.95x Profitability

30.09.2011 1'334.1 2.55x 394.8 8.63x 189.0 13.19x

30.09.2012 1'340.2 3.22x 391.2 11.02x 296.6 16.82x

391.20 343.90 25.66% 24.94% 11.37% 19.24% 17.57% 0.51% 93.7% 29.2% 25.7% 22.1% 0.47 0.42 8.46% 15.21% 5.15 33.72

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

2.99 1.00 1'177.60 18.79% 17.49% 1.002 27 2.815 2'711'820 2'903'223 2'747'656 FY+2

09/13 Y 09/14 Y 1'386.5 1'417.8 3.03x 2.93x 396.5 423.0 10.45x 9.80x 246.9 268.3 15.41x 14.18x S&P Issuer Ratings

FQ+1

FQ+2

29.64 28.17 0.38 0.53 15.2% 13.2% 0.51 9.29 71.09 10.85 242.91 -160.97

Sales/Revenue/Turnover

35.00

25'000.0

30.00

20'000.0

25.00

15'000.0

20.00 15.00

10'000.0

10.00

5'000.0 5.00 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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 |

27.03.2013

Sage Group PLC/The Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL INVESCO LTD JP MORGAN NORTHERN TRUST CORPO AMERIPRISE FINANCIAL UBS JACOBS IRWIN MARK GOLDMAN SACHS GROUP PRIMECAP MANAGEMENT TIAA CREF INVESTMENT WELLINGTON MANAGEMEN SANDS CAPITAL MANAGE WINSLOW CAPITAL MANA DEUTSCHE BANK AG NORGES BANK

Firm Name Baader Bank Wells Fargo Securities, LLC Piper Jaffray Morgan Stanley MKM Partners Susquehanna Financial Group Nomura Evercore Partners Cowen and Company Tigress Financial Partners Lazard Capital Markets RBC Capital Markets William Blair & Co Sanford C. Bernstein & Co BMO Capital Markets Edward Jones Societe Generale D.A. Davidson & Co Argus Research Corp Credit Suisse Raymond James Scotia Capital Berenberg Bank S&P Capital IQ FBR Capital Markets Canaccord Genuity Corp Oppenheimer & Co JMP Securities Wedge Partners Drexel Hamilton LLC JPMorgan Barclays Daiwa Securities Co. Ltd. Deutsche Bank Goldman Sachs Brean Murray Carret & Co Macquarie Davenport & Co Williams Financial Group Atlantic Equities LLP Credit Agricole Securities (USA) EVA Dimensions Pacific Crest Securities

Portfolio Name n/a VANGUARD GROUP INC n/a n/a T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL INVESCO LTD n/a NORTHERN TRUST CORPO AMERIPRISE FINANCIAL n/a n/a GOLDMAN SACHS GROUP PRIMECAP MANAGEMENT TIAA-CREF INVESTMENT WELLINGTON MANAGEMEN SANDS CAPITAL MANAGE WINSLOW CAPITAL MANA DEUTSCHE BANK AKTIEN NORGES BANK

Analyst JEROME RAMEL DAVID M WONG AUGUSTE P RICHARD EHUD A GELBLUM DANIEL A BERENBAUM CHRISTOPHER CASO ROMIT SHAH MARK A MCKECHNIE MATTHEW HOFFMAN IVAN FEINSETH IAN ING MARK SUE ANIL K DORADLA STACY A RASGON TIMOTHY P LONG WILLIAM C KREHER PETER KNOX AALOK K SHAH JAMES KELLEHER KULBINDER GARCHA TAVIS C MCCOURT GUS PAPAGEORGIOU ADNAAN AHMAD JAMES G MOORMAN CHRISTOPHER ROLLAND T MICHAEL WALKLEY ITTAI KIDRON ALEX GAUNA BRIAN BLAIR RICHARD WHITTINGTON ROD HALL BLAYNE CURTIS YOKO YAMADA BRIAN T MODOFF SIMONA JANKOWSKI MIKE BURTON SHAWN WEBSTER F DRAKE JOHNSTONE CODY G ACREE JAMES CORDWELL SRINI PAJJURI ANDREW S ZAMFOTIS JAMES FAUCETTE

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

Recommendation outperform outperform overweight Overwt/Attractive buy Positive buy overweight outperform strong buy buy outperform outperform outperform outperform buy hold neutral buy outperform outperform focus stock sell strong buy outperform buy outperform market outperform no rating system buy neutral overweight outperform buy Buy/Neutral buy outperform buy hold overweight outperform overweight outperform

Amt Held 97'445'750 76'175'417 70'105'195 65'989'412 48'565'229 39'259'157 28'145'539 28'068'364 26'620'183 20'000'786 18'812'964 18'545'579 18'055'113 17'971'145 16'861'913 16'431'203 15'415'875 15'097'814 15'092'976 13'118'618

% Out 5.67 4.43 4.08 3.84 2.83 2.28 1.64 1.63 1.55 1.16 1.09 1.08 1.05 1.05 0.98 0.96 0.9 0.88 0.88 0.76

Weighting

Change

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

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

Latest Chg (1'097'545) 1'586'995 2'748'797 (13'864'751) (1'402'853) 1'723'682 (3'535'861) 3'817'042 (44'394) (101'415) (894'092) (66'379) (97'239) (245'290) 1'737'652 (5'446'906) (4'025'353) (2'711'518) 3'254'562 1'609'301

Target Price 75 #N/A N/A 83 73 74 85 75 85 #N/A N/A #N/A N/A 79 77 #N/A N/A 80 80 #N/A N/A 64 65 80 85 80 81 50 84 76 83 72 75 #N/A N/A 80 70 77 71 78 80 80 75 72 #N/A N/A 80 74 #N/A N/A 70

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

File Dt 25.03.2013 31.12.2012 26.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 05.03.2012 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 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 18 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 18 month 12 month Not Provided 12 month 9 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month

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

Date 26.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 21.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 15.03.2013 14.03.2013 14.03.2013 13.03.2013 10.03.2013 08.03.2013 07.03.2013 07.03.2013 06.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 04.03.2013 03.03.2013 25.02.2013 25.02.2013 22.02.2013 13.02.2013 12.02.2013 11.02.2013 04.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013

27.03.2013

Severn Trent PLC Severn Trent plc supplies water, waste, and utility services throughout the acquisition, development, and exploration of gold and other precious metal in Africa.

Price/Volume 140

1.2 M

120

1.0 M

100

.8 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2012) 52-Week Low (05.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SVT LN EQUITY YTD Change SVT LN EQUITY YTD % CHANGE

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

.4 M

.2 M

20 0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.03.2008 1'552.4 4.38x 699.7 9.73x 209.5 15.89x

.6 M

03/2012 12/yy 1'836.00 1'442.71 95'275.00 1658 -9.59% 15.06% 62.62% 238.4 3'952.02 4'398.80 0.0 7.9 295.10 8'124.42

31.03.2009 31.03.2010 1'642.2 1'703.9 3.74x 3.86x 713.6 813.9 8.60x 8.07x (57.8) 249.2 11.32x Profitability

31.03.2011 1'711.3 4.38x 792.5 9.45x 272.6 12.69x

31.03.2012 1'770.6 4.39x 786.7 9.89x 171.8 21.30x 786.70 499.90 28.23% 8.85% 2.86% 24.61% 0.23% 43.1% 26.7% 9.7% 1.52 0.86 57.02% 451.85% -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

4.36 0.60 231.31 16.26% 5.46% 0.601 18 3.111 538'310 594'984 600'769 FY+2

03/13 Y 03/14 Y 1'830.4 1'876.3 4.51x 4.46x 827.7 852.4 9.82x 9.53x 221.9 233.9 17.98x 17.27x S&P Issuer Ratings

FQ+1

FQ+2

28.01.2010 BBBSTABLE 28.01.2010 A-3 2.34 1.23 5.36 5.67 451.9% 81.8% 0.23 0.27 -

Sales/Revenue/Turnover

160.00

1'400.0

140.00

1'200.0

120.00

1'000.0

100.00

800.0

80.00

600.0

60.00

400.0

40.00

200.0

20.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Severn Trent PLC Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C FMR LLC CARMIGNAC GESTION FRANKLIN RESOURCES FIRST EAGLE INVESTME AGF INVESTMENTS INC JENNISON ASSOCIATES JP MORGAN TOCQUEVILLE ASSET MA PAULSON & CO WELLS FARGO INVESCO LTD GAMCO OPPENHEIMERFUNDS INC MACKENZIE FINANCIAL ASA BERMUDA LIMITED RENAISSANCE TECHNOLO AMERICAN CENTURY COM NIKKO ASSET MANAGEME

Firm Name RBC Capital Markets BMO Capital Markets HSBC Clarus Securities Canaccord Genuity Corp S&P Capital IQ GARP Research EVA Dimensions

Portfolio Name n/a n/a n/a Multiple Portfolios n/a FIRST EAGLE INVESTME AGF INVESTMENTS INC JENNISON ASSOCIATES n/a TOCQUEVILLE ASSET MA PAULSON & CO n/a INVESCO LTD n/a OPPENHEIMER FUNDS IN MACKENZIE FINANCIAL ASA BERMUDA LIMITED RENAISSANCE TECHNOLO AMERICAN CENTURY COM n/a

Analyst TANYA M JAKUSCONEK ANDREW BREICHMANAS PATRICK CHIDLEY NANA SANGMUAH TIM DUDLEY LEO LARKIN SETH DADDS TEAM COVERAGE

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

Recommendation sector perform market perform overweight buy buy buy buy buy

Amt Held 8'568'474 6'627'558 4'049'382 3'917'000 1'652'413 1'264'736 1'196'861 1'013'740 968'495 952'220 930'502 850'000 821'510 818'535 656'494 533'200 444'700 399'700 385'000 321'000

% Out 9.3 7.19 4.4 4.25 1.79 1.37 1.3 1.1 1.05 1.03 1.01 0.92 0.89 0.89 0.71 0.58 0.48 0.43 0.42 0.35

Weighting

Change 3 3 5 5 5 5 5 5

M M M M M M M M

Latest Chg (1'044'783) 365'169 (992'666) (633'099) (232'219) (47'000) (132'195) (96'778) (224'221) (175'960) (72'716) 1'320 30'000 164'900 171'000 (15'400) (11'600)

Target Price 109 110 125 120 145 125 #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 25.03.2013 26.03.2013 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 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 14.03.2013 25.02.2013 31.01.2013 29.01.2013 17.12.2012 16.11.2012 10.08.2012 18.11.2011

27.03.2013

Aberdeen Asset Management PLC Aberdeen Asset Management PLC operates an investment management group, which develops, and commercializes pharmaceutical products for the treatment of serious medical conditions. The Company has therapeutic candidates in clinical trials for the potential treatment of cancer, eye diseases, and inflammatory diseases, and has preclinical programs in other diseases and disorders. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (31.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADN LN EQUITY YTD Change ADN LN EQUITY YTD % CHANGE

Price/Volume

09/2012 12/yy 442.30 232.70 2'150'201.00 426.8 -3.69% 83.07% 93.37% 1'198.4 5'114.79 81.50 0.0 212.1 406.40 5'001.99

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

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 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

Fiscal Year Ended 30.09.2008 430.1 2.84x 114.9 10.64x 35.2 27.55x

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

30.09.2009 30.09.2010 421.9 638.2 4.39x 3.16x 132.0 226.4 14.02x 8.90x (8.1) 92.6 18.72x Profitability

30.09.2011 784.0 2.56x 313.2 6.40x 169.7 11.51x

30.09.2012 869.2 4.12x 361.0 9.91x 208.7 16.46x 361.00 274.60 31.59% 31.03% 6.00% 19.80% 17.03% 0.25% 41.5% 31.6% 24.0% 1.10 0.15 2.00% 7.49% -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

2.70 1.07 918.68 68.03% 16.04% 1.074 23 4.130 4'234'882 3'742'919 3'704'651 FY+2

09/13 Y 09/14 Y 1'012.6 1'145.6 4.86x 4.12x 426.4 497.5 11.73x 10.05x 332.2 383.4 15.69x 13.34x S&P Issuer Ratings

FQ+1

FQ+2

48.78 47.76 -0.90 0.23 7.5% 5.9% 0.25 44.35 -

Sales/Revenue/Turnover

70.00

1'600.0

60.00

1'400.0 1'200.0

50.00

1'000.0 40.00

800.0 30.00

600.0

20.00

400.0

10.00

200.0

0.00 01.01.2010

0.0 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 |

27.03.2013

Aberdeen Asset Management PLC Holdings By:

All

Holder Name MITSUBISHI UFJ FINAN CAPITAL GROUP COMPAN FMR LLC T ROWE PRICE ASSOCIA BLACKROCK WELLINGTON MANAGEMEN SANDS CAPITAL MANAGE ARTISAN PARTNERS HOL JP MORGAN VANGUARD GROUP INC STATE STREET YANCOPOULOS GEORGE D INVESCO LTD TOUCHSTONE ADVISORS JANUS CAPITAL MANAGE DEUTSCHE BANK AG PINNACLE ASSOCIATES NORTHERN TRUST CORPO BANK OF NEW YORK MEL GCIC LTD/CANADA

Firm Name Exane BNP Paribas Jefferies Lazard Capital Markets RBC Capital Markets Barclays Roth Capital Partners Leerink Swann & Co Robert W. Baird & Co EVA Dimensions BMO Capital Markets Goldman Sachs Brean Murray Carret & Co JPMorgan Cowen and Company Piper Jaffray Deutsche Bank

Portfolio Name n/a n/a n/a T ROWE PRICE ASSOCIA n/a WELLINGTON MANAGEMEN SANDS CAPITAL MANAGE ARTISAN PARTNERS LP n/a VANGUARD GROUP INC n/a n/a INVESCO LTD Multiple Portfolios n/a DEUTSCHE BANK AKTIEN PINNACLE ASSOCIATES NORTHERN TRUST CORPO BANK OF NEW YORK MEL GOODMAN & COMPANY IN

Analyst JASON KANTOR BIREN AMIN JOSHUA SCHIMMER ADNAN BUTT YING HUANG JOSEPH PANTGINIS JOSEPH P SCHWARTZ CHRISTOPHER J RAYMOND ANDREW S ZAMFOTIS JIM BIRCHENOUGH TERENCE FLYNN JONATHAN M ASCHOFF GEOFFREY MEACHAM PHILIP NADEAU EDWARD A TENTHOFF ROBYN KARNAUSKAS

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

Recommendation outperform hold neutral outperform overweight buy outperform outperform hold outperform buy/attractive hold neutral neutral neutral buy

Amt Held 15'816'953 14'536'840 14'104'017 6'746'671 5'977'244 3'857'640 3'223'869 3'119'564 2'525'132 2'517'641 2'477'586 1'122'864 1'029'377 828'000 803'814 795'113 766'916 765'640 747'954 599'800

% Out 16.58 15.24 14.79 7.07 6.27 4.04 3.38 3.27 2.65 2.64 2.6 1.18 1.08 0.87 0.84 0.83 0.8 0.8 0.78 0.63

Weighting

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

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

Latest Chg 1'017'401 (2'346'800) 3'344'742 (618'760) (228'913) (610'504) 36'747 460'591 (1'010'842) (8'774) 50'846 964'817 22'000 (153'262) (5'936) (154'017) 70'587 (9'490) 9'100

Target Price 187 179 #N/A N/A 190 194 200 #N/A N/A 205 #N/A N/A 192 196 #N/A N/A 150 #N/A N/A 140 190

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

File Dt Inst Type 13.10.2010 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 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 25.03.2013 Investment Advisor 19.12.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Mutual 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

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

Date 19.03.2013 19.03.2013 03.03.2013 28.02.2013 28.02.2013 19.02.2013 19.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 25.10.2012

27.03.2013

Babcock International Group PLC Babcock International Group plc offers support services to public sector accessories stores. Ross offers name brand and designer apparel, accessories, footwear, and home fashions at discount prices.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.03.2013) 52-Week Low (27.03.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAB LN EQUITY YTD Change BAB LN EQUITY YTD % CHANGE

03/2012 02/yy 1'113.00 774.50 90'570.00 1073 -3.59% 38.54% 90.84% 360.3 3'865.71 761.50 0.0 8.6 100.30 4'491.51

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

4.0 M

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.03.2008 1'555.9 1.05x 138.8 11.79x 67.3 19.06x

31.03.2009 31.03.2010 1'901.9 1'923.4 0.88x 0.88x 168.9 189.6 9.89x 8.92x 72.0 106.0 11.48x 13.02x Profitability

31.03.2011 2'703.2 1.10x 293.5 10.12x 101.1 20.60x

31.03.2012 3'070.4 1.15x 337.5 10.45x 100.8 18.55x 337.50 213.60 6.96% 5.63% 3.26% 11.24% 8.50% 0.99% 18.3% 11.2% 7.3% 3.3% 0.83 0.52 25.40% 83.55% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

02/yy -

FY+1 -

2.17 0.73 340.90 37.62% 11.13% 0.733 19 3.684 692'981 729'144 664'202 FY+2

03/13 Y 03/14 Y 3'229.0 3'441.0 1.37x 1.25x 385.7 402.0 11.65x 11.17x 245.5 249.9 15.60x 15.24x S&P Issuer Ratings

FQ+1

FQ+2

7.34 6.41 1.79 2.08 83.6% 45.3% 0.99 13.35 10.97

Sales/Revenue/Turnover

20.00

12'000.0

18.00

10'000.0

16.00 14.00

8'000.0

12.00

6'000.0

10.00 8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 05.02.2010

0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

27.03.2013

Babcock International Group PLC Holdings By:

All

Holder Name FMR LLC BLACKROCK VANGUARD GROUP INC STATE STREET JANUS CAPITAL MANAGE T ROWE PRICE ASSOCIA WINSLOW CAPITAL MANA INVESCO LTD BANK OF NEW YORK MEL JP MORGAN AMERIPRISE FINANCIAL MACKAY SHIELDS LLC NORTHERN TRUST CORPO ORBAN GEORGE P JENNISON ASSOCIATES RENAISSANCE TECHNOLO PIONEER INVESTMENT M SUN LIFE FINANCIAL I AKRE CAPITAL MANAGEM TIAA CREF INVESTMENT

