Fundamental Analysis & Recommendations - OEX Index - The Standard & Poor's 100 Index is a capitaliza by Q.M.S Advisors

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

Fundamental Analysis & Analyst Recommendations QMS Advisors FlexIndex OEX 100 The Standard & Poor's 100 Index is a capitalization-weighted index based on 100 highly capitalized stocks selected from the S&P 500 index.

October 2013

Q M S Advisors .

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

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

Minority Interest (USD)

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

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

S&P 500 INDEX

USD

15589099

2072.157

1117

203

219

104.06

110.23

16.29

15.38

18.48

Euro Stoxx 50 Pr

EUR

2984944

6002.296

4677

776

790

234.33

302.66

22.82

20.47

17.67

21.66

NIKKEI 225

JPY

2857793

203.0095

197

6.11

8.07

0.25

0.24

0.19

0.12

FTSE 100 INDEX

GBP

2928075

12748.62

10012

1524

1661

538.12

807.42

31.40

24.43

20.93

22.98

SWISS MARKET INDEX

CHF

1120741

11464.75

4198

969

861

454.08

567.77

21.44

18.26

17.14

24.51

S&P/TSX COMPOSITE INDEX

CAD

1697982

17615.94

7406

1859

1968

732.48

803.81

16.58

16.59

15.11

24.14

S&P/ASX 200 INDEX

AUD

1366032

6451.078

2681

547

684

215.80

320.53

21.50

17.78

14.48

19.99

HANG SENG INDEX

HKD

1793920

3572.425

1668

376

393

278.61

269.06

1.39

1.48

1.43

2.98

MSCI EM

USD

7592957

1394.039

983

191

180

84.97

88.32

11.89

12.19

11.44

19.60

APPLE INC

USD

438859

652

939

121

309.20

156508

170118

181349

58518

55868

11373

44.15

40.04

39.38

42.93

12.06

12.27

11.25

39.09

64.36

65.35

32.98

AA+

23.04.2013

Aa1

23.04.2013

ABBVIE INC

USD

70060

291

1577

79.29

18380

18598

19038

7255

1869

3.69

3.14

3.23

14.10

13.70

5.37

30.36

26.10.2012

Baa1

05.11.2012

ABBOTT LABORATORIES

USD

51721

754

1577

50.35

21494

21721

22104

23299

1063

1.74

1.58

2.01

2.23

21.10

16.58

14.92

-44.68

-2.61

A+

26.10.2012

22.09.2010

ACCENTURE PLC-CL A

USD

50506

603

678

45.36

30394

29528

31301

4660

1209

4.68

4.47

4.49

4.91

16.43

16.38

14.97

2.07

3.54

4.32

5.73

15.33

A+

22.01.2002

AMERICAN ELECTRIC POWER

USD

21155

111

486

39.90

14945

15177

15847

16105

4874

4815

1431

3.09

3.04

3.14

3.31

14.28

13.83

13.14

-1.13

0.38

3.42

4.80

31.73

BBB

07.03.2003

Baa2

14.09.2005

AMERICAN INTERNATIONAL GROUP

USD

72548

393

1476

114.17

65656

66705

49775

51238

3.93

3.65

4.25

4.30

13.45

11.57

11.43

9.77

-1.67

A-

02.03.2009

Baa1

12.01.2011

ALLSTATE CORP

USD

23659

479

29.28

33315

33925

33900

34162

4.40

4.61

4.87

5.18

11.07

10.48

9.86

2.02

3.75

A-

29.01.2009

AMGEN INC

USD

85928

222

756

87.82

17265

17657

18243

19023

6665

6617

1693

5.72

6.12

7.36

8.14

18.64

15.49

14.01

10.80

4.55

24.07

2.92

37.48

27.08.2013

Baa1

07.11.2011

AMAZON.COM INC

USD

144330

229

454

140.60

61093

66848

74466

90586

2835

3309

995

-0.23

-0.44

2.61

5.08

120.99

62.20

27.07

31.69

45.76

25.77

4.95

AA-

26.11.2012

Baa1

26.11.2012

APACHE CORP

USD

33790

392

47.61

16947

16799

16717

16303

12051

11703

2872

9.31

8.70

8.15

7.95

9.97

10.65

10.92

0.81

7.58

-2.79

10.48

69.66

A-

26.01.2001

29.11.2010

ANADARKO PETROLEUM CORP

USD

47450

501

58.21

13307

13853

14963

16691

6197

7743

2408

1.47

4.41

4.49

5.43

21.41

21.02

17.38

-4.14

10.52

-18.23

2.13

55.89

BBB-

08.09.2006

Baa3

23.03.2012

AMERICAN EXPRESS CO

USD

81713

135

1105

114.22

33808

34242

32906

34764

10563

10692

4.40

4.60

4.86

5.34

16.47

15.57

14.17

4.73

1.63

3.12

-6.66

31.22

BBB+

30.04.2009

24.04.2009

BOEING CO/THE

USD

89281

150

756

84.64

81698

83018

84911

92669

8118

8237

2004

5.11

5.42

6.50

7.17

21.85

18.19

16.50

18.86

5.62

8.53

2.21

9.92

29.07.2009

15.03.2006

BANK OF AMERICA CORP

USD

150393

4328

10778

673

349

100078

99429

90387

91805

1.29

1.28

0.95

1.37

10.95

14.77

10.22

-13.26

2.97

A-

29.11.2011

Baa2 *

22.08.2013

BAXTER INTERNATIONAL INC

USD

36025

201

546

14190

14347

15244

16859

3533

3617

1057

4.53

4.62

4.67

5.15

14.37

14.20

12.89

2.14

2.93

-2.30

3.77

25.21

06.12.2012

25.04.2013

BANK OF NEW YORK MELLON CORP

USD

34825

240

1163

145

15089

15335

15045

15624

2.32

2.51

2.29

2.54

12.05

13.21

11.90

-4.52

1.32

A+

29.11.2011

Aa3 *-

02.07.2013

BRISTOL-MYERS SQUIBB CO

USD

76225

342

1630

77.41

17621

15806

16231

17419

4771

3328

978

1.99

1.62

1.74

2.01

28.61

26.64

23.06

-17.05

-4.26

-35.94

3.29

21.06

A+

06.09.2006

12.09.2006

BERKSHIRE HATHAWAY INC-CL B

USD

282889

167

187

147.96

162463

174330

29524

34359

6.14

6.60

18.70

17.38

13.07

8.57

34.15

4.33

19.71

16.05.2013

Aa2

04.02.2010

CITIGROUP INC

USD

149132

1573

3029

624

755.00

90708

91183

78731

79615

30978

32335

5220

4.01

4.37

4.86

5.54

11.21

10.09

8.86

-11.58

-3.39

-25.77

-17.44

35.46

A-

29.11.2011

Baa2 *

22.08.2013

CATERPILLAR INC

USD

54277

240

655

59.85

65875

60351

56772

59554

11966

9936

2245

8.28

6.77

6.29

7.21

12.38

13.33

11.62

9.54

6.40

23.62

12.24

16.46

24.06.2003

15.06.1995

COLGATE-PALMOLIVE CO

USD

55642

189

935

60.66

17085

17279

17530

18365

4314

4052

1179

2.68

2.76

2.83

3.11

21.74

21.20

19.28

2.10

1.97

1.22

7.63

23.45

AA-

04.05.2001

Aa3

18.06.2001

COMCAST CORP-CLASS A

USD

115806

673

2639

158.55

62570

64061

64509

68487

19977

20744

5261

1.92

2.15

2.45

2.82

20.73

18.13

15.78

12.05

14.93

8.82

11.13

32.38

A-

14.02.2013

13.02.2013

CAPITAL ONE FINANCIAL CORP

USD

40371

582

71.95

23177

24728

22236

21899

9014

11064

6.24

7.68

7.05

6.92

8.98

9.77

9.97

25.11

7.84

-7.95

-5.36

44.74

BBB

17.06.2009

Baa1

17.02.2012

CONOCOPHILLIPS

USD

85782

173

1220

103.94

57967

57605

50336

51120

19396

20320

5268

5.47

5.87

5.93

6.25

11.95

11.84

11.22

-9.70

-20.57

-10.41

-8.76

35.27

07.02.2012

26.04.2012

COSTCO WHOLESALE CORP

USD

50498

127

432

49.05

99137

104887

105488

114590

3667

3991

1304

3.94

4.48

4.57

5.06

25.82

25.29

22.85

11.50

7.95

11.02

10.87

3.81

A+

28.11.2012

26.03.2012

CISCO SYSTEMS INC

USD

124361

8085

5389

89.97

48607

50916

53933

13652

3965

1.71

1.55

2.11

2.27

14.96

11.01

10.22

5.53

4.65

5.25

4.06

28.09

A+

10.02.2006

CVS CAREMARK CORP

USD

70865

183

1231

79.06

123133

123632

126175

131382

8981

9633

2517

3.21

3.55

3.96

4.46

16.25

14.59

12.94

14.97

8.44

13.71

8.81

7.79

BBB+

23.03.2007

Baa1

23.09.2013

CHEVRON CORP

USD

237175

324

1947

237.57

222580

213082

233331

240431

48426

43331

12649

12.55

12.20

12.11

12.41

10.06

10.14

9.89

-5.80

-1.69

-5.44

7.12

20.34

01.07.1987

Aa1

27.02.2009

DU PONT (E.I.) DE NEMOURS

USD

54630

135

933

62.11

34812

34967

35948

38368

4794

5561

981

3.44

3.13

3.80

4.29

18.90

15.56

13.79

3.36

3.65

-4.99

2.35

15.90

17.05.2011

15.07.2011

WALT DISNEY CO/THE

USD

116333

434

1780

129.78

42278

44255

44877

47860

10850

11440

2854

3.08

3.29

3.37

3.91

19.80

19.32

16.65

3.39

4.89

12.76

5.45

25.85

22.12.2009

23.05.2007

DOW CHEMICAL CO/THE

USD

47767

302

1203

66.85

56786

56514

57241

59482

6645

6668

2242

1.90

1.89

2.37

2.87

20.90

16.66

13.78

-5.33

-0.35

-3.82

1.85

11.80

BBB

11.05.2011

Baa2

02.11.2012

DEVON ENERGY CORPORATION

USD

24060

406

29.98

9679

9509

9981

11382

5253

4806

1497

3.26

7.48

4.18

5.46

7.92

14.17

10.85

-15.50

1.58

-23.63

-6.57

50.54

BBB+

18.03.2008

Baa1

21.09.2007

EBAY INC

USD

72494

775

1294

66.59

14072

15021

16171

18802

4088

4397

1262

1.91

2.01

2.71

3.20

27.89

20.66

17.53

20.77

12.59

23.39

9.42

29.27

02.03.2010

21.10.2010

EMC CORP/MA

USD

54310

842

2107

51.69

21714

22310

23457

25444

5602

5750

1839

1.24

1.29

1.86

2.12

20.23

14.04

12.33

8.53

9.59

12.92

15.81

25.77

25.06.2012

07.06.2013

EMERSON ELECTRIC CO

USD

46473

155

724

49.36

24412

24557

24616

25181

5155

5114

1446

3.52

3.60

3.45

3.89

18.06

18.85

16.72

0.78

0.19

1.16

4.42

20.83

04.02.2002

15.02.2002

EXELON CORP

USD

25586

150

855

44.95

23489

25072

25033

25081

6550

7047

1723

1.93

1.99

2.45

2.27

15.03

12.19

13.14

23.22

6.73

-3.45

-0.89

28.11

BBB

22.07.2009

Baa2

08.11.2012

FORD MOTOR CO

USD

67487

1482

3946

57.94

134252

142501

140044

147170

12513

12623

2741

1.57

1.62

1.55

1.77

10.56

11.09

9.66

-1.48

1.10

-8.19

-0.09

8.86

BBB-

06.09.2013

Baa3

22.05.2012

FREEPORT-MCMORAN COPPER

USD

34862

498

949

57.55

18010

17801

20879

24134

6934

6184

2390

3.24

2.70

2.42

3.10

12.42

13.91

10.85

-13.75

-0.83

-31.77

-2.37

34.74

BBB

29.07.2011

Baa3

13.10.2010

FEDEX CORP

USD

35882

318

33.78

44287

44519

45783

48342

5597

5699

1471

6.23

6.28

7.01

8.66

18.04

16.16

13.09

3.77

2.88

3.02

2.68

12.80

BBB

11.02.2004

Baa1

13.01.2012

TWENTY-FIRST CENTURY FOX INC

USD

77113

624

2316

90.56

27675

34311

30468

32522

6261

6972

1664

1.36

1.68

1.53

1.89

19.81

21.72

17.60

10.47

-1.84

8.75

-1.25

20.32

BBB+

30.11.2012

GENERAL DYNAMICS CORP

USD

30778

354

30.93

31513

31327

31214

30991

3447

1406

1037

6.48

6.52

6.96

7.25

13.49

12.64

12.14

-3.56

1.72

-21.98

-0.51

4.49

09.07.1999

07.08.2003

GENERAL ELECTRIC CO

USD

245022

1592

10406

244.62

144796

142477

147097

151101

25000

24107

5793

1.55

1.54

1.66

1.81

15.65

14.52

13.31

1.81

-5.22

-0.16

-6.95

16.92

AA+

12.03.2009

Aa3

03.04.2012

GILEAD SCIENCES INC

USD

96659

441

1519

101.27

9703

10314

10799

13431

4288

4622

1149

1.68

1.87

1.95

3.03

33.79

32.33

20.86

15.71

16.87

4.80

14.12

44.81

A-

23.03.2011

Baa1

23.03.2011

GENERAL MOTORS CO

USD

50812

514

1366

41.60

152256

152842

157281

166369

5647

5029

4031

3.65

2.72

3.39

4.51

13.48

10.82

8.14

1.32

-60.70

3.29

BB+

29.09.2011

GOOGLE INC-CL A

USD

291461

158

330

240.45

50175

56594

46968

55005

15722

16440

5243

33.53

34.09

43.48

51.40

25.66

20.12

17.02

32.37

21.80

15.66

21.04

29.05

19.11.2012

Aa2

16.05.2011

GOLDMAN SACHS GROUP INC

USD

74754

186

481

511

523.57

41664

43493

33905

33840

20446

21297

14.96

16.92

15.21

15.52

9.46

10.52

10.32

13.24

-8.46

27.63

-19.57

48.97

A-

29.11.2011

HALLIBURTON CO

USD

44035

320

929

47.47

28503

28692

29667

32540

5787

5580

1643

3.04

2.66

3.22

4.21

18.13

14.96

11.46

14.80

12.35

-5.07

7.51

19.45

20.08.2007

01.05.2007

HOME DEPOT INC

USD

108909

234

1484

118.25

74754

78022

78588

82346

9450

10323

2559

3.07

3.48

3.69

4.37

21.87

20.62

17.41

6.19

1.61

13.27

0.65

13.23

A-

16.11.2011

30.08.2011

HONEYWELL INTERNATIONAL INC

USD

65542

783

68.25

37665

37944

39159

41400

5082

5340

1714

4.84

5.19

4.95

5.55

16.10

16.87

15.05

3.11

0.84

43.93

2.19

14.07

03.07.2001

12.10.2001

HEWLETT-PACKARD CO

USD

40993

421

1963

52.86

120357

113126

111006

107663

14384

13278

3710

0.31

1.67

3.56

3.63

12.80

5.99

5.88

-5.41

-0.36

-12.15

3.69

11.74

BBB+

30.11.2011

Baa1

28.11.2012

39.10

169404

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

44.58

22.08.2013

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

15589099

2072.157

1117

203

219

104.06

110.23

16.29

15.38

18.48

Euro Stoxx 50 Pr

EUR

2984944

6002.296

4677

776

790

234.33

302.66

22.82

20.47

17.67

21.66

NIKKEI 225

JPY

2857793

203.0095

197

6.11

8.07

0.25

0.24

0.19

0.12

FTSE 100 INDEX

GBP

2928075

12748.62

10012

1524

1661

538.12

807.42

31.40

24.43

20.93

22.98

SWISS MARKET INDEX

CHF

1120741

11464.75

4198

969

861

454.08

567.77

21.44

18.26

17.14

24.51

S&P/TSX COMPOSITE INDEX

CAD

1697982

17615.94

7406

1859

1968

732.48

803.81

16.58

16.59

15.11

24.14

S&P/ASX 200 INDEX

AUD

1366032

6451.078

2681

547

684

215.80

320.53

21.50

17.78

14.48

19.99

HANG SENG INDEX

HKD

1793920

3572.425

1668

376

393

278.61

269.06

1.39

1.48

1.43

2.98

MSCI EM

USD

7592957

1394.039

983

191

180

84.97

88.32

11.89

12.19

11.44

19.60

INTL BUSINESS MACHINES CORP

USD

204987

334

1117

228.88

104507

102383

102357

104548

25119

23949

6711

15.24

15.11

16.72

18.31

12.38

11.20

10.22

-2.25

-1.10

0.07

6.06

23.39

AA-

30.05.2012

Aa3

23.11.2010

INTEL CORP

USD

114636

2691

4944

105.34

53341

52325

52949

54896

22160

20187

5274

2.11

1.84

1.90

2.00

12.52

12.09

11.48

-1.22

7.69

-5.87

10.34

38.58

A+

17.02.1993

14.09.2011

JOHNSON & JOHNSON

USD

244383

450

2778

234.24

67224

69992

70731

73640

20698

21944

5490

4.85

5.26

5.46

5.82

16.48

15.87

14.89

3.37

1.86

7.18

2.84

31.35

AAA

17.09.1987

Aaa

JPMORGAN CHASE & CO

USD

196529

1102

3804

696

472

108184

109232

99073

98266

5.86

6.38

5.84

6.12

8.18

8.94

8.53

-2.39

1.41

29.11.2011

COCA-COLA CO/THE

USD

169568

873

4469

186.45

48017

47579

47383

49122

12761

12601

3403

2.01

2.03

2.10

2.26

18.83

18.21

16.92

3.17

8.66

5.23

8.68

26.48

AA-

13.09.2012

Aa3

16.08.2007

ELI LILLY & CO

USD

56952

418

1144

57.56

22603

22932

22982

19739

6478

6878

1695

3.39

3.93

4.14

2.77

12.86

12.22

18.22

-6.93

3.12

-15.78

2.06

29.99

AA-

19.08.2010

08.11.2010

LOCKHEED MARTIN CORP

USD

41138

321

44.43

47182

46446

44980

43617

5470

5650

1369

10.20

10.48

9.55

9.70

12.23

13.42

13.21

1.47

0.70

6.75

0.46

12.16

A-

27.04.2007

Baa1

26.01.2006

LOWE'S COS INC

USD

50381

149

1110

58.17

50521

51918

53044

55304

5183

5511

1311

1.75

2.03

2.18

2.64

23.61

21.93

18.16

0.62

1.73

6.73

-3.42

10.61

A-

19.09.2012

14.11.2011

MASTERCARD INC-CLASS A

USD

82000

123

76.92

7391

7815

8257

9253

4187

4541

1286

22.04

24.22

26.09

30.67

28.02

26.06

22.13

10.08

11.16

13.87

27.78

58.11

08.08.2013

MCDONALD'S CORP

USD

97156

240

1003

108.25

27567

27794

28253

29718

10101

10180

2741

5.37

5.46

5.59

6.10

17.81

17.37

15.94

2.08

3.39

1.61

8.06

36.63

08.05.2003

17.12.2010

MONDELEZ INTERNATIONAL INC-A

USD

56572

654

1778

72.30

35015

39743

35638

37455

5028

5561

1375

1.45

1.78

1.55

1.72

17.85

20.44

18.45

-2.22

-1.74

1.00

-0.96

13.99

BBB

02.02.2010

Baa1

08.08.2013

MEDTRONIC INC

USD

52606

160

1016

52.38

16590

16664

16924

17479

5697

5741

1426

3.61

3.68

3.82

4.10

14.33

13.81

12.88

2.51

2.02

0.30

3.82

34.45

A+

14.02.2012

14.03.2013

METLIFE INC

USD

51840

229

1092

71.36

68150

67240

68375

70652

5.28

5.49

5.63

5.78

8.61

8.40

8.18

-2.98

10.73

A-

06.08.2010

16.12.2009

3M CO

USD

81989

125

687

82.58

29904

30270

30893

32505

7771

7794

2165

6.31

6.39

6.69

7.37

18.76

17.92

16.28

0.99

3.53

4.82

3.91

25.75

AA-

18.03.2009

Aa2

01.05.2009

ALTRIA GROUP INC

USD

69272

352

2010

81.61

17500

17425

17497

17788

7539

8130

2055

2.25

2.37

2.39

2.56

14.61

14.44

13.51

5.30

1.98

15.22

-12.44

46.66

BBB

06.01.2009

Baa1

24.10.2006

MONSANTO CO

USD

56499

101

534

55.82

13504

14769

14962

16150

3760

4206

-119

3.77

4.55

4.58

5.35

23.30

23.17

19.84

14.23

4.50

20.67

14.20

28.48

A+

21.10.2008

21.02.2012

MERCK & CO. INC.

USD

139530

543

3027

152.14

47267

44907

44446

44750

17662

14938

3876

3.82

3.47

3.48

3.71

13.74

13.72

12.86

-1.62

17.53

-1.18

17.28

33.26

24.11.2010

14.05.2013

MORGAN STANLEY

USD

52939

646

1974

451

504.27

32036

34452

32250

34226

12615

12758

1.81

1.86

1.93

2.59

14.56

14.01

10.44

-18.15

-3.37

17.63

-27.19

37.03

A-

29.11.2011

Baa1 *-

22.08.2013

MICROSOFT CORP

USD

279303

4862

8328

217.88

77849

83083

89843

30519

6680

2.71

2.73

2.69

2.98

12.30

12.45

11.27

5.60

5.52

-1.31

4.45

39.20

AAA

22.09.2008

Aaa

11.05.2009

NIKE INC -CL B

USD

66073

1026

894

61.50

25313

25810

27525

29730

3692

3673

812

2.69

2.88

3.04

3.48

25.78

24.42

21.30

8.50

5.58

6.83

6.17

14.40

A+

10.06.2005

29.04.2008

NATIONAL OILWELL VARCO INC

USD

33552

151

427

35.44

20041

21912

22475

24552

4185

4059

1030

5.89

5.79

5.33

6.29

13.54

14.74

12.47

36.72

12.15

19.85

13.13

18.52

25.04.2012

14.05.2012

NORFOLK SOUTHERN CORP

USD

24201

314

32.09

11040

10917

11112

11747

4046

3894

1032

5.37

5.22

5.51

6.24

14.86

14.08

12.43

-1.18

2.75

-0.88

3.72

35.67

BBB+

18.07.2005

Baa1

06.05.1997

ORACLE CORP

USD

154179

579

4646

139.63

37180

37371

38399

40310

17363

17535

4543

2.23

2.31

2.91

3.19

14.64

11.63

10.61

0.16

10.98

2.30

12.84

46.92

A+

24.04.2012

24.06.2011

OCCIDENTAL PETROLEUM CORP

USD

75750

235

806

80.40

24172

23970

24630

25260

13701

13488

3797

7.10

6.82

7.11

7.50

13.79

13.23

12.54

0.97

1.51

-3.30

6.01

56.27

23.06.2008

19.04.2012

PEPSICO INC

USD

123670

179

1544

145.19

65492

65994

66822

69717

11801

12213

3439

4.10

4.38

4.33

4.69

18.32

18.54

17.09

-1.52

10.03

-4.60

6.54

18.51

17.03.2010

25.06.2013

PFIZER INC

USD

189870

1540

7276

193.37

58986

55517

51462

50814

27270

24056

6280

2.19

2.11

2.16

2.31

13.62

13.26

12.40

-9.61

4.07

-9.21

6.42

43.33

16.10.2009

15.10.2009

PROCTER & GAMBLE CO/THE

USD

211131

490

2742

238.51

84167

85574

88813

17771

4973

4.04

4.05

4.29

4.67

19.05

17.96

16.52

0.58

0.11

-1.67

-2.14

21.11

AA-

10.05.2005

Aa3

01.07.2005

PHILIP MORRIS INTERNATIONAL

USD

140717

217

1654

164.17

31377

31310

31458

32889

14827

14523

3909

5.20

5.18

5.44

6.04

16.77

15.99

14.40

0.90

3.87

2.72

8.64

46.38

05.03.2008

11.09.2008

QUALCOMM INC

USD

115808

1257

1706

85.41

19121

23256

24726

27631

6579

7878

2203

3.59

3.84

4.55

4.93

17.56

14.84

13.70

27.84

18.91

8.08

15.03

33.88

19.12.2001

RAYTHEON COMPANY

USD

25428

328

26.87

24414

24478

23699

22968

3444

3461

777

6.20

6.40

5.68

5.95

12.31

13.88

13.25

-1.52

0.87

5.19

4.99

14.14

A-

04.09.2008

17.10.2011

STARBUCKS CORP

USD

57647

285

749

56.16

13300

14461

14872

16581

2367

2709

801

1.77

2.08

2.22

2.67

36.90

34.56

28.76

13.67

8.05

14.11

10.50

18.73

A-

24.02.2012

Baa2 *+

03.09.2013

SCHLUMBERGER LTD

USD

117234

266

1328

123.40

42149

43632

45570

50284

11020

11405

3212

4.16

4.36

4.75

5.74

20.31

18.66

15.43

14.04

12.79

12.52

5.53

26.14

A+

11.12.2002

03.06.2003

SOUTHERN CO/THE

USD

36118

142

868

60.44

16537

16895

17255

18044

6589

6730

2243

2.65

2.70

2.74

2.84

15.34

15.11

14.56

-6.34

0.39

4.94

6.49

39.83

21.12.2000

Baa1

12.08.2010

SIMON PROPERTY GROUP INC

USD

46585

310

69.37

4880

5025

5185

5436

3491

3602

976

4.72

3.86

4.03

4.29

38.92

37.26

35.01

13.32

6.19

15.76

7.34

71.68

16.05.2013

AT&T INC

USD

180680

856

5581

251.64

127434

127468

128726

131211

31140

30316

10653

2.31

2.36

2.48

2.69

14.39

13.72

12.66

0.56

0.78

2.08

-5.80

23.78

A-

06.12.2010

29.01.2013

TARGET CORP

USD

40442

229

645

53.91

73301

73478

73737

77793

7352

6981

1372

4.36

3.60

4.05

4.98

17.80

15.84

12.87

4.92

2.07

-1.36

1.19

9.50

A+

20.11.2007

27.11.2007

TIME WARNER INC

USD

60582

397

932

77.97

28729

29380

29794

30815

7106

7589

1828

3.36

3.81

3.75

4.30

17.28

17.57

15.30

-0.85

0.68

3.33

-18.04

25.83

BBB

27.03.2009

Baa2

06.03.2006

TEXAS INSTRUMENTS INC

USD

44234

466

1108

46.16

12825

12301

12256

12973

3986

3883

1130

1.79

1.81

1.90

2.30

22.22

21.12

17.50

-6.63

0.47

-10.10

-2.68

31.57

A+

23.09.2010

25.05.2011

UNITEDHEALTH GROUP INC

USD

72958

107

1019

80.26

110618

116819

122800

134108

10563

10614

2937

5.28

5.26

5.50

5.84

13.64

13.04

12.29

8.60

8.46

10.17

4.09

9.09

24.09.2012

21.07.2011

UNION PACIFIC CORP

USD

72619

469

80.58

20926

21353

22176

23835

8505

8794

2467

8.24

8.76

9.52

10.94

17.88

16.44

14.31

7.00

5.47

15.86

12.61

41.18

A-

23.04.2012

Baa1

26.10.2012

UNITED PARCEL SERVICE-CL B

USD

85860

135

953

91.60

54127

54583

55694

58843

3201

3186

2227

4.49

4.51

4.75

5.47

20.14

19.14

16.61

1.92

1.29

-59.29

6.62

5.84

A+

21.09.2012

Aa3

16.01.2013

US BANCORP

USD

67188

329

1869

22202

21738

19680

20276

2.87

2.97

3.01

3.20

12.28

12.14

11.41

3.75

1.37

A+

20.08.2012

06.12.2012

UNITED TECHNOLOGIES CORP

USD

99990

129

919

118.29

57708

61890

63890

67129

9208

10087

2787

5.42

5.95

6.15

6.97

18.30

17.72

15.64

3.50

0.71

1.09

2.29

16.30

02.10.2003

22.04.1993

VISA INC-CLASS A SHARES

USD

124322

138

811

117.78

10421

11536

11825

13174

6572

7395

1850

7.09

8.21

7.58

8.93

23.49

25.42

21.59

13.42

13.44

14.28

37.44

64.10

A+

20.05.2008

VERIZON COMMUNICATIONS INC

USD

134612

495

2859

235.05

115846

118258

120373

125096

29620

31664

10774

2.24

2.43

2.77

3.50

19.32

16.97

13.44

4.48

4.38

0.83

-0.97

26.78

BBB+

02.09.2013

Baa1

02.09.2013

WALGREEN CO

USD

51663

151

944

55.04

71633

71349

72229

75710

4630

4525

1229

2.57

2.51

3.12

3.55

21.75

17.52

15.41

-0.76

4.13

-7.71

3.89

6.34

BBB

02.08.2012

Baa1

02.08.2012

WELLS FARGO & CO

USD

221577

1090

5266

185

159

91247

90503

84779

86155

3.43

3.76

3.84

4.02

11.10

10.86

10.38

4.17

14.39

A+

29.11.2011

WILLIAMS COS INC

USD

24622

100

681

37.44

7486

7229

7081

8392

2368

2349

563

1.21

0.92

0.74

1.21

39.05

48.51

29.88

-5.60

-10.49

-31.97

-4.73

32.49

BBB

05.03.2012

Baa3

15.11.2007

WAL-MART STORES INC

USD

241555

274

3314

294.79

469162

472980

480737

501623

36302

36650

8527

5.02

5.14

5.21

5.73

14.44

14.24

12.94

4.97

2.73

4.65

5.13

7.75

09.07.1999

Aa2

06.03.1996

EXXON MOBIL CORP

USD

382018

420

4502

402.71

420714

396937

437967

452127

65769

62482

18789

7.56

7.75

7.59

8.01

11.19

11.44

10.84

-2.96

-0.26

-5.62

-1.21

15.74

AAA

16.12.1985

16.08.1993

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

10.08.1987 22.08.2013

22.08.2013

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.38

2.21

2.03

2.38

1.52

1.45

1.39

1.52

10.59

9.57

8.75

10.59

9.47

8.73

8.18

9.47

15.38

13.86

12.53

15.38

2.07

2.25

2.40

2.07

1850.6

9.2%

Euro Stoxx 50 Pr

1.32

1.25

1.18

1.32

0.85

0.82

0.80

0.85

6.58

6.05

5.47

6.59

7.60

7.20

6.82

7.60

13.07

11.69

10.51

13.07

3.90

4.10

4.45

3.90

3026.5

3.5%

NIKKEI 225

1.56

1.46

1.37

1.56

0.75

0.72

0.70

0.75

9.20

8.49

7.30

9.20

9.07

8.30

7.80

9.07

18.36

16.37

14.74

18.36

1.59

1.74

1.88

1.59

15220.8

4.1%

FTSE 100 INDEX

1.81

1.69

1.39

1.81

1.05

1.02

0.99

1.05

8.83

7.96

7.27

8.83

7.67

7.03

6.62

7.67

13.02

11.84

10.86

13.02

3.72

3.73

4.15

4.42

3.72

7099.2

8.5%

SWISS MARKET INDEX

2.50

2.32

2.17

2.50

2.11

2.02

1.93

2.11

13.16

11.85

10.58

13.16

13.32

12.34

11.52

13.32

15.60

14.12

12.83

15.60

3.17

3.53

3.99

3.17

8666.5

7.5%

S&P/TSX COMPOSITE INDEX

1.76

1.64

1.52

1.76

1.69

1.55

1.51

1.69

8.92

8.05

6.79

8.92

8.95

7.95

7.36

8.95

15.56

13.71

12.44

15.56

3.11

3.23

3.35

3.11

14299.7

11.1%

S&P/ASX 200 INDEX

1.96

1.86

1.77

1.96

1.85

1.73

1.66

1.85

11.18

10.24

9.58

11.18

9.43

8.59

8.03

9.43

15.44

14.00

13.00

15.44

4.45

4.75

5.09

4.45

5383.9

2.0%

HANG SENG INDEX

1.38

1.28

1.19

1.38

1.79

1.66

1.54

1.79

8.16

7.71

7.19

8.16

9.08

8.31

7.66

9.08

11.12

10.33

9.38

11.12

3.49

3.74

4.08

3.49

25126.2

8.3%

MSCI EM

1.49

1.36

1.24

1.49

1.03

0.96

0.90

1.03

7.47

6.80

6.26

7.47

7.74

7.03

6.52

7.74

11.44

10.24

9.41

11.44

2.75

3.01

3.29

2.75

1124.6

11.3%

2.32

2.81

2.58

2.42

2.26

1.98

8.80

9.29

9.30

8.77

5.31

5.65

5.28

4.86

5.08

10.91

12.27

11.25

10.37

12.64

0.55

2.37

2.62

2.80

542.47

12.3%

3.82

3.77

3.68

3.43

3.22

10.28

12.34

11.65

10.94

10.47

10.65

10.53

9.50

8.81

11.79

14.10

13.70

12.13

10.99

3.62

3.76

3.91

4.64

49.65

12.4%

1.30

2.34

2.22

2.09

1.97

5.82

14.58

11.86

10.81

4.01

10.01

9.14

8.49

7.82

6.57

16.58

14.92

13.33

11.84

2.34

1.69

1.86

2.09

2.36

38.91

16.9%

1.78

1.71

1.61

1.54

1.43

14.20

13.44

12.14

11.45

9.45

9.36

8.82

8.36

7.84

17.49

16.38

14.96

13.26

2.24

2.44

2.56

3.27

81.25

10.5%

1.37

1.34

1.31

1.32

1.16

6.26

5.91

6.03

6.18

8.37

8.36

8.10

7.93

6.99

14.29

13.83

13.14

12.69

4.32

4.46

4.65

4.84

49.47

13.8%

APPLE INC

3.88

3.51

3.02

2.56

ABBVIE INC

25.47

12.17

8.50

6.31

ABBOTT LABORATORIES

2.05

2.26

2.10

1.96

ACCENTURE PLC-CL A

9.00

8.71

7.41

7.26

AMERICAN ELECTRIC POWER

1.38

1.32

1.28

1.23

AMERICAN INTERNATIONAL GROUP

0.74

0.73

0.68

0.64

1.29

1.46

1.42

1.35

12.78

11.57

11.43

9.89

0.00

0.37

0.78

0.90

53.56

9.0%

ALLSTATE CORP

1.21

1.18

1.09

1.04

0.72

0.70

0.69

0.67

13.82

10.48

9.86

8.91

1.72

1.96

2.08

2.24

56.75

11.2%

4.99

4.71

4.52

4.43

4.27

13.84

13.49

12.05

11.32

122.95

7.8%

2.33

1.94

1.59

1.33

1.13

48.78

34.53

25.00

15.80

1.76

1.18

AMGEN INC

4.46

4.20

3.47

3.07

AMAZON.COM INC

18.79

15.46

12.59

9.56

APACHE CORP

1.10

1.01

0.92

0.87

1.99

2.02

2.07

1.85

1.59

3.51

3.60

3.65

3.22

ANADARKO PETROLEUM CORP

2.25

1.99

1.79

1.56

3.56

3.17

2.84

2.65

2.52

6.37

5.76

5.31

4.61

AMERICAN EXPRESS CO

4.38

4.13

3.77

3.63

2.59

2.48

2.35

2.22

BOEING CO/THE

10.91

12.09

11.55

11.05

1.09

1.05

0.96

0.94

BANK OF AMERICA CORP

0.68

0.67

0.63

0.60

0.53

1.72

1.66

1.64

1.58

BAXTER INTERNATIONAL INC

4.91

4.59

3.92

3.36

2.86

2.55

2.36

2.14

2.05

BANK OF NEW YORK MELLON CORP

0.99

0.96

0.92

0.87

0.85

2.40

2.31

2.23

2.12

BRISTOL-MYERS SQUIBB CO

4.84

5.80

5.85

6.15

4.33

4.70

4.38

4.40

BERKSHIRE HATHAWAY INC-CL B

7.07

0.92

17.22

14.29

10.99

10.71

33.73

14.03

9.98

8.40

1.95

12.19

12.17

10.69

10.02

1.88

13.16

11.76

10.73

9.76

4.17

16.64

24.72

19.03

18.34

9.63

4.62

11.81

11.56

10.28

10.06

43.47

29.75

21.48

15.71

3.88

4.12

4.25

3.81

6.95

5.99

5.35

4.94

10.63

9.76

19.62

9.85

14.71

10.04

9.24

19.59

8.88

8.24

17.49

8.35

7.69

18.90

11.61

4.63

7.50

7.18

16.00

0.77

0.75

0.70

0.65

2.09

1.89

1.87

1.82

14.25

10.45

8.91

8.68

CATERPILLAR INC

3.06

2.88

2.45

2.12

0.82

0.96

0.91

0.87

6.97

8.06

7.53

6.74

COLGATE-PALMOLIVE CO

10.03

35.18

37.84

39.07

3.25

3.17

3.03

2.86

2.72

18.99

18.57

16.86

15.00

COMCAST CORP-CLASS A

2.35

2.22

2.09

1.91

1.85

1.79

1.69

1.62

1.56

8.35

7.85

7.34

6.53

CAPITAL ONE FINANCIAL CORP

0.99

0.95

0.88

0.84

1.88

1.82

1.84

1.77

CONOCOPHILLIPS

1.61

1.70

1.58

1.48

1.38

1.70

1.68

1.77

COSTCO WHOLESALE CORP

3.84

4.52

4.02

3.41

0.51

0.48

0.44

0.41

CISCO SYSTEMS INC

2.17

1.93

1.80

1.66

2.56

2.44

2.31

2.17

CVS CAREMARK CORP

1.94

1.83

1.72

1.62

0.58

0.56

0.54

0.52

CHEVRON CORP

1.77

1.60

1.46

1.34

1.00

1.02

0.99

0.94

DU PONT (E.I.) DE NEMOURS

5.41

4.08

3.28

2.68

1.57

1.52

1.42

WALT DISNEY CO/THE

2.88

2.71

2.55

2.33

2.73

2.59

DOW CHEMICAL CO/THE

2.12

2.19

2.00

2.17

0.85

DEVON ENERGY CORPORATION

1.09

1.12

1.00

0.89

2.74

EBAY INC

3.64

3.10

2.62

2.04

EMC CORP/MA

2.45

2.21

2.02

1.78

EMERSON ELECTRIC CO

4.35

4.50

4.15

3.68

EXELON CORP

1.15

1.07

1.03

1.00

FORD MOTOR CO

3.39

3.11

2.48

2.03

FREEPORT-MCMORAN COPPER

1.76

1.66

1.55

FEDEX CORP

2.20

1.87

1.64

TWENTY-FIRST CENTURY FOX INC

3.40

3.39

3.59

3.54

GENERAL DYNAMICS CORP

2.15

2.54

2.36

GENERAL ELECTRIC CO

2.03

2.00

GILEAD SCIENCES INC

9.42

GENERAL MOTORS CO

1.89

GOOGLE INC-CL A

119.96

14.00

17.55

15.49

14.01

13.18

12.07

1.26

1.65

2.00

2.33

120.99

62.20

37.84

21.38

0.00

333.62

5.6%

9.05

10.65

10.92

10.14

0.81

0.95

0.97

101.31

16.8%

28.20

21.02

17.38

15.64

0.39

0.43

0.47

0.52

111.96

18.6%

17.36

15.57

14.17

12.75

1.04

1.18

1.29

1.44

80.65

6.5%

23.60

18.19

16.50

14.80

13.10

1.49

1.61

1.78

1.97

24.18

14.77

10.22

8.58

6.80

0.28

0.29

1.42

2.32

14.67

14.20

12.89

11.86

10.79

2.17

2.84

3.07

3.31

14.21

13.21

11.90

10.70

9.04

1.71

1.92

2.23

2.51

23.65

26.64

23.06

24.47

22.63

2.94

3.03

3.11

3.20

18.70

17.38

33.35

29.47

26.85

12.03

10.09

8.85

8.22

5.21

6.96

6.33

5.79

9.23

13.33

11.62

10.19

13.72

13.27

12.34

11.51

10.62

22.38

21.20

19.28

17.61

8.01

7.46

7.02

6.65

6.43

22.56

18.13

15.78

13.83

4.47

4.57

4.39

4.29

9.58

3.48

80.59

21.4%

3.07

32.19

6.3%

3.28

47.00

1.5%

129.50

12.9%

0.08

1.27

2.24

59.24

20.8%

2.34

2.49

2.80

2.97

92.51

10.4%

16.19

2.00

2.23

2.43

2.66

2.97

62.67

4.5%

12.12

1.42

1.74

1.99

2.20

2.27

51.26

15.3%

9.96

9.28

0.29

1.38

2.08

2.40

74.08

7.4%

11.00

9.93

3.80

3.84

3.98

3.99

3.76

69.40

-1.0%

29.87

25.29

22.85

20.43

18.04

0.86

7.10

1.11

1.20

1.22

117.29

1.4%

11.55

11.00

10.22

9.71

2.67

3.04

3.23

3.55

27.11

16.9%

6.51

16.96

14.59

12.95

11.49

10.07

1.12

1.57

1.80

2.29

66.57

15.4%

3.79

9.96

10.14

9.90

9.61

8.99

2.86

3.16

3.36

3.52

3.74

135.00

10.0%

7.75

7.34

17.98

15.56

13.79

12.26

12.05

2.86

3.02

3.19

3.30

3.01

58.94

-0.4%

9.67

8.75

8.14

21.16

19.33

16.65

14.33

12.95

0.92

1.13

1.26

1.38

1.56

72.17

10.8%

8.12

7.44

6.89

6.01

20.52

16.66

13.78

11.82

9.87

3.10

3.29

3.46

3.64

39.93

1.2%

5.51

4.33

4.47

18.36

14.17

10.85

10.62

1.23

1.45

1.50

1.52

69.52

17.3%

14.41

12.30

10.69

8.92

23.80

20.66

17.53

14.89

13.07

0.00

63.25

12.9%

8.22

7.29

6.56

6.28

15.42

14.03

12.34

10.96

9.03

0.00

0.93

1.59

30.86

18.2%

10.24

10.55

9.48

8.95

19.46

18.85

16.72

15.09

2.46

2.52

2.70

2.94

65.43

0.6%

4.65

7.18

7.35

7.36

8.23

10.43

12.19

13.14

13.01

14.27

7.03

4.76

4.15

4.16

4.15

31.65

5.9%

5.37

5.22

5.68

5.06

4.55

3.88

3.14

12.76

11.09

9.66

7.74

7.68

1.30

2.34

2.44

2.64

3.12

18.97

10.7%

4.71

4.38

2.57

8.21

7.17

5.37

5.01

3.79

10.60

13.91

10.85

9.95

6.30

3.67

5.71

3.72

36.38

8.3%

6.57

5.66

6.20

5.44

4.72

4.05

18.76

16.16

13.09

11.08

10.50

0.50

0.48

0.59

0.65

1.08

121.74

7.4%

15.93

13.23

10.55

13.91

12.96

11.52

10.08

9.03

23.22

21.72

17.60

14.31

11.82

0.53

0.71

0.79

0.81

35.99

8.0%

10.49

10.68

10.19

10.34

7.06

7.29

7.20

7.31

6.99

12.67

12.64

12.14

11.58

10.85

2.27

2.45

2.69

2.77

93.75

6.6%

11.74

11.15

9.19

8.41

9.17

8.72

7.99

7.45

16.01

14.52

13.31

12.24

2.86

3.21

3.58

3.92

26.73

11.1%

4.63

29.89

28.48

17.16

10.09

21.71

20.98

14.81

10.31

31.61

32.33

20.86

13.44

10.22

0.00

72.75

15.2%

0.29

7.96

6.93

5.82

4.40

4.20

3.25

3.05

2.56

2.38

2.21

11.29

10.82

8.14

6.94

6.17

0.00

43.50

18.5%

4.05

18.10

15.88

13.61

11.72

10.31

13.05

11.33

9.51

8.07

6.87

22.02

20.12

17.02

14.42

12.36

0.00

990.82

13.3%

2.20

10.42

8.36

8.12

7.60

13.12

10.52

10.32

9.89

9.68

1.15

1.26

1.35

1.46

169.69

6.0%

1.35

1.25

10.92

9.45

7.61

6.48

7.86

7.54

6.20

5.41

16.21

14.96

11.46

9.66

0.86

1.04

1.22

1.35

57.50

19.3%

1.39

1.32

1.27

1.22

18.28

16.15

13.58

11.77

12.43

11.03

10.01

9.44

24.93

20.62

17.41

15.20

13.62

1.42

2.06

2.36

2.68

85.14

12.0%

1.67

1.58

1.52

1.37

16.84

13.89

12.73

11.78

10.67

10.12

9.27

8.69

18.63

16.87

15.05

13.75

12.34

1.81

1.99

2.20

2.48

90.15

8.0%

0.37

0.38

0.39

4.61

3.86

4.07

4.01

3.24

3.82

3.87

3.99

5.28

5.99

5.88

5.84

2.37

2.62

2.81

2.89

24.87

16.6%

15.97

14.63

14.05

13.37

12.12

10.88

10.13

9.56

9.65

9.12

8.00

5.64

5.47

5.15

5.00

0.50

12.09

10.75

9.41

8.43

8.83

8.01

7.53

6.99

0.87

6.42

6.27

5.80

5.51

4.17

4.34

4.17

3.99

1.34

1.26

13.63

11.34

9.94

9.40

9.76

9.31

8.51

2.43

2.26

2.15

14.89

13.63

11.85

10.14

11.57

10.78

0.83

0.80

0.76

0.71

9.85

7.79

8.05

7.06

8.97

2.41

2.11

2.08

5.11

4.60

3.79

3.60

6.04

5.16

4.48

3.86

3.29

2.93

18.69

15.41

13.35

11.24

2.49

2.32

2.14

1.97

1.74

9.56

8.81

8.12

7.01

1.90

1.89

1.85

1.77

14.44

14.34

12.68

11.58

0.92

1.06

1.02

1.03

0.91

4.92

5.22

5.40

5.53

1.61

0.54

0.48

0.46

0.43

10.26

7.78

6.80

1.41

1.93

1.67

1.44

1.37

1.34

6.91

5.52

1.45

0.81

0.78

0.74

0.70

8.75

7.64

2.79

2.54

2.38

2.21

1.99

20.34

2.25

0.95

0.99

1.00

0.96

1.92

1.85

1.67

1.62

1.58

7.49

5.62

4.20

10.12

8.95

7.20

5.53

1.64

1.44

1.20

1.03

0.33

0.32

0.31

0.29

4.06

3.36

2.84

2.42

2.09

6.98

6.19

5.29

4.55

GOLDMAN SACHS GROUP INC

1.12

1.03

0.96

0.89

2.27

2.20

2.21

HALLIBURTON CO

2.86

2.82

2.33

1.98

1.56

1.48

HOME DEPOT INC

6.49

6.97

7.42

8.19

1.47

HONEYWELL INTERNATIONAL INC

4.91

4.36

3.69

3.19

1.74

HEWLETT-PACKARD CO

1.26

1.59

1.34

1.10

0.34

10.02

10.3%

11.22

14.95

2.13

8.4%

15.43

9.78

5.04

1.94

128.27

11.84

5.17

2.48

7.91

1.94

12.29

5.38

1.20

14.63

1.98

11.13

6.35

3.07

5.21

164.45

1.35

CITIGROUP INC

12.53

0.39

4.44

4.93

9.33

9.77

8.48

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

9.30

7.61

8.86

0.00

2.98

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.38

2.21

2.03

2.38

1.52

1.45

1.39

1.52

10.59

9.57

8.75

10.59

9.47

8.73

8.18

9.47

15.38

13.86

12.53

15.38

2.07

2.25

2.40

2.07

1850.6

9.2%

Euro Stoxx 50 Pr

1.32

1.25

1.18

1.32

0.85

0.82

0.80

0.85

6.58

6.05

5.47

6.59

7.60

7.20

6.82

7.60

13.07

11.69

10.51

13.07

3.90

4.10

4.45

3.90

3026.5

3.5%

NIKKEI 225

1.56

1.46

1.37

1.56

0.75

0.72

0.70

0.75

9.20

8.49

7.30

9.20

9.07

8.30

7.80

9.07

18.36

16.37

14.74

18.36

1.59

1.74

1.88

1.59

15220.8

4.1%

FTSE 100 INDEX

1.81

1.69

1.39

1.81

1.05

1.02

0.99

1.05

8.83

7.96

7.27

8.83

7.67

7.03

6.62

7.67

13.02

11.84

10.86

13.02

3.72

3.73

4.15

4.42

3.72

7099.2

8.5%

SWISS MARKET INDEX

2.50

2.32

2.17

2.50

2.11

2.02

1.93

2.11

13.16

11.85

10.58

13.16

13.32

12.34

11.52

13.32

15.60

14.12

12.83

15.60

3.17

3.53

3.99

3.17

8666.5

7.5%

S&P/TSX COMPOSITE INDEX

1.76

1.64

1.52

1.76

1.69

1.55

1.51

1.69

8.92

8.05

6.79

8.92

8.95

7.95

7.36

8.95

15.56

13.71

12.44

15.56

3.11

3.23

3.35

3.11

14299.7

11.1%

S&P/ASX 200 INDEX

1.96

1.86

1.77

1.96

1.85

1.73

1.66

1.85

11.18

10.24

9.58

11.18

9.43

8.59

8.03

9.43

15.44

14.00

13.00

15.44

4.45

4.75

5.09

4.45

5383.9

2.0%

HANG SENG INDEX

1.38

1.28

1.19

1.38

1.79

1.66

1.54

1.79

8.16

7.71

7.19

8.16

9.08

8.31

7.66

9.08

11.12

10.33

9.38

11.12

3.49

3.74

4.08

3.49

25126.2

8.3%

MSCI EM

1.49

1.36

1.24

1.49

1.03

0.96

0.90

1.03

7.47

6.80

6.26

7.47

7.74

7.03

6.52

7.74

11.44

10.24

9.41

11.44

2.75

3.01

3.29

2.75

1124.6

11.3%

INTL BUSINESS MACHINES CORP

8.36

10.04

7.66

6.13

3.58

1.97

2.00

1.96

1.90

1.81

10.32

9.88

8.26

7.50

6.30

8.68

8.34

7.75

7.26

6.92

12.38

11.20

10.23

9.25

8.39

1.74

1.92

2.07

2.19

2.62

217.59

16.3%

INTEL CORP

2.34

2.04

1.86

1.76

2.15

2.17

2.09

2.01

6.52

6.45

6.22

6.12

4.85

5.24

4.90

4.73

10.36

12.09

11.48

11.47

3.78

3.94

4.05

4.16

JOHNSON & JOHNSON

3.71

3.30

2.89

2.56

3.63

3.46

3.32

3.19

14.12

15.47

11.72

11.31

10.63

10.96

10.06

9.52

9.00

8.50

17.03

15.87

14.89

13.97

13.01

2.71

3.00

3.24

3.49

JPMORGAN CHASE & CO

1.03

0.96

0.88

0.83

1.99

1.98

2.00

1.85

10.55

8.80

8.43

7.59

10.51

8.94

8.53

8.03

6.82

2.28

2.76

3.18

3.63

COCA-COLA CO/THE

5.32

5.26

5.00

4.76

3.52

3.58

3.45

3.28

3.12

15.74

16.40

14.53

13.01

12.14

13.86

13.66

12.91

11.99

11.28

19.11

18.21

16.92

15.57

14.27

2.68

2.91

3.11

3.46

3.69

ELI LILLY & CO

3.62

3.57

3.61

3.63

2.54

2.48

2.89

2.80

2.66

11.48

11.75

12.86

11.65

10.15

9.21

8.45

11.52

10.86

8.90

15.20

12.22

18.22

15.94

13.20

3.88

3.89

3.88

LOCKHEED MARTIN CORP

17.48

39.29

21.84

14.85

0.89

0.91

0.94

0.96

0.89

10.94

9.53

9.21

10.02

8.54

7.93

7.78

7.66

6.34

15.20

13.42

13.21

12.45

13.05

3.24

3.69

4.12

4.65

LOWE'S COS INC

3.86

4.05

4.26

4.41

1.00

0.95

0.91

0.88

0.84

16.13

13.29

11.02

11.18

11.28

10.18

9.29

8.61

8.00

27.66

21.93

18.16

15.10

12.87

1.28

1.47

1.63

2.04

MASTERCARD INC-CLASS A

11.56

10.64

8.33

6.54

11.06

9.89

8.83

7.85

7.17

29.71

22.69

19.29

17.72

18.41

15.77

13.80

11.97

11.02

30.92

26.01

22.17

18.61

0.16

0.26

0.28

MCDONALD'S CORP

6.94

6.17

5.88

5.51

3.53

3.44

3.27

3.07

2.86

14.21

13.48

12.29

11.07

10.85

10.50

9.89

9.11

8.48

18.28

17.37

15.93

14.41

12.57

2.95

3.25

MONDELEZ INTERNATIONAL INC-A

1.70

1.68

1.62

1.53

1.61

1.59

1.51

1.43

1.35

120.80

18.10

13.87

11.68

12.88

13.24

11.95

10.98

10.14

22.20

20.44

18.45

16.56

15.09

1.62

MEDTRONIC INC

2.95

2.59

2.31

2.16

3.19

3.11

3.01

2.91

2.81

11.73

11.12

10.59

10.40

8.72

8.44

8.25

7.88

7.72

14.30

13.81

12.88

12.06

11.26

METLIFE INC

0.89

0.90

0.84

0.79

0.77

0.76

0.73

0.70

9.07

8.40

8.18

3M CO

4.78

4.55

4.19

3.84

2.75

2.65

2.52

2.42

16.20

14.30

12.69

11.29

10.62

10.25

9.56

8.97

7.71

19.00

17.92

16.28

ALTRIA GROUP INC

17.91

16.58

14.11

12.66

3.98

3.96

3.89

20.06

16.54

14.28

11.92

10.84

10.47

10.15

9.81

15.67

14.44

13.51

12.65

MONSANTO CO

4.74

4.31

3.79

3.28

4.13

3.78

3.50

3.27

3.28

21.50

19.07

16.39

14.35

14.89

13.28

11.35

10.21

10.01

28.53

23.17

19.84

17.56

MERCK & CO. INC.

2.55

2.90

2.76

2.72

2.97

3.14

3.12

3.03

10.13

9.74

9.84

8.32

7.50

9.08

8.63

8.48

7.66

12.54

13.72

12.86

MORGAN STANLEY

0.87

0.84

0.80

0.76

1.93

1.64

1.55

1.49

43.61

14.70

9.45

7.77

19.96

14.01

10.44

MICROSOFT CORP

3.52

2.98

2.49

2.30

3.55

3.36

3.11

2.92

3.14

9.25

8.79

8.15

8.80

6.65

6.91

6.30

5.88

6.70

12.16

12.45

11.27

10.26

NIKE INC -CL B

5.40

5.25

4.80

4.42

5.22

2.61

2.40

2.22

2.06

1.95

26.14

22.45

19.00

16.87

16.64

14.77

13.28

11.80

11.08

27.78

24.42

21.30

18.28

16.27

NATIONAL OILWELL VARCO INC

1.66

1.53

1.39

1.25

1.13

1.71

1.49

1.37

1.28

1.33

13.80

12.21

10.14

9.12

8.26

8.57

7.44

6.62

7.07

13.42

14.74

12.47

10.84

NORFOLK SOUTHERN CORP

2.47

2.38

2.15

1.90

2.19

2.18

2.06

1.95

1.84

8.34

8.09

7.40

7.94

7.91

7.26

6.76

6.23

14.72

14.08

12.43

11.10

ORACLE CORP

3.59

3.09

2.73

2.20

4.12

4.02

3.82

3.64

3.44

11.32

10.53

9.85

8.03

7.47

7.15

6.67

6.68

6.81

12.59

11.63

10.61

9.87

OCCIDENTAL PETROLEUM CORP

1.85

1.72

1.58

1.47

3.20

3.08

3.00

3.04

6.74

6.17

5.75

5.58

5.70

5.47

5.13

5.10

13.56

13.23

12.54

12.71

PEPSICO INC

5.81

5.33

5.10

4.83

1.89

1.85

1.77

1.69

1.61

14.64

13.89

12.08

11.11

11.74

11.27

10.56

9.88

9.21

19.73

18.54

17.09

PFIZER INC

2.64

2.76

2.70

2.69

3.25

3.69

3.74

3.80

3.87

11.24

11.23

9.90

10.04

10.43

6.60

7.86

8.20

8.50

9.13

13.25

13.26

12.40

PROCTER & GAMBLE CO/THE

3.31

3.16

3.08

3.01

2.51

2.47

2.38

2.28

2.15

14.75

14.43

13.13

12.00

10.81

12.59

11.86

11.13

10.53

9.59

19.08

17.96

4.47

4.28

4.05

3.80

14.25

13.91

12.83

11.94

11.01

11.03

10.37

9.69

8.82

16.69

16.93

14.81

12.67

12.13

11.65

9.30

8.23

7.80

2.36

6.45

4.91

PHILIP MORRIS INTERNATIONAL

3.05

13.46

8.93

8.55

4.75

24.37

5.9%

96.28

11.0%

62.01

18.8%

45.33

18.5%

57.82

14.4%

130.80

2.0%

49.79

3.9%

0.33

690.71

1.8%

3.55

3.86

105.52

8.6%

1.69

1.88

2.21

1.99

2.11

2.24

2.41

7.71

1.64

2.15

2.59

15.08

1.98

2.12

2.30

4.95

5.34

17.38

1.08

12.52

11.47

9.33

8.42

3.71

2.48

2.14

33.60

5.8%

58.41

10.8%

2.93

56.61

19.8%

2.31

122.57

2.2%

5.78

6.23

37.11

7.4%

1.42

1.48

1.53

121.32

14.5%

3.52

3.60

3.68

3.76

51.37

7.7%

0.76

0.74

1.07

1.59

30.20

11.7%

2.68

2.98

3.14

3.24

34.92

4.2%

1.08

1.22

1.34

1.48

76.06

2.5%

10.62

0.60

1.00

1.16

1.24

84.46

7.6%

10.00

2.43

2.63

2.79

2.97

84.58

9.0%

0.89

1.41

1.37

1.38

36.12

6.8%

10.39

2.34

2.61

3.01

3.22

3.53

104.57

11.2%

15.64

14.28

2.65

2.79

2.99

3.18

3.44

89.60

11.7%

11.99

11.93

3.06

3.32

3.56

3.78

4.09

32.19

12.3%

16.52

15.13

13.69

2.98

3.20

3.43

3.66

4.24

85.69

11.2%

15.99

14.40

13.00

11.52

3.76

4.05

4.48

4.88

5.63

96.18

10.6%

18.55

14.85

13.69

13.02

1.33

1.71

2.02

2.19

74.42

10.2%

14.22

13.88

13.25

11.50

13.20

2.49

2.72

3.02

3.32

78.36

-0.6%

43.18

34.56

28.76

23.90

20.57

0.90

1.11

1.32

1.63

1.24

1.39

1.48

1.58

4.05

1.27

QUALCOMM INC

3.52

3.09

2.70

2.43

6.12

4.68

4.19

3.86

RAYTHEON COMPANY

3.02

2.93

2.49

2.46

1.04

1.07

1.11

1.12

1.04

14.43

11.28

11.09

9.41

7.96

8.30

8.02

7.55

STARBUCKS CORP

10.81

9.73

8.47

7.52

4.33

3.88

3.48

3.10

2.78

30.42

23.25

21.14

17.68

21.96

18.31

15.43

13.24

SCHLUMBERGER LTD

3.34

3.01

2.66

2.32

2.77

2.57

2.33

2.13

14.70

12.35

10.46

9.20

11.02

9.93

8.69

7.68

21.17

18.66

15.43

13.16

SOUTHERN CO/THE

1.88

1.81

1.73

1.66

2.07

2.09

2.00

1.93

1.68

8.02

7.64

7.57

7.59

9.83

9.93

8.99

8.50

15.77

15.11

14.56

13.94

13.27

4.72

4.89

5.06

5.24

SIMON PROPERTY GROUP INC

7.65

5.80

5.69

9.08

9.70

9.00

8.59

8.39

8.11

22.38

19.34

16.26

14.02

19.44

17.79

16.81

15.22

35.59

37.26

35.01

31.30

33.09

2.76

3.11

3.35

3.58

AT&T INC

1.98

2.13

2.07

1.98

1.42

1.40

1.38

1.35

1.33

5.71

5.54

5.40

5.37

6.03

6.10

5.85

5.63

5.41

14.46

13.72

12.66

11.88

11.05

5.20

5.32

5.44

5.58

TARGET CORP

2.54

2.51

2.38

2.11

0.55

0.52

0.49

0.47

7.97

5.96

7.04

6.99

7.19

7.86

7.04

6.69

6.01

13.44

15.84

12.87

11.41

9.64

2.05

2.37

2.70

3.14

TIME WARNER INC

1.99

2.02

1.85

1.65

2.10

2.03

1.97

1.87

1.77

14.76

13.39

11.37

11.17

11.28

10.29

9.56

8.89

8.11

20.52

17.57

15.30

13.33

11.51

1.58

1.75

1.91

2.05

TEXAS INSTRUMENTS INC

4.12

4.02

3.85

3.55

3.46

3.61

3.41

3.22

3.09

15.55

13.53

11.42

11.07

13.14

11.61

10.08

9.71

9.63

24.36

21.12

17.50

15.94

16.40

1.77

2.57

2.74

2.82

UNITEDHEALTH GROUP INC

2.47

2.22

2.01

1.95

0.66

0.59

0.54

0.48

12.09

10.68

9.99

9.54

7.94

7.47

7.07

6.73

13.60

13.04

12.29

11.00

9.71

1.05

1.47

1.64

1.56

78.16

8.9%

UNION PACIFIC CORP

3.72

3.39

3.05

2.71

3.46

3.27

3.05

2.87

2.77

12.31

10.62

9.68

9.44

8.62

7.82

7.21

6.75

18.99

16.44

14.31

12.83

11.68

1.56

1.81

1.99

2.13

175.70

12.2%

UNITED PARCEL SERVICE-CL B

11.23

25.33

24.08

18.97

1.59

1.54

1.46

1.37

1.27

13.73

12.57

10.65

10.58

10.31

10.00

9.12

8.34

7.76

19.83

19.14

16.61

14.72

12.58

2.50

2.72

2.93

3.15

95.88

5.4%

US BANCORP

1.97

1.84

1.69

1.56

3.32

3.41

3.31

3.15

12.22

11.79

11.05

10.03

12.76

12.14

11.41

10.47

9.61

2.12

2.44

2.69

3.01

39.82

9.0%

UNITED TECHNOLOGIES CORP

3.92

3.49

3.13

2.81

1.73

1.57

1.49

1.44

1.34

15.42

14.06

12.02

11.02

12.70

10.93

9.95

9.13

8.32

20.48

17.71

15.65

14.00

12.35

1.84

2.01

2.17

2.36

VISA INC-CLASS A SHARES

4.54

4.32

3.71

3.28

11.97

10.49

9.41

8.42

7.54

27.39

25.25

18.69

17.88

20.37

15.40

13.54

11.82

10.59

31.32

25.42

21.59

18.47

17.26

0.45

0.68

0.77

0.89

VERIZON COMMUNICATIONS INC

3.36

3.43

4.27

3.54

1.17

1.12

1.08

1.04

1.01

4.39

4.24

5.34

4.89

6.19

5.64

5.29

5.01

4.77

19.84

16.97

13.44

12.26

11.48

4.29

4.43

4.55

4.70

WALGREEN CO

2.95

2.70

2.50

2.19

0.72

0.68

0.65

0.49

13.23

16.18

15.01

12.99

11.35

10.27

9.21

8.50

6.14

21.16

17.52

15.41

13.85

11.67

1.71

2.01

2.21

2.54

55.15

0.9%

WELLS FARGO & CO

1.54

1.42

1.31

1.22

2.59

2.61

2.57

2.47

11.69

10.43

10.00

9.38

12.51

10.86

10.38

9.89

8.99

2.11

2.76

3.03

3.35

46.05

10.4%

WILLIAMS COS INC

4.75

4.88

4.55

5.77

3.25

3.48

2.93

2.71

2.57

13.84

15.16

11.87

9.59

14.84

15.76

12.08

10.03

8.58

32.41

48.51

29.88

24.47

20.99

3.39

4.01

4.83

5.74

41.08

14.0%

WAL-MART STORES INC

3.22

3.03

2.77

2.29

1.69

0.51

0.50

0.48

0.46

0.44

9.48

9.25

8.37

7.47

6.60

8.07

7.86

7.53

7.26

6.94

15.10

14.24

12.94

11.82

10.35

2.17

2.54

2.77

3.34

EXXON MOBIL CORP

2.38

2.19

1.99

1.81

1.59

0.83

0.87

0.85

0.87

0.89

7.34

7.62

6.91

6.52

5.78

4.61

5.11

4.86

4.75

4.63

11.03

11.43

10.84

10.45

9.80

2.50

2.85

3.06

3.23

1.92

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

12.19

1.82

80.38

4.8%

97.50

10.0%

5.42

45.88

11.0%

3.62

181.43

20.8%

5.67

37.32

9.7%

69.13

7.9%

2.32

4.04

2.31

4.75

6.37

3.45

70.84

7.6%

39.08

-2.7%

117.35

7.7%

212.23

10.1%

53.80

14.4%

81.31

9.6%

95.79

10.4%

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

Altman Z Score

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

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc (Loss)

Market Cap

Total Liabilities

Ratio Analysis Net Sales (T12M)

Total Shareholder s Equity

Altman Z Score

Altman Z Score Bankruptcy flag

GROWTH & VALUE CHECKLIST

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

Final Score

PEG < 0.75

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

ROCE > 12%

Market Market < Cap > 1000m 20m

FINAL SCORE

APPLE INC

USD

5.3

170705

19111

101788

55241

626550

57854

156508

118210

5.50

1.00

15.1

0.3972

ABBVIE INC

USD

16.0

18555

8578

3363

6105

53882

23645

18380

3363

4.25

1.00

9.3

ABBOTT LABORATORIES

USD

3.9

42873

18042

14966

1894

103272

40422

21494

26813

3.56

1.00

37.6

3.1145

ACCENTURE PLC-CL A

USD

9.9

16867

3683

4960

4067

48986

11439

30394

5428

6.65

1.00

15.4

2.2422

AMERICAN ELECTRIC POWER

USD

1.4

54276

-2234

5899

2956

20728

39130

14945

15237

0.90

0.00

13.8

4.4049

AMERICAN INTERNATIONAL GROUP

USD

0.5

547164

12826

11652

52114

449630

65656

99003

9.0

ALLSTATE CORP

USD

0.9

125707

17409

3695

19241

106367

33315

20580

9.1

2.1907

AMGEN INC

USD

3.4

37668

23018

-10277

5577

65193

35238

17265

19060

2.86

1.00

15.1

1.6705

AMAZON.COM INC

USD

13.9

29278

2294

-160

676

113895

24363

61093

8192

6.26

1.00

APACHE CORP

USD

1.0

59448

-574

20000

4942

30744

29406

16947

31331

1.67

1.00

8.4

0.8662

ANADARKO PETROLEUM CORP

USD

1.8

46719

2590

12348

2233

37192

30707

13307

21882

1.79

1.00

50.5

0.4845

AMERICAN EXPRESS CO

USD

3.4

148966

6598

7346

63515

134254

33808

18886

13.1

1.3918

BOEING CO/THE

USD

9.7

80750

12327

-3316

6307

56944

82929

81698

5967

1.96

1.00

14.8

2.4018

BANK OF AMERICA CORP

USD

0.6

2133314

60046

10129

125136

1973018

100078

236956

9.0

0.3445

BAXTER INTERNATIONAL INC

USD

5.2

17074

4501

486

2821

36411

13412

14190

6978

3.07

1.00

14.7

2.3552

BANK OF NEW YORK MELLON CORP

USD

0.8

336106

11865

3861

29902

321548

15089

37442

11.1

2.0233

BRISTOL-MYERS SQUIBB CO

USD

3.9

19484

1242

10708

4090

53122

22259

17621

13638

4.19

1.00

16.4

4.2037

BERKSHIRE HATHAWAY INC-CL B

USD

362936

75782

150409

24378

235864

162463

191588

2.29

1.00

CITIGROUP INC

USD

0.6

1833290

80066

7936

119823

1673663

90708

190997

9.9

0.1011

CATERPILLAR INC

USD

3.3

78398

12769

13051

9153

58698

71774

65875

17582

1.95

1.00

10.8

2.2543

COLGATE-PALMOLIVE CO

USD

22.3

9395

820

-95

3889

48893

11004

17085

2390

5.71

1.00

19.5

2.334

COMCAST CORP-CLASS A

USD

2.0

55728

3277

8778

12179

98507

98177

62570

66794

2.95

1.00

19.4

1.7398

CAPITAL ONE FINANCIAL CORP

USD

0.8

299014

14305

4777

33727

272419

23177

40499

9.3

0.3452

CONOCOPHILLIPS

USD

1.5

117140

6546

2645

12816

70749

68717

57967

48427

1.61

1.00

10.6

4.5525

COSTCO WHOLESALE CORP

USD

3.4

27074

1266

7990

2759

42314

14622

99137

12518

5.69

1.00

24.8

1.0524

CISCO SYSTEMS INC

USD

2.3

75869

43329

16823

11301

137398

42063

48607

59128

4.09

1.00

14.9

2.4318

CVS CAREMARK CORP

USD

1.6

29764

6062

8567

7228

59519

28208

123133

37704

7.22

1.00

15.1

1.3444

CHEVRON CORP

USD

1.5

228342

21508

119195

35013

210516

95150

222580

137832

3.53

1.00

8.6

3.2458

DU PONT (E.I.) DE NEMOURS

USD

4.3

39994

7642

-1087

3081

41966

39557

34812

10179

2.30

1.00

13.1

3.7796

WALT DISNEY CO/THE

USD

2.3

44773

896

8028

8863

93058

32940

42278

41958

4.00

1.00

17.0

1.1477

DOW CHEMICAL CO/THE

USD

2.3

52155

12191

10588

3947

38902

47591

56786

22014

2.36

1.00

17.1

3.7427

DEVON ENERGY CORPORATION

USD

1.0

37247

2968

17549

2442

21128

22048

9679

21278

1.82

1.00

16.0

1.5373

EBAY INC

USD

3.2

27409

10474

8801

2888

65991

16209

14072

20865

4.16

1.00

26.6

EMC CORP/MA

USD

2.4

22194

1905

18645

4074

53306

14545

21714

23524

3.94

1.00

20.4

EMERSON ELECTRIC CO

USD

3.4

13713

2993

9494

4332

34953

13376

24412

10442

5.68

1.00

13.7

3.3147

EXELON CORP

USD

1.2

75929

2349

4799

2471

25428

56737

23489

21817

0.84

0.00

15.4

7.0612

FORD MOTOR CO

USD

3.2

192279

-2875

-5069

6291

51101

176055

134252

16311

1.01

0.00

8.2

1.5444

FREEPORT-MCMORAN COPPER

USD

1.9

35106

6954

-1683

5755

32456

14129

18010

21311

1.04

0.00

10.6

3.655

FEDEX CORP

USD

1.8

30812

5524

14698

3211

30636

16169

44287

17398

3.97

1.00

15.5

0.5813

TWENTY-FIRST CENTURY FOX INC

USD

4.4

28625

7132

1135

5375

75462

30300

27675

20644

3.44

1.00

24.0

0.5218

GENERAL DYNAMICS CORP

USD

2.2

20878

4120

8920

2827

24499

22919

31513

11390

3.15

1.00

10.7

2.945

GENERAL ELECTRIC CO

USD

1.8

599894

17921

89254

15654

218414

556858

144796

128470

0.91

0.00

13.5

3.3349

GILEAD SCIENCES INC

USD

6.0

8443

1886

3659

4010

55791

11689

9703

9551

7.83

1.00

21.8

GENERAL MOTORS CO

USD

1.5

140640

16004

2005

-3218

39393

112422

152256

37000

1.31

1.00

7.9

GOOGLE INC-CL A

USD

3.3

75788

46117

48880

12760

233421

22083

50175

71715

10.73

1.00

21.1

GOLDMAN SACHS GROUP INC

USD

0.9

933456

18180

11207

61293

862331

41664

76224

8.5

1.3876

HALLIBURTON CO

USD

2.0

25275

8334

12597

4159

32227

11620

28503

15790

4.58

1.00

11.4

1.0378

HOME DEPOT INC

USD

5.6

39914

3910

9741

7766

99873

23307

74754

17777

5.55

1.00

21.9

1.7236

HONEYWELL INTERNATIONAL INC

USD

3.8

26979

4553

7659

4156

49684

28638

37665

13215

3.87

1.00

13.1

2.4106

HEWLETT-PACKARD CO

USD

1.2

73184

3971

15962

9289

27188

85935

120357

22833

2.79

1.00

44.2

3.6101

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

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

Altman Z Score

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

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc (Loss)

Market Cap

Total Liabilities

Ratio Analysis Net Sales (T12M)

Total Shareholder s Equity

Altman Z Score

Altman Z Score Bankruptcy flag

GROWTH & VALUE CHECKLIST

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

Final Score

PEG < 0.75

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

ROCE > 12%

Market Market < Cap > 1000m 20m

FINAL SCORE

INTL BUSINESS MACHINES CORP

USD

11.3

86181

5808

-31250

20443

214032

100229

104507

18984

2.84

1.00

12.6

1.7228

INTEL CORP

USD

2.0

68406

18460

31739

14638

100017

33148

53341

51203

4.56

1.00

9.6

4.3005

JOHNSON & JOHNSON

USD

3.0

70171

21854

61706

17032

193049

56521

67224

64826

6.09

1.00

14.3

3.4542

JPMORGAN CHASE & CO

USD

0.9

2308731

96302

32209

167256

2155072

108184

204069

7.5

2.7292

COCA-COLA CO/THE

USD

4.9

58837

2507

19651

10779

162001

53006

48017

33168

3.63

1.00

18.0

2.8138

ELI LILLY & CO

USD

3.8

26395

4649

9086

5015

56404

19625

22603

14774

3.91

1.00

14.5

3.974

LOCKHEED MARTIN CORP

USD

759.6

28287

1700

-282

4482

29625

38618

47182

2.81

1.00

9.1

760

4.4967

LOWE'S COS INC

USD

3.1

2076

13276

3560

42802

18809

50521

13857

3.75

1.00

22.0

1.6079

MASTERCARD INC-CLASS A

USD

8.8

10698

4451

3276

3957

60547

5533

7391

6929

11.47

1.00

22.3

0.2137

MCDONALD'S CORP

USD

5.8

32583

1519

9498

8613

88448

20093

27567

15294

5.33

1.00

16.4

3.2536

MONDELEZ INTERNATIONAL INC-A

USD

1.4

27125

749

667

3683

45256

43123

35015

32355

3.06

1.00

17.6

3.9288

MEDTRONIC INC

USD

2.5

21839

13902

18569

4878

47102

16170

16590

18671

5.44

1.00

12.8

2.2433

METLIFE INC

USD

0.6

826828

36430

4666

35960

771823

68150

64958

6.2

2.2465

3M CO

USD

3.6

24566

7430

13522

6483

63796

15836

29904

18040

6.02

1.00

14.7

2.5417

ALTRIA GROUP INC

USD

19.9

18077

-1936

-3455

7314

63186

32125

17500

3204

3.56

1.00

14.0

5.4071

MONSANTO CO

USD

3.9

15552

5437

1456

3138

46549

8188

13504

12036

6.59

1.00

23.1

1.4694

MERCK & CO. INC.

USD

2.3

64915

16509

10586

10684

123910

50669

47267

55463

2.94

1.00

10.7

4.128

MORGAN STANLEY

USD

0.6

770527

37155

5110

37744

711223

32036

69737

10.6

1.046

MICROSOFT CORP

USD

3.6

124693

64049

11638

26764

287691

63487

77849

78944

4.80

1.00

12.8

2.6632

NIKE INC -CL B

USD

4.9

17071

9700

5969

3254

55124

6428

25313

11156

8.43

1.00

22.9

1.3137

NATIONAL OILWELL VARCO INC

USD

1.4

19569

10029

11492

3557

29181

11128

20041

20356

4.58

1.00

11.6

0.7169

NORFOLK SOUTHERN CORP

USD

2.0

30342

161

7534

3124

19420

20582

11040

9760

1.71

1.00

11.5

3.1371

ORACLE CORP

USD

3.5

47829

28820

25755

14432

156942

36667

37180

45145

5.20

1.00

15.2

0.8881

OCCIDENTAL PETROLEUM CORP

USD

1.5

64210

2202

32397

9190

61710

24162

24172

40048

3.22

1.00

10.8

2.8195

PEPSICO INC

USD

4.7

41142

1631

18049

9112

105023

52239

65492

22399

4.02

1.00

16.6

3.1278

PFIZER INC

USD

2.2

95113

32796

8165

19659

182477

104120

58986

81678

2.79

1.00

11.4

3.5089

PROCTER & GAMBLE CO/THE

USD

3.2

52503

-6047

-620

14789

211132

70554

84167

68709

4.17

1.00

19.1

2.9744

PHILIP MORRIS INTERNATIONAL

USD

24151

-426

-4810

13929

138308

39523

31377

-1853

4.92

1.00

16.1

3.8737

QUALCOMM INC

USD

3.2

36157

10343

21567

5682

106574

9467

19121

33545

9.20

1.00

17.4

1.4887

RAYTHEON COMPANY

USD

2.4

13930

3344

5095

2989

18880

18496

24414

8190

4.21

1.00

9.3

3.4746

STARBUCKS CORP

USD

7.4

7676

1990

5069

1787

37997

3105

13300

5115

12.86

1.00

28.6

1.4198

SCHLUMBERGER LTD

USD

2.6

42160

11788

22839

7520

92029

26689

42149

34858

4.84

1.00

16.6

1.5873

SOUTHERN CO/THE

USD

2.0

63149

-852

9053

4444

37159

43770

16537

19379

1.18

1.00

16.2

4.5375

SIMON PROPERTY GROUP INC

USD

8.3

32100

-3310

1094

48991

25516

4880

7071

33.5

2.5935

AT&T INC

USD

2.0

143767

-9081

-5171

12997

188149

179620

127434

92695

1.59

1.00

14.6

5.2507

TARGET CORP

USD

2.4

47939

2357

12579

5210

39460

31605

73301

16558

3.32

1.00

14.0

2.2567

TIME WARNER INC

USD

1.5

28108

3459

-124717

6214

44578

38426

28729

29878

-3.58

0.00

14.2

2.1744

TEXAS INSTRUMENTS INC

USD

3.1

12959

4800

8044

2687

34232

9060

12825

10961

5.86

1.00

17.3

2.3309

UNITEDHEALTH GROUP INC

USD

1.8

44917

-6064

31102

9254

55271

47586

110618

33299

4.95

1.00

10.3

1.4749

UNION PACIFIC CORP

USD

3.0

47153

495

14378

6745

59021

27276

20926

19877

2.86

1.00

15.3

1.9806

UNITED PARCEL SERVICE-CL B

USD

15.1

36087

7201

4643

1343

70265

34130

54127

4733

3.57

1.00

16.4

3.0924

US BANCORP

USD

1.7

342006

26007

7806

59696

313588

22202

40267

11.1

2.4421

UNITED TECHNOLOGIES CORP

USD

2.9

46419

5824

11938

7684

75355

62102

57708

27307

3.34

1.00

15.1

2.4753

VISA INC-CLASS A SHARES

USD

3.9

16912

3832

7638

6239

108901

12383

10421

27630

14.48

1.00

18.9

0.6553

VERIZON COMMUNICATIONS INC

USD

3.7

117406

-5721

-5130

13160

123690

139689

115846

85533

1.94

1.00

19.3

4.6568

WALGREEN CO

USD

1.9

30015

2038

17220

3464

33759

15226

71633

18236

5.05

1.00

13.9

2.6566

WELLS FARGO & CO

USD

1.2

1390064

75733

28471

180003

1264057

91247

158911

10.0

2.5746

WILLIAMS COS INC

USD

4.7

21974

375

-7098

1612

22296

16900

7486

7427

0.82

0.00

27.0

3.653

WAL-MART STORES INC

USD

3.0

182608

-11878

72391

27801

231814

121367

469162

81738

4.78

1.00

13.9

2.2731

EXXON MOBIL CORP

USD

2.3

333795

321

156210

49881

389648

162135

420714

171660

3.61

1.00

11.5

2.5188

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

27.09.2013

Apple Inc Apple Inc. designs, manufactures, and markets personal computers and related personal computing and mobile communication devices along with a variety of related software, services, peripherals, and networking solutions. The Company sells its products worldwide through its online stores, its retail stores, its direct sales force, third-party wholesalers, and resellers.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2012) 52-Week Low (19.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AAPL UW EQUITY YTD Change AAPL UW EQUITY YTD % CHANGE

09/2012 06/yy 682.14 385.10 652'271.00 483.06 -29.22% 25.37% 34.04% 908.5 438'858.56 0.00 0.0 0.0 121'251.00 309'196.56

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

14.0 M

600

12.0 M

500

10.0 M

400

8.0 M

300

6.0 M

200

4.0 M

100

2.0 M

0 s-12

30.09.2009 30.09.2010 42'905.0 65'225.0 3.03x 3.32x 12'474.0 19'412.0 10.43x 11.17x 8'235.0 14'013.0 20.08x 19.30x Profitability

LTM-4Q 30.09.2011 108'249.0 2.72x 35'604.0 8.26x 25'922.0 14.61x

30.09.2012 156'508.0 3.23x 58'518.0 8.63x 41'733.0 15.11x

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

58'518.00 55'241.00 35.30% 35.63% 20.81% 32.11% 29.98% 0.93% 43.9% 33.0% 29.5% 26.7% 1.50 1.04 0.00% 0.00% 20.54 74.19

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 148'812 9.77x 55'846.0 7.70x 40'133.0 13.73x

f-13 m-13

06/yy 169'404 7.96x 55'868.0 4.13x 37'748.0 9.90x

a-13 m-13

j-13

a-13

.0 M s-13

FY+1

2.28 1.02 908.08 17.87 -27.45% -7.70% 1.020 66 4.242 4'511'178 3'556'753 3'219'612 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 170'118 181'349 36'658 54'815 2.07x 1.84x 8.37x 5.39x 54'803.8 58'597.3 11'372.5 18'295.0 5.65x 5.28x 5.39x 5.27x 36'654.5 38'288.8 7'113.7 12'209.8 12.27x 11.25x 11.71x 11.21x 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

23.04.2013 AA+ STABLE -2.32 0.30 0.0% 0.0% 0.93 12.64 17.72 4.91 55.95 -52.97

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

o-12

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

Fiscal Year Ended 30.09.2008 37'491.0 2.39x 8'823.0 10.14x 6'119.0 18.91x

700

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

27.09.2013

Apple Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC NORTHERN TRUST CORPO INVESCO LTD BANK OF NEW YORK MEL GOLDMAN SACHS GROUP JP MORGAN T ROWE PRICE ASSOCIA SUSQUEHANNA INTERNAT UBS AG NORGES BANK MORGAN STANLEY JANUS CAPITAL MANAGE CAPITAL GROUP COMPAN GEODE CAPITAL MANAGE TIAA CREF INVESTMENT BANK OF AMERICA CORP WELLS FARGO & COMPAN

Firm Name Sanford C. Bernstein & Co Monness, Crespi, Hardt & Co Jefferies Hamburger Sparkasse Piper Jaffray Evercore Partners Wedge Partners Societe Generale Morgan Stanley Robert W. Baird & Co Avondale Partners LLC Wells Fargo Securities, LLC Susquehanna Financial Group Barclays EVA Dimensions BMO Capital Markets Deutsche Bank Goldman Sachs RBC Capital Markets Credit Suisse Janney Montgomery Scott LLC Pacific Crest Securities William Blair & Co Raymond James Cantor Fitzgerald Canaccord Genuity Corp Oppenheimer & Co Mizuho Securities USA Inc ISI Group Nomura Cowen and Company JMP Securities S&P Capital IQ Lazard Capital Markets Cross Research BTIG LLC FBN Securities Edward Jones Stifel Independent Research GmbH Exane BNP Paribas Calamatta Cuschieri Creative Global Investments

Portfolio Name n/a n/a n/a n/a NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL n/a n/a T ROWE PRICE ASSOCIA SUSQUEHANNA INTERNAT n/a NORGES BANK n/a n/a n/a GEODE CAPITAL MANAGE TIAA-CREF INVESTMENT BANK OF AMERICA n/a

Analyst TONI SACCONAGHI JEFFREY FIDACARO PETER J MISEK MARCO GUENTHER EUGENE E MUNSTER ROBERT CIHRA BRIAN BLAIR ANDY PERKINS KATHRYN HUBERTY WILLIAM V POWER JOHN F BRIGHT MAYNARD UM CHRISTOPHER CASO BENJAMIN A REITZES ANDREW S ZAMFOTIS KEITH F BACHMAN CHRISTOPHER WHITMORE WILLIAM C SHOPE JR AMIT DARYANANI KULBINDER GARCHA WILLIAM CHOI ANDY HARGREAVES ANIL K DORADLA TAVIS C MCCOURT BRIAN J WHITE T MICHAEL WALKLEY ITTAI KIDRON ABHEY R LAMBA BRIAN MARSHALL STUART JEFFREY TIMOTHY M ARCURI ALEX GAUNA SCOTT H KESSLER EDWARD PARKER SHANNON S CROSS WALTER P PIECYK JR SHEBLY SEYRAFI WILLIAM C KREHER AARON C RAKERS MARKUS FRIEBEL ALEXANDER PETERC TEAM COVERAGE CARLO R BESENIUS

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

Recommendation outperform buy hold hold overweight overweight no rating system hold Overwt/In-Line neutral market outperform outperform Positive overweight hold outperform buy Buy/Cautious outperform neutral buy sector perform outperform strong buy buy buy outperform buy strong buy neutral outperform market perform buy buy buy buy outperform hold buy buy outperform hold sell

Amt Held 47'045'851 44'504'335 37'660'080 31'023'222 13'976'334 12'627'644 12'372'947 10'722'544 10'012'335 8'745'254 8'667'987 8'515'262 7'531'087 7'243'095 6'697'150 6'632'228 6'621'520 6'616'945 6'241'153 6'213'156

% Out 5.18 4.9 4.15 3.41 1.54 1.39 1.36 1.18 1.1 0.96 0.95 0.94 0.83 0.8 0.74 0.73 0.73 0.73 0.69 0.68

Weighting

Change

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

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

Latest Chg (2'232'575) 1'256'511 96'079 (3'724'460) 127'619 128'905 (189'644) 1'716'430 (3'713'885) (2'914'459) (3'391'234) (32'898) 149'878 (4'019'911) 32'609 114'211 (702'827) (336'309) (737'891)

Target Price 600 550 425 482 640 600 #N/A N/A 500 540 525 600 #N/A N/A 625 540 #N/A N/A 480 575 560 550 525 500 #N/A N/A #N/A N/A 675 777 560 540 520 600 480 550 #N/A N/A 590 570 585 540 625 #N/A N/A 540 590 570 490 #N/A N/A

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

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

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

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

Date 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 19.09.2013 16.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013

27.09.2013

AbbVie Inc AbbVie Inc. researches and develops pharmaceutical products. The Company produces pharmaceutical drugs for specialty therapeutic areas such as immunology, chronic kidney disease, Hepatitis C, women's health, oncology, and neuroscience. AbbVie also offers treatments for diseases including Multiple Sclerosis, Parkinson's, and Alzheimer's disease. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.09.2013) 52-Week Low (17.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABBV UN EQUITY YTD Change ABBV UN EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 48.41 32.51 290'621.00 44.19 -8.76% 35.93% 78.55% 1'585.4 70'060.09 17'911.00 0.0 0.0 7'976.00 79'285.09

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 d-12

.0 M j-13

f-13

m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008

31.12.2009 31.12.2010 14'214.2 15'637.7 5'799.3 6'214.3 4'636.5 4'177.9 Profitability

LTM-4Q 31.12.2011 17'444.0 5'565.4 3'433.1 -

31.12.2012 18'380.0 3.47x 7'255.0 8.80x 5'275.0 9.26x 7'255.00 6'105.00 33.22% 31.15% 75.5% 28.7% 2.27 1.71 66.32% 532.59% -

LTM

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

06/yy 9'021.0 16.60x 3'291.0 0.00x 2'036.0 0.00x

FY+1

1'584.68 11.56 33.31% 15 3.933 2'134'711 1'304'774 1'201'625 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 18'598.4 19'037.7 4'544.2 5'133.2 4.29x 4.07x 7'459.3 7'547.3 1'868.5 2'020.0 10.65x 10.53x 10.61x 10.61x 5'066.7 5'176.6 1'254.2 1'399.6 14.10x 13.70x 14.12x 14.03x S&P Issuer Ratings

26.10.2012 A POS 26.10.2012 A-1 86.37 82.40 532.6% 84.2% -260.37

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 |

27.09.2013

AbbVie Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC NORTHERN TRUST CORPO BANK OF NEW YORK MEL JANUS CAPITAL MANAGE BANK OF AMERICA CORP STATE FARM MUTUAL AU ALLIANZ ASSET MANAGE UBS AG T ROWE PRICE ASSOCIA GEODE CAPITAL MANAGE WELLS FARGO & COMPAN AMERIPRISE FINANCIAL STATE FARM MUTUAL AU JP MORGAN TIAA CREF INVESTMENT FEDERATED INVESTORS

Firm Name UBS Morgan Stanley Cowen and Company Edward Jones Goldman Sachs Jefferies Argus Research Corp Barclays EVA Dimensions Hilliard Lyons JPMorgan Spin-Off Research BMO Capital Markets Atlantic Equities LLP

Portfolio Name n/a n/a n/a n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a BANK OF AMERICA STATE FARM MUTUAL AU n/a n/a T ROWE PRICE ASSOCIA GEODE CAPITAL MANAGE n/a AMERIPRISE FINANCIAL STATE FARM MUTUAL AU n/a TIAA-CREF INVESTMENT FEDERATED INVESTORS

Analyst MARC GOODMAN DAVID R RISINGER STEVEN R SCALA JUDSON CLARK JAMI E RUBIN JEFFREY HOLFORD DAVID H TOUNG CHARLES ANTHONY BUTLER ANDREW S ZAMFOTIS STEPHEN A O'NEIL CHRISTOPHER T SCHOTT TEAM COVERAGE ALEX ARFAEI RICHARD J PURKISS

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

Recommendation neutral Overwt/In-Line outperform hold buy/attractive buy buy equalweight overweight neutral neutral hold market perform neutral

Amt Held 133'184'402 82'921'627 77'519'568 72'318'327 58'535'074 26'305'991 23'646'826 21'835'391 18'605'668 15'061'000 13'084'054 12'731'043 12'040'172 10'988'071 10'922'428 10'541'028 10'095'596 10'001'267 9'445'025 8'842'342

% Out 8.4 5.23 4.89 4.56 3.69 1.66 1.49 1.38 1.17 0.95 0.83 0.8 0.76 0.69 0.69 0.66 0.64 0.63 0.6 0.56

Weighting

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

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

Latest Chg 1'230'924 3'382'252 (976'417) 6'007'621 (77'137) (1'032'507) 2'672'971 1'517'430 10'008'996 909'756 (186'820) 222'391 (678'095) 3'152'787 (22'700) 2'277'222 927'926 503'203

Target Price 46 49 52 #N/A N/A 54 54 52 44 #N/A N/A #N/A N/A 46 48 48 44

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

File Dt 30.06.2013 25.09.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013

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

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

Date 25.09.2013 23.09.2013 23.09.2013 20.09.2013 17.09.2013 10.09.2013 04.09.2013 03.09.2013 12.08.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 31.05.2013

27.09.2013

Abbott Laboratories Abbott Laboratories discovers, develops, manufactures, and sells a broad and diversified line of health care products and services. The Company's products include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott markets its products worldwide through affiliates and distributors.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (19.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABT UN EQUITY YTD Change ABT UN EQUITY YTD % CHANGE

12/2012 06/yy 38.77 29.98 753'502.00 33.28 -14.19% 11.02% 41.89% 1'554.1 51'721.29 20'475.96 0.0 92.3 15'173.98 50'353.82

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

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 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 29'527.6 3.02x 8'315.9 10.73x 4'880.7 16.08x

31.12.2009 31.12.2010 30'764.7 35'166.7 2.94x 2.49x 8'495.3 9'025.1 10.63x 9.71x 5'745.8 4'626.2 13.83x 11.61x Profitability

LTM-4Q 31.12.2011 38'851.3 2.46x 9'468.3 10.11x 4'728.4 12.57x

31.12.2012 21'494.0 5.06x 579.0 37.64x 1'894.00 8.81% 1.42% 1.60% 3.58% 0.41% 54.3% 9.5% 2.7% 2.36 1.72 30.45% 76.63% 4.06 3.22

Price/ Cash Flow

LTM

06/yy 30'790.6 12.91x 7'071.8 15.52x 4'888.9 19.79x

06/yy 21'720.9 4.95x 2'098.9 0.00x 837.7 22.11x

FY+1

.0 M s-13

3.91 0.76 1'548.97 11.39 2.28% 7.46% 0.759 26 3.846 2'734'103 2'048'684 2'023'911 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 22'104.3 23'299.4 5'435.1 5'792.0 2.43x 2.25x 9.96x 9.25x 5'032.1 5'511.0 1'062.7 1'238.0 10.01x 9.14x 11.77x 11.49x 3'174.9 3'515.7 813.2 958.8 16.58x 14.92x 15.68x 15.34x S&P Issuer Ratings

26.10.2012 A+ STABLE 26.10.2012 A-1+ 76.6% 43.3% 0.41 3.19 89.96 113.21 50.43 199.80

Sales/Revenue/Turnover

7.00

45'000.0

6.00

40'000.0 35'000.0

5.00

30'000.0

4.00

25'000.0

3.00

20'000.0 15'000.0

2.00

10'000.0

1.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Abbott Laboratories Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP BANK OF NEW YORK MEL NORTHERN TRUST CORPO JENNISON ASSOCIATES GRANTHAM MAYO VAN OT WELLS FARGO & COMPAN SUN LIFE FINANCIAL I STATE FARM MUTUAL AU MONTAG & CALDWELL IN GOLDMAN SACHS GROUP FMR LLC SOUTHEASTERN ASSET M WELLINGTON MANAGEMEN CAPITAL GROUP COMPAN NORGES BANK BANK OF AMERICA CORP PRIMECAP MANAGEMENT UBS AG

Firm Name JPMorgan Sanford C. Bernstein & Co Morgan Stanley Wells Fargo Securities, LLC BMO Capital Markets RBC Capital Markets Leerink Swann & Co Edward Jones Jefferies Stifel Goldman Sachs Barclays Deutsche Bank Cowen and Company William Blair & Co Argus Research Corp Ameriprise Advisor Services, Inc Spin-Off Research Credit Suisse Hilliard Lyons Raymond James S&P Capital IQ Gabelli & Co Atlantic Equities LLP First Global Stockbroking

Portfolio Name n/a n/a n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO JENNISON ASSOCIATES GRANTHAM MAYO VAN OT n/a n/a STATE FARM MUTUAL AU MONTAG & CALDWELL IN n/a n/a SOUTHEASTERN ASSET M WELLINGTON MANAGEMEN n/a NORGES BANK BANK OF AMERICA PRIMECAP MANAGEMENT n/a

Analyst MICHAEL N WEINSTEIN DERRICK SUNG STEVE BEUCHAW LAWRENCE BIEGELSEN JOANNE K WUENSCH GLENN J NOVARRO DANIELLE ANTALFFY JEFF WINDAU JEFFREY HOLFORD FREDERICK A WISE DAVID H ROMAN MATTHEW TAYLOR KRISTEN M STEWART JOSHUA JENNINGS BENJAMIN C ANDREW DAVID H TOUNG E EUGENE ROBINSON TEAM COVERAGE BRUCE NUDELL STEPHEN A O'NEIL JAYSON BEDFORD JEFFREY LOO JENNIE TSAI STEPHAN B GASTEYGER KAVITA THOMAS

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

Recommendation neutral market perform Equalwt/In-Line outperform outperform outperform market perform buy buy buy Buy/Neutral equalweight hold outperform outperform hold buy hold neutral long-term buy market perform hold buy neutral long-term outperform

Amt Held 101'171'878 93'136'079 67'765'923 29'661'490 25'577'074 18'950'985 17'586'829 16'643'116 15'536'052 15'198'300 14'925'658 14'885'546 14'775'648 14'418'305 14'167'372 13'609'140 12'625'176 12'126'007 11'825'547 11'645'890

% Out 6.51 5.99 4.36 1.91 1.65 1.22 1.13 1.07 1 0.98 0.96 0.96 0.95 0.93 0.91 0.88 0.81 0.78 0.76 0.75

Weighting

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

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

Latest Chg 3'604'868 1'329'436 586'590 (254'246) 105'320 5'526'254 3'101'394 217'295 13'591 137'300 1'213'981 (353'589) (6'434'696) (136'373) (1'736'342) (9'359'000) (268'617) 141'800 (2'469'877)

Target Price 36 36 #N/A N/A #N/A N/A 40 42 37 #N/A N/A 44 44 41 37 35 41 #N/A N/A #N/A N/A #N/A N/A 40 40 40 #N/A N/A 40 #N/A N/A 36 #N/A N/A

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

File Dt 25.09.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013

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

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

Date 27.09.2013 25.09.2013 24.09.2013 24.09.2013 23.09.2013 16.09.2013 16.09.2013 13.09.2013 10.09.2013 09.09.2013 30.08.2013 15.08.2013 12.08.2013 06.08.2013 05.08.2013 19.07.2013 19.07.2013 18.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 26.04.2012

27.09.2013

Accenture PLC Accenture PLC provides management and technology consulting services and solutions. The Company delivers a range of specialized capabilities and solutions to clients across all industries on a worldwide basis. Accenture's network of businesses provides consulting, technology, outsourcing, and alliances.

