Fundamental Equity Analysis - S&P100 Index Members (OEX Index).pdf 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 OEX Index - S&P100 Index Members July 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

14898194

1991.775

1117

203

220

102.58

110.21

15.75

14.66

18.58

Euro Stoxx 50 Pr

EUR

2493756

5284.795

4561

731

763

203.59

297.44

21.63

17.12

14.81

20.19

NIKKEI 225

JPY

2727065

192.1279

192

5.38

7.90

0.26

0.27

0.18

0.11

FTSE 100 INDEX

GBP

2587478

11449.56

10098

1411

1676

586.95

805.96

24.84

21.83

18.09

21.26

SWISS MARKET INDEX

CHF

1017711

10776.65

4094

859

827

416.04

556.80

20.57

17.07

15.37

22.10

S&P/TSX COMPOSITE INDEX

CAD

1566664

16493.48

8368

1782

1970

737.98

820.91

14.92

13.42

23.26

S&P/ASX 200 INDEX

AUD

1210714

5733.302

2686

551

684

225.02

324.09

17.92

14.54

12.45

20.26

HANG SENG INDEX

HKD

1576584

2941

1673

353

398

278.90

271.70

1.22

1.38

1.25

2.90

MSCI EM

USD

6919194

1278.432

973

188

180

82.52

90.76

11.05

11.20

10.05

19.18

APPLE INC

USD

391520

937

939

121

246.83

156508

171168

186818

58518

57381

10573

44.15

41.89

39.55

43.76

9.96

10.55

9.53

43.06

64.36

65.35

33.93

AA+

23.04.2013

Aa1

23.04.2013

ABBVIE INC

USD

67530

218

1577

77.93

18380

18485

18922

7255

1861

3.69

3.12

3.22

13.67

13.25

5.37

30.36

26.10.2012

Baa1

05.11.2012

ABBOTT LABORATORIES

USD

54093

461

1577

52.77

21494

21588

22416

23742

929

1.73

1.54

2.01

2.25

22.53

17.24

15.39

-44.68

-1.69

A+

26.10.2012

22.09.2010

ACCENTURE PLC-CL A

USD

50251

361

677

44.80

29778

30158

28721

30027

4467

4642

1167

3.84

4.53

4.31

4.50

16.15

16.96

16.25

8.87

3.88

12.08

8.55

15.39

A+

22.01.2002

AMERICAN ELECTRIC POWER

USD

21347

178

486

39.79

14945

15146

15881

16183

4874

4873

1172

3.49

3.50

3.15

3.32

12.56

13.93

13.24

-1.13

2.04

3.42

4.80

32.17

BBB

07.03.2003

Baa2

14.09.2005

AMERICAN INTERNATIONAL GROUP

USD

66450

380

1476

111.54

65656

66513

49652

51377

3.93

3.59

3.93

4.13

12.53

11.45

10.91

9.77

3.87

A-

02.03.2009

Baa1

12.01.2011

ALLSTATE CORP

USD

22832

117

479

28.57

33315

33416

33593

34165

4.40

4.35

4.69

5.18

11.19

10.39

9.41

2.02

0.95

A-

29.01.2009

AMGEN INC

USD

73058

179

756

75.68

17265

17455

17932

18383

6665

6648

1615

5.72

6.09

7.29

8.26

16.01

13.35

11.80

10.80

3.45

24.07

2.92

38.09

A+

07.09.2007

Baa1

07.11.2011

AMAZON.COM INC

USD

128447

185

454

124.24

61093

63978

74868

91264

2835

3066

965

-0.23

-0.56

3.00

5.17

94.18

54.59

27.07

31.59

45.76

25.77

4.79

AA-

26.11.2012

Baa1

26.11.2012

APACHE CORP

USD

32124

370

392

45.58

16947

16636

17343

18813

12051

11662

2958

9.31

9.58

8.41

9.37

8.55

9.74

8.75

0.81

14.07

-2.79

10.48

70.10

A-

26.01.2001

29.11.2010

ANADARKO PETROLEUM CORP

USD

43954

116

501

55.51

13307

13613

15211

17165

6197

6547

2213

1.47

4.74

4.27

5.45

18.49

20.52

16.09

-4.14

10.92

-18.23

2.13

48.09

BBB-

08.09.2006

Baa3

23.03.2012

AMERICAN EXPRESS CO

USD

83079

304

1105

114.84

33808

34020

32918

34728

10563

10635

4.40

4.48

4.79

5.31

16.88

15.78

14.23

4.73

1.17

-6.97

-6.66

31.26

BBB+

30.04.2009

24.04.2009

BOEING CO/THE

USD

78106

175

756

75.52

81698

81208

83895

91775

8118

8057

1960

5.11

5.30

6.34

7.08

19.42

16.23

14.55

18.86

4.17

8.53

2.21

9.92

29.07.2009

15.03.2006

BANK OF AMERICA CORP

USD

139714

3281

10778

673

349

100078

99840

90943

92304

1.13

0.95

1.33

13.63

9.73

-13.26

1.66

A-

29.11.2011

Baa2

21.06.2012

BAXTER INTERNATIONAL INC

USD

37584

124

546

14190

14250

15463

16928

3533

3563

980

4.53

4.58

4.66

5.17

15.15

14.89

13.43

2.14

3.79

-2.30

3.77

25.00

06.12.2012

25.04.2013

BANK OF NEW YORK MELLON CORP

USD

33682

327

1163

145

15089

15005

14743

15396

2.32

2.28

2.25

2.55

12.73

12.89

11.38

-4.52

-2.90

A+

29.11.2011

Aa3 *-

02.07.2013

BRISTOL-MYERS SQUIBB CO

USD

72305

245

1630

74.46

17621

16201

16418

17773

4771

3610

981

1.99

1.67

1.82

2.15

26.36

24.17

20.51

-17.05

-3.68

-35.94

3.29

22.28

A+

06.09.2006

12.09.2006

BERKSHIRE HATHAWAY INC-CL B

USD

279644

330

187

148.65

162463

168183

29524

31989

13.07

12.90

34.15

4.33

19.02

16.05.2013

Aa2

04.02.2010

CITIGROUP INC

USD

146332

1161

3029

624

751.61

90708

90629

79206

81195

30978

31164

4.01

4.13

4.80

5.47

11.63

10.02

8.79

-11.58

-2.29

-42.16

-20.63

34.39

A-

29.11.2011

Baa2

21.06.2012

CATERPILLAR INC

USD

53603

235

655

60.53

65875

63104

58820

62888

11966

10923

2282

8.65

7.54

6.84

7.95

10.82

11.91

10.26

9.54

6.15

23.62

12.24

17.31

24.06.2003

15.06.1995

COLGATE-PALMOLIVE CO

USD

53530

202

935

58.20

17085

17200

17672

18612

4314

4122

1145

2.68

2.71

2.85

3.14

21.15

20.16

18.27

2.10

3.17

1.22

7.63

23.97

AA-

04.05.2001

Aa3

18.06.2001

COMCAST CORP-CLASS A

USD

108617

898

2639

152.48

62570

63002

64113

67869

19977

20323

5359

1.92

2.00

2.42

2.78

20.83

17.21

14.95

12.05

13.37

8.82

11.13

32.26

A-

14.02.2013

13.02.2013

CAPITAL ONE FINANCIAL CORP

USD

37731

582

69.33

23177

24303

22094

21936

9014

9371

6.24

6.03

6.60

6.69

10.71

9.79

9.65

25.11

6.31

-7.95

-5.36

38.56

BBB

17.06.2009

Baa1

17.02.2012

CONOCOPHILLIPS

USD

75487

260

1220

92.15

57967

58243

50237

52171

19396

20040

5017

5.47

5.61

5.51

6.20

11.00

11.20

9.97

-9.70

-8.64

-10.41

-8.76

34.41

07.02.2012

26.04.2012

COSTCO WHOLESALE CORP

USD

48564

432

47.12

99137

104887

105806

115043

3667

3991

1299

3.94

4.48

4.57

5.05

24.83

24.36

22.03

11.50

7.95

11.02

10.87

3.81

A+

28.11.2012

26.03.2012

CISCO SYSTEMS INC

USD

129867

3199

5298

98.74

46061

47880

48591

51210

12971

13483

3829

1.60

1.62

2.01

2.12

14.96

12.11

11.48

6.58

5.45

18.36

5.10

28.16

A+

10.02.2006

CVS CAREMARK CORP

USD

71137

209

1231

79.25

123133

123098

125698

130862

8981

9355

2402

3.21

3.39

3.94

4.43

17.13

14.74

13.13

14.97

7.83

13.71

8.81

7.60

BBB+

23.03.2007

Baa2

13.02.2007

CHEVRON CORP

USD

231766

229

1947

229.62

222580

217734

230022

227252

48426

46203

11867

12.86

12.96

12.38

12.56

9.22

9.66

9.52

-5.80

1.45

-5.44

7.12

21.22

01.07.1987

Aa1

27.02.2009

DU PONT (E.I.) DE NEMOURS

USD

48398

267

933

55.40

34812

36129

35926

38306

4794

4817

2115

3.44

3.39

3.81

4.30

15.53

13.79

12.24

3.36

5.11

-4.99

2.35

13.33

17.05.2011

15.07.2011

WALT DISNEY CO/THE

USD

114162

405

1780

129.20

42278

43765

45215

48055

10850

11349

3677

3.13

3.30

3.47

3.95

19.23

18.26

16.03

3.39

4.08

12.76

5.45

25.93

22.12.2009

23.05.2007

DOW CHEMICAL CO/THE

USD

39263

200

1203

60.98

56786

56450

57380

59677

6645

6568

2129

1.73

1.80

2.37

2.97

18.05

13.70

10.94

-5.33

3.28

-3.82

1.85

11.64

BBB

11.05.2011

Baa2

02.11.2012

DEVON ENERGY CORPORATION

USD

21831

147

406

27.48

9679

8977

9733

11203

5253

4509

1402

3.26

6.82

3.74

5.06

7.88

14.39

10.62

-15.50

-3.59

-23.63

-6.57

50.23

BBB+

18.03.2008

Baa1

21.09.2007

EBAY INC

USD

69081

526

1294

64.20

14072

14542

16312

19007

4088

4285

1247

1.91

1.99

2.74

3.23

26.74

19.42

16.48

20.77

11.98

23.39

9.42

29.47

02.03.2010

21.10.2010

EMC CORP/MA

USD

50483

520

2107

46.83

21714

22007

23410

25347

5602

5659

1708

1.24

1.25

1.86

2.08

19.23

12.94

11.57

8.53

9.81

12.92

15.81

25.71

25.06.2012

07.06.2013

EMERSON ELECTRIC CO

USD

39710

164

724

42.78

24412

24697

24801

25849

5155

5242

1359

3.52

3.62

3.50

3.90

15.25

15.77

14.16

0.78

0.36

1.16

4.42

21.23

04.02.2002

15.02.2002

EXELON CORP

USD

25307

372

855

44.82

23489

24885

25309

25202

6550

6927

1488

1.93

1.97

2.48

2.33

15.05

11.92

12.69

23.22

6.88

-3.45

-0.89

27.84

BBB

22.07.2009

Baa2

08.11.2012

FORD MOTOR CO

USD

65219

3783

3946

57.41

134252

137617

136313

143799

12513

12539

3080

1.57

1.54

1.41

1.67

10.76

11.78

9.92

-1.48

-0.20

-8.19

-0.09

9.11

BB+

21.10.2011

Baa3

22.05.2012

FREEPORT-MCMORAN COPPER

USD

28164

502

949

32.57

18010

17988

21948

25390

6934

6617

1612

3.24

3.07

3.81

8.40

8.86

7.14

-13.75

4.92

-31.77

-2.37

36.79

BBB

29.07.2011

Baa3

13.10.2010

FEDEX CORP

USD

31280

318

29.35

44287

46028

48701

5597

5580

1399

6.23

6.20

7.04

8.68

15.89

13.98

11.35

3.77

3.96

3.02

2.68

12.60

BBB

11.02.2004

Baa1

13.01.2012

TWENTY-FIRST CENTURY FOX INC

USD

69679

799

2383

80.66

33706

35469

31587

33862

6646

6868

1664

1.22

1.23

1.52

1.74

24.42

19.79

17.31

0.90

2.54

8.36

4.21

19.36

BBB+

30.11.2012

GENERAL DYNAMICS CORP

USD

27849

354

28.01

31513

31338

31175

30905

3447

1428

1011

6.48

6.75

7.06

12.17

11.68

11.17

-3.56

1.45

-21.98

-0.51

4.56

09.07.1999

07.08.2003

GENERAL ELECTRIC CO

USD

238133

1298

10406

233.65

144796

143566

148169

152912

25000

24248

5923

1.55

1.54

1.66

1.83

14.91

13.85

12.62

1.81

-4.28

-0.16

-6.95

16.89

AA+

12.03.2009

Aa3

03.04.2012

GILEAD SCIENCES INC

USD

81179

622

1519

86.79

9703

9952

10629

13015

4288

4522

1133

1.68

1.85

1.96

2.93

28.73

27.14

18.16

15.71

15.94

4.80

14.12

45.44

A-

23.03.2011

Baa1

23.03.2011

GENERAL MOTORS CO

USD

47385

569

1366

39.39

152256

151381

156615

166213

5647

5021

3425

3.65

2.79

3.32

4.34

12.34

10.40

7.94

1.32

-60.70

3.32

BB+

29.09.2011

GOOGLE INC-CL A

USD

295169

145

330

248.74

50175

54703

47444

55296

15722

16160

5246

33.53

34.83

46.18

53.38

25.55

19.28

16.67

32.37

22.23

15.66

21.04

29.54

19.11.2012

Aa2

16.05.2011

GOLDMAN SACHS GROUP INC

USD

72401

171

481

511

537.53

41664

41636

34003

34660

20446

20338

14.40

14.61

14.34

15.18

10.40

10.59

10.01

13.24

-6.82

27.63

-19.57

48.85

A-

29.11.2011

21.06.2012

HALLIBURTON CO

USD

40265

266

929

43.08

28503

28609

29729

32759

5787

5729

1495

3.04

2.77

3.19

4.04

15.62

13.58

10.72

14.80

13.05

-5.07

7.51

20.03

20.08.2007

01.05.2007

HOME DEPOT INC

USD

113329

328

1484

121.78

74754

76070

77470

81138

9450

9855

3371

3.10

3.25

3.66

4.27

23.89

21.22

18.16

6.19

1.52

13.27

0.65

12.96

A-

16.11.2011

30.08.2011

HONEYWELL INTERNATIONAL INC

USD

62305

132

783

65.12

37665

37686

39131

41400

5082

5220

1734

4.84

5.02

4.96

5.52

15.78

15.98

14.33

3.11

1.38

43.93

2.19

13.85

03.07.2001

12.10.2001

HEWLETT-PACKARD CO

USD

49082

538

1963

63.03

120357

115569

111403

109165

14384

13639

3537

0.31

0.09

3.55

3.66

272.41

7.17

6.96

-5.41

-0.20

-12.15

3.69

11.80

BBB+

30.11.2011

Baa1

28.11.2012

40.80

169104

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

9.96

44.58

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

14898194

1991.775

1117

203

220

102.58

110.21

15.75

14.66

18.58

Euro Stoxx 50 Pr

EUR

2493756

5284.795

4561

731

763

203.59

297.44

21.63

17.12

14.81

20.19

NIKKEI 225

JPY

2727065

192.1279

192

5.38

7.90

0.26

0.27

0.18

0.11

FTSE 100 INDEX

GBP

2587478

11449.56

10098

1411

1676

586.95

805.96

24.84

21.83

18.09

21.26

SWISS MARKET INDEX

CHF

1017711

10776.65

4094

859

827

416.04

556.80

20.57

17.07

15.37

22.10

S&P/TSX COMPOSITE INDEX

CAD

1566664

16493.48

8368

1782

1970

737.98

820.91

14.92

13.42

23.26

S&P/ASX 200 INDEX

AUD

1210714

5733.302

2686

551

684

225.02

324.09

17.92

14.54

12.45

20.26

HANG SENG INDEX

HKD

1576584

2941

1673

353

398

278.90

271.70

1.22

1.38

1.25

2.90

MSCI EM

USD

6919194

1278.432

973

188

180

82.52

90.76

11.05

11.20

10.05

19.18

INTL BUSINESS MACHINES CORP

USD

213875

159

1117

235.40

104507

103241

103484

106439

25119

24941

6240

15.24

15.46

16.71

18.33

12.48

11.55

10.52

-2.25

-0.66

0.07

6.06

24.16

AA-

30.05.2012

Aa3

23.11.2010

INTEL CORP

USD

118061

1916

4944

109.52

53341

53015

53528

55775

22160

21148

4620

2.11

1.98

1.89

2.05

11.98

12.56

11.61

-1.22

8.14

-5.87

10.34

39.89

A+

17.02.1993

14.09.2011

JOHNSON & JOHNSON

USD

245525

439

2778

239.75

67224

68590

70803

73592

20698

21341

5720

4.85

4.88

5.42

5.79

17.90

16.14

15.10

3.37

1.71

7.18

2.84

31.11

AAA

17.09.1987

Aaa

10.08.1987

JPMORGAN CHASE & CO

USD

201797

1028

3804

696

472

108184

106713

99197

102201

5.86

5.74

5.98

9.10

9.31

8.92

-2.39

0.82

29.11.2011

21.06.2012

COCA-COLA CO/THE

USD

179709

630

4469

196.81

48017

47915

48409

50591

12761

12686

3940

2.01

2.13

2.32

20.11

18.92

17.41

3.17

9.37

5.23

8.68

26.48

AA-

13.09.2012

Aa3

16.08.2007

ELI LILLY & CO

USD

56576

208

1144

57.31

22603

22847

19660

6478

6512

1605

3.39

3.61

3.93

2.74

13.91

12.79

18.33

-6.93

3.21

-15.78

2.06

28.81

AA-

19.08.2010

08.11.2010

LOCKHEED MARTIN CORP

USD

34415

321

37.65

47182

46959

44911

43646

5470

5545

1334

10.20

10.40

9.06

9.04

10.32

11.86

11.88

1.47

2.13

6.75

0.46

11.81

A-

27.04.2007

Baa1

26.01.2006

LOWE'S COS INC

USD

45524

298

1110

53.40

50521

50456

52147

54342

5183

5190

1851

1.69

1.80

2.12

2.55

23.58

20.07

16.63

0.62

1.81

6.73

-3.42

10.29

A-

19.09.2012

14.11.2011

MASTERCARD INC-CLASS A

USD

71430

123

66.42

7391

7539

8173

9160

4187

4302

1183

22.04

22.91

25.41

30.00

25.65

23.12

19.59

10.08

10.25

13.87

27.78

57.06

A-

19.08.2011

MCDONALD'S CORP

USD

99573

242

1003

110.50

27567

27626

28506

30026

10101

10112

2593

5.37

5.40

5.71

6.25

18.41

17.41

15.89

2.08

3.57

1.61

8.06

36.61

08.05.2003

17.12.2010

MONDELEZ INTERNATIONAL INC-A

USD

51214

704

1778

67.10

35015

44434

36022

37964

5028

6703

1288

1.45

2.11

1.56

1.72

13.63

18.42

16.68

-2.22

-0.73

1.00

-0.96

15.09

BBB

02.02.2010

Baa2

02.02.2010

MEDTRONIC INC

USD

52496

223

1016

52.08

16590

16589

16965

17497

5697

5696

1413

3.69

3.72

3.83

4.10

14.01

13.60

12.70

2.51

3.00

0.30

3.82

34.34

A+

14.02.2012

14.03.2013

METLIFE INC

USD

51466

335

1092

70.31

68150

69917

68824

71623

5.28

5.38

5.47

5.69

8.74

8.60

8.27

-2.98

9.74

A-

06.08.2010

16.12.2009

3M CO

USD

76142

148

687

76.70

29904

30052

31013

32684

7771

7806

2032

6.31

6.35

6.69

7.36

17.38

16.48

15.00

0.99

4.60

4.82

3.91

25.97

AA-

18.03.2009

Aa2

01.05.2009

ALTRIA GROUP INC

USD

70920

324

2010

81.06

17500

17479

17567

17812

7539

8026

2034

2.25

2.31

2.40

2.57

15.26

14.72

13.73

5.30

2.00

15.22

-12.44

45.92

BBB

06.01.2009

Baa1

24.10.2006

MONSANTO CO

USD

52485

128

534

51.85

13504

14769

14940

16067

3760

4206

-102

3.77

4.55

4.58

5.34

21.65

21.51

18.43

14.23

4.50

20.67

14.20

28.48

A+

21.10.2008

21.02.2012

MERCK & CO. INC.

USD

141318

426

3027

148.70

47267

46208

45310

45816

16855

16424

3553

3.65

3.68

3.51

3.75

12.72

13.35

12.49

-1.62

19.65

-5.70

16.19

35.54

24.11.2010

14.05.2013

MORGAN STANLEY

USD

47748

1685

1974

451

513.66

32036

33168

31731

33870

12615

11901

1.71

1.54

2.01

2.56

15.80

12.13

9.53

-18.15

3.15

17.63

-27.19

35.88

A-

29.11.2011

Baa1

21.06.2012

MICROSOFT CORP

USD

280597

2773

8381

220.31

73723

76012

78725

84772

30923

30645

8701

2.73

2.68

2.76

3.06

12.54

12.17

10.97

5.40

7.53

3.33

9.15

40.32

AAA

22.09.2008

Aaa

11.05.2009

NIKE INC -CL B

USD

56707

210

894

52.13

25313

25508

27568

29678

3413

3521

1063

2.69

2.65

3.02

3.46

23.98

21.00

18.34

4.91

5.93

7.28

13.93

A+

10.06.2005

29.04.2008

NATIONAL OILWELL VARCO INC

USD

30623

291

427

32.66

20041

21045

22261

24128

4185

4136

1038

5.98

5.75

5.57

6.59

12.47

12.86

10.88

36.72

16.12

19.85

13.13

19.65

25.04.2012

14.05.2012

NORFOLK SOUTHERN CORP

USD

22626

193

314

30.42

11040

10989

11242

11951

4046

3994

1088

5.37

5.36

5.61

6.38

13.39

12.80

11.25

-1.18

2.92

-0.88

3.72

36.35

BBB+

18.07.2005

Baa1

06.05.1997

ORACLE CORP

USD

142351

1558

4646

129.13

37180

39032

41025

17363

3847

2.23

2.90

3.18

13.81

10.60

9.68

0.16

9.72

2.30

12.84

46.70

A+

24.04.2012

24.06.2011

OCCIDENTAL PETROLEUM CORP

USD

72242

132

806

77.78

24172

23776

24742

25611

13701

13369

3661

7.10

6.89

7.16

7.55

13.02

12.53

11.88

0.97

5.69

-3.30

6.01

56.23

23.06.2008

19.04.2012

PEPSICO INC

USD

124579

182

1544

147.12

65492

65645

67547

70702

11801

11733

3443

4.10

4.11

4.40

4.78

19.59

18.32

16.87

-1.52

9.06

-4.60

6.54

17.87

17.03.2010

25.06.2013

PFIZER INC

USD

198114

2551

7276

203.76

58986

57601

54272

53096

27270

25049

6495

2.19

2.15

2.18

2.32

12.96

12.82

12.02

-9.61

4.94

-9.21

6.42

43.49

16.10.2009

15.10.2009

PROCTER & GAMBLE CO/THE

USD

213917

519

2748

242.09

83680

83724

84460

86564

18072

17876

3968

3.85

4.09

4.05

4.33

19.09

19.29

18.04

3.18

0.76

-1.42

-0.55

21.35

AA-

10.05.2005

Aa3

01.07.2005

PHILIP MORRIS INTERNATIONAL

USD

142567

242

1654

165.77

31377

31513

32118

33745

14827

14801

3897

5.20

5.25

5.58

6.22

16.60

15.63

14.01

0.90

5.33

2.72

8.64

46.97

05.03.2008

11.09.2008

QUALCOMM INC

USD

104344

1204

1706

73.82

19121

21639

24492

27241

6579

7549

2092

3.59

3.66

4.53

4.88

16.49

13.34

12.38

27.84

19.92

8.08

15.03

34.89

19.12.2001

RAYTHEON COMPANY

USD

21152

328

22.04

24414

24355

23519

22941

3444

3440

765

6.20

6.31

5.50

5.59

10.33

11.84

11.66

-1.52

1.98

5.19

4.99

14.12

A-

04.09.2008

17.10.2011

STARBUCKS CORP

USD

50271

341

749

49.13

13300

14023

14841

16540

2367

2576

744

1.77

1.96

2.18

2.63

34.25

30.83

25.56

13.67

7.38

14.11

10.50

18.37

A-

24.02.2012

Baa2

29.04.2013

SCHLUMBERGER LTD

USD

97701

268

1328

103.36

42149

42898

45666

50818

11020

11165

2990

4.16

4.26

4.67

5.67

17.26

15.75

12.95

14.04

13.15

12.52

5.53

26.03

A+

11.12.2002

03.06.2003

SOUTHERN CO/THE

USD

37409

361

868

61.26

16537

16830

17605

18151

6589

6727

1554

2.60

2.66

2.75

2.88

16.17

15.62

14.94

-6.34

1.48

4.94

6.49

39.97

21.12.2000

Baa1

12.08.2010

SIMON PROPERTY GROUP INC

USD

48830

310

71.78

4880

4976

5191

5460

3491

3556

948

4.72

3.47

3.95

4.41

45.36

39.82

35.71

13.32

6.37

15.76

7.34

71.45

16.05.2013

AT&T INC

USD

190075

972

5581

260.67

127434

126968

128312

130742

31140

30948

11004

2.31

2.36

2.51

2.71

14.99

14.06

13.05

0.56

0.41

2.08

-5.80

24.37

A-

06.12.2010

29.01.2013

TARGET CORP

USD

44829

148

645

57.22

73301

73140

74958

79528

7352

7092

1704

4.36

3.77

4.82

5.53

18.53

14.50

12.63

4.92

2.48

-1.36

1.19

9.70

A+

20.11.2007

27.11.2007

TIME WARNER INC

USD

56378

290

932

73.33

28729

28689

29538

30877

7106

7250

1597

3.36

3.52

3.68

4.27

17.19

16.44

14.15

-0.85

-0.95

3.33

-18.04

25.27

BBB

27.03.2009

Baa2

06.03.2006

TEXAS INSTRUMENTS INC

USD

39597

550

1108

41.42

12825

12589

12224

12922

3986

3908

943

1.91

1.79

2.20

19.90

16.26

-6.63

1.54

-10.10

-2.68

31.04

A+

23.09.2010

25.05.2011

UNITEDHEALTH GROUP INC

USD

66780

198

1019

73.96

110618

113676

122687

133534

10563

10425

2537

5.28

5.13

5.43

5.83

12.76

12.05

11.24

8.60

8.38

10.17

4.09

9.17

24.09.2012

21.07.2011

UNION PACIFIC CORP

USD

73140

469

81.08

20926

21104

22282

23906

8505

8635

2320

8.24

8.47

9.53

10.90

18.49

16.45

14.37

7.00

5.33

15.86

12.61

40.92

A-

23.04.2012

Baa1

26.10.2012

UNITED PARCEL SERVICE-CL B

USD

82148

953

87.50

54127

54425

56478

59903

3201

3227

2305

4.47

4.51

4.98

5.70

19.28

17.46

15.28

1.92

1.49

-59.29

6.62

5.93

A+

21.09.2012

Aa3

16.01.2013

US BANCORP

USD

67715

370

1869

22202

22007

19893

20457

2.87

2.93

3.03

3.23

12.50

12.07

11.34

3.75

0.35

A+

20.08.2012

06.12.2012

UNITED TECHNOLOGIES CORP

USD

87940

288

919

107.62

57708

59691

64542

68191

9208

9625

2850

5.40

5.54

6.11

6.97

17.27

15.65

13.72

3.50

1.05

1.09

2.29

16.12

02.10.2003

22.04.1993

VISA INC-CLASS A SHARES

USD

122354

133

811

116.66

10421

11100

11721

13023

6572

7042

1820

7.09

7.89

7.48

8.71

23.86

25.16

21.61

13.42

15.29

14.28

37.44

63.44

A+

20.05.2008

VERIZON COMMUNICATIONS INC

USD

144280

551

2859

245.30

115846

117024

120547

125249

29620

30737

10596

2.24

2.34

2.80

3.21

21.51

18.04

15.70

4.48

4.38

0.83

-0.97

26.27

A-

06.12.2010

29.10.2008

WALGREEN CO

USD

41561

336

944

44.93

71633

71349

72261

75584

4630

4525

1260

2.55

2.56

3.07

3.49

17.20

14.34

12.59

-0.76

4.13

-7.71

3.89

6.34

BBB

02.08.2012

Baa1

02.08.2012

WELLS FARGO & CO

USD

221442

835

5266

185

159

91247

90654

84351

85710

3.43

3.60

3.71

3.90

11.62

11.28

10.73

4.17

13.82

A+

29.11.2011

21.09.2011

WILLIAMS COS INC

USD

22269

166

681

35.25

7486

7308

7623

8878

2368

2323

581

1.20

1.96

0.75

1.27

16.65

43.38

25.79

-5.60

-7.09

-31.97

-4.73

31.79

BBB

05.03.2012

Baa3

15.11.2007

WAL-MART STORES INC

USD

244473

365

3314

298.29

469162

470331

487913

510039

36302

36459

8819

5.02

5.07

5.30

5.83

14.72

14.07

12.80

4.97

3.81

4.65

5.13

7.75

09.07.1999

Aa2

06.03.1996

EXXON MOBIL CORP

USD

403953

476

4502

417.23

420714

406354

426521

435712

65769

64362

16176

7.56

8.00

8.01

8.20

11.35

11.08

-2.96

3.78

-5.62

-1.21

15.84

AAA

16.12.1985

16.08.1993

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

2.26

2.07

1.88

2.26

1.45

1.38

1.33

1.45

10.18

9.51

9.83

10.18

9.03

8.33

7.78

9.03

14.66

13.11

11.96

14.66

2.17

2.34

2.44

2.17

1777.8

10.1%

Euro Stoxx 50 Pr

1.15

1.09

1.02

1.15

0.75

0.73

0.71

0.75

5.69

5.23

4.76

5.69

6.93

6.55

6.19

6.93

11.46

10.21

9.21

11.46

4.36

4.64

5.00

4.36

2969.9

12.7%

NIKKEI 225

1.52

1.43

1.32

1.52

0.73

0.71

0.69

0.73

8.97

8.30

7.60

8.97

8.85

8.19

7.71

8.85

17.73

15.75

14.19

17.73

1.64

1.79

1.94

1.64

14886.7

6.2%

FTSE 100 INDEX

1.69

1.58

1.46

1.69

0.96

0.93

0.95

0.96

8.35

7.62

6.95

8.35

6.83

6.43

6.05

6.83

12.00

10.93

10.09

12.00

3.91

4.21

4.56

3.91

6995.7

9.0%

SWISS MARKET INDEX

2.34

2.17

2.02

2.34

2.00

1.90

1.82

2.00

12.00

10.95

9.76

12.00

13.03

12.00

11.23

13.03

14.68

13.23

12.05

14.68

3.31

3.30

3.69

4.23

3.30

8617.2

10.4%

S&P/TSX COMPOSITE INDEX

1.62

1.51

1.41

1.62

1.38

1.43

1.48

1.38

8.20

7.40

6.13

8.20

8.37

7.41

6.83

8.37

14.10

12.45

11.35

14.10

3.31

3.46

3.61

3.31

14176.6

16.5%

S&P/ASX 200 INDEX

1.75

1.65

1.56

1.75

1.64

1.55

1.48

1.64

9.89

8.92

8.52

9.89

8.38

7.61

7.09

8.38

13.57

12.31

11.38

13.57

4.92

5.26

5.61

4.92

5209.5

8.6%

HANG SENG INDEX

1.22

1.12

1.06

1.22

1.58

1.46

1.34

1.58

7.30

6.94

6.44

7.30

7.40

6.77

6.08

7.40

9.72

8.95

8.22

9.72

3.96

4.27

4.68

3.96

24849.3

21.4%

MSCI EM

1.32

1.21

1.09

1.32

0.94

0.88

0.81

0.94

6.51

5.96

5.46

6.51

7.11

6.46

5.95

7.11

10.05

9.05

8.26

10.05

3.08

3.41

3.69

3.08

1126.2

23.5%

APPLE INC

3.35

2.83

2.46

2.02

2.01

2.51

2.29

2.10

1.91

1.71

7.60

7.61

7.34

6.85

4.25

4.60

4.16

3.73

3.45

9.42

10.55

9.53

8.67

9.55

0.64

2.72

2.96

3.20

0.00

531.71

27.5%

ABBVIE INC

24.58

11.77

8.18

6.13

3.68

3.66

3.57

3.34

3.15

9.92

11.67

11.21

10.75

10.24

10.47

10.28

9.36

8.62

11.38

13.68

13.25

11.85

10.77

3.75

3.86

4.08

4.87

47.50

11.4%

ABBOTT LABORATORIES

2.14

2.18

2.03

1.82

1.36

2.41

2.28

2.15

2.01

6.06

13.43

12.35

10.70

4.19

10.33

9.41

8.54

7.71

6.85

17.24

15.40

13.86

12.37

2.25

1.62

1.82

2.07

2.62

39.13

12.8%

ACCENTURE PLC-CL A

10.45

9.27

7.95

6.34

1.81

1.75

1.68

1.57

1.41

14.27

12.77

13.38

11.94

10.26

9.35

9.18

8.60

7.75

19.01

16.96

16.25

14.68

1.80

2.21

2.43

2.54

80.46

10.0%

AMERICAN ELECTRIC POWER

1.40

1.33

1.28

1.24

1.38

1.34

1.32

1.17

6.33

5.93

6.09

6.23

8.35

8.32

8.06

7.93

10.10

14.44

13.93

13.24

12.75

4.28

4.42

4.61

4.84

51.35

16.9%

AMERICAN INTERNATIONAL GROUP

0.68

0.65

0.60

0.56

1.18

1.34

1.29

1.24

33.10

24.60

11.71

11.45

10.91

9.06

0.00

0.32

0.69

0.84

48.75

8.3%

ALLSTATE CORP

1.15

1.07

0.98

0.90

0.69

0.68

0.67

0.66

13.19

10.39

9.41

8.62

1.80

2.01

2.12

2.21

54.21

11.3%

4.24

4.07

3.97

3.93

3.91

11.82

11.45

9.91

13.45

25.70

10.19

10.41

9.23

9.07

2.07

1.72

1.41

1.17

0.98

43.57

32.90

23.04

14.51

8.62

38.62

26.89

19.89

14.89

3.72

3.79

3.47

3.35

6.63

5.69

5.01

4.57

1.19

AMGEN INC

3.81

3.15

2.76

2.37

AMAZON.COM INC

16.78

13.88

11.41

8.80

APACHE CORP

1.04

0.94

0.85

0.82

1.89

1.85

1.71

1.62

1.52

3.32

3.30

3.01

2.72

ANADARKO PETROLEUM CORP

2.09

1.86

1.66

1.47

3.30

2.89

2.56

2.40

2.27

5.91

5.43

4.78

4.09

AMERICAN EXPRESS CO

4.37

4.11

3.71

3.81

2.63

2.52

2.39

2.24

BOEING CO/THE

9.49

10.26

8.90

7.41

0.96

0.93

0.85

0.83

0.80

14.98

12.61

BANK OF AMERICA CORP

0.63

0.62

0.58

0.55

0.49

1.60

1.54

1.51

1.48

1.43

31.23

BAXTER INTERNATIONAL INC

5.13

4.62

3.84

3.23

2.97

2.66

2.43

2.22

2.13

2.01

12.74

BANK OF NEW YORK MELLON CORP

0.95

0.92

0.87

0.84

2.32

2.28

2.19

2.09

BRISTOL-MYERS SQUIBB CO

4.60

5.53

5.33

5.30

4.11

4.40

4.07

4.06

6.44

3.83

10.47

10.96

14.16

9.28

8.05

11.53

10.08

9.38

12.62

11.54

10.53

9.07

15.82

14.31

17.13

17.30

10.18

4.24

10.32

4.33

9.50

9.27

8.15

7.76

7.17

8.94

10.29

9.65

8.65

8.13

7.52

16.87

14.09

17.87

15.01

15.79

14.19

12.41

5.20

14.99

13.35

11.80

11.27

10.94

1.47

1.92

2.26

2.51

114.62

17.7%

146.88

94.18

54.59

32.84

18.77

0.00

316.28

12.1%

8.55

9.74

8.75

8.63

0.86

1.00

1.03

1.02

98.62

20.3%

26.19

20.52

16.09

14.75

0.42

108.62

23.9%

17.34

15.78

14.23

12.82

1.05

1.17

1.29

1.43

75.37

-0.3%

20.53

16.23

14.55

12.90

11.49

1.71

1.85

2.05

2.28

2.24

113.81

10.5%

22.38

13.63

9.74

8.39

6.58

0.30

0.35

1.60

2.58

4.63

13.79

6.4%

15.33

14.89

13.43

12.31

11.15

2.08

2.56

2.70

2.92

3.33

77.00

11.0%

13.62

12.89

11.38

10.31

7.99

1.79

2.01

2.32

2.68

3.20

29.66

2.2%

22.48

24.17

20.51

21.60

19.84

3.10

3.16

3.24

3.32

3.28

45.63

3.6%

14.05

2.44

BERKSHIRE HATHAWAY INC-CL B CITIGROUP INC

0.75

0.73

0.68

0.63

2.06

1.85

1.80

1.73

CATERPILLAR INC

2.98

2.64

COLGATE-PALMOLIVE CO

9.60

34.16

COMCAST CORP-CLASS A

2.21

2.13

1.96

1.79

2.22

1.91

0.81

0.91

0.85

0.79

0.52

6.78

7.52

6.72

5.90

41.59

191.30

3.13

3.03

2.88

2.72

2.57

18.17

16.96

15.62

14.03

1.74

1.69

1.60

1.54

1.47

7.95

7.35

6.79

6.22

CAPITAL ONE FINANCIAL CORP

0.93

0.87

0.81

CONOCOPHILLIPS

1.42

1.48

1.38

0.77

1.76

1.71

1.72

1.67

1.29

1.22

1.50

1.45

1.54

COSTCO WHOLESALE CORP

3.69

4.31

3.82

3.12

0.49

0.46

0.42

0.39

CISCO SYSTEMS INC

2.47

2.27

2.11

2.03

2.82

2.67

2.54

2.38

CVS CAREMARK CORP

1.96

1.85

1.75

1.64

0.58

0.57

0.54

0.52

CHEVRON CORP

1.72

DU PONT (E.I.) DE NEMOURS

4.81

1.55

1.42

1.30

0.98

1.01

1.02

0.94

3.70

3.05

2.58

1.39

1.35

1.26

WALT DISNEY CO/THE

2.80

2.65

2.49

2.27

2.68

2.52

DOW CHEMICAL CO/THE

1.74

1.87

1.72

1.60

0.70

DEVON ENERGY CORPORATION

0.99

0.88

0.80

2.49

EBAY INC

3.46

2.99

2.52

2.17

EMC CORP/MA

2.25

2.08

1.86

EMERSON ELECTRIC CO

3.69

3.59

EXELON CORP

1.14

FORD MOTOR CO

1.94

13.98

10.00

8.57

7.68

12.95

10.03

8.79

7.85

0.08

0.16

1.28

2.43

8.9%

55.44

15.3%

98.14

20.4%

5.27

6.69

5.90

5.34

8.97

11.91

10.26

8.86

2.41

2.61

2.79

13.16

12.72

11.72

10.93

9.84

21.41

20.16

18.27

16.70

14.98

2.09

2.75

3.00

3.53

2.77

61.81

7.7%

7.70

7.22

6.82

6.46

6.15

21.10

17.21

14.95

12.85

10.95

1.53

1.86

2.12

2.39

2.38

47.52

14.3%

10.43

9.79

9.65

9.16

0.31

1.51

2.21

2.50

65.71

1.7%

3.96

4.24

3.91

3.89

4.22

10.83

11.21

9.97

10.22

9.49

4.31

4.34

4.46

4.43

4.27

65.36

5.9%

8.87

28.73

24.36

22.03

19.70

17.69

0.90

7.35

1.16

1.30

1.18

114.04

2.5%

8.97 5.59

5.07

4.72

4.55

14.38

15.37

14.02

13.43

12.84

11.65

10.51

9.58

11.65

10.37

10.11

8.74

6.82

6.52

6.33

5.99

13.24

12.11

11.48

10.70

1.07

2.55

2.86

3.05

25.76

6.0%

0.48

12.17

10.75

9.68

8.62

8.83

8.00

7.53

7.09

17.07

14.74

13.13

11.64

1.12

1.48

1.72

2.29

64.43

10.9%

6.25

5.98

5.71

5.32

4.03

4.11

4.03

3.86

3.66

9.70

9.66

9.52

9.20

8.46

2.94

3.21

3.43

3.60

3.88

133.53

11.7%

1.19

1.11

12.11

10.73

9.09

7.68

8.72

8.24

7.63

6.89

6.40

15.98

13.79

12.24

10.90

10.11

3.22

3.35

3.56

3.63

3.39

54.81

4.2%

2.38

2.21

2.09

14.50

12.78

11.29

9.74

11.48

10.50

9.50

8.64

8.17

20.60

18.26

16.04

13.86

12.42

0.94

1.15

1.31

1.43

1.66

72.07

13.7%

0.68

0.66

0.63

0.59

8.10

7.64

6.57

5.83

8.19

7.31

6.63

6.28

5.52

16.87

13.70

10.94

9.33

8.22

3.77

4.00

4.17

4.25

37.14

14.4%

2.24

1.95

1.94

4.64

4.33

3.56

3.39

5.54

5.28

4.08

3.88

16.66

14.39

10.62

10.13

1.36

1.57

1.64

1.65

70.91

31.9%

4.91

4.23

3.63

3.09

2.71

17.77

14.56

12.76

10.67

13.93

11.98

10.33

8.59

22.62

19.42

16.48

14.05

12.29

0.00

64.00

20.2%

1.65

2.32

2.16

1.99

1.83

1.61

8.80

8.08

7.03

6.57

7.49

6.56

6.06

5.84

14.19

12.94

11.57

10.16

8.31

0.00

0.52

0.83

1.11

29.62

23.3%

3.27

2.91

1.63

1.60

1.54

1.46

12.27

11.89

10.79

9.87

8.90

8.70

8.08

7.59

16.53

15.77

14.16

12.75

2.90

2.97

3.19

3.44

61.29

10.9%

1.05

1.02

0.99

0.91

1.05

1.00

1.01

0.90

4.88

5.11

5.37

5.39

4.60

7.14

7.32

7.31

7.04

10.32

11.91

12.69

12.15

12.95

7.10

4.86

4.20

4.19

34.90

18.0%

3.28

3.34

2.68

2.13

2.01

0.52

0.48

0.45

0.42

0.43

9.93

7.52

6.34

5.44

5.46

5.63

5.27

4.60

3.90

3.36

12.36

11.78

9.92

8.20

7.72

1.34

2.41

2.48

2.68

3.10

16.74

0.9%

FREEPORT-MCMORAN COPPER

1.43

1.36

1.23

1.09

1.56

1.28

1.11

1.06

1.08

5.60

4.21

3.28

3.00

4.64

3.59

2.78

2.63

2.25

8.60

8.86

7.14

6.89

4.87

4.52

4.59

36.62

34.5%

FEDEX CORP

1.91

1.64

1.46

1.31

0.71

0.68

0.64

0.61

0.60

7.61

6.54

5.64

5.04

TWENTY-FIRST CENTURY FOX INC

2.70

2.90

2.71

2.67

2.05

2.21

2.06

1.96

1.84

16.83

10.90

14.03

11.46

GENERAL DYNAMICS CORP

1.93

2.27

2.10

1.98

0.86

0.89

0.90

0.92

0.87

9.40

9.70

9.06

GENERAL ELECTRIC CO

1.94

1.92

1.81

1.76

1.62

1.61

1.56

1.52

11.23

10.58

GILEAD SCIENCES INC

7.93

9.59

7.77

4.76

8.50

7.64

6.24

4.88

4.16

25.19

GENERAL MOTORS CO

1.77

1.59

1.40

1.15

0.98

0.31

0.30

0.29

0.26

0.27

7.47

GOOGLE INC-CL A

4.13

3.48

2.93

2.41

2.09

7.08

6.22

5.34

4.62

3.93

GOLDMAN SACHS GROUP INC

1.06

0.98

0.90

0.85

2.21

2.13

2.09

HALLIBURTON CO

2.57

2.29

1.95

1.63

1.43

1.35

HOME DEPOT INC

6.62

7.19

7.30

8.30

1.53

HONEYWELL INTERNATIONAL INC

4.66

4.04

3.41

2.85

1.66

HEWLETT-PACKARD CO

1.50

1.92

1.64

1.33

0.41

2.68

1.17

2.42

1.86

2.89

9.37

0.37

4.31

11.80

123.50

4.82

9.09

9.45

7.43

5.39

4.76

4.11

3.52

16.31

13.98

11.35

9.56

8.87

0.57

0.62

0.71

0.79

1.25

114.72

16.5%

11.96

12.06

11.00

9.84

8.68

21.41

19.79

17.31

14.32

11.79

0.57

0.59

0.65

0.71

0.86

33.16

10.3%

9.45

6.41

6.75

6.69

6.76

6.24

11.36

11.68

11.17

10.65

9.83

2.53

2.73

3.04

3.16

80.13

1.6%

9.11

8.14

8.79

8.04

7.35

6.78

15.32

13.85

12.62

11.69

2.99

3.35

3.75

4.05

25.71

11.7%

23.83

14.59

8.67

18.57

18.33

12.94

9.44

9.52

26.64

27.14

18.17

12.21

9.33

0.00

65.43

23.0%

5.64

4.31

3.88

3.64

3.07

2.89

2.50

2.28

2.11

10.60

10.40

7.94

7.03

5.92

0.00

40.05

16.2%

18.42

16.18

13.64

11.59

10.42

13.53

11.48

9.71

8.19

7.14

22.41

19.28

16.67

14.04

12.19

0.00

942.40

5.9%

2.14

9.89

8.40

8.15

7.72

12.46

10.59

10.01

9.61

1.22

1.33

1.44

1.52

161.19

6.1%

1.23

1.14

9.80

8.50

7.06

6.43

7.12

6.84

5.60

4.96

14.54

13.58

10.72

9.12

0.96

1.14

1.25

1.34

51.00

17.9%

1.46

1.40

1.34

1.29

18.65

15.78

13.30

12.32

12.85

11.45

10.39

9.73

25.44

21.22

18.16

15.95

14.30

1.39

2.02

2.30

2.60

83.67

7.8%

1.59

1.50

1.44

1.33

15.97

12.90

12.09

11.44

10.21

9.42

8.63

8.19

17.67

15.98

14.33

13.07

11.86

1.91

2.08

2.32

2.49

82.95

4.7%

0.44

0.45

5.51

4.64

4.78

4.82

3.87

4.48

4.49

4.54

6.30

7.16

6.96

7.13

1.98

2.08

2.17

2.35

22.82

-10.3%

9.39

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

9.16

0.00

2.86

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

2.26

2.07

1.88

2.26

1.45

1.38

1.33

1.45

10.18

9.51

9.83

10.18

9.03

8.33

7.78

9.03

14.66

13.11

11.96

14.66

2.17

2.34

2.44

2.17

1777.8

10.1%

Euro Stoxx 50 Pr

1.15

1.09

1.02

1.15

0.75

0.73

0.71

0.75

5.69

5.23

4.76

5.69

6.93

6.55

6.19

6.93

11.46

10.21

9.21

11.46

4.36

4.64

5.00

4.36

2969.9

12.7%

NIKKEI 225

1.52

1.43

1.32

1.52

0.73

0.71

0.69

0.73

8.97

8.30

7.60

8.97

8.85

8.19

7.71

8.85

17.73

15.75

14.19

17.73

1.64

1.79

1.94

1.64

14886.7

6.2%

FTSE 100 INDEX

1.69

1.58

1.46

1.69

0.96

0.93

0.95

0.96

8.35

7.62

6.95

8.35

6.83

6.43

6.05

6.83

12.00

10.93

10.09

12.00

3.91

4.21

4.56

3.91

6995.7

9.0%

SWISS MARKET INDEX

2.34

2.17

2.02

2.34

2.00

1.90

1.82

2.00

12.00

10.95

9.76

12.00

13.03

12.00

11.23

13.03

14.68

13.23

12.05

14.68

3.31

3.30

3.69

4.23

3.30

8617.2

10.4%

S&P/TSX COMPOSITE INDEX

1.62

1.51

1.41

1.62

1.38

1.43

1.48

1.38

8.20

7.40

6.13

8.20

8.37

7.41

6.83

8.37

14.10

12.45

11.35

14.10

3.31

3.46

3.61

3.31

14176.6

16.5%

S&P/ASX 200 INDEX

1.75

1.65

1.56

1.75

1.64

1.55

1.48

1.64

9.89

8.92

8.52

9.89

8.38

7.61

7.09

8.38

13.57

12.31

11.38

13.57

4.92

5.26

5.61

4.92

5209.5

8.6%

HANG SENG INDEX

1.22

1.12

1.06

1.22

1.58

1.46

1.34

1.58

7.30

6.94

6.44

7.30

7.40

6.77

6.08

7.40

9.72

8.95

8.22

9.72

3.96

4.27

4.68

3.96

24849.3

21.4%

MSCI EM

1.32

1.21

1.09

1.32

0.94

0.88

0.81

0.94

6.51

5.96

5.46

6.51

7.11

6.46

5.95

7.11

10.05

9.05

8.26

10.05

3.08

3.41

3.69

3.08

1126.2

23.5%

INTL BUSINESS MACHINES CORP

8.62

8.25

6.56

5.30

10.99

2.05

2.07

2.01

1.96

1.88

10.63

9.44

8.52

7.74

6.75

8.94

8.47

7.99

7.48

7.11

12.75

11.55

10.52

9.56

8.86

1.69

1.81

1.95

2.06

2.54

222.10

15.1%

INTEL CORP

2.41

2.15

1.96

1.88

2.21

2.12

2.04

2.13

6.73

6.81

6.20

6.11

5.05

5.28

4.88

4.89

5.33

10.69

12.56

11.61

11.49

12.18

3.66

3.82

3.89

4.07

24.30

2.3%

JOHNSON & JOHNSON

3.74

3.29

2.92

2.61

3.65

3.47

3.34

3.21

3.07

14.24

13.81

11.81

11.23

11.21

10.42

9.77

9.21

8.64

17.16

16.14

15.11

14.27

13.32

2.69

2.93

3.15

3.21

90.83

3.9%

JPMORGAN CHASE & CO

1.05

0.97

0.89

0.84

2.05

2.03

1.97

1.90

10.79

9.11

10.87

11.93

10.74

9.31

8.92

9.02

2.23

2.67

3.09

3.62

COCA-COLA CO/THE

5.61

5.39

5.02

4.67

3.73

3.71

3.55

3.37

3.25

16.60

17.27

14.57

13.15

12.19

14.64

14.19

13.30

12.27

11.81

20.15

18.92

17.41

16.02

15.07

2.54

2.77

2.95

3.26

3.41

10.19

9.17

8.84

11.67

10.93

9.59

15.10

12.79

18.33

16.06

13.30

3.90

3.91

3.90

7.25

7.04

7.06

6.83

5.62

12.73

11.86

11.88

11.04

11.69

3.87

4.38

4.80

5.18

10.33

9.54

8.73

8.10

7.47

24.51

20.07

16.63

13.75

11.48

1.45

1.62

1.82

2.19

9.42

26.73

23.12

19.59

16.38

0.18

0.31

0.34

18.69

17.41

15.89

14.45

13.33

2.88

3.20

2.47

10.84

ELI LILLY & CO

3.60

3.50

3.45

3.39

2.52

2.48

2.88

2.79

2.62

11.41

12.30

13.49

11.74

LOCKHEED MARTIN CORP

14.65

44.40

23.47

13.24

0.74

0.77

0.79

0.82

0.80

9.17

8.98

9.05

9.07

LOWE'S COS INC

3.42

3.60

3.79

3.93

0.90

0.87

0.84

0.81

0.77

14.29

11.91

10.06

10.18

MASTERCARD INC-CLASS A

9.99

9.20

7.11

5.99

9.68

8.75

7.81

6.93

6.18

25.68

19.02

16.56

15.81

15.98

13.95

12.16

10.58

MCDONALD'S CORP

7.10

6.32

5.96

5.60

3.62

3.49

3.32

3.11

2.89

14.52

13.40

12.30

11.10

10.63

10.00

9.27

MONDELEZ INTERNATIONAL INC-A

1.54

1.47

1.38

1.36

1.46

1.42

1.35

1.27

1.18

109.13

17.24

12.42

10.51

11.99

12.06

11.02

10.11

9.27

20.06

18.42

16.68

15.03

12.87

1.80

MEDTRONIC INC

2.92

2.57

2.28

2.10

3.18

3.09

3.00

2.91

2.79

11.59

11.10

10.35

9.93

8.65

8.45

8.13

7.74

7.63

14.13

13.60

12.70

11.94

11.05

METLIFE INC

0.88

0.86

0.80

0.71

0.76

0.75

0.72

0.70

9.02

8.60

8.27

7.74

3M CO

4.39

3.95

3.53

3.16

2.56

2.46

2.33

2.21

14.89

13.00

11.97

10.31

9.86

9.43

8.81

8.17

17.47

16.48

15.00

ALTRIA GROUP INC

18.29

16.58

13.98

12.50

4.08

4.04

3.98

3.96

20.49

16.38

14.59

12.01

10.77

10.48

10.06

9.80

16.00

14.72

MONSANTO CO

4.40

3.99

3.51

3.05

3.84

3.51

3.27

3.04

19.96

18.29

15.38

13.32

13.83

12.29

10.66

9.59

9.74

26.49

MERCK & CO. INC.

2.50

2.68

2.54

2.46

3.01

3.12

3.09

3.05

2.97

7.34

8.37

8.18

7.92

7.04

MORGAN STANLEY

0.79

0.76

0.71

0.68

1.74

1.50

1.41

1.36

MICROSOFT CORP

4.02

3.53

2.88

2.51

3.80

3.56

3.31

3.12

NIKE INC -CL B

4.62

4.33

3.87

4.49

4.46

2.24

2.06

1.91

NATIONAL OILWELL VARCO INC

1.52

1.37

1.23

1.11

1.03

1.56

1.38

NORFOLK SOUTHERN CORP

2.28

2.16

1.96

1.77

2.05

ORACLE CORP

3.26

2.80

2.46

2.00

3.81

OCCIDENTAL PETROLEUM CORP

1.76

1.64

1.50

1.39

PEPSICO INC

5.84

5.20

4.89

PFIZER INC

2.57

2.66

PROCTER & GAMBLE CO/THE

3.35

6.11

9.94

9.41

9.34

7.64

39.29

12.56

9.16

7.68

3.17

10.02

9.27

8.28

7.75

1.77

1.68

22.35

19.33

16.06

1.27

1.18

1.20

12.60

9.96

8.70

8.09

2.01

1.89

1.80

1.68

7.72

7.40

6.83

3.65

3.47

3.31

3.02

10.28

9.65

9.04

3.05

2.92

2.82

2.79

6.43

5.86

5.58

5.12

4.75

1.91

1.84

1.76

1.68

1.59

14.71

12.88

12.16

2.72

2.68

3.39

3.65

3.73

3.75

3.76

10.95

11.76

3.31

3.15

2.55

2.53

2.47

2.38

2.25

17.00

4.53

4.44

4.22

4.04

3.72

14.28

PHILIP MORRIS INTERNATIONAL

12.27

7.45

7.16

3.68

57.96

8.6%

46.79

15.9%

56.86

13.2%

105.15

-2.1%

44.32

4.4%

0.44

606.30

3.2%

3.48

3.81

106.83

7.6%

1.84

2.06

2.45

32.39

12.9%

2.02

2.16

2.32

2.69

55.88

7.2%

1.65

2.14

2.56

2.84

49.53

5.4%

13.76

2.15

2.30

2.49

2.50

111.67

1.2%

13.73

12.85

4.84

5.22

5.67

6.08

36.80

4.2%

21.51

18.43

16.29

15.23

1.16

1.53

1.61

1.65

117.86

19.7%

12.31

13.36

12.49

11.95

11.08

3.59

3.79

3.75

3.86

52.96

13.2%

17.98

12.13

9.53

8.51

0.84

0.86

1.22

1.82

27.30

12.1%

2.30

2.68

2.89

3.14

35.64

6.1%

66.03

4.0%

82.60

15.3%

2.90

2.40

4.26

7.20

6.82

6.22

5.77

6.04

12.52

12.17

10.97

10.11

14.12

12.68

11.38

10.28

9.73

23.75

21.00

18.34

15.84

13.92

1.26

1.42

1.55

1.52

7.62

7.57

6.61

5.96

6.39

12.25

12.86

10.88

9.72

9.38

0.66

0.90

0.97

1.07

6.70

7.54

7.43

6.77

6.30

5.90

13.63

12.80

11.25

10.04

9.17

2.62

2.85

3.05

3.25

85.27

18.7%

6.74

6.91

6.50

6.15

5.82

11.44

10.60

9.68

8.98

0.98

1.38

1.44

1.52

36.06

17.3%

4.71

5.53

5.16

4.82

4.73

12.93

12.53

11.88

11.56

8.34

2.45

2.75

3.14

3.32

3.70

103.80

15.8%

10.44

8.64

11.90

11.32

10.64

9.98

9.27

19.82

18.32

16.87

15.44

13.85

2.64

2.79

2.98

3.18

3.50

88.14

9.4%

9.89

9.66

9.34

6.97

7.97

8.12

8.19

8.96

12.91

12.82

12.02

11.50

11.14

3.14

3.41

3.58

3.72

4.01

31.79

13.8%

15.05

14.38

13.62

13.02

12.74

11.95

11.29

10.39

20.47

19.29

18.04

16.63

15.07

2.70

2.96

3.20

3.42

3.84

84.28

8.0%

13.72

11.91

11.41

11.13

10.84

10.14

9.51

8.90

16.73

15.63

14.01

12.66

11.61

3.76

4.10

4.55

4.96

5.59

98.31

12.8%

7.61

1.39

QUALCOMM INC

3.15

2.69

2.35

2.13

5.52

4.26

3.83

3.59

15.15

13.30

11.86

11.32

10.04

8.05

7.20

6.79

16.60

13.34

12.38

11.74

1.48

1.77

2.00

2.36

75.54

25.1%

RAYTHEON COMPANY

2.49

3.00

2.69

2.16

0.87

0.90

0.92

0.94

0.84

11.92

11.70

12.41

9.26

6.54

7.05

7.07

6.57

11.75

11.84

11.66

9.94

11.46

3.01

3.31

3.67

3.99

64.50

-1.0%

STARBUCKS CORP

9.45

8.57

7.80

6.69

3.77

3.39

3.04

2.72

2.45

26.60

20.56

18.62

15.82

19.25

16.27

13.76

11.71

37.75

30.83

25.55

20.78

18.39

1.03

1.28

1.51

1.86

SCHLUMBERGER LTD

2.77

2.52

2.22

1.89

2.31

2.14

1.92

1.74

12.20

10.51

8.80

8.17

9.24

8.43

7.37

6.47

17.56

15.75

12.95

11.08

1.49

1.67

1.77

1.88

SOUTHERN CO/THE

1.96

1.88

1.80

1.73

2.15

2.12

2.06

1.99

16.40

15.62

14.94

14.21

4.53

4.70

4.87

5.05

SIMON PROPERTY GROUP INC

8.01

5.18

4.98

9.37

10.10

9.36

8.90

8.89

37.28

39.82

35.71

21.30

2.63

3.00

3.24

3.64

AT&T INC

2.06

2.20

2.12

2.04

1.50

1.48

1.45

1.43

TARGET CORP

2.77

2.65

2.46

2.14

1.83

0.61

0.60

0.56

TIME WARNER INC

1.83

1.52

1.61

1.96

1.91

TEXAS INSTRUMENTS INC

3.66

3.56

3.46

3.22

3.10

UNITEDHEALTH GROUP INC

2.25

1.99

1.79

1.69

0.61

UNION PACIFIC CORP

3.72

3.41

3.05

2.74

UNITED PARCEL SERVICE-CL B

10.74

16.33

12.23

11.70

US BANCORP

1.97

1.82

1.68

UNITED TECHNOLOGIES CORP

3.44

3.06

VISA INC-CLASS A SHARES

4.44

VERIZON COMMUNICATIONS INC

8.34

8.26

7.79

7.77

9.96

9.74

9.05

8.52

23.44

18.97

17.25

14.74

20.03

18.20

17.20

15.45

1.41

5.93

5.77

5.65

5.54

6.26

6.25

6.00

5.77

5.52

15.02

14.06

13.05

12.22

11.36

5.01

5.12

5.25

5.40

0.53

0.51

8.68

6.30

7.45

7.16

7.65

7.80

7.02

6.69

6.22

14.65

14.50

12.63

10.80

9.77

1.89

2.10

2.37

2.79

1.83

1.75

1.65

13.56

12.72

10.34

9.66

10.59

9.84

9.01

8.38

7.71

18.85

16.44

14.15

12.27

10.50

1.72

1.89

2.03

2.22

3.24

3.07

2.90

2.77

13.82

12.39

10.74

10.45

11.81

11.03

9.52

9.07

9.16

21.65

19.90

16.26

14.81

15.53

1.99

2.86

3.07

0.54

0.50

0.45

11.03

9.65

8.61

8.68

7.30

6.78

6.39

6.40

7.31

12.41

12.05

11.24

10.14

8.85

1.15

1.40

1.47

3.49

3.28

3.06

2.89

2.78

12.32

10.75

9.81

9.15

9.50

8.67

7.88

7.28

6.81

19.01

16.45

14.37

12.82

11.65

1.56

1.80

1.52

1.46

1.37

1.30

1.20

13.14

11.63

10.03

9.82

9.85

9.25

8.47

7.87

6.44

18.97

17.46

15.28

13.60

11.60

2.61

1.52

3.35

3.40

3.31

3.14

12.25

11.73

10.97

9.71

12.79

12.07

11.34

10.32

9.63

2.74

2.42

1.52

1.36

1.29

1.24

1.11

13.53

12.27

10.51

9.52

11.58

9.84

9.01

8.53

17.97

15.65

13.72

12.24

4.11

3.61

3.22

11.79

10.43

9.38

8.32

7.43

26.75

25.00

18.55

17.33

20.20

15.45

13.57

11.78

10.50

30.59

25.16

21.61

3.61

3.90

3.54

3.34

1.25

1.20

1.15

1.12

1.09

4.71

4.01

3.84

3.59

6.47

5.88

5.50

5.25

5.05

21.27

18.04

WALGREEN CO

2.37

2.16

1.99

1.78

0.58

0.55

0.56

0.43

10.64

13.03

11.95

10.44

9.28

8.29

7.46

7.56

4.84

17.02

WELLS FARGO & CO

1.54

1.40

1.29

1.21

2.59

2.63

2.58

2.50

11.71

10.78

10.26

8.95

WILLIAMS COS INC

4.30

4.32

4.03

4.93

2.94

2.92

2.51

2.40

12.53

14.03

10.23

8.39

13.99

14.33

10.87

9.66

8.44

WAL-MART STORES INC

3.24

3.06

2.84

2.55

2.51

0.52

0.50

0.48

0.45

0.44

9.54

9.11

8.22

7.40

6.53

8.16

7.89

7.50

7.21

EXXON MOBIL CORP

2.49

2.28

2.08

1.90

1.73

0.88

0.95

0.93

0.94

0.93

7.68

7.53

7.15

6.69

5.91

4.77

5.25

5.13

4.76

4.46

1.74

10.72

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

7.65

13.73

2.09

69.63

3.8%

89.67

22.0%

5.21

47.71

11.0%

3.99

188.61

19.8%

5.55

37.84

7.1%

74.12

6.1%

66.56

10.0%

3.14

35.44

-0.7%

1.60

71.00

8.4%

1.98

2.10

162.78

3.9%

2.82

3.05

3.28

95.00

9.2%

2.11

2.42

2.69

3.13

37.28

1.8%

10.71

2.10

2.29

2.49

2.69

103.53

8.2%

18.26

16.85

0.46

0.68

0.78

0.89

195.23

3.7%

15.70

14.19

13.55

4.00

4.12

4.23

4.37

14.34

12.59

11.22

9.16

2.13

2.50

2.74

3.15

12.53

11.28

10.73

10.12

9.61

2.10

2.68

2.94

3.37

29.33

43.38

25.79

23.00

19.08

3.75

4.44

5.36

6.28

7.26

15.18

14.07

12.80

11.65

10.41

2.16

2.50

2.73

3.07

4.58

11.55

11.35

11.08

10.51

9.70

2.39

2.70

2.92

3.09

2.53

3.57

4.38

6.22

3.30

54.57

8.2%

48.42

10.1%

42.06

0.6%

40.42

23.9%

82.27

10.3%

95.58

5.2%

05.07.2013

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

Price/Volume

12.0 M 10.0 M

500

8.0 M

400

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (19.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AAPL UW EQUITY YTD Change AAPL UW EQUITY YTD % CHANGE

09/2012 03/yy 705.07 385.10 937'228.00 417.11 -40.83% 8.31% 11.16% 938.6 391'519.88 0.00 0.0 0.0 121'251.00 246'832.87

6.0 M

300

4.0 M

200

2.0 M

100 0 j-12

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

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

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

30.09.2012 156'508.0 3.23x 58'518.0 8.63x 41'733.0 15.11x 58'518.00 55'241.00 35.30% 35.63% 22.95% 33.34% 33.34% 0.98% 43.9% 33.9% 30.9% 26.7% 1.50 1.04 0.00% 0.00% 23.94 87.18

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 142'360 8.79x 53'298.0 8.45x 38'617.0 14.62x

d-12

03/yy 169'104 9.16x 57'381.0 4.73x 39'672.0 10.57x

j-13

f-13 m-13 a-13 m-13

j-13

.0 M j-13

FY+1

1.91 0.98 938.19 23.38 -28.92% -20.78% 0.977 67 4.388 3'229'263 2'900'254 3'520'768 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 171'168 186'818 35'008 37'900 1.67x 1.45x 7.11x 6.43x 53'807.6 59'554.1 10'573.0 11'106.3 4.60x 4.16x 4.39x 4.26x 37'166.2 39'957.6 6'882.7 7'654.8 10.55x 9.53x 10.49x 10.04x S&P Issuer Ratings

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

23.04.2013 AA+ STABLE -2.52 0.00 0.0% 0.0% 0.98 14.17 15.20 4.18 56.71 -52.97

Sales/Revenue/Turnover

20.00

180'000.0

18.00

160'000.0

16.00

140'000.0

14.00

120'000.0

12.00

100'000.0

10.00

80'000.0

8.00

60'000.0

6.00

40'000.0

4.00

20'000.0

2.00 0.00 02.10.2009

a-12

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

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

14.0 M

700 600

Valuation Analysis

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

800

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 |

05.07.2013

Apple Inc Holdings By:

All

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

Firm Name S&P Capital IQ Sanford C. Bernstein & Co Cross Research Raymond James Stifel Avondale Partners LLC Janney Montgomery Scott LLC Pacific Crest Securities Wells Fargo Securities, LLC Susquehanna Financial Group Piper Jaffray Robert W. Baird & Co Scotia Capital RBC Capital Markets BMO Capital Markets William Blair & Co Oppenheimer & Co JMP Securities Wedge Partners Jefferies Evercore Partners Topeka Capital Markets Inc Needham & Co EVA Dimensions Morgan Stanley Credit Suisse Edward Jones Canaccord Genuity Corp Nomura Cowen and Company Telsey Advisory Group Deutsche Bank Mizuho Securities USA Inc ISI Group Barclays BGC Partners Independent Research GmbH Daiwa Securities Co. Ltd. Lazard Capital Markets Berenberg Bank Monness, Crespi, Hardt & Co Oracle Investment Research ABG Sundal Collier

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

Analyst SCOTT H KESSLER TONI SACCONAGHI SHANNON S CROSS TAVIS C MCCOURT AARON C RAKERS JOHN F BRIGHT WILLIAM CHOI ANDY HARGREAVES MAYNARD UM CHRISTOPHER CASO EUGENE E MUNSTER WILLIAM V POWER GUS PAPAGEORGIOU AMIT DARYANANI KEITH F BACHMAN ANIL K DORADLA ITTAI KIDRON ALEX GAUNA BRIAN BLAIR PETER J MISEK ROBERT CIHRA BRIAN J WHITE CHARLES WOLF ANDREW S ZAMFOTIS KATHRYN HUBERTY KULBINDER GARCHA WILLIAM C KREHER T MICHAEL WALKLEY STUART JEFFREY MATTHEW HOFFMAN THOMAS FORTE CHRISTOPHER WHITMORE ABHEY R LAMBA BRIAN MARSHALL BENJAMIN A REITZES COLIN W GILLIS MARKUS FRIEBEL YOKO YAMADA EDWARD PARKER ADNAAN AHMAD JEFFREY FIDACARO LAURENCE BALTER PER LINDBERG

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

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

Amt Held 49'261'621 43'247'824 37'551'260 34'747'682 13'848'715 13'755'175 12'562'591 12'498'739 12'059'221 11'659'713 10'717'061 8'808'076 8'140'452 7'531'087 7'319'772 7'093'217 6'951'047 6'599'619 6'577'462 6'507'309

% Out 5.25 4.61 4 3.7 1.48 1.47 1.34 1.33 1.28 1.24 1.14 0.94 0.87 0.8 0.78 0.76 0.74 0.7 0.7 0.69

Weighting

Change

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

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

Latest Chg (317'260) 1'164'484 344'973 (6'409'599) 298'410 (1'805'958) (410'792) (370'147) (4'823'496) (11'939'192) 562'009 2'446'421 252'692 (448'812) (993'118) (88'273) (1'050'711) 1'630'609 149'259

Target Price 550 600 530 600 600 600 500 #N/A N/A #N/A N/A 440 655 438 423 475 450 #N/A N/A 460 #N/A N/A #N/A N/A 405 550 888 710 #N/A N/A 540 525 #N/A N/A 560 420 550 540 480 550 600 525 500 610 455 500 360 520 600 400

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

File Dt 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 03.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.05.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 04.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 28.06.2013 28.06.2013 27.06.2013 27.06.2013 26.06.2013 26.06.2013 25.06.2013 24.06.2013 24.06.2013 24.06.2013 24.06.2013 24.06.2013 23.06.2013 20.06.2013 20.06.2013 19.06.2013 15.06.2013 11.06.2013 11.06.2013 11.06.2013 11.06.2013 11.06.2013 11.06.2013 11.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 07.06.2013 06.06.2013 30.05.2013 28.05.2013 21.05.2013 20.05.2013 14.05.2013 25.04.2013

05.07.2013

AbbVie Inc AbbVie Inc. researches and develops pharmaceutical products. The Company produces pharmaceutical drugs for specialty therapeutic areas such as immunology, chronic kidney disease, Hepatitis C, women's health, oncology, and neuroscience. AbbVie also offers treatments for diseases including Multiple Sclerosis, Parkinson's, and Alzheimer's disease. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (17.12.2012) Daily Volume Current Price (7/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 ABBV UN EQUITY YTD Change ABBV UN EQUITY YTD % CHANGE

Price/Volume

12/2012 03/yy 47.99 32.51 217'752.00 42.64 -11.34% 31.16% 62.79% 1'583.7 67'530.21 17'911.00 0.0 0.0 7'976.00 77'933.21

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

1.20

12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M j-13

f-13

m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008

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

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

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

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

LTM

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

03/yy 4'329.0 17.32x 1'532.0 0.00x 968.0 0.00x

FY+1

1'583.06 9.97 27.47% 14 3.714 1'809'266 1'517'146 1'410'486 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 18'484.9 18'922.1 4'540.5 4'442.2 3.84x 3.63x 7'419.2 7'557.8 1'861.0 1'848.0 10.47x 10.28x 10.33x 10.32x 5'010.8 5'158.7 1'260.6 1'224.0 13.68x 13.25x 13.65x 13.62x S&P Issuer Ratings

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

Sales/Revenue/Turnover

20'000.0 18'000.0

1.00

16'000.0 14'000.0

0.80 0.60 0.40

12'000.0 10'000.0 8'000.0 6'000.0 4'000.0

0.20

2'000.0 0.0

0.00

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

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

05.07.2013

AbbVie Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC NORTHERN TRUST CORPO BANK OF NEW YORK MEL JANUS CAPITAL MANAGE WELLINGTON MANAGEMEN BANK OF AMERICA CORP STATE FARM MUTUAL AU T ROWE PRICE ASSOCIA WELLS FARGO GEODE CAPITAL MANAGE UBS SUN LIFE FINANCIAL I TIAA CREF INVESTMENT FEDERATED INVESTORS GOLDMAN SACHS GROUP FRANKLIN RESOURCES

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

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

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

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

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

Amt Held 131'953'478 82'921'627 74'137'316 72'724'731 52'527'453 26'383'128 24'679'333 19'162'420 17'229'673 17'088'238 15'061'000 12'226'992 11'602'743 10'765'680 10'469'574 10'036'175 8'517'099 8'339'139 8'304'127 7'875'871

% Out 8.33 5.24 4.68 4.59 3.32 1.67 1.56 1.21 1.09 1.08 0.95 0.77 0.73 0.68 0.66 0.63 0.54 0.53 0.52 0.5

Weighting

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

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

Latest Chg 126'536'896 74'126'726 72'066'330 48'680'919 17'250'069 24'679'333 18'214'503 15'481'073 17'088'238 15'061'000 3'902'963 11'356'641 10'765'680 10'292'357 (3'729'624) 8'517'099 8'339'139 8'086'626 7'875'871

Target Price 49 #N/A N/A 52 51 47 44 #N/A N/A 52 #N/A N/A 41 47 44

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

File Dt 31.03.2013 31.03.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 03.07.2013 27.06.2013 27.06.2013 07.06.2013 03.06.2013 31.05.2013 10.05.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 26.04.2013

05.07.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (19.11.2012) Daily Volume Current Price (7/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 ABT UN EQUITY YTD Change ABT UN EQUITY YTD % CHANGE

12/2012 03/yy 38.77 29.98 461'128.00 34.7 -10.58% 15.76% 48.60% 1'558.9 54'092.61 20'475.96 0.0 92.3 15'173.98 52'772.81

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

18.0 M

16.0 M

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

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

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

31.12.2012 21'494.0 5.06x 579.0 37.78x

1'894.00 8.81% 1.42% 1.47% 3.22% 0.41% 54.3% 9.3% 2.7% 2.36 1.72 30.45% 76.63% 3.73 3.16

Price/ Cash Flow

LTM

03/yy 35'093.6 10.80x 8'573.5 12.09x 5'107.1 15.54x

03/yy 21'587.9 17.92x 1'035.6 0.00x 772.7 22.94x

FY+1

.0 M j-13

3.75 0.69 1'553.72 11.66 14.47% 11.60% 0.693 27 3.963 2'824'329 2'098'850 1'898'562 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 22'416.4 23'742.4 5'523.5 5'551.1 2.16x 1.93x 5'095.2 5'590.1 929.3 1'105.7 10.33x 9.41x 12.48x 12.30x 3'190.9 3'543.7 695.8 852.6 17.24x 15.40x 16.73x 16.08x S&P Issuer Ratings

26.10.2012 A+ STABLE 26.10.2012 A-1+ 76.6% 43.3% 0.41 3.14 97.88 115.51 56.76 199.80

Sales/Revenue/Turnover

7.00

45'000.0

6.00

40'000.0 35'000.0

5.00

30'000.0

4.00

25'000.0

3.00

20'000.0 15'000.0

2.00

10'000.0

1.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Abbott Laboratories Holdings By:

All

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

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

Portfolio Name n/a VANGUARD GROUP INC n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a n/a n/a WELLINGTON MANAGEMEN n/a STATE FARM MUTUAL AU TIAA-CREF INVESTMENT SOUTHEASTERN ASSET M GRANTHAM MAYO VAN OT n/a MONTAG & CALDWELL IN JENNISON ASSOCIATES n/a NORGES BANK BANK OF AMERICA

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

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

Recommendation outperform outperform outperform Buy/Neutral hold market perform market perform outperform buy buy buy outperform buy Equalwt/In-Line equalweight hold neutral buy market perform hold neutral long-term buy neutral buy long-term outperform not rated

Amt Held 97'567'010 91'806'643 67'065'382 29'915'736 25'471'754 22'968'140 20'941'870 16'425'821 15'903'714 15'536'605 15'061'000 14'775'015 14'554'678 14'485'435 14'247'950 13'711'677 13'424'731 12'815'353 12'625'176 12'394'624

% Out 6.26 5.89 4.3 1.92 1.63 1.47 1.34 1.05 1.02 1 0.97 0.95 0.93 0.93 0.91 0.88 0.86 0.82 0.81 0.8

Weighting

Change

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

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

Latest Chg 11'496'654 20'933'465 297'100 (956'473) (596'015) (52'390'338) (4'860'932) 1'417'407 2'493'968 14'986'988 370'144 7'600'472 (107'291) 2'468'230 5'446'932 7'408'947 1'429'792 (5'065'032)

Target Price 40 #N/A N/A 41 43 35 35 #N/A N/A #N/A N/A #N/A N/A 44 44 42 #N/A N/A #N/A N/A 35 #N/A N/A 40 #N/A N/A #N/A N/A 40 36 40 36 36 #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 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013

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

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

Date 03.07.2013 03.07.2013 03.07.2013 02.07.2013 27.06.2013 26.06.2013 25.06.2013 21.06.2013 13.06.2013 07.06.2013 07.06.2013 28.05.2013 21.05.2013 14.05.2013 10.05.2013 22.04.2013 19.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 17.04.2013 17.04.2013 29.11.2012 26.04.2012 27.01.2009

05.07.2013

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

Price/Volume 90

6.0 M

5.0 M

70 60

4.0 M

08/2012 05/yy 84.22 56.23 361'121.00 73.14 -13.13% 30.07% 58.77% 644.8 50'251.31 0.03 0.0 478.6 6'642.79 44'795.93

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

2.0 M

1.0 M

10 0 j-12

31.08.2009 31.08.2010 23'171.0 23'094.1 0.85x 0.90x 3'391.7 3'399.1 5.79x 6.14x 1'590.0 1'780.7 12.48x 13.72x Profitability

LTM-4Q 31.08.2011 27'352.9 1.19x 3'985.2 8.16x 2'277.7 15.75x

31.08.2012 29'778.0 1.19x 4'466.8 7.95x 2'553.5 16.03x 4'466.78 3'873.24 13.01% 13.11% 19.90% 67.63% 66.81% 1.88% 30.2% 15.4% 13.3% 8.6% 1.55 1.20 0.00% 0.00% 9.14 -

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

05/yy 29'663.8 4.63x 4'411.4 7.69x 2'587.2 14.75x

05/yy 30'157.6 5.71x 4'641.7 10.80x 3'189.2 18.13x

FY+1

.0 M j-13

2.21 1.12 642.39 7.41 22.39% 11.14% 1.118 29 3.931 1'886'588 947'731 863'229 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 08/13 Q4 11/13 Q1 28'721.3 30'026.8 7'028.9 7'482.8 1.54x 1.45x 6.46x 6.17x 4'797.7 4'890.8 1'166.6 1'231.7 9.35x 9.18x 9.17x 9.06x 3'145.8 3'136.4 713.5 786.8 16.96x 16.25x 16.48x 16.07x S&P Issuer Ratings

22.01.2002 A+ STABLE 296.58 271.88 -1.28 0.00 0.0% 0.0% 1.88 38.88 39.92 -

Sales/Revenue/Turnover

18.00

35'000.0

16.00

30'000.0

14.00

25'000.0

12.00 10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 04.09.2009

a-12

Fiscal Year Ended 31.08.2008 25'313.8 1.08x 3'525.9 7.76x 1'691.8 15.55x

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ACN UN EQUITY YTD Change ACN UN EQUITY YTD % CHANGE

0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

04.03.2013

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

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

05.07.2013

Accenture PLC Holdings By:

All

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

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

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a n/a n/a T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL WELLINGTON MANAGEMEN THORNBURG INVESTMENT NORTHERN TRUST CORPO LANSDOWNE PARTNERS L FIDUCIARY MANAGEMENT n/a AMERIPRISE FINANCIAL n/a LONGVIEW PARTNERS (G TIAA-CREF INVESTMENT CALAMOS ADVISORS LLC