Firm Name Peel Hunt Morgan Stanley RBC Capital Markets William Blair & Co Johnson Rice & Co FBR Capital Markets Buckingham Research Group Sterne, Agee & Leach Avondale Partners LLC Wells Fargo Securities, LLC MKM Partners Telsey Advisory Group EVA Dimensions Credit Suisse Jefferies Stifel Canaccord Genuity Corp Piper Jaffray Northcoast Research CL King & Associates S&P Capital IQ BMO Capital Markets Deutsche Bank JPMorgan Crowell, Weedon & Co

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a T ROWE PRICE ASSOCIA WINSLOW CAPITAL MANA INVESCO LTD BANK OF NEW YORK MEL n/a AMERIPRISE FINANCIAL Multiple Portfolios NORTHERN TRUST CORPO n/a JENNISON ASSOCIATES RENAISSANCE TECHNOLO PIONEER INVESTMENT M n/a AKRE CAPITAL MANAGEM TIAA-CREF INVESTMENT

Analyst OMAR SAAD KIMBERLY GREENBERGER HOWARD TUBIN DANIEL H HOFKIN DAVID M MANN DUTCH FOX DAVID J GLICK IKE BORUCHOW MARK K MONTAGNA EVREN DOGAN KOPELMAN PATRICK G MCKEEVER JR DANA TELSEY CRAIG STERLING MICHAEL B EXSTEIN RANDAL J KONIK RICHARD E JAFFE LAURA A CHAMPINE ALEX J FUHRMAN JEFFERY STEIN MORRY BROWN JASON ASAEDA JOHN D MORRIS MICHAEL BAKER BRIAN J TUNICK SCOTT M SWANSON

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

Recommendation buy Equalwt/Cautious sector perform outperform overweight outperform neutral neutral market outperform market perform buy no rating system buy outperform hold hold hold overweight buy buy buy market perform buy neutral buy

Amt Held 28'175'226 16'672'005 11'478'180 8'870'387 7'836'463 7'065'366 5'910'719 4'282'701 3'849'624 3'771'842 3'661'156 3'258'732 2'977'172 2'756'802 2'716'295 2'597'864 2'509'699 1'962'013 1'937'709 1'711'027

% Out 12.67 7.5 5.16 3.99 3.52 3.18 2.66 1.93 1.73 1.7 1.65 1.47 1.34 1.24 1.22 1.17 1.13 0.88 0.87 0.77

Weighting

Change

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

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

Latest Chg (501'655) 1'851'549 (3'335'778) (28'658) 410'306 243'294 3'854'546 (765'265) (448'489) 2'972'491 (361'361) (782'991) 13'659 16'000 333'564 612'200 957'912 14'114 (10'813) (811'119)

Target Price 70 #N/A N/A 67 #N/A N/A #N/A N/A 69 60 60 66 #N/A N/A 68 64 #N/A N/A 68 55 #N/A N/A 65 71 65 70 64 58 66 60 70

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

File Dt Inst Type 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 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 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor

Date 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 9 month 18 month

Date 24.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 15.03.2013 14.03.2013 09.01.2013 03.12.2012 16.11.2012

27.03.2013

Tate & Lyle PLC Tate & Lyle PLC is the holding company for an international group of companies in a variety of form factors using our flash memory, proprietary controller and firmware technologies. The Company's solutions include removable cards, embedded products, universal serial bus, or USB, drives, digital media players, wafers and components.

Price/Volume 60

03/2012 12/yy 852.00 627.50 301'442.00 819 -3.99% 30.36% 91.09% 466.3 3'819.05 946.00 0.0 25.0 424.00 4'260.05

6.0 M 5.0 M 4.0 M

3.0 M 2.0 M

10 0 m-12

1.0 M .0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.03.2009 31.03.2010 3'553.0 2'533.0 0.69x 1.15x 296.0 373.0 8.24x 7.83x 65.0 15.0 13.36x Profitability

31.03.2011 2'720.0 1.17x 418.0 7.62x 163.0 13.56x

31.03.2012 3'088.0 1.24x 440.0 8.70x 305.0 10.70x 440.00 337.00 10.91% 12.27% 10.49% 30.95% 17.31% 1.13% 12.0% 8.5% 9.9% 2.01 1.00 32.55% 91.58% 9.41 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

12/yy -

FY+1 -

3.08 0.64 465.08 20.01% 7.35% 0.644 19 3.684 1'419'578 1'413'449 1'314'429 FY+2

03/13 Y 03/14 Y 3'268.8 3'479.1 1.31x 1.19x 456.3 491.4 9.34x 8.67x 263.3 288.1 14.76x 13.58x S&P Issuer Ratings

FQ+1

FQ+2

15.07.2011 BBB STABLE 15.07.2011 A-2 13.33 10.24 1.16 2.26 91.6% 47.2% 1.13 3.53 38.91 -

Sales/Revenue/Turnover

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 08.01.2010

7.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.03.2013) 52-Week Low (10.09.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TATE LN EQUITY YTD Change TATE LN EQUITY YTD % CHANGE

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

8.0 M

Valuation Analysis

31.03.2008 2'867.0 1.23x 339.0 10.44x 194.0 22.69x

9.0 M

0.0 08.07.2010

08.01.2011

08.07.2011

08.01.2012

08.07.2012

08.01.2013

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 |

27.03.2013

Tate & Lyle PLC Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC T ROWE PRICE ASSOCIA CLEARBRIDGE INVESTME FMR LLC STATE STREET PRIMECAP MANAGEMENT MORGAN STANLEY BANK OF NEW YORK MEL WELLINGTON MANAGEMEN EDINBURGH PARTNERS L VIKING GLOBAL INVEST LEGG MASON INC KENSICO CAPITAL MANA DISCOVERY CAPITAL MA NEUBERGER BERMAN LLC NORTHERN TRUST CORPO HARARI ELI NORGES BANK INVESCO LTD

Firm Name Investec Sterne, Agee & Leach Robert W. Baird & Co Susquehanna Financial Group Pacific Crest Securities Cowen and Company MKM Partners Sanford C. Bernstein & Co Argus Research Corp Raymond James B Riley & Company, Inc Piper Jaffray RBC Capital Markets Macquarie Morgan Stanley Goldman Sachs Wedbush Cross Research Lazard Capital Markets Stifel Needham & Co EVA Dimensions Nomura Deutsche Bank JPMorgan Jefferies S&P Capital IQ Gabelli & Co Credit Suisse Tigress Financial Partners JMP Securities BOE Securities

Portfolio Name n/a VANGUARD GROUP INC T ROWE PRICE ASSOCIA CLEARBRIDGE INVESTME n/a n/a PRIMECAP MANAGEMENT n/a BANK OF NEW YORK MEL WELLINGTON MANAGEMEN EDINBURGH PARTNERS L VIKING GLOBAL INVEST Multiple Portfolios KENSICO CAPITAL MANA DISCOVERY CAPITAL MA NEUBERGER BERMAN GRO NORTHERN TRUST CORPO n/a NORGES BANK INVESCO LTD

Analyst RYAN GOODMAN VIJAY R RAKESH TRISTAN GERRA MEHDI HOSSEINI MONIKA GARG TIMOTHY M ARCURI DANIEL A BERENBAUM MARK C NEWMAN JAMES KELLEHER HANS C MOSESMANN CRAIG ELLIS JAGADISH IYER DOUG FREEDMAN DEEPON NAG JOSEPH MOORE JAMES SCHNEIDER BETSY VAN HEES STEVEN B FOX DANIEL L AMIR KEVIN E CASSIDY RAJVINDRA S. GILL ANDREW S ZAMFOTIS SIDNEY HO BOB GUJAVARTY HARLAN SUR SUNDEEP BAJIKAR ANGELO ZINO HENDI SUSANTO JOHN W PITZER IVAN FEINSETH ALEX GAUNA BINDAL PARIKH TOTLANI

Source ULT-AGG 13F 13F 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F Form 5 13F 13F

Recommendation underperform buy neutral Positive outperform neutral neutral outperform buy outperform buy overweight outperform outperform Overwt/In-Line buy/attractive outperform buy buy buy buy sell buy hold neutral buy buy buy outperform strong buy market perform buy

Amt Held 17'359'506 14'144'750 13'772'396 10'649'095 9'770'368 9'546'595 7'073'816 5'720'676 5'493'814 4'819'428 4'511'060 4'482'305 4'451'294 4'244'000 3'585'900 3'510'069 3'388'893 3'283'017 2'897'220 2'626'387

% Out 7.18 5.85 5.69 4.4 4.04 3.95 2.92 2.37 2.27 1.99 1.87 1.85 1.84 1.75 1.48 1.45 1.4 1.36 1.2 1.09

Weighting

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

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

Latest Chg 519'757 273'650 (4'813'870) 173'278 (2'981'651) 113'023 147'100 (297'990) 389'070 (177'894) 3'542'305 41'763 1'084'200 2'131'900 (259'067) (38'398) (3'685'038) (245'762)

Target Price 58 60 47 70 56 #N/A N/A 43 65 65 62 67 60 65 65 60 58 55 60 58 54 60 #N/A N/A 55 45 56 59 58 #N/A N/A 55 #N/A N/A #N/A N/A 46

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

File Dt Inst Type 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 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 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 02.01.2011 n/a 31.12.2012 Government 31.12.2012 Investment Advisor

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

Date 27.03.2013 26.03.2013 25.03.2013 24.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 18.03.2013 18.03.2013 15.03.2013 14.03.2013 14.03.2013 13.03.2013 13.03.2013 04.03.2013 27.02.2013 14.02.2013 08.02.2013 04.02.2013 01.02.2013 31.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 02.11.2012 17.10.2012 01.08.2012

27.03.2013

Meggitt PLC Meggitt plc operates an engineering group, which specializes in aerospace, infrastructure in the United States. The Company offers both site leasing and site development services. SBA leases antenna space on its multi-tenant towers to a variety of wireless service providers under long-term lease contracts. The Company also offers site development consulting and construction.

Price/Volume 80

12/2012 12/yy 496.80 362.50 407'156.00 482.1 -3.06% 32.86% 91.36% 785.1 3'784.89 747.40 0.0 0.0 104.90 4'427.39

1.0 M

30 20

.5 M

10 0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2009 31.12.2010 1'150.5 1'162.0 2.25x 2.84x 379.3 362.5 6.83x 9.11x 138.8 138.8 12.67x 18.43x Profitability

31.12.2011 1'455.3 2.43x 425.5 8.31x 184.9 14.69x

31.12.2012 1'605.8 2.27x 491.6 7.41x 243.3 12.29x 491.60 336.90 20.98% 18.19% 6.18% 13.16% 11.22% 0.41% 42.1% 30.6% 21.0% 15.2% 1.20 0.18 19.24% 39.23% 3.27

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

2.45 1.01 742.94 23.77% 28.11% 1.015 16 3.813 1'394'636 1'401'534 1'501'782 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'701.1 1'797.0 2.58x 2.38x 500.3 533.2 8.85x 8.30x 291.3 312.3 12.89x 11.82x S&P Issuer Ratings

7.35 6.82 1.31 1.52 39.2% 28.2% 0.41 6.95 112.01 104.66

Sales/Revenue/Turnover

30.00

1'200.0

25.00

1'000.0

20.00

800.0

15.00

600.0

10.00

400.0

5.00

200.0

0.00 01.01.2010

1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 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 06.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MGGT LN EQUITY YTD Change MGGT LN EQUITY YTD % CHANGE

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

2.0 M

Valuation Analysis

31.12.2008 1'162.6 1.82x 290.1 7.29x 99.1 10.67x

2.5 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Meggitt PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN WINSLOW CAPITAL MANA GOLDMAN SACHS GROUP VANGUARD GROUP INC BLACKROCK TIMESSQUARE CAPITAL BAMCO INC JENNISON ASSOCIATES COLUMBIA WANGER ASSE AMERICAN CENTURY COM MACKAY SHIELDS LLC CITADEL ADVISORS LLC INVESCO LTD WILLIAM BLAIR & COMP TIAA CREF INVESTMENT FRANKLIN RESOURCES PRUDENTIAL FINANCIAL POINTSTATE CAPITAL JANUS CAPITAL MANAGE STATE STREET

Firm Name

Portfolio Name n/a WINSLOW CAPITAL MANA GOLDMAN SACHS GROUP VANGUARD GROUP INC n/a TIMESSQUARE CAPITAL BAMCO INC JENNISON ASSOCIATES COLUMBIA WANGER ASSE AMERICAN CENTURY COM Multiple Portfolios CITADEL ADVISORS LLC INVESCO LTD WILLIAM BLAIR & COMP TIAA-CREF INVESTMENT n/a n/a POINTSTATE CAPITAL L n/a n/a

Analyst

Espirito Santo Investment Bank Research JENNIFER M FRITZSCHE Macquarie KEVIN SMITHEN Stifel BEN LOWE Evercore Partners JONATHAN SCHILDKRAUT Pacific Crest Securities MICHAEL BOWEN Cowen and Company COLBY SYNESAEL RBC Capital Markets JONATHAN ATKIN Piper Jaffray CHRISTOPHER M LARSEN Morgan Stanley SIMON FLANNERY Canaccord Genuity Corp GREGORY MILLER JPMorgan PHILIP CUSICK Raymond James RICHARD H PRENTISS JR Nomura MICHAEL L MCCORMACK Atlantic Equities LLP CHRISTOPHER WATTS New Street Research JONATHAN CHAPLIN Goldman Sachs JASON ARMSTRONG Deutsche Bank BRETT FELDMAN EVA Dimensions ANDREW S ZAMFOTIS S&P Capital IQ JAMES G MOORMAN

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

Recommendation outperform neutral buy overweight outperform outperform top pick overweight Overwt/In-Line buy overweight strong buy buy neutral buy buy/attractive buy sell buy

Amt Held 12'208'555 6'338'878 6'263'342 5'888'125 5'855'874 5'682'550 5'501'746 5'253'590 4'427'000 4'204'203 3'516'522 3'289'965 3'083'619 2'946'325 2'928'535 2'740'060 2'646'346 2'522'500 2'434'513 2'375'509

% Out 9.62 4.99 4.93 4.64 4.61 4.48 4.33 4.14 3.49 3.31 2.77 2.59 2.43 2.32 2.31 2.16 2.08 1.99 1.92 1.87

Weighting

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

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

Latest Chg 140'821 81'285 (53'029) 145'095 (4'426) (617'000) (178'257) 1'508'618 (30'000) 1'134'458 (29'000) 1'631'825 1'352'937 (875'071) 404'165 (158'405) 117'525 1'373'100 (461'740) 136'640

Target Price #N/A N/A 77 83 83 98 #N/A N/A 85 83 77 85 80 81 85 73 75 78 85 #N/A N/A 84

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 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 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 31.01.2013 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 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 15.03.2013 13.03.2013 13.03.2013 12.03.2013 07.03.2013 06.03.2013 01.03.2013 26.02.2013 24.02.2013 24.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 22.01.2013 15.01.2013 15.01.2013 02.01.2013

27.03.2013

Resolution Ltd Resolution Limited is a life insurance company. The Company provides life enterprise applications, client compute applications, client non-compute applications, personal data backup systems, portable external storage systems and digital media systems. The Company also provides data storage services for businesses, including online backup, data protection and recovery solutions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (27.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RSL LN EQUITY YTD Change RSL LN EQUITY YTD % CHANGE

12/2012 12/yy 278.40 189.80 1'773'061.00 271.1 -2.80% 42.57% 91.65% 1'418.1 3'844.49 1'099.00 0.0 321.0 9'449.00 -

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

40.0 M

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008

31.12.2009 31.12.2010 2'816.0 11'115.0 1'280.0 765.0 0.65x 2.89x Profitability

LTM-4Q 31.12.2011 4'238.0 (62.0) -

31.12.2012 11'130.0 (72.0) -0.29% -1.73% -0.06% -1.30% 0.09% -0.6% 0.86% 20.44% -

Price/ Cash Flow

LTM

12/yy 11'560.0 2.36x 1'968.0 4.23x 915.0 7.42x

12/yy 16'332.0 2.89x 4'319.0 2.70x 3'233.0 3.96x

FY+1

7.81 1.06 1'407.35 10.63% 9.33% 1.055 19 3.158 3'611'942 2'816'208 2'663'164 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/11 Q3 12/11 Q4 1'567.0 1'758.0 272.0 1.88x 1.67x 360.4 404.1 10.80x 9.65x S&P Issuer Ratings

20.4% 16.2% 0.09 -

Sales/Revenue/Turnover

12.00

16'000.0 14'000.0

10.00

12'000.0 8.00

10'000.0 8'000.0

6.00

6'000.0

4.00

4'000.0 2.00 0.00 03.07.2009

2'000.0 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 |

27.03.2013

Resolution Ltd Holdings By:

All

Holder Name FMR LLC FMR LLC LEGG MASON INC VANGUARD GROUP INC CLEARBRIDGE INVESTME BLACKROCK STATE STREET ALKEN ASSET MANAGEME LSV ASSET MANAGEMENT BANK OF NEW YORK MEL GREENLIGHT CAPITAL I NORGES BANK FIRST TRUST INVESCO LTD ROBECO INVESTMENT MG BRANDES INVESTMENT P GOLDMAN SACHS GROUP NORTHERN TRUST CORPO BARCLAYS PLC JANUS CAPITAL MANAGE

Firm Name RBC Capital Markets Longbow Research Wells Fargo Securities, LLC Tigress Financial Partners BMO Capital Markets Daiwa Securities Co. Ltd. Pacific Crest Securities Lazard Capital Markets Stifel Barclays Argus Research Corp Deutsche Bank Morgan Stanley Goldman Sachs RBC Capital Markets JPMorgan Needham & Co Robert W. Baird & Co Evercore Partners Noble Financial Group S&P Capital IQ Craig-Hallum Capital Group LLC Cross Research Credit Agricole Securities (USA) FBN Securities EVA Dimensions Wedge Partners