Price/Volume 90

6.0 M

5.0 M

70 60

4.0 M

08/2013 08/yy 84.22 64.30 603'072.00 73.51 -12.81% 14.32% 58.08% 644.8 50'505.52 25.60 0.0 467.6 5'634.41 45'364.35

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

2.0 M

1.0 M

10 0 s-12

31.08.2010 31.08.2011 23'094.1 27'352.9 0.90x 1.19x 3'399.1 3'985.2 6.14x 8.16x 1'780.7 2'277.7 13.72x 15.75x Profitability

LTM-4Q 31.08.2012 29'778.0 1.19x 4'466.8 7.95x 2'553.5 16.03x

31.08.2013 30'394.3 1.44x 4'659.7 9.41x 3'281.9 15.43x 4'659.67 4'066.64 13.38% 14.28% 19.57% 72.08% 70.77% 1.81% 30.9% 15.3% 13.4% 10.8% 1.45 1.10 0.15% 0.52% 9.48 30.02

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

LTM

08/yy 29'778.0 4.74x 4'466.8 7.95x 2'553.5 16.03x

08/yy 30'394.3 5.94x 4'659.7 9.41x 3'281.9 16.15x

FY+1

.0 M s-13

2.20 1.06 642.37 9.48 14.94% 11.70% 1.056 29 4.000 1'025'742 765'111 873'872 FY+2

FQ+1

FQ+2

08/14 Y 08/15 Y 11/13 Q1 02/14 Q2 29'528.0 31'300.9 7'267.2 7'285.6 1.49x 1.39x 6.33x 6.18x 4'847.2 5'143.6 1'208.8 1'122.7 9.36x 8.82x 9.37x 9.19x 3'081.9 3'311.6 762.3 716.0 16.38x 14.96x 16.37x 16.00x S&P Issuer Ratings

22.01.2002 A+ STABLE 332.00 305.67 -1.20 0.01 0.5% 0.5% 1.81 38.99 38.51 12.16 17.36 33.31

Sales/Revenue/Turnover

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 03.09.2010

o-12

Fiscal Year Ended 31.08.2009 23'171.0 0.85x 3'391.7 5.79x 1'590.0 12.48x

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ACN UN EQUITY YTD Change ACN UN EQUITY YTD % CHANGE

0.0 03.03.2011

03.09.2011

03.03.2012

03.09.2012

03.03.2013

03.09.2013

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

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

27.09.2013

Accenture PLC Holdings By:

All

Holder Name SUN LIFE FINANCIAL I CAPITAL GROUP COMPAN VANGUARD GROUP INC BLACKROCK FMR LLC STATE STREET CORP MORGAN STANLEY BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN NORTHERN TRUST CORPO THORNBURG INVESTMENT FIDUCIARY MANAGEMENT LANSDOWNE PARTNERS L AMERIPRISE FINANCIAL WELLS FARGO & COMPAN BROWN ADVISORY INC LONGVIEW PARTNERS (G BANK OF AMERICA CORP MARSICO CAPITAL MANA

Firm Name BMO Capital Markets Societe Generale Morgan Stanley JPMorgan Janney Montgomery Scott LLC Stifel Cowen and Company Susquehanna Financial Group Atlantic Equities LLP Deutsche Bank Credit Suisse Jefferies Raymond James Evercore Partners Wells Fargo Securities, LLC Sanford C. Bernstein & Co Barclays UBS Robert W. Baird & Co Edward Jones Argus Research Corp EVA Dimensions Goldman Sachs BNP Paribas Equity Research Berenberg Bank S&P Capital IQ

Portfolio Name n/a n/a n/a n/a n/a n/a n/a BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN NORTHERN TRUST CORPO THORNBURG INVESTMENT FIDUCIARY MANAGEMENT LANSDOWNE PARTNERS L AMERIPRISE FINANCIAL n/a n/a LONGVIEW PARTNERS (G BANK OF AMERICA MARSICO CAPITAL MANA

Analyst KEITH F BACHMAN RICHARD NGUYEN KATHRYN HUBERTY TIEN-TSIN HUANG JOSEPH D FORESI DAVID M GROSSMAN MOSHE KATRI JAMES E FRIEDMAN CHRISTOPHER HICKEY BRYAN KEANE GEORGE MIHALOS JASON KUPFERBERG BRIAN GESUALE DAVID M TOGUT EDWARD S CASO JR RODERICK BOURGEOIS DARRIN D PELLER STEVEN M MILUNOVICH DAVID J KONING JOSH OLSON JAMES KELLEHER ANDREW S ZAMFOTIS JULIO C QUINTEROS JR ARVIND RAMNANI DAUD KHAN DYLAN CATHERS

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

Recommendation market perform sell Overwt/In-Line overweight buy buy outperform Positive overweight buy neutral hold market perform overweight outperform outperform equalweight neutral outperform hold hold buy Buy/Neutral hold hold hold

Amt Held 42'935'093 38'237'100 31'356'535 30'588'438 27'100'933 25'652'092 17'126'366 15'866'546 14'524'541 13'235'714 11'220'676 9'884'643 8'743'138 8'091'687 7'835'245 7'570'198 6'891'793 6'242'350 5'880'025 5'767'422

% Out 6.66 5.93 4.86 4.74 4.2 3.98 2.66 2.46 2.25 2.05 1.74 1.53 1.36 1.25 1.22 1.17 1.07 0.97 0.91 0.89

Weighting

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

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

Latest Chg 672'205 4'584'374 1'282'147 (603'991) (1'937'434) 620'208 (2'565'461) (536'076) (2'590'111) (725'400) 161'906 (1'582'517) 178'141 (1'017'039) 414'855 (210'985) 211'548 (1'426) 1'251'917 1'380'363

Target Price 77 70 86 83 82 86 92 85 85 82 75 71 #N/A N/A 85 #N/A N/A 88 80 80 86 #N/A N/A #N/A N/A #N/A N/A 85 75 69 85

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

File Dt Inst Type 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Unclassified 25.09.2013 Investment Advisor 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 24.09.2013 23.09.2013 23.09.2013 05.09.2013 02.07.2013 01.07.2013 28.06.2013 28.06.2013 28.06.2013 30.05.2013

27.09.2013

American Electric Power Co Inc American Electric Power Company, Inc.(AEP)is a public utility holding company. The Company provides electric service, consisting of generation, transmission and distribution, on an integrated basis to their retail customers. AEP serves portions of the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia.

Price/Volume

2.0 M 1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (01.05.2013) 52-Week Low (21.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AEP UN EQUITY YTD Change AEP UN EQUITY YTD % CHANGE

12/2012 06/yy 51.59 40.57 111'026.00 43.46 -15.78% 7.12% 27.86% 486.8 21'155.14 18'738.00 0.0 0.0 603.00 39'896.14

1.0 M

.5 M

10 0 s-12

31.12.2009 31.12.2010 13'489.0 14'427.0 2.48x 2.41x 4'431.0 4'443.0 7.55x 7.83x 1'360.0 1'214.0 11.71x 12.96x Profitability

LTM-4Q 31.12.2011 15'116.0 2.49x 4'713.0 7.98x 1'946.0 12.02x

31.12.2012 14'945.0 2.60x 4'874.0 7.97x 1'259.0 13.82x 4'874.00 2'956.00 19.78% 12.49% 2.23% 7.92% 5.61% 0.28% 64.7% 31.7% 19.2% 8.4% 0.67 0.36 34.47% 122.98% 16.79 3.56

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 14'953.0 9.82x 4'717.0 7.90x 1'991.0 12.66x

f-13 m-13

06/yy 15'177.0 10.58x 4'815.0 8.42x 1'209.0 14.72x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

4.37 0.75 486.67 5.52 3.44% 5.03% 0.751 24 4.000 907'655 829'220 816'807 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 15'846.9 16'104.6 4'576.3 3'709.7 2.50x 2.50x 8.65x 10.68x 4'776.9 4'925.9 1'431.3 886.0 8.36x 8.10x 8.46x 8.43x 1'532.8 1'623.0 524.3 257.3 13.83x 13.14x 13.39x 13.37x S&P Issuer Ratings

07.03.2003 BBB STABLE 07.03.2003 A-2 4.93 1.67 3.89 3.98 123.0% 55.2% 0.28 21.74 102.47 62.31 67.56

Sales/Revenue/Turnover

8.00

16'000.0

7.00

14'000.0

6.00

12'000.0

5.00

10'000.0

4.00

8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 01.01.2010

o-12

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

2.5 M

50 40

Valuation Analysis

31.12.2008 14'440.0 2.18x 4'087.0 7.70x 1'383.0 9.82x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

American Electric Power Co Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP FRANKLIN RESOURCES ALLIANZ ASSET MANAGE FMR LLC SUN LIFE FINANCIAL I NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA AMERIPRISE FINANCIAL BANK OF NEW YORK MEL LSV ASSET MANAGEMENT AJO, LP INVESCO LTD MORGAN STANLEY JANUS CAPITAL MANAGE NORGES BANK EATON VANCE MANAGEME JP MORGAN ROBECO

Firm Name SunTrust Robinson Humphrey Sanford C. Bernstein & Co Wells Fargo Securities, LLC Wolfe Research ISI Group BGC Partners Macquarie RBC Capital Markets UBS Edward Jones BMO Capital Markets Goldman Sachs Morgan Stanley Credit Suisse Jefferies Argus Research Corp Deutsche Bank JPMorgan Hilliard Lyons Barclays KeyBanc Capital Markets EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA AMERIPRISE FINANCIAL BANK OF NEW YORK MEL LSV ASSET MANAGEMENT AJO, LP n/a n/a n/a NORGES BANK EATON VANCE MANAGEME n/a n/a

Analyst ALI AGHA HUGH WYNNE NEIL A KALTON STEVEN I FLEISHMAN GREG GORDON KIT KONOLIGE ANGIE STOROZYNSKI SHELBY G TUCKER JULIEN DUMOULIN-SMITH ANDREW B SMITH MICHAEL S WORMS MICHAEL J LAPIDES STEPHEN C BYRD DANIEL EGGERS PAUL B FREMONT MICHAEL BURKE JONATHAN ARNOLD CHRISTOPHER TURNURE DAVID B BURKS DANIEL F FORD PAUL T RIDZON AUSTIN BURKETT

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

Recommendation buy market perform outperform outperform buy buy neutral sector perform neutral hold market perform neutral/neutral Equalwt/In-Line outperform buy buy hold neutral buy overweight buy hold

Amt Held 39'284'046 24'799'528 24'593'207 15'383'218 10'937'063 7'383'633 6'816'651 6'560'194 6'087'284 5'712'676 5'475'587 5'078'836 4'895'200 4'681'895 4'320'946 3'975'000 3'705'639 3'666'397 3'598'952 3'483'118

% Out 8.07 5.09 5.05 3.16 2.25 1.52 1.4 1.35 1.25 1.17 1.12 1.04 1.01 0.96 0.89 0.82 0.76 0.75 0.74 0.72

Weighting

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

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

Latest Chg 5'624'858 956'586 (24'062) (4'880'462) 3'172'930 (2'448'092) 1'102'466 76'233 (571'719) 882'331 149 (35'050) 1'595'400 24'465 172'717 1'937'100 (763'181) 480'774 (858'463)

Target Price 48 50 #N/A N/A 51 48 53 48 49 45 #N/A N/A 48 44 47 53 53 52 49 51 51 52 52 #N/A N/A

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

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

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

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

Date 23.09.2013 23.09.2013 23.09.2013 23.09.2013 19.09.2013 16.09.2013 03.09.2013 30.08.2013 22.08.2013 21.08.2013 20.08.2013 16.08.2013 15.08.2013 01.08.2013 01.08.2013 31.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 22.04.2013 05.03.2013

27.09.2013

American International Group Inc American International Group, Inc. is an international insurance organization serving commercial, institutional and individual customers. AIG provides property-casualty insurance, life insurance and retirement services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.09.2013) 52-Week Low (14.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AIG UN EQUITY YTD Change AIG UN EQUITY YTD % CHANGE

12/2012 06/yy 50.99 30.64 393'484.00 49.14 -3.67% 60.38% 92.43% 1'476.4 72'547.88 48'500.00 0.0 1'001.0 1'151.00 114'171.88

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

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 6'896.0 38.32x (99'289.0) -

31.12.2009 31.12.2010 75'352.0 77'526.0 3.38x 2.92x (10'949.0) 7'786.0 Profitability

LTM-4Q 31.12.2011 59'812.0 2.13x 20'622.0 33.29x

31.12.2012 65'656.0 1.53x 3'438.0 8.98x 17.75% 14.20% 0.52% 2.80% 3.11% 0.12% 5.2% 8.84% 49.49% -

Price/ Cash Flow

LTM

06/yy 62'813.0 8.20x 0.0 0.00x 23'029.0 18.11x

06/yy 66'705.0 6.48x 0.0 0.00x 2'835.0 12.23x

FY+1

.0 M s-13

0.00 1.49 1'474.52 21.85 48.31% 39.49% 1.493 25 4.120 2'473'694 1'848'790 2'204'004 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 49'775.0 51'238.3 13'175.5 13'335.5 6'693.9 6'210.4 1'316.3 1'367.2 11.57x 11.43x 12.55x 12.08x S&P Issuer Ratings

02.03.2009 ANEG 14.01.2011 A-2 49.5% 32.9% 0.12 -

Sales/Revenue/Turnover

25.00

120'000.0 100'000.0

20.00

80'000.0 15.00

60'000.0 10.00

40'000.0

5.00

0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

American International Group Inc Holdings By:

All

Holder Name FAIRHOLME CAPITAL MA BLACKROCK VANGUARD GROUP INC STATE STREET CORP WELLINGTON MANAGEMEN FRANKLIN RESOURCES HARRIS ASSOCIATES LP ORBIS HOLDINGS LIMIT CAPITAL GROUP COMPAN BANK OF NEW YORK MEL NORTHERN TRUST CORPO WADDELL & REED FINAN MACKENZIE FINANCIAL STARR INTERNATIONAL HOTCHKIS & WILEY CAP NORGES BANK FMR LLC CARMIGNAC GESTION JP MORGAN PERRY CORP

Firm Name Nomura Portales Partners FBR Capital Markets Guggenheim Securities LLC Sanford C. Bernstein & Co William Blair & Co Argus Research Corp Drexel Hamilton LLC Keefe, Bruyette & Woods Sandler O'Neill & Partners, LP S&P Capital IQ Deutsche Bank BMO Capital Markets Sterne, Agee & Leach Janney Montgomery Scott LLC Morgan Stanley Goldman Sachs UBS JPMorgan Macquarie Wells Fargo Securities, LLC Barclays Evercore Partners Credit Suisse EVA Dimensions

Portfolio Name FAIRHOLME CAPITAL MA n/a n/a n/a WELLINGTON MANAGEMEN n/a HARRIS ASSOC LP ORBIS HOLDINGS LIMIT n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a MACKENZIE FINANCIAL STARR INTERNATIONAL HOTCHKIS AND WILEY NORGES BANK n/a CARMIGNAC GESTION n/a PERRY CORPORATION

Analyst CLIFFORD H GALLANT III NINA GUPTA RANDY BINNER BIJAN MOAZAMI JOSH STIRLING ADAM KLAUBER JOHN M EADE GLORIA L VOGEL MEYER SHIELDS J PAUL NEWSOME CATHY SEIFERT JOSHUA D SHANKER CHARLES J SEBASKI JOHN M NADEL LARRY GREENBERG GREGORY W LOCRAFT MICHAEL S NANNIZZI BRIAN MEREDITH JIMMY S BHULLAR AMIT KUMAR JOHN A HALL JAY H GELB MARK FINKELSTEIN THOMAS GALLAGHER AUSTIN BURKETT

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

Recommendation neutral outperform outperform neutral outperform outperform buy buy market perform buy buy buy outperform neutral neutral Equalwt/In-Line neutral/neutral neutral neutral outperform market perform overweight equalweight restricted overweight

Amt Held 86'148'865 84'190'233 66'759'571 62'161'426 43'429'429 31'627'087 26'475'244 22'203'948 21'800'081 19'464'525 17'662'268 17'089'155 15'737'474 15'463'715 15'396'372 15'353'972 15'323'580 13'344'650 12'008'342 11'745'789

% Out 5.84 5.7 4.52 4.21 2.94 2.14 1.79 1.5 1.48 1.32 1.2 1.16 1.07 1.05 1.04 1.04 1.04 0.9 0.81 0.8

Weighting

Change

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

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

Latest Chg 248'788 5'671'040 2'625'102 (422'800) (10'385'007) (409'145) 938'943 (3'419'419) 4'966'436 512'410 420'076 (124'650) 457'142 950'362 (1'974'762) 2'425'905 13'344'650 1'902'649 (1'411'471)

Target Price 49 #N/A N/A 55 54 60 #N/A N/A 55 55 46 55 58 56 55 50 #N/A N/A #N/A N/A 49 48 49 57 #N/A N/A 56 50 #N/A N/A #N/A N/A

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

File Dt Inst Type 30.06.2013 Investment Advisor 25.09.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Hedge Fund Manager

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

Date 20.09.2013 20.09.2013 19.09.2013 17.09.2013 16.09.2013 12.09.2013 05.09.2013 31.08.2013 30.08.2013 26.08.2013 26.08.2013 12.08.2013 07.08.2013 07.08.2013 06.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 05.04.2013 15.01.2013

27.09.2013

Allstate Corp/The The Allstate Corporation, through its subsidiaries, provides property-liability insurance, as well as other types of insurance in the United States and Canada. The Company primarily sells private passenger automobile and homeowners insurance through independent and specialized brokers. Allstate also sells life insurance, annuity, and group pension products through agents.

Price/Volume

3.0 M 2.5 M 2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (02.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALL UN EQUITY YTD Change ALL UN EQUITY YTD % CHANGE

12/2012 06/yy 52.98 37.92 79'843.00 51.05 -3.62% 34.63% 89.18% 463.4 23'658.99 6'307.00 0.0 0.0 806.00 29'277.99

1.5 M

1.0 M

.5 M

0 s-12

31.12.2009 31.12.2010 32'013.0 31'400.0 0.67x 0.71x 854.0 928.0 8.26x 11.23x Profitability

LTM-4Q 31.12.2011 32'654.0 0.59x 787.0 20.83x

31.12.2012 33'315.0 0.74x 2'306.0 9.12x 11.09% 9.92% 1.83% 11.57% 9.84% 0.27% 6.9% 4.97% 30.65% -

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 33'118.0 2.43x 0.0 0.00x 2'076.0 8.89x

f-13 m-13

06/yy 33'925.0 3.12x 0.0 0.00x 2'260.0 10.44x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

1.84 0.99 455.31 4.33 31.12% 29.11% 0.991 31 4.226 851'829 645'038 685'033 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 33'900.3 34'161.7 8'359.6 8'419.6 0.91x 0.87x 2'243.2 2'270.8 493.3 586.9 10.48x 9.86x 10.33x 10.28x S&P Issuer Ratings

ASTABLE 30.6% 23.5% 0.27 -

Sales/Revenue/Turnover

10.00

40'000.0

9.00

35'000.0

8.00

30'000.0

7.00

25'000.0

6.00 5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 01.01.2010

o-12

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

3.5 M

50 40

Valuation Analysis

31.12.2008 29'394.0 0.78x (1'679.0) 10.17x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Allstate Corp/The Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC T ROWE PRICE ASSOCIA STATE STREET CORP CAPITAL GROUP COMPAN ALLIANZ ASSET MANAGE INVESCO LTD HOTCHKIS & WILEY CAP ARTISAN PARTNERS HOL VIKING GLOBAL INVEST NORTHERN TRUST CORPO NORTHERN TRUST CORPO LSV ASSET MANAGEMENT MACQUARIE GROUP BANK OF NEW YORK MEL LORD ABBETT & CO LLC CITADEL ADVISORS LLC DISCOVERY CAPITAL MA AMERIPRISE FINANCIAL AJO, LP

Firm Name Keefe, Bruyette & Woods Nomura Portales Partners Credit Suisse Janney Montgomery Scott LLC FBR Capital Markets MKM Partners Guggenheim Securities LLC Sanford C. Bernstein & Co William Blair & Co Wells Fargo Securities, LLC Sandler O'Neill & Partners, LP Drexel Hamilton LLC Edward Jones Argus Research Corp Raymond James Ameriprise Advisor Services, Inc Evercore Partners Deutsche Bank Morgan Stanley UBS RBC Capital Markets SunTrust Robinson Humphrey Sterne, Agee & Leach JMP Securities Barclays Macquarie Goldman Sachs EVA Dimensions S&P Capital IQ

Portfolio Name n/a n/a T ROWE PRICE ASSOCIA n/a n/a n/a n/a HOTCHKIS AND WILEY ARTISAN PARTNERS LP VIKING GLOBAL INVEST n/a NORTHERN TRUST CORPO LSV ASSET MANAGEMENT n/a BANK OF NEW YORK MEL LORD ABBETT & CO LLC CITADEL ADVISORS LLC DISCOVERY CAPITAL MA AMERIPRISE FINANCIAL AJO, LP

Analyst MEYER SHIELDS CLIFFORD H GALLANT III NINA GUPTA MICHAEL ZAREMSKI ROBERT GLASSPIEGEL RANDY BINNER HARRY FONG BIJAN MOAZAMI JOSH STIRLING ADAM KLAUBER JOHN A HALL J PAUL NEWSOME GLORIA L VOGEL JIM SHANAHAN JOHN M EADE C GREGORY PETERS LORI WILKING VINAY MISQUITH JOSHUA D SHANKER GREGORY W LOCRAFT BRIAN MEREDITH MARK A DWELLE MARK D HUGHES DANIEL FARRELL MATTHEW J CARLETTI JAY H GELB AMIT KUMAR MICHAEL S NANNIZZI AUSTIN BURKETT CATHY SEIFERT

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

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

Amt Held 29'559'809 22'027'232 21'607'781 20'761'018 17'890'250 13'112'181 10'120'007 7'675'447 7'368'221 7'284'400 7'163'891 7'159'682 6'538'368 6'297'100 6'173'931 5'436'559 4'238'119 4'225'035 4'111'749 3'908'300

% Out 6.38 4.75 4.66 4.48 3.86 2.83 2.18 1.66 1.59 1.57 1.55 1.54 1.41 1.36 1.33 1.17 0.91 0.91 0.89 0.84

Weighting

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

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

Latest Chg 5'636'515 (113'723) (440'930) 504'369 (1'898'107) 4'886'611 (1'139'630) 62'684 80'047 2'683'000 (91'838) 71'090 564'304 24'620 673'432 (2'227'892) 287'185 (3'100'117) (984'700)

Target Price 54 54 #N/A N/A 62 #N/A N/A 50 60 63 55 #N/A N/A #N/A N/A 60 55 #N/A N/A 57 60 #N/A N/A 57 57 #N/A N/A 54 60 55 53 #N/A N/A 59 52 60 #N/A N/A 43

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

File Dt Inst Type 25.09.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 23.09.2013 20.09.2013 20.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 17.09.2013 16.09.2013 16.09.2013 12.09.2013 04.09.2013 31.08.2013 29.08.2013 14.08.2013 12.08.2013 09.08.2013 05.08.2013 04.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 15.07.2013 03.05.2013 15.01.2013 29.11.2012

27.09.2013

Amgen Inc Amgen Inc. is an independent biotechnology medicines company that discovers, develops, manufactures and markets medicines for grievous illnesses. The Company focuses solely on human therapeutics and concentrates on innovating novel medicines based on advances in cellular and molecular biology.

Price/Volume 140

6.0 M

120

5.0 M

100

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.09.2013) 52-Week Low (22.01.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMGN UW EQUITY YTD Change AMGN UW EQUITY YTD % CHANGE

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

2.0 M

1.0 M

20 0 s-12

31.12.2009 31.12.2010 14'642.0 15'053.0 3.65x 3.13x 6'728.0 6'679.0 7.94x 7.05x 4'605.0 4'627.0 12.60x 11.66x Profitability

LTM-4Q 31.12.2011 15'582.0 3.33x 5'372.0 9.66x 3'683.0 13.74x

31.12.2012 17'265.0 3.92x 6'665.0 10.15x 4'345.0 15.07x 6'665.00 5'577.00 32.30% 29.01% 8.75% 23.03% 12.66% 0.34% 83.1% 37.5% 31.2% 25.2% 3.81 3.24 48.86% 139.19% 6.56 1.15

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 16'442.0 12.77x 5'807.0 9.99x 3'838.0 13.63x

f-13 m-13

06/yy 17'657.0 16.38x 6'617.0 11.51x 4'587.0 16.12x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

1.46 0.75 752.47 8.52 37.88% 34.03% 0.751 30 3.933 1'321'858 1'106'856 1'074'509 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 18'243.2 19'023.3 4'579.6 4'741.1 4.78x 4.31x 7'587.3 8'534.3 1'693.0 1'670.5 11.56x 10.28x 5'610.3 6'167.5 1'355.8 1'321.8 15.49x 14.01x 15.49x 14.69x S&P Issuer Ratings

27.08.2013 A STABLE 27.08.2013 A-1 6.18 5.54 0.29 3.61 139.2% 58.2% 0.34 3.29 55.63 317.28 105.58 296.17

Sales/Revenue/Turnover

18.00

20'000.0

16.00

18'000.0

14.00

16'000.0 14'000.0

12.00

12'000.0

10.00 8.00

10'000.0 8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 15'003.0 4.02x 6'287.0 9.59x 4'052.0 12.89x

3.0 M

12/2012 06/yy 117.89 81.56 222'237.00 114.06 -3.25% 39.85% 86.13% 753.4 85'927.80 26'529.00 0.0 0.0 24'061.00 87'824.81

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Amgen Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN FMR LLC BLACKROCK PRIMECAP MANAGEMENT VANGUARD GROUP INC STATE STREET CORP WELLINGTON MANAGEMEN INVESCO LTD NORTHERN TRUST CORPO FRANKLIN RESOURCES BANK OF NEW YORK MEL ROBECO CLEARBRIDGE INVESTME TIAA CREF INVESTMENT T ROWE PRICE ASSOCIA NORGES BANK UBS AG LEGG MASON INC GEODE CAPITAL MANAGE JANUS CAPITAL MANAGE

Firm Name Robert W. Baird & Co Sanford C. Bernstein & Co BMO Capital Markets Edward Jones William Blair & Co Atlantic Equities LLP Cowen and Company Deutsche Bank Barclays UBS Leerink Swann & Co Oppenheimer & Co Credit Suisse JPMorgan Jefferies Independent Research GmbH Stifel ISI Group Guggenheim Securities LLC S&P Capital IQ RBC Capital Markets Brean Capital LLC Argus Research Corp Hamburger Sparkasse Ameriprise Advisor Services, Inc Lazard Capital Markets Goldman Sachs EVA Dimensions First Global Stockbroking Cyrrus

Portfolio Name n/a n/a n/a PRIMECAP MANAGEMENT n/a n/a WELLINGTON MANAGEMEN n/a NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL n/a CLEARBRIDGE INVESTME TIAA-CREF INVESTMENT T ROWE PRICE ASSOCIA NORGES BANK n/a Multiple Portfolios GEODE CAPITAL MANAGE n/a

Analyst CHRISTOPHER J RAYMOND GEOFFREY C PORGES JIM BIRCHENOUGH JUDSON CLARK JOHN S SONNIER RICHARD J PURKISS ERIC SCHMIDT ROBYN KARNAUSKAS CHARLES ANTHONY BUTLER MATTHEW RODEN HOWARD LIANG BORIS PEAKER RAVI MEHROTRA GEOFFREY MEACHAM EUN K YANG CHRISTOPH SCHOENDUBE JOEL D SENDEK MARK J SCHOENEBAUM BRET HOLLEY STEVEN SILVER MICHAEL J YEE GENE MACK JOHN M EADE MARCO GUENTHER E EUGENE ROBINSON JOSHUA SCHIMMER TERENCE FLYNN ANDREW S ZAMFOTIS KAVITA THOMAS TOMAS MENCIK

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

Recommendation neutral market perform market perform hold market perform overweight outperform buy equalweight buy market perform market perform neutral neutral buy hold hold buy neutral buy outperform buy buy sell buy buy buy/attractive buy sector outperform buy

Amt Held 79'707'984 53'549'185 46'438'091 37'348'991 35'624'540 31'700'395 20'075'251 16'927'106 11'739'729 10'401'459 9'952'809 8'822'756 7'670'619 6'885'950 6'395'479 6'263'455 6'032'640 5'328'117 5'316'372 5'306'091

% Out 10.58 7.11 6.16 4.96 4.73 4.21 2.66 2.25 1.56 1.38 1.32 1.17 1.02 0.91 0.85 0.83 0.8 0.71 0.71 0.7

Weighting

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

Latest Chg 2'285'601 (4'912'545) 1'233'795 (2'536'436) 786'664 (856'658) (1'354'298) 562'806 65'259 1'074 654'985 (2'175'754) 405'015 957'211 (1'422'694) (146'059) 37'475 94'826 (304'565)

Target Price 115 128 116 #N/A N/A #N/A N/A 140 121 138 115 124 128 109 120 115 130 119 #N/A N/A 122 108 128 125 119 120 #N/A N/A #N/A N/A 125 130 #N/A N/A #N/A N/A 78

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

File Dt 30.06.2013 30.06.2013 25.09.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 30.06.2013

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

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

Date 25.09.2013 25.09.2013 24.09.2013 20.09.2013 12.09.2013 11.09.2013 06.09.2013 03.09.2013 03.09.2013 02.09.2013 28.08.2013 27.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 25.08.2013 19.08.2013 05.08.2013 05.08.2013 01.08.2013 26.06.2013 01.05.2013 15.01.2013 17.05.2012 05.04.2012

27.09.2013

Amazon.com Inc Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products. Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMZN UW EQUITY YTD Change AMZN UW EQUITY YTD % CHANGE

12/2012 06/yy 320.50 218.23 228'856.00 315.9 -1.37% 44.76% 97.67% 456.9 144'329.50 4'385.00 0.0 0.0 11'448.00 140'599.50

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

3.5 M

300

3.0 M

250

2.5 M

200

2.0 M

150

1.5 M

100

1.0 M

.5 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 19'166.0 0.98x 1'129.0 16.55x 645.0 36.89x

350

31.12.2009 31.12.2010 24'509.0 34'204.0 2.19x 2.15x 1'507.0 1'974.0 35.69x 37.21x 902.0 1'152.0 63.60x 71.15x Profitability

LTM-4Q 31.12.2011 48'077.0 1.49x 1'945.0 36.75x 631.0 126.35x

31.12.2012 61'093.0 1.75x 2'835.0 37.68x (39.0) 2'835.00 676.00 1.11% 0.64% -0.40% -1.26% -1.72% 2.64% 24.8% 5.0% 1.0% -0.1% 1.12 0.78 13.47% 53.53% 27.31 10.09

Price/ Cash Flow

LTM

06/yy 54'326.0 6.43x 2'217.0 44.31x 377.0 342.43x

06/yy 66'848.0 6.83x 3'309.0 37.22x (102.0) 0.00x

FY+1

.0 M s-13

0.00 1.16 370.25 6.83 23.06% 25.79% 1.159 47 4.340 837'417 605'400 660'490 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 74'466.5 90'585.8 16'759.3 25'883.2 1.83x 1.46x 8.40x 5.22x 4'717.0 6'532.3 995.3 1'633.5 29.75x 21.48x 25.85x 24.35x 1'272.6 2'270.0 200.8 607.5 120.99x 62.20x 93.13x 82.74x S&P Issuer Ratings

26.11.2012 AASTABLE 13.06.2007 NR 30.82 -10.33 -1.13 1.13 53.5% 34.9% 2.64 9.63 13.37 36.16 58.04 -33.57

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

01.07.2013

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

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

27.09.2013

Amazon.com Inc Holdings By:

All

Holder Name BEZOS JEFFREY P CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA BLACKROCK VANGUARD GROUP INC FMR LLC STATE STREET CORP BAILLIE GIFFORD AND SANDS CAPITAL MANAGE JENNISON ASSOCIATES INVESCO LTD JP MORGAN MORGAN STANLEY NORTHERN TRUST CORPO BANK OF NEW YORK MEL TORONTO DOMINION BAN UBS AG WELLS FARGO & COMPAN WINSLOW CAPITAL MANA GOLDMAN SACHS GROUP

Firm Name Telsey Advisory Group Cowen and Company Morgan Stanley RBC Capital Markets Sanford C. Bernstein & Co Canaccord Genuity Corp Topeka Capital Markets Inc Stifel Lazard Capital Markets Cantor Fitzgerald CRT Capital Group Wells Fargo Securities, LLC Evercore Partners ISI Group B Riley & Co Piper Jaffray Wedbush Susquehanna Financial Group Tigress Financial Partners Janney Montgomery Scott LLC Pacific Crest Securities Daiwa Securities Co. Ltd. Robert W. Baird & Co EVA Dimensions SunTrust Robinson Humphrey Argus Research Corp Jefferies BMO Capital Markets Deutsche Bank Credit Suisse UBS JPMorgan Needham & Co William Blair & Co Raymond James Macquarie McAdams Wright Ragen Inc Oppenheimer & Co BGC Partners JMP Securities S&P Capital IQ Atlantic Equities LLP Benchmark Company LLC

Portfolio Name n/a n/a T ROWE PRICE ASSOCIA n/a n/a n/a n/a BAILLIE GIFFORD & CO SANDS CAPITAL MANAGE JENNISON ASSOCIATES n/a n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL TORONTO DOMINION BAN n/a n/a WINSLOW CAPITAL MANA n/a

Analyst THOMAS FORTE JOHN BLACKLEDGE DAVID GOBER MARK S MAHANEY CARLOS KIRJNER MICHAEL GRAHAM VICTOR ANTHONY JORDAN ROHAN BRETT FODERO YOUSSEF H SQUALI NEIL A DOSHI MATTHEW NEMER KEN SENA GREGORY MELICH SCOTT TILGHMAN EUGENE E MUNSTER MICHAEL PACHTER BRIAN NOWAK IVAN FEINSETH SHAWN C MILNE CHAD BARTLEY KAZUYA NISHIMURA COLIN SEBASTIAN CRAIG STERLING ROBERT S PECK JOSEPH F BONNER BRIAN J PITZ EDWARD S WILLIAMS ROSS SANDLER STEPHEN JU ERIC J SHERIDAN DOUGLAS ANMUTH KERRY RICE MARK R MILLER AARON M KESSLER BENJAMIN A SCHACHTER DAN GEIMAN JASON S HELFSTEIN COLIN W GILLIS RONALD V JOSEY III MICHAEL SOUERS JAMES CORDWELL DANIEL L KURNOS

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

Recommendation no rating system outperform Overwt/Attractive outperform outperform hold buy buy buy buy buy outperform overweight buy buy overweight neutral Positive buy buy outperform outperform outperform hold buy hold buy market perform buy outperform neutral neutral hold outperform market perform outperform hold outperform hold market perform hold overweight buy

Amt Held 85'970'020 45'352'706 21'178'535 18'938'557 16'981'823 14'986'761 14'486'847 11'767'270 8'359'285 7'121'873 5'678'076 5'575'330 5'458'160 5'221'169 4'509'324 4'250'800 3'799'825 3'455'449 3'357'193 3'153'665

% Out 18.82 9.93 4.64 4.15 3.72 3.28 3.17 2.58 1.83 1.56 1.24 1.22 1.19 1.14 0.99 0.93 0.83 0.76 0.73 0.69

Weighting

Change

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

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

Latest Chg (385'062) 2'859'097 845'001 36'061 548'389 176'070 487'349 (128'099) 123'765 1'121'285 273'669 (582'890) (355'458) 35'116 (156'971) (9'602) (436'407) 99'801 (35'608) 5'237

Target Price 400 347 314 330 375 300 350 335 340 315 350 #N/A N/A 350 340 340 331 330 370 #N/A N/A 310 330 305 325 #N/A N/A 370 #N/A N/A 350 310 335 330 305 285 #N/A N/A #N/A N/A #N/A N/A 325 #N/A N/A 367 245 #N/A N/A 300 325 350

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

File Dt 06.08.2013 31.07.2013 30.06.2013 25.09.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 26.09.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.08.2013

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

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

Date 27.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 25.09.2013 25.09.2013 23.09.2013 23.09.2013 20.09.2013 19.09.2013 19.09.2013 18.09.2013 16.09.2013 13.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 04.09.2013 28.08.2013 20.08.2013 19.08.2013 09.08.2013 06.08.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013

27.09.2013

Apache Corp Apache Corporation is an independent energy company. The Company explores for, develops, and produces natural gas, crude oil, and natural gas liquids. The Company has operations in the United States, Canada, Egypt, Australia, offshore the United Kingdom in the North Sea, and Argentina.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.09.2013) 52-Week Low (22.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance APA UN EQUITY YTD Change APA UN EQUITY YTD % CHANGE

12/2012 06/yy 89.16 67.91 99'331.00 86.77 -2.66% 27.77% 87.44% 389.4 33'790.23 12'345.00 1'227.0 0.0 160.00 47'608.23

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

31.12.2009 31.12.2010 8'573.9 12'183.0 4.40x 4.50x 2'922.8 8'792.0 12.91x 6.24x (284.4) 3'032.0 20.10x 13.32x Profitability

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

LTM-4Q 31.12.2011 16'810.0 2.55x 12'397.0 3.46x 4'584.0 7.53x

31.12.2012 16'947.0 2.61x 12'051.0 3.66x 2'001.0 8.43x 12'051.00 4'942.00 29.16% 28.78% 4.31% 8.28% 6.23% 0.28% 32.3% 69.7% 32.3% 11.8% 0.90 0.59 20.33% 41.01% 6.07 12.63

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 16'990.0 10.27x 12'362.0 3.68x 3'344.0 7.29x

f-13 m-13

06/yy 16'799.0 10.76x 11'703.0 3.97x 2'600.0 9.63x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

0.85 1.42 387.41 7.88 0.84% 11.34% 1.418 36 4.306 772'945 824'531 791'430 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 16'717.2 16'303.0 4'213.4 4'004.6 2.72x 2.80x 11.09x 11.50x 11'532.7 11'201.8 2'872.1 2'742.8 4.12x 4.25x 4.37x 4.42x 3'328.9 3'160.7 825.8 772.2 10.65x 10.92x 11.10x 11.34x S&P Issuer Ratings

26.01.2001 ASTABLE 05.05.2000 A-2 24.15 5.05 1.08 1.09 41.0% 28.3% 0.28 0.32 60.17 28.89 39.65 58.11

Sales/Revenue/Turnover

9.00

18'000.0

8.00

16'000.0

7.00

14'000.0

6.00

12'000.0

5.00

10'000.0

4.00

8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 01.01.2010

3.5 M

Fiscal Year Ended 31.12.2008 12'327.8 2.27x 8'988.1 3.11x 712.0 35.66x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Apache Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK T ROWE PRICE ASSOCIA VANGUARD GROUP INC STATE STREET CORP FRANKLIN RESOURCES FMR LLC DODGE & COX JP MORGAN NORTHERN TRUST CORPO BANK OF NEW YORK MEL ORBIS HOLDINGS LIMIT LAZARD ASSET MANAGEM NWQ INVESTMENT MANAG EAGLE CAPITAL MANAGE SUN LIFE FINANCIAL I INVESCO LTD NORGES BANK GEODE CAPITAL MANAGE MANULIFE ASSET MANAG

Firm Name ISI Group Societe Generale Howard Weil Inc Morgan Stanley Mizuho Securities USA Inc Oppenheimer & Co Sanford C. Bernstein & Co Canaccord Genuity Corp Capital One Southcoast, Inc. Credit Suisse Global Hunter Securities Guggenheim Securities LLC Clarkson Capital Markets LLC UBS FBR Capital Markets Deutsche Bank Raymond James Iberia Capital Partners LLC Argus Research Corp Simmons & Company International Johnson Rice & Co Tudor Pickering & Co RBC Capital Markets Edward Jones JPMorgan Macquarie Stifel Peters & Co Ltd S&P Capital IQ Atlantic Equities LLP Wells Fargo Securities, LLC Susquehanna Financial Group Barclays Goldman Sachs EVA Dimensions Alembic Global Advisors

Portfolio Name n/a n/a T ROWE PRICE ASSOCIA n/a n/a n/a n/a DODGE & COX n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL ORBIS HOLDINGS LIMIT n/a NWQ INVESTMENT MANAG EAGLE CAPITAL MANAGE n/a n/a NORGES BANK GEODE CAPITAL MANAGE MANULIFE ASSET MANAG

Analyst JONATHAN WOLFF JOHN HERRLIN PETER KISSEL J EVAN CALIO JOHN MALONE FADEL GHEIT BOB BRACKETT ROBERT L CHRISTENSEN JR RICHARD TULLIS ARUN JAYARAM CURTIS R TRIMBLE ROBERT CORDRAY BRIAN W FOOTE WILLIAM A FEATHERSTON REHAN RASHID STEPHEN RICHARDSON JOHN FREEMAN ERIC FOX JONATHAN GELCIUS PEARCE W HAMMOND CHARLES MEADE MATTHEW PORTILLO LEO P MARIANI BRIAN YOUNGBERG JOSEPH D ALLMAN JOSEPH MAGNER AMIR ARIF DAN GRAGER MICHAEL KAY BARRY MACCARTHY DAVID R TAMERON DUANE GRUBERT THOMAS R DRISCOLL BRIAN SINGER CRAIG STERLING JAMES J SULLIVAN

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

Recommendation buy buy sector outperform Equalwt/Attractive buy outperform outperform buy add outperform neutral neutral outperform neutral market perform buy outperform sector perform buy overweight overweight accumulate outperform buy restricted neutral hold sector perform strong buy overweight outperform Positive overweight not rated overweight neutral

Amt Held 24'676'898 20'824'327 19'375'067 18'008'095 16'811'833 11'331'362 9'944'469 6'810'800 6'707'053 6'206'650 5'903'996 5'566'272 4'999'291 4'985'605 4'501'262 3'384'500 3'215'705 2'808'677 2'692'420 2'629'429

% Out 6.34 5.35 4.98 4.62 4.32 2.91 2.55 1.75 1.72 1.59 1.52 1.43 1.28 1.28 1.16 0.87 0.83 0.72 0.69 0.68

Weighting

Change

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

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

Latest Chg (2'151'200) (948'145) 1'550'506 323'746 (171'584) 543'847 1'448'005 6'810'800 2'654'511 89'170 919'891 4'200'392 2'461'330 (237'937) (512'334) (332'959) 179'490 49'553 120'042

Target Price 93 100 102 93 100 100 101 113 112 104 98 92 110 90 100 105 100 110 98 119 #N/A N/A 107 99 #N/A N/A #N/A N/A 90 #N/A N/A 90 110 105 #N/A N/A 98 109 #N/A N/A #N/A N/A 92

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

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

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

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 Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor

Date 25.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 20.09.2013 19.09.2013 19.09.2013 18.09.2013 16.09.2013 13.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 09.09.2013 09.09.2013 06.09.2013 05.09.2013 04.09.2013 03.09.2013 03.09.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 29.08.2013 08.08.2013 05.08.2013 18.07.2013 10.05.2013 16.04.2013

27.09.2013

Anadarko Petroleum Corp Anadarko Petroleum Corporation is an independent oil and gas exploration and production company with international operations. In the United States, the Company operates in Texas and surrounding states, the Rocky Mountain region, Alaska, and the Gulf of Mexico. Internationally, Anadarko has exploration and/or production operations in Africa, Asia, South America, and the Caribbean.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.09.2013) 52-Week Low (25.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance APC UN EQUITY YTD Change APC UN EQUITY YTD % CHANGE

12/2012 06/yy 96.75 65.82 89'201.00 94.39 -2.41% 43.41% 92.66% 502.7 47'450.39 13'269.00 0.0 1'253.0 2'471.00 58'212.39

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 s-12

31.12.2009 31.12.2010 8'210.0 10'842.0 4.93x 4.42x 3'234.0 5'557.0 12.51x 8.62x (135.0) 761.0 39.83x Profitability

LTM-4Q 31.12.2011 13'882.0 3.71x 7'579.0 6.79x (2'649.0) 7.48x

31.12.2012 13'307.0 3.70x 6'197.0 7.95x 2'391.0 50.50x 6'197.00 2'233.00 16.78% 26.79% 3.15% 8.08% 5.82% 0.26% 40.8% 55.9% 27.2% 18.0% 1.62 0.94 25.23% 64.32% 11.60 95.23

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 13'536.0 14.17x 6'236.0 7.40x (1'342.0) 13.10x

f-13 m-13

06/yy 13'853.0 14.88x 7'743.0 6.97x 1'713.0 19.49x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

0.38 1.38 501.03 8.09 35.10% 27.53% 1.382 36 4.778 771'764 669'477 713'606 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 14'962.6 16'690.7 3'768.9 4'036.2 3.90x 3.42x 15.54x 14.44x 9'706.4 10'853.3 2'407.9 2'621.9 5.99x 5.35x 5.65x 5.46x 2'270.5 2'712.5 568.4 616.3 21.02x 17.38x 18.87x 17.82x S&P Issuer Ratings

08.09.2006 BBBPOS 15.09.2009 NR 6.44 -1.09 1.19 1.79 64.3% 37.7% 0.26 0.36 31.47 3.83 140.98 -

Sales/Revenue/Turnover

20.00

16'000.0

18.00

14'000.0

16.00

12'000.0

14.00

10'000.0

12.00 10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 14'079.0 1.99x 7'935.0 3.54x 3'260.0 5.69x

120

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Anadarko Petroleum Corp Holdings By:

All

Holder Name WELLINGTON MANAGEMEN BLACKROCK FMR LLC VANGUARD GROUP INC STATE STREET CORP CARMIGNAC GESTION CLEARBRIDGE INVESTME JP MORGAN T ROWE PRICE ASSOCIA INVESCO LTD BANK OF NEW YORK MEL NORTHERN TRUST CORPO NEUBERGER BERMAN LLC AMERIPRISE FINANCIAL CREDIT SUISSE AG NORGES BANK MASON CAPITAL MANAGE DIMENSIONAL FUND ADV JENNISON ASSOCIATES HIGHFIELDS CAPITAL M

Firm Name Wells Fargo Securities, LLC ISI Group Howard Weil Inc Morgan Stanley Canaccord Genuity Corp Oppenheimer & Co Mizuho Securities USA Inc Sanford C. Bernstein & Co Capital One Southcoast, Inc. Jefferies Iberia Capital Partners LLC Guggenheim Securities LLC FBR Capital Markets Raymond James Tudor Pickering & Co KLR Group Macquarie Societe Generale Deutsche Bank RBC Capital Markets Johnson Rice & Co Stifel Global Hunter Securities Simmons & Company International Credit Suisse Spin-Off Research Barclays S&P Capital IQ EVA Dimensions JPMorgan Argus Research Corp Goldman Sachs Alembic Global Advisors UBS

Portfolio Name WELLINGTON MANAGEMEN n/a n/a n/a n/a CARMIGNAC GESTION CLEARBRIDGE INVESTME n/a T ROWE PRICE ASSOCIA n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO NEUBERGER BERMAN GRO AMERIPRISE FINANCIAL n/a NORGES BANK MASON CAPITAL MANAGE n/a JENNISON ASSOCIATES HIGHFIELDS CAPITAL M

Analyst DAVID R TAMERON JONATHAN WOLFF PETER KISSEL J EVAN CALIO ROBERT L CHRISTENSEN JR FADEL GHEIT JOHN MALONE BOB BRACKETT RICHARD TULLIS SUBASH CHANDRA ERIC FOX ROBERT CORDRAY REHAN RASHID ANDREW COLEMAN MATTHEW PORTILLO JOHN J GERDES JOSEPH MAGNER JOHN HERRLIN STEPHEN RICHARDSON SCOTT HANOLD CHARLES MEADE AMIR ARIF CURTIS R TRIMBLE DAVID W KISTLER ARUN JAYARAM TEAM COVERAGE THOMAS R DRISCOLL MICHAEL KAY CRAIG STERLING JOSEPH D ALLMAN JONATHAN GELCIUS BRIAN SINGER JAMES J SULLIVAN WILLIAM A FEATHERSTON

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

Recommendation outperform strong buy focus list Overwt/Attractive buy outperform buy outperform strong buy buy outperform buy market perform outperform buy buy outperform buy buy outperform overweight buy buy overweight outperform neutral overweight buy overweight neutral hold buy/attractive overweight buy

Amt Held 32'091'418 31'191'043 29'323'664 24'164'824 21'634'868 13'700'787 13'429'255 10'985'255 9'147'449 8'886'133 7'555'133 6'900'143 6'303'905 6'201'226 6'027'364 5'375'346 5'072'020 4'855'228 4'664'668 4'624'966

% Out 6.38 6.2 5.83 4.81 4.3 2.73 2.67 2.19 1.82 1.77 1.5 1.37 1.25 1.23 1.2 1.07 1.01 0.97 0.93 0.92

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 3 3 5 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 U M M M M M

Latest Chg (1'430'826) (449'088) (1'111'568) 1'504'088 (55'921) (1'914'813) 378'406 1'105'605 (1'054'308) 258'687 (229'685) 70'696 (61'416) 327'948 1'409'922 1'989'624 35'627 (488'067) (1'077'503)

Target Price #N/A N/A 112 117 108 118 110 110 105 140 111 112 122 90 105 133 126 111 103 115 100 #N/A N/A 98 130 125 109 90 102 103 #N/A N/A 102 #N/A N/A 112 108 105

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

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

Date Not Provided 12 month Not Provided 12 month 12 month 18 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 3 month Not Provided 12 month 12 month 12 month

Date 26.09.2013 25.09.2013 24.09.2013 23.09.2013 23.09.2013 20.09.2013 20.09.2013 19.09.2013 17.09.2013 16.09.2013 16.09.2013 12.09.2013 11.09.2013 09.09.2013 03.09.2013 03.09.2013 30.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 15.08.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 24.07.2013 20.05.2013 07.05.2013 16.04.2013 19.03.2013

27.09.2013

American Express Co American Express Company is a global payment and travel company. The Company's principal products and services are charge and credit payment card products and travel-related services offered to consumers and businesses around the world.

Price/Volume 90

7.0 M

6.0 M

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.07.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AXP UN EQUITY YTD Change AXP UN EQUITY YTD % CHANGE

12/2012 06/yy 78.62 53.02 135'320.00 75.74 -3.64% 42.85% 91.02% 1'078.9 81'713.12 62'287.00 0.0 0.0 22'250.00 114'220.12

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

4.0 M

3.0 M

2.0 M

1.0 M

10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 31'920.0 2.19x 7'848.0 8.92x 2'699.0 6.82x

31.12.2009 31.12.2010 26'730.0 30'005.0 3.23x 3.49x 5'100.0 9'417.0 16.94x 11.13x 2'130.0 4'057.0 40.37x 12.58x Profitability

LTM-4Q 31.12.2011 32'282.0 2.88x 10'243.0 9.08x 4'935.0 11.46x

31.12.2012 33'808.0 3.06x 10'563.0 9.80x 4'482.0 13.06x 10'563.00 23.26% 19.08% 3.05% 23.64% 5.96% 0.23% 31.2% 13.3% 40.67% 329.81% -

Price/ Cash Flow

LTM

06/yy 33'139.0 11.79x 11'012.0 9.42x 5'022.0 13.58x

06/yy 34'242.0 12.32x 10'692.0 10.62x 4'572.0 16.25x

FY+1

.0 M s-13

1.10 1.03 1'075.79 10.48 35.63% 33.02% 1.029 33 3.364 1'881'594 952'494 1'098'628 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 32'905.7 34'764.5 8'215.5 8'540.1 4.16x 3.99x 5'316.5 5'596.0 1'326.3 1'335.0 15.57x 14.17x 14.99x 14.59x S&P Issuer Ratings

30.04.2009 BBB+ STABLE 30.04.2009 A-2 3.04 5.20 329.8% 76.7% 0.23 9.57 -

Sales/Revenue/Turnover

12.00

40'000.0 35'000.0

10.00

30'000.0 8.00

25'000.0 20'000.0

6.00

15'000.0

4.00

10'000.0 2.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

American Express Co Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET CORP DAVIS SELECTED ADVIS T ROWE PRICE ASSOCIA FMR LLC BARROW HANLEY MEWHIN NORTHERN TRUST CORPO SUN LIFE FINANCIAL I BANK OF NEW YORK MEL FISHER INVESTMENTS I FIRST EAGLE INVESTME TIAA CREF INVESTMENT WELLS FARGO & COMPAN GOLDMAN SACHS GROUP NORGES BANK EGERTON CAPITAL LIMI BANK OF AMERICA CORP

Firm Name Buckingham Research Group Oppenheimer & Co Janney Montgomery Scott LLC Morgan Stanley Susquehanna Financial Group Goldman Sachs RBC Capital Markets Evercore Partners Keefe, Bruyette & Woods Sandler O'Neill & Partners, LP Nomura Jefferies Edward Jones Drexel Hamilton LLC Daiwa Securities Co. Ltd. Guggenheim Securities LLC S&P Capital IQ Barclays Credit Suisse Sanford C. Bernstein & Co Stifel William Blair & Co Argus Research Corp JPMorgan FBR Capital Markets Portales Partners Wells Fargo Securities, LLC Piper Jaffray Sterne, Agee & Leach EVA Dimensions Meredith Whitney Advisory Group

Portfolio Name n/a n/a n/a n/a n/a DAVIS SELECTED ADVIS T ROWE PRICE ASSOCIA n/a BARROW HANLEY MEWHIN NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL FISHER INVESTMENTS FIRST EAGLE INVESTME TIAA-CREF INVESTMENT n/a n/a NORGES BANK EGERTON CAPITAL LIMI BANK OF AMERICA

Analyst DAVID HOCHSTIM BEN CHITTENDEN SAMEER GOKHALE BETSY L GRASECK JAMES E FRIEDMAN RYAN M. NASH JASON ARNOLD BRADLEY BALL SANJAY SAKHRANI CHRISTOPHER R DONAT BILL CARCACHE DANIEL FURTADO JIM SHANAHAN DAVID B HILDER KAZUKI WATANABE DAVID W DARST SONIA PARECHANIAN MARK C DEVRIES MOSHE A ORENBUCH JOHN E MCDONALD CHRISTOPHER C BRENDLER ROBERT P NAPOLI DAVID RITTER RICHARD SHANE JR SCOTT VALENTIN WILLIAM H RYAN JOEL HOUCK MICHAEL J GRONDAHL HENRY J COFFEY JR AUSTIN BURKETT MEREDITH A WHITNEY

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

Recommendation neutral market perform neutral Equalwt/Attractive neutral neutral/attractive underperform equalweight outperform hold buy hold hold buy outperform neutral strong buy equalweight underperform market perform hold outperform buy underweight market perform underperform market perform neutral not rated hold hold

Amt Held 151'610'700 129'013'976 55'302'303 47'938'837 46'580'692 37'779'862 27'646'277 26'051'205 21'800'089 17'320'271 14'545'102 13'132'368 10'867'290 10'024'245 9'850'698 9'311'556 8'702'643 7'962'831 7'202'820 7'104'851

% Out 14.05 11.96 5.13 4.44 4.32 3.5 2.56 2.41 2.02 1.61 1.35 1.22 1.01 0.93 0.91 0.86 0.81 0.74 0.67 0.66

Weighting

Change

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

Latest Chg (1'085'084) (248'564) 2'824'795 1'365'370 (2'157'765) (2'006'793) 6'109'014 (2'841'094) (78'634) 1'537'162 (949'310) 60'244 60'900 892'572 470'910 (2'042'099) (1'538'400) 469'547

Target Price 85 #N/A N/A 77 75 80 82 61 76 87 78 89 75 #N/A N/A 85 81 75 96 82 71 78 #N/A N/A #N/A N/A 85 70 80 #N/A N/A #N/A N/A 77 #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 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 25.09.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor

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

Date 26.09.2013 26.09.2013 25.09.2013 23.09.2013 23.09.2013 17.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 09.09.2013 06.09.2013 29.08.2013 22.08.2013 19.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 07.08.2013 06.08.2013 01.08.2013 23.07.2013 18.07.2013 18.07.2013 18.07.2013 17.07.2013 17.07.2013 15.01.2013 15.01.2013 17.10.2012

27.09.2013

Boeing Co/The The Boeing Company, together with its subsidiaries, develops, produces, and markets commercial jet aircraft, as well as provides related support services to the commercial airline industry worldwide. The Company also researches, develops, produces, modifies, and supports information, space, and defense systems, including military aircraft, helicopters and space and missile systems.

Price/Volume 140

6.0 M

120

5.0 M

100

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (28.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BA UN EQUITY YTD Change BA UN EQUITY YTD % CHANGE

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

2.0 M

1.0 M

20 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 60'909.0 0.56x 5'437.0 6.26x 2'672.0 6.87x

3.0 M

12/2012 06/yy 120.38 69.19 149'861.00 118.34 -1.65% 71.04% 98.05% 754.4 89'280.94 10'409.00 0.0 100.0 13'558.00 84'639.94

31.12.2009 31.12.2010 68'281.0 64'306.0 0.60x 0.78x 3'786.0 6'692.0 10.86x 7.47x 1'312.0 3'307.0 28.31x 15.41x Profitability

LTM-4Q 31.12.2011 68'735.0 0.81x 7'480.0 7.46x 4'018.0 15.38x

31.12.2012 81'698.0 0.66x 8'118.0 6.64x 3'900.0 14.76x 8'118.00 6'307.00 7.72% 7.23% 4.84% 63.08% 26.24% 0.96% 16.0% 9.9% 7.7% 4.8% 1.27 0.43 11.71% 177.42% 12.81 1.86

Price/ Cash Flow

LTM

06/yy 76'670.0 2.84x 8'121.0 7.00x 4'381.0 14.19x

06/yy 83'018.0 2.91x 8'237.0 8.81x 4'204.0 18.91x

FY+1

.0 M s-13

1.57 1.05 751.14 9.39 72.64% 59.59% 1.046 29 4.586 1'617'009 992'106 1'099'624 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 84'911.0 92'669.3 21'637.7 22'645.8 1.01x 0.90x 4.01x 3.75x 8'420.0 9'519.9 2'003.9 2'081.5 10.04x 8.88x 9.83x 9.39x 4'468.0 5'106.6 990.4 1'009.4 18.19x 16.50x 17.97x 16.93x S&P Issuer Ratings

29.07.2009 A STABLE 05.02.2002 A-1 15.12 11.95 -0.58 1.16 177.4% 63.6% 0.96 8.62 28.50 196.12 47.81 170.08

Sales/Revenue/Turnover

30.00

90'000.0 80'000.0

25.00

70'000.0 60'000.0

20.00

50'000.0 15.00

40'000.0 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

01.07.2013

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

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

27.09.2013

Boeing Co/The Holdings By:

All

Holder Name CAPITAL GROUP COMPAN EVERCORE TRUST COMPA BLACKROCK VANGUARD GROUP INC STATE STREET CORP T ROWE PRICE ASSOCIA JENNISON ASSOCIATES NEUBERGER BERMAN LLC WELLINGTON MANAGEMEN NORTHERN TRUST CORPO GOLDMAN SACHS GROUP BANK OF NEW YORK MEL FMR LLC VIKING GLOBAL INVEST UBS AG ALLIANCE BERNSTEIN TIAA CREF INVESTMENT WELLS FARGO & COMPAN JANUS CAPITAL MANAGE GEODE CAPITAL MANAGE

Firm Name Sanford C. Bernstein & Co Wells Fargo Securities, LLC Stifel Sterne, Agee & Leach D.A. Davidson & Co Jefferies EVA Dimensions Deutsche Bank Edward Jones Cowen and Company S&P Capital IQ Oppenheimer & Co Drexel Hamilton LLC RBC Capital Markets CRT Capital Group Goldman Sachs Morgan Stanley Buckingham Research Group BB&T Capital Markets Societe Generale Argus Research Corp JPMorgan Gabelli & Co Barclays Credit Suisse UBS Tigress Financial Partners

Portfolio Name n/a EVERCORE TRUST COMPA n/a n/a n/a T ROWE PRICE ASSOCIA JENNISON ASSOCIATES NEUBERGER BERMAN GRO WELLINGTON MANAGEMEN NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL n/a VIKING GLOBAL INVEST n/a n/a TIAA-CREF INVESTMENT n/a n/a GEODE CAPITAL MANAGE

Analyst DOUGLAS S HARNED SAMUEL J PEARLSTEIN STEPHEN E LEVENSON PETER J ARMENT JB GROH HOWARD A RUBEL CRAIG STERLING MYLES WALTON CHRISTIAN MAYES CAI VON RUMOHR ERIC HUGEL YAIR REINER RICHARD WHITTINGTON ROBERT STALLARD MICHAEL W DERCHIN NOAH POPONAK JOHN D GODYN RICHARD SAFRAN F CARTER LEAKE ZAFAR KHAN NATHANIEL GABRIEL JOSEPH B NADOL III JAMES FOUNG CARTER COPELAND ROBERT M SPINGARN DAVID E STRAUSS IVAN FEINSETH

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

Recommendation outperform outperform buy buy neutral buy hold buy hold outperform buy outperform buy outperform buy buy/attractive Overwt/Attractive buy buy hold buy overweight buy overweight outperform neutral neutral

Amt Held 76'805'633 55'925'358 36'536'140 34'874'740 33'450'260 31'145'498 11'752'324 10'135'410 9'997'272 9'949'196 8'872'358 8'390'479 8'008'404 7'995'460 7'473'972 7'056'377 7'002'202 6'232'174 5'722'233 4'748'844

% Out 10.18 7.41 4.84 4.62 4.43 4.13 1.56 1.34 1.33 1.32 1.18 1.11 1.06 1.06 0.99 0.94 0.93 0.83 0.76 0.63

Weighting

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

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 M N

Latest Chg 2'440'826 (2'460'883) 1'267'232 947'440 1'554'980 (1'063'773) 409'245 (2'281'505) 47'378 (666'747) (24'018) 1'316'937 (4'379'618) (1'241'320) 2'334'099 705'546 34'128 2'250'955 110'370

Target Price 146 #N/A N/A 140 164 115 124 #N/A N/A 125 #N/A N/A 140 138 120 130 126 123 131 132 122 110 111 120 135 #N/A N/A 120 121 107 #N/A N/A

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

File Dt Inst Type 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 25.09.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 31.08.2013 Unclassified 30.08.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 25.09.2013 25.09.2013 24.09.2013 24.09.2013 20.09.2013 20.09.2013 20.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 18.09.2013 29.08.2013 23.08.2013 12.08.2013 05.08.2013 02.08.2013 29.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 18.07.2013 13.03.2013

27.09.2013

Bank of America Corp Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-management products and services. The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary.

Price/Volume 16

70.0 M

60.0 M

50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (23.07.2013) 52-Week Low (28.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAC UN EQUITY YTD Change BAC UN EQUITY YTD % CHANGE

12/2012 06/yy 15.03 8.79 4'327'606.00 13.999 -6.72% 59.26% 84.78% 10'743.1 150'393.03 673'162.00 18'768.0 0.0 349'370.00 -

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

30.0 M

6 4

20.0 M

10.0 M

0 s-12

31.12.2009 31.12.2010 153'286.0 135'161.0 6'276.0 (2'238.0) 16.22x 12.35x Profitability

LTM-4Q 31.12.2011 115'373.0 1'446.0 9.25x

31.12.2012 100'078.0 4'188.0 9.00x 12.15% 3.69% 0.31% 2.31% 0.73% 0.05% 5.0% 30.46% 308.52% -

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 116'933.0 0.00x 0.0 0.00x 11'339.0 8.33x

f-13 m-13

06/yy 99'429.0 0.00x 0.0 0.00x 6'567.0 10.06x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

0.29 1.58 10'737.71 140.56 56.58% 20.96% 1.581 41 3.439 21'474'476 16'062'012 16'591'769 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 90'386.8 91'805.2 22'107.8 22'145.2 11'295.2 15'940.5 2'621.2 3'263.2 14.77x 10.22x 12.26x 10.93x S&P Issuer Ratings

29.11.2011 ANEG 29.11.2011 A-2 308.5% 74.0% 0.05 8.47 -

Sales/Revenue/Turnover

8.00

180'000.0

7.00

160'000.0

6.00

140'000.0 120'000.0

5.00

100'000.0

4.00

80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 113'106.0 4'008.0 19.29x

40.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Bank of America Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC JP MORGAN CITIGROUP INCORPORAT BANK OF NEW YORK MEL NORTHERN TRUST CORPO CAPITAL GROUP COMPAN DODGE & COX T ROWE PRICE ASSOCIA FAIRHOLME CAPITAL MA WELLS FARGO & COMPAN GOLDMAN SACHS GROUP ING GROEP NV BARROW HANLEY MEWHIN NORGES BANK HARRIS ASSOCIATES LP DIMENSIONAL FUND ADV GEODE CAPITAL MANAGE

Firm Name UBS Buckingham Research Group Oppenheimer & Co Morgan Stanley Sanford C. Bernstein & Co Rafferty Capital Markets Societe Generale Robert W. Baird & Co SunTrust Robinson Humphrey Sterne, Agee & Leach JPMorgan Evercore Partners Raymond James Credit Suisse Portales Partners Atlantic Equities LLP Independent Research GmbH Macquarie Sandler O'Neill & Partners, LP Wells Fargo Securities, LLC S&P Capital IQ Drexel Hamilton LLC Edward Jones Keefe, Bruyette & Woods Guggenheim Securities LLC Daiwa Securities Co. Ltd. Barclays RBC Capital Markets Argus Research Corp Deutsche Bank Ameriprise Advisor Services, Inc Goldman Sachs FBR Capital Markets Scotia Capital EVA Dimensions JMP Securities R.W. Pressprich & Co HSBC Meredith Whitney Advisory Group

Portfolio Name n/a n/a n/a n/a n/a n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a DODGE & COX T ROWE PRICE ASSOCIA FAIRHOLME CAPITAL MA n/a n/a ING GROEP NV BARROW HANLEY MEWHIN NORGES BANK HARRIS ASSOC LP n/a GEODE CAPITAL MANAGE

Analyst DEREK DE VRIES JAMES F MITCHELL CHRISTOPHER M KOTOWSKI BETSY L GRASECK JOHN E MCDONALD RICHARD X BOVE SR MURALI GOPAL DAVID A GEORGE ERIC E WASSERSTROM TODD L HAGERMAN VIVEK JUNEJA ANDREW A MARQUARDT ANTHONY J POLINI MOSHE A ORENBUCH CHARLES W PEABODY RICHARD STAITE STEFAN BONGARDT DAVID J KONRAD JEFFERY HARTE MATTHEW H BURNELL ERIK M OJA DAVID B HILDER SHANNON L STEMM CHRISTOPHER M MUTASCIO MARTY L MOSBY III KAZUKI WATANABE JASON M GOLDBERG JOSEPH K MORFORD DAVID RITTER MATTHEW D O'CONNOR LORI WILKING RICHARD N RAMSDEN PAUL J MILLER JR KEVIN R CHOQUETTE AUSTIN BURKETT DAVID M TRONE BRIAN CHARLES ROBERT MURPHY MEREDITH A WHITNEY

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

Recommendation neutral buy market perform Overwt/Attractive market perform buy buy neutral neutral neutral overweight overweight strong buy neutral underperform overweight hold underperform hold market perform hold buy buy market perform buy underperform equalweight outperform hold hold buy neutral/attractive market perform sector outperform underweight market perform buy underweight hold

Amt Held 555'960'699 486'711'237 467'514'408 223'658'257 167'684'205 152'895'155 145'015'679 142'516'486 142'085'000 127'292'188 115'436'717 100'948'615 96'801'239 84'980'546 84'717'844 81'368'292 77'988'479 76'899'616 76'366'591 74'446'403

% Out 5.18 4.53 4.35 2.08 1.56 1.42 1.35 1.33 1.32 1.18 1.07 0.94 0.9 0.79 0.79 0.76 0.73 0.72 0.71 0.69

Weighting

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

Latest Chg (16'297'306) 7'392'689 7'554'255 56'897'452 5'623'268 (24'393'324) 861'231 828'472 (900'000) (190'600) 12'224'748 359'400 (59'245) (27'229'287) 16'702'963 8'344'139 7'766'400 1'883'538 1'016'969

Target Price 16 17 #N/A N/A 20 15 19 17 14 15 14 16 16 17 14 #N/A N/A 17 16 12 16 #N/A N/A 15 16 #N/A N/A 15 17 12 15 16 #N/A N/A 15 #N/A N/A 16 14 17 #N/A N/A #N/A N/A 16 10 #N/A N/A

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

File Dt 25.09.2013 30.06.2013 26.09.2013 30.06.2013 23.08.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 31.08.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 31.07.2013 30.06.2013

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

Inst Type Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor 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 27.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 23.09.2013 23.09.2013 20.09.2013 19.09.2013 18.09.2013 18.09.2013 17.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 05.09.2013 05.09.2013 04.09.2013 03.09.2013 03.09.2013 28.08.2013 25.08.2013 15.08.2013 12.08.2013 02.08.2013 01.08.2013 29.07.2013 24.07.2013 22.07.2013 19.07.2013 18.07.2013 17.07.2013 17.07.2013 03.06.2013 30.05.2013 26.03.2013 17.10.2012

27.09.2013

Baxter International Inc Baxter International Inc. develops, manufactures, and markets products and technologies related to hemophilia, immune disorders, infectious diseases, kidney disease, trauma and other chronic and acute medical conditions. The Company's products are used by hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, doctors' offices, and research laboratories.

Price/Volume 80

1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (23.07.2013) 52-Week Low (28.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAX UN EQUITY YTD Change BAX UN EQUITY YTD % CHANGE

12/2012 06/yy 74.59 59.67 200'632.00 66.37 -10.99% 11.23% 44.77% 542.8 36'024.76 5'930.00 0.0 40.0 3'270.00 39'103.76

1.0 M

30 20

.5 M

10 0 s-12

31.12.2009 31.12.2010 12'562.0 12'843.0 2.93x 2.44x 3'515.0 2'821.0 10.49x 11.11x 2'205.0 1'420.0 15.40x 12.54x Profitability

LTM-4Q 31.12.2011 13'893.0 2.18x 3'616.0 8.38x 2'224.0 11.59x

31.12.2012 14'190.0 2.76x 3'533.0 11.07x 2'326.0 14.72x 3'533.00 2'821.00 19.88% 20.36% 10.52% 32.08% 16.63% 0.68% 51.5% 25.2% 20.2% 16.4% 1.95 1.20 29.08% 85.47% 6.28 2.39

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 14'033.0 9.46x 3'538.0 9.08x 2'288.0 12.16x

f-13 m-13

06/yy 14'347.0 11.03x 3'617.0 11.24x 2'219.0 15.00x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

2.77 0.89 541.66 3.88 13.26% 1.63% 0.892 23 4.478 1'008'472 600'718 683'334 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 15'244.4 16'859.1 3'810.4 4'306.5 2.78x 2.48x 11.15x 9.80x 4'232.9 4'744.8 1'057.0 1'128.8 9.24x 8.24x 9.03x 8.92x 2'562.1 2'812.9 652.8 691.2 14.20x 12.89x 13.56x 13.30x S&P Issuer Ratings

06.12.2012 A STABLE 24.10.2008 A-1 16.28 10.93 0.84 2.50 85.5% 45.9% 0.68 2.39 58.09 152.56 202.99 166.31

Sales/Revenue/Turnover

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

o-12

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

2.0 M

Valuation Analysis

31.12.2008 12'348.0 2.81x 3'195.0 10.84x 2'014.0 15.86x

2.5 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Baxter International Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET CORP STATE FARM MUTUAL AU BROWN BROTHERS HARRI INSTITUTIONAL CAPITA BANK OF AMERICA CORP NORTHERN TRUST CORPO WELLS FARGO & COMPAN ABERDEEN WELLINGTON MANAGEMEN JP MORGAN BANK OF NEW YORK MEL STATE FARM MUTUAL AU T ROWE PRICE ASSOCIA MORGAN STANLEY FMR LLC UBS AG LAZARD ASSET MANAGEM

Firm Name CL King & Associates JPMorgan BMO Capital Markets Raymond James Leerink Swann & Co Edward Jones Credit Suisse Sanford C. Bernstein & Co Barclays RBC Capital Markets Cowen and Company Deutsche Bank Goldman Sachs Morgan Stanley Argus Research Corp Ameriprise Advisor Services, Inc William Blair & Co Stifel S&P Capital IQ Piper Jaffray EVA Dimensions

Portfolio Name n/a n/a n/a n/a STATE FARM MUTUAL AU BROWN BROTHERS HARRI INSTITUTIONAL CAPITA BANK OF AMERICA NORTHERN TRUST CORPO n/a n/a WELLINGTON MANAGEMEN n/a BANK OF NEW YORK MEL STATE FARM MUTUAL AU T ROWE PRICE ASSOCIA n/a n/a n/a n/a

Analyst ROBERT M GOLDMAN MICHAEL N WEINSTEIN JOANNE K WUENSCH LAWRENCE S KEUSCH DANIELLE ANTALFFY JEFF WINDAU BRUCE NUDELL DERRICK SUNG MATTHEW TAYLOR GLENN J NOVARRO JOSHUA JENNINGS KRISTEN M STEWART DAVID H ROMAN DAVID R LEWIS DAVID H TOUNG E EUGENE ROBINSON BENJAMIN C ANDREW FREDERICK A WISE HERMAN SAFTLAS MATT MIKSIC ANDREW S ZAMFOTIS

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

Recommendation buy neutral outperform outperform outperform buy outperform outperform overweight outperform outperform hold Buy/Neutral Overwt/In-Line hold buy market perform hold buy overweight overweight

Amt Held 36'338'555 30'946'346 25'998'260 25'361'362 13'240'194 10'631'361 10'348'254 9'722'681 8'709'601 8'527'999 7'746'962 7'736'759 7'255'994 7'169'003 6'716'549 5'981'045 5'955'184 5'899'248 5'519'550 4'996'760

% Out 6.69 5.7 4.79 4.67 2.44 1.96 1.91 1.79 1.6 1.57 1.43 1.43 1.34 1.32 1.24 1.1 1.1 1.09 1.02 0.92

Weighting

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

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

Latest Chg (5'896'300) 2'579'665 250'362 (175'712) (610'868) 1'340'450 1'157'248 112'983 189'586 673'000 2'845'126 (1'098'130) (255'434) (1'778) (3'137'875) 1'208'250 (5'218'747) (694'861) 456'414

Target Price 80 76 82 80 85 #N/A N/A 81 82 82 77 82 75 86 81 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 82 82 #N/A N/A

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

File Dt 30.06.2013 25.09.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 31.08.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013

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

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

Date 26.09.2013 25.09.2013 23.09.2013 19.09.2013 16.09.2013 13.09.2013 11.09.2013 06.09.2013 29.08.2013 22.08.2013 19.08.2013 12.08.2013 06.08.2013 01.08.2013 29.07.2013 22.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 05.03.2013

27.09.2013

Bank of New York Mellon Corp/The The Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company. The Company provides financial services for institutions, corporations and high-net-worth individuals, providing asset management and wealth management, asset servicing, issuer services, clearing services and treasury services.

