Fundamental equity analysis qms advisors hdax flexindex 110 by Q.M.S Advisors

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

Fundamental Analysis & Analyst Recommendations QMS Advisors HDAX FlexIndex September 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

14966532

2006.437

1118

203

220

104.15

110.50

15.68

14.83

18.55

Euro Stoxx 50 Pr

EUR

2750561

5665.069

4606

750

778

221.78

294.76

21.67

19.05

16.31

20.84

NIKKEI 225

JPY

2626141

187.1301

195

6.05

8.00

0.23

0.18

0.11

FTSE 100 INDEX

GBP

2805610

12071.66

9896

1476

1636

528.53

802.89

29.95

22.72

19.72

22.21

SWISS MARKET INDEX

CHF

1067289

10792.35

4123

938

848

441.32

558.96

20.46

17.42

16.16

23.69

S&P/TSX COMPOSITE INDEX

CAD

1627194

17031.54

7255

1809

1924

715.08

794.43

15.93

14.34

23.70

S&P/ASX 200 INDEX

AUD

1288897

6134.753

2608

521

668

203.55

312.65

20.85

16.09

13.58

19.06

HANG SENG INDEX

HKD

1716430

3146.157

1668

368

389

281.38

269.96

1.32

1.43

1.38

2.93

MSCI EM

USD

6978834

1335.816

1086

196

209

87.92

94.58

10.67

11.51

9.92

19.67

ADIDAS AG

EUR

22419

110

209

22.53

19826

21168

1919

1967

771

3.32

3.47

5.79

6.95

40.74

24.37

20.31

15.44

8.49

27.32

5.96

13.41

ADVA OPTICAL NETWORKING SE

EUR

251

0.20

435

419

433

465

0.46

0.23

0.19

0.28

30.23

28.58

35.82

24.21

8.10

11.44

26.47

7.12

15.45

CARL ZEISS MEDITEC AG - BR

EUR

2490

2.56

1136

1160

1176

1258

186

190

1.16

1.37

1.44

1.52

29.45

27.97

26.54

17.90

9.55

19.67

15.02

21.53

AIXTRON SE

EUR

1633

101

1.35

300

297

298

492

-143

-219

-3

-1.90

-2.73

-1.00

0.37

56.23

-82.63

37.13

-97.25

ALLIANZ SE-REG

EUR

66209

265

453

90.03

126525

127851

135087

138677

15.32

31.88

17.24

17.74

6.00

11.22

11.09

10.79

13.02

4.36

27.01.2012

Aa3

03.05.2004

AAREAL BANK AG

EUR

1725

24.50

1560

1432

876

923

900

2.31

2.25

2.17

2.75

16.85

17.51

13.81

-15.95

-15.92

-17.41

-24.35

26.03.2012

BASF SE

EUR

82020

305

918

99.71

95044

96909

97620

93553

12741

2956

6.92

6.47

7.07

7.75

18.19

16.64

15.18

-2.45

5.20

-24.30

-2.11

A+

10.05.2011

17.11.2010

BAYER AG-REG

EUR

93166

254

827

104.93

52392

52909

53854

56810

11861

12249

2422

7.36

4.63

7.58

8.55

32.10

22.73

19.58

17.37

11.66

5.61

0.56

8.16

30.51

A-

30.04.2008

17.07.2006

BB BIOTECH AG-REG

EUR

1696

BECHTLE AG

EUR

1027

1.02

2763

2828

2909

3066

135

131

3.54

3.39

3.79

4.30

19.02

16.98

15.00

6.73

11.81

2.54

9.80

6.11

BEIERSDORF AG

EUR

21982

227

19.89

7959

8092

8213

8672

1240

1318

331

2.69

2.79

3.06

3.49

41.15

37.51

32.94

9.52

0.36

16.02

4.31

21.46

BAYERISCHE MOTOREN WERKE AG

EUR

61442

140

656

137.18

101262

100739

102926

107772

15831

15450

10.23

10.38

10.35

10.67

12.12

12.16

11.80

15.37

8.74

3.80

12.26

20.21

16.04.2012

22.07.2011

BRENNTAG AG

EUR

7957

10.05

12768

12884

13169

13846

927

897

246

8.54

8.04

8.60

9.84

25.33

23.67

20.70

15.34

9.22

15.30

9.18

BBB-

09.06.2011

HUGO BOSS AG -ORD

EUR

8712

9.04

3091

3135

3286

3570

694

700

253

6.02

5.86

6.56

7.52

27.81

27.10

24.86

21.68

18.37

14.65

16.35

16.94

29.41

BAYWA-BAYERISCHE WARENVERMIT

EUR

1664

4.04

13877

18016

21009

21895

440

520

129

5.10

5.76

4.17

4.35

11.01

10.35

15.21

14.59

13.00

19.64

32.85

16.27

3.80

COMMERZBANK AG

EUR

13373

1698

779

310

26357

25139

12582

13037

-0.01

-1.51

0.48

1.05

32.01

14.78

-8.96

-7.48

A-

28.05.2013

Baa1

23.04.2013

CELESIO AG

EUR

3622

170

5.78

29346

28663

28237

28640

807

851

191

1.15

1.24

1.42

1.70

22.65

17.67

19.72

16.54

0.70

0.38

6.24

-9.25

3.91

CANCOM SE

EUR

328

0.34

735

745

765

799

1.52

1.58

1.73

1.99

23.92

21.86

18.97

3.32

17.65

16.12

42.32

6.86

CONTINENTAL AG

EUR

31244

200

41.58

43136

43226

44758

47518

6496

6568

1691

12.66

13.34

13.94

15.86

15.44

15.16

14.76

12.97

9.64

10.01

20.12

18.67

20.02

24.05.2013

Ba1

12.08.2013

DAIMLER AG-REGISTERED SHARES

EUR

74166

357

1068

112

166.24

150609

150476

154594

165269

15994

14375

7.48

8.26

6.36

7.29

11.06

22.21

14.37

12.53

9.59

5.97

-0.84

-6.83

12.59

A-

23.02.2012

01.10.2007

DEUTSCHE BOERSE AG

EUR

13708

184

15.13

2895

2873

2784

2948

1423

1308

372

4.52

4.31

4.81

5.43

21.72

21.79

19.44

17.24

-6.34

-4.78

-17.07

-5.05

60.01

13.02.2012

17.05.2006

DEUTSCHE BANK AG-REGISTERED

EUR

45205

1191

929

367

194

68914

64976

44084

44818

4.07

0.24

4.94

5.98

246.34

25.02

11.81

9.76

-0.90

-8.86

02.07.2013

21.06.2012

DEUTSCHE EUROSHOP AG

EUR

2190

4.14

285

264

261

272

241

223

2.95

3.31

2.55

2.58

16.17

17.17

21.01

20.70

15.67

13.36

11.92

23.25

111.16

DIALOG SEMICONDUCTOR PLC

EUR

1297

281

1.13

1019

1027

1134

1352

165

1.25

1.15

1.37

1.94

28.86

28.62

24.12

17.03

61.56

48.72

58.53

21.16

DEUTSCHE POST AG-REG

EUR

36219

880

1209

40.47

73148

73144

75257

78475

5190

5350

1320

1.93

2.00

1.96

2.11

19.71

21.31

20.10

18.69

6.69

1.22

9.77

-3.18

9.64

27.11.2012

31.07.2006

DRILLISCH AG

EUR

1154

103

1.21

427

399

395

405

0.61

4.26

1.68

1.47

6.72

17.06

19.46

-9.59

-4.87

26.80

12.17

27.32

DRAEGERWERK AG - PREF

EUR

1812

2.06

3128

3164

3200

3315

395

380

377

10.06

9.53

9.64

10.70

16.80

17.06

16.60

14.96

6.87

6.04

11.17

14.11

15.81

DEUTSCHE TELEKOM AG-REG

EUR

57555

1951

4319

123.49

76649

76822

77978

78867

23360

23057

5927

1.33

-1.55

0.85

0.92

12.51

20.08

18.48

-1.09

0.25

-16.14

1.96

39.55

BBB+

19.05.2008

Baa1

22.12.2011

DUERR AG

EUR

2385

2.40

3162

3121

3313

3412

271

285

4.10

4.45

4.81

4.97

20.40

20.35

18.87

18.29

32.76

16.62

54.22

31.58

12.04

01.11.2010

DEUTSCHE WOHNEN AG-BR

EUR

2994

146

6.91

595

664

515

545

245

312

1.52

1.26

1.02

1.12

18.38

22.77

20.71

21.77

10.43

40.04

14.46

62.00

EADS NV

EUR

45995

44.14

74424

76266

77243

82248

5175

5746

1699

3.56

4.77

21.67

16.13

19.72

9.73

31.36

30.44

9.93

A-

22.09.2010

(P)A2

06.12.2012

E.ON SE

EUR

31588

1983

1907

59.25

174059

173058

157078

157982

11125

13132

2.38

1.62

1.65

1.63

12.83

8.31

12.61

12.79

22.33

12.99

128.84

-6.93

10.00

A-

27.07.2012

05.10.2011

EUROMICRON AG

EUR

150

0.26

435

465

495

1.70

1.62

2.30

2.75

18.27

12.89

10.75

10.67

21.11

-23.94

14.48

9.85

EVOTEC AG

EUR

457

808

119

0.41

115

108

128

145

0.05

-0.03

0.08

0.13

66.43

37.77

11.74

31.67

-56.33

1.92

FIELMANN AG

EUR

4392

3.95

1459

1486

1532

1613

283

287

3.97

4.03

4.24

4.55

34.17

32.49

30.28

6.71

6.31

4.15

7.09

25.49

FRESENIUS MEDICAL CARE AG &

EUR

20282

307

28.69

18185

18711

19223

20102

3718

3705

927

5.10

4.37

4.75

5.00

25.76

25.92

23.74

22.54

12.89

8.28

9.48

10.20

26.09

BB+

19.09.2012

FREENET AG

EUR

3084

128

3.80

4070

4200

4255

4287

464

466

117

1.79

2.12

2.42

2.55

14.96

13.12

12.45

-7.16

36.25

6.18

13.53

14.60

FUCHS PETROLUB SE -PREF

EUR

5351

5.24

2397

2469

2585

406

418

120

3.85

3.93

4.07

4.35

27.32

26.36

24.66

13.37

8.19

10.42

9.61

22.99

FRAPORT AG FRANKFURT AIRPORT

EUR

5968

11.21

3218

3295

3405

3504

1124

1136

3.44

3.33

3.22

3.76

25.56

21.43

26.49

22.65

3.93

6.94

7.48

9.01

45.41

FRESENIUS SE & CO KGAA

EUR

21485

178

43.06

25418

26408

27210

28692

4953

4998

1283

6.37

7.06

7.76

8.69

22.48

22.71

20.48

18.28

23.59

15.95

21.25

17.28

24.94

BB+

19.09.2012

30.04.2006

GEA GROUP AG

EUR

7908

192

8.52

7537

7563

7777

8125

838

893

2.25

2.44

2.66

3.00

22.20

22.57

20.36

18.05

7.39

3.98

9.13

11.51

15.55

BILFINGER SE

EUR

4365

4.69

11212

11435

11990

911

8.44

8.21

7.25

8.22

15.22

14.81

17.22

15.21

4.82

0.86

47.58

21.55

10.71

BBB+

23.10.2012

GAGFAH SA

EUR

2647

195

9.22

1399

1400

1077

1095

472

446

0.37

0.13

0.61

0.88

124.33

98.24

26.48

18.35

-24.95

3.41

-4.85

28.54

41.97

GSW IMMOBILIEN AG

EUR

2222

4.58

420

466

310

330

214

230

2.31

4.22

2.49

2.53

13.74

24.42

23.27

22.87

-3.39

0.71

-0.21

65.01

GILDEMEISTER AG

EUR

1689

264

1.68

2685

2761

2746

2866

218

238

148

1.69

1.72

1.77

1.96

16.43

15.95

14.44

27.30

7.37

22.82

1.33

11.37

23.09.2009

GERRY WEBER INTL AG

EUR

2110

2.06

1057

1094

1147

1275

177

175

2.28

2.20

2.42

2.91

27.52

27.36

25.01

20.84

18.67

11.07

22.92

22.23

21.04

GERRESHEIMER AG

EUR

1923

2.64

1606

1660

1701

1811

301

308

2.53

2.45

3.57

4.30

32.93

22.59

18.75

14.97

4.67

11.55

4.10

24.44

BBB-

23.02.2011

Ba1

17.05.2011

HEIDELBERGCEMENT AG

EUR

13119

131

188

23.82

18474

18447

18917

19902

3323

3661

1173

1.57

2.23

4.68

6.09

41.40

19.72

15.14

11.42

0.59

8.52

1.57

26.15

22.11.2012

(P)Ba2

31.05.2011

HENKEL AG & CO KGAA VORZUG

EUR

39070

434

39.42

21755

21894

22203

23269

3666

3642

4.83

4.69

5.31

5.83

27.53

26.41

24.35

22.17

7.64

4.36

18.22

12.64

21.92

18.05.2011

01.06.2011

HANNOVER RUECK SE

EUR

8460

121

11.87

18131

18697

18706

19336

9.38

9.41

9.03

9.04

9.83

10.23

17.76

17.99

AA-

10.06.2006

19611

19339

2.27

Q.M.S Advisors | 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

14966532

2006.437

1118

203

220

104.15

110.50

15.68

14.83

18.55

Euro Stoxx 50 Pr

EUR

2750561

5665.069

4606

750

778

221.78

294.76

21.67

19.05

16.31

20.84

NIKKEI 225

JPY

2626141

187.1301

195

6.05

8.00

0.23

0.18

0.11

FTSE 100 INDEX

GBP

2805610

12071.66

9896

1476

1636

528.53

802.89

29.95

22.72

19.72

22.21

SWISS MARKET INDEX

CHF

1067289

10792.35

4123

938

848

441.32

558.96

20.46

17.42

16.16

23.69

S&P/TSX COMPOSITE INDEX

CAD

1627194

17031.54

7255

1809

1924

715.08

794.43

15.93

14.34

23.70

S&P/ASX 200 INDEX

AUD

1288897

6134.753

2608

521

668

203.55

312.65

20.85

16.09

13.58

19.06

HANG SENG INDEX

HKD

1716430

3146.157

1668

368

389

281.38

269.96

1.32

1.43

1.38

2.93

MSCI EM

USD

6978834

1335.816

1086

196

209

87.92

94.58

10.67

11.51

9.92

19.67

HOCHTIEF AG

EUR

5599

10.46

33638

34425

33519

34277

1947

2377

1.85

5.97

4.26

4.99

16.05

22.48

19.21

12.71

8.71

-15.50

43.07

9.10

INFINEON TECHNOLOGIES AG

EUR

10042

1305

1080

7.63

5144

4972

5057

5536

1161

957

340

0.51

0.33

0.31

0.53

37.16

39.20

23.22

-3.07

1.65

-26.04

3.46

25.36

JENOPTIK AG

EUR

791

0.90

771

800

859

111

107

1.08

1.01

0.83

1.06

17.94

22.04

17.25

10.12

3.83

-12.41

3.59

18.36

04.06.2008

15.11.2007

KONTRON AG

EUR

301

0.31

721

710

719

761

-0.78

-1.01

-0.23

0.19

37.00

-9.52

3.66

-104.21

-34.42

0.20

KLOECKNER & CO SE

EUR

1313

100

1.97

9735

8963

8906

9278

-2.58

-2.20

-0.44

0.41

42.19

5.43

5.62

-92.18

-38.66

1.05

B+

27.03.2013

KABEL DEUTSCHLAND HOLDING AG

EUR

10004

13.77

2411

2438

2590

2789

1037

1015

303

3.68

3.14

3.86

4.52

47.48

38.53

32.99

10.09

9.42

3.09

16.69

54.84

KRONES AG

EUR

2705

2.56

3511

3626

3663

3857

237

258

2.92

3.37

4.93

5.61

33.45

22.89

20.11

9.77

5.79

39.42

-0.92

9.38

KUKA AG

EUR

1448

1.35

2292

2368

2444

2554

173

186

2.16

2.23

2.54

2.89

25.26

22.17

19.48

27.87

14.15

59.68

7.48

10.36

BB-

31.07.2013

LEG IMMOBILIEN AG

EUR

2927

6.06

682

638

674

249

0.76

6.85

3.56

4.16

10.63

95.78

20.47

17.51

0.66

23.68

48.16

LEONI AG

EUR

1853

2.35

5019

5063

5038

5423

472

392

6.58

4.14

4.32

5.94

18.07

18.11

17.32

12.58

3.83

10.25

1.61

14.01

10.19

DEUTSCHE LUFTHANSA-REG

EUR

8255

495

460

10.14

39709

39649

40553

41918

3252

3310

1710

1.30

2.73

1.54

2.33

8.67

18.32

15.35

10.16

6.42

6.86

-16.33

-3.06

11.00

BBB-

27.08.2009

Ba1

03.09.2009

LINDE AG

EUR

35695

185

48.67

20134

21496

22522

24084

4537

4987

1340

9.13

9.41

10.99

12.37

26.99

27.35

23.11

20.53

14.27

7.23

14.53

10.57

30.57

25.05.2012

28.04.2010

LPKF LASER & ELECTRONICS

EUR

378

0.40

152

177

159

175

0.80

1.11

0.89

1.11

20.08

25.17

20.15

34.66

36.58

55.86

37.61

35.15

LANXESS AG

EUR

5448

8.17

11983

11224

11042

11919

1662

1169

265

8.63

2.85

2.32

5.40

30.32

37.16

16.01

4.79

9.72

19.42

17.46

13.72

BBB

31.07.2007

MAN SE

EUR

16850

147

23.27

20783

20578

20764

21862

1959

1153

2.71

-2.16

1.76

5.66

85.70

26.65

-5.60

2.06

-48.85

-7.36

7.38

20.12.2012

30.04.2009

METRO AG

EUR

12244

130

327

20.58

87942

87004

66501

85893

4364

4471

0.85

0.49

0.07

2.80

101.32

93.69

720.93

17.65

1.62

-1.08

-13.91

1.52

6.77

BBB-

11.10.2012

Baa3

09.10.2012

MORPHOSYS AG

EUR

1729

1.54

106

100

0.13

0.91

0.43

0.00

107.10

108.67

223.93

24632.14

-48.42

33.86

-61.52

-7.70

43.83

MERCK KGAA

EUR

33329

217

35.13

14153

14281

14796

14899

3845

4049

1020

5.97

6.29

11.43

11.95

32.07

25.94

17.64

16.87

11.11

11.66

11.17

11.72

37.36

29.05.2013

04.07.2013

MTU AERO ENGINES AG

EUR

4768

5.44

4452

4838

4935

5311

647

646

4.52

3.43

5.77

6.50

35.26

20.93

18.58

20.07

10.74

21.95

6.03

17.58

11.05.2010

Baa3

08.06.2012

MUENCHENER RUECKVER AG-REG

EUR

32635

127

179

35.02

86831

86353

71816

73423

23.69

22.95

22.05

10.45

10.87

10.88

10.79

8.92

AA-

22.12.2006

AURUBIS AG

EUR

2625

2.92

18170

17374

16973

17089

981

587

101

10.58

-3.77

4.05

5.51

19.00

13.98

4.48

9.07

37.72

19.57

4.29

NORDEX SE

EUR

888

433

0.90

1417

1732

1682

1746

-1.64

-1.25

0.17

0.33

92.92

48.12

22.78

17.93

-20.36

5.43

NORMA GROUP SE

EUR

1348

1.58

797

803

846

902

170

159

2.36

2.27

2.67

3.02

24.60

20.86

18.46

5.27

22.38

26.03

XING AG

EUR

547

0.46

101

110

125

1.88

2.03

2.48

3.52

63.67

65.37

52.04

36.68

14.21

26.27

-72.34

36.25

45.65

TELEFONICA DEUTSCHLAND HOLDI

EUR

7742

1117

9.18

6869

6615

6582

1689

441

0.37

0.09

0.13

24.75

99.02

70.01

4.64

14.57

32.40

PFEIFFER VACUUM TECHNOLOGY

EUR

1156

1.12

608

552

572

619

115

6.05

4.80

5.14

6.80

32.19

30.04

22.72

-14.76

41.77

6.59

12.25

22.94

PSI AG

EUR

279

0.24

238

241

252

275

0.79

0.58

0.83

1.18

40.51

28.25

19.82

8.82

9.83

20.45

25.34

12.02

PROSIEBEN SAT.1 MEDIA AG-REG

EUR

9472

212

10.61

3105

2880

3386

3568

904

873

190

2.03

2.10

2.44

2.67

27.23

27.40

23.35

21.37

9.41

-5.50

-0.44

7.36

39.95

01.08.2007

PUMA SE

EUR

4311

3.94

4310

4178

4086

4255

246

428

136

24.37

3.28

14.26

16.05

114.78

25.97

26.42

23.47

11.46

5.21

-70.77

-19.61

13.51

QIAGEN N.V.

EUR

4720

236

5.21

1653

1673

1747

1843

532

510

130

0.91

0.96

1.49

1.61

36.32

23.47

21.75

9.54

10.15

49.40

23.23

40.40

QSC AG

EUR

597

108

124

0.67

634

626

600

619

102

105

104

0.18

0.25

0.23

0.30

25.36

27.06

20.85

0.94

3.63

-4.82

23.67

22.19

RATIONAL AG

EUR

3367

3.23

573

582

602

661

171

10.81

10.50

10.87

12.33

37.15

35.90

31.65

14.56

5.87

26.88

7.50

RHOEN-KLINIKUM AG

EUR

3283

465

138

4.37

3775

3929

4001

4167

384

438

112

0.86

1.07

1.41

36.54

36.34

29.19

22.16

11.82

9.74

-24.59

4.13

14.71

Baa3

03.12.2012

RHEINMETALL AG

EUR

1967

2.51

6198

5947

6204

6452

631

426

6.64

2.79

2.28

5.07

23.44

28.75

12.93

7.40

4.61

-10.62

4.50

9.43

12.12.2008

Baa3 *-

01.08.2013

RWE AG

EUR

17072

295

615

44.33

66901

68593

70640

70167

11932

13966

2.57

1.61

5.17

3.96

22.76

11.67

7.08

9.24

4.34

2.81

40.85

4.04

26.83

BBB+

27.07.2012

Baa1

21.06.2013

SMA SOLAR TECHNOLOGY AG

EUR

1071

0.72

1928

1438

1403

1459

228

146

2.85

0.03

-0.89

0.11

1543.68

363.22

-16.74

35.64

-52.87

23.91

13.40

SAP AG

EUR

89956

677

1192

92.00

21377

21924

22820

24855

6591

6483

1967

3.13

3.29

4.45

4.98

29.29

29.17

21.69

19.38

18.42

10.21

9.58

14.56

38.97

STADA ARZNEIMITTEL AG

EUR

2929

4.84

2421

2539

2644

2865

422

455

121

1.90

2.32

3.71

4.54

27.90

27.74

17.46

14.28

9.38

4.70

58.08

0.26

23.61

STRATEC BIOMEDICAL AG

EUR

458

0.45

161

163

175

198

1.57

1.50

1.77

2.13

34.21

33.92

29.11

24.12

6.63

17.45

-19.85

6.55

21.92

K+S AG-REG

EUR

4689

1245

191

5.17

5186

4817

5195

4861

1423

1340

217

3.95

3.56

3.13

1.64

9.07

9.00

10.31

19.71

-2.03

-3.58

-5.00

27.51

36.66

BBB+ *-

05.08.2013

Baa2 *-

07.08.2013

SGL CARBON SE

EUR

2209

2.87

2252

2276

2176

2340

264

187

0.05

-4.84

-2.09

0.68

61.39

14.45

SIEMENS AG-REG

EUR

94984

186

856

112.59

103170

101581

100908

104299

12720

11467

2174

7.38

7.18

7.04

9.24

19.78

19.97

SKY DEUTSCHLAND AG

EUR

7512

160

779

7.97

1757

1881

2052

2391

-67

-0.33

-0.23

-0.17

-0.03

SUESS MICROTEC AG

EUR

174

0.15

216

199

228

0.53

-0.30

-0.47

0.52

SOFTWARE AG

EUR

2658

2.77

1380

1313

1318

1388

384

351

2.49

2.25

2.53

2.81

17.89

AXEL SPRINGER AG

EUR

5013

6.06

4362

4371

4464

4159

804

783

208

3.18

3.08

3.49

3.46

21.65

SARTORIUS AG-VORZUG

EUR

2021

2.57

1114

1140

1190

1268

237

254

228

3.12

4.10

5.26

6.04

SYMRISE AG

EUR

5185

118

5.92

2286

2369

2429

2558

447

469

130

1.75

1.87

2.15

SALZGITTER AG

EUR

2340

2.27

13700

13172

12985

13416

548

489

-2.03

-9.62

SUEDZUCKER AG

EUR

6243

589

204

9.19

10382

10571

10503

10536

1645

1604

3.92

3.43

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

02.08.2013

25.07.2013

3.42

-21.41

-11.77

10.83

BB-

08.07.2013

16.05.2013

9.03

0.27

-10.54

1.10

14.87

A+

05.06.2009

22.50

11.60

88.36

0.83

23.15

-8.71

1.32

-27.96

6.55

3.48

15.91

14.36

-6.12

11.80

-5.73

17.35

35.25

21.23

19.09

19.28

5.19

4.73

9.24

10.81

23.60

34.67

26.99

23.54

20.24

10.75

28.53

23.56

29.36

2.37

30.90

31.12

26.87

24.36

12.59

9.81

9.56

5.92

26.09

-6.11

1.41

36.49

7.47

-3.24

-40.81

-29.62

4.89

3.00

2.93

11.76

12.33

13.77

16.71

9.04

28.46

28.64

20.00

BBB+

05.06.2012

20.16

13.42

15.38

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

14966532

2006.437

1118

203

220

104.15

110.50

15.68

14.83

18.55

Euro Stoxx 50 Pr

EUR

2750561

5665.069

4606

750

778

221.78

294.76

21.67

19.05

16.31

20.84

NIKKEI 225

JPY

2626141

187.1301

195

6.05

8.00

0.23

0.18

0.11

FTSE 100 INDEX

GBP

2805610

12071.66

9896

1476

1636

528.53

802.89

29.95

22.72

19.72

22.21

SWISS MARKET INDEX

CHF

1067289

10792.35

4123

938

848

441.32

558.96

20.46

17.42

16.16

23.69

S&P/TSX COMPOSITE INDEX

CAD

1627194

17031.54

7255

1809

1924

715.08

794.43

15.93

14.34

23.70

S&P/ASX 200 INDEX

AUD

1288897

6134.753

2608

521

668

203.55

312.65

20.85

16.09

13.58

19.06

HANG SENG INDEX

HKD

1716430

3146.157

1668

368

389

281.38

269.96

1.32

1.43

1.38

2.93

MSCI EM

USD

6978834

1335.816

1086

196

209

87.92

94.58

10.67

11.51

9.92

19.67

TAG IMMOBILIEN AG

EUR

1542

131

4.54

522

433

352

367

378

282

1.88

1.04

0.74

0.91

14.92

19.39

21.13

17.14

124.21

41.90

187.75

77.35

85.87

THYSSENKRUPP AG

EUR

10820

1305

514

16.24

52871

47894

48916

50677

3394

2938

682

-0.50

-0.70

-0.18

1.47

18.86

-8.02

-7.52

-47.81

-17.15

8.08

06.06.2012

Ba1

24.01.2013

TALANX AG

EUR

8026

208

16.27

34837

36644

36296

37736

3.78

3.85

3.75

3.92

10.88

11.43

11.17

10.69

16.97

A-

20.06.2006

TUI AG

EUR

2993

252

3.39

24154

24237

24145

24901

1263

1117

1536

-0.16

-0.70

0.37

0.80

42.20

19.51

6.41

25.03

6.07

23.08.2013

Caa1

14.01.2011

UNITED INTERNET AG-REG SHARE

EUR

6809

194

7.17

3158

3315

3487

3817

514

549

132

0.96

1.20

1.38

1.77

38.57

39.00

33.59

26.07

19.04

12.81

6.74

6.30

21.81

VOLKSWAGEN AG-PREF

EUR

105423

166

465

155

230.07

253889

258249

264651

278336

32183

32695

60.98

49.78

28.23

32.92

6.07

6.09

10.70

9.18

27.57

16.71

18.87

13.24

16.68

A-

31.08.2009

17.08.2009

WACKER CHEMIE AG

EUR

5234

6.41

6107

5857

6012

6415

1138

1023

229

2.88

0.79

0.60

2.54

167.26

220.08

52.02

-7.38

2.34

-31.50

-3.71

23.03

WIRECARD AG

EUR

3615

112

3.24

520

570

625

737

144

153

0.87

0.90

0.99

1.26

47.39

42.91

33.76

28.32

25.57

38.80

28.96

35.32

WINCOR NIXDORF AG

EUR

2126

2.29

3087

3268

3247

3376

218

245

101

2.77

3.62

3.84

4.76

23.36

22.03

17.80

0.84

1.18

-31.36

-6.54

9.87

ELRINGKLINGER AG

EUR

2385

2.82

1485

1512

1571

1671

284

277

1.75

1.81

2.07

2.43

27.47

23.94

20.45

12.04

16.93

-6.96

5.75

24.15

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

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.29

2.12

1.95

2.29

1.46

1.40

1.34

1.46

10.43

9.69

10.01

10.43

9.14

8.43

7.89

9.14

14.83

13.36

12.06

14.83

2.17

2.34

2.52

2.17

1843.1

12.9%

Euro Stoxx 50 Pr

1.22

1.16

1.09

1.22

0.79

0.77

0.75

0.79

6.20

5.68

5.14

6.20

7.28

6.88

6.51

7.28

12.37

10.97

9.86

12.37

4.14

4.37

4.73

4.14

3012.0

8.8%

NIKKEI 225

1.50

1.40

1.31

1.50

0.72

0.70

0.68

0.72

8.89

8.21

7.04

8.89

8.51

7.82

7.37

8.51

17.54

15.60

14.06

17.54

1.66

1.82

1.97

1.66

15112.7

8.1%

FTSE 100 INDEX

1.78

1.67

1.55

1.78

1.03

0.99

0.97

1.03

8.55

7.84

6.61

8.55

7.38

6.77

6.35

7.38

12.65

11.49

10.54

12.65

3.82

4.12

4.48

3.82

7034.3

8.0%

SWISS MARKET INDEX

2.42

2.25

2.09

2.42

2.05

1.96

1.87

2.05

12.84

11.55

10.32

12.84

12.72

11.79

10.99

12.72

15.13

13.71

12.45

15.13

3.24

3.25

3.62

4.10

3.24

8655.3

9.3%

S&P/TSX COMPOSITE INDEX

1.71

1.60

1.50

1.71

1.66

1.53

1.51

1.66

8.72

7.93

6.66

8.72

8.85

7.89

7.34

8.85

15.12

13.45

12.22

15.12

3.17

3.31

3.44

3.17

14203.2

12.2%

S&P/ASX 200 INDEX

1.90

1.80

1.71

1.90

1.80

1.70

1.63

1.80

10.85

9.95

9.33

10.85

9.19

8.37

7.83

9.19

15.02

13.62

12.56

15.02

4.55

4.85

5.22

4.55

5304.6

2.1%

HANG SENG INDEX

1.33

1.23

1.16

1.33

1.73

1.60

1.49

1.73

7.92

7.52

6.95

7.92

8.08

7.40

6.76

8.08

10.70

9.92

9.05

10.70

3.60

3.87

4.18

3.60

24927.0

11.3%

MSCI EM

1.27

1.16

1.06

1.27

0.86

0.81

0.76

0.86

6.09

5.61

5.12

6.09

6.38

5.85

5.43

6.38

9.92

8.98

8.54

9.92

3.02

3.30

3.58

3.02

1117.1

19.1%

ADIDAS AG

2.93

2.88

2.56

2.27

1.80

1.14

1.13

1.06

1.00

0.94

18.02

14.94

12.89

10.98

9.44

11.69

10.35

8.83

7.67

6.82

21.45

18.49

15.41

13.05

11.67

1.50

2.02

2.49

3.01

3.20

94.77

16.5%

ADVA OPTICAL NETWORKING SE

1.27

1.16

1.09

1.01

0.58

0.54

0.52

0.11

5.45

9.68

5.95

7.71

3.67

4.00

3.45

2.85

12.72

27.18

18.38

16.00

4.39

10.6%

CARL ZEISS MEDITEC AG - BR

2.96

2.66

2.48

2.32

2.15

2.20

2.12

1.98

1.88

1.81

21.07

21.28

17.90

16.60

14.53

13.57

13.01

11.87

10.95

10.56

25.54

21.22

20.14

18.42

16.84

1.49

2.23

2.10

2.31

2.37

23.81

2.5%

AIXTRON SE

2.46

3.25

3.05

2.64

2.46

5.63

5.47

3.32

2.48

2.14

55.09

17.39

13.93

20.28

9.38

8.81

42.68

17.72

18.36

0.35

0.00

0.63

1.74

1.49

11.27

-7.0%

ALLIANZ SE-REG

0.97

0.95

0.89

0.84

0.97

0.49

0.48

0.47

0.45

AAREAL BANK AG

0.72

0.70

0.66

0.64

2.05

1.97

1.87

1.79

1.70

0.64

3.48

1.09

0.94

BASF SE

2.39

2.32

2.20

2.00

1.74

0.80

0.84

0.88

0.84

0.81

7.73

8.18

7.54

7.34

6.08

6.14

7.48

6.97

6.49

BAYER AG-REG

3.54

3.44

3.05

2.69

2.42

1.79

1.73

1.64

1.56

1.48

12.66

11.51

10.30

9.49

8.81

9.64

9.34

8.49

7.84

0.00

9.77

8.42

8.18

8.02

7.82

4.17

4.66

4.87

5.07

5.37

131.54

19.4%

14.40

13.29

10.48

9.35

7.29

0.27

1.97

3.47

5.68

9.14

23.32

6.6%

5.93

12.48

12.63

11.52

10.51

9.26

3.81

3.96

4.17

4.41

4.69

74.30

9.6%

7.28

15.78

14.86

13.18

11.88

10.77

2.12

2.42

2.71

2.99

3.23

91.37

6.9%

116.49

17.7% 9.5%

BB BIOTECH AG-REG BECHTLE AG

1.73

1.58

1.45

1.33

1.18

0.37

0.35

0.33

0.32

0.30

10.65

10.46

9.93

9.09

7.21

7.75

7.43

6.74

6.31

5.58

13.62

12.89

11.38

10.37

9.09

2.48

2.72

3.02

3.27

3.73

40.63

BEIERSDORF AG

4.68

4.25

3.80

3.43

3.11

2.77

2.68

2.53

2.39

2.25

25.10

22.18

20.62

19.22

17.36

17.23

15.79

14.29

13.02

12.12

31.06

28.46

24.99

22.52

20.02

1.19

1.21

1.35

1.47

1.64

69.21

4.5%

BAYERISCHE MOTOREN WERKE AG

1.52

1.41

1.28

1.16

1.03

0.61

0.60

0.57

0.55

0.52

5.61

4.72

4.56

4.20

3.35

7.93

8.23

7.95

7.40

6.59

9.33

9.23

8.95

8.57

8.00

3.61

3.72

4.01

4.35

4.71

79.77

10.0%

BRENNTAG AG

3.13

2.81

2.53

2.28

2.02

0.63

0.60

0.57

0.54

0.53

14.67

13.60

12.59

11.51

10.48

10.73

10.67

9.81

9.08

8.76

18.04

17.97

15.71

14.11

13.16

1.98

2.05

2.31

2.56

2.71

124.47

6.2%

HUGO BOSS AG -ORD

10.60

8.59

7.14

6.03

5.41

2.86

2.65

2.44

2.26

2.14

17.31

14.85

13.34

11.93

10.76

13.14

11.97

10.61

9.52

8.78

20.66

18.87

16.45

14.54

13.25

3.43

3.76

4.31

4.88

5.56

97.14

3.4%

BAYWA-BAYERISCHE WARENVERMIT

1.39

1.29

1.18

1.08

0.12

0.08

0.07

8.44

6.01

5.99

5.34

4.70

10.97

8.26

8.22

7.83

7.69

20.53

11.55

11.07

10.13

9.03

1.83

1.98

2.15

2.48

2.53

43.25

18.5%

COMMERZBANK AG

0.29

0.38

0.36

1.02

1.06

1.03

0.99

0.97

10.02

9.19

7.37

10.51

24.29

11.21

7.24

5.00

0.00

0.76

2.78

7.20

8.59

-3.6%

CELESIO AG

1.11

1.20

1.12

1.05

0.88

0.12

0.13

0.12

11.58

8.30

7.29

7.02

6.86

7.66

7.87

7.28

6.86

6.58

13.57

14.96

12.55

11.01

10.51

2.04

2.13

2.57

2.94

2.99

16.41

1.6%

CANCOM SE

3.09

2.86

2.50

2.17

0.45

0.43

0.41

0.40

0.39

13.59

13.88

11.79

10.47

9.39

8.44

7.62

6.87

19.68

16.59

14.40

12.64

1.46

1.76

1.91

2.07

27.50

26.2%

CONTINENTAL AG

2.74

2.46

2.08

1.78

1.54

0.72

0.70

0.66

0.62

0.60

7.19

7.20

6.28

5.67

5.18

6.59

6.24

5.73

5.27

5.10

11.00

11.21

9.85

8.74

8.41

1.68

2.11

2.52

2.95

3.30

124.09

4.7%

DAIMLER AG-REGISTERED SHARES

1.31

1.22

1.14

1.06

0.95

0.50

0.48

0.45

0.42

0.46

6.38

6.28

5.25

4.78

3.31

9.88

8.94

8.88

7.93

6.14

11.38

10.90

9.51

8.14

7.48

4.07

4.16

4.26

4.77

4.75

55.89

6.2%

DEUTSCHE BOERSE AG

3.22

3.03

2.67

2.37

2.12

4.96

4.92

4.65

4.45

4.22

13.08

11.61

11.13

10.16

9.68

10.41

10.72

9.46

8.81

7.59

15.13

14.75

13.07

11.88

10.20

4.14

3.95

4.24

4.51

4.73

54.18

0.5%

DEUTSCHE BANK AG-REGISTERED

0.56

0.59

0.56

0.52

1.02

1.01

0.98

0.93

5.93

7.53

5.97

4.43

9.38

8.96

7.40

6.08

5.74

2.24

2.42

3.04

4.29

3.62

39.59

17.6%

DEUTSCHE EUROSHOP AG

1.17

1.19

1.15

1.12

1.14

7.91

8.39

8.05

8.15

7.86

15.92

15.17

13.88

13.51

15.14

17.15

18.24

17.58

17.22

17.25

18.46

15.94

15.71

14.95

13.75

3.74

4.08

4.28

4.48

4.71

33.54

8.9%

DIALOG SEMICONDUCTOR PLC

3.56

2.86

2.39

1.92

1.82

1.69

1.51

1.26

1.12

1.07

19.34

15.54

11.05

8.72

9.12

10.18

8.41

6.42

5.33

5.41

16.57

18.30

12.93

10.27

10.80

0.00

14.69

1.6%

DEUTSCHE POST AG-REG

2.46

2.61

2.37

2.17

1.65

0.49

0.48

0.46

0.44

0.42

14.44

9.23

8.61

7.86

6.59

7.81

7.26

6.73

6.20

5.75

17.63

15.26

14.18

12.70

11.21

3.25

3.34

3.61

3.97

4.33

22.95

1.0%

DRILLISCH AG

6.42

3.88

3.80

3.76

2.63

2.92

2.85

2.77

2.73

41.38

17.90

12.81

12.11

9.80

15.38

13.29

11.50

10.72

8.72

36.76

12.95

14.77

13.60

11.17

5.62

7.89

7.97

7.71

7.50

16.62

0.9%

DRAEGERWERK AG - PREF

2.03

1.86

1.60

1.40

1.43

0.58

0.57

0.55

0.53

0.50

8.76

11.67

8.59

8.29

7.84

5.42

5.46

4.94

4.53

3.97

11.78

12.60

11.35

10.08

8.63

0.95

0.99

2.18

2.40

2.78

103.45

12.2%

DEUTSCHE TELEKOM AG-REG

1.49

1.55

1.48

1.43

1.53

0.75

0.74

0.73

3.18

3.12

3.13

3.07

5.21

5.42

5.30

5.21

5.08

15.29

15.24

14.02

13.16

11.11

7.12

5.39

5.20

5.37

5.92

9.99

1.8%

DUERR AG

4.12

3.63

3.09

2.68

2.22

0.76

0.72

0.70

0.68

0.69

22.52

11.57

11.14

10.96

11.17

9.41

8.12

7.73

7.47

7.85

17.59

14.32

13.87

13.42

13.93

1.81

2.47

2.64

2.65

2.04

54.23

3.7%

DEUTSCHE WOHNEN AG-BR

1.17

1.10

1.04

0.99

1.00

5.58

5.81

5.50

5.12

5.89

23.91

19.72

18.00

21.70

26.87

19.23

17.48

16.96

18.98

21.02

17.28

15.72

15.43

17.17

1.90

2.43

2.85

3.05

3.01

14.86

11.0%

EADS NV

3.68

3.56

2.89

2.34

1.92

12.03

11.28

8.46

5.96

6.34

22.98

16.44

12.24

10.64

9.83

1.39

2.16

2.91

3.53

3.44

49.97

12.7%

E.ON SE

0.61

0.63

0.61

0.59

0.57

0.21

0.20

0.19

2.93

3.69

3.57

3.55

3.85

4.17

4.80

4.83

4.89

5.07

5.35

9.57

9.71

10.55

9.12

5.83

5.64

5.68

5.08

12.52

4.5%

EUROMICRON AG

0.93

0.89

0.82

0.74

0.35

0.32

0.30

0.29

0.26

7.51

6.96

5.12

4.48

7.74

6.69

5.90

5.24

7.58

9.78

8.16

6.58

2.98

1.99

3.11

5.34

22.04

29.3%

EVOTEC AG

2.22

2.19

2.04

1.83

1.70

3.90

3.58

3.15

2.68

2.52

21.19

27.33

19.89

15.55

11.47

26.57

20.30

14.58

9.92

7.64

37.49

50.41

28.67

16.90

0.00

3.60

23.1%

FIELMANN AG

6.02

5.63

5.42

5.21

4.79

3.00

2.87

2.72

2.60

2.49

20.49

20.17

18.93

18.08

16.33

13.79

13.11

12.36

11.73

10.74

26.26

24.65

22.98

21.68

19.62

3.38

3.59

3.81

4.06

4.25

72.75

-8.3%

FRESENIUS MEDICAL CARE AG &

2.26

2.04

1.88

1.75

1.54

1.48

1.39

1.33

1.25

1.16

11.38

11.49

10.58

9.70

8.97

9.83

9.87

9.52

8.77

7.83

17.48

18.02

17.10

15.05

12.87

1.39

1.45

1.51

1.65

1.82

52.22

6.0%

FREENET AG

2.03

1.85

1.75

1.67

1.59

0.77

0.72

0.73

8.72

8.94

8.65

8.87

8.76

8.31

8.09

7.95

7.91

7.96

12.83

9.96

9.45

9.16

8.82

6.45

7.79

8.24

8.50

9.26

19.37

6.0%

FUCHS PETROLUB SE -PREF

5.68

4.96

4.41

3.93

2.23

2.17

2.07

1.98

1.93

21.16

19.31

18.13

16.60

18.44

12.45

11.77

11.11

10.50

10.15

21.29

20.01

18.72

17.64

17.79

1.85

2.30

2.54

2.73

3.06

59.19

-4.2%

FRAPORT AG FRANKFURT AIRPORT

1.53

1.49

1.42

1.34

1.24

1.83

1.75

1.70

1.63

1.57

7.74

7.64

7.14

6.61

6.04

10.02

9.59

9.16

8.52

7.78

18.56

20.10

17.21

14.74

13.10

2.55

2.56

2.69

2.92

3.18

51.39

4.7%

FRESENIUS SE & CO KGAA

2.08

1.90

1.71

1.56

1.39

0.85

0.79

0.75

0.70

0.65

8.54

7.87

6.67

6.32

7.92

8.61

8.20

7.74

7.17

6.62

16.95

15.54

13.87

12.37

10.96

1.17

1.30

1.44

1.62

1.83

103.95

13.7%

GEA GROUP AG

2.51

2.42

2.16

1.96

1.71

1.05

1.02

0.97

0.93

0.89

13.95

12.34

10.42

10.02

8.84

10.19

9.23

8.37

7.87

7.47

16.89

15.45

13.70

12.54

11.82

1.83

2.07

2.33

2.50

2.92

32.96

5.7%

BILFINGER SE

1.61

1.53

1.45

1.37

1.23

0.40

0.38

0.36

0.35

0.32

8.96

8.03

7.47

7.01

6.03

6.18

6.34

5.77

5.36

4.54

12.71

13.07

11.54

10.40

8.46

4.02

4.00

4.29

4.67

4.73

82.12

14.1%

GAGFAH SA

0.86

0.85

0.82

0.79

0.73

2.42

2.46

2.42

2.37

2.41

19.67

22.10

16.15

14.86

13.29

20.19

20.46

20.13

19.79

16.08

22.91

20.09

13.93

13.14

10.63

0.00

0.09

1.96

3.82

3.73

10.96

17.8%

GSW IMMOBILIEN AG

1.17

1.08

1.02

0.99

0.92

7.58

7.16

6.74

6.62

6.94

27.65

23.99

21.55

19.84

19.67

26.14

21.64

20.66

19.83

20.65

26.16

17.66

17.36

16.04

19.43

2.59

2.90

3.12

3.29

3.27

35.14

5.3%

GILDEMEISTER AG

1.35

1.24

1.20

1.10

1.02

0.64

0.62

0.59

0.56

0.59

9.09

7.98

7.69

6.92

7.62

7.11

6.80

6.01

5.45

7.18

12.06

12.10

10.96

10.08

13.55

2.26

2.47

2.71

2.76

2.67

19.63

20.7%

GERRY WEBER INTL AG

4.56

3.95

3.46

3.03

2.65

2.00

1.84

1.65

1.53

1.40

18.30

15.88

13.94

12.09

10.29

11.87

10.84

9.17

8.23

7.17

20.54

18.98

15.82

14.05

11.95

2.16

2.41

2.87

3.22

3.56

37.73

8.2%

GERRESHEIMER AG

2.64

2.49

2.23

1.96

1.81

1.20

1.13

1.06

1.00

0.95

9.47

8.77

7.36

6.66

6.13

8.58

8.15

7.25

6.61

6.03

18.79

17.12

14.23

12.25

10.56

1.43

1.51

1.80

2.06

2.32

49.87

7.3%

HEIDELBERGCEMENT AG

0.76

0.72

0.68

0.63

0.71

0.69

0.66

0.61

0.58

6.20

6.17

5.47

4.57

3.69

7.42

7.03

6.34

5.67

4.96

19.82

14.97

11.49

9.10

7.25

0.94

1.53

2.31

3.02

4.28

60.16

13.3%

HENKEL AG & CO KGAA VORZUG

3.31

3.06

2.72

2.43

2.13

1.80

1.76

1.68

1.60

1.53

16.01

14.89

13.61

12.63

11.70

11.08

10.36

9.67

8.97

8.34

20.04

18.48

16.82

15.33

14.03

1.24

1.40

1.55

1.69

1.90

79.63

7.1%

HANNOVER RUECK SE

1.08

1.02

0.95

0.90

0.85

0.48

0.45

0.44

0.43

0.42

7.83

7.76

7.69

7.88

5.46

5.23

5.32

5.44

5.07

62.82

18.0%

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

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.29

2.12

1.95

2.29

1.46

1.40

1.34

1.46

10.43

9.69

10.01

10.43

9.14

8.43

7.89

9.14

14.83

13.36

12.06

14.83

2.17

2.34

2.52

2.17

1843.1

12.9%

Euro Stoxx 50 Pr

1.22

1.16

1.09

1.22

0.79

0.77

0.75

0.79

6.20

5.68

5.14

6.20

7.28

6.88

6.51

7.28

12.37

10.97

9.86

12.37

4.14

4.37

4.73

4.14

3012.0

8.8%

NIKKEI 225

1.50

1.40

1.31

1.50

0.72

0.70

0.68

0.72

8.89

8.21

7.04

8.89

8.51

7.82

7.37

8.51

17.54

15.60

14.06

17.54

1.66

1.82

1.97

1.66

15112.7

8.1%

FTSE 100 INDEX

1.78

1.67

1.55

1.78

1.03

0.99

0.97

1.03

8.55

7.84

6.61

8.55

7.38

6.77

6.35

7.38

12.65

11.49

10.54

12.65

3.82

4.12

4.48

3.82

7034.3

8.0%

SWISS MARKET INDEX

2.42

2.25

2.09

2.42

2.05

1.96

1.87

2.05

12.84

11.55

10.32

12.84

12.72

11.79

10.99

12.72

15.13

13.71

12.45

15.13

3.24

3.25

3.62

4.10

3.24

8655.3

9.3%

S&P/TSX COMPOSITE INDEX

1.71

1.60

1.50

1.71

1.66

1.53

1.51

1.66

8.72

7.93

6.66

8.72

8.85

7.89

7.34

8.85

15.12

13.45

12.22

15.12

3.17

3.31

3.44

3.17

14203.2

12.2%

S&P/ASX 200 INDEX

1.90

1.80

1.71

1.90

1.80

1.70

1.63

1.80

10.85

9.95

9.33

10.85

9.19

8.37

7.83

9.19

15.02

13.62

12.56

15.02

4.55

4.85

5.22

4.55

5304.6

2.1%

HANG SENG INDEX

1.33

1.23

1.16

1.33

1.73

1.60

1.49

1.73

7.92

7.52

6.95

7.92

8.08

7.40

6.76

8.08

10.70

9.92

9.05

10.70

3.60

3.87

4.18

3.60

24927.0

11.3%

MSCI EM

1.27

1.16

1.06

1.27

0.86

0.81

0.76

0.86

6.09

5.61

5.12

6.09

6.38

5.85

5.43

6.38

9.92

8.98

8.54

9.92

3.02

3.30

3.58

3.02

1117.1

19.1%

HOCHTIEF AG

1.52

1.34

1.28

1.21

0.17

0.16

0.15

4.76

3.48

3.19

2.97

3.33

5.39

4.64

4.65

4.48

4.24

22.45

17.06

14.57

12.90

11.00

2.29

3.01

3.42

3.83

3.57

60.59

9.8%

INFINEON TECHNOLOGIES AG

2.15

2.09

1.94

1.75

1.50

1.96

1.99

1.81

1.69

1.56

14.57

12.28

9.03

7.16

6.71

6.29

7.33

5.64

4.94

4.57

19.53

29.75

17.63

13.80

10.85

1.70

1.69

1.89

2.11

1.70

7.37

4.6%

JENOPTIK AG

1.76

1.68

1.52

1.37

1.28

1.03

0.99

0.92

0.88

0.84

9.93

9.79

9.59

8.64

7.13

8.55

8.86

7.73

7.08

6.68

15.42

16.72

13.09

11.82

11.27

1.57

1.67

1.96

2.11

1.14

10.56

0.7%

KONTRON AG

0.77

0.84

0.89

0.82

0.42

0.40

0.38

0.35

23.70

12.09

12.69

6.33

3.87

25.71

14.30

7.10

4.24

3.37

28.08

11.88

8.54

2.68

1.56

2.17

3.24

7.32

4.04

-1.5%

KLOECKNER & CO SE

0.58

0.65

0.64

0.62

0.59

0.13

0.15

0.14

0.12

30.83

9.22

7.80

7.30

5.10

20.23

11.12

7.15

6.14

5.16

32.02

16.96

15.37

0.00

0.06

0.76

1.40

1.87

10.38

3.9%

4.14

3.86

3.59

3.35

3.14

14.13

11.75

10.39

10.18

12.14

11.14

10.07

9.27

8.55

26.36

29.24

25.02

22.41

19.28

2.99

3.67

4.28

4.73

82.70

-3.6%

KABEL DEUTSCHLAND HOLDING AG KRONES AG

2.37

2.15

1.95

1.76

1.64

0.80

0.74

0.70

0.66

0.64

19.29

11.25

9.84

9.28

10.95

8.11

7.30

6.67

6.88

26.04

17.37

15.26

13.65

13.74

1.03

1.45

1.75

1.87

5.39

66.09

1.7%

KUKA AG

3.56

3.08

2.61

2.25

1.99

0.63

0.59

0.57

0.55

0.54

11.98

11.81

10.35

9.62

8.33

7.31

6.74

6.18

5.82

5.85

19.06

16.82

14.79

12.70

12.34

0.89

1.21

1.48

1.95

1.82

34.50

6.5%

LEG IMMOBILIEN AG

1.01

0.99

0.95

0.92

0.85

4.74

4.59

4.35

4.11

3.81

16.85

15.51

13.82

14.22

12.21

19.67

20.23

18.62

17.23

15.11

20.23

15.54

13.29

13.36

12.11

0.97

4.14

4.52

4.79

5.38

45.44

8.3%

LEONI AG

1.70

1.62

1.45

1.29

1.11

0.37

0.34

0.32

0.29

7.19

6.87

5.78

4.76

3.73

5.11

5.96

4.95

4.35

3.84

9.67

13.14

9.55

7.81

6.73

3.36

3.15

3.50

4.01

4.42

43.47

1.0%

DEUTSCHE LUFTHANSA-REG

0.77

0.90

0.84

0.73

0.62

0.21

0.20

0.19

0.18

2.53

2.45

2.19

1.89

2.09

3.19

2.65

2.33

1.99

1.91

26.60

11.65

7.71

5.34

4.96

1.67

2.38

4.90

6.71

7.03

18.21

33.7%

LINDE AG

1.96

1.98

1.85

1.72

1.58

1.77

1.58

1.48

1.39

1.32

9.74

8.51

8.03

7.77

6.60

10.58

9.16

8.48

7.84

7.31

18.75

17.54

15.58

13.89

12.36

1.82

2.00

2.24

2.46

2.79

161.86

10.7%

LPKF LASER & ELECTRONICS

5.26

4.53

3.92

3.41

2.90

2.63

2.37

2.15

1.96

1.75

19.60

13.18

10.86

12.30

8.42

12.18

10.21

8.97

7.74

6.78

23.93

19.10

15.29

13.84

1.85

2.54

2.83

2.77

3.26

12.72

-1.2%

LANXESS AG

1.65

1.75

1.58

1.40

1.27

0.45

0.49

0.46

0.43

0.41

4.93

7.49

5.81

4.76

3.88

5.20

8.31

6.05

5.27

4.75

7.50

28.20

12.14

8.95

7.54

1.92

1.85

2.25

2.60

51.76

4.2%

MAN SE

2.36

2.17

2.18

2.11

0.81

0.77

0.74

0.69

24.02

24.89

11.75

9.48

7.09

13.65

15.96

10.61

9.08

7.30

32.42

65.04

20.23

16.49

9.46

1.64

2.89

3.45

3.38

3.25

82.53

-5.1%

METRO AG

1.48

1.66

1.56

1.46

1.22

0.14

0.18

0.14

4.74

10.25

4.65

0.22

3.62

4.03

4.39

26.25

-7.7%

MORPHOSYS AG

6.40

4.69

4.62

4.29

5.14

25.16

17.22

17.89

14.88

13.88

191.40

25.04

0.00

MERCK KGAA

2.34

2.32

2.17

2.01

1.86

2.28

2.25

2.24

2.21

11.40

10.18

MTU AERO ENGINES AG

3.38

2.89

2.55

2.28

2.04

1.07

0.97

0.90

0.83

0.77

10.85

13.03

MUENCHENER RUECKVER AG-REG

0.92

0.89

0.85

0.81

0.79

0.45

0.44

0.40

AURUBIS AG

1.00

0.91

0.86

0.83

0.82

0.15

0.14

6.21

8.46

6.62

6.55

NORDEX SE

2.01

2.33

2.15

1.93

0.65

0.53

0.51

0.49

0.43

14.55

83.34

14.15

10.78

NORMA GROUP SE

3.48

3.13

2.75

2.45

1.69

1.59

1.50

1.41

1.34

12.19

11.25

10.48

9.32

8.73

9.92

XING AG

8.01

6.96

5.92

4.98

5.70

4.98

4.39

3.92

3.52

22.53

21.47

17.82

14.91

9.50

16.54

TELEFONICA DEUTSCHLAND HOLDI

1.08

0.97

1.02

1.07

1.15

1.13

1.17

1.18

1.15

4.41

4.87

4.82

4.70

4.46

5.48

PFEIFFER VACUUM TECHNOLOGY

3.08

2.87

2.68

2.27

1.87

2.02

1.87

1.75

1.61

12.82

14.24

13.36

11.93

9.49

9.67

PSI AG

2.69

2.66

2.39

2.08

1.82

1.17

1.11

1.01

0.94

0.86

18.62

13.78

12.13

9.76

7.16

10.82

PROSIEBEN SAT.1 MEDIA AG-REG

4.62

8.71

7.39

6.51

6.52

2.47

2.80

2.66

2.53

2.49

5.83

8.09

7.53

6.67

6.73

PUMA SE

1.93

1.87

1.72

1.58

1.02

1.05

1.01

0.97

0.95

20.06

14.49

14.18

12.36

16.89

QIAGEN N.V.

1.76

1.73

1.61

1.51

3.89

3.64

3.45

3.28

3.12

15.65

15.66

12.34

11.66

QSC AG

2.45

2.39

2.17

1.96

0.94

0.99

0.96

0.93

8.50

8.79

6.86

RATIONAL AG

10.52

9.56

8.80

7.89

7.96

5.76

5.59

5.10

4.63

4.27

25.24

25.85

RHOEN-KLINIKUM AG

1.56

1.51

1.42

1.34

1.23

0.87

0.82

0.79

0.75

0.72

10.98

9.79

RHEINMETALL AG

0.94

1.04

0.97

0.90

0.83

0.32

0.30

0.29

0.28

3.62

RWE AG

0.80

0.89

0.84

0.80

0.81

0.25

0.24

0.23

SMA SOLAR TECHNOLOGY AG

0.98

1.04

1.03

1.00

0.55

0.76

0.73

0.68

SAP AG

4.69

4.01

3.43

2.92

2.42

4.19

3.94

3.62

STADA ARZNEIMITTEL AG

2.39

2.16

1.89

1.67

1.41

1.21

1.11

1.02

STRATEC BIOMEDICAL AG

3.84

3.41

3.05

2.74

2.49

2.84

2.63

K+S AG-REG

1.05

0.98

0.95

0.91

0.88

0.89

SGL CARBON SE

1.53

2.07

2.00

1.88

0.98

2.11

1.41

5.00

5.13

4.58

4.85

8.25

5.08

4.85

4.80

11.77

547.12

13.39

11.72

86.54

180.90

150.59

149.79

1400.68

322.37

57.78

737.89

169.94

18693.33

96.36

9.60

9.14

7.96

9.05

8.62

8.18

7.89

7.57

15.37

13.38

12.80

12.32

11.71

1.38

1.62

1.75

1.88

2.26

11.29

8.94

7.34

8.51

8.22

7.50

6.76

6.19

15.20

15.89

14.10

12.53

11.19

1.99

2.09

2.34

2.64

3.64

72.78

4.6%

7.82

8.25

7.97

8.42

4.94

5.20

5.38

5.55

6.00

153.61

11.2%

7.65

14.42

10.61

9.65

8.77

2.71

2.85

2.94

3.11

3.35

48.90

10.3%

70.52

36.52

24.58

7.37

-19.6%

7.7%

115.17

-0.8%

3.91

6.51

5.20

4.91

4.56

16.53

9.71

7.68

6.47

4.74

9.22

8.52

8.01

7.42

16.65

15.83

14.01

12.72

12.18

1.96

2.23

2.48

2.70

2.65

32.82

2.2%

14.76

11.56

9.71

9.12

43.69

39.50

27.84

22.00

16.25

0.83

0.90

1.11

1.58

2.49

65.00

-12.6%

5.59

5.56

5.46

5.28

36.78

75.14

53.13

39.85

19.85

8.56

8.82

9.14

9.03

9.28

5.96

13.3%

11.59

9.26

8.00

6.73

18.81

22.80

17.24

14.56

12.46

3.95

3.28

4.26

5.06

5.87

82.13

-7.7%

10.23

7.93

6.58

5.32

22.52

21.44

15.04

11.77

8.63

2.18

2.30

3.25

3.97

5.79

15.18

12.8%

9.39

10.34

9.68

9.25

9.48

17.83

17.72

16.22

15.06

15.30

17.07

4.40

4.95

5.25

4.87

32.92

0.2%

9.64

9.77

8.74

7.94

7.48

16.24

20.05

17.81

15.82

15.31

0.83

0.66

0.79

0.90

0.96

220.55

1.7%

10.44

13.08

12.23

11.09

10.32

10.07

19.94

17.81

16.51

15.03

13.08

0.00

15.97

4.5%

6.33

13.06

6.48

6.38

5.92

5.44

5.60

26.30

20.54

15.83

12.15

11.53

2.41

2.79

3.25

3.67

3.83

3.52

-3.6%

22.84

20.56

18.28

18.06

18.82

16.67

15.02

13.54

26.09

27.25

24.02

21.59

19.51

3.08

3.06

3.28

3.65

4.11

212.75

-5.3%

8.34

7.29

6.57

11.23

10.11

8.88

8.09

7.31

25.28

22.15

16.82

14.45

12.35

1.93

1.87

2.34

2.79

2.96

19.01

5.5%

5.85

4.53

3.78

3.04

3.90

5.96

4.18

3.60

3.08

7.94

21.82

9.81

7.31

5.75

4.50

2.58

4.04

4.86

6.83

38.11

1.1%

2.16

2.28

2.45

2.55

2.87

3.84

3.77

4.22

4.39

4.49

5.18

5.37

7.01

7.91

8.43

9.58

9.33

7.32

6.91

5.94

22.61

7.3%

0.64

7.58

14.76

9.84

9.53

3.06

15.44

7.41

5.32

275.65

32.95

2.68

0.04

0.32

1.02

21.52

-8.1%

3.31

3.00

17.23

14.81

12.93

11.60

9.58

12.66

11.34

10.22

9.23

8.18

18.00

16.46

14.71

13.05

11.50

1.51

1.67

1.91

2.12

2.16

65.06

17.1%

0.97

0.90

11.27

9.13

7.67

6.54

5.95

10.28

9.23

8.23

7.67

7.03

14.73

13.25

10.84

9.73

8.70

1.46

1.88

2.26

2.40

2.86

38.59

3.3%

2.32

2.10

1.92

21.50

23.72

20.66

15.42

14.33

15.33

14.26

12.01

10.90

9.68

23.68

22.09

18.31

15.74

14.70

1.86

2.14

2.48

2.87

27.92

-5.7%

0.90

0.96

0.94

0.86

4.40

4.81

8.03

9.60

6.18

3.76

4.27

6.26

6.13

5.10

6.68

7.82

14.96

16.25

12.21

7.39

5.71

2.67

2.69

4.75

17.39

-6.5%

1.02

0.94

0.86

0.75

14.81

57.70

14.69

11.82

15.35

8.90

18.82

11.11

8.99

6.65

25.10

46.59

20.91

16.29

0.84

0.44

0.66

1.19

1.25

18.69

-21.9%

9.78

11.71

8.61

13.33

11.66

10.62

9.15

3.75

3.78

4.02

4.30

4.32

87.87

7.4%

42.82

24.07

0.00

0.12

3.08

6.54

0.6%

8.77

10.01

0.00

9.73

40.9%

SIEMENS AG-REG

2.19

2.30

2.10

1.92

1.41

0.93

0.94

0.91

0.88

0.84

SKY DEUTSCHLAND AG

35.32

17.90

19.00

12.54

7.74

4.27

3.66

3.14

2.75

2.51

SUESS MICROTEC AG

1.03

1.09

1.03

0.95

0.96

0.81

0.87

0.76

0.64

0.62

13.48

SOFTWARE AG

1.87

1.85

1.66

1.51

1.31

1.91

2.02

1.92

1.80

1.67

AXEL SPRINGER AG

2.18

1.97

1.82

1.75

1.47

1.15

1.12

1.20

1.19

1.22

SARTORIUS AG-VORZUG

4.16

3.70

3.29

2.89

1.80

1.70

1.59

1.50

SYMRISE AG

4.06

3.68

3.33

2.87

2.29

2.13

2.03

SALZGITTER AG

0.41

0.47

0.45

0.48

0.17

0.18

SUEDZUCKER AG

1.21

1.18

1.10

1.04

0.96

0.61

0.59

5.27

60.38

9.11

8.01

8.07

59.62

21.62

17.10

27.18

13.28

8.05

5.48

6.17

9.69

10.48

9.75

8.93

6.82

6.95

8.56

9.08

9.01

9.81

7.51

1.42

19.48

11.40

10.28

9.51

9.19

1.93

1.85

16.52

15.06

13.74

12.94

0.17

0.16

5.70

7.13

4.42

0.59

0.57

5.69

6.01

6.27

9.70

0.41

10.05

7.81

7.27

6.60

166.80

43.16

19.72

13.74

6.91

4.11

3.89

21.18

7.87

7.32

6.65

5.83

10.35

12.08

10.90

9.74

8.18

2.02

1.96

2.03

2.15

2.64

28.85

24.3%

7.88

8.02

7.59

7.70

13.28

14.49

14.60

13.45

13.67

4.62

4.46

4.56

4.82

5.98

42.81

11.3%

12.16

11.28

10.23

9.44

8.52

22.17

20.49

17.86

16.03

13.77

1.20

1.39

1.63

1.83

2.02

86.71

6.0%

11.10

13.21

11.91

11.15

10.48

9.90

23.58

20.39

18.49

17.20

15.97

2.06

2.25

2.46

2.69

2.91

33.17

-0.4%

3.93

2.89

4.15

7.01

3.41

2.85

2.64

27.69

11.93

12.40

1.04

0.71

0.99

1.41

1.95

29.34

-0.7%

5.98

6.03

5.60

6.33

6.39

6.35

6.12

8.08

10.19

10.45

10.46

10.18

3.74

3.81

3.86

3.92

4.74

28.35

22.2%

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

15.30

0.00

17.57

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

2.29

2.12

1.95

2.29

1.46

1.40

1.34

1.46

10.43

9.69

10.01

10.43

9.14

8.43

7.89

9.14

14.83

13.36

12.06

14.83

2.17

2.34

2.52

2.17

1843.1

12.9%

Euro Stoxx 50 Pr

1.22

1.16

1.09

1.22

0.79

0.77

0.75

0.79

6.20

5.68

5.14

6.20

7.28

6.88

6.51

7.28

12.37

10.97

9.86

12.37

4.14

4.37

4.73

4.14

3012.0

8.8%

NIKKEI 225

1.50

1.40

1.31

1.50

0.72

0.70

0.68

0.72

8.89

8.21

7.04

8.89

8.51

7.82

7.37

8.51

17.54

15.60

14.06

17.54

1.66

1.82

1.97

1.66

15112.7

8.1%

FTSE 100 INDEX

1.78

1.67

1.55

1.78

1.03

0.99

0.97

1.03

8.55

7.84

6.61

8.55

7.38

6.77

6.35

7.38

12.65

11.49

10.54

12.65

3.82

4.12

4.48

3.82

7034.3

8.0%

SWISS MARKET INDEX

2.42

2.25

2.09

2.42

2.05

1.96

1.87

2.05

12.84

11.55

10.32

12.84

12.72

11.79

10.99

12.72

15.13

13.71

12.45

15.13

3.24

3.25

3.62

4.10

3.24

8655.3

9.3%

S&P/TSX COMPOSITE INDEX

1.71

1.60

1.50

1.71

1.66

1.53

1.51

1.66

8.72

7.93

6.66

8.72

8.85

7.89

7.34

8.85

15.12

13.45

12.22

15.12

3.17

3.31

3.44

3.17

14203.2

12.2%

S&P/ASX 200 INDEX

1.90

1.80

1.71

1.90

1.80

1.70

1.63

1.80

10.85

9.95

9.33

10.85

9.19

8.37

7.83

9.19

15.02

13.62

12.56

15.02

4.55

4.85

5.22

4.55

5304.6

2.1%

HANG SENG INDEX

1.33

1.23

1.16

1.33

1.73

1.60

1.49

1.73

7.92

7.52

6.95

7.92

8.08

7.40

6.76

8.08

10.70

9.92

9.05

10.70

3.60

3.87

4.18

3.60

24927.0

11.3%

MSCI EM

1.27

1.16

1.06

1.27

0.86

0.81

0.76

0.86

6.09

5.61

5.12

6.09

6.38

5.85

5.43

6.38

9.92

8.98

8.54

9.92

3.02

3.30

3.58

3.02

1117.1

19.1%

TAG IMMOBILIEN AG

1.08

1.00

0.97

0.95

0.91

5.88

4.38

4.20

4.07

20.47

13.98

12.64

15.22

15.29

13.73

19.06

17.81

17.16

18.21

7.17

16.03

13.00

14.76

15.43

2.65

3.71

4.38

4.62

2.72

9.73

8.7%

THYSSENKRUPP AG

1.01

3.00

2.58

2.14

2.09

0.20

0.22

0.21

0.20

11.42

8.45

5.19

4.54

3.35

6.34

6.58

5.02

4.33

3.45

14.31

9.24

7.48

2.34

0.76

1.85

3.13

5.64

17.95

12.5%

TALANX AG

0.85

0.84

0.80

0.74

0.23

0.22

0.21

0.20

8.92

8.47

8.10

7.71

7.80

4.60

4.84

5.15

5.40

TUI AG

0.92

1.08

1.00

0.92

0.70

0.12

0.11

3.19

4.43

3.83

3.57

3.18

2.65

2.43

2.21

2.01

1.93

22.61

32.03

14.80

10.53

11.02

0.29

0.23

0.97

2.19

3.89

UNITED INTERNET AG-REG SHARE

27.23

18.97

11.81

8.40

5.58

2.17

1.95

1.78

1.67

1.59

20.09

17.84

14.90

13.55

12.67

16.16

13.54

11.37

9.85

8.78

32.92

25.49

19.79

16.61

13.75

0.99

1.30

1.60

1.93

2.68

26.40

-0.9%

VOLKSWAGEN AG-PREF

1.05

0.97

0.87

0.78

0.73

0.42

0.40

0.38

0.36

0.35

3.65

3.77

3.48

3.39

2.99

8.00

7.33

6.52

6.05

5.51

8.11

8.12

6.97

6.32

5.68

2.22

2.42

3.10

3.73

5.01

208.46

19.8%

WACKER CHEMIE AG

1.48

1.66

1.59

1.51

1.54

0.86

0.87

0.82

0.76

0.73

5.99

8.57

6.15

5.30

4.17

6.48

7.27

6.08

5.33

4.69

47.51

167.02

39.48

24.34

18.14

0.75

0.26

0.70

1.18

1.53

63.78

-16.3%

WIRECARD AG

4.94

4.43

3.85

3.31

2.84

6.97

5.79

4.91

4.21

3.64

31.33

27.29

21.95

18.76

15.28

22.53

19.78

16.10

13.58

11.09

35.47

32.56

25.63

21.34

17.22

0.48

0.50

0.59

0.69

1.03

24.85

1.6%

WINCOR NIXDORF AG

4.43

3.80

3.20

2.76

2.54

0.70

0.65

0.63

0.60

0.59

12.73

10.43

9.64

8.43

7.32

10.28

8.85

7.58

7.04

7.17

22.72

16.72

13.51

12.16

12.24

2.10

2.90

3.69

4.10

3.85

48.75

0.0%

ELRINGKLINGER AG

2.83

2.66

2.37

2.12

1.83

1.63

1.52

1.43

1.34

1.25

12.22

10.97

9.69

8.82

7.25

9.14

8.96

8.10

7.45

6.57

19.07

18.17

15.52

13.81

12.03

1.94

1.85

2.14

2.43

2.36

26.51

-7.2%

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26.04

8.0%

11.17

24.1%

03.09.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (03.09.2012) 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 ADS GY EQUITY YTD Change ADS GY EQUITY YTD % CHANGE

12/2012 06/yy 88.50 61.89 109'567.00 81.32 -8.11% 31.39% 75.20% 209.2 17'013.46 1'487.00 0.0 (13.0) 1'935.00 17'095.46

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

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

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

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

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

31.12.2012 14'883.0 0.92x 1'456.0 9.36x 526.0 26.72x 1'456.00 1'185.00 7.96% 5.72% 4.67% 10.06% 1.24% 49.5% 10.2% 6.5% 3.5% 1.57 0.83 12.76% 28.04% 7.08 2.82

Price/ Cash Flow

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

n-12

d-12

j-13

f-13 m-13

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

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

0.82 209.22 31.02% 22.73% 0.819 42 4.262 681'705 680'440 781'439 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 15'046 16'065 4'198 3'553 1.09x 0.99x 1'654.6 1'938.0 585.0 132.7 10.35x 8.83x 11.17x 10.98x 922.2 1'116.3 375.9 63.8 18.49x 15.41x 17.00x 16.13x S&P Issuer Ratings

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

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

Sales/Revenue/Turnover

20.00

16'000.0

18.00

14'000.0

16.00

12'000.0

14.00

10'000.0

12.00 10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 01.01.2010

3.5 M

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

Fiscal Year Ended 31.12.2008 10'799.0 0.69x 1'310.0 5.69x 642.0 8.35x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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03.09.2013

Adidas AG Holdings By:

All

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

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

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

Analyst

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

Recommendation

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

Amt Held % Out 14'632'128 6.99 14'360'399 6.86 10'057'706 4.81 9'347'766 4.47 4'886'922 2.34 3'817'396 1.82 3'592'510 1.72 3'542'826 1.69 3'121'077 1.49 2'725'103 1.3 1'769'586 0.85 1'592'034 0.76 1'449'436 0.69 1'271'690 0.61 1'175'770 0.56 1'154'890 0.55 (1'067'003) -0.51 840'376 0.4 756'954 0.36 634'698 0.3

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

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

Latest Chg 42'052 (35'387) (359'040) 145'261 11'113 30'371 24'436 (77'065) 11'310 (69'440) 1'154'890 (140'000) 657'760 (641)

Target Price 100 100 80 100 95 93 95 98 #N/A N/A 103 #N/A N/A 96 90 86 95 97 95 95 95 81 84 109 91 90 #N/A N/A 110 108 94 73 95 90 95 102 95 94 94 104 111 95 97 #N/A N/A 60

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

File Dt 30.06.2013 30.08.2013 10.05.2013 23.05.2013 31.12.2012 28.06.2013 30.06.2013 31.07.2013 28.06.2013 30.08.2013 28.03.2013 30.04.2013 30.06.2013 31.12.2012 30.04.2013 30.06.2013 16.08.2013 30.04.2013 31.07.2013 30.08.2013

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

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

Date 03.09.2013 30.08.2013 29.08.2013 26.08.2013 23.08.2013 23.08.2013 21.08.2013 16.08.2013 14.08.2013 13.08.2013 13.08.2013 12.08.2013 10.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 09.07.2013 25.06.2013 17.06.2013 17.05.2013 14.05.2013 16.04.2013 02.04.2013 24.05.2012

03.09.2013

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

Price/Volume

2.0 M 1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (17.10.2012) 52-Week Low (29.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADV GY EQUITY YTD Change ADV GY EQUITY YTD % CHANGE

12/2012 06/yy 5.42 3.45 20'776.00 3.969 -26.73% 15.04% 25.57% 48.0 190.36 29.03 0.0 0.0 70.27 150.05

1.0 M

.5 M

1 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

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

2.5 M

5 4

Valuation Analysis

31.12.2008 217.7 0.18x 12.3 3.17x (8.9) -

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

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

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

Price/ Cash Flow

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

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

FY+1

.0 M s-13

0.99 38.68 -21.25% -0.28% 0.989 6 3.333 104'593 114'300 117'999 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 328.5 352.8 88.8 0.46x 0.40x 37.5 43.5 12.8 4.00x 3.45x 8.5 12.3 27.18x 18.38x S&P Issuer Ratings

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

Sales/Revenue/Turnover

25.00

350.0 300.0

20.00

250.0 15.00

200.0 150.0

10.00

100.0 5.00

0.00 01.01.2010

50.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

ADVA Optical Networking SE Holdings By:

All

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

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

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

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

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

Recommendation hold hold hold sell buy buy neutral

Amt Held 8'655'909 4'000'000 1'049'469 876'948 727'035 482'788 450'000 399'700 320'000 294'030 289'373 186'356 120'578 109'745 106'169 80'037 68'277 63'452 62'600 50'500

% Out 18.05 8.34 2.19 1.83 1.52 1.01 0.94 0.83 0.67 0.61 0.6 0.39 0.25 0.23 0.22 0.17 0.14 0.13 0.13 0.11

Latest Chg -

Weighting

Change

Target Price

3 3 3 1 5 5 3

M D M M M M M

76 876'948 (431) 67'000 3'188 93 (50'000) 12'553 (63'310) 10'500 -

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

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

File Dt 31.12.2012 30.04.2013 31.07.2013 28.03.2013 30.04.2013 30.06.2013 28.03.2013 31.05.2013 31.12.2012 31.12.2012 30.08.2013 28.03.2013 30.04.2013 31.05.2013 31.03.2013 30.04.2013 30.04.2013 31.01.2013 30.04.2012 31.07.2013

