Fundamental Equity Analysis - S&P 100 Index Components (OEX Index) by Q.M.S Advisors

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

Fundamental Analysis & Analyst Recommendations S&P 100 Index Components April 2013

Q M S Advisors .

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

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

Minority Interest (USD)

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

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

S&P 500 INDEX

USD

14532230

1927.407

1114

204

218

101.81

110.54

15.51

14.28

18.76

Euro Stoxx 50 Pr

EUR

2601821

5534.746

4671

766

785

223.45

308.77

20.27

16.93

14.67

20.41

NIKKEI 225

JPY

2648110

187.4584

188

4.96

6.63

0.28

0.21

0.11

FTSE 100 INDEX

GBP

2708977

11778.28

9425

1461

1659

534.87

824.88

27.99

23.16

18.15

22.78

SWISS MARKET INDEX

CHF

1044313

11048.75

4126

868

836

409.25

555.77

21.36

18.19

15.73

22.49

S&P/TSX COMPOSITE INDEX

CAD

1583702

16543.48

7831

1857

2073

793.82

866.68

14.47

13.26

24.31

S&P/ASX 200 INDEX

AUD

1401328

6684.531

2820

622

697

248.91

335.95

21.65

17.37

16.04

22.89

HANG SENG INDEX

HKD

1659527

3297.874

1706

360

403

271.14

269.04

1.36

1.46

1.37

2.96

MSCI EM

USD

7576270

1402.106

1036

195

84.43

95.25

11.96

12.94

10.60

19.63

3M CO

USD

74195

107

687

74.97

29904

31475

33193

7771

1978

6.32

6.35

6.83

7.45

16.93

15.75

14.43

0.99

3.87

4.82

3.91

25.99

AA-

18.03.2009

Aa2

01.05.2009

ABBOTT LABORATORIES

USD

58335

191

1577

63.73

39874

35795

22472

23813

11156

11906

937

5.07

4.36

2.00

2.26

8.52

18.61

16.43

2.63

-1.44

17.82

11.64

29.86

A+

26.10.2012

22.09.2010

ABBVIE INC

USD

71029

218

1577

80.96

18380

18440

18884

7255

1607

3.47

3.12

3.22

14.40

13.94

5.37

30.36

26.10.2012

Baa1

05.11.2012

ACCENTURE PLC-CL A

USD

53514

163

677

48.37

29778

30090

29058

30926

4467

4603

1296

3.84

4.31

4.30

4.67

17.90

17.93

16.52

8.87

4.71

12.08

8.55

15.30

A+

22.01.2002

ALLSTATE CORP

USD

23782

120

479

29.28

33315

33589

34250

4.36

4.34

4.74

5.17

11.48

10.51

9.64

2.02

0.34

A-

29.01.2009

ALTRIA GROUP INC

USD

71792

328

2010

82.81

17500

17692

18020

7539

1747

2.21

2.40

2.57

16.16

14.91

13.91

5.30

-8.61

15.22

-12.44

43.08

BBB

06.01.2009

Baa1

24.10.2006

AMAZON.COM INC

USD

121844

159

454

114.78

61093

75573

92886

2835

2834

944

-0.23

-0.46

3.46

5.76

77.47

46.50

27.07

30.56

45.76

25.77

4.64

AA-

26.11.2012

Baa1

26.11.2012

AMERICAN ELECTRIC POWER

USD

24596

486

42.73

14945

15849

16152

4874

4529

1151

3.09

3.10

3.16

3.32

16.33

16.03

15.27

-1.13

2.01

3.42

4.80

30.30

BBB

07.03.2003

Baa2

14.09.2005

AMERICAN EXPRESS CO

USD

73808

163

1105

104.81

33808

34020

32932

34804

11658

4.40

4.48

4.79

5.32

15.00

14.05

12.64

4.73

1.17

3.11

-4.80

34.48

BBB+

30.04.2009

24.04.2009

AMGEN INC

USD

78720

725

756

81.34

17265

17455

17947

18388

6665

1638

6.00

6.36

7.27

8.27

16.53

14.47

12.72

10.80

3.45

24.07

2.92

38.60

A+

07.09.2007

Baa1

07.11.2011

ANADARKO PETROLEUM CORP

USD

42033

129

501

54.08

14060

14058

15113

16958

6950

6948

2297

2.25

4.12

4.16

5.22

20.08

19.90

15.83

2.96

6.49

-5.48

4.50

49.42

BBB-

08.09.2006

Baa3

23.03.2012

APACHE CORP

USD

27899

171

392

41.31

16947

17740

19128

12283

3066

9.63

9.56

9.18

9.96

7.44

7.75

7.15

0.81

12.13

-2.14

10.90

72.48

A-

26.01.2001

29.11.2010

APPLE INC

USD

375713

3871

939

121

231.03

156508

169104

176389

194633

58518

57381

11095

44.15

41.89

41.90

46.08

9.56

9.55

8.67

44.58

43.06

64.36

65.35

33.93

AA+

23.04.2013

Aa1

23.04.2013

AT&T INC

USD

199404

3100

5581

270.00

127434

126968

128519

130750

31140

30948

11190

2.31

2.37

2.52

2.72

15.51

14.60

13.53

0.56

0.41

2.08

-5.80

24.37

A-

06.12.2010

29.01.2013

BAKER HUGHES INC

USD

19816

350

441

23.81

21361

21236

21650

23457

3760

3640

901

3.07

2.95

3.06

4.09

15.22

14.67

10.96

7.72

17.86

-11.24

6.08

17.14

05.05.2006

25.01.1995

BANK OF AMERICA CORP

USD

132466

3660

10778

673

349

100078

100131

90794

92423

1.13

0.87

1.03

1.32

14.07

11.87

9.24

-13.26

1.88

A-

29.11.2011

Baa2

21.06.2012

BANK OF NEW YORK MELLON CORP

USD

32116

185

1163

145

15089

15512

14735

15418

2.34

2.30

2.25

2.56

12.02

12.26

10.82

-4.52

-2.90

A+

29.11.2011

Aa3

08.03.2012

BAXTER INTERNATIONAL INC

USD

37820

131

546

40.52

14190

14250

15485

16909

3533

3563

988

4.52

4.56

4.66

5.16

15.26

14.94

13.48

2.14

3.79

-2.30

3.77

25.00

06.12.2012

BERKSHIRE HATHAWAY INC-CL B

USD

263174

190

187

143.09

162463

29524

13.07

10.60

34.15

4.33

18.17

AA+

04.02.2010

Aa2

04.02.2010

BOEING CO/THE

USD

69015

719

756

66.43

81698

81208

83857

91482

8118

8057

2012

5.11

5.31

6.37

7.14

17.14

14.28

12.76

18.86

4.17

8.53

2.21

9.92

29.07.2009

15.03.2006

BRISTOL-MYERS SQUIBB CO

USD

68673

313

1630

69.73

17621

16565

17843

4771

908

1.82

1.88

1.83

2.15

22.23

22.80

19.43

-17.05

-1.91

-35.94

3.29

27.08

A+

06.09.2006

12.09.2006

CAPITAL ONE FINANCIAL CORP

USD

32891

582

63.64

23177

24303

22116

21995

13429

13343

6.24

6.02

6.58

6.67

9.36

8.55

8.44

25.11

6.31

37.13

2.50

57.57

BBB

17.06.2009

Baa1

17.02.2012

CATERPILLAR INC

USD

55234

261

655

62.13

65875

63104

59614

63901

11966

10923

2336

8.62

7.44

7.12

8.29

11.29

11.80

10.13

9.54

6.15

23.62

12.24

17.31

24.06.2003

15.06.1995

CHEVRON CORP

USD

229627

238

1947

221.92

222580

238330

232880

48426

11617

12.10

12.12

12.44

12.57

9.75

9.50

9.40

-5.80

-0.13

-5.44

7.12

21.76

01.07.1987

Aa1

27.02.2009

CISCO SYSTEMS INC

USD

108666

3255

5298

78.59

46061

47252

48711

51405

12971

13372

3802

1.60

1.48

2.00

2.11

13.81

10.22

9.66

6.58

4.44

18.36

5.10

28.30

A+

10.02.2006

CITIGROUP INC

USD

142377

872

3029

624

800.44

90708

90629

78925

80916

41810

41647

4.83

4.15

4.70

5.32

11.27

9.96

8.80

-11.58

-2.29

-21.93

-15.72

45.84

A-

29.11.2011

Baa2

21.06.2012

COCA-COLA CO/THE

USD

189173

678

4469

206.28

48017

47915

48720

51082

12761

12686

4036

2.01

2.02

2.15

2.35

21.11

19.75

18.13

3.17

9.37

5.23

8.68

26.48

AA-

13.09.2012

Aa3

16.08.2007

COLGATE-PALMOLIVE CO

USD

55810

122

468

60.36

17085

17696

18675

4314

1089

5.36

5.35

5.70

6.30

22.28

20.91

18.93

2.10

3.41

1.22

7.63

25.25

AA-

04.05.2001

Aa3

18.06.2001

COMCAST CORP-CLASS A

USD

106604

498

2639

152.08

62570

64180

67996

19977

5003

1.92

1.93

2.36

2.70

21.15

17.27

15.11

12.05

16.15

8.82

11.13

31.93

A-

14.02.2013

13.02.2013

CONOCOPHILLIPS

USD

71208

384

1220

89.76

57967

96888

54799

57508

19396

20383

5690

5.37

6.09

5.49

6.03

9.58

10.62

9.68

-9.70

-13.33

-10.41

-8.76

21.04

07.02.2012

26.04.2012

COSTCO WHOLESALE CORP

USD

47202

146

432

46.59

99137

103128

106074

115137

3667

3874

932

3.96

4.35

4.55

5.03

24.84

23.76

21.50

11.50

8.06

11.02

10.87

3.76

A+

28.11.2012

26.03.2012

CVS CAREMARK CORP

USD

71422

119

1231

79.87

123133

125265

130146

8981

2064

3.20

3.97

4.41

18.13

14.63

13.16

14.97

7.65

13.71

8.81

7.29

BBB+

23.03.2007

Baa2

13.02.2007

DEVON ENERGY CORPORATION

USD

21693

135

406

26.36

9679

9651

9799

11129

5253

5225

1201

3.30

3.27

3.52

4.86

16.34

15.18

11.01

-11.73

-3.07

-17.78

-6.57

54.14

BBB+

18.03.2008

Baa1

21.09.2007

DOW CHEMICAL CO/THE

USD

38528

272

1203

60.33

56786

58998

61720

6645

6425

2121

1.90

1.91

2.35

2.93

16.75

13.63

10.93

-5.33

0.57

-3.82

1.85

11.31

BBB

11.05.2011

Baa2

02.11.2012

EBAY INC

USD

69185

987

1294

64.31

14072

14542

16325

19014

4088

4285

1247

1.95

2.01

2.74

3.23

26.52

19.45

16.51

20.77

11.98

23.39

9.42

29.47

02.03.2010

21.10.2010

DU PONT (E.I.) DE NEMOURS

USD

48389

472

933

55.39

34812

36129

36053

38330

4794

4817

2153

3.33

3.36

3.90

4.36

15.68

13.52

12.07

3.36

5.29

-4.99

2.35

13.33

17.05.2011

15.07.2011

ELI LILLY & CO

USD

64346

320

1144

64.20

22603

22988

19862

6478

6477

1610

3.39

3.61

3.90

2.82

15.78

14.59

20.23

-6.93

3.21

-15.78

2.06

28.66

AA-

19.08.2010

08.11.2010

EMC CORP/MA

USD

47602

1357

2107

43.95

21714

22007

23461

25451

5602

5659

1791

1.26

1.86

2.07

17.95

12.17

10.94

8.53

9.81

12.92

15.81

25.71

25.06.2012

01.08.2000

EMERSON ELECTRIC CO

USD

39786

162

724

42.85

24412

24656

25181

26472

5155

5269

1124

3.34

3.42

3.59

3.99

16.11

15.35

13.81

0.78

0.48

1.16

4.42

21.37

04.02.2002

15.02.2002

EXELON CORP

USD

31630

257

855

50.13

23489

25691

25551

6550

1670

2.85

2.55

2.49

2.32

14.50

14.83

15.94

23.22

8.12

-3.45

-0.89

27.89

BBB

22.07.2009

Baa2

08.11.2012

EXXON MOBIL CORP

USD

400911

451

4502

408.71

420714

426252

434881

442168

65769

67270

20192

7.56

7.89

7.96

8.16

11.34

11.24

10.97

-2.96

2.37

-5.62

-1.21

15.78

AAA

16.12.1985

16.08.1993

FEDEX CORP

USD

30071

224

317

28.94

42680

43860

44352

46752

5433

5393

1619

6.59

6.17

6.09

7.54

15.38

15.59

12.59

8.59

3.44

22.36

1.60

12.30

BBB

11.02.2004

Baa1

13.01.2012

FORD MOTOR CO

USD

51104

2468

3946

42.90

134252

137607

134617

141218

12513

13404

2921

1.40

1.33

1.42

1.70

9.98

9.37

7.80

-1.48

-0.20

-8.19

-0.09

9.98

BB+

21.10.2011

Baa3

22.05.2012

FREEPORT-MCMORAN COPPER

USD

28040

845

949

32.45

18010

17988

21856

23602

6934

6617

1941

3.27

2.95

3.71

4.25

10.01

7.95

6.94

-13.75

4.92

-31.77

-2.37

36.79

BBB

29.07.2011

Baa3

13.10.2010

GENERAL DYNAMICS CORP

USD

24854

269

354

25.02

31513

31338

31428

31243

3447

1428

1011

6.48

6.67

7.12

10.86

10.54

9.89

-3.56

1.45

-21.98

-0.51

4.56

09.07.1999

07.08.2003

GENERAL ELECTRIC CO

USD

225049

2184

10406

220.55

144796

143566

148360

153732

25000

7380

1.54

1.53

1.67

1.82

14.18

13.00

11.94

1.81

-4.28

-0.16

-6.95

17.27

AA+

12.03.2009

Aa3

03.04.2012

GILEAD SCIENCES INC

USD

78616

1236

1519

84.50

9703

10810

13038

4288

1111

1.69

1.68

2.08

3.00

30.79

24.79

17.22

15.71

19.77

4.80

14.12

44.20

A-

23.03.2011

Baa1

23.03.2011

GOLDMAN SACHS GROUP INC

USD

68991

481

511

513.72

41664

41636

34266

35053

20446

15.03

15.25

14.31

15.25

9.42

10.04

9.42

13.24

-6.82

27.63

-19.57

49.07

A-

29.11.2011

21.06.2012

GOOGLE INC-CL A

USD

269758

143

330

223.33

50175

54703

47546

55173

15722

16160

5164

34.02

34.99

46.21

53.30

23.29

17.64

15.29

32.37

22.23

15.66

21.04

29.54

19.11.2012

Aa2

16.05.2011

HALLIBURTON CO

USD

38068

796

929

40.89

28503

28609

29656

32652

5787

4729

1507

3.02

2.17

3.18

4.02

18.84

12.86

10.18

14.80

13.05

-5.07

7.51

16.53

20.08.2007

01.05.2007

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

04.12.2012

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

14532230

1927.407

1114

204

218

101.81

110.54

15.51

14.28

18.76

Euro Stoxx 50 Pr

EUR

2601821

5534.746

4671

766

785

223.45

308.77

20.27

16.93

14.67

20.41

NIKKEI 225

JPY

2648110

187.4584

188

4.96

6.63

0.28

0.21

0.11

FTSE 100 INDEX

GBP

2708977

11778.28

9425

1461

1659

534.87

824.88

27.99

23.16

18.15

22.78

SWISS MARKET INDEX

CHF

1044313

11048.75

4126

868

836

409.25

555.77

21.36

18.19

15.73

22.49

S&P/TSX COMPOSITE INDEX

CAD

1583702

16543.48

7831

1857

2073

793.82

866.68

14.47

13.26

24.31

S&P/ASX 200 INDEX

AUD

1401328

6684.531

2820

622

697

248.91

335.95

21.65

17.37

16.04

22.89

HANG SENG INDEX

HKD

1659527

3297.874

1706

360

403

271.14

269.04

1.36

1.46

1.37

2.96

MSCI EM

USD

7576270

1402.106

1036

195

84.43

95.25

11.96

12.94

10.60

19.63

HEWLETT-PACKARD CO

USD

54.97

120357

118680

113062

111769

14384

14026

3445

0.31

0.21

3.44

3.58

95.38

5.82

5.59

-5.41

0.09

-12.15

3.69

11.82

BBB+

30.11.2011

Baa1

28.11.2012

HJ HEINZ CO

USD

23257

320

27.22

11649

11601

11640

12040

1794

1919

659

3.35

3.56

3.58

3.81

20.31

20.25

19.01

8.80

2.60

-7.85

0.93

16.54

BBB+ *-

14.02.2013

Baa2 *-

14.02.2013

HOME DEPOT INC

USD

109438

286

1484

117.74

74754

76920

80427

9450

2335

3.10

3.07

3.53

4.12

24.00

20.87

17.87

6.19

1.22

13.27

0.65

12.64

A-

16.11.2011

30.08.2011

HONEYWELL INTERNATIONAL INC

USD

58867

260

783

61.68

37665

37686

39172

41451

5082

5220

1712

4.84

4.95

5.53

15.12

15.11

13.53

3.11

1.38

43.93

2.19

13.85

03.07.2001

12.10.2001

INTEL CORP

USD

115267

2868

4944

106.73

53341

53015

53546

55881

22160

21148

4604

2.13

2.00

1.92

2.03

11.65

12.16

11.49

-1.22

8.14

-5.87

10.34

39.89

A+

17.02.1993

14.09.2011

INTL BUSINESS MACHINES CORP

USD

213561

231

1117

235.09

104507

103242

103589

106373

25119

25121

6332

15.25

15.52

16.69

18.34

12.35

11.48

10.45

-2.25

-0.66

0.07

6.06

24.04

AA-

30.05.2012

Aa3

23.11.2010

JOHNSON & JOHNSON

USD

237692

424

2778

232.77

67224

68590

70938

73794

20698

5713

5.10

5.19

5.41

5.78

16.37

15.71

14.72

3.37

1.71

7.18

2.84

30.79

AAA

17.09.1987

Aaa

10.08.1987

JPMORGAN CHASE & CO

USD

183351

652

3804

696

472

108184

106713

99662

102507

6.04

5.97

5.63

5.94

8.10

8.59

8.14

-2.39

0.82

29.11.2011

21.06.2012

LOCKHEED MARTIN CORP

USD

31568

116

321

34.81

47182

46959

44956

43822

5470

5515

1335

10.19

10.49

8.97

9.03

9.33

10.91

10.84

1.47

2.13

6.75

0.46

11.74

A-

27.04.2007

Baa1

26.01.2006

LOWE'S COS INC

USD

41200

308

1110

49.61

50521

52396

54326

5183

5182

1424

1.69

1.74

2.09

2.53

21.75

18.08

14.94

0.62

1.41

6.73

-3.42

10.26

A-

19.09.2012

14.11.2011

MASTERCARD INC-CLASS A

USD

65436

123

60.44

7391

8263

9276

4187

1182

22.04

22.05

25.42

30.12

24.17

20.97

17.69

10.08

12.15

13.87

27.78

56.65

A-

19.08.2011

MCDONALD'S CORP

USD

100881

289

1003

112.18

27567

27626

28608

30193

10101

2608

5.37

5.39

5.72

6.27

18.66

17.59

16.06

2.08

3.57

1.61

8.06

36.64

08.05.2003

17.12.2010

MEDTRONIC INC

USD

47101

159

1037

56.06

16184

16427

16517

17010

5680

5616

1588

3.22

3.51

3.69

3.86

13.24

12.58

12.05

4.36

3.47

5.69

5.58

34.19

A+

14.02.2012

14.03.2013

MERCK & CO. INC.

USD

146887

1231

3027

153.76

47267

47268

46114

46871

16855

17488

3571

3.65

3.82

3.63

3.83

12.72

13.37

12.70

-1.62

16.18

-0.94

16.19

37.00

24.11.2010

Aa3

05.11.2009

METLIFE INC

USD

41414

349

1092

54.83

68150

70029

72063

5.28

5.27

5.28

5.65

7.19

7.17

6.70

-2.98

15.20

A-

06.08.2010

16.12.2009

MICROSOFT CORP

USD

258216

3276

8381

197.93

73723

76012

78769

84913

30923

30645

8701

2.73

2.68

2.77

3.08

11.54

11.15

10.03

5.40

7.53

3.33

9.15

40.32

AAA

22.09.2008

Aaa

11.05.2009

MONDELEZ INTERNATIONAL INC-A

USD

56443

700

1778

71.53

35015

48783

36487

38535

5028

7727

1371

1.39

2.24

1.56

1.76

14.17

20.29

18.05

-2.22

0.57

1.00

-0.96

15.84

BBB

02.02.2010

Baa2

02.02.2010

MONSANTO CO

USD

55413

534

53.08

13504

14740

15150

16169

3760

4321

1487

3.70

4.77

4.61

5.31

21.76

22.50

19.58

14.23

8.21

20.67

14.20

29.31

A+

21.10.2008

21.02.2012

MORGAN STANLEY

USD

42368

397

1974

451

455.45

32036

33168

31901

34097

8020

8293

1.58

1.57

2.05

2.54

13.76

10.56

8.49

-18.15

3.15

-44.32

-33.50

25.65

A-

29.11.2011

Baa1

21.06.2012

NATIONAL OILWELL VARCO INC

USD

28653

147

427

28.60

20041

22783

24456

4185

1045

5.91

5.90

5.96

6.85

11.38

11.28

9.81

36.72

18.90

19.85

13.13

20.88

25.04.2012

14.05.2012

NEWS CORP-CL A

USD

73030

651

2383

83.18

33706

34333

35733

38032

6646

6754

1688

1.41

1.57

1.67

1.96

19.99

18.76

16.04

0.90

2.06

8.36

4.21

19.67

BBB+

30.11.2012

NIKE INC -CL B

USD

55100

148

916

51.38

24128

25281

25342

27488

3413

3521

994

2.38

2.53

2.67

3.06

24.38

23.08

20.18

15.66

6.47

8.35

7.28

13.93

A+

10.06.2005

29.04.2008

NORFOLK SOUTHERN CORP

USD

23575

138

314

31.37

11040

10989

11287

12006

4046

3994

1091

5.37

5.36

5.59

6.38

13.96

13.39

11.73

-1.18

2.92

-0.88

3.72

36.35

BBB+

18.07.2005

Baa1

06.05.1997

OCCIDENTAL PETROLEUM CORP

USD

66796

154

806

72.86

24172

26160

26510

13701

3720

7.09

7.08

7.55

11.69

11.71

10.98

0.97

4.02

-3.30

6.01

56.68

23.06.2008

19.04.2012

ORACLE CORP

USD

153238

1487

4905

140.02

37121

37149

37423

39512

16973

17286

5889

2.00

2.16

2.69

2.93

15.06

12.10

11.10

4.21

11.70

9.33

18.51

46.53

A+

24.04.2012

24.06.2011

PEPSICO INC

USD

129219

228

1544

151.76

65492

65645

67746

71006

11801

11733

3440

4.10

4.11

4.42

4.78

20.32

18.90

17.47

-1.52

9.06

-4.60

6.54

17.87

17.03.2010

Aa3

24.02.2010

PFIZER INC

USD

221749

1313

7276

226.96

58986

59506

57140

56427

27270

26532

6776

2.19

2.21

2.27

2.39

13.96

13.58

12.91

-9.61

3.95

-9.21

6.42

44.59

16.10.2009

15.10.2009

PHILIP MORRIS INTERNATIONAL

USD

154908

207

1654

178.11

31377

31513

32295

33995

14827

14603

3967

5.22

5.24

5.62

6.27

18.00

16.77

15.03

0.90

5.33

2.72

8.64

46.34

05.03.2008

11.09.2008

PROCTER & GAMBLE CO/THE

USD

212714

1575

2748

239.06

83680

83724

84591

87505

18072

17876

4160

3.85

4.01

4.06

4.37

19.42

19.17

17.85

1.36

0.76

-3.13

-0.55

21.35

AA-

10.05.2005

Aa3

01.07.2005

QUALCOMM INC

USD

113826

809

1706

85.51

19121

20458

24158

26920

6579

7149

2463

2.79

3.84

4.54

4.93

17.25

14.60

13.43

27.84

20.60

8.08

15.03

34.94

19.12.2001

RAYTHEON COMPANY

USD

18860

328

19.71

24414

23806

23344

3444

749

6.20

6.22

5.31

5.53

9.29

10.88

10.46

-1.52

1.56

5.19

4.99

14.11

A-

04.09.2008

17.10.2011

SCHLUMBERGER LTD

USD

96805

421

1328

102.34

42149

42931

45719

50928

11020

11055

2982

4.16

4.15

4.67

5.68

17.53

15.57

12.81

14.04

13.40

12.52

5.53

25.80

A+

11.12.2002

03.06.2003

SIMON PROPERTY GROUP INC

USD

54472

310

77.60

4880

5177

5440

3491

3483

933

4.72

4.74

3.51

4.09

37.07

50.11

43.00

13.32

5.52

15.76

7.34

71.37

A-

10.05.2010

SOUTHERN CO/THE

USD

41717

433

868

64.60

16537

16830

17736

18403

6589

1563

2.65

2.73

2.76

2.89

17.55

17.36

16.57

-6.34

1.48

4.94

6.49

39.84

21.12.2000

Baa1

12.08.2010

STARBUCKS CORP

USD

44463

262

749

42.56

13300

13663

14930

16722

2367

2446

689

1.79

1.86

2.17

2.62

31.90

27.38

22.64

13.67

6.80

14.11

10.50

17.90

A-

24.02.2012

Baa3

13.05.2009

TARGET CORP

USD

44673

241

645

61.54

73301

75155

79905

7352

7353

1649

4.76

4.56

4.90

5.50

15.27

14.22

12.67

4.92

2.75

-1.36

1.19

10.03

A+

20.11.2007

27.11.2007

TEXAS INSTRUMENTS INC

USD

39397

810

1108

41.22

12825

12589

12217

12888

3986

3908

943

1.91

1.80

2.21

19.73

16.05

-6.63

1.54

-10.10

-2.68

31.04

A+

23.09.2010

25.05.2011

TIME WARNER INC

USD

56321

110

932

73.35

28729

29726

31060

7106

1648

3.36

3.37

3.68

4.27

17.89

16.37

14.11

-0.85

-5.96

3.33

-18.04

24.73

BBB

27.03.2009

Baa2

06.03.2006

UNION PACIFIC CORP

USD

68402

469

76.35

20926

21104

22269

23904

8505

8635

2316

8.24

8.49

9.52

10.88

17.26

15.40

13.47

7.00

5.33

15.86

12.61

40.92

A-

23.04.2012

Baa1

26.10.2012

UNITED PARCEL SERVICE-CL B

USD

78802

249

953

83.83

54127

56762

60184

3201

2013

4.53

4.99

5.70

18.39

16.71

14.62

1.92

1.83

-59.29

6.62

5.91

A+

21.09.2012

Aa3

16.01.2013

UNITED TECHNOLOGIES CORP

USD

84175

286

919

103.86

57708

59691

64726

68379

9208

9625

2830

5.40

5.60

6.11

6.98

16.39

15.03

13.16

3.50

1.05

1.09

2.29

16.12

02.10.2003

22.04.1993

UNITEDHEALTH GROUP INC

USD

60573

327

1019

67.75

110618

113676

122595

133548

10563

10425

2458

5.28

5.13

5.45

5.85

11.52

10.85

10.11

8.60

8.38

10.17

4.09

9.17

24.09.2012

21.07.2011

US BANCORP

USD

61156

297

1869

22202

22007

20024

20626

2.87

2.93

3.04

3.25

11.20

10.78

10.11

3.58

0.22

A+

20.08.2012

06.12.2012

VERIZON COMMUNICATIONS INC

USD

146798

759

2859

247.82

115846

117024

120534

125264

29620

30737

10596

2.91

3.00

2.80

3.21

17.13

18.36

15.98

4.48

4.38

0.83

-0.97

26.27

A-

06.12.2010

29.10.2008

VISA INC-CLASS A SHARES

USD

110416

811

104.23

10421

10720

11581

12900

6572

6769

1852

6.20

6.52

7.34

8.51

25.63

22.77

19.64

13.42

13.86

14.28

37.44

63.14

A+

20.05.2008

WAL-MART STORES INC

USD

260926

295

3314

312.68

469162

491789

514317

36302

8036

5.02

5.35

5.88

15.79

14.82

13.48

4.97

3.61

4.65

5.13

7.74

09.07.1999

Aa2

06.03.1996

WALGREEN CO

USD

46446

299

944

50.37

71633

70788

72615

75965

4630

4516

1492

2.53

2.41

3.26

3.71

20.34

15.02

13.22

-0.76

3.97

-8.48

3.89

6.38

BBB

02.08.2012

Baa1

02.08.2012

WALT DISNEY CO/THE

USD

112244

318

1780

128.84

42278

42840

45161

47974

10850

2750

3.13

3.09

3.45

3.89

20.15

18.04

15.99

3.39

1.83

12.76

5.45

22.12.2009

23.05.2007

WELLS FARGO & CO

USD

196796

592

5266

185

159

91247

90651

84755

86148

3.39

3.56

3.71

3.92

10.45

10.03

9.50

4.17

14.16

A+

29.11.2011

21.09.2011

WILLIAMS COS INC

USD

26035

131

681

7486

7517

8117

9196

2368

2382

675

1.21

1.12

0.97

1.39

34.11

39.38

27.53

-5.60

-3.35

-31.97

-4.73

31.69

BBB

05.03.2012

Baa3

15.11.2007

38939

939

1963

38.61

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

2.21

2.02

1.84

2.21

1.42

1.36

1.30

1.42

9.87

9.26

9.54

9.87

8.83

8.15

7.63

8.83

14.28

12.81

11.63

14.28

2.19

2.35

2.54

2.19

1713.4

8.5%

Euro Stoxx 50 Pr

1.16

1.10

1.03

1.16

0.75

0.72

0.70

0.75

5.53

5.16

4.79

5.53

7.05

6.67

6.34

7.05

11.28

10.09

9.21

11.27

4.28

4.60

4.91

4.28

2912.8

8.9%

NIKKEI 225

1.57

1.47

1.42

1.57

0.74

0.72

0.71

0.74

9.10

8.47

8.23

9.10

8.77

8.17

7.84

8.77

20.95

16.44

14.59

20.95

1.49

1.72

1.87

1.49

12967.3

-6.3%

FTSE 100 INDEX

1.69

1.57

1.36

1.69

1.04

1.00

0.98

1.04

8.31

7.55

6.02

8.31

7.10

6.66

6.32

7.10

11.88

10.76

9.89

11.88

3.90

4.19

4.59

3.90

6894.5

7.5%

SWISS MARKET INDEX

2.37

2.23

2.03

2.37

2.01

1.90

1.82

2.01

12.26

11.26

10.01

12.26

13.22

12.23

11.44

13.22

14.89

13.33

12.11

14.89

3.29

3.66

4.17

3.29

8232.9

5.2%

S&P/TSX COMPOSITE INDEX

1.61

1.49

1.39

1.61

1.50

1.42

1.36

1.50

8.07

7.27

6.73

8.07

7.98

7.09

6.67

7.98

13.60

12.04

11.06

13.60

3.29

3.45

3.67

3.29

14426.1

19.3%

S&P/ASX 200 INDEX

1.93

1.83

1.73

1.93

1.86

1.75

1.66

1.86

11.50

10.23

9.33

11.50

9.59

8.47

7.83

9.59

15.61

13.94

12.80

15.61

4.27

4.58

4.94

4.27

5161.4

1.2%

HANG SENG INDEX

1.32

1.21

1.11

1.32

1.68

1.55

1.43

1.68

7.92

7.44

7.10

7.92

8.18

7.46

6.90

8.18

10.62

9.75

8.81

10.62

3.64

3.93

4.35

3.64

24850.7

12.0%

MSCI EM

1.41

1.28

1.19

1.41

0.98

0.91

0.87

0.98

6.87

7.18

6.56

6.23

7.18

10.60

9.52

8.91

10.60

3.15

3.61

3.52

3.15

1179.5

16.8%

3M CO

4.28

3.84

3.40

3.02

2.49

2.36

2.24

2.12

9.66

9.10

8.47

7.86

17.03

15.75

14.43

13.20

2.20

2.35

2.53

2.56

110.67

2.9%

ABBOTT LABORATORIES

2.29

2.54

2.34

2.09

1.47

2.60

2.45

2.19

ABBVIE INC

25.86

13.37

9.14

6.84

3.87

3.85

3.76

ACCENTURE PLC-CL A

10.98

8.95

7.23

6.45

1.92

1.84

ALLSTATE CORP

1.18

1.09

1.00

0.91

0.72

0.71

ALTRIA GROUP INC

18.51

17.26

16.07

14.65

4.13

AMAZON.COM INC

15.92

13.09

10.69

8.12

AMERICAN ELECTRIC POWER

1.61

1.54

1.48

AMERICAN EXPRESS CO

3.89

3.69

3.36

AMGEN INC

4.11

3.45

ANADARKO PETROLEUM CORP

1.97

APACHE CORP APPLE INC

6.87

6.34

5.99

14.52

12.81

11.82

9.87

2.16

6.49

15.99

14.63

12.52

13.91

5.07

12.28

11.34

10.14

8.58

7.34

18.61

16.43

14.79

13.17

2.10

1.52

1.70

1.91

2.10

37.80

1.8%

3.54

3.33

10.44

11.75

11.84

11.13

10.17

10.72

11.01

10.87

10.07

9.36

11.97

14.40

13.94

12.60

11.29

3.57

3.67

3.86

4.64

43.67

-2.7%

1.72

1.62

1.49

15.27

13.21

13.33

12.20

11.02

9.96

9.53

8.97

8.32

20.13

17.94

16.52

15.32

1.67

2.10

2.31

2.42

79.63

3.2%

0.69

13.48

10.51

9.64

9.01

1.77

1.96

2.08

2.17

52.83

6.1%

4.06

3.98

4.02

16.19

14.91

13.91

13.08

4.79

5.16

5.59

6.01

36.25

1.5%

1.96

1.61

1.31

1.08

315.00

17.7%

1.42

1.59

1.55

1.52

1.54

50.56

-0.1%

3.36

2.34

2.24

2.12

1.98

68.65

2.1%

3.03

2.64

4.57

4.39

4.28

4.26

4.24

12.76

14.21

12.94

14.52

27.75

10.94

11.04

9.86

9.60

1.76

1.57

1.36

3.15

2.78

2.48

2.28

2.19

5.58

5.19

4.63

3.84

4.10

6.48

5.55

4.91

4.40

0.90

0.80

0.72

0.69

1.64

1.57

1.46

1.40

2.88

2.84

2.60

2.33

3.37

3.28

3.04

2.97

3.21

2.64

2.28

1.80

1.32

2.40

2.12

1.93

1.73

1.55

7.29

6.83

6.62

6.11

4.07

4.15

3.77

3.40

2.80

AT&T INC

2.14

2.30

2.22

2.19

2.43

1.57

1.55

1.52

1.49

1.47

6.17

6.01

5.90

5.78

6.48

6.43

6.19

5.95

5.70

BAKER HUGHES INC

1.14

1.08

1.00

0.92

0.94

0.91

0.84

0.79

7.94

6.90

5.67

5.40

6.20

6.07

5.06

4.53

BANK OF AMERICA CORP

0.60

0.58

0.54

0.52

1.52

1.46

1.43

1.39

29.49

11.35

8.63

BANK OF NEW YORK MELLON CORP

0.90

0.87

0.83

0.80

2.21

2.18

2.08

1.99

12.02

10.82

9.84

BAXTER INTERNATIONAL INC

5.15

4.61

3.83

3.23

2.67

2.44

2.24

2.14

12.78

11.85

10.11

9.40

6.44

0.47

3.00

20.73

17.07

15.81

14.31

0.88

41.33

29.11

19.63

14.66

1.55

7.30

6.97

7.16

7.24

1.36

2.03

10.97

10.73

10.30

10.04

35.71

24.84

18.11

13.20

9.27

139.33

77.51

46.50

26.55

17.80

0.00

8.96

8.91

8.63

8.65

14.78

16.64

16.03

15.27

14.71

14.30

3.71

3.82

3.99

4.16

15.42

14.05

12.64

11.32

1.18

1.32

1.45

1.60

16.19

14.47

12.72

12.19

11.89

1.36

1.78

2.18

2.40

24.71

19.89

15.83

14.03

13.60

0.44

7.42

7.75

7.15

7.07

0.99

1.12

1.14

1.17

9.04

9.53

8.68

7.87

8.65

0.66

2.77

3.01

3.31

2.65

15.63

14.60

13.54

12.70

11.72

4.81

4.93

5.04

5.19

5.32

37.45

1.9%

14.01

14.65

10.96

9.35

1.41

1.34

1.37

50.27

12.1%

7.60

21.14

11.86

9.24

8.11

0.32

0.49

1.57

2.48

13.05

6.6%

8.64

12.98

12.27

10.82

9.73

1.88

2.13

2.44

2.81

29.33

6.1%

15.38

14.94

13.48

12.36

2.07

2.49

2.63

2.96

7.90

9.14

10.24

9.61

8.61

8.09

4.35

7.50

6.21

11.22

4.33

2.26

4.90

3.32

BERKSHIRE HATHAWAY INC-CL B BOEING CO/THE

8.39

7.93

7.30

5.65

0.84

0.82

0.75

0.74

0.70

13.24

11.03

9.00

9.90

8.37

8.20

7.27

6.96

BRISTOL-MYERS SQUIBB CO

4.37

5.14

4.88

4.72

3.91

4.15

3.85

3.81

3.58

15.02

17.84

15.54

16.75

13.24

16.69

13.91

14.60

CAPITAL ONE FINANCIAL CORP

0.81

0.75

0.70

0.67

1.53

1.49

1.50

1.44

CATERPILLAR INC

3.07

2.72

2.29

1.97

0.84

0.93

0.86

0.81

0.54

6.98

7.76

6.92

6.08

5.41

6.78

5.92

5.30

CHEVRON CORP

1.70

1.54

1.39

1.28

0.97

0.96

0.99

0.91

0.84

6.18

5.78

5.57

5.16

3.91

3.95

3.87

3.75

CISCO SYSTEMS INC

2.07

1.87

1.73

1.64

2.36

2.23

2.11

1.98

9.77

9.06

8.78

8.16

5.45

5.20

5.04

4.84

CITIGROUP INC

0.73

0.71

0.66

0.61

2.00

1.80

1.76

1.68

13.60

9.45

8.35

7.48

COCA-COLA CO/THE

5.91

5.73

5.38

5.06

3.93

3.88

3.70

3.52

3.33

17.50

16.68

15.09

13.82

12.85

15.41

14.71

13.73

12.73

COLGATE-PALMOLIVE CO

9.97

25.72

23.95

16.53

3.26

3.15

2.99

2.82

2.63

18.86

17.73

16.05

14.54

13.16

13.71

13.21

12.16

COMCAST CORP-CLASS A

2.17

2.15

2.06

1.86

1.71

1.67

1.57

1.51

1.44

7.80

7.25

6.65

6.10

7.70

7.25

CONOCOPHILLIPS

1.34

1.29

1.20

1.09

1.15

1.30

1.24

1.28

5.28

4.73

4.39

4.35

3.86

4.10

COSTCO WHOLESALE CORP

3.59

4.27

3.84

3.28

0.48

0.44

0.41

0.39

0.36

13.99

14.91

13.59

13.14

12.68

CVS CAREMARK CORP

1.95

1.85

1.76

1.66

0.58

0.57

0.55

0.54

0.51

12.15

10.54

9.59

8.73

DEVON ENERGY CORPORATION

0.98

0.94

0.85

0.78

2.47

2.21

1.95

1.89

4.61

4.32

3.62

3.17

DOW CHEMICAL CO/THE

1.72

1.79

1.66

1.53

0.68

0.65

0.62

0.60

0.57

7.98

7.79

6.26

5.70

EBAY INC

3.46

2.99

2.55

2.21

4.92

4.24

3.64

3.09

2.73

17.79

14.57

12.78

10.67

DU PONT (E.I.) DE NEMOURS

4.81

3.66

3.02

2.79

1.39

1.34

1.26

1.19

1.11

12.13

10.56

9.06

ELI LILLY & CO

4.08

3.75

3.64

3.48

2.87

2.80

3.24

3.15

2.96

12.93

10.98

EMC CORP/MA

2.12

1.86

1.68

1.40

2.19

2.03

1.87

1.70

1.55

EMERSON ELECTRIC CO

3.69

3.54

3.17

2.77

1.63

1.58

1.50

1.41

EXELON CORP

1.43

1.36

1.33

1.27

1.58

1.31

1.23

1.24

EXXON MOBIL CORP

2.45

2.22

2.04

1.84

1.66

0.87

0.92

0.91

FEDEX CORP

1.76

1.92

1.69

1.49

1.12

0.70

0.68

FORD MOTOR CO

2.62

2.37

1.94

1.54

1.29

0.41

FREEPORT-MCMORAN COPPER

1.55

1.33

1.17

1.09

1.55

GENERAL DYNAMICS CORP

1.72

1.98

1.84

1.69

GENERAL ELECTRIC CO

1.83

1.79

1.68

GILEAD SCIENCES INC

7.70

6.22

GOLDMAN SACHS GROUP INC

1.01

0.92

GOOGLE INC-CL A

3.78

HALLIBURTON CO

2.43

1.16

1.91

3.23

1.86

12.59

7.82

4.60

4.23

18.15

14.29

12.76

11.65

10.85

1.93

2.07

2.29

2.43

21.35

22.80

19.43

19.91

18.05

3.26

3.35

3.41

3.49

3.65

109.18

3.8%

107.63

30.1%

98.88

38.9%

543.52

35.8%

76.08

9.3%

119.00

11.5%

93.95

3.2%

38.77

-7.3%

9.10

8.56

8.44

8.01

0.36

1.73

2.55

2.84

64.65

14.8%

9.25

11.80

10.13

8.77

2.34

2.54

2.70

99.70

18.7%

9.59

9.51

9.40

9.06

2.97

3.17

3.37

3.56

131.10

10.9%

11.11

10.21

9.66

8.95

1.28

2.80

2.98

3.30

23.97

17.6%

11.48

9.96

8.80

7.62

0.09

0.28

1.31

2.40

53.50

14.3%

11.85

21.24

19.75

18.13

16.71

15.15

2.41

2.63

2.82

3.13

3.22

46.06

8.3%

11.34

10.04

22.27

20.92

18.93

17.21

15.60

2.01

2.23

2.42

2.69

3.04

117.65

-1.4%

6.83

6.46

6.15

20.72

17.28

15.11

12.99

11.17

1.56

1.89

2.15

2.42

2.51

46.43

13.8%

3.79

3.83

4.11

10.22

10.62

9.68

9.78

9.39

4.57

4.61

4.74

4.78

4.53

63.07

8.2%

11.37

10.35

9.49

8.80

27.94

23.76

21.50

19.69

17.74

0.92

6.69

1.17

1.33

1.21

108.91

0.7%

8.93

8.20

7.74

7.48

6.74

17.05

14.63

13.16

11.77

10.74

1.12

1.48

1.76

2.30

60.20

3.8%

5.34

4.68

3.97

3.70

16.55

15.19

11.01

9.96

1.36

1.57

1.63

1.66

70.88

32.7%

3.50

8.47

3.64

8.09

7.31

6.59

6.20

5.44

16.63

13.63

10.93

9.17

8.20

3.83

4.08

4.22

4.31

35.67

11.5%

13.85

11.92

10.28

8.56

7.41

22.66

19.45

16.51

14.09

12.31

0.00

63.81

19.7%

8.24

8.73

8.14

7.62

6.88

6.64

16.00

13.52

12.07

10.63

9.84

3.21

3.32

3.51

3.59

3.27

54.00

2.6%

14.84

13.68

10.34

9.54

12.57

11.75

11.59

17.12

14.59

20.23

18.06

15.60

3.44

3.45

3.44

56.00

-1.7%

7.83

0.00

29.85

32.0%

2.90

2.97

3.18

3.46

61.67

11.9% -6.3%

9.47

8.29

7.47

6.70

7.07

6.98

6.04

5.60

5.19

13.36

12.17

10.94

9.82

12.24

11.62

10.61

9.82

8.89

8.54

7.91

7.47

16.49

15.35

13.81

12.45

1.09

6.10

6.46

6.60

6.47

6.80

8.00

7.98

8.16

7.82

7.57

12.90

14.83

15.94

15.43

14.29

5.68

4.04

3.58

3.55

4.52

34.63

0.92

7.57

7.35

7.02

6.53

5.61

4.69

5.09

4.97

4.67

4.53

11.37

11.24

10.97

10.40

9.40

2.42

2.66

2.85

3.05

3.28

94.37

5.5%

0.64

0.61

0.58

6.76

7.32

6.34

5.53

5.43

5.31

4.56

3.95

3.48

14.60

15.59

12.59

10.44

9.04

0.55

0.59

0.66

0.79

0.85

113.92

20.0%

0.38

0.36

0.34

7.95

5.74

4.93

4.26

4.20

3.89

3.42

2.89

2.48

9.89

9.37

7.80

6.64

6.10

1.67

3.01

3.09

3.28

3.58

15.00

13.0%

1.28

1.19

1.14

1.15

6.07

4.40

3.62

3.68

4.64

3.51

3.00

2.98

2.52

9.32

7.95

6.94

7.36

5.15

4.17

4.23

4.31

4.33

4.23

38.33

29.8%

0.77

0.79

0.80

0.79

8.39

8.42

7.73

7.83

5.72

6.10

5.95

5.90

5.69

10.14

10.55

9.89

9.41

9.55

2.84

3.03

3.40

3.53

75.50

7.3%

1.63

1.54

1.52

1.46

1.42

10.59

9.99

8.55

7.72

8.28

7.41

6.87

6.41

14.44

13.00

11.94

10.99

3.17

3.56

3.97

4.29

25.80

18.9%

4.93

3.73

8.23

7.28

6.03

4.84

24.44

23.41

14.29

8.70

17.95

17.78

12.64

9.21

25.85

24.81

17.23

11.80

0.00

60.59

17.3%

0.84

0.79

2.10

2.01

1.97

2.01

9.35

7.87

7.64

7.28

11.78

10.04

9.42

8.92

1.28

1.39

1.49

1.55

157.87

9.9%

3.18

2.68

2.21

6.48

5.68

4.89

4.28

16.87

14.80

12.49

10.61

20.52

17.63

15.29

12.90

0.00

895.83

9.9%

2.15

1.83

1.54

1.35

1.29

1.17

1.08

9.27

8.07

6.84

6.11

13.75

12.87

10.18

8.74

1.02

1.18

1.32

1.50

50.59

23.7%

1.92

4.05

3.83

4.21

9.53

12.17

10.46

8.86

7.60

6.77

6.47

5.37

4.74

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

10.82

6.65

8.97

11.23

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

2.21

2.02

1.84

2.21

1.42

1.36

1.30

1.42

9.87

9.26

9.54

9.87

8.83

8.15

7.63

8.83

14.28

12.81

11.63

14.28

2.19

2.35

2.54

2.19

1713.4

8.5%

Euro Stoxx 50 Pr

1.16

1.10

1.03

1.16

0.75

0.72

0.70

0.75

5.53

5.16

4.79

5.53

7.05

6.67

6.34

7.05

11.28

10.09

9.21

11.27

4.28

4.60

4.91

4.28

2912.8

8.9%

NIKKEI 225

1.57

1.47

1.42

1.57

0.74

0.72

0.71

0.74

9.10

8.47

8.23

9.10

8.77

8.17

7.84

8.77

20.95

16.44

14.59

20.95

1.49

1.72

1.87

1.49

12967.3

-6.3%

FTSE 100 INDEX

1.69

1.57

1.36

1.69

1.04

1.00

0.98

1.04

8.31

7.55

6.02

8.31

7.10

6.66

6.32

7.10

11.88

10.76

9.89

11.88

3.90

4.19

4.59

3.90

6894.5

7.5%

SWISS MARKET INDEX

2.37

2.23

2.03

2.37

2.01

1.90

1.82

2.01

12.26

11.26

10.01

12.26

13.22

12.23

11.44

13.22

14.89

13.33

12.11

14.89

3.29

3.66

4.17

3.29

8232.9

5.2%

S&P/TSX COMPOSITE INDEX

1.61

1.49

1.39

1.61

1.50

1.42

1.36

1.50

8.07

7.27

6.73

8.07

7.98

7.09

6.67

7.98

13.60

12.04

11.06

13.60

3.29

3.45

3.67

3.29

14426.1

19.3%

S&P/ASX 200 INDEX

1.93

1.83

1.73

1.93

1.86

1.75

1.66

1.86

11.50

10.23

9.33

11.50

9.59

8.47

7.83

9.59

15.61

13.94

12.80

15.61

4.27

4.58

4.94

4.27

5161.4

1.2%

HANG SENG INDEX

1.32

1.21

1.11

1.32

1.68

1.55

1.43

1.68

7.92

7.44

7.10

7.92

8.18

7.46

6.90

8.18

10.62

9.75

8.81

10.62

3.64

3.93

4.35

3.64

24850.7

12.0%

MSCI EM

1.41

1.28

1.19

1.41

0.98

0.91

0.87

0.98

6.87

6.34

5.99

6.87

7.18

6.56

6.23

7.18

10.60

9.52

8.91

10.60

3.15

3.61

3.52

3.15

1179.5

16.8%

HEWLETT-PACKARD CO

1.18

1.48

1.27

1.03

0.32

0.34

0.35

4.33

4.13

3.97

3.88

3.39

3.95

4.03

4.09

4.96

5.81

5.59

2.52

2.58

2.67

2.87

19.29

-3.7%

HJ HEINZ CO

6.83

7.44

6.70

5.93

1.99

2.00

1.93

1.84

1.77

17.46

15.89

14.42

13.53

13.50

13.16

12.39

11.69

11.23

21.70

20.25

19.01

17.87

16.27

2.65

2.85

3.02

3.19

70.67

-2.4%

HOME DEPOT INC

6.29

6.51

6.59

7.43

1.47

1.42

1.36

1.31

1.25

17.71

15.28

12.91

12.18

12.38

11.26

10.30

9.77

9.14

24.15

20.87

17.87

15.79

13.96

1.47

2.14

2.47

2.72

73.26

-0.6%

HONEYWELL INTERNATIONAL INC

4.40

3.82

3.22

2.70

1.57

1.50

1.42

1.36

1.26

15.09

12.63

11.53

10.59

9.65

8.92

8.18

7.74

16.69

15.11

13.53

12.35

11.21

2.02

2.20

2.45

2.64

80.91

8.1%

INTEL CORP

2.37

2.11

1.93

1.86

2.16

2.15

2.06

2.00

2.08

6.60

6.69

6.09

6.00

4.91

5.11

4.74

4.78

5.18

10.49

12.17

11.49

11.94

11.96

3.73

3.90

3.98

4.15

23.28

-0.1%

INTL BUSINESS MACHINES CORP

8.56

8.17

6.50

6.97

10.92

2.05

2.06

2.01

1.96

1.88

10.56

9.17

8.40

7.59

6.70

8.93

8.44

8.01

7.47

7.10

12.67

11.48

10.45

9.48

8.81

1.70

1.82

1.96

2.04

2.56

220.95

15.3%

JOHNSON & JOHNSON

3.63

3.22

2.87

2.63

2.40

3.53

3.35

3.22

3.11

2.98

13.84

12.38

11.47

10.95

10.53

10.91

10.17

9.53

9.00

8.39

16.69

15.71

14.72

13.82

12.95

2.76

2.98

3.18

3.40

3.79

87.35

2.8%

JPMORGAN CHASE & CO

0.95

0.87

0.81

0.76

1.86

1.84

1.79

1.72

9.78

8.48

8.02

7.21

9.73

8.59

8.14

7.71

2.46

2.99

3.33

3.72

55.95

15.6%

LOCKHEED MARTIN CORP

13.35

39.75

22.14

13.23

0.68

0.70

0.72

0.73

0.71

8.35

8.21

8.24

7.97

100.92

3.1%

LOWE'S COS INC

3.05

3.21

3.33

3.31

0.82

0.79

0.76

0.73

0.70

12.74

10.36

8.76

8.57

40.27

6.4%

MASTERCARD INC-CLASS A

9.06

7.70

5.98

5.20

8.84

7.90

7.04

6.21

5.66

23.30

19.22

15.61

MCDONALD'S CORP

7.19

6.32

5.94

5.17

3.32

3.67

3.53

3.34

3.14

2.92

14.71

13.60

MEDTRONIC INC

2.70

2.56

2.26

2.00

1.89

2.89

2.85

2.77

2.69

2.60

10.73

MERCK & CO. INC.

2.60

2.55

2.36

2.19

3.12

3.19

3.13

3.07

2.99

10.32

METLIFE INC

0.71

0.68

0.62

0.56

0.61

0.59

0.57

0.55

MICROSOFT CORP

3.70

3.25

2.65

2.31

3.50

3.28

3.04

2.87

2.91

9.22

8.53

7.62

7.13

6.42

6.16

5.57

5.22

MONDELEZ INTERNATIONAL INC-A

1.70

1.67

1.57

1.53

1.61

1.55

1.46

1.37

1.31

120.68

16.28

13.13

11.20

12.76

12.13

11.27

10.38

MONSANTO CO

4.64

4.19

3.69

3.21

4.05

3.66

3.43

3.22

3.19

21.04

18.89

16.15

14.35

14.22

12.30

10.96

9.93

MORGAN STANLEY

0.70

0.67

0.63

0.60

1.54

1.33

1.24

1.19

34.82

10.85

8.12

6.84

NATIONAL OILWELL VARCO INC

1.42

1.27

1.14

1.01

0.94

1.46

1.26

1.17

1.10

1.09

11.81

9.26

8.01

7.79

8.30

6.68

6.34

5.66

5.10

NEWS CORP-CL A

2.82

2.70

2.51

2.27

1.93

2.15

2.05

1.93

1.84

1.75

17.58

12.03

12.93

11.18

10.75

12.37

11.48

10.27

NIKE INC -CL B

5.55

4.40

4.09

3.61

5.13

2.28

2.18

2.01

1.87

1.75

24.34

21.34

18.18

15.34

14.72

13.93

NORFOLK SOUTHERN CORP

2.38

2.26

2.05

1.87

2.14

2.09

1.96

1.87

1.75

8.04

7.72

7.05

6.98

7.69

OCCIDENTAL PETROLEUM CORP

1.63

1.50

1.37

1.28

2.82

2.55

2.52

2.57

5.94

5.48

5.12

4.58

ORACLE CORP

3.68

3.37

2.74

2.32

4.13

4.09

3.88

3.68

3.40

12.23

10.79

10.21

9.38

PEPSICO INC

6.05

5.52

5.37

5.27

1.98

1.91

1.82

1.73

1.64

15.26

13.34

12.64

11.13

PFIZER INC

2.84

2.72

2.67

2.51

3.80

3.88

3.93

3.87

12.10

10.97

9.95

9.31

4.92

4.80

4.56

4.36

4.05

15.45

13.97

12.77

2.21

16.97

15.49

16.62

8.72

3.73

PHILIP MORRIS INTERNATIONAL

3.01

6.69

6.47

6.48

6.19

5.19

11.60

10.91

10.84

10.01

10.65

4.25

4.78

5.17

5.66

9.63

8.79

8.15

7.44

6.80

21.85

18.09

14.94

12.03

10.09

1.62

1.85

2.05

2.57

14.49

14.48

12.51

10.85

9.51

8.78

24.24

20.96

17.69

14.99

0.20

0.30

0.31

0.43

579.32

8.7%

12.48

11.45

11.27

10.78

10.12

9.39

8.69

18.93

17.60

16.06

14.48

13.01

2.85

3.13

3.43

3.75

107.00

6.4%

10.33

9.90

9.25

9.24

9.30

9.02

8.66

8.49

13.49

12.58

12.05

11.32

10.61

2.12

2.27

2.45

2.68

2.97

50.93

9.6%

10.51

10.13

8.64

7.61

8.33

8.09

7.80

6.86

12.78

13.38

12.70

12.05

11.08

3.46

3.52

3.60

3.69

4.31

51.50

6.0%

7.27

7.17

6.70

6.21

2.05

2.54

2.99

3.27

45.00

18.8%

5.38

11.52

11.15

10.03

9.25

2.50

2.92

3.13

3.39

9.69

22.18

20.29

18.05

15.98

13.95

1.63

1.67

1.85

2.18

9.77

27.93

22.52

19.56

17.29

16.16

1.10

1.43

1.52

15.93

10.56

8.49

7.71

0.95

0.98

1.26

6.08

11.48

11.28

9.81

8.86

8.96

0.70

0.76

0.79

0.85

9.32

8.60

22.36

18.76

16.04

13.47

11.50

0.54

0.57

0.59

12.35

11.06

10.43

25.00

23.08

20.18

17.48

15.59

1.13

1.30

7.54

6.88

6.44

5.98

14.20

13.39

11.73

10.42

9.46

2.52

5.17

4.59

4.26

4.33

11.96

11.71

10.98

10.51

7.56

7.67

7.00

6.49

13.44

12.10

11.10

10.13

8.96

12.34

11.71

11.03

10.34

9.43

20.56

18.89

17.47

15.99

9.96

7.78

8.25

8.22

8.46

9.01

14.26

13.59

12.90

12.18

11.94

11.53

10.77

10.10

9.58

18.11

16.77

13.86

12.85

12.91

12.47

11.70

10.96

10.13

20.43

13.55

12.76

12.49

11.66

8.86

8.01

7.25

10.57

9.80

10.03

7.91

5.84

6.32

6.27

12.07

10.40

8.78

8.42

9.15

8.34

7.28

10.35

9.15

3.36

32.62

5.5%

30.74

-3.2%

1.56

116.82

12.5%

1.48

24.95

15.5%

85.56

27.4%

0.62

33.41

6.4%

1.46

1.61

62.86

1.9%

2.74

2.93

3.15

83.05

11.0%

2.65

2.95

3.33

3.52

100.33

21.0%

0.74

0.91

0.80

0.90

37.69

15.9%

14.13

2.54

2.70

2.90

3.11

3.37

86.09

3.0%

12.43

11.79

2.84

3.08

3.25

3.38

3.73

31.20

1.1%

15.03

13.59

12.61

3.47

3.81

4.23

4.68

5.15

97.47

3.3%

19.20

17.83

16.36

14.81

2.71

2.92

3.15

3.36

3.74

80.70

3.6%

18.21

14.60

13.43

12.74

1.35

1.54

1.75

2.12

76.25

15.1%

5.63

10.42

10.88

10.46

8.58

3.40

3.77

4.15

4.43

56.75

-1.8%

6.36

17.37

15.57

12.80

11.00

1.51

1.68

1.77

1.87

90.04

23.8%

2.17

0.74

PROCTER & GAMBLE CO/THE

3.35

3.26

3.04

2.54

2.52

2.43

2.33

QUALCOMM INC

3.45

3.01

2.12

2.34

6.02

4.71

4.23

3.99

RAYTHEON COMPANY

2.21

2.56

2.39

1.92

0.77

0.79

0.81

0.82

SCHLUMBERGER LTD

2.74

2.54

2.19

1.86

2.29

2.12

1.90

1.73

SIMON PROPERTY GROUP INC

8.95

9.59

10.00

10.32

11.34

10.54

10.02

9.94

26.17

24.38

21.46

18.87

21.74

19.76

18.63

16.68

41.62

50.11

43.00

24.93

2.36

2.69

2.92

3.23

3.58

177.00

0.7%

SOUTHERN CO/THE

2.18

2.11

2.03

1.94

2.39

2.35

2.27

2.19

1.94

9.29

9.40

9.03

8.63

10.51

10.00

9.48

8.95

8.07

18.27

17.36

16.57

15.76

15.20

4.07

4.22

4.36

4.52

4.70

46.82

-2.3%

STARBUCKS CORP

8.36

7.77

6.89

5.65

3.91

3.34

2.98

2.66

2.38

2.09

23.53

19.12

16.60

14.12

16.65

14.01

11.86

10.21

9.28

33.39

27.38

22.64

18.93

16.49

1.17

1.44

1.71

2.07

65.54

10.4%

TARGET CORP

2.76

2.61

2.42

2.24

1.96

0.61

0.59

0.56

0.53

0.50

8.66

5.86

7.09

6.60

8.26

8.40

7.58

7.16

6.64

14.61

14.22

12.67

10.96

9.56

1.89

2.21

2.33

2.95

72.27

3.8%

TEXAS INSTRUMENTS INC

3.64

3.53

3.39

3.25

3.08

3.22

3.06

2.93

2.75

13.75

12.34

10.68

10.39

11.78

11.01

9.51

9.10

9.14

21.54

19.73

16.05

14.58

15.44

2.00

2.84

3.04

3.14

35.04

-1.3%

TIME WARNER INC

1.82

1.81

1.66

1.49

1.95

1.89

1.81

1.74

1.65

13.51

11.83

11.08

9.81

10.62

9.80

9.06

8.48

7.90

18.78

16.37

14.11

12.36

10.57

1.73

1.89

2.03

2.13

61.75

2.5%

UNION PACIFIC CORP

3.48

3.17

2.84

2.54

3.26

3.07

2.86

2.71

2.60

11.52

10.08

9.20

8.70

8.94

8.16

7.42

6.86

6.42

17.78

15.40

13.47

12.03

10.91

1.67

1.92

2.13

2.37

UNITED PARCEL SERVICE-CL B

10.29

13.49

11.65

11.00

1.46

1.39

1.31

1.23

1.14

12.58

11.18

9.46

9.42

9.43

8.85

8.10

7.46

6.16

18.17

16.71

14.62

13.00

11.01

2.72

2.96

3.21

3.46

UNITED TECHNOLOGIES CORP

3.30

2.94

2.64

2.32

1.45

1.30

1.23

1.19

1.07

12.99

11.78

10.09

9.14

11.21

9.58

8.76

8.35

17.25

15.04

13.16

11.75

10.49

2.19

2.39

2.59

UNITEDHEALTH GROUP INC

2.03

1.77

1.59

1.44

0.55

0.49

0.45

0.41

9.96

8.72

7.87

7.84

6.70

6.35

5.92

5.87

11.20

10.85

10.11

9.04

7.49

1.28

1.49

1.56

US BANCORP

1.77

1.62

1.51

1.38

3.02

3.06

2.97

2.82

10.98

10.47

9.82

8.78

11.47

10.79

10.11

9.24

8.64

2.36

2.70

VERIZON COMMUNICATIONS INC

3.67

4.10

3.72

3.65

1.27

1.22

1.17

1.14

1.10

4.79

4.09

3.91

3.67

6.53

5.95

5.57

5.30

5.10

21.64

18.35

15.98

14.44

13.50

3.93

VISA INC-CLASS A SHARES

3.94

3.73

3.24

2.98

10.64

9.52

8.55

7.59

6.86

23.74

22.29

16.81

16.26

18.04

14.00

12.37

10.75

9.96

27.16

22.77

19.64

17.08

14.96

WAL-MART STORES INC

3.44

3.15

2.90

2.53

0.56

0.53

0.51

0.47

0.46

10.13

9.35

8.76

7.86

8.56

8.29

7.83

7.50

7.57

16.12

14.82

13.48

12.19

WALGREEN CO

2.64

2.34

2.15

2.04

0.65

0.64

0.61

0.59

0.48

11.86

13.11

12.18

9.38

10.45

9.05

8.21

7.76

5.22

18.97

15.02

13.22

WALT DISNEY CO/THE

2.75

2.64

2.47

2.24

2.64

2.49

2.34

2.18

2.08

14.22

12.61

11.36

10.13

11.51

10.51

9.62

8.86

8.42

20.20

18.04

15.99

WELLS FARGO & CO

1.37

1.25

1.16

1.08

2.30

2.32

2.28

2.22

10.43

9.63

9.17

7.97

11.15

10.03

WILLIAMS COS INC

5.03

4.02

4.35

3.52

3.44

3.21

2.83

2.80

14.67

15.19

11.50

11.51

34.35

39.39

1.61

4.27

2.21

2.39

0.75

5.67

6.79

9.21

15.32

14.16

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

11.11

10.59

5.67

10.44

9.46

2.54

156.75

7.0%

91.91

10.3%

2.82

102.84

12.0%

1.63

69.33

17.3%

2.99

3.46

37.12

13.1%

4.05

4.15

4.30

53.71

4.7%

0.52

0.75

0.84

0.89

174.54

4.4%

10.93

2.03

2.36

2.58

2.95

78.21

-1.3%

12.24

10.32

1.91

2.20

2.42

2.81

48.94

-0.2%

13.98

12.54

0.96

1.10

1.23

1.27

62.72

0.9%

9.50

8.97

8.55

2.36

3.04

3.38

3.78

40.71

9.4%

27.53

25.63

22.88

3.20

3.80

4.59

5.40

39.20

2.6%

3.90

4.30

1.69

5.34

24.04.2013

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 (11.04.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MMM UN EQUITY YTD Change MMM UN EQUITY YTD % CHANGE

12/2012 12/yy 108.71 81.99 107'411.00 107.53 -1.02% 31.15% 95.06% 690.0 74'194.65 6'001.00 0.0 465.0 5'693.00 74'967.65

3.0 M

2.0 M

1.0 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

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

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 17.63x 15.01x Profitability

LTM-4Q 31.12.2011 29'611.0 1.95x 7'414.0 7.80x 4'283.0 13.71x

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

31.12.2012 29'904.0 2.16x 7'771.0 8.31x 4'444.0 14.69x 7'771.00 6'483.00 21.68% 21.24% 13.57% 26.94% 20.56% 0.91% 47.5% 26.0% 21.7% 14.9% 2.20 1.39 17.71% 34.15% 7.54 4.33

Price/ Cash Flow

12/yy 29'611 8.30x 7'414.0 7.80x 4'283.0 13.71x

LTM 12/yy 29'904 8.52x 7'771.0 8.31x 4'444.0 14.62x

FY+1

.0 M a-13

2.19 0.98 689.13 9.93 24.72% 16.53% 0.979 21 3.857 758'628 755'019 775'414 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 31'475 33'193 7'808 7'957 2.44x 2.28x 9.95x 9.72x 8'249.4 8'866.4 1'978.3 2'112.3 9.10x 8.47x 9.04x 4'749.2 5'156.8 1'151.0 1'238.4 15.75x 14.43x 15.75x 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

18.03.2009 AASTABLE 23.11.1981 A-1+ 40.06 32.41 0.04 0.77 34.1% 25.0% 0.91 3.73 48.52 84.62 38.69 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 |

24.04.2013

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 BANK OF AMERICA CORP WELLS FARGO BANK OF NEW YORK MEL WELLINGTON MANAGEMEN FIDUCIARY MANAGEMENT US BANCORP JP MORGAN FMR LLC FIRST EAGLE INVESTME NORGES BANK UBS GEODE CAPITAL MANAGE LONGVIEW PARTNERS (G

Firm Name Barclays FBR Capital Markets Sanford C. Bernstein & Co Edward Jones Goldman Sachs Morgan Stanley William Blair & Co Tigress Financial Partners Argus Research Corp S&P Capital IQ JPMorgan Deutsche Bank Jefferies Nomura Credit Suisse Hilliard Lyons EVA Dimensions Langenberg & Co 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 BANK OF AMERICA n/a BANK OF NEW YORK MEL WELLINGTON MANAGEMEN FIDUCIARY MANAGEMENT US BANCORP n/a n/a FIRST EAGLE INVESTME NORGES BANK n/a GEODE CAPITAL MANAGE LONGVIEW PARTNERS (G

Analyst SCOTT R DAVIS AJAY K KEJRIWAL STEVEN E WINOKER MATT ARNOLD JOSEPH RITCHIE NIGEL COE JOHN C KREGER IVAN FEINSETH NATHANIEL GABRIEL RICHARD TORTORIELLO CHARLES STEPHEN TUSA DAVID I BEGLEITER LAURENCE ALEXANDER SHANNON O'CALLAGHAN JOHN P MCNULTY STEPHEN A O'NEIL CRAIG STERLING BRIAN KEITH LANGENBERG MICHAEL ROARKE

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

Recommendation equalweight outperform market perform buy neutral/neutral Overwt/In-Line market perform buy hold buy underweight hold buy neutral neutral long-term buy buy hold focus list

Amt Held 67'669'888 41'038'740 34'962'057 19'002'823 13'771'070 11'131'700 9'940'996 8'915'016 7'874'449 7'768'462 7'380'783 7'094'958 6'955'267 6'497'326 6'497'093 5'714'251 5'326'652 4'327'360 4'233'480 4'076'180

% Out 9.81 5.95 5.07 2.75 2 1.61 1.44 1.29 1.14 1.13 1.07 1.03 1.01 0.94 0.94 0.83 0.77 0.63 0.61 0.59

Weighting

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

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

Latest Chg (176'403) 588'236 (974'867) (184'132) 33'100 (35'455) 2'510'797 (174'878) 192'599 87'111 37'123 (408'394) 721'198 1'596'070 60'000 169'424 (247'022) (400'148) 205'112

Target Price 104 110 116 #N/A N/A 115 113 101 #N/A N/A #N/A N/A 110 97 108 115 105 103 125 #N/A N/A 100 85

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

File Dt Inst Type 23.04.2013 Investment Advisor 22.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Government 28.02.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 12 month 12 month Not Provided 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

Date 15.04.2013 12.04.2013 10.04.2013 09.04.2013 20.03.2013 17.03.2013 17.03.2013 06.03.2013 13.02.2013 06.02.2013 28.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 15.01.2013 23.10.2012 24.04.2009

24.04.2013

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 40

18.0 M

16.0 M

14.0 M 12.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.04.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABT UN EQUITY YTD Change ABT UN EQUITY YTD % CHANGE

12/2012 03/yy 37.55 28.46 191'287.00 37.14 -1.25% 30.50% 96.26% 1'570.7 58'334.95 20'475.96 0.0 92.3 15'173.98 63'729.19

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

8.0 M

6.0 M

4.0 M

2.0 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

10.0 M

31.12.2009 31.12.2010 30'764.7 35'166.7 2.94x 2.49x 9'212.3 9'025.1 9.80x 9.71x 5'745.8 4'626.2 14.51x 11.49x Profitability

LTM-4Q 31.12.2011 38'851.3 2.46x 9'468.3 10.11x 4'728.4 12.07x

31.12.2012 39'873.9 2.73x 11'155.7 9.74x 5'962.9 12.92x 11'155.72 8'372.52 21.00% 15.71% 9.35% 23.31% 14.96% 0.63% 62.1% 29.9% 22.3% 15.0% 2.36 1.72 30.45% 76.63% 5.21 4.24