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

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

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

Amt Held 42'376'622 33'832'726 31'192'429 30'074'388 29'038'367 24'999'491 19'691'827 17'114'652 16'402'622 13'961'114 11'467'160 11'058'770 9'108'726 8'564'997 7'781'183 7'420'390 6'680'245 6'243'776 5'925'297 5'728'875

% Out 6.57 5.25 4.84 4.66 4.5 3.88 3.05 2.65 2.54 2.17 1.78 1.71 1.41 1.33 1.21 1.15 1.04 0.97 0.92 0.89

Weighting

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

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

Latest Chg 918'683 4'904'005 766'395 129'091 1'612'604 34'102 69'715 129'306 443'115 (2'427'956) (275'215) 570'792 1'783'496 733'878 1'866'838 (33'710) 423'206 29'802 (440'338) (727'838)

Target Price 70 #N/A N/A 85 82 #N/A N/A 72 82 85 75 #N/A N/A 76 78 88 #N/A N/A 86 75 69 #N/A N/A 92 88 85 80 71 80 85

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

File Dt Inst Type 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 02.07.2013 02.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 27.06.2013 27.06.2013 30.05.2013

05.07.2013

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

Price/Volume

2.0 M 1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (01.05.2013) 52-Week Low (21.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AEP UN EQUITY YTD Change AEP UN EQUITY YTD % CHANGE

12/2012 03/yy 51.59 40.57 177'786.00 43.92 -14.89% 8.26% 35.30% 486.0 21'347.10 18'738.00 0.0 0.0 603.00 39'787.10

1.0 M

.5 M

10 0 j-12

31.12.2009 31.12.2010 13'489.0 14'427.0 2.48x 2.41x 4'431.0 4'443.0 7.55x 7.83x 1'360.0 1'214.0 11.71x 14.22x Profitability

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

31.12.2012 14'945.0 2.60x 4'874.0 7.97x 1'259.0 12.23x

4'874.00 2'956.00 19.78% 12.49% 2.29% 8.14% 5.63% 0.28% 64.7% 32.2% 19.5% 8.4% 0.67 0.36 34.47% 122.98% 17.22 3.65

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 15'011.0 9.68x 4'651.0 7.86x 1'981.0 12.45x

d-12

03/yy 15'146.0 10.38x 4'873.0 8.63x 1'233.0 13.90x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

4.28 0.63 485.95 3.27 11.73% 5.01% 0.626 24 3.917 907'613 1'053'697 792'310 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 15'881.5 16'183.1 3'658.7 4'620.4 2.49x 2.48x 10.97x 8.60x 4'786.6 4'942.3 1'172.3 1'443.5 8.32x 8.06x 8.50x 8.44x 1'541.4 1'625.7 388.0 521.0 13.93x 13.24x 13.69x 13.55x S&P Issuer Ratings

07.03.2003 BBB STABLE 07.03.2003 A-2 4.93 1.67 3.78 3.87 123.0% 55.2% 0.28 21.19 99.87 66.11 67.56

Sales/Revenue/Turnover

8.00

16'000.0

7.00

14'000.0

6.00

12'000.0

5.00

10'000.0

4.00

8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 01.01.2010

a-12

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

2.5 M

50 40

Valuation Analysis

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

American Electric Power Co Inc Holdings By:

All

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

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

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a n/a T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL LSV ASSET MANAGEMENT AMERIPRISE FINANCIAL n/a EATON VANCE MANAGEME n/a NORGES BANK ROBECO INVESTMENT MA FEDERATED INVESTORS GEODE CAPITAL MANAGE AJO, LP

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

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

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

Amt Held 33'661'769 24'611'292 23'842'942 20'263'680 13'085'432 9'831'725 6'659'003 6'483'961 5'814'995 5'475'438 5'113'886 4'830'345 4'657'430 4'429'578 4'148'229 3'705'639 3'416'122 3'354'773 3'306'048 3'299'800

% Out 6.93 5.06 4.91 4.17 2.69 2.02 1.37 1.33 1.2 1.13 1.05 0.99 0.96 0.91 0.85 0.76 0.7 0.69 0.68 0.68

Weighting

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

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

Latest Chg 2'030'086 (18'880) 1'100'112 (175'694) 5'558'343 1'118'234 169'090 210'348 (649'370) (92'712) (468'393) 1'238'941 102'555 (241'331) 192'057 651'253 91'933 75'800 1'051'900

Target Price 50 53 52 48 #N/A N/A 46 52 50 51 #N/A N/A 49 49 55 54 50 57 49 56 54 52 #N/A N/A

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

File Dt 03.07.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 03.07.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 01.07.2013 01.07.2013 26.06.2013 24.06.2013 24.06.2013 23.06.2013 17.06.2013 17.06.2013 13.06.2013 10.06.2013 03.06.2013 10.05.2013 10.05.2013 29.04.2013 29.04.2013 29.04.2013 27.04.2013 26.04.2013 24.04.2013 22.04.2013 05.03.2013

05.07.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AIG UN EQUITY YTD Change AIG UN EQUITY YTD % CHANGE

12/2012 03/yy 46.46 29.90 379'613.00 45.01 -3.14% 50.54% 86.47% 1'476.3 66'450.30 48'500.00 0.0 1'001.0 1'151.00 111'540.29

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 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

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

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

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

31.12.2012 65'656.0 1.53x 3'438.0 8.98x

17.75% 14.20% 0.44% 2.40% 3.16% 0.12% 5.2% 8.84% 49.49% -

Price/ Cash Flow

LTM

03/yy 63'272.0 8.39x 0.0 0.00x 22'533.0 20.82x

03/yy 66'513.0 6.82x 0.0 0.00x 2'436.0 10.81x

FY+1

.0 M j-13

0.00 1.47 1'474.53 24.95 38.96% 27.51% 1.467 24 4.167 6'330'286 3'679'554 3'174'010 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 49'651.5 51'376.5 13'092.0 13'216.5 5'684.8 5'852.6 1'351.8 1'243.3 11.45x 10.91x 12.40x 11.89x S&P Issuer Ratings

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

Sales/Revenue/Turnover

25.00

120'000.0 100'000.0

20.00

80'000.0 15.00

60'000.0 10.00

40'000.0

5.00

0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

American International Group Inc Holdings By:

All

Holder Name FAIRHOLME CAPITAL MA BLACKROCK VANGUARD GROUP INC STATE STREET WELLINGTON MANAGEMEN FRANKLIN RESOURCES ORBIS HOLDINGS LIMIT HARRIS ASSOCIATES LP BANK OF NEW YORK MEL HOTCHKIS & WILEY CAP NORTHERN TRUST CORPO CAPITAL GROUP COMPAN NORGES BANK POWER CORP OF CANADA STARR INTERNATIONAL THIRD POINT LLC PERRY CORP FMR LLC D E SHAW & COMPANY I BAUPOST GROUP LLC

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

Portfolio Name FAIRHOLME CAPITAL MA n/a VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN n/a ORBIS HOLDINGS LIMIT HARRIS ASSOC LP BANK OF NEW YORK MEL HOTCHKIS AND WILEY NORTHERN TRUST CORPO n/a NORGES BANK n/a STARR INTERNATIONAL THIRD POINT LLC PERRY CORPORATION n/a D E SHAW & CO THE BAUPOST GROUP LL

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

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

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

Amt Held 85'900'077 78'519'193 64'134'469 62'457'845 53'814'436 32'024'532 25'623'367 25'536'301 18'952'115 17'371'134 17'242'192 16'833'645 15'353'972 15'280'332 14'513'353 13'500'000 13'157'260 12'897'675 12'336'817 11'850'200

% Out 5.82 5.32 4.34 4.23 3.65 2.17 1.74 1.73 1.28 1.18 1.17 1.14 1.04 1.04 0.98 0.91 0.89 0.87 0.84 0.8

Weighting

Change

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

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

Latest Chg 37'783 9'016'450 2'213'289 7'635'674 (6'662'436) 1'039'497 5'400'344 4'186'268 1'224'289 (277'068) 1'005'186 2'833'300 (290'713) 585'069 (5'000'000) (1'708'643) 2'854'066 520'122 4'850'200

Target Price 47 48 52 53 60 #N/A N/A #N/A N/A 43 56 50 50 46 #N/A N/A 52 48 37 50 46 #N/A N/A 42 47 #N/A N/A #N/A N/A

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

File Dt 31.03.2013 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 03.07.2013 01.07.2013 01.07.2013 27.06.2013 27.06.2013 27.06.2013 26.06.2013 24.06.2013 19.06.2013 17.06.2013 14.06.2013 04.06.2013 04.06.2013 31.05.2013 15.05.2013 10.05.2013 08.05.2013 07.05.2013 03.05.2013 03.05.2013 02.05.2013 05.04.2013 15.01.2013

05.07.2013

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

Price/Volume

3.0 M 2.5 M 2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALL UN EQUITY YTD Change ALL UN EQUITY YTD % CHANGE

12/2012 03/yy 50.69 33.35 117'336.00 48.72 -3.95% 46.09% 87.20% 468.6 22'832.33 6'307.00 0.0 0.0 806.00 28'568.33

1.5 M

1.0 M

.5 M

0 j-12

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

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

31.12.2012 33'315.0 0.74x 2'306.0 9.12x

11.09% 9.92% 1.78% 11.30% 9.58% 0.26% 6.9% 4.97% 30.65% -

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 32'921.0 2.40x 0.0 0.00x 1'029.0 17.95x

d-12

03/yy 33'416.0 3.01x 0.0 0.00x 2'249.0 11.27x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

1.87 0.91 460.51 4.26 40.99% 22.58% 0.914 30 4.133 789'427 1'007'987 987'197 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 33'592.9 34'164.6 8'366.0 8'433.3 0.83x 0.84x 2'210.8 2'288.0 496.9 460.8 10.39x 9.41x 10.37x 9.92x S&P Issuer Ratings

ASTABLE 30.6% 23.5% 0.26 -

Sales/Revenue/Turnover

10.00

40'000.0

9.00

35'000.0

8.00

30'000.0

7.00

25'000.0

6.00 5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 01.01.2010

a-12

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

3.5 M

50 40

Valuation Analysis

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Allstate Corp/The Holdings By:

All

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

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

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

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

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

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

Amt Held 23'924'555 22'140'955 22'048'711 20'147'574 19'788'357 14'325'183 11'259'637 7'612'763 7'288'174 7'251'520 7'211'866 7'163'891 6'467'278 6'466'011 6'149'311 5'732'796 4'893'000 4'763'127 4'753'119 4'601'400

% Out 5.11 4.72 4.7 4.3 4.22 3.06 2.4 1.62 1.56 1.55 1.54 1.53 1.38 1.38 1.31 1.22 1.04 1.02 1.01 0.98

Weighting

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

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

Latest Chg 282'667 (151'704) (623'144) (110'198) (195'719) 5'711'687 (1'698'158) (2'872'542) (100'946) 87'629 1'107'166 (117'260) 2'210'090 480'660 (131'899) 347'700 2'338'640 (1'733'129) 4'601'400

Target Price #N/A N/A 52 51 #N/A N/A 58 55 50 #N/A N/A #N/A N/A 55 #N/A N/A 57 55 60 52 55 #N/A N/A 57 54 #N/A N/A 60 51 52 #N/A N/A 50 45 #N/A N/A 43

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

File Dt Inst Type 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Hedge Fund Manager

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

Date 02.07.2013 01.07.2013 01.07.2013 27.06.2013 26.06.2013 26.06.2013 24.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 11.06.2013 11.06.2013 04.06.2013 09.05.2013 09.05.2013 06.05.2013 06.05.2013 03.05.2013 03.05.2013 02.05.2013 02.05.2013 02.05.2013 01.05.2013 25.03.2013 15.01.2013 29.11.2012

05.07.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (05.07.2012) Daily Volume Current Price (7/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 AMGN UW EQUITY YTD Change AMGN UW EQUITY YTD % CHANGE

12/2012 03/yy 114.95 73.72 178'805.00 97.41 -15.20% 32.14% 53.58% 750.0 73'057.50 26'529.00 0.0 0.0 24'061.00 75'678.50

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

6.0 M

100

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 j-12

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

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

31.12.2012 17'265.0 3.92x 6'665.0 10.15x 4'345.0 15.07x

6'665.00 5'577.00 32.30% 29.01% 9.11% 23.95% 13.37% 0.35% 83.1% 38.1% 31.8% 25.2% 3.81 3.24 48.86% 139.19% 6.33 1.14

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 15'924.0 12.60x 5'542.0 9.95x 3'742.0 13.70x

d-12

03/yy 17'455.0 15.52x 6'648.0 11.95x 4'595.0 16.85x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

1.59 0.72 749.10 9.11 32.00% 13.97% 0.718 30 3.933 1'287'625 1'280'999 1'371'878 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 17'931.6 18'383.4 4'486.6 4'553.5 3.90x 3.59x 7'276.2 8'203.0 1'615.0 1'663.0 10.41x 9.23x 5'528.9 6'175.9 1'327.2 1'358.5 13.35x 11.80x 13.41x 12.80x S&P Issuer Ratings

07.09.2007 A+ STABLE 31.05.2012 A-1+ 6.18 5.54 0.39 3.59 139.2% 58.2% 0.35 3.27 57.67 320.34 103.74 296.17

Sales/Revenue/Turnover

16.00

20'000.0

14.00

18'000.0 16'000.0

12.00

14'000.0

10.00

12'000.0

8.00

10'000.0 8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

a-12

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

120

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Amgen Inc Holdings By:

All

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

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

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN n/a NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA CLEARBRIDGE INVESTME n/a NORGES BANK AMERIPRISE FINANCIAL ROBECO INVESTMENT MA TIAA-CREF INVESTMENT n/a n/a

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

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

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

Amt Held 77'422'383 58'461'730 45'184'994 37'457'491 34'837'876 32'495'177 21'429'549 16'364'300 11'674'470 10'400'385 9'297'824 7'818'173 7'265'604 6'418'002 6'263'455 6'241'700 5'981'818 5'928'739 5'774'523 5'575'256

% Out 10.32 7.79 6.02 4.99 4.65 4.33 2.86 2.18 1.56 1.39 1.24 1.04 0.97 0.86 0.84 0.83 0.8 0.79 0.77 0.74

Weighting

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

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

Latest Chg 1'279'477 481'597 167'527 (2'427'936) 446'107 1'106'490 (402'779) 712'778 187'257 (1'315'085) 777'425 (2'677'850) 145'149 2'476'863 (2'320'132) 1'234'885 (1'652'330) 970'991 1'779'740

Target Price 120 100 101 115 #N/A N/A #N/A N/A 105 105 115 121 #N/A N/A 125 #N/A N/A 130 92 116 107 110 123 #N/A N/A 83 115 120 130 120 115 #N/A N/A #N/A N/A #N/A N/A 78

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

File Dt 31.03.2013 31.03.2013 03.07.2013 30.04.2013 31.03.2013 02.07.2013 31.03.2013 03.07.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 02.07.2013 02.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 30.06.2013 30.06.2013 28.06.2013 26.06.2013 24.06.2013 14.06.2013 13.06.2013 12.06.2013 12.06.2013 03.06.2013 03.06.2013 03.06.2013 01.06.2013 23.05.2013 17.05.2013 01.05.2013 25.04.2013 25.04.2013 20.03.2013 15.01.2013 17.05.2012 05.04.2012

05.07.2013

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

Price/Volume

3.0 M 2.5 M 2.0 M

150

Latest Fiscal Year: LTM as of: 52-Week High (02.07.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMZN UW EQUITY YTD Change AMZN UW EQUITY YTD % CHANGE

12/2012 03/yy 286.54 212.62 185'257.00 282.15 -1.36% 32.70% 96.60% 455.2 128'446.73 4'385.00 0.0 0.0 11'448.00 124'243.72

1.5 M

100

1.0 M

.5 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

3.5 M

250 200

Valuation Analysis

31.12.2008 19'166.0 0.98x 1'129.0 16.55x 645.0 36.89x

300

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

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

31.12.2012 61'093.0 1.75x 2'835.0 37.68x (39.0) -

2'835.00 676.00 1.11% 0.64% -0.36% -1.12% -1.24% 2.63% 24.8% 4.8% 1.0% -0.1% 1.12 0.78 13.47% 53.53% 29.56 9.90

Price/ Cash Flow

LTM

03/yy 51'405.0 6.60x 2'070.0 41.26x 561.0 167.53x

03/yy 63'978.0 6.75x 3'066.0 38.18x (88.0) 0.00x

FY+1

.0 M j-13

0.00 1.17 367.60 7.55 22.93% 12.35% 1.173 44 4.273 670'015 725'731 797'932 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 74'867.9 91'264.1 15'746.1 17'018.5 1.64x 1.31x 7.94x 7.29x 4'635.7 6'267.3 964.6 974.4 26.89x 19.89x 25.54x 24.22x 1'425.6 2'399.1 243.6 244.1 94.18x 54.59x 87.82x 79.23x S&P Issuer Ratings

26.11.2012 AASTABLE 13.06.2007 NR 30.82 -10.33 -1.37 1.20 53.5% 34.9% 2.63 10.38 12.35 36.89 58.99 -33.57

Sales/Revenue/Turnover

40.00

70'000.0

35.00

60'000.0

30.00

50'000.0

25.00

40'000.0

20.00

30'000.0

15.00

20'000.0

10.00

10'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Amazon.com Inc Holdings By:

All

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

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

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

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

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

Recommendation buy buy buy outperform market perform buy overweight equalweight buy overweight hold outperform outperform Overwt/Attractive buy outperform market perform overweight hold outperform underweight outperform buy hold buy buy/attractive outperform neutral buy outperform outperform buy hold buy outperform market perform hold buy no rating system outperform no rating system hold sell

Amt Held 86'970'020 42'493'609 20'333'534 18'890'857 16'433'434 14'810'691 13'994'234 11'895'369 8'235'520 6'159'628 6'000'588 5'813'618 5'404'407 5'186'053 4'666'295 4'260'402 4'117'275 4'107'855 3'392'801 3'355'648

% Out 19.1 9.33 4.47 4.15 3.61 3.25 3.07 2.61 1.81 1.35 1.32 1.28 1.19 1.14 1.03 0.94 0.9 0.9 0.75 0.74

Weighting

Change

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

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

Latest Chg (195'151) (1'446'850) 122'327 713'177 465'988 (466'579) 29'788 30'532 505'005 (243'527) (217'105) 46'283 (3'219) 139'472 (112'217) 202 (288'080) (238'428) 390'774 526'454

Target Price 335 320 310 350 #N/A N/A 315 325 260 310 330 300 325 330 300 350 #N/A N/A 260 325 #N/A N/A 295 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 335 325 320 285 330 330 305 341 245 315 #N/A N/A #N/A N/A 300 330 370 325 #N/A N/A #N/A N/A 200

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

File Dt 15.02.2013 31.03.2013 31.03.2013 03.07.2013 31.03.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 03.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013

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

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

Date 01.07.2013 01.07.2013 01.07.2013 28.06.2013 28.06.2013 28.06.2013 27.06.2013 27.06.2013 21.06.2013 20.06.2013 17.06.2013 14.06.2013 12.06.2013 11.06.2013 11.06.2013 10.06.2013 07.06.2013 05.06.2013 03.06.2013 22.05.2013 15.05.2013 13.05.2013 02.05.2013 30.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 26.11.2012 26.10.2012 03.10.2012

05.07.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (22.04.2013) Daily Volume Current Price (7/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 APA UN EQUITY YTD Change APA UN EQUITY YTD % CHANGE

12/2012 03/yy 94.83 67.91 370'335.00 81.98 -13.58% 20.72% 45.77% 391.9 32'124.39 12'345.00 1'227.0 0.0 160.00 45'582.39

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

31.12.2009 31.12.2010 8'614.8 12'183.0 4.38x 4.50x 2'963.7 8'792.0 12.73x 6.24x (284.4) 3'032.0 19.64x 13.32x Profitability

2.0 M 1.5 M 1.0 M .5 M

a-12

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

31.12.2012 16'947.0 2.61x 12'051.0 3.66x 2'001.0 8.43x

12'051.00 4'942.00 29.16% 28.78% 3.34% 6.23% 4.87% 0.29% 32.3% 70.1% 29.2% 11.8% 0.90 0.59 20.33% 41.01% 5.31 15.09

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 17'389.0 10.60x 12'798.0 3.71x 4'247.0 8.19x

d-12

03/yy 16'636.0 10.80x 11'662.0 3.75x 1'921.0 8.05x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

0.87 1.44 389.86 8.67 -8.30% 4.95% 1.440 35 4.114 914'070 1'091'870 1'022'981 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 17'342.7 18'812.9 4'264.6 4'402.6 2.58x 2.35x 10.61x 10.23x 12'023.9 13'132.9 2'958.2 3'083.5 3.79x 3.47x 3.68x 3.59x 3'379.2 3'848.2 816.3 859.4 9.74x 8.75x 9.49x 9.17x S&P Issuer Ratings

26.01.2001 ASTABLE 05.05.2000 A-2 24.15 5.05 1.05 1.07 41.0% 28.3% 0.29 0.33 68.77 24.18 36.15 58.11

Sales/Revenue/Turnover

9.00

18'000.0

8.00

16'000.0

7.00

14'000.0

6.00

12'000.0

5.00

10'000.0

4.00

8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 01.01.2010

2.5 M

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

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Apache Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK T ROWE PRICE ASSOCIA VANGUARD GROUP INC STATE STREET FRANKLIN RESOURCES FMR LLC NORTHERN TRUST CORPO NWQ INVESTMENT MANAG EAGLE CAPITAL MANAGE BANK OF NEW YORK MEL JP MORGAN SUN LIFE FINANCIAL I INVESCO LTD DEUTSCHE BANK AG NORGES BANK GEODE CAPITAL MANAGE WELLINGTON MANAGEMEN WELLS FARGO LAZARD ASSET MANAGEM

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

Portfolio Name n/a n/a T ROWE PRICE ASSOCIA VANGUARD GROUP INC n/a n/a n/a NORTHERN TRUST CORPO NWQ INVESTMENT MANAG EAGLE CAPITAL MANAGE BANK OF NEW YORK MEL n/a n/a n/a n/a NORGES BANK GEODE CAPITAL MANAGE WELLINGTON MANAGEMEN n/a n/a

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

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

Recommendation buy accumulate outperform outperform sector perform outperform Positive hold strong buy market perform add buy overweight buy outperform hold overweight overweight buy market perform outperform Equalwt/Attractive neutral/attractive neutral sector perform overweight sector outperform equalweight neutral neutral neutral strong buy

Amt Held 26'828'098 21'772'472 17'824'561 17'684'349 16'982'469 10'786'671 8'496'464 6'117'480 5'223'542 5'013'596 4'984'105 4'080'546 3'710'086 3'036'215 2'985'347 2'808'677 2'642'867 2'608'986 2'556'942 2'537'961

% Out 6.85 5.56 4.55 4.51 4.33 2.75 2.17 1.56 1.33 1.28 1.27 1.04 0.95 0.77 0.76 0.72 0.67 0.67 0.65 0.65

Weighting

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

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

Latest Chg (2'487'100) (1'948'907) 5'682'668 553'677 (38'001) 1'582'385 (23'050) 211'636 455'918 434'797 (1'313'173) 546'488 (81'933) 478'161 (190'295) 52'071 (503'473) 39'298 (142'748)

Target Price 95 103 103 100 94 110 98 #N/A N/A 88 #N/A N/A 112 100 116 105 100 #N/A N/A 105 111 90 100 #N/A N/A 87 97 96 90 #N/A N/A 97 #N/A N/A 88 77 92 116

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

File Dt 31.03.2013 03.07.2013 31.03.2013 31.03.2013 02.07.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.05.2013 03.07.2013 31.05.2013 31.12.2012 31.03.2013 31.03.2013 30.04.2013 31.03.2013

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

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

Date 05.07.2013 05.07.2013 03.07.2013 03.07.2013 01.07.2013 01.07.2013 27.06.2013 26.06.2013 23.06.2013 21.06.2013 18.06.2013 13.06.2013 11.06.2013 05.06.2013 05.06.2013 30.05.2013 29.05.2013 28.05.2013 24.05.2013 23.05.2013 23.05.2013 14.05.2013 10.05.2013 10.05.2013 10.05.2013 10.05.2013 09.05.2013 09.05.2013 09.05.2013 18.04.2013 16.04.2013 15.02.2013

05.07.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (10.07.2012) Daily Volume Current Price (7/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 APC UN EQUITY YTD Change APC UN EQUITY YTD % CHANGE

12/2012 03/yy 92.17 64.19 115'531.00 87.65 -4.97% 36.55% 81.27% 501.5 43'954.16 13'269.00 0.0 1'253.0 2'471.00 55'509.16

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

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

2.5 M 2.0 M 1.5 M 1.0 M .5 M

a-12

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

31.12.2012 13'307.0 3.70x 6'197.0 7.95x 2'391.0 50.50x

6'197.00 2'233.00 16.78% 26.79% 1.29% 3.36% 2.79% 0.25% 40.8% 48.1% 18.3% 18.0% 1.70 0.99 25.23% 64.32% 9.62 134.02

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 14'070.0 13.83x 7'541.0 6.96x (709.0) 16.30x

d-12

03/yy 13'613.0 14.57x 6'547.0 8.46x 695.0 18.45x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

0.41 1.37 499.78 7.90 27.52% 18.20% 1.373 34 4.706 662'143 768'535 808'058 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 15'210.6 17'165.0 3'504.8 3'870.8 3.63x 3.12x 15.72x 14.20x 9'736.7 11'072.7 2'213.1 2'485.9 5.69x 5.01x 5.55x 5.29x 2'136.7 2'718.1 453.1 531.7 20.52x 16.09x 19.65x 17.87x S&P Issuer Ratings

08.09.2006 BBBPOS 15.09.2009 NR 6.44 -1.09 1.58 2.15 64.3% 37.7% 0.25 0.35 37.94 2.72 147.02 -

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

3.0 M

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

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Anadarko Petroleum Corp Holdings By:

All

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

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

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

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

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

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

Amt Held 33'522'244 31'640'131 30'435'232 22'660'736 21'619'596 15'580'800 13'050'849 10'201'757 9'883'510 8'627'305 7'784'818 6'829'447 6'365'321 5'873'278 5'702'469 5'375'346 5'152'735 4'810'527 4'493'988 3'921'637

% Out 6.68 6.31 6.07 4.52 4.31 3.11 2.6 2.03 1.97 1.72 1.55 1.36 1.27 1.17 1.14 1.07 1.03 0.96 0.9 0.78

Weighting

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

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

Latest Chg (244'467) 1'715'317 3'069'451 806'410 (1'295'693) 15'580'800 139'256 63'200 (2'756'634) (819'047) 802'637 237'252 (687'942) 596'244 1'581'000 (270'527) 61'676 342'113 250'485

Target Price 133 100 111 105 120 95 100 115 139 112 103 128 #N/A N/A 127 98 90 #N/A N/A 109 102 97 86 105 110 101 101 112 100 #N/A N/A 95 108 #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 04.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 05.07.2013 03.07.2013 02.07.2013 28.06.2013 28.06.2013 23.06.2013 21.06.2013 19.06.2013 18.06.2013 18.06.2013 13.06.2013 11.06.2013 10.06.2013 03.06.2013 30.05.2013 23.05.2013 20.05.2013 14.05.2013 09.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 07.05.2013 07.05.2013 07.05.2013 07.05.2013 07.05.2013 07.05.2013 16.04.2013 27.02.2013

05.07.2013

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

Price/Volume 90

6.0 M

5.0 M

70 60

4.0 M

12/2012 03/yy 78.60 53.02 304'213.00 75.62 -3.91% 42.63% 84.28% 1'098.6 83'079.05 62'287.00 0.0 0.0 22'250.00 114'840.06

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

2.0 M

1.0 M

10 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 31'920.0 2.19x 13'646.0 5.13x 2'699.0 6.82x

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.06.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AXP UN EQUITY YTD Change AXP UN EQUITY YTD % CHANGE

31.12.2009 31.12.2010 26'730.0 30'005.0 3.23x 3.49x 10'413.0 11'624.0 8.30x 9.02x 2'130.0 4'057.0 40.37x 12.58x Profitability

LTM-4Q 31.12.2011 32'282.0 2.88x 11'355.0 8.19x 4'935.0 11.46x

31.12.2012 33'808.0 3.06x 10'563.0 9.80x 4'482.0 13.06x

10'563.00 23.26% 19.08% 2.92% 22.76% 5.65% 0.22% 31.3% 13.3% 40.67% 329.81% -

Price/ Cash Flow

LTM

03/yy 32'819.0 11.90x 11'307.0 8.93x 5'014.0 13.75x

03/yy 34'020.0 12.11x 10'635.0 9.95x 4'506.0 15.06x

FY+1

.0 M j-13

1.06 1.04 1'095.57 15.07 28.95% 32.81% 1.038 33 3.455 1'541'752 1'475'899 1'325'484 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 32'918.0 34'728.0 8'262.2 8'206.5 4.20x 4.03x 5'220.2 5'495.9 1'337.9 1'303.6 15.78x 14.23x 15.47x 15.07x S&P Issuer Ratings

30.04.2009 BBB+ STABLE 30.04.2009 A-2 2.99 5.62 329.8% 76.7% 0.22 9.50 -

Sales/Revenue/Turnover

12.00

40'000.0 35'000.0

10.00

30'000.0 8.00

25'000.0 20'000.0

6.00

15'000.0

4.00

10'000.0 2.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

American Express Co Holdings By:

All

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

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

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

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

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

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

Amt Held 151'610'700 120'329'060 55'571'755 45'213'764 45'114'042 39'937'627 29'653'070 24'641'183 19'942'191 17'398'905 14'081'678 13'129'527 10'807'046 10'169'805 9'963'345 8'958'126 8'840'646 8'741'220 7'962'831 7'177'716

% Out 13.8 10.95 5.06 4.12 4.11 3.64 2.7 2.24 1.82 1.58 1.28 1.2 0.98 0.93 0.91 0.82 0.8 0.8 0.72 0.65

Weighting

Change

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

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

Latest Chg (500'000) (711'920) (985'931) 244'110 (2'398'437) (2'272'081) (169'023) 2'607'284 3'173 (784'674) 2'622'138 1'796'698 332'334 (48'917) 529'593 334'271 4'750'320 809'725

Target Price 78 76 #N/A N/A 78 #N/A N/A 80 89 78 54 80 82 #N/A N/A #N/A N/A 84 96 76 77 62 70 80 80 68 63 62 #N/A N/A #N/A N/A 65 61 #N/A N/A #N/A N/A #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.12.2012 Government 31.03.2013 Investment Advisor

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

Date 01.07.2013 01.07.2013 28.06.2013 26.06.2013 21.06.2013 20.06.2013 20.06.2013 19.06.2013 18.06.2013 17.06.2013 14.06.2013 13.06.2013 12.06.2013 04.06.2013 31.05.2013 20.05.2013 17.05.2013 15.05.2013 14.05.2013 09.05.2013 29.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 17.04.2013 15.01.2013 15.01.2013 17.10.2012

05.07.2013

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

Price/Volume 120

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (18.06.2013) 52-Week Low (20.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BA UN EQUITY YTD Change BA UN EQUITY YTD % CHANGE

12/2012 03/yy 104.15 69.04 175'237.00 102.95 -1.10% 49.12% 96.41% 758.7 78'106.23 10'409.00 0.0 100.0 13'558.00 75'522.23

4.0 M 3.0 M

2.0 M 20

1.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

7.0 M

Valuation Analysis

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

8.0 M

100

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

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

31.12.2012 81'698.0 0.66x 8'118.0 6.64x 3'900.0 14.76x

8'118.00 6'307.00 7.72% 7.23% 4.79% 65.39% 26.23% 0.95% 16.0% 9.9% 7.7% 4.8% 1.27 0.43 11.71% 177.42% 11.89 1.86

Price/ Cash Flow

LTM

03/yy 73'208.0 2.99x 8'092.0 7.03x 4'355.0 14.30x

03/yy 81'208.0 2.78x 8'057.0 7.76x 4'083.0 16.20x

FY+1

.0 M j-13

1.76 1.13 755.38 9.72 41.96% 38.21% 1.132 31 4.484 1'085'586 1'194'251 1'100'373 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 83'895.5 91'774.8 20'597.1 21'511.0 0.89x 0.80x 3.73x 3.53x 8'150.4 9'265.1 1'959.6 1'970.3 9.27x 8.15x 9.13x 8.79x 4'334.5 4'905.7 1'023.2 1'023.5 16.23x 14.55x 16.00x 15.39x S&P Issuer Ratings

29.07.2009 A STABLE 05.02.2002 A-1 15.12 11.95 -0.33 1.14 177.4% 63.6% 0.95 8.49 30.69 196.40 45.19 170.08

Sales/Revenue/Turnover

30.00

90'000.0 80'000.0

25.00

70'000.0 60'000.0

20.00

50'000.0 15.00

40'000.0 30'000.0

10.00

20'000.0 5.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Boeing Co/The Holdings By:

All

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

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

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

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

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

Recommendation buy buy outperform outperform outperform buy outperform buy buy outperform neutral buy hold buy Overwt/Attractive in-line overweight outperform buy/attractive buy overweight hold buy buy hold neutral hold buy

Amt Held 127'714'807 58'386'241 39'198'348 33'607'508 32'450'995 29'590'518 12'816'097 12'375'078 12'278'777 9'901'818 9'726'165 8'778'107 8'414'497 8'013'999 6'755'732 6'695'907 6'691'467 6'296'656 4'693'498 4'638'474

% Out 16.83 7.7 5.17 4.43 4.28 3.9 1.69 1.63 1.62 1.31 1.28 1.16 1.11 1.06 0.89 0.88 0.88 0.83 0.62 0.61

Weighting

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

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

Latest Chg 10'807'207 (5'680'405) (1'261'110) 1'203'025 (235'453) (1'600'870) 152'998 12'375'078 816'664 317'528 860'266 429'526 415'223 975'668 1'491'418 19'121 (254'143) (2'256'367) (172'021) 163'857

Target Price 115 115 120 #N/A N/A 125 120 123 115 #N/A N/A 116 105 120 #N/A N/A 110 120 98 133 121 115 120 110 94 110 105 #N/A N/A #N/A N/A 82 88

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

File Dt Inst Type 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Unclassified 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 05.07.2013 03.07.2013 03.07.2013 03.07.2013 02.07.2013 01.07.2013 28.06.2013 25.06.2013 25.06.2013 21.06.2013 20.06.2013 19.06.2013 18.06.2013 17.06.2013 14.06.2013 12.06.2013 11.06.2013 04.06.2013 30.05.2013 28.05.2013 17.05.2013 10.05.2013 26.04.2013 26.04.2013 25.04.2013 13.03.2013 17.01.2013 18.07.2012

05.07.2013

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

Price/Volume 16

70.0 M

60.0 M

50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (31.05.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAC UN EQUITY YTD Change BAC UN EQUITY YTD % CHANGE

12/2012 03/yy 13.99 6.90 3'281'047.00 12.96 -7.36% 87.83% 83.64% 10'780.4 139'713.69 673'162.00 18'768.0 0.0 349'370.00 -

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

30.0 M

6 4

20.0 M

10.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 113'106.0 4'008.0 24.70x

40.0 M

Valuation Analysis

31.12.2009 31.12.2010 153'286.0 135'161.0 6'276.0 (2'238.0) 15.25x 14.70x Profitability

LTM-4Q 31.12.2011 115'373.0 1'446.0 22.58x

31.12.2012 100'078.0 4'188.0 10.29x

12.15% 3.69% 0.23% 1.64% 0.54% 0.05% 5.0% 30.46% 308.52% -

Price/ Cash Flow

LTM

03/yy 109'598.0 0.00x 0.0 0.00x 50.0 10.96x

03/yy 99'840.0 0.00x 0.0 0.00x 5'018.0 12.81x

FY+1

.0 M j-13

0.31 1.58 10'775.05 122.99 61.42% 11.91% 1.583 41 3.390 13'182'717 20'053'696 19'870'438 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 90'943.0 92'303.9 22'633.7 22'434.9 10'295.8 14'573.9 3'006.9 2'673.7 13.63x 9.74x 12.20x 11.32x S&P Issuer Ratings

29.11.2011 ANEG 29.11.2011 A-2 308.5% 74.0% 0.05 8.25 -

Sales/Revenue/Turnover

7.00

180'000.0

6.00

160'000.0 140'000.0

5.00

120'000.0

4.00

100'000.0

3.00

80'000.0 60'000.0

2.00

40'000.0

1.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Bank of America Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CITIGROUP INCORPORAT FMR LLC JP MORGAN BANK OF NEW YORK MEL CAPITAL GROUP COMPAN NORTHERN TRUST CORPO DODGE & COX GOLDMAN SACHS GROUP T ROWE PRICE ASSOCIA FAIRHOLME CAPITAL MA WELLS FARGO WELLINGTON MANAGEMEN NORGES BANK DIMENSIONAL FUND ADV ING GROEP NV GEODE CAPITAL MANAGE KOREA INVESTMENT COR

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

Portfolio Name n/a VANGUARD GROUP INC n/a n/a n/a n/a BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO DODGE & COX n/a T ROWE PRICE ASSOCIA FAIRHOLME CAPITAL MA n/a WELLINGTON MANAGEMEN NORGES BANK n/a ING GROEP NV GEODE CAPITAL MANAGE KOREA INVESTMENT COR

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

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

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

Amt Held 572'394'436 479'318'548 459'729'981 177'288'479 166'760'805 162'027'710 144'154'448 142'985'000 141'688'014 127'482'788 107'954'481 103'211'969 100'589'215 96'860'484 88'104'026 77'988'479 74'274'780 73'845'089 73'429'434 73'090'645

% Out 5.31 4.45 4.26 1.64 1.55 1.5 1.34 1.33 1.31 1.18 1 0.96 0.93 0.9 0.82 0.72 0.69 0.68 0.68 0.68

Weighting

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

Latest Chg 40'881'425 15'501'946 5'468'312 (47'924'482) 43'456'150 (84'947'864) 13'419'434 5'413'066 (2'950'541) (9'567'070) (56'129'534) 82'500 10'112'559 (54'854'608) 8'311'809 25'290'924 2'107'094 (622'600)

Target Price 15 12 14 15 16 #N/A N/A 14 12 13 18 #N/A N/A #N/A N/A 14 16 16 17 #N/A N/A #N/A N/A 16 14 13 14 12 12 14 13 16 12 14 #N/A N/A 12 13 15 13 #N/A N/A 10 #N/A N/A #N/A N/A #N/A N/A

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

File Dt 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 03.07.2013 02.07.2013 02.07.2013 02.07.2013 02.07.2013 28.06.2013 26.06.2013 26.06.2013 21.06.2013 21.06.2013 21.06.2013 20.06.2013 20.06.2013 16.06.2013 14.06.2013 12.06.2013 10.06.2013 03.06.2013 30.05.2013 24.05.2013 15.05.2013 15.05.2013 14.05.2013 13.05.2013 08.05.2013 07.05.2013 06.05.2013 06.05.2013 26.04.2013 19.04.2013 18.04.2013 18.04.2013 18.04.2013 17.04.2013 09.04.2013 26.03.2013 15.01.2013 17.10.2012 26.01.2011

05.07.2013

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

Price/Volume 80

1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (09.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAX UN EQUITY YTD Change BAX UN EQUITY YTD % CHANGE

12/2012 03/yy 73.95 53.49 123'923.00 69.35 -6.18% 29.65% 77.76% 542.0 37'584.38 5'930.00 0.0 40.0 3'270.00 40'802.37

1.0 M

30 20

.5 M

10 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

2.0 M

Valuation Analysis

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

2.5 M

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

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

31.12.2012 14'190.0 2.76x 3'533.0 11.07x 2'326.0 14.72x

3'533.00 2'821.00 19.88% 20.36% 11.71% 33.46% 19.37% 0.73% 51.5% 25.0% 20.0% 16.4% 1.95 1.20 29.08% 85.47% 6.12 2.42

Price/ Cash Flow

LTM

03/yy 13'997.0 9.80x 3'581.0 10.14x 2'242.0 13.87x

03/yy 14'250.0 10.51x 3'563.0 11.96x 2'290.0 15.87x

FY+1

.0 M j-13

2.43 0.92 540.85 4.43 31.56% 5.45% 0.917 21 4.429 901'603 762'021 801'308 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 15'463.3 16'928.5 3'703.2 3'996.7 2.77x 2.48x 11.94x 11.00x 4'231.5 4'718.4 980.4 1'064.2 9.65x 8.65x 9.27x 8.71x 2'556.6 2'819.1 619.6 642.4 14.89x 13.43x 14.51x 14.04x S&P Issuer Ratings

06.12.2012 A STABLE 24.10.2008 A-1 16.28 10.93 0.89 1.65 85.5% 45.9% 0.73 2.41 59.68 150.61 207.93 166.31

Sales/Revenue/Turnover

14.00

16'000.0

12.00

14'000.0 12'000.0

10.00

10'000.0 8.00

8'000.0 6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Baxter International Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET BARROW HANLEY MEWHIN STATE FARM MUTUAL AU BROWN BROTHERS HARRI FMR LLC T ROWE PRICE ASSOCIA INSTITUTIONAL CAPITA NORTHERN TRUST CORPO BANK OF AMERICA CORP JP MORGAN WELLS FARGO BANK OF NEW YORK MEL ABERDEEN STATE FARM MUTUAL AU UBS WELLINGTON MANAGEMEN TIAA CREF INVESTMENT

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

Portfolio Name n/a n/a VANGUARD GROUP INC n/a BARROW HANLEY MEWHIN STATE FARM MUTUAL AU BROWN BROTHERS HARRI n/a T ROWE PRICE ASSOCIA INSTITUTIONAL CAPITA NORTHERN TRUST CORPO BANK OF AMERICA n/a n/a BANK OF NEW YORK MEL n/a STATE FARM MUTUAL AU n/a WELLINGTON MANAGEMEN TIAA-CREF INVESTMENT

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

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

Recommendation Overwt/In-Line outperform outperform outperform overweight buy outperform outperform outperform hold market perform hold buy overweight buy restricted neutral hold overweight not rated not rated

Amt Held 42'234'855 28'366'681 25'747'898 25'538'072 18'049'024 13'240'194 11'242'229 11'117'995 9'118'920 9'007'804 8'596'618 8'565'433 8'393'805 8'338'413 7'424'437 7'077'362 6'718'327 5'966'299 4'891'633 4'843'197

% Out 7.79 5.23 4.75 4.71 3.33 2.44 2.07 2.05 1.68 1.66 1.59 1.58 1.55 1.54 1.37 1.31 1.24 1.1 0.9 0.89

Weighting

Change

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

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

Latest Chg (13'932'300) 849'922 475'992 106'807 (1'785'777) 72'700 (912'697) (512'471) (1'222'553) 1'051'585 99'392 177'093 2'165'142 575'004 79'795 92'310 623'787 (62'733) (1'138'215)

Target Price 81 78 77 75 81 #N/A N/A 82 72 #N/A N/A 75 #N/A N/A #N/A N/A 76 76 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A

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

File Dt 31.03.2013 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 30.04.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 02.07.2013 02.07.2013 01.07.2013 01.07.2013 27.06.2013 26.06.2013 12.06.2013 11.06.2013 02.06.2013 07.05.2013 07.05.2013 07.05.2013 07.05.2013 07.05.2013 19.04.2013 18.04.2013 18.04.2013 03.04.2013 05.03.2013 04.12.2012 16.10.2009

05.07.2013

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

Price/Volume 35

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.05.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/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 BK UN EQUITY YTD Change BK UN EQUITY YTD % CHANGE

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

2.0 M

1.0 M

5 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

3.0 M

12/2012 03/yy 30.84 20.13 326'791.00 29.02 -5.84% 44.16% 78.43% 1'160.6 33'681.97 62'098.00 1'068.0 1'011.0 145'340.00 -

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

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

31.12.2012 15'089.0 2'445.0 11.09x

26.53% 22.69% 0.48% 4.40% 1.69% 0.05% 16.8% 17.30% 175.60% -

Price/ Cash Flow

LTM

03/yy 15'370.0 0.00x 0.0 0.00x 2'510.0 11.03x

03/yy 15'005.0 0.00x 0.0 0.00x 1'573.0 12.28x

FY+1

.0 M j-13

1.79 1.33 1'152.55 10.92 32.68% 14.07% 1.328 28 3.214 2'048'041 1'673'813 1'485'151 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 14'743.4 15'396.1 3'727.0 3'701.2 2'461.9 2'799.5 666.1 670.9 12.89x 11.38x 12.54x 12.18x S&P Issuer Ratings

29.11.2011 A+ NEG 29.11.2011 A-1 175.6% 62.4% 0.05 8.99 -

Sales/Revenue/Turnover

70.00

18'000.0

60.00

16'000.0 14'000.0

50.00

12'000.0

40.00

10'000.0

30.00

8'000.0 6'000.0

20.00

4'000.0

10.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Bank of New York Mellon Corp/The Holdings By:

All

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

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

Portfolio Name DAVIS SELECTED ADVIS n/a n/a DODGE & COX VANGUARD GROUP INC n/a SOUTHEASTERN ASSET M FIDUCIARY MANAGEMENT FIRST EAGLE INVESTME CI INVESTMENTS INC n/a LONGVIEW PARTNERS (G NORTHERN TRUST CORPO n/a ARTISAN PARTNERS LP MAGELLAN ASSET MANAG BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA n/a THIRD AVENUE MANAGEM

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

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

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

Amt Held 90'882'620 69'231'992 63'782'833 60'547'154 52'181'793 50'497'239 43'932'417 26'830'128 24'450'290 19'385'000 18'939'115 17'533'891 16'596'588 15'774'800 13'716'297 11'728'073 11'287'780 10'861'899 10'097'313 9'570'525

% Out 7.83 5.96 5.5 5.22 4.5 4.35 3.79 2.31 2.11 1.67 1.63 1.51 1.43 1.36 1.18 1.01 0.97 0.94 0.87 0.82

Weighting

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

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 (4'003'582) (69'182) 3'066'473 (1'313'141) (14'336) (618'431) (1'075'306) 160'172 41'600 (694'800) 316'050 470'458 (330'363) 564'750 6'081'149 (230'785) (322'614) (147'904) (720'305)

Target Price 27 29 33 31 30 28 30 30 #N/A N/A 31 33 31 26 33 30 #N/A N/A 35 26 25 #N/A N/A 28 32 33 #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 04.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Hedge Fund Manager

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

Date 03.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 26.06.2013 26.06.2013 24.06.2013 21.06.2013 20.06.2013 10.06.2013 05.06.2013 04.06.2013 21.05.2013 10.05.2013 02.05.2013 19.04.2013 19.04.2013 18.04.2013 18.04.2013 17.04.2013 17.04.2013 08.03.2013 18.10.2012

05.07.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.06.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (7/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 BMY UN EQUITY YTD Change BMY UN EQUITY YTD % CHANGE

12/2012 03/yy 49.57 30.64 244'869.00 44.02 -11.26% 43.67% 66.98% 1'642.6 72'305.14 7'394.00 0.0 15.0 6'352.00 74'464.14

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

8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

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

31.12.2009 31.12.2010 18'808.0 19'484.0 2.10x 2.07x 5'646.0 6'722.0 7.01x 6.01x 10'612.0 3'102.0 13.65x 12.26x Profitability

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

31.12.2012 17'621.0 3.07x 4'771.0 11.36x 1'960.0 16.38x

4'771.00 4'090.00 23.21% 13.28% 4.29% 9.79% 0.47% 73.8% 22.3% 17.9% 11.1% 1.15 0.71 20.60% 54.28% 4.68 2.69

Price/ Cash Flow

LTM

03/yy 21'484.0 9.23x 7'724.0 6.93x 3'824.0 11.56x

03/yy 16'201.0 14.58x 3'610.0 19.25x 1'468.0 24.66x

FY+1

.0 M j-13

3.13 0.64 1'640.10 33.68 30.87% 38.78% 0.641 22 3.545 2'968'257 2'973'886 2'537'586 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 16'418.4 17'773.4 4'075.6 4'080.5 4.77x 4.39x 4'146.8 4'938.4 981.0 963.0 17.87x 15.01x 2'968.3 3'471.4 731.2 763.7 24.17x 20.51x 23.12x 22.88x S&P Issuer Ratings

06.09.2006 A+ STABLE 31.05.2012 A-1+ 26.21 23.20 0.59 2.19 54.3% 35.2% 0.47 3.32 77.96 135.89 173.41 11.53

Sales/Revenue/Turnover

20.00

25'000.0

18.00

20'000.0

16.00 14.00

15'000.0

12.00 10.00

10'000.0

8.00 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

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

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

05.07.2013

Bristol-Myers Squibb Co Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET WELLINGTON MANAGEMEN NORTHERN TRUST CORPO AMERIPRISE FINANCIAL BANK OF NEW YORK MEL JP MORGAN MARSICO CAPITAL MANA MORGAN STANLEY INVESCO LTD BANK OF AMERICA CORP JENNISON ASSOCIATES LOOMIS SAYLES & COMP RENAISSANCE TECHNOLO NORGES BANK T ROWE PRICE ASSOCIA MANAGED ACCOUNT ADVI GEODE CAPITAL MANAGE

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

Portfolio Name n/a n/a VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN NORTHERN TRUST CORPO AMERIPRISE FINANCIAL BANK OF NEW YORK MEL n/a MARSICO CAPITAL MANA n/a n/a BANK OF AMERICA JENNISON ASSOCIATES LOOMIS SAYLES & CO L RENAISSANCE TECHNOLO NORGES BANK T ROWE PRICE ASSOCIA MANAGED ACCOUNT ADVI GEODE CAPITAL MANAGE

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

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

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

Amt Held 156'463'554 107'308'870 75'687'497 67'337'668 40'450'429 27'866'720 26'110'337 25'494'507 18'884'522 18'753'434 18'442'773 18'159'382 17'987'881 15'404'880 15'189'287 14'115'900 13'547'101 12'612'269 11'870'665 11'076'442

% Out 9.53 6.53 4.61 4.1 2.46 1.7 1.59 1.55 1.15 1.14 1.12 1.11 1.1 0.94 0.92 0.86 0.82 0.77 0.72 0.67

Weighting

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

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

Latest Chg 11'679'882 5'976'238 2'435'470 102'788 6'866'906 (2'125'881) 796'121 928'900 9'101'376 7'645'445 (776'242) (2'057'463) 3'897'592 1'849'414 (165'810) 853'400 9'362 1'330'604 151'188

Target Price 45 55 48 #N/A N/A 55 #N/A N/A #N/A N/A 53 50 55 29 36 35 #N/A N/A 46 #N/A N/A 42 42 36 32 26

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

File Dt Inst Type 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 02.07.2013 01.07.2013 01.07.2013 27.06.2013 27.06.2013 21.06.2013 20.06.2013 11.06.2013 04.06.2013 03.06.2013 03.06.2013 31.05.2013 16.05.2013 16.05.2013 02.05.2013 25.04.2013 25.04.2013 25.04.2013 10.04.2013 05.04.2012 31.01.2012

05.07.2013

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

Price/Volume 140

12.0 M

120

10.0 M

100

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.06.2013) 52-Week Low (01.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BRK/B UN EQUITY YTD Change BRK/B UN EQUITY YTD % CHANGE

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

1.20

4.0 M

2.0 M

20 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

.0 M j-13

j-13

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

6.0 M

12/2012 03/yy 115.97 82.12 330'123.00 113.43 -2.23% 38.13% 90.13% 1'128.4 279'644.16 62'736.00 0.0 3'941.0 186'759.00 148'647.16

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

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

31.12.2012 162'463.0 0.62x 29'524.0 3.39x 14'824.0 29'524.00 24'378.00 15.01% 13.69% 3.86% 8.81% 7.27% 0.39% 23.5% 19.0% 15.9% 9.1% 1.49 1.43 14.68% 33.43% 4.71 13.58

LTM

03/yy 03/yy 148'115.0 168'183.0 2.37x 2.51x 24'862.0 31'989.0 3.63x 3.93x 11'988.0 16'471.0 0.00x 0.00x

0.87 1'041.61 15.16 35.39% 26.45% 0.868 3 3.000 1'154'413 1'642'148 1'523'452

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

S&P Issuer Ratings

AA NEG 13.78 9.22 -4.22 1.98 33.4% 24.7% 0.39 1.61 77.46 26.87 95.18 3.83

Sales/Revenue/Turnover

180'000.0 160'000.0

1.00 0.80

140'000.0 120'000.0 100'000.0

0.60

80'000.0 60'000.0

0.40 0.20

40'000.0 20'000.0 0.0

0.00

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

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

05.07.2013

Berkshire Hathaway Inc Holdings By:

All

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

Firm Name Barclays S&P Capital IQ EVA Dimensions

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

Analyst JAY H GELB CATHY SEIFERT AUSTIN BURKETT

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

Recommendation overweight hold underweight

Amt Held 80'831'373 80'831'373 80'574'523 74'358'654 60'047'926 21'622'285 18'831'232 17'522'564 12'340'120 10'892'685 9'439'478 7'785'571 7'326'012 7'139'684 7'137'480 6'213'812 6'047'922 5'986'359 5'686'674 5'542'607

% Out 7.16 7.16 7.14 6.59 5.32 1.92 1.67 1.55 1.09 0.97 0.84 0.69 0.65 0.63 0.63 0.55 0.54 0.53 0.5 0.49

Weighting

Change 5 3 1

M M U

Latest Chg (6'250'000) 3'504'853 (1'469'863) 5'117'354 830'354 955'203 (775'887) 279'959 425'906 149'829 2'539'485 (1'420'308) 505'029 74'052 (1'432'053) (56'235) 289'699 252'209 (464'600)

Target Price 131 116 #N/A N/A

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

File Dt Inst Type 31.03.2013 Endowment 31.03.2013 Endowment 03.07.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Pension Fund (ERISA)

Date Not Provided Not Provided Not Provided

Date 01.07.2013 14.06.2013 05.03.2013

05.07.2013

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

Price/Volume

20.0 M 15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/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 C UN EQUITY YTD Change C UN EQUITY YTD % CHANGE

12/2012 03/yy 53.56 24.91 1'160'618.00 48.09 -10.27% 93.05% 79.44% 3'042.9 146'332.33 623'537.00 2'562.0 1'948.0 36'453.00 751'611.32

10.0 M

5.0 M

10 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

25.0 M

50 40

Valuation Analysis

31.12.2008 104'349.0 8.56x 37'722.0 23.69x (27'684.0) -

31.12.2009 31.12.2010 108'006.0 111'697.0 7.34x 7.58x 61'666.0 66'021.0 12.86x 12.82x (1'606.0) 10'602.0 12.95x Profitability

LTM-4Q 31.12.2011 102'587.0 6.95x 53'554.0 13.31x 11'067.0 7.37x

31.12.2012 90'708.0 7.84x 30'978.0 22.97x 7'541.0 9.87x

30'978.00 11.31% 8.75% 0.44% 4.52% 0.99% 0.05% 34.4% 8.3% 33.44% 334.36% -

Price/ Cash Flow

LTM

03/yy 101'804.0 31.62x 49'778.0 16.37x 10'999.0 10.02x

03/yy 90'629.0 32.34x 31'164.0 23.74x 8'418.0 10.70x

FY+1

.0 M j-13

0.08 1.78 2'923.84 41.85 74.12% 21.62% 1.778 37 4.216 5'278'466 6'894'616 6'521'898 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 79'206.3 81'194.9 19'688.5 19'549.1 14'554.1 16'504.9 3'554.3 3'525.3 10.03x 8.79x 9.72x 9.41x S&P Issuer Ratings

29.11.2011 ANEG 29.11.2011 A-2 19.26 20.26 334.4% 76.6% 0.05 -

Sales/Revenue/Turnover

120.00

180'000.0 160'000.0

100.00

140'000.0 120'000.0

80.00

100'000.0 60.00

80'000.0 60'000.0

40.00

40'000.0 20.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Citigroup Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET GOVT OF SINGAPORE IN FMR LLC CAPITAL GROUP COMPAN JP MORGAN WELLINGTON MANAGEMEN BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO FRANKLIN RESOURCES AMERIPRISE FINANCIAL NORGES BANK GOLDMAN SACHS GROUP TIAA CREF INVESTMENT DIMENSIONAL FUND ADV GEODE CAPITAL MANAGE BARROW HANLEY MEWHIN ALLIANCE BERNSTEIN

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

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

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

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

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

Amt Held 175'868'434 132'146'131 124'411'244 112'095'403 98'893'298 91'576'594 49'485'998 48'655'289 46'858'987 43'490'082 39'017'836 34'858'351 29'719'126 25'563'949 22'227'669 22'016'291 20'693'221 20'583'094 20'027'700 19'098'424

% Out 5.78 4.34 4.09 3.68 3.25 3.01 1.63 1.6 1.54 1.43 1.28 1.15 0.98 0.84 0.73 0.72 0.68 0.68 0.66 0.63

Weighting

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

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

Latest Chg 9'480'971 6'387'593 2'999'672 12'276'715 (5'104'755) (10'000'229) (164'044) 8'483'678 5'503'046 2'285'856 (39'089) 2'821'208 8'846'077 385'232 1'552'333 1'119'157 498'871 (4'136'138)

Target Price 58 51 63 60 #N/A N/A 59 #N/A N/A 55 62 57 #N/A N/A 58 54 48 59 60 #N/A N/A 58 58 57 58 56 52 42 54 52 #N/A N/A 52 53 50 #N/A N/A 52 36 #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 03.07.2013 31.03.2013 02.07.2013 31.12.2009 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 04.07.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013

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

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

Date 02.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 26.06.2013 26.06.2013 26.06.2013 20.06.2013 20.06.2013 18.06.2013 17.06.2013 13.06.2013 13.06.2013 11.06.2013 03.06.2013 30.05.2013 24.05.2013 17.05.2013 17.05.2013 16.05.2013 15.05.2013 13.05.2013 06.05.2013 24.04.2013 23.04.2013 19.04.2013 15.04.2013 15.04.2013 15.01.2013 18.12.2012 01.11.2012 16.10.2012 19.10.2011

05.07.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CAT UN EQUITY YTD Change CAT UN EQUITY YTD % CHANGE

12/2012 03/yy 99.70 78.25 235'072.00 81.5 -18.27% 4.15% 16.78% 657.7 53'602.55 10'486.00 0.0 50.0 3'306.00 60'534.55

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

6.0 M

100

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

120

31.12.2009 31.12.2010 32'396.0 42'588.0 1.28x 1.50x 2'913.0 6'259.0 14.19x 10.20x 895.0 2'700.0 29.20x 21.51x Profitability

LTM-4Q 31.12.2011 60'138.0 1.10x 9'680.0 6.86x 4'928.0 11.52x

31.12.2012 65'875.0 1.00x 11'966.0 5.51x 5'681.0 10.36x

11'966.00 9'153.00 13.89% 12.52% 5.76% 29.93% 9.67% 0.73% 27.4% 17.3% 12.8% 8.6% 1.43 0.82 44.92% 228.97% 3.41 2.93

Price/ Cash Flow

LTM

03/yy 63'170.0 4.27x 10'256.0 7.62x 5'289.0 12.76x

03/yy 63'104.0 4.08x 10'923.0 5.87x 4'975.0 11.54x

FY+1

.0 M j-13

2.48 1.29 656.11 21.44 -3.40% -8.43% 1.288 27 4.148 1'142'939 1'292'816 1'384'026 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 58'820.0 62'887.7 14'930.7 15'335.9 1.44x 1.19x 5.70x 5.54x 9'043.8 10'270.2 2'282.3 2'460.5 6.69x 5.90x 6.32x 6.08x 4'558.5 5'196.0 1'143.2 1'256.2 11.91x 10.26x 11.44x 10.99x S&P Issuer Ratings

24.06.2003 A STABLE 04.04.1995 A-1 25.62 14.75 0.63 0.96 229.0% 69.5% 0.73 4.09 106.93 124.66 59.40 161.73

Sales/Revenue/Turnover

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Caterpillar Inc Holdings By:

All

Holder Name STATE STREET BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN STATE FARM MUTUAL AU STATE FARM MUTUAL AU GATES FOUNDATION BANK OF NEW YORK MEL FMR LLC NORTHERN TRUST CORPO BANK OF AMERICA CORP NORGES BANK MORGAN STANLEY IVY MANAGEMENT INCOR GEODE CAPITAL MANAGE PRIMECAP MANAGEMENT DEUTSCHE BANK AG TIAA CREF INVESTMENT UBS WELLS FARGO

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

Portfolio Name n/a n/a VANGUARD GROUP INC n/a STATE FARM MUTUAL AU STATE FARM MUTUAL AU BILL & MELINDA FOUND BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO BANK OF AMERICA NORGES BANK n/a IVY INVESTMENT MANAG GEODE CAPITAL MANAGE PRIMECAP MANAGEMENT n/a TIAA-CREF INVESTMENT n/a n/a

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

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

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

Amt Held 69'777'210 34'886'211 33'563'714 33'089'879 19'707'800 13'606'971 10'260'857 10'053'520 9'618'996 9'548'071 6'393'898 5'183'052 4'591'629 4'547'260 4'429'891 4'376'127 3'357'495 3'281'619 3'152'685 3'132'518

% Out 10.61 5.3 5.1 5.03 3 2.07 1.56 1.53 1.46 1.45 0.97 0.79 0.7 0.69 0.67 0.67 0.51 0.5 0.48 0.48

Weighting

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

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

Latest Chg (1'741'369) (1'933'360) 727'036 12'581'729 660 265'505 2'449'032 235'658 389'479 32'047 (354'900) 127'057 (234'601) (343'582) (321'639) 286'463 (140'779)

Target Price 96 105 104 99 92 103 100 75 95 102 #N/A N/A #N/A N/A 97 100 126 102 96 88 100 109 #N/A N/A #N/A N/A 115

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

File Dt 02.07.2013 03.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 30.04.2013

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

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

Date 02.07.2013 02.07.2013 01.07.2013 24.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 12.06.2013 05.06.2013 21.05.2013 26.04.2013 24.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 11.03.2013 15.01.2013 25.07.2012

05.07.2013

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

Price/Volume 70

8.0 M

7.0 M

6.0 M 5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CL UN EQUITY YTD Change CL UN EQUITY YTD % CHANGE

12/2012 03/yy 62.69 50.77 201'612.00 57.39 -8.55% 13.05% 59.16% 932.7 53'529.82 5'230.00 0.0 201.0 884.00 58'201.82

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

3.0 M

2.0 M

1.0 M

0 j-12

31.12.2009 31.12.2010 15'327.0 15'564.0 2.84x 2.75x 3'966.0 3'865.0 10.97x 11.09x 2'291.0 2'203.0 18.80x 17.02x Profitability

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

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

4'314.00 3'889.00 22.76% 22.67% 17.46% 115.16% 1.28% 58.1% 24.0% 21.5% 14.5% 1.22 0.68 39.05% 238.92% 9.46 5.19

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 16'940.0 11.40x 4'292.0 11.83x 2'448.0 19.12x

d-12

03/yy 17'200.0 12.92x 4'122.0 14.49x 2'339.0 21.75x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

2.16 0.64 928.17 10.24 12.28% 11.05% 0.640 28 3.357 1'463'151 1'278'658 1'105'864 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 17'672.1 18'612.3 4'391.6 4'517.1 3.31x 3.16x 13.23x 12.84x 4'573.5 4'964.1 1'144.8 1'196.2 12.72x 11.72x 12.31x 12.08x 2'644.4 2'892.7 662.8 696.6 20.16x 18.27x 19.66x 19.20x S&P Issuer Ratings

04.05.2001 AASTABLE 04.05.2001 A-1+ 53.93 46.86 1.07 1.30 238.9% 68.6% 1.28 4.57 38.57 70.33 61.78 40.19

Sales/Revenue/Turnover

20.00

18'000.0

18.00

16'000.0

16.00

14'000.0

14.00

12'000.0

12.00

10'000.0

10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 15'330.0 2.47x 3'449.0 10.99x 1'957.0 18.73x

4.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Colgate-Palmolive Co Holdings By:

All

Holder Name STATE STREET VANGUARD GROUP INC BLACKROCK FMR LLC BANK OF NEW YORK MEL SUN LIFE FINANCIAL I GRANTHAM MAYO VAN OT NORTHERN TRUST CORPO UBS CAPITAL GROUP COMPAN JP MORGAN STATE FARM MUTUAL AU OPPENHEIMERFUNDS INC RENAISSANCE TECHNOLO MONTAG & CALDWELL IN LANSDOWNE PARTNERS L BANK OF AMERICA CORP NORGES BANK WELLS FARGO T ROWE PRICE ASSOCIA

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

Portfolio Name n/a VANGUARD GROUP INC n/a n/a BANK OF NEW YORK MEL n/a GRANTHAM MAYO VAN OT NORTHERN TRUST CORPO n/a n/a n/a STATE FARM MUTUAL AU OPPENHEIMER FUNDS IN RENAISSANCE TECHNOLO MONTAG & CALDWELL IN LANSDOWNE PARTNERS L BANK OF AMERICA NORGES BANK n/a T ROWE PRICE ASSOCIA

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

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

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

Amt Held 71'305'318 48'140'406 47'512'850 43'641'720 24'319'594 18'225'122 14'037'182 12'983'276 10'869'704 10'113'650 9'950'190 8'451'000 8'364'360 8'318'800 7'840'454 7'831'496 7'773'276 7'617'896 7'578'616 7'147'788

% Out 7.64 5.16 5.09 4.68 2.61 1.95 1.5 1.39 1.17 1.08 1.07 0.91 0.9 0.89 0.84 0.84 0.83 0.82 0.81 0.77

Weighting

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

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

Latest Chg (4'080) (1'618'508) 1'338'698 (4'032'304) (115'524) (284'638) 334 224'266 646'710 (2'351'400) (86'494) (366'980) 1'970'800 (155'596) 959'742 134'240 (161'124) (478'312)

Target Price 63 #N/A N/A 63 52 59 61 61 63 61 #N/A N/A #N/A N/A 63 #N/A N/A #N/A N/A 63 68 #N/A N/A 58 #N/A N/A 66 61 #N/A N/A 61 58 52

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

File Dt Inst Type 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Unclassified 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Insurance Company 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Government 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 03.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 28.06.2013 27.06.2013 26.06.2013 24.06.2013 19.06.2013 14.06.2013 11.06.2013 20.05.2013 20.05.2013 16.05.2013 02.05.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.02.2013 08.02.2013 05.02.2013 25.10.2012

05.07.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/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 CMCSA UW EQUITY YTD Change CMCSA UW EQUITY YTD % CHANGE

12/2012 03/yy 43.74 31.04 898'473.00 41.57 -4.88% 33.92% 79.64% 2'129.5 108'617.42 40'458.00 0.0 17'438.0 12'415.00 152'478.42

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

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

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

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

31.12.2012 62'570.0 2.30x 19'977.0 7.21x 6'203.0 19.43x

19'977.00 12'179.00 19.46% 18.55% 4.08% 13.41% 9.84% 0.40% 68.1% 32.3% 19.8% 9.9% 1.20 1.07 24.52% 81.97% 13.35 -

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

03/yy 58'592.0 8.30x 18'979.0 7.01x 4'441.0 17.93x

03/yy 63'002.0 9.11x 20'323.0 7.60x 6'416.0 21.04x

FY+1

.0 M j-13

1.64 1.05 2'127.22 18.71 32.21% 12.27% 1.048 33 4.455 5'015'231 3'956'045 3'664'750 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 64'113.5 67'868.8 15'993.1 16'177.4 2.60x 2.43x 9.63x 9.47x 21'108.2 22'358.5 5'359.5 5'220.9 7.22x 6.82x 7.12x 7.01x 6'437.1 7'230.8 1'677.2 1'606.3 17.21x 14.95x 16.55x 16.06x S&P Issuer Ratings

14.02.2013 APOS 25.05.2004 A-2 7.92 5.66 2.09 2.32 82.0% 37.7% 0.40 2.28 27.35 67.08 -

Sales/Revenue/Turnover

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00 5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 01.01.2010

14.0 M

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

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Comcast Corp Holdings By:

All

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

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

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a DODGE & COX WELLINGTON MANAGEMEN n/a n/a DODGE & COX WORLDWID BANK OF NEW YORK MEL NORTHERN TRUST CORPO TIAA-CREF INVESTMENT BROWN BROTHERS HARRI NORGES BANK AMERIPRISE FINANCIAL n/a n/a T ROWE PRICE ASSOCIA n/a

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

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

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

Amt Held 165'112'435 151'963'101 126'224'748 110'119'110 98'721'495 64'242'735 54'433'537 49'176'022 41'839'297 38'504'049 35'046'497 34'150'901 26'167'487 23'769'674 22'993'590 21'403'264 20'048'486 20'003'833 19'697'819 18'764'948

% Out 7.75 7.14 5.93 5.17 4.64 3.02 2.56 2.31 1.96 1.81 1.65 1.6 1.23 1.12 1.08 1.01 0.94 0.94 0.93 0.88

Weighting

Change

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

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

Latest Chg (5'174'064) (296'900) 7'327'492 1'769'948 (480'781) (8'178'022) (8'817'469) (3'809'815) 2'383'701 4'920'619 766'579 (33'507) (208'774) (878'210) (47'909) (1'813'297) (4'982'070) 79'579

Target Price 56 48 46 #N/A N/A 48 50 46 47 47 48 45 45 #N/A N/A 49 #N/A N/A 43 #N/A N/A 48 43 48 48 45 48 48 49 #N/A N/A 48 49 48 46 40 #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 03.07.2013 31.03.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 03.07.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013

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

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

Date 05.07.2013 02.07.2013 28.06.2013 26.06.2013 24.06.2013 24.06.2013 16.06.2013 14.06.2013 14.06.2013 13.06.2013 12.06.2013 12.06.2013 12.06.2013 17.05.2013 16.05.2013 16.05.2013 10.05.2013 07.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 13.02.2013 26.01.2011

05.07.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.07.2013) 52-Week Low (01.03.2013) Daily Volume Current Price (7/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 COF UN EQUITY YTD Change COF UN EQUITY YTD % CHANGE

12/2012 03/yy 64.69 50.28 95'442.00 64.59 -0.29% 28.46% 94.66% 584.2 37'731.07 51'158.00 0.0 0.0 11'058.00 69'332.07

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 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

31.12.2009 31.12.2010 15'950.0 19'067.0 1.87x 2.94x 9'877.2 11'715.0 3.02x 4.78x 884.0 2'743.0 16.30x 6.37x Profitability

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

31.12.2012 23'177.0 3.19x 9'014.0 8.19x 3'517.0 9.28x

9'014.00 22.96% 21.72% 1.07% 8.02% 4.23% 0.08% 38.6% 15.2% 16.35% 126.32% -

Price/ Cash Flow

LTM

03/yy 18'737.0 10.11x 9'229.0 3.83x 3'534.0 8.75x

03/yy 24'303.0 11.01x 9'371.0 6.80x 3'180.0 9.11x

FY+1

.0 M j-13

0.31 1.22 579.12 8.03 18.12% 12.16% 1.218 35 4.343 840'388 940'621 1'003'061 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 22'093.7 21'935.6 5'519.0 5'588.7 3'942.2 3'806.0 1'005.2 999.2 9.79x 9.65x 10.06x 10.08x S&P Issuer Ratings

17.06.2009 BBB NEG 3.37 4.09 126.3% 55.8% 0.08 7.15 -

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

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

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

05.07.2013

Capital One Financial Corp Holdings By:

All

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

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

Portfolio Name DODGE & COX n/a DODGE & COX WORLDWID n/a VANGUARD GROUP INC n/a n/a BARROW HANLEY MEWHIN n/a T ROWE PRICE ASSOCIA VIKING GLOBAL INVEST INSTITUTIONAL CAPITA HARRIS ASSOC LP ROBECO INVESTMENT MA BANK OF NEW YORK MEL NORTHERN TRUST CORPO HOTCHKIS AND WILEY n/a LORD ABBETT & CO LLC LONE PINE CAPITAL LL

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

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

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

Amt Held 48'608'415 38'525'873 29'415'832 28'768'392 25'586'122 25'145'007 22'507'505 21'321'488 15'676'344 12'223'385 10'833'760 9'860'053 9'570'380 7'906'389 7'622'118 7'575'730 7'450'892 6'151'810 5'722'174 5'079'222

% Out 8.32 6.6 5.04 4.92 4.38 4.3 3.85 3.65 2.68 2.09 1.85 1.69 1.64 1.35 1.3 1.3 1.28 1.05 0.98 0.87

Weighting

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

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 U M

Latest Chg 53'812 6'345'964 (2'846'093) 810'746 1'362'678 10'692'407 696'503 5'817'709 1'203'893 (2'834'834) 509'554 1'530'057 1'811'832 (683'457) 25'683 4'440'797 4'422'017 (213'439) 645'772

Target Price 70 63 65 65 76 67 70 72 67 #N/A N/A 65 60 68 60 63 #N/A N/A 69 69 60 #N/A N/A 63 68 #N/A N/A 65 #N/A N/A 60 56 #N/A N/A 57 68 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager

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

Date 02.07.2013 02.07.2013 02.07.2013 02.07.2013 02.07.2013 02.07.2013 01.07.2013 28.06.2013 24.06.2013 21.06.2013 18.06.2013 17.06.2013 17.06.2013 17.06.2013 17.06.2013 17.06.2013 24.05.2013 21.05.2013 17.05.2013 16.05.2013 15.05.2013 10.05.2013 30.04.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 08.03.2013 04.02.2013 18.10.2012

05.07.2013

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

Price/Volume 70

8.0 M

7.0 M

6.0 M 5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (7/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 COP UN EQUITY YTD Change COP UN EQUITY YTD % CHANGE

12/2012 03/yy 64.77 52.84 260'493.00 61.74 -4.57% 16.84% 75.45% 1'222.7 75'487.10 21'725.00 0.0 440.0 3'618.00 92'149.10

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

3.0 M

2.0 M

1.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

4.0 M

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

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

31.12.2012 57'967.0 1.54x 19'396.0 4.60x 8'428.0 10.60x

19'396.00 12'816.00 22.11% 26.61% 5.44% 13.23% 9.64% 0.42% 27.3% 34.4% 22.9% 14.5% 1.38 0.72 18.55% 45.27% 4.80 39.78

Price/ Cash Flow

LTM

03/yy 64'230.0 7.03x 20'695.0 5.84x 12'345.0 12.18x

03/yy 58'243.0 6.17x 20'040.0 4.50x 7'630.0 10.71x

FY+1

.0 M j-13

7.48 0.98 1'220.31 24.79 14.49% 8.81% 0.979 26 3.615 1'374'326 1'723'508 1'698'458 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 50'237.1 52'170.5 11'548.1 11'680.6 1.76x 1.71x 7.74x 7.82x 21'744.4 23'576.2 5'016.7 5'023.4 4.24x 3.91x 4.37x 4.29x 6'880.9 7'811.0 1'541.1 1'633.7 11.21x 9.97x 11.02x 10.51x S&P Issuer Ratings

07.02.2012 A STABLE 07.02.2012 A-1 14.65 3.95 0.81 1.08 45.3% 31.0% 0.42 0.73 76.07 9.18 125.13 -30.26

Sales/Revenue/Turnover

6.00

250'000.0

5.00

200'000.0

4.00

150'000.0

3.00

100'000.0 2.00

50'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

ConocoPhillips Holdings By:

All

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

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

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

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

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

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

Amt Held 73'418'110 56'668'755 54'773'394 51'094'482 25'696'739 24'123'911 22'968'900 21'672'160 21'452'195 18'451'657 15'722'388 11'119'986 10'235'079 10'126'106 9'343'737 9'078'430 8'905'301 8'851'703 8'462'585 8'296'045

% Out 6 4.63 4.48 4.18 2.1 1.97 1.88 1.77 1.75 1.51 1.29 0.91 0.84 0.83 0.76 0.74 0.73 0.72 0.69 0.68

Weighting

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

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

Latest Chg 2'241'785 2'100'148 6'268'067 (125'842) 8'632'468 359'043 8'945'713 382'162 829'790 418'657 289'253 493'057 (2'319) (161'396) 127'055 45'400 (1'327'666) 206'915

Target Price 64 61 #N/A N/A #N/A N/A 70 64 65 68 62 80 #N/A N/A #N/A N/A #N/A N/A 65 70 70 64 #N/A N/A 72 64 63 58 64

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

File Dt Inst Type 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 03.07.2013 03.07.2013 02.07.2013 28.06.2013 21.06.2013 18.06.2013 17.06.2013 13.06.2013 06.06.2013 05.06.2013 31.05.2013 16.05.2013 01.05.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 16.04.2013 12.04.2013 19.03.2013 31.01.2013 31.01.2013

05.07.2013

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

Price/Volume 140

3.0 M

120

2.5 M

100

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COST UW EQUITY YTD Change COST UW EQUITY YTD % CHANGE

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

1.0 M

.5 M

20 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

1.5 M

08/2012 05/yy 115.75 86.96 97'054.00 111.21 -3.98% 27.89% 83.19% 436.7 48'563.65 1'382.00 0.0 157.0 4'854.00 47'115.65

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

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

31.08.2012 99'137.0 0.39x 3'667.0 10.64x 1'709.0 24.82x 3'667.00 2'759.00 2.78% 2.79% 7.02% 17.62% 14.08% 3.63% 12.4% 3.8% 2.9% 1.7% 1.10 0.48 5.09% 11.18% 97.48 12.50

Price/ Cash Flow

LTM

FY+1

.0 M j-13

7.56 0.75 432.50 5.49 27.58% 13.21% 0.753 30 3.967 426'326 612'915 616'488 FY+2

FQ+1

FQ+2

05/yy 05/yy 08/13 Y 08/14 Y 08/13 Q4 11/13 Q1 95'097.0 104'887.0 105'805.6 115'043.3 33'011.6 25'655.7 1.35x 1.60x 0.46x 0.42x 1.49x 1.95x 3'465.0 3'991.0 4'043.3 4'480.9 1'299.1 959.0 9.27x 11.67x 11.65x 10.51x 10.84x 10.48x 1'578.0 2'031.0 2'009.6 2'208.2 642.1 462.0 22.76x 24.56x 24.36x 22.03x 22.83x 21.99x S&P Issuer Ratings Long-Term Rating Date 28.11.2012 Long-Term Rating A+ Long-Term Outlook STABLE Short-Term Rating Date 28.11.2012 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 34.92 (EBITDA-Capex)/Interest Exp. 20.83 Net Debt/EBITDA -0.41 Total Debt/EBITDA 1.22 Reference Total Debt/Equity 11.2% Total Debt/Capital 9.9% Asset Turnover 3.63 Net Fixed Asset Turnover 8.02 Accounts receivable turnover-days 3.81 Inventory Days 29.68 Accounts Payable Turnover Day 30.32 Cash Conversion Cycle 3.64 Sales/Revenue/Turnover

16.00

120'000.0

14.00

100'000.0

12.00

80'000.0

10.00 8.00

60'000.0

6.00

40'000.0

4.00

20'000.0 2.00 0.00 04.09.2009

0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

04.03.2013

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

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

05.07.2013

Costco Wholesale Corp Holdings By:

All

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

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

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

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

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

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

Amt Held 46'424'255 21'671'006 20'160'182 17'719'728 14'112'778 13'348'499 9'849'099 7'993'064 6'102'171 5'864'911 5'510'453 4'898'766 4'840'884 4'623'371 4'427'681 4'333'363 4'078'263 3'498'771 3'455'194 3'327'576

% Out 10.63 4.96 4.62 4.06 3.23 3.06 2.26 1.83 1.4 1.34 1.26 1.12 1.11 1.06 1.01 0.99 0.93 0.8 0.79 0.76

Weighting

Change

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

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

Latest Chg (1'142'400) (3'954'786) 690'828 28'351 (1'205'940) (198'268) 876'243 158'518 244'823 (163'845) (139'469) (236'414) 495'350 244'538 (118'686) 219'079 357'436 263'860

Target Price 65 115 107 121 130 126 #N/A N/A #N/A N/A 105 #N/A N/A 125 116 120 125 117 115 98 123 101 111 116 115 #N/A N/A 105 116 110 #N/A N/A #N/A N/A

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

File Dt 31.03.2013 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 03.07.2013 31.03.2013 31.05.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 05.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 28.06.2013 24.06.2013 21.06.2013 21.06.2013 19.06.2013 13.06.2013 11.06.2013 06.06.2013 06.06.2013 06.06.2013 06.06.2013 06.06.2013 06.06.2013 04.06.2013 03.06.2013 31.05.2013 30.05.2013 30.05.2013 30.05.2013 30.05.2013 30.05.2013 13.03.2013 27.02.2013