Date Not Provided Not Provided 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 n/a n/a Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 06.08.2013 01.08.2013 22.07.2013 18.07.2013 18.07.2013 18.07.2013 25.04.2012

03.09.2013

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

Price/Volume .3 M

.2 M

Latest Fiscal Year: LTM as of: 52-Week High (15.07.2013) 52-Week Low (17.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AFX GY EQUITY YTD Change AFX GY EQUITY YTD % CHANGE

09/2012 06/yy 26.89 17.88 294.00 23.24 -13.56% 29.98% 59.97% 81.3 1'889.64 30.91 0.0 40.8 9.53 1'940.56

30.09.2008 600.2 1.13x 80.9 8.40x 54.0 15.30x

.1 M

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

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

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

30.09.2012 861.9 1.94x 140.8 11.90x 71.9 22.55x

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

Price/ Cash Flow

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

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

FY+1

.0 M s-13

0.54 28.46 22.61% 8.66% 0.544 14 2.786 37'472 40'835 44'104 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 892.7 954.7 234.5 1.87x 1.69x 149.3 163.7 42.0 13.01x 11.87x 89.2 93.8 23.3 21.22x 20.14x S&P Issuer Ratings

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

Sales/Revenue/Turnover

45.00

1'000.0

40.00

900.0

35.00

800.0 700.0

30.00

600.0

25.00 20.00

500.0 400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 02.10.2009

.2 M

Valuation Analysis

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

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

03.09.2013

Carl Zeiss Meditec AG Holdings By:

All

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

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

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

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

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

Recommendation buy underweight sell underperform hold reduce buy hold neutral underweight buy hold hold hold accumulate sell

Amt Held 52'851'241 2'100'000 1'565'000 654'729 576'659 471'552 461'827 300'000 269'630 235'266 207'008 174'805 163'830 160'012 150'000 134'250 130'150 122'190 79'237 79'145

% Out 65 2.58 1.92 0.81 0.71 0.58 0.57 0.37 0.33 0.29 0.25 0.21 0.2 0.2 0.18 0.17 0.16 0.15 0.1 0.1

Weighting

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

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

Latest Chg 5'829 269'630 35'435 (10'000) 2'881 134'250 (437'918) 12'007 (35'070)

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

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

File Dt 30.09.2012 30.06.2013 30.06.2013 30.06.2013 30.09.2012 31.12.2012 28.03.2013 28.03.2013 31.12.2012 31.07.2013 31.07.2013 30.06.2013 28.03.2013 30.08.2013 31.07.2013 28.09.2012 30.06.2013 30.06.2013 31.12.2012 30.03.2012

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

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

Date 27.08.2013 26.08.2013 20.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.05.2013 07.05.2013 20.03.2013 09.12.2011 22.04.2010

03.09.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.05.2013) 52-Week Low (12.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AIXA GY EQUITY YTD Change AIXA GY EQUITY YTD % CHANGE

12/2012 06/yy 13.89 8.38 23'859.00 12.12 -12.74% 44.72% 66.00% 102.2 1'238.91 0.00 0.0 0.0 209.49 1'023.05

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

4.0 M

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 274.4 1.30x 43.2 8.24x 23.0 18.31x

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

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

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

Price/ Cash Flow

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

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

FY+1

.0 M s-13

0.86 93.80 5.12% 36.50% 0.860 30 2.733 423'597 454'860 465'190 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 226.3 373.4 57.4 71.1 4.71x 2.84x 17.93x 14.39x (69.0) 50.4 (2.2) 2.4 20.28x 72.42x 33.20x (83.7) 27.5 (5.6) (0.6) 42.68x 637.89x 109.19x S&P Issuer Ratings

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

Sales/Revenue/Turnover

35.00

900.0

30.00

800.0 700.0

25.00

600.0

20.00

500.0

15.00

400.0 300.0

10.00

200.0

5.00 0.00 01.01.2010

100.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Aixtron SE Holdings By:

All

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

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

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

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

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

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

Amt Held % Out 7'650'000 7.48 5'102'037 4.99 5'093'343 4.98 3'970'269 3.88 3'962'453 3.88 3'470'000 3.39 3'089'151 3.02 2'818'556 2.76 2'379'360 2.33 2'157'086 2.11 (1'962'624) -1.92 (1'114'198) -1.09 1'037'338 1.01 1'007'257 0.99 964'200 0.94 913'817 0.89 895'479 0.88 (805'602) -0.79 766'500 0.75 608'594 0.6

Weighting

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

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

Latest Chg (486) 70'822 (10'000) (103'110) 101'638 (142'747) (116'049) (72'942) 73'211 (290'555) (173'357) 608'594

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

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

File Dt Inst Type 28.02.2013 Corporation 17.07.2013 Investment Advisor 29.04.2013 Investment Advisor 30.06.2013 Unclassified 30.08.2013 Investment Advisor 30.04.2013 Investment Advisor 31.12.2012 Investment Advisor 30.04.2013 Investment Advisor 31.12.2012 Government 16.08.2013 Unclassified 02.08.2013 Hedge Fund Manager 22.08.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 26.03.2013 Investment Advisor 31.01.2013 n/a 30.06.2013 Investment Advisor

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

Date 02.09.2013 02.09.2013 29.08.2013 28.08.2013 31.07.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 22.07.2013 15.07.2013 23.05.2013 13.05.2013 17.01.2013 28.07.2011

03.09.2013

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

Price/Volume 140

8.0 M

120

7.0 M

100

6.0 M 5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (03.09.2012) 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 ALV GY EQUITY YTD Change ALV GY EQUITY YTD % CHANGE

12/2012 06/yy 122.10 86.92 265'466.00 110.2 -9.75% 26.78% 66.32% 456.0 50'245.69 28'651.00 0.0 2'665.0 12'437.00 68'323.69

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

3.0 M

2.0 M

1.0 M

0 s-12

31.12.2009 31.12.2010 82'711.0 89'740.0 0.75x 0.67x 4'297.0 5'053.0 8.37x 7.94x Profitability

LTM-4Q 31.12.2011 87'384.0 0.61x 2'545.0 13.13x

31.12.2012 96'020.0 0.69x 5'169.0 4.62x 10.61% 8.95% 0.86% 12.22% 9.04% 0.14% 5.4% 4.12% 53.50% -

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

1.29 448.87 30.44% 9.18% 1.294 39 4.256 1'867'835 1'445'059 1'792'567 FY+2

FQ+1

FQ+2

06/yy 90'556.0 2.48x 0.0 0.00x 3'317.0 10.58x

06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 97'026.0 102'517.2 105'242.3 24'605.0 24'916.0 2.70x 0.63x 0.62x 0.0 0.00x 5'859.0 5'888.5 6'053.1 1'230.5 1'430.5 4.64x 8.42x 8.18x S&P Issuer Ratings Long-Term Rating Date 27.01.2012 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 23.03.2009 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 53.5% Total Debt/Capital 33.8% Asset Turnover 0.14 Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

12.00

120'000.0

10.00

100'000.0

8.00

80'000.0

6.00

60'000.0

4.00

40'000.0

2.00

20'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 76'195.0 0.69x (2'444.0) 8.51x

4.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Allianz SE Holdings By:

All

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

Firm Name

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

Analyst

Bankhaus Lampe ANDREAS SCHAEFER Exane BNP Paribas THOMAS JACQUET AlphaValue DIETER HEIN Morgan Stanley JON HOCKING Main First Bank AG MICHAEL HAID Helvea DANIEL BISCHOF Societe Generale NICK HOLMES JPMorgan MICHAEL HUTTNER Berenberg Bank PETER ELIOT Credit Suisse RICHARD BURDEN Keefe, Bruyette & Woods WILLIAM HAWKINS HSBC KAILESH MISTRY Hamburger Sparkasse CHRISTIAN HAMANN Oddo & Cie NICOLAS JACOB Bankhaus Metzler JOCHEN SCHMITT Kepler Cheuvreux ATANASIO PANTARROTAS Equinet Institutional Services(ESN) PHILIPP HAESSLER S&P Capital IQ RODERICK WALLACE Nord/LB JULIA SIEKMANN RBC Capital Markets GORDON AITKEN Raymond James RAPHAEL CARUSO Landesbank Baden-Wuerttemberg WERNER SCHIRMER Independent Research GmbH STEFAN BONGARDT Bryan Garnier & Cie OLIVIER PAUCHAUT Nomura MICHAEL KLIEN DZ Bank AG THORSTEN WENZEL Sanford C. Bernstein & Co THOMAS SEIDL Deutsche Bank OLIVER STEEL Barclays ANDREW BROADFIELD Canaccord Genuity Corp BEN COHEN Mediobanca SpA MARC THIELE Goldman Sachs VINIT MALHOTRA Day by Day VALERIE GASTALDY EVA Dimensions DOUG WALTERS Natixis BENOIT VALLEAUX Bank of Valletta MALCOLM ABDILLA CASTILLO Banco Sabadell MARIO LODOS Espirito Santo Investment Bank Research JOY FERNEYHOUGH Daiwa Securities Co. Ltd. TIM PROUDLOVE

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

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

Amt Held 32'047'039 9'837'831 6'365'290 5'480'394 4'801'088 4'720'756 4'300'429 3'878'270 3'855'936 3'687'392 3'208'800 2'657'521 2'236'604 2'143'693 2'056'729 2'054'950 2'046'037 1'874'249 1'706'465 1'589'980

% Out 7.03 2.16 1.4 1.2 1.05 1.04 0.94 0.85 0.85 0.81 0.7 0.58 0.49 0.47 0.45 0.45 0.45 0.41 0.37 0.35

Weighting

Change 5 5 4 3 5 5 3 5 5 3 3 5 5 5 1 5 3 3 5 5 3 3 5 5 5 5 3 5 5 5 3 5 3 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 D M M M M M M

Latest Chg 122'040 4'701'470 31'326 (1'408) 59'050 (372'988) 159'500 (1'853'649) 94'323 81'184 (4'750) (153'200) 107'911 (2'248'797) (3'500) (921'459)

Target Price 135 135 129 123 150 128 125 134 144 132 140 145 #N/A N/A 130 110 137 120 130 132 130 #N/A N/A 125 145 140 140 134 110 130 118 135 123 142 #N/A N/A #N/A N/A 130 117 114 92 106

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

File Dt 30.08.2013 31.12.2012 31.03.2013 30.06.2013 31.07.2013 28.06.2013 16.05.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.07.2013 31.07.2013 30.04.2013 30.06.2013 30.06.2013 31.12.2012 30.04.2013 30.06.2013

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

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

Date 02.09.2013 22.08.2013 22.08.2013 20.08.2013 15.08.2013 15.08.2013 09.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 30.07.2013 25.07.2013 22.07.2013 10.07.2013 20.06.2013 20.06.2013 14.06.2013 06.06.2013 16.05.2013 12.03.2013 15.02.2013 11.11.2011 12.05.2011

03.09.2013

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

Price/Volume 25

1.4 M 1.2 M

1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.08.2013) 52-Week Low (05.09.2012) 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 ARL GY EQUITY YTD Change ARL GY EQUITY YTD % CHANGE

12/2012 06/yy 22.32 15.20 45'133.00 21.87 -1.99% 43.93% 91.43% 59.9 1'309.08 28'666.00 300.0 243.0 3'667.00 18'593.08

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

.8 M

.6 M .4 M

5 0 s-12

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

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

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

n-12

d-12

j-13

f-13 m-13

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

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

1.56 42.56 39.21% 39.21% 1.560 13 3.538 210'210 185'262 180'378 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 664.7 700.6 141.0 147.0 97.5 121.1 26.0 31.0 13.29x 10.48x S&P Issuer Ratings

1685.2% 92.7% 0.02 10.66 -

Sales/Revenue/Turnover

2'500.0

1.00

2'000.0

0.60

o-12

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

1.20

0.80

.2 M

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

1'500.0 1'000.0

0.40

500.0 0.20

0.0 0.00

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

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

03.09.2013

Aareal Bank AG Holdings By:

All

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

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

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

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

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

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

Amt Held % Out 17'298'731 28.9 2'972'198 4.97 1'822'107 3.04 1'820'551 3.04 1'801'832 3.01 1'779'715 2.97 1'729'068 2.89 1'647'308 2.75 1'361'538 2.27 1'272'878 2.13 1'184'258 1.98 961'233 1.61 955'346 1.6 329'891 0.55 308'000 0.51 (293'300) -0.49 284'993 0.48 271'694 0.45 251'860 0.42 213'000 0.36

Weighting

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

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

Latest Chg (35'000) 23'068 (282'332) 5'000 1'446 23'943 19'238 (6'000)

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

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

File Dt Inst Type 31.12.2012 Holding Company 30.05.2013 Investment Advisor 30.04.2013 Investment Advisor 14.02.2013 Government 30.07.2013 Investment Advisor 30.08.2013 Investment Advisor 27.02.2012 Investment Advisor 30.04.2013 Investment Advisor 31.07.2013 Investment Advisor 31.12.2012 Investment Advisor 17.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 18.02.2013 Hedge Fund Manager 30.06.2013 Unclassified 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.01.2013 Investment Advisor

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

Date 27.08.2013 20.08.2013 14.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 08.05.2013

03.09.2013

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

Price/Volume 80 70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.06.2013) 52-Week Low (05.09.2012) 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 BAS GY EQUITY YTD Change BAS GY EQUITY YTD % CHANGE

12/2012 06/yy 76.39 60.34 305'222.00 67.77 -11.28% 12.31% 45.23% 918.5 62'245.30 12'798.00 0.0 1'010.0 1'661.00 75'667.30

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

20 10 0 s-12

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

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 73'497.0 0.84x 11'855.0 5.20x 6'188.0 8.00x

31.12.2012 72'129.0 1.07x 9'669.0 8.02x 4'819.0 13.55x 9'669.00 6'381.00 8.85% 8.29% 7.10% 18.51% 13.65% 1.16% 24.8% 8.3% 6.7% 1.64 0.67 20.40% 52.00% 6.58 5.71

Price/ Cash Flow

LTM

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

06/yy 73'544.0 4.10x 5'209.0 0.00x 4'511.0 14.05x

FY+1

1.08 813.96 12.53% -1.25% 1.084 39 3.487 2'625'788 2'798'560 3'017'750 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 74'083.9 70'997.1 17'801.3 18'402.5 1.02x 1.04x 4.29x 4.09x 10'146.4 10'878.0 2'243.0 2'320.3 7.48x 6.97x 4'787.4 5'250.1 961.0 1'192.0 12.63x 11.52x S&P Issuer Ratings

10.05.2011 A+ STABLE 12.02.2009 A-1 13.35 7.81 52.0% 33.3% 1.16 4.30 55.46 63.87 32.68 85.23

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 01.01.2010

o-12

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

Fiscal Year Ended 31.12.2008 62'304.0 0.62x 10'238.0 3.74x 2'912.0 8.86x

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

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 |

03.09.2013

BASF SE Holdings By:

All

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

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

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

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

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

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

Amt Held 63'927'154 27'715'437 16'676'000 12'879'295 12'487'374 12'209'016 8'052'384 7'232'854 6'376'342 6'352'357 3'859'404 3'751'210 3'286'191 3'134'430 2'998'182 2'822'656 2'721'026 2'436'248 2'086'640 1'827'677

% Out 6.96 3.02 1.82 1.4 1.36 1.33 0.88 0.79 0.69 0.69 0.42 0.41 0.36 0.34 0.33 0.31 0.3 0.27 0.23 0.2

Weighting

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

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

Latest Chg 3'046'200 294'832 633'032 (302'145) (236'152) (1'440'549) 223'419 167'687 (135'462) (3'223'371) 249'370 289'671 4'560 (20'952) (153'300) 248'150 817'335

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

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

File Dt 30.08.2013 19.06.2013 30.06.2013 29.04.2013 30.06.2013 30.06.2013 31.07.2013 31.07.2013 30.06.2013 31.07.2013 31.07.2013 31.05.2013 30.04.2013 30.04.2013 30.06.2013 30.08.2013 30.08.2013 30.04.2013 30.04.2013 30.06.2013

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

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

Date 02.09.2013 30.08.2013 30.08.2013 29.08.2013 23.08.2013 23.08.2013 23.08.2013 22.08.2013 22.08.2013 22.08.2013 15.08.2013 13.08.2013 07.08.2013 07.08.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 01.07.2013 06.06.2013 15.04.2013 08.04.2013 15.02.2013 26.10.2012 05.01.2012 29.10.2010

03.09.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (03.09.2012) 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 BAYN GY EQUITY YTD Change BAYN GY EQUITY YTD % CHANGE

12/2012 06/yy 91.03 61.58 253'683.00 85.5 -6.07% 38.84% 81.70% 826.9 70'704.04 9'532.00 0.0 100.0 2'551.00 79'631.04

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

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

10.0 M 8.0 M 6.0 M 4.0 M 2.0 M

o-12

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

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

Price/ Cash Flow

n-12

d-12

j-13

LTM

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

f-13 m-13

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

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

0.92 801.82 39.44% 21.77% 0.924 37 3.973 1'790'783 1'648'020 1'948'341 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 40'870.1 43'113.1 9'955.6 10'333.4 1.89x 1.74x 8'535.7 9'390.6 1'838.0 2'015.0 9.34x 8.49x 4'691.1 5'326.1 847.5 1'094.0 14.86x 13.18x S&P Issuer Ratings

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

Sales/Revenue/Turnover

18.00

45'000.0

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

12.0 M

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

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Bayer AG Holdings By:

All

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

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

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

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

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

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

Amt Held 70'782'655 69'994'844 41'431'997 24'964'565 20'623'972 19'085'378 14'659'772 11'899'744 10'591'070 10'315'945 10'217'170 8'118'850 6'615'938 5'789'609 5'632'991 5'419'311 4'911'763 4'502'247 3'999'285 3'460'070

% Out 8.56 8.46 5.01 3.02 2.49 2.31 1.77 1.44 1.28 1.25 1.24 0.98 0.8 0.7 0.68 0.66 0.59 0.54 0.48 0.42

Weighting

Change

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

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

Latest Chg (729'000) 925'445 (196'834) 96'459 (72'585) 216'614 (288'800) 345'762 (41'508) (38'658) (22'295) (280'997) 433'330 17'121 (1'026'192) 80'895 (739'811)

Target Price 88 90 78 83 79 95 97 85 95 95 #N/A N/A 75 97 100 84 97 105 95 100 91 98 93 110 99 69 88 89 87 96 90 91 #N/A N/A #N/A N/A #N/A N/A 80 82 #N/A N/A

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

File Dt 30.06.2013 30.08.2013 26.04.2013 30.08.2013 15.05.2013 31.12.2012 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 28.06.2013 30.08.2013 31.07.2013 30.06.2013 31.07.2013 30.06.2013 10.05.2013 30.06.2013 31.07.2013

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

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

Date 02.09.2013 02.09.2013 30.08.2013 29.08.2013 27.08.2013 23.08.2013 16.08.2013 16.08.2013 15.08.2013 14.08.2013 08.08.2013 07.08.2013 06.08.2013 05.08.2013 03.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 01.07.2013 24.06.2013 14.06.2013 06.06.2013 17.04.2013 12.04.2013 22.03.2013 05.03.2012

03.09.2013

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

Price/Volume 120

.2 M .1 M

100

.1 M 80

Latest Fiscal Year: LTM as of: 52-Week High (15.07.2013) 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 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBZA GY EQUITY YTD Change BBZA GY EQUITY YTD % CHANGE

03/yy 104.15 66.85 3'031.00 99 -4.94% 48.09% 87.26% 13.0 1'287.00 1'720.58

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

1.20

.1 M .1 M

.0 M 20

.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2003 192.6 8.65x 179.3 -

.1 M

Valuation Analysis

31.12.2004 31.12.2005 215.8 332.2 7.62x 6.74x 202.8 318.0 Profitability

LTM-4Q 31.12.2006 317.6 7.24x 297.4 -

31.12.2007 (211.4) (265.4) -

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

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

.0 M s-13

0.67 39.79% 42.16% 0.674 5 4.600 16'798 13'497 14'193

FY+1

FY+2

FQ+1

12/08 Y

12/09 Y

S&P Issuer Ratings

FQ+2 -

1'800.0 1'600.0

1.00

1'400.0 1'200.0

0.80 0.60 0.40

1'000.0 800.0 600.0 400.0 200.0

0.20

0.0 -200.0

0.00

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

-400.0

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

03.09.2013

BB Biotech AG Holdings By:

All

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

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

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

Analyst HOLGER BLUM MARIETTA MIEMIETZ IVO VISIC CHRISTOPH SCHOENDUBE MARTINO DEAMBROGGI

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

Recommendation buy buy buy hold buy

Amt Held 1'247'797 442'245 190'000 136'138 80'233 64'000 52'636 42'504 32'729 30'000 15'260 12'000 10'550 10'500 10'000 10'000 9'764 5'856 5'798 5'600

% Out 9.6 3.4 1.46 1.05 0.62 0.49 0.4 0.33 0.25 0.23 0.12 0.09 0.08 0.08 0.08 0.08 0.08 0.05 0.04 0.04

Weighting

Change 5 5 5 3 5

Latest Chg (26'265) (933'153) 956 67'588 31'715 32'729 7'400 10'500 3'964 (10) -

Target Price

M M M M M

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

133 115 111 107 108

File Dt 19.06.2013 17.06.2013 30.04.2013 30.08.2013 30.06.2013 30.04.2013 07.08.2013 30.06.2013 31.10.2012 28.02.2013 28.06.2013 28.06.2013 28.03.2013 30.06.2012 28.03.2013 29.06.2012 28.03.2013 31.05.2013 31.07.2013 31.03.2013

Date 12 month 12 month 12 month 12 month 12 month

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

Date 13.08.2013 22.07.2013 19.07.2013 18.07.2013 25.03.2013

03.09.2013

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

Price/Volume

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

.1 M .1 M

12/2012 06/yy 39.30 26.75 1'303.00 37.105 -5.59% 38.71% 83.67% 21.0 779.21 73.71 0.0 0.0 114.10 774.91

.1 M

.0 M

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 1'431.5 0.16x 72.8 3.09x 45.4 6.37x

.1 M

40 35

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BC8 GY EQUITY YTD Change BC8 GY EQUITY YTD % CHANGE

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

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

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

Price/ Cash Flow

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

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

FY+1

.0 M s-13

0.67 12.74 25.02% 24.36% 0.665 10 4.100 18'361 16'071 17'946 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'207.9 2'327.0 527.0 642.0 0.32x 0.29x 104.7 115.4 7.43x 6.74x 59.6 67.5 12.6 23.7 12.89x 11.38x S&P Issuer Ratings

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

Sales/Revenue/Turnover

18.00

2'500.0

16.00

2'000.0

14.00 12.00

1'500.0

10.00 8.00

1'000.0

6.00

500.0

4.00 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Bechtle AG Holdings By:

All

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

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

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

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

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

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

Amt Held 7'353'287 2'114'862 1'040'000 937'703 905'807 628'440 573'370 523'586 293'254 117'173 105'051 101'428 86'937 73'900 72'329 64'463 50'000 49'347 42'000 41'000

% Out 35.02 10.07 4.95 4.47 4.31 2.99 2.73 2.49 1.4 0.56 0.5 0.48 0.41 0.35 0.34 0.31 0.24 0.23 0.2 0.2

Weighting

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

U M M M M M M M M U U

Latest Chg (302'797) 33'023 5'927 95'023 36'428 (182) 1'373 (24'948) -

Target Price 43 39 35 39 45 40 43 33 49 #N/A N/A #N/A N/A

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

File Dt 31.12.2012 01.01.2013 30.04.2013 28.06.2013 03.07.2013 31.03.2013 31.12.2012 20.06.2013 31.07.2013 31.10.2012 30.04.2013 30.06.2013 30.06.2013 28.06.2013 30.08.2013 30.04.2013 31.05.2013 30.04.2013 28.12.2012 28.02.2013

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

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

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

03.09.2013

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

Price/Volume 80

2.5 M

2.0 M

60 50

Latest Fiscal Year: LTM as of: 52-Week High (02.04.2013) 52-Week Low (14.09.2012) 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 BEI GY EQUITY YTD Change BEI GY EQUITY YTD % CHANGE

12/2012 06/yy 73.45 55.45 32'616.00 66.2 -9.87% 19.39% 60.17% 252.0 16'682.40 102.00 0.0 12.0 1'760.00 15'096.40

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

1.0 M

30 20

.5 M

10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 5'971.0 1.39x 815.0 10.15x 562.0 16.94x

1.5 M

Valuation Analysis

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

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

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

Price/ Cash Flow

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

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

FY+1

.0 M s-13

0.63 99.64 16.04% 8.07% 0.627 38 2.895 318'732 374'446 420'588 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 6'232.6 6'581.4 1'529.4 1'538.6 2.35x 2.17x 956.3 1'057.0 251.0 218.0 15.79x 14.29x 14.71x 14.32x 526.1 605.0 123.0 121.0 28.46x 24.99x 29.06x 28.19x S&P Issuer Ratings

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

Sales/Revenue/Turnover

40.00

7'000.0

35.00

6'000.0

30.00

5'000.0

25.00

4'000.0

20.00

3'000.0

15.00

2'000.0

10.00

1'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Beiersdorf AG Holdings By:

All

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

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

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

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

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

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

Amt Held 127'184'400 25'174'800 3'631'914 2'261'385 2'014'317 2'011'438 1'427'260 1'204'880 1'145'883 669'621 643'097 604'590 454'152 416'495 315'704 313'775 303'228 300'757 274'298 233'600

% Out 50.47 9.99 1.44 0.9 0.8 0.8 0.57 0.48 0.45 0.27 0.26 0.24 0.18 0.17 0.13 0.12 0.12 0.12 0.11 0.09

Weighting

Change

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

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

Latest Chg 50'752 67'456 53'680 500 (103'455) (22'604) 80'171 19'350 (71'657) (1'182) (4'245) 22'583 (93'000) 5'516 (8'000) (51'009) 216'900

Target Price 77 62 54 78 #N/A N/A 68 #N/A N/A 56 70 71 #N/A N/A 85 52 70 65 61 72 78 80 85 68 63 68 65 71 55 52 79 58 #N/A N/A #N/A N/A 60 66 80 73 75 #N/A N/A

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

File Dt 31.12.2012 31.12.2012 30.08.2013 31.03.2013 31.12.2012 30.06.2013 31.12.2012 28.06.2013 30.06.2013 28.03.2013 31.05.2013 28.02.2013 30.06.2013 30.06.2013 30.04.2013 30.04.2013 31.03.2013 30.04.2013 28.06.2013 28.03.2013

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

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

Date 30.08.2013 29.08.2013 29.08.2013 14.08.2013 14.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 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 07.08.2013 07.08.2013 01.08.2013 19.07.2013 12.07.2013 24.06.2013 14.06.2013 23.04.2013 19.04.2013 05.12.2012

03.09.2013

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

Price/Volume 80 70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (05.09.2012) 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 BMW GY EQUITY YTD Change BMW GY EQUITY YTD % CHANGE

12/2012 06/yy 76.16 54.35 139'945.00 72.5 -4.81% 33.39% 84.41% 602.0 46'628.57 69'507.00 0.0 107.0 12'982.00 104'104.58

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

20 10 0 s-12

31.12.2009 31.12.2010 50'681.0 60'477.0 1.40x 1.49x 3'835.0 9'087.0 18.44x 9.93x 204.0 3'227.0 102.58x 11.94x Profitability

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

LTM-4Q 31.12.2011 68'821.0 1.31x 11'677.0 7.75x 4'881.0 6.95x

31.12.2012 76'848.0 1.36x 12'014.0 8.70x 5'096.0 9.39x 12'014.00 8'298.00 10.80% 10.17% 3.97% 17.36% 5.69% 0.59% 20.2% 15.3% 10.5% 6.6% 1.04 0.32 52.72% 229.43% 34.80 5.77

Price/ Cash Flow

LTM

06/yy 72'391.0 5.07x 11'625.0 8.11x 4'596.0 8.11x

06/yy 76'451.0 5.27x 11'725.0 8.67x 5'173.0 8.54x

FY+1

1.14 323.27 31.27% 2.87% 1.143 38 3.921 1'300'211 1'283'422 1'593'268 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 78'110.5 81'788.5 19'425.0 21'750.0 0.44x 0.41x 12'649.8 13'095.3 8.23x 7.95x 5'183.7 5'272.3 9.23x 8.95x S&P Issuer Ratings

16.04.2012 A STABLE 16.04.2012 A-1 13.16 7.42 4.89 5.98 229.4% 69.6% 0.59 2.06 10.49 63.30 38.04 36.53

Sales/Revenue/Turnover

20.00

90'000.0

18.00

80'000.0

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

o-12

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

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Bayerische Motoren Werke AG Holdings By:

All

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

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

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

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

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

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

Amt Held 104'747'161 98'125'214 75'851'392 36'816'900 14'432'872 13'010'155 7'619'900 4'993'700 4'734'485 4'200'666 4'045'326 3'907'100 3'653'642 2'666'311 2'176'599 2'136'927 2'028'301 1'800'497 1'380'299 1'350'171

% Out 17.4 16.3 12.6 6.12 2.4 2.16 1.27 0.83 0.79 0.7 0.67 0.65 0.61 0.44 0.36 0.35 0.34 0.3 0.23 0.22

Weighting

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

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

Latest Chg 143'153 (1'906'900) 891'400 4'993'700 4'660'332 38'312 541'749 (4'537'600) 15'310 (188'230) (811'395) (317) (341'910) 123'139 (7'152)

Target Price 76 90 89 80 80 80 80 80 #N/A N/A 85 64 83 87 78 63 88 77 68 79 72 90 80 84 68 88 80 79 100 #N/A N/A 82 87 83 #N/A N/A 71 73 66

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

File Dt 31.12.2012 31.12.2012 31.12.2012 30.08.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.03.2013 30.04.2013 30.06.2013 31.07.2013 28.06.2013 31.03.2013 30.04.2013 30.08.2013

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

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

Date 02.09.2013 30.08.2013 29.08.2013 27.08.2013 27.08.2013 23.08.2013 22.08.2013 08.08.2013 08.08.2013 07.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 29.07.2013 23.07.2013 14.06.2013 13.06.2013 30.04.2013 09.04.2013 21.03.2013 20.03.2013 18.02.2013 29.10.2012

03.09.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.05.2013) 52-Week Low (07.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BNR GY EQUITY YTD Change BNR GY EQUITY YTD % CHANGE

12/2012 06/yy 132.30 90.26 15'914.00 117.25 -11.38% 29.90% 63.25% 51.5 6'038.38 1'829.50 0.0 28.8 362.20 7'627.68

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

.7 M

120

.6 M

100

.5 M

.4 M

.3 M

.2 M

.1 M

0 s-12

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

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

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

Price/ Cash Flow

n-12

d-12

j-13

LTM

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

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

f-13 m-13

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.69 49.38 24.60% 20.37% 0.687 18 3.333 82'446 102'619 104'960 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'994.3 10'507.8 2'596.0 2'596.0 0.75x 0.69x 717.1 779.8 187.0 191.0 10.67x 9.81x 334.8 380.4 87.5 88.9 17.97x 15.71x S&P Issuer Ratings

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

Sales/Revenue/Turnover

30.00

12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

o-12

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

140

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Brenntag AG Holdings By:

All

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

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

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

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

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

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

Amt Held 4'218'045 2'763'932 2'590'260 2'093'922 1'894'851 1'834'895 1'653'617 1'624'063 1'597'984 1'552'555 1'539'263 1'523'469 1'508'609 1'506'085 1'270'423 1'209'437 993'438 867'209 703'939 622'614

% Out 8.19 5.37 5.03 4.07 3.68 3.56 3.21 3.15 3.1 3.01 2.99 2.96 2.93 2.92 2.47 2.35 1.93 1.68 1.37 1.21

Weighting

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

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

Latest Chg 26'659 57'385 252'410 73 10'906 7'333 (48'017) (5'372) 11'751

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

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

File Dt Inst Type 30.08.2013 Investment Advisor 01.03.2013 Investment Advisor 01.03.2013 Investment Advisor 18.06.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Unclassified 19.09.2012 Investment Advisor 01.03.2013 Investment Advisor 12.06.2013 Investment Advisor 21.07.2011 Hedge Fund Manager 05.04.2013 Investment Advisor 02.04.2013 Investment Advisor 24.05.2013 Investment Advisor 31.07.2013 Investment Advisor 31.12.2012 Government 28.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor

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

Date 30.08.2013 21.08.2013 15.08.2013 15.08.2013 14.08.2013 13.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 01.08.2013

03.09.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.09.2013) 52-Week Low (26.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BOSS GY EQUITY YTD Change BOSS GY EQUITY YTD % CHANGE

12/2012 06/yy 94.65 65.00 14'809.00 93.91 -0.78% 44.48% 97.81% 70.4 6'611.26 395.44 0.0 24.6 281.15 6'857.66

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

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

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

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

31.12.2012 2'345.9 2.41x 526.8 10.72x 307.4 17.93x 526.81 434.87 18.54% 17.46% 21.92% 62.30% 1.70% 63.8% 22.3% 18.2% 13.1% 1.26 0.62 24.96% 64.48% 10.85 1.81

Price/ Cash Flow

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

n-12

d-12

j-13

f-13 m-13

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

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

0.78 29.59 29.75% 21.95% 0.780 31 3.903 129'250 117'120 129'086 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'493.4 2'709.0 704.7 662.7 2.68x 2.44x 571.5 644.7 192.0 157.0 11.97x 10.61x 344.7 395.6 123.5 85.3 18.87x 16.45x S&P Issuer Ratings

14.04 10.10 0.41 0.64 64.5% 38.3% 1.70 7.54 33.65 201.42 106.75 120.96

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

1.6 M

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

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 |

03.09.2013

Hugo Boss AG Holdings By:

All

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

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

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

Analyst

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

Recommendation

WARWICK OKINES hold MICHAEL GORNY hold FRASER RAMZAN neutral CHRISTIAN HAMANN hold CRAIG STERLING hold BERND MUELL buy VISHNU REDDY buy VOLKER BOSSE buy LARS LUSEBRINK buy CHRISTIAN NIKOLAS SCHWENKENBECHER buy ANNA PATRICE buy MARTIN DECOT hold INGBERT FAUST hold ANDREAS RIEMANN hold LOUISE SINGLEHURST Overwt/In-Line WOLFGANG VASTERLING buy ROGERIO FUJIMORI neutral MELANIE A FLOUQUET neutral JOERG PHILIPP FREY hold MATTHIAS EIFERT outperform ANDREAS INDERST outperform JULIAN EASTHOPE underweight NEIL SCHMODDE buy SEBASTIAN FRERICKS buy PETER STEINER market weight HERBERT STURM buy ANTOINE BELGE overweight WILLIAM HUTCHINGS neutral/neutral FRED SPEIRS buy STEPHAN SEIP sell

Amt Held % Out 39'424'001 56 1'386'880 1.97 1'026'453 1.46 999'750 1.42 805'597 1.14 792'562 1.13 776'842 1.1 651'017 0.92 429'402 0.61 346'342 0.49 (344'960) -0.49 (337'920) -0.48 308'345 0.44 286'159 0.41 277'642 0.39 244'529 0.35 236'171 0.34 159'903 0.23 151'221 0.21 140'000 0.2

Weighting

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

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

Latest Chg 157 128'019 11'955 72'870 (23'859) (48'650) 73'859 49'280 14'080 25'457 (457) 68'867 37'178 1'688 2'130 (20'000)

Target Price 96 92 90 #N/A N/A #N/A N/A 102 102 100 103 95 102 94 88 86 110 98 88 93 96 100 97 89 105 96 93 102 110 107 96 65

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

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

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

Date 02.09.2013 27.08.2013 23.08.2013 13.08.2013 06.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 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 04.07.2013 07.05.2013 03.05.2013 08.03.2013 27.02.2013 07.02.2013 02.10.2012

03.09.2013

BayWa AG BayWa AG provides trading, logistics and supplementary services in its core segments of agriculture, building materials and energy. The Company trades in agricultural equipment and resources, heating oil, diesel, wood pellets, lubricants, and building materials. BayWa offers its services to the building contractors, garden centers, gas stations, the food industry.

Price/Volume 45

.3 M

40 .2 M

35 30

.2 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.05.2013) 52-Week Low (26.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BYW6 GY EQUITY YTD Change BYW6 GY EQUITY YTD % CHANGE

12/2011 06/yy 39.61 30.06 8'651.00 36.51 -7.83% 21.48% 66.56% 33.2 1'262.76 1'546.90 0.0 223.4 85.18 3'067.78

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

.1 M

5 0 s-12

31.12.2009 31.12.2010 7'260.2 7'903.0 0.23x 0.27x 166.9 174.0 10.13x 12.09x 45.0 50.4 19.65x 22.84x Profitability

LTM-4Q 31.12.2011 9'585.7 0.24x 267.0 8.48x 50.5 19.60x

31.12.2012 10'531.1 0.28x 333.6 8.78x 96.7 12.80x 333.55 217.88 2.07% 1.16% 3.08% 16.58% 8.65% 2.81% 2.9% 2.0% 0.9% 1.36 0.36 34.70% 179.51% -

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 10'130.8 0.97x 274.5 9.44x 43.0 24.25x

f-13 m-13

06/yy 13'672.6 0.93x 394.8 8.03x 149.5 9.07x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.62 24.55 17.50% 13.95% 0.620 14 4.286 58'254 35'118 30'246 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 15'944.0 16'616.0 4'417.0 4'594.0 0.19x 0.19x 371.2 373.0 98.0 103.0 8.26x 8.22x 118.4 110.9 32.0 39.0 11.55x 11.07x S&P Issuer Ratings

4.80 2.53 3.95 4.17 179.5% 58.8% 2.81 11.78 -

Sales/Revenue/Turnover

120.00

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 8'794.6 0.22x 235.4 8.08x 58.3 17.15x

.1 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

BayWa AG Holdings By:

All

Holder Name BAYERISCHE RAIFFEISE RAIFFEISEN AGRAR INV SKAGEN AS ADIG INVESTMENT NORGES BANK BNP PARIBAS INV PART BLACKROCK UBS INVEST KAG VANGUARD DIMENSIONAL FUND ADV RUFFER LLP UNIVERSAL INVESTMENT UNION INVESTMENT LUX AMUNDI LUXEMBOURG SA NORDINVEST FUND MANA BANK OF NEW YORK MEL MEAG LUXEMBOURG SARL CREUTZ & PARTNERS GL HANSAINVEST GMBH JP MORGAN

Firm Name Commerzbank Corporates & Markets Hauck & Aufhaeuser EVA Dimensions Close Brothers Equity Markets M.M. Warburg Investment Research Nord/LB Bankhaus Lampe Hamburger Sparkasse Berenberg Bank Baader Bank Main First Bank AG Deutsche Bank Equinet Institutional Services(ESN) Dr. Kalliwoda Equity Research Steubing AG

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

Analyst DENNIS SCHMITT NILS-PETER FITZL TIMOTHY STANISH IGOR KIM OLIVER SCHWARZ HEINO HAMMANN MARC GABRIEL CHRISTIAN HAMANN BJOERN LIPPE CHRISTIAN WEIZ THOMAS SWOBODA JOHANNES SCHALLER MICHAEL SCHAEFER NORBERT KALLIWODA MICHAEL SCHATZSCHNEIDER

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

Recommendation buy buy underweight buy hold buy buy buy buy hold outperform hold buy buy buy

Amt Held 12'922'982 8'654'367 508'435 417'000 416'251 247'136 153'317 90'000 82'405 61'941 42'750 33'096 24'000 19'672 18'500 18'302 16'200 13'500 12'237 11'250

% Out 38.91 26.06 1.53 1.26 1.25 0.74 0.46 0.27 0.25 0.19 0.13 0.1 0.07 0.06 0.06 0.06 0.05 0.04 0.04 0.03

Weighting

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

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

Latest Chg 236 (10'000) 6'334 316 24'000 (1'422) 186 (3'800) (610) (10'119)

Target Price 45 46 #N/A N/A 43 40 43 44 #N/A N/A 45 43 42 39 45 33 40

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

File Dt 31.12.2012 31.12.2012 31.07.2013 30.04.2013 31.12.2012 28.02.2013 30.08.2013 31.05.2013 30.06.2013 30.04.2013 28.02.2013 28.03.2013 28.03.2013 30.04.2013 28.03.2013 30.08.2013 30.12.2011 30.08.2013 28.03.2013 30.04.2013

Date 6 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 12 month Not Provided

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

Date 30.08.2013 30.08.2013 19.08.2013 15.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 13.05.2013 13.05.2013 19.09.2012 10.01.2011

03.09.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.01.2013) 52-Week Low (04.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CBK GY EQUITY YTD Change CBK GY EQUITY YTD % CHANGE

12/2012 06/yy 12.96 5.56 1'698'357.00 8.914 -31.23% 60.38% 45.06% 1'138.5 10'148.65 235'484.00 2'376.0 888.0 47'922.00 -

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

70.0 M

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 s-12

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

LTM-4Q 31.12.2011 21'462.0 638.0 7.24x

31.12.2012 20'002.0 6.0 -

n-12

d-12

j-13

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

LTM

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

f-13 m-13

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

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

1.28 944.45 -4.19% -16.89% 1.278 35 3.000 14'916'220 12'988'660 13'378'170 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'548.3 9'893.8 2'464.7 2'967.0 431.0 894.9 214.7 227.0 24.29x 11.21x 22.46x 17.58x S&P Issuer Ratings

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

Sales/Revenue/Turnover

1.20

30'000.0

1.00

25'000.0

0.80

20'000.0

0.60

o-12

Fiscal Year Ended 31.12.2008 24'181.0 3.0 1870.42x

15'000.0 10'000.0

0.40

5'000.0 0.20

0.0 0.00

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

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

03.09.2013

Commerzbank AG Holdings By:

All

Holder Name FEDERAL REPUBLIC OF CAPITAL GROUP COMPAN BLACKROCK VANGUARD NORGES BANK MARSHALL WACE LLP DEUTSCHE BANK AG SAC GLOBAL INVESTORS DEKA INVESTMENT GMBH CITIGROUP INCORPORAT STATE STREET UBS INVEST KAG CREDIT SUISSE AG FMR LLC FRANKFURT TRUST INVE PRUDENTIAL OF AMERIC UNIVERSAL INVESTMENT UBS DEKA INVESTMENT GMBH SNS INVESTMENT FUND

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

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

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

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

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

Amt Held % Out 193'546'183 17 57'632'719 5.06 35'794'946 3.14 10'803'690 0.95 9'457'083 0.83 (3'643'222) -0.32 2'013'297 0.18 (1'480'059) -0.13 1'320'293 0.12 1'252'507 0.11 1'223'715 0.11 1'092'000 0.1 1'077'140 0.09 1'056'602 0.09 1'003'055 0.09 934'131 0.08 700'513 0.06 674'200 0.06 663'099 0.06 516'654 0.05

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

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

Latest Chg 6'232'942 2'277'014 3'766'504 (18'410) 1'092'000 489'879 19'633 (300'000) 934'131 374'049 426'310 (307'315) 516'543

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

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

File Dt Inst Type 29.05.2013 Government 22.07.2013 Investment Advisor 30.08.2013 Investment Advisor 30.06.2013 Unclassified 31.12.2012 Government 08.08.2013 Hedge Fund Manager 28.06.2013 Investment Advisor 15.05.2013 Investment Advisor 03.09.2013 Investment Advisor 29.05.2013 Investment Advisor 30.08.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 31.07.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Insurance Company 21.08.2013 Investment Advisor 28.06.2013 Unclassified 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor

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

Date 30.08.2013 29.08.2013 26.08.2013 23.08.2013 23.08.2013 20.08.2013 16.08.2013 14.08.2013 14.08.2013 14.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 01.08.2013 26.07.2013 24.07.2013 24.07.2013 22.07.2013 19.07.2013 04.07.2013 17.05.2013 15.05.2013 14.05.2013 07.05.2013 07.08.2010

03.09.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.07.2013) 52-Week Low (28.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CLS1 GY EQUITY YTD Change CLS1 GY EQUITY YTD % CHANGE

12/2012 06/yy 18.00 12.81 66'073.00 16.16 -10.22% 26.20% 63.04% 170.1 2'748.82 2'082.90 0.0 34.3 523.90 4'385.02

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

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

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

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

31.12.2012 22'270.8 0.17x 612.6 6.22x (156.1) 21.74x 612.60 440.20 1.98% 0.96% 1.37% 4.98% 7.30% 2.69% 10.9% 3.0% 2.2% -0.7% 1.42 0.78 26.27% 96.36% 9.84 12.45

Price/ Cash Flow

LTM

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

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

FY+1

.0 M s-13

0.87 85.02 13.13% 26.18% 0.874 21 3.476 299'900 395'629 516'397 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 21'428.8 21'734.9 5'207.5 5'398.5 0.21x 0.20x 557.2 602.8 145.0 154.0 7.87x 7.28x 182.5 222.0 51.1 54.1 14.96x 12.55x S&P Issuer Ratings

1.72 1.38 2.48 3.13 96.4% 48.7% 2.69 42.11 37.09 29.33 44.44 21.36

Sales/Revenue/Turnover

18.00

25'000.0

16.00

20'000.0

14.00 12.00

15'000.0

10.00 8.00

10'000.0

6.00

5'000.0

4.00 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Celesio AG Holdings By:

All

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

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

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

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

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

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

Amt Held % Out 85'067'013 50.01 7'873'226 4.63 4'509'586 2.65 4'467'000 2.63 (4'320'540) -2.54 2'524'593 1.48 1'007'217 0.59 966'000 0.57 962'756 0.57 900'634 0.53 641'798 0.38 613'710 0.36 (612'360) -0.36 558'200 0.33 416'425 0.24 407'081 0.24 404'890 0.24 318'903 0.19 311'285 0.18 251'911 0.15

Weighting

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

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

Latest Chg 34'069 748'296 136'080 325'000 (52'031) 117'830 400'000 62'970 119'070 43'600 130'179 94'762 (19'500)

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

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

File Dt 31.12.2012 30.08.2013 28.06.2013 30.06.2013 01.07.2013 31.12.2012 01.07.2013 28.03.2013 30.06.2013 30.06.2013 30.04.2013 30.06.2013 23.07.2013 28.03.2013 30.08.2013 31.05.2013 30.04.2013 30.08.2013 28.06.2013 01.08.2013

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

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

Date 29.08.2013 29.08.2013 23.08.2013 21.08.2013 20.08.2013 19.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 05.08.2013 24.06.2013 20.06.2013 23.05.2013 02.04.2013 30.01.2013

03.09.2013

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

Price/Volume 30 25 20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.08.2013) 52-Week Low (22.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COK GY EQUITY YTD Change COK GY EQUITY YTD % CHANGE

12/2012 06/yy 26.00 10.60 23'851.00 21.785 -16.20% 105.62% 73.47% 11.4 249.00 12.02 0.0 0.2 44.64 254.59

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

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 364.1 0.07x 8.8 2.71x 2.7 8.41x

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

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

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

Price/ Cash Flow

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M s-13

06/yy 560.9 0.77x 27.6 5.43x 12.1 10.50x

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

FY+1

0.82 10.41 77.83% 64.78% 0.815 3 4.333 122'893 158'855 106'221 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 580.3 606.3 0.37x 0.34x 30.2 33.5 8.44x 7.62x 15.0 17.3 16.59x 14.40x S&P Issuer Ratings

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

Sales/Revenue/Turnover

40.00

600.0

35.00

500.0

30.00

400.0

25.00 20.00

300.0

15.00

200.0

10.00

100.0 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

CANCOM SE Holdings By:

All

Holder Name ALLIANZ GLOBAL INVES SCHRODERS PLC UBS SCHICK KARIN KOBER STEFAN KOBER RAYMOND LLB FONDSLEITUNG AG WEINMANN KLAUS AXXION SA VANGUARD DWS INVESTMENTS INVESCO LTD COMINVEST ASSET MANA TRANSAMERICA INVESTM BLACKROCK AMPEGAGERLING INVEST SOCIETE DE GESTION P PALATINE ASSET MANAG CASA 4 FUNDS LUX EUR DIMENSIONAL FUND ADV

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

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

Analyst ANDREAS WOLF TIM OLIVER WUNDERLICH UWE SCHUPP ZAFER RUZGAR

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

Recommendation buy buy hold buy

Amt Held 608'060 327'130 280'181 270'000 261'289 260'891 260'000 209'864 162'500 137'614 96'900 92'632 80'000 50'557 38'296 28'500 24'250 19'000 13'500 13'411

% Out 5.32 2.86 2.45 2.36 2.29 2.28 2.27 1.84 1.42 1.2 0.85 0.81 0.7 0.44 0.34 0.25 0.21 0.17 0.12 0.12

Weighting

Change 5 5 3 5

Latest Chg 130'000 (12'386) 92'632 (4'443) 752 (3'400) 19'000 (5'337) -

Target Price

U M M M

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

26 29 13 13

File Dt 12.08.2013 08.04.2013 28.06.2013 16.08.2013 31.12.2011 31.12.2011 30.06.2013 31.12.2011 04.04.2013 30.06.2013 28.03.2013 31.03.2013 30.04.2013 30.06.2013 30.08.2013 28.06.2013 25.04.2013 31.07.2013 31.03.2013 30.04.2013

Date 12 month 12 month 12 month 6 month

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

Date 29.08.2013 14.08.2013 17.05.2013 14.11.2011

03.09.2013

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

Price/Volume 140 120 100 80

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (26.08.2013) 52-Week Low (13.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CON GY EQUITY YTD Change CON GY EQUITY YTD % CHANGE

12/2012 06/yy 122.65 74.02 84'008.00 118.55 -3.34% 60.16% 90.95% 200.0 23'710.71 9'673.30 0.0 377.4 2'719.00 31'553.01

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

20 0 s-12

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

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 30'504.9 0.60x 4'277.0 4.25x 1'242.2 7.74x

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

Price/ Cash Flow

LTM

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

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

FY+1

1.27 94.39 52.07% 38.47% 1.273 31 3.742 515'789 349'477 409'361 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 33'967.1 36'061.2 8'571.0 8'621.0 0.87x 0.79x 5'069.4 5'514.5 1'283.0 1'310.0 6.24x 5.73x 2'095.4 2'360.9 465.5 504.5 11.21x 9.85x S&P Issuer Ratings

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

Sales/Revenue/Turnover

9.00

35'000.0

8.00

30'000.0

7.00

25'000.0

6.00 5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 01.01.2010

o-12

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

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 |

03.09.2013

Continental AG Holdings By:

All

Holder Name SCHAEFFLER GROUP BLACKROCK PRINCIPAL FINANCIAL GOVERNMENT OF SINGAP DEUTSCHE BANK AG NORGES BANK ALLIANZ ASSET MANAGE UNION INVESTMENT GMB FIL LIMITED VANGUARD HARRIS ASSOCIATES LP ONTARIO TEACHERS PEN NEW YORK LIFE INVEST FRANKLIN RESOURCES BNP PARIBAS INV PART HENDERSON GLOBAL INV DEKA INVESTMENT GMBH JP MORGAN DB PLATINUM ADVISORS ROYAL BANK OF CANADA

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

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

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

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

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

Amt Held 99'802'992 17'562'684 7'331'954 5'808'371 2'849'717 2'641'557 1'677'924 1'436'503 1'400'101 1'175'876 1'171'800 1'100'000 894'630 862'569 842'523 837'422 787'850 661'787 647'274 630'873

% Out 49.9 8.78 3.67 2.9 1.42 1.32 0.84 0.72 0.7 0.59 0.59 0.55 0.45 0.43 0.42 0.42 0.39 0.33 0.32 0.32

Weighting

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

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

Latest Chg (35'870) 7'211'097 12'089 7'285 (53'281) 921'484 (28'767) 1'171'800 483'562 (60'060) 4'484 188'502 65'811 (20'800) (466'281) 4'300

Target Price 135 105 118 88 150 142 118 124 #N/A N/A 144 119 130 122 145 130 138 127 130 105 116 140 110 124 110 104 123 96 110 #N/A N/A

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

File Dt Inst Type 25.09.2012 Other 30.08.2013 Investment Advisor 31.07.2013 Investment Advisor 16.03.2012 Government 28.06.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 30.06.2013 Insurance Company 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 28.03.2013 Bank

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

Date 02.09.2013 02.09.2013 02.09.2013 29.08.2013 27.08.2013 23.08.2013 20.08.2013 16.08.2013 15.08.2013 15.08.2013 09.08.2013 09.08.2013 09.08.2013 07.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 26.07.2013 25.07.2013 17.07.2013 04.06.2013 16.05.2013 09.04.2013 17.01.2013

03.09.2013

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

Price/Volume 60

18.0 M 16.0 M

14.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.08.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DAI GY EQUITY YTD Change DAI GY EQUITY YTD % CHANGE

12/2012 06/yy 56.10 35.15 356'820.00 52.63 -6.19% 49.75% 85.59% 1'069.4 56'284.42 84'642.00 0.0 1'631.0 15'055.00 126'160.42

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

10.0 M 8.0 M

6.0 M 4.0 M

2.0 M

0 s-12

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

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

31.12.2012 114'297.0 1.01x 12'138.0 9.50x 6'095.0 7.24x 12'138.00 8'071.00 7.06% 6.75% 4.10% 16.82% 8.39% 0.70% 22.3% 9.6% 5.9% 5.3% 1.13 0.38 51.93% 192.90% 14.03 4.69

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

1.25 942.25 43.60% 34.16% 1.253 37 3.595 3'630'328 2'888'374 3'843'003 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 111'368.0 114'196.0 117'321.5 125'422.3 29'293.5 32'765.5 3.69x 4.07x 0.58x 0.54x 12'366.0 10'909.0 14'131.0 14'226.8 8.75x 10.95x 8.94x 8.88x 5'825.0 6'700.0 5'416.4 5'929.0 6.46x 7.40x 10.90x 9.51x S&P Issuer Ratings Long-Term Rating Date 23.02.2012 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 26.02.2001 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 5.24 (EBITDA-Capex)/Interest Exp. 3.16 Net Debt/EBITDA 6.35 Total Debt/EBITDA 7.92 Reference Total Debt/Equity 192.9% Total Debt/Capital 65.0% Asset Turnover 0.70 Net Fixed Asset Turnover 2.46 Accounts receivable turnover-days 26.01 Inventory Days 77.76 Accounts Payable Turnover Day 42.15 Cash Conversion Cycle 58.83 Sales/Revenue/Turnover

160.00

180'000.0

140.00

160'000.0

120.00

140'000.0 120'000.0

100.00

100'000.0

80.00

80'000.0

60.00

60'000.0

40.00

40'000.0

20.00

20'000.0

0.00 01.01.2010

o-12

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

12.0 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 |

03.09.2013

Daimler AG Holdings By:

All

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

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

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

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

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

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

Amt Held 154'191'572 93'643'748 73'577'854 43'507'194 38'268'282 33'056'717 31'839'135 16'448'378 14'398'495 13'217'297 10'511'692 7'202'886 6'390'532 4'071'305 3'323'648 3'261'395 3'018'454 3'000'000 2'808'112 2'788'447

% Out 14.42 8.76 6.88 4.07 3.58 3.09 2.98 1.54 1.35 1.24 0.98 0.67 0.6 0.38 0.31 0.3 0.28 0.28 0.26 0.26

Weighting

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

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

Latest Chg (472'468) (2'675'000) 1'793'339 392'736 3'324 (468'100) (15'900) 8'169 (286'767) 4'875 (2'291'565) (17'399)

Target Price 55 #N/A N/A 39 64 46 63 39 55 #N/A N/A 43 72 60 59 61 62 60 #N/A N/A 76 60 61 63 64 54 56 60 47 53 58 46 47 57 #N/A N/A 52 48 37

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

File Dt Inst Type 28.06.2013 Investment Advisor 30.08.2013 Investment Advisor 06.02.2012 Government 30.06.2013 Investment Advisor 11.04.2013 Bank 06.02.2012 Government 27.03.2013 Government 31.03.2013 Corporation 30.06.2013 Investment Advisor 30.06.2013 Unclassified 31.03.2013 Investment Advisor 31.07.2013 Investment Advisor 31.05.2013 Hedge Fund Manager 16.04.2013 Unclassified 31.07.2013 Investment Advisor 28.03.2013 Investment Advisor 30.08.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 30.04.2013 Investment Advisor 30.08.2013 Unclassified

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

Date 30.08.2013 29.08.2013 29.08.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 12.08.2013 12.08.2013 09.08.2013 07.08.2013 06.08.2013 02.08.2013 02.08.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 23.07.2013 19.07.2013 15.07.2013 12.07.2013 02.05.2013 16.04.2013 15.02.2013 29.10.2012

03.09.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (06.09.2012) 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 DB1 GY EQUITY YTD Change DB1 GY EQUITY YTD % CHANGE

12/2012 06/yy 57.54 40.05 30'032.00 53.9 -6.33% 34.58% 78.90% 193.0 10'402.70 1'160.10 0.0 223.0 669.00 11'481.90

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 s-12

o-12

n-12

31.12.2008 2'947.0

31.12.2009 2'267.9

1'627.6

1'133.7

1'033.3

496.1

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

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

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

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

j-13

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

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

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

Price/ Cash Flow

f-13 m-13

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.75 180.36 36.12% 21.89% 0.754 28 3.250 483'357 590'731 706'698 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'112.5 2'237.3 560.0 522.0 5.43x 5.12x 20.80x 22.19x 1'074.3 1'216.9 282.0 248.0 10.72x 9.46x 663.3 758.7 14.75x 13.07x 13.81x 13.50x S&P Issuer Ratings

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

Sales/Revenue/Turnover

18.00

3'500.0

16.00

3'000.0

14.00

2'500.0

12.00 10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00 0.00 01.01.2010

d-12

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Deutsche Boerse AG Holdings By:

All

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

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

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

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

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

Recommendation reduce sell buy hold neutral underperform Equalwt/In-Line hold overweight hold hold buy hold hold buy sector perform neutral outperform underweight buy neutral buy sell hold not rated buy neutral/neutral suspended coverage buy

Amt Held 12'504'647 9'533'068 8'076'523 5'952'862 5'566'859 4'742'000 4'513'257 3'485'620 3'108'037 2'854'873 2'484'378 2'343'081 1'724'740 1'671'000 1'567'000 1'509'172 1'432'132 1'332'583 1'198'154 1'130'783

% Out 6.48 4.94 4.18 3.08 2.88 2.46 2.34 1.81 1.61 1.48 1.29 1.21 0.89 0.87 0.81 0.78 0.74 0.69 0.62 0.59

Weighting

Change

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

Latest Chg (10'959) 13'604 969'347 11'622 138'139 777'000 (302'360) (300'000) (281'424) 35'652 (858'271) (64'101)

Target Price 56 48 60 51 51 52 51 50 61 54 58 #N/A N/A 52 54 56 55 51 57 47 66 48 60 #N/A N/A #N/A N/A #N/A N/A 54 53 #N/A N/A 70

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

File Dt 30.08.2013 17.02.2012 30.07.2013 30.08.2013 28.06.2013 30.06.2013 17.05.2013 31.12.2012 21.05.2012 28.06.2013 31.07.2013 30.06.2013 31.03.2013 30.04.2013 28.03.2013 31.07.2013 31.10.2012 30.06.2013 30.06.2013 31.03.2013

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

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

Date 29.08.2013 27.08.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 19.07.2013 12.07.2013 02.07.2013 19.06.2013 06.06.2013 20.05.2013 17.05.2013 04.03.2013 24.01.2013 27.09.2012 23.02.2012

03.09.2013

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

Price/Volume 40

20.0 M

25 20

12/2012 06/yy 38.73 27.27 1'190'974.00 33.65 -13.12% 23.40% 53.49% 1'019.5 34'306.16 278'501.00 0.0 407.0 147'433.00 -

15.0 M

10.0 M

10 5.0 M

5 0 s-12

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

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

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

Price/ Cash Flow

n-12

d-12

j-13

LTM

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

f-13 m-13

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

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

1.39 1'013.93 21.09% 4.32% 1.390 41 3.976 5'805'276 5'369'769 6'038'539 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 33'455.0 34'012.5 7'752.8 7'818.2 3'960.8 4'618.2 708.3 730.8 8.96x 7.40x 8.12x S&P Issuer Ratings

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

Sales/Revenue/Turnover

10.00

100'000.0

9.00

90'000.0

8.00

80'000.0

7.00

70'000.0

6.00

60'000.0

5.00 4.00

50'000.0 40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 01.01.2010

o-12

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

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (05.09.2012) 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 DBK GY EQUITY YTD Change DBK GY EQUITY YTD % CHANGE

31.12.2008 58'492.0 (3'835.0) -

30.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Deutsche Bank AG Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 47'776'278 40'566'540 23'529'706 21'866'137 19'790'330 18'165'946 16'412'440 14'939'396 11'760'269 10'724'776 9'166'887 7'105'620 7'023'986 6'738'764 5'921'773 5'408'341 5'295'797 5'205'471 5'151'345 4'710'141

% Out 4.69 3.98 2.31 2.14 1.94 1.78 1.61 1.47 1.15 1.05 0.9 0.7 0.69 0.66 0.58 0.53 0.52 0.51 0.51 0.46

Weighting

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

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

Latest Chg (1'003'950) (982'040) (195'485) 104'823 (236'367) (8'703'861) 1'253'747 5'157'052 6'783'940 (634'844) 5'835'740 2'080'863 (11'954'777) 1'529'445 (162'624) (1'651'936) (2'637'573) 433'334

Target Price 38 42 42 40 40 40 42 #N/A N/A #N/A N/A 45 36 47 40 46 39 44 36 34 35 44 42 44 38 35 40 40 42 40 40 45 #N/A N/A #N/A N/A 28 23 37 43 40 40 #N/A N/A 32 36 33

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

File Dt 30.08.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 31.05.2013 31.03.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.04.2013 30.06.2013 30.06.2013 31.03.2013 30.06.2013 30.06.2013 30.06.2013 30.08.2013 31.03.2013

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

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

Date 02.09.2013 02.09.2013 02.09.2013 30.08.2013 29.08.2013 20.08.2013 20.08.2013 19.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 13.08.2013 06.08.2013 05.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 26.07.2013 16.07.2013 04.07.2013 03.07.2013 27.06.2013 30.05.2013 29.05.2013 10.05.2013 15.02.2013 17.01.2013 25.07.2012 03.07.2012 08.02.2010

03.09.2013

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

Price/Volume 35

.9 M

.8 M .7 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DEQ GY EQUITY YTD Change DEQ GY EQUITY YTD % CHANGE

12/2012 06/yy 34.55 28.53 13'234.00 30.805 -10.84% 7.99% 44.73% 53.9 1'661.79 1'657.23 0.0 0.0 167.51 3'140.71

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

.5 M

.4 M

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

.2 M

5 0 s-12

.1 M o-12

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

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

Price/ Cash Flow

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

n-12

d-12

j-13

f-13 m-13

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

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.68 41.40 9.26% 1.23% 0.681 26 3.500 82'244 90'466 110'392 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 198.1 206.4 49.0 49.7 15.91x 15.17x 64.83x 63.45x 172.6 179.1 43.2 43.7 18.24x 17.58x 18.15x 18.13x 105.6 104.7 26.9 27.8 15.94x 15.71x 14.95x 14.81x S&P Issuer Ratings

2.54 2.36 8.76 9.26 125.4% 55.6% 0.06 -

Sales/Revenue/Turnover

25.00

250.0

20.00

200.0

15.00

150.0

10.00

100.0

5.00

50.0

0.00 01.01.2010

.3 M

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

.6 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Deutsche Euroshop AG Holdings By:

All

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

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios EASYETF EPRA EUROZON Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst

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

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

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

Amt Held % Out 5'162'584 9.57 4'175'382 7.74 3'142'576 5.83 1'629'154 3.02 1'579'737 2.93 1'361'449 2.52 1'306'605 2.42 (1'262'325) -2.34 (681'534) -1.26 650'587 1.21 (423'377) -0.78 401'271 0.74 361'600 0.67 339'825 0.63 324'881 0.6 320'591 0.59 263'480 0.49 263'367 0.49 (258'938) -0.48 (253'544) -0.47

Weighting

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

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

Latest Chg 12'461 20'000 75'523 (51'631) (15'000) (41'305) 18'497 121'600 436 182'385 (45'873) 52'890 26'973 59'340

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

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

File Dt Inst Type 31.12.2012 n/a 31.12.2012 n/a 30.08.2013 Investment Advisor 31.12.2012 Other 08.04.2013 n/a 31.12.2012 Government 28.06.2013 Investment Advisor 10.06.2013 Investment Advisor 27.07.2012 Unclassified 30.06.2013 Investment Advisor 30.07.2012 Investment Advisor 30.06.2013 Unclassified 28.03.2013 Investment Advisor 31.07.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 28.02.2013 Unclassified 30.04.2013 Investment Advisor 06.06.2013 Hedge Fund Manager 10.04.2013 Investment Advisor

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

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

03.09.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DLG GY EQUITY YTD Change DLG GY EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 17.69 8.44 280'987.00 14.46 -18.26% 71.43% 63.80% 68.1 984.28 180.73 0.0 0.0 315.56 858.16

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

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

2.5 M 2.0 M 1.5 M 1.0 M .5 M

o-12

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

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

Price/ Cash Flow

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

n-12

d-12

j-13

f-13 m-13

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

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.92 62.13 -15.19% 8.76% 0.922 20 4.300 702'190 645'400 659'351 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 860.7 1'026.2 220.6 301.3 1.50x 1.20x 135.4 177.3 8.41x 6.42x 69.0 98.1 17.6 38.0 18.30x 12.93x 13.87x 12.83x S&P Issuer Ratings

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

Sales/Revenue/Turnover

45.00

900.0

40.00

800.0

35.00

700.0

30.00

600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 01.01.2010

3.0 M

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

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Dialog Semiconductor PLC Holdings By:

All

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

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

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

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

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

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

Amt Held % Out 4'739'691 6.96 3'488'384 5.12 3'417'011 5.02 2'743'836 4.03 2'719'002 3.99 (2'375'606) -3.49 1'927'224 2.83 1'899'961 2.79 1'486'895 2.18 1'243'784 1.83 1'214'976 1.78 1'022'470 1.5 (987'000) -1.45 (789'600) -1.16 725'675 1.07 699'954 1.03 (694'303) -1.02 (646'655) -0.95 593'006 0.87 513'393 0.75

Weighting

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

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

Latest Chg 13'613 (591'882) 527'931 (150'000) 23'078 793'194 (503'711) 88'489 699'954 279'082 (108'911) (10'840) 1'956

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

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

File Dt Inst Type 23.07.2013 Investment Advisor 08.07.2013 Investment Advisor 28.08.2013 Investment Advisor 28.05.2013 Government 12.11.2012 Unclassified 22.08.2013 Hedge Fund Manager 01.08.2011 Other 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 05.07.2013 Investment Advisor 29.08.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 31.10.2012 Investment Advisor 25.07.2013 Investment Advisor 02.04.2013 Other 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 03.09.2013 02.09.2013 02.09.2013 02.09.2013 29.08.2013 26.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 10.07.2013 10.06.2013 21.03.2013 16.03.2012

03.09.2013

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

Price/Volume 25 20 15

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (03.09.2013) 52-Week Low (08.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DPW GY EQUITY YTD Change DPW GY EQUITY YTD % CHANGE

12/2012 06/yy 22.97 14.40 879'770.00 22.735 -1.00% 57.88% 100.00% 1'209.0 27'486.98 4'816.00 0.0 213.0 2'652.00 30'709.98

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

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

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

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

Price/ Cash Flow

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

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

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

FY+1

0.89 908.09 49.99% 41.77% 0.890 32 3.969 3'658'110 3'176'219 3'665'283 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 57'112.3 59'554.8 14'261.3 15'407.5 0.53x 0.50x 2.15x 1.96x 4'244.7 4'576.8 1'002.0 1'167.0 7.26x 6.73x 7.06x 6.92x 1'824.5 1'977.9 409.5 538.0 15.26x 14.18x 15.08x 14.74x S&P Issuer Ratings

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

Sales/Revenue/Turnover

800.00

70'000.0

700.00

60'000.0

600.00

50'000.0

500.00

40'000.0

400.00

30'000.0

300.00

20'000.0

200.00

10'000.0

100.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Deutsche Post AG Holdings By:

All

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

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

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

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

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

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

Amt Held 300'924'050 69'703'659 21'966'299 21'632'939 12'112'601 10'193'761 9'065'952 7'600'772 7'556'200 7'413'037 6'519'419 5'679'954 5'646'936 4'980'600 4'521'094 4'441'844 4'441'758 4'032'502 3'397'893 3'315'674

% Out 24.89 5.77 1.82 1.79 1 0.84 0.75 0.63 0.62 0.61 0.54 0.47 0.47 0.41 0.37 0.37 0.37 0.33 0.28 0.27

Weighting

Change

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

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

Latest Chg (7'374'997) 840'135 (65'143) (666'347) 1'427'231 1'043'543 (75'961) 5'187'300 (253'416) 2'703'143 323'191 265'000 (105'000) 2'026'111 3'521'139 50'000 (10'536) (31'781) 21'426

Target Price 26 23 25 23 24 22 #N/A N/A 24 #N/A N/A 20 24 24 26 24 22 23 21 25 24 23 23 24 #N/A N/A 21 15 #N/A N/A #N/A N/A 21 23 23 21 #N/A N/A 19

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

File Dt 10.04.2013 30.08.2013 28.06.2013 31.12.2012 30.06.2013 31.03.2013 28.03.2013 30.06.2013 28.03.2013 31.07.2013 31.07.2013 30.08.2013 31.12.2012 30.04.2013 31.07.2013 30.08.2013 30.04.2013 31.07.2013 30.04.2013 28.02.2013

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

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

Date 02.09.2013 02.09.2013 30.08.2013 30.08.2013 29.08.2013 29.08.2013 15.08.2013 14.08.2013 13.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 05.08.2013 30.07.2013 26.07.2013 20.05.2013 17.05.2013 15.05.2013 13.05.2013 03.04.2013 10.11.2011 13.09.2010

03.09.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.09.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DRI GY EQUITY YTD Change DRI GY EQUITY YTD % CHANGE

12/2012 06/yy 16.55 8.44 102'913.00 16.47 -0.45% 95.12% 99.24% 53.2 876.02 333.39 0.0 0.0 77.30 919.36

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

1.8 M

1.6 M

1.4 M

1.2 M

1.0 M

.8 M

.6 M

.4 M

.2 M

0 s-12

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

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

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

Price/ Cash Flow

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

n-12

d-12

j-13

f-13 m-13

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

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.74 38.93 105.47% 61.31% 0.736 8 4.500 407'140 364'179 326'075 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 300.0 307.4 3.14x 3.06x 69.5 80.3 13.29x 11.50x 124.9 53.7 12.95x 14.77x S&P Issuer Ratings

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

Sales/Revenue/Turnover

45.00

400.0

40.00

350.0

35.00

300.0

30.00

250.0

25.00

200.0

20.00

150.0

15.00

100.0

10.00

50.0

5.00 0.00 01.01.2010

o-12

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

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 |

03.09.2013

Drillisch AG Holdings By:

All

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

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

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

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

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

Recommendation buy buy buy hold buy hold buy buy

Amt Held % Out 5'189'015 9.76 3'719'295 6.99 2'000'000 3.76 1'895'000 3.56 1'807'852 3.4 1'574'232 2.96 1'564'194 2.94 1'498'236 2.82 1'440'000 2.71 568'841 1.07 530'007 1 434'000 0.82 430'000 0.81 364'826 0.69 246'614 0.46 221'493 0.42 218'820 0.41 218'000 0.41 (196'799) -0.37 155'000 0.29

Weighting

Change 5 5 5 3 5 3 5 5

U M U M M M U M

Latest Chg 338'257 (153'897) 134'000 52'634 35'679 4'390 1'850 2'420 69'146 -

Target Price 20 17 16 14 16 15 #N/A N/A 16

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

File Dt Inst Type 31.12.2012 Corporation 31.12.2012 n/a 31.12.2012 n/a 31.12.2012 n/a 27.03.2013 Other 14.12.2012 Investment Advisor 10.08.2011 Investment Advisor 30.04.2013 Investment Advisor 25.03.2013 Investment Advisor 28.08.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 29.06.2012 Investment Advisor 30.06.2013 Investment Advisor 30.08.2013 Investment Advisor 28.06.2013 Investment Advisor 30.08.2013 Investment Advisor 28.03.2013 Investment Advisor 26.08.2013 Hedge Fund Manager 31.03.2013 Investment Advisor

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

Date 21.08.2013 16.08.2013 13.08.2013 09.08.2013 09.08.2013 10.06.2013 21.05.2013 15.05.2013

03.09.2013

Draegerwerk AG & Co KGaA Draegerwerk AG & Company KGAA manufactures medical, safety, and aerospace equipment. The Company produces ventilators, monitoring equipment, transport incubators, anesthesia machines, surgical lights, ward equipment, home care equipment, systems for safe breathing in industry, mining and fire fighting, and airplane crew and passenger oxygen systems.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.07.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DRW3 GY EQUITY YTD Change DRW3 GY EQUITY YTD % CHANGE

12/2012 06/yy 107.45 68.80 5'840.00 92.19 -14.20% 34.00% 60.18% 6.4 1'374.78 406.38 0.0 6.7 317.83 1'560.93

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

.3 M

100

.3 M

.2 M

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 1'924.5 0.45x 175.6 4.88x 31.8 10.47x

120

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

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

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

Price/ Cash Flow

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

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

FY+1

.0 M s-13

0.69 1.82 25.73% 21.61% 0.690 16 3.938 43'202 26'451 24'683 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'428.4 2'515.6 0.63x 0.57x 286.0 316.1 5.46x 4.94x 125.6 140.0 12.60x 11.35x S&P Issuer Ratings

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

Sales/Revenue/Turnover

16.00

2'500.0

14.00

2'000.0

12.00 10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Draegerwerk AG & Co KGaA Holdings By:

All

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

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

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios OBJECTIF SMALL CAPS n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a

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

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

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

Amt Held % Out 4'531'360 71.36 321'133 5.06 276'829 4.36 257'637 4.06 172'259 2.71 157'529 2.48 148'400 2.34 137'722 2.17 125'639 1.98 94'892 1.49 91'751 1.44 80'357 1.27 62'972 0.99 (61'595) -0.97 (57'150) -0.9 54'530 0.86 53'300 0.84 52'795 0.83 51'386 0.81 (45'085) -0.71

Weighting

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

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

Latest Chg (4'802) 6'401 (7'881) (37'471) 148'400 (1'278) 1'365 (119) 91'751 8'368 5'344 (3'175) 875 (20'000) (43'101) 26'901 (1'270)

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

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

File Dt Inst Type 31.12.2012 n/a 31.03.2013 Investment Advisor 28.06.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Unclassified 31.10.2012 Investment Advisor 31.03.2013 Investment Advisor 28.06.2013 Investment Advisor 28.06.2013 Investment Advisor 02.11.2012 Other 08.02.2013 Hedge Fund Manager 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Unclassified 30.04.2013 Investment Advisor 18.06.2013 Hedge Fund Manager

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

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

03.09.2013

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

Price/Volume 12 10 8 6

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (21.02.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DTE GY EQUITY YTD Change DTE GY EQUITY YTD % CHANGE

12/2012 06/yy 10.11 7.98 1'951'169.00 9.813 -2.94% 23.03% 86.22% 4'451.1 43'678.83 44'614.00 0.0 4'623.0 6'046.00 93'715.83

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

2 0 s-12

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

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

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

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

Price/ Cash Flow

LTM

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

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

FY+1

0.70 3'068.30 10.76% 22.85% 0.698 42 3.429 11'377'720 11'778'140 12'417'150 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 59'177.6 59'852.0 14'894.7 15'444.3 1.50x 1.45x 6.04x 5.78x 17'314.3 17'713.2 4'498.0 4'268.0 5.42x 5.30x 2'785.2 3'032.3 590.5 500.0 15.24x 14.02x S&P Issuer Ratings

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

Sales/Revenue/Turnover

3.50

70'000.0

3.00

60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 01.01.2010

o-12

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

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M s-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Deutsche Telekom AG Holdings By:

All

Holder Name KREDITANSTALT FUER W FEDERAL REPUBLIC OF BLACKROCK BLACKSTONE NORGES BANK DB PLATINUM ADVISORS VANGUARD ONTARIO TEACHERS PEN BANK OF NEW YORK MEL SCHRODER INVESTMENT DEKA INVESTMENT GMBH UNION INVESTMENT GMB UBS AMUNDI MERCURY ASSET MANAGE ALLIANZ ASSET MANAGE EATON VANCE MANAGEME DEKA INVESTMENT GMBH ING INTERNATIONAL AD SUN LIFE FINANCIAL I

Firm Name

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

Analyst

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

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

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

Amt Held 734'624'287 648'197'900 253'270'828 191'700'000 68'078'517 38'107'769 34'696'477 27'700'000 26'137'299 14'083'394 13'921'182 12'178'782 10'493'830 9'492'946 9'149'306 8'661'230 7'795'757 6'991'047 6'359'036 6'116'190

% Out 16.5 14.56 5.69 4.31 1.53 0.86 0.78 0.62 0.59 0.32 0.31 0.27 0.24 0.21 0.21 0.19 0.18 0.16 0.14 0.14