Portfolio Name n/a n/a n/a VANGUARD GROUP INC CLEARBRIDGE INVESTME n/a n/a ALKEN ASSET MANAGEME LSV ASSET MANAGEMENT BANK OF NEW YORK MEL GREENLIGHT CAPITAL I NORGES BANK n/a INVESCO LTD ROBECO INVESTMENT MA BRANDES INVESTMENT P GOLDMAN SACHS GROUP NORTHERN TRUST CORPO n/a n/a

Analyst ANANDA BARUAH JOE WITTINE MAYNARD UM IVAN FEINSETH KEITH F BACHMAN YOKO YAMADA MONIKA GARG EDWARD PARKER AARON C RAKERS BENJAMIN A REITZES JAMES KELLEHER SHERRI SCRIBNER KATHRYN HUBERTY WILLIAM C SHOPE JR AMIT DARYANANI MARK A MOSKOWITZ RICHARD J KUGELE JAYSON NOLAND SR ROBERT CIHRA MARK S MILLER ANGELO ZINO CHRISTIAN SCHWAB STEVEN B FOX AVI SILVER SHEBLY SEYRAFI ANDREW S ZAMFOTIS KIRK ADAMS

Source Form 3 ULT-AGG RNS-MAJ 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F ULT-AGG ULT-AGG

Recommendation buy neutral market perform buy market perform neutral sector perform buy hold underweight hold hold Equalwt/In-Line neutral/neutral sector perform underweight hold neutral equalweight hold sell buy hold underperform sector perform buy no rating system

Amt Held 45'239'490 31'929'428 23'472'945 22'855'845 19'056'988 15'824'233 12'445'351 10'436'769 9'947'957 8'890'851 8'370'896 7'870'096 6'463'432 6'463'429 5'381'133 4'189'394 4'022'832 3'744'195 3'325'324 3'306'052

% Out 12.61 8.9 6.54 6.37 5.31 4.41 3.47 2.91 2.77 2.48 2.33 2.19 1.8 1.8 1.5 1.17 1.12 1.04 0.93 0.92

Weighting

Change

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

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

Latest Chg (771'386) (493'828) (357'691) 3'016'421 (1'069'926) (11'717) (575'260) 1'200'912 (8'217'244) 4'757'641 (1'143) (907'092) (866'533) 3'049'571 2'460'369 (142'206) 2'707'096 (298'500)

Target Price 39 #N/A N/A #N/A N/A #N/A N/A 35 36 #N/A N/A 42 #N/A N/A 29 #N/A N/A 40 #N/A N/A 29 35 20 #N/A N/A 35 36 25 31 40 39 35 40 #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 27.01.2012 Corporation 31.12.2012 Investment Advisor 22.11.2010 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 26.03.2013 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 Government 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

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

Date 26.03.2013 20.03.2013 15.03.2013 15.03.2013 14.03.2013 13.03.2013 06.03.2013 11.02.2013 06.02.2013 31.01.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 15.01.2013 14.01.2013

27.03.2013

Petrofac Ltd Petrofac Limited is an international provider of facilities solutions to the retail stores in the United States and Canada. The Company retails home appliances, as well as tools, lawn and garden products, home electronics, and other products. Sears Holdings also provides automotive repair and maintenance.

Price/Volume 80

4.5 M

4.0 M

3.5 M 3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.04.2012) 52-Week Low (27.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PFC LN EQUITY YTD Change PFC LN EQUITY YTD % CHANGE

12/2012 02/yy 1'784.00 1'324.00 155'011.00 1424 -20.18% 7.55% 25.87% 345.9 4'925.49 349.00 0.0 1.0 699.00 7'090.22

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

2.0 M

1.5 M

1.0 M

.5 M

0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 3'329.5 0.34x 420.9 2.69x 265.0 6.46x

2.5 M

31.12.2009 31.12.2010 3'655.4 4'354.2 1.20x 1.69x 550.2 637.7 7.94x 11.56x 353.6 557.8 16.07x 15.03x Profitability

31.12.2011 5'800.7 1.05x 764.0 7.96x 539.4 14.05x

31.12.2012 6'324.0 1.36x 859.0 10.04x 632.0 14.18x 859.00 729.00 11.53% 12.10% 12.36% 47.52% 41.04% 1.24% 17.1% 13.6% 11.5% 10.0% 1.03 0.59 6.55% 22.53% 6.03 8.03

Price/ Cash Flow

LTM-4Q

LTM

01/yy

02/yy -

FY+1 -

2.98 1.20 246.99 -13.78% -12.26% 1.202 23 3.522 1'268'154 1'457'684 1'109'118 FY+2

12/13 Y 12/14 Y 6'747.2 7'330.3 1.09x 1.00x 1'073.1 1'254.5 6.61x 5.65x 694.1 782.8 10.70x 9.43x S&P Issuer Ratings

FQ+1

FQ+2

171.80 92.40 -0.41 0.41 22.5% 18.4% 1.24 8.44 60.66 45.56 85.61 20.61

Sales/Revenue/Turnover

70.00

60'000.0

60.00

50'000.0

50.00

40'000.0

40.00

30'000.0 30.00

20'000.0 20.00

10'000.0

10.00 0.00 05.02.2010

0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

27.03.2013

Petrofac Ltd Holdings By:

All

Holder Name ASFARI AYMAN RBS PARTNERS L P LAMPERT EDWARD S FAIRHOLME CAPITAL MA TISCH THOMAS J HORIZON KINETICS STATE STREET VANGUARD GROUP INC BLACKROCK INVESCO LTD FINE CAPITAL PARTNER DIMENSIONAL FUND ADV OLD WEST INVESTMENT CHOU ASSOCIATES MANA NORGES BANK SOUTHPOINT CAPITAL A DEUTSCHE BANK AG UOB GLOBAL STRATEGIE BARCLAYS PLC AKRE CAPITAL MANAGEM

Firm Name Societe Generale Argus Research Corp Credit Suisse EVA Dimensions Longbow Research S&P Capital IQ Imperial Capital LLC

Portfolio Name RBS PARTNERS L P n/a n/a FAIRHOLME CAPITAL MA n/a n/a n/a VANGUARD GROUP INC n/a INVESCO LTD FINE CAPITAL PARTNER DIMENSIONAL FUND ADV OLD WEST INVESTMENT CHOU ASSOCIATES MANA NORGES BANK SOUTHPOINT CAPITAL A DEUTSCHE BANK AKTIEN Multiple Portfolios n/a AKRE CAPITAL MANAGEM

Analyst GREGORY MELICH CHRISTOPHER GRAJA GARY BALTER CRAIG STERLING DAVID S MACGREGOR JASON ASAEDA MARY ROSS-GILBERT

Source 13F 13D 13D 13F PROXY ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG ULT-AGG 13F

Recommendation sell hold underperform overweight not rated hold underperform

Amt Held 36'334'181 33'856'069 25'041'046 18'146'573 3'869'816 3'047'600 2'515'679 1'722'598 1'446'408 1'114'743 1'106'100 948'073 905'445 683'700 344'220 325'000 323'511 306'600 300'019 300'000

% Out 34.15 31.82 23.54 17.06 3.64 2.86 2.36 1.62 1.36 1.05 1.04 0.89 0.85 0.64 0.32 0.31 0.3 0.29 0.28 0.28

Weighting

Change

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

M M M U M M M

Latest Chg (5'939'961) (2'478'112) 1'212'493 (58'140) (84'798) 106'510 52'457 (1'864) (109'420) 406'900 (10'500) 905'445 (54'262) 125'000 (241'439) 3'400 16'219 -

Target Price 22 #N/A N/A 20 #N/A N/A #N/A N/A 44 #N/A N/A

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

File Dt 31.12.2012 20.03.2013 20.03.2013 31.12.2012 10.02.2012 31.12.2012 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012

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

Inst Type Hedge Fund Manager Hedge Fund Manager n/a Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Government Hedge Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Hedge Fund Manager

Date 24.03.2013 05.03.2013 04.03.2013 01.03.2013 14.01.2013 08.01.2013 02.05.2012

27.03.2013

Croda International PLC Croda International plc is the holding company for a group of companies that broad range of chemicals, biochemicals and equipment. The Company's chemical products and kits are used in scientific research, including genomic and proteomic, biotechnology, pharmaceutical development and as key components in pharmaceutical, diagnostic and other high technology manufacturing.

Price/Volume

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

1.2 M 1.0 M

12/2012 12/yy 2'784.00 2'000.00 53'071.00 2710 -2.66% 35.50% 91.96% 140.0 3'792.64 261.50 0.0 0.1 53.80 4'000.44

.8 M

.6 M

.4 M

.2 M

10 0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 911.1 1.24x 143.5 7.87x 61.0 10.82x

1.4 M

80 70

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (01.11.2012) 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 CRDA LN EQUITY YTD Change CRDA LN EQUITY YTD % CHANGE

31.12.2009 31.12.2010 827.5 1'001.9 1.70x 2.44x 136.7 232.7 10.32x 10.49x 23.8 130.8 18.78x 16.94x Profitability

LTM-4Q 31.12.2011 1'028.0 2.68x 269.2 10.24x 167.5 15.02x

31.12.2012 1'051.9 3.36x 286.5 12.33x 161.9 18.28x 286.50 255.40 24.28% 24.07% 16.18% 53.06% 29.34% 1.05% 34.0% 27.2% 24.3% 15.4% 2.22 0.31 26.06% 75.97% 4.15

Price/ Cash Flow

12/yy 2'505.0 12.45x 761.0 9.74x 457.0 16.61x

LTM 12/yy 2'623.0 13.58x 809.0 10.86x 460.0 19.01x

FY+1

2.20 0.89 138.63 30.72% 14.06% 0.890 18 3.556 270'417 329'740 316'498 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 1'128.6 1'201.6 250.3 297.0 3.51x 3.26x 315.6 343.4 72.2 78.6 12.68x 11.65x 12.85x 12.72x 186.6 205.2 41.2 47.1 19.67x 18.01x 19.97x 19.64x S&P Issuer Ratings

30.81 25.39 0.72 0.91 76.0% 43.2% 1.05 3.10 88.29 -

Sales/Revenue/Turnover

20.00

3'000.0

18.00

2'500.0

16.00 14.00

2'000.0

12.00

1'500.0

10.00 8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Croda International PLC Holdings By:

All

Holder Name SUN LIFE FINANCIAL I CAPITAL GROUP COMPAN VANGUARD GROUP INC STATE FARM MUTUAL AU BLACKROCK BANK OF NEW YORK MEL STATE STREET WELLINGTON MANAGEMEN STATE FARM INSURANCE FMR LLC HARDING LOEVNER LP WELLS FARGO INVESCO LTD JP MORGAN SELECT EQUITY GROUP NORTHERN TRUST CORPO MACKENZIE FINANCIAL FRANKLIN RESOURCES FAIRPOINTE CAPITAL L CAPITAL COUNSEL LLC

Firm Name HSBC Longbow Research KeyBanc Capital Markets Wells Fargo Securities, LLC Jefferies Robert W. Baird & Co Macquarie JPMorgan Leerink Swann & Co Mizuho Securities USA Inc Edward Jones EVA Dimensions Credit Agricole Securities (USA) Goldman Sachs

Portfolio Name STATE FARM MUTUAL AU n/a VANGUARD GROUP INC STATE FARM MUTUAL AU n/a BANK OF NEW YORK MEL n/a WELLINGTON MANAGEMEN Multiple Portfolios n/a HARDING LOEVNER LP n/a INVESCO LTD n/a SELECT EQUITY GROUP NORTHERN TRUST CORPO MACKENZIE FINANCIAL n/a FAIRPOINTE CAPITAL L CAPITAL COUNSEL LLC

Analyst TRACY MARSHBANKS DMITRY SILVERSTEYN MICHAEL J SISON TIM EVANS JON WOOD JEFF T ELLIOTT JONATHAN P GROBERG TYCHO W PETERSON DANIEL L LEONARD PETER R LAWSON MATT ARNOLD CRAIG STERLING PAUL R KNIGHT ISAAC RO

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

Recommendation equalweight neutral buy market perform hold outperform neutral neutral market perform neutral buy underweight outperform neutral/neutral

Amt Held 14'033'160 9'664'000 8'082'331 6'628'173 6'362'714 6'162'455 6'110'994 3'280'000 3'251'389 2'841'014 2'714'070 2'675'280 2'317'018 2'267'527 2'083'764 1'817'182 1'173'300 1'150'995 1'138'832 1'136'232

% Out 11.65 8.02 6.71 5.5 5.28 5.12 5.07 2.72 2.7 2.36 2.25 2.22 1.92 1.88 1.73 1.51 0.97 0.96 0.95 0.94

Weighting

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

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

Latest Chg 1'410'000 94'282 102'546 249'486 (100'000) 93'101 198'666 (10'687) (174'811) 111'294 (591'966) (13'366) 38'300 (2'553) (26'160) 9'630

Target Price #N/A N/A #N/A N/A 86 #N/A N/A 67 85 76 74 #N/A N/A 70 #N/A N/A #N/A N/A 89 72

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

File Dt Inst Type 31.12.2012 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Insurance Company 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 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 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

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

Date 26.03.2013 26.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 14.03.2013 01.03.2013 07.02.2013 16.01.2013

27.03.2013

Antofagasta PLC Antofagasta plc owns and operates copper mines in Chile and conducts The Company provides its services throughout the continental United States for a monthly subscription fee. Sirius delivers various streams of commercial-free music in every genre, as well as streams of news, sports, weather, talk, comedy, and public radio.

Price/Volume

12/2012 12/yy 1'392.00 972.00 443'329.00 1029 -26.08% 5.86% 11.67% 985.9 10'144.47 1'889.20 0.0 1'694.2 4'296.50 14'608.09

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

40.0 M 35.0 M 30.0 M

25.0 M

20.0 M 15.0 M

10.0 M

5.0 M

0 m-12

31.12.2009 31.12.2010 2'962.6 4'577.1 5.22x 5.42x 1'676.9 2'881.1 9.23x 8.60x 667.7 1'051.8 23.65x 23.56x Profitability

LTM-4Q 31.12.2011 6'076.0 3.14x 3'519.3 5.41x 1'236.6 15.02x

31.12.2012 6'740.1 3.04x 3'854.4 5.32x 1'032.0 20.54x 3'854.40 3'360.20 49.85% 40.86% 8.40% 15.51% 17.50% 0.55% 63.4% 57.2% 49.9% 15.3% 4.35 3.30 14.68% 26.57% 6.33 4.76

Price/ Cash Flow

12/yy 3'014.5 12.53x 941.2 9.64x 427.0 26.00x

m-12

j-12

a-12

LTM 12/yy 3'402.0 15.43x 1'135.5 15.08x 3'472.7 5.35x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

1.35 1.56 345.83 -10.71% -22.28% 1.562 28 3.143 1'643'335 2'331'777 1'955'072 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 6'611.0 6'485.4 1'587.8 1'761.5 2.25x 2.22x 3'395.1 3'306.8 923.4 1'010.0 4.30x 4.42x 1'292.9 1'229.4 11.97x 12.69x S&P Issuer Ratings

33.37 25.81 -0.62 0.49 26.6% 17.7% 0.55 1.04 57.78 76.88 68.81 77.50

Sales/Revenue/Turnover

18.00

4'000.0

16.00

3'500.0

14.00

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00 0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 3'372.6 1.29x 1'776.4 2.45x 1'706.5 3.58x

45.0 M

3 3

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ANTO LN EQUITY YTD Change ANTO LN EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Antofagasta PLC Holdings By:

All

Holder Name METALINVEST ESTABLIS VANGUARD GROUP INC WELLINGTON MANAGEMEN BLACKROCK FMR LLC WINSLOW CAPITAL MANA OMEGA ADVISORS SAC CAPITAL ADVISORS MACKAY SHIELDS LLC STATE STREET INVESCO LTD COATUE MANAGEMENT LL ALGER MANAGEMENT INC BLUE RIDGE CAPITAL L SLATE PATH CAPITAL L COLUMBUS CIRCLE INVE SCOUT CAPITAL MANAGE CAPITAL GROUP COMPAN NORTHERN TRUST CORPO HHR ASSET MANAGEMENT

Firm Name Exane BNP Paribas Lazard Capital Markets Piper Jaffray Wunderlich Securities ISI Group EVA Dimensions Barrington Research Macquarie S&P Capital IQ Gabelli & Co Morgan Stanley RBC Capital Markets Maxim Group LLC Pivotal Research Group LLC Goldman Sachs Wedge Partners

Portfolio Name #N/A N/A VANGUARD GROUP INC WELLINGTON MANAGEMEN n/a n/a WINSLOW CAPITAL MANA OMEGA ADVISORS INC SAC CAPITAL ADVISORS Multiple Portfolios n/a INVESCO LTD COATUE MANAGEMENT LL FRED ALGER MANAGEMEN BLUE RIDGE CAPITAL L SLATE PATH CAPITAL L COLUMBUS CIRCLE INVE SCOUT CAPITAL MANAGE n/a NORTHERN TRUST CORPO HHR ASSET MANAGEMENT

Analyst BRYAN KRAFT BARTON CROCKETT JAMES M MARSH JR MATTHEW HARRIGAN VIJAY JAYANT CRAIG STERLING JAMES C GOSS AMY YONG TUNA AMOBI BRETT HARRISS BENJAMIN SWINBURNE DAVID BANK JOHN TINKER JEFFREY WLODARCZAK MATTHEW NIKNAM MARTIN PYYKKONEN

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

Recommendation overweight buy overweight hold buy underweight outperform neutral buy sell Equalwt/In-Line sector perform buy buy buy/attractive no rating system

Amt Held 3'292'800'312 172'865'323 140'713'322 135'891'974 127'023'677 124'012'478 71'479'203 69'783'900 68'693'100 60'022'765 56'266'945 45'794'813 45'224'130 43'300'000 36'750'000 32'879'946 30'000'000 27'983'700 26'076'542 25'068'700

% Out 50.2 2.64 2.15 2.07 1.94 1.89 1.09 1.06 1.05 0.92 0.86 0.7 0.69 0.66 0.56 0.5 0.46 0.43 0.4 0.38

Latest Chg 1'293'509'076 27'210 12'403'250 (8'464'407) 42'264'166 124'012'478 7'546'900 (61'592'700) 1'049'754 7'889'974 (4'437'368) 17'004'984 (35'500'000) 36'750'000 30'945'906 10'000'000 11'026'600 2'195'735 (6'405'600)

Weighting

Change

Target Price

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

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

4 4 3 3 4 #N/A N/A 4 3 4 #N/A N/A 3 3 4 4 4 #N/A N/A

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

File Dt 18.01.2013 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.12.2012 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 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Hedge Fund Manager Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 18.03.2013 12.03.2013 27.02.2013 26.02.2013 20.02.2013 18.02.2013 11.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 17.12.2012 02.11.2012

27.03.2013

Hammerson PLC Hammerson plc invests in and develops property. The Company develops, builds customers include consumers and businesses in the United States, Canada, the United Kingdom, and Germany. Staples serves its customers through office superstores, mail order catalogs, the Internet, and a contract business.