Price/Volume 35

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.07.2013) 52-Week Low (28.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BK UN EQUITY YTD Change BK UN EQUITY YTD % CHANGE

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

2.0 M

1.0 M

5 0 s-12

31.12.2009 31.12.2010 8'279.0 14'920.0 (1'367.0) 2'518.0 13.21x Profitability

LTM-4Q 31.12.2011 15'804.0 2'516.0 9.37x

31.12.2012 15'089.0 2'445.0 11.09x 26.53% 22.69% 0.57% 5.47% 2.05% 0.04% 16.8% 17.30% 175.60% -

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 15'083.0 0.00x 0.0 0.00x 2'241.0 10.13x

f-13 m-13

06/yy 15'335.0 0.00x 0.0 0.00x 1'952.0 11.17x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

1.78 1.35 1'142.43 13.68 35.34% 19.55% 1.347 28 3.429 1'627'568 1'337'696 1'441'391 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 15'045.2 15'624.0 3'768.2 3'776.6 2'647.1 2'827.6 675.8 655.2 13.21x 11.90x 12.72x 12.38x S&P Issuer Ratings

29.11.2011 A+ NEG 29.11.2011 A-1 175.6% 62.4% 0.04 9.28 -

Sales/Revenue/Turnover

160.00

18'000.0

140.00

16'000.0

120.00

14'000.0 12'000.0

100.00

10'000.0

80.00

8'000.0

60.00

6'000.0

40.00

4'000.0

20.00

2'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 16'238.0 1'386.0 8.77x

3.0 M

12/2012 06/yy 32.36 22.42 239'793.00 30.27 -6.46% 35.01% 82.19% 1'150.5 34'824.93 62'098.00 1'068.0 1'011.0 145'340.00 -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Bank of New York Mellon Corp/The Holdings By:

All

Holder Name DAVIS SELECTED ADVIS SUN LIFE FINANCIAL I DODGE & COX BLACKROCK VANGUARD GROUP INC STATE STREET CORP SOUTHEASTERN ASSET M FIRST EAGLE INVESTME BERKSHIRE HATHAWAY I FIDUCIARY MANAGEMENT LONGVIEW PARTNERS (G NORTHERN TRUST CORPO INVESCO LTD CI INVESTMENTS INC MAGELLAN ASSET MANAG ARTISAN PARTNERS HOL BANK OF NEW YORK MEL MACQUARIE GROUP CORTLAND ADVISERS LL GAMCO

Firm Name JPMorgan Sanford C. Bernstein & Co Evercore Partners Guggenheim Securities LLC Buckingham Research Group Morgan Stanley Barclays Rafferty Capital Markets Makor Capital Edward Jones UBS ISI Group Jefferies Keefe, Bruyette & Woods Argus Research Corp Raymond James Macquarie EVA Dimensions Goldman Sachs RBC Capital Markets Credit Suisse Sandler O'Neill & Partners, LP Portales Partners S&P Capital IQ Stifel

Portfolio Name DAVIS SELECTED ADVIS n/a DODGE & COX n/a n/a n/a SOUTHEASTERN ASSET M FIRST EAGLE INVESTME n/a FIDUCIARY MANAGEMENT LONGVIEW PARTNERS (G NORTHERN TRUST CORPO n/a CI INVESTMENTS INC MAGELLAN ASSET MANAG ARTISAN PARTNERS LP BANK OF NEW YORK MEL n/a CORTLAND ADVISERS LL n/a

Analyst VIVEK JUNEJA LUKE MONTGOMERY ANDREW A MARQUARDT MARTY L MOSBY III JAMES F MITCHELL BETSY L GRASECK JASON M GOLDBERG RICHARD X BOVE SR ALBERT SAPORTA JIM SHANAHAN BRENNAN HAWKEN BRIAN BEDELL KENNETH M USDIN ROBERT A LEE DAVID RITTER DAVID J LONG JOHN MORAN AUSTIN BURKETT ALEXANDER BLOSTEIN GERARD S CASSIDY HOWARD H CHEN JEFFERY HARTE CHARLES W PEABODY SONIA PARECHANIAN J JEFFREY HOPSON

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

Recommendation neutral market perform equalweight buy buy Underwt/Attractive overweight buy buy hold neutral neutral hold market perform buy outperform neutral buy Sell/Neutral sector perform neutral hold sector perform hold hold

Amt Held 87'249'185 65'796'971 59'838'854 56'925'069 51'853'066 51'654'882 42'552'699 25'021'390 24'644'029 23'633'048 17'985'353 16'581'699 15'592'216 15'385'000 15'079'017 14'491'629 11'136'094 10'937'838 9'050'000 8'956'819

% Out 7.58 5.72 5.2 4.95 4.51 4.49 3.7 2.17 2.14 2.05 1.56 1.44 1.36 1.34 1.31 1.26 0.97 0.95 0.79 0.78

Weighting

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

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

Latest Chg (3'633'435) (3'416'916) (708'300) (6'857'764) (328'727) 1'148'834 (1'379'718) 571'100 5'704'914 (3'197'080) 451'462 (14'889) (182'973) (4'000'000) 3'350'944 775'332 (151'686) 840'525 68'023

Target Price 31 27 32 36 35 32 34 32 #N/A N/A #N/A N/A 30 31 35 30 40 35 33 #N/A N/A 27 32 28 30 #N/A N/A 33 #N/A N/A

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

File Dt Inst Type 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 25.09.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Unclassified

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

Date 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 23.09.2013 12.09.2013 11.09.2013 11.09.2013 29.08.2013 13.08.2013 12.08.2013 05.08.2013 01.08.2013 29.07.2013 18.07.2013 18.07.2013 18.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 08.03.2013 18.10.2012

27.09.2013

Bristol-Myers Squibb Co Bristol-Myers Squibb Company is a global biopharmaceutical company. The Company develops, licenses, manufactures, markets, and sells pharmaceutical and nutritional products. Bristol-Myers Squibb products and experimental therapies address cancer, heart disease, HIV/AIDS, diabetes, rheumatoid arthritis, hepatitis, organ transplant rejection, and psychiatric disorders.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.06.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BMY UN EQUITY YTD Change BMY UN EQUITY YTD % CHANGE

12/2012 06/yy 49.57 30.64 341'790.00 46.3 -6.62% 51.11% 86.05% 1'646.3 76'224.78 7'394.00 0.0 15.0 6'352.00 77'410.78

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 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 17'715.0 2.49x 4'382.0 10.08x 5'247.0 15.60x

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

31.12.2009 31.12.2010 18'808.0 19'484.0 2.10x 2.07x 5'646.0 6'722.0 7.01x 6.01x 10'612.0 3'102.0 13.58x 12.26x Profitability

LTM-4Q 31.12.2011 21'244.0 2.50x 7'448.0 7.13x 3'709.0 16.31x

31.12.2012 17'621.0 3.07x 4'771.0 11.36x 1'960.0 16.38x 4'771.00 4'090.00 23.21% 13.28% 4.00% 8.92% 0.47% 73.8% 21.1% 16.6% 11.1% 1.15 0.71 20.60% 54.28% 5.07 2.56

Price/ Cash Flow

LTM

06/yy 20'493.0 10.27x 6'953.0 8.12x 3'567.0 16.71x

06/yy 15'806.0 16.08x 3'328.0 22.35x 1'359.0 27.61x

FY+1

.0 M s-13

2.25 0.70 1'643.94 25.39 41.95% 45.96% 0.704 22 3.545 2'097'288 1'875'641 1'941'854 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 16'230.6 17'419.4 4'005.5 4'330.7 5.54x 5.18x 3'947.8 4'421.2 978.0 1'022.0 19.59x 17.49x 2'862.9 3'299.7 723.6 716.4 26.64x 23.06x 24.97x 24.60x S&P Issuer Ratings

06.09.2006 A+ STABLE 31.05.2012 A-1+ 26.21 23.20 0.36 2.17 54.3% 35.2% 0.47 3.26 71.94 142.53 181.81 11.53

Sales/Revenue/Turnover

14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00 6.00

10'000.0

4.00

5'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Bristol-Myers Squibb Co Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET CORP WELLINGTON MANAGEMEN JP MORGAN NORTHERN TRUST CORPO BANK OF NEW YORK MEL JENNISON ASSOCIATES BANK OF AMERICA CORP AMERIPRISE FINANCIAL INVESCO LTD LOOMIS SAYLES & COMP FMR LLC MORGAN STANLEY T ROWE PRICE ASSOCIA NORGES BANK GEODE CAPITAL MANAGE UBS AG TIAA CREF INVESTMENT

Firm Name Sanford C. Bernstein & Co SunTrust Robinson Humphrey Cowen and Company Edward Jones Leerink Swann & Co JPMorgan BMO Capital Markets Jefferies MKM Partners Barclays Argus Research Corp Morgan Stanley Hilliard Lyons Goldman Sachs William Blair & Co Atlantic Equities LLP UBS EVA Dimensions S&P Capital IQ ISI Group Cyrrus MP Advisors Pvt Ltd

Portfolio Name n/a n/a n/a n/a WELLINGTON MANAGEMEN n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL JENNISON ASSOCIATES BANK OF AMERICA AMERIPRISE FINANCIAL n/a LOOMIS SAYLES & CO L n/a n/a T ROWE PRICE ASSOCIA NORGES BANK GEODE CAPITAL MANAGE n/a TIAA-CREF INVESTMENT

Analyst TIMOTHY M ANDERSON JOHN T BORIS STEVEN R SCALA JUDSON CLARK SEAMUS FERNANDEZ CHRISTOPHER T SCHOTT ALEX ARFAEI JEFFREY HOLFORD JON LECROY CHARLES ANTHONY BUTLER JOHN M EADE DAVID R RISINGER STEPHEN A O'NEIL JAMI E RUBIN JOHN S SONNIER RICHARD J PURKISS MARC GOODMAN ANDREW S ZAMFOTIS HERMAN SAFTLAS MARK J SCHOENEBAUM TOMAS MENCIK VISHAL MANCHANDA

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

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

Amt Held 157'303'422 108'745'529 76'848'907 68'845'664 59'324'696 34'799'574 27'274'977 26'209'101 17'108'065 16'570'948 15'867'810 15'171'429 14'819'639 14'356'226 14'167'650 14'111'659 13'547'101 11'307'658 10'664'189 10'463'291

% Out 9.55 6.61 4.67 4.18 3.6 2.11 1.66 1.59 1.04 1.01 0.96 0.92 0.9 0.87 0.86 0.86 0.82 0.69 0.65 0.64

Weighting

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

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

Latest Chg 839'868 1'439'171 1'161'410 1'504'188 18'874'267 15'924'934 (591'743) 714'594 1'703'185 (1'416'933) (10'242'527) (2'987'953) (369'648) 7'825'567 (4'275'123) 1'499'390 231'216 (729'110) 1'957'227

Target Price 46 55 55 #N/A N/A 49 52 48 41 29 45 54 45 #N/A N/A 53 #N/A N/A 38 48 #N/A N/A 42 36 32 26

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

File Dt 31.07.2013 25.09.2013 30.06.2013 26.09.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013

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

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

Date 27.09.2013 23.09.2013 23.09.2013 20.09.2013 17.09.2013 16.09.2013 12.09.2013 10.09.2013 03.09.2013 03.09.2013 29.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 07.06.2013 16.05.2013 25.04.2013 10.04.2013 05.04.2012 31.01.2012

27.09.2013

Berkshire Hathaway Inc Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety of business sectors. The Company's principal operations are insurance business conducted nationwide on a primary basis and worldwide on a reinsurance basis. Berkshire's other operations include a railway company, a specialty chemical company, and an international association of diversified businesses.

Price/Volume 140

6.0 M

120

5.0 M

100

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.07.2013) 52-Week Low (09.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BRK/B UN EQUITY YTD Change BRK/B UN EQUITY YTD % CHANGE

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

1.20

2.0 M

1.0 M

20 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 107'786.0 0.58x 11'708.0 5.38x 4'994.0 -

3.0 M

12/2012 06/yy 119.29 83.85 166'831.00 114.7 -3.88% 36.80% 90.12% 1'163.0 282'889.19 62'736.00 0.0 3'941.0 186'759.00 147'962.19

31.12.2009 31.12.2010 112'493.0 136'185.0 0.35x 0.78x 15'985.0 25'185.0 2.48x 4.23x 8'055.0 12'967.0 Profitability

LTM-4Q 31.12.2011 143'688.0 0.64x 22'008.0 4.15x 10'254.0 -

31.12.2012 162'463.0 0.62x 29'524.0 3.39x 14'824.0 29'524.00 24'378.00 15.01% 13.69% 4.17% 9.44% 7.75% 0.41% 23.5% 19.7% 16.7% 9.1% 1.49 1.43 14.68% 33.43% 5.00 13.46

LTM

06/yy 06/yy 148'387.0 174'330.0 2.44x 2.68x 24'384.0 34'359.0 3.93x 4.14x 11'679.0 17'904.0 0.00x 0.00x

0.87 1'067.32 14.56 29.96% 27.87% 0.869 3 3.000 1'995'564 1'350'485 1'239'229

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

18.70x 17.38x S&P Issuer Ratings

.0 M s-13

AA NEG 13.78 9.22 -4.01 1.86 33.4% 24.7% 0.41 1.65 72.93 27.11 93.89 3.83

Sales/Revenue/Turnover

180'000.0 160'000.0

1.00 0.80

140'000.0 120'000.0 100'000.0

0.60

80'000.0 60'000.0

0.40 0.20

40'000.0 20'000.0 0.0

0.00

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

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

27.09.2013

Berkshire Hathaway Inc Holdings By:

All

Holder Name GATES FOUNDATION BLACKROCK STATE STREET CORP GATES FOUNDATION VANGUARD GROUP INC NORTHERN TRUST CORPO BANK OF NEW YORK MEL FMR LLC GEODE CAPITAL MANAGE EAGLE CAPITAL MANAGE TIAA CREF INVESTMENT FIDUCIARY MANAGEMENT JP MORGAN ROBECO MORGAN STANLEY UBS AG ALLIANCE BERNSTEIN BROWN BROTHERS HARRI D E SHAW & COMPANY I NEW YORK STATE COMMO

Firm Name S&P Capital IQ Barclays EVA Dimensions

Portfolio Name n/a n/a n/a BILL & MELINDA FOUND n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a GEODE CAPITAL MANAGE EAGLE CAPITAL MANAGE TIAA-CREF INVESTMENT FIDUCIARY MANAGEMENT n/a n/a n/a n/a n/a BROWN BROTHERS HARRI D E SHAW & CO NEW YORK STATE COMMO

Analyst CATHY SEIFERT JAY H GELB AUSTIN BURKETT

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

Recommendation hold overweight underweight

Amt Held 91'649'304 79'410'665 77'010'443 74'581'373 73'920'219 22'032'539 18'988'932 13'918'715 12'584'392 11'526'988 9'309'332 7'497'181 7'451'748 7'172'476 6'970'733 6'064'025 5'973'268 5'708'979 5'639'464 5'535'707

% Out 7.88 6.83 6.62 6.41 6.36 1.89 1.63 1.2 1.08 0.99 0.8 0.64 0.64 0.62 0.6 0.52 0.51 0.49 0.48 0.48

Weighting

Change 3 5 1

M M U

Latest Chg 17'067'931 (1'162'630) 2'633'559 (6'250'000) 13'872'293 410'254 157'700 (3'603'849) 244'272 634'303 (130'146) 359'701 168'501 (1'833'805) (168'951) 444'778 (13'091) 22'305 (574'348) (6'900)

Target Price 122 137 #N/A N/A

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

File Dt Inst Type 08.07.2013 Endowment 25.09.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Endowment 30.06.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Pension Fund (ERISA)

Date 12 month Not Provided Not Provided

Date 05.08.2013 05.08.2013 05.03.2013

27.09.2013

Citigroup Inc Citigroup Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers. The Company services include investment banking, retail brokerage, corporate banking, and cash management products and services. Citigroup serves customers globally.

Price/Volume

20.0 M 15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (28.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance C UN EQUITY YTD Change C UN EQUITY YTD % CHANGE

12/2012 06/yy 53.56 32.53 1'572'793.00 49.04 -8.33% 50.75% 77.98% 3'041.0 149'131.94 623'537.00 2'562.0 1'948.0 36'453.00 755'002.94

10.0 M

5.0 M

10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

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

25.0 M

50 40

Valuation Analysis

31.12.2008 104'349.0 8.56x 4'411.0 202.58x (27'684.0) -

31.12.2009 31.12.2010 108'006.0 111'697.0 7.34x 7.58x 22'662.0 40'944.0 34.98x 20.68x (1'606.0) 10'602.0 12.95x Profitability

LTM-4Q 31.12.2011 102'587.0 6.95x 41'730.0 17.09x 11'067.0 7.37x

31.12.2012 90'708.0 7.84x 30'978.0 22.97x 7'541.0 9.87x 30'978.00 11.31% 8.75% 0.51% 5.13% 1.15% 0.05% 35.5% 8.3% 33.44% 334.36% -

Price/ Cash Flow

LTM

06/yy 98'474.0 31.31x 44'967.0 16.46x 10'604.0 7.60x

06/yy 91'183.0 32.27x 32'335.0 23.25x 9'654.0 10.97x

FY+1

.0 M s-13

0.08 1.78 2'922.03 39.24 48.88% 24.04% 1.782 37 4.324 6'226'051 5'411'805 5'154'401 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 78'730.5 79'615.0 19'003.8 19'167.7 22'626.0 25'608.5 5'220.0 5'162.0 33.35x 29.47x 31.74x 30.81x 14'779.3 16'644.5 3'406.2 3'520.8 10.09x 8.85x 9.63x 9.27x S&P Issuer Ratings

29.11.2011 ANEG 29.11.2011 A-2 18.55 19.51 334.4% 76.6% 0.05 -

Sales/Revenue/Turnover

120.00

180'000.0 160'000.0

100.00

140'000.0 120'000.0

80.00

100'000.0 60.00

80'000.0 60'000.0

40.00

40'000.0 20.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Citigroup Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP GIC PRIVATE LIMITED FMR LLC CAPITAL GROUP COMPAN BANK OF NEW YORK MEL JP MORGAN WELLINGTON MANAGEMEN INVESCO LTD NORTHERN TRUST CORPO FRANKLIN RESOURCES NORGES BANK ROBECO AMERIPRISE FINANCIAL TIAA CREF INVESTMENT T ROWE PRICE ASSOCIA BARROW HANLEY MEWHIN DIMENSIONAL FUND ADV GEODE CAPITAL MANAGE

Firm Name UBS Guggenheim Securities LLC Buckingham Research Group Oppenheimer & Co Wells Fargo Securities, LLC S&P Capital IQ Sanford C. Bernstein & Co Societe Generale Morgan Stanley Rafferty Capital Markets Portales Partners SunTrust Robinson Humphrey JPMorgan Goldman Sachs RBC Capital Markets Raymond James Evercore Partners Credit Suisse Sterne, Agee & Leach HSBC Macquarie Sandler O'Neill & Partners, LP Drexel Hamilton LLC Edward Jones Daiwa Securities Co. Ltd. EVA Dimensions Barclays Keefe, Bruyette & Woods Argus Research Corp Deutsche Bank Atlantic Equities LLP Scotia Capital JMP Securities Vector Servicios Financieros Meredith Whitney Advisory Group

Portfolio Name n/a n/a n/a n/a n/a n/a BANK OF NEW YORK MEL n/a WELLINGTON MANAGEMEN n/a NORTHERN TRUST CORPO n/a NORGES BANK n/a AMERIPRISE FINANCIAL TIAA-CREF INVESTMENT T ROWE PRICE ASSOCIA BARROW HANLEY MEWHIN n/a GEODE CAPITAL MANAGE

Analyst DEREK DE VRIES MARTY L MOSBY III JAMES F MITCHELL CHRISTOPHER M KOTOWSKI MATTHEW H BURNELL ERIK M OJA JOHN E MCDONALD MURALI GOPAL BETSY L GRASECK RICHARD X BOVE SR CHARLES W PEABODY ERIC E WASSERSTROM VIVEK JUNEJA RICHARD N RAMSDEN GERARD S CASSIDY ANTHONY J POLINI ANDREW A MARQUARDT MOSHE A ORENBUCH TODD L HAGERMAN ROBERT MURPHY DAVID J KONRAD JEFFERY HARTE DAVID B HILDER TOM LEWANDOWSKI KAZUKI WATANABE AUSTIN BURKETT JASON M GOLDBERG FREDERICK CANNON DAVID RITTER MATTHEW D O'CONNOR RICHARD STAITE KEVIN R CHOQUETTE DAVID M TRONE RAFAEL ESCOBAR MEREDITH A WHITNEY

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

Recommendation buy buy buy outperform outperform buy outperform buy Overwt/Attractive buy underperform buy neutral buy/attractive outperform strong buy equalweight outperform buy underweight outperform buy buy buy underperform overweight overweight outperform sell buy overweight focus stock market perform speculative buy hold

Amt Held 185'741'493 134'566'151 129'750'080 112'095'403 109'449'237 82'103'844 48'992'879 48'242'806 47'168'864 46'271'489 39'668'164 34'518'410 25'563'949 25'111'191 24'500'016 23'928'074 22'465'050 21'674'442 21'124'935 21'028'602

% Out 6.11 4.43 4.27 3.69 3.6 2.7 1.61 1.59 1.55 1.52 1.3 1.14 0.84 0.83 0.81 0.79 0.74 0.71 0.69 0.69

Weighting

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

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

Latest Chg 9'874'589 2'420'020 5'274'787 10'555'939 (9'472'750) 2'133'892 (1'196'905) (1'486'425) 2'781'147 650'328 (339'941) (3'701'197) (5'219'110) 1'911'783 6'761'647 1'646'742 372'005 445'508

Target Price 65 64 62 61 #N/A N/A 55 60 59 62 63 #N/A N/A 58 54 58 62 62 53 60 61 48 62 57 58 #N/A N/A 46 #N/A N/A 58 58 #N/A N/A 61 59 65 #N/A N/A 52 #N/A N/A

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

File Dt 25.09.2013 30.06.2013 26.09.2013 31.12.2009 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 26.09.2013 30.06.2013 31.08.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013

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

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

Date 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 18.09.2013 17.09.2013 17.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 13.09.2013 05.09.2013 05.09.2013 03.09.2013 29.08.2013 12.08.2013 12.08.2013 02.08.2013 01.08.2013 25.07.2013 24.07.2013 19.07.2013 15.07.2013 03.06.2013 18.12.2012 16.10.2012

27.09.2013

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

Price/Volume 120

7.0 M

100

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (22.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CAT UN EQUITY YTD Change CAT UN EQUITY YTD % CHANGE

12/2012 06/yy 99.70 79.50 240'107.00 83.81 -16.00% 5.42% 23.27% 647.6 54'276.62 10'486.00 0.0 50.0 3'306.00 59'847.62

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

3.0 M

2.0 M

1.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 51'324.0 0.66x 6'428.0 5.26x 3'557.0 7.89x

4.0 M

Valuation Analysis

31.12.2009 31.12.2010 32'396.0 42'588.0 1.28x 1.50x 2'913.0 6'259.0 14.19x 10.20x 895.0 2'700.0 29.20x 21.35x Profitability

LTM-4Q 31.12.2011 60'138.0 1.10x 9'680.0 6.86x 4'928.0 11.69x

31.12.2012 65'875.0 1.00x 11'966.0 5.51x 5'681.0 10.83x 11'966.00 9'153.00 13.89% 12.52% 4.81% 25.25% 8.18% 0.68% 27.4% 16.5% 11.6% 8.6% 1.43 0.82 44.92% 228.97% 3.25 2.86

Price/ Cash Flow

LTM

06/yy 66'314.0 3.99x 11'361.0 5.61x 5'973.0 9.37x

06/yy 60'351.0 4.19x 9'936.0 5.94x 4'236.0 12.18x

FY+1

.0 M s-13

2.58 1.30 646.03 25.13 -1.12% -5.18% 1.304 28 3.893 2'207'543 1'388'743 1'362'489 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 56'772.4 59'554.0 14'385.4 14'713.3 1.41x 1.25x 5.99x 5.87x 8'588.2 9'452.2 2'245.3 2'460.6 6.96x 6.33x 6.43x 6.26x 4'135.7 4'629.5 1'119.2 1'195.6 13.33x 11.62x 12.49x 12.23x S&P Issuer Ratings

24.06.2003 A STABLE 04.04.1995 A-1 25.62 14.75 0.55 0.95 229.0% 69.5% 0.68 3.86 112.40 127.46 65.51 161.73

Sales/Revenue/Turnover

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Caterpillar Inc Holdings By:

All

Holder Name STATE STREET CORP VANGUARD GROUP INC BLACKROCK CAPITAL GROUP COMPAN STATE FARM MUTUAL AU STATE FARM MUTUAL AU GATES FOUNDATION BANK OF NEW YORK MEL NORTHERN TRUST CORPO FMR LLC BANK OF AMERICA CORP NORGES BANK MORGAN STANLEY GEODE CAPITAL MANAGE ALLIANZ ASSET MANAGE PRIMECAP MANAGEMENT FRANKLIN RESOURCES JP MORGAN UBS AG LEGAL & GENERAL

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

Portfolio Name n/a n/a n/a n/a STATE FARM MUTUAL AU STATE FARM MUTUAL AU BILL & MELINDA FOUND BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a BANK OF AMERICA NORGES BANK n/a GEODE CAPITAL MANAGE n/a PRIMECAP MANAGEMENT n/a n/a n/a n/a

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

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

Recommendation buy market perform Equalwt/In-Line sector perform overweight hold outperform outperform market perform neutral overweight buy hold Positive neutral overweight buy neutral/neutral neutral overweight outperform neutral buy underperform buy

Amt Held 71'038'727 33'990'309 30'648'669 24'022'892 19'707'800 13'601'071 10'760'857 10'146'612 9'584'873 8'224'058 6'888'451 5'183'052 4'825'882 4'521'598 4'479'430 4'415'014 4'008'779 3'968'040 3'472'099 3'159'551

% Out 10.97 5.25 4.73 3.71 3.04 2.1 1.66 1.57 1.48 1.27 1.06 0.8 0.75 0.7 0.69 0.68 0.62 0.61 0.54 0.49

Weighting

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

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

Latest Chg 1'257'935 426'595 (4'216'654) 1'668'013 (5'900) 500'000 93'092 36'802 (1'394'938) 494'553 234'253 91'707 1'447'083 38'887 2'105'455 1'158'400 59'812 210'843

Target Price 104 86 89 90 96 75 95 94 #N/A N/A 90 100 92 #N/A N/A 96 86 99 103 85 87 99 97 84 109 #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 26.09.2013 30.06.2013 25.09.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 31.08.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 31.07.2013

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

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

Date 27.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 18.09.2013 28.08.2013 26.08.2013 23.08.2013 22.08.2013 19.08.2013 09.08.2013 29.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 22.04.2013 11.03.2013 15.01.2013

27.09.2013

Colgate-Palmolive Co Colgate-Palmolive Company is a consumer products company that markets its products throughout the world. The Company's products include toothpaste, toothbrushes, shampoos, deodorants, bar and liquid soaps, dishwashing liquid, and laundry products, as well as pet nutrition products for cats and dogs.

Price/Volume 70

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (31.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CL UN EQUITY YTD Change CL UN EQUITY YTD % CHANGE

2.0 M

1.0 M

10 0 s-12

o-12

n-12

31.12.2008 15'330.0

31.12.2009 15'327.0

3'449.0

3'966.0

1'957.0

2'291.0

31.12.2010 15'564.0 2.75x 3'865.0 11.09x 2'203.0 17.02x

LTM-4Q 31.12.2011 16'734.0 2.89x 4'262.0 11.36x 2'431.0 18.38x

31.12.2012 17'085.0 3.13x 4'314.0 12.39x 2'472.0 19.49x

j-13

LTM

06/yy 17'022.0 11.75x 4'308.0 12.52x 2'453.0 20.09x

06/yy 17'279.0 13.11x 4'052.0 14.35x 2'273.0 20.76x

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

4'314.00 3'889.00 22.76% 22.67% 17.06% 118.48% 1.30% 58.1% 23.5% 20.9% 14.5% 1.22 0.68 39.05% 238.92% 9.70 5.13

Price/ Cash Flow

f-13 m-13

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

2.12 0.66 922.98 9.42 14.33% 16.73% 0.660 26 3.231 967'339 867'592 945'297 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 17'530.1 18'365.4 4'463.4 4'414.3 3.46x 3.31x 13.57x 13.68x 4'570.1 4'915.7 1'178.5 1'172.5 13.27x 12.34x 12.81x 12.54x 2'638.4 2'831.3 675.4 681.8 21.20x 19.28x 20.34x 19.80x S&P Issuer Ratings

04.05.2001 AASTABLE 04.05.2001 A-1+ 53.93 46.86 1.17 1.39 238.9% 68.6% 1.30 4.67 37.63 71.21 62.90 40.19

Sales/Revenue/Turnover

20.00

18'000.0

18.00

16'000.0

16.00

14'000.0

14.00

12'000.0

12.00

10'000.0

10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 01.01.2010

d-12

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

3.0 M

12/2012 06/yy 62.69 51.42 189'281.00 59.98 -4.29% 16.66% 79.60% 927.7 55'642.09 5'230.00 0.0 201.0 884.00 60'659.09

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Colgate-Palmolive Co Holdings By:

All

Holder Name STATE STREET CORP VANGUARD GROUP INC BLACKROCK FMR LLC BANK OF NEW YORK MEL SUN LIFE FINANCIAL I NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT JANUS CAPITAL MANAGE UBS AG JP MORGAN CAPITAL GROUP COMPAN STATE FARM MUTUAL AU LANSDOWNE PARTNERS L WELLS FARGO & COMPAN RENAISSANCE TECHNOLO NORGES BANK MORGAN STANLEY BANK OF AMERICA CORP TIAA CREF INVESTMENT

Firm Name Sanford C. Bernstein & Co SunTrust Robinson Humphrey BMO Capital Markets B Riley & Co Credit Suisse Barclays Janney Montgomery Scott LLC Buckingham Research Group Exane BNP Paribas William Blair & Co Canaccord Genuity Corp Edward Jones Argus Research Corp EVA Dimensions Morgan Stanley Wells Fargo Securities, LLC Deutsche Bank Goldman Sachs JPMorgan Stifel Oppenheimer & Co S&P Capital IQ Tigress Financial Partners

Portfolio Name n/a n/a n/a n/a BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT n/a n/a n/a n/a STATE FARM MUTUAL AU LANSDOWNE PARTNERS L n/a RENAISSANCE TECHNOLO NORGES BANK n/a BANK OF AMERICA TIAA-CREF INVESTMENT

Analyst ALI DIBADJ WILLIAM CHAPPELL CONSTANCE M MANEATY LINDA BOLTON WEISER MICHAEL STEIB LAUREN R LIEBERMAN JOHN SAN MARCO ALICE BEEBE LONGLEY EAMONN FERRY JON R ANDERSEN EDDY HARGREAVES JACK P RUSSO JOHN D STASZAK AUSTIN BURKETT DARA MOHSENIAN TIMOTHY A CONDER WILLIAM G SCHMITZ JASON ENGLISH JOHN A FAUCHER MARK S ASTRACHAN JOSEPH ALTOBELLO IAN GORDON IVAN FEINSETH

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

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

Amt Held 71'136'336 49'650'758 46'523'455 42'310'544 24'914'096 17'102'261 13'104'808 12'683'876 11'160'330 11'008'672 10'417'267 9'244'250 8'537'100 8'116'826 8'049'738 7'707'800 7'617'896 7'351'151 7'123'785 7'080'273

% Out 7.67 5.35 5.02 4.56 2.69 1.84 1.41 1.37 1.2 1.19 1.12 1 0.92 0.87 0.87 0.83 0.82 0.79 0.77 0.76

Weighting

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

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

Latest Chg (226'496) 1'510'352 (989'395) (1'331'176) 594'502 (1'050'597) 121'532 (1'353'306) 4'432'620 (843'471) 505'837 (869'400) 86'100 285'330 471'122 (611'000) 712'467 (649'491) 1'759'755

Target Price 62 60 61 62 63 65 65 66 62 #N/A N/A 52 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 63 63 63 #N/A N/A #N/A N/A 61 #N/A N/A

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

File Dt Inst Type 26.09.2013 Investment Advisor 30.06.2013 Unclassified 25.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Unclassified 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Insurance Company 30.06.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 27.09.2013 24.09.2013 23.09.2013 23.09.2013 20.09.2013 18.09.2013 13.09.2013 11.09.2013 10.09.2013 05.09.2013 05.09.2013 23.08.2013 16.08.2013 05.08.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.04.2013 25.02.2013

27.09.2013

Comcast Corp Comcast Corporation provides media and television broadcasting services. The Company offers video streaming, television programming, high-speed internet, cable television, and communication services. Comcast serves customers worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.08.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CMCSA UW EQUITY YTD Change CMCSA UW EQUITY YTD % CHANGE

12/2012 06/yy 46.32 34.95 672'783.00 44.47 -3.99% 27.24% 80.47% 2'133.6 115'806.48 40'458.00 0.0 17'438.0 12'415.00 158'549.49

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

31.12.2009 31.12.2010 35'756.0 37'937.0 2.14x 2.28x 13'714.0 14'596.0 5.58x 5.93x 3'638.0 3'635.0 15.29x 16.80x Profitability

12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M o-12

LTM-4Q 31.12.2011 55'842.0 2.12x 18'357.0 6.44x 4'160.0 15.02x

31.12.2012 62'570.0 2.30x 19'977.0 7.21x 6'203.0 19.43x 19'977.00 12'179.00 19.46% 18.55% 4.33% 14.05% 9.93% 0.41% 68.1% 32.4% 20.0% 9.9% 1.20 1.07 24.52% 81.97% 12.95 -

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

LTM

06/yy 59'470.0 8.38x 19'182.0 7.04x 4'767.0 18.22x

06/yy 64'061.0 9.23x 20'744.0 7.34x 6'802.0 19.46x

FY+1

.0 M s-13

1.61 1.03 2'131.22 23.72 26.61% 20.10% 1.025 34 4.529 3'501'434 2'778'685 3'146'878 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 64'509.2 68'487.4 16'249.4 16'676.4 2.73x 2.53x 9.94x 9.64x 21'241.4 22'565.9 5'261.4 5'521.2 7.46x 7.02x 7.24x 7.12x 6'549.4 7'366.5 1'644.4 1'767.5 18.13x 15.78x 16.93x 16.53x S&P Issuer Ratings

14.02.2013 APOS 25.05.2004 A-2 7.92 5.66 2.00 2.25 82.0% 37.7% 0.41 2.32 28.19 82.61 -

Sales/Revenue/Turnover

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00 5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 01.01.2010

14.0 M

Fiscal Year Ended 31.12.2008 34'423.0 2.33x 13'132.0 6.10x 2'547.0 18.55x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Comcast Corp Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN FMR LLC VANGUARD GROUP INC STATE STREET CORP DODGE & COX WELLINGTON MANAGEMEN INVESCO LTD JP MORGAN DODGE & COX WORLDWID BANK OF NEW YORK MEL NORTHERN TRUST CORPO BROWN BROTHERS HARRI TIAA CREF INVESTMENT NORGES BANK VIKING GLOBAL INVEST LANSDOWNE PARTNERS L DIMENSIONAL FUND ADV BANK OF NOVA SCOTIA T ROWE PRICE ASSOCIA

Firm Name Atlantic Equities LLP Wells Fargo Securities, LLC Oppenheimer & Co Evercore Partners Robert W. Baird & Co Barclays Pivotal Research Group LLC RBC Capital Markets Deutsche Bank Morgan Stanley Argus Research Corp Brean Capital LLC JPMorgan Jefferies Macquarie Wunderlich Securities Nomura Credit Suisse UBS Edward Jones Janney Montgomery Scott LLC Pacific Crest Securities Raymond James Stifel Scotia Capital ISI Group Guggenheim Securities LLC S&P Capital IQ Maxim Group LLC Goldman Sachs Wedge Partners Telsey Advisory Group EVA Dimensions New Street Research

Portfolio Name n/a n/a n/a n/a n/a DODGE & COX WELLINGTON MANAGEMEN n/a n/a Multiple Portfolios BANK OF NEW YORK MEL NORTHERN TRUST CORPO BROWN BROTHERS HARRI TIAA-CREF INVESTMENT NORGES BANK VIKING GLOBAL INVEST LANSDOWNE PARTNERS L n/a n/a T ROWE PRICE ASSOCIA

Analyst CHRISTOPHER WATTS MARCI RYVICKER TIMOTHY K HORAN TRACY YOUNG WILLIAM V POWER KANNAN VENKATESHWAR JEFFREY WLODARCZAK JONATHAN ATKIN DOUGLAS D MITCHELSON BENJAMIN SWINBURNE JOSEPH F BONNER TODD MITCHELL PHILIP CUSICK THOMAS O SEITZ AMY YONG MATTHEW HARRIGAN MICHAEL L MCCORMACK MICHAEL SENNO JOHN C HODULIK DAVID HEGER TONY WIBLE ANDY HARGREAVES FRANK G LOUTHAN CHRISTOPHER C KING JEFFREY FAN VIJAY JAYANT SABINA NYCKOWSKI TUNA AMOBI JOHN TINKER JASON ARMSTRONG MARTIN PYYKKONEN JAISON BLAIR CRAIG STERLING CHARLES GAYNOR

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

Recommendation overweight outperform outperform overweight outperform overweight buy outperform buy Equalwt/In-Line hold buy overweight buy neutral buy buy outperform buy buy buy sector perform strong buy buy sector outperform buy neutral buy buy buy/attractive no rating system no rating system underweight neutral

Amt Held 152'676'636 142'417'011 116'642'514 112'988'256 101'377'865 62'251'273 46'398'200 46'058'308 45'853'754 38'504'049 35'429'598 34'261'885 24'770'524 23'752'422 22'993'590 21'951'155 20'435'365 19'932'677 19'810'232 18'684'154

% Out 7.16 6.67 5.47 5.3 4.75 2.92 2.17 2.16 2.15 1.8 1.66 1.61 1.16 1.11 1.08 1.03 0.96 0.93 0.93 0.88

Weighting

Change

5 5 5 5 5 5 5 5 5 3 3 5 5 5 3 5 5 5 5 5 5 3 5 5 5 5 3 5 5 5 #N/A N/A #N/A N/A 1 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 D M

Latest Chg 661'305 (22'695'424) (9'582'234) 2'869'146 2'623'523 (1'991'462) (8'035'337) (3'117'714) 3'944'136 383'101 110'984 1'000'850 (2'415'065) 6'965'300 5'098'721 (149'773) (224'057) (1'013'665)

Target Price 53 #N/A N/A 52 51 54 50 56 50 52 46 #N/A N/A 50 51 55 48 58 50 52 50 #N/A N/A 54 #N/A N/A 52 47 51 50 47 50 56 52 #N/A N/A 49 #N/A N/A 40

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

File Dt Inst Type 25.09.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 31.07.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Hedge Fund Manager 30.06.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 31.07.2013 Bank 30.06.2013 Investment Advisor

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

Date 27.09.2013 25.09.2013 24.09.2013 10.09.2013 21.08.2013 16.08.2013 08.08.2013 07.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 26.07.2013 15.07.2013 02.05.2013 02.05.2013 13.02.2013

27.09.2013

Capital One Financial Corp Capital One Financial Corporation is a diversified bank. The Bank, through its subsidiaries, offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients both domestically and internationally. Capital One has bank locations in Connecticut, Louisiana, New Jersey, New York, and Texas.

Price/Volume 80 70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.07.2013) 52-Week Low (01.03.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COF UN EQUITY YTD Change COF UN EQUITY YTD % CHANGE

12/2012 06/yy 70.00 50.28 61'426.00 68.97 -1.46% 37.17% 95.54% 585.3 40'370.96 49'910.00 0.0 0.0 11'058.00 71'948.96

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

20 10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

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

Fiscal Year Ended 31.12.2008 17'856.0 1.75x 11'282.7 2.77x (46.0) 12.56x

31.12.2009 31.12.2010 15'950.0 19'067.0 1.87x 2.94x 5'647.2 7'808.0 5.27x 7.17x 884.0 2'743.0 16.30x 6.37x Profitability

LTM-4Q 31.12.2011 18'525.0 2.87x 9'793.0 5.43x 3'147.0 6.02x

31.12.2012 23'177.0 3.13x 9'014.0 8.05x 3'517.0 9.28x 9'014.00 22.96% 21.72% 1.42% 10.60% 5.59% 0.08% 44.7% 15.2% 15.95% 123.24% -

Price/ Cash Flow

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

LTM

06/yy 19'851.0 9.85x 8'231.0 7.49x 2'716.0 10.09x

06/yy 24'728.0 10.92x 11'064.0 6.17x 4'204.0 8.18x

FY+1

0.65 1.28 580.38 9.11 22.43% 20.28% 1.282 35 4.286 788'796 616'967 696'769 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 22'235.5 21'898.9 5'595.4 5'451.1 4'208.9 3'874.6 1'048.3 870.5 9.78x 9.96x 10.16x 10.17x S&P Issuer Ratings

17.06.2009 BBB NEG 2.85 3.27 123.2% 55.2% 0.08 6.75 -

Sales/Revenue/Turnover

9.00

25'000.0

8.00

20'000.0

7.00 6.00

15'000.0

5.00 4.00

10'000.0

3.00

5'000.0

2.00 1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Capital One Financial Corp Holdings By:

All

Holder Name DODGE & COX BLACKROCK FMR LLC CAPITAL GROUP COMPAN DODGE & COX WORLDWID VANGUARD GROUP INC STATE STREET CORP BARROW HANLEY MEWHIN JP MORGAN VIKING GLOBAL INVEST ROBECO T ROWE PRICE ASSOCIA INSTITUTIONAL CAPITA HARRIS ASSOCIATES LP BANK OF NEW YORK MEL ALLIANCE BERNSTEIN NORTHERN TRUST CORPO HOTCHKIS & WILEY CAP LORD ABBETT & CO LLC NORGES BANK

Firm Name Sanford C. Bernstein & Co Buckingham Research Group Oppenheimer & Co Wells Fargo Securities, LLC Morgan Stanley Robert W. Baird & Co Janney Montgomery Scott LLC Edward Jones RBC Capital Markets Evercore Partners Portales Partners Credit Suisse Keefe, Bruyette & Woods Sandler O'Neill & Partners, LP Sterne, Agee & Leach Drexel Hamilton LLC Barclays Argus Research Corp William Blair & Co Ameriprise Advisor Services, Inc Rafferty Capital Markets Goldman Sachs JPMorgan Jefferies FBR Capital Markets Stifel Nomura Guggenheim Securities LLC Susquehanna Financial Group EVA Dimensions S&P Capital IQ Meredith Whitney Advisory Group

Portfolio Name DODGE & COX n/a n/a n/a Multiple Portfolios n/a n/a BARROW HANLEY MEWHIN n/a VIKING GLOBAL INVEST n/a T ROWE PRICE ASSOCIA INSTITUTIONAL CAPITA HARRIS ASSOC LP BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO HOTCHKIS AND WILEY LORD ABBETT & CO LLC NORGES BANK

Analyst KEVIN ST PIERRE DAVID HOCHSTIM BEN CHITTENDEN MATTHEW H BURNELL BETSY L GRASECK DAVID A GEORGE SAMEER GOKHALE JIM SHANAHAN JASON ARNOLD BRADLEY BALL WILLIAM H RYAN MOSHE A ORENBUCH SANJAY SAKHRANI CHRISTOPHER R DONAT TODD L HAGERMAN DAVID B HILDER JASON M GOLDBERG DAVID RITTER ROBERT P NAPOLI LORI WILKING RICHARD X BOVE SR RYAN M. NASH RICHARD SHANE JR DANIEL FURTADO SCOTT VALENTIN CHRISTOPHER C BRENDLER BILL CARCACHE DAVID W DARST JAMES E FRIEDMAN AUSTIN BURKETT SONIA PARECHANIAN MEREDITH A WHITNEY

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

Recommendation outperform buy outperform outperform Equalwt/Attractive outperform neutral buy outperform overweight sector perform neutral outperform hold neutral buy overweight hold market perform buy hold buy/attractive overweight buy outperform buy neutral neutral Positive buy buy hold

Amt Held 48'210'515 36'320'781 32'224'516 30'092'505 29'415'832 26'121'761 24'649'488 21'294'820 15'629'437 14'624'070 13'140'246 11'775'441 10'764'788 9'736'898 8'439'993 8'286'063 7'608'033 6'909'053 6'588'072 4'845'659

% Out 8.24 6.21 5.51 5.14 5.03 4.46 4.21 3.64 2.67 2.5 2.24 2.01 1.84 1.66 1.44 1.42 1.3 1.18 1.13 0.83

Weighting

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

Latest Chg (397'900) (2'205'092) 3'456'124 7'585'000 535'639 (524'000) (26'668) 18'880 3'790'310 (1'304'893) (447'944) 904'735 166'518 817'875 2'134'253 32'303 (541'839) 865'898 -

Target Price 80 74 78 #N/A N/A 72 72 68 #N/A N/A 71 79 #N/A N/A 66 79 70 72 84 74 #N/A N/A #N/A N/A #N/A N/A 71 75 76 77 74 77 64 75 78 #N/A N/A 68 #N/A N/A

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

File Dt Inst Type 30.06.2013 Investment Advisor 25.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government

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

Date 27.09.2013 26.09.2013 26.09.2013 25.09.2013 23.09.2013 23.09.2013 20.09.2013 19.09.2013 17.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 22.08.2013 09.08.2013 06.08.2013 01.08.2013 29.07.2013 21.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 08.03.2013 18.10.2012

27.09.2013

ConocoPhillips ConocoPhillips explores for, produces, transports and markets crude oil, natural gas, natural gas liquids, liquefied natural gas and bitumen on a worldwide basis.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COP UN EQUITY YTD Change COP UN EQUITY YTD % CHANGE

12/2012 06/yy 71.09 53.96 172'621.00 70.14 -1.48% 29.99% 94.98% 1'223.0 85'781.73 21'725.00 0.0 440.0 3'618.00 103'942.73

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 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 225'424.0 0.46x 35'740.0 2.92x (16'998.0) 4.81x

31.12.2009 31.12.2010 136'016.0 175'752.0 0.77x 0.63x 4'281.0 22'655.0 24.43x 4.91x 4'414.0 11'358.0 16.11x 12.53x Profitability

LTM-4Q 31.12.2011 64'196.0 1.72x 21'649.0 5.10x 12'436.0 11.43x

31.12.2012 57'967.0 1.54x 19'396.0 4.60x 8'428.0 10.60x 19'396.00 12'816.00 22.11% 26.61% 6.42% 15.69% 11.10% 0.50% 27.3% 35.3% 22.9% 14.5% 1.38 0.72 18.55% 45.27% 7.31 36.28

Price/ Cash Flow

LTM

06/yy 60'718.0 6.97x 19'427.0 4.65x 11'210.0 9.65x

06/yy 57'605.0 6.27x 20'320.0 4.54x 7'413.0 10.31x

FY+1

.0 M s-13

3.76 1.02 1'220.65 26.48 27.70% 24.92% 1.018 27 3.667 1'918'714 1'378'471 1'298'461 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 50'335.7 51'120.3 11'084.7 11'533.3 1.96x 1.98x 9.23x 8.73x 22'727.8 23'684.9 5'267.6 5'656.1 4.57x 4.39x 4.74x 4.67x 7'233.1 7'711.6 1'716.5 1'880.4 11.84x 11.22x 11.27x 11.04x S&P Issuer Ratings

07.02.2012 A STABLE 07.02.2012 A-1 14.65 3.95 0.87 1.07 45.3% 31.0% 0.50 0.82 49.94 10.06 76.90 -30.26

Sales/Revenue/Turnover

6.00

250'000.0

5.00

200'000.0

4.00

150'000.0

3.00

100'000.0 2.00

50'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

ConocoPhillips Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN STATE STREET CORP JP MORGAN BERKSHIRE HATHAWAY I BANK OF NEW YORK MEL BARROW HANLEY MEWHIN ALLIANZ ASSET MANAGE NORTHERN TRUST CORPO WADDELL & REED FINAN WELLS FARGO & COMPAN DIMENSIONAL FUND ADV AMERIPRISE FINANCIAL FEDERATED INVESTORS NORGES BANK FIRST EAGLE INVESTME LSV ASSET MANAGEMENT GEODE CAPITAL MANAGE WELLINGTON MANAGEMEN

Firm Name Howard Weil Inc Guggenheim Securities LLC Argus Research Corp ISI Group Simmons & Company International Oppenheimer & Co Wells Fargo Securities, LLC Tudor Pickering & Co Jefferies Goldman Sachs Raymond James Edward Jones Barclays RBC Capital Markets UBS Morgan Stanley Credit Suisse Macquarie Societe Generale JPMorgan Cowen and Company S&P Capital IQ Deutsche Bank EVA Dimensions Alembic Global Advisors

Portfolio Name n/a n/a n/a n/a n/a n/a BANK OF NEW YORK MEL BARROW HANLEY MEWHIN n/a NORTHERN TRUST CORPO n/a n/a n/a AMERIPRISE FINANCIAL FEDERATED INVESTORS NORGES BANK FIRST EAGLE INVESTME LSV ASSET MANAGEMENT GEODE CAPITAL MANAGE WELLINGTON MANAGEMEN

Analyst BLAKE FERNANDEZ ROBERT CORDRAY JONATHAN GELCIUS DOUGLAS T TERRESON GUY BABER FADEL GHEIT ROGER D READ ROBERT KESSLER IAIN REID ARJUN N MURTI PAVEL MOLCHANOV BRIAN YOUNGBERG PAUL Y CHENG SCOTT HANOLD WILLIAM A FEATHERSTON J EVAN CALIO EDWARD WESTLAKE JASON D GAMMEL JOHN HERRLIN KATHERINE LUCAS MINYARD ASIT SEN MICHAEL KAY PAUL SANKEY CRAIG STERLING JAMES J SULLIVAN

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

Recommendation sector perform buy buy strong buy neutral outperform outperform hold hold neutral/attractive underperform hold overweight outperform sell Underwt/Attractive neutral neutral buy overweight market perform buy hold buy overweight

Amt Held 71'759'453 59'149'941 56'992'550 51'799'896 26'920'300 24'123'911 22'998'376 22'539'880 19'317'021 18'536'228 12'219'658 11'993'483 11'366'563 10'056'664 9'840'834 9'343'737 9'109'903 9'000'490 8'424'592 7'826'386

% Out 5.87 4.84 4.66 4.24 2.2 1.97 1.88 1.84 1.58 1.52 1 0.98 0.93 0.82 0.8 0.76 0.74 0.74 0.69 0.64

Weighting

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

Latest Chg (1'655'379) 2'481'186 2'219'156 599'965 1'156'474 29'476 1'087'685 5'581'627 84'571 (7'608'234) 1'758'404 223'858 (69'442) 935'533 258'200 (77'940) 128'547 (636'199)

Target Price 73 83 77 78 #N/A N/A 80 #N/A N/A 73 65 67 #N/A N/A #N/A N/A 83 63 57 58 70 64 68 70 67 64 62 #N/A N/A 72

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

File Dt Inst Type 25.09.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

Date 12 month 12 month Not Provided 12 month Not Provided 18 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 3 month 12 month Not Provided 12 month Not Provided 12 month

Date 27.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 20.09.2013 18.09.2013 16.09.2013 12.09.2013 09.09.2013 04.09.2013 03.09.2013 16.08.2013 14.08.2013 05.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 06.06.2013 01.05.2013 16.04.2013

27.09.2013

Costco Wholesale Corp Costco Wholesale Corporation operates wholesale membership warehouses in multiple countries. The Company sells all kinds of food, automotive supplies, toys, hardware, sporting goods, jewelry, electronics, apparel, health and beauty aids, as well as other goods.

Price/Volume 140

3.0 M

120

2.5 M

100

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.08.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COST UW EQUITY YTD Change COST UW EQUITY YTD % CHANGE

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

1.0 M

.5 M

20 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.08.2008 72'483.0 0.39x 2'622.1 10.74x 1'282.7 22.66x

1.5 M

08/2012 05/yy 120.20 87.33 126'790.00 115.64 -3.80% 32.41% 88.44% 436.7 50'498.16 1'382.00 0.0 157.0 4'854.00 49'050.16

31.08.2009 31.08.2010 71'422.0 77'946.0 0.30x 0.28x 2'522.0 2'880.0 8.39x 7.60x 1'086.0 1'303.0 20.07x 19.09x Profitability

LTM-4Q 31.08.2011 88'915.0 0.34x 3'303.0 9.28x 1'462.0 23.30x

31.08.2012 99'137.0 0.39x 3'667.0 10.64x 1'709.0 24.82x

3'667.00 2'759.00 2.78% 2.79% 7.02% 17.62% 14.08% 3.63% 12.4% 3.8% 2.9% 1.7% 1.10 0.48 5.09% 11.18% 97.48 12.50

Price/ Cash Flow

LTM

FY+1

.0 M s-13

7.27 0.83 432.29 4.76 24.80% 18.02% 0.829 31 3.935 721'645 549'311 513'206 FY+2

FQ+1

FQ+2

05/yy 05/yy 08/13 Y 08/14 Y 08/13 Q4 11/13 Q1 95'097.0 104'887.0 105'488.0 114'590.2 32'819.2 25'589.9 1.35x 1.60x 0.48x 0.43x 1.54x 2.03x 3'465.0 3'991.0 4'046.6 4'510.7 1'304.0 953.3 9.27x 11.67x 12.12x 10.88x 11.33x 10.99x 1'578.0 2'031.0 2'013.9 2'211.0 642.6 460.8 22.76x 24.56x 25.29x 22.85x 23.78x 22.88x S&P Issuer Ratings Long-Term Rating Date 28.11.2012 Long-Term Rating A+ Long-Term Outlook STABLE Short-Term Rating Date 28.11.2012 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 34.92 (EBITDA-Capex)/Interest Exp. 20.83 Net Debt/EBITDA -0.41 Total Debt/EBITDA 1.22 Reference Total Debt/Equity 11.2% Total Debt/Capital 9.9% Asset Turnover 3.63 Net Fixed Asset Turnover 8.02 Accounts receivable turnover-days 3.81 Inventory Days 29.68 Accounts Payable Turnover Day 30.32 Cash Conversion Cycle 3.64 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

04.09.2013

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

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

27.09.2013

Costco Wholesale Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC DAVIS SELECTED ADVIS JENNISON ASSOCIATES NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA GOLDMAN SACHS GROUP AMERICAN CENTURY COM BANK OF NEW YORK MEL INVESCO LTD JP MORGAN NORGES BANK BERKSHIRE HATHAWAY I BROWN ADVISORY INC BANK OF AMERICA CORP TIAA CREF INVESTMENT WELLS FARGO & COMPAN

Firm Name Sterne, Agee & Leach Robert W. Baird & Co ISI Group Jefferies Goldman Sachs Deutsche Bank William Blair & Co Raymond James Stifel Guggenheim Securities LLC Cowen and Company Susquehanna Financial Group Piper Jaffray Northcoast Research Edward Jones Janney Montgomery Scott LLC Credit Suisse Wolfe Research Williams Capital Group Tigress Financial Partners JPMorgan McAdams Wright Ragen Inc Argus Research Corp Daiwa Securities Co. Ltd. UBS Telsey Advisory Group Oppenheimer & Co S&P Capital IQ Barclays EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a DAVIS SELECTED ADVIS JENNISON ASSOCIATES NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA n/a AMERICAN CENTURY COM BANK OF NEW YORK MEL n/a n/a NORGES BANK n/a n/a BANK OF AMERICA TIAA-CREF INVESTMENT n/a

Analyst CHARLES P GROM PETER S BENEDICT GREGORY MELICH DANIEL T BINDER MATTHEW J FASSLER PAUL TRUSSELL MARK R MILLER BUDD BUGATCH DAVID A SCHICK JOHN HEINBOCKEL FAYE LANDES ROBERT SUMMERS SEAN NAUGHTON CHARLES E CERANKOSKY BRIAN YARBROUGH DAVID S STRASSER MICHAEL B EXSTEIN SCOTT A MUSHKIN MARC RIDDICK IVAN FEINSETH CHRISTOPHER HORVERS DAN GEIMAN CHRISTOPHER GRAJA KAHORI TAMADA JASON DERISE JOSEPH I FELDMAN BRIAN NAGEL IAN GORDON ROBERT S DRBUL AUSTIN BURKETT

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

Recommendation buy outperform strong buy hold neutral/neutral buy outperform market perform buy neutral market perform negative overweight neutral hold buy outperform peerperform outperform strong buy overweight hold buy neutral buy no rating system market perform hold equalweight hold

Amt Held 50'816'154 21'011'776 20'881'730 17'959'948 14'774'005 12'946'197 10'425'596 8'000'867 6'553'284 6'502'452 5'613'294 5'490'914 5'009'072 4'541'324 4'427'681 4'333'363 3'828'081 3'688'541 3'680'156 3'653'565

% Out 11.64 4.81 4.78 4.11 3.38 2.96 2.39 1.83 1.5 1.49 1.29 1.26 1.15 1.04 1.01 0.99 0.88 0.84 0.84 0.84

Weighting

Change

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

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

Latest Chg (1'455'821) (838'411) 721'548 273'492 1'425'506 (1'166'581) 576'497 7'803 1'712'400 (22'568) (251'617) (19'539) 110'306 (82'047) 500'505 (389'722) 224'962 480'026

Target Price 130 125 128 109 124 120 #N/A N/A #N/A N/A 130 98 105 65 129 #N/A N/A #N/A N/A 121 125 #N/A N/A 132 #N/A N/A 117 115 125 111 124 116 105 116 110 #N/A N/A

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

File Dt 30.06.2013 25.09.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 26.09.2013 31.07.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013

Date 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 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 3 month 12 month Not Provided Not Provided 12 month 12 month 18 month 12 month Not Provided Not Provided

Inst Type 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 20.09.2013 13.09.2013 13.09.2013 11.09.2013 08.09.2013 05.09.2013 05.09.2013 05.09.2013 05.09.2013 05.09.2013 05.09.2013 05.09.2013 05.09.2013 30.08.2013 21.08.2013 08.08.2013 07.08.2013 31.07.2013 24.07.2013 24.07.2013 11.07.2013 11.07.2013 06.06.2013 03.06.2013 31.05.2013 31.05.2013 30.05.2013 30.05.2013 30.05.2013 13.03.2013

27.09.2013

Cisco Systems Inc Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. The Company provides products for transporting data, voice, and video within buildings, across campuses, and globally.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.08.2013) 52-Week Low (09.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CSCO UW EQUITY YTD Change CSCO UW EQUITY YTD % CHANGE

07/2013 07/yy 26.48 16.68 8'084'592.00 23.195 -12.33% 39.06% 72.35% 5'361.6 124'361.15 16'211.00 0.0 8.0 50'610.00 89'970.15

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

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.07.2009 36'117.0 2.82x 9'153.0 11.13x 6'134.0 20.17x

31.07.2010 31.07.2011 40'040.0 43'218.0 2.64x 1.37x 11'194.0 10'959.0 9.46x 5.39x 7'767.0 6'490.0 17.07x 13.03x Profitability

LTM-4Q 31.07.2012 46'061.0 1.10x 12'971.0 3.91x 8'041.0 9.80x

31.07.2013 48'607.0 2.12x 13'652.0 7.55x 9'983.0 14.92x 13'652.00 11'301.00 23.25% 23.10% 10.35% 18.08% 14.69% 0.50% 60.6% 28.1% 23.2% 20.5% 2.95 2.71 16.02% 27.42% 5.54 12.21

Price/ Cash Flow

LTM

07/yy 46'061.0 5.95x 12'971.0 3.91x 8'041.0 9.92x

07/yy 48'607.0 6.74x 13'652.0 7.55x 9'983.0 16.45x

FY+1

.0 M s-13

2.67 1.10 5'352.03 57.24 27.10% 19.83% 1.102 48 4.250 11'533'043 9'732'352 9'578'666 FY+2

FQ+1

FQ+2

07/14 Y 07/15 Y 10/13 Q1 01/14 Q2 50'915.9 53'932.9 12'370.6 12'633.8 1.64x 1.42x 7.07x 6.73x 16'430.8 17'443.3 3'965.3 4'074.3 5.47x 5.15x 5.51x 5.42x 11'426.8 12'258.2 2'740.9 2'828.0 11.00x 10.22x 11.03x 10.85x S&P Issuer Ratings

10.02.2006 A+ STABLE 31.01.2011 A-1+ 23.42 21.43 -2.52 1.19 27.4% 21.5% 0.50 14.46 65.66 29.81 18.10 77.37

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 06.08.2010

0.0 06.02.2011

06.08.2011

06.02.2012

06.08.2012

06.02.2013

06.08.2013

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

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

27.09.2013

Cisco Systems Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP WELLINGTON MANAGEMEN FMR LLC BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO JP MORGAN FRANKLIN RESOURCES T ROWE PRICE ASSOCIA CAPITAL GROUP COMPAN YACKTMAN ASSET MANAG GRANTHAM MAYO VAN OT AMERIPRISE FINANCIAL ALLIANZ ASSET MANAGE TIAA CREF INVESTMENT NORGES BANK FIRST EAGLE INVESTME ROBECO

Firm Name Cowen and Company Deutsche Bank Jefferies FBR Capital Markets Cantor Fitzgerald Robert W. Baird & Co Wells Fargo Securities, LLC Stifel Oppenheimer & Co JMP Securities Credit Suisse Wedbush Argus Research Corp The Juda Group MKM Partners Berenberg Bank ISI Group Janney Montgomery Scott LLC William Blair & Co Raymond James Lazard Capital Markets Barclays Pacific Crest Securities Edward Jones BMO Capital Markets Ameriprise Advisor Services, Inc Daiwa Securities Co. Ltd. Piper Jaffray RBC Capital Markets JPMorgan Needham & Co Independent Research GmbH Wunderlich Securities Nomura S&P Capital IQ Northland Securities Inc FBN Securities ACI Research Sterne, Agee & Leach Evercore Partners Goldman Sachs UBS Tigress Financial Partners

Portfolio Name n/a n/a n/a WELLINGTON MANAGEMEN n/a BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO n/a n/a T ROWE PRICE ASSOCIA n/a YACKTMAN ASSET MANAG GRANTHAM MAYO VAN OT AMERIPRISE FINANCIAL n/a TIAA-CREF INVESTMENT NORGES BANK FIRST EAGLE INVESTME n/a

Analyst PAUL SILVERSTEIN BRIAN T MODOFF GEORGE C NOTTER SCOTT S THOMPSON BRIAN J WHITE JAYSON NOLAND SR JESS L LUBERT SANJIV R WADHWANI ITTAI KIDRON ERIK SUPPIGER KULBINDER GARCHA ROHIT CHOPRA JAMES KELLEHER NATARAJAN SUBRAHMANYAN MICHAEL GENOVESE ADNAAN AHMAD BRIAN MARSHALL WILLIAM CHOI JASON NOAH ADER SIMON M LEOPOLD RYAN HUTCHINSON BENJAMIN A REITZES BRENT A BRACELIN WILLIAM C KREHER TIMOTHY P LONG JUSTIN H BURGIN YOKO YAMADA TROY D JENSEN MARK SUE ROD HALL ALEXANDER HENDERSON MARKUS FRIEBEL MATTHEW S ROBISON STUART JEFFREY JAMES G MOORMAN CATHARINE TREBNICK SHEBLY SEYRAFI EDWARD A ZABITSKY ALEX KURTZ MARK A MCKECHNIE SIMONA JANKOWSKI AMITABH PASSI IVAN FEINSETH

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

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

Amt Held 294'831'698 254'843'882 225'986'767 161'841'487 145'904'607 126'492'474 98'803'162 87'113'945 85'554'668 78'839'136 76'899'392 66'839'322 52'890'691 49'830'519 47'831'805 46'194'735 43'859'456 43'095'418 43'088'314 38'140'163

% Out 5.5 4.75 4.21 3.02 2.72 2.36 1.84 1.62 1.6 1.47 1.43 1.25 0.99 0.93 0.89 0.86 0.82 0.8 0.8 0.71

Weighting

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

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

Latest Chg 9'022'438 6'342'908 (6'052'475) (62'363'028) 64'023'264 5'500'721 (3'051'815) 1'597'553 (9'303'378) (7'968'435) (650'485) 26'507'894 451'471 (12'656'144) 1'595'580 7'409'948 (799'851) 975'900 (3'876'432)

Target Price 32 28 22 19 30 30 #N/A N/A 30 27 #N/A N/A 21 27 29 27 28 16 #N/A N/A 25 #N/A N/A 30 #N/A N/A 30 30 #N/A N/A 29 #N/A N/A 27 29 26 24 #N/A N/A 28 28 28 28 30 29 18 28 26 30 29 #N/A N/A

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

File Dt Inst Type 25.09.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Hedge Fund Manager 30.06.2013 Unclassified

Date 12 month 12 month 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 Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 3 month Not Provided 12 month 18 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided

Date 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 24.09.2013 18.09.2013 17.09.2013 13.09.2013 13.09.2013 12.09.2013 11.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 03.09.2013 22.08.2013 20.08.2013 20.08.2013 19.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 12.08.2013 08.08.2013 02.08.2013

27.09.2013

CVS Caremark Corp CVS Caremark Corporation is an integrated pharmacy health care provider. The Company's offerings include pharmacy benefit management services, mail order, retail and specialty pharmacy, disease management programs, and retail clinics. The company operates drugstores throughout the U.S., the District of Columbia, and Puerto Rico.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.08.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CVS UN EQUITY YTD Change CVS UN EQUITY YTD % CHANGE

12/2012 06/yy 62.22 44.34 182'860.00 57.69 -7.20% 30.11% 77.35% 1'228.4 70'864.63 9'828.00 0.0 0.0 1'380.00 79'061.63

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

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 87'471.9 0.59x 7'320.4 7.10x 3'212.1 11.78x

31.12.2009 31.12.2010 98'729.0 95'778.0 0.56x 0.59x 7'827.0 7'606.0 7.02x 7.37x 3'696.0 3'427.0 12.58x 13.96x Profitability

LTM-4Q 31.12.2011 107'100.0 0.57x 7'898.0 7.79x 3'461.0 15.58x

31.12.2012 123'133.0 0.55x 8'981.0 7.57x 3'877.0 15.08x 8'981.00 7'228.00 5.87% 5.14% 6.39% 10.97% 9.52% 1.88% 18.3% 7.8% 6.3% 3.1% 1.44 0.57 14.91% 26.07% 18.71 9.55

Price/ Cash Flow

LTM

FY+1

.0 M s-13

1.34 0.78 1'225.82 10.99 21.44% 20.74% 0.775 27 4.667 1'810'438 1'299'065 1'224'880 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 116'503.0 123'632.0 126'175.2 131'381.6 31'518.2 32'621.9 2.11x 2.35x 0.63x 0.59x 2.50x 2.41x 8'310.0 9'633.0 9'892.3 10'521.6 2'517.4 2'716.5 8.06x 8.13x 8.01x 7.53x 7.81x 7.69x 3'674.0 4'212.0 4'832.1 5'120.3 1'212.0 1'332.5 16.35x 16.10x 14.59x 12.95x 13.86x 13.51x S&P Issuer Ratings Long-Term Rating Date 23.03.2007 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date 29.04.2004 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 15.22 (EBITDA-Capex)/Interest Exp. 11.78 Net Debt/EBITDA 0.85 Total Debt/EBITDA 0.97 Reference Total Debt/Equity 26.1% Total Debt/Capital 20.7% Asset Turnover 1.88 Net Fixed Asset Turnover 14.27 Accounts receivable turnover-days 19.51 Inventory Days 38.23 Accounts Payable Turnover Day 18.32 Cash Conversion Cycle 39.40 Sales/Revenue/Turnover

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 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

CVS Caremark Corp Holdings By:

All

Holder Name BLACKROCK FMR LLC VANGUARD GROUP INC STATE STREET CORP WELLINGTON MANAGEMEN DAVIS SELECTED ADVIS FRANKLIN RESOURCES CAPITAL GROUP COMPAN SUN LIFE FINANCIAL I JP MORGAN ABERDEEN NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA DIMENSIONAL FUND ADV LAZARD ASSET MANAGEM WELLS FARGO & COMPAN NORGES BANK INVESCO LTD NEW YORK LIFE INVEST

Firm Name Lazard Capital Markets Susquehanna Financial Group Wells Fargo Securities, LLC ISI Group Cowen and Company BMO Capital Markets Goldman Sachs Edward Jones SunTrust Robinson Humphrey Raymond James Argus Research Corp Morgan Stanley RBC Capital Markets Macquarie Cantor Fitzgerald Barclays Credit Suisse JPMorgan William Blair & Co Mizuho Securities USA Inc Guggenheim Securities LLC Wolfe Research UBS S&P Capital IQ EVA Dimensions

Portfolio Name n/a n/a n/a n/a WELLINGTON MANAGEMEN DAVIS SELECTED ADVIS n/a n/a n/a n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA n/a n/a n/a NORGES BANK n/a Multiple Portfolios

Analyst THOMAS GALLUCCI ROBERT SUMMERS PETER H COSTA ROSS MUKEN CHARLES RHYEE JENNIFER LYNCH ROBERT P JONES JUDSON CLARK DAVID G MAGEE JOHN W RANSOM CHRISTOPHER GRAJA RICKY GOLDWASSER FRANK G MORGAN DANE LEONE AJAY JAIN MEREDITH ADLER EDWARD J KELLY LISA C GILL MARK R MILLER ANN HYNES JOHN HEINBOCKEL SCOTT A MUSHKIN STEVEN VALIQUETTE JOSEPH AGNESE AUSTIN BURKETT

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

Recommendation buy Positive outperform buy market perform outperform neutral/attractive buy neutral outperform buy Overwt/In-Line outperform outperform hold overweight outperform overweight outperform buy buy outperform buy strong buy buy

Amt Held 76'133'514 68'002'343 55'758'799 53'305'281 47'615'850 38'896'601 27'812'350 26'837'874 25'052'655 24'023'832 21'687'249 19'531'956 18'666'324 16'317'099 11'303'259 10'369'984 10'358'989 10'256'556 9'619'095 8'530'373

% Out 6.2 5.54 4.54 4.34 3.88 3.17 2.26 2.18 2.04 1.96 1.77 1.59 1.52 1.33 0.92 0.84 0.84 0.83 0.78 0.69

Weighting

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

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

Latest Chg (2'164'825) 2'203'905 (1'074'586) 1'394'070 (2'325'673) (4'030'606) (2'703'317) (2'143'326) 4'197'927 13'438'957 384'820 43'269 812'436 237'094 118'910 (2'939'256) 3'454'567 (523'851) (146'976)

Target Price 69 71 #N/A N/A 67 66 66 66 #N/A N/A 66 65 66 65 71 66 62 69 67 66 #N/A N/A 66 60 67 64 62 #N/A N/A

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

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

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

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

Date 23.09.2013 23.09.2013 20.09.2013 18.09.2013 18.09.2013 15.09.2013 11.09.2013 06.09.2013 15.08.2013 15.08.2013 12.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 01.05.2013 06.02.2013 16.01.2013

27.09.2013

Chevron Corp Chevron Corporation is an integrated energy company with operations in countries located around the world. The Company produces and transports crude oil and natural gas. Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services.

Price/Volume 140

8.0 M

120

7.0 M

100

6.0 M 5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.07.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CVX UN EQUITY YTD Change CVX UN EQUITY YTD % CHANGE

12/2012 06/yy 127.82 100.66 324'485.00 122.76 -3.97% 21.96% 84.06% 1'932.0 237'175.23 12'192.00 0.0 1'308.0 21'205.00 237'574.24

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

3.0 M

2.0 M

1.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 255'112.0 0.58x 44'538.0 3.32x 23'931.0 6.50x

4.0 M

31.12.2009 31.12.2010 159'293.0 189'607.0 0.99x 0.96x 26'432.0 38'438.0 5.94x 4.71x 10'483.0 19'024.0 15.38x 9.62x Profitability

LTM-4Q 31.12.2011 236'286.0 0.87x 51'210.0 4.02x 26'895.0 7.97x

31.12.2012 222'580.0 0.91x 48'426.0 4.19x 26'179.0 8.62x 48'426.00 35'013.00 15.73% 20.82% 10.38% 17.62% 15.87% 0.92% 18.6% 20.3% 13.9% 11.8% 1.63 1.23 5.23% 8.93% 10.40 24.46

Price/ Cash Flow

LTM

FY+1

.0 M s-13

3.01 1.11 1'931.55 17.93 8.25% 16.29% 1.113 30 4.267 2'264'620 1'533'153 1'464'277 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 230'561.0 213'082.0 233'330.8 240'430.7 59'202.6 58'322.6 3.41x 4.14x 1.02x 1.01x 4.03x 4.05x 50'980.0 43'331.0 54'634.6 56'970.3 12'649.0 12'517.7 3.87x 5.33x 4.34x 4.17x 4.44x 4.25x 26'633.0 24'041.0 23'396.1 23'653.2 5'995.7 6'087.0 8.06x 9.70x 10.14x 9.90x 9.93x 9.81x S&P Issuer Ratings Long-Term Rating Date 01.07.1987 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 01.07.1987 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 200.11 (EBITDA-Capex)/Interest Exp. 72.26 Net Debt/EBITDA -0.02 Total Debt/EBITDA 0.46 Reference Total Debt/Equity 8.9% Total Debt/Capital 8.1% Asset Turnover 0.92 Net Fixed Asset Turnover 1.52 Accounts receivable turnover-days 35.10 Inventory Days 14.92 Accounts Payable Turnover Day 44.44 Cash Conversion Cycle 1.75 Sales/Revenue/Turnover

8.00

300'000.0

7.00

250'000.0

6.00

200'000.0

5.00 4.00

150'000.0

3.00

100'000.0

2.00

50'000.0 1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Chevron Corp Holdings By:

All

Holder Name BLACKROCK STATE STREET CORP VANGUARD GROUP INC CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN BANK OF NEW YORK MEL NORTHERN TRUST CORPO FMR LLC JP MORGAN T ROWE PRICE ASSOCIA FRANKLIN RESOURCES NORGES BANK STATE FARM MUTUAL AU BANK OF AMERICA CORP GEODE CAPITAL MANAGE AMERIPRISE FINANCIAL WELLS FARGO & COMPAN DODGE & COX GRANTHAM MAYO VAN OT SUN LIFE FINANCIAL I

Firm Name Argus Research Corp Howard Weil Inc Raymond James ISI Group Simmons & Company International Oppenheimer & Co Wells Fargo Securities, LLC S&P Capital IQ Tudor Pickering & Co Goldman Sachs Societe Generale Edward Jones Cowen and Company Barclays Canaccord Genuity Corp Independent Research GmbH JPMorgan Prime Executions Morgan Stanley Jefferies Macquarie Credit Suisse Deutsche Bank VTB Capital UBS Ameriprise Advisor Services, Inc Oracle Investment Research EVA Dimensions

Portfolio Name n/a n/a n/a n/a WELLINGTON MANAGEMEN BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a n/a T ROWE PRICE ASSOCIA n/a NORGES BANK STATE FARM MUTUAL AU BANK OF AMERICA GEODE CAPITAL MANAGE AMERIPRISE FINANCIAL n/a DODGE & COX GRANTHAM MAYO VAN OT n/a

Analyst JONATHAN GELCIUS BLAKE FERNANDEZ PAVEL MOLCHANOV DOUGLAS T TERRESON GUY BABER FADEL GHEIT ROGER D READ MICHAEL KAY ROBERT KESSLER ARJUN N MURTI JOHN HERRLIN BRIAN YOUNGBERG ASIT SEN PAUL Y CHENG SAMUEL SIMON SVEN DIERMEIER KATHERINE LUCAS MINYARD CHRIS KETTENMANN J EVAN CALIO IAIN REID JASON D GAMMEL EDWARD WESTLAKE PAUL SANKEY COLIN SMITH WILLIAM A FEATHERSTON LEZE THAQI LAURENCE BALTER CRAIG STERLING

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

Recommendation buy sector outperform outperform buy overweight outperform outperform strong buy hold neutral/attractive hold buy outperform equalweight buy hold neutral buy Overwt/In-Line hold outperform outperform buy hold neutral buy hold buy

Amt Held 121'332'911 106'241'991 99'815'732 65'110'549 36'581'500 31'962'641 31'806'155 29'922'195 25'129'299 22'139'348 17'959'479 16'404'385 16'281'400 15'897'989 13'394'689 13'341'537 12'483'222 12'141'619 12'036'143 11'463'054

% Out 6.28 5.5 5.17 3.37 1.89 1.65 1.65 1.55 1.3 1.15 0.93 0.85 0.84 0.82 0.69 0.69 0.65 0.63 0.62 0.59

Weighting

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

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

Latest Chg 684'083 2'099'801 1'775'177 (13'022'485) (1'007'006) 523'741 268'853 588'374 1'472'473 (1'184'467) (428'252) (889'067) 214'493 693'516 66'509 3'100'613 2'301'857 164'583

Target Price 140 140 130 130 #N/A N/A 140 #N/A N/A 145 126 128 126 #N/A N/A 140 145 136 127 122 131 135 135 148 135 140 120 125 #N/A N/A 110 #N/A N/A

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

File Dt 25.09.2013 26.09.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013

Date Not Provided Not Provided 12 month 12 month Not Provided 18 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 3 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided

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

Date 25.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 20.09.2013 19.09.2013 18.09.2013 12.09.2013 09.09.2013 09.09.2013 04.09.2013 03.09.2013 15.08.2013 12.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 02.08.2013 10.07.2013 15.05.2013 08.05.2013 03.05.2013 01.02.2013 16.01.2013

27.09.2013

EI du Pont de Nemours & Co E. I. du Pont de Nemours and Company is a global chemical and life sciences company, with businesses that include agriculture and industrial biotechnology, chemistry, biology, materials science and manufacturing. The Company operates globally and offers a wide range of products and services for markets including agriculture and food, building and construction, electronics and communications.

Price/Volume 70

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DD UN EQUITY YTD Change DD UN EQUITY YTD % CHANGE

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

2.0 M

1.0 M

10 0 s-12

31.12.2009 31.12.2010 26'109.0 31'505.0 1.38x 1.58x 3'086.0 4'419.0 11.67x 11.29x 1'755.0 3'031.0 16.03x 15.15x Profitability

LTM-4Q 31.12.2011 33'681.0 1.53x 5'046.0 10.23x 3'474.0 12.89x

31.12.2012 34'812.0 1.43x 4'794.0 10.35x 2'788.0 13.08x 4'794.00 3'081.00 8.85% 8.95% 8.88% 38.45% 18.45% 0.69% 26.5% 15.9% 11.2% 8.0% 1.56 0.73 23.60% 119.18% 3.79 4.02

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 35'578.0 6.24x 6'668.0 8.82x 3'483.0 13.94x

f-13 m-13

06/yy 34'967.0 6.19x 5'561.0 10.06x 4'499.0 16.77x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

2.94 1.10 921.96 17.89 20.48% 34.85% 1.102 27 3.148 1'497'719 1'134'568 1'277'867 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 35'948.2 38'367.8 7'782.1 7'837.7 1.66x 1.53x 8.07x 7.68x 6'666.2 7'288.4 981.3 1'251.8 9.31x 8.51x 8.66x 8.42x 3'540.3 3'966.4 379.8 510.9 15.56x 13.79x 14.15x 13.67x S&P Issuer Ratings

17.05.2011 A STABLE 17.05.2011 A-1 9.57 5.99 1.29 2.53 119.2% 53.6% 0.69 2.69 96.35 90.89 52.86 96.29

Sales/Revenue/Turnover

18.00

40'000.0

16.00

35'000.0

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 30'529.0 0.96x 2'904.0 10.14x 2'007.0 9.10x

3.0 M

12/2012 06/yy 60.86 41.68 134'830.00 59.16 -2.68% 41.94% 92.96% 923.4 54'630.36 11'740.00 237.0 91.0 4'407.00 62'111.36

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

EI du Pont de Nemours & Co Holdings By:

All

Holder Name BLACKROCK STATE STREET CORP VANGUARD GROUP INC CAPITAL GROUP COMPAN BANK OF AMERICA CORP FRANKLIN RESOURCES BANK OF NEW YORK MEL NORTHERN TRUST CORPO BARROW HANLEY MEWHIN MORGAN STANLEY DUPONT CAPITAL MANAG JANUS CAPITAL MANAGE ALLIANZ ASSET MANAGE GOLDMAN SACHS GROUP JP MORGAN NORGES BANK WILMINGTON TRUST COM STATE FARM MUTUAL AU GEODE CAPITAL MANAGE MACQUARIE GROUP

Firm Name Macquarie Jefferies Wells Fargo Securities, LLC Morgan Stanley Susquehanna Financial Group Piper Jaffray Edward Jones BGC Partners EVA Dimensions Deutsche Bank Alembic Global Advisors Argus Research Corp Goldman Sachs JPMorgan Barclays RBC Capital Markets Credit Suisse UBS SunTrust Robinson Humphrey Ameriprise Advisor Services, Inc Hamburger Sparkasse Oppenheimer & Co Monness, Crespi, Hardt & Co S&P Capital IQ

Portfolio Name n/a n/a n/a n/a BANK OF AMERICA n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO BARROW HANLEY MEWHIN n/a DUPONT CAPITAL MANAG n/a n/a n/a n/a NORGES BANK WILMINGTON TRUST COM STATE FARM MUTUAL AU GEODE CAPITAL MANAGE n/a

Analyst COOLEY MAY LAURENCE ALEXANDER FRANK J MITSCH VINCENT ANDREWS DONALD D CARSON MIKE J RITZENTHALER MATT ARNOLD MARK R GULLEY CRAIG STERLING DAVID I BEGLEITER HASSAN I AHMED WILLIAM V SELESKY ROBERT KOORT JEFFREY J ZEKAUSKAS DUFFY FISCHER CHRIS NOCELLA JOHN P MCNULTY JOHN E ROBERTS ANDREW W CASH FREDERICK M SCHULTZ MARCO GUENTHER EDWARD H YANG HERBERT A HARDT LEO LARKIN

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

Recommendation neutral hold market perform Equalwt/Attractive Positive neutral buy sell hold buy neutral buy neutral/attractive neutral equalweight sector perform neutral neutral reduce buy hold market perform neutral hold

Amt Held 56'912'325 45'349'221 44'291'914 38'664'000 18'042'123 16'769'121 16'213'090 15'473'587 11'021'629 10'258'433 9'974'422 9'488'608 9'406'354 8'394'143 6'967'463 6'914'198 6'792'140 6'717'535 6'334'173 6'073'120

% Out 6.16 4.91 4.8 4.19 1.95 1.82 1.76 1.68 1.19 1.11 1.08 1.03 1.02 0.91 0.75 0.75 0.74 0.73 0.69 0.66

Weighting

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

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

Latest Chg (3'800'007) 417'288 1'107'484 (1'690'000) 7'749'762 71'293 140'297 (1'500'686) 1'114'390 968'613 1'941'313 2'655'383 736'677 (1'160'440) (119'953) (618) 324'800

Target Price 63 56 #N/A N/A #N/A N/A 70 57 #N/A N/A 50 #N/A N/A 68 60 66 57 60 58 56 59 60 45 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 50

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

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

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

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

Date 23.09.2013 20.09.2013 20.09.2013 17.09.2013 02.09.2013 29.08.2013 23.08.2013 22.08.2013 22.08.2013 15.08.2013 29.07.2013 26.07.2013 25.07.2013 24.07.2013 24.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 20.05.2013 22.01.2013

27.09.2013

Walt Disney Co/The The Walt Disney Company is an entertainment company that conducts operations in media networks, studio entertainment, theme parks and resorts, consumer products, and interactive media. The Company produces motion pictures, television programs, and musical recordings, as well as books and magazines.

Price/Volume 80

18.0 M

16.0 M

14.0 M 12.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (09.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DIS UN EQUITY YTD Change DIS UN EQUITY YTD % CHANGE

09/2012 06/yy 67.89 46.55 433'920.00 65.12 -4.20% 39.89% 87.58% 1'786.4 116'333.14 14'311.00 0.0 2'199.0 3'387.00 129'775.14

30.09.2008 37'843.0 1.95x 8'986.0 8.20x 4'427.0 14.43x

8.0 M

6.0 M

4.0 M

2.0 M

0 s-12

30.09.2009 30.09.2010 36'149.0 38'063.0 1.67x 1.96x 7'328.0 8'439.0 8.25x 8.86x 3'307.0 3'963.0 14.99x 16.08x Profitability

LTM-4Q 30.09.2011 40'893.0 1.65x 9'622.0 7.00x 4'807.0 11.80x

30.09.2012 42'278.0 2.51x 10'850.0 9.79x 5'682.0 16.96x

10'850.00 8'863.00 20.96% 21.90% 7.68% 14.33% 11.43% 0.57% 21.0% 25.9% 21.0% 13.4% 1.07 0.77 19.11% 35.99% 7.07 23.69

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 41'921.0 8.19x 10'663.0 9.42x 5'525.0 16.29x

f-13 m-13

06/yy 44'255.0 10.30x 11'440.0 11.11x 5'986.0 19.20x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

1.15 1.13 1'616.25 39.76 25.74% 30.79% 1.129 34 4.235 5'431'254 2'994'688 2'497'080 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 44'876.6 47'860.0 11'406.0 12'200.0 2.89x 2.68x 11.36x 10.51x 12'067.8 13'454.5 2'853.8 3'099.6 10.78x 9.67x 9.89x 9.59x 6'137.8 6'941.5 1'362.7 1'632.3 19.33x 16.65x 17.31x 16.55x S&P Issuer Ratings

22.12.2009 A STABLE 22.12.2009 A-1 19.24 12.53 0.97 1.31 36.0% 25.4% 0.57 2.07 51.48 15.37 58.24 21.82

Sales/Revenue/Turnover

18.00

45'000.0

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 09.10.2009

o-12

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

10.0 M

0.0 09.04.2010

09.10.2010

09.04.2011

09.10.2011

09.04.2012

09.10.2012

09.04.2013

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

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

27.09.2013

Walt Disney Co/The Holdings By:

All

Holder Name LAURENE POWELL JOBS BLACKROCK VANGUARD GROUP INC STATE STREET CORP CAPITAL GROUP COMPAN FMR LLC SUN LIFE FINANCIAL I STATE FARM MUTUAL AU LUCAS JR GEORGE W BANK OF NEW YORK MEL NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN STATE FARM MUTUAL AU JENNISON ASSOCIATES JP MORGAN NORGES BANK DAVIS SELECTED ADVIS GEODE CAPITAL MANAGE WELLS FARGO & COMPAN

Firm Name Wells Fargo Securities, LLC Lazard Capital Markets Sanford C. Bernstein & Co Stifel Morgan Stanley B Riley & Co Cowen and Company Sterne, Agee & Leach JPMorgan BMO Capital Markets Macquarie Evercore Partners ISI Group Edward Jones Needham & Co Wunderlich Securities Argus Research Corp Credit Suisse Hilliard Lyons Deutsche Bank Goldman Sachs Janney Montgomery Scott LLC S&P Capital IQ Atlantic Equities LLP Piper Jaffray Telsey Advisory Group Wedge Partners RBC Capital Markets Erste Group BTIG LLC UBS Tigress Financial Partners Gabelli & Co EVA Dimensions Pacific Crest Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a STATE FARM MUTUAL AU n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN STATE FARM MUTUAL AU JENNISON ASSOCIATES n/a NORGES BANK DAVIS SELECTED ADVIS GEODE CAPITAL MANAGE n/a

Analyst MARCI RYVICKER BARTON CROCKETT TODD JUENGER DREW E CRUM BENJAMIN SWINBURNE DAVID W MILLER DOUGLAS CREUTZ VASILY KARASYOV ALEXIA S QUADRANI DANIEL SALMON TIMOTHY W NOLLEN TRACY YOUNG VIJAY JAYANT ROBIN DIEDRICH LAURA A MARTIN MATTHEW HARRIGAN JOSEPH F BONNER MICHAEL SENNO JEFFREY S THOMISON DOUGLAS D MITCHELSON DREW BORST TONY WIBLE TUNA AMOBI HAMILTON FABER JAMES M MARSH JR JAISON BLAIR MARTIN PYYKKONEN DAVID BANK HANS ENGEL RICHARD GREENFIELD JOHN JANEDIS IVAN FEINSETH BRETT HARRISS CRAIG STERLING EVAN S WILSON

Source PROXY ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F Co File 13F 13F 13F 13F Sch-D 13F ULT-AGG 13F 13F 13F ULT-AGG

Recommendation outperform buy outperform buy Equalwt/Attractive buy market perform neutral overweight outperform outperform overweight neutral buy hold hold buy outperform long-term buy buy neutral/attractive neutral strong buy neutral neutral no rating system no rating system outperform buy buy buy buy hold sell sector perform

Amt Held 130'844'544 93'837'994 80'163'479 77'799'514 62'014'410 59'453'225 55'699'112 42'206'018 37'076'679 30'293'150 28'465'082 25'834'722 24'292'691 23'262'171 16'644'863 15'073'679 14'991'213 12'938'299 12'441'353 12'253'959

% Out 7.32 5.25 4.49 4.35 3.47 3.33 3.12 2.36 2.08 1.7 1.59 1.45 1.36 1.3 0.93 0.84 0.84 0.72 0.7 0.69

Weighting

Change

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

M M M M D 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 U N M D M

Latest Chg (494'298) 1'183'628 2'893'171 36'689'294 (1'495'596) (1'422'694) (127'337) 224'418 (3'332'832) (4'191'722) (2'486) 2'408'938 1'496'290 (2'546'616) 233'702 (536'689)

Target Price #N/A N/A 76 75 76 70 73 62 69 80 76 75 70 68 #N/A N/A #N/A N/A 65 75 73 78 75 69 71 75 74 57 74 #N/A N/A 71 #N/A N/A 85 72 #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 07.01.2013 25.09.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 06.02.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 31.12.2012 30.06.2013 30.06.2013 31.07.2013

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

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

Date 24.09.2013 22.09.2013 20.09.2013 20.09.2013 19.09.2013 19.09.2013 19.09.2013 13.09.2013 12.09.2013 11.09.2013 11.09.2013 10.09.2013 10.09.2013 06.09.2013 28.08.2013 19.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 01.07.2013 09.05.2013 29.04.2013 20.03.2013 06.02.2013 06.02.2013 05.08.2011

27.09.2013

Dow Chemical Co/The The Dow Chemical Company is a diversified chemical company that provides chemical, plastic, and agricultural products and services to various essential consumer markets. The Company serves customers in countries around the world in markets such as food, transportation, health and medicine, personal care, and construction.