Weighting

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

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

Latest Chg (1'229'339) 10'489'242 2'274'262 (369'134) 1'350'015 6'672'723 (2'345'777) 487'685 1'449'708 14'781 (72'326) 1'144'699 (463'921) 192'440

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

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

File Dt Inst Type 30.03.2013 Investment Advisor 30.03.2013 Government 30.08.2013 Investment Advisor 03.08.2012 Unclassified 31.12.2012 Government 31.07.2013 Investment Advisor 30.06.2013 Unclassified 31.12.2011 Pension Fund (ERISA) 30.08.2013 Investment Advisor 31.07.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 30.08.2013 Unclassified 30.04.2013 Investment Advisor 30.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 03.09.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 02.09.2013 30.08.2013 29.08.2013 28.08.2013 26.08.2013 23.08.2013 23.08.2013 22.08.2013 21.08.2013 21.08.2013 15.08.2013 13.08.2013 13.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 05.08.2013 29.07.2013 29.07.2013 10.07.2013 18.06.2013 27.05.2013 05.04.2013 01.04.2013 15.02.2013 15.01.2013

03.09.2013

Duerr AG Duerr AG engineers and builds plants and manufactures machinery for the automotive industry in Europe, North and South America, and Asia. Duerr designs and constructs fully automatic paint finishing plants, final assembly systems, and air purifier. Duerr also offers balancing and diagnostic systems and produces cleaning filtration and automation equipment.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (04.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DUE GY EQUITY YTD Change DUE GY EQUITY YTD % CHANGE

12/2012 06/yy 56.12 24.84 20'946.00 52.32 -6.77% 110.67% 87.73% 34.6 1'810.33 286.06 0.0 8.3 349.28 1'822.69

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

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 1'602.8 0.16x 134.4 1.91x 42.4 6.77x

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

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

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

Price/ Cash Flow

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

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

FY+1

.0 M s-13

0.89 24.23 104.64% 59.07% 0.890 20 4.200 133'966 105'742 108'391 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'514.4 2'589.1 623.0 834.0 0.68x 0.63x 2.82x 2.00x 224.1 235.6 59.2 82.4 8.12x 7.73x 125.0 129.2 33.5 51.0 14.32x 13.87x S&P Issuer Ratings

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

Sales/Revenue/Turnover

50.00

3'000.0

45.00

2'500.0

40.00 35.00

2'000.0

30.00

1'500.0

25.00 20.00

1'000.0

15.00 10.00

500.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Duerr AG Holdings By:

All

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

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

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

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

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

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

Amt Held 8'684'861 1'376'962 1'200'000 1'034'330 1'026'340 1'009'374 808'988 527'334 481'849 377'756 355'600 301'896 298'080 285'614 211'230 207'606 200'000 197'066 185'354 181'680

% Out 25.1 3.98 3.47 2.99 2.97 2.92 2.34 1.52 1.39 1.09 1.03 0.87 0.86 0.83 0.61 0.6 0.58 0.57 0.54 0.53

Weighting

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

Latest Chg 1'400 (23'412) 68'969 122'000 180 (20'350) (100'000) 94'286 50'000

Target Price 56 60 60 57 58 48 53 59 50 46 47 54 57 54 57 54 #N/A N/A 49 43 37

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

File Dt 27.02.2013 30.08.2013 01.07.2013 01.11.2012 05.11.2012 05.04.2012 28.02.2013 28.02.2013 30.06.2013 31.12.2012 30.04.2013 30.04.2013 05.03.2012 31.03.2013 31.05.2013 31.12.2012 30.04.2013 31.07.2013 30.06.2013 30.04.2013

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

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

Date 30.08.2013 06.08.2013 05.08.2013 05.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 24.07.2013 17.07.2013 05.07.2013 06.06.2013 28.05.2013 01.05.2013 24.01.2013

03.09.2013

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

Price/Volume 18

2.5 M

16 2.0 M

14 12

1.5 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DWNI GY EQUITY YTD Change DWNI GY EQUITY YTD % CHANGE

12/2012 06/yy 15.80 12.36 50'445.00 13.39 -15.23% 8.38% 32.41% 168.8 2'272.05 2'768.64 0.0 0.3 90.57 5'244.30

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

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

0 s-12

o-12

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

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

Price/ Cash Flow

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

n-12

d-12

j-13

f-13 m-13

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

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.74 143.63 -1.14% -2.98% 0.738 20 3.600 324'760 375'997 355'852 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 391.0 413.3 89.9 88.9 13.51x 13.19x 57.67x 59.61x 272.8 300.1 65.2 59.7 19.23x 17.48x 19.44x 19.37x 128.9 145.8 28.2 34.7 17.28x 15.72x 16.19x 16.80x S&P Issuer Ratings

1.71 -11.17 12.50 12.94 172.0% 63.2% 0.11 -

Sales/Revenue/Turnover

1'200.00

600.0

1'000.00

500.0

800.00

400.0

600.00

300.0

400.00

200.0

200.00

100.0

0.00 01.01.2010

.5 M

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

1.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Deutsche Wohnen AG Holdings By:

All

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

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

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

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

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

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

Amt Held 11'990'870 10'994'146 8'606'298 8'150'000 8'081'228 7'582'897 6'802'161 5'575'343 5'569'716 5'156'318 4'904'415 4'882'360 4'863'335 4'730'559 4'571'243 4'391'101 4'039'252 3'815'480 2'953'855 2'504'060

% Out 7.1 6.51 5.1 4.83 4.79 4.49 4.03 3.3 3.3 3.05 2.91 2.89 2.88 2.8 2.71 2.6 2.39 2.26 1.75 1.48

Weighting

Change

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

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

Latest Chg 362'823 (996'309) 8'256 992'658 2'213'346 2'504'060

Target Price 16 17 #N/A N/A 17 14 12 16 15 17 #N/A N/A 16 13 15 14 15 16 13 14 16 #N/A N/A 15

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

File Dt Inst Type 30.06.2013 Investment Advisor 30.08.2013 Investment Advisor 06.08.2013 Government 21.06.2013 Unclassified 19.02.2013 Investment Advisor 17.01.2013 Hedge Fund Manager 16.08.2012 Unclassified 20.08.2013 Investment Advisor 30.06.2013 Investment Advisor 02.07.2013 Investment Advisor 14.05.2013 Investment Advisor 21.06.2013 Insurance Company 31.12.2012 Other 17.01.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 19.09.2012 Investment Advisor 30.06.2013 Insurance Company 26.09.2012 Investment Advisor 12.03.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 02.09.2013 28.08.2013 27.08.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 14.08.2013 13.08.2013 13.08.2013 26.07.2013 11.07.2013 06.06.2013 25.04.2013

03.09.2013

European Aeronautic Defence and Space Co NV European Aeronautic Defence and Space Company manufactures airplanes and military equipment. The Company produces commercial aircraft including the Airbus, military fighter aircraft, military and commercial helicopters, missiles, satellites, and telecommunications and defense systems, and offers military and commercial aircraft conversion and maintenance services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.08.2013) 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 08.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EAD GY EQUITY YTD Change EAD GY EQUITY YTD % CHANGE

12/2012 06/yy 46.09 24.24 16'734.00 44.36 -3.75% 83.00% 92.86% 786.9 34'905.53 4'779.00 0.0 25.0 11'084.00 33'498.53

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

31.12.2009 31.12.2010 42'822.0 45'752.0 0.13x 0.17x 1'236.0 2'500.0 4.62x 3.02x (763.0) 553.0 Profitability

2.0 M 1.5 M 1.0 M .5 M

o-12

LTM-4Q 31.12.2011 49'128.0 0.31x 3'172.0 4.81x 1'033.0 -

31.12.2012 56'480.0 0.32x 3'927.0 4.58x 1'228.0 -

n-12

d-12

j-13

3'927.00 1'890.00 3.35% 2.97% 1.53% 17.52% 12.66% 0.64% 14.0% 7.5% 4.0% 2.2% 0.93 0.37 5.19% 45.91% 9.08 1.90

LTM

06/yy 52'126.0 1.33x 3'881.0 5.08x 1'503.0 0.00x

f-13 m-13

06/yy 57'878.0 1.68x 4'361.0 7.33x 1'393.0 0.00x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.69 46.07% 53.13% 0.693 29 4.379 105'349 103'262 122'749 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 58'619.9 62'417.7 13'311.3 17'937.0 5'494.4 6'460.7 1'289.0 1'823.0 2'078.7 2'685.1 454.0 761.0 16.44x 12.24x 17.50x 18.37x S&P Issuer Ratings

22.09.2010 APOS 02.10.2012 A-1 7.52 1.26 -0.33 1.54 45.9% 31.4% 0.64 3.87 40.20 192.40 65.53 142.58

Sales/Revenue/Turnover

1.20

60'000.0

1.00

50'000.0

0.80

40'000.0

0.60

2.5 M

Fiscal Year Ended 31.12.2008 43'265.0 0.09x 4'136.0 0.89x 1'572.0 -

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

30'000.0 20'000.0

0.40

10'000.0 0.20

0.0 0.00

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

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

03.09.2013

European Aeronautic Defence and Space Co NV Holdings By:

All

Holder Name FRENCH STATE FEDERAL REPUBLIC OF EUROPEAN AERONAUTIC CAPITAL GROUP COMPAN SOCIEDAD ESTATAL DE BLACKROCK VNESHECONOMBANK CAISSE DES DEPOTS ET AMUNDI SA VANGUARD VIKING GLOBAL INVEST STATE STREET OLD MUTUAL OPPENHEIMERFUNDS INC ONTARIO TEACHERS PEN INVESCO LTD NATIXIS ASSET MANAGE UBS AMUNDI BARCLAYS CAPITAL SEC

Firm Name

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

Analyst

Exane BNP Paribas OLIVIER BROCHET Espirito Santo Investment Bank Research EDWARD STACEY Jefferies SANDY MORRIS RBC Capital Markets ROBERT STALLARD AlphaValue THOMAS PICHERIT Sanford C. Bernstein & Co DOUGLAS S HARNED Oddo & Cie YAN DEROCLES Day by Day VALERIE GASTALDY Deutsche Bank BEN FIDLER Cantor Fitzgerald ANDREW CHAMBERS Hamburger Sparkasse INGO SCHMIDT Morgan Stanley RUPINDER VIG Nord/LB WOLFGANG DONIE Societe Generale ZAFAR KHAN Commerzbank Corporates & Markets STEPHAN BOEHM Bankhaus Lampe SEBASTIAN HEIN CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX DZ Bank AG MARKUS TURNWALD Investec ANDREW GOLLAN JPMorgan DAVID H PERRY Landesbank Baden-Wuerttemberg STEFAN MAICHL Independent Research GmbH ZAFER RUZGAR S&P Capital IQ UNAI FRANCO EVA Dimensions TIMOTHY STANISH Kepler Cheuvreux CHRISTOPHE MENARD Barclays CARTER COPELAND UBS CHARLES ARMITAGE Gabelli & Co JAMES FOUNG

Source Research Research Research ULT-AGG Research ULT-AGG Research RNS-RUL8 RNS-RUL8 ULT-AGG RNS-RUL8 ULT-AGG ULT-AGG RNS-RUL8 Research ULT-AGG MF-AGG ULT-AGG MF-AGG RNS-RUL8

Recommendation outperform sell buy outperform add market perform buy sell buy buy sell Overwt/In-Line buy buy buy buy reduce buy buy overweight buy buy strong buy overweight buy overweight buy hold

Amt Held 112'072'054 83'837'750 49'001'830 39'788'818 34'687'784 34'457'610 22'614'753 15'584'382 15'385'347 12'117'860 11'930'093 9'546'850 9'406'422 9'211'702 6'100'000 3'879'592 3'354'224 2'897'299 2'666'169 2'644'421

% Out 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighting

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

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

Latest Chg (12'977'088) 61'112'568 1'188'304 (53'355) (459'400) (2'721) 3'341 (1'079'438) 12'665 (18'433) (9'990) (82'056) 31'033 13'499 (833'201)

Target Price 64 31 45 52 52 43 50 36 55 55 #N/A N/A 54 53 53 53 52 34 51 48 67 50 52 53 #N/A N/A 48 49 49 #N/A N/A

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

File Dt Inst Type 16.04.2013 Government 02.04.2013 Government 17.04.2013 Corporation 25.07.2013 Investment Advisor 04.04.2013 Government 30.08.2013 Investment Advisor 26.07.2013 Government 25.09.2012 Government 10.10.2012 Other 09.10.2012 Unclassified 10.10.2012 Hedge Fund Manager 30.08.2013 Investment Advisor 10.10.2012 Unclassified 05.10.2012 Investment Advisor 31.12.2012 Pension Fund (ERISA) 13.09.2012 Investment Advisor 31.05.2013 Investment Advisor 30.08.2013 Unclassified 30.04.2013 Investment Advisor 10.10.2012 Investment Advisor

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

Date 03.09.2013 02.09.2013 30.08.2013 29.08.2013 29.08.2013 28.08.2013 26.08.2013 20.08.2013 19.08.2013 15.08.2013 12.08.2013 06.08.2013 05.08.2013 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 06.06.2013 15.05.2013 15.05.2013 08.03.2013 10.10.2011

03.09.2013

E.ON SE E.ON SE operates in power generation and gas production businesses. The Company's operations include electric generation at conventional, nuclear, and renewable-source facilities, electric transmission via high-voltage wires network, regional distribution of electricity, gas, and heat, power trading and electricity, gas, and heat sales.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (08.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EOAN GY EQUITY YTD Change EOAN GY EQUITY YTD % CHANGE

12/2012 06/yy 19.74 11.82 1'983'324.00 11.98 -39.31% 1.40% 3.34% 2'001.0 23'971.98 25'944.00 0.0 3'862.0 6'097.00 44'967.98

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

31.12.2009 31.12.2010 81'817.0 92'863.0 1.11x 0.78x 12'703.0 13'006.0 7.18x 5.56x 8'396.0 5'853.0 6.50x 6.53x Profitability

60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M o-12

LTM-4Q 31.12.2011 112'954.0 0.52x 4'269.0 13.73x (2'219.0) -

31.12.2012 132'093.0 0.38x 8'443.0 5.99x 2'217.0 12.36x 8'443.00 4'940.00 3.74% 2.51% 1.69% 6.74% 6.90% 0.93% 7.6% 4.9% 1.7% 1.20 0.61 18.48% 74.22% -

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

1.10 1'847.04 -29.82% -7.83% 1.100 36 2.778 9'140'038 7'843'001 9'017'111 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 100'850.0 103'107.0 119'206.7 119'892.6 2.38x 1.94x 0.39x 0.38x 4'407.0 7'043.0 9'366.3 9'308.7 0.00x 0.00x 4.80x 4.83x (190.0) 2'559.0 2'453.1 2'351.3 0.00x 0.00x 9.57x 9.71x S&P Issuer Ratings Long-Term Rating Date 27.07.2012 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 27.07.2012 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 2.90 (EBITDA-Capex)/Interest Exp. 0.71 Net Debt/EBITDA 1.78 Total Debt/EBITDA 2.38 Reference Total Debt/Equity 74.2% Total Debt/Capital 40.1% Asset Turnover 0.93 Net Fixed Asset Turnover 2.46 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

7.00

140'000.0

6.00

120'000.0

5.00

100'000.0

4.00

80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

70.0 M

Fiscal Year Ended 31.12.2008 86'753.0 1.08x 5'403.0 17.28x 1'266.0 37.92x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

E.ON SE Holdings By:

All

Holder Name BLACKROCK E.ON AG GOVERNMENT OF NORWAY CREDIT SUISSE AG NORGES BANK DB PLATINUM ADVISORS MORGAN STANLEY VANGUARD SOCIETE GENERALE SA UNION INVESTMENT GMB PICTET FUNDS CAPITAL GROUP COMPAN DEKA INVESTMENT GMBH T ROWE PRICE ASSOCIA UBS MERCURY ASSET MANAGE AMUNDI FRANKFURT TRUST INVE BNP PARIBAS INV PART GRANTHAM MAYO VAN OT

Firm Name RBC Capital Markets Morgan Stanley Credit Suisse Kepler Cheuvreux Exane BNP Paribas Landesbank Baden-Wuerttemberg AlphaValue Deutsche Bank EVA Dimensions Macquarie Hamburger Sparkasse Grupo Santander Societe Generale Commerzbank Corporates & Markets Nord/LB Natixis Barclays Raymond James Independent Research GmbH M.M. Warburg Investment Research S&P Capital IQ Day by Day Investec UBS Bankhaus Metzler JPMorgan HSBC Main First Bank AG Berenberg Bank Redburn Partners Goldman Sachs Equinet Institutional Services(ESN) Banco Sabadell National Bank AG

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

Analyst JOHN MUSK BOBBY CHADA VINCENT GILLES INGO BECKER BENJAMIN LEYRE ERKAN AYCICEK EILEEN RYAN ALEXANDER KARNICK DOUG WALTERS ROBERT SCHRAMM-FUCHS ANNEMARIE SCHLUETER OSCAR NAJAR RIOS ALBERTO PONTI TANJA MARKLOFF HEINO HAMMANN PHILIPPE OURPATIAN PETER BISZTYGA EMMANUEL RETIF SVEN DIERMEIER STEPHAN WULF CLIVE ROBERTS VALERIE GASTALDY HAROLD HUTCHINSON PATRICK HUMMEL DANIEL SEIDENSPINNER NATHALIE F CASALI ADAM DICKENS ANDREAS THIELEN TEAM COVERAGE AHMED FARMAN DEBORAH WILKENS MICHAEL SCHAEFER JORGE GONZALEZ SADORNIL STEFFEN MANSKE

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

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

Amt Held 173'921'196 95'529'865 58'428'022 49'541'810 44'456'040 26'484'398 25'888'854 21'153'194 19'195'947 11'867'950 11'760'000 7'475'000 7'094'187 6'981'054 6'477'223 6'145'155 5'589'023 4'820'789 4'466'253 4'438'987

% Out 8.69 4.77 2.92 2.48 2.22 1.32 1.29 1.06 0.96 0.59 0.59 0.37 0.35 0.35 0.32 0.31 0.28 0.24 0.22 0.22

Weighting

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

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

Latest Chg (775'396) (11'986) 22'888'972 668'398 (1'964'569) 6'032'207 (1'000'703) 1'357'797 (17'557) 9'927 (1'791'225) 996'700 (31'421) 254'908

Target Price 11 15 10 12 14 12 17 12 #N/A N/A 11 #N/A N/A 13 12 13 14 12 15 #N/A N/A 11 16 14 #N/A N/A 12 12 11 13 11 15 11 #N/A N/A 18 14 14 #N/A N/A

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

File Dt 30.08.2013 31.12.2011 25.04.2013 31.05.2013 31.12.2012 31.07.2013 10.05.2012 30.06.2013 14.05.2013 28.03.2013 30.04.2013 30.06.2013 30.04.2013 30.06.2013 30.08.2013 30.08.2013 30.04.2013 30.04.2013 31.03.2013 30.11.2012

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

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

Date 03.09.2013 02.09.2013 02.09.2013 30.08.2013 28.08.2013 27.08.2013 22.08.2013 19.08.2013 16.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 12.08.2013 07.08.2013 07.08.2013 07.08.2013 19.07.2013 04.07.2013 07.06.2013 24.05.2013 21.05.2013 26.04.2013 18.03.2013 15.02.2013 31.01.2013

03.09.2013

Euromicron AG Euromicron AG a solution provider for communications, transport, data and security networks. The Company's network infrastructures integrate voice, video and data transport wirelessly, via copper cable and by means of fiber-optic technologies.

Price/Volume 25

.5 M .4 M

.4 M .3 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EUCA GY EQUITY YTD Change EUCA GY EQUITY YTD % CHANGE

12/2012 06/yy 21.41 13.63 3'607.00 17.05 -20.35% 25.09% 44.50% 6.7 113.62 86.15 0.0 0.5 5.64 200.82

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

.2 M .2 M .1 M

.1 M 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 164.6 0.58x 18.5 5.15x 8.1 5.87x

.3 M

31.12.2009 31.12.2010 179.6 203.6 0.72x 0.80x 19.4 24.3 6.68x 6.69x 9.8 11.5 7.19x 9.08x Profitability

LTM-4Q 31.12.2011 305.3 0.55x 30.5 5.51x 12.2 6.87x

31.12.2012 330.0 0.61x 25.0 8.09x 8.6 14.06x 24.96 17.02 5.16% 3.70% 2.88% 6.83% 5.38% 1.17% 7.5% 5.0% 2.6% 1.28 0.43 30.35% 72.69% 5.12 -

Price/ Cash Flow

06/yy 329.8 2.45x 33.2 6.74x 12.8 8.79x

LTM 06/yy 330.3 2.43x 24.7 7.48x 8.2 11.82x

FY+1

.0 M s-13

0.90 6.66 -12.47% -4.22% 0.896 9 4.778 30'855 22'972 16'991 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 352.8 375.3 0.56x 0.53x 30.0 34.1 6.6 8.8 6.69x 5.90x 11.8 14.0 9.78x 8.16x S&P Issuer Ratings

5.52 4.59 3.52 3.82 72.7% 42.0% 1.17 21.19 71.31 -

Sales/Revenue/Turnover

50.00

350.0

45.00

300.0

40.00 35.00

250.0

30.00

200.0

25.00

150.0

20.00

100.0

15.00 10.00

50.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Euromicron AG Holdings By:

All

Holder Name ALLIANZ GLOBAL INVES UNIVERSAL INVESTMENT DWS INVESTMENTS BARING FUND MANAGERS IFOS INTERNATIONALE BLACKROCK BARING INTERNATIONAL BNY MELLON SERVICE K WESTLB ASSET MANAGEM DIMENSIONAL FUND ADV GEBSER & PARTNER AG OPPENHEIM PRAMERICA VERWALTUNGS- UND PRI LBBW ASSET MANAGEMEN BESSEMER GROUP INCOR HAUCK & AUFHAUSER IN HANSAINVEST GMBH OPPENHEIM KAPITALANL BANQUE ET CAISSE D'E UNION INVESTMENT LUX

Firm Name Equinet Institutional Services(ESN) Dr. Kalliwoda Equity Research Solventis WPH-Bank GmbH Bankhaus Lampe Landesbank Baden-Wuerttemberg Deutsche Bank Close Brothers Equity Markets Independent Research GmbH GSC Research

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

Analyst ADRIAN PEHL NORBERT KALLIWODA KLAUS SCHLOTE WOLFGANG SPECHT THOMAS HOFMANN BENJAMIN KOHNKE MARTIN DECOT MARKUS FRIEBEL MATTHIAS WAHLER

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

Recommendation buy buy buy buy buy hold buy buy buy

Amt Held % Out 6'663'799 100 328'227 4.93 300'000 4.5 97'500 1.46 56'097 0.84 (30'443) -0.46 28'797 0.43 20'000 0.3 14'400 0.22 12'246 0.18 12'000 0.18 10'890 0.16 6'000 0.09 5'500 0.08 4'231 0.06 3'500 0.05 3'000 0.05 1'858 0.03 1'500 0.02 0

Weighting

Change 5 5 5 5 5 3 5 5 5

M M M M M M M M M

Latest Chg 69'355 14'523 500 (1'500) (210) (39'731)

Target Price 24 26 26 21 20 17 23 20 #N/A N/A

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

File Dt 25.06.2013 27.02.2012 30.04.2013 31.05.2013 01.08.2013 30.08.2013 26.07.2012 31.07.2013 31.05.2013 30.04.2013 28.03.2013 31.01.2013 01.08.2013 28.03.2013 30.04.2013 28.06.2013 28.03.2013 28.06.2013 28.06.2013 28.03.2013

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

Inst Type Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.08.2013 26.08.2013 22.08.2013 21.08.2013 13.08.2013 12.08.2013 12.08.2013 09.08.2013 23.11.2012

03.09.2013

Evotec AG Evotec AG offers drug research, development, and manufacturing services. The Company offers assay development and screening and compound optimization services to pharmaceutical companies. Evotec also develops drugs on its own for out-licensing.

Price/Volume 4

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.10.2012) 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 EVT GY EQUITY YTD Change EVT GY EQUITY YTD % CHANGE

12/2012 06/yy 3.07 2.06 808'069.00 2.924 -4.69% 42.29% 84.40% 118.6 346.90 17.64 0.0 0.0 65.64 307.70

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

1.5 M

1.0 M

1 .5 M

1 0 s-12

31.12.2009 31.12.2010 42.7 55.3 4.37x 5.10x (14.7) 7.2 39.01x (45.5) 3.3 97.33x Profitability

LTM-4Q 31.12.2011 80.1 2.86x 10.3 22.24x 6.7 38.95x

31.12.2012 87.3 3.02x 5.9 44.59x 2.5 131.30x 5.91 -3.20 -3.67% -5.75% -1.75% -2.54% 0.38% 35.6% 1.5% -10.9% 2.8% 2.60 2.38 7.82% 11.56% 6.04 17.96

Price/ Cash Flow

06/yy 88.8 10.85x 2.0 0.00x 7.6 33.90x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 81.9 12.86x 1.2 235.05x (3.8) 0.00x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.94 88.56 14.44% 11.35% 0.939 8 4.250 744'834 417'124 392'695 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 96.8 110.1 3.12x 2.64x 15.3 21.3 20.30x 14.58x 5.4 12.2 50.41x 28.67x S&P Issuer Ratings

3.18 -1.22 -32.83 15.10 11.6% 10.4% 0.38 3.05 60.38 20.33 40.89 18.13

Sales/Revenue/Turnover

4'500.00

100.0

4'000.00

90.0

3'500.00

80.0 70.0

3'000.00

60.0

2'500.00 2'000.00

50.0 40.0

1'500.00

30.0

1'000.00

20.0

500.00

10.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 39.6 0.27x (47.7) (78.3) -

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 |

03.09.2013

Evotec AG Holdings By:

All

Holder Name OETKER ROLAND TVM V LIFE SCIENCE V DEUTSCHE BANK AG LBBW ASSET MANAGEMEN OXFORD ASSET MANAGEM BLACKROCK ADVISORS U BLACKROCK INV MGMT U LANTHALER WERNER UNIVERSAL INVESTMENT DEKA INVESTMENT GMBH BARING FUND MANAGERS ZUERCHER KANTONALBAN DEUTSCHE POSTBANK CA BLACKROCK DIMENSIONAL FUND ADV DWS INVESTMENTS MMA FINANCE UNION INVESTMENT LUX BANQUE ET CAISSE D'E NORDINVEST FUND MANA

Firm Name Close Brothers Equity Markets Montega Commerzbank Corporates & Markets Berenberg Bank Deutsche Bank EVA Dimensions DZ Bank AG Kempen & Co

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

Analyst IGOR KIM STEFAN SCHROEDER VOLKER BRAUN ALISTAIR CAMPBELL GUNNAR ROMER TIMOTHY STANISH HEINZ MUELLER MARK POSPISILIK

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

Recommendation buy buy buy buy hold sell buy buy

Amt Held % Out 17'429'685 14.69 11'850'670 9.99 3'459'501 2.92 3'360'000 2.83 (699'966) -0.59 (569'025) -0.48 (545'315) -0.46 516'494 0.44 484'304 0.41 450'000 0.38 400'000 0.34 350'000 0.3 180'600 0.15 (179'423) -0.15 177'799 0.15 161'853 0.14 130'000 0.11 76'718 0.06 75'000 0.06 75'000 0.06

Weighting

Change 5 5 5 5 3 1 5 5

M M M M M M M M

Latest Chg 11'315 130'401 142'256 184'304 115'593 130'000 -

Target Price 4 4 4 4 3 #N/A N/A 4 4

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

File Dt Inst Type 31.12.2012 n/a 31.12.2012 Venture Capital 28.06.2013 Investment Advisor 20.08.2012 Unclassified 13.08.2013 Hedge Fund Manager 16.05.2013 Investment Advisor 15.05.2013 Investment Advisor 31.12.2012 n/a 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 28.12.2012 Investment Advisor 30.08.2013 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 29.06.2012 Investment Advisor 28.03.2013 Investment Advisor 28.06.2013 Investment Advisor 31.10.2012 Investment Advisor

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

Date 02.09.2013 02.09.2013 28.08.2013 28.08.2013 08.08.2013 06.06.2013 17.05.2013 15.01.2013

03.09.2013

Fielmann AG Fielmann AG produces and markets prescription eyeglasses, specialty glasses, sunglasses, contact lenses, and optical supplies. The Company retails its products through Fielmann stores in Europe.

Price/Volume 90

.1 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.07.2013) 52-Week Low (18.03.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FIE GY EQUITY YTD Change FIE GY EQUITY YTD % CHANGE

12/2012 06/yy 82.99 69.51 7'905.00 79.36 -4.37% 14.17% 80.04% 42.0 3'333.12 2.60 0.0 0.1 285.05 2'999.38

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

.1 M

31.12.2009 31.12.2010 952.5 993.7 2.08x 2.80x 192.3 200.4 10.29x 13.90x 111.1 117.8 19.45x 25.41x Profitability

.0 M

10 0 s-12

o-12

LTM-4Q 31.12.2011 1'053.4 2.75x 208.3 13.92x 122.2 25.24x

31.12.2012 1'107.1 2.51x 214.9 12.95x 126.4 24.25x 214.90 180.26 16.28% 16.32% 15.68% 20.71% 1.38% 19.3% 16.3% 11.4% 2.96 2.05 0.34% 0.45% -

Price/ Cash Flow

06/yy 1'080.9 10.59x 211.2 13.26x 124.2 24.76x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 1'127.9 10.04x 218.2 13.88x 128.6 26.16x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.64 11.91 13.19% 12.52% 0.639 22 2.909 32'381 21'951 31'873 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'162.9 1'224.1 300.0 288.0 2.63x 2.49x 228.9 242.7 13.11x 12.36x 134.6 144.8 43.0 34.0 24.65x 22.98x S&P Issuer Ratings

103.72 89.56 -1.53 0.01 0.5% 0.5% 1.38 5.67 -

Sales/Revenue/Turnover

60.00

1'200.0

50.00

1'000.0

40.00

800.0

30.00

600.0

20.00

400.0

10.00

200.0

0.00 01.01.2010

.0 M

Fiscal Year Ended 31.12.2008 902.7 1.96x 190.5 9.27x 110.6 17.68x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Fielmann AG Holdings By:

All

Holder Name FIELMANN FAMILIENSTI CREDIT SUISSE GROUP SCHRODER INVESTMENT ALLIANZ ASSET MANAGE FIL LIMITED NORGES BANK DANSKE INVEST MANAGE UNION INVESTMENT GMB DANSKE INVEST A/S FMR LLC ADIG INVESTMENT NATIXIS ASSET MANAGE BLACKROCK IG INVESTMENT MANAGE JUPITER ASSET MANAGE VANGUARD DEUTSCHE BANK AG BESSEMER GROUP INCOR FIDELITY INVESTMENT AMERIPRISE FINANCIAL

Firm Name Nord/LB Hauck & Aufhaeuser Bankhaus Lampe Bankhaus Metzler Equinet Institutional Services(ESN) Exane BNP Paribas Deutsche Bank M.M. Warburg Investment Research SRH AlsterResearch Commerzbank Corporates & Markets Baader Bank HSBC Hamburger Sparkasse Main First Bank AG Kepler Cheuvreux EVA Dimensions Landesbank Baden-Wuerttemberg DZ Bank AG Berenberg Bank BHF-Bank Silvia Quandt Research Hammer Partners SA GSC Research

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

Analyst

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

Recommendation

WOLFGANG VASTERLING CHRISTIAN NIKOLAS SCHWENKENBECHER CHRISTOPH SCHLIENKAMP STEFAN WIMMER KONRAD LIEDER ANDREAS INDERST BENJAMIN GOY THILO KLEIBAUER CARSTEN MAINITZ GEORG REMSHAGEN VOLKER BOSSE THOMAS TEETZ CHRISTIAN HAMANN GAEL COLCOMBET CRAIG ABBOTT CRAIG STERLING BERND MUELL THOMAS MAUL ANNA PATRICE PETER STEINER KLAUS KRAENZLE STEPHAN SEIP MATTHIAS SCHRADE

hold sell hold buy accumulate underperform sell hold sell hold sell underweight hold outperform reduce overweight hold buy hold overweight neutral sell buy

Amt Held 30'090'422 1'200'937 403'041 364'236 329'464 300'132 289'950 285'300 281'218 232'811 215'174 168'000 148'230 134'201 123'707 112'092 106'621 99'922 91'583 64'244

% Out 71.64 2.86 0.96 0.87 0.78 0.71 0.69 0.68 0.67 0.55 0.51 0.4 0.35 0.32 0.29 0.27 0.25 0.24 0.22 0.15

Weighting

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

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

Latest Chg (106'369) 5'256 1'771 8'053 7'455 16'800 (6'046) 81'160 (529)

Target Price 72 64 74 84 84 69 67 75 64 70 65 70 #N/A N/A 85 67 #N/A N/A 79 83 68 80 77 66 #N/A N/A

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

File Dt 09.04.2013 26.06.2013 30.04.2013 30.04.2013 31.10.2012 31.12.2012 28.06.2013 28.03.2013 31.05.2013 31.07.2013 30.04.2013 31.05.2013 30.08.2013 31.03.2013 30.04.2013 30.06.2013 28.06.2013 30.04.2013 31.12.2012 28.06.2013

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

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

Date 02.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 30.08.2013 29.08.2013 29.08.2013 28.08.2013 22.08.2013 16.07.2013 12.07.2013 11.07.2013 14.05.2013 02.05.2013 26.04.2013 26.04.2013 25.04.2013 06.02.2013 08.11.2012 23.08.2012 15.09.2011

03.09.2013

Fresenius Medical Care AG & Co KGaA Fresenius Medical Care AG & Co. KGaA offers kidney dialysis services and manufactures and distributes equipment and products used in the treatment of dialysis patients. The Company also offers clinical laboratory testing and diagnostic testing services and provides home infusion, respiratory therapy, ultrasound, and echo-cardiography. Fresenius operates worldwide.

Price/Volume 70

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 52-Week Low (31.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FME GY EQUITY YTD Change FME GY EQUITY YTD % CHANGE

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

2.0 M

1.0 M

10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 10'612.3 1.81x 2'088.1 9.19x 817.6 17.10x

3.0 M

12/2012 06/yy 59.58 46.52 72'745.00 49.255 -17.33% 5.89% 21.70% 307.5 15'392.35 8'298.48 0.0 788.0 688.04 21'775.28

31.12.2009 31.12.2010 11'247.5 12'053.5 1.84x 1.88x 2'212.7 2'427.0 9.33x 9.36x 891.1 978.5 17.72x 17.64x Profitability

LTM-4Q 31.12.2011 12'570.5 2.22x 2'632.2 10.62x 1'071.2 19.22x

31.12.2012 13'800.3 2.15x 2'821.5 10.50x 1'186.8 17.78x 2'821.47 2'218.57 16.08% 14.00% 4.61% 11.55% 8.24% 0.64% 33.3% 19.8% 15.4% 8.6% 1.93 0.26 37.17% 92.80% -

Price/ Cash Flow

LTM

06/yy 13'016.8 8.90x 2'766.3 10.89x 1'249.5 17.12x

06/yy 14'200.0 8.40x 2'811.9 10.70x 1'015.0 21.35x

FY+1

.0 M s-13

0.53 213.17 -12.95% -4.48% 0.526 34 3.441 536'963 665'890 862'321 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 14'588.4 15'255.1 3'658.0 3'846.7 1.97x 1.85x 7.59x 7.16x 2'897.3 3'001.9 703.8 770.0 9.87x 9.52x 9.95x 9.86x 1'106.2 1'151.5 275.8 323.8 18.02x 17.10x 18.48x 18.05x S&P Issuer Ratings

19.09.2012 BB+ POS 6.00 4.56 2.76 2.97 92.8% 46.0% 0.64 15.56

Sales/Revenue/Turnover

30.00

16'000.0 14'000.0

25.00

12'000.0 20.00

10'000.0 8'000.0

15.00

6'000.0

10.00

4'000.0 5.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Fresenius Medical Care AG & Co KGaA Holdings By:

All

Holder Name FRESENIUS SE & CO KG BLACKROCK THORNBURG INVESTMENT NORGES BANK VANGUARD CAPITAL GROUP COMPAN ROYAL BANK OF SCOTLA BNP PARIBAS INV PART HARBOR CAPITAL ADVIS THREADNEEDLE INVESTM ALLIANZ ASSET MANAGE DEUTSCHE BANK AG SARASIN INVESCO LTD FIL LIMITED UNION INVESTMENT GMB SUN LIFE FINANCIAL I RUFFER LLP FINANCIERE DE L'ECHI UBS

Firm Name AlphaValue Commerzbank Corporates & Markets Goldman Sachs Helvea Societe Generale Sanford C. Bernstein & Co Hamburger Sparkasse Jefferies DZ Bank AG Deutsche Bank Nord/LB Credit Suisse HSBC Independent Research GmbH Berenberg Bank Bryan Garnier & Cie Barclays Morgan Stanley Landesbank Baden-Wuerttemberg M.M. Warburg Investment Research Equinet Institutional Services(ESN) S&P Capital IQ Exane BNP Paribas JPMorgan Bankhaus Metzler UBS Kepler Cheuvreux Erste Group EVA Dimensions Day by Day Main First Bank AG National Bank AG SunTrust Robinson Humphrey

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios FINANCIERE DE L'ECHI n/a

Analyst MARTIN SCHNEE VOLKER BRAUN VERONIKA DUBAJOVA OLAV ZILIAN JUSTIN SMITH LISA BEDELL CLIVE MARCO GUENTHER INGEBORG OIE SVEN OLAF KUERTEN HOLGER BLUM HOLGER FECHNER CHRISTOPH GRETLER JAN KEPPELER CHRISTOPH SCHOENDUBE TOM JONES MATHIEU CHABERT SALLY TAYLOR MICHAEL K JUNGLING TIMO KUERSCHNER ULRICH HUWALD KONRAD LIEDER SHO MATSUBARA JULIEN DORMOIS DAVID J ADLINGTON SEBASTIAN FRERICKS MARTIN WALES OLIVER REINBERG HANS ENGEL TIMOTHY STANISH VALERIE GASTALDY MARCUS WIEPRECHT STEFFEN MANSKE DAVID S MACDONALD

Source 20F ULT-AGG Research MF-AGG ULT-AGG ULT-AGG Research ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-PART ULT-AGG

Recommendation add add neutral/neutral hold hold outperform buy hold hold hold hold neutral neutral hold buy buy overweight Overwt/In-Line buy buy accumulate sell neutral underweight buy buy hold hold underweight hold underperform hold buy

Amt Held 94'380'382 22'270'562 15'147'822 5'276'888 4'757'197 4'252'100 3'847'973 2'979'371 2'694'206 2'654'567 1'957'589 1'767'324 1'260'332 1'233'439 1'182'636 1'128'199 1'082'708 1'077'120 1'056'938 1'054'940

% Out 30.69 7.24 4.93 1.72 1.55 1.38 1.25 0.97 0.88 0.86 0.64 0.57 0.41 0.4 0.38 0.37 0.35 0.35 0.34 0.34

Weighting

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

M M M M D 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 (369'362) 1'148'961 (8'000) (84'015) 2'694'206 227'441 31'313 199'387 79'742 (11'363) (1'536'605) 99'799 29'978 (19'431)

Target Price 58 61 46 55 53 62 #N/A N/A 49 48 46 50 46 51 53 58 54 59 53 58 58 55 44 53 46 54 54 47 #N/A N/A #N/A N/A #N/A N/A 50 57 63

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

File Dt 18.02.2013 30.08.2013 06.02.2013 31.12.2012 30.06.2013 30.06.2013 21.05.2013 31.03.2013 31.03.2013 31.05.2013 31.07.2013 30.06.2013 31.07.2013 30.08.2013 31.12.2012 28.03.2013 30.06.2013 28.02.2013 31.07.2013 28.06.2013

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

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

Date 29.08.2013 28.08.2013 19.08.2013 15.08.2013 06.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 16.07.2013 03.07.2013 02.07.2013 02.07.2013 01.07.2013 06.06.2013 20.05.2013 09.05.2013 31.10.2012 02.11.2011

03.09.2013

Freenet AG Freenet AG provides internet and telecommunications services in Germany. The company offers mobile and fixed line telephone, internet access services, information and news services, its own internet catalog, DINO-Online, e-mail accounts, e-commerce services and and set-up of homepages. Through its subsidiary mobilcom is also the franchiser of the MobilCom retail shops.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2013) 52-Week Low (03.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FNTN GY EQUITY YTD Change FNTN GY EQUITY YTD % CHANGE

12/2012 06/yy 18.72 11.29 48'542.00 18.275 -2.38% 61.81% 93.94% 128.1 2'340.31 656.55 0.0 0.4 205.22 2'880.73

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

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

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 2'776.5 0.66x 187.7 9.78x 112.2 3.61x

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

31.12.2009 31.12.2010 3'601.8 3'339.5 0.55x 0.49x 347.8 335.8 5.73x 4.88x 256.5 112.4 67.07x 8.49x Profitability

LTM-4Q 31.12.2011 3'266.6 0.55x 336.3 5.38x 143.8 8.93x

31.12.2012 3'089.0 0.73x 352.1 6.38x 173.1 10.37x 352.06 204.16 6.61% 5.40% 8.75% 18.65% 14.06% 1.35% 11.1% 7.9% 5.6% 1.05 0.91 26.54% 55.15% 8.28 -

Price/ Cash Flow

06/yy 3'233.4 2.34x 344.6 5.93x 179.2 8.24x

LTM 06/yy 3'187.5 3.11x 353.3 7.63x 206.3 10.46x

FY+1

.0 M s-13

0.59 113.94 60.77% 40.56% 0.588 18 4.222 445'910 442'787 539'857 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'229.2 3'253.8 775.0 774.0 0.86x 0.83x 356.9 363.4 88.7 87.7 8.09x 7.95x 229.8 245.3 9.96x 9.45x S&P Issuer Ratings

7.86 7.39 1.52 1.88 55.2% 35.5% 1.35 108.91 44.11 -

Sales/Revenue/Turnover

12.00

4'000.0 3'500.0

10.00

3'000.0 8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0 2.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Freenet AG Holdings By:

All

Holder Name JP MORGAN DRILLISCH AG MPS HOLDING GMBH POLARIS CAPITAL MANA NORGES BANK FLOSSBACH VON STORCH VANGUARD FIL LIMITED DWS INVESTMENTS LORD ABBETT & CO LLC BLACKROCK PEAR TREE ADVISORS I BARING FUND MANAGERS SCHRODER INVESTMENT PRUDENTIAL FINANCIAL DIMENSIONAL FUND ADV PRINCIPAL FINANCIAL ALASKA PERMANENT FUN DEUTSCHE BANK AG DEKA INVESTMENT GMBH

Firm Name Commerzbank Corporates & Markets Makor Capital Deutsche Bank Bankhaus Metzler Landesbank Baden-Wuerttemberg Independent Research GmbH Hauck & Aufhaeuser Bankhaus Lampe M.M. Warburg Investment Research Berenberg Bank Close Brothers Equity Markets Equinet Institutional Services(ESN) HSBC DZ Bank AG UBS Kepler Cheuvreux EVA Dimensions Nomura

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

Analyst HEIKE PAULS ALBERT SAPORTA BENJAMIN KOHNKE ULRICH TRABERT STEFAN BORSCHEID MARKUS FRIEBEL SASCHA BERRESCH WOLFGANG SPECHT JOCHEN REICHERT USMAN GHAZI MARCUS SILBE ADRIAN PEHL DOMINIK KLARMANN KARSTEN OBLINGER VIKRAM KARNANY THOMAS KARLOVITS ANDREW S ZAMFOTIS HENRIK NYBLOM

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

Recommendation buy buy hold buy buy hold buy buy hold hold hold accumulate overweight buy buy reduce buy neutral

Amt Held 5'784'191 5'766'540 4'494'941 3'921'847 3'863'574 3'841'524 1'918'510 1'595'742 1'496'400 1'208'581 1'110'693 1'045'339 1'013'936 975'061 923'224 905'317 879'457 841'317 770'943 658'210

% Out 4.52 4.5 3.51 3.06 3.02 3 1.5 1.25 1.17 0.94 0.87 0.82 0.79 0.76 0.72 0.71 0.69 0.66 0.6 0.51

Weighting

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

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

Latest Chg 44'990 189'408 (84'538) 604'700 28'320 11'151 301'863 107'378 323'890 148'057 -

Target Price 22 #N/A N/A 18 21 20 20 20 21 16 18 18 21 20 20 20 18 #N/A N/A 9

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

File Dt 30.06.2013 24.06.2013 20.03.2013 09.08.2013 11.06.2013 09.08.2013 30.06.2013 31.10.2012 30.04.2013 28.06.2013 30.08.2013 30.06.2013 31.05.2013 31.07.2013 31.07.2013 30.04.2013 31.07.2013 31.03.2013 30.04.2013 03.09.2013

Date 6 month Not Provided 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 Not Provided Not Provided Not Provided

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

Date 28.08.2013 12.08.2013 09.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 15.07.2013 09.07.2013 15.05.2013 15.01.2013 17.12.2010

03.09.2013

Fuchs Petrolub SE Fuchs Petrolub SE refines and produces industrial and automotive lubricants, hydraulic oils, and polishing products. The Company also produces biodegradable oils. Fuchs manufactures and markets its products worldwide.

Price/Volume 70

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2013) 52-Week Low (03.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FPE3 GY EQUITY YTD Change FPE3 GY EQUITY YTD % CHANGE

12/2011 06/yy 68.62 46.03 11'670.00 61.78 -9.97% 34.22% 71.67% 35.5 4'060.77 8.90 0.0 1.6 143.70 3'975.67

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

1.5 M

1.0 M

20 .5 M

10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 1'393.7 0.74x 193.5 5.34x 109.4 8.71x

31.12.2009 31.12.2010 1'178.1 1'458.6 1.19x 1.55x 202.2 266.0 6.95x 8.51x 120.8 170.7 11.89x 13.75x Profitability

LTM-4Q 31.12.2011 1'651.5 1.26x 285.7 7.26x 182.4 11.76x

31.12.2012 1'819.1 2.06x 308.3 12.14x 206.6 18.28x 308.30 281.40 15.47% 16.02% 19.90% 28.70% 1.70% 36.6% 17.4% 16.0% 11.4% 2.45 1.45 0.80% 1.14% 6.33 4.81

Price/ Cash Flow

06/yy 1'743.1 5.57x 293.4 9.58x 192.6 14.87x

LTM 06/yy 1'819.4 8.01x 317.4 11.40x 212.4 17.50x

FY+1

.0 M s-13

0.79 35.49 33.54% 12.29% 0.793 20 3.250 88'994 104'864 122'527 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'873.8 1'961.9 475.0 450.0 2.06x 1.92x 337.6 357.8 91.1 85.8 11.77x 11.11x 218.3 231.6 58.9 54.9 20.01x 18.72x S&P Issuer Ratings

123.32 94.76 -0.27 0.02 1.1% 1.1% 1.70 7.33 57.70 75.82 46.16 47.29

Sales/Revenue/Turnover

30.00

2'000.0 1'800.0

25.00

1'600.0 1'400.0

20.00

1'200.0

15.00

1'000.0 800.0

10.00

600.0 400.0

5.00 0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Fuchs Petrolub SE Holdings By:

All

Holder Name ALLIANZ ASSET MANAGE BLACKROCK MAWER INVESTMENT MAN DEUTSCHE BANK AG NEW YORK LIFE INVEST BAILLIE GIFFORD AND THREADNEEDLE INVESTM MARKETFIELD ASSET MA VANGUARD DWS INVESTMENTS MAINFIRST SICAV SUN LIFE FINANCIAL I UNION INVESTMENT GMB JP MORGAN CAPITAL GROUP COMPAN ABERDEEN LOMBARD ODIER DARIER MCINROY & WOOD LIMIT NATIXIS ASSET MANAGE BNP PARIBAS INV PART

Firm Name Commerzbank Corporates & Markets Main First Bank AG Landesbank Baden-Wuerttemberg Independent Research GmbH Goldman Sachs DZ Bank AG Nord/LB Bankhaus Metzler Deutsche Bank Baader Bank Macquarie Hauck & Aufhaeuser Bankhaus Lampe M.M. Warburg Investment Research Equinet Institutional Services(ESN) Steubing AG Kepler Cheuvreux Berenberg Bank EVA Dimensions HSBC GSC Research

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

Analyst LUTZ GRUETEN HOLGER OCHS ULLE WORNER CHRISTOPH SCHOENDUBE BENJAMIN MOORE HEINZ MUELLER THORSTEN STRAUSS LARS HETTCHE UWE SCHUPP NORBERT BARTH CHRISTIAN FAITZ THOMAS WISSLER HEIKO FEBER OLIVER SCHWARZ NADESHDA DEMIDOVA TOBIAS SCHMIDT MARTIN ROEDIGER JOHN PHILIPP KLEIN TIMOTHY STANISH JESKO MAYER-WEGELIN MATTHIAS SCHRADE

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

Recommendation hold outperform hold hold neutral/neutral buy hold buy hold buy neutral sell sell hold reduce hold buy hold overweight underweight buy

Amt Held 2'316'186 1'112'545 1'060'114 862'037 840'289 741'142 687'880 582'152 384'528 345'518 291'090 289'967 185'100 146'823 146'800 130'700 110'000 86'440 82'000 80'588

% Out 6.53 3.13 2.99 2.43 2.37 2.09 1.94 1.64 1.08 0.97 0.82 0.82 0.52 0.41 0.41 0.37 0.31 0.24 0.23 0.23

Weighting

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

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

Latest Chg (92'654) 18'498 725 361'156 (197'497) 304'152 130'751 (5'576) 110'100 (4'569) (242'000) (5'000) (4'800) (20'210)

Target Price 56 70 62 65 69 67 64 65 55 67 44 49 50 63 48 56 68 54 #N/A N/A 48 #N/A N/A

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

File Dt 30.06.2013 30.08.2013 09.05.2013 28.06.2013 30.06.2013 31.05.2013 31.05.2013 31.12.2012 30.06.2013 30.04.2013 28.02.2013 30.06.2013 28.03.2013 30.04.2013 30.06.2013 30.06.2013 28.02.2013 30.06.2013 31.05.2013 31.03.2013

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

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

Date 28.08.2013 16.08.2013 12.08.2013 09.08.2013 08.08.2013 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 02.08.2013 02.08.2013 29.07.2013 25.07.2013 06.06.2013 14.01.2013 24.05.2012

03.09.2013

Fraport AG Frankfurt Airport Services Worldwide Fraport AG Frankfurt Airport Services Worldwide offers airport services. The Company operates the Frankfurt-Main, Frankfurt-Hahn and other German airports, the airport in Lima, Peru, and the international terminal in Antalya, Turkey. Fraport also provides services to domestic and international carriers including traffic, facility and terminal management, ground handling, and security.

Price/Volume 60 50 40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FRA GY EQUITY YTD Change FRA GY EQUITY YTD % CHANGE

12/2012 06/yy 50.87 41.51 9'662.00 49.085 -3.51% 18.25% 82.85% 92.3 4'529.43 4'597.60 0.0 35.7 821.90 8'509.93

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

10 0 s-12

31.12.2009 31.12.2010 1'972.6 2'194.6 2.94x 3.17x 567.5 719.8 10.23x 9.65x 150.0 262.9 22.12x 16.49x Profitability

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

LTM-4Q 31.12.2011 2'371.2 2.89x 807.1 8.49x 240.4 14.50x

31.12.2012 2'442.0 3.22x 852.9 9.21x 238.3 16.96x 852.90 500.20 20.48% 14.99% 2.45% 8.17% 5.43% 0.26% 34.5% 19.9% 9.8% 1.71 1.14 47.69% 158.00% 11.17 -

Price/ Cash Flow

06/yy 2'399.2 12.40x 806.4 9.60x 215.2 18.14x

LTM 06/yy 2'500.8 12.77x 861.8 9.58x 232.9 18.33x

FY+1

0.80 32.89 13.39% 14.92% 0.797 29 3.724 90'811 94'311 116'123 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'584.3 2'659.4 777.0 619.0 3.19x 3.08x 887.7 929.4 9.59x 9.16x 227.0 264.5 133.0 12.3 20.10x 17.21x 18.52x 20.80x S&P Issuer Ratings

3.76 1.12 4.58 5.34 158.0% 61.0% 0.26 0.42 32.68 -

Sales/Revenue/Turnover

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 2'101.6 1.89x 613.0 6.49x 189.7 14.93x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Fraport AG Frankfurt Airport Services Worldwide Holdings By:

All

Holder Name STATE OF HESSEN CITY OF FRANKFURT TREASURY GROUP INV S DEUTSCHE LUFTHANSA A ARTIO GLOBAL INVESTO LAZARD ASSET MANAGEM RARE INFRASTRUCTURE DEUTSCHE BANK AG BLACKROCK FIRST EAGLE INVESTME SPARINVEST NORGES BANK TAUBE HODSON STONEX LANSDOWNE PARTNERS L LAZARD GLOBAL ACTIVE VANGUARD NORTHERN TRUST CORPO FRANK RUSSELL TRUST FIL LIMITED MORGAN STANLEY

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

Firm Name

Analyst

Commerzbank Corporates & Markets AlphaValue Macquarie M.M. Warburg Investment Research Nord/LB RBC Capital Markets Bankhaus Metzler Raymond James Natixis Equinet Institutional Services(ESN) JPMorgan Nomura Exane BNP Paribas HSBC Independent Research GmbH Bankhaus Lampe DZ Bank AG Deutsche Bank Landesbank Baden-Wuerttemberg S&P Capital IQ Main First Bank AG Morgan Stanley Kepler Cheuvreux Goldman Sachs EVA Dimensions UBS Grupo Santander Barclays Equita SIM SpA

FRANK SKODZIK HANS-PETER WODNIOK SAM DOBSON CHRISTIAN COHRS FRANK SCHWOPE DAMIAN BREWER GUIDO HOYMANN ARNAUD PALLIEZ GREGOIRE THIBAULT JOCHEN ROTHENBACHER ELODIE RALL PETER LARKIN NICOLAS MORA JOSEPH P THOMAS ZAFER RUZGAR SEBASTIAN HEIN DIRK SCHLAMP MICHAEL KUHN BARBARA AMBRUS JAWAHAR HINGORANI TOBIAS SITTIG DANIEL RUIVO RUXANDRA HARADAU-DOESER NICK EDELMAN TIMOTHY STANISH ALEX BRIGNALL JOAQUIN FERRER SUSANNA INVERNIZZI GIANMARCO BONACINA

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

Recommendation buy reduce outperform buy hold outperform sell outperform reduce buy underweight buy neutral neutral hold buy buy buy buy strong buy outperform Equalwt/In-Line reduce Buy/Neutral underweight neutral buy overweight not rated

Amt Held % Out 28'954'491 31.38 18'488'457 20.04 17'419'565 18.88 9'119'742 9.88 4'509'210 4.89 2'913'891 3.16 2'821'680 3.06 1'245'188 1.35 1'042'496 1.13 1'014'217 1.1 672'427 0.73 620'957 0.67 480'501 0.52 (461'083) -0.5 447'813 0.49 423'393 0.46 329'602 0.36 293'416 0.32 272'275 0.3 261'488 0.28

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

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

Latest Chg 45'940 (503'700) 688 (16'320) 31'240 (15'391) 167'618 60'443 (326'188) 42'698

Target Price 57 46 59 55 49 60 44 53 42 56 50 52 53 51 51 54 55 53 54 55 53 54 39 56 #N/A N/A 46 56 52 46

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

File Dt Inst Type 31.12.2012 Other 31.12.2012 Unclassified 30.04.2013 Investment Advisor 31.12.2012 Corporation 29.02.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 28.06.2013 Investment Advisor 30.08.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 31.12.2012 Government 31.07.2013 Investment Advisor 12.03.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 31.05.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2013 Investment Advisor

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

Date 30.08.2013 29.08.2013 21.08.2013 15.08.2013 14.08.2013 13.08.2013 13.08.2013 12.08.2013 12.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 02.08.2013 16.07.2013 11.07.2013 10.06.2013 06.06.2013 14.03.2013 12.03.2013 23.01.2013 10.09.2010

03.09.2013

Fresenius SE & Co KGaA Fresenius SE & Co KGaA i s a global health care group with products and services for dialysis, the hospital and the medical care of patients at home. The Company sells dialysis, infusion, transfusion, and diagnostics equipment and systems, blood separators and plasma and hemofilters, nutritional liquids, and solid and liquid pharmaceuticals.

Price/Volume 120

1.2 M 1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (19.07.2013) 52-Week Low (11.01.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FRE GY EQUITY YTD Change FRE GY EQUITY YTD % CHANGE

12/2012 06/yy 100.10 81.83 50'901.00 91.46 -8.63% 11.77% 53.69% 178.3 16'304.68 11'464.00 0.0 5'523.0 885.00 32'675.68

.8 M .6 M

.4 M 20

.2 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

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

1.4 M

Valuation Analysis

31.12.2008 12'336.0 1.43x 2'260.0 7.82x 270.0 21.19x

1.6 M

100

31.12.2009 31.12.2010 14'164.0 15'972.0 1.32x 1.40x 2'616.0 3'057.0 7.17x 7.31x 494.0 622.0 14.20x 16.30x Profitability

LTM-4Q 31.12.2011 16'361.0 1.60x 3'237.0 8.08x 690.0 16.86x

31.12.2012 19'290.0 1.64x 3'759.0 8.41x 926.0 16.28x 3'759.00 2'983.00 15.46% 12.40% 3.06% 12.51% 0.65% 32.6% 18.9% 14.8% 4.8% 1.56 0.87 37.39% 150.19% 5.50 7.09

Price/ Cash Flow

LTM

06/yy 17'593.0 6.23x 3'510.0 8.79x 875.0 15.34x

06/yy 20'041.0 6.51x 3'793.0 8.76x 946.0 17.63x

FY+1

.0 M s-13

0.52 130.04 6.49% 6.21% 0.521 31 4.000 348'052 341'918 391'342 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 20'649.8 21'774.1 5'091.5 5'488.8 1.52x 1.39x 3'987.7 4'227.3 974.0 1'051.0 8.20x 7.74x 1'032.0 1'156.9 254.5 302.0 15.54x 13.87x S&P Issuer Ratings

19.09.2012 BB+ POS 5.22 3.87 2.85 3.07 150.2% 46.6% 0.65 4.15 66.38 51.47 21.78 90.72

Sales/Revenue/Turnover

9.00

25'000.0

8.00

20'000.0

7.00 6.00

15'000.0

5.00 4.00

10'000.0

3.00

5'000.0

2.00 1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Fresenius SE & Co KGaA Holdings By:

All

Holder Name ELSE KRONER FOUNDATI BLACKROCK CAPITAL GROUP COMPAN NORGES BANK ALLIANZ ASSET MANAGE FMR LLC DEUTSCHE BANK AG T ROWE PRICE ASSOCIA JUPITER ASSET MANAGE HARBOR CAPITAL ADVIS VANGUARD ODDO ASSET MANAGEMEN UNION INVESTMENT GMB DEKA INVESTMENT GMBH SCHRODER INVESTMENT UMB BANK N A ADIG INVESTMENT WILLIAM BLAIR & COMP HENDERSON GLOBAL INV FIL LIMITED

Firm Name AlphaValue Independent Research GmbH Morgan Stanley Berenberg Bank Societe Generale Hamburger Sparkasse DZ Bank AG Jefferies Nord/LB Credit Suisse HSBC Bryan Garnier & Cie Exane BNP Paribas Barclays Deutsche Bank Landesbank Baden-Wuerttemberg Bankhaus Metzler Equinet Institutional Services(ESN) S&P Capital IQ Day by Day JPMorgan UBS Kepler Cheuvreux EVA Dimensions M.M. Warburg Investment Research Commerzbank Corporates & Markets Goldman Sachs Main First Bank AG National Bank AG Equita SIM SpA

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

Analyst MARTIN SCHNEE CHRISTOPH SCHOENDUBE MICHAEL K JUNGLING TOM JONES JUSTIN SMITH MARCO GUENTHER SVEN OLAF KUERTEN INGEBORG OIE HOLGER FECHNER CHRISTOPH GRETLER JAN KEPPELER MATHIEU CHABERT JULIEN DORMOIS SALLY TAYLOR HOLGER BLUM TIMO KUERSCHNER SEBASTIAN FRERICKS KONRAD LIEDER SHO MATSUBARA VALERIE GASTALDY DAVID J ADLINGTON MARTIN WALES OLIVER REINBERG TIMOTHY STANISH ULRICH HUWALD VOLKER BRAUN VERONIKA DUBAJOVA MARCUS WIEPRECHT STEFFEN MANSKE GIANMARCO BONACINA

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

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

Amt Held 48'231'698 10'450'577 5'557'985 3'403'434 2'566'985 2'197'333 2'091'332 1'904'216 1'622'170 1'533'775 1'488'023 1'357'827 1'255'600 1'088'659 856'403 773'703 671'596 613'447 607'116 544'634

% Out 27.06 5.86 3.12 1.91 1.44 1.23 1.17 1.07 0.91 0.86 0.83 0.76 0.7 0.61 0.48 0.43 0.38 0.34 0.34 0.31

Weighting

Change

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

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 D

Latest Chg (303'581) (67'935) (90'770) (91'475) 84'616 1'533'775 133'695 342'670 254'073 83'475 139'480 (25'300) (707'964) (364) (478'588)

Target Price 102 102 104 112 126 #N/A N/A 102 111 110 105 110 103 110 97 91 100 89 104 90 103 92 103 103 #N/A N/A 107 97 109 92 100 57

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

File Dt 31.12.2012 30.08.2013 30.06.2013 31.12.2012 31.07.2013 31.07.2013 28.06.2013 30.06.2013 30.04.2013 31.03.2013 30.06.2013 31.07.2013 28.03.2013 30.04.2013 28.03.2013 28.06.2013 30.04.2013 30.06.2013 31.03.2013 31.12.2012

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

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

Date 29.08.2013 22.08.2013 08.08.2013 07.08.2013 06.08.2013 05.08.2013 02.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 17.07.2013 16.07.2013 04.07.2013 02.07.2013 06.06.2013 03.05.2013 26.04.2013 27.02.2013 27.02.2013 31.10.2012 02.03.2010

03.09.2013

GEA Group AG GEA Group AG offers engineering services. The Company designs and constructs factories that refine metals, produce hydrocarbon products and chemicals, and treat sewage. GEA designs production lines for food processors, beverage bottlers, and chemical, pharmaceuticals, and cosmetics manufacturers.

Price/Volume 35

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.08.2013) 52-Week Low (03.09.2012) 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 G1A GY EQUITY YTD Change G1A GY EQUITY YTD % CHANGE

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

1.0 M

.5 M

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 5'179.0 0.42x 542.3 4.06x 99.6 6.43x

1.5 M

12/2012 06/yy 32.64 20.79 40'610.00 31.175 -4.49% 49.95% 88.73% 192.5 6'001.05 1'137.91 0.0 2.6 909.76 6'463.22

31.12.2009 31.12.2010 4'411.2 4'418.4 0.62x 0.86x 382.8 371.9 7.09x 10.28x 160.6 129.3 17.89x 30.90x Profitability

LTM-4Q 31.12.2011 5'416.5 0.79x 594.7 7.21x 312.0 12.85x

31.12.2012 5'720.1 0.86x 635.9 7.77x 314.4 14.48x 635.87 492.87 8.62% 7.08% 5.55% 16.13% 13.06% 0.92% 29.5% 11.8% 9.3% 5.5% 1.31 0.96 17.70% 52.59% 4.41 4.86

Price/ Cash Flow

LTM

06/yy 5'684.5 3.12x 596.8 7.46x 305.2 12.64x

06/yy 5'739.9 3.64x 677.4 8.41x 345.2 14.69x

FY+1

.0 M s-13

1.10 177.65 49.53% 30.22% 1.098 33 4.000 380'968 329'740 390'650 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'902.0 6'166.4 1'515.0 1'727.0 1.08x 1.01x 701.2 773.4 9.23x 8.37x 385.4 439.2 106.0 178.0 15.45x 13.70x S&P Issuer Ratings

6.09 4.54 0.68 1.61 52.6% 34.4% 0.92 8.03 82.68 75.04 65.12 72.37

Sales/Revenue/Turnover

70.00

10'000.0 9'000.0

60.00

8'000.0

50.00

7'000.0 6'000.0

40.00

5'000.0 4'000.0

30.00

3'000.0

20.00

2'000.0 10.00 0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

GEA Group AG Holdings By:

All

Holder Name KUWAIT INVESTMENT AU BLACKROCK SCHRODERS PLC FMR LLC AMUNDI ALLIANZ GLOBAL INVES VANGUARD DEUTSCHE BANK AG NORGES BANK FMR LLC BNP PARIBAS INV PART ODDO ASSET MANAGEMEN DANSKE INVEST MANAGE DANSKE INVEST A/S ALLIANZ ASSET MANAGE T ROWE PRICE ASSOCIA ADIG INVESTMENT DEKA INVESTMENT GMBH ROYAL BANK OF CANADA SUN LIFE FINANCIAL I

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

Firm Name

Analyst

Bankhaus Lampe Commerzbank Corporates & Markets Deutsche Bank AlphaValue HSBC Bankhaus Metzler Nomura Equita SIM SpA Hamburger Sparkasse Baader Bank EVA Dimensions Independent Research GmbH Hauck & Aufhaeuser M.M. Warburg Investment Research Kepler Cheuvreux DZ Bank AG Main First Bank AG Exane BNP Paribas Barclays Nord/LB UBS JPMorgan Landesbank Baden-Wuerttemberg Equinet Institutional Services(ESN) S&P Capital IQ Montega Steubing AG Goldman Sachs Berenberg Bank National Bank AG BHF-Bank

GORDON SCHOENELL SEBASTIAN GROWE PETER REILLY HANS-PETER WODNIOK JUERGEN SIEBRECHT HELENA WUESTENFELD KLAS BERGELIND GIANMARCO BONACINA INGO SCHMIDT PETER ROTHENAICHER TIMOTHY STANISH ZAFER RUZGAR FINN HENNING BREITER ROLAND RAPELIUS HANS-JOACHIM HEIMBUERGER MARKUS TURNWALD CHRISTOPHER YOUL ALEXIS DENAUD ALLAN SMYLIE HEINO HAMMANN SVEN WEIER GLEN H LIDDY HARALD REHMET HOLGER SCHMIDT UNAI FRANCO THOMAS RAU TOBIAS SCHMIDT AARON IBBOTSON BENJAMIN GLAESER EKKEHARD D LINK HERMANN REITH

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

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

Amt Held 14'841'667 14'018'029 5'845'491 5'787'350 5'765'163 5'515'614 4'666'371 4'643'273 4'332'747 4'023'124 3'162'303 2'423'198 2'131'994 2'097'235 2'042'941 1'843'319 1'305'000 1'272'944 1'194'271 851'472

% Out 7.71 7.28 3.04 3.01 2.99 2.87 2.42 2.41 2.25 2.09 1.64 1.26 1.11 1.09 1.06 0.96 0.68 0.66 0.62 0.44

Weighting

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

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

Latest Chg 2'143 (1'265'420) (4'250) 40'627 (169'519) (668'707) 89'220 61'717 (93'561) 100'813 (43'549) (25'400) 107'766 12'090

Target Price 38 32 34 27 38 33 40 36 23 36 #N/A N/A 32 32 33 33 34 27 33 34 32 31 30 28 32 36 29 32 29 29 26 25

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

File Dt 31.12.2012 30.08.2013 09.08.2013 07.06.2013 15.03.2013 08.10.2012 30.06.2013 28.06.2013 31.12.2012 31.07.2013 31.03.2013 31.07.2013 28.06.2013 30.06.2013 30.06.2013 30.06.2013 30.04.2013 28.03.2013 28.03.2013 30.06.2013

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

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

Date 03.09.2013 02.09.2013 02.09.2013 29.08.2013 28.08.2013 23.08.2013 14.08.2013 13.08.2013 07.08.2013 06.08.2013 05.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 08.05.2013 01.05.2013 12.03.2013 06.02.2013

03.09.2013

Bilfinger SE Bilfinger SE provides industrial services, power services, building and facility services, construction, and concessions. The Company's industrial services include repairs, maintenance, and modernization. Bilfinger also provides power services which include maintenance, service, and efficiency enhancements as well as building and facility services for real estate.

Price/Volume 90 80 70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GBF GY EQUITY YTD Change GBF GY EQUITY YTD % CHANGE

12/2012 06/yy 82.98 64.56 12'246.00 71.98 -13.26% 11.49% 40.77% 46.0 3'312.82 1'180.90 0.0 8.0 1'087.20 3'558.82

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

20 10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 9'757.1 0.26x 577.1 4.39x 200.4 6.65x

31.12.2009 31.12.2010 7'381.5 8'006.7 0.54x 0.54x 280.0 481.8 14.15x 8.92x 140.2 284.0 24.85x 13.59x Profitability

LTM-4Q 31.12.2011 8'208.5 0.33x 508.2 5.36x 394.1 13.20x

31.12.2012 8'508.8 0.39x 691.7 4.81x 274.9 11.72x 691.70 503.80 5.92% 4.48% 3.77% 14.41% 11.70% 1.17% 13.3% 8.1% 5.9% 3.2% 1.09 0.96 17.24% 58.21% 4.86 39.80

Price/ Cash Flow

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

LTM

06/yy 8'350.5 1.31x 708.2 4.25x 291.1 9.33x

06/yy 8'493.8 1.67x 609.7 5.53x 181.9 17.09x

FY+1

4.17 0.87 43.24 12.85% 2.57% 0.873 25 3.880 96'638 114'854 127'994 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 8'678.3 9'099.2 2'273.7 2'336.7 0.39x 0.36x 561.3 617.1 6.34x 5.77x 242.9 272.5 80.2 91.5 13.07x 11.54x S&P Issuer Ratings

23.10.2012 BBB+ STABLE 23.10.2012 A-2 10.74 8.71 0.14 1.71 58.2% 36.7% 1.17 12.73 75.27 9.20 49.48 34.98

Sales/Revenue/Turnover

18.00

12'000.0

16.00

10'000.0

14.00

8'000.0

12.00 10.00

6'000.0

8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Bilfinger SE Holdings By:

All

Holder Name CEVIAN CAPITAL AB BLACKROCK BILFINGER BERGER AG INVESCO LTD ALLIANZ GLOBAL INVES DEUTSCHE BANK AG DJE INVESTMENT SA CREDIT SUISSE GROUP UBS NEW YORK LIFE INVEST DEKA INVESTMENT GMBH NORGES BANK THREADNEEDLE INVESTM DIMENSIONAL FUND ADV BANK OF NEW YORK MEL FRANKFURT TRUST INVE MARKETFIELD ASSET MA LBBW ASSET MANAGEMEN ALLIANZ ASSET MANAGE OPPENHEIMERFUNDS INC

Firm Name Commerzbank Corporates & Markets Equinet Institutional Services(ESN) Landesbank Baden-Wuerttemberg M.M. Warburg Investment Research Deutsche Bank Credit Suisse Bankhaus Lampe Natixis Nord/LB Goldman Sachs HSBC Independent Research GmbH Bankhaus Metzler S&P Capital IQ Exane BNP Paribas Berenberg Bank UBS Equita SIM SpA Main First Bank AG EVA Dimensions Kepler Cheuvreux DZ Bank AG SRH AlsterResearch Hamburger Sparkasse BHF-Bank National Bank AG

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

Analyst NORBERT KRETLOW INGBERT FAUST HANS-PETER KUHLMANN FRANK LASER GUNNAR ROMER EUGENE KLERK MARC GABRIEL ABDELKADER BENCHIHA HEINO HAMMANN WILL MORGAN TOBIAS LOSKAMP CHRISTOPH SCHOENDUBE STEPHAN BAUER JAWAHAR HINGORANI GERHARD ORGONAS BENJAMIN GLAESER GREGOR KUGLITSCH GIANMARCO BONACINA CHRISTIAN KORTH TIMOTHY STANISH CRAIG ABBOTT JASKO TERZIC CARSTEN MAINITZ INGO SCHMIDT JENS JUNG STEFFEN MANSKE

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

Recommendation buy hold buy buy hold neutral buy buy hold neutral/neutral underweight hold buy hold neutral buy buy hold outperform underweight buy buy buy hold overweight buy

Amt Held 6'990'563 2'343'982 1'840'965 1'370'341 1'346'715 1'328'350 1'165'722 944'428 901'166 889'899 859'455 833'084 741'610 730'039 684'781 677'300 623'540 623'450 532'272 519'000

% Out 15.19 5.09 4 2.98 2.93 2.89 2.53 2.05 1.96 1.93 1.87 1.81 1.61 1.59 1.49 1.47 1.35 1.35 1.16 1.13

Weighting

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

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

Latest Chg (232'391) (50'900) 418'433 (130'527) (7'254) (14'974) (91'000) 339'540 423'000 (267'346) -

Target Price 84 80 90 92 77 74 83 84 81 80 67 80 84 79 77 84 82 84 88 #N/A N/A 84 85 96 #N/A N/A 79 60

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

File Dt 15.01.2013 30.08.2013 24.01.2013 01.02.2012 18.01.2013 28.06.2013 31.07.2013 11.04.2013 31.05.2013 30.06.2013 30.04.2013 31.12.2012 31.05.2013 30.04.2013 30.08.2013 30.04.2013 31.12.2012 28.03.2013 30.06.2013 30.06.2013

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

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

Date 30.08.2013 30.08.2013 15.08.2013 15.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 06.08.2013 01.08.2013 23.07.2013 23.07.2013 06.06.2013 14.05.2013 14.05.2013 14.05.2013 25.02.2013 13.02.2012 04.01.2010

03.09.2013

GAGFAH SA GAGFAH SA acquires, owns and manages residential properties throughout Germany.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (24.09.2012) 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 GFJ GY EQUITY YTD Change GFJ GY EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 10.48 7.60 98'750.00 9.303 -11.19% 22.41% 60.07% 216.0 2'009.01 5'231.10 0.0 30.6 176.00 6'994.01

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

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 s-12

31.12.2009 31.12.2010 1'279.3 1'485.0 5.89x 4.71x 448.0 435.6 16.83x 16.07x (71.1) 7.7 223.77x Profitability

LTM-4Q 31.12.2011 1'309.6 4.67x 371.9 16.46x (16.4) -

31.12.2012 1'061.6 6.42x 358.2 19.03x 43.2 40.28x 358.20 357.90 9.84% 8.04% 0.23% 0.91% 0.31% 0.13% 31.9% 4.1% 64.49% 252.73% -

Price/ Cash Flow

06/yy 1'130.5 22.38x 361.3 18.46x 5.4 213.31x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 1'062.1 25.67x 338.3 20.19x 18.8 95.92x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.75 111.16 5.88% 4.99% 0.750 16 4.375 164'979 322'924 362'544 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 817.3 831.0 217.0 194.0 8.47x 8.21x 342.2 347.8 20.46x 20.13x 89.4 138.9 20.09x 13.93x S&P Issuer Ratings

1.41 1.40 14.64 15.12 252.7% 71.4% 0.13 -

Sales/Revenue/Turnover

100.00

1'600.0

90.00

1'400.0

80.00

1'200.0

70.00

1'000.0

60.00 50.00

800.0

40.00

600.0

30.00

400.0

20.00

200.0

10.00 0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 1'249.4 6.01x 454.0 16.53x 41.2 22.33x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

GAGFAH SA Holdings By:

All

Holder Name FORTRESS INVESTMENT DEUTSCHE BANK AG GOLDMAN SACHS GROUP NORGES BANK TAUBE HODSON STONEX BLACKROCK KEMPEN CAPITAL MANAG UNION INVESTMENT GMB VANGUARD GAGFAH SA ING INTERNATIONAL AD LEGG MASON INC CARVETIAN CAPITAL MA STATE STREET PARWORLD UNION INVESTMENT LUX GAM INTERNATIONAL MA KBC GROUP NV DRIEHAUS CAPITAL MAN CCR GESTION

Firm Name JPMorgan Nord/LB HSBC Independent Research GmbH Bankhaus Lampe Kepler Cheuvreux Commerzbank Corporates & Markets Deutsche Bank Goldman Sachs Baader Bank M.M. Warburg Investment Research Berenberg Bank ABN Amro Bank N.V. Kempen & Co EVA Dimensions

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

Analyst HARM M MEIJER MICHAEL SEUFERT THOMAS MARTIN STEFAN BONGARDT GEORG KANDERS THOMAS NEUHOLD THOMAS ROTHAEUSLER MARKUS SCHEUFLER JULIAN LIVINGSTON-BOOTH ANDRE REMKE TORSTEN KLINGNER KAI MALTE KLOSE MICHIEL DE JONGE THOMAS VAN DER MEIJ DOUG WALTERS

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

Recommendation overweight hold overweight buy buy buy buy hold Buy/Neutral buy buy buy buy underweight buy

Amt Held 104'140'013 13'865'605 13'638'253 2'636'438 2'399'085 1'244'838 1'071'026 757'000 671'411 648'507 641'000 303'846 291'418 234'293 228'717 225'000 214'111 208'964 205'479 165'937

% Out 48.22 6.42 6.32 1.22 1.11 0.58 0.5 0.35 0.31 0.3 0.3 0.14 0.13 0.11 0.11 0.1 0.1 0.1 0.1 0.08

Weighting

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

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

Latest Chg 20'739 (23'984) (175'996) 757'000 14'947 2'011 3'276 225'000 19'465 (6) (35'000)

Target Price 12 10 12 12 11 12 11 11 11 12 12 11 12 8 #N/A N/A

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

File Dt Inst Type 12.07.2013 Hedge Fund Manager 12.07.2013 Investment Advisor 17.07.2013 Investment Advisor 31.12.2012 Government 31.07.2013 Investment Advisor 30.08.2013 Investment Advisor 30.06.2013 Unclassified 28.03.2013 Investment Advisor 30.06.2013 Unclassified 12.07.2013 Corporation 28.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 28.06.2013 Investment Advisor 31.12.2012 Investment Advisor 28.03.2013 Investment Advisor 28.06.2013 Investment Advisor 28.06.2013 Investment Advisor 28.06.2013 Hedge Fund Manager 28.09.2012 Investment Advisor

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

Date 02.09.2013 21.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 10.07.2013 06.06.2013

03.09.2013

GSW Immobilien AG GSW Immobilien AG owns and operates real estate. The Company owns apartment buildings and manages apartment buildings owned by others.