Price/Volume 18

25.0 M

16 20.0 M

14 12

15.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (16.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HMSO LN EQUITY YTD Change HMSO LN EQUITY YTD % CHANGE

12/2012 02/yy 529.50 399.60 807'327.00 479.9 -9.58% 19.82% 65.90% 712.8 3'420.88 2'080.40 0.0 74.5 57.10 5'518.68

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

5.0 M

2 0 m-12

31.12.2009 31.12.2010 404.8 401.5 12.88x 12.08x 67.6 273.1 77.10x 17.75x (344.5) 615.4 4.78x Profitability

31.12.2011 409.7 11.32x 250.8 18.50x 335.7 7.61x

31.12.2012 358.0 15.58x 217.4 25.66x 138.4 38.75x 217.40 215.90 60.31% 26.12% 2.19% 3.63% 3.94% 0.06% 62.9% 60.7% 60.3% 38.7% 0.75 0.22 32.47% 54.02% 7.47 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

02/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

FY+1 -

3.70 1.01 677.97 15.84% -1.95% 1.014 22 3.591 1'909'526 1'870'050 1'600'259 FY+2

12/13 Y 12/14 Y 313.1 334.1 17.50x 16.99x 252.1 272.4 21.89x 20.26x 155.9 166.6 22.12x 20.16x S&P Issuer Ratings

FQ+1

FQ+2

2.11 -2.22 9.31 9.57 54.0% 34.6% 0.06 0.06 48.97 112.88 -

Sales/Revenue/Turnover

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 05.02.2010

.0 M a-12 m-12

Fiscal Year Ended 31.12.2008 408.5 12.25x 210.4 23.78x (1'572.6) -

10.0 M

0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

27.03.2013

Hammerson PLC Holdings By:

All

Holder Name APG ALGEMENE PENSIOE FMR LLC PZENA INVESTMENT MAN ALLIANZ ASSET MANAGE VANGUARD GROUP INC STATE STREET T ROWE PRICE ASSOCIA INVESCO LTD MACQUARIE GROUP BANK OF NEW YORK MEL WELLINGTON MANAGEMEN HARRIS ASSOCIATES LP SUN LIFE FINANCIAL I INTERNATIONAL VALUE JP MORGAN NORTHERN TRUST CORPO FAIRPOINTE CAPITAL L AMERICAN INTERNATION EPOCH INVESTMENT PAR HAWKINS CAPITAL LP

Firm Name Societe Generale Janney Montgomery Scott LLC Sanford C. Bernstein & Co Jefferies Argus Research Corp JPMorgan B Riley & Company, Inc Telsey Advisory Group Morgan Stanley Goldman Sachs Credit Suisse Edward Jones KeyBanc Capital Markets Oppenheimer & Co BB&T Capital Markets Nomura S&P Capital IQ Barclays EVA Dimensions Deutsche Bank

Portfolio Name n/a n/a PZENA INVESTMENT MAN n/a VANGUARD GROUP INC n/a T ROWE PRICE ASSOCIA INVESCO LTD n/a BANK OF NEW YORK MEL WELLINGTON MANAGEMEN HARRIS ASSOC LP n/a INTERNATIONAL VALUE n/a NORTHERN TRUST CORPO FAIRPOINTE CAPITAL L n/a EPOCH INVESTMENT PAR HAWKINS CAPITAL LP

Analyst GREGORY MELICH DAVID S STRASSER COLIN MCGRANAHAN DANIEL T BINDER CHRISTOPHER GRAJA CHRISTOPHER HORVERS SCOTT TILGHMAN JOSEPH I FELDMAN DAVID GOBER MATTHEW J FASSLER GARY BALTER BRIAN YARBROUGH BRADLEY B THOMAS BRIAN NAGEL ANTHONY CHUKUMBA ARAM RUBINSON IAN GORDON ALAN M RIFKIN CRAIG STERLING MICHAEL BAKER

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

Recommendation sell buy market perform hold buy overweight buy no rating system Equalwt/In-Line neutral/neutral outperform buy hold market perform buy neutral buy equalweight buy hold

Amt Held 56'637'268 43'906'031 39'176'664 31'134'639 29'294'133 28'893'250 21'366'148 20'406'686 19'929'275 19'007'702 17'292'484 15'647'400 13'838'509 12'570'879 12'213'457 10'927'474 9'822'560 9'014'859 6'428'000 6'222'400

% Out 8.47 6.57 5.86 4.66 4.38 4.32 3.2 3.05 2.98 2.84 2.59 2.34 2.07 1.88 1.83 1.63 1.47 1.35 0.96 0.93

Weighting

Change

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

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

Latest Chg 6'485'929 (2'969'235) (715'650) 339'748 (2'812'132) 63'620 (797'005) 815'780 2'079'444 7'918'900 (5'699'100) 231'016 (539'530) 10'034'655 1'485'386 3'125'563 8'648'346 (128'903) -

Target Price 12 17 13 14 15 14 18 14 #N/A N/A 13 15 #N/A N/A #N/A N/A 12 16 15 15 13 #N/A N/A 11

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

File Dt Inst Type 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 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 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager

Date 12 month 12 month 12 month 12 month Not Provided 9 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 18 month 12 month 12 month Not Provided Not Provided Not Provided 12 month

Date 24.03.2013 18.03.2013 12.03.2013 08.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 15.01.2013 15.08.2012

27.03.2013

Melrose Industries PLC Melrose Industries PLC is an international engineering group with worldwide coffee. The Company operates retail locations worldwide and sells whole bean coffees through its sales group, direct response business, supermarkets, and on the World Wide Web. Starbucks also produces and sells bottled coffee drinks and a line of ice creams.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 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 05.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MRO LN EQUITY YTD Change MRO LN EQUITY YTD % CHANGE

12/2012 12/yy 278.40 198.20 1'067'962.00 263.2 -5.64% 32.54% 81.42% 1'266.6 3'333.76 1'154.20 0.0 7.1 156.50 4'338.56

8.0 M 7.0 M 6.0 M

5.0 M

4.0 M 3.0 M

2.0 M

1.0 M

0 m-12

31.12.2009 31.12.2010 1'298.5 1'035.4 0.94x 1.77x 156.6 147.2 7.78x 12.47x 79.5 141.1 16.36x 14.95x Profitability

31.12.2011 1'153.9 1.40x 180.2 8.99x 286.4 13.49x

31.12.2012 1'551.4 2.47x 233.7 16.41x 42.5 50.80x

233.70 203.20 13.10% 5.93% 1.37% 3.57% 0.50% 31.2% 15.1% 13.1% 2.7% 1.33 0.23 26.14% 66.54% 5.40 3.67

Price/ Cash Flow

m-12

LTM-4Q

LTM

01/yy

12/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

FY+1 -

2.47 1.23 1'221.78 11.93% 17.54% 1.230 12 4.333 3'034'646 3'072'873 2'696'413 FY+2

12/13 Y 12/14 Y 2'344.8 2'463.9 1.83x 1.70x 422.3 463.3 10.27x 9.37x 223.0 252.8 14.95x 13.16x S&P Issuer Ratings

FQ+1

FQ+2

5.87 4.56 4.27 4.94 66.5% 39.9% 0.50 5.81 67.75 99.72 91.55

Sales/Revenue/Turnover

35.00

14'000.0

30.00

12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 02.10.2009

.0 M a-12

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

9.0 M

60 50

Valuation Analysis

31.12.2008 895.3 1.09x 103.6 9.45x (48.3) 21.16x

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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 |

27.03.2013

Melrose Industries PLC Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN FMR LLC T ROWE PRICE ASSOCIA VANGUARD GROUP INC STATE STREET SCHULTZ HOWARD D NORTHERN TRUST CORPO MORGAN STANLEY SANDS CAPITAL MANAGE WINSLOW CAPITAL MANA BANK OF NEW YORK MEL INVESCO LTD JP MORGAN AMERICAN CENTURY COM BROWN ADVISORY INC TIAA CREF INVESTMENT ALLIANCE BERNSTEIN NORGES BANK MARSICO CAPITAL MANA

Firm Name Arden Partners Ltd Piper Jaffray William Blair & Co Jefferies BMO Capital Markets Longbow Research Lazard Capital Markets Robert W. Baird & Co Sanford C. Bernstein & Co JPMorgan Oppenheimer & Co Morgan Stanley Wells Fargo Securities, LLC Edward Jones Telsey Advisory Group Argus Research Corp Janney Montgomery Scott LLC Buckingham Research Group McAdams Wright Ragen Inc Cowen and Company Atlantic Equities LLP Barclays RBC Capital Markets Credit Suisse Credit Agricole Securities (USA) EVA Dimensions Deutsche Bank Williams Capital Group S&P Capital IQ Goldman Sachs

Portfolio Name n/a n/a n/a T ROWE PRICE ASSOCIA VANGUARD GROUP INC n/a n/a NORTHERN TRUST CORPO n/a SANDS CAPITAL MANAGE WINSLOW CAPITAL MANA BANK OF NEW YORK MEL INVESCO LTD n/a AMERICAN CENTURY COM n/a TIAA-CREF INVESTMENT n/a NORGES BANK MARSICO CAPITAL MANA

Analyst WILL SLABAUGH NICOLE MILLER REGAN SHARON M ZACKFIA ANDREW M BARISH PHILLIP JUHAN ALTON K STUMP MATTHEW J DIFRISCO DAVID E TARANTINO SARA H SENATORE JOHN W IVANKOE BRIAN J BITTNER JOHN S GLASS BONNIE HERZOG JACK P RUSSO PETER SALEH JOHN D STASZAK MARK D KALINOWSKI MITCHELL J SPEISER DAN GEIMAN PAUL L WESTRA ALISTAIR M SCOBIE JEFFREY A BERNSTEIN LARRY A MILLER KEITH SIEGNER DIANE GEISSLER CRAIG STERLING JASON WEST MARC RIDDICK JIM YIN MICHAEL KELTER

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

Recommendation overweight overweight outperform buy outperform buy buy outperform outperform overweight outperform Overwt/In-Line market perform hold no rating system buy buy buy hold neutral overweight equalweight sector perform outperform buy underweight buy market perform buy Buy/Neutral

Amt Held 36'552'911 36'386'396 35'633'395 34'345'408 33'027'380 28'587'974 18'875'169 12'738'762 11'555'223 10'787'280 10'729'471 9'639'589 9'401'174 8'540'739 8'369'222 7'623'782 6'680'224 6'621'549 5'994'504 5'938'815

% Out 4.88 4.86 4.76 4.58 4.41 3.82 2.52 1.7 1.54 1.44 1.43 1.29 1.25 1.14 1.12 1.02 0.89 0.88 0.8 0.79

Weighting

Change

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

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

Latest Chg 1'474'627 (2'111'027) (13'662'548) 427'047 542'156 (1'050'000) (106'141) 4'664'754 303'498 1'274'414 (104'731) (2'276'793) (1'398'536) 2'216'565 7'567'551 (311'680) 1'675'484 528'915 (5'544'671)

Target Price 66 65 #N/A N/A 60 64 65 74 65 65 62 62 61 #N/A N/A #N/A N/A 64 64 65 62 58 #N/A N/A 65 56 63 66 69 #N/A N/A 60 55 58 62

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

File Dt 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 26.03.2013 06.03.2013 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 25.03.2013 25.03.2013 22.03.2013 21.03.2013 19.03.2013 19.03.2013 17.03.2013 15.03.2013 11.03.2013 08.03.2013 07.03.2013 04.03.2013 28.02.2013 25.02.2013 10.02.2013 29.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 15.01.2013 04.01.2013 12.12.2012 14.11.2012 08.10.2012

27.03.2013

AMEC PLC AMEC PLC provides consulting, engineering and project management services to the Company offers waste collection, transportation, treatment, and disposal to customers in the United States, Canada, Mexico, Argentina, Chile, the United Kingdom and Ireland.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.09.2012) 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 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMEC LN EQUITY YTD Change AMEC LN EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 1'174.00 914.00 222'831.00 1060 -9.71% 15.97% 56.15% 297.1 3'149.59 176.00 0.0 4.0 275.00 3'054.59

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

.6 M

100

.5 M

.4 M

.3 M

.2 M

.1 M

0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 2'606.4 0.35x 209.8 4.31x 199.7 7.64x

120

31.12.2009 31.12.2010 2'539.1 2'951.0 0.76x 1.07x 155.6 238.0 12.45x 13.23x 171.7 231.0 16.64x 15.75x Profitability

31.12.2011 3'261.0 0.78x 281.0 9.06x 232.0 14.34x

31.12.2012 4'158.0 0.72x 363.0 8.25x 216.0 14.97x 363.00 308.00 7.41% 6.33% 8.69% 17.62% 16.97% 1.67% 12.8% 8.7% 7.4% 5.2% 1.13 1.05 6.99% 16.31% 4.89 906.25

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

3.44 1.15 294.74 -1.93% 5.68% 1.154 21 3.762 820'299 1'257'461 1'198'552 FY+2

12/13 Y 12/14 Y 4'243.9 4'520.4 0.71x 0.64x 367.4 407.4 8.31x 7.50x 256.2 286.8 12.10x 10.85x S&P Issuer Ratings

FQ+1

FQ+2

45.38 43.00 -0.27 0.48 16.3% 14.0% 1.67 106.62 74.78 0.40 54.27 20.91

Sales/Revenue/Turnover

30.00

2'500.0

25.00

2'000.0

20.00

1'500.0

15.00

1'000.0 10.00

500.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

AMEC PLC Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC FMR LLC BLACKROCK WILLIAM BLAIR & COMP BROWN ADVISORY INC STATE STREET MORGAN STANLEY T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO SCHULER JACK W BNP PARIBAS INV PART JENNISON ASSOCIATES INVESCO LTD RAINIER INVESTMENT M MUNDER CAPITAL MANAG IRONBRIDGE CAPITAL M BANK OF NEW YORK MEL TIAA CREF INVESTMENT JP MORGAN

Firm Name EVA Dimensions Robert W. Baird & Co Wedbush Northcoast Research Wellington Shields & Co. LLC William Blair & Co Goldman Sachs Avondale Partners LLC Barrington Research Barclays Morgan Stanley Raymond James Stifel Wunderlich Securities EVA Dimensions S&P Capital IQ

Portfolio Name n/a VANGUARD GROUP INC n/a n/a WILLIAM BLAIR & COMP n/a n/a n/a T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO n/a n/a JENNISON ASSOCIATES INVESCO LTD RAINIER INVESTMENT M MUNDER CAPITAL MANAG IRONBRIDGE CAPITAL M BANK OF NEW YORK MEL TIAA-CREF INVESTMENT n/a

Analyst SCOTT A SCHNEEBERGER DAVID J MANTHEY AL KASCHALK EDWIN SNYDER ELLIOTT LEO SCHLANG RYAN S DANIELS ISAAC RO RICHARD CLOSE KEVIN M STEINKE GARY E BISBEE DAVID R LEWIS WILLIAM H FISHER SHLOMO H ROSENBAUM MICHAEL E HOFFMAN CRAIG STERLING STEWART SCHARF

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

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

Amt Held 8'000'000 5'094'418 5'056'747 4'301'701 3'860'777 3'807'649 3'510'378 2'223'645 2'010'215 1'340'632 1'284'891 1'188'539 1'088'554 978'232 964'000 935'357 920'001 892'357 847'832 825'400

% Out 9.29 5.92 5.87 5 4.48 4.42 4.08 2.58 2.34 1.56 1.49 1.38 1.26 1.14 1.12 1.09 1.07 1.04 0.98 0.96

Weighting

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

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

Latest Chg (2'910'000) 133'100 199'768 77'721 (106'937) (563'164) 137'464 (1'021'855) 579'900 (7'119) (419'965) (265'898) 513'193 (94'366) (54'400) (8'350) (227'790) (13'642) 93'050 50'821

Target Price 115 110 110 110 79 #N/A N/A 115 92 110 103 #N/A N/A 103 117 85 #N/A N/A 105

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

File Dt 31.12.2012 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.12.2012 25.03.2013 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

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

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

Date 25.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 15.03.2013 13.03.2013 12.03.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 04.02.2013 15.01.2013 08.11.2012

27.03.2013

John Wood Group PLC John Wood Group PLC is an international energy service company that provides solutions to help businesses and consumers secure and manage their information. The Company offers software and services that protect, manage and control information risks related to security, data protection, storage, compliance and management.