Price/Volume 45

6.0 M

5.0 M

35 30

4.0 M

12/2012 06/yy 41.08 27.45 301'588.00 39.47 -3.89% 43.79% 92.00% 1'210.2 47'767.14 20'987.00 4'000.0 1'137.0 4'318.00 66'846.14

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

2.0 M

1.0 M

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 57'361.0 0.41x 4'316.0 5.46x 579.0 25.58x

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DOW UN EQUITY YTD Change DOW UN EQUITY YTD % CHANGE

31.12.2009 31.12.2010 44'875.0 53'674.0 1.25x 1.14x 4'176.0 6'078.0 13.38x 10.11x 648.0 2'310.0 46.90x 17.21x Profitability

LTM-4Q 31.12.2011 59'985.0 0.92x 6'909.0 7.99x 2'742.0 12.27x

31.12.2012 56'786.0 1.07x 6'645.0 9.14x 1'182.0 17.05x 6'645.00 3'947.00 6.95% 2.93% 4.33% 13.94% 8.47% 0.81% 15.0% 11.8% 7.1% 2.1% 2.06 0.82 30.15% 124.35% 10.40 5.53

Price/ Cash Flow

LTM

06/yy 58'438.0 3.89x 6'488.0 9.17x 2'196.0 17.17x

06/yy 56'514.0 4.17x 6'668.0 8.70x 3'011.0 17.03x

FY+1

.0 M s-13

3.24 1.42 1'205.62 23.93 40.59% 25.57% 1.423 24 3.375 2'172'528 1'802'396 1'637'392 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 57'241.1 59'481.8 13'987.8 14'245.8 1.19x 1.13x 4.95x 4.92x 8'235.3 8'981.8 2'241.8 1'356.5 8.12x 7.44x 7.82x 7.83x 2'876.7 3'456.2 681.6 586.7 16.66x 13.78x 15.06x 14.49x S&P Issuer Ratings

11.05.2011 BBB STABLE 11.05.2011 A-2 4.91 2.98 2.09 2.82 124.4% 48.8% 0.81 3.27 35.10 66.03 35.70 56.57

Sales/Revenue/Turnover

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Dow Chemical Co/The Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET CORP WELLINGTON MANAGEMEN FRANKLIN RESOURCES DODGE & COX JP MORGAN NORTHERN TRUST CORPO WADDELL & REED FINAN BANK OF NEW YORK MEL GLOBAL THEMATIC PART UBS AG INVESCO LTD GEODE CAPITAL MANAGE NORGES BANK MORGAN STANLEY GREEN VALLEY INVESTO LEGAL & GENERAL GOLDMAN SACHS GROUP

Firm Name Goldman Sachs Wells Fargo Securities, LLC Cowen and Company Alembic Global Advisors Jefferies Macquarie Argus Research Corp Susquehanna Financial Group Edward Jones UBS Hilliard Lyons Deutsche Bank JPMorgan Barclays Morgan Stanley RBC Capital Markets Credit Suisse SunTrust Robinson Humphrey Monness, Crespi, Hardt & Co EVA Dimensions Tigress Financial Partners Gilford Securities

Portfolio Name n/a n/a n/a n/a WELLINGTON MANAGEMEN n/a DODGE & COX n/a NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL GLOBAL THEMATIC PART n/a n/a GEODE CAPITAL MANAGE NORGES BANK n/a GREEN VALLEY INVESTO n/a n/a

Analyst ROBERT KOORT FRANK J MITSCH CHARLES NEIVERT HASSAN I AHMED LAURENCE ALEXANDER COOLEY MAY WILLIAM V SELESKY DONALD D CARSON MATT ARNOLD JOHN E ROBERTS STEPHEN A O'NEIL DAVID I BEGLEITER JEFFREY J ZEKAUSKAS DUFFY FISCHER VINCENT ANDREWS CHRIS NOCELLA JOHN P MCNULTY ANDREW W CASH HERBERT A HARDT CRAIG STERLING IVAN FEINSETH PAUL C CHRISTOPHERSON

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

Recommendation buy/attractive market perform market perform overweight hold outperform buy neutral sell buy neutral hold neutral equalweight Equalwt/Attractive sector perform outperform reduce neutral hold neutral sell

Amt Held 169'069'310 63'104'002 57'289'009 51'317'074 45'032'545 37'347'469 29'594'622 22'575'955 17'433'463 13'356'310 13'286'317 11'674'810 10'593'676 9'128'771 8'305'930 7'892'282 6'441'139 6'200'000 6'099'533 5'978'365

% Out 13.97 5.21 4.73 4.24 3.72 3.09 2.45 1.87 1.44 1.1 1.1 0.96 0.88 0.75 0.69 0.65 0.53 0.51 0.5 0.49

Weighting

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

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

Latest Chg (2'939'596) (3'830'371) 1'927'946 449'687 (1'907'997) 2'178'967 (193'597) (2'823'472) 215'585 3'843'582 82'658 739'086 (912'499) 1'967'913 182'176 (191'857) 386'365 (278'104)

Target Price 48 #N/A N/A #N/A N/A 45 40 45 47 38 #N/A N/A 42 #N/A N/A 37 36 37 #N/A N/A 36 39 30 #N/A N/A #N/A N/A #N/A N/A #N/A N/A

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

File Dt 30.06.2013 25.09.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 31.07.2013 30.06.2013

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

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

Date 26.09.2013 26.09.2013 25.09.2013 23.09.2013 20.09.2013 09.09.2013 04.09.2013 02.09.2013 26.08.2013 19.08.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 20.05.2013 13.05.2013 13.03.2013 18.09.2012

27.09.2013

Devon Energy Corp Devon Energy Corporation is an independent energy company that is involved primarily in oil and gas exploration, development and production, the transportation of oil, gas, and NGLs and the processing of natural gas. The Company also has marketing and midstream operations primarily in North America that include gas, crude oil and NGLs.

Price/Volume 70

12/2012 06/yy 63.00 50.82 56'352.00 59.26 -6.10% 16.61% 71.02% 406.0 24'059.56 11'644.00 0.0 0.0 6'980.00 29'977.56

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

1.5 M

1.0 M

20 .5 M

10 0 s-12

31.12.2009 31.12.2010 8'015.0 9'940.0 4.92x 3.69x 4'270.0 5'859.0 9.24x 6.25x (2'479.0) 4'550.0 22.88x 13.09x Profitability

LTM-4Q 31.12.2011 11'454.0 2.42x 6'878.0 4.04x 4'704.0 7.75x

31.12.2012 9'679.0 2.66x 5'253.0 4.91x (206.0) 15.99x 5'253.00 2'442.00 25.23% -3.28% -4.15% -8.22% 0.23% 32.4% 50.5% 20.8% -2.1% 1.49 1.37 26.88% 54.72% 7.48 -

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 11'143.0 10.08x 6'596.0 4.10x 2'415.0 12.61x

f-13 m-13

06/yy 9'509.0 11.52x 4'806.0 5.61x (1'732.0) 6.94x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

1.38 1.32 380.62 7.68 -0.77% 15.17% 1.325 33 4.000 790'242 562'476 577'510 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'980.9 11'381.6 2'560.2 2'685.9 3.23x 2.95x 12.89x 12.38x 5'431.3 6'906.1 1'497.1 1'615.8 5.51x 4.33x 4.64x 4.47x 1'661.4 2'237.8 450.2 510.7 14.17x 10.85x 11.34x 10.72x S&P Issuer Ratings

18.03.2008 BBB+ STABLE 29.08.2000 A-2 11.57 -6.55 1.23 2.11 54.7% 35.4% 0.23 0.35 48.81 -

Sales/Revenue/Turnover

8.00

16'000.0

7.00

14'000.0

6.00

12'000.0

5.00

10'000.0

4.00

8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 13'615.0 2.56x 8'952.0 3.89x (2'148.0) 8.29x

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 52-Week Low (22.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DVN UN EQUITY YTD Change DVN UN EQUITY YTD % CHANGE

2.5 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Devon Energy Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN MITCHELL GEORGE PHYD BLACKROCK VANGUARD GROUP INC HARRIS ASSOCIATES LP STATE STREET CORP FIDUCIARY MANAGEMENT GOLDMAN SACHS GROUP FIRST EAGLE INVESTME JP MORGAN FRANKLIN RESOURCES INTERNATIONAL VALUE NORTHERN TRUST CORPO BANK OF NEW YORK MEL TWEEDY BROWNE COMPAN LAZARD ASSET MANAGEM GREENHAVEN ASSOCIATE THIRD AVENUE MANAGEM WELLINGTON MANAGEMEN DEUTSCHE BANK AG

Firm Name Canaccord Genuity Corp ISI Group Howard Weil Inc Macquarie Morgan Stanley Robert W. Baird & Co FBR Capital Markets Oppenheimer & Co Sanford C. Bernstein & Co Susquehanna Financial Group Guggenheim Securities LLC Peters & Co Ltd Raymond James Ameriprise Advisor Services, Inc Barclays Edward Jones Wells Fargo Securities, LLC Tudor Pickering & Co Jefferies Simmons & Company International Deutsche Bank RBC Capital Markets Johnson Rice & Co Societe Generale Credit Suisse UBS Capital One Southcoast, Inc. Alembic Global Advisors JPMorgan Argus Research Corp EVA Dimensions Goldman Sachs

Portfolio Name n/a n/a n/a n/a HARRIS ASSOC LP n/a FIDUCIARY MANAGEMENT n/a FIRST EAGLE INVESTME n/a n/a INTERNATIONAL VALUE NORTHERN TRUST CORPO BANK OF NEW YORK MEL TWEEDY BROWNE COMPAN n/a GREENHAVEN ASSOCIATE THIRD AVENUE MANAGEM WELLINGTON MANAGEMEN n/a

Analyst ROBERT L CHRISTENSEN JR JONATHAN WOLFF PETER KISSEL JOSEPH MAGNER J EVAN CALIO HSULIN PENG REHAN RASHID FADEL GHEIT BOB BRACKETT DUANE GRUBERT ROBERT CORDRAY DAN GRAGER ANDREW COLEMAN LEZE THAQI THOMAS R DRISCOLL BRIAN YOUNGBERG DAVID R TAMERON MATTHEW PORTILLO BIJU Z PERINCHERIL DAVID W KISTLER STEPHEN RICHARDSON SCOTT HANOLD CHARLES MEADE JOHN HERRLIN ARUN JAYARAM WILLIAM A FEATHERSTON BRIAN T VELIE JAMES J SULLIVAN JOSEPH D ALLMAN JONATHAN GELCIUS CRAIG STERLING BRIAN SINGER

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

Recommendation buy neutral sector outperform neutral Equalwt/Attractive outperform outperform outperform market perform Positive buy sector outperform outperform buy equalweight buy market perform hold buy overweight hold outperform equalweight buy outperform neutral neutral overweight neutral hold sell buy/attractive

Amt Held 26'662'678 22'661'034 21'685'732 17'557'856 16'770'577 16'418'271 11'541'257 9'479'672 7'799'865 7'643'395 6'387'287 6'297'521 5'421'911 4'258'104 4'236'700 4'142'667 3'958'943 3'883'863 3'559'850 3'408'704

% Out 6.57 5.58 5.34 4.32 4.13 4.04 2.84 2.33 1.92 1.88 1.57 1.55 1.34 1.05 1.04 1.02 0.98 0.96 0.88 0.84

Weighting

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

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

Latest Chg 968'208 (1'818'432) 291'624 (85'738) 362'457 3'056'308 183'224 (163'570) 920'783 (2'477'876) 650'750 73'560 (317'185) 494'990 (435'098) (59'900) (7'559) (867'437) 1'603'231

Target Price 75 #N/A N/A 68 60 61 69 77 75 65 75 76 75 71 #N/A N/A 64 #N/A N/A #N/A N/A 79 71 70 69 72 #N/A N/A 65 75 60 78 67 59 #N/A N/A #N/A N/A 73

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

File Dt Inst Type 30.06.2013 Investment Advisor 31.03.2013 n/a 25.09.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor

Date 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 18 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 3 month Not Provided Not Provided 12 month

Date 27.09.2013 25.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 19.09.2013 19.09.2013 12.09.2013 10.09.2013 09.09.2013 05.09.2013 04.09.2013 30.08.2013 27.08.2013 27.08.2013 19.08.2013 15.08.2013 14.08.2013 09.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 24.07.2013 22.05.2013 11.05.2013 04.04.2013

27.09.2013

eBay Inc eBay Inc. operates an online trading community. The Company's service is used by buyers and sellers for the exchange of products and services such as coins, collectibles, computers, memorabilia, stamps and toys, as well as concert and sporting tickets. eBay also offers, through a subsidiary, secure online payment services.

Price/Volume 70 60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (11.04.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EBAY UW EQUITY YTD Change EBAY UW EQUITY YTD % CHANGE

12/2012 06/yy 58.04 45.66 775'395.00 56 -3.50% 22.65% 88.69% 1'294.5 72'493.81 4'519.00 0.0 0.0 9'408.00 66'590.81

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

10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 8'541.3 1.82x 2'844.6 5.46x 1'779.5 9.01x

31.12.2009 31.12.2010 8'727.4 9'156.3 2.93x 3.42x 2'305.9 2'837.5 11.10x 11.03x 2'389.1 1'801.0 17.84x 20.19x Profitability

LTM-4Q 31.12.2011 11'651.7 3.02x 3'313.0 10.62x 3'229.4 11.68x

31.12.2012 14'072.0 4.34x 4'088.0 14.95x 2'609.0 26.63x 4'088.00 2'888.00 20.52% 21.92% 7.98% 13.14% 0.45% 70.0% 29.3% 20.6% 18.5% 1.96 0.94 12.19% 21.66% 21.60 -

Price/ Cash Flow

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

LTM

06/yy 13'020.8 12.76x 3'748.0 13.46x 3'732.1 21.79x

06/yy 15'021.0 16.34x 4'397.0 13.88x 2'665.0 25.76x

FY+1

0.00 1.07 1'179.91 15.07 14.01% 9.76% 1.073 45 4.644 2'867'183 2'370'840 2'525'666 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 16'171.5 18'801.7 3'902.1 4'640.8 4.04x 3.38x 17.06x 14.24x 5'405.9 6'218.1 1'261.5 1'584.9 12.30x 10.69x 11.51x 11.09x 3'563.0 4'214.5 825.4 1'088.4 20.66x 17.53x 19.04x 18.26x S&P Issuer Ratings

02.03.2010 A STABLE 05.11.2010 A-1 64.89 44.94 -1.34 1.03 21.7% 17.8% 0.45 6.09 16.90 22.57 -

Sales/Revenue/Turnover

25.00

16'000.0 14'000.0

20.00

12'000.0 10'000.0

15.00

8'000.0 10.00

6'000.0 4'000.0

5.00

0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

eBay Inc Holdings By:

All

Holder Name OMIDYAR PIERRE M BLACKROCK VANGUARD GROUP INC T ROWE PRICE ASSOCIA FMR LLC STATE STREET CORP INVESCO LTD BAILLIE GIFFORD AND WELLINGTON MANAGEMEN WELLS FARGO & COMPAN OPPENHEIMERFUNDS INC JANUS CAPITAL MANAGE JP MORGAN BANK OF NEW YORK MEL NORTHERN TRUST CORPO LONE PINE CAPITAL LL CAPITAL GROUP COMPAN UBS AG JENNISON ASSOCIATES TIAA CREF INVESTMENT

Firm Name

Portfolio Name n/a n/a n/a T ROWE PRICE ASSOCIA n/a n/a n/a BAILLIE GIFFORD & CO WELLINGTON MANAGEMEN n/a OPPENHEIMER FUNDS IN n/a n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO LONE PINE CAPITAL LL n/a n/a JENNISON ASSOCIATES TIAA-CREF INVESTMENT

Analyst

Janney Montgomery Scott LLC SHAWN C MILNE Wells Fargo Securities, LLC MATTHEW NEMER Morgan Stanley SCOTT W DEVITT RBC Capital Markets MARK S MAHANEY SunTrust Robinson Humphrey ROBERT S PECK Keefe, Bruyette & Woods SANJAY SAKHRANI Needham & Co KERRY RICE Sanford C. Bernstein & Co CARLOS KIRJNER Evercore Partners KEN SENA Cowen and Company JOHN BLACKLEDGE JMP Securities RONALD V JOSEY III S&P Capital IQ SCOTT H KESSLER Lazard Capital Markets BRETT FODERO Compass Point Research & Trading LLC DOUGLAS GREINER B Riley & Co SCOTT TILGHMAN Canaccord Genuity Corp MICHAEL GRAHAM Susquehanna Financial Group BRIAN NOWAK JPMorgan DOUGLAS ANMUTH Cantor Fitzgerald YOUSSEF H SQUALI Stifel JORDAN ROHAN Piper Jaffray EUGENE E MUNSTER Topeka Capital Markets Inc VICTOR ANTHONY Robert W. Baird & Co COLIN SEBASTIAN Wedbush GIL B LURIA Macquarie BENJAMIN A SCHACHTER Pacific Crest Securities CHAD BARTLEY Argus Research Corp DAVID RITTER Edward Jones JOSH OLSON Daiwa Securities Co. Ltd. KAZUYA NISHIMURA Atlantic Equities LLP JAMES CORDWELL Ameriprise Advisor Services, Inc PATRICK DIEDRICKSON EVA Dimensions ANDREW S ZAMFOTIS Raymond James AARON M KESSLER Credit Suisse STEPHEN JU Jefferies BRIAN J PITZ Benchmark Company LLC DANIEL L KURNOS Telsey Advisory Group THOMAS FORTE BMO Capital Markets EDWARD S WILLIAMS Deutsche Bank ROSS SANDLER BGC Partners COLIN W GILLIS Tigress Financial Partners IVAN FEINSETH UBS ERIC J SHERIDAN Goldman Sachs HEATH P TERRY

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

Recommendation buy outperform Overwt/Attractive outperform neutral outperform hold outperform overweight market perform market outperform hold buy buy buy buy Positive overweight buy buy overweight buy outperform outperform neutral outperform buy buy outperform overweight buy buy outperform neutral buy buy no rating system outperform hold buy buy buy buy/attractive

Amt Held 112'053'208 63'922'202 55'243'471 50'051'617 49'471'554 48'303'804 33'030'434 28'607'817 26'694'869 23'223'973 18'475'757 18'441'220 18'369'198 17'093'805 16'375'058 15'515'623 15'065'405 14'796'719 13'179'016 12'134'645

% Out 8.66 4.94 4.27 3.87 3.82 3.73 2.55 2.21 2.06 1.79 1.43 1.42 1.42 1.32 1.26 1.2 1.16 1.14 1.02 0.94

Weighting

Change

5 5 5 5 3 5 3 5 5 3 4 3 5 5 5 5 4 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 3 5 5 #N/A N/A 5 3 5 5 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 M U M M M M M M M M M N M

Latest Chg (9'770'200) 578'294 1'841'369 1'136'631 (11'964'162) 199'783 961'052 178'698 4'510'650 577'633 411'648 (16'500'960) 4'935'392 (125'298) 325'534 5'774'957 12'161'359 (1'297'518) 728'983 (1'164'611)

Target Price 65 #N/A N/A 62 64 59 65 #N/A N/A 66 64 55 65 60 63 63 65 64 65 60 62 65 63 65 65 64 58 65 65 #N/A N/A 57 62 #N/A N/A #N/A N/A 60 55 66 63 75 64 59 65 #N/A N/A 64 63

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

File Dt Inst Type 20.08.2013 n/a 25.09.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.08.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 24.09.2013 23.09.2013 20.09.2013 12.09.2013 11.09.2013 11.09.2013 06.09.2013 06.09.2013 06.09.2013 28.08.2013 26.08.2013 20.08.2013 20.08.2013 15.08.2013 23.07.2013 20.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 17.07.2013 17.07.2013 16.07.2013 02.05.2013 01.04.2013 11.01.2013

27.09.2013

EMC Corp/MA EMC Corporation provides enterprise storage systems, software, networks, and services. The Company's products store, retrieve, manage, protect, and share information from all major computing environments and mainframe platforms. EMC operates offices around the world.

Price/Volume 30

14.0 M

12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (01.10.2012) 52-Week Low (19.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EMC UN EQUITY YTD Change EMC UN EQUITY YTD % CHANGE

12/2012 06/yy 27.89 21.45 841'766.00 26.1 -6.38% 21.68% 75.00% 2'080.9 54'310.29 1'710.15 0.0 1'166.6 6'167.12 51'694.29

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

6.0 M

4.0 M

2.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 14'876.2 1.24x 2'957.0 6.23x 1'275.1 14.75x

8.0 M

Valuation Analysis

31.12.2009 31.12.2010 14'025.9 17'015.1 2.34x 2.72x 2'594.9 3'935.2 12.63x 11.75x 1'088.1 1'900.0 32.69x 23.56x Profitability

LTM-4Q 31.12.2011 20'007.6 2.20x 4'961.4 8.85x 2'461.3 19.01x

31.12.2012 21'713.9 2.30x 5'602.2 8.93x 2'732.6 20.38x 5'602.21 4'074.46 18.76% 17.52% 7.00% 12.76% 10.97% 0.56% 62.8% 25.8% 18.7% 12.6% 1.18 0.93 4.49% 7.65% 7.22 7.36

Price/ Cash Flow

LTM

06/yy 20'960.4 9.37x 5'398.5 9.44x 2'674.1 20.99x

06/yy 22'309.5 8.87x 5'749.6 8.09x 2'777.3 18.31x

FY+1

.0 M s-13

0.38 1.05 2'068.35 66.09 -4.39% 4.00% 1.052 45 4.733 4'496'708 3'342'864 3'516'503 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 23'457.3 25'443.7 5'803.4 6'662.4 2.25x 1.95x 8.94x 7.66x 7'076.6 7'862.1 1'839.4 2'266.5 7.29x 6.56x 6.62x 6.50x 4'040.0 4'511.7 980.7 1'302.1 14.03x 12.34x 13.14x 12.74x S&P Issuer Ratings

25.06.2012 A STABLE 71.00 60.62 -0.69 1.25 7.6% 6.8% 0.56 7.16 50.54 49.60 40.51 56.37

Sales/Revenue/Turnover

14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00 6.00

10'000.0

4.00

5'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

EMC Corp/MA Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC WELLINGTON MANAGEMEN STATE STREET CORP BANK OF NEW YORK MEL NORTHERN TRUST CORPO GOLDMAN SACHS GROUP FMR LLC SUN LIFE FINANCIAL I CAPITAL GROUP COMPAN MANNING & NAPIER ADV AMERIPRISE FINANCIAL LAZARD ASSET MANAGEM PRIMECAP MANAGEMENT WELLS FARGO & COMPAN JANUS CAPITAL MANAGE JENNISON ASSOCIATES DEUTSCHE BANK AG BANK OF AMERICA CORP JP MORGAN

Firm Name Sanford C. Bernstein & Co Cantor Fitzgerald Craig-Hallum Capital Group LLC Cross Research Wells Fargo Securities, LLC Barclays Janney Montgomery Scott LLC Mizuho Securities USA Inc Argus Research Corp Sterne, Agee & Leach Longbow Research ISI Group Lazard Capital Markets BMO Capital Markets Deutsche Bank Brean Capital LLC RBC Capital Markets Credit Suisse Jefferies Raymond James Evercore Partners Oppenheimer & Co Piper Jaffray Edward Jones Pacific Crest Securities William Blair & Co Daiwa Securities Co. Ltd. Ameriprise Advisor Services, Inc Hilliard Lyons Morgan Stanley Goldman Sachs JPMorgan Stifel UBS Needham & Co Robert W. Baird & Co FBR Capital Markets FBN Securities S&P Capital IQ Monness, Crespi, Hardt & Co EVA Dimensions Tigress Financial Partners Wedge Partners

Portfolio Name n/a n/a WELLINGTON MANAGEMEN n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a n/a n/a n/a MANNING & NAPIER ADV AMERIPRISE FINANCIAL n/a PRIMECAP MANAGEMENT n/a n/a JENNISON ASSOCIATES n/a BANK OF AMERICA n/a

Analyst TONI SACCONAGHI BRIAN J WHITE RAJESH GHAI STEVEN B FOX MAYNARD UM BENJAMIN A REITZES WILLIAM CHOI ABHEY R LAMBA JAMES KELLEHER ALEX KURTZ JOE WITTINE BRIAN MARSHALL EDWARD PARKER KEITH F BACHMAN CHRISTOPHER WHITMORE ANANDA BARUAH AMIT DARYANANI KULBINDER GARCHA PETER J MISEK BRIAN G ALEXANDER ROBERT CIHRA ITTAI KIDRON ANDREW J NOWINSKI WILLIAM C KREHER BRENT A BRACELIN JASON NOAH ADER YOKO YAMADA JUSTIN H BURGIN STEPHEN TURNER KATHRYN HUBERTY WILLIAM C SHOPE JR MARK A MOSKOWITZ AARON C RAKERS STEVEN M MILUNOVICH GLENN HANUS JAYSON NOLAND SR DANIEL H IVES SHEBLY SEYRAFI ANGELO ZINO JEFFREY FIDACARO ANDREW S ZAMFOTIS IVAN FEINSETH KIRK ADAMS

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

Recommendation market perform buy buy buy outperform equalweight buy buy buy buy buy strong buy buy outperform buy buy outperform outperform buy strong buy overweight outperform overweight buy outperform market perform outperform buy long-term buy Equalwt/In-Line Buy/Cautious neutral buy buy buy outperform outperform outperform strong buy buy overweight strong buy no rating system

Amt Held 121'245'095 99'362'849 86'524'514 85'870'382 49'814'703 37'630'131 34'156'111 33'244'535 32'096'418 31'367'172 30'479'802 29'844'399 26'380'749 24'929'149 22'244'971 22'167'964 21'560'908 20'293'011 20'129'584 17'402'674

% Out 5.83 4.78 4.16 4.13 2.39 1.81 1.64 1.6 1.54 1.51 1.46 1.43 1.27 1.2 1.07 1.07 1.04 0.98 0.97 0.84

Weighting

Change

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

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

Latest Chg (6'445'791) 2'742'319 25'334'488 (1'039'283) (2'049'308) 275'892 2'213'891 17'188'397 5'880'959 1'514'542 (660'810) (5'955'484) (665'613) 2'700'300 (6'876'646) (5'601'847) (3'108'151) 1'778'141 (2'456'724) (8'357'295)

Target Price 26 31 32 33 #N/A N/A 28 32 32 30 32 32 36 32 30 32 31 30 30 32 31 32 28 30 #N/A N/A 32 #N/A N/A 29 #N/A N/A 31 #N/A N/A 29 27 33 32 32 32 33 28 30 30 #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 25.09.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 31.07.2013

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

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

Date 25.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 18.09.2013 18.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 10.09.2013 06.09.2013 05.09.2013 05.09.2013 04.09.2013 04.09.2013 04.09.2013 04.09.2013 04.09.2013 04.09.2013 04.09.2013 27.08.2013 22.08.2013 05.08.2013 05.08.2013 31.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 10.07.2013 04.07.2013 20.05.2013 17.05.2013 15.03.2013 03.05.2012

27.09.2013

Emerson Electric Co Emerson Electric Co. designs and manufactures electronic and electrical equipment, software, systems and services for industrial, commercial and consumer markets worldwide through its network power, process management, industrial automation, climate technologies and tools & storage divisions.

Price/Volume 70

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EMR UN EQUITY YTD Change EMR UN EQUITY YTD % CHANGE

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

1.0 M

.5 M

10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 30.09.2008 24'807.0 1.39x 4'789.0 7.18x 2'412.0 12.79x

1.5 M

09/2012 06/yy 66.77 47.12 155'328.00 65.04 -2.64% 38.03% 93.13% 714.5 46'473.13 5'293.00 0.0 147.0 2'367.00 49'356.13

30.09.2009 30.09.2010 20'102.0 21'039.0 1.66x 2.06x 3'871.0 4'325.0 8.60x 10.00x 1'724.0 2'164.0 16.04x 20.04x Profitability

LTM-4Q 30.09.2011 24'222.0 1.40x 5'096.0 6.64x 2'480.0 12.68x

30.09.2012 24'412.0 1.56x 5'155.0 7.38x 1'968.0 13.71x

5'155.00 4'332.00 17.75% 12.76% 6.23% 14.45% 10.48% 1.03% 40.0% 20.8% 17.5% 8.1% 1.42 1.03 22.22% 51.41% 5.27 6.28

Price/ Cash Flow

LTM

06/yy 24'257.0 6.25x 5'053.0 7.46x 2'447.0 13.82x

06/yy 24'557.0 6.70x 5'114.0 8.20x 1'491.0 15.15x

FY+1

.0 M s-13

2.51 1.03 710.19 11.76 38.48% 25.37% 1.032 31 3.774 1'160'474 921'900 910'807 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 24'615.9 25'181.5 6'761.2 5'640.4 2.00x 1.95x 7.29x 8.77x 4'674.8 5'204.9 1'446.4 1'017.6 10.55x 9.48x 9.79x 9.64x 2'408.2 2'738.2 797.4 507.5 18.85x 16.72x 17.22x 16.73x S&P Issuer Ratings

04.02.2002 A STABLE 04.02.2002 A-1 21.39 18.63 0.53 1.08 51.4% 33.6% 1.03 7.13 69.31 58.15 65.40 55.99

Sales/Revenue/Turnover

16.00

30'000.0

14.00

25'000.0

12.00

20'000.0

10.00 8.00

15'000.0

6.00

10'000.0

4.00

5'000.0 2.00 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

27.09.2013

Emerson Electric Co Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK STATE STREET CORP CAPITAL GROUP COMPAN BARROW HANLEY MEWHIN JP MORGAN NORTHERN TRUST CORPO BANK OF AMERICA CORP T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL INVESCO LTD STATE FARM MUTUAL AU WELLS FARGO & COMPAN UBS AG NORGES BANK US BANCORP GEODE CAPITAL MANAGE FMR LLC STATE FARM MUTUAL AU AMERICAN CENTURY COM

Firm Name Sanford C. Bernstein & Co Longbow Research Credit Suisse Robert W. Baird & Co William Blair & Co RBC Capital Markets Edward Jones Janney Montgomery Scott LLC Nomura Wells Fargo Securities, LLC JPMorgan MKM Partners Canaccord Genuity Corp Atlantic Equities LLP Argus Research Corp Ameriprise Advisor Services, Inc Deutsche Bank Morgan Stanley UBS Macquarie S&P Capital IQ Langenberg & Co Goldman Sachs Oppenheimer & Co Cowen and Company Barclays FBR Capital Markets EVA Dimensions

Portfolio Name n/a n/a n/a n/a BARROW HANLEY MEWHIN n/a NORTHERN TRUST CORPO BANK OF AMERICA T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL n/a STATE FARM MUTUAL AU n/a n/a NORGES BANK US BANCORP GEODE CAPITAL MANAGE n/a STATE FARM MUTUAL AU AMERICAN CENTURY COM

Analyst STEVEN E WINOKER MARK DOUGLASS JULIAN MITCHELL MICHAEL HALLORAN RYAN MERKEL JAMIE SULLIVAN CHRISTIAN MAYES JOHN A BALIOTTI II SHANNON O'CALLAGHAN RICHARD M KWAS CHARLES STEPHEN TUSA JOSHUA C POKRZYWINSKI JOHN S QUEALY RICHARD RADBOURNE NATHANIEL GABRIEL FREDERICK M SCHULTZ JOHN G INCH NIGEL COE JASON D FELDMAN MICHAEL R WOOD KEVIN KIRKEBY BRIAN KEITH LANGENBERG JOSEPH RITCHIE CHRISTOPHER D GLYNN GAUTAM KHANNA SCOTT R DAVIS AJAY K KEJRIWAL CRAIG STERLING

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

Recommendation market perform neutral outperform outperform market perform outperform hold neutral buy outperform neutral neutral hold overweight hold buy buy Equalwt/In-Line neutral neutral buy hold neutral/neutral market perform market perform equalweight market perform buy

Amt Held 38'439'143 37'845'703 33'779'872 22'041'007 20'335'082 18'470'210 14'836'880 14'582'246 11'597'630 10'792'509 8'874'537 8'024'040 7'979'487 6'732'341 5'868'203 5'146'879 4'959'163 4'920'286 4'801'640 4'200'298

% Out 5.38 5.3 4.73 3.08 2.85 2.58 2.08 2.04 1.62 1.51 1.24 1.12 1.12 0.94 0.82 0.72 0.69 0.69 0.67 0.59

Weighting

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

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

Latest Chg (363'287) (634'911) 1'052'436 (2'125'238) 4'510'970 (7'692'455) 140'033 1'012'358 (1'312'230) (244'653) (1'145'374) (226'236) 701'418 (84'676) 68'805 (1'073'726) (20'945) 178'212

Target Price 68 #N/A N/A 68 70 65 70 #N/A N/A 60 72 #N/A N/A 65 58 65 67 #N/A N/A #N/A N/A 68 63 63 62 72 68 59 66 60 56 60 #N/A N/A

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

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

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

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

Date 27.09.2013 25.09.2013 24.09.2013 24.09.2013 23.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 11.09.2013 29.08.2013 26.08.2013 22.08.2013 14.08.2013 13.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 08.05.2013 06.02.2013

27.09.2013

Exelon Corp Exelon Corporation is a utility services holding company. The Company, through its subsidiaries distributes electricity to customers in Illinois and Pennsylvania. Exelon also distributes gas to customers in the Philadelphia area as well as operates nuclear power plants in states that include Pennsylvania and New Jersey.

Price/Volume 40

4.0 M

25 20

12/2012 06/yy 37.80 28.40 150'405.00 29.87 -21.06% 5.18% 17.98% 856.6 25'585.55 19'603.00 280.0 106.0 1'486.00 44'950.55

3.0 M

2.0 M

10 1.0 M

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

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

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.04.2013) 52-Week Low (23.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EXC UN EQUITY YTD Change EXC UN EQUITY YTD % CHANGE

31.12.2008 18'859.0 2.57x 7'607.0 6.38x 2'737.0 13.24x

6.0 M

31.12.2009 31.12.2010 17'318.0 18'644.0 2.48x 2.08x 7'351.0 7'669.0 5.84x 5.07x 2'707.0 2'563.0 11.86x 10.26x Profitability

LTM-4Q 31.12.2011 19'063.0 2.16x 6'784.0 6.08x 2'495.0 12.96x

31.12.2012 23'489.0 1.87x 6'550.0 6.71x 1'160.0 15.38x 6'550.00 2'471.00 10.52% 7.65% 1.49% 5.32% 4.93% 0.32% 56.8% 28.1% 11.4% 4.9% 1.30 0.75 24.95% 91.47% 5.97 11.09

Price/ Cash Flow

LTM

06/yy 20'268.0 9.14x 6'495.0 7.77x 1'693.0 10.22x

06/yy 25'072.0 7.48x 7'047.0 6.50x 1'160.0 15.53x

FY+1

.0 M s-13

6.33 0.70 855.16 26.76 -11.63% 4.11% 0.703 28 2.929 1'464'922 1'351'006 1'317'575 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 25'033.4 25'080.8 6'389.8 5'677.2 1.73x 1.77x 6.94x 6.48x 6'118.3 6'118.1 1'722.5 1'424.0 7.35x 7.35x 7.18x 7.18x 2'101.6 1'967.8 604.7 452.0 12.19x 13.14x 12.58x 12.74x S&P Issuer Ratings

22.07.2009 BBB STABLE 22.07.2009 A-2 7.06 0.59 2.70 2.86 91.5% 47.3% 0.32 61.19 32.93 75.88 14.46

Sales/Revenue/Turnover

9.00

25'000.0

8.00

20'000.0

7.00 6.00

15'000.0

5.00 4.00

10'000.0

3.00

5'000.0

2.00 1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Exelon Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN FRANKLIN RESOURCES STATE STREET CORP BLACKROCK VANGUARD GROUP INC T ROWE PRICE ASSOCIA INSTITUTIONAL CAPITA WELLINGTON MANAGEMEN HOTCHKIS & WILEY CAP NORTHERN TRUST CORPO BANK OF NEW YORK MEL DEUTSCHE BANK AG GOLDMAN SACHS GROUP PICTET FUNDS NEW YORK LIFE INVEST GEODE CAPITAL MANAGE ALTRINSIC GLOBAL ADV INVESCO LTD TIAA CREF INVESTMENT MANNING & NAPIER ADV

Firm Name SunTrust Robinson Humphrey Sanford C. Bernstein & Co Wolfe Research RBC Capital Markets Goldman Sachs BGC Partners Macquarie Edward Jones Credit Suisse BMO Capital Markets Deutsche Bank Argus Research Corp Jefferies Wunderlich Securities ISI Group Tudor Pickering & Co Barclays Drexel Hamilton LLC UBS JPMorgan Wells Fargo Securities, LLC Morgan Stanley Atlantic Equities LLP S&P Capital IQ EVA Dimensions KeyBanc Capital Markets

Portfolio Name n/a n/a n/a n/a n/a T ROWE PRICE ASSOCIA INSTITUTIONAL CAPITA WELLINGTON MANAGEMEN HOTCHKIS AND WILEY NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a n/a n/a Multiple Portfolios GEODE CAPITAL MANAGE ALTRINSIC GLOBAL ADV n/a TIAA-CREF INVESTMENT MANNING & NAPIER ADV

Analyst ALI AGHA HUGH WYNNE STEVEN I FLEISHMAN SHELBY G TUCKER MICHAEL J LAPIDES KIT KONOLIGE ANGIE STOROZYNSKI ANDREW PUSATERI DANIEL EGGERS MICHAEL S WORMS JONATHAN ARNOLD MICHAEL BURKE PAUL B FREMONT JAMES L DOBSON GREG GORDON NEEL MITRA DANIEL F FORD ANDREW L SMITH JULIEN DUMOULIN-SMITH CHRISTOPHER TURNURE NEIL A KALTON STEPHEN C BYRD NATHAN JUDGE JUSTIN MCCANN AUSTIN BURKETT PAUL T RIDZON

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

Recommendation neutral market perform peerperform sector perform neutral/neutral hold neutral hold neutral market perform hold hold hold hold neutral hold equalweight buy neutral neutral underperform Overwt/In-Line neutral sell sell hold

Amt Held 61'164'420 56'190'842 51'764'297 46'071'046 41'263'992 22'969'412 16'912'565 16'402'372 14'208'753 14'149'314 10'617'874 7'531'313 7'025'029 6'017'212 5'927'650 5'879'017 5'495'652 5'139'480 5'040'109 4'594'270

% Out 7.14 6.56 6.04 5.38 4.82 2.68 1.97 1.91 1.66 1.65 1.24 0.88 0.82 0.7 0.69 0.69 0.64 0.6 0.59 0.54

Weighting

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

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

Latest Chg 445'937 3'501'841 (725'508) (335'622) 701'356 (826'044) 16'912'565 124'363 2'696'907 2'414'189 75'298 2'590'386 140'546 1'667'831 2'169 107'136 (275'608) 491'797 (413'524) 4'594'270

Target Price 29 32 32 33 29 #N/A N/A 32 #N/A N/A 28 32 32 #N/A N/A 29 33 32 31 32 37 30 33 #N/A N/A 36 37 34 #N/A N/A #N/A N/A

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

File Dt 30.06.2013 30.06.2013 26.09.2013 25.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013

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

Inst Type 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 Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.09.2013 23.09.2013 23.09.2013 18.09.2013 17.09.2013 16.09.2013 04.09.2013 30.08.2013 15.08.2013 12.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 03.06.2013 28.05.2013 30.04.2013 08.02.2013 22.01.2013

27.09.2013

Ford Motor Co Ford Motor Company designs, manufactures, and services cars and trucks. The Company also provides vehicle-related financing, leasing, and insurance through its subsidiary.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance F UN EQUITY YTD Change F UN EQUITY YTD % CHANGE

12/2012 06/yy 17.77 9.71 1'481'716.00 17.13 -3.55% 76.42% 93.80% 3'868.8 67'486.51 14'300.00 0.0 364.0 24'425.00 57'938.50

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

35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 145'114.0 0.11x 64.0 238.63x (14'766.0) -

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

31.12.2009 31.12.2010 116'283.0 128'954.0 0.40x 0.48x 6'438.0 15'383.0 7.22x 4.03x 2'717.0 6'561.0 24.40x 9.19x Profitability

LTM-4Q 31.12.2011 136'264.0 0.23x 13'629.0 2.34x 20'213.0 2.17x

31.12.2012 134'252.0 0.31x 12'513.0 3.30x 5'665.0 8.23x 12'513.00 6'291.00 4.69% 5.75% 3.19% 33.54% 5.44% 0.75% 13.8% 8.9% 4.2% 4.2% 0.96 0.57 54.61% 658.79% 26.70 15.94

Price/ Cash Flow

LTM

FY+1

.0 M s-13

1.75 1.32 3'839.73 74.15 75.30% 35.03% 1.320 24 3.917 7'652'045 6'497'764 6'346'391 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 133'279.0 142'501.0 140'044.2 147'169.7 34'081.5 35'938.9 0.94x 1.16x 0.42x 0.41x 1.70x 1.65x 12'270.0 12'623.0 11'426.3 12'697.0 2'741.0 2'532.4 2.22x 4.11x 5.06x 4.55x 4.94x 4.83x 17'700.0 6'073.0 6'149.2 7'074.2 1'435.5 1'267.9 2.14x 9.54x 11.09x 9.66x 10.64x 10.20x S&P Issuer Ratings Long-Term Rating Date 06.09.2013 Long-Term Rating BBBLong-Term Outlook STABLE Short-Term Rating Date 10.06.2008 Short-Term Rating NR Credit Ratios EBITDA/Interest Exp. 17.45 (EBITDA-Capex)/Interest Exp. 9.80 Net Debt/EBITDA -0.79 Total Debt/EBITDA 1.25 Reference Total Debt/Equity 658.8% Total Debt/Capital 86.6% Asset Turnover 0.75 Net Fixed Asset Turnover 5.89 Accounts receivable turnover-days 13.67 Inventory Days 22.90 Accounts Payable Turnover Day 59.65 Cash Conversion Cycle -22.39 Sales/Revenue/Turnover

7.00

200'000.0 180'000.0

6.00

160'000.0

5.00

140'000.0 120'000.0

4.00

100'000.0 80'000.0

3.00

60'000.0

2.00

40'000.0 1.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Ford Motor Co Holdings By:

All

Holder Name EVERCORE TRUST COMPA BLACKROCK VANGUARD GROUP INC STATE STREET CORP WELLINGTON MANAGEMEN NORTHERN TRUST CORPO FMR LLC CAPITAL GROUP COMPAN BANK OF NEW YORK MEL ALLIANZ ASSET MANAGE ALLIANCE BERNSTEIN INSTITUTIONAL CAPITA NORGES BANK GEODE CAPITAL MANAGE UBS AG BANK OF AMERICA CORP T ROWE PRICE ASSOCIA TIAA CREF INVESTMENT MORGAN STANLEY WELLS FARGO & COMPAN

Firm Name Buckingham Research Group Sterne, Agee & Leach Guggenheim Securities LLC RBC Capital Markets Morgan Stanley Stifel Jefferies Deutsche Bank Edward Jones S&P Capital IQ UBS Daiwa Securities Co. Ltd. Argus Research Corp JPMorgan Craig-Hallum Capital Group LLC Barclays Goldman Sachs Tigress Financial Partners EVA Dimensions KeyBanc Capital Markets CRT Capital Group

Portfolio Name EVERCORE TRUST COMPA n/a n/a n/a WELLINGTON MANAGEMEN NORTHERN TRUST CORPO n/a n/a BANK OF NEW YORK MEL n/a n/a INSTITUTIONAL CAPITA NORGES BANK GEODE CAPITAL MANAGE n/a BANK OF AMERICA T ROWE PRICE ASSOCIA TIAA-CREF INVESTMENT n/a n/a

Analyst JOSEPH C AMATURO MICHAEL P WARD MATTHEW T STOVER JOSEPH SPAK ADAM JONAS JAMES J ALBERTINE ELAINE S KWEI ROD LACHE CHRISTIAN MAYES EFRAIM LEVY COLIN LANGAN TAKUO KATAYAMA WILLIAM V SELESKY RYAN BRINKMAN STEVEN L. DYER BRIAN A JOHNSON PATRICK ARCHAMBAULT IVAN FEINSETH CRAIG STERLING BRETT D HOSELTON KIRK LUDTKE

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

Recommendation underperform buy neutral sector perform Overwt/In-Line hold buy hold hold buy buy neutral buy overweight buy equalweight Buy/Neutral buy buy hold Fairly Valued

Amt Held 235'468'410 200'547'442 184'192'629 153'923'139 110'414'295 50'582'571 49'923'390 45'159'820 42'935'726 36'600'461 32'280'444 31'150'561 29'655'538 27'030'513 25'378'375 24'093'476 21'419'477 21'107'588 20'488'013 19'698'810

% Out 6.09 5.18 4.76 3.98 2.85 1.31 1.29 1.17 1.11 0.95 0.83 0.81 0.77 0.7 0.66 0.62 0.55 0.55 0.53 0.51

Weighting

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

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

Latest Chg (5'404'227) (1'272'692) 12'035'271 (183'102) (13'249'441) 757'479 4'066'514 (3'651'000) 2'643'809 12'004'566 (1'363'856) 25'140'285 355'927 3'517'806 (403'540) (604'460) (2'828'725) 84'685 4'809'460

Target Price 12 20 13 19 20 #N/A N/A 20 19 #N/A N/A 17 22 17 23 22 20 19 20 #N/A N/A #N/A N/A #N/A N/A 17

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

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

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

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

Date 23.09.2013 23.09.2013 17.09.2013 12.09.2013 11.09.2013 11.09.2013 09.09.2013 06.09.2013 06.09.2013 04.09.2013 06.08.2013 01.08.2013 30.07.2013 25.07.2013 25.07.2013 25.07.2013 16.07.2013 08.03.2013 15.01.2013 04.12.2012 31.10.2012

27.09.2013

Freeport-McMoRan Copper & Gold Inc Freeport-McMoRan Copper & Gold Inc., is an international natural resources company with headquarters in Phoenix, Arizona. The Company operates large, long-lived, geographically diverse assets with significant reserves of copper, gold, molybdenum, cobalt, oil and gas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.10.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FCX UN EQUITY YTD Change FCX UN EQUITY YTD % CHANGE

12/2012 06/yy 41.48 26.34 497'811.00 33.59 -19.11% 27.52% 49.75% 1'037.9 34'862.38 3'527.00 0.0 3'768.0 3'705.00 57'554.38

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

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 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 17'796.0 1.17x 6'154.0 3.40x (11'067.0) 3.29x

31.12.2009 31.12.2010 15'040.0 18'982.0 2.84x 3.15x 7'736.0 10'196.0 5.52x 5.87x 2'749.0 4'336.0 12.99x 14.30x Profitability

LTM-4Q 31.12.2011 20'880.0 1.75x 10'162.0 3.59x 4'560.0 6.98x

31.12.2012 18'010.0 2.00x 6'934.0 5.20x 3'041.0 10.56x 6'934.00 5'755.00 31.95% 30.48% 5.57% 14.80% 10.76% 0.37% 35.8% 34.7% 26.4% 16.9% 3.08 1.39 9.95% 20.10% 15.51 2.76

Price/ Cash Flow

LTM

06/yy 18'437.0 7.56x 7'573.0 4.58x 3'167.0 8.81x

06/yy 17'801.0 9.22x 6'184.0 8.30x 2'697.0 10.21x

FY+1

.0 M s-13

6.70 1.55 1'020.58 32.92 -10.17% 4.55% 1.552 25 4.120 3'288'991 2'846'290 2'925'051 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 20'878.6 24'133.6 5'640.1 6'300.8 2.76x 2.41x 10.39x 9.36x 8'023.1 10'711.8 2'390.2 2'928.3 7.17x 5.37x 5.34x 5.24x 2'442.3 3'138.1 609.8 831.3 13.91x 10.85x 11.70x 11.33x S&P Issuer Ratings

29.07.2011 BBB NEG 25.97 12.88 2.90 3.43 20.1% 14.2% 0.37 0.54 23.54 132.20 84.15 83.90

Sales/Revenue/Turnover

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0

6.00

10'000.0 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Freeport-McMoRan Copper & Gold Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP FRANKLIN RESOURCES NORTHERN CROSS LLC HARBOR CAPITAL ADVIS JP MORGAN NORTHERN TRUST CORPO PAULSON & CO BANK OF NEW YORK MEL ALLIANZ ASSET MANAGE DEUTSCHE BANK AG BANK OF AMERICA CORP MORGAN STANLEY UBS AG SUSQUEHANNA INTERNAT GOLDMAN SACHS GROUP D E SHAW & COMPANY I GEODE CAPITAL MANAGE CAPITAL GROUP COMPAN

Firm Name Macquarie Jefferies RBC Capital Markets Barclays BB&T Capital Markets Morgan Stanley FBR Capital Markets Deutsche Bank JPMorgan Argus Research Corp Hamburger Sparkasse Nomura EVA Dimensions BMO Capital Markets Goldman Sachs Credit Suisse UBS Cowen and Company Stifel Canaccord Genuity Corp S&P Capital IQ Oracle Investment Research Tigress Financial Partners

Portfolio Name n/a n/a n/a n/a NORTHERN CROSS LLC Multiple Portfolios n/a NORTHERN TRUST CORPO PAULSON & CO BANK OF NEW YORK MEL n/a n/a BANK OF AMERICA n/a n/a SUSQUEHANNA INTERNAT n/a D E SHAW & CO GEODE CAPITAL MANAGE n/a

Analyst ALDO J MAZZAFERRO JR PETER D WARD FRASER PHILLIPS DAVID GAGLIANO GARRETT S. NELSON PARETOSH MISRA MITESH B THAKKAR JORGE M BERISTAIN MICHAEL F GAMBARDELLA WILLIAM V SELESKY INGO SCHMIDT CURTIS WOODWORTH CRAIG STERLING TONY ROBSON SAL THARANI RALPH M PROFITI BRIAN T MACARTHUR ANTHONY B RIZZUTO JR PAUL A MASSOUD GARY LAMPARD LEO LARKIN LAURENCE BALTER IVAN FEINSETH

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

Recommendation neutral buy sector perform overweight buy Overwt/In-Line outperform buy overweight hold hold buy underweight market perform Buy/Neutral outperform buy outperform buy suspended coverage sell strong buy strong buy

Amt Held 81'916'030 48'604'440 47'628'799 33'910'512 22'051'699 20'100'711 16'500'980 15'942'837 15'505'982 15'261'084 14'982'241 14'658'642 13'892'804 10'785'256 9'873'834 9'824'335 7'488'099 7'486'626 7'153'151 7'000'288

% Out 7.89 4.68 4.59 3.27 2.12 1.94 1.59 1.54 1.49 1.47 1.44 1.41 1.34 1.04 0.95 0.95 0.72 0.72 0.69 0.67

Weighting

Change

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

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

Latest Chg 9'367'310 4'850'962 2'432'394 21'032'215 (89'843) (2'413'424) 1'157'210 6'505'982 100'697 (1'534'179) 2'019'142 1'418'223 3'322'088 2'634'771 (2'090'892) 3'020'659 1'840'641 716'744 1'281'476

Target Price 36 40 36 40 36 43 35 35 42 #N/A N/A #N/A N/A 38 #N/A N/A 30 33 38 35 45 37 #N/A N/A 29 50 #N/A N/A

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

File Dt Inst Type 25.09.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor

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

Date 26.09.2013 16.09.2013 15.09.2013 13.09.2013 09.09.2013 08.09.2013 08.08.2013 06.08.2013 30.07.2013 29.07.2013 24.07.2013 24.07.2013 24.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 25.06.2013 19.02.2013 22.01.2013 31.12.2012 11.12.2012

27.09.2013

FedEx Corp FedEx Corp. delivers packages and freight to multiple countries and territories through an integrated global network. The Company provides worldwide express delivery, ground small-parcel delivery, less-than-truckload freight delivery, supply chain management services, customs brokerage services, and trade facilitation and electronic commerce solutions.

Price/Volume 140

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (28.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FDX UN EQUITY YTD Change FDX UN EQUITY YTD % CHANGE

05/2013 08/yy 118.29 84.19 49'524.00 113.32 -4.03% 34.60% 86.13% 316.6 35'881.90 2'990.00 0.0 0.0 4'917.00 33'778.90

1.5 M

1.0 M

40 .5 M

20 0 s-12

31.05.2010 31.05.2011 34'734.0 39'304.0 0.75x 0.74x 3'974.0 4'440.0 6.59x 6.54x 1'184.0 1'452.0 21.99x 19.70x Profitability

LTM-4Q 31.05.2012 42'680.0 0.63x 5'433.0 4.98x 2'032.0 13.35x

31.05.2013 44'287.0 0.65x 5'597.0 5.13x 1'561.0 15.46x 5'597.00 3'211.00 7.25% 5.54% 4.94% 9.74% 8.69% 1.38% 20.1% 12.8% 7.3% 3.5% 1.96 1.73 8.91% 17.19% 9.11 76.39

Price/ Cash Flow

n-12

d-12

j-13

LTM

08/yy 42'951.0 2.53x 5'502.0 4.98x 2'027.0 13.15x

f-13 m-13

08/yy 44'519.0 2.72x 5'699.0 5.62x 1'591.0 17.10x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

0.64 0.96 296.01 5.08 32.89% 24.07% 0.962 34 4.000 498'275 508'252 543'558 FY+2

FQ+1

FQ+2

05/14 Y 05/15 Y 11/13 Q2 02/14 Q3 45'783.2 48'341.9 11'467.1 11'496.2 0.73x 0.66x 2.92x 2.89x 6'203.2 7'150.4 1'471.4 1'448.1 5.44x 4.72x 5.28x 5.05x 2'237.9 2'780.2 511.9 491.5 16.16x 13.09x 15.53x 14.63x S&P Issuer Ratings

11.02.2004 BBB STABLE 11.02.2004 A-2 44.07 17.50 -0.37 0.53 17.2% 14.7% 1.38 2.45 40.05 4.78 18.38 26.80

Sales/Revenue/Turnover

10.00

50'000.0

9.00

45'000.0

8.00

40'000.0

7.00

35'000.0

6.00

30'000.0

5.00 4.00

25'000.0 20'000.0

3.00

15'000.0

2.00

10'000.0

1.00

5'000.0

0.00 04.06.2010

o-12

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

2.0 M

100

Valuation Analysis

31.05.2009 35'497.0 0.50x 3'926.0 4.48x 98.0 19.67x

2.5 M

120

0.0 04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

04.06.2013

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

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

27.09.2013

FedEx Corp Holdings By:

All

Holder Name SMITH FREDERICK WALL PRIMECAP MANAGEMENT DODGE & COX SOUTHEASTERN ASSET M BLACKROCK VANGUARD GROUP INC HARRIS ASSOCIATES LP STATE STREET CORP WELLINGTON MANAGEMEN T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL GOLDMAN SACHS GROUP GREENHAVEN ASSOCIATE NORTHERN TRUST CORPO FRANKLIN RESOURCES PERRY CORP CAPITAL GROUP COMPAN FMR LLC GATES FOUNDATION NEUBERGER BERMAN LLC

Firm Name Sanford C. Bernstein & Co Deutsche Bank Morgan Stanley Stifel Cowen and Company Thompson, Davis & Company Barclays EVA Dimensions Goldman Sachs Argus Research Corp JPMorgan Stephens Inc Macquarie Buckingham Research Group Wunderlich Securities Oppenheimer & Co BB&T Capital Markets Telsey Advisory Group Wolfe Research RBC Capital Markets Credit Suisse Edward Jones Robert W. Baird & Co William Blair & Co Raymond James Avondale Partners LLC Wells Fargo Securities, LLC S&P Capital IQ Atlantic Equities LLP Jefferies Accountability Research Corp Nomura Jyske Bank

Portfolio Name n/a PRIMECAP MANAGEMENT DODGE & COX n/a n/a n/a HARRIS ASSOC LP n/a WELLINGTON MANAGEMEN T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL n/a GREENHAVEN ASSOCIATE NORTHERN TRUST CORPO n/a PERRY CORPORATION n/a n/a BILL & MELINDA FOUND NEUBERGER BERMAN GRO

Analyst DAVID VERNON JUSTIN B YAGERMAN WILLIAM J GREENE DAVID G ROSS HELANE R BECKER DAVID P CAMPBELL BRANDON OGLENSKI CRAIG STERLING TOM KIM NATHANIEL GABRIEL THOMAS R WADEWITZ JACK ATKINS KELLY A DOUGHERTY JEFFREY KAUFFMAN CHAZ G JONES SCOTT A SCHNEEBERGER KEVIN W STERLING JOSHUA HERRITY SCOTT H GROUP JOHN L BARNES III ALLISON LANDRY LOGAN PURK BENJAMIN J HARTFORD NATHAN J BROCHMANN ARTHUR W HATFIELD DONALD BROUGHTON ANTHONY P GALLO JAMES CORRIDORE RORRIE MARS H PETER NESVOLD MARK SUAREZ MARK MCVICAR ROBERT JAKOBSEN

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

Recommendation market perform buy Equalwt/Attractive hold outperform buy overweight hold neutral/neutral buy neutral overweight outperform buy buy outperform hold no rating system outperform underperform neutral buy outperform outperform outperform market perform market perform buy neutral hold buy neutral sell

Amt Held 19'748'475 19'242'579 17'252'973 15'807'606 15'468'375 13'371'953 13'306'653 12'162'678 9'954'753 6'231'499 5'767'675 4'985'958 4'632'225 4'048'007 3'961'242 3'900'000 3'840'460 3'555'395 3'024'999 2'808'683

% Out 6.24 6.08 5.45 4.99 4.89 4.22 4.2 3.84 3.14 1.97 1.82 1.57 1.46 1.28 1.25 1.23 1.21 1.12 0.96 0.89

Weighting

Change

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

M M M D M M M D 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 48'004 (474'843) (106'902) (436'700) 482'904 (93'814) 225'861 366'931 (3'856'554) (4'652'618) 96'324 3'346'716 18'751 10'360 (425'933) 3'900'000 796'150 1'079'894 (41'157)

Target Price 102 131 #N/A N/A #N/A N/A 117 123 135 #N/A N/A 116 122 110 137 122 120 120 124 #N/A N/A 125 140 105 115 #N/A N/A 126 #N/A N/A 124 125 #N/A N/A 127 107 102 110 105 103

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

File Dt Inst Type 04.04.2013 n/a 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 25.09.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Endowment 30.06.2013 Investment Advisor

Date 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 3 month 12 month 12 month 12 month 18 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided

Date 27.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 18.09.2013 18.09.2013 18.09.2013 18.09.2013 18.09.2013 18.09.2013 18.09.2013 18.09.2013 18.09.2013 26.07.2013 25.06.2013 18.06.2013 29.01.2013

27.09.2013

Twenty-First Century Fox Inc Twenty-First Century Fox, Inc. is a diversified media company. The Company's media and entertainment operations include the production and distribution motion pictures and television programming, music, radio broadcasting, and sports.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.08.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FOXA UW EQUITY YTD Change FOXA UW EQUITY YTD % CHANGE

06/2013 06/yy 33.82 20.28 623'515.00 33.32 -1.57% 64.28% 94.09% 1'511.0 77'112.59 16'458.00 0.0 3'646.0 6'659.00 90'557.59

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

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 30.06.2009 30'423.0 1.06x 4'784.0 6.75x (3'378.0) 26.72x

30.06.2010 30.06.2011 32'778.0 33'405.0 1.12x 1.50x 5'228.0 6'133.0 7.02x 8.17x 2'539.0 2'739.0 10.34x 13.72x Profitability

LTM-4Q 30.06.2012 25'051.0 2.40x 5'757.0 10.44x 1'179.0 18.58x

30.06.2013 27'675.0 3.21x 6'261.0 14.20x 7'097.0 23.96x 6'261.00 5'375.00 19.42% 31.57% 13.19% 34.05% 20.50% 0.64% 20.3% 16.2% 25.6% 1.85 1.44 32.31% 96.82% 5.69 -

Price/ Cash Flow

LTM

06/yy 31'571.0 6.65x 6'460.0 9.30x 1'179.0 16.28x

06/yy 34'311.0 8.68x 6'972.0 12.75x 7'097.0 19.37x

FY+1

.0 M s-13

0.51 1.09 1'507.52 54.54 54.05% 48.74% 1.088 29 4.552 2'627'627 2'389'856 2'967'246 FY+2

FQ+1

FQ+2

06/14 Y 06/15 Y 09/13 Q1 12/13 Q2 30'468.3 32'522.0 6'833.7 7'909.6 2.98x 2.80x 13.21x 11.51x 7'000.7 7'873.9 1'664.1 1'728.3 12.96x 11.52x 13.18x 12.81x 3'448.4 4'024.5 838.0 864.7 21.72x 17.60x 21.44x 20.47x S&P Issuer Ratings

30.11.2012 BBB+ STABLE 152.71 137.54 1.41 2.36 96.8% 44.4% 0.64 7.94 64.18 -

Sales/Revenue/Turnover

30.00

40'000.0 35'000.0

25.00

30'000.0 20.00

25'000.0 20'000.0

15.00

15'000.0

10.00

10'000.0 5.00 0.00 02.07.2010

5'000.0 0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

27.09.2013

Twenty-First Century Fox Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN STATE STREET CORP YACKTMAN ASSET MANAG DODGE & COX JANUS CAPITAL MANAGE FMR LLC T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL CHILDRENS INV FUND M EAGLE CAPITAL MANAGE EGERTON CAPITAL LIMI LUXOR CAPITAL GROUP NORGES BANK INVESCO LTD NORTHERN TRUST CORPO HIGHFIELDS CAPITAL M ETON PARK CAPITAL MA TIGER GLOBAL MANAGEM

Firm Name Morgan Stanley Lazard Capital Markets Sanford C. Bernstein & Co Wells Fargo Securities, LLC Evercore Partners ISI Group Sterne, Agee & Leach Cowen and Company Needham & Co Macquarie Argus Research Corp BMO Capital Markets Deutsche Bank RBC Capital Markets Credit Suisse Wedbush S&P Capital IQ Spin-Off Research Gabelli & Co Atlantic Equities LLP Telsey Advisory Group UBS WhiteSand Research LLC Goldman Sachs CRT Capital Group EVA Dimensions Wunderlich Securities Nomura BTIG LLC

Portfolio Name n/a n/a n/a n/a YACKTMAN ASSET MANAG DODGE & COX n/a n/a T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL CHILDRENS INVESTMENT EAGLE CAPITAL MANAGE EGERTON CAPITAL LIMI LUXOR CAPITAL GROUP NORGES BANK n/a NORTHERN TRUST CORPO HIGHFIELDS CAPITAL M ETON PARK CAPITAL MA TIGER GLOBAL MANAGEM

Analyst BENJAMIN SWINBURNE BARTON CROCKETT TODD JUENGER MARCI RYVICKER TRACY YOUNG VIJAY JAYANT VASILY KARASYOV DOUGLAS CREUTZ LAURA A MARTIN TIMOTHY W NOLLEN JOSEPH F BONNER DANIEL SALMON DOUGLAS D MITCHELSON DAVID BANK MICHAEL SENNO JAMES G DIX TUNA AMOBI TEAM COVERAGE BRETT HARRISS HAMILTON FABER JAISON BLAIR JOHN JANEDIS TEAM COVERAGE DREW BORST LANCE W VITANZA CRAIG STERLING MATTHEW HARRIGAN MICHAEL NATHANSON RICHARD GREENFIELD

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

Recommendation Overwt/Attractive buy outperform outperform overweight strong buy buy outperform buy outperform hold market perform buy outperform outperform outperform buy hold buy overweight no rating system neutral undervalued buy/attractive not rated underweight buy buy buy

Amt Held 101'410'327 88'890'963 76'904'753 75'233'509 72'291'747 47'246'074 44'567'537 40'066'370 31'367'918 27'544'693 25'378'867 22'970'751 21'120'296 20'188'935 19'150'391 18'028'250 17'663'838 17'574'300 17'000'000 15'665'000

% Out 6.71 5.88 5.09 4.98 4.78 3.13 2.95 2.65 2.08 1.82 1.68 1.52 1.4 1.34 1.27 1.19 1.17 1.16 1.13 1.04

Weighting

Change

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

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 D M M M

Latest Chg (5'368'275) 1'192'293 (23'031'859) 1'348'769 (3'482'523) (18'182'335) (10'855'130) (2'469'759) 9'974'775 (1'266'725) (251'100) 648'911 933'574 2'653'257 891'506 (7'705'602) (4'840'000) (6'000'000) 6'665'000

Target Price 37 42 39 #N/A N/A 34 38 36 36 36 35 #N/A N/A 33 36 37 38 34 38 34 #N/A N/A 36 35 32 33 35 #N/A N/A #N/A N/A 35 30 26

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

File Dt 25.09.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013

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

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

Date 24.09.2013 22.09.2013 20.09.2013 12.09.2013 10.09.2013 10.09.2013 05.09.2013 29.08.2013 28.08.2013 27.08.2013 23.08.2013 11.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 11.07.2013 02.07.2013 19.06.2013 13.05.2013 09.05.2013 09.05.2013 27.06.2012

27.09.2013

General Dynamics Corp General Dynamics Corporation is a diversified defense company. The Company offers a broad portfolio of products and services in business aviation, combat vehicles, weapons systems and munitions, shipbuilding design and construction, and information systems, technologies and services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GD UN EQUITY YTD Change GD UN EQUITY YTD % CHANGE

12/2012 06/yy 89.94 61.71 69'222.00 87.97 -2.23% 42.55% 94.01% 349.9 30'777.88 3'908.00 0.0 0.0 3'296.00 30'928.87

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

31.12.2009 31.12.2010 31'981.0 32'466.0 0.87x 0.83x 4'237.0 4'514.0 6.58x 5.99x 2'394.0 2'624.0 11.00x 10.40x Profitability

2.0 M 1.5 M 1.0 M .5 M

o-12

LTM-4Q 31.12.2011 32'677.0 0.76x 4'418.0 5.65x 2'526.0 9.13x

31.12.2012 31'513.0 0.80x 3'447.0 7.28x (332.0) 10.69x 3'447.00 2'827.00 8.97% 1.72% -0.91% -2.51% -2.35% 0.90% 16.2% 4.5% 2.6% -1.1% 1.35 0.65 11.39% 34.31% 7.07 3.37

Price/ Cash Flow

n-12

d-12

j-13

LTM

07/yy 32'501.0 3.08x 4'386.0 5.62x 2'453.0 9.02x

f-13 m-13

06/yy 31'327.0 3.26x 1'406.0 19.60x (319.0) 12.01x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

3.01 1.02 330.92 3.78 36.44% 28.94% 1.018 22 4.273 408'871 424'012 479'497 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 31'214.0 30'990.8 7'760.0 8'138.2 0.99x 0.98x 3.97x 3.76x 4'245.3 4'295.0 1'036.9 1'116.8 7.29x 7.20x 7.27x 7.09x 2'443.7 2'478.8 588.5 644.8 12.64x 12.14x 12.58x 12.27x S&P Issuer Ratings

09.07.1999 A STABLE 09.07.1999 A-1 20.52 17.84 0.11 2.78 34.3% 25.5% 0.90 9.49 51.47 108.12 34.03 118.91

Sales/Revenue/Turnover

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

2.5 M

Fiscal Year Ended 31.12.2008 29'300.0 0.84x 4'100.0 6.02x 2'459.0 9.26x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

General Dynamics Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN LONGVIEW ASSET MANAG EVERCORE TRUST COMPA VANGUARD GROUP INC STATE STREET CORP BLACKROCK CROWN FUND HARRIS ASSOCIATES LP WELLINGTON MANAGEMEN HENRY CROWN AND CO INVESCO LTD NORTHERN TRUST CORPO BANK OF NEW YORK MEL SANDERS CAPITAL LLC WELLS FARGO & COMPAN BARROW HANLEY MEWHIN ABRAMS BISON INVESTM NEUBERGER BERMAN LLC BANK OF AMERICA CORP UBS AG

Firm Name Stifel Jefferies Drexel Hamilton LLC Edward Jones Sanford C. Bernstein & Co CRT Capital Group RBC Capital Markets Buckingham Research Group UBS Goldman Sachs Barclays Argus Research Corp Wells Fargo Securities, LLC Deutsche Bank JPMorgan Sterne, Agee & Leach Cowen and Company Credit Suisse Oppenheimer & Co EVA Dimensions Gabelli & Co

Portfolio Name n/a LONGVIEW ASSET MANAG EVERCORE TRUST COMPA n/a n/a n/a n/a HARRIS ASSOC LP WELLINGTON MANAGEMEN n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL SANDERS CAPITAL LLC n/a BARROW HANLEY MEWHIN ABRAMS BISON INVESTM NEUBERGER BERMAN GRO BANK OF AMERICA n/a

Analyst WILLIAM R LOOMIS HOWARD A RUBEL RICHARD WHITTINGTON CHRISTIAN MAYES DOUGLAS S HARNED BRIAN W RUTTENBUR ROBERT STALLARD RICHARD SAFRAN DAVID E STRAUSS NOAH POPONAK CARTER COPELAND NATHANIEL GABRIEL SAMUEL J PEARLSTEIN MYLES WALTON JOSEPH B NADOL III PETER J ARMENT CAI VON RUMOHR ROBERT M SPINGARN YAIR REINER CRAIG STERLING BRIAN BETTS

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

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

Amt Held 39'763'700 33'351'897 28'362'168 17'928'618 17'125'385 17'109'749 7'705'112 7'493'786 6'735'233 5'424'092 4'497'711 4'440'218 4'209'339 4'067'099 3'550'042 3'490'267 3'270'000 3'088'020 2'634'165 2'615'521

% Out 11.37 9.53 8.11 5.12 4.89 4.89 2.2 2.14 1.93 1.55 1.29 1.27 1.2 1.16 1.01 1 0.93 0.88 0.75 0.75

Weighting

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

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

Latest Chg 350'000 (47'179) (1'422'764) 1'078'425 815'113 65'788 (48'000) (904'754) 575'229 24'216 (27'377) 437'945 34'000 219'643 3'490'267 969'783 (74'217) (492'267)

Target Price #N/A N/A 96 95 #N/A N/A 85 54 102 79 100 80 100 98 #N/A N/A 97 89 100 98 100 #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 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Investment Advisor 25.09.2013 Investment Advisor 03.05.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 03.05.2013 Holding Company 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Unclassified

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

Date 25.09.2013 20.09.2013 18.09.2013 16.09.2013 16.09.2013 09.09.2013 29.08.2013 26.08.2013 19.08.2013 12.08.2013 12.08.2013 02.08.2013 29.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 06.03.2013 06.03.2009

27.09.2013

General Electric Co General Electric Company is a globally diversified technology and financial services company. The Company's products and services include aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing and industrial products.

Price/Volume 30

40.0 M 35.0 M

30.0 M 20

Latest Fiscal Year: LTM as of: 52-Week High (19.07.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GE UN EQUITY YTD Change GE UN EQUITY YTD % CHANGE

12/2012 06/yy 24.95 19.88 1'592'416.00 24.06 -3.65% 21.03% 86.19% 10'183.8 245'021.77 17'469.00 0.0 5'444.0 15'583.00 244'622.77

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

20.0 M 15.0 M

10.0 M 5

5.0 M

0 s-12

31.12.2009 31.12.2010 154'272.0 148'442.0 1.12x 1.28x 20'435.0 23'747.0 8.45x 8.01x 11'025.0 11'644.0 12.59x 15.84x Profitability

LTM-4Q 31.12.2011 142'224.0 1.37x 25'040.0 7.76x 14'151.0 12.68x

31.12.2012 144'796.0 1.56x 25'000.0 9.03x 13'641.0 13.54x 25'000.00 15'654.00 10.81% 12.02% 2.09% 11.67% 3.41% 0.21% 38.6% 16.9% 10.3% 9.4% 1.12 1.02 49.24% 274.31% 7.22 5.35

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

3.08 1.11 10'177.44 69.85 9.40% 17.41% 1.106 22 4.273 12'710'186 9'223'865 8'546'653 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 143'048.0 142'477.0 147'097.5 151'101.3 35'979.9 40'781.3 5.62x 6.62x 3.14x 3.08x 13.04x 11.32x 24'310.0 24'107.0 28'000.4 30'554.9 5'792.8 7'772.8 9.33x 9.78x 8.72x 7.99x 8.84x 8.28x 13'093.0 14'162.0 16'900.0 17'987.9 3'878.0 5'450.8 14.14x 15.08x 14.52x 13.31x 14.20x 13.86x S&P Issuer Ratings Long-Term Rating Date 12.03.2009 Long-Term Rating AA+ Long-Term Outlook STABLE Short-Term Rating Date 23.11.1981 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 18.10 (EBITDA-Capex)/Interest Exp. 7.15 Net Debt/EBITDA -0.28 Total Debt/EBITDA 0.52 Reference Total Debt/Equity 274.3% Total Debt/Capital 72.4% Asset Turnover 0.21 Net Fixed Asset Turnover 2.10 Accounts receivable turnover-days 50.57 Inventory Days 68.20 Accounts Payable Turnover Day 68.74 Cash Conversion Cycle 48.22 Sales/Revenue/Turnover

10.00

200'000.0

9.00

180'000.0

8.00

160'000.0

7.00

140'000.0

6.00

120'000.0

5.00 4.00

100'000.0 80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 180'929.0 0.99x 30'781.0 5.83x 17'410.0 8.39x

25.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

General Electric Co Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP CAPITAL GROUP COMPAN NORTHERN TRUST CORPO FMR LLC BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA DODGE & COX GENERAL ELECTRIC COM WELLINGTON MANAGEMEN NORGES BANK INVESCO LTD FRANKLIN RESOURCES BANK OF AMERICA CORP GOLDMAN SACHS GROUP GEODE CAPITAL MANAGE UBS AG WELLS FARGO & COMPAN TIAA CREF INVESTMENT

Firm Name Sanford C. Bernstein & Co William Blair & Co Deutsche Bank Argus Research Corp Edward Jones JPMorgan Barclays Independent Research GmbH S&P Capital IQ Credit Suisse Langenberg & Co UBS Ameriprise Advisor Services, Inc Hamburger Sparkasse Oppenheimer & Co Nomura Morgan Stanley Hilliard Lyons EVA Dimensions Tigress Financial Partners

Portfolio Name n/a n/a n/a n/a NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA DODGE & COX GENERAL ELECTRIC COM WELLINGTON MANAGEMEN NORGES BANK n/a n/a BANK OF AMERICA n/a GEODE CAPITAL MANAGE n/a n/a TIAA-CREF INVESTMENT

Analyst STEVEN E WINOKER NICHOLAS P HEYMANN JOHN G INCH NATHANIEL GABRIEL CHRISTIAN MAYES CHARLES STEPHEN TUSA SCOTT R DAVIS MARKUS FRIEBEL ERIC HUGEL JULIAN MITCHELL BRIAN KEITH LANGENBERG JASON D FELDMAN FREDERICK M SCHULTZ MARCO GUENTHER CHRISTOPHER D GLYNN SHANNON O'CALLAGHAN NIGEL COE STEPHEN A O'NEIL CRAIG STERLING IVAN FEINSETH

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

Recommendation market perform market perform buy buy hold neutral overweight buy buy outperform buy buy buy hold outperform neutral Equalwt/In-Line long-term buy buy neutral

Amt Held 565'401'566 486'582'514 407'597'022 280'036'265 164'099'333 161'813'316 155'655'108 97'140'339 92'549'309 88'830'439 85'001'301 84'870'136 83'922'266 77'815'005 75'518'557 75'026'292 71'411'156 65'420'545 60'659'835 57'105'186

% Out 5.55 4.78 4 2.75 1.61 1.59 1.53 0.95 0.91 0.87 0.83 0.83 0.82 0.76 0.74 0.74 0.7 0.64 0.6 0.56

Weighting

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

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

Latest Chg (11'267'324) 5'613'567 (6'755'602) 3'631'417 (66'534) (23'683'631) (1'144'862) (14'774'959) (2'108'600) (155'186) (3'938'345) (1'374'347) (4'395'439) 1'245'531 5'243'549 861'585 3'783'624 628'584 (2'914'265)

Target Price 26 26 28 28 #N/A N/A 26 26 28 28 27 28 27 #N/A N/A #N/A N/A 26 23 24 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 25.09.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 26.09.2013 31.07.2013 30.06.2013 31.08.2013 30.06.2013 31.08.2013 31.07.2013 30.06.2013

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

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

Date 27.09.2013 26.09.2013 18.09.2013 16.09.2013 16.09.2013 11.09.2013 02.09.2013 30.08.2013 30.08.2013 30.07.2013 29.07.2013 23.07.2013 23.07.2013 22.07.2013 22.07.2013 22.07.2013 21.07.2013 19.07.2013 13.05.2013 06.03.2013

27.09.2013

Gilead Sciences Inc Gilead Sciences, Inc. is a research-based biopharmaceutical company that 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 70

16.0 M

14.0 M

12.0 M 10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (08.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GILD UW EQUITY YTD Change GILD UW EQUITY YTD % CHANGE

12/2012 06/yy 64.73 32.08 441'098.00 63.15 -2.39% 96.88% 94.09% 1'530.6 96'659.04 8'224.05 0.0 241.1 2'582.09 101'272.40

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

6.0 M

4.0 M

2.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 5'335.8 8.35x 2'845.0 15.67x 1'978.9 24.83x

8.0 M

31.12.2009 31.12.2010 7'011.4 7'949.4 5.18x 3.38x 3'742.2 4'227.7 9.71x 6.35x 2'635.8 2'901.3 15.12x 10.53x Profitability

LTM-4Q 31.12.2011 8'385.4 3.41x 4'092.1 6.99x 2'803.6 11.34x

31.12.2012 9'702.5 6.36x 4'288.4 14.38x 2'591.6 21.83x 4'288.38 4'010.18 41.33% 37.23% 13.60% 30.72% 17.62% 0.48% 74.5% 44.8% 42.0% 26.7% 1.44 0.85 38.72% 88.34% 5.73 1.47

Price/ Cash Flow

LTM

06/yy 9'009.7 16.33x 4'010.4 11.39x 2'559.8 15.13x

06/yy 10'313.9 27.29x 4'622.1 17.96x 2'932.8 27.43x

FY+1

.0 M s-13

0.00 0.90 1'517.57 59.23 89.53% 71.95% 0.902 30 4.733 2'261'256 1'955'903 2'569'464 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'798.7 13'431.5 2'726.8 2'799.4 9.32x 7.30x 4'826.0 6'832.8 1'149.3 1'202.3 20.98x 14.81x 3'287.4 4'934.6 827.1 848.1 32.33x 20.86x 26.82x 22.71x S&P Issuer Ratings

23.03.2011 ASTABLE 11.88 10.78 0.94 1.59 88.3% 46.3% 0.48 10.59 63.68 249.13 172.14 137.94

Sales/Revenue/Turnover

35.00

12'000.0

30.00

10'000.0

25.00

8'000.0

20.00

6'000.0 15.00

4'000.0 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

01.07.2013

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

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

27.09.2013

Gilead Sciences Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN FMR LLC BLACKROCK T ROWE PRICE ASSOCIA VANGUARD GROUP INC STATE STREET CORP WELLINGTON MANAGEMEN INVESCO LTD JENNISON ASSOCIATES NORTHERN TRUST CORPO UBS AG AMERIPRISE FINANCIAL BANK OF NEW YORK MEL TIAA CREF INVESTMENT JP MORGAN JANUS CAPITAL MANAGE MARSICO CAPITAL MANA WELLS FARGO & COMPAN BANK OF AMERICA CORP FRANKLIN RESOURCES

Firm Name Leerink Swann & Co ISI Group Sanford C. Bernstein & Co RBC Capital Markets Ameriprise Advisor Services, Inc Goldman Sachs JPMorgan Wells Fargo Securities, LLC Guggenheim Securities LLC S&P Capital IQ William Blair & Co Oppenheimer & Co Maxim Group LLC Deutsche Bank Jefferies Summer Street Research Partners Barclays Robert W. Baird & Co Lazard Capital Markets Stifel Argus Research Corp BMO Capital Markets UBS Needham & Co Cowen and Company Atlantic Equities LLP Credit Suisse EVA Dimensions First Global Stockbroking BWS Financial

Portfolio Name n/a n/a n/a T ROWE PRICE ASSOCIA n/a n/a WELLINGTON MANAGEMEN n/a JENNISON ASSOCIATES NORTHERN TRUST CORPO n/a AMERIPRISE FINANCIAL BANK OF NEW YORK MEL TIAA-CREF INVESTMENT n/a n/a MARSICO CAPITAL MANA n/a BANK OF AMERICA n/a

Analyst HOWARD LIANG MARK J SCHOENEBAUM GEOFFREY C PORGES MICHAEL J YEE E EUGENE ROBINSON TERENCE FLYNN GEOFFREY MEACHAM BRIAN C ABRAHAMS BRET HOLLEY STEVEN SILVER JOHN S SONNIER DAVID FERREIRO JASON KOLBERT ROBYN KARNAUSKAS THOMAS WEI CAROL A WERTHER CHARLES ANTHONY BUTLER BRIAN P SKORNEY JOSHUA SCHIMMER JOEL D SENDEK JOHN M EADE JIM BIRCHENOUGH MATTHEW RODEN ALAN CARR PHILIP NADEAU RICHARD J PURKISS RAVI MEHROTRA ANDREW S ZAMFOTIS KAVITA THOMAS HAMED KHORSAND

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

Recommendation outperform buy outperform outperform buy neutral/attractive overweight outperform buy strong buy outperform outperform buy buy hold neutral overweight neutral buy buy buy outperform buy buy outperform overweight outperform overweight market perform buy

Amt Held 262'106'315 113'163'265 88'565'894 78'477'109 72'049'594 62'945'894 38'445'149 29'623'875 25'115'117 22'482'945 21'930'279 21'866'607 21'208'221 19'502'561 19'243'678 19'239'500 17'041'344 16'785'370 15'530'616 13'737'350

% Out 17.12 7.39 5.79 5.13 4.71 4.11 2.51 1.94 1.64 1.47 1.43 1.43 1.39 1.27 1.26 1.26 1.11 1.1 1.01 0.9

Weighting

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

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 U M D M M

Latest Chg (31'703'911) 2'230'067 909'816 1'483'418 2'657'881 469'619 (5'685'187) 1'929'307 (292'067) 1'060'340 (2'473'752) 56'112 (226'836) 1'387'115 (1'735'771) 2'426'241 (4'940'812) 2'839'265 4'519'724 1'005'914

Target Price 70 69 82 72 #N/A N/A 67 80 #N/A N/A 72 76 #N/A N/A 70 89 77 40 #N/A N/A 68 65 75 79 70 85 72 70 80 73 67 #N/A N/A #N/A N/A 24

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

File Dt 31.07.2013 30.06.2013 25.09.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013

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

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

Date 26.09.2013 26.09.2013 25.09.2013 24.09.2013 19.09.2013 18.09.2013 18.09.2013 18.09.2013 13.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 10.09.2013 10.09.2013 10.09.2013 06.09.2013 03.09.2013 13.08.2013 09.08.2013 30.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 04.02.2013 09.02.2012 21.04.2011

27.09.2013

General Motors Co General Motors Co. manufactures and markets new cars and trucks. The Company offers features for special needs drivers, OnStar vehicle protection, service, parts, accessories, maintenance, XM satellite radio, features for commercial owners, and more. General Motors offers its vehicles and services worldwide.

Price/Volume 40

35.0 M

30.0 M

25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (24.09.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GM UN EQUITY YTD Change GM UN EQUITY YTD % CHANGE

12/2012 06/yy 37.97 22.69 514'045.00 36.71 -3.34% 61.79% 93.32% 1'384.1 50'811.70 5'172.00 10'391.0 756.0 26'121.00 41'596.70

15.0 M

15 10

10.0 M

5.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

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

20.0 M

Valuation Analysis

31.12.2009 31.12.2010 104'589.0 135'592.0 0.38x (9'909.0) 12'007.0 4.30x 104'821.0 6'172.0 13.72x Profitability

LTM-4Q 31.12.2011 150'276.0 0.11x 14'369.0 1.16x 9'190.0 3.31x

31.12.2012 152'256.0 0.19x 5'647.0 5.24x 6'188.0 7.91x 5'647.00 -3'218.00 -2.11% -18.85% 3.56% 13.90% 0.97% 7.9% 3.3% -2.6% 4.1% 1.30 0.70 10.74% 62.08% 13.75 9.34

Price/ Cash Flow

LTM

FY+1

.0 M s-13

0.00 1.33 972.29 79.29 58.37% 27.33% 1.331 22 4.545 6'714'929 3'926'573 3'413'370 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 150'082.0 152'842.0 157'281.2 166'368.5 39'562.5 41'691.0 0.60x 0.78x 0.30x 0.28x 12'902.0 5'029.0 13'590.3 16'184.7 4'031.0 3'842.0 1.89x 7.44x 3.05x 2.56x 2.69x 2.63x 5'993.0 5'616.0 5'789.1 7'680.5 1'728.7 1'624.3 5.60x 12.23x 10.82x 8.14x 9.42x 8.81x S&P Issuer Ratings Long-Term Rating Date 29.09.2011 Long-Term Rating BB+ Long-Term Outlook POS Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 9.32 (EBITDA-Capex)/Interest Exp. -4.00 Net Debt/EBITDA -4.02 Total Debt/EBITDA 0.79 Reference Total Debt/Equity 62.1% Total Debt/Capital 30.3% Asset Turnover 0.97 Net Fixed Asset Turnover 6.07 Accounts receivable turnover-days 26.55 Inventory Days 39.08 Accounts Payable Turnover Day 69.19 Cash Conversion Cycle -2.34 Sales/Revenue/Turnover

12.00

160'000.0 140'000.0

10.00

120'000.0 8.00

100'000.0 80'000.0

6.00

60'000.0

4.00

40'000.0 2.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

General Motors Co Holdings By:

All

Holder Name UAW RETIREE MED BEN CANADA GEN INVESTMEN UNITED STATES GOVERN CAPITAL GROUP COMPAN HARRIS ASSOCIATES LP BLACKROCK BERKSHIRE HATHAWAY I JP MORGAN VANGUARD GROUP INC STATE STREET CORP MOTORS LIQUIDATION C INVESCO LTD T ROWE PRICE ASSOCIA FMR LLC GREENLIGHT CAPITAL I AL SAUD ALWALEED BIN SAIC MOTOR CORP LTD FRANKLIN RESOURCES ORBIS HOLDINGS LIMIT NWQ INVESTMENT MANAG

Firm Name Deutsche Bank JPMorgan Buckingham Research Group Sterne, Agee & Leach Edward Jones Stifel Guggenheim Securities LLC S&P Capital IQ Argus Research Corp UBS Daiwa Securities Co. Ltd. Morgan Stanley RBC Capital Markets Jefferies Craig-Hallum Capital Group LLC Barclays Goldman Sachs CRT Capital Group EVA Dimensions

Portfolio Name n/a n/a n/a n/a HARRIS ASSOC LP n/a n/a n/a n/a n/a n/a n/a T ROWE PRICE ASSOCIA n/a GREENLIGHT CAPITAL I n/a n/a n/a ORBIS HOLDINGS LIMIT NWQ INVESTMENT MANAG

Analyst ROD LACHE RYAN BRINKMAN JOSEPH C AMATURO MICHAEL P WARD CHRISTIAN MAYES JAMES J ALBERTINE MATTHEW T STOVER EFRAIM LEVY WILLIAM V SELESKY COLIN LANGAN TAKUO KATAYAMA ADAM JONAS JOSEPH SPAK H PETER NESVOLD STEVEN L. DYER BRIAN A JOHNSON PATRICK ARCHAMBAULT KIRK LUDTKE CRAIG STERLING

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

Recommendation buy overweight buy buy hold hold neutral hold buy buy outperform Overwt/In-Line outperform hold buy overweight Buy/Neutral buy buy

Amt Held 140'150'000 110'084'746 101'042'061 97'686'580 51'908'590 50'876'367 40'000'000 36'553'164 35'671'278 30'496'446 29'101'877 22'682'134 17'974'480 17'068'589 17'047'339 15'000'000 15'000'000 14'967'911 13'133'587 10'568'526

% Out 10.13 7.95 7.3 7.06 3.75 3.68 2.89 2.64 2.58 2.2 2.1 1.64 1.3 1.23 1.23 1.08 1.08 1.08 0.95 0.76

Weighting

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

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

Latest Chg (30'000'000) (88'152'928) (5'694'800) 51'908'590 13'918'751 15'000'000 1'128'650 11'713'780 17'337'621 (1'865'684) (89'171) 1'038'025 2'910'809 (4'124'724) (481'977) (149'104) (1'042'925)

Target Price 46 49 50 46 #N/A N/A #N/A N/A 25 33 43 47 40 45 45 38 44 48 45 34 #N/A N/A

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

File Dt Inst Type 12.06.2013 n/a 10.09.2013 Other 18.09.2013 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 25.09.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Investment Advisor 01.04.2013 Other 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 23.11.2010 n/a 23.11.2010 Corporation 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 25.09.2013 25.09.2013 25.09.2013 23.09.2013 11.09.2013 11.09.2013 05.09.2013 04.09.2013 09.08.2013 06.08.2013 30.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 16.07.2013 02.05.2013 27.04.2013

27.09.2013

Google Inc Google Inc. is a global technology company that provides a web based search engine through its website. The Company offers a wide range of search options, including web, image, groups, directory, and news searches.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.07.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GOOG UW EQUITY YTD Change GOOG UW EQUITY YTD % CHANGE

12/2012 06/yy 928.00 636.05 158'334.00 874.68 -5.77% 37.52% 82.93% 273.9 291'461.03 5'537.00 0.0 0.0 49'557.00 240'454.02

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

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

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 21'795.6 3.72x 8'131.9 9.96x 4'226.9 18.44x

1000 900 800 700 600 500 400 300 200 100 0 s-12

31.12.2009 31.12.2010 23'650.6 29'321.0 7.29x 5.42x 9'836.5 11'777.0 17.53x 13.48x 6'520.4 8'505.0 30.38x 22.30x Profitability

LTM-4Q 31.12.2011 37'905.0 4.45x 13'593.0 12.41x 9'737.0 21.30x

31.12.2012 50'175.0 3.77x 15'722.0 12.05x 10'737.0 21.10x 15'722.00 12'760.00 25.43% 26.68% 12.43% 16.21% 15.12% 0.60% 58.9% 29.0% 22.5% 21.4% 4.22 3.90 5.90% 7.72% 7.98 50.77

Price/ Cash Flow

LTM

06/yy 42'756.0 14.32x 15'367.0 9.87x 11'109.0 16.99x

06/yy 56'594.0 15.10x 16'440.0 14.74x 11'636.0 25.83x

FY+1

.0 M s-13

0.00 0.97 273.25 4.36 15.62% 23.30% 0.973 49 4.347 744'871 491'631 525'342 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 46'967.7 55'004.5 11'693.8 13'176.2 4.98x 4.10x 20.27x 17.67x 21'171.9 25'221.6 5'242.6 5'942.7 11.33x 9.51x 10.43x 9.99x 14'693.1 17'616.1 3'517.2 4'017.8 20.12x 17.02x 18.93x 18.04x S&P Issuer Ratings

19.11.2012 AA STABLE 15.07.2010 A-1+ 187.17 148.20 -3.10 0.30 7.7% 7.2% 0.60 4.75 45.75 7.19 31.14 30.52

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

01.07.2013

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

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

27.09.2013

Google Inc Holdings By:

All

Holder Name FMR LLC BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN STATE STREET CORP T ROWE PRICE ASSOCIA JP MORGAN BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO PRIMECAP MANAGEMENT JENNISON ASSOCIATES SANDS CAPITAL MANAGE DAVIS SELECTED ADVIS UBS AG MORGAN STANLEY AMERIPRISE FINANCIAL GOLDMAN SACHS GROUP TIAA CREF INVESTMENT WELLS FARGO & COMPAN

Firm Name JMP Securities Jefferies Wedbush Stifel Canaccord Genuity Corp Evercore Partners CRT Capital Group Topeka Capital Markets Inc Sanford C. Bernstein & Co Cantor Fitzgerald SunTrust Robinson Humphrey JPMorgan Janney Montgomery Scott LLC BMO Capital Markets Pacific Crest Securities Susquehanna Financial Group Deutsche Bank Edward Jones Pivotal Research Group LLC Piper Jaffray Robert W. Baird & Co Daiwa Securities Co. Ltd. Cowen and Company Morgan Stanley Telsey Advisory Group Raymond James EVA Dimensions Hilliard Lyons Argus Research Corp Independent Research GmbH Hamburger Sparkasse Goldman Sachs RBC Capital Markets Credit Suisse UBS Needham & Co William Blair & Co Macquarie B Riley & Co BGC Partners Wells Fargo Securities, LLC S&P Capital IQ Atlantic Equities LLP

Portfolio Name n/a n/a n/a n/a n/a T ROWE PRICE ASSOCIA n/a BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO PRIMECAP MANAGEMENT JENNISON ASSOCIATES SANDS CAPITAL MANAGE DAVIS SELECTED ADVIS n/a n/a AMERIPRISE FINANCIAL n/a TIAA-CREF INVESTMENT n/a

Analyst RONALD V JOSEY III BRIAN J PITZ SHYAM PATIL JORDAN ROHAN MICHAEL GRAHAM KEN SENA NEIL A DOSHI VICTOR ANTHONY CARLOS KIRJNER YOUSSEF H SQUALI ROBERT S PECK DOUGLAS ANMUTH SHAWN C MILNE DANIEL SALMON EVAN S WILSON BRIAN NOWAK ROSS SANDLER JOSH OLSON BRIAN WIESER EUGENE E MUNSTER COLIN SEBASTIAN KAZUYA NISHIMURA JOHN BLACKLEDGE SCOTT W DEVITT THOMAS FORTE AARON M KESSLER ANDREW S ZAMFOTIS STEPHEN TURNER JOSEPH F BONNER MARKUS FRIEBEL MARCO GUENTHER HEATHER BELLINI MARK S MAHANEY STEPHEN JU ERIC J SHERIDAN KERRY RICE RALPH SCHACKART BENJAMIN A SCHACHTER SAMEET SINHA COLIN W GILLIS PETER STABLER SCOTT H KESSLER HAMILTON FABER

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

Recommendation market outperform buy neutral hold buy overweight buy buy outperform buy buy overweight buy market perform outperform Positive buy buy hold overweight outperform outperform outperform Overwt/Attractive no rating system outperform overweight neutral buy hold hold neutral/attractive outperform outperform buy buy outperform outperform buy hold market perform hold overweight

Amt Held 18'479'838 15'338'705 12'822'404 12'771'167 11'203'127 9'435'920 6'855'015 4'861'862 4'246'600 3'962'235 3'058'842 2'863'672 2'776'485 2'678'747 2'551'620 2'395'387 2'361'582 2'347'088 2'280'237 2'251'499

% Out 6.75 5.6 4.68 4.66 4.09 3.44 2.5 1.77 1.55 1.45 1.12 1.05 1.01 0.98 0.93 0.87 0.86 0.86 0.83 0.82

Weighting

Change

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

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

Latest Chg 368'143 (19'909) 570'740 1'243'423 (101'062) 86'313 398'289 177'481 44'852 47'166 (37'280) (1'479) (107'631) (23'243) (19'074) 137'379 164'221 (43'126) 24'666 94'725

Target Price 975 1'000 860 #N/A N/A 940 1'050 1'090 1'035 1'000 1'000 1'125 1'015 1'050 890 980 1'080 970 #N/A N/A 870 975 1'000 950 972 996 966 990 #N/A N/A #N/A N/A 1'065 980 #N/A N/A 950 950 1'000 1'020 1'000 #N/A N/A 1'175 1'003 810 #N/A N/A 950 1'000

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

File Dt 30.06.2013 25.09.2013 30.06.2013 31.07.2013 26.09.2013 30.06.2013 23.08.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 30.08.2013 30.06.2013 30.08.2013 30.06.2013 31.07.2013

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

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

Date 27.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 20.09.2013 20.09.2013 19.09.2013 19.09.2013 17.09.2013 11.09.2013 10.09.2013 10.09.2013 05.09.2013 05.09.2013 05.09.2013 02.09.2013 19.08.2013 16.08.2013 13.08.2013 05.08.2013 02.08.2013 31.07.2013 26.07.2013 25.07.2013 22.07.2013 22.07.2013 22.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013

27.09.2013

Goldman Sachs Group Inc/The The Goldman Sachs Group, Inc., a bank holding company, is a global investment banking and securities firm specializing in investment banking, trading and principal investments, asset management and securities services. The Company provides services to corporations, financial institutions, governments, and high-net worth individuals.

