Fundamental Equity Analysis - SPI Index - The Top 100 Companies of the Swiss Performance 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 Swiss Performance Index Top 100 Companies by Cap. July 2013

Q M S Advisors .

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

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

Minority Interest (USD)

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

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

S&P 500 INDEX

USD

14898194

1991.775

1117

203

220

102.58

110.21

15.75

14.66

18.58

Euro Stoxx 50 Pr

EUR

2493756

5284.795

4561

731

763

203.59

297.44

21.63

17.12

14.81

20.19

NIKKEI 225

JPY

2727065

192.1279

192

5.38

7.90

0.26

0.27

0.18

0.11

FTSE 100 INDEX

GBP

2587478

11449.56

10098

1411

1676

586.95

805.96

24.84

21.83

18.09

21.26

SWISS MARKET INDEX

CHF

1017711

10776.65

4094

859

827

416.04

556.80

20.57

17.07

15.37

22.10

S&P/TSX COMPOSITE INDEX

CAD

1566664

16493.48

8368

1782

1970

737.98

820.91

14.92

13.42

23.26

S&P/ASX 200 INDEX

AUD

1210714

5733.302

2686

551

684

225.02

324.09

17.92

14.54

12.45

20.26

HANG SENG INDEX

HKD

1576584

2941

1673

353

398

278.90

271.70

1.22

1.38

1.25

2.90

MSCI EM

USD

6919194

1278.432

973

188

180

82.52

90.76

11.05

11.20

10.05

19.18

NESTLE SA-REG

CHF

211531

4490

3189

232.27

96664

100130

105807

17681

4.00

19.70

19.69

18.67

17.17

10.69

-2.92

10.18

-1.53

19.15

16.08.2007

NOVARTIS AG-REG

CHF

191964

2430

2421

216.74

59337

59631

59957

61899

17500

17431

4.19

4.14

5.44

5.93

18.80

19.00

14.29

13.12

-3.38

8.07

-6.49

11.05

30.60

AA-

07.04.2008

Aa3

08.02.2013

ROCHE HOLDING AG-GENUSSCHEIN

CHF

215556

828

863

228.99

47638

49735

51645

20312

14.43

11.78

15.67

16.91

22.22

18.13

16.70

15.48

7.31

0.11

8.81

2.80

44.64

17.09.2012

UBS AG-REG

CHF

65963

7090

3747

280

266.54

39529

39990

29345

30309

16259

0.55

-0.74

1.04

1.30

16.59

17.35

13.79

-8.01

-10.14

-11.60

-32.81

29.11.2011

21.06.2012

ABB LTD-REG

CHF

50337

3036

2296

55.45

41185

42031

43520

45896

5543

5752

1580

1.25

1.21

1.57

1.80

19.63

18.68

15.19

13.25

3.71

4.83

-7.25

2.60

14.33

08.06.2010

CIE FINANCIERE RICHEMON-BR A

CHF

51342

817

553

38.22

10627

11553

12676

2949

1755

3.78

3.83

4.18

4.69

19.80

20.15

18.16

16.16

15.14

14.38

18.86

15.24

29.06

CREDIT SUISSE GROUP AG-REG

CHF

43067

5495

1325

346

40114

40905

27713

28641

2.31

1.63

2.73

3.15

17.59

9.76

10.46

9.07

-10.74

-5.44

A-

02.07.2013

(P)A2

21.06.2012

ZURICH INSURANCE GROUP AG

CHF

38849

315

147

47.25

73758

74726

61516

62789

27.73

27.08

29.71

31.21

10.61

10.60

9.67

9.20

34.52

46.26

SYNGENTA AG-REG

CHF

37013

170

40.60

14870

15964

16938

3296

23.83

21.39

25.55

28.41

20.37

18.28

17.05

15.34

7.37

11.59

9.39

10.73

23.21

15.06.2007

SWISS RE AG

CHF

27441

717

343

38.04

34673

35926

35664

37976

11.58

13.21

9.69

9.06

6.14

6.57

8.38

8.95

20.03

13.92

TRANSOCEAN LTD

CHF

17310

271

26.00

9628

9986

10095

11364

2896

2837

951

4.59

6.40

11.47

8.23

15.25

-6.57

86.46

-4.03

29.75

SWATCH GROUP AG/THE-BR

CHF

29357

116

27.46

8162

9217

10171

2351

1104

31.01

31.03

34.35

38.49

18.92

18.93

17.09

15.25

15.97

6.93

22.84

9.77

30.15

HOLCIM LTD-REG

CHF

23048

716

325

37.34

22557

22099

23074

24579

4171

4071

1365

2.01

2.57

4.66

6.31

28.76

28.53

15.82

11.69

4.04

-4.61

0.69

-10.97

19.29

BBB

22.01.2009

Baa2

09.04.2009

SGS SA-REG

CHF

17265

17.68

5840

6453

7059

1177

75.92

76.40

97.91

113.40

30.25

30.44

23.59

20.37

17.05

5.69

11.24

4.61

21.10

WEATHERFORD INTL LTD

CHF

10704

20.29

15930

16188

16936

18506

2560

2622

717

0.85

1.33

18.02

11.55

17.95

12.81

0.09

1.94

16.96

SWISSCOM AG-REG

CHF

22622

31.10

11919

11848

11845

11897

4300

4224

1130

35.32

34.15

33.17

33.80

13.39

13.45

13.78

13.53

-0.76

-1.45

-4.70

-0.20

37.32

30.06.2009

27.06.2007

GEBERIT AG-REG

CHF

9804

9.38

2010

2021

2381

2498

568

575

615

10.76

11.03

12.00

12.81

23.98

22.03

20.65

2.92

-1.35

2.05

-3.15

29.80

A-

25.05.2010

GIVAUDAN-REG

CHF

12085

13.23

4457

4642

4862

912

911

46.96

47.27

59.24

66.45

28.99

29.18

23.13

20.62

9.15

0.28

16.09

-0.10

21.40

JULIUS BAER GROUP LTD

CHF

8703

390

214

2124

2248

2720

2.23

1.56

2.29

2.95

26.11

27.02

17.81

13.78

-1.18

ADECCO SA-REG

CHF

10820

273

185

9.89

21501

21000

20892

22191

867

807

2.09

1.85

3.00

3.74

26.17

16.16

12.98

-0.05

-0.50

-12.38

-7.00

4.02

BBB

12.10.2011

Baa3

20.10.2009

SCHINDLER HOLDING-PART CERT

CHF

16171

116

14.25

9724

1156

1161

1236

6.31

6.34

6.74

7.47

23.20

23.32

21.84

19.71

5.39

3.67

19.19

3.01

14.06

ACTELION LTD-REG

CHF

7298

214

113

6.54

1803

1821

1806

1848

527

598

135

2.69

3.25

3.84

4.04

19.57

18.47

16.53

15.71

0.56

7.50

16.28

4.53

34.39

KUEHNE & NAGEL INTL AG-REG

CHF

13821

124

120

12.70

17925

18167

18655

19743

970

1039

254

4.54

4.83

5.41

6.11

24.98

23.58

22.29

19.74

5.82

-0.43

-5.97

-2.03

5.99

ARYZTA AG

CHF

5176

122

5.39

4405

4569

4671

4987

565

577

1.57

1.52

3.77

4.19

31.48

31.52

12.70

11.40

8.93

11.86

22.69

13.21

SWATCH GROUP AG/THE-REG

CHF

29357

129

27.46

8162

9266

10135

2351

2680

31.01

31.03

7.05

7.72

3.28

14.45

13.20

15.97

7.52

22.84

9.77

30.15

SIKA AG-BR

CHF

6498

6.62

5056

5306

5688

596

137.43

144.77

137.53

156.98

18.76

19.75

17.30

6.26

1.31

20.07

-2.37

12.33

A-

02.05.2000

SONOVA HOLDING AG-REG

CHF

7186

7.02

1880

2025

2170

250

1.74

5.57

6.28

64.46

20.11

17.83

11.34

9.35

-36.54

-8.52

13.90

BALOISE HOLDING AG - REG

CHF

4963

171

4.06

9772

8894

9061

9.51

9.76

10.04

10.54

10.65

10.93

10.35

9.86

22.36

4.20

SWISS PRIME SITE-REG

CHF

4389

8.50

604

596

599

356

2.84

6.00

3.65

3.77

12.77

25.47

21.00

20.34

0.93

28.50

-4.59

18.57

61.66

PARTNERS GROUP HOLDING AG

CHF

7422

7.18

591

531

623

309

159

10.39

10.63

12.22

14.30

27.39

28.02

23.82

20.35

26.92

18.57

26.31

1.85

54.85

CLARIANT AG-REG

CHF

4678

1413

296

6.53

6322

7262

6497

6769

808

812

220

0.99

0.83

1.11

1.31

17.84

14.64

13.27

11.24

-18.92

-5.72

-12.22

-0.08

11.71

BBB-

14.03.2011

Ba1

03.03.2009

SWISS LIFE HOLDING AG-REG

CHF

5327

111

1.48

19973

19058

19355

18.55

3.02

19.74

21.01

57.58

9.37

8.81

8.27

10.81

6.24

BBB

03.05.2012

LINDT & SPRUENGLI AG-REG

CHF

9459

8.89

2795

3007

3223

479

490

535

1242.70

1239.21

1424.83

1576.77

37.48

37.37

32.59

29.45

7.61

-1.24

8.81

0.61

18.37

SULZER AG-REG

CHF

5672

5.78

4211

4441

4730

578

625

9.40

9.45

10.26

12.04

18.33

18.43

16.88

14.39

12.98

2.92

15.26

2.65

14.37

LONZA GROUP AG-REG

CHF

3956

186

6.45

4110

4148

4360

670

3.68

3.69

4.87

5.85

21.24

21.26

16.08

13.39

47.96

6.64

20.08

-0.89

17.07

PSP SWISS PROPERTY AG-REG

CHF

3943

5.81

297

295

287

292

184

229

3.69

8.84

3.76

3.72

10.18

24.62

23.93

24.21

-0.34

-25.31

6.02

81.49

LINDT & SPRUENGLI AG-PC

CHF

9459

8.89

2795

3014

3233

479

490

116

1242.70

1239.21

138.34

151.94

3.21

3.20

28.72

26.15

7.61

-1.24

8.81

0.61

18.37

SCHINDLER HOLDING AG-REG

CHF

16171

116

14.25

8646

9161

9724

1156

1161

1236

6.31

6.34

6.74

7.47

22.53

22.64

21.21

19.14

5.39

3.67

19.19

3.01

14.06

GAM HOLDING AG

CHF

2889

466

165

1046

1045

671

728

0.53

1.23

1.41

30.90

13.43

11.72

24.09

DUFRY AG-REG

CHF

3669

162

4.81

3302

3315

3859

4349

465

448

147

4.62

4.09

8.22

11.10

31.62

31.95

15.75

11.66

20.48

30.32

13.20

14.15

BB+

15.10.2012

GALENICA AG-REG

CHF

4002

4.75

3778

3737

3872

452

41.66

41.01

41.46

43.64

15.72

15.79

15.55

14.77

3.83

7.67

8.22

18.44

12.52

HELVETIA HOLDING AG-REG

CHF

3545

2.45

8342

7635

8433

39.91

39.90

42.20

44.04

10.75

10.16

9.74

6.58

5.46

EMS-CHEMIE HOLDING AG-REG

CHF

7010

6.74

1838

1943

2058

364

214

12.22

12.38

13.21

25.68

25.34

23.76

6.15

2.63

2.85

OC OERLIKON CORP AG-REG

CHF

3993

1272

325

3.67

3043

3057

3164

599

0.70

0.71

0.75

0.85

18.01

18.28

16.99

15.10

6.71

-11.95

16.78

-4.23

20.61

BARRY CALLEBAUT AG-REG

CHF

5132

6.18

5057

4967

5177

6445

462

48.54

47.58

49.74

55.71

20.58

20.66

19.68

17.57

8.68

-1.49

-3.88

0.31

BB+

28.03.2013

PARGESA HOLDING SA-BR

CHF

5647

16.91

5146

533

566

1486

1492

5.66

5.17

5.15

6.10

13.46

12.31

13.52

11.41

4.12

-2.62

57.64

0.89

30.34

FISCHER (GEORG)-REG

CHF

1899

2.26

3771

3795

3947

376

38.95

31.10

38.36

42.51

15.59

12.62

12.64

11.40

2.71

-3.74

-3.93

-5.91

10.44

FLUGHAFEN ZUERICH AG-REG

CHF

3121

4.15

993

1012

1028

410

547

16.24

16.32

25.42

33.85

32.61

32.63

20.94

15.72

5.02

2.90

-20.15

-1.02

43.18

20.04.2012

DKSH HOLDING LTD

CHF

5355

5.33

9249

10582

11686

336

184

2.97

3.33

3.45

3.92

26.52

29.71

25.59

22.52

21.31

17.71

3.80

BUCHER INDUSTRIES AG-REG

CHF

2435

2.49

2732

2820

2920

319

16.04

16.06

18.11

19.35

15.49

15.51

13.73

12.86

12.24

1.36

18.07

1.46

12.24

8646

9161

3.49

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

3.49

3.68

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

Minority Interest (USD)

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

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

S&P 500 INDEX

USD

14898194

1991.775

1117

203

220

102.58

110.21

15.75

14.66

18.58

Euro Stoxx 50 Pr

EUR

2493756

5284.795

4561

731

763

203.59

297.44

21.63

17.12

14.81

20.19

NIKKEI 225

JPY

2727065

192.1279

192

5.38

7.90

0.26

0.27

0.18

0.11

FTSE 100 INDEX

GBP

2587478

11449.56

10098

1411

1676

586.95

805.96

24.84

21.83

18.09

21.26

SWISS MARKET INDEX

CHF

1017711

10776.65

4094

859

827

416.04

556.80

20.57

17.07

15.37

22.10

S&P/TSX COMPOSITE INDEX

CAD

1566664

16493.48

8368

1782

1970

737.98

820.91

14.92

13.42

23.26

S&P/ASX 200 INDEX

AUD

1210714

5733.302

2686

551

684

225.02

324.09

17.92

14.54

12.45

20.26

HANG SENG INDEX

HKD

1576584

2941

1673

353

398

278.90

271.70

1.22

1.38

1.25

2.90

MSCI EM

USD

6919194

1278.432

973

188

180

82.52

90.76

11.05

11.20

10.05

19.18

TEMENOS GROUP AG-REG

CHF

1712

159

1.92

471

475

499

537

113

126

0.37

0.60

1.19

1.40

43.67

21.89

18.60

-5.14

3.76

22.92

6.85

27.79

NOBEL BIOCARE HOLDING AG-REG

CHF

1477

123

1.13

608

601

592

612

105

102

0.39

0.42

0.47

26.13

24.30

21.68

2.08

-1.84

-3.86

-16.90

17.79

ALLREAL HOLDING AG-REG

CHF

2215

3.82

909

294

310

180

206

6.81

6.75

7.59

8.46

21.54

21.36

19.17

17.19

4.63

81.24

-5.91

6.62

20.77

BANQUE CANTONALE VAUDOIS-REG

CHF

4334

1383

1039

1067

37.83

34.66

35.80

13.94

15.21

14.73

-2.36

-4.69

05.12.2011

KABA HOLDING AG-REG B

CHF

1452

992

993

1000

1023

161

157

23.20

23.35

21.91

23.88

17.07

18.19

16.69

0.25

-7.01

26.45

-3.49

16.58

VALIANT HOLDING AG-REG

CHF

1394

646

393

419

5.69

7.13

6.09

7.57

12.96

16.25

15.17

12.21

0.37

-2.12

MOBIMO HOLDING AG-REG

CHF

1240

2.25

264

137

138

104

7.66

12.91

9.08

9.09

16.20

27.31

23.03

23.00

10.18

5.86

3.32

6.84

34.73

PANALPINA WELTTRANSPORT -REG

CHF

2683

2.29

6928

6992

7529

7869

-0.43

-0.69

3.10

4.38

38.11

26.99

1.88

-5.17

-86.64

-38.82

1.44

LUZERNER KANTONALBANK AG-REG

CHF

3061

718

713

447

456

20.36

21.14

22.78

23.45

17.84

18.10

16.55

16.08

-4.95

-4.78

AA+

12.09.2008

BERNER KANTONALBANK AG-REG

CHF

2207

694

17.37

14.39

17.24

14.27

-4.01

-1.36

AMS AG

CHF

1114

0.89

406

400

429

479

123

115

6.34

5.87

6.04

7.39

11.10

11.73

10.80

8.83

42.51

24.73

71.91

19.85

30.20

KUONI REISEN HLDG-REG(CAT B)

CHF

1311

1.21

6120

6089

6315

179

-1.79

-2.61

25.70

31.62

13.36

10.86

15.04

5.38

2.63

-2.77

3.07

BURCKHARDT COMPRESSION HOLDI

CHF

1351

1.19

384

455

496

100

17.40

19.81

22.26

23.91

21.00

18.69

12.02

3.62

9.46

-2.07

24.68

STRAUMANN HOLDING AG-REG

CHF

2373

2.22

719

704

726

100

2.47

6.72

7.89

64.15

64.20

23.60

20.10

-1.11

-2.23

-19.00

-17.81

14.58

BELIMO HOLDING AG-REG

CHF

1379

1.29

466

503

543

107

105.48

119.43

131.13

22.26

19.66

17.91

7.21

4.50

12.94

5.98

21.64

ST GALLER KANTONALBANK A-REG

CHF

2042

745

515

524

27.22

28.56

30.92

31.14

13.43

14.09

12.41

12.32

1.28

-4.48

Aa1

02.12.2003

LOGITECH INTERNATIONAL-REG

CHF

1101

249

173

0.80

2199

2089

2109

-1

-0.15

-1.51

0.31

0.44

24.20

17.27

-9.78

-2.89

-50.03

-27.03

3.76

TECAN GROUP AG-REG

CHF

1054

0.91

409

431

473

4.02

4.08

4.51

5.43

23.62

23.99

21.37

17.77

3.93

-0.76

3.81

-2.75

16.75

GRAUBUENDNER KANTONALBANK-PC

CHF

3268

518

405

418

66.57

58.36

80.67

85.23

21.32

18.69

15.42

14.60

-3.19

-4.66

AA+

17.12.2010

ZUGER KANTONALBANK-BR

CHF

1413

342

222.41

222.42

23.07

-3.51

-3.38

FORBO HOLDING AG-REG

CHF

1446

1.18

1258

1277

216

170

60.16

59.31

47.86

53.57

11.35

14.06

12.57

-0.23

0.56

4.94

-2.85

VONTOBEL HOLDING AG-REG

CHF

2035

6.94

947

870

941

233

2.11

2.15

2.39

2.80

15.27

15.50

13.69

11.72

1.67

-1.62

4.11

-12.12

25.72

30.03.2009

DAETWYLER HOLDING AG-BR

CHF

1823

1.88

1242

1474

1572

167

226

6.30

6.31

8.27

9.38

17.78

13.57

11.97

13.50

1.61

-3.18

-3.52

14.07

HUBER & SUHNER AG-REG

CHF

909

0.82

731

797

860

1.17

2.37

2.82

40.20

19.88

16.72

-8.34

1.90

-6.52

4.90

VALORA HOLDING AG-REG

CHF

636

1.02

2982

3042

3089

140

149

20.09

16.61

17.81

19.55

11.67

10.88

9.91

1.11

0.27

13.07

5.96

4.91

INFICON HOLDING AG-REG

CHF

673

0.61

311

303

327

342

18.70

17.97

18.84

20.10

18.40

18.56

17.54

16.45

-4.99

7.94

-5.33

8.11

MEYER BURGER TECHNOLOGY AG

CHF

548

730

0.56

676

477

645

-34

-2.03

-1.38

-0.26

-53.33

40.27

-5.31

IMPLENIA AG-REG

CHF

975

0.69

2822

2956

3036

147

162

3.95

4.44

4.60

14.00

7.18

3.47

4.02

11.97

5.46

BASELLANDS KANTONALBANK-CERT

CHF

2217

594

77.47

53.97

19.82

13.81

-3.02

-3.42

AAA

21.11.2001

BASILEA PHARMACEUTICA-REG

CHF

695

-49

-46

-5.79

-13.84

88.54

13.80

BASLER KANTONALBK - PC

CHF

2629

1007

7.55

8.36

10.52

11.64

2.92

-3.54

AA+

18.10.2001

EMMI AG-REG

CHF

1587

3121

3368

3438

261

262

283

20.77

20.79

20.22

21.59

14.93

14.95

15.36

14.38

10.00

5.18

11.83

8.78

EFG INTERNATIONAL AG

CHF

1804

147

1227

796

859

0.83

0.80

1.02

1.18

16.19

16.53

12.66

10.94

9.13

-12.38

RIETER HOLDING AG-REG

CHF

747

0.65

930

969

1092

3.67

6.70

4.26

12.55

24.96

45.55

39.25

13.33

-11.74

-25.31

-56.96

-33.05

7.87

BKW AG

CHF

1611

2.18

2844

2725

2826

433

453

2.92

3.62

4.11

10.94

8.83

7.78

8.92

0.50

200.19

-0.33

15.95

GATEGROUP HOLDING AG

CHF

554

0.87

3133

3236

3356

-2.34

-2.36

1.61

2.26

13.43

9.60

11.86

-63.49

2.30

BB-

11.06.2013

SCHWEITER TECHNOLOGIES AG-BR

CHF

884

0.49

705

734

772

28.44

29.92

30.27

38.16

21.43

22.42

21.19

16.80

-3.68

73.15

-4.30

32.33

12.49

SCHWEIZERISCHE NATL-V AG-REG

CHF

975

0.43

1666

1705

1769

4.90

5.19

9.45

8.93

0.80

-3.38

23.05.2006

METALL ZUG AG-SHS B-REG

CHF

1002

0.64

876

885

906

117

104

145.69

193.47

148.91

16.03

12.07

15.68

-0.71

7.46

-23.51

-2.39

VETROPACK HOLDING AG-BR

CHF

793

0.75

633

642

664

122

140

213.57

208.61

154.44

167.52

9.71

13.11

12.09

2.66

-0.93

-9.94

-9.80

VZ HOLDING AG

CHF

1080

0.87

161

184

209

7.21

7.25

8.46

9.73

19.50

19.59

16.70

14.52

7.13

11.08

6.17

12.01

47.92

KUDELSKI SA-BR

CHF

660

0.84

884

916

942

104

0.32

1.00

1.11

40.64

12.90

11.60

-3.57

-1.32

11.73

-7.35

12.34

LIECHTENSTEIN LANDESBANK-BR

CHF

1175

611

401

385

3.48

3.26

3.60

11.50

12.27

11.09

5.48

-11.34

ZEHNDER GROUP AG-BR

CHF

526

0.41

548

562

589

2.42

2.60

3.02

15.72

14.64

12.58

1.71

-18.54

0.19

11.33

LEM HOLDING SA-REG

CHF

716

0.69

246

274

298

30.02

30.04

33.65

41.23

21.90

19.55

15.95

-0.61

4.79

15.24

7.11

BOSSARD HOLDING AG-BR

CHF

604

0.82

493

630

672

13.87

15.75

16.31

11.41

10.04

9.70

3.08

-2.65

-3.52

-0.40

12.91

AFG ARBONIA-FORSTER HOLD-REG

CHF

492

0.63

1273

1396

1429

115

125

-2.97

2.10

2.77

13.45

10.22

-4.10

-4.52

8.67

-6.79

9.44

ZUG ESTATES HOLDING AG-B SHR

CHF

632

0.81

17.17

84.38

90.92

15.46

75.97

14.35

-43.14

-57.76

39.62

INTERSHOP HOLDINGS-BR

CHF

704

1.24

101

25.33

27.99

22.62

24.76

12.53

13.85

15.51

14.17

-0.39

7.63

4.58

3.06

65.95

U-BLOX AG

CHF

422

0.36

181

226

253

2.85

2.87

3.60

4.23

24.46

24.91

19.46

16.59

40.66

25.62

31.44

1.44

0.34

2.21

1256

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

-4.37

-3.16

12.45

12.01

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.26

2.07

1.88

2.26

1.45

1.38

1.33

1.45

10.18

9.51

9.83

10.18

9.03

8.33

7.78

9.03

14.66

13.11

11.96

14.66

2.17

2.34

2.44

2.17

1777.8

10.1%

Euro Stoxx 50 Pr

1.15

1.09

1.02

1.15

0.75

0.73

0.71

0.75

5.69

5.23

4.76

5.69

6.93

6.55

6.19

6.93

11.46

10.21

9.21

11.46

4.36

4.64

5.00

4.36

2969.9

12.7%

NIKKEI 225

1.52

1.43

1.32

1.52

0.73

0.71

0.69

0.73

8.97

8.30

7.60

8.97

8.85

8.19

7.71

8.85

17.73

15.75

14.19

17.73

1.64

1.79

1.94

1.64

14886.7

6.2%

FTSE 100 INDEX

1.69

1.58

1.46

1.69

0.96

0.93

0.95

0.96

8.35

7.62

6.95

8.35

6.83

6.43

6.05

6.83

12.00

10.93

10.09

12.00

3.91

4.21

4.56

3.91

6995.7

9.0%

SWISS MARKET INDEX

2.34

2.17

2.02

2.34

2.00

1.90

1.82

2.00

12.00

10.95

9.76

12.00

13.03

12.00

11.23

13.03

14.68

13.23

12.05

14.68

3.31

3.30

3.69

4.23

3.30

8617.2

10.4%

S&P/TSX COMPOSITE INDEX

1.62

1.51

1.41

1.62

1.38

1.43

1.48

1.38

8.20

7.40

6.13

8.20

8.37

7.41

6.83

8.37

14.10

12.45

11.35

14.10

3.31

3.46

3.61

3.31

14176.6

16.5%

S&P/ASX 200 INDEX

1.75

1.65

1.56

1.75

1.64

1.55

1.48

1.64

9.89

8.92

8.52

9.89

8.38

7.61

7.09

8.38

13.57

12.31

11.38

13.57

4.92

5.26

5.61

4.92

5209.5

8.6%

HANG SENG INDEX

1.22

1.12

1.06

1.22

1.58

1.46

1.34

1.58

7.30

6.94

6.44

7.30

7.40

6.77

6.08

7.40

9.72

8.95

8.22

9.72

3.96

4.27

4.68

3.96

24849.3

21.4%

MSCI EM

1.32

1.21

1.09

1.32

0.94

0.88

0.81

0.94

6.51

5.96

5.46

6.51

7.11

6.46

5.95

7.11

10.05

9.05

8.26

10.05

3.08

3.41

3.69

3.08

1126.2

23.5%

NESTLE SA-REG

3.29

3.11

2.90

2.69

2.63

2.20

2.11

2.00

1.89

1.75

15.08

14.74

13.55

12.23

11.00

12.77

12.27

11.44

10.69

9.74

18.40

17.85

16.41

15.17

13.50

3.31

3.46

3.69

3.92

4.33

68.70

9.6%

NOVARTIS AG-REG

2.44

2.38

2.26

2.16

1.91

3.40

3.35

3.24

3.13

3.04

11.89

11.62

10.90

9.75

9.86

12.15

12.28

11.50

10.85

10.54

13.53

13.63

12.52

11.50

10.92

3.44

3.50

3.71

3.97

4.30

72.91

7.7%

ROCHE HOLDING AG-GENUSSCHEIN

12.57

9.64

7.56

6.19

5.00

4.56

4.34

4.18

4.04

3.93

15.35

13.18

12.23

11.36

11.55

12.23

10.89

10.34

9.86

9.65

17.46

15.95

14.78

13.80

13.21

3.07

3.36

3.67

3.98

4.26

270.60

13.4%

UBS AG-REG

1.30

1.26

1.20

1.14

2.51

2.25

2.18

2.06

2.18

105.87

13.13

10.07

7.63

16.14

16.58

13.17

10.02

8.86

0.80

1.46

3.27

7.47

7.54

18.44

12.4%

ABB LTD-REG

3.00

2.73

2.45

2.20

1.28

1.21

1.15

1.08

1.02

13.30

11.17

10.09

9.16

9.33

9.88

8.46

7.59

6.98

7.03

16.64

14.51

12.65

11.41

11.11

3.27

3.52

3.76

4.03

4.39

23.29

12.1%

CIE FINANCIERE RICHEMON-BR A

3.68

3.17

2.74

2.40

2.01

7.13

6.54

3.28

3.01

2.80

17.54

14.84

13.04

11.99

23.92

13.09

11.78

10.59

9.59

9.14

19.46

17.32

15.42

14.03

13.05

0.91

1.36

1.60

1.79

2.00

95.64

12.1%

CREDIT SUISSE GROUP AG-REG

0.98

0.95

0.89

0.84

0.77

1.69

1.55

1.50

1.49

1.40

16.72

7.10

6.53

5.74

10.84

9.99

8.66

7.89

7.96

2.66

3.11

4.21

5.05

4.54

28.40

8.9%

ZURICH INSURANCE GROUP AG

1.15

1.10

1.05

1.01

0.92

0.63

0.66

0.65

0.66

0.56

11.75

9.23

8.79

8.49

7.94

7.07

6.87

6.98

7.13

7.38

269.36

7.7%

SYNGENTA AG-REG

4.38

3.75

3.34

2.96

2.60

2.43

2.29

2.16

2.07

17.97

16.29

14.65

13.60

13.43

2.35

2.78

3.02

3.24

3.30

416.00

9.5%

SWISS RE AG

0.79

0.76

0.73

0.84

0.81

0.76

0.71

0.69

7.25

8.00

8.55

8.41

8.75

5.13

6.09

6.03

6.21

6.13

76.61

8.4%

TRANSOCEAN LTD

1.11

1.05

0.96

0.89

1.79

1.80

1.59

1.54

1.52

56.94

24.1%

SWATCH GROUP AG/THE-BR

3.17

2.77

2.43

2.16

3.62

3.18

2.89

2.64

HOLCIM LTD-REG

1.25

1.22

1.12

1.05

1.01

1.00

0.94

0.87

SGS SA-REG

7.69

7.04

6.24

5.41

2.98

2.68

2.45

2.24

WEATHERFORD INTL LTD

1.14

1.15

1.02

0.89

0.71

0.66

0.61

0.56

SWISSCOM AG-REG

4.33

4.27

3.90

3.58

1.91

1.90

1.89

GEBERIT AG-REG

6.60

5.78

5.34

5.02

4.28

4.12

3.92

GIVAUDAN-REG

3.13

3.14

3.05

3.01

2.74

2.60

JULIUS BAER GROUP LTD

1.58

1.62

1.55

1.46

1.63

4.77

3.87

ADECCO SA-REG

2.16

2.10

1.93

1.75

1.43

0.41

SCHINDLER HOLDING-PART CERT

5.04

4.81

4.12

3.58

1.85

ACTELION LTD-REG

4.31

4.26

3.61

3.05

2.70

KUEHNE & NAGEL INTL AG-REG

5.45

5.07

4.68

4.29

3.79

ARYZTA AG

1.70

1.60

1.48

1.39

1.28

SWATCH GROUP AG/THE-REG

2.72

2.33

2.03

SIKA AG-BR

3.22

2.88

2.61

2.38

SONOVA HOLDING AG-REG

4.32

3.66

3.19

2.86

BALOISE HOLDING AG - REG

1.02

0.93

0.87

0.84

SWISS PRIME SITE-REG

1.07

1.06

1.05

PARTNERS GROUP HOLDING AG

11.21

8.60

CLARIANT AG-REG

1.36

SWISS LIFE HOLDING AG-REG

0.52

LINDT & SPRUENGLI AG-REG

13.74

12.56

11.60

7.79

10.00

8.32

6.75

6.57

5.18

4.77

2.50

20.17

16.81

14.04

12.45

0.80

7.15

6.39

5.42

4.79

2.11

18.00

15.48

13.49

12.16

6.84

5.40

4.39

4.05

1.92

6.11

5.68

5.73

5.71

3.77

18.56

17.25

16.34

2.49

2.37

2.29

16.44

14.39

3.20

2.91

2.86

18.49

18.31

0.42

0.39

0.37

0.33

13.07

12.80

10.87

9.22

1.77

1.66

1.57

1.51

19.35

17.22

14.84

13.76

4.03

4.04

3.95

3.85

4.12

16.90

13.56

12.32

11.20

0.77

0.74

0.70

0.66

18.53

16.25

14.90

13.64

0.97

0.90

0.84

0.81

0.76

9.36

8.41

7.35

6.78

3.62

3.17

2.90

1.29

1.22

1.14

1.06

0.98

14.76

12.93

11.67

10.70

3.78

3.55

3.31

3.11

2.88

26.38

16.26

14.95

13.40

0.52

0.56

0.55

0.57

0.48

10.48

9.60

8.93

8.37

1.04

9.92

7.36

7.32

7.62

9.19

20.16

17.97

16.83

17.15

18.58

7.17

6.11

16.69

13.98

11.91

10.68

9.63

26.63

24.50

18.72

1.40

1.30

1.21

0.60

0.72

0.69

0.66

0.62

9.04

6.86

6.36

0.50

0.48

0.46

0.29

0.28

0.26

0.25

5.60

5.09

4.57

4.02

3.39

3.15

2.94

2.73

SULZER AG-REG

2.36

2.15

1.95

1.77

1.37

1.28

1.20

1.13

LONZA GROUP AG-REG

1.53

1.42

1.33

0.98

0.95

0.91

0.87

PSP SWISS PROPERTY AG-REG

1.05

0.99

0.98

0.97

0.87

13.97

13.72

13.50

LINDT & SPRUENGLI AG-PC

5.05

4.07

3.62

3.41

3.37

3.38

3.14

2.93

SCHINDLER HOLDING AG-REG

4.89

4.67

4.00

3.48

1.85

1.77

GAM HOLDING AG

1.24

1.16

1.06

0.96

4.88

DUFRY AG-REG

2.71

2.57

2.21

1.91

1.73

1.10

GALENICA AG-REG

2.84

2.50

2.22

1.98

1.77

HELVETIA HOLDING AG-REG

0.94

0.88

0.84

0.79

0.73

EMS-CHEMIE HOLDING AG-REG

5.91

5.67

5.29

4.94

OC OERLIKON CORP AG-REG

2.06

1.99

1.83

1.62

BARRY CALLEBAUT AG-REG

3.36

2.75

2.52

2.27

PARGESA HOLDING SA-BR

0.69

0.71

FISCHER (GEORG)-REG

1.44

1.43

FLUGHAFEN ZUERICH AG-REG

1.62

1.49

DKSH HOLDING LTD

4.63

BUCHER INDUSTRIES AG-REG

2.47

0.65

0.89

3.43

0.73

0.45

14.98

12.17

11.33

10.36

9.65

9.37

7.71 7.30

6.87

5.56

5.28

5.75

13.74

10.96

7.85

7.43

8.41

1.04

3.66

4.56

4.94

17.03

12.26

10.30

9.17

8.26

8.23

19.47

16.32

14.57

13.09

12.52

1.27

1.46

1.66

1.87

2.03

623.91

16.5%

3.97

8.53

7.75

6.59

5.98

5.23

19.65

15.11

11.16

9.50

7.58

1.61

2.06

2.78

3.39

3.71

80.07

19.0%

12.29

14.44

12.39

10.83

9.78

9.68

25.70

22.54

19.46

17.34

16.47

3.00

2.83

3.11

3.41

3.58

2401.79

13.9%

7.07

6.54

5.53

4.90

21.94

17.21

11.03

8.40

0.00

14.63

9.6%

5.83

6.82

6.95

6.87

6.81

6.72

12.42

13.16

12.92

12.76

13.03

5.28

5.29

5.43

5.59

5.64

435.13

4.3%

15.30

14.71

16.52

15.26

14.36

13.55

12.75

23.31

21.04

19.71

18.46

17.73

2.72

3.03

3.22

3.44

2.54

224.20

-7.0%

13.41

11.94

11.39

14.67

13.45

12.57

11.76

11.51

22.94

22.09

19.69

18.10

16.19

2.06

3.24

3.63

4.05

4.29

1196.53

-4.3%

12.60

10.43

18.18

17.03

13.18

10.92

15.30

1.65

1.76

2.08

2.65

2.42

42.54

14.4%

9.44

10.58

10.30

8.55

7.45

6.26

15.85

15.42

12.38

10.55

8.83

3.11

3.36

3.83

4.42

4.50

57.89

6.1%

12.01

11.54

10.62

10.03

9.65

22.82

20.86

18.83

17.71

16.41

1.66

1.79

1.97

2.15

2.01

148.78

10.7%

14.33

12.23

11.92

11.18

10.33

12.98

15.68

15.79

15.01

13.17

12.92

1.33

1.70

1.82

1.99

2.06

61.62

6.3%

13.63

13.52

12.26

11.14

10.31

9.49

23.27

21.28

18.85

17.35

15.60

3.33

3.51

3.86

4.24

4.83

112.17

2.0%

5.59

9.74

9.18

8.17

7.66

7.19

12.87

12.13

10.89

9.81

8.86

1.17

1.24

1.38

1.53

1.70

62.73

16.5%

12.46

10.24

9.42

17.00

13.82

12.62

1.40

1.61

1.94

11.20

10.11

9.10

8.30

7.56

21.76

18.86

16.53

15.41

13.18

1.94

2.23

2.46

2.70

19.03

13.65

12.17

10.90

9.61

22.70

19.21

17.03

15.41

13.55

1.31

1.70

1.91

2.09

10.52

9.88

9.42

9.13

8.37

4.97

4.95

5.06

18.58

5.15

5.11

2.23

125.50

34.9%

2369.67

-4.4%

2.26

107.80

5.5%

5.20

5.27

101.17

6.7%

5.08

5.04

5.15

73.50

5.2%

2.62

3.03

3.38

257.20

-3.1% 9.9%

21.41

22.02

21.85

21.73

22.13

19.30

20.06

19.42

18.96

16.41

25.82

21.10

17.92

15.72

14.51

27.45

22.75

19.44

17.25

5.59

7.45

7.25

6.61

6.10

5.86

14.30

12.67

10.73

9.34

8.83

2.12

2.62

3.01

3.48

2.97

14.79

8.78

8.41

7.90

7.26

6.60

2.88

2.94

3.09

3.36

4.41

167.33

5.5%

34.08

31.13

28.13

25.30

1.35

1.53

1.68

1.89

39200.00

-7.5%

26.84

24.16

21.11

17.61

18.31

16.63

15.21

13.94

1.06

11.88

11.32

10.23

9.40

10.10

9.23

8.17

7.48

6.84

17.19

16.14

13.75

12.34

11.41

1.95

2.15

2.45

2.68

0.83

6.02

6.29

5.86

5.25

9.39

8.80

8.03

7.38

6.97

17.16

15.35

12.78

11.16

10.57

2.88

3.09

3.21

3.42

3.50

13.21

12.33

23.46

23.54

23.71

23.65

25.50

24.45

23.27

23.44

23.03

21.78

23.28

22.86

23.13

22.71

21.49

3.72

3.94

4.02

4.09

2.73

2.56

23.67

22.22

17.63

13.95

16.34

18.47

16.72

15.28

14.04

12.83

30.19

27.43

24.98

22.69

19.52

1.55

1.79

1.99

2.17

1.66

1.57

1.51

18.77

16.72

14.41

13.36

12.01

11.54

10.62

10.03

9.65

22.14

20.25

18.28

17.20

15.92

1.79

1.81

2.03

2.16

4.31

3.97

3.65

3.70

16.91

12.44

10.99

9.68

17.38

12.83

11.20

9.63

3.32

3.76

4.27

0.95

0.84

0.78

0.72

9.75

9.97

8.23

7.42

6.44

9.56

8.22

6.94

6.28

5.87

13.71

15.04

11.14

9.71

9.18

0.00

0.42

1.07

1.03

0.98

0.91

12.93

11.22

10.78

10.24

8.64

10.85

10.63

10.09

8.95

6.34

15.79

14.85

14.11

12.26

8.91

1.61

1.99

2.11

2.42

0.46

0.42

0.40

0.41

10.15

9.70

9.30

8.81

8.38

4.34

4.48

4.65

4.87

3.81

3.61

3.41

3.28

2.96

1.34

1.31

1.26

1.23

1.14

8.80

9.88

9.21

8.74

8.60

6.63

1.04

0.99

0.80

0.75

0.70

14.69

11.67

12.84

11.08

12.34

13.67

0.67

0.93

10.60

9.99

10.19

15.76

15.64

10.48

11.55

41.73

1.32

1.22

0.50

0.48

0.46

0.42

5.79

5.87

6.15

6.02

1.37

1.28

3.16

3.08

3.04

2.92

2.91

9.58

8.10

7.10

6.65

3.89

3.46

3.06

0.59

0.51

0.46

0.42

0.53

25.94

23.26

18.45

15.85

2.23

1.97

1.76

0.89

0.86

0.83

0.80

0.84

9.92

9.05

8.34

7.95

2.01

2.55

24.78

19.78

17.80

17.21

17.68

16.34

169.88

7.4%

64.57

-9.6%

4.10

89.10

8.5%

2.41

3783.33

4.4%

158.00

21.2%

4.84

18.21

21.0%

1.26

139.63

18.2%

3.49

623.33

6.0%

4.86

408.17

4.4%

232.50

-18.8% 12.8%

15.32

14.60

12.61

26.10

24.21

22.69

21.76

18.05

2.63

3.19

3.33

3.56

6.80

6.21

5.94

5.81

17.36

16.23

14.43

13.59

14.10

2.00

2.51

2.56

2.74

2.99

13.20

12.82

10.88

9.77

9.34

18.80

16.78

14.56

13.58

1.59

1.78

1.95

2.15

2.47

931.25

4.3%

39.20

33.93

29.74

40.97

12.91

10.90

9.91

3.59

4.23

4.49

4.93

74.63

17.5%

6.01

5.98

5.58

5.20

12.19

12.06

10.89

9.78

2.70

3.25

3.45

3.79

476.67

7.8%

7.81

7.58

7.52

7.18

16.78

20.00

15.02

13.88

1.82

2.00

2.34

2.64

16.89

15.92

13.56

11.97

10.63

8.63

29.21

24.44

21.51

19.09

15.81

1.05

1.23

1.44

1.57

8.05

7.97

7.29

6.89

6.55

6.40

14.86

13.12

12.28

11.67

10.94

2.05

2.33

2.54

2.70

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

4.52

8.46

4.07

486.25

0.2%

2.00

78.68

-2.3%

3.22

235.71

3.9%

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.26

2.07

1.88

2.26

1.45

1.38

1.33

1.45

10.18

9.51

9.83

10.18

9.03

8.33

7.78

9.03

14.66

13.11

11.96

14.66

2.17

2.34

2.44

2.17

1777.8

10.1%

Euro Stoxx 50 Pr

1.15

1.09

1.02

1.15

0.75

0.73

0.71

0.75

5.69

5.23

4.76

5.69

6.93

6.55

6.19

6.93

11.46

10.21

9.21

11.46

4.36

4.64

5.00

4.36

2969.9

12.7%

NIKKEI 225

1.52

1.43

1.32

1.52

0.73

0.71

0.69

0.73

8.97

8.30

7.60

8.97

8.85

8.19

7.71

8.85

17.73

15.75

14.19

17.73

1.64

1.79

1.94

1.64

14886.7

6.2%

FTSE 100 INDEX

1.69

1.58

1.46

1.69

0.96

0.93

0.95

0.96

8.35

7.62

6.95

8.35

6.83

6.43

6.05

6.83

12.00

10.93

10.09

12.00

3.91

4.21

4.56

3.91

6995.7

9.0%

SWISS MARKET INDEX

2.34

2.17

2.02

2.34

2.00

1.90

1.82

2.00

12.00

10.95

9.76

12.00

13.03

12.00

11.23

13.03

14.68

13.23

12.05

14.68

3.31

3.30

3.69

4.23

3.30

8617.2

10.4%

S&P/TSX COMPOSITE INDEX

1.62

1.51

1.41

1.62

1.38

1.43

1.48

1.38

8.20

7.40

6.13

8.20

8.37

7.41

6.83

8.37

14.10

12.45

11.35

14.10

3.31

3.46

3.61

3.31

14176.6

16.5%

S&P/ASX 200 INDEX

1.75

1.65

1.56

1.75

1.64

1.55

1.48

1.64

9.89

8.92

8.52

9.89

8.38

7.61

7.09

8.38

13.57

12.31

11.38

13.57

4.92

5.26

5.61

4.92

5209.5

8.6%

HANG SENG INDEX

1.22

1.12

1.06

1.22

1.58

1.46

1.34

1.58

7.30

6.94

6.44

7.30

7.40

6.77

6.08

7.40

9.72

8.95

8.22

9.72

3.96

4.27

4.68

3.96

24849.3

21.4%

MSCI EM

1.32

1.21

1.09

1.32

0.94

0.88

0.81

0.94

6.51

5.96

5.46

6.51

7.11

10.05

9.05

8.26

10.05

3.08

3.41

3.69

3.08

1126.2

23.5%

TEMENOS GROUP AG-REG

4.36

3.92

3.44

2.95

3.86

3.59

3.34

3.09

2.94

21.72

17.62

14.95

12.85

28.36

20.90

17.76

15.20

0.00

1.41

1.55

1.70

NOBEL BIOCARE HOLDING AG-REG

3.76

3.24

2.95

2.67

1.98

2.02

1.96

1.86

1.75

14.38

15.89

13.19

11.90

26.01

23.20

20.70

17.42

1.59

1.83

2.05

2.39

ALLREAL HOLDING AG-REG

1.11

1.08

1.05

1.03

8.63

7.55

7.15

7.08

18.86

17.91

16.77

16.50

18.78

18.31

16.42

15.54

4.12

4.14

4.50

BANQUE CANTONALE VAUDOIS-REG

1.18

1.24

1.23

1.22

4.10

4.17

4.06

3.93

3.75

10.63

10.96

10.74

10.33

13.70

14.53

14.07

13.32

6.65

6.82

6.99

KABA HOLDING AG-REG B

2.74

2.33

2.15

1.97

1.45

1.42

1.37

1.34

11.71

12.07

11.58

10.74

16.43

17.37

15.94

14.23

2.13

2.66

2.89

3.12

VALIANT HOLDING AG-REG

0.69

0.65

0.60

0.55

3.45

3.55

3.33

3.18

3.05

11.58

14.48

11.66

10.37

3.80

4.27

MOBIMO HOLDING AG-REG

0.99

0.97

0.96

0.95

9.63

9.04

8.97

8.52

9.40

19.64

22.32

21.81

20.93

21.29

22.33

21.59

22.37

21.59

21.91

23.94

22.00

21.97

21.82

21.29

4.72

PANALPINA WELTTRANSPORT -REG

3.08

3.20

2.94

2.66

0.39

0.36

0.34

0.33

0.34

45.15

22.44

19.71

16.78

317.35

15.92

15.50

11.90

10.00

7.96

36.45

36.40

25.78

20.75

18.86

1.20

1.65

1.91

2.27

LUZERNER KANTONALBANK AG-REG

1.38

1.32

1.27

1.22

6.86

6.85

6.71

6.56

15.69

15.23

14.44

13.99

15.93

15.81

15.36

14.87

3.20

3.49

AMS AG

1.88

1.70

1.46

1.26

2.21

2.10

1.89

1.72

1.66

7.25

8.37

6.84

6.30

6.86

7.44

6.20

5.48

5.92

9.31

10.32

8.43

7.17

7.38

1.95

2.42

2.92

KUONI REISEN HLDG-REG(CAT B)

1.54

1.53

1.39

1.31

0.22

0.21

0.20

7.51

8.83

6.06

5.46

6.47

5.79

4.87

4.36

4.09

13.66

12.75

10.36

9.04

7.21

1.22

1.18

2.20

BURCKHARDT COMPRESSION HOLDI

3.85

3.37

3.09

3.06

3.35

2.97

2.72

2.57

2.65

16.78

15.60

14.45

14.25

13.32

11.94

10.74

9.85

11.13

22.72

20.05

17.85

16.38

19.83

2.29

2.91

STRAUMANN HOLDING AG-REG

3.41

3.30

3.03

2.82

3.26

3.37

3.27

2.80

2.49

21.70

18.25

15.13

13.18

16.27

14.95

12.80

9.89

7.92

27.42

22.54

19.20

15.74

13.10

2.02

BELIMO HOLDING AG-REG

5.10

4.49

4.05

3.65

2.96

2.74

2.54

2.35

2.18

17.14

14.72

13.64

12.78

13.52

12.02

11.01

10.11

9.20

21.47

18.78

17.10

15.55

ST GALLER KANTONALBANK A-REG

1.01

0.99

0.96

0.93

4.06

3.96

3.90

3.84

11.59

19.95

10.72

10.66

12.54

11.85

11.77

LOGITECH INTERNATIONAL-REG

1.41

1.44

1.36

1.33

0.52

0.55

0.54

10.36

10.71

9.47

7.16

7.23

6.51

5.41

5.21

32.29

23.11

16.49

TECAN GROUP AG-REG

3.23

2.89

2.60

2.31

2.56

2.45

2.23

2.01

24.95

13.55

11.55

13.73

12.36

10.49

8.70

21.57

20.41

16.98

13.87

GRAUBUENDNER KANTONALBANK-PC

1.36

1.24

1.19

8.09

8.07

7.82

1.62

1.55

14.86

14.73

13.94

FORBO HOLDING AG-REG

1.58

1.47

1.36

1.24

1.16

1.15

1.13

1.11

1.12

9.04

8.23

7.54

7.08

14.89

13.43

12.00

10.86

VONTOBEL HOLDING AG-REG

1.21

1.19

1.15

1.10

2.51

2.34

2.16

2.01

1.87

11.37

10.57

9.51

8.59

14.75

13.08

11.19

10.08

DAETWYLER HOLDING AG-BR

2.36

2.50

2.18

1.91

1.26

1.24

1.16

2.22

11.52

7.00

7.47

6.90

9.23

8.33

7.58

7.05

14.83

12.96

11.43

HUBER & SUHNER AG-REG

1.44

1.38

1.31

1.24

1.25

1.14

1.06

1.00

17.37

12.03

10.32

9.60

11.88

8.77

7.84

7.35

36.29

18.98

15.97

VALORA HOLDING AG-REG

1.07

1.03

0.99

0.94

0.21

0.20

5.92

4.81

4.75

4.39

8.64

6.88

6.58

6.14

10.75

10.39

9.47

8.29

INFICON HOLDING AG-REG

3.43

3.72

3.61

3.48

2.27

2.16

2.06

1.98

12.93

13.96

11.96

10.82

10.49

9.49

8.95

8.50

18.07

16.75

15.71

MEYER BURGER TECHNOLOGY AG

0.56

0.67

0.73

0.85

1.15

0.85

0.70

9.58

6.85

4686.71

9.16

6.18

IMPLENIA AG-REG

1.74

1.59

1.46

1.34

0.35

0.33

0.32

0.31

6.86

6.02

5.96

5.57

4.57

4.12

3.90

13.65

11.90

11.47

1.55

8.82

15.08

6.54

11.66

15.30

10.64

6.38

EMMI AG-REG

1.56

1.42

1.31

1.23

0.51

0.47

0.46

0.45

EFG INTERNATIONAL AG

1.47

1.25

1.14

1.06

2.17

2.27

2.10

1.97

2.06

RIETER HOLDING AG-REG

1.90

1.87

1.69

1.55

0.82

0.77

0.68

0.62

0.64

BKW AG

0.51

0.55

0.53

0.50

0.62

0.59

0.57

0.54

GATEGROUP HOLDING AG

1.12

1.71

1.55

1.36

0.18

0.17

SCHWEITER TECHNOLOGIES AG-BR

1.28

1.30

1.29

1.22

1.17

1.20

1.15

SCHWEIZERISCHE NATL-V AG-REG

1.07

0.99

0.93

0.88

0.58

0.57

0.55

METALL ZUG AG-SHS B-REG

1.26

1.35

1.28

1.25

1.15

1.13

1.11

1.08

5.84

6.08

5.47

VETROPACK HOLDING AG-BR

1.19

1.13

1.05

0.98

1.26

1.24

1.20

1.15

6.45

5.87

5.40

4.93

6.08

5.37

5.08

VZ HOLDING AG

4.44

3.80

3.15

2.87

6.97

5.88

5.16

4.53

18.87

14.22

12.58

11.11

12.57

9.74

KUDELSKI SA-BR

1.47

1.33

1.21

1.11

0.73

0.72

1.25

0.68

6.14

6.15

5.71

5.27

8.56

6.45

0.63

0.61

0.59

2.93

3.05

2.90

8.89

7.89

6.59

1.33

0.77

0.76

0.72

0.68

2.85

2.61

2.40

8.17

7.11

6.46

5.95

15.62

13.09

11.41

10.06

10.67

11.03

10.10

9.12

21.93

18.57

17.17

16.90

8.80

9.41

8.86

8.10

9.12

7.57

14.14

11.90

21.73

-4.3%

9.58

-16.0%

4.50

145.00

9.3%

7.11

502.25

4.4%

3.47

3.30

370.00

1.8%

100.00

18.6%

91.19

-15.5%

3.57

98.54

34.2%

2.58

376.67

20.3%

3.36

3.58

355.67

-6.3%

2.36

2.64

3.05

3.13

130.56

-9.7%

2.63

3.07

3.33

3.62

3.50

11.74

4.29

3.71

4.48

4.95

11.85

6.19

3.30

3.39

3.56

6.48

-1.8%

1.48

1.74

1.97

2.34

2.69

98.00

11.4%

3.34

3.69

1.98

2.10

2.27

2.39

2.61

650.00

5.9%

3.91

4.37

4.88

5.23

35.00

17.1%

10.53

2.27

2.63

2.92

3.15

14.66

1.27

2.09

2.43

2.57

5.79

7.40

7.87

8.70

14.90

5.06

5.61

5.69

5.78

59.71

0.00

10.57

2.42

2.98

3.15

0.00

1.27

1.34

1.43

1.47

0.98

1.69

2.83

4.03

1.52

1.30

2.47

3.17

4.85

4.77

5.18

5.32

4.72

BERNER KANTONALBANK AG-REG

1.83 1.58

10.30

10.09

7.39

11.22

ZUGER KANTONALBANK-BR

0.20

6.73

4.96

6.90

4.22

6.56

6.27

5.75

6.13

9.85

8.07

7.65

171.67

-2.9%

318.50

10.6%

5.98

-3.7%

77.50

11.9%

3.37

BASELLANDS KANTONALBANK-CERT BASILEA PHARMACEUTICA-REG

3.09

3.70

5.02

57.00

5.02

160.16

6.22

BASLER KANTONALBK - PC

LIECHTENSTEIN LANDESBANK-BR

1.07

0.85

6.56

6.35

6.13

9.79

8.90

7.53

11.33

10.34

8.50

7.72

9.50

8.92

4.80

4.16

3.06

3.37

3.14

2.84

4.74

4.80

4.46

4.36

0.16

4.76

4.89

4.01

3.55

4.95

4.90

4.34

1.10

10.01

9.85

9.11

10.00

5.90

5.88

5.13

ZEHNDER GROUP AG-BR

1.64

1.57

1.45

LEM HOLDING SA-REG

8.14

7.40

BOSSARD HOLDING AG-BR

3.38

3.29

2.71

2.27

1.21

0.96

0.90

1.42

AFG ARBONIA-FORSTER HOLD-REG

1.11

1.10

1.01

0.93

0.36

0.35

0.34

ZUG ESTATES HOLDING AG-B SHR

1.04

INTERSHOP HOLDINGS-BR

1.23

1.20

1.19

1.17

7.63

7.72

7.18

U-BLOX AG

2.77

2.43

2.17

1.93

2.40

1.87

1.67

6.53

8.35

7.81

7.61

7.39

15.78

14.67

13.74

12.85

14.43

12.09

10.44

8.76

41.36

37.48

12.73

10.08

8.66

8.44

7.43

6.97

4.01

13.36

12.82

9.16

8.34

2.28

1.34

2.60

5.41

15.25

20.24

16.05

17.03

6.84

4.49

3.68

8.92

9.02

8.53

7.83

4.44

4.33

4.54

5.05

5.14

19.66

11.53

14.98

13.55

2.58

4.81

14.64

12.52

11.54

11.19

2.49

1.96

2.11

8.33

7.14

20.11

15.95

13.87

12.03

1.97

2.33

2.68

3.06

6.10

5.85

15.52

12.32

11.07

9.98

0.94

1.45

1.68

2.32

11.72

10.60

8.40

4.12

4.66

5.49

12.66

13.98

12.02

10.20

2.61

2.37

2.74

3.20

18.24

18.67

15.24

13.78

4.62

4.87

6.16

7.18

4.18

0.51

0.65

6.27

7.81

6.8%

14.25

21.3%

185.00

21.2%

3.44

21.67

9.7%

2.74

587.50

0.4%

46.75

10.7%

2.58

2200.00

3.3%

2.25

1950.00

5.6%

13.80

17.4%

42.00

-1.9%

600.00

0.0%

5.37

6.69

7.19

6.53

5.85

6.36

6.64

5.87

5.10

15.78

14.35

13.82

12.19

11.67

9.95

9.12

1.33

9.37

8.54

7.60

7.08

13.34

9.80

9.06

8.46

7.18

11.92

9.59

9.26

8.69

7.65

3.36

3.91

4.21

4.55

5.23

154.26

6.9%

0.33

4.93

4.71

4.09

3.81

5.71

5.04

4.49

4.09

3.96

28.26

12.85

9.77

7.88

7.27

0.00

1.27

2.66

3.51

4.15

34.50

33.7%

7.51

14.38

14.78

13.50

14.35

16.40

16.66

15.28

16.12

15.23

14.81

13.53

14.38

6.09

6.25

330.00

3.1%

1.50

26.12

13.50

11.21

10.21

11.01

8.03

7.08

6.19

24.78

18.59

15.84

13.70

1.46

1.59

1.67

1.75

63.00

-1.6%

8.12

32.02

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

13.70

7.81

302.50 5.79

16.31

6.89

4.63

8.70

3.52

1.01

04.07.2013

Nestle SA Nestle SA is a multinational packaged food company that manufactures and markets a wide range of food products. The Company's product line includes milk, chocolate, confectionery, bottled water, coffee, creamer, food seasoning and pet foods.