05.07.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.06.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CSCO UW EQUITY YTD Change CSCO UW EQUITY YTD % CHANGE

07/2012 04/yy 24.98 14.97 3'199'471.00 24.3 -2.56% 62.38% 96.11% 5'344.3 129'867.36 16'328.00 0.0 15.0 48'716.00 98'737.36

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

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 j-12

31.07.2009 31.07.2010 36'117.0 40'040.0 2.82x 2.64x 9'153.0 11'194.0 11.13x 9.46x 6'134.0 7'767.0 20.17x 17.07x Profitability

LTM-4Q 31.07.2011 43'218.0 1.37x 10'959.0 5.39x 6'490.0 13.03x

31.07.2012 46'061.0 1.10x 12'971.0 3.91x 8'041.0 9.80x 12'971.00 10'369.00 22.51% 22.06% 10.23% 17.81% 14.43% 0.51% 61.2% 28.2% 22.8% 17.5% 3.49 3.20 17.79% 31.84% 5.80 12.61

Price/ Cash Flow

s-12

o-12

n-12

LTM

04/yy 45'566.0 6.19x 12'632.0 5.98x 7'356.0 14.72x

d-12

04/yy 47'880.0 5.75x 13'483.0 5.84x 9'630.0 12.72x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

2.18 1.00 5'334.68 59.50 45.97% 25.53% 0.998 51 4.353 9'383'306 10'948'011 11'023'756 FY+2

FQ+1

FQ+2

07/13 Y 07/14 Y 07/13 Q4 10/13 Q1 48'590.9 51'210.1 12'395.5 12'444.0 1.99x 1.82x 7.67x 7.55x 15'193.6 15'645.5 3'829.0 3'767.0 6.52x 6.33x 6.42x 6.33x 10'795.9 11'263.9 2'742.0 2'714.4 12.11x 11.48x 11.72x 11.51x S&P Issuer Ratings

10.02.2006 A+ STABLE 31.01.2011 A-1+ 21.76 19.87 -2.31 1.21 31.8% 24.1% 0.51 13.75 62.75 28.86 18.13 77.17

Sales/Revenue/Turnover

20.00

50'000.0

18.00

45'000.0

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00 8.00

25'000.0 20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 31.07.2009

a-12

Fiscal Year Ended 31.07.2008 39'540.0 2.86x 11'189.0 10.09x 8'052.0 16.14x

0.0 31.01.2010

31.07.2010

31.01.2011

31.07.2011

31.01.2012

31.07.2012

31.01.2013

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

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

05.07.2013

Cisco Systems Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET WELLINGTON MANAGEMEN BANK OF NEW YORK MEL INVESCO LTD JP MORGAN FRANKLIN RESOURCES NORTHERN TRUST CORPO FMR LLC T ROWE PRICE ASSOCIA GRANTHAM MAYO VAN OT YACKTMAN ASSET MANAG AMERIPRISE FINANCIAL TIAA CREF INVESTMENT NORGES BANK FIRST EAGLE INVESTME LAZARD ASSET MANAGEM DEUTSCHE BANK AG ALLIANZ ASSET MANAGE

Firm Name Topeka Capital Markets Inc JPMorgan Deutsche Bank Wells Fargo Securities, LLC Piper Jaffray FBR Capital Markets Independent Research GmbH JMP Securities Morgan Stanley Jefferies Pacific Crest Securities Robert W. Baird & Co William Blair & Co Raymond James Stifel Lazard Capital Markets The Juda Group RBC Capital Markets Janney Montgomery Scott LLC Needham & Co Wedbush Evercore Partners Oppenheimer & Co ISI Group Nomura Barclays BMO Capital Markets Cowen and Company Edward Jones Argus Research Corp ACI Research NYKREDIT Daiwa Securities Co. Ltd. Sterne, Agee & Leach Ameriprise Advisor Services, Inc Berenberg Bank Goldman Sachs Wunderlich Securities S&P Capital IQ MKM Partners Northland Securities Inc FBN Securities Tigress Financial Partners

Portfolio Name n/a VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN BANK OF NEW YORK MEL n/a n/a n/a NORTHERN TRUST CORPO n/a T ROWE PRICE ASSOCIA GRANTHAM MAYO VAN OT YACKTMAN ASSET MANAG AMERIPRISE FINANCIAL TIAA-CREF INVESTMENT NORGES BANK FIRST EAGLE INVESTME n/a n/a n/a

Analyst BRIAN J WHITE ROD HALL BRIAN T MODOFF JESS L LUBERT TROY D JENSEN SCOTT S THOMPSON MARKUS FRIEBEL ERIK SUPPIGER EHUD A GELBLUM GEORGE C NOTTER BRENT A BRACELIN JAYSON NOLAND SR JASON NOAH ADER SIMON M LEOPOLD SANJIV R WADHWANI RYAN HUTCHINSON NATARAJAN SUBRAHMANYAN MARK SUE WILLIAM CHOI ALEXANDER HENDERSON ROHIT CHOPRA MARK A MCKECHNIE ITTAI KIDRON BRIAN MARSHALL STUART JEFFREY BENJAMIN A REITZES TIMOTHY P LONG PAUL SILVERSTEIN WILLIAM C KREHER JAMES KELLEHER EDWARD A ZABITSKY MICHAEL DROSCHNER JORGENSEN YOKO YAMADA ALEX KURTZ JUSTIN H BURGIN ADNAAN AHMAD SIMONA JANKOWSKI MATTHEW S ROBISON JAMES G MOORMAN MICHAEL GENOVESE CATHARINE TREBNICK SHEBLY SEYRAFI IVAN FEINSETH

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

Recommendation buy underweight buy outperform overweight market perform buy market perform Overwt/Attractive hold outperform outperform outperform outperform buy neutral buy outperform neutral hold outperform equalweight outperform cautious buy overweight outperform outperform hold buy sell outperform outperform buy buy sell Buy/Neutral buy buy buy outperform outperform neutral

Amt Held 285'699'560 248'500'974 231'945'441 224'204'515 120'991'753 101'584'228 94'877'178 86'807'571 85'516'392 81'881'343 77'549'877 62'486'663 52'439'220 46'236'225 44'659'307 43'095'418 42'112'414 41'609'629 38'981'530 38'678'910

% Out 5.35 4.65 4.34 4.2 2.26 1.9 1.78 1.62 1.6 1.53 1.45 1.17 0.98 0.87 0.84 0.81 0.79 0.78 0.73 0.72

Weighting

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

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

Latest Chg 8'851'883 15'936'699 4'683'906 40'410'203 8'008'876 (2'683'669) (3'464'088) 4'636'884 8'020'372 3'322'967 7'729'430 (7'941'844) (3'941) 5'849'630 2'290'349 (4'034'692) (5'170'786) 1'460'755 2'407'895

Target Price 29 18 26 #N/A N/A 28 19 29 #N/A N/A 24 22 28 28 #N/A N/A 26 28 #N/A N/A 27 25 22 #N/A N/A 26 26 27 #N/A N/A 27 28 27 32 #N/A N/A 29 18 #N/A N/A 26 26 #N/A N/A 16 28 26 28 28 26 27 #N/A N/A

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

File Dt Inst Type 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Hedge Fund Manager 31.03.2013 Unclassified 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor

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

Date 05.07.2013 02.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 28.06.2013 28.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 25.06.2013 25.06.2013 19.06.2013 13.06.2013 12.06.2013 07.06.2013 05.06.2013 30.05.2013 23.05.2013 21.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.04.2013

05.07.2013

CVS Caremark Corp CVS Caremark Corporation is an integrated pharmacy health care provider. The Company's offerings include pharmacy benefit management services, mail order, retail and specialty pharmacy, disease management programs, and retail clinics. The company operates drugstores throughout the U.S., the District of Columbia, and Puerto Rico.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (07.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CVS UN EQUITY YTD Change CVS UN EQUITY YTD % CHANGE

12/2012 03/yy 60.70 43.65 208'631.00 58.1 -4.33% 33.10% 85.92% 1'224.4 71'137.21 9'828.00 0.0 0.0 1'380.00 79'245.21

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 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 87'471.9 0.59x 7'320.4 7.10x 3'212.1 11.78x

31.12.2009 31.12.2010 98'729.0 95'778.0 0.56x 0.59x 7'827.0 7'606.0 7.02x 7.37x 3'696.0 3'427.0 12.58x 13.96x Profitability

LTM-4Q 31.12.2011 107'100.0 0.57x 7'898.0 7.79x 3'461.0 15.58x

31.12.2012 123'133.0 0.55x 8'981.0 7.57x 3'877.0 15.08x

8'981.00 7'228.00 5.87% 5.14% 6.14% 10.64% 9.24% 1.86% 18.3% 7.6% 6.1% 3.1% 1.44 0.57 14.91% 26.07% 19.32 9.41

Price/ Cash Flow

LTM

FY+1

.0 M j-13

1.23 0.78 1'221.84 11.39 23.34% 21.15% 0.782 26 4.808 1'599'177 1'496'919 1'448'921 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 112'203.0 123'098.0 125'697.6 130'862.3 31'149.2 31'207.0 2.13x 2.27x 0.63x 0.60x 2.55x 2.56x 8'046.0 9'355.0 9'898.9 10'521.1 2'401.9 2'411.0 8.06x 8.09x 8.00x 7.53x 7.88x 7.77x 3'524.0 4'057.0 4'697.2 5'063.5 1'134.7 1'133.9 16.54x 16.22x 14.74x 13.13x 14.26x 13.91x S&P Issuer Ratings Long-Term Rating Date 23.03.2007 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date 29.04.2004 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 15.22 (EBITDA-Capex)/Interest Exp. 11.78 Net Debt/EBITDA 0.87 Total Debt/EBITDA 1.03 Reference Total Debt/Equity 26.1% Total Debt/Capital 20.7% Asset Turnover 1.86 Net Fixed Asset Turnover 14.42 Accounts receivable turnover-days 18.89 Inventory Days 38.77 Accounts Payable Turnover Day 19.60 Cash Conversion Cycle 39.40 Sales/Revenue/Turnover

16.00

140'000.0

14.00

120'000.0

12.00

100'000.0

10.00

80'000.0

8.00

60'000.0

6.00

40'000.0

4.00

20'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

CVS Caremark Corp Holdings By:

All

Holder Name BLACKROCK FMR LLC VANGUARD GROUP INC STATE STREET WELLINGTON MANAGEMEN DAVIS SELECTED ADVIS FRANKLIN RESOURCES CAPITAL GROUP COMPAN ABERDEEN SUN LIFE FINANCIAL I NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA LAZARD ASSET MANAGEM DIMENSIONAL FUND ADV JP MORGAN NORGES BANK INVESCO LTD MACKAY SHIELDS LLC AMERIPRISE FINANCIAL

Firm Name BMO Capital Markets Raymond James Lazard Capital Markets Susquehanna Financial Group Edward Jones Mizuho Securities USA Inc Wolfe Research ISI Group Morgan Stanley William Blair & Co Wells Fargo Securities, LLC RBC Capital Markets Credit Suisse JPMorgan Cantor Fitzgerald Goldman Sachs Argus Research Corp SunTrust Robinson Humphrey Macquarie Barclays Guggenheim Securities LLC S&P Capital IQ EVA Dimensions

Portfolio Name n/a n/a VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN DAVIS SELECTED ADVIS n/a n/a n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA n/a n/a n/a NORGES BANK n/a Multiple Portfolios AMERIPRISE FINANCIAL

Analyst JENNIFER LYNCH JOHN W RANSOM THOMAS GALLUCCI ROBERT SUMMERS JUDSON CLARK ANN HYNES SCOTT A MUSHKIN ROSS MUKEN RICKY GOLDWASSER MARK R MILLER PETER H COSTA FRANK G MORGAN EDWARD J KELLY LISA C GILL AJAY JAIN MATTHEW J FASSLER CHRISTOPHER GRAJA DAVID G MAGEE DANE LEONE MEREDITH ADLER JOHN HEINBOCKEL JOSEPH AGNESE AUSTIN BURKETT

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

Recommendation outperform outperform buy Positive buy buy outperform buy Overwt/In-Line outperform outperform outperform outperform overweight buy neutral/neutral buy neutral outperform overweight buy strong buy buy

Amt Held 78'298'339 65'798'438 56'833'385 51'902'926 49'941'523 42'927'207 30'515'667 28'981'200 21'227'287 20'887'062 19'488'687 17'853'888 16'080'005 13'309'240 11'162'932 10'644'267 10'256'556 10'142'946 8'748'671 8'406'444

% Out 6.39 5.37 4.64 4.24 4.08 3.51 2.49 2.37 1.73 1.71 1.59 1.46 1.31 1.09 0.91 0.87 0.84 0.83 0.71 0.69

Weighting

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

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

Latest Chg 1'534'020 8'513'495 486'092 (455'268) 2'366'794 (6'111'060) (1'658'521) (7'432'222) (142'490) 2'495'212 325'138 1'958'553 1'750'080 (1'783'531) 214'426 2'018'570 479'267 638'658 (305'522)

Target Price 66 65 67 60 #N/A N/A 56 67 68 60 #N/A N/A #N/A N/A 71 62 64 65 61 66 63 66 67 60 62 #N/A N/A

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

File Dt 03.07.2013 31.03.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.12.2012 03.07.2013 30.04.2013 31.03.2013

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

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

Date 03.07.2013 01.07.2013 01.07.2013 01.07.2013 27.06.2013 24.06.2013 24.06.2013 19.06.2013 18.06.2013 14.06.2013 30.05.2013 24.05.2013 21.05.2013 17.05.2013 14.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 01.05.2013 06.02.2013 16.01.2013

05.07.2013

Chevron Corp Chevron Corporation is an integrated energy company with operations in countries located around the world. The Company produces and transports crude oil and natural gas. Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services.

Price/Volume 140

8.0 M

120

7.0 M

100

6.0 M 5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (7/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 CVX UN EQUITY YTD Change CVX UN EQUITY YTD % CHANGE

12/2012 03/yy 127.40 100.66 228'898.00 119.53 -6.22% 18.75% 68.89% 1'939.0 231'766.02 12'192.00 0.0 1'308.0 21'205.00 229'621.01

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

3.0 M

2.0 M

1.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 255'112.0 0.58x 44'538.0 3.32x 23'931.0 6.50x

4.0 M

31.12.2009 31.12.2010 159'293.0 189'607.0 0.99x 0.96x 26'432.0 38'438.0 5.94x 4.71x 10'483.0 19'024.0 14.69x 9.76x Profitability

LTM-4Q 31.12.2011 236'286.0 0.87x 51'210.0 4.02x 26'895.0 7.92x

31.12.2012 222'580.0 0.91x 48'426.0 4.19x 26'179.0 8.41x

48'426.00 35'013.00 15.73% 20.82% 11.45% 19.49% 0.96% 18.6% 21.2% 14.9% 11.8% 1.63 1.23 5.23% 8.93% 9.90 25.70

Price/ Cash Flow

LTM

FY+1

.0 M j-13

3.01 1.07 1'938.50 17.66 15.01% 12.30% 1.072 29 4.241 1'544'588 1'717'319 1'685'532 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 237'117.0 217'734.0 230'022.0 227'252.1 54'642.0 55'405.5 3.35x 3.90x 1.00x 1.04x 4.21x 4.17x 52'356.0 46'203.0 55'870.1 56'908.6 11'867.3 12'289.7 3.87x 4.96x 4.11x 4.03x 4.59x 4.36x 27'155.0 25'886.0 24'086.9 24'209.9 5'849.3 6'207.4 8.01x 9.16x 9.66x 9.52x 9.75x 9.65x S&P Issuer Ratings Long-Term Rating Date 01.07.1987 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 01.07.1987 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA -0.08 Total Debt/EBITDA 0.31 Reference Total Debt/Equity 8.9% Total Debt/Capital 8.1% Asset Turnover 0.96 Net Fixed Asset Turnover 1.61 Accounts receivable turnover-days 36.86 Inventory Days 14.20 Accounts Payable Turnover Day 45.35 Cash Conversion Cycle 1.75 Sales/Revenue/Turnover

8.00

300'000.0

7.00

250'000.0

6.00

200'000.0

5.00 4.00

150'000.0

3.00

100'000.0

2.00

50'000.0 1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Chevron Corp Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN NORTHERN TRUST CORPO BANK OF NEW YORK MEL FMR LLC JP MORGAN T ROWE PRICE ASSOCIA FRANKLIN RESOURCES BANK OF AMERICA CORP NORGES BANK STATE FARM MUTUAL AU GEODE CAPITAL MANAGE AMERIPRISE FINANCIAL WELLS FARGO INVESCO LTD TIAA CREF INVESTMENT SUN LIFE FINANCIAL I

Firm Name Edward Jones JPMorgan Morgan Stanley Raymond James Cowen and Company Tudor Pickering & Co Oppenheimer & Co Wells Fargo Securities, LLC ISI Group Howard Weil Inc Jefferies Societe Generale Barclays Canaccord Genuity Corp Argus Research Corp Simmons & Company International VTB Capital Independent Research GmbH Ameriprise Advisor Services, Inc Credit Suisse Deutsche Bank Macquarie S&P Capital IQ Oracle Investment Research EVA Dimensions Goldman Sachs

Portfolio Name n/a n/a VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a n/a T ROWE PRICE ASSOCIA n/a BANK OF AMERICA NORGES BANK STATE FARM MUTUAL AU GEODE CAPITAL MANAGE AMERIPRISE FINANCIAL n/a n/a TIAA-CREF INVESTMENT n/a

Analyst BRIAN YOUNGBERG KATHERINE LUCAS MINYARD J EVAN CALIO PAVEL MOLCHANOV ASIT SEN ROBERT KESSLER FADEL GHEIT ROGER D READ DOUGLAS T TERRESON BLAKE FERNANDEZ IAIN REID JOHN HERRLIN PAUL Y CHENG GORDON GRAY JONATHAN GELCIUS JEFFREY A DIETERT COLIN SMITH SVEN DIERMEIER LEZE THAQI EDWARD WESTLAKE PAUL SANKEY JASON D GAMMEL MICHAEL KAY LAURENCE BALTER CRAIG STERLING ARJUN N MURTI

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

Recommendation buy neutral Overwt/In-Line outperform outperform hold outperform outperform buy sector outperform hold hold equalweight buy buy overweight hold hold buy outperform buy outperform strong buy hold buy neutral/attractive

Amt Held 120'672'728 104'156'422 98'040'555 78'133'034 37'588'506 31'537'302 31'438'900 29'333'821 23'728'375 23'323'815 18'387'731 16'787'056 16'404'385 16'281'400 13'180'196 12'648'021 12'416'713 11'559'439 11'426'378 11'329'103

% Out 6.22 5.37 5.06 4.03 1.94 1.63 1.62 1.51 1.22 1.2 0.95 0.87 0.85 0.84 0.68 0.65 0.64 0.6 0.59 0.58

Weighting

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

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

Latest Chg 482'591 (3'274'466) 3'489'417 (2'626'304) 751'186 1'159'770 978'505 (4'658'064) (439'218) (391'890) (369'205) 14'943 234'047 (95'262) 452'568 (272'287) 1'002'097 (766'314)

Target Price #N/A N/A 121 135 125 133 125 140 #N/A N/A 130 140 135 126 145 136 140 #N/A N/A 120 127 #N/A N/A 135 140 148 142 110 #N/A N/A 125

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

File Dt 03.07.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 30.04.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 30.04.2013 03.07.2013 31.03.2013 31.05.2013

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

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

Date 28.06.2013 28.06.2013 25.06.2013 25.06.2013 24.06.2013 24.06.2013 21.06.2013 20.06.2013 19.06.2013 18.06.2013 17.06.2013 07.06.2013 05.06.2013 30.05.2013 17.05.2013 16.05.2013 15.05.2013 06.05.2013 03.05.2013 29.04.2013 28.04.2013 27.04.2013 26.04.2013 01.02.2013 16.01.2013 13.12.2012

05.07.2013

EI du Pont de Nemours & Co E. I. du Pont de Nemours and Company is a global chemical and life sciences company, with businesses that include agriculture and industrial biotechnology, chemistry, biology, materials science and manufacturing. The Company operates globally and offers a wide range of products and services for markets including agriculture and food, building and construction, electronics and communications.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DD UN EQUITY YTD Change DD UN EQUITY YTD % CHANGE

12/2012 03/yy 57.25 41.68 267'204.00 52.58 -8.17% 26.15% 68.85% 920.5 48'398.11 11'740.00 237.0 91.0 4'407.00 55'401.10

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

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 30'529.0 0.96x 2'904.0 10.14x 2'007.0 9.10x

31.12.2009 31.12.2010 26'109.0 31'505.0 1.38x 1.58x 3'086.0 4'419.0 11.67x 11.29x 1'755.0 3'031.0 16.03x 15.15x Profitability

LTM-4Q 31.12.2011 33'681.0 1.53x 5'046.0 10.23x 3'474.0 12.89x

31.12.2012 34'812.0 1.43x 4'794.0 10.35x 2'788.0 13.08x

4'794.00 3'081.00 8.85% 8.95% 9.22% 42.69% 19.82% 0.72% 26.5% 13.3% 8.7% 8.0% 1.56 0.73 23.60% 119.18% 4.36 3.94

Price/ Cash Flow

LTM

03/yy 35'925.0 6.31x 5'513.0 11.15x 3'535.0 14.70x

03/yy 36'129.0 6.07x 4'817.0 10.84x 4'648.0 14.52x

FY+1

.0 M j-13

3.27 1.15 919.00 25.90 9.89% 18.95% 1.152 27 3.296 1'364'026 1'676'815 1'688'155 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 35'925.7 38'306.3 10'002.0 7'758.3 1.47x 1.33x 5.63x 7.12x 6'725.7 7'264.3 2'114.6 1'158.2 8.24x 7.63x 7.83x 7.58x 3'536.6 3'980.0 1'182.5 486.2 13.79x 12.24x 13.05x 12.41x S&P Issuer Ratings

17.05.2011 A STABLE 17.05.2011 A-1 9.57 5.99 1.39 2.76 119.2% 53.6% 0.72 2.78 83.73 92.75 55.15 96.29

Sales/Revenue/Turnover

14.00

40'000.0

12.00

35'000.0 30'000.0

10.00

25'000.0 8.00

20'000.0 6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

EI du Pont de Nemours & Co Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC CAPITAL GROUP COMPAN NORTHERN TRUST CORPO FRANKLIN RESOURCES BANK OF NEW YORK MEL ALLIANZ ASSET MANAGE BANK OF AMERICA CORP DUPONT CAPITAL MANAG BARROW HANLEY MEWHIN MORGAN STANLEY JP MORGAN FMR LLC GOLDMAN SACHS GROUP JANUS CAPITAL MANAGE LAZARD ASSET MANAGEM NORGES BANK WILMINGTON TRUST COM STATE FARM MUTUAL AU

Firm Name Wells Fargo Securities, LLC Macquarie SunTrust Robinson Humphrey Jefferies Susquehanna Financial Group Argus Research Corp JPMorgan BGC Partners Piper Jaffray Barclays Deutsche Bank Morgan Stanley RBC Capital Markets Credit Suisse Edward Jones Oppenheimer & Co Monness, Crespi, Hardt & Co EVA Dimensions Ameriprise Advisor Services, Inc Alembic Global Advisors Hamburger Sparkasse Goldman Sachs S&P Capital IQ

Portfolio Name n/a n/a VANGUARD GROUP INC n/a NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL n/a BANK OF AMERICA DUPONT CAPITAL MANAG BARROW HANLEY MEWHIN n/a n/a n/a n/a n/a n/a NORGES BANK WILMINGTON TRUST COM STATE FARM MUTUAL AU

Analyst FRANK J MITSCH COOLEY MAY ANDREW W CASH LAURENCE ALEXANDER DONALD D CARSON WILLIAM V SELESKY JEFFREY J ZEKAUSKAS MARK R GULLEY MIKE J RITZENTHALER DUFFY FISCHER DAVID I BEGLEITER VINCENT ANDREWS CHRIS NOCELLA JOHN P MCNULTY MATT ARNOLD EDWARD H YANG HERBERT A HARDT CRAIG STERLING FREDERICK M SCHULTZ HASSAN I AHMED MARCO GUENTHER ROBERT KOORT LEO LARKIN

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

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

Amt Held 60'733'220 44'931'435 43'184'430 40'354'000 16'974'273 16'697'828 16'072'793 11'047'590 10'292'361 9'974'422 9'907'239 9'289'820 8'224'253 7'870'300 7'657'466 7'547'295 6'989'386 6'914'198 6'912'093 6'717'535

% Out 6.6 4.88 4.69 4.38 1.84 1.81 1.75 1.2 1.12 1.08 1.08 1.01 0.89 0.86 0.83 0.82 0.76 0.75 0.75 0.73

Weighting

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

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

Latest Chg 1'285'316 (175'458) 1'602'674 460'000 424'573 2'105'648 483'739 4'230'738 389'593 3'343'251 3'263'788 (3'078'774) (2'184'189) (1'759'561) (1'022'109) (350'768) (197'052) -

Target Price #N/A N/A 57 45 56 60 63 58 50 56 56 62 #N/A N/A 56 55 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 43 #N/A N/A 50 50

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

File Dt 03.07.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013

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

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

Date 05.07.2013 29.06.2013 28.06.2013 20.06.2013 20.06.2013 18.06.2013 18.06.2013 18.06.2013 17.06.2013 14.06.2013 13.06.2013 13.06.2013 13.06.2013 13.06.2013 13.06.2013 13.06.2013 20.05.2013 09.05.2013 30.04.2013 23.04.2013 19.03.2013 27.01.2013 22.01.2013

05.07.2013

Walt Disney Co/The The Walt Disney Company is an entertainment company that conducts operations in media networks, studio entertainment, theme parks and resorts, consumer products, and interactive media. The Company produces motion pictures, television programs, and musical recordings, as well as books and magazines.

Price/Volume 80

9.0 M

8.0 M

7.0 M 6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (09.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DIS UN EQUITY YTD Change DIS UN EQUITY YTD % CHANGE

09/2012 03/yy 67.89 46.55 405'003.00 63.39 -6.66% 36.18% 79.94% 1'800.9 114'161.68 14'311.00 0.0 2'199.0 3'387.00 129'201.68

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

4.0 M

3.0 M

2.0 M

1.0 M

0 j-12

30.09.2009 30.09.2010 36'149.0 38'063.0 1.67x 1.96x 7'328.0 8'439.0 8.25x 8.86x 3'307.0 3'963.0 14.99x 16.08x Profitability

LTM-4Q 30.09.2011 40'893.0 1.65x 9'622.0 7.00x 4'807.0 11.80x

30.09.2012 42'278.0 2.51x 10'850.0 9.79x 5'682.0 16.69x 10'850.00 8'863.00 20.96% 21.90% 7.62% 14.90% 11.56% 0.56% 21.0% 25.9% 21.2% 13.4% 1.07 0.77 19.11% 35.99% 6.51 23.74

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 41'508.0 7.87x 10'103.0 9.28x 5'170.0 15.93x

d-12

03/yy 43'765.0 9.80x 11'349.0 10.33x 5'970.0 17.23x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

1.18 1.12 1'630.76 36.20 32.45% 27.31% 1.119 35 4.314 2'460'993 2'487'246 2'268'991 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 45'215.2 48'054.7 11'695.6 11'648.1 2.82x 2.61x 10.77x 10.82x 12'292.9 13'589.4 3'677.5 3'123.7 10.50x 9.50x 9.95x 9.69x 6'311.0 7'023.8 1'888.6 1'538.6 18.26x 16.04x 17.13x 16.46x S&P Issuer Ratings

22.12.2009 A STABLE 22.12.2009 A-1 19.24 12.53 1.14 1.49 36.0% 25.4% 0.56 2.06 55.88 15.33 64.73 21.82

Sales/Revenue/Turnover

18.00

45'000.0

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 09.10.2009

a-12

Fiscal Year Ended 30.09.2008 37'843.0 1.95x 8'986.0 8.20x 4'427.0 14.43x

5.0 M

0.0 09.04.2010

09.10.2010

09.04.2011

09.10.2011

09.04.2012

09.10.2012

09.04.2013

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

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

05.07.2013

Walt Disney Co/The Holdings By:

All

Holder Name LAURENE POWELL JOBS BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC SUN LIFE FINANCIAL I STATE FARM MUTUAL AU LUCAS GEORGE BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN NORTHERN TRUST CORPO STATE FARM MUTUAL AU CAPITAL GROUP COMPAN DAVIS SELECTED ADVIS NORGES BANK JENNISON ASSOCIATES JP MORGAN TIAA CREF INVESTMENT WELLS FARGO

Firm Name B Riley & Co Sanford C. Bernstein & Co Wunderlich Securities Lazard Capital Markets Edward Jones Needham & Co BMO Capital Markets Goldman Sachs Janney Montgomery Scott LLC Cowen and Company Sterne, Agee & Leach Davenport & Co Macquarie Nomura Morgan Stanley Wells Fargo Securities, LLC Telsey Advisory Group JPMorgan Atlantic Equities LLP S&P Capital IQ Stifel BTIG LLC Deutsche Bank RBC Capital Markets Argus Research Corp Credit Suisse Hilliard Lyons Piper Jaffray Barclays Wedge Partners Evercore Partners Tigress Financial Partners Gabelli & Co EVA Dimensions Pacific Crest Securities

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a n/a STATE FARM MUTUAL AU n/a BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN NORTHERN TRUST CORPO STATE FARM MUTUAL AU n/a DAVIS SELECTED ADVIS NORGES BANK JENNISON ASSOCIATES n/a TIAA-CREF INVESTMENT n/a

Analyst DAVID W MILLER TODD JUENGER MATTHEW HARRIGAN BARTON CROCKETT ROBIN DIEDRICH LAURA A MARTIN DANIEL SALMON DREW BORST TONY WIBLE DOUGLAS CREUTZ VASILY KARASYOV MICHAEL C MORRIS TIMOTHY W NOLLEN MICHAEL NATHANSON BENJAMIN SWINBURNE MARCI RYVICKER JAISON BLAIR ALEXIA S QUADRANI HAMILTON FABER TUNA AMOBI DREW E CRUM RICHARD GREENFIELD DOUGLAS D MITCHELSON DAVID BANK JOSEPH F BONNER MICHAEL SENNO JEFFREY S THOMISON JAMES M MARSH JR ANTHONY J DICLEMENTE MARTIN PYYKKONEN ALAN GOULD IVAN FEINSETH BRETT HARRISS CRAIG STERLING EVAN S WILSON

Source PROXY ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F Co File 13F 13F 13F 13F Sch-D ULT-AGG 13F 13F 13F ULT-AGG 13F ULT-AGG

Recommendation buy outperform hold buy buy hold outperform neutral/attractive neutral neutral neutral buy outperform buy Overwt/Attractive outperform no rating system overweight neutral strong buy buy buy buy outperform buy outperform long-term buy neutral equalweight no rating system overweight buy hold sell sector perform

Amt Held 130'844'544 94'331'002 78'979'851 74'953'080 60'948'821 57'140'454 42'206'018 37'076'679 30'420'487 29'167'554 28'484'413 28'240'664 23'264'657 18'325'116 15'484'915 14'991'213 14'235'925 13'616'766 13'206'981 12'790'648

% Out 7.27 5.24 4.39 4.16 3.38 3.17 2.34 2.06 1.69 1.62 1.58 1.57 1.29 1.02 0.86 0.83 0.79 0.76 0.73 0.71

Weighting

Change

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

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

Latest Chg 7'570'987 2'428'922 856'779 (7'078'995) 1'811'194 275'056 (3'841'045) (1'883'879) 844'179 9'748 (76'532) (1'664'500) 173'086 (1'782'906) (247'554) 280'678

Target Price 73 73 63 73 #N/A N/A #N/A N/A 76 70 69 65 69 71 75 67 70 #N/A N/A 73 75 74 75 72 85 75 71 75 73 78 57 67 #N/A N/A 70 #N/A N/A #N/A N/A #N/A N/A #N/A N/A

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

File Dt 07.01.2013 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.05.2013 31.03.2013 06.02.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.05.2013 31.03.2013 30.04.2013

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

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

Date 03.07.2013 01.07.2013 01.07.2013 30.06.2013 27.06.2013 26.06.2013 25.06.2013 20.06.2013 20.06.2013 18.06.2013 16.06.2013 14.06.2013 11.06.2013 06.06.2013 03.06.2013 31.05.2013 31.05.2013 30.05.2013 17.05.2013 14.05.2013 09.05.2013 09.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 07.05.2013 20.03.2013 06.02.2013 06.02.2013 05.08.2011

05.07.2013

Dow Chemical Co/The The Dow Chemical Company is a diversified chemical company that provides chemical, plastic, and agricultural products and services to various essential consumer markets. The Company serves customers in countries around the world in markets such as food, transportation, health and medicine, personal care, and construction.

Price/Volume 40

4.0 M

25 20

12/2012 03/yy 36.00 27.45 200'083.00 32.46 -9.89% 18.25% 58.25% 1'209.6 39'263.26 20'987.00 4'000.0 1'137.0 4'318.00 60'980.26

3.0 M

2.0 M

10 1.0 M

5 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (7/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 DOW UN EQUITY YTD Change DOW UN EQUITY YTD % CHANGE

31.12.2008 57'361.0 0.41x 4'316.0 5.46x 579.0 25.58x

6.0 M

31.12.2009 31.12.2010 44'875.0 53'674.0 1.25x 1.14x 4'176.0 6'078.0 13.38x 10.11x 648.0 2'310.0 46.12x 17.28x Profitability

LTM-4Q 31.12.2011 59'985.0 0.92x 6'909.0 7.99x 2'742.0 12.27x

31.12.2012 56'786.0 1.07x 6'645.0 9.14x 1'182.0 18.70x

6'645.00 3'947.00 6.95% 2.93% 1.90% 5.44% 4.44% 0.81% 15.0% 11.6% 6.9% 2.1% 2.06 0.82 30.15% 124.35% 10.30 5.24

Price/ Cash Flow

LTM

03/yy 59'971.0 3.88x 6'664.0 9.54x 2'529.0 16.26x

03/yy 56'450.0 4.20x 6'568.0 9.17x 1'320.0 17.70x

FY+1

.0 M j-13

3.94 1.47 1'204.99 19.27 6.67% 2.45% 1.469 25 3.200 1'301'077 1'680'224 1'827'730 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 57'380.3 59'676.5 14'474.0 14'054.8 1.06x 0.99x 4.36x 4.42x 8'338.8 9'202.3 2'129.4 1'969.7 7.31x 6.63x 7.21x 6.87x 2'801.4 3'510.6 767.0 659.8 13.70x 10.94x 13.26x 12.25x S&P Issuer Ratings

11.05.2011 BBB STABLE 11.05.2011 A-2 4.91 2.98 2.52 3.06 124.4% 48.8% 0.81 3.27 35.43 69.72 37.46 56.57

Sales/Revenue/Turnover

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Dow Chemical Co/The Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET WELLINGTON MANAGEMEN FRANKLIN RESOURCES DODGE & COX JP MORGAN NORTHERN TRUST CORPO BANK OF NEW YORK MEL GLOBAL THEMATIC PART UBS FMR LLC CREDIT SUISSE AG GEODE CAPITAL MANAGE NORGES BANK WADDELL & REED FINAN INVESCO LTD MORGAN STANLEY LAZARD ASSET MANAGEM

Firm Name Wells Fargo Securities, LLC Macquarie Edward Jones SunTrust Robinson Humphrey Jefferies Morgan Stanley Credit Suisse Alembic Global Advisors Barclays Cowen and Company Monness, Crespi, Hardt & Co EVA Dimensions Goldman Sachs Argus Research Corp Deutsche Bank RBC Capital Markets Susquehanna Financial Group Hilliard Lyons JPMorgan Tigress Financial Partners Gilford Securities

Portfolio Name n/a n/a VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN n/a DODGE & COX n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL GLOBAL THEMATIC PART n/a n/a n/a GEODE CAPITAL MANAGE NORGES BANK WADDELL & REED FINAN n/a n/a n/a

Analyst FRANK J MITSCH COOLEY MAY MATT ARNOLD ANDREW W CASH LAURENCE ALEXANDER VINCENT ANDREWS JOHN P MCNULTY HASSAN I AHMED DUFFY FISCHER CHARLES NEIVERT HERBERT A HARDT CRAIG STERLING ROBERT KOORT WILLIAM V SELESKY DAVID I BEGLEITER CHRIS NOCELLA DONALD D CARSON STEPHEN A O'NEIL JEFFREY J ZEKAUSKAS IVAN FEINSETH PAUL C CHRISTOPHERSON

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

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

Amt Held 172'008'906 66'934'373 55'361'063 50'852'928 46'940'542 35'168'502 29'788'219 25'381'961 17'217'878 13'203'659 10'935'724 10'907'626 8'609'269 8'228'732 8'123'754 7'892'282 7'714'057 7'160'162 6'632'996 6'573'537

% Out 14.22 5.53 4.58 4.2 3.88 2.91 2.46 2.1 1.42 1.09 0.9 0.9 0.71 0.68 0.67 0.65 0.64 0.59 0.55 0.54

Weighting

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

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

Latest Chg (34'660'778) 2'524'433 2'087'824 370'337 2'725'080 399'429 (31'119) 12'426'794 539'435 (555'116) 915'908 2'671'115 797'811 921'078 242'057 1'521'955 5'652'950 1'371'283 (370'553)

Target Price #N/A N/A 39 #N/A N/A 30 34 #N/A N/A 39 45 36 #N/A N/A #N/A N/A #N/A N/A 42 #N/A N/A 37 36 35 #N/A N/A 34 #N/A N/A #N/A N/A

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

File Dt 31.03.2013 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 03.07.2013 31.03.2013 31.03.2013

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

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

Date 05.07.2013 01.07.2013 28.06.2013 28.06.2013 26.06.2013 25.06.2013 25.06.2013 24.06.2013 21.06.2013 14.06.2013 20.05.2013 13.05.2013 07.05.2013 07.05.2013 06.05.2013 29.04.2013 29.04.2013 26.04.2013 26.04.2013 13.03.2013 18.09.2012

05.07.2013

Devon Energy Corp Devon Energy Corporation is an independent energy company that is involved primarily in oil and gas exploration, development and production, the transportation of oil, gas, and NGLs and the processing of natural gas. The Company also has marketing and midstream operations primarily in North America that include gas, crude oil and NGLs.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (22.04.2013) Daily Volume Current Price (7/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 DVN UN EQUITY YTD Change DVN UN EQUITY YTD % CHANGE

12/2012 03/yy 63.95 50.82 146'752.00 53.77 -15.87% 5.80% 20.41% 406.0 21'830.62 11'644.00 0.0 0.0 6'980.00 27'481.62

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

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 j-12

31.12.2009 31.12.2010 8'015.0 9'940.0 4.92x 3.69x 4'270.0 5'859.0 9.24x 6.25x (2'479.0) 4'550.0 22.88x 13.09x Profitability

LTM-4Q 31.12.2011 11'454.0 2.42x 6'878.0 4.04x 4'704.0 7.75x

31.12.2012 9'679.0 2.66x 5'253.0 4.91x (206.0) 15.99x

5'253.00 2'442.00 25.23% -3.28% -4.60% -9.34% 0.21% 32.4% 50.2% 18.6% -2.1% 1.49 1.37 26.88% 54.72% 7.25 -

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 11'804.0 10.12x 7'068.0 4.59x 4'681.0 12.37x

d-12

03/yy 8'977.0 12.21x 4'509.0 6.33x (1'938.0) 8.27x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

1.49 1.33 379.91 8.13 -6.70% 4.11% 1.335 33 3.939 611'245 720'872 691'745 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 9'733.4 11'203.3 2'435.4 2'553.2 3.12x 2.82x 12.25x 11.86x 5'204.6 6'731.6 1'402.3 1'525.5 5.28x 4.08x 4.48x 4.35x 1'483.3 2'065.5 357.8 416.8 14.39x 10.62x 12.33x 11.41x S&P Issuer Ratings

18.03.2008 BBB+ STABLE 29.08.2000 A-2 11.57 -6.55 1.25 2.70 54.7% 35.4% 0.21 0.34 50.34 -

Sales/Revenue/Turnover

8.00

16'000.0

7.00

14'000.0

6.00

12'000.0

5.00

10'000.0

4.00

8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 13'615.0 2.56x 8'952.0 3.89x (2'148.0) 8.29x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Devon Energy Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK MITCHELL GEORGE PHYD VANGUARD GROUP INC HARRIS ASSOCIATES LP STATE STREET FRANKLIN RESOURCES FIDUCIARY MANAGEMENT GOLDMAN SACHS GROUP FIRST EAGLE INVESTME JP MORGAN INTERNATIONAL VALUE NORTHERN TRUST CORPO DAVIS SELECTED ADVIS LAZARD ASSET MANAGEM BANK OF NEW YORK MEL WELLINGTON MANAGEMEN GREENHAVEN ASSOCIATE THIRD AVENUE MANAGEM TWEEDY BROWNE COMPAN

Firm Name Sanford C. Bernstein & Co Jefferies Credit Suisse Robert W. Baird & Co Raymond James Tudor Pickering & Co Susquehanna Financial Group Edward Jones FBR Capital Markets ISI Group Oppenheimer & Co Capital One Southcoast, Inc. Simmons & Company International Societe Generale Howard Weil Inc Johnson Rice & Co Peters & Co Ltd Wells Fargo Securities, LLC Guggenheim Securities LLC JPMorgan Argus Research Corp EVA Dimensions Barclays Ameriprise Advisor Services, Inc Macquarie Morgan Stanley Deutsche Bank RBC Capital Markets Alembic Global Advisors Goldman Sachs

Portfolio Name n/a n/a n/a VANGUARD GROUP INC HARRIS ASSOC LP n/a n/a FIDUCIARY MANAGEMENT n/a FIRST EAGLE INVESTME n/a INTERNATIONAL VALUE NORTHERN TRUST CORPO DAVIS SELECTED ADVIS n/a BANK OF NEW YORK MEL WELLINGTON MANAGEMEN GREENHAVEN ASSOCIATE THIRD AVENUE MANAGEM TWEEDY BROWNE COMPAN

Analyst BOB BRACKETT BIJU Z PERINCHERIL ARUN JAYARAM HSULIN PENG ANDREW COLEMAN MATTHEW PORTILLO DUANE GRUBERT BRIAN YOUNGBERG REHAN RASHID JONATHAN WOLFF FADEL GHEIT BRIAN T VELIE DAVID W KISTLER JOHN HERRLIN PETER KISSEL CHARLES MEADE DAN GRAGER DAVID R TAMERON ROBERT CORDRAY JOSEPH D ALLMAN JONATHAN GELCIUS CRAIG STERLING THOMAS R DRISCOLL LEZE THAQI JOSEPH MAGNER J EVAN CALIO STEPHEN RICHARDSON SCOTT HANOLD JAMES J SULLIVAN BRIAN SINGER

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

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

Amt Held 25'694'470 23'504'164 23'372'374 17'266'232 16'856'315 16'055'426 8'864'663 8'484'949 8'309'964 7'963'435 6'727'612 5'646'771 5'348'351 5'327'043 4'577'765 4'575'289 4'427'287 4'018'843 3'891'422 3'741'710

% Out 6.33 5.79 5.76 4.25 4.15 3.95 2.18 2.09 2.05 1.96 1.66 1.39 1.32 1.31 1.13 1.13 1.09 0.99 0.96 0.92

Weighting

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

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

Latest Chg (664'000) (1'597'618) 561'394 886'200 (191'691) 136'109 137'512 279'672 2'636'725 (816'722) 66'479 116'814 (1'804'296) (732'189) 178'808 (1'668'225) (522'090) 368'286 4'210

Target Price 66 71 75 68 70 79 75 #N/A N/A 77 #N/A N/A 67 78 83 65 69 #N/A N/A 75 #N/A N/A 74 63 #N/A N/A #N/A N/A 61 #N/A N/A 61 58 66 72 70 73

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

File Dt Inst Type 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 07.03.2012 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Unclassified 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor

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

Date 03.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 28.06.2013 27.06.2013 26.06.2013 26.06.2013 23.06.2013 21.06.2013 18.06.2013 14.06.2013 13.06.2013 06.06.2013 06.06.2013 06.06.2013 28.05.2013 24.05.2013 23.05.2013 22.05.2013 11.05.2013 06.05.2013 03.05.2013 03.05.2013 02.05.2013 01.05.2013 01.05.2013 16.04.2013 04.04.2013

05.07.2013

eBay Inc eBay Inc. operates an online trading community. The Company's service is used by buyers and sellers for the exchange of products and services such as coins, collectibles, computers, memorabilia, stamps and toys, as well as concert and sporting tickets. eBay also offers, through a subsidiary, secure online payment services.

Price/Volume 70 60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (11.04.2013) 52-Week Low (17.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EBAY UW EQUITY YTD Change EBAY UW EQUITY YTD % CHANGE

12/2012 03/yy 58.04 38.06 526'102.00 53.23 -8.22% 39.86% 75.63% 1'297.8 69'081.34 4'519.00 0.0 0.0 9'408.00 64'195.34

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

10 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

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

Fiscal Year Ended 31.12.2008 8'541.3 1.82x 2'844.6 5.46x 1'779.5 9.01x

31.12.2009 31.12.2010 8'727.4 9'156.3 2.93x 3.42x 2'305.9 2'837.5 11.10x 11.03x 2'389.1 1'801.0 17.84x 20.19x Profitability

LTM-4Q 31.12.2011 11'651.7 3.02x 3'313.0 10.62x 3'229.4 11.68x

31.12.2012 14'072.0 4.34x 4'088.0 14.95x 2'609.0 26.63x

4'088.00 2'888.00 20.52% 21.92% 8.21% 13.65% 0.44% 70.0% 29.5% 20.9% 18.5% 1.96 0.94 12.19% 21.66% 21.14 -

Price/ Cash Flow

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M j-13

LTM

03/yy 12'383.0 12.55x 3'489.4 12.57x 3'323.5 21.62x

03/yy 14'542.0 16.15x 4'285.0 15.25x 2'717.0 27.24x

FY+1

0.00 1.18 1'173.44 15.06 29.20% 4.33% 1.183 44 4.682 2'945'699 3'010'347 2'923'057 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 16'312.1 19'007.1 3'891.6 3'971.3 3.90x 3.21x 16.34x 15.79x 5'361.1 6'221.1 1'246.5 1'289.1 11.98x 10.33x 11.54x 11.05x 3'625.3 4'277.8 836.8 860.1 19.42x 16.48x 18.67x 17.88x S&P Issuer Ratings

02.03.2010 A STABLE 05.11.2010 A-1 64.89 44.94 -1.14 1.05 21.7% 17.8% 0.44 6.21 17.27 26.35 -

Sales/Revenue/Turnover

25.00

16'000.0 14'000.0

20.00

12'000.0 10'000.0

15.00

8'000.0 10.00

6'000.0 4'000.0

5.00

0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

eBay Inc Holdings By:

All

Holder Name OMIDYAR PIERRE M BLACKROCK FMR LLC VANGUARD GROUP INC T ROWE PRICE ASSOCIA STATE STREET JANUS CAPITAL MANAGE INVESCO LTD BAILLIE GIFFORD AND WELLS FARGO WELLINGTON MANAGEMEN OPPENHEIMERFUNDS INC BANK OF NEW YORK MEL NORTHERN TRUST CORPO UBS MARSICO CAPITAL MANA JP MORGAN TIAA CREF INVESTMENT JENNISON ASSOCIATES DODGE & COX

Firm Name

Portfolio Name n/a n/a n/a VANGUARD GROUP INC T ROWE PRICE ASSOCIA n/a n/a n/a BAILLIE GIFFORD & CO n/a WELLINGTON MANAGEMEN OPPENHEIMER FUNDS IN BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a MARSICO CAPITAL MANA n/a TIAA-CREF INVESTMENT JENNISON ASSOCIATES DODGE & COX

Analyst

Robert W. Baird & Co COLIN SEBASTIAN Lazard Capital Markets BRETT FODERO Sanford C. Bernstein & Co CARLOS KIRJNER Raymond James AARON M KESSLER Cantor Fitzgerald YOUSSEF H SQUALI Piper Jaffray EUGENE E MUNSTER Edward Jones JOSH OLSON Susquehanna Financial Group JAMES E FRIEDMAN Janney Montgomery Scott LLC SHAWN C MILNE Compass Point Research & Trading LLC DOUGLAS GREINER Canaccord Genuity Corp MICHAEL GRAHAM Topeka Capital Markets Inc VICTOR ANTHONY Stifel JORDAN ROHAN JMP Securities RONALD V JOSEY III Argus Research Corp DAVID RITTER BMO Capital Markets EDWARD S WILLIAMS Needham & Co KERRY RICE Daiwa Securities Co. Ltd. KAZUYA NISHIMURA Wedbush GIL B LURIA Keefe, Bruyette & Woods SANJAY SAKHRANI Atlantic Equities LLP JAMES CORDWELL Tigress Financial Partners IVAN FEINSETH Wells Fargo Securities, LLC MATTHEW NEMER Ameriprise Advisor Services, Inc PATRICK DIEDRICKSON Morgan Stanley SCOTT W DEVITT RBC Capital Markets MARK S MAHANEY Credit Suisse STEPHEN JU JPMorgan DOUGLAS ANMUTH Jefferies BRIAN J PITZ Pacific Crest Securities CHAD BARTLEY Macquarie BENJAMIN A SCHACHTER B Riley & Co SCOTT TILGHMAN Evercore Partners KEN SENA BGC Partners COLIN W GILLIS Cowen and Company JOHN BLACKLEDGE S&P Capital IQ SCOTT H KESSLER Benchmark Company LLC DANIEL L KURNOS Barclays ANTHONY J DICLEMENTE Telsey Advisory Group THOMAS FORTE Deutsche Bank ROSS SANDLER EVA Dimensions ANDREW S ZAMFOTIS Goldman Sachs HEATH P TERRY

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

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

Amt Held 121'823'408 63'312'225 61'435'716 53'402'102 48'914'986 48'155'759 34'942'180 32'069'382 28'429'119 22'646'340 22'184'219 18'064'109 17'219'103 16'049'524 15'411'154 13'985'241 13'438'588 13'299'256 12'450'033 11'767'391

% Out 9.39 4.88 4.73 4.11 3.77 3.71 2.69 2.47 2.19 1.74 1.71 1.39 1.33 1.24 1.19 1.08 1.04 1.02 0.96 0.91

Weighting

Change

5 5 5 5 5 5 5 4 5 5 5 5 5 4 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 3 5 5 5 3 3 5 3 #N/A N/A 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 U M M M M M M M D M M M M M M M M M M M

Latest Chg (35'000) 5'198'186 (4'332'713) 1'439'219 3'774'755 253'105 (5'333'310) 103'412 (2'197'027) (1'015'435) (6'723'629) (2'376'920) (765'182) 420'915 3'034'848 6'086'452 892'843 74'839 1'922'875 (7'451'625)

Target Price 65 65 66 61 64 63 #N/A N/A 66 65 63 67 65 65 67 65 64 60 63 64 65 62 #N/A N/A #N/A N/A #N/A N/A 62 64 55 63 66 65 58 65 64 65 #N/A N/A 65 63 60 75 55 #N/A N/A 63

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

File Dt 29.04.2013 03.07.2013 31.03.2013 31.03.2013 31.03.2013 02.07.2013 31.03.2013 03.07.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 02.07.2013 01.07.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 26.06.2013 25.06.2013 21.06.2013 20.06.2013 17.06.2013 12.06.2013 11.06.2013 11.06.2013 10.06.2013 07.06.2013 03.06.2013 22.05.2013 15.05.2013 07.05.2013 07.05.2013 02.05.2013 24.04.2013 19.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 17.04.2013 15.01.2013 11.01.2013

05.07.2013

EMC Corp/MA EMC Corporation provides enterprise storage systems, software, networks, and services. The Company's products store, retrieve, manage, protect, and share information from all major computing environments and mainframe platforms. EMC operates offices around the world.

Price/Volume 30

14.0 M

12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (19.04.2013) Daily Volume Current Price (7/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 EMC UN EQUITY YTD Change EMC UN EQUITY YTD % CHANGE

12/2012 03/yy 28.18 21.45 520'165.00 24.03 -14.76% 12.03% 37.44% 2'100.8 50'483.19 1'710.15 0.0 1'166.6 6'167.12 46'828.69

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

6.0 M

4.0 M

2.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 14'876.2 1.24x 2'957.0 6.23x 1'275.1 14.75x

8.0 M

Valuation Analysis

31.12.2009 31.12.2010 14'025.9 17'015.1 2.34x 2.72x 2'594.9 3'935.2 12.63x 11.75x 1'088.1 1'900.0 32.69x 23.56x Profitability

LTM-4Q 31.12.2011 20'007.6 2.20x 4'961.4 8.85x 2'461.3 19.01x

31.12.2012 21'713.9 2.30x 5'602.2 8.93x 2'732.6 20.38x

5'602.21 4'074.46 18.76% 17.52% 7.55% 12.76% 12.15% 0.61% 62.8% 25.7% 18.7% 12.6% 1.18 0.93 4.49% 7.65% 8.08 7.39

Price/ Cash Flow

LTM

03/yy 20'494.3 9.83x 5'163.7 11.47x 2'571.0 25.08x

03/yy 22'006.9 9.20x 5'659.1 8.22x 2'725.8 19.12x

FY+1

.0 M j-13

0.00 1.17 2'088.66 67.63 -5.85% -4.62% 1.167 44 4.773 4'418'897 4'553'966 4'697'322 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 23'409.9 25'347.1 5'608.7 5'790.5 1.96x 1.76x 8.38x 8.10x 7'171.3 7'762.0 1'707.9 1'832.3 6.56x 6.06x 6.29x 6.23x 4'058.3 4'517.7 914.4 993.4 12.94x 11.57x 12.57x 12.15x S&P Issuer Ratings

25.06.2012 A STABLE 71.00 60.62 -0.85 0.30 7.6% 6.8% 0.61 7.28 45.16 49.38 40.79 56.37

Sales/Revenue/Turnover

16.00

25'000.0

14.00

20'000.0

12.00 10.00

15'000.0

8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

EMC Corp/MA Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET WELLINGTON MANAGEMEN BANK OF NEW YORK MEL NORTHERN TRUST CORPO AMERIPRISE FINANCIAL MANNING & NAPIER ADV GOLDMAN SACHS GROUP WELLS FARGO JANUS CAPITAL MANAGE LAZARD ASSET MANAGEM SUN LIFE FINANCIAL I JP MORGAN CAPITAL GROUP COMPAN JENNISON ASSOCIATES BANK OF AMERICA CORP PRIMECAP MANAGEMENT DEUTSCHE BANK AG AMERICAN CENTURY COM

Firm Name S&P Capital IQ Stifel RBC Capital Markets Sanford C. Bernstein & Co Wells Fargo Securities, LLC Oppenheimer & Co Topeka Capital Markets Inc Pacific Crest Securities Mizuho Securities USA Inc Lazard Capital Markets Edward Jones BMO Capital Markets Longbow Research Craig-Hallum Capital Group LLC Morgan Stanley Hilliard Lyons Deutsche Bank Argus Research Corp Brean Capital LLC Credit Suisse Janney Montgomery Scott LLC Jefferies Robert W. Baird & Co FBR Capital Markets Evercore Partners Piper Jaffray Barclays Monness, Crespi, Hardt & Co Daiwa Securities Co. Ltd. EVA Dimensions William Blair & Co Sterne, Agee & Leach ISI Group Ameriprise Advisor Services, Inc Needham & Co JPMorgan Raymond James FBN Securities Goldman Sachs Tigress Financial Partners Wedge Partners

Portfolio Name n/a VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN BANK OF NEW YORK MEL NORTHERN TRUST CORPO AMERIPRISE FINANCIAL MANNING & NAPIER ADV n/a n/a n/a n/a n/a n/a n/a JENNISON ASSOCIATES BANK OF AMERICA PRIMECAP MANAGEMENT n/a AMERICAN CENTURY COM

Analyst ANGELO ZINO AARON C RAKERS AMIT DARYANANI TONI SACCONAGHI MAYNARD UM ITTAI KIDRON BRIAN J WHITE BRENT A BRACELIN ABHEY R LAMBA EDWARD PARKER WILLIAM C KREHER KEITH F BACHMAN JOE WITTINE RAJESH GHAI KATHRYN HUBERTY STEPHEN TURNER CHRISTOPHER WHITMORE JAMES KELLEHER ANANDA BARUAH KULBINDER GARCHA WILLIAM CHOI PETER J MISEK JAYSON NOLAND SR DANIEL H IVES ROBERT CIHRA ANDREW J NOWINSKI BENJAMIN A REITZES JEFFREY FIDACARO YOKO YAMADA ANDREW S ZAMFOTIS JASON NOAH ADER ALEX KURTZ BRIAN MARSHALL JUSTIN H BURGIN GLENN HANUS MARK A MOSKOWITZ BRIAN G ALEXANDER SHEBLY SEYRAFI WILLIAM C SHOPE JR IVAN FEINSETH KIRK ADAMS

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

Recommendation strong buy buy outperform market perform outperform outperform buy outperform buy buy buy outperform buy buy Equalwt/In-Line long-term buy buy buy buy outperform buy buy outperform outperform overweight overweight overweight buy outperform overweight market perform buy strong buy buy buy neutral strong buy outperform Buy/Cautious strong buy no rating system

Amt Held 127'690'886 96'620'530 86'874'308 61'190'026 51'864'011 37'354'239 35'799'883 31'140'612 30'186'250 29'121'617 27'769'811 27'046'362 26'600'034 25'890'134 25'352'630 24'669'059 22'586'308 22'228'849 18'514'870 18'144'914

% Out 6.08 4.6 4.14 2.91 2.47 1.78 1.7 1.48 1.44 1.39 1.32 1.29 1.27 1.23 1.21 1.17 1.08 1.06 0.88 0.86

Weighting

Change

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

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

Latest Chg 1'139'226 2'714'023 (2'515'646) 22'222'154 1'413'376 167'262 (1'778'781) 8'094'720 11'702'400 (482'939) (990'578) 1'204'145 3'477'441 (2'176'037) (10'347'460) (14'618'634) 3'233'511 37'300 2'525'821 (2'983'380)

Target Price 30 33 30 26 #N/A N/A 28 30 30 30 28 #N/A N/A 28 30 30 #N/A N/A 31 30 30 30 30 29 32 28 31 31 29 28 30 27 #N/A N/A #N/A N/A 28 36 #N/A N/A 30 26 30 26 28 #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 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.05.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013

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

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

Date 04.07.2013 03.07.2013 02.07.2013 02.07.2013 28.06.2013 26.06.2013 26.06.2013 20.06.2013 20.06.2013 20.06.2013 18.06.2013 17.06.2013 17.06.2013 12.06.2013 31.05.2013 31.05.2013 30.05.2013 30.05.2013 30.05.2013 30.05.2013 30.05.2013 30.05.2013 30.05.2013 30.05.2013 30.05.2013 30.05.2013 30.05.2013 20.05.2013 17.05.2013 17.05.2013 08.05.2013 08.05.2013 07.05.2013 26.04.2013 25.04.2013 24.04.2013 24.04.2013 24.04.2013 02.04.2013 15.03.2013 03.05.2012

05.07.2013

Emerson Electric Co Emerson Electric Co. designs and manufactures electronic and electrical equipment, software, systems and services for industrial, commercial and consumer markets worldwide through its network power, process management, industrial automation, climate technologies and tools & storage divisions.

Price/Volume 70

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/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 EMR UN EQUITY YTD Change EMR UN EQUITY YTD % CHANGE

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

1.0 M

.5 M

10 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 30.09.2008 24'807.0 1.39x 4'789.0 7.18x 2'412.0 12.79x

1.5 M

09/2012 03/yy 60.07 43.59 164'041.00 55.24 -8.11% 26.73% 70.39% 718.9 39'709.97 5'293.00 0.0 147.0 2'367.00 42'780.97

30.09.2009 30.09.2010 20'102.0 21'039.0 1.66x 2.06x 3'871.0 4'325.0 8.60x 10.00x 1'724.0 2'164.0 16.04x 20.04x Profitability

LTM-4Q 30.09.2011 24'222.0 1.40x 5'096.0 6.64x 2'480.0 12.68x

30.09.2012 24'412.0 1.56x 5'155.0 7.38x 1'968.0 13.71x 5'155.00 4'332.00 17.75% 12.76% 8.64% 19.65% 13.94% 1.03% 40.0% 21.2% 17.9% 8.1% 1.42 1.03 22.22% 51.41% 5.56 6.23

Price/ Cash Flow

LTM

03/yy 24'061.0 6.63x 4'902.0 8.59x 2'360.0 16.24x

03/yy 24'697.0 6.49x 5'242.0 8.27x 2'067.0 15.42x

FY+1

.0 M j-13

2.93 1.08 714.48 14.77 25.02% 5.78% 1.083 29 3.690 989'591 950'419 990'592 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 24'800.6 25'848.7 6'459.4 6'828.8 1.71x 1.62x 6.66x 6.22x 4'926.8 5'303.9 1'359.5 1'465.4 8.70x 8.08x 8.44x 8.29x 2'531.9 2'771.1 718.8 802.7 15.77x 14.16x 14.96x 14.48x S&P Issuer Ratings

04.02.2002 A STABLE 04.02.2002 A-1 21.39 18.63 0.56 1.06 51.4% 33.6% 1.03 7.13 65.60 58.55 60.72 55.99

Sales/Revenue/Turnover

16.00

30'000.0

14.00

25'000.0

12.00

20'000.0

10.00 8.00

15'000.0

6.00

10'000.0

4.00

5'000.0 2.00 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

05.07.2013

Emerson Electric Co Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK STATE STREET JP MORGAN CAPITAL GROUP COMPAN BARROW HANLEY MEWHIN NORTHERN TRUST CORPO BANK OF AMERICA CORP T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL INVESCO LTD WELLS FARGO STATE FARM MUTUAL AU FMR LLC NORGES BANK UBS US BANCORP GEODE CAPITAL MANAGE STATE FARM MUTUAL AU HARDING LOEVNER LP

Firm Name Longbow Research Atlantic Equities LLP Wells Fargo Securities, LLC Sanford C. Bernstein & Co Nomura RBC Capital Markets Credit Suisse Janney Montgomery Scott LLC Robert W. Baird & Co Edward Jones Argus Research Corp William Blair & Co JPMorgan Oppenheimer & Co Cowen and Company Deutsche Bank Ameriprise Advisor Services, Inc Langenberg & Co MKM Partners Morgan Stanley Goldman Sachs FBR Capital Markets Canaccord Genuity Corp Macquarie Barclays EVA Dimensions

Portfolio Name VANGUARD GROUP INC n/a n/a n/a n/a BARROW HANLEY MEWHIN NORTHERN TRUST CORPO BANK OF AMERICA T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL n/a n/a STATE FARM MUTUAL AU n/a NORGES BANK n/a US BANCORP GEODE CAPITAL MANAGE STATE FARM MUTUAL AU HARDING LOEVNER LP

Analyst MARK DOUGLASS RICHARD RADBOURNE RICHARD M KWAS STEVEN E WINOKER SHANNON O'CALLAGHAN JAMIE SULLIVAN JULIAN MITCHELL JOHN A BALIOTTI II MICHAEL HALLORAN CHRISTIAN MAYES NATHANIEL GABRIEL NICHOLAS P HEYMANN CHARLES STEPHEN TUSA CHRISTOPHER D GLYNN GAUTAM KHANNA JOHN G INCH FREDERICK M SCHULTZ BRIAN KEITH LANGENBERG JOSHUA C POKRZYWINSKI NIGEL COE JOSEPH RITCHIE AJAY K KEJRIWAL JOHN S QUEALY MICHAEL R WOOD SCOTT R DAVIS CRAIG STERLING

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

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

Amt Held 38'802'430 38'482'478 32'581'713 26'141'807 24'166'245 15'824'112 14'696'847 13'569'888 12'909'860 11'037'162 10'019'911 8'205'723 8'024'040 5'994'012 5'868'203 5'746'889 5'231'555 4'890'358 4'822'585 4'445'933

% Out 5.4 5.35 4.53 3.64 3.36 2.2 2.04 1.89 1.8 1.54 1.39 1.14 1.12 0.83 0.82 0.8 0.73 0.68 0.67 0.62

Weighting

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

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

Latest Chg 1'062'029 1'319'027 (810'034) (541'931) (216'542) 273'681 453'810 3'721'277 (2'004'895) (94'255) (1'419'170) 220'775 (24'519) 263'253 (174'276) 108'233 (1'421) 157'866

Target Price #N/A N/A 67 #N/A N/A 62 63 66 64 55 66 #N/A N/A #N/A N/A 64 50 63 #N/A N/A 69 #N/A N/A 60 56 58 60 60 60 55 56 #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 03.07.2013 02.07.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 03.07.2013 30.04.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 02.07.2013 02.07.2013 01.07.2013 26.06.2013 26.06.2013 25.06.2013 25.06.2013 25.06.2013 25.06.2013 14.06.2013 12.06.2013 22.05.2013 20.05.2013 20.05.2013 20.05.2013 13.05.2013 13.05.2013 09.05.2013 09.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 07.05.2013 07.05.2013 06.02.2013

05.07.2013

Exelon Corp Exelon Corporation is a utility services holding company. The Company, through its subsidiaries distributes electricity to customers in Illinois and Pennsylvania. Exelon also distributes gas to customers in the Philadelphia area as well as operates nuclear power plants in states that include Pennsylvania and New Jersey.

Price/Volume

6.0 M

5.0 M 4.0 M

Latest Fiscal Year: LTM as of: 52-Week High (01.08.2012) 52-Week Low (23.11.2012) Daily Volume Current Price (7/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 EXC UN EQUITY YTD Change EXC UN EQUITY YTD % CHANGE

12/2012 03/yy 39.75 28.40 371'641.00 29.57 -25.61% 4.12% 14.80% 855.8 25'307.46 19'603.00 280.0 106.0 1'486.00 44'821.46

3.0 M

15 10

2.0 M

1.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

7.0 M

35 25

Valuation Analysis

31.12.2008 18'859.0 2.57x 7'607.0 6.38x 2'737.0 13.24x

31.12.2009 31.12.2010 17'318.0 18'644.0 2.48x 2.08x 7'351.0 7'669.0 5.84x 5.07x 2'707.0 2'563.0 11.86x 10.26x Profitability

LTM-4Q 31.12.2011 19'063.0 2.16x 6'784.0 6.08x 2'495.0 12.96x

31.12.2012 23'489.0 1.87x 6'550.0 6.71x 1'160.0 15.38x

6'550.00 2'471.00 10.52% 7.65% 1.23% 4.44% 4.50% 0.32% 56.8% 27.8% 10.5% 4.9% 1.30 0.75 24.95% 91.47% 5.74 12.26

Price/ Cash Flow

LTM

03/yy 18'798.0 9.38x 6'186.0 8.38x 2'027.0 8.83x

03/yy 24'885.0 7.72x 6'927.0 7.08x 956.0 17.55x

FY+1

.0 M j-13

7.12 0.63 854.47 17.62 -16.34% 2.03% 0.630 28 2.929 1'391'702 1'964'707 1'703'371 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 25'308.9 25'201.5 5'695.7 6'453.3 1.71x 1.75x 7.74x 6.84x 6'110.7 6'120.5 1'488.0 1'648.0 7.32x 7.31x 7.08x 7.11x 2'086.5 2'006.7 459.7 580.7 11.91x 12.69x 12.04x 12.16x S&P Issuer Ratings

22.07.2009 BBB STABLE 22.07.2009 A-2 7.06 0.59 2.75 2.88 91.5% 47.3% 0.32 63.64 29.77 74.80 14.46

Sales/Revenue/Turnover

9.00

25'000.0

8.00

20'000.0

7.00 6.00

15'000.0

5.00 4.00

10'000.0

3.00

5'000.0

2.00 1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Exelon Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN FRANKLIN RESOURCES STATE STREET BLACKROCK VANGUARD GROUP INC T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN NORTHERN TRUST CORPO HOTCHKIS & WILEY CAP BANK OF NEW YORK MEL JP MORGAN GOLDMAN SACHS GROUP GEODE CAPITAL MANAGE ALTRINSIC GLOBAL ADV TIAA CREF INVESTMENT DEUTSCHE BANK AG MACKAY SHIELDS LLC INVESCO LTD PICTET FUNDS EMPYREAN CAPITAL PAR

Firm Name Wells Fargo Securities, LLC SunTrust Robinson Humphrey Wolfe Research Sanford C. Bernstein & Co Goldman Sachs JPMorgan Edward Jones BMO Capital Markets Macquarie BGC Partners Morgan Stanley Deutsche Bank Argus Research Corp Credit Suisse Atlantic Equities LLP Drexel Hamilton LLC Jefferies RBC Capital Markets ISI Group Wunderlich Securities Tudor Pickering & Co Barclays S&P Capital IQ EVA Dimensions KeyBanc Capital Markets

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN NORTHERN TRUST CORPO HOTCHKIS AND WILEY BANK OF NEW YORK MEL n/a n/a GEODE CAPITAL MANAGE ALTRINSIC GLOBAL ADV TIAA-CREF INVESTMENT n/a Multiple Portfolios n/a n/a EMPYREAN CAPITAL PAR

Analyst NEIL A KALTON ALI AGHA STEVEN I FLEISHMAN HUGH WYNNE MICHAEL J LAPIDES CHRISTOPHER TURNURE ANDREW PUSATERI MICHAEL S WORMS ANGIE STOROZYNSKI KIT KONOLIGE STEPHEN C BYRD JONATHAN ARNOLD MICHAEL BURKE DANIEL EGGERS NATHAN JUDGE ANDREW L SMITH PAUL B FREMONT SHELBY G TUCKER GREG GORDON JAMES L DOBSON NEEL MITRA DANIEL F FORD JUSTIN MCCANN AUSTIN BURKETT PAUL T RIDZON

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

Recommendation underperform neutral peerperform market perform neutral/neutral neutral hold market perform neutral hold Overwt/In-Line hold hold neutral neutral hold hold outperform neutral hold hold equalweight sell sell hold

Amt Held 60'718'483 52'685'540 52'475'318 46'410'823 40'562'636 23'795'456 16'278'009 11'735'125 11'511'846 10'542'576 8'786'044 6'434'014 5'771'881 5'771'260 5'453'633 4'940'927 4'783'756 4'647'683 4'551'953 4'200'000

% Out 7.09 6.16 6.13 5.42 4.74 2.78 1.9 1.37 1.35 1.23 1.03 0.75 0.67 0.67 0.64 0.58 0.56 0.54 0.53 0.49

Weighting

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

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

Latest Chg 11'361'463 5'952'890 (743'846) 665'262 1'578'071 (374'520) 212'980 525'798 471'078 180'784 (2'979'076) 2'964'081 151'610 4'405'788 1'367'221 (1'642'338) 3'775'104 (1'410'058) 3'876'925 4'200'000

Target Price #N/A N/A #N/A N/A 34 32 32 34 #N/A N/A 36 33 #N/A N/A 36 34 #N/A N/A 30 37 37 37 39 36 37 35 37 34 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager

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

Date 03.07.2013 01.07.2013 01.07.2013 26.06.2013 23.06.2013 19.06.2013 18.06.2013 17.06.2013 17.06.2013 17.06.2013 03.06.2013 28.05.2013 28.05.2013 28.05.2013 28.05.2013 13.05.2013 09.05.2013 07.05.2013 05.05.2013 02.05.2013 02.05.2013 02.05.2013 30.04.2013 08.02.2013 22.01.2013

05.07.2013

Ford Motor Co Ford Motor Company designs, manufactures, and services cars and trucks. The Company also provides vehicle-related financing, leasing, and insurance through its subsidiary.