Price/Volume 180

12.0 M

160

10.0 M

140 120

8.0 M

100

12/2012 06/yy 169.75 113.24 186'337.00 160.05 -5.67% 41.34% 86.80% 449.1 74'753.71 510'691.00 6'200.0 508.0 72'669.00 523'568.71

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

4.0 M

2.0 M

20 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 30.11.2008 53'579.0 8.34x 35'318.0 12.66x 2'322.0 17.67x

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (28.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GS UN EQUITY YTD Change GS UN EQUITY YTD % CHANGE

31.12.2009 31.12.2010 51'673.0 45'967.0 10.25x 12.69x 28'272.0 22'067.0 18.74x 26.44x 13'385.0 8'354.0 7.33x 11.05x Profitability

LTM-4Q 31.12.2011 36'793.0 14.05x 16'020.0 32.28x 4'442.0 16.31x

31.12.2012 41'664.0 12.15x 20'446.0 24.75x 7'475.0 8.52x 20'446.00 32.80% 26.90% 0.91% 12.01% 1.45% 0.05% 49.0% 17.9% 54.41% 734.64% -

Price/ Cash Flow

LTM

06/yy 33'994.0 62.27x 14'640.0 35.24x 3'691.0 14.36x

06/yy 43'493.0 47.89x 21'297.0 24.40x 8'595.0 8.94x

FY+1

.0 M s-13

1.22 1.44 412.41 6.38 40.84% 26.70% 1.439 33 3.394 2'570'781 910'331 756'431 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 33'904.8 33'839.7 7'414.1 7'815.9 7'729.8 7'542.5 1'315.7 2'321.5 10.52x 10.32x 11.08x 10.74x S&P Issuer Ratings

29.11.2011 ANEG 29.11.2011 A-2 20.72 24.12 734.6% 87.0% 0.05 5.22 -

Sales/Revenue/Turnover

30.00

100'000.0 90'000.0

25.00

80'000.0 70'000.0

20.00

60'000.0

15.00

50'000.0 40'000.0

10.00

30'000.0 20'000.0

5.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Goldman Sachs Group Inc/The Holdings By:

All

Holder Name CAPITAL GROUP COMPAN GOLDMAN SACHS SHRHLD BLACKROCK STATE STREET CORP VANGUARD GROUP INC CITIGROUP INCORPORAT SUN LIFE FINANCIAL I DODGE & COX JENNISON ASSOCIATES NORTHERN TRUST CORPO BANK OF NEW YORK MEL INVESCO LTD JP MORGAN ROYAL BANK OF CANADA WELLS FARGO & COMPAN BANK OF AMERICA CORP OPPENHEIMERFUNDS INC GEODE CAPITAL MANAGE ALLIANCE BERNSTEIN EAGLE CAPITAL MANAGE

Firm Name RBC Capital Markets Sanford C. Bernstein & Co Credit Suisse Buckingham Research Group Oppenheimer & Co Portales Partners Morgan Stanley Rafferty Capital Markets SunTrust Robinson Humphrey Susquehanna Financial Group JMP Securities Evercore Partners JPMorgan Macquarie Wells Fargo Securities, LLC Guggenheim Securities LLC Mediobanca SpA Daiwa Securities Co. Ltd. Deutsche Bank Atlantic Equities LLP Argus Research Corp FBR Capital Markets Barclays UBS Keefe, Bruyette & Woods Sandler O'Neill & Partners, LP S&P Capital IQ HSBC EVA Dimensions Meredith Whitney Advisory Group

Portfolio Name n/a n/a n/a n/a n/a n/a n/a DODGE & COX JENNISON ASSOCIATES NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a n/a n/a n/a BANK OF AMERICA OPPENHEIMER FUNDS IN GEODE CAPITAL MANAGE n/a EAGLE CAPITAL MANAGE

Analyst FIONA SWAFFIELD CHARLES BRADLEY HINTZ HOWARD H CHEN JAMES F MITCHELL CHRISTOPHER M KOTOWSKI CHARLES W PEABODY BETSY L GRASECK RICHARD X BOVE SR ERIC E WASSERSTROM DOUGLAS C SIPKIN DEVIN RYAN CHRISTOPHER J ALLEN KIAN ABOUHOSSEIN DAVID J KONRAD MATTHEW H BURNELL MARTY L MOSBY III CHRISTOPHER J WHEELER KAZUKI WATANABE MATTHEW D O'CONNOR RICHARD STAITE DAVID RITTER STEVE STELMACH ROGER A FREEMAN BRENNAN HAWKEN FREDERICK CANNON JEFFERY HARTE KENNETH M LEON ROBERT MURPHY AUSTIN BURKETT MEREDITH A WHITNEY

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

Recommendation sector perform outperform outperform neutral market perform sector perform Equalwt/Attractive buy neutral Positive market perform equalweight underweight neutral market perform buy neutral neutral hold neutral hold outperform equalweight neutral market perform hold buy underweight overweight hold

Amt Held 30'011'295 27'836'304 24'088'290 19'293'572 19'192'042 14'652'442 12'672'293 11'433'975 6'300'594 6'244'652 5'328'897 4'074'404 4'071'933 3'451'664 3'110'637 3'108'600 3'023'649 3'003'402 2'839'875 2'656'785

% Out 6.68 6.2 5.36 4.3 4.27 3.26 2.82 2.55 1.4 1.39 1.19 0.91 0.91 0.77 0.69 0.69 0.67 0.67 0.63 0.59

Weighting

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

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

Latest Chg 51'209 2'753'217 (116'405) 282'143 (428'607) (137'858) (106'572) (143'400) (157'457) (84'013) (69'614) 518'316 176'821 (322'207) 786'133 (161'109) (298'670) 16'380 (8'072) 122'117

Target Price 135 170 185 157 #N/A N/A #N/A N/A 170 187 168 190 #N/A N/A 169 134 165 #N/A N/A 190 165 169 163 161 #N/A N/A 184 160 165 160 165 185 117 #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 31.07.2013 01.02.2013 25.09.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 26.09.2013 31.07.2013 31.07.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013

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

Inst Type Investment Advisor Other Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 23.09.2013 23.09.2013 20.09.2013 16.09.2013 12.09.2013 10.09.2013 06.09.2013 05.09.2013 21.08.2013 15.08.2013 13.08.2013 12.08.2013 23.07.2013 19.07.2013 18.07.2013 17.07.2013 17.07.2013 16.07.2013 16.07.2013 16.07.2013 16.07.2013 05.06.2013 05.03.2013 16.10.2012

27.09.2013

Halliburton Co Halliburton Company provides energy services and engineering and construction services, as well as manufactures products for the energy industry. The Company offers services and products and integrated solutions to customers in the exploration, development, and production of oil and natural gas.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.09.2013) 52-Week Low (14.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HAL UN EQUITY YTD Change HAL UN EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 50.50 29.84 319'570.00 48.2 -4.67% 61.53% 91.34% 913.6 44'034.60 4'820.00 0.0 25.0 2'484.00 47'470.60

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

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 18'279.0 0.97x 4'686.0 3.79x 2'224.0 4.98x

31.12.2009 31.12.2010 14'675.0 17'973.0 1.93x 2.17x 2'920.0 4'118.0 9.71x 9.46x 1'145.0 1'835.0 22.41x 19.86x Profitability

LTM-4Q 31.12.2011 24'829.0 1.36x 6'096.0 5.54x 2'839.0 10.35x

31.12.2012 28'503.0 1.21x 5'787.0 5.98x 2'635.0 11.42x 5'787.00 4'159.00 14.59% 13.41% 7.16% 12.70% 10.71% 1.08% 15.6% 19.4% 13.3% 9.2% 2.75 1.74 17.58% 30.57% 4.77 7.43

Price/ Cash Flow

LTM

06/yy 27'714.0 4.52x 6'785.0 4.27x 2'953.0 7.82x

06/yy 28'692.0 5.25x 5'580.0 7.43x 1'897.0 15.69x

FY+1

.0 M s-13

0.89 1.54 856.14 28.46 42.47% 40.16% 1.541 33 4.394 2'399'144 2'606'599 2'213'238 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 29'666.8 32'540.3 7'535.2 7'841.0 1.63x 1.46x 6.51x 6.21x 6'283.2 7'638.8 1'643.2 1'827.5 7.54x 6.20x 6.75x 6.43x 2'902.3 3'652.4 759.6 877.3 14.96x 11.46x 12.78x 11.99x S&P Issuer Ratings

20.08.2007 A STABLE 20.08.2007 A-1 19.42 7.45 0.61 0.86 30.6% 23.4% 1.08 2.85 76.54 49.16 32.26 84.89

Sales/Revenue/Turnover

25.00

30'000.0 25'000.0

20.00

20'000.0 15.00

15'000.0 10.00

10'000.0

5.00

0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Halliburton Co Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC WELLINGTON MANAGEMEN CAPITAL GROUP COMPAN FRANKLIN RESOURCES INVESCO LTD BANK OF NEW YORK MEL NORTHERN TRUST CORPO ROBECO CARMIGNAC GESTION GOLDMAN SACHS GROUP INSTITUTIONAL CAPITA VAN ECK ASSOCIATES C JP MORGAN TIAA CREF INVESTMENT AMERIPRISE FINANCIAL DEUTSCHE BANK AG NORGES BANK

Firm Name Edward Jones Cowen and Company Sanford C. Bernstein & Co FBR Capital Markets UBS ISI Group Wells Fargo Securities, LLC Global Hunter Securities Credit Suisse RBC Capital Markets Stephens Inc BMO Capital Markets Macquarie JPMorgan Sterne, Agee & Leach Jefferies Capital One Southcoast, Inc. Morgan Stanley Susquehanna Financial Group EVA Dimensions Barclays Goldman Sachs Argus Research Corp Raymond James Howard Weil Inc Johnson Rice & Co Guggenheim Securities LLC RS Platou Markets Societe Generale Deutsche Bank Fearnley Fonds S&P Capital IQ Tudor Pickering & Co

Portfolio Name n/a n/a n/a n/a WELLINGTON MANAGEMEN n/a n/a n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a CARMIGNAC GESTION n/a INSTITUTIONAL CAPITA n/a n/a TIAA-CREF INVESTMENT AMERIPRISE FINANCIAL n/a NORGES BANK

Analyst ROB DESAI JAMES D CRANDELL SCOTT GRUBER MEGAN REPINE ANGELINE M SEDITA JUDSON E BAILEY MATTHEW D CONLAN BRIAN UHLMER JAMES WICKLUND KURT HALLEAD MICHAEL MARINO ALAN D LAWS NIGEL BROWNE J DAVID ANDERSON STEPHEN D GENGARO BRAD HANDLER LUKE M LEMOINE OLE SLORER CHARLES P MINERVINO CRAIG STERLING JAMES C WEST WAQAR SYED JONATHAN GELCIUS J MARSHALL ADKINS WILLIAM SANCHEZ DAVID C SMITH Michael K LaMotte TURNER HOLM EDWARD C MUZTAFAGO MICHAEL W URBAN TRULS OLSEN STEWART GLICKMAN JEFF TILLERY

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

Recommendation hold outperform outperform outperform buy strong buy market perform buy outperform outperform overweight outperform neutral overweight buy buy add Underwt/In-Line Positive sell overweight buy/attractive buy market perform sector perform overweight buy buy buy buy not rated hold buy

Amt Held 54'915'779 42'541'478 39'200'210 35'804'869 26'830'835 23'117'158 19'203'880 16'972'041 13'041'899 13'039'135 12'130'893 10'166'625 10'117'009 9'580'917 8'868'029 8'834'930 8'573'026 8'318'234 8'183'277 8'078'564

% Out 6.01 4.66 4.29 3.92 2.94 2.53 2.1 1.86 1.43 1.43 1.33 1.11 1.11 1.05 0.97 0.97 0.94 0.91 0.9 0.88

Weighting

Change

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

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

Latest Chg (269'370) (2'288'751) (1'338'513) 5'070'975 18'148 (1'429'467) (341'441) 346'322 65'608 (480'170) (5'840'699) (1'973'326) (3'757'519) (1'276'478) (705'491) 3'075'172 (38'171) (4'073'492) -

Target Price #N/A N/A 67 54 58 60 55 #N/A N/A 57 58 58 56 56 54 65 63 54 59 45 55 #N/A N/A 76 63 53 #N/A N/A 50 #N/A N/A 56 54 58 55 #N/A N/A 40 #N/A N/A

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

File Dt 25.09.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 26.09.2013 31.07.2013 30.06.2013 30.06.2013 31.07.2013 31.12.2012

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

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

Date 26.09.2013 26.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 18.09.2013 17.09.2013 16.09.2013 16.09.2013 15.09.2013 12.09.2013 11.09.2013 04.09.2013 03.09.2013 03.09.2013 02.09.2013 28.08.2013 27.08.2013 26.08.2013 23.08.2013 31.07.2013 30.07.2013 26.07.2013 26.07.2013 26.07.2013 24.07.2013 23.07.2013 22.07.2013 28.01.2013 20.09.2012 05.04.2011

27.09.2013

Home Depot Inc/The The Home Depot, Inc. is a home improvement retailer that sells building materials and home improvement products. The Company sells a wide assortment of building materials, home improvement and lawn and garden products and provide a number of services. Home Depot operates throughout the U.S. (including Puerto Rico, the Virgin Islands and Guam), Canada, China, and Mexico.

Price/Volume 90

8.0 M

7.0 M

6.0 M

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HD UN EQUITY YTD Change HD UN EQUITY YTD % CHANGE

01/2013 08/yy 81.56 58.75 233'558.00 76.03 -6.88% 29.41% 75.93% 1'432.4 108'908.68 10'796.00 0.0 0.0 2'494.00 118'247.68

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

3.0 M

30 20

2.0 M

1.0 M

0 s-12

31.01.2010 31.01.2011 66'176.0 67'997.0 0.84x 1.01x 6'609.0 7'557.0 8.45x 9.10x 2'661.0 3'338.0 16.84x 17.90x Profitability

LTM-4Q 31.01.2012 70'395.0 1.10x 8'343.0 9.32x 3'883.0 18.17x

31.01.2013 74'754.0 1.45x 9'450.0 11.45x 4'535.0 21.94x 9'450.00 7'766.00 10.39% 9.66% 11.85% 30.13% 19.06% 1.85% 34.6% 13.2% 11.0% 6.1% 1.34 0.34 26.28% 60.73% 51.21 4.64

Price/ Cash Flow

n-12

d-12

j-13

LTM

07/yy 71'718.0 4.43x 8'894.0 10.00x 4'275.0 19.45x

f-13 m-13

08/yy 78'022.0 5.73x 10'323.0 12.06x 4'989.0 23.08x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

1.79 0.95 1'430.18 11.93 29.58% 24.89% 0.945 27 4.037 2'232'885 1'953'922 1'778'545 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 10/13 Q3 01/14 Q4 78'587.9 82'346.0 19'151.6 17'831.1 1.50x 1.46x 6.25x 6.68x 10'698.0 11'784.9 2'559.4 2'196.3 11.03x 10.01x 10.58x 10.35x 5'307.3 5'964.0 1'269.9 1'014.6 20.62x 17.41x 19.07x 18.41x S&P Issuer Ratings

16.11.2011 ASTABLE 05.07.2007 A-2 14.95 12.88 0.90 1.24 60.7% 37.8% 1.85 3.26 7.24 80.02 46.12 47.82

Sales/Revenue/Turnover

18.00

90'000.0

16.00

80'000.0

14.00

70'000.0

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 05.02.2010

o-12

Fiscal Year Ended 31.01.2009 71'288.0 0.67x 6'261.0 7.57x 2'260.0 12.12x

4.0 M

Valuation Analysis

0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

05.08.2013

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

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

27.09.2013

Home Depot Inc/The Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC JP MORGAN NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL NORGES BANK WELLS FARGO & COMPAN TIAA CREF INVESTMENT JANUS CAPITAL MANAGE BANK OF AMERICA CORP AMERIPRISE FINANCIAL GEODE CAPITAL MANAGE CLEARBRIDGE INVESTME AMERICAN CENTURY COM ALLIANCE BERNSTEIN UBS AG

Firm Name RBC Capital Markets Stifel ISI Group Janney Montgomery Scott LLC Robert W. Baird & Co Longbow Research S&P Capital IQ Barclays Raymond James Daiwa Securities Co. Ltd. JPMorgan Morgan Stanley Argus Research Corp Edward Jones Landesbank Baden-Wuerttemberg Telsey Advisory Group BMO Capital Markets Deutsche Bank Goldman Sachs Credit Suisse Jefferies Canaccord Genuity Corp Oppenheimer & Co Piper Jaffray UBS EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL NORGES BANK n/a TIAA-CREF INVESTMENT n/a BANK OF AMERICA AMERIPRISE FINANCIAL GEODE CAPITAL MANAGE CLEARBRIDGE INVESTME AMERICAN CENTURY COM n/a n/a

Analyst R SCOT CICCARELLI DAVID A SCHICK GREGORY MELICH DAVID S STRASSER PETER S BENEDICT DAVID S MACGREGOR MICHAEL SOUERS ALAN M RIFKIN BUDD BUGATCH KAHORI TAMADA CHRISTOPHER HORVERS DAVID GOBER CHRISTOPHER GRAJA ROBIN DIEDRICH PER-OLA HELLGREN JOSEPH I FELDMAN WAYNE HOOD MICHAEL BAKER MATTHEW J FASSLER GARY BALTER DANIEL T BINDER LAURA A CHAMPINE BRIAN NAGEL PETER J KEITH MICHAEL LASSER CRAIG STERLING

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

Recommendation outperform hold strong buy neutral outperform buy sell overweight market perform neutral overweight Equalwt/In-Line buy hold hold no rating system market perform hold neutral/neutral outperform buy hold outperform overweight buy overweight

Amt Held 215'616'880 87'509'175 69'210'534 66'168'177 47'913'757 33'032'160 24'236'604 22'570'498 19'911'269 17'480'869 14'125'191 13'392'380 11'297'143 11'052'821 10'675'935 10'151'076 9'806'252 9'003'602 8'387'101 8'229'661

% Out 15.05 6.11 4.83 4.62 3.34 2.31 1.69 1.58 1.39 1.22 0.99 0.93 0.79 0.77 0.75 0.71 0.68 0.63 0.59 0.57

Weighting

Change

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

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

Latest Chg (26'980'287) (3'510'750) 441'375 (2'589'118) 713'717 803'697 (359'825) 2'252'314 (273'030) (98'706) (141'485) (691'398) 692'274 (406'890) (21'303) (352'061) 1'791'620 1'022'482 554'661

Target Price 89 #N/A N/A 87 72 93 90 68 95 #N/A N/A 78 86 #N/A N/A 91 #N/A N/A 72 88 82 80 84 85 94 83 86 91 88 #N/A N/A

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

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

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

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

Date 24.09.2013 24.09.2013 23.09.2013 13.09.2013 13.09.2013 09.09.2013 04.09.2013 03.09.2013 27.08.2013 26.08.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 21.05.2013 15.01.2013

27.09.2013

Honeywell International Inc Honeywell International Inc. is a worldwide diversified technology and manufacturing company providing aerospace products and services, control, sensing and security technologies, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HON UN EQUITY YTD Change HON UN EQUITY YTD % CHANGE

12/2012 06/yy 87.54 58.29 72'467.00 83.51 -4.66% 43.27% 88.07% 784.8 65'542.25 7'496.00 0.0 240.0 5'265.00 68'250.25

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

31.12.2009 31.12.2010 30'908.0 32'350.0 1.37x 1.40x 3'410.0 3'998.0 12.45x 11.33x 1'548.0 2'022.0 15.93x 17.79x Profitability

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

LTM-4Q 31.12.2011 36'529.0 1.25x 3'531.0 12.91x 2'067.0 12.24x

31.12.2012 37'665.0 1.38x 5'082.0 10.26x 2'926.0 13.13x 5'082.00 4'156.00 11.03% 10.29% 7.74% 24.74% 16.54% 0.92% 24.9% 14.1% 11.5% 7.8% 1.35 0.97 17.91% 57.77% 5.09 6.55

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 37'513.0 4.83x 3'801.0 12.33x 2'277.0 11.68x

f-13 m-13

06/yy 37'944.0 6.03x 5'340.0 12.17x 3'188.0 15.29x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

1.92 1.13 783.26 6.72 41.85% 33.70% 1.130 28 4.500 798'879 668'679 700'631 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 39'159.0 41'399.8 9'911.4 10'238.7 1.71x 1.56x 6.87x 6.59x 6'742.6 7'356.7 1'713.5 1'747.3 10.12x 9.27x 9.71x 3'943.7 4'402.2 991.0 965.3 16.87x 15.05x 16.30x 15.74x S&P Issuer Ratings

03.07.2001 A STABLE 03.07.2001 A-1 13.77 11.38 0.49 1.47 57.8% 36.2% 0.92 7.80 71.69 55.70 59.85 64.84

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 01.01.2010

3.5 M

Fiscal Year Ended 31.12.2008 36'556.0 0.83x 4'432.0 6.87x 2'792.0 7.08x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Honeywell International Inc Holdings By:

All

Holder Name STATE STREET CORP BLACKROCK SUN LIFE FINANCIAL I VANGUARD GROUP INC JP MORGAN FMR LLC WELLINGTON MANAGEMEN EVERCORE TRUST COMPA CAPITAL GROUP COMPAN BARROW HANLEY MEWHIN T ROWE PRICE ASSOCIA BANK OF AMERICA CORP PRIMECAP MANAGEMENT BANK OF NEW YORK MEL AMERIPRISE FINANCIAL NORTHERN TRUST CORPO TIAA CREF INVESTMENT MORGAN STANLEY INSTITUTIONAL CAPITA GOLDMAN SACHS GROUP

Firm Name Sanford C. Bernstein & Co Jefferies Drexel Hamilton LLC Deutsche Bank Edward Jones JPMorgan Sterne, Agee & Leach Stifel RBC Capital Markets William Blair & Co Argus Research Corp Oppenheimer & Co Nomura Atlantic Equities LLP Morgan Stanley Credit Suisse UBS Cowen and Company Langenberg & Co Barclays Gabelli & Co FBR Capital Markets EVA Dimensions Buckingham Research Group Goldman Sachs S&P Capital IQ

Portfolio Name n/a n/a n/a n/a n/a n/a WELLINGTON MANAGEMEN EVERCORE TRUST COMPA n/a BARROW HANLEY MEWHIN T ROWE PRICE ASSOCIA BANK OF AMERICA PRIMECAP MANAGEMENT BANK OF NEW YORK MEL AMERIPRISE FINANCIAL NORTHERN TRUST CORPO TIAA-CREF INVESTMENT n/a INSTITUTIONAL CAPITA n/a

Analyst STEVEN E WINOKER HOWARD A RUBEL RICHARD WHITTINGTON JOHN G INCH CHRISTIAN MAYES CHARLES STEPHEN TUSA PETER J ARMENT JEFFREY D OSBORNE ROBERT STALLARD NICHOLAS P HEYMANN NATHANIEL GABRIEL CHRISTOPHER D GLYNN SHANNON O'CALLAGHAN RICHARD RADBOURNE NIGEL COE JULIAN MITCHELL JASON D FELDMAN GAUTAM KHANNA BRIAN KEITH LANGENBERG SCOTT R DAVIS JAMES FOUNG AJAY K KEJRIWAL CRAIG STERLING EDWARD WHEELER JOSEPH RITCHIE RICHARD TORTORIELLO

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

Recommendation outperform buy buy buy buy overweight buy buy outperform market perform buy outperform neutral overweight Overwt/In-Line neutral neutral outperform hold overweight buy market perform overweight neutral Buy/Neutral buy

Amt Held 71'810'457 44'455'811 39'168'130 35'713'306 26'389'059 23'231'986 22'451'274 19'712'106 19'320'282 17'793'858 17'500'658 13'585'980 12'320'581 11'801'239 10'915'464 10'381'137 8'944'221 8'552'164 7'485'247 5'642'338

% Out 9.15 5.66 4.99 4.55 3.36 2.96 2.86 2.51 2.46 2.27 2.23 1.73 1.57 1.5 1.39 1.32 1.14 1.09 0.95 0.72

Weighting

Change 5 5 5 5 5 5 5 5 5 3 5 5 3 5 5 3 3 5 3 5 5 3 5 3 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 M N M

Latest Chg (120'800) (250'280) 1'061'398 1'395'169 6'269'224 3'250'524 (3'413'664) 282 516'310 (5'051'214) 548'418 (641'600) (2'868) (106'647) 24'517 72'151 41'896 (1'278'448) (277'434)

Target Price 95 98 90 91 #N/A N/A 89 93 90 91 84 92 91 88 92 88 82 82 90 90 87 #N/A N/A 76 #N/A N/A 80 88 75

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

File Dt 26.09.2013 25.09.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013

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

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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 20.09.2013 18.09.2013 17.09.2013 16.09.2013 11.09.2013 04.09.2013 03.09.2013 29.08.2013 09.08.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 21.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 18.07.2013 22.04.2013 20.04.2013 19.04.2013 20.03.2013 25.01.2013

27.09.2013

Hewlett-Packard Co Hewlett-Packard Company provides imaging and printing systems, computing systems, and information technology services for business and home. The Company's products include laser and inkjet printers, scanners, copiers and faxes, personal computers, workstations, storage solutions, and other computing and printing systems. Hewlett-Packard sells its products worldwide.

Price/Volume 30 25 20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.08.2013) 52-Week Low (20.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HPQ UN EQUITY YTD Change HPQ UN EQUITY YTD % CHANGE

10/2012 07/yy 27.77 11.35 421'367.00 21.33 -23.37% 87.93% 60.60% 1'921.8 40'992.50 28'436.00 0.0 397.0 11'301.00 52'864.50

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

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.10.2008 118'364.0 0.85x 14'185.0 7.05x 8'329.0 10.55x

31.10.2009 31.10.2010 114'552.0 126'033.0 1.00x 0.83x 15'798.0 17'736.0 7.26x 5.88x 7'660.0 8'761.0 14.05x 10.29x Profitability

LTM-4Q 31.10.2011 127'245.0 0.60x 16'373.0 4.64x 7'074.0 6.53x

31.10.2012 120'357.0 0.37x 14'384.0 3.11x (12'650.0) 44.21x 14'384.00 9'289.00 7.72% -9.91% -2.83% -11.23% 1.01% 23.2% 11.7% 7.6% -10.5% 1.09 0.66 26.14% 126.74% 6.24 12.53

Price/ Cash Flow

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

LTM

FY+1

2.51 1.08 1'885.52 46.22 27.30% 52.50% 1.082 35 3.057 6'152'844 4'325'639 3'579'333 FY+2

FQ+1

FQ+2

07/yy 07/yy 10/13 Y 10/14 Y 10/13 Q4 01/14 Q1 122'520.0 113'126.0 111'006.1 107'662.6 27'856.1 26'881.8 2.30x 1.84x 0.47x 0.44x 1.87x 1.90x 13'678.0 13'278.0 13'826.2 13'644.5 3'710.2 3'295.4 4.13x 4.62x 3.82x 3.87x 3.93x 4.00x (5'557.0) (3'155.0) 6'919.1 6'989.5 1'937.4 1'628.8 12.30x 15.41x 5.99x 5.88x 5.89x 5.88x S&P Issuer Ratings Long-Term Rating Date 30.11.2011 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date 30.11.2011 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 16.42 (EBITDA-Capex)/Interest Exp. 12.19 Net Debt/EBITDA 0.87 Total Debt/EBITDA 1.86 Reference Total Debt/Equity 126.7% Total Debt/Capital 55.5% Asset Turnover 1.01 Net Fixed Asset Turnover 6.41 Accounts receivable turnover-days 58.48 Inventory Days 29.13 Accounts Payable Turnover Day 54.91 Cash Conversion Cycle 33.38 Sales/Revenue/Turnover

10.00

140'000.0

9.00

120'000.0

8.00 7.00

100'000.0

6.00

80'000.0

5.00

60'000.0

4.00

40'000.0

3.00 2.00

20'000.0

1.00 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

06.05.2013

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

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

27.09.2013

Hewlett-Packard Co Holdings By:

All

Holder Name DODGE & COX STATE STREET CORP BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN DODGE & COX WORLDWID FRANKLIN RESOURCES STATE FARM MUTUAL AU BANK OF NEW YORK MEL RELATIONAL INVESTORS RELATIONAL INVESTORS PZENA INVESTMENT MAN FMR LLC GRANTHAM MAYO VAN OT ALLIANCE BERNSTEIN INVESCO LTD NORTHERN TRUST CORPO JP MORGAN SUN LIFE FINANCIAL I HOTCHKIS & WILEY CAP

Firm Name Sanford C. Bernstein & Co Wells Fargo Securities, LLC Mizuho Securities USA Inc Cantor Fitzgerald RBC Capital Markets Needham & Co Cross Research UBS Barclays BMO Capital Markets Raymond James Deutsche Bank Jyske Bank Stifel Argus Research Corp ISI Group Morgan Stanley Brean Capital LLC Credit Suisse Edward Jones Pacific Crest Securities Robert W. Baird & Co Evercore Partners FBN Securities JPMorgan Jefferies Wedge Partners S&P Capital IQ EVA Dimensions Daiwa Securities Co. Ltd. Goldman Sachs Monness, Crespi, Hardt & Co Tigress Financial Partners Hamburger Sparkasse

Portfolio Name DODGE & COX n/a n/a n/a n/a Multiple Portfolios n/a STATE FARM MUTUAL AU BANK OF NEW YORK MEL RELATIONAL INVESTORS n/a PZENA INVESTMENT MAN n/a GRANTHAM MAYO VAN OT n/a n/a NORTHERN TRUST CORPO n/a n/a HOTCHKIS AND WILEY

Analyst TONI SACCONAGHI MAYNARD UM ABHEY R LAMBA BRIAN J WHITE AMIT DARYANANI RICHARD J KUGELE SHANNON S CROSS STEVEN M MILUNOVICH BENJAMIN A REITZES KEITH F BACHMAN BRIAN G ALEXANDER CHRISTOPHER WHITMORE ROBERT JAKOBSEN AARON C RAKERS JAMES KELLEHER BRIAN MARSHALL KATHRYN HUBERTY ANANDA BARUAH KULBINDER GARCHA WILLIAM C KREHER BRENT A BRACELIN JAYSON NOLAND SR ROBERT CIHRA SHEBLY SEYRAFI MARK A MOSKOWITZ PETER J MISEK JUN ZHANG CHRISTIN ARMACOST ANDREW S ZAMFOTIS YOKO YAMADA WILLIAM C SHOPE JR JEFFREY FIDACARO IVAN FEINSETH MARCO GUENTHER

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

Recommendation outperform outperform underperform hold sector perform underperform hold neutral equalweight market perform market perform sell buy hold hold neutral Overwt/In-Line buy neutral sell sector perform neutral underweight sector perform neutral hold no rating system hold overweight neutral Sell/Cautious neutral buy hold

Amt Held 163'003'351 103'653'467 96'427'621 88'882'794 72'112'924 69'970'544 50'038'051 42'070'800 38'088'667 34'534'517 34'534'517 32'922'187 32'859'023 30'121'915 29'249'655 27'357'668 26'525'715 26'310'238 23'972'066 23'799'233

% Out 8.48 5.39 5.02 4.62 3.75 3.64 2.6 2.19 1.98 1.8 1.8 1.71 1.71 1.57 1.52 1.42 1.38 1.37 1.25 1.24

Weighting

Change

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

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 M M D M M M N M

Latest Chg (830'870) 542'479 3'495'082 850'310 4'318'559 (1'395'375) 2'071'320 (1'403'698) (2'120'011) (14'015'673) (3'144'462) 4'089'634 (65'088) 7'209'425 5'465'647 (2'768'130)

Target Price 31 #N/A N/A 18 20 26 #N/A N/A 27 24 26 27 #N/A N/A 16 25 #N/A N/A #N/A N/A #N/A N/A 28 32 25 #N/A N/A #N/A N/A 25 20 24 29 24 #N/A N/A 23 #N/A N/A 24 17 #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 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 25.09.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Insurance Company 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Hedge Fund Manager 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 25.09.2013 24.09.2013 23.09.2013 19.09.2013 18.09.2013 18.09.2013 17.09.2013 12.09.2013 10.09.2013 06.09.2013 04.09.2013 03.09.2013 02.09.2013 28.08.2013 27.08.2013 27.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 21.08.2013 21.08.2013 15.07.2013 04.07.2013 12.06.2013 07.06.2013 23.05.2013 20.05.2013 01.04.2013 08.02.2011

27.09.2013

International Business Machines Corp International Business Machines Corporation (IBM) provides computer solutions through the use of advanced information technology. The Company's solutions include technologies, systems, products, services, software, and financing. IBM offers its products through its global sales and distribution organization, as well as through a variety of third party distributors and resellers.

Price/Volume

200

5.0 M 4.0 M 3.0 M

100

12/2012 06/yy 215.90 181.10 334'249.00 187.13 -13.19% 3.33% 26.21% 1'095.4 204'987.05 33'269.00 0.0 124.0 11'129.00 228'879.04

2.0 M

1.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

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

6.0 M

150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IBM UN EQUITY YTD Change IBM UN EQUITY YTD % CHANGE

31.12.2008 103'630.0 1.29x 21'388.0 6.25x 12'334.0 9.42x

250

31.12.2009 31.12.2010 95'759.0 99'871.0 1.91x 1.98x 22'009.0 22'982.0 8.32x 8.59x 13'425.0 14'833.0 13.08x 12.97x Profitability

LTM-4Q 31.12.2011 106'916.0 2.18x 25'101.0 9.30x 15'855.0 14.06x

31.12.2012 104'507.0 2.26x 25'119.0 9.41x 16'604.0 12.57x 25'119.00 20'443.00 19.56% 20.96% 13.90% 83.27% 30.94% 0.89% 48.1% 23.4% 18.9% 15.9% 1.13 0.91 27.91% 176.40% 3.93 20.47

Price/ Cash Flow

LTM

FY+1

.0 M s-13

1.87 0.93 1'094.02 18.57 -7.44% -0.94% 0.930 31 3.806 1'708'192 1'064'102 1'046'261 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 106'099.0 102'383.0 102'356.7 104'547.9 24'762.3 29'046.1 9.08x 9.61x 2.23x 2.18x 9.36x 7.91x 25'258.0 23'949.0 27'426.4 29'498.1 6'711.2 9'650.8 9.69x 9.74x 8.34x 7.75x 7.82x 7.75x 16'276.0 15'915.0 18'282.4 19'173.0 4'334.6 6'579.1 13.97x 12.65x 11.20x 10.23x 10.64x 10.42x S&P Issuer Ratings Long-Term Rating Date 30.05.2012 Long-Term Rating AALong-Term Outlook STABLE Short-Term Rating Date 30.05.2012 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 52.66 (EBITDA-Capex)/Interest Exp. 44.10 Net Debt/EBITDA 0.99 Total Debt/EBITDA 1.42 Reference Total Debt/Equity 176.4% Total Debt/Capital 63.7% Asset Turnover 0.89 Net Fixed Asset Turnover 7.52 Accounts receivable turnover-days 92.86 Inventory Days 17.83 Accounts Payable Turnover Day 49.91 Cash Conversion Cycle 60.00 Sales/Revenue/Turnover

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 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

International Business Machines Corp Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I STATE STREET CORP BLACKROCK VANGUARD GROUP INC STATE FARM MUTUAL AU NORTHERN TRUST CORPO BANK OF NEW YORK MEL WELLINGTON MANAGEMEN STATE FARM MUTUAL AU NORGES BANK BANK OF AMERICA CORP FMR LLC WELLS FARGO & COMPAN GEODE CAPITAL MANAGE JP MORGAN GRANTHAM MAYO VAN OT CAPITAL GROUP COMPAN TIAA CREF INVESTMENT SUN LIFE FINANCIAL I NEUBERGER BERMAN LLC

Firm Name Sanford C. Bernstein & Co Wells Fargo Securities, LLC Societe Generale Janney Montgomery Scott LLC Cantor Fitzgerald Argus Research Corp Stifel Cowen and Company ISI Group Deutsche Bank RBC Capital Markets Barclays S&P Capital IQ BMO Capital Markets Daiwa Securities Co. Ltd. Edward Jones Credit Suisse Tigress Financial Partners EVA Dimensions Evercore Partners Independent Research GmbH Morgan Stanley Hamburger Sparkasse Goldman Sachs JPMorgan Jefferies Macquarie UBS Oracle Investment Research

Portfolio Name n/a n/a n/a n/a STATE FARM MUTUAL AU NORTHERN TRUST CORPO BANK OF NEW YORK MEL WELLINGTON MANAGEMEN STATE FARM MUTUAL AU NORGES BANK BANK OF AMERICA n/a n/a GEODE CAPITAL MANAGE n/a GRANTHAM MAYO VAN OT n/a TIAA-CREF INVESTMENT n/a NEUBERGER BERMAN GRO

Analyst TONI SACCONAGHI MAYNARD UM RICHARD NGUYEN JOSEPH D FORESI BRIAN J WHITE JAMES KELLEHER DAVID M GROSSMAN MOSHE KATRI BRIAN MARSHALL CHRISTOPHER WHITMORE AMIT DARYANANI BENJAMIN A REITZES DYLAN CATHERS KEITH F BACHMAN KAZUYA NISHIMURA JOSH OLSON KULBINDER GARCHA IVAN FEINSETH ANDREW S ZAMFOTIS ROBERT CIHRA MARKUS FRIEBEL KATHRYN HUBERTY MARCO GUENTHER WILLIAM C SHOPE JR MARK A MOSKOWITZ PETER J MISEK BRAD A ZELNICK STEVEN M MILUNOVICH LAURENCE BALTER

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

Recommendation market perform market perform hold neutral buy buy buy outperform cautious buy sector perform overweight strong buy market perform outperform buy underperform neutral overweight overweight hold Equalwt/In-Line hold neutral/cautious neutral hold neutral buy hold

Amt Held 68'121'984 60'962'906 55'065'722 54'608'801 16'651'892 16'317'160 15'377'793 10'471'466 9'694'117 9'100'412 8'913'296 7'895'483 7'751'737 7'207'821 7'152'077 6'961'422 6'705'471 6'683'081 6'523'777 6'394'310

% Out 6.22 5.57 5.03 4.99 1.52 1.49 1.4 0.96 0.88 0.83 0.81 0.72 0.71 0.66 0.65 0.64 0.61 0.61 0.6 0.58

Weighting

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

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

Latest Chg 1'045'191 (1'581'831) 2'237'708 (22'615) (624'128) (658'419) (2'153) 57'345 (1'420'843) 13'223 85'140 (1'808'557) 1'513'655 (224'430) (1'199'181) 521'232 (597'571)

Target Price 225 #N/A N/A 199 210 220 235 237 234 #N/A N/A 225 210 215 227 220 210 #N/A N/A 175 #N/A N/A #N/A N/A 235 205 #N/A N/A #N/A N/A 195 196 210 215 235 195

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

File Dt 30.06.2013 26.09.2013 25.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 31.07.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013

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

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

Date 25.09.2013 24.09.2013 23.09.2013 20.09.2013 19.09.2013 18.09.2013 18.09.2013 12.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 09.09.2013 06.09.2013 23.08.2013 20.08.2013 06.08.2013 02.08.2013 01.08.2013 31.07.2013 22.07.2013 21.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 10.04.2013 07.06.2012

27.09.2013

Intel Corp Intel Corporation designs, manufactures, and sells computer components and 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

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.06.2013) 52-Week Low (21.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INTC UW EQUITY YTD Change INTC UW EQUITY YTD % CHANGE

12/2012 06/yy 25.98 19.23 2'691'009.00 23.01 -11.39% 19.66% 61.94% 4'982.0 114'635.82 13'448.00 0.0 0.0 22'586.00 105'337.82

20.0 M 15.0 M

10.0 M 5

5.0 M

0 s-12

31.12.2009 31.12.2010 35'127.0 43'623.0 2.84x 2.16x 10'994.0 20'226.0 9.08x 4.65x 4'369.0 11'464.0 18.04x 10.58x Profitability

LTM-4Q 31.12.2011 53'999.0 2.10x 23'541.0 4.81x 12'942.0 10.09x

31.12.2012 53'341.0 1.70x 22'160.0 4.10x 11'005.0 9.58x 22'160.00 14'638.00 27.44% 27.88% 12.01% 18.49% 15.61% 0.66% 62.1% 38.6% 23.4% 20.6% 2.43 1.71 15.94% 26.26% 14.91 4.54

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 54'527.0 8.69x 23'768.0 5.32x 12'393.0 11.32x

f-13 m-13

06/yy 52'325.0 7.79x 20'187.0 5.52x 9'485.0 13.19x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

3.91 1.00 4'978.15 246.42 3.80% 14.90% 0.996 50 3.460 9'791'646 8'417'727 8'550'426 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 52'949.2 54'895.6 13'466.1 14'090.3 2.06x 1.96x 8.02x 7.60x 20'074.1 21'478.9 5'273.8 5'682.8 5.24x 4.90x 4.99x 4.90x 9'890.0 10'404.8 2'800.1 2'913.7 12.09x 11.48x 11.42x 11.47x S&P Issuer Ratings

17.02.1993 A+ STABLE 17.02.1993 A-1+ 67.15 33.74 -0.46 0.66 26.3% 20.8% 0.66 1.89 24.41 80.12 52.91 52.88

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

o-12

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

35.0 M

Valuation Analysis

31.12.2008 37'586.0 1.81x 14'280.0 4.76x 5'292.0 12.66x

40.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Intel Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP WELLINGTON MANAGEMEN BANK OF NEW YORK MEL NORTHERN TRUST CORPO HARRIS ASSOCIATES LP ALLIANZ ASSET MANAGE CAPITAL GROUP COMPAN INVESCO LTD BANK OF AMERICA CORP UBS AG NORGES BANK STATE FARM MUTUAL AU FRANKLIN RESOURCES LOOMIS SAYLES & COMP FIRST EAGLE INVESTME GEODE CAPITAL MANAGE STATE FARM MUTUAL AU MORGAN STANLEY

Firm Name Sanford C. Bernstein & Co Nomura B Riley & Co Sterne, Agee & Leach Evercore Partners Maxim Group LLC Piper Jaffray Pacific Crest Securities Wells Fargo Securities, LLC Cowen and Company FBR Capital Markets Robert W. Baird & Co Jefferies Credit Suisse Stifel MKM Partners Barclays BMO Capital Markets Morgan Stanley Wedbush JMP Securities Lazard Capital Markets Topeka Capital Markets Inc JPMorgan Susquehanna Financial Group RBC Capital Markets Raymond James Argus Research Corp Needham & Co Drexel Hamilton LLC Tigress Financial Partners Hamburger Sparkasse Daiwa Securities Co. Ltd. Edward Jones Deutsche Bank Roth Capital Partners Macquarie Independent Research GmbH S&P Capital IQ EVA Dimensions Canaccord Genuity Corp Oppenheimer & Co Williams Financial Group

Portfolio Name n/a n/a n/a WELLINGTON MANAGEMEN BANK OF NEW YORK MEL NORTHERN TRUST CORPO HARRIS ASSOC LP n/a n/a n/a BANK OF AMERICA n/a NORGES BANK STATE FARM MUTUAL AU n/a LOOMIS SAYLES & CO L FIRST EAGLE INVESTME GEODE CAPITAL MANAGE STATE FARM MUTUAL AU n/a

Analyst STACY A RASGON ROMIT SHAH CRAIG ELLIS VIJAY R RAKESH PATRICK WANG ASHOK KUMAR AUGUSTE P RICHARD MICHAEL MCCONNELL DAVID M WONG TIMOTHY M ARCURI CHRISTOPHER ROLLAND TRISTAN GERRA MARK J LIPACIS JOHN W PITZER KEVIN E CASSIDY ADA MENAKER BLAYNE CURTIS AMBRISH SRIVASTAVA JOSEPH MOORE BETSY VAN HEES ALEX GAUNA DANIEL L AMIR SUJI DE SILVA CHRISTOPHER DANELY CHRISTOPHER CASO DOUG FREEDMAN HANS C MOSESMANN JAMES KELLEHER N QUINN BOLTON RICHARD WHITTINGTON IVAN FEINSETH MARCO GUENTHER YOKO YAMADA WILLIAM C KREHER ROSS C SEYMORE KRISHNA SHANKAR DEEPON NAG MARKUS FRIEBEL CHRISTIN ARMACOST ANDREW S ZAMFOTIS ROBERT BURLESON RICHARD SCHAFER CODY G ACREE

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

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

Amt Held 264'963'983 243'197'888 209'856'173 116'399'575 97'588'298 79'566'902 67'381'692 66'476'334 66'269'514 63'305'659 49'199'815 42'291'707 40'236'837 39'078'900 38'192'385 35'880'336 35'586'892 35'041'335 34'882'873 31'367'587

% Out 5.32 4.88 4.21 2.34 1.96 1.6 1.35 1.33 1.33 1.27 0.99 0.85 0.81 0.78 0.77 0.72 0.71 0.7 0.7 0.63

Weighting

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

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

Latest Chg (11'576'334) 14'957'667 5'000'866 31'120'302 (9'550'581) 1'305'192 (374'307) 4'596'644 1'727'254 (880'534) (932'220) 2'323'199 (6'090'061) (26'508) 2'188'817 714'583 2'802 6'546'876

Target Price 18 18 23 20 20 29 22 #N/A N/A #N/A N/A 24 28 23 30 30 28 28 20 21 22 23 #N/A N/A 27 28 18 21 29 #N/A N/A 28 #N/A N/A 30 #N/A N/A #N/A N/A 22 #N/A N/A 26 23 25 26 23 #N/A N/A 20 #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 25.09.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Unclassified 31.12.2012 Government 30.06.2013 Insurance Company 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Insurance Company 30.06.2013 Investment Advisor

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

Date 27.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 19.09.2013 18.09.2013 17.09.2013 16.09.2013 13.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 10.09.2013 10.09.2013 03.09.2013 22.08.2013 13.08.2013 02.08.2013 22.07.2013 22.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 17.07.2013 17.07.2013 17.07.2013

27.09.2013

Johnson & Johnson Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets. The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.07.2013) 52-Week Low (12.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JNJ UN EQUITY YTD Change JNJ UN EQUITY YTD % CHANGE

12/2012 06/yy 94.41 67.80 449'582.00 86.72 -8.20% 27.91% 72.42% 2'818.1 244'383.38 16'165.00 0.0 0.0 21'089.00 234'236.37

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

31.12.2009 31.12.2010 61'897.0 61'587.0 2.79x 2.57x 19'550.0 19'466.0 8.82x 8.14x 12'266.0 13'334.0 13.91x 12.99x Profitability

10.0 M 8.0 M 6.0 M 4.0 M 2.0 M

o-12

LTM-4Q 31.12.2011 65'030.0 2.55x 19'311.0 8.60x 9'672.0 13.26x

31.12.2012 67'224.0 2.80x 20'698.0 9.09x 10'853.0 14.31x 20'698.00 17'032.00 25.34% 20.49% 10.72% 19.78% 15.86% 0.58% 67.8% 31.4% 25.5% 16.1% 1.90 1.34 13.32% 24.94% 6.19 2.92

Price/ Cash Flow

n-12

d-12

j-13

LTM

07/yy 64'874.0 10.49x 19'640.0 9.49x 8'738.0 13.42x

f-13 m-13

06/yy 69'992.0 11.86x 21'944.0 10.55x 12'865.0 16.31x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

2.87 0.70 2'817.00 23.93 29.71% 26.58% 0.703 26 3.923 3'482'915 2'666'389 2'653'207 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 70'731.1 73'640.4 17'395.5 17'843.2 3.23x 3.05x 13.82x 12.97x 23'255.9 24'582.3 5'490.0 5'093.2 10.06x 9.52x 10.19x 10.00x 15'680.9 16'563.5 3'792.6 3'502.5 15.87x 14.89x 15.66x 15.35x S&P Issuer Ratings

17.09.1987 AAA STABLE 14.07.1987 A-1+ 31.99 27.46 -0.46 0.68 24.9% 20.0% 0.58 4.46 58.78 124.74 86.59 83.09

Sales/Revenue/Turnover

20.00

80'000.0

18.00

70'000.0

16.00

60'000.0

14.00

50'000.0

12.00 10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 08.01.2010

12.0 M

Fiscal Year Ended 31.12.2008 63'747.0 2.53x 19'001.0 8.48x 12'949.0 12.87x

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

0.0 08.07.2010

08.01.2011

08.07.2011

08.01.2012

08.07.2012

08.01.2013

08.07.2013

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

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

27.09.2013

Johnson & Johnson Holdings By:

All

Holder Name STATE STREET CORP BLACKROCK VANGUARD GROUP INC BANK OF NEW YORK MEL JP MORGAN WELLINGTON MANAGEMEN NORTHERN TRUST CORPO STATE FARM MUTUAL AU SUN LIFE FINANCIAL I FMR LLC CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA BANK OF AMERICA CORP GRANTHAM MAYO VAN OT FRANKLIN RESOURCES STATE FARM MUTUAL AU NORGES BANK GOLDMAN SACHS GROUP GEODE CAPITAL MANAGE UBS AG

Firm Name Sanford C. Bernstein & Co Morgan Stanley Leerink Swann & Co Piper Jaffray Cowen and Company Argus Research Corp Jefferies Credit Suisse Wells Fargo Securities, LLC Barclays Edward Jones Stifel Deutsche Bank EVA Dimensions RBC Capital Markets JPMorgan Independent Research GmbH Goldman Sachs Hilliard Lyons Raymond James CL King & Associates S&P Capital IQ Atlantic Equities LLP Ameriprise Advisor Services, Inc First Global Stockbroking

Portfolio Name n/a n/a n/a BANK OF NEW YORK MEL n/a WELLINGTON MANAGEMEN NORTHERN TRUST CORPO STATE FARM MUTUAL AU n/a n/a n/a T ROWE PRICE ASSOCIA BANK OF AMERICA GRANTHAM MAYO VAN OT n/a STATE FARM MUTUAL AU NORGES BANK n/a GEODE CAPITAL MANAGE n/a

Analyst DERRICK SUNG DAVID R LEWIS DANIELLE ANTALFFY MATT MIKSIC JOSHUA JENNINGS DAVID H TOUNG JEFFREY HOLFORD BRUCE NUDELL LAWRENCE BIEGELSEN CHARLES ANTHONY BUTLER JUDSON CLARK FREDERICK A WISE KRISTEN M STEWART ANDREW S ZAMFOTIS GLENN J NOVARRO MICHAEL N WEINSTEIN CHRISTOPH SCHOENDUBE JAMI E RUBIN STEPHEN A O'NEIL JAYSON BEDFORD ROBERT M GOLDMAN HERMAN SAFTLAS RICHARD J PURKISS E EUGENE ROBINSON KAVITA THOMAS

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

Recommendation outperform Equalwt/In-Line outperform neutral outperform buy hold underperform outperform overweight buy hold hold buy sector perform neutral hold sell/attractive long-term buy outperform neutral buy overweight buy short-term market perform

Amt Held 158'139'320 157'927'160 132'596'620 53'894'865 53'035'623 49'073'605 42'741'233 37'878'592 35'505'662 35'165'680 32'251'154 27'032'522 23'632'765 23'171'691 23'171'290 22'535'202 22'053'497 21'742'082 19'420'908 19'293'719

% Out 5.61 5.6 4.71 1.91 1.88 1.74 1.52 1.34 1.26 1.25 1.14 0.96 0.84 0.82 0.82 0.8 0.78 0.77 0.69 0.68

Weighting

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

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

Latest Chg 5'978'450 163'826 4'055'409 244'056 9'062'671 (4'855'096) 533'039 159'186 (3'262'699) (804'104) (925'540) 192'483 (786'367) (2'548'216) 1'448 6'755'302 466'610 (845'773)

Target Price 97 #N/A N/A 98 97 100 104 95 86 #N/A N/A 99 #N/A N/A #N/A N/A 93 #N/A N/A 88 88 96 87 105 95 #N/A N/A 102 95 #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 26.09.2013 25.09.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 31.12.2012 30.08.2013 30.06.2013 31.08.2013

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

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

Date 27.09.2013 25.09.2013 23.09.2013 19.09.2013 18.09.2013 17.09.2013 10.09.2013 08.09.2013 06.09.2013 03.09.2013 20.08.2013 15.08.2013 12.08.2013 03.08.2013 17.07.2013 17.07.2013 17.07.2013 16.07.2013 16.07.2013 16.07.2013 16.07.2013 16.07.2013 16.07.2013 28.06.2013 23.04.2012

27.09.2013

JPMorgan Chase & Co JPMorgan Chase & Co. provides global financial services and retail banking. The Company provides services such as investment banking, treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance. JP Morgan Chase serves business enterprises, institutions, and individuals.

Price/Volume 60 50 40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.07.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JPM UN EQUITY YTD Change JPM UN EQUITY YTD % CHANGE

12/2012 06/yy 56.93 38.83 1'101'811.00 52.21 -8.27% 34.46% 72.15% 3'764.2 196'528.78 695'583.00 9'058.0 0.0 471'833.00 -

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

10 0 s-12

31.12.2009 31.12.2010 115'632.0 115'475.0 11'728.0 17'370.0 14.96x 8.42x Profitability

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

LTM-4Q 31.12.2011 110'838.0 18'976.0 6.78x

31.12.2012 108'184.0 21'284.0 7.51x 33.19% 29.80% 1.03% 12.00% 2.64% 0.05% 21.9% 29.48% 356.69% -

Price/ Cash Flow

LTM

06/yy 06/yy 105'720.0 109'232.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 17'874.0 24'425.0 7.43x 8.27x

FY+1

2.45 1.36 3'740.61 46.15 31.93% 21.17% 1.362 41 4.366 7'380'212 4'722'790 4'092'412 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 99'072.9 98'265.5 24'124.5 24'312.0 22'671.6 23'480.5 4'993.2 5'409.2 8.94x 8.53x 9.06x 8.77x S&P Issuer Ratings

29.11.2011 A NEG 19.12.2008 A-1 356.7% 77.3% 0.05 7.59 -

Sales/Revenue/Turnover

35.00

140'000.0

30.00

120'000.0

25.00

100'000.0

20.00

80'000.0

15.00

60'000.0

10.00

40'000.0

5.00

20'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 101'491.0 5'605.0 30.32x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

JPMorgan Chase & Co Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC WELLINGTON MANAGEMEN CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO BANK OF NEW YORK MEL SUN LIFE FINANCIAL I FRANKLIN RESOURCES INVESCO LTD AMERIPRISE FINANCIAL BANK OF AMERICA CORP BARROW HANLEY MEWHIN UBS AG NORGES BANK ROBECO MORGAN STANLEY ALLIANZ ASSET MANAGE

Firm Name UBS Guggenheim Securities LLC Buckingham Research Group Oppenheimer & Co S&P Capital IQ Sanford C. Bernstein & Co Wells Fargo Securities, LLC Rafferty Capital Markets Portales Partners Societe Generale Morgan Stanley Robert W. Baird & Co Independent Research GmbH SunTrust Robinson Humphrey Sandler O'Neill & Partners, LP Drexel Hamilton LLC Edward Jones Sterne, Agee & Leach Raymond James Evercore Partners Credit Suisse Barclays FBR Capital Markets RBC Capital Markets Macquarie Atlantic Equities LLP Keefe, Bruyette & Woods Mediobanca SpA Daiwa Securities Co. Ltd. Deutsche Bank Goldman Sachs Ameriprise Advisor Services, Inc Argus Research Corp Scotia Capital JMP Securities EVA Dimensions HSBC Meredith Whitney Advisory Group Oriel Securities Ltd

Portfolio Name n/a n/a n/a n/a WELLINGTON MANAGEMEN n/a T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a n/a n/a AMERIPRISE FINANCIAL BANK OF AMERICA BARROW HANLEY MEWHIN n/a NORGES BANK n/a n/a n/a

Analyst DEREK DE VRIES MARTY L MOSBY III JAMES F MITCHELL CHRISTOPHER M KOTOWSKI ERIK M OJA JOHN E MCDONALD MATTHEW H BURNELL RICHARD X BOVE SR CHARLES W PEABODY MURALI GOPAL BETSY L GRASECK DAVID A GEORGE STEFAN BONGARDT ERIC E WASSERSTROM JEFFERY HARTE DAVID B HILDER SHANNON L STEMM TODD L HAGERMAN ANTHONY J POLINI ANDREW A MARQUARDT MOSHE A ORENBUCH JASON M GOLDBERG PAUL J MILLER JR GERARD S CASSIDY DAVID J KONRAD RICHARD STAITE CHRISTOPHER M MUTASCIO CHRISTOPHER J WHEELER KAZUKI WATANABE MATTHEW D O'CONNOR RICHARD N RAMSDEN LORI WILKING DAVID RITTER KEVIN R CHOQUETTE DAVID M TRONE AUSTIN BURKETT ROBERT MURPHY MEREDITH A WHITNEY VIVEK RAJA

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

Recommendation buy buy buy outperform strong buy outperform outperform hold underperform hold Overwt/Attractive outperform buy buy buy buy buy buy strong buy overweight outperform overweight market perform outperform neutral overweight outperform outperform neutral buy buy/attractive buy hold sector outperform market perform buy neutral hold not rated

Amt Held 241'978'832 178'912'530 173'264'513 102'403'056 96'044'072 82'089'473 79'256'840 60'023'478 56'413'992 51'687'156 47'279'089 42'557'875 40'301'821 35'378'422 32'190'193 29'745'798 29'412'458 28'121'489 27'145'980 26'289'173

% Out 6.43 4.75 4.6 2.72 2.55 2.18 2.11 1.59 1.5 1.37 1.26 1.13 1.07 0.94 0.86 0.79 0.78 0.75 0.72 0.7

Weighting

Change

5 5 5 5 5 5 5 3 1 3 5 5 5 5 5 5 5 5 5 5 5 5 3 5 3 5 5 5 3 5 5 5 3 5 3 5 3 3 #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 M M M M M M M M M M M M M U M M M

Latest Chg (4'308'762) 2'183'408 5'552'286 12'150'133 (4'692'808) (974'301) (2'080'142) (56'621) 515'847 774'064 (433'649) (1'394'937) 634'658 (576'497) 1'448'616 (2'334'982) (5'429'166) (1'384'610) 1'696'249

Target Price 62 63 65 71 61 62 #N/A N/A 57 #N/A N/A 56 70 60 65 63 61 64 #N/A N/A 65 65 61 65 65 55 68 57 61 63 66 53 64 63 #N/A N/A #N/A N/A 67 #N/A N/A #N/A N/A 54 43 #N/A N/A

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

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

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

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

Date 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 25.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 20.09.2013 20.09.2013 19.09.2013 19.09.2013 17.09.2013 17.09.2013 12.09.2013 12.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 09.09.2013 13.08.2013 12.08.2013 25.07.2013 19.07.2013 18.07.2013 16.07.2013 15.07.2013 03.06.2013 13.04.2013 05.03.2013 12.10.2012 11.05.2012

27.09.2013

Coca-Cola Co/The The Coca-Cola Company manufactures, markets, and distributes soft drink concentrates and syrups. The Company also distributes and markets juice and juice-drink products. Coca-Cola distributes its products to retailers and wholesalers in the United States and internationally.

Price/Volume 45

16.0 M

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (31.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KO UN EQUITY YTD Change KO UN EQUITY YTD % CHANGE

12/2012 06/yy 43.43 35.58 873'357.00 38.25 -11.90% 7.50% 40.25% 4'433.2 169'568.13 32'610.00 0.0 378.0 16'551.00 186'449.12

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

6.0 M

15 10

4.0 M

2.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 31'944.0 3.42x 9'674.0 11.31x 5'807.0 14.33x

8.0 M

Valuation Analysis

31.12.2009 31.12.2010 30'990.0 35'119.0 4.34x 4.65x 9'467.0 9'892.0 14.20x 16.49x 6'824.0 11'809.0 18.65x 18.85x Profitability

LTM-4Q 31.12.2011 46'542.0 3.72x 12'127.0 14.28x 8'584.0 17.87x

31.12.2012 48'017.0 3.72x 12'761.0 13.98x 9'019.0 18.01x 12'761.00 10'779.00 22.45% 24.59% 9.85% 26.20% 13.50% 0.54% 60.3% 26.5% 22.3% 18.8% 1.09 0.77 37.84% 99.45% 8.72 5.20

Price/ Cash Flow

LTM

06/yy 47'510.0 15.03x 12'461.0 15.40x 8'720.0 19.91x

06/yy 47'579.0 15.88x 12'601.0 15.45x 8'604.0 19.75x

FY+1

.0 M s-13

2.80 0.74 3'996.26 34.26 2.69% 7.80% 0.736 26 4.000 5'969'827 3'969'233 3'597'212 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 47'383.4 49'122.3 12'075.3 11'378.3 4.01x 3.86x 16.23x 17.33x 13'637.7 14'425.2 3'403.0 3'059.3 13.66x 12.91x 13.55x 13.40x 9'475.9 10'015.8 2'417.6 2'110.5 18.21x 16.92x 17.74x 17.42x S&P Issuer Ratings

13.09.2012 AASTABLE 13.09.2012 A-1+ 32.14 25.14 1.31 2.83 99.5% 49.6% 0.54 3.20 41.74 70.01 191.38 58.52

Sales/Revenue/Turnover

20.00

60'000.0

18.00

50'000.0

16.00 14.00

40'000.0

12.00

30'000.0

10.00 8.00

20'000.0

6.00 4.00

10'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Coca-Cola Co/The Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC CAPITAL GROUP COMPAN NORTHERN TRUST CORPO BANK OF NEW YORK MEL GRANTHAM MAYO VAN OT JP MORGAN NORGES BANK GATES FOUNDATION FAYEZ SAROFIM BANK OF AMERICA CORP UBS AG YACKTMAN ASSET MANAG GEODE CAPITAL MANAGE STATE FARM MUTUAL AU T ROWE PRICE ASSOCIA TIAA CREF INVESTMENT

Firm Name Sanford C. Bernstein & Co SunTrust Robinson Humphrey Credit Suisse Goldman Sachs Edward Jones Wells Fargo Securities, LLC Buckingham Research Group Tigress Financial Partners BMO Capital Markets Morgan Stanley Argus Research Corp JPMorgan Ameriprise Advisor Services, Inc HSBC Independent Research GmbH Stifel Davenport & Co Gabelli & Co Deutsche Bank S&P Capital IQ Barclays EVA Dimensions National Bank AG Hamburger Sparkasse Oracle Investment Research

Portfolio Name n/a n/a n/a n/a n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL GRANTHAM MAYO VAN OT n/a NORGES BANK BILL & MELINDA FOUND FAYEZ SAROFIM BANK OF AMERICA n/a YACKTMAN ASSET MANAG GEODE CAPITAL MANAGE STATE FARM MUTUAL AU T ROWE PRICE ASSOCIA TIAA-CREF INVESTMENT

Analyst ALI DIBADJ WILLIAM CHAPPELL MICHAEL STEIB JUDY E HONG JACK P RUSSO BONNIE HERZOG ALICE BEEBE LONGLEY IVAN FEINSETH AMIT SHARMA DARA MOHSENIAN JOHN D STASZAK JOHN A FAUCHER PATRICK DIEDRICKSON LAUREN E TORRES LARS LUSEBRINK MARK D SWARTZBERG ANN H GURKIN DAMIAN A WITKOWSKI WILLIAM G SCHMITZ ESTHER KWON MICHAEL J BRANCA AUSTIN BURKETT STEFFEN MANSKE TINA HECKING-VELTMAN LAURENCE BALTER

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

Recommendation outperform buy outperform neutral/neutral buy outperform buy neutral market perform Equalwt/In-Line hold neutral buy overweight hold hold neutral buy buy strong buy overweight underweight buy hold neutral

Amt Held 400'000'000 212'880'627 212'326'552 170'523'673 153'298'131 74'885'359 61'791'003 56'332'835 42'088'314 42'023'428 35'967'061 34'002'000 33'439'647 32'480'226 28'940'437 28'106'827 26'445'317 23'326'500 22'128'802 22'068'372

% Out 9.02 4.8 4.79 3.85 3.46 1.69 1.39 1.27 0.95 0.95 0.81 0.77 0.75 0.73 0.65 0.63 0.6 0.53 0.5 0.5

Weighting

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

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

Latest Chg (10'323'070) 7'021'388 (1'394'072) (4'720'945) (496'360) 533'792 (712'150) 1'014'402 3'489'840 (131'675) (1'613'662) 596'301 5'217'075 458'987 125'100 (909'529) (6'674'376)

Target Price 46 45 48 43 #N/A N/A #N/A N/A 47 #N/A N/A 45 #N/A N/A #N/A N/A 43 #N/A N/A 47 43 #N/A N/A 42 #N/A N/A 45 47 50 #N/A N/A 44 #N/A N/A 39

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

File Dt 01.07.2013 25.09.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013

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

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

Date 27.09.2013 24.09.2013 20.09.2013 18.09.2013 17.09.2013 16.09.2013 11.09.2013 10.09.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 16.07.2013 16.07.2013 16.07.2013 17.04.2013 13.02.2013 10.05.2012 03.05.2012

27.09.2013

Eli Lilly & Co Eli Lilly and Company discovers, develops, manufactures, and sells pharmaceutical products for humans and animals. The Company's products are sold in countries around the world. Eli Lilly's products include neuroscience products, endocrine products, anti-infectives, cardiovascular agents, oncology products, and animal health products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LLY UN EQUITY YTD Change LLY UN EQUITY YTD % CHANGE

12/2012 06/yy 58.40 44.90 418'446.00 50.55 -13.42% 12.58% 45.48% 1'126.6 56'951.54 5'531.30 0.0 8.7 5'684.30 57'563.54

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

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 20'371.9 2.47x 6'650.5 7.57x (2'071.9) 10.02x

31.12.2009 31.12.2010 21'836.0 23'076.0 1.98x 1.76x 7'667.8 8'100.4 5.63x 5.01x 4'328.8 5'069.5 8.08x 7.28x Profitability

LTM-4Q 31.12.2011 24'286.5 1.98x 7'691.5 6.27x 4'347.7 9.42x

31.12.2012 22'603.4 2.49x 6'477.5 8.69x 4'088.6 14.55x 6'477.50 5'015.30 22.19% 23.93% 15.09% 33.23% 24.89% 0.71% 78.8% 30.0% 23.6% 18.1% 1.55 1.08 16.08% 37.46% 6.78 1.89

Price/ Cash Flow

LTM

06/yy 23'397.2 8.06x 6'879.6 7.27x 4'029.2 11.45x

06/yy 22'932.3 10.05x 6'877.7 8.14x 4'908.0 12.50x

FY+1

.0 M s-13

3.88 0.72 988.85 18.51 10.12% 5.27% 0.724 21 3.571 1'969'812 1'172'891 1'258'782 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 22'982.2 19'739.1 5'770.6 5'690.5 2.68x 3.10x 6'797.3 4'987.1 1'694.5 1'341.0 8.45x 11.52x 4'503.8 2'982.3 1'147.1 866.5 12.22x 18.22x 15.93x 18.10x S&P Issuer Ratings

19.08.2010 AASTABLE 27.01.1987 A-1+ 41.31 35.54 0.09 0.77 37.5% 27.2% 0.71 3.01 53.80 192.85 82.53 162.39

Sales/Revenue/Turnover

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0 6.00

10'000.0 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Eli Lilly & Co Holdings By:

All

Holder Name LILLY ENDOWMENT INCO LILLY ENDOWMENT INCO BLACKROCK WELLINGTON MANAGEMEN PRIMECAP MANAGEMENT VANGUARD GROUP INC STATE STREET CORP STATE FARM MUTUAL AU BANK OF NEW YORK MEL NORTHERN TRUST CORPO INVESCO LTD STATE FARM MUTUAL AU RENAISSANCE TECHNOLO NORGES BANK JP MORGAN FMR LLC AMERIPRISE FINANCIAL CAPITAL GROUP COMPAN DEUTSCHE BANK AG GEODE CAPITAL MANAGE

Firm Name Sanford C. Bernstein & Co BMO Capital Markets Morgan Stanley Goldman Sachs SunTrust Robinson Humphrey Leerink Swann & Co Cowen and Company MKM Partners JPMorgan Edward Jones Barclays Jefferies ISI Group Atlantic Equities LLP S&P Capital IQ Argus Research Corp Hilliard Lyons UBS EVA Dimensions Cyrrus First Global Stockbroking MP Advisors Pvt Ltd

Portfolio Name LILLY ENDOWMENT INC n/a n/a WELLINGTON MANAGEMEN PRIMECAP MANAGEMENT n/a n/a STATE FARM MUTUAL AU BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a STATE FARM MUTUAL AU RENAISSANCE TECHNOLO NORGES BANK n/a n/a AMERIPRISE FINANCIAL n/a n/a GEODE CAPITAL MANAGE

Analyst TIMOTHY M ANDERSON ALEX ARFAEI DAVID R RISINGER JAMI E RUBIN JOHN T BORIS SEAMUS FERNANDEZ STEVEN R SCALA JON LECROY CHRISTOPHER T SCHOTT JUDSON CLARK CHARLES ANTHONY BUTLER JEFFREY HOLFORD MARK J SCHOENEBAUM RICHARD J PURKISS HERMAN SAFTLAS JOHN M EADE STEPHEN A O'NEIL MARC GOODMAN ANDREW S ZAMFOTIS TOMAS MENCIK KAVITA THOMAS VISHAL MANCHANDA

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

Recommendation outperform market perform Underwt/In-Line neutral/attractive buy outperform market perform neutral neutral sell equalweight hold neutral overweight hold buy neutral neutral buy accumulate moderate outperform market perform

Amt Held 135'670'804 135'670'804 60'545'505 50'417'571 48'900'865 48'339'704 43'903'440 20'063'900 16'370'655 13'868'700 12'921'769 12'430'251 12'326'205 9'140'536 8'153'943 8'037'646 8'017'413 7'200'252 6'993'790 6'910'962

% Out 12.04 12.04 5.37 4.48 4.34 4.29 3.9 1.78 1.45 1.23 1.15 1.1 1.09 0.81 0.72 0.71 0.71 0.64 0.62 0.61

Weighting

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

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

Latest Chg 1'230'228 454'985 2'055'989 492'586 (1'593'470) (1'219'060) (21'806) (1'068'153) (2'451) 1'770'400 325'414 (8'892'537) (981'714) 2'000'000 (1'323'639) 75'878

Target Price 61 50 48 54 63 61 59 59 61 #N/A N/A 58 49 58 63 60 63 #N/A N/A 52 #N/A N/A 45 #N/A N/A 36

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

File Dt Inst Type 30.06.2013 Endowment 30.06.2013 Endowment 25.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Investment Advisor 30.06.2013 Insurance Company 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Insurance Company 30.06.2013 Hedge Fund Manager 31.12.2012 Government 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 24.09.2013 13.09.2013 13.09.2013 10.09.2013 20.08.2013 16.08.2013 13.08.2013 25.07.2013 24.07.2013 08.07.2013 25.02.2013 05.04.2012 29.02.2012 03.05.2011

27.09.2013

Lockheed Martin Corp Lockheed Martin Corporation is a global security company that primarily researches, designs, develops, manufactures, and integrates advanced technology products and services. The Company's businesses span space, telecommunications, electronics, information and services, aeronautics, energy, and systems integration. Lockheed Martin operates worldwide.

Price/Volume 140 120 100 80

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (14.02.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LMT UN EQUITY YTD Change LMT UN EQUITY YTD % CHANGE

12/2012 06/yy 131.59 85.88 70'487.00 128.18 -2.53% 49.25% 96.19% 320.9 41'137.65 6'308.00 0.0 0.0 1'898.00 44'432.65

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

20 0 s-12

31.12.2009 31.12.2010 43'995.0 45'671.0 0.70x 0.58x 5'269.0 5'321.0 5.87x 4.97x 3'024.0 2'878.0 9.02x 8.96x Profitability

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

LTM-4Q 31.12.2011 46'499.0 0.62x 5'124.0 5.63x 2'655.0 8.42x

31.12.2012 47'182.0 0.72x 5'470.0 6.22x 2'745.0 9.05x 5'470.00 4'482.00 9.50% 8.63% 7.54% 201.24% 40.84% 1.20% 11.2% 12.2% 10.0% 5.8% 1.14 0.70 16.32% 16174.36% 6.93 15.20

Price/ Cash Flow

LTM

06/yy 47'544.0 2.46x 5'533.0 5.49x 2'832.0 8.30x

06/yy 46'446.0 2.98x 5'650.0 6.74x 2'916.0 10.35x

FY+1

3.47 0.74 320.45 7.31 45.05% 43.55% 0.744 22 3.455 407'191 352'811 409'229 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 44'979.9 43'617.3 11'157.6 11'329.2 0.99x 1.01x 4.01x 3.95x 5'611.6 5'719.2 1'368.5 1'378.8 7.93x 7.78x 8.10x 8.05x 3'089.6 3'097.4 732.7 735.9 13.42x 13.21x 14.08x 13.97x S&P Issuer Ratings

27.04.2007 ASTABLE 18.04.2002 A-2 14.28 11.82 0.58 1.09 16174.4% 99.4% 1.20 10.22 53.50 24.40 19.66 54.03

Sales/Revenue/Turnover

20.00

50'000.0

18.00

45'000.0

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00 8.00

25'000.0 20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 42'731.0 0.81x 5'976.0 5.83x 3'217.0 11.14x

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M s-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Lockheed Martin Corp Holdings By:

All

Holder Name STATE STREET CORP CAPITAL GROUP COMPAN SUN LIFE FINANCIAL I BLACKROCK VANGUARD GROUP INC WELLINGTON MANAGEMEN BANK OF NEW YORK MEL FRANKLIN RESOURCES VERITAS ASSET MANAGE FIRST EAGLE INVESTME NORTHERN TRUST CORPO ALLIANZ ASSET MANAGE T ROWE PRICE ASSOCIA HOTCHKIS & WILEY CAP AMERIPRISE FINANCIAL GOLDMAN SACHS GROUP MANAGED ACCOUNT ADVI CITADEL ADVISORS LLC INVESCO LTD LSV ASSET MANAGEMENT

Firm Name Sanford C. Bernstein & Co Sterne, Agee & Leach Drexel Hamilton LLC RBC Capital Markets Wells Fargo Securities, LLC Stifel Jefferies Buckingham Research Group CRT Capital Group UBS Goldman Sachs Barclays Cowen and Company Argus Research Corp JPMorgan FBR Capital Markets Oppenheimer & Co Deutsche Bank Credit Suisse EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a WELLINGTON MANAGEMEN BANK OF NEW YORK MEL n/a VERITAS ASSET MANAGE FIRST EAGLE INVESTME NORTHERN TRUST CORPO n/a T ROWE PRICE ASSOCIA HOTCHKIS AND WILEY AMERIPRISE FINANCIAL n/a MANAGED ACCOUNT ADVI CITADEL ADVISORS LLC n/a LSV ASSET MANAGEMENT

Analyst DOUGLAS S HARNED PETER J ARMENT RICHARD WHITTINGTON ROBERT STALLARD SAMUEL J PEARLSTEIN WILLIAM R LOOMIS HOWARD A RUBEL RICHARD SAFRAN BRIAN W RUTTENBUR DAVID E STRAUSS NOAH POPONAK CARTER COPELAND CAI VON RUMOHR NATHANIEL GABRIEL JOSEPH B NADOL III PATRICK J MCCARTHY YAIR REINER MYLES WALTON ROBERT M SPINGARN CRAIG STERLING

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

Recommendation outperform neutral buy sector perform market perform hold hold neutral Fairly Valued sell buy/attractive equalweight market perform hold neutral outperform market perform hold neutral buy

Amt Held 58'711'154 51'614'508 17'300'391 16'449'480 14'067'615 6'493'455 5'711'891 4'842'574 4'753'902 4'600'776 3'806'403 3'395'706 2'690'294 2'452'286 2'206'939 2'074'088 1'897'900 1'896'531 1'878'509 1'831'279

% Out 18.29 16.08 5.39 5.13 4.38 2.02 1.78 1.51 1.48 1.43 1.19 1.06 0.84 0.76 0.69 0.65 0.59 0.59 0.59 0.57

Weighting

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

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

Latest Chg (950'423) (245'049) (308'625) (40'455) 1'348'895 703'796 61'297 537'499 43'900 626'088 39'457 (157'280) (78'575) (188'158) 58'755 (38'698) (105'915) (402'189) (281'580) (61'320)

Target Price 141 135 150 133 #N/A N/A #N/A N/A 120 125 #N/A N/A 113 148 125 120 #N/A N/A 102 130 #N/A N/A 120 124 #N/A N/A

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

File Dt Inst Type 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 25.09.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 25.09.2013 20.09.2013 06.09.2013 04.09.2013 19.08.2013 12.08.2013 12.08.2013 31.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 23.07.2013 23.07.2013 15.01.2013

27.09.2013

Lowe's Cos Inc Lowe's Companies, Inc. is a home improvement retailer that distributes building materials and supplies through stores in the United States. The Company offers a complete line of products and services for home decorating, maintenance, repair, remodeling, and property maintenance.

Price/Volume 60

8.0 M 7.0 M

6.0 M 40

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (27.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LOW UN EQUITY YTD Change LOW UN EQUITY YTD % CHANGE

01/2013 08/yy 49.17 29.89 148'815.00 47.9 -2.66% 60.25% 93.36% 1'051.8 50'380.67 9'121.00 0.0 0.0 666.00 58'168.67

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 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.01.2009 48'230.0 0.67x 5'453.0 5.92x 2'195.0 12.26x

5.0 M

Valuation Analysis

31.01.2010 31.01.2011 47'220.0 48'815.0 0.75x 0.81x 4'845.0 5'244.0 7.35x 7.56x 1'783.0 2'010.0 17.75x 17.78x Profitability

LTM-4Q 31.01.2012 50'208.0 0.80x 4'856.0 8.26x 1'839.0 19.02x

31.01.2013 50'521.0 1.01x 5'183.0 9.89x 1'959.0 22.03x 5'183.00 3'560.00 7.05% 6.21% 6.33% 15.40% 10.52% 1.52% 34.3% 10.6% 7.5% 3.9% 1.27 0.09 27.92% 65.82% 3.82

Price/ Cash Flow

LTM

08/yy 50'883.0 3.00x 4'858.0 7.55x 1'821.0 16.77x

08/yy 51'918.0 3.91x 5'511.0 10.09x 2'165.0 22.17x

FY+1

.0 M s-13

1.38 0.88 1'049.18 27.59 61.08% 36.56% 0.880 25 3.960 1'953'248 1'539'723 1'534'283 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 10/13 Q3 01/14 Q4 53'044.1 55'304.0 12'705.6 11'553.9 1.12x 1.10x 4.64x 5.20x 5'724.0 6'268.5 1'311.1 1'076.1 10.18x 9.29x 9.72x 9.51x 2'321.8 2'611.4 501.8 341.1 21.93x 18.16x 20.19x 19.46x S&P Issuer Ratings

19.09.2012 ASTABLE 15.11.2011 A-2 11.89 9.11 1.41 1.64 65.8% 39.7% 1.52 2.43 95.20 56.79 -

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00 8.00

30'000.0

6.00

20'000.0

4.00

10'000.0 2.00 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

29.07.2013

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

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

27.09.2013

Lowe's Cos Inc Holdings By:

All

Holder Name WELLINGTON MANAGEMEN BLACKROCK VANGUARD GROUP INC STATE STREET CORP T ROWE PRICE ASSOCIA FMR LLC CAPITAL GROUP COMPAN JP MORGAN NORTHERN TRUST CORPO BANK OF NEW YORK MEL GOLDMAN SACHS GROUP MAGELLAN ASSET MANAG INVESCO LTD GREENHAVEN ASSOCIATE JANUS CAPITAL MANAGE NORGES BANK AMERIPRISE FINANCIAL GENERAL ELECTRIC COM AMERICAN CENTURY COM MACQUARIE GROUP

Firm Name Stifel ISI Group Longbow Research Janney Montgomery Scott LLC Robert W. Baird & Co Argus Research Corp Raymond James Morgan Stanley Goldman Sachs Edward Jones JPMorgan Telsey Advisory Group EVA Dimensions BMO Capital Markets Deutsche Bank RBC Capital Markets Credit Suisse UBS Jefferies Canaccord Genuity Corp Oppenheimer & Co Piper Jaffray Barclays S&P Capital IQ

Portfolio Name WELLINGTON MANAGEMEN n/a n/a n/a T ROWE PRICE ASSOCIA n/a n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a MAGELLAN ASSET MANAG n/a GREENHAVEN ASSOCIATE n/a NORGES BANK AMERIPRISE FINANCIAL GENERAL ELECTRIC COM AMERICAN CENTURY COM n/a

Analyst DAVID A SCHICK GREGORY MELICH DAVID S MACGREGOR DAVID S STRASSER PETER S BENEDICT CHRISTOPHER GRAJA BUDD BUGATCH DAVID GOBER MATTHEW J FASSLER ROBIN DIEDRICH CHRISTOPHER HORVERS JOSEPH I FELDMAN CRAIG STERLING WAYNE HOOD MICHAEL BAKER R SCOT CICCARELLI GARY BALTER MICHAEL LASSER DANIEL T BINDER LAURA A CHAMPINE BRIAN NAGEL PETER J KEITH ALAN M RIFKIN MICHAEL SOUERS

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

Recommendation hold buy buy neutral outperform buy market perform Overwt/In-Line Buy/Neutral buy overweight no rating system hold market perform buy outperform outperform buy hold hold market perform neutral equalweight sell

Amt Held 82'024'636 62'764'132 56'707'123 48'301'467 39'895'667 33'898'136 27'910'800 18'678'581 15'309'965 14'703'107 14'152'345 13'974'957 12'725'421 11'862'596 9'414'653 9'197'191 8'704'812 8'448'315 8'441'711 7'964'508

% Out 7.8 5.97 5.39 4.59 3.79 3.22 2.65 1.78 1.46 1.4 1.35 1.33 1.21 1.13 0.9 0.87 0.83 0.8 0.8 0.76

Weighting

Change

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

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

Latest Chg (2'136'871) 8'247'342 (1'701'115) (464'899) (976'261) (6'555'484) (154'112) 2'508'858 (251'014) (1'509'489) 1'493'258 2'193'147 795'088 (132'468) 1'334'900 (5'336'083) (192'447) (469'186) 550'377

Target Price #N/A N/A 57 51 33 53 54 #N/A N/A 52 52 #N/A N/A 54 50 #N/A N/A 50 49 51 52 52 43 50 48 46 45 36

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

File Dt Inst Type 30.06.2013 Investment Advisor 25.09.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Corporation 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor

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

Date 24.09.2013 23.09.2013 18.09.2013 13.09.2013 13.09.2013 27.08.2013 27.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 22.05.2013

27.09.2013

Mastercard Inc MasterCard, Inc. is a global payment solutions company that provides a variety of services in support of the credit, debit and related payment programs of financial institutions. The Company offers transaction processing services for credit and debit cards, electronic cash, automated teller machines, and travelers checks.