Price/Volume 40

1.2 M

1.0 M

30 .8 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.08.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GIB GY EQUITY YTD Change GIB GY EQUITY YTD % CHANGE

12/2012 06/yy 34.64 27.88 29'920.00 33.375 -3.65% 19.73% 79.97% 50.5 1'686.32 1'967.50 0.0 0.3 167.74 3'476.60

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

.4 M

10 .2 M

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 224.3 194.4 107.7 -

.6 M

31.12.2009 31.12.2010 176.4 199.2 136.7 116.1 172.1 49.3 Profitability

LTM-4Q 31.12.2011 326.9 8.04x 161.8 16.24x 105.1 8.39x

31.12.2012 318.5 10.73x 162.7 21.00x 143.3 10.60x 162.69 162.51 20.02% 43.99% 4.78% 11.55% 4.96% 0.11% 49.3% 45.0% 55.11% 136.57% -

Price/ Cash Flow

06/yy 392.5 26.86x 180.3 15.91x 93.2 12.16x

LTM 06/yy 354.0 36.74x 174.6 18.83x 160.7 9.27x

FY+1

.0 M s-13

0.76 47.04 19.14% 7.59% 0.759 18 3.611 135'224 141'435 150'123 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 235.6 250.3 62.2 58.4 15.63x 14.67x 160.7 168.3 21.64x 20.66x 104.6 100.7 17.3 17.66x 17.36x S&P Issuer Ratings

1.65 -0.21 10.25 11.16 136.6% 57.7% 0.11 -

Sales/Revenue/Turnover

80.00

350.0

70.00

300.0

60.00

250.0

50.00

200.0

40.00

150.0

30.00

100.0

20.00

50.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

GSW Immobilien AG Holdings By:

All

Holder Name SUN LIFE FINANCIAL I SUN LIFE FINANCIAL I BLACKROCK GOVERNMENT OF SINGAP NORGES BANK CREDIT SUISSE GROUP PGGM VERMOGENSBEHEER CBRE CLARION SECURIT WELLINGTON MANAGEMEN F&C ASSET MANAGEMENT THAMES RIVER CAPITAL UBS FMR LLC AXA BNP PARIBAS INV PART SKAGEN AS CAZENOVE UNIT TRUST RUFFER LLP DJE INVESTMENT SA VANGUARD

Firm Name JPMorgan Morgan Stanley Goldman Sachs Bankhaus Lampe ABN Amro Bank N.V. Societe Generale Nord/LB HSBC Berenberg Bank Commerzbank Corporates & Markets Deutsche Bank M.M. Warburg Investment Research Close Brothers Equity Markets Kepler Cheuvreux S&P Capital IQ Baader Bank DZ Bank AG Barclays Kempen & Co Bankhaus Metzler

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

Analyst NEIL GREEN BIANCA RIEMER JULIAN LIVINGSTON-BOOTH GEORG KANDERS MICHIEL DE JONGE MARC MOZZI MICHAEL SEUFERT THOMAS MARTIN KAI MALTE KLOSE THOMAS ROTHAEUSLER MARKUS SCHEUFLER TORSTEN KLINGNER MANUEL MARTIN THOMAS NEUHOLD WILLIAM HOWLETT ANDRE REMKE KARSTEN OBLINGER AARON GUY THOMAS VAN DER MEIJ JOCHEN SCHMITT

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

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

Amt Held 5'052'630 4'538'277 4'168'801 3'132'631 2'669'066 1'515'530 1'506'102 1'505'943 1'497'459 1'329'407 1'170'946 1'080'060 1'028'129 911'491 630'527 548'975 502'555 454'466 436'500 419'676

% Out 10 8.98 8.25 6.2 5.28 3 2.98 2.98 2.96 2.63 2.32 2.14 2.03 1.8 1.25 1.09 0.99 0.9 0.86 0.83

Weighting

Change

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

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

Latest Chg 30'611 (52'176) (1'366) 5'712 3'796 2'000 (28'545) 46'500 58'419

Target Price 35 41 #N/A N/A 37 32 36 35 32 34 35 #N/A N/A 35 36 34 36 35 35 35 31 25

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

File Dt 28.02.2013 30.06.2013 30.08.2013 28.02.2013 28.08.2013 27.06.2013 08.10.2012 08.04.2013 08.10.2012 17.01.2012 16.02.2012 19.06.2013 31.07.2013 22.02.2013 31.03.2013 31.07.2013 28.02.2013 28.02.2013 31.05.2013 30.06.2013

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

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

Date 02.09.2013 28.08.2013 27.08.2013 26.08.2013 26.08.2013 22.08.2013 22.08.2013 22.08.2013 21.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 16.08.2013 16.08.2013 11.07.2013 14.01.2013 02.01.2013

03.09.2013

Gildemeister AG Gildemeister AG manufactures and markets machine tools including automatic lathes, milling, turning, laser, and ultrasonic machines. The Company's products are sold throughout Germany, the United States, Russia, and Europe.

Price/Volume 25

1.4 M 1.2 M

1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.03.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GIL GY EQUITY YTD Change GIL GY EQUITY YTD % CHANGE

12/2012 06/yy 19.85 10.87 263'628.00 16.265 -18.05% 49.59% 62.76% 78.8 1'281.97 12.27 0.0 84.6 173.33 1'274.64

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

.8 M

.6 M .4 M

5 0 s-12

31.12.2009 31.12.2010 1'181.2 1'376.8 0.64x 0.71x 59.7 67.9 12.74x 14.37x 4.7 4.2 113.30x 185.56x Profitability

o-12

LTM-4Q 31.12.2011 1'687.7 0.25x 141.1 3.05x 46.8 11.47x

31.12.2012 2'037.4 0.41x 165.5 5.08x 77.3 11.55x 165.55 124.64 6.12% 5.89% 4.87% 11.63% 1.31% 8.6% 6.5% 3.8% 1.38 0.53 0.76% 1.74% 9.88 -

Price/ Cash Flow

06/yy 1'829.8 1.51x 163.2 4.96x 71.8 9.61x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 2'095.6 1.72x 180.9 5.66x 78.2 12.78x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

1.13 64.92 45.34% 11.70% 1.126 17 4.118 674'168 309'047 256'888 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'083.7 2'174.7 547.0 585.0 0.54x 0.50x 188.1 212.6 112.0 61.6 6.80x 6.01x 84.8 94.1 50.3 31.1 12.10x 10.96x S&P Issuer Ratings

23.09.2009 NR 11.71 7.73 -0.54 0.33 1.7% 1.5% 1.31 8.19 36.95 -

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

.2 M

Fiscal Year Ended 31.12.2008 1'904.0 0.24x 194.7 2.36x 81.1 4.20x

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 |

03.09.2013

Gildemeister AG Holdings By:

All

Holder Name MORI SEIKI CO LTD GOLDMAN SACHS GROUP BLACKROCK GILDEMEISTER AG NORGES BANK DIMENSIONAL FUND ADV ACTIVEST MUNICH FRANKLIN RESOURCES LA FINANCIERE RESPON VANGUARD PUTNAM INVESTMENT MA PRUDENTIAL FINANCIAL PRINCIPAL FINANCIAL DEUTSCHE BANK AG STATE STREET FONDITA RAHASTOYHTIO DEKA INVESTMENT GMBH LANDESBANK BERLIN IN AMERIPRISE FINANCIAL SCHRODER INVESTMENT

Firm Name Commerzbank Corporates & Markets Bankhaus Metzler Deutsche Bank Baader Bank Landesbank Baden-Wuerttemberg Independent Research GmbH Bankhaus Lampe Berenberg Bank Equinet Institutional Services(ESN) Montega Close Brothers Equity Markets Nord/LB DZ Bank AG EVA Dimensions BHF-Bank HSBC Kepler Cheuvreux Hamburger Sparkasse

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

Analyst STEPHAN BOEHM STEPHAN BAUER FELICITAS VON BISMARCK PETER ROTHENAICHER STEFAN MAICHL ZAFER RUZGAR GORDON SCHOENELL FELIX WIENEN HOLGER SCHMIDT THOMAS RAU RALF MARINONI HEINO HAMMANN JASKO TERZIC TIMOTHY STANISH HERMANN REITH JUERGEN SIEBRECHT STEFAN AUGUSTIN INGO SCHMIDT

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

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

Amt Held 12'093'808 6'075'383 2'425'091 1'805'048 1'453'091 1'004'787 741'627 699'310 360'099 338'523 310'723 199'704 162'967 162'421 129'121 105'578 90'000 89'674 74'936 70'000

% Out 15.34 7.71 3.08 2.29 1.84 1.27 0.94 0.89 0.46 0.43 0.39 0.25 0.21 0.21 0.16 0.13 0.11 0.11 0.1 0.09

Weighting

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

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

Latest Chg 18'154 (94'151) 136'292 262'620 7'270 87'757 199'704 162'967 (30'029) (10'000) 71'460 11'480 (32'527) -

Target Price 18 21 19 18 18 18 22 15 18 32 20 19 15 #N/A N/A 23 19 18 #N/A N/A

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

File Dt 31.12.2012 20.08.2013 30.08.2013 20.08.2013 31.12.2012 30.04.2013 28.03.2013 28.06.2013 28.06.2013 30.06.2013 30.06.2013 31.07.2013 31.03.2013 28.06.2013 30.08.2013 31.07.2013 28.03.2013 31.07.2013 28.06.2013 28.09.2012

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

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

Date 30.08.2013 30.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 01.08.2013 25.07.2013 17.07.2013 06.06.2013 07.05.2013 24.04.2013 24.04.2013 05.08.2009

03.09.2013

Gerry Weber International AG Gerry Weber International AG operates as a fashion and lifestyle company in Germany and internationally. The company engages in the production, wholesale, and retail of women's clothing and accessories under various brand names.

Price/Volume 40

.4 M

.3 M

Latest Fiscal Year: LTM as of: 52-Week High (11.12.2012) 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 14.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GWI1 GY EQUITY YTD Change GWI1 GY EQUITY YTD % CHANGE

10/2012 04/yy 39.42 30.05 3'828.00 34.88 -11.51% 16.07% 52.86% 45.9 1'601.20 15.27 0.0 0.0 49.16 1'565.64

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

.2 M

15 10

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.10.2008 570.0 0.67x 74.7 5.09x 39.4 8.49x

.2 M

Valuation Analysis

31.10.2009 31.10.2010 594.1 621.9 0.87x 1.26x 85.2 101.1 6.05x 7.76x 43.0 54.0 10.68x 13.42x Profitability

LTM-4Q 31.10.2011 702.7 1.37x 114.5 8.42x 67.0 15.21x

31.10.2012 802.3 1.96x 134.5 11.72x 78.8 20.39x 134.46 118.13 14.72% 14.18% 16.33% 20.68% 20.19% 1.77% 16.0% 13.8% 9.8% 2.63 1.15 3.16% 4.21% 15.04 -

Price/ Cash Flow

04/yy 738.3 6.17x 124.2 11.30x 73.2 17.61x

LTM 04/yy 830.1 7.54x 132.6 11.24x 76.5 19.90x

FY+1

.0 M s-13

0.77 23.20 8.30% -2.11% 0.768 24 4.000 75'399 51'522 86'001 FY+2

FQ+1

FQ+2

10/13 Y 10/14 Y 07/13 Q3 10/13 Q4 870.8 967.6 198.0 275.0 1.77x 1.56x 144.4 170.8 10.84x 9.17x 84.0 99.7 18.98x 15.82x S&P Issuer Ratings

87.11 50.56 -0.27 0.10 4.2% 4.0% 1.77 5.68 24.28 -

Sales/Revenue/Turnover

35.00

900.0

30.00

800.0 700.0

25.00

600.0

20.00

500.0

15.00

400.0 300.0

10.00

200.0

5.00 0.00 06.11.2009

100.0 0.0 06.05.2010

06.11.2010

06.05.2011

06.11.2011

06.05.2012

06.11.2012

06.05.2013

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

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

03.09.2013

Gerry Weber International AG Holdings By:

All

Holder Name WEBER GERHARD HARDIECK UDO WEBER RALF WILLIAM BLAIR & COMP DEUTSCHE BANK AG NORGES BANK BLACKROCK SUN LIFE FINANCIAL I ALLIANZ ASSET MANAGE MAINFIRST SICAV WILLIAM BLAIR & COMP ADIG INVESTMENT SAEMOR CAPITAL BV UNION INVESTMENT GMB FMR LLC VANGUARD BANK OF NEW YORK MEL LUXEMBOURGER KAPITAL PUTNAM INVESTMENT MA THRIVENT FINANCIAL F

Firm Name Commerzbank Corporates & Markets Bankhaus Lampe M.M. Warburg Investment Research Baader Bank Landesbank Baden-Wuerttemberg Equinet Institutional Services(ESN) Deutsche Bank EVA Dimensions Hauck & Aufhaeuser Berenberg Bank BHF-Bank Close Brothers Equity Markets Nord/LB DZ Bank AG HSBC Independent Research GmbH Exane BNP Paribas SRH AlsterResearch Montega Main First Bank AG Bankhaus Metzler Kepler Cheuvreux National Bank AG Solventis WPH-Bank GmbH

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

Analyst

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

Recommendation

YASMIN MOSCHITZ CHRISTOPH SCHLIENKAMP JOERG PHILIPP FREY VOLKER BOSSE BERND MUELL PHILIPP RIGTERS MICHAEL KUHN CRAIG STERLING CHRISTIAN NIKOLAS SCHWENKENBECHER ANNA PATRICE PETER STEINER MARTIN DECOT WOLFGANG VASTERLING HERBERT STURM THOMAS TEETZ LARS LUSEBRINK ANDREAS INDERST NEIL SCHMODDE TIM KRUSE GAEL COLCOMBET SEBASTIAN FRERICKS JUERGEN KOLB STEFFEN MANSKE ULF VON LENGERICH

hold buy buy hold buy accumulate buy sell buy buy overweight buy hold hold underweight hold neutral buy buy outperform buy reduce buy hold

Amt Held % Out 13'262'974 28.89 7'994'845 17.42 1'372'352 2.99 1'367'949 2.98 1'269'526 2.77 827'162 1.8 648'558 1.41 586'949 1.28 565'907 1.23 512'061 1.12 469'475 1.02 440'151 0.96 (229'530) -0.5 171'066 0.37 155'671 0.34 148'006 0.32 141'006 0.31 130'000 0.28 107'117 0.23 104'636 0.23

Weighting

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

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

Latest Chg 29'526 93'249 23'440 118'710 1'600 (562'739) 106'000 (20'000) 144'824 4'327 5'479 12'843

Target Price 35 40 42 36 40 40 38 #N/A N/A 39 40 38 39 35 33 31 35 35 43 36 37 37 31 40 28

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

File Dt 31.10.2012 31.10.2012 31.10.2012 31.10.2012 28.06.2013 31.12.2012 30.08.2013 30.06.2013 31.07.2013 28.02.2013 30.06.2013 30.04.2013 20.08.2013 28.03.2013 31.07.2013 30.06.2013 30.08.2013 28.06.2013 30.06.2013 30.04.2013

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

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

Date 30.08.2013 23.08.2013 23.08.2013 09.08.2013 06.08.2013 31.07.2013 26.07.2013 01.07.2013 26.06.2013 26.06.2013 18.06.2013 18.06.2013 17.06.2013 17.06.2013 14.06.2013 14.06.2013 14.06.2013 14.06.2013 14.06.2013 11.06.2013 05.06.2013 14.05.2013 23.01.2013 27.02.2012

03.09.2013

Gerresheimer AG Gerresheimer AG develops and produces specialty products made of glass and plastic. The Company produces containers for a variety of substances and medicines.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (09.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GXI GY EQUITY YTD Change GXI GY EQUITY YTD % CHANGE

11/2012 05/yy 47.99 36.40 49'608.00 46.48 -3.14% 27.69% 87.35% 31.4 1'459.47 463.04 0.0 45.0 91.41 2'006.06

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

.7 M .6 M .5 M .4 M .3 M .2 M .1 M o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 30.11.2008 1'060.1 1.24x 171.2 7.70x 0.7 1349.00x

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

30.11.2009 30.11.2010 1'000.2 1'024.8 1.15x 1.21x 179.9 204.3 6.37x 6.07x 5.8 43.2 128.06x 20.38x Profitability

LTM-4Q 30.11.2011 1'094.7 1.27x 209.8 6.62x 50.5 19.30x

30.11.2012 1'219.1 1.36x 228.2 7.25x 60.2 20.54x 228.17 128.13 10.51% 7.85% 3.66% 12.10% 0.79% 29.3% 18.5% 10.5% 4.9% 1.33 0.74 29.72% 86.53% 6.80 4.55

Price/ Cash Flow

05/yy 1'156.3 5.11x 214.7 7.43x 54.2 20.46x

LTM 05/yy 1'260.1 5.79x 233.7 8.55x 58.5 24.84x

FY+1

.0 M s-13

0.69 27.60 17.30% 17.70% 0.690 18 4.556 72'511 68'361 91'794 FY+2

FQ+1

FQ+2

11/13 Y 11/14 Y 08/13 Q3 11/13 Q4 1'291.0 1'374.1 323.7 345.0 1.51x 1.38x 246.5 277.1 64.0 77.9 8.15x 7.25x 79.0 97.5 22.9 31.6 17.12x 14.23x S&P Issuer Ratings

23.02.2011 BBBSTABLE 2.05 2.45 86.5% 44.4% 0.79 2.45 53.70 80.20 52.33 69.28

Sales/Revenue/Turnover

10.00

1'400.0

9.00

1'200.0

8.00 7.00

1'000.0

6.00

800.0

5.00

600.0

4.00

400.0

3.00 2.00

200.0

1.00 0.00 04.12.2009

0.0 04.06.2010

04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

04.06.2013

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

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

03.09.2013

Gerresheimer AG Holdings By:

All

Holder Name BLACKROCK AMERIPRISE FINANCIAL CREDIT SUISSE GROUP MORGAN STANLEY ETON PARK CAPITAL MA HOUND PARTNERS LLC THREADNEEDLE INVESTM DEUTSCHE BANK AG EDINBURGH PARTNERS L BERG GILCHRIST B ALLIANZ GLOBAL INVES FRANKLIN RESOURCES GOVERNANCE FOR OWNER TREMBLANT HOLDINGS L EDGEPOINT INVESTMENT BLUE HARBOUR GROUP L JUPITER ASSET MANAGE TD ASSET MANAGEMENT DJE INVESTMENT SA ALLIANZ ASSET MANAGE

Firm Name DZ Bank AG Berenberg Bank Montega JPMorgan SRH AlsterResearch Commerzbank Corporates & Markets Jefferies Deutsche Bank Credit Suisse Landesbank Baden-Wuerttemberg Independent Research GmbH Kepler Cheuvreux Equinet Institutional Services(ESN) HSBC Hauck & Aufhaeuser Bankhaus Metzler Main First Bank AG EVA Dimensions

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

Analyst SVEN OLAF KUERTEN SCOTT BARDO Robert-Jan van der Horst DAVID J ADLINGTON ALEXANDER ZIENKOWICZ DANIEL WENDORFF INGEBORG OIE GUNNAR ROMER CHRISTOPH GRETLER ULLE WORNER ZAFER RUZGAR OLIVER REINBERG KONRAD LIEDER JAN KEPPELER THOMAS WISSLER SEBASTIAN FRERICKS MARCUS WIEPRECHT TIMOTHY STANISH

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

Recommendation buy buy buy overweight buy buy buy hold outperform buy buy buy hold neutral hold buy outperform overweight

Amt Held 1'869'608 1'582'560 1'569'340 1'547'819 1'544'880 1'333'222 1'332'118 1'031'596 976'540 973'400 957'700 948'376 939'380 932'893 842'679 839'697 699'869 519'034 462'735 401'998

% Out 5.95 5.04 5 4.93 4.92 4.25 4.24 3.29 3.11 3.1 3.05 3.02 2.99 2.97 2.68 2.67 2.23 1.65 1.47 1.28

Weighting

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

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

Latest Chg (11'521) 536'491 12'470 (21'080) (3'550) -

Target Price 56 54 56 56 55 50 51 42 46 49 52 48 45 48 46 50 50 #N/A N/A

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

File Dt 30.08.2013 30.11.2012 24.01.2013 21.08.2013 30.11.2012 04.01.2013 30.06.2013 30.06.2013 30.11.2012 30.11.2012 30.11.2012 28.06.2013 24.11.2011 14.10.2011 17.10.2012 05.07.2012 30.04.2013 31.12.2012 31.05.2013 28.06.2013

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor n/a Other Investment Advisor Other Other Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 22.08.2013 29.07.2013 16.07.2013 16.07.2013 12.07.2013 12.07.2013 11.07.2013 11.07.2013 11.07.2013 11.07.2013 11.07.2013 11.07.2013 10.07.2013 10.07.2013 10.07.2013 10.07.2013 06.06.2013

03.09.2013

HeidelbergCement AG HeidelbergCement AG produces and markets aggregates. The Company also manufactures building materials including cement and concrete in Europe, North America, Asia, Australia and Africa.

Price/Volume 70

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HEI GY EQUITY YTD Change HEI GY EQUITY YTD % CHANGE

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

1.0 M

.5 M

10 0 s-12

31.12.2009 31.12.2010 11'117.0 11'761.8 1.58x 1.45x 1'953.3 2'025.2 8.97x 8.43x 42.6 342.7 133.97x 23.69x Profitability

LTM-4Q 31.12.2011 12'901.9 1.12x 2'368.8 6.12x 348.1 16.64x

31.12.2012 14'020.2 1.17x 2'521.9 6.51x 301.2 40.56x 2'521.90 1'654.30 11.80% 4.33% 1.72% 3.94% 5.52% 0.49% 19.8% 12.0% 2.1% 1.18 0.68 29.31% 65.08% 7.76 -

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 13'486.2 4.51x 2'407.6 6.43x 322.3 19.08x

f-13 m-13

06/yy 13'999.7 4.92x 2'778.7 6.41x 495.9 30.59x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

1.28 140.42 31.41% 16.83% 1.279 38 3.658 769'494 723'836 780'265 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 14'356.3 15'103.7 3'996.8 3'603.7 1.27x 1.16x 2'574.6 2'858.2 890.0 738.5 7.03x 6.34x 648.0 864.1 361.7 205.0 14.97x 11.49x S&P Issuer Ratings

22.11.2012 NR 22.11.2012 NR 4.06 2.77 2.54 3.06 65.1% 37.4% 0.49 1.29 47.02 -

Sales/Revenue/Turnover

10.00

16'000.0

9.00

14'000.0

8.00

12'000.0

7.00

10'000.0

6.00 5.00

8'000.0

4.00

6'000.0

3.00

4'000.0

2.00

2'000.0

1.00 0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 14'187.1 1.11x 2'945.6 5.33x 1'808.2 7.04x

1.5 M

12/2012 06/yy 60.89 38.41 130'885.00 53.1 -12.79% 38.25% 66.01% 187.5 9'956.25 8'209.20 0.0 1'098.8 1'480.70 18'076.85

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 |

03.09.2013

HeidelbergCement AG Holdings By:

All

Holder Name MERCKLE LUDWIG BLACKROCK FIRST EAGLE INVESTME ARTISAN PARTNERS HOL NORGES BANK VANGUARD FMR LLC SKAGEN AS DEUTSCHE BANK AG METROPOLE GESTION FRANKLIN RESOURCES INVESTEC ASSET MANAG UNION INVESTMENT GMB ADIG INVESTMENT ALLIANZ ASSET MANAGE AMUNDI LUXEMBOURG SA MANDARINE GESTION FRANKFURT TRUST INVE PRINCIPAL FINANCIAL ROTHSCHILD & COMPAGN

Firm Name Davy UBS Jefferies AlphaValue Day by Day Raymond James Cantor Fitzgerald Sanford C. Bernstein & Co Hamburger Sparkasse Helvea Berenberg Bank JPMorgan Main First Bank AG Goldman Sachs Societe Generale Commerzbank Corporates & Markets Exane BNP Paribas Deutsche Bank Nord/LB Landesbank Baden-Wuerttemberg Independent Research GmbH Bankhaus Lampe Oddo & Cie Kepler Cheuvreux Bryan Garnier & Cie Natixis S&P Capital IQ SRH AlsterResearch Bankhaus Metzler Morgan Stanley HSBC EVA Dimensions Credit Suisse BHF-Bank Redburn Partners National Bank AG Steubing AG

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a METROPOLE GESTION ME n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst ROBERT GARDINER GREGOR KUGLITSCH MICHAEL F BETTS GAETAN DUPONT VALERIE GASTALDY ARNAUD PALLIEZ IAN OSBURN PHIL ROSEBERG INGO SCHMIDT PATRICK APPENZELLER ROBERT MUIR RAJESH PATKI CHRISTIAN KORTH WILL MORGAN MURIEL FELLOUS NORBERT KRETLOW YASSINE TOUAHRI LUIS PRIETO HEINO HAMMANN HANS-PETER KUHLMANN CHRISTOPH SCHOENDUBE MARC GABRIEL VIRGINIE ROUSSEAU JOSEP PUJAL SVEN EDELFELT RAFIC EL HADDAD JAWAHAR HINGORANI ALEXANDER ZIENKOWICZ STEPHAN BAUER YURI SEROV JOHN FRASER-ANDREWS TIMOTHY STANISH HARRY GOAD JENS JUNG JOHN MESSENGER EKKEHARD D LINK TEAM COVERAGE

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

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

Amt Held 47'081'250 13'985'893 9'600'000 5'584'953 4'613'905 3'712'804 2'921'348 1'235'240 1'064'726 1'045'288 1'001'920 980'843 904'782 784'949 765'056 763'937 713'261 560'950 549'632 519'000

% Out 25.11 7.46 5.12 2.98 2.46 1.98 1.56 0.66 0.57 0.56 0.53 0.52 0.48 0.42 0.41 0.41 0.38 0.3 0.29 0.28

Weighting

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

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

Latest Chg 1'896 246'762 4'104 (22'414) 356'430 (11'875) 97'241 (60'000) 192'814 51'800 (41'706) 4'000 10'343 5'000

Target Price #N/A N/A 52 66 57 #N/A N/A #N/A N/A 62 73 #N/A N/A 66 50 63 67 53 64 74 54 65 62 65 60 60 54 52 44 55 64 65 65 58 64 #N/A N/A 58 47 #N/A N/A 48 64

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

File Dt Inst Type 31.12.2011 n/a 30.08.2013 Investment Advisor 31.12.2011 Hedge Fund Manager 08.07.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Unclassified 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 28.06.2013 Investment Advisor 28.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 31.07.2013 Investment Advisor 31.01.2013 Investment Advisor

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

Date 03.09.2013 02.09.2013 29.08.2013 29.08.2013 28.08.2013 23.08.2013 21.08.2013 19.08.2013 15.08.2013 15.08.2013 12.08.2013 09.08.2013 06.08.2013 05.08.2013 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 17.07.2013 10.07.2013 02.07.2013 06.06.2013 20.05.2013 13.05.2013 12.04.2013 14.03.2013 10.01.2011

03.09.2013

Henkel AG & Co KGaA Henkel AG & Co. KGaA manufactures industrial, commercial, and consumer chemical products. The Company produces reactive polyurethane and laminating adhesives, labeling for glass and PET plastic bottles, corrosion inhibitors and surface treatments, soaps, skin care products, hair dye, perfumes, detergents, dishwashing soaps, glass cleaners, wallpaper adhesives, and roofing products.

Price/Volume 90

3.0 M

2.5 M

70 60

2.0 M

12/2012 06/yy 78.77 57.85 35'059.00 74.39 -5.56% 28.59% 79.45% 178.2 29'650.37 3'901.00 0.0 135.0 3'681.00 29'919.37

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

1.0 M

.5 M

10 0 s-12

31.12.2009 31.12.2010 13'573.0 15'092.0 1.40x 1.37x 1'938.0 2'445.0 9.84x 8.43x 602.0 1'118.0 26.40x 18.11x Profitability

LTM-4Q 31.12.2011 15'605.0 1.34x 2'444.0 8.55x 1'161.0 16.70x

31.12.2012 16'510.0 1.66x 2'782.0 9.84x 1'510.0 17.93x 2'782.00 2'373.00 14.37% 12.47% 8.02% 16.44% 0.86% 46.8% 16.6% 14.0% 9.1% 1.30 0.97 19.98% 41.61% 6.53 5.47

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 16'043.0 5.53x 2'380.0 10.01x 1'265.0 17.95x

f-13 m-13

06/yy 16'615.0 6.99x 2'764.0 11.39x 1'551.0 20.36x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.71 173.62 24.05% 21.20% 0.713 37 3.703 416'981 431'999 498'704 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 16'850.0 17'659.0 4'377.0 4'091.7 1.71x 1.57x 2'888.8 3'093.3 10.36x 9.67x 1'735.6 1'917.6 460.5 445.0 18.48x 16.82x S&P Issuer Ratings

18.05.2011 A STABLE 18.05.2011 A-1 21.24 18.02 0.05 1.17 41.6% 29.1% 0.86 7.25 55.88 66.75 117.03 1.39

Sales/Revenue/Turnover

18.00

18'000.0

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 14'131.0 1.00x 2'048.0 6.87x 1'221.0 8.01x

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HEN3 GY EQUITY YTD Change HEN3 GY EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Henkel AG & Co KGaA Holdings By:

All

Holder Name BLACKROCK NORGES BANK HENKEL KGAA SUN LIFE FINANCIAL I DEUTSCHE BANK AG ALLIANZ ASSET MANAGE FMR LLC ARTISAN PARTNERS HOL VANGUARD UNION INVESTMENT GMB DEKA INVESTMENT GMBH SCHRODER INVESTMENT ROYAL BANK OF CANADA CAISSE DE DEPOT ET P SWEDBANK ROBUR FONDE OPPENHEIMERFUNDS INC JP MORGAN TIAA CREF INVESTMENT UBS FRANKFURT TRUST INVE

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

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

Analyst ANDREW WOOD ANDREAS RIEMANN JOERG PHILIPP FREY JULIA SIEKMANN ROSIE EDWARDS CHRISTIAN WEIZ NICOLAS SOCHOVSKY CHAS MANSO DE ZUNIGA EVA QUIROGA HERMINE DE BENTZMANN ZAFER RUZGAR MARCO GUENTHER SEBASTIAN FRERICKS GUILLAUME DELMAS GAEL COLCOMBET EAMONN FERRY HAROLD THOMPSON ERIK SJOGREN CELINE PANNUTI CEDRIC BESNARD CHRISTIAN FAITZ MICHAEL GORNY EDDY HARGREAVES NADESHDA DEMIDOVA CARL SHORT IAIN SIMPSON JAMES TARGETT PABLO ZUANIC VALERIE GASTALDY MARKUS MAYER CRAIG STERLING HERBERT STURM WILLIAM HOUSTON BERND MUELL ALEX HOWSON STEFFEN MANSKE SETH PETERSON

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

Recommendation outperform buy hold buy neutral/attractive hold underperform buy neutral outperform hold hold buy buy outperform neutral buy Overwt/In-Line underweight underweight outperform hold buy sell hold overweight Under Review hold hold hold overweight buy sell buy hold buy buy

Amt Held 5'894'545 5'554'090 4'541'372 3'949'426 3'797'343 3'359'196 2'321'926 2'117'330 1'990'131 1'899'300 1'646'626 1'262'984 1'232'834 1'151'163 1'002'771 994'310 977'543 904'201 655'459 614'150

% Out 3.31 3.12 2.55 2.22 2.13 1.89 1.3 1.19 1.12 1.07 0.92 0.71 0.69 0.65 0.56 0.56 0.55 0.51 0.37 0.34

Weighting

Change

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

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

Latest Chg 1'311 116'857 1'178'176 34'788 (4'281) 68'444 (9'067) (125'430) (70'411) 334'324 49'000 49'227 (28'718) 9'988 (167'681) (835) -

Target Price 85 90 79 86 82 79 73 87 75 86 80 #N/A N/A 85 79 88 75 80 83 65 63 87 73 84 56 81 83 #N/A N/A #N/A N/A #N/A N/A 78 #N/A N/A 86 #N/A N/A 81 54 76 83

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

File Dt 30.08.2013 31.12.2012 05.08.2011 30.06.2013 28.06.2013 30.06.2013 31.07.2013 31.03.2013 30.06.2013 28.03.2013 30.04.2013 31.07.2013 28.03.2013 31.12.2012 31.03.2013 30.06.2013 30.06.2013 30.06.2013 28.06.2013 30.04.2013

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

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

Date 29.08.2013 20.08.2013 14.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 01.08.2013 19.07.2013 05.07.2013 13.06.2013 06.06.2013 22.05.2013 13.05.2013 08.05.2013 19.03.2013 19.11.2012 24.09.2012

03.09.2013

Hannover Rueck SE Hannover Rueck SE provides reinsurance services. The Company offers life, health, accident, damage, property, and high risk specialty reinsurance.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.04.2013) 52-Week Low (04.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HNR1 GY EQUITY YTD Change HNR1 GY EQUITY YTD % CHANGE

12/2012 06/yy 64.85 47.96 32'343.00 53.24 -17.90% 11.02% 32.70% 120.6 6'420.59 2'400.79 0.0 684.5 572.19 9'004.92

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

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 7'343.2 0.57x (127.0) -

31.12.2009 31.12.2010 10'569.4 11'418.9 0.52x 0.62x 733.7 748.9 5.38x 6.46x Profitability

LTM-4Q 31.12.2011 12'125.7 0.55x 606.0 7.63x

31.12.2012 13'759.6 0.70x 858.3 8.28x 10.15% 9.46% 1.59% 15.56% 12.39% 0.26% 6.2% 4.38% 39.64% -

Price/ Cash Flow

LTM

06/yy 12'723.1 2.19x 0.0 0.00x 792.8 7.11x

06/yy 14'189.4 2.58x 0.0 0.00x 860.8 7.74x

FY+1

.0 M s-13

0.83 59.98 14.16% -5.20% 0.832 33 3.364 215'082 190'476 217'093 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 14'196.4 14'674.5 0.67x 0.60x 833.9 828.8 165.0 235.0 7.76x 7.76x S&P Issuer Ratings

15.04.2003 AASTABLE 39.6% 26.3% 0.26 -

Sales/Revenue/Turnover

3.50

16'000.0

3.00

14'000.0 12'000.0

2.50

10'000.0 2.00

8'000.0 1.50

6'000.0

1.00

4'000.0

0.50

2'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Hannover Rueck SE Holdings By:

All

Holder Name TALANX AG BLACKROCK DEUTSCHE BANK AG ALLIANZ ASSET MANAGE SKAGEN AS PRINCIPAL FINANCIAL DWS INVESTMENTS VANGUARD DJE INVESTMENT SA NORGES BANK AGF INVESTMENTS INC JP MORGAN WS MANAGEMENT LLLP TAUBE HODSON STONEX PEAR TREE ADVISORS I FRANKLIN RESOURCES CREDIT SUISSE AG PRUDENTIAL FINANCIAL BANK OF NOVA SCOTIA ROYAL BANK OF CANADA

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a ST JAMES'S PLACE GRE Multiple Portfolios n/a n/a n/a n/a n/a

Analyst

Kepler Cheuvreux FABRIZIO CROCE Independent Research GmbH STEFAN BONGARDT Exane BNP Paribas THOMAS JACQUET AlphaValue DIETER HEIN Nord/LB JULIA SIEKMANN EVA Dimensions DOUG WALTERS Morgan Stanley MACIEJ WASILEWICZ Helvea DANIEL BISCHOF Credit Suisse ADAM MCINALLY Keefe, Bruyette & Woods WILLIAM HAWKINS Raymond James DANNY JACQUES HSBC THOMAS FOSSARD Bankhaus Lampe ANDREAS SCHAEFER Hamburger Sparkasse CHRISTIAN HAMANN Oddo & Cie NICOLAS JACOB Bankhaus Metzler JOCHEN SCHMITT DZ Bank AG THORSTEN WENZEL Landesbank Baden-Wuerttemberg WERNER SCHIRMER Berenberg Bank TOM CARSTAIRS Bryan Garnier & Cie OLIVIER PAUCHAUT Nomura MICHAEL KLIEN Equinet Institutional Services(ESN) PHILIPP HAESSLER SRC Research STEFAN SCHARFF Barclays ANDREW BROADFIELD JPMorgan MICHAEL HUTTNER Mediobanca SpA MARC THIELE Main First Bank AG MICHAEL HAID Canaccord Genuity Corp BEN COHEN Societe Generale JASON KALAMBOUSSIS Goldman Sachs VINIT MALHOTRA Espirito Santo Investment Bank Research JOY FERNEYHOUGH

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

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

Amt Held % Out 60'539'744 50.2 3'622'528 3 3'415'731 2.83 1'103'563 0.92 1'080'519 0.9 782'514 0.65 778'455 0.65 688'917 0.57 630'800 0.52 582'283 0.48 538'060 0.45 496'150 0.41 (434'150) -0.36 370'606 0.31 276'100 0.23 265'358 0.22 229'694 0.19 221'063 0.18 181'716 0.15 145'140 0.12

Weighting

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

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

Latest Chg (20'935) (21'700) 267'058 (50'736) 15'031 13'400 79'600 (2'317) (2'456) (18'884) (1'224) (1'102) 156'376 (1'522)

Target Price 63 60 62 59 65 #N/A N/A 58 57 68 61 #N/A N/A 72 64 #N/A N/A 55 70 65 63 63 60 55 70 67 61 50 70 65 62 58 59 48

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

File Dt 31.12.2012 30.08.2013 28.06.2013 30.06.2013 31.07.2013 31.07.2013 30.04.2013 30.06.2013 31.05.2013 31.12.2012 28.03.2013 30.06.2013 01.11.2012 31.07.2013 30.06.2013 30.04.2013 31.05.2013 31.07.2013 30.04.2013 28.03.2013

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

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

Date 26.08.2013 22.08.2013 22.08.2013 22.08.2013 20.08.2013 20.08.2013 16.08.2013 15.08.2013 14.08.2013 13.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 22.07.2013 02.07.2013 28.06.2013 12.06.2013 09.05.2013 07.03.2013 18.01.2013 24.09.2012

03.09.2013

Hochtief AG Hochtief AG provides construction and construction related services worldwide. The Company finances, designs, builds, constructs and operates a wide variety of facilities through its five divisions, Airport, Development, Construction Services Americas, Construction Services Asia Pacific, and Construction Services Europe.

Price/Volume 70 60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (30.07.2013) 52-Week Low (06.09.2012) 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 HOT GY EQUITY YTD Change HOT GY EQUITY YTD % CHANGE

12/2012 06/yy 58.53 34.64 19'794.00 55.18 -5.72% 59.30% 85.39% 77.0 4'248.86 4'456.46 0.0 1'603.4 3'143.58 7'937.26

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

10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 18'703.1 0.19x 622.0 5.79x 156.7 15.81x

31.12.2009 31.12.2010 18'166.1 20'159.3 0.28x 0.29x 1'029.1 1'480.3 4.97x 3.92x 191.7 288.0 18.59x 14.74x Profitability

LTM-4Q 31.12.2011 23'282.2 0.26x 1'674.2 3.55x (160.3) -

31.12.2012 25'527.7 0.24x 1'477.3 4.16x 158.1 20.43x 1'477.32 527.16 2.07% 2.14% 1.98% 13.22% 10.00% 1.55% 6.9% 3.3% 0.6% 1.35 0.94 26.27% 168.78% 4.61 -

Price/ Cash Flow

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M s-13

06/yy 24'920.4 1.01x 1'591.5 4.01x (55.2) 0.00x

LTM 06/yy 26'124.8 1.07x 1'803.8 4.09x 333.5 11.14x

FY+1

1.14 26.99 53.82% 27.84% 1.139 23 3.435 156'435 170'149 207'316 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 25'437.6 26'013.1 6'079.0 5'890.5 0.24x 0.24x 1'710.8 1'707.4 4.64x 4.65x 232.8 279.3 69.4 (9.5) 17.06x 14.57x S&P Issuer Ratings

4.55 0.81 1.18 2.69 168.8% 51.2% 1.55 12.58 79.26 -

Sales/Revenue/Turnover

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0 6.00

10'000.0 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Hochtief AG Holdings By:

All

Holder Name ACS ACTIVIDADES CONS QATAR INVESTMENT AUT SOUTHEASTERN ASSET M HOCHTIEF AG BLACKROCK NORGES BANK SPARINVEST LANSDOWNE PARTNERS L VANGUARD LONGLEAF MANAGEMENT ALLIANZ ASSET MANAGE MACKENZIE FINANCIAL IG INVESTMENT MANAGE WITAN INVESTMENT TRU AGICAM SANTANDER ASSET MGMT LITMAN/GREGORY FUND DEUTSCHE BANK AG LBPAM BARING FUND MANAGERS

Firm Name

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

Analyst

Equinet Institutional Services(ESN) INGBERT FAUST DZ Bank AG JASKO TERZIC Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN Bankhaus Lampe MARC GABRIEL Nord/LB HEINO HAMMANN Natixis ABDELKADER BENCHIHA Independent Research GmbH CHRISTOPH SCHOENDUBE M.M. Warburg Investment Research FRANK LASER Bankhaus Metzler STEPHAN BAUER S&P Capital IQ JAWAHAR HINGORANI Commerzbank Corporates & Markets NORBERT KRETLOW HSBC TOBIAS LOSKAMP Societe Generale VICTOR ACITORES UBS GREGOR KUGLITSCH Goldman Sachs WILL MORGAN Morgan Stanley ALEJANDRA PEREDA Kepler Cheuvreux BORJA CASTRO PEREZ MANZUCO Berenberg Bank CHRIS MOORE EVA Dimensions TIMOTHY STANISH Espirito Santo Investment Bank Research JUAN CARLOS CALVO National Bank AG EKKEHARD D LINK Hamburger Sparkasse INGO SCHMIDT Main First Bank AG CHRISTIAN KORTH Deutsche Bank MICHAEL KUHN

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

Recommendation buy buy hold sell hold buy buy buy sell buy hold overweight buy neutral Buy/Neutral Underwt/In-Line buy hold underweight buy hold sell underperform restricted

Amt Held % Out 38'423'000 49.9 7'700'000 10 3'980'943 5.17 3'883'553 5.04 3'081'308 4 1'546'134 2.01 690'127 0.9 (385'000) -0.5 353'374 0.46 325'700 0.42 245'589 0.32 186'984 0.24 145'417 0.19 138'000 0.18 120'000 0.16 105'799 0.14 93'000 0.12 87'178 0.11 74'572 0.1 73'413 0.1

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

Change M M M M D M M M M M M M M M M M M D M M M M D M

Latest Chg 165 (3'912) (19'654) (18'644) 7'375 (69) 19'456 -

Target Price 69 63 58 55 62 63 67 65 55 64 51 67 63 50 63 51 57 59 #N/A N/A 69 47 #N/A N/A 44 #N/A N/A

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

File Dt Inst Type 31.12.2012 Corporation 31.12.2011 Government 20.04.2012 Investment Advisor 03.07.2013 Corporation 30.08.2013 Investment Advisor 31.12.2012 Government 31.07.2013 Investment Advisor 05.06.2013 Hedge Fund Manager 30.06.2013 Unclassified 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 01.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.06.2013 Investment Advisor 28.03.2013 Investment Advisor 31.05.2013 Investment Advisor

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

Date 02.09.2013 21.08.2013 19.08.2013 19.08.2013 16.08.2013 16.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 05.08.2013 31.07.2013 19.07.2013 02.07.2013 17.06.2013 14.06.2013 13.06.2013 06.06.2013 06.06.2013 15.05.2013 11.04.2013 12.03.2013 01.03.2013 27.09.2010

03.09.2013

Infineon Technologies AG Infineon Technologies AG designs, manufactures, and markets semiconductors and related products. The Company's products include microprocessors, memory components, microcontrollers, integrated circuits, digital and analog sensors, and fiber optics. Infineon markets its products to the communications, automotive, industrial, and consumer electronics sectors.

Price/Volume 8

20.0 M

5 4

09/2012 06/yy 7.35 4.87 1'305'381.00 7.05 -4.08% 44.91% 86.96% 1'080.9 7'620.53 295.00 0.0 0.0 2'235.00 5'788.53

15.0 M

10.0 M

2 5.0 M

1 0 s-12

30.09.2009 30.09.2010 2'184.0 3'295.0 1.66x 1.27x 292.0 687.0 12.43x 6.07x (626.0) 659.0 17.47x Profitability

LTM-4Q 30.09.2011 3'997.0 0.91x 1'098.0 3.33x 1'119.0 8.17x

30.09.2012 3'904.0 0.88x 881.0 3.89x 427.0 12.42x

881.00 453.00 11.60% 11.04% 4.71% 7.48% 0.67% 36.6% 19.2% 7.0% 10.9% 2.09 1.65 5.00% 8.25% 6.67 4.41

Price/ Cash Flow

06/yy 3'960.0 4.58x 958.0 3.99x 414.0 10.62x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 3'773.0 4.86x 726.0 7.00x 267.0 25.74x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

1.07 1'076.74 32.88% 17.14% 1.074 36 3.944 6'759'638 7'346'714 7'625'588 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 3'837.5 4'201.5 1'052.3 961.0 1.48x 1.31x 5.32x 5.76x 788.4 1'025.4 258.0 217.0 7.33x 5.64x 5.90x 5.79x 256.9 433.6 113.0 90.3 29.75x 17.63x 17.58x 16.24x S&P Issuer Ratings

14.68 -0.15 -2.52 0.42 8.3% 7.6% 0.67 2.37 54.71 82.76 70.46 34.53

Sales/Revenue/Turnover

16.00

9'000.0

14.00

8'000.0

12.00

7'000.0 6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 02.10.2009

o-12

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

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.07.2013) 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 IFX GY EQUITY YTD Change IFX GY EQUITY YTD % CHANGE

30.09.2008 3'903.0 0.85x 702.0 4.73x (2'935.0) -

30.0 M

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

03.09.2013

Infineon Technologies AG Holdings By:

All

Holder Name BLACKROCK DODGE & COX CAPITAL GROUP COMPAN UBS ODEY ASSET MANAGEMEN NORGES BANK VANGUARD SUSQUEHANNA INTERNAT T ROWE PRICE ASSOCIA SCHRODER INVESTMENT DEKA INVESTMENT GMBH AQR CAPITAL MANAGEME FRANKLIN RESOURCES ALLIANZ ASSET MANAGE NORDEA INV MANAGEMEN SUN LIFE FINANCIAL I DEUTSCHE BANK AG UNION INVESTMENT GMB COHEN & STEERS INC ALLIANCE TRUST PLC/U

Firm Name Exane BNP Paribas Natixis Commerzbank Corporates & Markets AlphaValue HSBC Landesbank Baden-Wuerttemberg Hamburger Sparkasse Deutsche Bank Kepler Cheuvreux Redburn Partners Societe Generale Nord/LB Baader Bank JPMorgan Sanford C. Bernstein & Co M.M. Warburg Investment Research Main First Bank AG Barclays Grupo Santander Morgan Stanley Independent Research GmbH Hauck & Aufhaeuser Bankhaus Lampe S&P Capital IQ DZ Bank AG ABN Amro Bank N.V. Berenberg Bank UBS Jefferies Bankhaus Metzler Liberum Capital Ltd National Bank AG EVA Dimensions Goldman Sachs CM - CIC Securities(ESN)

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

Analyst JEROME RAMEL STEPHANE HOURI THOMAS M BECKER LIONEL PELLICER CHRISTIAN DOMINIK RATH THOMAS HOFMANN MARCO GUENTHER KAI KORSCHELT BERND LAUX SUMANT WAHI PETER KNOX WOLFGANG DONIE GUENTHER MICHAEL HOLLFELDER SANDEEP S DESHPANDE PIERRE FERRAGU MALTE SCHAUMANN JUERGEN WAGNER ANDREW M GARDINER CARLOS JAVIER TREVINO FRANCOIS MEUNIER MARKUS FRIEBEL TIM OLIVER WUNDERLICH KARSTEN ILTGEN JAMES CRAWSHAW HARALD SCHNITZER ROBIN VAN DEN BROEK ADNAAN AHMAD GARETH JENKINS LEE SIMPSON ULRICH TRABERT JANARDAN MENON STEFFEN MANSKE ANDREW S ZAMFOTIS SIMON F SCHAFER FRANCOIS GOBRON

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

Recommendation outperform neutral add add neutral hold hold hold hold buy hold buy hold overweight outperform buy outperform overweight underweight Equalwt/Cautious hold hold sell sell buy buy hold buy buy buy buy buy overweight Buy/Neutral suspended coverage

Amt Held % Out 120'501'464 11.15 108'178'569 10.01 99'420'189 9.2 60'203'422 5.57 31'138'315 2.88 26'059'991 2.41 23'400'319 2.16 (19'445'513) -1.8 10'657'123 0.99 8'970'072 0.83 8'966'202 0.83 (8'537'641) -0.79 8'188'770 0.76 7'296'314 0.68 6'965'167 0.64 6'957'244 0.64 6'465'576 0.6 5'962'925 0.55 4'184'893 0.39 4'038'859 0.37

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

Change M M M M M M M M M M M M M M M M M M M M M M M M M M M M M U U M M M M

Latest Chg (2'592'652) (3'575'000) (8'171) (2'713'840) 1'080'306 2'439'755 2'987'928 (821'888) 216'143 (3'080'757) 1'402'553 304'890 72'492 (2'365) (499'000) 19'078

Target Price 9 8 8 8 8 7 #N/A N/A 7 7 #N/A N/A 7 8 7 9 8 7 9 9 6 6 8 7 6 5 8 8 6 8 8 7 9 8 #N/A N/A 9 #N/A N/A

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

File Dt Inst Type 30.08.2013 Investment Advisor 30.09.2012 Investment Advisor 30.06.2013 Investment Advisor 07.08.2013 Unclassified 04.04.2012 Investment Advisor 31.12.2012 Government 30.06.2013 Unclassified 22.11.2012 Other 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 12.06.2013 Hedge Fund Manager 28.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 28.03.2013 Investment Advisor 25.09.2012 Corporation 31.05.2013 Investment Advisor

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

Date 03.09.2013 02.09.2013 29.08.2013 29.08.2013 16.08.2013 16.08.2013 09.08.2013 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 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 21.05.2013 03.05.2013 02.05.2013 02.05.2013 14.03.2013 31.01.2013 15.01.2013 09.01.2013 23.09.2008

03.09.2013

Jenoptik AG Jenoptik AG is an optoelectronics group that offers optical systems, lasers and material processing. The Company also provides industrial metrology, Traffic solutions, and defense & civil systems services.

Price/Volume 12

.5 M .4 M

.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.08.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JEN GY EQUITY YTD Change JEN GY EQUITY YTD % CHANGE

12/2012 06/yy 10.79 5.66 5'229.00 10.485 -2.83% 85.25% 92.98% 57.2 600.14 120.99 0.0 0.3 45.92 681.23

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

.3 M .2 M

.2 M .1 M

2 0 s-12

.1 M o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 548.3 0.87x 70.5 6.75x 11.8 21.74x

.3 M

31.12.2009 31.12.2010 441.3 478.8 0.81x 0.81x 9.9 56.1 36.09x 6.93x (37.9) 36.6 33.74x Profitability

LTM-4Q 31.12.2011 543.3 0.62x 93.1 3.64x 35.3 7.87x

31.12.2012 585.0 0.85x 84.4 5.90x 50.2 9.23x 84.35 62.10 10.61% 7.08% 7.47% 14.85% 0.89% 34.8% 13.9% 10.2% 8.6% 2.08 0.90 18.07% 36.66% 5.90 2.06

Price/ Cash Flow

06/yy 570.8 2.56x 91.2 4.18x 40.4 8.20x

LTM 06/yy 584.8 3.53x 81.5 7.62x 49.1 12.24x

FY+1

.0 M s-13

0.72 41.15 79.65% 44.80% 0.721 12 3.833 93'359 83'746 101'798 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 607.0 652.0 1.12x 1.04x 76.9 88.1 8.86x 7.73x 35.6 46.5 16.72x 13.09x S&P Issuer Ratings

04.06.2008 NR 5.27 3.74 0.99 1.44 36.7% 26.8% 0.89 4.18 61.92 176.84 41.13 183.67

Sales/Revenue/Turnover

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0

6.00

1'000.0 4.00

500.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Jenoptik AG Holdings By:

All

Holder Name ECE INDUSTRIEBETEILI THUERINGER INDUSTRIE FRANKLIN RESOURCES ODDO ASSET MANAGEMEN BT PENSION SCHEME DIMENSIONAL FUND ADV NORGES BANK BARING FUND MANAGERS ARTEMIS INVESTMENT M VANGUARD STATE STREET BLACKROCK DEUTSCHE BANK AG PIONEER INVESTMENTS JP MORGAN SWISSCANTO FONDSLEIT BAYERNINVEST LUXEMBO BNY MELLON SERVICE K ADIG INVESTMENT BANK OF NEW YORK MEL

Firm Name Commerzbank Corporates & Markets Close Brothers Equity Markets Independent Research GmbH Baader Bank Bankhaus Lampe M.M. Warburg Investment Research Berenberg Bank Deutsche Bank DZ Bank AG HSBC EVA Dimensions Kepler Cheuvreux

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

Analyst DENNIS SCHMITT IGOR KIM ZAFER RUZGAR PETER ROTHENAICHER KARSTEN ILTGEN MALTE SCHAUMANN ALI FARID KHWAJA UWE SCHUPP DIRK SCHLAMP RICHARD SCHRAMM ANDREW S ZAMFOTIS ULRICH SCHOLZ

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

Recommendation hold hold hold buy hold buy buy hold buy neutral overweight hold

Amt Held 8'019'058 6'296'191 2'575'308 1'747'653 1'608'393 1'027'844 748'394 657'624 245'000 240'167 189'818 188'871 180'000 119'221 100'012 90'000 71'890 64'400 55'921 45'001

% Out 14.01 11 4.5 3.05 2.81 1.8 1.31 1.15 0.43 0.42 0.33 0.33 0.31 0.21 0.17 0.16 0.13 0.11 0.1 0.08

Weighting

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

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

Latest Chg 16'270 (5'000) 3'782 (3'481) 4'248 119'221 (2'152) 483

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

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

File Dt Inst Type 28.02.2013 Corporation 28.02.2013 Other 31.07.2013 Investment Advisor 24.01.2013 Investment Advisor 16.01.2012 Pension Fund (ERISA) 30.04.2013 Investment Advisor 31.12.2012 Government 31.05.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2013 Unclassified 30.08.2013 Investment Advisor 30.08.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.07.2013 Investment Advisor 30.04.2013 Investment Advisor 30.08.2013 Investment Advisor

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

Date 02.09.2013 20.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 09.08.2013 02.08.2013 21.06.2013 21.06.2013 29.01.2013

03.09.2013

Kontron AG Kontron AG develops, produces and markets embedded computer boards. The Company provides its products to original equipment manufacturers, systems integrators, and other end-users in high-tech industries such as telecommunications, industrial automation, mobile computing, and the Internet.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (14.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KBC GY EQUITY YTD Change KBC GY EQUITY YTD % CHANGE

12/2012 06/yy 4.78 3.11 81'156.00 4.1 -14.23% 31.66% 56.18% 55.7 228.30 14.53 0.0 3.3 27.53 231.82

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

.9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 496.7 0.68x 57.5 5.86x 33.8 10.85x

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

31.12.2009 31.12.2010 468.9 509.5 0.83x 0.86x 42.3 46.1 9.22x 9.50x 21.6 (13.5) 19.44x Profitability

LTM-4Q 31.12.2011 589.6 0.48x 55.3 5.17x 21.9 12.98x

31.12.2012 547.0 0.40x 11.6 18.94x (32.8) 11.56 -32.26 -5.90% -6.31% -8.71% -14.00% 1.11% 26.2% 0.2% -8.1% -6.0% 1.95 1.03 3.16% 5.13% 4.46 3.67

Price/ Cash Flow

06/yy 584.0 2.05x 44.8 5.85x 14.5 18.70x

LTM 06/yy 539.1 1.54x 0.8 238.56x (42.3) 0.00x

FY+1

.0 M s-13

0.71 37.36 3.28% 0.66% 0.707 14 2.786 221'414 165'663 118'074 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 545.3 577.3 0.41x 0.40x 16.2 32.6 14.30x 7.10x (13.1) 5.8 28.08x S&P Issuer Ratings

8.02 3.23 0.56 21.64 5.1% 4.8% 1.11 24.95 81.80 99.35 93.46 92.69

Sales/Revenue/Turnover

80.00

700.0

70.00

600.0

60.00

500.0

50.00

400.0

40.00

300.0

30.00

200.0

20.00

100.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Kontron AG Holdings By:

All

Holder Name WARBURG PINCUS LLC TRITON III HOLDING SEB FMR LLC ALKEN FUND SICAV NORGES BANK DIMENSIONAL FUND ADV ING ASSET MANAGEMENT BNY MELLON SERVICE K NMAS1 ASSET MANAGEME ADIG INVESTMENT BLACKROCK GEHRMANN ULRICH VANGUARD INVESCO LTD BANKINVEST ASSET MAN NEVIN HUGH DEUTSCHE BANK AG STATE STREET ING INVESTMENT MANAG

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

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

Analyst MARCO GUENTHER BERND LAUX MARKUS FRIEBEL TIM OLIVER WUNDERLICH MALTE SCHAUMANN MARKUS TURNWALD YASMIN MOSCHITZ ALI FARID KHWAJA ADRIAN PEHL UWE SCHUPP ULRICH TRABERT THOMAS HOFMANN VEYSEL TAZE ANDREW S ZAMFOTIS

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

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

Amt Held 10'579'770 7'166'500 3'337'400 1'596'713 1'591'133 1'387'734 888'767 750'000 733'291 690'369 562'500 367'351 280'000 273'705 236'813 200'000 189'366 100'000 90'934 82'291

% Out 19 12.87 5.99 2.87 2.86 2.49 1.6 1.35 1.32 1.24 1.01 0.66 0.5 0.49 0.43 0.36 0.34 0.18 0.16 0.15

Weighting

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

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

Latest Chg 349'010 4'012 6'634 30'033 -

Target Price #N/A N/A 7 4 3 4 3 4 4 5 4 3 4 4 #N/A N/A

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

File Dt 31.12.2012 20.03.2013 05.06.2012 16.04.2012 24.02.2012 31.12.2012 30.04.2013 28.03.2013 30.08.2013 31.07.2012 30.04.2013 30.08.2013 31.12.2012 30.06.2013 30.08.2013 31.07.2013 31.12.2012 30.04.2013 30.08.2013 30.06.2013

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

Inst Type Private Equity Other Unclassified Investment Advisor n/a Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Unclassified Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor

Date 23.08.2013 22.08.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 22.07.2013 10.07.2013 09.07.2013 10.04.2013 17.01.2013

03.09.2013

Kloeckner & Co SE Kloeckner & Co SE distributes a wide range of steel and metal products.

Price/Volume 14

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (29.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KCO GY EQUITY YTD Change KCO GY EQUITY YTD % CHANGE

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

2.0 M

1.0 M

2 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 6'749.6 0.17x 596.3 1.93x 398.3 1.44x

3.0 M

12/2012 06/yy 11.98 6.93 38'628.00 9.99 -16.61% 44.26% 60.83% 99.8 996.50 1'024.05 0.0 23.0 610.22 1'496.13

31.12.2009 31.12.2010 3'860.5 5'198.2 0.27x 0.30x (76.3) 233.4 6.59x (188.5) 77.5 17.95x Profitability

LTM-4Q 31.12.2011 7'095.4 0.21x 199.9 7.38x 11.6 70.86x

31.12.2012 7'388.0 0.18x 60.1 22.16x (194.9) 60.08 -104.43 -1.41% -2.42% -3.77% -10.19% 1.54% 17.6% 0.8% -1.2% -2.6% 2.79 1.40 26.22% 63.54% 6.44 -

Price/ Cash Flow

06/yy 7'532.2 0.81x 110.2 12.67x (87.4) 0.00x

LTM 06/yy 6'801.7 0.82x 54.2 24.28x (166.5) 0.00x

FY+1

.0 M s-13

1.18 91.95 38.31% 11.40% 1.176 30 3.433 351'254 527'298 546'089 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 6'759.0 7'041.1 1'712.4 1'742.8 0.22x 0.21x 0.95x 0.85x 135.0 209.8 37.9 41.3 11.12x 7.15x (34.2) 31.5 (3.9) 2.2 32.02x S&P Issuer Ratings

27.03.2013 B+ NEG 0.67 0.04 8.82 19.34 63.5% 38.5% 1.54 11.18 56.70 78.61

Sales/Revenue/Turnover

14.00

8'000.0

12.00

7'000.0 6'000.0

10.00

5'000.0 8.00

4'000.0 6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

03.09.2013

Kloeckner & Co SE Holdings By:

All

Holder Name INTERFER HOLDING ALLIANZ ASSET MANAGE FRANKLIN RESOURCES DIMENSIONAL FUND ADV ADIG INVESTMENT UBS NORGES BANK FEDERATED INVESTORS DEKA INVESTMENT GMBH UNION INVESTMENT GMB OXFORD ASSET MANAGEM BLACKROCK DEUTSCHE BANK AG VANGUARD AQR CAPITAL MANAGEME HIGHBRIDGE CAPITAL M SAEMOR CAPITAL BV MILLENNIUM PARTNERS CARMIGNAC GESTION LRI-FUND MANAGEMENT

Firm Name Commerzbank Corporates & Markets Exane BNP Paribas Nomura Bankhaus Metzler DZ Bank AG Morgan Stanley M.M. Warburg Investment Research HSBC Nord/LB Jefferies Macquarie Bankhaus Lampe Berenberg Bank Main First Bank AG Deutsche Bank BHF-Bank Baader Bank Credit Suisse Landesbank Baden-Wuerttemberg Independent Research GmbH Close Brothers Equity Markets Kepler Cheuvreux Steubing AG Goldman Sachs EVA Dimensions Montega UBS JPMorgan

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

Analyst INGO-MARTIN SCHACHEL ROMY KRUGER NEIL SAMPAT LARS HETTCHE DIRK SCHLAMP ALEXANDER HAISSL BJOERN VOSS JUERGEN SIEBRECHT HOLGER FECHNER SETH ROSENFELD DANIEL LURCH MARC GABRIEL BJOERN LIPPE ALEXANDER HAUENSTEIN MATTHIAS PFEIFENBERGER HERMANN REITH CHRISTIAN OBST MICHAEL SHILLAKER JENS MUENSTERMANN SVEN DIERMEIER RALF MARINONI ROCHUS BRAUNEISER MICHAEL BROEKER STEPHEN BENSON TIMOTHY STANISH WAIS SAMADZADA CARSTEN RIEK BENJAMIN DEFAY

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

Recommendation hold neutral reduce buy hold Underwt/Cautious buy overweight buy underperform outperform hold hold outperform hold overweight buy outperform buy hold buy buy hold Sell/Neutral underweight hold sell overweight

Amt Held % Out 7'800'000 7.82 3'899'004 3.91 3'185'285 3.19 2'669'753 2.68 2'510'068 2.52 2'389'100 2.4 1'318'689 1.32 977'668 0.98 976'403 0.98 959'500 0.96 (788'025) -0.79 782'032 0.78 610'000 0.61 598'303 0.6 (578'550) -0.58 (488'775) -0.49 (478'800) -0.48 (458'850) -0.46 457'329 0.46 375'000 0.38

Weighting

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

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

Latest Chg 34'010 4'434 (512'408) 400'000 79'800 101'507 48'350 79'555 29'925 189'525 19'950 39'900 141'937 20'000

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 18.02.2013 n/a 30.04.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Unclassified 31.12.2012 Government 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 30.08.2013 Hedge Fund Manager 30.08.2013 Investment Advisor 28.06.2013 Investment Advisor 30.06.2013 Unclassified 06.08.2013 Hedge Fund Manager 14.03.2013 Hedge Fund Manager 27.08.2013 Investment Advisor 25.10.2012 Investment Advisor 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor

Date 6 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 3 month

Date 02.09.2013 30.08.2013 27.08.2013 26.08.2013 21.08.2013 20.08.2013 15.08.2013 12.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 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 07.08.2013 22.07.2013 06.06.2013 31.05.2013 21.05.2013 08.11.2012

03.09.2013

Kabel Deutschland Holding AG Kabel Deutschland Holding AG, through its subsidiary, is a cable operator. The Company offers its customers analog and digital TV, broadband Internet and fixed line phone services via cable as well mobile services in cooperation with an industry partner.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.06.2013) 52-Week Low (17.09.2012) 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 KD8 GY EQUITY YTD Change KD8 GY EQUITY YTD % CHANGE

03/2013 06/yy 86.31 51.44 32'066.00 85.76 -0.64% 66.72% 98.68% 88.5 7'591.73 3'423.25 0.0 0.0 609.55 10'448.22

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.03.2010 31.03.2011 1'501.6 1'598.9 3.15x 3.80x 651.5 697.1 7.26x 8.71x (40.1) (45.3) Profitability

2.0 M 1.5 M 1.0 M .5 M

o-12

LTM-4Q 31.03.2012 1'699.7 4.01x 768.8 8.87x 159.4 25.98x

31.03.2013 1'829.9 5.01x 786.9 11.66x 246.8 25.75x

786.89 425.96 23.28% 12.33% 8.13% 0.72% 54.3% 41.6% 21.4% 13.5% 1.11 1.00 119.76% 18.51 18.90

Price/ Cash Flow

06/yy 1'731.6 15.53x 784.4 9.11x 216.7 20.23x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 1'850.4 19.05x 770.1 13.40x 210.4 35.41x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

0.47 75.66 64.64% 51.60% 0.467 25 2.960 209'836 304'241 507'370 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 1'965.8 2'116.3 476.0 489.0 5.36x 5.05x 938.3 1'037.5 230.0 238.0 11.14x 10.07x 262.0 304.1 65.9 69.5 29.24x 25.02x 25.76x 24.79x S&P Issuer Ratings

02.08.2013 BB *+ 3.82 2.01 3.71 4.20 175.3% 0.72 1.45 19.72 19.31 115.88 -87.87

Sales/Revenue/Turnover

16.00

2'000.0

14.00

1'800.0 1'600.0

12.00

1'400.0

10.00

1'200.0

8.00

1'000.0 800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 02.04.2010

2.5 M

Fiscal Year Ended 31.03.2009 1'370.3 539.3 (145.2) -

100 90 80 70 60 50 40 30 20 10 0 s-12

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Kabel Deutschland Holding AG Holdings By:

All

Holder Name BLACKROCK ELLIOTT CAPITAL ADVI MERRILL LYNCH INTERN MORGAN STANLEY VODAFONE GROUP PLC CREDIT SUISSE AG ZIEGLER CARLENE MURP SCOUT CAPITAL MANAGE FMR LLC STANDARD LIFE INVEST ARTISAN PARTNERS HOL NORGES BANK THREADNEEDLE INVESTM VANGUARD ROYAL BANK OF CANADA DB PLATINUM ADVISORS SARASIN ALLIANZ ASSET MANAGE JP MORGAN SCHRODER INVESTMENT

Firm Name

Portfolio Name n/a n/a n/a #N/A N/A n/a n/a n/a n/a n/a n/a n/a #N/A N/A Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios

Analyst

Macquarie ALEX GRANT Sanford C. Bernstein & Co ROBIN BIENENSTOCK Grupo Santander JOHN DAVIES Nord/LB HOLGER FECHNER EVA Dimensions CRAIG STERLING Barclays JONATHAN DANN Main First Bank AG STEPHAN VOLLERT Commerzbank Corporates & Markets HEIKE PAULS Jefferies ULRICH RATHE Landesbank Baden-Wuerttemberg STEFAN BORSCHEID Bankhaus Lampe WOLFGANG SPECHT M.M. Warburg Investment Research MALTE RAETHER Makor Capital ALBERT SAPORTA Pivotal Research Group LLC JEFFREY WLODARCZAK Exane BNP Paribas MICHAEL WILLIAMS HSBC DOMINIK KLARMANN Deutsche Bank DAVID A WRIGHT Hauck & Aufhaeuser SASCHA BERRESCH Espirito Santo Investment Bank Research ANDREW HOGLEY Bankhaus Metzler ULRICH TRABERT Equita SIM SpA GIANMARCO BONACINA UBS POLO TANG Berenberg Bank STUART GORDON Morgan Stanley SAROOP PUREWAL Goldman Sachs TIMOTHY BODDY New Street Research FRANK KNOWLES Credit Suisse JUSTIN FUNNELL JPMorgan HANNES C WITTIG Nomura HENRIK NYBLOM

Source ULT-AGG ULT-AGG Research Research Research ULT-AGG Research Co File ULT-AGG Research Research Research MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation neutral market perform hold accept the offer sell equalweight outperform reduce hold hold hold hold hold sell outperform neutral restricted hold neutral sell hold restricted hold restricted not rated neutral neutral overweight neutral

Amt Held 8'940'218 4'515'141 4'469'672 4'249'168 3'033'861 3'032'405 2'823'982 2'725'000 2'682'192 2'668'411 2'647'315 2'332'846 1'171'258 1'043'291 926'799 792'770 746'554 731'584 643'779 572'088

% Out 10.1 5.1 5.05 4.8 3.43 3.43 3.19 3.08 3.03 3.01 2.99 2.64 1.32 1.18 1.05 0.9 0.84 0.83 0.73 0.65

Weighting

Change

3 3 3 #N/A N/A 1 3 5 2 3 3 3 3 3 1 5 3 #N/A N/A 3 3 1 3 #N/A N/A 3 #N/A N/A #N/A N/A 3 3 5 3

M M U M D D M M M M M M D M M D M M D M D M M M M M M M M

Latest Chg 65'042 176'608 17'135 1'700 242'086 (314'391) 5'890 50'341 (112'771)

Target Price 87 87 84 87 #N/A N/A 87 87 87 82 87 85 65 85 87 90 87 #N/A N/A 90 87 62 87 #N/A N/A 85 #N/A N/A #N/A N/A 56 70 70 54

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.08.2013 Investment Advisor 23.08.2013 Investment Advisor 14.08.2013 Bank 26.08.2013 Investment Advisor 19.07.2013 Corporation 14.08.2013 Investment Advisor 10.01.2013 n/a 31.03.2012 Hedge Fund Manager 31.03.2012 Investment Advisor 14.06.2013 Investment Advisor 15.08.2013 Investment Advisor 28.08.2013 Government 31.05.2013 Investment Advisor 30.06.2013 Unclassified 28.03.2013 Bank 31.07.2013 Investment Advisor 31.07.2013 Unclassified 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor

Date 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 6 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 6 month 12 month

Date 03.09.2013 02.09.2013 23.08.2013 22.08.2013 20.08.2013 16.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 13.08.2013 08.08.2013 15.07.2013 12.07.2013 09.07.2013 03.07.2013 26.06.2013 25.06.2013 24.06.2013 18.06.2013 18.06.2013 13.06.2013 12.06.2013 11.06.2013 01.05.2013 22.02.2013 20.02.2013

03.09.2013

Krones AG Krones AG designs and manufactures production machinery and packaging robots for breweries, soft drink and water bottlers, chemical manufacturers, and food processors. The Company produces cleaning, filling, labeling, sorting, and packaging production systems for the handling of plastic and glass containers. Krones operates worldwide.

Price/Volume 70

.4 M

.4 M .3 M

.3 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.08.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KRN GY EQUITY YTD Change KRN GY EQUITY YTD % CHANGE

12/2012 06/yy 66.60 38.15 4'220.00 64.98 -2.43% 70.33% 93.71% 31.6 2'052.92 17.06 0.0 0.0 132.92 1'939.02

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 2'381.4 0.39x 224.7 4.09x 107.0 9.17x

.2 M

31.12.2009 31.12.2010 1'864.9 2'173.3 0.53x 0.62x 46.4 139.1 21.44x 9.72x (34.7) 50.8 27.95x Profitability

LTM-4Q 31.12.2011 2'480.3 0.43x 138.3 7.79x 43.7 25.36x

31.12.2012 2'664.2 0.51x 179.7 7.62x 67.0 21.17x 179.70 103.02 3.87% 3.68% 3.78% 9.25% 1.33% 7.1% 4.3% 2.5% 1.34 0.64 0.82% 2.04% 4.73 -

Price/ Cash Flow

06/yy 2'512.5 1.87x 135.7 9.29x 38.9 30.85x

LTM 06/yy 2'752.0 2.15x 195.8 8.21x 78.4 21.29x

FY+1

.0 M s-13

0.79 14.82 68.05% 40.11% 0.795 21 4.190 50'363 53'873 47'353 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'779.8 2'926.9 645.0 748.0 0.68x 0.65x 2.43x 240.5 267.1 53.0 71.7 8.11x 7.30x 115.5 131.9 24.5 35.2 17.37x 15.26x S&P Issuer Ratings

51.82 31.13 -0.58 0.08 2.0% 2.0% 1.33 6.15 77.12 -

Sales/Revenue/Turnover

90.00

3'000.0

80.00

2'500.0

70.00

2'000.0

60.00 50.00

1'500.0

40.00

1'000.0

30.00 20.00

500.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Krones AG Holdings By:

All

Holder Name KRONSEDER FAMILY TWEEDY BROWNE COMPAN ALLIANZ GLOBAL INVES ODDO ASSET MANAGEMEN NORGES BANK FINANCIERE DE L'ECHI SARASIN ALLIANZ ASSET MANAGE ADIG INVESTMENT BLACKROCK DEUTSCHE BANK AG SOCIETE GENERALE CALAMOS ADVISORS LLC VANGUARD KEMPEN CAPITAL MANAG AMUNDI PICTET FUNDS DIMENSIONAL FUND ADV UNION INVESTMENT GMB SKANDIA INVESTMENT M

Firm Name Commerzbank Corporates & Markets Baader Bank Independent Research GmbH Nord/LB Goldman Sachs Landesbank Baden-Wuerttemberg Hauck & Aufhaeuser M.M. Warburg Investment Research Kepler Cheuvreux DZ Bank AG Deutsche Bank UBS Bankhaus Lampe Bankhaus Metzler Equinet Institutional Services(ESN) S&P Capital IQ Montega EVA Dimensions HSBC Berenberg Bank BHF-Bank Steubing AG Hamburger Sparkasse

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios FINANCIERE DE L'ECHI n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst YASMIN MOSCHITZ PETER ROTHENAICHER LARS LUSEBRINK HEINO HAMMANN BENJAMIN MOORE HARALD REHMET TORBEN TEICHLER EGGERT KULS STEFAN AUGUSTIN MARKUS TURNWALD FELICITAS VON BISMARCK SVEN WEIER GORDON SCHOENELL STEPHAN BAUER HOLGER SCHMIDT UNAI FRANCO THOMAS RAU TIMOTHY STANISH RICHARD SCHRAMM FREDERIK BITTER HERMANN REITH MICHAEL BROEKER INGO SCHMIDT

Source Co File MF-AGG Research MF-AGG MF-AGG MF-PART ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy neutral/neutral hold buy buy buy buy buy neutral sell buy accumulate buy hold overweight neutral hold overweight buy sell

Amt Held 16'772'777 969'077 960'013 470'732 384'684 224'907 216'297 206'490 189'831 183'093 112'565 94'519 84'000 78'439 77'133 75'051 68'962 65'166 50'000 45'277

% Out 53.09 3.07 3.04 1.49 1.22 0.71 0.68 0.65 0.6 0.58 0.36 0.3 0.27 0.25 0.24 0.24 0.22 0.21 0.16 0.14

Weighting

Change 5 5 5 5 3 3 5 5 5 5 5 3 1 5 4 5 3 5 3 3 5 5 1

M M U U M D U M M M M M M M U U M M M M M M M

Latest Chg (32'315) (10'000) 32'669 189'831 224 48'179 94'519 5'928 75'051 (2'410) 50'000 -

Target Price 71 73 74 70 64 63 71 68 67 66 68 62 52 66 71 72 60 #N/A N/A 55 57 52 68 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 31.03.2012 29.04.2013 30.09.2012 31.12.2012 31.07.2013 28.02.2013 30.04.2013 30.04.2013 30.08.2013 28.06.2013 30.04.2013 30.06.2013 30.06.2013 30.06.2013 30.04.2013 30.04.2013 30.04.2013 28.03.2013 28.03.2013

Date 6 month 12 month 12 month 12 month 6 month Not Provided 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 12 month 12 month Not Provided

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Government Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.08.2013 09.08.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 06.06.2013 05.06.2013 01.05.2013 26.11.2012 18.05.2011 27.04.2010

03.09.2013

KUKA AG KUKA AG manufactures production machinery and equipment, and offers production engineering services. The Company designs and builds automobile factories, and produces welding and assembly systems, industrial robots, turning machines, packaging machinery, and measuring and control instruments for water and gas suppliers. KUKA operates in Europe, the Americas, and Asia.