Price/ Cash Flow

LTM

03/yy 39'266.6 9.66x 10'062.0 10.30x 5'107.1 12.61x

03/yy 35'795.3 9.31x 9'165.4 0.00x 5'264.4 8.10x

FY+1

.0 M a-13

3.50 0.69 1'565.57 12.73 30.80% 19.45% 0.688 27 3.815 1'751'185 2'078'594 2'356'649 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 22'471.6 23'812.7 5'535.0 5'575.9 2.44x 2.21x 10.52x 10.45x 5'193.0 5'623.7 936.7 1'115.7 12.28x 11.34x 15.50x 15.28x 3'200.7 3'432.8 636.4 802.7 18.61x 16.43x 17.82x 17.12x S&P Issuer Ratings

26.10.2012 A+ STABLE 26.10.2012 A-1+ 18.25 15.31 0.45 1.72 76.6% 43.3% 0.63 5.00 70.20 86.37 41.53 114.66

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 |

24.04.2013

Abbott Laboratories Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CAPITAL GROUP COMPAN BANK OF NEW YORK MEL NORTHERN TRUST CORPO FMR LLC BANK OF AMERICA CORP JP MORGAN WELLS FARGO STATE FARM MUTUAL AU GRANTHAM MAYO VAN OT TIAA CREF INVESTMENT WELLINGTON MANAGEMEN NORGES BANK GOLDMAN SACHS GROUP UBS GEODE CAPITAL MANAGE FRANKLIN RESOURCES MONTAG & CALDWELL IN

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

Portfolio Name n/a VANGUARD GROUP INC n/a n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a BANK OF AMERICA n/a n/a STATE FARM MUTUAL AU GRANTHAM MAYO VAN OT TIAA-CREF INVESTMENT WELLINGTON MANAGEMEN NORGES BANK GOLDMAN SACHS GROUP n/a GEODE CAPITAL MANAGE n/a MONTAG & CALDWELL IN

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

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

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

Amt Held 97'567'010 91'806'643 89'716'018 75'358'478 29'915'736 26'067'769 25'816'792 17'459'656 16'605'095 15'524'333 15'061'000 14'592'726 14'404'871 13'409'746 12'625'176 11'768'897 11'093'907 10'467'807 8'699'080 8'264'745

% Out 6.21 5.85 5.71 4.8 1.9 1.66 1.64 1.11 1.06 0.99 0.96 0.93 0.92 0.85 0.8 0.75 0.71 0.67 0.55 0.53

Weighting

Change

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

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

Latest Chg 11'496'654 20'933'465 2'523'195 (2'293'700) (956'473) (918'489) 1'555'575 (2'094'242) (2'827'969) (1'864'127) 156'217 (338'480) (1'857'915) 1'276'928 261'139 (127'295) (914'813) (390'744) (175'391)

Target Price #N/A N/A #N/A N/A 38 40 43 #N/A N/A 35 #N/A N/A #N/A N/A 36 35 40 38 #N/A N/A 40 36 31 #N/A N/A 44 #N/A N/A 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 22.04.2013 31.03.2013 23.04.2013 31.03.2013 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.01.2013 31.12.2012

Date Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 6 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 Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 24.04.2013 22.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 11.04.2013 29.11.2012 26.04.2012 27.01.2009

24.04.2013

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 (23.04.2013) 52-Week Low (17.12.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABBV UN EQUITY YTD Change ABBV UN EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 46.32 32.51 217'896.00 44.87 -3.35% 38.02% 91.46% 1'583.0 71'028.58 17'911.00 0.0 0.0 7'976.00 80'963.58

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

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

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 9.84x 7'255.00 6'105.00 33.22% 31.15% 75.5% 28.7% 2.27 1.71 66.32% 532.59% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1'582.32 11.47 34.14% 15 3.800 1'633'967 1'489'681 1'538'684 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 18'439.9 18'884.4 4'301.0 4'580.1 4.31x 4.15x 7'383.4 7'478.1 1'607.3 1'866.3 11.01x 10.87x 11.02x 10.81x 4'941.1 5'091.1 1'049.3 1'240.2 14.40x 13.94x 14.40x 14.25x 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 |

24.04.2013

AbbVie Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET BANK OF NEW YORK MEL SUN LIFE FINANCIAL I NORTHERN TRUST CORPO FEDERATED INVESTORS T ROWE PRICE ASSOCIA CAPITAL GROUP COMPAN LSV ASSET MANAGEMENT APG ALL PENSIONS GRO EATON VANCE MANAGEME NORDEA INV MANAGEMEN PRINCIPAL FINANCIAL FMR LLC ALLIANCE BERNSTEIN US BANCORP HEALTHCOR MANAGEMENT CHARLES SCHWAB INVES BANK OF AMERICA CORP

Firm Name BMO Capital Markets Wells Fargo Securities, LLC Morgan Stanley JPMorgan Barclays Jefferies Goldman Sachs Edward Jones Credit Suisse Hilliard Lyons Atlantic Equities LLP EVA Dimensions

Portfolio Name n/a VANGUARD GROUP INC n/a BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO FEDERATED INVESTORS T ROWE PRICE ASSOCIA n/a LSV ASSET MANAGEMENT APG ALL PENSIONS GRO Multiple Portfolios NORDEA INVESTMENT MA n/a n/a n/a US BANCORP HEALTHCOR MANAGEMENT Multiple Portfolios Multiple Portfolios

Analyst ALEX ARFAEI MICHAEL K TONG DAVID R RISINGER CHRISTOPHER T SCHOTT CHARLES ANTHONY BUTLER JEFFREY HOLFORD JAMI E RUBIN JUDSON CLARK CATHERINE J ARNOLD STEPHEN A O'NEIL RICHARD J PURKISS ANDREW S ZAMFOTIS

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

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

Amt Held 82'921'627 74'137'316 28'549'375 24'679'333 13'766'889 9'133'059 8'339'139 8'324'029 6'732'382 4'906'295 4'618'953 4'604'731 4'085'419 4'080'714 3'846'534 3'659'946 3'236'292 3'100'000 2'976'910 2'640'125

% Out 5.24 4.68 1.8 1.56 0.87 0.58 0.53 0.53 0.43 0.31 0.29 0.29 0.26 0.26 0.24 0.23 0.2 0.2 0.19 0.17

Weighting

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

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

Latest Chg 74'126'726 225'099 24'679'333 13'762'679 9'133'059 8'339'139 8'324'029 6'732'382 4'906'295 4'618'953 1'649'590 4'085'419 (121'330) 3'846'534 3'659'946 3'236'292 3'100'000 2'557'837 (442'457)

Target Price 43 #N/A N/A 49 38 41 50 45 #N/A N/A 37 #N/A N/A 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 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 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 Investment Advisor 31.12.2012 Hedge Fund Manager 23.04.2013 Investment Advisor 28.02.2013 Investment Advisor

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

Date 23.04.2013 23.04.2013 22.04.2013 18.04.2013 15.04.2013 10.04.2013 09.04.2013 27.03.2013 07.02.2013 30.01.2013 17.01.2013 15.01.2013

24.04.2013

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

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ACN UN EQUITY YTD Change ACN UN EQUITY YTD % CHANGE

08/2012 02/yy 78.46 54.94 162'731.00 77.16 -1.29% 40.44% 90.82% 650.1 53'514.06 0.03 0.0 478.6 6'642.79 48'365.12

2.0 M

1.5 M

1.0 M

.5 M

10 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

3.5 M

80 70

Valuation Analysis

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

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 12.36x 13.71x Profitability

LTM-4Q 31.08.2011 27'352.9 1.19x 3'985.2 8.16x 2'277.7 15.76x

31.08.2012 29'778.0 1.19x 4'466.8 7.95x 2'553.5 16.04x 4'466.78 3'873.24 13.01% 13.11% 19.08% 61.85% 61.50% 1.87% 30.2% 15.3% 13.3% 8.6% 1.55 1.20 0.00% 0.00% 8.75 14.51

Price/ Cash Flow

LTM

02/yy 29'227.4 4.74x 4'295.8 8.41x 2'526.0 15.79x

02/yy 30'090.4 5.19x 4'603.0 9.89x 3'068.1 17.25x

FY+1

.0 M a-13

1.92 1.12 647.57 6.61 25.56% 17.25% 1.125 30 4.167 1'006'501 810'314 786'771 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 05/13 Q3 08/13 Q4 29'058.4 30'925.7 7'432.8 7'354.6 1.61x 1.46x 6.49x 6.46x 4'840.7 5'055.4 1'295.6 1'224.9 9.96x 9.53x 9.65x 9.50x 3'055.2 3'194.2 790.6 743.7 17.94x 16.52x 17.35x 16.92x S&P Issuer Ratings

22.01.2002 A+ STABLE 296.58 271.88 -1.22 0.00 0.0% 0.0% 1.87 37.93 41.69 25.15 15.49 47.04

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 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 |

24.04.2013

Accenture PLC Holdings By:

All

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

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

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

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

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

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

Amt Held 41'454'159 32'973'189 31'192'429 30'378'721 30'074'388 27'506'823 19'497'911 16'985'346 16'402'622 16'389'070 11'742'375 10'487'978 7'831'119 7'454'100 7'325'230 6'456'713 6'365'635 6'257'039 6'213'974 6'107'559

% Out 6.38 5.07 4.8 4.67 4.63 4.23 3 2.61 2.52 2.52 1.81 1.61 1.2 1.15 1.13 0.99 0.98 0.96 0.96 0.94

Weighting

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

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

Latest Chg 3'033'970 258'351 766'395 2'002'254 129'091 4'281'683 (259'970) (301'242) 443'115 (2'143'379) 3'797'405 307'876 516'205 (978'608) 643'228 1'151'240 217'950 (389'821) 268'050 712'564

Target Price #N/A N/A 84 79 #N/A N/A 87 80 85 80 74 86 86 69 #N/A N/A #N/A N/A 82 74 74 77 74 73 78 83 73 88 79 #N/A N/A 72

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

File Dt Inst Type 28.02.2013 Investment Advisor 23.04.2013 Investment Advisor 22.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor

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

Date 23.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 18.04.2013 12.04.2013 08.04.2013 02.04.2013 02.04.2013 02.04.2013 02.04.2013 01.04.2013 01.04.2013 01.04.2013 01.04.2013 31.03.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 27.02.2013 15.01.2013 09.01.2013

24.04.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.04.2013) 52-Week Low (24.04.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALL UN EQUITY YTD Change ALL UN EQUITY YTD % CHANGE

12/2012 12/yy 50.56 32.40 119'976.00 49.81 -1.62% 53.73% 95.81% 477.4 23'781.60 6'307.00 0.0 0.0 806.00 29'282.60

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

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 a-12

31.12.2009 31.12.2010 32'013.0 31'400.0 0.67x 0.71x 854.0 928.0 8.63x 11.23x Profitability

LTM-4Q 31.12.2011 32'654.0 0.59x 787.0 21.58x

31.12.2012 33'315.0 0.74x 2'306.0 9.21x 11.09% 9.92% 1.83% 11.86% 9.97% 0.26% 6.9% 4.97% 30.65% -

Price/ Cash Flow

j-12

a-12

LTM

12/yy 32'654.0 2.42x 0.0 0.00x 787.0 21.08x

s-12

12/yy 33'315.0 2.81x 0.0 0.00x 2'306.0 9.26x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

1.77 0.93 469.32 11.29 55.39% 24.68% 0.934 29 4.172 900'917 853'050 827'565 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 33'588.8 34'249.9 8'296.7 8'387.6 0.89x 0.87x 2'207.8 2'274.8 620.5 524.3 10.51x 9.64x 10.17x 10.04x S&P Issuer Ratings

ANEG 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

m-12

Fiscal Year Ended 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 |

24.04.2013

Allstate Corp/The Holdings By:

All

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

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

Portfolio Name n/a n/a T ROWE PRICE ASSOCIA VANGUARD GROUP INC n/a n/a HOTCHKIS AND WILEY n/a ARTISAN PARTNERS LP NORTHERN TRUST CORPO n/a PZENA INVESTMENT MAN LSV ASSET MANAGEMENT BANK OF NEW YORK MEL AMERIPRISE FINANCIAL n/a AMERICAN CENTURY COM AJO, LP DISCOVERY CAPITAL MA CITADEL ADVISORS LLC

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

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

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

Amt Held 27'137'872 23'926'482 22'671'855 22'140'955 19'984'076 12'957'795 10'485'305 8'490'084 7'389'120 7'163'891 7'163'891 6'486'248 6'467'278 6'149'311 6'104'700 5'864'695 4'714'744 4'545'300 4'353'350 4'255'921

% Out 5.68 5.01 4.75 4.64 4.19 2.71 2.2 1.78 1.55 1.5 1.5 1.36 1.35 1.29 1.28 1.23 0.99 0.95 0.91 0.89

Weighting

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

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

Latest Chg 472'879 282'667 (1'682'359) (151'704) (200'033) (362'127) (2'368'767) (955'355) 80'488 (501'604) (3'897'691) (117'260) 480'660 (672'920) (115'558) (41'867) (326'800) 2'484'100 345'131

Target Price #N/A N/A #N/A N/A 55 50 53 #N/A N/A #N/A N/A 50 57 50 54 #N/A N/A 60 57 #N/A N/A #N/A N/A 51 57 49 58 45 50 51 #N/A N/A #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 23.04.2013 Investment Advisor 22.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager

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

Date 23.04.2013 22.04.2013 19.04.2013 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 15.04.2013 15.04.2013 11.04.2013 08.04.2013 02.04.2013 25.03.2013 25.03.2013 19.03.2013 08.02.2013 07.02.2013 15.01.2013 29.11.2012

24.04.2013

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 (01.08.2012) 52-Week Low (15.11.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MO UN EQUITY YTD Change MO UN EQUITY YTD % CHANGE

12/2012 12/yy 36.29 30.01 328'224.00 35.72 -1.68% 19.03% 87.90% 2'009.9 71'792.03 13'878.00 0.0 36.0 2'900.00 82'806.03

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

4.0 M

10 2.0 M

5 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 11.41x 12.96x Profitability

LTM-4Q 31.12.2011 16'619.0 4.28x 6'543.0 10.86x 3'390.0 14.46x

31.12.2012 17'500.0 4.24x 7'539.0 9.84x 4'180.0 14.23x 7'539.00 7'314.00 41.79% 37.01% 10.98% 115.22% 27.20% 0.49% 54.6% 43.1% 41.8% 23.9% 0.77 0.37 39.28% 438.07% 75.92 4.50

Price/ Cash Flow

LTM

12/yy 16'619.0 16.04x 6'543.0 10.86x 3'390.0 14.61x

12/yy 17'500.0 17.62x 7'539.0 9.84x 3'958.0 14.23x

FY+1

.0 M a-13

4.76 0.57 2'003.17 23.83 18.69% 15.16% 0.574 18 4.222 2'166'456 2'313'230 2'231'027 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 17'692.0 18'020.0 4'033.0 4'614.5 4.70x 4.59x 20.61x 17.98x 7'722.1 8'035.7 1'747.2 2'026.2 10.73x 10.30x 10.71x 10.65x 4'787.4 5'072.9 1'059.4 1'258.1 14.91x 13.91x 14.91x 14.71x S&P Issuer Ratings

06.01.2009 BBB STABLE 18.09.2003 A-2 6.66 6.55 1.46 1.84 438.1% 81.2% 0.49 8.11 4.82 81.27 22.09 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 |

24.04.2013

Altria Group Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN STATE STREET BLACKROCK VANGUARD GROUP INC BANK OF NEW YORK MEL GOLDMAN SACHS GROUP FMR LLC NORTHERN TRUST CORPO FAYEZ SAROFIM BARROW HANLEY MEWHIN JANUS CAPITAL MANAGE BANK OF AMERICA CORP TIAA CREF INVESTMENT ALLIANCE BERNSTEIN FRANKLIN RESOURCES FEDERATED INVESTORS GEODE CAPITAL MANAGE INVESCO LTD UBS WELLINGTON MANAGEMEN

Firm Name Wells Fargo Securities, LLC Davenport & Co JPMorgan Stifel Edward Jones Argus Research Corp Barclays Jefferies S&P Capital IQ Morgan Stanley Independent Research GmbH Credit Agricole Securities (USA) Goldman Sachs EVA Dimensions

Portfolio Name n/a n/a n/a VANGUARD GROUP INC BANK OF NEW YORK MEL GOLDMAN SACHS GROUP n/a NORTHERN TRUST CORPO FAYEZ SAROFIM BARROW HANLEY MEWHIN n/a BANK OF AMERICA TIAA-CREF INVESTMENT n/a n/a FEDERATED INVESTORS GEODE CAPITAL MANAGE n/a n/a WELLINGTON MANAGEMEN

Analyst BONNIE HERZOG ANN H GURKIN RAE MAILE CHRISTOPHER R GROWE JACK P RUSSO NATHANIEL GABRIEL MICHAEL J BRANCA THILO WREDE ESTHER KWON DAVID J ADELMAN LARS LUSEBRINK MICHAEL LAVERY JUDY E HONG AUSTIN BURKETT

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

Recommendation outperform buy overweight buy hold hold equalweight hold buy Equalwt/In-Line buy outperform neutral/neutral overweight

Amt Held 171'903'365 112'402'521 104'951'046 96'161'381 38'237'065 32'029'388 30'862'258 26'701'157 22'025'357 21'782'979 18'565'911 18'083'698 16'006'213 15'034'549 14'995'935 14'402'373 13'325'870 11'886'434 11'505'195 11'089'326

% Out 8.55 5.59 5.22 4.78 1.9 1.59 1.54 1.33 1.1 1.08 0.92 0.9 0.8 0.75 0.75 0.72 0.66 0.59 0.57 0.55

Weighting

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

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

Latest Chg 4'112'345 (302'903) 2'097'289 4'127'835 1'048'361 (6'418'885) (930'685) (48'776) (2'738'787) (2'350) 3'183'643 931'916 1'413'846 (2'240'184) (191'900) 83'191 (1'381'488) (15'091'131) 694'345 (498'624)

Target Price #N/A N/A 37 45 36 #N/A N/A #N/A N/A 31 34 37 34 40 36 36 #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 23.04.2013 22.04.2013 31.03.2013 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.03.2013 31.12.2012 31.03.2013 28.02.2013 31.12.2012

Date Not Provided 12 month 6 month 12 month Not Provided Not Provided Not Provided 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 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 19.04.2013 15.04.2013 12.04.2013 01.04.2013 27.03.2013 18.03.2013 18.03.2013 01.03.2013 20.02.2013 19.02.2013 01.02.2013 01.02.2013 31.01.2013 21.01.2013

24.04.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (24.04.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.04.2013 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 12/yy 284.68 186.57 158'724.00 267.66 -5.48% 43.46% 83.92% 455.2 121'844.30 4'385.00 0.0 0.0 11'448.00 114'781.29

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

6.0 M

250

5.0 M

200

4.0 M

150

3.0 M

100

2.0 M

1.0 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 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% -0.14% -0.50% -0.44% 2.11% 24.8% 4.6% 1.1% -0.1% 1.12 0.78 13.47% 53.53% 20.59 8.34

Price/ Cash Flow

LTM

12/yy 48'077.0 6.86x 1'945.0 36.75x 632.0 126.46x

12/yy 61'093.0 6.55x 2'834.0 37.70x (40.0) 0.00x

FY+1

.0 M a-13

0.00 1.19 367.58 7.13 40.63% 6.58% 1.191 44 4.227 723'013 793'785 881'980 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 75'573.3 92'885.6 16'143.0 15'924.6 1.53x 1.20x 7.41x 7.48x 4'640.0 6'362.3 944.1 1'042.6 24.84x 18.11x 24.56x 23.25x 1'500.4 2'462.8 262.4 322.4 77.51x 46.50x 81.63x 73.39x S&P Issuer Ratings

26.11.2012 AASTABLE 13.06.2007 NR 30.82 -10.33 -2.49 1.55 53.5% 34.9% 2.11 10.65 17.78 43.88 95.23 -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 |

24.04.2013

Amazon.com Inc Holdings By:

All

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

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

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

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

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

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

Amt Held 86'970'020 43'940'459 20'211'207 18'884'410 18'327'122 16'433'434 15'535'787 11'895'369 7'730'515 6'404'636 6'217'693 5'767'335 5'407'626 5'046'581 4'666'295 4'449'254 4'405'355 4'260'200 3'087'754 3'037'780

% Out 19.11 9.65 4.44 4.15 4.03 3.61 3.41 2.61 1.7 1.41 1.37 1.27 1.19 1.11 1.03 0.98 0.97 0.94 0.68 0.67

Weighting

Change

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

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

Latest Chg (195'151) 4'330'950 1'315'756 713'291 118'768 465'988 (672'592) 30'532 238'226 376'682 (801'059) (219'454) (822'311) (13'747) (112'217) (666'569) (179'692) (100) 16'229 (14'891)

Target Price 320 #N/A N/A 315 300 245 #N/A N/A 350 320 300 329 330 330 260 370 300 310 325 #N/A N/A 346 320 #N/A N/A 260 335 325 335 #N/A N/A #N/A N/A 295 325 #N/A N/A 330 334 330 #N/A N/A 305 341 330 290 #N/A N/A #N/A N/A 250 #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 15.02.2013 31.03.2013 31.12.2012 22.04.2013 23.04.2013 31.03.2013 28.02.2013 31.03.2013 31.12.2012 28.02.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.03.2013 28.02.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012

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

Inst Type 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 Investment Advisor Investment Advisor Investment Advisor

Date 24.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 21.04.2013 21.04.2013 19.04.2013 19.04.2013 17.04.2013 15.04.2013 15.04.2013 15.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 11.04.2013 09.04.2013 08.04.2013 02.04.2013 16.03.2013 22.02.2013 11.02.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 26.11.2012 26.10.2012 26.10.2012 27.04.2012 27.07.2011

24.04.2013

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 (24.04.2013) 52-Week Low (17.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.02.2013 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 12/yy 50.78 37.43 88'798.00 50.63 0.00% 35.27% 100.00% 485.8 24'595.57 18'738.00 0.0 0.0 603.00 42'730.57

1.0 M

.5 M

10 0 a-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 11.67x 11.87x Profitability

LTM-4Q 31.12.2011 15'116.0 2.49x 4'713.0 7.98x 1'946.0 9.93x

31.12.2012 14'945.0 2.60x 4'874.0 7.97x 1'259.0 13.81x 4'874.00 2'956.00 19.78% 12.49% 2.36% 8.42% 5.78% 0.28% 64.7% 30.3% 17.5% 8.4% 0.67 0.36 34.47% 122.98% 8.07 3.76

Price/ Cash Flow

j-12

a-12

LTM

12/yy 15'116.0 9.48x 4'709.0 7.99x 1'946.0 12.15x

s-12

12/yy 14'945.0 10.15x 4'529.0 8.58x 1'259.0 13.77x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

3.71 0.61 485.72 4.37 38.37% 19.88% 0.613 23 3.783 623'563 527'372 585'265 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 15'848.7 16'152.3 3'787.3 3'679.3 2.72x 2.71x 11.36x 11.71x 4'796.8 4'952.7 1'150.7 1'166.3 8.91x 8.63x 9.22x 9.15x 1'543.6 1'628.2 388.7 391.3 16.03x 15.27x 15.96x 15.81x S&P Issuer Ratings

07.03.2003 BBB STABLE 07.03.2003 A-2 4.93 1.67 4.00 4.14 123.0% 55.2% 0.28 45.37 97.43 75.23 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

m-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 10.30x

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 |

24.04.2013

American Electric Power Co Inc Holdings By:

All

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

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

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

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

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

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

Amt Held 35'315'086 31'577'197 23'842'942 20'439'374 8'727'914 7'522'338 6'489'913 6'466'295 6'273'613 5'475'438 5'340'019 5'113'886 4'670'909 4'554'875 4'008'757 3'757'975 3'705'639 3'591'404 3'354'773 3'230'248

% Out 7.27 6.5 4.91 4.21 1.8 1.55 1.34 1.33 1.29 1.13 1.1 1.05 0.96 0.94 0.83 0.77 0.76 0.74 0.69 0.66

Weighting

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

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

Latest Chg (84'037) 1'100'112 (307'490) 765'779 (620'596) (889'770) 652'462 73'373 (92'712) (2'148'216) (468'393) 65'686 265'191 (202'475) (611'067) 555'640 (899'042) 91'933 (293'161)

Target Price 49 54 #N/A N/A 56 46 52 47 49 56 54 55 #N/A N/A 51 #N/A N/A 48 47 #N/A N/A 50 46 49 45

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

File Dt 23.04.2013 22.04.2013 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.03.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012

Date 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor

Date 24.04.2013 24.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 19.04.2013 17.04.2013 17.04.2013 17.04.2013 16.04.2013 15.04.2013 10.04.2013 08.04.2013 04.04.2013 02.04.2013 05.03.2013 25.02.2013 19.02.2013 19.02.2013 23.01.2013

24.04.2013

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 80

6.0 M

5.0 M

60 4.0 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (4/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 AXP UN EQUITY YTD Change AXP UN EQUITY YTD % CHANGE

12/2012 03/yy 67.75 53.02 163'490.00 67.22 -0.43% 26.78% 97.96% 1'098.0 73'807.56 62'287.00 0.0 0.0 22'250.00 104'807.56

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

2.0 M

20 1.0 M

10 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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

31.12.2009 31.12.2010 26'730.0 30'005.0 3.23x 3.49x 11'431.0 11'511.0 7.56x 9.11x 2'130.0 4'057.0 27.38x 12.59x Profitability

LTM-4Q 31.12.2011 32'282.0 2.88x 11'306.0 8.23x 4'935.0 11.45x

31.12.2012 33'808.0 3.06x 11'658.0 8.88x 4'482.0 13.06x 11'658.00 20.43% 19.08% 2.92% 22.93% 5.69% 0.22% 34.5% 13.3% 40.67% 329.81% -

Price/ Cash Flow

LTM

03/yy 32'846.0 11.89x 11'670.0 8.65x 5'014.0 13.74x

03/yy 34'020.0 12.09x 8'645.0 0.00x 4'506.0 15.06x

FY+1

.0 M a-13

1.19 1.05 1'094.78 14.08 18.20% 17.70% 1.049 32 3.469 1'800'692 1'339'487 1'253'556 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 32'931.9 34'803.9 8'001.1 8'262.1 3.92x 3.76x 5'223.0 5'512.4 1'254.3 1'333.2 14.05x 12.64x 14.12x 13.77x S&P Issuer Ratings

30.04.2009 BBB+ STABLE 30.04.2009 A-2 3.43 5.34 329.8% 76.7% 0.22 9.66 -

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 |

24.04.2013

American Express Co Holdings By:

All

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

Firm Name Drexel Hamilton LLC Morgan Stanley RBC Capital Markets Edward Jones JPMorgan Janney Montgomery Scott LLC Jefferies Keefe, Bruyette & Woods Sanford C. Bernstein & Co William Blair & Co FBR Capital Markets Sandler O'Neill & Partners, LP Stifel Nomura Guggenheim Securities LLC Portales Partners Susquehanna Financial Group Piper Jaffray Credit Agricole Securities (USA) Barclays Goldman Sachs Credit Suisse Buckingham Research Group Evercore Partners Wells Fargo Securities, LLC S&P Capital IQ Argus Research Corp Daiwa Securities Co. Ltd. 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 n/a BANK OF NEW YORK MEL FISHER INVESTMENTS n/a FIRST EAGLE INVESTME GOLDMAN SACHS GROUP n/a n/a TIAA-CREF INVESTMENT NORGES BANK

Analyst DAVID B HILDER BETSY L GRASECK JASON ARNOLD JIM SHANAHAN RICHARD SHANE JR SAMEER GOKHALE DANIEL FURTADO SANJAY SAKHRANI JOHN E MCDONALD ROBERT P NAPOLI SCOTT VALENTIN CHRISTOPHER R DONAT CHRISTOPHER C BRENDLER BILL CARCACHE DAVID W DARST WILLIAM H RYAN JAMES E FRIEDMAN MICHAEL J GRONDAHL CRAIG J MAURER MARK C DEVRIES RYAN M. NASH MOSHE A ORENBUCH DAVID HOCHSTIM BRADLEY BALL JOEL HOUCK SONIA PARECHANIAN DAVID RITTER KAZUKI WATANABE 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 ULT-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F 13F

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

Amt Held 151'610'700 120'829'060 66'077'540 55'564'075 45'114'042 42'336'064 31'925'151 24'810'206 17'491'143 17'395'732 14'673'664 14'081'678 10'807'046 10'059'073 10'012'262 9'837'471 9'252'941 8'712'208 8'428'533 7'962'831

% Out 13.81 11 6.02 5.06 4.11 3.86 2.91 2.26 1.59 1.58 1.34 1.28 0.98 0.92 0.91 0.9 0.84 0.79 0.77 0.73

Weighting

Change

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

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

Latest Chg (2'488'800) 219'194 (711'920) 244'110 (4'985'213) (1'263'930) (331'152) 1'245'221 (516'181) 942'836 (784'674) 1'796'698 67'083 83'200 585'527 253'847 (688'138) 1'777'874 887'959

Target Price 70 68 54 #N/A N/A 63 67 62 80 67 #N/A N/A 62 67 #N/A N/A 73 64 #N/A N/A 72 65 78 72 70 61 73 66 #N/A N/A 76 75 64 #N/A N/A #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 23.04.2013 Investment Advisor 22.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government

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

Date 23.04.2013 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 18.04.2013 18.04.2013 18.04.2013 18.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 08.03.2013 25.02.2013 15.02.2013 15.01.2013 15.01.2013 17.10.2012

24.04.2013

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 (01.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.02.2013 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 67.61 724'876.00 105.18 -7.59% 55.57% 95.37% 748.4 78'719.87 26'541.00 0.0 0.0 24'061.00 81'340.87

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 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

120

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 11.71x 11.68x Profitability

LTM-4Q 31.12.2011 15'582.0 3.33x 5'372.0 9.66x 3'683.0 12.87x

31.12.2012 17'265.0 3.92x 6'665.0 10.15x 4'345.0 14.37x 6'665.00 5'577.00 32.30% 29.01% 9.11% 23.95% 12.22% 0.35% 83.1% 38.6% 31.8% 25.2% 3.81 3.24 48.88% 139.25% 6.33 1.14

Price/ Cash Flow

LTM

03/yy 15'924.0 12.60x 5'542.0 9.95x 3'742.0 12.97x

03/yy 17'455.0 15.53x 4'929.0 0.00x 4'595.0 16.11x

FY+1

.0 M a-13

1.37 0.73 747.54 10.25 56.22% 22.52% 0.726 32 3.813 1'740'029 1'642'546 1'719'554 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 17'946.8 18'388.2 4'499.4 4'557.1 4.18x 3.89x 7'358.0 8'244.5 1'637.5 1'713.5 11.04x 9.86x 5'537.7 6'203.0 1'340.3 1'377.4 14.47x 12.72x 14.21x 13.52x S&P Issuer Ratings

07.09.2007 A+ STABLE 31.05.2012 A-1+ 6.18 5.54 0.37 3.98 139.2% 58.2% 0.35 3.27 57.67 320.34 341.43 296.17

Sales/Revenue/Turnover

14.00

20'000.0 18'000.0

12.00

16'000.0

10.00

14'000.0 12'000.0

8.00

10'000.0 8'000.0

6.00

6'000.0

4.00

4'000.0 2.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

24.04.2013

Amgen Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN FMR LLC BLACKROCK PRIMECAP MANAGEMENT STATE STREET VANGUARD GROUP INC WELLINGTON MANAGEMEN INVESCO LTD FRANKLIN RESOURCES NORTHERN TRUST CORPO BANK OF AMERICA CORP T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL AMERIPRISE FINANCIAL TIAA CREF INVESTMENT CLEARBRIDGE INVESTME NORGES BANK SUSQUEHANNA INTERNAT LSV ASSET MANAGEMENT LEGG MASON INC

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

Portfolio Name n/a n/a n/a PRIMECAP MANAGEMENT n/a VANGUARD GROUP INC WELLINGTON MANAGEMEN n/a n/a NORTHERN TRUST CORPO BANK OF AMERICA T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL AMERIPRISE FINANCIAL TIAA-CREF INVESTMENT CLEARBRIDGE INVESTME NORGES BANK SUSQUEHANNA INTERNAT LSV ASSET MANAGEMENT Multiple Portfolios

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

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

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

Amt Held 75'682'106 58'002'657 44'895'140 42'036'924 41'758'645 34'837'876 21'832'328 15'651'522 11'669'680 11'487'213 11'107'530 10'496'023 9'297'824 8'561'832 7'581'069 7'120'455 6'263'455 5'306'546 5'262'570 5'225'051

% Out 10.11 7.75 6 5.62 5.58 4.65 2.92 2.09 1.56 1.53 1.48 1.4 1.24 1.14 1.01 0.95 0.84 0.71 0.7 0.7

Weighting

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

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

Latest Chg 2'001'700 3'329'190 (2'963'375) 254'412 446'107 (1'069'549) 706'375 (4'012'947) (484'470) 3'592'934 (660'498) 777'425 1'929'023 734'423 (145'272) 5'419'529 1'981'232 (102'800) (176'156)

Target Price 83 115 #N/A N/A 120 115 #N/A N/A #N/A N/A 100 #N/A N/A 130 115 115 123 #N/A N/A 125 107 105 101 100 115 #N/A N/A 98 #N/A N/A 95 104 96 92 #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 28.02.2013 22.04.2013 31.12.2012 23.04.2013 31.03.2013 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012

Date Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 6 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 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 Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor

Date 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 17.04.2013 03.04.2013 22.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 15.03.2013 01.03.2013 15.01.2013 17.05.2012 05.04.2012

24.04.2013

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 (28.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance APC UN EQUITY YTD Change APC UN EQUITY YTD % CHANGE

12/2012 12/yy 89.19 56.42 129'369.00 82.71 -7.06% 46.60% 76.75% 508.2 42'033.04 13'269.00 0.0 1'253.0 2'471.00 54'084.04

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

31.12.2009 31.12.2010 8'537.0 11'340.0 4.74x 4.22x 3'561.0 6'055.0 11.36x 7.91x (135.0) 761.0 51.81x Profitability

LTM-4Q 31.12.2011 13'656.0 3.77x 7'353.0 7.00x (2'649.0) 23.06x

31.12.2012 14'060.0 3.50x 6'950.0 7.09x 2'391.0 33.03x 6'950.00 2'986.00 21.24% 25.36% 4.58% 12.35% 8.52% 0.27% 43.9% 49.4% 21.2% 17.0% 1.70 0.99 25.23% 64.32% 10.25 40.73

Price/ Cash Flow

2.5 M 2.0 M 1.5 M 1.0 M .5 M

j-12

a-12

LTM

12/yy 13'966.0 13.85x 7'628.0 6.75x (2'649.0) 22.65x

s-12

12/yy 14'058.0 13.90x 6'948.0 7.09x 2'391.0 18.04x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

0.44 1.36 506.56 7.34 15.31% 11.42% 1.363 33 4.697 822'711 891'310 841'835 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 15'113.1 16'957.8 3'460.6 3'659.2 3.54x 3.07x 15.64x 14.74x 9'744.4 11'029.2 2'297.3 2'366.1 5.55x 4.91x 5.51x 5.32x 2'034.0 2'736.4 460.4 462.3 19.89x 15.83x 20.07x 18.94x S&P Issuer Ratings

08.09.2006 BBBPOS 15.09.2009 NR 7.22 -0.30 1.55 1.91 64.3% 37.7% 0.27 0.37 35.69 8.99 146.64 -101.97

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 13'740.0 2.04x 7'596.0 3.70x 3'260.0 8.53x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

24.04.2013

Anadarko Petroleum Corp Holdings By:

All

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

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

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

Analyst JOHN MALONE SUBASH CHANDRA BOB BRACKETT DAVID R TAMERON PETER KISSEL ELIOT JAVANMARDI ANDREW COLEMAN CHARLES MEADE BRIAN LIVELY SCOTT HANOLD THOMAS R DRISCOLL JAMES J SULLIVAN JOHN J GERDES JOHN HERRLIN JOSEPH MAGNER FADEL GHEIT DAVID W KISTLER J EVAN CALIO JOSEPH D ALLMAN ROBERT L CHRISTENSEN JR ROBERT CORDRAY BRIAN SINGER ARUN JAYARAM STEPHEN RICHARDSON AMIR ARIF CRAIG STERLING PHILIP H WEISS MICHAEL KAY REHAN RASHID

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

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

Amt Held 36'093'242 33'766'711 30'446'592 30'419'482 22'660'736 15'580'800 12'911'593 12'643'744 10'138'557 9'446'141 7'784'818 7'053'263 6'990'611 6'592'195 5'423'262 5'375'346 5'277'034 4'717'115 4'151'875 4'121'469

% Out 7.1 6.64 5.99 5.99 4.46 3.07 2.54 2.49 2 1.86 1.53 1.39 1.38 1.3 1.07 1.06 1.04 0.93 0.82 0.81

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 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 M M M M M M M D M M M

Latest Chg (923'642) 892'980 3'651'184 806'410 15'580'800 (122'383) 905'445 2'497'314 1'184'755 802'637 (109'435) 2'118'749 226'160 (149'144) 233'565 (764'838) 20'436 508'321 (700'000)

Target Price 110 96 97 #N/A N/A 115 138 105 #N/A N/A 118 100 102 108 127 103 97 100 125 101 94 110 115 108 109 101 95 #N/A N/A #N/A N/A 86 90

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 31.12.2012 Investment Advisor 23.04.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

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

Date 23.04.2013 22.04.2013 22.04.2013 19.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 17.04.2013 16.04.2013 16.04.2013 15.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 08.04.2013 08.04.2013 04.04.2013 01.04.2013 31.03.2013 26.03.2013 25.03.2013 14.03.2013 27.02.2013 26.02.2013 15.11.2012 24.10.2012

24.04.2013

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 (01.05.2012) 52-Week Low (22.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.02.2013 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 12/yy 98.20 67.91 171'413.00 71.17 -27.62% 4.80% 8.42% 392.0 27'898.64 12'346.00 1'227.0 0.0 160.00 41'311.64

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 a-12 m-12

31.12.2009 31.12.2010 8'573.9 12'183.0 4.40x 4.50x 3'027.6 8'903.0 12.46x 6.16x (284.4) 3'032.0 20.51x 13.34x Profitability

LTM-4Q 31.12.2011 16'810.0 2.55x 12'551.0 3.42x 4'584.0 7.66x

31.12.2012 16'947.0 2.61x 12'283.0 3.60x 2'001.0 8.15x 12'283.00 5'174.00 30.53% 28.78% 3.55% 6.65% 5.53% 0.30% 33.7% 72.5% 30.5% 11.8% 0.90 0.59 20.33% 41.01% 5.50 14.39

Price/ Cash Flow

j-12

a-12

LTM

12/yy 16'810.0 11.67x 12'551.0 3.42x 4'584.0 7.55x

s-12

12/yy 16'947.0 10.83x 12'283.0 3.60x 2'001.0 8.21x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

0.96 1.44 389.98 6.04 -21.33% -8.89% 1.438 33 4.000 1'189'185 856'733 822'420 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 17'740.1 19'127.9 4'283.6 4'325.5 2.25x 2.21x 9.37x 9.30x 12'591.4 13'560.6 3'065.8 3'097.8 3.28x 3.04x 3.28x 3.24x 3'675.6 4'213.4 880.8 853.1 7.75x 7.15x 7.86x 7.78x S&P Issuer Ratings

26.01.2001 ASTABLE 05.05.2000 A-2 14.57 3.26 0.99 1.01 41.0% 28.3% 0.30 0.34 66.57 25.44 34.07 57.95

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

j-12

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

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 |

24.04.2013

Apache Corp Holdings By:

All

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

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

Portfolio Name n/a n/a n/a VANGUARD GROUP INC T ROWE PRICE ASSOCIA n/a n/a NORTHERN TRUST CORPO HARRIS ASSOC LP BANK OF NEW YORK MEL NWQ INVESTMENT MANAG EAGLE CAPITAL MANAGE n/a n/a DEUTSCHE BANK AKTIEN WELLINGTON MANAGEMEN BANK OF AMERICA NORGES BANK n/a MANULIFE ASSET MANAG

Analyst JOHN MALONE PHILIP H WEISS BOB BRACKETT JOHN FREEMAN DUANE GRUBERT JOSEPH MAGNER DAVID R TAMERON JOSEPH D ALLMAN MATTHEW PORTILLO BRIAN YOUNGBERG FADEL GHEIT LEO P MARIANI THOMAS R DRISCOLL JAMES J SULLIVAN JOHN HERRLIN PEARCE W HAMMOND PETER KISSEL REHAN RASHID J EVAN CALIO BRIAN SINGER ROBERT L CHRISTENSEN JR ELIOT JAVANMARDI ROBERT CORDRAY STEPHEN RICHARDSON AMIR ARIF ARUN JAYARAM KAM S SANDHAR MICHAEL KAY CHARLES MEADE CRAIG STERLING

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

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

Amt Held 29'315'198 23'710'179 22'933'441 17'684'349 12'141'893 9'201'248 8'543'355 5'905'844 5'314'831 4'984'105 4'767'624 4'578'799 3'783'049 3'529'916 3'175'642 3'112'459 2'901'702 2'808'677 2'680'709 2'613'787

% Out 7.48 6.05 5.85 4.51 3.1 2.35 2.18 1.51 1.36 1.27 1.22 1.17 0.97 0.9 0.81 0.79 0.74 0.72 0.68 0.67

Weighting

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

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

Latest Chg 220'162 279'575 553'677 6'805'021 169'616 (2'878'610) 26'941 (3'411'669) (1'313'173) (535'856) 1'168'725 (58'107) (172'284) 531'384 25'144 72'762 317'481 (194'515) 724'875

Target Price 88 #N/A N/A 101 100 93 96 #N/A N/A 77 101 #N/A N/A #N/A N/A 95 111 92 103 123 97 100 76 91 119 118 93 90 90 100 90 116 #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 31.03.2013 23.04.2013 31.03.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 6 month Not Provided Not Provided Not Provided 12 month Not Provided 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 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 Government Unclassified Investment Advisor

Date 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 20.04.2013 19.04.2013 18.04.2013 18.04.2013 17.04.2013 17.04.2013 16.04.2013 16.04.2013 16.04.2013 12.04.2013 12.04.2013 11.04.2013 09.04.2013 08.04.2013 04.04.2013 04.04.2013 03.04.2013 28.03.2013 25.03.2013 12.03.2013 19.02.2013 15.02.2013 15.02.2013 14.02.2013 15.01.2013

24.04.2013

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

600

10.0 M 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 (4/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 3'870'971.00 400.27 -42.68% 3.94% 6.53% 938.6 375'713.03 0.00 0.0 0.0 121'251.00 231'026.02

6.0 M

300 200

4.0 M

100

2.0 M

0 a-12 m-12

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

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

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

LTM

FY+1

.0 M a-13

1.99 0.97 938.32 20.01 -27.51% -24.48% 0.971 64 4.484 5'601'236 3'697'636 4'054'688 FY+2

FQ+1

FQ+2

03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 142'360.0 169'104.0 176'388.7 194'633.0 37'180.9 41'418.4 8.79x 9.16x 1.31x 1.28x 6.38x 5.56x 53'298.0 57'381.0 57'073.0 62'755.3 11'094.9 12'181.0 8.45x 4.73x 4.15x 3.77x 4.07x 3.99x 38'617.0 39'672.0 39'338.2 43'176.1 7'938.7 9'133.0 14.62x 10.57x 9.53x 8.68x 9.36x 9.00x S&P Issuer Ratings Long-Term Rating Date 23.04.2013 Long-Term Rating AA+ Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA -2.52 Total Debt/EBITDA 0.00 Reference Total Debt/Equity 0.0% Total Debt/Capital 0.0% Asset Turnover 0.98 Net Fixed Asset Turnover 14.17 Accounts receivable turnover-days 15.20 Inventory Days 4.18 Accounts Payable Turnover Day 56.71 Cash Conversion Cycle -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

j-12

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

14.0 M

700 500

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 |

24.04.2013

Apple Inc Holdings By:

All

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

Firm Name BMO Capital Markets Societe Generale Deutsche Bank Morgan Stanley Goldman Sachs RBC Capital Markets Argus Research Corp JPMorgan Janney Montgomery Scott LLC Jefferies Needham & Co Pacific Crest Securities Sanford C. Bernstein & Co William Blair & Co FBR Capital Markets Independent Research GmbH Stifel Avondale Partners LLC Evercore Partners Nomura Wells Fargo Securities, LLC Cowen and Company JMP Securities Lazard Capital Markets Atlantic Equities LLP Cross Research Credit Agricole Securities (USA) Barclays Telsey Advisory Group FBN Securities Topeka Capital Markets Inc Raymond James Canaccord Genuity Corp Oppenheimer & Co Mizuho Securities USA Inc ISI Group Piper Jaffray Sterne, Agee & Leach BGC Partners Monness, Crespi, Hardt & Co Crowell, Weedon & Co Exane BNP Paribas Edward Jones

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

Analyst KEITH F BACHMAN ANDY PERKINS CHRISTOPHER WHITMORE KATHRYN HUBERTY WILLIAM C SHOPE JR AMIT DARYANANI JAMES KELLEHER MARK A MOSKOWITZ WILLIAM CHOI PETER J MISEK CHARLES WOLF ANDY HARGREAVES TONI SACCONAGHI ANIL K DORADLA SCOTT S THOMPSON MARKUS FRIEBEL AARON C RAKERS JOHN F BRIGHT ROBERT CIHRA STUART JEFFREY MAYNARD UM MATTHEW HOFFMAN ALEX GAUNA EDWARD PARKER JAMES CORDWELL SHANNON S CROSS AVI SILVER BENJAMIN A REITZES THOMAS FORTE SHEBLY SEYRAFI BRIAN J WHITE TAVIS C MCCOURT T MICHAEL WALKLEY ITTAI KIDRON ABHEY R LAMBA BRIAN MARSHALL EUGENE E MUNSTER SHAW WU COLIN W GILLIS JEFFREY FIDACARO JAMES D RAGAN ALEXANDER PETERC WILLIAM C KREHER

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

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

Amt Held 49'250'980 48'791'050 43'247'824 41'472'347 23'598'905 16'882'717 15'540'026 13'550'305 12'868'847 12'562'591 10'155'052 8'086'335 7'830'396 7'768'584 7'650'330 7'531'087 7'523'460 6'897'211 6'361'655 6'358'050

% Out 5.25 5.2 4.61 4.42 2.51 1.8 1.66 1.44 1.37 1.34 1.08 0.86 0.83 0.83 0.82 0.8 0.8 0.73 0.68 0.68

Weighting

Change

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

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

Latest Chg (317'024) (42'266) 1'164'484 (4'409'314) 118'759 804'173 (903'792) 90'528 (1'805'968) (410'792) 974'700 813'609 (879'709) (249'589) (7'786'595) 677'078 (400'118) 6'499'377 (1'211'280) (559'069)

Target Price 435 500 480 540 500 475 600 545 500 420 710 #N/A N/A 600 #N/A N/A 500 610 600 600 550 420 #N/A N/A #N/A N/A #N/A N/A 500 500 530 475 465 540 575 888 600 560 480 550 600 688 #N/A N/A 500 520 625 700 #N/A N/A

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

File Dt 22.04.2013 23.04.2013 31.03.2013 28.02.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.03.2013 31.03.2013 31.12.2012 28.02.2013 28.02.2013 31.12.2012 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 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 Unclassified Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 17.04.2013

24.04.2013

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 31.13 3'100'308.00 36.77 -5.13% 18.12% 100.00% 5'423.0 199'403.72 69'844.00 0.0 333.0 4'868.00 270'000.71

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

10.0 M

5.0 M

5 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 (24.04.2012) Daily Volume Current Price (4/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 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 13.54x 12.77x Profitability

LTM-4Q 31.12.2011 126'723.0 1.82x 30'505.0 7.56x 3'944.0 14.82x

31.12.2012 127'434.0 1.99x 31'140.0 8.14x 7'264.0 14.59x 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 a-13

4.84 0.75 5'418.95 81.69 21.72% 11.83% 0.746 39 3.256 4'814'053 5'563'987 5'435'310 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 127'298.0 126'968.0 128'519.2 130'750.2 31'799.0 32'062.8 7.52x 8.43x 2.14x 2.11x 8.54x 8.50x 30'774.0 30'948.0 42'000.3 43'674.1 11'190.3 10'850.9 8.03x 8.71x 6.43x 6.19x 6.35x 6.28x 4'120.0 7'380.0 13'785.9 14'511.8 3'883.6 3'628.8 14.13x 15.48x 14.60x 13.54x 14.29x 13.99x S&P Issuer Ratings Long-Term Rating Date 06.12.2010 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 06.12.2010 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 8.40 (EBITDA-Capex)/Interest Exp. 3.15 Net Debt/EBITDA 2.27 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 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 |

24.04.2013

AT&T Inc Holdings By:

All

Holder Name STATE STREET BLACKROCK VANGUARD GROUP INC EVERCORE TRUST COMPA CAPITAL GROUP COMPAN BANK OF NEW YORK MEL NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN NORGES BANK JP MORGAN GEODE CAPITAL MANAGE SUN LIFE FINANCIAL I DIMENSIONAL FUND ADV BANK OF AMERICA CORP STATE FARM MUTUAL AU BARROW HANLEY MEWHIN UBS FRANKLIN RESOURCES WELLS FARGO

Firm Name Deutsche Bank Morgan Stanley RBC Capital Markets JPMorgan Pacific Crest Securities Raymond James Stifel Canaccord Genuity Corp Evercore Partners Oppenheimer & Co Nomura Guggenheim Securities LLC Cowen and Company New Street Research Atlantic Equities LLP Piper Jaffray Telsey Advisory Group Jefferies William Blair & Co Wells Fargo Securities, LLC Robert W. Baird & Co Scotia Capital Macquarie S&P Capital IQ Edward Jones Tigress Financial Partners EVA Dimensions HSBC Independent Research GmbH Argus Research Corp Hilliard Lyons Daiwa Securities Co. Ltd. Wedge Partners Gabelli & Co Goldman Sachs FBR Capital Markets Janco Partners Inc

Portfolio Name n/a n/a VANGUARD GROUP INC EVERCORE TRUST COMPA n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN NORGES BANK n/a GEODE CAPITAL MANAGE n/a DIMENSIONAL FUND ADV BANK OF AMERICA STATE FARM MUTUAL AU BARROW HANLEY MEWHIN n/a n/a n/a

Analyst BRETT FELDMAN SIMON FLANNERY JONATHAN ATKIN PHILIP CUSICK MICHAEL BOWEN FRANK G LOUTHAN CHRISTOPHER C KING GREGORY MILLER JONATHAN SCHILDKRAUT TIMOTHY K HORAN MICHAEL L MCCORMACK SHING YIN COLBY SYNESAEL JONATHAN CHAPLIN CHRISTOPHER WATTS CHRISTOPHER M LARSEN JAISON BLAIR THOMAS O SEITZ JAMES D BREEN JR JENNIFER M FRITZSCHE WILLIAM V POWER JEFFREY FAN KEVIN SMITHEN TODD ROSENBLUTH DAVID HEGER IVAN FEINSETH ANDREW S ZAMFOTIS RICHARD DINEEN MARKUS FRIEBEL JOSEPH F BONNER DAVID B BURKS NACHI HOSHINO BRIAN BLAIR SERGEY DLUZHEVSKIY JASON ARMSTRONG DAVID DIXON GERARD HALLAREN

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

Recommendation hold Equalwt/In-Line sector perform overweight sector perform market perform hold hold equalweight outperform buy neutral neutral neutral neutral overweight no rating system hold market perform outperform neutral sector underperform underperform hold buy underperform underweight overweight sell hold buy underperform no rating system hold neutral/neutral outperform buy

Amt Held 325'320'158 303'741'103 257'834'748 236'591'214 172'536'775 85'043'230 78'531'043 75'934'975 72'522'164 41'221'593 37'990'454 37'606'981 34'575'958 32'596'443 32'340'952 29'793'395 29'566'054 29'042'268 28'788'510 27'158'636

% Out 6 5.6 4.75 4.36 3.18 1.57 1.45 1.4 1.34 0.76 0.7 0.69 0.64 0.6 0.6 0.55 0.55 0.54 0.53 0.5

Weighting

Change

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

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

Latest Chg (2'092'607) (15'537'356) 2'248'864 264'245 (35'791'594) 1'678'743 (425'820) (5'965'540) (6'438'791) 509'569 (4'382'266) (4'202'874) (1'599'808) 148'516 (366'392) (473'418) (418'660) 1'487'151 1'578'257

Target Price 34 37 38 40 #N/A N/A #N/A N/A #N/A N/A 35 39 42 38 37 #N/A N/A 36 37 40 42 38 #N/A N/A #N/A N/A 37 37 35 36 #N/A N/A #N/A N/A #N/A N/A 39 32 #N/A N/A 38 32 #N/A N/A #N/A N/A 36 38 44

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

File Dt 23.04.2013 22.04.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 28.02.2013 28.02.2013

Date 12 month 12 month 12 month 6 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 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 Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 23.04.2013 15.04.2013 15.04.2013 10.04.2013 02.04.2013 25.03.2013 25.03.2013 25.02.2013 20.02.2013 30.01.2013 28.01.2013 25.01.2013 12.12.2012 26.11.2012 12.11.2012 24.10.2012 15.08.2012 26.07.2012

24.04.2013

Baker Hughes Inc Baker Hughes Incorporated supplies reservoir-centered products, services, and systems to the worldwide oil and gas industry. The Company provides products and services for oil and gas exploration, drilling, completion, and production. Baker Hughes also manufactures and markets a variety of roller cutter bits and fixed cutter diamond bits.

Price/Volume 60

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (26.06.2012) Daily Volume Current Price (4/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 BHI UN EQUITY YTD Change BHI UN EQUITY YTD % CHANGE

12/2012 03/yy 50.96 37.09 350'193.00 44.85 -11.79% 20.92% 44.12% 441.8 19'816.25 4'916.00 0.0 199.0 1'015.00 23'807.25

2.0 M 1.5 M

1.0 M 10

.5 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

3.5 M

Valuation Analysis

31.12.2008 11'864.0 0.87x 3'075.0 3.35x 1'635.0 5.88x

4.0 M

31.12.2009 31.12.2010 9'664.0 14'414.0 1.33x 1.88x 1'461.0 2'620.0 8.78x 10.33x 421.0 812.0 29.18x 25.18x Profitability

LTM-4Q 31.12.2011 19'831.0 1.24x 4'236.0 5.78x 1'739.0 10.73x

31.12.2012 21'361.0 1.04x 3'760.0 5.88x 1'311.0 13.32x 3'760.00 2'192.00 10.26% 9.28% 4.55% 7.14% 6.20% 0.81% 18.7% 17.1% 9.5% 6.1% 2.53 1.41 18.42% 28.80% 4.19 4.63

Price/ Cash Flow

LTM

03/yy 20'547.0 5.10x 4'232.0 5.27x 1'737.0 9.32x

03/yy 21'236.0 4.39x 3'640.0 6.73x 1'199.0 15.75x

FY+1

.0 M a-13

1.34 1.46 440.23 11.22 5.63% 10.19% 1.457 33 3.394 1'492'343 1'100'413 959'844 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 21'649.7 23'456.9 5'233.9 5'509.0 1.09x 0.98x 4.46x 4.22x 3'894.4 4'675.0 900.6 1'018.5 6.07x 5.06x 5.74x 5.47x 1'354.4 1'828.1 285.7 358.7 14.65x 10.96x 13.53x 12.66x S&P Issuer Ratings

05.05.2006 A STABLE 05.05.2006 A-1 17.90 4.05 1.10 1.40 28.8% 22.2% 0.81 2.57 87.16 78.83 40.90 120.65

Sales/Revenue/Turnover

40.00

25'000.0

35.00

20'000.0

30.00 25.00

15'000.0

20.00

10'000.0

15.00 10.00

5'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

24.04.2013

Baker Hughes Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN FRANKLIN RESOURCES STATE STREET DODGE & COX BLACKROCK VANGUARD GROUP INC HARRIS ASSOCIATES LP BANK OF NEW YORK MEL SKAGEN AS MANNING & NAPIER ADV PZENA INVESTMENT MAN GREENHAVEN ASSOCIATE NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA INVESCO LTD JP MORGAN BANK OF AMERICA CORP TIAA CREF INVESTMENT UBS

Firm Name Societe Generale JPMorgan Jefferies Macquarie Argus Research Corp Howard Weil Inc Sanford C. Bernstein & Co Capital One Southcoast, Inc. Raymond James Johnson Rice & Co FBR Capital Markets Guggenheim Securities LLC Susquehanna Financial Group Cowen Securities LLC Credit Agricole Securities (USA) Global Hunter Securities Deutsche Bank Sterne, Agee & Leach BMO Capital Markets Morgan Stanley RBC Capital Markets ISI Group Wells Fargo Securities, LLC Barclays Credit Suisse RS Platou Markets EVA Dimensions Goldman Sachs Tudor Pickering & Co S&P Capital IQ

Portfolio Name n/a WELLINGTON MANAGEMEN n/a n/a DODGE & COX n/a VANGUARD GROUP INC HARRIS ASSOC LP BANK OF NEW YORK MEL Multiple Portfolios MANNING & NAPIER ADV PZENA INVESTMENT MAN GREENHAVEN ASSOCIATE NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA n/a n/a BANK OF AMERICA TIAA-CREF INVESTMENT n/a

Analyst EDWARD C MUZTAFAGO J DAVID ANDERSON BRAD HANDLER NIGEL BROWNE PHILIP H WEISS WILLIAM SANCHEZ SCOTT GRUBER LUKE M LEMOINE J MARSHALL ADKINS DANIEL BURKE MEGAN REPINE MICHAEL K LAMOTTE CHARLES P MINERVINO JAMES D CRANDELL DAVID S HAVENS BRIAN UHLMER MICHAEL W URBAN STEPHEN D GENGARO ALAN D LAWS OLE SLORER KURT HALLEAD JUDSON E BAILEY MATTHEW D CONLAN JAMES C WEST JAMES WICKLUND TURNER HOLM CRAIG STERLING WAQAR SYED BYRON POPE STEWART GLICKMAN

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

Recommendation hold neutral hold neutral sell sector perform outperform neutral market perform overweight market perform neutral neutral hold buy neutral buy neutral market perform Equalwt/Attractive sector perform strong buy market perform overweight neutral neutral underweight neutral/attractive accumulate hold

Amt Held 43'960'093 28'403'334 28'208'849 25'761'226 25'283'308 22'117'370 19'903'469 10'787'021 8'743'941 7'811'853 7'792'753 7'509'120 7'033'639 6'416'357 6'165'135 5'383'131 4'016'339 3'679'173 3'540'405 3'466'593

% Out 9.95 6.43 6.38 5.83 5.72 5.01 4.5 2.44 1.98 1.77 1.76 1.7 1.59 1.45 1.4 1.22 0.91 0.83 0.8 0.78

Weighting

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

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 D M M M

Latest Chg (3'037'575) 910'352 879'757 235'316 (508'506) 914'925 671'618 2'788'880 (142'727) (1'792'729) (2'713) 1'022'557 752'965 11'254 (521'016) (354'486) (317'368) 2'608'976 321'811 (606'071)

Target Price 49 52 48 48 #N/A N/A 49 64 51 #N/A N/A #N/A N/A 48 50 46 #N/A N/A 54 45 59 47 43 47 50 52 #N/A N/A 54 40 49 #N/A N/A 55 #N/A N/A 48

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 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 23.04.2013 Investment Advisor 31.12.2012 Investment Advisor 22.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 27.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified

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

Date 23.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 21.04.2013 21.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 15.04.2013 21.03.2013 25.02.2013 14.02.2013 04.02.2013 15.01.2013

24.04.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (4/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 BAC UN EQUITY YTD Change BAC UN EQUITY YTD % CHANGE

12/2012 03/yy 12.94 6.72 3'659'648.00 12.24 -5.04% 82.14% 86.01% 10'822.4 132'465.92 673'162.00 18'768.0 0.0 349'370.00 -

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

70.0 M

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

31.12.2009 31.12.2010 153'286.0 135'161.0 6'276.0 (2'238.0) 39.63x 10.76x Profitability

LTM-4Q 31.12.2011 115'373.0 1'446.0 5.73x

31.12.2012 100'078.0 4'188.0 10.27x 12.15% 3.69% 0.28% 2.16% 0.66% 0.05% 5.0% 30.46% 308.52% -

Price/ Cash Flow

LTM

03/yy 03/yy 109'598.0 100'131.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 50.0 6'158.0 9.86x 14.00x

FY+1

.0 M a-13

0.33 1.56 10'816.55 156.73 49.76% 5.61% 1.560 40 3.500 27'471'064 22'678'082 24'356'498 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 90'793.6 92'423.3 22'556.3 22'413.6 11'025.1 14'810.9 2'949.8 2'900.8 11.86x 9.24x 11.40x 10.60x S&P Issuer Ratings

29.11.2011 ANEG 29.11.2011 A-2 308.5% 74.0% 0.05 8.28 -

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 |

24.04.2013

Bank of America Corp Holdings By:

All

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

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

Portfolio Name n/a n/a VANGUARD GROUP INC n/a CITIGROUP INCORPORAT T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL n/a WELLINGTON MANAGEMEN NORTHERN TRUST CORPO DODGE & COX n/a GOLDMAN SACHS GROUP FAIRHOLME CAPITAL MA n/a NORGES BANK n/a KOREA INVESTMENT COR GEODE CAPITAL MANAGE BARROW HANLEY MEWHIN

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

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

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

Amt Held 616'629'472 572'414'935 479'318'548 246'773'602 225'212'961 159'341'503 144'154'448 142'985'000 142'958'634 136'274'948 130'433'329 124'553'207 117'521'551 100'506'715 86'976'884 77'988'479 73'552'338 73'090'645 71'322'340 69'716'837

% Out 5.7 5.29 4.43 2.28 2.08 1.47 1.33 1.32 1.32 1.26 1.21 1.15 1.09 0.93 0.8 0.72 0.68 0.68 0.66 0.64

Weighting

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

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 15'865'767 40'881'425 15'501'946 31'180'191 225'166'546 4'585'610 13'419'434 (3'000'000) 4'737'066 1'299'145 (2'686'520) 66'959'607 (58'896'556) (1'708'540) (18'565'990) 13'656'352 (4'484'027) (622'600) (6'444'529) 635'330

Target Price 14 16 #N/A N/A 14 14 14 14 12 13 15 12 13 13 15 13 #N/A N/A 15 13 11 12 #N/A N/A 13 12 15 #N/A N/A 13 10 15 #N/A N/A #N/A N/A 10 15 10 #N/A N/A 13 #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 23.04.2013 22.04.2013 31.03.2013 28.02.2013 31.12.2012 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 28.02.2013 31.03.2013 31.12.2012 31.12.2012

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

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

Date 24.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 21.04.2013 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 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 11.04.2013 09.04.2013 09.04.2013 26.03.2013 14.03.2013 08.02.2013 15.01.2013 07.01.2013 17.10.2012 26.01.2011

24.04.2013

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 (14.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 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 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

3.0 M

12/2012 03/yy 29.11 19.31 185'478.00 27.64 -5.08% 43.14% 83.98% 1'162.0 32'116.35 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 13.07x Profitability

LTM-4Q 31.12.2011 15'804.0 2'516.0 9.35x

31.12.2012 15'089.0 2'445.0 10.98x 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 10.97x

03/yy 15'512.0 0.00x 0.0 0.00x 1'573.0 12.17x

FY+1

.0 M a-13

1.88 1.31 1'153.85 11.24 21.54% 8.07% 1.310 28 3.214 1'681'732 1'414'853 1'364'423 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 14'735.2 15'417.9 3'700.6 3'707.6 2'544.0 2'808.2 658.5 680.3 12.27x 10.82x 11.89x 11.50x S&P Issuer Ratings

29.11.2011 A+ NEG 29.11.2011 A-1 175.6% 62.4% 0.05 9.29 -

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 |

24.04.2013

Bank of New York Mellon Corp/The Holdings By:

All

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

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

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

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

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

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

Amt Held 94'886'202 69'388'717 69'140'566 63'782'833 61'860'295 52'181'793 45'007'723 26'669'956 24'408'690 19'633'915 19'385'000 17'217'841 16'126'130 16'104'634 13'151'547 11'287'780 11'184'513 10'290'830 10'245'217 9'050'000

% Out 8.17 5.97 5.95 5.49 5.32 4.49 3.87 2.3 2.1 1.69 1.67 1.48 1.39 1.39 1.13 0.97 0.96 0.89 0.88 0.78

Weighting

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

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

Latest Chg (9'347'696) 477'788 2'715'027 3'066'473 (1'432'950) (14'336) (712'232) (15'821) 231'000 773'015 (103'322) (708'788) 2'081'341 (230'785) (12'470) 116'950 (119'165) 9'050'000

Target Price 28 35 27 26 25 29 29 30 #N/A N/A 28 28 #N/A N/A 28 29 28 31 32 30 #N/A N/A 27 40 25 29 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 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 23.04.2013 Investment Advisor 22.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 22.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 11.04.2013 03.04.2013 03.04.2013 08.03.2013 18.10.2012

24.04.2013

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

2.0 M

50 40

12/2012 03/yy 72.85 48.98 130'664.00 69.6 -4.49% 42.10% 87.43% 543.4 37'819.81 5'930.00 0.0 40.0 3'270.00 40'519.81

1.5 M

1.0 M

20 .5 M

10 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.04.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAX UN EQUITY YTD Change BAX UN EQUITY YTD % CHANGE

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

3.0 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 15.44x 12.72x Profitability

LTM-4Q 31.12.2011 13'893.0 2.18x 3'616.0 8.38x 2'224.0 11.48x

31.12.2012 14'190.0 2.76x 3'533.0 11.07x 2'326.0 14.75x 3'533.00 2'821.00 19.88% 20.36% 11.79% 34.40% 19.73% 0.72% 51.5% 25.0% 20.0% 16.4% 1.95 1.20 29.08% 85.47% 5.86 2.54

Price/ Cash Flow

LTM

03/yy 13'997.0 9.80x 3'581.0 10.14x 2'242.0 14.03x

03/yy 14'250.0 7.52x 3'563.0 0.00x 2'290.0 15.93x

FY+1

.0 M a-13

2.42 0.90 542.12 6.43 30.67% 5.08% 0.898 23 4.304 791'350 722'041 734'455 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 15'484.6 16'908.7 3'704.7 4'016.1 2.80x 2.52x 12.07x 11.09x 4'226.7 4'716.7 988.2 1'059.2 9.61x 8.61x 9.28x 8.74x 2'557.6 2'815.8 622.6 645.3 14.94x 13.48x 14.55x 14.10x S&P Issuer Ratings

06.12.2012 A STABLE 24.10.2008 A-1 16.28 10.93 0.75 1.68 85.5% 45.9% 0.72 2.44 62.48 144.27 40.44 166.31

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 |

24.04.2013

Baxter International Inc Holdings By:

All

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

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

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

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

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

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

Amt Held 56'167'155 32'898'510 27'389'435 25'747'898 19'834'801 13'214'861 13'167'494 12'154'926 10'341'473 8'497'226 8'388'340 7'968'909 7'956'219 7'424'437 6'892'062 6'242'064 5'981'412 5'433'812 5'353'132 4'954'366

% Out 10.34 6.05 5.04 4.74 3.65 2.43 2.42 2.24 1.9 1.56 1.54 1.47 1.46 1.37 1.27 1.15 1.1 1 0.99 0.91

Weighting

Change

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

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

Latest Chg 1'767'548 406'646 (127'324) 475'992 (397'384) 5'534'571 197'569 (845'032) 94'036 537'117 123'252 (266'282) 79'795 92'310 (143'744) (43'557) 98'641 (734'256) (372'012)

Target Price 75 84 72 82 81 70 77 #N/A N/A #N/A N/A #N/A N/A 75 #N/A N/A #N/A N/A #N/A N/A 72 #N/A N/A 76 77 #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 23.04.2013 31.03.2013 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012

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

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

Date 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 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 03.04.2013 05.03.2013 04.12.2012 16.10.2009

24.04.2013

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. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.04.2013) 52-Week Low (31.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BRK/B UN EQUITY YTD Change BRK/B UN EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 107.49 78.28 190'321.00 106.74 -0.62% 36.36% 97.23% 1'126.0 263'173.91 62'736.00 0.0 3'941.0 186'759.00 143'091.90

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

1.20

12.0 M

100

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M a-13

f-13 m-13

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

120

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% 3.62% 8.41% 6.94% 0.40% 23.5% 18.2% 15.0% 9.1% 1.49 1.43 14.68% 33.43% 4.81 13.33

LTM

12/yy 12/yy 143'688.0 162'463.0 2.56x 2.38x 22'008.0 29'524.0 4.15x 3.39x 10'254.0 14'824.0 0.00x 0.00x

0.87 1'038.98 12.60 33.78% 19.00% 0.874 3 3.000 1'699'969 1'441'056 1'476'392

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

AA+ NEG 13.78 9.22 -4.20 2.12 33.4% 24.7% 0.40 1.57 76.04 27.46 99.67 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 |

24.04.2013

Berkshire Hathaway Inc Holdings By:

All

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

Firm Name Barclays EVA Dimensions S&P Capital IQ

Portfolio Name n/a BILL & MELINDA FOUND 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 n/a D E SHAW & CO FIDUCIARY MANAGEMENT n/a BANK OF AMERICA NEW YORK STATE COMMO n/a DEUTSCHE BANK AKTIEN BROWN BROTHERS HARRI

Analyst JAY H GELB AUSTIN BURKETT CATHY SEIFERT

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

Recommendation overweight underweight hold

Amt Held 101'371'368 87'081'373 81'043'573 80'579'175 60'047'926 20'791'931 18'831'232 18'336'741 12'060'161 10'466'779 9'289'649 8'702'620 7'645'865 7'063'428 6'634'655 6'104'157 6'007'207 5'986'359 5'672'149 5'434'465

% Out 9 7.73 7.2 7.16 5.33 1.85 1.67 1.63 1.07 0.93 0.83 0.77 0.68 0.63 0.59 0.54 0.53 0.53 0.5 0.48

Weighting

Change 5 1 3

M U M

Latest Chg 3'923'853 (6'250'000) (6'037'800) 3'504'853 5'117'354 249'896 955'203 2'396'700 (1'241'696) 1'906'404 (896'170) 1'508'652 1'726'351 52'252 (89'373) 199'861 59'600 289'699 3'185'272 177'503