Price/Volume 80

25.0 M

20.0 M

60 50

Latest Fiscal Year: LTM as of: 52-Week High (03.04.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NESN VX EQUITY YTD Change NESN VX EQUITY YTD % CHANGE

12/2012 03/yy 70.00 57.65 4'489'672.00 62.7 -10.43% 8.76% 33.60% 3'224.8 202'033.72 27'577.00 0.0 1'657.0 9'425.00 221'842.72

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

10.0 M

30 20

5.0 M

10 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-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 31.12.2008 103'086.0 1.64x 15'533.0 10.89x 18'039.0 20.80x

15.0 M

Valuation Analysis

31.12.2009 31.12.2010 100'579.0 88'015.0 1.96x 2.08x 16'048.0 15'611.0 12.28x 11.72x 10'428.0 34'233.0 19.38x 21.06x Profitability

LTM-4Q 31.12.2011 83'770.0 2.23x 15'390.0 12.16x 9'487.0 18.18x

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 92'324.0 2.27x 16'887.0 12.43x 10'611.0 17.90x 16'887.00 13'903.00 15.06% 15.72% 8.83% 18.02% 13.46% 0.77% 47.6% 18.3% 15.1% 11.5% 0.91 0.50 21.85% 45.25% 9.49 5.27

Price/ Cash Flow

LTM

03/yy 84'770 0.00x 0.0 0.00x 0.0 0.00x

03/yy 92'736 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.76 3'122.19 11.58% 8.49% 0.763 42 3.762 5'240'317 6'888'541 6'231'884 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 95'634 101'056 23'545 24'313 2.31x 2.17x 18'117.8 19'428.0 12.27x 11.44x 11'149.0 12'122.4 17.85x 16.41x 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

16.08.2007 AA STABLE 23.11.1981 A-1+ 29.73 20.28 1.07 1.63 45.2% 30.6% 0.77 3.63 38.56 69.50 106.31 1.76

Sales/Revenue/Turnover

20.00

120'000.0

18.00

100'000.0

16.00 14.00

80'000.0

12.00

60'000.0

10.00 8.00

40'000.0

6.00 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 |

04.07.2013

Nestle SA Holdings By:

All

Holder Name BLACKROCK NORGES BANK CAPITAL GROUP COMPAN CREDIT SUISSE ASSET FMR LLC VANGUARD GROUP INC UBS FUND MANAGEMENT SUN LIFE FINANCIAL I MORGAN STANLEY PICTET & CIE CARMIGNAC GESTION HARBOR CAPITAL ADVIS T ROWE PRICE ASSOCIA DEUTSCHE BANK AG SWISSCANTO FONDSLEIT EATON VANCE MANAGEME FIRST EAGLE INVESTME ARTISAN PARTNERS HOL THORNBURG INVESTMENT ABERDEEN

Firm Name

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

Analyst

SNS Securities(ESN) RICHARD WITHAGEN Helvea ANDREAS VON ARX Sanford C. Bernstein & Co ANDREW WOOD AlphaValue SOPHIE CABO-BROSETA First Global Stockbroking DEVINA MEHRA Investec MARTIN DEBOO Mirabaud Securities JULIAN LAKIN Canaccord Genuity Corp EDDY HARGREAVES Morgan Stanley EILEEN KHOO RBC Capital Markets JAMES EDWARDES JONES Goldman Sachs ALEXIS COLOMBO Bank am Bellevue MICHAEL STUDER Nomura DAVID HAYES Main First Bank AG ALAIN-SEBASTIAN OBERHUBER Exane BNP Paribas JEFF STENT Deutsche Bank JAMES ISENWATER Credit Suisse ALEX MOLLOY JPMorgan CELINE PANNUTI HSBC CEDRIC BESNARD Zuercher Kantonalbank PATRIK SCHWENDIMANN Landesbank Baden-Wuerttemberg BARBARA AMBRUS Independent Research GmbH LARS LUSEBRINK Hamburger Sparkasse TINA HECKING-VELTMAN Berenberg Bank JAMES TARGETT Bank Vontobel AG JEAN-PHILIPPE BERTSCHY Kepler Cheuvreux JON COX S&P Capital IQ CARL SHORT Barclays LIAM ROWLEY Espirito Santo Investment Bank Research ALEX SMITH Jefferies ALEX HOWSON EVA Dimensions AUSTIN BURKETT Day by Day VALERIE GASTALDY Societe Generale WARREN L ACKERMAN Redburn Partners JEREMY FIALKO Natixis PIERRE TEGNER Liberum Capital Ltd PABLO ZUANIC Aurel - BGC JEAN-MARIE L'HOME Nord/LB WOLFGANG VASTERLING DZ Bank AG ROBERT CZERWENSKY

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

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

Amt Held 168'276'966 82'413'972 73'754'920 43'813'238 37'703'409 37'264'257 27'916'687 24'921'099 18'956'671 17'812'640 12'589'640 11'887'345 10'300'386 10'246'989 10'105'030 8'282'472 7'945'442 5'703'592 5'513'463 5'259'965

% Out 5.22 2.56 2.29 1.36 1.17 1.16 0.87 0.77 0.59 0.55 0.39 0.37 0.32 0.32 0.31 0.26 0.25 0.18 0.17 0.16

Weighting

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

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

Latest Chg (53'397) 36'300 (485'835) 3'496'739 2'031'372 (860'630) 575'775 275'118 88'163 52'250 (187'731) 511'231 70'813 (24'019) (521'919) 22'200 178'680 192'700 97'700

Target Price 67 69 71 71 #N/A N/A 67 65 69 68 80 72 68 63 70 74 63 76 72 67 #N/A N/A 65 67 #N/A N/A 68 66 60 66 77 68 74 #N/A N/A 79 71 #N/A N/A 72 #N/A N/A 49 #N/A N/A 63

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

File Dt Inst Type 21.05.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 27.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 29.03.2013 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 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Unclassified

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

Date 22.05.2013 22.05.2013 20.05.2013 16.05.2013 08.05.2013 07.05.2013 02.05.2013 02.05.2013 30.04.2013 24.04.2013 23.04.2013 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 18.04.2013 10.04.2013 21.03.2013 21.03.2013 18.03.2013 19.02.2013 18.02.2013 11.02.2013 25.01.2013 18.10.2012 10.09.2012 16.08.2012

04.07.2013

Novartis AG Novartis AG manufactures pharmaceutical and consumer healthcare products. The Company produces pharmaceuticals for cardiovascular, respiratory and infectious diseases, oncology, neuroscience, transplantation, dermatology, gastrointestinal and urinary conditions, and arthritis, vaccines and diagnostics, vision, and animal health products.

Price/Volume 16.0 M

14.0 M 12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (04.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NOVN VX EQUITY YTD Change NOVN VX EQUITY YTD % CHANGE

12/2012 03/yy 73.75 53.65 2'430'303.00 67.7 -8.20% 26.19% 65.67% 2'706.2 183'344.58 19'726.00 0.0 126.0 8'119.00 207'011.85

8.0 M

6.0 M

4.0 M

2.0 M

0 m-12

LTM-4Q

31.12.2009 31.12.2010 44'267.0 50'624.0 2.72x 3.08x 12'318.0 15'866.0 9.79x 9.81x 8'400.0 9'794.0 14.73x 13.70x Profitability

31.12.2011 58'566.0 2.61x 17'818.0 8.58x 9'113.0 14.94x

31.12.2012 56'673.0 2.89x 16'714.0 9.82x 9'505.0 16.01x 16'714.00 11'794.00 20.81% 19.84% 7.98% 14.75% 11.76% 0.47% 66.9% 29.2% 20.4% 16.8% 1.16 0.76 15.88% 28.55% 5.40 2.80

Price/ Cash Flow

j-12

a-12

s-12

LTM

03/yy 58'274.0 10.82x 17'219.0 8.91x 8'590.0 15.59x

o-12

03/yy 56'954.0 11.74x 16'648.0 11.40x 9'598.0 18.00x

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

FY+1

0.90 2'423.83 30.24% 22.19% 0.901 31 3.968 3'715'888 4'421'043 4'158'569 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 57'264.6 59'119.5 14'308.5 14'059.3 3.49x 3.30x 16'863.8 18'014.2 12.28x 11.50x 12'505.7 14'110.9 3'165.8 3'149.0 13.63x 12.52x 13.92x 13.80x S&P Issuer Ratings

07.04.2008 AASTABLE 14.01.1997 A-1+ 23.09 19.36 0.90 1.26 28.5% 22.2% 0.47 3.49 67.58 130.31 87.88 90.49

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

18.0 M

70 50

Valuation Analysis

31.12.2008 41'459.0 2.76x 12'109.0 9.44x 8'195.0 13.89x

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 |

04.07.2013

Novartis AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN NOVARTIS AG BLACKROCK EMASAN AG NOVARTIS FOUNDATION NORGES BANK CREDIT SUISSE ASSET VANGUARD GROUP INC UBS FUND MANAGEMENT PICTET & CIE HARBOR CAPITAL ADVIS THORNBURG INVESTMENT BANK OF NEW YORK MEL DB PLATINUM ADVISORS FMR LLC SWISSCANTO FONDSLEIT INVESCO LTD DEUTSCHE BANK AG ABERDEEN SUN LIFE FINANCIAL I

Firm Name Societe Generale Exane BNP Paribas AlphaValue Helvea Bryan Garnier & Cie Goldman Sachs Kepler Cheuvreux Berenberg Bank Morgan Stanley Sanford C. Bernstein & Co Deutsche Bank Jefferies Day by Day Hamburger Sparkasse Bank am Bellevue Credit Suisse Bank Vontobel AG Natixis JPMorgan Landesbank Baden-Wuerttemberg Independent Research GmbH CM - CIC Securities(ESN) S&P Capital IQ Barclays Zuercher Kantonalbank EVA Dimensions Redburn Partners Liberum Capital Ltd Main First Bank AG Cyrrus Mirabaud Securities DZ Bank AG

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

Analyst STEPHEN MCGARRY FLORENT CESPEDES ARMELLE MOULIN ODILE RUNDQUIST ERIC LE BERRIGAUD KEYUR PAREKH FABIAN WENNER ALISTAIR CAMPBELL PETER VERDULT TIMOTHY M ANDERSON TIM RACE JEFFREY HOLFORD VALERIE GASTALDY MARCO GUENTHER BRUNO ESCHLI MATTHEW WESTON ANDREW C WEISS BEATRICE MUZARD ALEXANDRA M HAUBER-SCHUELE TIMO KUERSCHNER CHRISTOPH SCHOENDUBE ARSENE GUEKAM SHO MATSUBARA MARK PURCELL MICHAEL NAWRATH ANDREW S ZAMFOTIS TEAM COVERAGE NARESH CHOUHAN TIM FRANKLIN TOMAS MENCIK NICHOLAS TURNER ELMAR KRAUS

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

Recommendation buy outperform add buy buy neutral/neutral hold buy Equalwt/Attractive outperform hold buy hold hold hold outperform reduce neutral overweight buy hold hold hold equalweight outperform overweight buy overweight suspended coverage hold accumulate buy

Amt Held 123'887'381 109'194'165 105'579'360 87'859'938 78'926'882 60'347'393 36'646'471 31'597'026 23'017'102 14'689'249 13'520'586 13'144'896 11'042'681 9'358'243 9'019'898 8'772'019 8'760'782 7'565'448 5'670'897 5'442'923

% Out 4.58 4.03 3.9 3.25 2.92 2.23 1.35 1.17 0.85 0.54 0.5 0.49 0.41 0.35 0.33 0.32 0.32 0.28 0.21 0.2

Weighting

Change

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

Latest Chg 2'999'400 5'153'293 (356'538) 919'612 (784'272) 167'961 (548) 498'977 1'077'635 (1'680'234) (16'435) 599'647 171'213 (122'700) 152'480

Target Price 78 79 82 76 77 76 64 80 70 76 65 81 #N/A N/A #N/A N/A 62 79 60 65 78 75 73 55 69 65 #N/A N/A #N/A N/A #N/A N/A 70 #N/A N/A 52 61 56

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 09.05.2012 Corporation 21.05.2013 Investment Advisor 31.12.2011 Hedge Fund Manager 25.02.2013 n/a 31.12.2012 Government 27.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 01.05.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 20.05.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Unclassified 31.03.2013 Investment Advisor

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

Date 23.05.2013 23.05.2013 23.05.2013 22.05.2013 21.05.2013 17.05.2013 15.05.2013 14.05.2013 09.05.2013 09.05.2013 08.05.2013 06.05.2013 30.04.2013 29.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 16.04.2013 26.03.2013 17.01.2013 10.12.2012 05.10.2012 20.07.2012 05.04.2012 02.04.2012 30.01.2012

04.07.2013

Roche Holding AG Roche Holding AG develops and manufactures pharmaceutical and diagnostic products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system.

Price/Volume 300 250 200 150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (04.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ROG VX EQUITY YTD Change ROG VX EQUITY YTD % CHANGE

12/2012 03/yy 258.60 165.50 828'049.00 238.7 -7.70% 44.23% 74.76% 702.6 205'877.72 24'590.00 0.0 2'234.0 13'991.00 218'710.71

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

50 0 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 31.12.2008 45'617.0 2.93x 16'673.0 8.03x 8'969.0 15.58x

100

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 m-13

LTM-4Q

31.12.2009 31.12.2010 49'051.0 47'473.0 3.62x 2.96x 18'936.0 18'358.0 9.38x 7.65x 7'784.0 8'666.0 19.38x 13.51x Profitability

31.12.2011 42'531.0 3.65x 17'894.0 8.68x 9'343.0 14.46x

31.12.2012 45'499.0 3.77x 19'400.0 8.84x 9'539.0 16.36x 19'400.00 16'979.00 37.32% 27.08% 15.10% 71.75% 26.33% 0.72% 73.8% 42.6% 37.3% 21.0% 1.55 1.16 37.94% 169.66% 4.72 2.25

Price/ Cash Flow

LTM

03/yy 42'438.0 0.00x 0.0 0.00x 0.0 0.00x

03/yy 46'061.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.94 701.88 48.29% 34.18% 0.940 33 4.424 1'319'029 1'580'152 1'395'990 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 47'501.5 49'326.4 11'633.7 11'511.7 4.49x 4.21x 20'130.0 21'190.1 10.89x 10.34x 12'687.6 13'725.9 15.95x 14.78x S&P Issuer Ratings

17.09.2012 AA STABLE 01.02.2006 A-1+ 13.90 12.34 0.55 1.27 169.7% 59.5% 0.72 2.88 77.48 162.62 58.94 181.16

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 |

04.07.2013

Roche Holding AG Holdings By:

All

Holder Name VANGUARD GROUP INC NORGES BANK CAPITAL GROUP COMPAN PRIMECAP MANAGEMENT CREDIT SUISSE ASSET BLACKROCK FRANKLIN RESOURCES DODGE & COX FMR LLC UBS FUND MANAGEMENT HARBOR CAPITAL ADVIS SUN LIFE FINANCIAL I PICTET & CIE PERPETUAL INVESTMENT THORNBURG INVESTMENT BANK OF NEW YORK MEL DEUTSCHE BANK AG ABERDEEN SWISSCANTO FONDSLEIT INVESCO LTD

Firm Name Societe Generale Barclays AlphaValue Landesbank Baden-Wuerttemberg EVA Dimensions Exane BNP Paribas Bryan Garnier & Cie Goldman Sachs S&P Capital IQ Helvea Morgan Stanley Sanford C. Bernstein & Co Berenberg Bank Deutsche Bank Mirabaud Securities Jefferies Credit Suisse Bank am Bellevue JPMorgan Kepler Cheuvreux Bank Vontobel AG Natixis Independent Research GmbH CM - CIC Securities(ESN) Day by Day Zuercher Kantonalbank Hamburger Sparkasse Redburn Partners Liberum Capital Ltd Main First Bank AG Cyrrus DZ Bank AG MP Advisors Pvt Ltd

Portfolio Name Multiple Portfolios Multiple Portfolios n/a PRIMECAP MANAGEMENT Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst STEPHEN MCGARRY MARK PURCELL ARMELLE MOULIN TIMO KUERSCHNER ANDREW S ZAMFOTIS VINCENT MEUNIER ERIC LE BERRIGAUD KEYUR PAREKH SHO MATSUBARA ODILE RUNDQUIST PETER VERDULT TIMOTHY M ANDERSON ALISTAIR CAMPBELL TIM RACE NICHOLAS TURNER JEFFREY HOLFORD LUISA HECTOR BRUNO ESCHLI ALEXANDRA M HAUBER-SCHUELE FABIAN WENNER ANDREW C WEISS PHILIPPE LANONE CHRISTOPH SCHOENDUBE ARSENE GUEKAM VALERIE GASTALDY MICHAEL NAWRATH MARCO GUENTHER TEAM COVERAGE NARESH CHOUHAN TIM FRANKLIN TOMAS MENCIK ELMAR KRAUS VISHAL MANCHANDA

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

Recommendation buy overweight reduce buy overweight neutral neutral Buy/Neutral buy accumulate Overwt/Attractive outperform buy buy accumulate buy outperform buy overweight buy buy buy hold hold hold outperform hold neutral neutral suspended coverage accumulate buy outperform

Amt Held 20'680'224 16'154'814 11'646'500 10'599'295 9'873'620 9'428'217 9'077'949 7'716'200 7'166'602 6'179'902 4'696'091 4'350'162 4'134'183 4'098'284 4'068'474 3'600'257 2'728'200 2'616'700 2'261'083 2'248'429

% Out 2.94 2.3 1.66 1.51 1.41 1.34 1.29 1.1 1.02 0.88 0.67 0.62 0.59 0.58 0.58 0.51 0.39 0.37 0.32 0.32

Weighting

Change

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

Latest Chg 885'062 (306'800) (77'122) (107'030) 926'205 (1'464'142) 120'000 (221'043) (188'345) (65'916) 52'626 (5'494) 703'424 (40'521) 75'305 (9'500) (4'198) 38'658

Target Price 301 258 243 290 #N/A N/A 250 254 310 265 244 292 247 270 255 262 255 270 252 280 236 250 255 236 206 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 190 #N/A N/A 176 220 160

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

File Dt 31.03.2013 31.12.2012 31.03.2013 31.03.2013 27.03.2013 21.05.2013 31.03.2013 31.03.2013 31.03.2013 31.01.2013 31.03.2013 31.03.2013 31.01.2013 31.03.2012 31.03.2013 01.05.2013 31.03.2013 30.04.2013 28.02.2013 20.05.2013

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

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

Date 23.05.2013 23.05.2013 23.05.2013 22.05.2013 22.05.2013 21.05.2013 20.05.2013 17.05.2013 17.05.2013 17.05.2013 16.05.2013 16.05.2013 14.05.2013 12.05.2013 10.05.2013 06.05.2013 22.04.2013 16.04.2013 15.04.2013 14.04.2013 12.04.2013 12.04.2013 11.04.2013 11.04.2013 02.04.2013 25.02.2013 05.02.2013 26.11.2012 05.10.2012 20.07.2012 05.04.2012 03.02.2012 14.11.2011

04.07.2013

UBS AG UBS AG is a wealth management, investment banking, and asset management firm. The Company provides a variety of financial services to individuals, institutions, corporations, governments, and financial intermediaries around the world.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UBSN VX EQUITY YTD Change UBSN VX EQUITY YTD % CHANGE

12/2012 03/yy 18.02 9.60 7'089'860.00 16.41 -8.93% 70.95% 76.49% 3'839.2 63'001.14 267'401.00 0.0 4'353.0 66'383.00 254'575.14

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

31.12.2009 31.12.2010 44'658.0 46'526.0 9.51x 8.39x 19'874.0 20'964.0 21.36x 18.62x (2'736.0) 7'534.0 7.71x Profitability

50.0 M 40.0 M 30.0 M 20.0 M 10.0 M

j-12

LTM-4Q 31.12.2011 40'880.0 9.20x 17'464.0 21.53x 4'159.0 10.16x

31.12.2012 37'754.0 6.86x 15'529.0 16.67x (2'511.0) 15'529.00 5.80% -4.70% -0.21% -5.27% -0.64% 0.03% -6.7% 21.24% 582.62% -

Price/ Cash Flow

j-12

a-12

s-12

LTM

03/yy 38'838.0 37.10x 13'101.0 0.00x 3'253.0 14.71x

o-12

03/yy 38'194.0 28.63x 14'092.0 0.00x (2'649.0) 0.00x

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

FY+1

1.34 3'469.45 48.49% 16.03% 1.340 43 3.465 8'979'306 11'454'690 11'737'390 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 28'027.6 28'948.1 6'662.0 6'937.0 39.14x 33.84x 3'687.4 4'749.0 373.0 625.0 16.58x 13.17x 13.38x 12.60x S&P Issuer Ratings

29.11.2011 A STABLE 19.12.2008 A-1 582.6% 84.2% 0.03 6.44 -

Sales/Revenue/Turnover

5.00

160'000.0

4.50

140'000.0

4.00

120'000.0

3.50

100'000.0

3.00 2.50

80'000.0

2.00

60'000.0

1.50

40'000.0

1.00

20'000.0

0.50 0.00 01.01.2010

60.0 M

Fiscal Year Ended 31.12.2008 67'219.0 8.31x 37'052.0 15.08x (21'292.0) -

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

UBS AG Holdings By:

All

Holder Name GOVT OF SINGAPORE IN UBS FMR LLC NORGES BANK CAPITAL GROUP COMPAN CREDIT SUISSE ASSET FRANKLIN RESOURCES BLACKROCK HARBOR CAPITAL ADVIS UBS FUND MANAGEMENT ZURCHER KANTONALBANK WELLINGTON MANAGEMEN OPPENHEIMERFUNDS INC PICTET & CIE JP MORGAN CREDIT AGRICOLE SA WELLS FARGO PZENA INVESTMENT MAN BANK OF NEW YORK MEL ALLIANCE BERNSTEIN

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios ZURCHER KANTONALBANK WELLINGTON MANAGEMEN Multiple Portfolios Multiple Portfolios n/a CREDIT AGRICOLE SA n/a PZENA INVESTMENT MAN BANK OF NEW YORK MEL n/a

Analyst

RBC Capital Markets FIONA SWAFFIELD Redburn Partners NICHOLAS WATTS AlphaValue DIETER HEIN Credit Suisse AMIT GOEL JPMorgan KIAN ABOUHOSSEIN Keefe, Bruyette & Woods ANDREW STIMPSON Macquarie PIERS BROWN Helvea TIM DAWSON Exane BNP Paribas DANIEL DAVIES Goldman Sachs JERNEJ OMAHEN Landesbank Baden-Wuerttemberg INGO FROMMEN Bank Vontobel AG TERESA NIELSEN Independent Research GmbH STEFAN BONGARDT Day by Day VALERIE GASTALDY Rafferty Capital Markets RICHARD X BOVE SR Natixis ANTOINE BURGARD DZ Bank AG CHRISTOPH BAST Barclays KIRI VIJAYARAJAH Deutsche Bank MATT SPICK Nomura JON PEACE Main First Bank AG KILIAN MAIER Morgan Stanley HUW VAN STEENIS Bank am Bellevue MARC DEUSTER Oddo & Cie JEAN SASSUS Bankhaus Metzler GUIDO HOYMANN Berenberg Bank JAMES CHAPPELL S&P Capital IQ FRANK BRADEN Commerzbank Corporates & Markets MICHAEL DUNST Canaccord Genuity Corp ARUN MELMANE Espirito Santo Investment Bank Research ANDREW LIM Bankhaus Lampe NEIL SMITH Mediobanca SpA CHRISTOPHER J WHEELER Liberum Capital Ltd CORMAC LEECH Kepler Cheuvreux DIRK BECKER Societe Generale DIRK HOFFMANN-BECKING EVA Dimensions AUSTIN BURKETT HSBC ROBERT MURPHY Hamburger Sparkasse CHRISTIAN HAMANN Zuercher Kantonalbank ANDREAS VENDITTI Nord/LB MICHAEL SEUFERT Grupo Santander AURELIA FAURE Hammer Partners SA ENRICO RACIOPPI

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

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

Amt Held 245'633'960 194'515'182 146'651'661 116'490'210 51'552'964 50'778'055 45'238'617 39'416'802 34'619'235 30'586'010 26'619'971 24'644'140 22'943'686 21'246'924 18'640'917 17'471'897 15'515'975 14'693'903 14'352'781 14'192'813

% Out 6.4 5.07 3.82 3.04 1.34 1.32 1.18 1.03 0.9 0.8 0.69 0.64 0.6 0.55 0.49 0.46 0.4 0.38 0.37 0.37

Weighting

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

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

Latest Chg (261'829) (8'935'476) 11'786'423 (265'055) (302'978) (24'168'795) 3'570'759 217'405 (990'916) 1'173'223 (16'336'113) 347'856 225'605 10'670'747 849'782 14'908'877 627'255 (603'939) (2'344'835)

Target Price 18 #N/A N/A 17 15 21 17 21 19 18 22 18 19 18 #N/A N/A 17 20 14 20 19 19 16 18 17 18 13 17 19 16 24 21 15 17 18 14 16 #N/A N/A 18 #N/A N/A #N/A N/A #N/A N/A 11 11

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

File Dt Inst Type 31.12.2012 Government 31.03.2013 Unclassified 31.03.2013 Investment Advisor 27.09.2011 Government 31.03.2013 Investment Advisor 27.03.2013 Investment Advisor 31.03.2013 Investment Advisor 21.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 23.05.2013 23.05.2013 23.05.2013 21.05.2013 21.05.2013 21.05.2013 21.05.2013 17.05.2013 16.05.2013 13.05.2013 08.05.2013 08.05.2013 06.05.2013 06.05.2013 05.05.2013 02.05.2013 02.05.2013 02.05.2013 01.05.2013 01.05.2013 01.05.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 25.04.2013 23.04.2013 22.04.2013 17.04.2013 25.03.2013 25.03.2013 06.02.2013 25.01.2013 17.01.2013 20.12.2012 07.11.2012 30.10.2012 23.10.2012 18.09.2012 03.07.2012

04.07.2013

ABB Ltd ABB Limited provides power and automation technologies. The Company operates under segments that include power products, power systems, automation products, process automation and robotics.

Price/Volume 25

35.0 M 30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABBN VX EQUITY YTD Change ABBN VX EQUITY YTD % CHANGE

12/2012 03/yy 22.10 15.01 3'036'398.00 20.77 -6.02% 38.38% 76.17% 2'314.7 48'077.22 10'071.00 0.0 540.0 8'481.00 52'956.64

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

20.0 M

15.0 M 10.0 M

5.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

Fiscal Year Ended 31.12.2008 34'912.0 0.83x 5'259.0 5.48x 3'118.0 10.76x

LTM-4Q

31.12.2009 31.12.2010 31'795.0 31'589.0 1.18x 1.42x 4'892.0 4'733.0 7.67x 9.49x 2'901.0 2'561.0 15.27x 19.85x Profitability

31.12.2011 37'990.0 1.10x 5'688.0 7.37x 3'168.0 13.65x

31.12.2012 39'336.0 1.25x 5'294.0 9.31x 2'704.0 17.40x

5'294.00 4'112.00 10.45% 9.76% 5.92% 15.72% 12.01% 0.89% 28.9% 13.7% 10.6% 6.9% 1.48 0.88 20.52% 59.57% 4.53

Price/ Cash Flow

LTM

03/yy 38'495.0 4.84x 5'761.0 8.02x 3'198.0 14.76x

03/yy 40'144.0 4.80x 5'494.0 9.91x 2'683.0 19.45x

FY+1

1.28 2'145.67 35.02% 14.35% 1.276 42 3.881 4'410'545 5'332'165 5'580'192 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 41'566.1 43'835.7 10'230.1 10'181.8 1.24x 1.14x 5.28x 5.29x 6'261.3 6'979.7 1'509.5 1'542.7 8.46x 7.59x 8.36x 8.22x 3'411.9 3'939.4 829.0 855.9 14.51x 12.65x 14.40x 14.05x S&P Issuer Ratings

08.06.2010 A STABLE 08.06.2010 A-1 18.07 13.66 0.38 1.66 59.6% 36.6% 0.89 7.34 80.53 60.43 89.35

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 |

04.07.2013

ABB Ltd Holdings By:

All

Holder Name INVESTOR AB BLACKROCK NORGES BANK CREDIT SUISSE ASSET VANGUARD GROUP INC HARBOR CAPITAL ADVIS NORDEA FONDER AB/SWE UBS FUND MANAGEMENT SWEDBANK ROBUR FONDE PICTET & CIE SEB AMF FONDER AB SKAGEN AS CAPITAL GROUP COMPAN INVESCO LTD SWISSCANTO FONDSLEIT FOLKSAM LO FOND AB HANDELSBANKEN FONDER CALAMOS ADVISORS LLC CARNEGIE FONDER AB/S

Firm Name

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

Analyst

Sanford C. Bernstein & Co MARTIN PROZESKY Exane BNP Paribas OLIVIER ESNOU AlphaValue HEINZ STEFFEN Credit Suisse SIMON TOENNESSEN Handelsbanken HAMPUS ENGELLAU Day by Day VALERIE GASTALDY Kepler Cheuvreux CHRISTOPH LADNER Morgan Stanley BEN UGLOW Canaccord Genuity Corp JAMES STETTLER Helvea STEFAN GAECHTER Berenberg Bank WILLIAM MACKIE RBC Capital Markets ANDREW CARTER ABG Sundal Collier ANDERS IDBORG Societe Generale SEBASTIEN GRUTER Bank am Bellevue MICHAEL ROOST SEB Enskilda DANIEL SCHMIDT Hamburger Sparkasse MARCO GUENTHER Carnegie KENNETH TOLL JOHANSSON Nordea Equity Research ANDREAS BROCK Bank Vontobel AG TAKIS SPILIOPOULOS Natixis ARNAUD SCHMIT Barclays NICK WEBSTER Deutsche Bank MARTIN WILKIE Goldman Sachs DANIELA COSTA JPMorgan ANDREAS WILLI Landesbank Baden-Wuerttemberg VOLKER STOLL Independent Research GmbH MARKUS FRIEBEL Nomura DANIEL CUNLIFFE S&P Capital IQ JAWAHAR HINGORANI Main First Bank AG CHRISTOPHER YOUL Danske Markets CARL GUSTAFSSON Redburn Partners JAMES MOORE HSBC COLIN GIBSON Espirito Santo Investment Bank Research ROB VIRDEE EVA Dimensions CRAIG STERLING Zuercher Kantonalbank RICHARD FREI Swedbank MATS LISS Pareto Securities DAVID JACOBSSON Hammer Partners SA ALBERTO ROLLA

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

Recommendation outperform outperform reduce outperform buy hold hold Underwt/Cautious hold buy hold sector perform buy buy hold buy hold buy hold buy neutral overweight hold Buy/Neutral underweight buy hold buy hold outperform buy neutral neutral buy sell outperform buy hold buy

Amt Held 166'330'142 88'869'619 53'617'789 33'841'332 30'975'960 25'109'683 24'826'258 20'941'814 17'723'260 14'648'213 14'369'855 11'080'901 10'421'737 9'900'000 8'513'763 7'788'248 7'750'666 7'122'022 6'145'300 4'268'114

% Out 7.19 3.84 2.32 1.46 1.34 1.08 1.07 0.9 0.77 0.63 0.62 0.48 0.45 0.43 0.37 0.34 0.33 0.31 0.27 0.18

Weighting

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

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

Latest Chg 496'448 (448'261) 1'713'762 149'887 (577'935) (1'214'343) (40'148) 2'632'729 1'637'501 4'300'000 (2'513'786) (178'212) 1'685'882 129'754 115'000 170'000

Target Price 25 25 22 26 28 #N/A N/A 22 19 20 25 21 23 24 25 20 22 #N/A N/A #N/A N/A 21 25 20 24 20 27 21 25 22 27 22 24 23 #N/A N/A 23 25 #N/A N/A #N/A N/A 20 17 27

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

File Dt 04.01.2011 21.05.2013 31.12.2012 27.03.2013 31.03.2013 31.03.2013 30.04.2013 31.01.2013 31.03.2013 31.01.2013 29.04.2013 31.03.2013 27.03.2013 31.03.2013 20.05.2013 28.02.2013 31.03.2013 31.03.2013 30.04.2013 28.03.2013

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

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

Date 23.05.2013 23.05.2013 23.05.2013 22.05.2013 20.05.2013 20.05.2013 15.05.2013 10.05.2013 10.05.2013 10.05.2013 01.05.2013 30.04.2013 29.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 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 17.04.2013 08.03.2013 08.03.2013 20.02.2013 18.02.2013 11.12.2012 27.07.2012 05.08.2010

04.07.2013

Cie Financiere Richemont SA Compagnie Financiere Richemont SA, through subsidiaries, manufactures and retails luxury goods. The Company produces jewelry, watches, leather goods, writing instruments, and men's and women's wear.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CFR VX EQUITY YTD Change CFR VX EQUITY YTD % CHANGE

03/2013 03/yy 93.10 48.13 817'490.00 85.35 -8.32% 77.33% 77.54% 522.0 49'036.68 1'938.00 0.0 (1.0) 5'155.00 36'507.59

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

31.03.2010 31.03.2011 5'176.0 6'892.0 2.82x 2.72x 1'259.0 1'669.0 11.59x 11.22x 599.0 1'090.0 26.38x 20.65x Profitability

5.0 M 4.0 M 3.0 M 2.0 M 1.0 M

j-12

LTM-4Q 31.03.2012 8'868.0 2.56x 2'387.0 9.50x 1'544.0 16.70x

31.03.2013 10'150.0 3.02x 2'817.0 10.88x 2'013.0 16.74x 2'817.00 2'434.00 23.98% 23.40% 15.33% 21.45% 0.77% 64.2% 27.8% 24.0% 19.8% 3.05 1.66 13.37% 18.97% 19.21 0.91

Price/ Cash Flow

j-12

a-12

s-12

LTM

03/yy 6'430.0 0.00x 0.0 0.00x 0.0 0.00x

o-12

03/yy 9'697.0 0.00x 0.0 0.00x 0.0 0.00x

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

FY+1

1.36 521.72 60.60% 19.54% 1.355 37 4.054 1'277'726 1'635'857 1'705'833 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 11'033.8 12'106.5 3.20x 2.82x 3'099.7 3'445.6 11.78x 10.59x 2'237.6 2'508.2 17.32x 15.42x S&P Issuer Ratings

74.13 58.55 -1.14 0.69 19.0% 15.9% 0.77 6.12 19.01 401.84 112.06 308.78

Sales/Revenue/Turnover

30.00

12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 02.04.2010

6.0 M

Fiscal Year Ended 31.03.2009 5'418.0 1.05x 1'345.0 4.23x 1'075.0 8.94x

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

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

04.07.2013

Cie Financiere Richemont SA Holdings By:

All

Holder Name NORGES BANK CARMIGNAC GESTION BLACKROCK HARBOR CAPITAL ADVIS VANGUARD GROUP INC GARDNER RUSSO & GARD CREDIT SUISSE ASSET JANUS CAPITAL MANAGE UBS FUND MANAGEMENT ALLIANZ ASSET MANAGE FMR LLC T ROWE PRICE ASSOCIA SUN LIFE FINANCIAL I PICTET & CIE HARRIS ASSOCIATES LP CAPITAL GROUP COMPAN SWISSCANTO FONDSLEIT PICTET ASSET MANAGEM SWEDBANK ROBUR FONDE ALLIANCE BERNSTEIN

Firm Name Cantor Fitzgerald Exane BNP Paribas Societe Generale Deutsche Bank Morgan Stanley Goldman Sachs Raymond James Macquarie Oddo & Cie Bank Vontobel AG Kepler Cheuvreux Bryan Garnier & Cie Natixis Redburn Partners Telsey Advisory Group Credit Suisse JPMorgan Sanford C. Bernstein & Co Aurel - BGC Independent Research GmbH Renaissance Capital ISI Group S&P Capital IQ Main First Bank AG Barclays AlphaValue Nomura Zuercher Kantonalbank HSBC Investec Day by Day EVA Dimensions Berenberg Bank BNP Paribas Cadiz Securities Avior Research

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

Analyst ALLEGRA PERRY LUCA GIUSEPPE SOLCA THIERRY COTA FRANCESCA DI PASQUANTONIO LOUISE SINGLEHURST WILLIAM HUTCHINGS MARC WILLAUME WYNAND VAN ZYL LEOPOLD AUTHIE RENE WEBER JON COX LOIC MORVAN JOSEPHINE CHEVALLIER ANNABEL GLEESON DANA TELSEY ROGERIO FUJIMORI MELANIE A FLOUQUET MARIO ORTELLI DAVID DA MAIA LARS LUSEBRINK REY WIUM OMAR SAAD WILLIAM MACK MATTHIAS EIFERT HELEN NORRIS VIRGINIE BLIN CHRISTOPHER WALKER PATRIK SCHWENDIMANN ERWAN RAMBOURG THANE DUFF VALERIE GASTALDY CRAIG STERLING JOHN GUY SHAMIL ISMAIL MATHEW MENEZES

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

Recommendation hold outperform buy buy Equalwt/In-Line Buy/Neutral strong buy outperform buy hold buy buy neutral buy no rating system outperform neutral outperform buy buy hold strong buy buy outperform overweight reduce buy outperform neutral hold hold underweight hold hold neutral

Amt Held 12'658'931 12'427'709 10'283'497 9'166'906 7'863'873 7'325'847 7'219'883 5'374'706 4'587'858 3'600'686 3'024'307 2'868'956 2'844'271 2'734'006 2'569'300 1'679'200 1'514'522 1'291'101 1'099'153 1'063'018

% Out 2.43 2.38 1.97 1.76 1.51 1.4 1.38 1.03 0.88 0.69 0.58 0.55 0.54 0.52 0.49 0.32 0.29 0.25 0.21 0.2

Weighting

Change

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

Latest Chg 923'559 99'220 342'370 (95'414) 76'698 (146'830) (50'618) (250'628) (204'947) 81'569 (4'415) 590'400 12'400 12'292 (2'744) 61'971 (7'275)

Target Price 90 100 100 86 80 121 100 96 100 90 100 95 75 #N/A N/A 91 97 84 105 #N/A N/A 100 84 105 100 83 100 76 83 #N/A N/A 82 87 #N/A N/A #N/A N/A 72 64 70

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

File Dt 31.12.2012 29.03.2013 21.05.2013 31.03.2013 31.03.2013 31.03.2013 27.03.2013 31.03.2013 31.01.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.01.2013 31.03.2013 31.03.2013 28.02.2013 31.01.2013 31.03.2013 31.03.2013

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

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

Date 22.05.2013 22.05.2013 20.05.2013 19.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 24.04.2013 23.04.2013 27.03.2013 25.03.2013 21.03.2013 21.03.2013 15.02.2013 27.11.2012 05.09.2012

04.07.2013

Credit Suisse Group AG Credit Suisse Group AG is an international financial services group. The Group provides investment banking, private banking, and asset management services to customers located around the world.

Price/Volume 35

40.0 M

35.0 M

30.0 M 25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (03.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CSGN VX EQUITY YTD Change CSGN VX EQUITY YTD % CHANGE

12/2012 03/yy 29.32 15.53 5'495'482.00 26.08 -11.05% 67.91% 68.96% 1'577.8 41'133.08 330'510.00 0.0 6'786.0 63'708.00 -

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

15.0 M

10.0 M

5.0 M

0 m-12

LTM-4Q

31.12.2009 31.12.2010 51'547.0 50'345.0 6'724.0 5'098.0 9.96x 9.59x Profitability

31.12.2011 42'693.0 1'953.0 16.11x

31.12.2012 38'313.0 1'349.0 27.15x

6.73% 9.34% 0.28% 7.19% 0.75% 0.04% 5.8% 35.76% 931.07% -

Price/ Cash Flow

j-12

a-12

s-12

LTM

03/yy 40'294.0 0.00x 0.0 0.00x 858.0 59.84x

o-12

03/yy 39'068.0 0.00x 0.0 0.00x 2'742.0 15.67x

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

FY+1

1.53 1'445.69 50.74% 20.47% 1.535 41 3.585 5'414'549 6'388'767 6'412'415 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 26'468.4 27'355.1 6'805.5 6'453.0 33.05x 31.89x 4'230.7 4'967.9 1'108.7 1'008.7 9.99x 8.66x 9.61x S&P Issuer Ratings

02.07.2013 ASTABLE 27.07.2012 NR 931.1% 88.7% 0.04 6.27 -

Sales/Revenue/Turnover

10.00

100'000.0

9.00

90'000.0

8.00

80'000.0

7.00

70'000.0

6.00

60'000.0

5.00 4.00

50'000.0 40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 48'697.0 (8'218.0) -

20.0 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 |

04.07.2013

Credit Suisse Group AG Holdings By:

All

Holder Name FRANKLIN RESOURCES CRESCENT HOLDING GMB QATAR INVESTMENT AUT DODGE & COX NORGES BANK BLACKROCK HARRIS ASSOCIATES LP CAPITAL GROUP COMPAN MORGAN STANLEY AXA VANGUARD GROUP INC CREDIT SUISSE ASSET T ROWE PRICE ASSOCIA UBS FUND MANAGEMENT ONTARIO TEACHERS PEN PICTET & CIE WILLIAM BLAIR & COMP FMR LLC SWISSCANTO FONDSLEIT CREDIT SUISSE

Firm Name

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

Analyst

RBC Capital Markets FIONA SWAFFIELD AlphaValue DIETER HEIN Keefe, Bruyette & Woods ANDREW STIMPSON Macquarie PIERS BROWN Exane BNP Paribas DANIEL DAVIES Morgan Stanley HUW VAN STEENIS Goldman Sachs JERNEJ OMAHEN Commerzbank Corporates & Markets MICHAEL DUNST Barclays JEREMY SIGEE Main First Bank AG KILIAN MAIER EVA Dimensions AUSTIN BURKETT Bank am Bellevue MARC DEUSTER Bank Vontobel AG TERESA NIELSEN JPMorgan KIAN ABOUHOSSEIN Independent Research GmbH STEFAN BONGARDT Bankhaus Metzler GUIDO HOYMANN Natixis ANTOINE BURGARD Nomura JON PEACE Helvea TIM DAWSON Deutsche Bank MATT SPICK Landesbank Baden-Wuerttemberg INGO FROMMEN Oddo & Cie JEAN SASSUS Canaccord Genuity Corp ARUN MELMANE Berenberg Bank JAMES CHAPPELL Kepler Cheuvreux DIRK BECKER S&P Capital IQ FRANK BRADEN DZ Bank AG CHRISTOPH BAST Liberum Capital Ltd CORMAC LEECH Bankhaus Lampe NEIL SMITH Day by Day VALERIE GASTALDY Redburn Partners NICHOLAS WATTS Societe Generale DIRK HOFFMANN-BECKING Mediobanca SpA CHRISTOPHER J WHEELER Zuercher Kantonalbank ANDREAS VENDITTI Espirito Santo Investment Bank Research ANDREW LIM HSBC ROBERT MURPHY Nord/LB MICHAEL SEUFERT Grupo Santander AURELIA FAURE Hammer Partners SA ENRICO RACIOPPI

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

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

Amt Held 91'438'170 90'633'111 83'884'014 67'648'398 40'786'715 40'589'039 40'589'039 40'357'258 33'619'326 32'783'489 19'269'892 17'707'730 13'146'592 10'341'225 6'965'852 6'347'665 4'706'327 4'584'868 4'420'673 4'392'336

% Out 5.8 5.75 5.32 4.29 2.59 2.57 2.57 2.56 2.13 2.08 1.22 1.12 0.83 0.66 0.44 0.4 0.3 0.29 0.28 0.28

Weighting

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

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 N U M M M M M D M M M

Latest Chg 400'669 5'478'521 12'363'324 (27'286'190) 400'668 (729'700) 1'975'777 (347'619) 59'178 1'642'359 2'866'587 395'606 (33'747'664)

Target Price 33 29 34 33 31 31 30 28 28 32 #N/A N/A 25 26 33 32 22 24 31 26 28 26 27 28 13 29 27 23 24 24 30 #N/A N/A 32 30 #N/A N/A 25 23 #N/A N/A 19 21

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 25.02.2013 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 12.03.2013 Government 21.05.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 27.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 05.04.2013 Investment Advisor

Date 12 month 6 month 12 month 12 month Not Provided 12 month 12 month 6 month Not Provided 12 month Not Provided Not Provided Not Provided 18 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 3 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 23.05.2013 23.05.2013 21.05.2013 21.05.2013 16.05.2013 13.05.2013 13.05.2013 06.05.2013 02.05.2013 30.04.2013 30.04.2013 29.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 18.04.2013 17.04.2013 10.04.2013 08.04.2013 03.04.2013 25.03.2013 11.02.2013 30.01.2013 07.11.2012 23.10.2012 18.09.2012 03.07.2012

04.07.2013

Zurich Insurance Group AG Zurich Insurance Group AG provides insurance-based financial services. The Company offers general and life insurance products and services for individuals, small businesses, commercial enterprises, mid-sized and large corporations, and multinational companies.

Price/Volume 300

1.4 M

250

1.2 M 1.0 M

200

Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ZURN VX EQUITY YTD Change ZURN VX EQUITY YTD % CHANGE

12/2012 03/yy 270.90 194.43 314'601.00 250.2 -7.64% 28.69% 68.88% 148.3 37'104.69 12'521.00 0.0 2'368.0 9'098.00 45'128.04

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

.6 M

100

.4 M

.2 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

Fiscal Year Ended 31.12.2008 32'331.0 0.99x 3'039.0 9.86x

.8 M

150

Valuation Analysis

LTM-4Q

31.12.2009 31.12.2010 70'123.0 67'819.0 0.50x 0.64x 3'963.0 3'428.0 7.83x 10.92x Profitability

31.12.2011 52'978.0 0.73x 3'750.0 8.80x

31.12.2012 70'446.0 0.64x 3'878.0 10.08x

8.34% 7.48% 0.93% 11.39% 8.94% 0.18% 5.5% 3.06% 36.30% -

Price/ Cash Flow

LTM

03/yy 59'206.0 2.72x 0.0 0.00x 4'250.0 9.22x

03/yy 71'371.0 2.46x 0.0 0.00x 3'791.0 10.77x

FY+1

1.17 148.14 22.67% 9.82% 1.165 39 3.308 396'881 434'151 461'900 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 58'754.0 59'970.0 0.92x 0.90x 4'304.1 4'510.0 991.5 976.5 9.23x 8.79x S&P Issuer Ratings

36.3% 25.4% 0.18 -

Sales/Revenue/Turnover

14.00

80'000.0

12.00

70'000.0 60'000.0

10.00

50'000.0 8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Zurich Insurance Group AG Holdings By:

All

Holder Name BLACKROCK ABERDEEN NORGES BANK FMR LLC CREDIT SUISSE CREDIT SUISSE ASSET FRANKLIN RESOURCES VANGUARD GROUP INC UBS FUND MANAGEMENT PICTET & CIE TWEEDY BROWNE COMPAN SUN LIFE FINANCIAL I SCHRODER INVESTMENT SWISSCANTO FONDSLEIT THORNBURG INVESTMENT BANK OF NEW YORK MEL MORGAN STANLEY UMB BANK N A DIMENSIONAL FUND ADV ALLIANZ ASSET MANAGE

Firm Name

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

Analyst

Credit Suisse RICHARD BURDEN Exane BNP Paribas NICCOLO DALLA PALMA Barclays ANDREW BROADFIELD Societe Generale JASON KALAMBOUSSIS Sanford C. Bernstein & Co THOMAS SEIDL Keefe, Bruyette & Woods RALPH HEBGEN Macquarie HADLEY COHEN Bank am Bellevue ANDREAS FRICK Oddo & Cie NICOLAS JACOB Canaccord Genuity Corp BEN COHEN Bankhaus Metzler JOCHEN SCHMITT Berenberg Bank PETER ELIOT Bank Vontobel AG STEFAN SCHUERMANN Kepler Cheuvreux ATANASIO PANTARROTAS S&P Capital IQ RODERICK WALLACE Helvea DANIEL BISCHOF RBC Capital Markets GORDON AITKEN Landesbank Baden-Wuerttemberg WERNER SCHIRMER Bryan Garnier & Cie OLIVIER PAUCHAUT Nomura MICHAEL KLIEN Main First Bank AG RENE LOCHER AlphaValue DIETER HEIN Mediobanca SpA MARC THIELE HSBC DHRUV GAHLAUT JPMorgan MICHAEL HUTTNER Day by Day VALERIE GASTALDY Raymond James DANNY JACQUES EVA Dimensions AUSTIN BURKETT Morgan Stanley MARCUS RIVALDI Independent Research GmbH STEFAN BONGARDT Zuercher Kantonalbank GEORG MARTI Banca Akros(ESN) MARCO CAVALLERI Deutsche Bank ROBIN BUCKLEY Espirito Santo Investment Bank Research JOY FERNEYHOUGH Goldman Sachs VINIT MALHOTRA DZ Bank AG WERNER EISENMANN Daiwa Securities Co. Ltd. TIM PROUDLOVE

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

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

Amt Held 6'581'764 4'526'701 4'495'862 2'842'166 2'525'492 2'158'045 1'903'059 1'813'810 1'354'516 760'859 716'240 673'346 554'678 496'279 444'000 438'522 386'690 374'403 374'222 346'877

% Out 4.44 3.05 3.03 1.92 1.7 1.46 1.28 1.22 0.91 0.51 0.48 0.45 0.37 0.33 0.3 0.3 0.26 0.25 0.25 0.23

Weighting

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

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

Latest Chg 27'698 (18'119) (697'712) 787 (18'382) 13 (113'475) (33'805) 4'556 (13'585) 15'133 (26'773) 7'472 13'784 10'208 3'046 30'949

Target Price 283 315 250 252 269 300 275 240 300 265 290 280 270 300 220 265 290 220 320 290 265 322 292 275 263 #N/A N/A 297 #N/A N/A 261 270 #N/A N/A 245 265 300 292 240 216

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

File Dt 21.05.2013 30.04.2013 23.06.2011 31.03.2013 23.03.2010 27.03.2013 31.03.2013 31.03.2013 31.01.2013 31.01.2013 31.03.2012 31.03.2013 31.03.2013 28.02.2013 28.02.2013 31.03.2013 31.03.2013 28.03.2013 31.01.2013 30.04.2013

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

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

Date 22.05.2013 22.05.2013 21.05.2013 20.05.2013 20.05.2013 19.05.2013 18.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 15.05.2013 03.05.2013 25.04.2013 19.04.2013 17.04.2013 22.03.2013 21.03.2013 26.02.2013 19.02.2013 18.02.2013 13.02.2013 24.01.2013 08.01.2013 11.10.2012 05.12.2011 06.05.2011

04.07.2013

Syngenta AG Syngenta AG produces crop protection products and seeds. The Company produces herbicides, insecticides and fungicides, and seeds for field crops, vegetables, and flowers.