Price/Volume 30

20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 52-Week Low (26.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WG/ LN EQUITY YTD Change WG/ LN EQUITY YTD % CHANGE

12/2012 12/yy 883.50 649.00 340'360.00 867 -1.81% 33.67% 88.49% 373.2 3'235.43 326.80 0.0 8.2 172.30 5'049.33

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

10 5 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

Fiscal Year Ended 31.12.2008 5'243.1 0.33x 485.1 3.53x 251.6 5.54x

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

31.12.2009 31.12.2010 4'927.1 4'085.1 0.56x 1.14x 424.6 284.8 6.46x 16.32x 163.2 166.0 15.52x 58.32x Profitability

31.12.2011 5'666.8 0.65x 396.0 9.36x 2'302.3 93.55x

31.12.2012 6'821.3 0.67x 511.3 8.93x 257.0 18.06x

511.30 382.00 5.60% 4.93% 6.39% 12.26% 11.26% 1.70% 17.6% 7.5% 5.6% 3.8% 1.52 1.04 7.85% 14.67% 5.82 13.32

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

1.30 1.41 344.94 22.43% 19.41% 1.411 17 3.882 912'498 994'310 1'031'258 FY+2

12/13 Y 12/14 Y 7'299.1 7'684.9 0.67x 0.60x 589.4 653.2 8.57x 7.73x 347.5 398.5 13.16x 11.67x S&P Issuer Ratings

FQ+1

FQ+2

35.51 30.69 0.30 0.64 14.7% 12.8% 1.70 39.14 62.87 27.48 31.33 59.02

Sales/Revenue/Turnover

12.00

8'000.0 7'000.0

10.00

6'000.0 8.00

5'000.0 4'000.0

6.00

3'000.0

4.00

2'000.0 2.00 0.00 03.04.2009

1'000.0 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 |

27.03.2013

John Wood Group PLC Holdings By:

All

Holder Name BLACKROCK BLACKROCK STATE STREET VANGUARD GROUP INC PRIMECAP MANAGEMENT FRANKLIN RESOURCES FMR LLC INVESCO LTD AMERIPRISE FINANCIAL CITADEL ADVISORS LLC UBS DEUTSCHE BANK AG BANK OF AMERICA CORP NORTHERN TRUST CORPO AJO, LP BANK OF NEW YORK MEL SAC CAPITAL ADVISORS CAMBIAR INVESTORS LL THIRD POINT LLC RS INVESTMENT MANAGE

Firm Name EVA Dimensions Oppenheimer & Co RBC Capital Markets Credit Suisse Wells Fargo Securities, LLC Morgan Stanley Cowen and Company Cross Research B Riley & Company, Inc Lazard Capital Markets Jefferies JPMorgan Raymond James MKM Partners William Blair & Co JMP Securities Argus Research Corp Goldman Sachs First Analysis Corp Robert W. Baird & Co Stephens Inc FBR Capital Markets Macquarie Stifel Wunderlich Securities Barclays Topeka Capital Markets Inc Pacific Crest Securities EVA Dimensions Deutsche Bank GARP Research

Portfolio Name DODGE & COX n/a n/a VANGUARD GROUP INC PRIMECAP MANAGEMENT n/a n/a INVESCO LTD AMERIPRISE FINANCIAL CITADEL ADVISORS LLC n/a DEUTSCHE BANK AKTIEN BANK OF AMERICA NORTHERN TRUST CORPO AJO, LP BANK OF NEW YORK MEL SAC CAPITAL ADVISORS CAMBIAR INVESTORS LL THIRD POINT LLC RS INVESTMENT MANAGE

Analyst KEVIN M BUTTIGIEG SHAUL EYAL ROBERT P BREZA PHILIP WINSLOW GRAY W POWELL KEITH WEISS GREGG MOSKOWITZ RICHARD T WILLIAMS DANIEL CUMMINS JOEL P FISHBEIN JR AARON SCHWARTZ JOHN DIFUCCI MICHAEL TURITS ISRAEL HERNANDEZ JONATHAN HO PATRICK WALRAVENS JOSEPH F BONNER GREG DUNHAM CRAIG NANKERVIS STEVEN M ASHLEY JONATHAN B RUYKHAVER DANIEL H IVES BRAD A ZELNICK TODD C WELLER BRIAN S FREED RAIMO LENSCHOW FREDERICK D ZIEGEL ROB D OWENS ANDREW S ZAMFOTIS THOMAS ERNST JR BRETT CARSON

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

Recommendation neutral market perform outperform outperform market perform Overwt/In-Line outperform buy buy neutral buy overweight market perform buy outperform market outperform buy Sell/Neutral equalweight neutral equalweight market perform outperform hold hold overweight hold sector perform buy hold neutral

Amt Held 58'417'616 37'276'207 35'181'951 32'536'487 31'667'369 26'186'565 25'051'948 20'962'410 19'069'170 12'558'686 11'901'387 10'723'533 10'434'459 8'851'837 8'659'900 8'646'838 8'206'507 7'995'572 6'700'000 6'523'851

% Out 8.48 5.41 5.1 4.72 4.59 3.8 3.63 3.04 2.77 1.82 1.73 1.56 1.51 1.28 1.26 1.25 1.19 1.16 0.97 0.95

Weighting

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

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

Latest Chg (1'011'900) (4'449'595) 3'230'389 581'145 (968'400) (1'447'720) 2'109'501 (499'026) (1'292'719) 5'868'240 (150'292) (2'297'195) (1'237'789) 18'506 (876'600) (274'113) 3'515'139 (2'355'921) 700'000 179'760

Target Price #N/A N/A #N/A N/A 30 28 #N/A N/A 28 #N/A N/A 23 27 #N/A N/A 25 27 #N/A N/A 27 #N/A N/A 26 27 17 #N/A N/A 23 19 22 24 #N/A N/A 22 25 23 #N/A N/A #N/A N/A 17 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 26.03.2013 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 Hedge Fund Manager 31.01.2013 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 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor

Date Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 9 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 18 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided

Date 22.03.2013 20.03.2013 18.03.2013 18.03.2013 15.03.2013 12.03.2013 12.03.2013 12.03.2013 04.03.2013 01.03.2013 28.02.2013 22.02.2013 13.02.2013 12.02.2013 01.02.2013 01.02.2013 28.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 15.01.2013 14.06.2012 30.01.2009

27.03.2013

Serco Group PLC Serco Group plc provides outsourcing services to governments, international and supplies analog technologies, digital signal processing (DSP) and microcontroller (MCU) semiconductors. The Company also operates materials and controls, and educational and productivity solutions businesses. Texas Instruments has manufacturing or sales operations in countries around the world.

Price/Volume 40

15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (05.03.2013) 52-Week Low (23.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SRP LN EQUITY YTD Change SRP LN EQUITY YTD % CHANGE

12/2012 12/yy 650.00 507.50 238'749.00 622 -4.38% 22.46% 88.77% 498.6 3'101.11 780.50 0.0 1.3 198.60 3'684.31

10.0 M

15 10

5.0 M

5 0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

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

20.0 M

Valuation Analysis

31.12.2008 3'123.5 0.87x 207.7 13.03x 99.5 21.99x

25.0 M

31.12.2009 31.12.2010 3'970.0 4'326.7 0.75x 0.69x 285.6 326.9 10.37x 9.14x 130.2 156.7 19.81x 17.42x Profitability

31.12.2011 4'646.4 0.64x 359.9 8.31x 175.1 13.28x

31.12.2012 4'913.0 0.66x 384.1 8.46x 245.3 10.71x 384.10 287.00 5.84% 6.15% 7.63% 23.02% 15.04% 1.53% 15.1% 7.8% 5.8% 5.0% 1.15 1.06 24.04% 69.22% 6.43 67.69

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

1.63 0.80 496.82 14.17% 17.56% 0.796 25 3.560 956'993 1'204'101 1'068'451 FY+2

12/13 Y 12/14 Y 5'172.4 5'462.9 0.70x 0.64x 395.1 425.0 9.32x 8.67x 210.1 233.5 14.27x 12.90x S&P Issuer Ratings

FQ+1

FQ+2

7.82 6.75 1.51 2.03 69.2% 40.9% 1.53 25.50 56.88 5.41 37.88

Sales/Revenue/Turnover

14.00

16'000.0

12.00

14'000.0 12'000.0

10.00

10'000.0 8.00

8'000.0 6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

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 |

27.03.2013

Serco Group PLC Holdings By:

All

Holder Name INVESCO LTD BLACKROCK PRIMECAP MANAGEMENT VANGUARD GROUP INC STATE STREET T ROWE PRICE ASSOCIA INSTITUTIONAL CAPITA HARRIS ASSOCIATES LP WELLINGTON MANAGEMEN BANK OF NEW YORK MEL DAVIS SELECTED ADVIS INVESCO LTD NORTHERN TRUST CORPO FIRST EAGLE INVESTME BARROW HANLEY MEWHIN MACKAY SHIELDS LLC NEUBERGER BERMAN LLC CLEARBRIDGE INVESTME NORGES BANK GEODE CAPITAL MANAGE

Firm Name Peel Hunt BMO Capital Markets Robert W. Baird & Co Wells Fargo Securities, LLC Needham & Co MKM Partners Longbow Research JPMorgan Williams Financial Group Tigress Financial Partners B Riley & Company, Inc RBC Capital Markets Sanford C. Bernstein & Co Oppenheimer & Co Deutsche Bank ISI Group Morgan Stanley Wedbush FBR Capital Markets Macquarie Stifel Evercore Partners Cowen and Company Gabelli & Co Susquehanna Financial Group Credit Agricole Securities (USA) Barclays Goldman Sachs Credit Suisse SunTrust Robinson Humphrey Jefferies Pacific Crest Securities Raymond James Sterne, Agee & Leach Canaccord Genuity Corp Nomura Edward Jones Argus Research Corp EVA Dimensions Drexel Hamilton LLC Daiwa Securities Co. Ltd. Davenport & Co JMP Securities

Portfolio Name n/a n/a PRIMECAP MANAGEMENT VANGUARD GROUP INC n/a T ROWE PRICE ASSOCIA INSTITUTIONAL CAPITA HARRIS ASSOC LP WELLINGTON MANAGEMEN BANK OF NEW YORK MEL DAVIS SELECTED ADVIS INVESCO LTD NORTHERN TRUST CORPO FIRST EAGLE INVESTME BARROW HANLEY MEWHIN Multiple Portfolios NEUBERGER BERMAN GRO CLEARBRIDGE INVESTME NORGES BANK GEODE CAPITAL MANAGE

Analyst JEROME RAMEL AMBRISH SRIVASTAVA TRISTAN GERRA DAVID M WONG VERNON P ESSI JR DANIEL A BERENBAUM JOANNE FEENEY CHRISTOPHER DANELY CODY G ACREE IVAN FEINSETH CRAIG ELLIS DOUG FREEDMAN STACY A RASGON RICHARD SCHAFER ROSS C SEYMORE SUMIT DHANDA JOSEPH MOORE BETSY VAN HEES CHRISTOPHER ROLLAND SHAWN WEBSTER TORE E SVANBERG PATRICK WANG TIMOTHY M ARCURI HENDI SUSANTO CHRISTOPHER CASO SRINI PAJJURI BLAYNE CURTIS JAMES V COVELLO JOHN W PITZER WILLIAM STEIN MARK J LIPACIS MICHAEL MCCONNELL J STEVEN SMIGIE VIJAY R RAKESH ROBERT BURLESON ROMIT SHAH WILLIAM C KREHER JAMES KELLEHER ANDREW S ZAMFOTIS RICHARD WHITTINGTON YOKO YAMADA F DRAKE JOHNSTONE ALEX GAUNA

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

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

Amt Held 193'119'021 61'637'232 57'763'753 50'232'019 44'358'198 33'495'251 26'632'178 26'078'508 21'542'986 21'461'930 15'877'608 14'896'737 14'882'074 12'143'612 11'142'097 9'910'097 9'524'297 8'945'581 7'922'648 7'538'362

% Out 17.48 5.58 5.23 4.55 4.02 3.03 2.41 2.36 1.95 1.94 1.44 1.35 1.35 1.1 1.01 0.9 0.86 0.81 0.72 0.68

Weighting

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

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

Latest Chg 14'033'650 (538'050) 1'296'171 111'975 2'896'053 122'698 (608'552) 352'635 2'656'532 (1'447'465) (1'266'900) (150'090) 2'472'433 36'568 (160'993) 1'013'978 (350'053) 740'405 (817'051)

Target Price 26 40 31 #N/A N/A #N/A N/A 29 27 37 41 #N/A N/A 39 30 38 #N/A N/A 31 39 #N/A N/A 39 28 37 40 35 #N/A N/A #N/A N/A 30 34 30 35 35 30 41 #N/A N/A 39 30 35 28 #N/A N/A #N/A N/A #N/A N/A 32 34 #N/A N/A 33

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

File Dt Inst Type 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 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 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor

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

Date 26.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 20.03.2013 19.03.2013 18.03.2013 18.03.2013 15.03.2013 14.03.2013 13.03.2013 12.03.2013 11.03.2013 11.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 06.03.2013 25.02.2013 14.02.2013 13.02.2013 28.01.2013 28.01.2013 17.10.2012

27.03.2013

easyJet PLC easyJet plc, a low-cost passenger airline, conducts operations throughout the analytics. The Company offers data, statistical, and actuarial services, as well as standardized insurance policy programs, underwriting information, and rating-integrity tools. Verisk Analytics provides data and software information services to the property, casualty, and mortgage fields in the United States.

Price/Volume 70

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (11.04.2012) 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 EZJ LN EQUITY YTD Change EZJ LN EQUITY YTD % CHANGE

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

1.0 M

.5 M

10 0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 30.09.2008 2'362.8 0.46x 138.0 7.94x 83.2 15.88x

1.5 M

09/2012 12/yy 1'086.00 464.60 350'843.00 1048 -3.68% 125.14% 95.65% 396.3 4'153.66 957.00 0.0 0.0 883.00 4'227.66

30.09.2009 30.09.2010 2'666.8 2'973.0 0.62x 0.55x 108.9 259.0 15.22x 6.30x 71.2 121.0 22.47x 13.05x Profitability

LTM-4Q 30.09.2011 3'452.0 0.40x 359.0 3.85x 225.0 6.56x

30.09.2012 3'854.0 0.62x 437.0 5.43x 255.0 9.29x 437.00 332.00 8.61% 8.23% 5.82% 14.58% 9.56% 0.87% 11.5% 8.8% 6.6% 1.05 0.79 22.28% 53.34% 37.75 -

Price/ Cash Flow

12/yy 1'331.8 20.85x 588.6 12.74x 282.8 24.77x

LTM 12/yy 1'534.3 24.44x 695.8 14.25x 329.1 26.55x

FY+1

2.06 0.91 249.59 119.01% 39.65% 0.909 29 3.862 1'276'276 1'700'715 1'613'999 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 4'139.8 4'410.2 0.96x 0.86x 533.0 580.5 7.93x 7.28x 317.7 345.0 13.44x 12.36x S&P Issuer Ratings

17.48 2.32 0.17 2.19 53.3% 34.8% 0.87 1.67 9.70 -

Sales/Revenue/Turnover

25.00

1'800.0 1'600.0

20.00

1'400.0 1'200.0

15.00

1'000.0 800.0

10.00

600.0 400.0

5.00

200.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

easyJet PLC Holdings By:

All

Holder Name EASYGROUP HOLDINGS L GREATBANC TRUST CO MORGAN STANLEY VANGUARD GROUP INC ARTISAN PARTNERS HOL BLACKROCK FMR LLC CAPITAL GROUP COMPAN JANUS CAPITAL MANAGE T ROWE PRICE ASSOCIA BAMCO INC NEUBERGER BERMAN LLC SUN LIFE FINANCIAL I INDEPENDENT FRANCHIS TIAA CREF INVESTMENT GENERAL RE NEW ENGLA STATE STREET TCW GROUP INC RENAISSANCE TECHNOLO ALKEON CAPITAL MANAG

Firm Name Credit Suisse William Blair & Co Barclays Susquehanna Financial Group Keefe, Bruyette & Woods Evercore Partners Wells Fargo Securities, LLC Macquarie Morgan Stanley Credit Suisse SunTrust Robinson Humphrey JPMorgan EVA Dimensions

Portfolio Name GREATBANC TRUST CO n/a n/a VANGUARD GROUP INC ARTISAN PARTNERS LP n/a n/a n/a n/a T ROWE PRICE ASSOCIA BAMCO INC NEUBERGER BERMAN GRO n/a INDEPENDENT FRANCHIS TIAA-CREF INVESTMENT GENERAL RE NEW ENGLA n/a TCW GROUP INCORPORAT RENAISSANCE TECHNOLO ALKEON CAPITAL MANAG

Analyst WAYNE JOHNSON TIMOTHY J MCHUGH MANAV PATNAIK JAMES E FRIEDMAN WILLIAM CLARK DAVID M TOGUT ERIC J BOYER KEVIN MCVEIGH SUZANNE E STEIN KELLY A FLYNN ANDREW W JEFFREY ANDREW C STEINERMAN CRAIG STERLING

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

Recommendation outperform outperform overweight Positive outperform equalweight outperform neutral Equalwt/In-Line outperform buy overweight underweight

Amt Held 17'040'371 17'040'371 14'092'883 6'580'257 5'893'700 5'882'233 5'842'300 5'494'000 5'069'940 4'866'200 4'642'699 4'239'140 3'653'546 3'308'130 3'205'152 2'994'350 2'589'266 2'382'710 2'369'700 2'294'945

% Out 10.13 10.13 8.38 3.91 3.51 3.5 3.47 3.27 3.02 2.89 2.76 2.52 2.17 1.97 1.91 1.78 1.54 1.42 1.41 1.36

Weighting

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

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

Latest Chg (516'368) (3'122'010) 180'700 740'600 187'418 3'819'375 (491'000) 10'898 110'100 14'880 (321'904) 403'142 (106'343) 711'010 129'393 198'967 12'000 (44'490)

Target Price 62 #N/A N/A 62 63 63 59 #N/A N/A 64 55 63 68 65 #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 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 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 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager

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

Date 26.03.2013 21.03.2013 11.03.2013 08.03.2013 07.03.2013 07.03.2013 07.03.2013 01.03.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 15.01.2013

27.03.2013

Admiral Group PLC Admiral Group Plc principally sells private motor insurance, together with novel, small molecule pharmaceuticals for the treatment of diseases for which there are currently limited or no effective treatments. The Company is developing drugs for the treatment of viral diseases, multidrug resistance in cancer, inflammatory and autoimmune diseases, and neurodegenerative diseases.