Target Price 119 #N/A N/A 101

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

File Dt Inst Type 23.04.2013 Investment Advisor 31.12.2012 Endowment 26.03.2013 Endowment 22.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided Not Provided Not Provided

Date 02.04.2013 05.03.2013 16.01.2013

24.04.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.04.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (4/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 BA UN EQUITY YTD Change BA UN EQUITY YTD % CHANGE

12/2012 03/yy 92.64 66.84 719'365.00 91.01 -1.45% 36.16% 94.38% 758.3 69'014.83 10'409.00 0.0 100.0 13'558.00 66'430.83

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 j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

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

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 28.64x 15.54x Profitability

LTM-4Q 31.12.2011 68'735.0 0.81x 7'480.0 7.46x 4'018.0 15.35x

31.12.2012 81'698.0 0.66x 8'118.0 6.64x 3'900.0 14.75x 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 8'097.0 7.03x 4'355.0 14.27x

03/yy 81'208.0 2.78x 8'057.0 7.76x 4'083.0 16.17x

FY+1

.0 M a-13

1.99 1.11 754.95 8.69 27.42% 21.55% 1.113 30 4.400 934'862 1'131'883 1'103'278 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 83'857.5 91'482.0 20'539.3 21'564.9 0.79x 0.70x 3.32x 3.12x 8'123.1 9'149.4 2'012.0 2'088.8 8.20x 7.27x 4'803.3 4'954.2 1'057.8 1'073.0 14.29x 12.76x 13.76x 13.33x 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 |

24.04.2013

Boeing Co/The Holdings By:

All

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

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

Portfolio Name n/a EVERCORE TRUST COMPA n/a n/a VANGUARD GROUP INC T ROWE PRICE ASSOCIA JENNISON ASSOCIATES WELLINGTON MANAGEMEN NORTHERN TRUST CORPO NEUBERGER BERMAN GRO TIAA-CREF INVESTMENT BANK OF NEW YORK MEL GOLDMAN SACHS GROUP n/a n/a PRIMECAP MANAGEMENT HARRIS ASSOC LP OPPENHEIMER FUNDS IN n/a n/a

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

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

Recommendation buy buy outperform buy outperform outperform buy overweight in-line hold neutral outperform overweight outperform buy buy/attractive buy outperform buy sell buy hold neutral overweight hold buy buy buy

Amt Held 119'032'600 64'066'646 47'426'795 39'190'668 33'607'508 31'191'388 12'663'099 11'462'113 9'584'290 8'865'899 8'553'023 8'414'497 8'348'581 6'969'980 6'861'844 6'830'861 6'676'786 5'251'259 4'994'679 4'693'498

% Out 15.7 8.45 6.25 5.17 4.43 4.11 1.67 1.51 1.26 1.17 1.13 1.11 1.1 0.92 0.9 0.9 0.88 0.69 0.66 0.62

Weighting

Change 5 5 5 5 5 5 5 5 3 3 3 5 5 5 5 5 5 5 5 1 5 3 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 U N D M M M M

Latest Chg 8'045'815 (5'838'781) 203'503 (1'261'110) 1'203'025 (146'171) 321'969 6'797'654 30'332 412'409 (337'665) 415'223 655'156 (351'746) (243'678) (734'500) 37'916 1'198'120 64'287 (172'021)

Target Price 95 115 98 100 #N/A N/A #N/A N/A 100 94 88 #N/A N/A 83 94 95 94 96 99 90 90 99 70 87 #N/A N/A #N/A N/A #N/A N/A 82 88 #N/A N/A 60

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

File Dt 31.03.2013 31.12.2012 23.04.2013 22.04.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 28.02.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.03.2013

Date 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 6 month 12 month Not Provided 18 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 24 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 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 22.04.2013 22.04.2013 19.04.2013 18.04.2013 16.04.2013 15.04.2013 10.04.2013 09.04.2013 08.04.2013 08.04.2013 04.04.2013 03.04.2013 19.03.2013 19.03.2013 13.03.2013 13.03.2013 18.02.2013 17.01.2013 18.07.2012 17.05.2012 02.06.2009

24.04.2013

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 (23.04.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BMY UN EQUITY YTD Change BMY UN EQUITY YTD % CHANGE

12/2012 12/yy 42.87 30.64 312'972.00 41.8 -2.96% 36.42% 95.34% 1'642.9 68'673.09 7'394.00 0.0 15.0 6'352.00 69'730.09

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

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

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 14.93x

31.12.2012 17'621.0 3.07x 4'771.0 11.36x 1'960.0 17.91x 4'771.00 4'090.00 23.21% 13.28% 5.69% 13.25% 0.51% 73.8% 27.1% 23.2% 11.1% 1.15 0.71 20.60% 54.28% 5.16 3.03

Price/ Cash Flow

LTM

12/yy 21'244.0 8.72x 7'476.0 7.11x 3'709.0 15.73x

12/yy 17'621.0 12.50x 4'771.0 11.36x 1'960.0 17.34x

FY+1

.0 M a-13

3.28 0.63 1'639.93 35.15 27.93% 30.74% 0.628 24 3.500 1'878'550 2'064'735 2'151'731 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 16'565.3 17'843.0 3'874.6 4'108.0 4.52x 4.16x 4'171.7 5'003.3 908.0 972.0 16.69x 13.91x 18.01x 3'008.1 3'509.3 691.9 726.1 22.80x 19.43x 22.87x 21.74x S&P Issuer Ratings

06.09.2006 A+ STABLE 31.05.2012 A-1+ 26.21 23.20 0.22 1.55 54.3% 35.2% 0.51 3.58 70.89 120.72 180.08 11.53

Sales/Revenue/Turnover

14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00 6.00

10'000.0

4.00

5'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

24.04.2013

Bristol-Myers Squibb Co Holdings By:

All

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

Firm Name William Blair & Co Wells Fargo Securities, LLC JPMorgan Leerink Swann & Co Barclays Cowen and Company BMO Capital Markets MKM Partners Jefferies Sanford C. Bernstein & Co ISI Group Morgan Stanley Edward Jones Goldman Sachs Argus Research Corp Credit Suisse EVA Dimensions Hilliard Lyons S&P Capital IQ Atlantic Equities LLP Credit Agricole Securities (USA) Cyrrus MP Advisors Pvt Ltd

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

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

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

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

Amt Held 144'783'672 112'479'503 89'815'918 75'687'497 33'583'523 29'992'601 25'494'507 25'314'216 20'114'226 19'219'015 18'223'853 15'355'097 14'090'289 13'555'466 13'547'101 13'262'500 12'602'907 11'241'133 11'107'989 10'925'254

% Out 8.81 6.85 5.47 4.61 2.04 1.83 1.55 1.54 1.22 1.17 1.11 0.93 0.86 0.83 0.82 0.81 0.77 0.68 0.68 0.66

Weighting

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

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 (974'777) 1'151'556 2'435'470 1'724'358 (40'039) 928'900 8'154'571 (3'287'548) (843'092) (1'247'990) 183'535 3'273'194 (3'765'862) 1'094'169 737'400 57'630 (1'973'260) 4'523'311 (1'220'954)

Target Price #N/A N/A #N/A N/A 38 #N/A N/A 42 #N/A N/A 43 26 45 35 36 35 #N/A N/A 44 44 38 #N/A N/A #N/A N/A 38 33 38 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 22.04.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 23.04.2013 23.04.2013 18.04.2013 18.04.2013 15.04.2013 12.04.2013 11.04.2013 11.04.2013 10.04.2013 10.04.2013 10.04.2013 04.04.2013 22.03.2013 21.03.2013 21.02.2013 31.01.2013 26.01.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 05.04.2012 31.01.2012

24.04.2013

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 (07.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (4/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 COF UN EQUITY YTD Change COF UN EQUITY YTD % CHANGE

12/2012 03/yy 62.92 48.00 76'100.00 56.32 -10.62% 17.33% 55.90% 584.0 32'890.88 49'910.00 0.0 0.0 11'058.00 63'636.88

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 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 9'335.0 11'715.0 3.19x 4.78x 884.0 2'743.0 16.31x 6.37x Profitability

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

31.12.2012 23'177.0 3.13x 13'429.0 5.40x 3'517.0 9.28x 13'429.00 22.96% 21.72% 1.07% 8.02% 4.28% 0.08% 57.6% 15.2% 15.95% 123.24% -

Price/ Cash Flow

LTM

03/yy 18'737.0 10.07x 9'730.0 3.55x 3'534.0 8.75x

03/yy 24'303.0 10.84x 10'707.0 0.00x 3'180.0 9.13x

FY+1

.0 M a-13

0.36 1.23 578.91 8.87 3.98% -2.69% 1.228 34 4.441 1'504'540 1'084'055 1'263'314 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 22'116.2 21'994.9 5'519.1 5'599.7 3'905.6 3'801.5 989.8 998.3 8.56x 8.44x 8.79x 8.84x S&P Issuer Ratings

17.06.2009 BBB NEG 2.91 3.74 123.2% 55.2% 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 |

24.04.2013

Capital One Financial Corp Holdings By:

All

Holder Name DODGE & COX FMR LLC BLACKROCK STATE STREET VANGUARD GROUP INC BARROW HANLEY MEWHIN VIKING GLOBAL INVEST CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA JP MORGAN INSTITUTIONAL CAPITA HARRIS ASSOCIATES LP BANK OF NEW YORK MEL NORTHERN TRUST CORPO WADDELL & REED FINAN ALLIANCE BERNSTEIN ROBECO INVESTMENT MG AMERIPRISE FINANCIAL LORD ABBETT & CO LLC WELLS FARGO

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

Portfolio Name DODGE & COX n/a n/a n/a VANGUARD GROUP INC BARROW HANLEY MEWHIN VIKING GLOBAL INVEST n/a T ROWE PRICE ASSOCIA n/a INSTITUTIONAL CAPITA HARRIS ASSOC LP BANK OF NEW YORK MEL NORTHERN TRUST CORPO WADDELL & REED FINAN n/a ROBECO INVESTMENT MA AMERIPRISE FINANCIAL LORD ABBETT & CO LLC n/a

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

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

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

Amt Held 48'554'603 35'086'243 32'180'834 31'956'211 25'586'122 20'624'985 13'668'594 11'815'098 11'019'492 9'786'945 9'350'499 8'040'323 7'622'118 7'550'047 6'291'144 6'151'810 6'094'557 6'021'078 5'935'613 5'456'223

% Out 8.31 6.01 5.51 5.47 4.38 3.53 2.34 2.02 1.89 1.68 1.6 1.38 1.31 1.29 1.08 1.05 1.04 1.03 1.02 0.93

Weighting

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

Latest Chg (1'542'400) (851'720) 989'896 810'746 (134'860) 3'609'418 999'398 1'959'330 (3'013'654) 221'848 224'376 (683'457) (19'998) 42'746 4'422'017 102'063 72'141 (824'229) 1'486'111

Target Price 69 70 65 65 70 #N/A N/A 60 59 65 66 #N/A N/A 63 65 68 56 #N/A N/A 57 69 68 68 60 65 60 63 #N/A N/A 62 #N/A N/A 65 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 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor

Date 18 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 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 Not Provided Not Provided

Date 23.04.2013 23.04.2013 22.04.2013 21.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 15.04.2013 11.04.2013 01.04.2013 22.03.2013 08.03.2013 04.02.2013 18.10.2012

24.04.2013

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 (24.04.2012) 52-Week Low (12.07.2012) Daily Volume Current Price (4/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 108.78 78.25 261'085.00 83.98 -22.74% 7.32% 19.16% 657.7 55'233.65 10'486.00 0.0 50.0 3'306.00 62'129.65

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 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 26.14x 21.83x Profitability

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

31.12.2012 65'875.0 1.00x 11'966.0 5.51x 5'681.0 10.40x 11'966.00 9'153.00 13.89% 12.52% 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 12.88x

03/yy 63'104.0 4.08x 10'923.0 5.85x 4'975.0 11.69x

FY+1

.0 M a-13

2.41 1.31 656.13 18.83 -20.61% -5.65% 1.311 28 4.107 1'978'678 1'404'382 1'340'127 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 59'613.8 63'901.0 15'117.3 15'439.3 1.45x 1.16x 5.74x 5.61x 9'168.7 10'510.6 2'335.8 2'490.4 6.78x 5.92x 6.41x 6.20x 4'688.3 5'370.2 1'207.7 1'290.8 11.80x 10.13x 11.19x 10.93x 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 |

24.04.2013

Caterpillar Inc Holdings By:

All

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

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

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

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

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

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

Amt Held 85'920'249 43'263'971 33'563'714 23'843'150 19'707'800 10'260'857 10'053'520 9'312'413 7'179'234 6'004'419 5'923'800 5'204'841 5'183'052 4'899'901 4'610'728 4'559'582 4'302'834 3'701'077 3'603'258 3'273'467

% Out 13.06 6.58 5.1 3.63 3 1.56 1.53 1.42 1.09 0.91 0.9 0.79 0.79 0.75 0.7 0.69 0.65 0.56 0.55 0.5

Weighting

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

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

Latest Chg (1'824'299) 727'036 9'693'821 265'505 (139'073) (572'787) 556'251 292'300 (390'036) 552'886 (538'358) (507'100) (253'929) (398'594) (12'500) (520'786) (182'987)

Target Price 75 96 100 92 100 96 100 88 #N/A N/A 105 100 103 95 119 #N/A N/A 109 115 99 #N/A N/A 109 #N/A N/A #N/A N/A 126 #N/A N/A

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

File Dt 23.04.2013 22.04.2013 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Endowment 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

Date 24.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 09.04.2013 26.03.2013 20.03.2013 11.03.2013 31.01.2013 15.01.2013

24.04.2013

Chevron Corp Chevron Corporation is an integrated energy company with operations in countries located around the world. The Company produces and transports crude oil and natural gas. Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services.

Price/Volume 140

8.0 M

120

7.0 M

100

6.0 M 5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.02.2013 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 12/yy 121.56 95.74 237'864.00 118.2 -2.74% 23.46% 84.20% 1'942.7 229'626.88 12'192.00 0.0 1'308.0 21'205.00 221'921.87

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

3.0 M

2.0 M

1.0 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 13.53x 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 8.94x 48'426.00 35'013.00 15.73% 20.82% 11.83% 20.30% 18.65% 1.01% 18.6% 21.8% 15.7% 11.8% 1.63 1.23 5.23% 8.93% 10.40 31.20

Price/ Cash Flow

LTM

FY+1

.0 M a-13

2.97 1.09 1'942.12 18.55 18.62% 10.15% 1.087 29 4.241 1'940'284 1'785'844 1'685'065 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 236'286.0 222'580.0 238'329.9 232'880.3 55'204.3 54'016.0 3.41x 3.70x 0.96x 1.00x 4.05x 4.16x 51'210.0 48'426.0 56'229.2 57'497.3 11'617.4 14'305.5 4.02x 4.19x 3.95x 3.87x 4.45x 4.26x 26'895.0 26'179.0 23'933.0 24'809.3 5'845.0 5'935.3 8.07x 8.92x 9.51x 9.40x 9.49x 9.52x S&P Issuer Ratings Long-Term Rating Date 01.07.1987 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 01.07.1987 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 200.11 (EBITDA-Capex)/Interest Exp. 72.26 Net Debt/EBITDA -0.19 Total Debt/EBITDA 0.25 Reference Total Debt/Equity 8.9% Total Debt/Capital 8.1% Asset Turnover 1.01 Net Fixed Asset Turnover 1.69 Accounts receivable turnover-days 35.18 Inventory Days 11.73 Accounts Payable Turnover Day 44.95 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 |

24.04.2013

Chevron Corp Holdings By:

All

Holder Name STATE STREET BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN FMR LLC BANK OF NEW YORK MEL NORTHERN TRUST CORPO JP MORGAN T ROWE PRICE ASSOCIA FRANKLIN RESOURCES BANK OF AMERICA CORP NORGES BANK STATE FARM MUTUAL AU GEODE CAPITAL MANAGE AMERIPRISE FINANCIAL SUN LIFE FINANCIAL I WELLS FARGO INVESCO LTD TIAA CREF INVESTMENT

Firm Name Barclays Tudor Pickering & Co Societe Generale JPMorgan Jefferies ISI Group Raymond James Simmons & Company International Deutsche Bank Credit Suisse Independent Research GmbH Oppenheimer & Co Howard Weil Inc Macquarie S&P Capital IQ Morgan Stanley Edward Jones Cowen Securities LLC Argus Research Corp Canaccord Genuity Corp VTB Capital EVA Dimensions Goldman Sachs Phoenix Partners Group

Portfolio Name n/a n/a VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO 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 n/a TIAA-CREF INVESTMENT

Analyst PAUL Y CHENG ROBERT KESSLER JOHN HERRLIN KATHERINE LUCAS MINYARD IAIN REID DOUGLAS T TERRESON PAVEL MOLCHANOV JEFFREY A DIETERT PAUL SANKEY EDWARD WESTLAKE SVEN DIERMEIER FADEL GHEIT BLAKE FERNANDEZ JASON D GAMMEL MICHAEL KAY J EVAN CALIO BRIAN YOUNGBERG ASIT SEN PHILIP H WEISS GORDON GRAY COLIN SMITH CRAIG STERLING ARJUN N MURTI CHRIS KETTENMANN

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

Recommendation overweight hold hold neutral buy buy outperform overweight buy outperform hold outperform sector outperform outperform strong buy Overwt/In-Line buy buy buy buy hold buy neutral/attractive sell

Amt Held 142'879'532 120'673'036 98'040'555 80'759'338 36'837'320 35'044'572 31'438'900 30'377'532 24'118'490 23'715'705 18'756'856 16'772'113 16'404'385 16'281'400 12'946'149 12'743'283 12'095'417 12'063'338 11'831'726 10'424'281

% Out 7.35 6.21 5.05 4.16 1.9 1.8 1.62 1.56 1.24 1.22 0.97 0.86 0.84 0.84 0.67 0.66 0.62 0.62 0.61 0.54

Weighting

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

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

Latest Chg 2'602'469 482'591 3'489'417 (1'546'231) (297'928) (7'149'791) 978'505 437'694 2'065'088 (1'202'262) 365'233 374'539 2'165'560 (1'271'647) 642'835 (35'876) (321'965) (544'810) (754'835)

Target Price 133 122 126 121 135 130 125 #N/A N/A 140 135 127 130 140 148 142 135 #N/A N/A 133 135 136 120 #N/A N/A 125 83

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

File Dt 23.04.2013 22.04.2013 31.03.2013 31.03.2013 31.12.2012 28.02.2013 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012

Date Not Provided Not Provided 12 month 6 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 18 month Not Provided 12 month Not Provided 12 month 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 Government Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 24.04.2013 23.04.2013 22.04.2013 18.04.2013 18.04.2013 18.04.2013 15.04.2013 15.04.2013 13.04.2013 12.04.2013 12.04.2013 12.04.2013 11.04.2013 11.04.2013 11.04.2013 10.04.2013 05.04.2013 26.03.2013 14.03.2013 13.03.2013 01.03.2013 16.01.2013 13.12.2012 24.07.2012

24.04.2013

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 25 20 15

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.02.2013 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 01/yy 21.98 14.97 3'255'413.00 20.38 -7.46% 36.18% 84.75% 5'332.0 108'665.63 16'328.00 0.0 15.0 48'716.00 78'590.62

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

0 a-12 m-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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

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% 10.04% 17.79% 14.26% 0.51% 61.2% 28.3% 22.7% 17.5% 3.49 3.20 17.79% 31.84% 5.99 11.64

Price/ Cash Flow

LTM

01/yy 44'844.0 6.16x 12'018.0 6.27x 6'998.0 14.10x

01/yy 47'252.0 5.76x 13'372.0 6.17x 9'317.0 14.33x

FY+1

2.16 1.00 5'322.08 53.87 7.87% 4.55% 1.001 50 4.260 10'515'175 9'195'847 9'039'598 FY+2

FQ+1

FQ+2

07/13 Y 07/14 Y 04/13 Q3 07/13 Q4 48'711.2 51'404.6 12'199.8 12'527.3 2.06x 1.72x 6.20x 5.90x 15'215.1 15'694.6 3'802.0 4'002.0 5.20x 5.04x 5.03x 4.94x 10'661.9 11'131.5 2'630.9 2'720.4 10.21x 9.66x 10.05x 9.88x S&P Issuer Ratings

10.02.2006 A+ STABLE 31.01.2011 A-1+ 21.76 19.87 -2.25 1.22 31.8% 24.1% 0.51 13.28 60.78 31.27 16.63 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

j-12

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

Fiscal Year Ended 31.07.2008 39'540.0 2.86x 11'189.0 10.09x 8'052.0 16.14x

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 a-13

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 |

24.04.2013

Cisco Systems Inc Holdings By:

All

Holder Name STATE STREET BLACKROCK VANGUARD GROUP INC WELLINGTON MANAGEMEN BANK OF NEW YORK MEL INVESCO LTD JP MORGAN FMR LLC FRANKLIN RESOURCES NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT T ROWE PRICE ASSOCIA YACKTMAN ASSET MANAG LAZARD ASSET MANAGEM FIRST EAGLE INVESTME NORGES BANK TIAA CREF INVESTMENT AMERIPRISE FINANCIAL DEUTSCHE BANK AG ALLIANZ ASSET MANAGE

Firm Name BMO Capital Markets Sterne, Agee & Leach Deutsche Bank William Blair & Co Tigress Financial Partners Raymond James ISI Group Evercore Partners Baden Hill LLP Stifel Wunderlich Securities Mizuho Securities USA Inc Wells Fargo Securities, LLC Independent Research GmbH S&P Capital IQ Janney Montgomery Scott LLC Wedbush Pacific Crest Securities Robert W. Baird & Co Edward Jones Barclays Piper Jaffray Topeka Capital Markets Inc Jefferies FBR Capital Markets RBC Capital Markets Nomura Daiwa Securities Co. Ltd. Berenberg Bank Argus Research Corp Oppenheimer & Co Morgan Stanley JPMorgan Needham & Co Davenport & Co JMP Securities Lazard Capital Markets MKM Partners Northland Securities Inc FBN Securities Wedge Partners EVA Dimensions Goldman Sachs

Portfolio Name n/a n/a VANGUARD GROUP INC WELLINGTON MANAGEMEN BANK OF NEW YORK MEL n/a n/a n/a n/a NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT T ROWE PRICE ASSOCIA YACKTMAN ASSET MANAG n/a FIRST EAGLE INVESTME NORGES BANK TIAA-CREF INVESTMENT AMERIPRISE FINANCIAL DEUTSCHE BANK AKTIEN n/a

Analyst TIMOTHY P LONG ALEX KURTZ BRIAN T MODOFF JASON NOAH ADER IVAN FEINSETH SIMON M LEOPOLD BRIAN MARSHALL MARK A MCKECHNIE ROY CAMPBELL SANJIV R WADHWANI MATTHEW S ROBISON JOANNA MAKRIS JESS L LUBERT MARKUS FRIEBEL JAMES G MOORMAN WILLIAM CHOI ROHIT CHOPRA BRENT A BRACELIN JAYSON NOLAND SR WILLIAM C KREHER BENJAMIN A REITZES TROY D JENSEN BRIAN J WHITE GEORGE C NOTTER SCOTT S THOMPSON MARK SUE STUART JEFFREY YOKO YAMADA ADNAAN AHMAD JAMES KELLEHER ITTAI KIDRON EHUD A GELBLUM ROD HALL ALEXANDER HENDERSON F DRAKE JOHNSTONE ERIK SUPPIGER RYAN HUTCHINSON MICHAEL GENOVESE CATHARINE TREBNICK SHEBLY SEYRAFI CHRISTOPHER J CRESPI ANDREW S ZAMFOTIS SIMONA JANKOWSKI

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

Recommendation outperform buy buy outperform neutral outperform cautious equalweight buy buy buy buy outperform hold buy neutral outperform outperform outperform hold overweight overweight buy hold underperform outperform buy outperform sell buy outperform Overwt/Attractive underweight hold buy market perform neutral buy outperform outperform no rating system buy Buy/Neutral

Amt Held 299'578'360 285'629'010 248'500'974 183'794'312 120'991'753 103'605'229 98'236'097 86'751'700 82'170'147 77'496'020 70'428'507 69'820'447 52'443'161 47'813'820 46'147'106 43'095'418 42'368'958 40'386'595 37'520'775 37'109'838

% Out 5.62 5.36 4.66 3.45 2.27 1.94 1.84 1.63 1.54 1.45 1.32 1.31 0.98 0.9 0.87 0.81 0.79 0.76 0.7 0.7

Weighting

Change

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

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

Latest Chg (7'418'814) 8'853'231 15'936'699 65'261'717 8'008'876 (10'779'595) 12'933'673 19'583'032 (272'238) 2'085'888 6'196'339 (4'001'080) (52'225) (1'104'045) (540'834) 4'202'738 3'103'045 7'990'890 6'191'620 3'351'241

Target Price 25 26 24 #N/A N/A #N/A N/A 25 #N/A N/A 23 #N/A N/A 25 24 25 #N/A N/A 24 26 20 24 25 25 #N/A N/A 27 25 26 22 17 24 25 24 14 26 24 24 18 #N/A N/A 24 #N/A N/A #N/A N/A 25 26 25 #N/A N/A #N/A N/A 25

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

File Dt Inst Type 23.04.2013 Investment Advisor 22.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Unclassified 31.12.2012 Hedge Fund Manager 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor

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

Date 23.04.2013 22.04.2013 21.04.2013 17.04.2013 16.04.2013 15.04.2013 15.04.2013 14.04.2013 12.04.2013 11.04.2013 10.04.2013 10.04.2013 08.04.2013 05.04.2013 05.04.2013 03.04.2013 03.04.2013 02.04.2013 02.04.2013 01.04.2013 01.04.2013 27.03.2013 27.03.2013 26.03.2013 21.03.2013 14.03.2013 14.03.2013 06.03.2013 05.03.2013 01.03.2013 25.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 18.01.2013 15.01.2013 09.12.2012

24.04.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (4/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 47.91 24.61 871'575.00 46.79 -2.00% 90.13% 93.78% 3'042.9 142'377.30 623'537.00 2'562.0 1'948.0 36'453.00 800'441.29

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

25.0 M 20.0 M 15.0 M 10.0 M 5.0 M

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

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

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 13.32x Profitability

LTM-4Q 31.12.2011 102'587.0 6.95x 53'554.0 13.31x 11'067.0 5.65x

31.12.2012 90'708.0 7.84x 41'810.0 17.02x 7'541.0 8.19x 41'810.00 11.31% 8.75% 0.44% 4.52% 0.96% 0.05% 45.8% 8.3% 33.44% 334.36% -

Price/ Cash Flow

LTM

03/yy 101'804.0 31.62x 52'843.0 15.42x 10'999.0 6.92x

03/yy 90'629.0 32.92x 28'769.0 0.00x 8'418.0 10.66x

FY+1

.0 M a-13

0.09 1.75 2'923.85 39.94 40.17% 18.30% 1.755 36 4.250 6'862'376 7'034'314 6'305'511 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 78'925.3 80'915.9 19'720.1 19'541.9 14'180.2 15'991.7 3'476.3 3'483.1 9.96x 8.80x 9.54x 9.21x S&P Issuer Ratings

29.11.2011 ANEG 29.11.2011 A-2 14.10 14.97 334.4% 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 |

24.04.2013

Citigroup Inc Holdings By:

All

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

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

Portfolio Name n/a n/a VANGUARD GROUP INC 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 TIAA-CREF INVESTMENT n/a OPPENHEIMER FUNDS IN BARROW HANLEY MEWHIN GEODE CAPITAL MANAGE n/a

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

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

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

Amt Held 175'876'135 164'943'274 132'146'131 112'095'403 96'681'349 92'961'172 59'404'107 48'819'333 46'858'987 37'986'648 36'731'980 34'897'030 26'897'918 25'563'949 21'631'059 20'313'331 20'120'093 19'528'829 19'463'937 19'098'424

% Out 5.78 5.42 4.34 3.68 3.18 3.06 1.95 1.6 1.54 1.25 1.21 1.15 0.88 0.84 0.71 0.67 0.66 0.64 0.64 0.63

Weighting

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

Latest Chg 9'480'971 3'835'078 6'387'593 (28'656'170) 10'998'079 9'975'603 10'321'269 8'483'678 538'406 506'791 (1'040'903) 14'651'933 (2'769'898) 1'677'535 (65'161) 5'652'735 57'528 (1'753'508) (4'136'138)

Target Price 52 #N/A N/A 57 52 60 53 52 52 #N/A N/A 45 53 57 54 #N/A N/A 54 53 53 55 56 46 50 #N/A N/A 57 56 52 54 #N/A N/A 56 60 38 #N/A N/A 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 22.04.2013 23.04.2013 31.03.2013 31.12.2009 31.03.2013 28.02.2013 28.02.2013 31.12.2012 31.03.2013 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013

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

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

Date 24.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 19.04.2013 19.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 09.04.2013 24.03.2013 14.03.2013 08.02.2013 15.01.2013 01.11.2012 16.10.2012 19.10.2011

24.04.2013

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 (23.04.2013) 52-Week Low (31.12.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.03.2013 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 42.95 35.58 678'267.00 42.53 -0.86% 19.53% 96.61% 4'448.0 189'173.44 32'610.00 0.0 378.0 16'551.00 206'277.43

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 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 18.63x 18.85x Profitability

LTM-4Q 31.12.2011 46'542.0 3.72x 12'127.0 14.28x 8'584.0 18.22x

31.12.2012 48'017.0 3.72x 12'761.0 13.98x 9'019.0 18.03x 12'761.00 10'779.00 22.45% 24.59% 10.11% 26.57% 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 19.07x

03/yy 47'915.0 15.70x 12'686.0 15.53x 8'716.0 20.07x

FY+1

.0 M a-13

2.46 0.70 4'009.99 32.33 17.97% 18.18% 0.701 27 3.963 4'264'501 4'408'116 4'101'162 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 48'720.4 51'082.0 13'172.2 12'565.0 4.28x 4.06x 16.02x 16.79x 14'080.0 15'086.3 4'035.7 3'490.2 14.71x 13.73x 14.78x 14.47x 9'660.8 10'377.2 2'912.9 2'511.9 19.75x 18.13x 19.43x 18.95x S&P Issuer Ratings

13.09.2012 AASTABLE 13.09.2012 A-1+ 32.06 25.08 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 |

24.04.2013

Coca-Cola Co/The Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I STATE STREET BLACKROCK VANGUARD GROUP INC FMR LLC NORTHERN TRUST CORPO CAPITAL GROUP COMPAN BANK OF NEW YORK MEL JP MORGAN GRANTHAM MAYO VAN OT NORGES BANK BANK OF AMERICA CORP GATES FOUNDATION FAYEZ SAROFIM SUNTRUST BANKS INC TIAA CREF INVESTMENT GEODE CAPITAL MANAGE UBS DEUTSCHE BANK AG T ROWE PRICE ASSOCIA

Firm Name Sanford C. Bernstein & Co Argus Research Corp Independent Research GmbH Morgan Stanley JPMorgan HSBC Stifel Buckingham Research Group Davenport & Co Barclays EVA Dimensions Deutsche Bank Wells Fargo Securities, LLC S&P Capital IQ Credit Agricole Securities (USA) Edward Jones Tigress Financial Partners Daiwa Securities Co. Ltd. Gabelli & Co Goldman Sachs Hamburger Sparkasse

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL n/a GRANTHAM MAYO VAN OT NORGES BANK BANK OF AMERICA BILL & MELINDA FOUND FAYEZ SAROFIM n/a TIAA-CREF INVESTMENT GEODE CAPITAL MANAGE n/a DEUTSCHE BANK AKTIEN T ROWE PRICE ASSOCIA

Analyst ALI DIBADJ JOHN D STASZAK LARS LUSEBRINK DARA MOHSENIAN JOHN A FAUCHER LAUREN E TORRES MARK D SWARTZBERG ALICE BEEBE LONGLEY ANN H GURKIN MICHAEL J BRANCA AUSTIN BURKETT WILLIAM G SCHMITZ BONNIE HERZOG ESTHER KWON CAROLINE S LEVY JACK P RUSSO IVAN FEINSETH TORU SUGIURA DAMIAN WITKOWSKI JUDY E HONG TINA HECKING-VELTMAN

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

Recommendation outperform hold hold Equalwt/In-Line neutral overweight hold buy neutral overweight underweight buy outperform strong buy outperform buy neutral neutral buy neutral/neutral hold

Amt Held 400'000'000 236'969'255 223'232'873 205'305'164 166'523'204 76'608'964 76'528'590 57'044'985 47'831'123 38'761'718 35'967'061 34'645'733 34'002'000 33'439'754 29'923'359 28'196'392 25'555'429 25'506'796 25'003'368 23'346'817

% Out 8.99 5.33 5.02 4.62 3.74 1.72 1.72 1.28 1.08 0.87 0.81 0.78 0.76 0.75 0.67 0.63 0.57 0.57 0.56 0.52

Weighting

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

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

Latest Chg 458'861 4'612'649 6'689'095 210'275 8'935'538 (254'538) (183'184) (1'570'807) 1'678'534 2'301'577 (2'970'705) 10'638'000 (9'040'358) (14'210'334) (950'662) (2'600'433) 2'212'780 (5'664'077) 6'324'289

Target Price 47 #N/A N/A 45 #N/A N/A 43 48 #N/A N/A 47 #N/A N/A 50 #N/A N/A 45 #N/A N/A 48 48 #N/A N/A #N/A N/A 39 #N/A N/A 41 #N/A N/A

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

File Dt 31.12.2012 23.04.2013 22.04.2013 31.03.2013 28.02.2013 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012

Date 12 month Not Provided 12 month Not Provided 6 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 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 Government Investment Advisor Endowment Investment Advisor Bank Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 19.04.2013 18.04.2013 18.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 02.04.2013 25.02.2013 21.02.2013 13.02.2013 11.01.2013 10.05.2012

24.04.2013

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 140

4.0 M

120

3.5 M

100

3.0 M 2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CL UN EQUITY YTD Change CL UN EQUITY YTD % CHANGE

12/2012 12/yy 121.44 96.23 121'685.00 119.26 -1.58% 23.93% 99.96% 468.0 55'810.07 5'230.00 0.0 201.0 884.00 60'357.07

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

1.5 M

1.0 M

.5 M

0 a-12 m-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% 18.93% 108.33% 1.31% 58.1% 25.3% 22.8% 14.5% 1.22 0.68 39.05% 238.92% 10.22 5.31

Price/ Cash Flow

j-12

a-12

LTM

12/yy 16'734.0 11.06x 4'262.0 11.36x 2'431.0 18.38x

s-12

12/yy 17'085.0 12.49x 4'314.0 12.39x 2'472.0 19.53x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

2.05 0.62 464.91 4.25 23.99% 15.38% 0.623 29 3.276 512'887 541'512 562'205 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 17'695.9 18'675.0 4'288.8 4'408.3 3.44x 3.27x 14.11x 13.73x 4'586.4 4'983.1 1'088.5 1'147.8 13.21x 12.16x 13.08x 12.85x 2'671.6 2'911.3 621.6 660.7 20.92x 18.93x 20.89x 20.42x S&P Issuer Ratings

04.05.2001 AASTABLE 04.05.2001 A-1+ 53.93 46.86 1.01 1.21 238.9% 68.6% 1.31 4.55 35.81 68.87 64.49 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

j-12

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

2.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

24.04.2013

Colgate-Palmolive Co Holdings By:

All

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

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

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

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

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

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

Amt Held 42'969'504 24'356'253 24'070'203 23'756'425 12'159'797 9'255'306 7'018'424 6'379'505 6'232'525 5'115'914 5'018'342 4'365'670 4'225'500 3'998'025 3'911'944 3'819'518 3'813'050 3'808'948 3'658'362 3'440'368

% Out 9.18 5.2 5.14 5.08 2.6 1.98 1.5 1.36 1.33 1.09 1.07 0.93 0.9 0.85 0.84 0.82 0.81 0.81 0.78 0.74

Weighting

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

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

Latest Chg (398'369) (1'327'263) (809'254) 669'349 (57'762) 497'045 (649'777) (40'655) (2'050) (449'634) (234'421) 6'190 130'700 346'056 (105'267) (33'737) 1'818'470 251'195 (28'181) 164'815

Target Price 114 108 131 118 120 115 103 #N/A N/A 126 121 #N/A N/A 102 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 114 #N/A N/A 115 118 116 121 126 115 104

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

File Dt 23.04.2013 28.02.2013 31.03.2013 22.04.2013 31.03.2013 28.02.2013 31.12.2012 31.12.2012 31.03.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 23.04.2013 23.04.2013 23.04.2013 19.04.2013 15.04.2013 12.04.2013 12.04.2013 11.04.2013 09.04.2013 08.04.2013 05.04.2013 04.04.2013 21.03.2013 15.03.2013 15.03.2013 25.02.2013 25.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 10.02.2013 08.02.2013 05.02.2013 05.02.2013 25.10.2012

24.04.2013

Comcast Corp Comcast Corporation is a global media and technology company with two primary businesses. The Company provides video, high-speed Internet and phone services to residential and business customers. Comcast also operates news and entertainment cable networks, a national and a Spanish broadcast network, TV production operations, TV station groups, film studios, theme parks and resorts.

Price/Volume

12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (03.04.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CMCSA UW EQUITY YTD Change CMCSA UW EQUITY YTD % CHANGE

12/2012 12/yy 42.61 28.10 498'374.00 40.81 -4.25% 45.23% 88.22% 2'122.3 106'603.79 40'458.00 0.0 17'438.0 12'415.00 152'084.79

8.0 M

6.0 M

4.0 M

2.0 M

5 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

14.0 M

40 35

Valuation Analysis

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

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 15.19x 16.77x Profitability

LTM-4Q 31.12.2011 55'842.0 2.12x 18'357.0 6.44x 4'160.0 15.01x

31.12.2012 62'570.0 2.30x 19'977.0 7.21x 6'203.0 19.46x 19'977.00 12'179.00 19.46% 18.55% 3.84% 12.84% 9.11% 0.39% 68.1% 31.9% 19.5% 9.9% 1.20 1.07 24.52% 81.97% 12.68 -

Price/ Cash Flow

LTM

12/yy 55'842.0 8.52x 18'357.0 6.44x 4'160.0 15.01x

12/yy 62'570.0 8.83x 19'977.0 7.21x 6'203.0 19.36x

FY+1

.0 M a-13

1.59 1.07 2'119.87 32.59 41.68% 9.69% 1.067 33 4.515 4'561'876 4'150'323 4'080'867 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 64'180.3 67'996.2 15'425.5 16'001.4 2.60x 2.43x 11.21x 10.74x 21'020.2 22'321.5 5'003.3 5'332.7 7.25x 6.83x 7.26x 7.08x 6'336.1 7'137.5 1'334.9 1'622.6 17.28x 15.11x 17.31x 16.55x S&P Issuer Ratings

14.02.2013 APOS 25.05.2004 A-2 7.92 5.66 1.40 2.03 82.0% 37.7% 0.39 2.28 28.87 59.15 -

Sales/Revenue/Turnover

10.00

70'000.0

9.00

60'000.0

8.00 7.00

50'000.0

6.00

40'000.0

5.00

30'000.0

4.00

20'000.0

3.00 2.00

10'000.0

1.00 0.00 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 |

24.04.2013

Comcast Corp Holdings By:

All

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

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

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC DODGE & COX WELLINGTON MANAGEMEN n/a n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO TIAA-CREF INVESTMENT T ROWE PRICE ASSOCIA BROWN BROTHERS HARRI NORGES BANK AMERIPRISE FINANCIAL DIMENSIONAL FUND ADV n/a GEODE CAPITAL MANAGE GOODMAN & COMPANY IN

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

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

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

Amt Held 170'286'499 151'939'177 130'598'214 122'446'969 110'119'110 72'420'757 63'251'006 52'985'837 39'408'571 35'046'497 33'384'322 26'200'994 24'679'889 23'978'448 22'993'590 22'281'474 19'975'360 18'764'948 17'865'247 16'042'220

% Out 8.02 7.16 6.15 5.77 5.19 3.41 2.98 2.5 1.86 1.65 1.57 1.23 1.16 1.13 1.08 1.05 0.94 0.88 0.84 0.76

Weighting

Change

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

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

Latest Chg (15'203'842) (296'363) 1'855'175 4'965'013 1'769'948 (11'233'339) (2'617'597) (6'273'501) 6'566'470 4'920'619 6'326 1'422'866 (1'113'877) 710'946 1'226'195 3'494'798 36'016 79'579 (1'760'635) (436'600)

Target Price 48 45 47 42 44 45 #N/A N/A 48 40 #N/A N/A 44 49 47 48 45 #N/A N/A 48 46 46 47 47 48 48 #N/A N/A 45 46 48 46 48 40 #N/A N/A #N/A N/A

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

File Dt 31.03.2013 22.04.2013 23.04.2013 28.02.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012

Date Not Provided 12 month 12 month 12 month 12 month 18 month Not Provided 12 month 12 month Not Provided 12 month 6 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 18 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.04.2013 23.04.2013 21.04.2013 16.04.2013 16.04.2013 15.04.2013 12.04.2013 09.04.2013 09.04.2013 05.04.2013 04.04.2013 25.03.2013 24.03.2013 06.03.2013 22.02.2013 19.02.2013 19.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 15.01.2013 26.01.2011

24.04.2013

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 (30.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COP UN EQUITY YTD Change COP UN EQUITY YTD % CHANGE

12/2012 12/yy 62.04 50.63 384'337.00 58.32 -5.77% 15.19% 62.66% 1'221.0 71'208.30 21'725.00 0.0 440.0 3'618.00 89'755.30

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

3.0 M

2.0 M

1.0 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 17'606.0 22'655.0 5.94x 4.91x 4'414.0 11'358.0 15.52x 11.50x Profitability

LTM-4Q 31.12.2011 64'196.0 1.72x 21'649.0 5.10x 12'436.0 12.65x

31.12.2012 57'967.0 1.54x 19'396.0 4.60x 8'428.0 10.80x 19'396.00 12'816.00 22.11% 26.61% 6.23% 14.89% 11.17% 0.72% 27.3% 21.0% 14.1% 14.5% 1.38 0.72 18.55% 45.27% 8.22 28.54

Price/ Cash Flow

LTM

12/yy 102'785.0 4.47x 22'315.0 4.95x 12'436.0 11.40x

12/yy 96'888.0 4.03x 20'383.0 4.38x 8'428.0 9.52x

FY+1

.0 M a-13

4.53 0.98 1'218.64 22.62 11.59% 1.72% 0.980 25 3.640 1'816'534 1'633'615 1'643'227 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 54'798.9 57'508.0 13'454.6 12'320.4 1.54x 1.48x 6.72x 6.97x 21'915.3 23'665.4 5'690.3 4'937.6 4.10x 3.79x 4.27x 4.29x 6'706.6 7'682.2 1'710.2 1'461.7 10.62x 9.68x 10.71x 10.66x S&P Issuer Ratings

07.02.2012 A STABLE 07.02.2012 A-1 14.65 3.95 0.89 1.07 45.3% 31.0% 0.72 1.28 44.53 12.83 65.16 -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 |

24.04.2013

ConocoPhillips Holdings By:

All

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

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

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a BANK OF NEW YORK MEL BARROW HANLEY MEWHIN WADDELL & REED FINAN NORTHERN TRUST CORPO n/a n/a n/a DIMENSIONAL FUND ADV n/a AMERIPRISE FINANCIAL WELLINGTON MANAGEMEN NORGES BANK LSV ASSET MANAGEMENT FEDERATED INVESTORS FIRST EAGLE INVESTME

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

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

Recommendation hold hold equalweight underperform overweight hold buy overweight hold buy neutral/attractive neutral outperform neutral neutral outperform outperform buy buy overweight Underwt/Attractive buy restricted

Amt Held 71'071'346 67'007'379 56'668'755 48'505'327 24'123'911 22'968'900 21'070'033 19'331'290 17'621'867 16'962'094 12'753'059 12'475'431 10'750'899 10'143'935 10'128'425 9'790'251 9'343'737 9'078'430 8'905'301 8'806'303

% Out 5.82 5.49 4.64 3.97 1.98 1.88 1.73 1.58 1.44 1.39 1.04 1.02 0.88 0.83 0.83 0.8 0.77 0.74 0.73 0.72

Weighting

Change

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

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

Latest Chg (10'289) 2'100'148 3'348'467 359'043 (181'253) (953'208) (629'473) 4'770'306 (372'312) (606'369) (16'247) 423'762 (661'756) 31'163 115'546 (161'396) 127'055 104'400

Target Price #N/A N/A 57 62 #N/A N/A 70 60 64 72 62 68 64 70 70 #N/A N/A 64 #N/A N/A 63 #N/A N/A 64 #N/A N/A 58 64 #N/A N/A

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

File Dt Inst Type 22.04.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager

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

Date 23.04.2013 23.04.2013 23.04.2013 22.04.2013 18.04.2013 18.04.2013 18.04.2013 16.04.2013 13.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 11.04.2013 05.04.2013 20.03.2013 19.03.2013 06.03.2013 04.03.2013 22.02.2013 31.01.2013 31.01.2013 07.01.2013

24.04.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.04.2013) 52-Week Low (08.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.03.2013 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

08/2012 02/yy 108.21 76.56 145'791.00 108.17 -0.16% 41.28% 98.43% 436.4 47'202.29 1'382.00 0.0 157.0 4'854.00 46'592.29

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 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

120

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 20.41x 19.09x Profitability

LTM-4Q 31.08.2011 88'915.0 0.34x 3'303.0 9.28x 1'462.0 22.49x

31.08.2012 99'137.0 0.39x 3'667.0 10.64x 1'709.0 24.69x 3'667.00 2'759.00 2.78% 2.79% 6.92% 17.53% 13.59% 3.64% 12.4% 3.8% 2.9% 1.7% 1.10 0.48 5.09% 11.18% 86.23 12.43

Price/ Cash Flow

LTM

FY+1

.0 M a-13

7.71 0.74 432.19 5.50 35.64% 9.81% 0.741 30 4.033 727'999 741'588 681'652 FY+2

FQ+1

FQ+2

02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4 93'396.0 103'128.0 106'073.9 115'136.6 24'249.9 33'108.9 1.38x 1.49x 0.44x 0.41x 1.98x 1.45x 3'392.0 3'874.0 4'090.5 4'496.1 932.1 1'302.8 9.91x 11.35x 11.37x 10.35x 10.97x 10.70x 1'516.0 1'958.0 2'001.7 2'197.0 450.2 638.1 23.23x 23.46x 23.76x 21.50x 22.89x 22.25x 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 -0.20 Total Debt/EBITDA 1.26 Reference Total Debt/Equity 11.2% Total Debt/Capital 9.9% Asset Turnover 3.64 Net Fixed Asset Turnover 7.96 Accounts receivable turnover-days 4.30 Inventory Days 29.84 Accounts Payable Turnover Day 28.11 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 |

24.04.2013

Costco Wholesale Corp Holdings By:

All

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

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

Portfolio Name n/a n/a n/a VANGUARD GROUP INC DAVIS SELECTED ADVIS n/a JENNISON ASSOCIATES NORTHERN TRUST CORPO AMERICAN CENTURY COM GOLDMAN SACHS GROUP BANK OF NEW YORK MEL n/a NORGES BANK n/a T ROWE PRICE ASSOCIA n/a BANK OF AMERICA MONTAG & CALDWELL IN WINSLOW CAPITAL MANA Multiple Portfolios

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

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

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

Amt Held 47'591'655 23'814'574 21'671'006 20'160'182 15'318'718 13'559'317 8'972'856 7'834'546 6'028'756 5'846'843 5'510'453 5'135'180 4'427'681 4'378'833 4'345'534 4'333'363 4'196'949 3'799'389 3'546'132 3'279'692

% Out 10.91 5.46 4.97 4.62 3.51 3.11 2.06 1.8 1.38 1.34 1.26 1.18 1.01 1 1 0.99 0.96 0.87 0.81 0.75

Weighting

Change

5 5 5 3 5 3 5 5 5 3 5 5 3 3 3 2 5 5 5 3 5 #N/A N/A 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 D M M M M N

Latest Chg 724'042 109'143 (3'954'786) 690'828 (2'770'670) 914'367 187'224 (52'440) 716'763 (762'123) (139'469) (571'875) 1'674'312 1'416'393 403'832 1'112'363 (109'758) (52'878) 77'350

Target Price 115 113 115 #N/A N/A 117 106 116 110 116 97 #N/A N/A 107 105 98 #N/A N/A 65 113 115 113 108 115 110 #N/A N/A #N/A N/A 105 110 105 #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 23.04.2013 22.04.2013 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 6 month Not Provided 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 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 18 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.04.2013 22.04.2013 17.04.2013 15.04.2013 12.04.2013 12.04.2013 12.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 25.03.2013 19.03.2013 15.03.2013 13.03.2013 13.03.2013 13.03.2013 12.03.2013 12.03.2013 12.03.2013 12.03.2013 27.02.2013

24.04.2013

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 (23.04.2013) 52-Week Low (24.04.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.02.2013 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 12/yy 58.49 43.09 119'319.00 58.01 -0.84% 34.63% 96.95% 1'231.2 71'421.58 9'828.00 0.0 0.0 1'380.00 79'869.58

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 a-12

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 12.29x 13.96x Profitability

LTM-4Q 31.12.2011 107'100.0 0.57x 7'898.0 7.79x 3'461.0 15.75x

31.12.2012 123'133.0 0.55x 8'981.0 7.57x 3'877.0 15.11x 8'981.00 7'228.00 5.87% 5.14% 5.94% 10.24% 8.83% 1.89% 18.3% 7.3% 5.9% 3.1% 1.44 0.57 14.91% 26.07% 19.67 9.67

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

LTM

FY+1

.0 M a-13

1.12 0.78 1'228.54 10.59 35.65% 20.96% 0.781 25 4.760 1'571'710 1'660'561 1'479'496 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 107'100.0 123'133.0 125'264.7 130'145.6 30'358.3 31'268.9 2.13x 2.18x 0.64x 0.61x 2.64x 2.57x 7'898.0 8'981.0 9'759.8 10'340.2 2'063.9 2'354.3 7.79x 7.57x 8.20x 7.74x 8.23x 8.08x 3'461.0 3'877.0 4'735.4 5'033.1 959.5 1'124.9 15.62x 15.11x 14.63x 13.16x 14.65x 14.32x 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 0.94 Total Debt/EBITDA 1.09 Reference Total Debt/Equity 26.1% Total Debt/Capital 20.7% Asset Turnover 1.89 Net Fixed Asset Turnover 14.40 Accounts receivable turnover-days 18.61 Inventory Days 37.84 Accounts Payable Turnover Day 17.05 Cash Conversion Cycle 39.40 Sales/Revenue/Turnover

14.00

140'000.0

12.00

120'000.0

10.00

100'000.0

8.00

80'000.0

6.00

60'000.0

4.00

40'000.0

2.00

20'000.0

0.00 01.01.2010

m-12

Fiscal Year Ended 31.12.2008 87'471.9 0.59x 7'320.4 7.10x 3'212.1 11.78x

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 |

24.04.2013

CVS Caremark Corp Holdings By:

All

Holder Name BLACKROCK STATE STREET FMR LLC VANGUARD GROUP INC DAVIS SELECTED ADVIS WELLINGTON MANAGEMEN CAPITAL GROUP COMPAN FRANKLIN RESOURCES ABERDEEN NORTHERN TRUST CORPO SUN LIFE FINANCIAL I BANK OF NEW YORK MEL LAZARD ASSET MANAGEM T ROWE PRICE ASSOCIA UBS DIMENSIONAL FUND ADV WINSLOW CAPITAL MANA NORGES BANK INVESCO LTD AMERIPRISE FINANCIAL

Firm Name Lazard Capital Markets Barclays JPMorgan Argus Research Corp Credit Suisse ISI Group Goldman Sachs Edward Jones Raymond James Cantor Fitzgerald BMO Capital Markets Morgan Stanley Susquehanna Financial Group RBC Capital Markets Macquarie Guggenheim Securities LLC SunTrust Robinson Humphrey William Blair & Co Mizuho Securities USA Inc JMP Securities S&P Capital IQ EVA Dimensions

Portfolio Name n/a n/a n/a VANGUARD GROUP INC DAVIS SELECTED ADVIS WELLINGTON MANAGEMEN n/a n/a n/a NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL n/a T ROWE PRICE ASSOCIA n/a DIMENSIONAL FUND ADV WINSLOW CAPITAL MANA NORGES BANK n/a AMERIPRISE FINANCIAL

Analyst THOMAS GALLUCCI MEREDITH ADLER LISA C GILL CHRISTOPHER GRAJA EDWARD J KELLY ROSS MUKEN MATTHEW J FASSLER JUDSON CLARK JOHN W RANSOM AJAY JAIN JENNIFER LYNCH RICKY GOLDWASSER ROBERT SUMMERS FRANK G MORGAN DANE LEONE JOHN HEINBOCKEL DAVID G MAGEE MARK R MILLER ANN HYNES TIM MCDONOUGH JOSEPH AGNESE AUSTIN BURKETT

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

Recommendation buy overweight overweight buy outperform buy neutral/neutral buy outperform buy outperform Overwt/In-Line Positive outperform outperform buy neutral outperform buy market outperform strong buy buy

Amt Held 76'766'294 69'528'485 59'644'640 56'833'385 49'038'267 47'574'729 36'413'422 32'173'978 20'598'287 19'163'549 18'391'850 17'853'888 15'250'751 14'329'925 11'288'289 10'869'017 10'527'099 10'256'556 9'663'679 8'711'966

% Out 6.24 5.65 4.84 4.62 3.98 3.86 2.96 2.61 1.67 1.56 1.49 1.45 1.24 1.16 0.92 0.88 0.86 0.83 0.78 0.71

Weighting

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

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

Latest Chg (413'116) (2'342'171) 486'092 (9'508'072) 1'525'580 (14'617'578) (2'468'337) (142'490) (116'523) 1'978'832 1'958'553 (2'232'154) 125'365 (5'170'974) (32'206) (156'583) 686'407 (4'367'748) (2'374'789)

Target Price 64 57 59 64 62 61 60 #N/A N/A 58 57 59 60 60 59 56 60 #N/A N/A #N/A N/A 56 58 62 #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 23.04.2013 28.02.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 24.04.2013 24.04.2013 23.04.2013 22.04.2013 22.04.2013 18.04.2013 12.04.2013 05.04.2013 01.04.2013 27.03.2013 20.03.2013 15.03.2013 04.03.2013 28.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 16.01.2013

24.04.2013

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

3.0 M

2.5 M 2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (01.05.2012) 52-Week Low (22.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.02.2013 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 12/yy 71.08 50.82 134'592.00 53.43 -24.75% 5.14% 10.41% 406.0 21'692.58 11'644.00 0.0 0.0 6'980.00 26'356.58

1.5 M

30 20

1.0 M

.5 M

0 a-12

31.12.2009 31.12.2010 8'136.0 10'017.0 4.85x 3.66x 4'391.0 5'936.0 8.99x 6.17x (2'479.0) 4'550.0 22.41x 13.65x Profitability

31.12.2011 10'965.0 2.53x 6'389.0 4.35x 4'704.0 24.70x

31.12.2012 9'679.0 2.66x 5'253.0 4.91x (206.0) 15.77x 5'253.00 2'442.00 25.23% -3.28% -0.49% -1.00% 0.23% 32.4% 54.1% 25.0% -2.1% 1.49 1.37 26.88% 54.72% 7.36 61.75

Price/ Cash Flow

j-12

LTM-4Q

LTM

12/yy 10'783.0 12.04x 6'138.0 4.52x 4'704.0 10.16x

12/yy 9'651.0 11.76x 5'225.0 4.94x (206.0) 15.91x

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

1.50 1.30 380.01 7.99 -18.86% 3.04% 1.301 32 4.094 817'987 730'497 745'873 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 9'799.3 11'129.2 2'139.5 2'335.1 3.17x 2.89x 14.27x 13.29x 5'653.5 6'657.6 1'200.8 1'349.6 4.68x 3.97x 4.66x 4.38x 1'394.6 2'034.8 219.1 303.0 15.19x 11.01x 15.29x 13.13x S&P Issuer Ratings

18.03.2008 BBB+ STABLE 29.08.2000 A-2 11.57 -6.55 0.89 2.23 54.7% 35.4% 0.23 0.37 49.76 5.93 81.60 -26.06

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

m-12

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

3.5 M

70 50

Valuation Analysis

31.12.2008 13'615.0 2.56x 8'952.0 3.89x (2'148.0) 8.59x

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 |

24.04.2013

Devon Energy Corp Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN MITCHELL GEORGE PHYD STATE STREET VANGUARD GROUP INC HARRIS ASSOCIATES LP FRANKLIN RESOURCES FIDUCIARY MANAGEMENT GOLDMAN SACHS GROUP JP MORGAN DAVIS SELECTED ADVIS WELLINGTON MANAGEMEN INTERNATIONAL VALUE LAZARD ASSET MANAGEM FIRST EAGLE INVESTME NORTHERN TRUST CORPO BANK OF NEW YORK MEL GREENHAVEN ASSOCIATE INVESCO LTD TWEEDY BROWNE COMPAN

Firm Name Argus Research Corp Robert W. Baird & Co Sanford C. Bernstein & Co Raymond James Susquehanna Financial Group Simmons & Company International Wells Fargo Securities, LLC RBC Capital Markets Barclays Alembic Global Advisors Societe Generale Macquarie Oppenheimer & Co Howard Weil Inc FBR Capital Markets Morgan Stanley Buckingham Research Group Goldman Sachs Jefferies Capital One Southcoast, Inc. Guggenheim Securities LLC Deutsche Bank JPMorgan EVA Dimensions Credit Suisse Johnson Rice & Co Peters & Co Ltd Tudor Pickering & Co

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC HARRIS ASSOC LP n/a FIDUCIARY MANAGEMENT GOLDMAN SACHS GROUP n/a DAVIS SELECTED ADVIS WELLINGTON MANAGEMEN INTERNATIONAL VALUE n/a FIRST EAGLE INVESTME NORTHERN TRUST CORPO BANK OF NEW YORK MEL GREENHAVEN ASSOCIATE n/a TWEEDY BROWNE COMPAN

Analyst PHILIP H WEISS HSULIN PENG BOB BRACKETT ANDREW COLEMAN DUANE GRUBERT DAVID W KISTLER DAVID R TAMERON SCOTT HANOLD THOMAS R DRISCOLL JAMES J SULLIVAN JOHN HERRLIN JOSEPH MAGNER FADEL GHEIT PETER KISSEL REHAN RASHID J EVAN CALIO ROBERT L CHRISTENSEN JR BRIAN SINGER BIJU Z PERINCHERIL ELIOT JAVANMARDI ROBERT CORDRAY STEPHEN RICHARDSON JOSEPH D ALLMAN CRAIG STERLING ARUN JAYARAM CHARLES MEADE KAM S SANDHAR BRIAN LIVELY

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

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

Amt Held 27'085'482 25'358'470 23'372'374 22'011'780 17'266'232 15'970'115 8'725'054 8'347'437 8'030'292 7'549'334 7'131'339 6'095'512 5'580'292 5'338'369 5'326'710 5'231'537 4'575'289 4'540'933 3'933'971 3'737'500

% Out 6.67 6.25 5.76 5.42 4.25 3.93 2.15 2.06 1.98 1.86 1.76 1.5 1.37 1.31 1.31 1.29 1.13 1.12 0.97 0.92

Weighting

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

Latest Chg 1'406'170 (74'110) 561'394 5'526'100 6'857'270 25'663 (941'086) 859'721 (2'772'487) 812'580 330'608 (48'157) 1'090'031 187'457 178'808 (119'365) (834'706) 2'210'982

Target Price #N/A N/A 68 67 69 74 85 #N/A N/A 72 61 70 65 61 67 69 77 55 78 73 71 79 74 66 62 #N/A N/A 75 #N/A N/A 75 83

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 07.03.2012 n/a 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Unclassified 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 18.04.2013 17.04.2013 16.04.2013 16.04.2013 12.04.2013 12.04.2013 12.04.2013 11.04.2013 09.04.2013 08.04.2013 08.04.2013 04.04.2013 04.04.2013 03.04.2013 28.03.2013 25.03.2013 27.02.2013 25.02.2013 20.02.2013 20.02.2013 20.02.2013 01.02.2013

24.04.2013

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 12/yy 36.08 27.45 271'990.00 31.99 -11.14% 16.54% 48.78% 1'204.4 38'527.61 20'987.00 4'000.0 1'137.0 4'318.00 60'333.61

3.0 M

2.0 M

10 1.0 M

5 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 (25.04.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 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 43.86x 17.42x Profitability

LTM-4Q 31.12.2011 59'985.0 0.92x 6'909.0 7.99x 2'742.0 11.32x

31.12.2012 56'786.0 1.07x 6'645.0 9.14x 1'182.0 17.02x 6'645.00 3'947.00 6.95% 2.93% 1.70% 4.79% 4.40% 0.82% 15.0% 11.3% 6.6% 2.1% 2.06 0.82 30.15% 124.35% 11.39 6.01

Price/ Cash Flow

LTM

12/yy 59'985.0 3.94x 6'909.0 7.99x 2'742.0 11.23x

12/yy 56'786.0 4.23x 6'425.0 9.45x 1'182.0 16.93x

FY+1

.0 M a-13

3.78 1.41 1'199.16 20.09 -3.75% -0.03% 1.411 25 3.120 1'724'190 1'721'721 1'695'142 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 58'997.5 61'719.8 14'931.3 15'204.0 1.02x 0.96x 4.16x 4.10x 8'249.4 9'152.6 2'121.4 2'245.1 7.31x 6.59x 7.36x 7.13x 2'781.1 3'482.6 764.1 841.6 13.63x 10.93x 13.69x 12.59x S&P Issuer Ratings

11.05.2011 BBB STABLE 11.05.2011 A-2 4.91 2.98 2.59 3.27 124.4% 48.8% 0.82 3.26 32.14 60.86 36.43 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 |

24.04.2013

Dow Chemical Co/The Holdings By:

All

Holder Name CAPITAL GROUP COMPAN STATE STREET BLACKROCK VANGUARD GROUP INC WELLINGTON MANAGEMEN FRANKLIN RESOURCES DODGE & COX NORTHERN TRUST CORPO BANK OF NEW YORK MEL JP MORGAN GLOBAL THEMATIC PART UBS TIAA CREF INVESTMENT NORGES BANK GEODE CAPITAL MANAGE FMR LLC CREDIT SUISSE AG WADDELL & REED FINAN LAZARD ASSET MANAGEM DEUTSCHE BANK AG

Firm Name Alembic Global Advisors Jefferies Wells Fargo Securities, LLC Susquehanna Financial Group SunTrust Robinson Humphrey Barclays Edward Jones Monness, Crespi, Hardt & Co Credit Suisse Tigress Financial Partners Macquarie Cowen Securities LLC Argus Research Corp RBC Capital Markets Deutsche Bank Morgan Stanley Hilliard Lyons JPMorgan Credit Agricole Securities (USA) EVA Dimensions Goldman Sachs Gilford Securities

Portfolio Name n/a n/a n/a VANGUARD GROUP INC WELLINGTON MANAGEMEN n/a DODGE & COX NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a GLOBAL THEMATIC PART n/a TIAA-CREF INVESTMENT NORGES BANK GEODE CAPITAL MANAGE n/a CREDIT SUISSE AG WADDELL & REED FINAN n/a DEUTSCHE BANK AKTIEN

Analyst HASSAN I AHMED LAURENCE ALEXANDER FRANK J MITSCH DONALD D CARSON ANDREW W CASH DUFFY FISCHER MATT ARNOLD HERBERT A HARDT JOHN P MCNULTY IVAN FEINSETH COOLEY MAY CHARLES NEIVERT WILLIAM V SELESKY CHRIS NOCELLA DAVID I BEGLEITER VINCENT ANDREWS STEPHEN A O'NEIL JEFFREY J ZEKAUSKAS MARK W CONNELLY CRAIG STERLING ROBERT KOORT PAUL C CHRISTOPHERSON

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

Recommendation overweight hold market perform neutral reduce equalweight sell neutral outperform neutral outperform hold hold sector perform hold Equalwt/Attractive neutral neutral underperform sell buy/attractive sell

Amt Held 206'669'684 68'309'991 64'551'940 55'361'063 44'215'462 34'641'653 29'819'338 16'678'443 13'203'659 12'926'827 10'019'816 8'226'434 7'946'302 7'892'282 7'881'697 7'876'069 7'307'654 7'277'441 6'944'090 6'647'334

% Out 17.16 5.67 5.36 4.6 3.67 2.88 2.48 1.38 1.1 1.07 0.83 0.68 0.66 0.66 0.65 0.65 0.61 0.6 0.58 0.55

Weighting

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

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

Latest Chg (2'030'698) 1'520'779 2'087'824 (1'803'882) 2'675'416 22'392 289'327 (555'116) 5'457'571 860'998 (1'674'777) 438'661 1'240'403 (743'820) 1'219'436 1'323'515 4'374'725 (945'071) 268'398

Target Price 45 34 #N/A N/A 35 28 35 #N/A N/A #N/A N/A 39 #N/A N/A 39 #N/A N/A #N/A N/A 35 35 #N/A N/A #N/A N/A 33 33 #N/A N/A 41 #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 23.04.2013 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 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 Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 22.04.2013 19.04.2013 18.04.2013 16.04.2013 12.04.2013 12.04.2013 02.04.2013 01.04.2013 18.03.2013 13.03.2013 05.03.2013 28.02.2013 07.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 13.01.2013 18.09.2012

24.04.2013

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 (01.06.2012) Daily Volume Current Price (4/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 38.00 987'259.00 53.31 -8.65% 40.29% 72.31% 1'297.8 69'185.16 4'519.00 0.0 0.0 9'408.00 64'308.16

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

10 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

Fiscal Year Ended 31.12.2008 8'541.3 1.82x 2'844.6 5.46x 1'779.5 9.01x

31.12.2009 31.12.2010 8'727.4 9'156.3 2.93x 3.42x 2'305.9 2'837.5 11.10x 11.03x 2'389.1 1'801.0 15.90x 20.17x Profitability

LTM-4Q 31.12.2011 11'651.7 3.02x 3'313.0 10.62x 3'229.4 17.23x

31.12.2012 14'072.0 4.34x 4'088.0 14.95x 2'609.0 26.15x 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 a-13

LTM

03/yy 12'383.0 12.55x 3'489.4 12.57x 3'323.5 20.16x

03/yy 14'542.0 16.15x 4'285.0 15.25x 2'717.0 26.98x

FY+1

0.00 1.25 1'173.37 12.47 35.65% 4.49% 1.246 44 4.591 5'000'733 3'810'221 3'100'798 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 16'324.6 19'014.4 3'892.8 3'971.1 3.87x 3.19x 16.23x 15.70x 5'358.2 6'217.1 1'247.1 1'287.2 11.92x 10.28x 11.48x 11.00x 3'625.3 4'271.1 837.7 860.6 19.45x 16.51x 18.73x 17.96x S&P Issuer Ratings

02.03.2010 A STABLE 05.11.2010 A-1 64.89 44.94 -1.14 1.06 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 |

24.04.2013

eBay Inc Holdings By:

All

Holder Name OMIDYAR PIERRE M FMR LLC BLACKROCK STATE STREET VANGUARD GROUP INC T ROWE PRICE ASSOCIA JANUS CAPITAL MANAGE INVESCO LTD WELLINGTON MANAGEMEN BAILLIE GIFFORD AND WELLS FARGO OPPENHEIMERFUNDS INC DODGE & COX BANK OF NEW YORK MEL NORTHERN TRUST CORPO TIAA CREF INVESTMENT JP MORGAN UBS WINSLOW CAPITAL MANA CITIGROUP INCORPORAT

Firm Name

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC T ROWE PRICE ASSOCIA n/a n/a WELLINGTON MANAGEMEN BAILLIE GIFFORD & CO n/a OPPENHEIMER FUNDS IN DODGE & COX BANK OF NEW YORK MEL NORTHERN TRUST CORPO TIAA-CREF INVESTMENT n/a n/a WINSLOW CAPITAL MANA CITIGROUP INCORPORAT

Analyst

Wells Fargo Securities, LLC MATTHEW NEMER JMP Securities RONALD V JOSEY III Keefe, Bruyette & Woods SANJAY SAKHRANI Cantor Fitzgerald YOUSSEF H SQUALI Sanford C. Bernstein & Co CARLOS KIRJNER Raymond James AARON M KESSLER BMO Capital Markets EDWARD S WILLIAMS Morgan Stanley SCOTT W DEVITT RBC Capital Markets MARK S MAHANEY Credit Suisse STEPHEN JU Edward Jones JOSH OLSON JPMorgan DOUGLAS ANMUTH Janney Montgomery Scott LLC SHAWN C MILNE Jefferies BRIAN J PITZ Needham & Co KERRY RICE Pacific Crest Securities CHAD BARTLEY Robert W. Baird & Co COLIN SEBASTIAN Macquarie BENJAMIN A SCHACHTER B Riley & Company, Inc SCOTT TILGHMAN Stifel JORDAN ROHAN Canaccord Genuity Corp MICHAEL GRAHAM Evercore Partners KEN SENA BGC Partners COLIN W GILLIS Cowen and Company JOHN BLACKLEDGE S&P Capital IQ SCOTT H KESSLER Susquehanna Financial Group JAMES E FRIEDMAN Atlantic Equities LLP JAMES CORDWELL Piper Jaffray EUGENE E MUNSTER Benchmark Company LLC DANIEL L KURNOS Credit Agricole Securities (USA) JAMES LEE Barclays ANTHONY J DICLEMENTE Telsey Advisory Group THOMAS FORTE Compass Point Research & Trading LLC DOUGLAS GREINER Topeka Capital Markets Inc VICTOR ANTHONY Deutsche Bank ROSS SANDLER Wedbush GIL B LURIA Argus Research Corp DAVID RITTER Daiwa Securities Co. Ltd. KAZUYA NISHIMURA EVA Dimensions ANDREW S ZAMFOTIS Goldman Sachs HEATH P TERRY Tigress Financial Partners IVAN FEINSETH

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

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

Amt Held 121'858'408 68'453'183 63'293'953 62'542'024 53'402'102 45'140'231 40'275'490 31'965'970 28'907'848 28'429'119 26'035'739 20'441'029 19'219'016 17'219'103 15'628'609 13'224'417 12'553'044 11'810'206 11'256'041 10'714'867

% Out 9.39 5.27 4.88 4.82 4.11 3.48 3.1 2.46 2.23 2.19 2.01 1.58 1.48 1.33 1.2 1.02 0.97 0.91 0.87 0.83