Price/Volume 18

35.0 M

30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.07.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance F UN EQUITY YTD Change F UN EQUITY YTD % CHANGE

12/2012 03/yy 16.74 8.82 3'782'844.00 16.59 -0.66% 88.10% 99.74% 3'860.4 65'218.71 14'300.00 0.0 364.0 24'425.00 57'411.71

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

20.0 M

15.0 M

10.0 M

5.0 M

2 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 145'114.0 0.11x 64.0 238.63x (14'766.0) -

31.12.2009 31.12.2010 116'283.0 128'954.0 0.36x 0.48x 6'438.0 15'383.0 6.54x 4.03x 2'717.0 6'561.0 24.40x 9.19x Profitability

LTM-4Q 31.12.2011 136'264.0 0.23x 13'629.0 2.34x 20'213.0 2.17x

31.12.2012 134'252.0 0.31x 12'513.0 3.30x 5'665.0 8.23x

12'513.00 6'291.00 4.69% 5.75% 3.11% 34.38% 5.30% 0.73% 13.8% 9.1% 4.5% 4.2% 0.96 0.57 54.61% 658.79% 26.07 15.36

Price/ Cash Flow

LTM

FY+1

.0 M j-13

1.21 1.30 3'832.27 80.13 77.13% 30.00% 1.296 26 3.846 7'272'903 7'414'723 6'682'969 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 135'595.0 137'617.0 136'313.4 143'799.0 34'997.0 32'564.9 1.06x 1.03x 0.43x 0.39x 1.60x 1.72x 12'887.0 12'539.0 10'860.9 12'446.3 3'079.5 2'881.3 2.99x 3.53x 5.27x 4.60x 4.91x 4.83x 19'058.0 5'880.0 5'708.2 6'690.7 1'435.3 1'293.7 2.62x 8.53x 11.78x 9.92x 11.39x 10.77x S&P Issuer Ratings Long-Term Rating Date 21.10.2011 Long-Term Rating BB+ Long-Term Outlook POS Short-Term Rating Date 10.06.2008 Short-Term Rating NR Credit Ratios EBITDA/Interest Exp. 17.45 (EBITDA-Capex)/Interest Exp. 9.80 Net Debt/EBITDA -0.65 Total Debt/EBITDA 1.28 Reference Total Debt/Equity 658.8% Total Debt/Capital 86.6% Asset Turnover 0.73 Net Fixed Asset Turnover 5.65 Accounts receivable turnover-days 14.00 Inventory Days 23.76 Accounts Payable Turnover Day 61.14 Cash Conversion Cycle -22.39 Sales/Revenue/Turnover

7.00

200'000.0 180'000.0

6.00

160'000.0

5.00

140'000.0 120'000.0

4.00

100'000.0 80'000.0

3.00

60'000.0

2.00

40'000.0 1.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Ford Motor Co Holdings By:

All

Holder Name EVERCORE TRUST COMPA BLACKROCK VANGUARD GROUP INC STATE STREET WELLINGTON MANAGEMEN NORTHERN TRUST CORPO CAPITAL GROUP COMPAN FMR LLC BANK OF NEW YORK MEL ALLIANCE BERNSTEIN NORGES BANK GEODE CAPITAL MANAGE BANK OF AMERICA CORP TIAA CREF INVESTMENT ALLIANZ ASSET MANAGE GOLDMAN SACHS GROUP T ROWE PRICE ASSOCIA JP MORGAN UBS MORGAN STANLEY

Firm Name Sterne, Agee & Leach Guggenheim Securities LLC Edward Jones Daiwa Securities Co. Ltd. Argus Research Corp S&P Capital IQ Stifel Jefferies Buckingham Research Group RBC Capital Markets JPMorgan Craig-Hallum Capital Group LLC Wolfe Research Deutsche Bank Morgan Stanley Credit Suisse Barclays Tigress Financial Partners EVA Dimensions Goldman Sachs KeyBanc Capital Markets CRT Capital Group

Portfolio Name EVERCORE TRUST COMPA n/a VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN NORTHERN TRUST CORPO n/a n/a BANK OF NEW YORK MEL n/a NORGES BANK GEODE CAPITAL MANAGE BANK OF AMERICA TIAA-CREF INVESTMENT n/a n/a T ROWE PRICE ASSOCIA n/a n/a n/a

Analyst MICHAEL P WARD MATTHEW T STOVER CHRISTIAN MAYES TAKUO KATAYAMA WILLIAM V SELESKY EFRAIM LEVY JAMES J ALBERTINE H PETER NESVOLD JOSEPH C AMATURO JOSEPH SPAK RYAN BRINKMAN STEVEN L. DYER TIMOTHY J DENOYER ROD LACHE ADAM JONAS CHRISTOPHER J CERASO BRIAN A JOHNSON IVAN FEINSETH CRAIG STERLING PATRICK ARCHAMBAULT BRETT D HOSELTON KIRK LUDTKE

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

Recommendation buy neutral hold neutral buy hold hold buy underperform outperform overweight buy peerperform hold Overwt/In-Line neutral equalweight buy buy buy/attractive hold Fairly Valued

Amt Held 240'872'637 201'820'134 172'157'358 154'008'352 123'663'736 49'825'092 48'810'820 45'856'876 40'291'917 33'644'300 29'655'538 26'674'586 24'497'016 23'936'313 23'358'804 23'155'724 22'023'937 21'559'588 20'467'461 20'403'328

% Out 6.24 5.23 4.46 3.99 3.2 1.29 1.26 1.19 1.04 0.87 0.77 0.69 0.63 0.62 0.61 0.6 0.57 0.56 0.53 0.53

Weighting

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

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

Latest Chg (12'594'892) 15'413'511 13'003'144 10'196'201 (21'486'299) 2'415'472 1'657'400 13'230'417 (465'751) 1'253'221 1'375'576 6'582'960 (7'979'530) 20'325'156 (5'046'713) 262'980 (1'563'758) 3'549'449 3'133'307

Target Price 19 13 #N/A N/A 15 19 17 #N/A N/A 18 11 18 16 18 #N/A N/A 15 17 14 15 #N/A N/A #N/A N/A 17 #N/A N/A 17

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

File Dt 31.03.2013 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013

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

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

Date 04.07.2013 03.07.2013 25.06.2013 24.06.2013 21.06.2013 17.06.2013 14.06.2013 07.06.2013 04.06.2013 30.05.2013 28.05.2013 16.05.2013 02.05.2013 01.05.2013 25.04.2013 25.04.2013 25.04.2013 08.03.2013 15.01.2013 10.01.2013 04.12.2012 31.10.2012

05.07.2013

Freeport-McMoRan Copper & Gold Inc Freeport-McMoRan Copper & Gold Inc., through its subsidiary, is a copper, gold and molybdenum mining company. The Company primarily mines for copper and owns mining interests in Chile and Indonesia. Freeport-McMoRan Copper & Gold also, through a subsidiary, is involved in smelting and refining of copper concentrates.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FCX UN EQUITY YTD Change FCX UN EQUITY YTD % CHANGE

12/2012 03/yy 42.21 26.34 501'865.00 27.23 -35.61% 3.37% 8.43% 1'034.3 28'164.34 3'527.00 0.0 3'768.0 3'705.00 32'570.34

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

18.0 M

16.0 M

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 17'796.0 1.17x 6'154.0 3.40x (11'067.0) 3.29x

31.12.2009 31.12.2010 15'040.0 18'982.0 2.84x 3.15x 7'736.0 10'196.0 5.52x 5.87x 2'749.0 4'336.0 12.99x 14.30x Profitability

LTM-4Q 31.12.2011 20'880.0 1.75x 10'162.0 3.59x 4'560.0 6.98x

31.12.2012 18'010.0 2.00x 6'934.0 5.20x 3'041.0 10.56x

6'934.00 5'755.00 31.95% 30.48% 7.75% 17.17% 14.37% 0.48% 35.8% 36.8% 29.9% 16.9% 3.08 1.39 9.95% 20.10% 16.01 2.68

Price/ Cash Flow

LTM

03/yy 19'776.0 7.92x 8'995.0 4.26x 3'825.0 8.58x

03/yy 17'988.0 8.20x 6'617.0 5.42x 2'925.0 10.21x

FY+1

.0 M j-13

4.59 1.54 1'019.59 29.01 -17.15% -16.16% 1.544 24 4.167 2'601'661 3'284'220 3'198'671 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 21'947.9 25'390.2 4'582.2 5'992.0 2.03x 1.76x 9.00x 8.34x 9'046.2 11'710.8 1'612.0 2'580.6 3.59x 2.78x 3.14x 2.81x 3'122.3 4'003.8 576.4 831.7 8.86x 7.14x 8.03x 7.02x S&P Issuer Ratings

29.07.2011 BBB NEG 25.97 12.88 0.08 1.53 20.1% 14.2% 0.48 0.88 22.80 136.41 72.73 83.90

Sales/Revenue/Turnover

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0

6.00

10'000.0 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Freeport-McMoRan Copper & Gold Inc Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC NORTHERN CROSS LLC HARBOR CAPITAL ADVIS JP MORGAN ALLIANZ ASSET MANAGE BANK OF NEW YORK MEL NORTHERN TRUST CORPO FRANKLIN RESOURCES DEUTSCHE BANK AG BANK OF AMERICA CORP SUSQUEHANNA INTERNAT PAULSON & CO MORGAN STANLEY UBS CITIGROUP INCORPORAT T ROWE PRICE ASSOCIA GEODE CAPITAL MANAGE CAPITAL GROUP COMPAN

Firm Name Jefferies Barclays Deutsche Bank Macquarie Credit Suisse BMO Capital Markets Morgan Stanley Goldman Sachs FBR Capital Markets Stifel Nomura Cowen and Company RBC Capital Markets BB&T Capital Markets Argus Research Corp EVA Dimensions JPMorgan Canaccord Genuity Corp S&P Capital IQ Oracle Investment Research Tigress Financial Partners Hamburger Sparkasse

Portfolio Name n/a n/a VANGUARD GROUP INC NORTHERN CROSS LLC Multiple Portfolios n/a n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a n/a BANK OF AMERICA SUSQUEHANNA INTERNAT PAULSON & CO n/a n/a n/a T ROWE PRICE ASSOCIA GEODE CAPITAL MANAGE n/a

Analyst PETER D WARD DAVID GAGLIANO JORGE M BERISTAIN ALDO J MAZZAFERRO JR RICHARD GARCHITORENA TONY ROBSON PARETOSH MISRA SAL THARANI MITESH B THAKKAR PAUL A MASSOUD CURTIS WOODWORTH ANTHONY B RIZZUTO JR FRASER PHILLIPS GARRETT S. NELSON WILLIAM V SELESKY CRAIG STERLING MICHAEL F GAMBARDELLA GARY LAMPARD LEO LARKIN LAURENCE BALTER IVAN FEINSETH INGO SCHMIDT

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

Recommendation buy overweight buy neutral outperform market perform Overwt/In-Line Buy/Neutral outperform buy buy outperform sector perform buy hold hold restricted suspended coverage sell strong buy strong buy hold

Amt Held 72'520'446 45'158'085 43'753'478 22'141'542 20'100'711 18'679'954 18'075'575 15'160'387 14'785'627 12'875'638 12'639'500 12'474'581 11'915'227 9'000'000 7'463'168 6'768'586 6'545'931 6'509'210 6'436'407 5'718'812

% Out 7.01 4.37 4.23 2.14 1.94 1.81 1.75 1.47 1.43 1.24 1.22 1.21 1.15 0.87 0.72 0.65 0.63 0.63 0.62 0.55

Weighting

Change

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

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

Latest Chg 1'604'428 1'788'288 1'518'805 68'129 (2'388'725) 929'417 330'535 774'384 9'718'822 373'220 3'038'969 2'033'156 (138'846) 947'852 210'261 536'740 93'113 (1'047'950)

Target Price 40 40 40 30 38 30 43 35 40 37 38 45 35 40 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 29 50 #N/A N/A #N/A N/A

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

File Dt Inst Type 03.07.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Unclassified 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 02.07.2013 02.07.2013 27.06.2013 27.06.2013 26.06.2013 25.06.2013 25.06.2013 25.06.2013 25.06.2013 25.06.2013 25.06.2013 25.06.2013 24.06.2013 24.06.2013 24.04.2013 19.04.2013 18.04.2013 19.02.2013 22.01.2013 31.12.2012 11.12.2012 10.12.2012

05.07.2013

FedEx Corp FedEx Corp. delivers packages and freight to multiple countries and territories through an integrated global network. The Company provides worldwide express delivery, ground small-parcel delivery, less-than-truckload freight delivery, supply chain management services, customs brokerage services, and trade facilitation and electronic commerce solutions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (24.09.2012) Daily Volume Current Price (7/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 FDX UN EQUITY YTD Change FDX UN EQUITY YTD % CHANGE

05/2013 05/yy 109.66 83.92 57'237.00 98.5 -10.20% 17.37% 53.81% 317.6 31'280.33 2'990.00 0.0 0.0 4'917.00 29'353.33

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

3.0 M

100

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 j-12

31.05.2010 31.05.2011 34'734.0 39'304.0 0.75x 0.74x 3'974.0 4'440.0 6.59x 6.54x 1'184.0 1'452.0 21.99x 19.70x Profitability

LTM-4Q 31.05.2012 42'680.0 0.63x 5'433.0 4.98x 2'032.0 13.35x

31.05.2013 44'287.0 0.65x 5'597.0 5.12x 1'561.0 15.46x 5'597.00 3'211.00 7.25% 5.54% 4.92% 9.72% 8.76% 1.40% 20.1% 12.6% 7.2% 3.5% 1.96 1.73 8.91% 17.19% 9.09 77.64

Price/ Cash Flow

s-12

o-12

n-12

LTM

05/yy 42'680.0 2.48x 5'433.0 4.98x 2'032.0 13.35x

d-12

05/yy 44'287.0 2.63x 5'580.0 5.14x 1'561.0 15.54x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

0.57 1.03 296.78 4.15 7.01% 7.69% 1.027 33 4.152 473'606 587'535 617'762 FY+2

FQ+1

FQ+2

05/14 Y 05/15 Y 08/13 Q1 11/13 Q2 46'027.8 48'700.6 11'023.8 11'504.2 0.64x 0.58x 2.69x 2.58x 6'176.6 7'157.5 1'398.9 1'475.6 4.76x 4.11x 4.80x 4.60x 2'234.3 2'786.9 472.7 514.3 13.98x 11.35x 14.11x 13.41x S&P Issuer Ratings

11.02.2004 BBB STABLE 11.02.2004 A-2 91.75 36.43 -0.35 0.54 17.2% 14.7% 1.40 2.48 40.17 4.70 18.29 26.80

Sales/Revenue/Turnover

10.00

50'000.0

9.00

45'000.0

8.00

40'000.0

7.00

35'000.0

6.00

30'000.0

5.00 4.00

25'000.0 20'000.0

3.00

15'000.0

2.00

10'000.0

1.00

5'000.0

0.00 04.06.2010

a-12

Fiscal Year Ended 31.05.2009 35'497.0 0.50x 3'926.0 4.48x 98.0 19.67x

120

0.0 04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

04.06.2013

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

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

05.07.2013

FedEx Corp Holdings By:

All

Holder Name SMITH FREDERICK WALL PRIMECAP MANAGEMENT DODGE & COX SOUTHEASTERN ASSET M BLACKROCK WELLINGTON MANAGEMEN VANGUARD GROUP INC HARRIS ASSOCIATES LP STATE STREET T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL GREENHAVEN ASSOCIATE FRANKLIN RESOURCES NORTHERN TRUST CORPO WINSLOW CAPITAL MANA CAPITAL GROUP COMPAN GATES FOUNDATION NEUBERGER BERMAN LLC MACKAY SHIELDS LLC TIAA CREF INVESTMENT

Firm Name Jefferies Cowen and Company Thompson, Davis & Company Robert W. Baird & Co Deutsche Bank Accountability Research Corp Wolfe Research Avondale Partners LLC Morgan Stanley Argus Research Corp Credit Suisse JPMorgan Sanford C. Bernstein & Co Stephens Inc Macquarie Oppenheimer & Co Barclays Telsey Advisory Group EVA Dimensions RBC Capital Markets Edward Jones William Blair & Co Raymond James Stifel BB&T Capital Markets Wells Fargo Securities, LLC S&P Capital IQ Atlantic Equities LLP Nomura Goldman Sachs Jyske Bank

Portfolio Name n/a PRIMECAP MANAGEMENT DODGE & COX SOUTHEASTERN ASSET M n/a WELLINGTON MANAGEMEN VANGUARD GROUP INC HARRIS ASSOC LP n/a T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL GREENHAVEN ASSOCIATE n/a NORTHERN TRUST CORPO WINSLOW CAPITAL MANA n/a BILL & MELINDA FOUND NEUBERGER BERMAN GRO Multiple Portfolios TIAA-CREF INVESTMENT

Analyst H PETER NESVOLD HELANE R BECKER DAVID P CAMPBELL BENJAMIN J HARTFORD JUSTIN B YAGERMAN MARK SUAREZ SCOTT H GROUP DONALD BROUGHTON WILLIAM J GREENE NATHANIEL GABRIEL CHRISTOPHER J CERASO THOMAS R WADEWITZ DAVID VERNON JACK ATKINS KELLY A DOUGHERTY SCOTT A SCHNEEBERGER BRANDON OGLENSKI JOSHUA HERRITY CRAIG STERLING JOHN L BARNES III LOGAN PURK NATHAN J BROCHMANN ARTHUR W HATFIELD DAVID G ROSS KEVIN W STERLING ANTHONY P GALLO JAMES CORRIDORE RORRIE MARS MARK MCVICAR TOM KIM ROBERT JAKOBSEN

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

Recommendation hold outperform buy outperform buy buy outperform market perform Equalwt/Attractive buy neutral neutral market perform overweight outperform outperform overweight no rating system overweight underperform buy outperform outperform buy hold market perform buy neutral neutral buy/attractive sell

Amt Held 19'748'475 19'717'422 17'359'875 16'598'493 14'985'471 13'811'307 13'465'767 13'080'792 11'793'996 10'884'117 5'671'351 4'613'474 4'387'175 4'037'647 3'217'200 3'044'310 3'024'999 2'849'840 2'736'129 2'621'526

% Out 6.22 6.21 5.47 5.23 4.72 4.35 4.24 4.12 3.71 3.43 1.79 1.45 1.38 1.27 1.01 0.96 0.95 0.9 0.86 0.83

Weighting

Change

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

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

Latest Chg 48'004 (389'063) (567'414) 303'407 880'840 624'415 378'348 66'758 (155'304) 3'183'610 (91'013) 99'235 (58'516) 126'611 3'217'200 (604'322) (38'778) 268'347 (98'766)

Target Price 102 117 123 116 123 110 122 105 #N/A N/A 115 108 108 102 125 115 124 120 115 #N/A N/A 95 #N/A N/A #N/A N/A 117 128 #N/A N/A #N/A N/A 117 108 105 114 103

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

File Dt 04.04.2013 31.03.2013 31.03.2013 31.03.2013 03.07.2013 31.03.2013 31.03.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013

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

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Endowment Investment Advisor Investment Advisor Investment Advisor

Date 01.07.2013 01.07.2013 01.07.2013 28.06.2013 26.06.2013 25.06.2013 25.06.2013 21.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 19.06.2013 19.06.2013 19.06.2013 19.06.2013 19.06.2013 19.06.2013 19.06.2013 19.06.2013 19.06.2013 18.06.2013 13.06.2013 29.01.2013

05.07.2013

Twenty-First Century Fox Inc Twenty-First Century Fox, Inc. is a diversified media company. The Company's media and entertainment operations include the production and distribution motion pictures and television programming, music, radio broadcasting, and sports.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.07.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FOXA UW EQUITY YTD Change FOXA UW EQUITY YTD % CHANGE

06/2012 03/yy 30.54 18.79 798'714.00 30.06 -1.54% 59.98% 96.39% 1'516.0 69'678.97 15'455.00 0.0 1'142.0 9'626.00 80'658.97

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

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 j-12

30.06.2009 30.06.2010 30'423.0 32'778.0 1.06x 1.12x 4'784.0 5'228.0 6.75x 7.02x (3'378.0) 2'539.0 26.72x 10.34x Profitability

LTM-4Q 30.06.2011 33'405.0 1.50x 6'133.0 8.17x 2'739.0 13.72x

30.06.2012 33'706.0 1.78x 6'646.0 9.04x 1'179.0 18.31x

6'646.00 5'379.00 15.96% 6.56% 9.14% 20.41% 14.84% 0.55% 19.4% 15.5% 3.5% 2.02 1.69 27.28% 62.61% 5.16 -

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 34'298.0 5.83x 6'861.0 7.89x 3'415.0 13.47x

d-12

03/yy 35'469.0 7.59x 6'868.0 11.90x 5'915.0 24.78x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

0.57 1.08 1'512.55 51.86 50.72% 33.67% 1.084 29 4.621 4'503'270 4'707'044 3'991'552 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 31'587.1 33'862.2 8'061.6 7'529.8 2.52x 2.36x 10.05x 10.77x 6'695.7 7'339.4 1'664.0 1'739.5 12.06x 11.00x 11.39x 11.00x 3'686.1 3'843.2 820.2 888.4 19.79x 17.31x 18.64x 17.82x S&P Issuer Ratings

30.11.2012 BBB+ STABLE 6.18 5.30 1.04 2.40 62.6% 37.4% 0.55 5.94 70.76 -

Sales/Revenue/Turnover

20.00

40'000.0

18.00

35'000.0

16.00

30'000.0

14.00

25'000.0

12.00 10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 03.07.2009

a-12

Fiscal Year Ended 30.06.2008 32'996.0 1.49x 6'668.0 7.36x 5'387.0 12.23x

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

05.07.2013

Twenty-First Century Fox Inc Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN VANGUARD GROUP INC YACKTMAN ASSET MANAG STATE STREET DODGE & COX JANUS CAPITAL MANAGE FMR LLC FRANKLIN RESOURCES BANK OF NEW YORK MEL CHILDRENS INV FUND M NORTHERN TRUST CORPO ETON PARK CAPITAL MA HIGHFIELDS CAPITAL M EAGLE CAPITAL MANAGE LONE PINE CAPITAL LL T ROWE PRICE ASSOCIA EGERTON CAPITAL LIMI NORGES BANK LUXOR CAPITAL GROUP

Firm Name Morgan Stanley Deutsche Bank Needham & Co Goldman Sachs Macquarie Spin-Off Research Wells Fargo Securities, LLC Gabelli & Co Credit Suisse Evercore Partners Telsey Advisory Group Wedbush Sanford C. Bernstein & Co BMO Capital Markets Lazard Capital Markets Argus Research Corp CRT Capital Group Atlantic Equities LLP Davenport & Co WhiteSand Research LLC S&P Capital IQ EVA Dimensions RBC Capital Markets Wunderlich Securities Nomura Cowen and Company Barclays BTIG LLC

Portfolio Name n/a n/a VANGUARD GROUP INC YACKTMAN ASSET MANAG n/a DODGE & COX n/a n/a n/a BANK OF NEW YORK MEL CHILDRENS INVESTMENT NORTHERN TRUST CORPO ETON PARK CAPITAL MA HIGHFIELDS CAPITAL M EAGLE CAPITAL MANAGE LONE PINE CAPITAL LL T ROWE PRICE ASSOCIA EGERTON CAPITAL LIMI NORGES BANK LUXOR CAPITAL GROUP

Analyst BENJAMIN SWINBURNE DOUGLAS D MITCHELSON LAURA A MARTIN DREW BORST TIMOTHY W NOLLEN TEAM COVERAGE MARCI RYVICKER BRETT HARRISS MICHAEL SENNO ALAN GOULD JAISON BLAIR JAMES G DIX TODD JUENGER DANIEL SALMON BARTON CROCKETT JOSEPH F BONNER LANCE W VITANZA HAMILTON FABER MICHAEL C MORRIS TEAM COVERAGE TUNA AMOBI CRAIG STERLING DAVID BANK MATTHEW HARRIGAN MICHAEL NATHANSON DOUGLAS CREUTZ ANTHONY J DICLEMENTE RICHARD GREENFIELD

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

Recommendation Overwt/Attractive buy buy buy/attractive outperform buy outperform buy outperform overweight no rating system outperform outperform market perform buy hold not rated overweight buy undervalued buy underweight outperform buy buy outperform overweight buy

Amt Held 106'117'879 99'936'612 87'698'670 75'774'270 73'895'700 65'428'409 55'422'667 42'536'129 32'253'845 28'811'418 25'629'967 25'369'440 23'000'000 22'414'300 22'321'840 22'076'325 21'393'143 20'186'722 19'150'391 17'535'678

% Out 7 6.59 5.78 5 4.87 4.32 3.66 2.81 2.13 1.9 1.69 1.67 1.52 1.48 1.47 1.46 1.41 1.33 1.26 1.16

Weighting

Change

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

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

Latest Chg 566'560 18'293'949 1'759'231 (4'332'665) (5'182'417) (8'561'635) 4'677'032 12'621'905 18'778'277 (854'432) (8'718'512) 571'703 (5'100'000) (5'531'000) 141'393 5'146'872 15'984'060 2'615'344 17'535'678

Target Price 30 33 36 35 33 34 #N/A N/A #N/A N/A 34 34 34 31 40 31 35 #N/A N/A #N/A N/A 35 32 #N/A N/A 34 #N/A N/A 33 35 30 #N/A N/A 33 26

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

File Dt 03.07.2013 31.03.2013 31.03.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013

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

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

Date 04.07.2013 03.07.2013 03.07.2013 02.07.2013 02.07.2013 02.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 01.07.2013 30.06.2013 28.06.2013 25.06.2013 23.06.2013 19.06.2013 19.06.2013 19.06.2013 14.06.2013 11.06.2013 29.05.2013 13.05.2013 09.05.2013 09.05.2013 09.05.2013 09.05.2013 09.05.2013 27.06.2012

05.07.2013

General Dynamics Corp General Dynamics Corporation is a diversified defense company. The Company offers a broad portfolio of products and services in business aviation, combat vehicles, weapons systems and munitions, shipbuilding design and construction, and information systems, technologies and services.

Price/Volume 90

3.5 M

3.0 M

2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.07.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (7/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 GD UN EQUITY YTD Change GD UN EQUITY YTD % CHANGE

12/2012 03/yy 79.55 61.09 51'284.00 78.85 -0.79% 29.07% 93.80% 353.2 27'848.77 3'908.00 0.0 0.0 3'296.00 28'013.77

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

2.0 M

1.5 M

1.0 M

.5 M

10 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 29'300.0 0.84x 4'100.0 6.02x 2'459.0 9.26x

31.12.2009 31.12.2010 31'981.0 32'466.0 0.87x 0.83x 4'237.0 4'514.0 6.58x 5.99x 2'394.0 2'624.0 11.00x 10.40x Profitability

LTM-4Q 31.12.2011 32'677.0 0.76x 4'418.0 5.65x 2'526.0 9.13x

31.12.2012 31'513.0 0.80x 3'447.0 7.28x (332.0) 10.69x

3'447.00 2'827.00 8.97% 1.72% -0.93% -2.56% -2.49% 0.90% 16.2% 4.6% 2.6% -1.1% 1.35 0.65 11.39% 34.31% 7.01 3.43

Price/ Cash Flow

LTM

04/yy 32'458.0 3.20x 4'360.0 6.36x 2'472.0 10.01x

03/yy 31'338.0 3.17x 1'428.0 17.55x (325.0) 10.88x

FY+1

.0 M j-13

3.25 1.01 333.66 5.24 22.84% 15.57% 1.015 22 4.273 571'067 655'888 677'997 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 31'174.6 30'905.3 7'726.6 7'849.4 0.88x 0.86x 3.62x 3.54x 4'163.4 4'198.8 1'010.7 1'050.0 6.75x 6.69x 6.70x 6.63x 2'368.4 2'410.6 568.4 595.8 11.68x 11.17x 11.72x 11.59x S&P Issuer Ratings

09.07.1999 A STABLE 09.07.1999 A-1 20.52 17.84 0.12 2.74 34.3% 25.5% 0.90 9.41 51.96 106.04 33.99 118.91

Sales/Revenue/Turnover

12.00

35'000.0

10.00

30'000.0 25'000.0

8.00

20'000.0 6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

General Dynamics Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN LONGVIEW ASSET MANAG EVERCORE TRUST COMPA BLACKROCK VANGUARD GROUP INC STATE STREET HARRIS ASSOCIATES LP CROWN FUND WELLINGTON MANAGEMEN HENRY CROWN AND CO INVESCO LTD NORTHERN TRUST CORPO SANDERS CAPITAL LLC BANK OF NEW YORK MEL WELLS FARGO ABRAMS BISON INVESTM UBS BANK OF AMERICA CORP DEUTSCHE BANK AG FMR LLC

Firm Name Jefferies Cowen and Company Stifel CRT Capital Group RBC Capital Markets Wells Fargo Securities, LLC Edward Jones Drexel Hamilton LLC Deutsche Bank Sanford C. Bernstein & Co JPMorgan Goldman Sachs Argus Research Corp Barclays Sterne, Agee & Leach Credit Suisse Oppenheimer & Co Buckingham Research Group EVA Dimensions Gabelli & Co

Portfolio Name n/a LONGVIEW ASSET MANAG EVERCORE TRUST COMPA n/a VANGUARD GROUP INC n/a HARRIS ASSOC LP n/a WELLINGTON MANAGEMEN n/a n/a NORTHERN TRUST CORPO SANDERS CAPITAL LLC BANK OF NEW YORK MEL n/a ABRAMS BISON INVESTM n/a BANK OF AMERICA n/a n/a

Analyst HOWARD A RUBEL CAI VON RUMOHR WILLIAM R LOOMIS BRIAN W RUTTENBUR ROBERT STALLARD SAMUEL J PEARLSTEIN CHRISTIAN MAYES RICHARD WHITTINGTON MYLES WALTON DOUGLAS S HARNED JOSEPH B NADOL III NOAH POPONAK NATHANIEL GABRIEL CARTER COPELAND PETER J ARMENT ROBERT M SPINGARN YAIR REINER RICHARD SAFRAN CRAIG STERLING BRIAN BETTS

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

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

Amt Held 39'413'700 33'399'076 29'784'932 16'879'134 16'850'193 16'204'107 8'398'540 7'705'112 6'160'004 5'424'092 4'473'495 4'467'595 4'033'099 3'771'394 3'336'154 3'270'000 2'855'738 2'708'382 2'680'009 2'661'085

% Out 11.16 9.46 8.43 4.78 4.77 4.59 2.38 2.18 1.74 1.54 1.27 1.26 1.14 1.07 0.94 0.93 0.81 0.77 0.76 0.75

Weighting

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

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

Latest Chg 3'674'000 2'016 (1'310'242) 513'719 526'553 (242'640) (48'000) (1'761'895) 1'402'248 130'335 495'465 (312'747) 39'328 400'000 (452'667) (2'804'352) 806'745 88'151

Target Price 82 90 #N/A N/A 54 86 #N/A N/A #N/A N/A 88 78 81 84 73 82 87 82 83 #N/A N/A 70 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 03.05.2013 Unclassified 31.03.2013 Investment Advisor 03.05.2013 Holding Company 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Unclassified 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 03.07.2013 02.07.2013 01.07.2013 01.07.2013 21.06.2013 20.06.2013 17.06.2013 17.06.2013 14.06.2013 12.06.2013 11.06.2013 30.05.2013 03.05.2013 01.05.2013 25.04.2013 24.04.2013 24.04.2013 05.04.2013 06.03.2013 06.03.2009

05.07.2013

General Electric Co General Electric Company is a globally diversified technology and financial services company. The Company's products and services include aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing and industrial products.

Price/Volume 30

40.0 M 35.0 M

30.0 M 20

Latest Fiscal Year: LTM as of: 52-Week High (18.06.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/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 GE UN EQUITY YTD Change GE UN EQUITY YTD % CHANGE

12/2012 03/yy 24.44 19.37 1'297'593.00 23.03 -5.81% 18.90% 69.82% 10'340.1 238'132.98 17'469.00 0.0 5'444.0 15'583.00 233'646.98

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

20.0 M 15.0 M

10.0 M 5

5.0 M

0 j-12

31.12.2009 31.12.2010 154'272.0 148'442.0 1.12x 1.28x 20'435.0 23'747.0 8.45x 8.01x 11'025.0 11'644.0 12.59x 15.84x Profitability

LTM-4Q 31.12.2011 142'224.0 1.37x 25'040.0 7.76x 14'151.0 12.68x

31.12.2012 144'796.0 1.56x 25'000.0 9.03x 13'641.0 13.54x

25'000.00 15'654.00 10.81% 12.02% 2.05% 11.61% 3.29% 0.21% 38.6% 16.9% 10.3% 9.4% 1.12 1.02 49.24% 274.31% 7.17 5.55

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

FY+1

.0 M j-13

3.13 1.12 10'334.05 83.90 16.49% 11.52% 1.119 22 4.273 8'294'715 9'492'795 8'904'843 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 142'043.0 143'566.0 148'168.5 152'911.9 35'892.4 36'859.8 5.47x 6.51x 3.34x 3.12x 13.21x 12.78x 24'486.0 24'248.0 29'090.3 31'833.0 5'922.8 6'406.0 8.90x 9.67x 8.04x 7.35x 8.58x 8.14x 13'752.0 14'134.0 16'983.5 18'148.6 3'613.6 4'045.3 14.13x 14.97x 13.85x 12.62x 13.98x 13.48x S&P Issuer Ratings Long-Term Rating Date 12.03.2009 Long-Term Rating AA+ Long-Term Outlook STABLE Short-Term Rating Date 23.11.1981 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 18.10 (EBITDA-Capex)/Interest Exp. 7.15 Net Debt/EBITDA -0.41 Total Debt/EBITDA 0.51 Reference Total Debt/Equity 274.3% Total Debt/Capital 72.4% Asset Turnover 0.21 Net Fixed Asset Turnover 2.14 Accounts receivable turnover-days 50.90 Inventory Days 65.73 Accounts Payable Turnover Day 68.38 Cash Conversion Cycle 48.22 Sales/Revenue/Turnover

9.00

200'000.0

8.00

180'000.0

7.00

160'000.0 140'000.0

6.00

120'000.0

5.00 4.00

100'000.0 80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 180'929.0 0.99x 30'781.0 5.83x 17'410.0 8.39x

25.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

General Electric Co Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CAPITAL GROUP COMPAN FMR LLC NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA DODGE & COX GENERAL ELECTRIC COM WELLINGTON MANAGEMEN INVESCO LTD NORGES BANK FRANKLIN RESOURCES BANK OF AMERICA CORP GEODE CAPITAL MANAGE GOLDMAN SACHS GROUP WELLS FARGO TIAA CREF INVESTMENT UBS

Firm Name Sanford C. Bernstein & Co JPMorgan Morgan Stanley Credit Suisse Deutsche Bank Edward Jones Hamburger Sparkasse Barclays Independent Research GmbH William Blair & Co EVA Dimensions Oppenheimer & Co Langenberg & Co Argus Research Corp Ameriprise Advisor Services, Inc Nomura Hilliard Lyons Tigress Financial Partners S&P Capital IQ Gabelli & Co

Portfolio Name n/a VANGUARD GROUP INC n/a n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA DODGE & COX GENERAL ELECTRIC COM WELLINGTON MANAGEMEN n/a NORGES BANK n/a BANK OF AMERICA GEODE CAPITAL MANAGE n/a n/a TIAA-CREF INVESTMENT n/a

Analyst STEVEN E WINOKER CHARLES STEPHEN TUSA NIGEL COE JULIAN MITCHELL JOHN G INCH CHRISTIAN MAYES MARCO GUENTHER SCOTT R DAVIS MARKUS FRIEBEL NICHOLAS P HEYMANN CRAIG STERLING CHRISTOPHER D GLYNN BRIAN KEITH LANGENBERG NATHANIEL GABRIEL FREDERICK M SCHULTZ SHANNON O'CALLAGHAN STEPHEN A O'NEIL IVAN FEINSETH RICHARD TORTORIELLO ZAHID SIDDIQUE

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

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

Amt Held 576'698'823 480'968'947 414'289'828 276'404'848 185'496'947 164'165'867 156'799'970 111'915'298 94'657'909 88'985'625 88'939'646 85'296'613 84'870'136 82'210'444 74'273'026 70'549'571 65'672'700 60'031'251 60'019'451 55'995'579

% Out 5.58 4.65 4.01 2.67 1.79 1.59 1.52 1.08 0.92 0.86 0.86 0.82 0.82 0.8 0.72 0.68 0.64 0.58 0.58 0.54

Weighting

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

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

Latest Chg 18'281'472 13'238'328 (1'387'285) (2'223'472) (42'421'515) 4'087'674 1'466'803 (615'743) (2'922'718) (4'790'436) 305'827 (4'935'937) (2'728'891) 3'893'412 1'151'882 (2'125'003) 2'358'776 1'819'715 2'675'579

Target Price 25 22 23 25 28 #N/A N/A #N/A N/A 26 28 26 #N/A N/A 26 28 25 #N/A N/A 23 27 #N/A N/A 26 #N/A N/A

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

File Dt 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 03.07.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013

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

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

Date 03.07.2013 02.07.2013 19.06.2013 19.06.2013 14.06.2013 14.06.2013 13.06.2013 03.06.2013 24.05.2013 22.05.2013 13.05.2013 12.05.2013 24.04.2013 23.04.2013 22.04.2013 22.04.2013 19.04.2013 06.03.2013 13.02.2013 26.09.2011

05.07.2013

Gilead Sciences Inc Gilead Sciences, Inc. is a research-based biopharmaceutical company that discovers, develops, and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases. The Company's primary areas of focus include HIV/AIDS, liver disease and serious cardiovascular and respiratory conditions.

Price/Volume 60

12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GILD UW EQUITY YTD Change GILD UW EQUITY YTD % CHANGE

12/2012 03/yy 58.06 24.80 622'053.00 53.22 -8.19% 114.60% 81.72% 1'525.4 81'179.44 8'224.05 0.0 241.1 2'582.09 86'786.26

8.0 M 6.0 M

4.0 M 10

2.0 M

0 j-12

31.12.2009 31.12.2010 7'011.4 7'949.4 5.18x 3.38x 3'742.2 4'227.7 9.71x 6.35x 2'635.8 2'901.3 15.12x 10.53x Profitability

LTM-4Q 31.12.2011 8'385.4 3.41x 4'092.1 6.99x 2'803.6 11.34x

31.12.2012 9'702.5 6.36x 4'288.4 14.38x 2'591.6 21.83x

4'288.38 4'010.18 41.33% 37.23% 13.62% 32.88% 17.67% 0.47% 74.5% 45.4% 42.6% 26.7% 1.44 0.85 38.72% 88.34% 4.84 1.57

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 8'741.7 15.12x 3'975.5 11.33x 2'594.5 14.38x

d-12

03/yy 9'951.7 24.53x 4'521.6 17.74x 2'871.8 26.42x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

0.93 1'512.29 52.73 104.38% 44.91% 0.932 30 4.733 2'762'918 3'277'095 3'585'302 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 10'629.2 13'014.7 2'653.3 2'675.7 7.99x 6.33x 4'723.0 6'689.0 1'133.3 1'134.5 18.33x 12.94x 3'248.2 4'805.7 805.2 793.4 27.14x 18.17x 25.02x 22.32x S&P Issuer Ratings

23.03.2011 ASTABLE 11.88 10.78 1.19 1.77 88.3% 46.3% 0.47 10.43 75.35 232.57 169.26 137.94

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

a-12

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

14.0 M

Valuation Analysis

31.12.2008 5'335.8 8.35x 2'845.0 15.67x 1'978.9 24.83x

16.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Gilead Sciences Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN FMR LLC BLACKROCK T ROWE PRICE ASSOCIA VANGUARD GROUP INC STATE STREET WELLINGTON MANAGEMEN INVESCO LTD JENNISON ASSOCIATES UBS MARSICO CAPITAL MANA AMERIPRISE FINANCIAL BANK OF NEW YORK MEL NORTHERN TRUST CORPO JP MORGAN TIAA CREF INVESTMENT JANUS CAPITAL MANAGE WELLS FARGO FRANKLIN RESOURCES AMERICAN CENTURY COM

Firm Name Cowen and Company Wells Fargo Securities, LLC Stifel Sanford C. Bernstein & Co Lazard Capital Markets Maxim Group LLC Needham & Co Leerink Swann & Co RBC Capital Markets BMO Capital Markets Oppenheimer & Co Argus Research Corp JPMorgan ISI Group S&P Capital IQ Jefferies Guggenheim Securities LLC William Blair & Co Atlantic Equities LLP Piper Jaffray Robert W. Baird & Co Credit Suisse Deutsche Bank Summer Street Research Partners Barclays Goldman Sachs EVA Dimensions First Global Stockbroking BWS Financial

Portfolio Name n/a n/a n/a T ROWE PRICE ASSOCIA VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN n/a JENNISON ASSOCIATES n/a MARSICO CAPITAL MANA AMERIPRISE FINANCIAL BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a TIAA-CREF INVESTMENT n/a n/a n/a AMERICAN CENTURY COM

Analyst PHILIP NADEAU BRIAN C ABRAHAMS JOEL D SENDEK GEOFFREY C PORGES JOSHUA SCHIMMER JASON KOLBERT ALAN CARR HOWARD LIANG MICHAEL J YEE JIM BIRCHENOUGH DAVID FERREIRO JOHN M EADE GEOFFREY MEACHAM MARK J SCHOENEBAUM STEVEN SILVER THOMAS WEI BRET HOLLEY JOHN S SONNIER RICHARD J PURKISS M IAN SOMAIYA BRIAN P SKORNEY RAVI MEHROTRA ROBYN KARNAUSKAS CAROL A WERTHER CHARLES ANTHONY BUTLER TERENCE FLYNN ANDREW S ZAMFOTIS KAVITA THOMAS HAMED KHORSAND

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

Recommendation outperform outperform buy outperform buy buy buy outperform outperform outperform outperform buy overweight buy strong buy hold buy outperform neutral overweight outperform outperform buy neutral overweight neutral/attractive overweight market perform buy

Amt Held 293'810'226 110'933'198 87'617'123 76'993'691 69'391'713 62'447'184 44'130'336 27'694'568 25'407'184 23'700'779 21'982'156 21'810'495 21'435'057 21'422'605 20'951'069 18'115'446 16'813'259 13'946'105 12'731'436 12'603'895

% Out 19.26 7.27 5.74 5.05 4.55 4.09 2.89 1.82 1.67 1.55 1.44 1.43 1.41 1.4 1.37 1.19 1.1 0.91 0.83 0.83

Weighting

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

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

Latest Chg (4'864'818) 2'191'716 2'889'576 14'165'833 2'188'569 2'139'466 (1'377'770) 1'703'294 5'905'642 1'980'175 1'066'984 3'604'861 (491'149) (8'274'001) 238'349 1'800'868 998'353 1'502'667 48'212 376'007

Target Price 65 #N/A N/A 65 69 63 88 62 #N/A N/A 62 85 61 62 80 64 67 40 69 #N/A N/A 53 63 55 67 69 #N/A N/A 65 54 #N/A N/A #N/A N/A 24

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

File Dt 31.03.2013 31.03.2013 03.07.2013 31.03.2013 31.03.2013 02.07.2013 31.03.2013 03.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 30.04.2013 30.04.2013 31.03.2013

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor 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 03.07.2013 02.07.2013 01.07.2013 28.06.2013 26.06.2013 26.06.2013 21.06.2013 21.06.2013 20.06.2013 17.06.2013 17.06.2013 13.06.2013 12.06.2013 12.06.2013 10.06.2013 07.06.2013 05.06.2013 03.06.2013 31.05.2013 29.05.2013 23.05.2013 17.05.2013 13.05.2013 03.05.2013 02.05.2013 17.04.2013 04.02.2013 09.02.2012 21.04.2011

05.07.2013

General Motors Co General Motors Co. manufactures and markets new cars and trucks. The Company offers features for special needs drivers, OnStar vehicle protection, service, parts, accessories, maintenance, XM satellite radio, features for commercial owners, and more. General Motors offers its vehicles and services worldwide.

Price/Volume 40

35.0 M

30.0 M

25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.06.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GM UN EQUITY YTD Change GM UN EQUITY YTD % CHANGE

12/2012 03/yy 35.40 18.72 569'405.00 34.47 -2.57% 84.13% 92.45% 1'374.7 47'385.43 5'172.00 10'391.0 756.0 26'121.00 39'393.43

15.0 M

15 10

10.0 M

5.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

20.0 M

Valuation Analysis

31.12.2009 31.12.2010 104'589.0 135'592.0 0.38x (9'909.0) 12'007.0 4.30x 104'821.0 6'172.0 13.72x Profitability

LTM-4Q 31.12.2011 150'276.0 0.11x 14'369.0 1.16x 9'190.0 3.31x

31.12.2012 152'256.0 0.19x 5'647.0 5.24x 6'188.0 7.91x

5'647.00 -3'218.00 -2.11% -18.85% 3.98% 15.47% 1.00% 7.9% 3.3% -2.6% 4.1% 1.30 0.70 10.74% 62.08% 12.09 9.02

Price/ Cash Flow

LTM

FY+1

.0 M j-13

0.00 1.26 844.69 83.48 66.76% 19.56% 1.261 24 4.583 2'835'396 4'583'183 3'640'465 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 151'841.0 151'381.0 156'614.8 166'213.2 38'456.1 39'147.7 0.67x 0.70x 0.25x 0.22x 1.03x 1.02x 14'117.0 5'021.0 13'551.8 15'716.9 3'425.2 3'899.0 2.42x 6.17x 2.89x 2.50x 2.81x 2.76x 7'139.0 6'048.0 5'552.5 7'107.9 1'274.8 1'639.9 6.22x 9.96x 10.40x 7.94x 9.58x 8.67x S&P Issuer Ratings Long-Term Rating Date 29.09.2011 Long-Term Rating BB+ Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 9.32 (EBITDA-Capex)/Interest Exp. -4.00 Net Debt/EBITDA -3.81 Total Debt/EBITDA 1.03 Reference Total Debt/Equity 62.1% Total Debt/Capital 30.3% Asset Turnover 1.00 Net Fixed Asset Turnover 6.16 Accounts receivable turnover-days 30.19 Inventory Days 40.48 Accounts Payable Turnover Day 71.66 Cash Conversion Cycle -2.34 Sales/Revenue/Turnover

12.00

160'000.0 140'000.0

10.00

120'000.0 8.00

100'000.0 80'000.0

6.00

60'000.0

4.00

40'000.0 2.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

General Motors Co Holdings By:

All

Holder Name UNITED STATES GOVERN UAW RETIREE MED BEN CANADA GEN INVESTMEN CAPITAL GROUP COMPAN BLACKROCK JP MORGAN MOTORS LIQUIDATION C BERKSHIRE HATHAWAY I VANGUARD GROUP INC INVESCO LTD GREENLIGHT CAPITAL I T ROWE PRICE ASSOCIA FRANKLIN RESOURCES AL SAUD ALWALEED BIN SAIC MOTOR CORP LTD FMR LLC ORBIS HOLDINGS LIMIT STATE STREET NWQ INVESTMENT MANAG EVERCORE TRUST COMPA

Firm Name Sterne, Agee & Leach Guggenheim Securities LLC Morgan Stanley Stifel Deutsche Bank RBC Capital Markets Credit Suisse JPMorgan Jefferies Barclays Buckingham Research Group Edward Jones Argus Research Corp Daiwa Securities Co. Ltd. Goldman Sachs Craig-Hallum Capital Group LLC CRT Capital Group S&P Capital IQ Wolfe Research EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a VANGUARD GROUP INC n/a GREENLIGHT CAPITAL I T ROWE PRICE ASSOCIA n/a n/a n/a n/a ORBIS HOLDINGS LIMIT n/a NWQ INVESTMENT MANAG EVERCORE TRUST COMPA

Analyst MICHAEL P WARD MATTHEW T STOVER ADAM JONAS JAMES J ALBERTINE ROD LACHE JOSEPH SPAK CHRISTOPHER J CERASO RYAN BRINKMAN H PETER NESVOLD BRIAN A JOHNSON JOSEPH C AMATURO CHRISTIAN MAYES WILLIAM V SELESKY TAKUO KATAYAMA PATRICK ARCHAMBAULT STEVEN L. DYER KIRK LUDTKE EFRAIM LEVY TIMOTHY J DENOYER CRAIG STERLING

Source Co File Form 4 PROXY ULT-AGG ULT-AGG ULT-AGG PROXY ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG Research Research ULT-AGG 13F ULT-AGG 13F 13F

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

Amt Held 189'194'989 140'150'000 140'084'746 103'381'380 36'957'616 35'420'071 29'101'877 25'000'000 23'957'498 22'770'505 21'172'063 16'936'455 15'449'003 15'000'000 15'000'000 14'157'780 13'282'691 13'145'619 11'611'451 11'287'595

% Out 13.76 10.2 10.19 7.52 2.69 2.58 2.12 1.82 1.74 1.66 1.54 1.23 1.12 1.09 1.09 1.03 0.97 0.96 0.84 0.82

Weighting

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

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

Latest Chg (30'000'000) (27'800) 5'707'369 637'609 (1'865'684) 787'439 2'935'312 (4'949'970) 447'570 6'458'147 5'196'931 912'751 18'742 11'287'595

Target Price 46 25 45 #N/A N/A 39 41 44 39 36 38 50 #N/A N/A 43 35 38 38 34 33 37 #N/A N/A

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

File Dt Inst Type 05.06.2013 Government 12.06.2013 n/a 01.04.2013 Other 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.05.2013 Investment Advisor 01.04.2013 Other 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 23.11.2010 n/a 23.11.2010 Corporation 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 04.07.2013 03.07.2013 28.06.2013 14.06.2013 13.06.2013 13.06.2013 13.06.2013 13.06.2013 13.06.2013 13.06.2013 11.06.2013 04.06.2013 20.05.2013 15.05.2013 03.05.2013 03.05.2013 02.05.2013 02.05.2013 02.05.2013 27.04.2013

05.07.2013

Google Inc Google Inc. is a global technology company that provides a web based search engine through its website. The Company offers a wide range of search options, including web, image, groups, directory, and news searches.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GOOG UW EQUITY YTD Change GOOG UW EQUITY YTD % CHANGE

12/2012 03/yy 920.50 562.20 144'656.00 890.12 -3.29% 58.33% 90.49% 271.1 295'168.97 5'537.00 0.0 0.0 49'557.00 248'739.95

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 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 21'795.6 3.72x 8'131.9 9.96x 4'226.9 18.44x

1000 900 800 700 600 500 400 300 200 100 0 j-12

31.12.2009 31.12.2010 23'650.6 29'321.0 7.29x 5.42x 9'836.5 11'777.0 17.53x 13.48x 6'520.4 8'505.0 30.38x 22.30x Profitability

LTM-4Q 31.12.2011 37'905.0 4.45x 13'593.0 12.41x 9'737.0 21.30x

31.12.2012 50'175.0 3.77x 15'722.0 12.05x 10'737.0 21.10x

15'722.00 12'760.00 25.43% 26.68% 12.88% 16.32% 15.24% 0.63% 58.9% 29.5% 23.4% 21.4% 4.22 3.90 5.90% 7.72% 8.56 73.22

Price/ Cash Flow

LTM

03/yy 39'975.0 14.71x 14'796.0 11.10x 10'829.0 19.37x

03/yy 54'703.0 13.97x 16'160.0 13.34x 11'193.0 22.80x

FY+1

.0 M j-13

0.00 0.94 270.63 4.26 51.42% 25.48% 0.939 46 4.283 439'728 569'358 598'427 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 47'444.2 55'295.7 11'326.1 11'878.5 4.98x 3.96x 21.66x 20.31x 21'650.4 25'586.8 5'246.3 5'452.0 11.48x 9.71x 10.91x 10.47x 15'655.3 18'196.3 3'645.9 3'778.5 19.28x 16.67x 18.88x 18.13x S&P Issuer Ratings

19.11.2012 AA STABLE 15.07.2010 A-1+ 187.17 148.20 -2.87 0.32 7.7% 7.2% 0.63 4.93 42.62 4.98 21.37 30.52

Sales/Revenue/Turnover

25.00

60'000.0 50'000.0

20.00

40'000.0 15.00

30'000.0 10.00

20'000.0

5.00

0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Google Inc Holdings By:

All

Holder Name FMR LLC BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN STATE STREET T ROWE PRICE ASSOCIA JP MORGAN BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO PRIMECAP MANAGEMENT SANDS CAPITAL MANAGE JENNISON ASSOCIATES DAVIS SELECTED ADVIS UBS GOLDMAN SACHS GROUP MORGAN STANLEY TIAA CREF INVESTMENT AMERIPRISE FINANCIAL WELLS FARGO

Firm Name S&P Capital IQ Topeka Capital Markets Inc Sanford C. Bernstein & Co Raymond James Cantor Fitzgerald Pivotal Research Group LLC Stifel Piper Jaffray BMO Capital Markets Janney Montgomery Scott LLC JPMorgan Wedbush Evercore Partners Edward Jones Argus Research Corp Canaccord Genuity Corp Needham & Co Independent Research GmbH Telsey Advisory Group Wedge Partners RBC Capital Markets Cowen and Company JMP Securities Barclays Robert W. Baird & Co Goldman Sachs Wells Fargo Securities, LLC Hamburger Sparkasse Daiwa Securities Co. Ltd. Morgan Stanley Jefferies Oppenheimer & Co Hilliard Lyons William Blair & Co Sterne, Agee & Leach Deutsche Bank Credit Suisse Pacific Crest Securities Macquarie B Riley & Co Atlantic Equities LLP Oracle Investment Research BGC Partners

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a T ROWE PRICE ASSOCIA n/a BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO PRIMECAP MANAGEMENT SANDS CAPITAL MANAGE JENNISON ASSOCIATES DAVIS SELECTED ADVIS n/a n/a n/a TIAA-CREF INVESTMENT AMERIPRISE FINANCIAL n/a

Analyst SCOTT H KESSLER VICTOR ANTHONY CARLOS KIRJNER AARON M KESSLER YOUSSEF H SQUALI BRIAN WIESER JORDAN ROHAN EUGENE E MUNSTER DANIEL SALMON SHAWN C MILNE DOUGLAS ANMUTH JAMES G DIX KEN SENA JOSH OLSON JOSEPH F BONNER MICHAEL GRAHAM KERRY RICE MARKUS FRIEBEL THOMAS FORTE MARTIN PYYKKONEN MARK S MAHANEY JOHN BLACKLEDGE RONALD V JOSEY III ANTHONY J DICLEMENTE COLIN SEBASTIAN HEATHER BELLINI PETER STABLER MARCO GUENTHER KAZUYA NISHIMURA SCOTT W DEVITT BRIAN J PITZ JASON S HELFSTEIN STEPHEN TURNER RALPH SCHACKART SHAW WU ROSS SANDLER STEPHEN JU EVAN S WILSON BENJAMIN A SCHACHTER SAMEET SINHA HAMILTON FABER LAURENCE BALTER COLIN W GILLIS

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

Recommendation hold buy outperform outperform buy hold hold overweight market perform buy overweight neutral overweight buy buy buy buy hold no rating system no rating system outperform outperform market outperform overweight outperform neutral/attractive market perform hold outperform Overwt/Attractive buy market perform neutral outperform suspended coverage buy outperform outperform outperform buy overweight sell hold

Amt Held 18'111'695 15'351'322 12'251'664 11'527'744 11'296'641 9'349'607 6'457'976 4'684'381 4'201'748 3'915'069 3'096'122 2'884'116 2'865'151 2'701'990 2'388'041 2'306'413 2'258'008 2'255'571 2'197'361 2'156'774

% Out 6.68 5.66 4.52 4.25 4.17 3.45 2.38 1.73 1.55 1.44 1.14 1.06 1.06 1 0.88 0.85 0.83 0.83 0.81 0.8

Weighting

Change

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

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

Latest Chg 598'626 534'520 418'606 521'347 588'218 (107'889) 37'223 97'407 (91'427) 90'269 (111'315) 393'802 108'739 (13'984) 18'230 (194'982) 137'558 33'032 575'393 112'964

Target Price 925 999 1'000 875 1'030 820 #N/A N/A 935 790 1'050 1'025 800 1'050 #N/A N/A 1'065 890 1'000 930 966 #N/A N/A 950 #N/A N/A 955 1'000 1'025 965 #N/A N/A #N/A N/A 950 996 1'000 820 #N/A N/A #N/A N/A #N/A N/A 930 982 980 925 846 1'000 700 760

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

File Dt 31.03.2013 03.07.2013 31.03.2013 31.03.2013 02.07.2013 31.03.2013 31.05.2013 31.03.2013 03.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013

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

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

Date 04.07.2013 01.07.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 27.06.2013 27.06.2013 25.06.2013 25.06.2013 24.06.2013 23.06.2013 20.06.2013 18.06.2013 17.06.2013 17.06.2013 12.06.2013 12.06.2013 12.06.2013 12.06.2013 11.06.2013 10.06.2013 10.06.2013 10.06.2013 06.06.2013 05.06.2013 03.06.2013 30.05.2013 28.05.2013 17.05.2013 16.05.2013 16.05.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 16.04.2013

05.07.2013

Goldman Sachs Group Inc/The The Goldman Sachs Group, Inc., a bank holding company, is a global investment banking and securities firm specializing in investment banking, trading and principal investments, asset management and securities services. The Company provides services to corporations, financial institutions, governments, and high-net worth individuals.

Price/Volume 180 160 140 120 100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.06.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GS UN EQUITY YTD Change GS UN EQUITY YTD % CHANGE

12/2012 03/yy 168.18 91.16 170'983.00 151.92 -9.64% 66.65% 76.95% 458.5 72'401.10 510'691.00 6'200.0 508.0 72'669.00 537'532.11

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

40 20 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

Fiscal Year Ended 30.11.2008 53'579.0 8.34x 35'318.0 12.66x 2'322.0 17.67x

31.12.2009 31.12.2010 51'673.0 45'967.0 10.25x 12.69x 28'272.0 22'067.0 18.74x 26.44x 13'385.0 8'354.0 7.37x 11.05x Profitability

LTM-4Q 31.12.2011 36'793.0 14.05x 16'020.0 32.28x 4'442.0 16.98x

31.12.2012 41'664.0 12.15x 20'446.0 24.75x 7'475.0 8.86x

20'446.00 32.80% 26.90% 0.80% 10.61% 1.26% 0.04% 48.8% 17.9% 54.41% 734.64% -

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 j-13

LTM

03/yy 34'951.0 62.22x 15'103.0 36.35x 3'816.0 19.61x

03/yy 41'636.0 49.94x 20'338.0 26.33x 7'626.0 10.07x

FY+1

1.26 1.30 421.81 6.38 56.41% 19.87% 1.303 34 3.500 585'110 778'684 727'313 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 34'002.5 34'660.2 8'029.4 7'884.3 7'286.6 7'351.2 1'470.3 1'388.0 10.59x 10.01x 10.78x 10.39x S&P Issuer Ratings

29.11.2011 ANEG 29.11.2011 A-2 22.54 25.66 734.6% 87.0% 0.04 5.03 -

Sales/Revenue/Turnover

30.00

100'000.0 90'000.0

25.00

80'000.0 70'000.0

20.00

60'000.0

15.00

50'000.0 40'000.0

10.00

30'000.0 20'000.0

5.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Goldman Sachs Group Inc/The Holdings By:

All

Holder Name CAPITAL GROUP COMPAN GOLDMAN SACHS SHRHLD BLACKROCK VANGUARD GROUP INC STATE STREET CITIGROUP INCORPORAT SUN LIFE FINANCIAL I DODGE & COX JENNISON ASSOCIATES NORTHERN TRUST CORPO BANK OF NEW YORK MEL JP MORGAN ROYAL BANK OF CANADA INVESCO LTD OPPENHEIMERFUNDS INC BANK OF AMERICA CORP T ROWE PRICE ASSOCIA GEODE CAPITAL MANAGE ALLIANCE BERNSTEIN TIAA CREF INVESTMENT

Firm Name RBC Capital Markets Sanford C. Bernstein & Co Evercore Partners Guggenheim Securities LLC JPMorgan Oppenheimer & Co JMP Securities Susquehanna Financial Group Mediobanca SpA Keefe, Bruyette & Woods Macquarie Atlantic Equities LLP Credit Suisse SunTrust Robinson Humphrey Portales Partners Wells Fargo Securities, LLC Rafferty Capital Markets HSBC S&P Capital IQ Morgan Stanley Barclays Daiwa Securities Co. Ltd. FBR Capital Markets Argus Research Corp Sandler O'Neill & Partners, LP Buckingham Research Group Nomura Deutsche Bank EVA Dimensions Meredith Whitney Advisory Group

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a n/a n/a DODGE & COX JENNISON ASSOCIATES NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a n/a n/a OPPENHEIMER FUNDS IN BANK OF AMERICA T ROWE PRICE ASSOCIA GEODE CAPITAL MANAGE n/a TIAA-CREF INVESTMENT

Analyst FIONA SWAFFIELD CHARLES BRADLEY HINTZ CHRISTOPHER J ALLEN MARTY L MOSBY III KIAN ABOUHOSSEIN CHRISTOPHER M KOTOWSKI DAVID M TRONE DOUGLAS C SIPKIN CHRISTOPHER J WHEELER FREDERICK CANNON DAVID J KONRAD RICHARD STAITE HOWARD H CHEN ERIC E WASSERSTROM CHARLES W PEABODY MATTHEW H BURNELL RICHARD X BOVE SR ROBERT MURPHY KENNETH M LEON BETSY L GRASECK ROGER A FREEMAN KAZUKI WATANABE STEVE STELMACH DAVID RITTER JEFFERY HARTE JAMES F MITCHELL GLENN P SCHORR MATTHEW D O'CONNOR AUSTIN BURKETT MEREDITH A WHITNEY

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

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

Amt Held 29'960'086 27'836'304 24'094'983 19'620'649 19'015'163 14'790'300 12'789'130 11'577'375 6'458'051 6'328'665 5'398'511 3'914'706 3'773'871 3'556'003 3'322'319 3'269'709 3'124'013 2'987'022 2'838'208 2'633'708

% Out 6.53 6.07 5.26 4.28 4.15 3.23 2.79 2.53 1.41 1.38 1.18 0.85 0.82 0.78 0.72 0.71 0.68 0.65 0.62 0.57

Weighting

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

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

Latest Chg 7'130'681 2'753'217 (3'794'862) 182'279 (310'428) (184'230) (2'034'069) (439'250) (1'154'956) 112'552 46'766 (4'146'886) (259'605) (1'214'073) 545'788 1'297'350 (648'574) 34'404 590'981 (160'215)

Target Price 135 170 169 190 134 #N/A N/A #N/A N/A 175 146 155 165 152 180 168 #N/A N/A #N/A N/A 185 117 185 150 155 169 165 #N/A N/A 153 150 157 144 #N/A N/A #N/A N/A

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

File Dt 31.03.2013 01.02.2013 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 04.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013

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

Inst Type Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 03.07.2013 03.07.2013 02.07.2013 02.07.2013 28.06.2013 28.06.2013 27.06.2013 27.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 24.06.2013 20.06.2013 17.06.2013 10.06.2013 10.06.2013 05.06.2013 04.06.2013 30.05.2013 15.05.2013 13.05.2013 23.04.2013 19.04.2013 17.04.2013 17.04.2013 16.04.2013 15.04.2013 05.03.2013 16.10.2012

05.07.2013

Halliburton Co Halliburton Company provides energy services and engineering and construction services, as well as manufactures products for the energy industry. The Company offers services and products and integrated solutions to customers in the exploration, development, and production of oil and natural gas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/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 HAL UN EQUITY YTD Change HAL UN EQUITY YTD % CHANGE

12/2012 03/yy 45.75 27.62 265'526.00 43.25 -5.51% 56.59% 82.90% 931.0 40'265.43 4'820.00 0.0 25.0 2'484.00 43'083.42

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 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 18'279.0 0.97x 4'686.0 3.79x 2'224.0 4.98x

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

31.12.2009 31.12.2010 14'675.0 17'973.0 1.93x 2.17x 2'920.0 4'118.0 9.71x 9.46x 1'145.0 1'835.0 22.41x 19.86x Profitability

LTM-4Q 31.12.2011 24'829.0 1.36x 6'096.0 5.54x 2'839.0 10.35x

31.12.2012 28'503.0 1.21x 5'787.0 5.98x 2'635.0 11.42x

5'787.00 4'159.00 14.59% 13.41% 7.60% 13.47% 11.27% 1.09% 15.6% 20.0% 14.1% 9.2% 2.75 1.74 17.58% 30.57% 4.96 7.89

Price/ Cash Flow

LTM

03/yy 26'415.0 5.49x 6'670.0 4.92x 2'955.0 9.12x

03/yy 28'609.0 4.83x 5'729.0 7.06x 1'990.0 14.60x

FY+1

.0 M j-13

0.91 1.64 874.80 22.99 46.13% 25.43% 1.640 34 4.471 1'826'794 2'208'182 2'467'818 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 29'729.3 32'758.6 7'267.4 7'580.1 1.43x 1.26x 5.92x 5.66x 6'280.8 7'662.1 1'495.3 1'666.8 6.84x 5.60x 6.41x 6.08x 2'973.0 3'750.1 677.6 791.3 13.58x 10.72x 12.72x 11.93x S&P Issuer Ratings

20.08.2007 A STABLE 20.08.2007 A-1 19.42 7.45 0.49 0.84 30.6% 23.4% 1.09 2.95 73.65 46.24 30.57 84.89

Sales/Revenue/Turnover

25.00

30'000.0 25'000.0

20.00

20'000.0 15.00

15'000.0 10.00

10'000.0

5.00

0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Halliburton Co Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN FRANKLIN RESOURCES INVESCO LTD CARMIGNAC GESTION INSTITUTIONAL CAPITA NORTHERN TRUST CORPO BANK OF NEW YORK MEL DEUTSCHE BANK AG GOLDMAN SACHS GROUP VAN ECK ASSOCIATES C JP MORGAN JENNISON ASSOCIATES ROBECO INVESTMENT MG AMERIPRISE FINANCIAL NORGES BANK

Firm Name Credit Suisse Susquehanna Financial Group Howard Weil Inc JPMorgan Sanford C. Bernstein & Co BMO Capital Markets Jefferies ISI Group FBR Capital Markets Cowen and Company Capital One Southcoast, Inc. Stephens Inc Societe Generale Edward Jones Wells Fargo Securities, LLC Morgan Stanley RBC Capital Markets Barclays EVA Dimensions Argus Research Corp Raymond James Johnson Rice & Co Macquarie Guggenheim Securities LLC Global Hunter Securities Deutsche Bank Sterne, Agee & Leach RS Platou Markets Goldman Sachs Fearnley Fonds S&P Capital IQ Tudor Pickering & Co

Portfolio Name n/a VANGUARD GROUP INC n/a n/a n/a WELLINGTON MANAGEMEN n/a n/a CARMIGNAC GESTION INSTITUTIONAL CAPITA NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a n/a n/a n/a JENNISON ASSOCIATES ROBECO INVESTMENT MA AMERIPRISE FINANCIAL NORGES BANK

Analyst JAMES WICKLUND CHARLES P MINERVINO WILLIAM SANCHEZ J DAVID ANDERSON SCOTT GRUBER ALAN D LAWS BRAD HANDLER JUDSON E BAILEY MEGAN REPINE JAMES D CRANDELL LUKE M LEMOINE MICHAEL MARINO EDWARD C MUZTAFAGO BRIAN YOUNGBERG MATTHEW D CONLAN OLE SLORER KURT HALLEAD JAMES C WEST CRAIG STERLING JONATHAN GELCIUS J MARSHALL ADKINS DAVID C SMITH NIGEL BROWNE MICHAEL K LAMOTTE BRIAN UHLMER MICHAEL W URBAN STEPHEN D GENGARO TURNER HOLM WAQAR SYED TRULS OLSEN STEWART GLICKMAN JEFF TILLERY

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

Recommendation outperform Positive sector perform overweight outperform outperform buy strong buy outperform outperform add overweight buy hold outperform Underwt/In-Line outperform overweight underweight buy market perform overweight outperform buy buy buy buy buy buy/attractive not rated hold buy

Amt Held 53'459'251 42'810'848 41'490'584 37'143'382 23'099'010 21'759'860 20'633'347 17'312'833 15'733'400 13'338'436 12'973'527 12'695'577 12'256'769 11'277'822 10'144'507 9'571'422 8'769'193 8'457'545 8'356'405 8'078'564

% Out 5.74 4.6 4.46 3.99 2.48 2.34 2.22 1.86 1.69 1.43 1.39 1.36 1.32 1.21 1.09 1.03 0.94 0.91 0.9 0.87

Weighting

Change

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

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

Latest Chg 1'213'797 2'011'692 9'825'061 3'781'682 3'950'383 (3'674'175) (1'374'263) 15'733'400 2'591'296 130'293 712'376 4'437'353 (2'527'758) (1'055'998) (1'913'319) 1'621'892 3'664'536 2'641'078 -

Target Price 53 49 50 53 53 56 49 50 50 57 48 56 55 #N/A N/A #N/A N/A 37 50 64 #N/A N/A 48 #N/A N/A #N/A N/A 49 52 48 56 45 48 60 #N/A N/A 40 #N/A N/A

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

File Dt 31.03.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 03.07.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 03.07.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012

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

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

Date 03.07.2013 03.07.2013 02.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 25.06.2013 24.06.2013 17.06.2013 17.06.2013 14.06.2013 07.06.2013 03.06.2013 30.05.2013 23.05.2013 22.05.2013 02.05.2013 24.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 21.03.2013 14.02.2013 28.01.2013 20.09.2012 05.04.2011

05.07.2013

Home Depot Inc/The The Home Depot, Inc. is a home improvement retailer that sells building materials and home improvement products. The Company sells a wide assortment of building materials, home improvement and lawn and garden products and provide a number of services. Home Depot operates throughout the U.S. (including Puerto Rico, the Virgin Islands and Guam), Canada, China, and Mexico.

Price/Volume 90

8.0 M

7.0 M

6.0 M

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HD UN EQUITY YTD Change HD UN EQUITY YTD % CHANGE

01/2013 05/yy 81.56 49.77 327'510.00 77.58 -4.92% 55.88% 87.95% 1'460.8 113'328.59 10'796.00 0.0 0.0 2'494.00 121'783.59

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

3.0 M

30 20

2.0 M

1.0 M

0 j-12

31.01.2010 31.01.2011 66'176.0 67'997.0 0.84x 1.01x 6'609.0 7'557.0 8.45x 9.10x 2'661.0 3'338.0 16.84x 17.90x Profitability

LTM-4Q 31.01.2012 70'395.0 1.10x 8'343.0 9.32x 3'883.0 18.17x

31.01.2013 74'754.0 1.45x 9'450.0 11.45x 4'535.0 21.74x

9'450.00 7'766.00 10.39% 9.66% 10.80% 27.50% 17.69% 1.74% 34.6% 13.0% 10.7% 6.1% 1.34 0.34 26.28% 60.73% 47.89 4.25

Price/ Cash Flow

s-12

o-12

n-12

LTM

04/yy 71'380.0 4.09x 8'621.0 10.11x 4'106.0 19.89x

d-12

05/yy 76'070.0 5.41x 9'855.0 11.82x 4'726.0 22.78x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

1.62 0.97 1'458.51 31.00 53.27% 26.77% 0.965 30 3.867 2'563'509 2'101'507 1'852'491 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 07/13 Q2 10/13 Q3 77'469.6 81'138.3 21'715.7 18'991.4 1.59x 1.54x 5.64x 6.51x 10'653.0 11'739.3 3'371.2 2'586.2 11.45x 10.39x 11.18x 10.86x 5'242.9 5'864.6 1'754.3 1'263.1 21.22x 18.16x 20.64x 19.79x S&P Issuer Ratings

16.11.2011 ASTABLE 05.07.2007 A-2 14.88 12.82 0.86 1.30 60.7% 37.8% 1.74 3.15 7.75 87.31 53.89 47.82

Sales/Revenue/Turnover

18.00

90'000.0

16.00

80'000.0

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 05.02.2010

a-12

Fiscal Year Ended 31.01.2009 71'288.0 0.67x 6'261.0 7.57x 2'260.0 12.12x

4.0 M

Valuation Analysis

0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

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 |

05.07.2013

Home Depot Inc/The Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK STATE STREET VANGUARD GROUP INC FMR LLC JP MORGAN NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL NORGES BANK WELLS FARGO TIAA CREF INVESTMENT JANUS CAPITAL MANAGE AMERIPRISE FINANCIAL BANK OF AMERICA CORP GEODE CAPITAL MANAGE CLEARBRIDGE INVESTME FISHER INVESTMENTS I ALLIANCE BERNSTEIN AMERICAN CENTURY COM

Firm Name BMO Capital Markets Sanford C. Bernstein & Co RBC Capital Markets Robert W. Baird & Co Stifel JPMorgan Edward Jones ISI Group Jefferies Argus Research Corp Longbow Research Barclays Telsey Advisory Group Deutsche Bank Credit Suisse Janney Montgomery Scott LLC Raymond James Daiwa Securities Co. Ltd. Nomura Landesbank Baden-Wuerttemberg Piper Jaffray Morgan Stanley Goldman Sachs Canaccord Genuity Corp Oppenheimer & Co S&P Capital IQ Gabelli & Co EVA Dimensions First Global Stockbroking

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a n/a NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL NORGES BANK n/a TIAA-CREF INVESTMENT n/a AMERIPRISE FINANCIAL BANK OF AMERICA GEODE CAPITAL MANAGE CLEARBRIDGE INVESTME FISHER INVESTMENTS n/a AMERICAN CENTURY COM

Analyst WAYNE HOOD COLIN MCGRANAHAN R SCOT CICCARELLI PETER S BENEDICT DAVID A SCHICK CHRISTOPHER HORVERS ROBIN DIEDRICH GREGORY MELICH DANIEL T BINDER CHRISTOPHER GRAJA DAVID S MACGREGOR ALAN M RIFKIN JOSEPH I FELDMAN MICHAEL BAKER GARY BALTER DAVID S STRASSER BUDD BUGATCH KAHORI TAMADA ARAM RUBINSON PER-OLA HELLGREN PETER J KEITH DAVID GOBER MATTHEW J FASSLER LAURA A CHAMPINE BRIAN NAGEL MICHAEL SOUERS ZAHID SIDDIQUE CRAIG STERLING RITESH DOSHI

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

Recommendation market perform market perform outperform outperform hold overweight hold strong buy buy buy buy overweight no rating system hold outperform neutral market perform neutral neutral sell overweight Equalwt/In-Line neutral/neutral hold outperform sell hold overweight market perform

Amt Held 242'597'167 91'040'813 68'790'992 68'769'159 47'200'040 32'212'011 24'596'429 20'318'184 20'184'299 17'480'869 14'223'897 13'533'865 11'988'541 11'082'825 10'360'547 10'172'379 10'158'313 8'082'478 7'364'619 7'211'982

% Out 16.61 6.23 4.71 4.71 3.23 2.21 1.68 1.39 1.38 1.2 0.97 0.93 0.82 0.76 0.71 0.7 0.7 0.55 0.5 0.49

Weighting

Change

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

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

Latest Chg (16'572'709) 5'142'090 (1'602'415) (403'909) 3'537'786 (477'903) 467'248 583'747 679'378 1'133'393 1'020'174 (50'136) (781'262) (240'013) 241'738 (272'023) (200'840) 921'253 697'200

Target Price 80 84 88 92 #N/A N/A 84 #N/A N/A 87 91 90 88 85 86 80 85 72 #N/A N/A 80 82 72 90 #N/A N/A 85 75 86 62 #N/A N/A #N/A N/A #N/A N/A

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

File Dt 31.03.2013 03.07.2013 02.07.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013

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

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

Date 02.07.2013 01.07.2013 28.06.2013 27.06.2013 27.06.2013 25.06.2013 24.06.2013 20.06.2013 19.06.2013 11.06.2013 11.06.2013 11.06.2013 11.06.2013 10.06.2013 10.06.2013 10.06.2013 05.06.2013 29.05.2013 29.05.2013 28.05.2013 22.05.2013 21.05.2013 21.05.2013 21.05.2013 21.05.2013 21.05.2013 27.02.2013 15.01.2013 18.08.2011

05.07.2013

Honeywell International Inc Honeywell International Inc. is a worldwide diversified technology and manufacturing company providing aerospace products and services, control, sensing and security technologies, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions.

Price/Volume

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/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 HON UN EQUITY YTD Change HON UN EQUITY YTD % CHANGE

12/2012 03/yy 81.24 52.73 131'616.00 79.19 -2.52% 50.18% 90.42% 786.8 62'305.42 7'496.00 0.0 240.0 5'265.00 65'120.42

2.0 M

1.5 M

1.0 M

.5 M

10 0 j-12

31.12.2009 31.12.2010 30'908.0 32'350.0 1.37x 1.40x 3'410.0 3'998.0 12.45x 11.33x 1'548.0 2'022.0 15.93x 17.79x Profitability

LTM-4Q 31.12.2011 36'529.0 1.25x 3'531.0 12.91x 2'067.0 12.24x

31.12.2012 37'665.0 1.38x 5'082.0 10.26x 2'926.0 13.13x

5'082.00 4'156.00 11.03% 10.29% 7.47% 24.37% 16.24% 0.92% 24.9% 13.9% 11.3% 7.8% 1.35 0.97 17.91% 57.77% 5.07 6.51

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 37'164.0 4.97x 3'699.0 13.81x 2'185.0 13.25x

d-12

03/yy 37'686.0 5.59x 5'220.0 11.90x 3'069.0 15.01x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

1.98 1.19 785.21 7.63 45.95% 26.15% 1.189 28 4.571 1'269'999 865'755 853'657 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 39'130.6 41'400.3 9'701.7 9'895.2 1.61x 1.47x 6.66x 6.49x 6'928.6 7'558.7 1'733.8 1'788.6 9.42x 8.63x 9.03x 8.79x 3'945.9 4'424.6 961.2 985.2 15.98x 14.33x 15.69x 15.22x S&P Issuer Ratings

03.07.2001 A STABLE 03.07.2001 A-1 13.77 11.38 0.52 1.50 57.8% 36.2% 0.92 7.72 71.93 56.09 58.27 64.84

Sales/Revenue/Turnover

20.00

40'000.0

18.00

35'000.0

16.00

30'000.0

14.00

25'000.0

12.00 10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 01.01.2010

a-12

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

3.5 M

80 70

Valuation Analysis

31.12.2008 36'556.0 0.83x 4'432.0 6.87x 2'792.0 7.08x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Honeywell International Inc Holdings By:

All

Holder Name STATE STREET BLACKROCK SUN LIFE FINANCIAL I VANGUARD GROUP INC WELLINGTON MANAGEMEN T ROWE PRICE ASSOCIA JP MORGAN FMR LLC EVERCORE TRUST COMPA BARROW HANLEY MEWHIN CAPITAL GROUP COMPAN BANK OF AMERICA CORP PRIMECAP MANAGEMENT BANK OF NEW YORK MEL AMERIPRISE FINANCIAL NORTHERN TRUST CORPO TIAA CREF INVESTMENT INSTITUTIONAL CAPITA MORGAN STANLEY ADAGE CAPITAL PARTNE

Firm Name Jefferies Atlantic Equities LLP Nomura Sanford C. Bernstein & Co Stifel RBC Capital Markets Edward Jones JPMorgan Drexel Hamilton LLC Sterne, Agee & Leach William Blair & Co Credit Suisse Oppenheimer & Co Deutsche Bank Argus Research Corp FBR Capital Markets Cowen and Company Barclays EVA Dimensions Morgan Stanley Buckingham Research Group Langenberg & Co Goldman Sachs S&P Capital IQ Gabelli & Co

Portfolio Name n/a n/a n/a VANGUARD GROUP INC WELLINGTON MANAGEMEN T ROWE PRICE ASSOCIA n/a n/a EVERCORE TRUST COMPA BARROW HANLEY MEWHIN n/a BANK OF AMERICA PRIMECAP MANAGEMENT BANK OF NEW YORK MEL AMERIPRISE FINANCIAL NORTHERN TRUST CORPO TIAA-CREF INVESTMENT INSTITUTIONAL CAPITA n/a ADAGE CAPITAL PARTNE

Analyst HOWARD A RUBEL RICHARD RADBOURNE SHANNON O'CALLAGHAN STEVEN E WINOKER JEFFREY D OSBORNE ROBERT STALLARD CHRISTIAN MAYES CHARLES STEPHEN TUSA RICHARD WHITTINGTON PETER J ARMENT NICHOLAS P HEYMANN JULIAN MITCHELL CHRISTOPHER D GLYNN JOHN G INCH NATHANIEL GABRIEL AJAY K KEJRIWAL GAUTAM KHANNA SCOTT R DAVIS CRAIG STERLING NIGEL COE EDWARD WHEELER BRIAN KEITH LANGENBERG JOSEPH RITCHIE RICHARD TORTORIELLO JAMES FOUNG

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

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

Amt Held 71'918'684 44'707'651 38'131'868 34'318'137 25'864'938 22'551'872 20'124'942 19'981'462 19'712'106 17'277'548 14'945'000 13'037'562 12'962'181 11'804'107 11'022'111 10'356'620 8'872'070 8'763'695 8'510'268 6'452'803

% Out 9.14 5.68 4.85 4.36 3.29 2.87 2.56 2.54 2.51 2.2 1.9 1.66 1.65 1.5 1.4 1.32 1.13 1.11 1.08 0.82

Weighting

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

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

Latest Chg (1'978'830) 1'798'758 938'617 44'201 130'153 597'535 2'257'316 3'064'820 (301'947) 1'200'000 792'338 (331'200) 336'816 1'019'960 270'634 118'042 (3'042'516) 132'469 (234'431)

Target Price 82 87 85 88 90 86 #N/A N/A 73 90 81 82 73 87 88 82 76 #N/A N/A 80 #N/A N/A 82 80 74 88 75 #N/A N/A

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

File Dt Inst Type 02.07.2013 Investment Advisor 03.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager

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

Date 03.07.2013 02.07.2013 28.06.2013 27.06.2013 25.06.2013 21.06.2013 17.06.2013 17.06.2013 17.06.2013 16.06.2013 22.05.2013 20.05.2013 20.05.2013 17.05.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 20.04.2013 19.04.2013 19.04.2013 19.04.2013 20.03.2013 25.01.2013 23.10.2012

05.07.2013

Hewlett-Packard Co Hewlett-Packard Company provides imaging and printing systems, computing systems, and information technology services for business and home. The Company's products include laser and inkjet printers, scanners, copiers and faxes, personal computers, workstations, storage solutions, and other computing and printing systems. Hewlett-Packard sells its products worldwide.

Price/Volume 30 25 20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.06.2013) 52-Week Low (20.11.2012) Daily Volume Current Price (7/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 HPQ UN EQUITY YTD Change HPQ UN EQUITY YTD % CHANGE

10/2012 04/yy 25.86 11.35 538'377.00 25.45 -1.70% 124.23% 95.31% 1'928.6 49'081.64 28'436.00 0.0 397.0 11'301.00 63'031.64

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

5 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

Fiscal Year Ended 31.10.2008 118'364.0 0.85x 14'185.0 7.05x 8'329.0 10.55x

31.10.2009 31.10.2010 114'552.0 126'033.0 1.00x 0.83x 15'798.0 17'736.0 7.26x 5.88x 7'660.0 8'761.0 14.05x 10.29x Profitability

LTM-4Q 31.10.2011 127'245.0 0.60x 16'373.0 4.64x 7'074.0 6.53x

31.10.2012 120'357.0 0.37x 14'384.0 3.11x (12'650.0) 44.21x 14'384.00 9'289.00 7.72% -9.91% -11.46% -41.35% 0.99% 23.2% 11.8% 7.6% -10.5% 1.09 0.66 26.14% 126.74% 6.15 13.32

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 j-13

LTM

FY+1

2.05 1.20 1'892.29 45.38 28.68% 80.78% 1.203 35 2.829 3'222'828 3'936'282 3'740'412 FY+2

FQ+1

FQ+2

04/yy 04/yy 10/13 Y 10/14 Y 07/13 Q3 10/13 Q4 124'040.0 115'569.0 111'402.8 109'165.2 27'269.3 28'141.6 2.49x 1.76x 0.55x 0.52x 2.27x 2.16x 14'132.0 13'639.0 14'055.4 14'036.0 3'537.3 3'774.2 5.03x 3.93x 4.48x 4.49x 4.42x 4.47x 5'226.0 (13'402.0) 6'892.9 6'980.2 1'679.7 1'938.6 7.50x 220.49x 7.16x 6.96x 7.05x 6.98x S&P Issuer Ratings Long-Term Rating Date 30.11.2011 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date 30.11.2011 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 16.42 (EBITDA-Capex)/Interest Exp. 12.19 Net Debt/EBITDA 0.99 Total Debt/EBITDA 1.96 Reference Total Debt/Equity 126.7% Total Debt/Capital 55.5% Asset Turnover 0.99 Net Fixed Asset Turnover 6.21 Accounts receivable turnover-days 59.32 Inventory Days 27.40 Accounts Payable Turnover Day 52.70 Cash Conversion Cycle 33.38 Sales/Revenue/Turnover

10.00

140'000.0

9.00

120'000.0

8.00 7.00

100'000.0

6.00

80'000.0

5.00

60'000.0

4.00

40'000.0

3.00 2.00

20'000.0

1.00 0.00 06.11.2009

0.0 06.05.2010

06.11.2010

06.05.2011

06.11.2011

06.05.2012

06.11.2012

06.05.2013

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

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

05.07.2013

Hewlett-Packard Co Holdings By:

All

Holder Name DODGE & COX STATE STREET BLACKROCK VANGUARD GROUP INC DODGE & COX WORLDWID CAPITAL GROUP COMPAN FRANKLIN RESOURCES GRANTHAM MAYO VAN OT STATE FARM MUTUAL AU BANK OF NEW YORK MEL FMR LLC RELATIONAL INVESTORS RELATIONAL INVESTORS PZENA INVESTMENT MAN ALLIANCE BERNSTEIN NORTHERN TRUST CORPO HOTCHKIS & WILEY CAP INVESCO LTD STATE FARM MUTUAL AU JP MORGAN

Firm Name S&P Capital IQ Sanford C. Bernstein & Co Wells Fargo Securities, LLC RBC Capital Markets Topeka Capital Markets Inc Argus Research Corp Edward Jones Mizuho Securities USA Inc Jyske Bank Pacific Crest Securities Raymond James Cross Research Barclays BMO Capital Markets Morgan Stanley Credit Suisse Jefferies Robert W. Baird & Co Stifel Deutsche Bank ISI Group EVA Dimensions Daiwa Securities Co. Ltd. Evercore Partners Goldman Sachs Brean Capital LLC JPMorgan Needham & Co FBN Securities Monness, Crespi, Hardt & Co Wedge Partners Tigress Financial Partners Hamburger Sparkasse

Portfolio Name DODGE & COX n/a n/a VANGUARD GROUP INC DODGE & COX WORLDWID n/a n/a GRANTHAM MAYO VAN OT STATE FARM MUTUAL AU BANK OF NEW YORK MEL n/a RELATIONAL INVESTORS n/a PZENA INVESTMENT MAN n/a NORTHERN TRUST CORPO HOTCHKIS AND WILEY n/a STATE FARM MUTUAL AU n/a

Analyst CHRISTIN ARMACOST TONI SACCONAGHI MAYNARD UM AMIT DARYANANI BRIAN J WHITE JAMES KELLEHER WILLIAM C KREHER ABHEY R LAMBA ROBERT JAKOBSEN BRENT A BRACELIN BRIAN G ALEXANDER SHANNON S CROSS BENJAMIN A REITZES KEITH F BACHMAN KATHRYN HUBERTY KULBINDER GARCHA PETER J MISEK JAYSON NOLAND SR AARON C RAKERS CHRISTOPHER WHITMORE BRIAN MARSHALL ANDREW S ZAMFOTIS YOKO YAMADA ROBERT CIHRA WILLIAM C SHOPE JR ANANDA BARUAH MARK A MOSKOWITZ RICHARD J KUGELE SHEBLY SEYRAFI JEFFREY FIDACARO JUN ZHANG IVAN FEINSETH MARCO GUENTHER

Source 13F ULT-AGG ULT-AGG 13F MF-PART ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F Form 4 13F ULT-AGG 13F 13F ULT-AGG Sch-D ULT-AGG

Recommendation hold outperform outperform sector perform sell hold sell underperform buy sector perform market perform hold equalweight market perform Overwt/In-Line neutral hold neutral hold sell neutral overweight neutral underweight Sell/Cautious hold neutral underperform sector perform neutral no rating system buy hold

Amt Held 163'834'221 103'057'210 93'063'139 88'032'484 69'685'402 68'774'365 51'737'001 44'137'588 42'070'800 36'017'347 34'979'034 34'534'517 34'534'517 34'325'885 32'394'117 26'590'803 26'567'363 23'268'034 22'517'711 19'150'279

% Out 8.5 5.34 4.83 4.56 3.61 3.57 2.68 2.29 2.18 1.87 1.81 1.79 1.79 1.78 1.68 1.38 1.38 1.21 1.17 0.99

Weighting

Change

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

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

Latest Chg 7'236'483 (3'811'433) 124'542 2'922'068 5'155'865 1'048'053 (8'869'024) 7'846'019 3'461'394 (6'782'006) (1'941'676) 614'058 (11'455'907) 1'195'070 (3'477) (9'440'379)

Target Price 23 29 #N/A N/A 25 12 #N/A N/A #N/A N/A 18 28 #N/A N/A #N/A N/A 24 26 24 28 25 24 25 #N/A N/A 16 #N/A N/A #N/A N/A 24 18 17 #N/A N/A 25 #N/A N/A 24 #N/A N/A #N/A N/A #N/A N/A #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Insurance Company 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 20.04.2013 Hedge Fund Manager 31.03.2013 Hedge Fund Manager 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Insurance Company 31.05.2013 Investment Advisor

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

Date 04.07.2013 02.07.2013 28.06.2013 25.06.2013 24.06.2013 20.06.2013 20.06.2013 20.06.2013 19.06.2013 18.06.2013 18.06.2013 18.06.2013 18.06.2013 17.06.2013 13.06.2013 13.06.2013 13.06.2013 13.06.2013 13.06.2013 12.06.2013 12.06.2013 12.06.2013 07.06.2013 27.05.2013 23.05.2013 23.05.2013 23.05.2013 23.05.2013 23.05.2013 20.05.2013 11.04.2013 01.04.2013 08.02.2011

05.07.2013

International Business Machines Corp International Business Machines Corporation (IBM) provides computer solutions through the use of advanced information technology. The Company's solutions include technologies, systems, products, services, software, and financing. IBM offers its products through its global sales and distribution organization, as well as through a variety of third party distributors and resellers.