Price/Volume 450

.7 M

400

.6 M

350

.5 M

300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SYNN VX EQUITY YTD Change SYNN VX EQUITY YTD % CHANGE

12/2012 03/yy 416.00 312.60 169'591.00 379.8 -8.70% 21.50% 57.16% 93.1 35'350.69 3'348.00 11.0 1'599.00 38'774.49

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

.4 M

200

.3 M

150

.2 M

100

.1 M

50 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 11'624.0 1.68x 2'495.0 7.84x 1'385.0 12.86x

250

LTM-4Q

31.12.2009 31.12.2010 10'992.0 11'641.0 2.56x 2.45x 2'368.0 2'460.0 11.86x 11.60x 1'371.0 1'397.0 19.06x 19.37x Profitability

31.12.2011 13'268.0 2.11x 2'889.0 9.69x 1'599.0 16.84x

31.12.2012 14'202.0 2.72x 3'148.0 12.26x 1'872.0 19.65x

3'148.00 2'550.00 17.96% 15.15% 10.22% 23.06% 0.78% 49.2% 22.2% 18.0% 13.2% 1.71 0.75 17.26% 38.28% 4.79 1.62

Price/ Cash Flow

LTM

03/yy 4'304.0 0.00x 0.0 0.00x 0.0 0.00x

03/yy 14'468.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M m-13

0.90 92.99 17.89% 6.12% 0.902 32 4.063 254'579 279'621 268'328 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 15'247.6 16'177.1 4'571.5 4'028.7 2.51x 2.32x 3'426.8 3'744.1 2'274.0 11.33x 10.36x 2'262.4 2'492.6 1'565.0 16.29x 14.65x S&P Issuer Ratings

15.06.2007 A STABLE 15.06.2007 A-1 22.17 18.59 0.56 1.06 38.3% 27.7% 0.78 4.57 76.37 226.25 148.30 154.33

Sales/Revenue/Turnover

35.00

16'000.0

30.00

14'000.0 12'000.0

25.00

10'000.0 20.00

8'000.0 15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

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 |

04.07.2013

Syngenta AG Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN BANK OF NEW YORK FMR LLC NORGES BANK VANGUARD GROUP INC HARBOR CAPITAL ADVIS CREDIT SUISSE ASSET THORNBURG INVESTMENT UBS FUND MANAGEMENT WILLIAM BLAIR & COMP JUPITER ASSET MANAGE MANNING & NAPIER ADV PICTET & CIE THREADNEEDLE INVESTM DWS INVESTMENT S A INVESCO LTD SCHRODER INVESTMENT DEUTSCHE BANK AG FLEXSHARES TRUST

Firm Name Jefferies AlphaValue Sanford C. Bernstein & Co Deutsche Bank Kepler Cheuvreux Exane BNP Paribas Goldman Sachs Morgan Stanley Credit Suisse Bank Vontobel AG Nomura Liberum Capital Ltd Bank am Bellevue Berenberg Bank S&P Capital IQ Canaccord Genuity Corp Barclays Day by Day HSBC JPMorgan EVA Dimensions Redburn Partners Equita SIM SpA Macquarie Bankhaus Metzler Hamburger Sparkasse DZ Bank AG Main First Bank AG Societe Generale Zuercher Kantonalbank

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

Analyst LAURENCE ALEXANDER FABRICE FARIGOULE JEREMY REDENIUS VIRGINIE BOUCHER-FERTE MARTIN ROEDIGER JAMES KNIGHT RAKESH PATEL AMY WALKER CHRIS COUNIHAN PATRICK RAFAISZ PATRICK LAMBERT SOPHIE JOURDIER BRUNO ESCHLI JOHN PHILIPP KLEIN JACOB THRANE PAUL W SATCHELL ANDREAS HEINE VALERIE GASTALDY GEOFF HAIRE MARTIN EVANS CRAIG STERLING TONY JONES MASSIMO BONISOLI CHRISTIAN FAITZ DANIEL SEIDENSPINNER MARCO GUENTHER HEINZ MUELLER RONALD KOEHLER PETER CLARK MARTIN SCHREIBER

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

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

Amt Held 4'640'124 4'634'983 3'907'159 2'363'704 2'118'825 1'825'264 1'664'500 1'369'218 932'280 828'905 592'749 589'680 536'300 496'141 408'606 393'768 377'345 363'011 274'518 237'786

% Out 4.98 4.98 4.2 2.54 2.28 1.96 1.79 1.47 1 0.89 0.64 0.63 0.58 0.53 0.44 0.42 0.41 0.39 0.29 0.26

Weighting

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

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

Latest Chg 42'023 86'915 69'115 (9'023) (26'762) (53'196) (308) (76'790) 7'247 20'021 42'715 6'822 109'146 15'930 30'082

Target Price 400 519 313 430 440 376 470 406 450 390 470 400 457 515 420 430 403 #N/A N/A 430 375 #N/A N/A #N/A N/A 390 430 450 #N/A N/A 400 415 450 #N/A N/A

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

File Dt 21.05.2013 31.03.2013 26.02.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 27.03.2013 31.03.2013 31.01.2013 31.03.2013 31.01.2013 31.12.2012 31.01.2013 28.02.2013 28.03.2013 20.05.2013 31.03.2013 31.03.2013 30.04.2013

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

Date 23.05.2013 23.05.2013 17.05.2013 16.05.2013 14.05.2013 13.05.2013 22.04.2013 21.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 18.04.2013 18.04.2013 17.04.2013 17.04.2013 04.04.2013 27.03.2013 20.03.2013 13.02.2013 11.02.2013 08.02.2013 07.02.2013 07.02.2013 06.02.2013 30.11.2012 20.11.2012 25.10.2012 19.09.2012

04.07.2013

Swiss Re AG Swiss Re AG offers reinsurance, insurance and insurance linked financial market products. The Company offers automobile, liability, accident, engineering, marine, aviation, life, and health insurance. Swiss Re also manages fixed-income and equity investments for itself and other insurance companies.

Price/Volume

3.0 M

2.5 M 2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (10.05.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SREN VX EQUITY YTD Change SREN VX EQUITY YTD % CHANGE

12/2012 03/yy 75.65 53.28 716'931.00 70.7 -6.54% 32.70% 75.19% 370.7 26'208.98 19'898.00 1'102.0 24.0 10'837.00 36'329.52

1.5 M

30 20

1.0 M

.5 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

3.5 M

70 50

Valuation Analysis

31.12.2008 24'011.8 1.03x (800.3) -

LTM-4Q

31.12.2009 31.12.2010 30'624.0 28'484.0 0.50x 1.13x 467.4 863.0 33.44x 21.30x Profitability

31.12.2011 27'797.0 1.02x 2'626.0 6.64x

31.12.2012 33'116.0 1.06x 4'201.0 6.09x

17.37% 16.51% 1.89% 13.63% 9.55% 0.15% 12.7% 9.22% 60.48% -

Price/ Cash Flow

LTM

03/yy 30'050.0 3.90x 0.0 0.00x 4'432.0 4.93x

03/yy 34'313.0 3.82x 0.0 0.00x 4'419.0 6.45x

FY+1

.0 M m-13

1.11 369.70 27.57% 18.28% 1.114 36 3.444 1'058'707 1'204'448 1'292'795 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 34'062.2 36'271.1 1.07x 1.00x 3'305.8 3'077.2 655.0 627.0 8.00x 8.55x S&P Issuer Ratings

60.5% 36.9% 0.15 -

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 |

04.07.2013

Swiss Re AG Holdings By:

All

Holder Name SWISS RE FRANKLIN RESOURCES BLACKROCK BERKSHIRE HATHAWAY I SUN LIFE FINANCIAL I DODGE & COX VANGUARD GROUP INC NORGES BANK CREDIT SUISSE ASSET UBS FUND MANAGEMENT PICTET & CIE SARASIN SWISSCANTO FONDSLEIT JP MORGAN TEMPLETON INVESTMENT DIMENSIONAL FUND ADV ARTISAN PARTNERS HOL ETHENEA INDEPENDENT THORNBURG INVESTMENT EATON VANCE MANAGEME

Firm Name

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

Analyst

AlphaValue DIETER HEIN Sanford C. Bernstein & Co THOMAS SEIDL Helvea DANIEL BISCHOF Credit Suisse ADAM MCINALLY Barclays ANDREW BROADFIELD Bank am Bellevue ANDREAS FRICK Kepler Cheuvreux FABRIZIO CROCE Morgan Stanley MACIEJ WASILEWICZ Nord/LB JULIA SIEKMANN Oddo & Cie NICOLAS JACOB Canaccord Genuity Corp BEN COHEN Bank Vontobel AG STEFAN SCHUERMANN S&P Capital IQ RODERICK WALLACE Societe Generale JASON KALAMBOUSSIS Mediobanca SpA GIANLUCA FERRARI RBC Capital Markets GORDON AITKEN Keefe, Bruyette & Woods WILLIAM HAWKINS Raymond James DANNY JACQUES Landesbank Baden-Wuerttemberg WERNER SCHIRMER Hamburger Sparkasse CHRISTIAN HAMANN Bankhaus Metzler JOCHEN SCHMITT Berenberg Bank TOM CARSTAIRS Bryan Garnier & Cie OLIVIER PAUCHAUT Nomura MICHAEL KLIEN Exane BNP Paribas NICCOLO DALLA PALMA Main First Bank AG RENE LOCHER Macquarie HADLEY COHEN Zuercher Kantonalbank GEORG MARTI JPMorgan MICHAEL HUTTNER Goldman Sachs VINIT MALHOTRA Day by Day VALERIE GASTALDY EVA Dimensions AUSTIN BURKETT HSBC THOMAS FOSSARD DZ Bank AG THORSTEN WENZEL Espirito Santo Investment Bank Research JOY FERNEYHOUGH

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

Recommendation reduce underperform neutral neutral overweight buy buy Equalwt/In-Line buy buy buy buy buy buy neutral sector perform underperform underperform hold buy buy sell sell reduce neutral underperform neutral market perform overweight neutral/neutral hold buy neutral sell neutral

Amt Held 27'282'124 24'549'095 15'918'781 11'262'000 11'178'539 11'104'278 8'899'361 6'819'188 5'288'972 2'801'749 2'201'596 1'851'274 1'522'449 1'424'952 1'267'120 1'232'919 1'125'402 1'050'000 954'050 874'042

% Out 7.36 6.62 4.29 3.04 3.02 3 2.4 1.84 1.43 0.76 0.59 0.5 0.41 0.38 0.34 0.33 0.3 0.28 0.26 0.24

Weighting

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

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

Latest Chg (1'396'672) (461'908) 120'264 58'816 (1'472'124) (80'148) (72'460) 27'594 196'282 41'129 22'735 (32'769) 3'138 1'125'402 980'000 800'000 608'042

Target Price 73 58 80 69 78 89 83 72 84 82 80 85 88 75 78 80 82 63 78 #N/A N/A 83 67 80 67 76 72 67 #N/A N/A 74 75 #N/A N/A #N/A N/A 75 58 48

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

File Dt 29.03.2012 31.03.2013 21.05.2013 31.12.2012 16.05.2013 06.05.2013 31.03.2013 31.12.2012 27.03.2013 31.01.2013 31.01.2013 28.03.2013 28.02.2013 31.03.2013 28.02.2013 31.01.2013 31.03.2013 28.03.2013 31.03.2013 31.03.2013

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

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

Date 23.05.2013 20.05.2013 13.05.2013 10.05.2013 09.05.2013 07.05.2013 07.05.2013 03.05.2013 03.05.2013 03.05.2013 03.05.2013 03.05.2013 03.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 23.04.2013 18.03.2013 01.03.2013 22.02.2013 21.02.2013 14.02.2013 17.01.2013 16.01.2013 10.09.2012 12.01.2012

04.07.2013

Transocean Ltd Transocean Ltd. is an offshore drilling contractor. The Company owns or operates mobile offshore drilling units, inland drilling barges, and other assets utilized in the support of offshore drilling activities worldwide. Transocean specializes in technically demanding segments of the offshore drilling business, including deepwater and harsh environment drilling services. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (27.12.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIGN VX EQUITY YTD Change RIGN VX EQUITY YTD % CHANGE

Price/Volume

12/2012 03/yy 54.70 40.18 270'623.00 45.88 -16.12% 14.19% 31.96% 360.3 16'532.70 12'459.00 0.0 (15.0) 5'134.00 24'830.82

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

1.20 1.00

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 12'674.0 2.17x 6'430.0 4.27x 4'031.0 -

31.12.2009 31.12.2010 11'556.0 9'466.0 3.22x 3.17x 5'926.0 4'048.0 6.28x 7.42x 3'181.0 961.0 Profitability

LTM-4Q 31.12.2011 8'027.0 2.87x 1'515.0 15.22x (5'754.0) -

31.12.2012 9'196.0 2.54x 2'766.0 8.45x (219.0) 2'766.00 1'685.00 18.32% 9.42% 0.27% 0.56% 2.71% 0.28% 21.4% 28.4% 16.5% -2.4% 1.58 1.34 36.37% 79.13% 4.38 11.73

LTM

03/yy 8'568.0 12.07x 1'763.0 16.34x (6'063.0) 0.00x

03/yy 9'538.0 10.36x 2'710.0 9.68x 92.0 0.00x

FY+1

.0 M m-13

1.21 339.89 3.76% 14.97% 1.205 44 4.023 421'237 508'319 482'084 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 9'641.5 10'853.4 2'413.3 2'492.8 2.67x 2.38x 10.41x 10.14x 3'621.9 4'474.1 908.6 970.0 6.87x 5.56x 6.45x 6.13x 1'587.0 2'208.5 387.0 430.2 10.96x 7.85x 10.18x 9.28x S&P Issuer Ratings

3.56 1.88 2.78 4.14 79.1% 44.2% 0.28 0.44 83.33 31.13 40.06 67.67

Sales/Revenue/Turnover

14'000.0 12'000.0 10'000.0

0.80

8'000.0 0.60

6'000.0

0.40

4'000.0 2'000.0

0.20

0.0 0.00

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

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

04.07.2013

Transocean Ltd Holdings By:

All

Holder Name ICAHN ASSOCIATES COR ICAHN ASSOCIATES COR CAPITAL GROUP COMPAN BLACKROCK FRANKLIN RESOURCES FMR LLC NORGES BANK WENTWORTH HAUSER AND DAVIS SELECTED ADVIS CREDIT SUISSE ASSET PRIMECAP MANAGEMENT WELLINGTON MANAGEMEN OMEGA ADVISORS DEUTSCHE BANK AG OPPENHEIMERFUNDS INC EARNEST PARTNERS LLC LAZARD ASSET MANAGEM UBS FUND MANAGEMENT HIGHBRIDGE CAPITAL M APPALOOSA MANAGEMENT

Firm Name Goldman Sachs ISI Group EVA Dimensions Howard Weil Inc Sanford C. Bernstein & Co Capital One Southcoast, Inc. Guggenheim Securities LLC Cowen Securities LLC Iberia Capital Partners LLC Macquarie BMO Capital Markets Credit Suisse Edward Jones JPMorgan Stephens Inc FBR Capital Markets Barclays Clarkson Capital Markets LLC Deutsche Bank Raymond James Wells Fargo Securities, LLC Gabelli & Co Susquehanna Financial Group Credit Agricole Securities (USA) Global Hunter Securities RBC Capital Markets Jefferies Argus Research Corp Pareto Securities Main First Bank AG Johnson Rice & Co Swedbank First Securities Bank Vontobel AG Fearnley Fonds Nordea Equity Research HSBC Zuercher Kantonalbank DNB Markets Arctic Securities ASA Tudor Pickering & Co Morgan Stanley S&P Capital IQ RS Platou Markets

Portfolio Name ICAHN ASSOCIATES COR n/a n/a n/a n/a n/a NORGES BANK WENTWORTH HAUSER AND DAVIS SELECTED ADVIS Multiple Portfolios PRIMECAP MANAGEMENT WELLINGTON MANAGEMEN OMEGA ADVISORS INC DEUTSCHE BANK AKTIEN OPPENHEIMER FUNDS IN EARNEST PARTNERS LLC n/a Multiple Portfolios HIGHBRIDGE CAPITAL M APPALOOSA MANAGEMENT

Analyst WAQAR SYED JUDSON E BAILEY CRAIG STERLING DAVID T WILSON SCOTT GRUBER LUKE M LEMOINE DARREN GACICIA JAMES D CRANDELL TREY STOLZ NIGEL BROWNE ALAN D LAWS GREGORY LEWIS BRIAN YOUNGBERG J DAVID ANDERSON JOHN KELLER MEGAN REPINE JAMES C WEST HAITHUM NOKTA MICHAEL W URBAN J MARSHALL ADKINS MATTHEW D CONLAN ANDREA SHARKEY CHARLES P MINERVINO DAVID S HAVENS BRIAN UHLMER #N/A N/A BRAD HANDLER PHILIP H WEISS FRANK HARESTAD BERND POMREHN DAVID C SMITH BJORN THORESEN FABIAN HAECKI TRULS OLSEN DAVID BHATTI DAVID PHILLIPS MARTIN SCHREIBER MARTIN HUSEBY KARLSEN KRISTOFFER RIIS IDEN BYRON POPE OLE SLORER STEWART GLICKMAN ANDERS BERGLAND

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

Recommendation neutral/attractive strong buy overweight sector perform outperform add buy buy outperform neutral outperform neutral hold neutral equalweight outperform overweight outperform sell market perform outperform buy neutral outperform buy outperform hold buy buy underperform overweight buy hold buy buy overweight market perform hold buy hold restricted hold buy

Amt Held 20'154'035 20'154'035 19'705'570 18'706'254 12'972'379 9'548'259 7'568'140 6'851'908 5'168'965 4'831'570 3'433'300 3'293'744 3'174'545 3'144'768 3'132'933 3'111'484 2'931'192 2'927'088 2'901'422 2'560'167

% Out 5.59 5.59 5.47 5.19 3.6 2.65 2.1 1.9 1.43 1.34 0.95 0.91 0.88 0.87 0.87 0.86 0.81 0.81 0.81 0.71

Weighting

Change

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

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

Latest Chg 14'315'649 1'297'393 650'155 3'112'775 (315'813) (914'546) (160'437) (276'355) (107'900) 40'681 59'000 173'296 14'620 (20'633) 2'931'192 (100'293) 1'736'422 1'059'912

Target Price 61 65 #N/A N/A 58 60 60 68 61 71 56 60 58 #N/A N/A 56 55 58 70 63 43 #N/A N/A #N/A N/A #N/A N/A 54 56 62 58 58 59 70 45 #N/A N/A 61 52 56 62 71 #N/A N/A 56 56 #N/A N/A #N/A N/A #N/A N/A 62

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

File Dt 31.03.2013 19.04.2013 31.03.2013 21.05.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 27.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.01.2013 31.03.2013 31.03.2013

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

Inst Type Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Hedge Fund Manager Hedge Fund Manager

Date 23.05.2013 22.05.2013 21.05.2013 20.05.2013 20.05.2013 20.05.2013 20.05.2013 20.05.2013 20.05.2013 18.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 15.05.2013 13.05.2013 10.05.2013 10.05.2013 10.05.2013 09.05.2013 03.05.2013 19.04.2013 19.04.2013 18.04.2013 06.03.2013 06.03.2013 04.03.2013 04.03.2013 04.02.2013 29.01.2013 03.01.2013 16.04.2012

04.07.2013

Swatch Group AG/The Swatch Group AG manufactures watches, watch components, jewelry, miniature batteries, LCD displays, and scoreboards. The Company produces watches under various branded names. Swatch also operates retail boutiques.

Price/Volume 700 600 500 400

Valuation Analysis

300

Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (16.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UHR VX EQUITY YTD Change UHR VX EQUITY YTD % CHANGE

12/2012 01/yy 602.00 341.70 115'815.00 535.5 -11.05% 56.72% 68.69% 30.8 28'038.60 135.00 0.0 19.0 1'967.00 26'225.60

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

100 0 m-12

31.12.2009 31.12.2010 5'142.0 6'108.0 2.54x 3.33x 1'123.0 1'658.0 11.63x 12.26x 759.0 1'074.0 18.10x 20.56x Profitability

31.12.2011 6'764.0 2.50x 1'843.0 9.17x 1'269.0 14.96x

31.12.2012 7'796.0 2.96x 2'245.0 10.29x 1'600.0 15.56x

2'245.00 1'984.00 25.45% 25.87% 15.22% 18.41% 0.74% 28.8% 25.4% 20.5% 6.50 2.51 1.20% 1.45% 7.98 -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.20 30.22 42.46% 17.53% 1.202 31 3.935 165'732 176'952 153'532 FY+2

12/13 Y 12/14 Y 8'802.7 9'714.8 3.02x 2.64x 2'545.6 2'858.8 10.30x 9.17x 1'781.3 1'998.3 16.32x 14.57x S&P Issuer Ratings

FQ+1

FQ+2

748.33 602.33 -0.82 0.06 1.4% 1.4% 0.74 4.39 45.87 -

Sales/Revenue/Turnover

45.00

9'000.0

40.00

8'000.0

35.00

7'000.0

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 5'677.0 1.29x 1'421.0 5.17x 834.0 9.25x

200

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M m-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Swatch Group AG/The Holdings By:

All

Holder Name CAPITAL GROUP COMPAN NORGES BANK SWATCH GROUP AG VANGUARD GROUP INC CREDIT SUISSE ASSET BLACKROCK FMR LLC THORNBURG INVESTMENT PICTET & CIE CALAMOS ADVISORS LLC UBS FUND MANAGEMENT THREADNEEDLE INVESTM WINTERGREEN ADVISERS PICTET ASSET MANAGEM SCHRODER INVESTMENT SCOPUS ASSET MANAGEM BNP PARIBAS INV PART ROYAL BANK OF CANADA GRETHER ESTHER DB PLATINUM ADVISORS

Firm Name AlphaValue Raymond James Exane BNP Paribas Societe Generale Goldman Sachs Morgan Stanley Cantor Fitzgerald Credit Suisse Sanford C. Bernstein & Co Redburn Partners Aurel - BGC Deutsche Bank Nomura Kepler Cheuvreux Bryan Garnier & Cie Day by Day HSBC ISI Group Oddo & Cie Renaissance Capital Bank Vontobel AG Main First Bank AG Barclays Berenberg Bank JPMorgan S&P Capital IQ EVA Dimensions Zuercher Kantonalbank

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios SCOPUS ASSET MANAGEM n/a n/a n/a Multiple Portfolios

Analyst VERONIQUE CABIOC'H MARC WILLAUME LUCA GIUSEPPE SOLCA THIERRY COTA WILLIAM HUTCHINGS LOUISE SINGLEHURST ALLEGRA PERRY PATRICK JNGLIN MARIO ORTELLI ANNABEL GLEESON DAVID DA MAIA FRANCESCA DI PASQUANTONIO CHRISTOPHER WALKER JON COX LOIC MORVAN VALERIE GASTALDY ANTOINE BELGE OMAR SAAD LEOPOLD AUTHIE REY WIUM RENE WEBER MATTHIAS EIFERT HELEN NORRIS JOHN GUY MELANIE A FLOUQUET WILLIAM MACK CRAIG STERLING PATRIK SCHWENDIMANN

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

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

Amt Held 1'383'153 935'958 505'000 484'570 433'692 364'120 290'174 255'065 246'404 232'055 222'578 188'807 184'025 178'394 174'820 150'944 149'368 124'236 114'000 111'350

% Out 4.48 3.03 1.64 1.57 1.41 1.18 0.94 0.83 0.8 0.75 0.72 0.61 0.6 0.58 0.57 0.49 0.48 0.4 0.37 0.36

Weighting

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

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

Latest Chg (62'160) 20'729 (5'556) 16'555 (186'998) 15'790 (9'535) (7'946) (7'585) (621) 30'488 97'992 4'726 11'596 25'500

Target Price 601 600 710 650 770 602 600 600 600 #N/A N/A 550 600 620 630 555 #N/A N/A 590 650 620 541 600 650 550 625 505 480 #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 Government 31.12.2011 Corporation 31.03.2013 Investment Advisor 27.03.2013 Investment Advisor 21.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 30.04.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Hedge Fund Manager 28.02.2013 Investment Advisor 31.12.2012 Bank 31.12.2011 n/a 30.04.2013 Investment Advisor

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

Date 23.05.2013 22.05.2013 22.05.2013 20.05.2013 17.05.2013 16.05.2013 16.05.2013 15.05.2013 14.05.2013 08.05.2013 30.04.2013 29.04.2013 24.04.2013 18.04.2013 08.04.2013 04.04.2013 27.03.2013 24.03.2013 19.03.2013 14.03.2013 07.03.2013 07.03.2013 07.03.2013 15.02.2013 04.02.2013 04.02.2013 17.01.2013 13.09.2012

04.07.2013

Holcim Ltd Holcim Ltd. produces building materials. The Company produces and markets ready-mixed concrete, cement, clinker, and admixtures. The Company also provides consulting and engineering services in all areas of the cement manufacturing process. Holcim, through subsidiaries, operates cement manufacturing facilities around the world.

Price/Volume

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (13.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HOLN VX EQUITY YTD Change HOLN VX EQUITY YTD % CHANGE

12/2012 03/yy 79.10 50.64 716'354.00 67.3 -14.92% 32.89% 51.16% 327.1 22'012.91 13'507.00 0.0 2'889.0 3'146.00 35'663.91

2.0 M

1.5 M

1.0 M

.5 M

10 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

3.5 M

80 70

Valuation Analysis

31.12.2008 25'157.0 1.32x 5'333.0 6.23x 1'782.0 8.84x

LTM-4Q

31.12.2009 31.12.2010 21'132.0 21'653.0 2.02x 1.71x 4'630.0 4'513.0 9.20x 8.19x 1'471.0 1'182.0 16.33x 19.15x Profitability

31.12.2011 20'744.0 1.47x 3'958.0 7.69x 275.0 58.43x

31.12.2012 21'544.0 1.63x 3'984.0 8.79x 622.0 34.84x

3'984.00 1'816.00 8.43% 7.35% 1.91% 4.73% 4.91% 0.51% 40.8% 18.4% 8.2% 2.9% 1.00 0.70 32.60% 79.69% 7.46 5.74

Price/ Cash Flow

LTM

03/yy 20'747.0 6.30x 3'921.0 8.61x 275.0 68.49x

03/yy 21'107.0 6.62x 3'888.0 9.88x 799.0 30.88x

FY+1

.0 M m-13

1.29 227.77 27.20% 2.29% 1.292 35 4.057 1'029'487 1'014'205 956'896 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 22'038.0 23'475.0 5'764.3 6'018.0 1.57x 1.42x 6.30x 5.97x 4'604.3 5'413.7 1'304.0 1'441.0 7.75x 6.59x 1'460.4 1'967.8 549.0 615.0 15.11x 11.16x 14.57x S&P Issuer Ratings

22.01.2009 BBB STABLE 01.04.2005 A-2 5.84 3.29 2.77 3.56 79.7% 40.5% 0.51 0.95 48.92 63.62 57.83 35.39

Sales/Revenue/Turnover

10.00

30'000.0

9.00

25'000.0

8.00 7.00

20'000.0

6.00

15'000.0

5.00 4.00

10'000.0

3.00 2.00

5'000.0

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 |

04.07.2013

Holcim Ltd Holdings By:

All

Holder Name SCHMIDHEINY THOMAS EUROCEMENT HOLDING A CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS NORGES BANK VANGUARD GROUP INC CREDIT SUISSE ASSET COMMONWEALTH BANK OF BLACKROCK HARRIS ASSOCIATES LP ARTISAN PARTNERS HOL MANNING & NAPIER ADV TIAA CREF INVESTMENT UBS FUND MANAGEMENT T ROWE PRICE ASSOCIA DIMENSIONAL FUND ADV SWISSCANTO FONDSLEIT PICTET & CIE MORGAN STANLEY SARASIN

Firm Name Sanford C. Bernstein & Co AlphaValue Raymond James Credit Suisse JPMorgan Jefferies Kepler Cheuvreux Exane BNP Paribas Bank am Bellevue Equita SIM SpA Bankhaus Metzler Bank Vontobel AG Helvea Societe Generale Deutsche Bank Oddo & Cie Bryan Garnier & Cie S&P Capital IQ Goldman Sachs HSBC Day by Day CM - CIC Securities(ESN) Berenberg Bank Liberum Capital Ltd Zuercher Kantonalbank Natixis Morgan Stanley Main First Bank AG EVA Dimensions Aurel - BGC Redburn Partners DZ Bank AG Davy Societe Generale

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

Analyst

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

Recommendation

PHIL ROSEBERG GAETAN DUPONT ARNAUD PALLIEZ HARRY GOAD ELODIE RALL MICHAEL F BETTS JOSEP PUJAL PAUL ROGER MICHAEL ROOST GIUSEPPE MAPELLI STEPHAN BAUER SERGE ROTZER PATRICK APPENZELLER MURIEL FELLOUS GLYNIS JOHNSON VIRGINIE ROUSSEAU SVEN EDELFELT JAWAHAR HINGORANI WILL MORGAN JOHN FRASER-ANDREWS VALERIE GASTALDY JEAN-CHRISTOPHE LEFEVRE-MOULENQ ROBERT MUIR CHARLIE CAMPBELL MARTIN HUESLER RAFIC EL HADDAD YURI SEROV CHRISTIAN KORTH CRAIG STERLING ERIC LEMARIE JOHN MESSENGER MARC NETTELBECK TIM CAHILL MIKE BRIDGES

outperform reduce outperform neutral overweight buy buy outperform hold hold sell hold buy buy hold buy buy hold neutral/neutral neutral hold accumulate buy buy outperform neutral Equalwt/In-Line outperform sell not rated neutral sell outperform hold

Amt Held 65'774'099 33'091'556 9'685'325 8'823'981 5'637'149 3'150'310 3'100'075 2'755'317 2'568'131 2'484'800 1'839'810 1'735'900 1'700'606 1'601'986 1'514'910 1'183'680 1'003'067 975'977 734'252 428'647

% Out 20.11 10.12 2.96 2.7 1.72 0.96 0.95 0.84 0.79 0.76 0.56 0.53 0.52 0.49 0.46 0.36 0.31 0.3 0.22 0.13

Weighting

Change

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

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

Latest Chg (6'310'975) 182'596 (49'165) 73'632 643'402 (161'700) 1'839'810 221'420 (28'829) (58'267) 1'506'860 (2'961) (122'296) (1'622) 5'595 14'968

Target Price 93 76 80 72 85 83 86 90 75 71 68 76 83 97 69 91 83 77 81 80 #N/A N/A 80 80 71 #N/A N/A 72 74 85 #N/A N/A #N/A N/A #N/A N/A 55 #N/A N/A 54

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

File Dt 31.12.2011 12.09.2011 31.03.2013 31.03.2013 31.12.2012 31.03.2013 27.03.2013 31.01.2013 21.05.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.01.2013 31.03.2013 31.01.2013 28.02.2013 31.01.2013 31.03.2013 31.01.2013

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

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

Date 23.05.2013 23.05.2013 21.05.2013 20.05.2013 16.05.2013 16.05.2013 15.05.2013 14.05.2013 13.05.2013 13.05.2013 13.05.2013 13.05.2013 13.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 01.05.2013 30.04.2013 23.04.2013 14.03.2013 13.03.2013 11.03.2013 08.03.2013 01.03.2013 28.02.2013 25.02.2013 17.01.2013 07.11.2012 07.11.2012 16.10.2012 08.10.2012 30.11.2011

04.07.2013

SGS SA SGS SA provides industrial inspection, analysis, testing, and verification services. The Company inspects, samples, analyzes, and monitors raw materials, petroleum, food, crops, chemicals, consumer goods, and production machinery for compliance with industrial standards and local regulatory requirements, including tax and duty. SGS serves business worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2013) 52-Week Low (04.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SGSN VX EQUITY YTD Change SGSN VX EQUITY YTD % CHANGE

12/2012 01/yy 2'421.16 1'794.63 17'516.00 2108 -12.93% 17.46% 44.11% 7.8 16'489.70 1'323.00 0.0 58.0 989.00 16'881.70

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

.1 M

2500

.1 M

2000

.0 M

1500

.0 M

1000

.0 M

500

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

Fiscal Year Ended 31.12.2008 4'818.0 1.66x 1'024.0 7.82x 692.0 12.08x

3000

31.12.2009 31.12.2010 4'712.0 4'757.0 2.06x 2.46x 1'223.0 1'286.0 7.93x 9.09x 566.0 588.0 17.90x 20.21x Profitability

31.12.2011 4'797.0 2.48x 1'015.0 11.73x 534.0 22.05x

31.12.2012 5'578.0 2.84x 1'124.0 14.11x 556.0 27.76x

1'124.00 843.00 15.11% 14.49% 11.40% 27.42% 1.14% 20.2% 15.1% 10.0% 2.06 1.60 26.49% 64.22% 6.05 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.96 4.86 17.95% 6.66% 0.956 25 3.440 17'633 17'453 15'390 FY+2

12/13 Y 12/14 Y 6'163.7 6'742.5 2.73x 2.48x 1'356.1 1'551.4 12.39x 10.83x 714.5 837.1 22.54x 19.46x S&P Issuer Ratings

FQ+1

FQ+2

29.58 19.39 0.30 1.18 64.2% 38.4% 1.14 5.85 60.53 -

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 |

04.07.2013

SGS SA Holdings By:

All

Holder Name EXOR GROUP SA VON FINCK AUGUST VON FINCK AUGUST FRA SGS INVESTMENT LTD CAPITAL GROUP INTERN BANK OF NEW YORK MEL SGS GROUP CAPITAL GROUP COMPAN NORGES BANK CREDIT SUISSE ASSET FMR LLC VANGUARD GROUP INC JUPITER ASSET MANAGE UBS FUND MANAGEMENT BLACKROCK PICTET & CIE WILLIAM BLAIR & COMP ALLIANZ ASSET MANAGE THREADNEEDLE INVESTM SCHRODER INVESTMENT

Firm Name AlphaValue Credit Suisse Oddo & Cie Goldman Sachs Helvea Main First Bank AG Kepler Cheuvreux Barclays Morgan Stanley Exane BNP Paribas HSBC EVA Dimensions Bank Vontobel AG Zuercher Kantonalbank Societe Generale Jefferies Natixis RBC Capital Markets JPMorgan Berenberg Bank S&P Capital IQ Redburn Partners Deutsche Bank

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

Analyst HEINZ STEFFEN DAVID RIGBY GUILLAUME RASCOUSSIER JOHN WOODMAN CHRISTIAN BURGER MOURAD LAHMIDI BETTINA EDMONDSTON PAUL D A SULLIVAN ALLEN WELLS LAURENT BRUNELLE RAJESH KUMAR CRAIG STERLING JEAN-PHILIPPE BERTSCHY DANIEL BUERKI PATRICK JOUSSEAUME WILLIAM KIRKNESS OLIVIER LEBRUN ANDREW BROOKE ROBERT PLANT KONRAD ZOMER JOHNSON IMODE PASCAL HAUTCOEUR THOMAS SYKES

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

Recommendation sell neutral buy Buy/Neutral accumulate outperform hold equalweight Equalwt/In-Line neutral neutral hold buy outperform hold hold neutral underperform neutral hold hold buy hold

Amt Held 1'173'360 1'171'013 439'515 235'364 234'342 234'021 228'873 194'461 131'155 86'682 62'974 57'021 51'535 46'813 46'301 43'264 38'759 29'307 25'763 20'887

% Out 15 14.97 5.62 3.01 3 2.99 2.93 2.49 1.68 1.11 0.81 0.73 0.66 0.6 0.59 0.55 0.5 0.37 0.33 0.27

Weighting

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

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

Latest Chg (40'224) (1'646) (30'048) (6'000) (638) (8'551) 2'220 3'453 (7'584) 98 289 370 515 (16) (6'474)

Target Price 1'888 2'250 2'800 2'650 2'450 2'450 2'000 2'650 2'500 2'650 2'400 #N/A N/A 2'550 #N/A N/A 2'240 2'000 2'200 1'500 1'860 1'740 2'040 #N/A N/A 1'799

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

File Dt 31.12.2011 31.12.2011 31.12.2011 29.03.2011 29.06.2011 20.03.2013 30.01.2012 31.03.2013 31.12.2012 27.03.2013 31.03.2013 31.03.2013 31.01.2013 31.01.2013 21.05.2013 31.01.2013 31.03.2013 31.03.2013 28.02.2013 31.01.2013

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

Inst Type Holding Company n/a n/a Holding Company Investment Advisor Investment Advisor Corporation Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.05.2013 20.05.2013 20.05.2013 08.05.2013 06.05.2013 02.05.2013 24.04.2013 24.04.2013 17.04.2013 15.04.2013 09.04.2013 02.04.2013 07.02.2013 30.01.2013 22.01.2013 18.01.2013 18.01.2013 17.01.2013 17.01.2013 14.01.2013 21.11.2012 15.05.2012 27.04.2012

04.07.2013

Weatherford International Ltd/Switzerland Weatherford International Ltd. is a Swiss-based, multinational oilfield service company. The Company provides mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry.

Price/Volume 16

1.2 M

1.0 M

12 .8 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WFT SE EQUITY YTD Change WFT SE EQUITY YTD % CHANGE

12/2012 03/yy 14.20 8.43 28'582.00 13.35 -5.99% 58.36% 79.20% 765.8 10'223.00 8'634.00 0.0 32.0 300.00 19'381.26

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

1.20 1.00

.4 M

4 .2 M

2 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 9'600.6 1.41x 2'710.4 5.00x 1'393.2 -

.6 M

31.12.2009 31.12.2010 8'833.0 10'221.0 2.22x 2.27x 1'596.8 1'829.0 12.28x 12.67x 170.1 (152.0) Profitability

LTM-4Q 31.12.2011 12'988.0 1.40x 2'443.0 7.46x 189.0 -

31.12.2012 15'215.0 1.11x 2'445.0 6.90x (778.0) 2'445.00 1'163.00 7.64% -1.89% -3.95% -9.46% 0.69% 22.1% 16.2% 7.6% -5.1% 1.58 0.73 37.88% 98.27% 4.29 3.56

LTM

03/yy 13'723.0 5.50x 2'664.0 7.20x 282.0 0.00x

03/yy 15'461.0 4.77x 2'504.0 7.54x (879.0) 0.00x

FY+1

.0 M m-13

1.41 680.02 8.10% 37.63% 1.409 34 3.882 55'506 87'098 94'885 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 16'176.0 17'675.5 3'895.4 4'122.0 1.17x 1.04x 4.98x 4.66x 2'969.5 3'512.0 684.6 788.3 6.54x 5.53x 6.13x 5.82x 616.6 978.0 120.5 175.7 17.21x 11.03x 14.87x 13.16x S&P Issuer Ratings

5.03 0.55 3.45 3.57 98.3% 49.5% 0.69 1.95 85.08 102.61 54.43 136.67

Sales/Revenue/Turnover

16'000.0 14'000.0 12'000.0

0.80 0.60

10'000.0 8'000.0 6'000.0

0.40 0.20

4'000.0 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 |

04.07.2013

Weatherford International Ltd/Switzerland Holdings By:

All

Holder Name WEATHERFORD INTL LTD INVESCO LTD ORBIS HOLDINGS LIMIT CLEARBRIDGE INVESTME LEGG MASON INC WENTWORTH HAUSER AND DODGE & COX BLACKROCK VANGUARD GROUP INC LEGG MASON INC MANNING & NAPIER ADV GAMCO THRIVENT FINANCIAL F ROBECO INVESTMENT MG WELLS FARGO SAC CAPITAL ADVISORS TRADEWINDS GLOBAL IN VAN ECK ASSOCIATES C SOUND SHORE MANAGEME MORGAN STANLEY

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

Portfolio Name n/a n/a ORBIS HOLDINGS LIMIT CLEARBRIDGE INVESTME n/a WENTWORTH HAUSER AND n/a n/a VANGUARD GROUP INC Multiple Portfolios MANNING & NAPIER ADV n/a THRIVENT FINANCIAL F ROBECO INVESTMENT MA n/a n/a TRADEWINDS GLOBAL IN n/a SOUND SHORE MANAGEME n/a

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

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

Recommendation neutral/attractive overweight underweight market perform buy outperform neutral hold buy neutral outperform neutral outperform hold buy sector perform add outperform overweight outperform neutral outperform buy underperform Overwt/Attractive sector perform buy overweight underperform accumulate buy

Amt Held 73'798'060 69'790'134 53'800'564 47'084'008 41'878'236 27'078'891 25'663'719 24'843'166 23'231'610 20'857'160 20'143'589 14'887'600 13'227'038 11'437'113 10'260'266 9'932'643 9'386'645 9'382'418 9'031'262 7'782'972

% Out 9.64 9.11 7.03 6.15 5.47 3.54 3.35 3.24 3.03 2.72 2.63 1.94 1.73 1.49 1.34 1.3 1.23 1.23 1.18 1.02

Weighting

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

M M N 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

Latest Chg (470'690) (6'032'242) 3'271'850 (2'558'265) 6'308'237 (400'321) 3'583'585 474'300 4'323'073 4'567'393 (1'963'638) 235'206 1'327'574 378'209

Target Price 15 17 #N/A N/A 14 #N/A N/A 16 12 14 16 #N/A N/A #N/A N/A 12 15 14 19 13 15 15 #N/A N/A 16 13 14 15 10 17 14 17 16 9 #N/A N/A 12

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

File Dt Inst Type 23.03.2013 Corporation 20.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 12.07.2012 Investment Advisor 31.03.2013 Investment Advisor 01.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Unclassified 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 14.11.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 20.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 23.05.2013 21.05.2013 21.05.2013 16.05.2013 15.05.2013 14.05.2013 13.05.2013 13.05.2013 13.05.2013 10.05.2013 10.05.2013 09.05.2013 07.05.2013 06.05.2013 06.05.2013 06.05.2013 06.05.2013 06.05.2013 06.05.2013 06.05.2013 06.05.2013 06.05.2013 05.05.2013 03.05.2013 03.05.2013 03.05.2013 03.05.2013 03.05.2013 27.02.2013 04.02.2013 17.12.2012

04.07.2013

Swisscom AG Swisscom AG operates public telecommunications networks and offers network application services. The Company provides local, long-distance, and mobile telephone services, integrated voice and data digital services, network solutions to national and international telecommunications operators, and Internet access services, and owns and operates pay telephones.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SCMN VX EQUITY YTD Change SCMN VX EQUITY YTD % CHANGE

12/2012 03/yy 446.30 370.50 60'702.00 417 -6.57% 12.55% 60.82% 51.8 21'606.59 8'783.00 0.0 24.0 578.00 29'705.59

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

.3 M .2 M .2 M .1 M .1 M

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 12'198.0 2.35x 4'496.0 6.37x 1'756.0 10.01x

500 450 400 350 300 250 200 150 100 50 0 m-12

31.12.2009 31.12.2010 12'001.0 11'988.0 2.53x 2.54x 4'402.0 4'348.0 6.89x 7.01x 1'926.0 1'813.0 10.64x 11.75x Profitability

LTM-4Q 31.12.2011 11'467.0 2.35x 4'300.0 6.26x 683.0 26.98x

31.12.2012 11'384.0 2.51x 4'107.0 6.97x 1'755.0 11.62x

4'107.00 2'157.00 18.95% 19.04% 8.49% 34.39% 13.93% 0.57% 35.6% 18.3% 15.4% 0.91 0.72 43.71% 212.56% -

Price/ Cash Flow

LTM

03/yy 11'407.0 9.84x 4'272.0 6.41x 656.0 28.82x

03/yy 11'316.0 10.30x 4'034.0 7.65x 1'690.0 13.46x

FY+1

.0 M m-13

0.69 22.31 15.48% 11.52% 0.694 25 3.600 122'998 128'326 120'219 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 11'313.1 11'362.4 2'801.3 2'814.0 2.62x 2.60x 10.88x 10.63x 4'277.7 4'331.1 1'079.3 1'099.0 6.95x 6.87x 1'632.1 1'658.9 409.8 410.5 13.16x 12.92x S&P Issuer Ratings

30.06.2009 A STABLE 15.38 5.79 2.00 2.18 212.6% 67.9% 0.57 1.35 -

Sales/Revenue/Turnover

7.00

16'000.0

6.00

14'000.0 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

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 |

04.07.2013

Swisscom AG Holdings By:

All

Holder Name SWISS CONFEDERATION THORNBURG INVESTMENT BLACKROCK CREDIT SUISSE ASSET VANGUARD GROUP INC NORGES BANK FMR LLC RUFFER LLP UBS FUND MANAGEMENT INVESCO LTD PICTET & CIE SWISSCANTO FONDSLEIT JOHN HANCOCK INVESTM EPOCH INVESTMENT PAR DJE INVESTMENT SA ALLIANCE BERNSTEIN MORGAN STANLEY NOMURA ALLIANZ ASSET MANAGE DANSKE INVEST A/S

Firm Name

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

Analyst

AlphaValue HEINZ STEFFEN Credit Suisse JAKOB BLUESTONE Goldman Sachs TIMOTHY BODDY JPMorgan HANNES C WITTIG Macquarie ALEX GRANT Bank am Bellevue MICHAEL STUDER Deutsche Bank CAROLA BARDELLI Barclays MICHAEL BISHOP Societe Generale STEPHANE SCHLATTER Morgan Stanley LUIS PROTA HSBC NICOLAS COTE-COLISSON Landesbank Baden-Wuerttemberg STEFAN BORSCHEID Berenberg Bank USMAN GHAZI Nomura VIKRAM KARNANY S&P Capital IQ ALEXANDER WISCH New Street Research JAKUB DUBANIEWICZ Exane BNP Paribas MICHAEL ZORKO EVA Dimensions ANDREW S ZAMFOTIS Bank Vontobel AG SERGE ROTZER Zuercher Kantonalbank MICHAEL INAUEN Natixis JACQUES DE GRELING Espirito Santo Investment Bank Research ANDREW HOGLEY Gabelli & Co EVAN D MILLER

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

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

Amt Held 29'475'281 420'000 401'791 317'237 249'170 216'190 198'716 192'800 182'185 118'003 117'897 101'803 82'299 80'955 67'128 66'372 60'824 59'732 56'633 51'927

% Out 56.9 0.81 0.78 0.61 0.48 0.42 0.38 0.37 0.35 0.23 0.23 0.2 0.16 0.16 0.13 0.13 0.12 0.12 0.11 0.1

Weighting

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

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 86'000 (31'471) (3'356) 17'620 7'796 (2'719) 14'314 (2'010) (3'505) 502 8'000 14'375 (10) 528 3'758 (2'283) (3'115)

Target Price 437 355 510 460 450 392 440 440 440 430 500 430 385 415 450 364 480 #N/A N/A 410 #N/A N/A 394 300 #N/A N/A

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

File Dt Inst Type 31.12.2011 Government 28.02.2013 Investment Advisor 21.05.2013 Investment Advisor 27.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 27.12.2012 Investment Advisor 31.01.2013 Investment Advisor 20.05.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 15.01.2013 Unclassified 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 16.05.2013 14.05.2013 09.05.2013 07.05.2013 07.05.2013 06.05.2013 03.05.2013 03.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 20.02.2013 12.02.2013 08.02.2013 08.02.2013 09.11.2012 14.10.2011

04.07.2013

Geberit AG Geberit AG manufactures and supplies water supply pipes and fittings, installation systems, drainage and flushing systems such as visible cisterns, and other sanitary systems for the commercial and residential construction markets. The Company sells its products in Germany, Italy, Switzerland, Austria, the Netherlands, France, and Belgium.

Price/Volume 300

1.4 M 1.2 M 1.0 M

150

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GEBN VX EQUITY YTD Change GEBN VX EQUITY YTD % CHANGE

12/2012 03/yy 250.80 183.28 88'518.00 241.1 -3.87% 31.55% 81.49% 38.8 9'363.63 14.70 0.0 0.0 423.10 8'955.23

.8 M

100

.6 M .4 M

.2 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

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

1.6 M

200

Valuation Analysis

31.12.2008 2'179.0 1.95x 649.1 6.56x 466.3 9.50x

1.8 M

250

LTM-4Q

31.12.2009 31.12.2010 1'931.0 1'900.0 3.57x 4.23x 611.0 573.7 11.27x 14.01x 397.5 406.8 18.03x 20.95x Profitability

31.12.2011 1'867.6 3.49x 532.0 12.24x 384.0 18.43x

31.12.2012 1'919.6 3.73x 542.4 13.20x 392.3 19.57x

542.40 462.30 24.08% 23.71% 18.36% 26.03% 0.89% 28.5% 24.3% 20.4% 2.79 1.99 0.73% 1.03% -

Price/ Cash Flow

03/yy 1'868.2 7.32x 527.8 0.00x 374.3 19.64x

LTM 03/yy 1'929.8 7.26x 549.3 0.00x 399.4 22.19x

FY+1

0.96 36.44 30.49% 23.30% 0.958 15 2.333 125'776 114'017 105'602 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'274.5 2'385.6 3.91x 3.67x 587.5 624.5 15.26x 14.36x 431.0 458.0 21.04x 19.71x S&P Issuer Ratings

25.05.2010 ASTABLE 91.93 77.36 1.0% 1.0% 0.89 3.77 -

Sales/Revenue/Turnover

20.00

2'500.0

18.00

2'000.0

16.00 14.00

1'500.0

12.00 10.00

1'000.0

8.00 6.00

500.0

4.00 2.00 0.00 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 |

04.07.2013

Geberit AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BARCLAYS PLC BLACKROCK CAPITAL GROUP COS GEBERIT AG MARATHON ASSET MANAG CREDIT SUISSE FUND A VANGUARD GROUP INC NORGES BANK WILLIAM BLAIR & COMP CREDIT SUISSE ASSET PICTET & CIE SUN LIFE FINANCIAL I UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT COLUMBIA WANGER ASSE MARKETFIELD ASSET MA VONTOBEL ASSET MANAG INVESCO LTD UNION INVESTMENT GMB

Firm Name Bank am Bellevue Bank Vontobel AG Helvea Goldman Sachs Berenberg Bank EVA Dimensions Zuercher Kantonalbank Kepler Cheuvreux Main First Bank AG HSBC Credit Suisse Morgan Stanley Davy

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

Analyst MICHAEL ROOST CHRISTIAN ARNOLD PATRICK APPENZELLER DANIELA COSTA MICHAEL WATTS CRAIG STERLING MARTIN HUESLER CHRISTOPH LADNER CHRISTIAN KORTH TOBIAS LOSKAMP ANDRE KUKHNIN ALEJANDRA PEREDA FLORENCE O'DONOGHUE

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

Recommendation hold hold neutral neutral/neutral hold hold market perform hold underperform overweight underperform Underwt/In-Line underperform

Amt Held 3'773'401 2'095'110 1'844'617 1'720'160 1'234'508 1'189'345 1'164'630 988'526 911'384 683'953 619'862 580'309 535'503 320'805 276'100 263'982 183'003 124'177 109'653 100'400

% Out 9.72 5.4 4.75 4.43 3.18 3.06 3 2.55 2.35 1.76 1.6 1.49 1.38 0.83 0.71 0.68 0.47 0.32 0.28 0.26

Weighting

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

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

Latest Chg 3'569 (6'120) 48'365 (25'926) (6'236) 619 15'136 (11'187) (24'999) (1'683) 183'003 (15'760) 128 11'700

Target Price 205 230 240 233 210 #N/A N/A #N/A N/A 230 215 244 185 194 #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 14.03.2007 21.05.2013 11.05.2006 31.12.2012 29.01.2013 31.12.2012 31.03.2013 31.12.2012 31.03.2013 27.03.2013 31.01.2013 31.03.2013 31.01.2013 28.02.2013 28.03.2013 31.12.2012 31.01.2013 20.05.2013 28.09.2012

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

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

Date 02.05.2013 02.05.2013 01.05.2013 30.04.2013 30.04.2013 25.03.2013 13.03.2013 13.03.2013 25.02.2013 29.01.2013 15.01.2013 29.11.2012 09.11.2012

04.07.2013

Givaudan SA Givaudan SA manufactures and markets fragrances and flavors from natural and synthetic ingredients. The Company sells its products to manufacturers of perfumes, beverages, prepared foods, and consumer goods. Givaudan operates worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (11.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GIVN VX EQUITY YTD Change GIVN VX EQUITY YTD % CHANGE

12/2012 03/yy 1'293.00 857.06 9'585.00 1250 -3.33% 45.85% 88.30% 9.2 11'541.98 1'521.00 0.0 0.0 425.00 12'637.98

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

.1 M

1200

.1 M

1000

.1 M

800

.1 M

600

.1 M

400

.0 M

200

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

Fiscal Year Ended 31.12.2008 4'087.0 2.20x 822.0 10.95x 111.0 53.20x

1400

LTM-4Q

31.12.2009 31.12.2010 3'959.0 4'239.0 2.31x 2.47x 758.0 866.0 12.04x 12.10x 199.0 340.0 32.97x 26.64x Profitability

31.12.2011 3'915.0 2.44x 755.0 12.63x 252.0 32.30x

31.12.2012 4'257.0 2.32x 871.0 11.33x 411.0 21.33x

871.00 608.00 14.28% 12.07% 6.29% 11.46% 8.76% 0.65% 42.2% 20.4% 14.3% 9.7% 2.23 1.28 23.95% 41.33% 5.21 3.14

Price/ Cash Flow

03/yy 3'963.0 0.00x 0.0 0.00x 0.0 0.00x

LTM 03/yy 4'285.6 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.79 7.27 38.28% 33.83% 0.788 22 3.409 20'724 24'515 23'567 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 4'433.1 4'644.0 1'130.0 1'153.0 2.82x 2.64x 942.3 1'008.2 13.45x 12.57x 509.8 568.9 22.09x 19.69x S&P Issuer Ratings

12.10 9.93 1.26 1.75 41.3% 29.2% 0.65 3.09 70.20 116.39 55.72 130.87

Sales/Revenue/Turnover

25.00

4'500.0 4'000.0

20.00

3'500.0 3'000.0

15.00

2'500.0 2'000.0

10.00

1'500.0 1'000.0

5.00

500.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Givaudan SA Holdings By:

All

Holder Name GATES III WILLIAM HE NESTLE SA BLACKROCK CAPITAL GROUP COMPAN NORGES BANK SUN LIFE FINANCIAL I CREDIT SUISSE ASSET HARRIS ASSOCIATES LP VANGUARD GROUP INC HOFFMANN ANDRE SEREN NEW JERSEY DIVISION UMB BANK N A UBS FUND MANAGEMENT FMR LLC SCHRODER INVESTMENT CAUSEWAY CAPITAL MAN PICTET & CIE HIRTLE CALLAGHAN & C SWISSCANTO FONDSLEIT VONTOBEL ASSET MANAG

Firm Name AlphaValue Kepler Cheuvreux Exane BNP Paribas Liberum Capital Ltd Bank am Bellevue Nomura Main First Bank AG Helvea Barclays Deutsche Bank Morgan Stanley Credit Suisse Berenberg Bank Bank Vontobel AG JPMorgan HSBC Goldman Sachs EVA Dimensions Zuercher Kantonalbank Davy

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

Analyst MARTIN SCHNEE CHRISTOPH LADNER HEIDI VESTERINEN ADAM COLLINS ROLF KUNZ PATRICK LAMBERT BERND POMREHN ANDREAS VON ARX GUNTHER ZECHMANN VIRGINIE BOUCHER-FERTE ERIK SJOGREN PATRICK JNGLIN JAIDEEP PANDYA JEAN-PHILIPPE BERTSCHY CELINE PANNUTI SEBASTIAN SATZ RAKESH PATEL CRAIG STERLING DANIEL BUERKI JACK GORMAN

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

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

Amt Held 950'137 926'130 281'272 230'326 164'285 146'371 118'875 112'700 88'563 86'929 80'000 72'247 70'664 46'952 46'275 34'458 34'162 26'036 24'726 24'654

% Out 10.29 10.03 3.05 2.49 1.78 1.59 1.29 1.22 0.96 0.94 0.87 0.78 0.77 0.51 0.5 0.37 0.37 0.28 0.27 0.27

Weighting

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

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

Latest Chg 9'981 19'000 5'024 666 (39'960) 4'106 (13'567) (1'516) 10'160 (1'747) (1'752) (6'430) (4'613) (585)

Target Price 1'131 1'300 1'310 1'236 1'250 1'290 1'200 1'130 1'170 1'030 1'150 1'050 900 1'100 1'120 940 1'060 #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 31.12.2011 n/a 31.12.2011 Corporation 21.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 27.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2011 n/a 30.06.2012 Pension Fund (ERISA) 28.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 30.09.2011 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor

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

Date 23.05.2013 15.05.2013 09.05.2013 18.04.2013 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 15.04.2013 27.03.2013 27.02.2013 13.02.2013 05.02.2013 21.06.2012

04.07.2013

Julius Baer Group Ltd Julius Baer Group Ltd. offers private banking services. The bank advises on wealth management, financial planning and investments, and offers mortgage and other lending, foreign exchange, securities trading, custody and execution services.