Price/Volume 40

.8 M

12/2012 06/yy 38.50 19.95 23'197.00 32.4 -15.84% 62.41% 67.22% 33.9 1'098.86 201.50 0.0 1.4 244.30 1'023.66

.6 M

.4 M

10 .2 M

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

30 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KU2 GY EQUITY YTD Change KU2 GY EQUITY YTD % CHANGE

31.12.2008 1'266.1 0.30x 78.0 4.81x 30.5 10.74x

1.2 M

31.12.2009 31.12.2010 902.1 1'078.6 0.43x 0.56x (29.8) 39.8 15.13x (75.7) (8.6) Profitability

LTM-4Q 31.12.2011 1'435.6 0.36x 90.3 5.69x 29.8 15.88x

31.12.2012 1'739.2 0.52x 131.2 6.84x 55.6 16.87x 131.20 102.50 5.89% 5.16% 4.69% 18.75% 14.09% 1.48% 22.2% 7.9% 6.1% 3.2% 1.60 0.74 17.72% 68.05% 9.97 6.58

Price/ Cash Flow

06/yy 1'588.2 1.44x 111.2 5.83x 44.2 13.65x

LTM 06/yy 1'796.7 2.14x 141.3 7.26x 57.0 19.20x

FY+1

.0 M s-13

0.93 22.41 59.73% 17.79% 0.933 22 3.045 106'232 123'451 121'272 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'855.1 1'937.9 494.5 488.5 0.57x 0.53x 2.03x 2.03x 151.9 165.6 42.8 45.5 6.74x 6.18x 5.80x 5.73x 64.9 73.1 20.5 20.3 16.82x 14.79x 12.88x 12.51x S&P Issuer Ratings

31.07.2013 BBSTABLE 5.86 4.69 -0.54 1.64 68.1% 40.4% 1.48 18.76 36.63 55.49 54.71 45.01

Sales/Revenue/Turnover

80.00

2'500.0

70.00

2'000.0

60.00 50.00

1'500.0

40.00

1'000.0

30.00 20.00

500.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

KUKA AG Holdings By:

All

Holder Name GRENZEBACH GROUP BLACKROCK OPPENHEIMER ASSET MA AXA SA FRANKLIN RESOURCES ALLIANZ GLOBAL INVES WYSER-PRATTE GUY PAT NORGES BANK RINVEST AG DEUTSCHE BANK AG ADIG INVESTMENT MYRIAD OPP MASTER FU JP MORGAN SWEDBANK ROBUR FONDE VANGUARD CITADEL EUROPE LLP HIGHBRIDGE CAPITAL M PRINCIPAL FINANCIAL B & G FUND PLC GROUPAMA ASSET MANAG

Firm Name Commerzbank Corporates & Markets M.M. Warburg Investment Research DZ Bank AG Independent Research GmbH Morgan Stanley Bankhaus Metzler Deutsche Bank Baader Bank Macquarie Landesbank Baden-Wuerttemberg Bankhaus Lampe Equinet Institutional Services(ESN) Montega Canaccord Genuity Corp EVA Dimensions UBS Nord/LB HSBC Berenberg Bank Goldman Sachs Kepler Cheuvreux BHF-Bank

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios

Analyst STEPHAN BOEHM CHRISTIAN COHRS JASKO TERZIC SVEN DIERMEIER LUCIE CARRIER STEPHAN BAUER TIM ROKOSSA PETER ROTHENAICHER CHRISTIAN BREITSPRECHER HARALD REHMET GORDON SCHOENELL HOLGER SCHMIDT THOMAS RAU ANDREW BELL TIMOTHY STANISH SEBASTIAN UBERT FRANK SCHWOPE RICHARD SCHRAMM BENJAMIN GLAESER BENJAMIN MOORE STEFAN AUGUSTIN HERMANN REITH

Source Co File ULT-AGG Co File Co File ULT-AGG Research Research MF-AGG Research ULT-AGG MF-AGG Short ULT-AGG MF-AGG ULT-AGG Short Short ULT-AGG Short MF-AGG

Recommendation buy sell sell hold Equalwt/Cautious buy hold hold neutral sell hold accumulate hold buy buy buy sell underweight hold neutral/neutral hold market weight

Amt Held % Out 8'275'358 24.4 1'903'287 5.61 1'763'601 5.2 1'088'684 3.21 1'017'462 3 1'010'100 2.98 862'758 2.54 808'425 2.38 600'000 1.77 576'306 1.7 360'082 1.06 (244'191) -0.72 180'007 0.53 175'000 0.52 168'453 0.5 (166'186) -0.49 (166'185) -0.49 165'954 0.49 (152'619) -0.45 151'800 0.45

Weighting

Change 5 1 1 3 3 5 3 3 3 1 3 4 3 5 5 5 1 1 3 3 3 3

M M M M M M M M M M M M M M U M M M M D M D

Latest Chg 113'781 (23'694) 33'916 (13'792) (2'350) 13'566 27'133 119'554 33'916 151'800

Target Price 40 30 27 37 37 39 33 37 33 28 36 38 36 38 #N/A N/A 41 31 30 33 38 34 33

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 08.02.2013 Corporation 30.08.2013 Investment Advisor 08.02.2013 Hedge Fund Manager 08.02.2013 Investment Advisor 28.06.2013 Investment Advisor 13.08.2012 Investment Advisor 23.05.2013 n/a 31.12.2012 Government 01.09.2011 Other 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 28.08.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Unclassified 09.08.2013 Unclassified 22.04.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 24.06.2013 Unclassified 28.09.2012 Investment Advisor

Date 6 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 6 month Not Provided 12 month

Date 30.08.2013 13.08.2013 13.08.2013 09.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 08.07.2013 21.06.2013 24.05.2013 22.05.2013 10.05.2013 01.05.2013 03.04.2013 27.03.2013 05.02.2013

03.09.2013

LEG Immobilien AG LEG Immobilien GmbH owns and operates apartments in North Rhine Westphalia, Germany.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (31.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LEG GY EQUITY YTD Change LEG GY EQUITY YTD % CHANGE

12/2012 06/yy 46.19 37.67 20'792.00 41.945 -9.18% 11.36% 46.17% 53.0 2'221.55 2'499.70 0.0 24.9 133.10 4'600.85

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 -

9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008

50 45 40 35 30 25 20 15 10 5 0 f-13

Profitability

31.12.2010 503.8 142.8 24.2 -

LTM-4Q 31.12.2011 515.1 160.4 (11.5) -

31.12.2012 517.7 189.2 94.4 189.20 184.20 -2.09% 22.12% 1.85% 4.93% 2.48% 0.10% 36.5% 18.2% 47.72% 121.31% -

Price/ Cash Flow

06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 06/yy 265.9 34.24x 101.6 0.00x 34.2 0.00x

FY+1

s-13

0.98 26.48 14 4.357 61'579 55'331 82'131 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 484.2 511.2 132.0 137.0 9.87x 9.60x 227.8 247.5 20.23x 18.62x 143.4 166.1 15.54x 13.29x S&P Issuer Ratings

0.97 0.49 12.51 13.21 121.3% 54.5% 0.10 -

Sales/Revenue/Turnover

9.00

600.0

8.00

500.0

7.00

400.0

6.00 5.00

300.0

4.00

200.0

3.00 2.00

100.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

LEG Immobilien AG Holdings By:

All

Holder Name SATUREA BV PERRY CAPITAL UK LLP CBRE GROUP INC RUFFER LLP ING INVESTMENT MANAG PETERCAM SA BLACKROCK UNION INVESTMENT GMB MORGAN STANLEY FMR LLC BNP PARIBAS INV PART BANK OF NEW YORK MEL GENERALI ASSET MANAG INVESCO LTD DEUTSCHE BANK AG GENERALI INVESTMENTS VANGUARD PRUDENTIAL FINANCIAL PRINCIPAL FINANCIAL ALLIANCE BERNSTEIN

Firm Name JPMorgan Bankhaus Lampe M.M. Warburg Investment Research Bankhaus Metzler Deutsche Bank Morgan Stanley Nord/LB Berenberg Bank Commerzbank Corporates & Markets Kepler Cheuvreux Goldman Sachs Kempen & Co Erste Group

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a n/a

Analyst NEIL GREEN GEORG KANDERS TORSTEN KLINGNER JOCHEN SCHMITT MARKUS SCHEUFLER BART GYSENS MICHAEL SEUFERT KAI MALTE KLOSE THOMAS ROTHAEUSLER THOMAS NEUHOLD JULIAN LIVINGSTON-BOOTH THOMAS VAN DER MEIJ GUENTHER ARTNER

Source Research Research ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG

Recommendation overweight buy buy sell buy Equalwt/Attractive hold buy add buy Buy/Neutral overweight buy

Amt Held 21'635'567 4'846'155 2'113'241 633'000 563'900 493'100 478'950 461'100 440'822 437'072 385'925 283'369 228'420 221'935 194'700 194'455 193'563 189'244 184'685 183'104

% Out 40.85 9.15 3.99 1.2 1.06 0.93 0.9 0.87 0.83 0.83 0.73 0.54 0.43 0.42 0.37 0.37 0.37 0.36 0.35 0.35

Weighting

Change 5 5 5 1 5 3 3 5 4 5 5 5 5

Latest Chg 633'000 (152'518) 461'100 108'787 (694'917) 5'538 5'256 221'935 5'000 163'179 8'528 11'537 104'223

Target Price

M M M M M M M M M N M N N

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

48 47 48 37 49 43 43 48 46 48 52 48 51

File Dt 30.08.2013 30.08.2013 30.08.2013 28.02.2013 30.06.2013 30.04.2013 30.08.2013 28.03.2013 30.06.2013 31.07.2013 31.03.2013 30.06.2013 31.07.2013 31.03.2013 28.06.2013 31.05.2013 30.06.2013 31.07.2013 31.07.2013 30.06.2013

Date 9 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 6 month Not Provided 12 month Not Provided 12 month

Inst Type Corporation Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 02.09.2013 02.09.2013 02.09.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 12.08.2013 24.06.2013 09.05.2013 19.03.2013 14.03.2013

03.09.2013

Leoni AG Leoni AG manufactures and sells electric cables, wires, flexible cords, light wave conductors, co-axial cables, high-tension wires and customized cable wiring systems. The Company markets its products to the tool-machinery, telecommunication, computer, automotive, electronic and appliance manufacturing industries. Leoni operates in Europe, Asia and the United States.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.08.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LEO GY EQUITY YTD Change LEO GY EQUITY YTD % CHANGE

12/2012 06/yy 45.14 23.41 42'097.00 43.05 -4.62% 83.90% 90.17% 32.7 1'406.40 554.16 0.0 1.7 298.32 1'782.76

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 2'160.1 2'955.7 0.46x 0.49x 51.9 255.1 19.23x 5.65x (138.1) 67.1 14.58x Profitability

.8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M o-12

LTM-4Q 31.12.2011 3'701.5 0.29x 353.9 3.08x 155.7 5.16x

31.12.2012 3'809.0 0.31x 358.2 3.32x 155.7 6.00x 358.22 242.02 6.35% 5.20% 4.29% 13.60% 9.64% 1.61% 17.7% 7.7% 4.6% 4.1% 1.22 0.68 23.24% 65.70% 7.37 5.83

Price/ Cash Flow

06/yy 3'783.8 1.36x 367.9 3.59x 173.1 5.60x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 3'842.4 1.42x 297.1 5.46x 102.6 12.14x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

1.26 32.64 51.86% 57.82% 1.260 24 3.708 269'385 198'227 197'072 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'823.4 4'115.2 945.0 945.0 0.45x 0.41x 299.8 360.7 5.96x 4.95x 105.9 144.4 13.14x 9.55x S&P Issuer Ratings

9.11 5.03 1.26 1.80 65.7% 39.6% 1.61 5.72 49.49 62.60 71.85 31.33

Sales/Revenue/Turnover

10.00

4'000.0

9.00

3'500.0

8.00

3'000.0

7.00

2'500.0

6.00 5.00

2'000.0

4.00

1'500.0

3.00

1'000.0

2.00

500.0

1.00 0.00 01.01.2010

.9 M

Fiscal Year Ended 31.12.2008 2'912.0 0.31x 170.1 5.25x 5.1 76.41x

50 45 40 35 30 25 20 15 10 5 0 s-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Leoni AG Holdings By:

All

Holder Name BLACKROCK NORGES BANK ALLIANZ GLOBAL INVES NUERNBERGER LEBENSVE VANGUARD ODIN FORVALTNING AS THIRD AVENUE MANAGEM FRANKFURT TRUST INVE CLASSIC FUND MGMT AG LANDESBANK BERLIN IN KEMPEN CAPITAL MANAG SWEDBANK ROBUR FONDE LIONTRUST DEKA INVESTMENT GMBH GRANTHAM MAYO VAN OT UNION INVESTMENT GMB MARSHALL WACE LLP DEUTSCHE BANK AG SCHRODER INVESTMENT DIMENSIONAL FUND ADV

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst

Hauck & Aufhaeuser PHILIPPE LORRAIN Equinet Institutional Services(ESN) TIM SCHULDT Hamburger Sparkasse TINA HECKING-VELTMAN Bankhaus Metzler JUERGEN PIEPER EVA Dimensions CRAIG STERLING DZ Bank AG MICHAEL PUNZET Montega HENDRIK EMRICH M.M. Warburg Investment Research MARC-RENE TONN Commerzbank Corporates & Markets DANIEL SCHWARZ Nord/LB FRANK SCHWOPE Goldman Sachs STEPHAN PUETTER Macquarie CHRISTIAN BREITSPRECHER Landesbank Baden-Wuerttemberg FRANK BILLER Independent Research GmbH ZAFER RUZGAR Close Brothers Equity Markets DANIEL KUKALJ Kepler Cheuvreux MICHAEL RAAB Steubing AG TOBIAS SCHMIDT Exane BNP Paribas GERHARD ORGONAS HSBC NIELS FEHRE Bankhaus Lampe CHRISTIAN LUDWIG Main First Bank AG TOBIAS FAHRENHOLZ Deutsche Bank TIM ROKOSSA LFG Kronos Investment Services GmbH THOMAS ANEY GSC Research MATTHIAS SCHRADE

Source ULT-AGG Research Research Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG Short ULT-AGG MF-AGG ULT-AGG

Recommendation buy buy hold buy hold sell buy buy hold sell buy/attractive neutral buy hold buy reduce hold neutral overweight hold outperform hold neutral buy

Amt Held % Out 1'302'396 3.99 1'071'287 3.28 890'293 2.73 888'000 2.72 538'547 1.65 459'705 1.41 356'447 1.09 350'000 1.07 288'431 0.88 271'302 0.83 250'489 0.77 230'587 0.71 195'908 0.6 192'642 0.59 162'235 0.5 159'400 0.49 (150'277) -0.46 150'000 0.46 137'909 0.42 120'489 0.37

Weighting

Change 5 5 3 5 3 1 5 5 3 1 5 3 5 3 5 2 3 3 5 3 5 3 3 5

M M M M D M M M M M M M M M M M D M M M M D M M

Latest Chg 571 (54'060) 769 204'490 288'431 (29'381) 47'042 (32'903) (335'900) 13'068 92'311 787

Target Price 56 50 #N/A N/A 50 #N/A N/A 37 50 48 41 33 51 40 48 42 44 35 41 40 43 35 43 40 35 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.08.2013 Investment Advisor 20.05.2013 Government 22.06.2012 Investment Advisor 31.12.2011 n/a 30.06.2013 Unclassified 31.07.2013 Investment Advisor 30.04.2013 Hedge Fund Manager 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Unclassified 31.03.2013 Investment Advisor 28.02.2013 Unclassified 28.03.2013 Investment Advisor 31.05.2012 Investment Advisor 28.03.2013 Investment Advisor 27.02.2013 Hedge Fund Manager 28.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor

Date 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 6 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 6 month Not Provided

Date 30.08.2013 21.08.2013 20.08.2013 20.08.2013 20.08.2013 16.08.2013 16.08.2013 15.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 01.08.2013 29.07.2013 23.07.2013 22.07.2013 14.02.2013 21.12.2012

03.09.2013

Deutsche Lufthansa AG Deutsche Lufthansa AG provides passenger and cargo air transportation services worldwide. The Company offers flight and connection programs in cooperation with Star Alliance airline partners from North America, Scandinavia, and Asia. Lufthansa also provides travel agency, catering, and aircraft maintenance services.

Price/Volume

12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.06.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LHA GY EQUITY YTD Change LHA GY EQUITY YTD % CHANGE

12/2012 06/yy 17.28 9.58 494'994.00 13.62 -21.16% 42.19% 53.55% 459.9 6'264.48 7'108.00 0.0 60.0 4'966.00 7'691.48

8.0 M

6.0 M

4.0 M

2.0 M

2 0 s-12

31.12.2009 31.12.2010 22'283.0 26'459.0 0.36x 0.36x 1'696.0 2'928.0 4.68x 3.25x (34.0) 1'131.0 5.84x Profitability

LTM-4Q 31.12.2011 28'734.0 0.24x 2'817.0 2.43x (13.0) 15.57x

31.12.2012 30'135.0 0.29x 2'468.0 3.55x 990.0 6.85x 2'468.00 543.00 1.80% 3.45% 3.21% 19.40% 11.90% 1.01% 8.3% 2.0% 3.3% 1.00 0.79 25.01% 86.28% -

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 28'930.0 0.94x 2'969.0 2.25x 243.0 7.91x

f-13 m-13

06/yy 30'090.0 1.11x 2'512.0 3.42x 954.0 7.53x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

1.05 444.85 38.92% -4.35% 1.047 37 4.081 3'650'178 2'851'956 2'829'654 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 30'775.6 31'811.7 8'528.0 7'617.0 0.28x 0.27x 2'904.6 3'313.7 1'298.0 621.0 2.65x 2.33x 527.8 838.9 724.5 78.9 11.65x 7.71x S&P Issuer Ratings

27.08.2009 BBBSTABLE 05.12.2008 A-3 5.08 0.12 0.54 2.68 86.3% 46.1% 1.01 2.00 -

Sales/Revenue/Turnover

3.50

35'000.0

3.00

30'000.0

2.50

25'000.0

2.00

20'000.0

1.50

15'000.0

1.00

10'000.0

0.50

5'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M

16 14

Valuation Analysis

31.12.2008 24'842.0 0.22x 2'810.0 1.97x 542.0 9.48x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Deutsche Lufthansa AG Holdings By:

All

Holder Name BLACKROCK FRANKLIN RESOURCES CAPITAL GROUP COMPAN GLEISS LUTZ HOOTZ HI MACKENZIE FINANCIAL DEKA INVESTMENT GMBH MORGAN STANLEY NORGES BANK VANGUARD ALLIANZ ASSET MANAGE WADDELL & REED FINAN UNION INVESTMENT GMB ALASKA PERMANENT FUN ADIG INVESTMENT DEUTSCHE BANK AG FRANKFURT TRUST INVE FEDERAL GESTION JP MORGAN PRUDENTIAL FINANCIAL MASON STREET ADVISOR

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst

Deutsche Bank MICHAEL KUHN Bankhaus Lampe SEBASTIAN HEIN Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER Commerzbank Corporates & Markets FRANK SKODZIK Jefferies MARK IRVINE-FORTESCUE AlphaValue HANS-PETER WODNIOK Credit Suisse NEIL GLYNN Day by Day VALERIE GASTALDY RBC Capital Markets DAMIAN BREWER Morgan Stanley PENNY BUTCHER Nomura ANDREW EVANS Nord/LB FRANK SCHWOPE Cantor Fitzgerald ROBIN BYDE HSBC ANDREW DAVID LOBBENBERG Hamburger Sparkasse INGO SCHMIDT Oddo & Cie YAN DEROCLES Bankhaus Metzler JUERGEN PIEPER Natixis SARAH EMSELLEM DZ Bank AG DIRK SCHLAMP Landesbank Baden-Wuerttemberg BARBARA AMBRUS Independent Research GmbH ZAFER RUZGAR Goodbody Stockbrokers Ltd DONAL O'NEILL S&P Capital IQ JAWAHAR HINGORANI Redburn Partners TIM MARSHALL JPMorgan JAMIE N BAKER Goldman Sachs NICK EDELMAN Raymond James JULIEN RICHER Espirito Santo Investment Bank Research GERALD KHOO Kepler Cheuvreux RUXANDRA HARADAU-DOESER Main First Bank AG LOIC SABATIER EVA Dimensions TIMOTHY STANISH Macquarie SAM DOBSON UBS JARROD CASTLE Barclays DAVID E FINTZEN Davy STEPHEN FURLONG Investec ANDREW FITCHIE Steubing AG TEAM COVERAGE

Source ULT-AGG ULT-AGG ULT-AGG Research Research MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation buy buy hold buy buy reduce outperform buy sector perform Equalwt/Attractive buy buy buy overweight hold neutral buy buy buy hold sell buy buy buy neutral neutral/neutral outperform buy reduce outperform underweight outperform buy equalweight outperform hold buy

Amt Held 27'945'194 22'997'350 21'860'114 14'234'585 13'379'136 11'177'882 6'754'830 5'439'594 3'397'272 2'667'670 2'299'926 1'840'005 1'773'494 1'726'226 1'714'778 1'666'850 1'604'754 1'494'152 1'304'023 898'420

% Out 6.08 5 4.75 3.09 2.91 2.43 1.47 1.18 0.74 0.58 0.5 0.4 0.39 0.38 0.37 0.36 0.35 0.32 0.28 0.2

Weighting

Change 5 5 3 5 5 2 5 5 3 3 5 5 5 5 3 3 5 5 5 3 1 5 5 5 3 3 5 5 2 5 1 5 5 3 5 3 5

M M M M M M M U M D M M M M M M M M M M M M U M D U M M D M M M M M U N M

Latest Chg (609'148) (540'278) 14'044 236'211 4'527 875'610 686'745 (1'180) 450'239 8'200 748'330 569'854 4'101 -

Target Price 20 18 15 18 20 14 20 17 17 18 19 18 21 20 #N/A N/A 17 23 18 17 16 14 21 17 #N/A N/A 16 17 13 24 14 21 #N/A N/A 20 20 17 #N/A N/A 17 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.08.2013 28.06.2013 30.06.2013 01.11.2012 19.07.2013 28.03.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 28.03.2013 31.03.2013 30.04.2013 28.06.2013 30.04.2013 30.04.2013 30.06.2013 31.07.2013 31.03.2013

Date 12 month 12 month 12 month 6 month 12 month 6 month Not Provided 3 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 6 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 3 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 02.09.2013 02.09.2013 30.08.2013 29.08.2013 29.08.2013 27.08.2013 23.08.2013 22.08.2013 15.08.2013 14.08.2013 12.08.2013 09.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 23.07.2013 17.07.2013 15.07.2013 05.07.2013 03.07.2013 11.06.2013 10.06.2013 06.06.2013 04.06.2013 03.05.2013 05.04.2013 25.03.2013 22.11.2010 04.01.2010

03.09.2013

Linde AG Linde AG is a gases and engineering company. The Gases Division offers a wide range of industrial and medical gases mainly used in energy sector, steel production, chemical processing, as well as in food processing. The Engineering Division develops olefin plants, natural gas plants and air separation plants, as well as hydrogen and synthesis gas plants.

Price/Volume 160 140 120 100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (04.09.2012) 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 LIN GY EQUITY YTD Change LIN GY EQUITY YTD % CHANGE

12/2012 06/yy 154.80 123.90 33'620.00 146.25 -5.52% 18.04% 74.60% 185.2 27'089.21 10'204.00 0.0 564.0 2'041.00 36'936.21

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40 20 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 12'663.0 1.34x 2'468.0 6.86x 717.0 14.02x

31.12.2009 31.12.2010 11'211.0 12'868.0 1.86x 1.97x 2'320.0 2'847.0 8.97x 8.92x 591.0 1'005.0 23.98x 19.12x Profitability

LTM-4Q 31.12.2011 13'787.0 1.88x 3'101.0 8.37x 1'174.0 16.71x

31.12.2012 15'280.0 2.17x 3'443.0 9.63x 1'250.0 18.78x 3'443.00 1'905.00 12.47% 11.04% 4.13% 10.74% 0.51% 36.2% 23.2% 12.6% 8.2% 0.98 0.68 30.48% 77.93% 6.14 9.13

Price/ Cash Flow

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M s-13

LTM

06/yy 14'438.0 7.44x 3'299.0 8.66x 1'194.0 17.54x

06/yy 16'313.0 8.62x 3'785.0 9.64x 1'319.0 20.10x

FY+1

0.77 179.31 17.99% 12.80% 0.766 42 4.048 379'778 376'064 431'931 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 17'092.1 18'277.7 4'251.4 4'450.0 2.08x 1.91x 8.62x 8.19x 4'037.3 4'361.9 1'016.8 1'036.6 9.16x 8.48x 1'481.4 1'682.5 360.4 362.0 17.54x 15.58x S&P Issuer Ratings

25.05.2012 A STABLE 25.05.2012 A-1 8.63 4.15 2.39 2.87 77.9% 42.8% 0.51 1.57 59.44 39.99 94.31 -7.09

Sales/Revenue/Turnover

14.00

18'000.0

12.00

16'000.0 14'000.0

10.00

12'000.0

8.00

10'000.0

6.00

8'000.0 6'000.0

4.00

4'000.0

2.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Linde AG Holdings By:

All

Holder Name BLACKROCK ADVISORS L BLACKROCK CAPITAL GROUP COMPAN NORGES BANK UBS CREDIT SUISSE AG SUN LIFE FINANCIAL I HARBOR CAPITAL ADVIS DEUTSCHE BANK AG FMR LLC ARTISAN PARTNERS HOL VANGUARD ALLIANZ ASSET MANAGE UNION INVESTMENT GMB BNP PARIBAS INV PART FIL LIMITED DEKA INVESTMENT GMBH MORGAN STANLEY DODGE & COX MFS FINANCIAL SERVIC

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

Societe Generale Macquarie Goldman Sachs Sanford C. Bernstein & Co AlphaValue Commerzbank Corporates & Markets Canaccord Genuity Corp Day by Day Deutsche Bank Equinet Institutional Services(ESN) Exane BNP Paribas Landesbank Baden-Wuerttemberg Main First Bank AG Kepler Cheuvreux Baader Bank Jefferies DZ Bank AG Independent Research GmbH HSBC Bankhaus Lampe M.M. Warburg Investment Research Natixis Nomura SRH AlsterResearch Morgan Stanley Nord/LB Credit Suisse JPMorgan Hamburger Sparkasse S&P Capital IQ Bankhaus Metzler Berenberg Bank Barclays EVA Dimensions UBS Liberum Capital Ltd Equita SIM SpA National Bank AG Alembic Global Advisors Redburn Partners

PETER CLARK CHRISTIAN FAITZ RAKESH PATEL JEREMY REDENIUS HANS-PETER WODNIOK STEPHAN KIPPE PAUL W SATCHELL VALERIE GASTALDY TIMOTHY JONES NADESHDA DEMIDOVA HEIDI VESTERINEN ULLE WORNER THOMAS SWOBODA MARKUS MAYER NORBERT BARTH LAURENCE ALEXANDER PETER SPENGLER CHRISTOPH SCHOENDUBE SEBASTIAN SATZ HEIKO FEBER EGGERT KULS FREDERIC WILLIAMS-GOBEAUX JEAN DE WATTEVILLE CARSTEN MAINITZ PETER MACKEY THORSTEN STRAUSS CHRIS COUNIHAN MARCUS DIEBEL MARCO GUENTHER JOHNSON IMODE LARS HETTCHE JOHN PHILIPP KLEIN GUNTHER ZECHMANN TIMOTHY STANISH THOMAS GILBERT ADAM COLLINS MASSIMO BONISOLI EKKEHARD D LINK HASSAN I AHMED TONY JONES

Source Research ULT-AGG ULT-AGG Research ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy outperform Buy/Neutral outperform add buy hold hold buy accumulate neutral buy outperform buy buy buy buy hold overweight buy buy neutral neutral buy Equalwt/In-Line buy underperform neutral buy buy buy buy equalweight sell neutral buy buy hold neutral neutral

Amt Held 9'252'936 8'626'504 6'391'365 5'764'533 5'497'453 5'433'134 4'909'294 4'801'614 4'184'520 2'984'677 2'598'954 2'131'813 1'840'484 1'591'900 1'524'034 1'356'417 1'248'467 832'256 820'205 716'288

% Out 5 4.66 3.45 3.11 2.97 2.93 2.65 2.59 2.26 1.61 1.4 1.15 0.99 0.86 0.82 0.73 0.67 0.45 0.44 0.39

Weighting

Change 5 5 5 5 4 5 3 3 5 4 3 5 5 5 5 5 5 3 5 5 5 3 3 5 3 5 1 3 5 5 5 5 3 1 3 5 5 3 3 3

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 49'822 (195'662) (2'350) (3'920) 126'860 (759) (232'450) 26'713 46'124 1'935 11'382 (56'006) (339'519) (16'377) (248) 65

Target Price 165 165 187 185 165 174 141 #N/A N/A 160 160 143 165 170 163 164 164 169 152 166 168 170 147 155 180 155 170 140 #N/A N/A #N/A N/A 160 156 175 150 #N/A N/A 144 156 160 140 120 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 14.01.2013 30.08.2013 30.06.2013 12.06.2013 31.07.2013 31.05.2013 30.06.2013 31.03.2013 28.06.2013 31.07.2013 31.03.2013 30.06.2013 30.06.2013 28.03.2013 30.04.2013 31.12.2012 30.04.2013 30.06.2013 30.06.2013 30.06.2013

Date 12 month 12 month 12 month 12 month 6 month 6 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 6 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 01.09.2013 30.08.2013 30.08.2013 29.08.2013 28.08.2013 23.08.2013 23.08.2013 22.08.2013 22.08.2013 22.08.2013 20.08.2013 20.08.2013 13.08.2013 08.08.2013 06.08.2013 06.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 24.07.2013 23.07.2013 17.07.2013 06.06.2013 10.05.2013 23.04.2013 08.03.2013 07.03.2013 15.10.2012 08.10.2012

03.09.2013

LPKF Laser & Electronics AG LPKF Laser & Electronics develops systems and process solutions for demanding tasks in printed circuit board technology and microelectronics. The Company develops and distributes systems used in electronics production, the automotive industry, and in the manufacture of solar cells.

Price/Volume 16 14 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.08.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LPK GY EQUITY YTD Change LPK GY EQUITY YTD % CHANGE

12/2012 06/yy 14.90 6.66 35'047.00 12.875 -13.59% 93.46% 73.68% 22.3 286.72 18.10 0.0 2.0 5.02 300.17

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4 2 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 45.4 0.57x 5.6 4.58x 1.8 11.76x

31.12.2009 31.12.2010 50.7 81.2 1.02x 1.53x 9.8 20.9 5.29x 5.95x 4.7 12.1 11.74x 10.95x Profitability

LTM-4Q 31.12.2011 91.1 1.27x 19.6 5.89x 9.9 10.54x

31.12.2012 115.1 1.66x 28.0 6.81x 13.5 12.91x 27.96 20.78 18.06% 17.01% 17.82% 34.09% 1.28% 26.7% 21.1% 11.7% 1.95 0.82 17.82% 31.77% 6.21 -

Price/ Cash Flow

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M s-13

06/yy 103.8 5.10x 22.9 6.78x 11.1 12.36x

LTM 06/yy 134.7 6.58x 35.9 7.74x 18.7 14.04x

FY+1

0.89 21.36 81.73% 66.90% 0.886 7 3.286 240'309 188'226 155'754 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 121.0 133.2 2.49x 2.26x 29.4 33.5 10.21x 8.97x 13.9 15.7 19.10x 15.29x S&P Issuer Ratings

33.09 24.72 0.31 0.55 31.8% 23.5% 1.28 4.69 58.80 -

Sales/Revenue/Turnover

60.00

140.0

50.00

120.0 100.0

40.00

80.0 30.00

60.0

20.00

40.0

10.00

20.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

LPKF Laser & Electronics AG Holdings By:

All

Holder Name DEUTSCHE BANK AG WASATCH ADVISORS INC HILDEBRANDT BERND ALLIANZ ASSET MANAGE DWS INVESTMENTS UNIVERSAL INVESTMENT SCHRODER INVESTMENT CLARIDEN SICAV COMINVEST ASSET MANA LAZARD FRERES GESTIO BARING FUND MANAGERS HACKMANN BERND HIGHBRIDGE CAPITAL M BLACKROCK LANGE BERND DEKA INTERNATIONAL S AMUNDI MW GESTION SA THREADNEEDLE MANAGME BRETTHAUER INGO

Firm Name Hauck & Aufhaeuser EVA Dimensions Solventis WPH-Bank GmbH DZ Bank AG Close Brothers Equity Markets Bankhaus Metzler BHF-Bank Equinet Institutional Services(ESN) GSC Research

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios LAZARD OBJECTIF INVE Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst TIM OLIVER WUNDERLICH ANDREW S ZAMFOTIS KLAUS SOER DIRK SCHLAMP VEYSEL TAZE STEPHAN BAUER JENS JUNG TIM SCHULDT MATTHIAS WAHLER

Source ULT-AGG Research Research ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-PART MF-AGG Co File Short ULT-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG Co File

Recommendation hold overweight sell buy hold sell overweight hold sell

Amt Held % Out 1'129'200 5.07 691'853 3.11 602'354 2.7 400'000 1.8 394'800 1.77 377'194 1.69 268'782 1.21 252'218 1.13 240'000 1.08 181'954 0.82 160'000 0.72 125'600 0.56 (104'667) -0.47 99'155 0.45 95'020 0.43 92'000 0.41 90'506 0.41 70'000 0.31 56'890 0.26 50'000 0.22

Weighting

Change 3 5 1 5 3 1 5 3 1

U U D M D D M D D

Latest Chg (5'200) (23'600) 123'806 32'218 6'681 (4'078) 58'000 16'324 -

Target Price 12 #N/A N/A 11 15 14 13 9 7 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.04.2013 Investment Advisor 23.07.2013 Investment Advisor 15.08.2012 n/a 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.03.2012 Investment Advisor 30.04.2013 Unclassified 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 n/a 26.08.2013 Hedge Fund Manager 30.08.2013 Investment Advisor 31.12.2012 n/a 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor 29.06.2012 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 n/a

Date 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided

Date 29.08.2013 21.08.2013 13.08.2013 07.08.2013 05.08.2013 02.08.2013 21.11.2012 27.10.2010 21.10.2009

03.09.2013

LANXESS AG LANXESS AG is a specialty chemicals company. The Company's core business is the development, manufacturing, and marketing of plastics, rubber, intermediates, and specialty chemicals.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (08.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LXS GY EQUITY YTD Change LXS GY EQUITY YTD % CHANGE

12/2012 06/yy 69.99 42.45 75'980.00 49.695 -29.00% 17.08% 25.85% 83.2 4'134.76 2'334.00 0.0 16.0 803.00 6'202.76

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 s-12

31.12.2009 31.12.2010 5'057.0 7'120.0 0.57x 0.82x 417.0 910.0 6.95x 6.40x 40.0 379.0 54.88x 12.96x Profitability

LTM-4Q 31.12.2011 8'775.0 0.56x 1'099.0 4.45x 506.0 6.58x

31.12.2012 9'094.0 0.78x 1'261.0 5.60x 514.0 10.72x 1'261.00 883.00 9.71% 7.36% 2.51% 8.10% 5.76% 1.19% 23.2% 10.4% 5.5% 5.7% 2.27 1.15 31.04% 100.82% 6.70 4.36

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 9'271.0 2.36x 1'156.0 5.08x 525.0 7.82x

f-13 m-13

06/yy 8'518.0 3.11x 887.0 6.68x 179.0 21.46x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

1.09 78.86 -18.94% -23.68% 1.091 38 3.421 698'792 860'737 980'630 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 8'379.5 9'045.0 2'106.2 2'157.8 0.71x 0.66x 746.1 1'024.7 201.4 193.0 8.31x 6.05x 138.8 337.4 28.8 29.9 28.20x 12.14x 10.03x 8.68x S&P Issuer Ratings

31.07.2007 BBB NEG 31.07.2007 A-2 12.49 5.59 2.31 2.73 100.8% 50.0% 1.19 2.92 54.46 83.69 37.19 81.76

Sales/Revenue/Turnover

16.00

10'000.0

14.00

9'000.0 8'000.0

12.00

7'000.0

10.00

6'000.0

8.00

5'000.0 4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 6'576.0 0.29x 635.0 3.01x 183.0 6.24x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

LANXESS AG Holdings By:

All

Holder Name BLACKROCK SOCIETE GENERALE SA DODGE & COX ALLIANZ GLOBAL INVES FIL LIMITED DEUTSCHE BANK AG NORGES BANK FMR LLC VANGUARD ALLIANZ ASSET MANAGE CITADEL EUROPE LLP TIAA CREF INVESTMENT DANSKE INVEST MANAGE DANSKE INVEST A/S UNION INVESTMENT GMB MARSHALL WACE LLP FRANKLIN RESOURCES SCHRODER INVESTMENT BEUTEL GOODMAN & COM NORDEA INV MANAGEMEN

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

Goldman Sachs AlphaValue Commerzbank Corporates & Markets Landesbank Baden-Wuerttemberg Deutsche Bank Exane BNP Paribas DZ Bank AG Morgan Stanley M.M. Warburg Investment Research EVA Dimensions Bankhaus Lampe Barclays Nomura JPMorgan Hauck & Aufhaeuser Hamburger Sparkasse Bankhaus Metzler Natixis S&P Capital IQ Nord/LB Baader Bank Credit Suisse Macquarie Independent Research GmbH Equinet Institutional Services(ESN) SRH AlsterResearch Kepler Cheuvreux Steubing AG Equita SIM SpA HSBC UBS Main First Bank AG Day by Day Berenberg Bank Bank of Valletta National Bank AG Deutsche Bank

RAKESH PATEL MARTIN SCHNEE STEPHAN KIPPE ULLE WORNER MARTIN DUNWOODIE JAMES KNIGHT PETER SPENGLER PAUL R WALSH OLIVER SCHWARZ TIMOTHY STANISH HEIKO FEBER ANDREAS HEINE PATRICK LAMBERT MARTIN EVANS NILS-PETER FITZL MARCO GUENTHER LARS HETTCHE FREDERIC WILLIAMS-GOBEAUX JACOB THRANE THORSTEN STRAUSS NORBERT BARTH CHRIS COUNIHAN CHRISTIAN FAITZ CHRISTOPH SCHOENDUBE NADESHDA DEMIDOVA DANIEL PAWLOWSKI MARTIN ROEDIGER MICHAEL BROEKER MASSIMO BONISOLI JESKO MAYER-WEGELIN JOE DEWHURST RONALD KOEHLER VALERIE GASTALDY JAIDEEP PANDYA TEAM COVERAGE STEFFEN MANSKE VIRGINIE BOUCHER-FERTE

Source ULT-AGG Research Research Research ULT-AGG ULT-AGG Research ULT-AGG ULT-AGG ULT-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG Short ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral/neutral reduce reduce buy buy neutral buy Equalwt/In-Line hold underweight buy equalweight neutral underweight hold buy buy neutral hold hold sell underperform outperform hold hold buy buy buy buy neutral buy outperform hold hold overweight hold dropped coverage

Amt Held % Out 8'936'438 10.74 4'291'428 5.16 3'741'980 4.5 2'467'489 2.97 2'454'787 2.95 2'310'813 2.78 2'242'769 2.7 1'813'376 2.18 947'062 1.14 906'508 1.09 (765'465) -0.92 692'541 0.83 643'280 0.77 611'728 0.74 589'055 0.71 (482'575) -0.58 425'581 0.51 421'819 0.51 404'640 0.49 402'455 0.48

Weighting 3 2 2 5 5 3 5 3 3 1 5 3 3 1 3 5 5 3 3 3 1 1 5 3 3 5 5 5 5 3 5 5 3 3 5 3 #N/A N/A

Change M M M M M M U M M D M M M M M M M M M M M M M D M M M M N M M M M D M M M

Latest Chg 859'634 1'010'817 (108'770) 23'829 45'787 (83'203) (247'396) (19'280) 25'915 22'800 16'641 (277'963) 324'011 113'200 (5'890)

Target Price 48 46 39 56 58 49 55 50 48 #N/A N/A 56 55 48 34 45 #N/A N/A 57 45 48 49 43 39 58 50 52 54 56 70 57 50 62 60 #N/A N/A 59 75 66 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.08.2013 Investment Advisor 01.08.2013 Unclassified 11.03.2013 Investment Advisor 04.10.2012 Investment Advisor 01.08.2013 Investment Advisor 28.06.2013 Investment Advisor 14.05.2013 Government 31.07.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 12.08.2013 Unclassified 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor 28.03.2013 Investment Advisor 30.08.2013 Hedge Fund Manager 28.06.2013 Investment Advisor 31.01.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor

Date 12 month 6 month 6 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 3 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 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 30.08.2013 29.08.2013 28.08.2013 23.08.2013 22.08.2013 22.08.2013 21.08.2013 15.08.2013 15.08.2013 13.08.2013 12.08.2013 12.08.2013 09.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 05.08.2013 29.07.2013 24.07.2013 12.07.2013 09.07.2013 01.07.2013 27.06.2013 15.04.2013 18.03.2013 07.11.2012 17.09.2007

03.09.2013

MAN SE MAN SE manufactures vehicles, engines, turbines and defense products, and offers engineering services. The Company manufactures trucks, buses, diesel engines, compressors, turbines, and aerospace and defense systems, and offers industrial plant design and project management services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MAN GY EQUITY YTD Change MAN GY EQUITY YTD % CHANGE

12/2012 06/yy 90.00 70.39 42'234.00 86.96 -3.38% 23.54% 84.24% 141.0 12'787.26 5'299.00 0.0 69.0 1'367.00 17'659.26

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 12'026.0 14'675.0 0.89x 1.02x 974.0 1'194.0 10.97x 12.50x (270.0) 713.0 16.79x Profitability

1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M o-12

LTM-4Q 31.12.2011 16'472.0 0.75x 2'363.0 5.24x 238.0 14.87x

31.12.2012 15'772.0 1.00x 1'487.0 10.65x 177.0 67.29x 1'487.00 781.00 4.95% 1.97% -1.28% -4.76% -8.33% 0.83% 20.8% 5.6% 2.2% 1.1% 1.02 0.44 26.60% 95.48% 7.28 3.37

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 16'200.0 3.50x 2'308.0 6.83x (575.0) 0.00x

f-13 m-13

06/yy 15'617.0 4.13x 875.0 19.66x (241.0) 0.00x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

0.91 35.14 20.56% 8.97% 0.909 25 2.440 84'604 109'522 153'079 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 15'757.8 16'591.2 3'945.0 4'193.0 1.01x 0.97x 1'106.7 1'664.0 15.96x 10.61x 101.2 628.6 121.0 155.0 65.04x 20.23x S&P Issuer Ratings

20.12.2012 NR 20.12.2012 NR 3.87 1.91 5.49 6.08 95.5% 48.5% 0.83 3.40 50.11 108.22 53.89 88.59

Sales/Revenue/Turnover

40.00

18'000.0

35.00

16'000.0

30.00

14'000.0 12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

1.8 M

Fiscal Year Ended 31.12.2008 14'945.0 0.49x 1'803.0 4.09x 1'233.0 4.99x

100 90 80 70 60 50 40 30 20 10 0 s-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

MAN SE Holdings By:

All

Holder Name VOLKSWAGEN AG BLACKROCK NORGES BANK DEKA INVESTMENT GMBH UNION INVESTMENT GMB VANGUARD ALLIANZ ASSET MANAGE MAINFIRST SICAV DEUTSCHE BANK AG DWS INVESTMENTS IG INVESTMENT MANAGE JO HAMBRO CAPITAL MA DEKA INTERNATIONAL S UNION INVESTMENT LUX CREDIT SUISSE AG CAISSE DE DEPOT ET P STATE STREET PRUDENTIAL OF AMERIC METZLER INVESTMENT G FMR LLC

Firm Name Commerzbank Corporates & Markets AlphaValue Barclays DZ Bank AG Goldman Sachs Hamburger Sparkasse M.M. Warburg Investment Research Natixis Nord/LB Landesbank Baden-Wuerttemberg Independent Research GmbH S&P Capital IQ Berenberg Bank Main First Bank AG JPMorgan Deutsche Bank EVA Dimensions Day by Day UBS Makor Capital Morgan Stanley Equinet Institutional Services(ESN) BHF-Bank Bankhaus Metzler

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst SASCHA GOMMEL HANS-PETER WODNIOK MICHAEL TYNDALL MICHAEL PUNZET STEFAN BURGSTALLER TINA HECKING-VELTMAN MARC-RENE TONN KATHLEEN GAILLIOT FRANK SCHWOPE FRANK BILLER ZAFER RUZGAR RODERICK BRIDGE FREDERIK BITTER CHRISTOPHER YOUL ALEXANDER WHIGHT JOCHEN GEHRKE TIMOTHY STANISH VALERIE GASTALDY FREDRIC STAHL ALBERT SAPORTA LAURA LEMBKE TIM SCHULDT HERMANN REITH JUERGEN PIEPER

Source Research ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation hold sell equalweight hold neutral/attractive hold hold neutral sell sell sell sell sell outperform neutral hold sell hold neutral sell Equalwt/In-Line hold market weight sell

Amt Held 105'834'608 5'177'023 1'086'000 856'600 466'012 433'274 190'053 166'299 120'077 83'207 81'912 81'359 80'767 66'000 59'140 55'516 53'550 51'884 42'400 41'828

% Out 75.07 3.67 0.77 0.61 0.33 0.31 0.13 0.12 0.09 0.06 0.06 0.06 0.06 0.05 0.04 0.04 0.04 0.04 0.03 0.03

Weighting

Change 3 1 3 3 3 3 3 3 1 1 1 1 1 5 3 3 1 3 3 1 3 3 3 1

M M M M M M M M M M M M M M M M M D M M M M M M

Latest Chg (93'759) (36'950) 140'762 (33'828) (253'223) 800 (49'718) (26'000) (265) 81'359 (45'063) 43'800 (107) (911) 51'884 (23'700) -

Target Price 85 66 81 81 85 #N/A N/A 81 81 81 81 81 81 81 95 79 82 #N/A N/A #N/A N/A 85 85 80 85 90 66

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 10.08.2013 30.08.2013 31.12.2012 28.03.2013 28.03.2013 30.06.2013 30.06.2013 28.02.2013 28.06.2013 30.04.2013 31.03.2013 31.12.2012 28.03.2013 28.03.2013 31.05.2013 31.12.2012 30.08.2013 31.03.2013 31.01.2013 31.07.2013

Date 6 month 6 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 3 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month

Inst Type Corporation Investment Advisor Government Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor

Date 02.09.2013 15.08.2013 13.08.2013 09.08.2013 07.08.2013 06.08.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 26.07.2013 23.07.2013 09.07.2013 05.07.2013 06.06.2013 20.05.2013 01.05.2013 30.04.2013 19.04.2013 22.03.2013 30.10.2012 31.07.2012

03.09.2013

Metro AG Metro AG operates retail stores and markets products over the Internet. The Company operates cash and carry stores, supermarkets and hypermarkets, consumer electronics stores, department stores, theme stores, and online sales services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2013) 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 MEO GY EQUITY YTD Change MEO GY EQUITY YTD % CHANGE

12/2012 06/yy 29.87 20.13 129'610.00 28.45 -4.74% 41.37% 85.78% 324.1 9'292.05 8'550.00 7.0 77.0 5'321.00 15'617.05

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 67'955.0 0.21x 3'246.0 4.37x 401.0 11.25x

31.12.2009 31.12.2010 65'529.0 67'258.0 0.28x 0.32x 3'005.0 3'333.0 6.10x 6.36x 383.0 850.0 36.38x 20.72x Profitability

LTM-4Q 31.12.2011 65'926.0 0.20x 3'703.0 3.58x 631.0 14.61x

31.12.2012 66'739.0 0.15x 3'312.0 3.07x 3.0 2100.00x 3'312.00 1'689.00 2.53% 1.21% 0.40% 2.25% 2.30% 2.16% 20.9% 5.1% 3.0% 0.0% 0.87 0.29 24.59% 142.10% 123.99 7.98

Price/ Cash Flow

LTM

06/yy 66'164.0 0.97x 3'529.0 4.42x 496.0 15.24x

06/yy 66'027.0 0.81x 3'393.0 4.18x 122.0 65.61x

FY+1

.0 M s-13

0.87 146.24 23.56% 41.03% 0.873 37 3.027 1'065'704 995'206 1'004'693 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q2 09/13 Q3 50'467.9 65'183.8 15'259.6 15'521.7 0.30x 0.22x 1'892.6 3'072.1 563.0 8.25x 5.08x 67.2 699.3 13.2 547.12x 13.39x S&P Issuer Ratings

11.10.2012 BBBSTABLE 11.10.2012 A-3 4.84 2.93 1.86 2.51 142.1% 58.4% 2.16 5.75 2.94 45.74 70.28 -44.45

Sales/Revenue/Turnover

14.00

80'000.0

12.00

70'000.0 60'000.0

10.00

50'000.0 8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Metro AG Holdings By:

All

Holder Name FRANZ HANIEL & CIE G SCHMIDT-RUTHENBECK BEISHEIM OTTO FRANKLIN RESOURCES BLACKROCK AKO CAPITAL LLP NORGES BANK DEKA INVESTMENT GMBH DWS INVESTMENTS VANGUARD FIDEURAM GESTIONS SA ING INTERNATIONAL AD DNCA FINANCE DEUTSCHE BANK AG LBBW ASSET MANAGEMEN SCHRODER INVESTMENT WELLS FARGO DNB NOR ASSET MANAGE FIL LIMITED INTERFUND ADVISORY C

Firm Name Exane BNP Paribas Cantor Fitzgerald AlphaValue Kepler Cheuvreux Credit Suisse Hamburger Sparkasse Baader Bank UBS DZ Bank AG Nord/LB Deutsche Bank JPMorgan Macquarie Independent Research GmbH M.M. Warburg Investment Research Societe Generale Commerzbank Corporates & Markets Morgan Stanley Jefferies Raymond James HSBC Landesbank Baden-Wuerttemberg Bankhaus Lampe Bankhaus Metzler Barclays Steubing AG Redburn Partners EVA Dimensions Day by Day Main First Bank AG Nomura Oddo & Cie Equita SIM SpA BHF-Bank Hammer Partners SA Goldman Sachs Dr. Kalliwoda Equity Research

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst JOHN KERSHAW MICHAEL J DENNIS EILEEN RYAN FABIENNE CARON ANDREW KASOULIS CHRISTIAN HAMANN VOLKER BOSSE BENJAMIN PETERS HERBERT STURM WOLFGANG VASTERLING JAMES G COLLINS JAIME VAZQUEZ SREEDHAR MAHAMKALI ZAFER RUZGAR THILO KLEIBAUER ARNAUD JOLY JUERGEN ELFERS EDOUARD AUBIN JAMES GRZINIC CEDRIC LECASBLE JEROME SAMUEL BARBARA AMBRUS CHRISTOPH SCHLIENKAMP STEFAN WIMMER JAMES ANSTEAD TOBIAS SCHMIDT MARC DE SPEVILLE CRAIG STERLING VALERIE GASTALDY RICKIN THAKRAR TEAM COVERAGE LAURENCE HOFMANN FABIO FAZZARI PETER STEINER STEPHAN SEIP FRANKLIN WALDING NORBERT KALLIWODA

Source Research Research Research ULT-AGG ULT-AGG Short MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation underperform buy sell hold underperform hold buy buy sell hold hold underweight neutral sell hold hold hold Overwt/In-Line hold underperform underweight hold hold sell equalweight buy buy hold buy outperform neutral reduce buy market weight buy not rated buy

Amt Held % Out 97'265'288 30.01 51'112'077 15.77 29'493'970 9.1 9'926'360 3.06 4'267'559 1.32 (4'181'013) -1.29 3'696'036 1.14 3'607'350 1.11 3'081'422 0.95 2'466'019 0.76 1'263'245 0.39 1'151'814 0.36 980'000 0.3 816'965 0.25 660'950 0.2 656'163 0.2 559'634 0.17 499'883 0.15 476'502 0.15 460'462 0.14

Weighting 1 5 1 3 1 3 5 5 1 3 3 1 3 1 3 3 3 5 3 1 1 3 3 1 3 5 5 3 5 5 3 2 5 3 5 #N/A N/A 5

Change M M M M M M M M D M M M M D M M M M M M M M M M M M M M U M M M M M M M N

Latest Chg (13'709'836) 125'751 259'288 (431'200) 50'523 30'513 144'393 127'170 880'000 (2'357) 500'950 (33'672) 78 68'017 (292'796) 460'462

Target Price 25 30 25 29 20 #N/A N/A 35 33 28 26 27 23 22 27 27 26 26 33 22 21 22 26 23 22 27 29 #N/A N/A #N/A N/A 30 26 23 22 30 22 32 #N/A N/A 31

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 06.02.2013 08.02.2013 08.08.2013 28.06.2013 30.08.2013 23.07.2013 31.12.2012 28.03.2013 30.04.2013 30.06.2013 01.07.2013 28.03.2013 28.03.2013 28.06.2013 28.03.2013 31.01.2013 30.06.2013 30.04.2013 31.10.2012 01.07.2013

Date Not Provided Not Provided 6 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 3 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 3 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month

Inst Type Holding Company n/a n/a Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 27.08.2013 22.08.2013 16.08.2013 14.08.2013 12.08.2013 06.08.2013 06.08.2013 06.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 29.07.2013 04.07.2013 06.06.2013 22.05.2013 22.05.2013 21.05.2013 03.05.2013 16.04.2013 01.03.2013 17.01.2013 03.12.2012 16.08.2012

03.09.2013

Morphosys AG MorphoSys AG is a biotechnology company. The Company uses proprietary technology to develop human antibodies tailored to treat specific diseases. MorphoSys is developing medicines to treat cancer and inflammation.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.08.2013) 52-Week Low (20.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MOR GY EQUITY YTD Change MOR GY EQUITY YTD % CHANGE

12/2012 06/yy 60.00 19.16 16'317.00 56.08 -6.53% 192.69% 91.72% 23.4 1'312.31 0.07 0.0 0.0 119.43 1'166.08

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 s-12

31.12.2009 31.12.2010 81.0 87.0 3.09x 3.62x 16.8 16.0 14.96x 19.75x 9.0 9.2 42.60x 45.20x Profitability

LTM-4Q 31.12.2011 82.1 3.28x 15.9 16.87x 8.2 48.69x

31.12.2012 51.9 10.74x 8.5 65.59x 1.9 293.00x 8.50 2.19 4.22% 5.88% 9.31% 10.43% 10.47% 0.34% 33.3% 26.4% 3.7% 11.74 8.20 0.03% 0.04% 3.98 0.74

Price/ Cash Flow

06/yy 41.5 27.97x (8.5) 0.00x (7.8) 0.00x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 80.6 29.65x 26.8 30.98x 21.9 61.40x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.64 21.30 185.47% 91.40% 0.641 12 4.500 165'734 107'859 126'122 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 76.2 73.4 13.58x 14.43x 7.8 0.8 149.79x 1400.68x 9.2 0.7 169.94x 18693.33x S&P Issuer Ratings

85.92 75.65 -5.45 0.00 0.0% 0.0% 0.34 18.88 91.78 493.62 -4172.58 -

Sales/Revenue/Turnover

500.00

100.0

450.00

90.0

400.00

80.0

350.00

70.0

300.00

60.0

250.00 200.00

50.0 40.0

150.00

30.0

100.00

20.0

50.00

10.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 71.6 3.95x 21.7 13.07x 13.2 31.78x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Morphosys AG Holdings By:

All

Holder Name MASSACHUSETTS MUTUAL OPPENHEIMERFUNDS INC NOVARTIS PHARMA AG BNP PARIBAS INV PART INVESCO LTD NORGES BANK MORONEY SIMON E BLACKROCK MORPHOSYS AG UNION INVESTMENT GMB LORD ABBETT & CO LLC VANGUARD PICTET FUNDS UNION INVESTMENT LUX HIGHBRIDGE CAPITAL M JP MORGAN HARTFORD INVESTMENT DEUTSCHE BANK AG BARING FUND MANAGERS DEXIA ASSET MANAGEME

Firm Name Commerzbank Corporates & Markets Nomura Code Securities Helvea Independent Research GmbH DZ Bank AG EVA Dimensions Deutsche Bank Close Brothers Equity Markets Landesbank Baden-Wuerttemberg Kempen & Co Vara Research Equinet Institutional Services(ESN)

Portfolio Name n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst DANIEL WENDORFF GARY WAANDERS OLAV ZILIAN CHRISTOPH SCHOENDUBE PETER SPENGLER TIMOTHY STANISH GUNNAR ROMER IGOR KIM TIMO KUERSCHNER SACHIN SONI THOMAS J SCHIESSLE EDOUARD AUBERY

Source Research MF-AGG Research ULT-AGG ULT-AGG MF-AGG Co File ULT-AGG Co File MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG Short ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy buy buy hold buy underweight buy buy buy buy buy buy

Amt Held % Out 1'697'540 7.25 1'526'167 6.52 1'399'788 5.98 753'897 3.22 745'845 3.19 653'729 2.79 419'885 1.79 360'669 1.54 255'415 1.09 225'794 0.96 158'664 0.68 131'079 0.56 121'676 0.52 117'129 0.5 (112'119) -0.48 95'657 0.41 82'190 0.35 80'000 0.34 68'892 0.29 68'139 0.29

Weighting

Change 5 5 5 3 5 1 5 5 5 5 5 5

M M M M M U M M M M M M

Latest Chg 981 190'723 67'109 65'794 16'983 11'110 (4'255) 52'945 18'687 28'036 -

Target Price 65 60 72 62 62 #N/A N/A 61 60 58 60 48 30

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 27.08.2012 Insurance Company 30.06.2013 Investment Advisor 31.12.2012 Corporation 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.12.2012 n/a 30.08.2013 Investment Advisor 31.12.2012 Corporation 28.03.2013 Investment Advisor 28.06.2013 Investment Advisor 30.06.2013 Unclassified 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 12.06.2013 Hedge Fund Manager 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor

Date 6 month 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month

Date 28.08.2013 20.08.2013 20.08.2013 14.08.2013 13.08.2013 13.08.2013 12.08.2013 12.08.2013 05.08.2013 18.07.2013 14.06.2013 27.02.2013

03.09.2013

Merck KGaA Merck KGaA is a global pharmaceutical and chemicals company. The Company researches drugs in the areas oncology and neurodegenerative as well as autoimmune and inflammatory diseases. Also, it markets cardiovascular, fertility, endocrinology, and over-the-counter products as well as products for flat screens and the pharmaceutical, food, cosmetics, packaging, and coatings.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MRK GY EQUITY YTD Change MRK GY EQUITY YTD % CHANGE

12/2012 06/yy 128.50 90.51 16'719.00 116.1 -9.65% 28.27% 67.75% 64.6 25'293.20 4'453.50 0.0 53.4 2'527.60 26'658.70

.8 M .7 M .6 M

.5 M

.4 M .3 M

.2 M

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.9 M

120 100

Valuation Analysis

31.12.2008 7'201.6 2.02x 2'436.5 5.98x 367.1 38.17x

140

31.12.2009 31.12.2010 7'377.7 8'928.9 1.96x 1.96x 1'675.8 2'497.0 8.64x 7.02x 366.3 632.1 38.79x 20.57x Profitability

LTM-4Q 31.12.2011 9'905.9 2.05x 2'689.8 7.54x 606.5 27.61x

31.12.2012 10'740.8 2.20x 2'917.8 8.12x 566.7 38.25x 2'917.80 1'521.20 14.16% 6.60% 4.76% 9.91% 0.50% 70.6% 28.4% 15.6% 5.3% 1.45 1.02 20.58% 42.98% 4.84 1.93

Price/ Cash Flow

LTM

06/yy 10'265.8 7.52x 2'394.1 8.40x 463.6 36.97x

06/yy 10'838.1 9.30x 3'073.1 8.74x 1'039.3 24.58x

FY+1

.0 M s-13

0.65 64.62 28.25% 18.03% 0.652 31 2.710 162'537 195'977 223'849 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 11'228.5 11'306.8 2'777.2 2'788.2 2.38x 2.24x 3'094.3 3'258.6 774.3 777.3 8.62x 8.18x 1'889.9 1'972.1 464.5 458.5 13.38x 12.80x S&P Issuer Ratings

29.05.2013 A STABLE 29.05.2013 A-1 13.15 11.67 0.43 1.51 43.0% 30.0% 0.50 3.85 75.46 188.84 155.94 116.89

Sales/Revenue/Turnover

16.00

12'000.0

14.00

10'000.0

12.00

8'000.0

10.00 8.00

6'000.0

6.00

4'000.0

4.00

2'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Merck KGaA Holdings By:

All

Holder Name BLACKROCK SUN LIFE FINANCIAL I FRANKLIN RESOURCES CAPITAL GROUP COMPAN MFS INSTITUTIONAL AD CREDIT SUISSE GROUP SUN LIFE FINANCIAL I NORGES BANK GOLDMAN SACHS GROUP VANGUARD UNION INVESTMENT GMB MORGAN STANLEY ARTEMIS INVESTMENT M ALLIANZ ASSET MANAGE MFS FINANCIAL SERVIC ADIG INVESTMENT UNITED SERVICES AUTO MASON STREET ADVISOR DEUTSCHE BANK AG DB PLATINUM ADVISORS

Firm Name Hamburger Sparkasse AlphaValue Societe Generale Helvea Morgan Stanley DZ Bank AG Nord/LB Equinet Institutional Services(ESN) Credit Suisse JPMorgan Independent Research GmbH M.M. Warburg Investment Research Bankhaus Metzler Barclays Deutsche Bank Landesbank Baden-Wuerttemberg Berenberg Bank Bryan Garnier & Cie S&P Capital IQ Exane BNP Paribas Commerzbank Corporates & Markets Goldman Sachs Main First Bank AG EVA Dimensions UBS Redburn Partners Mirabaud Securities National Bank AG Jefferies Cyrrus Equita SIM SpA

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst MARCO GUENTHER MARTIN SCHNEE STEPHEN MCGARRY ODILE RUNDQUIST AMY WALKER PETER SPENGLER THORSTEN STRAUSS MARIETTA MIEMIETZ MATTHEW WESTON RICHARD VOSSER CHRISTOPH SCHOENDUBE ULRICH HUWALD SEBASTIAN FRERICKS MICHAEL LEUCHTEN HOLGER BLUM TIMO KUERSCHNER ALISTAIR CAMPBELL MARTIAL DESCOUTURES JACOB THRANE VINCENT MEUNIER DANIEL WENDORFF STEVE CHESNEY MARCUS WIEPRECHT TIMOTHY STANISH ANDREW WHITNEY TEAM COVERAGE NICHOLAS TURNER STEFFEN MANSKE JEFFREY HOLFORD TOMAS MENCIK GIANMARCO BONACINA

Source ULT-AGG Co File ULT-AGG ULT-AGG Research Research ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation hold sell sell hold Overwt/Attractive buy hold accumulate neutral neutral hold hold sell underweight buy hold hold neutral sell neutral reduce Sell/Neutral underperform buy buy neutral reduce sell hold sell not rated

Amt Held 6'419'685 6'175'369 3'222'248 2'838'695 1'884'389 1'860'448 1'777'770 1'525'433 1'235'595 1'038'686 744'289 495'844 483'289 467'518 375'267 362'797 354'137 233'520 232'156 230'657

% Out 9.93 9.56 4.99 4.39 2.92 2.88 2.75 2.36 1.91 1.61 1.15 0.77 0.75 0.72 0.58 0.56 0.55 0.36 0.36 0.36

Weighting

Change

3 1 1 3 5 5 3 4 3 3 3 3 1 1 5 3 3 3 1 3 2 1 1 5 5 3 2 1 3 1 #N/A N/A

U M M M M M M M M M M M M M M M M M M M M N M M M D D M M M M

Latest Chg 13'924 10'600 (5'513) 30'283 46'500 (158) 472'289 (53'250) (28'691) 7'627 50'673

Target Price 71 105 103 119 142 135 128 133 126 125 132 121 100 89 148 118 92 110 106 121 105 114 100 #N/A N/A 131 #N/A N/A 89 #N/A N/A 88 77 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.08.2013 31.12.2011 28.06.2013 30.06.2013 12.03.2012 12.08.2011 30.06.2013 31.12.2012 28.02.2013 30.06.2013 28.03.2013 30.06.2013 31.12.2012 31.07.2013 30.06.2013 30.04.2013 28.02.2013 31.03.2013 17.04.2012 31.07.2013

Date 12 month 6 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 9 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 6 month 12 month Not Provided 6 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 29.08.2013 29.08.2013 27.08.2013 15.08.2013 14.08.2013 14.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 01.08.2013 20.06.2013 17.06.2013 06.06.2013 16.05.2013 12.04.2013 24.12.2012 15.11.2012 10.10.2012 05.04.2012 23.02.2010

03.09.2013

MTU Aero Engines AG MTU Aero Engines AG develops and manufactures engines and offers commercial engine services and support. The Company sells to manufacturers and operators of engines and industrial gas turbines across the world.

Price/Volume 90

1.6 M

1.4 M

1.2 M

1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (12.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MTX GY EQUITY YTD Change MTX GY EQUITY YTD % CHANGE

12/2012 06/yy 79.61 58.05 20'081.00 69.58 -12.60% 19.86% 50.97% 52.0 3'618.16 618.90 0.0 0.0 198.40 4'129.26

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.6 M

30 20

.4 M

.2 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 2'724.3 0.45x 407.5 2.99x 179.7 5.38x

.8 M

Valuation Analysis

31.12.2009 31.12.2010 2'610.8 2'707.4 0.77x 0.95x 368.3 398.9 5.48x 6.43x 141.0 142.2 13.21x 17.39x Profitability

LTM-4Q 31.12.2011 2'932.1 0.83x 420.8 5.78x 159.2 15.17x

31.12.2012 3'378.6 1.16x 490.9 7.97x 173.9 20.06x 490.90 287.10 8.50% 8.04% 3.08% 12.47% 0.86% 16.4% 13.3% 7.4% 5.1% 1.11 0.47 14.52% 56.82% 6.52 3.65

Price/ Cash Flow

06/yy 3'144.6 3.49x 405.0 8.42x 196.3 14.72x

LTM 06/yy 3'671.8 4.36x 490.0 8.73x 132.2 28.50x

FY+1

.0 M s-13

0.78 50.63 16.13% 3.04% 0.777 25 3.560 118'375 195'634 160'572 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'745.2 4'030.4 1.10x 1.01x 502.3 550.9 8.22x 7.50x 223.0 250.8 61.0 55.6 15.89x 14.10x S&P Issuer Ratings

11.05.2010 NR 76.70 61.22 1.04 1.49 56.8% 36.2% 0.86 6.11 55.95 99.91 74.79 92.76

Sales/Revenue/Turnover

25.00

4'000.0 3'500.0

20.00

3'000.0 2'500.0

15.00

2'000.0 10.00

1'500.0 1'000.0

5.00

0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

MTU Aero Engines AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN FIL LIMITED ALLIANZ ASSET MANAGE BLACKROCK GOLDMAN SACHS GROUP UBS ARTISAN PARTNERS HOL FRANKLIN RESOURCES GRYPHON INTERNATIONA AMERIPRISE FINANCIAL INVESTEC ASSET MANAG SCHRODERS PLC FMR LLC DEUTSCHE BANK AG MTU AERO ENGINES HOL THREADNEEDLE INVESTM WILLIAM BLAIR & COMP VANGUARD NORGES BANK FRANKFURT TRUST INVE

Firm Name Hauck & Aufhaeuser AlphaValue EVA Dimensions UBS Landesbank Baden-Wuerttemberg Berenberg Bank Societe Generale Commerzbank Corporates & Markets Morgan Stanley HSBC Independent Research GmbH Bankhaus Lampe Oddo & Cie Bankhaus Metzler Kepler Cheuvreux Equinet Institutional Services(ESN) DZ Bank AG Deutsche Bank Nord/LB JPMorgan Exane BNP Paribas Main First Bank AG Cantor Fitzgerald National Bank AG

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a #N/A N/A n/a n/a n/a Multiple Portfolios WILLIAM BLAIR & COMP n/a Multiple Portfolios Multiple Portfolios

Analyst FINN HENNING BREITER HEINZ STEFFEN TIMOTHY STANISH RAMI MYERSON STEFAN MAICHL FREDERIK BITTER ZAFAR KHAN STEPHAN BOEHM RUPINDER VIG RICHARD SCHRAMM ZAFER RUZGAR SEBASTIAN HEIN YAN DEROCLES HELENA WUESTENFELD CHRISTOPHE MENARD ADRIAN PEHL MARKUS TURNWALD BEN FIDLER WOLFGANG DONIE DAVID H PERRY OLIVIER BROCHET CHLOE LEMARIE ANDREW CHAMBERS STEFFEN MANSKE

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG Research ULT-AGG Co File Research Research Research ULT-AGG ULT-AGG Research MF-AGG 13F ULT-AGG MF-AGG MF-AGG

Recommendation buy reduce overweight neutral buy hold buy buy Equalwt/In-Line neutral hold hold neutral buy hold accumulate buy buy buy neutral underperform underperform hold buy

Amt Held 12'823'558 2'554'394 2'552'888 2'337'756 1'966'413 1'887'531 1'631'852 1'589'686 1'570'400 1'565'370 1'557'292 1'550'721 1'531'691 1'375'150 1'367'315 1'272'548 1'102'838 1'052'807 917'776 430'000

% Out 24.66 4.91 4.91 4.5 3.78 3.63 3.14 3.06 3.02 3.01 2.99 2.98 2.95 2.64 2.63 2.45 2.12 2.02 1.76 0.83

Weighting

Change 5 2 5 3 5 3 5 5 3 3 3 3 3 5 3 4 5 5 5 3 1 1 3 5

M M U M M M M M M M M M M M D U M M M D M M N M

Latest Chg (252'000) 43'894 (62'652) 15 (26'000) (285) 112'538 78'927 (53'415) -

Target Price 82 65 #N/A N/A 70 78 72 77 81 63 73 72 69 70 76 68 73 79 72 78 79 71 61 82 53

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2013 06.06.2013 31.07.2013 30.08.2013 11.05.2012 31.05.2013 13.08.2013 28.06.2013 31.12.2011 29.10.2012 15.05.2013 20.08.2013 25.06.2012 28.06.2013 23.01.2012 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.04.2013

Date 12 month 6 month Not Provided 12 month Not Provided Not Provided 12 month 6 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 15 month Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Unclassified Government Investment Advisor

Date 30.08.2013 29.08.2013 19.08.2013 02.08.2013 31.07.2013 29.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 16.07.2013 25.06.2013 06.06.2013 06.10.2010

03.09.2013

Muenchener Rueckversicherungs AG Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial services. The Company offers reinsurance, insurance, and asset management services. MunichRe has subsidiaries in most major financial centers throughout the world.

Price/Volume 180

2.5 M

160 2.0 M

140 120

1.5 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.04.2013) 52-Week Low (03.09.2012) 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 MUV2 GY EQUITY YTD Change MUV2 GY EQUITY YTD % CHANGE

12/2012 06/yy 158.65 116.90 127'127.00 138.1 -12.95% 18.14% 53.17% 179.3 24'767.02 6'256.00 0.0 242.0 2'860.00 26'573.02

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.5 M

20 0 s-12

31.12.2009 31.12.2010 53'891.0 59'111.0 0.44x 0.42x 2'521.0 2'422.0 8.39x 8.69x Profitability

LTM-4Q 31.12.2011 60'908.0 0.33x 702.0 24.03x

31.12.2012 65'896.0 0.43x 3'195.0 7.56x 6.64% 6.19% 1.22% 12.30% 10.97% 0.26% 4.8% 2.42% 23.02% -

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

LTM

06/yy 64'012.0 1.33x 0.0 0.00x 2'501.0 7.88x

06/yy 65'533.0 1.67x 0.0 0.00x 3'108.0 8.08x

FY+1

.0 M s-13

0.96 178.32 22.28% 6.32% 0.957 36 3.472 625'385 542'448 612'115 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 54'500.9 55'720.4 0.55x 0.54x 2'996.6 2'956.4 649.5 682.5 8.25x 8.25x S&P Issuer Ratings

AASTABLE 23.0% 18.6% 0.26 -

Sales/Revenue/Turnover

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00 5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 47'151.0 0.56x 1'555.0 14.34x

1.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Muenchener Rueckversicherungs AG Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I BLACKROCK CREDIT SUISSE AG PEOPLES BANK OF CHIN NORGES BANK FRANKLIN RESOURCES DEUTSCHE BANK AG ALLIANZ ASSET MANAGE VANGUARD ARTISAN PARTNERS HOL DB PLATINUM ADVISORS AMUNDI DEKA INVESTMENT GMBH SOCIETE GENERALE SA MACKENZIE FINANCIAL TWEEDY BROWNE COMPAN UNION INVESTMENT GMB ADIG INVESTMENT BNP PARIBAS INV PART UBS

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst

AlphaValue DIETER HEIN Kepler Cheuvreux FABRIZIO CROCE Exane BNP Paribas THOMAS JACQUET Morgan Stanley MACIEJ WASILEWICZ Helvea DANIEL BISCHOF Credit Suisse ADAM MCINALLY JPMorgan MICHAEL HUTTNER Societe Generale JASON KALAMBOUSSIS HSBC THOMAS FOSSARD Bankhaus Lampe ANDREAS SCHAEFER Hamburger Sparkasse CHRISTIAN HAMANN Oddo & Cie NICOLAS JACOB Bankhaus Metzler JOCHEN SCHMITT S&P Capital IQ RODERICK WALLACE Nord/LB JULIA SIEKMANN RBC Capital Markets KAMRAN HOSSAIN Keefe, Bruyette & Woods WILLIAM HAWKINS Sanford C. Bernstein & Co THOMAS SEIDL Raymond James RAPHAEL CARUSO Landesbank Baden-Wuerttemberg WERNER SCHIRMER Independent Research GmbH STEFAN BONGARDT Berenberg Bank TOM CARSTAIRS Bryan Garnier & Cie OLIVIER PAUCHAUT Nomura MICHAEL KLIEN Equinet Institutional Services(ESN) PHILIPP HAESSLER DZ Bank AG THORSTEN WENZEL Barclays ANDREW BROADFIELD Mediobanca SpA MARC THIELE Canaccord Genuity Corp BEN COHEN Main First Bank AG MICHAEL HAID EVA Dimensions DOUG WALTERS Natixis BENOIT VALLEAUX Day by Day VALERIE GASTALDY Goldman Sachs VINIT MALHOTRA Espirito Santo Investment Bank Research JOY FERNEYHOUGH Daiwa Securities Co. Ltd. TIM PROUDLOVE

Source ULT-AGG ULT-AGG ULT-AGG Co File MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation reduce buy underperform Overwt/In-Line hold neutral neutral hold overweight hold buy reduce buy hold hold sector perform outperform underperform market perform hold hold buy sell reduce hold buy overweight outperform buy underperform overweight neutral buy Buy/Neutral neutral outperform

Amt Held 20'086'215 17'200'785 5'565'292 5'380'236 3'648'401 2'274'183 2'141'643 1'941'497 1'938'192 1'853'518 1'482'361 1'453'556 1'349'274 1'022'103 935'218 909'100 835'251 699'370 657'049 644'248

% Out 11.2 9.59 3.1 3 2.03 1.27 1.19 1.08 1.08 1.03 0.83 0.81 0.75 0.57 0.52 0.51 0.47 0.39 0.37 0.36

Weighting

Change 2 5 1 5 3 3 3 3 5 3 5 2 5 3 3 3 5 1 3 3 3 5 1 2 3 5 5 5 5 1 5 3 5 5 3 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M U M M U

Latest Chg (2'269) (1'208) (305'246) 6'904 (36'391) (80'357) 55'290 1'080'048 1'133'412 (239'245) (117'678) (376'953) 763 (200) (136'562) (34'300)

Target Price 149 163 140 155 150 155 154 142 180 150 #N/A N/A 125 171 160 154 145 170 117 #N/A N/A 150 160 166 155 140 150 165 159 170 162 155 #N/A N/A 143 164 175 118 119

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 30.08.2013 31.05.2013 31.12.2012 31.12.2012 28.06.2013 28.06.2013 31.07.2013 30.06.2013 31.03.2013 31.07.2013 30.04.2013 30.04.2013 07.06.2013 31.05.2013 31.03.2012 28.03.2013 30.04.2013 30.04.2013 30.08.2013

Date 6 month Not Provided Not Provided 12 month 12 month Not Provided 3 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 3 month 12 month Not Provided 6 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Unclassified Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 29.08.2013 26.08.2013 22.08.2013 16.08.2013 15.08.2013 13.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 22.07.2013 19.07.2013 10.07.2013 12.06.2013 06.06.2013 08.05.2013 10.04.2013 14.03.2013 02.02.2012 10.05.2011

03.09.2013

Aurubis AG Aurubis AG operates copper smelting and refining facilities. The Company primarily produces copper rod used in the manufacture of power cables, building wires and other wiring used in electrical applications. Aurubis also produces copper cakes, cathodes, billets and bars and markets precious metals, chemicals and other metals produced as by-products of copper smelting.