Price/Volume 250

8.0 M 200

6.0 M 5.0 M 4.0 M

100

Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/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 IBM UN EQUITY YTD Change IBM UN EQUITY YTD % CHANGE

12/2012 03/yy 215.90 181.87 158'721.00 192.89 -10.69% 6.06% 33.44% 1'108.8 213'875.34 33'269.00 0.0 124.0 11'129.00 235'402.35

3.0 M 2.0 M

1.0 M 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

7.0 M

150

Valuation Analysis

31.12.2008 103'630.0 1.29x 21'388.0 6.25x 12'334.0 9.42x

9.0 M

31.12.2009 31.12.2010 95'759.0 99'871.0 1.91x 1.98x 22'009.0 22'982.0 8.32x 8.59x 13'425.0 14'833.0 13.08x 12.97x Profitability

LTM-4Q 31.12.2011 106'916.0 2.18x 25'101.0 9.30x 15'855.0 14.06x

31.12.2012 104'507.0 2.26x 25'119.0 9.41x 16'604.0 12.57x 25'119.00 20'443.00 19.56% 20.96% 14.25% 83.28% 32.07% 0.89% 48.1% 24.2% 19.6% 15.9% 1.13 0.91 27.91% 176.40% 4.02 20.63

Price/ Cash Flow

LTM

FY+1

.0 M j-13

1.76 0.93 1'107.39 17.23 0.19% 1.59% 0.934 31 3.935 1'501'927 1'139'094 1'176'444 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 106'983.0 103'241.0 103'483.5 106'439.3 25'395.2 25'118.1 8.80x 9.64x 2.29x 2.21x 9.43x 9.55x 25'218.0 24'941.0 27'811.1 29'477.1 6'240.4 6'695.0 10.33x 10.35x 8.47x 7.99x 8.31x 8.05x 16'059.0 16'570.0 18'358.3 19'269.5 3'970.3 4'447.4 15.58x 13.80x 11.55x 10.52x 11.31x 11.05x S&P Issuer Ratings Long-Term Rating Date 30.05.2012 Long-Term Rating AALong-Term Outlook STABLE Short-Term Rating Date 30.05.2012 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 52.66 (EBITDA-Capex)/Interest Exp. 44.10 Net Debt/EBITDA 0.86 Total Debt/EBITDA 1.34 Reference Total Debt/Equity 176.4% Total Debt/Capital 63.7% Asset Turnover 0.89 Net Fixed Asset Turnover 7.50 Accounts receivable turnover-days 90.85 Inventory Days 17.69 Accounts Payable Turnover Day 50.29 Cash Conversion Cycle 60.00 Sales/Revenue/Turnover

14.00

120'000.0

12.00

100'000.0

10.00

80'000.0

8.00

60'000.0 6.00

40'000.0 4.00

20'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

International Business Machines Corp Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I STATE STREET BLACKROCK VANGUARD GROUP INC STATE FARM MUTUAL AU NORTHERN TRUST CORPO BANK OF NEW YORK MEL WELLINGTON MANAGEMEN STATE FARM MUTUAL AU FMR LLC NORGES BANK JP MORGAN BANK OF AMERICA CORP TIAA CREF INVESTMENT WELLS FARGO GEODE CAPITAL MANAGE NEUBERGER BERMAN LLC CAPITAL GROUP COMPAN SUN LIFE FINANCIAL I UBS

Firm Name S&P Capital IQ Societe Generale Sanford C. Bernstein & Co Barclays RBC Capital Markets Janney Montgomery Scott LLC Wells Fargo Securities, LLC Topeka Capital Markets Inc BMO Capital Markets Evercore Partners Stifel Argus Research Corp Independent Research GmbH Credit Suisse Edward Jones Jefferies Cowen and Company Daiwa Securities Co. Ltd. EVA Dimensions Deutsche Bank Morgan Stanley Goldman Sachs JPMorgan Macquarie ISI Group Tigress Financial Partners Hamburger Sparkasse Oracle Investment Research

Portfolio Name n/a n/a n/a VANGUARD GROUP INC STATE FARM MUTUAL AU NORTHERN TRUST CORPO BANK OF NEW YORK MEL WELLINGTON MANAGEMEN STATE FARM MUTUAL AU n/a NORGES BANK n/a BANK OF AMERICA TIAA-CREF INVESTMENT n/a GEODE CAPITAL MANAGE NEUBERGER BERMAN GRO n/a n/a n/a

Analyst JIM YIN RICHARD NGUYEN TONI SACCONAGHI BENJAMIN A REITZES AMIT DARYANANI JOSEPH D FORESI MAYNARD UM BRIAN J WHITE KEITH F BACHMAN ROBERT CIHRA DAVID M GROSSMAN JAMES KELLEHER MARKUS FRIEBEL KULBINDER GARCHA JOSH OLSON PETER J MISEK MOSHE KATRI KAZUYA NISHIMURA ANDREW S ZAMFOTIS CHRISTOPHER WHITMORE KATHRYN HUBERTY WILLIAM C SHOPE JR MARK A MOSKOWITZ BRAD A ZELNICK BRIAN MARSHALL IVAN FEINSETH MARCO GUENTHER LAURENCE BALTER

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

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

Amt Held 68'121'984 59'914'998 56'669'125 52'371'093 16'651'892 16'339'775 16'001'921 11'129'885 9'696'270 9'316'326 9'100'412 9'008'443 8'855'951 7'882'262 7'738'514 7'122'681 6'991'881 6'929'901 6'009'216 5'692'516

% Out 6.14 5.4 5.11 4.72 1.5 1.47 1.44 1 0.87 0.84 0.82 0.81 0.8 0.71 0.7 0.64 0.63 0.62 0.54 0.51

Weighting

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

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

Latest Chg 6'500 (2'930'022) 1'685'715 1'213'785 47'818 631'840 (220'536) (2'752) (619'852) (241'738) (372'701) (482'034) 154'502 85'398 (59'044) (93'272) 567'419 193'043

Target Price 227 203 225 215 210 208 #N/A N/A 246 220 235 240 235 220 200 #N/A N/A 225 #N/A N/A 225 #N/A N/A 225 #N/A N/A 220 196 215 #N/A N/A #N/A N/A #N/A N/A 195

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

File Dt 31.03.2013 02.07.2013 03.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.05.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013

Date 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 6 month 12 month 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 Insurance Company Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 04.07.2013 02.07.2013 02.07.2013 01.07.2013 28.06.2013 28.06.2013 28.06.2013 24.06.2013 17.06.2013 09.06.2013 07.06.2013 05.06.2013 05.06.2013 04.06.2013 04.06.2013 29.05.2013 21.05.2013 16.05.2013 06.05.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 20.02.2013 29.01.2013 07.06.2012

05.07.2013

Intel Corp Intel Corporation designs, manufactures, and sells computer components and related products. The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

Price/Volume 30

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (10.08.2012) 52-Week Low (21.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INTC UW EQUITY YTD Change INTC UW EQUITY YTD % CHANGE

12/2012 03/yy 26.90 19.23 1'915'548.00 23.75 -11.66% 23.50% 59.23% 4'971.0 118'061.25 13'448.00 0.0 0.0 22'586.00 109'521.25

20.0 M 15.0 M

10.0 M 5

5.0 M

0 j-12

31.12.2009 31.12.2010 35'127.0 43'623.0 2.84x 2.16x 10'994.0 20'226.0 9.08x 4.65x 4'369.0 11'464.0 18.04x 10.58x Profitability

LTM-4Q 31.12.2011 53'999.0 2.10x 23'541.0 4.81x 12'942.0 10.09x

31.12.2012 53'341.0 1.70x 22'160.0 4.10x 11'005.0 9.58x

22'160.00 14'638.00 27.44% 27.88% 13.31% 21.05% 17.55% 0.68% 62.1% 39.9% 25.2% 20.6% 2.43 1.71 15.94% 26.26% 14.00 4.76

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 54'058.0 8.44x 23'536.0 5.68x 12'520.0 11.85x

d-12

03/yy 53'015.0 7.97x 21'148.0 4.70x 10'312.0 11.01x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

4.67 0.98 4'967.29 229.60 -8.09% 17.44% 0.978 52 3.519 9'125'044 10'649'340 10'745'735 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 53'528.0 55'774.7 12'890.5 13'724.2 2.12x 2.02x 8.80x 8.25x 20'792.8 22'507.2 4'620.0 5'475.1 5.28x 4.88x 5.12x 4.97x 9'790.2 10'849.2 2'062.0 2'678.6 12.56x 11.61x 12.00x 11.51x S&P Issuer Ratings

17.02.1993 A+ STABLE 17.02.1993 A-1+ 67.15 33.74 -0.40 0.63 26.3% 20.8% 0.68 1.98 26.00 76.44 49.10 52.88

Sales/Revenue/Turnover

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

a-12

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

35.0 M

Valuation Analysis

31.12.2008 37'586.0 1.81x 14'280.0 4.76x 5'292.0 12.66x

40.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Intel Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET BANK OF NEW YORK MEL WELLINGTON MANAGEMEN NORTHERN TRUST CORPO HARRIS ASSOCIATES LP ALLIANZ ASSET MANAGE INVESCO LTD CAPITAL GROUP COMPAN BANK OF AMERICA CORP FRANKLIN RESOURCES NORGES BANK STATE FARM MUTUAL AU UBS LOOMIS SAYLES & COMP STATE FARM MUTUAL AU GEODE CAPITAL MANAGE FIRST EAGLE INVESTME WELLS FARGO

Firm Name S&P Capital IQ Sanford C. Bernstein & Co Raymond James Sterne, Agee & Leach Needham & Co Evercore Partners Wells Fargo Securities, LLC Maxim Group LLC Piper Jaffray Drexel Hamilton LLC Morgan Stanley Jefferies JMP Securities Lazard Capital Markets Topeka Capital Markets Inc Robert W. Baird & Co Susquehanna Financial Group BMO Capital Markets Stifel MKM Partners RBC Capital Markets Wedbush FBR Capital Markets B Riley & Co Oppenheimer & Co Edward Jones Wedge Partners Hamburger Sparkasse ISI Group Nomura Canaccord Genuity Corp Argus Research Corp Deutsche Bank Pacific Crest Securities Independent Research GmbH Credit Suisse JPMorgan Daiwa Securities Co. Ltd. Cowen and Company Roth Capital Partners Macquarie Gabelli & Co Williams Financial Group

Portfolio Name n/a VANGUARD GROUP INC n/a BANK OF NEW YORK MEL WELLINGTON MANAGEMEN NORTHERN TRUST CORPO HARRIS ASSOC LP n/a n/a n/a BANK OF AMERICA n/a NORGES BANK STATE FARM MUTUAL AU n/a LOOMIS SAYLES & CO L STATE FARM MUTUAL AU GEODE CAPITAL MANAGE FIRST EAGLE INVESTME n/a

Analyst CHRISTIN ARMACOST STACY A RASGON HANS C MOSESMANN VIJAY R RAKESH N QUINN BOLTON PATRICK WANG DAVID M WONG ASHOK KUMAR AUGUSTE P RICHARD RICHARD WHITTINGTON JOSEPH MOORE MARK J LIPACIS ALEX GAUNA DANIEL L AMIR SUJI DE SILVA TRISTAN GERRA CHRISTOPHER CASO AMBRISH SRIVASTAVA KEVIN E CASSIDY ADA MENAKER DOUG FREEDMAN BETSY VAN HEES CHRISTOPHER ROLLAND CRAIG ELLIS RICHARD SCHAFER WILLIAM C KREHER KIRK ADAMS MARCO GUENTHER SUMIT DHANDA ROMIT SHAH ROBERT BURLESON JAMES KELLEHER ROSS C SEYMORE MICHAEL MCCONNELL MARKUS FRIEBEL JOHN W PITZER CHRISTOPHER DANELY YOKO YAMADA TIMOTHY M ARCURI KRISHNA SHANKAR SHAWN WEBSTER HENDI SUSANTO CODY G ACREE

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

Recommendation buy underperform underperform neutral hold equalweight outperform buy underweight buy Underwt/In-Line hold market perform buy buy outperform neutral market perform buy buy outperform neutral outperform neutral market perform hold no rating system buy buy reduce hold hold buy sector perform hold outperform neutral neutral neutral neutral outperform buy hold

Amt Held 276'437'731 228'240'221 204'808'492 107'138'879 85'279'273 78'261'710 67'755'999 64'819'813 64'186'193 52'542'260 50'132'035 44'441'646 40'236'837 39'078'900 37'637'260 35'906'844 34'880'071 34'326'752 33'398'075 30'088'017

% Out 5.56 4.59 4.12 2.16 1.72 1.57 1.36 1.3 1.29 1.06 1.01 0.89 0.81 0.79 0.76 0.72 0.7 0.69 0.67 0.61

Weighting

Change

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

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

Latest Chg 1'062'539 3'877'756 (9'906'771) (509'130) 13'582'698 2'077'801 3'656'359 2'475'557 (9'163'665) 3'105'060 7'869'083 3'862'608 4'050'872 (102'583) (3'303) 624'591 8'223'560 (861'587)

Target Price 23 18 #N/A N/A 20 #N/A N/A 22 #N/A N/A 29 20 30 22 27 #N/A N/A 28 28 26 21 21 28 28 29 23 28 23 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 26 18 20 #N/A N/A 26 #N/A N/A 26 28 19 25 #N/A N/A 20 25 #N/A N/A #N/A N/A

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

File Dt Inst Type 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Insurance Company 31.03.2013 Unclassified 31.03.2013 Investment Advisor 31.03.2013 Insurance Company 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 30.04.2013 Investment Advisor

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

Date 04.07.2013 02.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 26.06.2013 24.06.2013 24.06.2013 24.06.2013 20.06.2013 20.06.2013 19.06.2013 17.06.2013 14.06.2013 13.06.2013 13.06.2013 13.06.2013 13.06.2013 11.06.2013 10.06.2013 06.06.2013 05.06.2013 05.06.2013 05.06.2013 03.06.2013 30.05.2013 19.05.2013 10.05.2013 07.05.2013 03.05.2013 02.05.2013 02.05.2013 02.05.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013

05.07.2013

Johnson & Johnson Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets. The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (30.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JNJ UN EQUITY YTD Change JNJ UN EQUITY YTD % CHANGE

12/2012 03/yy 89.99 66.86 439'445.00 87.41 -2.90% 30.74% 86.12% 2'808.9 245'524.81 16'165.00 0.0 0.0 21'089.00 239'748.82

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

31.12.2009 31.12.2010 61'897.0 61'587.0 2.79x 2.57x 19'550.0 19'466.0 8.82x 8.14x 12'266.0 13'334.0 13.91x 13.20x Profitability

10.0 M 8.0 M 6.0 M 4.0 M 2.0 M

a-12

LTM-4Q 31.12.2011 65'030.0 2.55x 19'311.0 8.60x 9'672.0 13.26x

31.12.2012 67'224.0 2.80x 20'698.0 9.09x 10'853.0 14.31x

20'698.00 17'032.00 25.34% 20.49% 8.78% 16.28% 12.82% 0.58% 67.8% 31.1% 25.4% 16.1% 1.90 1.34 13.32% 24.94% 6.10 3.08

Price/ Cash Flow

s-12

o-12

n-12

LTM

04/yy 64'996.0 10.27x 19'292.0 8.64x 10'106.0 13.24x

d-12

03/yy 68'590.0 11.44x 21'341.0 10.44x 10'440.0 16.69x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

2.79 0.65 2'807.31 50.63 32.81% 26.64% 0.650 27 4.037 2'409'382 2'868'074 2'690'688 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 70'802.6 73'592.2 17'710.4 17'553.2 3.31x 3.09x 13.73x 13.72x 22'979.5 24'495.1 5'719.6 5'496.0 10.42x 9.77x 10.61x 10.40x 15'405.1 16'291.2 3'975.7 3'791.6 16.14x 15.11x 16.04x 15.78x S&P Issuer Ratings

17.09.1987 AAA STABLE 14.07.1987 A-1+ 31.99 27.46 -0.27 0.74 24.9% 20.0% 0.58 4.49 59.69 118.28 82.08 83.09

Sales/Revenue/Turnover

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 08.01.2010

12.0 M

Fiscal Year Ended 31.12.2008 63'747.0 2.58x 19'001.0 8.67x 12'949.0 13.15x

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

0.0 08.07.2010

08.01.2011

08.07.2011

08.01.2012

08.07.2012

08.01.2013

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

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

05.07.2013

Johnson & Johnson Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC WELLINGTON MANAGEMEN BANK OF NEW YORK MEL JP MORGAN NORTHERN TRUST CORPO FMR LLC STATE FARM MUTUAL AU SUN LIFE FINANCIAL I CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA FRANKLIN RESOURCES GRANTHAM MAYO VAN OT BANK OF AMERICA CORP STATE FARM MUTUAL AU ABERDEEN NORGES BANK GEODE CAPITAL MANAGE INVESCO LTD

Firm Name Sanford C. Bernstein & Co Wells Fargo Securities, LLC Piper Jaffray Stifel Cowen and Company Edward Jones Leerink Swann & Co Jefferies Independent Research GmbH S&P Capital IQ Morgan Stanley Ameriprise Advisor Services, Inc Atlantic Equities LLP Deutsche Bank RBC Capital Markets Raymond James CL King & Associates Barclays Credit Suisse Goldman Sachs JPMorgan EVA Dimensions Argus Research Corp Hilliard Lyons First Global Stockbroking

Portfolio Name n/a n/a VANGUARD GROUP INC WELLINGTON MANAGEMEN BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO n/a STATE FARM MUTUAL AU n/a n/a T ROWE PRICE ASSOCIA n/a GRANTHAM MAYO VAN OT BANK OF AMERICA STATE FARM MUTUAL AU n/a NORGES BANK GEODE CAPITAL MANAGE n/a

Analyst DERRICK SUNG LAWRENCE BIEGELSEN MATT MIKSIC FREDERICK A WISE JOSHUA JENNINGS JUDSON CLARK DANIELLE ANTALFFY JEFFREY HOLFORD CHRISTOPH SCHOENDUBE HERMAN SAFTLAS DAVID R LEWIS E EUGENE ROBINSON RICHARD J PURKISS KRISTEN M STEWART GLENN J NOVARRO JAYSON BEDFORD ROBERT M GOLDMAN CHARLES ANTHONY BUTLER BRUCE NUDELL JAMI E RUBIN MICHAEL N WEINSTEIN ANDREW S ZAMFOTIS DAVID H TOUNG STEPHEN A O'NEIL KAVITA THOMAS

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

Recommendation outperform outperform neutral hold outperform buy outperform hold hold buy Equalwt/In-Line buy overweight buy sector perform outperform neutral overweight underperform sell/attractive neutral overweight buy long-term buy short-term market perform

Amt Held 157'785'489 152'114'097 128'541'211 53'928'701 53'650'809 43'835'495 42'208'194 38'428'379 37'878'592 35'511'570 33'055'258 27'958'062 25'737'206 23'958'058 23'440'282 22'533'754 22'280'873 22'053'497 18'954'298 18'890'497

% Out 5.62 5.42 4.58 1.92 1.91 1.56 1.5 1.37 1.35 1.26 1.18 1 0.92 0.85 0.83 0.8 0.79 0.79 0.67 0.67

Weighting

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

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

Latest Chg 6'120'090 (960'251) 5'636'646 1'480'871 1'652'521 17'771'844 1'411'347 (171'280) 2'059'994 (5'190'200) (285'835) (74'887) 795'957 2'513'776 8'286 148'200 642'914 (304'662)

Target Price 89 #N/A N/A 87 #N/A N/A 95 #N/A N/A #N/A N/A 91 91 98 #N/A N/A #N/A N/A 95 92 82 92 #N/A N/A 95 73 85 83 #N/A N/A 96 95 #N/A N/A

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

File Dt 03.07.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.12.2012 31.03.2013 03.07.2013

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

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

Date 03.07.2013 02.07.2013 01.07.2013 28.06.2013 28.06.2013 27.06.2013 25.06.2013 24.06.2013 19.06.2013 17.06.2013 14.06.2013 14.06.2013 31.05.2013 24.05.2013 24.05.2013 24.05.2013 24.05.2013 24.05.2013 23.05.2013 21.05.2013 14.05.2013 14.05.2013 18.04.2013 16.04.2013 23.04.2012

05.07.2013

JPMorgan Chase & Co JPMorgan Chase & Co. provides global financial services and retail banking. The Company provides services such as investment banking, treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance. JP Morgan Chase serves business enterprises, institutions, and individuals.

Price/Volume 60 50 40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (7/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 JPM UN EQUITY YTD Change JPM UN EQUITY YTD % CHANGE

12/2012 03/yy 55.90 33.10 1'028'414.00 53.39 -4.54% 61.30% 86.27% 3'779.7 201'796.91 695'583.00 9'058.0 0.0 471'833.00 -

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

10 0 j-12

31.12.2009 31.12.2010 115'632.0 115'475.0 11'728.0 17'370.0 14.96x 8.42x Profitability

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

LTM-4Q 31.12.2011 110'838.0 18'976.0 6.78x

31.12.2012 108'184.0 21'284.0 7.51x

33.19% 29.80% 0.97% 11.32% 2.48% 0.05% 21.9% 29.48% 356.69% -

Price/ Cash Flow

LTM

03/yy 03/yy 111'162.0 106'713.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 18'345.0 22'889.0 8.78x 8.09x

FY+1

2.25 1.31 3'756.37 44.15 52.96% 23.91% 1.308 41 4.463 3'873'624 4'743'444 4'974'088 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 99'197.3 102'201.0 24'942.4 24'690.5 22'665.1 23'124.6 5'725.4 5'500.5 9.31x 8.92x 10.13x 10.97x S&P Issuer Ratings

29.11.2011 A NEG 19.12.2008 A-1 356.7% 77.3% 0.05 7.42 -

Sales/Revenue/Turnover

35.00

140'000.0

30.00

120'000.0

25.00

100'000.0

20.00

80'000.0

15.00

60'000.0

10.00

40'000.0

5.00

20'000.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 101'491.0 5'605.0 30.32x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

JPMorgan Chase & Co Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET WELLINGTON MANAGEMEN FMR LLC CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO BANK OF NEW YORK MEL SUN LIFE FINANCIAL I FRANKLIN RESOURCES INVESCO LTD AMERIPRISE FINANCIAL BANK OF AMERICA CORP BARROW HANLEY MEWHIN UBS NORGES BANK MORGAN STANLEY ALLIANZ ASSET MANAGE GEODE CAPITAL MANAGE

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

Portfolio Name n/a VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN n/a n/a T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a n/a n/a AMERIPRISE FINANCIAL BANK OF AMERICA BARROW HANLEY MEWHIN n/a NORGES BANK n/a n/a GEODE CAPITAL MANAGE

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

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

Recommendation outperform outperform strong buy overweight buy outperform outperform outperform neutral buy buy buy underperform buy overweight outperform market perform buy buy/attractive buy buy neutral buy overweight sector outperform outperform Overwt/Attractive hold buy market perform buy buy buy buy outperform neutral hold not rated

Amt Held 246'310'559 176'729'122 167'509'504 100'736'880 90'252'923 83'063'774 81'336'982 60'080'099 55'898'145 50'998'118 47'965'338 43'952'812 39'667'163 35'954'919 30'741'577 29'971'036 29'412'458 28'530'590 27'141'153 25'962'497

% Out 6.52 4.68 4.43 2.67 2.39 2.2 2.15 1.59 1.48 1.35 1.27 1.16 1.05 0.95 0.81 0.79 0.78 0.75 0.72 0.69

Weighting

Change

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

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 M M M U M M M M M

Latest Chg 7'346'783 6'968'246 799'181 (3'389'863) (1'945'000) 12'606'966 8'154'154 1'784'689 2'023'354 (93'847) (715'670) (4'118'439) (4'426) (2'751'741) 443'208 (5'297) 2'661'434 5'211'773 849'647

Target Price 57 62 64 60 63 68 60 58 57 64 #N/A N/A 60 #N/A N/A 56 60 #N/A N/A #N/A N/A 64 59 58 60 51 54 60 62 55 60 #N/A N/A #N/A N/A 50 56 61 #N/A N/A 53 54 54 43 #N/A N/A

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

File Dt 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 03.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.05.2013 31.03.2013

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

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

Date 02.07.2013 02.07.2013 02.07.2013 02.07.2013 02.07.2013 28.06.2013 26.06.2013 26.06.2013 26.06.2013 21.06.2013 20.06.2013 20.06.2013 18.06.2013 13.06.2013 12.06.2013 10.06.2013 03.06.2013 29.05.2013 24.05.2013 21.05.2013 17.05.2013 13.05.2013 13.05.2013 13.05.2013 02.05.2013 24.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 13.04.2013 12.04.2013 12.04.2013 05.03.2013 12.10.2012 11.05.2012

05.07.2013

Coca-Cola Co/The The Coca-Cola Company manufactures, markets, and distributes soft drink concentrates and syrups. The Company also distributes and markets juice and juice-drink products. Coca-Cola distributes its products to retailers and wholesalers in the United States and internationally.

Price/Volume 45

70.0 M

60.0 M

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (31.12.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KO UN EQUITY YTD Change KO UN EQUITY YTD % CHANGE

12/2012 03/yy 43.43 35.58 629'860.00 40.35 -7.18% 13.41% 62.55% 4'453.8 179'709.02 32'610.00 0.0 378.0 16'551.00 196'813.02

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

40.0 M

30.0 M

20.0 M

10.0 M

5 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 31'944.0 3.42x 9'674.0 11.31x 5'807.0 14.33x

31.12.2009 31.12.2010 30'990.0 35'119.0 4.34x 4.65x 9'467.0 9'892.0 14.20x 16.49x 6'824.0 11'809.0 18.65x 18.85x Profitability

LTM-4Q 31.12.2011 46'542.0 3.72x 12'127.0 14.28x 8'584.0 18.03x

31.12.2012 48'017.0 3.72x 12'761.0 13.98x 9'019.0 18.01x

12'761.00 10'779.00 22.45% 24.59% 10.11% 26.34% 13.76% 0.56% 60.3% 26.5% 22.3% 18.8% 1.09 0.77 37.84% 99.45% 9.76 5.40

Price/ Cash Flow

LTM

03/yy 47'162.0 14.65x 12'309.0 14.85x 8'732.0 19.10x

03/yy 47'915.0 15.70x 12'686.0 15.53x 8'716.0 20.15x

FY+1

.0 M j-13

2.59 0.70 4'015.84 28.47 4.81% 12.90% 0.701 27 4.111 3'352'632 4'031'973 3'879'969 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 48'409.4 50'590.6 13'058.8 12'525.4 4.13x 3.94x 15.75x 16.42x 13'862.5 14'789.3 3'940.3 3'439.1 14.19x 13.30x 14.31x 13.98x 9'584.8 10'275.8 2'865.8 2'490.5 18.92x 17.41x 18.66x 18.17x S&P Issuer Ratings

13.09.2012 AASTABLE 13.09.2012 A-1+ 32.14 25.14 1.32 2.77 99.5% 49.6% 0.56 3.21 37.30 67.42 181.72 58.52

Sales/Revenue/Turnover

20.00

60'000.0

18.00

50'000.0

16.00 14.00

40'000.0

12.00

30'000.0

10.00 8.00

20'000.0

6.00 4.00

10'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Coca-Cola Co/The Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC CAPITAL GROUP COMPAN NORTHERN TRUST CORPO BANK OF NEW YORK MEL GRANTHAM MAYO VAN OT JP MORGAN NORGES BANK BANK OF AMERICA CORP GATES FOUNDATION FAYEZ SAROFIM SUNTRUST BANKS INC TIAA CREF INVESTMENT UBS GEODE CAPITAL MANAGE DEUTSCHE BANK AG STATE FARM MUTUAL AU

Firm Name Sanford C. Bernstein & Co Stifel Goldman Sachs Credit Suisse SunTrust Robinson Humphrey Morgan Stanley JPMorgan Edward Jones Deutsche Bank Barclays Wells Fargo Securities, LLC BMO Capital Markets Argus Research Corp Independent Research GmbH Ameriprise Advisor Services, Inc HSBC Buckingham Research Group Davenport & Co EVA Dimensions S&P Capital IQ Tigress Financial Partners Daiwa Securities Co. Ltd. National Bank AG Gabelli & Co Hamburger Sparkasse Oracle Investment Research

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL GRANTHAM MAYO VAN OT n/a NORGES BANK BANK OF AMERICA BILL & MELINDA FOUND FAYEZ SAROFIM n/a TIAA-CREF INVESTMENT n/a GEODE CAPITAL MANAGE n/a STATE FARM MUTUAL AU

Analyst ALI DIBADJ MARK D SWARTZBERG JUDY E HONG MICHAEL STEIB WILLIAM CHAPPELL DARA MOHSENIAN JOHN A FAUCHER JACK P RUSSO WILLIAM G SCHMITZ MICHAEL J BRANCA BONNIE HERZOG AMIT SHARMA JOHN D STASZAK LARS LUSEBRINK PATRICK DIEDRICKSON LAUREN E TORRES ALICE BEEBE LONGLEY ANN H GURKIN AUSTIN BURKETT ESTHER KWON IVAN FEINSETH TEAM COVERAGE STEFFEN MANSKE DAMIAN A WITKOWSKI TINA HECKING-VELTMAN LAURENCE BALTER

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

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

Amt Held 400'000'000 223'228'310 205'305'164 171'775'118 158'019'076 75'381'719 61'257'211 57'044'985 41'073'912 38'594'482 35'967'061 34'093'888 34'002'000 33'571'322 29'714'108 28'742'748 26'806'587 25'986'330 24'749'855 23'201'400

% Out 8.98 5.01 4.61 3.86 3.55 1.69 1.38 1.28 0.92 0.87 0.81 0.77 0.76 0.75 0.67 0.65 0.6 0.58 0.56 0.52

Weighting

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

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

Latest Chg 4'612'649 6'689'095 (2'172'584) (5'421'580) (1'146'871) (15'351'753) (183'184) 2'312'194 (9'201'965) (551'845) 131'568 (209'251) 546'356 1'296'891 430'901 (253'513) -

Target Price 47 #N/A N/A 44 48 47 #N/A N/A 43 #N/A N/A 45 50 #N/A N/A 45 #N/A N/A 45 #N/A N/A 48 47 #N/A N/A #N/A N/A 48 #N/A N/A 39 44 #N/A N/A #N/A N/A 39

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

File Dt 01.04.2013 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013

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

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

Date 28.06.2013 28.06.2013 24.06.2013 24.06.2013 24.06.2013 20.06.2013 19.06.2013 13.06.2013 12.06.2013 12.06.2013 31.05.2013 21.05.2013 18.04.2013 18.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 16.04.2013 25.02.2013 21.02.2013 13.02.2013 13.02.2013 10.05.2012 03.05.2012

05.07.2013

Eli Lilly & Co Eli Lilly and Company discovers, develops, manufactures, and sells pharmaceutical products for humans and animals. The Company's products are sold in countries around the world. Eli Lilly's products include neuroscience products, endocrine products, anti-infectives, cardiovascular agents, oncology products, and animal health products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LLY UN EQUITY YTD Change LLY UN EQUITY YTD % CHANGE

12/2012 03/yy 58.40 41.59 207'683.00 50.22 -14.09% 20.75% 50.86% 1'126.6 56'575.92 5'531.30 0.0 8.7 5'684.30 57'310.12

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 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 20'371.9 2.47x 6'650.5 7.57x (2'071.9) 10.02x

31.12.2009 31.12.2010 21'836.0 23'076.0 1.98x 1.76x 7'667.8 8'100.4 5.63x 5.01x 4'328.8 5'069.5 8.08x 7.28x Profitability

LTM-4Q 31.12.2011 24'286.5 1.98x 7'691.5 6.27x 4'347.7 9.42x

31.12.2012 22'603.4 2.49x 6'477.5 8.69x 4'088.6 14.55x

6'477.50 5'015.30 22.19% 23.93% 14.33% 31.06% 23.34% 0.70% 78.8% 28.8% 22.4% 18.1% 1.55 1.08 16.08% 37.46% 6.61 1.90

Price/ Cash Flow

LTM

03/yy 24'049.3 7.58x 7'392.2 6.39x 4'302.9 9.82x

03/yy 22'603.3 9.94x 6'511.5 9.94x 4'625.4 15.73x

FY+1

.0 M j-13

3.90 0.71 988.76 15.88 21.06% 3.66% 0.712 21 3.571 1'605'009 1'517'564 1'363'027 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 22'846.6 19'660.0 5'836.9 5'703.4 2.51x 2.85x 6'474.4 4'901.4 1'604.5 1'474.5 8.84x 11.67x 4'272.3 2'941.8 1'096.9 1'074.4 12.79x 18.33x 14.24x 15.77x S&P Issuer Ratings

19.08.2010 AASTABLE 27.01.1987 A-1+ 41.31 35.54 0.11 0.84 37.5% 27.2% 0.70 2.94 55.24 191.86 82.55 162.39

Sales/Revenue/Turnover

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0 6.00

10'000.0 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Eli Lilly & Co Holdings By:

All

Holder Name LILLY ENDOWMENT INCO LILLY ENDOWMENT INCO BLACKROCK WELLINGTON MANAGEMEN VANGUARD GROUP INC PRIMECAP MANAGEMENT STATE STREET STATE FARM MUTUAL AU BANK OF NEW YORK MEL FMR LLC INVESCO LTD NORTHERN TRUST CORPO STATE FARM MUTUAL AU RENAISSANCE TECHNOLO NORGES BANK AMERIPRISE FINANCIAL DEUTSCHE BANK AG JP MORGAN GEODE CAPITAL MANAGE PUTNAM INVESTMENT MA

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

Portfolio Name LILLY ENDOWMENT INC n/a n/a WELLINGTON MANAGEMEN VANGUARD GROUP INC PRIMECAP MANAGEMENT n/a STATE FARM MUTUAL AU BANK OF NEW YORK MEL n/a n/a NORTHERN TRUST CORPO STATE FARM MUTUAL AU RENAISSANCE TECHNOLO NORGES BANK AMERIPRISE FINANCIAL n/a n/a GEODE CAPITAL MANAGE PUTNAM INVESTMENT MA

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

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

Recommendation outperform neutral/attractive buy Underwt/In-Line market perform market perform sell neutral hold outperform neutral overweight neutral equalweight buy neutral buy hold accumulate moderate outperform market perform

Amt Held 135'670'804 135'670'804 59'317'671 49'962'586 47'847'118 46'844'876 45'439'242 20'063'900 17'589'715 16'930'183 13'989'922 13'890'506 12'432'702 10'555'805 9'140'536 8'999'127 8'317'429 7'749'452 6'835'084 6'718'329

% Out 12.04 12.04 5.27 4.43 4.25 4.16 4.03 1.78 1.56 1.5 1.24 1.23 1.1 0.94 0.81 0.8 0.74 0.69 0.61 0.6

Weighting

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

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

Latest Chg (4'607'876) 72'971 984'730 (1'772'813) 2'717'543 887'828 (4'073'551) 1'784'854 92'686 (5'153) 2'446'900 516'638 2'117'415 864'844 31'896 (119'004)

Target Price 59 55 63 48 59 55 #N/A N/A 57 49 #N/A N/A 55 61 54 55 63 #N/A N/A #N/A N/A 54 45 #N/A N/A 36

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

File Dt Inst Type 31.03.2013 Endowment 31.03.2013 Endowment 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Insurance Company 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Insurance Company 31.03.2013 Hedge Fund Manager 31.12.2012 Government 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 02.07.2013 01.07.2013 01.07.2013 27.06.2013 27.06.2013 25.06.2013 25.06.2013 25.06.2013 24.06.2013 21.06.2013 07.06.2013 31.05.2013 13.05.2013 29.04.2013 25.04.2013 24.04.2013 25.02.2013 04.01.2013 05.04.2012 29.02.2012 03.05.2011

05.07.2013

Lockheed Martin Corp Lockheed Martin Corporation is a global security company that primarily researches, designs, develops, manufactures, and integrates advanced technology products and services. The Company's businesses span space, telecommunications, electronics, information and services, aeronautics, energy, and systems integration. Lockheed Martin operates worldwide.

Price/Volume 120 100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.06.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/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 LMT UN EQUITY YTD Change LMT UN EQUITY YTD % CHANGE

12/2012 03/yy 109.26 85.65 60'056.00 107.41 -1.72% 25.41% 91.27% 320.4 34'414.74 6'308.00 0.0 0.0 1'898.00 37'653.74

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

20 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 42'731.0 0.81x 5'976.0 5.83x 3'217.0 11.14x

31.12.2009 31.12.2010 43'995.0 45'671.0 0.70x 0.58x 5'269.0 5'321.0 5.87x 4.97x 3'024.0 2'878.0 9.02x 8.96x Profitability

LTM-4Q 31.12.2011 46'499.0 0.62x 5'124.0 5.63x 2'655.0 8.42x

31.12.2012 47'182.0 0.72x 5'470.0 6.22x 2'745.0 9.05x

5'470.00 4'482.00 9.50% 8.63% 7.28% 302.40% 42.28% 1.21% 11.2% 11.8% 9.7% 5.8% 1.14 0.70 16.32% 16174.36% 6.86 15.81

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 j-13

LTM

03/yy 47'166.0 2.43x 5'444.0 5.90x 2'793.0 8.73x

03/yy 46'959.0 2.78x 5'545.0 6.16x 2'838.0 9.28x

FY+1

4.00 0.78 319.93 6.40 28.63% 19.16% 0.777 22 3.545 541'742 567'405 506'159 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 44'911.4 43'646.1 11'117.1 11'138.8 0.83x 0.85x 3.44x 3.43x 5'357.0 5'342.1 1'333.7 1'323.3 7.04x 7.06x 7.02x 6.96x 2'917.6 2'869.9 711.0 713.8 11.86x 11.88x 12.12x 12.12x S&P Issuer Ratings

27.04.2007 ASTABLE 18.04.2002 A-2 14.28 11.82 0.58 1.14 16174.4% 99.4% 1.21 10.27 54.07 23.47 19.81 54.03

Sales/Revenue/Turnover

25.00

50'000.0 45'000.0 40'000.0

20.00

35'000.0 15.00

30'000.0

10.00

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

5.00

5'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Lockheed Martin Corp Holdings By:

All

Holder Name STATE STREET CAPITAL GROUP COMPAN SUN LIFE FINANCIAL I BLACKROCK VANGUARD GROUP INC WELLINGTON MANAGEMEN BANK OF NEW YORK MEL VERITAS ASSET MANAGE FRANKLIN RESOURCES ALLIANZ ASSET MANAGE FIRST EAGLE INVESTME NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA HOTCHKIS & WILEY CAP JP MORGAN CITADEL ADVISORS LLC INVESCO LTD AMERIPRISE FINANCIAL GOLDMAN SACHS GROUP BANK OF AMERICA CORP

Firm Name Jefferies Cowen and Company Stifel CRT Capital Group RBC Capital Markets Wells Fargo Securities, LLC Drexel Hamilton LLC JPMorgan Sanford C. Bernstein & Co Goldman Sachs Deutsche Bank Barclays Argus Research Corp Buckingham Research Group FBR Capital Markets Sterne, Agee & Leach Credit Suisse Oppenheimer & Co EVA Dimensions

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC WELLINGTON MANAGEMEN BANK OF NEW YORK MEL VERITAS ASSET MANAGE n/a n/a FIRST EAGLE INVESTME NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA HOTCHKIS AND WILEY n/a CITADEL ADVISORS LLC n/a AMERIPRISE FINANCIAL n/a BANK OF AMERICA

Analyst HOWARD A RUBEL CAI VON RUMOHR WILLIAM R LOOMIS BRIAN W RUTTENBUR ROBERT STALLARD SAMUEL J PEARLSTEIN RICHARD WHITTINGTON JOSEPH B NADOL III DOUGLAS S HARNED NOAH POPONAK MYLES WALTON CARTER COPELAND NATHANIEL GABRIEL RICHARD SAFRAN PATRICK J MCCARTHY PETER J ARMENT ROBERT M SPINGARN YAIR REINER CRAIG STERLING

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

Recommendation hold market perform hold Fairly Valued outperform market perform buy neutral outperform buy/attractive hold equalweight hold neutral outperform neutral neutral market perform buy

Amt Held 59'662'358 51'859'557 17'622'975 16'492'930 12'718'720 5'789'659 5'650'594 4'710'002 4'305'075 4'174'288 3'974'688 3'766'946 2'768'869 2'640'444 2'485'435 2'298'720 2'160'089 2'148'184 2'112'786 2'109'693

% Out 18.62 16.19 5.5 5.15 3.97 1.81 1.76 1.47 1.34 1.3 1.24 1.18 0.86 0.82 0.78 0.72 0.67 0.67 0.66 0.66

Weighting

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

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

Latest Chg (1'512'557) (3'601'319) (25'895) 1'126'089 76'447 (3'839'117) 363'106 848'800 3'778'168 655'859 (551'482) 148'260 (101'955) (32'335) 79'204 1'098'618 322'761 (1'542'617) 565'023 240'036

Target Price 95 111 #N/A N/A #N/A N/A 115 #N/A N/A 110 94 127 127 96 95 #N/A N/A 102 110 #N/A N/A 93 #N/A N/A #N/A N/A

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

File Dt Inst Type 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 03.07.2013 02.07.2013 01.07.2013 01.07.2013 21.06.2013 20.06.2013 17.06.2013 11.06.2013 31.05.2013 30.05.2013 06.05.2013 01.05.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 15.01.2013

05.07.2013

Lowe's Cos Inc Lowe's Companies, Inc. is a home improvement retailer that distributes building materials and supplies through stores in the United States. The Company offers a complete line of products and services for home decorating, maintenance, repair, remodeling, and property maintenance.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (7/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 LOW UN EQUITY YTD Change LOW UN EQUITY YTD % CHANGE

01/2013 05/yy 43.84 24.77 298'025.00 42.45 -3.19% 71.38% 92.03% 1'072.4 45'524.09 9'077.00 0.0 0.0 666.00 53'398.09

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 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.01.2009 48'230.0 0.67x 5'453.0 5.92x 2'195.0 12.26x

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

31.01.2010 31.01.2011 47'220.0 48'815.0 0.75x 0.81x 4'845.0 5'244.0 7.35x 7.56x 1'783.0 2'010.0 17.89x 17.78x Profitability

LTM-4Q 31.01.2012 50'208.0 0.80x 4'856.0 8.25x 1'839.0 16.09x

31.01.2013 50'521.0 1.01x 5'183.0 9.88x 1'959.0 22.82x

5'183.00 3'560.00 7.05% 6.21% 5.48% 13.73% 9.60% 1.40% 34.3% 10.3% 7.1% 3.9% 1.27 0.09 27.79% 65.50% 3.30

Price/ Cash Flow

LTM

05/yy 51'177.0 2.91x 4'980.0 8.69x 1'904.0 20.19x

05/yy 50'456.0 3.64x 5'190.0 9.82x 1'971.0 21.99x

FY+1

.0 M j-13

1.51 0.89 1'070.04 25.06 56.74% 20.54% 0.886 27 3.741 2'322'212 1'920'692 1'696'856 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 07/13 Q2 10/13 Q3 52'147.4 54'341.8 15'027.7 12'543.8 1.05x 1.04x 3.60x 4.36x 5'596.5 6'113.8 1'850.5 1'306.7 9.54x 8.73x 9.35x 9.11x 2'216.5 2'508.8 835.6 495.2 20.07x 16.63x 19.51x 18.45x S&P Issuer Ratings

19.09.2012 ANEG 15.11.2011 A-2 11.78 9.03 1.52 1.75 65.5% 39.6% 1.40 2.34 110.17 75.87 -

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00 8.00

30'000.0

6.00

20'000.0

4.00

10'000.0 2.00 0.00 29.01.2010

0.0 29.07.2010

29.01.2011

29.07.2011

29.01.2012

29.07.2012

29.01.2013

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 |

05.07.2013

Lowe's Cos Inc Holdings By:

All

Holder Name WELLINGTON MANAGEMEN VANGUARD GROUP INC BLACKROCK STATE STREET T ROWE PRICE ASSOCIA FMR LLC CAPITAL GROUP COMPAN BANK OF NEW YORK MEL JP MORGAN NORTHERN TRUST CORPO MARSICO CAPITAL MANA AMERIPRISE FINANCIAL GREENHAVEN ASSOCIATE INVESCO LTD MAGELLAN ASSET MANAG GOLDMAN SACHS GROUP NORGES BANK MANULIFE ASSET MANAG AMERICAN CENTURY COM GENERAL ELECTRIC COM

Firm Name Morgan Stanley Janney Montgomery Scott LLC Sanford C. Bernstein & Co RBC Capital Markets Robert W. Baird & Co Stifel Raymond James ISI Group BMO Capital Markets Deutsche Bank Credit Suisse Edward Jones Oppenheimer & Co Piper Jaffray Longbow Research Barclays Nomura Goldman Sachs Argus Research Corp Jefferies Telsey Advisory Group JPMorgan Canaccord Genuity Corp S&P Capital IQ EVA Dimensions Gabelli & Co

Portfolio Name WELLINGTON MANAGEMEN VANGUARD GROUP INC n/a n/a T ROWE PRICE ASSOCIA n/a n/a BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO MARSICO CAPITAL MANA AMERIPRISE FINANCIAL GREENHAVEN ASSOCIATE n/a MAGELLAN ASSET MANAG n/a NORGES BANK MANULIFE ASSET MANAG AMERICAN CENTURY COM GENERAL ELECTRIC COM

Analyst DAVID GOBER DAVID S STRASSER COLIN MCGRANAHAN R SCOT CICCARELLI PETER S BENEDICT DAVID A SCHICK BUDD BUGATCH GREGORY MELICH WAYNE HOOD MICHAEL BAKER GARY BALTER ROBIN DIEDRICH BRIAN NAGEL PETER J KEITH DAVID S MACGREGOR ALAN M RIFKIN ARAM RUBINSON MATTHEW J FASSLER CHRISTOPHER GRAJA DANIEL T BINDER JOSEPH I FELDMAN CHRISTOPHER HORVERS LAURA A CHAMPINE MICHAEL SOUERS CRAIG STERLING PATRICK TODD

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

Recommendation Overwt/In-Line neutral market perform outperform outperform hold market perform buy market perform buy outperform buy market perform neutral buy equalweight buy Buy/Neutral buy hold no rating system neutral sell sell underweight buy

Amt Held 84'161'507 58'408'238 54'516'790 48'710'351 40'871'928 40'453'620 24'634'912 16'212'596 16'161'895 15'560'979 14'456'280 14'040'895 11'995'064 11'930'333 11'781'810 11'591'912 9'197'191 8'989'881 8'910'897 8'640'762

% Out 7.85 5.45 5.08 4.54 3.81 3.77 2.3 1.51 1.51 1.45 1.35 1.31 1.12 1.11 1.1 1.08 0.86 0.84 0.83 0.81

Weighting

Change

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

Latest Chg 1'799'933 (1'658'128) 1'209'653 (1'384'964) 9'093'320 2'017'492 (2'940'988) (830'738) (4'833'443) 217'186 1'325'954 (168'609) (45'390) (2'136'922) 5'368'256 (3'355'689) (504'457) (60'802) (1'224'631)

Target Price 45 33 48 47 48 #N/A N/A #N/A N/A 47 43 46 46 #N/A N/A 46 42 50 41 48 48 48 41 46 44 28 36 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Corporation

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

Date 02.07.2013 01.07.2013 01.07.2013 28.06.2013 27.06.2013 27.06.2013 21.06.2013 20.06.2013 17.06.2013 17.06.2013 17.06.2013 17.06.2013 17.06.2013 17.06.2013 11.06.2013 11.06.2013 29.05.2013 23.05.2013 23.05.2013 23.05.2013 23.05.2013 22.05.2013 22.05.2013 22.05.2013 26.02.2013 07.03.2012

05.07.2013

Mastercard Inc MasterCard, Inc. is a global payment solutions company that provides a variety of services in support of the credit, debit and related payment programs of financial institutions. The Company offers transaction processing services for credit and debit cards, electronic cash, automated teller machines, and travelers checks.

Price/Volume 700

.6 M

600

.5 M

500

.4 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.06.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MA UN EQUITY YTD Change MA UN EQUITY YTD % CHANGE

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

.2 M

200

.1 M

100 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 4'991.6 3.29x 2'060.3 7.96x (253.9) 15.05x

.3 M

300

12/2012 03/yy 591.65 404.70 23'055.00 587.64 -0.84% 45.20% 97.07% 116.9 71'429.84 0.00 0.0 12.0 5'003.00 66'422.84

31.12.2009 31.12.2010 5'098.7 5'539.0 6.26x 4.52x 2'408.2 2'905.0 13.25x 8.62x 1'462.5 1'846.0 21.60x 15.92x Profitability

LTM-4Q 31.12.2011 6'714.0 6.38x 3'677.0 11.65x 1'906.0 19.92x

31.12.2012 7'391.0 7.52x 4'187.0 13.27x 2'759.0 22.29x

4'187.00 3'957.00 53.54% 53.20% 24.79% 43.36% 43.49% 0.66% 57.1% 53.9% 37.3% 1.91 1.21 0.00% 0.00% 8.60 -

Price/ Cash Flow

03/yy 6'971.0 23.06x 3'853.0 12.47x 2'026.0 21.24x

LTM 03/yy 7'539.0 28.64x 4'302.0 14.17x 2'843.0 23.62x

FY+1

.0 M j-13

0.20 0.94 104.56 1.11 33.42% 19.82% 0.941 43 4.302 182'774 160'406 144'415 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 8'172.6 9'159.7 1'998.7 2'130.7 8.08x 6.94x 33.12x 30.78x 4'766.4 5'466.9 1'182.9 1'285.9 13.95x 12.16x 13.49x 13.02x 3'095.6 3'567.4 768.3 835.9 23.12x 19.59x 22.20x 21.26x S&P Issuer Ratings

19.08.2011 APOS 13.10.2009 A-2 209.35 204.55 -1.17 0.00 0.0% 0.0% 0.66 16.42 42.44 -

Sales/Revenue/Turnover

35.00

8'000.0

30.00

7'000.0 6'000.0

25.00

5'000.0 20.00

4'000.0 15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Mastercard Inc Holdings By:

All

Holder Name MASTERCARD FOUNDATIO BLACKROCK FMR LLC T ROWE PRICE ASSOCIA VANGUARD GROUP INC STATE STREET JENNISON ASSOCIATES BANK OF NEW YORK MEL HARRIS ASSOCIATES LP JP MORGAN MORGAN STANLEY NORTHERN TRUST CORPO MACQUARIE GROUP JANUS CAPITAL MANAGE AMERICAN CENTURY COM SUN LIFE FINANCIAL I HARBOR CAPITAL ADVIS BROWN ADVISORY INC UBS AMERIPRISE FINANCIAL

Firm Name RBC Capital Markets Jefferies Wells Fargo Securities, LLC Robert W. Baird & Co Sanford C. Bernstein & Co Evercore Partners Edward Jones Morgan Stanley Cowen and Company Pacific Crest Securities William Blair & Co Buckingham Research Group Keefe, Bruyette & Woods Janney Montgomery Scott LLC Oppenheimer & Co Susquehanna Financial Group Barclays Sterne, Agee & Leach Argus Research Corp JPMorgan Daiwa Securities Co. Ltd. Deutsche Bank Ameriprise Advisor Services, Inc Raymond James FBR Capital Markets Macquarie Nomura Portales Partners Credit Suisse SunTrust Robinson Humphrey Wedbush Stifel BNP Paribas Equity Research Guggenheim Securities LLC Tigress Financial Partners S&P Capital IQ EVA Dimensions Goldman Sachs Meredith Whitney Advisory Group

Portfolio Name n/a n/a n/a T ROWE PRICE ASSOCIA VANGUARD GROUP INC n/a JENNISON ASSOCIATES BANK OF NEW YORK MEL HARRIS ASSOC LP n/a n/a NORTHERN TRUST CORPO n/a n/a AMERICAN CENTURY COM n/a Multiple Portfolios n/a n/a AMERIPRISE FINANCIAL

Analyst DANIEL R PERLIN JASON KUPFERBERG TIMOTHY W WILLI DAVID J KONING RODERICK BOURGEOIS DAVID M TOGUT JOSH OLSON SMITTIPON SRETHAPRAMOTE MOSHE KATRI JAMES FAUCETTE ROBERT P NAPOLI DAVID HOCHSTIM SANJAY SAKHRANI THOMAS C MCCROHAN GLENN GREENE JAMES E FRIEDMAN DARRIN D PELLER GREGORY SMITH DAVID RITTER TIEN-TSIN HUANG KAZUKI WATANABE BRYAN KEANE LORI WILKING WAYNE JOHNSON SCOTT VALENTIN KEVIN MCVEIGH BILL CARCACHE WILLIAM H RYAN MOSHE A ORENBUCH ANDREW W JEFFREY GIL B LURIA CHRISTOPHER C BRENDLER ARVIND RAMNANI DAVID W DARST IVAN FEINSETH SONIA PARECHANIAN ANDREW S ZAMFOTIS JULIO C QUINTEROS JR MEREDITH A WHITNEY

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

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

Amt Held 12'153'057 7'085'863 6'937'954 6'376'281 4'949'310 4'069'021 3'734'817 3'066'857 2'746'675 2'031'622 1'672'816 1'530'749 1'477'454 1'337'376 1'272'362 1'225'740 1'218'703 1'213'984 1'152'689 1'147'436

% Out 10.4 6.06 5.94 5.46 4.24 3.48 3.2 2.62 2.35 1.74 1.43 1.31 1.26 1.14 1.09 1.05 1.04 1.04 0.99 0.98

Weighting

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

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

Latest Chg (16'639) 376'485 (86'022) (309'485) 94'131 (68'472) (45'848) (12'066) (6'182) (105'107) 25'169 21'793 7'666 31'763 (15'128) (70'442) 7'185 45'473 (283'799) (143'958)

Target Price 608 623 #N/A N/A 590 579 790 #N/A N/A 640 700 600 #N/A N/A 670 623 475 625 548 575 #N/A N/A #N/A N/A 603 647 590 #N/A N/A #N/A N/A 600 600 593 #N/A N/A 600 620 460 620 560 625 #N/A N/A 560 #N/A N/A 575 485

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

File Dt 18.03.2013 03.07.2013 31.03.2013 31.03.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

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

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 Unclassified Investment Advisor

Date 03.07.2013 03.07.2013 01.07.2013 28.06.2013 28.06.2013 27.06.2013 24.06.2013 19.06.2013 19.06.2013 17.06.2013 13.06.2013 13.06.2013 12.06.2013 07.06.2013 04.06.2013 04.06.2013 04.06.2013 02.06.2013 23.05.2013 22.05.2013 17.05.2013 13.05.2013 07.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 25.03.2013 27.02.2013 28.01.2013 09.01.2013 20.09.2012

05.07.2013

McDonald's Corp McDonald's Corporation franchises and operates fast-food restaurants in the global restaurant industry. The Company's restaurants serve a variety of value-priced menu products in countries around the world.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.04.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (7/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 MCD UN EQUITY YTD Change MCD UN EQUITY YTD % CHANGE

12/2012 03/yy 103.70 83.32 241'657.00 99.32 -4.21% 19.20% 83.56% 1'002.5 99'573.16 13'632.50 0.0 0.0 2'336.10 110'501.76

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

6.0 M

100

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 23'522.4 3.30x 7'656.7 10.12x 4'313.2 16.95x

120

31.12.2009 31.12.2010 22'744.7 24'074.6 3.34x 3.74x 7'996.1 8'778.4 9.51x 10.25x 4'551.0 4'946.3 15.47x 16.69x Profitability

LTM-4Q 31.12.2011 27'006.0 4.17x 9'940.8 11.33x 5'503.1 19.05x

31.12.2012 27'567.0 3.62x 10'101.1 9.87x 5'464.8 16.43x

10'101.10 8'612.60 31.24% 29.31% 16.21% 36.59% 20.98% 0.82% 56.3% 36.6% 31.1% 19.8% 1.45 1.09 38.52% 89.14% 22.42 144.68

Price/ Cash Flow

LTM

03/yy 27'441.0 15.31x 10'105.1 10.90x 5'560.8 18.31x

03/yy 27'625.7 14.99x 10'112.4 10.96x 5'468.3 18.47x

FY+1

.0 M j-13

2.96 0.66 1'001.73 9.15 15.84% 14.40% 0.661 32 4.094 1'302'668 1'342'904 1'269'284 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 28'506.5 30'025.7 7'090.1 7'487.5 3.90x 3.73x 15.65x 14.81x 10'396.7 11'049.6 2'593.0 2'806.9 10.63x 10.00x 10.37x 10.16x 5'710.4 6'107.3 1'409.8 1'557.0 17.41x 15.89x 17.11x 16.68x S&P Issuer Ratings

08.05.2003 A STABLE 29.10.2001 A-1 18.96 13.24 1.08 1.27 89.1% 47.1% 0.82 1.16 16.28 2.52 17.92 -10.34

Sales/Revenue/Turnover

16.00

30'000.0

14.00

25'000.0

12.00

20'000.0

10.00 8.00

15'000.0

6.00

10'000.0

4.00

5'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

McDonald's Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC NORTHERN TRUST CORPO BANK OF AMERICA CORP BANK OF NEW YORK MEL SUN LIFE FINANCIAL I DEUTSCHE BANK AG GATES FOUNDATION WELLS FARGO AMERIPRISE FINANCIAL NORGES BANK UBS GRANTHAM MAYO VAN OT GEODE CAPITAL MANAGE JP MORGAN WELLINGTON MANAGEMEN MORGAN STANLEY INSTITUTIONAL CAPITA

Firm Name Deutsche Bank Jefferies Stephens Inc Robert W. Baird & Co Argus Research Corp Atlantic Equities LLP Telsey Advisory Group Morgan Stanley Credit Suisse Edward Jones JPMorgan Raymond James Buckingham Research Group Sterne, Agee & Leach Oppenheimer & Co Wells Fargo Securities, LLC Lazard Capital Markets Piper Jaffray Barclays Janney Montgomery Scott LLC RBC Capital Markets Sanford C. Bernstein & Co Independent Research GmbH Susquehanna Financial Group BMO Capital Markets Goldman Sachs Davenport & Co Tigress Financial Partners S&P Capital IQ EVA Dimensions

Portfolio Name n/a VANGUARD GROUP INC n/a n/a NORTHERN TRUST CORPO BANK OF AMERICA BANK OF NEW YORK MEL n/a n/a BILL & MELINDA FOUND n/a AMERIPRISE FINANCIAL NORGES BANK n/a GRANTHAM MAYO VAN OT GEODE CAPITAL MANAGE n/a WELLINGTON MANAGEMEN n/a INSTITUTIONAL CAPITA

Analyst JASON WEST ANDREW M BARISH WILL SLABAUGH DAVID E TARANTINO JOHN D STASZAK ALISTAIR M SCOBIE PETER SALEH JOHN S GLASS KEITH SIEGNER JACK P RUSSO JOHN W IVANKOE BRYAN C ELLIOTT MITCHELL J SPEISER LYNNE COLLIER BRIAN J BITTNER JEFFREY D FARMER MATTHEW J DIFRISCO NICOLE MILLER REGAN JEFFREY A BERNSTEIN MARK D KALINOWSKI LARRY A MILLER SARA H SENATORE LARS LUSEBRINK RACHAEL ROTHMAN PHILLIP JUHAN MICHAEL KELTER JEFFREY F OMOHUNDRO IVAN FEINSETH JIM YIN CRAIG STERLING

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

Recommendation buy hold overweight outperform hold neutral no rating system Equalwt/In-Line outperform buy overweight market perform neutral buy market perform outperform neutral overweight overweight buy outperform market perform hold Positive market perform neutral/neutral buy neutral buy overweight

Amt Held 63'090'871 53'687'338 48'748'402 23'910'459 17'491'512 15'589'025 15'391'778 12'551'711 10'380'289 9'872'500 8'864'428 8'411'903 8'198'069 7'975'826 7'894'596 6'801'604 6'381'514 6'204'001 6'089'650 5'930'830

% Out 6.29 5.36 4.86 2.38 1.74 1.55 1.54 1.25 1.04 0.98 0.88 0.84 0.82 0.8 0.79 0.68 0.64 0.62 0.61 0.59

Weighting

Change

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

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

Latest Chg 1'849'125 2'661'172 (2'329'685) (7'058'218) 294'415 630'746 778'208 2'204'372 (1'828'187) (244'563) 2'228'499 215'064 381'652 175'998 (567'303) 802'148 532'134 4'219'419

Target Price 110 91 120 105 #N/A N/A 96 103 #N/A N/A 110 #N/A N/A 101 #N/A N/A 97 107 #N/A N/A #N/A N/A #N/A N/A 110 113 115 107 100 109 109 103 107 109 #N/A N/A 110 #N/A N/A

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

File Dt 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.05.2013 31.03.2013 30.04.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 01.07.2013 01.07.2013 01.07.2013 17.06.2013 11.06.2013 11.06.2013 11.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 06.06.2013 04.06.2013 08.05.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 19.04.2013 12.04.2013 10.04.2013 16.01.2013

05.07.2013

Mondelez International Inc Mondelez International Inc. is a food and beverage company. The Company manufactures and markets packaged food products, including snacks, beverages, cheese, convenient meals and various packaged grocery products. Mondelez International sells its products throughout the world.

Price/Volume 35

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.04.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (7/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 MDLZ UW EQUITY YTD Change MDLZ UW EQUITY YTD % CHANGE

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

10.0 M

5.0 M

5 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 41'932.0 1.40x 5'945.0 9.84x 2'884.0 22.19x

15.0 M

12/2012 03/yy 32.09 24.50 704'303.00 28.7 -10.66% 17.14% 53.75% 1'784.5 51'213.79 19'425.00 0.0 140.0 4'475.00 67'099.79

31.12.2009 31.12.2010 38'754.0 49'207.0 1.47x 1.65x 6'056.0 7'130.0 9.44x 11.42x 3'021.0 4'114.0 14.23x 16.17x Profitability

LTM-4Q 31.12.2011 35'810.0 2.54x 4'978.0 18.30x 3'527.0 38.99x

31.12.2012 35'015.0 1.72x 5'028.0 12.00x 3'028.0 17.60x

5'028.00 3'683.00 10.52% 5.07% 3.28% 8.09% 6.93% 0.52% 37.3% 15.1% 12.3% 8.6% 1.05 0.71 25.74% 60.30% 6.54 5.54

Price/ Cash Flow

LTM

03/yy 45'450.0 8.48x 6'737.0 15.22x 3'541.0 21.41x

03/yy 44'434.0 7.84x 6'703.0 11.49x 2'783.0 14.54x

FY+1

.0 M j-13

2.93 1'779.88 13.99 14.26% 13.67% 24 4.000 2'463'979 3'266'336 3'182'041 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 36'022.3 37'964.4 8'640.0 8'686.5 1.87x 1.75x 5'574.8 6'101.9 1'288.4 1'474.3 12.06x 11.02x 11.87x 11.64x 2'784.3 3'064.3 623.6 743.1 18.42x 16.68x 18.46x 17.90x S&P Issuer Ratings

02.02.2010 BBB STABLE 09.11.2007 A-2 4.00 2.72 2.35 2.76 60.3% 37.5% 0.52 3.71 55.77 65.93 70.69 50.93

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00 8.00

30'000.0

6.00

20'000.0

4.00

10'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Mondelez International Inc Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC INVESCO LTD CAPITAL GROUP COMPAN TRIAN FUND MANAGEMEN SOUTHEASTERN ASSET M JP MORGAN BANK OF NEW YORK MEL MORGAN STANLEY FMR LLC JENNISON ASSOCIATES NORTHERN TRUST CORPO EAGLE CAPITAL MANAGE MONTAG & CALDWELL IN INDEPENDENT FRANCHIS DIMENSIONAL FUND ADV NORGES BANK UBS GEODE CAPITAL MANAGE

Firm Name Canaccord Genuity Corp Credit Suisse Stifel Wells Fargo Securities, LLC Sanford C. Bernstein & Co Morgan Stanley BMO Capital Markets Edward Jones Janney Montgomery Scott LLC Jefferies Deutsche Bank JPMorgan Barclays Goldman Sachs CL King & Associates EVA Dimensions Davenport & Co Spin-Off Research Gabelli & Co S&P Capital IQ Argus Research Corp National Bank AG

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a TRIAN FUND MANAGEMEN SOUTHEASTERN ASSET M n/a BANK OF NEW YORK MEL n/a n/a JENNISON ASSOCIATES NORTHERN TRUST CORPO EAGLE CAPITAL MANAGE MONTAG & CALDWELL IN INDEPENDENT FRANCHIS n/a NORGES BANK n/a GEODE CAPITAL MANAGE

Analyst ALICIA FORRY ROBERT MOSKOW CHRISTOPHER R GROWE JOHN J BAUMGARTNER ALEXIA HOWARD MATTHEW GRAINGER KENNETH B ZASLOW BRIAN YARBROUGH JONATHAN P FEENEY THILO WREDE ERIC R KATZMAN KENNETH GOLDMAN ANDREW LAZAR JASON ENGLISH ERIC J LARSON AUSTIN BURKETT ANN H GURKIN TEAM COVERAGE SARAH DONNELLY THOMAS GRAVES JOHN D STASZAK STEFFEN MANSKE

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

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

Amt Held 104'569'093 86'195'210 77'082'355 43'184'875 42'864'324 40'300'550 39'545'118 36'441'176 35'590'525 32'654'559 29'841'408 26'127'188 24'405'863 17'983'031 16'438'252 16'014'507 14'487'177 14'385'236 13'469'186 12'328'216

% Out 5.86 4.83 4.32 2.42 2.4 2.26 2.22 2.04 1.99 1.83 1.67 1.46 1.37 1.01 0.92 0.9 0.81 0.81 0.75 0.69

Weighting

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

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

Latest Chg 2'104'525 (781'045) 769'143 4'839'570 (15'888'500) 20'885'357 5'014'218 (93'942) (1'071'293) 3'427'774 (1'296'385) (144'674) 715'205 702'957 (167'343) 5'115'058 239'731 3'215'356 328'322

Target Price 26 33 34 #N/A N/A 36 33 29 #N/A N/A 31 31 30 35 34 33 33 #N/A N/A 35 32 #N/A N/A 31 #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 03.07.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Unclassified 31.03.2013 Investment Advisor

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

Date 03.07.2013 02.07.2013 02.07.2013 01.07.2013 28.06.2013 25.06.2013 21.06.2013 20.06.2013 20.06.2013 20.06.2013 17.06.2013 11.06.2013 11.06.2013 29.05.2013 24.05.2013 13.05.2013 08.05.2013 08.05.2013 08.05.2013 19.04.2013 07.03.2013 25.01.2010

05.07.2013

Medtronic Inc Medtronic, Inc. develops therapeutic and diagnostic medical products. The Company's principal products include those for bradycardia pacing, tachyarrhythmia management, atrial fibrillation management, heart failure management, heart valve replacement, malignant and non-malignant pain, and movement disorders. Medtronic's products are sold worldwide.

Price/Volume 60

3.5 M 3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MDT UN EQUITY YTD Change MDT UN EQUITY YTD % CHANGE

04/2013 04/yy 53.83 37.07 222'560.00 52.11 -3.23% 40.57% 86.28% 1'007.4 52'496.27 10'651.00 0.0 0.0 11'071.00 52'076.27

2.0 M

1.5 M 1.0 M

.5 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

4.0 M

Valuation Analysis

30.04.2009 14'599.0 2.62x 5'273.0 7.25x 2'070.0 10.04x

4.5 M

30.04.2010 30.04.2011 15'817.0 15'508.0 3.40x 3.36x 5'902.0 5'374.0 9.10x 9.69x 3'099.0 3'096.0 13.97x 12.87x Profitability

LTM-4Q 30.04.2012 16'184.0 2.49x 5'680.0 7.11x 3'617.0 11.77x

30.04.2013 16'590.0 2.81x 5'697.0 8.19x 3'467.0 12.56x 5'697.00 4'878.00 29.40% 25.62% 10.25% 19.38% 13.09% 0.49% 75.1% 34.3% 29.4% 20.9% 4.57 3.80 30.57% 57.05% 4.40 2.35

Price/ Cash Flow

LTM

04/yy 16'184.0 11.14x 5'680.0 7.11x 3'618.0 11.61x

04/yy 16'589.0 12.16x 5'696.0 8.20x 3'467.0 12.47x

FY+1

.0 M j-13

2.00 0.88 1'004.17 11.48 36.55% 28.43% 0.882 27 3.889 1'504'948 1'677'161 1'461'518 FY+2

FQ+1

FQ+2

04/14 Y 04/15 Y 07/13 Q1 10/13 Q2 16'965.1 17'497.1 4'118.2 4'182.5 3.41x 3.29x 14.89x 14.56x 6'155.5 6'395.8 1'413.0 1'452.3 8.45x 8.13x 8.70x 8.52x 3'865.1 4'081.3 895.7 933.5 13.60x 12.70x 13.60x 13.38x S&P Issuer Ratings

14.02.2012 A+ STABLE 13.12.2001 A-1+ 14.53 13.37 -0.07 1.87 57.0% 36.3% 0.49 6.69 82.67 154.92 53.50 184.08

Sales/Revenue/Turnover

14.00

18'000.0

12.00

16'000.0 14'000.0

10.00

12'000.0

8.00

10'000.0

6.00

8'000.0 6'000.0

4.00

4'000.0

2.00 0.00 30.04.2010

2'000.0 0.0 30.10.2010

30.04.2011

30.10.2011

30.04.2012

30.10.2012

30.04.2013

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

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

05.07.2013

Medtronic Inc Holdings By:

All

Holder Name BLACKROCK WELLINGTON MANAGEMEN VANGUARD GROUP INC STATE STREET FRANKLIN RESOURCES PRIMECAP MANAGEMENT BARROW HANLEY MEWHIN SUN LIFE FINANCIAL I BANK OF NEW YORK MEL NORTHERN TRUST CORPO HARRIS ASSOCIATES LP ALLIANZ ASSET MANAGE CAPITAL GROUP COMPAN INVESCO LTD DODGE & COX BANK OF AMERICA CORP UBS FMR LLC GRANTHAM MAYO VAN OT NORGES BANK

Firm Name BMO Capital Markets Lazard Capital Markets Argus Research Corp Stifel Wells Fargo Securities, LLC Leerink Swann & Co Sanford C. Bernstein & Co Piper Jaffray Oppenheimer & Co Barclays JPMorgan Edward Jones Morgan Stanley Cowen and Company Deutsche Bank RBC Capital Markets Credit Suisse Jefferies Wedbush Goldman Sachs William Blair & Co Wunderlich Securities S&P Capital IQ EVA Dimensions McAdams Wright Ragen Inc Maxim Group LLC

Portfolio Name n/a WELLINGTON MANAGEMEN VANGUARD GROUP INC n/a n/a PRIMECAP MANAGEMENT BARROW HANLEY MEWHIN n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO HARRIS ASSOC LP n/a n/a n/a DODGE & COX BANK OF AMERICA n/a n/a GRANTHAM MAYO VAN OT NORGES BANK

Analyst JOANNE K WUENSCH SEAN D LAVIN DAVID H TOUNG FREDERICK A WISE LAWRENCE BIEGELSEN DANIELLE ANTALFFY DERRICK SUNG BROOKS E WEST STEVEN LICHTMAN MATTHEW TAYLOR MICHAEL N WEINSTEIN JEFF WINDAU DAVID R LEWIS JOSHUA JENNINGS KRISTEN M STEWART GLENN J NOVARRO BRUCE NUDELL RAJ S DENHOY TAO LEVY DAVID H ROMAN BENJAMIN C ANDREW GREGORY SIMPSON PHILLIP SELIGMAN ANDREW S ZAMFOTIS MICHAEL ROARKE ANTHONY PETRONE

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

Recommendation outperform neutral buy hold outperform market perform outperform overweight outperform equalweight neutral hold Equalwt/In-Line outperform hold sector perform neutral hold neutral neutral/neutral market perform hold buy buy focus list not rated

Amt Held 57'984'888 52'944'876 51'753'490 45'822'875 41'717'815 32'434'321 30'813'326 29'986'609 21'083'794 14'291'965 12'608'303 11'871'058 11'516'230 10'351'175 9'936'393 9'355'578 8'973'223 8'689'961 8'427'751 8'305'220

% Out 5.76 5.26 5.14 4.55 4.14 3.22 3.06 2.98 2.09 1.42 1.25 1.18 1.14 1.03 0.99 0.93 0.89 0.86 0.84 0.82

Weighting

Change

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

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

Latest Chg 821'244 1'264'839 (1'023'381) 526'791 412'300 (4'279'648) 1'440'261 (638'193) (576'628) 331'880 1'883'146 2'054'102 (1'852'797) (429'526) 831'412 (1'833'491) 1'254'180 1'196'087 -

Target Price 58 #N/A N/A 54 #N/A N/A #N/A N/A #N/A N/A 59 58 57 54 52 #N/A N/A #N/A N/A 58 55 52 56 53 52 53 #N/A N/A 53 57 #N/A N/A 45 #N/A N/A

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

File Dt 03.07.2013 31.03.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 03.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012

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

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

Date 01.07.2013 01.07.2013 28.06.2013 28.06.2013 28.06.2013 27.06.2013 26.06.2013 26.06.2013 25.06.2013 25.06.2013 24.06.2013 20.06.2013 18.06.2013 18.06.2013 17.06.2013 17.06.2013 17.06.2013 17.06.2013 30.05.2013 22.05.2013 22.05.2013 22.05.2013 21.05.2013 15.01.2013 19.05.2009 27.01.2009

05.07.2013

MetLife Inc MetLife, Inc. provides individual insurance, employee benefits and financial services with operations throughout the United States and the regions of Latin America, Europe, and Asia Pacific. The Company's products include life insurance, annuities, automobile and homeowners insurance, retail banking and other financial services to individuals as well as group insurance.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.07.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/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 MET UN EQUITY YTD Change MET UN EQUITY YTD % CHANGE

12/2012 03/yy 47.38 28.34 335'447.00 47 -0.93% 65.84% 96.40% 1'095.0 51'465.62 26'550.00 2'100.0 505.0 15'738.00 70'310.62

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

31.12.2009 31.12.2010 41'057.0 52'265.0 1.07x 1.34x (2'246.0) 2'790.0 12.32x 10.71x Profitability

7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M a-12

LTM-4Q 31.12.2011 70'241.0 0.82x 6'423.0 7.12x

31.12.2012 68'150.0 0.72x 1'324.0 6.24x

6.85% 2.12% 0.30% 3.92% 3.87% 0.08% 1.9% 3.17% 42.58% -

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 70'250.0 3.48x 0.0 0.00x 5'402.0 8.23x

d-12

03/yy 69'917.0 2.93x 0.0 0.00x 2'454.0 7.07x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

1.97 1.55 895.24 28.97 55.82% 44.36% 1.552 24 4.500 1'533'819 1'912'994 1'774'540 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 68'823.6 71'623.3 17'126.9 17'225.6 1.08x 1.04x 6'129.3 6'401.0 1'484.4 1'485.3 8.60x 8.27x 8.75x 8.61x S&P Issuer Ratings

ASTABLE 42.6% 29.0% 0.08 -

Sales/Revenue/Turnover

9.00

80'000.0

8.00

70'000.0

7.00

60'000.0

6.00

50'000.0

5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 01.01.2010

8.0 M

Fiscal Year Ended 31.12.2008 50'984.0 0.53x 3'209.0 9.63x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

MetLife Inc Holdings By:

All

Holder Name METLIFE POLICY HOLDE BLACKROCK STATE STREET VANGUARD GROUP INC FMR LLC JP MORGAN SUN LIFE FINANCIAL I BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA ALLIANZ ASSET MANAGE FRANKLIN RESOURCES NORTHERN TRUST CORPO DODGE & COX DEUTSCHE BANK AG WELLINGTON MANAGEMEN UBS GOLDMAN SACHS GROUP NORGES BANK DIMENSIONAL FUND ADV INSTITUTIONAL CAPITA

Firm Name Sterne, Agee & Leach Barclays Portales Partners Scotia Capital JPMorgan FBR Capital Markets Wells Fargo Securities, LLC Deutsche Bank Credit Suisse Janney Montgomery Scott LLC Morgan Stanley RBC Capital Markets Raymond James Macquarie Sandler O'Neill & Partners, LP Evercore Partners Argus Research Corp Keefe, Bruyette & Woods Goldman Sachs S&P Capital IQ EVA Dimensions

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a n/a n/a BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA n/a n/a NORTHERN TRUST CORPO DODGE & COX n/a WELLINGTON MANAGEMEN n/a n/a NORGES BANK n/a INSTITUTIONAL CAPITA

Analyst JOHN M NADEL JAY H GELB NINA GUPTA JOANNE SMITH JIMMY S BHULLAR RANDY BINNER JOHN A HALL YARON KINAR THOMAS GALLAGHER LARRY GREENBERG NIGEL P DALLY ERIC N BERG STEVEN D SCHWARTZ SEAN DARGAN EDWARD SHIELDS MARK FINKELSTEIN JOHN M EADE JEFFREY SCHUMAN CHRISTOPHER GIOVANNI CATHY SEIFERT AUSTIN BURKETT

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

Recommendation buy equalweight outperform focus stock overweight outperform outperform buy outperform neutral Overwt/In-Line sector perform outperform outperform buy overweight buy outperform buy/attractive buy underweight

Amt Held 198'022'160 52'341'350 43'407'773 43'224'464 39'622'207 29'746'742 26'621'558 23'055'085 19'345'882 18'548'167 18'333'776 15'860'316 15'329'500 13'292'875 11'270'617 9'516'719 9'244'082 9'241'988 8'791'085 8'736'916

% Out 18.08 4.78 3.96 3.95 3.62 2.72 2.43 2.11 1.77 1.69 1.67 1.45 1.4 1.21 1.03 0.87 0.84 0.84 0.8 0.8

Weighting

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

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

Latest Chg (173'730) (5'344'888) 1'807'774 3'010'278 (5'759'482) 1'049'495 617'793 1'320'550 5'831'313 193'922 2'448'186 (107'700) (2'333'717) 2'152'270 801'136 (8'247'983) (13'587) 7'337'654

Target Price 56 50 #N/A N/A 52 42 55 #N/A N/A 51 48 #N/A N/A 45 51 49 48 47 48 48 50 51 46 #N/A N/A

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

File Dt 30.04.2013 03.07.2013 02.07.2013 31.03.2013 31.03.2013 31.05.2013 31.05.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013

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

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

Date 03.07.2013 01.07.2013 26.06.2013 20.06.2013 17.06.2013 17.06.2013 11.06.2013 02.06.2013 29.05.2013 23.05.2013 22.05.2013 22.05.2013 22.05.2013 22.05.2013 22.05.2013 22.05.2013 21.05.2013 21.05.2013 15.05.2013 02.05.2013 15.01.2013

05.07.2013

3M Co 3M Co. conducts operations in electronics, telecommunications, industrial, consumer and office, health care, safety, and other markets. The Company's businesses share technologies, manufacturing operations, brands, marketing channels, and other resources. 3M serves customers in countries located around the world.