Weighting

Change

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

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

Latest Chg (30'000) 477'861 5'198'513 (961'276) 1'439'219 4'482'329 (5'193'294) (4'169'104) (10'212'918) (2'197'027) (1'216'710) (1'345'350) (2'197'523) (765'182) 49'071 492'872 2'943'378 719'651 2'454'742 10'676'215

Target Price #N/A N/A 67 65 64 66 61 64 62 64 55 #N/A N/A 63 65 66 60 65 65 58 65 65 67 64 65 #N/A N/A 65 66 62 63 63 70 60 75 63 65 55 64 65 62 #N/A N/A 63 #N/A N/A

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

File Dt 21.12.2012 28.02.2013 22.04.2013 23.04.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 28.02.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012

Date Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 6 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 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 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 Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 24.04.2013 23.04.2013 22.04.2013 22.04.2013 19.04.2013 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 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 17.04.2013 11.04.2013 02.04.2013 15.01.2013 11.01.2013 03.12.2012

24.04.2013

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 (27.04.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 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 53.98 41.68 471'750.00 52.65 -2.87% 26.32% 87.89% 919.1 48'389.16 11'740.00 237.0 91.0 4'407.00 55'392.16

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 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 16.59x 15.21x Profitability

LTM-4Q 31.12.2011 33'681.0 1.53x 5'046.0 10.23x 3'474.0 12.90x

31.12.2012 34'812.0 1.43x 4'794.0 10.35x 2'788.0 13.51x 4'794.00 3'081.00 8.85% 8.95% 9.22% 42.72% 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 36'975.0 6.13x 5'641.0 10.90x 3'531.0 13.74x

03/yy 36'129.0 6.07x 4'817.0 10.84x 4'648.0 14.64x

FY+1

.0 M a-13

3.27 1.14 917.45 30.30 3.58% 18.14% 1.144 27 3.444 2'638'788 1'670'889 1'396'928 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 36'053.1 38'329.8 10'194.4 7'709.8 1.44x 1.31x 5.18x 6.81x 6'817.9 7'276.1 2'152.5 1'125.9 8.14x 7.62x 7.72x 7.45x 3'628.8 4'076.4 1'292.3 504.6 13.52x 12.07x 12.63x 12.16x 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 |

24.04.2013

EI du Pont de Nemours & Co Holdings By:

All

Holder Name STATE STREET BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN NORTHERN TRUST CORPO BANK OF NEW YORK MEL FRANKLIN RESOURCES JP MORGAN FMR LLC DUPONT CAPITAL MANAG BANK OF AMERICA CORP GOLDMAN SACHS GROUP JANUS CAPITAL MANAGE LAZARD ASSET MANAGEM WILMINGTON TRUST COM NORGES BANK ALLIANZ ASSET MANAGE STATE FARM MUTUAL AU BARROW HANLEY MEWHIN GEODE CAPITAL MANAGE

Firm Name Morgan Stanley RBC Capital Markets SunTrust Robinson Humphrey JPMorgan Jefferies Macquarie Barclays Deutsche Bank Argus Research Corp Credit Suisse Oppenheimer & Co BGC Partners Wells Fargo Securities, LLC Susquehanna Financial Group Piper Jaffray Credit Agricole Securities (USA) Alembic Global Advisors Monness, Crespi, Hardt & Co Edward Jones Hamburger Sparkasse EVA Dimensions Goldman Sachs S&P Capital IQ

Portfolio Name n/a n/a VANGUARD GROUP INC n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a n/a n/a DUPONT CAPITAL MANAG BANK OF AMERICA GOLDMAN SACHS GROUP n/a n/a WILMINGTON TRUST COM NORGES BANK n/a STATE FARM MUTUAL AU BARROW HANLEY MEWHIN GEODE CAPITAL MANAGE

Analyst VINCENT ANDREWS CHRIS NOCELLA ANDREW W CASH JEFFREY J ZEKAUSKAS LAURENCE ALEXANDER COOLEY MAY DUFFY FISCHER DAVID I BEGLEITER WILLIAM V SELESKY JOHN P MCNULTY EDWARD H YANG MARK R GULLEY FRANK J MITSCH DONALD D CARSON MIKE J RITZENTHALER MARK W CONNELLY HASSAN I AHMED HERBERT A HARDT MATT ARNOLD MARCO GUENTHER CRAIG STERLING ROBERT KOORT LEO LARKIN

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

Recommendation Equalwt/Attractive sector perform reduce neutral hold outperform equalweight buy buy neutral market perform buy market perform Positive neutral underperform neutral neutral buy hold hold neutral/attractive hold

Amt Held 65'314'228 59'317'304 43'184'430 39'894'000 16'549'700 16'072'793 14'592'180 11'197'805 10'054'489 9'974'422 9'902'768 9'417'027 8'569'404 7'362'469 7'109'145 6'914'198 6'828'540 6'717'535 6'563'988 6'131'865

% Out 7.11 6.45 4.7 4.34 1.8 1.75 1.59 1.22 1.09 1.09 1.08 1.02 0.93 0.8 0.77 0.75 0.74 0.73 0.71 0.67

Weighting

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

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

Latest Chg 587'288 1'602'674 503'318 483'739 4'288'437 (6'195'732) (5'490'577) 1'920'348 1'631'539 (69'262) (1'384'252) (903'445) 1'562'855 (75'981) (22'604) 266'865 (569'905)

Target Price #N/A N/A 56 45 50 52 57 56 58 63 55 #N/A N/A 55 #N/A N/A 60 51 52 43 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 50 50

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

File Dt 23.04.2013 22.04.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 28.02.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 12 month 12 month 6 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 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 Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Insurance Company Investment Advisor Investment Advisor

Date 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 01.04.2013 27.03.2013 19.03.2013 30.01.2013 27.01.2013 22.01.2013

24.04.2013

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 (24.04.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LLY UN EQUITY YTD Change LLY UN EQUITY YTD % CHANGE

12/2012 03/yy 58.40 39.68 320'405.00 56.96 -3.08% 43.55% 99.63% 1'129.7 64'346.50 5'531.30 0.0 8.7 5'684.30 64'202.19

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 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 7.42x 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% 12.01% 28.89% 0.66% 78.8% 28.7% 22.2% 18.1% 1.55 1.08 16.08% 37.46% 6.52 1.94

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 7.08x 4'686.4 0.00x 4'625.4 15.73x

FY+1

.0 M a-13

3.44 0.70 990.93 13.74 48.75% 16.55% 0.700 23 3.348 1'229'393 1'162'288 1'182'703 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 22'987.6 19'862.3 5'859.5 5'705.7 2.71x 3.04x 10.66x 10.89x 6'760.4 5'133.2 1'610.0 1'606.0 9.54x 12.57x 4'282.1 2'998.0 1'102.2 1'086.9 14.59x 20.23x 15.79x 17.59x S&P Issuer Ratings

19.08.2010 AASTABLE 27.01.1987 A-1+ 41.31 35.54 -0.02 0.85 37.5% 27.2% 0.66 2.91 56.14 188.61 82.36 162.39

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 |

24.04.2013

Eli Lilly & Co Holdings By:

All

Holder Name LILLY ENDOWMENT INCO LILLY ENDOWMENT INCO BLACKROCK STATE STREET WELLINGTON MANAGEMEN PRIMECAP MANAGEMENT VANGUARD GROUP INC FMR LLC STATE FARM MUTUAL AU BANK OF NEW YORK MEL NORTHERN TRUST CORPO INVESCO LTD GOLDMAN SACHS GROUP NORGES BANK AMERIPRISE FINANCIAL CI INVESTMENTS INC RENAISSANCE TECHNOLO JP MORGAN PUTNAM INVESTMENT MA GEODE CAPITAL MANAGE

Firm Name BMO Capital Markets Morgan Stanley Jefferies Sanford C. Bernstein & Co Leerink Swann & Co Wells Fargo Securities, LLC Cowen and Company Atlantic Equities LLP JPMorgan Barclays MKM Partners Edward Jones ISI Group Credit Suisse EVA Dimensions Credit Agricole Securities (USA) Goldman Sachs Hilliard Lyons Argus Research Corp S&P Capital IQ Cyrrus First Global Stockbroking MP Advisors Pvt Ltd

Portfolio Name n/a LILLY ENDOWMENT INC n/a n/a WELLINGTON MANAGEMEN PRIMECAP MANAGEMENT VANGUARD GROUP INC n/a STATE FARM MUTUAL AU BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a GOLDMAN SACHS GROUP NORGES BANK AMERIPRISE FINANCIAL CI INVESTMENTS INC RENAISSANCE TECHNOLO n/a PUTNAM INVESTMENT MA GEODE CAPITAL MANAGE

Analyst ALEX ARFAEI DAVID R RISINGER JEFFREY HOLFORD TIMOTHY M ANDERSON SEAMUS FERNANDEZ MICHAEL K TONG STEVEN R SCALA RICHARD J PURKISS CHRISTOPHER T SCHOTT CHARLES ANTHONY BUTLER JON LECROY JUDSON CLARK MARK J SCHOENEBAUM CATHERINE J ARNOLD ANDREW S ZAMFOTIS KIM-LINH LINH VUKHAC JAMI E RUBIN STEPHEN A O'NEIL JOHN M EADE HERMAN SAFTLAS TOMAS MENCIK KAVITA THOMAS VISHAL MANCHANDA

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

Recommendation market perform Underwt/In-Line underperform outperform outperform market perform neutral overweight neutral equalweight neutral sell neutral outperform buy sell neutral/attractive neutral buy hold accumulate moderate outperform market perform

Amt Held 135'670'804 135'670'804 63'874'976 56'617'542 49'889'615 48'617'689 47'847'118 21'081'001 20'063'900 17'589'715 13'797'820 12'205'068 9'729'663 9'140'536 8'482'489 8'401'723 8'108'905 6'884'608 6'837'333 6'803'188

% Out 12.01 12.01 5.65 5.01 4.42 4.3 4.24 1.87 1.78 1.56 1.22 1.08 0.86 0.81 0.75 0.74 0.72 0.61 0.61 0.6

Weighting

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

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

Latest Chg (841'780) 2'321'387 300'400 984'730 (3'726'028) 887'828 180'726 2'692'255 2'149'044 689'057 326'507 (217'400) (995'500) (651'010) 203'030 (613'797)

Target Price 52 48 44 62 #N/A N/A #N/A N/A #N/A N/A 60 55 55 53 #N/A N/A 55 68 #N/A N/A 47 56 #N/A N/A 60 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 31.12.2012 Endowment 31.03.2013 Endowment 22.04.2013 Investment Advisor 23.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Insurance Company 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 18.04.2013 15.04.2013 11.04.2013 27.03.2013 27.02.2013 26.02.2013 25.02.2013 11.02.2013 30.01.2013 30.01.2013 29.01.2013 04.01.2013 05.04.2012 29.02.2012 03.05.2011

24.04.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.05.2012) 52-Week Low (19.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EMC UN EQUITY YTD Change EMC UN EQUITY YTD % CHANGE

12/2012 03/yy 28.74 21.45 1'357'243.00 22.62 -21.36% 5.45% 12.48% 2'104.4 47'602.21 3'420.25 0.0 1'166.6 6'167.12 43'947.71

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 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 14'876.2 1.24x 2'957.0 6.23x 1'275.1 14.75x

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 26.88x 24.11x Profitability

LTM-4Q 31.12.2011 20'007.6 2.20x 4'961.4 8.85x 2'461.3 18.89x

31.12.2012 21'713.9 2.38x 5'602.2 9.23x 2'732.6 20.08x 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 8.98% 15.30% 8.08 7.39

Price/ Cash Flow

LTM

03/yy 20'494.3 9.83x 5'163.7 11.47x 2'571.0 24.90x

03/yy 22'006.9 9.27x 5'659.1 8.22x 2'725.8 18.96x

FY+1

.0 M a-13

0.00 1.19 2'092.18 53.19 -17.75% -10.59% 1.189 44 4.682 5'401'697 4'538'541 4'312'523 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 23'460.6 25'451.1 5'661.2 5'791.3 1.73x 1.42x 7.51x 7.20x 7'249.3 7'825.9 1'791.4 1'885.5 6.04x 5.60x 5.71x 5.70x 4'098.3 4'562.8 947.7 1'004.1 12.17x 10.94x 11.81x 11.49x S&P Issuer Ratings

25.06.2012 A STABLE 71.00 60.62 -0.85 0.30 15.3% 12.7% 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 |

24.04.2013

EMC Corp/MA Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA JENNISON ASSOCIATES WELLINGTON MANAGEMEN AMERIPRISE FINANCIAL NORTHERN TRUST CORPO CAPITAL GROUP COMPAN WELLS FARGO MANNING & NAPIER ADV JANUS CAPITAL MANAGE JP MORGAN FMR LLC LAZARD ASSET MANAGEM SUN LIFE FINANCIAL I PRIMECAP MANAGEMENT AMERICAN CENTURY COM MORGAN STANLEY

Firm Name Mizuho Securities USA Inc Wells Fargo Securities, LLC RBC Capital Markets Credit Suisse Piper Jaffray Topeka Capital Markets Inc Jefferies Robert W. Baird & Co Brean Murray Carret & Co Janney Montgomery Scott LLC William Blair & Co Lazard Capital Markets Deutsche Bank Sanford C. Bernstein & Co Raymond James BMO Capital Markets Stifel Sterne, Agee & Leach Edward Jones ISI Group Longbow Research EVA Dimensions Evercore Partners Pacific Crest Securities Goldman Sachs Oppenheimer & Co Monness, Crespi, Hardt & Co JPMorgan Hilliard Lyons Argus Research Corp Tigress Financial Partners Morgan Stanley Needham & Co FBR Capital Markets Credit Agricole Securities (USA) Barclays FBN Securities Craig-Hallum Capital Group LLC Daiwa Securities Co. Ltd. S&P Capital IQ Wedge Partners

Portfolio Name n/a n/a VANGUARD GROUP INC BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA JENNISON ASSOCIATES WELLINGTON MANAGEMEN AMERIPRISE FINANCIAL NORTHERN TRUST CORPO n/a n/a MANNING & NAPIER ADV n/a n/a n/a n/a n/a PRIMECAP MANAGEMENT AMERICAN CENTURY COM n/a

Analyst ABHEY R LAMBA MAYNARD UM AMIT DARYANANI KULBINDER GARCHA ANDREW J NOWINSKI BRIAN J WHITE PETER J MISEK JAYSON NOLAND SR ANANDA BARUAH WILLIAM CHOI JASON NOAH ADER EDWARD PARKER CHRISTOPHER WHITMORE TONI SACCONAGHI BRIAN G ALEXANDER KEITH F BACHMAN AARON C RAKERS ALEX KURTZ WILLIAM C KREHER BRIAN MARSHALL JOE WITTINE ANDREW S ZAMFOTIS ROBERT CIHRA BRENT A BRACELIN WILLIAM C SHOPE JR ITTAI KIDRON JEFFREY FIDACARO MARK A MOSKOWITZ STEPHEN TURNER JAMES KELLEHER IVAN FEINSETH KATHRYN HUBERTY GLENN HANUS DANIEL H IVES LOUIS R MISCIOSCIA BENJAMIN A REITZES SHEBLY SEYRAFI RAJESH GHAI YOKO YAMADA ANGELO ZINO KIRK ADAMS

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

Recommendation buy outperform outperform outperform overweight buy buy outperform buy buy market perform buy buy market perform strong buy outperform buy buy buy strong buy buy buy overweight sector perform Buy/Cautious outperform buy neutral long-term buy buy strong buy Equalwt/In-Line buy outperform outperform overweight outperform hold outperform buy no rating system

Amt Held 145'059'432 115'597'810 96'620'530 51'864'011 49'797'589 39'287'693 38'967'872 37'578'664 37'186'977 33'525'090 31'398'552 31'140'612 28'760'389 27'929'063 26'143'923 25'928'247 22'418'594 22'191'549 21'128'294 20'280'493

% Out 6.89 5.49 4.59 2.46 2.37 1.87 1.85 1.79 1.77 1.59 1.49 1.48 1.37 1.33 1.24 1.23 1.07 1.05 1 0.96

Weighting

Change

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

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

Latest Chg 1'106'341 2'714'023 1'413'376 (2'575'764) (7'345'976) 4'734'114 (3'047'485) 888'760 (4'175'000) (5'151'604) 8'094'720 (3'320'820) 2'939'487 366'237 (1'773'823) 2'959'281 (34'200) (532'843) 7'124'280

Target Price 32 #N/A N/A 30 30 29 30 32 30 30 29 #N/A N/A 28 28 27 30 28 33 28 #N/A N/A 36 30 #N/A N/A 31 #N/A N/A 28 28 30 26 30 36 #N/A N/A #N/A N/A 30 31 28 31 29 28 27 30 #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 23.04.2013 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 28.02.2013 31.03.2013 31.12.2012 31.12.2012 28.02.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month Not Provided 12 month Not Provided 12 month 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 Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 24.04.2013 24.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 18.04.2013 18.04.2013 17.04.2013 17.04.2013 16.04.2013 16.04.2013 16.04.2013 15.04.2013 15.04.2013 15.04.2013 12.04.2013 11.04.2013 11.04.2013 11.04.2013 10.04.2013 09.04.2013 02.04.2013 02.04.2013 01.04.2013 25.03.2013 18.03.2013 15.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 13.03.2013 13.03.2013 05.03.2013 04.02.2013 29.01.2013 03.05.2012

24.04.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EMR UN EQUITY YTD Change EMR UN EQUITY YTD % CHANGE

09/2012 12/yy 58.66 43.59 162'189.00 55.1 -5.86% 26.41% 73.32% 722.1 39'786.20 5'293.00 0.0 147.0 2'367.00 42'853.20

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 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 30.09.2008 24'807.0 1.39x 4'789.0 7.18x 2'412.0 12.79x

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 15.84x 18.74x Profitability

LTM-4Q 30.09.2011 24'222.0 1.40x 5'096.0 6.64x 2'480.0 12.75x

30.09.2012 24'412.0 1.56x 5'155.0 7.38x 1'968.0 14.45x 5'155.00 4'332.00 17.75% 12.76% 8.69% 19.85% 14.09% 1.04% 40.0% 21.4% 18.0% 8.1% 1.42 1.03 22.22% 51.41% 5.74 6.37

Price/ Cash Flow

LTM

12/yy 23'996.0 6.88x 4'930.0 7.69x 2'371.0 14.79x

12/yy 24'656.0 6.46x 5'269.0 7.85x 2'051.0 15.49x

FY+1

.0 M a-13

2.92 1.09 717.69 14.02 11.69% 4.78% 1.090 29 3.759 1'197'656 924'425 850'015 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 25'180.6 26'471.6 6'028.4 6'662.1 1.68x 1.56x 7.19x 6.46x 5'018.9 5'417.4 1'124.5 1'422.1 8.54x 7.91x 8.39x 8.21x 2'603.7 2'864.9 572.1 767.1 15.35x 13.81x 14.95x 14.54x S&P Issuer Ratings

04.02.2002 A STABLE 04.02.2002 A-1 23.01 20.04 0.56 1.04 51.4% 33.6% 1.04 7.13 63.80 57.44 58.81 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 |

24.04.2013

Emerson Electric Co Holdings By:

All

Holder Name STATE STREET VANGUARD GROUP INC BLACKROCK JP MORGAN CAPITAL GROUP COMPAN BARROW HANLEY MEWHIN T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO INVESCO LTD BANK OF NEW YORK MEL BANK OF AMERICA CORP STATE FARM MUTUAL AU WELLS FARGO FMR LLC NORGES BANK UBS US BANCORP GEODE CAPITAL MANAGE HARDING LOEVNER LP EATON VANCE MANAGEME

Firm Name Deutsche Bank Macquarie Nomura Longbow Research RBC Capital Markets Credit Suisse Janney Montgomery Scott LLC Sanford C. Bernstein & Co Wells Fargo Securities, LLC Barclays Cowen and Company Robert W. Baird & Co Morgan Stanley Canaccord Genuity Corp Edward Jones Goldman Sachs FBR Capital Markets Langenberg & Co William Blair & Co Oppenheimer & Co Argus Research Corp JPMorgan Atlantic Equities LLP MKM Partners EVA Dimensions

Portfolio Name n/a VANGUARD GROUP INC n/a n/a n/a BARROW HANLEY MEWHIN T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL BANK OF AMERICA STATE FARM MUTUAL AU n/a n/a NORGES BANK n/a US BANCORP GEODE CAPITAL MANAGE HARDING LOEVNER LP EATON VANCE MANAGEME

Analyst JOHN G INCH MICHAEL R WOOD SHANNON O'CALLAGHAN MARK DOUGLASS JAMIE SULLIVAN JULIAN MITCHELL JOHN A BALIOTTI II STEVEN E WINOKER RICHARD M KWAS SCOTT R DAVIS GAUTAM KHANNA MICHAEL HALLORAN NIGEL COE JOHN S QUEALY CHRISTIAN MAYES JOSEPH RITCHIE AJAY K KEJRIWAL BRIAN KEITH LANGENBERG NICHOLAS P HEYMANN CHRISTOPHER D GLYNN NATHANIEL GABRIEL CHARLES STEPHEN TUSA RICHARD RADBOURNE JOSHUA C POKRZYWINSKI CRAIG STERLING

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

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

Amt Held 45'583'924 38'802'430 37'123'952 26'652'882 24'382'787 15'550'431 14'914'755 14'243'037 11'325'887 11'037'162 9'848'611 8'024'040 7'984'948 6'671'473 5'868'203 5'483'636 5'231'555 4'782'125 4'445'933 3'769'330

% Out 6.31 5.37 5.14 3.69 3.38 2.15 2.07 1.97 1.57 1.53 1.36 1.11 1.11 0.92 0.81 0.76 0.72 0.66 0.62 0.52

Weighting

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

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

Latest Chg 1'304'149 1'062'029 3'650'073 (6'154'354) 3'161'686 (2'017'167) 1'571'839 (964'519) (94'255) (870'006) 324'800 (442) (156'853) 494'983 56'037 (174'276) (458'894) 157'866 1'183'090

Target Price 69 55 63 #N/A N/A 70 60 55 68 #N/A N/A 56 #N/A N/A 68 60 60 #N/A N/A 62 60 60 59 63 #N/A N/A 51 67 56 #N/A N/A

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

File Dt 23.04.2013 31.03.2013 22.04.2013 28.02.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 28.02.2013 31.03.2013 31.12.2012 31.03.2013 31.12.2012

Date 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 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 Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 24.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 15.04.2013 11.04.2013 09.04.2013 08.04.2013 27.03.2013 25.03.2013 20.03.2013 18.03.2013 15.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 06.02.2013 06.02.2013

24.04.2013

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 (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EXC UN EQUITY YTD Change EXC UN EQUITY YTD % CHANGE

12/2012 12/yy 39.75 28.40 256'559.00 36.97 -6.92% 30.18% 74.63% 855.6 31'630.01 19'603.00 280.0 106.0 1'486.00 50'133.01

3.0 M

15 10

2.0 M

1.0 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

7.0 M

35 25

Valuation Analysis

31.12.2008 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 10.43x

31.12.2012 23'489.0 1.87x 6'550.0 6.71x 1'160.0 10.44x 6'550.00 2'471.00 10.52% 7.65% 1.74% 6.48% 5.12% 0.35% 56.8% 27.9% 10.5% 4.9% 1.30 0.75 24.95% 91.47% 6.87 10.82

Price/ Cash Flow

LTM

12/yy 19'064.0 8.65x 6'783.0 6.08x 2'495.0 10.43x

12/yy 23'489.0 8.30x 6'550.0 6.71x 1'160.0 11.66x

FY+1

.0 M a-13

5.68 0.62 854.22 18.38 3.23% 26.44% 0.624 26 3.231 1'733'522 1'542'267 1'509'231 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 25'691.1 25'551.4 5'080.8 6'614.5 1.92x 1.96x 9.51x 7.58x 6'286.5 6'147.6 1'669.5 1'728.0 7.98x 8.16x 7.20x 6.99x 2'140.7 2'011.4 595.3 486.0 14.83x 15.94x 14.72x 14.96x S&P Issuer Ratings

22.07.2009 BBB STABLE 22.07.2009 A-2 7.06 0.59 2.75 2.99 91.5% 47.3% 0.35 53.28 33.84 72.66 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 |

24.04.2013

Exelon Corp Holdings By:

All

Holder Name STATE STREET CAPITAL GROUP COMPAN FRANKLIN RESOURCES BLACKROCK VANGUARD GROUP INC T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN JP MORGAN NORTHERN TRUST CORPO HOTCHKIS & WILEY CAP BANK OF NEW YORK MEL DEUTSCHE BANK AG INVESCO LTD GEODE CAPITAL MANAGE PERKINS INVESTMENT M TIAA CREF INVESTMENT NORGES BANK MORGAN STANLEY LEGAL & GENERAL UBS

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

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN n/a NORTHERN TRUST CORPO HOTCHKIS AND WILEY BANK OF NEW YORK MEL DEUTSCHE BANK AKTIEN n/a GEODE CAPITAL MANAGE PERKINS INVESTMENT M TIAA-CREF INVESTMENT NORGES BANK n/a n/a n/a

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

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

Recommendation neutral equalweight peerperform neutral/neutral neutral market perform outperform neutral buy buy hold underperform hold Overwt/In-Line hold neutral hold hold buy sell market perform neutral hold hold

Amt Held 72'042'601 49'357'020 46'728'304 45'657'522 40'562'636 24'169'976 16'065'029 11'765'120 11'209'327 11'040'768 10'542'576 6'583'265 6'057'741 5'620'271 4'138'375 4'086'412 4'026'187 3'921'720 3'870'799 3'809'846

% Out 8.42 5.77 5.46 5.34 4.74 2.83 1.88 1.38 1.31 1.29 1.23 0.77 0.71 0.66 0.48 0.48 0.47 0.46 0.45 0.45

Weighting

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

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

Latest Chg (48'429) 4'099'300 7'543'219 1'578'071 278'125 2'696'115 9'854'443 172'294 122'542 180'784 896'323 (2'041'265) (513'854) (550'549) 79'324 2'608'943 875'462 115'284 262'234

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

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

File Dt 23.04.2013 31.03.2013 31.12.2012 22.04.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013

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

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

Date 24.04.2013 24.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 19.04.2013 17.04.2013 17.04.2013 15.04.2013 12.04.2013 10.04.2013 09.04.2013 08.04.2013 05.04.2013 13.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 22.01.2013 09.01.2013

24.04.2013

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 (05.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance XOM UN EQUITY YTD Change XOM UN EQUITY YTD % CHANGE

12/2012 12/yy 93.60 77.13 450'756.00 89.48 -4.25% 16.01% 73.89% 4'480.5 400'910.66 11'581.00 0.0 5'797.0 9'582.00 408'706.65

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

25.0 M 20.0 M 15.0 M 10.0 M 5.0 M

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 425'071.0 0.89x 78'669.0 4.82x 45'220.0 9.46x

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

31.12.2009 31.12.2010 275'564.0 341'578.0 1.18x 1.10x 38'156.0 54'882.0 8.54x 6.87x 19'280.0 30'460.0 17.01x 11.76x Profitability

LTM-4Q 31.12.2011 433'526.0 0.95x 69'687.0 5.91x 41'060.0 10.07x

31.12.2012 420'714.0 0.94x 65'769.0 6.04x 44'880.0 11.45x 65'769.00 49'881.00 11.86% 18.71% 13.50% 28.03% 26.52% 1.28% 15.6% 15.8% 12.1% 10.7% 1.01 0.69 3.47% 6.98% 11.58 24.02

Price/ Cash Flow

LTM

FY+1

.0 M a-13

2.44 0.99 4'469.54 38.19 6.42% 4.05% 0.986 29 3.621 4'270'107 4'027'192 3'826'320 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 433'526.0 426'252.0 434'881.4 442'168.4 109'529.6 103'587.8 3.70x 3.82x 0.96x 0.95x 3.76x 4.00x 69'687.0 67'270.0 80'446.2 82'444.2 20'192.0 16'786.5 5.91x 5.91x 5.09x 4.97x 5.39x 5.32x 41'060.0 44'880.0 35'009.5 36'286.9 9'114.3 8'404.9 10.07x 10.97x 11.24x 10.97x 11.22x 11.26x 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 0.03 Total Debt/EBITDA 0.17 Reference Total Debt/Equity 7.0% Total Debt/Capital 6.3% Asset Turnover 1.28 Net Fixed Asset Turnover 1.93 Accounts receivable turnover-days 31.61 Inventory Days 15.24 Accounts Payable Turnover Day 34.96 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 |

24.04.2013

Exxon Mobil Corp Holdings By:

All

Holder Name STATE STREET BLACKROCK VANGUARD GROUP INC BANK OF NEW YORK MEL NORTHERN TRUST CORPO WELLINGTON MANAGEMEN FMR LLC JP MORGAN BANK OF AMERICA CORP STATE FARM MUTUAL AU T ROWE PRICE ASSOCIA NORGES BANK GEODE CAPITAL MANAGE GOLDMAN SACHS GROUP TIAA CREF INVESTMENT WELLS FARGO UBS FAYEZ SAROFIM LEGAL & GENERAL ALLIANCE BERNSTEIN

Firm Name Tudor Pickering & Co Barclays Societe Generale Raymond James Canaccord Genuity Corp Jefferies JPMorgan ISI Group Cowen Securities LLC Deutsche Bank Goldman Sachs Credit Suisse Oppenheimer & Co Howard Weil Inc Simmons & Company International Morgan Stanley Macquarie Edward Jones Argus Research Corp Independent Research GmbH VTB Capital S&P Capital IQ EVA Dimensions Phoenix Partners Group

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

Analyst ROBERT KESSLER PAUL Y CHENG JOHN HERRLIN PAVEL MOLCHANOV GORDON GRAY IAIN REID KATHERINE LUCAS MINYARD DOUGLAS T TERRESON ASIT SEN PAUL SANKEY ARJUN N MURTI EDWARD WESTLAKE FADEL GHEIT BLAKE FERNANDEZ JEFFREY A DIETERT J EVAN CALIO JASON D GAMMEL BRIAN YOUNGBERG PHILIP H WEISS SVEN DIERMEIER COLIN SMITH MICHAEL KAY CRAIG STERLING CHRIS KETTENMANN

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

Recommendation hold equalweight buy outperform hold hold neutral buy buy hold neutral/attractive neutral market perform sector perform overweight Underwt/In-Line neutral hold hold hold hold strong buy buy hold

Amt Held 257'255'844 249'174'983 220'488'880 74'266'448 68'501'396 61'732'474 56'507'048 48'971'230 43'177'050 37'062'400 36'485'931 36'257'449 30'181'103 24'684'328 23'519'845 21'551'471 20'975'730 20'676'316 20'348'094 20'082'588

% Out 5.74 5.56 4.92 1.66 1.53 1.38 1.26 1.09 0.96 0.83 0.81 0.81 0.67 0.55 0.52 0.48 0.47 0.46 0.45 0.45

Weighting

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

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

Latest Chg 1'131'805 (77'903) 6'057'091 930'148 28'110 (2'806'001) 3'762'110 (786'993) (645'464) 265'582 70'734 (3'238'014) 348'093 33'132 (158'983) (1'277'031) (778'742) (225'351) 1'915'793

Target Price 80 93 103 96 95 85 96 95 100 96 91 90 #N/A N/A 97 #N/A N/A 85 99 #N/A N/A #N/A N/A 93 90 104 #N/A N/A 77

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

File Dt 23.04.2013 22.04.2013 31.03.2013 31.03.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 28.02.2013 31.12.2012 31.12.2012 31.03.2013

Date Not Provided Not Provided 12 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 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 Insurance Company Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor

Date 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 18.04.2013 18.04.2013 16.04.2013 13.04.2013 12.04.2013 12.04.2013 12.04.2013 11.04.2013 11.04.2013 10.04.2013 05.04.2013 01.04.2013 08.03.2013 07.03.2013 01.03.2013 01.02.2013 15.01.2013 24.07.2012

24.04.2013

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 (05.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FDX UN EQUITY YTD Change FDX UN EQUITY YTD % CHANGE

05/2012 02/yy 109.66 83.80 223'608.00 94.9 -13.39% 13.25% 36.23% 316.9 30'070.86 1'667.00 0.0 0.0 2'843.00 28'940.86

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 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.05.2008 37'953.0 0.76x 4'903.0 5.91x 1'125.0 15.73x

120

31.05.2009 31.05.2010 35'497.0 34'734.0 0.50x 0.75x 3'926.0 3'974.0 4.48x 6.59x 98.0 1'184.0 19.66x 21.97x Profitability

LTM-4Q 31.05.2011 39'304.0 0.74x 4'440.0 6.54x 1'452.0 19.11x

31.05.2012 42'680.0 0.63x 5'433.0 4.98x 2'032.0 13.53x 5'433.00 3'320.00 7.78% 7.36% 5.97% 11.06% 10.14% 1.45% 20.4% 12.3% 7.0% 4.8% 1.69 1.40 5.57% 11.32% 9.15 76.15

Price/ Cash Flow

LTM

02/yy 42'224.0 2.56x 5'288.0 5.32x 2'040.0 14.22x

02/yy 43'860.0 2.62x 5'393.0 5.99x 1'808.0 17.09x

FY+1

.0 M a-13

0.59 1.02 296.13 3.60 7.36% 3.60% 1.020 33 4.212 622'204 724'897 583'239 FY+2

FQ+1

FQ+2

05/13 Y 05/14 Y 05/13 Q4 08/13 Q1 44'351.8 46'752.1 11'522.6 11'149.9 0.67x 0.63x 2.48x 2.62x 5'441.7 6'336.0 1'618.8 1'436.6 5.31x 4.56x 4.72x 4.56x 1'901.8 2'376.3 606.9 513.5 15.59x 12.59x 13.31x 12.70x S&P Issuer Ratings

11.02.2004 BBB STABLE 11.02.2004 A-2 39.66 10.41 -0.21 0.42 11.3% 10.2% 1.45 2.49 39.88 4.79 18.05 26.68

Sales/Revenue/Turnover

14.00

45'000.0

12.00

40'000.0 35'000.0

10.00

30'000.0

8.00

25'000.0

6.00

20'000.0 15'000.0

4.00

10'000.0

2.00 0.00 05.06.2009

5'000.0 0.0 05.12.2009

05.06.2010

05.12.2010

05.06.2011

05.12.2011

05.06.2012

05.12.2012

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

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

24.04.2013

FedEx Corp Holdings By:

All

Holder Name PRIMECAP MANAGEMENT SMITH FREDERICK WALL DODGE & COX SOUTHEASTERN ASSET M STATE STREET BLACKROCK VANGUARD GROUP INC WELLINGTON MANAGEMEN HARRIS ASSOCIATES LP T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL GREENHAVEN ASSOCIATE FRANKLIN RESOURCES NORTHERN TRUST CORPO CAPITAL GROUP COMPAN FMR LLC GATES FOUNDATION NEUBERGER BERMAN LLC TIAA CREF INVESTMENT NORGES BANK

Firm Name Deutsche Bank Morgan Stanley RBC Capital Markets JPMorgan Sanford C. Bernstein & Co Stephens Inc Raymond James Stifel Sterne, Agee & Leach BB&T Capital Markets Wells Fargo Securities, LLC Cowen Securities LLC Barclays William Blair & Co Avondale Partners LLC Robert W. Baird & Co Credit Suisse Nomura Jefferies Thompson, Davis & Company Edward Jones Oppenheimer & Co Macquarie Atlantic Equities LLP Argus Research Corp EVA Dimensions Wolfe Trahan & Co S&P Capital IQ Goldman Sachs Jyske Bank

Portfolio Name PRIMECAP MANAGEMENT n/a DODGE & COX SOUTHEASTERN ASSET M n/a n/a VANGUARD GROUP INC WELLINGTON MANAGEMEN HARRIS ASSOC LP T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL GREENHAVEN ASSOCIATE n/a NORTHERN TRUST CORPO n/a n/a BILL & MELINDA FOUND NEUBERGER BERMAN GRO TIAA-CREF INVESTMENT NORGES BANK

Analyst JUSTIN B YAGERMAN WILLIAM J GREENE JOHN L BARNES III THOMAS R WADEWITZ DAVID VERNON JACK ATKINS ARTHUR W HATFIELD DAVID G ROSS JEFFREY A KAUFFMAN KEVIN W STERLING ANTHONY P GALLO HELANE R BECKER BRANDON OGLENSKI NATHAN J BROCHMANN DONALD BROUGHTON BENJAMIN J HARTFORD CHRISTOPHER J CERASO MARK MCVICAR H PETER NESVOLD DAVID P CAMPBELL LOGAN PURK SCOTT A SCHNEEBERGER KELLY A DOUGHERTY RORRIE MARS NATHANIEL GABRIEL CRAIG STERLING SCOTT H GROUP JAMES CORRIDORE TOM KIM ROBERT JAKOBSEN

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

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

Amt Held 20'106'485 19'748'475 17'927'289 16'295'086 15'566'785 14'985'471 13'465'767 13'186'892 13'014'034 7'700'507 5'671'351 4'514'239 4'246'698 3'911'036 3'648'632 3'128'686 3'024'999 2'888'618 2'720'292 2'506'681

% Out 6.35 6.23 5.66 5.14 4.91 4.73 4.25 4.16 4.11 2.43 1.79 1.42 1.34 1.23 1.15 0.99 0.95 0.91 0.86 0.79

Weighting

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

Latest Chg (52'150) 48'004 (279'800) (423'995) 385'718 880'840 378'348 (61'196) 243'959 (1'806'730) (91'013) (82'687) (158'550) 5'891 (1'052'742) 2'737'837 (294'348) 163'544 188'156

Target Price 129 112 87 122 100 125 111 131 115 #N/A N/A #N/A N/A 117 120 #N/A N/A 105 112 108 105 100 123 #N/A N/A 124 119 108 115 #N/A N/A 125 129 115 103

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

File Dt 31.12.2012 04.04.2013 31.12.2012 31.12.2012 23.04.2013 22.04.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

Inst Type 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 Investment Advisor Endowment Investment Advisor Investment Advisor Government

Date 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 22.04.2013 16.04.2013 12.04.2013 11.04.2013 10.04.2013 08.04.2013 02.04.2013 01.04.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 11.02.2013 29.01.2013

24.04.2013

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 16

35.0 M

30.0 M

25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (15.01.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance F UN EQUITY YTD Change F UN EQUITY YTD % CHANGE

12/2012 03/yy 14.30 8.82 2'467'752.00 13.27 -6.99% 50.45% 82.85% 3'851.4 51'104.17 14'300.00 0.0 364.0 24'425.00 42'904.17

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

15.0 M

6 4

10.0 M

5.0 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 145'114.0 0.11x 64.0 238.63x (14'766.0) -

20.0 M

Valuation Analysis

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 6'561.0 111.11x 8.65x Profitability

LTM-4Q 31.12.2011 136'264.0 0.23x 13'629.0 2.34x 20'213.0 7.13x

31.12.2012 134'252.0 0.31x 12'513.0 3.30x 5'665.0 9.25x 12'513.00 6'291.00 4.69% 5.75% 3.05% 36.58% 5.27% 0.72% 13.8% 10.0% 5.3% 4.2% 1.32 0.78 54.61% 658.79% 28.03 17.45

Price/ Cash Flow

LTM

FY+1

.0 M a-13

1.88 1.29 3'822.94 60.46 19.05% 3.21% 1.287 26 3.846 5'433'674 6'110'420 6'141'383 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 135'595.0 137'607.0 134'617.3 141'217.9 33'695.5 32'173.9 1.06x 0.70x 0.30x 0.30x 1.28x 1.34x 12'956.0 10'012.0 10'964.7 12'457.8 2'920.7 2'936.0 2.97x 0.00x 3.89x 3.42x 3.53x 3.41x 19'058.0 5'880.0 5'616.4 6'619.6 1'417.9 1'342.6 8.10x 9.89x 9.37x 7.80x 8.80x 8.35x 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 -0.76 Total Debt/EBITDA 1.07 Reference Total Debt/Equity 658.8% Total Debt/Capital 86.6% Asset Turnover 0.72 Net Fixed Asset Turnover 5.71 Accounts receivable turnover-days 13.06 Inventory Days 20.98 Accounts Payable Turnover Day 56.43 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 |

24.04.2013

Ford Motor Co Holdings By:

All

Holder Name EVERCORE TRUST COMPA BLACKROCK STATE STREET VANGUARD GROUP INC WELLINGTON MANAGEMEN NORTHERN TRUST CORPO CAPITAL GROUP COMPAN OPPENHEIMERFUNDS INC BANK OF NEW YORK MEL ALLIANCE BERNSTEIN FMR LLC TIAA CREF INVESTMENT NORGES BANK GEODE CAPITAL MANAGE AMERIPRISE FINANCIAL JP MORGAN T ROWE PRICE ASSOCIA LORD ABBETT & CO LLC LEGAL & GENERAL BANK OF AMERICA CORP

Firm Name Deutsche Bank Morgan Stanley Stifel Sterne, Agee & Leach Credit Agricole Securities (USA) Credit Suisse JPMorgan Jefferies Wolfe Trahan & Co Guggenheim Securities LLC Buckingham Research Group Edward Jones Tigress Financial Partners RBC Capital Markets Daiwa Securities Co. Ltd. Argus Research Corp Craig-Hallum Capital Group LLC Barclays S&P Capital IQ EVA Dimensions Goldman Sachs KeyBanc Capital Markets CRT Capital Group

Portfolio Name EVERCORE TRUST COMPA n/a n/a VANGUARD GROUP INC WELLINGTON MANAGEMEN NORTHERN TRUST CORPO n/a OPPENHEIMER FUNDS IN BANK OF NEW YORK MEL n/a n/a TIAA-CREF INVESTMENT NORGES BANK GEODE CAPITAL MANAGE AMERIPRISE FINANCIAL n/a T ROWE PRICE ASSOCIA LORD ABBETT & CO LLC n/a BANK OF AMERICA

Analyst ROD LACHE ADAM JONAS JAMES J ALBERTINE MICHAEL P WARD EMMANUEL ROSNER CHRISTOPHER J CERASO RYAN BRINKMAN H PETER NESVOLD TIMOTHY J DENOYER MATTHEW T STOVER JOSEPH C AMATURO CHRISTIAN MAYES IVAN FEINSETH JOSEPH SPAK TAKUO KATAYAMA WILLIAM V SELESKY STEVEN L. DYER BRIAN A JOHNSON EFRAIM LEVY CRAIG STERLING PATRICK ARCHAMBAULT BRETT D HOSELTON KIRK LUDTKE

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

Recommendation hold Overwt/In-Line hold buy underperform neutral overweight buy peerperform neutral underperform hold buy outperform neutral buy hold equalweight buy buy buy/attractive hold Fairly Valued

Amt Held 253'467'529 192'681'999 190'125'783 172'157'358 145'150'035 47'409'620 47'153'420 40'728'175 40'291'917 33'644'300 32'627'640 31'915'843 29'655'538 25'299'010 24'618'432 22'995'446 21'760'957 18'891'909 18'169'677 17'914'056

% Out 6.58 5 4.94 4.47 3.77 1.23 1.22 1.06 1.05 0.87 0.85 0.83 0.77 0.66 0.64 0.6 0.57 0.49 0.47 0.47

Weighting

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

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

Latest Chg (8'395'514) 3'522'526 13'003'144 30'923'869 698'720 (1'400) 2'745'659 (465'751) 1'253'221 12'413'422 5'499'929 2'675'285 (2'128'139) 3'804'420 3'427'180 2'872'280 (438'567) 752'101 (954'844)

Target Price 15 17 #N/A N/A 17 14 14 15 16 #N/A N/A 12 11 #N/A N/A #N/A N/A 15 13 19 14 15 13 #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 31.12.2012 31.03.2013 23.04.2013 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.03.2013 31.03.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 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 12 month Not Provided Not Provided 12 month Not Provided 12 month 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 Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 22.04.2013 22.04.2013 22.04.2013 21.04.2013 18.04.2013 12.04.2013 27.03.2013 08.03.2013 28.02.2013 06.02.2013 05.02.2013 30.01.2013 30.01.2013 29.01.2013 15.01.2013 10.01.2013 04.12.2012 31.10.2012

24.04.2013

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 (4/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 FCX UN EQUITY YTD Change FCX UN EQUITY YTD % CHANGE

12/2012 03/yy 43.65 27.24 845'490.00 29.53 -32.39% 8.41% 7.80% 949.5 28'039.64 3'527.00 0.0 3'768.0 3'705.00 32'445.64

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 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 13.27x 12.98x Profitability

LTM-4Q 31.12.2011 20'880.0 1.75x 10'162.0 3.59x 4'560.0 7.62x

31.12.2012 18'010.0 2.00x 6'934.0 5.20x 3'041.0 10.46x 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 8.85x

03/yy 17'988.0 8.20x 6'617.0 5.42x 2'925.0 11.22x

FY+1

.0 M a-13

4.23 1.54 940.96 36.61 -17.27% -12.05% 1.544 21 4.048 3'606'770 2'713'007 2'424'412 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 21'856.1 23'601.6 4'850.4 5'832.6 1.82x 1.65x 6.68x 7.12x 9'267.7 10'831.8 1'940.5 2'566.0 3.51x 3.00x 3.12x 2.84x 3'556.8 4'261.2 750.8 899.5 7.95x 6.94x 7.49x 6.84x 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

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 |

24.04.2013

Freeport-McMoRan Copper & Gold Inc Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC NORTHERN CROSS LLC JP MORGAN HARBOR CAPITAL ADVIS ALLIANZ ASSET MANAGE BANK OF NEW YORK MEL NORTHERN TRUST CORPO DEUTSCHE BANK AG GOLDMAN SACHS GROUP SUSQUEHANNA INTERNAT BARCLAYS PLC BANK OF AMERICA CORP PAULSON & CO MORGAN STANLEY FMR LLC CAPITAL GROUP COMPAN GEODE CAPITAL MANAGE CITIGROUP INCORPORAT

Firm Name Morgan Stanley Goldman Sachs Stifel Macquarie BB&T Capital Markets Nomura Cowen Securities LLC EVA Dimensions BMO Capital Markets Deutsche Bank RBC Capital Markets JPMorgan Credit Agricole Securities (USA) FBR Capital Markets Argus Research Corp Canaccord Genuity Corp S&P Capital IQ Jefferies Tigress Financial Partners Hamburger Sparkasse Credit Suisse Barclays

Portfolio Name n/a n/a VANGUARD GROUP INC NORTHERN CROSS LLC n/a Multiple Portfolios n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO DEUTSCHE BANK AKTIEN GOLDMAN SACHS GROUP SUSQUEHANNA INTERNAT n/a BANK OF AMERICA PAULSON & CO n/a n/a n/a GEODE CAPITAL MANAGE CITIGROUP INCORPORAT

Analyst PARETOSH MISRA SAL THARANI PAUL A MASSOUD ALDO J MAZZAFERRO JR GARRETT S. NELSON CURTIS WOODWORTH ANTHONY B RIZZUTO JR CRAIG STERLING TONY ROBSON JORGE M BERISTAIN FRASER PHILLIPS MICHAEL F GAMBARDELLA DAVID A LIPSCHITZ MITESH B THAKKAR WILLIAM V SELESKY GARY LAMPARD LEO LARKIN PETER D WARD IVAN FEINSETH INGO SCHMIDT RICHARD GARCHITORENA DAVID GAGLIANO

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

Recommendation Overwt/In-Line Buy/Neutral buy neutral buy neutral buy hold market perform buy sector perform restricted outperform outperform buy suspended coverage sell restricted strong buy hold restricted suspended coverage

Amt Held 84'022'739 58'385'252 43'753'478 22'073'413 21'073'569 20'100'711 17'726'002 15'160'387 14'011'243 12'266'280 11'507'752 9'882'071 9'694'489 9'435'612 9'000'000 7'602'014 7'199'028 6'766'762 6'343'294 6'335'670

% Out 8.85 6.15 4.61 2.32 2.22 2.12 1.87 1.6 1.48 1.29 1.21 1.04 1.02 0.99 0.95 0.8 0.76 0.71 0.67 0.67

Weighting

Change

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

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

Latest Chg (406'766) 1'518'805 83'144 (8'207'346) (1'331'561) 330'535 675'169 (669'802) (2'321'040) 6'268'014 5'822'300 1'897'118 9'000'000 (164'820) (6'016'914) (759'228) (489'327) 383'714

Target Price 45 38 45 35 40 36 45 #N/A N/A 30 40 35 #N/A N/A 32 41 52 #N/A N/A 29 #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 Inst Type 31.03.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 22.04.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 04.04.2013 06.03.2013 19.02.2013 22.01.2013 04.01.2013 11.12.2012 10.12.2012 05.12.2012 05.12.2012

24.04.2013

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 80

3.5 M

3.0 M

2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (4/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 72.01 61.09 268'925.00 70.37 -1.94% 15.19% 55.04% 353.2 24'853.75 3'908.00 0.0 0.0 3'296.00 25'017.75

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

1.5 M

30 20

1.0 M

.5 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 29'300.0 0.84x 4'100.0 6.02x 2'459.0 9.26x

2.0 M

Valuation Analysis

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 3.47

Price/ Cash Flow

LTM

04/yy 32'458.0 3.20x 4'360.0 6.36x 2'472.0 9.99x

03/yy 31'338.0 3.17x 1'428.0 17.55x (325.0) 10.88x

FY+1

.0 M a-13

3.64 0.98 333.63 4.54 3.59% 2.41% 0.976 22 4.182 778'004 695'282 713'163 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 31'427.9 31'243.3 7'808.4 7'896.2 0.79x 0.78x 3.17x 3.15x 4'111.3 4'215.3 1'011.2 1'040.0 6.10x 5.95x 5.96x 5.85x 2'335.4 2'418.2 571.7 594.7 10.55x 9.89x 10.34x 10.23x S&P Issuer Ratings

09.07.1999 A STABLE 09.07.1999 A-1 20.52 17.84 0.11 2.74 34.3% 25.5% 0.90 9.41 51.96 105.45 36.80 118.91

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 |

24.04.2013

General Dynamics Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN LONGVIEW ASSET MANAG EVERCORE TRUST COMPA STATE STREET BLACKROCK VANGUARD GROUP INC HARRIS ASSOCIATES LP WELLINGTON MANAGEMEN CROWN FUND BANK OF AMERICA CORP HENRY CROWN AND CO NORTHERN TRUST CORPO BERKSHIRE HATHAWAY I BANK OF NEW YORK MEL AMERICAN CENTURY COM UBS SANDERS CAPITAL LLC WELLS FARGO INVESCO LTD ABRAMS BISON INVESTM

Firm Name Deutsche Bank Jefferies Sanford C. Bernstein & Co Sterne, Agee & Leach Wells Fargo Securities, LLC Cowen and Company Edward Jones Credit Suisse CRT Capital Group Stifel Barclays Drexel Hamilton LLC RBC Capital Markets Goldman Sachs Buckingham Research Group JPMorgan EVA Dimensions Argus Research Corp Oppenheimer & Co Gabelli & Co

Portfolio Name n/a LONGVIEW ASSET MANAG EVERCORE TRUST COMPA n/a n/a VANGUARD GROUP INC HARRIS ASSOC LP WELLINGTON MANAGEMEN n/a BANK OF AMERICA n/a NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL AMERICAN CENTURY COM n/a SANDERS CAPITAL LLC n/a n/a ABRAMS BISON INVESTM

Analyst MYLES WALTON HOWARD A RUBEL DOUGLAS S HARNED PETER J ARMENT SAMUEL J PEARLSTEIN CAI VON RUMOHR CHRISTIAN MAYES ROBERT M SPINGARN BRIAN W RUTTENBUR WILLIAM R LOOMIS CARTER COPELAND RICHARD WHITTINGTON ROBERT STALLARD NOAH POPONAK RICHARD SAFRAN JOSEPH B NADOL III CRAIG STERLING NATHANIEL GABRIEL YAIR REINER BRIAN BETTS

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

Recommendation buy buy market perform buy outperform outperform buy outperform sell hold overweight hold outperform Sell/Neutral neutral overweight buy buy market perform hold

Amt Held 35'739'700 33'397'060 31'095'174 22'604'570 16'879'134 16'850'193 8'641'180 7'921'899 7'753'112 5'512'734 5'424'092 4'337'260 3'877'122 3'771'394 3'680'628 3'541'889 3'537'634 3'297'066 3'071'247 2'870'000

% Out 10.12 9.46 8.8 6.4 4.78 4.77 2.45 2.24 2.2 1.56 1.54 1.23 1.1 1.07 1.04 1 1 0.93 0.87 0.81

Weighting

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

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

Latest Chg 1'940'000 (254) 31'095'174 520'152 513'719 (202'750) 344'373 (357'633) (7'048) (312'747) 616'732 (213'071) 335'900 161'798 (96'268) 40'000

Target Price 78 82 73 82 #N/A N/A #N/A N/A #N/A N/A 83 54 #N/A N/A 87 65 77 59 70 73 #N/A N/A 79 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 23.04.2013 Investment Advisor 22.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 06.03.2013 Unclassified 31.12.2012 Investment Advisor 06.03.2013 Holding Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

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

Date 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 18.04.2013 16.04.2013 16.04.2013 15.04.2013 15.04.2013 11.04.2013 10.04.2013 08.04.2013 05.04.2013 03.04.2013 06.03.2013 29.01.2013 23.01.2013 06.03.2009

24.04.2013

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 25

40.0 M 35.0 M

30.0 M 25.0 M

20.0 M

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (4/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 23.90 18.03 2'183'733.00 21.7 -8.87% 20.35% 59.11% 10'370.9 225'049.08 17'469.00 0.0 5'444.0 15'583.00 220'549.09

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

10.0 M 5.0 M

0 a-12 m-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 12.50x 16.04x Profitability

LTM-4Q 31.12.2011 142'224.0 1.37x 25'040.0 7.76x 14'151.0 12.88x

31.12.2012 144'796.0 1.56x 25'000.0 9.03x 13'641.0 13.63x 25'000.00 15'654.00 10.81% 12.02% 2.05% 11.61% 3.04% 0.21% 38.6% 17.3% 10.3% 9.4% 1.12 1.02 49.24% 274.31% 7.17 6.09

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

LTM

FY+1

.0 M a-13

3.32 1.13 10'364.99 78.92 14.82% 4.23% 1.133 22 4.273 12'732'710 9'164'509 8'978'765 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 142'145.0 143'566.0 148'360.5 153'732.3 36'357.9 36'935.0 5.46x 6.51x 3.31x 3.09x 12.88x 12.68x 24'521.0 19'206.0 29'765.6 32'078.5 7'380.3 7'401.7 8.89x 0.00x 7.41x 6.87x 13'752.0 14'134.0 17'052.8 18'173.1 3'844.6 4'058.2 14.44x 15.11x 13.00x 11.94x 13.55x 13.31x 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 0.08 Total Debt/EBITDA 0.70 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 60.06 Accounts Payable Turnover Day 64.90 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

j-12

Fiscal Year Ended 31.12.2008 180'929.0 0.99x 30'781.0 5.83x 17'410.0 8.39x

15.0 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 |

24.04.2013

General Electric Co Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC CAPITAL GROUP COMPAN FMR LLC NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA DODGE & COX GENERAL ELECTRIC COM INVESCO LTD WELLINGTON MANAGEMEN FRANKLIN RESOURCES NORGES BANK BANK OF AMERICA CORP GEODE CAPITAL MANAGE GOLDMAN SACHS GROUP TIAA CREF INVESTMENT WELLS FARGO UBS

Firm Name Deutsche Bank Argus Research Corp EVA Dimensions JPMorgan William Blair & Co Independent Research GmbH Nomura Barclays Credit Suisse Oppenheimer & Co Morgan Stanley Edward Jones Hilliard Lyons Sanford C. Bernstein & Co Langenberg & Co Tigress Financial Partners S&P Capital IQ Hamburger Sparkasse Gabelli & Co

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA DODGE & COX GENERAL ELECTRIC COM n/a WELLINGTON MANAGEMEN n/a NORGES BANK BANK OF AMERICA GEODE CAPITAL MANAGE GOLDMAN SACHS GROUP TIAA-CREF INVESTMENT n/a n/a

Analyst JOHN G INCH NATHANIEL GABRIEL CRAIG STERLING CHARLES STEPHEN TUSA NICHOLAS P HEYMANN MARKUS FRIEBEL SHANNON O'CALLAGHAN SCOTT R DAVIS JULIAN MITCHELL CHRISTOPHER D GLYNN NIGEL COE CHRISTIAN MAYES STEPHEN A O'NEIL STEVEN E WINOKER BRIAN KEITH LANGENBERG IVAN FEINSETH RICHARD TORTORIELLO MARCO GUENTHER ZAHID SIDDIQUE

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

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

Amt Held 576'721'308 539'508'123 480'968'947 278'628'320 230'580'855 160'078'193 156'799'970 112'531'041 97'580'627 93'776'061 90'118'119 88'633'819 84'939'335 84'870'136 70'379'614 69'397'689 67'797'703 58'199'736 58'153'584 53'342'200

% Out 5.56 5.2 4.64 2.69 2.22 1.54 1.51 1.09 0.94 0.9 0.87 0.85 0.82 0.82 0.68 0.67 0.65 0.56 0.56 0.51

Weighting

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

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

Latest Chg 18'281'472 2'855'053 13'238'328 (10'336'401) (5'371'018) 26'355 1'466'803 (4'537'565) (7'016'523) (583'868) (9'603'932) (10'550'455) (4'879'785) 7'264'656 7'653'656 (6'989'488) (6'895'934) 1'474'442 (3'417'611) (334'057)

Target Price 28 25 #N/A N/A 22 24 26 23 26 25 26 23 #N/A N/A 27 25 30 #N/A N/A 26 #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 22.04.2013 23.04.2013 31.03.2013 31.03.2013 28.02.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 28.02.2013

Date 12 month Not Provided Not Provided 6 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 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 Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 24.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 21.04.2013 21.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 08.04.2013 06.03.2013 13.02.2013 29.01.2013 26.09.2011

24.04.2013

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 (23.04.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GILD UW EQUITY YTD Change GILD UW EQUITY YTD % CHANGE

12/2012 12/yy 55.16 24.13 1'236'469.00 51.64 -5.82% 114.05% 94.10% 1'522.4 78'616.35 8'224.05 0.0 241.1 2'582.09 84'499.44

8.0 M 6.0 M

4.0 M 10

2.0 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

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 21.79x 4'288.38 4'010.18 41.33% 37.23% 13.45% 32.30% 17.56% 0.50% 74.5% 44.2% 41.3% 26.7% 1.44 0.85 38.72% 88.34% 5.24 1.58

Price/ Cash Flow

LTM

12/yy 8'385.4 14.21x 4'092.1 6.99x 2'803.6 11.33x

12/yy 9'702.5 21.53x 4'288.4 14.38x 2'591.6 21.90x

FY+1

.0 M a-13

0.90 1'509.36 58.15 97.25% 40.61% 0.898 31 4.677 3'957'440 3'208'092 2'767'994 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'809.6 13'037.8 2'583.0 2'662.6 7.54x 6.08x 4'695.6 6'611.6 1'110.8 1'131.8 17.78x 12.64x 18.36x 3'243.7 4'595.4 801.2 802.1 24.81x 17.23x 25.26x 22.07x S&P Issuer Ratings

23.03.2011 ASTABLE 11.88 10.78 1.32 1.92 88.3% 46.3% 0.50 10.35 69.83 232.14 164.03 137.94

Sales/Revenue/Turnover

25.00

12'000.0 10'000.0

20.00

8'000.0 15.00

6'000.0 10.00

4'000.0

5.00

0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

24.04.2013

Gilead Sciences Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN FMR LLC BLACKROCK STATE STREET VANGUARD GROUP INC T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN NORTHERN TRUST CORPO INVESCO LTD UBS BANK OF NEW YORK MEL MARSICO CAPITAL MANA JP MORGAN JENNISON ASSOCIATES AMERIPRISE FINANCIAL TIAA CREF INVESTMENT JANUS CAPITAL MANAGE GOLDMAN SACHS GROUP WELLS FARGO FRANKLIN RESOURCES

Firm Name Wells Fargo Securities, LLC BMO Capital Markets RBC Capital Markets William Blair & Co S&P Capital IQ Piper Jaffray Morgan Stanley Oppenheimer & Co Maxim Group LLC JPMorgan Leerink Swann & Co Lazard Capital Markets Goldman Sachs Deutsche Bank Sanford C. Bernstein & Co Barclays Summer Street Research Partners Robert W. Baird & Co Stifel ISI Group Needham & Co Credit Suisse Guggenheim Securities LLC Jefferies Cowen and Company Argus Research Corp Atlantic Equities LLP EVA Dimensions First Global Stockbroking BWS Financial

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN NORTHERN TRUST CORPO n/a n/a BANK OF NEW YORK MEL MARSICO CAPITAL MANA n/a JENNISON ASSOCIATES AMERIPRISE FINANCIAL TIAA-CREF INVESTMENT n/a GOLDMAN SACHS GROUP n/a n/a

Analyst BRIAN C ABRAHAMS JIM BIRCHENOUGH MICHAEL J YEE JOHN S SONNIER STEVEN SILVER M IAN SOMAIYA MARSHALL URIST DAVID FERREIRO JASON KOLBERT GEOFFREY MEACHAM HOWARD LIANG JOSHUA SCHIMMER TERENCE FLYNN ROBYN KARNAUSKAS GEOFFREY C PORGES CHARLES ANTHONY BUTLER CAROL A WERTHER BRIAN P SKORNEY JOEL D SENDEK MARK J SCHOENEBAUM ALAN CARR RAVI MEHROTRA BRET HOLLEY THOMAS WEI PHILIP NADEAU JOHN M EADE RICHARD J PURKISS ANDREW S ZAMFOTIS KAVITA THOMAS HAMED KHORSAND

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

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

Amt Held 298'675'044 111'854'914 87'595'427 81'470'223 69'391'713 62'827'858 45'508'106 29'696'606 25'991'274 21'524'034 21'435'057 20'915'172 20'694'520 19'501'542 18'205'634 16'314'578 15'814'906 14'721'904 13'389'278 12'682'844

% Out 19.62 7.35 5.75 5.35 4.56 4.13 2.99 1.95 1.71 1.41 1.41 1.37 1.36 1.28 1.2 1.07 1.04 0.97 0.88 0.83

Weighting

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

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

Latest Chg 16'340'092 15'313'566 2'889'961 1'502'027 2'188'569 2'762'936 (6'740'462) 9'207'940 (2'060'540) (5'825'112) (491'149) 6'930'110 5'852'626 9'988'298 3'621'978 (761'396) (1'905'270) (2'927'484) 137'974 (893'128)

Target Price #N/A N/A 71 55 #N/A N/A 66 63 65 59 97 75 #N/A N/A 63 54 69 63 65 #N/A N/A 55 57 59 45 60 50 40 #N/A N/A #N/A N/A 41 #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 28.02.2013 22.04.2013 23.04.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.01.2013

Date Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 18 month 12 month 6 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 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 24.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 18.04.2013 18.04.2013 17.04.2013 16.04.2013 16.04.2013 15.04.2013 10.04.2013 09.04.2013 08.04.2013 08.04.2013 05.04.2013 04.04.2013 22.03.2013 14.03.2013 20.02.2013 06.02.2013 05.02.2013 04.02.2013 09.02.2012 21.04.2011

24.04.2013

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 (19.02.2013) 52-Week Low (26.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GS UN EQUITY YTD Change GS UN EQUITY YTD % CHANGE

12/2012 03/yy 158.68 90.43 93'941.00 143.66 -9.44% 58.86% 76.94% 465.5 68'991.15 510'691.00 6'200.0 508.0 72'669.00 513'721.15

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

40 20 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 13.58x

31.12.2012 41'664.0 12.15x 20'446.0 24.75x 7'475.0 8.49x 20'446.00 32.80% 26.90% 0.80% 10.66% 1.27% 0.04% 49.1% 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 a-13

LTM

03/yy 34'951.0 62.22x 15'103.0 36.35x 3'816.0 19.56x

03/yy 41'636.0 37.08x 14'980.0 0.00x 7'626.0 9.65x

FY+1

1.34 1.27 428.80 5.67 28.00% 13.00% 1.266 33 3.515 780'729 758'809 767'157 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 34'266.2 35'053.0 8'185.4 7'978.5 7'237.0 7'364.8 1'485.7 1'403.0 10.04x 9.42x 10.20x 9.89x S&P Issuer Ratings

29.11.2011 ANEG 29.11.2011 A-2 21.42 24.98 734.6% 87.0% 0.04 4.93 -

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 |

24.04.2013

Goldman Sachs Group Inc/The Holdings By:

All

Holder Name BLACKROCK GOLDMAN SACHS SHRHLD STATE STREET CAPITAL GROUP COMPAN VANGUARD GROUP INC CITIGROUP INCORPORAT SUN LIFE FINANCIAL I DODGE & COX JP MORGAN JENNISON ASSOCIATES NORTHERN TRUST CORPO BANK OF NEW YORK MEL GOLDMAN SACHS ASSET INVESCO LTD ROYAL BANK OF CANADA T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN GEODE CAPITAL MANAGE FMR LLC ALLIANCE BERNSTEIN

Firm Name FBR Capital Markets Oppenheimer & Co Credit Agricole Securities (USA) Argus Research Corp Sanford C. Bernstein & Co Morgan Stanley RBC Capital Markets JPMorgan Sandler O'Neill & Partners, LP Buckingham Research Group Credit Suisse SunTrust Robinson Humphrey Keefe, Bruyette & Woods Evercore Partners Nomura Wells Fargo Securities, LLC Guggenheim Securities LLC Rafferty Capital Markets JMP Securities S&P Capital IQ Portales Partners Susquehanna Financial Group Atlantic Equities LLP Barclays Deutsche Bank Mediobanca SpA EVA Dimensions Macquarie Daiwa Securities Co. Ltd. HSBC Meredith Whitney Advisory Group

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC CITIGROUP INCORPORAT n/a DODGE & COX n/a JENNISON ASSOCIATES NORTHERN TRUST CORPO BANK OF NEW YORK MEL Multiple Portfolios n/a n/a T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN GEODE CAPITAL MANAGE n/a n/a

Analyst STEVE STELMACH CHRISTOPHER M KOTOWSKI MICHAEL L MAYO DAVID RITTER CHARLES BRADLEY HINTZ BETSY L GRASECK FIONA SWAFFIELD KIAN ABOUHOSSEIN JEFFERY HARTE JAMES F MITCHELL HOWARD H CHEN ERIC WASSERSTROM FREDERICK CANNON CHRISTOPHER J ALLEN GLENN P SCHORR MATTHEW H BURNELL MARTY L MOSBY III RICHARD X BOVE SR DAVID M TRONE KENNETH M LEON CHARLES W PEABODY DOUGLAS C SIPKIN RICHARD STAITE ROGER A FREEMAN MATTHEW D O'CONNOR CHRISTOPHER J WHEELER AUSTIN BURKETT EDWARD DITMIRE KAZUKI WATANABE ROBERT MURPHY MEREDITH A WHITNEY

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

Recommendation outperform market perform buy hold outperform Equalwt/Attractive sector perform underweight hold neutral outperform neutral market perform equalweight buy market perform buy buy market perform buy sector perform Positive neutral equalweight hold neutral overweight suspended coverage outperform underweight hold

Amt Held 27'890'245 27'836'304 25'476'148 22'829'405 19'620'649 14'974'530 14'823'199 12'016'625 8'054'096 7'613'007 6'216'113 5'398'511 5'297'697 4'769'976 4'036'825 3'772'587 3'018'933 2'952'618 2'935'340 2'838'208

% Out 5.99 5.98 5.47 4.9 4.21 3.22 3.18 2.58 1.73 1.64 1.34 1.16 1.14 1.02 0.87 0.81 0.65 0.63 0.63 0.61

Weighting

Change

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

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

Latest Chg 2'753'217 308'780 (3'084'164) 182'279 14'948'555 166'690 (325'300) (1'177'548) (1'781'598) (116'688) 46'766 3'206'803 396'208 285'653 (886'020) (2'393'690) (312'610) 657'450 590'981

Target Price 165 #N/A N/A 176 #N/A N/A 170 140 135 134 153 150 180 156 155 145 157 #N/A N/A 175 185 #N/A N/A 160 #N/A N/A 170 146 155 144 146 #N/A N/A #N/A N/A 163 117 #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 23.04.2013 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.03.2013

Date 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 6 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 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 Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.04.2013 23.04.2013 22.04.2013 19.04.2013 19.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 15.04.2013 25.03.2013 05.03.2013 15.02.2013 08.02.2013 11.12.2012 16.10.2012

24.04.2013

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 900

4.0 M

800

3.5 M

700

3.0 M

600

2.5 M

500

Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (4/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 GOOG UW EQUITY YTD Change GOOG UW EQUITY YTD % CHANGE

12/2012 03/yy 844.00 556.55 143'106.00 814.96 -3.48% 46.43% 87.44% 270.2 269'758.28 5'537.00 0.0 0.0 49'557.00 223'329.29

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

1.5 M

300 200

1.0 M

100

.5 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 21'795.6 3.72x 8'131.9 9.96x 4'226.9 18.44x

2.0 M

400

Valuation Analysis

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 22.58x Profitability

LTM-4Q 31.12.2011 37'905.0 4.45x 13'593.0 12.41x 9'737.0 21.70x

31.12.2012 50'175.0 3.77x 15'722.0 12.05x 10'737.0 20.79x 15'722.00 12'760.00 25.43% 26.68% 12.88% 16.32% 15.48% 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 19.44x

03/yy 54'703.0 13.98x 16'160.0 13.39x 11'193.0 22.70x

FY+1

.0 M a-13

0.00 0.96 269.16 4.72 35.54% 14.89% 0.959 46 4.326 901'463 632'816 641'945 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 47'546.3 55'173.4 11'356.0 11'893.4 4.45x 3.52x 19.40x 18.19x 21'383.4 25'240.6 5'163.6 5'384.6 10.46x 8.86x 9.92x 9.47x 15'640.1 18'150.5 3'632.5 3'781.3 17.63x 15.29x 17.27x 16.57x 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 |

24.04.2013

Google Inc Holdings By:

All

Holder Name FMR LLC BLACKROCK STATE STREET VANGUARD GROUP INC CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA JP MORGAN BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO PRIMECAP MANAGEMENT JENNISON ASSOCIATES DAVIS SELECTED ADVIS GOLDMAN SACHS GROUP SANDS CAPITAL MANAGE UBS WELLS FARGO TIAA CREF INVESTMENT WELLINGTON MANAGEMEN MORGAN STANLEY