Price/Volume 45

3.0 M

2.5 M

35 30

2.0 M

12/2012 01/yy 40.96 29.45 389'553.00 37.17 -9.25% 26.21% 62.12% 223.8 8'312.28 8'190.75 0.0 2.3 15'606.04 -

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

1.20

1.0 M

.5 M

5 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 2'480.1 356.9 -

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (04.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAER VX EQUITY YTD Change BAER VX EQUITY YTD % CHANGE

31.12.2009 31.12.2010 1'883.7 2'075.2 388.7 352.0 19.35x 25.61x Profitability

31.12.2011 2'052.0 257.9 28.93x

31.12.2012 2'028.9 297.4 21.99x 19.37% 19.37% 0.55% 6.48% 2.21% 0.04% 15.4% 14.93% 168.13% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.19 213.52 11.08% 16.87% 1.189 27 3.704 597'316 643'702 630'491 FY+2

12/13 Y 12/14 Y 2'147.5 2'597.7 -1.09x -1.89x 478.5 613.6 17.03x 13.18x S&P Issuer Ratings

.0 M m-13

FQ+1

FQ+2

168.1% 62.7% 0.04 5.59 -

Sales/Revenue/Turnover

4'500.0 4'000.0

1.00 0.80

3'500.0 3'000.0 2'500.0

0.60

2'000.0 1'500.0

0.40 0.20

1'000.0 500.0 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 |

04.07.2013

Julius Baer Group Ltd Holdings By:

All

Holder Name SUN LIFE FINANCIAL I DAVIS SELECTED ADVIS BLACKROCK THORNBURG INVESTMENT HARRIS ASSOCIATES LP BANK OF AMERICA CORP BOFA MERRILL LYNCH WELLINGTON MANAGEMEN AXA NORGES BANK VANGUARD GROUP INC CREDIT SUISSE ASSET JULIUS BAER GROUP LT T ROWE PRICE ASSOCIA INVESCO LTD UBS FUND MANAGEMENT HARTFORD INVESTMENT PICTET & CIE UNITED SERVICES AUTO SCHRODER INVESTMENT

Firm Name Barclays Keefe, Bruyette & Woods Bank am Bellevue Berenberg Bank AlphaValue Deutsche Bank Morgan Stanley Credit Suisse Oddo & Cie S&P Capital IQ Main First Bank AG Helvea Mediobanca SpA Natixis Macquarie Bank Vontobel AG EVA Dimensions Zuercher Kantonalbank Nomura Kepler Cheuvreux JPMorgan HSBC Equita SIM SpA Goldman Sachs

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

Analyst JEREMY SIGEE ANDREW STIMPSON MARC DEUSTER ELENI PAPOULA DIETER HEIN MATT SPICK HUBERT LAM GURJIT KAMBO JEAN SASSUS FRANK BRADEN KILIAN MAIER TIM DAWSON GIANLUCA FERRARI ANTOINE BURGARD JIA WANG TERESA NIELSEN AUSTIN BURKETT ANDREAS BRUN JON PEACE DIRK BECKER KIAN ABOUHOSSEIN ROBERT MURPHY MATTEO GHILOTTI MARTIN LEITGEB

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

Recommendation equalweight underperform buy hold buy buy Equalwt/In-Line outperform buy strong buy outperform neutral neutral buy outperform reduce sell market perform buy reduce overweight neutral reduce not rated

Amt Held 21'990'182 18'333'412 12'554'839 11'095'398 8'776'634 8'148'183 7'375'149 6'696'246 6'132'638 5'706'091 3'808'352 2'864'705 2'599'046 2'567'478 2'489'955 2'285'990 1'893'142 1'658'124 1'267'174 1'044'806

% Out 9.83 8.19 5.61 4.96 3.92 3.64 3.3 2.99 2.74 2.55 1.7 1.28 1.16 1.15 1.11 1.02 0.85 0.74 0.57 0.47

Weighting

Change

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

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

Latest Chg 25'701 (87'559) (2'711'160) 422'350 78'190 324'752 278'714 114'473 98'288 47'107 27'163 303'012

Target Price 41 40 44 39 47 43 43 40 44 44 41 41 40 44 41 26 #N/A N/A #N/A N/A 39 29 41 35 31 #N/A N/A

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

File Dt 31.03.2013 31.12.2012 21.05.2013 31.12.2012 31.12.2012 31.12.2012 10.08.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 27.03.2013 31.12.2012 31.03.2013 20.05.2013 31.01.2013 31.03.2013 31.01.2013 28.02.2013 31.03.2013

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

Date 22.05.2013 21.05.2013 16.05.2013 16.05.2013 16.05.2013 15.05.2013 15.05.2013 15.05.2013 15.05.2013 15.05.2013 15.05.2013 15.05.2013 25.03.2013 22.03.2013 19.03.2013 13.03.2013 12.02.2013 08.02.2013 05.02.2013 04.02.2013 23.01.2013 04.12.2012 03.10.2012 23.08.2012

04.07.2013

Adecco SA Adecco SA is a personnel and temporary employment company. The Company supplies personnel and temporary help, and offers permanent placement services for professionals and specialists in a range of occupations. Adecco conducts its placement services internationally.

Price/Volume 70

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADEN VX EQUITY YTD Change ADEN VX EQUITY YTD % CHANGE

12/2012 03/yy 57.50 37.91 272'891.00 54.55 -5.13% 43.90% 82.65% 189.3 10'333.79 2'077.00 0.0 3.0 1'105.00 9'445.23

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

1.5 M

1.0 M

20 .5 M

10 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 19'965.0 0.24x 992.0 4.84x 495.0 8.51x

LTM-4Q

31.12.2009 31.12.2010 14'797.0 18'656.0 0.46x 0.50x 380.0 809.0 17.88x 11.58x 8.0 423.0 959.73x 22.41x Profitability

31.12.2011 20'545.0 0.31x 939.0 6.82x 519.0 11.89x

31.12.2012 20'536.0 0.41x 828.0 10.05x 377.0 19.90x

828.00 673.00 3.28% 2.84% 3.45% 8.79% 6.74% 2.09% 17.9% 3.8% 3.1% 1.8% 1.27 1.19 21.60% 56.20% 5.57 -

Price/ Cash Flow

LTM

03/yy 20'665.0 1.50x 976.0 8.52x 531.0 14.08x

03/yy 20'057.0 1.67x 771.0 11.88x 332.0 24.15x

FY+1

.0 M m-13

1.39 144.83 30.26% 17.68% 1.388 28 3.393 436'712 591'720 662'893 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 19'954.1 21'194.4 4'977.5 5'261.0 0.47x 0.43x 1.93x 1.87x 918.6 1'106.1 10.30x 8.55x 514.5 640.6 135.5 153.5 15.42x 12.38x S&P Issuer Ratings

12.10.2011 BBB STABLE 12.10.2011 A-2 10.89 9.74 1.39 2.61 56.2% 36.0% 2.09 67.53 65.49 -

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 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 |

04.07.2013

Adecco SA Holdings By:

All

Holder Name JACOBS HOLDING AKILA FINANCE SA HARRIS ASSOCIATES LP FRANKLIN RESOURCES ARTISAN PARTNERS HOL ADECCO SA SUN LIFE FINANCIAL I NORGES BANK TIAA CREF INVESTMENT MANNING & NAPIER ADV VANGUARD GROUP INC CREDIT SUISSE ASSET UBS FUND MANAGEMENT FMR LLC PICTET & CIE BLACKROCK SEB MFS FINANCIAL SERVIC AMERICAN CENTURY COM THRIVENT FINANCIAL F

Firm Name

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

Analyst

AlphaValue HEINZ STEFFEN Day by Day VALERIE GASTALDY Bank am Bellevue ROLF KUNZ Goldman Sachs CHARLES WILSON Credit Suisse ANDY GROBLER Kepler Cheuvreux HANS PLUIJGERS S&P Capital IQ CLIVE ROBERTS JPMorgan Nicholas de la Grense Deutsche Bank THOMAS SYKES EVA Dimensions CRAIG STERLING Berenberg Bank KONRAD ZOMER Bank Vontobel AG MICHAEL FOETH Helvea CHRISTIAN BURGER Barclays PAUL D A SULLIVAN RBC Capital Markets ANDREW BROOKE Jefferies KEAN MARDEN Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD Exane BNP Paribas LAURENT BRUNELLE ABN Amro Bank N.V. TEUN TEEUWISSE Espirito Santo Investment Bank Research GUY HEWETT Main First Bank AG ALAIN-SEBASTIAN OBERHUBER HSBC MATTHEW LLOYD Rabobank International DAVID TAILLEUR Zuercher Kantonalbank MARCO STRITTMATTER Natixis OLIVIER LEBRUN

Source Co File Co File MF-AGG ULT-AGG EXCH RNS-MAJ ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation reduce hold buy Sell/Neutral neutral buy sell overweight buy underweight buy buy neutral equalweight top pick hold sell outperform buy sell outperform neutral hold market perform buy

Amt Held 34'824'485 10'163'580 8'632'400 7'020'723 6'284'378 5'808'211 5'694'349 3'607'208 2'750'351 2'236'720 1'905'151 1'689'708 1'320'708 1'309'760 1'076'663 1'065'894 501'890 461'247 458'345 387'400

% Out 18.4 5.37 4.56 3.71 3.32 3.07 3.01 1.91 1.45 1.18 1.01 0.89 0.7 0.69 0.57 0.56 0.27 0.24 0.24 0.2

Weighting

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

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

Latest Chg 1'531'600 (1'128'662) 689'034 19'900 242'345 678'600 102'827 (23'272) (39'311) (152'445) (12'826) (889) 161'600 4'780 39'363 (11'150)

Target Price 54 #N/A N/A 66 44 55 60 49 60 58 #N/A N/A 62 60 57 59 65 58 52 62 58 42 70 59 55 #N/A N/A 58

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

File Dt 31.12.2012 31.12.2012 31.03.2013 28.03.2013 12.03.2013 13.03.2013 31.03.2013 31.12.2012 31.03.2013 31.12.2012 31.03.2013 27.03.2013 31.01.2013 31.03.2013 31.01.2013 21.05.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012

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

Inst Type Private Equity Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 23.05.2013 20.05.2013 16.05.2013 15.05.2013 14.05.2013 14.05.2013 14.05.2013 13.05.2013 10.05.2013 10.05.2013 09.05.2013 08.05.2013 08.05.2013 08.05.2013 07.05.2013 07.05.2013 07.05.2013 07.05.2013 07.05.2013 02.05.2013 26.04.2013 16.04.2013 21.03.2013 19.03.2013 07.02.2013

04.07.2013

Schindler Holding AG Schindler Holding AG manufactures and installs elevators, escalators, and moving walkways internationally. The Company's products are used in airports, subway stations, railroad terminals, shopping centers, cruise ships, hotels, and office buildings. Schindler also offers maintenance services.

Price/Volume 160

.6 M

140

.5 M

120 .4 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (04.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SCHP VX EQUITY YTD Change SCHP VX EQUITY YTD % CHANGE

12/2012 03/yy 146.90 107.90 84'210.00 134.4 -8.51% 24.56% 64.62% 46.2 15'444.64 754.00 0.0 33.0 2'626.00 13'605.64

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

.2 M

40 .1 M

20 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 14'027.0 0.34x 1'018.0 4.70x 615.0 9.34x

.3 M

LTM-4Q

31.12.2009 31.12.2010 8'281.0 8'187.0 0.95x 1.35x 996.0 1'089.0 7.86x 10.16x 625.0 677.0 15.44x 20.11x Profitability

31.12.2011 7'854.0 1.39x 933.0 11.68x 576.0 23.83x

31.12.2012 8'258.0 1.63x 1'104.0 12.16x 702.0 21.78x

1'104.00 985.00 11.93% 11.90% 9.12% 26.00% 1.07% 13.4% 12.0% 8.5% 1.55 1.22 9.64% 27.12% 5.86 -

Price/ Cash Flow

LTM

03/yy 7'603.0 0.00x 0.0 0.00x 657.0 0.00x

03/yy 8'334.0 0.00x 0.0 0.00x 740.0 23.11x

FY+1

.0 M m-13

0.88 46.16 25.48% 3.43% 0.880 10 3.400 113'666 114'169 114'304 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 8'749.9 9'287.7 1.52x 1.39x 1'180.2 1'282.4 11.54x 10.62x 737.7 825.4 20.86x 18.83x S&P Issuer Ratings

25.67 22.60 -1.69 0.68 27.1% 21.1% 1.07 16.43 62.49 -

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 |

04.07.2013

Schindler Holding AG Holdings By:

All

Holder Name FMR LLC SUN LIFE FINANCIAL I CREDIT SUISSE ASSET NORGES BANK FRANKLIN RESOURCES UBS FUND MANAGEMENT VANGUARD GROUP INC BLACKROCK PICTET & CIE ROYAL BANK OF CANADA BNP PARIBAS INV PART WINTERGREEN ADVISERS SWISSCANTO FONDSLEIT VONTOBEL ASSET MANAG GAM INTERNATIONAL MA ABERDEEN INTERNATIONAL VALUE MIRABAUD & CIE NATCAN INVESTMENT MA DEUTSCHE BANK AG

Firm Name

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

Analyst

Canaccord Genuity Corp JAMES STETTLER Bank am Bellevue MICHAEL ROOST Credit Suisse ANDRE KUKHNIN Bank Vontobel AG SERGE ROTZER Helvea VOLKAN GOCMEN Goldman Sachs AARON IBBOTSON Zuercher Kantonalbank MARTIN HUESLER Espirito Santo Investment Bank Research ROB VIRDEE Main First Bank AG TOBIAS FAHRENHOLZ Kepler Cheuvreux CHRISTOPH LADNER Exane BNP Paribas ALEXIS DENAUD EVA Dimensions TEAM COVERAGE

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

Recommendation buy hold outperform hold buy neutral/neutral market perform sell outperform hold outperform underweight

Amt Held 1'924'680 1'313'229 1'283'074 1'118'218 880'079 631'866 629'254 598'118 594'244 541'264 523'641 522'668 471'948 259'100 213'841 203'900 168'524 164'000 152'206 121'949

% Out 4.1 2.8 2.74 2.38 1.88 1.35 1.34 1.28 1.27 1.15 1.12 1.11 1.01 0.55 0.46 0.43 0.36 0.35 0.32 0.26

Weighting

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

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

Latest Chg (15'323) 44'560 (1'414) (830'705) (2'999) 102'995 213 12'818 (3'200) 6'856 (199) (14'140) 9'368 (644) 43'000 (788) (1'186)

Target Price 160 121 155 145 165 147 #N/A N/A 115 155 140 124 #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 27.03.2013 Investment Advisor 31.12.2012 Government 28.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 21.05.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Bank 28.02.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 30.04.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 17.05.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 28.03.2013 08.03.2013 25.02.2013 20.02.2013 05.04.2012 05.03.2012

04.07.2013

Actelion Ltd Actelion Ltd. is a pharmaceutical company that develops and markets synthetic small-molecule drugs against diseases related to the endothelium. The Company's drugs, Veletri and Tracleer, are used in the treatment of heart and pulmonary conditions.

Price/Volume 70

4.0 M

3.5 M

3.0 M 2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.05.2013) 52-Week Low (04.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ATLN VX EQUITY YTD Change ATLN VX EQUITY YTD % CHANGE

12/2012 03/yy 60.00 38.49 214'250.00 57.95 -3.42% 50.55% 87.91% 120.3 6'969.99 235.43 0.0 0.0 1'123.02 6'248.91

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

1.5 M

1.0 M

.5 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 1'428.9 4.58x 414.2 15.80x 306.1 22.93x

2.0 M

LTM-4Q

31.12.2009 31.12.2010 1'698.0 1'826.3 3.32x 2.80x 403.4 536.1 13.98x 9.53x 311.3 390.6 21.07x 15.61x Profitability

31.12.2011 1'713.0 1.56x 435.6 6.14x (146.3) -

31.12.2012 1'722.1 2.34x 503.4 8.00x 303.2 16.68x

503.36 421.47 24.47% 20.82% 12.99% 22.66% 20.19% 0.63% 88.6% 32.9% 28.2% 17.6% 3.54 3.34 8.74% 15.50% 3.53 3.37

Price/ Cash Flow

03/yy 1'678.7 7.84x 337.6 10.71x (247.6) 0.00x

LTM 03/yy 1'739.0 10.31x 571.3 8.91x 356.1 16.63x

FY+1

.0 M m-13

1.15 97.93 48.94% 35.60% 1.154 21 4.190 343'414 411'760 456'701 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'724.7 1'765.2 420.8 417.5 3.54x 3.30x 14.16x 13.98x 524.6 559.6 128.5 121.0 11.92x 11.18x 387.2 399.5 112.0 81.5 15.79x 15.01x S&P Issuer Ratings

6.02 5.56 -1.26 0.41 15.5% 13.4% 0.63 4.26 103.36 108.44 219.37 26.24

Sales/Revenue/Turnover

25.00

2'000.0 1'800.0 1'600.0

20.00

1'400.0 15.00

1'200.0

10.00

1'000.0 800.0 600.0 400.0

5.00

200.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Actelion Ltd Holdings By:

All

Holder Name ACTELION LTD ORBIS INVESTMENT MAN CLOZEL JEAN-PAUL BLACKROCK TRIDENT MERGER MAAG RUDOLF BB BIOTECH AG LAZARD ASSET MANAGEM VANGUARD GROUP INC NORGES BANK CREDIT SUISSE ASSET UBS FUND MANAGEMENT PICTET & CIE ALLIANCE BERNSTEIN FMR LLC CAWTHORN ROBERT E SANFORD C BERNSTEIN LAZARD GLOBAL ACTIVE EATON VANCE MANAGEME FROSTROW CAPITAL LLP

Firm Name AlphaValue Credit Suisse Helvea Barclays Deutsche Bank Bryan Garnier & Cie Nomura Code Securities EVA Dimensions JPMorgan Bank am Bellevue Jefferies Bank Vontobel AG Kepler Cheuvreux S&P Capital IQ Exane BNP Paribas Berenberg Bank Zuercher Kantonalbank Goldman Sachs Redburn Partners Matrix

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

Analyst FABRICE FARIGOULE RAVI MEHROTRA OLAV ZILIAN MICHAEL LEUCHTEN RICHARD J PARKES ERIC LE BERRIGAUD SAMIR DEVANI ANDREW S ZAMFOTIS JAMES D GORDON STEPHEN LEVENTHAL PETER WELFORD ANDREW C WEISS FABIAN WENNER JACOB THRANE NICOLAS GUYON-GELLIN ADRIAN HOWD SIBYLLE BISCHOFBERGER FRICK KEYUR PAREKH TEAM COVERAGE ANNIE J CHENG

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

Recommendation add outperform buy equalweight buy buy buy buy neutral buy buy buy buy buy neutral buy market perform neutral/neutral neutral buy

Amt Held 12'677'300 6'338'650 5'262'883 4'514'052 4'083'119 3'803'190 3'803'190 3'799'517 3'564'770 2'581'512 1'868'363 1'291'503 1'170'222 937'601 542'119 507'552 497'770 448'169 419'151 347'200

% Out 10 5 4.15 3.56 3.22 3 3 3 2.81 2.04 1.47 1.02 0.92 0.74 0.43 0.4 0.39 0.35 0.33 0.27

Weighting

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

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

Latest Chg 753'893 2'284'521 (56'147) 251'792 (13'174) 1'425 330'196 181'433 (61'407) 33 -

Target Price 65 66 72 51 60 65 65 #N/A N/A 54 63 61 69 60 62 50 57 #N/A N/A 44 #N/A N/A 54

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

File Dt 31.12.2012 31.12.2012 31.12.2012 21.05.2013 02.05.2012 31.12.2012 31.12.2012 11.04.2013 31.03.2013 31.12.2012 27.03.2013 31.01.2013 31.01.2013 31.03.2013 31.03.2013 04.05.2012 30.11.2012 31.03.2013 31.03.2013 31.12.2012

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

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

Date 23.05.2013 17.05.2013 16.05.2013 09.05.2013 08.05.2013 08.05.2013 08.05.2013 30.04.2013 22.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 16.04.2013 14.02.2013 28.01.2013 18.04.2012 30.08.2011

04.07.2013

Kuehne + Nagel International AG Kuehne + Nagel International AG transports freight worldwide. The Company operates sea, land, and rail freight transportation businesses and warehousing and distribution facilities. Kuehne + Nagel also provides related special services.

Price/Volume 120

.7 M

100

.6 M .5 M

Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KNIN VX EQUITY YTD Change KNIN VX EQUITY YTD % CHANGE

12/2012 03/yy 116.50 97.70 123'584.00 110 -5.58% 12.59% 56.91% 120.0 13'200.00 68.00 0.0 29.0 1'083.00 12'128.00

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

.3 M

.2 M

.1 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 17'992.0 0.39x 1'038.0 6.80x 585.0 13.62x

.4 M

Valuation Analysis

LTM-4Q

31.12.2009 31.12.2010 14'336.0 16'858.0 0.77x 0.85x 905.0 1'038.0 12.26x 13.75x 467.0 601.0 25.44x 25.69x Profitability

31.12.2011 16'218.0 0.73x 994.0 11.92x 601.0 20.93x

31.12.2012 17'120.0 0.71x 885.0 13.77x 485.0 27.09x

926.00 706.00 4.12% 3.77% 8.62% 22.07% 2.72% 35.6% 5.7% 4.5% 2.8% 1.26 1.08 1.08% 2.84% 7.23 42.75

Price/ Cash Flow

LTM

03/yy 16'188.0 3.19x 882.0 15.35x 514.0 28.20x

03/yy 17'351.0 2.69x 951.0 11.93x 550.0 22.45x

FY+1

.0 M m-13

0.95 55.01 11.35% 3.26% 0.953 28 2.964 176'385 150'679 152'343 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 17'817.7 18'856.1 4'450.0 4'553.5 0.68x 0.63x 2.76x 2.66x 989.2 1'088.4 243.0 255.0 12.26x 11.14x 11.82x 11.52x 619.4 696.9 148.6 162.3 21.28x 18.85x 20.58x 19.88x S&P Issuer Ratings

185.20 152.60 -1.10 0.07 2.8% 2.7% 2.72 15.33 50.47 8.54 39.98 16.55

Sales/Revenue/Turnover

25.00

20'000.0 18'000.0 16'000.0

20.00

14'000.0 15.00

12'000.0

10.00

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

5.00

2'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Kuehne + Nagel International AG Holdings By:

All

Holder Name KUEHNE KLAUS-MICHAEL HARRIS ASSOCIATES LP DAVIS SELECTED ADVIS SUN LIFE FINANCIAL I CAPITAL GROUP COMPAN NORGES BANK CREDIT SUISSE ASSET KUEHNE & NAGEL INTL T ROWE PRICE ASSOCIA PICTET & CIE SWISSCANTO FONDSLEIT VANGUARD GROUP INC UBS FUND MANAGEMENT FIRST EAGLE INVESTME FMR LLC BLACKROCK SANFORD C BERNSTEIN DANSKE INVEST MANAGE JANUS CAPITAL MANAGE THREADNEEDLE INVESTM

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

Firm Name

Analyst

AlphaValue Thompson, Davis & Company Cantor Fitzgerald HSBC Bank Vontobel AG Main First Bank AG Goldman Sachs Morgan Stanley Bank am Bellevue RBC Capital Markets Stifel Bankhaus Metzler Nomura Helvea Commerzbank Corporates & Markets Deutsche Bank Credit Suisse JPMorgan Berenberg Bank EVA Dimensions Macquarie Zuercher Kantonalbank Kepler Cheuvreux Liberum Capital Ltd Davy Equita SIM SpA Barclays

HEINZ STEFFEN DAVID P CAMPBELL ROBIN BYDE JULIA WINARSO MICHAEL FOETH TOBIAS SITTIG NICK EDELMAN PENNY BUTCHER ROLF KUNZ DAMIAN BREWER DAVID G ROSS GUIDO HOYMANN MARK MCVICAR CHRISTIAN BURGER FRANK SKODZIK JOSE FRANCISCO RUIZ SOLERA NEIL GLYNN CHRISTOPHER G COMBE WILLIAM FOGGON CRAIG STERLING ROBERT JOYNSON MARCO STRITTMATTER BETTINA EDMONDSTON PETER HYDE STEPHEN FURLONG GIANMARCO BONACINA DAVID E FINTZEN

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

Recommendation buy buy sell underweight hold outperform neutral/neutral Underwt/In-Line hold sector perform hold buy neutral neutral buy hold underperform neutral buy underweight outperform outperform hold hold underperform reduce underweight

Amt Held 63'900'000 3'664'427 2'816'693 2'125'524 1'647'050 1'404'587 1'265'039 877'480 819'835 777'930 627'768 566'963 543'527 526'255 507'481 412'261 352'378 351'717 296'476 273'029

% Out 53.25 3.05 2.35 1.77 1.37 1.17 1.05 0.73 0.68 0.65 0.52 0.47 0.45 0.44 0.42 0.34 0.29 0.29 0.25 0.23

Weighting

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

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

Latest Chg (120'080) 370'240 (4'051) 19'682 88'972 5'816 24'427 (3'781) (1'253'545) 32 (129'942) 71'060 202'323 22'069

Target Price 134 184 95 87 110 115 118 95 98 110 #N/A N/A 134 115 112 125 106 102 118 123 #N/A N/A 120 #N/A N/A 105 #N/A N/A #N/A N/A 103 105

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

File Dt Inst Type 31.12.2010 n/a 21.06.2012 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 27.03.2013 Investment Advisor 31.12.2010 Corporation 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 21.05.2013 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor

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

Date 23.05.2013 20.05.2013 30.04.2013 26.04.2013 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 16.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 25.01.2013 22.01.2013 09.01.2013

04.07.2013

Aryzta AG Aryzta AG produces and retails specialty bakery products. The Company produces French breads, pastries, continental breads, confections, artisan breads, homestyle lunches, viennoiserie, patisserie, cookies, pizza, appetizers, and sweet baked goods. Aryzta operates in North America, South America, Europe, South East Asia, Australia and New Zealand.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (03.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ARYN SE EQUITY YTD Change ARYN SE EQUITY YTD % CHANGE

07/2012 01/yy 60.25 44.22 122'135.00 53.85 -10.62% 21.77% 60.69% 91.8 4'944.00 1'591.57 0.0 86.2 547.47 5'146.20

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

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.07.2008 2'660.9 232.4 129.8 -

31.07.2009 31.07.2010 3'212.3 3'009.7 0.83x 1.31x 342.7 340.5 7.74x 11.62x 54.0 151.7 35.77x 16.43x Profitability

LTM-4Q 31.07.2011 3'876.9 1.10x 485.1 8.80x 212.7 14.81x

31.07.2012 4'207.7 1.11x 540.0 8.68x 146.3 26.80x 540.04 337.87 8.03% 4.45% 2.58% 5.87% 0.83% 28.1% 12.6% 7.9% 3.5% 1.11 0.88 28.64% 65.68% 11.15 9.34

Price/ Cash Flow

01/yy 3'894.1 0.00x 0.0 0.00x 0.0 0.00x

LTM 01/yy 4'364.2 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M m-13

0.89 86.71 12.94% 16.31% 0.888 12 4.417 186'456 212'327 198'212 FY+2

FQ+1

FQ+2

07/13 Y 07/14 Y 07/13 Q4 10/13 Q1 4'461.3 4'762.7 1'185.7 1.17x 1.04x 560.3 629.0 9.18x 8.17x 324.7 334.5 12.13x 10.89x S&P Issuer Ratings

1.93 2.89 65.7% 38.8% 0.83 4.36 32.83 39.17 88.32 -30.71

Sales/Revenue/Turnover

14.00

4'500.0

12.00

4'000.0 3'500.0

10.00

3'000.0

8.00

2'500.0

6.00

2'000.0 1'500.0

4.00

1'000.0

2.00 0.00 31.07.2009

500.0 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 |

04.07.2013

Aryzta AG Holdings By:

All

Holder Name FMR LLC ARYZTA AG ARI LTIP TRUSTEE LTD INVESCO LTD MASSACHUSETTS MUTUAL OPPENHEIMERFUNDS INC CREDIT SUISSE ASSET UBS FUND MANAGEMENT NORGES BANK ODDO ASSET MANAGEMEN SWISSCANTO FONDSLEIT ROYAL BANK OF CANADA PICTET & CIE BLACKROCK VANGUARD GROUP INC DWS INVESTMENT S A KILLIAN OWEN INVESTEC ASSET MANAG CI INVESTMENTS INC T ROWE PRICE ASSOCIA

Firm Name Kepler Cheuvreux Goldman Sachs Societe Generale Main First Bank AG EVA Dimensions Goodbody Stockbrokers Ltd Helvea Credit Suisse Zuercher Kantonalbank Bank Vontobel AG Davy

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

Analyst CHRISTOPH LADNER FULVIO CAZZOL ALEX SLOANE ALAIN-SEBASTIAN OBERHUBER AUSTIN BURKETT LIAM IGOE ANDREAS VON ARX PATRICK JNGLIN PATRIK SCHWENDIMANN JEAN-PHILIPPE BERTSCHY JOHN O'REILLY

Source ULT-AGG EXCH Co File ULT-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG RNS-DIR MF-AGG MF-AGG MF-AGG

Recommendation buy Buy/Neutral hold outperform overweight buy accumulate outperform market perform hold outperform

Amt Held 5'122'862 3'772'859 3'772'859 3'275'594 2'799'110 2'464'653 2'363'013 1'817'992 1'783'949 1'246'090 1'161'500 1'150'144 976'543 974'953 967'239 848'562 823'731 723'304 520'000 506'457

% Out 5.58 4.11 4.11 3.57 3.05 2.68 2.57 1.98 1.94 1.36 1.27 1.25 1.06 1.06 1.05 0.92 0.9 0.79 0.57 0.55

Weighting

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

M M M M U M M M M M M

Latest Chg (25'097) (1'661'689) 15'925 6'836 (20'301) 41'825 (9'921) (18'748) (12'644) (176'219) 59'779 48'124 6'773 (15'000) 503'567

Target Price 65 74 57 65 #N/A N/A 61 68 60 #N/A N/A 54 #N/A N/A

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

File Dt 05.04.2013 21.11.2011 31.07.2012 20.05.2013 02.05.2013 31.03.2013 27.03.2013 31.01.2013 31.12.2012 30.09.2012 28.02.2013 28.02.2013 31.01.2013 21.05.2013 31.03.2013 28.03.2013 26.09.2011 28.02.2013 31.12.2012 31.03.2013

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

Inst Type Investment Advisor Corporation Other Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor

Date 15.05.2013 23.04.2013 15.04.2013 11.04.2013 05.04.2013 04.04.2013 03.04.2013 13.03.2013 12.03.2013 11.03.2013 31.10.2012

04.07.2013

Price/Volume 120

.7 M

100

.6 M .5 M

12/2011 01/yy 103.80 60.00 128'552.00 93 -10.40% 55.00% 68.84% 124.0 28'038.60 135.00 0.0 19.0 1'967.00 26'225.60

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

.3 M

.2 M

.1 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 5'677.0 1.29x 1'421.0 5.17x 834.0 9.25x

.4 M

Valuation Analysis

31.12.2009 31.12.2010 5'142.0 6'108.0 2.54x 3.33x 1'123.0 1'658.0 11.63x 12.26x 759.0 1'074.0 18.10x 20.56x Profitability

31.12.2011 6'764.0 2.50x 1'843.0 9.17x 1'269.0 14.96x

31.12.2012 7'796.0 2.96x 2'245.0 10.29x 1'600.0 15.56x

2'245.00 1'984.00 25.45% 25.87% 15.22% 18.41% 18.26% 0.74% 28.8% 25.4% 20.5% 6.50 2.51 1.20% 1.45% 7.98 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

7.26 1.20 51.20 40.77% 19.77% 1.202 3 5.000 110'604 129'530 121'891 FY+2

12/13 Y 12/14 Y 8'850.0 9'680.0 2.98x 2.63x 2'560.0 2'785.0 10.24x 9.42x 1'809.0 1'990.0 13.82x 12.62x S&P Issuer Ratings

.0 M m-13

FQ+1

FQ+2

748.33 602.33 -0.82 0.06 1.4% 1.4% 0.74 4.39 45.87 -

Sales/Revenue/Turnover

7.00

9'000.0

6.00

8'000.0 7'000.0

5.00

6'000.0

4.00

5'000.0

3.00

4'000.0 3'000.0

2.00

2'000.0

1.00 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 |

04.07.2013

Swatch Group AG/The Holdings By:

All

Holder Name HAYEK SR NICOLAS G GRETHER ESTHER SWATCH GROUP AG CREDIT SUISSE ASSET CAPITAL GROUP COMPAN SWISSCANTO FONDSLEIT PICTET & CIE UBS FUND MANAGEMENT BNP PARIBAS INV PART VANGUARD GROUP INC BLACKROCK LOMBARD ODIER DARIER TIAA CREF INVESTMENT WINTERGREEN ADVISERS AMERIPRISE FINANCIAL FMR LLC IST FUND MANAGERS MIRABAUD & CIE JULIUS BAER MULTICOO ZUERCHER KANTONALBAN

Firm Name Bank Vontobel AG Zuercher Kantonalbank

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

Analyst RENE WEBER PATRIK SCHWENDIMANN

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

Recommendation buy outperform

Amt Held 55'704'144 10'963'000 5'487'745 1'544'111 1'006'170 778'841 705'214 679'698 511'021 501'861 496'821 323'474 289'139 288'249 269'495 215'537 204'737 190'000 181'061 134'500

% Out 44.91 8.84 4.42 1.24 0.81 0.63 0.57 0.55 0.41 0.4 0.4 0.26 0.23 0.23 0.22 0.17 0.17 0.15 0.15 0.11

Weighting

Change 5 5

M U

Latest Chg 52'747 87'261 10'297 35'315 13'376 (3'889) 48'780 (20'521) (659) (4'856) 753 1'910 (2'778) 47'138 2'122 500

Target Price 120 #N/A N/A

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

File Dt Inst Type 31.12.2011 n/a 31.12.2011 n/a 31.12.2011 Corporation 27.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 21.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor

Date Not Provided Not Provided

Date 07.03.2013 13.09.2012

04.07.2013

Sika AG Sika AG manufactures construction materials and offers related services. The Company produces concrete and mixtures, mortar, sealants and adhesives, tooling resins, anti-static industrial flooring, acoustic materials for automobiles, and waterproof membranes. Sika also offers specialized contracting services.

Price/Volume 3000

.0 M

2500

.0 M .0 M

2000

Latest Fiscal Year: LTM as of: 52-Week High (21.06.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SIK VX EQUITY YTD Change SIK VX EQUITY YTD % CHANGE

12/2012 03/yy 2'595.00 1'736.00 3'239.00 2478 -4.51% 42.74% 82.65% 2.2 6'205.87 1'097.00 0.0 14.9 994.20 6'323.57

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

.0 M

1000

.0 M

500

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

Fiscal Year Ended 31.12.2008 4'624.5 0.59x 556.1 4.89x 266.7 8.41x

.0 M

1500

Valuation Analysis

LTM-4Q

31.12.2009 31.12.2010 4'154.9 4'416.0 1.89x 1.21x 560.0 576.7 14.00x 9.27x 225.9 310.5 17.74x 14.13x Profitability

31.12.2011 4'556.4 1.05x 477.4 9.99x 213.3 17.84x

31.12.2012 4'828.9 1.13x 568.9 9.63x 279.5 16.08x

568.90 428.80 8.88% 8.14% 6.91% 14.64% 10.56% 1.19% 11.8% 8.9% 5.8% 2.39 1.79 25.74% 55.06% 5.53 -

Price/ Cash Flow

03/yy 4'588.1 0.00x 0.0 0.00x 55.8 0.00x

LTM 03/yy 4'819.1 0.00x 0.0 0.00x 97.6 0.00x

FY+1

1.07 1.00 34.91% 20.33% 1.073 10 4.000 5'598 6'642 5'894 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 5'067.6 5'432.4 1'335.0 1'425.0 1.23x 1.13x 625.1 694.3 10.11x 9.10x 328.1 375.0 18.86x 16.53x S&P Issuer Ratings

02.05.2000 ASTABLE 02.05.2000 A-2 18.59 14.49 0.18 1.93 55.1% 35.3% 1.19 5.57 66.21 -

Sales/Revenue/Turnover

16.00

6'000.0

14.00

5'000.0

12.00

4'000.0

10.00 8.00

3'000.0

6.00

2'000.0

4.00

1'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Sika AG Holdings By:

All

Holder Name SCHENKER WINKLER HOL THREADNEEDLE ASSET M CREDIT SUISSE ASSET THREADNEEDLE INVESTM OPPENHEIMERFUNDS INC SWISSCANTO FONDSLEIT UBS FUND MANAGEMENT NORGES BANK FMR LLC PICTET & CIE ODDO ASSET MANAGEMEN BLACKROCK VANGUARD GROUP INC BANQUE DE LUXEMBOURG ALLIANZ ASSET MANAGE VONTOBEL ASSET MANAG SARASIN LOMBARD ODIER DARIER JUPITER ASSET MANAGE SUN LIFE FINANCIAL I

Firm Name Bank am Bellevue Bank Vontobel AG Helvea Credit Suisse Main First Bank AG Goldman Sachs EVA Dimensions Kepler Cheuvreux Zuercher Kantonalbank

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

Analyst MICHAEL ROOST SERGE ROTZER PATRICK APPENZELLER PATRICK LAAGER BERND POMREHN BENJAMIN MOORE CRAIG STERLING CHRISTOPH LADNER MARTIN HUESLER

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

Recommendation hold hold neutral neutral outperform Buy/Neutral buy buy market perform

Amt Held 1'140'136 129'571 55'318 44'912 39'941 39'104 37'752 31'086 30'525 24'893 20'663 20'416 19'573 17'707 14'709 13'785 13'091 11'364 10'640 10'416

% Out 53 6.02 2.57 2.09 1.86 1.82 1.75 1.45 1.42 1.16 0.96 0.95 0.91 0.82 0.68 0.64 0.61 0.53 0.49 0.48

Weighting

Change 3 3 3 3 5 5 5 5 3

M M M M M M U M M

Latest Chg 590 322 1'759 522 (46) (6'177) 1'211 535 (398) 200 5'107 (1'720) 249 (167)

Target Price 2'018 2'200 2'300 2'200 2'600 3'100 #N/A N/A 2'650 #N/A N/A

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

File Dt 31.12.2011 03.11.2011 27.03.2013 28.02.2013 31.03.2013 28.02.2013 31.01.2013 31.12.2012 31.03.2013 31.01.2013 30.09.2012 21.05.2013 31.03.2013 28.03.2013 31.03.2013 31.01.2013 31.01.2013 31.03.2013 31.01.2013 31.03.2013

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

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

Date 17.04.2013 17.04.2013 17.04.2013 16.04.2013 09.04.2013 03.04.2013 25.03.2013 04.03.2013 01.03.2013

04.07.2013

Sonova Holding AG Sonova Holding AG provides hearing healthcare solutions. The Company develops and manufactures hearing systems, such as wireless communication systems for audio applications and cochlear implant systems. Sonova also provides solutions for hearing protection.

Price/Volume 140

.9 M

120

.8 M .7 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2013) 52-Week Low (24.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SOON VX EQUITY YTD Change SOON VX EQUITY YTD % CHANGE

03/2013 01/yy 115.75 82.11 55'179.00 102.2 -11.71% 24.47% 56.45% 67.2 6'862.92 248.97 0.0 28.4 439.41 6'700.92

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

.5 M

.4 M .3 M

.2 M

.1 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.03.2009 1'249.2 3.42x 366.0 11.68x 284.8 15.82x

.6 M

31.03.2010 31.03.2011 1'500.3 1'616.7 5.84x 3.43x 459.6 373.7 19.05x 14.82x 217.2 231.0 39.46x 23.39x Profitability

31.03.2012 1'619.8 4.16x 366.1 18.39x 246.8 27.04x

31.03.2013 1'795.3 4.17x 238.3 31.40x 110.9 68.61x 238.33 156.68 8.73% 8.35% 4.47% 7.20% 0.72% 69.1% 13.3% 8.7% 6.2% 2.36 1.73 9.29% 15.49% 5.29 3.01

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.80 48.55 9.82% 2.35% 0.799 23 3.435 117'756 146'297 188'472 FY+2

03/14 Y 03/15 Y 1'933.9 2'072.7 3.35x 3.04x 490.6 549.8 13.65x 12.17x 361.4 408.3 19.21x 17.03x S&P Issuer Ratings

.0 M m-13

FQ+1

FQ+2

40.28 26.37 -0.80 1.04 15.5% 13.2% 0.72 7.31 69.04 121.16 44.23 145.97

Sales/Revenue/Turnover

25.00

2'000.0 1'800.0 1'600.0

20.00

1'400.0 15.00

1'200.0

10.00

1'000.0 800.0 600.0 400.0

5.00

200.0 0.00 02.04.2010

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

04.07.2013

Sonova Holding AG Holdings By:

All

Holder Name SUN LIFE FINANCIAL I DIETHELM BEDA RIHS ANDREAS E RIHS HANS-UELI CAPITAL GROUP COMPAN AKO CAPITAL LLP HARDING LOEVNER LP CREDIT SUISSE FUND A CREDIT SUISSE ASSET T ROWE PRICE ASSOCIA POWER CORP OF CANADA NORGES BANK OPPENHEIMERFUNDS INC PICTET & CIE UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT VANGUARD GROUP INC BLACKROCK VONTOBEL ASSET MANAG MFS FINANCIAL SERVIC

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

Firm Name

Analyst

Helvea Credit Suisse JPMorgan Bank Vontobel AG Kepler Cheuvreux Main First Bank AG Barclays AlphaValue Deutsche Bank Morgan Stanley Bank am Bellevue Sanford C. Bernstein & Co HSBC Exane BNP Paribas Commerzbank Corporates & Markets Goldman Sachs EVA Dimensions Zuercher Kantonalbank Jefferies SEB Enskilda

SIMON GOETSCHMANN CHRISTOPH GRETLER DAVID J ADLINGTON CARLA BAENZIGER MAJA PATAKI STEPHAN VOLLERT SALLY TAYLOR FABRICE FARIGOULE YI-DAN WANG MICHAEL K JUNGLING GINA FRANCIOLI LISA BEDELL CLIVE HENDRIK LOFRUTHE ROMAIN ZANA OLIVER METZGER VERONIKA DUBAJOVA ANDREW S ZAMFOTIS SIBYLLE BISCHOFBERGER FRICK INGEBORG OIE NIELS GRANHOLM-LETH

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

Recommendation neutral outperform overweight buy hold underperform equalweight add hold Overwt/Attractive hold underperform neutral underperform buy neutral/neutral underweight market perform hold not rated

Amt Held 6'995'204 6'638'137 5'604'598 4'217'013 3'301'123 2'031'623 2'010'767 1'994'034 1'304'558 1'264'637 1'260'086 1'218'792 771'734 702'027 681'362 641'519 593'568 440'268 261'520 210'502

% Out 10.42 9.89 8.35 6.28 4.92 3.03 2.99 2.97 1.94 1.88 1.88 1.81 1.15 1.05 1.01 0.96 0.88 0.66 0.39 0.31

Weighting

Change

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

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

Latest Chg 334'796 (55'193) (9'050) (9'471) (2'717) (20'200) 38'853 223'961 (4'684) (11'480) 90'216 (157) (27'950) 2'184

Target Price 92 125 113 120 114 101 105 121 93 115 #N/A N/A 98 112 93 136 112 #N/A N/A #N/A N/A 85 #N/A N/A

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

File Dt 25.04.2013 31.03.2012 31.03.2012 31.03.2012 29.04.2013 05.02.2013 01.06.2012 12.04.2013 27.03.2013 31.03.2013 31.01.2013 31.12.2012 31.03.2013 31.01.2013 31.01.2013 28.02.2013 31.03.2013 21.05.2013 31.01.2013 31.03.2013

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

Inst Type Investment Advisor n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Holding Company Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.05.2013 22.05.2013 22.05.2013 22.05.2013 22.05.2013 22.05.2013 22.05.2013 22.05.2013 21.05.2013 21.05.2013 21.05.2013 21.05.2013 21.05.2013 21.05.2013 07.05.2013 11.04.2013 17.01.2013 15.11.2012 30.07.2012 22.10.2010

04.07.2013

Baloise Holding AG Baloise Holding AG offers group and individual life, health, accident, liability property, and transportation insurance to customers in Europe. The Company also offers private banking and asset management services.

Price/Volume 120

.5 M .4 M

100

.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.05.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BALN VX EQUITY YTD Change BALN VX EQUITY YTD % CHANGE

12/2012 12/yy 96.35 60.55 170'892.00 94.8 -1.61% 56.56% 93.44% 50.0 4'740.00 2'017.60 0.0 42.1 2'923.70 3'876.00

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

.3 M .2 M

.2 M .1 M

.1 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 7'807.9 0.46x 358.3 10.70x

.3 M

LTM-4Q

31.12.2009 31.12.2010 9'464.6 9'420.2 0.34x 0.37x 414.1 433.4 9.95x 9.95x Profitability

31.12.2011 7'691.1 0.31x 60.8 49.68x

31.12.2012 9'333.4 0.30x 436.6 8.42x

5.78% 5.30% 0.61% 10.05% 8.02% 0.13% 4.7% 2.74% 41.77% -

Price/ Cash Flow

LTM

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

FY+1

.0 M m-13

1.06 44.93 54.09% 26.61% 1.060 17 3.294 193'662 200'943 208'719 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 8'495.0 8'654.5 0.22x 0.22x 454.7 476.8 9.88x 9.42x S&P Issuer Ratings

41.8% 29.3% 0.13 -

Sales/Revenue/Turnover

80.00

12'000.0

70.00

10'000.0

60.00

8'000.0

50.00 40.00

6'000.0

30.00

4'000.0

20.00

2'000.0 10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Baloise Holding AG Holdings By:

All

Holder Name BLACKROCK SIGNAL IDUNA GRUPPE BALOISE HOLDING AG CREDIT SUISSE GROUP UBS FUND MANAGEMENT CREDIT SUISSE ASSET NORGES BANK SWISSCANTO FONDSLEIT VANGUARD GROUP INC PICTET & CIE DIMENSIONAL FUND ADV KEMPEN CAPITAL MANAG IG INVESTMENT MANAGE VONTOBEL ASSET MANAG DANSKE INVEST A/S SARASIN IST FUND MANAGERS OEKOWORLD LUX SA PRUDENTIAL FINANCIAL MIRABAUD & CIE

Firm Name AlphaValue Kepler Cheuvreux EVA Dimensions Credit Suisse HSBC Bank am Bellevue Keefe, Bruyette & Woods Zuercher Kantonalbank Main First Bank AG Goldman Sachs Berenberg Bank Bank Vontobel AG Nomura Helvea Bankhaus Metzler JPMorgan Mediobanca SpA

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

Analyst DIETER HEIN FABRIZIO CROCE AUSTIN BURKETT RICHARD BURDEN DHRUV GAHLAUT ANDREAS FRICK RALPH HEBGEN GEORG MARTI RENE LOCHER WILLIAM ELDERKIN PETER ELIOT STEFAN SCHUERMANN MICHAEL KLIEN DANIEL BISCHOF JOCHEN SCHMITT MICHAEL HUTTNER MARC THIELE

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

Recommendation sell hold hold neutral neutral buy market perform market perform underperform neutral/neutral buy hold buy accumulate sell neutral neutral

Amt Held 2'950'000 2'500'000 2'264'287 1'500'000 1'500'000 1'335'395 1'033'406 647'923 491'603 475'143 394'872 369'250 305'153 286'500 266'565 259'523 168'532 167'400 138'332 135'989

% Out 5.9 5 4.53 3 3 2.67 2.07 1.3 0.98 0.95 0.79 0.74 0.61 0.57 0.53 0.52 0.34 0.33 0.28 0.27

Weighting

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

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

Latest Chg 19'413 12'755 25'014 (18'564) 1'356 10'900 1'500 (18'752) 10'098 34'133 81'500 4'800 65'000

Target Price 80 93 #N/A N/A 91 98 103 100 #N/A N/A 95 95 107 95 100 98 80 93 96

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

File Dt 21.05.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 27.03.2013 31.12.2012 28.02.2013 31.03.2013 31.01.2013 31.01.2013 28.02.2013 31.01.2013 31.01.2013 31.03.2013 31.01.2013 31.03.2013 28.12.2012 31.03.2013 31.12.2012

Date 6 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 12 month 12 month 6 month 6 month

Inst Type Investment Advisor Unclassified Insurance Company Investment Advisor Investment Advisor Investment Advisor Government 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 16.05.2013 07.05.2013 12.04.2013 28.03.2013 27.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 19.03.2013 11.03.2013 30.01.2013

04.07.2013

Swiss Prime Site AG Swiss Prime Site AG is a real estate investment company. The Company owns business and mixed-use business/residential buildings in commercial centers in Switzerland.

Price/Volume 90

3.0 M

2.5 M

70 60

2.0 M

12/2012 01/yy 78.85 67.55 94'821.00 69.85 -11.41% 3.40% 11.95% 60.0 4'191.81 4'125.09 0.0 0.0 199.36 8'117.54

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

31.12.2009 31.12.2010 293.7 601.1 25.04x 13.01x 171.5 357.9 42.87x 21.86x 187.4 235.0 9.52x 16.07x Profitability

31.12.2011 571.6 13.78x 355.2 22.17x 355.1 10.80x

31.12.2012 576.7 14.75x 339.6 25.05x 316.3 13.26x

339.59 316.80 34.64% 71.33% 3.54% 8.59% 4.04% 0.06% 58.9% 54.8% 44.61% 105.14% -

Price/ Cash Flow

.5 M

10 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M m-13

0.58 56.19 -6.93% -4.03% 0.580 6 2.333 118'834 146'968 133'452 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/10 Q2 09/10 Q3 569.4 572.4 13.75x 14.00x 368.8 371.6 22.02x 21.85x 221.0 223.8 20.06x 19.42x S&P Issuer Ratings

2.90 0.53 11.56 12.15 105.1% 51.3% 0.06 -

Sales/Revenue/Turnover

180.00

700.0

160.00

600.0

140.00

500.0

120.00 100.00

400.0

80.00

300.0

60.00

200.0

40.00

100.0

20.00 0.00 01.01.2010

1.0 M

Fiscal Year Ended 31.12.2008 209.6 15.65x 158.8 20.65x 116.4 10.26x

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SPSN VX EQUITY YTD Change SPSN VX 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 |

04.07.2013

Swiss Prime Site AG Holdings By:

All

Holder Name BLACKROCK CREDIT SUISSE FUND M CREDIT SUISSE ASSET WECKEN KLAUS RUDOLF FUST WALTER FRANKLIN RESOURCES NORGES BANK UBS FUND MANAGEMENT SWISS FURNISHING INS STATE STREET SWISSCANTO FONDSLEIT SANLAM ASSET MANAGEM VANGUARD GROUP INC JELMOLI HOLDING AG BNP PARIBAS INV PART PICTET & CIE SCOTTISH WIDOWS VONTOBEL ASSET MANAG MORGAN STANLEY MIRABAUD & CIE

Firm Name Bank Vontobel AG ABN Amro Bank N.V. Kempen & Co EVA Dimensions Zuercher Kantonalbank

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

Analyst STEFAN SCHUERMANN RUUD VAN MAANEN ROBERT WOERDEMAN AUSTIN BURKETT MARKUS WAEBER

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

Recommendation hold sell neutral underweight market perform

Amt Held 4'867'593 3'301'716 2'910'623 2'070'000 1'619'979 1'596'908 1'591'970 1'548'912 861'000 842'715 762'132 708'474 594'064 532'478 314'293 291'561 212'696 199'810 190'359 157'826

% Out 8.11 5.5 4.85 3.45 2.7 2.66 2.65 2.58 1.43 1.4 1.27 1.18 0.99 0.89 0.52 0.49 0.35 0.33 0.32 0.26

Weighting

Change 3 1 3 1 3

M M M D M

Latest Chg 11'355 64'073 (717'875) 6'167 (1'624) (8'600) 54'357 (5'990) 12'343 25'000 6'873 157'826

Target Price 74 68 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 21.05.2013 31.12.2012 27.03.2013 31.12.2012 31.07.2012 04.01.2010 31.12.2012 30.11.2012 29.09.2009 22.05.2013 28.02.2013 30.04.2013 31.03.2013 21.04.2010 28.02.2013 31.01.2013 31.01.2013 31.01.2013 31.03.2013 31.12.2012

Date Not Provided Not Provided Not Provided Not Provided Not Provided

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

Date 22.05.2013 16.05.2013 25.04.2013 26.03.2013 18.12.2012

04.07.2013

Partners Group Holding AG Partners Group Holding AG is a global private markets asset management firm in private equity, private debt, private real estate and private infrastructure. The firm manages a broad range of funds, structured products and customized portfolios for an international clientele of institutional investors, private banks and other financial institutions.

Price/Volume

.3 M .3 M .2 M

150

Latest Fiscal Year: LTM as of: 52-Week High (04.07.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PGHN SE EQUITY YTD Change PGHN SE EQUITY YTD % CHANGE

12/2012 01/yy 265.75 171.20 27'065.00 265.5 -0.09% 55.08% 100.00% 26.7 7'088.85 0.00 0.0 0.9 234.65 6'855.07

.2 M

100

.1 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

.4 M

250 200

Valuation Analysis

31.12.2008 270.7 6.16x 182.5 9.14x 170.8 10.90x

300

31.12.2009 31.12.2010 329.4 447.3 9.30x 9.31x 231.9 320.8 13.21x 12.98x 204.8 296.3 15.75x 14.86x Profitability

31.12.2011 448.8 9.06x 236.2 17.21x 202.1 20.51x

31.12.2012 564.2 9.12x 295.5 17.42x 257.3 20.81x

295.53 48.95% 49.76% 32.37% 40.67% 40.63% 0.71% 52.4% 45.6% 0.00% 0.00% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.79 16.10 54.52% 28.99% 0.791 10 3.300 41'170 57'120 54'865 FY+2

12/13 Y 12/14 Y 507.0 595.3 13.51x 11.47x 324.6 382.9 21.10x 17.92x 305.3 356.6 22.75x 19.44x S&P Issuer Ratings

.0 M m-13

FQ+1

FQ+2

-0.79 0.00 0.0% 0.0% 0.71 31.03 -

Sales/Revenue/Turnover

35.00

600.0

30.00

500.0

25.00

400.0

20.00

300.0 15.00

200.0 10.00

100.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

04.07.2013

Partners Group Holding AG Holdings By:

All

Holder Name GANTNER ALFRED WIETLISBACH URS ERNI MARCEL BLACKROCK PARTNERS GROUP WILLIAM BLAIR & COMP MEISTER STEFFEN CREDIT SUISSE ASSET NORGES BANK HALDNER FELIX ROYCE AND ASSOCIATES COLUMBIA WANGER ASSE FMR LLC PICTET & CIE ALLIANCE BERNSTEIN SWISSCANTO FONDSLEIT VANGUARD GROUP INC WENGER JUERG SCHAELI STEPHEN UBS FUND MANAGEMENT

Firm Name Zuercher Kantonalbank EVA Dimensions Bank Vontobel AG Main First Bank AG Credit Suisse Helvea Morgan Stanley Goldman Sachs

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

Analyst GEORG MARTI AUSTIN BURKETT TERESA NIELSEN KILIAN MAIER GURJIT KAMBO TIM DAWSON BRUCE HAMILTON CHRIS M. TURNER

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

Recommendation market perform overweight hold underperform outperform accumulate Overwt/In-Line Sell/Neutral

Amt Held 2'673'659 2'673'659 2'673'659 1'517'488 1'218'791 728'667 534'000 504'204 360'910 347'100 338'863 319'204 319'195 259'065 210'741 202'096 190'144 140'333 129'200 128'397

% Out 10.01 10.01 10.01 5.68 4.56 2.73 2 1.89 1.35 1.3 1.27 1.2 1.2 0.97 0.79 0.76 0.71 0.53 0.48 0.48

Weighting

Change 3 5 3 1 5 4 5 1

M U M M M M M M

Latest Chg 282'095 17'627 7'578 (132'415) (1'819) 17'136 38'455 (2'134) 2'540 20'317 (395)

Target Price #N/A N/A #N/A N/A 250 210 250 230 238 210

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

File Dt 31.12.2012 31.12.2012 31.12.2012 21.05.2013 31.12.2012 31.03.2013 31.12.2012 27.03.2013 31.12.2012 31.12.2012 31.03.2013 28.03.2013 31.03.2013 31.01.2013 31.03.2013 28.02.2013 31.03.2013 31.12.2012 31.12.2012 31.01.2013

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

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

Date 22.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 05.02.2013 24.01.2013

04.07.2013

Clariant AG Clariant, AG. develops, produces, markets and sales specialty chemical products. The Company provides dyes and chemicals for the textile, leather and paper industries, pigments for the use in paints, printing inks, decorative paints, plastics, cosmetics, concentrated pigment and additive preparations for engineering plastics, spin dyeing, and packaging.