Price/Volume 60

.8 M .7 M

.6 M .5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (05.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NDA GY EQUITY YTD Change NDA GY EQUITY YTD % CHANGE

09/2012 06/yy 57.79 38.55 16'686.00 44.32 -23.31% 14.97% 31.99% 45.0 1'992.48 774.47 0.0 4.0 669.67 2'213.95

30.09.2008 8'384.6 0.24x 374.8 5.28x 169.0 7.20x

.4 M

.3 M .2 M

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.9 M

30.09.2009 30.09.2010 6'686.9 9'865.4 0.23x 0.19x 77.3 581.4 19.89x 3.28x (47.1) 324.2 4.41x Profitability

LTM-4Q 30.09.2011 13'335.8 0.15x 579.0 3.40x 320.8 5.23x

30.09.2012 13'789.2 0.16x 744.7 2.89x 361.1 5.66x

744.73 583.29 4.23% 3.72% 3.08% 7.03% 8.06% 2.80% 3.3% 2.1% 2.6% 2.25 0.78 15.84% 35.31% 23.31 -

Price/ Cash Flow

LTM

06/yy 13'808.4 0.58x 639.0 2.95x 304.8 5.62x

06/yy 13'185.0 0.54x 296.6 0.00x (128.4) 0.00x

FY+1

.0 M s-13

0.89 33.68 5.18% -15.56% 0.892 19 3.632 156'106 173'757 195'353 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 12'880.9 12'968.6 2'928.0 0.17x 0.16x 341.3 427.0 77.0 6.51x 5.20x 138.1 185.2 30.0 14.42x 10.61x S&P Issuer Ratings

6.91 5.34 0.49 1.38 35.3% 26.1% 2.80 11.10 15.66 -

Sales/Revenue/Turnover

30.00

16'000.0 14'000.0

25.00

12'000.0 20.00

10'000.0 8'000.0

15.00

6'000.0

10.00

4'000.0 5.00 0.00 02.10.2009

2'000.0 0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Aurubis AG Holdings By:

All

Holder Name SALZGITTER AG BLACKROCK NORGES BANK DJE INVESTMENT SA DEUTSCHE BANK AG DIMENSIONAL FUND ADV DELTA LLOYD FUND MAN FMR LLC ALLIANZ ASSET MANAGE FRANKFURT TRUST INVE VANGUARD SCHRODER INVESTMENT LBPAM ADIG INVESTMENT LANDESBANK BERLIN IN ACATIS GRANTHAM MAYO VAN OT BANQUE DEGROOF PRUDENTIAL FINANCIAL JP MORGAN

Firm Name Commerzbank Corporates & Markets Main First Bank AG Baader Bank Landesbank Baden-Wuerttemberg Hauck & Aufhaeuser Bankhaus Lampe EVA Dimensions Nord/LB Independent Research GmbH DZ Bank AG Societe Generale HSBC M.M. Warburg Investment Research Deutsche Bank SRH AlsterResearch Kepler Cheuvreux Steubing AG Morgan Stanley Hamburger Sparkasse Solventis WPH-Bank GmbH

Portfolio Name n/a n/a #N/A N/A n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst INGO-MARTIN SCHACHEL ALEXANDER HAUENSTEIN CHRISTIAN OBST JENS MUENSTERMANN FINN HENNING BREITER MARC GABRIEL TIMOTHY STANISH HOLGER FECHNER SVEN DIERMEIER DIRK SCHLAMP AMIT PANSARI THORSTEN ZIMMERMANN EGGERT KULS BENJAMIN KOHNKE OLIVER DREBING ROCHUS BRAUNEISER MICHAEL BROEKER ALAIN GABRIEL INGO SCHMIDT KLAUS SOER

Source Research ULT-AGG Research Research ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation buy outperform buy buy buy hold underweight buy hold buy buy neutral hold hold sell buy buy Underwt/In-Line hold buy

Amt Held 11'240'000 1'990'136 1'355'640 1'325'794 1'295'644 1'110'592 508'501 450'000 399'547 371'600 276'516 231'753 193'957 192'606 149'597 149'000 146'388 132'100 117'023 101'518

% Out 25 4.43 3.02 2.95 2.88 2.47 1.13 1 0.89 0.83 0.62 0.52 0.43 0.43 0.33 0.33 0.33 0.29 0.26 0.23

Weighting

Change 5 5 5 5 5 3 1 5 3 5 5 3 3 3 1 5 5 1 3 5

M M M M M M D M M M M M M M M M M M M U

Latest Chg 587 1'472 (450) 70'903 20'742 19'131 10'000 (3'854) 10'000 (5'032) (46'457)

Target Price 50 53 55 50 61 45 #N/A N/A 50 46 47 51 45 46 48 38 49 67 38 #N/A N/A 49

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 29.08.2011 30.08.2013 27.08.2013 19.08.2011 06.01.2012 30.04.2013 31.05.2013 31.05.2013 28.06.2013 30.04.2013 30.06.2013 30.06.2013 28.03.2013 30.04.2013 31.07.2013 28.03.2013 31.05.2012 01.08.2013 31.07.2013 30.04.2013

Date 6 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 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month

Inst Type Corporation Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.08.2013 29.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 23.08.2013 21.08.2013 19.08.2013 16.08.2013 14.08.2013 14.08.2013 14.08.2013 13.08.2013 13.08.2013 01.08.2013 29.07.2013 24.06.2013 15.02.2012 25.01.2012

03.09.2013

Nordex SE Nordex SE develops, produces, installs, and maintains electricity-generating wind turbines. The Company also designs and produces blades and control systems.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.08.2013) 52-Week Low (30.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NDX1 GY EQUITY YTD Change NDX1 GY EQUITY YTD % CHANGE

12/2012 06/yy 9.35 2.57 432'803.00 9.167 -1.96% 256.28% 95.72% 73.5 674.04 245.15 0.0 0.3 295.37 682.37

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 1'135.7 0.49x 68.3 8.13x 47.6 14.04x

10 9 8 7 6 5 4 3 2 1 0 s-12

31.12.2009 31.12.2010 1'182.8 972.0 0.54x 0.38x 68.2 61.7 9.37x 5.92x 24.3 20.9 29.11x 17.76x Profitability

LTM-4Q 31.12.2011 916.8 0.35x (8.6) (48.5) -

31.12.2012 1'075.3 0.16x 22.4 7.60x (93.9) 22.37 -46.87 -4.36% -7.92% -6.83% -21.83% 1.29% 4.1% -1.4% -8.7% 1.47 0.71 23.00% 87.90% -

Price/ Cash Flow

06/yy 934.6 1.33x (21.5) 0.00x (68.1) 0.00x

LTM 06/yy 1'314.8 1.24x 54.2 7.40x (69.8) 0.00x

FY+1

.0 M s-13

0.84 55.14 184.42% 206.28% 0.841 11 2.909 1'324'658 1'100'001 775'211 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'276.2 1'325.0 0.49x 0.47x 70.3 88.9 9.71x 7.68x 12.0 19.7 70.52x 36.52x S&P Issuer Ratings

0.89 -1.28 0.15 3.90 87.9% 46.8% 1.29 10.66 -

Sales/Revenue/Turnover

160.00

1'400.0

140.00

1'200.0

120.00

1'000.0

100.00

800.0

80.00

600.0

60.00

400.0

40.00

200.0

20.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Nordex SE Holdings By:

All

Holder Name SKION MOMENTUM CAPIT JP MORGAN NORGES BANK DIMENSIONAL FUND ADV UNIVERSAL INVESTMENT HABBEL, POHLIG & PAR DEUTSCHE BANK AG FIRST TRUST ENNISMORE FUND MANAG VANGUARD PASSPORT CAPITAL LLC HAUCK & AUFHAEUSER I DIGITAL FUNDS HAUCK & AUFHAUSER IN INVESCO LTD GUINNESS ATKINSON AS MEAG LUXEMBOURG SARL BLACKROCK LBBW ASSET MANAGEMEN BNY MELLON SERVICE K

Firm Name Commerzbank Corporates & Markets EVA Dimensions AlphaValue Independent Research GmbH Nord/LB Deutsche Bank M.M. Warburg Investment Research HSBC Macquarie Montega UBS

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst SEBASTIAN GROWE TIMOTHY STANISH HEINZ STEFFEN SVEN DIERMEIER HOLGER FECHNER ALEXANDER KARNICK CHRISTOPHER RODLER SEAN D MCLOUGHLIN SHAI HILL WAIS SAMADZADA JEAN-FRANCOIS MEYMANDI

Source Co File ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG Short ULT-AGG Short MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation hold overweight reduce hold sell hold buy neutral underperform hold neutral

Amt Held % Out 18'375'023 24.99 2'259'643 3.07 1'356'490 1.84 933'158 1.27 760'000 1.03 662'779 0.9 566'549 0.77 372'190 0.51 (360'295) -0.49 353'547 0.48 (264'706) -0.36 250'000 0.34 241'609 0.33 197'452 0.27 123'143 0.17 70'100 0.1 41'400 0.06 (31'364) -0.04 29'000 0.04 21'000 0.03

Weighting

Change 3 5 2 3 1 3 5 3 1 3 3

D D M D M M M U M D N

Latest Chg 450'000 262'779 216'549 10'059 44'117 11'745 169'118 129'548 71'635 (4'000) -

Target Price 9 #N/A N/A 8 10 7 6 9 6 3 7 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Unclassified 23.08.2013 Investment Advisor 31.12.2012 Government 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 28.06.2013 Investment Advisor 30.08.2013 Investment Advisor 01.08.2013 Investment Advisor 30.06.2013 Unclassified 25.04.2013 Hedge Fund Manager 29.06.2012 Investment Advisor 31.05.2013 Investment Advisor 28.08.2013 Investment Advisor 30.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.12.2011 Investment Advisor 30.08.2013 Investment Advisor 28.03.2013 Investment Advisor 31.07.2013 Investment Advisor

Date 6 month Not Provided 6 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month

Date 30.08.2013 30.08.2013 29.08.2013 20.08.2013 19.08.2013 15.08.2013 15.08.2013 24.06.2013 16.05.2013 15.05.2013 09.10.2012

03.09.2013

Norma Group SE Norma Group SE develops and manufactures plastic and metal-based components and systems in the field of connecting technology. The Company develops engineered joining technology components for various applications, including cooling system, air intake and induction, emission control, ancillary system and infrastructure. NORMA Group operates worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (12.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NOEJ GY EQUITY YTD Change NOEJ GY EQUITY YTD % CHANGE

12/2012 06/yy 33.30 17.49 17'220.00 32.115 -3.56% 83.62% 89.25% 31.9 1'023.26 246.59 0.0 1.0 72.39 1'196.21

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 s-12

31.12.2009 31.12.2010 329.8 490.4 33.8 90.6 (18.2) 30.2 Profitability

LTM-4Q 31.12.2011 581.4 1.18x 110.1 6.24x 35.7 13.45x

31.12.2012 604.6 1.40x 128.8 6.56x 56.6 11.80x 128.76 102.34 16.93% 13.42% 7.86% 19.33% 0.88% 19.8% 15.0% 9.4% 1.83 1.12 35.63% 85.82% 5.98 -

Price/ Cash Flow

06/yy 603.2 4.63x 122.1 6.12x 62.0 8.71x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 609.7 6.09x 120.4 8.78x 54.6 16.14x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.85 31.06 61.70% 56.54% 0.850 18 3.778 83'107 62'552 78'474 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 642.2 684.3 160.0 158.0 1.84x 1.66x 130.4 141.1 32.2 32.2 9.22x 8.52x 63.6 71.7 15.83x 14.01x S&P Issuer Ratings

9.87 8.04 1.43 1.95 85.8% 46.1% 0.88 5.87 61.06 -

Sales/Revenue/Turnover

14.00

700.0

12.00

600.0

10.00

500.0

8.00

400.0

6.00

300.0

4.00

200.0

2.00

100.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 457.6 63.0 (29.6) -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Norma Group SE Holdings By:

All

Holder Name AMERIPRISE FINANCIAL BNP PARIBAS INV PART THREADNEEDLE INVESTM ALLIANZ GLOBAL INVES BLACKROCK MONDRIAN INVESTMENT ALLIANZ ASSET MANAGE ODDO & CIE T ROWE PRICE ASSOCIA DEUTSCHE BANK AG CONNECTING CAPITAL H OZ MANAGEMENT LP COLUMBIA WANGER ASSE DANSKE INVEST A/S ODDO ASSET MANAGEMEN CAPITAL GROUP COMPAN DWS INVESTMENTS ADIG INVESTMENT FIL LIMITED SEB

Firm Name

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a

Analyst

Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL Exane BNP Paribas GERHARD ORGONAS Deutsche Bank TIM ROKOSSA DZ Bank AG JASKO TERZIC HSBC JOERG-ANDRE FINKE Macquarie CHRISTIAN BREITSPRECHER Hauck & Aufhaeuser PHILIPPE LORRAIN M.M. Warburg Investment Research CHRISTIAN COHRS Bankhaus Metzler JUERGEN PIEPER Main First Bank AG TOBIAS FAHRENHOLZ LFG Kronos Investment Services GmbH THOMAS ANEY Baader Bank PETER ROTHENAICHER Close Brothers Equity Markets DANIEL KUKALJ Goldman Sachs WILLIAM WYMAN Berenberg Bank BENJAMIN GLAESER EVA Dimensions TIMOTHY STANISH Nord/LB FRANK SCHWOPE

Source Research ULT-AGG MF-AGG Research ULT-AGG Research ULT-AGG Research Co File ULT-AGG Research Research MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation hold outperform buy hold neutral neutral buy hold buy outperform buy hold hold Buy/Neutral buy hold sell

Amt Held 3'172'259 2'003'089 1'854'787 1'832'961 1'824'467 1'700'937 1'408'649 1'081'190 964'148 949'650 800'595 789'223 755'570 624'748 593'657 516'300 507'006 492'680 487'587 415'852

% Out 9.96 6.29 5.82 5.75 5.73 5.34 4.42 3.39 3.03 2.98 2.51 2.48 2.37 1.96 1.86 1.62 1.59 1.55 1.53 1.31

Weighting

Change 3 5 5 3 3 3 5 3 5 5 5 3 3 5 5 3 1

M M M M M M M M M M M M M M M M M

Latest Chg 314'021 86'543 186'301 (23'341) (48'570) 419'333 5'271

Target Price 32 35 35 32 33 30 35 30 33 35 35 33 30 35 36 #N/A N/A 22

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 09.05.2013 Investment Advisor 27.08.2013 Investment Advisor 31.05.2013 Investment Advisor 14.01.2013 Other 30.08.2013 Investment Advisor 15.06.2012 Hedge Fund Manager 31.07.2013 Investment Advisor 05.09.2012 Bank 13.03.2012 Investment Advisor 24.07.2013 Investment Advisor 01.10.2012 Corporation 01.02.2012 Hedge Fund Manager 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor 30.09.2012 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 31.10.2012 Investment Advisor 28.03.2013 Unclassified

Date 6 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month Not Provided Not Provided 12 month

Date 30.08.2013 12.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 23.07.2013 16.07.2013 06.06.2013 27.05.2013

03.09.2013

XING AG XING AG provides an online community for professional networking. The Company's web site allows business professionals to search for contacts in multiple languages.

Price/Volume 90

.2 M

.1 M

Latest Fiscal Year: LTM as of: 52-Week High (23.08.2013) 52-Week Low (13.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance O1BC GY EQUITY YTD Change O1BC GY EQUITY YTD % CHANGE

12/2012 06/yy 78.40 33.39 3'515.00 74.41 -5.09% 122.88% 90.23% 5.6 415.23 0.00 0.0 0.0 58.77 350.91

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

30 20

.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 34.9 2.79x 12.5 7.83x 7.3 19.15x

.1 M

Valuation Analysis

31.12.2009 31.12.2010 44.0 53.5 2.78x 2.55x 17.1 20.7 7.13x 6.59x (1.7) 7.2 26.53x Profitability

LTM-4Q 31.12.2011 65.1 2.37x 56.1 2.76x (4.6) -

31.12.2012 72.1 2.37x 25.3 6.75x 7.7 29.08x 25.28 16.94 23.49% 16.72% 8.61% 16.61% 16.63% 0.79% 34.6% 23.4% 10.7% 1.89 1.80 0.00% 0.00% 12.65 -

Price/ Cash Flow

06/yy 68.7 11.93x 54.6 3.60x (5.7) 0.00x

LTM 06/yy 76.6 9.24x 26.6 8.38x 8.4 33.38x

FY+1

.0 M s-13

0.87 2.58 112.81% 79.85% 0.870 9 3.444 17'433 15'583 12'649 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 83.4 94.6 4.17x 3.53x 23.6 30.2 14.76x 11.56x 10.4 14.8 39.50x 27.84x S&P Issuer Ratings

1149.00 1025.14 -2.42 0.00 0.0% 0.0% 0.79 13.87 28.86 -

Sales/Revenue/Turnover

30.00

80.0 70.0

25.00

60.0 20.00

50.0 40.0

15.00

30.0

10.00

20.0 5.00 0.00 01.01.2010

10.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

XING AG Holdings By:

All

Holder Name BURDA DIGITAL VENTUR DEUTSCHE BANK AG SCHRODERS PLC ENNISMORE FUND MANAG RUANE CUNNIFF & GOLD BAILLIE GIFFORD AND VANGUARD ALLIANZ GLOBAL INVES INVESTOREN TGV WHALE ROCK CAPITAL M NOMURA TRANSAMERICA INVESTM XING AG BLACKROCK INVESTORS TFI SA HANSAINVEST GMBH COMINVEST ASSET MANA UNIVERSAL INVESTMENT MAINFIRST SICAV DIMENSIONAL FUND ADV

Firm Name Hauck & Aufhaeuser Commerzbank Corporates & Markets EVA Dimensions M.M. Warburg Investment Research Berenberg Bank Montega Deutsche Bank Close Brothers Equity Markets JPMorgan Jefferies GSC Research

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst SASCHA BERRESCH HEIKE PAULS ANDREW S ZAMFOTIS JOCHEN REICHERT SARAH SIMON ALEXANDER BRAUN BENJAMIN KOHNKE MARCUS SILBE NICOLAS J DUBOURG DAVID REYNOLDS MATTHIAS SCHRADE

Source Co File ULT-AGG Co File Research Co File Research ULT-AGG Research Research Research ULT-AGG MF-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation sell buy hold hold buy sell buy buy neutral underperform hold

Amt Held 2'943'726 388'794 277'710 276'438 166'626 161'344 160'168 157'366 155'720 97'778 92'000 57'000 55'542 19'473 14'290 11'400 10'000 8'600 6'000 2'673

% Out 52.75 6.97 4.98 4.95 2.99 2.89 2.87 2.82 2.79 1.75 1.65 1.02 1 0.35 0.26 0.2 0.18 0.15 0.11 0.05

Weighting

Change 1 5 3 3 5 1 5 5 3 1 3

D M U D M D M M M M M

Latest Chg (16'477) 244 14'290 (7'450) (549)

Target Price 60 78 #N/A N/A 68 74 50 73 65 46 32 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 13.03.2013 Corporation 30.04.2013 Investment Advisor 12.03.2013 Investment Advisor 26.08.2013 Investment Advisor 12.03.2013 Investment Advisor 31.08.2012 Investment Advisor 30.06.2013 Unclassified 01.02.2012 Investment Advisor 05.07.2012 Investment Advisor 18.12.2012 Hedge Fund Manager 13.08.2012 Unclassified 30.06.2013 Investment Advisor 12.03.2013 Corporation 30.08.2013 Investment Advisor 31.12.2012 Investment Advisor 28.03.2013 Investment Advisor 30.04.2013 Unclassified 28.03.2013 Investment Advisor 28.02.2013 Investment Advisor 30.04.2013 Investment Advisor

Date 12 month 6 month Not Provided 12 month Not Provided 12 month 12 month 12 month 3 month 12 month Not Provided

Date 02.09.2013 28.08.2013 20.08.2013 13.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 19.03.2013 14.08.2012 17.03.2011

03.09.2013

Telefonica Deutschland Holding AG Telefonica Deutschland Holding AG provides telecommunications services mainly to countries in Europe and Latin America. The Company offers fixed-line and mobile telephone, Internet, and data transmission services to residential and corporate customers.

Price/Volume 7

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M

6 5 4

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (30.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance O2D GY EQUITY YTD Change O2D GY EQUITY YTD % CHANGE

12/2012 06/yy 6.51 4.90 63'023.00 5.26 -19.20% 7.46% 22.85% 1'116.9 5'875.13 1'254.84 0.0 0.0 323.77 6'963.13

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1 0 o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008

31.12.2009 31.12.2010 3'745.5 4'826.3 891.5 892.7 (33.6) (102.5) Profitability

LTM-4Q 31.12.2011 5'035.6 1'154.0 553.9 -

31.12.2012 5'212.8 1.42x 1'281.6 5.76x 1'334.6 20.62x 1'281.64 145.89 2.80% 2.68% 11.75% 14.26% 0.46% 24.6% 2.8% 25.6% 0.91 0.86 13.84% 19.52% 4.42 -

Price/ Cash Flow

06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 06/yy 5'104.0 4.36x 1'254.0 5.82x 734.0 24.94x

FY+1

8.56 258.75 -1.83% 17 3.824 1'114'645 1'535'203 1'661'346 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'020.3 4'995.4 1'267.0 1'328.0 1.33x 1.33x 4.64x 4.43x 1'245.6 1'252.3 334.5 344.5 5.59x 5.56x 83.3 119.1 30.6 33.4 75.14x 53.13x S&P Issuer Ratings

0.73 0.98 19.5% 16.3% 0.46 1.71 82.79 -

Sales/Revenue/Turnover

4.50

6'000.0

4.00

5'000.0

3.50

4'000.0

3.00 2.50

3'000.0

2.00

2'000.0

1.50 1.00

1'000.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Telefonica Deutschland Holding AG Holdings By:

All

Holder Name TELEFONICA SA BLACKROCK BNP PARIBAS INV PART CI INVESTMENTS INC NORGES BANK ALLIANZ ASSET MANAGE T ROWE PRICE ASSOCIA UNION INVESTMENT GMB STATE STREET VANGUARD DEUTSCHE BANK AG SUN LIFE FINANCIAL I UBI PRAMERICA SGR BARING FUND MANAGERS JO HAMBRO CAPITAL MA LBPAM CAPITAL GROUP COMPAN MACQUARIE GROUP IG INVESTMENT MANAGE OYSTER ASSET MANAGEM

Firm Name Jefferies UBS Sanford C. Bernstein & Co M.M. Warburg Investment Research Commerzbank Corporates & Markets Bankhaus Lampe Barclays Nomura Exane BNP Paribas Makor Capital Landesbank Baden-Wuerttemberg Societe Generale Deutsche Bank Goldman Sachs JPMorgan New Street Research Morgan Stanley Bankhaus Metzler HSBC Gabelli & Co

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst GILES THORNE POLO TANG ROBIN BIENENSTOCK MALTE RAETHER HEIKE PAULS WOLFGANG SPECHT JONATHAN DANN FREDERIC BOULAN MATHIEU ROBILLIARD ALBERT SAPORTA STEFAN BORSCHEID OTTAVIO ADORISIO KEVAL KHIROYA TIMOTHY BODDY HANNES C WITTIG JAMES RATZER RYAN FOX ULRICH TRABERT DOMINIK KLARMANN EVAN D MILLER

Source 20F ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation hold buy market perform hold hold hold overweight neutral outperform buy hold hold restricted not rated restricted neutral restricted buy overweight hold

Amt Held 858'195'400 60'853'293 11'898'618 7'799'350 6'657'645 5'621'747 5'219'531 3'292'869 3'090'150 3'016'263 2'705'708 2'357'472 2'046'453 2'038'469 1'979'666 1'683'750 1'620'617 1'495'055 1'220'045 1'190'000

% Out 76.83 5.45 1.07 0.7 0.6 0.5 0.47 0.29 0.28 0.27 0.24 0.21 0.18 0.18 0.18 0.15 0.15 0.13 0.11 0.11

Weighting

Change

3 5 3 3 3 3 5 3 5 5 3 3 #N/A N/A #N/A N/A #N/A N/A 3 #N/A N/A 5 5 3

M M M M M M M M M M M D M M M M M M M N

Latest Chg (618'976) (76'980) 7'799'350 2'390'565 (65'596) 3'292'869 2'951'569 5'708 (293'244) 1'979'666 196'363 (703'959) 72'084 238'217 (510'000)

Target Price 5 7 5 6 5 6 7 6 6 #N/A N/A 6 6 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 6 7 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 30.08.2013 31.03.2013 31.12.2012 31.12.2012 30.06.2013 30.06.2013 28.03.2013 30.08.2013 30.06.2013 28.06.2013 30.06.2013 30.06.2013 31.05.2013 31.12.2012 28.03.2013 30.06.2013 28.06.2013 31.03.2013 28.02.2013

Date 12 month 12 month 12 month 12 month 6 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 30.08.2013 30.08.2013 29.08.2013 28.08.2013 26.08.2013 23.08.2013 22.08.2013 16.08.2013 12.08.2013 25.07.2013 24.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 22.07.2013 03.07.2013 03.05.2013 07.11.2012

03.09.2013

Pfeiffer Vacuum Technology AG Pfeiffer Vacuum Technology AG designs, manufactures and services pumps. The Company produces turbomolecular vacuum pumps, rotary vane pumps, root pumps, customized vacuum systems, helium leak detection systems, gas analyzers, and mass spectrometers. The Company markets and services its products in Europe, the United States, and Asia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (25.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PFV GY EQUITY YTD Change PFV GY EQUITY YTD % CHANGE

12/2012 06/yy 98.82 74.40 3'103.00 88.93 -10.01% 19.53% 59.95% 9.9 877.53 52.14 0.0 0.0 102.01 847.32

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M .3 M .3 M .2 M .2 M .1 M .1 M o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 198.1 1.66x 55.0 5.98x 38.0 10.76x

100 90 80 70 60 50 40 30 20 10 0 s-12

31.12.2009 31.12.2010 182.0 220.5 2.39x 3.44x 41.5 57.2 10.48x 13.26x 27.6 38.1 18.06x 20.00x Profitability

LTM-4Q 31.12.2011 519.5 1.22x 83.4 7.63x 41.4 16.14x

31.12.2012 461.3 1.85x 87.5 9.75x 45.3 19.95x 87.53 67.69 14.67% 14.36% 8.21% 13.54% 11.43% 0.96% 36.2% 17.4% 12.6% 9.8% 3.04 1.93 11.70% 17.77% 6.88 3.40

Price/ Cash Flow

06/yy 476.8 5.97x 79.5 9.62x 34.3 23.11x

LTM 06/yy 419.0 7.62x 72.9 10.35x 35.9 21.85x

FY+1

.0 M s-13

0.91 8.95 16.67% 1.17% 0.912 19 3.105 20'153 20'241 23'474 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 433.7 469.6 113.0 119.0 1.89x 1.70x 73.1 91.6 17.8 23.8 11.59x 9.26x 39.3 50.1 9.8 12.2 22.80x 17.24x S&P Issuer Ratings

38.99 34.41 -0.41 0.71 17.8% 15.1% 0.96 4.59 53.04 107.33 38.06 113.17

Sales/Revenue/Turnover

25.00

600.0 500.0

20.00

400.0 15.00

300.0 10.00

200.0

5.00

0.00 01.01.2010

100.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Pfeiffer Vacuum Technology AG Holdings By:

All

Holder Name BNP PARIBAS INV PART AMERIPRISE FINANCIAL SUN LIFE FINANCIAL I HAKUTO CO LTD BANKHAUS LAMPE HIGHCLERE INTL INVES FIERA CAPITAL CORPOR MONTANARO ASSET MGMT ROYCE AND ASSOCIATES FIRST EAGLE FUNDS ARNHOLD & S BLEICHRO WILLIAM BLAIR & COMP THREADNEEDLE INVESTM NORGES BANK DANSKE INVEST A/S SEB WILLIAM BLAIR & COMP ALLIANZ ASSET MANAGE COLUMBIA WANGER ASSE BANK OF NOVA SCOTIA

Firm Name Commerzbank Corporates & Markets DZ Bank AG Bankhaus Metzler Hauck & Aufhaeuser Bankhaus Lampe EVA Dimensions HSBC M.M. Warburg Investment Research Exane BNP Paribas Deutsche Bank Goldman Sachs Landesbank Baden-Wuerttemberg Independent Research GmbH Close Brothers Equity Markets Equinet Institutional Services(ESN) Kepler Cheuvreux Nord/LB Berenberg Bank GSC Research Solventis WPH-Bank GmbH National Bank AG

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a WILLIAM BLAIR & COMP n/a Multiple Portfolios n/a

Analyst NORBERT KRETLOW HARALD SCHNITZER STEPHAN BAUER FINN HENNING BREITER KARSTEN ILTGEN TIMOTHY STANISH CHRISTIAN DOMINIK RATH EGGERT KULS GERHARD ORGONAS UWE SCHUPP WILLIAM WYMAN WALTER SCHNEIDER MARKUS FRIEBEL VEYSEL TAZE ADRIAN PEHL CRAIG ABBOTT WOLFGANG DONIE BENJAMIN GLAESER THORSTEN RENNER ULF VON LENGERICH STEFFEN MANSKE

Source ULT-AGG Research ULT-AGG Co File Research Research Research Research Research Research Research Research MF-AGG MF-AGG MF-AGG ULT-AGG 13F ULT-AGG MF-AGG ULT-AGG

Recommendation add buy sell buy hold underweight overweight hold outperform sell Buy/Neutral hold sell sell reduce hold hold buy hold hold sell

Amt Held 634'429 458'418 404'479 343'396 303'680 297'972 297'856 296'244 294'140 291'897 291'897 268'020 256'922 236'815 210'032 158'339 148'305 145'104 133'727 131'100

% Out 6.43 4.65 4.1 3.48 3.08 3.02 3.02 3 2.98 2.96 2.96 2.72 2.6 2.4 2.13 1.6 1.5 1.47 1.36 1.33

Weighting

Change 4 5 1 5 3 1 5 3 5 1 5 3 1 1 2 3 3 5 3 3 1

M U M M M D U M M M M M M M M D M U M M D

Latest Chg (5'033) 154'851 3'460 75'506 32'894 9'669 (9'142) (19'997) (68'633) 119'400

Target Price 90 95 73 100 80 #N/A N/A 96 85 95 60 100 81 70 73 78 80 95 107 #N/A N/A 83 80

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 12.07.2013 30.06.2013 31.12.2012 23.05.2012 31.05.2013 08.04.2013 10.06.2013 15.06.2012 30.03.2012 30.03.2012 12.09.2012 31.05.2013 31.12.2012 31.05.2013 28.03.2013 30.06.2013 31.07.2013 28.06.2013 28.03.2013

Date 6 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 6 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Corporation Unclassified 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 Bank

Date 29.08.2013 23.08.2013 22.08.2013 19.08.2013 19.08.2013 15.08.2013 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 29.05.2013 07.05.2013 01.05.2013 21.09.2012 26.03.2012 17.02.2012

03.09.2013

PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie PSI AG fuer Produkte und Systeme der Informationstechnologie develops computer software. The Company produces software that helps manage large networks used in the electricity, gas, oil, telecommunications, and public transportation industries, production management for the steel, chemicals and automobile industries and mechanical engineering, and information management.

Price/Volume

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M .1 M

12/2012 06/yy 17.48 12.50 1'912.00 13.465 -22.97% 7.72% 17.87% 15.7 211.37 9.35 0.0 0.0 33.34 183.69

.1 M

.0 M

2 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 128.9 0.16x 8.8 2.30x 4.1 10.59x

.1 M

16 14

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 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 30.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PSAN GY EQUITY YTD Change PSAN GY EQUITY YTD % CHANGE

31.12.2009 31.12.2010 147.0 158.7 0.82x 1.64x 11.4 13.9 10.53x 18.62x 6.6 7.0 19.24x 39.67x Profitability

LTM-4Q 31.12.2011 169.5 1.18x 14.6 13.68x 7.4 31.32x

31.12.2012 180.9 1.20x 16.9 12.87x 9.4 25.68x 16.92 12.89 7.12% 6.27% 5.10% 12.82% 13.74% 0.98% 9.1% 7.0% 5.2% 1.74 0.99 5.01% 12.70% 6.18 -

Price/ Cash Flow

06/yy 179.0 5.19x 16.0 14.22x 9.7 26.02x

LTM 06/yy 182.9 3.68x 12.8 0.00x 6.9 33.98x

FY+1

.0 M s-13

0.72 11.37 -14.68% -10.89% 0.716 11 3.636 54'671 24'225 21'864 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 191.1 208.5 1.14x 1.01x 18.0 23.2 10.23x 7.93x 9.9 14.1 21.44x 15.04x S&P Issuer Ratings

8.62 7.29 -1.64 0.50 12.7% 11.3% 0.98 12.96 59.02 -

Sales/Revenue/Turnover

300.00

200.0 180.0

250.00

160.0 140.0

200.00

120.0

150.00

100.0 80.0

100.00

60.0 40.0

50.00 0.00 01.01.2010

20.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie Holdings By:

All

Holder Name RWE AG SINGH HARVINDER ALLIANZ GLOBAL INVES FRANKFURT TRUST INVE THREADNEEDLE INVESTM HANSAINVEST GMBH ZUERICH INVESTMENTGE SCHRODER INVESTMENT ALLIANZ ASSET MANAGE TRIPPEL KARSTEN CALVERT INVESTMENT C UBS GAMCO COMINVEST ASSET MANA KBC GROUP NV UNIVERSAL INVESTMENT SCHRIMPF HARALD DEUTSCHE BANK AG TRANSAMERICA INVESTM GOETZE WILFRIED

Firm Name Commerzbank Corporates & Markets Equinet Institutional Services(ESN) EVA Dimensions Dr. Kalliwoda Equity Research First Berlin Equity Research Group Solventis WPH-Bank GmbH DZ Bank AG WGZ Bank Berenberg Bank Deutsche Bank Montega

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst FLORIAN TREISCH MICHAEL SCHAEFER ANDREW S ZAMFOTIS NORBERT KALLIWODA SIMON SCHOLES KLAUS SCHLOTE JASKO TERZIC FRANK WOHLGEMUTH MAGGIE PAXTON ALEXANDER KARNICK WAIS SAMADZADA

Source Research Research Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG Co File MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG Co File ULT-AGG MF-AGG Co File

Recommendation add buy underweight accumulate add buy hold hold hold buy hold

Amt Held 2'794'131 1'271'487 470'641 450'000 345'294 210'386 135'000 123'876 122'955 109'750 95'171 84'784 80'000 80'000 79'693 72'568 60'000 60'000 55'000 54'683

% Out 17.8 8.1 3 2.87 2.2 1.34 0.86 0.79 0.78 0.7 0.61 0.54 0.51 0.51 0.51 0.46 0.38 0.38 0.35 0.35

Weighting

Change 4 5 1 4 4 5 3 3 3 5 3

M U D D M M M M M M M

Latest Chg 72'913 14'222 33'699 9'701 8'367 10'000 -

Target Price 16 16 #N/A N/A 14 15 17 13 16 17 18 16

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.01.2013 25.01.2013 18.05.2012 30.04.2013 31.05.2013 28.03.2013 30.04.2013 31.12.2012 30.04.2013 31.12.2012 31.07.2013 31.05.2013 28.03.2013 30.04.2013 28.06.2013 28.03.2013 31.12.2012 30.04.2013 30.06.2013 31.12.2012

Date 6 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month

Inst Type Corporation n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Unclassified Unclassified Unclassified Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor n/a

Date 30.08.2013 29.08.2013 07.08.2013 06.08.2013 01.08.2013 01.08.2013 31.07.2013 30.07.2013 20.05.2013 30.04.2013 30.04.2013

03.09.2013

ProSiebenSat.1 Media AG ProSiebenSat.1 Media AG operates as european broadcasting group. The Company produces and broadcasts television programming. ProSiebenSat.1 provides TV station brands to online video store, digital pay-TV programs, and mobile services. ProSiebenSat.1 Media serves customers in Europe.

Price/Volume 40

3.0 M

2.5 M

30 2.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.07.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PSM GY EQUITY YTD Change PSM GY EQUITY YTD % CHANGE

12/2012 06/yy 35.92 18.98 73'053.00 32.855 -8.53% 73.10% 81.70% 218.8 7'188.58 2'926.20 0.0 5.0 702.30 8'054.78

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

10 .5 M

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 3'054.2 1.44x 833.8 5.29x (129.1) -

1.5 M

31.12.2009 31.12.2010 2'760.8 2'601.0 1.97x 3.16x 652.5 684.9 8.34x 11.99x 146.6 312.7 20.64x Profitability

LTM-4Q 31.12.2011 2'199.2 2.43x 688.1 7.75x 637.5 11.38x

31.12.2012 2'356.2 2.87x 685.8 9.84x 295.0 14.01x 685.80 606.30 25.73% 19.37% 7.43% 23.28% 11.50% 0.46% 46.3% 30.3% 27.7% 12.5% 2.53 0.83 54.06% 195.64% 8.49 1398.59

Price/ Cash Flow

06/yy 1'971.6 11.64x 628.2 9.73x 604.9 14.21x

LTM 06/yy 2'185.7 13.50x 662.6 12.04x 352.5 20.99x

FY+1

.0 M s-13

1.13 103.64 104.56% 84.39% 1.128 32 3.344 493'431 687'062 639'523 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'569.5 2'707.5 556.3 758.0 3.35x 3.11x 779.5 831.9 144.0 298.0 10.34x 9.68x 394.9 433.9 86.0 124.4 17.72x 16.22x 21.75x 20.78x S&P Issuer Ratings

4.39 3.82 1.29 3.24 195.6% 66.1% 0.46 10.23 42.98 0.26 102.22 -63.02

Sales/Revenue/Turnover

5.00

3'500.0

4.50

3'000.0

4.00 3.50

2'500.0

3.00

2'000.0

2.50

1'500.0

2.00

1'000.0

1.50 1.00

500.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

ProSiebenSat.1 Media AG Holdings By:

All

Holder Name LAVENA HOLDING 1 GMB CAPITAL GROUP COMPAN BLACKROCK NORGES BANK DEUTSCHE BANK AG HARTFORD INVESTMENT ALLIANZ ASSET MANAGE FMR LLC FIL LIMITED CAZENOVE UNIT TRUST VANGUARD STATE STREET LORD ABBETT & CO LLC ADIG INVESTMENT ETOILE GESTION HENDERSON GLOBAL INV INVESCO LTD DJE INVESTMENT SA JP MORGAN MEAG MUNICH ERGO KAG

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst

Commerzbank Corporates & Markets SONIA RABUSSIER AlphaValue VERONIQUE CABIOC'H Exane BNP Paribas ADRIEN DE SAINT HILAIRE Independent Research GmbH LARS LUSEBRINK Bankhaus Metzler STEFAN WIMMER Berenberg Bank SARAH SIMON Landesbank Baden-Wuerttemberg RALPH SZYMCZAK HSBC CHRISTOPHER JOHNEN Liberum Capital Ltd IAN WHITTAKER DZ Bank AG HARALD HEIDER Societe Generale CHRISTOPHE CHERBLANC Kepler Cheuvreux CONOR O'SHEA Natixis JEROME BODIN Nomura WILLIAM MAIRS Barclays JULIEN ROCH Deutsche Bank LAURIE DAVISON Morgan Stanley JULIEN ROSSI JPMorgan FILIPPO PIETRO LO FRANCO Bankhaus Lampe CHRISTOPH SCHLIENKAMP UBS TAMSIN GARRITY EVA Dimensions CRAIG STERLING Goldman Sachs LISA YANG Main First Bank AG STEPHAN VOLLERT Nord/LB HOLGER FECHNER Macquarie ANGUS TWEEDIE Credit Suisse OMAR SHEIKH Jefferies WILL SMITH Hammer Partners SA STEPHAN SEIP Espirito Santo Investment Bank Research MARK EVANS Close Brothers Equity Markets MARCUS SILBE

Source Research ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation hold reduce neutral hold buy sell hold neutral buy sell hold hold neutral buy overweight buy Equalwt/Attractive neutral hold buy sell Buy/Neutral outperform buy neutral outperform hold sell sell hold

Amt Held 115'156'500 16'660'800 7'951'761 5'437'208 4'506'389 2'435'976 2'315'374 2'133'425 1'300'036 943'782 786'865 749'556 587'669 447'006 428'231 400'000 375'579 372'400 370'998 350'651

% Out 52.63 7.61 3.63 2.49 2.06 1.11 1.06 0.98 0.59 0.43 0.36 0.34 0.27 0.2 0.2 0.18 0.17 0.17 0.17 0.16

Weighting

Change 3 2 3 3 5 1 3 3 5 1 3 3 3 5 5 5 3 3 3 5 1 5 5 5 3 5 3 1 1 3

M M U M M M M D U M M U M M M M M M M M D M M M N M M M M M

Latest Chg (50'000) 89'013 305'908 (59'629) (2'268'126) 3'082 (206'775) (27'570) (45'345) (150'000) (171'506) 400'000 160'615 21'500 22'062 139'068

Target Price 30 30 33 35 33 28 32 35 35 29 32 32 27 33 34 33 32 32 30 32 #N/A N/A 36 38 35 24 35 23 19 15 18

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 16.08.2013 16.08.2013 30.08.2013 31.12.2012 28.06.2013 30.06.2013 30.06.2013 31.07.2013 31.03.2013 28.02.2013 30.06.2013 30.08.2013 28.06.2013 30.04.2013 30.04.2013 31.03.2013 30.08.2013 31.05.2013 30.06.2013 30.06.2013

Date 6 month 6 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 9 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month

Inst Type n/a Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 29.08.2013 29.08.2013 27.08.2013 21.08.2013 19.08.2013 19.08.2013 15.08.2013 12.08.2013 05.08.2013 04.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 12.07.2013 12.07.2013 11.07.2013 03.07.2013 03.06.2013 16.05.2013 08.05.2013 03.04.2013 18.12.2012 17.12.2012 20.11.2012

03.09.2013

Puma SE Puma SE designs, manufactures, and sells sporting goods and branded apparel. The Company produces running, tennis, training, and basketball shoes and other products. Puma operates Santa Monica concept stores and sells its products worldwide through subsidiaries, distributors, and direct sales.

Price/Volume 300 250 200 150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (30.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PUM GY EQUITY YTD Change PUM GY EQUITY YTD % CHANGE

12/2012 06/yy 249.40 205.35 923.00 216.9 -13.03% 5.62% 27.47% 15.1 3'271.39 44.10 0.0 8.9 440.20 2'986.49

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

50 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 2'524.2 0.71x 381.6 4.70x 232.8 9.26x

100

31.12.2009 31.12.2010 2'447.3 2'706.4 1.24x 1.20x 217.8 372.7 13.96x 8.73x 79.6 202.2 43.91x 18.44x Profitability

LTM-4Q 31.12.2011 3'009.0 0.96x 403.5 7.19x 230.1 14.65x

31.12.2012 3'270.7 0.91x 186.8 15.91x 70.2 47.94x 186.80 110.70 3.38% 3.43% 1.47% 2.26% 1.24% 48.3% 10.3% 7.9% 2.1% 2.04 1.18 1.74% 2.78% 5.79 2.57

Price/ Cash Flow

.1 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M s-13

06/yy 3'135.9 2.91x 382.8 8.28x 215.4 1.08x

LTM 06/yy 3'170.8 3.90x 325.1 9.06x 37.4 86.85x

FY+1

0.64 2.42 -6.90% -3.33% 0.643 30 2.900 12'519 9'120 8'890 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'101.2 3'229.4 847.8 774.6 0.91x 0.83x 306.2 342.1 103.0 62.5 9.77x 8.74x 160.6 185.6 62.9 35.4 20.05x 17.81x 17.53x 17.12x S&P Issuer Ratings

22.24 12.57 -0.89 0.13 2.8% 2.7% 1.24 63.08 142.05 100.60 89.48

Sales/Revenue/Turnover

80.00

3'500.0

70.00

3'000.0

60.00

2'500.0

50.00

2'000.0

40.00

1'500.0

30.00

1'000.0

20.00

500.0

10.00 0.00 01.01.2010

0.0 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 |

03.09.2013

Puma SE Holdings By:

All

Holder Name KERING PUMA SE NORGES BANK LOMBARD ODIER DARIER IG INVESTMENT MANAGE FIDEURAM GESTIONS SA AMUNDI CI INVESTMENTS INC VANGUARD BLACKROCK AGICAM SOCIETE GENERALE ALLIANZ ASSET MANAGE INVESTEC ASSET MANAG LBPAM KBL RICHELIEU GESTIO HSBC ASSET MGMT EURO BANK DELEN SA GENERALI FINANCES CCR GESTION

Firm Name AlphaValue Susquehanna Financial Group Berenberg Bank Landesbank Baden-Wuerttemberg Solventis WPH-Bank GmbH Equinet Institutional Services(ESN) Makor Capital Deutsche Bank Raymond James Independent Research GmbH Oddo & Cie M.M. Warburg Investment Research Main First Bank AG Commerzbank Corporates & Markets Morgan Stanley Nord/LB Baader Bank UBS JPMorgan Bankhaus Lampe Hamburger Sparkasse ISI Group Barclays SRH AlsterResearch Exane BNP Paribas HSBC Goldman Sachs Kepler Cheuvreux Baden Hill LLP EVA Dimensions National Bank AG

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst HANS-PETER WODNIOK CHRISTOPHER SVEZIA JOHN GUY BERND MUELL KLAUS SOER INGBERT FAUST ALBERT SAPORTA MICHAEL KUHN CEDRIC LECASBLE ZAFER RUZGAR LEOPOLD AUTHIE JOERG PHILIPP FREY MATTHIAS EIFERT ANDREAS RIEMANN LOUISE SINGLEHURST JULIA SIEKMANN VOLKER BOSSE FRED SPEIRS CHIARA BATTISTINI MICHAEL GORNY CHRISTIAN HAMANN OMAR SAAD JULIAN EASTHOPE NEIL SCHMODDE ANDREAS INDERST ANTOINE BELGE WILLIAM HUTCHINGS JUERGEN KOLB NICHOLAS WOODIFIELD CRAIG STERLING STEFFEN MANSKE

Source Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell neutral sell hold buy hold buy hold underperform hold reduce hold underperform hold Underwt/In-Line hold hold neutral neutral hold hold neutral underweight buy neutral overweight neutral/neutral buy buy sell buy

Amt Held 12'518'475 143'185 140'549 76'353 73'360 53'563 41'619 39'191 39'023 31'982 26'504 25'083 22'200 20'221 18'560 18'000 12'462 11'500 11'000 9'855

% Out 83 0.95 0.93 0.51 0.49 0.36 0.28 0.26 0.26 0.21 0.18 0.17 0.15 0.13 0.12 0.12 0.08 0.08 0.07 0.07

Weighting

Change 1 3 1 3 5 3 5 3 1 3 2 3 1 3 1 3 3 3 3 3 3 3 1 5 3 5 3 5 5 1 5

M M D M M M M M M M D M M M M M M M M M M M M M D M M U N D M

Latest Chg 5'500 6'715 (720) 27'532 5'000 (687) (1'800) 1'806 2'000 (500) (3'000) 230 -

Target Price 174 215 195 220 260 215 250 195 210 230 195 210 210 208 210 205 240 220 225 230 #N/A N/A 200 200 260 230 252 223 255 #N/A N/A #N/A N/A 250

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.03.2013 01.07.2013 30.04.2013 31.12.2012 30.06.2013 30.08.2013 01.07.2013 30.04.2013 28.06.2013 31.03.2013 28.03.2013 28.02.2013 30.04.2013 29.03.2013 30.05.2013 28.09.2012

Date 6 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month 15 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

Inst Type Corporation n/a Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 29.08.2013 26.08.2013 07.08.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 11.07.2013 26.06.2013 17.05.2013 14.05.2013 12.04.2013 20.02.2013 27.07.2011

03.09.2013

QIAGEN NV QIAGEN N.V. provides sample and assay technologies. The Company's technologies (in the format of consumables and automated solutions) are used to process biological samples and to analyze analytes contained therein, such as DNA and RNA. QIAGEN provides these technologies to customers conducting molecular diagnostics, applied testing, pharmaceutical R&D and academic research.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2013) 52-Week Low (22.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance QIA GY EQUITY YTD Change QIA GY EQUITY YTD % CHANGE

12/2011 06/yy 16.77 13.12 13'139.00 15.285 -8.83% 16.55% 59.59% 234.3 3'581.89 846.99 0.0 9.7 484.49 3'953.04

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.8 M

1.6 M

1.4 M

1.2 M

1.0 M

.8 M

.6 M

.4 M

.2 M

0 s-12

31.12.2009 31.12.2010 1'009.8 1'087.4 5.22x 4.13x 318.8 354.8 16.52x 12.67x 137.8 144.3 32.92x 29.99x Profitability

LTM-4Q 31.12.2011 1'169.7 3.04x 293.7 12.12x 96.0 20.34x

31.12.2012 1'254.5 3.72x 403.8 11.55x 129.5 26.39x 403.82 205.93 16.42% 11.57% 0.91% 1.37% 1.88% 0.32% 65.7% 30.7% 8.6% 10.3% 3.67 2.72 20.72% 31.20% 5.45 3.45

Price/ Cash Flow

06/yy 1'226.9 12.62x 311.8 13.93x 96.7 23.68x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 1'269.6 15.82x 283.5 0.00x 35.8 27.25x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.00 0.60 226.70 7.26% 11.16% 0.604 35 3.229 275'680 298'093 378'243 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'326.1 1'398.8 321.1 365.9 3.90x 3.53x 16.64x 14.46x 433.6 478.2 98.7 126.9 12.23x 11.09x 12.45x 12.20x 270.0 287.5 62.5 84.6 17.81x 16.51x 18.15x 17.82x S&P Issuer Ratings

17.22 12.87 1.00 2.19 31.2% 23.7% 0.32 3.19 66.92 105.93 41.14 137.06

Sales/Revenue/Turnover

35.00

1'400.0

30.00

1'200.0

25.00

1'000.0

20.00

800.0

15.00

600.0

10.00

400.0

5.00

200.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 893.0 4.61x 266.7 15.44x 89.0 22.81x

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 |

03.09.2013

QIAGEN NV Holdings By:

All

Holder Name BLACKROCK PRIMECAP MANAGEMENT MANNING & NAPIER ADV PLATINUM INVESTMENT CREDIT AGRICOLE SA AMUNDI GENERATION INVESTMEN VANGUARD HARDING LOEVNER LP MANNING & NAPIER ADV NORGES BANK BAILLIE GIFFORD AND JOHNSTON ASSET MANAG DEUTSCHE BANK AG COLPAN METIN CAPITAL GROUP COMPAN ARROWGRASS CAPITAL P STATE STREET SWISS NATIONAL BANK PLATINUM INVESTMENT

Firm Name Leerink Swann & Co AlphaValue EVA Dimensions Hamburger Sparkasse Janney Montgomery Scott LLC Wedbush Jefferies Independent Research GmbH Credit Suisse DZ Bank AG Commerzbank Corporates & Markets Robert W. Baird & Co William Blair & Co Macquarie Bryan Garnier & Cie Deutsche Bank Kempen & Co JPMorgan Landesbank Baden-Wuerttemberg Berenberg Bank ISI Group Cowen and Company S&P Capital IQ Piper Jaffray Exane BNP Paribas Barclays Mizuho Securities USA Inc HSBC Main First Bank AG Kepler Cheuvreux UBS M.M. Warburg Investment Research Goldman Sachs Credit Suisse

Portfolio Name n/a n/a n/a n/a CREDIT AGRICOLE SA n/a n/a n/a HARDING LOEVNER LP MANNING & NAPIER ADV Multiple Portfolios BAILLIE GIFFORD & CO JOHNSTON ASSET MANAG n/a n/a n/a n/a n/a SWISS NATIONAL BANK PLATINUM INVESTMENT

Analyst DANIEL L LEONARD KAMLA SINGH ANDREW S ZAMFOTIS MARCO GUENTHER PAUL R KNIGHT ZARAK KHURSHID PETER WELFORD CHRISTOPH SCHOENDUBE VAMIL DIVAN SVEN OLAF KUERTEN DANIEL WENDORFF JEFF T ELLIOTT BRIAN WEINSTEIN JONATHAN P GROBERG MATHIEU CHABERT HOLGER BLUM SACHIN SONI TYCHO W PETERSON TIMO KUERSCHNER SCOTT BARDO ROSS MUKEN DOUG SCHENKEL SHO MATSUBARA WILLIAM R QUIRK ROMAIN ZANA CHARLES ANTHONY BUTLER PETER R LAWSON JAN KEPPELER MARCUS WIEPRECHT OLIVER REINBERG MARTIN WALES ULRICH HUWALD ISAAC RO RAVI MEHROTRA

Source ULT-AGG 13G Research Research 13F Research Research ULT-AGG 13F 13F MF-AGG 13F 13F ULT-AGG Research ULT-AGG Short ULT-AGG 13F 13F

Recommendation market perform reduce hold hold neutral neutral hold hold neutral hold buy outperform market perform neutral buy buy hold overweight buy hold neutral underperform buy neutral neutral equalweight neutral underweight outperform reduce neutral hold neutral/neutral restricted

Amt Held % Out 15'705'358 6.56 13'416'761 5.6 12'492'293 5.22 10'104'502 4.22 9'627'970 4.02 9'568'279 4 9'567'367 4 7'930'930 3.31 6'388'752 2.67 6'303'028 2.63 5'542'855 2.32 4'872'700 2.04 4'715'543 1.97 4'489'677 1.88 4'192'553 1.75 2'694'565 1.13 (2'624'608) -1.1 2'535'681 1.06 2'491'193 1.04 2'358'976 0.99

Weighting 3 2 3 3 3 3 3 3 3 3 5 5 3 3 5 5 3 5 5 3 3 1 5 3 3 3 3 1 5 2 3 3 3 #N/A N/A

Change M M U M M M M M M M M M M M M M M M M M M M M M M M M M M D M M M M

Latest Chg 980'797 2'263'886 7'745'526 (577'841) 6'447 (4'736) 133'480 77'800 123'629 (377'611) 767 (140'929) 2'985 (162'770) 2'491'193 -

Target Price 17 16 #N/A N/A #N/A N/A 18 14 14 17 16 16 19 20 #N/A N/A 16 17 17 16 18 16 14 17 12 19 16 15 14 16 14 20 14 15 13 15 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.08.2013 Investment Advisor 31.07.2013 Investment Advisor 05.07.2013 Investment Advisor 01.07.2013 Investment Advisor 31.03.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 n/a 30.06.2013 Investment Advisor 30.08.2013 Hedge Fund Manager 30.08.2013 Investment Advisor 30.06.2013 Bank 30.06.2013 Investment Advisor

Date 12 month 6 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 6 month 12 month Not Provided 12 month 6 month 12 month 12 month 15 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 6 month Not Provided

Date 29.08.2013 29.08.2013 29.08.2013 28.08.2013 26.08.2013 16.08.2013 12.08.2013 08.08.2013 07.08.2013 05.08.2013 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 30.07.2013 21.06.2013 06.06.2013 14.05.2013 01.05.2013 24.01.2013 18.11.2012 04.04.2011

03.09.2013

QSC AG QSC AG offers small and mid-size enterprises a range of ICT services from telephony, data transfer, housing and hosting right through to IT outsourcing and IT consulting. The Company offers its services on the basis of its own Next Generation Networks (NGN) and operates an open access platform, which unites a range of broadband technologies.

Price/Volume 4

1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (03.09.2013) 52-Week Low (02.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance QSC GY EQUITY YTD Change QSC GY EQUITY YTD % CHANGE

12/2012 06/yy 3.67 1.99 107'868.00 3.656 -0.38% 84.00% 100.00% 123.8 452.74 90.53 0.0 0.0 37.78 505.34

1.0 M

2 1

.5 M

1 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

Valuation Analysis

31.12.2008 413.3 0.41x 65.7 2.60x 0.8 124.00x

2.5 M

31.12.2009 31.12.2010 420.5 422.1 0.54x 1.00x 67.9 70.7 3.36x 5.96x 5.5 24.2 42.50x 18.33x Profitability

LTM-4Q 31.12.2011 478.1 0.67x 80.5 3.96x 27.6 10.45x

31.12.2012 481.5 0.65x 77.5 4.04x 18.9 15.04x 77.54 24.61 5.11% 4.30% 6.21% 12.93% 1.23% 25.4% 16.8% 6.0% 3.9% 0.97 0.92 23.38% 50.23% 8.71 217.11

Price/ Cash Flow

06/yy 483.8 2.67x 76.1 4.43x 22.7 13.66x

LTM 06/yy 475.3 2.88x 80.0 4.47x 24.1 14.58x

FY+1

.0 M s-13

0.76 52.77 81.42% 79.69% 0.758 12 4.417 597'784 462'787 400'148 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 455.7 469.9 1.10x 1.01x 79.2 85.3 6.38x 5.92x 21.5 27.6 20.54x 15.83x S&P Issuer Ratings

16.78 12.20 0.66 1.23 50.2% 33.4% 1.23 3.51 41.93 1.68 58.91 0.21

Sales/Revenue/Turnover

9.00

600.0

8.00

500.0

7.00

400.0

6.00 5.00

300.0

4.00

200.0

3.00 2.00

100.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

QSC AG Holdings By:

All

Holder Name EICKERS GERD SCHLOBOHM BERND QSC AG ALLIANZ ASSET MANAGE JO HAMBRO CAPITAL MA KEMPEN CAPITAL MANAG NORGES BANK UNION INVESTMENT GMB TEACHERS INS & ANNUI BLACKROCK DWS INVESTMENTS VANGUARD FLEMING FAMILY & PAR MMA FINANCE DEUTSCHE BANK AG HERMANN JUERGEN MUNDER CAPITAL MANAG BAKER JOHN C BRENKE HERBERT BANK OF NEW YORK MEL

Firm Name Commerzbank Corporates & Markets Hauck & Aufhaeuser Deutsche Bank Landesbank Baden-Wuerttemberg Independent Research GmbH M.M. Warburg Investment Research Berenberg Bank Close Brothers Equity Markets Bankhaus Metzler JPMorgan EVA Dimensions Kepler Cheuvreux Exane BNP Paribas

Portfolio Name n/a n/a n/a n/a n/a n/a #N/A N/A Multiple Portfolios TEACHERS INSURANCE & n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst HEIKE PAULS LEONHARD BAYER BENJAMIN KOHNKE STEFAN BORSCHEID MARKUS FRIEBEL MALTE RAETHER USMAN GHAZI MARCUS SILBE ULRICH TRABERT HANNES C WITTIG ANDREW S ZAMFOTIS THOMAS KARLOVITS MICHAEL ZORKO

Source Research Co File Co File ULT-AGG Research ULT-AGG Research MF-AGG Sch-D ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG Co File MF-AGG Co File Co File MF-AGG

Recommendation add buy hold hold hold buy buy buy buy overweight overweight buy underperform

Amt Held 31'045'856 15'459'650 13'593'413 6'726'904 6'603'303 3'738'871 3'722'197 1'920'425 1'792'679 614'996 590'000 517'111 478'487 340'000 300'000 225'000 220'821 203'072 187'820 181'988

% Out 25.07 12.48 10.98 5.43 5.33 3.02 3.01 1.55 1.45 0.5 0.48 0.42 0.39 0.27 0.24 0.18 0.18 0.16 0.15 0.15

Weighting

Change 4 5 3 3 3 5 5 5 5 5 5 5 1

M M D M M M M M M M U M M

Latest Chg 70'000 552'311 9'185 340'000 220'821 1'865

Target Price 3 5 4 3 3 4 3 3 4 4 #N/A N/A 4 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 10.06.2013 30.01.2013 31.12.2012 18.07.2013 11.01.2013 13.08.2013 28.08.2013 28.03.2013 31.03.2013 30.08.2013 30.04.2013 30.06.2013 31.01.2012 29.06.2012 30.04.2013 31.12.2012 30.06.2013 31.12.2012 31.12.2012 30.08.2013

Date 6 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 3 month Not Provided Not Provided Not Provided

Inst Type n/a n/a Corporation Investment Advisor Unclassified Unclassified Government Investment Advisor Insurance Company Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor n/a n/a Investment Advisor

Date 28.08.2013 20.08.2013 13.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 01.08.2013 15.07.2013 03.04.2013 19.02.2013 14.03.2012

03.09.2013

Rational AG Rational AG manufactures and markets food preparation appliances/processors and kitchen accessories for caterers and canteen kitchens. The Company's products cook and reheat food. Rational sells primarily to hotels, restaurants, canteens and caterers in Europe, the United States, and Asia.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2013) 52-Week Low (12.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RAA GY EQUITY YTD Change RAA GY EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 269.15 186.05 766.00 224.7 -16.51% 20.77% 46.87% 11.4 2'554.84 25.29 0.0 0.0 166.42 2'447.99

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

250

.1 M

200

.1 M

150

.1 M

100

.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 343.0 2.71x 92.0 10.10x 61.7 15.57x

300

31.12.2009 31.12.2010 314.4 350.1 3.97x 4.97x 96.8 110.6 12.89x 15.72x 67.3 79.8 20.02x 23.56x Profitability

LTM-4Q 31.12.2011 391.7 4.62x 107.9 16.78x 78.7 24.27x

31.12.2012 435.0 5.37x 129.9 17.99x 93.3 26.59x 129.92 123.15 28.31% 28.14% 32.41% 45.81% 41.20% 1.58% 60.2% 27.2% 21.4% 4.18 3.69 7.75% 10.65% 6.44 6.67

Price/ Cash Flow

06/yy 415.9 18.23x 0.0 0.00x 85.2 25.13x

LTM 06/yy 441.4 22.13x 0.0 0.00x 90.6 32.22x

FY+1

.0 M s-13

0.66 3.32 19.45% 5.53% 0.664 16 2.813 4'827 6'943 9'144 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 457.1 501.4 5.25x 4.75x 130.3 147.0 18.82x 16.67x 94.1 105.3 27.25x 24.02x S&P Issuer Ratings

117.36 108.90 10.7% 9.6% 1.58 8.03 56.66 54.72 22.87 91.65

Sales/Revenue/Turnover

35.00

500.0 450.0

30.00

400.0

25.00

350.0 300.0

20.00

250.0 200.0

15.00

150.0

10.00

100.0 5.00 0.00 01.01.2010

50.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Rational AG Holdings By:

All

Holder Name MEISTER SIEGFRIED KURTZ WALTER ALLIANZ ASSET MANAGE MONTANARO ASSET MGMT COLUMBIA WANGER ASSE ROYCE AND ASSOCIATES NORGES BANK BLACKROCK AMERIPRISE FINANCIAL T ROWE PRICE ASSOCIA FIL LIMITED FRANKLIN RESOURCES VANGUARD FMR LLC BESSEMER GROUP INCOR WASATCH ADVISORS INC DEUTSCHE BANK AG DELTA LLOYD FUND MAN LOMBARD ODIER DARIER CHARLES SCHWAB INVES

Firm Name Kepler Cheuvreux Baader Bank Commerzbank Corporates & Markets Nord/LB Independent Research GmbH M.M. Warburg Investment Research DZ Bank AG Goldman Sachs HSBC Deutsche Bank Landesbank Baden-Wuerttemberg Hauck & Aufhaeuser Bankhaus Lampe Bankhaus Metzler EVA Dimensions Berenberg Bank GSC Research

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG ABBOTT CHRISTIAN WEIZ YASMIN MOSCHITZ WOLFGANG VASTERLING LARS LUSEBRINK ROLAND RAPELIUS MARKUS TURNWALD BENJAMIN MOORE RICHARD SCHRAMM FELICITAS VON BISMARCK HARALD REHMET FINN HENNING BREITER GORDON SCHOENELL STEPHAN BAUER TIMOTHY STANISH BENJAMIN GLAESER MATTHIAS SCHRADE

Source Co File EXCH ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation reduce sell hold hold sell hold sell neutral/neutral neutral hold hold hold hold buy overweight hold hold

Amt Held 7'161'411 887'997 382'417 192'473 162'825 135'811 96'836 41'338 38'070 30'526 28'926 26'410 24'949 24'320 19'877 18'520 17'059 16'430 14'891 12'276

% Out 62.99 7.81 3.36 1.69 1.43 1.19 0.85 0.36 0.33 0.27 0.25 0.23 0.22 0.21 0.17 0.16 0.15 0.14 0.13 0.11

Weighting

Change 2 1 3 3 1 3 1 3 3 3 3 3 3 5 5 3 3

D D M U M M M M M M M U U M M M M

Latest Chg 7'393 4'001 (61'960) 60 (138) (9'112) (1'627) 1'030 4'656 8'000 18'520 16'430 450 1'560

Target Price 205 208 243 206 200 229 183 220 220 220 217 205 200 260 #N/A N/A 225 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 23.06.2011 28.06.2013 31.07.2013 28.06.2013 30.06.2013 31.12.2012 30.08.2013 28.06.2013 30.06.2013 31.12.2012 28.06.2013 30.06.2013 31.07.2013 30.04.2013 30.06.2013 28.06.2013 31.05.2013 31.03.2013 30.08.2013

Date Not Provided 12 month 6 month 12 month 12 month 12 month Not Provided 6 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided

Inst Type n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.08.2013 12.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 17.07.2013 16.07.2013 11.07.2013 10.07.2013 10.07.2013 10.07.2013 10.07.2013 10.07.2013 06.06.2013 01.05.2013 24.05.2012

03.09.2013

Rhoen Klinikum AG Rhoen-Klinikum AG operates general, rehabilitation, and emergency health care facilities which offer inpatient and outpatient medical care to various communities in Germany. These clinics and hospitals offer cardiological, surgical, psychiatric, neurological and neurosurgical, orthopedic, addiction treatment, and physical therapy services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.06.2013) 52-Week Low (12.09.2012) 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 RHK GY EQUITY YTD Change RHK GY EQUITY YTD % CHANGE

12/2012 06/yy 18.88 14.41 465'243.00 18.025 -4.53% 25.13% 73.30% 138.2 2'491.63 1'034.67 0.0 25.6 237.03 3'314.56

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 2'130.3 1.14x 264.4 9.20x 117.3 15.11x

20 18 16 14 12 10 8 6 4 2 0 s-12

31.12.2009 31.12.2010 2'320.1 2'550.4 1.22x 1.13x 284.6 310.2 9.95x 9.31x 125.7 139.7 16.00x 16.31x Profitability

LTM-4Q 31.12.2011 2'629.1 1.01x 357.9 7.45x 156.1 13.03x

31.12.2012 2'864.9 1.03x 291.1 10.10x 89.7 23.56x 291.10 151.20 5.28% 3.97% 2.81% 5.71% 0.93% 11.2% 5.2% 3.1% 1.09 0.92 32.49% 65.41% 6.53 -

Price/ Cash Flow

06/yy 2'721.2 4.28x 354.5 9.69x 123.2 20.97x

LTM 06/yy 2'981.4 4.11x 332.7 9.81x 89.8 27.18x

FY+1

.0 M s-13

0.44 100.22 21.98% 19.35% 0.436 24 3.708 351'387 366'258 517'946 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'036.2 3'162.3 755.0 774.0 1.08x 1.02x 328.8 374.0 85.3 94.0 10.11x 8.88x 113.3 151.1 31.3 34.1 22.15x 16.82x S&P Issuer Ratings

6.69 2.25 2.41 2.73 65.4% 39.2% 0.93 1.55 55.88 -

Sales/Revenue/Turnover

25.00

3'500.0 3'000.0

20.00

2'500.0 15.00

2'000.0 1'500.0

10.00

1'000.0 5.00

0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Rhoen Klinikum AG Holdings By:

All

Holder Name MUENCH FAMILY ALECTA PENSIONSFORSA BRAUN LUDWIG GEORG ASKLEPIOS KLINIKEN G FRESENIUS SE & CO KG CREDIT SUISSE AG PAULSON & CO BLACKROCK JP MORGAN CLEARING C FRANKLIN RESOURCES ALLIANZ ASSET MANAGE MORGAN STANLEY INTER SKAGEN AS SUN LIFE FINANCIAL I NORGES BANK DEUTSCHE BANK AG OPPENHEIMERFUNDS INC UNIVERSAL INVEST LUX ING INTERNATIONAL AD INVESCO LTD

Firm Name AlphaValue Nord/LB HSBC Bankhaus Lampe UBS JPMorgan Bankhaus Metzler Berenberg Bank Kepler Cheuvreux Equinet Institutional Services(ESN) S&P Capital IQ Deutsche Bank Jefferies Landesbank Baden-Wuerttemberg Independent Research GmbH M.M. Warburg Investment Research Exane BNP Paribas DZ Bank AG Commerzbank Corporates & Markets Hamburger Sparkasse EVA Dimensions Close Brothers Equity Markets Main First Bank AG Credit Suisse GSC Research Hauck & Aufhaeuser

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst EILEEN RYAN HOLGER FECHNER JAN KEPPELER THERESA DICK MARTIN WALES DAVID J ADLINGTON SEBASTIAN FRERICKS TOM JONES OLIVER REINBERG KONRAD LIEDER JACOB THRANE HOLGER BLUM INGEBORG OIE TIMO KUERSCHNER CHRISTOPH SCHOENDUBE ULRICH HUWALD JULIEN DORMOIS SVEN OLAF KUERTEN VOLKER BRAUN MARCO GUENTHER TIMOTHY STANISH IGOR KIM MARCUS WIEPRECHT MARK WADLEY MATTHIAS SCHRADE THOMAS WISSLER

Source Co File Co File Co File Co File Co File ULT-AGG Co File ULT-AGG Research ULT-AGG ULT-AGG Research MF-AGG Research MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation reduce buy overweight hold neutral neutral buy hold hold buy hold hold hold buy buy hold neutral buy buy hold sell hold outperform outperform buy sell

Amt Held 17'278'999 13'684'967 6'911'600 6'911'600 6'911'600 5'174'410 5'114'584 4'845'756 4'408'553 3'810'642 3'161'505 2'849'530 1'972'941 1'819'760 1'699'549 1'466'710 865'027 820'000 797'284 680'501

% Out 12.5 9.9 5 5 5 3.74 3.7 3.51 3.19 2.76 2.29 2.06 1.43 1.32 1.23 1.06 0.63 0.59 0.58 0.49

Weighting

Change 2 5 5 3 3 3 5 3 3 5 3 3 3 5 5 3 3 5 5 3 1 3 5 5 5 1

M M M M M M M M M M U M M M M M M M M M M M U M U D

Latest Chg (1'532) 268'909 (50'000) 99'066 (256'510) -

Target Price 17 22 19 19 20 21 19 19 19 23 20 17 18 19 22 18 16 18 21 #N/A N/A #N/A N/A 16 20 17 #N/A N/A 15

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 n/a 31.12.2012 Pension Fund (ERISA) 31.12.2012 n/a 31.12.2012 Corporation 31.12.2012 Corporation 13.06.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 30.08.2013 Investment Advisor 26.06.2013 Investment Advisor 27.04.2012 Investment Advisor 31.07.2013 Investment Advisor 24.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.04.2012 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 31.05.2013 Investment Advisor 30.08.2013 Investment Advisor

Date 6 month 12 month Not Provided 12 month 12 month 3 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 6 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month

Date 29.08.2013 13.08.2013 12.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 27.06.2013 17.06.2013 14.06.2013 06.06.2013 26.04.2013 25.02.2013 05.10.2012 20.07.2012 26.04.2012

03.09.2013

Rheinmetall AG Rheinmetall AG is an automotive, electronics, defense, and engineering group. The Company produces automotive pumps and components to supply air, reduce emissions, and supply fuel, pistons for gasoline and diesel vehicle and stationary engines, bearings for engines and other applications and aluminum engine blocks, and offers aftermarket service to engine repair shops.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RHM GY EQUITY YTD Change RHM GY EQUITY YTD % CHANGE

12/2012 06/yy 43.75 31.20 22'108.00 37.705 -13.81% 20.85% 51.10% 39.6 1'493.08 599.00 0.0 111.0 501.00 1'902.08

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.8 M

1.6 M

1.4 M

1.2 M

1.0 M

.8 M

.6 M

.4 M

.2 M

0 s-12

31.12.2009 31.12.2010 3'420.0 3'989.0 0.51x 0.62x 178.0 445.0 9.83x 5.55x (58.0) 162.0 14.22x Profitability

LTM-4Q 31.12.2011 4'454.0 0.35x 521.0 3.03x 213.0 6.17x

31.12.2012 4'704.0 0.34x 479.0 3.30x 190.0 7.28x 479.00 285.00 6.06% 5.08% 1.71% 6.23% 5.84% 0.95% 7.2% 2.8% 4.0% 1.42 0.86 12.23% 44.37% 4.23 -

Price/ Cash Flow

06/yy 4'632.0 1.72x 525.0 3.99x 214.0 6.87x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 4'513.0 1.60x 323.0 5.47x 81.0 16.85x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

1.13 37.71 0.37% 8.57% 1.126 26 3.154 134'739 196'734 189'781 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'708.4 4'896.1 1'070.0 1'618.0 0.43x 0.40x 319.8 456.0 40.0 337.0 5.96x 4.18x 69.1 143.1 18.2 111.0 21.82x 9.81x S&P Issuer Ratings

12.12.2008 NR 12.12.2008 NR 7.26 3.71 1.04 1.78 44.4% 29.1% 0.95 3.92 86.30 -

Sales/Revenue/Turnover

16.00

5'000.0

14.00

4'500.0 4'000.0

12.00

3'500.0

10.00

3'000.0

8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 3'869.0 0.27x 407.0 2.58x 134.0 5.89x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Rheinmetall AG Holdings By:

All

Holder Name HARRIS ASSOCIATES LP RHEINMETALL AG BLACKROCK DEUTSCHE BANK AG FMR LLC NORGES BANK DIMENSIONAL FUND ADV FEDERATED INVESTORS DWS INVESTMENTS INVESCO LTD PRUDENTIAL FINANCIAL UNION INVESTMENT GMB NATIXIS INTERNATIONA DEKA INVESTMENT GMBH AVIVA PLC SCHRODER INVESTMENT LANDESBANK BERLIN IN LBPAM GOLDMAN SACHS GROUP VANGUARD

Firm Name

Portfolio Name Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst

Commerzbank Corporates & Markets STEPHAN BOEHM Exane BNP Paribas OLIVIER BROCHET AlphaValue EILEEN RYAN Bankhaus Lampe GORDON SCHOENELL Equinet Institutional Services(ESN) ADRIAN PEHL JPMorgan GLEN H LIDDY Independent Research GmbH ZAFER RUZGAR M.M. Warburg Investment Research CHRISTIAN COHRS Close Brothers Equity Markets DANIEL KUKALJ DZ Bank AG MARKUS TURNWALD Main First Bank AG CHRISTOPHER YOUL Landesbank Baden-Wuerttemberg STEFAN MAICHL Hauck & Aufhaeuser FINN HENNING BREITER Steubing AG TOBIAS SCHMIDT S&P Capital IQ RODERICK BRIDGE Montega THOMAS RAU Kepler Cheuvreux MICHAEL RAAB HSBC RICHARD SCHRAMM Bankhaus Metzler JUERGEN PIEPER Berenberg Bank BENJAMIN GLAESER LFG Kronos Investment Services GmbH THOMAS ANEY Deutsche Bank TIM ROKOSSA EVA Dimensions TIMOTHY STANISH Nord/LB FRANK SCHWOPE UBS SVEN WEIER

Source MF-AGG Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation hold neutral add sell reduce neutral hold hold hold buy outperform sell sell buy buy hold hold overweight sell hold hold hold overweight buy neutral

Amt Held 2'436'285 1'881'647 1'225'139 1'173'000 1'037'762 686'200 525'577 349'087 338'000 331'175 281'064 245'800 245'500 233'412 232'900 210'948 208'979 139'000 137'957 136'664

% Out 6.15 4.75 3.09 2.96 2.62 1.73 1.33 0.88 0.85 0.84 0.71 0.62 0.62 0.59 0.59 0.53 0.53 0.35 0.35 0.35

Weighting

Change 3 3 4 1 2 3 3 3 3 5 5 1 1 5 5 3 3 5 1 3 3 3 5 5 3

M M M M M M M M M M M M M U U M D M M M M M M M M

Latest Chg (511'802) 1'174 120'000 323'640 (1'685) 22'200 (136'625) 42'847 (228'223)

Target Price 34 37 39 30 34 38 38 37 37 41 47 34 32 43 44 35 38 47 32 40 43 35 #N/A N/A 44 39

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2013 22.02.2013 30.08.2013 28.06.2013 31.10.2011 31.12.2012 30.04.2013 30.06.2013 30.04.2013 30.08.2013 31.07.2013 28.03.2013 28.03.2013 03.09.2013 31.05.2013 30.06.2013 31.07.2013 28.03.2013 28.02.2013 30.06.2013

Date 6 month Not Provided 6 month 12 month 12 month 15 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month

Inst Type Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 02.09.2013 02.09.2013 29.08.2013 26.08.2013 26.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 06.06.2013 29.05.2013 08.02.2013

03.09.2013

RWE AG RWE AG generates, distributes, and trades electricity to municipal, industrial, commercial, and residential customers. The Company produces natural gas and oil, mines coal, delivers and distributes gas, and supplies drinking water. RWE AG operates mainly in Europe.