Price/Volume 70

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.03.2013) 52-Week Low (31.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADM LN EQUITY YTD Change ADM LN EQUITY YTD % CHANGE

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

4.0 M

2.0 M

10 0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 422.8 5.35x 144.9 16.56x

6.0 M

12/2012 12/yy 1'378.00 1'016.47 89'921.00 1320 -4.21% 29.86% 85.34% 273.9 3'615.57 0.80 0.0 3.6 216.60 3'403.37

31.12.2009 31.12.2010 507.5 640.8 5.83x 5.97x 156.9 193.8 20.14x 20.94x Profitability

LTM-4Q 31.12.2011 870.3 2.39x 221.2 10.40x

31.12.2012 984.3 3.01x 258.4 12.20x 35.01% 35.01% 8.88% 60.73% 60.32% 0.34% 26.3% 0.02% 0.18% -

Price/ Cash Flow

12/yy 1'410.6 25.64x 256.7 25.55x 29.6 50.32x

LTM 12/yy 1'527.0 25.90x 42.4 199.38x (107.0) 135.16x

FY+1

6.86 0.72 225.95 20.31% 13.79% 0.722 23 2.609 440'463 480'853 425'188 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 1'557.3 1'670.5 2.03x 1.89x 263.9 280.7 13.65x 12.92x S&P Issuer Ratings

0.2% 0.2% 0.34 -

Sales/Revenue/Turnover

70.00

1'800.0

60.00

1'600.0 1'400.0

50.00

1'200.0

40.00

1'000.0

30.00

800.0 600.0

20.00

400.0

10.00 0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Admiral Group PLC Holdings By:

All

Holder Name DIRECTOR & RELATED H JENNISON ASSOCIATES BLACKROCK VANGUARD GROUP INC GOLDMAN SACHS GROUP JANUS CAPITAL MANAGE STATE STREET JP MORGAN WELLINGTON MANAGEMEN FMR LLC CLEARBRIDGE INVESTME LAZARD ASSET MANAGEM HARBOR CAPITAL ADVIS NEUBERGER BERMAN LLC LOOMIS SAYLES & COMP PRUDENTIAL FINANCIAL SECTORAL ASSET MANAG WESTFIELD CAPITAL MG ALLIANCE BERNSTEIN BANK OF NEW YORK MEL

Firm Name Keefe, Bruyette & Woods JPMorgan JMP Securities ISI Group Sanford C. Bernstein & Co Wells Fargo Securities, LLC RBC Capital Markets S&P Capital IQ Morgan Stanley Robert W. Baird & Co William Blair & Co Maxim Group LLC Credit Suisse Janney Montgomery Scott LLC Needham & Co Leerink Swann & Co Cowen and Company Piper Jaffray Summer Street Research Partners Barclays Lazard Capital Markets Argus Research Corp Goldman Sachs Deutsche Bank

Portfolio Name n/a JENNISON ASSOCIATES n/a VANGUARD GROUP INC GOLDMAN SACHS GROUP n/a n/a n/a WELLINGTON MANAGEMEN n/a CLEARBRIDGE INVESTME n/a Multiple Portfolios NEUBERGER BERMAN GRO LOOMIS SAYLES & CO L n/a SECTORAL ASSET MANAG WESTFIELD CAPITAL MA n/a BANK OF NEW YORK MEL

Analyst ANDREW S ZAMFOTIS GEOFFREY MEACHAM LIISA A BAYKO MARK J SCHOENEBAUM GEOFFREY C PORGES BRIAN C ABRAHAMS MICHAEL J YEE STEVEN SILVER DAVID FRIEDMAN BRIAN P SKORNEY Y KATHERINE XU JASON KOLBERT RAVI MEHROTRA KIMBERLY LEE ALAN CARR HOWARD LIANG PHILIP NADEAU EDWARD A TENTHOFF CAROL A WERTHER YING HUANG JOSHUA SCHIMMER JOHN M EADE TERENCE FLYNN ROBYN KARNAUSKAS

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

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

Amt Held 21'497'754 17'766'754 17'027'587 10'112'270 9'925'186 7'855'731 7'156'935 7'054'536 6'450'390 6'128'285 5'312'819 5'015'968 4'857'111 3'738'088 3'632'636 3'478'934 3'397'168 3'097'022 3'093'350 2'700'464

% Out 9.85 8.14 7.8 4.63 4.55 3.6 3.28 3.23 2.96 2.81 2.43 2.3 2.23 1.71 1.66 1.59 1.56 1.42 1.42 1.24

Weighting

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

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

Latest Chg 6'434'175 2'436'793 445'927 4'089'468 282'156 134'750 (2'039'261) 673'868 (7'215'596) (41'873) 3'457'379 891'004 1'110'564 (281'322) 619'648 (267'942) (57'718) 1'332'387 (48'444)

Target Price #N/A N/A 86 100 58 66 #N/A N/A 70 60 45 53 69 60 48 54 65 #N/A N/A #N/A N/A 57 56 68 #N/A N/A #N/A N/A 38 75

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 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 25.03.2013 21.03.2013 20.03.2013 18.03.2013 11.03.2013 11.03.2013 06.03.2013 05.03.2013 04.03.2013 04.03.2013 04.03.2013 04.03.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 14.02.2013 13.12.2012 06.12.2012

27.03.2013

Schroders PLC Schroders PLC is an international asset management group. The Group manages acquires programming for television, the Internet, mobile devices, video games, and other consumer electronics products. Viacom also produces, finances, and distributes motion pictures to movie theaters and on DVDs, television, digital and other platforms internationally.

Price/Volume 70

8.0 M

7.0 M 6.0 M

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.03.2013) 52-Week Low (23.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SDR LN EQUITY YTD Change SDR LN EQUITY YTD % CHANGE

12/2012 12/yy 2'261.00 1'163.00 174'762.00 2082 -7.92% 79.02% 88.07% 226.0 5'658.91 26.10 0.0 0.0 4'562.60 1'122.41

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

3.0 M

2.0 M

1.0 M

0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 1'230.2 110.2 76.7 31.27x

4.0 M

31.12.2009 31.12.2010 1'037.6 1'394.8 0.87x 1.25x 149.1 395.1 6.05x 4.43x 95.4 307.9 38.78x 16.59x Profitability

31.12.2011 1'501.9 404.9 315.8 11.33x

31.12.2012 1'425.4 330.1 283.2 16.09x 330.10 318.10 22.32% 25.26% 1.98% 14.26% 0.10% 76.9% 23.2% 22.3% 19.9% 1.14 0.36 0.18% 1.26% -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

2.07 1.33 101.01 31.95% 25.27% 1.326 21 3.619 489'708 408'072 334'088 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 1'277.9 1'421.0 276.0 2.27x 1.73x 420.3 481.5 2.67x 2.33x 331.3 378.1 139.0 17.29x 15.00x S&P Issuer Ratings

05.12.2002 A POS 06.12.1994 A-1 -13.74 0.08 1.3% 1.2% 0.10 91.37 18.98 -

Sales/Revenue/Turnover

14.00

16'000.0

12.00

14'000.0 12'000.0

10.00

10'000.0 8.00

8'000.0 6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 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

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

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

27.03.2013

Schroders PLC Holdings By:

All

Holder Name FLAVIDA LIMITED INVESCO LTD VANGUARD GROUP INC STATE STREET SUN LIFE FINANCIAL I LAZARD ASSET MANAGEM INSTITUTIONAL CAPITA YACKTMAN ASSET MANAG ALLIANCE BERNSTEIN FMR LLC BANK OF NEW YORK MEL BERKSHIRE HATHAWAY I LONGVIEW PARTNERS (G GOLDMAN SACHS GROUP NWQ INVESTMENT MANAG NEUBERGER BERMAN LLC NORTHERN TRUST CORPO NORGES BANK TIAA CREF INVESTMENT UBS

Firm Name Exane BNP Paribas Nomura Lazard Capital Markets Needham & Co Argus Research Corp Pivotal Research Group LLC Morgan Stanley Edward Jones B Riley & Company, Inc Wells Fargo Securities, LLC Cowen and Company Telsey Advisory Group Wedbush Barrington Research Evercore Partners Atlantic Equities LLP Stifel Deutsche Bank Credit Suisse Macquarie Wunderlich Securities Gabelli & Co Piper Jaffray EVA Dimensions RBC Capital Markets Janney Montgomery Scott LLC Davenport & Co S&P Capital IQ Maxim Group LLC Susquehanna Financial Group Barclays JPMorgan Goldman Sachs BTIG LLC

Portfolio Name n/a INVESCO LTD VANGUARD GROUP INC n/a n/a n/a INSTITUTIONAL CAPITA YACKTMAN ASSET MANAG n/a n/a BANK OF NEW YORK MEL n/a LONGVIEW PARTNERS (G GOLDMAN SACHS GROUP NWQ INVESTMENT MANAG NEUBERGER BERMAN GRO NORTHERN TRUST CORPO NORGES BANK TIAA-CREF INVESTMENT n/a

Analyst TODD JUENGER MICHAEL NATHANSON BARTON CROCKETT LAURA A MARTIN JOSEPH F BONNER BRIAN WIESER BENJAMIN SWINBURNE ROBIN DIEDRICH DAVID W MILLER MARCI RYVICKER DOUGLAS CREUTZ JAISON BLAIR JAMES G DIX JAMES C GOSS ALAN GOULD HAMILTON FABER DREW E CRUM DOUGLAS D MITCHELSON MICHAEL SENNO TIMOTHY W NOLLEN MATTHEW HARRIGAN BRETT HARRISS JAMES M MARSH JR CRAIG STERLING DAVID BANK TONY WIBLE MICHAEL C MORRIS TUNA AMOBI JOHN TINKER VASILY KARASYOV ANTHONY J DICLEMENTE ALEXIA S QUADRANI DREW BORST RICHARD GREENFIELD

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

Recommendation underperform buy buy buy hold buy Equalwt/Attractive hold buy outperform outperform no rating system neutral market perform equalweight neutral buy buy neutral neutral hold buy neutral overweight outperform buy buy buy buy Positive overweight overweight buy/attractive buy

Amt Held 27'912'240 21'332'067 20'456'391 19'654'657 17'653'439 14'671'342 12'227'118 11'125'914 8'696'805 8'451'839 8'369'726 7'607'200 7'477'711 7'150'598 6'688'470 6'645'993 6'259'248 6'201'501 5'429'025 5'227'927

% Out 6.29 4.81 4.61 4.43 3.98 3.31 2.76 2.51 1.96 1.9 1.89 1.71 1.68 1.61 1.51 1.5 1.41 1.4 1.22 1.18

Weighting

Change

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

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

Latest Chg 2'216'492 (1'023'522) (114'878) 488'860 (4'250'834) 1'311'187 (394'750) (919'049) (1'038'400) 2'109'419 (410'113) 7'477'711 (505'843) (1'049'307) 246'859 (103'712) (58'140) (555'990) 125'147

Target Price 58 66 71 63 #N/A N/A 77 64 #N/A N/A 68 #N/A N/A #N/A N/A 72 63 #N/A N/A 62 66 65 65 58 62 56 #N/A N/A 58 #N/A N/A 64 65 67 66 68 65 68 66 68 50

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

File Dt 25.03.2013 31.12.2012 31.12.2012 26.03.2013 31.12.2012 28.02.2013 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 31.01.2013

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

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 Government Investment Advisor Unclassified

Date 25.03.2013 25.03.2013 24.03.2013 15.03.2013 11.03.2013 08.03.2013 07.03.2013 04.03.2013 04.03.2013 04.03.2013 21.02.2013 10.02.2013 07.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 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 31.01.2013 31.01.2013 31.01.2013 29.01.2013 22.01.2013 14.01.2011

27.03.2013

London Stock Exchange Group PLC London Stock Exchange Group plc is the United Kingdom's primary stock exchange. telephony and fixed line telephony services that offer a variety of entertainment and communications services to residential and commercial customers throughout the U.K.

Price/Volume 60

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

50 40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LSE LN EQUITY YTD Change LSE LN EQUITY YTD % CHANGE

03/2012 12/yy 1'431.00 913.50 146'422.00 1315 -8.11% 43.95% 78.55% 271.1 3'565.08 757.10 0.0 72.9 216.00 4'112.28

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

10 0 m-12

31.03.2009 31.03.2010 671.4 621.8 3.14x 3.88x 424.4 347.4 4.96x 6.94x (338.0) 90.4 21.03x Profitability

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

LTM-4Q 31.03.2011 667.2 3.88x 387.6 6.68x 151.6 14.75x

31.03.2012 806.7 4.24x 478.8 7.14x 522.0 5.34x 478.80 383.50 47.54% 79.30% 0.40% 42.48% 29.83% 0.01% 94.3% 57.6% 43.2% 64.7% 1.00 0.00 0.74% 54.99% 10.14 -

Price/ Cash Flow

12/yy 3'991.8 10.52x 1'590.2 5.98x 75.9 29.97x

LTM 12/yy 4'100.5 10.33x 1'653.5 7.15x 2'852.6 21.76x

FY+1

2.18 1.19 173.84 32.84% 20.86% 1.191 18 3.000 466'683 629'581 485'334 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 841.3 872.1 209.0 212.0 4.81x 4.55x 470.1 457.7 8.75x 8.98x 265.0 259.3 13.96x 14.64x S&P Issuer Ratings

13.03.2012 A- *01.07.2011 A-2 8.31 8.02 0.99 1.47 55.0% 34.3% 0.01 11.87 36.09 -145.09

Sales/Revenue/Turnover

9.00

4'500.0

8.00

4'000.0

7.00

3'500.0

6.00

3'000.0

5.00

2'500.0

4.00

2'000.0

3.00

1'500.0

2.00

1'000.0

1.00

500.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.03.2008 546.4 7.18x 337.4 11.63x 168.3 17.07x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

London Stock Exchange Group PLC Holdings By:

All

Holder Name BORSE DUBAI LTD ROYAL BANK OF CANADA MANNING & NAPIER ADV COATUE MANAGEMENT LL SCHRODER INVESTMENT GOLDMAN SACHS GROUP VANGUARD GROUP INC NORGES BANK SUN LIFE FINANCIAL I FMR LLC TIMESSQUARE CAPITAL BLACKROCK BNP PARIBAS INV PART BANK OF AMERICA CORP GREENLIGHT CAPITAL I STATE STREET BLUE RIDGE CAPITAL L LANSDOWNE PARTNERS L WELLINGTON MANAGEMEN OPPENHEIMERFUNDS INC

Firm Name

Portfolio Name n/a n/a MANNING & NAPIER ADV COATUE MANAGEMENT LL SCHRODER INVESTMENT GOLDMAN SACHS GROUP VANGUARD GROUP INC NORGES BANK n/a n/a TIMESSQUARE CAPITAL n/a n/a BANK OF AMERICA GREENLIGHT CAPITAL I n/a BLUE RIDGE CAPITAL L LANSDOWNE PARTNERS L WELLINGTON MANAGEMEN OPPENHEIMER FUNDS IN

Analyst

RBC Capital Markets MATTHEW HARRIGAN Peel Hunt PATRICK YAU Sanford C. Bernstein & Co ROBIN BIENENSTOCK Exane BNP Paribas MICHAEL WILLIAMS Berenberg Bank STUART GORDON Evercore Partners BRYAN KRAFT Deutsche Bank DAVID A WRIGHT Macquarie GUY R PEDDY Espirito Santo Investment Bank Research ANDREW HOGLEY New Street Research FRANK KNOWLES Barclays MICHAEL BISHOP EVA Dimensions CRAIG STERLING Morgan Stanley NICK DELFAS Jefferies JEREMY A DELLIS Nomura HENRIK NYBLOM Goldman Sachs TIMOTHY BODDY JPMorgan CARL MURDOCK-SMITH Credit Suisse PAUL SIDNEY HSBC ADAM M RUMLEY Raymond James STEPHANE BEYAZIAN

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

Recommendation buy hold market perform outperform hold equalweight hold neutral neutral Under Review overweight underweight Underwt/In-Line hold buy not rated restricted restricted overweight market perform

Amt Held 67'738'315 21'521'125 17'425'463 16'109'508 10'948'447 10'865'101 10'623'866 9'548'492 9'532'507 7'864'855 6'959'260 6'425'839 5'616'796 5'550'366 4'920'000 4'692'969 4'600'000 4'093'694 3'924'506 3'870'260

% Out 25.15 7.99 6.47 5.98 4.06 4.03 3.94 3.55 3.54 2.92 2.58 2.39 2.09 2.06 1.83 1.74 1.71 1.52 1.46 1.44

Weighting

Change

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

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

Latest Chg (10'701'700) (8'373) (73'760) 1'467'296 (1'410'417) (77'084) (1'495'052) (2'911'928) (423'785) (2'051'750) (412'968) (649'743) (2'507'819) 53'958 4'600'000 3'629'865 (1'269'016) 574'260

Target Price 55 46 45 49 47 47 50 46 46 #N/A N/A 48 #N/A N/A 31 33 40 #N/A N/A #N/A N/A #N/A N/A 43 #N/A N/A

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

File Dt 28.02.2013 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 25.03.2013 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 26.03.2013 25.03.2013 13.03.2013 08.03.2013 06.03.2013 12.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 24.01.2013 12.11.2012 04.09.2012

27.03.2013

Fresnillo PLC Fresnillo plc is a silver and gold mining and exploration company. The Company including voice and data communications. Vodafone has equity interests in 28 countries and Partner Networks in a further 7 countries with almost all the Group's mobile subsidiaries operating principally under the brand name Vodafone. In the United States their associated undertaking operates as Verizon Wireless.