Price/Volume

12.0 M

10.0 M 8.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (09.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CLN VX EQUITY YTD Change CLN VX EQUITY YTD % CHANGE

12/2012 03/yy 14.60 9.37 1'413'104.00 13.46 -7.81% 43.66% 76.10% 331.9 4'467.90 3'476.00 0.0 86.0 1'667.00 6'237.90

6.0 M

6 4

4.0 M

2.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

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

14.0 M

14 10

Valuation Analysis

31.12.2008 8'071.0 0.36x 746.0 3.85x (45.0) -

LTM-4Q

31.12.2009 31.12.2010 6'614.0 7'120.0 0.51x 0.71x 470.0 880.0 7.14x 5.76x (206.0) 180.0 23.38x Profitability

31.12.2011 7'370.0 0.60x 874.0 5.10x 227.0 10.78x

31.12.2012 6'038.0 0.92x 772.0 7.19x 217.0 17.64x

772.00 456.00 7.55% 4.07% 2.62% 8.54% 0.74% 28.9% 11.2% 6.7% 3.6% 1.55 0.80 36.49% 117.67% 6.49 4.56

Price/ Cash Flow

LTM

03/yy 7'166.0 2.94x 776.0 7.13x 135.0 25.43x

03/yy 6'936.0 3.15x 776.0 7.93x 246.0 16.71x

FY+1

1.51 251.23 39.64% 11.71% 1.513 22 3.455 1'943'185 1'535'270 1'766'834 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 6'205.6 6'465.2 1'555.9 1'535.8 0.91x 0.85x 860.8 944.0 209.9 210.3 7.25x 6.61x 336.4 402.9 88.9 92.5 12.67x 10.73x 11.17x 10.31x S&P Issuer Ratings

14.03.2011 BBBSTABLE 14.03.2011 A-3 4.98 2.97 2.16 4.14 117.7% 53.3% 0.74 3.03 56.20 80.03 103.65 33.53

Sales/Revenue/Turnover

18.00

12'000.0

16.00

10'000.0

14.00

8'000.0

12.00 10.00

6'000.0

8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Clariant AG Holdings By:

All

Holder Name SHAREHOLDER GROUP FMR LLC AXA CLARIANT AG STOCKHAUSEN DOLF WINTERSTEIN KONSTANT CREDIT SUISSE ASSET TIAA CREF INVESTMENT UBS FUND MANAGEMENT AMUNDI NORGES BANK SCHRODER INVESTMENT PICTET & CIE DIMENSIONAL FUND ADV SWISSCANTO FONDSLEIT VANGUARD GROUP INC BLACKROCK VONTOBEL ASSET MANAG CREDIT SUISSE AG SPARINVEST

Firm Name AlphaValue Exane BNP Paribas Deutsche Bank Main First Bank AG Credit Suisse Societe Generale Bank Vontobel AG Barclays Morgan Stanley Macquarie HSBC Kepler Cheuvreux Nomura Canaccord Genuity Corp Berenberg Bank EVA Dimensions JPMorgan Goldman Sachs Zuercher Kantonalbank

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

Analyst MARTIN SCHNEE JAMES KNIGHT TIMOTHY JONES BERND POMREHN CHRIS COUNIHAN PETER CLARK PATRICK RAFAISZ GUNTHER ZECHMANN PETER MACKEY CHRISTIAN FAITZ JESKO MAYER-WEGELIN MARKUS MAYER PATRICK LAMBERT PAUL W SATCHELL JAIDEEP PANDYA CRAIG STERLING MARTIN EVANS RAKESH PATEL MARTIN SCHREIBER

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

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

Amt Held 44'738'756 21'034'200 15'053'731 13'197'597 11'461'304 11'018'080 9'341'341 9'168'284 9'128'414 9'079'559 8'964'927 7'157'588 4'001'804 3'753'455 3'687'266 3'059'854 2'854'785 2'033'710 1'858'261 1'767'987

% Out 13.48 6.34 4.54 3.98 3.45 3.32 2.81 2.76 2.75 2.74 2.7 2.16 1.21 1.13 1.11 0.92 0.86 0.61 0.56 0.53

Weighting

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

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

Latest Chg 1'598'001 2'213'657 (2'155'824) 623'884 1'604'975 792'771 17'925 41'696 661'234 1'314'063 (74'290) (2'088'800) -

Target Price 15 13 12 16 14 13 18 16 15 18 13 19 15 12 16 #N/A N/A 12 14 #N/A N/A

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

File Dt 31.12.2011 10.05.2013 31.12.2011 13.03.2013 31.12.2011 14.01.2013 27.03.2013 31.12.2011 17.11.2012 31.12.2011 18.02.2013 31.12.2012 31.01.2013 31.01.2013 28.02.2013 31.03.2013 21.05.2013 31.01.2013 01.05.2013 31.03.2013

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

Inst Type Other Investment Advisor Investment Advisor Corporation n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.05.2013 20.05.2013 16.05.2013 16.05.2013 15.05.2013 02.05.2013 02.05.2013 01.05.2013 30.04.2013 30.04.2013 24.04.2013 22.04.2013 18.04.2013 17.04.2013 15.04.2013 21.03.2013 20.03.2013 27.02.2013 07.11.2012

04.07.2013

Swiss Life Holding AG Swiss Life Holding is a financial services company. The Company provides life and property insurance, institutional investment management, and private banking services.

Price/Volume 180

.7 M

160

.6 M

140

.5 M

120

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SLHN VX EQUITY YTD Change SLHN VX EQUITY YTD % CHANGE

12/2012 09/yy 164.60 83.48 111'028.00 158.6 -3.65% 89.98% 90.01% 32.1 5'088.06 2'768.00 0.0 33.0 6'480.00 1'409.06

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

.4 M

.3 M

.2 M

.1 M

20 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 15'356.0 350.0 -

100

31.12.2009 31.12.2010 17'816.0 17'844.0 278.0 557.0 12.74x 7.74x Profitability

LTM-4Q 31.12.2011 17'291.0 0.02x 605.0 4.55x

31.12.2012 19'076.0 0.01x 92.0 42.10x

4.99% 1.21% 0.06% 0.95% 1.16% 0.12% 0.5% 1.69% 27.00% -

Price/ Cash Flow

LTM

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

FY+1

.0 M m-13

1.39 32.02 74.96% 34.68% 1.387 19 3.421 121'836 155'435 152'150 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 18'201.9 18'485.9 -0.07x -0.07x 594.9 631.7 140.0 8.41x 7.90x S&P Issuer Ratings

03.05.2012 BBB STABLE 27.0% 21.2% 0.12 -

Sales/Revenue/Turnover

3.50

25'000.0

3.00

20'000.0

2.50

15'000.0

2.00 1.50

10'000.0

1.00

5'000.0 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 |

04.07.2013

Swiss Life Holding AG Holdings By:

All

Holder Name TALANX BETEILIGUNGSDODGE & COX BLACKROCK NORGES BANK CREDIT SUISSE ASSET DIMENSIONAL FUND ADV SWISSCANTO FONDSLEIT VANGUARD GROUP INC T ROWE PRICE ASSOCIA PICTET & CIE LOMBARD ODIER DARIER UBS FUND MANAGEMENT ROYAL BANK OF CANADA PRUDENTIAL FINANCIAL VONTOBEL ASSET MANAG IST FUND MANAGERS MIRABAUD & CIE HOTTINGER CAPITAL CO SCHRODER INVESTMENT UBS ETF

Firm Name Nomura Helvea AlphaValue JPMorgan Kepler Cheuvreux EVA Dimensions HSBC Zuercher Kantonalbank Berenberg Bank Mediobanca SpA Goldman Sachs Credit Suisse Main First Bank AG Keefe, Bruyette & Woods Bank Vontobel AG Bankhaus Metzler Morgan Stanley

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

Analyst MICHAEL KLIEN DANIEL BISCHOF DIETER HEIN MICHAEL HUTTNER FABRIZIO CROCE AUSTIN BURKETT DHRUV GAHLAUT GEORG MARTI PETER ELIOT MARC THIELE WILLIAM ELDERKIN RICHARD BURDEN RENE LOCHER RALPH HEBGEN STEFAN SCHUERMANN JOCHEN SCHMITT DAVID ANDRICH

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

Recommendation buy buy buy overweight hold overweight neutral outperform hold neutral neutral/neutral underperform outperform market perform buy sell Underwt/In-Line

Amt Held 1'614'988 1'590'600 1'160'758 737'441 684'329 413'529 374'629 326'518 207'297 203'582 198'536 180'662 173'465 156'204 142'900 107'394 106'465 99'300 94'150 63'328

% Out 5.03 4.96 3.62 2.3 2.13 1.29 1.17 1.02 0.65 0.63 0.62 0.56 0.54 0.49 0.45 0.33 0.33 0.31 0.29 0.2

Weighting

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

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

Latest Chg (1'359'700) (2'134) 12'195 547 346 16'573 (3'690) (43'502) 2'000 (2'089) 2'987 (3'375) 11'000 9'391 62'465 99'300 22'245 559

Target Price 185 165 210 212 153 #N/A N/A 165 #N/A N/A 190 177 146 138 175 182 180 94 114

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

File Dt 16.04.2013 31.03.2013 21.05.2013 31.12.2012 27.03.2013 31.01.2013 28.02.2013 31.03.2013 31.03.2013 31.01.2013 31.03.2013 31.01.2013 28.02.2013 31.03.2013 31.01.2013 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.01.2013

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

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

Date 23.05.2013 23.05.2013 22.05.2013 17.05.2013 07.05.2013 26.03.2013 14.03.2013 06.03.2013 05.03.2013 04.03.2013 04.03.2013 04.03.2013 03.03.2013 01.03.2013 28.02.2013 08.01.2013 05.12.2012

04.07.2013

Lindt & Spruengli AG Lindt & Spruengli AG manufactures a broad range of chocolate and confectionery products. The Company markets its products through its own specialty stores and boutiques, as well as through retail outlets and catalog sales. Lindt operates subsidiaries in Europe, North America and Asia and also sells its products through various distributors in other world regions.

Price/Volume 45000

.0 M

40000

.0 M

35000 30000

.0 M

25000

12/2012 01/yy 42'895.03 33'075.92 70.00 42365 -1.24% 28.08% 91.85% 0.1 9'033.81 12.00 0.0 0.0 555.00 8'490.81

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

15000

31.12.2009 31.12.2010 2'524.8 2'579.3 2.03x 2.42x 382.5 423.3 13.41x 14.77x 193.1 241.9 29.86x 28.38x Profitability

31.12.2011 2'488.6 2.68x 421.9 15.83x 246.5 28.95x

31.12.2012 2'669.5 2.70x 457.4 15.75x 271.9 28.80x

457.40 362.50 13.58% 13.55% 10.59% 16.25% 1.04% 17.5% 13.6% 10.2% 2.50 1.77 0.46% 0.69% 4.05 -

Price/ Cash Flow

.0 M

5000 0 m-12

j-12

LTM-4Q

LTM

01/yy

01/yy -

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

FY+1 -

0.66 0.10 21.53% 24.43% 0.658 10 3.000 147 157 144 FY+2

12/13 Y 12/14 Y 2'872.2 3'078.0 2.97x 2.73x 510.7 558.7 16.63x 15.21x 306.6 338.4 31.13x 28.13x S&P Issuer Ratings

FQ+1

FQ+2

117.28 81.85 -1.16 0.03 0.7% 0.7% 1.04 3.53 90.29 -

Sales/Revenue/Turnover

35.00

3'500.0

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

.0 M

10000

Fiscal Year Ended 31.12.2008 2'573.2 1.85x 466.1 10.21x 261.5 19.52x

.0 M

20000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.03.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LISN SE EQUITY YTD Change LISN SE 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 |

04.07.2013

Lindt & Spruengli AG Holdings By:

All

Holder Name LINDT & SPRUENGLI AG NORGES BANK TANNER ERNST CREDIT SUISSE ASSET AXA FUNDS MANAGEMENT CAISSE DE DEPOT ET P VANGUARD GROUP INC SPRUENGLI RUDOLF K BULGHERONI ANTONIO SWISSCANTO FONDSLEIT BLACKROCK FIRST EAGLE INVESTME UBS FUND MANAGEMENT PICTET & CIE FMR LLC VONTOBEL ASSET MANAG UBS ETF JULIUS BAER MULTICOO IAM INDEPENDENT ASSE NOMURA

Firm Name Goldman Sachs Bank Vontobel AG EVA Dimensions Berenberg Bank Natixis Kepler Cheuvreux HSBC Zuercher Kantonalbank GSC Research

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

Analyst ALEXIS COLOMBO JEAN-PHILIPPE BERTSCHY AUSTIN BURKETT JAMES TARGETT NICOLAS LANGLET JON COX FLORENCE DOHAN PATRIK SCHWENDIMANN MATTHIAS SCHRADE

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

Recommendation Sell/Neutral not rated hold hold neutral hold underweight outperform hold

Amt Held 29'144 4'630 2'803 2'262 1'400 1'285 1'106 1'014 1'000 878 754 707 593 521 327 299 205 193 185 175

% Out 21.32 3.39 2.05 1.65 1.02 0.94 0.81 0.74 0.73 0.64 0.55 0.52 0.43 0.38 0.24 0.22 0.15 0.14 0.14 0.13

Latest Chg -

Weighting

Change

Target Price

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

D M U M M M M U U

2 30 (2) (23) (7) 5 2 40 1 12 (70) 8

42'000 #N/A N/A #N/A N/A 41'000 39'000 38'000 35'500 #N/A N/A #N/A N/A

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

File Dt Inst Type 16.03.2013 n/a 31.12.2012 Government 31.12.2011 n/a 27.03.2013 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2011 n/a 31.12.2011 n/a 28.02.2013 Investment Advisor 21.05.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Unclassified

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

Date 23.04.2013 12.04.2013 02.04.2013 21.03.2013 18.03.2013 17.03.2013 16.01.2013 15.01.2013 27.04.2012

04.07.2013

Sulzer AG Sulzer AG manufactures machinery and equipment, and operates in a surfacing technology business. The Company provides pumping and surface technology solution and services, services and repair of thermal turbo machinery, and service for separation columns and static mixing.

Price/Volume 180

.3 M

160

.3 M

140 120

.2 M

100

12/2012 03/yy 171.00 115.30 97'867.00 158.2 -7.49% 37.21% 73.25% 34.3 5'416.88 609.00 0.0 6.8 513.10 5'519.58

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

.1 M

20 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 3'713.5 0.47x 575.3 3.06x 322.9 6.26x

.2 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (09.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SUN VX EQUITY YTD Change SUN VX EQUITY YTD % CHANGE

LTM-4Q

31.12.2009 31.12.2010 3'350.4 3'183.7 0.62x 1.34x 471.2 508.0 4.38x 8.38x 270.4 300.4 10.06x 15.98x Profitability

31.12.2011 3'577.9 1.04x 481.8 7.76x 279.8 12.17x

31.12.2012 4'021.6 1.25x 552.0 9.07x 307.1 15.96x

552.00 420.60 10.46% 10.30% 6.72% 13.98% 11.37% 0.88% 31.0% 13.7% 10.5% 7.6% 1.66 1.07 13.26% 26.51% 3.96 4.28

Price/ Cash Flow

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

LTM 03/yy 987.6 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M m-13

1.27 23.06 35.72% 11.98% 1.270 15 3.667 80'255 81'939 78'936 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 4'241.7 4'518.0 1.25x 1.12x 597.4 675.5 9.23x 8.17x 328.1 385.9 16.14x 13.75x S&P Issuer Ratings

24.53 18.94 0.17 1.10 26.5% 20.9% 0.88 6.34 92.48 85.58 54.15 123.92

Sales/Revenue/Turnover

35.00

4'500.0

30.00

4'000.0 3'500.0

25.00

3'000.0

20.00

2'500.0

15.00

2'000.0 1'500.0

10.00

1'000.0

5.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Sulzer AG Holdings By:

All

Holder Name RENOVA GROUP BLACKROCK NORGES BANK CREDIT SUISSE ASSET PICTET & CIE SULZER LTD SWISSCANTO FONDSLEIT DANSKE INVEST A/S DANSKE INVEST MANAGE NORDEA INV MANAGEMEN UBS FUND MANAGEMENT THREADNEEDLE INVESTM VONTOBEL ASSET MANAG VANGUARD GROUP INC ODDO ASSET MANAGEMEN DEUTSCHE BANK AG SARASIN NEUBERGER BERMAN LLC LOMBARD ODIER DARIER SWISSCANTO FONDSLEIT

Firm Name Helvea Berenberg Bank Bank am Bellevue Bank Vontobel AG Credit Suisse Goldman Sachs HSBC EVA Dimensions Kepler Cheuvreux Main First Bank AG Barclays Zuercher Kantonalbank

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

Analyst VOLKAN GOCMEN ALEXANDER VIRGO MICHAEL ROOST FABIAN HAECKI PATRICK LAAGER WILLIAM WYMAN JOERG-ANDRE FINKE CRAIG STERLING CHRISTOPH LADNER BERND POMREHN RIZK MAIDI ARMIN RECHBERGER

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

Recommendation buy hold hold buy neutral Buy/Neutral neutral underweight buy outperform underweight market perform

Amt Held 10'699'797 1'430'332 863'020 774'033 556'774 457'863 412'218 358'316 327'551 321'892 300'601 270'413 250'635 249'064 183'675 175'586 149'706 142'642 122'648 117'721

% Out 31.23 4.17 2.52 2.26 1.63 1.34 1.2 1.05 0.96 0.94 0.88 0.79 0.73 0.73 0.54 0.51 0.44 0.42 0.36 0.34

Weighting

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

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

Latest Chg (22'088) (171) 9'148 (3'419) (23'888) 49'422 (515) (917) (25'350) 496 (1'032) 4'533 3'220 (60) (15'047)

Target Price 195 165 139 180 160 210 175 #N/A N/A 185 170 125 #N/A N/A

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

File Dt 05.08.2011 21.05.2013 31.12.2012 27.03.2013 31.01.2013 31.12.2011 28.02.2013 31.03.2013 31.12.2012 30.04.2013 31.01.2013 28.02.2013 31.01.2013 31.03.2013 30.09.2012 31.03.2013 31.01.2013 31.03.2013 31.03.2013 28.02.2013

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

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

Date 16.05.2013 01.05.2013 17.04.2013 17.04.2013 16.04.2013 03.04.2013 08.03.2013 25.02.2013 18.02.2013 18.02.2013 18.02.2013 23.07.2012

04.07.2013

Lonza Group AG Lonza Group AG produces organic fine chemicals, biocides, active ingredients, and biotechnology products. The Company offers custom chemical manufacturing and fermentation processing and manufactures its products for the life sciences, pharmaceuticals, food processing, and agricultural products industries. Lonza operates production sites in Europe, the United States, and China.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (09.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LONN VX EQUITY YTD Change LONN VX EQUITY YTD % CHANGE

12/2012 01/yy 74.90 38.83 185'856.00 71.4 -4.67% 83.89% 91.41% 52.9 3'778.50 2'815.00 0.0 (1.0) 429.00 6'163.50

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

1.6 M

1.4 M

1.2 M

1.0 M

.8 M

.6 M

.4 M

.2 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 2'937.0 2.20x 691.0 9.36x 420.0 11.07x

31.12.2009 31.12.2010 2'690.0 2'680.0 1.91x 1.91x 517.0 647.0 9.91x 7.91x 162.0 291.0 22.88x 13.50x Profitability

31.12.2011 2'692.0 2.07x 537.0 10.37x 154.0 18.62x

31.12.2012 3'925.0 1.26x 640.0 7.73x 182.0 14.02x

640.00 336.00 8.56% 5.63% 2.57% 7.64% 0.55% 25.6% 16.3% 8.6% 4.6% 1.51 0.81 39.65% 116.95% 5.93 3.84

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M m-13

1.18 50.70 77.04% 49.92% 1.176 16 2.625 206'598 271'375 303'534 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 3'962.0 4'164.1 1.53x 1.42x 700.2 767.9 8.80x 8.03x 246.6 302.4 15.35x 12.78x S&P Issuer Ratings

5.00 2.69 3.73 4.40 117.0% 53.9% 0.55 1.46 61.73 95.26 35.85 121.14

Sales/Revenue/Turnover

14.00

4'500.0

12.00

4'000.0 3'500.0

10.00

3'000.0

8.00

2'500.0

6.00

2'000.0 1'500.0

4.00

1'000.0

2.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Lonza Group AG Holdings By:

All

Holder Name FRANKLIN RESOURCES MANNING & NAPIER ADV HARDING LOEVNER LP MANNING & NAPIER ADV BLACKROCK AFFILIATED MANAGING NORGES BANK CREDIT SUISSE ASSET SWISSCANTO FONDSLEIT VANGUARD GROUP INC UBS FUND MANAGEMENT TIAA CREF INVESTMENT TEMPLETON INVESTMENT PICTET & CIE PICTET ASSET MANAGEM CI INVESTMENTS INC FMR LLC MIRABAUD & CIE DIMENSIONAL FUND ADV PRUDENTIAL FINANCIAL

Firm Name AlphaValue S&P Capital IQ Jefferies Bank am Bellevue Helvea Credit Suisse Commerzbank Corporates & Markets Bank Vontobel AG EVA Dimensions Zuercher Kantonalbank Main First Bank AG Deutsche Bank Kempen & Co JPMorgan

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

Analyst FABRICE FARIGOULE JACOB THRANE PETER WELFORD BRUNO ESCHLI OLAV ZILIAN LUISA HECTOR STEPHAN KIPPE CARLA BAENZIGER ANDREW S ZAMFOTIS MARTIN SCHREIBER BERND POMREHN HOLGER BLUM SACHIN SONI RICHARD VOSSER

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

Recommendation reduce sell hold hold accumulate neutral hold hold underweight market perform underperform hold hold neutral

Amt Held 5'249'354 2'801'813 2'658'885 2'642'891 2'058'923 1'912'949 1'400'896 1'127'002 671'354 557'239 354'339 334'411 276'233 229'793 172'103 172'000 171'966 162'619 162'251 150'404

% Out 9.92 5.29 5.02 4.99 3.89 3.61 2.65 2.13 1.27 1.05 0.67 0.63 0.52 0.43 0.33 0.33 0.32 0.31 0.31 0.28

Weighting

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

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

Latest Chg (151'722) (816'138) 1'241 (1'632) (64'331) 35'372 (755) 30'210 20'832 1'555 147'000 20'353 162'619 1'337 40'379

Target Price 73 60 63 57 72 61 55 52 #N/A N/A #N/A N/A 57 47 58 40

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

File Dt 02.04.2013 31.12.2012 31.12.2012 08.03.2013 21.05.2013 31.12.2012 31.12.2012 27.03.2013 28.02.2013 31.03.2013 31.01.2013 31.03.2013 28.02.2013 31.01.2013 31.01.2013 31.12.2012 31.03.2013 31.12.2012 31.01.2013 31.03.2013

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

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

Date 23.05.2013 02.05.2013 01.05.2013 26.04.2013 26.04.2013 22.04.2013 04.02.2013 31.01.2013 30.01.2013 25.01.2013 25.01.2013 22.01.2013 15.01.2013 10.08.2012

04.07.2013

PSP Swiss Property AG PSP Swiss Property AG owns and manages real estate. The Company owns a portfolio of office and business premises at exclusive locations in Switzerland's key economic centers, including Zurich, Geneva, Basel, Bern and Lausanne.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PSPN SE EQUITY YTD Change PSPN SE EQUITY YTD % CHANGE

12/2012 03/yy 91.25 79.10 42'656.00 82.1 -10.03% 3.79% 16.46% 45.9 3'765.75 1'808.29 0.0 0.0 33.60 5'550.08

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

.3 M .3 M .2 M .2 M .1 M .1 M

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 205.7 20.75x 147.4 28.96x 224.0 9.96x

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

LTM-4Q

31.12.2009 31.12.2010 271.1 270.4 17.16x 19.18x 214.0 215.8 21.74x 24.04x 231.2 280.8 10.73x 11.52x Profitability

31.12.2011 284.2 18.75x 231.3 23.04x 404.0 8.36x

31.12.2012 283.3 20.28x 175.4 32.75x 368.6 10.54x

175.39 174.82 47.81% 165.05% 6.13% 10.77% 7.06% 0.05% 77.8% 130.1% 28.46% 48.89% -

Price/ Cash Flow

03/yy 238.5 90.92x 231.6 23.26x 405.3 8.50x

LTM 03/yy 281.5 81.25x 219.1 26.25x 381.8 10.24x

FY+1

.0 M m-13

0.70 31.94 0.78% -1.50% 0.699 12 3.333 88'100 100'657 98'033 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 274.5 278.9 66.0 69.8 20.42x 20.41x 86.01x 238.4 236.7 56.9 63.4 23.27x 23.44x 165.7 163.3 40.9 45.7 22.86x 23.13x S&P Issuer Ratings

3.84 1.80 8.14 8.30 48.9% 32.8% 0.05 -

Sales/Revenue/Turnover

40.00

350.0

35.00

300.0

30.00

250.0

25.00

200.0

20.00

150.0

15.00

100.0

10.00

50.0

5.00 0.00 01.01.2010

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 |

04.07.2013

PSP Swiss Property AG Holdings By:

All

Holder Name HETZ NATHAN ALONY HETZ PROPERTIE BLACKROCK CREDIT SUISSE ASSET NORGES BANK UBS FUND MANAGEMENT STATE STREET MORGAN STANLEY SWISSCANTO FONDSLEIT ING INVESTMENT MANAG VANGUARD GROUP INC BNP PARIBAS INV PART SCOTTISH WIDOWS IAM INDEPENDENT ASSE SNS INVESTMENT FUND PICTET & CIE ING INTERNATIONAL AD T ROWE PRICE ASSOCIA GABRIEL LUCIANO VONTOBEL ASSET MANAG

Firm Name Exane BNP Paribas Bank Vontobel AG Zuercher Kantonalbank Berenberg Bank Goldman Sachs EVA Dimensions Morgan Stanley JPMorgan Deutsche Bank ABN Amro Bank N.V. Kempen & Co

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

Analyst VALERIE GUEZI STEFAN SCHUERMANN MARKUS WAEBER KAI MALTE KLOSE JULIAN LIVINGSTON-BOOTH AUSTIN BURKETT BIANCA RIEMER TIM LECKIE MARKUS SCHEUFLER RUUD VAN MAANEN ROBERT WOERDEMAN

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

Recommendation neutral hold market perform hold Sell/Neutral overweight Equalwt/Attractive overweight hold hold neutral

Amt Held 7'000'000 6'685'000 2'351'954 1'534'222 1'239'420 593'580 535'250 496'354 390'386 374'797 342'001 323'278 219'364 188'001 168'533 161'793 156'928 155'034 143'251 136'660

% Out 15.26 14.57 5.13 3.34 2.7 1.29 1.17 1.08 0.85 0.82 0.75 0.7 0.48 0.41 0.37 0.35 0.34 0.34 0.31 0.3

Weighting

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

M M D M M D M M M M M

Latest Chg (668'972) 51'442 18'904 (9'074) 1'538 15'977 (54'986) 9'200 79'872 (1'959) (11'261) (25'110) 4'108 1'161 4'500 11'772 10'200

Target Price 90 90 #N/A N/A 90 81 #N/A N/A 89 99 93 85 90

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

File Dt 31.12.2011 31.08.2012 21.05.2013 27.03.2013 31.12.2012 31.01.2013 22.05.2013 31.03.2013 28.02.2013 31.03.2013 31.03.2013 28.02.2013 31.01.2013 31.01.2013 31.12.2012 31.01.2013 31.01.2013 31.03.2013 31.12.2011 31.01.2013

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

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

Date 17.05.2013 14.05.2013 13.05.2013 13.05.2013 19.04.2013 21.03.2013 06.03.2013 06.03.2013 05.03.2013 01.03.2013 13.01.2013

04.07.2013

Price/Volume 4000

.0 M

2500 2000

12/2011 01/yy 3'736.21 2'793.29 974.00 3625 -2.98% 29.78% 86.40% 0.9 9'033.81 12.00 0.0 0.0 555.00 8'490.81

.0 M

1500

.0 M

1000 .0 M

500 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

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

.0 M

3000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LISP SE EQUITY YTD Change LISP SE EQUITY YTD % CHANGE

31.12.2008 2'573.2 1.85x 466.1 10.21x 261.5 19.52x

.0 M

3500

31.12.2009 31.12.2010 2'524.8 2'579.3 2.03x 2.42x 382.5 423.3 13.41x 14.77x 193.1 241.9 29.86x 28.38x Profitability

31.12.2011 2'488.6 2.68x 421.9 15.83x 246.5 28.95x

31.12.2012 2'669.5 2.70x 457.4 15.75x 271.9 28.80x

457.40 362.50 13.58% 13.55% 10.59% 16.25% 1.04% 17.5% 13.6% 10.2% 2.50 1.77 0.46% 0.69% 4.05 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.77 0.88 22.28% 23.59% 0.771 10 3.600 2'249 2'144 2'032 FY+2

12/13 Y 12/14 Y 2'878.3 3'088.0 2.96x 2.71x 508.2 555.8 16.72x 15.28x 306.5 338.3 27.43x 24.98x S&P Issuer Ratings

FQ+1

FQ+2

117.28 81.85 -1.16 0.03 0.7% 0.7% 1.04 3.53 90.29 -

Sales/Revenue/Turnover

3.00

3'500.0

2.50

3'000.0 2'500.0

2.00

2'000.0 1.50

1'500.0

1.00

1'000.0

0.50

500.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Lindt & Spruengli AG Holdings By:

All

Holder Name PICTET & CIE CREDIT SUISSE ASSET ALLIANZ ASSET MANAGE UBS FUND MANAGEMENT BLACKROCK SWISSCANTO FONDSLEIT PICTET ASSET MANAGEM VANGUARD GROUP INC VONTOBEL ASSET MANAG VIRTUS INVESTMENT AD LOMBARD ODIER DARIER IST FUND MANAGERS EVERETT HARRIS & COM FIRST EAGLE INVESTME TANNER ERNST VONTOBEL ASSET MANAG NATIXIS ASSET MANAGE RAIFFEISEN SCHWEIZ L SARASIN KLINGLER HANSJUERG

Firm Name AlphaValue Bank Vontobel AG Credit Suisse Helvea Berenberg Bank Deutsche Bank Main First Bank AG S&P Capital IQ Zuercher Kantonalbank Jefferies

Portfolio Name Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios EVERETT HARRIS & COM n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst SOPHIE CABO-BROSETA JEAN-PHILIPPE BERTSCHY PATRICK JNGLIN ANDREAS VON ARX JAMES TARGETT CATHERINE FARRANT ALAIN-SEBASTIAN OBERHUBER CARL SHORT PATRIK SCHWENDIMANN DIRK VAN VLAANDEREN

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

Recommendation sell hold neutral neutral buy hold outperform hold outperform buy

Amt Held 22'444 18'681 17'941 13'903 13'306 11'723 10'421 9'190 7'855 6'757 5'434 4'976 4'873 4'175 3'580 3'531 3'462 2'920 2'775 2'650

% Out 2.51 2.09 2.01 1.55 1.49 1.31 1.16 1.03 0.88 0.76 0.61 0.56 0.54 0.47 0.4 0.39 0.39 0.33 0.31 0.3

Weighting

Change 1 3 3 3 5 3 5 3 5 5

M M M M M M U M U M

Latest Chg 1'042 165 431 (114) 19 (210) 20 586 795 816 2 (96) 522 70 462 204 -

Target Price 2'828 3'850 3'300 3'720 4'100 3'500 4'200 3'630 #N/A N/A 3'470

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

File Dt Inst Type 31.01.2013 Investment Advisor 27.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 21.05.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 28.03.2013 Insurance Company 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 19.11.2009 Hedge Fund Manager 31.12.2010 n/a 31.01.2013 Investment Advisor 28.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Unclassified 31.12.2010 n/a

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

Date 23.05.2013 12.04.2013 04.04.2013 03.04.2013 21.03.2013 19.03.2013 18.03.2013 15.03.2013 15.01.2013 31.10.2012

04.07.2013

Price/Volume 160 140 120 100 80

12/2011 03/yy 142.00 108.10 15'992.00 130.4 -8.17% 20.63% 61.65% 70.9 15'444.64 754.00 0.0 33.0 2'626.00 13'605.64

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

40 20 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 14'027.0 0.34x 1'018.0 4.70x 615.0 9.34x

LTM-4Q

31.12.2009 31.12.2010 8'281.0 8'187.0 0.95x 1.35x 996.0 1'089.0 7.86x 10.16x 625.0 677.0 15.44x 20.11x Profitability

31.12.2011 7'854.0 1.39x 933.0 11.68x 576.0 23.83x

31.12.2012 8'258.0 1.63x 1'104.0 12.16x 702.0 21.78x

1'104.00 985.00 11.93% 11.90% 9.12% 26.00% 1.07% 13.4% 12.0% 8.5% 1.55 1.22 9.64% 27.12% 5.86 -

Price/ Cash Flow

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M m-13

LTM

03/yy 7'603.0 0.00x 0.0 0.00x 657.0 0.00x

03/yy 8'334.0 0.00x 0.0 0.00x 740.0 23.11x

FY+1

0.83 18.45 21.58% 2.09% 0.829 7 3.429 36'839 31'328 31'552 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 8'749.9 9'287.7 1.52x 1.39x 1'180.2 1'282.4 11.54x 10.62x 737.7 825.4 20.25x 18.28x S&P Issuer Ratings

25.67 22.60 -1.69 0.68 27.1% 21.1% 1.07 16.43 62.49 -

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 |

04.07.2013

Schindler Holding AG Holdings By:

All

Holder Name SCHINDLER FAMILY FMR LLC SCHINDLER HOLDING AG FRANKLIN RESOURCES VANGUARD GROUP INC SWISSCANTO FONDSLEIT CREDIT SUISSE ASSET PICTET & CIE FIDELITY INVESTMENT BLACKROCK UBS FUND MANAGEMENT ABERDEEN ALLIANZ ASSET MANAGE VONTOBEL ASSET MANAG FIDELITY INVESTMENTS IST FUND MANAGERS CREDIT SUISSE ASSET NOMURA TWEEDY BROWNE COMPAN PICTET ASSET MANAGEM

Firm Name AlphaValue Bank Vontobel AG Exane BNP Paribas Zuercher Kantonalbank HSBC EVA Dimensions Helvea

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

Analyst EILEEN RYAN SERGE ROTZER ALEXIS DENAUD MARTIN HUESLER MICHAEL HAGMANN CRAIG STERLING VOLKAN GOCMEN

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

Recommendation reduce hold neutral market perform overweight hold neutral

Amt Held 51'033'236 1'758'868 1'327'102 454'029 246'872 233'545 215'836 210'852 194'593 151'893 116'185 106'200 97'932 75'000 45'630 43'121 28'765 27'164 25'000 22'463

% Out 71.44 2.46 1.86 0.64 0.35 0.33 0.3 0.3 0.27 0.21 0.16 0.15 0.14 0.1 0.06 0.06 0.04 0.04 0.03 0.03

Weighting

Change 2 3 3 3 5 3 3

M M M M N U M

Latest Chg (129'092) (224'906) 18'878 477 6'289 4'464 22'535 (672) (65'221) 234 (155) 2'492 500

Target Price 139 145 150 #N/A N/A 175 #N/A N/A 90

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

File Dt 31.12.2010 31.03.2013 31.12.2010 28.03.2013 31.03.2013 28.02.2013 27.03.2013 31.01.2013 31.12.2012 21.05.2013 31.01.2013 31.03.2013 31.03.2013 31.01.2013 31.12.2010 31.03.2013 30.11.2012 31.12.2012 31.03.2012 31.01.2013

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

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

Date 16.05.2013 22.04.2013 22.04.2013 28.03.2013 27.02.2013 26.02.2013 16.12.2011

04.07.2013

GAM Holding AG GAM Holding AG is an independent, well-diversified asset management business, with a focus on the manufacturing and distribution of investment products and services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GAM SE EQUITY YTD Change GAM SE EQUITY YTD % CHANGE

12/2012 01/yy 17.95 10.06 465'736.00 15.05 -16.16% 49.58% 56.27% 183.4 2'759.49 23.40 0.0 2.0 504.00 -

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

.0 M a-13 m-13

Fiscal Year Ended 31.12.2008 4'144.8 661.2 12.53x

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

31.12.2009 31.12.2010 1'020.2 964.9 3'636.9 10.2 0.96x 309.00x Profitability

31.12.2011 812.2 (95.0) -

31.12.2012 999.1 86.7 24.22x

11.87% 11.99% 3.67% 4.28% 4.30% 0.42% 8.7% 1.02% 1.20% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.37 153.12 41.44% 25.98% 1.374 11 3.545 614'212 558'897 589'780 FY+2

12/13 Y 12/14 Y 640.4 694.9 3.59x 3.12x 182.0 206.3 12.83x 11.20x S&P Issuer Ratings

FQ+1

FQ+2

1.2% 1.2% 0.42 40.91 -

Sales/Revenue/Turnover

40.00

6'000.0

35.00

5'000.0

30.00

4'000.0

25.00 20.00

3'000.0

15.00

2'000.0

10.00

1'000.0 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

GAM Holding AG Holdings By:

All

Holder Name GAM HOLDING LTD SILCHESTER INTL INVE BLACKROCK GLOBAL ASSET MANAGEM FMR LLC CREDIT SUISSE FUNDS DAVIS SELECTED ADVIS LAZARD ASSET MANAGEM T ROWE PRICE ASSOCIA CREDIT SUISSE ASSET NORGES BANK UBS FUND MANAGEMENT FARALLON CAPITAL MAN PICTET & CIE VANGUARD GROUP INC SWISSCANTO FONDSLEIT DIMENSIONAL FUND ADV THORNBURG INVESTMENT FIDELITY INVESTMENT PACIFIC LIFE INSURAN

Firm Name Bank am Bellevue RBC Capital Markets Credit Suisse Bank Vontobel AG Helvea Goldman Sachs Main First Bank AG Zuercher Kantonalbank EVA Dimensions

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

Analyst MARC DEUSTER PETER K LENARDOS GURJIT KAMBO TERESA NIELSEN TIM DAWSON CHRIS M. TURNER KILIAN MAIER ANDREAS VENDITTI AUSTIN BURKETT

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

Recommendation buy outperform outperform hold buy neutral/neutral underperform market perform hold

Amt Held 19'878'827 18'500'519 16'488'705 12'175'617 11'235'345 8'269'310 6'130'364 5'731'524 5'610'663 5'418'466 4'870'611 4'111'896 3'194'408 3'045'343 2'891'706 2'541'267 2'480'672 1'998'682 1'605'355 1'543'704

% Out 10.84 10.09 8.99 6.64 6.13 4.51 3.34 3.13 3.06 2.96 2.66 2.24 1.74 1.66 1.58 1.39 1.35 1.09 0.88 0.84

Weighting

Change 5 5 5 3 5 3 1 3 3

M M M M M M D M M

Latest Chg (416'861) (4'785'293) 577'723 132'266 14'127 370'631 133'137 (107'166) (34'467) 1'848 149'993

Target Price 20 19 19 17 21 18 17 #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 08.03.2013 Investment Advisor 31.12.2012 Investment Advisor 21.05.2013 Investment Advisor 27.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 n/a 07.06.2011 Investment Advisor 19.02.2013 Unclassified 31.12.2012 Investment Advisor 27.03.2013 Investment Advisor 31.12.2012 Government 31.01.2013 Investment Advisor 23.04.2012 Hedge Fund Manager 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.04.2013 Insurance Company

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

Date 19.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 12.03.2013 07.03.2013 06.03.2013 15.01.2013

04.07.2013

Dufry AG Dufry AG operates duty-free shops in countries such as Tunisia, Italy, Mexico, France, Russia, the United Arab Emirates, Singapore, the Caribbean and the United States.

Price/Volume 160

1.2 M

140

1.0 M

120 .8 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (26.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DUFN SE EQUITY YTD Change DUFN SE EQUITY YTD % CHANGE

12/2012 03/yy 136.50 110.70 162'472.00 118.1 -13.48% 6.68% 20.54% 29.7 3'504.48 1'385.30 0.0 128.4 434.00 4'590.78

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

.4 M

40 .2 M

20 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

Fiscal Year Ended 31.12.2008 2'113.5 0.79x 277.3 6.02x 95.0 8.62x

.6 M

LTM-4Q

31.12.2009 31.12.2010 2'378.7 2'610.2 0.95x 1.56x 288.1 328.0 7.85x 12.43x 38.5 116.6 34.88x 27.17x Profitability

31.12.2011 2'637.7 1.43x 344.3 10.94x 111.9 20.78x

31.12.2012 3'153.6 1.45x 444.0 10.33x 122.4 26.82x

444.00 275.70 8.74% 6.26% 3.09% 9.94% 7.72% 0.92% 58.9% 13.5% 8.2% 3.9% 1.75 0.83 39.29% 111.83% 63.96 3.12

Price/ Cash Flow

03/yy 2'790.0 5.57x 375.1 12.41x 120.2 26.40x

LTM 03/yy 3'166.1 5.74x 427.8 10.71x 106.1 30.13x

FY+1

1.08 23.80 1.03% -1.25% 1.076 14 4.357 216'079 187'310 192'987 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 3'685.4 4'153.7 925.0 1'021.0 1.34x 1.11x 558.4 661.0 140.0 173.5 8.22x 6.94x 192.9 266.0 35.9 68.4 15.04x 11.14x S&P Issuer Ratings

15.10.2012 BB+ STABLE 5.58 4.53 2.22 3.36 111.8% 50.3% 0.92 12.69 5.71 117.07 65.31 48.44

Sales/Revenue/Turnover

12.00

3'500.0

10.00

3'000.0 2'500.0

8.00

2'000.0 6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Dufry AG Holdings By:

All

Holder Name TRAVEL RETAIL INVEST CREDIT SUISSE GROUP HUDSON MEDIA INC ARTIO GLOBAL MANAGEM T ROWE PRICE ASSOCIA NORGES BANK CREDIT SUISSE ASSET UBS FUND MANAGEMENT COLUMBIA WANGER ASSE HARTFORD INVESTMENT FRANKLIN RESOURCES ROYAL BANK OF CANADA OPPENHEIMERFUNDS INC SCHRODER INVESTMENT INVESTEC ASSET MANAG DEUTSCHE BANK AG SWISSCANTO FONDSLEIT JUPITER ASSET MANAGE ALLIANZ ASSET MANAGE FMR LLC

Firm Name Bank am Bellevue Credit Suisse Exane BNP Paribas Deutsche Bank Grupo Santander Main First Bank AG Bank Vontobel AG Goldman Sachs Mirabaud Securities Kepler Cheuvreux EVA Dimensions Natixis

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

Analyst MICHAEL HEIDER PATRICK JNGLIN ROBERTA CIACCIA CHARLIE MUIR-SANDS REBECCA MCCLELLAN GAEL COLCOMBET RENE WEBER MAYAN UTHAYAKUMAR THOMAS BAUMANN JON COX CRAIG STERLING MATTHIEU DETROYAT

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

Recommendation buy outperform neutral hold buy outperform buy Buy/Neutral accumulate buy underweight buy

Amt Held 3'912'464 1'577'361 1'154'677 804'639 741'234 522'095 472'495 467'822 444'751 362'775 295'855 289'624 279'892 276'404 270'662 262'127 250'327 230'042 221'476 194'050

% Out 13.18 5.32 3.89 2.71 2.5 1.76 1.59 1.58 1.5 1.22 1 0.98 0.94 0.93 0.91 0.88 0.84 0.78 0.75 0.65

Weighting

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

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

Latest Chg 1'688'901 (492'317) 11'177 (24'262) (3'103) (54'633) (14'603) 136'614 (12'037) 74'313 535 (26'969) 5'615 53'706 (138'980)

Target Price 161 145 120 130 141 140 135 175 137 140 #N/A N/A 140

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

File Dt 17.01.2013 05.03.2013 31.12.2011 20.03.2012 31.03.2013 31.12.2012 27.03.2013 31.01.2013 28.03.2013 31.03.2013 28.03.2013 31.12.2012 31.03.2013 31.01.2013 28.02.2013 31.03.2013 28.02.2013 31.01.2013 31.01.2013 31.03.2013

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

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

Date 15.05.2013 15.05.2013 10.05.2013 09.05.2013 07.05.2013 01.05.2013 23.04.2013 22.04.2013 25.03.2013 17.03.2013 17.01.2013 31.07.2012

04.07.2013

Galenica AG Galenica AG manufactures and distributes pharmaceuticals and offers related services. The Company produces prescription and over-the-counter drugs, toiletries and hygiene products, and operates pharmacies.

Price/Volume 700

.1 M

600

.1 M

500

.1 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GALN SE EQUITY YTD Change GALN SE EQUITY YTD % CHANGE

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

.0 M

200

.0 M

100 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 3'128.1 0.94x 470.1 6.26x 188.2 11.80x

.1 M

300

12/2012 01/yy 635.00 479.25 11'295.00 588 -7.40% 22.69% 70.14% 6.5 3'822.00 1'038.04 0.0 32.3 356.88 4'535.47

31.12.2009 31.12.2010 3'279.1 3'446.6 1.14x 1.37x 401.6 443.7 9.28x 10.65x 210.2 230.4 11.55x 15.91x Profitability

31.12.2011 3'480.6 1.26x 399.9 10.99x 223.1 15.89x

31.12.2012 3'608.0 1.15x 431.3 9.62x 253.5 13.55x

431.34 355.28 9.85% 8.90% 8.10% 20.26% 1.15% 40.6% 12.0% 9.8% 7.0% 1.45 0.93 32.99% 77.14% 7.14 6.34

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.95 4.51 -1.92% 12.87% 0.947 13 2.692 14'480 14'687 17'430 FY+2

12/13 Y 12/14 Y 3'569.1 3'697.9 1.21x 1.12x 426.7 449.4 10.63x 10.09x 260.3 272.9 14.85x 14.11x S&P Issuer Ratings

.0 M m-13

FQ+1

FQ+2

11.56 10.35 1.58 2.41 77.1% 43.0% 1.15 8.14 51.24 57.77 62.91 46.11

Sales/Revenue/Turnover

14.00

4'000.0

12.00

3'500.0 3'000.0

10.00

2'500.0 8.00

2'000.0 6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Galenica AG Holdings By:

All

Holder Name ALLIANCE BOOTS LTD CREDIT SUISSE AG PATINEX AG ALECTA PENSIONSFORSA NORGES BANK CREDIT SUISSE ASSET JORNOD ETIENNE SWISSCANTO FONDSLEIT LB SWISS INVESTMENT VONTOBEL ASSET MANAG PICTET & CIE UBS FUND MANAGEMENT BZ BANK AG IST FUND MANAGERS VANGUARD GROUP INC SARASIN LOMBARD ODIER DARIER DWS INVESTMENTS SCHW GALENICA AG BLACKROCK

Firm Name AlphaValue Kepler Cheuvreux Helvea Bank Vontobel AG Main First Bank AG Bank am Bellevue Credit Suisse Zuercher Kantonalbank Goldman Sachs Berenberg Bank EVA Dimensions Deutsche Bank

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

Analyst ARMELLE MOULIN MAJA PATAKI OLAV ZILIAN CARLA BAENZIGER MARCUS WIEPRECHT STEPHEN LEVENTHAL CHRISTOPH GRETLER SIBYLLE BISCHOFBERGER FRICK VERONIKA DUBAJOVA ADRIAN HOWD ANDREW S ZAMFOTIS HOLGER BLUM

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

Recommendation sell buy buy reduce underperform hold neutral market perform Sell/Neutral sell overweight buy

Amt Held 1'656'172 379'607 234'177 210'000 124'460 103'633 47'261 41'562 37'258 34'875 32'796 32'581 32'500 28'819 27'634 21'916 21'891 20'185 20'075 17'096

% Out 25.48 5.84 3.6 3.23 1.91 1.59 0.73 0.64 0.57 0.54 0.5 0.5 0.5 0.44 0.43 0.34 0.34 0.31 0.31 0.26

Weighting

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

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

Latest Chg 116'645 1'957 52 (972) 4'162 (20'140) 1'546 (286) 147 1'995 1'130 15 1'400 1'974

Target Price 524 650 720 527 500 532 600 #N/A N/A 454 500 #N/A N/A 660

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

File Dt Inst Type 10.05.2013 Corporation 12.03.2013 Investment Advisor 10.05.2013 Private Equity 31.12.2012 Pension Fund (ERISA) 31.12.2012 Government 27.03.2013 Investment Advisor 31.12.2012 n/a 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 27.02.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Unclassified 31.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.12.2012 Corporation 21.05.2013 Investment Advisor

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

Date 23.05.2013 14.05.2013 15.04.2013 28.03.2013 20.03.2013 13.03.2013 13.03.2013 12.03.2013 30.01.2013 17.01.2013 17.01.2013 12.01.2012

04.07.2013

Helvetia Holding AG Helvetia Holding AG provides a broad range of life, casualty, liability, accident and transportation insurance. The Company insures individuals, property such as vehicles and buildings, and consumer goods and personal belongings during transportation. Helvetia and subsidiaries operate in Switzerland, in other European countries, and North America.

Price/Volume 450

.0 M

400

.0 M

350

.0 M

300

.0 M

250

Latest Fiscal Year: LTM as of: 52-Week High (03.06.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HELN SE EQUITY YTD Change HELN SE EQUITY YTD % CHANGE

12/2012 01/yy 402.50 270.22 9'693.00 391 -2.86% 44.70% 86.01% 8.7 3'385.44 179.90 300.0 39.6 1'565.20 2'339.74

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

.0 M

150 100

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 5'559.2 0.35x 230.6 8.52x

.0 M

200

Valuation Analysis

31.12.2009 31.12.2010 7'279.3 7'366.2 0.36x 0.36x 323.4 339.0 8.54x 9.14x Profitability

31.12.2011 7'496.2 0.24x 288.2 9.02x

31.12.2012 7'967.0 0.24x 339.6 9.09x

5.50% 5.39% 0.83% 9.55% 8.58% 0.20% 4.3% 0.42% 4.78% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.24 6.00 37.96% 17.95% 1.236 12 3.500 10'967 16'319 15'926 FY+2

12/13 Y 12/14 Y 7'292.0 8'054.0 353.5 368.6 9.70x 9.30x S&P Issuer Ratings

.0 M m-13

FQ+1

FQ+2

4.8% 4.2% 0.20 -

Sales/Revenue/Turnover

25.00

9'000.0 8'000.0

20.00

7'000.0 6'000.0

15.00

5'000.0 4'000.0

10.00

3'000.0 2'000.0

5.00

1'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Helvetia Holding AG Holdings By:

All

Holder Name PATRIA GENOSSENSCHAF RAIFFEISEN SWITZERLA VONTOBEL BETEILIGUNG UBS FUND MANAGEMENT CREDIT SUISSE ASSET DIMENSIONAL FUND ADV VANGUARD GROUP INC SCHRODER INVESTMENT SWISSCANTO FONDSLEIT DJE INVESTMENT SA VONTOBEL ASSET MANAG BNP PARIBAS INV PART NORGES BANK HELVETIA HOLDING AG PICTET & CIE BLACKROCK LB SWISS INVESTMENT SCHRODER INVESTMENT PRINCIPAL FINANCIAL DEUTSCHE BANK AG

Firm Name Kepler Cheuvreux Bank am Bellevue Credit Suisse Helvea Goldman Sachs Zuercher Kantonalbank Bankhaus Metzler Berenberg Bank Bank Vontobel AG Nomura Main First Bank AG Mediobanca SpA EVA Dimensions

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

Analyst FABRIZIO CROCE ANDREAS FRICK RICHARD BURDEN DANIEL BISCHOF WILLIAM ELDERKIN GEORG MARTI JOCHEN SCHMITT PETER ELIOT STEFAN SCHUERMANN MICHAEL KLIEN RENE LOCHER MARC THIELE AUSTIN BURKETT

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

Recommendation hold hold underperform neutral neutral/neutral outperform buy buy not rated buy underperform neutral buy

Amt Held 2'604'523 346'116 346'116 163'668 137'859 134'112 98'730 95'799 80'927 59'744 49'123 46'666 44'328 40'436 40'222 36'413 31'587 26'100 24'046 23'886

% Out 30.1 4 4 1.89 1.59 1.55 1.14 1.11 0.94 0.69 0.57 0.54 0.51 0.47 0.46 0.42 0.37 0.3 0.28 0.28

Weighting

Change

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

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

Latest Chg (1'786) 278 142 2'055 14'133 110 (400) (2'633) 5'209 10'476 86

Target Price 403 384 390 412 400 #N/A N/A 446 470 #N/A N/A 430 400 404 #N/A N/A

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.01.2013 27.03.2013 31.01.2013 31.03.2013 31.03.2013 28.02.2013 28.12.2012 31.01.2013 28.02.2013 31.12.2012 31.12.2012 31.01.2013 21.05.2013 31.12.2012 28.09.2012 30.04.2013 31.03.2013

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

Inst Type n/a Unclassified Other 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 21.05.2013 11.04.2013 11.04.2013 11.04.2013 12.03.2013 12.03.2013 12.03.2013 12.03.2013 12.03.2013 12.03.2013 12.03.2013 30.01.2013 17.01.2013

04.07.2013

EMS-Chemie Holding AG Ems-Chemie Holding AG manufactures and markets performance polymers, high-grade chemical intermediates, fine chemicals, and protective bonding, coating and sealing products. The Company supplies its products to the automotive, transportation, and textile industries.

Price/Volume 350

.6 M

300

.5 M

250

.4 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (10.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EMSN SE EQUITY YTD Change EMSN SE EQUITY YTD % CHANGE

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

.1 M

50 0 m-12

j-12

LTM-4Q

31.12.2009 31.12.2010 1'197.7 1'595.6 2.02x 2.17x 272.2 351.4 8.91x 9.88x 216.1 225.9 12.82x 17.08x Profitability

31.12.2011 1'657.7 2.09x 347.3 9.98x 237.1 15.69x

31.12.2012 1'755.0 273.0 18.45x

347.27 295.26 17.81% 17.79% 14.33% 21.17% 0.97% 18.1% 15.6% 2.87 1.83 9.96% 15.63% 4.96 -

Price/ Cash Flow

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

j-12

a-12

s-12

LTM 03/yy 254.0 0.00x 0.0 0.00x 0.0 0.00x

o-12

n-12

d-12

j-13

f-13 m-13

a-13

FY+1

.0 M m-13

0.86 7.08 65.06% 32.89% 0.864 6 2.667 18'972 21'326 22'950 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 1'855.8 1'965.8 434.0 3.46x 3.24x 395.8 422.2 16.34x 15.32x 276.2 294.8 24.21x 22.69x S&P Issuer Ratings

103.63 80.99 15.6% 13.3% 0.97 3.38 73.78 -

Sales/Revenue/Turnover

20.00

2'000.0

18.00

1'800.0

16.00

1'600.0

14.00

1'400.0

12.00

1'200.0

10.00 8.00

1'000.0 800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 01.01.2010

.2 M

100

Fiscal Year Ended 31.12.2008 1'503.9 1.16x 283.2 6.15x 211.8 9.57x

.3 M

150

12/2012 03/yy 295.25 174.00 15'026.00 286.25 -3.05% 64.51% 90.72% 23.4 6'695.11 162.77 0.0 15.1 433.11 6'439.87

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 |

04.07.2013

EMS-Chemie Holding AG Holdings By:

All

Holder Name EMESTA HOLDING AG BLOCHER MIRIAM NORGES BANK VANGUARD GROUP INC LOMBARD ODIER DARIER SWISSCANTO FONDSLEIT IST FUND MANAGERS CREDIT SUISSE ASSET UBS FUND MANAGEMENT ALLIANCE BERNSTEIN BLACKROCK PICTET & CIE BNP PARIBAS INV PART LUXEMBOURGER KAPITAL DEXIA ASSET MANAGEME SEB DIGITAL FUNDS VONTOBEL ASSET MANAG NATIXIS ASSET MANAGE SKANDIA GLOBAL FUNDS

Firm Name Bank Vontobel AG Main First Bank AG Zuercher Kantonalbank Kepler Cheuvreux EVA Dimensions

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

Analyst PATRICK RAFAISZ BERND POMREHN MARTIN SCHREIBER BETTINA EDMONDSTON CRAIG STERLING

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

Recommendation reduce underperform market perform reduce overweight

Amt Held 14'225'190 2'079'282 391'357 85'834 81'052 70'428 68'445 65'013 61'497 59'400 59'252 38'213 24'419 21'300 18'282 15'605 15'413 13'450 13'013 11'476

% Out 60.82 8.89 1.67 0.37 0.35 0.3 0.29 0.28 0.26 0.25 0.25 0.16 0.1 0.09 0.08 0.07 0.07 0.06 0.06 0.05

Weighting

Change 2 1 3 2 5

M D M M M

Latest Chg (3'540) (271) 89 1'115 (30) 2'371 13'473 1'299 447 7'711 (5'700) 212 5'855 2'000 880 (181)

Target Price 200 265 #N/A N/A 200 #N/A N/A

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

File Dt 31.12.2011 31.12.2011 31.12.2012 31.03.2013 31.03.2013 28.02.2013 31.03.2013 27.03.2013 31.01.2013 31.03.2013 21.05.2013 31.01.2013 28.02.2013 28.02.2013 28.03.2013 28.03.2013 31.01.2013 31.01.2013 28.03.2013 28.02.2013

Date Not Provided 12 month Not Provided Not Provided Not Provided

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

Date 10.04.2013 08.04.2013 11.02.2013 09.02.2013 15.01.2013

04.07.2013

OC Oerlikon Corp AG OC Oerlikon Corporation AG manufactures industrial equipment. The Company produces vacuum pumps and solutions, equipment to supply PVD coatings for tools and precision components, man-made textile machines and transmission driveline equipment.