Price/Volume

6.0 M 5.0 M 4.0 M

Latest Fiscal Year: LTM as of: 52-Week High (19.06.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/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 MMM UN EQUITY YTD Change MMM UN EQUITY YTD % CHANGE

12/2012 03/yy 113.24 85.34 148'343.00 110.32 -2.58% 29.27% 86.42% 690.2 76'142.27 6'001.00 0.0 465.0 5'693.00 76'696.27

3.0 M

2.0 M

1.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

7.0 M

100 80

Valuation Analysis

31.12.2008 25'269.0 1.76x 6'394.0 6.96x 3'460.0 11.13x

120

31.12.2009 31.12.2010 23'123.0 26'662.0 2.61x 2.33x 5'971.0 7'038.0 10.11x 8.84x 3'193.0 4'085.0 17.45x 14.89x Profitability

LTM-4Q 31.12.2011 29'611.0 1.95x 7'414.0 7.80x 4'283.0 13.48x

31.12.2012 29'904.0 2.16x 7'771.0 8.31x 4'444.0 14.72x

7'771.00 6'483.00 21.68% 21.24% 13.47% 25.96% 20.05% 0.91% 47.5% 26.0% 21.6% 14.9% 2.20 1.39 17.71% 34.15% 6.88 4.27

Price/ Cash Flow

LTM

03/yy 29'786.0 8.09x 7'494.0 8.41x 4'327.0 14.40x

03/yy 30'052.0 8.84x 7'806.0 9.47x 4'448.0 16.75x

FY+1

.0 M j-13

2.18 0.97 689.32 11.97 26.08% 20.23% 0.967 21 3.762 803'707 884'223 849'998 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 31'013.1 32'684.2 7'773.2 7'906.9 2.53x 2.37x 10.17x 9.99x 8'128.7 8'693.2 2'032.2 2'092.0 9.43x 8.81x 9.15x 8.94x 4'687.1 5'076.1 1'192.8 1'235.8 16.48x 15.00x 16.07x 15.61x S&P Issuer Ratings

18.03.2009 AASTABLE 23.11.1981 A-1+ 40.06 32.41 0.01 0.76 34.1% 25.0% 0.91 3.74 53.08 85.43 40.99 94.45

Sales/Revenue/Turnover

16.00

35'000.0

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

3M Co Holdings By:

All

Holder Name STATE STREET BLACKROCK VANGUARD GROUP INC SUN LIFE FINANCIAL I T ROWE PRICE ASSOCIA STATE FARM MUTUAL AU NORTHERN TRUST CORPO FMR LLC BANK OF AMERICA CORP WELLINGTON MANAGEMEN WELLS FARGO BANK OF NEW YORK MEL FIDUCIARY MANAGEMENT US BANCORP JP MORGAN FIRST EAGLE INVESTME STATE FARM MUTUAL AU NORGES BANK GEODE CAPITAL MANAGE UBS

Firm Name Morgan Stanley Edward Jones Sanford C. Bernstein & Co Barclays EVA Dimensions Jefferies William Blair & Co Argus Research Corp Nomura JPMorgan Deutsche Bank Goldman Sachs Credit Suisse FBR Capital Markets Hilliard Lyons Langenberg & Co Tigress Financial Partners S&P Capital IQ McAdams Wright Ragen Inc

Portfolio Name n/a n/a VANGUARD GROUP INC n/a T ROWE PRICE ASSOCIA STATE FARM MUTUAL AU NORTHERN TRUST CORPO n/a BANK OF AMERICA WELLINGTON MANAGEMEN n/a BANK OF NEW YORK MEL FIDUCIARY MANAGEMENT US BANCORP n/a FIRST EAGLE INVESTME STATE FARM MUTUAL AU NORGES BANK GEODE CAPITAL MANAGE n/a

Analyst NIGEL COE MATT ARNOLD STEVEN E WINOKER SCOTT R DAVIS CRAIG STERLING LAURENCE ALEXANDER NICHOLAS P HEYMANN NATHANIEL GABRIEL SHANNON O'CALLAGHAN CHARLES STEPHEN TUSA DAVID I BEGLEITER JOSEPH RITCHIE JOHN P MCNULTY AJAY K KEJRIWAL STEPHEN A O'NEIL BRIAN KEITH LANGENBERG IVAN FEINSETH RICHARD TORTORIELLO MICHAEL ROARKE

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

Recommendation Equalwt/In-Line buy market perform equalweight overweight buy market perform hold neutral underweight hold neutral/neutral neutral outperform long-term buy hold buy buy focus list

Amt Held 51'263'136 41'923'428 34'962'057 19'433'692 13'764'765 11'131'700 10'102'921 9'623'460 9'509'989 9'383'740 7'961'490 7'768'462 7'171'873 6'955'267 6'412'926 5'735'151 5'421'102 5'326'652 4'326'373 4'315'658

% Out 7.43 6.07 5.07 2.82 1.99 1.61 1.46 1.39 1.38 1.36 1.15 1.13 1.04 1.01 0.93 0.83 0.79 0.77 0.63 0.63

Weighting

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

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

Latest Chg (937'756) 755'118 588'236 430'869 (6'305) 161'925 3'197'427 594'973 2'002'957 87'041 192'599 76'915 (408'394) (84'790) 20'900 712 92'893 (1'902)

Target Price 112 #N/A N/A 115 103 #N/A N/A 128 111 #N/A N/A 105 95 114 112 103 110 125 100 #N/A N/A 110 85

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

File Dt Inst Type 02.07.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Insurance Company 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Insurance Company 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Unclassified

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

Date 01.07.2013 28.06.2013 26.06.2013 26.06.2013 25.06.2013 07.06.2013 22.05.2013 14.05.2013 03.05.2013 29.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 06.03.2013 06.02.2013 24.04.2009

05.07.2013

Altria Group Inc Altria Group, Inc. is a holding company. The Company, through subsidiaries, manufactures and sells cigarettes and other tobacco products, including cigars and pipe tobacco. Altria holds an interest in a brewery company.

Price/Volume 40

12.0 M

10.0 M

30 8.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MO UN EQUITY YTD Change MO UN EQUITY YTD % CHANGE

12/2012 03/yy 37.60 30.01 323'501.00 35.307 -6.17% 17.65% 72.20% 2'008.7 70'919.83 13'878.00 0.0 36.0 2'900.00 81'058.83

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

4.0 M

10 2.0 M

5 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 15'957.0 1.92x 5'142.0 5.95x 4'930.0 9.13x

6.0 M

31.12.2009 31.12.2010 16'824.0 16'892.0 3.02x 3.63x 6'234.0 6'540.0 8.16x 9.38x 3'206.0 3'905.0 6.44x 12.90x Profitability

LTM-4Q 31.12.2011 16'619.0 4.28x 6'543.0 10.86x 3'390.0 15.17x

31.12.2012 17'500.0 4.24x 7'539.0 9.84x 4'180.0 13.98x

7'539.00 7'314.00 41.79% 37.01% 11.84% 119.83% 29.12% 0.47% 54.6% 45.9% 44.6% 23.9% 0.77 0.37 39.28% 438.07% 98.20 4.08

Price/ Cash Flow

LTM

03/yy 16'670.0 16.53x 6'661.0 10.87x 3'648.0 14.38x

03/yy 17'479.0 18.03x 8'026.0 9.87x 4'370.0 14.87x

FY+1

.0 M j-13

4.90 0.61 2'001.98 18.79 6.29% 15.24% 0.608 17 4.176 2'209'238 2'332'059 2'147'566 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 17'567.0 17'811.5 4'617.6 4'502.0 4.66x 4.53x 7'748.1 8'072.9 2'034.3 2'048.0 10.48x 10.06x 10.40x 10.29x 4'804.7 5'110.2 1'259.5 1'268.7 14.72x 13.73x 14.57x 14.31x S&P Issuer Ratings

06.01.2009 BBB STABLE 18.09.2003 A-2 6.66 6.55 1.26 1.73 438.1% 81.2% 0.47 8.26 3.72 89.39 14.42 64.01

Sales/Revenue/Turnover

30.00

80'000.0 70'000.0

25.00

60'000.0 20.00

50'000.0 40'000.0

15.00

30'000.0

10.00

20'000.0 5.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Altria Group Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET BANK OF NEW YORK MEL FMR LLC NORTHERN TRUST CORPO BARROW HANLEY MEWHIN FAYEZ SAROFIM BANK OF AMERICA CORP FRANKLIN RESOURCES TIAA CREF INVESTMENT ALLIANCE BERNSTEIN FEDERATED INVESTORS JANUS CAPITAL MANAGE GEODE CAPITAL MANAGE WELLINGTON MANAGEMEN INVESCO LTD UBS BARCLAYS PLC

Firm Name Stifel Wells Fargo Securities, LLC Edward Jones Davenport & Co Morgan Stanley Jefferies EVA Dimensions Goldman Sachs Independent Research GmbH Ameriprise Advisor Services, Inc JPMorgan S&P Capital IQ Barclays Argus Research Corp

Portfolio Name n/a n/a VANGUARD GROUP INC n/a BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO BARROW HANLEY MEWHIN FAYEZ SAROFIM BANK OF AMERICA n/a TIAA-CREF INVESTMENT n/a FEDERATED INVESTORS n/a GEODE CAPITAL MANAGE WELLINGTON MANAGEMEN n/a n/a n/a

Analyst CHRISTOPHER R GROWE BONNIE HERZOG JACK P RUSSO ANN H GURKIN DAVID J ADELMAN THILO WREDE AUSTIN BURKETT JUDY E HONG LARS LUSEBRINK PATRICK DIEDRICKSON RAE MAILE ESTHER KWON MICHAEL J BRANCA NATHANIEL GABRIEL

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

Recommendation buy outperform hold buy Equalwt/In-Line hold overweight neutral/neutral buy buy overweight buy equalweight hold

Amt Held 175'824'470 104'946'313 96'161'381 84'161'294 38'237'065 31'653'131 27'143'010 21'943'643 20'393'051 18'067'887 16'482'786 16'443'401 15'034'549 14'402'373 13'766'534 13'643'137 12'399'376 11'645'374 11'580'115 11'309'204

% Out 8.75 5.22 4.79 4.19 1.9 1.58 1.35 1.09 1.02 0.9 0.82 0.82 0.75 0.72 0.69 0.68 0.62 0.58 0.58 0.56

Weighting

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

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

Latest Chg 3'921'105 2'097'289 4'127'835 (1'615'563) 1'048'361 2'075'169 441'853 160'664 (1'632'306) (15'811) 1'477'305 437'188 (2'240'184) 83'191 (4'799'377) 317'267 1'310'050 (254'277) 51'980 4'059'352

Target Price 38 #N/A N/A #N/A N/A 38 34 35 #N/A N/A 37 43 #N/A N/A 45 39 31 #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 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 03.07.2013 31.03.2013 31.03.2013

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

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

Date 02.07.2013 28.06.2013 25.06.2013 12.06.2013 11.06.2013 11.06.2013 07.06.2013 12.05.2013 29.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 18.03.2013

05.07.2013

Monsanto Co Monsanto Company provides agricultural products for farmers. The Company's business segments are seeds and genomics. Monsanto produces a wide range of seeds and develops biotechnology traits that assist farmers in controlling insects and weeds as well as provides other seed companies with genetic material and biotechnology traits for their seed brands.

Price/Volume

2.0 M 1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (10.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MON UN EQUITY YTD Change MON UN EQUITY YTD % CHANGE

08/2012 05/yy 109.33 81.50 127'613.00 98.45 -9.88% 20.80% 58.89% 533.1 52'484.61 2'074.00 0.0 203.0 3'585.00 51'852.61

1.0 M

.5 M

20 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

2.5 M

100 80

Valuation Analysis

31.08.2008 11'365.0 5.53x 3'458.0 18.18x 2'024.0 31.30x

120

31.08.2009 31.08.2010 11'724.0 10'483.0 3.89x 2.78x 4'175.0 2'529.0 10.92x 11.51x 2'109.0 1'096.0 18.65x 22.19x Profitability

LTM-4Q 31.08.2011 11'822.0 3.08x 3'116.0 11.69x 1'607.0 23.28x

31.08.2012 13'504.0 3.35x 3'760.0 12.03x 2'045.0 23.12x 3'760.00 3'138.00 23.24% 22.13% 12.01% 19.18% 17.30% 0.71% 52.2% 28.5% 24.3% 15.1% 2.29 1.30 10.26% 17.53% 4.03 2.65

Price/ Cash Flow

LTM

05/yy 13'653.0 11.45x 3'948.0 10.50x 2'162.0 19.08x

05/yy 14'769.0 13.29x 4'206.0 12.62x 2'502.0 22.13x

FY+1

.0 M j-13

1.45 1.04 531.32 4.33 19.63% 5.19% 1.040 26 4.346 798'420 799'476 677'695 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 08/13 Q4 11/13 Q1 14'939.6 16'067.0 2'230.4 3'043.4 3.39x 3.09x 22.76x 16.74x 4'218.1 4'863.7 (101.7) 767.0 12.29x 10.66x 10.60x 10.46x 2'478.6 2'888.3 (225.3) 308.3 21.51x 18.43x 19.11x 18.63x S&P Issuer Ratings

21.10.2008 A+ STABLE 24.10.2007 A-1 17.74 14.69 -0.20 0.53 17.5% 14.7% 0.71 3.42 90.66 137.61 32.21 163.69

Sales/Revenue/Turnover

70.00

16'000.0

60.00

14'000.0 12'000.0

50.00

10'000.0 40.00

8'000.0 30.00

6'000.0

20.00

4'000.0

10.00

2'000.0

0.00 04.09.2009

0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

04.03.2013

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

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

05.07.2013

Monsanto Co Holdings By:

All

Holder Name FMR LLC BLACKROCK VANGUARD GROUP INC STATE STREET JENNISON ASSOCIATES PRIMECAP MANAGEMENT CAPITAL GROUP COMPAN DAVIS SELECTED ADVIS WINSLOW CAPITAL MANA NORTHERN TRUST CORPO BANK OF NEW YORK MEL AMERICAN CENTURY COM MACKAY SHIELDS LLC LONE PINE CAPITAL LL TIAA CREF INVESTMENT WELLS FARGO AMERIPRISE FINANCIAL T ROWE PRICE ASSOCIA MARSICO CAPITAL MANA WADDELL & REED FINAN

Firm Name Wells Fargo Securities, LLC Topeka Capital Markets Inc Gabelli & Co Piper Jaffray Macquarie Morgan Stanley Argus Research Corp JPMorgan Jefferies BGC Partners Susquehanna Financial Group Deutsche Bank Credit Suisse Canaccord Genuity Corp Miller Tabak + Co., LLC S&P Capital IQ Atlantic Equities LLP Stifel Edward Jones Monness, Crespi, Hardt & Co EVA Dimensions Goldman Sachs

Portfolio Name n/a n/a VANGUARD GROUP INC n/a JENNISON ASSOCIATES PRIMECAP MANAGEMENT n/a DAVIS SELECTED ADVIS WINSLOW CAPITAL MANA NORTHERN TRUST CORPO BANK OF NEW YORK MEL AMERICAN CENTURY COM Multiple Portfolios LONE PINE CAPITAL LL TIAA-CREF INVESTMENT n/a AMERIPRISE FINANCIAL T ROWE PRICE ASSOCIA MARSICO CAPITAL MANA WADDELL & REED FINAN

Analyst FRANK J MITSCH CHRISTOPHER KAPSCH AMON R WILKES MICHAEL E COX COOLEY MAY VINCENT ANDREWS WILLIAM V SELESKY JEFFREY J ZEKAUSKAS LAURENCE ALEXANDER MARK R GULLEY DONALD D CARSON DAVID I BEGLEITER CHRISTOPHER PARKINSON KEITH CARPENTER TIM TIBERIO KEVIN KIRKEBY COLIN ISAAC PAUL A MASSOUD MATT ARNOLD CHRIS L SHAW CRAIG STERLING ROBERT KOORT

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

Recommendation outperform buy buy overweight outperform Overwt/Attractive buy overweight hold buy Positive buy outperform buy hold hold underweight hold hold buy overweight buy/attractive

Amt Held 34'024'416 31'472'919 28'477'720 23'412'342 13'555'953 12'010'767 11'118'944 9'200'094 9'188'909 8'976'193 7'759'245 7'373'306 7'358'065 6'662'550 6'378'309 6'343'486 6'315'385 6'163'166 5'748'918 5'682'063

% Out 6.38 5.9 5.34 4.39 2.54 2.25 2.09 1.73 1.72 1.68 1.46 1.38 1.38 1.25 1.2 1.19 1.18 1.16 1.08 1.07

Weighting

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

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

Latest Chg 2'974'499 2'128'133 655'081 312'878 1'437'264 (277'362) (341'910) (1'287'528) (1'006'807) 662'862 (325'311) 114'291 (116'807) 1'304'240 (22'517) 369'962 1'095'622 (132'927) (647'027) 165'308

Target Price #N/A N/A 121 #N/A N/A 135 117 125 120 111 110 123 128 116 121 121 104 110 90 #N/A N/A #N/A N/A 119 #N/A N/A 122

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

File Dt Inst Type 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 05.07.2013 03.07.2013 02.07.2013 30.06.2013 29.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 24.06.2013 30.05.2013 29.05.2013 09.04.2013 05.04.2013

05.07.2013

Merck & Co Inc Merck & Co., Inc. is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. The Company has operations in pharmaceutical, animal health, and consumer care.

Price/Volume

12.0 M 10.0 M 8.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.06.2013) 52-Week Low (31.12.2012) Daily Volume Current Price (7/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 MRK UN EQUITY YTD Change MRK UN EQUITY YTD % CHANGE

12/2012 03/yy 50.16 40.10 426'294.00 46.8 -6.70% 16.71% 64.12% 3'019.6 141'317.83 20'569.00 0.0 2'443.0 16'141.00 148'697.83

6.0 M

4.0 M

2.0 M

0 j-12

31.12.2009 31.12.2010 27'428.3 45'987.0 4.52x 2.59x 7'314.7 12'116.0 16.96x 9.84x 12'901.3 861.0 11.24x 10.54x Profitability

LTM-4Q 31.12.2011 48'047.0 2.49x 17'873.0 6.69x 6'272.0 10.00x

31.12.2012 47'267.0 2.77x 16'855.0 7.76x 6'168.0 11.22x

16'855.00 9'877.00 20.90% 18.49% 6.16% 12.08% 9.51% 0.44% 65.2% 35.5% 20.7% 13.0% 1.90 1.30 19.38% 38.79% 5.54 2.47

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 48'198.0 9.58x 18'025.0 6.76x 6'966.0 9.97x

d-12

03/yy 46'208.0 11.77x 16'424.0 8.57x 6'516.0 12.01x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

3.63 0.78 3'018.36 82.26 16.23% 16.45% 0.780 23 4.304 3'319'523 4'241'192 4'107'313 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 45'309.6 45'816.2 11'344.9 11'411.0 3.19x 3.07x 17'765.5 18'170.1 3'552.5 3'891.0 8.37x 8.18x 10'498.4 10'893.9 2'488.2 2'679.6 13.36x 12.49x 13.36x 12.99x S&P Issuer Ratings

24.11.2010 AA STABLE 23.11.1981 A-1+ 23.61 20.87 0.29 1.27 38.8% 27.1% 0.44 2.89 65.92 147.88 48.79 157.88

Sales/Revenue/Turnover

30.00

60'000.0

25.00

50'000.0

20.00

40'000.0

15.00

30'000.0

10.00

20'000.0

5.00

10'000.0

0.00 01.01.2010

a-12

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

14.0 M

50 40

Valuation Analysis

31.12.2008 23'850.3 2.82x 8'070.3 8.33x 7'808.4 8.89x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Merck & Co Inc Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN VANGUARD GROUP INC STATE STREET WELLINGTON MANAGEMEN FRANKLIN RESOURCES FMR LLC JP MORGAN BANK OF NEW YORK MEL DODGE & COX T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO DODGE & COX WORLDWID INVESCO LTD NORGES BANK BANK OF AMERICA CORP GEODE CAPITAL MANAGE GOLDMAN SACHS GROUP DEUTSCHE BANK AG TIAA CREF INVESTMENT

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

Portfolio Name n/a n/a VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN n/a n/a n/a BANK OF NEW YORK MEL DODGE & COX T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO DODGE & COX WORLDWID n/a NORGES BANK BANK OF AMERICA GEODE CAPITAL MANAGE n/a n/a TIAA-CREF INVESTMENT

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

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

Recommendation outperform neutral market perform buy market perform overweight outperform buy buy buy buy neutral/attractive overweight overweight Underwt/In-Line buy neutral buy overweight outperform accumulate market perform

Amt Held 205'788'781 177'469'579 140'839'507 130'754'861 129'053'910 91'051'110 71'048'447 57'370'306 56'828'888 51'265'946 47'016'226 45'613'794 30'475'112 30'370'622 24'410'941 20'660'542 20'495'267 20'055'276 19'745'943 19'319'510

% Out 6.82 5.88 4.66 4.33 4.27 3.02 2.35 1.9 1.88 1.7 1.56 1.51 1.01 1.01 0.81 0.68 0.68 0.66 0.65 0.64

Weighting

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

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

Latest Chg 14'307'547 (34'886'701) 4'397'077 (2'133'004) (6'667'466) 3'645'499 (16'325'333) (14'082'081) 2'714'341 (1'183'773) (657'920) 4'105'306 1'226'551 1'486'322 358'549 3'508'729 762'507 3'072'588

Target Price 53 47 51 #N/A N/A #N/A N/A 60 52 52 50 59 56 50 54 53 #N/A N/A #N/A N/A #N/A N/A 51 #N/A N/A 50 43 #N/A N/A

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

File Dt 03.07.2013 31.03.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 03.07.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013

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

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

Date 02.07.2013 01.07.2013 01.07.2013 27.06.2013 27.06.2013 27.06.2013 24.06.2013 20.06.2013 18.06.2013 14.06.2013 11.06.2013 03.06.2013 03.06.2013 31.05.2013 23.05.2013 02.05.2013 01.05.2013 01.02.2013 15.01.2013 16.10.2012 05.04.2012 21.06.2011

05.07.2013

Morgan Stanley Morgan Stanley, a bank holding company, provides diversified financial services on a worldwide basis. The Company operates a global securities business which serves individual and institutional investors and investment banking clients. Morgan Stanley also operates a global asset management business.

Price/Volume 30

16.0 M 14.0 M

12.0 M 20

Latest Fiscal Year: LTM as of: 52-Week High (10.06.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (7/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 MS UN EQUITY YTD Change MS UN EQUITY YTD % CHANGE

12/2012 03/yy 27.17 12.29 1'685'188.00 24.36 -10.42% 98.21% 78.97% 1'960.1 47'748.40 450'846.00 1'508.0 7'628.0 46'904.00 513'661.40

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

8.0 M 6.0 M

4.0 M 5

2.0 M

0 j-12

31.12.2009 31.12.2010 30'139.0 37'801.0 16.65x 13.22x 15'297.0 14'937.0 32.80x 33.45x 1'346.0 4'703.0 11.22x 12.69x Profitability

LTM-4Q 31.12.2011 39'138.0 10.82x 10'724.0 39.50x 4'110.0 -

31.12.2012 32'036.0 14.07x 12'615.0 35.74x 68.0 11.18x

12'615.00 19.57% 1.61% 0.13% 1.53% 0.31% 0.04% 35.9% 0.2% 57.73% 743.96% -

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 38'269.0 47.96x 8'603.0 0.00x 3'048.0 332.55x

d-12

03/yy 33'168.0 55.89x 11'901.0 42.77x 1'037.0 14.25x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

0.82 1.72 1'393.06 29.39 63.02% 27.98% 1.722 35 3.629 3'545'201 3'836'025 3'574'002 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 31'730.9 33'870.2 7'913.2 7'784.2 3'924.7 4'980.9 856.8 977.0 12.13x 9.53x 11.41x 10.43x S&P Issuer Ratings

29.11.2011 ANEG 29.11.2011 A-2 38.37 41.97 744.0% 86.6% 0.04 5.38 -

Sales/Revenue/Turnover

9.00

90'000.0

8.00

80'000.0

7.00

70'000.0

6.00

60'000.0

5.00

50'000.0

4.00

40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 01.01.2010

a-12

Fiscal Year Ended 30.11.2008 62'262.0 5.03x 40'604.0 7.72x 1'707.0 9.58x

10.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Morgan Stanley Holdings By:

All

Holder Name MITSUBISHI UFJ FINAN STATE STREET CHINA INVESTMENT COR BLACKROCK VANGUARD GROUP INC FRANKLIN RESOURCES FMR LLC JENNISON ASSOCIATES T ROWE PRICE ASSOCIA CAPITAL GROUP COMPAN INVESCO LTD JP MORGAN EAGLE CAPITAL MANAGE NORTHERN TRUST CORPO BANK OF NEW YORK MEL WELLINGTON MANAGEMEN UBS DIMENSIONAL FUND ADV PZENA INVESTMENT MAN CARMIGNAC GESTION

Firm Name RBC Capital Markets Sanford C. Bernstein & Co Evercore Partners Guggenheim Securities LLC JPMorgan Oppenheimer & Co JMP Securities Susquehanna Financial Group Mediobanca SpA Macquarie Atlantic Equities LLP Credit Suisse SunTrust Robinson Humphrey Rafferty Capital Markets S&P Capital IQ Argus Research Corp Edward Jones Portales Partners Drexel Hamilton LLC Wells Fargo Securities, LLC Deutsche Bank Goldman Sachs Barclays Daiwa Securities Co. Ltd. FBR Capital Markets Sandler O'Neill & Partners, LP Buckingham Research Group Nomura HSBC EVA Dimensions Meredith Whitney Advisory Group

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC n/a n/a JENNISON ASSOCIATES T ROWE PRICE ASSOCIA n/a n/a n/a EAGLE CAPITAL MANAGE NORTHERN TRUST CORPO BANK OF NEW YORK MEL WELLINGTON MANAGEMEN n/a n/a PZENA INVESTMENT MAN Multiple Portfolios

Analyst FIONA SWAFFIELD CHARLES BRADLEY HINTZ CHRISTOPHER J ALLEN MARTY L MOSBY III KIAN ABOUHOSSEIN CHRISTOPHER M KOTOWSKI DAVID M TRONE DOUGLAS C SIPKIN CHRISTOPHER J WHEELER DAVID J KONRAD RICHARD STAITE HOWARD H CHEN ERIC E WASSERSTROM RICHARD X BOVE SR KENNETH M LEON DAVID RITTER SHANNON L STEMM CHARLES W PEABODY DAVID B HILDER MATTHEW H BURNELL MATTHEW D O'CONNOR RICHARD N RAMSDEN ROGER A FREEMAN KAZUKI WATANABE STEVE STELMACH JEFFERY HARTE JAMES F MITCHELL GLENN P SCHORR ROBERT MURPHY AUSTIN BURKETT MEREDITH A WHITNEY

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

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

Amt Held 435'504'490 140'812'249 125'114'454 69'427'014 63'417'451 51'775'615 47'177'103 42'784'681 41'253'280 31'000'858 30'195'354 29'318'755 28'746'125 19'240'885 16'266'270 14'665'958 13'996'804 11'559'214 11'517'553 11'500'000

% Out 22.22 7.18 6.38 3.54 3.24 2.64 2.41 2.18 2.1 1.58 1.54 1.5 1.47 0.98 0.83 0.75 0.71 0.59 0.59 0.59

Weighting

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

M M M 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 D M

Latest Chg (38'614'412) 651'209 2'438'317 (4'184'072) (2'549'885) (1'081'054) 14'558'690 4'684'203 1'742'740 915'506 593'867 2'094'626 14'093'508 (6'145'944) 2'181'643 2'024'911 11'500'000

Target Price 25 29 29 28 29 #N/A N/A #N/A N/A 24 23 30 24 23 28 29 28 26 #N/A N/A #N/A N/A 30 #N/A N/A 30 25 25 26 27 26 28 24 25 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.03.2013 Holding Company 02.07.2013 Investment Advisor 31.12.2012 Government 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 04.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Unclassified 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 29.03.2013 Investment Advisor

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

Date 03.07.2013 03.07.2013 02.07.2013 02.07.2013 28.06.2013 28.06.2013 27.06.2013 27.06.2013 26.06.2013 26.06.2013 26.06.2013 24.06.2013 21.06.2013 21.06.2013 21.06.2013 17.06.2013 17.06.2013 17.06.2013 13.06.2013 10.06.2013 30.05.2013 24.05.2013 15.05.2013 13.05.2013 23.04.2013 22.04.2013 18.04.2013 18.04.2013 26.02.2013 12.02.2013 18.10.2012

05.07.2013

Microsoft Corp Microsoft Corporation develops, manufactures, licenses, sells, and supports software products. The Company offers operating system software, server application software, business and consumer applications software, software development tools, and Internet and intranet software. Microsoft also develops video game consoles and digital music entertainment devices.

Price/Volume 40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.06.2013) 52-Week Low (05.12.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MSFT UW EQUITY YTD Change MSFT UW EQUITY YTD % CHANGE

06/2012 03/yy 35.73 26.26 2'772'735.00 33.6 -5.84% 27.95% 81.84% 8'351.1 280'597.16 11'944.00 0.0 0.0 63'040.00 220'309.17

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

10 5 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

Fiscal Year Ended 30.06.2008 60'420.0 3.77x 24'548.0 9.29x 17'681.0 14.48x

30.06.2009 30.06.2010 58'437.0 62'484.0 3.18x 2.70x 23'255.0 26'830.0 8.00x 6.28x 14'569.0 18'760.0 13.77x 10.93x Profitability

LTM-4Q 30.06.2011 69'943.0 2.53x 29'927.0 5.91x 23'150.0 9.86x

30.06.2012 73'723.0 2.78x 30'923.0 6.64x 16'978.0 11.21x

30'923.00 27'956.00 37.92% 30.20% 13.01% 22.57% 19.50% 0.60% 76.2% 40.3% 35.6% 23.0% 2.60 2.41 9.85% 18.00% 6.62 10.61

Price/ Cash Flow

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 j-13

LTM

03/yy 73'031.0 10.16x 30'601.0 7.30x 23'344.0 11.73x

03/yy 76'012.0 9.86x 30'645.0 5.83x 16'406.0 10.67x

FY+1

2.65 0.91 7'611.95 94.81 12.57% 27.60% 0.913 42 3.833 12'658'756 14'280'503 15'589'903 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 78'725.3 84'771.5 20'766.0 18'955.0 2.69x 2.30x 10.49x 11.21x 32'437.9 35'593.1 8'700.8 8'027.3 6.82x 6.22x 6.35x 6.23x 23'282.4 25'649.6 6'246.5 5'688.7 12.17x 10.97x 11.16x 10.89x S&P Issuer Ratings

22.09.2008 AAA STABLE 09.03.2011 NR 81.38 75.31 -1.97 0.46 18.0% 15.3% 0.60 8.72 55.11 34.39 77.76 13.98

Sales/Revenue/Turnover

14.00

80'000.0

12.00

70'000.0 60'000.0

10.00

50'000.0 8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

05.07.2013

Microsoft Corp Holdings By:

All

Holder Name BLACKROCK GATES III WILLIAM HE VANGUARD GROUP INC STATE STREET BALLMER STEVEN ANTHO CAPITAL GROUP COMPAN INVESCO LTD BANK OF NEW YORK MEL FMR LLC WELLINGTON MANAGEMEN NORTHERN TRUST CORPO JP MORGAN FRANKLIN RESOURCES DEUTSCHE BANK AG MORGAN STANLEY DODGE & COX T ROWE PRICE ASSOCIA BANK OF AMERICA CORP NORGES BANK PRIMECAP MANAGEMENT

Firm Name Evercore Partners Janney Montgomery Scott LLC Stifel Griffin Securities Nomura Deutsche Bank Sanford C. Bernstein & Co Raymond James Wells Fargo Securities, LLC BMO Capital Markets RBC Capital Markets Pacific Crest Securities Cowen and Company Morgan Stanley FBR Capital Markets Oppenheimer & Co Edward Jones Barclays Credit Suisse Jyske Bank Cross Research Goldman Sachs Hamburger Sparkasse Independent Research GmbH Daiwa Securities Co. Ltd. MKM Partners Ameriprise Advisor Services, Inc Argus Research Corp Atlantic Equities LLP Hilliard Lyons JPMorgan Jefferies Tigress Financial Partners BGC Partners National Bank AG S&P Capital IQ EVA Dimensions McAdams Wright Ragen Inc

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a n/a n/a BANK OF NEW YORK MEL n/a WELLINGTON MANAGEMEN NORTHERN TRUST CORPO n/a n/a n/a n/a DODGE & COX T ROWE PRICE ASSOCIA BANK OF AMERICA NORGES BANK PRIMECAP MANAGEMENT

Analyst STEWART KIRK MATERNE III YUN KIM BRAD REBACK JAY VLEESCHHOUWER RICHARD G SHERLUND NANDAN AMLADI MARK L MOERDLER MICHAEL TURITS JASON MAYNARD KARL KEIRSTEAD MATTHEW HEDBERG BRENDAN BARNICLE GREGG MOSKOWITZ KEITH WEISS DAVID M HILAL SHAUL EYAL JOSH OLSON RAIMO LENSCHOW PHILIP WINSLOW ROBERT JAKOBSEN RICHARD T WILLIAMS HEATHER BELLINI MARCO GUENTHER MARKUS FRIEBEL KAZUYA NISHIMURA ISRAEL HERNANDEZ JUSTIN H BURGIN JOSEPH F BONNER CHRISTOPHER HICKEY STEPHEN TURNER JOHN DIFUCCI ROSS MACMILLAN IVAN FEINSETH COLIN W GILLIS STEFFEN MANSKE ANGELO ZINO ANDREW S ZAMFOTIS SID PARAKH

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

Recommendation equalweight neutral buy buy neutral hold outperform outperform market perform market perform sector perform sector perform outperform Overwt/In-Line market perform outperform buy equalweight outperform reduce buy sell/attractive hold hold neutral neutral buy hold overweight neutral neutral hold neutral hold buy strong buy buy buy

Amt Held 443'050'996 398'412'845 354'084'051 335'230'322 333'252'990 313'842'552 151'485'084 149'932'600 112'069'121 110'718'862 109'220'908 105'227'330 92'519'877 81'889'480 81'472'003 78'067'804 76'984'846 68'269'794 66'902'672 61'329'291

% Out 5.31 4.77 4.24 4.01 3.99 3.76 1.81 1.8 1.34 1.33 1.31 1.26 1.11 0.98 0.98 0.93 0.92 0.82 0.8 0.73

Weighting

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

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

Latest Chg (2'506'237) (2'998'930) 10'832'225 6'231'803 (17'771'033) (2'082'887) 15'559'051 11'700'310 8'028'437 3'391'011 (8'252'725) 16'629'045 23'412'339 (1'712'158) 9'972'281 3'526'945 6'253'286 (2'259'014)

Target Price 36 34 38 41 38 35 42 34 #N/A N/A 34 32 #N/A N/A 41 40 30 39 #N/A N/A 35 38 35 37 30 #N/A N/A 35 35 27 #N/A N/A #N/A N/A 35 #N/A N/A 30 31 #N/A N/A 31 33 35 #N/A N/A 36

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

File Dt 03.07.2013 28.05.2013 31.03.2013 02.07.2013 14.09.2012 31.03.2013 03.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013

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

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

Date 03.07.2013 02.07.2013 02.07.2013 02.07.2013 30.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 26.06.2013 25.06.2013 25.06.2013 24.06.2013 24.06.2013 14.06.2013 13.06.2013 10.06.2013 05.06.2013 29.05.2013 27.05.2013 16.05.2013 14.05.2013 25.04.2013 23.04.2013 22.04.2013 19.04.2013 19.04.2013 18.04.2013 16.04.2013 10.04.2013 28.01.2013 25.01.2013 15.01.2013 23.07.2012

05.07.2013

NIKE Inc NIKE, Inc. designs, develops, and markets athletic footwear, apparel, equipment, and accessory products for men, women, and children. The Company sells its products worldwide to retail stores, through its own stores, subsidiaries, and distributors.

Price/Volume 70

4.5 M

4.0 M 3.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (14.11.2012) Daily Volume Current Price (7/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 NKE UN EQUITY YTD Change NKE UN EQUITY YTD % CHANGE

05/2013 05/yy 66.06 44.83 209'671.00 63.46 -4.00% 41.57% 84.93% 715.7 56'706.55 1'388.00 0.0 0.0 5'965.00 52'129.55

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

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.05.2009 19'176.1 1.31x 2'789.8 8.98x 1'486.7 14.79x

3.0 M

31.05.2010 31.05.2011 19'014.0 20'862.0 1.60x 1.71x 2'797.7 3'150.0 10.87x 11.32x 1'906.7 2'133.0 18.75x 19.24x Profitability

LTM-4Q 31.05.2012 24'128.0 1.91x 3'413.0 13.53x 2'223.0 22.76x

31.05.2013 25'313.0 2.00x 2'485.0 22.92x 3'413.00 3'254.00 12.86% 12.93% 15.04% 23.08% 1.54% 43.6% 13.9% 12.7% 9.8% 3.47 2.31 7.89% 12.44% 7.97 4.24

Price/ Cash Flow

LTM

05/yy 23'753.0 7.20x 3'446.0 13.40x 2'223.0 22.48x

05/yy 25'508.0 6.94x 2'639.0 0.00x 2'485.0 23.30x

FY+1

.0 M j-13

1.28 0.91 705.13 4.87 42.41% 23.87% 0.912 29 3.966 1'551'078 1'060'231 931'434 FY+2

FQ+1

FQ+2

05/14 Y 05/15 Y 08/13 Q1 11/13 Q2 27'568.1 29'678.1 6'964.0 6'436.4 1.94x 1.78x 7.72x 8.37x 4'109.2 4'576.3 1'063.3 829.4 12.68x 11.38x 12.93x 12.52x 2'701.9 3'016.5 710.1 541.0 21.00x 18.34x 21.07x 20.46x S&P Issuer Ratings

10.06.2005 A+ STABLE 05.11.1992 A-1 103.42 85.33 -1.06 0.09 12.4% 11.1% 1.54 10.78 45.77 85.98 40.75 91.73

Sales/Revenue/Turnover

35.00

30'000.0

30.00

25'000.0

25.00

20'000.0

20.00

15'000.0 15.00

10'000.0 10.00

5'000.0

5.00 0.00 04.06.2010

0.0 04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

04.06.2013

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

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

05.07.2013

NIKE Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC FMR LLC STATE STREET BANK OF NEW YORK MEL JENNISON ASSOCIATES SANDS CAPITAL MANAGE JANUS CAPITAL MANAGE LANSDOWNE PARTNERS L NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA GOLDMAN SACHS GROUP UBS FRANKLIN RESOURCES SUN LIFE FINANCIAL I MARSICO CAPITAL MANA MORGAN STANLEY HARBOR CAPITAL ADVIS MACQUARIE GROUP

Firm Name D.A. Davidson & Co Morgan Stanley Susquehanna Financial Group Deutsche Bank Goldman Sachs Argus Research Corp Credit Suisse Edward Jones Hilliard Lyons JPMorgan Janney Montgomery Scott LLC Robert W. Baird & Co Wedbush Stifel Sterne, Agee & Leach Canaccord Genuity Corp McAdams Wright Ragen Inc ISI Group Cowen and Company Piper Jaffray Telsey Advisory Group Barclays Buckingham Research Group HSBC EVA Dimensions S&P Capital IQ Daiwa Securities Co. Ltd.

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a BANK OF NEW YORK MEL JENNISON ASSOCIATES SANDS CAPITAL MANAGE n/a LANSDOWNE PARTNERS L NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA n/a n/a n/a n/a MARSICO CAPITAL MANA n/a Multiple Portfolios n/a

Analyst ANDREW BURNS KIMBERLY GREENBERGER CHRISTOPHER SVEZIA DAVID WEINER LINDSAY DRUCKER MANN JOHN D STASZAK CHRISTIAN BUSS BRIAN YARBROUGH JEFFREY S THOMISON MATTHEW BOSS ERIC B TRACY MITCHEL J KUMMETZ CORINNA FREEDMAN JIM DUFFY SAM POSER CAMILO R LYON SARA E HASAN OMAR SAAD FAYE LANDES SEAN NAUGHTON KELLY CHEN ROBERT S DRBUL JOHN M ZOLIDIS ERWAN RAMBOURG CRAIG STERLING JASON ASAEDA TEAM COVERAGE

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

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

Amt Held 57'237'092 38'344'745 37'632'406 28'057'116 27'973'109 24'211'063 19'263'357 15'886'961 14'923'667 12'891'304 12'888'098 12'286'430 11'648'760 10'916'111 9'257'605 8'763'684 7'181'129 7'139'840 6'765'150 5'947'399

% Out 8 5.36 5.26 3.92 3.91 3.38 2.69 2.22 2.09 1.8 1.8 1.72 1.63 1.53 1.29 1.22 1 1 0.95 0.83

Weighting

Change

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

Latest Chg 8'131'197 (52'139) 174'900 (4'163'859) (349'319) 1'891'600 (653'235) 1'112'801 (1'228'269) 155'324 134'881 (410'340) (1'093'693) 88'258 (67'364) (99'720) (1'969'149) 2'723'925 (139'664) (671'653)

Target Price 67 #N/A N/A 57 68 73 #N/A N/A 66 #N/A N/A #N/A N/A 70 57 62 58 68 63 61 #N/A N/A 80 68 64 66 75 68 67 #N/A N/A 61 61

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

File Dt Inst Type 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Unclassified 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor

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

Date 02.07.2013 01.07.2013 01.07.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 27.06.2013 29.04.2013 02.04.2013 23.03.2013 22.03.2013 24.12.2012

05.07.2013

National Oilwell Varco Inc National Oilwell Varco Inc. is a worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry.

Price/Volume 90

2.5 M

80 2.0 M

70 60

1.5 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.09.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NOV UN EQUITY YTD Change NOV UN EQUITY YTD % CHANGE

12/2012 03/yy 89.25 63.09 291'143.00 71.67 -19.73% 13.60% 27.60% 427.3 30'623.25 3'149.00 0.0 117.0 3'319.00 32'661.25

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

.5 M

10 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 13'431.4 0.72x 3'319.1 2.90x 1'952.0 4.81x

1.0 M

31.12.2009 31.12.2010 12'712.0 12'156.0 1.32x 2.14x 2'952.0 2'954.0 5.70x 8.80x 1'469.0 1'667.0 11.37x 16.57x Profitability

LTM-4Q 31.12.2011 14'658.0 1.77x 3'492.0 7.42x 1'994.0 14.16x

31.12.2012 20'041.0 1.45x 4'185.0 6.96x 2'491.0 11.44x

4'185.00 3'557.00 17.75% 17.49% 7.98% 12.25% 11.02% 0.70% 26.6% 19.7% 16.5% 12.4% 2.78 1.35 10.00% 15.56% 5.53 2.45

Price/ Cash Flow

LTM

03/yy 15'815.0 6.69x 3'785.0 8.21x 2'193.0 15.30x

03/yy 21'045.0 5.83x 4'136.0 7.80x 2'387.0 12.31x

FY+1

.0 M j-13

0.70 1.50 426.28 6.53 6.90% 5.45% 1.497 35 4.543 654'748 890'328 912'026 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 22'261.4 24'127.8 5'434.4 5'604.7 1.38x 1.19x 5.89x 5.62x 4'314.1 4'938.3 1'038.0 1'097.3 7.57x 6.61x 7.32x 7.03x 2'376.2 2'791.6 570.1 609.6 12.86x 10.88x 12.32x 11.77x S&P Issuer Ratings

25.04.2012 A STABLE 85.41 73.51 0.46 1.05 15.6% 13.4% 0.70 7.33 65.98 148.92 23.47 193.26

Sales/Revenue/Turnover

90.00

25'000.0

80.00

20'000.0

70.00 60.00

15'000.0

50.00 40.00

10'000.0

30.00

5'000.0

20.00 10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

National Oilwell Varco Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC SANDS CAPITAL MANAGE NORTHERN TRUST CORPO BANK OF NEW YORK MEL OPPENHEIMERFUNDS INC SUN LIFE FINANCIAL I BERKSHIRE HATHAWAY I HARRIS ASSOCIATES LP WELLINGTON MANAGEMEN CLEARBRIDGE INVESTME ALLIANCE BERNSTEIN DEUTSCHE BANK AG JANUS CAPITAL MANAGE JP MORGAN EPOCH INVESTMENT PAR WADDELL & REED FINAN VAN ECK ASSOCIATES C

Firm Name Fearnley Fonds Credit Suisse JPMorgan Sanford C. Bernstein & Co BMO Capital Markets Jefferies Wells Fargo Securities, LLC ISI Group Cowen and Company Societe Generale Edward Jones Guggenheim Securities LLC Morgan Stanley Goldman Sachs Johnson Rice & Co Susquehanna Financial Group Macquarie Raymond James William Blair & Co HSBC Iberia Capital Partners LLC Sterne, Agee & Leach Global Hunter Securities Argus Research Corp Howard Weil Inc RS Platou Markets EVA Dimensions Capital One Southcoast, Inc. RBC Capital Markets Barclays S&P Capital IQ Tudor Pickering & Co

Portfolio Name n/a VANGUARD GROUP INC n/a n/a SANDS CAPITAL MANAGE NORTHERN TRUST CORPO BANK OF NEW YORK MEL OPPENHEIMER FUNDS IN n/a n/a HARRIS ASSOC LP WELLINGTON MANAGEMEN CLEARBRIDGE INVESTME n/a n/a n/a n/a EPOCH INVESTMENT PAR WADDELL & REED FINAN n/a

Analyst TRULS OLSEN JAMES WICKLUND J DAVID ANDERSON SCOTT GRUBER ALAN D LAWS BRAD HANDLER THOMAS PATRICK CURRAN JUDSON E BAILEY JAMES D CRANDELL EDWARD C MUZTAFAGO BRIAN YOUNGBERG MICHAEL K LAMOTTE OLE SLORER WAQAR SYED DAVID C SMITH CHARLES P MINERVINO NIGEL BROWNE J MARSHALL ADKINS BRANDON DOBELL DAVID PHILLIPS TREY STOLZ STEPHEN D GENGARO BRIAN UHLMER JONATHAN GELCIUS WILLIAM SANCHEZ GORAN ANDREASSEN CRAIG STERLING JOSEPH D GIBNEY KURT HALLEAD JAMES C WEST STEWART GLICKMAN JEFF TILLERY

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

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

Amt Held 28'951'192 19'747'022 18'511'878 15'573'621 10'199'065 8'346'234 8'078'111 7'885'877 7'849'536 7'484'300 6'616'862 5'974'258 4'934'555 4'260'914 4'186'718 4'184'336 4'182'789 3'971'605 3'549'221 3'520'288

% Out 6.78 4.62 4.33 3.64 2.39 1.95 1.89 1.85 1.84 1.75 1.55 1.4 1.15 1 0.98 0.98 0.98 0.93 0.83 0.82

Weighting

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

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

Latest Chg (1'704'407) 468'948 (107'250) (2'095'624) 776'187 128'683 431'962 (453'994) 476'087 2'189'500 1'411'178 1'041'360 (325'804) (938'713) 1'627'892 (427'166) (2'706'698) 421'704 (768'906) (343'629)

Target Price 81 74 85 75 88 85 #N/A N/A 77 90 79 #N/A N/A 85 80 86 #N/A N/A 76 84 85 #N/A N/A 88 93 80 80 85 85 84 #N/A N/A 88 78 84 95 #N/A N/A

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

File Dt Inst Type 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor

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

Date 04.07.2013 03.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 27.06.2013 19.06.2013 12.06.2013 10.06.2013 30.05.2013 23.05.2013 22.05.2013 16.05.2013 14.05.2013 13.05.2013 08.05.2013 02.05.2013 02.05.2013 01.05.2013 01.05.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 29.04.2013 26.04.2013 26.04.2013 01.02.2013 12.09.2012

05.07.2013

Norfolk Southern Corp Norfolk Southern Corporation provides rail transportation services. The Company transports raw materials, intermediate products, and finished goods primarily in the Southeast, East, and Midwest and, via interchange with rail carriers, to and from the rest of the United States. Norfolk Southern also transports overseas freight through several Atlantic and Gulf Coast ports

Price/Volume 90

3.0 M

2.5 M

70 60

2.0 M

12/2012 03/yy 80.99 56.05 193'088.00 71.81 -11.42% 28.12% 62.59% 315.1 22'626.50 8'682.00 0.0 0.0 668.00 30'424.50

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

1.0 M

.5 M

10 0 j-12

31.12.2009 31.12.2010 7'969.0 9'516.0 3.19x 2.98x 2'807.0 3'502.0 9.05x 8.10x 1'034.0 1'496.0 19.39x 16.07x Profitability

LTM-4Q 31.12.2011 11'172.0 2.80x 4'082.0 7.67x 1'916.0 13.11x

31.12.2012 11'040.0 2.49x 4'046.0 6.78x 1'749.0 11.52x

4'046.00 3'124.00 28.30% 24.98% 5.97% 17.92% 11.59% 0.37% 36.3% 27.9% 15.8% 1.08 0.85 28.61% 88.95% 9.93 -

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 11'341.0 10.50x 4'240.0 6.75x 2'001.0 11.35x

d-12

03/yy 10'989.0 10.73x 3'994.0 8.03x 1'789.0 14.38x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

2.74 1.14 314.00 4.67 2.77% 17.74% 1.140 30 3.967 477'715 546'415 517'084 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 11'241.6 11'951.0 2'845.5 2'811.6 2.74x 2.60x 10.72x 10.86x 4'102.5 4'498.3 1'088.3 1'050.8 7.43x 6.77x 7.23x 7.03x 1'776.8 1'962.7 473.7 452.4 12.80x 11.25x 12.45x 11.92x S&P Issuer Ratings

18.07.2005 BBB+ STABLE 06.05.1997 A-2 7.86 3.50 1.95 2.12 89.0% 47.1% 0.37 0.43 36.77 -

Sales/Revenue/Turnover

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 10'661.0 2.18x 3'899.0 5.97x 1'716.0 10.36x

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (7/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 NSC UN EQUITY YTD Change NSC UN EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

05.07.2013

Norfolk Southern Corp Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK CAPITAL GROUP COMPAN STATE STREET T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO BANK OF NEW YORK MEL WELLS FARGO UBS TREASURY GROUP INV S JP MORGAN DIMENSIONAL FUND ADV PRUDENTIAL PLC CITADEL ADVISORS LLC NORGES BANK BANK OF AMERICA CORP MORGAN STANLEY GEODE CAPITAL MANAGE FMR LLC KEYBANK NATIONAL ASS

Firm Name Jefferies TD Securities EVA Dimensions Sanford C. Bernstein & Co Stifel Wolfe Research Wells Fargo Securities, LLC Cowen and Company Edward Jones Avondale Partners LLC Raymond James Robert W. Baird & Co Barclays Goldman Sachs Morgan Stanley BMO Capital Markets RBC Capital Markets FBR Capital Markets Deutsche Bank Argus Research Corp Atlantic Equities LLP Credit Suisse Stephens Inc BB&T Capital Markets S&P Capital IQ JPMorgan Susquehanna Financial Group

Portfolio Name VANGUARD GROUP INC n/a n/a n/a T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a n/a TG RARE INFRASTRUCTU n/a n/a n/a CITADEL ADVISORS LLC NORGES BANK BANK OF AMERICA n/a GEODE CAPITAL MANAGE n/a KEYBANK NATIONAL ASS

Analyst H PETER NESVOLD CHERILYN RADBOURNE CRAIG STERLING DAVID VERNON JOHN G LARKIN SCOTT H GROUP ANTHONY P GALLO JASON H SEIDL LOGAN PURK DONALD BROUGHTON PATRICK TYLER BROWN BENJAMIN J HARTFORD BRANDON OGLENSKI TOM KIM WILLIAM J GREENE FADI CHAMOUN WALTER SPRACKLIN JOHN R MIMS JUSTIN B YAGERMAN NATHANIEL GABRIEL RORRIE MARS CHRISTOPHER J CERASO JUSTIN LONG MARK A LEVIN KEVIN KIRKEBY THOMAS R WADEWITZ MATT TROY

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

Recommendation buy buy hold market perform buy peerperform market perform outperform buy market perform outperform neutral equalweight neutral/neutral Equalwt/Attractive outperform outperform outperform buy hold overweight outperform overweight hold buy neutral Positive

Amt Held 16'382'823 15'515'418 13'615'967 12'733'439 7'348'010 6'097'918 4'656'808 4'636'605 4'569'057 3'713'984 3'655'120 3'175'371 3'028'486 2'605'847 2'513'088 2'237'429 2'188'772 2'122'078 1'730'730 1'671'372

% Out 5.2 4.92 4.32 4.04 2.33 1.94 1.48 1.47 1.45 1.18 1.16 1.01 0.96 0.83 0.8 0.71 0.69 0.67 0.55 0.53

Weighting

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

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

Latest Chg 180'939 (2'726'576) (339'995) 5'657 167'701 (605'312) 413'283 980'089 (316'155) (7'537) 1'571'600 2'570'302 (27'535) 150'660 37'596 540'990 (121'287)

Target Price 89 88 #N/A N/A 71 88 #N/A N/A #N/A N/A 94 #N/A N/A 80 85 85 80 83 #N/A N/A 91 84 90 85 #N/A N/A 87 89 87 #N/A N/A 87 80 88

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

File Dt Inst Type 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Unclassified 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Unclassified 31.03.2013 Hedge Fund Manager 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 05.07.2013 04.07.2013 04.07.2013 03.07.2013 03.07.2013 03.07.2013 01.07.2013 01.07.2013 28.06.2013 27.06.2013 26.06.2013 25.06.2013 24.06.2013 21.06.2013 20.06.2013 14.06.2013 14.06.2013 07.05.2013 02.05.2013 30.04.2013 26.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013

05.07.2013

Oracle Corp Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

Price/Volume 40.0 M

35.0 M 30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ORCL UW EQUITY YTD Change ORCL UW EQUITY YTD % CHANGE

05/2013 05/yy 36.43 28.61 1'558'291.00 30.74 -15.54% 7.44% 26.73% 4'630.8 142'351.00 18'494.00 0.0 497.0 32'216.00 129'126.01

20.0 M

15.0 M

10.0 M

5.0 M

0 j-12

31.05.2010 31.05.2011 26'820.0 35'622.0 4.10x 4.52x 12'138.0 15'524.0 9.06x 10.37x 6'135.0 8'547.0 17.19x 19.46x Profitability

LTM-4Q 31.05.2012 37'121.0 3.13x 16'973.0 6.84x 9'981.0 13.20x

31.05.2013 37'180.0 3.87x 17'363.0 8.28x 10'925.0 15.15x 17'363.00 14'432.00 38.82% 37.38% 13.65% 24.74% 18.60% 0.46% 80.9% 46.7% 38.8% 29.4% 3.24 2.97 22.61% 41.42% 5.98 35.74

Price/ Cash Flow

s-12

o-12

n-12

LTM

05/yy 37'121.0 13.85x 16'972.0 6.84x 9'981.0 13.14x

d-12

05/yy 37'180.0 15.27x 17'363.0 8.28x 10'926.0 15.17x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

0.98 1.14 3'516.20 40.91 3.56% -7.74% 1.139 45 4.267 9'563'269 8'272'565 7'130'783 FY+2

FQ+1

FQ+2

05/14 Y 05/15 Y 08/13 Q1 11/13 Q2 39'032.1 41'025.4 8'478.8 9'441.5 3.26x 2.93x 15.35x 13.92x 19'854.8 20'987.2 3'846.6 4'595.2 6.50x 6.15x 6.68x 6.58x 13'664.9 14'696.7 2'671.3 3'244.8 10.60x 9.68x 10.58x 10.34x S&P Issuer Ratings

24.04.2012 A+ STABLE 24.04.2012 A-1+ 21.79 20.97 -0.79 1.07 41.4% 29.1% 0.46 12.24 60.99 10.21 21.74 49.47

Sales/Revenue/Turnover

20.00

40'000.0

18.00

35'000.0

16.00

30'000.0

14.00

25'000.0

12.00 10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 04.06.2010

a-12

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

45.0 M

35 25

Valuation Analysis

31.05.2009 23'252.0 4.11x 10'531.0 9.08x 5'593.0 17.50x

0.0 04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

04.06.2013

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

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

05.07.2013

Oracle Corp Holdings By:

All

Holder Name ELLISON LAWRENCE JOS CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC SUN LIFE FINANCIAL I BANK OF NEW YORK MEL INVESCO LTD WELLINGTON MANAGEMEN NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT HARRIS ASSOCIATES LP TIAA CREF INVESTMENT NORGES BANK JP MORGAN EAGLE CAPITAL MANAGE PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA ABERDEEN

Firm Name S&P Capital IQ Evercore Partners Lazard Capital Markets EVA Dimensions Nomura Sanford C. Bernstein & Co Raymond James Macquarie Stifel Wells Fargo Securities, LLC Cowen and Company Credit Suisse Jefferies Pacific Crest Securities JMP Securities BMO Capital Markets Daiwa Securities Co. Ltd. Susquehanna Financial Group FBR Capital Markets Societe Generale Argus Research Corp Hamburger Sparkasse Deutsche Bank Morgan Stanley Goldman Sachs RBC Capital Markets Edward Jones JPMorgan Janney Montgomery Scott LLC Wedbush William Blair & Co Atlantic Equities LLP Piper Jaffray Barclays Canaccord Genuity Corp Oppenheimer & Co Cross Research MKM Partners Berenberg Bank Davenport & Co Tigress Financial Partners

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a n/a n/a BANK OF NEW YORK MEL n/a WELLINGTON MANAGEMEN NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT HARRIS ASSOC LP TIAA-CREF INVESTMENT NORGES BANK n/a EAGLE CAPITAL MANAGE PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA n/a

Analyst BARBARA COFFEY STEWART KIRK MATERNE III JOEL P FISHBEIN JR ANDREW S ZAMFOTIS RICHARD G SHERLUND MARK L MOERDLER MICHAEL TURITS BRAD A ZELNICK BRAD REBACK JASON MAYNARD PETER GOLDMACHER PHILIP WINSLOW ROSS MACMILLAN BRENDAN BARNICLE PATRICK WALRAVENS KARL KEIRSTEAD KAZUYA NISHIMURA J DERRICK WOOD DAVID M HILAL RICHARD NGUYEN JOSEPH F BONNER MARCO GUENTHER NANDAN AMLADI KEITH WEISS HEATHER BELLINI MATTHEW HEDBERG JOSH OLSON JOHN DIFUCCI YUN KIM STEVEN R KOENIG BHAVAN SURI CHRISTOPHER HICKEY MARK R MURPHY RAIMO LENSCHOW RICHARD DAVIS JR BRIAN SCHWARTZ RICHARD T WILLIAMS ISRAEL HERNANDEZ DAUD KHAN F DRAKE JOHNSTONE IVAN FEINSETH

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

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

Amt Held 1'112'434'580 239'952'572 218'248'544 173'943'841 155'515'462 93'881'599 81'107'202 79'305'376 68'814'590 67'695'851 56'850'717 47'057'601 40'458'447 38'783'279 38'397'212 36'514'551 29'917'072 28'962'386 28'289'333 27'732'588

% Out 24.02 5.18 4.71 3.76 3.36 2.03 1.75 1.71 1.49 1.46 1.23 1.02 0.87 0.84 0.83 0.79 0.65 0.63 0.61 0.6

Weighting

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

Latest Chg 7'200'000 (9'544'420) (4'295'743) 2'006'738 (5'408'115) 18'873'146 4'166'701 988'951 (593'777) (9'582'154) 471'664 (2'133'215) 16'398'956 (941'214) (7'513'808) 9'237'266 (3'150'482) (150'805) (177'653)

Target Price 37 34 38 #N/A N/A 39 33 36 34 37 #N/A N/A 30 40 34 35 #N/A N/A 39 34 37 38 37 39 #N/A N/A 32 36 39 35 #N/A N/A 40 43 34 #N/A N/A 33 37 37 38 37 35 38 28 40 #N/A N/A

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

File Dt 28.12.2012 31.03.2013 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.05.2013 31.03.2013 03.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.05.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013

Date Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 6 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 04.07.2013 03.07.2013 03.07.2013 01.07.2013 30.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 26.06.2013 26.06.2013 26.06.2013 25.06.2013 24.06.2013 24.06.2013 24.06.2013 21.06.2013 21.06.2013 21.06.2013 21.06.2013 21.06.2013 21.06.2013 21.06.2013 21.06.2013 21.06.2013 21.06.2013 21.06.2013 21.06.2013 20.06.2013 20.06.2013 20.06.2013 18.06.2013 05.06.2013 21.03.2013 20.02.2013

05.07.2013

Occidental Petroleum Corp Occidental Petroleum Corporation explores for, develops, produces, and markets crude oil and natural gas. The Company also manufactures and markets a variety of basic chemicals, vinyls and performance chemicals. Occidental also gathers, treats, processes, transports, stores, trades and markets crude oil, natural gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (7/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 OXY UN EQUITY YTD Change OXY UN EQUITY YTD % CHANGE

12/2012 03/yy 95.56 72.43 131'938.00 89.67 -6.21% 23.80% 74.92% 805.6 72'242.07 7'623.00 0.0 32.0 1'592.00 77'784.07

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 14'814.0 19'045.0 4.58x 4.32x 7'755.0 10'816.0 8.75x 7.61x 2'915.0 4'530.0 21.06x 17.21x Profitability

3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M a-12

LTM-4Q 31.12.2011 23'939.0 3.26x 14'168.0 5.51x 6'771.0 11.53x

31.12.2012 24'172.0 2.80x 13'701.0 4.95x 4'598.0 10.79x

13'701.00 9'190.00 38.02% 32.07% 6.90% 11.03% 9.60% 0.37% 46.1% 56.2% 36.5% 19.0% 1.30 0.89 11.87% 19.05% 4.44 10.36

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 24'481.0 12.42x 14'451.0 5.49x 6'781.0 11.46x

d-12

03/yy 23'776.0 11.89x 13'369.0 5.14x 4'394.0 11.38x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

2.52 1.34 794.39 11.92 4.77% 18.78% 1.339 28 4.321 734'773 1'078'043 1'134'383 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 24'741.7 25'611.1 5'972.3 6'228.1 3.14x 2.95x 13.14x 12.56x 15'078.6 16'148.2 3'660.6 3'812.6 5.16x 4.82x 5.17x 5.13x 5'795.6 6'070.1 1'378.0 1'547.0 12.53x 11.88x 12.24x 12.10x S&P Issuer Ratings

23.06.2008 A STABLE 23.06.2008 A-1 105.39 26.73 0.41 0.57 19.0% 16.0% 0.37 0.48 82.18 35.25 142.97 -25.72

Sales/Revenue/Turnover

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

4.0 M

Fiscal Year Ended 31.12.2008 24'217.0 2.05x 14'622.0 3.39x 6'857.0 6.70x

100 90 80 70 60 50 40 30 20 10 0 j-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

Occidental Petroleum Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC WELLINGTON MANAGEMEN BANK OF NEW YORK MEL BARROW HANLEY MEWHIN JP MORGAN SUN LIFE FINANCIAL I DODGE & COX NORTHERN TRUST CORPO NEUBERGER BERMAN LLC CAPITAL GROUP COMPAN DAVIS SELECTED ADVIS BANK OF AMERICA CORP IRANI RAY R INVESCO LTD ROBECO INVESTMENT MG CI INVESTMENTS INC UBS

Firm Name Sterne, Agee & Leach Spin-Off Research Raymond James Susquehanna Financial Group Edward Jones Oppenheimer & Co ISI Group Capital One Southcoast, Inc. Societe Generale JPMorgan Deutsche Bank Cowen and Company Tudor Pickering & Co Simmons & Company International Argus Research Corp Goldman Sachs Wells Fargo Securities, LLC RBC Capital Markets Barclays Morgan Stanley Credit Suisse Macquarie Howard Weil Inc S&P Capital IQ EVA Dimensions

Portfolio Name n/a VANGUARD GROUP INC n/a n/a WELLINGTON MANAGEMEN BANK OF NEW YORK MEL BARROW HANLEY MEWHIN n/a n/a DODGE & COX NORTHERN TRUST CORPO NEUBERGER BERMAN GRO n/a DAVIS SELECTED ADVIS BANK OF AMERICA n/a n/a ROBECO INVESTMENT MA CI INVESTMENTS INC n/a

Analyst TIM A REZVAN TEAM COVERAGE PAVEL MOLCHANOV DUANE GRUBERT BRIAN YOUNGBERG FADEL GHEIT DOUGLAS T TERRESON BRIAN T VELIE JOHN HERRLIN KATHERINE LUCAS MINYARD PAUL SANKEY ASIT SEN MATTHEW PORTILLO JEFFREY A DIETERT JONATHAN GELCIUS ARJUN N MURTI ROGER D READ LEO P MARIANI THOMAS R DRISCOLL J EVAN CALIO EDWARD WESTLAKE JASON D GAMMEL PETER KISSEL MICHAEL KAY CRAIG STERLING

Source ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F 13F Form 4 ULT-AGG 13F 13F ULT-AGG

Recommendation neutral buy outperform neutral buy outperform strong buy add buy overweight buy outperform buy overweight buy buy/attractive market perform sector perform equalweight Equalwt/Attractive outperform neutral sector outperform buy overweight

Amt Held 50'740'156 42'890'499 35'509'235 25'704'377 21'641'299 15'387'271 14'439'660 14'245'580 13'241'923 11'990'361 11'418'598 9'706'558 9'073'196 8'841'942 8'539'701 7'929'622 7'807'122 7'557'583 6'527'618 6'294'783

% Out 6.3 5.32 4.41 3.19 2.69 1.91 1.79 1.77 1.64 1.49 1.42 1.2 1.13 1.1 1.06 0.98 0.97 0.94 0.81 0.78

Weighting

Change 3 5 5 3 5 5 5 4 5 5 5 5 5 5 5 5 3 3 3 3 5 3 5 5 5

M N M M M M M M M M M M M M M M M M M M M M M M D

Latest Chg (225'049) 7'307'518 754'618 2'013'009 (6'197'393) (599'066) 278'387 (9'372'750) (561'785) (3'717'040) 452'434 770'734 (1'114'340) (2'855'914) 2'246'307 (49'245) 280'983 2'266'638 864'450 340'286

Target Price #N/A N/A 100 100 103 #N/A N/A 115 105 116 115 108 116 110 107 #N/A N/A 105 104 #N/A N/A 88 94 86 110 92 109 100 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 21.12.2012 03.07.2013 31.03.2013 31.03.2013 31.03.2013

Date Not Provided Not Provided 12 month 12 month Not Provided 18 month 12 month Not Provided 12 month 6 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 03.07.2013 01.07.2013 28.06.2013 27.06.2013 25.06.2013 21.06.2013 19.06.2013 18.06.2013 13.06.2013 03.06.2013 31.05.2013 31.05.2013 28.05.2013 16.05.2013 14.05.2013 06.05.2013 06.05.2013 03.05.2013 29.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 28.02.2013

05.07.2013

PepsiCo Inc PepsiCo, Inc. operates worldwide beverage, snack and food businesses. The Company manufacture or uses contract manufacturers, market and sell a variety of grain-based snacks, carbonated and non-carbonated beverages and foods in countries throughout the world.

Price/Volume 90 80 70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (31.12.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PEP UN EQUITY YTD Change PEP UN EQUITY YTD % CHANGE

12/2012 03/yy 84.78 67.39 181'570.00 80.56 -5.08% 19.54% 76.71% 1'546.4 124'579.30 28'359.00 41.0 105.0 6'619.00 147'122.29

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20 10 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 43'251.0 2.10x 8'478.0 10.70x 5'142.0 14.85x

31.12.2009 31.12.2010 43'232.0 57'838.0 2.31x 2.12x 9'679.0 10'659.0 10.31x 11.51x 5'946.0 6'320.0 16.45x 15.91x Profitability

LTM-4Q 31.12.2011 66'504.0 1.90x 12'370.0 10.22x 6'443.0 15.08x

31.12.2012 65'492.0 1.94x 11'801.0 10.75x 6'178.0 16.61x

11'801.00 9'112.00 13.91% 12.68% 8.18% 27.27% 13.37% 0.88% 52.2% 17.9% 13.8% 9.4% 1.10 0.80 38.00% 127.44% 9.12 7.68

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 j-13

LTM

03/yy 66'995.0 7.60x 12'398.0 10.21x 6'427.0 14.98x

03/yy 65'645.0 8.19x 11'733.0 12.28x 6'126.0 19.12x

FY+1

2.67 0.56 1'543.43 13.37 17.23% 19.39% 0.562 25 4.200 1'294'495 1'399'860 1'290'493 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 67'546.8 70'701.7 16'800.1 17'324.3 2.17x 2.07x 8.83x 8.51x 12'991.1 13'818.4 3'442.7 3'617.3 11.32x 10.64x 11.19x 11.05x 6'826.4 7'304.8 1'847.1 1'975.4 18.32x 16.87x 18.19x 17.77x S&P Issuer Ratings

17.03.2010 A STABLE 17.01.1989 A-1 13.05 10.05 1.91 2.51 127.4% 55.9% 0.88 3.38 39.90 47.39 131.90 -56.84

Sales/Revenue/Turnover

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

PepsiCo Inc Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK STATE STREET CAPITAL GROUP COMPAN BANK OF NEW YORK MEL WELLINGTON MANAGEMEN BANK OF AMERICA CORP NORTHERN TRUST CORPO YACKTMAN ASSET MANAG T ROWE PRICE ASSOCIA ABERDEEN FMR LLC JP MORGAN MORGAN STANLEY FRANKLIN RESOURCES GRANTHAM MAYO VAN OT WELLS FARGO NORGES BANK TIAA CREF INVESTMENT TRIAN FUND MANAGEMEN

Firm Name Sanford C. Bernstein & Co Stifel Deutsche Bank Goldman Sachs Credit Suisse Edward Jones Wells Fargo Securities, LLC BMO Capital Markets Morgan Stanley Argus Research Corp Ameriprise Advisor Services, Inc JPMorgan HSBC Davenport & Co Gabelli & Co Janney Montgomery Scott LLC S&P Capital IQ Barclays Tigress Financial Partners Daiwa Securities Co. Ltd. EVA Dimensions Oracle Investment Research Atlantic Equities LLP

Portfolio Name VANGUARD GROUP INC n/a n/a n/a BANK OF NEW YORK MEL WELLINGTON MANAGEMEN BANK OF AMERICA NORTHERN TRUST CORPO YACKTMAN ASSET MANAG T ROWE PRICE ASSOCIA n/a n/a n/a n/a n/a GRANTHAM MAYO VAN OT n/a NORGES BANK TIAA-CREF INVESTMENT TRIAN FUND MANAGEMEN

Analyst ALI DIBADJ MARK D SWARTZBERG WILLIAM G SCHMITZ JUDY E HONG MICHAEL STEIB JACK P RUSSO BONNIE HERZOG AMIT SHARMA DARA MOHSENIAN JOHN D STASZAK PATRICK DIEDRICKSON JOHN A FAUCHER LAUREN E TORRES ANN H GURKIN DAMIAN A WITKOWSKI JONATHAN P FEENEY ESTHER KWON MICHAEL J BRANCA IVAN FEINSETH TEAM COVERAGE AUSTIN BURKETT LAURENCE BALTER VICTORIA COLLIN

Source 13F ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F

Recommendation outperform hold buy neutral/neutral neutral buy market perform outperform Overwt/In-Line buy buy overweight overweight neutral buy neutral buy overweight neutral neutral hold buy not rated

Amt Held 81'747'020 77'141'209 63'279'921 60'124'476 27'627'719 25'642'996 25'596'642 24'087'706 23'044'812 21'084'467 16'561'754 15'876'856 15'550'296 14'782'454 14'272'909 13'813'579 12'825'394 12'667'234 12'165'217 12'030'846

% Out 5.29 4.99 4.09 3.89 1.79 1.66 1.66 1.56 1.49 1.36 1.07 1.03 1.01 0.96 0.92 0.89 0.83 0.82 0.79 0.78

Weighting

Change

5 3 5 3 3 5 3 5 5 5 5 5 5 3 5 3 5 5 3 3 3 5 #N/A N/A

M M M M N M M N M M M M M M M M M M N M M M M

Latest Chg 3'601'157 (2'527'749) (636'238) 9'687'756 911'259 (9'347'225) (722'939) 359'311 38'195 (767'387) 326'300 (2'608'589) (1'418'569) 2'420'768 (192'933) 963'100 (36'552) 1'481'846 8'098'183

Target Price 89 #N/A N/A 85 88 87 #N/A N/A #N/A N/A 92 91 92 #N/A N/A 86 89 #N/A N/A #N/A N/A 82 91 87 #N/A N/A 78 #N/A N/A 75 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager

Date 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 6 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 28.06.2013 28.06.2013 27.06.2013 24.06.2013 18.06.2013 14.06.2013 31.05.2013 21.05.2013 09.05.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 18.04.2013 18.04.2013 25.02.2013 21.02.2013 16.01.2013 25.07.2012 24.03.2010

05.07.2013

Pfizer Inc Pfizer Inc. is a research-based, global pharmaceutical company that discovers, develops, manufactures, and markets medicines for humans and animals. The Company's products include prescription pharmaceuticals, non-prescription self-medications, and animal health products such as anti-infective medicines and vaccines.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PFE UN EQUITY YTD Change PFE UN EQUITY YTD % CHANGE

12/2012 03/yy 31.14 22.16 2'551'070.00 27.93 -10.31% 26.04% 61.14% 7'093.2 198'113.73 37'460.00 39.0 418.0 32'708.00 203'759.73

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 j-12

31.12.2009 31.12.2010 50'009.0 67'057.0 3.40x 2.34x 21'810.0 29'319.0 7.79x 5.35x 8'635.0 8'257.0 9.00x 7.92x Profitability

LTM-4Q 31.12.2011 65'259.0 2.71x 30'037.0 5.89x 10'009.0 9.55x

31.12.2012 58'986.0 3.18x 27'270.0 6.88x 14'570.0 11.45x

27'270.00 19'659.00 33.33% 20.48% 8.32% 18.77% 13.62% 0.31% 81.4% 43.5% 31.1% 24.7% 2.15 1.58 20.16% 46.12% 4.28 1.56

Price/ Cash Flow

s-12

o-12

n-12

LTM

04/yy 64'121.0 10.75x 28'334.0 6.53x 9'581.0 10.02x

d-12

03/yy 57'601.0 13.61x 25'049.0 8.40x 15'526.0 13.40x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

3.22 0.77 7'088.76 218.27 26.50% 13.27% 0.772 24 4.292 22'312'922 16'502'724 11'815'752 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 54'271.6 53'095.9 13'758.4 13'247.7 4.04x 3.95x 25'556.1 25'084.7 6'495.0 6'230.0 7.97x 8.12x 8.46x 8.76x 15'189.0 15'317.5 3'980.6 3'750.9 12.82x 12.02x 12.68x 12.50x S&P Issuer Ratings

16.10.2009 AA STABLE 23.11.1981 A-1+ 17.42 16.58 0.20 1.61 46.1% 31.4% 0.31 3.82 85.05 233.47 106.03 179.54

Sales/Revenue/Turnover

16.00

80'000.0

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 48'296.0 2.35x 22'146.0 5.12x 8'104.0 7.32x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

Pfizer Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET WELLINGTON MANAGEMEN BANK OF NEW YORK MEL FMR LLC T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO FRANKLIN RESOURCES CAPITAL GROUP COMPAN SUN LIFE FINANCIAL I STATE FARM MUTUAL AU JP MORGAN INVESCO LTD AMERIPRISE FINANCIAL DODGE & COX DEUTSCHE BANK AG NORGES BANK BARROW HANLEY MEWHIN GRANTHAM MAYO VAN OT

Firm Name Sanford C. Bernstein & Co Spin-Off Research SunTrust Robinson Humphrey JPMorgan Leerink Swann & Co Edward Jones Cowen and Company BMO Capital Markets Independent Research GmbH Morgan Stanley ISI Group Jefferies Argus Research Corp Atlantic Equities LLP Hamburger Sparkasse MKM Partners S&P Capital IQ EVA Dimensions Hilliard Lyons Barclays Goldman Sachs MP Advisors Pvt Ltd Cyrrus First Global Stockbroking Fincorp SAOG McAdams Wright Ragen Inc

Portfolio Name n/a VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN BANK OF NEW YORK MEL n/a T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO n/a n/a n/a STATE FARM MUTUAL AU n/a n/a AMERIPRISE FINANCIAL DODGE & COX n/a NORGES BANK BARROW HANLEY MEWHIN GRANTHAM MAYO VAN OT

Analyst TIMOTHY M ANDERSON TEAM COVERAGE JOHN T BORIS CHRISTOPHER T SCHOTT SEAMUS FERNANDEZ JUDSON CLARK STEVEN R SCALA ALEX ARFAEI CHRISTOPH SCHOENDUBE DAVID R RISINGER MARK J SCHOENEBAUM JEFFREY HOLFORD JOHN M EADE RICHARD J PURKISS MARCO GUENTHER JON LECROY HERMAN SAFTLAS ANDREW S ZAMFOTIS STEPHEN A O'NEIL CHARLES ANTHONY BUTLER JAMI E RUBIN VISHAL MANCHANDA TOMAS MENCIK KAVITA THOMAS GAURAV RAMAIYA PAUL C LATTA

Source ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F 13F

Recommendation outperform buy reduce overweight market perform buy outperform outperform hold not rated buy buy buy overweight sell neutral buy buy long-term buy equalweight buy/attractive market perform hold moderate outperform buy focus list

Amt Held 474'279'852 336'677'440 315'321'414 148'301'523 140'673'343 135'503'244 119'833'582 110'287'763 103'771'812 97'598'338 85'058'992 79'999'525 76'678'805 72'636'352 70'664'971 69'759'556 62'266'769 60'070'940 58'282'831 55'724'978

% Out 6.69 4.75 4.45 2.09 1.98 1.91 1.69 1.55 1.46 1.38 1.2 1.13 1.08 1.02 1 0.98 0.88 0.85 0.82 0.79

Weighting

Change

5 5 2 5 3 5 5 5 3 #N/A N/A 5 5 5 5 1 3 5 5 5 3 5 3 3 4 5 5

M M M M M M M M M M M M M M M M M U M M M U M M M M

Latest Chg 6'614'619 5'309'166 (8'498'204) (7'729'144) (1'695'593) (14'961'567) (1'426'523) 1'622'862 (2'572'106) 435'154 (164'156) (38'008'636) (1'774'696) 1'869'289 (1'488'114) 889'221 296'201 3'789'900

Target Price 32 33 27 33 #N/A N/A #N/A N/A 33 33 30 #N/A N/A 28 32 32 35 #N/A N/A 29 33 #N/A N/A 34 32 32 21 24 #N/A N/A 24 25

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.05.2013 03.07.2013 31.03.2013 31.03.2013 31.05.2013 31.12.2012 31.03.2013 31.03.2013

Date 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 Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor

Date 02.07.2013 02.07.2013 01.07.2013 01.07.2013 01.07.2013 27.06.2013 27.06.2013 25.06.2013 25.06.2013 24.06.2013 13.06.2013 07.06.2013 05.06.2013 31.05.2013 28.05.2013 23.05.2013 22.05.2013 11.05.2013 30.04.2013 30.04.2013 30.01.2013 08.08.2012 05.04.2012 09.02.2012 13.10.2011 30.04.2009

05.07.2013

Procter & Gamble Co/The The Procter & Gamble Company manufactures and markets consumer products in countries throughout the world. The Company provides products in the laundry and cleaning, paper, beauty care, food and beverage, and health care segments. Procter & Gamble's products are sold primarily through mass merchandisers, grocery stores, membership club stores, drug stores, and neighborhood stores.