Price/Volume 35

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.11.2012) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FRES LN EQUITY YTD Change FRES LN EQUITY YTD % CHANGE

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

1.20

4.0 M

2.0 M

5 0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 720.5 3.17x 335.5 6.80x 127.9 18.02x

6.0 M

12/2012 12/yy 2'033.00 1'259.00 110'393.00 1373 -32.46% 9.05% 18.09% 717.2 9'846.61 0.00 0.0 368.6 613.77 14'625.68

31.12.2009 31.12.2010 849.9 1'409.6 10.57x 12.98x 496.0 938.7 18.12x 19.49x 322.0 665.1 28.48x 28.04x Profitability

31.12.2011 2'192.7 7.56x 1'535.8 10.80x 901.7 18.83x

31.12.2012 2'157.4 9.86x 1'300.7 16.35x 736.1 29.23x 1'300.69 1'046.80 48.52% 53.97% 24.01% 35.90% 35.71% 0.70% 62.6% 60.3% 48.5% 34.1% 6.49 3.46 0.00% 0.00% 11.99 5.42

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

2.79 0.74 164.22 -16.36% -25.66% 0.743 15 2.867 678'225 855'994 699'020 FY+2

12/13 Y 12/14 Y 2'411.3 2'742.4 6.13x 5.32x 1'513.5 1'774.9 9.66x 8.24x 788.4 938.7 19.16x 16.34x S&P Issuer Ratings

FQ+1

FQ+2

331.64 199.05 -0.47 0.00 0.0% 0.0% 0.70 1.61 30.53 67.57 45.59

Sales/Revenue/Turnover

50'000.0 45'000.0

1.00

40'000.0 35'000.0

0.80 0.60 0.40

30'000.0 25'000.0 20'000.0 15'000.0 10'000.0

0.20

5'000.0 0.0

0.00

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

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

27.03.2013

Fresnillo PLC Holdings By:

All

Holder Name PENOLES INVESCO LTD INSTITUTIONAL CAPITA DODGE & COX BARROW HANLEY MEWHIN DIMENSIONAL FUND ADV HOTCHKIS & WILEY CAP BLACKROCK MORGAN STANLEY T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN BANK OF AMERICA CORP MACKAY SHIELDS LLC STATE FARM MUTUAL AU LETKO BROSSEAU & ASS BMO FINANCIAL CORP UBS STATE FARM MUTUAL AU MANAGED ACCOUNT ADVI FISHER INVESTMENTS I

Firm Name BMO Capital Markets Sanford C. Bernstein & Co Edward Jones Robert W. Baird & Co Davenport & Co EVA Dimensions

Portfolio Name n/a INVESCO LTD INSTITUTIONAL CAPITA DODGE & COX BARROW HANLEY MEWHIN DIMENSIONAL FUND ADV HOTCHKIS AND WILEY n/a n/a T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN BANK OF AMERICA Multiple Portfolios STATE FARM MUTUAL AU LETKO BROSSEAU & ASS BMO FINANCIAL CORP n/a STATE FARM MUTUAL AU MANAGED ACCOUNT ADVI FISHER INVESTMENTS

Analyst TIMOTHY BODDY ROBIN BIENENSTOCK DAVID HEGER WILLIAM V POWER F DRAKE JOHNSTONE TEAM COVERAGE

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

Recommendation Buy/Neutral underperform buy outperform neutral dropped coverage

Amt Held 45'364'547 30'692'969 29'093'934 24'142'133 22'026'860 18'034'949 16'309'108 15'551'430 15'077'867 12'781'495 11'472'680 10'689'113 9'732'151 9'574'678 9'441'183 9'168'053 8'083'610 7'608'755 7'016'978 7'012'239

% Out 0.93 0.63 0.59 0.49 0.45 0.37 0.33 0.32 0.31 0.26 0.23 0.22 0.2 0.2 0.19 0.19 0.17 0.16 0.14 0.14

Weighting

Change

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

M M M M M M

Latest Chg 1'801'302 (893'927) (1'007'886) (816'942) (229'054) (46'157) 678'457 3'409'811 999'300 (652'843) (705'862) (2'337'983) 345'250 (360'362) 66'747 328'670 (1'620'266) (2'793'264)

Target Price 33 21 #N/A N/A 30 #N/A N/A #N/A N/A

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.09.2012 31.12.2012 31.12.2012

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

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

Date 26.03.2013 14.03.2013 13.03.2013 13.03.2013 07.02.2013 18.01.2013

27.03.2013

Hargreaves Lansdown PLC Hargreaves Lansdown PLC provides investment management and financial planning collection, storage, management, protection and use of digital content, including audio and video. The Company's products include hard drives, solid-state drives, and home entertainment and networking products.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (11.04.2012) 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 HL/ LN EQUITY YTD Change HL/ LN EQUITY YTD % CHANGE

Price/Volume

06/2012 12/yy 929.50 439.77 123'069.00 857 -7.80% 94.87% 87.54% 474.3 4'064.91 0.00 0.0 0.4 159.95 3'916.17

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 30.06.2008 120.3 5.26x 59.0 10.72x 42.4 16.20x

30.06.2009 30.06.2010 132.8 159.0 6.63x 9.63x 71.6 87.8 12.32x 17.44x 52.1 61.3 9.16x 25.66x Profitability

LTM-4Q 30.06.2011 207.9 13.26x 126.8 21.75x 91.8 30.65x

30.06.2012 238.7 9.85x 153.0 15.37x 113.0 21.90x 153.03 150.61 63.09% 64.02% 47.03% 100.15% 100.23% 0.96% 65.4% 64.5% 47.3% 1.95 1.71 0.00% 0.00% 2.68 -

Price/ Cash Flow

LTM

12/yy 9'344.0 1.87x 1'549.0 2.31x 688.0 7.64x

12/yy 15'648.0 2.11x 3'716.0 2.23x 2'082.0 4.51x

FY+1

1.98 1.34 206.66 81.69% 26.73% 1.337 12 3.083 743'769 664'890 715'888 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 288.8 329.0 13.46x 11.65x 204.2 234.2 19.18x 16.72x 141.0 164.4 27.82x 23.94x S&P Issuer Ratings

-0.86 0.00 0.0% 0.0% 0.96 44.60 136.80 -

Sales/Revenue/Turnover

4.00

14'000.0

3.50

12'000.0

3.00

10'000.0

2.50

8'000.0

2.00

6'000.0

1.50

4'000.0

1.00

2'000.0

0.50 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 |

27.03.2013

Hargreaves Lansdown PLC Holdings By:

All

Holder Name DIRECTOR & RELATED H VANGUARD GROUP INC BLACKROCK STATE STREET ALKEN ASSET MANAGEME FIRST PACIFIC ADVISO CORNERSTONE INVESTME LSV ASSET MANAGEMENT OPPENHEIMERFUNDS INC BRANDES INVESTMENT P INVESCO LTD APG ALL PENSIONS GRO HERNDON CAPITAL MANA NORTHERN TRUST CORPO COMMONWEALTH BANK OF BANK OF NEW YORK MEL BRANDYWINE GLOBAL IN NORGES BANK FMR LLC AQR CAPITAL MANAGEME

Firm Name Canaccord Genuity Corp Brean Murray Carret & Co Longbow Research Wells Fargo Securities, LLC Tigress Financial Partners BMO Capital Markets Daiwa Securities Co. Ltd. Lazard Capital Markets Cross Research Pacific Crest Securities Argus Research Corp Credit Agricole Securities (USA) Deutsche Bank Morgan Stanley Goldman Sachs JPMorgan Needham & Co Robert W. Baird & Co Stifel Noble Financial Group Craig-Hallum Capital Group LLC Barclays FBN Securities Evercore Partners EVA Dimensions Wedge Partners S&P Capital IQ

Portfolio Name n/a VANGUARD GROUP INC n/a n/a ALKEN ASSET MANAGEME FIRST PACIFIC ADVISO CORNERSTONE INVESTME LSV ASSET MANAGEMENT OPPENHEIMER FUNDS IN BRANDES INVESTMENT P INVESCO LTD APG ALL PENSIONS GRO HERNDON CAPITAL MANA NORTHERN TRUST CORPO COMMONWEALTH BANK OF BANK OF NEW YORK MEL BRANDYWINE GLOBAL IN NORGES BANK n/a AQR CAPITAL MANAGEME

Analyst AMIT DARYANANI ANANDA BARUAH JOE WITTINE MAYNARD UM IVAN FEINSETH KEITH F BACHMAN YOKO YAMADA EDWARD PARKER STEVEN B FOX MONIKA GARG JAMES KELLEHER AVI SILVER SHERRI SCRIBNER KATHRYN HUBERTY WILLIAM C SHOPE JR MARK A MOSKOWITZ RICHARD J KUGELE JAYSON NOLAND SR AARON C RAKERS MARK S MILLER CHRISTIAN SCHWAB BENJAMIN A REITZES SHEBLY SEYRAFI ROBERT CIHRA ANDREW S ZAMFOTIS KIRK ADAMS JIM YIN

Source ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F ULT-AGG 13F

Recommendation outperform buy neutral market perform buy market perform neutral buy hold sector perform hold underperform buy Equalwt/In-Line neutral/neutral neutral strong buy neutral buy buy buy equalweight sector perform overweight buy no rating system sell

Amt Held 25'000'000 14'363'112 11'722'308 9'062'161 8'852'610 6'662'900 6'319'955 5'689'830 5'407'491 4'620'895 3'772'247 3'448'194 3'125'852 3'090'511 3'063'188 3'019'274 2'968'439 2'865'152 2'743'512 2'526'308

% Out 10.39 5.97 4.87 3.77 3.68 2.77 2.63 2.36 2.25 1.92 1.57 1.43 1.3 1.28 1.27 1.25 1.23 1.19 1.14 1.05

Weighting

Change

5 5 3 3 5 3 3 5 3 3 3 1 5 3 3 3 5 3 5 5 5 3 3 5 5 #N/A N/A 1

N M M M N M M M M M M M M M M M M M M M M M M M M M M

Latest Chg (303'477) (3'211'794) (764'673) 1'070'249 (1'393'600) 1'584'764 (278'610) 848'713 (499'946) 2'334'512 101'212 188'163 (56'703) 3'003'257 525'076 1'265'072 1'173'309 1'071'930 641'724

Target Price 55 54 #N/A N/A #N/A N/A #N/A N/A 45 51 54 49 #N/A N/A #N/A N/A 47 60 #N/A N/A 40 40 52 50 55 52 54 45 50 55 #N/A N/A #N/A N/A 27

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 17.09.2012 Corporation 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 25.03.2013 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 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

Date 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 6 month 9 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Date 26.03.2013 26.03.2013 20.03.2013 15.03.2013 15.03.2013 14.03.2013 13.03.2013 12.03.2013 12.03.2013 06.03.2013 30.01.2013 29.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 15.01.2013 14.01.2013 30.11.2012

27.03.2013

Polymetal International PLC Polymetal International PLC is a holding company. The Company's subsidiary in the United States. The Company's stores provides full range of merchandise, featuring products that are free of artificial flavors, sweeteners, colors, preservatives, and added chemicals. Whole Foods also develops, produces, and markets nutriceuticals and nutritional supplements.

Price/Volume 120

3.5 M 3.0 M

2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (09.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance POLY LN EQUITY YTD Change POLY LN EQUITY YTD % CHANGE

12/2011 01/yy 1'231.00 726.71 419'466.00 861.5 -30.02% 18.55% 30.59% 384.0 3'308.00 1'003.10 0.0 148.5 658.80 6'009.32

31.12.2008 -

2.0 M 1.5 M

1.0 M 20

.5 M

0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2007 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

100

31.12.2009

Profitability

31.12.2010 925.4 406.3 239.0 -

31.12.2011 1'326.4 5.27x 555.6 12.57x 289.3 21.52x

555.58 458.93 34.60% 30.82% 9.53% 19.12% 12.98% 0.44% 52.8% 41.9% 34.6% 21.8% 1.47 0.71 27.47% 60.21% 23.11 1.27

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.54 160.37 -4.03% -26.68% 26 4.000 825'115 790'402 596'059 FY+2

12/12 Y 12/13 Y 1'846.6 2'156.2 3.24x 2.68x 889.3 1'065.8 6.77x 5.65x 502.4 645.4 9.82x 7.73x S&P Issuer Ratings

FQ+1

FQ+2

19.33 3.27 0.62 1.81 60.2% 35.6% 0.44 0.75 15.80 286.33 24.20 277.92

Sales/Revenue/Turnover

25.00

14'000.0 12'000.0

20.00

10'000.0 15.00

8'000.0 6'000.0

10.00

4'000.0 5.00

0.00 02.10.2009

2'000.0 0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Polymetal International PLC Holdings By:

All

Holder Name PEARLMOON JENNISON ASSOCIATES BLACKROCK T ROWE PRICE ASSOCIA VANGUARD GROUP INC STATE STREET FMR LLC BANK OF NEW YORK MEL AMERICAN CENTURY COM JP MORGAN NORTHERN TRUST CORPO HARBOR CAPITAL ADVIS CAPITAL GROUP COMPAN INVESCO LTD RENAISSANCE TECHNOLO NORGES BANK ING INVESTMENT MANAG FRANKLIN RESOURCES WADDELL & REED FINAN TIAA CREF INVESTMENT

Firm Name Canaccord Genuity Corp Northcoast Research Morgan Stanley Raymond James Longbow Research SunTrust Robinson Humphrey Edward Jones Susquehanna Financial Group Tigress Financial Partners BMO Capital Markets Cantor Fitzgerald CL King & Associates Goldman Sachs Deutsche Bank Argus Research Corp RBC Capital Markets JPMorgan William Blair & Co Canaccord Genuity Corp BB&T Capital Markets Guggenheim Securities LLC Cowen and Company Barclays Telsey Advisory Group Credit Suisse Williams Capital Group Wells Fargo Securities, LLC EVA Dimensions S&P Capital IQ Gabelli & Co

Portfolio Name BAILLIE GIFFORD & CO JENNISON ASSOCIATES n/a T ROWE PRICE ASSOCIA VANGUARD GROUP INC n/a n/a BANK OF NEW YORK MEL AMERICAN CENTURY COM n/a NORTHERN TRUST CORPO Multiple Portfolios n/a INVESCO LTD RENAISSANCE TECHNOLO NORGES BANK ING INVESTMENT MANAG n/a WADDELL & REED FINAN TIAA-CREF INVESTMENT

Analyst SEAN NAUGHTON CHARLES E CERANKOSKY MARK WILTAMUTH BENJAMIN BROWNLOW PHILIP TERPOLILLI DAVID G MAGEE BRIAN YARBROUGH ROBERT SUMMERS IVAN FEINSETH KAREN SHORT AJAY JAIN ERIC J LARSON STEPHEN GRAMBLING SHANE HIGGINS CHRISTOPHER GRAJA EDWARD AARON KENNETH GOLDMAN MARK R MILLER SCOTT VAN WINKLE ANDREW P WOLF JOHN HEINBOCKEL PAUL L WESTRA MEREDITH ADLER JOSEPH I FELDMAN EDWARD J KELLY MARC RIDDICK KATE WENDT AUSTIN BURKETT JOSEPH AGNESE JUSTYN PUTNAM

Source 13F 13F ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F MF-AGG ULT-AGG 13F 13F 13F 13F ULT-AGG 13F 13F

Recommendation neutral buy Overwt/In-Line market perform neutral buy buy Positive buy outperform buy neutral Buy/Neutral buy hold outperform overweight outperform buy hold neutral outperform equalweight no rating system neutral market perform outperform underweight hold buy

Amt Held 11'110'126 9'822'593 9'819'236 9'695'592 7'717'483 7'096'216 6'551'626 4'417'783 4'158'633 3'689'977 3'094'554 2'868'018 2'822'000 2'699'598 2'100'974 2'040'189 1'941'788 1'557'922 1'540'444 1'526'265

% Out 5.99 5.3 5.3 5.23 4.16 3.83 3.54 2.38 2.24 1.99 1.67 1.55 1.52 1.46 1.13 1.1 1.05 0.84 0.83 0.82

Weighting

Change

3 5 5 3 3 5 5 4 5 5 5 3 5 5 3 5 5 5 5 3 3 5 3 #N/A N/A 3 3 5 1 3 5

D M M N M M U M N M M M M M M M M M M M M M M M M M M M D N

Latest Chg (59'264) 86'880 (64'386) 2'547'726 225'139 56'020 (961'753) 285'109 381'633 439'586 (858'303) (289'568) (406'600) (144'121) 35'900 1'287'030 582'564 14'611 (153'770) 96'533

Target Price 89 112 110 #N/A N/A #N/A N/A 105 #N/A N/A 110 #N/A N/A 105 104 88 103 100 #N/A N/A 100 103 #N/A N/A 112 #N/A N/A 105 #N/A N/A 88 105 90 99 #N/A N/A #N/A N/A 99 #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 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 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 Hedge Fund Manager 31.12.2012 Government 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 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 9 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided

Date 25.03.2013 25.03.2013 20.03.2013 19.03.2013 19.03.2013 18.03.2013 12.03.2013 06.03.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 18.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 15.01.2013 08.11.2012 28.11.2008

27.03.2013

TUI Travel PLC Tui Travel PLC operates as an international leisure travel group in the resorts in Las Vegas, Nevada and in Macau, China. The Resorts feature guest rooms and suites, restaurants, a golf course, and an on-site luxury automotive dealership.