Price/Volume 40

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (12.09.2012) 52-Week Low (15.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RWE GY EQUITY YTD Change RWE GY EQUITY YTD % CHANGE

12/2012 06/yy 36.47 20.48 295'071.00 21.075 -42.20% 2.93% 3.97% 575.7 12'956.31 19'946.00 2'702.0 1'613.0 5'276.00 33'645.31

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 47'500.0 0.88x 7'903.0 5.30x 2'558.0 10.69x

8.0 M

Valuation Analysis

31.12.2009 31.12.2010 46'191.0 50'722.0 1.10x 0.89x 9'655.0 9'230.0 5.28x 4.87x 3'571.0 3'323.0 10.33x 8.05x Profitability

LTM-4Q 31.12.2011 49'153.0 0.69x 6'912.0 4.91x 1'865.0 8.10x

31.12.2012 50'771.0 0.75x 9'055.0 4.22x 1'402.0 14.67x 9'055.00 3'699.00 7.29% 4.39% 1.02% 6.15% 5.28% 0.58% 20.4% 9.0% 2.8% 1.02 0.55 22.61% 164.54% 5.55 -

Price/ Cash Flow

LTM

06/yy 48'857.0 3.02x 7'464.0 5.37x 1'872.0 10.68x

06/yy 52'055.0 2.93x 10'599.0 3.38x 923.0 20.12x

FY+1

.0 M s-13

1.04 487.68 -33.03% -27.37% 1.045 36 2.278 2'809'581 3'183'237 3'372'716 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 53'609.0 53'249.9 0.65x 0.63x 8'929.2 7'976.6 3.77x 4.22x 2'322.5 1'816.4 5.37x 7.01x S&P Issuer Ratings

27.07.2012 BBB+ STABLE 08.06.2011 A-2 7.25 2.85 1.53 1.96 164.5% 54.8% 0.58 1.48 65.75 -

Sales/Revenue/Turnover

6.00

100'000.0 90'000.0

5.00

80'000.0 70'000.0

4.00

60'000.0

3.00

50'000.0 40'000.0

2.00

30'000.0 20'000.0

1.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

RWE AG Holdings By:

All

Holder Name RW ENERGIE-BETEILIGU MORGAN STANLEY BLACKROCK MONDRIAN INVESTMENT CREDIT SUISSE GROUP NORGES BANK CAPITAL GROUP COMPAN VANGUARD INVESCO LTD CQS UK LLP PICTET FUNDS DB PLATINUM ADVISORS UNION INVESTMENT GMB MARSHALL WACE LLP DEKA INVESTMENT GMBH FEDERAL GESTION UBS MERCURY ASSET MANAGE SOCIETE GENERALE SA FRANKLIN RESOURCES

Firm Name RBC Capital Markets Credit Suisse Bankhaus Metzler Kepler Cheuvreux Redburn Partners AlphaValue Exane BNP Paribas Goldman Sachs Hamburger Sparkasse Natixis Grupo Santander Commerzbank Corporates & Markets Macquarie S&P Capital IQ Deutsche Bank Morgan Stanley Nord/LB Raymond James Landesbank Baden-Wuerttemberg Independent Research GmbH M.M. Warburg Investment Research Societe Generale UBS JPMorgan HSBC Day by Day Barclays Main First Bank AG EVA Dimensions Berenberg Bank Equinet Institutional Services(ESN) Steubing AG National Bank AG Banco Sabadell

Portfolio Name n/a #N/A N/A n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst JOHN MUSK VINCENT GILLES GUIDO HOYMANN INGO BECKER AHMED FARMAN EILEEN RYAN BENJAMIN LEYRE DEBORAH WILKENS ANNEMARIE SCHLUETER PHILIPPE OURPATIAN OSCAR NAJAR RIOS TANJA MARKLOFF ROBERT SCHRAMM-FUCHS CLIVE ROBERTS ALEXANDER KARNICK BOBBY CHADA HEINO HAMMANN EMMANUEL RETIF ERKAN AYCICEK SVEN DIERMEIER STEPHAN WULF ALBERTO PONTI PATRICK HUMMEL NATHALIE F CASALI ADAM DICKENS VALERIE GASTALDY PETER BISZTYGA ANDREAS THIELEN DOUG WALTERS TEAM COVERAGE MICHAEL SCHAEFER MICHAEL BROEKER STEFFEN MANSKE JORGE GONZALEZ SADORNIL

Source Co File Research ULT-AGG Co File Research MF-AGG ULT-AGG ULT-AGG ULT-AGG Short ULT-AGG MF-AGG MF-AGG Short MF-AGG MF-AGG ULT-AGG MF-AGG Research ULT-AGG

Recommendation underperform neutral sell reduce sell buy neutral Buy/Neutral hold neutral underweight reduce underperform hold sell Equalwt/In-Line hold underperform hold sell buy sell sell underweight underweight hold underweight underperform buy sell hold buy hold sell

Amt Held % Out 86'361'823 15 59'937'192 10.41 28'787'275 5 17'272'365 3 15'649'001 2.72 13'471'707 2.34 5'831'000 1.01 5'591'881 0.97 3'172'827 0.55 (3'109'026) -0.54 2'833'842 0.49 2'667'249 0.46 2'542'090 0.44 (2'533'280) -0.44 2'266'506 0.39 1'596'742 0.28 1'454'790 0.25 1'414'414 0.25 1'403'905 0.24 1'400'400 0.24

Weighting

Change 1 3 1 2 1 5 3 5 3 3 1 2 1 3 1 3 3 1 3 1 5 1 1 1 1 3 1 1 5 1 3 5 3 1

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 M M M

Latest Chg 105'000 82'729 3'101'871 3'348 2'554'346 (377'383) 518'171 (623'861) 1'592'355 (27'562) 2'427 1'400'000

Target Price 20 22 19 18 #N/A N/A 32 23 32 #N/A N/A 23 28 20 19 22 20 26 25 25 22 20 28 22 19 28 19 #N/A N/A 23 26 #N/A N/A 21 35 60 30 37

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Other 26.08.2013 Investment Advisor 30.08.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 16.04.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Unclassified 30.08.2013 Investment Advisor 05.07.2013 Investment Advisor 30.04.2013 Investment Advisor 31.07.2013 Investment Advisor 28.03.2013 Investment Advisor 28.08.2013 Hedge Fund Manager 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 30.08.2013 Unclassified 30.08.2013 Investment Advisor 07.06.2013 Unclassified 28.06.2013 Investment Advisor

Date 12 month Not Provided 12 month Not Provided Not Provided 6 month Not Provided 12 month Not Provided Not Provided 12 month 6 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 3 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month

Date 03.09.2013 02.09.2013 30.08.2013 30.08.2013 29.08.2013 29.08.2013 28.08.2013 19.08.2013 16.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 08.08.2013 05.08.2013 19.07.2013 04.07.2013 02.07.2013 21.06.2013 07.06.2013 06.06.2013 24.05.2013 15.05.2013 02.04.2013 05.03.2013 15.02.2013

03.09.2013

SMA Solar Technology AG SMA Solar Technology AG manufactures solar inverters, alternating current converters for solar generated electricity.

Price/Volume 30

1.6 M 1.4 M

1.2 M 20

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance S92 GY EQUITY YTD Change S92 GY EQUITY YTD % CHANGE

12/2012 06/yy 29.90 15.61 10'804.00 23.43 -21.64% 50.10% 56.26% 34.7 813.02 93.53 0.0 0.0 442.70 543.93

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.8 M .6 M

.4 M 5 0 s-12

.2 M o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 681.6 1.64x 174.8 6.39x 119.5 10.90x

1.0 M

Valuation Analysis

31.12.2009 31.12.2010 934.3 1'920.1 3.17x 1.05x 243.4 547.2 12.16x 3.68x 161.1 365.0 20.10x 6.61x Profitability

LTM-4Q 31.12.2011 1'676.3 0.69x 289.4 3.98x 166.1 9.01x

31.12.2012 1'463.4 0.21x 173.3 1.79x 75.1 8.80x 173.29 103.36 7.06% 7.16% 0.05% 0.09% 0.80% 23.5% 10.2% 3.1% 5.1% 3.31 2.30 7.04% 11.40% 7.07 3.34

Price/ Cash Flow

06/yy 1'795.1 2.11x 277.7 2.40x 152.0 6.15x

LTM 06/yy 1'091.2 1.71x 111.0 4.69x 0.7 1137.75x

FY+1

.0 M s-13

0.88 10.12 -1.78% 26.58% 0.878 15 2.333 42'275 45'820 50'893 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'064.8 1'107.1 0.53x 0.49x 35.5 74.0 15.44x 7.41x (24.1) 3.7 275.65x S&P Issuer Ratings

161.35 93.46 -2.42 1.02 11.4% 10.2% 0.80 2.90 51.60 109.37 42.30 78.85

Sales/Revenue/Turnover

16.00

2'500.0

14.00

2'000.0

12.00 10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

SMA Solar Technology AG Holdings By:

All

Holder Name POOL SMA SOLAR TECH KLEINKAUF WERNER WETTLAUFER REINER DREWS PETER CRAMER GUENTHER GUENTHER CRAMER FOUN PETER DREWS FOUNDATI REINER WETTLAUFER FO BAILLIE GIFFORD AND RUANE CUNNIFF & GOLD VANGUARD ODDO ASSET MANAGEMEN SOTHIC CAPITAL MANAG INVESCO LTD BLACKROCK DELTA LLOYD NV CLAYMORE ADVISORS LL BARRINGTON WILSHIRE FIL LIMITED SCHRODER INVESTMENT

Firm Name Deutsche Bank EVA Dimensions Kempen & Co Landesbank Baden-Wuerttemberg Bankhaus Metzler Equinet Institutional Services(ESN) HSBC Independent Research GmbH M.M. Warburg Investment Research Montega Commerzbank Corporates & Markets Natureo Finance Macquarie Main First Bank AG Hammer Partners SA

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst ALEXANDER KARNICK ANDREW S ZAMFOTIS SERENA ZUIDEMA ERKAN AYCICEK DANIEL SEIDENSPINNER STEFAN FREUDENREICH CHRISTIAN DOMINIK RATH SVEN DIERMEIER CHRISTOPHER RODLER ALEXANDER DREWS GEORG REMSHAGEN INGO QUEISER ROBERT SCHRAMM-FUCHS ANDREAS THIELEN ALBERTO ROLLA

Source Co File Co File Co File Co File EXCH Co File Co File Co File Research Research ULT-AGG MF-AGG Short ULT-AGG ULT-AGG ULT-AGG MF-AGG Short ULT-AGG MF-AGG

Recommendation buy hold hold hold sell sell neutral sell hold sell sell buy neutral underperform buy

Amt Held % Out 8'744'400 25.2 2'512'280 7.24 2'446'350 7.05 2'446'350 7.05 2'439'410 7.03 1'998'720 5.76 1'998'720 5.76 1'998'720 5.76 1'040'852 3 1'002'885 2.89 862'189 2.48 524'878 1.51 (336'590) -0.97 321'304 0.93 212'390 0.61 188'970 0.54 172'271 0.5 (163'090) -0.47 78'201 0.23 66'167 0.19

Weighting

Change 5 3 3 3 1 1 3 1 3 1 1 5 3 1 5

M D M M M M D M M M M M M M N

Latest Chg 62'732 27'760 1'987 1'009 50'000 762 34'700 78'201 (5'737)

Target Price 28 #N/A N/A 22 27 15 19 25 19 24 19 16 23 21 15 119

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Corporation 31.12.2011 n/a 31.12.2011 n/a 31.12.2011 n/a 05.08.2011 n/a 31.12.2011 n/a 31.12.2011 Other 31.12.2011 Other 28.08.2013 Investment Advisor 12.07.2011 Investment Advisor 30.06.2013 Unclassified 30.09.2012 Investment Advisor 25.07.2013 Other 30.08.2013 Investment Advisor 30.08.2013 Investment Advisor 31.05.2013 Bank 30.08.2013 Investment Advisor 12.08.2013 Hedge Fund Manager 31.10.2012 Investment Advisor 30.06.2013 Investment Advisor

Date 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 6 month 12 month 12 month 12 month Not Provided

Date 29.08.2013 20.08.2013 13.08.2013 13.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 31.07.2013 11.07.2013 25.06.2013 09.11.2012 04.10.2010

03.09.2013

SAP AG SAP AG is a multinational software company. The Company develops business software, including e-business and enterprise management software, consults on organizational usage of its applications software, and provides training services. SAP markets its products and services worldwide.

Price/Volume 70

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (03.09.2012) 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 SAP GY EQUITY YTD Change SAP GY EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

2.0 M

10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 11'575.0 2.71x 3'300.0 9.49x 1'847.0 16.28x

6.0 M

12/2012 06/yy 65.00 52.20 676'925.00 55.57 -14.51% 6.46% 30.55% 1'228.5 68'267.98 5'248.00 0.0 8.0 2'631.00 69'818.98

31.12.2009 31.12.2010 10'672.0 12'464.0 3.65x 3.71x 3'301.0 4'125.0 11.81x 11.20x 1'748.0 1'811.0 22.45x 25.07x Profitability

LTM-4Q 31.12.2011 14'233.0 3.31x 4'663.0 10.10x 3'438.0 14.13x

31.12.2012 16'223.0 4.62x 5'002.0 14.99x 2'823.0 25.61x 5'002.00 4'139.00 25.51% 23.57% 11.42% 21.86% 17.04% 0.64% 68.8% 29.6% 23.9% 17.4% 1.00 0.94 19.56% 37.05% 5.05 -

Price/ Cash Flow

LTM

06/yy 15'157.0 13.82x 4'810.0 11.69x 3'553.0 15.71x

06/yy 16'638.0 17.12x 4'920.0 13.93x 2'967.0 22.47x

FY+1

.0 M s-13

0.83 913.65 6.35% -7.08% 0.827 44 4.068 2'346'250 2'281'482 3'067'204 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 17'318.3 18'862.2 4'240.3 5'419.4 3.93x 3.45x 16.45x 12.69x 6'164.7 6'841.2 1'492.5 2'324.5 11.34x 10.22x 10.93x 10.57x 3'921.9 4'391.9 969.4 1'550.6 16.46x 14.71x 15.52x 15.02x S&P Issuer Ratings

28.58 25.49 0.31 1.06 37.1% 27.0% 0.64 9.77 72.33 -

Sales/Revenue/Turnover

25.00

18'000.0 16'000.0

20.00

14'000.0 12'000.0

15.00

10'000.0 8'000.0

10.00

6'000.0 4'000.0

5.00

2'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

SAP AG Holdings By:

All

Holder Name PLATTNER HASSO TSCHIRA KLAUS BLACKROCK HOPP DIETMAR SAP AG MORGAN STANLEY NORGES BANK VANGUARD ALLIANZ ASSET MANAGE HARBOR CAPITAL ADVIS DEUTSCHE BANK AG FIL LIMITED CAPITAL GROUP COMPAN DEKA INVESTMENT GMBH FMR LLC THORNBURG INVESTMENT UNION INVESTMENT GMB OPPENHEIMERFUNDS INC CREDIT SUISSE AG DB PLATINUM ADVISORS

Firm Name Commerzbank Corporates & Markets Pacific Crest Securities AlphaValue Main First Bank AG Bryan Garnier & Cie Morgan Stanley Landesbank Baden-Wuerttemberg Day by Day Credit Suisse Jyske Bank UBS Sanford C. Bernstein & Co Bankhaus Metzler HSBC Natixis Societe Generale Jefferies William Blair & Co M.M. Warburg Investment Research Cross Research Exane BNP Paribas Nomura JPMorgan Macquarie Berenberg Bank DZ Bank AG Redburn Partners Barclays Grupo Santander Deutsche Bank Nord/LB Goldman Sachs Baader Bank Independent Research GmbH Hamburger Sparkasse Kepler Cheuvreux S&P Capital IQ JMP Securities Banco Sabadell EVA Dimensions National Bank AG Wells Fargo Securities, LLC Evercore Partners

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst THOMAS M BECKER BRENDAN BARNICLE HEINZ STEFFEN CHANDRAMOULI SRIRAMAN GREGORY RAMIREZ ADAM WOOD MIRKO MAIER VALERIE GASTALDY PHILIP WINSLOW ROBERT JAKOBSEN MICHAEL BRIEST MARK L MOERDLER ULRICH TRABERT ANTONIN BAUDRY GWENAEL GIARD RICHARD NGUYEN ROSS MACMILLAN BHAVAN SURI ANDREAS WOLF RICHARD T WILLIAMS BRICE PRUNAS RICHARD G SHERLUND STACY E POLLARD BRAD A ZELNICK DAUD KHAN HARALD SCHNITZER NEIL STEER GERARDUS VOS CARLOS JAVIER TREVINO KAI KORSCHELT WOLFGANG DONIE MOHAMMED MOAWALLA KNUT WOLLER MARKUS FRIEBEL MARCO GUENTHER LAURENT DAURE JAMES CRAWSHAW PATRICK WALRAVENS ANDRES BOLUMBURU ANDREW S ZAMFOTIS STEFFEN MANSKE JASON MAYNARD STEWART KIRK MATERNE III

Source 20F 20F ULT-AGG 20F Research ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation hold outperform buy outperform buy Overwt/In-Line buy buy outperform reduce neutral outperform buy overweight neutral buy hold outperform buy hold neutral buy neutral outperform buy buy neutral equalweight underweight hold buy buy/attractive buy hold buy buy buy market perform buy underweight buy market perform equalweight

Amt Held 120'857'498 92'079'595 66'743'066 65'273'200 36'642'744 23'436'828 20'930'681 12'787'680 12'400'904 11'235'667 10'351'390 9'395'522 8'250'500 7'792'633 7'249'342 7'081'368 6'520'708 6'446'428 5'953'951 5'175'655

% Out 9.84 7.5 5.43 5.31 2.98 1.91 1.7 1.04 1.01 0.91 0.84 0.76 0.67 0.63 0.59 0.58 0.53 0.52 0.48 0.42

Weighting

Change 3 5 5 5 5 5 5 5 5 2 3 5 5 5 3 5 3 5 5 3 3 5 3 5 5 5 3 3 1 3 5 5 5 3 5 5 5 3 5 1 5 3 3

M M M N M M U U 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 M M M M M D U M M

Latest Chg 1'118'820 175'862 248'989 (90'696) (1'292'729) (132'500) (229'175) (192'245) (1'749'614) (140'228) (7'448) 3'986'320

Target Price 62 70 71 68 69 73 65 65 70 62 62 68 65 74 59 68 60 #N/A N/A 64 59 61 68 62 64 71 63 #N/A N/A 55 57 57 68 77 65 63 #N/A N/A 66 65 #N/A N/A 67 #N/A N/A 64 #N/A N/A 65

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 07.03.2013 07.03.2013 30.08.2013 07.03.2013 12.06.2012 30.06.2013 31.12.2012 30.06.2013 31.07.2013 31.03.2013 30.06.2013 31.12.2012 30.06.2013 30.04.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.05.2013 31.07.2013

Date 6 month 12 month 6 month 12 month 6 month 12 month Not Provided 3 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 6 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month

Inst Type n/a n/a Investment Advisor n/a Corporation Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 29.08.2013 29.08.2013 29.08.2013 28.08.2013 26.08.2013 22.08.2013 15.08.2013 14.08.2013 13.08.2013 09.08.2013 09.08.2013 31.07.2013 29.07.2013 25.07.2013 25.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 21.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 17.07.2013 15.02.2013 29.01.2013 23.01.2013 22.01.2013 24.10.2012

03.09.2013

Stada Arzneimittel AG Stada Arzneimittel AG manufactures pharmaceuticals. The Company produces generics (products whose patents have expired), brand-name products, and cancer therapy and other special pharmaceuticals. Stada avoids cost-intensive research on active ingredients and concentrates on multi-source products. The Company markets its products worldwide.

Price/Volume

1.2 M 1.0 M

.8 M

Latest Fiscal Year: LTM as of: 52-Week High (23.08.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAZ GY EQUITY YTD Change SAZ GY EQUITY YTD % CHANGE

12/2012 06/yy 38.30 21.74 21'473.00 37.35 -2.48% 71.84% 93.21% 59.5 2'223.10 1'270.09 0.0 10.7 128.87 3'672.35

.6 M

15 10

.4 M

.2 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.4 M

35 30

Valuation Analysis

31.12.2008 1'646.2 1.35x 256.0 8.71x 76.2 15.77x

31.12.2009 31.12.2010 1'568.8 1'627.0 1.48x 1.44x 278.7 268.5 8.36x 8.75x 100.4 68.4 14.15x 21.88x Profitability

LTM-4Q 31.12.2011 1'715.4 1.17x 222.1 9.05x 22.0 52.03x

31.12.2012 1'837.5 1.41x 320.0 8.12x 86.5 16.72x 320.03 202.15 11.00% 7.38% 3.41% 11.92% 6.24% 0.63% 49.3% 17.9% 12.1% 4.7% 1.22 0.64 42.59% 140.89% 4.03 2.03

Price/ Cash Flow

06/yy 1'770.9 5.12x 227.2 11.73x 14.1 104.96x

LTM 06/yy 1'926.6 6.18x 345.2 9.93x 104.9 18.84x

FY+1

.0 M s-13

0.92 59.08 70.02% 55.33% 0.916 25 3.840 298'490 265'056 257'979 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'006.6 2'174.3 482.0 563.0 1.77x 1.59x 5.40x 6.26x 397.6 446.1 91.7 102.0 9.23x 8.23x 166.2 204.7 42.3 47.7 13.25x 10.84x S&P Issuer Ratings

2.11 1.91 4.12 5.14 140.9% 58.2% 0.63 6.79 90.55 180.13 93.18 172.50

Sales/Revenue/Turnover

14.00

2'000.0 1'800.0

12.00

1'600.0

10.00

1'400.0 1'200.0

8.00

1'000.0 800.0

6.00

600.0

4.00

400.0 2.00 0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Stada Arzneimittel AG Holdings By:

All

Holder Name MORGAN STANLEY DEUTSCHE BANK AG GRYPHON INTERNATIONA DEUTSCHE BANK AG/LON NORGES BANK BLACKROCK DJE INVESTMENT SA UNION INVESTMENT GMB AQR CAPITAL MANAGEME ALLIANZ ASSET MANAGE VANGUARD PICTET FUNDS SKAGEN AS UBS INVEST KAG MACQUARIE GROUP T ROWE PRICE ASSOCIA KBL RICHELIEU GESTIO FRANKFURT TRUST INVE LBPAM BANQUE DEGROOF

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

UBS Bankhaus Lampe AlphaValue Jefferies Hamburger Sparkasse Commerzbank Corporates & Markets DZ Bank AG Nord/LB Independent Research GmbH M.M. Warburg Investment Research Main First Bank AG Helvea Exane BNP Paribas HSBC Bankhaus Metzler Close Brothers Equity Markets Natixis Deutsche Bank JPMorgan Landesbank Baden-Wuerttemberg Berenberg Bank Kepler Cheuvreux S&P Capital IQ EVA Dimensions Equinet Institutional Services(ESN) KD Banka d.d.

GUILLAUME VAN RENTERGHEM THERESA DICK FABRICE FARIGOULE JAMES VANE-TEMPEST MARCO GUENTHER DANIEL WENDORFF THOMAS MAUL THORSTEN STRAUSS CHRISTOPH SCHOENDUBE ULRICH HUWALD MARCUS WIEPRECHT ODILE RUNDQUIST FLORENT CESPEDES JAN KEPPELER SEBASTIAN FRERICKS IGOR KIM PHILIPPE LANONE HOLGER BLUM DAVID J ADLINGTON TIMO KUERSCHNER SCOTT BARDO OLIVER REINBERG JACOB THRANE TIMOTHY STANISH MARTIN POSSIENKE BOJAN IVANC

Source ULT-AGG ULT-AGG Co File Research Research ULT-AGG MF-AGG MF-AGG Short ULT-AGG ULT-AGG ULT-AGG Research MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy reduce underperform hold buy buy hold hold hold outperform buy neutral neutral sell buy buy buy overweight buy buy buy strong buy hold hold buy

Amt Held % Out 2'030'577 3.41 1'943'300 3.26 1'898'634 3.19 1'802'000 3.03 1'642'192 2.76 996'387 1.67 928'768 1.56 655'000 1.1 (583'303) -0.98 549'000 0.92 358'784 0.6 353'457 0.59 349'622 0.59 300'500 0.5 284'709 0.48 259'231 0.44 224'400 0.38 218'500 0.37 211'858 0.36 202'000 0.34

Weighting

Change 5 5 2 1 3 5 5 3 3 3 5 5 3 3 1 5 5 5 5 5 5 5 5 3 3 5

N M M M D M M M M M M M M M M M M M M M M M M M M U

Latest Chg 85'000 1'023 (100) 21'896 116'874 16'191 (20'000) (9'509) 1'075 64'032 12'000

Target Price 43 41 38 27 #N/A N/A 44 42 38 42 38 45 42 38 41 24 40 42 40 42 37 40 42 42 #N/A N/A 20 28

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 01.07.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Investment Advisor 16.05.2013 Investment Advisor 24.05.2013 Government 30.08.2013 Investment Advisor 31.07.2013 Investment Advisor 28.03.2013 Investment Advisor 21.08.2013 Hedge Fund Manager 30.04.2013 Investment Advisor 30.06.2013 Unclassified 31.08.2012 Investment Advisor 24.08.2012 Investment Advisor 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.02.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 01.08.2013 Investment Advisor

Date 12 month 12 month 6 month 12 month Not Provided 6 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 15 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month

Date 02.09.2013 02.09.2013 29.08.2013 23.08.2013 23.08.2013 21.08.2013 20.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 15.08.2013 13.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 06.06.2013 22.09.2011 29.09.2010

03.09.2013

STRATEC Biomedical AG STRATEC Biomedical AG develops, manufactures and markets automated equipment and systems for the analysis of chemical and biological compounds. The Company's systems are used primarily for the analysis of blood and other fluids and include luminometers, fluorometers and pipette systems. Stratec markets its products worldwide.

Price/Volume 45

.1 M

35 30

.1 M

12/2012 06/yy 40.00 25.30 726.00 29.6 -26.00% 17.00% 30.61% 11.7 347.73 8.64 0.0 0.0 13.58 341.55

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 61.0 2.29x 13.1 10.66x 6.1 25.09x

.1 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (17.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBS GY EQUITY YTD Change SBS GY EQUITY YTD % CHANGE

31.12.2009 31.12.2010 79.6 102.0 3.60x 3.56x 16.9 20.9 16.96x 17.37x 11.7 13.0 25.81x 27.99x Profitability

LTM-4Q 31.12.2011 116.6 3.09x 24.6 14.66x 15.3 24.05x

31.12.2012 122.4 3.57x 20.9 20.89x 14.0 31.63x 20.89 17.13 13.99% 14.18% 11.31% 15.16% 1.04% 32.3% 16.6% 13.0% 11.4% 4.55 1.84 7.09% 9.40% 6.89 -

Price/ Cash Flow

06/yy 126.2 11.43x 26.2 15.23x 15.6 26.04x

LTM 06/yy 123.6 13.30x 20.6 19.13x 13.4 29.86x

FY+1

.0 M s-13

0.53 6.81 -10.48% -20.10% 0.529 9 2.556 7'289 10'629 13'507 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 132.4 150.0 2.58x 2.24x 24.3 28.8 14.26x 12.01x 15.6 18.9 22.09x 18.31x S&P Issuer Ratings

66.74 59.48 -0.30 0.40 9.4% 8.6% 1.04 7.22 52.94 225.73

Sales/Revenue/Turnover

300.00

140.0

250.00

120.0 100.0

200.00

80.0 150.00

60.0

100.00

40.0

50.00

20.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

STRATEC Biomedical AG Holdings By:

All

Holder Name LEISTNER HERMANN MONTANARO ASSET MGMT THREADNEEDLE INVESTM ALLIANZ ASSET MANAGE FINANCIERE DE L'ECHI ALLIANZ GLOBAL INVES BNP PARIBAS INV PART VANGUARD FIL LIMITED SEB SCHRODER INVESTMENT HARTFORD INVESTMENT UBS ACTIVEST MUNICH BLACKROCK ING ASSET MANAGEMENT THREADNEEDLE MANAGME LAZARD ASSET MANAGEM TRANSAMERICA INVESTM ING INVESTMENT MANAG

Firm Name Commerzbank Corporates & Markets Berenberg Bank Deutsche Bank Landesbank Baden-Wuerttemberg Bryan Garnier & Cie DZ Bank AG HSBC Kepler Cheuvreux EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst DANIEL WENDORFF SCOTT BARDO GUNNAR ROMER VOLKER STOLL MATHIEU CHABERT SVEN OLAF KUERTEN JAN KEPPELER OLIVER REINBERG TIMOTHY STANISH

Source Co File Research Research ULT-AGG Research Research ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation hold hold hold hold neutral sell neutral hold sell

Amt Held % Out 4'925'139 41.92 588'192 5.01 587'127 5 396'945 3.38 354'900 3.02 345'623 2.94 341'290 2.91 143'745 1.22 119'500 1.02 92'899 0.79 68'000 0.58 64'960 0.55 57'260 0.49 52'994 0.45 (51'540) -0.44 50'000 0.43 46'093 0.39 39'888 0.34 35'000 0.3 32'079 0.27

Weighting

Change 3 3 3 3 3 1 3 3 1

M M M M M D M D M

Latest Chg 9'201 28'869 (38'500) (67'894) (89'680) (16'000) 1'182 (21'905) 1'834 28'149 (992) 26'079

Target Price 26 28 26 30 30 26 29 29 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 17.05.2013 21.05.2013 30.04.2013 11.03.2013 24.10.2012 28.02.2013 30.06.2013 31.10.2012 28.03.2013 31.12.2012 30.06.2013 31.05.2013 28.03.2013 30.08.2013 28.03.2013 31.05.2013 31.05.2013 30.06.2013 30.06.2013

Date 6 month Not Provided 12 month Not Provided 6 month Not Provided Not Provided Not Provided Not Provided

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 28.08.2013 05.08.2013 24.07.2013 23.07.2013 16.07.2013 16.07.2013 15.07.2013 15.07.2013 06.06.2013

03.09.2013

K+S AG K+S AG manufactures and markets within the fertilizer division standard and speciality fertilizers to the agricultural and industrial industries worldwide. In its salt business, the company produces de-icing salt, food grade salt, industrial salt and salt for chemical use.

Price/Volume 40

45.0 M

40.0 M

35.0 M 30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.10.2012) 52-Week Low (06.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SDF GY EQUITY YTD Change SDF GY EQUITY YTD % CHANGE

12/2012 06/yy 39.80 15.02 1'245'307.00 18.59 -53.29% 23.77% 15.05% 191.4 3'558.13 1'265.80 0.0 3.6 786.80 3'921.43

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

15.0 M

10.0 M

5.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 4'794.4 1.40x 1'464.3 4.57x 870.9 7.57x

25.0 M

31.12.2009 31.12.2010 3'573.8 4'632.7 2.35x 2.34x 460.2 972.2 18.24x 11.14x 96.4 448.6 68.95x 23.58x Profitability

LTM-4Q 31.12.2011 3'996.8 1.68x 1'122.5 5.97x 564.3 10.98x

31.12.2012 3'935.3 1.82x 1'079.9 6.65x 667.6 11.78x 1'079.90 850.90 21.62% 19.49% 9.13% 18.41% 16.00% 0.55% 45.1% 27.8% 21.3% 17.0% 3.78 2.41 19.07% 36.44% 5.46 3.05

Price/ Cash Flow

06/yy 3'625.3 8.05x 1'055.8 6.78x 590.9 13.22x

LTM 06/yy 3'655.5 7.68x 1'016.9 5.75x 606.8 10.61x

FY+1

.0 M s-13

0.79 172.05 -50.38% -44.64% 0.792 38 2.342 2'375'577 6'491'885 4'130'516 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'942.4 3'689.4 834.4 993.2 1.09x 1.31x 5.65x 4.67x 931.0 635.5 164.5 217.3 4.27x 6.26x 5.19x 5.10x 453.9 228.3 51.4 108.4 7.82x 14.96x 11.84x 12.04x S&P Issuer Ratings

05.08.2013 BBB+ *05.08.2013 A-2 *6.49 4.09 0.35 1.25 36.4% 26.7% 0.55 1.47 66.90 119.49 41.32 121.14

Sales/Revenue/Turnover

16.00

6'000.0

14.00

5'000.0

12.00

4'000.0

10.00 8.00

3'000.0

6.00

2'000.0

4.00

1'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

K+S AG Holdings By:

All

Holder Name MORGAN STANLEY MERITUS TRUST CO LTD GOLDMAN SACHS GROUP PRUDENTIAL PLC VIKING GLOBAL INVEST BLACKROCK DWS INVESTMENTS ZBI EQUITIES LLC VAN ECK ASSOCIATES C NORGES BANK PENNANT CAPITAL MANA DEUTSCHE BANK AG VANGUARD BLUE RIDGE CAPITAL L BROOKSIDE CAPITAL MA MARSHALL WACE LLP POINTSTATE CAPITAL CITADEL EUROPE LLP SOUTHPOINT CAPITAL A VOLLERO BEACH CAPITA

Firm Name Independent Research GmbH Sanford C. Bernstein & Co AlphaValue Commerzbank Corporates & Markets M.M. Warburg Investment Research Bankhaus Lampe Nomura Scotia Capital Deutsche Bank Exane BNP Paribas JPMorgan HSBC Main First Bank AG Hauck & Aufhaeuser Kepler Cheuvreux BMO Capital Markets Morgan Stanley Nord/LB Baader Bank Macquarie Landesbank Baden-Wuerttemberg Equita SIM SpA S&P Capital IQ Liberum Capital Ltd Barclays Day by Day Berenberg Bank DZ Bank AG Redburn Partners UBS Hamburger Sparkasse Bankhaus Metzler EVA Dimensions Equinet Institutional Services(ESN) National Bank AG Societe Generale Solventis WPH-Bank GmbH

Portfolio Name #N/A N/A n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Analyst CHRISTOPH SCHOENDUBE JEREMY REDENIUS EILEEN RYAN LUTZ GRUETEN OLIVER SCHWARZ MARC GABRIEL PATRICK LAMBERT BEN ISAACSON VIRGINIE BOUCHER-FERTE HEIDI VESTERINEN BEN SCARLETT JESKO MAYER-WEGELIN THOMAS SWOBODA NILS-PETER FITZL MARTIN ROEDIGER JOEL JACKSON PETER MACKEY THORSTEN STRAUSS NORBERT BARTH CHRISTIAN FAITZ ULLE WORNER MASSIMO BONISOLI JACOB THRANE SOPHIE JOURDIER ANDREAS HEINE VALERIE GASTALDY JOHN PHILIPP KLEIN HEINZ MUELLER NEIL TYLER JOE DEWHURST MARCO GUENTHER LARS HETTCHE TIMOTHY STANISH MICHAEL SCHAEFER EKKEHARD D LINK PETER CLARK KLAUS SOER

Source Research Co File ULT-AGG ULT-AGG Short ULT-AGG MF-AGG Short ULT-AGG MF-AGG Short ULT-AGG ULT-AGG Short Short Short Short Short Short Short

Recommendation buy underperform buy reduce sell hold reduce sector underperform sell underperform underweight underweight underperform sell reduce market perform Underwt/In-Line buy sell neutral hold hold hold sell underweight hold sell buy sell sell hold sell buy buy buy hold sell

Amt Held % Out 20'428'222 10.67 19'139'999 10 9'934'377 5.19 6'474'394 3.38 (5'971'680) -3.12 5'781'330 3.02 4'883'240 2.55 (3'540'900) -1.85 2'704'693 1.41 2'673'489 1.4 (2'526'480) -1.32 2'308'261 1.21 2'152'274 1.12 (2'028'840) -1.06 (1'971'420) -1.03 (1'741'740) -0.91 (1'722'600) -0.9 (1'588'620) -0.83 (1'205'820) -0.63 (1'186'680) -0.62

Weighting

Change 5 1 5 2 1 3 2 1 1 1 1 1 1 1 2 3 1 5 1 3 3 3 3 1 1 3 1 5 1 1 3 1 5 5 5 3 1

M M M M M M M M M M M D M M M M M M M M M M M M M M M M D M D D U M M M M

Latest Chg (10'025) (3'902'586) (95'700) 193'143 (248'820) (5'980) (229'680) (121'789) 193'205 (497'640) 459'360 344'520 (114'840) (114'840) (210'540) (133'980)

Target Price 22 15 23 14 15 19 18 16 13 16 14 17 20 15 18 18 11 24 15 24 18 19 19 15 17 #N/A N/A 14 23 #N/A N/A 16 #N/A N/A 17 #N/A N/A 47 52 41 25

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.08.2013 31.12.2012 23.08.2013 30.06.2013 28.08.2013 30.08.2013 30.04.2013 08.08.2013 30.08.2013 31.12.2012 08.08.2013 28.06.2013 30.06.2013 16.08.2013 23.08.2013 22.08.2013 30.08.2013 26.08.2013 16.08.2013 26.08.2013

Date 12 month 12 month 6 month 6 month 12 month 12 month 12 month 12 month 12 month Not Provided 3 month Not Provided 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 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month

Inst Type Investment Advisor Other Investment Advisor Unclassified Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Hedge Fund Manager Investment Advisor Unclassified Hedge Fund Manager Investment Advisor Hedge Fund Manager Hedge Fund Manager Unclassified Hedge Fund Manager Hedge Fund Manager

Date 02.09.2013 30.08.2013 29.08.2013 28.08.2013 28.08.2013 27.08.2013 27.08.2013 26.08.2013 22.08.2013 22.08.2013 21.08.2013 20.08.2013 20.08.2013 14.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 12.08.2013 09.08.2013 06.08.2013 06.08.2013 31.07.2013 31.07.2013 30.07.2013 06.06.2013 23.05.2013 24.04.2013 12.11.2012 19.03.2010

03.09.2013

SGL Carbon SE SGL Carbon SE produces carbon and graphite materials, specialty graphite, corrosion protection products, and fibers and composites. The Company manufactures graphite and carbon electrodes, cathodes, mold stock, mechanical carbons, corrosion resistant products and systems, composites, and carbon-ceramic brake discs. SGL markets its products worldwide.

Price/Volume 40

.8 M

25 20

12/2012 06/yy 34.28 20.73 20'358.00 23.945 -30.15% 15.51% 22.55% 70.0 1'676.16 776.00 0.0 15.3 355.90 2'177.96

.6 M

.4 M

10 .2 M

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (05.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SGL GY EQUITY YTD Change SGL GY EQUITY YTD % CHANGE

31.12.2008 1'611.5 1.14x 361.9 5.08x 189.6 8.13x

1.2 M

31.12.2009 31.12.2010 1'225.8 1'381.8 1.35x 1.55x 172.8 197.4 9.61x 10.85x (60.4) 52.2 33.77x Profitability

LTM-4Q 31.12.2011 1'540.2 1.94x 239.4 12.51x 73.2 34.95x

31.12.2012 1'709.1 1.50x 200.5 12.75x 7.2 300.50x 200.50 112.40 6.58% 0.57% -11.09% -27.30% 0.74% 22.8% 8.2% 2.9% 0.4% 2.75 1.46 30.31% 72.79% 5.45 2.45

Price/ Cash Flow

06/yy 1'625.0 7.20x 233.1 11.62x 61.2 34.40x

LTM 06/yy 1'727.5 5.87x 142.0 15.68x (259.5) 0.00x

FY+1

.0 M s-13

0.60 26.13 -20.77% -19.70% 0.605 19 1.368 81'609 81'658 119'593 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'651.4 1'775.5 415.0 459.3 1.36x 1.27x 4.88x 4.60x 115.5 195.6 34.6 39.1 18.82x 11.11x 15.50x 14.55x (94.3) 34.9 (20.4) (10.9) 46.59x S&P Issuer Ratings

08.07.2013 BBNEG 3.92 1.31 3.44 4.49 72.8% 41.8% 0.74 1.96 67.00 148.76 44.66 159.97

Sales/Revenue/Turnover

60.00

1'800.0 1'600.0

50.00

1'400.0 1'200.0

40.00

1'000.0 30.00

800.0 600.0

20.00

400.0 10.00 0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

03.09.2013

SGL Carbon SE Holdings By:

All

Holder Name KLATTEN SUSANNE BAYERISCHE MOTOREN W VOLKSWAGEN AG VOITH AG NORGES BANK BLACKROCK VANGUARD DEKA INVESTMENT GMBH UNIVERSAL INVESTMENT DIMENSIONAL FUND ADV SOCIETE GENERALE SA PETERCAM SA GRANTHAM MAYO VAN OT WARBURG INVEST INVESCO LTD SANTANDER ASSET MGMT SGL CARBON SE SANTANDER ASSET MANA BESSEMER GROUP INCOR GENERALI INVESTMENTS

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a PETERCAM B FUND-PETE Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

Commerzbank Corporates & Markets UBS AlphaValue S&P Capital IQ Goldman Sachs Nord/LB JPMorgan Bankhaus Lampe Deutsche Bank Baader Bank Landesbank Baden-Wuerttemberg Berenberg Bank Kepler Cheuvreux HSBC Bankhaus Metzler EVA Dimensions Main First Bank AG Hamburger Sparkasse Solventis WPH-Bank GmbH National Bank AG

YASMIN MOSCHITZ SEBASTIAN UBERT HEINZ STEFFEN JOHNSON IMODE AARON IBBOTSON THORSTEN STRAUSS GLEN H LIDDY MARC GABRIEL GUNNAR ROMER CHRISTIAN OBST ULLE WORNER GUNNAR COHRS HANS-JOACHIM HEIMBUERGER JUERGEN SIEBRECHT LARS HETTCHE TIMOTHY STANISH ALEXANDER HAUENSTEIN MARCO GUENTHER KLAUS SOER STEFFEN MANSKE

Source Research Research Research Research MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG Research MF-BEL MF-AGG MF-AGG ULT-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG

Recommendation hold sell sell sell Sell/Neutral sell underweight sell sell hold sell sell reduce underweight sell sell underperform hold sell buy

Amt Held 19'067'298 11'155'115 7'085'000 6'485'862 1'204'415 405'015 280'154 179'000 130'222 54'571 52'116 50'000 40'539 32'700 31'882 30'000 29'781 24'758 22'668 20'000

% Out 27.24 15.94 10.12 9.27 1.72 0.58 0.4 0.26 0.19 0.08 0.07 0.07 0.06 0.05 0.05 0.04 0.04 0.04 0.03 0.03

Weighting

Change 3 1 1 1 1 1 1 1 1 3 1 1 2 1 1 1 1 3 1 5

M M M M M M M M M M M M M M M M M M M M

Latest Chg 67'532 (89'000) 2'371 (1'067) (17'000) -

Target Price 23 15 15 20 18 20 13 18 18 23 19 14 20 21 17 #N/A N/A 24 #N/A N/A 20 27

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 31.03.2013 10.08.2013 31.03.2013 31.12.2012 30.08.2013 30.06.2013 28.03.2013 28.03.2013 30.04.2013 07.06.2013 30.04.2013 31.05.2012 30.04.2012 30.08.2013 31.03.2013 31.12.2012 31.03.2013 30.04.2013 31.05.2013

Date 6 month 12 month 6 month 12 month 12 month 12 month 15 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided

Inst Type n/a Corporation Corporation Corporation Government Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 30.08.2013 22.08.2013 19.08.2013 13.08.2013 12.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 01.08.2013 28.06.2013 28.06.2013 06.06.2013 30.04.2013 19.03.2013 09.11.2010 06.08.2009

03.09.2013

Siemens AG Siemens AG is an engineering and manufacturing company. The Company focuses on four major business sectors including infrastructure and cities, healthcare, industry and energy. Siemens AG also provides engineering solutions in automation and control, power, transportation, and medical.

Price/Volume 90

12.0 M

10.0 M

70 60

8.0 M

09/2012 06/yy 85.52 71.98 186'036.00 81.82 -4.32% 13.67% 72.10% 881.0 72'083.42 22'166.00 0.0 569.0 11'415.00 85'446.42

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 30.09.2008 77'327.0 0.82x 8'175.0 7.77x 5'725.0 34.66x

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (05.09.2012) 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 SIE GY EQUITY YTD Change SIE GY EQUITY YTD % CHANGE

30.09.2009 30.09.2010 76'651.0 68'978.0 0.81x 1.09x 9'196.0 9'544.0 6.77x 7.87x 2'292.0 3'899.0 24.49x 16.42x Profitability

LTM-4Q 30.09.2011 73'275.0 0.92x 10'492.0 6.40x 6'145.0 8.24x

30.09.2012 78'296.0 1.00x 9'653.0 8.08x 4'458.0 13.50x

9'653.00 6'909.00 8.82% 9.30% 4.18% 15.19% 10.32% 0.72% 28.4% 11.3% 7.7% 5.7% 1.22 0.62 20.47% 72.12% 4.82 3.26

Price/ Cash Flow

LTM

06/yy 76'980.0 3.69x 9'726.0 6.83x 4'185.0 12.03x

06/yy 77'090.0 4.24x 8'702.0 9.39x 4'491.0 14.30x

FY+1

.0 M s-13

0.94 771.11 15.55% 6.51% 0.935 38 3.842 1'817'990 2'176'666 2'473'892 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 76'578.7 79'152.7 20'662.4 18'579.5 1.12x 1.05x 4.25x 4.82x 8'487.5 10'916.3 1'650.0 2'418.0 10.05x 7.81x 8.79x 7.94x 4'437.7 6'057.6 1'103.8 1'397.0 15.30x 11.66x 11.73x 11.03x S&P Issuer Ratings

05.06.2009 A+ STABLE 18.04.2011 A-1+ 21.45 16.55 1.48 2.62 72.1% 41.5% 0.72 7.37 75.68 111.86 48.72 120.05

Sales/Revenue/Turnover

14.00

100'000.0 90'000.0

12.00

80'000.0

10.00

70'000.0 60'000.0

8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0 2.00 0.00 02.10.2009

10'000.0 0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Siemens AG Holdings By:

All

Holder Name BLACKROCK SIEMENS FAMILY QATAR HOLDINGS LLC SIEMENS AG NORGES BANK VANGUARD UBS CAPITAL GROUP COMPAN FRANKLIN RESOURCES DB PLATINUM ADVISORS UNION INVESTMENT GMB DEUTSCHE BANK AG DEKA INVESTMENT GMBH ALLIANZ ASSET MANAGE AMUNDI FMR LLC MERCURY ASSET MANAGE FIL LIMITED OPPENHEIMERFUNDS INC ADIG INVESTMENT

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

AlphaValue HEINZ STEFFEN HSBC MICHAEL HAGMANN Kepler Cheuvreux HANS-JOACHIM HEIMBUERGER EVA Dimensions TIMOTHY STANISH Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL William Blair & Co NICHOLAS P HEYMANN Morgan Stanley BEN UGLOW Credit Suisse SIMON TOENNESSEN DZ Bank AG JASKO TERZIC Baader Bank GUENTHER MICHAEL HOLLFELDER Landesbank Baden-Wuerttemberg VOLKER STOLL Barclays JAMES STETTLER Societe Generale GAEL DE BRAY Nord/LB WOLFGANG DONIE JPMorgan ANDREAS WILLI Independent Research GmbH MARKUS FRIEBEL Hamburger Sparkasse MARCO GUENTHER Canaccord Genuity Corp ANDREW BELL S&P Capital IQ UNAI FRANCO Redburn Partners JAMES MOORE Main First Bank AG CHRISTOPHER YOUL Deutsche Bank PETER REILLY Goldman Sachs DANIELA COSTA RBC Capital Markets ANDREW CARTER Bankhaus Metzler ULRICH TRABERT Berenberg Bank WILLIAM MACKIE Nomura DANIEL CUNLIFFE Exane BNP Paribas OLIVIER ESNOU Natixis ARNAUD SCHMIT Spin-Off Research TEAM COVERAGE Day by Day VALERIE GASTALDY Espirito Santo Investment Bank Research ROB VIRDEE Banco Sabadell FRANCISCO JOSE RODRIGUEZ UBS FREDRIC STAHL SRH AlsterResearch OLIVER DREBING National Bank AG EKKEHARD D LINK Langenberg & Co BRIAN KEITH LANGENBERG

Source ULT-AGG Research Research Research MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation reduce neutral buy hold add market perform Overwt/Cautious outperform hold buy hold equalweight hold hold neutral hold buy hold hold neutral outperform buy neutral/neutral sector perform buy buy buy neutral not rated hold hold neutral buy buy buy hold buy

Amt Held 58'843'315 54'852'206 27'758'338 26'820'674 20'908'158 13'033'963 8'328'025 7'482'100 5'673'495 5'157'549 4'687'449 4'270'658 4'142'935 3'426'663 3'293'940 2'833'265 2'554'623 1'943'534 1'649'067 1'582'208

% Out 6.68 6.23 3.15 3.04 2.37 1.48 0.95 0.85 0.64 0.59 0.53 0.48 0.47 0.39 0.37 0.32 0.29 0.22 0.19 0.18

Weighting

Change

2 3 5 3 4 3 5 5 3 5 3 3 3 3 3 3 5 3 3 3 5 5 3 3 5 5 5 3 #N/A N/A 3 3 3 5 5 5 3 5

M M M U M M M M M M D 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

Latest Chg 238'639 (192'774) (93'650) (1'112'700) (200'368) 4'915'626 (697'189) (30'856) 1'390 550'494 (2'053'090) 273'350 4'128 (214'452) (890'381) (11'030)

Target Price 86 90 100 #N/A N/A 84 83 92 92 83 90 90 84 88 85 92 82 83 80 88 #N/A N/A 93 95 80 83 87 95 92 83 #N/A N/A 83 #N/A N/A 78 87 85 89 68 97

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.08.2013 10.11.2011 07.05.2012 08.10.2012 31.12.2012 30.06.2013 30.08.2013 30.06.2013 28.06.2013 31.07.2013 30.06.2013 28.06.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.08.2013 31.12.2012 30.06.2013 30.04.2013

Date 6 month Not Provided Not Provided Not Provided 6 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 15 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 Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided

Inst Type Investment Advisor n/a Government Corporation Government Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 29.08.2013 28.08.2013 28.08.2013 26.08.2013 21.08.2013 09.08.2013 06.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 29.07.2013 17.07.2013 09.07.2013 15.05.2013 08.03.2013 15.02.2013 31.01.2013 23.01.2013 30.11.2012 12.10.2012

03.09.2013

Sky Deutschland AG Sky Deutschland AG offers pay television subscription services in Germany. The Company offers wide range of programming, including feature films, new series and live sports, especially the Bundesliga, DFB Cup and the UEFA Champions League in Germany and Austria. Sky Deutschland distributes its pay-TV channel bouquet primarily via cable and satellite.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (12.08.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SKYD GY EQUITY YTD Change SKYD GY EQUITY YTD % CHANGE

12/2012 06/yy 6.74 2.66 159'805.00 6.499 -3.55% 144.65% 94.17% 877.2 5'700.93 686.86 0.0 (0.1) 4.29 6'047.25

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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

9.0 M

6 5

Valuation Analysis

31.12.2008 941.1 0.82x (77.2) (269.3) -

31.12.2009 31.12.2010 902.1 977.8 1.48x 1.66x (311.4) (317.7) (676.2) (407.5) Profitability

LTM-4Q 31.12.2011 1'138.7 1.41x (155.1) (277.5) -

31.12.2012 1'333.2 2.93x (51.1) (195.2) -51.10 -124.76 -9.36% -14.26% -11.93% -50.75% 1.16% 16.0% 0.6% -5.2% -14.6% 0.27 0.11 59.83% 1632.47% 20.56 46.14

Price/ Cash Flow

06/yy 1'237.6 6.81x (94.3) 0.00x (224.0) 0.00x

LTM 06/yy 1'427.5 11.25x 9.0 560.95x (146.9) 0.00x

FY+1

.0 M s-13

1.04 384.25 132.65% 57.28% 1.039 30 3.467 1'624'353 1'685'909 2'084'407 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'557.0 1'814.8 385.3 426.3 3.91x 3.36x 36.3 140.5 12.2 (22.4) 166.80x 43.16x (117.0) (22.8) (19.0) (65.1) S&P Issuer Ratings

-0.39 -1.24 38.56 58.61 1632.5% 94.2% 1.16 7.38 17.75 7.91 75.75 -50.90

Sales/Revenue/Turnover

600.00

1'400.0

500.00

1'200.0 1'000.0

400.00

800.0 300.00

600.0

200.00

400.0

100.00

200.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Sky Deutschland AG Holdings By:

All

Holder Name TWENTY-FIRST CENTURY ODEY ASSET MANAGEMEN BAILLIE GIFFORD AND TAUBE HODSON STONEX CAPITAL GROUP COMPAN NORGES BANK CAPITA FINANCIAL MAN TAUBE HODSON STONEX T ROWE PRICE ASSOCIA PENNANT CAPITAL MANA CLASSIC FUND MGMT AG BLACKROCK PACIFIC LIFE INSURAN AMERICAN CENTURY COM AQR CAPITAL MANAGEME BARING FUND MANAGERS FRANKFURT TRUST INVE ALLIANZ ASSET MANAGE VANGUARD SKANDIA INVESTMENT M

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst

AlphaValue VERONIQUE CABIOC'H Commerzbank Corporates & Markets SONIA RABUSSIER Landesbank Baden-Wuerttemberg RALPH SZYMCZAK Nord/LB HOLGER FECHNER Credit Suisse OMAR SHEIKH UBS POLO TANG Macquarie ANGUS TWEEDIE Main First Bank AG STEPHAN VOLLERT Barclays NATASHA BRILLIANT Morgan Stanley PATRICK WELLINGTON HSBC CHRISTOPHER JOHNEN Independent Research GmbH LARS LUSEBRINK Equita SIM SpA STEFANO GAMBERINI Bankhaus Metzler STEFAN WIMMER Berenberg Bank SARAH SIMON Nomura MATTHEW WALKER DZ Bank AG HARALD HEIDER Deutsche Bank LAURIE DAVISON Goldman Sachs VIGHNESH PADIACHY Hauck & Aufhaeuser SASCHA BERRESCH Bankhaus Lampe WOLFGANG SPECHT M.M. Warburg Investment Research JOCHEN REICHERT Close Brothers Equity Markets MARCUS SILBE Espirito Santo Investment Bank Research MARK EVANS JPMorgan MARK O'DONNELL Kepler Cheuvreux CONOR O'SHEA EVA Dimensions CRAIG STERLING Silvia Quandt Research KLAUS KRAENZLE Sphene Capital SUSANNE HASLER

Source Research Research Research Research ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Short MF-AGG ULT-AGG MF-AGG MF-AGG Short MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation sell hold sell buy outperform buy outperform outperform equalweight Overwt/Attractive overweight sell hold sell buy buy buy hold Buy/Neutral sell hold hold hold buy overweight hold sell avoid sell

Amt Held % Out 466'566'947 53.19 88'360'698 10.07 26'216'746 2.99 26'065'457 2.97 19'322'016 2.2 16'844'408 1.92 12'924'590 1.47 9'431'167 1.08 8'136'303 0.93 (6'842'166) -0.78 6'782'390 0.77 6'554'804 0.75 4'679'317 0.53 4'603'737 0.52 (4'210'563) -0.48 3'637'302 0.41 3'440'000 0.39 2'797'000 0.32 2'659'092 0.3 2'453'120 0.28

Weighting

Change 1 3 1 5 5 5 5 5 3 5 5 1 3 1 5 5 5 3 5 1 3 3 3 5 5 3 1 1 1

M M D M N M M M M M M M M M M M M M M M M M D M U D M M M

Latest Chg 2'433'928 (364'360) (260'980) 779'006 (1'862'000) 38'699 617'482 1'367'198 263'160 (261'030) 81'443 233'213

Target Price 4 6 5 8 9 7 8 7 6 8 8 6 6 4 8 8 7 6 8 2 6 5 6 6 5 5 #N/A N/A 2 1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 15.01.2013 Corporation 26.07.2013 Investment Advisor 07.08.2013 Investment Advisor 20.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 28.02.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 09.08.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.08.2013 Investment Advisor 30.06.2013 Insurance Company 30.06.2013 Investment Advisor 06.05.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Unclassified 28.03.2013 Investment Advisor

Date 6 month 6 month Not Provided 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 Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 3 month Not Provided Not Provided 12 month 12 month

Date 30.08.2013 28.08.2013 13.08.2013 12.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 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 06.06.2013 15.04.2013 04.03.2013 17.01.2013 14.11.2012 23.04.2012

03.09.2013

Suss Microtec AG Suess MicroTec AG manufactures fabrication and inspection equipment for the production of microelectronic components and devices. The Company's products include spin coaters, mask and bond aligners, test systems and flip chip bonders. Suess Microtec markets its products to the mobile telecommunications and automobile industries.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 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 SMHN GY EQUITY YTD Change SMHN GY EQUITY YTD % CHANGE

12/2012 06/yy 10.34 6.51 10'278.00 6.904 -33.23% 6.05% 10.26% 19.1 131.97 4.27 0.0 0.0 36.59 112.46

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 121.5 0.12x 14.1 0.99x (13.9) -

31.12.2009 31.12.2010 103.9 139.1 0.55x 0.85x 12.9 17.8 4.47x 6.68x (4.8) 13.2 148.33x 12.87x Profitability

LTM-4Q 31.12.2011 175.4 0.38x 25.2 2.62x 13.5 7.81x

31.12.2012 163.8 0.79x 19.9 6.49x 9.1 21.10x 19.87 13.03 7.95% 7.17% -2.38% -3.70% 0.82% 35.0% 2.6% -2.3% 5.6% 3.39 1.38 2.37% 3.33% 11.17 1.24

Price/ Cash Flow

06/yy 158.3 2.27x 16.3 8.71x 7.1 30.05x

LTM 06/yy 151.3 3.43x 4.0 32.57x (4.4) 0.00x

FY+1

.0 M s-13

0.89 18.99 -9.10% -18.20% 0.891 11 3.727 126'606 124'661 90'998 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 151.1 173.3 39.5 55.5 0.76x 0.63x (2.2) 16.3 1.4 4.1 6.91x (8.6) 7.3 (0.3) 1.6 17.57x S&P Issuer Ratings

26.67 22.14 -4.88 1.00 3.3% 3.2% 0.82 12.49 32.69 294.74 22.35 286.03

Sales/Revenue/Turnover

120.00

250.0

100.00

200.0

80.00

150.0

60.00

100.0 40.00

50.0

20.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Suss Microtec AG Holdings By:

All

Holder Name UBS DEUTSCHE BANK AG DWS INVESTMENTS HENDERSON GLOBAL INV BLACKROCK UNIVERSAL INVESTMENT UNION INVESTMENT GMB VONTOBEL ASSET MANAG RUFFER LLP DEKA INVESTMENT GMBH SW MITCHELL CAPITAL DEUTSCHE POSTBANK CA BARING FUND MANAGERS JULIUS BAER MULTICOO PIONEER INVESTMENTS NORDEA INV MANAGEMEN DNB ASSET MANAGEMENT BLACKROCK ADVISORS U MILLENNIUM PARTNERS INVESTORS TFI SA

Firm Name Bankhaus Lampe Equinet Institutional Services(ESN) Berenberg Bank Kepler Cheuvreux EVA Dimensions M.M. Warburg Investment Research Close Brothers Equity Markets Baader Bank Deutsche Bank Hauck & Aufhaeuser DZ Bank AG National Bank AG

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios SWMC SMALL CAP EUROP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios

Analyst KARSTEN ILTGEN ADRIAN PEHL #N/A N/A BERND LAUX ANDREW S ZAMFOTIS MALTE SCHAUMANN VEYSEL TAZE GUENTHER MICHAEL HOLLFELDER UWE SCHUPP TIM OLIVER WUNDERLICH HARALD SCHNITZER SVEN PAULSEN

Source ULT-AGG ULT-AGG MF-AGG Research ULT-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG MF-PART MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Short Short Short MF-AGG

Recommendation hold buy buy buy underweight buy hold buy hold buy sell buy

Amt Held % Out 1'903'350 9.96 1'726'810 9.03 761'774 3.99 601'056 3.14 567'949 2.97 486'093 2.54 262'200 1.37 250'000 1.31 225'000 1.18 210'000 1.1 207'974 1.09 170'595 0.89 150'000 0.78 130'000 0.68 101'610 0.53 96'174 0.5 (93'666) -0.49 (93'666) -0.49 (93'595) -0.49 90'214 0.47

Weighting

Change 3 5 5 5 1 5 3 5 3 5 1 5

M M M M D M M M M M D M

Latest Chg (298'190) (25'590) (30'000) 45'000 55'400 8'300 (127) 7'646 1'911 1'910 90'214

Target Price 8 11 9 11 #N/A N/A 13 8 11 9 11 7 12

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 22.08.2013 Unclassified 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 05.10.2012 Investment Advisor 30.08.2013 Investment Advisor 20.02.2012 Investment Advisor 28.03.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 28.03.2013 Investment Advisor 30.04.2013 Hedge Fund Manager 28.12.2012 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Investment Advisor 03.07.2013 Investment Advisor 09.04.2013 Investment Advisor 24.05.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month

Date 02.09.2013 29.08.2013 28.08.2013 20.08.2013 20.08.2013 09.08.2013 09.08.2013 08.08.2013 24.07.2013 24.07.2013 24.07.2013 10.06.2011

03.09.2013

Software AG Software AG provides business infrastructure software solutions. The Company's products include solutions for managing data, enabling Service-Oriented Architecture (SOA) and improving business processes.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SOW GY EQUITY YTD Change SOW GY EQUITY YTD % CHANGE

12/2012 06/yy 35.45 22.34 39'045.00 23.21 -34.53% 3.89% 7.55% 86.9 2'017.35 266.01 0.0 0.8 315.64 2'101.94

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 720.6 1.69x 190.0 6.40x 115.9 9.88x

31.12.2009 31.12.2010 847.4 1'119.5 2.93x 2.94x 240.6 312.9 10.33x 10.52x 141.0 175.4 15.53x 17.77x Profitability

LTM-4Q 31.12.2011 1'098.3 2.31x 304.5 8.33x 177.0 13.93x

31.12.2012 1'047.3 2.62x 291.3 9.41x 164.5 16.90x 291.27 240.28 22.94% 22.10% 8.46% 15.02% 0.57% 63.9% 26.8% 21.5% 15.7% 1.68 1.55 15.01% 25.11% 3.54 2526.25

Price/ Cash Flow

06/yy 1'081.8 8.61x 300.8 7.09x 171.5 12.38x

LTM 06/yy 996.8 9.68x 266.7 7.46x 147.3 13.42x

FY+1

.0 M s-13

0.87 59.26 -15.45% -26.45% 0.869 28 3.607 199'534 279'794 306'744 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'000.5 1'053.1 252.2 285.0 2.03x 1.81x 267.5 287.8 7.87x 7.32x 158.2 171.5 39.3 56.5 12.08x 10.90x 12.63x 12.43x S&P Issuer Ratings

23.09 22.04 0.31 1.34 25.1% 20.1% 0.57 15.53 102.99 0.14 47.30 55.85

Sales/Revenue/Turnover

18.00

1'200.0

16.00

1'000.0

14.00

800.0

12.00 10.00

600.0

8.00

400.0

6.00 4.00

200.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Software AG Holdings By:

All

Holder Name SOFTWARE AG STIFTUNG DEKA INVESTMENT GMBH FRANKLIN RESOURCES FIL LIMITED FMR LLC ALKEN LUXEMBOURG SAR SOFTWARE AG UNIVERSAL INVESTMENT DEUTSCHE BANK AG T ROWE PRICE ASSOCIA ALLIANZ GLOBAL INVES AIKEN ASSET MGMT LLP VANGUARD NORGES BANK SEB ODDO ASSET MANAGEMEN NORDEA INV MANAGEMEN CLASSIC FUND MGMT AG ALLIANZ ASSET MANAGE MORTON HOLDINGS INC

Firm Name Bryan Garnier & Cie Commerzbank Corporates & Markets Main First Bank AG Baader Bank Morgan Stanley Exane BNP Paribas Matelan Research GmbH Credit Suisse Mirabaud Securities Berenberg Bank Societe Generale Deutsche Bank JPMorgan Natixis DZ Bank AG Goldman Sachs UBS Barclays Landesbank Baden-Wuerttemberg Independent Research GmbH M.M. Warburg Investment Research Kepler Cheuvreux Bankhaus Metzler EVA Dimensions Hamburger Sparkasse HSBC Dr. Kalliwoda Equity Research

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst GREGORY RAMIREZ THOMAS M BECKER CHANDRAMOULI SRIRAMAN KNUT WOLLER ADAM WOOD BRICE PRUNAS ADRIAN HOPKINSON CHARLES BRENNAN SUSAN ANTHONY DAUD KHAN DERRIC MARCON UWE SCHUPP STACY E POLLARD GWENAEL GIARD HARALD SCHNITZER MOHAMMED MOAWALLA MICHAEL BRIEST GERARDUS VOS MIRKO MAIER MARKUS FRIEBEL ANDREAS WOLF SEBASTIEN SZTABOWICZ ULRICH TRABERT ANDREW S ZAMFOTIS MARCO GUENTHER ANTONIN BAUDRY NORBERT KALLIWODA

Source Co File Co File ULT-AGG ULT-AGG ULT-AGG Research Research Research ULT-AGG Research Research Research ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG Short

Recommendation buy add underperform buy Equalwt/In-Line outperform neutral underperform buy sell buy buy underweight reduce buy neutral/attractive buy overweight buy buy hold reduce buy hold hold neutral buy

Amt Held % Out 24'980'060 28.74 4'371'945 5.03 3'731'952 4.29 3'000'186 3.45 3'000'000 3.45 2'677'591 3.08 2'648'095 3.05 2'624'971 3.02 2'607'522 3 2'607'522 3 2'607'522 3 2'591'127 2.98 2'396'382 2.76 1'732'994 1.99 1'580'000 1.82 959'832 1.1 891'850 1.03 816'423 0.94 652'697 0.75 (617'114) -0.71

Weighting

Change 5 4 1 5 3 5 3 1 5 1 5 5 1 2 5 3 5 5 5 5 3 2 5 3 3 3 5

M M N M M M M M M M M M M M M M M M M M D M M U M D N

Latest Chg (86'115) (315'000) 166'128 25'000 (12'600) (70'349) -

Target Price 30 31 23 32 25 31 39 23 35 21 34 32 27 26 29 27 28 28 33 30 26 27 33 #N/A N/A #N/A N/A 33 36

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.02.2013 28.02.2013 28.06.2013 10.05.2013 30.04.2013 02.08.2013 09.04.2013 06.08.2013 28.06.2013 31.12.2012 31.12.2012 14.05.2013 30.06.2013 31.12.2012 28.03.2013 31.07.2013 28.03.2013 30.06.2013 31.07.2013 27.06.2013

Date 6 month 6 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 6 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month

Inst Type Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Unclassified Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation

Date 02.09.2013 29.08.2013 28.08.2013 22.08.2013 20.08.2013 16.08.2013 15.08.2013 13.08.2013 07.08.2013 05.08.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 28.06.2013 13.06.2013 13.02.2013 30.01.2013 11.01.2013

03.09.2013

Axel Springer AG Axel Springer AG is a publisher. The Company publishes daily and weekly newspapers, books, and magazines for young adults, families, and men and women. Springer produces television and radio programming, holds interests in television and radio stations, and offers electronic media on-line business services. The Company also offers commercial printing services.

Price/Volume

3.0 M

12/2012 06/yy 43.25 30.90 17'677.00 38.45 -11.10% 24.43% 65.26% 98.9 3'804.24 705.10 0.0 365.6 254.10 4'601.84

2.0 M 1.5 M

1.0 M

.5 M

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2009 31.12.2010 2'611.6 2'893.9 0.95x 1.43x 290.2 536.4 8.56x 7.72x 303.5 252.7 7.36x 14.88x Profitability

LTM-4Q 31.12.2011 3'184.9 1.25x 570.5 7.00x 257.8 12.67x

31.12.2012 3'310.3 1.21x 610.5 6.56x 238.1 13.40x 610.50 443.50 13.40% 12.13% 5.11% 12.82% 0.73% 17.9% 12.9% 7.2% 1.01 0.79 14.66% 37.36% 7.24 -

Price/ Cash Flow

06/yy 3'279.8 4.78x 603.3 6.74x 264.7 12.15x

LTM 06/yy 3'317.2 4.83x 594.1 6.79x 231.6 13.98x

FY+1

.0 M s-13

0.72 36.13 11.18% 25.28% 0.723 19 3.632 193'426 332'672 240'228 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'387.6 3'156.3 793.0 912.0 1.35x 1.36x 585.3 574.7 158.0 166.0 7.88x 8.02x 7.83x 7.83x 249.0 256.2 14.49x 14.60x S&P Issuer Ratings

10.53 9.13 0.72 1.15 37.4% 23.8% 0.73 4.89 50.41 -

Sales/Revenue/Turnover

14.00

3'500.0

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

2.5 M

30 25 20

Latest Fiscal Year: LTM as of: 52-Week High (25.07.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SPR GY EQUITY YTD Change SPR GY EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M

40 35

Valuation Analysis

31.12.2008 2'728.5 0.71x 458.7 4.22x 560.1 2.77x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Axel Springer AG Holdings By:

All

Holder Name AXEL SPRINGER GESELL SPRINGER FRIEDE TWEEDY BROWNE COMPAN DOEPFNER MATHIAS COLMAR INVESTMENT HO DEUTSCHE BANK AG CADIAN CAPITAL MANAG NORGES BANK BLACKROCK SEB BANQUE DE LUXEMBOURG MAVERICK CAPITAL LTD VANGUARD LUXOR CAPITAL GROUP ALLIANZ ASSET MANAGE DWS INVESTMENTS SCHRODER INVESTMENT CAPITAL AT WORK INTE EVLI FUND MANAGEMENT FMR LLC

Firm Name M.M. Warburg Investment Research AlphaValue Morgan Stanley Nord/LB Close Brothers Equity Markets Societe Generale JPMorgan Bankhaus Lampe Bankhaus Metzler Berenberg Bank Barclays Deutsche Bank Landesbank Baden-Wuerttemberg Kepler Cheuvreux Commerzbank Corporates & Markets DZ Bank AG Goldman Sachs HSBC EVA Dimensions Hammer Partners SA Equinet Institutional Services(ESN)

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst JOCHEN REICHERT VERONIQUE CABIOC'H CHRISTOPHER SELLERS HOLGER FECHNER MARCUS SILBE LAURENT PICARD NICOLAS J DUBOURG CHRISTOPH SCHLIENKAMP STEFAN WIMMER SARAH SIMON NICK DEMPSEY MARK BRALEY STEFAN BORSCHEID ANDREA BENEVENTI SONIA RABUSSIER HARALD HEIDER VIGHNESH PADIACHY CHRISTOPHER JOHNEN CRAIG STERLING STEPHAN SEIP MARTIN POSSIENKE

Source Co File Co File MF-AGG Co File Research ULT-AGG Short MF-AGG ULT-AGG ULT-AGG MF-AGG Short ULT-AGG Short ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy reduce Underwt/Attractive buy hold hold neutral buy buy hold equalweight buy Under Review reduce hold buy neutral/neutral overweight hold buy buy

Amt Held % Out 50'954'101 51.5 5'441'700 5.5 4'295'627 4.34 3'265'020 3.3 2'948'924 2.98 2'933'511 2.96 (1'296'114) -1.31 1'026'727 1.04 1'009'328 1.02 505'069 0.51 500'000 0.51 (465'018) -0.47 464'097 0.47 (455'124) -0.46 434'392 0.44 301'387 0.3 294'463 0.3 275'850 0.28 255'294 0.26 233'979 0.24

Weighting 5 2 1 5 3 3 3 5 5 3 3 5 #N/A N/A 2 3 5 3 5 3 5 5

Change U M M U M M M M M M M M M M M M M U D M M

Latest Chg 228'109 (29'682) (20'664) 4'165 79'152 36'843 118'728 60'447 18'292 83'031 10'000 66'908 195'000

Target Price 43 39 36 45 40 39 40 45 44 42 42 46 #N/A N/A 34 35 46 42 47 #N/A N/A 52 45

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Corporation 31.12.2012 n/a 31.03.2012 Investment Advisor 31.12.2012 n/a 05.03.2013 Other 16.09.2011 Investment Advisor 29.07.2013 Hedge Fund Manager 31.12.2012 Government 30.08.2013 Investment Advisor 28.03.2013 Unclassified 31.07.2013 Unclassified 06.11.2012 Hedge Fund Manager 30.06.2013 Unclassified 06.02.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 28.06.2013 Investment Advisor 31.07.2013 Investment Advisor

Date 12 month 6 month 12 month 12 month 12 month 12 month 15 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 6 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month

Date 29.08.2013 29.08.2013 20.08.2013 14.08.2013 13.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 31.07.2013 30.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 02.05.2011

03.09.2013

Sartorius AG Sartorius AG manufactures and markets precision electronic equipment and components. The Company produces precision scales for laboratory and industrial uses and electrochemistry. Sartorius manufactures equipment for biomolecular and microbial separations, cell culture, concentration, fermentation, and purification. The Company markets its products worldwide. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.03.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SRT3 GY EQUITY YTD Change SRT3 GY EQUITY YTD % CHANGE

Price/Volume

12/2011 06/yy 91.25 51.42 771.00 81.82 -10.33% 59.12% 76.78% 9.4 1'533.64 343.32 70.0 39.55 1'951.64

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 602.1 659.3 0.88x 1.11x 72.0 101.6 7.36x 7.19x (7.3) 31.0 15.57x Profitability

.1 M .0 M .0 M .0 M .0 M

o-12

LTM-4Q 31.12.2011 733.1 1.17x 147.9 5.80x 41.6 12.83x

31.12.2012 845.7 1.76x 180.0 8.26x 48.5 27.55x 179.97 139.34 16.48% 11.11% 5.04% 16.14% 10.73% 0.82% 49.7% 22.3% 17.2% 5.7% 1.13 0.56 32.06% 102.86% 6.96 3.36

Price/ Cash Flow

06/yy 801.5 5.11x 160.5 7.82x 45.0 17.53x

n-12

d-12

j-13

LTM 06/yy 864.8 7.99x 192.7 10.52x 53.3 27.65x

f-13 m-13

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.65 8.52 55.27% 23.24% 0.645 9 3.333 7'712 10'652 10'869 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 903.3 962.6 2.11x 1.93x 173.0 190.9 11.28x 10.23x 65.9 75.8 20.49x 17.86x S&P Issuer Ratings

11.16 8.58 1.78 1.97 102.9% 46.0% 0.82 4.11 52.46 108.70 54.95 91.38

Sales/Revenue/Turnover

40.00

900.0

35.00

800.0

30.00

700.0 600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 01.01.2010

.1 M

Fiscal Year Ended 31.12.2008 611.6 0.71x 78.9 5.48x 12.4 13.77x

100 90 80 70 60 50 40 30 20 10 0 s-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Sartorius AG Holdings By:

All

Holder Name SARTORIUS AG FMR LLC DEUTSCHE BANK AG FIL LIMITED T ROWE PRICE ASSOCIA OPPENHEIMERFUNDS INC DWS INVESTMENTS JUPITER ASSET MANAGE NORGES BANK VANGUARD SUN LIFE FINANCIAL I LBPAM JP MORGAN BLACKROCK WASATCH ADVISORS INC ROTHSCHILD & COMPAGN MONTANARO ASSET MGMT NATIXIS ASSET MANAGE GOLDMAN SACHS GROUP TRANSAMERICA INVESTM

Firm Name Bankhaus Lampe Berenberg Bank Commerzbank Corporates & Markets Kepler Cheuvreux Nord/LB Deutsche Bank HSBC DZ Bank AG EVA Dimensions GSC Research

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst THERESA DICK SCOTT BARDO DANIEL WENDORFF OLIVER REINBERG VOLKER SACK BENJAMIN GOY HENDRIK LOFRUTHE SVEN OLAF KUERTEN TIMOTHY STANISH MATTHIAS SCHRADE

Source Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy buy reduce hold hold hold neutral buy underweight buy

Amt Held 840'983 356'759 230'500 215'274 203'380 138'909 95'325 80'000 68'690 57'605 55'488 52'250 50'957 48'678 40'806 40'200 35'773 35'500 33'955 32'700

% Out 8.98 3.81 2.46 2.3 2.17 1.48 1.02 0.85 0.73 0.62 0.59 0.56 0.54 0.52 0.44 0.43 0.38 0.38 0.36 0.35

Weighting

Change 5 5 2 3 3 3 3 5 1 5

M M M M M M M M M M

Latest Chg (48'963) (70'500) (41'649) (13'964) (2'470) (16'792) 4'061 (8'043) (18'911) 8'300 (2'000) (6'656) 7'195 6'700

Target Price 100 92 79 80 80 77 90 88 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2010 31.07.2013 28.06.2013 31.10.2012 30.06.2013 30.06.2013 30.04.2013 30.04.2013 31.12.2012 30.06.2013 30.06.2013 28.03.2013 30.04.2013 30.08.2013 30.06.2013 31.01.2013 31.07.2013 31.05.2013 30.06.2013 30.06.2013

Date 12 month Not Provided 6 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 29.08.2013 28.08.2013 06.08.2013 30.07.2013 23.07.2013 23.07.2013 01.07.2013 06.06.2013 14.07.2011

03.09.2013

Symrise AG Symrise AG is a diversified chemical manufacturer. The Company produces perfume oils, fragrance bases, cosmetic raw materials and ingredients, plant extracts, aroma chemicals, flavorings, fruit powders, and seasonings. Symrise's customers manufacture fragrances, cosmetics, soaps, hair care products, detergents, household products, foods, beverages, and pharmaceuticals.