Price/Volume 800 700 600 500 400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (25.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MA UN EQUITY YTD Change MA UN EQUITY YTD % CHANGE

12/2012 06/yy 693.50 447.42 16'269.00 678.62 -1.95% 51.67% 93.53% 116.0 82'000.30 0.00 0.0 12.0 5'003.00 76'921.30

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

200 100 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 4'991.6 3.29x 2'060.3 7.96x (253.9) 15.05x

300

31.12.2009 31.12.2010 5'098.7 5'539.0 6.26x 4.52x 2'408.2 2'905.0 13.25x 8.62x 1'462.5 1'846.0 21.60x 15.92x Profitability

LTM-4Q 31.12.2011 6'714.0 6.38x 3'677.0 11.65x 1'906.0 19.92x

31.12.2012 7'391.0 7.52x 4'187.0 13.27x 2'759.0 22.29x 4'187.00 3'957.00 53.54% 53.20% 25.72% 45.04% 45.18% 0.67% 58.1% 55.0% 37.3% 1.91 1.21 0.00% 0.00% 8.72 -

Price/ Cash Flow

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

06/yy 7'124.0 24.55x 3'969.0 12.29x 2'118.0 20.79x

LTM 06/yy 7'815.0 29.62x 4'541.0 14.18x 2'991.0 23.72x

FY+1

0.22 1.09 103.74 1.49 50.58% 38.51% 1.087 42 4.286 150'727 134'502 146'204 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 8'257.2 9'252.8 2'126.6 2'131.7 9.29x 8.05x 35.88x 35.55x 4'857.2 5'553.5 1'285.9 1'124.9 15.77x 13.80x 14.84x 14.30x 3'178.9 3'644.1 839.8 728.3 26.01x 22.17x 24.13x 23.03x S&P Issuer Ratings

08.08.2013 A STABLE 08.08.2013 A-1 209.35 204.55 -1.12 0.00 0.0% 0.0% 0.67 16.82 41.87 -

Sales/Revenue/Turnover

35.00

8'000.0

30.00

7'000.0 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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Mastercard Inc Holdings By:

All

Holder Name MASTERCARD FOUNDATIO BLACKROCK FMR LLC T ROWE PRICE ASSOCIA VANGUARD GROUP INC STATE STREET CORP JENNISON ASSOCIATES BANK OF NEW YORK MEL HARRIS ASSOCIATES LP JP MORGAN JANUS CAPITAL MANAGE MORGAN STANLEY NORTHERN TRUST CORPO MACQUARIE GROUP BROWN ADVISORY INC CAPITAL GROUP COMPAN AMERIPRISE FINANCIAL SUN LIFE FINANCIAL I AMERICAN CENTURY COM HARBOR CAPITAL ADVIS

Firm Name RBC Capital Markets Janney Montgomery Scott LLC Sanford C. Bernstein & Co Evercore Partners Susquehanna Financial Group Sterne, Agee & Leach Jefferies Argus Research Corp Buckingham Research Group Guggenheim Securities LLC Goldman Sachs JPMorgan Pacific Crest Securities Robert W. Baird & Co FBR Capital Markets Nomura Cowen and Company S&P Capital IQ Barclays Deutsche Bank Morgan Stanley Credit Suisse Keefe, Bruyette & Woods William Blair & Co Oppenheimer & Co Wells Fargo Securities, LLC Edward Jones Daiwa Securities Co. Ltd. Ameriprise Advisor Services, Inc SunTrust Robinson Humphrey Macquarie Stifel UBS Wedbush Raymond James BNP Paribas Equity Research Portales Partners Tigress Financial Partners EVA Dimensions Meredith Whitney Advisory Group

Portfolio Name n/a n/a n/a T ROWE PRICE ASSOCIA n/a n/a JENNISON ASSOCIATES BANK OF NEW YORK MEL HARRIS ASSOC LP n/a n/a n/a NORTHERN TRUST CORPO n/a n/a n/a AMERIPRISE FINANCIAL n/a AMERICAN CENTURY COM Multiple Portfolios

Analyst DANIEL R PERLIN THOMAS C MCCROHAN RODERICK BOURGEOIS DAVID M TOGUT JAMES E FRIEDMAN GREGORY SMITH JASON KUPFERBERG DAVID RITTER DAVID HOCHSTIM DAVID W DARST JULIO C QUINTEROS JR TIEN-TSIN HUANG JAMES FAUCETTE DAVID J KONING SCOTT VALENTIN BILL CARCACHE MOSHE KATRI SONIA PARECHANIAN DARRIN D PELLER BRYAN KEANE SMITTIPON SRETHAPRAMOTE MOSHE A ORENBUCH SANJAY SAKHRANI ROBERT P NAPOLI GLENN GREENE TIMOTHY W WILLI JOSH OLSON KAZUKI WATANABE LORI WILKING ANDREW W JEFFREY KEVIN MCVEIGH CHRISTOPHER C BRENDLER JOHN T WILLIAMS GIL B LURIA WAYNE JOHNSON ARVIND RAMNANI WILLIAM H RYAN IVAN FEINSETH ANDREW S ZAMFOTIS MEREDITH A WHITNEY

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

Recommendation outperform neutral market perform overweight neutral neutral buy hold buy buy buy/attractive overweight outperform neutral outperform buy outperform hold overweight buy Overwt/In-Line outperform outperform outperform outperform market perform hold outperform buy buy outperform buy neutral neutral market perform hold underperform strong buy overweight outperform

Amt Held 12'110'309 6'795'812 6'601'761 5'798'109 5'030'681 4'184'154 3'642'301 3'176'143 2'295'417 2'093'233 1'645'160 1'569'505 1'531'066 1'448'928 1'345'831 1'315'000 1'295'311 1'244'835 1'218'883 1'209'091

% Out 10.44 5.86 5.69 5 4.34 3.61 3.14 2.74 1.98 1.8 1.42 1.35 1.32 1.25 1.16 1.13 1.12 1.07 1.05 1.04

Weighting

Change 5 3 3 5 3 3 5 3 5 5 5 5 5 3 5 5 5 3 5 5 5 5 5 5 5 3 3 5 5 5 5 5 3 3 3 3 1 5 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 M M M M M M M R M M

Latest Chg (4'282) (290'051) (336'193) (578'172) 81'371 106'814 (92'516) 109'286 (451'258) 74'238 307'784 (103'311) 317 (28'526) 131'847 (4'372) 147'875 32'425 (53'479) (9'612)

Target Price 792 600 579 790 600 #N/A N/A 758 #N/A N/A 740 775 710 776 660 690 690 720 700 560 705 756 675 660 749 #N/A N/A 675 #N/A N/A #N/A N/A 678 #N/A N/A 735 700 685 627 640 #N/A N/A 595 #N/A N/A #N/A N/A #N/A N/A 485

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

File Dt 14.08.2013 25.09.2013 30.06.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013

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

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

Date 26.09.2013 26.09.2013 25.09.2013 23.09.2013 23.09.2013 19.09.2013 18.09.2013 17.09.2013 13.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 06.09.2013 21.08.2013 19.08.2013 07.08.2013 02.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 25.03.2013 28.01.2013 20.09.2012

27.09.2013

McDonald's Corp McDonald's Corporation franchises and operates fast-food restaurants in the global restaurant industry. The Company's restaurants serve a variety of value-priced menu products in countries around the world.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.04.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MCD UN EQUITY YTD Change MCD UN EQUITY YTD % CHANGE

12/2012 06/yy 103.70 83.32 239'771.00 97.19 -6.24% 16.65% 72.96% 999.6 97'155.57 13'632.50 0.0 0.0 2'336.10 108'246.97

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 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 23'522.4 3.30x 7'656.7 10.12x 4'313.2 16.95x

120

31.12.2009 31.12.2010 22'744.7 24'074.6 3.34x 3.74x 7'996.1 8'778.4 9.51x 10.25x 4'551.0 4'946.3 15.47x 16.69x Profitability

LTM-4Q 31.12.2011 27'006.0 4.17x 9'940.8 11.33x 5'503.1 19.05x

31.12.2012 27'567.0 3.62x 10'101.1 9.87x 5'464.8 16.43x 10'101.10 8'612.60 31.24% 29.31% 16.28% 37.79% 20.91% 0.82% 56.3% 36.6% 31.1% 19.8% 1.45 1.09 38.52% 89.14% 21.44 143.84

Price/ Cash Flow

LTM

06/yy 27'451.5 15.42x 10'084.4 9.95x 5'497.6 16.62x

06/yy 27'793.6 15.25x 10'180.1 10.81x 5'517.8 18.14x

FY+1

.0 M s-13

3.10 0.72 998.83 11.39 7.68% 12.86% 0.723 31 3.871 1'620'376 1'146'820 1'183'799 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 28'253.2 29'717.9 7'334.1 7'202.0 3.86x 3.70x 14.74x 15.09x 10'295.3 10'930.1 2'741.3 2'670.2 10.50x 9.89x 10.15x 9.97x 5'627.1 6'002.8 1'513.5 1'445.1 17.37x 15.93x 16.69x 16.27x S&P Issuer Ratings

08.05.2003 A STABLE 29.10.2001 A-1 18.96 13.24 1.09 1.31 89.1% 47.1% 0.82 1.17 17.02 2.54 18.83 -10.34

Sales/Revenue/Turnover

16.00

30'000.0

14.00

25'000.0

12.00

20'000.0

10.00 8.00

15'000.0

6.00

10'000.0

4.00

5'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

McDonald's Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC NORTHERN TRUST CORPO BANK OF AMERICA CORP BANK OF NEW YORK MEL SUN LIFE FINANCIAL I JP MORGAN DEUTSCHE BANK AG GATES FOUNDATION WELLINGTON MANAGEMEN WELLS FARGO & COMPAN UBS AG NORGES BANK GRANTHAM MAYO VAN OT GEODE CAPITAL MANAGE INSTITUTIONAL CAPITA RENAISSANCE TECHNOLO AMERIPRISE FINANCIAL

Firm Name Sanford C. Bernstein & Co Deutsche Bank Stephens Inc Buckingham Research Group Edward Jones Sterne, Agee & Leach Piper Jaffray Morgan Stanley Jefferies JPMorgan Robert W. Baird & Co Wells Fargo Securities, LLC Barclays Telsey Advisory Group Raymond James Stifel Oppenheimer & Co Lazard Capital Markets Susquehanna Financial Group Janney Montgomery Scott LLC EVA Dimensions Atlantic Equities LLP Argus Research Corp Independent Research GmbH Davenport & Co BMO Capital Markets Goldman Sachs S&P Capital IQ Tigress Financial Partners

Portfolio Name n/a n/a n/a n/a NORTHERN TRUST CORPO BANK OF AMERICA BANK OF NEW YORK MEL n/a n/a n/a BILL & MELINDA FOUND WELLINGTON MANAGEMEN n/a n/a NORGES BANK GRANTHAM MAYO VAN OT GEODE CAPITAL MANAGE INSTITUTIONAL CAPITA RENAISSANCE TECHNOLO AMERIPRISE FINANCIAL

Analyst SARA H SENATORE JASON WEST WILL SLABAUGH MITCHELL J SPEISER JACK P RUSSO LYNNE COLLIER NICOLE MILLER REGAN JOHN S GLASS ANDREW M BARISH JOHN W IVANKOE DAVID E TARANTINO JEFFREY D FARMER JEFFREY A BERNSTEIN PETER SALEH BRYAN C ELLIOTT PAUL L WESTRA BRIAN J BITTNER MATTHEW J DIFRISCO RACHAEL ROTHMAN MARK D KALINOWSKI CRAIG STERLING ALISTAIR M SCOBIE JOHN D STASZAK LARS LUSEBRINK JEFFREY F OMOHUNDRO PHILLIP JUHAN MICHAEL KELTER JIM YIN IVAN FEINSETH

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

Recommendation market perform buy overweight neutral buy buy overweight Equalwt/In-Line hold overweight outperform outperform overweight no rating system market perform hold market perform neutral Positive neutral buy neutral hold hold buy market perform neutral/neutral hold neutral

Amt Held 64'023'258 55'689'701 51'310'811 18'577'044 17'660'726 16'551'977 15'341'428 13'141'334 11'093'341 10'284'358 9'872'500 9'099'711 8'958'161 8'499'870 8'198'069 7'773'519 6'922'207 6'595'572 6'354'900 6'061'848

% Out 6.4 5.57 5.13 1.86 1.77 1.66 1.53 1.31 1.11 1.03 0.99 0.91 0.9 0.85 0.82 0.78 0.69 0.66 0.64 0.61

Weighting

Change

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

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

Latest Chg 955'849 2'002'363 2'533'001 (5'333'415) 169'214 962'952 (50'350) 666'978 4'674'929 (95'931) 2'895'710 93'733 46'777 (121'077) 120'603 664'742 1'737'000 (2'350'055)

Target Price 100 110 120 100 #N/A N/A 107 110 #N/A N/A 91 105 104 #N/A N/A 110 103 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 109 100 #N/A N/A 95 #N/A N/A 107 107 107 104 110 #N/A N/A

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

File Dt Inst Type 25.09.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Endowment 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Unclassified 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor

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

Date 26.09.2013 25.09.2013 23.09.2013 23.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 17.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 26.08.2013 13.08.2013 08.08.2013 25.07.2013 23.07.2013 23.07.2013 22.07.2013 22.07.2013 22.07.2013 12.04.2013

27.09.2013

Mondelez International Inc Mondelez International Inc. is a food and beverage company. The Company manufactures and markets packaged food products, including snacks, beverages, cheese, convenient meals and various packaged grocery products. Mondelez International sells its products throughout the world.

Price/Volume 35

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MDLZ UW EQUITY YTD Change MDLZ UW EQUITY YTD % CHANGE

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

4.0 M

2.0 M

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 41'932.0 1.40x 5'945.0 9.84x 2'884.0 15.96x

6.0 M

12/2012 06/yy 33.08 24.50 654'359.00 31.77 -3.92% 29.67% 87.11% 1'780.7 56'571.75 19'425.00 0.0 140.0 4'475.00 72'298.75

31.12.2009 31.12.2010 38'754.0 49'207.0 1.47x 1.65x 6'056.0 7'130.0 9.44x 11.42x 3'021.0 4'114.0 14.23x 16.17x Profitability

LTM-4Q 31.12.2011 35'810.0 2.54x 4'978.0 18.30x 3'527.0 38.99x

31.12.2012 35'015.0 1.72x 5'028.0 12.00x 3'028.0 17.60x 5'028.00 3'683.00 10.52% 5.07% 2.81% 7.02% 6.13% 0.47% 37.3% 14.0% 11.1% 8.6% 1.05 0.71 25.74% 60.30% 6.29 4.95

Price/ Cash Flow

LTM

06/yy 40'099.0 9.74x 5'877.0 17.50x 3'594.0 25.16x

06/yy 39'743.0 8.01x 5'561.0 13.07x 2'370.0 16.03x

FY+1

.0 M s-13

2.14 1'776.07 14.70 19.96% 26.38% 24 3.917 3'330'525 2'634'888 2'713'314 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 35'638.1 37'455.4 8'572.1 9'732.8 2.06x 1.96x 5'453.2 6'044.4 1'375.0 1'560.3 13.24x 11.95x 12.70x 12.38x 2'777.3 3'026.1 719.5 777.4 20.44x 18.45x 20.08x 19.57x S&P Issuer Ratings

02.02.2010 BBB STABLE 09.11.2007 A-2 4.00 2.72 2.80 3.25 60.3% 37.5% 0.47 3.39 58.00 73.74 75.94 50.93

Sales/Revenue/Turnover

20.00

60'000.0

18.00

50'000.0

16.00 14.00

40'000.0

12.00

30'000.0

10.00 8.00

20'000.0

6.00 4.00

10'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Mondelez International Inc Holdings By:

All

Holder Name BLACKROCK STATE STREET CORP VANGUARD GROUP INC INVESCO LTD CAPITAL GROUP COMPAN TRIAN FUND MANAGEMEN SOUTHEASTERN ASSET M JP MORGAN FMR LLC MORGAN STANLEY BANK OF NEW YORK MEL JENNISON ASSOCIATES NORTHERN TRUST CORPO EAGLE CAPITAL MANAGE RELATIONAL INVESTORS INDEPENDENT FRANCHIS UBS AG DIMENSIONAL FUND ADV MONTAG & CALDWELL IN NORGES BANK

Firm Name Sanford C. Bernstein & Co Stifel Credit Suisse JPMorgan Jefferies Wells Fargo Securities, LLC Edward Jones Canaccord Genuity Corp Janney Montgomery Scott LLC Argus Research Corp CL King & Associates BMO Capital Markets Morgan Stanley Davenport & Co Gabelli & Co Barclays EVA Dimensions Deutsche Bank Goldman Sachs Spin-Off Research S&P Capital IQ National Bank AG

Portfolio Name n/a n/a n/a n/a n/a TRIAN FUND MANAGEMEN SOUTHEASTERN ASSET M n/a n/a n/a BANK OF NEW YORK MEL JENNISON ASSOCIATES NORTHERN TRUST CORPO EAGLE CAPITAL MANAGE RELATIONAL INVESTORS INDEPENDENT FRANCHIS n/a n/a MONTAG & CALDWELL IN NORGES BANK

Analyst ALEXIA HOWARD CHRISTOPHER R GROWE ROBERT MOSKOW KENNETH GOLDMAN THILO WREDE JOHN J BAUMGARTNER BRIAN YARBROUGH ALICIA FORRY JONATHAN P FEENEY JOHN D STASZAK ERIC J LARSON KENNETH B ZASLOW MATTHEW GRAINGER ANN H GURKIN SARAH DONNELLY ANDREW LAZAR AUSTIN BURKETT ERIC R KATZMAN JASON ENGLISH TEAM COVERAGE THOMAS GRAVES STEFFEN MANSKE

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

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

Amt Held 110'148'875 87'358'241 80'273'515 50'580'782 44'707'696 40'946'850 38'518'831 36'451'311 35'165'789 33'598'604 33'441'805 32'233'495 24'633'957 19'370'214 17'150'200 16'338'040 16'248'026 15'265'812 14'477'817 14'385'236

% Out 6.19 4.91 4.51 2.84 2.51 2.3 2.16 2.05 1.97 1.89 1.88 1.81 1.38 1.09 0.96 0.92 0.91 0.86 0.81 0.81

Weighting

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

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

Latest Chg 5'537'263 1'073'904 3'191'160 7'395'907 1'843'372 646'300 (1'026'287) 16'841 5'324'381 944'045 (2'148'720) 6'106'307 228'094 1'387'183 6'389'002 323'533 1'823'169 746'539 (1'960'435) -

Target Price 38 34 36 38 33 #N/A N/A #N/A N/A 26 31 #N/A N/A 35 31 34 35 #N/A N/A 35 #N/A N/A 34 33 32 31 24

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

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

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

Date 25.09.2013 20.09.2013 17.09.2013 17.09.2013 11.09.2013 10.09.2013 06.09.2013 05.09.2013 28.08.2013 20.08.2013 12.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 29.05.2013 08.05.2013 19.04.2013 25.01.2010

27.09.2013

Medtronic Inc Medtronic, Inc. develops therapeutic and diagnostic medical products. The Company's principal products include those for bradycardia pacing, tachyarrhythmia management, atrial fibrillation management, heart failure management, heart valve replacement, malignant and non-malignant pain, and movement disorders. Medtronic's products are sold worldwide.

Price/Volume 60

3.5 M 3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (08.08.2013) 52-Week Low (31.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MDT UN EQUITY YTD Change MDT UN EQUITY YTD % CHANGE

04/2013 07/yy 55.98 40.29 160'425.00 52.74 -5.88% 30.90% 80.62% 997.5 52'606.46 10'651.00 0.0 0.0 11'071.00 52'382.46

2.0 M

1.5 M 1.0 M

.5 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

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

4.0 M

Valuation Analysis

30.04.2009 14'599.0 2.62x 5'273.0 7.25x 2'070.0 9.96x

4.5 M

30.04.2010 30.04.2011 15'817.0 15'508.0 3.40x 3.36x 5'902.0 5'374.0 9.10x 9.69x 3'099.0 3'096.0 13.79x 12.84x Profitability

LTM-4Q 30.04.2012 16'184.0 2.49x 5'680.0 7.11x 3'617.0 10.92x

30.04.2013 16'590.0 2.81x 5'697.0 8.19x 3'467.0 12.84x

5'697.00 4'878.00 29.40% 25.62% 10.42% 19.88% 13.26% 0.49% 75.1% 34.5% 29.5% 20.9% 4.57 3.80 30.57% 57.05% 4.71 2.30

Price/ Cash Flow

LTM

07/yy 16'246.0 11.25x 5'664.0 8.49x 3'661.0 11.78x

07/yy 16'664.0 12.53x 5'741.0 9.62x 3'556.0 15.11x

FY+1

.0 M s-13

2.01 0.82 994.36 11.82 24.12% 29.98% 0.825 25 3.880 1'332'318 1'310'907 1'393'511 FY+2

FQ+1

FQ+2

04/14 Y 04/15 Y 10/13 Q2 01/14 Q3 16'924.3 17'479.3 4'178.6 4'112.3 3.46x 3.32x 14.96x 15.16x 6'205.4 6'353.3 1'425.6 1'442.0 8.44x 8.25x 8.70x 8.56x 3'867.8 4'068.2 916.9 937.3 13.81x 12.88x 13.56x 13.31x S&P Issuer Ratings

14.02.2012 A+ STABLE 13.12.2001 A-1+ 14.53 13.37 -0.04 1.95 57.0% 36.3% 0.49 6.81 77.27 158.33 50.97 184.08

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 30.04.2010

2'000.0 0.0 30.10.2010

30.04.2011

30.10.2011

30.04.2012

30.10.2012

30.04.2013

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

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

27.09.2013

Medtronic Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC WELLINGTON MANAGEMEN STATE STREET CORP FRANKLIN RESOURCES BARROW HANLEY MEWHIN PRIMECAP MANAGEMENT SUN LIFE FINANCIAL I BANK OF NEW YORK MEL NORTHERN TRUST CORPO HARRIS ASSOCIATES LP INVESCO LTD UBS AG FMR LLC DODGE & COX BANK OF AMERICA CORP GRANTHAM MAYO VAN OT ALLIANZ ASSET MANAGE NORGES BANK FRANK RUSSELL TRUST

Firm Name Deutsche Bank Oppenheimer & Co Argus Research Corp Sanford C. Bernstein & Co Morgan Stanley Piper Jaffray BMO Capital Markets Leerink Swann & Co Stifel Barclays Jefferies Wells Fargo Securities, LLC Credit Suisse Goldman Sachs RBC Capital Markets Wedbush Cowen and Company Edward Jones JPMorgan Lazard Capital Markets S&P Capital IQ William Blair & Co EVA Dimensions

Portfolio Name n/a n/a WELLINGTON MANAGEMEN n/a n/a BARROW HANLEY MEWHIN PRIMECAP MANAGEMENT n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO HARRIS ASSOC LP n/a n/a n/a DODGE & COX BANK OF AMERICA GRANTHAM MAYO VAN OT n/a NORGES BANK FRANK RUSSELL COMPAN

Analyst KRISTEN M STEWART STEVEN LICHTMAN DAVID H TOUNG DERRICK SUNG STEVE BEUCHAW BROOKS E WEST JOANNE K WUENSCH DANIELLE ANTALFFY FREDERICK A WISE MATTHEW TAYLOR RAJ S DENHOY LAWRENCE BIEGELSEN BRUCE NUDELL DAVID H ROMAN GLENN J NOVARRO TAO LEVY JOSHUA JENNINGS JEFF WINDAU MICHAEL N WEINSTEIN SEAN D LAVIN PHILLIP SELIGMAN BENJAMIN C ANDREW ANDREW S ZAMFOTIS

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

Recommendation hold outperform buy outperform Equalwt/In-Line overweight outperform market perform hold equalweight hold outperform neutral neutral/neutral sector perform neutral outperform hold neutral neutral buy market perform buy

Amt Held 58'589'524 53'425'450 51'100'887 46'303'841 44'784'033 32'245'022 32'130'321 30'584'382 22'260'981 14'412'785 12'644'991 10'539'581 10'192'108 10'040'745 9'853'693 9'852'468 9'643'318 9'059'209 8'305'220 7'605'103

% Out 5.87 5.36 5.12 4.64 4.49 3.23 3.22 3.07 2.23 1.44 1.27 1.06 1.02 1.01 0.99 0.99 0.97 0.91 0.83 0.76

Weighting

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

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

Latest Chg 604'636 1'671'960 (1'843'989) 309'467 3'066'218 1'431'696 (304'000) 606'664 1'177'187 120'820 36'688 188'406 668'186 1'350'784 (82'700) 496'890 1'215'567 (1'264'793) (401'141)

Target Price 56 57 63 63 #N/A N/A 58 59 58 #N/A N/A 56 56 #N/A N/A 60 59 56 53 62 #N/A N/A 59 #N/A N/A 57 #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 25.09.2013 30.06.2013 30.06.2013 26.09.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 31.12.2012 30.06.2013

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

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

Date 27.09.2013 27.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 16.09.2013 13.09.2013 10.09.2013 09.09.2013 03.09.2013 30.08.2013 21.08.2013 21.08.2013 21.08.2013 20.08.2013 20.08.2013 20.08.2013 12.07.2013 22.05.2013 15.01.2013

27.09.2013

MetLife Inc MetLife, Inc. provides individual insurance, employee benefits and financial services with operations throughout the United States and the regions of Latin America, Europe, and Asia Pacific. The Company's products include life insurance, annuities, automobile and homeowners insurance, retail banking and other financial services to individuals as well as group insurance.

Price/Volume 60

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (01.08.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MET UN EQUITY YTD Change MET UN EQUITY YTD % CHANGE

12/2012 06/yy 51.64 30.55 229'155.00 47.25 -8.58% 54.66% 80.75% 1'097.1 51'840.12 26'550.00 2'100.0 505.0 15'738.00 71'357.12

4.0 M 3.0 M

2.0 M 10

1.0 M

0 s-12

31.12.2009 31.12.2010 41'057.0 52'265.0 1.07x 1.34x (2'246.0) 2'790.0 12.32x 10.71x Profitability

LTM-4Q 31.12.2011 70'241.0 0.82x 6'423.0 7.12x

31.12.2012 68'150.0 0.72x 1'324.0 6.24x 6.85% 2.12% 0.08% 0.91% 0.08% 1.9% 3.17% 42.58% -

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 71'502.0 2.99x 0.0 0.00x 6'597.0 6.50x

f-13 m-13

06/yy 67'240.0 3.40x 0.0 0.00x 661.0 8.34x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

2.54 1.58 901.12 26.91 42.54% 45.93% 1.584 24 4.500 1'889'235 1'292'851 1'344'836 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 68'374.8 70'651.8 17'031.3 17'411.2 1.10x 1.06x 6'280.6 6'488.8 1'494.9 1'537.4 8.40x 8.18x 8.51x 8.39x S&P Issuer Ratings

ASTABLE 42.6% 29.0% 0.08 -

Sales/Revenue/Turnover

9.00

80'000.0

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

o-12

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

7.0 M

Valuation Analysis

31.12.2008 50'984.0 0.53x 3'209.0 9.63x

8.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

MetLife Inc Holdings By:

All

Holder Name METLIFE POLICY HOLDE BLACKROCK STATE STREET CORP VANGUARD GROUP INC FMR LLC JP MORGAN SUN LIFE FINANCIAL I BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA ALLIANZ ASSET MANAGE NORTHERN TRUST CORPO FRANKLIN RESOURCES DODGE & COX WELLINGTON MANAGEMEN GOLDMAN SACHS GROUP AMERIPRISE FINANCIAL DEUTSCHE BANK AG ROBECO UBS AG NORGES BANK

Firm Name Barclays Goldman Sachs FBR Capital Markets Scotia Capital Argus Research Corp Morgan Stanley EVA Dimensions Deutsche Bank UBS Janney Montgomery Scott LLC Raymond James Evercore Partners Keefe, Bruyette & Woods Macquarie Sandler O'Neill & Partners, LP RBC Capital Markets JPMorgan Sterne, Agee & Leach Wells Fargo Securities, LLC S&P Capital IQ Portales Partners Credit Suisse

Portfolio Name n/a n/a n/a n/a n/a n/a n/a BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA n/a NORTHERN TRUST CORPO n/a DODGE & COX WELLINGTON MANAGEMEN n/a AMERIPRISE FINANCIAL n/a n/a n/a NORGES BANK

Analyst JAY H GELB CHRISTOPHER GIOVANNI RANDY BINNER JOANNE SMITH JOHN M EADE NIGEL P DALLY AUSTIN BURKETT YARON KINAR SUNEET KAMATH LARRY GREENBERG STEVEN D SCHWARTZ MARK FINKELSTEIN JEFFREY SCHUMAN SEAN DARGAN EDWARD SHIELDS ERIC N BERG JIMMY S BHULLAR JOHN M NADEL JOHN A HALL CATHY SEIFERT NINA GUPTA THOMAS GALLAGHER

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

Recommendation overweight Buy/Neutral outperform focus stock buy Overwt/In-Line sell buy buy neutral market perform overweight outperform outperform buy sector perform overweight buy outperform buy outperform outperform

Amt Held 195'099'166 52'464'643 45'610'318 44'105'720 41'147'347 32'043'315 26'941'680 23'529'227 20'098'016 17'032'676 16'307'019 15'212'502 15'175'150 14'080'162 12'344'113 11'649'688 10'907'769 9'940'501 9'380'180 9'241'988

% Out 17.78 4.78 4.16 4.02 3.75 2.92 2.46 2.14 1.83 1.55 1.49 1.39 1.38 1.28 1.13 1.06 0.99 0.91 0.85 0.84

Weighting

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

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

Latest Chg (2'922'994) 123'293 2'173'039 881'256 1'525'140 2'317'093 335'691 474'142 752'134 4'190'892 446'703 (3'171'472) (154'350) 2'809'545 3'081'493 2'918'907 (2'385'106) (3'276'922) (499'838) -

Target Price 58 58 55 58 55 57 #N/A N/A 57 56 #N/A N/A #N/A N/A 54 54 58 58 60 53 57 #N/A N/A 55 #N/A N/A 55

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

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

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

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

Date 23.09.2013 20.09.2013 19.09.2013 19.09.2013 09.09.2013 16.08.2013 12.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 04.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013

27.09.2013

3M Co 3M Co. conducts operations in electronics, telecommunications, industrial, consumer and office, health care, safety, and other markets. The Company's businesses share technologies, manufacturing operations, brands, marketing channels, and other resources. 3M serves customers in countries located around the world.

Price/Volume

12/2012 06/yy 122.27 86.97 125'398.00 119.96 -1.91% 37.93% 95.44% 683.5 81'988.83 6'001.00 0.0 465.0 5'693.00 82'583.83

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

4.0 M 3.5 M 3.0 M

2.5 M

2.0 M 1.5 M

1.0 M

.5 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 25'269.0 1.76x 6'394.0 6.96x 3'460.0 11.13x

4.5 M

120 100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MMM UN EQUITY YTD Change MMM UN EQUITY YTD % CHANGE

140

31.12.2009 31.12.2010 23'123.0 26'662.0 2.61x 2.33x 5'971.0 7'038.0 10.11x 8.84x 3'193.0 4'085.0 18.29x 14.89x Profitability

LTM-4Q 31.12.2011 29'611.0 1.95x 7'414.0 7.80x 4'283.0 13.48x

31.12.2012 29'904.0 2.16x 7'771.0 8.31x 4'444.0 14.72x 7'771.00 6'483.00 21.68% 21.24% 13.27% 26.12% 19.66% 0.90% 47.5% 25.7% 21.4% 14.9% 2.20 1.39 17.71% 34.15% 6.80 4.20

Price/ Cash Flow

LTM

06/yy 29'640.0 7.94x 7'569.0 8.29x 4'334.0 14.43x

06/yy 30'270.0 9.19x 7'794.0 9.67x 4'478.0 17.10x

FY+1

.0 M s-13

2.04 0.91 682.57 11.13 32.39% 31.47% 0.915 22 3.818 1'400'121 813'302 758'482 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 30'892.6 32'505.0 7'853.4 7'670.5 2.77x 2.61x 10.90x 11.18x 8'054.1 8'632.1 2'164.9 2'032.1 10.25x 9.56x 9.94x 9.48x 4'644.8 5'013.8 1'222.0 1'103.2 17.92x 16.28x 17.11x 16.70x S&P Issuer Ratings

18.03.2009 AASTABLE 23.11.1981 A-1+ 40.06 32.41 0.02 0.76 34.1% 25.0% 0.90 3.78 53.69 86.90 41.89 94.45

Sales/Revenue/Turnover

16.00

35'000.0

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

3M Co Holdings By:

All

Holder Name STATE STREET CORP BLACKROCK VANGUARD GROUP INC SUN LIFE FINANCIAL I T ROWE PRICE ASSOCIA FMR LLC STATE FARM MUTUAL AU NORTHERN TRUST CORPO BANK OF AMERICA CORP WELLINGTON MANAGEMEN FIDUCIARY MANAGEMENT WELLS FARGO & COMPAN BANK OF NEW YORK MEL US BANCORP FIRST EAGLE INVESTME JP MORGAN STATE FARM MUTUAL AU NORGES BANK MORGAN STANLEY GRANTHAM MAYO VAN OT

Firm Name Sanford C. Bernstein & Co Jefferies JPMorgan Langenberg & Co Edward Jones Argus Research Corp William Blair & Co EVA Dimensions UBS FBR Capital Markets Nomura Morgan Stanley Credit Suisse Hilliard Lyons Barclays Deutsche Bank Erste Group Goldman Sachs Tigress Financial Partners S&P Capital IQ

Portfolio Name n/a n/a n/a n/a T ROWE PRICE ASSOCIA n/a STATE FARM MUTUAL AU NORTHERN TRUST CORPO BANK OF AMERICA WELLINGTON MANAGEMEN FIDUCIARY MANAGEMENT n/a BANK OF NEW YORK MEL US BANCORP FIRST EAGLE INVESTME n/a STATE FARM MUTUAL AU NORGES BANK n/a GRANTHAM MAYO VAN OT

Analyst STEVEN E WINOKER LAURENCE ALEXANDER CHARLES STEPHEN TUSA BRIAN KEITH LANGENBERG MATT ARNOLD NATHANIEL GABRIEL NICHOLAS P HEYMANN CRAIG STERLING JASON D FELDMAN AJAY K KEJRIWAL SHANNON O'CALLAGHAN NIGEL COE JOHN P MCNULTY STEPHEN A O'NEIL SCOTT R DAVIS DAVID I BEGLEITER HANS ENGEL JOSEPH RITCHIE IVAN FEINSETH RICHARD TORTORIELLO

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

Recommendation market perform buy underweight hold buy hold market perform overweight buy outperform neutral Equalwt/In-Line neutral long-term buy equalweight hold buy neutral/neutral buy buy

Amt Held 51'797'154 41'003'646 36'790'378 20'152'816 11'757'610 11'234'023 11'131'700 10'203'276 9'521'546 9'145'855 9'115'422 7'816'260 7'678'554 6'681'505 5'885'651 5'494'744 5'420'474 5'326'652 4'869'773 4'650'451

% Out 7.58 6 5.38 2.95 1.72 1.64 1.63 1.49 1.39 1.34 1.33 1.14 1.12 0.98 0.86 0.8 0.79 0.78 0.71 0.68

Weighting

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

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

Latest Chg 558'831 (898'894) 1'828'321 734'105 (2'007'155) 1'610'563 100'355 11'557 (237'885) 1'943'549 (145'230) (89'908) (273'762) 150'500 (924'782) (628) 1'409'466 565'820

Target Price 127 140 120 110 #N/A N/A #N/A N/A 114 #N/A N/A 128 127 120 118 120 125 110 125 #N/A N/A 112 #N/A N/A 110

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

File Dt Inst Type 26.09.2013 Investment Advisor 25.09.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Insurance Company 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 30.06.2013 Insurance Company 31.12.2012 Government 29.08.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 27.09.2013 20.09.2013 11.09.2013 03.09.2013 26.08.2013 12.08.2013 09.08.2013 05.08.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 01.07.2013 26.04.2013 06.03.2013 06.02.2013

27.09.2013

Altria Group Inc Altria Group, Inc. is a holding company. The Company, through subsidiaries, manufactures and sells cigarettes and other tobacco products, including cigars and pipe tobacco. Altria holds an interest in a brewery company.

Price/Volume 40

12.0 M

10.0 M

30 8.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MO UN EQUITY YTD Change MO UN EQUITY YTD % CHANGE

12/2012 06/yy 37.60 30.01 352'034.00 34.56 -8.03% 15.16% 65.74% 2'004.4 69'272.41 13'878.00 0.0 36.0 2'900.00 81'609.41

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

4.0 M

10 2.0 M

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 15'957.0 1.92x 5'142.0 5.95x 4'930.0 9.13x

6.0 M

31.12.2009 31.12.2010 16'824.0 16'892.0 3.02x 3.63x 6'234.0 6'540.0 8.16x 9.38x 3'206.0 3'905.0 6.50x 12.90x Profitability

LTM-4Q 31.12.2011 16'619.0 4.28x 6'543.0 10.86x 3'390.0 15.17x

31.12.2012 17'500.0 4.24x 7'539.0 9.84x 4'180.0 13.98x 7'539.00 7'314.00 41.79% 37.01% 12.79% 112.22% 27.94% 0.51% 54.6% 46.7% 45.4% 23.9% 0.77 0.37 39.28% 438.07% 94.19 4.33

Price/ Cash Flow

LTM

06/yy 17'248.0 16.91x 7'254.0 11.36x 4'429.0 15.23x

06/yy 17'425.0 18.09x 8'130.0 10.15x 4'411.0 14.79x

FY+1

.0 M s-13

5.09 0.68 1'997.73 18.96 7.46% 14.36% 0.683 17 4.176 2'061'846 2'036'086 1'988'272 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 17'496.7 17'788.4 4'535.2 4'481.6 4.56x 4.41x 7'807.5 8'056.3 2'054.5 1'920.8 10.47x 10.15x 10.35x 10.25x 4'800.6 5'078.4 1'271.0 1'199.0 14.44x 13.51x 14.05x 13.83x S&P Issuer Ratings

06.01.2009 BBB STABLE 18.09.2003 A-2 6.66 6.55 1.51 1.83 438.1% 81.2% 0.51 8.36 3.88 84.28 15.15 64.01

Sales/Revenue/Turnover

30.00

80'000.0 70'000.0

25.00

60'000.0 20.00

50'000.0 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

01.07.2013

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

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

27.09.2013

Altria Group Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET CORP BANK OF NEW YORK MEL FMR LLC NORTHERN TRUST CORPO BARROW HANLEY MEWHIN FAYEZ SAROFIM BANK OF AMERICA CORP TIAA CREF INVESTMENT FRANKLIN RESOURCES FEDERATED INVESTORS GEODE CAPITAL MANAGE DEUTSCHE BANK AG UBS AG WELLINGTON MANAGEMEN INVESCO LTD AMERIPRISE FINANCIAL MANAGED ACCOUNT ADVI

Firm Name Jefferies Stifel Wells Fargo Securities, LLC Edward Jones Argus Research Corp Ameriprise Advisor Services, Inc Morgan Stanley Independent Research GmbH JPMorgan Davenport & Co Barclays EVA Dimensions Goldman Sachs S&P Capital IQ

Portfolio Name n/a n/a n/a n/a BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO BARROW HANLEY MEWHIN FAYEZ SAROFIM BANK OF AMERICA TIAA-CREF INVESTMENT n/a FEDERATED INVESTORS GEODE CAPITAL MANAGE n/a n/a WELLINGTON MANAGEMEN n/a AMERIPRISE FINANCIAL MANAGED ACCOUNT ADVI

Analyst THILO WREDE CHRISTOPHER R GROWE BONNIE HERZOG JACK P RUSSO NATHANIEL GABRIEL PATRICK DIEDRICKSON DAVID J ADELMAN LARS LUSEBRINK RAE MAILE ANN H GURKIN MICHAEL J BRANCA AUSTIN BURKETT JUDY E HONG ESTHER KWON

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

Recommendation hold buy outperform hold hold buy Equalwt/In-Line buy overweight buy equalweight overweight neutral/neutral buy

Amt Held 193'529'992 105'939'427 94'999'175 84'665'582 37'813'052 33'587'283 27'246'505 22'766'057 20'567'678 17'758'667 16'563'960 16'120'616 14'996'639 13'785'315 13'302'474 12'250'262 12'218'036 11'310'212 11'164'216 10'518'575

% Out 9.66 5.29 4.74 4.22 1.89 1.68 1.36 1.14 1.03 0.89 0.83 0.8 0.75 0.69 0.66 0.61 0.61 0.56 0.56 0.52

Weighting

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

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

Latest Chg (2'385'478) 996'212 (1'162'206) 462'648 (424'013) 1'934'152 103'495 822'414 174'627 (309'220) 120'559 (363'046) 594'266 142'178 2'770'831 (324'553) (181'340) (335'162) 293'085 788'022

Target Price 35 38 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 34 43 45 38 34 #N/A N/A 37 39

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

File Dt 30.06.2013 25.09.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013

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

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

Date 27.09.2013 24.09.2013 24.09.2013 23.08.2013 30.07.2013 25.07.2013 24.07.2013 24.07.2013 23.07.2013 23.07.2013 23.07.2013 07.06.2013 12.05.2013 25.04.2013

27.09.2013

Monsanto Co Monsanto Company provides agricultural products for farmers. The Company's business segments are seeds and genomics. Monsanto produces a wide range of seeds and develops biotechnology traits that assist farmers in controlling insects and weeds as well as provides other seed companies with genetic material and biotechnology traits for their seed brands.

Price/Volume 2.5 M

100

2.0 M

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MON UN EQUITY YTD Change MON UN EQUITY YTD % CHANGE

08/2012 05/yy 109.33 82.70 100'649.00 105.98 -2.94% 28.15% 88.02% 533.1 56'498.93 2'074.00 0.0 203.0 3'585.00 55'818.93

31.08.2008 11'365.0 5.53x 3'458.0 18.18x 2'024.0 31.30x

1.0 M

.5 M

20 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

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

120

31.08.2009 31.08.2010 11'724.0 10'483.0 3.89x 2.78x 4'175.0 2'415.0 10.92x 12.06x 2'109.0 1'096.0 18.88x 23.53x Profitability

LTM-4Q 31.08.2011 11'822.0 3.08x 3'116.0 11.69x 1'607.0 23.22x

31.08.2012 13'504.0 3.35x 3'760.0 12.03x 2'045.0 23.12x

3'760.00 3'138.00 23.24% 22.13% 12.01% 19.18% 17.33% 0.71% 52.2% 28.5% 24.3% 15.1% 2.29 1.30 10.26% 17.53% 4.03 2.65

Price/ Cash Flow

LTM

05/yy 13'653.0 11.45x 3'948.0 10.50x 2'162.0 19.44x

05/yy 14'769.0 13.29x 4'206.0 12.61x 2'502.0 22.13x

FY+1

.0 M s-13

1.34 0.98 531.41 5.85 17.81% 13.24% 0.981 26 4.423 549'553 581'461 618'102 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 08/13 Q4 11/13 Q1 14'962.3 16'150.1 2'249.5 3'038.0 3.66x 3.32x 24.37x 18.11x 4'206.1 4'918.8 (118.6) 741.3 13.28x 11.35x 11.45x 11.27x 2'479.3 2'898.4 (235.2) 308.3 23.17x 19.84x 20.48x 19.94x S&P Issuer Ratings

21.10.2008 A+ STABLE 24.10.2007 A-1 17.74 14.69 -0.21 0.52 17.5% 14.7% 0.71 3.42 90.66 137.61 32.21 163.69

Sales/Revenue/Turnover

70.00

16'000.0

60.00

14'000.0 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 04.09.2009

0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

04.03.2013

04.09.2013

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

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

27.09.2013

Monsanto Co Holdings By:

All

Holder Name FMR LLC BLACKROCK VANGUARD GROUP INC STATE STREET CORP JENNISON ASSOCIATES PRIMECAP MANAGEMENT NORTHERN TRUST CORPO WINSLOW CAPITAL MANA NEW YORK LIFE INVEST BANK OF NEW YORK MEL AMERICAN CENTURY COM CAPITAL GROUP COMPAN AMERIPRISE FINANCIAL WADDELL & REED FINAN DAVIS SELECTED ADVIS TIAA CREF INVESTMENT LONE PINE CAPITAL LL WELLINGTON MANAGEMEN WELLS FARGO & COMPAN MARSICO CAPITAL MANA

Firm Name Wells Fargo Securities, LLC Susquehanna Financial Group Piper Jaffray Canaccord Genuity Corp Edward Jones Goldman Sachs Morgan Stanley Gabelli & Co UBS Topeka Capital Markets Inc Jefferies BGC Partners Stifel Macquarie Argus Research Corp JPMorgan Deutsche Bank Credit Suisse Miller Tabak + Co., LLC S&P Capital IQ Atlantic Equities LLP Monness, Crespi, Hardt & Co EVA Dimensions

Portfolio Name n/a n/a n/a n/a JENNISON ASSOCIATES PRIMECAP MANAGEMENT NORTHERN TRUST CORPO WINSLOW CAPITAL MANA Multiple Portfolios BANK OF NEW YORK MEL AMERICAN CENTURY COM n/a AMERIPRISE FINANCIAL n/a DAVIS SELECTED ADVIS TIAA-CREF INVESTMENT LONE PINE CAPITAL LL WELLINGTON MANAGEMEN n/a MARSICO CAPITAL MANA

Analyst FRANK J MITSCH DONALD D CARSON MICHAEL E COX KEITH CARPENTER MATT ARNOLD ROBERT KOORT VINCENT ANDREWS AMON R WILKES BILL CARROLL CHRISTOPHER KAPSCH LAURENCE ALEXANDER MARK R GULLEY PAUL A MASSOUD COOLEY MAY WILLIAM V SELESKY JEFFREY J ZEKAUSKAS DAVID I BEGLEITER CHRISTOPHER PARKINSON TIM TIBERIO KEVIN KIRKEBY COLIN ISAAC CHRIS L SHAW CRAIG STERLING

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

Recommendation outperform Positive overweight buy hold buy/attractive Overwt/Attractive buy buy buy hold buy hold outperform buy overweight buy outperform hold hold underweight buy overweight

Amt Held 33'481'299 29'768'944 29'353'388 23'428'745 15'351'518 12'225'167 10'049'817 9'746'186 7'907'168 7'707'927 7'534'852 7'231'303 6'961'443 6'547'419 6'309'475 6'253'319 6'207'263 6'137'691 6'059'858 5'846'658

% Out 6.28 5.58 5.51 4.39 2.88 2.29 1.89 1.83 1.48 1.45 1.41 1.36 1.31 1.23 1.18 1.17 1.16 1.15 1.14 1.1

Weighting

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

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

Latest Chg (543'117) (1'703'975) 875'668 6'792 1'795'565 214'400 1'073'624 557'277 (79'237) (51'318) 161'546 (937'641) 646'058 (772'968) (2'890'619) (124'990) (455'287) 960'954 (283'628) 97'740

Target Price #N/A N/A 128 138 121 #N/A N/A 124 125 #N/A N/A 110 121 110 123 #N/A N/A 117 120 111 116 121 104 110 90 119 #N/A N/A

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

File Dt Inst Type 30.06.2013 Investment Advisor 25.09.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Insurance Company 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 26.09.2013 26.09.2013 19.09.2013 17.09.2013 13.09.2013 12.09.2013 02.09.2013 30.08.2013 27.08.2013 25.07.2013 18.07.2013 18.07.2013 08.07.2013 29.06.2013 27.06.2013 27.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 29.05.2013 09.04.2013

27.09.2013

Merck & Co Inc Merck & Co., Inc. is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. The Company has operations in pharmaceutical, animal health, and consumer care.

Price/Volume 60

14.0 M 12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.06.2013) 52-Week Low (31.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MRK UN EQUITY YTD Change MRK UN EQUITY YTD % CHANGE

12/2012 06/yy 50.16 40.10 542'932.00 47.68 -5.06% 18.90% 75.35% 2'926.4 139'529.59 20'569.00 0.0 2'443.0 16'141.00 152'144.59

8.0 M

6.0 M 4.0 M

2.0 M

0 s-12

31.12.2009 31.12.2010 27'428.3 45'987.0 4.52x 2.59x 7'314.7 12'116.0 16.96x 9.84x 12'901.3 861.0 11.24x 10.54x Profitability

LTM-4Q 31.12.2011 48'047.0 2.49x 17'873.0 6.69x 6'272.0 10.00x

31.12.2012 47'267.0 2.77x 17'662.0 7.40x 6'168.0 10.72x 17'662.00 10'684.00 22.60% 18.49% 5.30% 10.96% 8.25% 0.42% 65.6% 33.3% 18.3% 13.0% 1.90 1.30 19.38% 38.79% 5.64 2.51

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 48'358.0 9.87x 18'468.0 7.09x 6'735.0 10.57x

f-13 m-13

06/yy 44'907.0 12.50x 14'938.0 9.94x 5'629.0 13.39x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

3.59 0.77 2'925.13 34.06 9.41% 19.71% 0.770 23 4.217 5'618'732 3'145'914 2'876'902 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 44'446.1 44'749.6 11'162.5 11'524.9 3.37x 3.31x 16'725.8 17'610.3 3'875.5 3'974.0 9.08x 8.63x 10'404.0 10'645.8 2'580.7 2'683.0 13.72x 12.86x 13.55x 13.34x S&P Issuer Ratings

24.11.2010 AA STABLE 23.11.1981 A-1+ 24.74 22.00 0.67 1.88 38.8% 27.1% 0.42 2.85 64.74 145.68 42.61 159.00

Sales/Revenue/Turnover

30.00

60'000.0

25.00

50'000.0

20.00

40'000.0

15.00

30'000.0

10.00

20'000.0

5.00

10'000.0

0.00 01.01.2010

o-12

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

16.0 M

Valuation Analysis

31.12.2008 23'850.3 2.82x 8'070.3 8.33x 7'808.4 8.89x

18.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Merck & Co Inc Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN VANGUARD GROUP INC STATE STREET CORP FRANKLIN RESOURCES FMR LLC BANK OF NEW YORK MEL DODGE & COX T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO JP MORGAN DODGE & COX WORLDWID BARROW HANLEY MEWHIN INVESCO LTD NORGES BANK BANK OF AMERICA CORP GOLDMAN SACHS GROUP GEODE CAPITAL MANAGE DEUTSCHE BANK AG

Firm Name Sanford C. Bernstein & Co Leerink Swann & Co SunTrust Robinson Humphrey BMO Capital Markets Cowen and Company S&P Capital IQ Goldman Sachs Morgan Stanley Jefferies Barclays JPMorgan Edward Jones Argus Research Corp Ameriprise Advisor Services, Inc Hilliard Lyons ISI Group MKM Partners UBS Atlantic Equities LLP EVA Dimensions MP Advisors Pvt Ltd Cyrrus First Global Stockbroking

Portfolio Name n/a n/a WELLINGTON MANAGEMEN n/a n/a n/a n/a BANK OF NEW YORK MEL DODGE & COX T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO n/a Multiple Portfolios BARROW HANLEY MEWHIN n/a NORGES BANK BANK OF AMERICA n/a GEODE CAPITAL MANAGE n/a

Analyst TIMOTHY M ANDERSON SEAMUS FERNANDEZ JOHN T BORIS ALEX ARFAEI STEVEN R SCALA HERMAN SAFTLAS JAMI E RUBIN DAVID R RISINGER JEFFREY HOLFORD CHARLES ANTHONY BUTLER CHRISTOPHER T SCHOTT JUDSON CLARK JOHN M EADE E EUGENE ROBINSON STEPHEN A O'NEIL MARK J SCHOENEBAUM JON LECROY MARC GOODMAN RICHARD J PURKISS ANDREW S ZAMFOTIS VISHAL MANCHANDA TOMAS MENCIK KAVITA THOMAS

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

Recommendation outperform market perform neutral market perform market perform buy neutral/attractive Underwt/In-Line buy overweight overweight buy buy buy neutral buy buy buy overweight overweight outperform accumulate market perform

Amt Held 193'066'812 178'482'501 143'940'429 142'940'287 131'465'581 89'437'035 74'111'313 54'672'337 50'697'146 48'164'250 46'320'534 39'817'400 30'475'112 29'318'754 28'551'654 24'410'941 22'623'250 21'518'725 20'856'425 20'747'539

% Out 6.6 6.1 4.92 4.88 4.49 3.06 2.53 1.87 1.73 1.65 1.58 1.36 1.04 1 0.98 0.83 0.77 0.74 0.71 0.71

Weighting

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

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 (12'696'033) 1'012'922 14'886'519 2'100'780 702'268 (1'614'075) 3'062'866 (2'156'551) (568'800) 1'148'024 706'740 (17'290'644) 16'835'178 (1'818'968) 1'962'708 650'528 361'158 1'001'596

Target Price 53 48 47 50 51 54 52 #N/A N/A 53 60 52 #N/A N/A 52 #N/A N/A #N/A N/A 50 59 53 53 #N/A N/A 50 43 #N/A N/A

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

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

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

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

Date 27.09.2013 25.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 17.09.2013 10.09.2013 10.09.2013 10.09.2013 09.09.2013 30.08.2013 06.08.2013 01.08.2013 31.07.2013 18.06.2013 14.06.2013 07.06.2013 31.05.2013 15.01.2013 16.10.2012 05.04.2012 21.06.2011

27.09.2013

Morgan Stanley Morgan Stanley, a bank holding company, provides diversified financial services on a worldwide basis. The Company operates a global securities business which serves individual and institutional investors and investment banking clients. Morgan Stanley also operates a global asset management business.

Price/Volume 35

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MS UN EQUITY YTD Change MS UN EQUITY YTD % CHANGE

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

4.0 M

2.0 M

5 0 s-12

31.12.2009 31.12.2010 30'139.0 37'801.0 16.65x 13.22x 15'297.0 14'937.0 32.80x 33.45x 1'346.0 4'703.0 11.22x 12.69x Profitability

LTM-4Q 31.12.2011 39'138.0 10.82x 10'724.0 39.50x 4'110.0 -

31.12.2012 32'036.0 14.07x 12'615.0 35.74x 68.0 10.59x 12'615.00 19.57% 1.61% 0.18% 1.91% 0.41% 0.04% 37.0% 0.2% 57.73% 743.96% -

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 35'458.0 49.67x 7'306.0 0.00x 2'446.0 18.14x

f-13 m-13

06/yy 34'452.0 55.71x 12'758.0 39.13x 1'426.0 13.16x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

0.74 1.78 1'391.51 24.45 62.00% 42.26% 1.775 34 3.735 4'503'396 2'935'553 2'905'236 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 32'250.0 34'225.5 7'733.3 7'986.2 3'850.8 5'147.7 894.3 1'044.7 14.01x 10.44x 11.83x 10.93x S&P Issuer Ratings

29.11.2011 ANEG 29.11.2011 A-2 35.03 38.73 744.0% 86.6% 0.04 5.60 -

Sales/Revenue/Turnover

9.00

90'000.0

8.00

80'000.0

7.00

70'000.0

6.00

60'000.0

5.00

50'000.0

4.00

40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 30.11.2008 62'262.0 5.03x 40'604.0 7.72x 1'707.0 9.58x

6.0 M

12/2012 06/yy 29.49 15.95 646'352.00 27.03 -8.27% 69.47% 82.72% 1'958.5 52'939.31 450'846.00 1'508.0 7'628.0 46'904.00 504'272.31

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Morgan Stanley Holdings By:

All

Holder Name MITSUB UFJ FINANCIAL STATE STREET CORP CHINA INVESTMENT COR BLACKROCK VANGUARD GROUP INC T ROWE PRICE ASSOCIA FRANKLIN RESOURCES FMR LLC JP MORGAN JENNISON ASSOCIATES INVESCO LTD CAPITAL GROUP COMPAN EAGLE CAPITAL MANAGE NORTHERN TRUST CORPO WINSLOW CAPITAL MANA WELLINGTON MANAGEMEN BANK OF NEW YORK MEL PZENA INVESTMENT MAN UBS AG EATON VANCE MANAGEME

Firm Name RBC Capital Markets Sanford C. Bernstein & Co Guggenheim Securities LLC Credit Suisse Buckingham Research Group Oppenheimer & Co Portales Partners Rafferty Capital Markets SunTrust Robinson Humphrey S&P Capital IQ Barclays Sandler O'Neill & Partners, LP JMP Securities UBS JPMorgan Macquarie Edward Jones Drexel Hamilton LLC Wells Fargo Securities, LLC Mediobanca SpA Daiwa Securities Co. Ltd. Argus Research Corp Deutsche Bank FBR Capital Markets Goldman Sachs Atlantic Equities LLP Evercore Partners Susquehanna Financial Group HSBC EVA Dimensions Meredith Whitney Advisory Group

Portfolio Name n/a n/a n/a n/a n/a T ROWE PRICE ASSOCIA n/a n/a n/a JENNISON ASSOCIATES n/a n/a EAGLE CAPITAL MANAGE NORTHERN TRUST CORPO WINSLOW CAPITAL MANA WELLINGTON MANAGEMEN BANK OF NEW YORK MEL PZENA INVESTMENT MAN n/a EATON VANCE MANAGEME

Analyst FIONA SWAFFIELD CHARLES BRADLEY HINTZ MARTY L MOSBY III HOWARD H CHEN JAMES F MITCHELL CHRISTOPHER M KOTOWSKI CHARLES W PEABODY RICHARD X BOVE SR ERIC E WASSERSTROM KENNETH M LEON ROGER A FREEMAN JEFFERY HARTE DEVIN RYAN BRENNAN HAWKEN KIAN ABOUHOSSEIN DAVID J KONRAD SHANNON L STEMM DAVID B HILDER MATTHEW H BURNELL CHRISTOPHER J WHEELER KAZUKI WATANABE DAVID RITTER MATTHEW D O'CONNOR STEVE STELMACH RICHARD N RAMSDEN RICHARD STAITE CHRISTOPHER J ALLEN DOUGLAS C SIPKIN ROBERT MURPHY AUSTIN BURKETT MEREDITH A WHITNEY

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

Recommendation sector perform outperform neutral neutral buy market perform underperform buy buy buy equalweight buy market outperform buy overweight outperform hold buy market perform neutral neutral buy buy outperform neutral/attractive underweight overweight neutral neutral sell hold

Amt Held 435'504'490 141'099'511 125'114'454 71'174'961 62'396'267 51'842'553 50'576'082 42'044'371 34'598'714 33'560'304 32'642'909 31'390'858 29'607'974 19'297'167 18'487'320 17'873'086 16'111'845 13'271'340 13'029'341 12'553'316

% Out 22.24 7.2 6.39 3.63 3.19 2.65 2.58 2.15 1.77 1.71 1.67 1.6 1.51 0.99 0.94 0.91 0.82 0.68 0.67 0.64

Weighting

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

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

Latest Chg 174'368 1'747'947 (1'021'184) 10'589'273 (1'199'533) (5'132'732) 5'440'116 (9'224'377) 2'447'005 390'000 861'849 56'282 18'487'320 3'207'128 (154'425) 1'753'787 (1'657'437) 9'963'454

Target Price 28 29 30 26 31 #N/A N/A #N/A N/A 31 31 32 26 32 34 33 29 30 #N/A N/A 32 #N/A N/A 30 27 35 31 32 28 25 31 26 25 #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 30.06.2013 Holding Company 26.09.2013 Investment Advisor 31.12.2012 Government 25.09.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 31.08.2013 Unclassified 30.06.2013 Investment Advisor

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

Date 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 23.09.2013 20.09.2013 18.09.2013 13.09.2013 12.09.2013 12.09.2013 10.09.2013 06.09.2013 05.09.2013 28.08.2013 22.08.2013 19.08.2013 13.08.2013 12.08.2013 25.07.2013 23.07.2013 23.07.2013 19.07.2013 19.07.2013 18.07.2013 18.07.2013 26.02.2013 12.02.2013 18.10.2012

27.09.2013

Microsoft Corp Microsoft Corporation develops, manufactures, licenses, sells, and supports software products. The Company offers operating system software, server application software, business and consumer applications software, software development tools, and Internet and intranet software. Microsoft also develops video game consoles and digital music entertainment devices.

Price/Volume 40

40.0 M

06/2013 06/yy 36.42 26.26 4'861'536.00 33.53 -7.74% 27.68% 64.07% 8'330.0 279'303.44 15'600.00 0.0 0.0 77'022.00 217'881.43

30.0 M

20.0 M

10 10.0 M

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

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

50.0 M

30 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.07.2013) 52-Week Low (05.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MSFT UW EQUITY YTD Change MSFT UW EQUITY YTD % CHANGE

30.06.2009 58'437.0 3.18x 23'255.0 8.00x 14'569.0 13.77x

60.0 M

30.06.2010 30.06.2011 62'484.0 69'943.0 2.70x 2.53x 26'830.0 29'927.0 6.28x 5.91x 18'760.0 23'150.0 10.93x 9.86x Profitability

LTM-4Q 30.06.2012 73'723.0 2.78x 30'923.0 6.64x 16'978.0 11.21x

30.06.2013 77'849.0 2.91x 30'519.0 7.41x 21'863.0 12.77x 30'519.00 26'764.00 34.38% 34.75% 16.58% 30.09% 25.70% 0.59% 74.0% 39.2% 34.4% 28.1% 2.71 2.53 10.95% 19.76% 4.68 13.17

Price/ Cash Flow

LTM

06/yy 73'723.0 10.45x 30'923.0 6.64x 16'978.0 11.21x

06/yy 77'849.0 9.89x 30'519.0 7.41x 21'863.0 12.67x

FY+1

.0 M s-13

2.74 0.90 7'607.64 62.84 14.47% 28.24% 0.898 44 3.659 15'893'370 15'653'875 14'421'263 FY+2

FQ+1

FQ+2

06/14 Y 06/15 Y 09/13 Q1 12/13 Q2 83'083.4 89'843.0 17'828.5 22'919.9 2.36x 1.97x 11.75x 9.15x 31'196.6 34'273.7 6'679.8 8'854.3 6.91x 6.30x 6.68x 6.42x 22'359.7 24'479.6 4'567.5 6'387.9 12.45x 11.27x 12.49x 12.13x S&P Issuer Ratings

22.09.2008 AAA STABLE 15.08.2013 A-1+ 71.14 61.22 -2.01 0.51 19.8% 16.5% 0.59 8.53 77.98 27.71 78.05 27.64

Sales/Revenue/Turnover

12.00

90'000.0 80'000.0

10.00

70'000.0 60'000.0

8.00

50'000.0 6.00

40'000.0 30'000.0

4.00

20'000.0 2.00 0.00 02.07.2010

10'000.0 0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

27.09.2013

Microsoft Corp Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN GATES III WILLIAM HE VANGUARD GROUP INC BALLMER STEVEN ANTHO STATE STREET CORP FMR LLC INVESCO LTD BANK OF NEW YORK MEL WELLINGTON MANAGEMEN NORTHERN TRUST CORPO JP MORGAN FRANKLIN RESOURCES DODGE & COX MORGAN STANLEY NORGES BANK T ROWE PRICE ASSOCIA PRIMECAP MANAGEMENT ALLIANZ ASSET MANAGE VALUEACT HOLDINGS LP

Firm Name Deutsche Bank Morgan Stanley Argus Research Corp Pacific Crest Securities FBR Capital Markets Stifel Nomura Evercore Partners Cross Research Janney Montgomery Scott LLC Raymond James Griffin Securities Wells Fargo Securities, LLC S&P Capital IQ RBC Capital Markets Credit Suisse JPMorgan Jefferies Sanford C. Bernstein & Co Oppenheimer & Co Cowen and Company Atlantic Equities LLP MKM Partners Independent Research GmbH Edward Jones Barclays Hilliard Lyons BMO Capital Markets Daiwa Securities Co. Ltd. Tigress Financial Partners Ameriprise Advisor Services, Inc Hamburger Sparkasse Goldman Sachs McAdams Wright Ragen Inc BGC Partners Erste Group Jyske Bank UBS National Bank AG EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a BANK OF NEW YORK MEL WELLINGTON MANAGEMEN NORTHERN TRUST CORPO n/a n/a DODGE & COX n/a NORGES BANK T ROWE PRICE ASSOCIA PRIMECAP MANAGEMENT n/a VALUEACT HOLDINGS LP

Analyst NANDAN AMLADI KEITH WEISS JOSEPH F BONNER BRENDAN BARNICLE DAVID M HILAL BRAD REBACK RICHARD G SHERLUND STEWART KIRK MATERNE III RICHARD T WILLIAMS YUN KIM MICHAEL TURITS JAY VLEESCHHOUWER JASON MAYNARD BARBARA COFFEY MATTHEW HEDBERG PHILIP WINSLOW JOHN DIFUCCI ROSS MACMILLAN MARK L MOERDLER SHAUL EYAL GREGG MOSKOWITZ CHRISTOPHER HICKEY ISRAEL HERNANDEZ MARKUS FRIEBEL JOSH OLSON RAIMO LENSCHOW STEPHEN TURNER KARL KEIRSTEAD KAZUYA NISHIMURA IVAN FEINSETH JUSTIN H BURGIN MARCO GUENTHER HEATHER BELLINI SID PARAKH COLIN W GILLIS HANS ENGEL ROBERT JAKOBSEN BRENT THILL STEFFEN MANSKE ANDREW S ZAMFOTIS

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

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

Amt Held 460'838'383 424'501'360 378'413'981 357'946'067 333'252'990 332'324'757 165'177'985 155'517'724 153'829'299 141'454'611 111'566'073 94'881'242 92'108'447 77'260'349 69'024'880 66'902'672 66'786'550 63'165'491 62'179'376 57'750'000

% Out 5.53 5.1 4.54 4.3 4 3.99 1.98 1.87 1.85 1.7 1.34 1.14 1.11 0.93 0.83 0.8 0.8 0.76 0.75 0.69

Weighting

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

Latest Chg 17'353'760 110'658'808 (10'000'000) 3'862'016 (3'380'648) 53'108'864 4'032'640 3'896'699 30'735'749 2'345'165 (10'118'425) (411'430) (807'455) (12'447'123) (10'198'296) 1'836'200 11'412'284 24'396'487

Target Price 32 #N/A N/A #N/A N/A #N/A N/A 30 #N/A N/A 38 38 39 34 #N/A N/A 41 #N/A N/A 33 34 38 30 33 41 37 35 33 30 36 #N/A N/A 35 #N/A N/A 35 34 #N/A N/A #N/A N/A #N/A N/A 28 34 31 #N/A N/A 35 40 33 #N/A N/A

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

File Dt Inst Type 25.09.2013 Investment Advisor 30.06.2013 Investment Advisor 09.09.2013 n/a 30.06.2013 Unclassified 14.09.2012 n/a 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.08.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Hedge Fund Manager

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

Date 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 18.09.2013 17.09.2013 11.09.2013 05.09.2013 04.09.2013 23.08.2013 02.08.2013 23.07.2013 23.07.2013 19.07.2013 19.07.2013 19.07.2013 01.07.2013 13.06.2013 21.05.2013 28.01.2013 15.01.2013

27.09.2013

NIKE Inc NIKE, Inc. designs, develops, and markets athletic footwear, apparel, equipment, and accessory products for men, women, and children. The Company sells its products worldwide to retail stores, through its own stores, subsidiaries, and distributors.

Price/Volume 80

12.0 M

10.0 M

60 8.0 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 52-Week Low (14.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NKE UN EQUITY YTD Change NKE UN EQUITY YTD % CHANGE

05/2013 08/yy 75.22 44.83 1'025'931.00 74.21 -1.41% 65.55% 99.18% 712.4 66'073.05 1'388.00 0.0 0.0 5'965.00 61'496.06

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

4.0 M

20 2.0 M

10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.05.2009 19'176.1 1.31x 2'789.8 8.98x 1'486.7 14.79x

6.0 M

31.05.2010 31.05.2011 19'014.0 20'862.0 1.60x 1.71x 2'797.7 3'150.0 10.87x 11.32x 1'906.7 2'133.0 18.75x 19.24x Profitability

LTM-4Q 31.05.2012 23'331.0 1.98x 3'456.0 13.36x 2'223.0 22.17x

31.05.2013 25'313.0 2.00x 3'692.0 13.69x 2'485.0 22.92x 3'692.00 3'254.00 12.86% 12.93% 15.04% 23.08% 1.54% 43.6% 14.4% 12.7% 9.8% 3.47 2.31 7.89% 12.44% 8.16 4.33

Price/ Cash Flow

LTM

08/yy 24'107.0 7.26x 3'336.0 12.29x 2'145.0 20.52x

08/yy 25'810.0 5.27x 2'819.0 0.00x 2'698.0 21.82x

FY+1

.0 M s-13

1.09 0.88 702.21 7.43 56.90% 45.34% 0.879 30 4.000 3'118'328 1'261'169 1'083'622 FY+2

FQ+1

FQ+2

05/14 Y 05/15 Y 11/13 Q2 02/14 Q3 27'525.3 29'730.4 6'430.9 6'723.8 2.28x 2.09x 9.83x 9.45x 4'154.1 4'622.9 811.8 1'043.7 14.77x 13.28x 14.72x 14.47x 2'722.2 3'049.7 525.9 696.7 24.42x 21.30x 23.75x 22.88x S&P Issuer Ratings

10.06.2005 A+ STABLE 05.11.1992 A-1 160.52 132.87 -1.25 0.38 12.4% 11.1% 1.54 10.95 44.71 84.36 39.91 89.89

Sales/Revenue/Turnover

35.00

30'000.0

30.00

25'000.0

25.00

20'000.0

20.00

15'000.0 15.00

10'000.0 10.00

5'000.0

5.00 0.00 04.06.2010

0.0 04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

04.06.2013

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

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

27.09.2013

NIKE Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN VANGUARD GROUP INC BLACKROCK FMR LLC STATE STREET CORP BANK OF NEW YORK MEL SANDS CAPITAL MANAGE JENNISON ASSOCIATES JANUS CAPITAL MANAGE LANSDOWNE PARTNERS L NORTHERN TRUST CORPO GOLDMAN SACHS GROUP T ROWE PRICE ASSOCIA UBS AG FRANKLIN RESOURCES SUN LIFE FINANCIAL I MORGAN STANLEY MONTAG & CALDWELL IN HARBOR CAPITAL ADVIS MACQUARIE GROUP

Firm Name Deutsche Bank Goldman Sachs D.A. Davidson & Co Janney Montgomery Scott LLC Wedbush Stifel Buckingham Research Group Sterne, Agee & Leach Canaccord Genuity Corp ISI Group Wells Fargo Securities, LLC Cowen and Company Susquehanna Financial Group Piper Jaffray Barclays Robert W. Baird & Co Telsey Advisory Group Morgan Stanley UBS Edward Jones EVA Dimensions Erste Group Argus Research Corp Credit Suisse Hilliard Lyons JPMorgan McAdams Wright Ragen Inc HSBC S&P Capital IQ

Portfolio Name n/a n/a n/a n/a n/a BANK OF NEW YORK MEL SANDS CAPITAL MANAGE JENNISON ASSOCIATES n/a LANSDOWNE PARTNERS L NORTHERN TRUST CORPO n/a T ROWE PRICE ASSOCIA n/a n/a n/a n/a MONTAG & CALDWELL IN Multiple Portfolios n/a

Analyst DAVID WEINER LINDSAY DRUCKER MANN ANDREW BURNS ERIC B TRACY CORINNA FREEDMAN JIM DUFFY JOHN M ZOLIDIS SAM POSER CAMILO R LYON OMAR SAAD EVREN DOGAN KOPELMAN FAYE LANDES CHRISTOPHER SVEZIA SEAN NAUGHTON ROBERT S DRBUL MITCHEL J KUMMETZ KELLY CHEN KIMBERLY GREENBERGER MICHAEL BINETTI BRIAN YARBROUGH CRAIG STERLING HANS ENGEL JOHN D STASZAK CHRISTIAN BUSS JEFFREY S THOMISON MATTHEW BOSS SARA E HASAN ERWAN RAMBOURG JASON ASAEDA

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

Recommendation buy buy/attractive neutral neutral neutral hold buy buy hold strong buy outperform outperform neutral neutral overweight neutral no rating system Equalwt/In-Line buy hold overweight buy hold neutral neutral overweight hold overweight hold

Amt Held 52'570'401 39'054'146 38'836'455 31'822'859 28'804'468 24'217'573 19'210'521 18'760'368 15'753'368 13'019'186 12'902'714 10'970'333 10'933'134 9'930'409 8'958'696 8'335'656 7'103'962 6'796'518 6'712'568 5'781'529

% Out 7.38 5.48 5.45 4.47 4.04 3.4 2.7 2.63 2.21 1.83 1.81 1.54 1.53 1.39 1.26 1.17 1 0.95 0.94 0.81

Weighting

Change

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

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

Latest Chg 2'185'751 1'421'740 381'998 3'765'743 767'100 6'510 3'323'560 (502'989) 829'701 127'882 14'616 (1'761'821) (1'353'296) (1'201'632) (274'269) (342'520) (35'878) 1'008'110 (43'612) (165'870)

Target Price 85 83 75 70 72 #N/A N/A 84 85 69 90 #N/A N/A 83 65 74 85 62 69 #N/A N/A 77 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 66 #N/A N/A 70 #N/A N/A 67 61

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

File Dt Inst Type 31.07.2013 Investment Advisor 30.06.2013 Unclassified 25.09.2013 Investment Advisor 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Unclassified 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor

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

Date 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 24.09.2013 23.09.2013 22.09.2013 19.09.2013 29.08.2013 03.08.2013 01.07.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 02.04.2013 22.03.2013

27.09.2013

National Oilwell Varco Inc National Oilwell Varco Inc. is a worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry.

Price/Volume 90

2.5 M

80 2.0 M

70 60

1.5 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NOV UN EQUITY YTD Change NOV UN EQUITY YTD % CHANGE

12/2012 06/yy 82.40 63.09 150'910.00 78.48 -4.76% 24.39% 83.01% 427.5 33'551.64 3'149.00 0.0 117.0 3'319.00 35'436.64

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

.5 M

10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 13'431.4 0.72x 3'319.1 2.90x 1'952.0 4.81x

1.0 M

31.12.2009 31.12.2010 12'712.0 12'156.0 1.32x 2.14x 2'952.0 2'954.0 5.70x 8.80x 1'469.0 1'667.0 11.37x 16.57x Profitability

LTM-4Q 31.12.2011 14'658.0 1.77x 3'492.0 7.42x 1'994.0 14.16x

31.12.2012 20'041.0 1.45x 4'185.0 6.96x 2'491.0 11.61x 4'185.00 3'557.00 17.75% 17.49% 7.53% 11.66% 10.44% 0.71% 26.6% 18.5% 15.4% 12.4% 2.78 1.35 10.00% 15.56% 5.29 2.37

Price/ Cash Flow

LTM

06/yy 17'036.0 6.02x 3'975.0 6.82x 2'317.0 11.67x

06/yy 21'912.0 5.79x 4'059.0 7.72x 2'313.0 11.89x

FY+1

.0 M s-13

0.82 1.42 426.52 9.59 -1.00% 15.86% 1.420 32 4.438 894'470 817'629 785'778 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 22'475.0 24'551.8 5'684.0 5'895.2 1.55x 1.34x 6.22x 5.95x 4'125.1 4'754.0 1'029.5 1'086.1 8.57x 7.44x 8.05x 7.68x 2'279.7 2'686.7 561.6 601.9 14.74x 12.47x 13.77x 13.08x S&P Issuer Ratings

25.04.2012 A STABLE 16.08.2013 A-1 85.41 73.51 0.44 1.02 15.6% 13.4% 0.71 7.42 69.00 153.74 25.78 193.26

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

01.07.2013

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

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

27.09.2013

National Oilwell Varco Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP HARRIS ASSOCIATES LP FMR LLC SANDS CAPITAL MANAGE BERKSHIRE HATHAWAY I OPPENHEIMERFUNDS INC SUN LIFE FINANCIAL I NORTHERN TRUST CORPO BANK OF NEW YORK MEL WELLINGTON MANAGEMEN CLEARBRIDGE INVESTME WADDELL & REED FINAN EPOCH INVESTMENT PAR VAN ECK ASSOCIATES C ALLIANZ ASSET MANAGE JANUS CAPITAL MANAGE ALLIANCE BERNSTEIN FRANK RUSSELL TRUST

Firm Name Cowen and Company RBC Capital Markets Jefferies Raymond James Guggenheim Securities LLC Barclays Credit Suisse Howard Weil Inc JPMorgan Sanford C. Bernstein & Co William Blair & Co Sterne, Agee & Leach S&P Capital IQ Iberia Capital Partners LLC ISI Group Capital One Southcoast, Inc. BMO Capital Markets Goldman Sachs Edward Jones Susquehanna Financial Group Macquarie Fearnley Fonds HSBC Morgan Stanley Argus Research Corp Societe Generale Johnson Rice & Co Global Hunter Securities RS Platou Markets EVA Dimensions Tudor Pickering & Co

Portfolio Name n/a n/a n/a HARRIS ASSOC LP n/a SANDS CAPITAL MANAGE n/a OPPENHEIMER FUNDS IN n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL WELLINGTON MANAGEMEN CLEARBRIDGE INVESTME n/a EPOCH INVESTMENT PAR n/a n/a n/a n/a FRANK RUSSELL COMPAN

Analyst JAMES D CRANDELL KURT HALLEAD BRAD HANDLER J MARSHALL ADKINS Michael K LaMotte JAMES C WEST JAMES WICKLUND WILLIAM SANCHEZ J DAVID ANDERSON SCOTT GRUBER BRANDON DOBELL STEPHEN D GENGARO STEWART GLICKMAN TREY STOLZ JUDSON E BAILEY JOSEPH D GIBNEY ALAN D LAWS WAQAR SYED BRIAN YOUNGBERG CHARLES P MINERVINO NIGEL BROWNE TRULS OLSEN DAVID PHILLIPS OLE SLORER JONATHAN GELCIUS EDWARD C MUZTAFAGO DAVID C SMITH BRIAN UHLMER GORAN ANDREASSEN CRAIG STERLING JEFF TILLERY

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

Recommendation outperform outperform buy outperform buy overweight restricted sector perform overweight market perform outperform buy buy outperform buy add outperform buy/attractive buy Positive outperform buy overweight Equalwt/In-Line buy hold equalweight buy buy hold buy

Amt Held 31'162'119 20'370'094 18'483'817 17'318'940 16'448'061 10'444'314 8'880'000 8'469'261 8'390'403 8'303'819 8'246'293 5'256'171 5'131'732 4'873'819 4'869'160 4'509'098 4'014'016 3'788'039 3'351'898 3'191'922

% Out 7.29 4.76 4.32 4.05 3.85 2.44 2.08 1.98 1.96 1.94 1.93 1.23 1.2 1.14 1.14 1.05 0.94 0.89 0.78 0.75

Weighting

Change

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

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

Latest Chg 2'210'927 623'072 (30'569) 10'702'078 874'440 245'249 1'395'700 583'384 610'342 (42'415) 168'182 (718'087) 197'177 337'336 897'555 988'810 63'922 (396'297) (940'016) 131'367

Target Price 89 86 91 88 90 93 #N/A N/A 85 97 75 #N/A N/A 80 86 87 77 82 88 93 #N/A N/A 82 84 82 86 80 81 77 #N/A N/A 80 84 #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 25.09.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 26.09.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 26.09.2013 25.09.2013 25.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 17.09.2013 15.09.2013 05.09.2013 30.08.2013 19.08.2013 08.08.2013 07.08.2013 06.08.2013 05.08.2013 02.08.2013 31.07.2013 31.07.2013 31.07.2013 30.04.2013 30.04.2013 12.09.2012

27.09.2013

Norfolk Southern Corp Norfolk Southern Corporation provides rail transportation services. The Company transports raw materials, intermediate products, and finished goods primarily in the Southeast, East, and Midwest and, via interchange with rail carriers, to and from the rest of the United States. Norfolk Southern also transports overseas freight through several Atlantic and Gulf Coast ports

Price/Volume 90

3.0 M

2.5 M

70 60

2.0 M

12/2012 06/yy 80.99 56.05 55'733.00 77.58 -4.20% 38.41% 89.21% 312.0 24'201.30 8'682.00 0.0 0.0 668.00 32'091.30

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

1.0 M

.5 M

10 0 s-12

31.12.2009 31.12.2010 7'969.0 9'516.0 3.19x 2.98x 2'807.0 3'502.0 9.05x 8.10x 1'034.0 1'496.0 19.39x 15.78x Profitability

LTM-4Q 31.12.2011 11'172.0 2.80x 4'082.0 7.67x 1'916.0 13.11x

31.12.2012 11'040.0 2.49x 4'046.0 6.78x 1'749.0 11.52x 4'046.00 3'124.00 28.30% 24.98% 5.79% 17.31% 11.29% 0.37% 35.7% 27.2% 15.8% 1.08 0.85 28.61% 88.95% 10.12 -

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 11'349.0 10.35x 4'314.0 7.08x 1'968.0 12.29x

f-13 m-13

06/yy 10'917.0 10.80x 3'894.0 7.85x 1'730.0 13.91x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

2.58 1.11 310.86 5.01 24.44% 28.11% 1.113 29 3.793 484'593 366'334 410'086 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 11'111.5 11'747.4 2'768.6 2'803.4 2.91x 2.77x 4'053.6 4'418.4 1'031.6 1'038.2 7.91x 7.26x 7.54x 7.32x 1'753.0 1'928.5 440.4 449.6 14.08x 12.43x 13.26x 12.72x S&P Issuer Ratings

18.07.2005 BBB+ STABLE 06.05.1997 A-2 7.86 3.50 2.03 2.18 89.0% 47.1% 0.37 0.43 36.08 -

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

o-12

Fiscal Year Ended 31.12.2008 10'661.0 2.18x 3'899.0 5.97x 1'716.0 10.36x

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NSC UN EQUITY YTD Change NSC UN EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Norfolk Southern Corp Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK STATE STREET CORP CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO JP MORGAN WELLS FARGO & COMPAN BANK OF NEW YORK MEL UBS AG TREASURY GROUP INV S DIMENSIONAL FUND ADV MANUFACTURERS LIFE I INVESCO LTD NORGES BANK MORGAN STANLEY BANK OF AMERICA CORP GEODE CAPITAL MANAGE LAZARD ASSET MANAGEM DEUTSCHE BANK AG

Firm Name Sanford C. Bernstein & Co Avondale Partners LLC TD Securities Wolfe Research Stifel Deutsche Bank Cowen and Company Raymond James Morgan Stanley Barclays Wells Fargo Securities, LLC Susquehanna Financial Group Robert W. Baird & Co Edward Jones BMO Capital Markets Argus Research Corp RBC Capital Markets Jefferies FBR Capital Markets Atlantic Equities LLP Goldman Sachs Credit Suisse JPMorgan Stephens Inc BB&T Capital Markets EVA Dimensions UBS S&P Capital IQ

Portfolio Name n/a n/a n/a n/a T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO n/a n/a BANK OF NEW YORK MEL n/a Multiple Portfolios n/a MANUFACTURERS LIFE I n/a NORGES BANK n/a BANK OF AMERICA GEODE CAPITAL MANAGE n/a n/a

Analyst DAVID VERNON DONALD BROUGHTON CHERILYN RADBOURNE SCOTT H GROUP JOHN G LARKIN JUSTIN B YAGERMAN JASON H SEIDL PATRICK TYLER BROWN WILLIAM J GREENE BRANDON OGLENSKI ANTHONY P GALLO MATTHEW TROY BENJAMIN J HARTFORD LOGAN PURK FADI CHAMOUN NATHANIEL GABRIEL WALTER SPRACKLIN H PETER NESVOLD JOHN R MIMS RORRIE MARS TOM KIM ALLISON LANDRY THOMAS R WADEWITZ JUSTIN LONG MARK A LEVIN CRAIG STERLING ELIZABETH MIELKE KEVIN KIRKEBY

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

Recommendation market perform market perform buy peerperform buy hold outperform outperform Equalwt/Attractive equalweight market perform Positive neutral buy outperform hold outperform buy outperform overweight neutral/neutral outperform neutral overweight hold underweight suspended coverage buy

Amt Held 16'675'212 15'490'712 12'875'830 11'335'716 7'218'431 6'139'222 6'133'328 6'056'631 4'685'086 4'185'583 3'727'136 3'184'844 2'635'341 2'627'976 2'513'088 2'379'269 2'318'263 2'167'066 2'047'052 1'911'507

% Out 5.35 4.97 4.13 3.63 2.31 1.97 1.97 1.94 1.5 1.34 1.19 1.02 0.84 0.84 0.81 0.76 0.74 0.69 0.66 0.61

Weighting

Change

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

Latest Chg 292'389 (543'974) 178'354 (2'280'251) (129'579) 41'304 2'528'364 1'420'026 28'278 (495'283) 13'152 3'938 1'089'421 1'431'744 190'497 80'834 44'988 455'200 584'299

Target Price 72 80 89 #N/A N/A 87 80 94 82 #N/A N/A 85 #N/A N/A 88 85 #N/A N/A 90 #N/A N/A 84 88 90 87 82 85 77 87 #N/A N/A #N/A N/A #N/A N/A 87

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

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

Date 12 month 18 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 3 month 12 month Not Provided Not Provided Not Provided Not Provided

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

Date 27.09.2013 26.09.2013 26.09.2013 26.09.2013 24.09.2013 23.09.2013 23.09.2013 19.09.2013 18.09.2013 16.09.2013 11.09.2013 08.09.2013 27.08.2013 23.08.2013 15.08.2013 30.07.2013 29.07.2013 26.07.2013 26.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 16.07.2013 24.04.2013

27.09.2013

Oracle Corp Oracle Corporation supplies software for enterprise information management. 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 40 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.09.2013) 52-Week Low (15.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ORCL UN EQUITY YTD Change ORCL UN EQUITY YTD % CHANGE

05/2013 08/yy 34.33 31.32 578'641.00 33.83 -1.40% 8.01% 82.72% 4'557.5 154'178.84 18'494.00 0.0 497.0 32'216.00 139'627.85

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

15 10 5 0 j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.05.2009 23'252.0 4.11x 10'531.0 9.08x 5'593.0 17.50x

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

31.05.2010 31.05.2011 26'820.0 35'622.0 4.10x 4.52x 12'138.0 15'524.0 9.06x 10.37x 6'135.0 8'547.0 17.19x 19.46x Profitability

LTM-4Q 31.05.2012 37'121.0 3.13x 16'973.0 6.84x 9'981.0 13.20x

31.05.2013 37'180.0 3.87x 17'363.0 8.28x 10'925.0 15.17x 17'363.00 14'432.00 38.82% 37.38% 13.60% 25.52% 18.55% 0.46% 80.9% 46.9% 39.1% 29.4% 3.24 2.97 22.61% 41.42% 10.34 35.66

Price/ Cash Flow

LTM

08/yy 36'928.0 14.23x 16'972.0 8.04x 10'175.0 15.56x

08/yy 37'371.0 15.05x 17'535.0 7.47x 11'083.0 13.79x

FY+1

1.06 3'442.86 47.09 46 4.239 6'970'015 3'820'878 FY+2

FQ+1

FQ+2

05/14 Y 05/15 Y 11/13 Q2 02/14 Q3 38'399.2 40'310.1 9'183.3 9'360.5 3.65x 3.31x 15.22x 14.69x 19'501.2 20'920.6 4'542.6 4'775.5 7.15x 6.67x 6.99x 6.90x 13'480.9 14'384.9 3'126.2 3'241.9 11.63x 10.61x 11.42x 11.15x S&P Issuer Ratings