Firm Name Independent Research GmbH JMP Securities Argus Research Corp Hilliard Lyons William Blair & Co Cantor Fitzgerald Sterne, Agee & Leach Wells Fargo Securities, LLC BMO Capital Markets Deutsche Bank Morgan Stanley RBC Capital Markets Credit Suisse JPMorgan Jefferies Needham & Co Pacific Crest Securities Robert W. Baird & Co Sanford C. Bernstein & Co Wedbush Raymond James Macquarie B Riley & Company, Inc Stifel Canaccord Genuity Corp Evercore Partners Oppenheimer & Co Cowen and Company S&P Capital IQ Atlantic Equities LLP Credit Agricole Securities (USA) Barclays Telsey Advisory Group Wedge Partners Topeka Capital Markets Inc Pivotal Research Group LLC Edward Jones Piper Jaffray BGC Partners Goldman Sachs Tigress Financial Partners Daiwa Securities Co. Ltd. EVA Dimensions

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a T ROWE PRICE ASSOCIA n/a BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO PRIMECAP MANAGEMENT JENNISON ASSOCIATES DAVIS SELECTED ADVIS GOLDMAN SACHS GROUP SANDS CAPITAL MANAGE n/a n/a TIAA-CREF INVESTMENT WELLINGTON MANAGEMEN n/a

Analyst MARKUS FRIEBEL RONALD V JOSEY III JOSEPH F BONNER STEPHEN TURNER RALPH SCHACKART YOUSSEF H SQUALI SHAW WU JASON MAYNARD DANIEL SALMON ROSS SANDLER SCOTT W DEVITT MARK S MAHANEY STEPHEN JU DOUGLAS ANMUTH BRIAN J PITZ KERRY RICE EVAN S WILSON COLIN SEBASTIAN CARLOS KIRJNER JAMES G DIX AARON M KESSLER BENJAMIN A SCHACHTER SAMEET SINHA JORDAN ROHAN MICHAEL GRAHAM KEN SENA JASON S HELFSTEIN JOHN BLACKLEDGE SCOTT H KESSLER HAMILTON FABER JAMES LEE ANTHONY J DICLEMENTE THOMAS FORTE MARTIN PYYKKONEN VICTOR ANTHONY BRIAN WIESER JOSH OLSON EUGENE E MUNSTER COLIN W GILLIS HEATHER BELLINI IVAN FEINSETH KAZUYA NISHIMURA ANDREW S ZAMFOTIS

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

Recommendation hold market outperform buy neutral outperform buy suspended coverage market perform market perform buy Overwt/Attractive outperform outperform overweight buy buy outperform outperform outperform neutral outperform outperform buy hold buy overweight market perform outperform buy overweight buy overweight no rating system no rating system buy hold buy overweight hold neutral/neutral strong buy outperform hold

Amt Held 18'215'530 15'347'658 14'009'274 12'251'664 11'006'397 9'457'496 6'422'462 4'684'381 4'291'875 3'824'800 3'207'437 2'756'412 2'715'974 2'501'395 2'490'314 2'382'407 2'229'474 2'222'539 2'173'908 2'120'450

% Out 6.74 5.68 5.19 4.53 4.07 3.5 2.38 1.73 1.59 1.42 1.19 1.02 1.01 0.93 0.92 0.88 0.83 0.82 0.8 0.78

Weighting

Change

3 4 5 3 5 5 #N/A N/A 3 3 5 5 5 5 5 5 5 5 5 5 3 5 5 5 3 5 5 3 5 5 5 5 5 #N/A N/A #N/A N/A 5 3 5 5 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 U M M M M M M M M M M M M M D

Latest Chg (5'443) 534'588 (412'495) 418'606 1'637'525 151'141 625'640 97'407 (228'560) (23'714) (39'630) 597'897 (130'698) (90'008) 6'165 (12'971) 155'738 (122'117) 320'943 (207'449)

Target Price 890 955 875 #N/A N/A #N/A N/A 900 #N/A N/A #N/A N/A 790 930 932 950 982 860 1'000 900 980 830 1'000 800 875 925 846 #N/A N/A 890 925 820 #N/A N/A 925 1'000 1'000 875 870 #N/A N/A 950 820 #N/A N/A 935 760 760 #N/A N/A 925 #N/A N/A

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

File Dt 28.02.2013 22.04.2013 23.04.2013 31.03.2013 31.03.2013 31.12.2012 28.02.2013 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 28.02.2013 31.12.2012 31.12.2012 28.02.2013

Date 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 6 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 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 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 18.04.2013 16.04.2013 26.03.2013 20.03.2013 15.03.2013 22.02.2013

24.04.2013

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 (14.02.2013) 52-Week Low (26.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HAL UN EQUITY YTD Change HAL UN EQUITY YTD % CHANGE

12/2012 03/yy 43.95 26.29 796'118.00 40.89 -6.51% 55.53% 75.88% 931.0 38'068.28 4'820.00 0.0 25.0 2'484.00 40'886.28

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 a-12 m-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 22.29x 19.92x Profitability

LTM-4Q 31.12.2011 24'829.0 1.36x 6'096.0 5.54x 2'839.0 10.21x

31.12.2012 28'503.0 1.21x 5'787.0 5.98x 2'635.0 11.49x 5'787.00 4'159.00 14.59% 13.41% 7.60% 13.47% 14.73% 1.09% 15.6% 16.5% 10.6% 9.2% 2.75 1.74 17.58% 30.57% 4.96 8.39

Price/ Cash Flow

LTM

03/yy 26'415.0 5.49x 6'370.0 5.15x 2'955.0 9.09x

03/yy 28'609.0 4.83x 4'729.0 8.56x 1'990.0 18.62x

FY+1

.0 M a-13

0.88 1.63 873.28 17.62 23.93% 18.24% 1.626 35 4.600 3'353'126 2'658'655 2'442'741 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 29'656.4 32'652.0 7'265.1 7'560.8 1.35x 1.19x 5.62x 5.38x 6'304.7 7'601.0 1'506.8 1'665.8 6.47x 5.37x 6.11x 5.83x 2'952.4 3'714.3 680.7 788.3 12.87x 10.18x 12.03x 11.37x S&P Issuer Ratings

20.08.2007 A STABLE 20.08.2007 A-1 19.42 7.45 0.59 1.02 30.6% 23.4% 1.09 2.95 73.65 43.63 28.58 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 |

24.04.2013

Halliburton Co Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC FMR LLC FRANKLIN RESOURCES PUTNAM INVESTMENT MA CAPITAL GROUP COMPAN INVESCO LTD WELLINGTON MANAGEMEN CARMIGNAC GESTION GOLDMAN SACHS GROUP NORTHERN TRUST CORPO VALUEACT HOLDINGS LP BANK OF NEW YORK MEL JP MORGAN VAN ECK ASSOCIATES C INSTITUTIONAL CAPITA NORGES BANK DEUTSCHE BANK AG MACQUARIE GROUP

Firm Name Societe Generale Argus Research Corp Morgan Stanley Howard Weil Inc JPMorgan Jefferies Sanford C. Bernstein & Co Capital One Southcoast, Inc. Stephens Inc Raymond James Johnson Rice & Co FBR Capital Markets Macquarie Guggenheim Securities LLC Susquehanna Financial Group Cowen Securities LLC Global Hunter Securities MLV & Co BMO Capital Markets Deutsche Bank RBC Capital Markets Sterne, Agee & Leach ISI Group Wells Fargo Securities, LLC Credit Agricole Securities (USA) Barclays Credit Suisse RS Platou Markets Edward Jones EVA Dimensions Goldman Sachs Fearnley Fonds S&P Capital IQ Tudor Pickering & Co

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a PUTNAM INVESTMENT MA n/a n/a WELLINGTON MANAGEMEN CARMIGNAC GESTION GOLDMAN SACHS GROUP NORTHERN TRUST CORPO VALUEACT HOLDINGS LP BANK OF NEW YORK MEL n/a n/a INSTITUTIONAL CAPITA NORGES BANK DEUTSCHE BANK AKTIEN n/a

Analyst EDWARD C MUZTAFAGO PHILIP H WEISS OLE SLORER WILLIAM SANCHEZ J DAVID ANDERSON BRAD HANDLER SCOTT GRUBER LUKE M LEMOINE MICHAEL MARINO J MARSHALL ADKINS DAVID C SMITH MEGAN REPINE NIGEL BROWNE MICHAEL K LAMOTTE CHARLES P MINERVINO JAMES D CRANDELL BRIAN UHLMER WILLIAM C CONROY ALAN D LAWS MICHAEL W URBAN KURT HALLEAD STEPHEN D GENGARO JUDSON E BAILEY MATTHEW D CONLAN DAVID S HAVENS JAMES C WEST JAMES WICKLUND TURNER HOLM BRIAN YOUNGBERG CRAIG STERLING WAQAR SYED TRULS OLSEN STEWART GLICKMAN JEFF TILLERY

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

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

Amt Held 54'894'649 53'509'402 42'810'848 29'011'110 24'307'332 21'448'534 19'317'328 18'712'096 17'809'477 15'733'400 13'805'580 12'843'234 12'821'400 12'695'577 11'510'894 11'200'505 10'747'140 8'078'564 7'819'416 7'560'922

% Out 5.9 5.75 4.6 3.12 2.61 2.3 2.07 2.01 1.91 1.69 1.48 1.38 1.38 1.36 1.24 1.2 1.15 0.87 0.84 0.81

Weighting

Change

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

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

Latest Chg 461'588 1'213'797 436'469 7'705'323 11'744'656 818'715 3'162'478 (710'735) 15'733'400 (2'064'747) 25'570 (184'500) 712'376 (1'255'755) 743'817 10'747'140 1'656'642 1'393'565 (191'365)

Target Price 49 48 37 47 53 49 54 48 56 #N/A N/A #N/A N/A 50 49 52 48 57 48 54 56 56 45 45 50 #N/A N/A 45 64 44 48 #N/A N/A #N/A N/A 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 Inst Type 31.03.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 23.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 24.04.2013 24.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 15.04.2013 21.03.2013 18.03.2013 05.03.2013 14.02.2013 28.01.2013 20.09.2012 05.04.2011

24.04.2013

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 (01.05.2012) 52-Week Low (20.11.2012) Daily Volume Current Price (4/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 HPQ UN EQUITY YTD Change HPQ UN EQUITY YTD % CHANGE

10/2012 01/yy 25.40 11.35 939'208.00 20.03 -21.26% 76.48% 59.07% 1'944.0 38'938.71 28'436.00 0.0 397.0 11'301.00 54'971.71

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

5 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 12.33x 10.30x Profitability

LTM-4Q 31.10.2011 127'245.0 0.60x 16'373.0 4.64x 7'074.0 7.25x

31.10.2012 120'357.0 0.37x 14'384.0 3.11x (12'650.0) 44.68x

14'384.00 9'289.00 7.72% -9.91% -11.05% -41.53% 1.02% 23.2% 11.8% 7.6% -10.5% 1.09 0.66 26.14% 126.74% 6.49 13.35

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 a-13

LTM

FY+1

3.21 1.22 1'907.81 55.90 -15.61% 41.44% 1.217 36 2.778 4'942'375 4'965'921 4'541'000 FY+2

FQ+1

FQ+2

01/yy 01/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3 124'979.0 118'680.0 113'062.1 111'769.3 28'157.0 27'899.3 2.68x 1.86x 0.46x 0.43x 1.93x 1.90x 14'944.0 14'026.0 13'992.4 13'722.2 3'445.2 3'476.7 5.26x 3.44x 3.95x 4.03x 3.92x 3.95x 5'937.0 (12'886.0) 6'702.4 6'947.8 1'577.8 1'633.2 7.93x 78.62x 5.81x 5.59x 5.78x 5.68x 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 1.11 Total Debt/EBITDA 2.01 Reference Total Debt/Equity 126.7% Total Debt/Capital 55.5% Asset Turnover 1.02 Net Fixed Asset Turnover 9.97 Accounts receivable turnover-days 56.38 Inventory Days 27.41 Accounts Payable Turnover Day 48.76 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

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

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

24.04.2013

Hewlett-Packard Co Holdings By:

All

Holder Name DODGE & COX STATE STREET BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN GRANTHAM MAYO VAN OT FRANKLIN RESOURCES STATE FARM MUTUAL AU PZENA INVESTMENT MAN HOTCHKIS & WILEY CAP BANK OF NEW YORK MEL RELATIONAL INVESTORS RELATIONAL INVESTORS ALLIANCE BERNSTEIN FMR LLC JP MORGAN NORTHERN TRUST CORPO INVESCO LTD DEUTSCHE BANK AG NORGES BANK

Firm Name Robert W. Baird & Co Mizuho Securities USA Inc Deutsche Bank Wells Fargo Securities, LLC BMO Capital Markets Pacific Crest Securities Evercore Partners Topeka Capital Markets Inc RBC Capital Markets Jyske Bank Sanford C. Bernstein & Co Edward Jones Wedge Partners Cross Research Argus Research Corp Brean Murray Carret & Co Credit Suisse Jefferies Barclays Goldman Sachs Morgan Stanley Monness, Crespi, Hardt & Co Tigress Financial Partners ISI Group Daiwa Securities Co. Ltd. JPMorgan Needham & Co Raymond James Credit Agricole Securities (USA) FBN Securities Stifel EVA Dimensions S&P Capital IQ DZ Bank AG Hamburger Sparkasse

Portfolio Name DODGE & COX n/a n/a VANGUARD GROUP INC n/a GRANTHAM MAYO VAN OT n/a STATE FARM MUTUAL AU PZENA INVESTMENT MAN HOTCHKIS AND WILEY BANK OF NEW YORK MEL RELATIONAL INVESTORS #N/A N/A n/a n/a n/a NORTHERN TRUST CORPO n/a DEUTSCHE BANK AKTIEN NORGES BANK

Analyst JAYSON NOLAND SR ABHEY R LAMBA CHRISTOPHER WHITMORE MAYNARD UM KEITH F BACHMAN BRENT A BRACELIN ROBERT CIHRA BRIAN J WHITE AMIT DARYANANI ROBERT JAKOBSEN TONI SACCONAGHI WILLIAM C KREHER JUN ZHANG SHANNON S CROSS JAMES KELLEHER ANANDA BARUAH KULBINDER GARCHA PETER J MISEK BENJAMIN A REITZES WILLIAM C SHOPE JR KATHRYN HUBERTY JEFFREY FIDACARO IVAN FEINSETH BRIAN MARSHALL YOKO YAMADA MARK A MOSKOWITZ RICHARD J KUGELE BRIAN G ALEXANDER AVI SILVER SHEBLY SEYRAFI AARON C RAKERS ANDREW S ZAMFOTIS ANGELO ZINO MICHAEL BISSINGER MARCO GUENTHER

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

Recommendation neutral underperform sell market perform market perform sector perform underweight sell sector perform buy outperform sell no rating system hold hold hold neutral underperform equalweight Sell/Cautious Overwt/In-Line neutral buy neutral neutral neutral underperform market perform underperform sector perform hold overweight hold buy hold

Amt Held 156'597'738 136'730'244 93'055'459 88'032'484 64'598'500 53'006'612 50'688'948 42'070'800 41'107'891 38'023'270 36'017'347 34'534'517 34'534'517 32'394'117 31'517'640 28'524'374 25'976'745 22'072'964 16'087'255 14'872'160

% Out 8.06 7.03 4.79 4.53 3.32 2.73 2.61 2.16 2.11 1.96 1.85 1.78 1.78 1.67 1.62 1.47 1.34 1.14 0.83 0.77

Weighting

Change

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

M M M M M M M M M D M M M M M M M M M D M M N M M M M M M M M M R M M

Latest Chg 14'599'703 1'176'919 124'542 2'922'068 10'584'300 5'439'086 10'688'313 6'234'572 6'878'389 7'846'019 (1'941'676) (23'243'182) (854'081) (376'536) 3'599'592 6'035'982 (380'197)

Target Price 20 14 12 #N/A N/A 20 #N/A N/A 15 12 23 25 29 #N/A N/A #N/A N/A 19 #N/A N/A #N/A N/A 20 19 24 16 27 #N/A N/A #N/A N/A #N/A N/A 21 22 #N/A N/A #N/A N/A 17 20 #N/A N/A #N/A N/A 16 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 23.04.2013 Investment Advisor 22.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Insurance Company 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 20.04.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government

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

Date 19.04.2013 18.04.2013 16.04.2013 16.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 14.04.2013 12.04.2013 12.04.2013 11.04.2013 11.04.2013 09.04.2013 08.04.2013 05.04.2013 05.04.2013 04.04.2013 04.04.2013 02.04.2013 01.04.2013 01.04.2013 01.04.2013 12.03.2013 08.03.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.01.2013 15.01.2013 04.10.2012 16.08.2012 08.02.2011

24.04.2013

HJ Heinz Co H.J. Heinz Company manufactures and markets processed food products throughout the world. The Company's principal products include ketchup, condiments and sauces, frozen food, soups, beans and pasta meals, infant nutrition and other processed food products.

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 (22.02.2013) 52-Week Low (24.04.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HNZ UN EQUITY YTD Change HNZ UN EQUITY YTD % CHANGE

04/2012 01/yy 72.70 52.03 68'690.00 72.41 -0.41% 39.17% 98.84% 321.2 23'257.18 5'026.69 0.1 166.0 1'330.44 27'219.58

30.04.2008 10'070.8 1.91x 1'857.9 10.38x 844.9 17.88x

4.0 M

3.0 M

2.0 M

1.0 M

0 a-12

30.04.2009 30.04.2010 10'011.3 10'495.0 1.55x 1.78x 1'783.8 1'862.1 8.67x 10.06x 923.1 864.9 11.68x 15.94x Profitability

LTM-4Q 30.04.2011 10'706.6 1.92x 1'946.9 10.55x 989.5 16.74x

30.04.2012 11'649.1 1.79x 1'794.0 11.64x 923.2 15.85x

1'793.96 1'451.17 12.46% 10.16% 8.31% 33.75% 15.45% 0.97% 34.3% 16.5% 13.5% 7.9% 1.47 0.81 41.95% 182.22% 12.96 5.04

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

LTM

01/yy 11'410.3 7.38x 1'880.4 11.21x 971.7 16.11x

01/yy 11'601.4 7.64x 1'918.9 12.21x 992.4 17.04x

FY+1

.0 M a-13

2.80 0.59 318.32 2.25 43.22% 26.44% 0.590 18 3.000 741'932 725'927 911'399 FY+2

FQ+1

FQ+2

04/13 Y 04/14 Y 04/13 Q4 07/13 Q1 11'639.8 12'039.8 3'064.0 2'858.3 2.31x 2.21x 8.75x 2'069.0 2'196.8 659.0 529.0 13.16x 12.39x 11.72x 12.04x 1'151.6 1'223.0 268.0 283.5 20.25x 19.01x 20.14x 19.20x S&P Issuer Ratings

14.02.2013 BBB+ *14.02.2013 A-2 *6.09 4.67 2.02 2.60 182.2% 63.2% 0.97 4.80 28.39 72.97 62.68 26.56

Sales/Revenue/Turnover

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 01.05.2009

m-12

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

5.0 M

0.0 01.11.2009

01.05.2010

01.11.2010

01.05.2011

01.11.2011

01.05.2012

01.11.2012

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

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

24.04.2013

HJ Heinz Co Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC BANK OF NEW YORK MEL CAPITAL GROUP COMPAN WELLS FARGO NORTHERN TRUST CORPO CLEARBRIDGE INVESTME UBS LEGG MASON INC MORGAN STANLEY SCHAFER CULLEN CAPIT MANAGED ACCOUNT ADVI NORGES BANK INVESCO LTD M&G INVESTMENT MANAG BANK OF AMERICA CORP AMERIPRISE FINANCIAL GOLDMAN SACHS GROUP PIONEER INVESTMENT M

Firm Name Stifel Edward Jones Janney Montgomery Scott LLC S&P Capital IQ Jefferies Argus Research Corp Sanford C. Bernstein & Co RBC Capital Markets Credit Agricole Securities (USA) Morgan Stanley Barclays Davenport & Co Gabelli & Co Deutsche Bank Goldman Sachs Credit Suisse JPMorgan EVA Dimensions

Portfolio Name n/a n/a VANGUARD GROUP INC BANK OF NEW YORK MEL n/a n/a NORTHERN TRUST CORPO CLEARBRIDGE INVESTME n/a Multiple Portfolios n/a SCHAFER CULLEN CAPIT MANAGED ACCOUNT ADVI NORGES BANK n/a M&G INVESTMENT MANAG BANK OF AMERICA AMERIPRISE FINANCIAL GOLDMAN SACHS GROUP PIONEER INVESTMENT M

Analyst CHRISTOPHER R GROWE JACK P RUSSO JONATHAN P FEENEY THOMAS GRAVES THILO WREDE JOHN D STASZAK ALEXIA HOWARD EDWARD AARON DIANE GEISSLER MATTHEW GRAINGER ANDREW LAZAR ANN H GURKIN SARAH DONNELLY ERIC R KATZMAN JASON ENGLISH ROBERT MOSKOW KENNETH GOLDMAN AUSTIN BURKETT

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

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

Amt Held 22'897'748 17'885'217 14'797'710 11'678'228 7'500'600 6'103'731 5'783'978 4'696'787 2'888'620 2'844'350 2'838'035 2'667'549 2'632'387 2'587'791 2'586'283 2'573'206 2'567'050 2'504'553 2'374'823 2'317'809

% Out 7.13 5.57 4.61 3.64 2.34 1.9 1.8 1.46 0.9 0.89 0.88 0.83 0.82 0.81 0.81 0.8 0.8 0.78 0.74 0.72

Weighting

Change

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

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

Latest Chg (768'721) 245'661 127'087 (589'111) 123'543 110'195 26'863 (196'223) (375) (35'605) (43'373) 199'032 231'732 12'944 (109'300) (116'751) 169'787 (302'220) (257'553)

Target Price #N/A N/A #N/A N/A 73 72 73 #N/A N/A 73 73 62 73 73 #N/A N/A #N/A N/A 73 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 22.04.2013 23.04.2013 31.03.2013 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

Date 23.04.2013 18.04.2013 16.04.2013 16.04.2013 28.03.2013 27.03.2013 14.03.2013 11.03.2013 11.03.2013 22.02.2013 22.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 15.01.2013

24.04.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HD UN EQUITY YTD Change HD UN EQUITY YTD % CHANGE

01/2013 02/yy 74.59 46.37 285'700.00 73.67 -1.13% 58.87% 95.71% 1'485.5 109'438.07 10'796.00 0.0 0.0 2'494.00 117'740.07

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 a-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 16.87x 18.08x 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 21.71x 9'450.00 7'766.00 10.39% 9.66% 11.11% 25.42% 17.23% 1.83% 34.6% 12.6% 10.4% 6.1% 1.34 0.34 26.28% 60.73% 56.63 4.65

Price/ Cash Flow

j-12

a-12

LTM

01/yy 70'395.0 3.88x 8'343.0 9.32x 3'883.0 18.24x

s-12

02/yy 74'754.0 5.11x 9'450.0 11.45x 4'535.0 21.92x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

1.57 0.97 1'466.54 12.32 46.84% 19.77% 0.973 31 3.903 1'964'225 1'710'264 1'640'242 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 76'919.5 80'427.3 18'620.2 21'695.9 1.55x 1.49x 6.30x 5.42x 10'437.4 11'409.9 2'335.3 3'331.3 11.26x 10.30x 11.26x 10.99x 5'116.2 5'689.3 1'124.2 1'739.4 20.87x 17.87x 20.81x 20.49x S&P Issuer Ratings

16.11.2011 ASTABLE 05.07.2007 A-2 14.88 12.82 0.88 1.14 60.7% 37.8% 1.83 3.08 6.55 79.78 38.50 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

m-12

Fiscal Year Ended 31.01.2009 71'288.0 0.67x 6'261.0 7.57x 2'260.0 12.10x

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 |

24.04.2013

Home Depot Inc/The Holdings By:

All

Holder Name CAPITAL GROUP COMPAN STATE STREET BLACKROCK VANGUARD GROUP INC FMR LLC JP MORGAN NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA NORGES BANK LANGONE KENNETH G WELLS FARGO TIAA CREF INVESTMENT JANUS CAPITAL MANAGE AMERIPRISE FINANCIAL BANK OF AMERICA CORP CLEARBRIDGE INVESTME GEODE CAPITAL MANAGE FISHER INVESTMENTS I DEUTSCHE BANK AG

Firm Name Morgan Stanley Stifel Jefferies Piper Jaffray Deutsche Bank JPMorgan Robert W. Baird & Co Sanford C. Bernstein & Co ISI Group Nomura Janney Montgomery Scott LLC Longbow Research Edward Jones Raymond James Canaccord Genuity Corp Barclays Goldman Sachs Oppenheimer & Co Crowell, Weedon & Co Daiwa Securities Co. Ltd. Argus Research Corp Credit Suisse Landesbank Baden-Wuerttemberg Gabelli & Co Telsey Advisory Group BMO Capital Markets RBC Capital Markets S&P Capital IQ EVA Dimensions First Global Stockbroking

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA NORGES BANK n/a n/a TIAA-CREF INVESTMENT n/a AMERIPRISE FINANCIAL BANK OF AMERICA CLEARBRIDGE INVESTME GEODE CAPITAL MANAGE FISHER INVESTMENTS DEUTSCHE BANK AKTIEN

Analyst DAVID GOBER DAVID A SCHICK DANIEL T BINDER PETER J KEITH MICHAEL BAKER CHRISTOPHER HORVERS PETER S BENEDICT COLIN MCGRANAHAN GREGORY MELICH ARAM RUBINSON DAVID S STRASSER DAVID S MACGREGOR ROBIN DIEDRICH BUDD BUGATCH LAURA A CHAMPINE ALAN M RIFKIN MATTHEW J FASSLER BRIAN NAGEL JAMES D RAGAN KAHORI TAMADA CHRISTOPHER GRAJA GARY BALTER PER-OLA HELLGREN ZAHID SIDDIQUE JOSEPH I FELDMAN WAYNE HOOD R SCOT CICCARELLI MICHAEL SOUERS CRAIG STERLING RITESH DOSHI

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

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

Amt Held 259'169'876 95'723'734 85'768'123 68'769'159 44'561'903 32'694'252 24'129'181 20'184'299 19'734'437 17'480'869 16'521'656 13'541'835 12'513'691 12'038'677 11'864'087 10'600'560 10'430'336 9'930'641 8'082'478 7'878'954

% Out 17.45 6.44 5.77 4.63 3 2.2 1.62 1.36 1.33 1.18 1.11 0.91 0.84 0.81 0.8 0.71 0.7 0.67 0.54 0.53

Weighting

Change

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

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

Latest Chg (1'236'968) 4'770'054 (403'909) 6'942'036 454'463 (328'777) 679'378 5'640'924 513'100 589'361 1'928'136 347'500 (3'244'632) (225'788) (942'663) (1'023'756) (200'840) 4'391'342

Target Price #N/A N/A #N/A N/A 85 88 70 74 78 71 79 70 60 78 #N/A N/A #N/A N/A 61 78 75 76 76 70 75 78 65 #N/A N/A 75 72 75 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 31.03.2013 23.04.2013 22.04.2013 31.03.2013 28.02.2013 28.02.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 24.05.2007 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012

Date Not Provided Not Provided 12 month 12 month 12 month 6 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 18 month 18 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 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 Government n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.04.2013 22.04.2013 18.04.2013 18.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 08.04.2013 01.04.2013 27.03.2013 21.03.2013 21.03.2013 20.03.2013 10.03.2013 01.03.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 15.01.2013 18.08.2011

24.04.2013

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

2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (4/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 75.75 52.21 260'491.00 74.82 -1.16% 43.31% 95.79% 786.8 58'867.18 7'496.00 0.0 240.0 5'265.00 61'682.17

1.5 M

30 20

1.0 M

.5 M

0 a-12

31.12.2009 31.12.2010 30'908.0 32'350.0 1.36x 1.40x 3'410.0 3'998.0 12.34x 11.33x 1'548.0 2'022.0 16.40x 17.49x Profitability

LTM-4Q 31.12.2011 36'529.0 1.25x 3'531.0 12.91x 2'067.0 14.34x

31.12.2012 37'665.0 1.38x 5'082.0 10.26x 2'926.0 13.11x 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

j-12

a-12

LTM

03/yy 37'164.0 4.97x 3'699.0 13.81x 2'185.0 13.54x

s-12

03/yy 37'686.0 5.59x 5'220.0 11.90x 3'069.0 15.22x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

2.09 1.19 785.49 9.88 28.08% 18.57% 1.194 28 4.571 935'492 895'222 828'914 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 39'172.1 41'451.4 9'709.5 9'903.5 1.52x 1.39x 6.29x 6.13x 6'916.3 7'541.7 1'712.4 1'753.9 8.92x 8.18x 8.63x 8.39x 3'943.6 4'413.2 963.2 989.4 15.11x 13.53x 14.78x 14.34x 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

m-12

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

3.5 M

70 60

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 |

24.04.2013

Honeywell International Inc Holdings By:

All

Holder Name STATE STREET BLACKROCK SUN LIFE FINANCIAL I VANGUARD GROUP INC WELLINGTON MANAGEMEN T ROWE PRICE ASSOCIA EVERCORE TRUST COMPA JP MORGAN BARROW HANLEY MEWHIN FMR LLC CAPITAL GROUP COMPAN PRIMECAP MANAGEMENT BANK OF AMERICA CORP INSTITUTIONAL CAPITA BANK OF NEW YORK MEL NORTHERN TRUST CORPO AMERIPRISE FINANCIAL TIAA CREF INVESTMENT MORGAN STANLEY ADAGE CAPITAL PARTNE

Firm Name Deutsche Bank JPMorgan Argus Research Corp Jefferies William Blair & Co FBR Capital Markets Stifel Sterne, Agee & Leach Nomura Cowen and Company Atlantic Equities LLP Barclays Drexel Hamilton LLC Credit Suisse Oppenheimer & Co EVA Dimensions Morgan Stanley RBC Capital Markets Edward Jones Sanford C. Bernstein & Co 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 EVERCORE TRUST COMPA n/a BARROW HANLEY MEWHIN n/a n/a PRIMECAP MANAGEMENT BANK OF AMERICA INSTITUTIONAL CAPITA BANK OF NEW YORK MEL NORTHERN TRUST CORPO AMERIPRISE FINANCIAL TIAA-CREF INVESTMENT n/a ADAGE CAPITAL PARTNE

Analyst JOHN G INCH CHARLES STEPHEN TUSA NATHANIEL GABRIEL HOWARD A RUBEL NICHOLAS P HEYMANN AJAY K KEJRIWAL JEFFREY D OSBORNE PETER J ARMENT SHANNON O'CALLAGHAN GAUTAM KHANNA RICHARD RADBOURNE SCOTT R DAVIS RICHARD WHITTINGTON JULIAN MITCHELL CHRISTOPHER D GLYNN CRAIG STERLING NIGEL COE ROBERT STALLARD CHRISTIAN MAYES STEVEN E WINOKER EDWARD WHEELER BRIAN KEITH LANGENBERG JOSEPH RITCHIE RICHARD TORTORIELLO JAMES FOUNG

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

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

Amt Held 83'491'839 44'710'028 37'193'251 34'318'137 25'734'785 21'954'337 19'712'106 17'885'265 17'579'495 17'017'142 14'345'000 13'293'381 12'245'224 11'806'211 11'804'107 10'085'986 10'002'151 8'754'028 8'377'799 6'687'234

% Out 10.61 5.68 4.73 4.36 3.27 2.79 2.51 2.27 2.23 2.16 1.82 1.69 1.56 1.5 1.5 1.28 1.27 1.11 1.06 0.85

Weighting

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

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

Latest Chg (1'098'871) 1'798'758 2'228'106 44'201 2'301'749 1'482'734 (2'082'738) (124'743) 298'914 135'000 (506'600) 2'371'782 (371'685) 336'816 (37'148) 1'285'650 (1'644'686) (113'762) 619'978

Target Price 88 73 82 82 76 76 80 81 85 #N/A N/A 81 80 85 73 87 #N/A N/A 82 80 #N/A N/A 86 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 23.04.2013 Investment Advisor 22.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

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

Date 24.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 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 19.04.2013 19.04.2013 19.04.2013 20.03.2013 25.01.2013 23.10.2012

24.04.2013

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

30.0 M 25.0 M 20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (21.11.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.03.2013 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 29.27 19.23 2'867'936.00 23.305 -20.29% 21.19% 41.24% 4'946.0 115'266.53 13'448.00 0.0 0.0 22'586.00 106'726.53

15.0 M

10.0 M

5.0 M

0 a-12 m-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 16.80x 10.37x Profitability

LTM-4Q 31.12.2011 53'999.0 2.10x 23'541.0 4.81x 12'942.0 9.59x

31.12.2012 53'341.0 1.70x 22'160.0 4.10x 11'005.0 9.50x 22'160.00 14'638.00 27.44% 27.88% 13.31% 21.05% 18.78% 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

j-12

a-12

LTM

03/yy 54'058.0 8.44x 23'536.0 5.68x 12'520.0 11.62x

s-12

03/yy 53'015.0 7.97x 21'148.0 4.70x 10'312.0 10.92x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

3.80 0.99 4'768.99 238.76 -11.48% 14.17% 0.986 52 3.481 17'212'746 11'504'016 10'194'784 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 53'545.7 55'880.8 12'893.7 13'745.6 2.06x 1.96x 8.53x 7.97x 20'828.6 22'479.9 4'604.1 5'422.4 5.11x 4.74x 5.01x 4.86x 9'875.2 10'684.0 2'095.3 2'662.7 12.17x 11.49x 11.78x 11.33x 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

j-12

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

35.0 M

25 20

Valuation Analysis

31.12.2008 37'586.0 1.81x 14'280.0 4.76x 5'292.0 12.66x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

24.04.2013

Intel Corp Holdings By:

All

Holder Name STATE STREET BLACKROCK VANGUARD GROUP INC MOORE GORDON EARLE BANK OF NEW YORK MEL NORTHERN TRUST CORPO INVESCO LTD WELLINGTON MANAGEMEN HARRIS ASSOCIATES LP ALLIANZ ASSET MANAGE CAPITAL GROUP COMPAN BANK OF AMERICA CORP FRANKLIN RESOURCES NORGES BANK STATE FARM MUTUAL AU DEUTSCHE BANK AG LOOMIS SAYLES & COMP GOLDMAN SACHS GROUP GEODE CAPITAL MANAGE UBS

Firm Name FBR Capital Markets BMO Capital Markets Robert W. Baird & Co ISI Group Wells Fargo Securities, LLC Drexel Hamilton LLC Evercore Partners Crowell, Weedon & Co MKM Partners Morgan Stanley Argus Research Corp Roth Capital Partners Credit Suisse JPMorgan Jefferies Needham & Co Pacific Crest Securities Sanford C. Bernstein & Co Wedbush Macquarie Independent Research GmbH B Riley & Company, Inc Stifel Sterne, Agee & Leach Oppenheimer & Co Nomura Cowen and Company JMP Securities Gabelli & Co Lazard Capital Markets Williams Financial Group Maxim Group LLC Susquehanna Financial Group Piper Jaffray Credit Agricole Securities (USA) Barclays Deutsche Bank RBC Capital Markets Edward Jones Raymond James Canaccord Genuity Corp Tigress Financial Partners S&P Capital IQ

Portfolio Name n/a n/a VANGUARD GROUP INC n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a WELLINGTON MANAGEMEN HARRIS ASSOC LP n/a n/a BANK OF AMERICA n/a NORGES BANK STATE FARM MUTUAL AU DEUTSCHE BANK AKTIEN LOOMIS SAYLES & CO L GOLDMAN SACHS GROUP GEODE CAPITAL MANAGE n/a

Analyst CHRISTOPHER ROLLAND AMBRISH SRIVASTAVA TRISTAN GERRA SUMIT DHANDA DAVID M WONG RICHARD WHITTINGTON PATRICK WANG JAMES D RAGAN DANIEL A BERENBAUM JOSEPH MOORE JAMES KELLEHER KRISHNA SHANKAR JOHN W PITZER CHRISTOPHER DANELY MARK J LIPACIS N QUINN BOLTON MICHAEL MCCONNELL STACY A RASGON BETSY VAN HEES SHAWN WEBSTER MARKUS FRIEBEL CRAIG ELLIS KEVIN E CASSIDY VIJAY R RAKESH RICHARD SCHAFER ROMIT SHAH TIMOTHY M ARCURI ALEX GAUNA HENDI SUSANTO DANIEL L AMIR CODY G ACREE ASHOK KUMAR CHRISTOPHER CASO AUGUSTE P RICHARD SRINI PAJJURI BLAYNE CURTIS ROSS C SEYMORE DOUG FREEDMAN WILLIAM C KREHER HANS C MOSESMANN ROBERT BURLESON IVAN FEINSETH CHRISTIN ARMACOST

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

Recommendation market perform market perform outperform buy outperform buy equalweight buy buy Underwt/In-Line hold neutral outperform neutral hold hold sector perform underperform neutral outperform buy neutral buy neutral market perform reduce neutral market perform buy buy hold buy neutral neutral underperform equalweight buy sector perform hold underperform hold neutral hold

Amt Held 280'171'846 276'369'330 228'240'221 172'992'357 107'138'879 76'183'909 73'349'858 71'696'575 64'099'640 62'474'851 49'437'200 42'262'952 40'574'173 40'236'837 39'078'900 38'661'945 36'009'427 35'339'649 33'702'161 33'546'281

% Out 5.66 5.59 4.61 3.5 2.17 1.54 1.48 1.45 1.3 1.26 1 0.85 0.82 0.81 0.79 0.78 0.73 0.71 0.68 0.68

Weighting

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

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

Latest Chg 4'665'085 1'063'793 3'877'756 (1'255'200) (509'130) 231'840 (7'774'199) 2'772'732 3'284'665 1'886'682 (1'073'550) 2'352'168 14'347'374 3'652'891 (11'739'300) 9'367'763 4'046'035 (2'267'980) (3'328'989) (736'637)

Target Price 23 21 26 25 #N/A N/A 24 22 26 24 20 #N/A N/A 20 28 19 24 #N/A N/A #N/A N/A 18 23 25 26 23 28 20 #N/A N/A 18 #N/A N/A #N/A N/A #N/A N/A 26 #N/A N/A 29 21 21 22 20 26 24 #N/A N/A #N/A N/A 20 #N/A N/A 23

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

File Dt 23.04.2013 22.04.2013 31.03.2013 02.03.2005 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013

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

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

Date 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 21.04.2013 19.04.2013 19.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 06.04.2013

24.04.2013

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 (4/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 215.90 181.87 231'229.00 191.619 -11.11% 5.36% 28.62% 1'114.5 213'561.25 33'269.00 0.0 124.0 11'129.00 235'088.25

3.0 M 2.0 M

1.0 M 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 99'870.0 1.91x 1.98x 22'009.0 22'981.0 8.32x 8.59x 13'425.0 14'833.0 13.08x 12.74x Profitability

LTM-4Q 31.12.2011 106'916.0 2.18x 25'101.0 9.30x 15'855.0 13.68x

31.12.2012 104'507.0 2.26x 25'119.0 9.41x 16'604.0 12.56x 25'119.00 20'443.00 19.56% 20.96% 14.25% 83.28% 32.07% 0.89% 48.1% 24.0% 19.6% 15.9% 1.13 0.91 27.91% 176.40% 4.02 20.63

Price/ Cash Flow

LTM

FY+1

.0 M a-13

1.77 0.93 1'113.10 15.56 -2.53% 0.46% 0.926 32 3.844 2'131'160 1'269'323 1'116'203 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 106'981.0 103'242.0 103'588.6 106'372.5 25'426.4 25'124.5 8.80x 9.65x 2.29x 2.21x 9.40x 9.53x 25'216.0 20'332.0 27'868.5 29'375.5 6'332.4 6'621.3 10.33x 0.00x 8.44x 8.01x 8.30x 8.06x 16'059.0 16'570.0 18'333.1 19'235.0 3'851.2 4'502.1 15.05x 13.74x 11.48x 10.45x 11.26x 10.77x 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 0.88 Total Debt/EBITDA 1.32 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 |

24.04.2013

International Business Machines Corp Holdings By:

All

Holder Name STATE STREET BERKSHIRE HATHAWAY I BLACKROCK VANGUARD GROUP INC STATE FARM MUTUAL AU NORTHERN TRUST CORPO BANK OF NEW YORK MEL WELLINGTON MANAGEMEN FMR LLC BANK OF AMERICA CORP JP MORGAN NORGES BANK TIAA CREF INVESTMENT WELLS FARGO NEUBERGER BERMAN LLC GEODE CAPITAL MANAGE CAPITAL GROUP COMPAN GOLDMAN SACHS GROUP FRANKLIN RESOURCES UBS

Firm Name Societe Generale Independent Research GmbH BMO Capital Markets Deutsche Bank Morgan Stanley Goldman Sachs RBC Capital Markets Argus Research Corp Credit Suisse Edward Jones JPMorgan Janney Montgomery Scott LLC Jefferies Sanford C. Bernstein & Co Macquarie Stifel Evercore Partners Wells Fargo Securities, LLC Cowen and Company Credit Agricole Securities (USA) Barclays EVA Dimensions Topeka Capital Markets Inc ISI Group Daiwa Securities Co. Ltd. Tigress Financial Partners Hamburger Sparkasse S&P Capital IQ

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 n/a BANK OF AMERICA n/a NORGES BANK TIAA-CREF INVESTMENT n/a NEUBERGER BERMAN GRO GEODE CAPITAL MANAGE n/a GOLDMAN SACHS GROUP n/a n/a

Analyst RICHARD NGUYEN MARKUS FRIEBEL KEITH F BACHMAN CHRISTOPHER WHITMORE KATHRYN HUBERTY WILLIAM C SHOPE JR AMIT DARYANANI JAMES KELLEHER KULBINDER GARCHA JOSH OLSON MARK A MOSKOWITZ JOSEPH D FORESI PETER J MISEK TONI SACCONAGHI BRAD A ZELNICK DAVID M GROSSMAN ROBERT CIHRA MAYNARD UM MOSHE KATRI EDWARD MAGUIRE BENJAMIN A REITZES ANDREW S ZAMFOTIS BRIAN J WHITE BRIAN MARSHALL KAZUYA NISHIMURA IVAN FEINSETH MARCO GUENTHER JIM YIN

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

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

Amt Held 82'148'284 68'115'484 56'664'194 52'371'093 16'651'892 16'291'957 16'001'921 11'350'421 9'957'628 9'228'652 9'205'654 9'100'412 8'364'296 7'652'324 7'050'925 7'037'283 7'023'173 5'610'385 5'598'716 5'531'563

% Out 7.37 6.11 5.08 4.7 1.49 1.46 1.44 1.02 0.89 0.83 0.83 0.82 0.75 0.69 0.63 0.63 0.63 0.5 0.5 0.5

Weighting

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

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

Latest Chg 182'066 597'588 1'685'715 1'213'785 (210'207) 631'840 407'981 (4'922'594) 70'243 (522'414) 429'602 (98'584) (388'432) (315'214) (762'456) (683'364) (184'705) (112'134) (36'372)

Target Price 203 197 220 225 #N/A N/A 220 200 235 200 #N/A N/A 196 208 225 225 215 240 235 #N/A N/A #N/A N/A 225 225 #N/A N/A 246 #N/A N/A 230 #N/A N/A #N/A N/A 227

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

File Dt 23.04.2013 31.12.2012 22.04.2013 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 28.02.2013 28.02.2013

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

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

Date 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 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 06.03.2013 20.02.2013 29.01.2013 23.01.2013

24.04.2013

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

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

12.0 M 10.0 M

12/2012 04/yy 85.70 61.71 423'835.00 84.98 -0.98% 37.71% 99.08% 2'797.0 237'692.14 16'165.00 0.0 0.0 21'089.00 232'768.14

8.0 M

6.0 M

4.0 M

2.0 M

10 0 a-12 m-12

31.12.2009 31.12.2010 61'897.0 61'587.0 2.79x 2.57x 19'550.0 19'466.0 8.82x 8.14x 12'266.0 13'334.0 13.91x 12.99x Profitability

LTM-4Q 31.12.2011 65'030.0 2.55x 19'311.0 8.60x 9'672.0 13.12x

31.12.2012 67'224.0 2.80x 20'698.0 9.09x 10'853.0 13.62x 20'698.00 17'032.00 25.34% 20.49% 9.24% 17.81% 13.83% 0.57% 67.8% 30.8% 25.4% 16.1% 1.90 1.34 13.32% 24.94% 6.14 3.14

Price/ Cash Flow

j-12

a-12

LTM

04/yy 64'996.0 10.27x 19'292.0 8.64x 10'106.0 13.14x

s-12

04/yy 68'590.0 8.19x 15'361.0 0.00x 10'440.0 15.79x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

2.87 0.64 2'795.46 95.70 38.05% 22.20% 0.640 26 3.846 2'531'050 2'736'088 2'599'789 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 70'937.8 73'793.7 17'720.2 17'567.1 3.18x 2.95x 13.19x 13.18x 22'919.2 24'456.0 5'713.2 5'511.4 10.17x 9.53x 10.30x 10.13x 15'383.7 16'281.3 3'963.6 3'807.5 15.71x 14.72x 15.51x 15.18x S&P Issuer Ratings

17.09.1987 AAA STABLE 14.07.1987 A-1+ 31.99 27.46 -0.24 0.78 24.9% 20.0% 0.57 4.36 59.26 115.80 91.97 83.09

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 08.01.2010

j-12

Fiscal Year Ended 31.12.2008 63'747.0 2.58x 19'001.0 8.67x 12'949.0 13.15x

14.0 M

80 70

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.04.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 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

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 |

24.04.2013

Johnson & Johnson Holdings By:

All

Holder Name STATE STREET BLACKROCK VANGUARD GROUP INC BANK OF NEW YORK MEL WELLINGTON MANAGEMEN FMR LLC NORTHERN TRUST CORPO CAPITAL GROUP COMPAN STATE FARM MUTUAL AU SUN LIFE FINANCIAL I T ROWE PRICE ASSOCIA JP MORGAN FRANKLIN RESOURCES GRANTHAM MAYO VAN OT NORGES BANK ABERDEEN BANK OF AMERICA CORP INVESCO LTD GEODE CAPITAL MANAGE UBS

Firm Name Morgan Stanley Leerink Swann & Co Jefferies Wells Fargo Securities, LLC RBC Capital Markets Argus Research Corp Deutsche Bank JPMorgan Sanford C. Bernstein & Co Independent Research GmbH Stifel Piper Jaffray Goldman Sachs Edward Jones Hilliard Lyons Raymond James CL King & Associates Cowen and Company S&P Capital IQ Atlantic Equities LLP Barclays EVA Dimensions Credit Suisse First Global Stockbroking

Portfolio Name n/a n/a VANGUARD GROUP INC BANK OF NEW YORK MEL WELLINGTON MANAGEMEN n/a NORTHERN TRUST CORPO n/a STATE FARM MUTUAL AU n/a T ROWE PRICE ASSOCIA n/a n/a GRANTHAM MAYO VAN OT NORGES BANK n/a BANK OF AMERICA n/a GEODE CAPITAL MANAGE n/a

Analyst DAVID R LEWIS DANIELLE ANTALFFY JEFFREY HOLFORD LAWRENCE BIEGELSEN GLENN J NOVARRO DAVID H TOUNG KRISTEN M STEWART MICHAEL N WEINSTEIN DERRICK SUNG CHRISTOPH SCHOENDUBE FREDERICK A WISE MATT MIKSIC JAMI E RUBIN JUDSON CLARK STEPHEN A O'NEIL JAYSON BEDFORD ROBERT M GOLDMAN JOSHUA JENNINGS HERMAN SAFTLAS RICHARD J PURKISS CHARLES ANTHONY BUTLER ANDREW S ZAMFOTIS CATHERINE J ARNOLD KAVITA THOMAS

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

Recommendation Equalwt/In-Line outperform hold outperform sector perform buy buy neutral outperform sell hold neutral sell/attractive buy long-term buy outperform neutral outperform buy overweight overweight hold underperform short-term market perform

Amt Held 199'649'230 157'784'759 128'541'211 53'650'809 52'447'830 43'710'806 40'796'847 38'245'458 37'878'592 33'450'656 28'243'897 26'047'180 25'806'693 23'162'101 22'053'497 21'650'673 20'926'506 19'009'198 18'311'384 17'526'131

% Out 7.14 5.64 4.6 1.92 1.88 1.56 1.46 1.37 1.35 1.2 1.01 0.93 0.92 0.83 0.79 0.77 0.75 0.68 0.65 0.63

Weighting

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

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

Latest Chg 4'014'122 6'120'090 5'636'646 1'652'521 1'200'224 10'359'056 322'072 3'447'100 6'057'892 (1'320'794) 2'877'823 (36'200) (1'886'750) 1'865'427 214'400 (541'513) 2'164'760 (1'617'668) 218'880

Target Price #N/A N/A #N/A N/A 90 #N/A N/A 82 96 87 83 89 73 #N/A N/A 87 80 #N/A N/A 95 87 #N/A N/A #N/A N/A 90 90 95 #N/A N/A 73 #N/A N/A

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

File Dt 23.04.2013 22.04.2013 31.03.2013 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.03.2013 31.12.2012 28.02.2013

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

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 Government Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 24.04.2013 22.04.2013 19.04.2013 19.04.2013 18.04.2013 18.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 28.03.2013 07.02.2013 23.04.2012

24.04.2013

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

30.0 M 25.0 M 20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (4/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 JPM UN EQUITY YTD Change JPM UN EQUITY YTD % CHANGE

12/2012 03/yy 51.00 30.83 651'988.00 48.38 -4.88% 56.93% 85.97% 3'789.8 183'350.53 695'583.00 9'058.0 0.0 471'833.00 -

15.0 M

10.0 M

5.0 M

0 a-12 m-12

31.12.2009 31.12.2010 115'632.0 115'475.0 11'728.0 17'370.0 14.94x 8.52x Profitability

LTM-4Q 31.12.2011 110'838.0 18'976.0 6.79x

31.12.2012 108'184.0 21'284.0 7.28x 33.19% 29.80% 0.97% 11.32% 2.48% 0.05% 21.9% 29.48% 356.69% -

Price/ Cash Flow

j-12

a-12

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 9.42x 7.95x

s-12

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

2.48 1.30 3'765.63 39.48 15.04% 11.48% 1.297 41 4.512 5'373'717 5'744'104 5'193'260 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 99'662.3 102'507.3 24'896.1 24'838.8 22'024.6 22'730.6 5'447.0 5'410.9 8.59x 8.14x 8.65x 8.51x S&P Issuer Ratings

29.11.2011 A STABLE 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

j-12

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

35.0 M

50 40

Valuation Analysis

31.12.2008 101'491.0 5'605.0 30.32x

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 |

24.04.2013

JPMorgan Chase & Co Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC WELLINGTON MANAGEMEN FMR LLC T ROWE PRICE ASSOCIA CAPITAL GROUP COMPAN 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 GOLDMAN SACHS GROUP UBS NORGES BANK MORGAN STANLEY HARRIS ASSOCIATES LP

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

Portfolio Name n/a n/a VANGUARD GROUP INC WELLINGTON MANAGEMEN n/a T ROWE PRICE ASSOCIA n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a n/a n/a AMERIPRISE FINANCIAL BANK OF AMERICA BARROW HANLEY MEWHIN GOLDMAN SACHS GROUP n/a NORGES BANK n/a HARRIS ASSOC LP

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

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

Recommendation outperform outperform buy Overwt/Attractive hold buy outperform outperform outperform market perform outperform buy buy buy buy overweight outperform overweight buy buy outperform buy outperform buy buy market perform buy overweight underperform buy underperform outperform sector outperform buy/attractive neutral neutral hold not rated

Amt Held 246'313'313 227'604'078 176'729'122 104'126'743 94'239'399 73'182'828 70'456'808 58'295'410 55'898'145 51'117'348 48'681'008 48'071'251 39'671'589 38'706'660 30'298'369 30'224'093 29'613'933 29'412'458 25'869'156 25'172'588

% Out 6.5 6.01 4.66 2.75 2.49 1.93 1.86 1.54 1.47 1.35 1.28 1.27 1.05 1.02 0.8 0.8 0.78 0.78 0.68 0.66

Weighting

Change

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

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 M

Latest Chg 7'346'783 3'545'048 6'968'246 (3'886'885) (1'910'070) 243'420 (6'969'630) 145'935 2'023'354 (463'400) 1'451'400 61'260 3'556'897 5'009'599 998'725 685'077 (505'104) (2'185'085) 2'154'863 188'511

Target Price 55 66 55 60 #N/A N/A #N/A N/A 54 56 55 50 57 57 56 61 54 56 #N/A N/A 60 #N/A N/A 53 54 55 57 54 61 #N/A N/A 55 54 50 61 #N/A N/A 60 62 56 54 50 43 #N/A N/A

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

File Dt 22.04.2013 23.04.2013 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.03.2013 31.12.2012 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012

Date 12 month 18 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 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 Investment Advisor Unclassified Government Investment Advisor Investment Advisor

Date 24.04.2013 23.04.2013 23.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 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 12.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 11.04.2013 11.04.2013 25.03.2013 14.03.2013 13.03.2013 05.03.2013 08.02.2013 12.10.2012 11.05.2012

24.04.2013

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

1.4 M 1.2 M 1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (4/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 99.48 80.14 115'567.00 97.86 -1.61% 22.11% 87.49% 322.6 31'568.01 6'308.00 0.0 0.0 1'898.00 34'807.01

.8 M

.6 M .4 M

.2 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

1.6 M

Valuation Analysis

31.12.2008 42'731.0 0.81x 5'976.0 5.83x 3'217.0 11.14x

1.8 M

100

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 8.38x Profitability

LTM-4Q 31.12.2011 46'499.0 0.62x 5'124.0 5.63x 2'655.0 8.19x

31.12.2012 47'182.0 0.72x 5'470.0 6.22x 2'745.0 9.06x 5'470.00 4'482.00 9.50% 8.63% 7.28% 302.40% 42.28% 1.21% 11.2% 11.7% 9.6% 5.8% 1.14 0.70 16.32% 16174.36% 6.86 15.89

Price/ Cash Flow

LTM

03/yy 47'166.0 2.43x 5'409.0 5.93x 2'793.0 9.03x

03/yy 46'959.0 2.79x 5'515.0 6.23x 2'838.0 9.20x

FY+1

.0 M a-13

4.39 0.75 322.11 7.12 12.68% 7.42% 0.749 22 3.455 388'874 434'631 510'641 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 44'955.8 43'822.2 11'143.5 11'336.2 0.77x 0.78x 3.18x 3.13x 5'384.1 5'372.5 1'335.2 1'358.2 6.47x 6.48x 6.41x 6.36x 2'919.4 2'871.1 712.1 733.1 10.91x 10.84x 11.01x 10.98x S&P Issuer Ratings

27.04.2007 ANEG 18.04.2002 A-2 14.28 11.82 0.59 1.14 16174.4% 99.4% 1.21 10.27 54.07 23.35 19.71 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 |

24.04.2013

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 FIRST EAGLE INVESTME VERITAS ASSET MANAGE AMERIPRISE FINANCIAL NORTHERN TRUST CORPO ALLIANZ ASSET MANAGE T ROWE PRICE ASSOCIA HOTCHKIS & WILEY CAP JP MORGAN LSV ASSET MANAGEMENT BANK OF AMERICA CORP INVESCO LTD GEODE CAPITAL MANAGE MANAGED ACCOUNT ADVI

Firm Name Deutsche Bank RBC Capital Markets JPMorgan Jefferies Sanford C. Bernstein & Co FBR Capital Markets Sterne, Agee & Leach Cowen and Company Credit Suisse Stifel Oppenheimer & Co CRT Capital Group Wells Fargo Securities, LLC Barclays Drexel Hamilton LLC Goldman Sachs Buckingham Research Group Argus Research Corp EVA Dimensions

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC WELLINGTON MANAGEMEN BANK OF NEW YORK MEL FIRST EAGLE INVESTME VERITAS ASSET MANAGE AMERIPRISE FINANCIAL NORTHERN TRUST CORPO n/a T ROWE PRICE ASSOCIA HOTCHKIS AND WILEY n/a LSV ASSET MANAGEMENT BANK OF AMERICA n/a GEODE CAPITAL MANAGE MANAGED ACCOUNT ADVI

Analyst MYLES WALTON ROBERT STALLARD JOSEPH B NADOL III HOWARD A RUBEL DOUGLAS S HARNED PATRICK J MCCARTHY PETER J ARMENT CAI VON RUMOHR ROBERT M SPINGARN WILLIAM R LOOMIS YAIR REINER BRIAN W RUTTENBUR SAMUEL J PEARLSTEIN CARTER COPELAND RICHARD WHITTINGTON NOAH POPONAK RICHARD SAFRAN NATHANIEL GABRIEL CRAIG STERLING

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

Recommendation hold outperform neutral hold outperform outperform neutral neutral neutral hold market perform Fairly Valued market perform equalweight buy neutral/neutral neutral hold buy

Amt Held 64'463'592 55'460'876 17'648'870 16'497'500 12'718'720 9'628'776 5'650'594 4'526'170 3'861'202 3'690'801 3'618'686 3'521'947 2'870'824 2'672'779 2'406'231 1'892'599 1'869'657 1'833'107 1'786'665 1'768'094

% Out 19.98 17.19 5.47 5.11 3.94 2.98 1.75 1.4 1.2 1.14 1.12 1.09 0.89 0.83 0.75 0.59 0.58 0.57 0.55 0.55

Weighting

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

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

Latest Chg (1'223'344) 258'017 (28'981) 1'126'089 76'447 49'258 363'106 392'943 (49'000) (359'666) (11'066) (245'594) (259'285) (582'028) (99'543) (83'780) (24'981) 386'240 (168'115) (161'060)

Target Price 96 115 89 95 117 110 #N/A N/A #N/A N/A 93 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 95 110 94 91 #N/A N/A #N/A N/A

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

File Dt Inst Type 23.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 22.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 08.04.2013 22.03.2013 07.02.2013 15.01.2013

24.04.2013

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 45

12.0 M

10.0 M

35 30

8.0 M

01/2013 02/yy 39.98 24.77 308'391.00 37.85 -5.15% 52.81% 87.05% 1'088.5 41'200.17 9'077.00 0.0 0.0 666.00 49'611.17

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

4.0 M

2.0 M

5 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.01.2009 48'230.0 0.67x 5'453.0 5.92x 2'195.0 12.26x

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.02.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 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

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 17.53x 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% 5.91% 12.79% 9.51% 1.53% 34.3% 10.3% 7.0% 3.9% 1.27 0.09 27.79% 65.50% 3.92

Price/ Cash Flow

LTM

02/yy 50'209.0 2.89x 4'856.0 8.25x 1'838.0 16.39x

02/yy 50'521.0 3.49x 5'182.0 9.88x 1'958.0 22.16x

FY+1

.0 M a-13

1.64 0.88 1'085.54 17.85 23.01% 7.48% 0.876 27 3.741 1'462'758 1'607'123 1'807'036 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 52'396.5 54'326.4 13'505.3 14'941.3 0.96x 0.96x 3.61x 3.32x 5'661.7 6'107.1 1'423.7 1'852.1 8.79x 8.15x 8.74x 8.56x 2'218.5 2'498.0 562.5 826.2 18.09x 14.94x 18.17x 17.50x S&P Issuer Ratings

19.09.2012 ANEG 15.11.2011 A-2 11.78 9.03 1.62 1.75 65.5% 39.6% 1.53 2.33 92.96 49.03 -

Sales/Revenue/Turnover

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0 6.00

20'000.0 4.00

10'000.0

2.00 0.00 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 |

24.04.2013

Lowe's Cos Inc Holdings By:

All

Holder Name WELLINGTON MANAGEMEN BLACKROCK STATE STREET VANGUARD GROUP INC FMR LLC T ROWE PRICE ASSOCIA CAPITAL GROUP COMPAN JP MORGAN BANK OF NEW YORK MEL NORTHERN TRUST CORPO GOLDMAN SACHS GROUP AMERIPRISE FINANCIAL INVESCO LTD MARSICO CAPITAL MANA GREENHAVEN ASSOCIATE GENERAL ELECTRIC COM MANULIFE ASSET MANAG NORGES BANK AMERICAN CENTURY COM JANUS CAPITAL MANAGE

Firm Name Janney Montgomery Scott LLC Deutsche Bank Jefferies Piper Jaffray Longbow Research JPMorgan Robert W. Baird & Co Sanford C. Bernstein & Co Nomura Stifel ISI Group Edward Jones Raymond James Goldman Sachs Argus Research Corp Telsey Advisory Group EVA Dimensions BMO Capital Markets Morgan Stanley RBC Capital Markets Credit Suisse Canaccord Genuity Corp Oppenheimer & Co S&P Capital IQ Barclays Gabelli & Co

Portfolio Name WELLINGTON MANAGEMEN n/a n/a VANGUARD GROUP INC n/a T ROWE PRICE ASSOCIA n/a n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO GOLDMAN SACHS GROUP AMERIPRISE FINANCIAL n/a MARSICO CAPITAL MANA GREENHAVEN ASSOCIATE GENERAL ELECTRIC COM MANULIFE ASSET MANAG NORGES BANK AMERICAN CENTURY COM n/a

Analyst DAVID S STRASSER MICHAEL BAKER DANIEL T BINDER PETER J KEITH DAVID S MACGREGOR CHRISTOPHER HORVERS PETER S BENEDICT COLIN MCGRANAHAN ARAM RUBINSON DAVID A SCHICK GREGORY MELICH ROBIN DIEDRICH BUDD BUGATCH MATTHEW J FASSLER CHRISTOPHER GRAJA JOSEPH I FELDMAN CRAIG STERLING WAYNE HOOD DAVID GOBER R SCOT CICCARELLI GARY BALTER LAURA A CHAMPINE BRIAN NAGEL MICHAEL SOUERS ALAN M RIFKIN PATRICK TODD

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

Recommendation neutral buy hold neutral buy neutral outperform market perform buy hold neutral buy market perform Buy/Neutral buy no rating system underweight market perform Overwt/In-Line outperform outperform sell outperform sell equalweight buy

Amt Held 82'361'574 73'307'137 68'235'745 58'408'238 41'521'954 31'778'608 27'575'900 20'987'867 16'212'596 15'343'793 14'947'601 14'209'504 14'014'034 13'130'326 12'040'454 9'865'393 9'494'338 9'197'191 8'971'699 7'680'228

% Out 7.57 6.73 6.27 5.37 3.81 2.92 2.53 1.93 1.49 1.41 1.37 1.31 1.29 1.21 1.11 0.91 0.87 0.84 0.82 0.71

Weighting

Change

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

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

Latest Chg (3'257'304) (829'364) (1'658'128) (1'185'350) 13'167'175 (11'575) (4'469'501) (830'738) (426'607) (868'843) 6'577'382 1'780'430 12'469'043 (476'910) (1'254'239) (1'576'716) (2'680'099) 336'408 (649'700)

Target Price 33 41 35 41 45 40 45 43 44 #N/A N/A 40 #N/A N/A #N/A N/A 42 44 43 #N/A N/A 37 43 43 44 27 46 32 35 #N/A N/A

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

File Dt 31.12.2012 31.03.2013 23.04.2013 31.03.2013 28.02.2013 31.12.2012 31.03.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month 12 month 12 month 12 month 6 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 12 month 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Government Investment Advisor Investment Advisor

Date 22.04.2013 19.04.2013 18.04.2013 18.04.2013 16.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 11.04.2013 08.04.2013 27.03.2013 21.03.2013 10.03.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 07.03.2012

24.04.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.04.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MA UN EQUITY YTD Change MA UN EQUITY YTD % CHANGE

12/2012 12/yy 546.87 390.00 14'667.00 532.99 -2.72% 36.66% 89.88% 118.0 65'435.51 0.00 0.0 12.0 5'003.00 60'444.51

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

.6 M

500

.5 M

400

.4 M

300

.3 M

200

.2 M

100

.1 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 4'991.6 3.29x 2'060.3 7.96x (253.9) 15.05x

600

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 21.55x 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% 23.83% 43.16% 43.29% 0.64% 56.6% 53.5% 37.3% 1.91 1.21 0.00% 0.00% 8.53 -

Price/ Cash Flow

12/yy 6'714.0 21.02x 3'677.0 11.50x 1'906.0 19.91x

LTM 12/yy 7'391.0 27.46x 4'187.0 13.27x 2'759.0 22.28x

FY+1

.0 M a-13

0.20 1.00 105.66 1.42 24.24% 8.68% 1.001 42 4.333 111'777 159'070 177'557 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 8'263.1 9'275.7 1'934.0 2'025.3 7.23x 6.20x 31.27x 29.60x 4'820.4 5'553.8 1'181.5 1'203.4 12.51x 10.85x 12.50x 12.08x 3'123.6 3'622.3 764.2 781.5 20.96x 17.69x 20.97x 20.09x S&P Issuer Ratings

19.08.2011 APOS 13.10.2009 A-2 209.35 204.55 -1.19 0.00 0.0% 0.0% 0.64 16.05 42.91 -

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 |

24.04.2013

Mastercard Inc Holdings By:

All

Holder Name MASTERCARD FOUNDATIO BLACKROCK FMR LLC T ROWE PRICE ASSOCIA STATE STREET VANGUARD GROUP INC JENNISON ASSOCIATES BANK OF NEW YORK MEL HARRIS ASSOCIATES LP JP MORGAN MORGAN STANLEY NORTHERN TRUST CORPO MACQUARIE GROUP UBS JANUS CAPITAL MANAGE SUN LIFE FINANCIAL I AMERIPRISE FINANCIAL AMERICAN CENTURY COM GOLDMAN SACHS GROUP HARBOR CAPITAL ADVIS

Firm Name RBC Capital Markets Robert W. Baird & Co Evercore Partners Janney Montgomery Scott LLC Jefferies Sanford C. Bernstein & Co Wells Fargo Securities, LLC Cowen and Company Keefe, Bruyette & Woods Buckingham Research Group Wedbush Edward Jones Sterne, Agee & Leach Susquehanna Financial Group Deutsche Bank SunTrust Robinson Humphrey William Blair & Co Raymond James Guggenheim Securities LLC Credit Suisse Tigress Financial Partners Pacific Crest Securities BNP Paribas Equity Research Nomura Credit Agricole Securities (USA) Barclays Argus Research Corp Stifel S&P Capital IQ Portales Partners Daiwa Securities Co. Ltd. FBR Capital Markets Macquarie JPMorgan Oppenheimer & Co EVA Dimensions Goldman Sachs Meredith Whitney Advisory Group

Portfolio Name n/a n/a n/a T ROWE PRICE ASSOCIA n/a VANGUARD GROUP INC JENNISON ASSOCIATES BANK OF NEW YORK MEL HARRIS ASSOC LP n/a n/a NORTHERN TRUST CORPO n/a n/a n/a n/a AMERIPRISE FINANCIAL AMERICAN CENTURY COM GOLDMAN SACHS GROUP Multiple Portfolios

Analyst DANIEL R PERLIN DAVID J KONING DAVID M TOGUT THOMAS C MCCROHAN JASON KUPFERBERG RODERICK BOURGEOIS TIMOTHY W WILLI MOSHE KATRI SANJAY SAKHRANI DAVID HOCHSTIM GIL B LURIA JOSH OLSON GREGORY SMITH JAMES E FRIEDMAN BRYAN KEANE ANDREW W JEFFREY ROBERT P NAPOLI WAYNE JOHNSON DAVID W DARST MOSHE A ORENBUCH IVAN FEINSETH JAMES FAUCETTE ARVIND RAMNANI BILL CARCACHE CRAIG J MAURER DARRIN D PELLER DAVID RITTER CHRISTOPHER C BRENDLER SONIA PARECHANIAN WILLIAM H RYAN KAZUKI WATANABE SCOTT VALENTIN KEVIN MCVEIGH TIEN-TSIN HUANG GLENN GREENE ANDREW S ZAMFOTIS JULIO C QUINTEROS JR MEREDITH A WHITNEY

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

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

Amt Held 12'153'057 7'459'378 7'087'843 6'685'766 5'453'783 4'949'310 3'780'665 3'066'857 2'752'857 2'124'109 1'647'647 1'508'956 1'469'788 1'449'038 1'305'613 1'296'157 1'291'394 1'287'490 1'280'338 1'211'518

% Out 10.3 6.32 6.01 5.67 4.62 4.2 3.2 2.6 2.33 1.8 1.4 1.28 1.25 1.23 1.11 1.1 1.09 1.09 1.09 1.03

Weighting

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

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

Latest Chg (16'639) 493'062 (296'141) 9'227 94'131 425'776 (12'066) (20'073) 187'807 434'039 (5'795) (58'439) (20'624) (178'745) (17'389) (34'558) 76'521 (314'311) 107'349

Target Price 608 575 613 425 623 496 #N/A N/A #N/A N/A 623 630 460 #N/A N/A #N/A N/A 548 590 620 #N/A N/A 550 625 600 #N/A N/A 600 560 611 625 575 #N/A N/A 630 560 #N/A N/A 590 575 600 612 575 #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 31.03.2013 28.02.2013 31.12.2012 23.04.2013 31.03.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 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 Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 6 month 12 month 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 Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.04.2013 23.04.2013 21.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 17.04.2013 16.04.2013 15.04.2013 12.04.2013 12.04.2013 12.04.2013 09.04.2013 09.04.2013 09.04.2013 09.04.2013 09.04.2013 08.04.2013 25.03.2013 21.03.2013 18.03.2013 18.03.2013 15.03.2013 13.03.2013 06.03.2013 27.02.2013 27.02.2013 25.02.2013 15.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 28.01.2013 09.01.2013 20.09.2012

24.04.2013

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 (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MCD UN EQUITY YTD Change MCD UN EQUITY YTD % CHANGE

12/2012 03/yy 103.70 83.32 289'073.00 100.6 -2.80% 20.74% 80.67% 1'002.8 100'880.85 13'632.50 0.0 0.0 2'336.10 112'177.25

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 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 15.69x 16.69x Profitability

LTM-4Q 31.12.2011 27'006.0 4.17x 9'940.8 11.33x 5'503.1 19.04x

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% 15.98% 36.82% 20.83% 0.81% 56.3% 36.6% 31.1% 19.8% 1.45 1.09 38.52% 89.14% 20.34 130.80

Price/ Cash Flow

LTM

03/yy 27'441.0 15.31x 10'105.1 10.90x 5'560.8 18.30x

03/yy 27'625.7 10.98x 7'771.8 0.00x 5'468.3 18.50x

FY+1

.0 M a-13

2.92 0.66 1'001.97 11.31 9.87% 14.96% 0.660 34 4.088 1'637'936 1'335'856 1'361'599 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 28'608.0 30'193.0 7'138.2 7'518.0 3.95x 3.76x 15.75x 14.96x 10'418.5 11'094.4 2'608.1 2'812.0 10.78x 10.12x 10.57x 10.37x 5'720.5 6'121.1 1'417.1 1'559.2 17.60x 16.06x 17.29x 16.89x S&P Issuer Ratings