Price/Volume 14

9.0 M

8.0 M 7.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.03.2013) 52-Week Low (13.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OERL SE EQUITY YTD Change OERL SE EQUITY YTD % CHANGE

12/2012 09/yy 12.74 7.22 1'272'380.00 11.7 -8.18% 62.15% 73.90% 326.0 3'813.78 322.00 0.0 24.0 654.00 3'505.78

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

5.0 M

4.0 M 3.0 M

2.0 M

2 0 m-12

1.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 4'632.0 0.55x 512.0 4.97x (425.0) -

6.0 M

31.12.2009 31.12.2010 2'877.0 3'601.0 0.73x 0.53x (71.0) 298.0 6.36x (592.0) 3.0 490.00x Profitability

LTM-4Q 31.12.2011 2'731.0 0.64x 493.0 3.55x 220.0 10.48x

31.12.2012 2'906.0 1.05x 572.0 5.34x 382.0 15.22x

572.00 421.00 14.49% 11.49% 8.75% 22.18% 0.67% 28.5% 19.7% 14.5% 13.1% 1.75 0.83 7.74% 17.33% 5.24 4.29

Price/ Cash Flow

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

LTM 09/yy 957.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M m-13

1.25 168.24 44.27% 15.70% 1.248 11 4.000 626'293 1'062'325 1'459'548 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 2'919.4 3'021.8 968.3 936.8 0.96x 0.88x 511.1 559.0 6.80x 6.21x 240.4 262.3 62.0 16.23x 14.43x S&P Issuer Ratings

13.95 9.54 -0.58 0.56 17.3% 14.6% 0.67 3.56 69.84 85.38 72.23 82.99

Sales/Revenue/Turnover

160.00

6'000.0

140.00

5'000.0

120.00

4'000.0

100.00 80.00

3'000.0

60.00

2'000.0

40.00

1'000.0 20.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

OC Oerlikon Corp AG Holdings By:

All

Holder Name VEKSELBERG VIKTOR BLACKROCK NORGES BANK CREDIT SUISSE ASSET PICTET & CIE UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT VONTOBEL ASSET MANAG VANGUARD GROUP INC SCHRODER INVESTMENT BARING FUND MANAGERS MIRABAUD & CIE CAZENOVE UNIT TRUST OC OERLIKON CORP HOTTINGER CAPITAL CO ACATIS AMERICAN CENTURY COM IST FUND MANAGERS PRINCIPAL FINANCIAL DIMENSIONAL FUND ADV

Firm Name AlphaValue Bank Vontobel AG Helvea Credit Suisse Societe Generale Bank am Bellevue Berenberg Bank EVA Dimensions Zuercher Kantonalbank Kepler Cheuvreux

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

Analyst PIERRE-YVES GAUTHIER MICHAEL FOETH RETO AMSTALDEN PATRICK LAAGER JEAN-BAPTISTE ROUSSILLE MICHAEL STUDER BENJAMIN GLAESER CRAIG STERLING ARMIN RECHBERGER CHRISTOPH LADNER

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

Recommendation add buy neutral outperform hold hold buy sell outperform buy

Amt Held 156'210'954 9'416'760 6'219'474 5'075'864 3'855'299 3'414'373 2'436'055 1'280'000 988'244 986'060 966'378 955'027 922'120 902'248 872'000 845'506 817'471 766'361 715'128 714'673

% Out 47.92 2.89 1.91 1.56 1.18 1.05 0.75 0.39 0.3 0.3 0.3 0.29 0.28 0.28 0.27 0.26 0.25 0.24 0.22 0.22

Weighting

Change 4 5 3 5 3 3 5 1 5 5

M M M M M M M D M M

Latest Chg (284'377) 779'435 (67'027) (92'135) (5'910) 20'000 46'405 479'024 164'601 443'582 4'414 872'000 426'984 266'123 560'642 -

Target Price 12 15 13 15 11 12 14 #N/A N/A #N/A N/A 15

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

File Dt 31.12.2012 21.05.2013 31.12.2012 27.03.2013 31.01.2013 31.01.2013 28.02.2013 31.01.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 28.09.2012 31.03.2013 31.03.2013 30.04.2013 31.01.2013

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

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

Date 23.05.2013 14.05.2013 14.05.2013 13.05.2013 08.05.2013 08.05.2013 01.05.2013 12.03.2013 07.03.2013 06.03.2013

04.07.2013

Barry Callebaut AG Barry Callebaut AG manufactures cocoa, chocolate, and confectionery products. The Company markets to industrial food manufacturers, chocolatiers, pastry chefs, bakers, and retailers globally. Barry Callebaut also offers product development, processing, training, and marketing services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (05.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BARN SE EQUITY YTD Change BARN SE EQUITY YTD % CHANGE

08/2012 02/yy 934.00 812.42 9'312.00 893 -4.39% 9.92% 58.46% 5.5 4'901.55 997.47 0.0 4.7 54.56 5'899.75

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

.1 M .1 M .0 M .0 M .0 M .0 M

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

Fiscal Year Ended 31.08.2008 4'815.4 0.99x 422.6 11.30x 204.6 17.93x

1000 900 800 700 600 500 400 300 200 100 0 m-12

31.08.2009 31.08.2010 4'880.2 4'524.5 0.80x 0.99x 448.1 443.2 8.72x 10.15x 226.9 251.2 13.05x 15.32x Profitability

LTM-4Q 31.08.2011 4'459.9 1.06x 458.3 10.34x 177.6 14.94x

31.08.2012 4'829.5 1.16x 441.3 12.72x 142.1 19.40x 441.32 356.44 7.38% 5.76% 4.36% 12.05% 1.28% 13.9% 7.5% 2.9% 1.73 0.30 27.89% 73.50% 3.59

Price/ Cash Flow

02/yy 3'841.8 1.89x 176.8 0.00x 70.1 0.00x

LTM 02/yy 4'744.2 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.69 2.12 6.06% 3.23% 0.689 12 3.000 9'487 10'618 9'153 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 08/13 Q4 11/13 Q1 4'944.5 6'155.2 1'491.0 1.17x 1.03x 459.5 541.4 12.82x 10.88x 242.8 283.4 18.80x 16.78x S&P Issuer Ratings

28.03.2013 BB+ NEG 6.01 3.58 73.5% 42.3% 1.28 6.00 101.81 71.62

Sales/Revenue/Turnover

40.00

6'000.0

35.00

5'000.0

30.00

4'000.0

25.00 20.00

3'000.0

15.00

2'000.0

10.00

1'000.0 5.00 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 |

04.07.2013

Barry Callebaut AG Holdings By:

All

Holder Name JACOBS HOLDINGS AG JACOBS RENATA JACOBS NATHALIE JACOBS NICOLAS OPPENHEIMERFUNDS INC CREDIT SUISSE ASSET NORGES BANK SWISSCANTO FONDSLEIT VANGUARD GROUP INC BLACKROCK PICTET & CIE UBS FUND MANAGEMENT ABERDEEN FMR LLC IST FUND MANAGERS ALLIANZ ASSET MANAGE SCHMID ANDREAS SARASIN MANNING & NAPIER ADV KEMPEN CAPITAL MANAG

Firm Name Equita SIM SpA Societe Generale Helvea Zuercher Kantonalbank Bank Vontobel AG Kepler Cheuvreux Main First Bank AG Deutsche Bank Goldman Sachs Berenberg Bank EVA Dimensions Credit Suisse GSC Research

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

Analyst FABIO FAZZARI ALEX SLOANE ANDREAS VON ARX DANIEL BUERKI JEAN-PHILIPPE BERTSCHY JON COX ALAIN-SEBASTIAN OBERHUBER CATHERINE FARRANT BENJAMIN MOORE JAMES TARGETT AUSTIN BURKETT PATRICK JNGLIN MATTHIAS SCHRADE

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

Recommendation buy hold neutral market perform hold hold underperform hold neutral/neutral hold underweight restricted sell

Amt Held 2'590'687 438'416 159'236 159'236 92'847 54'090 52'423 23'591 18'999 18'045 14'432 11'448 10'550 8'950 8'861 8'791 8'790 8'615 5'790 5'263

% Out 50.11 8.48 3.08 3.08 1.8 1.05 1.01 0.46 0.37 0.35 0.28 0.22 0.2 0.17 0.17 0.17 0.17 0.17 0.11 0.1

Weighting

Change

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

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

Latest Chg 4'050 1'239 (573) 715 3 (453) (5'912) (300) (2'197) (2'970) 919 -

Target Price 1'100 900 1'000 #N/A N/A 900 900 800 950 1'081 940 #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 31.08.2012 31.08.2012 31.08.2012 31.08.2012 31.03.2013 27.03.2013 31.12.2012 28.02.2013 31.03.2013 21.05.2013 31.01.2013 31.01.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.08.2012 31.01.2013 31.12.2012 28.02.2013

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

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

Date 07.05.2013 15.04.2013 10.04.2013 09.04.2013 09.04.2013 09.04.2013 09.04.2013 08.04.2013 06.02.2013 21.01.2013 17.01.2013 13.12.2012 17.03.2011

04.07.2013

Pargesa Holding SA Pargesa Holding SA acquires, sells, operates and manages investments in the financial, commercial, and industrial sectors in Switzerland and other European countries. The Company has a portfolio of a limited number of major long-term holdings. Pargesa seeks to exercise control over or influence the activities of its holdings as a strategic shareholder.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (09.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PARG SE EQUITY YTD Change PARG SE EQUITY YTD % CHANGE

12/2012 03/yy 68.95 56.00 64'224.00 63.5 -7.90% 13.39% 53.28% 77.2 5'393.45 4'022.50 0.0 8'781.4 2'050.40 16'146.95

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

.2 M

.1 M

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 5'475.2 3.64x 799.9 24.95x (520.8) -

LTM-4Q

31.12.2009 31.12.2010 4'189.5 4'625.4 5.31x 4.21x 1'077.2 888.7 20.64x 21.93x 791.7 465.9 4.83x 14.44x Profitability

31.12.2011 4'729.1 3.66x 915.2 18.92x (64.9) -

31.12.2012 4'915.4 3.27x 1'419.0 11.33x 417.9 12.68x

1'419.00 757.20 15.40% 23.69% 1.85% 5.68% 0.22% 29.0% 15.4% 8.5% 2.51 1.62 18.33% 55.59% 7.04 -

Price/ Cash Flow

09/yy 3'271.4 5.99x 0.0 0.00x 780.6 0.00x

LTM 03/yy 6'192.5 0.00x 0.0 0.00x 589.2 0.00x

FY+1

.0 M m-13

1.12 37.40 12.83% 5.35% 1.121 7 3.714 48'797 58'690 66'722 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 509.0 540.5 32.75x 30.12x 412.0 476.0 39.20x 33.93x 418.0 476.5 12.91x 10.90x S&P Issuer Ratings

7.84 6.02 1.38 2.82 55.6% 20.1% 0.22 2.11 52.00 -

Sales/Revenue/Turnover

12.00

6'000.0

10.00

5'000.0

8.00

4'000.0 3'000.0

6.00

2'000.0

4.00

1'000.0 2.00

0.0 0.00 01.01.2010

01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

-1'000.0

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

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

04.07.2013

Pargesa Holding SA Holdings By:

All

Holder Name PARJOINTCO NV BNP PARIBAS SA FIRST EAGLE INVESTME ARTISAN PARTNERS HOL NORGES BANK CREDIT SUISSE ASSET THIRD AVENUE MANAGEM UBS FUND MANAGEMENT BLACKROCK PARGESA HOLDING SA VANGUARD GROUP INC TRANSAMERICA INVESTM FRERE GERALD AMUNDI LUXEMBOURG SA SWISSCANTO FONDSLEIT RAIFFEISEN KAPITALAN PICTET & CIE SCHRODER INVESTMENT LUXEMBOURGER KAPITAL UBS ETF

Firm Name AlphaValue KBC Securities Goldman Sachs EVA Dimensions Zuercher Kantonalbank Bank Vontobel AG Petercam BMO Capital Markets

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

Analyst PIERRE-YVES GAUTHIER JAN-WILLEM BILLIET MARKUS IWAR AUSTIN BURKETT DANIEL BUERKI RENE WEBER MARC DEBROUWER JOHN REUCASSEL

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

Recommendation add hold neutral/neutral buy market perform hold not rated not rated

Amt Held 39'301'000 9'586'556 6'871'239 1'351'855 892'349 585'506 469'645 465'094 353'701 297'800 262'578 227'651 216'654 208'884 177'877 130'000 118'098 111'274 89'000 52'404

% Out 50.9 12.42 8.9 1.75 1.16 0.76 0.61 0.6 0.46 0.39 0.34 0.29 0.28 0.27 0.23 0.17 0.15 0.14 0.12 0.07

Weighting

Change

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

M M M U M M M M

Latest Chg 761'800 (790) 14'083 (27'611) 10'532 (65) (7'124) 1'499 62'936 238

Target Price 77 68 77 #N/A N/A #N/A N/A 70 #N/A N/A #N/A N/A

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

File Dt Inst Type 01.03.2013 Holding Company 14.03.2013 Bank 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Government 27.03.2013 Investment Advisor 31.01.2013 Hedge Fund Manager 31.01.2013 Investment Advisor 21.05.2013 Investment Advisor 12.03.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 n/a 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor

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

Date 22.05.2013 10.05.2013 09.05.2013 16.04.2013 07.03.2013 06.03.2013 18.12.2012 22.02.2011

04.07.2013

Georg Fischer AG Georg Fischer AG produces automobile parts, piping systems, plastics processing equipment, and tool and mold making machinery. The Company manufactures cast and machined components for road vehicles and machinery, plastic and metal pipes and fittings, electric discharge machines, milling centers, automation equipment, and plastics factories and compounding systems.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FI/N SE EQUITY YTD Change FI/N SE EQUITY YTD % CHANGE

12/2012 01/yy 460.00 294.65 18'517.00 442 -3.91% 50.01% 84.28% 4.1 1'813.62 640.00 0.0 44.0 338.00 2'159.62

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

31.12.2009 31.12.2010 2'906.0 3'447.0 0.53x 0.72x 111.0 357.0 13.90x 6.97x (246.0) 99.0 21.98x Profitability

31.12.2011 3'511.0 0.46x 373.0 4.34x 160.0 8.23x

31.12.2012 3'602.0 0.52x 359.0 5.17x 121.0 9.95x

359.00 226.00 6.27% 5.25% 4.16% 10.00% 8.11% 1.24% 10.0% 6.3% 3.4% 1.89 1.03 22.08% 51.53% 6.87 -

Price/ Cash Flow

.1 M .0 M .0 M .0 M .0 M

j-12

LTM-4Q

LTM

01/yy

01/yy -

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

FY+1 -

.0 M m-13

1.45 4.07 35.56% 24.60% 1.450 10 3.700 22'068 20'747 23'122 FY+2

12/13 Y 12/14 Y 3'624.8 3'769.8 0.57x 0.53x 360.9 386.7 5.98x 5.58x 152.4 168.3 12.06x 10.89x S&P Issuer Ratings

FQ+1

FQ+2

10.56 6.68 0.84 1.78 51.5% 33.2% 1.24 3.71 53.29 -

Sales/Revenue/Turnover

10.00

5'000.0

9.00

4'500.0

8.00

4'000.0

7.00

3'500.0

6.00

3'000.0

5.00 4.00

2'500.0 2'000.0

3.00

1'500.0

2.00

1'000.0

1.00

500.0

0.00 01.01.2010

.1 M

Fiscal Year Ended 31.12.2008 4'465.0 0.34x 390.0 3.87x 56.0 17.14x

500 450 400 350 300 250 200 150 100 50 0 m-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Georg Fischer AG Holdings By:

All

Holder Name BLACKROCK UBS FUND MANAGEMENT CREDIT SUISSE ASSET NORGES BANK SWISSCANTO FONDSLEIT SARASIN RUFFER LLP VONTOBEL ASSET MANAG SWISSCANTO FONDSLEIT NEW JERSEY DIVISION IST FUND MANAGERS PICTET & CIE PRUDENTIAL FINANCIAL LANDESBANK BERLIN IN LOMBARD ODIER DARIER VANGUARD GROUP INC SCHRODER INVESTMENT JULIUS BAER MULTICOO KBC GROUP NV PIONEER ASSET MANAGE

Firm Name Main First Bank AG Kepler Cheuvreux Helvea Credit Suisse EVA Dimensions Goldman Sachs Zuercher Kantonalbank Bank Vontobel AG

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

Analyst TOBIAS FAHRENHOLZ CHRISTOPH LADNER VOLKAN GOCMEN PATRICK LAAGER CRAIG STERLING WILLIAM WYMAN ARMIN RECHBERGER FABIAN HAECKI

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

Recommendation underperform buy reduce outperform overweight neutral/neutral market perform hold

Amt Held 210'119 123'905 93'377 80'709 80'453 54'924 42'667 37'800 33'997 31'189 30'375 27'968 24'100 23'848 23'205 22'316 21'218 14'682 13'919 12'088

% Out 5.12 3.02 2.28 1.97 1.96 1.34 1.04 0.92 0.83 0.76 0.74 0.68 0.59 0.58 0.57 0.54 0.52 0.36 0.34 0.29

Weighting

Change 1 5 2 5 5 3 3 3

M M M M U M M U

Latest Chg (18'546) 629 5'612 (4'824) 8'509 2'800 (495) 2'250 (2'216) 1'480 639 (4'215) (606) -

Target Price 455 500 370 490 #N/A N/A 400 #N/A N/A 400

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

File Dt Inst Type 21.05.2013 Investment Advisor 11.02.2012 Investment Advisor 27.03.2013 Investment Advisor 31.12.2012 Government 28.02.2013 Investment Advisor 31.01.2013 Unclassified 27.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 30.06.2012 Pension Fund (ERISA) 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor

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

Date 17.05.2013 15.05.2013 13.05.2013 18.04.2013 11.04.2013 11.03.2013 28.02.2013 27.02.2013

04.07.2013

Flughafen Zuerich AG Flughafen Zuerich AG operates the Zurich Airport. The Company constructs, leases, and maintains airport structures and equipment.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.07.2013) 52-Week Low (10.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FHZN SE EQUITY YTD Change FHZN SE EQUITY YTD % CHANGE

12/2012 01/yy 486.00 338.25 6'753.00 485.5 -0.10% 43.53% 94.25% 6.1 2'981.15 1'354.22 0.0 0.0 368.71 3'966.66

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

31.12.2009 31.12.2010 820.2 863.0 3.56x 3.83x 402.9 437.1 7.24x 7.57x 190.6 138.5 9.98x 16.93x Profitability

31.12.2011 905.4 3.48x 484.6 6.50x 169.8 11.78x

31.12.2012 948.8 3.77x 391.3 9.15x 94.7 27.24x

391.32 171.94 18.12% 12.37% 2.40% 5.17% 4.54% 0.24% 41.2% 18.1% 10.0% 1.60 1.17 33.29% 72.82% 9.19 -

Price/ Cash Flow

.0 M .0 M .0 M .0 M .0 M .0 M .0 M j-12

j-12

LTM-4Q

LTM

01/yy

01/yy -

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

FY+1 -

.0 M m-13

0.90 3.61 44.92% 17.41% 0.902 18 3.667 13'526 12'646 13'354 FY+2

12/13 Y 12/14 Y 966.5 981.5 4.05x 3.91x 522.4 527.0 7.58x 7.52x 137.8 197.0 20.00x 15.02x S&P Issuer Ratings

FQ+1

FQ+2

20.04.2012 A STABLE 6.75 3.38 2.52 3.46 72.8% 42.1% 0.24 0.32 39.82 -

Sales/Revenue/Turnover

8.00

1'000.0

7.00

900.0 800.0

6.00

700.0

5.00

600.0

4.00

500.0 400.0

3.00

300.0

2.00

200.0

1.00

100.0

0.00 01.01.2010

.0 M

Fiscal Year Ended 31.12.2008 855.1 3.14x 421.0 6.37x 121.3 12.61x

500 450 400 350 300 250 200 150 100 50 0 m-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Flughafen Zuerich AG Holdings By:

All

Holder Name CANTON OF ZURICH UNIVERSITIES SUPERAN CITY OF ZURICH CREDIT SUISSE AG LAZARD ASSET MANAGEM ARTIO GLOBAL MANAGEM TAUBE HODSON STONEX NORGES BANK DIMENSIONAL FUND ADV COMMONWEALTH BANK OF SWISSCANTO FONDSLEIT UBS FUND MANAGEMENT CREDIT SUISSE ASSET BLACKROCK PICTET & CIE FRANK RUSSELL TRUST CAPITAL GROUP COMPAN DEUTSCHE BANK AG VONTOBEL ASSET MANAG ZADIG GESTION (LUXEM

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

Firm Name

Analyst

Credit Suisse Bank Vontobel AG Morgan Stanley Goldman Sachs Nomura Commerzbank Corporates & Markets Zuercher Kantonalbank HSBC EVA Dimensions RBC Capital Markets Berenberg Bank Kepler Cheuvreux Main First Bank AG Barclays JPMorgan Silvia Quandt Research

PATRICK JNGLIN PASCAL FURGER DANIEL RUIVO NICK EDELMAN PETER LARKIN JOHANNES BRAUN ARMIN RECHBERGER JOSEPH P THOMAS CRAIG STERLING ANDREW JONES WILLIAM FOGGON RUXANDRA HARADAU-DOESER CHRISTIAN KORTH SUSANNA INVERNIZZI ELODIE RALL STEFAN KICK

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

Recommendation outperform hold Overwt/In-Line neutral/neutral reduce buy outperform overweight sell sector perform hold reduce outperform underweight overweight buy

Amt Held 2'046'595 342'593 309'476 199'712 185'229 183'681 174'707 79'876 59'066 53'815 48'979 46'084 45'925 40'620 39'390 36'922 35'400 33'700 32'160 30'207

% Out 33.33 5.58 5.04 3.25 3.02 2.99 2.85 1.3 0.96 0.88 0.8 0.75 0.75 0.66 0.64 0.6 0.58 0.55 0.52 0.49

Weighting

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

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

Latest Chg 1'900 (122'936) (104'647) (5'315) (1'395) (14'058) (784) (7'200) 2'337 (3'746) 19'500 (5'200) (9'292)

Target Price 500 440 470 472 437 530 #N/A N/A 490 #N/A N/A 410 458 374 520 430 470 410

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

File Dt 31.12.2012 19.07.2012 31.12.2012 21.11.2012 17.08.2012 22.02.2012 21.05.2008 31.12.2012 31.01.2013 31.01.2013 28.02.2013 31.01.2013 27.03.2013 21.05.2013 31.01.2013 31.05.2012 31.03.2013 29.03.2013 31.01.2013 31.12.2012

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

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

Date 15.05.2013 14.05.2013 16.04.2013 16.04.2013 11.04.2013 05.04.2013 05.04.2013 03.04.2013 26.03.2013 22.03.2013 20.03.2013 20.03.2013 04.02.2013 23.01.2013 27.11.2012 21.08.2012

04.07.2013

DKSH Holding AG DKSH Holding Limited is an international marketing and services group. The Company offers a comprehensive package of services that includes organizing and running the entire value chain for any product: from sourcing, research and analysis, marketing, sales, distribution and logistics to after-sales services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DKSH SE EQUITY YTD Change DKSH SE EQUITY YTD % CHANGE

12/2012 01/yy 88.47 49.13 71'784.00 80.55 -8.96% 63.95% 77.32% 63.5 5'114.92 199.40 0.0 33.4 253.60 5'094.12

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

.8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008

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

31.12.2009 31.12.2010 6'356.4 7'295.4 168.3 241.6 72.7 128.4 Profitability

31.12.2011 7'340.0 274.3 147.1 -

31.12.2012 8'834.1 0.47x 320.7 12.98x 201.2 20.72x

320.70 278.00 3.15% 3.26% 6.26% 18.57% 16.03% 2.75% 3.6% 3.1% 2.3% 1.48 0.94 5.94% 17.03% 5.64 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 25.51 58.81% 23.63% 11 3.182 107'948 128'021 137'359 FY+2

12/13 Y 12/14 Y 10'107.1 11'161.0 0.50x 0.45x 377.1 427.3 13.56x 11.97x 212.2 242.1 24.44x 21.51x S&P Issuer Ratings

.0 M m-13

FQ+1

FQ+2

34.12 29.04 -0.17 0.62 17.0% 14.2% 2.75 60.61 64.95 -

Sales/Revenue/Turnover

30.00

10'000.0 9'000.0

25.00

8'000.0 7'000.0

20.00

6'000.0

15.00

5'000.0 4'000.0

10.00

3'000.0 2'000.0

5.00 0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

DKSH Holding AG Holdings By:

All

Holder Name DIETHELM KELLER HOLD BLACKROCK CAPITAL GROUP COMPAN CREDIT SUISSE ASSET RUFFER LLP MATTHEWS INTERNATION FMR LLC PICTET & CIE VIRTUS INVESTMENT AD UBS FUND MANAGEMENT LOMBARD ODIER DARIER SWISSCANTO FONDSLEIT JULIUS BAER MULTICOO FIDELITY INVESTMENT LOMBARD ODIER DARIER AMERICAN CENTURY COM DEUTSCHE BANK AG WASATCH ADVISORS INC DEKA INVESTMENT GMBH MIRABAUD & CIE

Firm Name Deutsche Bank Kepler Cheuvreux Religare Capital Markets HSBC Credit Suisse Main First Bank AG Helvea Zuercher Kantonalbank Berenberg Bank Bank Vontobel AG

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

Analyst ANDY CHU BETTINA EDMONDSTON PETER WILLIAMSON RAJESH KUMAR ANDY GROBLER ALAIN-SEBASTIAN OBERHUBER CHRISTIAN BURGER MARCO STRITTMATTER KONRAD ZOMER JEAN-PHILIPPE BERTSCHY

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

Recommendation hold hold buy underweight neutral outperform neutral market perform sell hold

Amt Held 37'989'380 2'219'369 1'300'425 657'394 394'500 386'901 340'230 294'266 223'653 206'032 157'740 128'359 105'544 103'880 100'000 98'269 95'000 94'688 93'500 85'496

% Out 59.83 3.5 2.05 1.04 0.62 0.61 0.54 0.46 0.35 0.32 0.25 0.2 0.17 0.16 0.16 0.15 0.15 0.15 0.15 0.13

Weighting

Change 3 3 5 1 3 5 3 3 1 3

M M M N M M M M D M

Latest Chg 8'721'650 438'593 (3'338) 386'901 332'248 10'810 68'723 2'576 220 324 (3'874) 7'500 100 (33'000) 94'688 25'000 13'807

Target Price 89 80 85 50 83 95 74 #N/A N/A 72 75

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

File Dt 17.04.2013 21.05.2013 31.03.2013 27.03.2013 27.12.2012 31.12.2012 31.10.2012 31.01.2013 28.03.2013 29.03.2013 31.03.2013 28.02.2013 31.01.2013 31.12.2012 31.10.2012 31.03.2013 28.03.2013 31.03.2013 28.12.2012 31.12.2012

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 24.04.2013 24.04.2013 24.04.2013 22.04.2013 14.03.2013 13.03.2013 13.03.2013 12.03.2013 12.03.2013 12.03.2013

04.07.2013

Bucher Industries AG Bucher Industries AG manufactures food processing machinery, vehicles, and hydraulic components. The Company produces fruit and vegetable juice processing machinery, fodder harvesters, plows, seed drills, feed mixers, plant sprayers, spreaders, tractors, street sweepers, and snow blowers. Bucher operates worldwide.

Price/Volume

200

.1 M .0 M .0 M

100

12/2012 09/yy 238.00 153.10 18'615.00 226.9 -4.66% 48.20% 85.87% 10.3 2'325.72 499.70 0.0 35.4 480.30 2'380.52

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

.1 M

150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BUCN SE EQUITY YTD Change BUCN SE EQUITY YTD % CHANGE

31.12.2008 2'788.9 0.42x 262.3 4.45x 143.3 7.30x

250

LTM-4Q

31.12.2009 31.12.2010 2'142.1 2'033.7 0.58x 0.86x 113.1 151.6 11.08x 11.50x (26.0) 95.4 18.33x Profitability

31.12.2011 2'336.0 0.73x 260.1 6.57x 124.7 13.12x

31.12.2012 2'609.0 0.70x 305.0 5.95x 149.9 11.73x

305.00 229.80 8.81% 8.30% 6.66% 18.05% 1.16% 11.7% 8.8% 5.7% 1.68 0.98 22.15% 56.76% 6.28 -

Price/ Cash Flow

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

LTM 09/yy 550.5 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M m-13

1.18 8.18 43.67% 29.06% 1.182 11 3.818 8'075 13'333 14'899 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 2'693.8 2'788.7 575.0 669.3 0.87x 0.81x 326.6 345.4 7.29x 6.89x 168.0 179.6 67.4 13.12x 12.28x S&P Issuer Ratings

18.05 12.50 0.06 1.64 56.8% 35.3% 1.16 5.63 58.25 -

Sales/Revenue/Turnover

14.00

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0 6.00

1'000.0 4.00

500.0

2.00 0.00 01.01.2010

0.0 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 |

04.07.2013

Bucher Industries AG Holdings By:

All

Holder Name HAUSER MICHAEL BUCHER INDUSTRIES AG BUCHER BETEILIGUNGSHAUSER ANITA BLACKROCK NORGES BANK UBS FUND MANAGEMENT SARASIN SWISSCANTO FONDSLEIT HARRIS ASSOCIATES LP LOMBARD ODIER DARIER VONTOBEL ASSET MANAG IST FUND MANAGERS NEW JERSEY DIVISION CREDIT SUISSE ASSET MOSIMANN PHILIP SCHRODER INVESTMENT NEUBERGER BERMAN LLC ODIN FORVALTNING AS JULIUS BAER MULTICOO

Firm Name Goldman Sachs Berenberg Bank Bank am Bellevue Helvea Kepler Cheuvreux Bank Vontobel AG Credit Suisse Zuercher Kantonalbank Mirabaud Securities EVA Dimensions

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

Analyst ESHAN TOORABALLY FREDERIK BITTER MICHAEL ROOST STEFAN GAECHTER CHRISTOPH LADNER FABIAN HAECKI PATRICK LAAGER ARMIN RECHBERGER THOMAS BAUMANN CRAIG STERLING

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

Recommendation neutral/neutral hold hold accumulate buy hold neutral outperform buy overweight

Amt Held 604'008 465'073 440'750 438'779 345'239 264'680 151'197 122'780 114'708 100'520 93'035 81'900 79'564 60'000 58'695 52'478 49'020 47'361 46'069 45'620

% Out 5.89 4.54 4.3 4.28 3.37 2.58 1.48 1.2 1.12 0.98 0.91 0.8 0.78 0.59 0.57 0.51 0.48 0.46 0.45 0.45

Weighting

Change 3 3 3 4 5 3 3 5 5 5

M M M M M M M U M M

Latest Chg 27'996 (3'080) (4'744) (205) 3'400 (1'288) 13'317 (1'246) 38'558 1'360 (186)

Target Price 212 220 225 255 250 240 230 #N/A N/A 250 #N/A N/A

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

File Dt Inst Type 31.12.2012 n/a 31.12.2012 Corporation 31.12.2012 Corporation 31.12.2012 n/a 21.05.2013 Investment Advisor 31.12.2012 Government 31.01.2013 Investment Advisor 31.01.2013 Unclassified 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2012 Pension Fund (ERISA) 27.03.2013 Investment Advisor 31.12.2012 n/a 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.01.2013 Investment Advisor

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

Date 08.05.2013 01.05.2013 29.04.2013 26.04.2013 27.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 17.01.2013

04.07.2013

Temenos Group AG Temenos Group AG provides integrated software for the banking sector. The Company develops, distributes, implements, and supports its process-oriented, real-time enterprise software designed for the management of administrative tasks at banks and financial services companies. Temenos operates offices in Europe, North America, Asia, and the Middle East.

Price/Volume 30

7.0 M 6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (10.05.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEMN SE EQUITY YTD Change TEMN SE EQUITY YTD % CHANGE

12/2012 03/yy 23.89 9.83 158'815.00 22.7 -4.97% 130.89% 88.35% 72.0 1'634.93 215.84 0.0 0.0 117.73 1'829.77

4.0 M

3.0 M 2.0 M

1.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

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

8.0 M

Valuation Analysis

31.12.2008 406.9 2.23x 100.2 9.04x 64.7 11.83x

9.0 M

31.12.2009 31.12.2010 370.3 448.0 4.56x 6.65x 127.4 123.1 13.25x 24.19x 68.6 61.6 22.14x 42.37x Profitability

LTM-4Q 31.12.2011 473.5 2.61x 88.5 13.95x (28.3) -

31.12.2012 450.2 2.91x 107.9 12.13x 24.2 50.07x

107.92 48.12 10.69% 8.17% 4.53% 10.61% 7.66% 0.52% 68.3% 26.5% 13.6% 5.4% 1.27 1.27 23.91% 55.81% 1.92 -

Price/ Cash Flow

03/yy 470.7 13.29x 93.1 15.76x (28.8) 0.00x

LTM 03/yy 453.5 12.67x 120.3 15.20x 39.2 41.70x

FY+1

1.52 63.29 47.87% 43.71% 1.521 16 3.563 277'177 224'397 289'432 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 476.2 513.1 112.0 120.0 3.73x 3.33x 16.67x 15.21x 140.1 160.7 29.9 38.0 13.09x 11.41x 12.03x 11.60x 72.8 90.0 14.8 21.7 20.90x 17.76x 19.89x 19.40x S&P Issuer Ratings

15.41 14.62 0.98 1.75 55.8% 35.8% 0.52 32.75 190.06 -

Sales/Revenue/Turnover

35.00

500.0 450.0

30.00

400.0

25.00

350.0 300.0

20.00

250.0 200.0

15.00

150.0

10.00

100.0 5.00 0.00 01.01.2010

50.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Temenos Group AG Holdings By:

All

Holder Name MASSACHUSETTS MUTUAL OPPENHEIMERFUNDS INC PATINEX AG ALKEN LUXEMBOURG SAR TEMENOS GROUP AG BLACKROCK ODDO ASSET MANAGEMEN CREDIT SUISSE ASSET UBS FUND MANAGEMENT AVIVA PLC STANDARD LIFE INVEST ZADIG GESTION LUXEMB NORGES BANK CLASSIC FUND MGMT AG VONTOBEL ASSET MANAG ZUERCHER KANTONALBAN ZADIG GESTION (LUXEM PICTET & CIE YORK CAPITAL MANAGME SWISSCANTO FONDSLEIT

Firm Name Bank am Bellevue Bryan Garnier & Cie Bank Vontobel AG Morgan Stanley Bankhaus Metzler Baader Bank Berenberg Bank Exane BNP Paribas Helvea Barclays Goldman Sachs Zuercher Kantonalbank Kepler Cheuvreux EVA Dimensions

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

Analyst MICHAEL STUDER GREGORY RAMIREZ TAKIS SPILIOPOULOS ADAM WOOD ULRICH TRABERT KNUT WOLLER DAUD KHAN JOSEP BORI STEFAN GAECHTER GERARDUS VOS MOHAMMED MOAWALLA ANDREAS MUELLER FELIX LEVIOUS ANDREW S ZAMFOTIS

Source EXCH MF-AGG Co File Co File EXCH ULT-AGG Co File Co File Co File Co File RNS-RUL8 EXCH RNS-RUL8 MF-AGG MF-AGG RNS-RUL8 MF-AGG MF-AGG RNS-RUL8 MF-AGG

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

Amt Held 7'245'349 6'496'490 3'722'992 3'638'595 2'450'500 2'316'060 2'189'949 2'177'404 2'176'515 2'170'741 2'038'000 1'875'000 1'331'523 1'270'000 1'173'500 1'083'505 1'057'245 1'038'084 975'000 958'652

% Out 10.06 9.02 5.17 5.05 3.4 3.22 3.04 3.02 3.02 3.01 2.83 2.6 1.85 1.76 1.63 1.5 1.47 1.44 1.35 1.33

Weighting

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

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

Latest Chg 54'885 15'157 (42'009) (94'634) (1'254'000) 7'394 125'000 (6'000) (48'736) 1'879 105'000 (60'586)

Target Price 25 28 25 24 17 16 12 22 22 24 25 #N/A N/A 24 #N/A N/A

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

File Dt Inst Type 03.05.2013 Insurance Company 31.03.2013 Investment Advisor 27.03.2013 Private Equity 27.03.2013 Investment Advisor 23.04.2013 Corporation 21.05.2013 Investment Advisor 27.03.2013 Investment Advisor 27.03.2013 Investment Advisor 27.03.2013 Investment Advisor 27.03.2013 Investment Advisor 08.03.2012 Investment Advisor 16.04.2013 Other 10.02.2012 Government 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 09.02.2012 Hedge Fund Manager 28.02.2013 Investment Advisor

Date Not Provided 6 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

Date 21.05.2013 21.05.2013 16.05.2013 15.05.2013 25.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 09.04.2013 26.03.2013 25.03.2013 17.01.2013

04.07.2013

Nobel Biocare Holding AG Nobel Biocare Holding AG develops and produces dental implants and dental prosthetics. The Company manufactures permanent replacements for tooth roots, and dental crowns and bridges. Nobel Biocare sells under the brand names Branemark System, Steri-Oss/Replace, and Procera on the global market.

Price/Volume 14

4.0 M

3.5 M 3.0 M

2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.06.2013) 52-Week Low (21.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NOBN SE EQUITY YTD Change NOBN SE EQUITY YTD % CHANGE

12/2012 03/yy 12.80 6.94 99'076.00 11.4 -10.94% 64.16% 74.38% 123.8 1'411.14 99.51 0.0 0.0 154.94 1'076.50

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

1.5 M

1.0 M

.5 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 619.2 2.93x 161.1 11.26x 109.7 15.96x

2.0 M

LTM-4Q

31.12.2009 31.12.2010 581.4 576.6 4.95x 3.02x 169.4 114.5 16.98x 15.22x 105.8 45.7 27.21x 38.35x Profitability

31.12.2011 569.2 1.97x 104.6 10.71x 39.8 28.05x

31.12.2012 580.5 1.26x 100.7 7.29x 45.8 17.37x

100.72 68.69 11.83% 10.51% 7.44% 15.09% 11.88% 0.94% 75.4% 17.0% 11.6% 7.9% 2.24 1.86 16.57% 30.61% 5.33 6.51

Price/ Cash Flow

03/yy 573.3 8.84x 110.4 10.60x 40.4 29.31x

LTM 03/yy 574.4 6.24x 97.6 9.22x 45.4 21.11x

FY+1

.0 M m-13

1.46 107.96 17.78% 50.03% 1.459 24 2.000 264'213 369'578 478'374 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 565.3 584.4 144.3 126.8 1.90x 1.76x 7.71x 8.70x 97.6 106.6 27.0 21.7 11.03x 10.10x 10.55x 10.32x 48.5 54.9 13.4 7.9 23.20x 20.70x 21.98x 21.83x S&P Issuer Ratings

19.81 18.32 -0.68 1.02 30.6% 23.4% 0.94 7.66 68.48 56.09 38.54 76.25

Sales/Revenue/Turnover

25.00

700.0 600.0

20.00

500.0 15.00

400.0 300.0

10.00

200.0 5.00

0.00 01.01.2010

100.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Nobel Biocare Holding AG Holdings By:

All

Holder Name FRANKLIN RESOURCES SILCHESTER INTL INVE INVESCO LTD GOVT OF SINGAPORE IN GOVERNANCE FOR OWNER NORGES BANK CREDIT SUISSE ASSET VANGUARD GROUP INC NEW JERSEY DIVISION UNION INVESTMENT GMB MASON STREET ADVISOR CAPITAL GROUP COMPAN UNION INVESTMENT LUX SWISSCANTO FONDSLEIT NOBEL BIOCARE HOLDIN UBS FUND MANAGEMENT PICTET & CIE VALIC CO I SCHRODER INVESTMENT SOCIETE GENERALE

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

Firm Name

Analyst

Sanford C. Bernstein & Co Barclays Deutsche Bank Commerzbank Corporates & Markets Jefferies Northcoast Research Kepler Cheuvreux Helvea Bank am Bellevue HSBC Berenberg Bank Bank Vontobel AG S&P Capital IQ Main First Bank AG Morgan Stanley Credit Suisse JPMorgan Exane BNP Paribas Zuercher Kantonalbank Goldman Sachs Bryan Garnier & Cie EVA Dimensions

LISA BEDELL CLIVE ALEXANDER KLEBAN YI-DAN WANG OLIVER METZGER INGEBORG OIE EDWIN SNYDER MAJA PATAKI SIMON GOETSCHMANN GINA FRANCIOLI HENDRIK LOFRUTHE TOM JONES CARLA BAENZIGER JACOB THRANE STEPHAN VOLLERT MICHAEL K JUNGLING CHRISTOPH GRETLER DAVID J ADLINGTON JULIEN DORMOIS SIBYLLE BISCHOFBERGER FRICK VERONIKA DUBAJOVA MATHIEU CHABERT ANDREW S ZAMFOTIS

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

Recommendation market perform underweight sell hold hold sell reduce neutral sell underweight buy hold hold underperform Underwt/Attractive neutral underweight underperform underperform neutral/neutral sell underweight

Amt Held 17'582'488 12'626'019 11'555'987 6'808'148 3'961'104 3'768'834 2'529'645 2'252'015 2'183'120 2'000'000 1'714'400 1'350'000 1'323'847 1'315'904 981'139 679'476 528'050 470'472 365'670 348'312

% Out 14.2 10.2 9.34 5.5 3.2 3.04 2.04 1.82 1.76 1.62 1.38 1.09 1.07 1.06 0.79 0.55 0.43 0.38 0.3 0.28

Weighting

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

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

Latest Chg 8'705'317 336'218 (101) 626'219 (232'723) 1'714'400 435 (7'020) (1'628) 70'200 (154'692) 5'967

Target Price 10 7 6 10 10 7 10 10 8 9 12 11 12 10 7 11 8 9 #N/A N/A 9 9 #N/A N/A

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

File Dt Inst Type 28.03.2013 Investment Advisor 31.12.2012 Investment Advisor 20.05.2013 Investment Advisor 31.12.2012 Government 31.12.2012 Other 05.02.2013 Government 27.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2012 Pension Fund (ERISA) 28.09.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.09.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Unclassified 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Bank

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

Date 23.05.2013 22.05.2013 09.05.2013 02.05.2013 02.05.2013 01.05.2013 29.04.2013 29.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 18.03.2013 20.02.2013 19.02.2013 23.01.2013

04.07.2013

Allreal Holding AG Allreal Holding AG develops and manages real estate. The Company operates as a general contractor offering planning, architect, and construction management services. Allreal also provides renovation services and manages a portfolio of apartment, office, and commercial buildings.

Price/Volume 160 140 120 100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (11.02.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALLN SE EQUITY YTD Change ALLN SE EQUITY YTD % CHANGE

12/2012 01/yy 139.50 126.57 13'605.00 132.7 -4.87% 4.84% 37.34% 15.9 2'115.46 1'563.60 0.0 0.0 26.10 3'652.96

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

40 20 0 m-12

31.12.2009 31.12.2010 215.8 656.0 13.28x 4.84x 137.9 170.3 20.78x 18.66x 88.6 116.4 15.75x 15.48x Profitability

31.12.2011 831.8 4.16x 182.6 18.93x 146.8 12.93x

31.12.2012 868.6 4.36x 172.3 21.97x 98.0 22.29x

172.30 171.20 15.75% 14.76% 2.57% 5.56% 2.90% 0.23% 19.8% 11.3% 39.81% 81.83% -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.55 15.30 -0.90% -2.09% 0.550 4 2.500 20'384 18'166 15'934 FY+2

12/13 Y 12/14 Y 280.3 296.0 13.52x 12.88x 196.7 212.7 18.57x 17.17x 123.3 137.0 18.31x 16.42x S&P Issuer Ratings

FQ+1

FQ+2

3.92 -0.79 8.92 9.07 81.8% 45.0% 0.23 -

Sales/Revenue/Turnover

50.00

1'000.0

45.00

900.0

40.00

800.0

35.00

700.0

30.00

600.0

25.00 20.00

500.0 400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 207.9 12.02x 136.9 18.25x 90.7 13.39x

.1 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M .0 M .0 M m-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Allreal Holding AG Holdings By:

All

Holder Name HELVETIA PATRIA GRUP BVK PERSONALVORSORGE SCHWEIZERISCHE MOBIL CREDIT SUISSE ASSET NORGES BANK BLACKROCK DIMENSIONAL FUND ADV SWISSCANTO FONDSLEIT VONTOBEL ASSET MANAG UBS FUND MANAGEMENT PICTET & CIE VANGUARD GROUP INC RAIFFEISEN SCHWEIZ L IAM INDEPENDENT ASSE JULIUS BAER ASSET MA SEI INVESTMENT MANAG VONTOBEL ASSET MANAG ALLREAL HOLDING AG KBC GROUP NV BETTONI BRUNO

Firm Name Bank Vontobel AG EVA Dimensions Zuercher Kantonalbank

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

Analyst STEFAN SCHUERMANN AUSTIN BURKETT MARKUS WAEBER

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

Recommendation hold sell market perform

Amt Held 6'737'352 603'490 445'814 378'370 223'408 222'715 172'497 150'863 148'330 92'335 89'079 84'673 41'800 36'897 28'658 25'943 19'200 15'496 14'536 11'280

% Out 42.26 3.79 2.8 2.37 1.4 1.4 1.08 0.95 0.93 0.58 0.56 0.53 0.26 0.23 0.18 0.16 0.12 0.1 0.09 0.07

Weighting

Change 3 1 3

M D D

Latest Chg 382'059 (2'647) 1'310 956 (1'231) 270 (428) 8'835 7'901 (4'890) (21'500) (279) (800) (33'906) (1) -

Target Price 150 #N/A N/A #N/A N/A

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

File Dt 20.09.2012 31.12.2009 11.05.2010 27.03.2013 31.12.2012 21.05.2013 31.01.2013 28.02.2013 31.01.2013 31.01.2013 31.01.2013 31.03.2013 31.01.2013 31.01.2013 31.03.2013 30.04.2013 31.01.2013 16.05.2012 31.03.2013 31.12.2009

Date Not Provided Not Provided Not Provided

Inst Type Other Investment Advisor Holding Company Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Holding Company Investment Advisor n/a

Date 13.03.2013 12.03.2013 16.01.2013

04.07.2013

Banque Cantonale Vaudoise Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private, and corporate banking services. The Bank offers consumer loans, treasury management, pension funds, and investment management services, trades in commodities, advises on mergers and acquisitions, and offers securities brokerage services. BCV operates primarily in the Canton of Vaud.

Price/Volume 600 500 400 300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.04.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (7/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 BCVN SE EQUITY YTD Change BCVN SE EQUITY YTD % CHANGE

12/2012 12/yy 549.04 445.00 5'014.00 481 -12.39% 8.09% 31.48% 8.6 4'139.58 8'415.00 0.0 1.0 6'742.00 -

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

1.20

100 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 1'565.7 356.3 7.68x

200

31.12.2009 31.12.2010 1'371.2 1'351.6 300.6 313.2 11.77x 13.49x Profitability

LTM-4Q 31.12.2011 1'351.7 302.1 13.00x

31.12.2012 1'321.2 311.0 13.43x 36.52% 37.66% 0.80% 11.99% 2.88% 0.03% 29.1% 21.14% 322.41% -

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M m-13

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

LTM 12/yy 1'229.4 0.00x 0.0 0.00x 311.0 13.74x

FY+1

0.83 2.81 1.45% 5.27% 0.835 7 2.714 10'966 12'444 10'772 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 992.8 1'018.8 252.0 247.0 284.0 293.8 14.53x 14.07x S&P Issuer Ratings

05.12.2011 AA STABLE 02.12.2008 A-1+ 322.4% 76.3% 0.03 2.12 -

Sales/Revenue/Turnover

2'000.0 1'800.0

1.00

1'600.0 1'400.0

0.80 0.60 0.40

1'200.0 1'000.0 800.0 600.0 400.0

0.20

200.0 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 |

04.07.2013

Banque Cantonale Vaudoise Holdings By:

All

Holder Name CANTON OF VAUD NORGES BANK UBS FUND MANAGEMENT CREDIT SUISSE ASSET THORNBURG INVESTMENT VANGUARD GROUP INC BLACKROCK SWISSCANTO FONDSLEIT SCHRODER INVESTMENT NEW JERSEY DIVISION PICTET & CIE ALLIANZ ASSET MANAGE VONTOBEL ASSET MANAG BNP PARIBAS INV PART SCHRODER INVESTMENT PRUDENTIAL FINANCIAL BARING FUND MANAGERS SARASIN KIENER PASCAL PARVEST INVESTMENT M

Firm Name EVA Dimensions Bank am Bellevue Bank Vontobel AG Helvea Main First Bank AG Zuercher Kantonalbank

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

Analyst AUSTIN BURKETT MARC DEUSTER TERESA NIELSEN TIM DAWSON KILIAN MAIER ANDREAS VENDITTI

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

Recommendation underweight hold hold neutral underperform market perform

Amt Held 5'766'154 87'516 78'642 44'474 44'400 34'769 29'650 28'972 24'900 24'618 23'928 20'887 19'800 17'437 16'170 15'833 12'574 9'201 8'355 8'293

% Out 67 1.02 0.91 0.52 0.52 0.4 0.34 0.34 0.29 0.29 0.28 0.24 0.23 0.2 0.19 0.18 0.15 0.11 0.1 0.1

Weighting

Change 1 3 3 3 1 3

U M M M M M

Latest Chg (16'496) (1'391) 3'856 (11'381) 45 6'305 399 (600) (1'071) 915 666

Target Price #N/A N/A 480 510 519 490 #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 Government 31.12.2012 Government 31.01.2013 Investment Advisor 27.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 21.05.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Pension Fund (ERISA) 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 28.09.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 31.12.2012 n/a 28.02.2013 Investment Advisor

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

Date 22.05.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 15.02.2013

04.07.2013

Kaba Holding AG Kaba Holding AG provides mechanical and electronic security systems. The Company offers individually tailored "Total Access Control" including high-security locking devices for heavy safes, modular access and time management applications, as well as no-contact identification technology.

Price/Volume 450

.1 M

400

.1 M

350

.1 M

300

.1 M

250

Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KABN SE EQUITY YTD Change KABN SE EQUITY YTD % CHANGE

06/2012 01/yy 412.25 338.25 5'296.00 363.5 -11.83% 7.46% 25.68% 3.8 1'386.76 113.80 0.0 0.8 125.60 1'377.16

30.06.2008 1'303.7 1.22x 206.3 7.73x 97.1 12.15x

.0 M

150 100

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

.0 M

200

Valuation Analysis

30.06.2009 30.06.2010 1'166.1 952.1 0.94x 1.40x 174.6 166.8 6.25x 7.96x 70.7 86.9 10.86x 13.94x Profitability

30.06.2011 945.2 1.50x 122.7 11.59x 221.6 25.54x

30.06.2012 947.5 1.43x 153.7 8.83x 88.2 16.00x

153.70 122.60 12.94% 12.38% 9.26% 16.65% 1.02% 15.8% 12.5% 9.3% 1.47 0.90 11.92% 20.60% 6.29 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.81 2.98 3.08% -6.19% 0.806 7 3.286 6'591 8'192 9'069 FY+2

06/13 Y 06/14 Y 955.5 976.8 1.41x 1.33x 146.3 155.5 9.41x 8.86x 80.6 87.1 17.37x 15.94x S&P Issuer Ratings

.0 M m-13

FQ+1

FQ+2

31.37 27.86 -0.07 0.83 20.6% 17.1% 1.02 5.97 58.16 -

Sales/Revenue/Turnover

16.00

1'400.0

14.00

1'200.0

12.00

1'000.0

10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

04.07.2013

Kaba Holding AG Holdings By:

All

Holder Name BLACKROCK FORRER KARIN GEKLA AG BREMI ULRICH KUENZLE CREED HARRIS ASSOCIATES LP NG KIN SHEK COLLEGE RETIREMENT E PICTET & CIE NORGES BANK SARASIN SWISSCANTO FONDSLEIT UBS FUND MANAGEMENT DUBS-KUENZLE KARINA CREDIT SUISSE ASSET VONTOBEL ASSET MANAG LOMBARD ODIER DARIER IST FUND MANAGERS OPPENHEIMERFUNDS INC NEUBERGER BERMAN LLC

Firm Name Main First Bank AG Bank Vontobel AG Helvea Credit Suisse EVA Dimensions Zuercher Kantonalbank

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

Analyst TOBIAS FAHRENHOLZ SERGE ROTZER PATRICK APPENZELLER PATRICK LAAGER CRAIG STERLING ANDREAS MUELLER

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

Recommendation outperform hold neutral neutral hold market perform

Amt Held 172'981 153'020 140'000 138'228 127'452 113'000 112'815 101'785 95'153 93'398 65'800 56'760 50'729 35'744 34'484 32'000 31'472 27'183 24'983 17'605

% Out 4.53 4.01 3.67 3.62 3.34 2.96 2.96 2.67 2.49 2.45 1.72 1.49 1.33 0.94 0.9 0.84 0.82 0.71 0.65 0.46

Weighting

Change 5 3 3 3 3 3

M M M M U D

Latest Chg (3'432) (60'274) (15'539) 7'036 (1'550) (52) (432) 13 (1'000) (90) (662) 6'840

Target Price 400 360 370 350 #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 21.05.2013 30.06.2012 30.06.2012 30.06.2012 30.06.2012 07.09.2011 27.07.2009 08.10.2009 31.01.2013 31.12.2012 31.01.2013 28.02.2013 31.01.2013 30.06.2012 27.03.2013 31.01.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 25.04.2013 23.04.2013 23.04.2013 22.04.2013 21.03.2013 13.03.2013

04.07.2013

Valiant Holding Valiant Holding AG, through its subsidiaries, provides financial services in Switzerland. The company offers a range of products and services in the areas of retail banking, business banking, private banking, and asset management.