24.04.2012 A+ STABLE 24.04.2012 A-1+ 21.79 20.97 -0.86 1.37 41.4% 29.1% 0.46 12.27 35.28 10.24 19.50 49.47

Sales/Revenue/Turnover

12.00

40'000.0 35'000.0

10.00

30'000.0 8.00

25'000.0 20'000.0

6.00

15'000.0

4.00

10'000.0 2.00 0.00 04.06.2010

5'000.0 0.0 04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

04.06.2013

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

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

27.09.2013

Oracle Corp Holdings By:

All

Holder Name ELLISON LAWRENCE JOS BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN STATE STREET CORP FMR LLC SUN LIFE FINANCIAL I BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO HARRIS ASSOCIATES LP GRANTHAM MAYO VAN OT WELLINGTON MANAGEMEN NORGES BANK EAGLE CAPITAL MANAGE JP MORGAN TIAA CREF INVESTMENT ABERDEEN T ROWE PRICE ASSOCIA GOLDMAN SACHS GROUP

Firm Name Deutsche Bank JPMorgan Janney Montgomery Scott LLC Jefferies Pacific Crest Securities Wedbush William Blair & Co Raymond James FBR Capital Markets Stifel Nomura Wells Fargo Securities, LLC Cowen and Company JMP Securities Morgan Stanley RBC Capital Markets Canaccord Genuity Corp Evercore Partners Lazard Capital Markets Societe Generale Berenberg Bank Susquehanna Financial Group Edward Jones Sanford C. Bernstein & Co Macquarie Daiwa Securities Co. Ltd. S&P Capital IQ Atlantic Equities LLP Cross Research MKM Partners Barclays Credit Suisse Oppenheimer & Co Piper Jaffray Tigress Financial Partners BMO Capital Markets Ameriprise Advisor Services, Inc Argus Research Corp EVA Dimensions Hamburger Sparkasse Goldman Sachs UBS Davenport & Co

Portfolio Name n/a n/a n/a n/a n/a n/a n/a BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO HARRIS ASSOC LP GRANTHAM MAYO VAN OT WELLINGTON MANAGEMEN NORGES BANK EAGLE CAPITAL MANAGE n/a TIAA-CREF INVESTMENT n/a T ROWE PRICE ASSOCIA n/a

Analyst NANDAN AMLADI JOHN DIFUCCI YUN KIM ROSS MACMILLAN BRENDAN BARNICLE STEVEN R KOENIG JASON NOAH ADER MICHAEL TURITS DAVID M HILAL BRAD REBACK RICHARD G SHERLUND JASON MAYNARD PETER GOLDMACHER PATRICK WALRAVENS KEITH WEISS MATTHEW HEDBERG RICHARD DAVIS JR STEWART KIRK MATERNE III JOEL P FISHBEIN JR RICHARD NGUYEN DAUD KHAN J DERRICK WOOD JOSH OLSON MARK L MOERDLER BRAD A ZELNICK KAZUYA NISHIMURA BARBARA COFFEY CHRISTOPHER HICKEY RICHARD T WILLIAMS ISRAEL HERNANDEZ RAIMO LENSCHOW PHILIP WINSLOW BRIAN SCHWARTZ MARK R MURPHY IVAN FEINSETH KARL KEIRSTEAD JUSTIN H BURGIN JOSEPH F BONNER ANDREW S ZAMFOTIS MARCO GUENTHER HEATHER BELLINI BRENT THILL F DRAKE JOHNSTONE

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

Recommendation hold overweight buy hold outperform neutral market perform outperform outperform buy buy outperform market perform market perform Overwt/In-Line outperform buy equalweight buy hold sell Positive buy market perform neutral outperform buy neutral hold buy overweight outperform outperform overweight buy outperform buy buy buy hold buy/attractive buy buy

Amt Held 1'112'434'580 209'702'380 172'098'386 156'869'534 155'573'118 120'094'671 80'756'314 77'745'074 71'812'245 55'664'732 50'319'721 49'839'220 45'100'934 38'397'212 37'704'501 37'589'146 34'100'251 27'802'551 27'453'653 26'746'512

% Out 24.41 4.6 3.78 3.44 3.41 2.64 1.77 1.71 1.58 1.22 1.1 1.09 0.99 0.84 0.83 0.82 0.75 0.61 0.6 0.59

Weighting

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

Latest Chg 7'200'000 (7'773'459) (1'845'455) (83'083'038) 18'944 26'213'072 (81'435) (1'560'302) 2'997'655 (1'185'985) 9'861'274 2'781'619 (22'594'917) 7'787'429 1'275'878 (4'683'028) 69'020 (835'680) 3'073'661

Target Price 32 40 43 34 35 36 #N/A N/A 36 38 37 39 #N/A N/A 30 #N/A N/A 36 35 38 34 38 35 28 37 #N/A N/A 33 34 36 37 33 35 36 41 40 37 36 #N/A N/A 39 #N/A N/A 39 #N/A N/A #N/A N/A 39 37 40

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

File Dt 28.12.2012 25.09.2013 30.06.2013 31.07.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 31.07.2013 30.06.2013 31.08.2013 30.06.2013 30.08.2013

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

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

Date 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 23.09.2013 20.09.2013 20.09.2013 20.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 18.09.2013 18.09.2013 10.09.2013 04.08.2013 30.07.2013 18.07.2013 01.07.2013 24.06.2013 21.06.2013 20.06.2013 21.03.2013

27.09.2013

Occidental Petroleum Corp Occidental Petroleum Corporation explores for, develops, produces, and markets crude oil and natural gas. The Company also manufactures and markets a variety of basic chemicals, vinyls and performance chemicals. Occidental also gathers, treats, processes, transports, stores, trades and markets crude oil, natural gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OXY UN EQUITY YTD Change OXY UN EQUITY YTD % CHANGE

12/2012 06/yy 95.56 72.43 234'643.00 94.01 -1.57% 29.79% 91.44% 805.8 75'749.87 7'623.00 0.0 32.0 1'592.00 80'403.87

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

31.12.2009 31.12.2010 14'814.0 19'045.0 4.58x 4.32x 7'755.0 10'816.0 8.75x 7.61x 2'915.0 4'530.0 20.11x 17.21x Profitability

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

LTM-4Q 31.12.2011 23'939.0 3.26x 14'168.0 5.51x 6'771.0 11.53x

31.12.2012 24'172.0 2.80x 13'701.0 4.95x 4'598.0 10.79x 13'701.00 9'190.00 38.02% 32.07% 6.66% 10.79% 9.24% 0.36% 46.1% 56.3% 35.8% 19.0% 1.30 0.89 11.87% 19.05% 4.71 9.43

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 24'076.0 12.04x 13'968.0 5.20x 6'292.0 11.09x

f-13 m-13

06/yy 23'970.0 11.96x 13'488.0 5.68x 4'388.0 13.09x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

2.51 1.35 794.51 7.75 12.20% 25.42% 1.346 29 4.448 1'365'888 950'765 853'892 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 24'630.3 25'259.5 6'229.7 5'839.0 3.28x 3.11x 13.00x 13.87x 14'658.3 15'617.4 3'796.5 3'775.1 5.47x 5.13x 5.40x 5.43x 5'688.9 6'012.9 1'519.6 1'557.4 13.23x 12.54x 12.39x 12.41x S&P Issuer Ratings

23.06.2008 A STABLE 23.06.2008 A-1 105.39 26.73 0.34 0.57 19.0% 16.0% 0.36 0.46 77.51 38.71 148.04 -25.72

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 01.01.2010

4.0 M

Fiscal Year Ended 31.12.2008 24'217.0 2.05x 14'622.0 3.39x 6'857.0 6.70x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Occidental Petroleum Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP CAPITAL GROUP COMPAN FMR LLC BANK OF NEW YORK MEL BARROW HANLEY MEWHIN WELLINGTON MANAGEMEN JP MORGAN SUN LIFE FINANCIAL I NORTHERN TRUST CORPO NEUBERGER BERMAN LLC ROBECO UBS AG BANK OF AMERICA CORP AMERICAN CENTURY COM IRANI RAY R INVESCO LTD DAVIS SELECTED ADVIS AMERIPRISE FINANCIAL

Firm Name Susquehanna Financial Group Wells Fargo Securities, LLC Howard Weil Inc Morgan Stanley ISI Group Simmons & Company International Oppenheimer & Co Raymond James Goldman Sachs RBC Capital Markets Guggenheim Securities LLC Edward Jones Sterne, Agee & Leach Argus Research Corp Deutsche Bank Capital One Southcoast, Inc. Macquarie Spin-Off Research Barclays Societe Generale Credit Suisse UBS JPMorgan Cowen and Company S&P Capital IQ Tudor Pickering & Co EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a BANK OF NEW YORK MEL BARROW HANLEY MEWHIN WELLINGTON MANAGEMEN n/a n/a NORTHERN TRUST CORPO NEUBERGER BERMAN GRO n/a n/a BANK OF AMERICA AMERICAN CENTURY COM n/a n/a DAVIS SELECTED ADVIS AMERIPRISE FINANCIAL

Analyst DUANE GRUBERT ROGER D READ PETER KISSEL J EVAN CALIO DOUGLAS T TERRESON GUY BABER FADEL GHEIT PAVEL MOLCHANOV ARJUN N MURTI LEO P MARIANI ROBERT CORDRAY BRIAN YOUNGBERG TIM A REZVAN JONATHAN GELCIUS PAUL SANKEY BRIAN T VELIE JASON D GAMMEL TEAM COVERAGE THOMAS R DRISCOLL JOHN HERRLIN EDWARD WESTLAKE WILLIAM A FEATHERSTON KATHERINE LUCAS MINYARD ASIT SEN MICHAEL KAY MATTHEW PORTILLO CRAIG STERLING

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

Recommendation Positive outperform sector outperform Equalwt/Attractive strong buy overweight outperform outperform buy/attractive sector perform buy buy neutral buy buy add neutral buy equalweight buy outperform neutral overweight outperform buy buy overweight

Amt Held 47'782'555 43'970'762 34'777'687 28'864'136 28'458'444 18'644'454 16'302'226 16'021'000 13'454'035 12'865'096 11'517'808 10'936'849 10'088'327 8'841'095 8'712'648 8'314'287 7'929'622 7'688'871 7'226'766 6'855'170

% Out 5.93 5.46 4.32 3.58 3.53 2.31 2.02 1.99 1.67 1.6 1.43 1.36 1.25 1.1 1.08 1.03 0.98 0.95 0.9 0.85

Weighting

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

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

Latest Chg (2'957'601) 1'080'263 (753'993) 16'390'940 2'754'067 3'257'183 1'862'566 (5'620'299) (746'449) (361'003) 99'210 1'230'291 (825'278) 1'898'730 172'947 3'211'788 (49'245) (118'251) (1'615'176) 2'330'231

Target Price 115 #N/A N/A 111 93 105 #N/A N/A 115 100 105 90 110 #N/A N/A #N/A N/A 100 114 114 92 99 93 115 110 94 108 110 103 107 #N/A N/A

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

File Dt 25.09.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 21.12.2012 26.09.2013 30.06.2013 30.06.2013

Date 12 month Not Provided Not Provided 12 month 12 month Not Provided 18 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 Not Provided 12 month 3 month 12 month Not Provided Not Provided Not Provided

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

Date 27.09.2013 26.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 09.09.2013 22.08.2013 13.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 28.05.2013 28.02.2013

27.09.2013

PepsiCo Inc PepsiCo, Inc. operates worldwide beverage, snack and food businesses. The Company manufacture or uses contract manufacturers, market and sell a variety of grain-based snacks, carbonated and non-carbonated beverages and foods in countries throughout the world.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.07.2013) 52-Week Low (31.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PEP UN EQUITY YTD Change PEP UN EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 87.06 67.39 178'931.00 80.19 -7.89% 18.99% 66.85% 1'542.2 123'670.18 28'359.00 41.0 105.0 6'619.00 145'188.18

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

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

31.12.2009 31.12.2010 43'232.0 57'838.0 2.31x 2.12x 9'679.0 10'659.0 10.31x 11.51x 5'946.0 6'320.0 16.45x 15.91x Profitability

LTM-4Q 31.12.2011 66'504.0 1.90x 12'370.0 10.22x 6'443.0 15.08x

31.12.2012 65'492.0 1.94x 11'801.0 10.75x 6'178.0 16.61x 11'801.00 9'112.00 13.91% 12.68% 8.92% 30.87% 14.60% 0.89% 52.2% 18.5% 14.5% 9.4% 1.10 0.80 38.00% 127.44% 8.41 7.43

Price/ Cash Flow

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

Market Data

Fiscal Year Ended 31.12.2008 43'251.0 2.10x 8'478.0 10.70x 5'142.0 14.85x

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

LTM

06/yy 66'626.0 7.63x 12'003.0 11.04x 6'030.0 16.30x

06/yy 65'994.0 7.99x 12'213.0 10.02x 6'648.0 18.76x

FY+1

2.72 0.59 1'538.95 13.04 16.84% 19.69% 0.590 24 4.333 1'706'059 1'397'508 1'373'572 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 66'821.6 69'716.6 16'977.8 20'331.3 2.18x 2.08x 8.54x 7.12x 12'871.7 13'730.4 3'438.7 3'445.3 11.27x 10.56x 11.01x 10.84x 6'764.0 7'250.1 1'833.4 1'673.9 18.54x 17.09x 18.23x 17.67x S&P Issuer Ratings

17.03.2010 A STABLE 17.01.1989 A-1 13.05 10.05 1.75 2.42 127.4% 55.9% 0.89 3.58 43.30 49.00 136.19 -56.84

Sales/Revenue/Turnover

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

PepsiCo Inc Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK CAPITAL GROUP COMPAN STATE STREET CORP T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL BANK OF AMERICA CORP NORTHERN TRUST CORPO YACKTMAN ASSET MANAG FMR LLC WELLINGTON MANAGEMEN JP MORGAN ABERDEEN GRANTHAM MAYO VAN OT FRANKLIN RESOURCES TIAA CREF INVESTMENT NORGES BANK WELLS FARGO & COMPAN TRIAN FUND MANAGEMEN MORGAN STANLEY

Firm Name Sanford C. Bernstein & Co Credit Suisse Edward Jones Goldman Sachs Stifel BMO Capital Markets Tigress Financial Partners Wells Fargo Securities, LLC S&P Capital IQ Argus Research Corp EVA Dimensions Morgan Stanley JPMorgan Ameriprise Advisor Services, Inc HSBC Davenport & Co Gabelli & Co Barclays Deutsche Bank Janney Montgomery Scott LLC First Global Stockbroking Oracle Investment Research

Portfolio Name n/a n/a n/a n/a T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL BANK OF AMERICA NORTHERN TRUST CORPO YACKTMAN ASSET MANAG n/a WELLINGTON MANAGEMEN n/a n/a GRANTHAM MAYO VAN OT n/a TIAA-CREF INVESTMENT NORGES BANK n/a TRIAN FUND MANAGEMEN n/a

Analyst ALI DIBADJ MICHAEL STEIB JACK P RUSSO JUDY E HONG MARK D SWARTZBERG AMIT SHARMA IVAN FEINSETH BONNIE HERZOG ESTHER KWON JOHN D STASZAK AUSTIN BURKETT DARA MOHSENIAN JOHN A FAUCHER PATRICK DIEDRICKSON LAUREN E TORRES ANN H GURKIN DAMIAN A WITKOWSKI MICHAEL J BRANCA WILLIAM G SCHMITZ JONATHAN P FEENEY KAVITA THOMAS LAURENCE BALTER

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

Recommendation outperform neutral buy neutral/neutral hold outperform neutral market perform buy buy overweight Overwt/In-Line overweight buy overweight neutral buy overweight buy neutral outperform buy

Amt Held 83'911'234 79'470'191 69'819'410 64'078'404 28'727'648 28'452'298 25'288'288 24'364'390 22'953'521 18'257'744 18'038'362 15'987'418 15'972'954 14'729'864 13'825'931 12'725'356 12'667'234 12'606'738 12'270'046 11'945'040

% Out 5.44 5.15 4.53 4.15 1.86 1.84 1.64 1.58 1.49 1.18 1.17 1.04 1.04 0.96 0.9 0.83 0.82 0.82 0.8 0.77

Weighting

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

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

Latest Chg 2'164'214 (529'782) 9'694'934 701'985 7'643'181 824'579 (308'354) 276'684 (91'291) 2'380'888 (7'604'634) 461'825 (546'100) 916'285 (447'158) 560'139 (218'656) 239'200 (2'837'414)

Target Price 91 87 #N/A N/A 86 #N/A N/A 92 #N/A N/A #N/A N/A 88 98 #N/A N/A 95 92 #N/A N/A 96 82 #N/A N/A 87 90 85 #N/A N/A 75

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

File Dt Inst Type 30.06.2013 Unclassified 25.09.2013 Investment Advisor 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 31.07.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 29.08.2013 Investment Advisor

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

Date 27.09.2013 20.09.2013 19.09.2013 18.09.2013 13.09.2013 12.09.2013 10.09.2013 05.09.2013 05.09.2013 02.08.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 17.06.2013 25.07.2012

27.09.2013

Pfizer Inc Pfizer Inc. is a research-based, global pharmaceutical company that discovers, develops, manufactures, and markets medicines for humans and animals. The Company's products include prescription pharmaceuticals, non-prescription self-medications, and animal health products such as anti-infective medicines and vaccines.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PFE UN EQUITY YTD Change PFE UN EQUITY YTD % CHANGE

12/2012 06/yy 31.14 23.55 1'540'417.00 28.68 -7.80% 21.78% 65.48% 6'620.3 189'870.20 37'460.00 39.0 418.0 32'708.00 193'371.20

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

70.0 M

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 s-12

31.12.2009 31.12.2010 50'009.0 67'057.0 3.40x 2.34x 21'810.0 29'319.0 7.79x 5.35x 8'635.0 8'257.0 9.00x 7.92x Profitability

LTM-4Q 31.12.2011 65'259.0 2.71x 30'037.0 5.89x 10'009.0 9.55x

31.12.2012 58'986.0 3.18x 27'270.0 6.88x 14'570.0 11.45x 27'270.00 19'659.00 33.33% 20.48% 14.56% 33.37% 23.54% 0.31% 81.4% 43.3% 30.9% 24.7% 2.15 1.58 20.16% 46.12% 4.55 1.59

Price/ Cash Flow

n-12

d-12

j-13

LTM

07/yy 61'603.0 11.32x 27'471.0 6.79x 10'224.0 10.20x

f-13 m-13

06/yy 55'517.0 14.16x 24'056.0 7.85x 26'368.0 13.31x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

3.21 0.77 6'615.88 56.88 18.91% 17.27% 0.774 24 4.375 8'418'952 6'970'123 8'375'349 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 51'462.4 50'813.9 12'729.8 13'425.1 4.00x 3.99x 24'539.9 23'517.7 6'280.0 5'745.5 7.86x 8.20x 8.80x 9.30x 14'881.2 14'768.8 3'735.1 3'490.3 13.26x 12.40x 12.90x 12.80x S&P Issuer Ratings

16.10.2009 AA STABLE 23.11.1981 A-1+ 17.42 16.58 0.13 1.53 46.1% 31.4% 0.31 4.08 80.01 228.82 95.07 179.54

Sales/Revenue/Turnover

16.00

80'000.0

14.00

70'000.0

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

o-12

Fiscal Year Ended 31.12.2008 48'296.0 2.35x 22'146.0 5.12x 8'104.0 7.32x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Pfizer Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP BANK OF NEW YORK MEL CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN NORTHERN TRUST CORPO FMR LLC FRANKLIN RESOURCES SUN LIFE FINANCIAL I BANK OF AMERICA CORP DODGE & COX DEUTSCHE BANK AG JP MORGAN AMERIPRISE FINANCIAL BARROW HANLEY MEWHIN STATE FARM MUTUAL AU INVESCO LTD NORGES BANK

Firm Name SunTrust Robinson Humphrey Sanford C. Bernstein & Co JPMorgan Cowen and Company Barclays Goldman Sachs Jefferies Edward Jones Leerink Swann & Co Atlantic Equities LLP ISI Group Argus Research Corp Independent Research GmbH BMO Capital Markets Morgan Stanley Spin-Off Research Hilliard Lyons S&P Capital IQ Hamburger Sparkasse MKM Partners EVA Dimensions UBS MP Advisors Pvt Ltd Cyrrus First Global Stockbroking Fincorp SAOG McAdams Wright Ragen Inc

Portfolio Name n/a n/a n/a BANK OF NEW YORK MEL n/a T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN NORTHERN TRUST CORPO n/a n/a n/a BANK OF AMERICA DODGE & COX n/a n/a AMERIPRISE FINANCIAL BARROW HANLEY MEWHIN STATE FARM MUTUAL AU n/a NORGES BANK

Analyst JOHN T BORIS TIMOTHY M ANDERSON CHRISTOPHER T SCHOTT STEVEN R SCALA CHARLES ANTHONY BUTLER JAMI E RUBIN JEFFREY HOLFORD JUDSON CLARK SEAMUS FERNANDEZ RICHARD J PURKISS MARK J SCHOENEBAUM JOHN M EADE CHRISTOPH SCHOENDUBE ALEX ARFAEI DAVID R RISINGER TEAM COVERAGE STEPHEN A O'NEIL HERMAN SAFTLAS MARCO GUENTHER JON LECROY ANDREW S ZAMFOTIS MARC GOODMAN VISHAL MANCHANDA TOMAS MENCIK KAVITA THOMAS GAURAV RAMAIYA PAUL C LATTA

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

Recommendation reduce outperform overweight outperform equalweight buy/attractive hold buy market perform overweight buy buy buy outperform Overwt/In-Line buy long-term buy buy sell neutral buy buy market perform hold moderate outperform buy focus list

Amt Held 441'438'005 317'715'155 284'259'770 134'252'049 124'187'559 114'431'992 110'447'558 103'170'420 96'079'093 93'550'454 85'800'884 75'642'968 68'191'798 68'126'998 67'024'027 65'355'992 60'830'964 60'677'997 60'300'036 60'070'940

% Out 6.67 4.8 4.29 2.03 1.88 1.73 1.67 1.56 1.45 1.41 1.3 1.14 1.03 1.03 1.01 0.99 0.92 0.92 0.91 0.91

Weighting

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

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

Latest Chg (33'142'689) (18'962'285) (30'856'318) (6'421'294) 26'589'221 (5'401'590) (37'853'965) (7'117'343) (39'424'151) (10'221'358) 788'473 25'791'018 (1'567'758) 5'860'229 (9'269'944) (5'308'979) 2'548'133 (19'321'528) (12'336'316) -

Target Price 27 33 34 33 32 34 27 #N/A N/A 29 35 34 32 35 33 31 33 34 33 #N/A N/A 29 #N/A N/A 32 21 24 #N/A N/A 24 25

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

File Dt 25.09.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 26.09.2013 31.12.2012

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

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

Date 27.09.2013 27.09.2013 26.09.2013 23.09.2013 20.09.2013 17.09.2013 10.09.2013 30.08.2013 30.08.2013 16.08.2013 06.08.2013 05.08.2013 05.08.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 28.05.2013 23.05.2013 11.05.2013 09.04.2013 08.08.2012 05.04.2012 09.02.2012 13.10.2011 30.04.2009

27.09.2013

Procter & Gamble Co/The The Procter & Gamble Company manufactures and markets consumer products in countries throughout the world. The Company provides products in the laundry and cleaning, paper, beauty care, food and beverage, and health care segments. Procter & Gamble's products are sold primarily through mass merchandisers, grocery stores, membership club stores, drug stores, and neighborhood stores.

Price/Volume 90

12.0 M

10.0 M

70 60

8.0 M

06/2013 06/yy 82.54 65.84 490'317.00 77.09 -6.66% 17.09% 73.11% 2'738.8 211'131.05 31'543.00 1'137.0 645.0 5'947.00 238'509.04

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

4.0 M

2.0 M

10 0 s-12

30.06.2010 30.06.2011 78'938.0 81'104.0 2.52x 2.55x 19'129.0 18'333.0 10.41x 11.27x 12'736.0 11'927.0 19.41x 16.43x Profitability

LTM-4Q 30.06.2012 83'680.0 2.34x 18'072.0 10.82x 10'756.0 15.91x

30.06.2013 84'167.0 2.83x 17'771.0 13.42x 11'312.0 19.06x 17'771.00 14'789.00 17.57% 17.64% 8.33% 17.14% 12.28% 0.62% 49.6% 21.1% 17.6% 13.4% 0.80 0.41 22.65% 47.13% 13.39 6.23

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 83'680.0 9.93x 18'072.0 10.82x 10'756.0 15.85x

f-13 m-13

06/yy 84'167.0 10.81x 17'771.0 13.42x 11'312.0 19.02x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

2.97 0.65 2'736.01 19.20 14.79% 16.23% 0.654 30 3.733 2'783'555 2'080'157 2'060'837 FY+2

FQ+1

FQ+2

06/14 Y 06/15 Y 09/13 Q1 12/13 Q2 85'574.1 88'813.3 21'054.5 22'320.5 2.79x 2.67x 11.41x 10.77x 20'052.5 21'369.7 4'972.8 5'631.6 11.86x 11.13x 11.85x 11.65x 12'332.9 13'254.0 3'072.0 3'562.1 17.96x 16.52x 18.00x 17.63x S&P Issuer Ratings

10.05.2005 AASTABLE 10.05.2005 A-1+ 26.64 20.63 1.44 1.77 47.1% 31.5% 0.62 4.00 27.27 58.63 71.50 14.39

Sales/Revenue/Turnover

18.00

90'000.0

16.00

80'000.0

14.00

70'000.0

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 02.07.2010

o-12

Fiscal Year Ended 30.06.2009 76'694.0 2.38x 18'456.0 9.91x 13'436.0 14.68x

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PG UN EQUITY YTD Change PG UN EQUITY YTD % CHANGE

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

27.09.2013

Procter & Gamble Co/The Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC BERKSHIRE HATHAWAY I NORTHERN TRUST CORPO BANK OF NEW YORK MEL CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA JP MORGAN MORGAN STANLEY YACKTMAN ASSET MANAG BANK OF AMERICA CORP WELLINGTON MANAGEMEN NORGES BANK STATE FARM MUTUAL AU GEODE CAPITAL MANAGE UBS AG GRANTHAM MAYO VAN OT SUN LIFE FINANCIAL I

Firm Name Sanford C. Bernstein & Co B Riley & Co SunTrust Robinson Humphrey BMO Capital Markets Credit Suisse Argus Research Corp Edward Jones Barclays Buckingham Research Group Exane BNP Paribas Tigress Financial Partners William Blair & Co Canaccord Genuity Corp EVA Dimensions Hilliard Lyons Independent Research GmbH Goldman Sachs Wells Fargo Securities, LLC Deutsche Bank Morgan Stanley JPMorgan Ameriprise Advisor Services, Inc Stifel Oppenheimer & Co S&P Capital IQ Oracle Investment Research Janney Montgomery Scott LLC Gabelli & Co

Portfolio Name n/a n/a n/a n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a T ROWE PRICE ASSOCIA n/a n/a YACKTMAN ASSET MANAG BANK OF AMERICA WELLINGTON MANAGEMEN NORGES BANK STATE FARM MUTUAL AU GEODE CAPITAL MANAGE n/a GRANTHAM MAYO VAN OT n/a

Analyst ALI DIBADJ LINDA BOLTON WEISER WILLIAM CHAPPELL CONSTANCE M MANEATY MICHAEL STEIB JOHN D STASZAK JACK P RUSSO LAUREN R LIEBERMAN ALICE BEEBE LONGLEY EAMONN FERRY IVAN FEINSETH JON R ANDERSEN ALICIA FORRY AUSTIN BURKETT JEFFREY S THOMISON LARS LUSEBRINK JASON ENGLISH TIMOTHY A CONDER WILLIAM G SCHMITZ DARA MOHSENIAN JOHN A FAUCHER PATRICK DIEDRICKSON MARK S ASTRACHAN JOSEPH ALTOBELLO IAN GORDON LAURENCE BALTER JOHN SAN MARCO SARAH DONNELLY

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

Recommendation outperform neutral neutral outperform neutral buy buy equalweight neutral underperform neutral outperform buy underweight neutral hold neutral/neutral market perform buy Equalwt/In-Line overweight buy hold market perform hold hold buy buy

Amt Held 148'544'571 140'160'566 122'527'323 58'887'653 52'793'078 43'927'729 40'985'320 39'507'523 38'813'867 30'019'872 25'750'279 25'393'047 23'316'443 23'209'972 22'102'179 20'372'600 18'918'279 18'865'385 18'854'995 15'860'588

% Out 5.42 5.12 4.47 2.15 1.93 1.6 1.5 1.44 1.42 1.1 0.94 0.93 0.85 0.85 0.81 0.74 0.69 0.69 0.69 0.58

Weighting

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

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

Latest Chg 2'300'433 3'470'916 2'119'500 (1'234'280) 316'932 (452'641) 5'239'208 2'479'318 2'152'344 748'644 (1'144'376) 591'206 302'325 379'466 398'922 2'595'508 2'966'668

Target Price 89 85 80 90 85 92 #N/A N/A 83 76 74 #N/A N/A #N/A N/A 89 #N/A N/A #N/A N/A 85 83 #N/A N/A 90 #N/A N/A 90 #N/A N/A #N/A N/A #N/A N/A 83 80 81 #N/A N/A

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

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

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

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

Date 27.09.2013 25.09.2013 24.09.2013 23.09.2013 20.09.2013 19.09.2013 19.09.2013 18.09.2013 11.09.2013 10.09.2013 10.09.2013 05.09.2013 05.09.2013 19.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 24.05.2013 24.05.2013 28.01.2013 02.02.2009

27.09.2013

Philip Morris International Inc Philip Morris International Inc., through its subsidiaries, affiliates and their licensees, produces, sells, distributes, and markets a wide range of branded cigarettes and tobacco products in markets outside of the United States of America. The Company's portfolio comprises both international and local brands. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.05.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PM UN EQUITY YTD Change PM UN EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 96.72 82.11 217'374.00 86.94 -10.07% 5.88% 38.19% 1'618.5 140'716.56 22'839.00 0.0 1'623.0 2'983.00 164'166.55

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

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 25'705.0 3.82x 11'174.0 8.79x 6'890.0 13.11x

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

31.12.2009 31.12.2010 25'035.0 27'208.0 4.20x 4.48x 10'922.0 12'179.0 9.64x 10.01x 6'342.0 7'259.0 14.84x 14.86x Profitability

LTM-4Q 31.12.2011 31'097.0 4.92x 14'434.0 10.60x 8'591.0 16.02x

31.12.2012 31'377.0 5.09x 14'827.0 10.78x 8'800.0 16.08x 14'827.00 13'929.00 44.39% 41.39% 23.50% 45.04% 0.86% 66.9% 46.4% 43.5% 28.0% 0.97 0.39 60.63% 8.33 1.35

Price/ Cash Flow

LTM

06/yy 31'601.0 19.43x 14'682.0 11.32x 8'741.0 17.11x

06/yy 31'310.0 21.36x 14'523.0 11.29x 8'571.0 16.71x

FY+1

.0 M s-13

3.91 0.84 1'523.12 10.12 -0.21% 7.08% 0.835 21 4.238 1'818'568 1'586'373 1'575'575 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 31'457.8 32'888.5 7'925.3 7'891.4 5.25x 5.11x 14'887.8 15'847.2 3'909.3 3'733.5 11.03x 10.37x 10.86x 10.71x 8'842.0 9'419.9 2'320.9 2'230.3 15.99x 14.40x 15.38x 14.92x S&P Issuer Ratings

05.03.2008 A STABLE 05.03.2008 A-1 14.72 13.68 1.51 1.76 108.8% 0.86 4.99 43.82 271.07 33.16 305.87

Sales/Revenue/Turnover

20.00

35'000.0

18.00

30'000.0

16.00 14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Philip Morris International Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET CORP BANK OF NEW YORK MEL SUN LIFE FINANCIAL I FMR LLC MORGAN STANLEY WELLINGTON MANAGEMEN NORTHERN TRUST CORPO BARROW HANLEY MEWHIN FAYEZ SAROFIM JP MORGAN PNC FINANCIAL SERVIC GRANTHAM MAYO VAN OT AMERIPRISE FINANCIAL ABERDEEN BANK OF AMERICA CORP WADDELL & REED FINAN T ROWE PRICE ASSOCIA

Firm Name Stifel Wells Fargo Securities, LLC Morgan Stanley Edward Jones Barclays Berenberg Bank Renaissance Capital Credit Suisse Nomura Ameriprise Advisor Services, Inc Argus Research Corp UBS JPMorgan Jefferies Davenport & Co S&P Capital IQ Goldman Sachs EVA Dimensions

Portfolio Name n/a n/a n/a n/a BANK OF NEW YORK MEL n/a n/a n/a WELLINGTON MANAGEMEN NORTHERN TRUST CORPO BARROW HANLEY MEWHIN FAYEZ SAROFIM n/a PNC FINANCIAL SERVIC GRANTHAM MAYO VAN OT AMERIPRISE FINANCIAL n/a BANK OF AMERICA n/a T ROWE PRICE ASSOCIA

Analyst CHRISTOPHER R GROWE BONNIE HERZOG DAVID J ADELMAN JACK P RUSSO MICHAEL J BRANCA ERIK BLOOMQUIST REY WIUM ROGERIO FUJIMORI DAVID HAYES PATRICK DIEDRICKSON NATHANIEL GABRIEL JONATHAN LEINSTER RAE MAILE THILO WREDE ANN H GURKIN ESTHER KWON JUDY E HONG AUSTIN BURKETT

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

Recommendation buy outperform Overwt/In-Line buy overweight buy buy neutral neutral buy buy neutral neutral hold buy strong buy Buy/Neutral underweight

Amt Held 163'412'048 88'907'643 78'255'847 70'647'939 31'201'793 28'684'193 25'940'589 23'825'616 21'975'237 21'819'091 21'373'282 19'848'505 19'369'046 17'459'334 15'857'175 15'260'155 13'412'784 13'067'067 13'051'447 11'921'557

% Out 10.1 5.49 4.83 4.36 1.93 1.77 1.6 1.47 1.36 1.35 1.32 1.23 1.2 1.08 0.98 0.94 0.83 0.81 0.81 0.74

Weighting

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

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

Latest Chg 10'833'187 (662'061) (139'147) (862'955) 2'018'948 (3'463'838) 1'482'701 (634'634) (99'787) 669'982 (115'592) (1'380'591) 12'249'375 1'796'812 218'508 (228'696) (156'369) (433'428) (2'825'713)

Target Price 95 #N/A N/A 92 #N/A N/A 104 100 95 90 92 #N/A N/A 98 90 108 94 100 100 103 #N/A N/A

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

File Dt 31.07.2013 25.09.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013

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

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

Date 16.09.2013 16.09.2013 12.09.2013 11.09.2013 11.09.2013 06.09.2013 28.08.2013 02.08.2013 01.08.2013 23.07.2013 22.07.2013 22.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 11.07.2013 25.02.2013

27.09.2013

QUALCOMM Inc QUALCOMM, Inc . manufactures digital wireless communications equipment. The 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 14.0 M

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.09.2013) 52-Week Low (25.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance QCOM UW EQUITY YTD Change QCOM UW EQUITY YTD % CHANGE

09/2012 06/yy 70.37 57.30 1'257'332.00 67.51 -4.38% 17.82% 88.52% 1'715.4 115'808.40 0.00 0.0 22.0 26'837.00 85'412.40

30.09.2008 11'142.0 5.80x 4'186.0 15.44x 3'160.0 21.73x

6.0 M

30 20

4.0 M

2.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

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

30.09.2009 30.09.2010 10'416.0 10'982.0 5.46x 4.96x 3'644.0 4'393.0 15.60x 12.41x 1'592.0 3'247.0 33.41x 19.63x Profitability

LTM-4Q 30.09.2011 14'957.0 4.32x 6'087.0 10.62x 4'260.0 16.71x

30.09.2012 19'121.0 4.17x 6'579.0 12.12x 6'109.0 17.40x

6'579.00 5'682.00 29.72% 34.32% 14.84% 18.88% 18.66% 0.52% 62.9% 33.9% 29.6% 31.9% 2.95 2.61 0.00% 0.00% 14.54 7.03

Price/ Cash Flow

LTM

06/yy 18'367.0 16.01x 6'566.0 10.61x 5'894.0 16.68x

06/yy 23'256.0 13.56x 7'878.0 9.49x 6'623.0 15.89x

FY+1

.0 M s-13

1.63 0.98 1'694.12 24.01 8.27% 10.45% 0.978 48 4.458 3'745'383 3'426'712 3'767'037 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 24'725.8 27'631.5 6'348.8 7'017.3 3.93x 3.32x 14.92x 13.28x 9'207.3 10'415.6 2'203.0 2'717.5 9.30x 8.23x 8.55x 8.33x 7'987.8 8'715.7 1'908.8 2'234.8 14.85x 13.69x 14.11x 13.66x S&P Issuer Ratings

19.12.2001 NR 73.10 58.83 -3.86 0.00 0.0% 0.0% 0.52 7.93 25.52 52.81 55.83 13.58

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

02.04.2013

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

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

27.09.2013

QUALCOMM Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO JP MORGAN UBS AG WELLS FARGO & COMPAN JACOBS IRWIN MARK GOLDMAN SACHS GROUP PRIMECAP MANAGEMENT AMERIPRISE FINANCIAL MORGAN STANLEY MACQUARIE GROUP NORGES BANK TIAA CREF INVESTMENT GEODE CAPITAL MANAGE

Firm Name Piper Jaffray Morgan Stanley Wedge Partners Deutsche Bank FBR Capital Markets Wells Fargo Securities, LLC Cowen and Company Exane BNP Paribas Sanford C. Bernstein & Co Canaccord Genuity Corp BMO Capital Markets Credit Suisse Oppenheimer & Co S&P Capital IQ Susquehanna Financial Group Brean Capital LLC Raymond James Berenberg Bank Nomura JPMorgan Pacific Crest Securities JMP Securities Argus Research Corp Evercore Partners RBC Capital Markets Edward Jones ACI Research Drexel Hamilton LLC William Blair & Co Daiwa Securities Co. Ltd. Lazard Capital Markets Societe Generale Macquarie Atlantic Equities LLP Northland Securities Inc Barclays Topeka Capital Markets Inc Sterne, Agee & Leach Scotia Capital Williams Financial Group Tigress Financial Partners Goldman Sachs UBS

Portfolio Name n/a n/a n/a n/a T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO n/a n/a n/a n/a n/a PRIMECAP MANAGEMENT AMERIPRISE FINANCIAL n/a n/a NORGES BANK TIAA-CREF INVESTMENT GEODE CAPITAL MANAGE

Analyst AUGUSTE P RICHARD EHUD A GELBLUM BRIAN BLAIR BRIAN T MODOFF CHRISTOPHER ROLLAND DAVID M WONG TIMOTHY M ARCURI JEROME RAMEL STACY A RASGON T MICHAEL WALKLEY TIMOTHY P LONG KULBINDER GARCHA ITTAI KIDRON JAMES G MOORMAN CHRISTOPHER CASO MIKE BURTON TAVIS C MCCOURT ADNAAN AHMAD ROMIT SHAH ROD HALL JAMES FAUCETTE ALEX GAUNA JAMES KELLEHER MARK A MCKECHNIE MARK SUE WILLIAM C KREHER EDWARD A ZABITSKY RICHARD WHITTINGTON ANIL K DORADLA YOKO YAMADA IAN ING PETER KNOX DEEPON NAG JAMES CORDWELL THOMAS SEPENZIS BLAYNE CURTIS SUJI DE SILVA VIJAY R RAKESH GUS PAPAGEORGIOU CODY G ACREE IVAN FEINSETH SIMONA JANKOWSKI STEPHEN CHIN

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

Recommendation neutral Overwt/In-Line no rating system buy outperform outperform outperform outperform outperform buy outperform outperform outperform strong buy Positive buy strong buy sell buy neutral outperform market outperform buy overweight outperform buy short sell buy outperform neutral neutral hold outperform overweight outperform overweight hold buy focus stock hold strong buy Buy/Neutral buy

Amt Held 95'892'102 81'774'869 69'852'686 42'079'819 40'117'924 37'733'578 28'757'050 28'056'099 22'018'136 20'535'516 18'667'031 18'545'579 18'313'251 17'010'025 15'619'875 14'179'622 13'483'216 13'118'618 13'074'309 12'216'223

% Out 5.59 4.77 4.07 2.45 2.34 2.2 1.68 1.64 1.28 1.2 1.09 1.08 1.07 0.99 0.91 0.83 0.79 0.76 0.76 0.71

Weighting

Change

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

Latest Chg (2'674'170) 3'128'779 663'229 (21'912'361) (5'721'593) 511'863 801'450 1'013'602 1'009'323 (535'208) (2'685'604) (66'379) 209'061 73'830 (1'937'702) (364'515) (31'094) (3'952'261) 290'689

Target Price 66 78 #N/A N/A 80 76 #N/A N/A 75 81 80 84 77 85 70 85 85 75 89 50 78 60 70 80 80 75 72 #N/A N/A 40 80 #N/A N/A 70 #N/A N/A 67 72 72 80 68 65 75 80 #N/A N/A #N/A N/A 80 76

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

File Dt 25.09.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 31.07.2013 30.06.2013 31.07.2013 05.03.2012 30.08.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 31.12.2012 30.06.2013 30.06.2013

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

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

Date 27.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 20.09.2013 19.09.2013 17.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 05.09.2013 05.09.2013 05.09.2013 04.09.2013 04.09.2013 03.09.2013 27.08.2013 27.08.2013 13.08.2013 05.08.2013 05.08.2013 30.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 18.03.2013 31.01.2013 31.01.2013

27.09.2013

Raytheon Co Raytheon Company is a technology company specializing in defense, homeland security and other government markets throughout the world. The Company provides electronics, mission systems integration and other capabilities in the areas of sensing, effects, and command, control, communications and intelligence systems, as well as mission support services.

Price/Volume 90

2.5 M

80 2.0 M

70 60

1.5 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (01.02.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RTN UN EQUITY YTD Change RTN UN EQUITY YTD % CHANGE

12/2012 06/yy 81.25 52.24 87'102.00 78.85 -3.02% 50.94% 95.00% 322.5 25'428.41 4'731.00 0.0 164.0 4'044.00 26'867.41

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

.5 M

10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 23'174.0 0.89x 3'010.0 6.83x 1'672.0 12.39x

1.0 M

31.12.2009 31.12.2010 24'881.0 25'183.0 0.77x 0.66x 3'444.0 3'027.0 5.60x 5.53x 1'935.0 1'840.0 10.60x 8.93x Profitability

LTM-4Q 31.12.2011 24'791.0 0.69x 3'274.0 5.24x 1'866.0 8.53x

31.12.2012 24'414.0 0.81x 3'444.0 5.73x 1'888.0 9.28x 3'444.00 2'989.00 12.24% 11.38% 7.56% 22.60% 15.70% 0.95% 21.8% 14.1% 12.3% 7.7% 1.57 0.69 17.73% 58.95% 3.44

Price/ Cash Flow

LTM

07/yy 24'468.0 2.95x 3'473.0 5.95x 1'963.0 9.25x

06/yy 24'478.0 3.37x 3'461.0 6.57x 1'945.0 10.33x

FY+1

.0 M s-13

2.66 0.82 320.73 6.85 41.98% 39.44% 0.818 22 3.636 483'500 425'734 491'123 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 23'698.5 22'968.0 5'809.3 5'908.2 1.13x 1.16x 4.68x 4.48x 3'245.0 3'357.2 777.1 772.2 8.30x 8.02x 8.40x 8.26x 1'835.2 1'867.5 427.9 430.1 13.88x 13.25x 14.24x 13.90x S&P Issuer Ratings

04.09.2008 ASTABLE 15.07.2005 A-2 16.80 15.15 0.37 1.37 58.9% 36.6% 0.95 12.66 105.67 22.16 -

Sales/Revenue/Turnover

16.00

30'000.0

14.00

25'000.0

12.00

20'000.0

10.00 8.00

15'000.0

6.00

10'000.0

4.00

5'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Raytheon Co Holdings By:

All

Holder Name BLACKROCK BARROW HANLEY MEWHIN VANGUARD GROUP INC STATE STREET CORP WELLINGTON MANAGEMEN FRANKLIN RESOURCES BANK OF NEW YORK MEL AMERIPRISE FINANCIAL MACQUARIE GROUP NORTHERN TRUST CORPO LSV ASSET MANAGEMENT CLEARBRIDGE INVESTME AJO, LP T ROWE PRICE ASSOCIA INVESCO LTD SASCO CAPITAL INCORP SCHAFER CULLEN CAPIT ROBECO AMERICAN INTERNATION DEUTSCHE BANK AG

Firm Name Stifel Jefferies RBC Capital Markets Sanford C. Bernstein & Co CRT Capital Group Wells Fargo Securities, LLC Buckingham Research Group UBS Goldman Sachs Barclays Drexel Hamilton LLC Argus Research Corp Oppenheimer & Co Credit Suisse Sterne, Agee & Leach Deutsche Bank FBR Capital Markets JPMorgan Cowen and Company EVA Dimensions

Portfolio Name n/a BARROW HANLEY MEWHIN n/a n/a WELLINGTON MANAGEMEN n/a BANK OF NEW YORK MEL AMERIPRISE FINANCIAL n/a NORTHERN TRUST CORPO LSV ASSET MANAGEMENT CLEARBRIDGE INVESTME AJO, LP T ROWE PRICE ASSOCIA n/a SASCO CAPITAL INCORP SCHAFER CULLEN CAPIT n/a n/a n/a

Analyst WILLIAM R LOOMIS HOWARD A RUBEL ROBERT STALLARD DOUGLAS S HARNED BRIAN W RUTTENBUR SAMUEL J PEARLSTEIN RICHARD SAFRAN DAVID E STRAUSS NOAH POPONAK CARTER COPELAND RICHARD WHITTINGTON NATHANIEL GABRIEL YAIR REINER ROBERT M SPINGARN PETER J ARMENT MYLES WALTON PATRICK J MCCARTHY JOSEPH B NADOL III CAI VON RUMOHR CRAIG STERLING

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

Recommendation hold buy sector perform outperform Fairly Valued outperform neutral neutral neutral/attractive overweight hold hold market perform outperform neutral hold market perform neutral market perform buy

Amt Held 27'831'059 22'166'071 15'859'331 14'048'134 9'698'269 6'962'291 5'690'735 4'849'293 4'765'962 4'366'816 4'284'343 4'256'313 4'004'400 3'980'127 3'883'866 3'444'710 2'841'471 2'721'489 2'634'800 2'393'436

% Out 8.63 6.87 4.92 4.36 3.01 2.16 1.76 1.5 1.48 1.35 1.33 1.32 1.24 1.23 1.2 1.07 0.88 0.84 0.82 0.74

Weighting

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

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

Latest Chg 135'301 2'279'038 194'705 135'355 (1'543'722) (979'129) 88'923 61'617 16'998 40'977 (59'000) 271'839 903'300 (5'055) (728'883) 65'050 27'689 (172'079) 528'165 (761'131)

Target Price #N/A N/A 87 71 85 #N/A N/A #N/A N/A 74 76 80 81 79 #N/A N/A #N/A N/A 79 #N/A N/A 71 67 63 77 #N/A N/A

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

File Dt 25.09.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013

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

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

Date 25.09.2013 20.09.2013 16.09.2013 16.09.2013 13.09.2013 13.09.2013 28.08.2013 19.08.2013 12.08.2013 12.08.2013 07.08.2013 01.08.2013 31.07.2013 30.07.2013 30.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 16.01.2013

27.09.2013

Starbucks Corp Starbucks Corporation retails, roasts, and provides its own brand of specialty 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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBUX UW EQUITY YTD Change SBUX UW EQUITY YTD % CHANGE

09/2012 06/yy 77.82 44.28 285'167.00 76.72 -1.44% 73.26% 98.09% 751.4 57'647.41 549.60 0.0 5.5 2'037.00 56'158.91

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

9.0 M

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 30.09.2008 10'383.0 1.15x 1'261.7 9.47x 315.5 21.07x

30.09.2009 30.09.2010 9'774.6 10'707.4 1.50x 1.72x 1'335.8 1'865.1 10.94x 9.85x 390.8 945.6 25.07x 20.10x Profitability

LTM-4Q 30.09.2011 11'700.4 2.25x 2'074.6 12.67x 1'245.7 24.25x

30.09.2012 13'299.5 2.75x 2'367.3 15.42x 1'383.8 28.64x

2'367.30 1'786.70 13.43% 15.48% 18.41% 28.75% 26.44% 1.66% 56.3% 18.7% 14.4% 10.4% 1.90 1.14 6.69% 10.76% 30.78 5.12

Price/ Cash Flow

LTM

07/yy 12'967.3 10.67x 2'668.3 14.45x 1'383.6 31.66x

06/yy 14'461.4 11.29x 2'709.3 17.62x 1'599.4 31.50x

FY+1

.0 M s-13

1.09 0.88 730.58 8.50 52.47% 44.52% 0.876 31 4.548 1'434'060 1'167'361 1'221'720 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 14'872.0 16'581.1 3'803.9 4'277.4 3.84x 3.43x 14.90x 13.06x 3'064.2 3'636.2 801.4 925.9 18.31x 15.43x 16.19x 15.59x 1'686.7 2'018.5 452.1 521.5 34.56x 28.76x 30.10x 28.91x S&P Issuer Ratings

24.02.2012 ASTABLE 28.08.2009 A-2 65.94 42.09 -0.55 0.20 10.8% 9.7% 1.66 5.33 11.83 71.04 24.26 53.00

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

02.04.2013

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

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

27.09.2013

Starbucks Corp Holdings By:

All

Holder Name FMR LLC BLACKROCK VANGUARD GROUP INC T ROWE PRICE ASSOCIA STATE STREET CORP CAPITAL GROUP COMPAN SCHULTZ HOWARD D NORTHERN TRUST CORPO MORGAN STANLEY SANDS CAPITAL MANAGE BANK OF NEW YORK MEL WELLS FARGO & COMPAN JP MORGAN BROWN ADVISORY INC JENNISON ASSOCIATES INVESCO LTD TIAA CREF INVESTMENT WINSLOW CAPITAL MANA AMERICAN CENTURY COM UBS AG

Firm Name Janney Montgomery Scott LLC Sanford C. Bernstein & Co JPMorgan Stephens Inc Buckingham Research Group Northcoast Research BMO Capital Markets William Blair & Co Oppenheimer & Co Piper Jaffray Telsey Advisory Group Deutsche Bank Jefferies Lazard Capital Markets Barclays Robert W. Baird & Co Wells Fargo Securities, LLC Wedbush Edward Jones Williams Capital Group Argus Research Corp Morgan Stanley Goldman Sachs Davenport & Co McAdams Wright Ragen Inc S&P Capital IQ Atlantic Equities LLP Stifel EVA Dimensions

Portfolio Name n/a n/a n/a T ROWE PRICE ASSOCIA n/a n/a n/a NORTHERN TRUST CORPO n/a SANDS CAPITAL MANAGE BANK OF NEW YORK MEL n/a n/a n/a JENNISON ASSOCIATES n/a TIAA-CREF INVESTMENT WINSLOW CAPITAL MANA AMERICAN CENTURY COM n/a

Analyst MARK D KALINOWSKI SARA H SENATORE JOHN W IVANKOE WILL SLABAUGH MITCHELL J SPEISER ALTON STUMP PHILLIP JUHAN SHARON M ZACKFIA BRIAN J BITTNER NICOLE MILLER REGAN PETER SALEH JASON WEST ANDREW M BARISH MATTHEW J DIFRISCO JEFFREY A BERNSTEIN DAVID E TARANTINO BONNIE HERZOG NICK SETYAN JACK P RUSSO MARC RIDDICK JOHN D STASZAK JOHN S GLASS MICHAEL KELTER JEFFREY F OMOHUNDRO DAN GEIMAN JIM YIN ALISTAIR M SCOBIE PAUL L WESTRA CRAIG STERLING

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

Recommendation buy outperform overweight overweight buy buy outperform outperform outperform overweight no rating system buy buy buy equalweight outperform market perform outperform hold outperform buy Overwt/In-Line Buy/Neutral buy hold buy overweight hold underweight

Amt Held 44'378'334 35'252'875 34'219'216 34'047'399 30'014'056 20'637'514 18'875'169 13'058'253 11'305'400 11'269'026 10'350'930 10'278'392 10'170'897 9'906'785 8'806'865 8'364'157 7'471'875 7'406'690 6'496'606 6'206'976

% Out 5.91 4.69 4.55 4.53 3.99 2.75 2.51 1.74 1.5 1.5 1.38 1.37 1.35 1.32 1.17 1.11 0.99 0.99 0.86 0.83

Weighting

Change

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

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

Latest Chg 6'128'875 (3'279'503) 320'521 568'291 917'250 (90'152) 48'371 (1'394'203) (13'073) (98'211) 83'112 2'486'404 950'930 1'200'777 (883'499) 558'064 (844'090) (565'369) (654'013)

Target Price 85 85 80 82 75 81 85 #N/A N/A 80 75 82 80 84 81 70 82 #N/A N/A 80 #N/A N/A 85 84 77 84 80 74 79 65 #N/A N/A #N/A N/A

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

File Dt 30.06.2013 25.09.2013 30.06.2013 30.06.2013 26.09.2013 31.07.2013 05.08.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 31.07.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013

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

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

Date 26.09.2013 26.09.2013 24.09.2013 23.09.2013 23.09.2013 20.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 17.09.2013 17.09.2013 17.09.2013 17.09.2013 16.09.2013 11.09.2013 04.09.2013 26.08.2013 01.08.2013 30.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 15.01.2013

27.09.2013

Schlumberger Ltd Schlumberger Limited is an oil services company. The Company, through its subsidiaries, provides a wide range of services, including technology, project management and information solutions to the international petroleum industry as well as advanced acquisition and data processing surveys.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SLB UN EQUITY YTD Change SLB UN EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 89.72 66.86 265'864.00 88.6 -1.21% 32.52% 96.11% 1'323.2 117'234.03 11'630.00 0.0 107.0 6'274.00 123'404.03

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

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 27'162.9 1.92x 8'966.9 5.82x 5'434.8 9.41x

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

31.12.2009 31.12.2010 22'702.0 27'447.0 3.47x 4.26x 6'596.0 7'133.0 11.94x 16.40x 3'134.0 4'267.0 23.41x 30.05x Profitability

LTM-4Q 31.12.2011 36'959.0 2.61x 9'794.0 9.84x 4'997.0 18.91x

31.12.2012 42'149.0 2.31x 11'020.0 8.85x 5'490.0 16.64x 11'020.00 7'520.00 17.84% 17.06% 10.21% 17.61% 13.98% 0.73% 21.6% 26.1% 17.9% 13.0% 1.95 1.43 18.90% 33.47% 3.95 7.05

Price/ Cash Flow

LTM

06/yy 40'106.0 9.35x 10'642.0 8.76x 5'419.0 16.09x

06/yy 43'632.0 9.31x 11'405.0 8.85x 6'140.0 16.43x

FY+1

.0 M s-13

1.33 1.40 1'319.85 16.58 22.91% 29.41% 1.401 36 4.667 1'989'584 1'561'894 1'640'915 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 45'569.8 50'283.5 11'588.3 12'135.6 2.66x 2.35x 10.63x 10.08x 12'400.9 14'163.9 3'212.2 3'415.4 9.93x 8.69x 9.20x 8.89x 6'319.5 7'587.2 1'658.7 1'794.4 18.66x 15.43x 16.79x 15.98x S&P Issuer Ratings

11.12.2002 A+ STABLE 11.12.2002 A-1 32.41 18.60 0.53 1.05 33.5% 25.0% 0.73 3.07 92.35 51.79 80.75 54.51

Sales/Revenue/Turnover

25.00

45'000.0 40'000.0

20.00

35'000.0 30'000.0

15.00

25'000.0 20'000.0

10.00

15'000.0 10'000.0

5.00

5'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Schlumberger Ltd Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP CAPITAL GROUP COMPAN DODGE & COX BANK OF NEW YORK MEL JP MORGAN T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO FMR LLC SANDS CAPITAL MANAGE THORNBURG INVESTMENT SUN LIFE FINANCIAL I BANK OF AMERICA CORP MANNING & NAPIER ADV ABERDEEN NORGES BANK GOLDMAN SACHS GROUP FRANKLIN RESOURCES UBS AG

Firm Name Edward Jones Cowen and Company Sanford C. Bernstein & Co UBS ISI Group Guggenheim Securities LLC Societe Generale Jefferies Stephens Inc BMO Capital Markets Barclays Macquarie JPMorgan Capital One Southcoast, Inc. Susquehanna Financial Group RBC Capital Markets Ameriprise Advisor Services, Inc Argus Research Corp RS Platou Markets Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse Howard Weil Inc William Blair & Co Raymond James HSBC Sterne, Agee & Leach Global Hunter Securities Wells Fargo Securities, LLC FBR Capital Markets Johnson Rice & Co EVA Dimensions S&P Capital IQ Tudor Pickering & Co Oracle Investment Research

Portfolio Name n/a n/a n/a n/a DODGE & COX BANK OF NEW YORK MEL n/a T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO n/a SANDS CAPITAL MANAGE THORNBURG INVESTMENT n/a BANK OF AMERICA MANNING & NAPIER ADV n/a NORGES BANK n/a n/a n/a

Analyst ROB DESAI JAMES D CRANDELL SCOTT GRUBER ANGELINE M SEDITA JUDSON E BAILEY Michael K LaMotte EDWARD C MUZTAFAGO BRAD HANDLER MICHAEL MARINO ALAN D LAWS JAMES C WEST NIGEL BROWNE J DAVID ANDERSON LUKE M LEMOINE CHARLES P MINERVINO KURT HALLEAD LEZE THAQI JONATHAN GELCIUS TURNER HOLM MICHAEL W URBAN OLE SLORER WAQAR SYED JAMES WICKLUND WILLIAM SANCHEZ BRANDON DOBELL J MARSHALL ADKINS DAVID PHILLIPS STEPHEN D GENGARO BRIAN UHLMER MATTHEW D CONLAN MEGAN REPINE DANIEL BURKE CRAIG STERLING STEWART GLICKMAN JEFF TILLERY LAURENCE BALTER

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

Recommendation buy outperform outperform buy strong buy buy buy buy overweight outperform overweight outperform overweight add Positive outperform buy buy buy buy Overwt/In-Line buy/attractive neutral focus list market perform outperform overweight buy buy outperform outperform equalweight underweight hold buy strong buy

Amt Held 82'892'806 63'681'041 54'890'834 51'287'531 39'663'243 29'841'215 27'275'516 22'323'994 21'347'792 18'083'636 14'986'234 14'504'617 13'416'560 13'246'003 12'916'255 12'128'065 12'026'446 11'374'835 10'925'120 10'451'910

% Out 6.26 4.81 4.15 3.88 3 2.26 2.06 1.69 1.61 1.37 1.13 1.1 1.01 1 0.98 0.92 0.91 0.86 0.83 0.79

Weighting

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

Latest Chg 1'989'058 1'842'256 (224'585) (4'973'763) 5'424'699 1'558'301 3'231'500 (3'254'700) 29'189 (4'523'058) 297'910 (894'516) 1'517'935 2'457'923 172'891 2'936'400 (781'143) 2'155'358 (1'040'075)

Target Price #N/A N/A 105 97 98 98 100 94 97 99 97 123 100 105 101 96 95 #N/A N/A 92 100 93 95 100 87 93 #N/A N/A 87 96 93 97 #N/A N/A 93 #N/A N/A #N/A N/A 81 #N/A N/A 95

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

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

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

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

Date 26.09.2013 26.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 16.09.2013 16.09.2013 16.09.2013 15.09.2013 13.09.2013 12.09.2013 11.09.2013 03.09.2013 28.08.2013 15.08.2013 25.07.2013 23.07.2013 23.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 19.07.2013 15.07.2013 25.04.2013 20.04.2013 20.09.2012 12.09.2012 20.07.2012

27.09.2013

Southern Co/The The Southern Company is a public utility holding company. The Company, through its subsidiaries, generates, wholesales, and retails electricity in the southeastern United States. The Company also offers wireless telecommunications services, and provides businesses with two-way radio, telephone, paging, and Internet access services as well as wholesales fiber optic solutions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (05.09.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SO UN EQUITY YTD Change SO UN EQUITY YTD % CHANGE

12/2012 06/yy 48.74 40.64 141'681.00 41.33 -15.29% 1.70% 10.99% 873.9 36'118.42 22'434.00 1'082.0 0.0 628.00 60'440.42

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

31.12.2009 31.12.2010 15'743.0 17'456.0 3.02x 3.07x 5'258.0 5'633.0 9.05x 9.52x 1'708.0 2'040.0 14.44x 16.20x Profitability

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

LTM-4Q 31.12.2011 17'657.0 3.46x 6'279.0 9.72x 2'268.0 18.15x

31.12.2012 16'537.0 3.63x 6'589.0 9.11x 2'415.0 16.18x 6'589.00 4'444.00 26.87% 22.67% 2.89% 9.61% 5.60% 0.27% 66.1% 39.8% 26.7% 14.6% 0.88 0.33 35.53% 122.61% 8.70 2.25

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 16'909.0 14.30x 6'232.0 10.09x 2'233.0 19.29x

f-13 m-13

06/yy 16'895.0 14.76x 6'730.0 9.34x 1'802.0 16.37x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

4.78 0.56 873.61 17.06 -5.98% -0.21% 0.562 24 2.917 1'198'885 1'113'677 1'034'160 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 17'254.6 18'043.9 5'371.0 3'831.8 3.54x 3.51x 11.25x 15.93x 6'089.3 6'728.1 2'242.7 1'190.3 9.93x 8.99x 9.67x 9.57x 2'254.3 2'524.3 1'002.8 378.8 15.11x 14.56x 14.97x 14.72x S&P Issuer Ratings

21.12.2000 A NEG 21.12.2000 A-1 7.67 1.90 3.44 3.51 122.6% 53.7% 0.27 41.97 162.10 85.65 117.50

Sales/Revenue/Turnover

9.00

20'000.0

8.00

18'000.0

7.00

16'000.0 14'000.0

6.00

12'000.0

5.00 4.00

10'000.0 8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 01.01.2010

4.0 M

Fiscal Year Ended 31.12.2008 17'127.0 2.79x 5'210.0 9.18x 1'807.0 15.68x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Southern Co/The Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP FRANKLIN RESOURCES NORTHERN TRUST CORPO CAPITAL GROUP COMPAN BANK OF NEW YORK MEL FEDERATED INVESTORS WELLS FARGO & COMPAN GEODE CAPITAL MANAGE UBS AG PICTET FUNDS LEGAL & GENERAL NORGES BANK DEUTSCHE BANK AG JP MORGAN APG ALL PENSIONS GRO BANK OF AMERICA CORP CAISSE DE DEPOT ET P MORGAN STANLEY

Firm Name SunTrust Robinson Humphrey ISI Group Edward Jones BGC Partners Macquarie RBC Capital Markets Wells Fargo Securities, LLC BMO Capital Markets Credit Suisse Argus Research Corp UBS Ameriprise Advisor Services, Inc Deutsche Bank Goldman Sachs Hilliard Lyons Jefferies Barclays Drexel Hamilton LLC KeyBanc Capital Markets Atlantic Equities LLP Wolfe Research EVA Dimensions

Portfolio Name n/a n/a n/a n/a NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL FEDERATED INVESTORS n/a GEODE CAPITAL MANAGE n/a n/a n/a NORGES BANK n/a n/a APG ALL PENSIONS GRO BANK OF AMERICA CAISSE DE DEPOT ET P n/a

Analyst ALI AGHA GREG GORDON ANDREW PUSATERI KIT KONOLIGE ANGIE STOROZYNSKI SHELBY G TUCKER NEIL A KALTON MICHAEL S WORMS DANIEL EGGERS MICHAEL BURKE JULIEN DUMOULIN-SMITH LEZE THAQI JONATHAN ARNOLD MICHAEL J LAPIDES DAVID B BURKS PAUL B FREMONT DANIEL F FORD ANDREW L SMITH PAUL T RIDZON NATHAN JUDGE STEVEN I FLEISHMAN AUSTIN BURKETT

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

Recommendation neutral neutral sell hold neutral outperform outperform market perform underperform hold neutral buy hold Sell/Neutral neutral hold equalweight hold hold underweight peerperform sell

Amt Held 45'936'750 42'408'063 42'398'092 23'870'526 13'021'735 11'169'700 10'468'813 9'185'766 7'394'713 5'984'478 5'619'337 5'409'501 4'741'766 4'469'108 4'225'281 4'107'408 4'076'127 3'931'622 3'759'800 3'335'859

% Out 5.26 4.85 4.85 2.73 1.49 1.28 1.2 1.05 0.85 0.68 0.64 0.62 0.54 0.51 0.48 0.47 0.47 0.45 0.43 0.38

Weighting

Change 3 3 1 3 3 5 5 3 1 3 3 5 3 1 3 3 3 3 3 1 3 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 494'682 585'733 (80'352) 1'845'038 151'970 (388'111) 1'224'622 325'237 96'610 (243'481) (379) 356'482 264'161 (158'618) 859'343 (104'215) 815'600 39'635

Target Price 43 45 #N/A N/A #N/A N/A 45 49 #N/A N/A 45 48 #N/A N/A 46 #N/A N/A 46 41 #N/A N/A 47 49 46 #N/A N/A 41 47 #N/A N/A

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

File Dt 25.09.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 16.07.2013 31.07.2013 31.12.2012 31.07.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013

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

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

Date 23.09.2013 19.09.2013 16.09.2013 16.09.2013 03.09.2013 30.08.2013 26.08.2013 20.08.2013 13.08.2013 07.08.2013 05.08.2013 05.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 15.01.2013

27.09.2013

Simon Property Group Inc Simon Property Group, Inc. is a self-administered and self-managed, real estate investment trust. The Company owns, develops, and manages retail real estate properties including regional malls, outlet centers, community/lifestyle centers, and international properties.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (05.09.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SPG UN EQUITY YTD Change SPG UN EQUITY YTD % CHANGE

12/2012 06/yy 182.45 142.48 50'381.00 150.25 -17.76% 5.45% 21.99% 310.3 46'585.29 23'113.01 39.8 1'160.5 1'184.52 69'368.45

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

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

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 3'783.2 8.13x 2'553.0 12.04x 463.6 25.92x

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

31.12.2009 31.12.2010 3'775.2 3'957.6 10.16x 11.81x 2'630.0 2'799.2 14.59x 16.70x 309.4 617.0 40.60x 27.89x Profitability

LTM-4Q 31.12.2011 4'306.4 13.18x 3'015.6 18.82x 1'024.8 37.05x

31.12.2012 4'880.1 14.78x 3'491.0 20.66x 1'434.5 33.49x 3'490.98 2'220.60 22.41% 35.56% 3.74% 20.40% 4.74% 0.16% 71.7% 29.4% 70.93% 393.70% -

Price/ Cash Flow

06/yy 4'552.7 54.07x 3'207.6 22.17x 1'501.1 30.76x

LTM 06/yy 5'024.7 57.25x 3'601.8 20.09x 1'196.7 40.91x

FY+1

.0 M s-13

2.96 0.97 308.35 5.48 1.73% -2.95% 0.969 28 4.571 565'467 504'327 456'251 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'185.4 5'435.7 1'301.4 1'405.8 13.79x 13.15x 57.53x 51.61x 3'904.4 4'131.0 976.3 1'065.1 17.79x 16.81x 17.18x 16.82x 1'262.8 1'383.8 289.5 352.0 37.26x 35.01x 37.82x 35.99x S&P Issuer Ratings

16.05.2013 A STABLE 3.04 -0.91 5.99 6.30 393.7% 76.6% 0.16 -

Sales/Revenue/Turnover

25.00

6'000.0 5'000.0

20.00

4'000.0 15.00

3'000.0 10.00

2'000.0

5.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Simon Property Group Inc Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK COHEN & STEERS CAPIT FMR LLC STATE STREET CORP INVESCO LTD MORGAN STANLEY DAIWA SECURITIES GRO APG ASSET MANAGEMENT CBRE GROUP INC BANK OF NEW YORK MEL LASALLE INVESTMENT M NORTHERN TRUST CORPO DEUTSCHE BANK AG PGGM VERMOGENSBEHEER T ROWE PRICE ASSOCIA MIZUHO FINANCIAL GRO JP MORGAN PRINCIPAL FINANCIAL NUVEEN ASSET MANAGEM

Firm Name Cowen and Company Stifel Credit Suisse SunTrust Robinson Humphrey Janney Montgomery Scott LLC Jefferies Imperial Capital LLC Goldman Sachs UBS Edward Jones ISI Group BMO Capital Markets Deutsche Bank Barclays Argus Research Corp Raymond James Sandler O'Neill & Partners, LP Wells Fargo Securities, LLC EVA Dimensions Morgan Stanley RBC Capital Markets Hilliard Lyons JPMorgan Evercore Partners S&P Capital IQ

Portfolio Name n/a n/a COHEN & STEERS CAPIT n/a n/a n/a n/a DAIWA SECURITIES GRO APG ASSET MANAGEMENT n/a BANK OF NEW YORK MEL LASALLE INVESTMENT M NORTHERN TRUST CORPO n/a PGGM VERMOGENSBEHEER T ROWE PRICE ASSOCIA n/a n/a n/a NUVEEN ASSET MANAGEM

Analyst JAMES W SULLIVAN NATHAN ISBEE DAN OPPENHEIM KI BIN KIM MICHAEL P GORMAN OMOTAYO T OKUSANYA II DAVID HARRIS ANDREW ROSIVACH ROSS T NUSSBAUM JIM SHANAHAN STEVE SAKWA PAUL E ADORNATO VINCENT CHAO ROSS L SMOTRICH MICHAEL BURKE RICHARD J MILLIGAN ALEXANDER D GOLDFARB JEFFREY J DONNELLY AUSTIN BURKETT HAENDEL ST. JUSTE RICHARD C MOORE CAROL L KEMPLE MICHAEL W MUELLER BENJAMIN YANG ROBERT MCMILLAN

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

Recommendation outperform buy neutral buy buy buy in-line Buy/Neutral buy hold buy outperform buy overweight buy outperform buy outperform overweight Equalwt/Attractive outperform neutral overweight equalweight strong buy

Amt Held 36'807'323 23'336'630 21'988'540 14'486'544 13'565'081 10'531'957 10'305'457 9'409'894 6'624'030 6'053'287 5'971'339 5'943'715 5'777'647 5'401'961 5'202'903 4'973'118 4'481'279 3'820'242 3'485'803 3'215'991

% Out 11.86 7.52 7.09 4.67 4.37 3.39 3.32 3.03 2.13 1.95 1.92 1.92 1.86 1.74 1.68 1.6 1.44 1.23 1.12 1.04

Weighting

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

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

Latest Chg 148'400 (627'328) (416'167) 1'204'186 403'848 2'455'043 (64'328) (366'566) (237'106) (222'454) 139'537 44'894 26'260 102'974 (400'000) (56'599) 1'016'273 71'871 (297'964) (42'014)

Target Price 177 175 165 185 165 173 172 193 192 #N/A N/A 169 175 189 167 190 175 198 #N/A N/A #N/A N/A 180 200 #N/A N/A 190 171 194

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

File Dt Inst Type 30.06.2013 Unclassified 25.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 26.09.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Holding Company 30.06.2013 Pension Fund (ERISA) 30.08.2013 Corporation 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.08.2013 Bank 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 27.09.2013 25.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 18.09.2013 17.09.2013 06.09.2013 06.09.2013 06.09.2013 23.08.2013 09.08.2013 01.08.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013

27.09.2013

AT&T Inc AT&T Inc. is a communications holding company. The Company, through its subsidiaries and affiliates, provides local and long-distance phone service, wireless and data communications, Internet access and messaging, IP-based and satellite television, security services, telecommunications equipment, and directory advertising and publishing.

Price/Volume 45

30.0 M

25.0 M

35 30

20.0 M

12/2012 06/yy 39.00 32.71 855'564.00 34.02 -12.87% 4.00% 24.17% 5'311.0 180'680.22 69'844.00 0.0 333.0 4'868.00 251'640.22

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

10.0 M

5.0 M

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 124'028.0 1.94x 42'946.0 5.62x 12'867.0 12.28x

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (09.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance T UN EQUITY YTD Change T UN EQUITY YTD % CHANGE

31.12.2009 31.12.2010 122'513.0 124'280.0 1.91x 1.92x 40'515.0 39'037.0 5.78x 6.11x 12'138.0 19'864.0 13.18x 12.95x Profitability

LTM-4Q 31.12.2011 126'723.0 1.82x 30'505.0 7.56x 3'944.0 12.39x

31.12.2012 127'434.0 1.99x 31'140.0 8.14x 7'264.0 14.62x 31'140.00 12'997.00 10.20% 8.19% 2.71% 7.71% 6.11% 0.47% 56.7% 23.8% 9.5% 5.7% 0.71 0.55 25.65% 75.62% 10.22 -

Price/ Cash Flow

LTM

FY+1

.0 M s-13

5.26 0.77 5'306.95 121.57 -5.95% 4.77% 0.773 39 3.410 6'768'041 4'934'705 4'642'528 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 127'378.0 127'468.0 128'725.7 131'210.9 32'201.1 33'120.8 7.67x 8.31x 1.98x 1.95x 7.83x 7.66x 31'323.0 30'316.0 41'180.2 42'984.9 10'653.5 9'364.7 8.61x 8.57x 6.10x 5.85x 5.98x 5.92x 4'431.0 7'300.0 13'528.0 14'207.9 3'571.9 2'640.6 13.85x 14.97x 13.72x 12.66x 13.24x 12.99x S&P Issuer Ratings Long-Term Rating Date 06.12.2010 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 06.12.2010 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 8.40 (EBITDA-Capex)/Interest Exp. 3.15 Net Debt/EBITDA 2.33 Total Debt/EBITDA 2.48 Reference Total Debt/Equity 75.6% Total Debt/Capital 43.0% Asset Turnover 0.47 Net Fixed Asset Turnover 1.17 Accounts receivable turnover-days 35.70 Inventory Days Accounts Payable Turnover Day 116.27 Cash Conversion Cycle Sales/Revenue/Turnover

6.00

140'000.0

5.00

120'000.0 100'000.0

4.00

80'000.0 3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

AT&T Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP EVERCORE TRUST COMPA CAPITAL GROUP COMPAN NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA NORGES BANK GEODE CAPITAL MANAGE DIMENSIONAL FUND ADV UBS AG BARROW HANLEY MEWHIN BANK OF AMERICA CORP JP MORGAN STATE FARM MUTUAL AU FRANKLIN RESOURCES WELLS FARGO & COMPAN SUN LIFE FINANCIAL I LEGAL & GENERAL

Firm Name Deutsche Bank Argus Research Corp Evercore Partners S&P Capital IQ Barclays Stifel Canaccord Genuity Corp Oppenheimer & Co Wells Fargo Securities, LLC Cowen and Company Morgan Stanley Credit Suisse Pacific Crest Securities Robert W. Baird & Co Raymond James Macquarie Nomura New Street Research BMO Capital Markets FBR Capital Markets JPMorgan HSBC RBC Capital Markets William Blair & Co Ameriprise Advisor Services, Inc Edward Jones Independent Research GmbH Atlantic Equities LLP Hilliard Lyons Jefferies Scotia Capital Telsey Advisory Group EVA Dimensions Goldman Sachs Gabelli & Co UBS Piper Jaffray Tigress Financial Partners Wedge Partners Janco Partners Inc

Portfolio Name n/a n/a n/a EVERCORE TRUST COMPA n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA NORGES BANK GEODE CAPITAL MANAGE n/a n/a BARROW HANLEY MEWHIN BANK OF AMERICA n/a STATE FARM MUTUAL AU n/a n/a n/a n/a

Analyst BRETT FELDMAN JOSEPH F BONNER JONATHAN SCHILDKRAUT JAMES G MOORMAN AMIR ROZWADOWSKI CHRISTOPHER C KING GREGORY MILLER TIMOTHY K HORAN JENNIFER M FRITZSCHE COLBY SYNESAEL SIMON FLANNERY JOSEPH MASTROGIOVANNI MICHAEL BOWEN WILLIAM V POWER FRANK G LOUTHAN KEVIN SMITHEN ADAM ILKOWITZ JONATHAN CHAPLIN KEVIN MANNING DAVID DIXON PHILIP CUSICK RICHARD DINEEN JONATHAN ATKIN JAMES D BREEN JR JUSTIN H BURGIN DAVID HEGER MARKUS FRIEBEL CHRISTOPHER WATTS DAVID B BURKS THOMAS O SEITZ JEFFREY FAN JAISON BLAIR ANDREW S ZAMFOTIS JASON ARMSTRONG SERGEY DLUZHEVSKIY JOHN C HODULIK CHRISTOPHER M LARSEN IVAN FEINSETH BRIAN BLAIR GERARD HALLAREN

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

Recommendation hold buy equalweight hold equalweight hold hold outperform outperform market perform Equalwt/In-Line outperform sector perform neutral market perform neutral buy neutral market perform market perform overweight overweight sector perform market perform buy buy sell neutral buy hold sector underperform no rating system hold neutral/neutral hold neutral overweight underperform no rating system buy

Amt Held 291'814'957 254'682'385 236'691'055 232'820'447 131'553'606 77'328'866 75'778'353 60'835'198 41'221'593 37'195'655 33'404'081 33'102'731 31'915'277 31'846'940 30'826'499 29'793'395 28'575'380 27'938'466 27'280'504 27'242'744

% Out 5.49 4.8 4.46 4.38 2.48 1.46 1.43 1.15 0.78 0.7 0.63 0.62 0.6 0.6 0.58 0.56 0.54 0.53 0.51 0.51

Weighting

Change

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

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

Latest Chg (11'886'028) (3'152'363) (382'103) (1'782'810) (16'412'652) (1'555'671) (9'264'877) (11'421'673) (28'021) 455'950 820'981 1'481'316 (908'629) (5'558'793) (229'653) 290'639 (2'581'341) 997'764

Target Price 35 42 36 40 38 #N/A N/A 35 42 #N/A N/A 39 #N/A N/A 38 #N/A N/A 36 #N/A N/A 36 38 32 34 39 38 39 38 #N/A N/A #N/A N/A #N/A N/A 34 39 38 38 36 38 #N/A N/A 38 #N/A N/A 36 42 #N/A N/A #N/A N/A 44

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

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

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

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

Date 27.09.2013 25.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 16.09.2013 16.09.2013 12.09.2013 04.09.2013 07.08.2013 05.08.2013 01.08.2013 29.07.2013 29.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 19.07.2013 11.06.2013 07.06.2013 14.05.2013 25.03.2013 26.11.2012 26.07.2012

27.09.2013

Target Corp Target Corporation operates general merchandise discount stores in the United States. The Company's merchandising operations include general merchandise and food discount stores and a fully integrated online business. Target also offers credit to qualified applicants through its branded proprietary credit cards.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.07.2013) 52-Week Low (02.01.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TGT UN EQUITY YTD Change TGT UN EQUITY YTD % CHANGE

01/2013 08/yy 73.50 58.01 228'848.00 64.08 -12.82% 10.46% 34.60% 631.1 40'442.49 17'648.00 0.0 0.0 784.00 53'912.49

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

4.0 M

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 s-12

31.01.2010 31.01.2011 65'357.0 67'390.0 0.81x 0.78x 6'696.0 7'336.0 7.88x 7.13x 2'488.0 2'920.0 15.54x 14.08x Profitability

LTM-4Q 31.01.2012 69'865.0 0.72x 7'453.0 6.73x 2'929.0 11.47x

31.01.2013 73'301.0 0.77x 7'352.0 7.66x 2'999.0 14.02x 7'352.00 5'210.00 7.11% 6.29% 5.92% 16.96% 10.73% 1.61% 31.0% 9.5% 6.6% 4.1% 1.17 0.47 36.64% 106.58% 26.53 6.31

Price/ Cash Flow

n-12

d-12

j-13

LTM

07/yy 71'336.0 3.06x 7'466.0 7.67x 2'937.0 13.63x

f-13 m-13

08/yy 73'478.0 3.15x 6'981.0 8.39x 2'707.0 19.86x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

2.36 0.72 629.33 17.87 3.11% 10.18% 0.722 28 3.786 1'082'324 1'179'217 1'042'954 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 10/13 Q3 01/14 Q4 73'737.2 77'793.5 17'451.6 22'479.7 0.74x 0.71x 3.13x 2.40x 6'844.8 7'645.0 1'371.6 2'176.8 7.86x 7.04x 7.51x 7.35x 2'517.5 3'044.6 411.1 924.8 15.84x 12.87x 14.74x 14.35x S&P Issuer Ratings

20.11.2007 A+ STABLE 04.08.2000 A-1 9.50 5.26 1.93 2.08 106.6% 51.6% 1.61 2.40 13.99 58.79 48.69 36.76

Sales/Revenue/Turnover

10.00

80'000.0

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00 5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 05.02.2010

o-12

Fiscal Year Ended 31.01.2009 64'948.0 0.64x 6'228.0 6.64x 2'214.0 10.91x

0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

05.08.2013

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

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

27.09.2013

Target Corp Holdings By:

All

Holder Name STATE STREET CORP VANGUARD GROUP INC BLACKROCK SUN LIFE FINANCIAL I WELLINGTON MANAGEMEN BARROW HANLEY MEWHIN FMR LLC JP MORGAN BROWN BROTHERS HARRI BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO WELLS FARGO & COMPAN BANK OF AMERICA CORP GRANTHAM MAYO VAN OT FRANKLIN RESOURCES MAGELLAN ASSET MANAG NORGES BANK MORGAN STANLEY ALLIANZ ASSET MANAGE

Firm Name Stifel Edward Jones ISI Group Robert W. Baird & Co Credit Suisse EVA Dimensions Tigress Financial Partners Piper Jaffray Goldman Sachs Janney Montgomery Scott LLC Cowen and Company Argus Research Corp Daiwa Securities Co. Ltd. BMO Capital Markets UBS JPMorgan Jefferies William Blair & Co Buckingham Research Group MKM Partners Telsey Advisory Group Deutsche Bank Wells Fargo Securities, LLC Susquehanna Financial Group Barclays Erste Group S&P Capital IQ Fincorp SAOG Gilford Securities

Portfolio Name n/a n/a n/a n/a WELLINGTON MANAGEMEN BARROW HANLEY MEWHIN n/a n/a BROWN BROTHERS HARRI BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO n/a BANK OF AMERICA GRANTHAM MAYO VAN OT n/a MAGELLAN ASSET MANAG NORGES BANK n/a n/a

Analyst DAVID A SCHICK BRIAN YARBROUGH GREGORY MELICH PETER S BENEDICT MICHAEL B EXSTEIN CRAIG STERLING IVAN FEINSETH SEAN NAUGHTON MATTHEW J FASSLER DAVID S STRASSER FAYE LANDES CHRISTOPHER GRAJA KAHORI TAMADA WAYNE HOOD JASON DERISE CHRISTOPHER HORVERS DANIEL T BINDER MARK R MILLER JOHN M ZOLIDIS PATRICK G MCKEEVER JR JOSEPH I FELDMAN PAUL TRUSSELL MATTHEW NEMER ROBERT SUMMERS ROBERT S DRBUL HANS ENGEL IAN GORDON GAURAV RAMAIYA BERNARD SOSNICK

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

Recommendation hold buy buy neutral neutral overweight buy overweight neutral/neutral neutral market perform hold neutral outperform neutral neutral hold underperform neutral buy no rating system hold outperform neutral overweight buy strong buy hold hold

Amt Held 61'174'558 33'530'064 32'496'674 25'594'392 18'823'657 18'335'613 14'658'942 13'057'395 11'826'538 11'381'234 10'334'905 9'914'637 9'630'282 8'562'921 7'901'485 6'772'432 6'605'059 5'785'050 4'983'146 4'731'299

% Out 9.69 5.31 5.15 4.06 2.98 2.91 2.32 2.07 1.87 1.8 1.64 1.57 1.53 1.36 1.25 1.07 1.05 0.92 0.79 0.75

Weighting

Change

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

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

Latest Chg 849'361 251'907 325'858 111'491 (2'143'578) 4'658'416 (707'777) (490'364) 522'786 (163'843) 45'037 (62'494) 181'855 (430'212) (1'982'503) (343'511) 917'090 49'992 1'267'505

Target Price #N/A N/A #N/A N/A 70 68 62 #N/A N/A #N/A N/A 73 71 67 66 #N/A N/A 68 80 66 72 64 #N/A N/A 61 74 67 69 #N/A N/A 71 75 #N/A N/A 81 55 #N/A N/A

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

File Dt Inst Type 26.09.2013 Investment Advisor 30.06.2013 Unclassified 25.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 31.12.2012 Government 29.08.2013 Investment Advisor 31.08.2013 Investment Advisor

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

Date 24.09.2013 16.09.2013 16.09.2013 13.09.2013 11.09.2013 10.09.2013 10.09.2013 09.09.2013 08.09.2013 06.09.2013 03.09.2013 28.08.2013 28.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 01.07.2013 22.05.2013 17.11.2011 31.05.2011

27.09.2013

Time Warner Inc Time Warner Inc. is a media and entertainment company. The Company's businesses include cable television networks that provide programming, feature films, television and home video production and distribution, and magazine publishing.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.08.2013) 52-Week Low (05.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TWX UN EQUITY YTD Change TWX UN EQUITY YTD % CHANGE

12/2012 06/yy 66.01 42.61 397'416.00 65.85 -0.15% 54.54% 95.13% 920.0 60'582.41 19'871.00 0.0 1.0 2'841.00 77'966.40

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

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 s-12

31.12.2009 31.12.2010 25'388.0 26'888.0 1.78x 1.79x 5'748.0 6'413.0 7.86x 7.52x 2'477.0 2'578.0 15.02x 12.97x Profitability

LTM-4Q 31.12.2011 28'974.0 1.77x 6'877.0 7.45x 2'886.0 12.37x

31.12.2012 28'729.0 2.14x 7'106.0 8.67x 3'019.0 14.24x 7'106.00 6'214.00 21.63% 15.81% 5.29% 11.81% 8.91% 0.44% 44.5% 25.8% 22.8% 10.5% 1.35 1.04 29.09% 66.51% 4.37 8.01

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 28'984.0 7.04x 6'836.0 7.90x 2'591.0 13.11x

f-13 m-13

06/yy 29'380.0 8.95x 7'589.0 9.32x 3'497.0 15.18x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

1.66 0.97 865.83 14.78 48.12% 39.76% 0.974 31 4.548 1'255'870 955'418 1'000'035 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 29'794.3 30'814.7 6'933.6 8'497.6 2.58x 2.47x 10.96x 8.89x 7'580.8 8'156.1 1'827.8 2'345.2 10.29x 9.56x 9.97x 9.72x 3'519.8 3'905.0 828.2 1'174.0 17.57x 15.30x 16.51x 15.81x S&P Issuer Ratings

27.03.2009 BBB STABLE 21.05.2008 A-2 5.23 4.75 2.29 2.56 66.5% 39.9% 0.44 7.72 83.51 45.59 14.78 -44.00

Sales/Revenue/Turnover

18.00

50'000.0

16.00

45'000.0

14.00

40'000.0 35'000.0

12.00

30'000.0

10.00 8.00

25'000.0 20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 26'516.0 2.27x 5'541.0 10.88x (13'402.0) 18.98x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Time Warner Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK JP MORGAN VANGUARD GROUP INC DODGE & COX STATE STREET CORP FMR LLC VIKING GLOBAL INVEST WELLINGTON MANAGEMEN T ROWE PRICE ASSOCIA SUN LIFE FINANCIAL I BANK OF NEW YORK MEL INSTITUTIONAL CAPITA NORTHERN TRUST CORPO COATUE MANAGEMENT LL ALLIANZ ASSET MANAGE DIMENSIONAL FUND ADV NORGES BANK FIDUCIARY MANAGEMENT LONGVIEW PARTNERS (G

Firm Name Wells Fargo Securities, LLC Lazard Capital Markets Sanford C. Bernstein & Co Stifel Morgan Stanley S&P Capital IQ BMO Capital Markets Sterne, Agee & Leach ISI Group Macquarie Cowen and Company Needham & Co Atlantic Equities LLP Edward Jones Wunderlich Securities Wedbush Deutsche Bank Argus Research Corp RBC Capital Markets Credit Suisse B Riley & Co Barrington Research Evercore Partners Telsey Advisory Group Goldman Sachs UBS JPMorgan Janney Montgomery Scott LLC Wedge Partners EVA Dimensions Gabelli & Co

Portfolio Name n/a n/a n/a n/a DODGE & COX n/a n/a VIKING GLOBAL INVEST WELLINGTON MANAGEMEN T ROWE PRICE ASSOCIA n/a BANK OF NEW YORK MEL INSTITUTIONAL CAPITA NORTHERN TRUST CORPO COATUE MANAGEMENT LL n/a n/a NORGES BANK FIDUCIARY MANAGEMENT LONGVIEW PARTNERS (G

Analyst MARCI RYVICKER BARTON CROCKETT TODD JUENGER DREW E CRUM BENJAMIN SWINBURNE TUNA AMOBI DANIEL SALMON VASILY KARASYOV VIJAY JAYANT TIMOTHY W NOLLEN DOUGLAS CREUTZ LAURA A MARTIN HAMILTON FABER ROBIN DIEDRICH MATTHEW HARRIGAN JAMES G DIX DOUGLAS D MITCHELSON JOSEPH F BONNER DAVID BANK MICHAEL SENNO DAVID W MILLER JAMES C GOSS ALAN GOULD JAISON BLAIR DREW BORST JOHN JANEDIS ALEXIA S QUADRANI TONY WIBLE MARTIN PYYKKONEN CRAIG STERLING BRETT HARRISS

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

Recommendation outperform buy market perform buy Overwt/Attractive buy market perform buy buy outperform outperform hold overweight buy buy outperform buy buy outperform outperform neutral outperform overweight no rating system buy/attractive buy overweight neutral no rating system buy hold

Amt Held 75'114'562 53'535'995 50'603'793 41'196'951 37'691'644 37'379'997 27'676'900 26'511'363 25'496'238 16'998'802 14'176'783 13'817'264 13'532'684 12'464'926 11'874'982 9'347'280 9'316'194 9'297'800 8'367'196 8'020'132

% Out 8.16 5.82 5.5 4.48 4.1 4.06 3.01 2.88 2.77 1.85 1.54 1.5 1.47 1.35 1.29 1.02 1.01 1.01 0.91 0.87

Weighting

Change

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

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

Latest Chg (770'308) 3'160'130 (554'791) (3'640'494) 1'008'959 (437'235) 4'147'269 (5'925'129) (1'895'178) 7'120'197 109'490 (926'970) (26'492) (27'293) 4'627'739 (48'168) 379'175 (796'829)

Target Price #N/A N/A 75 67 72 72 70 65 73 71 74 72 #N/A N/A 73 #N/A N/A 83 69 69 77 70 71 67 73 70 74 71 72 75 70 #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 30.06.2013 Investment Advisor 25.09.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 26.09.2013 22.09.2013 20.09.2013 20.09.2013 19.09.2013 12.09.2013 11.09.2013 10.09.2013 10.09.2013 04.09.2013 29.08.2013 28.08.2013 22.08.2013 21.08.2013 20.08.2013 19.08.2013 13.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 15.07.2013 13.05.2013 08.03.2013

27.09.2013

Texas Instruments Inc Texas Instruments Incorporated is a global semiconductor company that designs 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 45

8.0 M

7.0 M

6.0 M

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TXN UW EQUITY YTD Change TXN UW EQUITY YTD % CHANGE

12/2012 06/yy 40.93 27.00 466'248.00 40.17 -1.81% 48.78% 96.05% 1'101.2 44'234.11 5'686.00 0.0 0.0 3'965.00 46'155.11

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

3.0 M

15 10

2.0 M

1.0 M

0 s-12

31.12.2009 31.12.2010 10'427.0 13'966.0 2.82x 2.50x 3'128.0 5'316.0 9.40x 6.56x 1'470.0 3'228.0 20.71x 12.69x Profitability

LTM-4Q 31.12.2011 13'735.0 2.61x 4'434.0 8.08x 2'236.0 13.09x

31.12.2012 12'825.0 2.80x 3'986.0 9.02x 1'759.0 17.29x 3'986.00 2'687.00 20.95% 15.09% 10.64% 18.53% 13.42% 0.63% 49.7% 31.6% 21.3% 13.7% 2.40 1.51 28.40% 51.87% 7.89 3.42

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 13'342.0 10.90x 4'079.0 8.58x 1'610.0 15.85x

f-13 m-13

06/yy 12'301.0 12.22x 3'883.0 10.38x 2'070.0 19.28x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

2.17 1'096.41 23.92 48.38% 32.65% 45 3.200 1'874'639 1'738'021 1'991'105 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 12'256.3 12'973.0 3'224.9 3'111.5 3.67x 3.39x 13.90x 14.27x 3'969.6 4'575.3 1'129.6 1'081.4 11.61x 10.08x 10.58x 10.24x 2'154.3 2'607.3 631.0 601.8 21.12x 17.50x 18.48x 17.64x S&P Issuer Ratings

23.09.2010 A+ STABLE 01.02.1986 A-1 46.89 41.07 0.49 1.33 51.9% 34.2% 0.63 3.16 46.29 106.60 30.14 109.62

Sales/Revenue/Turnover

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 12'501.0 1.38x 3'750.0 4.61x 1'920.0 9.82x

4.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Texas Instruments Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK PRIMECAP MANAGEMENT VANGUARD GROUP INC STATE STREET CORP T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN BANK OF NEW YORK MEL HARRIS ASSOCIATES LP INSTITUTIONAL CAPITA INVESCO LTD NORTHERN TRUST CORPO DAVIS SELECTED ADVIS JP MORGAN WELLS FARGO & COMPAN NEUBERGER BERMAN LLC BARROW HANLEY MEWHIN NORGES BANK WADDELL & REED FINAN GEODE CAPITAL MANAGE

Firm Name JPMorgan B Riley & Co Wells Fargo Securities, LLC FBR Capital Markets S&P Capital IQ Exane BNP Paribas Edward Jones Robert W. Baird & Co Sanford C. Bernstein & Co Stifel BMO Capital Markets Drexel Hamilton LLC Argus Research Corp Williams Financial Group MKM Partners Deutsche Bank Morgan Stanley SunTrust Robinson Humphrey Wedbush Sterne, Agee & Leach Cowen and Company Gabelli & Co Susquehanna Financial Group Barclays Goldman Sachs RBC Capital Markets Credit Suisse Jefferies Raymond James Evercore Partners Oppenheimer & Co Pacific Crest Securities Daiwa Securities Co. Ltd. Macquarie UBS Needham & Co Nomura Canaccord Genuity Corp EVA Dimensions Tigress Financial Partners Davenport & Co JMP Securities

Portfolio Name n/a n/a PRIMECAP MANAGEMENT n/a n/a T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN BANK OF NEW YORK MEL HARRIS ASSOC LP INSTITUTIONAL CAPITA n/a NORTHERN TRUST CORPO DAVIS SELECTED ADVIS n/a n/a NEUBERGER BERMAN GRO BARROW HANLEY MEWHIN NORGES BANK n/a GEODE CAPITAL MANAGE

Analyst CHRISTOPHER DANELY CRAIG ELLIS DAVID M WONG CHRISTOPHER ROLLAND CHRISTIN ARMACOST JEROME RAMEL WILLIAM C KREHER TRISTAN GERRA STACY A RASGON TORE E SVANBERG AMBRISH SRIVASTAVA RICHARD WHITTINGTON JAMES KELLEHER CODY G ACREE ADA MENAKER ROSS C SEYMORE JOSEPH MOORE WILLIAM STEIN BETSY VAN HEES VIJAY R RAKESH TIMOTHY M ARCURI HENDI SUSANTO CHRISTOPHER CASO BLAYNE CURTIS JAMES V COVELLO DOUG FREEDMAN JOHN W PITZER MARK J LIPACIS J STEVEN SMIGIE PATRICK WANG RICHARD SCHAFER MICHAEL MCCONNELL YOKO YAMADA DEEPON NAG STEPHEN CHIN VERNON P ESSI JR ROMIT SHAH ROBERT BURLESON ANDREW S ZAMFOTIS IVAN FEINSETH F DRAKE JOHNSTONE ALEX GAUNA

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

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

Amt Held 205'431'597 58'991'559 57'212'465 53'447'498 44'424'210 34'760'406 26'656'599 23'791'939 19'841'822 19'450'061 19'367'416 15'299'564 15'150'387 12'394'575 12'188'094 11'773'513 9'823'378 7'922'648 7'897'310 7'767'654

% Out 18.66 5.36 5.2 4.85 4.03 3.16 2.42 2.16 1.8 1.77 1.76 1.39 1.38 1.13 1.11 1.07 0.89 0.72 0.72 0.71

Weighting

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

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

Latest Chg (11'408'563) (653'412) 1'242'950 2'155'396 358'664 491'283 896'743 361'805 (2'573'094) (4'459'408) 1'425'166 105'093 (467'255) (7'867'739) 2'116'626 2'687'197 (861'707) 3'889'095 149'044

Target Price 45 44 #N/A N/A 36 44 35 #N/A N/A 40 38 #N/A N/A 43 50 #N/A N/A 46 31 35 #N/A N/A 40 42 33 40 #N/A N/A 35 31 40 36 40 48 #N/A N/A 38 #N/A N/A #N/A N/A 39 38 38 #N/A N/A 33 37 #N/A N/A #N/A N/A #N/A N/A 33

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

File Dt 30.06.2013 25.09.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 31.07.2013 31.07.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013

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

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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor

Date 25.09.2013 25.09.2013 23.09.2013 20.09.2013 20.09.2013 20.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 16.09.2013 13.09.2013 13.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 21.08.2013 02.08.2013 25.07.2013 23.07.2013 23.07.2013 23.07.2013 22.07.2013 07.06.2013 18.03.2013 28.01.2013 17.10.2012

27.09.2013

UnitedHealth Group Inc UnitedHealth Group Incorporated owns and manages organized health systems in the United States and internationally. The Company provides employers products and resources to plan and administer employee benefit programs. UnitedHealth also serves the health needs of older Americans, provides specialized care services, and provides health care information and research to providers and payers.