Price/Volume 90

12.0 M

10.0 M

70 60

8.0 M

06/2012 03/yy 82.54 60.87 518'671.00 78.05 -5.51% 28.22% 81.68% 2'740.8 213'917.38 29'778.00 1'195.0 596.0 4'436.00 242'092.37

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

2.0 M

10 0 j-12

30.06.2009 30.06.2010 76'694.0 78'938.0 2.38x 2.52x 18'456.0 19'129.0 9.91x 10.41x 13'436.0 12'736.0 14.68x 16.34x Profitability

LTM-4Q 30.06.2011 81'104.0 2.55x 18'333.0 11.27x 11'927.0 16.43x

30.06.2012 83'680.0 2.34x 18'072.0 10.82x 10'756.0 15.91x

18'072.00 14'868.00 17.77% 15.28% 9.55% 19.69% 13.77% 0.61% 49.3% 21.4% 17.8% 12.9% 0.88 0.42 22.52% 47.84% 13.01 5.81

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 84'328.0 9.99x 18'252.0 11.79x 9'635.0 17.30x

d-12

03/yy 83'724.0 10.35x 17'876.0 13.39x 13'068.0 18.85x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

2.88 0.63 2'738.13 19.79 31.41% 16.80% 0.632 32 3.875 1'996'324 2'684'682 2'585'100 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 84'460.3 86'564.2 20'548.6 21'375.3 2.86x 2.78x 11.76x 11.42x 19'000.8 20'256.6 3'968.0 5'234.7 12.74x 11.95x 12.27x 12.05x 11'798.9 12'481.5 2'238.5 3'255.4 19.29x 18.04x 18.59x 18.10x S&P Issuer Ratings

10.05.2005 AASTABLE 10.05.2005 A-1+ 23.50 18.35 1.47 1.80 47.8% 31.7% 0.61 4.03 28.05 62.81 61.19 17.96

Sales/Revenue/Turnover

18.00

90'000.0

16.00

80'000.0

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 03.07.2009

a-12

Fiscal Year Ended 30.06.2008 81'748.0 2.68x 19'803.0 11.05x 12'075.0 17.08x

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (06.07.2012) Daily Volume Current Price (7/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 PG UN EQUITY YTD Change PG UN EQUITY YTD % CHANGE

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

Procter & Gamble Co/The Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC BERKSHIRE HATHAWAY I NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA CAPITAL GROUP COMPAN PERSHING SQUARE CAPI JP MORGAN YACKTMAN ASSET MANAG MORGAN STANLEY WELLINGTON MANAGEMEN BANK OF AMERICA CORP NORGES BANK STATE FARM MUTUAL AU GEODE CAPITAL MANAGE UBS GRANTHAM MAYO VAN OT

Firm Name William Blair & Co B Riley & Co Canaccord Genuity Corp Sanford C. Bernstein & Co BMO Capital Markets RBC Capital Markets Credit Suisse Edward Jones Goldman Sachs Barclays Deutsche Bank Wells Fargo Securities, LLC Independent Research GmbH Buckingham Research Group Morgan Stanley SunTrust Robinson Humphrey Stifel S&P Capital IQ Oracle Investment Research Oppenheimer & Co Argus Research Corp Hilliard Lyons JPMorgan Tigress Financial Partners Ameriprise Advisor Services, Inc Daiwa Securities Co. Ltd. Janney Montgomery Scott LLC EVA Dimensions Atlantic Equities LLP Gabelli & Co

Portfolio Name n/a VANGUARD GROUP INC n/a n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA n/a PERSHING SQUARE CAPI n/a YACKTMAN ASSET MANAG n/a WELLINGTON MANAGEMEN BANK OF AMERICA NORGES BANK STATE FARM MUTUAL AU GEODE CAPITAL MANAGE n/a GRANTHAM MAYO VAN OT

Analyst JON R ANDERSEN LINDA BOLTON WEISER ALICIA FORRY ALI DIBADJ CONSTANCE M MANEATY JASON M GERE MICHAEL STEIB JACK P RUSSO JASON ENGLISH LAUREN R LIEBERMAN WILLIAM G SCHMITZ TIMOTHY A CONDER LARS LUSEBRINK ALICE BEEBE LONGLEY DARA MOHSENIAN WILLIAM CHAPPELL MARK S ASTRACHAN IAN GORDON LAURENCE BALTER JOSEPH ALTOBELLO JOHN D STASZAK JEFFREY S THOMISON JOHN A FAUCHER IVAN FEINSETH PATRICK DIEDRICKSON TEAM COVERAGE JOHN SAN MARCO AUSTIN BURKETT VICTORIA COLLIN SARAH DONNELLY

Source ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F ULT-AGG 13F

Recommendation outperform neutral buy outperform outperform sector perform neutral buy neutral/neutral overweight buy market perform hold neutral Equalwt/In-Line buy hold hold hold market perform buy neutral overweight neutral buy neutral buy underweight neutral buy

Amt Held 146'266'408 136'689'650 120'404'997 60'121'933 52'793'078 43'610'797 41'437'961 36'334'549 34'268'315 27'946'892 27'892'120 26'537'423 25'001'635 22'907'647 22'725'237 22'102'179 20'372'600 18'538'813 16'735'995 16'259'487

% Out 5.34 4.99 4.39 2.19 1.93 1.59 1.51 1.33 1.25 1.02 1.02 0.97 0.91 0.84 0.83 0.81 0.74 0.68 0.61 0.59

Weighting

Change 5 3 5 5 5 3 3 5 3 5 5 3 3 3 3 5 3 3 3 3 5 3 5 3 5 3 5 1 3 5

M M M M M M M M M M M M M M M M M M U M M M M N M M M M M M

Latest Chg 3'876'301 5'311'290 (4'274'081) 9'442'707 964'896 144'389 6'905'648 (162'119) 139'018 (1'214'676) 179'445 877'947 2'350'896 428'765 2'564'749 2'167'073

Target Price #N/A N/A 85 87 87 87 83 85 #N/A N/A 82 83 87 #N/A N/A 83 74 #N/A N/A 88 #N/A N/A 83 80 #N/A N/A 86 #N/A N/A 80 #N/A N/A #N/A N/A 76 81 #N/A N/A 70 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Insurance Company 31.03.2013 Investment Advisor 31.03.2013 Unclassified 31.03.2013 Investment Advisor

Date Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 6 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided

Date 03.07.2013 03.07.2013 03.07.2013 28.06.2013 27.06.2013 26.06.2013 25.06.2013 25.06.2013 24.06.2013 20.06.2013 13.06.2013 13.06.2013 29.05.2013 28.05.2013 24.05.2013 24.05.2013 24.05.2013 24.05.2013 24.05.2013 23.05.2013 25.04.2013 25.04.2013 25.04.2013 25.02.2013 29.01.2013 29.01.2013 28.01.2013 16.01.2013 19.11.2012 02.02.2009

05.07.2013

Philip Morris International Inc Philip Morris International Inc., through its subsidiaries, affiliates and their licensees, produces, sells, distributes, and markets a wide range of branded cigarettes and tobacco products in markets outside of the United States of America. The Company's portfolio comprises both international and local brands.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.05.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (7/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 PM UN EQUITY YTD Change PM UN EQUITY YTD % CHANGE

12/2012 03/yy 96.72 82.11 242'457.00 87.17 -9.90% 6.16% 38.60% 1'635.5 142'567.16 22'839.00 0.0 1'623.0 2'983.00 165'766.16

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

100

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 25'705.0 3.82x 11'174.0 8.79x 6'890.0 13.11x

120

31.12.2009 31.12.2010 25'035.0 27'208.0 4.20x 4.48x 10'922.0 12'179.0 9.64x 10.01x 6'342.0 7'259.0 14.70x 14.86x Profitability

LTM-4Q 31.12.2011 31'097.0 4.92x 14'434.0 10.60x 8'591.0 16.02x

31.12.2012 31'377.0 5.09x 14'827.0 10.78x 8'800.0 16.08x

14'827.00 13'929.00 44.39% 41.39% 23.75% 43.08% 0.85% 66.9% 47.0% 44.1% 28.0% 0.97 0.39 60.63% 8.92 1.36

Price/ Cash Flow

LTM

03/yy 31'754.0 18.32x 14'810.0 11.50x 8'833.0 17.44x

03/yy 31'513.0 21.30x 14'801.0 11.84x 8'764.0 17.65x

FY+1

.0 M j-13

3.81 0.79 1'537.16 11.04 1.23% 6.22% 0.793 22 4.091 2'178'484 1'880'353 1'630'850 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 32'118.1 33'745.0 8'223.0 8'208.7 5.20x 5.01x 15'311.3 16'369.4 3'897.0 4'140.2 10.84x 10.14x 10.63x 10.51x 9'061.2 9'709.8 2'312.0 2'438.9 15.63x 14.01x 15.30x 14.91x S&P Issuer Ratings

05.03.2008 A STABLE 05.03.2008 A-1 14.72 13.68 1.46 1.73 108.8% 0.85 4.88 40.90 267.74 33.11 305.87

Sales/Revenue/Turnover

20.00

35'000.0

18.00

30'000.0

16.00 14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

Philip Morris International Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET BANK OF NEW YORK MEL FMR LLC SUN LIFE FINANCIAL I WELLINGTON MANAGEMEN MORGAN STANLEY NORTHERN TRUST CORPO JP MORGAN BARROW HANLEY MEWHIN FAYEZ SAROFIM AMERIPRISE FINANCIAL TIAA CREF INVESTMENT T ROWE PRICE ASSOCIA GRANTHAM MAYO VAN OT ABERDEEN BANK OF AMERICA CORP JANUS CAPITAL MANAGE

Firm Name Stifel Credit Suisse Barclays Edward Jones Goldman Sachs Jefferies Morgan Stanley Nomura Wells Fargo Securities, LLC Berenberg Bank Argus Research Corp Ameriprise Advisor Services, Inc Renaissance Capital JPMorgan Davenport & Co S&P Capital IQ Daiwa Securities Co. Ltd. EVA Dimensions

Portfolio Name n/a n/a VANGUARD GROUP INC n/a BANK OF NEW YORK MEL n/a n/a WELLINGTON MANAGEMEN n/a NORTHERN TRUST CORPO n/a BARROW HANLEY MEWHIN FAYEZ SAROFIM AMERIPRISE FINANCIAL TIAA-CREF INVESTMENT T ROWE PRICE ASSOCIA GRANTHAM MAYO VAN OT n/a BANK OF AMERICA n/a

Analyst CHRISTOPHER R GROWE ROGERIO FUJIMORI MICHAEL J BRANCA JACK P RUSSO JUDY E HONG THILO WREDE DAVID J ADELMAN DAVID HAYES BONNIE HERZOG ERIK BLOOMQUIST NATHANIEL GABRIEL PATRICK DIEDRICKSON REY WIUM RAE MAILE ANN H GURKIN ESTHER KWON TEAM COVERAGE AUSTIN BURKETT

Source ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F 13F ULT-AGG 13F ULT-AGG

Recommendation buy neutral overweight buy Buy/Neutral hold Overwt/In-Line neutral outperform buy buy buy hold neutral buy strong buy neutral underweight

Amt Held 142'089'661 91'950'440 78'917'908 70'779'041 32'064'748 29'404'427 26'682'667 22'609'871 22'342'915 21'918'878 20'777'875 20'703'300 19'964'097 15'041'647 14'901'652 14'747'270 14'060'363 13'600'984 13'223'436 11'237'714

% Out 8.69 5.62 4.83 4.33 1.96 1.8 1.63 1.38 1.37 1.34 1.27 1.27 1.22 0.92 0.91 0.9 0.86 0.83 0.81 0.69

Weighting

Change 5 3 5 5 5 3 5 3 5 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 D

Latest Chg (3'606'537) 1'302'339 (2'235'967) 996'199 (1'050'596) 1'285'636 (1'257'787) (807'514) 117'092 2'046'440 (410'525) (1'939'264) (217'528) (68'022) 2'416'707 (75'964) 731'400 13'773 (2'500'535)

Target Price 100 90 104 #N/A N/A 105 95 95 94 #N/A N/A 100 98 #N/A N/A 97 108 100 103 91 #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 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013

Date 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 6 month Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.07.2013 01.07.2013 26.06.2013 25.06.2013 24.06.2013 05.06.2013 03.06.2013 23.05.2013 21.05.2013 20.05.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 18.04.2013 18.04.2013 27.02.2013 25.02.2013

05.07.2013

QUALCOMM Inc QUALCOMM, Inc . manufactures digital wireless communications equipment. The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits, and produces equipment and software used to track workers and assets, and software for wireless content enablement.

Price/Volume

12.0 M 10.0 M

8.0 M

Latest Fiscal Year: LTM as of: 52-Week High (05.03.2013) 52-Week Low (17.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance QCOM UW EQUITY YTD Change QCOM UW EQUITY YTD % CHANGE

09/2012 03/yy 68.49 53.09 1'204'006.00 60.39 -11.81% 13.75% 50.78% 1'727.8 104'343.98 0.00 0.0 22.0 26'837.00 73'821.98

6.0 M

30 20

4.0 M

2.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M

70 60

Valuation Analysis

30.09.2008 11'142.0 5.80x 4'186.0 15.44x 3'160.0 21.73x

30.09.2009 30.09.2010 10'416.0 10'982.0 5.46x 4.96x 3'644.0 4'393.0 15.60x 12.41x 1'592.0 3'247.0 33.41x 19.63x Profitability

LTM-4Q 30.09.2011 14'957.0 4.32x 6'087.0 10.62x 4'260.0 16.71x

30.09.2012 19'121.0 4.17x 6'579.0 12.12x 6'109.0 17.40x 6'579.00 5'682.00 29.72% 34.32% 14.02% 17.99% 17.78% 0.49% 62.9% 34.9% 30.4% 31.9% 2.95 2.61 0.00% 0.00% 14.06 7.21

Price/ Cash Flow

LTM

03/yy 17'364.0 17.05x 6'348.0 13.95x 5'722.0 20.45x

03/yy 21'639.0 14.34x 7'549.0 11.26x 6'250.0 18.27x

FY+1

.0 M j-13

1.66 1.05 1'706.43 15.71 9.21% -1.72% 1.047 50 4.600 2'932'723 4'300'807 4'005'205 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 24'492.4 27'240.8 6'051.7 6'321.2 3.37x 2.80x 13.46x 12.70x 9'168.7 10'248.5 2'091.8 2'183.5 8.05x 7.20x 7.74x 7.48x 7'966.6 8'814.0 1'843.8 1'933.9 13.34x 12.38x 13.11x 12.74x S&P Issuer Ratings

19.12.2001 NR 73.10 58.83 -4.05 0.00 0.0% 0.0% 0.49 7.55 26.39 51.43 60.17 13.58

Sales/Revenue/Turnover

35.00

25'000.0

30.00

20'000.0

25.00

15'000.0

20.00 15.00

10'000.0

10.00

5'000.0 5.00 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

QUALCOMM Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO WELLS FARGO JP MORGAN UBS JACOBS IRWIN MARK AMERIPRISE FINANCIAL GOLDMAN SACHS GROUP TIAA CREF INVESTMENT PRIMECAP MANAGEMENT MORGAN STANLEY DEUTSCHE BANK AG MACQUARIE GROUP NORGES BANK

Firm Name S&P Capital IQ Exane BNP Paribas Sanford C. Bernstein & Co Wells Fargo Securities, LLC Susquehanna Financial Group Drexel Hamilton LLC RBC Capital Markets Brean Capital LLC Nomura William Blair & Co JMP Securities Edward Jones Canaccord Genuity Corp Northland Securities Inc BMO Capital Markets Morgan Stanley FBR Capital Markets Deutsche Bank Evercore Partners Barclays D.A. Davidson & Co Topeka Capital Markets Inc Argus Research Corp Pacific Crest Securities Wedge Partners Piper Jaffray Daiwa Securities Co. Ltd. Cowen and Company Berenberg Bank MKM Partners Raymond James Lazard Capital Markets Societe Generale Credit Suisse JPMorgan Macquarie Sterne, Agee & Leach Oppenheimer & Co Williams Financial Group Atlantic Equities LLP Scotia Capital Tigress Financial Partners ACI Research

Portfolio Name n/a VANGUARD GROUP INC n/a n/a T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO n/a n/a n/a n/a AMERIPRISE FINANCIAL n/a TIAA-CREF INVESTMENT PRIMECAP MANAGEMENT n/a n/a n/a NORGES BANK

Analyst JAMES G MOORMAN JEROME RAMEL STACY A RASGON DAVID M WONG CHRISTOPHER CASO RICHARD WHITTINGTON MARK SUE MIKE BURTON ROMIT SHAH ANIL K DORADLA ALEX GAUNA WILLIAM C KREHER T MICHAEL WALKLEY THOMAS SEPENZIS TIMOTHY P LONG EHUD A GELBLUM CHRISTOPHER ROLLAND BRIAN T MODOFF MARK A MCKECHNIE BLAYNE CURTIS AALOK K SHAH SUJI DE SILVA JAMES KELLEHER JAMES FAUCETTE BRIAN BLAIR AUGUSTE P RICHARD YOKO YAMADA MATTHEW HOFFMAN ADNAAN AHMAD ADA MENAKER TAVIS C MCCOURT IAN ING PETER KNOX KULBINDER GARCHA ROD HALL SHAWN WEBSTER VIJAY R RAKESH ITTAI KIDRON CODY G ACREE JAMES CORDWELL GUS PAPAGEORGIOU IVAN FEINSETH EDWARD A ZABITSKY

Source ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG Form 4 13F ULT-AGG 13F 13F ULT-AGG ULT-AGG ULT-AGG 13F

Recommendation strong buy outperform outperform outperform Positive buy outperform buy buy outperform market outperform buy buy outperform outperform Overwt/Attractive outperform buy overweight overweight neutral hold buy outperform no rating system overweight outperform outperform sell buy strong buy buy hold outperform neutral outperform buy outperform hold overweight focus stock strong buy short sell

Amt Held 98'526'634 78'646'090 69'165'634 63'992'180 45'839'517 37'221'715 27'955'600 27'042'497 21'352'635 21'111'354 20'328'929 18'545'579 17'557'577 17'355'120 17'026'570 16'936'195 14'544'137 14'202'067 13'514'310 13'118'618

% Out 5.7 4.55 4 3.7 2.65 2.15 1.62 1.57 1.24 1.22 1.18 1.07 1.02 1 0.99 0.98 0.84 0.82 0.78 0.76

Weighting

Change

5 5 5 5 4 5 5 5 5 5 4 5 5 5 5 5 5 5 5 5 3 3 5 5 #N/A N/A 5 5 5 1 5 5 5 3 5 3 5 5 5 3 5 5 5 1

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M N M

Latest Chg 1'056'948 2'470'673 (1'590'554) (1'833'685) (2'725'712) (2'037'442) (247'513) 422'314 1'831'527 (7'055'093) 1'624'440 (66'379) (2'443'209) (699'993) 164'657 (1'034'950) 3'594'160 (890'909) 407'826 -

Target Price 85 75 80 #N/A N/A 85 80 72 77 75 #N/A N/A 80 #N/A N/A 85 80 77 78 76 78 75 68 65 65 80 70 #N/A N/A 74 70 #N/A N/A 50 74 83 79 64 85 65 73 75 70 #N/A N/A 80 81 #N/A N/A 40

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 03.07.2013 31.03.2013 30.04.2013 31.05.2013 31.03.2013 05.03.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.05.2013 31.12.2012

Date 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 18 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 6 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government

Date 04.07.2013 03.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 27.06.2013 26.06.2013 25.06.2013 24.06.2013 24.06.2013 21.06.2013 20.06.2013 20.06.2013 17.06.2013 17.06.2013 13.06.2013 12.06.2013 12.06.2013 10.06.2013 07.06.2013 07.06.2013 06.06.2013 06.06.2013 06.06.2013 29.05.2013 23.05.2013 22.05.2013 21.05.2013 21.05.2013 10.05.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 24.04.2013 18.03.2013 20.02.2013

05.07.2013

Raytheon Co Raytheon Company is a technology company specializing in defense, homeland security and other government markets throughout the world. The Company provides electronics, mission systems integration and other capabilities in the areas of sensing, effects, and command, control, communications and intelligence systems, as well as mission support services.

Price/Volume 80

1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (01.02.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RTN UN EQUITY YTD Change RTN UN EQUITY YTD % CHANGE

12/2012 03/yy 68.62 52.24 67'475.00 65.16 -5.01% 24.73% 78.82% 324.6 21'151.85 4'731.00 0.0 164.0 4'044.00 22'040.85

1.0 M

30 20

.5 M

10 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

Valuation Analysis

31.12.2008 23'174.0 0.89x 3'010.0 6.83x 1'672.0 12.39x

2.5 M

31.12.2009 31.12.2010 24'881.0 25'183.0 0.77x 0.66x 3'444.0 3'027.0 5.60x 5.53x 1'935.0 1'840.0 10.60x 8.93x Profitability

LTM-4Q 31.12.2011 24'791.0 0.69x 3'274.0 5.24x 1'866.0 8.53x

31.12.2012 24'414.0 0.81x 3'444.0 5.73x 1'888.0 9.28x

3'444.00 2'989.00 12.24% 11.38% 7.37% 23.19% 15.86% 0.93% 21.8% 14.1% 12.3% 7.7% 1.57 0.69 17.73% 58.95% 3.63

Price/ Cash Flow

LTM

04/yy 24'677.0 2.87x 3'397.0 5.54x 1'930.0 8.90x

03/yy 24'355.0 3.30x 3'440.0 5.80x 1'928.0 9.32x

FY+1

.0 M j-13

3.15 0.86 322.65 4.42 19.51% 15.23% 0.859 22 3.636 445'101 474'261 467'897 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 23'519.1 22'941.3 5'774.3 5'843.3 0.95x 0.95x 3.96x 3.87x 3'140.3 3'130.8 765.4 772.4 7.05x 7.07x 7.07x 6.94x 1'768.3 1'753.3 423.1 424.9 11.84x 11.66x 12.42x 12.35x S&P Issuer Ratings

04.09.2008 ASTABLE 15.07.2005 A-2 16.80 15.15 0.21 1.38 58.9% 36.6% 0.93 12.38 100.22 23.11 -

Sales/Revenue/Turnover

16.00

30'000.0

14.00

25'000.0

12.00

20'000.0

10.00 8.00

15'000.0

6.00

10'000.0

4.00

5'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

Raytheon Co Holdings By:

All

Holder Name BLACKROCK BARROW HANLEY MEWHIN VANGUARD GROUP INC STATE STREET WELLINGTON MANAGEMEN FRANKLIN RESOURCES BANK OF NEW YORK MEL AMERIPRISE FINANCIAL MACQUARIE GROUP INVESCO LTD LSV ASSET MANAGEMENT NORTHERN TRUST CORPO ADAGE CAPITAL PARTNE T ROWE PRICE ASSOCIA CLEARBRIDGE INVESTME SASCO CAPITAL INCORP DEUTSCHE BANK AG AJO, LP CAPITAL GROUP COMPAN JANUS CAPITAL MANAGE

Firm Name Jefferies Cowen and Company Stifel CRT Capital Group RBC Capital Markets Wells Fargo Securities, LLC JPMorgan Goldman Sachs Sanford C. Bernstein & Co Argus Research Corp Deutsche Bank Barclays Drexel Hamilton LLC FBR Capital Markets Sterne, Agee & Leach Credit Suisse Oppenheimer & Co EVA Dimensions Buckingham Research Group Shore Capital Stockbrokers

Portfolio Name n/a BARROW HANLEY MEWHIN VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN n/a BANK OF NEW YORK MEL AMERIPRISE FINANCIAL n/a n/a LSV ASSET MANAGEMENT NORTHERN TRUST CORPO ADAGE CAPITAL PARTNE T ROWE PRICE ASSOCIA CLEARBRIDGE INVESTME SASCO CAPITAL INCORP n/a AJO, LP n/a n/a

Analyst HOWARD A RUBEL CAI VON RUMOHR WILLIAM R LOOMIS BRIAN W RUTTENBUR ROBERT STALLARD SAMUEL J PEARLSTEIN JOSEPH B NADOL III NOAH POPONAK DOUGLAS S HARNED NATHANIEL GABRIEL MYLES WALTON CARTER COPELAND PETER J SKIBITSKI PATRICK J MCCARTHY PETER J ARMENT ROBERT M SPINGARN YAIR REINER CRAIG STERLING RICHARD SAFRAN GREG JOHNSON

Source ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F ULT-AGG 13F ULT-AGG ULT-AGG

Recommendation buy market perform buy Fairly Valued sector perform outperform neutral neutral/attractive outperform hold hold overweight hold market perform neutral outperform market perform buy neutral hold

Amt Held 27'695'758 19'887'033 15'664'626 13'881'833 11'241'991 7'941'327 5'601'812 4'787'676 4'748'964 4'612'749 4'343'343 4'325'839 4'051'054 3'985'182 3'984'474 3'379'660 3'154'567 3'101'100 3'000'000 2'915'912

% Out 8.53 6.13 4.83 4.28 3.46 2.45 1.73 1.47 1.46 1.42 1.34 1.33 1.25 1.23 1.23 1.04 0.97 0.96 0.92 0.9

Weighting

Change 5 3 5 3 3 5 3 3 5 3 3 5 3 3 3 5 3 5 3 3

M M M M M M M U M M M M M M M M M M M M

Latest Chg 751'613 194'884 422'562 (119'633) 139'714 2'084'299 645'237 (97'165) 635'385 155'549 (200'453) 79'263 (114'913) (585'715) 449'003 (27'820) 781'459 (318'600) 208'000

Target Price 66 71 73 #N/A N/A 65 #N/A N/A 60 70 79 #N/A N/A 60 67 45 56 #N/A N/A 63 #N/A N/A #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date 12 month 12 month 12 month Not Provided 12 month Not Provided 6 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 03.07.2013 02.07.2013 01.07.2013 24.06.2013 21.06.2013 20.06.2013 11.06.2013 30.05.2013 23.05.2013 07.05.2013 06.05.2013 01.05.2013 29.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 16.01.2013 09.11.2012 09.03.2011

05.07.2013

Starbucks Corp Starbucks Corporation retails, roasts, and provides its own brand of specialty coffee. The Company operates retail locations worldwide and sells whole bean coffees through its sales group, direct response business, supermarkets, and on the World Wide Web. Starbucks also produces and sells bottled coffee drinks and a line of ice creams.

Price/Volume 8.0 M

7.0 M 6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (05.07.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (7/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 SBUX UW EQUITY YTD Change SBUX UW EQUITY YTD % CHANGE

09/2012 03/yy 68.00 43.05 340'501.00 67.09 -1.34% 55.84% 98.46% 749.3 50'270.54 549.60 0.0 5.5 2'037.00 49'128.53

4.0 M

3.0 M

2.0 M

1.0 M

0 j-12

30.09.2009 30.09.2010 9'774.6 10'707.4 1.50x 1.72x 1'335.8 1'865.1 10.94x 9.85x 390.8 945.6 25.07x 20.10x Profitability

LTM-4Q 30.09.2011 11'700.4 2.25x 2'074.6 12.67x 1'245.7 24.25x

30.09.2012 13'299.5 2.75x 2'367.3 15.42x 1'383.8 28.64x 2'367.30 1'786.70 13.43% 15.48% 18.35% 28.97% 26.54% 1.70% 56.3% 18.4% 14.0% 10.4% 1.90 1.14 6.69% 10.76% 29.29 5.20

Price/ Cash Flow

s-12

o-12

n-12

LTM

04/yy 12'595.9 10.20x 2'174.9 18.70x 1'329.6 34.57x

d-12

03/yy 14'023.3 10.99x 2'576.1 16.10x 1'514.7 29.07x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

1.19 0.87 728.62 8.85 31.07% 26.01% 0.870 32 4.500 1'100'451 1'399'625 1'344'783 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 14'840.5 16'540.3 3'718.3 3'811.5 3.37x 3.02x 13.19x 12.89x 3'023.1 3'574.2 743.8 793.6 16.27x 13.76x 14.98x 14.36x 1'657.1 1'991.4 403.4 435.0 30.83x 25.55x 28.15x 26.86x S&P Issuer Ratings

24.02.2012 ASTABLE 28.08.2009 A-2 65.94 42.09 -0.45 0.21 10.8% 9.7% 1.70 5.36 12.43 70.00 22.66 53.00

Sales/Revenue/Turnover

35.00

14'000.0

30.00

12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 02.10.2009

a-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

9.0 M

70 50

Valuation Analysis

30.09.2008 10'383.0 1.15x 1'261.7 9.47x 315.5 21.07x

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 |

05.07.2013

Starbucks Corp Holdings By:

All

Holder Name FMR LLC BLACKROCK VANGUARD GROUP INC T ROWE PRICE ASSOCIA CAPITAL GROUP COMPAN STATE STREET SCHULTZ HOWARD D NORTHERN TRUST CORPO MORGAN STANLEY SANDS CAPITAL MANAGE BANK OF NEW YORK MEL WELLS FARGO INVESCO LTD BROWN ADVISORY INC WINSLOW CAPITAL MANA JP MORGAN JENNISON ASSOCIATES AMERICAN CENTURY COM TIAA CREF INVESTMENT UBS

Firm Name Longbow Research Deutsche Bank Janney Montgomery Scott LLC Jefferies Stephens Inc RBC Capital Markets Edward Jones Davenport & Co Piper Jaffray William Blair & Co Wells Fargo Securities, LLC Robert W. Baird & Co Goldman Sachs Barclays Morgan Stanley Sanford C. Bernstein & Co Williams Capital Group Argus Research Corp NYKREDIT BMO Capital Markets JPMorgan Buckingham Research Group McAdams Wright Ragen Inc Oppenheimer & Co S&P Capital IQ Atlantic Equities LLP Telsey Advisory Group Credit Suisse Lazard Capital Markets EVA Dimensions

Portfolio Name n/a n/a VANGUARD GROUP INC T ROWE PRICE ASSOCIA n/a n/a n/a NORTHERN TRUST CORPO n/a SANDS CAPITAL MANAGE BANK OF NEW YORK MEL n/a n/a n/a WINSLOW CAPITAL MANA n/a JENNISON ASSOCIATES AMERICAN CENTURY COM TIAA-CREF INVESTMENT n/a

Analyst ALTON K STUMP JASON WEST MARK D KALINOWSKI ANDREW M BARISH WILL SLABAUGH LARRY A MILLER JACK P RUSSO JEFFREY F OMOHUNDRO NICOLE MILLER REGAN SHARON M ZACKFIA BONNIE HERZOG DAVID E TARANTINO MICHAEL KELTER JEFFREY A BERNSTEIN JOHN S GLASS SARA H SENATORE MARC RIDDICK JOHN D STASZAK MICHAEL DROSCHNER JORGENSEN PHILLIP JUHAN JOHN W IVANKOE MITCHELL J SPEISER DAN GEIMAN BRIAN J BITTNER JIM YIN ALISTAIR M SCOBIE PETER SALEH KEITH SIEGNER MATTHEW J DIFRISCO CRAIG STERLING

Source ULT-AGG ULT-AGG 13F 13F ULT-AGG ULT-AGG Form 4 13F ULT-AGG 13F 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F ULT-AGG

Recommendation buy buy buy buy overweight sector perform hold buy overweight outperform market perform outperform Buy/Neutral equalweight Overwt/In-Line outperform market perform buy outperform outperform overweight buy hold outperform buy overweight no rating system outperform buy underweight

Amt Held 38'249'459 36'552'911 33'898'695 33'479'108 29'777'666 29'068'980 18'875'169 13'009'882 12'699'603 11'282'099 10'449'141 10'195'280 9'247'656 8'955'855 8'250'780 7'684'493 7'606'088 7'061'975 6'913'811 6'491'825

% Out 5.1 4.88 4.52 4.47 3.97 3.88 2.52 1.74 1.69 1.51 1.39 1.36 1.23 1.2 1.1 1.03 1.02 0.94 0.92 0.87

Weighting

Change

5 5 5 5 5 3 3 5 5 5 3 5 5 3 5 5 3 5 5 5 5 5 3 5 5 5 #N/A N/A 5 5 1

M M M M M M M N M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 2'655'984 871'315 (866'300) 391'270 167'212 271'120 703'666 494'819 809'552 1'613'328 (153'518) 1'332'073 (2'478'691) (907'946) 4'507'068 (1'307'247) 233'587 754'508

Target Price 80 71 75 66 70 73 #N/A N/A 76 72 #N/A N/A #N/A N/A 70 75 65 69 72 61 70 #N/A N/A 64 65 75 62 65 66 65 64 69 74 #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 03.07.2013 31.03.2013 31.03.2013 31.03.2013 02.07.2013 15.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 03.07.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

Date 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 6 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 02.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 28.06.2013 26.06.2013 25.06.2013 21.06.2013 20.06.2013 17.06.2013 13.06.2013 28.05.2013 27.05.2013 09.05.2013 07.05.2013 06.05.2013 05.05.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 15.01.2013

05.07.2013

Schlumberger Ltd Schlumberger Limited is an oil services company. The Company, through its subsidiaries, provides a wide range of services, including technology, project management and information solutions to the international petroleum industry as well as advanced acquisition and data processing surveys.

Price/Volume 90

6.0 M

5.0 M

70 60

4.0 M

12/2012 03/yy 82.00 64.20 268'201.00 73.49 -10.48% 14.47% 49.49% 1'329.5 97'701.28 11'630.00 0.0 107.0 6'274.00 103'361.28

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

1.0 M

10 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 27'162.9 1.92x 8'966.9 5.82x 5'434.8 9.41x

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/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 SLB UN EQUITY YTD Change SLB UN EQUITY YTD % CHANGE

31.12.2009 31.12.2010 22'702.0 27'447.0 3.47x 4.26x 6'596.0 7'133.0 11.94x 16.40x 3'134.0 4'267.0 23.41x 30.05x Profitability

LTM-4Q 31.12.2011 36'959.0 2.61x 9'794.0 9.84x 4'997.0 18.91x

31.12.2012 42'149.0 2.31x 11'020.0 8.85x 5'490.0 16.64x

11'020.00 7'520.00 17.84% 17.06% 9.25% 16.02% 12.85% 0.73% 21.6% 26.0% 17.8% 13.0% 1.95 1.43 18.90% 33.47% 3.92 6.68

Price/ Cash Flow

LTM

03/yy 38'755.0 10.40x 10'301.0 9.66x 5'355.0 18.02x

03/yy 42'898.0 9.29x 11'165.0 9.42x 5'448.0 17.59x

FY+1

.0 M j-13

1.55 1.36 1'326.11 12.38 10.87% 6.93% 1.365 39 4.590 1'636'849 2'016'391 2'053'317 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 45'666.1 50'817.5 11'123.5 11'585.8 2.23x 1.93x 9.30x 8.88x 12'245.3 14'001.1 2'989.6 3'181.2 8.43x 7.37x 8.05x 7.78x 6'223.4 7'532.9 1'480.4 1'621.9 15.75x 12.95x 14.89x 14.14x S&P Issuer Ratings

11.12.2002 A+ STABLE 11.12.2002 A-1 32.41 18.60 0.50 0.99 33.5% 25.0% 0.73 3.05 93.18 54.66 82.34 54.51

Sales/Revenue/Turnover

25.00

45'000.0 40'000.0

20.00

35'000.0 30'000.0

15.00

25'000.0 20'000.0

10.00

15'000.0 10'000.0

5.00

5'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

Schlumberger Ltd Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN STATE STREET DODGE & COX BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA JP MORGAN FMR LLC NORTHERN TRUST CORPO THORNBURG INVESTMENT SANDS CAPITAL MANAGE MANNING & NAPIER ADV NORGES BANK SUN LIFE FINANCIAL I JENNISON ASSOCIATES WELLS FARGO GOLDMAN SACHS GROUP UBS BANK OF AMERICA CORP

Firm Name Credit Suisse Susquehanna Financial Group Howard Weil Inc JPMorgan Sanford C. Bernstein & Co BMO Capital Markets Jefferies ISI Group HSBC Cowen and Company Societe Generale Stephens Inc Edward Jones Morgan Stanley Raymond James Wells Fargo Securities, LLC Global Hunter Securities Argus Research Corp Johnson Rice & Co Macquarie Ameriprise Advisor Services, Inc Capital One Southcoast, Inc. FBR Capital Markets Guggenheim Securities LLC RS Platou Markets Deutsche Bank Sterne, Agee & Leach EVA Dimensions RBC Capital Markets William Blair & Co Barclays S&P Capital IQ Tudor Pickering & Co Goldman Sachs Oracle Investment Research

Portfolio Name n/a VANGUARD GROUP INC n/a n/a DODGE & COX BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA n/a n/a NORTHERN TRUST CORPO THORNBURG INVESTMENT SANDS CAPITAL MANAGE MANNING & NAPIER ADV NORGES BANK n/a JENNISON ASSOCIATES n/a n/a n/a BANK OF AMERICA

Analyst JAMES WICKLUND CHARLES P MINERVINO WILLIAM SANCHEZ J DAVID ANDERSON SCOTT GRUBER ALAN D LAWS BRAD HANDLER JUDSON E BAILEY DAVID PHILLIPS JAMES D CRANDELL EDWARD C MUZTAFAGO JOHN KELLER BRIAN YOUNGBERG OLE SLORER J MARSHALL ADKINS MATTHEW D CONLAN BRIAN UHLMER JONATHAN GELCIUS DANIEL BURKE NIGEL BROWNE LEZE THAQI LUKE M LEMOINE MEGAN REPINE MICHAEL K LAMOTTE TURNER HOLM MICHAEL W URBAN STEPHEN D GENGARO CRAIG STERLING KURT HALLEAD BRANDON DOBELL JAMES C WEST STEWART GLICKMAN JEFF TILLERY WAQAR SYED LAURENCE BALTER

Source ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F

Recommendation neutral Positive focus list overweight outperform outperform buy strong buy overweight outperform buy overweight buy Overwt/In-Line outperform outperform neutral buy equalweight outperform buy add outperform buy buy buy buy underweight outperform market perform overweight hold buy buy/attractive strong buy

Amt Held 80'904'490 61'838'785 56'261'294 55'152'575 34'238'544 28'282'914 25'578'694 24'029'890 22'606'694 21'318'603 15'399'133 14'688'324 12'743'364 12'026'446 11'961'096 11'732'150 11'649'113 11'560'502 11'175'673 10'788'080

% Out 6.09 4.65 4.23 4.15 2.58 2.13 1.92 1.81 1.7 1.6 1.16 1.1 0.96 0.9 0.9 0.88 0.88 0.87 0.84 0.81

Weighting

Change 3 4 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 3 5 5 4 5 5 5 5 5 1 5 3 5 3 5 5 5

M M M M M M M M M M M M M M M M M M M M M M M M U M M U M M M M M U U

Latest Chg 3'503'199 1'709'323 3'073'215 196'027 (557'608) 907'168 (3'130'083) 2'792'073 3'080'413 328'640 (1'103'002) 2'529'362 777'715 (231'514) 2'624'316 1'703'405 (319'145) (227'370) 99'655

Target Price 79 86 91 97 96 85 86 92 92 93 90 99 #N/A N/A 92 77 #N/A N/A 80 90 #N/A N/A 91 #N/A N/A 90 93 87 85 91 93 #N/A N/A 85 #N/A N/A 103 81 #N/A N/A 95 95

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 03.07.2013 31.03.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.05.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013

Date Not Provided 12 month 12 month 6 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 6 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 03.07.2013 03.07.2013 02.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 26.06.2013 24.06.2013 14.06.2013 14.06.2013 07.06.2013 30.05.2013 13.05.2013 10.05.2013 09.05.2013 25.04.2013 25.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 21.04.2013 21.04.2013 20.04.2013 19.04.2013 19.04.2013 19.04.2013 20.09.2012 12.09.2012 26.07.2012 20.07.2012

05.07.2013

Southern Co/The The Southern Company is a public utility holding company. The Company, through its subsidiaries, generates, wholesales, and retails electricity in the southeastern United States. The Company also offers wireless telecommunications services, and provides businesses with two-way radio, telephone, paging, and Internet access services as well as wholesales fiber optic solutions.

Price/Volume 60

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (23.11.2012) Daily Volume Current Price (7/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 SO UN EQUITY YTD Change SO UN EQUITY YTD % CHANGE

12/2012 03/yy 48.74 41.75 361'278.00 42.98 -11.84% 2.95% 23.61% 870.4 37'409.39 22'434.00 1'082.0 0.0 628.00 61'262.38

2.0 M 1.5 M

1.0 M 10

.5 M

0 j-12

31.12.2009 31.12.2010 15'743.0 17'456.0 3.02x 3.07x 5'258.0 5'633.0 9.05x 9.52x 1'708.0 2'040.0 14.44x 16.20x Profitability

LTM-4Q 31.12.2011 17'657.0 3.46x 6'279.0 9.72x 2'268.0 18.28x

31.12.2012 16'537.0 3.63x 6'589.0 9.11x 2'415.0 16.49x

6'589.00 4'444.00 26.87% 22.67% 3.46% 11.55% 6.45% 0.27% 66.1% 40.0% 27.0% 14.6% 0.88 0.33 35.53% 122.61% 10.73 2.21

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 17'249.0 13.62x 6'219.0 9.81x 2'214.0 18.24x

d-12

03/yy 16'830.0 14.82x 6'727.0 9.61x 2'128.0 17.65x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

4.56 0.51 870.14 12.16 -3.52% 2.60% 0.510 24 2.917 1'093'951 1'261'857 1'066'156 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 17'605.4 18'151.2 4'288.2 5'370.7 3.55x 3.56x 14.43x 11.49x 6'292.2 6'775.3 1'554.0 2'246.3 9.74x 9.05x 9.75x 9.74x 2'358.7 2'538.8 584.3 1'005.0 15.62x 14.94x 15.55x 15.29x S&P Issuer Ratings

21.12.2000 A NEG 21.12.2000 A-1 7.67 1.90 3.38 3.46 122.6% 53.7% 0.27 34.01 165.15 80.12 117.50

Sales/Revenue/Turnover

9.00

20'000.0

8.00

18'000.0

7.00

16'000.0 14'000.0

6.00

12'000.0

5.00 4.00

10'000.0 8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 01.01.2010

a-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M

Valuation Analysis

31.12.2008 17'127.0 2.79x 5'210.0 9.18x 1'807.0 15.68x

4.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

Southern Co/The Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC FRANKLIN RESOURCES NORTHERN TRUST CORPO CAPITAL GROUP COMPAN BANK OF NEW YORK MEL FEDERATED INVESTORS WELLS FARGO GEODE CAPITAL MANAGE PICTET FUNDS UBS NORGES BANK JP MORGAN LEGAL & GENERAL BANK OF AMERICA CORP DEUTSCHE BANK AG FMR LLC MORGAN STANLEY APG ALL PENSIONS GRO

Firm Name BGC Partners Deutsche Bank Credit Suisse SunTrust Robinson Humphrey Wolfe Research RBC Capital Markets ISI Group Wells Fargo Securities, LLC BMO Capital Markets Jefferies Edward Jones Drexel Hamilton LLC Atlantic Equities LLP Argus Research Corp Hilliard Lyons Ameriprise Advisor Services, Inc Macquarie Barclays Goldman Sachs KeyBanc Capital Markets EVA Dimensions

Portfolio Name n/a n/a VANGUARD GROUP INC n/a NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL FEDERATED INVESTORS n/a GEODE CAPITAL MANAGE n/a n/a NORGES BANK n/a n/a BANK OF AMERICA n/a n/a n/a APG ALL PENSIONS GRO

Analyst KIT KONOLIGE JONATHAN ARNOLD DANIEL EGGERS ALI AGHA STEVEN I FLEISHMAN SHELBY G TUCKER GREG GORDON NEIL A KALTON MICHAEL S WORMS PAUL B FREMONT ANDREW PUSATERI ANDREW L SMITH NATHAN JUDGE MICHAEL BURKE DAVID B BURKS LEZE THAQI ANGIE STOROZYNSKI DANIEL F FORD MICHAEL J LAPIDES PAUL T RIDZON AUSTIN BURKETT

Source ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F

Recommendation hold hold underperform neutral peerperform outperform neutral outperform market perform hold sell hold underweight hold neutral buy neutral equalweight Sell/Neutral hold sell

Amt Held 45'442'068 42'473'671 41'822'330 22'023'488 12'869'765 11'169'700 10'856'924 7'961'144 7'069'476 5'887'868 5'716'618 5'361'653 4'469'108 4'259'746 4'224'093 4'035'837 3'961'120 3'799'968 3'296'224 3'216'784

% Out 5.22 4.88 4.81 2.53 1.48 1.28 1.25 0.91 0.81 0.68 0.66 0.62 0.51 0.49 0.49 0.46 0.46 0.44 0.38 0.37

Weighting

Change 3 3 1 3 3 5 3 5 3 3 1 3 1 3 3 5 3 3 1 3 1

M M M M M M M M M D M M M M M M M M M M M

Latest Chg (6'117'420) (178'582) 1'514'682 3'497'585 399'539 (1'673'810) 333'297 953'026 151'791 120'401 (286'017) 609'455 471'155 21'170 (280'473) (625'357) 988'414 235'451 525'934

Target Price #N/A N/A 48 50 #N/A N/A 49 50 46 #N/A N/A 49 46 #N/A N/A 47 41 #N/A N/A #N/A N/A #N/A N/A 47 51 42 #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 03.07.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.05.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013

Date Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Government Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 30.06.2013 24.06.2013 24.06.2013 17.06.2013 14.06.2013 07.06.2013 13.05.2013 10.05.2013 29.04.2013 25.04.2013 25.04.2013 25.04.2013 24.04.2013 02.04.2013 22.01.2013 15.01.2013

05.07.2013

Simon Property Group Inc Simon Property Group, Inc. is a self-administered and self-managed, real estate investment trust. The Company owns, develops, and manages retail real estate properties including regional malls, outlet centers, community/lifestyle centers, and international properties.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (7/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 SPG UN EQUITY YTD Change SPG UN EQUITY YTD % CHANGE

12/2012 03/yy 182.45 145.21 86'039.00 157.39 -13.93% 8.39% 36.98% 310.0 48'830.07 23'113.01 39.8 1'160.5 1'184.52 71'777.73

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 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 3'783.2 8.13x 2'553.0 12.04x 463.6 25.92x

200 180 160 140 120 100 80 60 40 20 0 j-12

31.12.2009 31.12.2010 3'775.2 3'957.6 10.16x 11.81x 2'630.0 2'799.2 14.59x 16.70x 309.4 617.0 40.60x 27.89x Profitability

LTM-4Q 31.12.2011 4'306.4 13.18x 3'015.6 18.82x 1'024.8 37.05x

31.12.2012 4'880.1 14.78x 3'491.0 20.66x 1'434.5 33.49x

3'490.98 2'220.60 22.41% 35.56% 3.33% 18.05% 4.25% 0.15% 71.5% 29.4% 70.93% 393.70% -

Price/ Cash Flow

03/yy 4'405.5 51.37x 3'097.7 21.82x 1'490.8 28.85x

LTM 03/yy 4'976.2 57.55x 3'555.7 20.45x 1'072.2 45.69x

FY+1

.0 M j-13

2.76 0.95 306.91 5.21 2.06% 0.90% 0.948 25 4.440 656'587 614'936 509'198 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 5'190.6 5'459.8 1'258.8 1'301.0 14.34x 13.63x 61.08x 59.40x 3'931.4 4'160.8 947.8 979.3 18.20x 17.20x 17.92x 17.60x 1'247.3 1'404.9 272.4 295.2 39.82x 35.71x 39.79x 38.34x S&P Issuer Ratings

16.05.2013 A STABLE 3.04 -0.91 6.11 6.35 393.7% 76.6% 0.15 -

Sales/Revenue/Turnover

25.00

6'000.0 5'000.0

20.00

4'000.0 15.00

3'000.0 10.00

2'000.0

5.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

Simon Property Group Inc Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK COHEN & STEERS CAPIT FMR LLC STATE STREET MORGAN STANLEY DAIWA SECURITIES GRO INVESCO LTD APG ASSET MANAGEMENT CBRE GROUP INC LASALLE INVESTMENT M BANK OF NEW YORK MEL NORTHERN TRUST CORPO PGGM VERMOGENSBEHEER DEUTSCHE BANK AG T ROWE PRICE ASSOCIA PRINCIPAL FINANCIAL JP MORGAN NUVEEN ASSET MANAGEM AEW CAPITAL MANAGEME

Firm Name Deutsche Bank Stifel Barclays Wells Fargo Securities, LLC ISI Group Edward Jones Argus Research Corp Imperial Capital LLC Evercore Partners RBC Capital Markets Morgan Stanley Jefferies Cowen and Company JPMorgan BMO Capital Markets Goldman Sachs Raymond James EVA Dimensions Hilliard Lyons Sandler O'Neill & Partners, LP S&P Capital IQ

Portfolio Name VANGUARD GROUP INC n/a COHEN & STEERS CAPIT n/a n/a n/a DAIWA SECURITIES GRO n/a APG ASSET MANAGEMENT n/a LASALLE INVESTMENT M BANK OF NEW YORK MEL NORTHERN TRUST CORPO PGGM VERMOGENSBEHEER n/a T ROWE PRICE ASSOCIA n/a n/a NUVEEN ASSET MANAGEM AEW CAPITAL MANAGEME

Analyst VINCENT CHAO NATHAN ISBEE ROSS L SMOTRICH JEFFREY J DONNELLY STEVE SAKWA JIM SHANAHAN MICHAEL BURKE DAVID HARRIS BENJAMIN YANG RICHARD C MOORE HAENDEL ST. JUSTE OMOTAYO T OKUSANYA II JAMES W SULLIVAN MICHAEL W MUELLER PAUL E ADORNATO ANDREW ROSIVACH RICHARD J MILLIGAN AUSTIN BURKETT CAROL L KEMPLE ALEXANDER D GOLDFARB ROBERT MCMILLAN

Source 13F ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F

Recommendation buy buy overweight outperform buy hold buy in-line equalweight outperform Equalwt/Attractive buy outperform overweight market perform Buy/Neutral outperform hold neutral buy buy

Amt Held 36'658'923 23'965'140 22'404'707 13'282'358 13'154'584 10'369'785 9'776'460 8'076'914 6'861'136 6'275'741 5'898'821 5'831'802 5'751'387 5'602'903 5'298'987 5'029'717 4'024'890 3'745'571 3'258'005 3'206'900

% Out 11.82 7.73 7.23 4.28 4.24 3.34 3.15 2.61 2.21 2.02 1.9 1.88 1.86 1.81 1.71 1.62 1.3 1.21 1.05 1.03

Weighting

Change 5 5 5 5 5 3 5 3 3 5 3 5 5 5 3 5 5 3 3 5 5

M M M M M M M M M M M M M M M M M D M M M

Latest Chg 1'937'887 1'711'321 593'031 (671'723) (3'396'029) 459'115 (561'513) 61'548 (165'301) (877'166) 154'255 53'902 178'006 (1'009'005) (1'089'939) 96'704 331'828 (147'181) 73'995 (12'700)

Target Price 187 190 180 #N/A N/A 187 #N/A N/A 190 172 168 200 180 195 #N/A N/A 190 175 213 190 #N/A N/A #N/A N/A 198 194

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Holding Company 03.07.2013 Investment Advisor 31.03.2013 Pension Fund (ERISA) 31.03.2013 Corporation 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager

Date 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 6 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided

Date 02.07.2013 01.07.2013 01.07.2013 25.06.2013 24.06.2013 19.06.2013 18.06.2013 17.06.2013 12.06.2013 06.06.2013 02.06.2013 24.05.2013 08.05.2013 06.05.2013 30.04.2013 29.04.2013 29.04.2013 27.04.2013 26.04.2013 26.04.2013 26.04.2013

05.07.2013

AT&T Inc AT&T Inc. is a communications holding company. The Company, through its subsidiaries and affiliates, provides local and long-distance phone service, wireless and data communications, Internet access and messaging, IP-based and satellite television, security services, telecommunications equipment, and directory advertising and publishing.

Price/Volume 45

30.0 M

25.0 M

35 30

20.0 M

12/2012 03/yy 39.00 32.71 972'364.00 35.33 -9.38% 8.01% 46.26% 5'380.0 190'075.41 69'844.00 0.0 333.0 4'868.00 260'672.41

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

5.0 M

5 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 124'028.0 1.94x 42'946.0 5.62x 12'867.0 12.28x

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (09.11.2012) Daily Volume Current Price (7/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 T UN EQUITY YTD Change T UN EQUITY YTD % CHANGE

31.12.2009 31.12.2010 122'513.0 124'280.0 1.91x 1.92x 40'515.0 39'037.0 5.78x 6.11x 12'138.0 19'864.0 13.18x 12.95x Profitability

LTM-4Q 31.12.2011 126'723.0 1.82x 30'505.0 7.56x 3'944.0 12.39x

31.12.2012 127'434.0 1.99x 31'140.0 8.14x 7'264.0 14.62x

31'140.00 12'997.00 10.20% 8.19% 2.73% 7.65% 6.13% 0.47% 56.7% 24.4% 10.1% 5.7% 0.71 0.55 25.65% 75.62% 10.05 -

Price/ Cash Flow

LTM

FY+1

.0 M j-13

5.04 0.75 5'375.96 73.91 3.05% 7.45% 0.747 39 3.308 5'088'190 6'078'579 5'361'543 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 127'298.0 126'968.0 128'311.6 130'741.6 31'810.0 32'029.3 7.52x 8.42x 2.07x 2.04x 8.24x 8.21x 30'774.0 30'948.0 41'736.8 43'502.4 11'003.9 10'848.9 8.03x 8.71x 6.25x 6.00x 6.17x 6.13x 4'120.0 7'380.0 13'692.9 14'425.6 3'771.7 3'628.7 12.41x 15.57x 14.06x 13.05x 13.85x 13.65x S&P Issuer Ratings Long-Term Rating Date 06.12.2010 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 06.12.2010 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 8.40 (EBITDA-Capex)/Interest Exp. 3.15 Net Debt/EBITDA 2.27 Total Debt/EBITDA 2.40 Reference Total Debt/Equity 75.6% Total Debt/Capital 43.0% Asset Turnover 0.47 Net Fixed Asset Turnover 1.17 Accounts receivable turnover-days 36.32 Inventory Days Accounts Payable Turnover Day 116.11 Cash Conversion Cycle Sales/Revenue/Turnover

6.00

140'000.0

5.00

120'000.0 100'000.0

4.00

80'000.0 3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

AT&T Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET EVERCORE TRUST COMPA CAPITAL GROUP COMPAN BANK OF NEW YORK MEL NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA NORGES BANK GEODE CAPITAL MANAGE JP MORGAN DIMENSIONAL FUND ADV BANK OF AMERICA CORP BARROW HANLEY MEWHIN SUN LIFE FINANCIAL I UBS STATE FARM MUTUAL AU FRANKLIN RESOURCES WELLS FARGO GOLDMAN SACHS GROUP

Firm Name Macquarie Jefferies BMO Capital Markets Wells Fargo Securities, LLC Evercore Partners Robert W. Baird & Co Oppenheimer & Co S&P Capital IQ Pacific Crest Securities RBC Capital Markets Raymond James Gabelli & Co Argus Research Corp FBR Capital Markets Canaccord Genuity Corp Deutsche Bank Morgan Stanley Edward Jones JPMorgan Stifel Nomura Cowen and Company New Street Research Barclays EVA Dimensions Atlantic Equities LLP Piper Jaffray Ameriprise Advisor Services, Inc Hilliard Lyons Independent Research GmbH Scotia Capital Telsey Advisory Group William Blair & Co Tigress Financial Partners HSBC Wedge Partners Goldman Sachs Janco Partners Inc

Portfolio Name n/a VANGUARD GROUP INC n/a EVERCORE TRUST COMPA n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA NORGES BANK GEODE CAPITAL MANAGE n/a n/a BANK OF AMERICA BARROW HANLEY MEWHIN n/a n/a STATE FARM MUTUAL AU n/a n/a n/a

Analyst KEVIN SMITHEN THOMAS O SEITZ KEVIN MANNING JENNIFER M FRITZSCHE JONATHAN SCHILDKRAUT WILLIAM V POWER TIMOTHY K HORAN JAMES G MOORMAN MICHAEL BOWEN JONATHAN ATKIN FRANK G LOUTHAN SERGEY DLUZHEVSKIY JOSEPH F BONNER DAVID DIXON GREGORY MILLER BRETT FELDMAN SIMON FLANNERY DAVID HEGER PHILIP CUSICK CHRISTOPHER C KING MICHAEL L MCCORMACK COLBY SYNESAEL JONATHAN CHAPLIN AMIR ROZWADOWSKI ANDREW S ZAMFOTIS CHRISTOPHER WATTS CHRISTOPHER M LARSEN JUSTIN H BURGIN DAVID B BURKS MARKUS FRIEBEL JEFFREY FAN JAISON BLAIR JAMES D BREEN JR IVAN FEINSETH RICHARD DINEEN BRIAN BLAIR JASON ARMSTRONG GERARD HALLAREN

Source ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG

Recommendation underperform hold market perform outperform equalweight neutral outperform hold sector perform sector perform market perform hold buy market perform hold hold Equalwt/In-Line buy overweight hold buy market perform neutral equalweight underweight neutral overweight buy buy sell sector underperform no rating system market perform underperform overweight no rating system neutral/neutral buy

Amt Held 303'728'525 257'834'748 237'002'897 234'603'257 147'966'258 85'043'230 78'884'537 72'256'871 41'221'593 37'223'676 36'531'970 32'851'663 32'755'569 30'433'961 29'927'015 29'821'823 29'793'395 28'812'133 27'647'827 27'404'134

% Out 5.65 4.79 4.41 4.36 2.75 1.58 1.47 1.34 0.77 0.69 0.68 0.61 0.61 0.57 0.56 0.55 0.55 0.54 0.51 0.51

Weighting

Change

1 3 3 5 3 3 5 3 3 3 3 3 5 3 3 3 3 5 5 3 5 3 3 3 1 3 5 5 5 1 1 #N/A N/A 3 1 5 #N/A N/A 3 5

M M M M M M M M M M M M U M M M M M M M M M M M D M M M M M M M M N M M M M

Latest Chg (15'537'356) 2'248'864 (6'378'539) (1'987'957) (24'570'517) 1'678'743 353'494 (3'678'104) (383'305) (1'533'460) (100'345) 414'617 867'907 (4'648'943) 735'605 11'323 850'257 2'302'596

Target Price 36 38 34 #N/A N/A 39 37 42 40 #N/A N/A 38 #N/A N/A #N/A N/A 42 39 35 34 #N/A N/A #N/A N/A 40 #N/A N/A 38 37 36 38 #N/A N/A 37 42 #N/A N/A 39 33 37 42 #N/A N/A #N/A N/A 39 #N/A N/A 36 44

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013

Date 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 6 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Insurance Company Investment Advisor Investment Advisor Investment Advisor

Date 04.07.2013 02.07.2013 01.07.2013 01.07.2013 27.06.2013 26.06.2013 24.06.2013 19.06.2013 18.06.2013 16.06.2013 13.06.2013 11.06.2013 10.06.2013 10.06.2013 09.06.2013 07.06.2013 07.06.2013 07.06.2013 07.06.2013 07.06.2013 07.06.2013 07.06.2013 07.06.2013 07.06.2013 05.06.2013 24.05.2013 14.05.2013 26.04.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 23.04.2013 25.03.2013 20.02.2013 26.11.2012 24.10.2012 26.07.2012

05.07.2013

Target Corp Target Corporation operates general merchandise discount stores in the United States. The Company's merchandising operations include general merchandise and food discount stores and a fully integrated online business. Target also offers credit to qualified applicants through its branded proprietary credit cards.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.06.2013) 52-Week Low (05.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TGT UN EQUITY YTD Change TGT UN EQUITY YTD % CHANGE

01/2013 05/yy 72.77 56.70 148'084.00 69.86 -4.01% 23.21% 78.90% 641.7 44'829.39 17'648.00 0.0 0.0 784.00 57'224.39

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 j-12

31.01.2010 31.01.2011 65'357.0 67'390.0 0.81x 0.78x 6'696.0 7'336.0 7.88x 7.13x 2'488.0 2'920.0 15.54x 14.08x Profitability

LTM-4Q 31.01.2012 69'865.0 0.72x 7'453.0 6.73x 2'929.0 11.47x

31.01.2013 73'301.0 0.77x 7'352.0 7.66x 2'999.0 14.02x

7'352.00 5'210.00 7.11% 6.29% 6.19% 17.29% 11.21% 1.62% 31.0% 9.7% 6.8% 4.1% 1.17 0.47 36.64% 106.58% 6.42

Price/ Cash Flow

s-12

o-12

n-12

LTM

04/yy 70'797.0 3.00x 7'490.0 7.38x 2'937.0 13.17x

d-12

05/yy 73'140.0 3.15x 7'092.0 8.12x 2'800.0 18.70x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

2.06 0.71 639.95 17.95 23.65% 19.37% 0.708 27 4.148 1'138'287 1'199'243 1'068'998 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 07/13 Q2 10/13 Q3 74'957.9 79'528.1 17'357.2 17'886.5 0.77x 0.73x 3.33x 3.28x 7'333.5 8'155.2 1'703.8 1'618.9 7.80x 7.02x 7.57x 7.38x 2'892.4 3'352.5 629.3 568.6 14.50x 12.63x 14.57x 14.52x S&P Issuer Ratings

20.11.2007 A+ STABLE 04.08.2000 A-1 9.50 5.26 1.75 2.00 106.6% 51.6% 1.62 2.41 57.82 47.31 36.76

Sales/Revenue/Turnover

10.00

80'000.0

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00 5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 05.02.2010

a-12

Fiscal Year Ended 31.01.2009 64'948.0 0.64x 6'228.0 6.64x 2'214.0 10.91x

0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

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 |

05.07.2013

Target Corp Holdings By:

All

Holder Name STATE STREET VANGUARD GROUP INC BLACKROCK SUN LIFE FINANCIAL I WELLINGTON MANAGEMEN FMR LLC BARROW HANLEY MEWHIN JP MORGAN BANK OF NEW YORK MEL BROWN BROTHERS HARRI INVESCO LTD NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT WELLS FARGO BANK OF AMERICA CORP FRANKLIN RESOURCES NORGES BANK TIAA CREF INVESTMENT MAGELLAN ASSET MANAG ROBECO INVESTMENT MG

Firm Name Sanford C. Bernstein & Co Stifel Piper Jaffray ISI Group Robert W. Baird & Co Edward Jones Jefferies JPMorgan Daiwa Securities Co. Ltd. Argus Research Corp Janney Montgomery Scott LLC BMO Capital Markets Buckingham Research Group Cowen and Company MKM Partners Telsey Advisory Group Deutsche Bank Credit Suisse William Blair & Co Wells Fargo Securities, LLC S&P Capital IQ Barclays Susquehanna Financial Group EVA Dimensions Tigress Financial Partners Fincorp SAOG First Global Stockbroking Gilford Securities

Portfolio Name n/a VANGUARD GROUP INC n/a n/a WELLINGTON MANAGEMEN n/a BARROW HANLEY MEWHIN n/a BANK OF NEW YORK MEL BROWN BROTHERS HARRI n/a NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT n/a BANK OF AMERICA n/a NORGES BANK TIAA-CREF INVESTMENT MAGELLAN ASSET MANAG ROBECO INVESTMENT MA

Analyst COLIN MCGRANAHAN DAVID A SCHICK SEAN NAUGHTON GREGORY MELICH PETER S BENEDICT BRIAN YARBROUGH DANIEL T BINDER CHRISTOPHER HORVERS KAHORI TAMADA CHRISTOPHER GRAJA DAVID S STRASSER WAYNE HOOD JOHN M ZOLIDIS FAYE LANDES PATRICK G MCKEEVER JR JOSEPH I FELDMAN PAUL TRUSSELL MICHAEL B EXSTEIN MARK R MILLER MATTHEW NEMER IAN GORDON ROBERT S DRBUL ROBERT SUMMERS CRAIG STERLING IVAN FEINSETH GAURAV RAMAIYA RITESH DOSHI BERNARD SOSNICK

Source ULT-AGG 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F

Recommendation outperform hold overweight strong buy outperform buy hold overweight neutral hold buy outperform neutral neutral buy no rating system buy neutral market perform outperform strong buy overweight Positive hold buy hold market perform hold

Amt Held 60'305'665 33'278'157 32'170'816 25'506'095 20'967'235 15'366'719 13'677'197 13'579'203 11'545'077 11'303'752 10'289'868 9'977'131 9'883'988 9'448'427 8'993'133 7'115'943 5'785'050 5'723'891 5'687'969 5'461'466

% Out 9.4 5.19 5.01 3.97 3.27 2.39 2.13 2.12 1.8 1.76 1.6 1.55 1.54 1.47 1.4 1.11 0.9 0.89 0.89 0.85

Weighting

Change

5 3 5 5 5 5 3 5 3 3 5 5 3 3 5 #N/A N/A 5 3 3 5 5 5 4 3 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 D N M M M

Latest Chg (865'690) 44'755 2'027'281 760'994 354'971 (4'035'344) 895'537 (2'232'270) 310'776 821'719 (916) 303'959 (877'414) 56'272 3'030'992 119'636 (1'196'888) 3'301'988 509'722

Target Price 83 #N/A N/A 80 76 76 #N/A N/A 64 74 74 #N/A N/A 72 80 65 #N/A N/A 77 72 74 62 #N/A N/A #N/A N/A 81 75 73 #N/A N/A #N/A N/A 55 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor

Date 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 6 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 01.07.2013 27.06.2013 19.06.2013 17.06.2013 13.06.2013 12.06.2013 04.06.2013 03.06.2013 30.05.2013 28.05.2013 24.05.2013 23.05.2013 23.05.2013 23.05.2013 23.05.2013 23.05.2013 22.05.2013 22.05.2013 22.05.2013 22.05.2013 22.05.2013 22.05.2013 21.05.2013 25.03.2013 27.02.2013 17.11.2011 18.08.2011 31.05.2011

05.07.2013

Time Warner Inc Time Warner Inc. is a media and entertainment company. The Company's businesses include cable television networks that provide programming, feature films, television and home video production and distribution, and magazine publishing.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.05.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TWX UN EQUITY YTD Change TWX UN EQUITY YTD % CHANGE

12/2012 03/yy 61.73 36.95 290'292.00 60.48 -2.01% 63.68% 93.30% 932.2 56'377.89 19'871.00 0.0 1.0 2'841.00 73'326.89

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 j-12

31.12.2009 31.12.2010 25'388.0 26'888.0 1.78x 1.79x 5'748.0 6'413.0 7.86x 7.52x 2'477.0 2'578.0 15.02x 12.97x Profitability

LTM-4Q 31.12.2011 28'974.0 1.77x 6'877.0 7.45x 2'886.0 12.37x

31.12.2012 28'729.0 2.14x 7'106.0 8.67x 3'019.0 14.24x

7'106.00 6'214.00 21.63% 15.81% 4.72% 10.56% 8.19% 0.43% 44.5% 25.3% 22.2% 10.5% 1.35 1.04 29.09% 66.51% 4.28 8.06

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 29'270.0 6.94x 6'931.0 7.65x 2'816.0 12.53x

d-12

03/yy 28'689.0 8.58x 7'250.0 9.75x 3'156.0 16.38x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

1.77 1.03 880.12 8.05 59.19% 27.76% 1.035 33 4.394 1'434'129 1'228'604 1'218'703 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 29'537.6 30'877.0 7'095.1 7'066.2 2.45x 2.22x 10.07x 10.06x 7'448.4 8'134.5 1'597.0 1'923.6 9.84x 9.01x 9.61x 9.47x 3'470.5 3'892.0 717.3 892.5 16.44x 14.15x 15.67x 15.38x S&P Issuer Ratings

27.03.2009 BBB STABLE 21.05.2008 A-2 5.23 4.75 2.34 2.68 66.5% 39.9% 0.43 7.45 85.29 45.26 16.07 -44.00

Sales/Revenue/Turnover

18.00

50'000.0

16.00

45'000.0

14.00

40'000.0 35'000.0

12.00

30'000.0

10.00 8.00

25'000.0 20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 26'516.0 2.27x 5'541.0 10.88x (13'402.0) 18.98x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

Time Warner Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK JP MORGAN VANGUARD GROUP INC DODGE & COX STATE STREET WELLINGTON MANAGEMEN FMR LLC VIKING GLOBAL INVEST T ROWE PRICE ASSOCIA INSTITUTIONAL CAPITA BANK OF NEW YORK MEL NORTHERN TRUST CORPO COATUE MANAGEMENT LL FRANKLIN RESOURCES DIMENSIONAL FUND ADV NORGES BANK LONGVIEW PARTNERS (G INVESCO LTD FIDUCIARY MANAGEMENT

Firm Name Deutsche Bank Sanford C. Bernstein & Co Lazard Capital Markets B Riley & Co BMO Capital Markets Cowen and Company Davenport & Co Sterne, Agee & Leach Edward Jones Needham & Co Wedbush Janney Montgomery Scott LLC Atlantic Equities LLP EVA Dimensions Barrington Research Stifel Argus Research Corp RBC Capital Markets Credit Suisse Macquarie Wunderlich Securities Nomura Wells Fargo Securities, LLC Barclays Telsey Advisory Group Morgan Stanley JPMorgan Evercore Partners S&P Capital IQ Goldman Sachs Gabelli & Co Wedge Partners D.A. Davidson & Co

Portfolio Name n/a n/a n/a VANGUARD GROUP INC DODGE & COX n/a WELLINGTON MANAGEMEN n/a VIKING GLOBAL INVEST T ROWE PRICE ASSOCIA INSTITUTIONAL CAPITA BANK OF NEW YORK MEL NORTHERN TRUST CORPO COATUE MANAGEMENT LL n/a n/a NORGES BANK LONGVIEW PARTNERS (G n/a FIDUCIARY MANAGEMENT

Analyst DOUGLAS D MITCHELSON TODD JUENGER BARTON CROCKETT DAVID W MILLER DANIEL SALMON DOUGLAS CREUTZ MICHAEL C MORRIS VASILY KARASYOV ROBIN DIEDRICH LAURA A MARTIN JAMES G DIX TONY WIBLE HAMILTON FABER CRAIG STERLING JAMES C GOSS DREW E CRUM JOSEPH F BONNER DAVID BANK MICHAEL SENNO TIMOTHY W NOLLEN MATTHEW HARRIGAN MICHAEL NATHANSON MARCI RYVICKER ANTHONY J DICLEMENTE JAISON BLAIR BENJAMIN SWINBURNE ALEXIA S QUADRANI ALAN GOULD TUNA AMOBI DREW BORST BRETT HARRISS MARTIN PYYKKONEN DONNA M JAEGERS

Source ULT-AGG ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F

Recommendation buy market perform buy buy market perform outperform buy buy hold hold outperform neutral overweight buy outperform buy buy outperform outperform outperform buy neutral outperform equalweight no rating system Equalwt/Attractive overweight overweight buy buy/attractive hold no rating system buy

Amt Held 75'884'870 51'417'631 47'464'666 41'751'742 41'332'138 36'245'698 31'421'367 28'114'135 22'364'094 18'893'980 14'459'654 13'707'774 12'491'418 11'902'275 9'506'844 9'347'064 9'297'800 8'816'961 8'602'633 7'988'021

% Out 8.14 5.52 5.09 4.48 4.43 3.89 3.37 3.02 2.4 2.03 1.55 1.47 1.34 1.28 1.02 1 1 0.95 0.92 0.86

Weighting

Change

5 3 5 5 3 5 5 5 3 3 5 3 5 5 5 5 5 5 5 5 5 3 5 3 #N/A N/A 3 5 5 5 5 3 #N/A N/A 5

M M M M M M M N M M M M M U M M M M M M M M M M M M M M M M M M M

Latest Chg (3'308'055) (286'298) 427'228 (1'246'930) (560'145) (6'158'852) 1'554'508 2'799'576 (1'295'410) (7'615'968) 1'468'055 363'753 1'751'752 (176'495) 10'538 (270'860) (2'744'763) 109'355

Target Price 69 63 72 67 64 68 64 73 #N/A N/A #N/A N/A 63 67 73 #N/A N/A 67 65 68 64 66 69 70 60 #N/A N/A 62 70 66 67 65 65 67 #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor

Date 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 18 month 12 month Not Provided Not Provided Not Provided 12 month 6 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided

Date 03.07.2013 01.07.2013 30.06.2013 28.06.2013 25.06.2013 18.06.2013 14.06.2013 12.06.2013 03.06.2013 28.05.2013 24.05.2013 17.05.2013 13.05.2013 13.05.2013 09.05.2013 06.05.2013 03.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 29.04.2013 08.03.2013 07.02.2013 26.10.2011

05.07.2013

Texas Instruments Inc Texas Instruments Incorporated is a global semiconductor company that designs and supplies analog technologies, digital signal processing (DSP) and microcontroller (MCU) semiconductors. The Company also operates materials and controls, and educational and productivity solutions businesses. Texas Instruments has manufacturing or sales operations in countries around the world.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.05.2013) 52-Week Low (17.07.2012) Daily Volume Current Price (7/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 TXN UW EQUITY YTD Change TXN UW EQUITY YTD % CHANGE

12/2012 03/yy 37.35 26.06 550'120.00 35.7 -4.31% 36.99% 83.53% 1'109.2 39'596.81 5'686.00 0.0 0.0 3'965.00 41'417.81

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 12'501.0 1.38x 3'750.0 4.61x 1'920.0 9.82x

31.12.2009 31.12.2010 10'427.0 13'966.0 2.82x 2.50x 3'128.0 5'316.0 9.40x 6.56x 1'470.0 3'228.0 20.71x 12.69x Profitability

LTM-4Q 31.12.2011 13'735.0 2.61x 4'434.0 8.08x 2'236.0 13.36x

31.12.2012 12'825.0 2.80x 3'986.0 9.02x 1'759.0 16.13x

3'986.00 2'687.00 20.95% 15.09% 9.35% 16.86% 11.75% 0.63% 49.7% 31.0% 20.9% 13.7% 2.40 1.51 28.40% 51.87% 8.96 3.59

Price/ Cash Flow

LTM

03/yy 13'465.0 10.80x 4'182.0 9.80x 1'836.0 17.19x

03/yy 12'589.0 11.52x 3'908.0 10.54x 1'856.0 19.78x

FY+1

.0 M j-13

2.13 1'104.39 18.84 28.50% 17.04% 46 3.217 2'232'249 2'405'461 2'494'308 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 12'224.0 12'922.4 3'059.8 3'204.4 3.30x 3.05x 13.13x 12.47x 3'757.8 4'352.6 942.5 1'065.9 11.03x 9.52x 10.38x 9.96x 2'002.2 2'440.1 495.9 597.2 19.90x 16.26x 18.51x 17.46x S&P Issuer Ratings

23.09.2010 A+ STABLE 01.02.1986 A-1 46.89 41.07 0.47 1.45 51.9% 34.2% 0.63 3.14 40.75 101.65 30.16 109.62

Sales/Revenue/Turnover

14.00

16'000.0

12.00

14'000.0 12'000.0

10.00

10'000.0 8.00

8'000.0 6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

Texas Instruments Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK PRIMECAP MANAGEMENT VANGUARD GROUP INC STATE STREET T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN INSTITUTIONAL CAPITA BANK OF NEW YORK MEL HARRIS ASSOCIATES LP JP MORGAN INVESCO LTD DAVIS SELECTED ADVIS NORTHERN TRUST CORPO BARROW HANLEY MEWHIN WELLS FARGO NEUBERGER BERMAN LLC MACKAY SHIELDS LLC NORGES BANK GEODE CAPITAL MANAGE

Firm Name Exane BNP Paribas Drexel Hamilton LLC Sanford C. Bernstein & Co Wells Fargo Securities, LLC BMO Capital Markets Robert W. Baird & Co Edward Jones FBR Capital Markets Williams Financial Group Argus Research Corp Morgan Stanley JPMorgan Needham & Co Wedbush B Riley & Co Stifel Cowen and Company Susquehanna Financial Group Barclays Deutsche Bank RBC Capital Markets Credit Suisse SunTrust Robinson Humphrey Jefferies Raymond James Sterne, Agee & Leach Evercore Partners Oppenheimer & Co ISI Group EVA Dimensions MKM Partners Daiwa Securities Co. Ltd. Goldman Sachs Pacific Crest Securities Macquarie Canaccord Genuity Corp Nomura Gabelli & Co S&P Capital IQ Tigress Financial Partners Davenport & Co JMP Securities First Global Stockbroking

Portfolio Name n/a n/a PRIMECAP MANAGEMENT VANGUARD GROUP INC n/a T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN INSTITUTIONAL CAPITA BANK OF NEW YORK MEL HARRIS ASSOC LP n/a n/a DAVIS SELECTED ADVIS NORTHERN TRUST CORPO BARROW HANLEY MEWHIN n/a NEUBERGER BERMAN GRO Multiple Portfolios NORGES BANK GEODE CAPITAL MANAGE

Analyst JEROME RAMEL RICHARD WHITTINGTON STACY A RASGON DAVID M WONG AMBRISH SRIVASTAVA TRISTAN GERRA WILLIAM C KREHER CHRISTOPHER ROLLAND CODY G ACREE JAMES KELLEHER JOSEPH MOORE CHRISTOPHER DANELY VERNON P ESSI JR BETSY VAN HEES CRAIG ELLIS TORE E SVANBERG TIMOTHY M ARCURI CHRISTOPHER CASO BLAYNE CURTIS ROSS C SEYMORE DOUG FREEDMAN JOHN W PITZER WILLIAM STEIN MARK J LIPACIS J STEVEN SMIGIE VIJAY R RAKESH PATRICK WANG RICHARD SCHAFER SUMIT DHANDA ANDREW S ZAMFOTIS ADA MENAKER YOKO YAMADA JAMES V COVELLO MICHAEL MCCONNELL SHAWN WEBSTER ROBERT BURLESON ROMIT SHAH HENDI SUSANTO CHRISTIN ARMACOST IVAN FEINSETH F DRAKE JOHNSTONE ALEX GAUNA ISHANSH VIJ

Source ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F 13F ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F MF-AGG 13F 13F

Recommendation underperform buy market perform market perform outperform neutral hold underperform buy hold Equalwt/In-Line overweight hold outperform buy hold market perform neutral equalweight hold sector perform neutral reduce buy market perform underperform equalweight market perform buy underweight neutral neutral neutral/attractive sector perform neutral hold neutral hold buy underperform neutral market outperform market perform

Amt Held 216'840'160 59'618'874 55'969'515 51'292'102 44'058'837 34'269'123 25'759'856 23'909'469 23'430'134 22'414'916 20'273'911 17'942'665 15'617'642 15'194'471 10'685'085 10'071'468 9'086'316 8'048'900 7'922'648 7'618'610

% Out 19.55 5.38 5.05 4.62 3.97 3.09 2.32 2.16 2.11 2.02 1.83 1.62 1.41 1.37 0.96 0.91 0.82 0.73 0.71 0.69

Weighting

Change 1 5 3 3 5 3 3 1 5 3 3 5 3 5 5 3 3 3 3 3 3 3 2 5 3 1 3 3 5 1 3 3 3 3 3 3 3 3 5 1 3 4 3

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M U M M M M M M M M U N M M M

Latest Chg 23'721'139 (2'154'247) (1'794'238) 1'060'083 (648'203) 773'872 4'216'870 (2'722'709) 1'968'204 (3'663'592) 17'631'515 3'045'513 (259'966) 312'397 (457'012) 138'443 (437'981) (1'191'817) 80'248

Target Price 26 44 38 #N/A N/A 40 35 #N/A N/A 30 41 #N/A N/A #N/A N/A 37 #N/A N/A 37 39 #N/A N/A 36 32 31 32 35 35 30 42 #N/A N/A 31 35 #N/A N/A 40 #N/A N/A 31 36 36 #N/A N/A 38 35 30 #N/A N/A 42 #N/A N/A #N/A N/A 33 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 03.07.2013 31.03.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 04.07.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 30.04.2013 31.12.2012 31.03.2013

Date Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor

Date 03.07.2013 02.07.2013 01.07.2013 01.07.2013 24.06.2013 20.06.2013 14.06.2013 13.06.2013 13.06.2013 12.06.2013 11.06.2013 11.06.2013 11.06.2013 11.06.2013 11.06.2013 11.06.2013 11.06.2013 11.06.2013 11.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 07.06.2013 05.06.2013 03.05.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 02.04.2013 18.03.2013 28.01.2013 17.10.2012 10.06.2011

05.07.2013

UnitedHealth Group Inc UnitedHealth Group Incorporated owns and manages organized health systems in the United States and internationally. The Company provides employers products and resources to plan and administer employee benefit programs. UnitedHealth also serves the health needs of older Americans, provides specialized care services, and provides health care information and research to providers and payers.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.07.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UNH UN EQUITY YTD Change UNH UN EQUITY YTD % CHANGE

12/2012 03/yy 66.36 50.33 198'233.00 65.47 -1.37% 30.08% 94.88% 1'020.0 66'779.86 16'754.00 0.0 2'121.0 11'437.00 73'959.86

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 81'186.0 0.45x 6'244.0 5.85x 2'977.0 9.02x