08.05.2003 A STABLE 29.10.2001 A-1 18.96 13.24 1.12 1.35 89.1% 47.1% 0.81 1.16 17.99 2.80 24.67 -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 |

24.04.2013

McDonald's Corp Holdings By:

All

Holder Name STATE STREET BLACKROCK VANGUARD GROUP INC FMR LLC NORTHERN TRUST CORPO BANK OF NEW YORK MEL BANK OF AMERICA CORP DEUTSCHE BANK AG SUN LIFE FINANCIAL I GATES FOUNDATION WELLS FARGO NORGES BANK UBS GRANTHAM MAYO VAN OT JP MORGAN GEODE CAPITAL MANAGE AMERIPRISE FINANCIAL TIAA CREF INVESTMENT FRANKLIN RESOURCES FAYEZ SAROFIM

Firm Name Argus Research Corp Deutsche Bank JPMorgan Sanford C. Bernstein & Co Stephens Inc Raymond James Independent Research GmbH Buckingham Research Group Susquehanna Financial Group Atlantic Equities LLP Credit Agricole Securities (USA) Telsey Advisory Group Sterne, Agee & Leach Oppenheimer & Co Lazard Capital Markets Piper Jaffray BMO Capital Markets Morgan Stanley Goldman Sachs RBC Capital Markets Credit Suisse Edward Jones Janney Montgomery Scott LLC Jefferies Robert W. Baird & Co Davenport & Co Wells Fargo Securities, LLC Cowen and Company Barclays Tigress Financial Partners S&P Capital IQ EVA Dimensions

Portfolio Name n/a n/a VANGUARD GROUP INC n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL BANK OF AMERICA DEUTSCHE BANK AKTIEN n/a BILL & MELINDA FOUND n/a NORGES BANK n/a GRANTHAM MAYO VAN OT n/a GEODE CAPITAL MANAGE AMERIPRISE FINANCIAL TIAA-CREF INVESTMENT n/a FAYEZ SAROFIM

Analyst JOHN D STASZAK JASON WEST JOHN W IVANKOE SARA H SENATORE WILL SLABAUGH BRYAN C ELLIOTT LARS LUSEBRINK MITCHELL J SPEISER RACHAEL ROTHMAN ALISTAIR M SCOBIE DIANE GEISSLER PETER SALEH LYNNE COLLIER BRIAN J BITTNER MATTHEW J DIFRISCO NICOLE MILLER REGAN PHILLIP JUHAN JOHN S GLASS MICHAEL KELTER LARRY A MILLER KEITH SIEGNER JACK P RUSSO MARK D KALINOWSKI ANDREW M BARISH DAVID E TARANTINO JEFFREY F OMOHUNDRO JEFFREY D FARMER PAUL L WESTRA JEFFREY A BERNSTEIN IVAN FEINSETH JIM YIN CRAIG STERLING

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

Recommendation hold buy overweight market perform overweight market perform hold neutral Positive neutral outperform no rating system buy market perform neutral overweight market perform Equalwt/In-Line neutral/neutral outperform outperform buy buy hold outperform buy outperform neutral overweight neutral buy overweight

Amt Held 71'179'328 63'088'837 53'687'338 31'079'641 17'197'097 15'391'778 14'958'279 12'208'476 10'348'155 9'872'500 9'464'061 8'198'069 7'761'426 7'512'944 6'907'531 6'625'606 6'183'404 5'985'481 5'711'740 5'601'988

% Out 7.1 6.29 5.35 3.1 1.71 1.53 1.49 1.22 1.03 0.98 0.94 0.82 0.77 0.75 0.69 0.66 0.62 0.6 0.57 0.56

Weighting

Change

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

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

Latest Chg 1'212'238 1'849'125 2'661'172 (12'999'249) (25'435) 778'208 1'452'933 1'387'592 4'011'574 (315'190) 608'347 (101'348) 484'550 (1'381'763) (664'990) (2'133'057) (450'841) 46'649 (1'850'264)

Target Price #N/A N/A 110 101 100 120 #N/A N/A 109 97 109 96 111 103 107 #N/A N/A #N/A N/A 110 103 #N/A N/A 107 107 110 #N/A N/A 115 91 105 109 #N/A N/A #N/A N/A 113 #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 23.04.2013 22.04.2013 31.03.2013 28.02.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 28.02.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 12 month 6 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 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 Endowment Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 21.04.2013 21.04.2013 21.04.2013 21.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 12.04.2013 10.04.2013 16.01.2013

24.04.2013

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

4.0 M 3.5 M

3.0 M 2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.04.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MDT UN EQUITY YTD Change MDT UN EQUITY YTD % CHANGE

04/2012 01/yy 47.98 35.68 159'309.00 46.46 -3.31% 30.21% 88.70% 1'013.8 47'101.43 10'633.00 0.0 0.0 2'592.00 56'055.42

30.04.2008 13'515.0 4.51x 4'724.0 12.90x 2'231.0 19.01x

2.0 M

1.5 M 1.0 M

.5 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

4.5 M

30.04.2009 30.04.2010 14'599.0 15'817.0 2.62x 3.40x 5'273.0 5'902.0 7.25x 9.10x 2'070.0 3'099.0 10.04x 13.97x Profitability

LTM-4Q 30.04.2011 15'508.0 3.36x 5'374.0 9.69x 3'096.0 12.87x

30.04.2012 16'184.0 2.91x 5'680.0 8.30x 3'617.0 11.72x

5'680.00 4'847.00 29.95% 26.87% 10.44% 19.93% 13.27% 0.49% 76.0% 34.2% 29.4% 22.3% 1.62 1.09 32.14% 62.13% 4.56 2.18

Price/ Cash Flow

LTM

01/yy 16'054.0 11.96x 5'662.0 8.61x 3'403.0 12.23x

01/yy 16'427.0 12.30x 5'616.0 9.97x 3'489.0 13.23x

FY+1

.0 M a-13

2.20 0.87 1'010.54 9.96 28.23% 13.89% 0.874 26 4.000 1'086'812 1'115'949 1'165'971 FY+2

FQ+1

FQ+2

04/13 Y 04/14 Y 04/13 Q4 07/13 Q1 16'517.2 17'010.1 4'390.1 4'126.8 3.39x 3.14x 12.84x 13.57x 6'023.8 6'213.0 1'587.7 1'462.5 9.30x 9.02x 9.31x 9.20x 3'784.9 3'867.1 1'050.7 923.0 12.58x 12.05x 12.18x 12.02x S&P Issuer Ratings

14.02.2012 A+ STABLE 13.12.2001 A-1+ 16.09 14.72 1.59 2.03 62.1% 38.3% 0.49 6.59 79.74 167.08 46.95 197.72

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 24.04.2009

2'000.0 0.0 24.10.2009

24.04.2010

24.10.2010

24.04.2011

24.10.2011

24.04.2012

24.10.2012

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

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

24.04.2013

Medtronic Inc Holdings By:

All

Holder Name STATE STREET BLACKROCK VANGUARD GROUP INC WELLINGTON MANAGEMEN FRANKLIN RESOURCES PRIMECAP MANAGEMENT SUN LIFE FINANCIAL I BARROW HANLEY MEWHIN BANK OF NEW YORK MEL NORTHERN TRUST CORPO INVESCO LTD CAPITAL GROUP COMPAN UBS HARRIS ASSOCIATES LP DODGE & COX ALLIANZ ASSET MANAGE DEUTSCHE BANK AG BANK OF AMERICA CORP NORGES BANK ALLIANCE BERNSTEIN

Firm Name Morgan Stanley Oppenheimer & Co Wells Fargo Securities, LLC William Blair & Co Mizuho Securities USA Inc BMO Capital Markets Stifel Deutsche Bank Leerink Swann & Co JPMorgan Lazard Capital Markets Argus Research Corp Credit Suisse Sanford C. Bernstein & Co Piper Jaffray Edward Jones Jefferies Barclays RBC Capital Markets Cowen and Company Wunderlich Securities EVA Dimensions Goldman Sachs McAdams Wright Ragen Inc Maxim Group LLC

Portfolio Name n/a n/a VANGUARD GROUP INC WELLINGTON MANAGEMEN n/a PRIMECAP MANAGEMENT n/a BARROW HANLEY MEWHIN BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a n/a n/a HARRIS ASSOC LP DODGE & COX n/a DEUTSCHE BANK AKTIEN BANK OF AMERICA NORGES BANK n/a

Analyst DAVID R LEWIS STEVEN LICHTMAN LAWRENCE BIEGELSEN BENJAMIN C ANDREW MICHAEL S MATSON JOANNE K WUENSCH FREDERICK A WISE KRISTEN M STEWART DANIELLE ANTALFFY MICHAEL N WEINSTEIN SEAN D LAVIN DAVID H TOUNG BRUCE NUDELL DERRICK SUNG BROOKS E WEST JEFF WINDAU RAJ S DENHOY MATTHEW TAYLOR GLENN J NOVARRO JOSHUA JENNINGS GREGORY SIMPSON ANDREW S ZAMFOTIS DAVID H ROMAN MICHAEL ROARKE ANTHONY PETRONE

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

Recommendation Equalwt/In-Line outperform outperform market perform buy outperform hold hold market perform neutral neutral buy outperform outperform overweight hold hold equalweight sector perform outperform hold buy neutral/neutral focus list not rated

Amt Held 61'971'023 57'984'888 51'753'490 51'680'037 41'305'305 36'713'969 30'645'200 29'373'065 21'083'794 13'960'085 12'197'795 11'516'230 10'844'773 10'725'157 10'365'919 9'954'751 9'067'910 8'524'166 8'305'220 7'659'759

% Out 6.11 5.72 5.1 5.1 4.07 3.62 3.02 2.9 2.08 1.38 1.2 1.14 1.07 1.06 1.02 0.98 0.89 0.84 0.82 0.76

Weighting

Change

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

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

Latest Chg (1'058'536) 821'244 (1'023'381) (766'827) 396'204 (2'349'030) (388'933) (214'689) (576'628) 94'161 (985'410) (300'000) 61'993 (199'113) (617'200) 540'266 (513'246) 714'761 550'668 (50'577)

Target Price #N/A N/A 52 #N/A N/A #N/A N/A 52 52 #N/A N/A 51 #N/A N/A 49 #N/A N/A 54 50 55 50 #N/A N/A 48 48 47 #N/A N/A 46 #N/A N/A 46 45 #N/A N/A

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

File Dt 23.04.2013 22.04.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.03.2013 31.12.2012 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013

Date Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 6 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 18 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 Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor

Date 24.04.2013 23.04.2013 19.04.2013 16.04.2013 16.04.2013 15.04.2013 15.04.2013 12.04.2013 12.04.2013 11.04.2013 11.04.2013 04.04.2013 04.04.2013 27.03.2013 27.03.2013 22.03.2013 14.03.2013 06.03.2013 20.02.2013 20.02.2013 19.02.2013 15.01.2013 12.12.2012 19.05.2009 27.01.2009

24.04.2013

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 (24.04.2013) 52-Week Low (23.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MRK UN EQUITY YTD Change MRK UN EQUITY YTD % CHANGE

12/2012 12/yy 48.78 37.02 1'230'715.00 48.6 -0.66% 31.28% 99.49% 3'022.4 146'887.06 20'569.00 0.0 2'443.0 16'141.00 153'758.06

6.0 M

4.0 M

2.0 M

0 a-12 m-12

31.12.2009 31.12.2010 27'428.3 45'987.0 4.52x 2.59x 7'314.7 11'166.0 16.96x 10.67x 12'901.3 861.0 11.31x 10.54x Profitability

LTM-4Q 31.12.2011 48'047.0 2.49x 17'015.0 7.03x 6'272.0 10.13x

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% 6.31% 12.39% 9.75% 0.45% 65.2% 37.0% 22.2% 13.0% 1.90 1.30 19.38% 38.79% 5.93 2.55

Price/ Cash Flow

j-12

a-12

LTM

12/yy 48'047.0 9.35x 17'296.0 6.92x 6'271.0 10.08x

s-12

12/yy 47'268.0 11.10x 17'488.0 7.48x 6'661.0 10.72x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

3.48 0.79 3'021.12 21.33 32.12% 19.85% 0.789 25 4.360 4'155'723 3'840'615 3'647'179 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 46'114.3 46'870.6 11'105.4 11'543.9 3.13x 2.96x 13.53x 12.94x 18'505.4 19'048.9 3'571.0 3'858.0 8.33x 8.09x 10.00x 11'049.7 11'527.3 2'465.0 2'769.4 13.38x 12.70x 13.41x 13.01x S&P Issuer Ratings

24.11.2010 AA STABLE 23.11.1981 A-1+ 23.61 20.87 0.25 1.18 38.8% 27.1% 0.45 2.92 61.69 143.60 46.53 157.88

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

j-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 |

24.04.2013

Merck & Co Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK STATE STREET VANGUARD GROUP INC WELLINGTON MANAGEMEN FMR LLC FRANKLIN RESOURCES JP MORGAN BANK OF NEW YORK MEL DODGE & COX T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO INVESCO LTD NORGES BANK GEODE CAPITAL MANAGE BANK OF AMERICA CORP DEUTSCHE BANK AG AMERIPRISE FINANCIAL UBS GOLDMAN SACHS GROUP

Firm Name Wells Fargo Securities, LLC BMO Capital Markets JPMorgan Leerink Swann & Co Barclays MKM Partners Jefferies Sanford C. Bernstein & Co Edward Jones Morgan Stanley Cowen and Company Credit Suisse ISI Group Credit Agricole Securities (USA) Argus Research Corp Hilliard Lyons S&P Capital IQ Atlantic Equities LLP EVA Dimensions Goldman Sachs MP Advisors Pvt Ltd Cyrrus First Global Stockbroking Crowell, Weedon & Co

Portfolio Name n/a n/a n/a VANGUARD GROUP INC WELLINGTON MANAGEMEN n/a n/a n/a BANK OF NEW YORK MEL DODGE & COX T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO n/a NORGES BANK GEODE CAPITAL MANAGE BANK OF AMERICA DEUTSCHE BANK AKTIEN AMERIPRISE FINANCIAL n/a GOLDMAN SACHS GROUP

Analyst MICHAEL K TONG ALEX ARFAEI CHRISTOPHER T SCHOTT SEAMUS FERNANDEZ CHARLES ANTHONY BUTLER JON LECROY JEFFREY HOLFORD TIMOTHY M ANDERSON JUDSON CLARK DAVID R RISINGER STEVEN R SCALA CATHERINE J ARNOLD MARK J SCHOENEBAUM KIM-LINH LINH VUKHAC JOHN M EADE STEPHEN A O'NEIL HERMAN SAFTLAS RICHARD J PURKISS ANDREW S ZAMFOTIS JAMI E RUBIN VISHAL MANCHANDA TOMAS MENCIK KAVITA THOMAS DOUGLAS A CHRISTOPHER

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

Recommendation outperform outperform overweight market perform overweight buy hold outperform buy Underwt/In-Line neutral outperform buy buy buy neutral buy overweight overweight neutral/attractive outperform accumulate market perform buy

Amt Held 212'356'280 205'792'344 180'479'613 140'839'507 135'721'376 90'387'720 87'405'341 71'240'324 56'828'888 52'449'719 47'674'146 41'508'488 29'144'071 24'410'941 20'136'718 19'174'220 18'983'436 18'895'196 17'808'194 16'546'547

% Out 7.03 6.81 5.97 4.66 4.49 2.99 2.89 2.36 1.88 1.74 1.58 1.37 0.96 0.81 0.67 0.63 0.63 0.63 0.59 0.55

Weighting

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

Latest Chg (9'714'379) 14'307'547 1'091'860 4'397'077 (1'638'084) 12'766'310 (3'021'704) 158'083 2'714'341 (2'111'630) 1'210'726 447'995 84'399 1'817'162 (1'917'960) (487'816) 3'129'566 (6'323'733) 398'912 431'091

Target Price #N/A N/A 51 52 #N/A N/A 60 54 48 51 #N/A N/A #N/A N/A #N/A N/A 52 46 54 50 #N/A N/A 51 49 #N/A N/A 46 50 43 #N/A N/A 48

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

File Dt 31.03.2013 22.04.2013 23.04.2013 31.03.2013 31.12.2012 28.02.2013 31.01.2013 28.02.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012

Date Not Provided Not Provided 6 month 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 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 Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 23.04.2013 19.04.2013 18.04.2013 18.04.2013 15.04.2013 11.04.2013 10.04.2013 10.04.2013 05.04.2013 02.04.2013 26.03.2013 12.03.2013 12.03.2013 12.03.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 15.01.2013 11.01.2013 16.10.2012 05.04.2012 21.06.2011 19.11.2009

24.04.2013

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 45

12.0 M

10.0 M

35 30

8.0 M

12/2012 12/yy 40.64 27.65 348'730.00 37.87 -6.50% 36.96% 77.68% 1'093.6 41'414.27 26'550.00 2'100.0 505.0 15'738.00 54'831.26

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

4.0 M

2.0 M

5 0 a-12 m-12

31.12.2009 31.12.2010 41'057.0 52'265.0 1.07x 1.34x (2'246.0) 2'790.0 12.32x 10.31x Profitability

LTM-4Q 31.12.2011 70'241.0 0.82x 6'423.0 7.12x

31.12.2012 68'150.0 0.72x 1'324.0 6.24x 6.85% 2.12% 0.16% 2.04% 2.86% 0.08% 1.9% 3.17% 42.58% -

Price/ Cash Flow

j-12

a-12

LTM

12/yy 70'242.0 3.78x 0.0 0.00x 6'423.0 7.02x

s-12

12/yy 68'150.0 2.92x 0.0 0.00x 1'324.0 6.25x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

1.95 1.55 890.85 25.39 9.39% 15.54% 1.545 24 4.333 2'046'164 1'986'891 1'919'515 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 70'029.0 72'062.6 17'352.5 17'509.8 0.92x 5'847.5 6'299.8 1'421.6 1'434.4 7.17x 6.70x 7.18x 7.11x S&P Issuer Ratings

ASTABLE 42.6% 29.0% 0.08 -

Sales/Revenue/Turnover

10.00

80'000.0

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00 5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 50'984.0 0.53x 3'209.0 9.63x

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MET UN EQUITY YTD Change MET 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 |

24.04.2013

MetLife Inc Holdings By:

All

Holder Name METLIFE POLICY HOLDE STATE STREET BLACKROCK VANGUARD GROUP INC FMR LLC JP MORGAN SUN LIFE FINANCIAL I BANK OF NEW YORK MEL FRANKLIN RESOURCES T ROWE PRICE ASSOCIA GOLDMAN SACHS GROUP DEUTSCHE BANK AG DODGE & COX NORTHERN TRUST CORPO ALLIANZ ASSET MANAGE NORGES BANK WELLINGTON MANAGEMEN AMERIPRISE FINANCIAL DIMENSIONAL FUND ADV UBS

Firm Name Deutsche Bank Credit Suisse Sterne, Agee & Leach Wells Fargo Securities, LLC Barclays Evercore Partners Macquarie Portales Partners Keefe, Bruyette & Woods Sandler O'Neill & Partners, LP Raymond James JPMorgan FBR Capital Markets S&P Capital IQ Argus Research Corp Janney Montgomery Scott LLC Morgan Stanley RBC Capital Markets Scotia Capital EVA Dimensions Goldman Sachs

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a n/a n/a BANK OF NEW YORK MEL n/a T ROWE PRICE ASSOCIA GOLDMAN SACHS GROUP DEUTSCHE BANK AKTIEN DODGE & COX NORTHERN TRUST CORPO n/a NORGES BANK WELLINGTON MANAGEMEN AMERIPRISE FINANCIAL DIMENSIONAL FUND ADV n/a

Analyst YARON KINAR THOMAS GALLAGHER JOHN M NADEL JOHN A HALL JAY H GELB MARK FINKELSTEIN SEAN DARGAN NINA GUPTA JEFFREY SCHUMAN EDWARD SHIELDS STEVEN D SCHWARTZ JIMMY S BHULLAR RANDY BINNER CATHY SEIFERT JOHN M EADE LARRY GREENBERG NIGEL P DALLY ERIC N BERG JOANNE SMITH AUSTIN BURKETT CHRISTOPHER GIOVANNI

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

Recommendation hold outperform buy outperform equalweight overweight outperform sector perform outperform buy outperform overweight outperform buy buy neutral Overwt/In-Line sector perform focus stock underweight buy/attractive

Amt Held 201'024'039 64'297'151 52'341'350 43'224'464 36'642'769 35'491'327 25'570'083 23'055'085 18'136'084 18'025'332 17'492'065 15'626'592 15'437'200 13'412'130 13'288'182 9'241'988 9'118'347 8'831'580 8'745'373 8'732'502

% Out 18.38 5.88 4.79 3.95 3.35 3.25 2.34 2.11 1.66 1.65 1.6 1.43 1.41 1.23 1.22 0.85 0.83 0.81 0.8 0.8

Weighting

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

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

Latest Chg (2'552'799) 4'715'154 (173'730) 1'807'774 (5'204'712) 781'032 1'541'128 617'793 6'030'319 605'225 1'940'893 (1'360'601) 15'437'200 351'832 (484'406) (3'327'696) (1'067'997) (4'077'272) (19'860) 53'865

Target Price 40 44 51 #N/A N/A 42 42 45 #N/A N/A 44 44 44 42 50 46 46 #N/A N/A 45 50 47 #N/A N/A 45

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

File Dt 26.02.2013 23.04.2013 22.04.2013 31.03.2013 28.02.2013 28.02.2013 28.02.2013 31.03.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013

Date 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 6 month 12 month Not Provided Not Provided Not Provided 12 month 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 Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 19.04.2013 18.04.2013 15.04.2013 14.04.2013 10.04.2013 09.04.2013 03.04.2013 26.03.2013 19.03.2013 19.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 15.01.2013 08.01.2013

24.04.2013

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 35 30 25 20

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (01.05.2012) 52-Week Low (05.12.2012) Daily Volume Current Price (4/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 32.33 26.26 3'275'661.00 30.92 -4.14% 17.75% 71.50% 8'351.1 258'216.22 11'944.00 0.0 0.0 63'040.00 197'928.22

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

5 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 13.66x 10.96x Profitability

LTM-4Q 30.06.2011 69'943.0 2.53x 29'927.0 5.91x 23'150.0 9.85x

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 a-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

2.88 0.90 7'589.28 107.98 -0.20% 16.62% 0.897 43 4.000 23'159'998 14'513'730 12'687'219 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 78'768.5 84'912.7 20'766.9 18'987.3 2.39x 2.01x 9.34x 9.93x 32'055.8 35'428.6 8'700.8 8'027.3 6.16x 5.57x 5.66x 5.56x 23'319.6 25'677.7 6'277.7 5'698.6 11.15x 10.03x 10.18x 9.96x 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 |

24.04.2013

Microsoft Corp Holdings By:

All

Holder Name BLACKROCK STATE STREET GATES III WILLIAM HE VANGUARD GROUP INC BALLMER STEVEN ANTHO CAPITAL GROUP COMPAN INVESCO LTD BANK OF NEW YORK MEL FMR LLC JP MORGAN NORTHERN TRUST CORPO WELLINGTON MANAGEMEN MORGAN STANLEY FRANKLIN RESOURCES T ROWE PRICE ASSOCIA DODGE & COX NORGES BANK PRIMECAP MANAGEMENT BANK OF AMERICA CORP DEUTSCHE BANK AG

Firm Name Argus Research Corp Janney Montgomery Scott LLC Independent Research GmbH Stifel Wells Fargo Securities, LLC Atlantic Equities LLP BMO Capital Markets Deutsche Bank Morgan Stanley RBC Capital Markets Credit Suisse Edward Jones Hilliard Lyons JPMorgan Pacific Crest Securities Sanford C. Bernstein & Co Raymond James FBR Capital Markets Oppenheimer & Co Griffin Securities Nomura Cowen and Company Cross Research MKM Partners Credit Agricole Securities (USA) Barclays Jefferies Evercore Partners Jyske Bank Tigress Financial Partners Goldman Sachs BGC Partners Daiwa Securities Co. Ltd. S&P Capital IQ EVA Dimensions Hamburger Sparkasse McAdams Wright Ragen Inc Crowell, Weedon & Co

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a n/a n/a BANK OF NEW YORK MEL n/a n/a NORTHERN TRUST CORPO WELLINGTON MANAGEMEN n/a n/a T ROWE PRICE ASSOCIA DODGE & COX NORGES BANK PRIMECAP MANAGEMENT BANK OF AMERICA DEUTSCHE BANK AKTIEN

Analyst JOSEPH F BONNER YUN KIM MARKUS FRIEBEL BRAD REBACK JASON MAYNARD CHRISTOPHER HICKEY KARL KEIRSTEAD THOMAS ERNST JR KEITH WEISS MATTHEW HEDBERG PHILIP WINSLOW JOSH OLSON STEPHEN TURNER JOHN DIFUCCI BRENDAN BARNICLE MARK L MOERDLER MICHAEL TURITS DAVID M HILAL SHAUL EYAL JAY VLEESCHHOUWER RICHARD G SHERLUND GREGG MOSKOWITZ RICHARD T WILLIAMS ISRAEL HERNANDEZ EDWARD MAGUIRE RAIMO LENSCHOW ROSS MACMILLAN STEWART KIRK MATERNE III ROBERT JAKOBSEN IVAN FEINSETH HEATHER BELLINI COLIN W GILLIS KAZUYA NISHIMURA ANGELO ZINO ANDREW S ZAMFOTIS MARCO GUENTHER SID PARAKH JAMES D RAGAN

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

Recommendation hold neutral hold buy market perform overweight market perform buy Overwt/In-Line sector perform outperform buy neutral neutral sector perform outperform outperform market perform outperform buy neutral outperform buy neutral outperform equalweight hold equalweight reduce neutral Sell/Neutral hold outperform strong buy buy buy buy buy

Amt Held 442'950'292 428'390'843 421'411'775 354'084'051 333'252'990 331'613'585 153'766'498 149'932'600 120'328'290 113'173'129 105'829'897 102'690'425 84'045'210 75'890'522 73'457'901 68'095'523 66'902'672 63'588'305 62'016'508 58'477'141

% Out 5.3 5.13 5.05 4.24 3.99 3.97 1.84 1.8 1.44 1.36 1.27 1.23 1.01 0.91 0.88 0.82 0.8 0.76 0.74 0.7

Weighting

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

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

Latest Chg (2'504'131) 6'941'623 (7'000'000) 10'832'225 15'606'940 (12'771'101) 15'559'051 (44'811'714) (95'552) 330'681 (36'166'932) 1'827'246 3'691'438 (5'832'161) 7'165'720 5'081'777 3'768'764 400'990 6'032'465

Target Price #N/A N/A 28 31 36 #N/A N/A 35 30 31 36 32 38 #N/A N/A #N/A N/A 30 #N/A N/A 39 34 30 34 38 32 #N/A N/A 37 27 34 29 31 32 29 #N/A N/A 27 31 31 35 #N/A N/A #N/A N/A 36 36

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

File Dt 22.04.2013 23.04.2013 06.02.2013 31.03.2013 14.09.2012 31.03.2013 31.03.2013 31.03.2013 28.02.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 21.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 18.04.2013 16.04.2013 16.04.2013 11.04.2013 10.04.2013 01.03.2013 25.01.2013 15.01.2013 27.11.2012 23.07.2012 20.07.2012

24.04.2013

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 (28.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 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

.0 M j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Fiscal Year Ended 31.12.2008 41'932.0 1.40x 5'945.0 9.84x 2'884.0 22.95x

15.0 M

12/2012 12/yy 32.09 24.27 699'833.00 31.74 -1.06% 30.76% 98.06% 1'778.3 56'442.85 19'425.00 0.0 140.0 4'475.00 71'532.85

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 14.61x 15.60x Profitability

LTM-4Q 31.12.2011 35'810.0 2.54x 4'978.0 18.30x 3'527.0 38.92x

31.12.2012 35'015.0 1.72x 5'028.0 12.00x 3'028.0 18.31x 5'028.00 3'683.00 10.52% 5.07% 3.58% 8.98% 7.71% 0.58% 37.3% 15.8% 13.1% 8.6% 1.05 0.71 25.74% 60.30% 7.81 6.56

Price/ Cash Flow

LTM

12/yy 49'356.0 7.42x 7'451.0 12.23x 3'527.0 18.68x

12/yy 48'783.0 7.67x 7'727.0 7.81x 3'028.0 11.36x

FY+1

3.15 1'772.66 14.29 25.15% 26 4.154 4'335'865 3'491'572 3'336'493 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 36'487.2 38'534.5 8'677.9 8'808.7 1.98x 1.84x 8.10x 7.88x 5'898.6 6'347.2 1'370.6 1'461.2 12.13x 11.27x 12.16x 11.86x 2'794.1 3'147.4 603.3 684.5 20.29x 18.05x 20.29x 19.58x S&P Issuer Ratings

02.02.2010 BBB STABLE 09.11.2007 A-2 4.00 2.72 1.93 2.51 60.3% 37.5% 0.58 4.10 46.85 55.81 64.13 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 |

24.04.2013

Mondelez International Inc Holdings By:

All

Holder Name STATE STREET BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN INVESCO LTD JP MORGAN BANK OF NEW YORK MEL SOUTHEASTERN ASSET M FMR LLC MORGAN STANLEY SCOUT CAPITAL MANAGE JENNISON ASSOCIATES NORTHERN TRUST CORPO TRIAN FUND MANAGEMEN FRANKLIN RESOURCES EAGLE CAPITAL MANAGE MONTAG & CALDWELL IN INDEPENDENT FRANCHIS NORGES BANK DIMENSIONAL FUND ADV

Firm Name BMO Capital Markets Stifel Morgan Stanley JPMorgan Sanford C. Bernstein & Co Deutsche Bank S&P Capital IQ Credit Suisse Barclays Janney Montgomery Scott LLC Goldman Sachs Wells Fargo Securities, LLC Canaccord Genuity Corp Jefferies EVA Dimensions Edward Jones RBC Capital Markets Argus Research Corp Davenport & Co CL King & Associates Gabelli & Co Credit Agricole Securities (USA)

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a n/a BANK OF NEW YORK MEL SOUTHEASTERN ASSET M n/a n/a SCOUT CAPITAL MANAGE JENNISON ASSOCIATES NORTHERN TRUST CORPO TRIAN FUND MANAGEMEN n/a EAGLE CAPITAL MANAGE MONTAG & CALDWELL IN INDEPENDENT FRANCHIS NORGES BANK DIMENSIONAL FUND ADV

Analyst KENNETH B ZASLOW CHRISTOPHER R GROWE MATTHEW GRAINGER KENNETH GOLDMAN ALEXIA HOWARD ERIC R KATZMAN THOMAS GRAVES ROBERT MOSKOW ANDREW LAZAR JONATHAN P FEENEY JASON ENGLISH JOHN J BAUMGARTNER ALICIA FORRY THILO WREDE AUSTIN BURKETT BRIAN YARBROUGH EDWARD AARON JOHN D STASZAK ANN H GURKIN ERIC J LARSON SARAH DONNELLY DIANE GEISSLER

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

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

Amt Held 110'899'034 102'147'087 77'082'355 58'752'824 38'664'443 36'535'564 35'590'525 34'530'900 34'145'937 30'059'495 27'575'000 26'271'862 23'690'658 19'415'193 19'018'669 17'280'074 16'605'595 16'014'507 14'385'236 14'141'353

% Out 6.24 5.74 4.33 3.3 2.17 2.05 2 1.94 1.92 1.69 1.55 1.48 1.33 1.09 1.07 0.97 0.93 0.9 0.81 0.8

Weighting

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

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

Latest Chg (2'314'664) 769'143 (32'266'184) 1'351'496 7'699'176 (1'071'293) 34'530'900 (4'781'275) 5'232'244 19'075'000 15'142'594 7'047'320 11'283'406 (3'638'274) 6'654'613 1'537'174 5'115'058 1'397'568 253'282

Target Price 29 31 32 38 36 29 31 33 31 26 34 #N/A N/A 26 29 #N/A N/A #N/A N/A 31 #N/A N/A 32 31 #N/A N/A 30

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

File Dt Inst Type 23.04.2013 Investment Advisor 22.04.2013 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 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor

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

Date 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 17.04.2013 17.04.2013 16.04.2013 10.04.2013 10.04.2013 04.04.2013 28.03.2013 23.03.2013 21.03.2013 11.03.2013 07.03.2013 27.02.2013 19.02.2013 14.02.2013 13.02.2013

24.04.2013

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 (12.04.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.04.2013 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 02/yy 107.24 69.71 83'859.00 103.8 -3.27% 48.90% 90.70% 533.8 55'412.68 2'074.00 0.0 203.0 3'585.00 53'083.68

1.0 M

.5 M

20 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 19.02x 21.94x Profitability

LTM-4Q 31.08.2011 11'822.0 3.08x 3'116.0 11.69x 1'607.0 23.29x

31.08.2012 13'504.0 3.35x 3'760.0 12.03x 2'045.0 23.54x 3'760.00 3'138.00 23.24% 22.13% 11.82% 20.05% 18.03% 0.69% 52.2% 29.3% 25.1% 15.1% 2.29 1.30 10.26% 17.53% 6.46 2.36

Price/ Cash Flow

LTM

02/yy 13'042.0 11.81x 3'612.0 11.13x 1'917.0 21.98x

02/yy 14'740.0 12.53x 4'321.0 11.95x 2'530.0 21.18x

FY+1

.0 M a-13

1.30 1.07 532.06 3.97 39.47% 10.49% 1.067 26 4.192 650'146 660'039 611'291 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 05/13 Q3 08/13 Q4 15'150.5 16'168.6 4'479.6 2'198.9 3.54x 3.25x 11.92x 24.56x 4'333.1 4'862.9 1'487.4 (51.2) 12.30x 10.96x 11.45x 10.95x 2'509.0 2'893.6 922.1 (217.8) 22.52x 19.56x 21.58x 20.63x S&P Issuer Ratings

21.10.2008 A+ STABLE 24.10.2007 A-1 17.74 14.69 -0.59 0.51 17.5% 14.7% 0.69 3.40 56.46 154.67 35.99 163.69

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 |

24.04.2013

Monsanto Co Holdings By:

All

Holder Name FMR LLC STATE STREET BLACKROCK VANGUARD GROUP INC PRIMECAP MANAGEMENT JENNISON ASSOCIATES CAPITAL GROUP COMPAN DAVIS SELECTED ADVIS WINSLOW CAPITAL MANA NORTHERN TRUST CORPO BANK OF NEW YORK MEL MACKAY SHIELDS LLC AMERICAN CENTURY COM WADDELL & REED FINAN WELLS FARGO TIAA CREF INVESTMENT MARSICO CAPITAL MANA T ROWE PRICE ASSOCIA INSTITUTIONAL CAPITA LONE PINE CAPITAL LL

Firm Name BGC Partners Jefferies Wells Fargo Securities, LLC Morgan Stanley Piper Jaffray Susquehanna Financial Group Atlantic Equities LLP EVA Dimensions Stifel Goldman Sachs Argus Research Corp Deutsche Bank JPMorgan Macquarie Canaccord Genuity Corp Gabelli & Co Credit Suisse Edward Jones Miller Tabak + Co., LLC Credit Agricole Securities (USA) Topeka Capital Markets Inc Monness, Crespi, Hardt & Co Gilford Securities

Portfolio Name n/a n/a n/a VANGUARD GROUP INC PRIMECAP MANAGEMENT JENNISON ASSOCIATES n/a DAVIS SELECTED ADVIS WINSLOW CAPITAL MANA NORTHERN TRUST CORPO BANK OF NEW YORK MEL Multiple Portfolios AMERICAN CENTURY COM WADDELL & REED FINAN n/a TIAA-CREF INVESTMENT MARSICO CAPITAL MANA T ROWE PRICE ASSOCIA INSTITUTIONAL CAPITA LONE PINE CAPITAL LL

Analyst MARK R GULLEY LAURENCE ALEXANDER FRANK J MITSCH VINCENT ANDREWS MICHAEL E COX DONALD D CARSON COLIN ISAAC CRAIG STERLING PAUL A MASSOUD ROBERT KOORT WILLIAM V SELESKY DAVID I BEGLEITER JEFFREY J ZEKAUSKAS COOLEY MAY KEITH CARPENTER AMON R WILKES CHRISTOPHER PARKINSON MATT ARNOLD TIM TIBERIO MARK W CONNELLY CHRISTOPHER KAPSCH CHRIS L SHAW PAUL C CHRISTOPHERSON

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

Recommendation buy hold outperform Overwt/Attractive overweight Positive underweight overweight hold buy/attractive buy buy overweight neutral buy buy outperform hold hold buy buy buy sell

Amt Held 31'314'481 31'149'241 29'344'786 28'477'720 12'288'129 12'118'689 11'460'854 10'487'622 10'195'716 8'313'331 7'759'245 7'614'599 7'259'015 6'986'164 6'577'579 6'400'826 6'395'945 6'296'093 5'513'304 5'358'310

% Out 5.87 5.83 5.5 5.33 2.3 2.27 2.15 1.96 1.91 1.56 1.45 1.43 1.36 1.31 1.23 1.2 1.2 1.18 1.03 1

Weighting

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

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

Latest Chg 7'247'094 548'266 655'081 (48'800) 292'881 (470'591) (1'116'066) (146'214) 540'705 (325'311) 30'339 119'354 (40'414) 335'338 551'005 (828'232) (755'882) (648'871) (970'564)

Target Price 123 110 #N/A N/A 125 133 128 92 #N/A N/A #N/A N/A 122 120 116 108 105 121 #N/A N/A 120 #N/A N/A 102 120 121 110 67

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

File Dt Inst Type 28.02.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

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

Date 22.04.2013 19.04.2013 18.04.2013 17.04.2013 17.04.2013 16.04.2013 09.04.2013 09.04.2013 08.04.2013 05.04.2013 05.04.2013 04.04.2013 04.04.2013 04.04.2013 04.04.2013 04.04.2013 03.04.2013 03.04.2013 03.04.2013 03.04.2013 03.04.2013 01.04.2013 26.04.2012

24.04.2013

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 (20.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (4/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 MS UN EQUITY YTD Change MS UN EQUITY YTD % CHANGE

12/2012 03/yy 24.47 12.26 396'952.00 21.61 -11.93% 76.26% 76.58% 1'960.6 42'368.20 450'846.00 1'508.0 7'628.0 46'904.00 455'446.20

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 a-12 m-12

31.12.2009 31.12.2010 30'139.0 37'801.0 16.65x 13.22x 8'912.0 14'064.0 56.30x 35.53x 1'346.0 4'703.0 11.04x 13.40x Profitability

LTM-4Q 31.12.2011 39'138.0 10.82x 14'405.0 29.41x 4'110.0 -

31.12.2012 32'036.0 14.07x 8'020.0 56.21x 68.0 12.10x 8'020.00 1.97% 1.61% 0.00% -0.20% 0.12% 0.04% 25.6% 0.2% 57.73% 743.96% -

Price/ Cash Flow

j-12

a-12

LTM

03/yy 38'280.0 47.95x 12'279.0 0.00x 3'048.0 0.00x

s-12

03/yy 33'168.0 40.54x 6'114.0 0.00x 1'059.0 14.00x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

0.93 1.69 1'393.40 17.78 25.65% 13.26% 1.685 34 3.647 5'305'225 3'699'126 3'507'190 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 31'901.2 34'096.6 7'937.0 7'833.9 3'959.8 4'951.7 945.6 967.7 10.56x 8.49x 9.80x 9.18x S&P Issuer Ratings

29.11.2011 ANEG 29.11.2011 A-2 48.71 54.36 744.0% 86.6% 0.04 5.21 -

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

j-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 |

24.04.2013

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 CAPITAL GROUP COMPAN EAGLE CAPITAL MANAGE JP MORGAN T ROWE PRICE ASSOCIA INVESCO LTD UBS NORTHERN TRUST CORPO BANK OF NEW YORK MEL CITADEL ADVISORS LLC TIAA CREF INVESTMENT CARMIGNAC GESTION SCHRODER INVESTMENT

Firm Name SunTrust Robinson Humphrey FBR Capital Markets Oppenheimer & Co Drexel Hamilton LLC Sandler O'Neill & Partners, LP RBC Capital Markets JPMorgan Sanford C. Bernstein & Co Wells Fargo Securities, LLC JMP Securities Portales Partners Barclays Deutsche Bank Credit Suisse Edward Jones Buckingham Research Group Evercore Partners Nomura S&P Capital IQ Susquehanna Financial Group Atlantic Equities LLP Credit Agricole Securities (USA) Rafferty Capital Markets Guggenheim Securities LLC Mediobanca SpA Goldman Sachs HSBC EVA Dimensions Daiwa Securities Co. Ltd. Argus Research Corp Meredith Whitney Advisory Group

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC n/a n/a JENNISON ASSOCIATES n/a EAGLE CAPITAL MANAGE n/a T ROWE PRICE ASSOCIA n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL CITADEL ADVISORS LLC TIAA-CREF INVESTMENT Multiple Portfolios SCHRODER INVESTMENT

Analyst ERIC WASSERSTROM STEVE STELMACH CHRISTOPHER M KOTOWSKI DAVID B HILDER JEFFERY HARTE FIONA SWAFFIELD KIAN ABOUHOSSEIN CHARLES BRADLEY HINTZ MATTHEW H BURNELL DAVID M TRONE CHARLES W PEABODY ROGER A FREEMAN MATTHEW D O'CONNOR HOWARD H CHEN SHANNON L STEMM JAMES F MITCHELL CHRISTOPHER J ALLEN GLENN P SCHORR KENNETH M LEON DOUGLAS C SIPKIN RICHARD STAITE MICHAEL L MAYO RICHARD X BOVE SR MARTY L MOSBY III CHRISTOPHER J WHEELER RICHARD N RAMSDEN ROBERT MURPHY AUSTIN BURKETT KAZUKI WATANABE DAVID RITTER MEREDITH A WHITNEY

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

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

Amt Held 435'785'918 198'811'965 125'114'454 69'427'014 63'417'451 55'959'047 50'958'532 43'865'735 31'000'858 27'830'619 27'515'736 26'694'590 25'510'305 20'222'613 18'647'018 16'266'270 15'043'837 14'662'576 11'500'000 11'465'598

% Out 22.23 10.14 6.38 3.54 3.23 2.85 2.6 2.24 1.58 1.42 1.4 1.36 1.3 1.03 0.95 0.83 0.77 0.75 0.59 0.58

Weighting

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

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

Latest Chg 560'616 651'209 2'438'317 1'673'423 4'509'118 15'731'120 (42) 8'634'125 12'691'793 (8'716'903) 7'544'877 2'733'187 535'562 2'094'626 7'146'861 877'566 11'500'000 6'258'601

Target Price 25 27 27 27 26 23 25 24 #N/A N/A #N/A N/A #N/A N/A 25 20 23 #N/A N/A 28 28 24 26 22 22 30 30 25 20 24 25 #N/A N/A 26 26 #N/A N/A

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

File Dt Inst Type 31.12.2012 Holding Company 23.04.2013 Investment Advisor 31.12.2012 Government 22.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 29.03.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 23.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 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 11.04.2013 10.04.2013 25.03.2013 13.03.2013 26.02.2013 12.02.2013 08.02.2013 28.01.2013 18.10.2012

24.04.2013

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 (26.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.02.2013 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 12/yy 89.25 59.07 147'491.00 67.16 -24.18% 13.70% 23.62% 426.6 28'653.13 3'149.00 0.0 117.0 3'319.00 28'600.13

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

.5 M

10 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 11.33x 16.56x Profitability

LTM-4Q 31.12.2011 14'658.0 1.77x 3'492.0 7.42x 1'994.0 14.25x

31.12.2012 20'041.0 1.45x 4'185.0 6.96x 2'491.0 11.57x 4'185.00 3'557.00 17.75% 17.49% 8.74% 13.16% 12.06% 0.70% 26.6% 20.9% 17.7% 12.4% 2.78 1.35 10.00% 15.56% 5.27 2.50

Price/ Cash Flow

LTM

12/yy 14'658.0 7.23x 3'492.0 7.42x 1'994.0 14.28x

12/yy 20'041.0 6.06x 4'185.0 6.96x 2'491.0 11.58x

FY+1

.0 M a-13

0.73 1.53 425.66 6.08 -13.31% -1.55% 1.534 35 4.571 1'034'286 886'833 883'524 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 22'782.8 24'455.9 5'381.7 5'577.3 1.22x 1.04x 5.45x 5.19x 4'511.5 5'058.2 1'044.8 1'099.2 6.34x 5.66x 6.34x 6.15x 2'543.0 2'917.3 584.1 614.3 11.28x 9.81x 11.32x 10.89x S&P Issuer Ratings

25.04.2012 A STABLE 85.41 73.51 -0.04 0.75 15.6% 13.4% 0.70 7.44 69.50 146.27 22.38 193.26

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 |

24.04.2013

National Oilwell Varco Inc Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC FMR LLC SANDS CAPITAL MANAGE OPPENHEIMERFUNDS INC NORTHERN TRUST CORPO BANK OF NEW YORK MEL SUN LIFE FINANCIAL I JP MORGAN WADDELL & REED FINAN AMERIPRISE FINANCIAL BERKSHIRE HATHAWAY I CLEARBRIDGE INVESTME HARRIS ASSOCIATES LP MARSICO CAPITAL MANA WELLINGTON MANAGEMEN JANUS CAPITAL MANAGE ALLIANCE BERNSTEIN VAN ECK ASSOCIATES C

Firm Name Sanford C. Bernstein & Co RBC Capital Markets Jefferies Wells Fargo Securities, LLC ISI Group Societe Generale Macquarie Edward Jones Raymond James Credit Suisse Global Hunter Securities Fearnley Fonds Guggenheim Securities LLC Susquehanna Financial Group BMO Capital Markets JPMorgan William Blair & Co Capital One Southcoast, Inc. Howard Weil Inc Iberia Capital Partners LLC Cowen Securities LLC HSBC Argus Research Corp EVA Dimensions Morgan Stanley Goldman Sachs Credit Agricole Securities (USA) RS Platou Markets Sterne, Agee & Leach Johnson Rice & Co S&P Capital IQ Barclays Tudor Pickering & Co

Portfolio Name n/a n/a VANGUARD GROUP INC n/a SANDS CAPITAL MANAGE OPPENHEIMER FUNDS IN NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a n/a WADDELL & REED FINAN AMERIPRISE FINANCIAL n/a CLEARBRIDGE INVESTME HARRIS ASSOC LP MARSICO CAPITAL MANA WELLINGTON MANAGEMEN n/a n/a n/a

Analyst SCOTT GRUBER KURT HALLEAD BRAD HANDLER THOMAS PATRICK CURRAN JUDSON E BAILEY EDWARD C MUZTAFAGO NIGEL BROWNE BRIAN YOUNGBERG J MARSHALL ADKINS JAMES WICKLUND BRIAN UHLMER TRULS OLSEN DARREN GACICIA CHARLES P MINERVINO ALAN D LAWS J DAVID ANDERSON BRANDON DOBELL JOSEPH D GIBNEY WILLIAM SANCHEZ TREY STOLZ JAMES D CRANDELL DAVID PHILLIPS PHILIP H WEISS CRAIG STERLING OLE SLORER WAQAR SYED DAVID S HAVENS GORAN ANDREASSEN STEPHEN D GENGARO DAVID C SMITH STEWART GLICKMAN JAMES C WEST JEFF TILLERY

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

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

Amt Held 30'642'899 25'186'988 19'747'022 18'049'001 9'422'878 8'339'871 8'217'551 8'078'111 7'371'251 6'815'440 5'457'809 5'444'048 5'294'800 5'260'359 5'205'684 5'020'360 4'932'898 4'611'502 4'260'914 3'863'917

% Out 7.18 5.9 4.63 4.23 2.21 1.95 1.93 1.89 1.73 1.6 1.28 1.28 1.24 1.23 1.22 1.18 1.16 1.08 1 0.91

Weighting

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

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

Latest Chg 550'621 468'948 (5'431'601) 335'621 1'475'345 (143'556) 431'962 1'341'786 883'568 (646'995) (1'845'531) 1'108'000 (55'991) 527'011 (1'307'778) (1'209'184) 1'102'310 (938'713) 445'416

Target Price 77 80 86 #N/A N/A 80 81 84 #N/A N/A 90 74 80 81 85 83 90 91 #N/A N/A 89 85 93 95 97 85 #N/A N/A 80 90 80 87 86 #N/A N/A 95 93 #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 23.04.2013 31.03.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 23.04.2013

Date 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 6 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 6 month 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 24.04.2013 23.04.2013 23.04.2013 22.04.2013 19.04.2013 18.04.2013 18.04.2013 17.04.2013 17.04.2013 15.04.2013 15.04.2013 12.04.2013 11.04.2013 10.04.2013 08.04.2013 08.04.2013 08.04.2013 26.03.2013 25.03.2013 19.03.2013 11.02.2013 08.02.2013 07.02.2013 07.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 03.02.2013 01.02.2013 01.02.2013 01.02.2013 12.09.2012

24.04.2013

News Corp News Corporation is a diversified global media company. The Company's operations include the production and distribution of motion pictures and television programming. The Company provides television, direct satellite, and cable broadcasting and the publication of newspapers, magazines, books and promotional inserts.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NWSA UW EQUITY YTD Change NWSA UW EQUITY YTD % CHANGE

06/2012 12/yy 31.91 18.32 651'384.00 31.39 -1.88% 71.34% 98.01% 1'526.7 73'029.77 15'455.00 1'142.0 9'626.00 83'182.77

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 a-12 m-12

30.06.2009 30.06.2010 30'423.0 32'778.0 1.06x 1.12x 4'472.0 5'228.0 7.23x 7.02x (3'378.0) 2'539.0 11.11x 10.31x Profitability

LTM-4Q 30.06.2011 33'405.0 1.50x 6'133.0 8.17x 2'739.0 14.16x

30.06.2012 33'706.0 1.78x 6'646.0 9.04x 1'179.0 15.81x 6'646.00 5'379.00 15.96% 6.56% 6.52% 14.38% 11.39% 0.56% 19.7% 15.9% 3.5% 2.02 1.69 27.28% 62.61% 4.61 -

Price/ Cash Flow

j-12

a-12

LTM

12/yy 34'152.0 5.75x 6'648.0 7.73x 3'117.0 13.52x

s-12

12/yy 34'333.0 7.24x 6'754.0 10.53x 3'998.0 16.25x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

0.54 1.11 1'525.49 37.40 64.26% 23.25% 1.109 27 4.741 3'859'846 3'392'671 3'777'982 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 35'732.6 38'032.5 9'074.2 9'195.6 2.28x 2.13x 9.06x 8.95x 7'269.5 8'125.1 1'688.5 1'906.3 11.48x 10.27x 10.85x 10.49x 3'906.1 4'329.7 813.1 1'025.3 18.76x 16.04x 17.92x 16.86x S&P Issuer Ratings

30.11.2012 BBB+ STABLE 6.18 5.30 1.28 2.44 62.6% 37.4% 0.56 5.82 79.48 -

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

j-12

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

18.0 M

30 25

Valuation Analysis

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 |

24.04.2013

News Corp Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC CAPITAL GROUP COMPAN YACKTMAN ASSET MANAG DODGE & COX JANUS CAPITAL MANAGE CHILDRENS INV FUND M VIKING GLOBAL INVEST FMR LLC BANK OF NEW YORK MEL ETON PARK CAPITAL MA HIGHFIELDS CAPITAL M NORTHERN TRUST CORPO EAGLE CAPITAL MANAGE NORGES BANK INVESCO LTD EGERTON CAPITAL LIMI LONE PINE CAPITAL LL WADDELL & REED FINAN

Firm Name Cowen and Company Lazard Capital Markets Sanford C. Bernstein & Co Credit Suisse Nomura Deutsche Bank Needham & Co Macquarie Barclays Wells Fargo Securities, LLC RBC Capital Markets Morgan Stanley Susquehanna Financial Group Wedbush Davenport & Co Wunderlich Securities S&P Capital IQ Telsey Advisory Group Argus Research Corp EVA Dimensions Gabelli & Co Evercore Partners Atlantic Equities LLP Goldman Sachs BTIG LLC

Portfolio Name n/a n/a VANGUARD GROUP INC n/a YACKTMAN ASSET MANAG DODGE & COX n/a CHILDRENS INVESTMENT VIKING GLOBAL INVEST n/a BANK OF NEW YORK MEL ETON PARK CAPITAL MA HIGHFIELDS CAPITAL M NORTHERN TRUST CORPO EAGLE CAPITAL MANAGE NORGES BANK n/a EGERTON CAPITAL LIMI LONE PINE CAPITAL LL WADDELL & REED FINAN

Analyst DOUGLAS CREUTZ BARTON CROCKETT TODD JUENGER MICHAEL SENNO MICHAEL NATHANSON DOUGLAS D MITCHELSON LAURA A MARTIN TIMOTHY W NOLLEN ANTHONY J DICLEMENTE MARCI RYVICKER DAVID BANK BENJAMIN SWINBURNE VASILY KARASYOV JAMES G DIX MICHAEL C MORRIS MATTHEW HARRIGAN TUNA AMOBI JAISON BLAIR JOSEPH F BONNER CRAIG STERLING BRETT HARRISS ALAN GOULD HAMILTON FABER DREW BORST RICHARD GREENFIELD

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

Recommendation outperform buy outperform outperform buy buy buy outperform overweight outperform outperform Overwt/Attractive Positive outperform buy buy buy no rating system hold hold buy overweight overweight not rated buy

Amt Held 106'117'879 102'775'929 87'698'670 81'642'663 80'106'935 73'990'044 50'745'635 34'348'479 34'295'229 31'661'527 28'811'418 28'100'000 27'945'300 24'797'737 22'180'447 19'150'391 17'590'189 17'571'378 16'929'453 14'275'510

% Out 6.95 6.73 5.74 5.35 5.25 4.85 3.32 2.25 2.25 2.07 1.89 1.84 1.83 1.62 1.45 1.25 1.15 1.15 1.11 0.94

Weighting

Change

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

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

Latest Chg 566'560 3'935'254 1'759'231 (49'269'500) (449'404) (9'828'325) 1'242'647 (12'657'102) 3'537'977 1'655'264 (854'432) 9'100'000 (3'592'000) (375'426) 1'184'087 (668) (3'322'085) 2'373'660 2'887'188 1'726'350

Target Price #N/A N/A 35 36 36 33 37 34 35 35 #N/A N/A 34 32 34 26 35 36 31 34 #N/A N/A #N/A N/A #N/A N/A 30 33 #N/A N/A 30

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

File Dt 22.04.2013 23.04.2013 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 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 12 month 18 month Not Provided Not Provided Not Provided 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 Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Government Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor

Date 23.04.2013 21.04.2013 19.04.2013 17.04.2013 17.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 12.04.2013 10.04.2013 08.03.2013 07.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 20.02.2013 11.02.2013 08.02.2013 07.02.2013 07.02.2013 28.06.2012 27.06.2012

24.04.2013

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

8.0 M

7.0 M 6.0 M

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.04.2013) 52-Week Low (29.06.2012) Daily Volume Current Price (4/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

05/2012 02/yy 62.00 42.55 147'667.00 61.66 -0.61% 44.91% 98.71% 715.7 55'100.27 385.00 0.0 0.0 3'757.00 51'379.27

31.05.2008 18'627.0 1.69x 2'737.3 11.48x 1'883.4 19.37x

3.0 M

2.0 M

1.0 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

4.0 M

31.05.2009 31.05.2010 19'176.1 19'014.0 1.31x 1.60x 2'789.8 2'797.7 8.98x 10.87x 1'486.7 1'906.7 13.12x 18.75x Profitability

LTM-4Q 31.05.2011 20'862.0 1.71x 3'150.0 11.32x 2'133.0 19.24x

31.05.2012 24'128.0 1.91x 3'413.0 13.53x 2'223.0 22.71x 3'413.00 3'040.00 12.60% 12.36% 15.56% 22.70% 1.66% 43.4% 13.9% 12.3% 9.2% 2.98 1.82 2.49% 3.71% 7.75 4.29

Price/ Cash Flow

LTM

02/yy 23'049.0 6.96x 3'432.0 13.58x 2'268.0 22.30x

02/yy 25'281.0 6.83x 3'521.0 12.77x 2'366.0 21.53x

FY+1

.0 M a-13

1.27 0.95 705.12 5.95 17.28% 19.96% 0.951 28 3.929 955'008 1'112'343 1'033'241 FY+2

FQ+1

FQ+2

05/13 Y 05/14 Y 05/13 Q4 08/13 Q1 25'341.6 27'488.0 6'648.0 6'979.8 2.03x 1.87x 7.75x 7.40x 3'690.4 4'162.4 994.2 1'063.3 13.93x 12.35x 12.79x 12.53x 2'426.2 2'722.7 674.1 706.2 23.08x 20.18x 20.76x 20.24x S&P Issuer Ratings

10.06.2005 A+ STABLE 05.11.1992 A-1 103.42 85.33 -1.06 0.09 3.7% 3.6% 1.66 11.32 47.12 85.05 32.36 90.80

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 05.06.2009

0.0 05.12.2009

05.06.2010

05.12.2010

05.06.2011

05.12.2011

05.06.2012

05.12.2012

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

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

24.04.2013

NIKE Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC BANK OF NEW YORK MEL JENNISON ASSOCIATES JANUS CAPITAL MANAGE SANDS CAPITAL MANAGE NORTHERN TRUST CORPO GOLDMAN SACHS GROUP LANSDOWNE PARTNERS L T ROWE PRICE ASSOCIA UBS FRANKLIN RESOURCES MARSICO CAPITAL MANA SUN LIFE FINANCIAL I HARBOR CAPITAL ADVIS MACQUARIE GROUP MORGAN STANLEY

Firm Name Stifel Susquehanna Financial Group Janney Montgomery Scott LLC Cowen and Company Piper Jaffray Credit Suisse HSBC Goldman Sachs Argus Research Corp Hilliard Lyons ISI Group EVA Dimensions Morgan Stanley D.A. Davidson & Co Edward Jones Robert W. Baird & Co Wedbush Buckingham Research Group Sterne, Agee & Leach Canaccord Genuity Corp S&P Capital IQ Telsey Advisory Group JPMorgan Barclays McAdams Wright Ragen Inc Daiwa Securities Co. Ltd.

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a BANK OF NEW YORK MEL JENNISON ASSOCIATES n/a SANDS CAPITAL MANAGE NORTHERN TRUST CORPO GOLDMAN SACHS GROUP LANSDOWNE PARTNERS L T ROWE PRICE ASSOCIA n/a n/a MARSICO CAPITAL MANA n/a Multiple Portfolios n/a n/a

Analyst JIM DUFFY CHRISTOPHER SVEZIA ERIC B TRACY FAYE LANDES SEAN NAUGHTON CHRISTIAN BUSS ERWAN RAMBOURG LINDSAY DRUCKER MANN JOHN D STASZAK JEFFREY S THOMISON OMAR SAAD CRAIG STERLING KIMBERLY GREENBERGER ANDREW BURNS BRIAN YARBROUGH MITCHEL J KUMMETZ CORINNA FREEDMAN JOHN M ZOLIDIS SAM POSER CAMILO R LYON JASON ASAEDA KELLY CHEN MATTHEW BOSS ROBERT S DRBUL SARA E HASAN TORU SUGIURA

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

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

Amt Held 50'233'895 38'344'745 37'632'406 36'973'475 32'793'819 24'211'063 19'916'592 16'151'936 14'774'160 12'753'217 12'742'453 12'735'980 12'696'770 10'681'153 9'274'169 9'150'278 8'864'554 6'909'806 6'619'052 5'835'517

% Out 7.02 5.36 5.26 5.17 4.58 3.38 2.78 2.26 2.06 1.78 1.78 1.78 1.77 1.49 1.3 1.28 1.24 0.97 0.92 0.82

Weighting

Change

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

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

Latest Chg 773'329 (52'139) 174'900 862'941 2'357'201 1'891'600 (546'826) (2'871'546) 505'172 (116'965) 1'420'259 1'748'266 (2'687'748) (1'178'785) 164'253 (2'137'660) 548'568 (10'556) (705'708) 2'132'933

Target Price 68 53 57 #N/A N/A 64 60 67 70 #N/A N/A #N/A N/A 70 #N/A N/A #N/A N/A 60 #N/A N/A 60 56 64 63 57 61 63 64 65 #N/A N/A 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 22.04.2013 Investment Advisor 31.03.2013 Investment Advisor 23.04.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 28.02.2013 Unclassified 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 24.04.2013 22.04.2013 18.04.2013 16.04.2013 11.04.2013 10.04.2013 02.04.2013 28.03.2013 26.03.2013 25.03.2013 25.03.2013 23.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 26.12.2012 24.12.2012

24.04.2013

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 78.08 56.05 138'098.00 74.82 -3.66% 33.49% 89.83% 315.1 23'574.91 8'682.00 0.0 0.0 668.00 31'372.91

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

1.0 M

.5 M

10 0 a-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 18.99x 16.07x Profitability

LTM-4Q 31.12.2011 11'172.0 2.80x 4'082.0 7.67x 1'916.0 13.85x

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% 17.93% 11.59% 0.37% 36.3% 27.9% 15.8% 1.08 0.85 28.61% 88.95% 9.93 -

Price/ Cash Flow

j-12

a-12

LTM

03/yy 11'341.0 10.50x 4'240.0 6.75x 2'001.0 11.41x

s-12

03/yy 10'989.0 10.73x 3'994.0 8.03x 1'789.0 14.38x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

2.63 1.13 313.98 4.00 9.63% 21.87% 1.131 31 3.935 425'064 576'661 618'835 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 11'286.8 12'005.6 2'856.3 2'818.5 2.78x 2.63x 10.87x 11.05x 4'120.6 4'516.8 1'090.6 1'048.4 7.54x 6.88x 7.37x 7.17x 1'764.0 1'968.2 476.9 449.3 13.39x 11.73x 12.99x 12.47x 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

m-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 (12.04.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (4/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 |

24.04.2013

Norfolk Southern Corp Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO BANK OF NEW YORK MEL WELLS FARGO JP MORGAN UBS BARCLAYS PLC DIMENSIONAL FUND ADV PERKINS INVESTMENT M NORGES BANK BANK OF AMERICA CORP GEODE CAPITAL MANAGE MORGAN STANLEY CAMBIAR INVESTORS LL KEYBANK NATIONAL ASS WELLINGTON MANAGEMEN

Firm Name Deutsche Bank RBC Capital Markets Jefferies Sanford C. Bernstein & Co Stephens Inc Raymond James Stifel Sterne, Agee & Leach BB&T Capital Markets Atlantic Equities LLP Cowen Securities LLC Barclays EVA Dimensions BMO Capital Markets Morgan Stanley JPMorgan Wells Fargo Securities, LLC Susquehanna Financial Group TD Securities Avondale Partners LLC Wolfe Trahan & Co Goldman Sachs Credit Suisse Edward Jones FBR Capital Markets Robert W. Baird & Co Argus Research Corp S&P Capital IQ

Portfolio Name n/a n/a VANGUARD GROUP INC n/a T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a n/a n/a n/a DIMENSIONAL FUND ADV PERKINS INVESTMENT M NORGES BANK BANK OF AMERICA GEODE CAPITAL MANAGE n/a CAMBIAR INVESTORS LL KEYBANK NATIONAL ASS WELLINGTON MANAGEMEN

Analyst JUSTIN B YAGERMAN WALTER SPRACKLIN H PETER NESVOLD DAVID VERNON JUSTIN LONG PATRICK TYLER BROWN JOHN G LARKIN JEFFREY A KAUFFMAN MARK A LEVIN RORRIE MARS JASON H SEIDL BRANDON OGLENSKI CRAIG STERLING FADI CHAMOUN WILLIAM J GREENE THOMAS R WADEWITZ ANTHONY P GALLO MATT TROY CHERILYN RADBOURNE DONALD BROUGHTON SCOTT H GROUP TOM KIM CHRISTOPHER J CERASO LOGAN PURK JOHN R MIMS BENJAMIN J HARTFORD NATHANIEL GABRIEL KEVIN KIRKEBY

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

Recommendation buy outperform buy market perform overweight outperform buy buy hold overweight buy equalweight underweight outperform Equalwt/Attractive neutral market perform Positive buy market perform peerperform neutral/neutral outperform buy outperform neutral hold buy

Amt Held 17'880'042 17'038'750 16'382'823 16'342'543 7'342'353 5'930'217 4'656'808 4'411'232 3'985'360 3'656'688 3'640'027 3'162'408 2'733'633 2'513'088 2'264'964 2'084'482 2'038'112 1'817'999 1'792'659 1'752'641

% Out 5.67 5.41 5.2 5.19 2.33 1.88 1.48 1.4 1.26 1.16 1.16 1 0.87 0.8 0.72 0.66 0.65 0.58 0.57 0.56

Weighting

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

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

Latest Chg 4'463 180'939 (10'520'724) 6'552'293 (59'478) (605'312) (1'467'278) (2'248'653) 312'547 3'093'778 (1'918) 1'184'644 482'528 11'617 (238'126) (338'958) (86'383) 1'156'395 (823'739)

Target Price 85 84 90 73 87 85 88 84 #N/A N/A 86 85 78 #N/A N/A 82 #N/A N/A 80 #N/A N/A 88 88 80 #N/A N/A 74 87 #N/A N/A 90 76 #N/A N/A 85

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

File Dt 31.03.2013 23.04.2013 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.03.2013 28.02.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 9 month Not Provided 12 month 12 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 Unclassified Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 19.04.2013 18.04.2013 18.04.2013 15.04.2013 12.04.2013 12.04.2013 12.04.2013 27.03.2013 05.03.2013 25.10.2012

24.04.2013

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 (01.05.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.03.2013 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 12/yy 93.78 72.43 153'806.00 82.91 -11.12% 14.47% 43.37% 805.6 66'795.85 7'623.00 0.0 32.0 1'592.00 72'858.85

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 21.02x 17.12x Profitability

LTM-4Q 31.12.2011 23'939.0 3.26x 14'168.0 5.51x 6'771.0 11.41x

31.12.2012 24'172.0 2.80x 13'701.0 4.95x 4'598.0 10.81x 13'701.00 9'190.00 38.02% 32.07% 7.40% 11.84% 10.25% 0.39% 46.1% 56.7% 38.0% 19.0% 1.30 0.89 11.87% 19.05% 4.69 10.80

Price/ Cash Flow

3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M j-12

j-12

a-12

LTM

12/yy 23'939.0 13.05x 13'895.0 5.62x 6'771.0 11.22x

s-12

12/yy 24'172.0 12.14x 13'701.0 4.95x 4'598.0 10.81x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

2.61 1.32 793.76 8.59 -3.37% 9.07% 1.324 27 4.370 979'357 1'133'403 1'069'367 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 26'160.1 26'509.6 6'025.9 6'286.1 2.74x 2.62x 12.03x 11.55x 15'832.3 17'037.3 3'720.2 4'019.7 4.59x 4.26x 4.53x 4.53x 5'717.8 6'167.8 1'247.0 1'440.5 11.71x 10.98x 11.72x 11.32x S&P Issuer Ratings

23.06.2008 A STABLE 23.06.2008 A-1 105.39 26.73 0.44 0.56 19.0% 16.0% 0.39 0.49 78.06 33.88 137.66 -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 a-12 m-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

24.04.2013

Occidental Petroleum Corp Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC WELLINGTON MANAGEMEN FMR LLC JP MORGAN DODGE & COX BANK OF NEW YORK MEL BARROW HANLEY MEWHIN SUN LIFE FINANCIAL I DAVIS SELECTED ADVIS NORTHERN TRUST CORPO CAPITAL GROUP COMPAN NEUBERGER BERMAN LLC TIAA CREF INVESTMENT IRANI RAY R INVESCO LTD BANK OF AMERICA CORP NORGES BANK UBS

Firm Name RBC Capital Markets Argus Research Corp Sterne, Agee & Leach Susquehanna Financial Group JPMorgan ISI Group Tudor Pickering & Co Edward Jones Credit Suisse Barclays Deutsche Bank Raymond James Oppenheimer & Co Societe Generale Goldman Sachs Howard Weil Inc Morgan Stanley Simmons & Company International Macquarie Capital One Southcoast, Inc. Cowen Securities LLC Wells Fargo Securities, LLC EVA Dimensions S&P Capital IQ

Portfolio Name n/a n/a VANGUARD GROUP INC WELLINGTON MANAGEMEN n/a n/a DODGE & COX BANK OF NEW YORK MEL BARROW HANLEY MEWHIN n/a DAVIS SELECTED ADVIS NORTHERN TRUST CORPO n/a NEUBERGER BERMAN GRO TIAA-CREF INVESTMENT n/a n/a BANK OF AMERICA NORGES BANK n/a

Analyst LEO P MARIANI PHILIP H WEISS TIM A REZVAN DUANE GRUBERT KATHERINE LUCAS MINYARD DOUGLAS T TERRESON MATTHEW PORTILLO BRIAN YOUNGBERG EDWARD WESTLAKE THOMAS R DRISCOLL PAUL SANKEY PAVEL MOLCHANOV FADEL GHEIT JOHN HERRLIN ARJUN N MURTI PETER KISSEL J EVAN CALIO JEFFREY A DIETERT JASON D GAMMEL ELIOT JAVANMARDI ASIT SEN ROGER D READ CRAIG STERLING MICHAEL KAY

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

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

Amt Held 52'918'905 45'662'026 42'890'499 27'838'692 23'940'747 23'578'949 15'707'401 15'387'271 14'161'273 13'803'708 11'697'856 10'966'164 10'187'536 8'935'824 8'016'543 7'929'622 7'517'692 6'293'394 6'266'259 5'944'926

% Out 6.57 5.67 5.32 3.46 2.97 2.93 1.95 1.91 1.76 1.71 1.45 1.36 1.26 1.11 1 0.98 0.93 0.78 0.78 0.74

Weighting

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

Latest Chg 582'906 7'307'518 644'741 (4'596'961) 188'048 (187'812) (599'066) (96'926) (350'817) (3'021'647) 370'372 (4'364) (208'912) (246'025) (49'245) 1'078'571 (15'413) (359'747) 191'139

Target Price 90 105 97 94 110 105 102 #N/A N/A 110 94 90 100 100 99 99 109 86 #N/A N/A 92 120 98 #N/A N/A #N/A N/A 100

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

File Dt 31.03.2013 23.04.2013 31.03.2013 31.12.2012 28.02.2013 28.02.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 21.12.2012 31.03.2013 31.12.2012 31.12.2012 28.02.2013