Price/Volume 80 70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.09.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UNH UN EQUITY YTD Change UNH UN EQUITY YTD % CHANGE

12/2012 06/yy 75.88 51.09 106'943.00 71.76 -5.43% 40.46% 84.99% 1'016.7 72'958.38 16'754.00 0.0 2'121.0 11'437.00 80'259.37

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

20 10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 81'186.0 0.45x 6'244.0 5.85x 2'977.0 9.02x

31.12.2009 31.12.2010 87'138.0 94'155.0 0.40x 0.42x 7'350.0 8'928.0 4.77x 4.39x 3'822.0 4'634.0 9.41x 8.57x Profitability

LTM-4Q 31.12.2011 101'862.0 0.51x 9'588.0 5.45x 5'142.0 10.71x

31.12.2012 110'618.0 0.57x 10'563.0 5.94x 5'526.0 10.27x 10'563.00 9'254.00 8.37% 7.79% 7.07% 17.87% 13.03% 1.52% 25.2% 9.1% 7.9% 5.0% 0.78 0.52 20.71% 53.74% 36.96 -

Price/ Cash Flow

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

LTM

FY+1

1.28 0.84 1'000.61 17.83 29.64% 33.89% 0.843 25 4.640 1'778'189 1'083'434 1'116'593 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 105'743.0 116'819.0 122'799.7 134'107.7 30'919.0 31'263.0 2.02x 2.21x 0.67x 0.60x 2.63x 2.58x 9'893.0 10'614.0 10'754.6 11'363.4 2'936.8 2'769.8 5.87x 6.89x 7.47x 7.07x 7.32x 7.25x 5'254.0 5'429.0 5'627.1 5'871.1 1'540.8 1'442.4 11.89x 12.45x 13.04x 12.29x 12.83x 12.58x S&P Issuer Ratings Long-Term Rating Date 03.11.1998 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 16.71 (EBITDA-Capex)/Interest Exp. 15.02 Net Debt/EBITDA 0.62 Total Debt/EBITDA 1.57 Reference Total Debt/Equity 53.7% Total Debt/Capital 33.5% Asset Turnover 1.52 Net Fixed Asset Turnover 36.65 Accounts receivable turnover-days 9.88 Inventory Days Accounts Payable Turnover Day 74.66 Cash Conversion Cycle Sales/Revenue/Turnover

25.00

120'000.0 100'000.0

20.00

80'000.0 15.00

60'000.0 10.00

40'000.0

5.00

0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

UnitedHealth Group Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK FMR LLC WELLINGTON MANAGEMEN STATE STREET CORP VANGUARD GROUP INC T ROWE PRICE ASSOCIA JP MORGAN CLEARBRIDGE INVESTME NORTHERN TRUST CORPO INVESCO LTD DAVIS SELECTED ADVIS UBS AG HARRIS ASSOCIATES LP JENNISON ASSOCIATES EAGLE CAPITAL MANAGE CREDIT SUISSE AG BANK OF NEW YORK MEL UNITED HEALTHCARE IN ROBECO

Firm Name Wells Fargo Securities, LLC Cowen and Company Raymond James JPMorgan Lazard Capital Markets Oppenheimer & Co BMO Capital Markets CRT Capital Group Jefferies Stifel Susquehanna Financial Group Wedbush Barclays Argus Research Corp UBS Ameriprise Advisor Services, Inc Cantor Fitzgerald Deutsche Bank Goldman Sachs Credit Suisse S&P Capital IQ Monness, Crespi, Hardt & Co EVA Dimensions

Portfolio Name n/a n/a n/a WELLINGTON MANAGEMEN n/a n/a T ROWE PRICE ASSOCIA n/a CLEARBRIDGE INVESTME NORTHERN TRUST CORPO n/a DAVIS SELECTED ADVIS n/a HARRIS ASSOC LP JENNISON ASSOCIATES EAGLE CAPITAL MANAGE n/a BANK OF NEW YORK MEL UNITED HEALTHCARE IN n/a

Analyst PETER H COSTA CHRISTINE ARNOLD MICHAEL J BAKER JUSTIN LAKE STEVEN P HALPER MICHAEL WIEDERHORN JENNIFER LYNCH SHERYL R SKOLNICK DAVID H WINDLEY THOMAS A CARROLL CHRIS RIGG SARAH JAMES JOSHUA R RASKIN DAVID H TOUNG A J RICE E EUGENE ROBINSON JOSEPH D FRANCE SCOTT J FIDEL MATTHEW BORSCH RALPH GIACOBBE PHILLIP SELIGMAN BRIAN M WRIGHT AUSTIN BURKETT

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

Recommendation outperform outperform strong buy overweight buy outperform outperform buy buy buy Positive outperform overweight hold buy buy buy hold Buy/Neutral outperform buy buy underweight

Amt Held 93'181'336 54'208'720 51'084'750 50'420'231 49'211'250 46'283'387 32'494'780 27'502'133 25'086'466 16'478'935 16'446'385 14'750'586 14'700'837 12'591'400 11'927'404 10'971'511 10'887'126 10'821'078 9'668'800 9'492'959

% Out 9.17 5.33 5.02 4.96 4.84 4.55 3.2 2.71 2.47 1.62 1.62 1.45 1.45 1.24 1.17 1.08 1.07 1.06 0.95 0.93

Weighting

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

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 5'009'888 1'284'030 6'379'894 4'318'486 436'749 (513'464) (1'298'061) 1'422'407 2'706'176 259'867 (1'572'349) 6'588'559 (1'807'964) (2'037'400) (501'760) 593'347 (16'080) (782'547) (863'693)

Target Price #N/A N/A 75 82 80 81 78 79 80 82 80 81 70 82 #N/A N/A 81 #N/A N/A 75 68 80 77 76 75 #N/A N/A

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

File Dt 30.06.2013 25.09.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013

Date Not Provided 12 month 12 month 3 month 12 month 18 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided

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

Date 26.09.2013 25.09.2013 24.09.2013 23.09.2013 23.09.2013 20.09.2013 15.09.2013 10.09.2013 09.09.2013 09.09.2013 05.09.2013 15.08.2013 06.08.2013 22.07.2013 19.07.2013 19.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 16.07.2013 04.06.2013

27.09.2013

Union Pacific Corp Union Pacific Corporation is a rail transportation company. The Company's railroad hauls a variety of goods, including agricultural, automotive, and chemical products. Union Pacific offersslong-haul routes from all major West Coast and Gulf Coast ports to eastern gateways as well as connects with Canada's rail systems and serves the major gateways to Mexico.

Price/Volume 180

1.6 M

160

1.4 M

140

1.2 M

120

1.0 M

100

Latest Fiscal Year: LTM as of: 52-Week High (22.07.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UNP UN EQUITY YTD Change UNP UN EQUITY YTD % CHANGE

12/2012 06/yy 165.18 116.08 88'872.00 156.56 -5.10% 34.87% 85.27% 463.8 72'619.47 8'997.00 0.0 0.0 1'063.00 80'583.47

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

.6 M

60 40

.4 M

.2 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 17'970.0 1.77x 5'462.0 5.81x 2'338.0 10.53x

.8 M

Valuation Analysis

31.12.2009 31.12.2010 14'143.0 16'965.0 2.85x 3.17x 4'806.0 6'468.0 8.38x 8.30x 1'890.0 2'780.0 17.98x 16.59x Profitability

LTM-4Q 31.12.2011 19'557.0 2.99x 7'341.0 7.97x 3'292.0 15.88x

31.12.2012 20'926.0 3.20x 8'505.0 7.87x 3'943.0 15.26x 8'505.00 6'745.00 32.23% 30.19% 8.68% 20.91% 15.19% 0.45% 41.2% 32.9% 18.8% 1.16 0.77 19.08% 45.26% 14.40 -

Price/ Cash Flow

LTM

06/yy 20'542.0 11.18x 8'110.0 7.98x 3'733.0 15.55x

06/yy 21'353.0 13.36x 8'794.0 9.05x 4'141.0 17.62x

FY+1

.0 M s-13

1.71 1.02 461.32 3.46 34.81% 26.37% 1.024 29 4.138 468'589 441'258 429'375 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 22'176.2 23'835.4 5'706.3 5'704.1 3.63x 3.36x 9'343.4 10'303.1 2'467.3 2'468.9 8.62x 7.82x 8.24x 8.05x 4'435.3 4'977.3 1'183.4 1'184.4 16.44x 14.31x 15.40x 14.87x S&P Issuer Ratings

23.04.2012 ASTABLE 29.05.2002 A-2 15.90 8.91 0.91 1.12 45.3% 31.2% 0.45 0.51 25.34 -

Sales/Revenue/Turnover

14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00 6.00

10'000.0

4.00

5'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

Union Pacific Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC FMR LLC STATE STREET CORP T ROWE PRICE ASSOCIA JP MORGAN WINSLOW CAPITAL MANA BANK OF NEW YORK MEL NORTHERN TRUST CORPO NEW YORK LIFE INVEST JENNISON ASSOCIATES WELLS FARGO & COMPAN AMERIPRISE FINANCIAL UBS AG NORGES BANK TIAA CREF INVESTMENT JANUS CAPITAL MANAGE WADDELL & REED FINAN DIMENSIONAL FUND ADV

Firm Name Sanford C. Bernstein & Co Avondale Partners LLC TD Securities Wolfe Research Deutsche Bank Cowen and Company Morgan Stanley Barclays Wells Fargo Securities, LLC Susquehanna Financial Group Atlantic Equities LLP Edward Jones Robert W. Baird & Co BMO Capital Markets Stifel Jefferies FBR Capital Markets Ameriprise Advisor Services, Inc RBC Capital Markets Argus Research Corp Stephens Inc BB&T Capital Markets Goldman Sachs Credit Suisse JPMorgan Raymond James EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a T ROWE PRICE ASSOCIA n/a WINSLOW CAPITAL MANA BANK OF NEW YORK MEL NORTHERN TRUST CORPO Multiple Portfolios JENNISON ASSOCIATES n/a AMERIPRISE FINANCIAL n/a NORGES BANK TIAA-CREF INVESTMENT n/a n/a n/a

Analyst DAVID VERNON DONALD BROUGHTON CHERILYN RADBOURNE SCOTT H GROUP JUSTIN B YAGERMAN JASON H SEIDL WILLIAM J GREENE BRANDON OGLENSKI ANTHONY P GALLO MATTHEW TROY RORRIE MARS LOGAN PURK BENJAMIN J HARTFORD FADI CHAMOUN JOHN G LARKIN H PETER NESVOLD JOHN R MIMS FREDERICK M SCHULTZ WALTER SPRACKLIN NATHANIEL GABRIEL JUSTIN LONG MARK A LEVIN TOM KIM ALLISON LANDRY THOMAS R WADEWITZ PATRICK TYLER BROWN CRAIG STERLING

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

Recommendation market perform market perform hold outperform buy outperform Overwt/Attractive overweight outperform Positive neutral hold outperform outperform hold buy outperform buy sector perform buy equalweight hold neutral/neutral outperform overweight market perform hold

Amt Held 47'187'138 29'655'023 22'037'516 21'106'420 18'782'675 13'013'553 9'010'113 8'617'657 7'137'035 6'516'604 6'179'440 6'008'018 5'919'968 5'595'174 4'290'776 4'213'790 4'153'143 4'042'902 3'874'520 3'693'208

% Out 10.17 6.39 4.75 4.55 4.05 2.81 1.94 1.86 1.54 1.4 1.33 1.3 1.28 1.21 0.93 0.91 0.9 0.87 0.84 0.8

Weighting

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

Latest Chg (768'719) (234'256) 495'731 (208'223) 193'052 (2'023'568) 176'968 (333'954) (21'701) 29'289 (48'096) (669'328) (143'716) 885'503 (776'333) 288'355 815'653 245'806 (366'804)

Target Price 158 167 174 178 181 174 175 191 #N/A N/A 185 164 #N/A N/A 177 176 #N/A N/A 183 180 #N/A N/A 160 179 155 #N/A N/A 179 184 167 #N/A N/A #N/A N/A

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

File Dt 30.06.2013 25.09.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 31.07.2013

Date 12 month 18 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 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 3 month Not Provided Not Provided

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

Date 27.09.2013 26.09.2013 26.09.2013 26.09.2013 23.09.2013 23.09.2013 18.09.2013 16.09.2013 11.09.2013 08.09.2013 04.09.2013 30.08.2013 27.08.2013 15.08.2013 13.08.2013 26.07.2013 26.07.2013 24.07.2013 22.07.2013 19.07.2013 19.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 15.01.2013

27.09.2013

United Parcel Service Inc United Parcel Service, Inc.(UPS) delivers packages and documents throughout the United States and in other countries and territories. The Company also provides global supply chain services and less-than-truckload transportation, primarily in the U.S. UPS's business consists of integrated air and ground pick-up and delivery network

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UPS UN EQUITY YTD Change UPS UN EQUITY YTD % CHANGE

12/2012 06/yy 92.10 69.56 135'419.00 90.92 -1.22% 30.71% 98.67% 721.5 85'859.52 12'901.00 0.0 80.0 7'924.00 91'603.51

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 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 51'486.0 1.24x 7'196.0 8.86x 3'003.0 15.76x

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

31.12.2009 31.12.2010 45'297.0 49'545.0 1.42x 1.59x 5'548.0 7'433.0 11.63x 10.60x 2'152.0 3'338.0 25.73x 20.99x Profitability

LTM-4Q 31.12.2011 53'105.0 1.46x 7'862.0 9.85x 3'804.0 16.56x

31.12.2012 54'127.0 1.39x 3'201.0 23.53x 807.0 16.41x 3'201.00 1'343.00 2.48% 1.80% 2.24% 14.72% 6.55% 1.48% 12.0% 5.8% 2.4% 1.5% 1.86 1.67 33.20% 277.26% 9.94 -

Price/ Cash Flow

LTM

06/yy 53'817.0 5.76x 8'038.0 10.11x 3'883.0 17.29x

06/yy 54'583.0 5.92x 3'186.0 27.26x 829.0 19.16x

FY+1

.0 M s-13

2.62 0.83 721.19 19.15 30.05% 26.02% 0.831 32 4.000 1'118'232 779'581 820'413 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 55'694.0 58'842.8 13'613.8 15'153.3 1.67x 1.59x 6.85x 6.16x 9'167.8 10'047.5 2'227.5 2'621.3 10.00x 9.12x 9.71x 9.51x 4'504.6 5'031.5 1'087.6 1'338.4 19.14x 16.61x 17.94x 17.34x S&P Issuer Ratings

21.09.2012 A+ NEG 21.09.2012 A-1 7.79 2.55 1.80 3.74 277.3% 73.2% 1.48 3.08 36.71 15.40 -

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

01.07.2013

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

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

27.09.2013

United Parcel Service Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP CAPITAL GROUP COMPAN SUN LIFE FINANCIAL I WELLINGTON MANAGEMEN FMR LLC T ROWE PRICE ASSOCIA BANK OF AMERICA CORP NORTHERN TRUST CORPO BANK OF NEW YORK MEL WELLS FARGO & COMPAN FRANKLIN RESOURCES PRIMECAP MANAGEMENT PRUDENTIAL PLC AMERICAN CENTURY COM BANK OF NOVA SCOTIA OPPENHEIMERFUNDS INC NORGES BANK CLEARBRIDGE INVESTME

Firm Name Credit Suisse Sanford C. Bernstein & Co Deutsche Bank Cowen and Company Thompson, Davis & Company Edward Jones Goldman Sachs Morgan Stanley Avondale Partners LLC Robert W. Baird & Co Barclays Stifel Wolfe Research Wells Fargo Securities, LLC Buckingham Research Group EVA Dimensions Accountability Research Corp RBC Capital Markets Atlantic Equities LLP Jefferies Nomura Argus Research Corp JPMorgan Macquarie Oppenheimer & Co Telsey Advisory Group Stephens Inc William Blair & Co Raymond James BB&T Capital Markets S&P Capital IQ

Portfolio Name n/a n/a n/a n/a n/a WELLINGTON MANAGEMEN n/a T ROWE PRICE ASSOCIA BANK OF AMERICA NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a n/a PRIMECAP MANAGEMENT n/a AMERICAN CENTURY COM n/a OPPENHEIMER FUNDS IN NORGES BANK CLEARBRIDGE INVESTME

Analyst ALLISON LANDRY DAVID VERNON JUSTIN B YAGERMAN HELANE R BECKER DAVID P CAMPBELL LOGAN PURK TOM KIM WILLIAM J GREENE DONALD BROUGHTON BENJAMIN J HARTFORD BRANDON OGLENSKI DAVID G ROSS SCOTT H GROUP ANTHONY P GALLO JEFFREY KAUFFMAN CRAIG STERLING MARK SUAREZ JOHN L BARNES III RORRIE MARS H PETER NESVOLD MARK MCVICAR NATHANIEL GABRIEL THOMAS R WADEWITZ KELLY A DOUGHERTY SCOTT A SCHNEEBERGER JOSHUA HERRITY JACK ATKINS NATHAN J BROCHMANN ARTHUR W HATFIELD KEVIN W STERLING JAMES CORRIDORE

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

Recommendation outperform outperform buy market perform buy hold neutral/neutral Equalwt/Attractive market perform neutral overweight hold peerperform market perform buy hold buy outperform overweight hold neutral buy neutral outperform outperform no rating system equalweight outperform outperform hold buy

Amt Held 41'672'681 35'246'530 28'417'528 26'732'100 25'885'000 21'936'392 16'301'672 11'997'715 10'985'548 10'500'954 9'492'528 7'823'488 6'557'783 6'520'788 6'501'942 6'233'530 6'168'518 6'133'040 5'826'023 5'806'653

% Out 5.78 4.88 3.94 3.7 3.59 3.04 2.26 1.66 1.52 1.46 1.32 1.08 0.91 0.9 0.9 0.86 0.85 0.85 0.81 0.8

Weighting

Change

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

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

Latest Chg (1'683'047) 1'185'763 (1'787'567) 619'900 475'039 1'090'782 (2'716'028) (603'960) (198'249) 84'513 (26'504) 439'280 (224'658) (227'800) 1'394'245 393'453 1'113'552 (24'820) 36'393

Target Price 100 98 96 88 105 #N/A N/A 94 #N/A N/A 85 97 106 #N/A N/A #N/A N/A #N/A N/A 115 #N/A N/A 100 100 93 82 90 98 84 91 97 99 90 #N/A N/A 94 #N/A N/A 100

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

File Dt 25.09.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 31.12.2012 30.06.2013

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

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

Date 27.09.2013 27.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 19.09.2013 18.09.2013 18.09.2013 16.09.2013 16.09.2013 13.09.2013 13.09.2013 22.08.2013 16.08.2013 03.08.2013 30.07.2013 29.07.2013 29.07.2013 26.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 12.07.2013

27.09.2013

US Bancorp/MN U.S. Bancorp is a diversified financial services company that provides lending and depository services, cash management, foreign exchange and trust and investment management services. The Company also provides credit card services, mortgage banking, insurance, brokerage, and leasing. U.S Bancorp operates in the Midwest and Western United States.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.09.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance USB UN EQUITY YTD Change USB UN EQUITY YTD % CHANGE

12/2012 06/yy 38.22 30.96 329'135.00 36.53 -4.45% 17.99% 76.86% 1'839.3 67'188.39 51'818.00 4'769.0 1'269.0 8'252.00 -

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 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 19'229.0 2'946.0 15.34x

31.12.2009 31.12.2010 19'490.0 20'518.0 2'205.0 3'317.0 21.44x 15.78x Profitability

LTM-4Q 31.12.2011 21'399.0 4'872.0 11.27x

31.12.2012 22'202.0 5'647.0 11.14x 38.91% 38.51% 1.64% 16.28% 6.08% 0.06% 28.1% 14.64% 151.39% -

Price/ Cash Flow

LTM

06/yy 22'076.0 0.00x 0.0 0.00x 5'376.0 12.07x

06/yy 21'738.0 0.00x 0.0 0.00x 5'806.0 12.15x

FY+1

.0 M s-13

2.23 1.00 1'836.56 18.72 9.59% 16.50% 0.997 39 3.744 2'416'524 1'858'875 1'903'938 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 19'679.8 20'276.3 4'935.2 4'956.4 5'602.0 5'792.7 1'404.6 1'422.6 12.14x 11.41x 11.93x 11.69x S&P Issuer Ratings

20.08.2012 A+ STABLE 17.06.2009 A-1 151.4% 56.3% 0.06 8.27 -

Sales/Revenue/Turnover

16.00

25'000.0

14.00

20'000.0

12.00 10.00

15'000.0

8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

US Bancorp/MN Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC FMR LLC STATE STREET CORP BERKSHIRE HATHAWAY I T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO CAPITAL GROUP COMPAN BROWN BROTHERS HARRI JANUS CAPITAL MANAGE BANK OF NEW YORK MEL US BANCORP NORGES BANK GENERAL RE NEW ENGLA UBS AG WELLINGTON MANAGEMEN GENERAL REINSURANCE YACKTMAN ASSET MANAG GEODE CAPITAL MANAGE JP MORGAN

Firm Name

Portfolio Name n/a n/a n/a n/a n/a T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO n/a BROWN BROTHERS HARRI n/a BANK OF NEW YORK MEL US BANCORP NORGES BANK GENERAL RE NEW ENGLA n/a WELLINGTON MANAGEMEN GENERAL REINSURANCE YACKTMAN ASSET MANAG GEODE CAPITAL MANAGE n/a

Analyst

Guggenheim Securities LLC MARTY L MOSBY III Oppenheimer & Co CHRISTOPHER M KOTOWSKI Sanford C. Bernstein & Co JOHN E MCDONALD Wells Fargo Securities, LLC MATTHEW H BURNELL Morgan Stanley BETSY L GRASECK Robert W. Baird & Co DAVID A GEORGE SunTrust Robinson Humphrey ERIC E WASSERSTROM Sterne, Agee & Leach TODD L HAGERMAN JPMorgan VIVEK JUNEJA Goldman Sachs RICHARD N RAMSDEN FBR Capital Markets PAUL J MILLER JR Raymond James DAVID J LONG BMO Capital Markets PETER J WINTER Sandler O'Neill & Partners, LP R SCOTT SIEFERS Evercore Partners ANDREW A MARQUARDT Portales Partners JENNIFER A THOMPSON Susquehanna Financial Group JACK MICENKO Barclays JASON M GOLDBERG Drexel Hamilton LLC DAVID B HILDER Deutsche Bank MATTHEW D O'CONNOR RBC Capital Markets JON G ARFSTROM Credit Suisse MOSHE A ORENBUCH UBS STEPHEN SCINICARIELLO Jefferies KENNETH M USDIN Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO Compass Point Research & Trading LLC KEVIN BARKER Edward Jones SHANNON L STEMM Daiwa Securities Co. Ltd. KAZUKI WATANABE Argus Research Corp DAVID RITTER Atlantic Equities LLP RICHARD STAITE Hilliard Lyons ROSS A DEMMERLE Macquarie DAVID J KONRAD Rafferty Capital Markets RICHARD X BOVE SR Scotia Capital KEVIN R CHOQUETTE EVA Dimensions AUSTIN BURKETT S&P Capital IQ ERIK M OJA Meredith Whitney Advisory Group MEREDITH A WHITNEY

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

Recommendation neutral market perform market perform market perform Equalwt/Attractive outperform neutral neutral neutral neutral/attractive outperform strong buy market perform buy equalweight sector perform Positive overweight buy buy outperform outperform buy hold outperform neutral hold outperform hold underweight buy outperform buy sector perform overweight hold hold

Amt Held 134'206'017 83'084'866 81'498'222 81'311'234 78'277'301 64'586'844 31'250'434 28'904'099 28'375'372 23'911'622 21'362'150 19'808'313 17'502'619 17'488'343 16'315'665 14'831'692 14'559'100 12'779'292 12'749'572 12'272'088

% Out 7.3 4.52 4.43 4.42 4.26 3.51 1.7 1.57 1.54 1.3 1.16 1.08 0.95 0.95 0.89 0.81 0.79 0.69 0.69 0.67

Weighting

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

Latest Chg (60'279) (240'453) (2'168'540) 2'109'953 16'819'200 (4'058'426) (285'764) 1'405'909 853'400 8'293'180 (358'034) (389'955) (3'100) 1'541'369 1'461'760 101'160 136'709 307'743

Target Price 38 #N/A N/A 38 #N/A N/A 40 39 39 38 40 40 42 42 40 41 38 #N/A N/A 43 43 40 41 40 40 42 39 39 36 #N/A N/A 41 #N/A N/A 34 43 42 40 42 #N/A N/A 34 #N/A N/A

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

File Dt 25.09.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013

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

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

Date 27.09.2013 26.09.2013 25.09.2013 25.09.2013 23.09.2013 23.09.2013 20.09.2013 19.09.2013 18.09.2013 17.09.2013 17.09.2013 16.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 28.08.2013 12.08.2013 24.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 17.07.2013 07.05.2013 16.01.2013 18.07.2012

27.09.2013

United Technologies Corp United Technologies Corporation provides technology products and support services to customers in the aerospace and building industries worldwide. The Company's products include aircraft engines, elevators and escalators, heating and air conditioning equipment, helicopters, aerospace systems, fuel cell systems, and fire and safety equipment.

Price/Volume 120 100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (14.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UTX UN EQUITY YTD Change UTX UN EQUITY YTD % CHANGE

12/2012 06/yy 112.42 74.45 128'655.00 108.98 -3.02% 46.38% 92.73% 917.5 99'990.17 23'221.00 0.0 1'393.0 4'819.00 118'293.17

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

20 0 s-12

31.12.2009 31.12.2010 52'920.0 54'326.0 1.35x 1.47x 7'723.0 8'542.0 9.28x 9.36x 3'829.0 4'373.0 14.64x 16.22x Profitability

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

LTM-4Q 31.12.2011 55'754.0 1.29x 9'109.0 7.89x 4'979.0 13.45x

31.12.2012 57'708.0 1.65x 9'208.0 10.33x 5'130.0 15.13x 9'208.00 7'684.00 13.32% 11.98% 7.71% 25.40% 15.65% 0.76% 27.0% 16.3% 13.4% 8.9% 1.24 0.67 25.97% 89.61% 5.98 4.84

Price/ Cash Flow

LTM

06/yy 54'835.0 5.61x 9'136.0 9.30x 4'307.0 13.32x

06/yy 61'890.0 6.46x 10'087.0 10.27x 6'298.0 15.61x

FY+1

1.96 1.08 916.31 6.22 42.44% 35.11% 1.076 27 4.556 1'316'045 838'194 859'123 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 63'889.9 67'128.8 16'197.1 17'304.1 1.82x 1.70x 7.25x 6.75x 10'806.8 11'875.5 2'787.4 2'772.0 10.93x 9.95x 10.41x 10.14x 5'632.2 6'315.1 1'409.1 1'422.5 17.71x 15.65x 17.19x 16.44x S&P Issuer Ratings

02.10.2003 A STABLE 28.01.1992 A-1 10.10 8.57 1.66 2.15 89.6% 46.0% 0.76 8.77 61.03 75.46 48.10 90.69

Sales/Revenue/Turnover

14.00

70'000.0

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

o-12

Fiscal Year Ended 31.12.2008 59'757.0 0.98x 8'946.0 6.54x 4'689.0 10.78x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

27.09.2013

United Technologies Corp Holdings By:

All

Holder Name STATE STREET CORP BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN SUN LIFE FINANCIAL I FMR LLC JP MORGAN T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN BANK OF NEW YORK MEL NORTHERN TRUST CORPO BANK OF AMERICA CORP UBS AG WELLS FARGO & COMPAN ABERDEEN JENNISON ASSOCIATES MORGAN STANLEY FRANKLIN RESOURCES NORGES BANK INVESCO LTD

Firm Name Credit Suisse Jefferies Drexel Hamilton LLC Edward Jones Sanford C. Bernstein & Co Nomura RBC Capital Markets EVA Dimensions Argus Research Corp William Blair & Co Goldman Sachs UBS JPMorgan Ameriprise Advisor Services, Inc Sterne, Agee & Leach Cowen and Company Atlantic Equities LLP Barclays Deutsche Bank Morgan Stanley Oppenheimer & Co Wells Fargo Securities, LLC Langenberg & Co FBR Capital Markets S&P Capital IQ

Portfolio Name n/a n/a n/a n/a n/a n/a n/a T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN BANK OF NEW YORK MEL NORTHERN TRUST CORPO BANK OF AMERICA n/a n/a n/a JENNISON ASSOCIATES n/a n/a NORGES BANK n/a

Analyst JULIAN MITCHELL HOWARD A RUBEL RICHARD WHITTINGTON CHRISTIAN MAYES DOUGLAS S HARNED SHANNON O'CALLAGHAN ROBERT STALLARD CRAIG STERLING NATHANIEL GABRIEL NICHOLAS P HEYMANN NOAH POPONAK DAVID E STRAUSS JOSEPH B NADOL III FREDERICK M SCHULTZ PETER J ARMENT CAI VON RUMOHR RICHARD RADBOURNE CARTER COPELAND MYLES WALTON NIGEL COE YAIR REINER SAMUEL J PEARLSTEIN BRIAN KEITH LANGENBERG AJAY K KEJRIWAL RICHARD TORTORIELLO

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

Recommendation outperform buy buy buy market perform buy outperform underweight buy outperform neutral/attractive buy overweight buy buy outperform overweight overweight buy Overwt/In-Line market perform outperform buy market perform buy

Amt Held 107'855'897 54'951'319 47'375'624 33'571'852 32'496'298 29'071'080 26'039'339 24'337'393 19'877'873 15'423'591 14'610'633 13'910'558 11'228'194 10'036'863 8'865'601 7'924'615 7'873'684 7'500'146 7'312'921 7'192'951

% Out 11.76 5.99 5.16 3.66 3.54 3.17 2.84 2.65 2.17 1.68 1.59 1.52 1.22 1.09 0.97 0.86 0.86 0.82 0.8 0.78

Weighting

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

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

Latest Chg 1'480'181 (567'126) 1'146'186 (7'805'556) 944'416 (1'431'707) 292'140 (1'715'494) 1'206'238 (55'315) 69'692 198'317 (1'486'117) 546'404 (369'615) (449'766) 1'199'500 (353'770) 262'541

Target Price 120 120 120 #N/A N/A 117 120 118 #N/A N/A 118 123 110 122 110 #N/A N/A 128 120 115 117 115 110 #N/A N/A #N/A N/A 115 95 98

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

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

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

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

Date 27.09.2013 23.09.2013 18.09.2013 16.09.2013 12.09.2013 06.09.2013 29.08.2013 28.08.2013 16.08.2013 15.08.2013 12.08.2013 02.08.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 22.07.2013 23.01.2013

27.09.2013

Visa Inc Visa Inc. operates a retail electronic payments network and manages global financial services. The Company also offers global commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses and government entities.

Price/Volume 250 200 150

Valuation Analysis

100

Latest Fiscal Year: LTM as of: 52-Week High (23.09.2013) 52-Week Low (27.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance V UN EQUITY YTD Change V UN EQUITY YTD % CHANGE

09/2012 06/yy 200.83 132.53 138'004.00 192.74 -3.96% 45.43% 89.36% 514.6 124'321.96 0.00 0.0 0.0 6'100.00 117'784.96

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

Fiscal Year Ended 30.09.2008 6'263.0 7.60x 2'939.0 16.20x 804.0 26.24x

30.09.2009 30.09.2010 6'911.0 8'065.0 7.98x 7.19x 3'766.0 4'809.0 14.64x 12.06x 2'353.0 2'966.0 21.88x 18.70x Profitability

LTM-4Q 30.09.2011 9'188.0 7.13x 5'751.0 11.39x 3'650.0 16.59x

30.09.2012 10'421.0 9.86x 6'572.0 15.64x 2'144.0 18.94x

6'572.00 6'239.00 59.87% 21.18% 14.72% 20.50% 0.31% 64.1% 60.8% 20.6% 1.48 0.45 0.00% 0.00% 14.68 -

Price/ Cash Flow

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M s-13

LTM

06/yy 10'073.0 32.83x 6'399.0 14.83x 1'362.0 19.82x

06/yy 11'536.0 40.38x 7'395.0 18.56x 5'450.0 22.27x

FY+1

0.63 0.98 513.89 11.05 45.11% 27.89% 0.979 41 4.195 2'484'408 1'049'030 965'457 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 11'824.9 13'173.7 3'020.4 3'180.7 10.21x 8.97x 39.71x 37.17x 7'627.4 8'673.0 1'850.4 2'143.1 15.40x 13.54x 14.07x 13.56x 4'976.9 5'672.7 1'193.4 1'386.7 25.42x 21.59x 22.49x 21.47x S&P Issuer Ratings

20.05.2008 A+ STABLE 20.05.2008 A-1 -0.88 0.00 0.0% 0.0% 0.31 7.06 24.87 -

Sales/Revenue/Turnover

250.00

12'000.0 10'000.0

200.00

8'000.0 150.00

6'000.0 100.00

4'000.0

50.00

0.00 02.10.2009

2'000.0 0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Visa Inc Holdings By:

All

Holder Name BLACKROCK FMR LLC VANGUARD GROUP INC STATE STREET CORP T ROWE PRICE ASSOCIA SANDS CAPITAL MANAGE SUN LIFE FINANCIAL I MORGAN STANLEY JP MORGAN NORTHERN TRUST CORPO WINSLOW CAPITAL MANA BANK OF NEW YORK MEL CAPITAL GROUP COMPAN JENNISON ASSOCIATES MACQUARIE GROUP UBS AG GOLDMAN SACHS GROUP ALLIANZ ASSET MANAGE AMERIPRISE FINANCIAL NORGES BANK

Firm Name RBC Capital Markets Janney Montgomery Scott LLC Sanford C. Bernstein & Co Buckingham Research Group Evercore Partners Susquehanna Financial Group EVA Dimensions Sterne, Agee & Leach Jefferies Stifel Cowen and Company Robert W. Baird & Co Keefe, Bruyette & Woods William Blair & Co FBR Capital Markets Wells Fargo Securities, LLC Argus Research Corp Pacific Crest Securities SunTrust Robinson Humphrey Edward Jones Oppenheimer & Co Daiwa Securities Co. Ltd. JPMorgan Morgan Stanley Ameriprise Advisor Services, Inc Guggenheim Securities LLC Portales Partners Deutsche Bank Macquarie BNP Paribas Equity Research Nomura Barclays Credit Suisse UBS Wedbush Raymond James Goldman Sachs S&P Capital IQ Meredith Whitney Advisory Group Fincorp SAOG Lazard Capital Markets

Portfolio Name n/a n/a n/a n/a T ROWE PRICE ASSOCIA SANDS CAPITAL MANAGE n/a n/a n/a NORTHERN TRUST CORPO WINSLOW CAPITAL MANA BANK OF NEW YORK MEL n/a JENNISON ASSOCIATES n/a n/a n/a n/a AMERIPRISE FINANCIAL NORGES BANK

Analyst DANIEL R PERLIN THOMAS C MCCROHAN RODERICK BOURGEOIS DAVID HOCHSTIM DAVID M TOGUT JAMES E FRIEDMAN ANDREW S ZAMFOTIS GREGORY SMITH JASON KUPFERBERG CHRISTOPHER C BRENDLER MOSHE KATRI DAVID J KONING SANJAY SAKHRANI ROBERT P NAPOLI SCOTT VALENTIN TIMOTHY W WILLI DAVID RITTER JAMES FAUCETTE ANDREW W JEFFREY JOSH OLSON GLENN GREENE KAZUKI WATANABE TIEN-TSIN HUANG SMITTIPON SRETHAPRAMOTE LORI WILKING DAVID W DARST WILLIAM H RYAN BRYAN KEANE KEVIN MCVEIGH ARVIND RAMNANI BILL CARCACHE DARRIN D PELLER MOSHE A ORENBUCH JOHN T WILLIAMS GIL B LURIA WAYNE JOHNSON JULIO C QUINTEROS JR SONIA PARECHANIAN MEREDITH A WHITNEY GAURAV RAMAIYA JENNIFER DUGAN

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F 13F ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F 13F

Recommendation outperform neutral market perform buy overweight Positive underweight neutral buy buy outperform neutral outperform outperform market perform market perform hold outperform buy hold outperform outperform overweight Overwt/In-Line buy buy sector perform buy outperform hold buy overweight outperform neutral neutral strong buy buy/attractive hold outperform buy buy

Amt Held 29'936'429 29'506'866 24'312'587 20'210'558 16'358'634 14'445'520 13'802'249 9'623'858 8'045'025 6'807'566 6'573'686 6'172'725 6'121'044 5'666'890 5'641'324 5'536'743 5'269'889 5'263'926 5'248'123 4'798'922

% Out 5.82 5.73 4.72 3.93 3.18 2.81 2.68 1.87 1.56 1.32 1.28 1.2 1.19 1.1 1.1 1.08 1.02 1.02 1.02 0.93

Weighting

Change 5 3 3 5 5 4 1 3 5 5 5 3 5 5 3 3 3 5 5 3 5 5 5 5 5 5 3 5 5 3 5 5 5 3 3 5 5 3 5 5 5

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 M M M M M M M M M M M M M M N M

Latest Chg (251'777) 50'170 180'767 137'884 3'106'728 226'240 593'304 (58'506) 342'582 (16'482) (426'125) 66'041 178'094 120'205 (19'522) (1'135'334) 1'532'942 1'121'746 (495'646) -

Target Price 244 175 181 230 241 220 #N/A N/A #N/A N/A 220 217 210 200 217 #N/A N/A 190 #N/A N/A #N/A N/A 205 235 #N/A N/A 205 192 219 220 #N/A N/A 220 #N/A N/A 226 225 183 220 215 210 202 180 220 215 169 134 105 105

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.09.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 31.07.2013 30.08.2013 30.06.2013 31.08.2013 30.06.2013 31.12.2012

Date 12 month 12 month 12 month 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 12 month 12 month Not Provided 18 month Not Provided 15 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Government

Date 26.09.2013 26.09.2013 25.09.2013 25.09.2013 23.09.2013 23.09.2013 23.09.2013 19.09.2013 18.09.2013 13.09.2013 12.09.2013 11.09.2013 10.09.2013 09.09.2013 09.09.2013 06.09.2013 04.09.2013 03.09.2013 23.08.2013 21.08.2013 20.08.2013 19.08.2013 14.08.2013 12.08.2013 06.08.2013 01.08.2013 31.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 07.07.2013 07.02.2013 25.07.2012 27.10.2011 10.06.2011

27.09.2013

Verizon Communications Inc Verizon Communications Inc. is an integrated telecommunications company that provides wire line voice and data services, wireless services, Internet services, and published directory information. The Company also provides network services for the federal government including business phone lines, data services, telecommunications equipment and payphones. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.04.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VZ UN EQUITY YTD Change VZ UN EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 54.30 40.51 495'491.00 47.04 -13.54% 16.12% 51.92% 2'861.6 134'611.84 51'987.00 0.0 52'376.0 3'563.00 235'052.84

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 97'354.0 1.80x 32'830.0 5.34x 6'428.0 13.35x

31.12.2009 31.12.2010 107'808.0 106'565.0 1.82x 1.83x 32'512.0 31'050.0 6.04x 6.28x 4'894.0 2'549.0 11.16x 18.52x Profitability

LTM-4Q 31.12.2011 110'875.0 1.85x 29'376.0 6.98x 2'404.0 18.66x

31.12.2012 115'846.0 1.94x 29'620.0 7.58x 875.0 19.32x 29'620.00 13'160.00 11.36% 8.54% 0.70% 4.39% 0.53% 60.1% 26.8% 12.8% 0.8% 0.79 0.60 23.08% 156.79% 9.93 48.55

Price/ Cash Flow

LTM

FY+1

.0 M s-13

4.38 0.74 2'861.20 58.73 7.33% 12.28% 0.743 36 4.222 3'081'827 2'761'392 2'407'999 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 113'143.0 118'258.0 120'372.5 125'095.7 30'182.7 30'977.6 7.32x 7.93x 1.92x 2.16x 7.70x 7.48x 30'896.0 31'664.0 41'706.3 44'459.1 10'774.5 10'008.7 7.17x 7.72x 5.64x 5.29x 5.44x 5.35x 2'867.0 1'562.0 8'033.1 12'574.0 2'150.7 1'806.5 19.30x 20.67x 16.97x 13.44x 15.17x 14.36x S&P Issuer Ratings Long-Term Rating Date 02.09.2013 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date 06.12.2010 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 9.95 (EBITDA-Capex)/Interest Exp. 4.52 Net Debt/EBITDA 1.50 Total Debt/EBITDA 1.57 Reference Total Debt/Equity 156.8% Total Debt/Capital 37.8% Asset Turnover 0.53 Net Fixed Asset Turnover 1.34 Accounts receivable turnover-days 36.75 Inventory Days 7.52 Accounts Payable Turnover Day 113.13 Cash Conversion Cycle -75.29 Sales/Revenue/Turnover

5.00

140'000.0

4.50

120'000.0

4.00 3.50

100'000.0

3.00

80'000.0

2.50

60'000.0

2.00

40'000.0

1.50 1.00

20'000.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Verizon Communications Inc Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN VANGUARD GROUP INC STATE STREET CORP WELLINGTON MANAGEMEN FMR LLC NORTHERN TRUST CORPO BANK OF NEW YORK MEL JP MORGAN BANK OF AMERICA CORP T ROWE PRICE ASSOCIA NORGES BANK BARROW HANLEY MEWHIN GEODE CAPITAL MANAGE TIAA CREF INVESTMENT AMERIPRISE FINANCIAL UBS AG MORGAN STANLEY LEGAL & GENERAL SUN LIFE FINANCIAL I

Firm Name Evercore Partners Canaccord Genuity Corp Oppenheimer & Co Wells Fargo Securities, LLC Cowen and Company RBC Capital Markets Credit Suisse BMO Capital Markets FBR Capital Markets Edward Jones Pacific Crest Securities Nomura Gabelli & Co JPMorgan Macquarie Morgan Stanley Deutsche Bank Argus Research Corp Jefferies Robert W. Baird & Co Raymond James HSBC Atlantic Equities LLP Hilliard Lyons Stifel Scotia Capital S&P Capital IQ New Street Research Barclays Goldman Sachs UBS Telsey Advisory Group William Blair & Co Erste Group Accountability Research Corp Piper Jaffray Janco Partners Inc Tigress Financial Partners EVA Dimensions

Portfolio Name n/a n/a n/a n/a WELLINGTON MANAGEMEN n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a BANK OF AMERICA T ROWE PRICE ASSOCIA NORGES BANK BARROW HANLEY MEWHIN GEODE CAPITAL MANAGE TIAA-CREF INVESTMENT AMERIPRISE FINANCIAL n/a n/a n/a n/a

Analyst JONATHAN SCHILDKRAUT GREGORY MILLER TIMOTHY K HORAN JENNIFER M FRITZSCHE COLBY SYNESAEL JONATHAN ATKIN JOSEPH MASTROGIOVANNI KEVIN MANNING DAVID DIXON DAVID HEGER MICHAEL BOWEN ADAM ILKOWITZ SERGEY DLUZHEVSKIY PHILIP CUSICK KEVIN SMITHEN SIMON FLANNERY BRETT FELDMAN JOSEPH F BONNER THOMAS O SEITZ WILLIAM V POWER FRANK G LOUTHAN RICHARD DINEEN CHRISTOPHER WATTS DAVID B BURKS CHRISTOPHER C KING JEFFREY FAN JAMES G MOORMAN JONATHAN CHAPLIN AMIR ROZWADOWSKI JASON ARMSTRONG JOHN C HODULIK JAISON BLAIR JAMES D BREEN JR HANS ENGEL KEVIN CHU CHRISTOPHER M LARSEN GERARD HALLAREN IVAN FEINSETH ANDREW S ZAMFOTIS

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F ULT-AGG ULT-AGG ULT-AGG ULT-AGG

Recommendation overweight buy outperform outperform market perform outperform neutral outperform market perform buy outperform buy buy restricted neutral restricted hold buy buy outperform outperform overweight overweight buy hold sector outperform hold neutral suspended coverage not rated neutral no rating system market perform buy buy overweight strong buy neutral underweight

Amt Held 172'012'491 164'992'025 135'382'464 121'805'524 45'222'499 43'218'448 42'896'884 40'672'222 33'954'070 23'308'721 22'842'911 21'259'449 20'703'663 19'752'552 19'040'574 17'865'241 16'923'082 14'462'833 14'213'945 13'015'281

% Out 6.01 5.77 4.73 4.26 1.58 1.51 1.5 1.42 1.19 0.81 0.8 0.74 0.72 0.69 0.67 0.62 0.59 0.51 0.5 0.45

Weighting

Change

5 5 5 5 3 5 3 5 3 5 5 5 5 #N/A N/A 3 #N/A N/A 3 5 5 5 5 5 5 5 3 5 3 3 #N/A N/A #N/A N/A 3 #N/A N/A 3 5 5 5 5 3 1

M M M M M U N M M M M M M M M M M M M U M M M M M M M M M M M M M M M M U N M

Latest Chg 383'861 (10'489'550) 3'119'624 1'781'603 3'891'060 (1'698'656) 603'091 (411'927) 1'386'917 (50'723) 52'370 3'542'967 391'479 804'867 (3'565'516) 277'598 1'239'686 784'305 (1'890'418)

Target Price 53 55 56 #N/A N/A 49 54 52 55 53 #N/A N/A 58 55 #N/A N/A #N/A N/A 51 #N/A N/A 49 59 56 53 54 55 56 54 #N/A N/A 56 52 53 #N/A N/A #N/A N/A 50 55 #N/A N/A #N/A N/A 57 56 #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 25.09.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.08.2013 31.07.2013 30.06.2013

Date 12 month 12 month 18 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 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 Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor

Date 25.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 13.09.2013 13.09.2013 11.09.2013 10.09.2013 06.09.2013 06.09.2013 05.09.2013 04.09.2013 04.09.2013 04.09.2013 04.09.2013 04.09.2013 04.09.2013 04.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 02.09.2013 19.07.2013 19.07.2013 18.07.2013 01.07.2013 22.04.2013 19.04.2013 18.04.2013 25.03.2013 15.01.2013

27.09.2013

Walgreen Co Walgreen Company operates retail drugstores that offer a wide variety of prescription and non-prescription drugs as well as general goods. The Company operates stores in the United States, the District of Columbia, Puerto Rico and Guam. Walgreen's also offers health services, including primary and acute care, wellness, pharmacy and disease management services and health and fitness.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WAG UN EQUITY YTD Change WAG UN EQUITY YTD % CHANGE

08/2012 05/yy 56.83 31.88 151'202.00 54.67 -3.85% 71.49% 91.58% 945.0 51'663.35 5'392.00 0.0 0.0 1'297.00 55'035.35

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 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.08.2008 59'034.0 0.63x 4'281.0 8.65x 2'157.0 17.20x

31.08.2009 31.08.2010 63'335.0 67'420.0 0.53x 0.38x 4'222.0 4'488.0 7.88x 5.74x 2'006.0 2'091.0 15.54x 11.72x Profitability

LTM-4Q 31.08.2011 72'184.0 0.45x 5'017.0 6.41x 2'714.0 14.57x

31.08.2012 71'633.0 0.53x 4'630.0 8.18x 2'127.0 13.89x

4'630.00 3'464.00 4.84% 4.71% 6.81% 12.62% 10.46% 2.26% 28.4% 6.3% 4.6% 3.0% 1.23 0.40 16.11% 29.57% 30.28 7.29

Price/ Cash Flow

LTM

05/yy 72'527.0 1.65x 4'854.0 5.48x 2'566.0 12.95x

05/yy 71'349.0 2.32x 4'525.0 10.72x 2'146.0 19.00x

FY+1

.0 M s-13

2.01 0.73 869.52 13.36 53.42% 50.49% 0.727 27 3.741 1'674'493 1'172'719 1'269'319 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 08/13 Q4 11/13 Q1 72'229.3 75'709.9 17'955.7 18'263.6 0.76x 0.71x 3.04x 3.03x 5'352.5 5'970.2 1'229.4 1'259.6 10.27x 9.21x 9.73x 9.48x 2'982.6 3'274.6 694.5 701.2 17.52x 15.41x 15.83x 15.31x S&P Issuer Ratings

02.08.2012 BBB STABLE 02.08.2012 A-2 47.73 31.75 0.75 1.41 29.6% 22.8% 2.26 5.98 12.05 50.09 32.41 32.26

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 04.09.2009

0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

04.03.2013

04.09.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Walgreen Co Holdings By:

All

Holder Name PESSINA STEFANO VANGUARD GROUP INC BLACKROCK STATE STREET CORP WELLINGTON MANAGEMEN FMR LLC FRANKLIN RESOURCES JP MORGAN MACQUARIE GROUP NORTHERN TRUST CORPO BANK OF NEW YORK MEL SUN LIFE FINANCIAL I ALLIANZ ASSET MANAGE BARROW HANLEY MEWHIN THORNBURG INVESTMENT GLENVIEW CAPITAL MAN NORGES BANK GOLDMAN SACHS GROUP FINDLAY PARK PARTNER KOHLBERG KRAVIS ROBE

Firm Name Mizuho Securities USA Inc Morgan Stanley William Blair & Co Lazard Capital Markets Susquehanna Financial Group SunTrust Robinson Humphrey UBS Barclays ISI Group Cowen and Company Guggenheim Securities LLC Edward Jones Goldman Sachs JPMorgan BB&T Capital Markets Credit Suisse Raymond James Scotia Capital Wolfe Research Argus Research Corp Macquarie Cantor Fitzgerald Barrington Research Tigress Financial Partners EVA Dimensions

Portfolio Name n/a n/a n/a n/a WELLINGTON MANAGEMEN n/a n/a n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a n/a BARROW HANLEY MEWHIN THORNBURG INVESTMENT GLENVIEW CAPITAL MAN NORGES BANK n/a FINDLAY PARK PARTNER KOHLBERG KRAVIS ROBE

Analyst ANN HYNES RICKY GOLDWASSER MARK R MILLER THOMAS GALLUCCI ROBERT SUMMERS DAVID G MAGEE STEVEN VALIQUETTE MEREDITH ADLER ROSS MUKEN CHARLES RHYEE JOHN HEINBOCKEL JUDSON CLARK ROBERT P JONES LISA C GILL ANDREW P WOLF EDWARD J KELLY JOHN W RANSOM PATRICIA A BAKER SCOTT A MUSHKIN CHRISTOPHER GRAJA DANE LEONE AJAY JAIN CHARLES R JONES IVAN FEINSETH AUSTIN BURKETT

Source Form 4 ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F ULT-AGG 13F 13F

Recommendation buy Overwt/In-Line outperform neutral Positive buy buy equalweight cautious outperform buy hold buy/attractive overweight buy neutral outperform sector outperform underperform hold outperform hold market perform underperform sell

Amt Held 72'959'594 46'941'281 42'167'755 40'558'730 27'317'264 23'384'216 21'410'328 14'437'824 13'197'580 13'186'138 12'638'675 11'703'627 10'964'036 8'648'163 7'886'279 7'575'826 7'571'619 6'682'060 6'671'818 6'424'340

% Out 7.72 4.97 4.46 4.29 2.89 2.47 2.27 1.53 1.4 1.4 1.34 1.24 1.16 0.92 0.83 0.8 0.8 0.71 0.71 0.68

Weighting

Change 5 5 5 3 4 5 5 3 2 5 5 3 5 5 5 3 5 5 1 3 5 3 3 1 1

M U M M M M M M M M M M M M M M M M M M M M D N M

Latest Chg 34'439 306'983 479'824 (22'764) (322'163) 691'418 306'081 2'433'548 (145'074) 81'093 531'529 (480'764) 286'489 (1'683'654) (130'137) 4'373'326 (1'757'304) 2'702'535 -

Target Price 62 70 #N/A N/A #N/A N/A 67 66 62 42 49 62 52 #N/A N/A 60 55 59 45 55 57 43 #N/A N/A 52 45 45 #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 12.07.2013 n/a 30.06.2013 Unclassified 25.09.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Private Equity

Date 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 3 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided

Date 25.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 19.09.2013 19.09.2013 18.09.2013 18.09.2013 17.09.2013 13.09.2013 11.09.2013 10.09.2013 10.09.2013 06.09.2013 05.09.2013 05.09.2013 02.08.2013 26.06.2013 26.06.2013 26.06.2013 20.05.2013 13.03.2013 15.01.2013

27.09.2013

Wells Fargo & Co Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.07.2013) 52-Week Low (14.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WFC UN EQUITY YTD Change WFC UN EQUITY YTD % CHANGE

12/2012 06/yy 44.78 31.25 1'090'342.00 41.73 -6.86% 33.54% 76.57% 5'309.8 221'577.22 184'554.00 12'883.0 1'357.0 159'173.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

31.12.2009 31.12.2010 98'636.0 93'249.0 12'275.0 12'362.0 13.15x 12.68x Profitability

LTM-4Q 31.12.2011 87'597.0 15'869.0 9.11x

31.12.2012 91'247.0 18'897.0 9.97x 33.07% 33.07% 1.49% 13.89% 6.27% 0.07% 22.0% 12.97% 127.57% -

Price/ Cash Flow

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M s-13

Market Data

Fiscal Year Ended 31.12.2008 51'652.0 2'655.0 17.14x

50 45 40 35 30 25 20 15 10 5 0 s-12

LTM

06/yy 88'964.0 0.00x 0.0 0.00x 17'032.0 10.47x

06/yy 90'503.0 0.00x 0.0 0.00x 20'717.0 10.98x

FY+1

2.37 1.17 5'290.51 40.25 23.52% 24.78% 1.169 42 3.762 7'454'621 4'631'392 4'520'478 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 84'778.5 86'154.7 21'042.5 21'045.1 20'824.2 21'503.7 5'276.9 5'311.2 10.86x 10.38x 10.74x 10.58x S&P Issuer Ratings

29.11.2011 A+ NEG 29.11.2011 A-1 127.6% 53.7% 0.07 9.78 -

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 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Wells Fargo & Co Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN JP MORGAN NORTHERN TRUST CORPO DODGE & COX BANK OF NEW YORK MEL DAVIS SELECTED ADVIS FRANKLIN RESOURCES STATE FARM MUTUAL AU ALLIANZ ASSET MANAGE T ROWE PRICE ASSOCIA SUN LIFE FINANCIAL I NORGES BANK DODGE & COX WORLDWID BARROW HANLEY MEWHIN

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a WELLINGTON MANAGEMEN n/a NORTHERN TRUST CORPO DODGE & COX BANK OF NEW YORK MEL DAVIS SELECTED ADVIS n/a STATE FARM MUTUAL AU n/a T ROWE PRICE ASSOCIA n/a NORGES BANK Multiple Portfolios BARROW HANLEY MEWHIN

Analyst

UBS DEREK DE VRIES Guggenheim Securities LLC MARTY L MOSBY III Raymond James ANTHONY J POLINI Buckingham Research Group JAMES F MITCHELL Oppenheimer & Co CHRISTOPHER M KOTOWSKI Sanford C. Bernstein & Co JOHN E MCDONALD Societe Generale MURALI GOPAL Morgan Stanley BETSY L GRASECK Robert W. Baird & Co DAVID A GEORGE SunTrust Robinson Humphrey ERIC E WASSERSTROM Sterne, Agee & Leach TODD L HAGERMAN JPMorgan VIVEK JUNEJA Credit Suisse MOSHE A ORENBUCH Miller Tabak + Co., LLC TOM MITCHELL Susquehanna Financial Group JACK MICENKO Barclays JASON M GOLDBERG Compass Point Research & Trading LLC KEVIN BARKER BMO Capital Markets PETER J WINTER Portales Partners JENNIFER A THOMPSON Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO Evercore Partners ANDREW A MARQUARDT Rafferty Capital Markets RICHARD X BOVE SR Atlantic Equities LLP RICHARD STAITE RBC Capital Markets JOSEPH K MORFORD Drexel Hamilton LLC DAVID B HILDER Edward Jones SHANNON L STEMM Daiwa Securities Co. Ltd. KAZUKI WATANABE Jefferies KENNETH M USDIN Deutsche Bank MATTHEW D O'CONNOR Goldman Sachs RICHARD N RAMSDEN Ameriprise Advisor Services, Inc LORI WILKING Argus Research Corp DAVID RITTER FBR Capital Markets PAUL J MILLER JR Macquarie THOMAS ALONSO Scotia Capital KEVIN R CHOQUETTE Sandler O'Neill & Partners, LP R SCOTT SIEFERS S&P Capital IQ ERIK M OJA Keefe, Bruyette & Woods FREDERICK CANNON EVA Dimensions AUSTIN BURKETT Meredith Whitney Advisory Group MEREDITH A WHITNEY

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F MF-AGG 13F

Recommendation neutral buy strong buy neutral market perform outperform hold Equalwt/Attractive outperform neutral neutral overweight neutral hold neutral overweight neutral market perform outperform market perform equalweight buy underweight outperform buy buy outperform buy hold neutral/attractive buy sell outperform outperform sector perform hold hold market perform hold hold

Amt Held 463'131'623 284'092'508 241'053'484 212'871'986 186'499'132 158'116'415 121'660'360 103'769'628 75'832'477 74'139'268 66'160'721 60'400'962 58'414'107 55'039'014 47'751'398 47'158'629 46'962'096 43'955'116 43'787'939 42'938'914

% Out 8.72 5.35 4.54 4.01 3.51 2.98 2.29 1.95 1.43 1.4 1.25 1.14 1.1 1.04 0.9 0.89 0.88 0.83 0.82 0.81

Weighting

Change 3 5 5 3 3 5 3 3 5 3 3 5 3 3 3 5 3 3 5 3 3 5 1 5 5 5 5 5 3 3 5 1 5 5 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 M M M M M M M M M M M M M M M M

Latest Chg 4'961'300 139'392 10'651'620 6'929'540 1'904'382 (6'404'182) 4'813'936 8'839'628 635'086 (962'698) (474'707) (3'628'077) (2'152'526) 9'169'089 (1'857'260) 6'859'196 1'336'294

Target Price 45 50 50 43 #N/A N/A 46 45 46 46 46 44 45 42 44 50 48 42 47 #N/A N/A 46 43 48 41 47 48 #N/A N/A 47 48 44 45 #N/A N/A #N/A N/A 50 47 51 46 43 37 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2013 25.09.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 31.08.2013 30.06.2013 30.06.2013 31.12.2012 31.03.2013 30.06.2013

Date 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 15 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided

Inst Type 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 Insurance Company Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 19.09.2013 18.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 09.09.2013 03.09.2013 28.08.2013 12.08.2013 06.08.2013 23.07.2013 19.07.2013 19.07.2013 17.07.2013 15.07.2013 15.07.2013 15.07.2013 12.07.2013 12.07.2013 27.01.2013 15.01.2013 12.10.2012

27.09.2013

Williams Cos Inc/The The Williams Companies, Inc. is an energy infrastructure company focused on connecting North America's hydrocarbon resource plays to growing markets for natural gas, natural gas liquids (NGLs) and olefins. The Company owns and operates midstream gathering and processing assets, and interstate natural gas pipelines.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.04.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WMB UN EQUITY YTD Change WMB UN EQUITY YTD % CHANGE

12/2012 06/yy 38.54 30.56 99'728.00 36.04 -6.51% 17.93% 72.31% 683.2 24'622.35 10'736.00 0.0 2'675.0 839.00 37'435.35

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

16.0 M

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 s-12

31.12.2009 31.12.2010 8'255.0 6'638.0 2.33x 3.64x 2'970.0 2'902.0 6.49x 8.32x 285.0 (1'097.0) 27.26x 29.54x Profitability

LTM-4Q 31.12.2011 7'930.0 3.61x 3'481.0 8.23x 376.0 20.00x

31.12.2012 7'486.0 4.66x 2'368.0 14.72x 859.0 26.96x 2'368.00 1'612.00 21.53% 17.22% 2.64% 15.86% 7.16% 0.31% 43.2% 32.5% 21.3% 11.5% 1.24 0.99 44.13% 225.93% 10.84 29.60

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 7'940.0 13.79x 3'006.0 9.67x 383.0 21.67x

f-13 m-13

06/yy 7'229.0 19.61x 2'349.0 14.90x 607.0 35.18x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

3.69 1.12 681.71 16.21 7.29% 13.48% 1.115 18 4.444 912'989 1'173'863 1'215'562 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 7'080.5 8'391.9 1'646.0 1'709.9 5.61x 5.10x 23.28x 22.88x 2'374.6 3'099.3 563.3 631.5 15.76x 12.08x 13.63x 12.45x 544.2 868.5 119.9 136.8 48.51x 29.88x 37.78x 32.04x S&P Issuer Ratings

05.03.2012 BBB STABLE 19.03.2007 NR 4.17 -0.28 4.06 4.41 225.9% 59.1% 0.31 0.47 33.68 12.33 61.42 -22.04

Sales/Revenue/Turnover

16.00

18'000.0

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

o-12

Fiscal Year Ended 31.12.2008 11'890.0 1.28x 3'843.0 3.97x 1'418.0 6.55x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Williams Cos Inc/The Holdings By:

All

Holder Name JP MORGAN BLACKROCK VANGUARD GROUP INC FMR LLC STATE STREET CORP MORGAN STANLEY SOROBAN CAPITAL PART T ROWE PRICE ASSOCIA INVESCO LTD CORVEX MANAGEMENT LP FIR TREE INCORPORATE NORTHERN TRUST CORPO KAYNE ANDERSON CAPIT GOLDMAN SACHS GROUP PRINCIPAL FINANCIAL BANK OF NEW YORK MEL TORTOISE CAPITAL ADV AMERIPRISE FINANCIAL NEUBERGER BERMAN LLC NORGES BANK

Firm Name UBS JPMorgan ISI Group Wells Fargo Securities, LLC Jefferies Argus Research Corp Raymond James US Capital Advisors Credit Suisse Howard Weil Inc BMO Capital Markets Barclays Morgan Stanley Tudor Pickering & Co Deutsche Bank Goldman Sachs EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a SOROBAN CAPITAL PART T ROWE PRICE ASSOCIA n/a CORVEX MANAGEMENT LP FIR TREE INCORPORATE NORTHERN TRUST CORPO KAYNE ANDERSON CAPIT n/a n/a BANK OF NEW YORK MEL TORTOISE CAPITAL ADV AMERIPRISE FINANCIAL NEUBERGER BERMAN GRO NORGES BANK

Analyst SHNEUR Z GERSHUNI JEREMY TONET TIMM SCHNEIDER SHARON LUI CHRISTOPHER P SIGHINOLFI MICHAEL BURKE DARREN HOROWITZ REBECCA G FOLLOWILL JOHN EDWARDS HOLLY STEWART CARL L KIRST RICHARD GROSS STEPHEN J MARESCA BRADLEY OLSEN CURTIS N LAUNER THEODORE DURBIN CRAIG STERLING

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F

Recommendation buy overweight buy outperform buy buy outperform hold outperform sector outperform outperform overweight Overwt/Attractive hold hold buy/attractive underweight

Amt Held 35'468'690 33'741'692 32'822'933 32'528'176 30'057'006 18'291'045 15'523'717 13'938'879 12'949'463 12'153'266 11'131'529 10'911'142 9'435'336 8'425'571 8'140'122 7'851'904 7'794'820 6'577'187 5'745'886 5'413'917

% Out 5.19 4.94 4.8 4.76 4.4 2.68 2.27 2.04 1.9 1.78 1.63 1.6 1.38 1.23 1.19 1.15 1.14 0.96 0.84 0.79

Weighting

Change 5 5 5 5 5 5 5 3 5 5 5 5 5 3 3 5 1

M M M M N M M M M M M M M U M M D

Latest Chg 5'326'947 (128'464) 650'993 839'669 (3'905'692) 1'767'295 3'175'861 (22'042'774) 2'274'260 6'320'800 4'896'730 129'542 (867'000) 1'949'535 2'096'348 (980'876) 159'936 (391'386) 1'445'466 -

Target Price 41 43 38 #N/A N/A 41 43 38 35 49 42 41 40 42 37 34 40 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.07.2013 25.09.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012

Date 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government

Date 27.09.2013 24.09.2013 10.09.2013 06.09.2013 04.09.2013 28.08.2013 22.08.2013 16.08.2013 02.08.2013 01.08.2013 31.07.2013 30.07.2013 12.07.2013 26.06.2013 24.06.2013 18.06.2013 05.03.2013

27.09.2013

Wal-Mart Stores Inc Wal-Mart Stores, Inc. operates discount stores, supercenters, and neighborhood markets. The Company's discount stores and supercenters offer merchandise such as apparel, housewares, small appliances, electronics, and hardware. Walmart's markets offer a full-line supermarket and a limited assortment of general merchandise. The Company operates nationally and internationally.

Price/Volume 90

12.0 M

10.0 M

70 60

8.0 M

01/2013 07/yy 79.96 67.37 273'979.00 74.2 -7.23% 10.14% 57.59% 3'255.5 241'554.83 54'136.00 0.0 5'395.0 7'781.00 294'788.83

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

2.0 M

10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.01.2009 404'374.0 0.55x 29'537.0 7.52x 13'400.0 13.80x

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (31.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WMT UN EQUITY YTD Change WMT UN EQUITY YTD % CHANGE

31.01.2010 31.01.2011 408'085.0 421'849.0 0.58x 0.57x 31'159.0 33'183.0 7.63x 7.30x 14'370.0 16'389.0 14.44x 13.80x Profitability

LTM-4Q 31.01.2012 446'950.0 0.58x 34'688.0 7.53x 15'699.0 13.67x

31.01.2013 469'162.0 0.60x 36'302.0 7.81x 16'999.0 13.93x 36'302.00 27'801.00 5.93% 5.49% 8.62% 24.09% 14.77% 2.38% 24.9% 7.7% 5.9% 3.6% 0.83 0.20 26.65% 70.91% 83.26 8.52

Price/ Cash Flow

LTM

FY+1

.0 M s-13

2.34 0.63 1'616.07 19.09 2.73% 10.78% 0.625 34 3.824 2'672'652 1'743'410 1'618'292 FY+2

FQ+1

FQ+2

07/yy 07/yy 01/14 Y 01/15 Y 10/13 Q3 01/14 Q4 460'709.0 472'980.0 480'737.2 501'623.4 117'039.3 132'881.4 2.31x 2.55x 0.61x 0.59x 2.52x 2.21x 35'700.0 36'650.0 37'488.1 39'138.6 8'527.0 11'319.7 8.46x 8.40x 7.86x 7.53x 7.88x 7.76x 16'257.0 17'094.0 17'066.1 18'083.1 3'705.6 5'500.6 15.83x 15.16x 14.24x 12.94x 13.68x 13.39x S&P Issuer Ratings Long-Term Rating Date 09.07.1999 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 22.07.1983 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 15.61 (EBITDA-Capex)/Interest Exp. 10.07 Net Debt/EBITDA 1.32 Total Debt/EBITDA 1.56 Reference Total Debt/Equity 70.9% Total Debt/Capital 39.8% Asset Turnover 2.38 Net Fixed Asset Turnover 4.12 Accounts receivable turnover-days 4.38 Inventory Days 42.83 Accounts Payable Turnover Day 37.16 Cash Conversion Cycle 10.40 Sales/Revenue/Turnover

12.00

500'000.0 450'000.0

10.00

400'000.0 350'000.0

8.00

300'000.0

6.00

250'000.0 200'000.0

4.00

150'000.0 100'000.0

2.00 0.00 05.02.2010

50'000.0 0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

05.08.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Wal-Mart Stores Inc Holdings By:

All

Holder Name WALTON ENTERPRISES L VANGUARD GROUP INC BLACKROCK STATE STREET CORP BERKSHIRE HATHAWAY I BANK OF NEW YORK MEL FMR LLC NORTHERN TRUST CORPO CAPITAL GROUP COMPAN STATE FARM MUTUAL AU GRANTHAM MAYO VAN OT BANK OF AMERICA CORP DODGE & COX GEODE CAPITAL MANAGE GATES FOUNDATION WALTON JIM C WELLINGTON MANAGEMEN EAGLE CAPITAL MANAGE DEUTSCHE BANK AG T ROWE PRICE ASSOCIA

Firm Name EVA Dimensions Janney Montgomery Scott LLC Shore Capital Stockbrokers Wolfe Research S&P Capital IQ Stifel Raymond James Credit Suisse Edward Jones Robert W. Baird & Co Wells Fargo Securities, LLC ISI Group Jefferies Tigress Financial Partners Goldman Sachs MKM Partners Cowen and Company Northcoast Research Deutsche Bank BMO Capital Markets Susquehanna Financial Group Argus Research Corp UBS JPMorgan Stephens Inc Independent Research GmbH Daiwa Securities Co. Ltd. Buckingham Research Group Telsey Advisory Group William Blair & Co Barclays Gilford Securities HSBC Oracle Investment Research

Portfolio Name n/a n/a n/a n/a n/a BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO n/a STATE FARM MUTUAL AU GRANTHAM MAYO VAN OT BANK OF AMERICA DODGE & COX GEODE CAPITAL MANAGE BILL & MELINDA FOUND n/a WELLINGTON MANAGEMEN EAGLE CAPITAL MANAGE n/a T ROWE PRICE ASSOCIA

Analyst AUSTIN BURKETT DAVID S STRASSER CLIVE WILLIAM BLACK SCOTT A MUSHKIN IAN GORDON DAVID A SCHICK BUDD BUGATCH MICHAEL B EXSTEIN BRIAN YARBROUGH PETER S BENEDICT MATTHEW NEMER GREGORY MELICH DANIEL T BINDER IVAN FEINSETH MATTHEW J FASSLER PATRICK G MCKEEVER JR FAYE LANDES CHARLES E CERANKOSKY PAUL TRUSSELL WAYNE HOOD ROBERT SUMMERS CHRISTOPHER GRAJA JASON DERISE CHRISTOPHER HORVERS JOHN R LAWRENCE ZAFER RUZGAR KAHORI TAMADA JOHN M ZOLIDIS JOSEPH I FELDMAN MARK R MILLER ROBERT S DRBUL BERNARD SOSNICK FRANCISCO J CHEVEZ LAURENCE BALTER

Source Form 4 ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F 13F Form 4 13F 13F ULT-AGG 13F

Recommendation buy buy corporate peerperform buy buy outperform neutral buy outperform market perform neutral buy neutral Buy/Neutral neutral market perform neutral hold market perform neutral hold buy neutral overweight sell neutral neutral no rating system market perform overweight buy overweight sell

Amt Held 1'609'891'131 88'134'754 86'121'883 77'644'563 49'247'235 34'543'130 31'102'598 22'733'688 17'008'338 16'800'850 15'642'603 13'978'902 13'931'834 11'360'045 11'103'000 10'501'672 10'347'793 10'269'498 9'636'266 9'471'801

% Out 49.45 2.71 2.65 2.39 1.51 1.06 0.96 0.7 0.52 0.52 0.48 0.43 0.43 0.35 0.34 0.32 0.32 0.32 0.3 0.29

Weighting

Change

5 5 #N/A N/A 3 5 5 5 3 5 5 3 3 5 3 5 3 3 3 3 3 3 3 5 3 5 1 3 3 #N/A N/A 3 5 5 5 1

U M M M M M M M M M M M M M N M M M M M D M M M M M M M M M M M M D

Latest Chg (1'636'374) (5'586'544) 1'876'961 204'549 (2'085'286) (119'525) 2'100'317 1'233'628 1'603'504 147'490 7'406 1'597'339 556'514 3'595'670 (522'174)

Target Price #N/A N/A 80 #N/A N/A #N/A N/A 82 83 82 80 #N/A N/A 83 #N/A N/A 75 86 #N/A N/A 83 75 75 #N/A N/A 76 80 79 #N/A N/A 88 75 87 67 79 75 80 #N/A N/A 90 #N/A N/A 87 60

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 07.06.2013 30.06.2013 25.09.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 07.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013

Date Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 3 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Holding Company Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Endowment n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 24.09.2013 16.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 11.09.2013 10.09.2013 10.09.2013 08.09.2013 04.09.2013 03.09.2013 30.08.2013 29.08.2013 20.08.2013 20.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 15.08.2013 15.08.2013 18.07.2013 10.07.2013 18.02.2013

27.09.2013

Exxon Mobil Corp Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis. The Company's operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.07.2013) 52-Week Low (31.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance XOM UN EQUITY YTD Change XOM UN EQUITY YTD % CHANGE

12/2012 06/yy 95.49 84.70 419'784.00 86.79 -9.09% 2.47% 21.96% 4'401.6 382'017.63 11'581.00 0.0 5'797.0 9'582.00 402'706.62

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

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 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 425'071.0 0.89x 78'669.0 4.82x 45'220.0 9.22x

100 90 80 70 60 50 40 30 20 10 0 s-12

31.12.2009 31.12.2010 275'564.0 341'578.0 1.18x 1.10x 38'156.0 54'882.0 8.54x 6.87x 19'280.0 30'460.0 17.01x 11.76x Profitability

LTM-4Q 31.12.2011 433'526.0 0.95x 69'687.0 5.91x 41'060.0 10.07x

31.12.2012 420'714.0 0.94x 65'769.0 6.04x 44'880.0 11.45x 65'769.00 49'881.00 11.86% 18.71% 10.69% 21.85% 19.83% 1.18% 15.6% 15.7% 11.5% 10.7% 1.01 0.69 3.47% 6.98% 11.49 20.53

Price/ Cash Flow

LTM

FY+1

.0 M s-13

2.70 0.96 4'391.31 40.57 -2.90% 2.33% 0.957 29 3.552 4'243'687 3'113'921 3'078'257 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 434'824.0 396'937.0 437'966.7 452'127.4 96'744.8 96'505.8 3.63x 4.16x 0.92x 0.89x 4.15x 4.16x 65'402.0 62'482.0 78'699.5 82'736.5 18'788.7 18'921.3 6.08x 6.70x 5.11x 4.86x 5.07x 4.94x 45'090.0 35'880.0 33'653.3 34'565.5 8'682.9 8'651.3 10.83x 11.65x 11.43x 10.84x 10.97x 10.84x S&P Issuer Ratings Long-Term Rating Date 16.12.1985 Long-Term Rating AAA Long-Term Outlook STABLE Short-Term Rating Date 16.12.1985 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 78.95 (EBITDA-Capex)/Interest Exp. 37.81 Net Debt/EBITDA 0.24 Total Debt/EBITDA 0.31 Reference Total Debt/Equity 7.0% Total Debt/Capital 6.3% Asset Turnover 1.18 Net Fixed Asset Turnover 1.76 Accounts receivable turnover-days 31.76 Inventory Days 17.78 Accounts Payable Turnover Day 56.78 Cash Conversion Cycle 12.30 Sales/Revenue/Turnover

12.00

500'000.0 450'000.0

10.00

400'000.0 350'000.0

8.00

300'000.0

6.00

250'000.0 200'000.0

4.00

150'000.0 100'000.0

2.00 0.00 01.01.2010

50'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Exxon Mobil Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP BANK OF NEW YORK MEL NORTHERN TRUST CORPO WELLINGTON MANAGEMEN JP MORGAN BANK OF AMERICA CORP FMR LLC STATE FARM MUTUAL AU NORGES BANK T ROWE PRICE ASSOCIA GEODE CAPITAL MANAGE UBS AG SUN LIFE FINANCIAL I GOLDMAN SACHS GROUP LEGAL & GENERAL STATE FARM MUTUAL AU TIAA CREF INVESTMENT WELLS FARGO & COMPAN

Firm Name Howard Weil Inc Raymond James Simmons & Company International Oppenheimer & Co Wells Fargo Securities, LLC Tudor Pickering & Co ISI Group Goldman Sachs Societe Generale Deutsche Bank Barclays Edward Jones Credit Suisse Argus Research Corp Canaccord Genuity Corp Independent Research GmbH Morgan Stanley Jefferies Macquarie Prime Executions JPMorgan Cowen and Company S&P Capital IQ VTB Capital Ameriprise Advisor Services, Inc EVA Dimensions UBS

Portfolio Name n/a n/a n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO WELLINGTON MANAGEMEN n/a BANK OF AMERICA n/a STATE FARM MUTUAL AU NORGES BANK T ROWE PRICE ASSOCIA GEODE CAPITAL MANAGE n/a n/a n/a n/a STATE FARM MUTUAL AU TIAA-CREF INVESTMENT n/a

Analyst BLAKE FERNANDEZ PAVEL MOLCHANOV GUY BABER FADEL GHEIT ROGER D READ ROBERT KESSLER DOUGLAS T TERRESON ARJUN N MURTI JOHN HERRLIN PAUL SANKEY PAUL Y CHENG BRIAN YOUNGBERG EDWARD WESTLAKE JONATHAN GELCIUS SAMUEL SIMON SVEN DIERMEIER J EVAN CALIO IAIN REID JASON D GAMMEL CHRIS KETTENMANN KATHERINE LUCAS MINYARD ASIT SEN MICHAEL KAY COLIN SMITH LEZE THAQI CRAIG STERLING WILLIAM A FEATHERSTON

Source ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F ULT-AGG ULT-AGG ULT-AGG ULT-AGG Sch-D 13F ULT-AGG

Recommendation sector perform outperform overweight market perform market perform hold neutral neutral/attractive buy hold equalweight hold neutral hold hold hold Underwt/In-Line hold neutral hold neutral outperform buy hold buy buy neutral

Amt Held 241'793'153 222'138'704 188'776'041 72'856'125 69'932'718 54'093'936 49'313'920 43'874'521 39'640'486 37'062'400 36'257'449 33'432'306 30'718'030 24'333'338 22'583'867 21'945'492 21'726'698 21'374'790 20'970'249 20'615'760

% Out 5.49 5.05 4.29 1.66 1.59 1.23 1.12 1 0.9 0.84 0.82 0.76 0.7 0.55 0.51 0.5 0.49 0.49 0.48 0.47

Weighting

Change 3 5 5 3 3 3 3 3 5 3 3 3 3 3 3 3 1 3 3 3 3 5 5 3 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

Latest Chg (7'353'913) 1'649'824 940'354 (1'410'323) (14'050) (4'066'682) 1'087'068 649'292 (8'374'042) (2'689'639) 323'254 820'796 1'907'635 228'616 817'109 (12'210) (2'093'986) (310'836)

Target Price 94 98 #N/A N/A #N/A N/A #N/A N/A 86 95 96 103 96 102 #N/A N/A 90 #N/A N/A 95 94 85 90 98 88 95 102 101 90 #N/A N/A #N/A N/A 91

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.09.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 31.08.2013 30.06.2013 31.08.2013 31.07.2013 30.06.2013 30.06.2013 31.07.2013

Date Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 3 month 12 month Not Provided 12 month Not Provided Not Provided 12 month

Inst Type Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Government Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Insurance Company Investment Advisor Investment Advisor

Date 24.09.2013 23.09.2013 23.09.2013 20.09.2013 20.09.2013 18.09.2013 16.09.2013 12.09.2013 09.09.2013 03.09.2013 03.09.2013 29.08.2013 21.08.2013 15.08.2013 15.08.2013 07.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 15.05.2013 29.04.2013 15.01.2013 02.11.2012