Price/Volume 140

1.8 M

120

1.6 M 1.4 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 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 17.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TT/ LN EQUITY YTD Change TT/ LN EQUITY YTD % CHANGE

09/2012 12/yy 334.60 156.50 3'902'378.00 319.4 -4.54% 104.09% 86.41% 1'118.0 3'570.93 938.00 0.0 44.0 849.00 3'703.93

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

.8 M .6 M

.4 M

.2 M

0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 30.09.2008 13'931.8 0.18x 837.4 3.01x (270.7) -

1.2 M

30.09.2009 30.09.2010 13'851.0 13'514.0 0.23x 0.20x 644.0 649.0 4.89x 4.07x (67.0) (123.0) Profitability

LTM-4Q 30.09.2011 14'687.0 0.12x 685.0 2.47x 85.0 19.44x

30.09.2012 14'460.0 0.19x 709.0 3.88x 138.0 18.80x 709.00 490.00 3.39% 1.39% 1.56% 7.99% 10.05% 1.64% 10.3% 4.9% 3.4% 1.0% 0.42 0.27 10.88% 59.94% 28.66 199.46

Price/ Cash Flow

12/yy 5'269.8 13.17x 1'536.9 10.36x 613.4 19.02x

LTM 12/yy 5'154.3 12.59x 1'442.5 10.95x 502.0 21.35x

FY+1

3.66 1.20 409.47 70.95% 16.08% 1.203 24 3.417 2'073'535 2'771'696 2'959'587 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 14'861.3 15'226.2 0.24x 0.22x 732.1 773.9 5.06x 4.79x 323.8 356.7 11.53x 10.54x S&P Issuer Ratings

3.62 2.15 0.13 1.32 59.9% 36.8% 1.64 13.79 12.77 1.83 81.79 -67.19

Sales/Revenue/Turnover

16.00

6'000.0

14.00

5'000.0

12.00

4'000.0

10.00 8.00

3'000.0

6.00

2'000.0

4.00

1'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

TUI Travel PLC Holdings By:

All

Holder Name TUI AG WYNN STEPHEN A WYNN ELAINE P MARSICO CAPITAL MANA CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET AMERIPRISE FINANCIAL LATEEF INVESTMENT MA INVESCO LTD COLUMBIA MANAGEMENT THORNBURG INVESTMENT PACIFIC HEIGHTS ASSE GOLDMAN SACHS GROUP NORTHERN TRUST CORPO SOROBAN CAPITAL PART BAMCO INC BANK OF NEW YORK MEL NORGES BANK

Firm Name

Portfolio Name WADDELL & REED FINAN n/a n/a MARSICO CAPITAL MANA n/a n/a VANGUARD GROUP INC n/a AMERIPRISE FINANCIAL LATEEF INVESTMENT MA INVESCO LTD Multiple Portfolios THORNBURG INVESTMENT PACIFIC HEIGHTS ASSE GOLDMAN SACHS GROUP NORTHERN TRUST CORPO SOROBAN CAPITAL PART BAMCO INC BANK OF NEW YORK MEL NORGES BANK

Analyst

Nomura JOHN KEMPF Susquehanna Financial Group RACHAEL ROTHMAN Cantor Fitzgerald ROBERT A LAFLEUR Lazard Capital Markets JAKE FULLER ISI Group IAN WEISSMAN Wells Fargo Securities, LLC CAMERON MCKNIGHT Stifel STEVEN M WIECZYNSKI Compass Point Research & Trading LLC MICHAEL TURNER JPMorgan JOSEPH R GREFF Janney Montgomery Scott LLC BRIAN MCGILL Telsey Advisory Group CHRISTOPHER E JONES Morgan Stanley THOMAS ALLEN Deutsche Bank CARLO SANTARELLI Macquarie CHAD BEYNON Sterne, Agee & Leach DAVID BAIN Nomura HARRY C CURTIS S&P Capital IQ ESTHER KWON Gabelli & Co AMIT KAPOOR Craig-Hallum Capital Group LLC BRYAN MAHER Atlantic Equities LLP ALISTAIR M SCOBIE Credit Agricole Securities (USA) JON OH Barclays FELICIA R KANTOR HENDRIX Credit Suisse JOEL H SIMKINS Union Gaming Research BILL LERNER Goldman Sachs STEVEN KENT EVA Dimensions CRAIG STERLING Imperial Capital LLC GREGG M KLEIN Phillip Securities MAGDALENE CHOONG

Source 13F PROXY Form 4 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F MF-AGG 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation outperform Positive buy buy buy outperform hold neutral overweight buy no rating system Equalwt/In-Line buy neutral neutral buy buy buy buy neutral outperform overweight outperform buy Buy/Neutral underweight outperform neutral

Amt Held 15'039'402 10'026'708 9'659'355 5'410'939 4'603'200 4'181'036 3'561'098 3'115'910 3'044'202 2'552'192 1'781'415 1'469'017 1'374'520 1'208'000 1'007'868 994'084 990'000 921'613 798'333 794'161

% Out 14.9 9.94 9.57 5.36 4.56 4.14 3.53 3.09 3.02 2.53 1.77 1.46 1.36 1.2 1 0.99 0.98 0.91 0.79 0.79

Weighting

Change

5 4 5 5 5 5 3 3 5 5 #N/A N/A 3 5 3 3 5 5 5 5 3 5 5 5 5 5 1 5 3

M M M M M M M M M M M M M M M M M M M M M M M U M M M N

Latest Chg 434'885 (82'795) 515'471 2'386'800 155'885 128'934 141'999 582'867 63'898 55'727 179'320 678'903 (12'807) 990'000 (87'840) 17'786 107'904

Target Price 133 146 151 145 144 #N/A N/A #N/A N/A 119 148 175 131 127 146 119 120 141 140 #N/A N/A 150 130 132 139 144 150 159 #N/A N/A 145 #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 13.12.2012 n/a 04.02.2013 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 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 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government

Date 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 9 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided

Date 26.03.2013 26.03.2013 25.03.2013 25.03.2013 24.03.2013 21.03.2013 12.03.2013 04.03.2013 01.03.2013 19.02.2013 10.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 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 17.01.2013 15.01.2013 07.01.2013 18.07.2012

27.03.2013

Vedanta Resources PLC Vedanta Resources Plc mines and processes metals. The Company mines copper, solutions. The Company's solutions include advanced integrated circuits, software design tools, predefined system functions delivered as cores of logic, and field engineering support. Xilinx sells its products through several channels of distribution to customers in the United States and overseas.

Price/Volume 45

3.0 M

2.5 M

35 30

2.0 M

03/2012 12/yy 1'345.00 821.00 275'543.00 1026 -23.72% 24.97% 43.89% 266.4 2'733.57 16'955.40 0.0 13'768.9 6'885.30 28'215.48

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

.5 M

5 0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.03.2008 8'203.7 1.86x 3'003.9 5.07x 879.0 13.63x

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 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 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VED LN EQUITY YTD Change VED LN EQUITY YTD % CHANGE

31.03.2009 31.03.2010 6'578.9 7'930.5 1.13x 2.54x 1'856.1 2'035.7 4.01x 9.90x 219.4 602.3 12.64x 19.21x Profitability

LTM-4Q 31.03.2011 11'427.2 1.87x 3'490.6 6.14x 770.8 13.50x

31.03.2012 14'005.3 2.12x 4'465.0 6.64x 59.8 89.55x

4'465.00 3'056.60 21.82% 12.46% 0.53% 4.40% 8.19% 0.39% 25.4% 35.7% 22.0% 0.4% 1.30 0.95 36.91% 364.59% 5.69

Price/ Cash Flow

12/yy 2'269.6 13.27x 740.1 10.22x 567.7 14.64x

LTM 12/yy 2'195.5 15.02x 670.8 12.62x 479.3 19.62x

FY+1

3.61 1.91 81.61 -18.41% -11.32% 1.911 13 3.231 743'908 744'068 747'758 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 14'718.4 17'147.6 3'601.0 3'879.0 1.87x 1.55x 3.80x 4'907.8 5'816.2 1'181.0 5.75x 4.85x 359.9 644.1 10.68x 6.45x S&P Issuer Ratings

15.02.2011 NEG 3.81 1.43 1.85 3.20 364.6% 47.9% 0.39 0.58 64.34 18.10

Sales/Revenue/Turnover

20.00

2'500.0

18.00

2'000.0

16.00 14.00

1'500.0

12.00 10.00

1'000.0

8.00 6.00

500.0

4.00 2.00 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 |

27.03.2013

Vedanta Resources PLC Holdings By:

All

Holder Name VOLCAN INVESTMENTS L VANGUARD GROUP INC T ROWE PRICE ASSOCIA JP MORGAN GOLDMAN SACHS GROUP CAPITAL GROUP COMPAN STATE STREET WELLINGTON MANAGEMEN ASHMORE WELATH MANAG BAILLIE GIFFORD AND JENNISON ASSOCIATES BANK OF NEW YORK MEL AMERICAN CENTURY COM PIONEER INVESTMENT M INVESCO LTD JANUS CAPITAL MANAGE CITADEL ADVISORS LLC NORTHERN TRUST CORPO ALKEON CAPITAL MANAG FRANKLIN RESOURCES

Firm Name Societe Generale Robert W. Baird & Co Wells Fargo Securities, LLC MKM Partners Miller Tabak + Co., LLC Macquarie Argus Research Corp Deutsche Bank Morgan Stanley SunTrust Robinson Humphrey JPMorgan Pacific Crest Securities William Blair & Co Lazard Capital Markets Piper Jaffray Credit Agricole Securities (USA) Barclays Credit Suisse Jefferies Raymond James Mizuho Securities USA Inc ISI Group Goldman Sachs Drexel Hamilton LLC Canaccord Genuity Corp Wedge Partners Nomura EVA Dimensions GARP Research

Portfolio Name n/a VANGUARD GROUP INC T ROWE PRICE ASSOCIA n/a GOLDMAN SACHS GROUP n/a n/a WELLINGTON MANAGEMEN ASHMORE WEALTH MANAG BAILLIE GIFFORD & CO JENNISON ASSOCIATES BANK OF NEW YORK MEL AMERICAN CENTURY COM PIONEER INVESTMENT M INVESCO LTD n/a CITADEL ADVISORS LLC NORTHERN TRUST CORPO ALKEON CAPITAL MANAG n/a

Analyst AMBRISH SRIVASTAVA TRISTAN GERRA DAVID M WONG DANIEL A BERENBAUM BRENDAN FURLONG SHAWN WEBSTER JAMES KELLEHER ROSS C SEYMORE JOSEPH MOORE WILLIAM STEIN CHRISTOPHER DANELY JOHN VINH ANIL K DORADLA IAN ING AUGUSTE P RICHARD SRINI PAJJURI BLAYNE CURTIS JOHN W PITZER MARK J LIPACIS HANS C MOSESMANN RUBEN ROY SUMIT DHANDA JAMES SCHNEIDER RICHARD WHITTINGTON ROBERT BURLESON JUN ZHANG ROMIT SHAH ANDREW S ZAMFOTIS SETH DADDS

Source ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F ULT-AGG 13F 13F 13F ULT-AGG

Recommendation outperform neutral outperform neutral hold neutral hold hold Equalwt/In-Line neutral overweight sector perform outperform neutral overweight buy equalweight outperform hold outperform neutral buy neutral/attractive buy hold no rating system neutral buy neutral

Amt Held 21'658'314 15'888'421 14'275'610 13'174'040 12'815'197 12'748'300 10'757'907 8'567'292 6'376'000 5'991'619 5'633'885 5'122'754 5'015'969 4'488'960 4'488'952 4'142'451 4'031'844 3'586'099 3'289'997 3'097'986

% Out 8.28 6.07 5.46 5.04 4.9 4.87 4.11 3.28 2.44 2.29 2.15 1.96 1.92 1.72 1.72 1.58 1.54 1.37 1.26 1.18

Weighting

Change

5 3 5 3 3 3 3 3 3 3 5 3 5 3 5 5 3 5 3 5 3 5 3 5 3 #N/A N/A 3 5 3

M M M M M M N M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 897'763 700'472 (1'972'440) 773'804 562'584 (1'375'000) 30'999 (1'748'957) 6'376'000 1'087'094 589'194 137'121 (1'708'902) (105'305) 160'666 (9'980) 3'879'923 (285'572) (1'220'960) (96'421)

Target Price 41 35 #N/A N/A 34 36 40 #N/A N/A 37 #N/A N/A 38 41 #N/A N/A #N/A N/A #N/A N/A 43 44 36 42 37 42 39 39 41 44 36 #N/A N/A 30 #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 25.03.2013 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 25.03.2013 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 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 9 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided

Date 25.03.2013 25.03.2013 25.03.2013 22.03.2013 21.03.2013 13.03.2013 08.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 20.02.2013 13.02.2013 18.01.2013 18.01.2013 17.01.2013 15.01.2013 26.07.2012

27.03.2013

Evraz PLC Evraz PLC mines iron ore and coal, and manufactures steel. The Company mines content, and a community platform that delivers consumer experiences and advertising solutions across digitial screens. The Company's site includes a hierarchical, subject-based directory of Web sites, which enables users to locate and access information.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 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 16.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EVR LN EQUITY YTD Change EVR LN EQUITY YTD % CHANGE

12/2011 12/yy 398.80 206.80 1'424'964.00 219.2 -45.04% 6.00% 6.46% 1'472.6 3'227.90 7'245.00 0.0 236.0 801.00 11'139.94

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2007

31.12.2008 31.12.2009 20'380.0 9'772.0 5'335.0 1'057.0 1'797.0 (295.0) Profitability

LTM-4Q 31.12.2010 13'394.0 2'203.0 486.0 -

31.12.2011 16'400.0 0.88x 2'794.0 5.17x 461.0 16.31x 2'794.00 1'641.00 10.01% 5.32% 0.90% 2.67% 2.33% 0.85% 23.9% 14.7% 6.2% 2.8% 1.77 0.67 42.68% 130.66% 5.21

Price/ Cash Flow

12/yy 4'984.2 12.98x 1'473.0 11.37x 1'048.8 19.43x

LTM 12/yy 4'986.6 11.61x 1'457.1 11.15x 3'945.5 17.01x

FY+1

5.14 334.65 -38.28% -15.33% 27 3.667 4'726'186 3'377'109 3'370'277 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/11 Q4 03/12 Q1 14'379.7 14'948.3 3'923.0 0.80x 0.78x 2'008.1 2'172.7 5.55x 5.13x 130.5 198.0 42.99x 26.48x S&P Issuer Ratings

3.95 2.14 2.64 3.41 130.7% 55.6% 0.85 1.83 70.29 58.86

Sales/Revenue/Turnover

25.00

8'000.0 7'000.0

20.00

6'000.0 5'000.0

15.00

4'000.0 10.00

3'000.0 2'000.0

5.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Evraz PLC Holdings By:

All

Holder Name LANEBROOK LTD FILO DAVID THIRD POINT LLC BLACKROCK VANGUARD GROUP INC STATE STREET YANG JERRY CAPITAL GROUP COMPAN FMR LLC INVESCO LTD WELLINGTON MANAGEMEN CITIGROUP INCORPORAT BANK OF NEW YORK MEL TIGER GLOBAL MANAGEM NORTHERN TRUST CORPO NORGES BANK CRAMER ROSENTHAL MCG D E SHAW & COMPANY I DEUTSCHE BANK AG MACQUARIE GROUP

Firm Name UFS-Finance Investment Company Sanford C. Bernstein & Co Cantor Fitzgerald Cowen and Company Pivotal Research Group LLC Oppenheimer & Co BGC Partners JMP Securities Raymond James Needham & Co Daiwa Securities Co. Ltd. BMO Capital Markets RBC Capital Markets Morgan Stanley Piper Jaffray Barclays Goldman Sachs Stifel Wedge Partners S&P Capital IQ Gabelli & Co Macquarie Credit Suisse JPMorgan Jefferies William Blair & Co B Riley & Company, Inc Nomura Atlantic Equities LLP Credit Agricole Securities (USA) EVA Dimensions Pacific Crest Securities Evercore Partners Deutsche Bank

Portfolio Name THIRD POINT LLC n/a n/a n/a VANGUARD GROUP INC n/a n/a n/a n/a INVESCO LTD WELLINGTON MANAGEMEN CITIGROUP INCORPORAT BANK OF NEW YORK MEL TIGER GLOBAL MANAGEM NORTHERN TRUST CORPO NORGES BANK CRAMER ROSENTHAL MCG D E SHAW & CO DEUTSCHE BANK AKTIEN n/a

Analyst PETER STABLER CARLOS KIRJNER YOUSSEF H SQUALI JOHN BLACKLEDGE BRIAN WIESER JASON S HELFSTEIN COLIN W GILLIS RONALD V JOSEY III AARON M KESSLER LAURA A MARTIN KAZUYA NISHIMURA DANIEL SALMON MARK S MAHANEY JORDAN MONAHAN EUGENE E MUNSTER ANTHONY J DICLEMENTE HEATH P TERRY JORDAN ROHAN MARTIN PYYKKONEN SCOTT H KESSLER BRETT HARRISS BENJAMIN A SCHACHTER STEPHEN JU DOUGLAS ANMUTH BRIAN J PITZ RALPH SCHACKART SAMEET SINHA BRIAN NOWAK HAMILTON FABER JAMES LEE ANDREW S ZAMFOTIS EVAN S WILSON KEN SENA LLOYD WALMSLEY

Source 13F Form 4 Form 4 ULT-AGG 13F ULT-AGG Form 4 ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F ULT-AGG

Recommendation market perform market perform buy neutral buy outperform hold market perform outperform buy neutral market perform outperform Equalwt/Attractive neutral overweight buy/attractive buy no rating system hold buy neutral neutral neutral hold market perform buy neutral neutral underperform buy sector perform equalweight hold

Amt Held 73'000'400 71'361'390 62'000'000 52'947'475 48'917'794 46'610'995 46'610'564 35'693'952 35'419'632 28'229'816 27'807'651 15'898'615 14'005'513 14'000'000 13'830'883 13'158'797 10'725'954 9'997'715 9'766'006 9'740'706

% Out 6.63 6.48 5.63 4.81 4.44 4.23 4.23 3.24 3.22 2.56 2.52 1.44 1.27 1.27 1.26 1.19 0.97 0.91 0.89 0.88

Weighting

Change

3 3 5 3 5 5 3 3 5 5 3 3 5 3 3 5 5 5 #N/A N/A 3 5 3 3 3 3 3 5 3 3 1 5 3 3 3

M M M M M U D N N M M M M M M U M M M M M M M M M M M M M M U M M M

Latest Chg (500'000) (11'000'400) 2'834'452 1'641'768 421'157 800'000 (40'053'983) 24'881'661 (3'381'146) 27'786'182 14'394'332 2'372'881 (11'000'000) (446) (8'208'344) 2'010'559 2'847'197 2'053'676 (153'900)

Target Price #N/A N/A 23 26 #N/A N/A 23 27 21 #N/A N/A 26 26 23 20 24 23 21 26 26 25 #N/A N/A 22 #N/A N/A 23 21 22 20 #N/A N/A 26 18 21 21 #N/A N/A #N/A N/A 22 15

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 27.08.2012 01.02.2013 25.03.2013 31.12.2012 26.03.2013 25.11.2011 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 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 9 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month

Inst Type Hedge Fund Manager n/a Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Government Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor

Date 26.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 18.03.2013 15.03.2013 15.03.2013 11.03.2013 10.03.2013 05.03.2013 05.03.2013 04.03.2013 01.03.2013 01.03.2013 12.02.2013 07.02.2013 01.02.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 28.01.2013 28.01.2013 27.11.2012