Price/Volume 120

.5 M .4 M

100

.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.07.2012) 52-Week Low (31.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VATN SE EQUITY YTD Change VATN SE EQUITY YTD % CHANGE

12/2012 01/yy 104.01 73.16 20'885.00 84.3 -18.95% 15.23% 29.96% 15.8 1'331.30 6'510.11 0.0 0.0 1'814.22 -

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

1.20 1.00

.3 M .2 M

.2 M .1 M

.1 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 731.7 148.6 21.96x

.3 M

31.12.2009 31.12.2010 731.2 707.1 148.5 122.5 22.77x 16.88x Profitability

31.12.2011 693.4 127.6 14.72x

31.12.2012 629.3 127.0 10.82x 26.59% 33.34% 0.43% 6.48% 1.33% 0.02% 28.3% 25.93% 389.86% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.61 14.97 -16.57% 0.71% 0.612 2 3.000 27'862 23'515 24'451 FY+2

12/13 Y 12/14 Y 375.0 400.0 91.0 113.0 14.48x 11.66x S&P Issuer Ratings

.0 M m-13

FQ+1

FQ+2

389.9% 79.6% 0.02 3.47 -

Sales/Revenue/Turnover

800.0 700.0 600.0

0.80 0.60

500.0 400.0 300.0

0.40 0.20

200.0 100.0 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 |

04.07.2013

Valiant Holding Holdings By:

All

Holder Name HIGHCLERE INTL INVES NORGES BANK UBS FUND MANAGEMENT VALIANT HOLDING AG PICTET & CIE CREDIT SUISSE ASSET VANGUARD GROUP INC DIMENSIONAL FUND ADV VONTOBEL ASSET MANAG BLACKROCK SWISSCANTO FONDSLEIT HAEUSERRMANN MARKUS STREIT KURT BEYELER ROLF HOBMEIER MICHAEL UBS GLOBAL ASSET MAN NYFFELER PAUL PICTET ASSET MANAGEM ZGRAGGEN EDUARD GAFNER MARTIN

Firm Name EVA Dimensions Main First Bank AG

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

Analyst AUSTIN BURKETT KILIAN MAIER

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

Recommendation underweight outperform

Amt Held 482'652 381'893 306'637 145'350 139'528 132'152 88'795 68'774 53'000 42'572 41'436 36'272 31'598 27'445 26'149 21'030 19'638 17'752 16'576 15'430

% Out 3.06 2.42 1.94 0.92 0.88 0.84 0.56 0.44 0.34 0.27 0.26 0.23 0.2 0.17 0.17 0.13 0.12 0.11 0.1 0.1

Weighting

Change 1 5

U M

Latest Chg 11'608 67'505 (456) 5'544 (10'857) 17'752 -

Target Price #N/A N/A 100

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

File Dt 27.03.2013 31.12.2012 31.01.2013 28.06.2011 31.01.2013 27.03.2013 31.03.2013 31.01.2013 31.01.2013 21.05.2013 28.02.2013 31.12.2010 31.12.2010 31.12.2010 31.12.2010 31.01.2013 31.12.2010 31.01.2013 31.12.2010 31.12.2010

Date Not Provided 12 month

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

Date 22.04.2013 06.03.2013

04.07.2013

Mobimo Holding AG Mobimo Holding AG builds and renovates residential real estate and invests in commercial real estate.

Price/Volume 250

.1 M

200

.1 M .0 M

150

.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2012) 52-Week Low (03.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MOBN SE EQUITY YTD Change MOBN SE EQUITY YTD % CHANGE

100

12/2012 01/yy 218.54 185.10 9'520.00 190.8 -12.69% 3.08% 8.97% 6.2 1'184.66 1'062.91 0.0 3.5 97.65 2'153.39

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

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 197.2 6.14x 69.3 17.48x 45.0 13.65x

.0 M

31.12.2009 31.12.2010 258.7 177.3 6.61x 10.81x 74.4 69.6 22.97x 27.52x 62.5 66.0 12.50x 15.35x Profitability

31.12.2011 230.0 9.10x 81.1 25.80x 80.5 13.45x

31.12.2012 252.4 9.22x 83.7 27.78x 76.3 17.75x

83.72 81.44 21.39% 37.11% 3.05% 6.44% 3.38% 0.10% 33.2% 30.2% 42.20% 88.76% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.62 5.58 -9.82% -9.00% 0.618 5 2.600 17'413 13'455 12'103 FY+2

12/13 Y 12/14 Y 131.0 132.0 17.25x 18.42x 99.7 96.2 21.59x 22.37x 58.5 57.7 22.00x 21.97x S&P Issuer Ratings

.0 M m-13

FQ+1

FQ+2

3.05 -1.29 11.53 12.70 88.8% 47.0% 0.10 -

Sales/Revenue/Turnover

70.00

300.0

60.00

250.0

50.00

200.0

40.00

150.0 30.00

100.0 20.00

50.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Mobimo Holding AG Holdings By:

All

Holder Name PENSIONSKASSE DES KA MIGROS COOPERATIVE A CREDIT SUISSE ASSET BLACKROCK NORGES BANK MEILI ALFRED UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT VANGUARD GROUP INC REICHMUTH & CO LEDERMANN URS FMR LLC DIMENSIONAL FUND ADV IAM INDEPENDENT ASSE PICTET & CIE MORGAN STANLEY SARASIN MIRABAUD & CIE STATE STREET JULIUS BAER ASSET MA

Firm Name Bank Vontobel AG EVA Dimensions Zuercher Kantonalbank Kempen & Co

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

Analyst STEFAN SCHUERMANN AUSTIN BURKETT MARKUS WAEBER ROBERT WOERDEMAN

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

Recommendation hold sell market perform underweight

Amt Held 209'861 204'894 199'386 190'613 172'512 134'560 85'955 81'809 43'128 41'500 34'650 31'042 30'405 26'534 26'469 21'769 20'194 12'777 12'380 12'299

% Out 3.38 3.3 3.21 3.07 2.78 2.17 1.38 1.32 0.69 0.67 0.56 0.5 0.49 0.43 0.43 0.35 0.33 0.21 0.2 0.2

Weighting

Change 3 1 3 1

M M D M

Latest Chg 12'577 (13'762) 3'169 704 3'957 2'124 390 (4'220) 119 (1'481) 60 (12'845) 278 266

Target Price 210 #N/A N/A #N/A N/A 210

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

File Dt 31.12.2012 31.12.2012 27.03.2013 21.05.2013 31.12.2012 01.02.2011 31.01.2013 28.02.2013 31.03.2013 09.07.2010 31.12.2012 31.12.2012 31.01.2013 31.01.2013 31.01.2013 31.03.2013 31.01.2013 31.12.2012 22.05.2013 31.03.2013

Date Not Provided Not Provided Not Provided Not Provided

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

Date 13.03.2013 17.01.2013 16.01.2013 13.01.2013

04.07.2013

Panalpina Welttransport Holding AG Panalpina Welttransport Holding AG offers freight shipping and supply chain management services. The Company transports freight by air and ship, and offers warehousing and distribution services. Panalpina operates worldwide.

Price/Volume 120 100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.07.2013) 52-Week Low (13.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PWTN SE EQUITY YTD Change PWTN SE EQUITY YTD % CHANGE

12/2012 03/yy 108.50 75.74 22'280.00 107.9 -0.55% 42.47% 94.78% 23.8 2'562.63 1.87 0.0 9.2 393.06 2'182.41

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

20 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 8'877.6 0.12x 239.9 4.42x 112.7 12.55x

31.12.2009 31.12.2010 5'957.9 7'164.2 0.17x 0.33x 79.2 62.1 13.06x 37.55x 8.5 (27.4) 182.78x Profitability

LTM-4Q 31.12.2011 6'499.6 0.26x 212.2 7.99x 126.3 18.02x

31.12.2012 6'616.6 0.27x 36.6 49.57x (70.5) -

36.60 -19.25 -0.29% -0.63% -0.74% -1.88% 3.21% 22.1% 1.4% 0.5% -1.1% 1.49 1.34 0.10% 0.25% 6.70 67.57

Price/ Cash Flow

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M m-13

LTM

03/yy 6'387.6 1.07x 131.0 12.64x 50.7 45.28x

03/yy 6'678.3 0.98x 91.5 17.48x (15.3) 0.00x

FY+1

0.90 9.82 33.38% 18.59% 0.905 24 2.333 35'002 28'146 36'212 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 7'191.3 7'515.7 1'724.7 1'774.7 0.31x 0.29x 1.21x 1.16x 141.6 184.4 39.1 42.8 15.50x 11.90x 14.31x 13.82x 69.9 97.1 18.9 22.7 36.40x 25.78x 37.47x 33.72x S&P Issuer Ratings

25.03 -9.66 -4.25 0.03 0.3% 0.2% 3.21 55.25 54.49 5.40 39.08 20.39

Sales/Revenue/Turnover

300.00

10'000.0 9'000.0

250.00

8'000.0 7'000.0

200.00

6'000.0

150.00

5'000.0 4'000.0

100.00

3'000.0 2'000.0

50.00 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 |

04.07.2013

Panalpina Welttransport Holding AG Holdings By:

All

Holder Name ERNST GOEHNER FOUNDA CEVIAN CAPITAL AB ARTISAN PARTNERS HOL BESTINVER GESTION SG NORGES BANK HARRIS ASSOCIATES LP UBS FUND MANAGEMENT FRANKLIN RESOURCES SWISSCANTO FONDSLEIT CREDIT SUISSE ASSET FMR LLC PANALPINA WELTTRANSP VANGUARD GROUP INC PICTET & CIE ERIE INSURANCE GROUP BRANDES INVESTMENT P RIBAR MONIKA DEKA INVESTMENT GMBH JULIUS BAER MULTICOO SENTINEL ASSET MANAG

Firm Name Thompson, Davis & Company RBC Capital Markets Stifel Credit Suisse EVA Dimensions Bank Vontobel AG Macquarie Bank am Bellevue HSBC Helvea Liberum Capital Ltd Deutsche Bank Goldman Sachs Cantor Fitzgerald Berenberg Bank Nomura Morgan Stanley Main First Bank AG Kepler Cheuvreux Davy Barclays Zuercher Kantonalbank

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

Analyst DAVID P CAMPBELL DAMIAN BREWER DAVID G ROSS NEIL GLYNN CRAIG STERLING MICHAEL FOETH ROBERT JOYNSON ROLF KUNZ JULIA WINARSO CHRISTIAN BURGER PETER HYDE JOSE FRANCISCO RUIZ SOLERA NICK EDELMAN ROBIN BYDE WILLIAM FOGGON MARK MCVICAR PENNY BUTCHER TOBIAS SITTIG BETTINA EDMONDSTON JOSHUA GOLDMAN DAVID E FINTZEN MARCO STRITTMATTER

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

Recommendation hold sector perform hold underperform hold hold underperform reduce underweight neutral hold sell neutral/neutral sell buy reduce Overwt/In-Line underperform hold underperform equalweight underperform

Amt Held 10'910'750 2'842'875 2'387'268 1'263'500 475'224 398'900 228'316 190'420 127'015 114'013 108'988 99'750 80'546 69'342 65'857 47'326 35'596 33'325 32'673 30'000

% Out 45.94 11.97 10.05 5.32 2 1.68 0.96 0.8 0.53 0.48 0.46 0.42 0.34 0.29 0.28 0.2 0.15 0.14 0.14 0.13

Weighting

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

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

Latest Chg 12'720 86'200 (1'868) (45'980) (25'859) (20'372) 4'708 (13'147) 9'890 (108) (1'307) 30'000

Target Price 148 95 #N/A N/A 75 #N/A N/A 98 68 62 78 92 93 73 95 80 110 65 110 80 77 #N/A N/A 95 #N/A N/A

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

File Dt 31.12.2012 31.12.2012 12.03.2013 31.12.2012 31.12.2012 31.03.2013 31.01.2013 31.03.2013 28.02.2013 27.03.2013 31.12.2012 31.12.2012 31.03.2013 31.01.2013 31.12.2012 28.03.2013 31.12.2012 28.12.2012 31.01.2013 30.11.2012

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

Inst Type Other Venture Capital Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Insurance Company Investment Advisor n/a Investment Advisor Investment Advisor Insurance Company

Date 20.05.2013 17.05.2013 16.05.2013 13.05.2013 13.05.2013 10.05.2013 09.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 07.05.2013 07.05.2013 07.05.2013 07.05.2013 06.05.2013 16.04.2013 19.03.2013 07.03.2013 25.01.2013 09.01.2013 02.11.2012

04.07.2013

Luzerner Kantonalbank AG Luzerner Kantonalbank is a Swiss regional bank. The Bank offers deposits, loans including mortgage loans, investment counseling and asset management. Luzerner Kantonalbank serves the Canton of Lucerne through numerous full and secondary branches.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (30.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LUKN SE EQUITY YTD Change LUKN SE EQUITY YTD % CHANGE

12/2012 03/yy 380.05 320.09 1'640.00 344 -9.49% 7.47% 46.96% 8.5 2'924.00 5'639.41 0.0 0.0 2'920.51 -

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

1.20

.0 M

350

.0 M

300

.0 M

250

.0 M

200

.0 M

150

.0 M

100

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 871.3 143.3 14.72x

400

31.12.2009 31.12.2010 754.2 730.0 140.7 149.4 16.61x 17.69x Profitability

LTM-4Q 31.12.2011 719.4 158.6 16.73x

31.12.2012 685.4 168.3 16.92x 44.91% 43.49% 0.62% 11.08% 2.30% 0.02% 37.2% 20.11% 364.20% -

03/yy 709.8 0.00x 0.0 0.00x 160.0 16.75x

LTM 03/yy 680.6 0.00x 0.0 0.00x 171.7 17.93x

FY+1

.0 M m-13

0.49 3.25 7.64% 5.71% 0.495 2 2.000 4'080 4'391 3'244 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 427.0 436.0 183.0 189.0 15.81x 15.36x S&P Issuer Ratings

12.09.2008 AA+ NEG 29.08.2002 A-1+ 364.2% 78.5% 0.02 4.28 -

Sales/Revenue/Turnover

1'000.0 900.0

1.00

800.0 700.0

0.80 0.60 0.40

600.0 500.0 400.0 300.0 200.0

0.20

100.0 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 |

04.07.2013

Luzerner Kantonalbank AG Holdings By:

All

Holder Name CANTON OF LUCERNE CREDIT SUISSE ASSET SWISSCANTO FONDSLEIT UBS FUND MANAGEMENT PICTET & CIE SCHRODER INVESTMENT DIMENSIONAL FUND ADV KOBLER BERNARD FELDER JOSEF ANTON SCHRODER INVESTMENT SWISSCANTO ANLAGESTI HURSCHLER MARCEL IST FUND MANAGERS BACHMANN MARK SKANDIA GLOBAL FUNDS SALZMANN DANIEL HODEL BEAT GRUETER LEO JULIUS BAER ASSET MA BESSEMER GROUP INCOR

Firm Name Zuercher Kantonalbank EVA Dimensions

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

Analyst ANDREAS VENDITTI AUSTIN BURKETT

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

Recommendation market perform sell

Amt Held 5'225'800 25'981 20'141 17'666 14'104 9'092 5'958 5'740 4'155 3'240 2'722 2'688 2'291 2'167 2'043 2'014 1'723 1'629 1'482 1'434

% Out 61.48 0.31 0.24 0.21 0.17 0.11 0.07 0.07 0.05 0.04 0.03 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02

Weighting

Change 3 1

M D

Latest Chg (155) 49 (211) 294 118 575 91 13 (85) -

Target Price #N/A N/A #N/A N/A

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

File Dt 31.12.2012 27.03.2013 28.02.2013 31.01.2013 31.01.2013 28.09.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.01.2013

Date Not Provided Not Provided

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

Date 12.02.2013 12.02.2013

04.07.2013

Berner Kantonalbank AG Berner Kantonalbank is a Swiss regional bank. The Bank offers traditional banking services such as mortgage loans and various types of deposits. Berner Kantonalbank operates through a network of branches.

Price/Volume 300 250 200 150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (04.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BEKN SE EQUITY YTD Change BEKN SE EQUITY YTD % CHANGE

12/2012 01/yy 259.34 225.50 4'133.00 226.2 -12.78% 0.31% 3.86% 9.3 2'108.18 1'661.67 0.0 0.0 2'671.52 -

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

1.20

50 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 829.2 112.7 18.51x

100

31.12.2009 31.12.2010 947.6 869.1 119.0 125.0 17.99x 18.05x Profitability

31.12.2011 689.7 130.1 17.92x

31.12.2012 663.3 128.1 18.49x 38.82% 32.14% 0.50% 8.70% 4.04% 0.03% 25.3% 6.30% 109.74% -

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M m-13

0.38 4.33 -6.06% -7.26% 0.379 1 1.000 6'595 5'912 4'636

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

12/13 Y

12/14 Y

S&P Issuer Ratings

FQ+2 -

109.7% 52.3% 0.03 3.27 -

Sales/Revenue/Turnover

1'000.0 900.0

1.00

800.0 700.0

0.80 0.60 0.40

600.0 500.0 400.0 300.0 200.0

0.20

100.0 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 |

04.07.2013

Berner Kantonalbank AG Holdings By:

All

Holder Name KANTON BERN BERNER KANTONALBANK SWISSCANTO FONDSLEIT CREDIT SUISSE ASSET UBS FUND MANAGEMENT PICTET & CIE DIMENSIONAL FUND ADV NOBILI JEAN-CLAUDE STARCAP AG DJE INVESTMENT SA SWISSCANTO ANLAGESTI IST FUND MANAGERS RIEBEN JUERG RUFER THOMAS RUEFENACHT HANSPETER WEHRLI RUDOLF ANDEREGG-DIETRICH KA GERBER STEFAN HOPF JOHANNES JONES HEWARD INVESTM

Firm Name EVA Dimensions

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

Analyst AUSTIN BURKETT

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

Recommendation sell

Amt Held 4'799'800 160'349 54'896 36'239 24'559 22'121 8'317 7'283 7'155 4'100 3'780 3'223 2'876 2'781 2'700 2'352 2'301 2'250 2'220 2'211

% Out 51.5 1.72 0.59 0.39 0.26 0.24 0.09 0.08 0.08 0.04 0.04 0.03 0.03 0.03 0.03 0.03 0.02 0.02 0.02 0.02

Weighting

Change 1

Latest Chg (5'246) 43 (62) 3 (1'276) 799 332 -

Target Price #N/A N/A

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

File Dt 31.12.2012 31.12.2012 28.02.2013 27.03.2013 31.01.2013 31.01.2013 31.01.2013 31.12.2012 30.12.2011 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 22.05.2013

Date Not Provided

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

Date 17.01.2013

04.07.2013

ams AG AMS AG develops and manufactures high-performance analog semiconductors. ams' product range includes sensor, sensor interfaces, power management ICs and wireless ICs for customers in the consumer, industrial, medical, mobile communications and automotive markets. The Company is based in Austria.

Price/Volume 140

.9 M

120

.8 M .7 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (09.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMS SE EQUITY YTD Change AMS SE EQUITY YTD % CHANGE

12/2012 03/yy 122.00 64.30 69'210.00 73.45 -39.80% 14.23% 13.34% 14.5 1'064.20 80.84 0.0 0.0 86.85 846.49

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

.5 M

.4 M .3 M

.2 M

.1 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 184.7 0.66x 48.2 2.52x 12.3 7.48x

.6 M

LTM-4Q

31.12.2009 31.12.2010 137.2 209.4 1.36x 1.77x 4.0 49.7 47.09x 7.45x (16.7) 23.1 16.01x Profitability

31.12.2011 275.7 1.65x 69.9 6.53x 35.3 10.38x

31.12.2012 387.6 2.96x 117.9 9.73x 81.9 12.74x

117.87 84.57 21.82% 21.51% 11.75% 18.69% 0.62% 52.3% 28.8% 20.0% 21.1% 2.43 1.60 12.75% 19.74% 7.61 3.26

Price/ Cash Flow

03/yy 311.2 6.95x 82.8 9.37x 47.1 13.56x

LTM 03/yy 381.8 11.17x 110.1 11.45x 72.6 15.69x

FY+1

.0 M m-13

1.20 11.26 9.49% -23.58% 1.200 17 4.529 100'646 149'689 177'139 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 410.1 457.3 89.9 112.2 2.03x 1.65x 9.81x 7.65x 114.2 137.1 22.0 34.8 7.44x 6.20x 7.11x 6.70x 78.5 95.4 15.8 23.9 10.32x 8.43x 9.70x 8.98x S&P Issuer Ratings

22.24 16.61 -0.14 0.72 19.7% 16.5% 0.62 2.91 47.97 111.97 54.60 108.89

Sales/Revenue/Turnover

14.00

450.0

12.00

400.0 350.0

10.00

300.0

8.00

250.0

6.00

200.0 150.0

4.00

100.0

2.00 0.00 01.01.2010

50.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

ams AG Holdings By:

All

Holder Name TWILIGHT S LLC BLACKROCK WILLIAM BLAIR & COMP PICTET & CIE UBS FUND MANAGEMENT ODIN FORVALTNING AS DEUTSCHE BANK AG OEKOWORLD LUX SA SWISSCANTO FONDSLEIT CREDIT SUISSE ASSET KEMPEN CAPITAL MANAG CI INVESTMENTS INC VONTOBEL ASSET MANAG MIRABAUD & CIE LANDESBANK BERLIN IN DWS INVESTMENT S A ACTIVEST MUNICH ZUERICH INVESTMENTGE GROUPAMA ASSET MGMT JP MORGAN

Firm Name Hauck & Aufhaeuser Helvea Baader Bank Jefferies EVA Dimensions Goldman Sachs HSBC Bank Vontobel AG Natixis Zuercher Kantonalbank Erste Group Berenberg Bank Raiffeisenbank AG Kepler Cheuvreux

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

Analyst TIM OLIVER WUNDERLICH RETO AMSTALDEN GUENTHER MICHAEL HOLLFELDER LEE SIMPSON ANDREW S ZAMFOTIS SIMON F SCHAFER CHRISTIAN DOMINIK RATH MICHAEL FOETH MAXIME MALLET ANDREAS MUELLER DANIEL LION ALI FARID KHWAJA DANIEL DAMASKA CHRISTOPH LADNER

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

Recommendation buy neutral buy buy overweight Buy/Neutral overweight buy buy market perform buy buy hold buy

Amt Held 2'715'684 928'187 352'816 299'394 261'926 226'829 220'453 173'048 166'410 134'944 108'235 102'500 95'000 88'200 82'372 75'260 74'930 70'000 55'850 54'997

% Out 18.74 6.41 2.44 2.07 1.81 1.57 1.52 1.19 1.15 0.93 0.75 0.71 0.66 0.61 0.57 0.52 0.52 0.48 0.39 0.38

Weighting

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

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

Latest Chg 269'601 (18'036) 30'925 77'939 (1'000) 84'319 256 13'283 5'343 95'000 2'000 (31'800) 13'865 4'591

Target Price 128 90 110 114 #N/A N/A 115 112 125 154 #N/A N/A 116 130 108 130

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

File Dt 31.12.2011 21.05.2013 31.03.2013 31.01.2013 31.01.2013 30.04.2013 31.03.2013 28.12.2012 28.02.2013 27.03.2013 28.02.2013 31.12.2012 31.01.2013 31.12.2012 30.04.2013 28.03.2013 28.02.2013 28.03.2013 31.12.2012 31.03.2013

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

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

Date 16.05.2013 16.05.2013 15.05.2013 09.05.2013 07.05.2013 03.05.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 22.04.2013 19.04.2013 18.04.2013 27.03.2013

04.07.2013

Kuoni Reisen Holding AG Kuoni Reisen Holding AG operates travel agencies and provides travel planning services. The Company provides leisure travel services as well as offers tours and support services for overseas travelers in Europe. Kuoni Reisen operates subsidiaries and affiliates around the world.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.05.2013) 52-Week Low (24.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KUNN SE EQUITY YTD Change KUNN SE EQUITY YTD % CHANGE

12/2012 12/yy 318.50 227.91 13'260.00 313 -1.73% 37.33% 89.51% 3.7 1'252.50 233.54 0.0 8.1 334.55 1'159.57

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

.1 M

300

.1 M

250

.1 M

200

.0 M

150

.0 M

100

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 4'855.0 0.14x 199.6 3.39x 150.7 7.26x

350

LTM-4Q

31.12.2009 31.12.2010 3'893.6 3'983.6 0.17x 0.24x 67.5 113.2 9.80x 8.54x 0.2 21.3 4362.50x 61.14x Profitability

31.12.2011 5'111.3 0.16x 167.0 5.01x 31.8 24.40x

31.12.2012 5'845.5 0.17x 171.2 5.82x (14.8) -

171.19 64.70 1.11% 0.13% -0.60% -1.97% 2.38% 18.9% 2.9% 1.1% -0.3% 0.60 0.48 9.69% 31.85% 15.17 -

Price/ Cash Flow

12/yy 5'298.2 0.13x 270.7 0.00x 254.7 0.00x

LTM 12/yy 5'338.4 0.12x 89.7 0.00x 87.4 0.00x

FY+1

.0 M m-13

0.95 3.12 14.86% 15.49% 0.955 16 3.750 13'219 14'051 11'354 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'815.5 6'031.0 0.23x 0.20x 200.5 238.2 5.79x 4.87x 76.2 112.9 12.75x 10.36x S&P Issuer Ratings

14.67 12.33 -0.59 1.36 31.8% 24.0% 2.38 30.34 24.13 -

Sales/Revenue/Turnover

30.00

7'000.0

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

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 |

04.07.2013

Kuoni Reisen Holding AG Holdings By:

All

Holder Name SILCHESTER INTL INVE MIGROS GENOSSEN UBS FUND MANAGEMENT PICTET & CIE KUONI REISEN HOLDING VANGUARD GROUP INC VONTOBEL ASSET MANAG NORGES BANK SPARINVEST PICTET ASSET MANAGEM SWISSCANTO FONDSLEIT SCHRODER INVESTMENT CREDIT SUISSE ASSET LOMBARD ODIER DARIER FMR LLC BLACKROCK JULIUS BAER MULTICOO IST FUND MANAGERS JULIUS BAER ASSET MA TRANSAMERICA INVESTM

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

Firm Name

Analyst

AlphaValue EVA Dimensions JPMorgan Goldman Sachs Helvea Commerzbank Corporates & Markets Deutsche Bank Credit Suisse Zuercher Kantonalbank Bank Vontobel AG Kepler Cheuvreux Natixis Main First Bank AG Exane BNP Paribas

BERENICE LACROIX CRAIG STERLING JAAFAR MESTARI NICK EDELMAN CHRISTIAN BURGER JOHANNES BRAUN GEOF COLLYER PATRICK JNGLIN MARCO STRITTMATTER JEAN-PHILIPPE BERTSCHY JON COX GEOFFREY D'HALLUIN ALAIN-SEBASTIAN OBERHUBER MATTHIAS DESMARAIS

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

Recommendation add sell neutral Buy/Neutral accumulate hold buy neutral market perform buy buy neutral outperform neutral

Amt Held 755'062 474'014 156'556 146'240 136'791 89'777 74'620 73'959 65'188 61'663 61'579 52'947 31'019 24'932 24'413 24'349 23'734 19'451 14'251 13'000

% Out 20.14 12.65 4.18 3.9 3.65 2.4 1.99 1.97 1.74 1.65 1.64 1.41 0.83 0.67 0.65 0.65 0.63 0.52 0.38 0.35

Weighting

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

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

Latest Chg (9'746) 5'347 (1'340) (926) (2'500) 64 17'723 51 1'606 (21'984) (1'006) (1'392) (230) 3'707

Target Price 351 #N/A N/A 310 345 330 280 358 300 #N/A N/A 350 350 300 350 300

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

File Dt 31.12.2011 31.12.2011 09.11.2012 31.01.2013 31.12.2011 31.03.2013 31.01.2013 31.12.2012 31.03.2013 31.01.2013 28.02.2013 31.12.2012 27.03.2013 31.03.2013 31.10.2012 21.05.2013 31.01.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 23.05.2013 22.05.2013 17.04.2013 10.04.2013 05.04.2013 28.03.2013 27.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013

04.07.2013

Burckhardt Compression Holding AG Burckhardt Compression Holding AG manufactures reciprocating compressors. The Company produces compressors for oil refining, the chemical and petrochemical industries, industrial gases, and gas transport and storage.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.07.2013) 52-Week Low (03.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BCHN SE EQUITY YTD Change BCHN SE EQUITY YTD % CHANGE

03/2013 01/yy 390.75 240.30 5'186.00 379.5 -2.88% 57.93% 91.69% 3.4 1'290.30 39.16 0.0 0.0 189.99 1'139.46

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

.0 M

350

.0 M

300

.0 M

250

.0 M

200

.0 M

150

.0 M

100

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.03.2009 424.5 0.55x 102.1 2.29x 72.8 4.94x

400

31.03.2010 31.03.2011 343.2 355.6 1.83x 2.43x 83.7 71.7 7.50x 12.06x 56.0 45.1 12.47x 21.33x Profitability

31.03.2012 328.9 2.09x 79.3 8.67x 50.5 16.26x

31.03.2013 366.7 2.87x 86.4 12.19x 55.5 21.37x

86.42 75.35 20.55% 19.89% 9.85% 17.86% 0.65% 37.1% 23.6% 20.5% 15.1% 2.22 1.53 6.56% 11.55% 3.80 2.18

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.86 2.74 58.87% 29.48% 0.860 9 2.778 7'701 5'812 4'734 FY+2

03/14 Y 03/15 Y 434.5 473.8 2.52x 2.26x 95.3 105.8 11.94x 10.74x 64.1 71.5 20.05x 17.85x S&P Issuer Ratings

.0 M m-13

FQ+1

FQ+2

65.67 53.15 -1.75 0.45 11.5% 10.4% 0.65 2.81 95.97 167.54 29.48 234.02

Sales/Revenue/Turnover

60.00

450.0 400.0

50.00

350.0 300.0

40.00

250.0 30.00

200.0 150.0

20.00

100.0 10.00 0.00 03.04.2009

50.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

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 |

04.07.2013

Burckhardt Compression Holding AG Holdings By:

All

Holder Name ING GROEP NV ALLIANZ ASSET MANAGE VOGT VALENTIN COLLEGE RETIREMENT E BLACKROCK TIAA CREF INVESTMENT DEUTSCHE BANK AG THREADNEEDLE ASSET M AMERIPRISE FINANCIAL WILLIAM BLAIR & COMP THREADNEEDLE INVESTM UBS FUND MANAGEMENT HARRIS ASSOCIATES LP ROYCE & ASSOCIATES WILLIAM BLAIR & COMP NORGES BANK BURCKHARDT COMPRESSI KELLER LEONHARD HELLER MARTIN PAWLICEK MARCEL

Firm Name Bank am Bellevue Helvea Berenberg Bank Goldman Sachs Bank Vontobel AG EVA Dimensions Main First Bank AG Zuercher Kantonalbank

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

Analyst MICHAEL ROOST VOLKAN GOCMEN FREDERIK BITTER WILLIAM WYMAN FABIAN HAECKI CRAIG STERLING BERND POMREHN ARMIN RECHBERGER

Source Co File ULT-AGG Co File #N/A N/A ULT-AGG Co File Co File EXCH Co File EXCH MF-AGG Co File EXCH EXCH 13F MF-AGG Co File Co File Co File Co File

Recommendation hold neutral hold Buy/Neutral hold hold outperform market perform

Amt Held 241'400 222'828 202'633 176'332 174'173 166'600 112'200 109'610 108'800 107'548 107'501 102'000 99'988 99'450 97'261 81'201 76'255 71'563 57'500 52'045

% Out 7.1 6.55 5.96 5.19 5.12 4.9 3.3 3.22 3.2 3.16 3.16 3 2.94 2.92 2.86 2.39 2.24 2.1 1.69 1.53

Weighting

Change 3 3 3 5 3 3 5 3

M M M M M M M M

Latest Chg 5'779 23'578 10'287 (5'475) (3'468) (379) -

Target Price 354 240 355 490 270 #N/A N/A 360 #N/A N/A

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

File Dt 31.03.2012 30.04.2013 31.03.2012 30.04.2012 21.05.2013 31.03.2012 31.03.2012 30.03.2012 31.03.2012 12.04.2013 28.02.2013 31.03.2012 30.04.2012 06.12.2011 31.03.2013 31.12.2012 31.03.2012 31.03.2012 31.03.2012 31.03.2012

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

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

Date 17.05.2013 16.05.2013 01.05.2013 19.04.2013 18.01.2013 17.01.2013 05.12.2012 06.11.2012

04.07.2013

Straumann Holding AG Straumann Holding AG develops, produces and sells dental implants. The Company manufactures metal devices implantable in the jaw, in place of missing teeth, to which prosthetic teeth are attached. Straumann has subsidiaries throughout Europe and North America. The Company sells its products worldwide.

Price/Volume 180

.6 M

160

.5 M

140 120

.4 M

100

12/2012 03/yy 144.70 97.90 23'913.00 144.6 -0.07% 47.70% 96.74% 15.7 2'266.83 0.06 0.0 0.0 146.74 2'120.14

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

.2 M

.1 M

20 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 778.7 3.59x 101.0 27.70x 8.1 356.73x

.3 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.07.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance STMN SE EQUITY YTD Change STMN SE EQUITY YTD % CHANGE

LTM-4Q

31.12.2009 31.12.2010 736.4 737.6 5.86x 4.07x 217.9 211.3 19.81x 14.20x 146.4 131.1 31.18x 25.57x Profitability

31.12.2011 693.6 3.07x 116.7 18.26x 71.0 35.70x

31.12.2012 686.3 2.31x 95.6 16.56x 36.4 47.46x

95.56 60.97 8.88% 8.15% 4.60% 5.60% 0.87% 77.5% 13.9% 8.9% 5.3% 2.96 2.23 0.01% 0.01% 7.38 2.37

Price/ Cash Flow

03/yy 381.5 0.00x 0.0 0.00x 0.0 0.00x

LTM 03/yy 676.2 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M m-13

1.03 7.40 8.82% 33.21% 1.030 21 2.952 28'735 38'367 46'348 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 672.6 693.8 178.8 176.0 3.12x 2.93x 141.7 165.6 14.95x 12.80x 95.7 115.2 22.54x 19.20x S&P Issuer Ratings

131.27 110.59 -1.53 0.00 0.0% 0.0% 0.87 6.60 49.57 154.51 57.56 146.52

Sales/Revenue/Turnover

25.00

900.0 800.0

20.00

700.0 600.0

15.00

500.0 400.0

10.00

300.0 200.0

5.00

100.0 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 |

04.07.2013

Straumann Holding AG Holdings By:

All

Holder Name STRAUMANN THOMAS GOVT OF SINGAPORE IN MAAG RUDOLF DE MOURA CUNHA SIMON STRAUMANN GABRIELLA PARVUS ASSET MANAGEM SPRUCEGROVE INVESTME MANNING & NAPIER ADV BAILLIE GIFFORD AND NORGES BANK CREDIT SUISSE ASSET UBS FUND MANAGEMENT CARMIGNAC GESTION HENDERSON GLOBAL INV OPPENHEIMERFUNDS INC SWISSCANTO FONDSLEIT PICTET & CIE JULIUS BAER MULTICOO FIDEURAM GESTIONS SA VANGUARD GROUP INC

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

Firm Name

Analyst

Sanford C. Bernstein & Co Barclays Berenberg Bank Kepler Cheuvreux Credit Suisse Commerzbank Corporates & Markets Bank am Bellevue Jefferies Bank Vontobel AG Morgan Stanley Helvea Northcoast Research Deutsche Bank HSBC Main First Bank AG Exane BNP Paribas Goldman Sachs EVA Dimensions Zuercher Kantonalbank

LISA BEDELL CLIVE ALEXANDER KLEBAN TOM JONES MAJA PATAKI CHRISTOPH GRETLER OLIVER METZGER GINA FRANCIOLI INGEBORG OIE CARLA BAENZIGER MICHAEL K JUNGLING SIMON GOETSCHMANN EDWIN SNYDER YI-DAN WANG HENDRIK LOFRUTHE STEPHAN VOLLERT JULIEN DORMOIS VERONIKA DUBAJOVA ANDREW S ZAMFOTIS SIBYLLE BISCHOFBERGER FRICK

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

Recommendation market perform underweight buy hold outperform reduce hold hold hold Underwt/Attractive neutral neutral buy overweight underperform underperform neutral/neutral sell underperform

Amt Held 2'712'936 2'162'323 1'912'533 924'914 533'001 495'304 474'035 465'447 461'120 215'259 179'329 149'052 126'682 97'000 63'087 61'136 54'310 53'820 47'665 42'618

% Out 17.31 13.79 12.2 5.9 3.4 3.16 3.02 2.97 2.94 1.37 1.14 0.95 0.81 0.62 0.4 0.39 0.35 0.34 0.3 0.27

Weighting

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

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

Latest Chg (1'566'749) 2'115'096 80'833 (4'939) 336 44'851 126'682 (779) 43 (9'165) 858 36'357 (4'337)

Target Price 128 127 150 118 155 115 116 110 119 93 134 #N/A N/A 135 145 115 120 120 #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 27.11.2012 27.11.2012 31.12.2011 31.12.2011 31.12.2011 05.04.2013 23.08.2012 22.06.2012 18.01.2013 31.12.2012 27.03.2013 31.01.2013 29.03.2013 31.03.2013 31.03.2013 28.02.2013 31.01.2013 31.01.2013 02.05.2013 31.03.2013

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

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

Date 23.05.2013 22.05.2013 15.05.2013 15.05.2013 13.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 01.05.2013 01.05.2013 01.05.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 24.04.2013 17.01.2013 21.08.2012

04.07.2013

Belimo Holding AG Belimo Holding AG manufactures heating, ventilation and air conditioning equipment (HVAC). The Company develops and manufactures damper actuators for general purposes, special motorized fire and smoke dampers and air-volume controls for HVAC systems. Belimo offers sales and consulting services worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.03.2013) 52-Week Low (29.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BEAN SE EQUITY YTD Change BEAN SE EQUITY YTD % CHANGE

12/2012 01/yy 2'280.00 1'559.00 122.00 2142 -6.05% 37.40% 81.28% 0.6 1'317.33 21.20 0.0 0.0 105.69 1'232.85

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

.0 M

2000

.0 M

1500

.0 M

1000

.0 M

500

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

Fiscal Year Ended 31.12.2008 403.8 1.15x 78.6 5.91x 46.1 9.88x

2500

31.12.2009 31.12.2010 385.9 426.4 1.76x 2.29x 74.9 96.6 9.08x 10.11x 49.3 61.3 14.14x 16.72x Profitability

31.12.2011 416.0 2.35x 81.8 11.96x 51.6 20.03x

31.12.2012 444.6 2.23x 91.9 10.79x 61.4 17.50x

91.90 76.30 17.16% 16.86% 18.94% 24.96% 1.37% 20.7% 17.2% 13.8% 5.17 3.55 6.17% 8.11% 8.53 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.75 0.45 33.37% 24.82% 0.754 6 3.500 200 275 286 FY+2

12/13 Y 12/14 Y 480.8 518.6 2.56x 2.37x 102.6 112.0 12.02x 11.01x 69.7 76.5 18.78x 17.10x S&P Issuer Ratings

FQ+1

FQ+2

141.17 115.54 -0.92 0.23 8.1% 7.5% 1.37 4.88 42.88 -

Sales/Revenue/Turnover

25.00

500.0 450.0 400.0

20.00

350.0 15.00

300.0

10.00

250.0 200.0 150.0 100.0

5.00

50.0 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 |

04.07.2013

Belimo Holding AG Holdings By:

All

Holder Name GROUPE LINSI CAPITAL GROUP COMPAN RONER WERNER AMERIPRISE FINANCIAL THREADNEEDLE INVESTM LOMBARD ODIER DARIER MONTANARO ASSET MGMT SARASIN IST FUND MANAGERS VONTOBEL ASSET MANAG LINSI WALTER PICTET & CIE LOMBARD ODIER DARIER LB SWISS INVESTMENT NORGES BANK UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT CREDIT SUISSE ASSET SCHRODER INVESTMENT ALLIANZ ASSET MANAGE

Firm Name EVA Dimensions Zuercher Kantonalbank Bank Vontobel AG Helvea Main First Bank AG

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

Analyst CRAIG STERLING RICHARD FREI SERGE ROTZER PATRICK APPENZELLER TOBIAS FAHRENHOLZ

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

Recommendation hold market perform hold accumulate outperform

Amt Held 118'572 61'377 34'994 28'413 24'516 22'140 19'822 18'300 10'804 10'263 10'187 9'620 8'353 8'155 5'810 5'576 5'139 4'918 3'072 2'150

% Out 19.28 9.98 5.69 4.62 3.99 3.6 3.22 2.98 1.76 1.67 1.66 1.56 1.36 1.33 0.94 0.91 0.84 0.8 0.5 0.35

Weighting

Change 3 3 3 4 5

D M M M N

Latest Chg (165) (703) (560) 160 497 35 (56) (11) 313 (15) 450 (150)

Target Price #N/A N/A #N/A N/A 2'100 2'350 2'150

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

File Dt 31.12.2012 31.03.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 07.01.2013 31.08.2012 31.03.2013 31.01.2013 31.12.2012 31.01.2013 31.03.2013 31.12.2012 31.12.2012 31.01.2013 28.02.2013 27.03.2013 31.12.2012 30.04.2013

Date Not Provided Not Provided Not Provided 12 month 12 month

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

Date 21.03.2013 12.03.2013 12.03.2013 12.03.2013 25.02.2013

04.07.2013

St Galler Kantonalbank AG St. Galler Kantonalbank AG is a Swiss regional bank. The Bank offers retail and commercial banking as well as private and institutional banking. SGKB also provides asset management and financial planning services. The Bank offers its services in the Canton of St. Gall through a network of branches.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (18.06.2013) Daily Volume Current Price (7/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 SGKN SE EQUITY YTD Change SGKN SE EQUITY YTD % CHANGE

12/2012 01/yy 414.00 322.50 1'998.00 350 -15.46% 8.53% 28.96% 5.6 1'950.70 5'469.21 0.0 0.0 2'748.50 -

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

1.20

.0 M

400

.0 M

350

.0 M

300

.0 M

250

.0 M

200

.0 M

150

.0 M

100

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 928.6 171.1 12.44x

450

31.12.2009 31.12.2010 795.9 731.9 168.1 146.3 15.24x 17.82x Profitability

31.12.2011 702.9 135.7 14.45x

31.12.2012 711.5 151.4 13.78x 34.63% 36.54% 0.56% 7.97% 2.11% 0.03% 29.2% 19.79% 282.78% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.62 2.47 7.75% -3.42% 0.618 4 3.000 3'521 4'335 3'157 FY+2

12/13 Y 12/14 Y 492.0 500.5 164.0 165.0 11.85x 11.77x S&P Issuer Ratings

.0 M m-13

FQ+1

FQ+2

282.8% 73.9% 0.03 3.97 -

Sales/Revenue/Turnover

1'000.0 900.0

1.00

800.0 700.0

0.80 0.60 0.40

600.0 500.0 400.0 300.0 200.0

0.20

100.0 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 |

04.07.2013

St Galler Kantonalbank AG Holdings By:

All

Holder Name KANTON ST GALLEN THORNBURG INVESTMENT NORGES BANK SWISSCANTO FONDSLEIT ST GALLER KANTONALBA CREDIT SUISSE ASSET SCHRODER INVESTMENT VANGUARD GROUP INC UBS FUND MANAGEMENT DIMENSIONAL FUND ADV PICTET & CIE VONTOBEL ASSET MANAG SCHRODER INVESTMENT LLB FONDSLEITUNG AG LEDERGERBER ROLAND OESCH FRANZ PETER BUSCHOR FELIX IST FUND MANAGERS ZUERCHER KANTONALBAN SWISSCANTO ANLAGESTI

Firm Name EVA Dimensions Bank Vontobel AG Zuercher Kantonalbank Helvea

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

Analyst AUSTIN BURKETT TERESA NIELSEN ANDREAS BRUN TIM DAWSON

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

Recommendation underweight hold market perform suspended coverage

Amt Held 3'054'223 78'741 40'745 35'804 28'226 20'165 14'030 13'921 13'305 11'995 10'445 9'400 9'100 6'712 5'871 2'955 2'760 2'555 2'400 2'105

% Out 54.8 1.41 0.73 0.64 0.51 0.36 0.25 0.25 0.24 0.22 0.19 0.17 0.16 0.12 0.11 0.05 0.05 0.05 0.04 0.04

Latest Chg -

Weighting

Change

Target Price

1 3 3 #N/A N/A

U M M M

57 11'030 835 (119) (2'222) 200 1'159 80 445

#N/A N/A 430 #N/A N/A #N/A N/A

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

File Dt 31.12.2012 28.02.2013 31.12.2012 28.02.2013 31.12.2012 27.03.2013 31.12.2012 31.03.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 28.09.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.01.2013 28.02.2013

Date Not Provided Not Provided Not Provided Not Provided

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

Date 21.03.2013 21.02.2013 15.02.2013 19.04.2012

04.07.2013

Logitech International SA Logitech International S.A. manufactures personal computer input devices. The Company produces computer mice which help the user move the cursor around the computer screen quickly, trackballs, game controllers, keyboards, PC video cameras, and multimedia speakers. The Company sells its products worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.07.2012) 52-Week Low (29.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LOGN SE EQUITY YTD Change LOGN SE EQUITY YTD % CHANGE

03/2013 03/yy 9.44 5.73 248'568.00 6.6 -30.11% 15.18% 21.00% 159.3 1'051.41 0.00 0.0 0.0 333.82 766.90

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 j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.03.2009 2'208.8 0.61x 182.4 7.44x 107.0 17.19x

10 9 8 7 6 5 4 3 2 1 0 m-12

31.03.2010 31.03.2011 1'966.7 2'362.9 1.31x 1.17x 151.0 218.6 17.02x 12.61x 65.0 128.5 44.61x 24.74x Profitability

LTM-4Q 31.03.2012 2'316.2 0.35x 144.5 5.56x 71.5 19.02x

31.03.2013 2'099.9 0.40x 75.5 11.12x (228.1) 75.45 7.96 0.38% -12.08% -14.12% -24.22% 1.30% 33.7% 3.6% -9.7% -10.9% 1.86 1.13 0.00% 0.00% 10.43 4.99

Price/ Cash Flow

03/yy 2'316.2 1.97x 144.5 5.56x 71.5 19.02x

LTM 03/yy 2'099.9 2.41x 75.5 11.12x (228.1) 0.00x

FY+1

.0 M m-13

0.98 126.95 -29.94% -4.76% 0.980 17 3.118 590'722 840'155 803'453 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 1'995.4 2'013.9 421.3 501.0 0.35x 0.33x 1.94x 1.65x 117.9 141.8 (0.7) 39.6 6.51x 5.41x 5.96x 5.76x 50.5 70.7 (1.6) 11.8 23.11x 16.49x 23.75x S&P Issuer Ratings

323.23 216.28 -4.42 0.00 0.0% 0.0% 1.30 23.01 35.00 73.15 76.29 31.85

Sales/Revenue/Turnover

18.00

2'500.0

16.00

2'000.0

14.00 12.00

1'500.0

10.00 8.00

1'000.0

6.00

500.0

4.00 2.00 0.00 02.04.2010

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

04.07.2013

Logitech International SA Holdings By:

All

Holder Name CAPITAL GROUP COMPAN LOGITECH INTERNATION FMR LLC MORGAN STANLEY BOREL DANIEL MARATHON ASSET MANAG NORGES BANK DNB NOR ASSET MANAGE FRANKLIN RESOURCES CREDIT SUISSE ASSET OPPENHEIMERFUNDS INC GOLDMAN SACHS GROUP CREDIT AGRICOLE SA ALLIANZ ASSET MANAGE NEW JERSEY DIVISION UBS FUND MANAGEMENT ROYCE AND ASSOCIATES DEUTSCHE BANK AG SKANDIA FONDER AB LOMBARD ODIER DARIER

Firm Name Helvea AlphaValue EVA Dimensions Raymond James Avondale Partners LLC Goldman Sachs Credit Suisse Bank Vontobel AG Exane BNP Paribas Barclays Morgan Stanley Bank am Bellevue JPMorgan Pacific Crest Securities S&P Capital IQ Wedge Partners Zuercher Kantonalbank

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios GOLDMAN SACHS GROUP CREDIT AGRICOLE SA n/a Multiple Portfolios Multiple Portfolios ROYCE & ASSOCIATES L DEUTSCHE BANK AKTIEN Multiple Portfolios Multiple Portfolios

Analyst STEFAN GAECHTER HEINZ STEFFEN ANDREW S ZAMFOTIS TAVIS C MCCOURT JOHN F BRIGHT ALEXANDER DUVAL FELIX REMMERS MICHAEL FOETH ALEXANDER PETERC ANDREW M GARDINER ANDREW HUMPHREY MICHAEL STUDER PAUL T COSTER ANDY HARGREAVES ANGELO ZINO KIRK ADAMS ANDREAS MUELLER

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

Recommendation neutral add overweight market perform market underperform neutral/neutral underperform hold outperform underweight Equalwt/No Rating sell underweight sector perform sell no rating system market perform

Amt Held 16'410'000 15'111'187 13'235'375 12'733'094 10'744'944 5'358'296 5'293'034 4'980'898 3'910'807 3'519'285 3'500'000 3'485'019 2'555'026 2'524'641 2'400'000 1'507'552 1'358'900 1'352'035 1'276'157 1'224'362

% Out 9.48 8.73 7.65 7.36 6.21 3.1 3.06 2.88 2.26 2.03 2.02 2.01 1.48 1.46 1.39 0.87 0.79 0.78 0.74 0.71

Weighting

Change

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

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

Latest Chg (25'743) (186'780) 1'627 (150'000) 634'686 (462'346) (8'730) (746'878) (609'385) 1'171'980 900'000 555'608 64'800 (285'433) 541'398 -

Target Price 6 7 #N/A N/A #N/A N/A 5 7 5 6 8 6 7 #N/A N/A 6 #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 04.01.2013 Unclassified 19.04.2013 Investment Advisor 31.03.2013 Investment Advisor 11.04.2013 n/a 05.04.2013 Investment Advisor 25.04.2013 Government 27.03.2013 Investment Advisor 31.03.2013 Investment Advisor 27.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Pension Fund (ERISA) 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 23.05.2013 23.05.2013 21.05.2013 15.05.2013 01.05.2013 29.04.2013 29.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 26.03.2013 25.01.2013

04.07.2013

Tecan Group AG Tecan AG develops, manufactures and distributes laboratory automation components and systems. The Company produces robotic sample processors, stand-alone separation and detection devices, laser scanners, integrated systems, and pumps and valves for high precision liquid handling. The products are mainly used by research and diagnostic laboratories.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (03.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TECN SE EQUITY YTD Change TECN SE EQUITY YTD % CHANGE

12/2012 12/yy 89.63 62.01 7'709.00 88 -1.82% 41.91% 90.83% 11.4 1'007.12 4.90 0.0 0.0 144.53 867.49

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

31.12.2009 31.12.2010 356.2 370.5 2.14x 2.11x 68.7 64.7 11.08x 12.07x 49.3 16.2 17.03x 17.33x Profitability

.1 M .1 M .1 M .0 M .0 M

j-12

LTM-4Q 31.12.2011 377.0 1.50x 60.4 9.38x 47.6 15.19x

31.12.2012 391.1 1.77x 62.6 11.09x 42.2 19.62x

62.57 52.31 13.37% 13.42% 10.39% 14.74% 0.96% 50.7% 16.0% 13.4% 10.8% 3.39 2.19 1.16% 1.62% 5.07 2.17

Price/ Cash Flow

09/yy 307.7 0.00x 0.0 0.00x 8.4 0.00x

j-12

a-12

s-12

LTM 12/yy 405.9 2.10x 0.0 0.00x 40.6 21.60x

o-12

n-12

d-12

j-13

f-13 m-13

a-13

FY+1

.0 M m-13

0.50 10.10 36.01% 17.07% 0.499 8 4.000 26'124 24'337 24'822 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 411.9 451.9 2.06x 1.75x 70.0 82.5 12.36x 10.49x 48.3 58.1 20.41x 16.98x S&P Issuer Ratings

744.86 636.63 -2.23 0.08 1.6% 1.6% 0.96 21.38 72.20 168.30 17.93 222.57

Sales/Revenue/Turnover

400.00

450.0

350.00

400.0

300.00

350.0 300.0

250.00

250.0

200.00

200.0

150.00

150.0

100.00

100.0

50.00

50.0

0.00 01.01.2010

.1 M

Fiscal Year Ended 31.12.2008 396.0 0.93x 56.7 6.53x 25.6 16.60x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Tecan Group AG Holdings By:

All

Holder Name ING GROEP NV UBS FUND MANAGEMENT TECAN GROUP AG PICTET ASSET MANAGEM PICTET & CIE FMR LLC CREDIT SUISSE ASSET SUVA NORGES BANK TIAA CREF INVESTMENT CREDIT SUISSE ASSET ARTISAN PARTNERS HOL SWISSCANTO FONDSLEIT HARRIS ASSOCIATES LP SCHRODER INVESTMENT MIRABAUD & CIE NORDEA INV MANAGEMEN ODDO ASSET MANAGEMEN VONTOBEL ASSET MANAG OPPENHEIMERFUNDS INC

Firm Name Helvea EVA Dimensions HSBC Zuercher Kantonalbank Credit Suisse Berenberg Bank Bank Vontobel AG Main First Bank AG

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

Analyst SIMON GOETSCHMANN ANDREW S ZAMFOTIS JAN KEPPELER SIBYLLE BISCHOFBERGER FRICK CHRISTOPH GRETLER SCOTT BARDO CARLA BAENZIGER STEPHAN VOLLERT

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

Recommendation buy overweight neutral market perform outperform buy hold outperform

Amt Held 1'052'903 583'675 572'230 566'302 518'253 431'917 368'034 366'227 354'783 343'338 258'719 214'179 211'025 151'500 133'600 130'431 112'961 100'761 99'000 98'488

% Out 9.2 5.1 5 4.95 4.53 3.77 3.22 3.2 3.1 3 2.26 1.87 1.84 1.32 1.17 1.14 0.99 0.88 0.87 0.86

Weighting

Change 5 5 3 3 5 5 3 5

M U N M M M M M

Latest Chg (177'060) (36'835) 26'922 7'112 214'179 (1'317) 114'200 55'900 31'431 57'245 (40'000) -

Target Price 95 #N/A N/A 98 #N/A N/A 100 105 87 96

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

File Dt 31.12.2012 31.12.2012 31.12.2012 23.01.2013 31.01.2013 12.04.2013 13.03.2012 31.12.2012 31.12.2012 31.12.2012 27.03.2013 31.03.2013 28.02.2013 31.03.2013 31.12.2012 31.12.2012 30.04.2013 30.09.2012 31.01.2013 31.03.2013

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

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

Date 17.05.2013 07.05.2013 08.04.2013 11.03.2013 08.03.2013 08.03.2013 08.03.2013 01.02.2013

04.07.2013

Graubuendner Kantonalbank Graubuendner Kantonalbank is a Swiss bank which provides standard banking services such as deposits and real estate mortgage loans, along with other financial services. The Bank serves the Canton of Graubuenden through numerous branches.