31.12.2009 31.12.2010 87'138.0 94'155.0 0.40x 0.42x 7'350.0 8'928.0 4.77x 4.39x 3'822.0 4'634.0 9.41x 8.57x Profitability

LTM-4Q 31.12.2011 101'862.0 0.51x 9'588.0 5.45x 5'142.0 10.71x

31.12.2012 110'618.0 0.57x 10'563.0 5.94x 5'526.0 10.27x

10'563.00 9'254.00 8.37% 7.79% 6.84% 17.59% 12.38% 1.46% 25.2% 9.2% 8.0% 5.0% 0.78 0.52 20.71% 53.74% 38.71 -

Price/ Cash Flow

LTM

FY+1

.0 M j-13

1.30 0.95 1'003.78 13.51 21.24% 21.70% 0.949 25 4.640 1'046'520 1'416'909 1'377'490 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 103'712.0 113'676.0 122'686.7 133'534.0 30'520.8 30'689.3 2.02x 2.14x 0.61x 0.54x 2.52x 2.47x 9'710.0 10'425.0 10'888.6 11'545.1 2'537.3 3'004.8 6.12x 6.25x 6.78x 6.39x 6.77x 6.70x 5'184.0 5'330.0 5'531.7 5'898.5 1'277.1 1'552.4 12.25x 11.15x 12.05x 11.24x 11.89x 11.59x S&P Issuer Ratings Long-Term Rating Date 03.11.1998 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 16.71 (EBITDA-Capex)/Interest Exp. 15.02 Net Debt/EBITDA 0.48 Total Debt/EBITDA 1.73 Reference Total Debt/Equity 53.7% Total Debt/Capital 33.5% Asset Turnover 1.46 Net Fixed Asset Turnover 34.95 Accounts receivable turnover-days 9.43 Inventory Days Accounts Payable Turnover Day 74.14 Cash Conversion Cycle Sales/Revenue/Turnover

16.00

120'000.0

14.00

100'000.0

12.00

80'000.0

10.00 8.00

60'000.0

6.00

40'000.0

4.00

20'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

UnitedHealth Group Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK STATE STREET VANGUARD GROUP INC WELLINGTON MANAGEMEN FMR LLC T ROWE PRICE ASSOCIA JP MORGAN CLEARBRIDGE INVESTME INVESCO LTD NORTHERN TRUST CORPO UBS HARRIS ASSOCIATES LP MORGAN STANLEY JENNISON ASSOCIATES BANK OF NEW YORK MEL CREDIT SUISSE AG EAGLE CAPITAL MANAGE UNITED HEALTHCARE IN BUENO EDSON DE GODOY

Firm Name BMO Capital Markets Raymond James Oppenheimer & Co Lazard Capital Markets Wedbush Cowen and Company S&P Capital IQ CRT Capital Group Deutsche Bank Wells Fargo Securities, LLC Susquehanna Financial Group EVA Dimensions Goldman Sachs Monness, Crespi, Hardt & Co Barclays JPMorgan Stifel Argus Research Corp Ameriprise Advisor Services, Inc Credit Suisse Jefferies Cantor Fitzgerald

Portfolio Name n/a n/a n/a VANGUARD GROUP INC WELLINGTON MANAGEMEN n/a T ROWE PRICE ASSOCIA n/a CLEARBRIDGE INVESTME n/a NORTHERN TRUST CORPO n/a HARRIS ASSOC LP n/a JENNISON ASSOCIATES BANK OF NEW YORK MEL n/a EAGLE CAPITAL MANAGE UNITED HEALTHCARE IN n/a

Analyst JENNIFER LYNCH MICHAEL J BAKER MICHAEL WIEDERHORN STEVEN P HALPER SARAH JAMES CHRISTINE ARNOLD PHILLIP SELIGMAN SHERYL R SKOLNICK SCOTT J FIDEL PETER H COSTA CHRIS RIGG AUSTIN BURKETT MATTHEW BORSCH BRIAN M WRIGHT JOSHUA R RASKIN JUSTIN LAKE THOMAS A CARROLL DAVID H TOUNG E EUGENE ROBINSON RALPH GIACOBBE DAVID H WINDLEY JOSEPH D FRANCE

Source ULT-AGG ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG 13F Sch-D Form 4

Recommendation outperform strong buy outperform buy outperform outperform buy buy hold outperform Positive underweight Buy/Neutral buy overweight overweight buy hold buy outperform buy buy

Amt Held 86'319'448 52'945'575 48'780'259 46'796'851 46'101'745 44'704'856 33'792'841 26'127'480 22'380'290 18'018'734 16'219'068 15'946'046 14'628'800 14'615'458 12'429'164 11'603'625 10'897'126 10'378'164 9'668'800 8'416'905

% Out 8.46 5.19 4.78 4.59 4.52 4.38 3.31 2.56 2.19 1.77 1.59 1.56 1.43 1.43 1.22 1.14 1.07 1.02 0.95 0.83

Weighting

Change 5 5 5 5 5 5 5 5 3 5 4 1 5 5 5 5 5 3 5 5 5 5

M M M M M M M M M M M D M M M M M M M M M M

Latest Chg 13'315'739 (6'759'876) (489'374) 518'905 (1'004'803) (2'701'761) 1'308'974 593'939 452'162 238'191 196'046 368'291 1'143'115 8'365'150 86'515 (570'600) (6'225'398) 573'711 -

Target Price 70 70 66 70 70 75 72 72 63 #N/A N/A 79 #N/A N/A 72 68 70 70 70 #N/A N/A #N/A N/A 71 71 70

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 03.07.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 03.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 21.12.2012

Date Not Provided 12 month 18 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 6 month 12 month Not Provided Not Provided Not Provided 12 month 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company n/a

Date 03.07.2013 03.07.2013 03.07.2013 02.07.2013 01.07.2013 28.06.2013 28.06.2013 19.06.2013 18.06.2013 17.06.2013 09.06.2013 04.06.2013 21.05.2013 20.05.2013 09.05.2013 07.05.2013 03.05.2013 30.04.2013 22.04.2013 18.04.2013 18.04.2013 18.04.2013

05.07.2013

Union Pacific Corp Union Pacific Corporation is a rail transportation company. The Company's railroad hauls a variety of goods, including agricultural, automotive, and chemical products. Union Pacific offersslong-haul routes from all major West Coast and Gulf Coast ports to eastern gateways as well as connects with Canada's rail systems and serves the major gateways to Mexico.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UNP UN EQUITY YTD Change UNP UN EQUITY YTD % CHANGE

12/2012 03/yy 161.00 115.42 54'839.00 156.69 -2.78% 35.76% 87.49% 466.8 73'139.55 8'997.00 0.0 0.0 1'063.00 81'083.55

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.8 M

160

1.6 M

140

1.4 M

120

1.2 M

100

1.0 M

.8 M

.6 M

.4 M

.2 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 17'970.0 1.77x 5'462.0 5.81x 2'338.0 10.53x

180

31.12.2009 31.12.2010 14'143.0 16'965.0 2.85x 3.17x 4'806.0 6'468.0 8.38x 8.30x 1'890.0 2'780.0 17.98x 16.59x Profitability

LTM-4Q 31.12.2011 19'557.0 2.99x 7'341.0 7.97x 3'292.0 15.88x

31.12.2012 20'926.0 3.20x 8'505.0 7.87x 3'943.0 15.26x

8'505.00 6'745.00 32.23% 30.19% 8.60% 20.76% 15.16% 0.45% 40.9% 32.5% 18.8% 1.16 0.77 19.08% 45.26% 14.87 -

Price/ Cash Flow

LTM

03/yy 20'179.0 11.09x 7'746.0 7.63x 3'516.0 14.99x

03/yy 21'104.0 12.81x 8'635.0 8.62x 4'037.0 16.80x

FY+1

.0 M j-13

1.65 1.09 464.25 3.91 34.39% 25.83% 1.092 30 4.200 495'826 486'529 487'111 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 22'282.4 23'906.2 5'504.9 5'767.9 3.63x 3.37x 14.72x 14.03x 9'347.4 10'288.8 2'320.0 2'477.3 8.67x 7.88x 8.49x 8.30x 4'439.6 4'963.4 1'096.4 1'194.3 16.45x 14.37x 15.90x 15.38x S&P Issuer Ratings

23.04.2012 ASTABLE 29.05.2002 A-2 15.90 8.91 0.92 1.14 45.3% 31.2% 0.45 0.51 24.55 -

Sales/Revenue/Turnover

14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00 6.00

10'000.0

4.00

5'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

Union Pacific Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC FMR LLC STATE STREET T ROWE PRICE ASSOCIA WINSLOW CAPITAL MANA JP MORGAN BANK OF NEW YORK MEL JENNISON ASSOCIATES NORTHERN TRUST CORPO MACKAY SHIELDS LLC WELLS FARGO UBS AMERIPRISE FINANCIAL NORGES BANK DIMENSIONAL FUND ADV TIAA CREF INVESTMENT AMERICAN CENTURY COM JANUS CAPITAL MANAGE

Firm Name Jefferies TD Securities Wolfe Research Stifel Wells Fargo Securities, LLC Cowen and Company Edward Jones Sanford C. Bernstein & Co Avondale Partners LLC Robert W. Baird & Co Barclays Goldman Sachs Morgan Stanley RBC Capital Markets JPMorgan BMO Capital Markets Deutsche Bank Atlantic Equities LLP Argus Research Corp Credit Suisse Ameriprise Advisor Services, Inc Stephens Inc Raymond James FBR Capital Markets BB&T Capital Markets Susquehanna Financial Group EVA Dimensions

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a T ROWE PRICE ASSOCIA WINSLOW CAPITAL MANA n/a BANK OF NEW YORK MEL JENNISON ASSOCIATES NORTHERN TRUST CORPO Multiple Portfolios n/a n/a AMERIPRISE FINANCIAL NORGES BANK n/a TIAA-CREF INVESTMENT AMERICAN CENTURY COM n/a

Analyst H PETER NESVOLD CHERILYN RADBOURNE SCOTT H GROUP JOHN G LARKIN ANTHONY P GALLO JASON H SEIDL LOGAN PURK DAVID VERNON DONALD BROUGHTON BENJAMIN J HARTFORD BRANDON OGLENSKI TOM KIM WILLIAM J GREENE WALTER SPRACKLIN THOMAS R WADEWITZ FADI CHAMOUN JUSTIN B YAGERMAN RORRIE MARS NATHANIEL GABRIEL CHRISTOPHER J CERASO FREDERICK M SCHULTZ JUSTIN LONG PATRICK TYLER BROWN JOHN R MIMS MARK A LEVIN MATT TROY CRAIG STERLING

Source ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F 13F MF-AGG ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG

Recommendation buy hold outperform hold outperform outperform hold market perform market outperform outperform overweight neutral/neutral Overwt/Attractive sector perform overweight outperform buy neutral buy outperform buy equalweight outperform outperform hold Positive hold

Amt Held 47'955'857 29'889'279 21'541'785 21'314'643 18'584'884 15'037'121 8'951'611 8'839'047 7'158'736 6'677'346 6'487'315 6'302'740 6'063'684 4'975'865 4'709'671 4'213'790 4'051'986 3'864'788 3'294'184 3'227'249

% Out 10.27 6.4 4.61 4.57 3.98 3.22 1.92 1.89 1.53 1.43 1.39 1.35 1.3 1.07 1.01 0.9 0.87 0.83 0.71 0.69

Weighting

Change 5 3 5 3 5 5 3 3 4 5 5 3 5 3 5 5 5 3 5 5 5 3 5 5 3 4 3

M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 758'614 3'563'174 506'460 (440'166) (159'197) (2'249'222) (979'878) 617'868 (114'073) (311'717) 107'822 107'336 359'271 (55'775) (314'523) 708 (469'539) (361'069) (399'686)

Target Price 177 161 167 #N/A N/A #N/A N/A 174 #N/A N/A 152 157 158 170 171 169 148 167 171 164 155 155 175 #N/A N/A 147 150 165 #N/A N/A 161 #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 03.07.2013 31.03.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 30.04.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013

Date 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 6 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 05.07.2013 04.07.2013 03.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 28.06.2013 27.06.2013 25.06.2013 24.06.2013 21.06.2013 20.06.2013 14.06.2013 04.06.2013 28.05.2013 07.05.2013 22.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 15.01.2013

05.07.2013

United Parcel Service Inc United Parcel Service, Inc.(UPS) delivers packages and documents throughout the United States and in other countries and territories. The Company also provides global supply chain services and less-than-truckload transportation, primarily in the U.S. UPS's business consists of integrated air and ground pick-up and delivery network

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.05.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UPS UN EQUITY YTD Change UPS UN EQUITY YTD % CHANGE

12/2012 03/yy 89.96 69.56 70'881.00 87 -3.31% 25.07% 81.37% 724.7 82'148.25 12'870.00 0.0 80.0 7'924.00 87'497.25

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 51'486.0 1.24x 7'196.0 8.86x 3'003.0 15.76x

100 90 80 70 60 50 40 30 20 10 0 j-12

31.12.2009 31.12.2010 45'297.0 49'545.0 1.42x 1.59x 5'548.0 7'433.0 11.63x 10.60x 2'152.0 3'338.0 24.87x 21.59x Profitability

LTM-4Q 31.12.2011 53'105.0 1.46x 7'862.0 9.85x 3'804.0 18.62x

31.12.2012 54'127.0 1.39x 3'201.0 23.52x 807.0 16.50x

3'201.00 1'343.00 2.48% 1.80% 2.36% 15.27% 6.77% 1.47% 12.0% 5.9% 2.5% 1.5% 1.86 1.67 33.12% 276.60% 9.67 -

Price/ Cash Flow

LTM

03/yy 53'659.0 5.72x 7'977.0 10.46x 3'859.0 20.28x

03/yy 54'425.0 5.83x 3'227.0 26.81x 874.0 19.04x

FY+1

.0 M j-13

2.68 0.88 724.24 10.36 12.81% 19.72% 0.883 32 4.125 696'423 806'969 825'749 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 56'478.3 59'903.2 13'808.9 13'902.8 1.55x 1.45x 6.44x 6.39x 9'465.2 10'330.8 2'304.9 2'340.5 9.25x 8.47x 9.10x 8.90x 4'711.9 5'189.6 1'135.3 1'158.4 17.46x 15.28x 16.94x 16.36x S&P Issuer Ratings

21.09.2012 A+ NEG 21.09.2012 A-1 7.79 2.55 1.65 3.93 276.6% 73.1% 1.47 3.07 37.74 16.49 -

Sales/Revenue/Turnover

25.00

60'000.0 50'000.0

20.00

40'000.0 15.00

30'000.0 10.00

20'000.0

5.00

0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

United Parcel Service Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CAPITAL GROUP COMPAN SUN LIFE FINANCIAL I WELLINGTON MANAGEMEN FMR LLC T ROWE PRICE ASSOCIA BANK OF AMERICA CORP NORTHERN TRUST CORPO BANK OF NEW YORK MEL JANUS CAPITAL MANAGE WELLS FARGO FRANKLIN RESOURCES PRIMECAP MANAGEMENT OPPENHEIMERFUNDS INC AMERICAN CENTURY COM NORGES BANK DEUTSCHE BANK AG CLEARBRIDGE INVESTME

Firm Name Stifel Wolfe Research Jefferies Cowen and Company Robert W. Baird & Co Oppenheimer & Co Deutsche Bank Thompson, Davis & Company Goldman Sachs JPMorgan Avondale Partners LLC Wells Fargo Securities, LLC Morgan Stanley Atlantic Equities LLP RBC Capital Markets Sanford C. Bernstein & Co Edward Jones Macquarie Barclays Argus Research Corp Credit Suisse Telsey Advisory Group Accountability Research Corp Stephens Inc William Blair & Co Raymond James BB&T Capital Markets S&P Capital IQ Nomura EVA Dimensions

Portfolio Name n/a VANGUARD GROUP INC n/a n/a n/a WELLINGTON MANAGEMEN n/a T ROWE PRICE ASSOCIA BANK OF AMERICA NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a n/a n/a PRIMECAP MANAGEMENT OPPENHEIMER FUNDS IN AMERICAN CENTURY COM NORGES BANK n/a CLEARBRIDGE INVESTME

Analyst DAVID G ROSS SCOTT H GROUP H PETER NESVOLD HELANE R BECKER BENJAMIN J HARTFORD SCOTT A SCHNEEBERGER JUSTIN B YAGERMAN DAVID P CAMPBELL TOM KIM THOMAS R WADEWITZ DONALD BROUGHTON ANTHONY P GALLO WILLIAM J GREENE RORRIE MARS JOHN L BARNES III DAVID VERNON LOGAN PURK KELLY A DOUGHERTY BRANDON OGLENSKI NATHANIEL GABRIEL CHRISTOPHER J CERASO JOSHUA HERRITY MARK SUAREZ JACK ATKINS NATHAN J BROCHMANN ARTHUR W HATFIELD KEVIN W STERLING JAMES CORRIDORE MARK MCVICAR CRAIG STERLING

Source ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F 13F ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F 13F ULT-AGG 13F

Recommendation hold peerperform hold market perform neutral outperform buy buy neutral/attractive overweight market perform market perform Equalwt/Attractive overweight outperform outperform hold outperform equalweight buy outperform no rating system buy equalweight outperform strong buy buy buy neutral overweight

Amt Held 43'355'728 34'060'767 30'198'297 26'112'200 25'469'061 20'845'610 19'017'700 12'601'675 11'183'797 10'416'441 9'519'032 7'843'085 7'384'208 6'782'441 6'748'588 6'157'860 5'840'077 5'826'023 5'783'095 5'770'260

% Out 5.98 4.7 4.17 3.6 3.51 2.88 2.62 1.74 1.54 1.44 1.31 1.08 1.02 0.94 0.93 0.85 0.81 0.8 0.8 0.8

Weighting

Change

3 3 3 3 3 5 5 5 3 5 3 3 3 5 5 5 3 5 3 5 5 #N/A N/A 5 3 5 5 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 N M M M M M M M D

Latest Chg 3'353'674 787'559 1'765'297 (1'363'487) 1'261'998 1'316'893 2'467'390 (4'326'545) (516'647) 431'025 (210'820) (622'781) 726'878 76'551 (551'850) 24'499 951'838 2'027'071 333'449

Target Price #N/A N/A #N/A N/A 80 88 96 97 99 105 97 90 85 #N/A N/A #N/A N/A 95 100 96 #N/A N/A 93 92 98 96 99 100 90 #N/A N/A 98 95 100 90 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.05.2013 31.03.2013

Date Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 18 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor

Date 03.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 28.06.2013 26.06.2013 24.06.2013 21.06.2013 21.06.2013 21.06.2013 21.06.2013 20.06.2013 20.06.2013 14.06.2013 07.06.2013 03.06.2013 01.06.2013 22.05.2013 20.05.2013 14.05.2013 07.05.2013 03.05.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 11.04.2013 08.02.2013

05.07.2013

US Bancorp/MN U.S. Bancorp is a diversified financial services company that provides lending and depository services, cash management, foreign exchange and trust and investment management services. The Company also provides credit card services, mortgage banking, insurance, brokerage, and leasing. U.S Bancorp operates in the Midwest and Western United States.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.07.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (7/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 USB UN EQUITY YTD Change USB UN EQUITY YTD % CHANGE

12/2012 03/yy 36.72 30.96 370'455.00 36.61 -0.30% 18.25% 94.07% 1'849.6 67'715.41 51'818.00 4'769.0 1'269.0 8'252.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 19'229.0 2'946.0 15.34x

31.12.2009 31.12.2010 19'490.0 20'518.0 2'205.0 3'317.0 21.44x 15.78x Profitability

LTM-4Q 31.12.2011 21'399.0 4'872.0 11.27x

31.12.2012 22'202.0 5'647.0 11.14x

38.91% 38.51% 1.65% 16.31% 5.93% 0.06% 28.1% 14.64% 151.39% -

Price/ Cash Flow

LTM

03/yy 21'758.0 0.00x 0.0 0.00x 5'164.0 12.40x

03/yy 22'007.0 0.00x 0.0 0.00x 5'737.0 11.59x

FY+1

.0 M j-13

2.13 1.07 1'846.93 20.26 15.09% 16.02% 1.070 40 3.675 2'315'967 2'782'477 2'608'914 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 19'892.8 20'456.7 4'987.5 4'997.7 5'640.8 5'808.5 1'421.1 1'422.6 12.07x 11.34x 11.97x 11.80x S&P Issuer Ratings

20.08.2012 A+ STABLE 17.06.2009 A-1 151.4% 56.3% 0.06 8.34 -

Sales/Revenue/Turnover

16.00

25'000.0

14.00

20'000.0

12.00 10.00

15'000.0

8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

US Bancorp/MN Holdings By:

All

Holder Name BLACKROCK FMR LLC VANGUARD GROUP INC STATE STREET T ROWE PRICE ASSOCIA BERKSHIRE HATHAWAY I CAPITAL GROUP COMPAN NORTHERN TRUST CORPO BROWN BROTHERS HARRI BANK OF NEW YORK MEL US BANCORP NORGES BANK GENERAL RE NEW ENGLA JANUS CAPITAL MANAGE GENERAL REINSURANCE UBS TIAA CREF INVESTMENT WELLINGTON MANAGEMEN YACKTMAN ASSET MANAG GEODE CAPITAL MANAGE

Firm Name

Portfolio Name n/a n/a VANGUARD GROUP INC n/a T ROWE PRICE ASSOCIA n/a n/a NORTHERN TRUST CORPO BROWN BROTHERS HARRI BANK OF NEW YORK MEL US BANCORP NORGES BANK GENERAL RE NEW ENGLA n/a GENERAL REINSURANCE n/a TIAA-CREF INVESTMENT WELLINGTON MANAGEMEN YACKTMAN ASSET MANAG GEODE CAPITAL MANAGE

Analyst

BMO Capital Markets PETER J WINTER Robert W. Baird & Co DAVID A GEORGE Sanford C. Bernstein & Co JOHN E MCDONALD Evercore Partners ANDREW A MARQUARDT Guggenheim Securities LLC MARTY L MOSBY III Oppenheimer & Co CHRISTOPHER M KOTOWSKI Jefferies KENNETH M USDIN Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO Raymond James DAVID J LONG Sandler O'Neill & Partners, LP R SCOTT SIEFERS Portales Partners JENNIFER A THOMPSON Sterne, Agee & Leach TODD L HAGERMAN Edward Jones SHANNON L STEMM SunTrust Robinson Humphrey ERIC E WASSERSTROM RBC Capital Markets JON G ARFSTROM Wells Fargo Securities, LLC MATTHEW H BURNELL Susquehanna Financial Group JACK MICENKO Atlantic Equities LLP RICHARD STAITE Rafferty Capital Markets RICHARD X BOVE SR Goldman Sachs RICHARD N RAMSDEN Daiwa Securities Co. Ltd. KAZUKI WATANABE Deutsche Bank MATTHEW D O'CONNOR Drexel Hamilton LLC DAVID B HILDER EVA Dimensions AUSTIN BURKETT Barclays JASON M GOLDBERG Scotia Capital KEVIN R CHOQUETTE JPMorgan VIVEK JUNEJA Morgan Stanley BETSY L GRASECK Argus Research Corp DAVID RITTER FBR Capital Markets PAUL J MILLER JR Credit Suisse MOSHE A ORENBUCH Hilliard Lyons ROSS A DEMMERLE Compass Point Research & Trading LLC KEVIN BARKER Nomura KEITH MURRAY S&P Capital IQ ERIK M OJA Meredith Whitney Advisory Group MEREDITH A WHITNEY

Source ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F ULT-AGG Sch-D ULT-AGG 13F 13F 13F 13F

Recommendation market perform outperform market perform equalweight neutral market perform hold outperform strong buy buy outperform neutral hold neutral outperform market perform Positive underweight hold neutral/attractive outperform buy buy overweight overweight sector perform neutral Equalwt/Attractive hold outperform outperform neutral neutral buy hold hold

Amt Held 134'266'296 83'666'762 83'325'319 79'194'758 68'645'270 61'458'101 43'963'190 31'536'198 27'521'972 21'720'184 20'198'268 17'502'619 17'491'443 15'618'442 14'559'100 13'969'094 13'652'862 13'369'932 12'678'132 12'612'863

% Out 7.26 4.52 4.5 4.28 3.71 3.32 2.38 1.7 1.49 1.17 1.09 0.95 0.95 0.84 0.79 0.76 0.74 0.72 0.69 0.68

Weighting

Change 3 5 3 3 3 3 3 5 5 5 5 3 3 3 5 3 4 1 3 3 5 5 5 5 5 3 3 3 3 5 5 3 3 5 3 3

M M M M M M M M M M M M M M M M M D M M M M M U M M M M M M M M M N D M

Latest Chg 6'555'085 (1'599'555) 1'726'353 (379'477) 5'726'479 193'500 3'960'000 1'194'082 1'905'495 (2'965'177) (330'389) 500 (253'870) 1'693'249 (2'499'466) (866'712) (9'830) 200'769

Target Price 36 37 38 35 41 #N/A N/A 39 39 38 39 #N/A N/A 35 #N/A N/A 37 37 #N/A N/A 39 34 37 37 35 38 40 #N/A N/A 40 40 36 36 #N/A N/A 36 38 #N/A N/A 35 38 34 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 03.07.2013 31.03.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

Date Not Provided 12 month 12 month 12 month 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 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 6 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Insurance Company Investment Advisor Insurance Company Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.07.2013 02.07.2013 02.07.2013 02.07.2013 02.07.2013 28.06.2013 27.06.2013 26.06.2013 26.06.2013 25.06.2013 25.06.2013 21.06.2013 20.06.2013 20.06.2013 18.06.2013 18.06.2013 13.06.2013 12.06.2013 11.06.2013 24.05.2013 13.05.2013 11.05.2013 09.05.2013 07.05.2013 06.05.2013 02.05.2013 01.05.2013 17.04.2013 17.04.2013 17.04.2013 16.04.2013 16.04.2013 16.04.2013 05.02.2013 16.01.2013 18.07.2012

05.07.2013

United Technologies Corp United Technologies Corporation provides technology products and support services to customers in the aerospace and building industries worldwide. The Company's products include aircraft engines, elevators and escalators, heating and air conditioning equipment, helicopters, aerospace systems, fuel cell systems, and fire and safety equipment.

Price/Volume 120

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/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 UTX UN EQUITY YTD Change UTX UN EQUITY YTD % CHANGE

12/2012 03/yy 98.18 70.95 287'528.00 95.66 -2.68% 34.83% 87.33% 919.3 87'940.31 23'221.00 0.0 1'393.0 4'819.00 107'621.31

4.0 M 3.0 M

2.0 M 20

1.0 M

0 j-12

31.12.2009 31.12.2010 52'920.0 54'326.0 1.35x 1.47x 7'723.0 8'542.0 9.28x 9.36x 3'829.0 4'373.0 14.64x 16.19x Profitability

LTM-4Q 31.12.2011 55'754.0 1.29x 9'109.0 7.89x 4'979.0 13.45x

31.12.2012 57'708.0 1.65x 9'208.0 10.33x 5'130.0 15.19x

9'208.00 7'684.00 13.32% 11.98% 8.08% 24.92% 16.98% 0.79% 27.0% 16.1% 13.4% 8.9% 1.24 0.67 25.97% 89.61% 6.08 4.72

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 55'497.0 5.60x 9'124.0 8.81x 4'297.0 15.32x

d-12

03/yy 59'691.0 6.39x 9'625.0 10.97x 6'066.0 16.86x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

2.18 1.11 916.20 5.85 29.55% 18.00% 1.108 27 4.556 1'218'277 1'029'067 971'080 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 64'542.2 68'190.7 16'407.0 16'367.1 1.58x 1.47x 6.49x 6.46x 10'952.8 11'955.4 2'850.3 2'816.4 9.84x 9.01x 9.63x 9.44x 5'581.2 6'289.9 1'427.1 1'424.0 15.65x 13.72x 15.42x 14.90x S&P Issuer Ratings

02.10.2003 A STABLE 28.01.1992 A-1 10.10 8.57 1.88 2.37 89.6% 46.0% 0.79 8.37 60.00 77.39 46.04 90.69

Sales/Revenue/Turnover

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

a-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

7.0 M

Valuation Analysis

31.12.2008 59'757.0 0.98x 8'946.0 6.54x 4'689.0 10.78x

8.0 M

100

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

United Technologies Corp Holdings By:

All

Holder Name STATE STREET BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN SUN LIFE FINANCIAL I FMR LLC T ROWE PRICE ASSOCIA JP MORGAN WELLINGTON MANAGEMEN BANK OF NEW YORK MEL NORTHERN TRUST CORPO BANK OF AMERICA CORP UBS WELLS FARGO ABERDEEN JENNISON ASSOCIATES FRANKLIN RESOURCES NORGES BANK EVERCORE TRUST COMPA INVESCO LTD

Firm Name Jefferies Atlantic Equities LLP Sanford C. Bernstein & Co Wells Fargo Securities, LLC Goldman Sachs Drexel Hamilton LLC RBC Capital Markets Morgan Stanley Deutsche Bank Edward Jones Argus Research Corp JPMorgan Cowen and Company William Blair & Co Credit Suisse Sterne, Agee & Leach FBR Capital Markets Ameriprise Advisor Services, Inc Nomura Barclays Oppenheimer & Co Langenberg & Co S&P Capital IQ EVA Dimensions Gabelli & Co

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a n/a T ROWE PRICE ASSOCIA n/a WELLINGTON MANAGEMEN BANK OF NEW YORK MEL NORTHERN TRUST CORPO BANK OF AMERICA n/a n/a n/a JENNISON ASSOCIATES n/a NORGES BANK EVERCORE TRUST COMPA n/a

Analyst HOWARD A RUBEL RICHARD RADBOURNE DOUGLAS S HARNED SAMUEL J PEARLSTEIN NOAH POPONAK RICHARD WHITTINGTON ROBERT STALLARD NIGEL COE MYLES WALTON CHRISTIAN MAYES NATHANIEL GABRIEL JOSEPH B NADOL III CAI VON RUMOHR NICHOLAS P HEYMANN JULIAN MITCHELL PETER J ARMENT AJAY K KEJRIWAL FREDERICK M SCHULTZ SHANNON O'CALLAGHAN CARTER COPELAND YAIR REINER BRIAN KEITH LANGENBERG RICHARD TORTORIELLO CRAIG STERLING ZAHID SIDDIQUE

Source ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG

Recommendation buy overweight market perform outperform neutral/attractive buy outperform Overwt/In-Line buy buy buy overweight outperform outperform outperform buy market perform buy buy overweight market perform buy buy sell hold

Amt Held 106'425'733 55'539'333 46'229'438 41'377'408 31'568'870 30'502'787 26'052'887 25'767'662 18'671'635 15'478'906 14'540'941 13'712'241 12'529'783 9'490'459 9'275'516 8'374'381 7'852'086 7'312'921 7'048'870 6'930'410

% Out 11.58 6.04 5.03 4.5 3.43 3.32 2.83 2.8 2.03 1.68 1.58 1.49 1.36 1.03 1.01 0.91 0.85 0.8 0.77 0.75

Weighting

Change 5 5 3 5 3 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 3 5 5 1 3

M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg (4'911'605) 1'503'245 942'203 (4'748'823) 732'542 3'421'354 3'328'730 2'477'324 3'297'350 288'579 6'581 1'680'417 540'504 366'480 (42'200) (73'180) (415'167) (4'007'925) 182'360

Target Price 105 110 98 #N/A N/A 102 100 115 105 105 #N/A N/A 103 110 #N/A N/A 115 98 99 95 #N/A N/A 103 105 #N/A N/A 100 98 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 02.07.2013 03.07.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 30.04.2013 31.03.2013 30.04.2013 31.12.2012 31.03.2013 03.07.2013

Date 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 6 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor

Date 03.07.2013 02.07.2013 28.06.2013 28.06.2013 27.06.2013 24.06.2013 21.06.2013 19.06.2013 14.06.2013 14.06.2013 11.06.2013 11.06.2013 10.06.2013 22.05.2013 21.05.2013 01.05.2013 30.04.2013 26.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 23.01.2013 15.01.2013 20.10.2011

05.07.2013

Visa Inc Visa Inc. operates a retail electronic payments network and manages global financial services. The Company also offers global commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses and government entities.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.07.2013) 52-Week Low (11.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance V UN EQUITY YTD Change V UN EQUITY YTD % CHANGE

09/2012 03/yy 188.90 119.59 132'723.00 188.25 -0.37% 57.41% 99.38% 518.0 122'353.95 0.00 0.0 0.0 6'100.00 116'660.95

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 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 30.09.2008 6'263.0 7.60x 2'939.0 16.20x 804.0 26.24x

200 180 160 140 120 100 80 60 40 20 0 j-12

30.09.2009 30.09.2010 6'911.0 8'065.0 7.98x 7.19x 3'766.0 4'809.0 14.64x 12.06x 2'353.0 2'966.0 21.88x 18.70x Profitability

LTM-4Q 30.09.2011 9'188.0 7.13x 5'751.0 11.39x 3'650.0 16.59x

30.09.2012 10'421.0 9.86x 6'572.0 15.64x 2'144.0 18.94x 6'572.00 6'239.00 59.87% 21.18% 6.64% 8.61% 0.31% 63.4% 60.2% 20.6% 1.48 0.45 0.00% 0.00% 15.24 -

Price/ Cash Flow

LTM

03/yy 9'830.0 30.60x 6'243.0 14.64x 4'206.0 19.34x

03/yy 11'100.0 38.15x 7'042.0 18.32x 2'386.0 21.53x

FY+1

.0 M j-13

0.58 0.91 517.21 10.51 50.20% 24.68% 0.907 42 4.262 721'215 905'090 902'255 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 11'721.0 13'023.5 2'890.6 3'031.7 10.04x 8.86x 41.04x 38.47x 7'540.3 8'583.4 1'819.7 1'864.3 15.45x 13.57x 14.55x 14.07x 4'928.9 5'592.1 1'176.3 1'200.6 25.16x 21.61x 23.53x 22.52x S&P Issuer Ratings

20.05.2008 A+ STABLE 20.05.2008 A-1 -0.81 0.00 0.0% 0.0% 0.31 6.91 23.96 -

Sales/Revenue/Turnover

250.00

12'000.0 10'000.0

200.00

8'000.0 150.00

6'000.0 100.00

4'000.0

50.00

0.00 02.10.2009

2'000.0 0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

Visa Inc Holdings By:

All

Holder Name BLACKROCK FMR LLC VANGUARD GROUP INC STATE STREET SANDS CAPITAL MANAGE SUN LIFE FINANCIAL I T ROWE PRICE ASSOCIA MORGAN STANLEY JP MORGAN WINSLOW CAPITAL MANA NORTHERN TRUST CORPO UBS BANK OF NEW YORK MEL CAPITAL GROUP COMPAN AMERIPRISE FINANCIAL MACQUARIE GROUP JENNISON ASSOCIATES SPO ADVISORY CORP NORGES BANK PRIMECAP MANAGEMENT

Firm Name RBC Capital Markets Jefferies Robert W. Baird & Co Sanford C. Bernstein & Co Wells Fargo Securities, LLC Evercore Partners Morgan Stanley Pacific Crest Securities Raymond James JPMorgan William Blair & Co Macquarie Stifel BNP Paribas Equity Research Guggenheim Securities LLC Portales Partners Janney Montgomery Scott LLC FBR Capital Markets Buckingham Research Group Nomura Cowen and Company Susquehanna Financial Group Barclays Deutsche Bank Credit Suisse Keefe, Bruyette & Woods Sterne, Agee & Leach Oppenheimer & Co Goldman Sachs Wedbush Argus Research Corp Edward Jones Daiwa Securities Co. Ltd. Ameriprise Advisor Services, Inc SunTrust Robinson Humphrey EVA Dimensions S&P Capital IQ Meredith Whitney Advisory Group Fincorp SAOG Lazard Capital Markets

Portfolio Name n/a n/a VANGUARD GROUP INC n/a SANDS CAPITAL MANAGE n/a T ROWE PRICE ASSOCIA n/a n/a WINSLOW CAPITAL MANA NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL n/a AMERIPRISE FINANCIAL n/a JENNISON ASSOCIATES SPO ADVISORY CORP NORGES BANK PRIMECAP MANAGEMENT

Analyst DANIEL R PERLIN JASON KUPFERBERG DAVID J KONING RODERICK BOURGEOIS TIMOTHY W WILLI DAVID M TOGUT SMITTIPON SRETHAPRAMOTE JAMES FAUCETTE WAYNE JOHNSON TIEN-TSIN HUANG ROBERT P NAPOLI KEVIN MCVEIGH CHRISTOPHER C BRENDLER ARVIND RAMNANI DAVID W DARST WILLIAM H RYAN THOMAS C MCCROHAN SCOTT VALENTIN DAVID HOCHSTIM BILL CARCACHE MOSHE KATRI JAMES E FRIEDMAN DARRIN D PELLER BRYAN KEANE MOSHE A ORENBUCH SANJAY SAKHRANI GREGORY SMITH GLENN GREENE JULIO C QUINTEROS JR GIL B LURIA DAVID RITTER JOSH OLSON KAZUKI WATANABE LORI WILKING ANDREW W JEFFREY ANDREW S ZAMFOTIS SONIA PARECHANIAN MEREDITH A WHITNEY GAURAV RAMAIYA JENNIFER DUGAN

Source ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F

Recommendation outperform buy neutral market perform market perform overweight Overwt/In-Line outperform strong buy overweight outperform outperform buy hold buy sector perform neutral market perform buy buy outperform Positive overweight buy outperform outperform neutral outperform Buy/Neutral neutral hold hold outperform buy buy hold hold outperform buy buy

Amt Held 30'078'494 29'456'696 24'131'820 20'059'525 14'219'280 13'271'200 13'251'906 9'682'364 7'723'685 6'999'811 6'824'048 6'485'184 6'106'684 5'942'950 5'743'769 5'660'846 5'546'685 4'961'653 4'798'922 4'786'087

% Out 5.81 5.69 4.66 3.87 2.75 2.56 2.56 1.87 1.49 1.35 1.32 1.25 1.18 1.15 1.11 1.09 1.07 0.96 0.93 0.92

Weighting

Change 5 5 3 3 3 5 5 5 5 5 5 5 5 3 5 3 3 3 5 5 5 4 5 5 5 5 3 5 5 3 3 3 5 5 5 3 3 5 5 5

M M M M M M N M M M M M M M M M M M M M M M M M M M M M M M M M M M M U M M N M

Latest Chg 226'415 (3'192'950) 692'139 (183'578) 936'701 353'314 (313'361) 21'155 48'916 (1'232'725) 151'674 (1'109'549) 796'826 (190'234) (1'268'280) 453'481 (360'675) (253'600)

Target Price 186 196 190 181 #N/A N/A 241 215 180 210 191 #N/A N/A 200 205 175 205 #N/A N/A 175 180 210 220 #N/A N/A 184 200 196 192 205 #N/A N/A 200 200 145 #N/A N/A #N/A N/A 195 #N/A N/A 205 #N/A N/A 169 134 105 105

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Unclassified 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.12.2012 Government 31.03.2013 Investment Advisor

Date 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month

Date 03.07.2013 03.07.2013 28.06.2013 28.06.2013 28.06.2013 20.06.2013 19.06.2013 17.06.2013 17.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 07.06.2013 07.06.2013 07.06.2013 07.06.2013 07.06.2013 07.06.2013 07.06.2013 06.06.2013 06.06.2013 06.06.2013 06.06.2013 06.06.2013 03.06.2013 31.05.2013 30.05.2013 28.05.2013 17.05.2013 09.05.2013 02.05.2013 27.04.2013 07.02.2013 25.07.2012 27.10.2011 10.06.2011

05.07.2013

Verizon Communications Inc Verizon Communications Inc. is an integrated telecommunications company that provides wire line voice and data services, wireless services, Internet services, and published directory information. The Company also provides network services for the federal government including business phone lines, data services, telecommunications equipment and payphones.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.04.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (7/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 VZ UN EQUITY YTD Change VZ UN EQUITY YTD % CHANGE

12/2012 03/yy 54.30 40.51 551'327.00 50.43 -7.16% 24.49% 76.14% 2'861.0 144'280.23 51'987.00 0.0 52'376.0 3'563.00 245'304.23

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 97'354.0 1.80x 32'830.0 5.34x 6'428.0 13.35x

31.12.2009 31.12.2010 107'808.0 106'565.0 1.82x 1.83x 32'512.0 31'050.0 6.04x 6.28x 4'894.0 2'549.0 11.16x 18.52x Profitability

LTM-4Q 31.12.2011 110'875.0 1.85x 29'376.0 6.98x 2'404.0 18.66x

31.12.2012 115'846.0 1.94x 29'620.0 7.58x 875.0 19.32x

29'620.00 13'160.00 11.36% 8.54% 0.51% 3.26% 0.52% 60.1% 26.3% 12.1% 0.8% 0.79 0.60 23.08% 156.79% 10.15 49.32

Price/ Cash Flow

LTM

FY+1

.0 M j-13

4.06 0.70 2'860.56 45.28 17.28% 19.17% 0.695 38 4.000 2'604'536 2'779'460 2'698'610 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 112'127.0 117'024.0 120'547.3 125'249.1 29'824.0 30'188.3 7.23x 7.82x 1.97x 1.83x 8.19x 7.98x 30'122.0 30'737.0 41'715.3 44'592.0 10'596.3 10'739.4 6.82x 7.86x 5.88x 5.50x 5.77x 5.68x 2'651.0 1'141.0 8'028.0 9'152.9 2'082.2 2'134.4 17.12x 20.96x 18.04x 15.70x 17.14x 16.54x S&P Issuer Ratings Long-Term Rating Date 06.12.2010 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 06.12.2010 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 9.95 (EBITDA-Capex)/Interest Exp. 4.52 Net Debt/EBITDA 1.52 Total Debt/EBITDA 1.72 Reference Total Debt/Equity 156.8% Total Debt/Capital 37.8% Asset Turnover 0.52 Net Fixed Asset Turnover 1.33 Accounts receivable turnover-days 35.94 Inventory Days 7.40 Accounts Payable Turnover Day 109.05 Cash Conversion Cycle -75.29 Sales/Revenue/Turnover

5.00

140'000.0

4.50

120'000.0

4.00 3.50

100'000.0

3.00

80'000.0

2.50

60'000.0

2.00

40'000.0

1.50 1.00

20'000.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

Verizon Communications Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC NORTHERN TRUST CORPO WELLINGTON MANAGEMEN BANK OF NEW YORK MEL JP MORGAN BANK OF AMERICA CORP T ROWE PRICE ASSOCIA AMERIPRISE FINANCIAL NORGES BANK GEODE CAPITAL MANAGE TIAA CREF INVESTMENT BARROW HANLEY MEWHIN INVESCO LTD UBS SUN LIFE FINANCIAL I MORGAN STANLEY

Firm Name BMO Capital Markets Scotia Capital Jefferies Wells Fargo Securities, LLC Canaccord Genuity Corp Raymond James Evercore Partners Robert W. Baird & Co Macquarie Oppenheimer & Co RBC Capital Markets Edward Jones New Street Research Pacific Crest Securities Barclays Morgan Stanley Nomura Cowen and Company JPMorgan Stifel S&P Capital IQ Atlantic Equities LLP Accountability Research Corp Deutsche Bank Argus Research Corp Hilliard Lyons FBR Capital Markets Gabelli & Co Piper Jaffray Goldman Sachs William Blair & Co Janco Partners Inc Telsey Advisory Group Tigress Financial Partners HSBC EVA Dimensions

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a NORTHERN TRUST CORPO WELLINGTON MANAGEMEN BANK OF NEW YORK MEL n/a BANK OF AMERICA T ROWE PRICE ASSOCIA AMERIPRISE FINANCIAL NORGES BANK GEODE CAPITAL MANAGE TIAA-CREF INVESTMENT BARROW HANLEY MEWHIN n/a n/a n/a n/a

Analyst KEVIN MANNING JEFFREY FAN THOMAS O SEITZ JENNIFER M FRITZSCHE GREGORY MILLER FRANK G LOUTHAN JONATHAN SCHILDKRAUT WILLIAM V POWER KEVIN SMITHEN TIMOTHY K HORAN JONATHAN ATKIN DAVID HEGER JONATHAN CHAPLIN MICHAEL BOWEN AMIR ROZWADOWSKI SIMON FLANNERY MICHAEL L MCCORMACK COLBY SYNESAEL PHILIP CUSICK CHRISTOPHER C KING JAMES G MOORMAN CHRISTOPHER WATTS KEVIN CHU BRETT FELDMAN JOSEPH F BONNER DAVID B BURKS DAVID DIXON SERGEY DLUZHEVSKIY CHRISTOPHER M LARSEN JASON ARMSTRONG JAMES D BREEN JR GERARD HALLAREN JAISON BLAIR IVAN FEINSETH RICHARD DINEEN ANDREW S ZAMFOTIS

Source ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F ULT-AGG ULT-AGG ULT-AGG ULT-AGG

Recommendation outperform sector outperform buy outperform buy outperform equalweight neutral neutral outperform sector perform hold neutral outperform overweight Equalwt/In-Line buy neutral neutral hold hold overweight buy hold buy buy market perform buy overweight Buy/Neutral market perform strong buy no rating system neutral overweight underweight

Amt Held 175'481'575 171'650'927 132'262'840 120'091'729 44'917'104 42'293'793 41'331'439 41'084'149 32'593'025 23'359'444 22'790'541 21'430'757 21'259'449 19'361'073 18'235'707 17'160'696 16'624'471 15'372'051 14'940'699 13'223'147

% Out 6.13 6 4.62 4.2 1.57 1.48 1.44 1.44 1.14 0.82 0.8 0.75 0.74 0.68 0.64 0.6 0.58 0.54 0.52 0.46

Weighting

Change

5 5 5 5 5 5 3 3 3 5 3 3 3 5 5 3 5 3 3 3 3 5 5 3 5 5 3 5 5 5 3 5 #N/A N/A 3 5 1

M M M M M M M M M M M M M M N M M M M M M M M M M M M M M M M U M N M M

Latest Chg (8'434'577) (1'548'209) 3'977'676 (826'662) (4'102'710) 1'081'216 33'559'062 1'472'808 (2'855'297) 1'521'664 3'612'303 (820'248) 509'433 1'689'768 341'795 (631'301) 740'489 10'043'413 (476'110)

Target Price 55 56 56 #N/A N/A 55 54 54 52 55 55 56 #N/A N/A 49 58 59 #N/A N/A 55 #N/A N/A 53 #N/A N/A 53 56 57 47 59 54 53 #N/A N/A 56 54 #N/A N/A #N/A N/A 56 #N/A N/A 50 #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 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 03.07.2013 31.03.2013 31.05.2013 31.03.2013

Date Not Provided 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 12 month Not Provided 6 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 04.07.2013 04.07.2013 02.07.2013 02.07.2013 01.07.2013 28.06.2013 27.06.2013 26.06.2013 26.06.2013 24.06.2013 16.06.2013 11.06.2013 05.06.2013 04.06.2013 16.05.2013 13.05.2013 13.05.2013 13.05.2013 02.05.2013 30.04.2013 25.04.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 18.04.2013 18.04.2013 17.04.2013 25.03.2013 19.02.2013 15.01.2013

05.07.2013

Walgreen Co Walgreen Company operates retail drugstores that offer a wide variety of prescription and non-prescription drugs as well as general goods. The Company operates stores in the United States, the District of Columbia, Puerto Rico and Guam. Walgreen's also offers health services, including primary and acute care, wellness, pharmacy and disease management services and health and fitness.

Price/Volume 60

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (05.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WAG UN EQUITY YTD Change WAG UN EQUITY YTD % CHANGE

08/2012 05/yy 51.24 29.35 335'794.00 43.98 -14.23% 49.85% 67.47% 945.0 41'561.26 5'392.00 0.0 0.0 1'297.00 44'933.26

4.0 M 3.0 M

2.0 M 10

1.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

7.0 M

Valuation Analysis

31.08.2008 59'034.0 0.63x 4'281.0 8.65x 2'157.0 17.20x

8.0 M

31.08.2009 31.08.2010 63'335.0 67'420.0 0.53x 0.38x 4'222.0 4'488.0 7.88x 5.74x 2'006.0 2'091.0 15.54x 11.72x Profitability

LTM-4Q 31.08.2011 72'184.0 0.45x 5'017.0 6.41x 2'714.0 14.57x

31.08.2012 71'633.0 0.53x 4'630.0 8.18x 2'127.0 14.00x 4'630.00 3'464.00 4.84% 4.71% 6.81% 12.62% 10.46% 2.26% 28.4% 6.3% 4.6% 3.0% 1.23 0.40 16.11% 29.57% 30.28 7.29

Price/ Cash Flow

LTM

05/yy 72'527.0 1.65x 4'854.0 5.48x 2'566.0 13.00x

05/yy 71'349.0 2.32x 4'525.0 10.72x 2'146.0 18.68x

FY+1

.0 M j-13

2.50 0.70 869.52 11.64 52.75% 20.28% 0.698 26 3.615 2'049'676 1'454'974 1'359'596 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 08/13 Q4 11/13 Q1 72'261.2 75'583.8 17'976.9 18'226.7 0.62x 0.59x 2.48x 2.48x 5'424.0 6'023.2 1'260.4 1'288.3 8.29x 7.46x 7.86x 7.65x 2'825.3 3'266.6 670.2 685.8 14.34x 12.59x 12.97x 12.54x S&P Issuer Ratings

02.08.2012 BBB STABLE 02.08.2012 A-2 47.73 31.75 0.75 1.41 29.6% 22.8% 2.26 5.98 12.05 50.09 32.41 32.26

Sales/Revenue/Turnover

14.00

80'000.0

12.00

70'000.0 60'000.0

10.00

50'000.0 8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 04.09.2009

0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

04.03.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

Walgreen Co Holdings By:

All

Holder Name PESSINA STEFANO VANGUARD GROUP INC BLACKROCK STATE STREET WELLINGTON MANAGEMEN FMR LLC FRANKLIN RESOURCES MACQUARIE GROUP NORTHERN TRUST CORPO SUN LIFE FINANCIAL I BANK OF NEW YORK MEL JP MORGAN BARROW HANLEY MEWHIN ALLIANZ ASSET MANAGE ORBIS HOLDINGS LIMIT THORNBURG INVESTMENT GOLDMAN SACHS GROUP NORGES BANK KOHLBERG KRAVIS ROBE INVESCO LTD

Firm Name Morgan Stanley Credit Suisse SunTrust Robinson Humphrey Raymond James Scotia Capital BB&T Capital Markets Guggenheim Securities LLC Lazard Capital Markets Susquehanna Financial Group Barclays Goldman Sachs Argus Research Corp JPMorgan William Blair & Co Macquarie Cantor Fitzgerald Wolfe Research Edward Jones Mizuho Securities USA Inc ISI Group Barrington Research Tigress Financial Partners EVA Dimensions First Global Stockbroking

Portfolio Name n/a VANGUARD GROUP INC n/a n/a WELLINGTON MANAGEMEN n/a n/a n/a NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL n/a BARROW HANLEY MEWHIN n/a ORBIS HOLDINGS LIMIT THORNBURG INVESTMENT n/a NORGES BANK KOHLBERG KRAVIS ROBE n/a

Analyst RICKY GOLDWASSER EDWARD J KELLY DAVID G MAGEE JOHN W RANSOM PATRICIA A BAKER ANDREW P WOLF JOHN HEINBOCKEL THOMAS GALLUCCI ROBERT SUMMERS MEREDITH ADLER MATTHEW J FASSLER CHRISTOPHER GRAJA LISA C GILL MARK R MILLER DANE LEONE AJAY JAIN SCOTT A MUSHKIN JUDSON CLARK ANN HYNES ROSS MUKEN CHARLES R JONES IVAN FEINSETH AUSTIN BURKETT RITESH DOSHI

Source Form 4 13F ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG

Recommendation Equalwt/In-Line neutral buy outperform sector outperform buy buy neutral Positive equalweight Buy/Neutral hold overweight outperform outperform hold underperform hold buy cautious market perform underperform sell market perform

Amt Held 72'925'155 46'634'298 41'687'931 40'594'016 27'639'427 22'692'798 21'104'247 13'342'654 13'105'045 12'184'391 12'107'146 12'106'729 10'331'817 9'795'743 8'676'284 8'016'416 7'928'642 7'571'619 6'424'340 6'183'568

% Out 7.72 4.93 4.41 4.3 2.92 2.4 2.23 1.41 1.39 1.29 1.28 1.28 1.09 1.04 0.92 0.85 0.84 0.8 0.68 0.65

Weighting

Change 3 3 5 5 5 5 5 3 4 3 5 3 5 5 5 3 1 3 5 2 3 1 1 3

M M M M M M M M M M M M M M M M M M M M D N M M

Latest Chg 83'299 1'081'104 1'388'347 (390'940) 7'555'411 1'434'231 1'527'161 1'637'744 196'111 (654'763) (305'410) (408'699) 469'281 1'206'072 1'638'203 2'117'766 (1'466'080) (3'642'592)

Target Price #N/A N/A 45 55 50 54 53 52 #N/A N/A 56 42 49 #N/A N/A 55 #N/A N/A 52 45 43 #N/A N/A 50 43 45 #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 19.04.2013 31.03.2013 03.07.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 03.07.2013

Date Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 6 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided

Date 03.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 01.07.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 25.06.2013 25.06.2013 25.06.2013 20.05.2013 13.03.2013 15.01.2013 27.06.2011

05.07.2013

Wells Fargo & Co Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally.

Price/Volume 45

40.0 M

35.0 M

30.0 M

25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (01.07.2013) 52-Week Low (14.11.2012) Daily Volume Current Price (7/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 WFC UN EQUITY YTD Change WFC UN EQUITY YTD % CHANGE

12/2012 03/yy 41.96 31.25 835'499.00 41.81 -0.41% 33.79% 93.09% 5'296.4 221'441.95 184'554.00 12'883.0 1'357.0 159'173.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

15 10

10.0 M

5.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 51'652.0 2'655.0 17.14x

20.0 M

Valuation Analysis

31.12.2009 31.12.2010 98'636.0 93'249.0 12'275.0 12'362.0 13.15x 12.68x Profitability

LTM-4Q 31.12.2011 87'597.0 15'869.0 9.11x

31.12.2012 91'247.0 18'897.0 9.97x

33.07% 33.07% 1.43% 13.45% 5.98% 0.07% 22.0% 12.97% 127.57% -

Price/ Cash Flow

LTM

03/yy 88'450.0 0.00x 0.0 0.00x 16'358.0 10.89x

03/yy 90'654.0 0.00x 0.0 0.00x 19'820.0 10.28x

FY+1

.0 M j-13

2.18 1.15 5'276.54 44.87 28.43% 24.16% 1.150 42 3.881 3'905'004 4'639'752 4'356'134 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 84'350.8 85'710.0 21'141.3 21'026.4 19'930.7 20'005.5 4'969.8 5'006.0 11.28x 10.73x 11.34x 11.20x S&P Issuer Ratings

29.11.2011 A+ NEG 29.11.2011 A-1 127.6% 53.7% 0.07 9.77 -

Sales/Revenue/Turnover

16.00

120'000.0

14.00

100'000.0

12.00

80'000.0

10.00 8.00

60'000.0

6.00

40'000.0

4.00

20'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

Wells Fargo & Co Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN JP MORGAN NORTHERN TRUST CORPO DODGE & COX BANK OF NEW YORK MEL DAVIS SELECTED ADVIS FRANKLIN RESOURCES STATE FARM MUTUAL AU T ROWE PRICE ASSOCIA ALLIANZ ASSET MANAGE NORGES BANK DODGE & COX WORLDWID BARROW HANLEY MEWHIN SUN LIFE FINANCIAL I

Firm Name

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a n/a WELLINGTON MANAGEMEN n/a NORTHERN TRUST CORPO DODGE & COX BANK OF NEW YORK MEL DAVIS SELECTED ADVIS n/a STATE FARM MUTUAL AU T ROWE PRICE ASSOCIA n/a NORGES BANK DODGE & COX WORLDWID BARROW HANLEY MEWHIN n/a

Analyst

Raymond James ANTHONY J POLINI Miller Tabak + Co., LLC TOM MITCHELL BMO Capital Markets PETER J WINTER Robert W. Baird & Co DAVID A GEORGE Sanford C. Bernstein & Co JOHN E MCDONALD Evercore Partners ANDREW A MARQUARDT Guggenheim Securities LLC MARTY L MOSBY III Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO Oppenheimer & Co CHRISTOPHER M KOTOWSKI Jefferies KENNETH M USDIN Sandler O'Neill & Partners, LP R SCOTT SIEFERS Macquarie THOMAS ALONSO Portales Partners JENNIFER A THOMPSON Sterne, Agee & Leach TODD L HAGERMAN Edward Jones SHANNON L STEMM SunTrust Robinson Humphrey ERIC E WASSERSTROM Susquehanna Financial Group JACK MICENKO Atlantic Equities LLP RICHARD STAITE Rafferty Capital Markets RICHARD X BOVE SR Goldman Sachs RICHARD N RAMSDEN Drexel Hamilton LLC DAVID B HILDER Daiwa Securities Co. Ltd. KAZUKI WATANABE Barclays JASON M GOLDBERG RBC Capital Markets JOSEPH K MORFORD Scotia Capital KEVIN R CHOQUETTE JPMorgan VIVEK JUNEJA Compass Point Research & Trading LLC KEVIN BARKER Argus Research Corp DAVID RITTER Ameriprise Advisor Services, Inc LORI WILKING FBR Capital Markets PAUL J MILLER JR Buckingham Research Group JAMES F MITCHELL Morgan Stanley BETSY L GRASECK Deutsche Bank MATTHEW D O'CONNOR Credit Suisse MOSHE A ORENBUCH Nomura KEITH MURRAY S&P Capital IQ ERIK M OJA Keefe, Bruyette & Woods FREDERICK CANNON EVA Dimensions AUSTIN BURKETT Meredith Whitney Advisory Group MEREDITH A WHITNEY

Source ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F 13F ULT-AGG 13F 13F ULT-AGG 13F MF-PART 13F ULT-AGG

Recommendation strong buy hold market perform outperform outperform equalweight buy market perform market perform buy buy outperform outperform neutral buy neutral Positive underweight buy neutral/attractive buy outperform overweight outperform sector perform overweight neutral sell buy outperform neutral Equalwt/Attractive hold neutral buy hold market perform hold hold

Amt Held 458'170'323 283'953'116 230'401'864 205'856'988 184'594'750 164'520'597 116'846'424 95'103'075 75'197'391 75'101'966 66'635'428 64'029'039 60'565'745 55'039'014 49'015'889 45'878'930 43'955'116 43'698'294 41'602'620 40'199'535

% Out 8.65 5.36 4.35 3.89 3.49 3.11 2.21 1.8 1.42 1.42 1.26 1.21 1.14 1.04 0.93 0.87 0.83 0.83 0.79 0.76

Weighting

Change 5 3 3 5 5 3 5 3 3 5 5 5 5 3 5 3 4 1 5 3 5 5 5 5 3 5 3 1 5 5 3 3 3 3 5 3 3 3 3

M M M M M M M D 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 M M M M M

Latest Chg 18'312'462 4'757'505 17'604'566 (1'815'436) (7'643'169) (16'777'799) 3'693'875 (6'632'926) 1'729'346 (1'334'345) 225'975 (6'548'092) 921'960 (212'026) 6'574'753 948'027 3'697'310

Target Price 48 40 42 40 44 41 48 43 #N/A N/A 46 46 46 #N/A N/A 42 #N/A N/A 42 45 39 46 41 44 41 45 40 43 41 38 #N/A N/A #N/A N/A 42 39 41 37 38 42 38 37 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.05.2013 31.12.2012 31.03.2013 31.03.2013 31.05.2013

Date 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 6 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor

Date 03.07.2013 03.07.2013 02.07.2013 02.07.2013 02.07.2013 02.07.2013 02.07.2013 01.07.2013 28.06.2013 27.06.2013 27.06.2013 26.06.2013 25.06.2013 21.06.2013 20.06.2013 20.06.2013 13.06.2013 12.06.2013 11.06.2013 24.05.2013 17.05.2013 13.05.2013 08.05.2013 06.05.2013 02.05.2013 26.04.2013 19.04.2013 17.04.2013 17.04.2013 15.04.2013 15.04.2013 14.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 27.01.2013 15.01.2013 12.10.2012

05.07.2013

Williams Cos Inc/The The Williams Companies, Inc. is an integrated natural gas company that produces, gathers, processes and transports natural gas. The Company's operations are concentrated in the Pacific Northwest, Rocky Mountains, Gulf Coast, the Eastern Seaboard, and the province of Alberta in Canada.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.04.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WMB UN EQUITY YTD Change WMB UN EQUITY YTD % CHANGE

12/2012 03/yy 38.54 28.47 165'878.00 32.62 -15.39% 14.58% 43.20% 682.7 22'269.46 10'736.00 0.0 2'675.0 839.00 35'253.46

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

16.0 M

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 j-12

31.12.2009 31.12.2010 8'255.0 6'638.0 2.33x 3.64x 2'970.0 2'902.0 6.49x 8.32x 285.0 (1'097.0) 27.26x 29.54x Profitability

LTM-4Q 31.12.2011 7'930.0 3.61x 3'481.0 8.23x 376.0 20.00x

31.12.2012 7'486.0 4.66x 2'368.0 14.72x 859.0 27.33x

2'368.00 1'612.00 21.53% 17.22% 2.80% 17.73% 7.51% 0.34% 43.2% 31.8% 20.9% 11.5% 1.24 0.99 44.13% 225.93% 10.43 26.80

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 8'078.0 13.33x 3'356.0 8.26x 478.0 26.40x

d-12

03/yy 7'308.0 18.58x 2'323.0 16.59x 597.0 19.12x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

3.91 1.13 681.21 15.12 15.94% 1.67% 1.126 16 4.375 1'366'230 1'648'909 1'409'127 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 7'622.5 8'878.4 1'790.3 1'948.8 4.96x 4.52x 20.00x 18.92x 2'462.9 3'248.3 580.6 587.4 14.33x 10.87x 13.55x 12.43x 497.0 861.2 101.0 117.1 43.38x 25.79x 38.47x 31.89x S&P Issuer Ratings

05.03.2012 BBB STABLE 19.03.2007 NR 4.17 -0.28 4.27 4.57 225.9% 59.1% 0.34 0.50 34.99 13.62 58.30 -22.04

Sales/Revenue/Turnover

16.00

18'000.0

14.00

16'000.0

12.00

14'000.0 12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 11'890.0 1.28x 3'843.0 3.97x 1'418.0 6.55x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

Williams Cos Inc/The Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA STATE STREET BLACKROCK VANGUARD GROUP INC FMR LLC JP MORGAN MORGAN STANLEY SOROBAN CAPITAL PART NORTHERN TRUST CORPO INVESCO LTD KAYNE ANDERSON CAPIT BANK OF NEW YORK MEL TORTOISE CAPITAL ADV PRINCIPAL FINANCIAL DEUTSCHE BANK AG WELLS FARGO AMERIPRISE FINANCIAL VIKING GLOBAL INVEST GOLDMAN SACHS GROUP SUN LIFE FINANCIAL I

Firm Name Credit Suisse Raymond James Tudor Pickering & Co Deutsche Bank Howard Weil Inc Goldman Sachs US Capital Advisors Wells Fargo Securities, LLC Barclays Argus Research Corp BMO Capital Markets JPMorgan EVA Dimensions Morgan Stanley

Portfolio Name T ROWE PRICE ASSOCIA n/a n/a VANGUARD GROUP INC n/a n/a n/a SOROBAN CAPITAL PART NORTHERN TRUST CORPO n/a KAYNE ANDERSON CAPIT BANK OF NEW YORK MEL TORTOISE CAPITAL ADV n/a n/a n/a AMERIPRISE FINANCIAL VIKING GLOBAL INVEST n/a n/a

Analyst JOHN EDWARDS DARREN HOROWITZ BRADLEY OLSEN CURTIS N LAUNER HOLLY STEWART THEODORE DURBIN REBECCA G FOLLOWILL SHARON LUI RICHARD GROSS MICHAEL BURKE CARL L KIRST JEREMY TONET CRAIG STERLING STEPHEN J MARESCA

Source 13F ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F 13F ULT-AGG ULT-AGG ULT-AGG 13F 13F ULT-AGG ULT-AGG

Recommendation outperform outperform hold hold sector outperform buy/attractive hold outperform overweight buy outperform overweight underweight Overwt/Attractive

Amt Held 35'981'653 34'069'219 33'870'156 32'171'940 31'688'507 30'240'979 16'523'750 12'347'856 10'781'600 10'675'203 10'302'336 8'832'780 7'634'884 7'607'242 7'419'862 7'202'012 6'968'573 6'478'991 6'476'036 6'268'229

% Out 5.27 4.99 4.96 4.71 4.64 4.43 2.42 1.81 1.58 1.56 1.51 1.29 1.12 1.11 1.09 1.05 1.02 0.95 0.95 0.92

Weighting

Change 5 5 3 3 5 5 3 5 5 5 5 5 1 5

M M U M M M M M M M M M D M

Latest Chg (1'993'905) 4'199'202 788'667 838'930 2'338'474 11'567'509 3'155'377 2'651'882 387'604 (3'367'011) 473'073 (1'851'454) 4'668'694 2'176'866 5'014'266 976'562 891'799 (12'965'802) 2'153'316 (158'830)

Target Price 46 38 37 34 42 40 35 #N/A N/A 43 45 41 41 #N/A N/A 42

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.03.2013 Investment Advisor 02.07.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 6 month Not Provided 12 month

Date 28.06.2013 26.06.2013 26.06.2013 24.06.2013 24.06.2013 18.06.2013 18.06.2013 14.06.2013 20.05.2013 15.05.2013 10.05.2013 02.04.2013 05.03.2013 12.12.2012

05.07.2013

Wal-Mart Stores Inc Wal-Mart Stores, Inc. operates discount stores, supercenters, and neighborhood markets. The Company's discount stores and supercenters offer merchandise such as apparel, housewares, small appliances, electronics, and hardware. Walmart's markets offer a full-line supermarket and a limited assortment of general merchandise. The Company operates nationally and internationally.

Price/Volume 90

12.0 M

10.0 M

70 60

8.0 M

01/2013 04/yy 79.96 67.37 364'769.00 74.61 -6.65% 10.75% 58.70% 3'276.7 244'472.92 54'136.00 0.0 5'395.0 7'781.00 298'293.92

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

2.0 M

10 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.01.2009 404'374.0 0.55x 29'537.0 7.52x 13'400.0 13.80x

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (31.12.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WMT UN EQUITY YTD Change WMT UN EQUITY YTD % CHANGE

31.01.2010 31.01.2011 408'085.0 421'849.0 0.58x 0.57x 31'159.0 33'183.0 7.63x 7.30x 14'370.0 16'389.0 14.44x 13.80x Profitability

LTM-4Q 31.01.2012 446'950.0 0.58x 34'688.0 7.53x 15'699.0 13.67x

31.01.2013 469'162.0 0.60x 36'302.0 7.81x 16'999.0 13.93x

36'302.00 27'801.00 5.93% 5.49% 8.54% 24.48% 14.81% 2.36% 24.9% 7.8% 5.9% 3.6% 0.83 0.20 26.65% 70.91% 79.95 8.37

Price/ Cash Flow

LTM

FY+1

.0 M j-13

2.23 0.59 1'637.01 23.36 7.94% 10.72% 0.587 35 3.771 2'482'231 2'058'964 1'889'775 FY+2

FQ+1

FQ+2

04/yy 04/yy 01/14 Y 01/15 Y 07/13 Q2 10/13 Q3 455'779.0 470'331.0 487'912.5 510'038.6 118'897.1 119'152.1 2.19x 2.55x 0.61x 0.58x 2.49x 2.50x 35'300.0 36'459.0 37'804.4 39'749.2 8'818.9 8'389.6 7.12x 8.48x 7.89x 7.50x 8.06x 7.99x 16'042.0 17'041.0 17'388.4 18'494.6 4'141.1 3'832.6 12.71x 15.33x 14.07x 12.80x 13.77x 13.49x S&P Issuer Ratings Long-Term Rating Date 09.07.1999 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 22.07.1983 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 15.61 (EBITDA-Capex)/Interest Exp. 10.07 Net Debt/EBITDA 1.32 Total Debt/EBITDA 1.57 Reference Total Debt/Equity 70.9% Total Debt/Capital 39.8% Asset Turnover 2.36 Net Fixed Asset Turnover 4.09 Accounts receivable turnover-days 4.57 Inventory Days 43.61 Accounts Payable Turnover Day 37.94 Cash Conversion Cycle 10.40 Sales/Revenue/Turnover

12.00

500'000.0 450'000.0

10.00

400'000.0 350'000.0

8.00

300'000.0

6.00

250'000.0 200'000.0

4.00

150'000.0 100'000.0

2.00 0.00 05.02.2010

50'000.0 0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

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 |

05.07.2013

Wal-Mart Stores Inc Holdings By:

All

Holder Name WALTON ENTERPRISES L BLACKROCK VANGUARD GROUP INC STATE STREET BERKSHIRE HATHAWAY I BANK OF NEW YORK MEL FMR LLC NORTHERN TRUST CORPO STATE FARM MUTUAL AU CAPITAL GROUP COMPAN GRANTHAM MAYO VAN OT DODGE & COX BANK OF AMERICA CORP LAZARD ASSET MANAGEM GEODE CAPITAL MANAGE GATES FOUNDATION WALTON JIM C TIAA CREF INVESTMENT T ROWE PRICE ASSOCIA EAGLE CAPITAL MANAGE

Firm Name JPMorgan Sanford C. Bernstein & Co Stifel ISI Group Cowen and Company Northcoast Research Credit Suisse Jefferies Edward Jones Wolfe Research Raymond James William Blair & Co Robert W. Baird & Co BMO Capital Markets Janney Montgomery Scott LLC MKM Partners Barclays Stephens Inc Wells Fargo Securities, LLC HSBC Independent Research GmbH Deutsche Bank Argus Research Corp Daiwa Securities Co. Ltd. Telsey Advisory Group Gilford Securities Buckingham Research Group S&P Capital IQ Susquehanna Financial Group Tigress Financial Partners National Bank AG EVA Dimensions Oracle Investment Research First Global Stockbroking

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO STATE FARM MUTUAL AU n/a GRANTHAM MAYO VAN OT DODGE & COX BANK OF AMERICA n/a GEODE CAPITAL MANAGE BILL & MELINDA FOUND n/a TIAA-CREF INVESTMENT T ROWE PRICE ASSOCIA EAGLE CAPITAL MANAGE

Analyst CHRISTOPHER HORVERS COLIN MCGRANAHAN DAVID A SCHICK GREGORY MELICH FAYE LANDES CHARLES E CERANKOSKY MICHAEL B EXSTEIN DANIEL T BINDER BRIAN YARBROUGH SCOTT A MUSHKIN BUDD BUGATCH MARK R MILLER PETER S BENEDICT WAYNE HOOD DAVID S STRASSER PATRICK G MCKEEVER JR ROBERT S DRBUL JOHN R LAWRENCE MATTHEW NEMER FRANCISCO J CHEVEZ ZAFER RUZGAR PAUL TRUSSELL CHRISTOPHER GRAJA KAHORI TAMADA JOSEPH I FELDMAN BERNARD SOSNICK JOHN M ZOLIDIS IAN GORDON ROBERT SUMMERS IVAN FEINSETH MANFRED JAISFELD AUSTIN BURKETT LAURENCE BALTER RITESH DOSHI

Source Form 4 ULT-AGG 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG 13F 13F 13F ULT-AGG 13F 13F Form 4 13F 13F 13F

Recommendation neutral market perform buy neutral market perform neutral neutral buy buy peerperform outperform market perform outperform market perform buy neutral overweight overweight market perform overweight sell hold hold neutral no rating system buy neutral hold Positive neutral buy overweight sell moderate outperform

Amt Held 1'609'891'131 91'730'267 89'771'128 75'701'447 49'247'235 34'338'581 33'187'884 22'853'213 16'800'850 14'908'021 14'408'975 13'784'344 12'375'398 11'492'203 11'352'639 11'103'000 10'501'672 10'269'860 9'993'975 9'712'984

% Out 49.13 2.8 2.74 2.31 1.5 1.05 1.01 0.7 0.51 0.45 0.44 0.42 0.38 0.35 0.35 0.34 0.32 0.31 0.31 0.3

Weighting

Change

3 3 5 3 3 3 3 5 5 3 5 3 5 3 5 3 5 5 3 5 1 3 3 3 #N/A N/A 5 3 3 4 3 5 5 1 4

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M N M U D M

Latest Chg (2'446'429) (2'150'138) (1'852'112) 1'746'053 1'735'672 (8'300'568) 37'049 (499'652) 363'274 (552'280) 962'519 (1'082'806) 246'554 24'635 1'430'004 392'738

Target Price 75 80 83 77 75 #N/A N/A 80 90 #N/A N/A #N/A N/A 84 #N/A N/A 88 80 80 76 90 87 #N/A N/A 87 67 76 #N/A N/A 81 80 #N/A N/A 77 83 85 #N/A N/A 80 #N/A N/A 60 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 07.06.2013 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 07.06.2013 31.03.2013 31.03.2013 31.03.2013

Date 6 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Endowment n/a Investment Advisor Investment Advisor Investment Advisor

Date 02.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 27.06.2013 26.06.2013 24.06.2013 24.06.2013 21.06.2013 14.06.2013 13.06.2013 11.06.2013 11.06.2013 10.06.2013 07.06.2013 03.06.2013 31.05.2013 28.05.2013 22.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 16.05.2013 16.05.2013 16.05.2013 15.05.2013 27.02.2013 22.02.2013 18.02.2013 18.02.2013 18.08.2011

05.07.2013

Exxon Mobil Corp Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis. The Company's operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 52-Week Low (10.07.2012) Daily Volume Current Price (7/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 XOM UN EQUITY YTD Change XOM UN EQUITY YTD % CHANGE

12/2012 03/yy 93.60 82.84 476'191.00 90.85 -3.04% 9.67% 72.96% 4'446.4 403'953.25 11'581.00 0.0 5'797.0 9'582.00 417'227.24

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 425'071.0 0.89x 78'669.0 4.82x 45'220.0 9.22x

100 90 80 70 60 50 40 30 20 10 0 j-12

31.12.2009 31.12.2010 275'564.0 341'578.0 1.18x 1.10x 38'156.0 54'882.0 8.54x 6.87x 19'280.0 30'460.0 17.13x 11.76x Profitability

LTM-4Q 31.12.2011 433'526.0 0.95x 69'687.0 5.91x 41'060.0 10.07x

31.12.2012 420'714.0 0.94x 65'769.0 6.04x 44'880.0 11.45x

65'769.00 49'881.00 11.86% 18.71% 13.12% 27.73% 26.10% 1.19% 15.6% 15.8% 11.9% 10.7% 1.01 0.69 3.47% 6.98% 11.59 21.88

Price/ Cash Flow

LTM

FY+1

.0 M j-13

2.51 0.96 4'436.05 43.89 8.09% 6.38% 0.964 29 3.552 4'023'636 3'651'884 3'525'508 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 442'887.0 406'354.0 426'521.1 435'711.8 105'380.8 106'387.5 3.59x 4.01x 0.99x 0.97x 3.97x 3.94x 68'333.0 64'362.0 79'465.6 81'220.2 16'175.7 17'745.2 5.99x 6.43x 5.25x 5.13x 5.77x 5.47x 39'860.0 44'930.0 35'552.6 35'529.0 8'618.4 8'957.1 10.47x 11.26x 11.35x 11.08x 11.45x 11.37x S&P Issuer Ratings Long-Term Rating Date 16.12.1985 Long-Term Rating AAA Long-Term Outlook STABLE Short-Term Rating Date 16.12.1985 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 78.95 (EBITDA-Capex)/Interest Exp. 37.81 Net Debt/EBITDA 0.11 Total Debt/EBITDA 0.21 Reference Total Debt/Equity 7.0% Total Debt/Capital 6.3% Asset Turnover 1.19 Net Fixed Asset Turnover 1.81 Accounts receivable turnover-days 31.50 Inventory Days 16.68 Accounts Payable Turnover Day 60.61 Cash Conversion Cycle 12.30 Sales/Revenue/Turnover

12.00

500'000.0 450'000.0

10.00

400'000.0 350'000.0

8.00

300'000.0

6.00

250'000.0 200'000.0

4.00

150'000.0 100'000.0

2.00 0.00 01.01.2010

50'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.07.2013

Exxon Mobil Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET BANK OF NEW YORK MEL NORTHERN TRUST CORPO WELLINGTON MANAGEMEN JP MORGAN FMR LLC BANK OF AMERICA CORP STATE FARM MUTUAL AU NORGES BANK T ROWE PRICE ASSOCIA GEODE CAPITAL MANAGE TIAA CREF INVESTMENT UBS STATE FARM MUTUAL AU GOLDMAN SACHS GROUP WELLS FARGO SUN LIFE FINANCIAL I ALLIANCE BERNSTEIN

Firm Name Raymond James Edward Jones Cowen and Company Tudor Pickering & Co Oppenheimer & Co Wells Fargo Securities, LLC ISI Group Howard Weil Inc Jefferies Societe Generale Barclays Canaccord Genuity Corp Simmons & Company International VTB Capital Argus Research Corp Independent Research GmbH Ameriprise Advisor Services, Inc Morgan Stanley Credit Suisse Macquarie National Bank AG Deutsche Bank JPMorgan S&P Capital IQ Goldman Sachs EVA Dimensions

Portfolio Name n/a VANGUARD GROUP INC n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO WELLINGTON MANAGEMEN n/a n/a BANK OF AMERICA STATE FARM MUTUAL AU NORGES BANK T ROWE PRICE ASSOCIA GEODE CAPITAL MANAGE TIAA-CREF INVESTMENT n/a STATE FARM MUTUAL AU n/a n/a n/a n/a

Analyst PAVEL MOLCHANOV BRIAN YOUNGBERG ASIT SEN ROBERT KESSLER FADEL GHEIT ROGER D READ DOUGLAS T TERRESON BLAKE FERNANDEZ IAIN REID JOHN HERRLIN PAUL Y CHENG GORDON GRAY JEFFREY A DIETERT COLIN SMITH JONATHAN GELCIUS SVEN DIERMEIER LEZE THAQI J EVAN CALIO EDWARD WESTLAKE JASON D GAMMEL MANFRED JAISFELD PAUL SANKEY KATHERINE LUCAS MINYARD MICHAEL KAY ARJUN N MURTI CRAIG STERLING

Source ULT-AGG 13F ULT-AGG 13F 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F ULT-AGG Sch-D ULT-AGG ULT-AGG ULT-AGG ULT-AGG

Recommendation outperform hold outperform hold market perform market perform neutral sector perform hold buy equalweight hold overweight hold hold hold buy Underwt/In-Line neutral neutral hold hold neutral strong buy neutral/attractive buy

Amt Held 249'170'751 220'488'880 187'796'711 74'266'448 69'946'768 58'160'618 48'351'495 48'014'528 43'225'229 37'062'400 36'257'449 36'121'945 30'394'776 23'064'235 21'503'666 21'387'000 20'928'822 20'926'596 20'715'547 20'082'588

% Out 5.6 4.96 4.22 1.67 1.57 1.31 1.09 1.08 0.97 0.83 0.82 0.81 0.68 0.52 0.48 0.48 0.47 0.47 0.47 0.45

Weighting

Change 5 3 5 3 3 3 3 3 3 5 3 3 5 3 3 3 5 1 3 3 3 3 3 5 3 5

M M M M M N M M M M M M M M M M M M M M M M M M M M

Latest Chg (77'903) 6'057'091 (5'496'752) 930'148 1'445'372 (3'571'856) (764'186) (6'314'268) 48'179 (363'986) 213'673 (455'610) 521'542 (16'109) (3'755'506) (429'094) 697'390 1'915'793

Target Price 96 #N/A N/A 102 82 #N/A N/A #N/A N/A 95 97 90 103 102 95 #N/A N/A 90 #N/A N/A 94 #N/A N/A 85 90 99 95 96 96 104 91 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 03.07.2013 31.03.2013 02.07.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.05.2013 30.04.2013

Date 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 6 month 12 month 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Government Investment Advisor Investment Advisor Investment Advisor Unclassified Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 28.06.2013 25.06.2013 24.06.2013 24.06.2013 21.06.2013 20.06.2013 19.06.2013 18.06.2013 17.06.2013 07.06.2013 05.06.2013 30.05.2013 16.05.2013 15.05.2013 06.05.2013 06.05.2013 29.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 12.04.2013 15.01.2013