Date 12 month Not Provided 12 month 12 month 6 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 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 Investment Advisor n/a Investment Advisor Investment Advisor Government Unclassified

Date 23.04.2013 22.04.2013 22.04.2013 22.04.2013 18.04.2013 18.04.2013 18.04.2013 17.04.2013 16.04.2013 16.04.2013 15.04.2013 15.04.2013 15.04.2013 12.04.2013 12.04.2013 11.04.2013 08.04.2013 08.04.2013 05.04.2013 03.04.2013 01.04.2013 19.03.2013 28.02.2013 31.01.2013

24.04.2013

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 35.0 M

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ORCL UW EQUITY YTD Change ORCL UW EQUITY YTD % CHANGE

05/2012 02/yy 36.43 25.33 1'487'433.00 32.53 -10.71% 28.42% 64.23% 4'710.7 153'237.70 16'474.00 0.0 399.0 30'676.00 140'024.70

31.05.2008 22'430.0 5.25x 9'489.0 12.42x 5'521.0 18.27x

15.0 M

15 10

10.0 M

5.0 M

0 a-12 m-12

31.05.2009 31.05.2010 23'252.0 26'820.0 4.11x 4.10x 10'531.0 12'138.0 9.08x 9.06x 5'593.0 6'135.0 14.40x 16.60x Profitability

LTM-4Q 31.05.2011 35'622.0 4.52x 15'524.0 10.37x 8'547.0 19.33x

31.05.2012 37'121.0 3.13x 16'973.0 6.84x 9'981.0 13.24x 16'973.00 14'057.00 37.87% 34.92% 13.74% 24.52% 18.40% 0.48% 78.8% 46.5% 38.6% 26.9% 2.60 2.41 21.03% 37.71% 8.42 38.07

Price/ Cash Flow

j-12

a-12

LTM

02/yy 36'980.0 15.12x 16'698.0 7.85x 9'739.0 14.93x

s-12

02/yy 37'149.0 14.54x 17'286.0 8.58x 10'570.0 15.85x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

1.11 1.12 3'596.05 31.84 14.48% -2.37% 1.124 44 4.341 7'686'602 7'825'439 6'284'858 FY+2

FQ+1

FQ+2

05/13 Y 05/14 Y 05/13 Q4 08/13 Q1 37'423.1 39'512.1 11'138.7 8'563.0 3.78x 3.37x 12.67x 16.01x 18'255.9 20'006.1 5'888.5 3'972.6 7.67x 7.00x 7.27x 7.11x 13'049.3 13'945.2 4'199.8 2'776.0 12.10x 11.10x 11.41x 11.09x S&P Issuer Ratings

24.04.2012 A+ STABLE 24.04.2012 A-1+ 22.16 21.31 -0.79 1.14 37.7% 27.2% 0.48 12.45 43.35 9.59 19.99 47.82

Sales/Revenue/Turnover

20.00

40'000.0

18.00

35'000.0

16.00

30'000.0

14.00

25'000.0

12.00 10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 05.06.2009

j-12

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

0.0 05.12.2009

05.06.2010

05.12.2010

05.06.2011

05.12.2011

05.06.2012

05.12.2012

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

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

24.04.2013

Oracle Corp Holdings By:

All

Holder Name ELLISON LAWRENCE JOS CAPITAL GROUP COMPAN BLACKROCK STATE STREET VANGUARD GROUP INC BANK OF NEW YORK MEL WELLINGTON MANAGEMEN SUN LIFE FINANCIAL I FMR LLC INVESCO LTD NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT JP MORGAN TIAA CREF INVESTMENT NORGES BANK JANUS CAPITAL MANAGE PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA ABERDEEN GOLDMAN SACHS GROUP

Firm Name FBR Capital Markets JMP Securities Lazard Capital Markets BMO Capital Markets Edward Jones Sanford C. Bernstein & Co Stifel Nomura Wedbush Pacific Crest Securities Cowen and Company Morgan Stanley Cross Research RBC Capital Markets Argus Research Corp Oppenheimer & Co Wells Fargo Securities, LLC Credit Agricole Securities (USA) Societe Generale Jefferies Hamburger Sparkasse William Blair & Co Raymond James Macquarie Daiwa Securities Co. Ltd. Barclays Atlantic Equities LLP Deutsche Bank Credit Suisse JPMorgan Janney Montgomery Scott LLC Davenport & Co Canaccord Genuity Corp Berenberg Bank Susquehanna Financial Group Piper Jaffray MKM Partners Evercore Partners EVA Dimensions Tigress Financial Partners Goldman Sachs

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC BANK OF NEW YORK MEL WELLINGTON MANAGEMEN n/a n/a n/a NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT n/a TIAA-CREF INVESTMENT NORGES BANK n/a PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA n/a GOLDMAN SACHS GROUP

Analyst DAVID M HILAL PATRICK WALRAVENS JOEL P FISHBEIN JR KARL KEIRSTEAD JOSH OLSON MARK L MOERDLER BRAD REBACK RICHARD G SHERLUND STEVEN R KOENIG BRENDAN BARNICLE PETER GOLDMACHER KEITH WEISS RICHARD T WILLIAMS MATTHEW HEDBERG JOSEPH F BONNER BRIAN SCHWARTZ JASON MAYNARD EDWARD MAGUIRE RICHARD NGUYEN ROSS MACMILLAN MARCO GUENTHER LAURA J LEDERMAN MICHAEL TURITS BRAD A ZELNICK KAZUYA NISHIMURA RAIMO LENSCHOW CHRISTOPHER HICKEY THOMAS ERNST JR PHILIP WINSLOW JOHN DIFUCCI YUN KIM F DRAKE JOHNSTONE RICHARD DAVIS JR DAUD KHAN J DERRICK WOOD MARK R MURPHY ISRAEL HERNANDEZ STEWART KIRK MATERNE III ANDREW S ZAMFOTIS IVAN FEINSETH HEATHER BELLINI

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

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

Amt Held 1'112'434'580 249'496'992 218'198'158 206'631'405 173'943'841 79'305'376 77'278'005 76'926'341 75'285'789 69'216'283 56'379'053 49'190'816 43'915'151 39'724'493 38'397'212 32'702'179 32'112'868 28'440'138 26'789'941 26'051'615

% Out 23.62 5.3 4.63 4.39 3.69 1.68 1.64 1.63 1.6 1.47 1.2 1.04 0.93 0.84 0.82 0.69 0.68 0.6 0.57 0.55

Weighting

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

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

Latest Chg 7'200'000 (12'392'864) (4'294'558) 5'667'943 2'006'738 988'951 (4'612'811) (1'880'715) 15'270'822 (2'631'607) (610'493) (1'571'164) (11'515'608) 4'197'117 1'152'929 (4'513'686) (1'663'800) (2'801'171) (211'200) (6'302'603)

Target Price 39 #N/A N/A 41 43 #N/A N/A 34 37 39 36 44 #N/A N/A 39 35 37 39 40 #N/A N/A 35 37 36 #N/A N/A #N/A N/A 36 36 36 38 33 29 40 40 43 40 42 35 40 37 38 36 #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 28.12.2012 31.03.2013 22.04.2013 23.04.2013 31.03.2013 31.03.2013 31.12.2012 28.02.2013 28.02.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012

Date 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 18 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 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 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 Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 23.04.2013 23.04.2013 22.04.2013 21.04.2013 19.04.2013 19.04.2013 15.04.2013 15.04.2013 11.04.2013 10.04.2013 10.04.2013 09.04.2013 08.04.2013 04.04.2013 04.04.2013 04.04.2013 03.04.2013 03.04.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 21.02.2013 20.02.2013 24.01.2013

24.04.2013

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

6.0 M

5.0 M

70 60

4.0 M

12/2012 03/yy 84.32 65.68 228'111.00 83.56 -1.08% 27.22% 98.82% 1'546.4 129'218.55 28'359.00 41.0 105.0 6'619.00 151'761.54

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

2.0 M

1.0 M

10 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 43'251.0 2.10x 8'478.0 10.70x 5'142.0 14.85x

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (09.05.2012) Daily Volume Current Price (4/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

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

LTM

03/yy 66'995.0 7.60x 12'398.0 10.21x 6'427.0 14.98x

03/yy 65'645.0 7.81x 11'733.0 10.13x 6'126.0 19.12x

FY+1

.0 M a-13

2.57 0.56 1'543.43 13.83 29.48% 22.98% 0.556 24 4.167 2'049'563 1'439'034 1'505'111 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 67'746.1 71'005.7 16'863.4 17'386.5 2.22x 2.12x 8.87x 8.57x 13'009.6 13'817.0 3'439.9 3'604.6 11.71x 11.03x 11.60x 11.46x 6'832.2 7'318.2 1'846.6 1'976.6 18.89x 17.47x 18.83x 18.37x 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 |

24.04.2013

PepsiCo Inc Holdings By:

All

Holder Name STATE STREET VANGUARD GROUP INC BLACKROCK CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN BANK OF NEW YORK MEL BANK OF AMERICA CORP NORTHERN TRUST CORPO YACKTMAN ASSET MANAG T ROWE PRICE ASSOCIA FMR LLC JP MORGAN ABERDEEN FRANKLIN RESOURCES WELLS FARGO GRANTHAM MAYO VAN OT NORGES BANK MORGAN STANLEY INVESCO LTD TIAA CREF INVESTMENT

Firm Name Argus Research Corp Sanford C. Bernstein & Co Morgan Stanley JPMorgan HSBC Stifel Davenport & Co Gabelli & Co Deutsche Bank Goldman Sachs Edward Jones Janney Montgomery Scott LLC Wells Fargo Securities, LLC S&P Capital IQ Credit Agricole Securities (USA) Barclays Tigress Financial Partners Daiwa Securities Co. Ltd. EVA Dimensions Atlantic Equities LLP

Portfolio Name n/a VANGUARD GROUP INC n/a n/a WELLINGTON MANAGEMEN BANK OF NEW YORK MEL 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 NORGES BANK n/a n/a TIAA-CREF INVESTMENT

Analyst JOHN D STASZAK ALI DIBADJ DARA MOHSENIAN JOHN A FAUCHER LAUREN E TORRES MARK D SWARTZBERG ANN H GURKIN DAMIAN WITKOWSKI WILLIAM G SCHMITZ JUDY E HONG JACK P RUSSO JONATHAN P FEENEY BONNIE HERZOG ESTHER KWON CAROLINE S LEVY MICHAEL J BRANCA IVAN FEINSETH TORU SUGIURA AUSTIN BURKETT VICTORIA COLLIN

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

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

Amt Held 84'179'181 81'747'020 77'141'209 50'436'720 34'990'221 27'627'719 26'319'581 23'728'395 23'006'617 21'851'854 18'557'481 16'993'527 16'124'354 14'460'657 13'041'546 12'850'479 12'667'234 12'361'686 10'915'630 10'683'371

% Out 5.44 5.29 4.99 3.26 2.26 1.79 1.7 1.53 1.49 1.41 1.2 1.1 1.04 0.94 0.84 0.83 0.82 0.8 0.71 0.69

Weighting

Change

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

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

Latest Chg 1'071'434 3'601'157 (2'527'749) (3'610'256) 2'923'941 911'259 (879'872) (56'301) 817'910 (550'261) 1'645'102 (528'301) 326'300 173'735 541'771 (1'434'002) 1'175'456 (206'734) 347'665 678'901

Target Price 92 89 91 86 89 #N/A N/A #N/A N/A #N/A N/A 85 78 #N/A N/A 82 #N/A N/A 91 90 87 #N/A N/A 78 #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 23.04.2013 31.03.2013 22.04.2013 31.03.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.03.2013 31.01.2013 28.02.2013 31.12.2012 31.12.2012 28.02.2013 31.03.2013 31.12.2012

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

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 Government Investment Advisor Investment Advisor Investment Advisor

Date 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 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 25.02.2013 21.02.2013 16.01.2013 24.03.2010

24.04.2013

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 (05.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 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 12/yy 31.14 21.40 1'312'916.00 30.86 -0.77% 44.21% 99.38% 7'185.6 221'748.98 37'460.00 39.0 418.0 32'708.00 226'957.98

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

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 a-12 m-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 6.64x 7.92x Profitability

LTM-4Q 31.12.2011 65'259.0 2.71x 30'037.0 5.89x 10'009.0 9.53x

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% 7.80% 17.83% 13.13% 0.32% 81.4% 44.6% 31.8% 24.7% 2.15 1.58 20.16% 46.12% 4.68 1.66

Price/ Cash Flow

j-12

a-12

LTM

12/yy 65'738.0 10.39x 29'012.0 6.10x 10'009.0 9.49x

s-12

12/yy 59'506.0 12.75x 26'532.0 7.07x 14'570.0 11.35x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

2.85 0.79 7'180.95 54.59 41.46% 24.12% 0.791 27 4.333 8'564'865 7'731'223 7'431'352 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 57'140.0 56'426.6 13'951.5 14'402.8 4.15x 4.05x 16.91x 16.38x 27'544.0 27'672.2 6'775.5 7'063.0 8.25x 8.22x 8.41x 8.64x 16'092.4 16'163.9 4'006.0 4'193.2 13.59x 12.90x 13.61x 13.48x S&P Issuer Ratings

16.10.2009 AA STABLE 23.11.1981 A-1+ 17.42 16.58 0.18 1.41 46.1% 31.4% 0.32 3.92 78.22 221.02 123.44 179.54

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

j-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 |

24.04.2013

Pfizer Inc Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC FMR LLC WELLINGTON MANAGEMEN BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA JP MORGAN NORTHERN TRUST CORPO FRANKLIN RESOURCES CAPITAL GROUP COMPAN SUN LIFE FINANCIAL I STATE FARM MUTUAL AU INVESCO LTD DODGE & COX AMERIPRISE FINANCIAL DEUTSCHE BANK AG NORGES BANK BARROW HANLEY MEWHIN TIAA CREF INVESTMENT

Firm Name Wells Fargo Securities, LLC JPMorgan BMO Capital Markets Barclays MKM Partners Credit Agricole Securities (USA) Morgan Stanley Jefferies Sanford C. Bernstein & Co Leerink Swann & Co Cowen and Company Edward Jones Independent Research GmbH ISI Group Credit Suisse Goldman Sachs Argus Research Corp Hilliard Lyons S&P Capital IQ Atlantic Equities LLP EVA Dimensions Hamburger Sparkasse MP Advisors Pvt Ltd Cyrrus First Global Stockbroking Fincorp SAOG McAdams Wright Ragen Inc

Portfolio Name n/a n/a VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA n/a NORTHERN TRUST CORPO n/a n/a n/a STATE FARM MUTUAL AU n/a DODGE & COX AMERIPRISE FINANCIAL DEUTSCHE BANK AKTIEN NORGES BANK BARROW HANLEY MEWHIN TIAA-CREF INVESTMENT

Analyst MICHAEL K TONG CHRISTOPHER T SCHOTT ALEX ARFAEI CHARLES ANTHONY BUTLER JON LECROY KIM-LINH LINH VUKHAC DAVID R RISINGER JEFFREY HOLFORD TIMOTHY M ANDERSON SEAMUS FERNANDEZ STEVEN R SCALA JUDSON CLARK CHRISTOPH SCHOENDUBE MARK J SCHOENEBAUM CATHERINE J ARNOLD JAMI E RUBIN JOHN M EADE STEPHEN A O'NEIL HERMAN SAFTLAS RICHARD J PURKISS ANDREW S ZAMFOTIS MARCO GUENTHER VISHAL MANCHANDA TOMAS MENCIK KAVITA THOMAS GAURAV RAMAIYA PAUL C LATTA

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

Recommendation outperform overweight outperform equalweight neutral buy Overwt/In-Line buy outperform market perform outperform buy hold buy neutral buy/attractive buy long-term buy buy overweight overweight sell market perform hold moderate outperform buy focus list

Amt Held 474'300'574 427'902'307 336'677'440 157'905'984 156'030'667 140'673'343 121'260'105 114'374'506 108'664'901 106'343'408 97'163'184 85'223'148 79'999'525 74'477'512 71'247'670 68'795'682 61'377'548 60'070'940 57'986'630 56'088'202

% Out 6.6 5.95 4.69 2.2 2.17 1.96 1.69 1.59 1.51 1.48 1.35 1.19 1.11 1.04 0.99 0.96 0.85 0.84 0.81 0.78

Weighting

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

Latest Chg 6'614'619 3'198'591 5'309'166 (499'554) (11'042'127) (1'695'593) (11'952'305) 752'909 5'977'683 (7'649'631) 1'015'817 (438'836) (4'301'522) (3'406'089) 1'905'697 1'849'248 3'524'346 (1'065'370) (1'026'074)

Target Price #N/A N/A 33 33 32 28 32 31 33 32 #N/A N/A #N/A N/A #N/A N/A 29 29 29 32 32 32 31 33 #N/A N/A #N/A N/A 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 22.04.2013 23.04.2013 31.03.2013 28.02.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 6 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 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 Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor

Date 19.04.2013 18.04.2013 16.04.2013 15.04.2013 11.04.2013 11.04.2013 10.04.2013 10.04.2013 10.04.2013 10.04.2013 10.04.2013 05.04.2013 11.03.2013 15.02.2013 07.02.2013 30.01.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 16.01.2013 27.11.2012 08.08.2012 05.04.2012 09.02.2012 13.10.2011 30.04.2009

24.04.2013

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 (12.04.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (4/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 PM UN EQUITY YTD Change PM UN EQUITY YTD % CHANGE

12/2012 03/yy 96.60 81.10 207'339.00 94.33 -2.36% 16.31% 80.65% 1'642.2 154'907.98 22'839.00 0.0 1'623.0 2'983.00 178'106.99

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 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 14.65x 15.12x Profitability

LTM-4Q 31.12.2011 31'097.0 4.92x 14'434.0 10.60x 8'591.0 16.12x

31.12.2012 31'377.0 5.09x 14'827.0 10.78x 8'800.0 16.02x 14'827.00 13'929.00 44.39% 41.39% 23.75% 43.08% 0.85% 66.9% 46.3% 44.1% 28.0% 0.97 0.39 60.63% 9.24 1.22

Price/ Cash Flow

LTM

03/yy 31'754.0 18.32x 14'810.0 11.50x 8'833.0 17.48x

03/yy 31'513.0 21.30x 14'603.0 12.01x 8'764.0 17.69x

FY+1

.0 M a-13

3.52 0.78 1'543.44 9.68 13.69% 13.83% 0.779 22 4.091 1'587'990 1'388'148 1'404'744 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 32'294.9 33'994.6 8'279.9 8'274.8 5.52x 5.31x 15'454.0 16'545.4 3'966.5 4'160.3 11.53x 10.77x 11.35x 11.14x 9'137.0 9'799.4 2'361.0 2'457.4 16.77x 15.03x 16.37x 15.87x S&P Issuer Ratings

05.03.2008 A STABLE 05.03.2008 A-1 14.72 13.68 1.48 1.75 108.8% 0.85 4.88 39.60 301.13 34.86 305.87

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 |

24.04.2013

Philip Morris International Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN STATE STREET BLACKROCK VANGUARD GROUP INC BANK OF NEW YORK MEL FMR LLC SUN LIFE FINANCIAL I WELLINGTON MANAGEMEN FAYEZ SAROFIM MORGAN STANLEY NORTHERN TRUST CORPO BARROW HANLEY MEWHIN JP MORGAN AMERIPRISE FINANCIAL TIAA CREF INVESTMENT GOLDMAN SACHS GROUP GRANTHAM MAYO VAN OT WADDELL & REED FINAN JANUS CAPITAL MANAGE BANK OF AMERICA CORP

Firm Name Argus Research Corp Stifel Renaissance Capital Berenberg Bank Nomura Morgan Stanley Credit Suisse Edward Jones JPMorgan Jefferies Davenport & Co Wells Fargo Securities, LLC S&P Capital IQ Credit Agricole Securities (USA) Barclays Daiwa Securities Co. Ltd. EVA Dimensions Goldman Sachs

Portfolio Name n/a n/a n/a VANGUARD GROUP INC BANK OF NEW YORK MEL n/a n/a WELLINGTON MANAGEMEN FAYEZ SAROFIM n/a NORTHERN TRUST CORPO BARROW HANLEY MEWHIN n/a AMERIPRISE FINANCIAL TIAA-CREF INVESTMENT GOLDMAN SACHS GROUP GRANTHAM MAYO VAN OT WADDELL & REED FINAN n/a BANK OF AMERICA

Analyst NATHANIEL GABRIEL CHRISTOPHER R GROWE REY WIUM ERIK BLOOMQUIST DAVID HAYES DAVID J ADELMAN ROGERIO FUJIMORI JACK P RUSSO RAE MAILE THILO WREDE ANN H GURKIN BONNIE HERZOG ESTHER KWON MICHAEL LAVERY MICHAEL J BRANCA TORU SUGIURA AUSTIN BURKETT JUDY E HONG

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

Recommendation buy buy hold buy neutral Overwt/In-Line neutral buy neutral hold buy outperform strong buy outperform overweight neutral underweight Buy/Neutral

Amt Held 145'010'698 95'536'508 92'372'880 78'917'908 32'064'748 30'701'447 25'397'031 23'867'658 21'903'361 21'862'438 21'801'786 21'113'825 18'651'756 15'259'175 14'969'674 14'822'177 14'136'327 13'996'344 13'738'249 13'209'663

% Out 8.83 5.82 5.62 4.81 1.95 1.87 1.55 1.45 1.33 1.33 1.33 1.29 1.14 0.93 0.91 0.9 0.86 0.85 0.84 0.8

Weighting

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

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

Latest Chg (5'458'668) (769'321) 1'302'339 996'199 575'138 (15'920) (357'832) (3'147'352) (1'918'464) (270'510) (200'359) (2'427'618) (1'038'181) (304'054) (459'525) (844'857) (271'743) 130'964 (200'280)

Target Price 98 100 97 100 95 95 90 #N/A N/A 108 95 100 #N/A N/A 103 100 104 91 #N/A N/A 105

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

File Dt 31.03.2013 23.04.2013 22.04.2013 31.03.2013 31.03.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 6 month 12 month 12 month Not Provided Not Provided 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 19.04.2013 19.04.2013 19.04.2013 19.04.2013 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 27.02.2013 25.02.2013 08.02.2013

24.04.2013

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 59.08 1'574'739.00 77.87 -5.51% 31.80% 100.00% 2'731.7 212'713.67 29'778.00 1'195.0 596.0 4'436.00 239'060.67

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

4.0 M

2.0 M

10 0 a-12 m-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 82'559.0 2.50x 18'656.0 11.08x 11'797.0 16.09x

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% 19.61% 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

j-12

a-12

LTM

03/yy 84'328.0 9.99x 18'252.0 11.79x 9'635.0 17.30x

s-12

03/yy 83'724.0 10.32x 17'876.0 13.25x 13'068.0 19.22x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

2.89 0.64 2'729.76 21.33 21.07% 16.52% 0.637 33 3.788 3'212'078 2'558'096 2'724'006 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 84'590.6 87'505.1 20'942.7 21'480.9 2.86x 2.75x 11.54x 11.33x 19'268.5 20'536.7 4'159.6 5'206.7 12.47x 11.70x 11.95x 11.83x 11'842.4 12'553.6 2'370.4 3'226.7 19.20x 17.83x 18.29x 17.90x 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

j-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 (26.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 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 |

24.04.2013

Procter & Gamble Co/The Holdings By:

All

Holder Name STATE STREET BLACKROCK VANGUARD GROUP INC BERKSHIRE HATHAWAY I FMR LLC NORTHERN TRUST CORPO BANK OF NEW YORK MEL CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA PERSHING SQUARE CAPI YACKTMAN ASSET MANAG JP MORGAN MORGAN STANLEY NORGES BANK WELLINGTON MANAGEMEN BANK OF AMERICA CORP STATE FARM MUTUAL AU DEUTSCHE BANK AG GEODE CAPITAL MANAGE INVESCO LTD

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

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a T ROWE PRICE ASSOCIA PERSHING SQUARE CAPI YACKTMAN ASSET MANAG n/a n/a NORGES BANK WELLINGTON MANAGEMEN BANK OF AMERICA STATE FARM MUTUAL AU DEUTSCHE BANK AKTIEN GEODE CAPITAL MANAGE n/a

Analyst CONSTANCE M MANEATY WILLIAM G SCHMITZ DARA MOHSENIAN JASON M GERE WILLIAM CHAPPELL MARK S ASTRACHAN ALICE BEEBE LONGLEY ALICIA FORRY JOSEPH ALTOBELLO TIMOTHY A CONDER JOHN A FAUCHER LINDA BOLTON WEISER IAN GORDON ALI DIBADJ JACK P RUSSO LAUREN R LIEBERMAN JON R ANDERSEN MICHAEL STEIB CAROLINE S LEVY IVAN FEINSETH LARS LUSEBRINK JOHN D STASZAK TORU SUGIURA JASON ENGLISH JEFFREY S THOMISON JOHN SAN MARCO AUSTIN BURKETT VICTORIA COLLIN SARAH DONNELLY

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

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

Amt Held 170'676'041 146'265'577 136'689'650 52'793'078 51'875'763 42'645'901 41'437'961 34'430'434 29'428'901 27'946'892 27'752'099 27'648'772 24'860'139 22'102'179 22'029'700 20'374'341 20'372'600 18'112'918 18'110'048 14'604'447

% Out 6.25 5.35 5 1.93 1.9 1.56 1.52 1.26 1.08 1.02 1.02 1.01 0.91 0.81 0.81 0.75 0.75 0.66 0.66 0.53

Weighting

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

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 M M

Latest Chg 3'694'782 3'876'301 5'311'290 4'616'569 (231'272) 144'389 291'175 (513'138) (29'254) 1'182'258 1'054'432 1'884'347 196'666 (89'752) 288'300 7'436'710 (1'774'571) (1'464'771)

Target Price 84 87 #N/A N/A 77 80 #N/A N/A 74 87 #N/A N/A #N/A N/A 80 87 83 86 #N/A N/A 81 #N/A N/A 75 87 #N/A N/A 80 84 76 76 #N/A N/A 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 23.04.2013 Investment Advisor 22.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor

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

Date 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 22.04.2013 19.04.2013 16.04.2013 12.04.2013 11.04.2013 10.04.2013 13.03.2013 25.02.2013 18.02.2013 29.01.2013 29.01.2013 28.01.2013 28.01.2013 28.01.2013 16.01.2013 19.11.2012 02.02.2009

24.04.2013

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 80

8.0 M

09/2012 12/yy 68.49 53.09 808'818.00 66.25 -3.24% 24.79% 79.32% 1'718.1 113'826.11 0.00 0.0 22.0 26'837.00 85'507.11

6.0 M

4.0 M

20 2.0 M

10 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

10.0 M

60 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.03.2013) 52-Week Low (17.07.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.01.2013 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

30.09.2008 11'142.0 5.80x 4'186.0 15.44x 3'160.0 21.73x

12.0 M

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 43.40x 18.96x 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 22.39x 6'579.00 5'682.00 29.72% 34.32% 16.04% 20.73% 20.44% 0.50% 62.9% 34.9% 30.4% 31.9% 2.95 2.61 0.00% 0.00% 15.26 7.61

Price/ Cash Flow

LTM

12/yy 16'291.0 16.85x 6'487.0 10.96x 4'491.0 18.65x

12/yy 20'458.0 15.34x 7'149.0 10.59x 6'614.0 15.79x

FY+1

.0 M a-13

1.46 1.05 1'696.72 13.66 8.84% 7.22% 1.053 49 4.633 3'671'733 3'181'682 3'179'381 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 24'158.4 26'920.3 6'088.4 5'875.7 3.69x 3.03x 14.76x 15.15x 9'674.5 10'697.1 2'462.8 2'166.2 8.86x 8.01x 9.04x 8.96x 8'034.0 8'875.3 2'054.0 1'823.9 14.60x 13.43x 14.59x 14.39x S&P Issuer Ratings

19.12.2001 NR 73.10 58.83 -3.96 0.00 0.0% 0.0% 0.50 7.47 24.32 48.72 59.93 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 |

24.04.2013

QUALCOMM Inc Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC FMR LLC T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL INVESCO LTD JP MORGAN NORTHERN TRUST CORPO WELLS FARGO AMERIPRISE FINANCIAL UBS JACOBS IRWIN MARK GOLDMAN SACHS GROUP PRIMECAP MANAGEMENT TIAA CREF INVESTMENT WELLINGTON MANAGEMEN SANDS CAPITAL MANAGE WINSLOW CAPITAL MANA DEUTSCHE BANK AG

Firm Name BMO Capital Markets Brean Murray Carret & Co FBR Capital Markets RBC Capital Markets Sanford C. Bernstein & Co William Blair & Co Canaccord Genuity Corp Wells Fargo Securities, LLC Credit Agricole Securities (USA) Deutsche Bank Evercore Partners Morgan Stanley MKM Partners Exane BNP Paribas Wedge Partners Societe Generale D.A. Davidson & Co Nomura JMP Securities Lazard Capital Markets Pacific Crest Securities Barclays Credit Suisse Sterne, Agee & Leach Argus Research Corp Edward Jones Susquehanna Financial Group Raymond James Northland Securities Inc Cowen and Company Piper Jaffray Tigress Financial Partners Scotia Capital Berenberg Bank S&P Capital IQ Oppenheimer & Co Drexel Hamilton LLC JPMorgan Daiwa Securities Co. Ltd. Goldman Sachs Macquarie Davenport & Co Williams Financial Group

Portfolio Name n/a n/a VANGUARD GROUP INC n/a T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL n/a n/a NORTHERN TRUST CORPO n/a AMERIPRISE FINANCIAL n/a n/a GOLDMAN SACHS GROUP PRIMECAP MANAGEMENT TIAA-CREF INVESTMENT WELLINGTON MANAGEMEN SANDS CAPITAL MANAGE WINSLOW CAPITAL MANA DEUTSCHE BANK AKTIEN

Analyst TIMOTHY P LONG MIKE BURTON CHRISTOPHER ROLLAND MARK SUE STACY A RASGON ANIL K DORADLA T MICHAEL WALKLEY DAVID M WONG SRINI PAJJURI BRIAN T MODOFF MARK A MCKECHNIE EHUD A GELBLUM DANIEL A BERENBAUM JEROME RAMEL BRIAN BLAIR PETER KNOX AALOK K SHAH ROMIT SHAH ALEX GAUNA IAN ING JAMES FAUCETTE BLAYNE CURTIS KULBINDER GARCHA VIJAY R RAKESH JAMES KELLEHER WILLIAM C KREHER CHRISTOPHER CASO TAVIS C MCCOURT THOMAS SEPENZIS MATTHEW HOFFMAN AUGUSTE P RICHARD IVAN FEINSETH GUS PAPAGEORGIOU ADNAAN AHMAD JAMES G MOORMAN ITTAI KIDRON RICHARD WHITTINGTON ROD HALL YOKO YAMADA SIMONA JANKOWSKI SHAWN WEBSTER F DRAKE JOHNSTONE CODY G ACREE

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

Recommendation outperform buy outperform outperform outperform outperform buy outperform outperform buy overweight Overwt/Attractive buy outperform no rating system hold neutral buy market outperform buy outperform overweight outperform buy buy buy Positive strong buy outperform outperform overweight strong buy focus stock sell strong buy outperform buy neutral outperform Buy/Neutral outperform buy hold

Amt Held 98'505'360 92'090'095 78'646'090 65'989'412 48'565'229 37'221'715 28'207'275 28'102'183 26'620'183 20'860'976 20'000'786 18'682'764 18'545'579 18'055'113 17'971'145 16'861'913 16'431'203 15'415'875 15'097'814 15'092'976

% Out 5.73 5.36 4.58 3.84 2.83 2.17 1.64 1.64 1.55 1.21 1.16 1.09 1.08 1.05 1.05 0.98 0.96 0.9 0.88 0.88

Weighting

Change

5 5 5 5 5 5 5 5 5 5 5 5 5 5 #N/A N/A 3 3 5 4 5 5 5 5 5 5 5 4 5 5 5 5 5 5 1 5 5 5 3 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 U N M M N M M M M M D M M M M M

Latest Chg 1'057'384 2'591'704 2'470'673 (13'864'751) (1'402'853) (2'037'442) (3'531'699) 3'842'992 (44'394) (267'148) (101'415) (959'592) (66'379) (97'239) (245'290) 1'737'652 (5'446'906) (4'025'353) (2'711'518) 3'254'562

Target Price 80 80 76 77 80 #N/A N/A 85 #N/A N/A 74 78 85 78 74 75 #N/A N/A 64 65 75 75 79 70 77 85 75 80 #N/A N/A 85 83 80 #N/A N/A 83 #N/A N/A 81 50 84 72 80 70 71 80 75 72 #N/A N/A

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

File Dt 22.04.2013 23.04.2013 31.03.2013 28.02.2013 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 28.02.2013 05.03.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 18 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 18 month 12 month 6 month Not Provided 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 Unclassified n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 21.04.2013 21.04.2013 19.04.2013 19.04.2013 19.04.2013 17.04.2013 16.04.2013 16.04.2013 15.04.2013 15.04.2013 15.04.2013 11.04.2013 11.04.2013 09.04.2013 09.04.2013 08.04.2013 08.04.2013 05.04.2013 02.04.2013 02.04.2013 01.04.2013 25.03.2013 18.03.2013 05.03.2013 05.03.2013 05.03.2013 25.02.2013 13.02.2013 12.02.2013 04.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013

24.04.2013

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 70

Latest Fiscal Year: LTM as of: 52-Week High (21.12.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.02.2013 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 12/yy 59.34 49.03 87'023.00 57.79 -2.44% 17.87% 81.09% 326.4 18'860.06 4'731.00 0.0 164.0 4'044.00 19'711.06

1.5 M

1.0 M

20 .5 M

10 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 10.64x 8.93x Profitability

LTM-4Q 31.12.2011 24'791.0 0.69x 3'274.0 5.24x 1'866.0 8.27x

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% 7.19% 23.30% 15.75% 0.93% 21.8% 14.1% 12.2% 7.7% 1.57 0.69 17.73% 58.95% 3.90

Price/ Cash Flow

LTM

12/yy 24'791.0 2.87x 3'274.0 5.24x 1'866.0 8.27x

12/yy 24'414.0 3.24x 3'444.0 5.73x 1'888.0 9.25x

FY+1

.0 M a-13

3.46 0.84 324.41 4.61 13.09% 1.35% 0.835 22 3.545 593'389 492'552 552'786 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 23'805.9 23'343.6 5'692.5 5'849.1 0.83x 0.84x 3.51x 3.45x 3'124.9 3'147.2 749.3 768.0 6.32x 6.27x 6.33x 1'729.0 1'741.6 420.8 424.9 10.88x 10.46x 10.85x 10.89x S&P Issuer Ratings

04.09.2008 ASTABLE 15.07.2005 A-2 16.80 15.15 0.20 1.37 58.9% 36.6% 0.93 12.23 93.80 27.28 -

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 |

24.04.2013

Raytheon Co Holdings By:

All

Holder Name BLACKROCK BARROW HANLEY MEWHIN STATE STREET VANGUARD GROUP INC WELLINGTON MANAGEMEN FMR LLC FRANKLIN RESOURCES BANK OF NEW YORK MEL AMERIPRISE FINANCIAL T ROWE PRICE ASSOCIA INVESCO LTD LSV ASSET MANAGEMENT NORTHERN TRUST CORPO ADAGE CAPITAL PARTNE MACQUARIE GROUP CLEARBRIDGE INVESTME AJO, LP SASCO CAPITAL INCORP UBS CAPITAL GROUP COMPAN

Firm Name Jefferies Sanford C. Bernstein & Co Credit Suisse CRT Capital Group Deutsche Bank JPMorgan Stifel Barclays Cowen and Company RBC Capital Markets Wells Fargo Securities, LLC Sterne, Agee & Leach Goldman Sachs Drexel Hamilton LLC Argus Research Corp FBR Capital Markets Oppenheimer & Co EVA Dimensions Buckingham Research Group Shore Capital Stockbrokers

Portfolio Name n/a BARROW HANLEY MEWHIN n/a VANGUARD GROUP INC WELLINGTON MANAGEMEN n/a n/a BANK OF NEW YORK MEL AMERIPRISE FINANCIAL T ROWE PRICE ASSOCIA n/a LSV ASSET MANAGEMENT NORTHERN TRUST CORPO ADAGE CAPITAL PARTNE n/a CLEARBRIDGE INVESTME AJO, LP SASCO CAPITAL INCORP n/a n/a

Analyst HOWARD A RUBEL DOUGLAS S HARNED ROBERT M SPINGARN BRIAN W RUTTENBUR MYLES WALTON JOSEPH B NADOL III WILLIAM R LOOMIS CARTER COPELAND CAI VON RUMOHR ROBERT STALLARD SAMUEL J PEARLSTEIN PETER J ARMENT NOAH POPONAK PETER J SKIBITSKI NATHANIEL GABRIEL PATRICK J MCCARTHY YAIR REINER CRAIG STERLING RICHARD SAFRAN GREG JOHNSON

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

Recommendation buy outperform outperform Fairly Valued hold neutral buy overweight neutral sector perform outperform neutral Sell/Neutral hold hold market perform market perform buy neutral hold

Amt Held 26'945'085 19'692'149 18'009'379 15'664'626 11'102'277 6'797'692 5'854'375 5'601'812 4'884'841 4'570'897 4'457'200 4'343'343 4'246'576 4'165'967 4'113'579 3'535'471 3'419'700 3'407'480 3'217'278 3'000'000

% Out 8.26 6.03 5.52 4.8 3.4 2.08 1.79 1.72 1.5 1.4 1.37 1.33 1.3 1.28 1.26 1.08 1.05 1.04 0.99 0.92

Weighting

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

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

Latest Chg (332'076) 357'587 422'562 639'326 (1'138'546) (153'070) 645'237 188'355 (259'395) 200'003 (200'453) 46'495 3'206'200 81'201 (7'492) 1'415'900 (55'871) 165'659 -

Target Price 66 67 62 49 60 54 63 60 #N/A N/A 54 #N/A N/A #N/A N/A 51 45 #N/A N/A 56 #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 31.12.2012 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 31.03.2013 Investment Advisor

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

Date 19.04.2013 19.04.2013 16.04.2013 16.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 11.04.2013 10.04.2013 10.04.2013 09.04.2013 08.04.2013 25.03.2013 08.02.2013 25.01.2013 24.01.2013 16.01.2013 09.11.2012 09.03.2011

24.04.2013

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 59.12 420'518.00 72.73 -10.56% 23.02% 56.03% 1'331.0 96'804.70 11'630.00 0.0 107.0 6'274.00 102'343.71

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

2.0 M

1.0 M

10 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 (26.06.2012) Daily Volume Current Price (4/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 31.51x Profitability

LTM-4Q 31.12.2011 36'959.0 2.61x 9'794.0 9.84x 4'997.0 19.08x

31.12.2012 42'149.0 2.31x 11'020.0 8.85x 5'490.0 16.66x 11'020.00 7'520.00 17.84% 17.06% 9.25% 15.99% 12.85% 0.73% 21.6% 25.8% 17.8% 13.0% 1.95 1.43 18.90% 33.47% 3.92 7.11

Price/ Cash Flow

LTM

03/yy 39'448.0 10.22x 10'337.0 9.63x 5'355.0 18.07x

03/yy 42'931.0 9.28x 8'433.0 0.00x 5'448.0 18.05x

FY+1

.0 M a-13

1.51 1.37 1'327.70 12.14 1.62% 5.37% 1.373 39 4.538 2'930'048 2'276'827 1'990'699 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 45'718.9 50'928.0 11'151.8 11'612.0 2.20x 1.90x 9.19x 8.78x 12'260.9 14'039.4 2'982.1 3'171.1 8.34x 7.28x 7.99x 7.71x 6'226.8 7'547.8 1'481.0 1'624.4 15.57x 12.80x 14.81x 14.14x S&P Issuer Ratings

11.12.2002 A+ STABLE 11.12.2002 A-1 32.41 18.60 0.48 1.05 33.5% 25.0% 0.73 3.05 93.11 51.47 86.78 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 |

24.04.2013

Schlumberger Ltd Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC CAPITAL GROUP COMPAN DODGE & COX T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL JP MORGAN NORTHERN TRUST CORPO FMR LLC THORNBURG INVESTMENT MANNING & NAPIER ADV SUN LIFE FINANCIAL I SANDS CAPITAL MANAGE NORGES BANK GOLDMAN SACHS GROUP UBS TIAA CREF INVESTMENT BANK OF AMERICA CORP WELLS FARGO

Firm Name Credit Suisse Societe Generale JPMorgan Jefferies HSBC Macquarie Howard Weil Inc Sanford C. Bernstein & Co Capital One Southcoast, Inc. Stephens Inc Raymond James FBR Capital Markets Wells Fargo Securities, LLC Guggenheim Securities LLC Susquehanna Financial Group Cowen Securities LLC Deutsche Bank Sterne, Agee & Leach EVA Dimensions BMO Capital Markets Morgan Stanley RBC Capital Markets Edward Jones William Blair & Co Johnson Rice & Co ISI Group Credit Agricole Securities (USA) Barclays Global Hunter Securities RS Platou Markets Argus Research Corp S&P Capital IQ Tudor Pickering & Co Goldman Sachs

Portfolio Name n/a n/a VANGUARD GROUP INC n/a DODGE & COX T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO n/a THORNBURG INVESTMENT MANNING & NAPIER ADV n/a SANDS CAPITAL MANAGE NORGES BANK GOLDMAN SACHS GROUP n/a TIAA-CREF INVESTMENT BANK OF AMERICA n/a

Analyst JAMES WICKLUND EDWARD C MUZTAFAGO J DAVID ANDERSON BRAD HANDLER DAVID PHILLIPS NIGEL BROWNE WILLIAM SANCHEZ SCOTT GRUBER LUKE M LEMOINE JOHN KELLER J MARSHALL ADKINS MEGAN REPINE MATTHEW D CONLAN MICHAEL K LAMOTTE CHARLES P MINERVINO JAMES D CRANDELL MICHAEL W URBAN STEPHEN D GENGARO CRAIG STERLING ALAN D LAWS OLE SLORER KURT HALLEAD BRIAN YOUNGBERG BRANDON DOBELL DANIEL BURKE JUDSON E BAILEY DAVID S HAVENS JAMES C WEST JEFFREY SPITTEL TURNER HOLM PHILIP H WEISS STEWART GLICKMAN JEFF TILLERY WAQAR SYED

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

Recommendation neutral buy overweight buy overweight outperform focus list outperform add overweight outperform outperform outperform buy Positive buy buy buy underweight outperform Overwt/Attractive outperform buy market perform equalweight strong buy buy overweight neutral neutral buy hold buy buy/attractive

Amt Held 80'907'864 73'838'059 61'838'785 53'188'079 34'796'152 28'708'777 28'282'914 21'241'071 20'989'963 20'010'014 16'502'135 12'743'364 12'191'472 12'158'962 12'026'446 11'879'647 11'528'043 11'095'990 10'688'425 10'658'748

% Out 6.08 5.55 4.65 4 2.61 2.16 2.12 1.6 1.58 1.5 1.24 0.96 0.92 0.91 0.9 0.89 0.87 0.83 0.8 0.8

Weighting

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

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 D M M M U

Latest Chg 3'503'199 640'357 1'709'323 894'326 (355'550) 132'845 907'168 2'733'410 (84'487) (5'205'530) 204'573 777'715 1'875'584 433'671 1'475'319 1'672'854 750'095 449'374 (301'147) 81'767

Target Price 79 90 97 86 92 91 97 100 90 99 77 93 #N/A N/A 87 85 93 91 93 #N/A N/A 85 93 85 #N/A N/A #N/A N/A #N/A N/A 92 90 103 80 85 90 81 #N/A N/A 95

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

File Dt 22.04.2013 23.04.2013 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.03.2013 28.02.2013 31.12.2012 28.02.2013 31.12.2012 31.03.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 28.02.2013

Date Not Provided 12 month 6 month 12 month 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 Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 6 month Not Provided 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 Government Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 24.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 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 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 15.04.2013 11.04.2013 20.09.2012 12.09.2012 26.07.2012

24.04.2013

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 (22.04.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (4/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 SPG UN EQUITY YTD Change SPG UN EQUITY YTD % CHANGE

12/2012 12/yy 176.69 142.08 44'934.00 175.73 -0.57% 23.68% 98.12% 310.0 54'472.05 23'113.01 39.8 1'160.5 1'184.52 77'600.87

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 j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 a-12 m-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 40.51x 27.87x 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% 4.88% 27.31% 6.32% 0.17% 71.4% 29.4% 70.93% 393.70% -

Price/ Cash Flow

12/yy 4'306.4 48.20x 3'010.9 18.84x 1'024.8 37.05x

LTM 12/yy 4'880.1 57.64x 3'482.9 20.71x 1'434.5 33.35x

FY+1

.0 M a-13

2.36 0.94 306.90 5.07 19.73% 11.94% 0.937 26 4.538 445'007 450'566 423'043 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'176.7 5'440.1 1'224.9 1'251.9 15.40x 14.58x 67.70x 66.31x 3'931.6 4'168.8 933.4 946.9 19.76x 18.63x 19.74x 19.33x 1'116.2 1'295.8 230.1 241.8 50.11x 43.00x 51.44x 49.21x S&P Issuer Ratings

10.05.2010 ASTABLE 3.04 -0.91 6.30 6.64 393.7% 76.6% 0.17 -

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 |

24.04.2013

Simon Property Group Inc Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK STATE STREET COHEN & STEERS CAPIT FMR LLC DAIWA SECURITIES GRO MORGAN STANLEY INVESCO LTD CBRE GROUP INC APG ASSET MANAGEMENT PGGM VERMOGENSBEHEER DEUTSCHE BANK AG BANK OF NEW YORK MEL LASALLE INVESTMENT M NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA PRINCIPAL FINANCIAL JP MORGAN AEW CAPITAL MANAGEME TIAA CREF INVESTMENT

Firm Name Deutsche Bank ISI Group Imperial Capital LLC Hilliard Lyons Cowen and Company BMO Capital Markets Edward Jones Barclays Stifel Sandler O'Neill & Partners, LP Jefferies Morgan Stanley Wells Fargo Securities, LLC Argus Research Corp Raymond James RBC Capital Markets JPMorgan Evercore Partners S&P Capital IQ EVA Dimensions Goldman Sachs

Portfolio Name VANGUARD GROUP INC n/a n/a COHEN & STEERS CAPIT n/a DAIWA SECURITIES GRO n/a n/a n/a APG ASSET MANAGEMENT PGGM VERMOGENSBEHEER DEUTSCHE BANK AKTIEN BANK OF NEW YORK MEL LASALLE INVESTMENT M NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA n/a n/a AEW CAPITAL MANAGEME TIAA-CREF INVESTMENT

Analyst VINCENT CHAO STEVE SAKWA DAVID HARRIS CAROL L KEMPLE JAMES W SULLIVAN PAUL E ADORNATO JOHN L SHEEHAN ROSS L SMOTRICH NATHAN ISBEE ALEXANDER D GOLDFARB OMOTAYO T OKUSANYA II PAUL MORGAN JEFFREY J DONNELLY MICHAEL BURKE RICHARD J MILLIGAN RICHARD C MOORE MICHAEL W MUELLER BENJAMIN YANG ROBERT MCMILLAN AUSTIN BURKETT ANDREW ROSIVACH

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

Recommendation buy buy in-line neutral outperform market perform hold overweight buy buy buy Equalwt/Attractive outperform buy outperform outperform overweight equalweight buy overweight Buy/Neutral

Amt Held 36'658'923 23'968'032 22'813'451 21'811'676 13'956'236 10'337'973 9'910'670 8'015'366 7'152'907 6'861'136 6'611'908 6'388'926 5'831'802 5'744'566 5'573'381 4'933'013 3'934'185 3'891'195 3'219'600 3'200'694

% Out 11.82 7.73 7.36 7.04 4.5 3.33 3.2 2.59 2.31 2.21 2.13 2.06 1.88 1.85 1.8 1.59 1.27 1.26 1.04 1.03

Weighting

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

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

Latest Chg 1'937'887 1'711'321 730'203 178'705 1'244'078 (121'624) 32'918 (335'485) (401'114) (165'301) (158'699) 53'902 (448'519) (85'138) 108'170 424'337 881'857 39'800 1'143

Target Price 181 188 168 #N/A N/A #N/A N/A 175 #N/A N/A 184 170 185 181 173 #N/A N/A 170 175 180 178 168 176 #N/A N/A 187

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 22.04.2013 Investment Advisor 23.04.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Holding Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Corporation 31.03.2013 Pension Fund (ERISA) 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor

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

Date 22.04.2013 22.04.2013 18.04.2013 16.04.2013 16.04.2013 10.04.2013 08.04.2013 05.04.2013 01.04.2013 18.03.2013 04.03.2013 01.03.2013 01.03.2013 07.02.2013 05.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 15.01.2013 03.01.2013

24.04.2013

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

3.0 M 2.5 M 2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (23.11.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SO UN EQUITY YTD Change SO UN EQUITY YTD % CHANGE

12/2012 03/yy 48.74 41.75 432'530.00 47.9 -1.40% 14.73% 98.71% 870.9 41'716.83 22'434.00 1'082.0 0.0 628.00 64'604.83

1.5 M

1.0 M

.5 M

0 a-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 14.42x 16.20x Profitability

LTM-4Q 31.12.2011 17'657.0 3.46x 6'279.0 9.72x 2'268.0 18.15x

31.12.2012 16'537.0 3.63x 6'589.0 9.11x 2'415.0 16.15x 6'589.00 4'444.00 26.87% 22.67% 3.95% 13.10% 7.27% 0.27% 66.1% 39.8% 27.0% 14.6% 0.88 0.33 35.53% 122.61% 9.46 2.20

Price/ Cash Flow

j-12

a-12

LTM

03/yy 17'249.0 13.62x 6'219.0 9.81x 2'214.0 18.12x

s-12

03/yy 16'830.0 10.98x 5'294.0 0.00x 2'128.0 17.19x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

4.09 0.51 870.64 12.41 8.99% 13.13% 0.511 23 2.913 902'490 994'414 968'587 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 17'735.7 18'402.7 4'326.2 5'440.6 3.76x 3.75x 15.33x 12.15x 6'464.8 6'824.6 1'562.5 2'269.5 10.00x 9.48x 10.22x 10.22x 2'426.5 2'564.5 590.0 1'017.3 17.36x 16.57x 17.20x 16.94x S&P Issuer Ratings

21.12.2000 A STABLE 21.12.2000 A-1 7.67 1.90 3.31 3.40 122.6% 53.7% 0.27 38.71 166.27 87.48 117.50

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

m-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 17'127.0 2.79x 5'210.0 9.18x 1'807.0 15.68x

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 |

24.04.2013

Southern Co/The Holdings By:

All

Holder Name STATE STREET BLACKROCK VANGUARD GROUP INC FRANKLIN RESOURCES NORTHERN TRUST CORPO CAPITAL GROUP COMPAN BANK OF NEW YORK MEL FEDERATED INVESTORS WELLS FARGO GEODE CAPITAL MANAGE PICTET ASSET MANAGEM BARCLAYS PLC UBS DEUTSCHE BANK AG NORGES BANK BANK OF AMERICA CORP LEGAL & GENERAL GOLDMAN SACHS GROUP JP MORGAN TIAA CREF INVESTMENT

Firm Name Macquarie ISI Group Wells Fargo Securities, LLC Atlantic Equities LLP Barclays Wolfe Trahan & Co SunTrust Robinson Humphrey RBC Capital Markets Deutsche Bank Credit Suisse Edward Jones Drexel Hamilton LLC Goldman Sachs Jefferies Argus Research Corp Hilliard Lyons BGC Partners BMO Capital Markets 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 PICTET ASSET MANAGEM n/a n/a DEUTSCHE BANK AKTIEN NORGES BANK BANK OF AMERICA n/a GOLDMAN SACHS GROUP n/a TIAA-CREF INVESTMENT

Analyst ANGIE STOROZYNSKI GREG GORDON NEIL A KALTON NATHAN JUDGE DANIEL F FORD STEVEN I FLEISHMAN ALI AGHA SHELBY G TUCKER JONATHAN ARNOLD DANIEL EGGERS ANDREW PUSATERI ANDREW L SMITH MICHAEL J LAPIDES PAUL B FREMONT MICHAEL BURKE DAVID B BURKS KIT KONOLIGE MICHAEL S WORMS PAUL T RIDZON AUSTIN BURKETT

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

Recommendation neutral neutral outperform underweight equalweight peerperform neutral outperform hold underperform sell hold Sell/Neutral buy hold neutral hold market perform hold sell

Amt Held 61'749'898 45'442'068 41'822'330 18'523'803 12'470'226 11'353'910 10'856'924 7'961'144 6'917'685 5'767'467 5'645'334 5'212'118 4'751'098 4'586'477 4'469'108 4'316'310 4'202'923 3'903'388 3'788'591 3'656'974

% Out 7.09 5.22 4.8 2.13 1.43 1.3 1.25 0.91 0.79 0.66 0.65 0.6 0.55 0.53 0.51 0.5 0.48 0.45 0.44 0.42

Weighting

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

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

Latest Chg (926'803) (6'117'420) 1'514'682 3'497'300 218'630 (1'998'500) 333'297 953'026 383'484 (548'110) 1'488'523 486'331 (316'593) 390'317 2'078'152 (2'984'433) 119'231 732'071 329'715 (596'502)

Target Price 47 45 #N/A N/A 41 51 49 #N/A N/A 48 48 50 #N/A N/A 46 42 50 #N/A N/A #N/A N/A #N/A N/A 45 #N/A N/A #N/A N/A

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

File Dt 23.04.2013 22.04.2013 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.03.2013 31.03.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 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 Government Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 22.04.2013 19.04.2013 17.04.2013 17.04.2013 16.04.2013 09.04.2013 02.04.2013 26.03.2013 01.02.2013 31.01.2013 31.01.2013 30.01.2013 22.01.2013 15.01.2013

24.04.2013

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

Latest Fiscal Year: LTM as of: 52-Week High (26.04.2012) 52-Week Low (02.08.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.01.2013 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 12/yy 61.15 43.05 261'958.00 59.34 -2.55% 37.84% 90.28% 749.3 44'463.46 549.60 0.0 5.5 2'037.00 42'559.06

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 a-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 23.89x 20.11x Profitability

LTM-4Q 30.09.2011 11'700.4 2.25x 2'074.6 12.67x 1'245.7 23.45x

30.09.2012 13'299.5 2.75x 2'367.3 15.42x 1'383.8 28.33x 2'367.30 1'786.70 13.43% 15.48% 17.57% 28.85% 26.35% 1.67% 56.3% 17.9% 13.6% 10.4% 1.90 1.14 6.69% 10.76% 30.36 5.36

Price/ Cash Flow

j-12

a-12

LTM

01/yy 12'185.7 9.39x 2'126.5 15.47x 1'281.3 28.05x

s-12

12/yy 13'663.3 11.22x 2'445.7 15.34x 1'434.2 28.30x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

1.28 0.88 728.61 9.78 3.75% 11.08% 0.878 32 4.438 1'550'558 1'483'576 1'555'275 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 14'930.3 16'721.5 3'587.2 3'723.4 2.93x 2.60x 12.08x 11.61x 3'035.7 3'585.6 689.1 750.2 14.01x 11.86x 13.36x 12.84x 1'645.8 1'987.9 367.0 408.0 27.38x 22.64x 25.77x 24.68x S&P Issuer Ratings

24.02.2012 ASTABLE 28.08.2009 A-2 65.94 42.09 -0.78 0.22 10.8% 9.7% 1.67 5.40 11.99 67.96 23.01 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

m-12

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

9.0 M

60 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 |

24.04.2013

Starbucks Corp Holdings By:

All

Holder Name STATE STREET BLACKROCK FMR LLC T ROWE PRICE ASSOCIA VANGUARD GROUP INC CAPITAL GROUP COMPAN SCHULTZ HOWARD D NORTHERN TRUST CORPO MORGAN STANLEY SANDS CAPITAL MANAGE WINSLOW CAPITAL MANA BANK OF NEW YORK MEL WELLS FARGO INVESCO LTD JP MORGAN AMERICAN CENTURY COM BROWN ADVISORY INC TIAA CREF INVESTMENT ALLIANCE BERNSTEIN NORGES BANK

Firm Name Robert W. Baird & Co Williams Capital Group Stephens Inc William Blair & Co Buckingham Research Group Longbow Research Piper Jaffray Morgan Stanley JPMorgan Telsey Advisory Group Janney Montgomery Scott LLC Barclays Argus Research Corp Sanford C. Bernstein & Co Lazard Capital Markets S&P Capital IQ Jefferies Goldman Sachs Credit Suisse Wells Fargo Securities, LLC Edward Jones BMO Capital Markets Oppenheimer & Co McAdams Wright Ragen Inc Cowen and Company Atlantic Equities LLP RBC Capital Markets Credit Agricole Securities (USA) EVA Dimensions Deutsche Bank

Portfolio Name n/a n/a n/a T ROWE PRICE ASSOCIA VANGUARD GROUP INC n/a n/a NORTHERN TRUST CORPO n/a SANDS CAPITAL MANAGE WINSLOW CAPITAL MANA BANK OF NEW YORK MEL n/a n/a n/a AMERICAN CENTURY COM n/a TIAA-CREF INVESTMENT n/a NORGES BANK

Analyst DAVID E TARANTINO MARC RIDDICK WILL SLABAUGH SHARON M ZACKFIA MITCHELL J SPEISER ALTON K STUMP NICOLE MILLER REGAN JOHN S GLASS JOHN W IVANKOE PETER SALEH MARK D KALINOWSKI JEFFREY A BERNSTEIN JOHN D STASZAK SARA H SENATORE MATTHEW J DIFRISCO JIM YIN ANDREW M BARISH MICHAEL KELTER KEITH SIEGNER BONNIE HERZOG JACK P RUSSO PHILLIP JUHAN BRIAN J BITTNER DAN GEIMAN PAUL L WESTRA ALISTAIR M SCOBIE LARRY A MILLER DIANE GEISSLER CRAIG STERLING JASON WEST

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

Recommendation outperform market perform overweight outperform buy buy overweight Overwt/In-Line overweight no rating system buy equalweight buy outperform buy buy buy Buy/Neutral outperform market perform hold outperform outperform hold neutral overweight sector perform buy underweight buy

Amt Held 37'780'688 36'552'911 35'633'395 34'345'408 33'898'695 29'386'396 18'875'169 12'738'762 11'995'937 10'787'280 10'729'471 10'449'141 9'561'829 9'401'174 8'540'739 8'369'222 7'623'782 6'680'224 6'103'143 5'994'504

% Out 5.04 4.88 4.76 4.58 4.52 3.92 2.52 1.7 1.6 1.44 1.43 1.39 1.28 1.25 1.14 1.12 1.02 0.89 0.81 0.8

Weighting

Change

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

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

Latest Chg 503'999 (2'111'027) (13'662'548) 871'315 1'474'627 (1'050'000) (106'141) 5'105'468 303'498 1'274'414 809'552 632'235 (2'276'793) (1'398'536) 2'216'565 7'567'551 (311'680) (518'406) 528'915

Target Price 65 55 66 #N/A N/A 75 65 65 68 65 64 68 65 64 65 74 66 66 70 66 #N/A N/A #N/A N/A 64 62 58 #N/A N/A 65 63 69 #N/A N/A 60

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

File Dt 23.04.2013 22.04.2013 28.02.2013 31.12.2012 31.03.2013 31.03.2013 06.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.03.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012

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

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

Date 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 18.04.2013 18.04.2013 18.04.2013 16.04.2013 16.04.2013 12.04.2013 12.04.2013 11.04.2013 09.04.2013 08.04.2013 04.04.2013 02.04.2013 28.03.2013 25.03.2013 19.03.2013 07.03.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 15.01.2013 04.01.2013

24.04.2013

Target Corp Target Corporation operates general merchandise discount stores in the United States. The Company's merchandising operations include general merchandise and food discount stores and a fully integrated online business. Target also offers credit to qualified applicants through its branded proprietary credit cards.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.04.2013) 52-Week Low (17.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TGT UN EQUITY YTD Change TGT UN EQUITY YTD % CHANGE

01/2013 02/yy 70.46 54.68 241'141.00 69.65 -1.09% 27.38% 98.56% 641.4 44'672.62 17'648.00 0.0 0.0 784.00 61'536.62

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 a-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 11.48x

31.01.2013 73'301.0 0.77x 7'352.0 7.66x 2'999.0 12.85x 7'352.00 5'210.00 7.11% 6.29% 6.33% 18.52% 10.36% 1.55% 31.0% 10.0% 7.1% 4.1% 1.17 0.47 36.64% 106.58% 12.46 6.39

Price/ Cash Flow

j-12

a-12

LTM

01/yy 69'865.0 2.93x 7'452.0 6.73x 2'929.0 11.43x

s-12

02/yy 73'301.0 3.11x 7'353.0 7.66x 2'999.0 13.41x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

1.98 0.71 639.44 21.22 25.59% 18.40% 0.713 29 4.207 1'054'875 970'972 1'172'999 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 75'155.4 79'905.1 16'879.3 17'424.8 0.78x 0.74x 3.47x 3.37x 7'365.2 8'164.0 1'649.3 1'756.5 8.40x 7.58x 8.40x 8.16x 2'977.8 3'386.6 759.7 678.5 14.22x 12.67x 14.73x 14.68x S&P Issuer Ratings

20.11.2007 A+ STABLE 04.08.2000 A-1 7.97 4.42 2.29 2.40 106.6% 51.6% 1.55 2.45 29.78 58.04 51.05 36.76

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 05.02.2010

m-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 |

24.04.2013

Target Corp Holdings By:

All

Holder Name STATE STREET VANGUARD GROUP INC BLACKROCK SUN LIFE FINANCIAL I WELLINGTON MANAGEMEN FMR LLC JP MORGAN BARROW HANLEY MEWHIN BANK OF NEW YORK MEL GRANTHAM MAYO VAN OT BROWN BROTHERS HARRI INVESCO LTD NORTHERN TRUST CORPO WELLS FARGO FRANKLIN RESOURCES TIAA CREF INVESTMENT BANK OF AMERICA CORP NORGES BANK MORGAN STANLEY ROBECO INVESTMENT MG

Firm Name Credit Suisse Janney Montgomery Scott LLC Robert W. Baird & Co Wells Fargo Securities, LLC S&P Capital IQ MKM Partners Telsey Advisory Group BMO Capital Markets Deutsche Bank Morgan Stanley Jefferies Stifel Buckingham Research Group Piper Jaffray Barclays Daiwa Securities Co. Ltd. Edward Jones Sanford C. Bernstein & Co William Blair & Co ISI Group Cowen and Company Susquehanna Financial Group EVA Dimensions Argus Research Corp JPMorgan Crowell, Weedon & Co 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 n/a BARROW HANLEY MEWHIN BANK OF NEW YORK MEL GRANTHAM MAYO VAN OT BROWN BROTHERS HARRI n/a NORTHERN TRUST CORPO n/a n/a TIAA-CREF INVESTMENT BANK OF AMERICA NORGES BANK n/a ROBECO INVESTMENT MA

Analyst MICHAEL B EXSTEIN DAVID S STRASSER PETER S BENEDICT MATTHEW NEMER IAN GORDON PATRICK G MCKEEVER JR JOSEPH I FELDMAN WAYNE HOOD PAUL TRUSSELL MARK WILTAMUTH DANIEL T BINDER DAVID A SCHICK JOHN M ZOLIDIS SEAN NAUGHTON ROBERT S DRBUL KAHORI TAMADA BRIAN YARBROUGH COLIN MCGRANAHAN MARK R MILLER GREGORY MELICH FAYE LANDES ROBERT SUMMERS CRAIG STERLING CHRISTOPHER GRAJA CHRISTOPHER HORVERS SCOTT M SWANSON IVAN FEINSETH GAURAV RAMAIYA RITESH DOSHI BERNARD SOSNICK

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

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

Amt Held 70'885'563 33'278'157 32'170'816 24'745'101 20'612'264 19'656'931 15'802'141 12'781'660 11'545'077 10'761'402 10'482'033 10'290'784 9'673'172 9'408'897 6'996'127 6'920'779 5'962'141 5'785'050 5'207'619 4'951'744

% Out 11.05 5.19 5.02 3.86 3.21 3.06 2.46 1.99 1.8 1.68 1.63 1.6 1.51 1.47 1.09 1.08 0.93 0.9 0.81 0.77

Weighting

Change

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

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

Latest Chg 299'729 44'755 2'027'281 22'497 (907'709) 4'641'319 1'534'302 2'002'360 310'776 (773'480) 677'329 1'789'038 (29'624) 103'972 163'093 94'852 5'034 (728'648) 290'427 164'363

Target Price 62 72 76 #N/A N/A 79 77 72 71 74 75 58 #N/A N/A 65 74 70 71 #N/A N/A 76 #N/A N/A 76 #N/A N/A 73 #N/A N/A #N/A N/A 74 80 #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 23.04.2013 31.03.2013 22.04.2013 31.12.2012 31.12.2012 28.02.2013 28.02.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 6 month 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 Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor

Date 19.04.2013 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 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 17.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 25.03.2013 04.03.2013 28.02.2013 27.02.2013 27.02.2013 17.11.2011 18.08.2011 31.05.2011

24.04.2013

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 (23.04.2013) 52-Week Low (17.07.2012) Daily Volume Current Price (4/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 36.23 26.06 809'872.00 35.52 -1.99% 36.30% 94.69% 1'109.2 39'397.16 5'686.00 0.0 0.0 3'965.00 41'218.16

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 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 20.68x 12.70x Profitability

LTM-4Q 31.12.2011 13'735.0 2.61x 4'434.0 8.08x 2'236.0 13.73x

31.12.2012 12'825.0 2.80x 3'986.0 9.02x 1'759.0 16.17x 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 17.60x

03/yy 12'589.0 11.48x 3'908.0 10.54x 1'856.0 19.70x

FY+1

.0 M a-13

2.14 1'104.33 22.86 16.15% 15.54% 46 3.174 3'880'318 2'791'979 2'620'253 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 12'217.3 12'888.1 3'057.0 3'200.8 3.29x 3.05x 13.10x 12.45x 3'750.7 4'342.7 942.5 1'065.9 11.01x 9.51x 10.58x 10.28x 2'009.3 2'454.3 494.0 596.1 19.73x 16.05x 18.08x 17.08x 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 |

24.04.2013

Texas Instruments Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK STATE STREET PRIMECAP MANAGEMENT VANGUARD GROUP INC T ROWE PRICE ASSOCIA INSTITUTIONAL CAPITA HARRIS ASSOCIATES LP BANK OF NEW YORK MEL WELLINGTON MANAGEMEN DAVIS SELECTED ADVIS INVESCO LTD NORTHERN TRUST CORPO FIRST EAGLE INVESTME BARROW HANLEY MEWHIN MACKAY SHIELDS LLC WELLS FARGO NEUBERGER BERMAN LLC CLEARBRIDGE INVESTME NORGES BANK

Firm Name Morgan Stanley Goldman Sachs Argus Research Corp Credit Suisse SunTrust Robinson Humphrey JPMorgan Jefferies Needham & Co Pacific Crest Securities Robert W. Baird & Co Sanford C. Bernstein & Co Wedbush Raymond James FBR Capital Markets Macquarie B Riley & Company, Inc Stifel Canaccord Genuity Corp Evercore Partners Oppenheimer & Co Nomura Wells Fargo Securities, LLC Cowen and Company Gabelli & Co Susquehanna Financial Group MKM Partners Credit Agricole Securities (USA) Barclays BMO Capital Markets Deutsche Bank RBC Capital Markets Sterne, Agee & Leach ISI Group Williams Financial Group Exane BNP Paribas Edward Jones S&P Capital IQ Tigress Financial Partners EVA Dimensions Drexel Hamilton LLC Daiwa Securities Co. Ltd. Davenport & Co JMP Securities

Portfolio Name n/a n/a n/a PRIMECAP MANAGEMENT VANGUARD GROUP INC T ROWE PRICE ASSOCIA INSTITUTIONAL CAPITA HARRIS ASSOC LP BANK OF NEW YORK MEL WELLINGTON MANAGEMEN DAVIS SELECTED ADVIS n/a NORTHERN TRUST CORPO FIRST EAGLE INVESTME BARROW HANLEY MEWHIN Multiple Portfolios n/a NEUBERGER BERMAN GRO CLEARBRIDGE INVESTME NORGES BANK

Analyst JOSEPH MOORE JAMES V COVELLO JAMES KELLEHER JOHN W PITZER WILLIAM STEIN CHRISTOPHER DANELY MARK J LIPACIS VERNON P ESSI JR MICHAEL MCCONNELL TRISTAN GERRA STACY A RASGON BETSY VAN HEES J STEVEN SMIGIE CHRISTOPHER ROLLAND SHAWN WEBSTER CRAIG ELLIS TORE E SVANBERG ROBERT BURLESON PATRICK WANG RICHARD SCHAFER ROMIT SHAH DAVID M WONG TIMOTHY M ARCURI HENDI SUSANTO CHRISTOPHER CASO DANIEL A BERENBAUM SRINI PAJJURI BLAYNE CURTIS AMBRISH SRIVASTAVA ROSS C SEYMORE DOUG FREEDMAN VIJAY R RAKESH SUMIT DHANDA CODY G ACREE JEROME RAMEL WILLIAM C KREHER CHRISTIN ARMACOST IVAN FEINSETH ANDREW S ZAMFOTIS RICHARD WHITTINGTON YOKO YAMADA F DRAKE JOHNSTONE ALEX GAUNA

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

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

Amt Held 193'119'021 61'637'232 58'594'757 57'763'753 51'292'102 33'495'251 26'632'178 26'078'508 23'430'134 21'542'986 15'877'608 14'896'737 14'882'074 12'143'612 11'142'097 10'104'317 9'548'425 9'524'297 8'945'581 7'922'648

% Out 17.41 5.56 5.28 5.21 4.62 3.02 2.4 2.35 2.11 1.94 1.43 1.34 1.34 1.09 1 0.91 0.86 0.86 0.81 0.71

Weighting

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

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

Latest Chg 14'033'650 24'569 (538'050) 1'060'083 2'896'053 122'698 (608'552) 1'968'204 352'635 (1'447'465) (1'266'900) (150'090) 2'472'433 36'568 194'285 1'713'499 1'013'978 (350'053) 740'405

Target Price #N/A N/A 36 #N/A N/A 35 30 37 42 #N/A N/A #N/A N/A 35 38 37 #N/A N/A 30 38 39 #N/A N/A 35 35 #N/A N/A 30 #N/A N/A #N/A N/A #N/A N/A 32 29 34 31 40 32 35 30 40 41 26 #N/A N/A 42 #N/A N/A #N/A N/A 32 34 #N/A N/A 33