Price/Volume 40

.8 M

12/2012 06/yy 35.73 24.86 14'991.00 33.295 -6.80% 33.93% 80.26% 118.2 3'934.58 561.70 0.0 0.0 117.45 4'494.34

.6 M

.4 M

10 .2 M

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

30 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.08.2013) 52-Week Low (17.09.2012) 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 SY1 GY EQUITY YTD Change SY1 GY EQUITY YTD % CHANGE

31.12.2008 1'319.9 1.38x 262.1 6.95x 90.4 13.13x

1.2 M

31.12.2009 31.12.2010 1'362.0 1'571.9 1.74x 1.87x 269.5 337.0 8.77x 8.74x 84.3 133.5 21.10x 18.16x Profitability

LTM-4Q 31.12.2011 1'583.6 1.84x 315.9 9.24x 146.5 16.63x

31.12.2012 1'734.9 2.10x 338.9 10.77x 157.5 20.39x 338.85 252.64 14.56% 12.25% 7.60% 18.20% 12.38% 0.82% 40.4% 19.8% 15.0% 9.1% 2.26 1.15 26.10% 64.07% 5.14 2.98

Price/ Cash Flow

06/yy 1'643.4 7.25x 332.6 10.11x 155.8 18.15x

LTM 06/yy 1'798.1 8.71x 356.1 11.88x 167.4 21.87x

FY+1

.0 M s-13

0.65 107.65 26.65% 25.25% 0.651 26 2.615 128'008 139'899 182'922 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'843.4 1'941.1 473.0 435.2 2.40x 2.24x 377.8 403.8 98.8 86.8 11.91x 11.15x 190.3 211.1 51.4 39.8 20.39x 18.49x 19.19x 18.81x S&P Issuer Ratings

8.55 7.25 1.57 1.89 64.1% 39.1% 0.82 4.15 71.04 122.40 47.60 136.39

Sales/Revenue/Turnover

25.00

2'000.0 1'800.0 1'600.0

20.00

1'400.0 15.00

1'200.0

10.00

1'000.0 800.0 600.0 400.0

5.00

200.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Symrise AG Holdings By:

All

Holder Name PRUDENTIAL PLC GERBERDING VERMOGENS SUN LIFE FINANCIAL I MONDRIAN INVESTMENT FRANKLIN RESOURCES JAHR GMBH STANDARD LIFE INVEST AMERIPRISE FINANCIAL SCHRODERS PLC NORGES BANK ALLIANZ ASSET MANAGE VANGUARD BLACKROCK FIL LIMITED DEKA INVESTMENT GMBH DELTA LLOYD FUND MAN THREADNEEDLE INVESTM PACIFIC LIFE INSURAN OPPENHEIMERFUNDS INC BESSEMER GROUP INCOR

Firm Name Goldman Sachs Bankhaus Metzler AlphaValue Deutsche Bank Exane BNP Paribas Landesbank Baden-Wuerttemberg Equinet Institutional Services(ESN) DZ Bank AG Independent Research GmbH Morgan Stanley Baader Bank UBS Hamburger Sparkasse Bankhaus Lampe Kepler Cheuvreux Main First Bank AG Commerzbank Corporates & Markets Nord/LB Nomura HSBC JPMorgan EVA Dimensions Liberum Capital Ltd Berenberg Bank Davy National Bank AG

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst RAKESH PATEL LARS HETTCHE MARTIN SCHNEE VIRGINIE BOUCHER-FERTE HEIDI VESTERINEN ULLE WORNER NADESHDA DEMIDOVA THOMAS MAUL CHRISTOPH SCHOENDUBE ERIK SJOGREN NORBERT BARTH THOMAS GILBERT MARCO GUENTHER HEIKO FEBER CHRISTOPHER LADNER THOMAS SWOBODA YASMIN MOSCHITZ THORSTEN STRAUSS PATRICK LAMBERT JESKO MAYER-WEGELIN MARTIN EVANS TIMOTHY STANISH ADAM COLLINS JAIDEEP PANDYA JACK GORMAN STEFFEN MANSKE

Source ULT-AGG Research ULT-AGG Research ULT-AGG Research Research Research Research MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral/neutral sell sell hold outperform hold sell buy hold Equalwt/In-Line hold sell sell hold hold underperform hold buy neutral underweight neutral overweight hold hold outperform buy

Amt Held 17'700'530 6'924'955 5'972'748 3'727'760 3'667'208 3'600'000 3'544'740 3'502'220 3'495'642 2'723'159 2'126'451 2'035'138 1'879'491 1'498'178 1'394'691 1'270'707 862'447 803'515 767'000 617'282

% Out 14.98 5.86 5.05 3.15 3.1 3.05 3 2.96 2.96 2.3 1.8 1.72 1.59 1.27 1.18 1.08 0.73 0.68 0.65 0.52

Weighting

Change 3 1 1 3 5 3 1 5 3 3 3 1 1 3 3 1 3 5 3 1 3 5 3 3 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 N M

Latest Chg (3'686) (17'500) 116'715 (111'134) (10'477) (965'597) (254'387) (25'000) (168'209) 106'031 -

Target Price 36 30 30 33 37 34 26 38 37 32 34 27 #N/A N/A 35 35 34 30 40 34 25 31 #N/A N/A 33 32 #N/A N/A 25

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 03.09.2012 Unclassified 30.11.2012 n/a 28.06.2013 Investment Advisor 01.04.2012 Hedge Fund Manager 07.08.2013 Investment Advisor 01.04.2012 Other 25.01.2013 Investment Advisor 15.05.2012 Investment Advisor 22.03.2012 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Unclassified 30.08.2013 Investment Advisor 31.12.2012 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Insurance Company 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor

Date 12 month 12 month 6 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 6 month 12 month 12 month Not Provided 3 month Not Provided Not Provided Not Provided Not Provided 12 month

Date 30.08.2013 30.08.2013 29.08.2013 22.08.2013 22.08.2013 15.08.2013 13.08.2013 13.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 11.07.2013 07.06.2013 06.06.2013 08.05.2013 15.04.2013 21.06.2012 09.11.2010

03.09.2013

Salzgitter AG Salzgitter AG produces and trades a wide range of steel products and tubes. The product spectrum includes flat rolled steel products, beams, plates and tubes, both seamless and welded, as well as processed steel products. The Company also provides industrial services such as research and development, information technology and other services to group companies and third parties.

Price/Volume 45

4.0 M

3.5 M

3.0 M

2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (07.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SZG GY EQUITY YTD Change SZG GY EQUITY YTD % CHANGE

12/2012 06/yy 41.56 24.54 23'469.00 29.55 -28.89% 20.44% 27.97% 60.1 1'775.87 770.30 0.0 8.2 1'011.10 1'722.67

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

15 10

1.0 M

.5 M

0 s-12

31.12.2009 31.12.2010 7'818.0 8'304.6 0.28x 0.23x 97.2 121.3 22.27x 15.69x (383.7) (331.9) 105.04x Profitability

31.12.2011 9'839.5 0.19x 602.9 3.02x 233.0 8.96x

31.12.2012 10'397.2 0.18x 416.2 4.56x (102.0) 416.20 61.20 0.59% -0.28% -4.42% -10.88% 1.12% 3.7% -1.7% -1.0% 2.64 1.31 8.63% 21.19% 5.61 -

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

LTM-4Q

LTM

06/yy 10'444.5 0.64x 474.1 2.96x 115.4 15.33x

06/yy 9'996.0 0.61x 370.9 3.54x (394.4) 0.00x

FY+1

.0 M s-13

1.14 38.16 2.46% -24.44% 1.141 33 2.515 192'510 338'684 356'112 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'854.4 10'181.3 2'347.3 2'429.4 0.22x 0.21x 1.10x 1.14x 246.8 507.5 50.8 96.2 7.01x 3.41x (265.9) 32.3 (46.1) 15.1 27.69x S&P Issuer Ratings

4.40 1.01 -0.16 2.07 21.2% 17.5% 1.12 4.14 65.08 -

Sales/Revenue/Turnover

450.00

14'000.0

400.00

12'000.0

350.00

10'000.0

300.00 250.00

8'000.0

200.00

6'000.0

150.00

4'000.0

100.00

2'000.0

50.00 0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 12'499.2 0.20x 1'297.7 1.97x 674.3 4.54x

2.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Salzgitter AG Holdings By:

All

Holder Name STATE OF LOWER SAXON SALZGITTER AG UNIVERSAL INVESTMENT BLACKROCK NORGES BANK MAINFIRST SICAV SEB SPARINVEST VANGUARD TT INTERNATIONAL INV OXFORD ASSET MANAGEM HIGHBRIDGE CAPITAL M UNION INVESTMENT GMB MARSHALL WACE LLP INVESCO LTD GRANTHAM MAYO VAN OT ALLIANZ ASSET MANAGE DEKA INVESTMENT GMBH DEUTSCHE BANK AG DIMENSIONAL FUND ADV

Firm Name Commerzbank Corporates & Markets Exane BNP Paribas BHF-Bank AlphaValue Nomura Bankhaus Lampe EVA Dimensions Morgan Stanley Goldman Sachs Macquarie Independent Research GmbH M.M. Warburg Investment Research Equinet Institutional Services(ESN) Deutsche Bank Nord/LB UBS Jefferies Landesbank Baden-Wuerttemberg DZ Bank AG Societe Generale Baader Bank HSBC Bankhaus Metzler Kepler Cheuvreux Steubing AG S&P Capital IQ JPMorgan Credit Suisse Main First Bank AG Davy Hamburger Sparkasse Cyrrus

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst INGO-MARTIN SCHACHEL SYLVAIN BRUNET HERMANN REITH HANS-PETER WODNIOK NEIL SAMPAT MARC GABRIEL TIMOTHY STANISH ALEXANDER HAISSL STEPHEN BENSON DANIEL LURCH SVEN DIERMEIER BJOERN VOSS STEFAN FREUDENREICH BASTIAN SYNAGOWITZ HOLGER FECHNER CARSTEN RIEK SETH ROSENFELD JENS MUENSTERMANN DIRK SCHLAMP ABHISHEK SHUKLA CHRISTIAN OBST THORSTEN ZIMMERMANN LARS HETTCHE ROCHUS BRAUNEISER MICHAEL BROEKER JOHNSON IMODE ALESSANDRO ABATE JAMES GURRY ALEXANDER HAUENSTEIN TIM CAHILL INGO SCHMIDT JIRI SIMARA

Source Co File Co File Research ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG Short Short Short MF-AGG Short ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation reduce underperform overweight sell reduce hold underweight Underwt/Cautious Buy/Neutral underperform sell hold buy hold sell neutral hold hold sell sell hold underweight sell buy sell sell neutral outperform outperform underperform hold buy

Amt Held % Out 15'925'705 26.5 6'009'700 10 1'860'946 3.1 1'093'092 1.82 1'052'832 1.75 944'095 1.57 800'716 1.33 714'077 1.19 399'150 0.66 (318'514) -0.53 (300'485) -0.5 (288'466) -0.48 286'500 0.48 (282'456) -0.47 243'092 0.4 195'981 0.33 180'000 0.3 149'800 0.25 138'500 0.23 102'372 0.17

Weighting

Change 2 1 5 1 2 3 1 1 5 1 1 3 5 3 1 3 3 3 1 1 3 1 1 5 1 1 3 5 5 1 3 5

M M M M M M D D M M M M U M M M M M M D M M M M N M D M M M M M

Latest Chg 112'307 287'474 200'000 (36'365) 12'019 (163'900) 24'039 (169'232) (2'838) (2'080) 38'700 (752) -

Target Price 24 26 40 15 25 32 #N/A N/A 26 31 24 23 29 36 32 22 31 28 28 24 24 30 25 20 35 31 24 32 42 32 #N/A N/A #N/A N/A 57

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Government 31.12.2012 Corporation 19.06.2013 Investment Advisor 30.08.2013 Investment Advisor 31.12.2012 Government 28.02.2013 Investment Advisor 28.03.2013 Unclassified 31.07.2013 Investment Advisor 30.06.2013 Unclassified 04.04.2013 Investment Advisor 13.08.2013 Hedge Fund Manager 22.05.2013 Hedge Fund Manager 28.03.2013 Investment Advisor 03.04.2013 Hedge Fund Manager 30.08.2013 Investment Advisor 30.11.2012 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor

Date 6 month Not Provided 12 month 6 month 12 month 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 Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 9 month Not Provided 12 month Not Provided Not Provided 12 month

Date 02.09.2013 30.08.2013 29.08.2013 29.08.2013 27.08.2013 26.08.2013 21.08.2013 20.08.2013 20.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 05.08.2013 29.07.2013 29.07.2013 10.07.2013 03.04.2013 30.01.2012

03.09.2013

Suedzucker AG Suedzucker AG operates in the traditional sugar industry in Eastern and Western Europe. The Company, through its subsidiaries, produces functional food, chilled frozen and starch and fruit concentrates. Suedzucker's other business includes bioethanol activities.

Price/Volume 35

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.03.2013) 52-Week Low (03.09.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SZU GY EQUITY YTD Change SZU GY EQUITY YTD % CHANGE

02/2013 05/yy 34.34 22.94 588'573.00 23.205 -32.43% 1.18% 14.80% 204.2 4'738.07 1'779.40 0.0 782.8 589.00 6'976.57

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

1.0 M

28.02.2010 28.02.2011 5'718.2 6'160.8 0.99x 0.98x 658.5 782.0 8.62x 7.73x 200.1 250.4 16.13x 15.23x Profitability

0 s-12

o-12

LTM-4Q 29.02.2012 6'991.9 0.91x 1'026.5 6.20x 376.3 10.95x

28.02.2013 7'878.8 1.12x 1'248.2 7.05x 593.1 10.85x

1'248.20 971.20 12.33% 10.67% 6.14% 16.38% 0.98% 15.2% 11.7% 7.5% 1.99 0.70 20.21% 54.51% 7.41 -

Price/ Cash Flow

05/yy 7'239.5 3.75x 1'107.0 6.64x 505.2 9.18x

n-12

d-12

j-13

f-13 m-13

LTM 05/yy 8'022.5 3.98x 1'217.5 6.21x 504.1 10.03x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.43 79.26 -9.81% -22.26% 0.428 20 3.700 229'846 346'396 450'214 FY+2

FQ+1

FQ+2

02/14 Y 02/15 Y 08/13 Q2 11/13 Q3 7'970.8 7'996.1 2'051.0 2'099.0 0.78x 0.75x 1'099.2 1'089.0 6.33x 6.39x 467.6 456.5 10.19x 10.45x S&P Issuer Ratings

05.06.2012 BBB+ POS 30.09.2010 A-2 15.02 10.95 1.17 1.69 54.5% 30.5% 0.98 3.09 49.29 -

Sales/Revenue/Turnover

16.00

9'000.0

14.00

8'000.0

12.00

7'000.0 6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 05.03.2010

.5 M

Fiscal Year Ended 28.02.2009 5'871.3 0.94x 470.2 11.73x 162.2 15.93x

0.0 05.09.2010

05.03.2011

05.09.2011

05.03.2012

05.09.2012

05.03.2013

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 |

03.09.2013

Suedzucker AG Holdings By:

All

Holder Name ZUCKER INVEST GMBH BLACKROCK OVERLAND ADVISORS LL NORGES BANK VANGUARD PRINCIPAL FINANCIAL CREDIT SUISSE FUND S DEXIA ASSET MANAGEME BANQUE DEGROOF CREDIT SUISSE AG ALLIANZ ASSET MANAGE FRANKFURT TRUST INVE ALASKA PERMANENT FUN FEDERAL GESTION PRUDENTIAL FINANCIAL SCHRODER INVESTMENT THRIVENT FINANCIAL F LANDESBANK BERLIN IN STATE STREET GRANTHAM MAYO VAN OT

Firm Name Mirabaud Securities Bankhaus Lampe HSBC M.M. Warburg Investment Research Landesbank Baden-Wuerttemberg Nord/LB Goldman Sachs Bankhaus Metzler Commerzbank Corporates & Markets Independent Research GmbH Hauck & Aufhaeuser DZ Bank AG Barclays EVA Dimensions Exane BNP Paribas Berenberg Bank Kepler Cheuvreux Deutsche Bank Davy Silvia Quandt Research

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst JULIAN LAKIN MARC GABRIEL JESKO MAYER-WEGELIN OLIVER SCHWARZ BERND MUELL WOLFGANG VASTERLING ROSIE EDWARDS DANIEL SEIDENSPINNER DENNIS SCHMITT LARS LUSEBRINK NILS-PETER FITZL HEINZ MUELLER LIAM ROWLEY CRAIG STERLING JAMES BUSHNELL JAMES TARGETT KLAUS RINGEL HAROLD THOMPSON JACK GORMAN KLAUS KRAENZLE

Source Research ULT-AGG Short MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation hold buy overweight buy buy hold Sell/Neutral buy buy hold sell buy underweight buy neutral hold buy hold neutral buy

Amt Held % Out 124'847'782 61.14 2'075'634 1.02 (1'893'536) -0.93 1'554'379 0.76 900'655 0.44 445'720 0.22 415'286 0.2 375'004 0.18 372'909 0.18 361'227 0.18 343'070 0.17 324'350 0.16 284'437 0.14 280'023 0.14 277'501 0.14 257'428 0.13 254'152 0.12 253'677 0.12 249'965 0.12 237'455 0.12

Weighting

Change 3 5 5 5 5 3 1 5 5 3 1 5 1 5 3 3 5 3 3 5

M M M M M M M M M M M M M M M M M M D M

Latest Chg 1'251 (7'359) 436'807 84'621 90'020 46'300 (4'716) (47'100) 280'023 (1'321) 141'431 (2'807) (8'879) (6'251)

Target Price 27 33 31 28 33 26 25 33 33 28 19 33 25 #N/A N/A 28 27 33 24 #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 01.02.2013 Investment Advisor 30.08.2013 Investment Advisor 07.11.2012 Hedge Fund Manager 31.12.2012 Government 30.06.2013 Unclassified 31.07.2013 Investment Advisor 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor 01.08.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Government 30.04.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.07.2013 Investment Advisor 30.08.2013 Investment Advisor 31.05.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 6 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month

Date 31.07.2013 30.07.2013 25.07.2013 23.07.2013 17.07.2013 15.07.2013 12.07.2013 12.07.2013 11.07.2013 11.07.2013 11.07.2013 11.07.2013 11.07.2013 06.06.2013 05.06.2013 21.05.2013 20.05.2013 17.05.2013 17.05.2013 19.11.2012

03.09.2013

TAG Immobilien AG TAG Immobilien AG develops, sells, and rents commercial and residential buildings and special-purpose properties.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (03.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEG GY EQUITY YTD Change TEG GY EQUITY YTD % CHANGE

12/2012 06/yy 9.70 7.55 61'948.00 8.947 -7.78% 18.49% 63.04% 130.8 1'169.95 2'390.68 0.0 20.3 55.75 3'441.75

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.5 M 2.0 M 1.5 M 1.0 M .5 M

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 123.3 5.05x 36.8 16.91x (30.6) -

10 9 8 7 6 5 4 3 2 1 0 s-12

31.12.2009 31.12.2010 96.0 93.1 6.93x 9.52x 21.7 34.7 30.58x 25.52x (29.2) 18.5 13.25x Profitability

LTM-4Q 31.12.2011 203.9 8.70x 118.4 14.98x 66.9 5.87x

31.12.2012 396.0 9.08x 287.2 12.52x 179.1 5.05x 287.20 285.26 47.37% 51.25% 2.59% 9.31% 2.73% 0.10% 65.2% 45.2% 62.91% 210.41% -

Price/ Cash Flow

06/yy 310.8 29.18x 212.1 13.48x 153.4 3.85x

LTM 06/yy 328.5 40.60x 214.1 15.72x 89.1 10.58x

FY+1

.0 M s-13

0.55 123.69 20.29% -2.95% 0.546 17 3.471 325'472 349'018 348'006 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 267.1 278.7 66.5 67.2 13.19x 12.62x 180.6 193.3 19.06x 17.81x 77.3 94.4 15.0 31.5 16.03x 13.00x S&P Issuer Ratings

2.94 2.81 10.51 10.79 210.4% 67.4% 0.10 -

Sales/Revenue/Turnover

120.00

450.0 400.0

100.00

350.0 300.0

80.00

250.0 60.00

200.0 150.0

40.00

100.0 20.00 0.00 01.01.2010

50.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

TAG Immobilien AG Holdings By:

All

Holder Name SUN LIFE FINANCIAL I RUFFER LLP DEUTSCHE BANK AG FLOSSBACH VON STORCH BLACKROCK VERSORGUNGSANSTALT D TAUBE HODSON STONEX UNIVERSAL INVESTMENT DWS INVESTMENT GMBH DEUTSCHE ASSET MGMT THREADNEEDLE ASSET M LLOYDS BANKING GROUP SKAGEN AS UBS SCOTTISH WIDOWS ROYAL BANK OF CANADA THREADNEEDLE INVESTM TAUBE HODSON STONEX DWS INVESTMENTS PETERCAM SA

Firm Name Morgan Stanley Berenberg Bank M.M. Warburg Investment Research Nord/LB Commerzbank Corporates & Markets Bankhaus Lampe Baader Bank Close Brothers Equity Markets S&P Capital IQ ABN Amro Bank N.V. Barclays EVA Dimensions Kepler Cheuvreux DZ Bank AG Solventis WPH-Bank GmbH Kempen & Co

Portfolio Name n/a n/a n/a FVS STRATEGIE SICAVn/a n/a n/a n/a n/a #N/A N/A n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst BIANCA RIEMER KAI MALTE KLOSE TORSTEN KLINGNER MICHAEL SEUFERT THOMAS ROTHAEUSLER GEORG KANDERS ANDRE REMKE MANUEL MARTIN WILLIAM HOWLETT MICHIEL DE JONGE AARON GUY DOUG WALTERS THOMAS NEUHOLD KARSTEN OBLINGER ULF VON LENGERICH THOMAS VAN DER MEIJ

Source ULT-AGG Co File ULT-AGG MF-PART ULT-AGG Research Research Research Research Research Research ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation Underwt/Attractive buy hold hold buy buy hold buy buy hold overweight sell buy sell buy neutral

Amt Held 23'993'328 19'610'701 9'085'714 8'595'156 7'689'157 7'079'834 6'960'665 6'907'633 6'412'352 3'911'100 3'904'864 2'817'627 2'424'243 1'895'925 1'854'901 1'748'441 1'503'821 1'365'540 1'291'408 1'184'631

% Out 18.35 15 6.95 6.57 5.88 5.41 5.32 5.28 4.9 2.99 2.99 2.15 1.85 1.45 1.42 1.34 1.15 1.04 0.99 0.91

Weighting

Change 1 5 3 3 5 5 3 5 5 3 5 1 5 1 5 3

M M M M M M M M M M M M M M N M

Latest Chg 445'470 (7'300) (56'994) 267'994 142'282 (1'006'529) 291'400 (110'000) -

Target Price 7 11 9 9 11 10 10 11 10 10 12 #N/A N/A 11 9 10 10

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 11.07.2013 31.12.2012 28.06.2013 30.06.2013 30.08.2013 21.08.2013 24.06.2013 20.08.2013 16.08.2013 27.08.2013 11.01.2013 31.05.2013 31.07.2013 31.05.2013 28.02.2013 28.03.2013 31.05.2013 31.07.2013 30.04.2013 30.04.2013

Date 12 month Not Provided 12 month 12 month 6 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 28.08.2013 19.08.2013 16.08.2013 13.08.2013 12.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 11.07.2013 06.06.2013 06.05.2013 19.04.2013 18.04.2013 14.01.2013

03.09.2013

ThyssenKrupp AG ThyssenKrupp AG manufactures industrial components. The Company produces flat rolled and cast steel, automobile parts, elevators and escalators, machine tools, bearings, nonferrous metals and plastics, develops and manages real estate, and designs and constructs factories.

Price/Volume 25

16.0 M 14.0 M

12.0 M 10.0 M

8.0 M

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (23.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TKA GY EQUITY YTD Change TKA GY EQUITY YTD % CHANGE

09/2012 06/yy 19.25 13.11 1'305'413.00 15.96 -17.09% 21.74% 51.38% 514.5 8'211.25 7'185.00 0.0 967.0 2'510.00 12'322.25

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M 2.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 30.09.2008 53'426.0 0.21x 4'842.0 2.31x 2'195.0 4.66x

6.0 M

30.09.2009 30.09.2010 40'563.0 37'711.0 0.34x 0.44x 876.0 2'412.0 15.54x 6.80x (1'857.0) 824.0 12.19x Profitability

LTM-4Q 30.09.2011 42'725.0 0.32x 4'043.0 3.41x (1'291.0) 5.15x

30.09.2012 40'124.0 0.35x 2'576.0 5.52x (4'668.0) -

2'576.00 1'115.00 2.78% 0.79% -11.80% -94.78% 0.91% 14.4% 6.1% 3.4% -11.6% 1.26 0.38 18.77% 201.88% 6.81 4.19

Price/ Cash Flow

LTM

06/yy 40'672.0 1.47x 3'803.0 3.48x (2'855.0) 4.49x

06/yy 36'347.0 1.45x 2'230.0 5.34x (4'713.0) 0.00x

FY+1

.0 M s-13

1.16 371.32 0.06% -10.14% 1.161 35 3.314 2'620'366 3'198'803 3'423'488 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 37'122.5 38'458.7 9'491.2 9'315.5 0.38x 0.38x 1.48x 1.58x 1'872.7 2'451.4 517.8 600.0 6.58x 5.02x 5.31x 5.13x (381.0) 537.6 80.6 91.5 14.31x 16.68x 12.37x S&P Issuer Ratings

06.06.2012 BB NEG 17.11.2009 B 5.41 3.20 1.54 3.77 201.9% 61.4% 0.91 3.87 53.60 87.05 50.38 76.56

Sales/Revenue/Turnover

450.00

60'000.0

400.00

50'000.0

350.00

40'000.0

300.00 250.00

30'000.0

200.00

20'000.0

150.00 100.00

10'000.0

50.00 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

ThyssenKrupp AG Holdings By:

All

Holder Name ALFRIED KRUPP VON BO BLACKROCK UBS FRANKLIN RESOURCES NORGES BANK JANUS CAPITAL MANAGE VANGUARD DEKA INVESTMENT GMBH MARSHALL WACE LLP OYSTER ASSET MANAGEM AMUNDI ADIG INVESTMENT INSTITUTIONAL CAPITA JO HAMBRO CAPITAL MA INVESCO LTD FORTIS INVESTMENT MG PUTNAM INVESTMENT MA STATE STREET CREDIT SUISSE AG THRIVENT FINANCIAL F

Firm Name Equinet Institutional Services(ESN) Commerzbank Corporates & Markets Bankhaus Lampe Exane BNP Paribas AlphaValue Jefferies Nomura Independent Research GmbH Nord/LB EVA Dimensions Main First Bank AG DZ Bank AG Societe Generale Deutsche Bank BHF-Bank RBC Capital Markets Credit Suisse JPMorgan HSBC Macquarie Landesbank Baden-Wuerttemberg M.M. Warburg Investment Research Kepler Cheuvreux Steubing AG S&P Capital IQ VTB Capital UBS Baader Bank Day by Day Davy Bankhaus Metzler National Bank AG Hamburger Sparkasse Goldman Sachs Cyrrus

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst STEFAN FREUDENREICH INGO-MARTIN SCHACHEL MARC GABRIEL SYLVAIN BRUNET HANS-PETER WODNIOK SETH ROSENFELD NEIL SAMPAT SVEN DIERMEIER HOLGER FECHNER TIMOTHY STANISH ALEXANDER HAUENSTEIN DIRK SCHLAMP ALAIN WILLIAM BASTIAN SYNAGOWITZ HERMANN REITH TIMOTHY HUFF MICHAEL SHILLAKER ALESSANDRO ABATE THORSTEN ZIMMERMANN JEFFREY LARGEY JENS MUENSTERMANN BJOERN VOSS ROCHUS BRAUNEISER MICHAEL BROEKER JOHNSON IMODE WIKTOR BIELSKI CARSTEN RIEK CHRISTIAN OBST VALERIE GASTALDY TIM CAHILL LARS HETTCHE EKKEHARD D LINK INGO SCHMIDT STEPHEN BENSON JIRI SIMARA

Source Co File ULT-AGG ULT-AGG ULT-AGG Research ULT-AGG ULT-AGG MF-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation hold buy buy neutral sell buy neutral sell sell overweight outperform sell hold hold market weight sector perform outperform overweight overweight outperform hold hold reduce buy hold hold sell buy hold outperform sell buy sell not rated accumulate

Amt Held % Out 130'320'067 25.33 38'679'294 7.52 32'884'002 6.39 26'046'328 5.06 12'848'471 2.5 9'017'500 1.75 4'457'975 0.87 4'009'858 0.78 (3'138'383) -0.61 1'709'400 0.33 1'205'497 0.23 1'018'052 0.2 1'002'630 0.19 933'970 0.18 813'504 0.16 790'686 0.15 693'496 0.13 630'150 0.12 593'014 0.12 567'750 0.11

Weighting 3 5 5 3 1 5 3 1 1 5 5 1 3 3 3 3 5 5 5 5 3 3 2 5 3 3 1 5 3 5 1 5 1 #N/A N/A 4

Change M M M M M M D M M D M D M M M M M M M M M M D M M M D M M M M M M M M

Latest Chg 678 (738'557) 443'325 79'591 8'408 (308'693) 160'000 968'786 (207'900) 107'573 215'460 123'746 (542'135) (5'999) (3'157) (14'150)

Target Price 18 18 19 15 13 21 16 16 13 #N/A N/A 22 15 19 18 16 17 24 19 20 22 15 17 14 19 17 18 16 25 #N/A N/A #N/A N/A 14 19 #N/A N/A #N/A N/A 24

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2012 n/a 30.08.2013 Investment Advisor 15.08.2013 Unclassified 28.06.2013 Investment Advisor 12.01.2012 Government 31.03.2013 Investment Advisor 30.06.2013 Unclassified 28.03.2013 Investment Advisor 21.08.2013 Hedge Fund Manager 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 30.08.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.08.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor

Date 12 month 6 month 12 month Not Provided 6 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 12 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 Not Provided Not Provided 12 month

Date 03.09.2013 02.09.2013 30.08.2013 30.08.2013 29.08.2013 27.08.2013 27.08.2013 23.08.2013 20.08.2013 20.08.2013 19.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 05.08.2013 31.07.2013 16.07.2013 16.07.2013 10.07.2013 16.05.2013 10.04.2013 07.03.2013 09.09.2012 30.01.2012

03.09.2013

Talanx AG Talanx AG operates as a holding company. The Company, through its subsidiaries, provides insurance and financial services. Talanx offers retail, commercial, private, and industrial insurance, reinsurance, and other related services. Talanx operates worldwide.

Price/Volume 30

7.0 M

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (31.05.2013) 52-Week Low (03.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TLX GY EQUITY YTD Change TLX GY EQUITY YTD % CHANGE

12/2012 06/yy 26.20 18.39 32'197.00 24.11 -7.96% 31.10% 70.98% 252.6 6'090.81 3'784.00 0.0 4'171.0 2'119.00 12'349.81

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

2.0 M

1.0 M

0 o-12

31.12.2009 31.12.2010 19'943.0 22'846.0 485.0 216.0 Profitability

LTM-4Q 31.12.2011 23'422.0 520.0 -

31.12.2012 26'438.0 0.39x 630.0 7.48x 6.66% 5.96% 0.53% 10.63% 9.66% 0.22% 2.4% 2.91% 50.64% -

Price/ Cash Flow

d-12

j-13

f-13

LTM

06/yy 12'369.0 0.00x 0.0 0.00x 354.0 0.00x

06/yy 27'809.0 1.23x 0.0 0.00x 684.0 8.29x

m-13

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

52.82 17.10% 19 4.053 168'497 176'413 234'642 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 27'544.8 28'637.6 708.9 739.8 110.0 182.0 8.47x 8.10x S&P Issuer Ratings

02.10.2009 ASTABLE 50.6% 24.5% 0.22 -

Sales/Revenue/Turnover

1.20

30'000.0

1.00

25'000.0

0.80

20'000.0

0.60

15'000.0

0.40

10'000.0

0.20

5'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 17'523.0 187.0 -

4.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Talanx AG Holdings By:

All

Holder Name HDI VAG MEIJI YASUDA LIFE IN DEUTSCHE BANK AG ETHENEA INDEPENDENT DWS INVESTMENTS SKAGEN AS PETERCAM SA ZADIG GESTION (LUXEM FRANKFURT TRUST INVE BLACKROCK DEKA INVESTMENT GMBH VANGUARD FRANKEN INVEST KAPIT JP MORGAN PIONEER JULIUS BAER MULTICOO METZLER INVESTMENT G JO HAMBRO CAPITAL MA OFI ASSET MANAGEMENT UNION BANCAIRE PRIVE

Firm Name AlphaValue Berenberg Bank Bankhaus Lampe Nord/LB Hamburger Sparkasse Equinet Institutional Services(ESN) Deutsche Bank Keefe, Bruyette & Woods Landesbank Baden-Wuerttemberg M.M. Warburg Investment Research Goldman Sachs Barclays Bankhaus Metzler Mediobanca SpA EVA Dimensions Main First Bank AG HSBC JPMorgan

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DIETER HEIN PETER ELIOT ANDREAS SCHAEFER JULIA SIEKMANN CHRISTIAN HAMANN PHILIPP HAESSLER OLIVIA BRINDLE WILLIAM HAWKINS WERNER SCHIRMER ANDREAS PLAESIER VINIT MALHOTRA ANDREW BROADFIELD JOCHEN SCHMITT MARC THIELE DOUG WALTERS MICHAEL HAID KAILESH MISTRY MICHAEL HUTTNER

Source Research Research ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation add buy buy buy buy accumulate hold market perform buy buy Buy/Neutral equalweight buy neutral overweight underperform neutral neutral

Amt Held 199'801'656 16'393'443 3'481'186 2'967'700 1'345'471 1'080'343 445'800 412'390 335'000 329'590 284'570 276'439 224'210 188'707 155'236 145'000 134'000 126'000 114'508 110'600

% Out 79.09 6.49 1.38 1.17 0.53 0.43 0.18 0.16 0.13 0.13 0.11 0.11 0.09 0.07 0.06 0.06 0.05 0.05 0.05 0.04

Weighting

Change 4 5 5 5 5 4 3 3 5 5 5 3 5 3 5 1 3 3

M M M M M M M M M M M M M M D M M M

Latest Chg (8'198'344) 122'604 (232'300) 425'000 26'898 (51'000) 1'195 31'720 276'439 98'540 (6'100) 126'000 78'913 110'600

Target Price 26 28 27 28 #N/A N/A 27 25 24 27 28 27 24 28 27 #N/A N/A 20 26 23

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 02.07.2013 02.07.2013 28.06.2013 28.06.2013 30.04.2013 31.07.2013 30.04.2013 28.03.2013 30.04.2013 30.08.2013 28.03.2013 30.06.2013 30.04.2013 30.04.2013 28.03.2013 31.03.2013 31.01.2013 31.12.2012 28.02.2013 31.12.2012

Date 6 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 6 month Not Provided 12 month Not Provided 3 month

Inst Type Insurance Company Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 29.08.2013 20.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 08.08.2013 25.07.2013 22.07.2013 16.07.2013 28.06.2013 27.06.2013 12.06.2013 31.05.2013 24.04.2013

03.09.2013

TUI AG TUI AG offers tourism and logistic services, and manufactures building materials. The Company operates airlines, travel agencies, cruise ships, resorts, and hotels. TUI provides maritime and inland container shipping, freight forwarding and storage services around the world, and leases and sells mobile buildings.

Price/Volume

09/2012 06/yy 9.92 6.05 42'566.00 9 -9.23% 48.81% 75.30% 252.4 2'271.38 2'456.60 0.0 (15.2) 2'278.40 2'575.18

5.0 M 4.0 M 3.0 M

2.0 M

1.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended

6.0 M

Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (05.09.2012) 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 TUI1 GY EQUITY YTD Change TUI1 GY EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

7.0 M

10 8

Valuation Analysis

31.12.2008 18'714.3 0.30x 852.2 6.51x (121.3) -

30.09.2009 Profitability

30.09.2010 16'350.1 0.28x 860.1 5.34x 101.8 29.93x

LTM-4Q 30.09.2011 17'480.3 0.11x 805.6 2.33x 23.9 -

30.09.2012 18'330.3 0.10x 958.6 1.94x (15.1) 958.60 559.90 3.05% 1.38% -0.80% -5.80% 1.34% 11.2% 4.6% 2.7% -0.1% 0.61 0.58 18.59% 117.98% 131.87

Price/ Cash Flow

06/yy 18'183.7 0.56x (104.9) 0.00x (21.3) 0.00x

LTM 06/yy 18'393.5 0.63x 847.5 3.07x (109.1) 0.00x

FY+1

.0 M s-13

1.25 134.09 42.86% 14.66% 1.251 22 4.182 843'473 673'349 674'215 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 18'323.8 18'897.1 6'416.0 0.14x 0.13x 1'058.4 1'163.8 1'166.0 2.43x 2.21x 50.9 166.9 380.0 32.03x 14.80x S&P Issuer Ratings

23.08.2013 B STABLE 2.25 1.12 0.56 2.57 118.0% 54.3% 1.34 6.87 2.77 59.25 -24.91

Sales/Revenue/Turnover

8.00

30'000.0

7.00

25'000.0

6.00

20'000.0

5.00 4.00

15'000.0

3.00

10'000.0

2.00

5'000.0 1.00 0.00 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 02.07.2013

0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

TUI AG Holdings By:

All

Holder Name S GROUP TRAVEL HOLDI FREDRIKSEN JOHN RIU HOTELS SA DIMENSIONAL FUND ADV BLACKROCK BAILLIE GIFFORD OVER DEKA INVESTMENT GMBH SUSQUEHANNA INTERNAT MARATHON ASSET MANAG NORGES BANK CQS UK LLP PENNANT CAPITAL MANA SOCIETE GENERALE SA PINE RIVER CAPITAL M BARCLAYS CAPITAL SEC PENNANT WINDWARD MAS DEUTSCHE BANK AG VANGUARD STATE STREET DAVIDSON KEMPNER EUR

Firm Name Commerzbank Corporates & Markets AlphaValue S&P Capital IQ Equinet Institutional Services(ESN) JPMorgan Nord/LB DZ Bank AG Deutsche Bank Morgan Stanley UBS Independent Research GmbH Bankhaus Lampe Natixis Exane BNP Paribas Landesbank Baden-Wuerttemberg Kepler Cheuvreux KochBank Research EVA Dimensions Main First Bank AG Goldman Sachs Berenberg Bank Equita SIM SpA Fearnley Fonds

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Analyst JOHANNES BRAUN HANS-PETER WODNIOK WILLIAM MACK JOCHEN ROTHENBACHER JAAFAR MESTARI WOLFGANG DONIE HERBERT STURM GEOF COLLYER JAMIE ROLLO ALEX BRIGNALL ZAFER RUZGAR SEBASTIAN HEIN GEOFFREY D'HALLUIN MATTHIAS DESMARAIS PER-OLA HELLGREN JUERGEN KOLB STEFAN KICK CRAIG STERLING TOBIAS SITTIG NICK EDELMAN ALEXANDRA SCHLEGEL MASSIMO BONISOLI RIKARD VABO

Source Co File Co File Co File ULT-AGG ULT-AGG Research MF-AGG Short RNS-RUL8 RNS-RUL8 Short Short RNS-RUL8 Short RNS-RUL8 Short ULT-AGG ULT-AGG ULT-AGG Short

Recommendation hold sell strong sell buy neutral buy buy buy Equalwt/In-Line buy buy buy buy outperform hold buy buy hold outperform not rated buy buy sell

Amt Held % Out 63'068'424 24.99 37'841'055 14.99 12'613'685 5 8'811'166 3.49 7'592'227 3.01 7'261'186 2.88 5'601'800 2.22 (4'997'034) -1.98 4'904'640 1.94 4'766'186 1.89 (3'028'505) -1.2 (2'270'466) -0.9 2'105'036 0.83 (1'993'766) -0.79 1'690'782 0.67 (1'536'427) -0.61 1'533'003 0.61 1'509'638 0.6 1'478'319 0.59 (1'337'052) -0.53

Weighting 3 1 1 5 3 5 5 5 3 5 5 5 5 5 3 5 5 3 5 #N/A N/A 5 5 1

Change M M D M M M M M M M M M M M M M N U M M M M D

Latest Chg 6'804 (40'600) (201'900) (13'226) 25'238 8'429 298'381 -

Target Price 10 5 8 12 10 12 11 11 12 13 12 12 11 11 10 11 13 #N/A N/A 10 #N/A N/A 9 10 5

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2012 Holding Company 30.09.2012 n/a 30.09.2012 Corporation 30.04.2013 Investment Advisor 30.08.2013 Investment Advisor 24.05.2012 Investment Advisor 28.03.2013 Investment Advisor 30.08.2013 Other 21.01.2013 Investment Advisor 16.01.2013 Government 13.08.2013 Investment Advisor 01.11.2012 Hedge Fund Manager 22.01.2013 Unclassified 15.08.2013 Hedge Fund Manager 22.01.2013 Investment Advisor 27.04.2012 Investment Advisor 28.06.2013 Investment Advisor 30.06.2013 Unclassified 30.08.2013 Investment Advisor 02.11.2012 Hedge Fund Manager

Date 6 month 6 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 6 month

Date 30.08.2013 29.08.2013 23.08.2013 19.08.2013 15.08.2013 13.08.2013 13.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 26.06.2013 03.06.2013 27.05.2013 10.05.2013 17.04.2013 13.02.2013 20.12.2012 14.08.2012

03.09.2013

United Internet AG United Internet AG offers Internet access services. The Company serves home users, small offices and home offices, and small-to medium-sized companies. United Internet also offers hotline and help desk services to international corporations.

Price/Volume 30

3.5 M

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (03.09.2013) 52-Week Low (14.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UTDI GY EQUITY YTD Change UTDI GY EQUITY YTD % CHANGE

12/2012 06/yy 26.83 14.75 61'677.00 26.635 -0.71% 80.58% 99.58% 194.0 5'167.19 300.28 0.0 9.9 42.83 5'438.70

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

1.0 M

5 0 s-12

.5 M o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 1'570.4 1.24x 359.6 5.40x (120.2) -

2.0 M

Valuation Analysis

31.12.2009 31.12.2010 1'658.9 1'907.1 1.45x 1.55x 420.3 371.6 5.74x 7.95x 279.9 129.1 7.56x 20.97x Profitability

LTM-4Q 31.12.2011 2'094.1 1.50x 371.1 8.47x 162.3 17.47x

31.12.2012 2'396.6 1.43x 390.0 8.81x 107.8 29.13x 390.03 250.57 10.46% 8.05% 15.63% 119.34% 2.24% 34.3% 16.6% 12.8% 4.5% 0.43 0.29 27.11% 159.48% 19.84 53.07

Price/ Cash Flow

06/yy 2'248.2 5.51x 318.8 9.63x 101.0 27.71x

LTM 06/yy 2'516.1 6.06x 416.5 10.73x 175.3 23.84x

FY+1

.0 M s-13

0.70 104.88 66.89% 65.56% 0.697 26 3.769 302'158 315'575 389'152 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'646.4 2'896.8 698.0 724.0 2.03x 1.80x 401.9 478.7 100.0 145.0 13.54x 11.37x 203.5 252.6 27.5 84.7 25.49x 19.79x S&P Issuer Ratings

16.04 13.42 0.63 0.71 159.5% 60.2% 2.24 23.82 18.40 6.88 47.31 -33.07

Sales/Revenue/Turnover

25.00

3'000.0 2'500.0

20.00

2'000.0 15.00

1'500.0 10.00

1'000.0

5.00

0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

United Internet AG Holdings By:

All

Holder Name DOMMERMUTH RALPH DEUTSCHE BANK AG BLACKROCK ALLIANZ GLOBAL INVES OPPENHEIMERFUNDS INC ALLIANZ ASSET MANAGE NORGES BANK MORGAN STANLEY DWS INVESTMENTS FIL LIMITED VANGUARD MARBLE ARCH INVESTME ADIG INVESTMENT SCHEEREN MICHAEL LANG NORBERT METZLER ASSET MANAGE DEKA INVESTMENT GMBH METZLER INVESTMENT G UNION INVESTMENT GMB DEKA INTERNATIONAL S

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

AlphaValue HSBC Hauck & Aufhaeuser Commerzbank Corporates & Markets SRH AlsterResearch Bankhaus Lampe EVA Dimensions Deutsche Bank Morgan Stanley UBS Independent Research GmbH M.M. Warburg Investment Research Equinet Institutional Services(ESN) Macquarie Landesbank Baden-Wuerttemberg JPMorgan Matelan Research GmbH Equita SIM SpA Berenberg Bank Bankhaus Metzler DZ Bank AG Goldman Sachs Kepler Cheuvreux Exane BNP Paribas Nomura Close Brothers Equity Markets Dr. Kalliwoda Equity Research

HEINZ STEFFEN DOMINIK KLARMANN LEONHARD BAYER HEIKE PAULS NEIL SCHMODDE WOLFGANG SPECHT ANDREW S ZAMFOTIS BENJAMIN KOHNKE RYAN FOX VIKRAM KARNANY MARKUS FRIEBEL JOCHEN REICHERT ADRIAN PEHL ALEX GRANT STEFAN BORSCHEID HANNES C WITTIG ADRIAN HOPKINSON GIANMARCO BONACINA USMAN GHAZI ULRICH TRABERT KARSTEN OBLINGER SIVA KRISHNA PRASAD BORRA THOMAS KARLOVITS MICHAEL ZORKO HENRIK NYBLOM MARCUS SILBE NORBERT KALLIWODA

Source Research ULT-AGG ULT-AGG Research Research ULT-AGG MF-AGG Research MF-AGG ULT-AGG ULT-AGG Short MF-AGG Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell overweight sell buy buy buy overweight buy Overwt/In-Line neutral sell hold hold outperform buy overweight buy hold buy buy buy Sell/Neutral hold neutral neutral hold buy

Amt Held % Out 88'000'000 45.36 9'698'975 5 7'799'648 4.02 6'503'582 3.35 5'873'094 3.03 4'691'295 2.42 3'204'726 1.65 2'439'828 1.26 1'625'411 0.84 1'304'288 0.67 1'093'058 0.56 (892'400) -0.46 771'076 0.4 600'000 0.31 524'232 0.27 485'350 0.25 456'460 0.24 404'600 0.21 400'000 0.21 396'236 0.2

Weighting

Change 1 5 1 5 5 5 5 5 5 3 1 3 3 5 5 5 5 3 5 5 5 1 3 3 3 3 5

M M M M M M U M M M M M M M M M M M M M M M M M M M M

Latest Chg 45'079 (91'703) (246'688) (45'788) 42'819 252'200 (25'100) 392'193 6'500 50'000 (39'209)

Target Price 16 30 17 32 30 29 #N/A N/A 27 29 25 24 26 27 30 28 30 29 27 26 25 24 19 22 19 11 14 17

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 21.03.2013 n/a 30.06.2013 Investment Advisor 30.08.2013 Investment Advisor 20.07.2012 Investment Advisor 12.02.2013 Investment Advisor 31.07.2013 Investment Advisor 31.12.2012 Government 05.08.2013 Other 30.04.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2013 Unclassified 11.07.2013 Hedge Fund Manager 30.04.2013 Investment Advisor 31.12.2012 n/a 31.12.2012 n/a 31.01.2013 Investment Advisor 30.04.2013 Investment Advisor 31.01.2013 Investment Advisor 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor

Date 6 month Not Provided 12 month 6 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 3 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month

Date 29.08.2013 27.08.2013 26.08.2013 22.08.2013 22.08.2013 20.08.2013 20.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 16.08.2013 16.08.2013 15.08.2013 15.08.2013 14.08.2013 06.08.2013 03.07.2013 27.05.2013 21.05.2013 15.05.2013 19.04.2013 22.11.2012 10.02.2012 22.03.2011

03.09.2013

Volkswagen AG Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks, and commercial vehicles for sale worldwide. The Company produces the Passat, Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi, Seat and Skoda, which manufacture and sell cars in Spain and in southern and eastern Europe, and Lamborghini, which makes sports cars in Italy. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (05.09.2012) 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 VOW3 GY EQUITY YTD Change VOW3 GY EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 187.40 132.50 165'966.00 174.05 -7.12% 31.36% 79.42% 170.1 80'005.40 117'663.00 0.0 4'310.0 25'921.00 174'598.39

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

31.12.2009 31.12.2010 105'187.0 126'875.0 0.97x 0.83x 10'896.0 16'659.0 9.35x 6.29x 960.0 6'835.0 32.35x 6.98x Profitability

LTM-4Q 31.12.2011 159'337.0 0.77x 21'365.0 5.76x 15'409.0 3.13x

31.12.2012 192'676.0 0.90x 24'424.0 7.10x 21'717.0 3.51x 24'424.00 11'310.00 5.87% 13.23% 5.99% 24.78% 0.66% 18.2% 12.7% 5.4% 11.3% 1.03 0.33 38.00% 151.79% 5.32 5.35

Price/ Cash Flow

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M s-13

Market Data

Fiscal Year Ended 31.12.2008 113'808.0 1.22x 14'854.0 9.34x 4'753.0 20.97x

200 180 160 140 120 100 80 60 40 20 0 s-12

LTM

FY+1

1.16 170.15 29.62% 3.53% 1.164 36 4.389 1'029'646 839'023 999'917 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 176'948.0 195'985.0 200'843.7 211'229.3 50'851.5 52'897.5 2.83x 3.35x 0.37x 0.36x 23'081.0 24'812.0 23'830.0 26'772.8 5.98x 6.62x 7.33x 6.52x 17'936.0 17'801.0 10'139.7 11'760.7 3.06x 3.97x 8.12x 6.97x S&P Issuer Ratings Long-Term Rating Date 31.08.2009 Long-Term Rating ALong-Term Outlook POS Short-Term Rating Date 15.06.2004 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 17.46 (EBITDA-Capex)/Interest Exp. 9.96 Net Debt/EBITDA 3.72 Total Debt/EBITDA 4.89 Reference Total Debt/Equity 151.8% Total Debt/Capital 59.0% Asset Turnover 0.66 Net Fixed Asset Turnover 3.51 Accounts receivable turnover-days 68.67 Inventory Days 68.22 Accounts Payable Turnover Day 40.43 Cash Conversion Cycle 46.11 Sales/Revenue/Turnover

14.00

250'000.0

12.00

200'000.0

10.00

150'000.0

8.00 6.00

100'000.0

4.00

50'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Volkswagen AG Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN FMR LLC VANGUARD CARMIGNAC GESTION AMUNDI DEUTSCHE BANK AG FIL LIMITED ALLIANZ ASSET MANAGE BG MASTER FUND PLC UNION INVESTMENT GMB JP MORGAN UBS ADIG INVESTMENT T ROWE PRICE ASSOCIA INVESCO LTD ALLIANCE BERNSTEIN FRANKFURT TRUST INVE MERCURY ASSET MANAGE DWS INVESTMENTS

Firm Name Bankhaus Lampe Exane BNP Paribas Sanford C. Bernstein & Co AlphaValue Barclays Bankhaus Metzler Berenberg Bank Redburn Partners M.M. Warburg Investment Research Hamburger Sparkasse Day by Day Morgan Stanley Goldman Sachs Baader Bank Commerzbank Corporates & Markets JPMorgan Natixis Societe Generale Macquarie Landesbank Baden-Wuerttemberg Independent Research GmbH Oddo & Cie Kepler Cheuvreux Nord/LB S&P Capital IQ Deutsche Bank Equinet Institutional Services(ESN) Main First Bank AG EVA Dimensions HSBC Steubing AG UBS Cyrrus Hammer Partners SA

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CHRISTIAN LUDWIG RABIH FREIHA MAX WARBURTON HANS-PETER WODNIOK MICHAEL TYNDALL JUERGEN PIEPER ADAM HULL CHARLES WINSTON MARC-RENE TONN TINA HECKING-VELTMAN VALERIE GASTALDY LAURA LEMBKE STEFAN BURGSTALLER KLAUS BREITENBACH DANIEL SCHWARZ JOSE ASUMENDI GEORGES DIENG STEPHEN REITMAN CHRISTIAN BREITSPRECHER FRANK BILLER ZAFER RUZGAR FRANCOIS MAURY MICHAEL RAAB FRANK SCHWOPE RODERICK BRIDGE JOCHEN GEHRKE TIM SCHULDT LOTHAR LUBINETZKI CRAIG STERLING HORST SCHNEIDER TOBIAS SCHMIDT PHILIPPE HOUCHOIS JIRI SIMARA ALBERTO ROLLA

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG Short MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy outperform market perform sell overweight sell buy neutral buy hold hold Overwt/In-Line buy/attractive buy buy overweight buy buy outperform buy buy neutral buy buy buy buy buy outperform hold overweight buy neutral buy buy

Amt Held % Out 7'475'543 4.39 5'156'855 3.03 3'574'163 2.1 2'350'802 1.38 1'684'876 0.99 1'668'878 0.98 1'497'526 0.88 1'347'165 0.79 1'247'136 0.73 (1'173'985) -0.69 996'683 0.59 976'471 0.57 913'840 0.54 796'624 0.47 708'483 0.42 636'038 0.37 446'607 0.26 435'760 0.26 415'762 0.24 403'982 0.24

Weighting

Change 5 5 3 1 5 1 5 3 5 3 3 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 3 5 5 3 5 5

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 D M M M M M

Latest Chg 389'021 (1'075'152) 85'704 728'811 (308'807) 599'208 248'074 (6'235) 61'615 17'015 (190'153) (41'762) (4'497) 21'900 271'648 (200'672) (16'233) (23'700) 714 88'330

Target Price 215 212 170 153 193 165 240 #N/A N/A 230 #N/A N/A #N/A N/A 220 238 220 205 217 208 220 200 205 210 170 210 195 192 240 185 220 #N/A N/A 191 227 165 170 168

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.08.2013 30.06.2013 31.07.2013 30.06.2013 28.06.2013 30.04.2013 28.06.2013 31.12.2012 31.07.2013 22.04.2013 28.03.2013 30.06.2013 30.08.2013 30.04.2013 30.06.2013 30.08.2013 30.06.2013 30.04.2013 30.08.2013 30.04.2013

Date 12 month Not Provided 12 month 6 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 6 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 Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor 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 02.09.2013 02.09.2013 30.08.2013 29.08.2013 27.08.2013 23.08.2013 22.08.2013 21.08.2013 15.08.2013 14.08.2013 12.08.2013 09.08.2013 07.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 30.07.2013 29.07.2013 23.07.2013 07.05.2013 02.05.2013 09.04.2013 25.02.2013 29.10.2012 18.10.2012

03.09.2013

Wacker Chemie AG Wacker Chemie AG is a globally active chemical company with a wide range of specialty chemical products. The Company's products include hyperpure polysilicon for the electronics and solar industries, semiconductor wafers, a broad range of silicones, vinyl acetate based polymers, and biotech products.

Price/Volume 90

12/2012 06/yy 79.07 40.48 13'474.00 76.16 -3.68% 88.14% 92.36% 52.2 3'971.94 1'197.20 0.0 18.2 435.60 4'866.04

.8 M

50 40

.6 M

.4 M

31.12.2009 31.12.2010 3'719.3 4'748.4 1.66x 1.36x 917.8 1'250.1 6.71x 5.17x (70.8) 490.7 13.22x Profitability

0 s-12

o-12

LTM-4Q 31.12.2011 4'909.7 0.65x 1'134.6 2.80x 352.6 8.75x

31.12.2012 4'634.9 0.70x 863.4 3.76x 112.8 21.87x 863.40 334.60 7.22% 4.17% 0.46% 1.38% 1.35% 0.67% 17.5% 17.5% 5.4% 2.4% 1.64 0.87 18.91% 46.05% 6.39 5.37

Price/ Cash Flow

06/yy 4'709.0 2.81x 882.1 3.70x 144.3 18.78x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 4'444.7 3.14x 776.7 5.04x 30.2 96.53x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.89 18.39 50.54% 55.17% 0.885 24 2.417 99'422 130'229 121'987 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'562.6 4'868.1 1'194.2 1'111.8 1.15x 1.08x 672.5 803.5 173.5 129.8 7.27x 6.08x 27.4 82.0 15.6 (10.9) 167.02x 39.48x S&P Issuer Ratings

16.48 -1.52 1.13 1.89 46.1% 31.4% 0.67 1.17 57.11 67.94 35.95 76.84

Sales/Revenue/Turnover

12.00

6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 01.01.2010

.2 M

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.08.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WCH GY EQUITY YTD Change WCH GY EQUITY YTD % CHANGE

31.12.2008 4'298.1 0.86x 1'106.8 3.34x 439.4 8.45x

1.2 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Wacker Chemie AG Holdings By:

All

Holder Name DR ALEXANDER WACKER BLUE ELEPHANT HOLDIN WACKER CHEMIE AG BLACKROCK DISCOVERY CAPITAL MA DISCOVERY GLOBAL OPP SAMANA CAPITAL LP ZBI EQUITIES LLC ADIG INVESTMENT NORGES BANK CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA UNION INVESTMENT GMB VANGUARD ALLIANZ ASSET MANAGE ING INTERNATIONAL AD TIAA CREF INVESTMENT SCHRODER INVESTMENT CREDIT SUISSE FUND S OYSTER ASSET MANAGEM

Firm Name Bankhaus Lampe AlphaValue DZ Bank AG Commerzbank Corporates & Markets Nord/LB Independent Research GmbH Hauck & Aufhaeuser Equinet Institutional Services(ESN) Deutsche Bank Morgan Stanley Credit Suisse HSBC Landesbank Baden-Wuerttemberg Bankhaus Metzler Steubing AG Main First Bank AG Nomura Natureo Finance UBS Macquarie JPMorgan EVA Dimensions National Bank AG

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst HEIKO FEBER MARTIN SCHNEE PETER SPENGLER GEORG REMSHAGEN THORSTEN STRAUSS CHRISTOPH SCHOENDUBE NILS-PETER FITZL STEFAN FREUDENREICH ALEXANDER KARNICK PETER MACKEY MATHEW WAUGH CHRISTIAN DOMINIK RATH ERKAN AYCICEK DANIEL SEIDENSPINNER TOBIAS SCHMIDT THOMAS SWOBODA JEAN DE WATTEVILLE INGO QUEISER JEAN-FRANCOIS MEYMANDI ROBERT SCHRAMM-FUCHS MARTIN EVANS TIMOTHY STANISH STEFFEN MANSKE

Source Co File Co File Co File ULT-AGG Short Short Short Short MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell sell sell buy hold hold sell sell sell Underwt/In-Line underperform neutral sell buy hold outperform neutral sell buy outperform underweight sell sell

Amt Held % Out 26'076'300 50 5'215'260 10 2'474'617 4.74 2'177'150 4.17 (996'115) -1.91 (824'011) -1.58 (526'741) -1.01 (526'741) -1.01 407'363 0.78 240'337 0.46 228'000 0.44 189'575 0.36 176'900 0.34 163'043 0.31 161'882 0.31 145'720 0.28 92'956 0.18 79'151 0.15 77'479 0.15 74'500 0.14

Weighting

Change 1 1 1 5 3 3 1 1 1 1 1 3 1 5 3 5 3 1 5 5 1 1 1

M M M U M M M M M M M U M M D U M M U M M M M

Latest Chg 31'808 (31'292) 52'153 93'875 (4'231) (4'800) (84'847) 12'400 34'127 (1'883) (36'911) (41) (9'919) 74'500

Target Price 60 64 50 84 68 75 40 58 39 53 55 73 52 78 68 85 70 55 80 65 44 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 n/a 31.12.2012 Unclassified 31.12.2012 Corporation 30.08.2013 Investment Advisor 14.02.2013 Hedge Fund Manager 16.10.2012 Investment Advisor 26.06.2012 Hedge Fund Manager 06.02.2013 Investment Advisor 30.04.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Unclassified 31.07.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 31.05.2013 Investment Advisor 28.02.2013 Investment Advisor

Date 12 month 6 month Not Provided 6 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 3 month Not Provided Not Provided

Date 02.09.2013 29.08.2013 16.08.2013 09.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 18.07.2013 11.07.2013 09.07.2013 02.07.2013 07.06.2013 06.06.2013 25.07.2012

03.09.2013

Wirecard AG Wirecard AG offers Internet payment and processing services. The Company provides software and systems for online payment, electronic funds transfer, fraud protection and enterprise solutions. Wirecard also offers call center services.

Price/Volume 30 25 20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.09.2013) 52-Week Low (12.09.2012) 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 WDI GY EQUITY YTD Change WDI GY EQUITY YTD % CHANGE

12/2012 06/yy 24.51 16.46 64'019.00 24.455 -0.22% 48.57% 96.59% 112.2 2'743.66 94.97 0.0 0.0 442.50 2'460.64

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5 0 s-12

31.12.2009 31.12.2010 228.5 271.6 3.13x 3.20x 60.3 73.1 11.86x 11.90x 45.5 54.0 21.44x 19.34x Profitability

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

LTM-4Q 31.12.2011 324.8 3.47x 84.4 13.37x 61.2 20.70x

31.12.2012 394.6 4.41x 109.3 15.92x 73.3 27.76x 109.25 93.60 23.72% 23.10% 7.44% 14.35% 12.83% 0.42% 26.8% 22.3% 18.6% 1.39 0.92 8.42% 17.53% -

Price/ Cash Flow

06/yy 354.8 13.77x 98.5 14.47x 68.1 23.35x

LTM 06/yy 432.9 17.46x 116.0 17.74x 76.3 30.70x

FY+1

0.51 105.57 41.47% 32.19% 0.510 18 3.889 205'992 231'097 261'857 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 474.2 559.3 123.5 134.0 5.29x 4.37x 124.1 152.4 34.2 37.2 19.78x 16.10x 82.9 105.8 24.2 27.7 32.56x 25.63x S&P Issuer Ratings

23.91 12.85 -2.44 1.07 17.5% 14.9% 0.42 39.24 -

Sales/Revenue/Turnover

450.00

450.0

400.00

400.0

350.00

350.0

300.00

300.0

250.00

250.0

200.00

200.0

150.00

150.0

100.00

100.0

50.00

50.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 196.8 1.19x 52.4 4.46x 42.3 9.83x

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M s-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Wirecard AG Holdings By:

All

Holder Name JUPITER ASSET MANAGE MB BETEILGUNGSGESELL ALKEN FUND SICAV ARTISAN PARTNERS HOL AMERIPRISE FINANCIAL WASATCH ADVISORS INC MANNING & NAPIER ADV NORGES BANK COLUMBIA WANGER ASSE T ROWE PRICE ASSOCIA WILLIAM BLAIR & COMP FIL LIMITED JUPITER GLOBAL ACTIV BANK OF NOVA SCOTIA GENERALI ASSET MANAG VANGUARD BLACKROCK ALLIANZ ASSET MANAGE GAM INTERNATIONAL MA OPPENHEIMERFUNDS INC

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

Natixis Commerzbank Corporates & Markets Exane BNP Paribas Equita SIM SpA Independent Research GmbH Barclays Matelan Research GmbH Baader Bank Landesbank Baden-Wuerttemberg Hauck & Aufhaeuser Bankhaus Lampe Berenberg Bank Main First Bank AG M.M. Warburg Investment Research EVA Dimensions Goldman Sachs Deutsche Bank

MAXIME MALLET HEIKE PAULS ALEXANDRE FAURE GIANMARCO BONACINA LARS LUSEBRINK GERARDUS VOS ADRIAN HOPKINSON KNUT WOLLER THOMAS HOFMANN SASCHA BERRESCH CHRISTOPH SCHLIENKAMP BJOERN LIPPE JUERGEN WAGNER JOCHEN REICHERT ANDREW S ZAMFOTIS SIVA KRISHNA PRASAD BORRA BENJAMIN KOHNKE

Source Co File Co File Co File Co File Research Research Research MF-AGG MF-AGG MF-AGG 13F ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy buy neutral buy hold overweight buy buy hold hold hold buy outperform hold hold neutral/neutral hold

Amt Held 6'731'532 6'619'340 5'609'610 4'252'084 3'440'967 3'374'948 3'313'990 2'679'483 2'346'242 2'308'919 1'606'351 1'329'026 1'087'181 1'072'621 1'049'001 1'019'771 975'422 958'258 925'723 880'371

% Out 6 5.9 5 3.79 3.07 3.01 2.95 2.39 2.09 2.06 1.43 1.18 0.97 0.96 0.94 0.91 0.87 0.85 0.83 0.78

Weighting

Change 5 5 3 5 3 5 5 5 3 3 3 5 5 3 3 3 3

M M M M M M M M M M M M M M U M M

Latest Chg (14'512) (244'783) 962'113 (476'775) 82'400 (248'797) (95'455) 10'461 18'253 1'353 -

Target Price 27 24 21 28 25 25 29 26 24 20 23 28 26 23 #N/A N/A 24 16

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 13.03.2013 01.08.2013 14.05.2013 31.07.2013 31.12.2012 28.06.2013 30.06.2013 30.06.2013 31.12.2012 30.04.2013 31.05.2013 31.07.2013 30.06.2013 30.08.2013 31.07.2013 31.07.2013 30.06.2013

Date Not Provided 6 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month

Inst Type Investment Advisor Unclassified n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 29.08.2013 21.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 08.08.2013 19.07.2013 13.05.2013 22.04.2013 17.01.2013

03.09.2013

Wincor Nixdorf AG Wincor Nixdorf AG manufactures banking machines and cash registers. The Company's products include ATMs, cash deposit systems, and Automated Teller Safes.

Price/Volume 60

.7 M

.6 M .5 M

Latest Fiscal Year: LTM as of: 52-Week High (14.08.2013) 52-Week Low (06.09.2012) 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 WIN GY EQUITY YTD Change WIN GY EQUITY YTD % CHANGE

09/2012 06/yy 51.15 28.80 18'626.00 48.76 -4.67% 69.31% 86.20% 33.1 1'613.22 237.27 0.0 4.7 38.43 1'735.48

30.09.2008 2'318.6 0.65x 240.4 6.31x 126.6 10.44x

.3 M

.2 M

10 0 s-12

.1 M o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M

Valuation Analysis

30.09.2009 30.09.2010 2'250.2 2'239.5 0.69x 0.73x 224.7 214.5 6.90x 7.63x 113.6 106.2 12.26x 14.24x Profitability

LTM-4Q 30.09.2011 2'328.2 0.51x 217.0 5.48x 107.1 9.71x

30.09.2012 2'343.0 0.48x 165.3 6.73x 62.6 14.55x

165.32 100.36 4.28% 3.83% 5.79% 24.11% 1.76% 20.9% 7.5% 5.0% 2.7% 1.02 0.57 16.91% 73.10% 6.58 5.71

Price/ Cash Flow

06/yy 2'288.0 1.97x 168.7 6.11x 71.9 11.84x

LTM 06/yy 2'480.1 1.93x 185.8 7.32x 81.4 15.11x

FY+1

.0 M s-13

0.88 29.78 64.65% 41.29% 0.882 21 3.190 81'844 97'584 103'692 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 2'464.1 2'562.3 626.7 678.0 0.72x 0.68x 196.3 229.1 76.7 57.0 8.85x 7.58x 7.32x 5.61x 85.8 108.0 26.8 31.3 16.72x 13.51x 13.61x 10.41x S&P Issuer Ratings

15.43 11.14 0.64 0.84 73.1% 41.9% 1.76 17.77 55.47 63.91 57.44 64.12

Sales/Revenue/Turnover

14.00

2'500.0

12.00

2'000.0

10.00

1'500.0

8.00 6.00

1'000.0

4.00

500.0 2.00 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

Wincor Nixdorf AG Holdings By:

All

Holder Name WINCOR NIXDORF AG WILLIAM BLAIR & COMP BLACKROCK WILLIAM BLAIR & COMP VANGUARD POLARIS CAPITAL MANA ARTISAN PARTNERS HOL AMUNDI NORGES BANK CLASSIC FUND MGMT AG PEAR TREE ADVISORS I DWS INVESTMENTS DEUTSCHE BANK AG ALLIANZ ASSET MANAGE MACKENZIE FINANCIAL ODDO ASSET MANAGEMEN INTERNATIONAL VALUE BARING FUND MANAGERS IG INVESTMENT MANAGE TREMBLANT CAPITAL LP

Firm Name Commerzbank Corporates & Markets HSBC Main First Bank AG Matelan Research GmbH Goldman Sachs Deutsche Bank Nord/LB Hauck & Aufhaeuser Bankhaus Lampe Bankhaus Metzler Kepler Cheuvreux Equinet Institutional Services(ESN) DZ Bank AG UBS Wedbush Independent Research GmbH M.M. Warburg Investment Research Landesbank Baden-Wuerttemberg Berenberg Bank National Bank AG EVA Dimensions

Portfolio Name n/a WILLIAM BLAIR & COMP n/a n/a n/a n/a #N/A N/A n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst YASMIN MOSCHITZ JOERG-ANDRE FINKE JUERGEN WAGNER ADRIAN HOPKINSON BENJAMIN MOORE UWE SCHUPP WOLFGANG DONIE TORBEN TEICHLER HEIKO FEBER STEPHAN BAUER STEFAN AUGUSTIN ADRIAN PEHL HARALD SCHNITZER SVEN WEIER GIL B LURIA SVEN DIERMEIER BJOERN VOSS THOMAS HOFMANN FREDERIK BITTER EKKEHARD D LINK ANDREW S ZAMFOTIS

Source Co File 13F ULT-AGG Research ULT-AGG Co File Research Research MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Short

Recommendation hold overweight underperform neutral neutral/neutral buy buy buy hold sell hold hold hold buy neutral hold hold hold sell buy underweight

Amt Held % Out 3'308'500 10 1'746'514 5.28 1'709'356 5.17 1'636'175 4.95 1'111'526 3.36 992'550 3 964'009 2.91 961'330 2.91 783'622 2.37 666'660 2.01 448'050 1.35 432'634 1.31 414'399 1.25 402'161 1.22 354'363 1.07 339'594 1.03 337'840 1.02 329'277 1 306'200 0.93 (267'988) -0.81

Weighting

Change 3 5 1 3 3 5 5 5 3 1 3 3 3 5 3 3 3 3 1 5 1

M M M M M M M M D M M D U M M M D M D M M

Latest Chg 4'777 28'909 (110'339) 7'892 30'000 (11'963) (53'311) (100'000) (36'393)

Target Price 38 60 42 47 49 54 54 53 49 40 49 49 46 52 50 47 47 41 30 49 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2012 30.06.2013 30.08.2013 01.08.2013 30.06.2013 30.09.2012 23.08.2013 24.04.2013 31.12.2012 30.06.2013 30.06.2013 30.04.2013 23.08.2013 30.04.2013 31.05.2013 30.09.2012 31.03.2013 31.05.2013 31.01.2013 02.04.2013

Date 6 month Not Provided 12 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other

Date 29.08.2013 28.08.2013 26.08.2013 15.08.2013 14.08.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 10.07.2013 01.05.2013 25.04.2013 15.01.2013

03.09.2013

ElringKlinger AG ElringKlinger AG manufactures and distributes original equipment and replacement parts for automobiles. The Company makes cylinder-head gaskets, seals, modules, and elastomer gasket systems, and shielding systems. ElringKlinger offers engine testing services. The Company owns real estate properties such as industrial parks and warehouses.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.08.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ZIL2 GY EQUITY YTD Change ZIL2 GY EQUITY YTD % CHANGE

12/2012 06/yy 29.66 20.27 21'467.00 28.565 -3.68% 40.92% 87.37% 63.4 1'809.88 314.71 0.0 31.0 54.27 2'137.42

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 657.8 0.99x 138.8 4.71x 39.8 10.07x

31.12.2009 31.12.2010 579.3 795.7 1.97x 2.25x 135.6 199.8 8.42x 8.97x 33.2 65.6 27.93x 23.87x Profitability

LTM-4Q 31.12.2011 1'032.8 1.42x 227.5 6.45x 94.9 12.79x

31.12.2012 1'127.2 1.69x 215.5 8.85x 85.9 18.75x 215.47 136.09 12.07% 10.98% 6.64% 14.19% 0.88% 27.7% 18.3% 11.7% 7.6% 1.58 0.73 24.81% 51.65% 5.38 3.57

Price/ Cash Flow

06/yy 1'103.8 5.37x 233.9 6.40x 104.8 11.36x

LTM 06/yy 1'147.5 6.33x 210.3 9.25x 86.4 18.65x

FY+1

.0 M s-13

1.09 30.41 25.77% 13.91% 1.086 23 2.609 63'634 72'754 63'708 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'191.9 1'268.5 298.5 301.5 1.76x 1.61x 238.8 264.1 8.96x 8.10x 98.8 116.4 25.5 25.8 18.17x 15.52x S&P Issuer Ratings

16.03 8.36 1.40 1.69 51.7% 33.0% 0.88 2.03 67.90 102.30 26.94 133.56

Sales/Revenue/Turnover

25.00

1'200.0 1'000.0

20.00

800.0 15.00

600.0 10.00

400.0

5.00

0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

03.09.2013

ElringKlinger AG Holdings By:

All

Holder Name LECHLER FAMILY FIL LIMITED FMR LLC NEW YORK LIFE INVEST MARKETFIELD ASSET MA DEUTSCHE BANK AG THREADNEEDLE INVESTM NORGES BANK DANSKE INVEST A/S WILLIAM BLAIR & COMP COLUMBIA WANGER ASSE DANSKE INVEST MANAGE SUN LIFE FINANCIAL I BESSEMER GROUP INCOR VANGUARD OPPENHEIMERFUNDS INC AMERIPRISE FINANCIAL AVIVA PLC BLACKROCK DWS INVESTMENTS

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

Commerzbank Corporates & Markets DANIEL SCHWARZ DZ Bank AG MICHAEL PUNZET Goldman Sachs STEPHAN PUETTER Hauck & Aufhaeuser PHILIPPE LORRAIN Macquarie CHRISTIAN BREITSPRECHER Landesbank Baden-Wuerttemberg FRANK BILLER Close Brothers Equity Markets RALF MARINONI Kepler Cheuvreux MICHAEL RAAB Exane BNP Paribas GERHARD ORGONAS Deutsche Bank TIM ROKOSSA Independent Research GmbH ZAFER RUZGAR Bankhaus Lampe CHRISTIAN LUDWIG M.M. Warburg Investment Research MARC-RENE TONN Bankhaus Metzler JUERGEN PIEPER Equinet Institutional Services(ESN) TIM SCHULDT Steubing AG TOBIAS SCHMIDT Montega HENDRIK EMRICH EVA Dimensions CRAIG STERLING HSBC NIELS FEHRE Main First Bank AG TOBIAS FAHRENHOLZ Nord/LB FRANK SCHWOPE Berenberg Bank BENJAMIN GLAESER LFG Kronos Investment Services GmbH THOMAS ANEY GSC Research MATTHIAS SCHRADE

Source Research ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation reduce hold sell/attractive hold outperform hold buy reduce neutral hold sell hold hold sell reduce hold sell sell neutral outperform sell hold hold buy

Amt Held % Out 32'947'194 52 1'791'706 2.83 1'710'210 2.7 1'587'098 2.5 1'104'277 1.74 900'950 1.42 897'056 1.42 790'398 1.25 639'068 1.01 602'057 0.95 522'000 0.82 340'919 0.54 338'224 0.53 216'951 0.34 208'247 0.33 200'000 0.32 193'077 0.3 192'776 0.3 (183'382) -0.29 152'797 0.24

Weighting

Change 2 3 1 3 5 3 5 2 3 3 1 3 3 1 2 3 1 1 3 5 1 3 3 5

M M M M M M M M M M D M M M M M M D M M M M M M

Latest Chg (1'833) 649'134 533'277 58'599 22'189 (35'927) 1'570 10'784 8'256 52 63'922 -

Target Price 23 28 21 28 33 28 33 26 29 23 25 27 28 23 20 28 22 #N/A N/A 28 29 21 25 26 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.01.2013 09.10.2012 10.05.2013 30.06.2013 31.12.2012 28.06.2013 31.05.2013 31.12.2012 31.05.2013 30.06.2013 28.06.2013 28.06.2013 30.06.2013 30.04.2013 30.06.2013 30.06.2013 28.06.2013 31.05.2013 30.08.2013 30.04.2013

Date 6 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type n/a Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 16.08.2013 14.08.2013 13.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 05.08.2013 23.07.2013 23.07.2013 21.05.2013 01.05.2013 11.03.2013 20.07.2012