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

File Dt Inst Type 31.12.2012 Investment Advisor 22.04.2013 Investment Advisor 23.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government

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

Date 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 05.04.2013 02.04.2013 18.03.2013 14.02.2013 13.02.2013 28.01.2013 28.01.2013 17.10.2012

24.04.2013

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 (23.04.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TWX UN EQUITY YTD Change TWX UN EQUITY YTD % CHANGE

12/2012 12/yy 60.71 33.62 109'677.00 60.25 -1.09% 79.21% 98.86% 934.8 56'321.13 19'871.00 0.0 1.0 2'841.00 73'352.13

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 a-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 12.34x

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% 4.44% 10.09% 7.90% 0.42% 44.5% 24.7% 21.6% 10.5% 1.35 1.04 29.09% 66.51% 4.02 8.07

Price/ Cash Flow

j-12

a-12

LTM

12/yy 28'974.0 6.98x 8'681.0 5.90x 2'886.0 12.30x

s-12

12/yy 28'729.0 7.95x 7'106.0 8.67x 3'019.0 14.20x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

1.73 1.06 883.93 20.44 69.54% 26.66% 1.056 32 4.406 1'241'123 1'458'739 1'387'382 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 29'725.9 31'059.8 7'117.9 7'076.8 2.41x 2.26x 9.78x 9.80x 7'493.2 8'110.9 1'648.5 1'641.1 9.80x 9.06x 9.77x 9.56x 3'453.6 3'868.1 712.8 707.7 16.37x 14.11x 16.33x 15.62x S&P Issuer Ratings

27.03.2009 BBB STABLE 21.05.2008 A-2 5.23 4.75 2.40 2.80 66.5% 39.9% 0.42 7.27 91.13 45.37 180.50 -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

m-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 |

24.04.2013

Time Warner Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK STATE STREET JP MORGAN DODGE & COX VANGUARD GROUP INC WELLINGTON MANAGEMEN FMR LLC INSTITUTIONAL CAPITA T ROWE PRICE ASSOCIA VIKING GLOBAL INVEST BANK OF NEW YORK MEL NORTHERN TRUST CORPO INVESCO LTD COATUE MANAGEMENT LL FRANKLIN RESOURCES NORGES BANK DIMENSIONAL FUND ADV LONGVIEW PARTNERS (G MACKAY SHIELDS LLC

Firm Name Barrington Research Cowen and Company B Riley & Company, Inc Lazard Capital Markets EVA Dimensions RBC Capital Markets Sanford C. Bernstein & Co Wunderlich Securities Credit Suisse Nomura Stifel Barclays Wells Fargo Securities, LLC Deutsche Bank Needham & Co JPMorgan Edward Jones Davenport & Co Argus Research Corp Susquehanna Financial Group Gabelli & Co Morgan Stanley Janney Montgomery Scott LLC Wedbush Evercore Partners S&P Capital IQ Telsey Advisory Group Atlantic Equities LLP Macquarie Wedge Partners Goldman Sachs D.A. Davidson & Co

Portfolio Name n/a n/a n/a n/a DODGE & COX VANGUARD GROUP INC WELLINGTON MANAGEMEN n/a INSTITUTIONAL CAPITA T ROWE PRICE ASSOCIA VIKING GLOBAL INVEST BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a COATUE MANAGEMENT LL n/a NORGES BANK DIMENSIONAL FUND ADV LONGVIEW PARTNERS (G Multiple Portfolios

Analyst JAMES C GOSS DOUGLAS CREUTZ DAVID W MILLER BARTON CROCKETT CRAIG STERLING DAVID BANK TODD JUENGER MATTHEW HARRIGAN MICHAEL SENNO MICHAEL NATHANSON DREW E CRUM ANTHONY J DICLEMENTE MARCI RYVICKER DOUGLAS D MITCHELSON LAURA A MARTIN ALEXIA S QUADRANI ROBIN DIEDRICH MICHAEL C MORRIS JOSEPH F BONNER VASILY KARASYOV BRETT HARRISS BENJAMIN SWINBURNE TONY WIBLE JAMES G DIX ALAN GOULD TUNA AMOBI JAISON BLAIR HAMILTON FABER TIMOTHY W NOLLEN MARTIN PYYKKONEN DREW BORST DONNA M JAEGERS

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

Recommendation outperform outperform buy buy overweight outperform market perform buy outperform neutral buy equalweight outperform buy hold overweight hold buy buy Positive hold Equalwt/Attractive neutral outperform overweight buy no rating system overweight outperform no rating system buy/attractive buy

Amt Held 79'192'925 49'944'190 47'955'651 47'640'424 42'579'068 41'751'742 37'580'219 29'830'536 22'075'622 20'189'390 19'564'518 13'707'774 12'127'665 11'347'396 10'150'523 10'104'209 9'297'800 9'273'563 9'087'821 8'856'613

% Out 8.47 5.34 5.13 5.1 4.55 4.47 4.02 3.19 2.36 2.16 2.09 1.47 1.3 1.21 1.09 1.08 0.99 0.99 0.97 0.95

Weighting

Change

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

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

Latest Chg (4'233'233) 767'234 (1'822'613) (7'130'010) 427'228 4'575'635 482'845 (2'779'676) (3'847'909) 6'105'545 1'468'055 101'288 (2'854'231) 6'785'149 (325'520) 231'052 1'253 365'043 26'944

Target Price 61 #N/A N/A 65 64 #N/A N/A 63 60 70 66 60 65 54 #N/A N/A 62 #N/A N/A 67 #N/A N/A 67 68 71 #N/A N/A 58 59 60 57 57 66 63 63 #N/A N/A 59 #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 23.04.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor

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

Date 23.04.2013 23.04.2013 22.04.2013 21.04.2013 20.04.2013 19.04.2013 19.04.2013 19.04.2013 17.04.2013 17.04.2013 16.04.2013 16.04.2013 12.04.2013 10.04.2013 10.04.2013 08.04.2013 05.04.2013 05.04.2013 22.03.2013 14.03.2013 08.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 14.02.2013 07.02.2013 07.02.2013 21.01.2013 26.10.2011

24.04.2013

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 160

100

1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (4/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 148.38 105.16 61'597.00 146.54 -0.81% 39.35% 97.80% 466.8 68'401.74 8'997.00 0.0 0.0 1'063.00 76'345.74

1.0 M

60 40

.5 M

20 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

2.0 M

120

Valuation Analysis

31.12.2008 17'970.0 1.77x 5'462.0 5.81x 2'338.0 10.53x

2.5 M

140

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 17.85x 16.49x Profitability

LTM-4Q 31.12.2011 19'557.0 2.99x 7'341.0 7.97x 3'292.0 15.86x

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 14.95x

03/yy 21'104.0 12.81x 8'635.0 8.62x 4'037.0 16.77x

FY+1

.0 M a-13

1.76 1.08 464.33 3.65 35.40% 17.16% 1.084 31 4.290 659'129 521'708 516'841 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 22'269.1 23'904.3 5'502.0 5'757.4 3.42x 3.17x 13.86x 13.23x 9'349.3 10'280.6 2'316.4 2'474.6 8.16x 7.42x 8.00x 7.82x 4'436.0 4'962.9 1'095.5 1'195.3 15.40x 13.47x 14.88x 14.39x 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 |

24.04.2013

Union Pacific Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK STATE STREET FMR LLC VANGUARD GROUP INC 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 TIAA CREF INVESTMENT NORGES BANK DIMENSIONAL FUND ADV AMERICAN CENTURY COM JANUS CAPITAL MANAGE

Firm Name Morgan Stanley Deutsche Bank Atlantic Equities LLP Argus Research Corp Credit Suisse JPMorgan Jefferies Robert W. Baird & Co Stephens Inc Raymond James FBR Capital Markets Sterne, Agee & Leach BB&T Capital Markets TD Securities Wolfe Trahan & Co BMO Capital Markets Goldman Sachs RBC Capital Markets Edward Jones Stifel Avondale Partners LLC Wells Fargo Securities, LLC Susquehanna Financial Group Cowen Securities LLC Barclays Sanford C. Bernstein & Co EVA Dimensions

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC 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 TIAA-CREF INVESTMENT NORGES BANK DIMENSIONAL FUND ADV AMERICAN CENTURY COM n/a

Analyst WILLIAM J GREENE JUSTIN B YAGERMAN RORRIE MARS NATHANIEL GABRIEL CHRISTOPHER J CERASO THOMAS R WADEWITZ H PETER NESVOLD BENJAMIN J HARTFORD JUSTIN LONG PATRICK TYLER BROWN JOHN R MIMS JEFFREY A KAUFFMAN MARK A LEVIN CHERILYN RADBOURNE SCOTT H GROUP FADI CHAMOUN TOM KIM WALTER SPRACKLIN LOGAN PURK JOHN G LARKIN DONALD BROUGHTON ANTHONY P GALLO MATT TROY JASON H SEIDL BRANDON OGLENSKI DAVID VERNON CRAIG STERLING

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

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

Amt Held 70'095'330 29'889'279 24'535'258 21'935'916 21'541'785 17'286'343 9'931'489 8'227'099 7'158'736 6'989'063 6'379'493 6'336'477 5'960'863 5'045'372 5'024'194 4'334'327 4'213'790 4'023'611 3'655'253 3'626'935

% Out 15.02 6.4 5.26 4.7 4.61 3.7 2.13 1.76 1.53 1.5 1.37 1.36 1.28 1.08 1.08 0.93 0.9 0.86 0.78 0.78

Weighting

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

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

Latest Chg (1'385'324) 3'563'174 602'256 273'569 506'460 213'636 (149'623) (1'556'625) (114'073) (127'889) (12'390) 42'721 128'498 (590'756) 707'929 (75'902) 244'075 857 (170'243) (156'806)

Target Price 157 164 155 155 175 156 166 158 147 150 165 158 #N/A N/A 161 159 160 154 148 #N/A N/A #N/A N/A 157 #N/A N/A 161 152 160 137 #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 22.04.2013 23.04.2013 28.02.2013 31.03.2013 31.12.2012 31.12.2012 28.02.2013 31.03.2013 31.12.2012 31.12.2012 28.02.2013 28.02.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month 12 month Not Provided Not Provided 6 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 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 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 24.04.2013 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 19.04.2013 19.04.2013 19.04.2013 19.04.2013 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 04.04.2013 15.01.2013

24.04.2013

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 (01.04.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UPS UN EQUITY YTD Change UPS UN EQUITY YTD % CHANGE

12/2012 12/yy 85.95 69.56 249'155.00 83.3 -2.84% 19.75% 86.52% 725.6 78'802.19 12'870.00 0.0 80.0 7'924.00 83'828.19

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 j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 a-12 m-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 24.94x 21.28x Profitability

LTM-4Q 31.12.2011 53'105.0 1.46x 7'862.0 9.85x 3'804.0 16.83x

31.12.2012 54'127.0 1.39x 3'201.0 23.52x 807.0 16.28x 3'201.00 1'343.00 2.48% 1.80% 2.19% 13.81% 6.32% 1.47% 12.0% 5.9% 2.5% 1.5% 1.86 1.67 33.12% 276.60% 8.76 -

Price/ Cash Flow

LTM

12/yy 53'105.0 5.72x 7'862.0 9.85x 3'804.0 16.75x

12/yy 54'127.0 5.80x 3'201.0 23.52x 807.0 16.28x

FY+1

.0 M a-13

2.74 0.89 725.22 13.75 8.07% 13.83% 0.886 32 4.125 926'084 849'277 848'529 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 56'762.3 60'184.5 13'461.8 13'973.4 1.49x 1.39x 6.40x 6.17x 9'468.0 10'344.8 2'013.2 2'316.3 8.85x 8.10x 8.96x 8.79x 4'671.8 5'191.3 960.5 1'166.5 16.71x 14.62x 16.70x 16.11x S&P Issuer Ratings

21.09.2012 A+ NEG 21.09.2012 A-1 7.79 2.55 1.55 4.02 276.6% 73.1% 1.47 3.05 41.78 19.22 -

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 |

24.04.2013

United Parcel Service Inc Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC 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 PRIMECAP MANAGEMENT WELLS FARGO FRANKLIN RESOURCES OPPENHEIMERFUNDS INC NORGES BANK CLEARBRIDGE INVESTME AMERICAN CENTURY COM TIAA CREF INVESTMENT

Firm Name Sanford C. Bernstein & Co Morgan Stanley Macquarie Raymond James Stifel Avondale Partners LLC Cowen Securities LLC William Blair & Co RBC Capital Markets Edward Jones Deutsche Bank Robert W. Baird & Co Goldman Sachs Credit Suisse JPMorgan Nomura Jefferies Sterne, Agee & Leach Thompson, Davis & Company BB&T Capital Markets Oppenheimer & Co Barclays Stephens Inc Wells Fargo Securities, LLC Wolfe Trahan & Co EVA Dimensions Argus Research Corp Atlantic Equities LLP S&P Capital IQ

Portfolio Name n/a n/a VANGUARD GROUP INC 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 PRIMECAP MANAGEMENT n/a n/a OPPENHEIMER FUNDS IN NORGES BANK CLEARBRIDGE INVESTME AMERICAN CENTURY COM TIAA-CREF INVESTMENT

Analyst DAVID VERNON WILLIAM J GREENE KELLY A DOUGHERTY ARTHUR W HATFIELD DAVID G ROSS DONALD BROUGHTON HELANE R BECKER NATHAN J BROCHMANN JOHN L BARNES III LOGAN PURK JUSTIN B YAGERMAN BENJAMIN J HARTFORD TOM KIM CHRISTOPHER J CERASO THOMAS R WADEWITZ MARK MCVICAR H PETER NESVOLD JEFFREY A KAUFFMAN DAVID P CAMPBELL KEVIN W STERLING SCOTT A SCHNEEBERGER BRANDON OGLENSKI JACK ATKINS ANTHONY P GALLO SCOTT H GROUP CRAIG STERLING NATHANIEL GABRIEL RORRIE MARS JAMES CORRIDORE

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

Recommendation outperform Equalwt/Attractive outperform strong buy hold market perform hold outperform outperform hold buy neutral neutral/attractive outperform overweight neutral hold buy buy buy outperform equalweight equalweight market perform peerperform overweight buy overweight buy

Amt Held 43'355'728 37'123'208 34'060'767 27'475'687 24'207'423 19'528'717 17'074'447 16'928'220 11'700'444 9'985'416 9'519'032 8'465'866 7'300'438 7'008'570 6'705'790 6'133'361 5'826'023 5'436'811 4'888'239 4'791'966

% Out 5.97 5.12 4.69 3.79 3.34 2.69 2.35 2.33 1.61 1.38 1.31 1.17 1.01 0.97 0.92 0.85 0.8 0.75 0.67 0.66

Weighting

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

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

Latest Chg 3'353'674 (119'979) 787'559 (1'423'032) 2'234'222 891'634 2'193'949 (4'689'765) (3'370'874) 209'812 (210'820) (803'153) (205'430) 819'057 144'117 143'560 503'436 75'826 178'812 (624'757)

Target Price 92 #N/A N/A 93 91 #N/A N/A 80 #N/A N/A #N/A N/A 100 #N/A N/A 99 93 86 94 84 90 82 100 105 90 95 87 90 #N/A N/A #N/A N/A #N/A N/A 92 94 94

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

File Dt 22.04.2013 23.04.2013 31.03.2013 31.12.2012 28.02.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 24.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 18.04.2013 18.04.2013 16.04.2013 16.04.2013 15.04.2013 12.04.2013 11.04.2013 11.04.2013 10.04.2013 10.04.2013 08.04.2013 04.04.2013 01.04.2013 01.04.2013 28.03.2013 12.03.2013 14.02.2013 08.02.2013 06.02.2013 05.02.2013 31.01.2013

24.04.2013

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 (11.04.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (4/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 95.84 70.72 285'793.00 91.83 -3.88% 29.85% 88.26% 916.6 84'175.05 23'221.00 0.0 1'393.0 4'819.00 103'856.05

4.0 M 3.0 M

2.0 M 20

1.0 M

0 a-12 m-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% 16.94% 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

j-12

a-12

LTM

03/yy 55'505.0 5.60x 9'115.0 8.82x 4'297.0 15.32x

s-12

03/yy 59'691.0 6.38x 9'625.0 10.94x 6'066.0 16.68x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

2.21 1.11 913.54 8.75 18.07% 12.64% 1.115 27 4.556 1'268'472 924'949 890'323 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 64'726.1 68'379.3 16'418.2 16'401.8 1.53x 1.42x 6.28x 6.25x 10'882.0 11'906.8 2'830.1 2'795.5 9.58x 8.76x 9.36x 9.17x 5'563.8 6'295.0 1'434.8 1'434.8 15.04x 13.16x 14.69x 14.18x 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

j-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 |

24.04.2013

United Technologies Corp Holdings By:

All

Holder Name STATE STREET BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN SUN LIFE FINANCIAL I FMR LLC JP MORGAN T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL WELLINGTON MANAGEMEN NORTHERN TRUST CORPO BANK OF AMERICA CORP UBS EVERCORE TRUST COMPA WELLS FARGO ABERDEEN JENNISON ASSOCIATES FRANKLIN RESOURCES NORGES BANK WINSLOW CAPITAL MANA

Firm Name Deutsche Bank RBC Capital Markets JPMorgan Sanford C. Bernstein & Co William Blair & Co Sterne, Agee & Leach Nomura Cowen and Company Barclays Morgan Stanley Goldman Sachs Credit Suisse Jefferies Oppenheimer & Co Wells Fargo Securities, LLC Atlantic Equities LLP Langenberg & Co Drexel Hamilton LLC Edward Jones FBR Capital Markets Argus Research Corp S&P Capital IQ EVA Dimensions Gabelli & Co

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a n/a n/a T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL WELLINGTON MANAGEMEN NORTHERN TRUST CORPO BANK OF AMERICA n/a EVERCORE TRUST COMPA n/a n/a JENNISON ASSOCIATES n/a NORGES BANK WINSLOW CAPITAL MANA

Analyst MYLES WALTON ROBERT STALLARD JOSEPH B NADOL III DOUGLAS S HARNED NICHOLAS P HEYMANN PETER J ARMENT SHANNON O'CALLAGHAN CAI VON RUMOHR CARTER COPELAND NIGEL COE NOAH POPONAK JULIAN MITCHELL HOWARD A RUBEL YAIR REINER SAMUEL J PEARLSTEIN RICHARD RADBOURNE BRIAN KEITH LANGENBERG RICHARD WHITTINGTON CHRISTIAN MAYES AJAY K KEJRIWAL NATHANIEL GABRIEL RICHARD TORTORIELLO CRAIG STERLING ZAHID SIDDIQUE

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

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

Amt Held 127'977'947 57'724'464 46'229'438 46'126'231 30'836'328 27'174'081 23'209'820 22'724'157 15'478'906 15'374'285 14'534'360 12'031'824 12'011'379 11'056'795 9'453'959 8'977'116 8'447'561 8'264'253 7'312'921 6'806'728

% Out 13.96 6.3 5.04 5.03 3.36 2.96 2.53 2.48 1.69 1.68 1.59 1.31 1.31 1.21 1.03 0.98 0.92 0.9 0.8 0.74

Weighting

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

Latest Chg 1'534'921 942'203 (1'758'473) 2'177'314 1'520'614 1'465'717 5'706'073 288'579 5'877'913 (361'279) (1'863'319) (630'478) (155) (204'955) (42'200) (18'495) 228'652 622'203 (102'157)

Target Price 105 107 98 98 108 99 103 #N/A N/A 105 105 101 98 105 #N/A N/A #N/A N/A 108 100 100 #N/A N/A 95 100 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 23.04.2013 22.04.2013 31.03.2013 31.03.2013 31.12.2012 28.02.2013 28.02.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 28.02.2013 31.03.2013 31.12.2012 31.01.2013 31.12.2012 31.12.2012

Date 12 month 12 month 6 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 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 Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor

Date 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 01.04.2013 25.03.2013 18.03.2013 31.01.2013 23.01.2013 15.01.2013 20.10.2011

24.04.2013

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 (02.04.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (4/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 UNH UN EQUITY YTD Change UNH UN EQUITY YTD % CHANGE

12/2012 03/yy 63.95 50.33 326'726.00 59.1 -7.52% 17.42% 60.28% 1'024.9 60'573.09 16'754.00 0.0 2'121.0 11'437.00 67'753.09

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 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 a-13

1.44 0.94 1'008.26 17.38 2.22% 9.39% 0.944 24 4.708 1'881'847 1'481'661 1'394'427 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 103'712.0 113'676.0 122'594.8 133'548.2 30'490.3 30'712.8 2.02x 2.14x 0.56x 0.49x 2.32x 2.27x 9'710.0 10'425.0 10'673.9 11'452.5 2'458.0 2'934.2 6.12x 6.31x 6.35x 5.92x 6.29x 6.15x 5'184.0 5'330.0 5'585.8 5'967.5 1'297.2 1'571.3 12.25x 11.15x 10.85x 10.11x 10.68x 10.43x 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 34.28 Accounts receivable turnover-days 9.43 Inventory Days Accounts Payable Turnover Day 60.12 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 |

24.04.2013

UnitedHealth Group Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN STATE STREET BLACKROCK FMR LLC WELLINGTON MANAGEMEN VANGUARD GROUP INC T ROWE PRICE ASSOCIA JP MORGAN CLEARBRIDGE INVESTME INVESCO LTD CREDIT SUISSE AG NORTHERN TRUST CORPO UBS HARRIS ASSOCIATES LP JENNISON ASSOCIATES BANK OF NEW YORK MEL EAGLE CAPITAL MANAGE UNITED HEALTHCARE IN WINSLOW CAPITAL MANA WELLS FARGO

Firm Name Deutsche Bank JPMorgan Wedbush Raymond James Oppenheimer & Co S&P Capital IQ Barclays EVA Dimensions BMO Capital Markets Credit Suisse Jefferies Cantor Fitzgerald Stifel CRT Capital Group Wells Fargo Securities, LLC Cowen and Company Lazard Capital Markets Susquehanna Financial Group Goldman Sachs Monness, Crespi, Hardt & Co Argus Research Corp

Portfolio Name n/a n/a n/a n/a WELLINGTON MANAGEMEN VANGUARD GROUP INC T ROWE PRICE ASSOCIA n/a CLEARBRIDGE INVESTME n/a CREDIT SUISSE AG NORTHERN TRUST CORPO n/a HARRIS ASSOC LP JENNISON ASSOCIATES BANK OF NEW YORK MEL EAGLE CAPITAL MANAGE UNITED HEALTHCARE IN WINSLOW CAPITAL MANA n/a

Analyst SCOTT J FIDEL JUSTIN LAKE SARAH JAMES MICHAEL J BAKER MICHAEL WIEDERHORN PHILLIP SELIGMAN JOSHUA R RASKIN AUSTIN BURKETT JENNIFER LYNCH RALPH GIACOBBE DAVID H WINDLEY JOSEPH D FRANCE THOMAS A CARROLL SHERYL R SKOLNICK PETER H COSTA CHRISTINE ARNOLD STEVEN P HALPER CHRIS RIGG MATTHEW BORSCH BRIAN M WRIGHT DAVID H TOUNG

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

Recommendation hold restricted outperform strong buy outperform buy overweight hold outperform outperform buy buy buy buy outperform outperform buy Positive Buy/Neutral buy hold

Amt Held 73'588'709 69'582'784 64'576'401 47'673'336 47'106'548 46'796'851 32'483'867 25'520'964 21'928'128 17'780'543 17'122'524 16'023'022 15'616'012 13'485'685 12'342'649 11'603'625 9'804'453 9'668'800 8'921'901 8'670'510

% Out 7.18 6.79 6.3 4.65 4.6 4.57 3.17 2.49 2.14 1.73 1.67 1.56 1.52 1.32 1.2 1.13 0.96 0.94 0.87 0.85

Weighting

Change

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

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

Latest Chg 18'053'055 460'134 (14'012'914) (2'024'107) 518'905 (798'745) (2'011'693) (454'919) (1'699'720) 14'815'816 401'241 (1'424'182) 810'210 (2'222'828) (570'600) 752'534 572'657 702'961

Target Price 60 #N/A N/A 70 70 66 65 70 #N/A N/A 70 71 71 70 70 72 #N/A N/A #N/A N/A 70 72 69 68 #N/A N/A

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

File Dt 31.03.2013 23.04.2013 22.04.2013 28.02.2013 31.12.2012 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013

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

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 Insurance Company Investment Advisor Investment Advisor

Date 23.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 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 02.04.2013 01.04.2013 18.01.2013

24.04.2013

US Bancorp 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 (05.10.2012) 52-Week Low (05.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance USB UN EQUITY YTD Change USB UN EQUITY YTD % CHANGE

12/2012 03/yy 35.46 28.63 297'060.00 32.82 -7.25% 14.64% 61.35% 1'863.4 61'156.29 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 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 19'229.0 2'946.0 15.34x

31.12.2009 31.12.2010 19'490.0 20'609.0 2'205.0 3'317.0 17.18x 15.50x Profitability

LTM-4Q 31.12.2011 21'434.0 4'872.0 11.27x

31.12.2012 22'202.0 5'647.0 11.13x 38.51% 38.51% 1.65% 16.50% 5.93% 0.06% 28.1% 14.64% 151.39% -

Price/ Cash Flow

LTM

03/yy 21'776.0 0.00x 0.0 0.00x 5'164.0 12.42x

03/yy 22'007.0 0.00x 0.0 0.00x 5'737.0 11.58x

FY+1

.0 M a-13

2.38 1.10 1'860.59 16.31 6.29% 3.35% 1.102 40 3.775 2'420'083 2'485'472 2'381'064 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 20'024.4 20'625.8 5'014.8 5'036.0 5'668.6 5'856.3 1'423.4 1'438.2 10.79x 10.11x 10.68x 10.52x 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 |

24.04.2013

US Bancorp Holdings By:

All

Holder Name BLACKROCK STATE STREET FMR LLC VANGUARD GROUP INC 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 TIAA CREF INVESTMENT JANUS CAPITAL MANAGE GENERAL REINSURANCE AMERIPRISE FINANCIAL WELLINGTON MANAGEMEN JP MORGAN INVESCO LTD

Firm Name

Portfolio Name n/a n/a n/a VANGUARD GROUP INC 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 TIAA-CREF INVESTMENT n/a GENERAL REINSURANCE AMERIPRISE FINANCIAL WELLINGTON MANAGEMEN n/a n/a

Analyst

RBC Capital Markets JON G ARFSTROM Oppenheimer & Co CHRISTOPHER M KOTOWSKI Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO Morgan Stanley BETSY L GRASECK Argus Research Corp DAVID RITTER FBR Capital Markets PAUL J MILLER JR Sterne, Agee & Leach TODD L HAGERMAN Barclays JASON M GOLDBERG Drexel Hamilton LLC DAVID B HILDER BMO Capital Markets PETER J WINTER Deutsche Bank MATTHEW D O'CONNOR Credit Suisse MOSHE A ORENBUCH Edward Jones SHANNON L STEMM SunTrust Robinson Humphrey ERIC WASSERSTROM Hilliard Lyons ROSS A DEMMERLE JPMorgan VIVEK JUNEJA Jefferies KENNETH M USDIN Robert W. Baird & Co DAVID A GEORGE Raymond James DAVID J LONG Sandler O'Neill & Partners, LP R SCOTT SIEFERS Evercore Partners ANDREW A MARQUARDT Wells Fargo Securities, LLC MATTHEW H BURNELL Guggenheim Securities LLC MARTY L MOSBY III Portales Partners JENNIFER A THOMPSON Credit Agricole Securities (USA) MICHAEL L MAYO Compass Point Research & Trading LLC KEVIN BARKER Rafferty Capital Markets RICHARD X BOVE SR Sanford C. Bernstein & Co JOHN E MCDONALD Susquehanna Financial Group JACK MICENKO Atlantic Equities LLP RICHARD STAITE Daiwa Securities Co. Ltd. KAZUKI WATANABE Nomura KEITH MURRAY EVA Dimensions AUSTIN BURKETT Scotia Capital KEVIN R CHOQUETTE S&P Capital IQ ERIK M OJA Goldman Sachs RICHARD N RAMSDEN Meredith Whitney Advisory Group MEREDITH A WHITNEY

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

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

Amt Held 134'266'296 107'122'730 92'622'260 83'325'319 62'918'791 61'264'601 41'983'190 30'342'116 25'616'477 21'720'184 20'198'268 17'502'619 17'490'943 16'152'328 15'872'312 14'559'100 14'441'311 14'236'644 13'776'088 13'547'948

% Out 7.21 5.75 4.97 4.47 3.38 3.29 2.25 1.63 1.37 1.17 1.08 0.94 0.94 0.87 0.85 0.78 0.78 0.76 0.74 0.73

Weighting

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

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

Latest Chg 6'555'085 1'778'220 (4'769'856) 1'726'353 (1'113'706) 1'665'000 408'532 1'376'167 (2'965'177) (330'389) 3'378'398 100 1'552'818 3'338'126 (3'257'567) (2'660'473) 1'191'783 (1'720'527)

Target Price 37 #N/A N/A 39 36 #N/A N/A 36 35 40 40 36 38 38 #N/A N/A 35 #N/A N/A 38 38 37 38 37 35 #N/A N/A 41 #N/A N/A 34 35 42 37 40 32 35 38 #N/A N/A 40 34 36 #N/A N/A

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

File Dt 22.04.2013 23.04.2013 28.02.2013 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013

Date 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 6 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 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 Government Insurance Company Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 24.04.2013 23.04.2013 22.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 11.04.2013 08.04.2013 08.04.2013 14.02.2013 08.02.2013 05.02.2013 17.01.2013 16.01.2013 16.01.2013 03.01.2013 18.07.2012

24.04.2013

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

12.0 M 10.0 M 8.0 M

Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (24.04.2012) Daily Volume Current Price (4/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 52.48 38.69 759'173.00 51.31 -2.06% 32.62% 98.84% 2'861.0 146'797.91 51'987.00 52'376.0 3'563.00 247'821.91

6.0 M

4.0 M

2.0 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

14.0 M

50 40

Valuation Analysis

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 11.71x 18.52x Profitability

LTM-4Q 31.12.2011 110'875.0 1.85x 29'376.0 6.98x 2'404.0 13.48x

31.12.2012 115'846.0 1.94x 29'620.0 7.58x 875.0 14.88x 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 a-13

3.99 0.70 2'860.56 57.64 35.79% 21.25% 0.700 39 3.872 3'244'433 2'980'225 2'892'215 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 112'127.0 117'024.0 120'534.2 125'263.9 29'817.1 30'204.5 7.23x 7.82x 2.00x 1.85x 8.26x 8.04x 30'122.0 30'737.0 41'677.6 44'512.0 10'596.2 10'694.1 6.82x 7.86x 5.95x 5.57x 5.84x 5.75x 2'651.0 1'141.0 8'005.8 9'163.0 2'077.2 2'121.7 37.98x 16.41x 18.35x 15.98x 17.50x 16.86x 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 |

24.04.2013

Verizon Communications Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK STATE STREET VANGUARD GROUP INC FMR LLC NORTHERN TRUST CORPO BANK OF NEW YORK MEL JP MORGAN AMERIPRISE FINANCIAL BANK OF AMERICA CORP NORGES BANK T ROWE PRICE ASSOCIA GEODE CAPITAL MANAGE INVESCO LTD BARROW HANLEY MEWHIN TIAA CREF INVESTMENT UBS GOLDMAN SACHS GROUP MORGAN STANLEY LEGAL & GENERAL

Firm Name Jefferies Macquarie Atlantic Equities LLP Accountability Research Corp Deutsche Bank Morgan Stanley RBC Capital Markets Argus Research Corp Hilliard Lyons Pacific Crest Securities FBR Capital Markets Oppenheimer & Co Nomura Wells Fargo Securities, LLC Guggenheim Securities LLC Cowen and Company S&P Capital IQ Gabelli & Co New Street Research Piper Jaffray Goldman Sachs Edward Jones JPMorgan William Blair & Co Raymond James Janco Partners Inc Stifel Canaccord Genuity Corp Evercore Partners Telsey Advisory Group Robert W. Baird & Co Scotia Capital Tigress Financial Partners HSBC EVA Dimensions Daiwa Securities Co. Ltd. McAdams Wright Ragen Inc

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a AMERIPRISE FINANCIAL BANK OF AMERICA NORGES BANK T ROWE PRICE ASSOCIA GEODE CAPITAL MANAGE n/a BARROW HANLEY MEWHIN TIAA-CREF INVESTMENT n/a GOLDMAN SACHS GROUP n/a n/a

Analyst THOMAS O SEITZ KEVIN SMITHEN CHRISTOPHER WATTS KEVIN CHU BRETT FELDMAN SIMON FLANNERY JONATHAN ATKIN JOSEPH F BONNER DAVID B BURKS MICHAEL BOWEN DAVID DIXON TIMOTHY K HORAN MICHAEL L MCCORMACK JENNIFER M FRITZSCHE SHING YIN COLBY SYNESAEL JAMES G MOORMAN SERGEY DLUZHEVSKIY JONATHAN CHAPLIN CHRISTOPHER M LARSEN JASON ARMSTRONG DAVID HEGER PHILIP CUSICK JAMES D BREEN JR FRANK G LOUTHAN GERARD HALLAREN CHRISTOPHER C KING GREGORY MILLER JONATHAN SCHILDKRAUT JAISON BLAIR WILLIAM V POWER JEFFREY FAN IVAN FEINSETH RICHARD DINEEN ANDREW S ZAMFOTIS NACHI HOSHINO SID PARAKH

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

Recommendation buy neutral overweight buy hold Equalwt/In-Line sector perform buy buy outperform market perform outperform buy outperform neutral neutral hold buy neutral overweight Buy/Neutral hold neutral market perform outperform strong buy hold buy equalweight no rating system neutral sector outperform neutral overweight underweight neutral buy

Amt Held 183'916'152 171'650'505 162'532'493 132'262'840 49'682'047 41'212'577 41'084'149 35'361'332 22'251'005 21'837'780 21'259'449 19'178'238 18'851'640 17'255'772 16'818'901 16'545'939 14'621'077 14'458'195 13'699'257 12'914'166

% Out 6.43 6 5.68 4.62 1.74 1.44 1.44 1.24 0.78 0.76 0.74 0.67 0.66 0.6 0.59 0.58 0.51 0.51 0.48 0.45

Weighting

Change

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

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

Latest Chg 876'390 (1'548'209) 320'748 3'977'676 14'423'461 260'183 1'472'808 (2'244'169) 2'517'583 (3'341'938) 1'609'544 1'515'395 (1'785'920) (557'474) (415'568) (2'890'277) (1'234'737) 83'924 26'966 (124'322)

Target Price 56 53 56 57 47 #N/A N/A 56 59 54 58 53 55 55 #N/A N/A 50 #N/A N/A 53 #N/A N/A 49 56 54 #N/A N/A 53 #N/A N/A 54 #N/A N/A #N/A N/A 55 54 56 50 56 #N/A N/A 50 #N/A N/A 46 37

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

File Dt 31.03.2013 22.04.2013 23.04.2013 31.03.2013 28.02.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012

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

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 Unclassified Investment Advisor Investment Advisor Unclassified

Date 23.04.2013 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 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 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 15.04.2013 15.04.2013 25.03.2013 19.02.2013 15.01.2013 12.12.2012 30.01.2009

24.04.2013

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 180

4.0 M

160

3.5 M

140

3.0 M

120

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.03.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance V UN EQUITY YTD Change V UN EQUITY YTD % CHANGE

09/2012 12/yy 170.96 111.95 91'709.00 167.1 -2.26% 49.26% 91.02% 529.4 110'416.18 0.00 0.0 0.0 6'100.00 104'230.18

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

2.0 M 1.5 M

60 40

1.0 M

.5 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 30.09.2008 6'263.0 7.60x 2'939.0 16.20x 804.0 26.24x

2.5 M

100 80

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 21.40x 18.71x Profitability

LTM-4Q 30.09.2011 9'188.0 7.13x 5'751.0 11.39x 3'650.0 17.18x

30.09.2012 10'421.0 9.86x 6'572.0 15.64x 2'144.0 21.66x 6'572.00 6'239.00 59.87% 21.18% 6.72% 8.77% 0.30% 63.1% 59.9% 20.6% 1.48 0.45 0.00% 0.00% 14.99 -

Price/ Cash Flow

LTM

12/yy 9'497.0 28.09x 6'016.0 13.12x 3'795.0 19.30x

12/yy 10'720.0 35.99x 6'769.0 17.09x 2'408.0 23.25x

FY+1

.0 M a-13

0.59 0.99 528.62 6.91 41.64% 10.47% 0.990 41 4.195 1'131'083 948'142 801'505 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 11'580.5 12'900.4 2'852.1 2'868.1 9.04x 7.83x 36.76x 36.31x 7'430.2 8'410.3 1'852.4 1'809.1 14.00x 12.37x 13.66x 13.24x 4'867.8 5'511.5 1'198.8 1'175.4 22.77x 19.64x 22.20x 21.35x S&P Issuer Ratings

20.05.2008 A+ STABLE 20.05.2008 A-1 -0.91 0.00 0.0% 0.0% 0.30 6.74 24.41 -

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 |

24.04.2013

Visa Inc Holdings By:

All

Holder Name FMR LLC BLACKROCK STATE STREET VANGUARD GROUP INC T ROWE PRICE ASSOCIA SANDS CAPITAL MANAGE SUN LIFE FINANCIAL I MORGAN STANLEY WINSLOW CAPITAL MANA UBS JP MORGAN GOLDMAN SACHS GROUP AMERIPRISE FINANCIAL NORTHERN TRUST CORPO CAPITAL GROUP COMPAN BANK OF NEW YORK MEL JENNISON ASSOCIATES MACQUARIE GROUP PRIMECAP MANAGEMENT SPO ADVISORY CORP

Firm Name RBC Capital Markets Robert W. Baird & Co Raymond James Evercore Partners Jefferies Sanford C. Bernstein & Co Wells Fargo Securities, LLC Cowen and Company Edward Jones Keefe, Bruyette & Woods Buckingham Research Group Wedbush Sterne, Agee & Leach Susquehanna Financial Group SunTrust Robinson Humphrey William Blair & Co Credit Suisse Janney Montgomery Scott LLC Barclays Nomura Guggenheim Securities LLC Credit Agricole Securities (USA) Oppenheimer & Co Pacific Crest Securities JPMorgan FBR Capital Markets BNP Paribas Equity Research Argus Research Corp Stifel EVA Dimensions Portales Partners Daiwa Securities Co. Ltd. Macquarie S&P Capital IQ Deutsche Bank Goldman Sachs Meredith Whitney Advisory Group Fincorp SAOG Lazard Capital Markets

Portfolio Name n/a n/a n/a VANGUARD GROUP INC T ROWE PRICE ASSOCIA SANDS CAPITAL MANAGE n/a n/a WINSLOW CAPITAL MANA n/a n/a GOLDMAN SACHS GROUP AMERIPRISE FINANCIAL NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL JENNISON ASSOCIATES n/a PRIMECAP MANAGEMENT SPO ADVISORY CORP

Analyst DANIEL R PERLIN DAVID J KONING WAYNE JOHNSON DAVID M TOGUT JASON KUPFERBERG RODERICK BOURGEOIS TIMOTHY W WILLI MOSHE KATRI JOSH OLSON SANJAY SAKHRANI DAVID HOCHSTIM GIL B LURIA GREGORY SMITH JAMES E FRIEDMAN ANDREW W JEFFREY ROBERT P NAPOLI MOSHE A ORENBUCH THOMAS C MCCROHAN DARRIN D PELLER BILL CARCACHE DAVID W DARST CRAIG J MAURER GLENN GREENE JAMES FAUCETTE TIEN-TSIN HUANG SCOTT VALENTIN ARVIND RAMNANI DAVID RITTER CHRISTOPHER C BRENDLER ANDREW S ZAMFOTIS WILLIAM H RYAN KAZUKI WATANABE KEVIN MCVEIGH SONIA PARECHANIAN BRYAN KEANE JULIO C QUINTEROS JR MEREDITH A WHITNEY GAURAV RAMAIYA JENNIFER DUGAN

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

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

Amt Held 32'709'933 32'152'079 26'634'934 24'131'820 13'565'267 13'282'579 12'922'499 9'747'190 8'232'536 7'827'335 7'683'465 7'515'909 7'012'049 6'672'374 6'133'184 6'106'684 5'907'360 5'207'365 5'039'687 4'961'653

% Out 6.18 6.07 5.03 4.56 2.56 2.51 2.44 1.84 1.56 1.48 1.45 1.42 1.32 1.26 1.16 1.15 1.12 0.98 0.95 0.94

Weighting

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

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

Latest Chg 3'347'680 71'420 692'139 1'219'070 (491'245) 612'260 877'649 (1'430'201) (1'322'285) 2'021'744 (524'079) (778'364) 79'135 (42'613) 796'826 462'691 (142'677) (165'100) (2'411'901)

Target Price 176 168 185 169 196 149 #N/A N/A #N/A N/A #N/A N/A 186 190 145 #N/A N/A 184 190 #N/A N/A 175 135 180 172 185 195 177 180 180 170 166 #N/A N/A 187 #N/A N/A #N/A N/A 172 175 169 177 188 134 105 105

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

File Dt Inst Type 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

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

Date 23.04.2013 23.04.2013 22.04.2013 21.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 17.04.2013 17.04.2013 15.04.2013 12.04.2013 12.04.2013 09.04.2013 09.04.2013 08.04.2013 05.04.2013 05.04.2013 01.04.2013 27.03.2013 27.03.2013 25.03.2013 21.03.2013 20.03.2013 20.03.2013 18.03.2013 01.03.2013 27.02.2013 26.02.2013 25.02.2013 15.02.2013 11.02.2013 07.02.2013 22.01.2013 09.01.2013 25.07.2012 27.10.2011 10.06.2011

24.04.2013

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. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.04.2013) 52-Week Low (25.04.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WMT UN EQUITY YTD Change WMT UN EQUITY YTD % CHANGE

Price/Volume 90

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

10.0 M

01/2013 01/yy 79.49 57.18 294'614.00 79.25 -0.38% 38.60% 99.14% 3'292.4 260'926.14 54'136.00 0.0 5'395.0 7'781.00 312'676.14

8.0 M

50 40

6.0 M

4.0 M

2.0 M

10 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.01.2009 404'374.0 0.55x 29'537.0 7.52x 13'400.0 13.82x

12.0 M

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 14.56x 13.78x 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% 8.57% 23.02% 14.57% 2.37% 24.9% 7.7% 5.9% 3.6% 0.83 0.20 26.65% 70.91% 73.85 8.34

Price/ Cash Flow

LTM

FY+1

.0 M a-13

2.01 0.59 1'652.79 26.37 40.51% 16.90% 0.587 35 3.771 1'960'544 2'180'948 2'261'880 FY+2

FQ+1

FQ+2

01/yy 01/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 446'950.0 469'162.0 491'789.2 514'317.2 116'245.0 119'787.9 2.21x 2.44x 0.63x 0.60x 2.68x 2.60x 34'688.0 36'302.0 37'719.2 39'920.9 8'036.4 8'732.2 7.53x 7.81x 8.29x 7.83x 8.70x 8.59x 15'699.0 16'999.0 17'583.4 18'753.5 3'819.4 4'262.9 13.70x 13.93x 14.82x 13.48x 14.83x 14.49x 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 1.28 Total Debt/EBITDA 1.49 Reference Total Debt/Equity 70.9% Total Debt/Capital 39.8% Asset Turnover 2.37 Net Fixed Asset Turnover 4.10 Accounts receivable turnover-days 4.96 Inventory Days 43.88 Accounts Payable Turnover Day 38.44 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 |

24.04.2013

Wal-Mart Stores Inc Holdings By:

All

Holder Name WALTON ENTERPRISES L STATE STREET BLACKROCK VANGUARD GROUP INC BERKSHIRE HATHAWAY I FMR LLC BANK OF NEW YORK MEL NORTHERN TRUST CORPO STATE FARM MUTUAL AU CAPITAL GROUP COMPAN DODGE & COX GRANTHAM MAYO VAN OT LAZARD ASSET MANAGEM BANK OF AMERICA CORP GEODE CAPITAL MANAGE GATES FOUNDATION LEGAL & GENERAL WALTON JIM C TIAA CREF INVESTMENT EAGLE CAPITAL MANAGE

Firm Name Stifel Edward Jones Janney Montgomery Scott LLC Jefferies Morgan Stanley Shore Capital Stockbrokers Robert W. Baird & Co Sanford C. Bernstein & Co William Blair & Co ISI Group Cowen and Company HSBC Northcoast Research Raymond James Tigress Financial Partners BMO Capital Markets Stephens Inc Daiwa Securities Co. Ltd. Argus Research Corp JPMorgan Independent Research GmbH Buckingham Research Group Susquehanna Financial Group MKM Partners Telsey Advisory Group Credit Suisse Gilford Securities Wells Fargo Securities, LLC Barclays EVA Dimensions Deutsche Bank S&P Capital IQ First Global Stockbroking Crowell, Weedon & Co

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO STATE FARM MUTUAL AU n/a DODGE & COX GRANTHAM MAYO VAN OT n/a BANK OF AMERICA GEODE CAPITAL MANAGE BILL & MELINDA FOUND n/a n/a TIAA-CREF INVESTMENT EAGLE CAPITAL MANAGE

Analyst DAVID A SCHICK BRIAN YARBROUGH DAVID S STRASSER DANIEL T BINDER MARK WILTAMUTH CLIVE WILLIAM BLACK PETER S BENEDICT COLIN MCGRANAHAN MARK R MILLER GREGORY MELICH FAYE LANDES FRANCISCO J CHEVEZ CHARLES E CERANKOSKY BUDD BUGATCH IVAN FEINSETH WAYNE HOOD JOHN R LAWRENCE KAHORI TAMADA CHRISTOPHER GRAJA CHRISTOPHER HORVERS ZAFER RUZGAR JOHN M ZOLIDIS ROBERT SUMMERS PATRICK G MCKEEVER JR JOSEPH I FELDMAN MICHAEL B EXSTEIN BERNARD SOSNICK MATTHEW NEMER ROBERT S DRBUL AUSTIN BURKETT PAUL TRUSSELL IAN GORDON RITESH DOSHI JAMES D RAGAN

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

Recommendation buy buy buy buy Equalwt/In-Line corporate outperform market perform market perform neutral neutral overweight neutral market perform neutral market perform overweight neutral hold neutral sell neutral Positive neutral no rating system neutral buy market perform overweight overweight hold buy moderate outperform reduce

Amt Held 1'609'891'131 108'888'338 91'727'332 89'771'128 47'501'182 42'960'886 34'338'581 22'816'164 16'800'850 15'407'673 14'336'624 14'045'701 12'809'942 11'412'879 11'106'085 11'103'000 10'979'197 10'499'215 10'245'225 9'320'246

% Out 48.9 3.31 2.79 2.73 1.44 1.3 1.04 0.69 0.51 0.47 0.44 0.43 0.39 0.35 0.34 0.34 0.33 0.32 0.31 0.28

Weighting

Change

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

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 U M R M D

Latest Chg (498'123) (2'446'429) (2'150'138) 793'040 (10'152'536) 1'735'672 (200'024) 510'471 (313'625) (682'369) (150'335) 221'310 (1'112'337) 500'000 31'326 2'735 626'294 718'645

Target Price 83 #N/A N/A 80 88 #N/A N/A #N/A N/A 78 76 #N/A N/A 76 #N/A N/A 87 #N/A N/A #N/A N/A #N/A N/A 70 81 75 #N/A N/A 75 67 77 85 76 80 80 #N/A N/A #N/A N/A 80 #N/A N/A 68 76 #N/A N/A 55

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

File Dt 01.06.2012 23.04.2013 22.04.2013 31.03.2013 31.12.2012 28.02.2013 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 01.06.2012 31.12.2012 31.12.2012

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

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 Unclassified Investment Advisor Investment Advisor Endowment Unclassified n/a Investment Advisor Investment Advisor

Date 24.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 16.04.2013 12.04.2013 12.04.2013 11.04.2013 08.04.2013 04.04.2013 03.04.2013 25.03.2013 18.03.2013 27.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 18.02.2013 15.02.2013 18.12.2012 18.08.2011 31.08.2010

24.04.2013

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 (23.04.2013) 52-Week Low (20.06.2012) Daily Volume Current Price (4/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 WAG UN EQUITY YTD Change WAG UN EQUITY YTD % CHANGE

08/2012 02/yy 50.34 28.53 298'628.00 49.02 -2.21% 71.82% 96.70% 947.5 46'445.73 5'392.00 0.0 0.0 1'297.00 50'371.73

4.0 M 3.0 M

2.0 M 10

1.0 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 16.77x 11.74x Profitability

LTM-4Q 31.08.2011 72'184.0 0.45x 5'059.0 6.36x 2'714.0 13.19x

31.08.2012 71'633.0 0.53x 4'630.0 8.18x 2'127.0 14.13x 4'630.00 3'464.00 4.84% 4.71% 6.62% 12.19% 10.02% 2.28% 28.4% 6.4% 4.6% 3.0% 1.23 0.40 16.11% 29.57% 28.37 6.88

Price/ Cash Flow

LTM

02/yy 73'146.0 1.81x 4'905.0 6.10x 2'632.0 12.61x

02/yy 70'788.0 2.03x 4'516.0 9.46x 2'059.0 16.99x

FY+1

.0 M a-13

2.14 0.71 871.99 12.89 43.27% 33.33% 0.707 25 3.880 1'566'943 1'609'523 1'455'908 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 05/13 Q3 08/13 Q4 72'614.8 75'965.0 18'538.5 18'089.0 0.68x 0.65x 2.71x 2.74x 5'596.3 6'166.1 1'492.0 1'324.6 9.05x 8.21x 8.62x 8.46x 2'964.6 3'377.4 856.4 766.2 15.02x 13.22x 14.03x 13.77x S&P Issuer Ratings

02.08.2012 BBB STABLE 02.08.2012 A-2 47.73 31.75 0.87 1.41 29.6% 22.8% 2.28 5.96 12.86 53.04 31.27 32.26

Sales/Revenue/Turnover

12.00

80'000.0 70'000.0

10.00

60'000.0 8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0 2.00 0.00 04.09.2009

10'000.0 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 |

24.04.2013

Walgreen Co Holdings By:

All

Holder Name PESSINA STEFANO STATE STREET VANGUARD GROUP INC BLACKROCK FMR LLC WELLINGTON MANAGEMEN FRANKLIN RESOURCES NORTHERN TRUST CORPO SUN LIFE FINANCIAL I JP MORGAN BANK OF NEW YORK MEL MACQUARIE GROUP BARROW HANLEY MEWHIN INVESCO LTD GOLDMAN SACHS GROUP ALLIANZ ASSET MANAGE NORGES BANK ORBIS HOLDINGS LIMIT AJO, LP KOHLBERG KRAVIS ROBE

Firm Name Lazard Capital Markets Credit Suisse JPMorgan ISI Group Goldman Sachs Morgan Stanley SunTrust Robinson Humphrey William Blair & Co Raymond James Scotia Capital BB&T Capital Markets Susquehanna Financial Group Barclays Mizuho Securities USA Inc Cantor Fitzgerald Macquarie Argus Research Corp Edward Jones Guggenheim Securities LLC Tigress Financial Partners Barrington Research EVA Dimensions JMP Securities First Global Stockbroking

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a WELLINGTON MANAGEMEN n/a NORTHERN TRUST CORPO n/a n/a BANK OF NEW YORK MEL n/a BARROW HANLEY MEWHIN n/a GOLDMAN SACHS GROUP n/a NORGES BANK ORBIS HOLDINGS LIMIT AJO, LP KOHLBERG KRAVIS ROBE

Analyst THOMAS GALLUCCI EDWARD J KELLY LISA C GILL ROSS MUKEN MATTHEW J FASSLER MARK WILTAMUTH DAVID G MAGEE MARK R MILLER JOHN W RANSOM PATRICIA A BAKER ANDREW P WOLF ROBERT SUMMERS MEREDITH ADLER ANN HYNES AJAY JAIN DANE LEONE CHRISTOPHER GRAJA JUDSON CLARK JOHN HEINBOCKEL IVAN FEINSETH CHARLES R JONES AUSTIN BURKETT CONSTANTINE DAVIDES RITESH DOSHI

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

Recommendation neutral neutral overweight cautious Buy/Neutral Equalwt/In-Line buy outperform outperform sector outperform buy Positive equalweight buy buy outperform hold hold buy underperform outperform sell market perform market perform

Amt Held 72'925'155 56'226'768 46'634'298 41'687'931 21'258'567 20'084'016 19'577'086 12'908'934 12'839'154 12'479'221 12'107'146 11'704'910 9'862'536 9'826'160 9'394'722 8'706'780 7'571'619 7'038'081 6'637'500 6'424'340

% Out 7.7 5.93 4.92 4.4 2.24 2.12 2.07 1.36 1.36 1.32 1.28 1.24 1.04 1.04 0.99 0.92 0.8 0.74 0.7 0.68

Weighting

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

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

Latest Chg 83'299 (1'381'653) 1'081'104 1'388'347 7'057'946 2'069'870 3'883'583 (31'420) (2'023'160) (1'205'326) (305'410) 1'541'142 (49'918) 597'097 (339'452) 507'813 (958'453) (305'902) (370'000) -

Target Price #N/A N/A 50 55 43 53 #N/A N/A 53 #N/A N/A 50 50 53 56 39 53 49 52 #N/A N/A #N/A N/A 50 #N/A N/A 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 23.04.2013 31.03.2013 22.04.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided 6 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 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 Government Investment Advisor Investment Advisor Private Equity

Date 24.04.2013 22.04.2013 19.04.2013 18.04.2013 12.04.2013 05.04.2013 03.04.2013 03.04.2013 03.04.2013 03.04.2013 03.04.2013 03.04.2013 01.04.2013 31.03.2013 27.03.2013 21.03.2013 20.03.2013 20.03.2013 20.03.2013 13.03.2013 28.01.2013 15.01.2013 27.03.2012 27.06.2011

24.04.2013

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 70

9.0 M

8.0 M 7.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.04.2013) 52-Week Low (24.04.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.01.2013 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 12/yy 62.90 41.97 318'449.00 62.17 -1.07% 48.13% 99.85% 1'805.4 112'243.97 14'311.00 0.0 2'199.0 3'387.00 128'838.97

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

5.0 M

4.0 M 3.0 M

2.0 M

1.0 M

0 a-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% 7.25% 14.31% 11.15% 0.55% 21.0% 13.4% 1.07 0.77 19.11% 35.99% 6.08 23.00

Price/ Cash Flow

j-12

a-12

LTM

12/yy 40'956.0 7.91x 9'912.0 8.25x 4'969.0 14.11x

s-12

12/yy 42'840.0 9.46x 8'173.0 0.00x 5'600.0 15.93x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

1.21 1.12 1'635.19 37.22 49.65% 24.86% 1.117 33 4.273 2'140'325 2'045'504 2'121'211 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 45'160.8 47'973.5 10'486.0 11'773.7 2.80x 2.61x 12.13x 10.66x 12'301.5 13'444.7 2'749.6 3'762.8 10.51x 9.62x 10.27x 10.07x 6'254.3 6'866.3 1'389.6 1'937.9 18.04x 15.99x 17.51x 16.98x S&P Issuer Ratings

22.12.2009 A STABLE 22.12.2009 A-1 19.24 12.53 36.0% 25.4% 0.55 2.07 59.91 15.82 77.30 21.82

Sales/Revenue/Turnover

16.00

45'000.0

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 09.10.2009

m-12

Fiscal Year Ended 30.09.2008 37'843.0 1.95x 8'986.0 8.20x 4'427.0 14.43x

6.0 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 |

24.04.2013

Walt Disney Co/The Holdings By:

All

Holder Name LAURENE POWELL JOBS STATE STREET BLACKROCK VANGUARD GROUP INC FMR LLC SUN LIFE FINANCIAL I STATE FARM MUTUAL AU LUCAS GEORGE T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL WELLINGTON MANAGEMEN NORTHERN TRUST CORPO CAPITAL GROUP COMPAN SOUTHEASTERN ASSET M DAVIS SELECTED ADVIS JP MORGAN NORGES BANK JENNISON ASSOCIATES TIAA CREF INVESTMENT WELLS FARGO

Firm Name Morgan Stanley B Riley & Company, Inc Cowen and Company Lazard Capital Markets RBC Capital Markets Sanford C. Bernstein & Co Credit Suisse Nomura Barclays Wunderlich Securities Wells Fargo Securities, LLC Needham & Co JPMorgan Davenport & Co Edward Jones Tigress Financial Partners Argus Research Corp Telsey Advisory Group Hilliard Lyons Stifel Goldman Sachs Janney Montgomery Scott LLC Macquarie S&P Capital IQ Gabelli & Co Susquehanna Financial Group Atlantic Equities LLP Piper Jaffray EVA Dimensions Wedge Partners Evercore Partners Deutsche Bank Pacific Crest Securities BTIG LLC

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a n/a STATE FARM MUTUAL AU n/a T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL WELLINGTON MANAGEMEN NORTHERN TRUST CORPO n/a SOUTHEASTERN ASSET M DAVIS SELECTED ADVIS n/a NORGES BANK JENNISON ASSOCIATES TIAA-CREF INVESTMENT n/a

Analyst BENJAMIN SWINBURNE DAVID W MILLER DOUGLAS CREUTZ BARTON CROCKETT DAVID BANK TODD JUENGER MICHAEL SENNO MICHAEL NATHANSON ANTHONY J DICLEMENTE MATTHEW HARRIGAN MARCI RYVICKER LAURA A MARTIN ALEXIA S QUADRANI MICHAEL C MORRIS ROBIN DIEDRICH IVAN FEINSETH JOSEPH F BONNER JAISON BLAIR JEFFREY S THOMISON DREW E CRUM DREW BORST TONY WIBLE TIMOTHY W NOLLEN TUNA AMOBI BRETT HARRISS VASILY KARASYOV HAMILTON FABER JAMES M MARSH JR CRAIG STERLING MARTIN PYYKKONEN ALAN GOULD DOUGLAS D MITCHELSON EVAN S WILSON RICHARD GREENFIELD

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

Recommendation Overwt/Attractive buy neutral buy outperform outperform outperform buy equalweight hold outperform hold overweight buy buy buy buy no rating system long-term buy buy buy/attractive neutral neutral strong buy hold neutral overweight neutral sell no rating system overweight buy sector perform buy

Amt Held 130'844'544 101'844'976 94'323'322 78'979'851 69'556'293 55'329'260 42'206'018 37'076'679 33'008'599 30'420'487 30'368'292 27'396'485 18'401'648 18'216'229 17'149'415 15'390'772 14'991'213 14'062'839 13'454'535 12'799'183

% Out 7.25 5.64 5.22 4.37 3.85 3.06 2.34 2.05 1.83 1.68 1.68 1.52 1.02 1.01 0.95 0.85 0.83 0.78 0.75 0.71

Weighting

Change

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

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

Latest Chg (2'973'462) 7'570'987 2'428'922 (7'038'536) 2'071'273 (11'125'745) 275'056 (7'082'507) (157'367) (1'380'680) (1'042'061) (5'518'017) 2'355'573 2'438'830 (272'743) (418'243) 4'266'795

Target Price 66 65 #N/A N/A 63 63 67 66 63 56 58 #N/A N/A #N/A N/A 67 67 #N/A N/A #N/A N/A 65 65 70 63 65 58 60 63 #N/A N/A 55 65 50 #N/A N/A #N/A N/A 58 63 #N/A N/A 50

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

File Dt 07.01.2013 23.04.2013 22.04.2013 31.03.2013 28.02.2013 31.12.2012 31.12.2012 06.02.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013

Date 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 18 month Not Provided Not Provided 8 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month

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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor

Date 24.04.2013 23.04.2013 23.04.2013 21.04.2013 19.04.2013 19.04.2013 17.04.2013 17.04.2013 16.04.2013 15.04.2013 12.04.2013 10.04.2013 08.04.2013 05.04.2013 03.04.2013 20.03.2013 28.02.2013 10.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 04.02.2013 05.08.2011 06.01.2011

24.04.2013

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 (15.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (4/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 WFC UN EQUITY YTD Change WFC UN EQUITY YTD % CHANGE

12/2012 03/yy 38.20 29.80 592'199.00 37.21 -2.70% 24.87% 87.26% 5'288.8 196'796.25 184'554.00 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 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-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 9.78x 12.60x Profitability

LTM-4Q 31.12.2011 87'597.0 15'869.0 9.10x

31.12.2012 91'247.0 18'897.0 10.08x 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 11.34x

03/yy 90'651.0 0.00x 0.0 0.00x 19'820.0 10.39x

FY+1

.0 M a-13

2.45 1.16 5'270.36 41.44 15.57% 9.64% 1.160 42 4.024 4'376'742 4'714'847 4'469'837 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 84'755.3 86'148.2 21'212.8 21'149.0 19'904.2 20'676.7 4'958.8 4'990.9 10.03x 9.50x 10.06x 9.93x 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 |

24.04.2013

Wells Fargo & Co Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I BLACKROCK STATE STREET VANGUARD GROUP INC FMR LLC CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN JP MORGAN DODGE & COX NORTHERN TRUST CORPO DAVIS SELECTED ADVIS BANK OF NEW YORK MEL FRANKLIN RESOURCES STATE FARM MUTUAL AU T ROWE PRICE ASSOCIA NORGES BANK AMERIPRISE FINANCIAL ALLIANZ ASSET MANAGE BARROW HANLEY MEWHIN SUN LIFE FINANCIAL I

Firm Name

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a n/a WELLINGTON MANAGEMEN n/a DODGE & COX NORTHERN TRUST CORPO DAVIS SELECTED ADVIS BANK OF NEW YORK MEL n/a STATE FARM MUTUAL AU T ROWE PRICE ASSOCIA NORGES BANK AMERIPRISE FINANCIAL n/a BARROW HANLEY MEWHIN n/a

Analyst

RBC Capital Markets JOSEPH K MORFORD Oppenheimer & Co CHRISTOPHER M KOTOWSKI Drexel Hamilton LLC DAVID B HILDER Compass Point Research & Trading LLC KEVIN BARKER Argus Research Corp DAVID RITTER Miller Tabak + Co., LLC TOM MITCHELL Jefferies KENNETH M USDIN Robert W. Baird & Co DAVID A GEORGE Sanford C. Bernstein & Co JOHN E MCDONALD Raymond James ANTHONY J POLINI FBR Capital Markets PAUL J MILLER JR Macquarie THOMAS ALONSO Buckingham Research Group JAMES F MITCHELL Sterne, Agee & Leach TODD L HAGERMAN Atlantic Equities LLP RICHARD STAITE Barclays JASON M GOLDBERG BMO Capital Markets PETER J WINTER Morgan Stanley BETSY L GRASECK Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO Evercore Partners ANDREW A MARQUARDT Deutsche Bank MATTHEW D O'CONNOR Credit Suisse MOSHE A ORENBUCH Edward Jones SHANNON L STEMM SunTrust Robinson Humphrey ERIC WASSERSTROM JPMorgan VIVEK JUNEJA Sandler O'Neill & Partners, LP R SCOTT SIEFERS Nomura KEITH MURRAY Guggenheim Securities LLC MARTY L MOSBY III S&P Capital IQ ERIK M OJA Portales Partners JENNIFER A THOMPSON Credit Agricole Securities (USA) MICHAEL L MAYO Rafferty Capital Markets RICHARD X BOVE SR Susquehanna Financial Group JACK MICENKO Scotia Capital KEVIN R CHOQUETTE Daiwa Securities Co. Ltd. KAZUKI WATANABE Keefe, Bruyette & Woods FREDERICK CANNON EVA Dimensions AUSTIN BURKETT Goldman Sachs RICHARD N RAMSDEN Meredith Whitney Advisory Group MEREDITH A WHITNEY

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

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

Amt Held 439'857'861 283'953'116 277'549'602 230'401'864 196'348'826 181'298'396 113'152'549 101'558'962 76'436'311 73'468'045 70'577'131 66'635'428 59'620'977 55'039'014 49'227'915 43'955'116 43'201'460 40'714'237 40'654'593 36'502'225

% Out 8.32 5.37 5.25 4.36 3.71 3.43 2.14 1.92 1.45 1.39 1.33 1.26 1.13 1.04 0.93 0.83 0.82 0.77 0.77 0.69

Weighting

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

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

Latest Chg 17'308'316 4'757'505 7'642'693 17'604'566 (8'912'090) (6'684'370) (9'622'805) (5'760'895) (5'150'437) 397'475 (9'040'283) 225'975 839'129 1'010'251 1'547'537 (3'723'662) 7'577'529 290'356 2'574'121

Target Price 40 #N/A N/A 44 38 #N/A N/A 35 42 40 42 43 42 44 39 42 37 45 42 41 43 39 37 38 #N/A N/A 38 41 41 42 47 38 #N/A N/A 40 45 40 43 40 37 #N/A N/A 38 #N/A N/A

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

File Dt 31.12.2012 22.04.2013 23.04.2013 31.03.2013 28.02.2013 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012

Date 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 6 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 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 Insurance Company Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 24.04.2013 23.04.2013 23.04.2013 19.04.2013 17.04.2013 16.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 14.04.2013 14.04.2013 14.04.2013 14.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 11.04.2013 08.04.2013 14.03.2013 08.02.2013 27.01.2013 15.01.2013 14.01.2013 12.10.2012

24.04.2013

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 45

16.0 M

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (25.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WMB UN EQUITY YTD Change WMB UN EQUITY YTD % CHANGE

12/2012 12/yy 38.40 27.26 131'368.00 38.2 -0.60% 40.13% 96.86% 681.5 26'034.55 10'736.00 0.0 2'675.0 839.00 38'606.55

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

6.0 M

15 10

4.0 M

2.0 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 11'890.0 1.28x 3'843.0 3.97x 1'418.0 6.55x

8.0 M

Valuation Analysis

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) 27.38x 27.78x Profitability

LTM-4Q 31.12.2011 7'930.0 3.61x 3'481.0 8.23x 376.0 20.01x

31.12.2012 7'486.0 4.66x 2'368.0 14.72x 859.0 27.06x 2'368.00 1'612.00 21.53% 17.22% 4.21% 28.41% 9.72% 0.37% 43.2% 31.7% 21.6% 11.5% 1.24 0.99 44.13% 225.93% 11.35 29.27

Price/ Cash Flow

LTM

12/yy 7'930.0 13.59x 3'481.0 8.23x 376.0 20.13x

12/yy 7'517.0 16.63x 2'382.0 14.64x 859.0 29.23x

FY+1

.0 M a-13

3.13 1.14 680.05 15.21 23.03% 17.85% 1.145 16 4.438 1'037'719 1'279'714 1'270'765 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 8'116.9 9'195.8 1'966.0 1'964.0 5.00x 4.57x 19.68x 19.74x 2'729.4 3'478.6 675.3 656.8 14.16x 11.11x 14.44x 13.91x 652.0 950.4 166.0 145.8 39.39x 27.53x 39.42x 35.95x S&P Issuer Ratings

05.03.2012 BBB STABLE 19.03.2007 NR 4.17 -0.28 4.15 4.51 225.9% 59.1% 0.37 0.54 32.26 12.51 58.49 -22.04

Sales/Revenue/Turnover

14.00

18'000.0

12.00

16'000.0 14'000.0

10.00

12'000.0

8.00

10'000.0

6.00

8'000.0 6'000.0

4.00

4'000.0

2.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

24.04.2013

Williams Cos Inc/The Holdings By:

All

Holder Name SOROBAN CAPITAL PART STATE STREET T ROWE PRICE ASSOCIA BLACKROCK VANGUARD GROUP INC FMR LLC VIKING GLOBAL INVEST JP MORGAN INVESCO LTD MORGAN STANLEY NORTHERN TRUST CORPO KAYNE ANDERSON CAPIT WINSLOW CAPITAL MANA BANK OF NEW YORK MEL JANUS CAPITAL MANAGE WELLS FARGO PRINCIPAL FINANCIAL JENNISON ASSOCIATES SUN LIFE FINANCIAL I AMERIPRISE FINANCIAL

Firm Name Credit Suisse Deutsche Bank US Capital Advisors Howard Weil Inc Wells Fargo Securities, LLC JPMorgan Barclays Raymond James Argus Research Corp EVA Dimensions BMO Capital Markets Morgan Stanley Goldman Sachs Tudor Pickering & Co

Portfolio Name n/a n/a T ROWE PRICE ASSOCIA n/a VANGUARD GROUP INC n/a VIKING GLOBAL INVEST n/a n/a n/a NORTHERN TRUST CORPO KAYNE ANDERSON CAPIT WINSLOW CAPITAL MANA BANK OF NEW YORK MEL n/a n/a n/a JENNISON ASSOCIATES n/a AMERIPRISE FINANCIAL

Analyst BRETT REILLY CURTIS N LAUNER REBECCA G FOLLOWILL HOLLY STEWART SHARON LUI JEREMY TONET RICHARD GROSS DARREN HOROWITZ MICHAEL BURKE CRAIG STERLING CARL L KIRST STEPHEN J MARESCA THEODORE DURBIN BRADLEY OLSEN

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

Recommendation outperform hold hold sector outperform outperform overweight overweight outperform buy underweight outperform Overwt/Attractive buy/attractive accumulate

Amt Held 67'317'856 40'796'411 37'975'558 33'870'156 32'171'940 29'388'541 19'444'793 18'504'991 14'042'214 13'368'373 10'393'996 9'829'263 9'556'049 8'832'780 8'451'681 7'623'520 6'993'844 6'943'029 6'427'059 6'076'774

% Out 9.88 5.99 5.57 4.97 4.72 4.31 2.85 2.72 2.06 1.96 1.53 1.44 1.4 1.3 1.24 1.12 1.03 1.02 0.94 0.89

Weighting

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

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

Latest Chg 57'621'882 1'995'853 543'760 788'667 838'930 (758'359) 4'056'941 3'300'543 1'341'306 3'111'343 696'790 37'513 9'556'049 (1'851'454) 469'600 (866'238) 2'069'002 (607'665) (2'116'350) 336'455

Target Price 49 39 35 38 #N/A N/A 41 39 38 39 #N/A N/A 38 42 45 37

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

File Dt Inst Type 13.03.2013 Hedge Fund Manager 23.04.2013 Investment Advisor 31.12.2012 Investment Advisor 22.04.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 16.04.2013 15.04.2013 15.04.2013 12.04.2013 08.04.2013 02.04.2013 26.03.2013 06.03.2013 05.03.2013 05.03.2013 20.02.2013 12.12.2012 05.11.2012 19.10.2012