Price/Volume 1400

.0 M

1200

.0 M

1000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.10.2012) 52-Week Low (12.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GRKP SE EQUITY YTD Change GRKP SE EQUITY YTD % CHANGE

12/2012 01/yy 1'203.00 1'123.00 216.00 1135 -5.65% 1.07% 21.25% 0.8 3'121.25 2'869.60 0.0 30.5 1'847.61 -

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

1.20 1.00

.0 M

600

.0 M

400 .0 M

200 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

Fiscal Year Ended 31.12.2008 618.9 121.5 19.22x

800

31.12.2009 31.12.2010 548.9 509.9 141.6 149.5 20.45x 20.36x Profitability

31.12.2011 509.8 149.6 19.59x

31.12.2012 494.3 153.3 20.69x 46.98% 40.18% 0.82% 18.74% 4.36% 0.03% 38.1% 14.82% 338.91% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.37 0.75 0.06% 1.71% 0.371 2 4.000 218 222 220 FY+2

12/13 Y 12/14 Y 387.0 399.0 191.0 202.0 14.73x 13.94x S&P Issuer Ratings

FQ+1

FQ+2

17.12.2010 AA+ NEG 02.09.2002 A-1+ 338.9% 76.6% 0.03 3.97 -

Sales/Revenue/Turnover

700.0 600.0 500.0

0.80

400.0 0.60

300.0

0.40

200.0 100.0

0.20

0.0 0.00

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

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

04.07.2013

Graubuendner Kantonalbank Holdings By:

All

Holder Name CREDIT SUISSE ASSET UBS FUND MANAGEMENT PICTET & CIE IST FUND MANAGERS SWISSCANTO ANLAGESTI SKANDIA GLOBAL FUNDS JULIUS BAER ASSET MA JULIUS BAER MULTICOO UBS ETF SWISSCANTO FONDSLEIT KBC GROUP NV LB SWISS INVESTMENT

Firm Name EVA Dimensions Zuercher Kantonalbank

Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst AUSTIN BURKETT ANDREAS BRUN

Source MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight market perform

Amt Held 6'142 3'932 3'203 721 626 472 293 105 101 20 7 -

% Out 0.82 0.52 0.43 0.1 0.08 0.06 0.04 0.01 0.01 0 0 0

Latest Chg

Weighting

Change

Target Price

5 3

M U

33 (28) 22 113 131 24 (26) 2 2 (1'835)

#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 27.03.2013 31.01.2013 31.01.2013 31.03.2013 28.02.2013 28.02.2013 31.03.2013 31.01.2013 31.01.2013 28.02.2013 31.03.2013 31.12.2012

Date Not Provided Not Provided

Date 17.01.2013 05.09.2012

04.07.2013

Zuger Kantonalbank AG Zuger Kantonalbank is a Swiss regional bank. The Bank provides standard banking and other financial services. Zuger Kantonalbank emphasizes mortgage lending and corporate finance. The Bank operates through a number of branches in the Canton Zug.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.04.2013) 52-Week Low (19.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ZG SE EQUITY YTD Change ZG SE EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 5'075.00 4'644.00 213.00 4680 -7.78% 0.78% 11.14% 0.3 1'349.19 2'706.64 0.0 0.0 1'022.47 -

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

1.20

.0 M

5000

.0 M

4000

.0 M

3000

.0 M

2000

.0 M

1000

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

Fiscal Year Ended 31.12.2008 376.5 61.3 17.40x

6000

31.12.2009 31.12.2010 336.9 334.9 61.4 61.1 19.96x 23.56x Profitability

31.12.2011 338.0 61.0 23.81x

31.12.2012 326.6 61.2 22.62x 44.74% 33.87% 0.51% 11.95% 1.98% 0.03% 28.2% 21.98% 237.42% -

0.50 0.14 -3.07% 0.82% 0.497 1 1.000 62 73 58

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

12/13 Y

12/14 Y

S&P Issuer Ratings

FQ+2 -

237.4% 70.4% 0.03 3.15 -

Sales/Revenue/Turnover

450.0 400.0

1.00 0.80

350.0 300.0 250.0

0.60

200.0 150.0

0.40 0.20

100.0 50.0 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 |

04.07.2013

Zuger Kantonalbank AG Holdings By:

All

Holder Name KANTON ZUG CREDIT SUISSE ASSET UBS FUND MANAGEMENT PICTET & CIE DIMENSIONAL FUND ADV IST FUND MANAGERS SWISSCANTO ANLAGESTI SKANDIA GLOBAL FUNDS JULIUS BAER ASSET MA JULIUS BAER MULTICOO PRINCIPAL FINANCIAL BESSEMER GROUP INCOR UBS ETF FLEXSHARES TRUST SWISSCANTO FONDSLEIT JP MORGAN

Firm Name EVA Dimensions

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

Analyst AUSTIN BURKETT

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

Recommendation underweight

Amt Held 144'438 1'143 746 601 183 164 115 69 65 42 31 31 18 4 4 -

% Out 50.1 0.4 0.26 0.21 0.06 0.06 0.04 0.02 0.02 0.01 0.01 0.01 0.01 0 0 0

Weighting

Change 1

Latest Chg (21) (10) 13 20 6 (5) 31 (130)

Target Price #N/A N/A

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

File Dt 31.12.2011 27.03.2013 31.01.2013 31.01.2013 31.01.2013 31.03.2013 28.02.2013 28.02.2013 31.03.2013 31.01.2013 31.12.2012 31.01.2013 31.01.2013 30.04.2013 28.02.2013 30.06.2012

Date Not Provided

Date 17.01.2013

04.07.2013

Forbo Holding AG Forbo Holding AG produces floor coverings, adhesives, and belts for conveying and power transmission. Forbo operates worldwide.

Price/Volume 700

.0 M

600

.0 M

500

.0 M .0 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.03.2013) 52-Week Low (24.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FORN SE EQUITY YTD Change FORN SE EQUITY YTD % CHANGE

12/2012 01/yy 635.46 512.00 3'279.00 614 -3.38% 19.92% 78.97% 2.3 1'381.50 135.10 0.0 0.0 393.40 1'123.20

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

.0 M

200

.0 M

100

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 1'918.7 0.44x 198.7 4.22x 16.0 28.43x

.0 M

300

31.12.2009 31.12.2010 1'782.4 1'291.2 0.58x 1.10x 188.2 227.7 5.45x 6.25x 76.1 163.3 10.10x 9.01x Profitability

31.12.2011 1'203.8 0.94x 197.2 5.74x 146.5 8.37x

31.12.2012 1'201.1 0.78x 206.5 4.56x 197.2 10.44x

206.50 167.10 13.91% 13.08% 13.91% 24.16% 0.85% 36.5% 13.9% 16.4% 2.12 1.43 10.13% 16.53% 7.76 3.48

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.08 1.22 9.91% 7.09% 1.075 7 4.429 2'753 4'097 4'348 FY+2

12/13 Y 12/14 Y 1'199.3 1'219.7 0.89x 0.84x 162.5 170.8 6.90x 6.56x 94.8 103.0 13.43x 12.00x S&P Issuer Ratings

.0 M m-13

FQ+1

FQ+2

23.20 19.53 16.5% 14.2% 0.85 3.36 47.14 105.07 41.01 111.20

Sales/Revenue/Turnover

16.00

2'500.0

14.00

2'000.0

12.00 10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Forbo Holding AG Holdings By:

All

Holder Name PIEPER MICHAEL W FORBO HOLDING AG UBS FUND MANAGEMENT SCHNEIDER THIS E NORGES BANK VANGUARD GROUP INC SCHRODER INVESTMENT SWISSCANTO FONDSLEIT CREDIT SUISSE ASSET DIMENSIONAL FUND ADV RAIFFEISEN SCHWEIZ L SARASIN VONTOBEL ASSET MANAG PUTNAM INVESTMENT MA SWEDBANK ROBUR FONDE PICTET & CIE BANCOPOSTA FONDI SPA LORD ABBETT & CO LLC GNAEGI ALBERT GOLDMAN SACHS GROUP

Firm Name Credit Suisse EVA Dimensions Zuercher Kantonalbank Bank Vontobel AG Helvea Main First Bank AG

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

Analyst PATRICK LAAGER CRAIG STERLING MARTIN HUESLER CHRISTIAN ARNOLD PATRICK APPENZELLER TOBIAS FAHRENHOLZ

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

Recommendation outperform overweight outperform buy neutral outperform

Amt Held 681'628 196'117 99'447 77'653 64'898 34'941 27'616 20'231 19'568 18'290 12'800 11'326 8'520 6'703 6'421 5'725 5'574 5'481 4'903 4'885

% Out 30.29 8.72 4.42 3.45 2.88 1.55 1.23 0.9 0.87 0.81 0.57 0.5 0.38 0.3 0.29 0.25 0.25 0.24 0.22 0.22

Weighting

Change 5 5 5 5 3 5

M U M M M M

Latest Chg (179'360) 745 10'237 30 1'303 243 (249) 2'964 959 4'885

Target Price 730 #N/A N/A #N/A N/A 740 650 800

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

File Dt 31.12.2012 22.01.2013 03.01.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 28.02.2013 27.03.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.03.2013 31.03.2013 31.01.2013 28.02.2013 28.03.2013 31.12.2012 31.01.2013

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

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

Date 27.03.2013 26.03.2013 20.03.2013 20.03.2013 20.03.2013 14.03.2013

04.07.2013

Vontobel Holding AG Vontobel Holding AG offers wealth management services for private and institutional clients, and investment banking services. The bank offers portfolio management services, derivative and structured products, securities brokerage, capital market transactions, custodian services, institutional asset management and investment funds.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VONN SE EQUITY YTD Change VONN SE EQUITY YTD % CHANGE

12/2012 01/yy 33.40 18.00 19'935.00 29.9 -10.48% 66.11% 74.68% 65.0 1'943.50 8'900.30 0.0 0.0 4'216.70 6'627.10

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

.1 M

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 931.8 8.69x 256.0 31.63x 112.8 12.36x

31.12.2009 31.12.2010 903.3 951.8 11.08x 10.99x 232.9 242.8 42.96x 43.08x 138.9 147.8 13.62x 15.41x Profitability

31.12.2011 890.7 6.50x 213.9 27.06x 113.7 11.80x

31.12.2012 904.9 7.15x 222.3 29.11x 130.6 13.76x

222.30 17.58% 17.27% 0.66% 8.51% 1.34% 0.05% 24.6% 14.4% 42.20% 565.60% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.06 20.74 61.68% 10.36% 1.063 10 3.200 27'634 37'075 40'312 FY+2

12/13 Y 12/14 Y 830.6 898.4 147.7 173.0 13.08x 11.19x S&P Issuer Ratings

.0 M m-13

FQ+1

FQ+2

30.03.2009 A NEG 30.03.2009 A-1 21.07 40.04 565.6% 85.0% 0.05 4.75 -

Sales/Revenue/Turnover

6.00

1'400.0

5.00

1'200.0 1'000.0

4.00

800.0 3.00

600.0

2.00

400.0

1.00

200.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Vontobel Holding AG Holdings By:

All

Holder Name VONTOBEL HANS RAIFFEISEN SCHWEIZ VONTRUST AG VONTOBEL FOUNDATION DE LA COUR-VONTOBEL PELLEGRINUS HOLDING VONTOBEL HOLDING AG NORGES BANK FRANKLIN RESOURCES SCHEIDT HERBERT JULI CLASSIC FUND MGMT AG UBS FUND MANAGEMENT ALLIANZ ASSET MANAGE SWISSCANTO FONDSLEIT CREDIT SUISSE ASSET STAUB ZENO VANGUARD GROUP INC STUDER ROGER LLB FONDSLEITUNG AG BLACKROCK

Firm Name Main First Bank AG Berenberg Bank EVA Dimensions Helvea Keefe, Bruyette & Woods Zuercher Kantonalbank Goldman Sachs Nomura

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

Analyst KILIAN MAIER ELENI PAPOULA AUSTIN BURKETT TIM DAWSON ANDREW STIMPSON ANDREAS VENDITTI MARTIN LEITGEB JON PEACE

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

Recommendation outperform hold underweight neutral underperform market perform Buy/Neutral reduce

Amt Held 11'765'000 8'125'000 8'125'000 7'085'000 3'575'000 2'730'000 1'625'000 707'829 647'022 618'025 531'506 385'658 250'400 182'568 176'339 167'453 151'334 138'583 132'500 128'391

% Out 18.1 12.5 12.5 10.9 5.5 4.2 2.5 1.09 1 0.95 0.82 0.59 0.39 0.28 0.27 0.26 0.23 0.21 0.2 0.2

Weighting

Change 5 3 1 3 1 3 5 2

M U D M M M M N

Latest Chg (197'790) (55'900) 271'417 (8'400) 426 8'747 (7'500) 51'141

Target Price 33 25 #N/A N/A 31 30 #N/A N/A 38 33

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.03.2013 31.01.2013 31.03.2013 28.02.2013 27.03.2013 31.12.2012 31.03.2013 31.12.2012 31.03.2013 21.05.2013

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

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

Date 15.05.2013 07.03.2013 13.02.2013 08.02.2013 07.02.2013 07.02.2013 28.01.2013 16.12.2010

04.07.2013

Daetwyler Holding AG Daetwyler Holding AG manufactures rubber components and sealing solutions for the automotive, pharmaceutical and civil engineering industries. The company also distributes electronic, automation, engineering and IT components and accessories.

Price/Volume 120 100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (09.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DAE SE EQUITY YTD Change DAE SE EQUITY YTD % CHANGE

12/2012 01/yy 109.55 64.95 8'368.00 102.4 -6.53% 57.66% 78.59% 12.6 1'740.80 304.90 0.0 0.0 248.50 1'797.20

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

20 0 m-12

31.12.2009 31.12.2010 1'122.2 1'319.5 0.76x 0.88x 134.0 176.6 6.35x 6.57x 63.7 98.2 14.04x 12.19x Profitability

31.12.2011 1'050.5 0.73x 164.4 4.68x 96.2 9.28x

31.12.2012 1'185.9 1.29x 159.4 9.56x 127.5 14.34x

159.40 107.30 9.05% 8.87% 12.94% 21.35% 1.20% 24.9% 13.4% 9.0% 10.8% 2.18 1.47 28.26% 55.35% 7.41 -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.91 4.46 55.07% 21.66% 0.912 4 4.000 6'959 8'352 9'675 FY+2

12/13 Y 12/14 Y 1'407.7 1'501.0 1.23x 1.09x 215.7 237.0 8.33x 7.58x 122.0 138.3 12.96x 11.43x S&P Issuer Ratings

FQ+1

FQ+2

79.70 42.20 0.35 1.91 55.3% 35.6% 1.20 3.20 49.41 92.84

Sales/Revenue/Turnover

14.00

1'400.0

12.00

1'200.0

10.00

1'000.0

8.00

800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 1'294.9 0.53x 197.3 3.50x 109.6 6.03x

.1 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M m-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Daetwyler Holding AG Holdings By:

All

Holder Name PEMA HOLDINGS AG DAETWYLER HOLDING AG SARASIN TWEEDY BROWNE COMPAN VONTOBEL ASSET MANAG UBS FUND MANAGEMENT DIMENSIONAL FUND ADV CREDIT SUISSE ASSET LB SWISS INVESTMENT SWISSCANTO FONDSLEIT BLACKROCK PICTET & CIE LUXEMBOURGER KAPITAL OPPENHEIMERFUNDS INC SCHRODER INVESTMENT NORGES BANK JULIUS BAER MULTICOO JULIUS BAER ASSET MA HAELG PAUL J DEKA INVESTMENT GMBH

Firm Name EVA Dimensions Bank Vontobel AG Helvea Zuercher Kantonalbank

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

Analyst CRAIG STERLING SERGE ROTZER STEFAN GAECHTER RICHARD FREI

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

Recommendation sell buy buy outperform

Amt Held 6'633'900 1'415'347 476'500 343'783 267'860 217'357 160'724 112'160 93'184 88'271 76'845 64'186 58'000 53'569 52'211 43'201 36'629 27'911 24'500 23'971

% Out 52.65 11.23 3.78 2.73 2.13 1.73 1.28 0.89 0.74 0.7 0.61 0.51 0.46 0.43 0.41 0.34 0.29 0.22 0.19 0.19

Weighting

Change 1 5 5 5

D M M U

Latest Chg (24'200) (10'120) 37'919 13'600 (23'700) 210 (1'268) 5'933 (8'000) 5'000 (5'910) (434) 2'500

Target Price #N/A N/A 125 125 #N/A N/A

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

File Dt 31.12.2012 31.12.2012 31.01.2013 31.03.2012 31.01.2013 29.03.2013 31.01.2013 27.03.2013 31.12.2012 28.02.2013 31.01.2013 31.01.2013 28.02.2013 31.03.2013 31.12.2012 31.12.2012 31.01.2013 30.04.2013 31.12.2012 28.12.2012

Date Not Provided Not Provided 12 month Not Provided

Inst Type Holding Company Corporation Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor n/a Investment Advisor

Date 15.04.2013 18.03.2013 18.03.2013 30.10.2012

04.07.2013

Huber & Suhner AG Huber & Suhner AG manufactures telecommunications products and polymer systems. The Company produces antenna systems, lightning protection, fiber optic cables and connectors, and hybrid cables.

Price/Volume 60

.0 M .0 M

.0 M 40

Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (06.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HUBN SE EQUITY YTD Change HUBN SE EQUITY YTD % CHANGE

12/2012 01/yy 50.00 37.50 9'166.00 43 -14.00% 14.67% 47.60% 20.2 868.60 0.00 0.0 0.0 84.84 783.77

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

31.12.2009 31.12.2010 631.1 799.5 0.93x 1.32x 80.8 142.3 7.26x 7.40x 48.4 79.0 15.94x 15.80x Profitability

31.12.2011 758.5 0.78x 76.4 7.73x 49.8 15.43x

31.12.2012 698.1 1.14x 21.8 38.84x

76.36 24.46 3.50% 3.04% 3.02% 3.80% 3.09% 0.96% 30.7% 4.7% 3.5% 3.1% 3.97 2.22 0.00% 0.00% 4.96 2.90

Price/ Cash Flow

.0 M .0 M

.0 M

0 m-12

j-12

LTM-4Q

LTM

01/yy

01/yy -

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

FY+1 -

.0 M m-13

0.86 12.94 8.70% -0.05% 0.865 4 2.250 4'795 8'670 7'594 FY+2

12/13 Y 12/14 Y 761.3 821.3 0.95x 0.88x 89.4 100.0 8.77x 7.84x 43.4 52.4 18.98x 15.97x S&P Issuer Ratings

FQ+1

FQ+2

1908.98 977.93 -4.79 0.02 0.0% 0.0% 0.96 3.98 73.74 126.05 146.81

Sales/Revenue/Turnover

45.00

900.0

40.00

800.0

35.00

700.0

30.00

600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 01.01.2010

.0 M

Fiscal Year Ended 31.12.2008 760.2 0.76x 114.3 5.06x 60.2 11.97x

.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 |

04.07.2013

Huber & Suhner AG Holdings By:

All

Holder Name BODMER HENRY CARL MA METROHM AG HOFFMAN-SUHNER SYLVI LODH SWISS CAP HUBER & SUHNER AG HUWA FINANZ UND BETE EGS BETEILIGUNGEN AG SARASIN LOMBARD ODIER DARIER IST FUND MANAGERS NORGES BANK LB SWISS INVESTMENT SWISSCANTO FONDSLEIT CREDIT SUISSE ASSET MAINFIRST SICAV UBS FUND MANAGEMENT VANGUARD GROUP INC PICTET & CIE ALLIANZ ASSET MANAGE ZUERCHER KANTONALBAN

Firm Name Zuercher Kantonalbank Helvea EVA Dimensions Bank Vontobel AG

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

Analyst RICHARD FREI RETO AMSTALDEN CRAIG STERLING ANDY SCHNYDER

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

Recommendation market perform accumulate sell not rated

Amt Held 2'399'760 2'145'240 1'268'560 959'500 746'663 640'340 607'195 580'170 350'000 322'458 278'369 205'739 145'810 115'024 111'198 79'669 74'970 70'883 51'800 47'000

% Out 11.88 10.62 6.28 4.75 3.7 3.17 3.01 2.87 1.73 1.6 1.38 1.02 0.72 0.57 0.55 0.39 0.37 0.35 0.26 0.23

Weighting

Change

3 4 1 #N/A N/A

M M M M

Latest Chg 1'311 (13'841) (72) (353) 2'226 (3'653) (2'600) -

Target Price #N/A N/A 50 #N/A N/A #N/A N/A

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

File Dt 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 04.06.2012 31.01.2013 31.03.2013 31.03.2013 31.12.2012 31.12.2012 28.02.2013 27.03.2013 31.01.2013 31.01.2013 31.03.2013 31.01.2013 31.01.2013 31.01.2013

Date Not Provided 12 month Not Provided Not Provided

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

Date 14.03.2013 12.03.2013 17.01.2013 27.09.2012

04.07.2013

Valora Holding AG Valora Holding AG is a holding company. The company owns and operates kiosks, self-service stores, food, coffee and snack shops and restaurants, and wholesale outlets. Valora also owns and manages commercial real estate in Switzerland.

Price/Volume 250

.1 M .1 M

200

.1 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (03.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VALN SE EQUITY YTD Change VALN SE EQUITY YTD % CHANGE

12/2012 01/yy 203.30 140.37 2'325.00 176.8 -13.03% 25.95% 53.44% 3.4 607.41 511.71 0.0 5.1 147.15 977.03

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

.0 M

100

.0 M .0 M

31.12.2009 31.12.2010 2'897.0 2'877.7 0.24x 0.32x 101.7 122.8 6.87x 7.51x 54.0 63.4 13.46x 14.60x Profitability

31.12.2011 2'817.9 0.21x 118.7 4.95x 56.3 9.71x

31.12.2012 2'847.9 0.35x 133.5 7.46x 45.4 11.87x

133.48 78.03 2.74% 1.88% 3.36% 8.84% 2.11% 33.0% 4.7% 2.7% 1.6% 1.37 0.68 31.94% 89.73% 16.59 8.13

Price/ Cash Flow

j-12

LTM-4Q

LTM

01/yy

01/yy -

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

FY+1 -

.0 M m-13

0.96 2.53 9.63% 2.22% 0.962 8 2.125 2'880 6'814 7'480 FY+2

12/13 Y 12/14 Y 2'905.4 2'950.0 0.33x 0.33x 142.1 148.7 6.88x 6.58x 56.7 63.8 10.39x 9.47x S&P Issuer Ratings

FQ+1

FQ+2

9.36 5.81 2.73 3.83 89.7% 47.1% 2.11 12.67 22.06 45.03 53.74 13.36

Sales/Revenue/Turnover

20.00

3'200.0

18.00

3'100.0

16.00

3'000.0

14.00

2'900.0

12.00 10.00

2'800.0

8.00

2'700.0

6.00

2'600.0

4.00

2'500.0

2.00 0.00 01.01.2010

.0 M

0 m-12

Fiscal Year Ended 31.12.2008 2'931.1 0.15x 100.4 4.38x 38.6 19.90x

150

2'400.0 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 |

04.07.2013

Valora Holding AG Holdings By:

All

Holder Name DITSCH ERNST PETER UBS FUND MANAGEMENT CREDIT SUISSE AG SILVER GRANT GROUP L NORGES BANK CREDIT SUISSE ASSET BLACKROCK PICTET & CIE LOMBARD ODIER DARIER VALORA HOLDING AG DIMENSIONAL FUND ADV IST FUND MANAGERS VONTOBEL ASSET MANAG WARBURG INVEST LUXEM FRANKLIN RESOURCES BENEDICK ROLANDO VOLLMOELLER THOMAS UBS GLOBAL ASSET MAN VANGUARD GROUP INC SWISSCANTO FONDSLEIT

Firm Name Kepler Cheuvreux Credit Suisse EVA Dimensions Berenberg Bank Bank Vontobel AG Main First Bank AG Zuercher Kantonalbank GSC Research

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

Analyst CHRISTOPH LADNER PATRICK JNGLIN CRAIG STERLING ANNA PATRICE RENE WEBER STEPHAN VOLLERT MARCO STRITTMATTER MATTHIAS WAHLER

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

Recommendation reduce neutral underweight hold hold underperform market perform buy

Amt Held 635'599 184'297 143'763 137'757 120'741 96'278 91'276 82'205 66'355 51'011 42'746 39'815 37'700 27'500 26'400 22'709 22'269 18'611 16'488 14'863

% Out 18.5 5.36 4.18 4.01 3.51 2.8 2.66 2.39 1.93 1.48 1.24 1.16 1.1 0.8 0.77 0.66 0.65 0.54 0.48 0.43

Weighting

Change 2 3 1 3 3 1 3 5

M M D M M M D N

Latest Chg 3'494 (1'272) 5'381 (53'334) 30 (2'119) 63 4'700 8'400 2'569 (20)

Target Price 170 175 #N/A N/A 179 200 180 #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 09.11.2012 31.12.2011 09.11.2012 08.08.2012 27.03.2013 27.03.2013 21.05.2013 22.08.2012 31.03.2013 19.04.2013 31.01.2013 31.03.2013 31.01.2013 28.03.2013 31.12.2012 31.12.2011 31.12.2011 31.01.2013 31.03.2013 28.02.2013

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

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

Date 15.05.2013 14.05.2013 02.04.2013 27.03.2013 27.03.2013 27.03.2013 26.03.2013 18.03.2009

04.07.2013

Inficon Holding AG Inficon Holding AG develops, manufactures and markets vacuum instruments used to monitor and control production processes. The Company's products help semiconductor manufacturers to monitor and control their manufacturing processes and prepare computer chips for packaging. Inficon also manufactures refrigerant and helium leak detectors, and vacuum control products.

Price/Volume 350

.0 M

300

.0 M .0 M

250

.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.05.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IFCN SE EQUITY YTD Change IFCN SE EQUITY YTD % CHANGE

12/2012 03/yy 292.75 172.94 1'064.00 288 -1.62% 66.53% 93.53% 2.2 643.03 2.32 0.0 0.0 92.24 583.36

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

1.20 1.00

.0 M

100

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 256.5 0.53x 42.0 3.27x 24.3 7.33x

.0 M

150

31.12.2009 31.12.2010 181.7 265.4 1.18x 1.32x 12.9 48.4 16.60x 7.21x 2.3 27.1 106.96x 15.25x Profitability

LTM-4Q 31.12.2011 312.1 0.92x 59.9 4.78x 40.3 8.90x

31.12.2012 297.2 1.51x 56.9 7.88x 39.9 13.32x 56.86 50.11 16.86% 17.90% 1.29% 1.66% 1.03% 49.5% 13.4% 4.12 3.21 1.08% 1.35% 6.43 -

03/yy 311.0 0.00x 0.0 0.00x 43.2 11.22x

LTM 03/yy 289.2 0.00x 0.0 0.00x 38.3 17.20x

FY+1

.0 M m-13

1.00 1.39 54.97% 38.99% 1.004 6 4.333 2'772 2'985 3'641 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 312.0 326.5 1.86x 1.77x 61.6 65.2 9.49x 8.95x 40.6 43.2 8.2 10.5 16.75x 15.71x S&P Issuer Ratings

148.85 131.45 1.4% 1.3% 1.03 6.71 56.75 107.02

Sales/Revenue/Turnover

350.0 300.0 250.0

0.80

200.0 0.60

150.0

0.40

100.0 50.0

0.20

0.0 0.00

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

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

04.07.2013

Inficon Holding AG Holdings By:

All

Holder Name KWE BETEILIGUNGEN AG 7 INDUSTRIES HOLDING WETHMEIMER RUTH BLACKROCK UBS FUND MANAGEMENT CREDIT SUISSE AG POLAR CAPITAL LLP PICTET & CIE LOMBARD ODIER DARIER SWISSCANTO FONDSLEIT CREDIT SUISSE ASSET IST FUND MANAGERS WIRZ GUSTAV A VONTOBEL ASSET MANAG FISCHER RICHARD ALLIANZ ASSET MANAGE SCHRODER INVESTMENT SCOTIA ASSET MANAGEM UNION BANCAIRE PRIVE BARING FUND MANAGERS

Firm Name Bank am Bellevue Bank Vontobel AG Helvea EVA Dimensions Zuercher Kantonalbank

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

Analyst MICHAEL STUDER MICHAEL FOETH RETO AMSTALDEN ANDREW S ZAMFOTIS MICHAEL INAUEN

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

Recommendation buy buy neutral overweight market perform

Amt Held 440'482 226'752 111'458 111'127 110'303 67'713 59'066 51'547 51'146 33'932 32'593 30'076 24'988 22'000 21'000 18'558 14'987 12'900 11'974 11'934

% Out 19.73 10.16 4.99 4.98 4.94 3.03 2.65 2.31 2.29 1.52 1.46 1.35 1.12 0.99 0.94 0.83 0.67 0.58 0.54 0.53

Weighting

Change 5 5 3 5 3

M M M U N

Latest Chg 71'254 30'382 1'850 (370) 59 2'400 598 500 (3'580) 1'214 -

Target Price 384 310 270 #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 29.04.2013 20.09.2012 09.03.2011 21.05.2013 19.02.2013 04.10.2012 14.08.2012 31.01.2013 31.03.2013 28.02.2013 27.03.2013 31.03.2013 31.12.2011 31.01.2013 31.12.2011 31.01.2013 31.03.2013 28.02.2013 31.12.2012 31.12.2012

Date Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Other Holding Company n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 22.04.2013 19.04.2013 19.04.2013 03.04.2013 05.07.2012

04.07.2013

Meyer Burger Technology AG Meyer Burger Technology AG supplies systems and production equipment to the photovoltaic, semiconductor and optoelectronic industries. The company produces equipment for solar production from wafers to building integrated solar systems.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.08.2012) 52-Week Low (29.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MBTN SE EQUITY YTD Change MBTN SE EQUITY YTD % CHANGE

12/2012 01/yy 12.34 4.65 729'818.00 6.21 -49.69% 33.42% 14.25% 84.3 523.19 133.81 0.0 12.7 134.59 535.13

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

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 m-12

31.12.2009 31.12.2010 420.9 826.0 1.98x 1.13x 63.7 191.7 13.08x 4.88x 29.2 97.9 27.79x 13.13x Profitability

31.12.2011 1'315.0 0.36x 280.4 1.70x 40.8 16.90x

31.12.2012 645.2 0.52x (32.7) (111.1) -

-32.75 -134.95 -20.91% -22.41% -8.97% -16.42% 0.52% 75.5% -5.1% -20.9% -17.2% 1.61 0.71 12.16% 21.75% 11.14 0.82

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.26 76.22 -46.82% 10.52% 1.256 12 2.333 453'439 689'400 774'174 FY+2

12/13 Y 12/14 Y 455.4 616.4 1.03x 0.78x (43.9) 58.1 9.16x (108.2) (28.2) S&P Issuer Ratings

.0 M m-13

FQ+1

FQ+2

-5.89 -16.58 -4.09 21.7% 17.6% 0.52 4.36 32.86 446.13 147.92 331.07

Sales/Revenue/Turnover

18.00

1'400.0

16.00

1'200.0

14.00

1'000.0

12.00 10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 448.4 0.80x 82.7 4.35x 35.0 10.36x

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 |

04.07.2013

Meyer Burger Technology AG Holdings By:

All

Holder Name VONTOBEL FONDS SERVI PAULI PETER FMR LLC PLATINUM INVESTMENT GENERATION INVESTMEN WILLIAM BLAIR & COMP VONTOBEL ASSET MANAG CREDIT SUISSE ASSET SWISSCANTO FONDSLEIT UBS FUND MANAGEMENT PICTET & CIE CLAYMORE ADVISORS LL ROTH DIETMAR DIMENSIONAL FUND ADV UBS VANGUARD GROUP INC MIRABAUD & CIE HOFER-NOSER PATRICK SARASIN LOMBARD ODIER DARIER

Firm Name HSBC Bank Vontobel AG Helvea Macquarie Axiom Capital EVA Dimensions Zuercher Kantonalbank Kepler Cheuvreux Landesbank Baden-Wuerttemberg Credit Suisse Nomura Code Securities Natureo Finance Performaxx AG

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

Analyst CHRISTIAN DOMINIK RATH MICHAEL FOETH STEFAN GAECHTER ROBERT SCHRAMM-FUCHS GORDON L JOHNSON CRAIG STERLING RICHARD FREI CHRISTOPH LADNER ERKAN AYCICEK FELIX REMMERS JOHN-MARC BUNCE INGO QUEISER HOLGER STEFFEN

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

Recommendation neutral hold neutral underperform sell hold market perform Under Review hold neutral neutral hold overweight

Amt Held 2'966'948 2'890'882 2'647'947 2'547'892 2'451'332 1'339'622 1'092'543 1'054'174 863'963 561'558 534'842 502'968 490'468 444'066 287'069 258'358 233'152 217'714 162'662 158'493

% Out 3.52 3.43 3.14 3.02 2.91 1.59 1.3 1.25 1.03 0.67 0.63 0.6 0.58 0.53 0.34 0.31 0.28 0.26 0.19 0.19

Weighting

Change

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

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

Latest Chg 665'000 1'106'815 848'955 (129'899) 68'976 5'879 2'406 313'685 (59'746) 4'593 25'976 33'535 131'775 -

Target Price 6 6 6 6 3 #N/A N/A #N/A N/A 5 5 6 12 14 23

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

File Dt Inst Type 10.05.2013 Investment Advisor 07.05.2013 n/a 14.05.2013 Investment Advisor 09.01.2013 Hedge Fund Manager 04.05.2012 Investment Advisor 19.04.2012 Investment Advisor 31.01.2013 Investment Advisor 27.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 20.05.2013 Investment Advisor 31.12.2011 n/a 31.01.2013 Investment Advisor 31.01.2013 Unclassified 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 n/a 31.01.2013 Unclassified 31.03.2013 Investment Advisor

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

Date 10.05.2013 08.05.2013 08.05.2013 30.04.2013 02.04.2013 02.04.2013 27.03.2013 26.03.2013 25.03.2013 08.03.2013 01.06.2012 17.04.2012 16.09.2010

04.07.2013

Implenia AG Implenia AG provides construction, civil and underground engineering services. The Company's projects include residential and industrial buildings, tunnels, bridges and roads. Implenia also provides real estate and facilities management and marketing services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.03.2013) 52-Week Low (09.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IMPN SE EQUITY YTD Change IMPN SE EQUITY YTD % CHANGE

12/2012 01/yy 54.03 28.62 13'857.00 50.4 -6.72% 76.08% 78.23% 18.5 930.99 212.90 0.0 12.5 500.95 655.40

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

.1 M

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 2'326.4 0.22x 85.2 5.88x 41.0 12.95x

31.12.2009 31.12.2010 2'279.8 2'388.4 0.18x 0.19x 100.4 105.4 4.11x 4.21x 45.9 51.5 11.33x 11.09x Profitability

31.12.2011 2'522.6 0.10x 135.4 1.92x 60.3 7.15x

31.12.2012 2'695.8 0.17x 140.6 3.25x 69.1 10.58x

140.61 98.94 3.67% 3.45% 3.55% 12.34% 9.30% 1.38% 5.2% 3.7% 2.6% 1.42 0.86 10.60% 36.27% 5.81 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.60 9.88 72.54% 29.73% 0.601 4 5.000 19'649 19'018 20'236 FY+2

12/13 Y 12/14 Y 2'823.0 2'899.7 0.22x 0.19x 155.0 158.7 4.22x 4.12x 77.8 80.7 11.90x 11.47x S&P Issuer Ratings

.0 M m-13

FQ+1

FQ+2

70.66 52.40 -2.05 1.51 36.3% 26.2% 1.38 11.78 63.05 -

Sales/Revenue/Turnover

9.00

3'000.0

8.00

2'500.0

7.00

2'000.0

6.00 5.00

1'500.0

4.00

1'000.0

3.00 2.00

500.0

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 |

04.07.2013

Implenia AG Holdings By:

All

Holder Name PARMINO HOLDING AG MAAG RUDOLF AMMANN GROUP HOLDING RUSSIAN LAND LTD CAZENOVE CAPITAL MAN CHIGRINSKIY SHALVA BLACKROCK VONTOBEL ASSET MANAG CAZENOVE UNIT TRUST DIMENSIONAL FUND ADV SCHRODER INVESTMENT IMPLENIA AG AFFENTRANGER ANTON SWISSCANTO FONDSLEIT MIRABAUD & CIE UBS FUND MANAGEMENT CREDIT SUISSE ASSET PICTET & CIE ZUERCHER KANTONALBAN JP MORGAN

Firm Name EVA Dimensions Bank Vontobel AG Helvea Zuercher Kantonalbank

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

Analyst CRAIG STERLING CHRISTIAN ARNOLD PATRICK APPENZELLER MARTIN HUESLER

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

Recommendation overweight buy buy outperform

Amt Held 2'952'200 2'000'000 1'556'438 970'882 891'209 594'730 507'442 505'664 392'839 300'143 221'794 211'017 209'179 205'341 197'037 158'572 101'398 99'855 92'000 91'548

% Out 15.98 10.83 8.43 5.26 4.82 3.22 2.75 2.74 2.13 1.62 1.2 1.14 1.13 1.11 1.07 0.86 0.55 0.54 0.5 0.5

Weighting

Change 5 5 5 5

D M M M

Latest Chg (58'791) (32'700) 32'200 479 2'133 (37'030) 456 (50'000) 8'295 (14) 39'634 (8'000) 7'069

Target Price #N/A N/A 60 60 #N/A N/A

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

File Dt 31.12.2010 31.12.2010 18.12.2011 11.02.2008 05.04.2011 19.01.2009 21.05.2013 31.01.2013 28.02.2013 31.01.2013 31.03.2013 31.12.2010 31.12.2010 28.02.2013 31.12.2012 31.01.2013 27.03.2013 31.01.2013 31.01.2013 31.01.2013

Date Not Provided Not Provided 12 month Not Provided

Inst Type Holding Company n/a Holding Company Corporation Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 11.03.2013 27.02.2013 27.02.2013 26.02.2013

04.07.2013

Basellandschaftliche Kantonalbank Basellandschaftliche Kantonalbank is a Swiss regional bank that attracts deposits and offers universal banking services. The Bank offers mortgage loans, consumer loans, and loans to small and medium-sized companies, investment advice, asset management, securities brokerage, and financial planning services.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (06.07.2012) 52-Week Low (20.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BLKB SE EQUITY YTD Change BLKB SE EQUITY YTD % CHANGE

12/2012 01/yy 1'298.00 940.00 111.00 976 -24.81% 3.83% 12.57% 0.6 2'117.92 3'711.32 0.0 0.0 775.55 -

1.20 1.00

.0 M .0 M .0 M

800

.0 M

600

.0 M .0 M

400

.0 M

200

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

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

.0 M

1200 1000

Valuation Analysis

31.12.2008 688.4 96.1 22.03x

1400

31.12.2009 31.12.2010 621.0 595.2 106.3 108.9 21.15x 25.51x Profitability

31.12.2011 584.1 109.0 25.88x

31.12.2012 567.3 111.9 21.53x 47.06% 30.33% 0.59% 13.14% 2.47% 0.03% 30.3% 19.29% 427.56% -

0.41 0.57 -21.56% -9.41% 0.405 1 1.000 158 335 287

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

12/13 Y

12/14 Y

S&P Issuer Ratings

FQ+2 -

21.11.2001 AAA NEG 21.11.2001 A-1+ 427.6% 81.0% 0.03 3.49 -

Sales/Revenue/Turnover

800.0 700.0 600.0

0.80 0.60

500.0 400.0 300.0

0.40 0.20

200.0 100.0 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 |

04.07.2013

Basellandschaftliche Kantonalbank Holdings By:

All

Holder Name CREDIT SUISSE ASSET UBS FUND MANAGEMENT PICTET & CIE IST FUND MANAGERS SWISSCANTO ANLAGESTI SKANDIA GLOBAL FUNDS BAUMANN URS DANIEL SCHENK DANIEL L SCHUDEL HANS ULRICH JULIUS BAER ASSET MA GREINER DORIS SCHIRMER-MOSSET ELIS BALLMER ADRIAN JANIAK CLAUDE HANSEN WILHELM VOELLMIN DIETER FORTUNA INVESTMENT A UBS ETF AXA ROSENBERG INTL STATE STREET

Firm Name EVA Dimensions

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

Analyst AUSTIN BURKETT

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

Recommendation underweight

Amt Held 4'567 3'149 2'809 758 457 413 410 380 290 268 260 240 227 160 140 130 100 73 62 15

% Out 0.8 0.55 0.49 0.13 0.08 0.07 0.07 0.07 0.05 0.05 0.05 0.04 0.04 0.03 0.02 0.02 0.02 0.01 0.01 0

Latest Chg

Weighting

Change

Target Price

32 2 (89) 58 81 28 (26) 2 62 -

#N/A N/A

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

File Dt 27.03.2013 31.01.2013 31.01.2013 31.03.2013 28.02.2013 28.02.2013 31.12.2011 31.12.2011 31.12.2011 31.03.2013 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 30.04.2013 31.01.2013 31.12.2012 22.05.2013

Date Not Provided

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

Date 14.05.2013

04.07.2013

Basilea Pharmaceutica Basilea Pharmaceutica AG is a biotechnology company conducting research into the development of drugs for the treatment of infectious diseases and dermatological problems. The Company develops anti-bacterial and anti-fungal compounds which destroy infectious organisms.

Price/Volume 80

.4 M

.3 M

Latest Fiscal Year: LTM as of: 52-Week High (29.05.2013) 52-Week Low (20.12.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BSLN SE EQUITY YTD Change BSLN SE EQUITY YTD % CHANGE

12/2012 01/yy 72.90 37.76 28'837.00 69.25 -5.01% 83.38% 91.04% 9.6 664.07 0.00 0.0 0.0 343.96 320.11

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

.2 M

30 20

.1 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 12.0 94.50x (148.4) (143.5) -

.2 M

Valuation Analysis

31.12.2009 31.12.2010 26.8 116.2 2.93x (116.2) 111.7 3.04x (120.7) 107.6 5.79x Profitability

31.12.2011 66.7 2.18x (54.4) (57.6) -

31.12.2012 57.9 1.45x (47.2) (53.0) -

-47.21 -50.85 -87.85% -90.43% -17.32% -40.99% 0.19% 92.4% -87.9% -91.6% 6.14 6.00 0.00% 0.00% 6.43 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.26 7.56 62.32% 69.23% 1.260 4 4.500 28'920 44'904 50'453 FY+2

12/13 Y 12/14 Y 43.5 62.5 8.25x 5.88x (44.2) (30.7) (48.2) (34.6) S&P Issuer Ratings

.0 M m-13

FQ+1

FQ+2

0.0% 0.0% 0.19 3.79 56.96 -1229.73

Sales/Revenue/Turnover

12.00

140.0

10.00

120.0 100.0

8.00

80.0 6.00

60.0

4.00

40.0

2.00

20.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Basilea Pharmaceutica Holdings By:

All

Holder Name HBM HEALTHCARE INVES MORGAN STANLEY ROCHE HOLDING AG CREDIT SUISSE FUND A FRANKLIN RESOURCES NORGES BANK CREDIT SUISSE ASSET IA CLARINGTON INVEST SWISSCANTO FONDSLEIT BLACKROCK DEKA INVESTMENT GMBH OPPENHEIMERFUNDS INC TEMPLETON INVESTMENT MASON STREET ADVISOR DWS INVESTMENTS SCHW BARING FUND MANAGERS OPPENHEIM PRAMERICA UBS FUND MANAGEMENT PICTET & CIE VANGUARD GROUP INC

Firm Name Helvea Bank Vontobel AG EVA Dimensions Kepler Cheuvreux

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

Analyst OLAV ZILIAN ANDREW C WEISS ANDREW S ZAMFOTIS FABIAN WENNER

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

Recommendation buy hold buy buy

Amt Held 1'524'428 590'539 479'380 287'875 256'250 180'774 163'955 115'000 107'470 107'167 101'450 95'191 94'882 87'430 71'106 64'995 54'201 47'683 40'158 39'454

% Out 15.9 6.16 5 3 2.67 1.89 1.71 1.2 1.12 1.12 1.06 0.99 0.99 0.91 0.74 0.68 0.57 0.5 0.42 0.41

Latest Chg -

Weighting

Change

Target Price

5 3 5 5

M M U M

30 3'000 (163) (46'469) 13'252 3'082 (742) 1'829 324

105 50 #N/A N/A 110

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

File Dt 31.12.2012 24.04.2013 31.12.2012 25.07.2012 28.03.2013 31.12.2012 27.03.2013 31.12.2012 28.02.2013 21.05.2013 28.12.2012 31.03.2013 31.12.2012 31.03.2013 28.03.2013 31.12.2012 31.01.2013 31.01.2013 31.01.2013 31.03.2013

Date 12 month Not Provided Not Provided Not Provided

Inst Type Venture Capital Investment Advisor Corporation Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 29.04.2013 10.04.2013 20.02.2013 08.02.2013

04.07.2013

Basler Kantonalbank Basler Kantonalbank is a Swiss regional bank. The Bank accepts deposits and offers mortgage and other loans, portfolio management, foreign currency trading, precious metals trading and other banking services. Basler Kantonalbank operates through a network of branches in the Canton of Basel.

Price/Volume 120 100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.07.2012) 52-Week Low (21.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BSKP SE EQUITY YTD Change BSKP SE EQUITY YTD % CHANGE

12/2012 01/yy 109.70 68.85 5'711.00 80.2 -26.89% 16.49% 24.60% 5.9 2'511.20 8'006.26 0.0 346.0 5'276.57 -

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

1.20 1.00

20 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 1'154.9 145.6 23.63x

31.12.2009 31.12.2010 1'076.0 1'001.4 222.7 194.9 16.05x 21.86x Profitability

31.12.2011 935.8 182.1 22.07x

31.12.2012 961.9 238.7 12.44x 39.24% 40.31% 0.61% 8.69% 2.43% 0.02% 33.6% 20.46% 286.67% -

.1 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M m-13

0.49 5.57 -24.14% -16.43% 0.494 1 5.000 3'365 8'346 7'630

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

12/13 Y

12/14 Y

S&P Issuer Ratings

FQ+2 -

18.10.2001 AA+ NEG 18.10.2001 A-1+ 286.7% 71.8% 0.02 4.68 -

Sales/Revenue/Turnover

1'400.0 1'200.0 1'000.0

0.80

800.0 0.60

600.0

0.40

400.0 200.0

0.20

0.0 0.00

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

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

04.07.2013

Basler Kantonalbank Holdings By:

All

Holder Name BASLER KANTONALBANK NORGES BANK CREDIT SUISSE ASSET UBS FUND MANAGEMENT SKANDIA GLOBAL FUNDS PICTET & CIE DIMENSIONAL FUND ADV VANGUARD GROUP INC SWISSCANTO ANLAGESTI BESSEMER GROUP INCOR JULIUS BAER ASSET MA SEI INVESTMENT MANAG JULIUS BAER MULTICOO CHARLES SCHWAB INVES BAYERNINVEST KAPITAL ALLSTATE CORP UBS ETF SWISSCANTO FONDSLEIT

Firm Name EVA Dimensions Main First Bank AG

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

Analyst AUSTIN BURKETT KILIAN MAIER

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

Recommendation overweight suspended coverage

Amt Held 330'400 91'768 47'374 30'439 25'947 24'690 9'099 5'334 4'744 2'881 2'799 2'216 1'330 1'013 930 837 788 148

% Out 5.6 1.56 0.8 0.52 0.44 0.42 0.15 0.09 0.08 0.05 0.05 0.04 0.02 0.02 0.02 0.01 0.01 0

Weighting

Change

5 #N/A N/A

D M

Latest Chg (286) (347) 5 236 978 852 24 3

Target Price #N/A N/A #N/A N/A

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

File Dt 31.12.2010 31.12.2012 27.03.2013 31.01.2013 28.02.2013 31.01.2013 31.01.2013 31.03.2013 28.02.2013 31.01.2013 31.03.2013 30.04.2013 31.01.2013 22.05.2013 28.03.2013 31.12.2012 31.01.2013 28.02.2013

Date Not Provided Not Provided

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

Date 15.05.2013 30.08.2012

04.07.2013

Emmi AG Emmi AG is a Swiss producer of dairy products. The Company markets fresh milk, cream, butter, yogurt, quark, pudding and an assortment of cheeses. Emmi also produces a variety of fruit juices and iced tea.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.05.2013) 52-Week Low (04.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EMMN SE EQUITY YTD Change EMMN SE EQUITY YTD % CHANGE

12/2012 01/yy 297.00 186.62 1'935.00 283.25 -4.63% 51.78% 78.94% 5.3 1'515.33 599.02 0.0 177.3 182.83 2'108.82

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

.0 M

300

.0 M

250

.0 M

200

.0 M

150

.0 M

100

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 2'670.8 0.34x 188.7 4.85x 58.7 9.02x

350

31.12.2009 31.12.2010 2'619.3 2'683.7 0.38x 0.54x 211.8 231.9 4.67x 6.25x 75.3 86.1 9.13x 13.04x Profitability

31.12.2011 2'721.3 0.55x 224.1 6.73x 83.0 12.57x

31.12.2012 2'981.2 0.61x 249.4 7.31x 106.2 11.58x

249.42 145.48 4.88% 5.10% 4.97% 11.25% 1.40% 8.4% 4.9% 3.6% 1.51 0.94 25.79% 60.64% 7.28 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.67 1.93 47.12% 24.74% 0.668 6 2.500 2'202 2'210 3'523 FY+2

12/13 Y 12/14 Y 3'216.8 3'283.6 0.64x 0.60x 270.0 276.8 7.81x 7.61x 97.3 101.6 14.67x 13.74x S&P Issuer Ratings

.0 M m-13

FQ+1

FQ+2

17.28 8.61 1.66 2.40 60.6% 34.0% 1.40 3.40 50.28 -

Sales/Revenue/Turnover

8.00

3'500.0

7.00

3'000.0

6.00

2'500.0

5.00

2'000.0

4.00

1'500.0

3.00

1'000.0

2.00

500.0

1.00 0.00 01.01.2010

0.0 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 |

04.07.2013

Emmi AG Holdings By:

All

Holder Name ZMP ZENTRALSCHWEIZER MIL LOMBARD ODIER ASSET MIBA MILCHVERBAND NO CAPITAL GROUP COMPAN LOMBARD ODIER DARIER IST FUND MANAGERS BLACKROCK DWS INVESTMENT S A BAER STEPHAN DIMENSIONAL FUND ADV SWISSCANTO FONDSLEIT RUFFER LLP DJE INVESTMENT SA NORGES BANK CREDIT SUISSE ASSET EMMI WOHLFAHRTSFONDS UBS FUND MANAGEMENT PICTET & CIE SCHRODER INVESTMENT

Firm Name Kepler Cheuvreux Helvea Zuercher Kantonalbank Bank Vontobel AG EVA Dimensions

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

Analyst CHRISTOPH LADNER ANDREAS VON ARX PATRIK SCHWENDIMANN RENE WEBER AUSTIN BURKETT

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

Recommendation hold accumulate underperform hold underweight

Amt Held 2'904'941 251'441 246'091 192'593 164'100 111'453 81'616 62'284 55'039 49'000 43'656 42'073 35'280 32'700 20'999 16'446 16'049 13'734 9'709 8'500

% Out 54.3 4.7 4.6 3.6 3.07 2.08 1.53 1.16 1.03 0.92 0.82 0.79 0.66 0.61 0.39 0.31 0.3 0.26 0.18 0.16

Weighting

Change 3 4 1 3 1

M M D M M

Latest Chg (1'642) (26'307) 9'980 (2'557) (576) 6 (53) (2'250) (6'441) -

Target Price 290 315 #N/A N/A 260 #N/A N/A

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.01.2013 28.03.2013 31.12.2012 31.01.2013 28.02.2013 27.12.2012 28.02.2013 31.12.2012 27.03.2013 31.12.2012 29.03.2013 31.01.2013 28.09.2012

Date Not Provided 12 month Not Provided Not Provided Not Provided

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

Date 15.05.2013 09.04.2013 28.03.2013 28.03.2013 17.01.2013

04.07.2013

EFG International AG EFG International AG is a bank holding company. The Bank offers private banking and asset management services.

Price/Volume 14

.6 M

.5 M

.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EFGN SE EQUITY YTD Change EFGN SE EQUITY YTD % CHANGE

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

1.20

.2 M

.1 M

2 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 1'621.3 221.9 14.06x

.3 M

12/2012 01/yy 13.14 4.73 5'612.00 11.75 -10.57% 148.41% 81.70% 146.7 1'723.37 2'075.10 0.0 104.3 4'757.70 -

31.12.2009 31.12.2010 1'106.6 596.9 101.1 (721.8) 25.09x Profitability

31.12.2011 1'078.2 (294.1) -

31.12.2012 1'172.2 111.0 11.71x 17.16% 14.99% 0.50% 10.10% 4.36% 0.05% 11.6% 8.78% 171.20% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.42 44.41 116.93% 33.08% 1.420 13 3.462 33'305 70'604 57'979 FY+2

12/13 Y 12/14 Y 759.9 820.4 127.2 158.2 12.09x 10.44x S&P Issuer Ratings

.0 M m-13

FQ+1

FQ+2

171.2% 61.2% 0.05 32.93 -

Sales/Revenue/Turnover

1'800.0 1'600.0

1.00 0.80

1'400.0 1'200.0 1'000.0

0.60

800.0 600.0

0.40 0.20

400.0 200.0 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 |

04.07.2013

EFG International AG Holdings By:

All

Holder Name EFG BANK EUROPEAN FI HOWELL LAWRENCE D CUONI JEAN-PIERRE NORGES BANK CLASSIC FUND MGMT AG UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT DIMENSIONAL FUND ADV BARING FUND MANAGERS OPPENHEIMERFUNDS INC THRIVENT FINANCIAL F LLB FONDSLEITUNG AG PRUDENTIAL FINANCIAL MAINFIRST SICAV CREDIT SUISSE ASSET LORD ABBETT & CO LLC VANGUARD GROUP INC NOMURA PICTET & CIE MILLENNIUM BCP GFI S

Firm Name AlphaValue Main First Bank AG Bank Vontobel AG Mediobanca SpA Nomura Berenberg Bank Helvea Deutsche Bank Goldman Sachs EVA Dimensions

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

Analyst DIETER HEIN KILIAN MAIER TERESA NIELSEN GIANLUCA FERRARI JON PEACE ELENI PAPOULA TIM DAWSON MATT SPICK MARTIN LEITGEB AUSTIN BURKETT

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

Recommendation sell outperform buy neutral reduce buy neutral hold neutral/neutral sell

Amt Held 82'545'117 8'052'705 6'909'500 4'379'472 2'894'667 2'055'577 1'103'435 891'787 619'788 539'072 434'497 390'000 389'161 370'796 350'115 289'323 282'897 254'072 192'925 175'308

% Out 56.28 5.49 4.71 2.99 1.97 1.4 0.75 0.61 0.42 0.37 0.3 0.27 0.27 0.25 0.24 0.2 0.19 0.17 0.13 0.12

Weighting

Change 1 5 5 3 2 5 3 3 3 1

M M M M M M M M M M

Latest Chg (1'147'415) (580'112) (47'512) 73'597 134'316 (20'000) 370'796 (140'855) 18'116 6'269 (27'033)

Target Price 11 15 15 15 11 14 14 12 12 #N/A N/A

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

File Dt 31.12.2012 31.12.2012 31.12.2012 02.02.2012 31.03.2013 31.01.2013 28.02.2013 31.01.2013 31.12.2012 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.01.2013 27.03.2013 28.03.2013 31.03.2013 15.05.2012 31.01.2013 28.02.2013

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

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

Date 23.05.2013 15.05.2013 03.05.2013 25.03.2013 15.03.2013 12.03.2013 12.03.2013 28.02.2013 28.01.2013 17.01.2013

04.07.2013

Rieter Holding AG Rieter Holding AG manufactures spinning systems and chemical fiber systems. The Company's spinning and chemical fiber systems are used to process cotton and man-made fibers. Rieter produces its products throughout Europe and sells internationally.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIEN SE EQUITY YTD Change RIEN SE EQUITY YTD % CHANGE

12/2012 01/yy 188.56 120.92 11'937.00 152.6 -19.07% 26.20% 43.58% 4.7 713.00 256.30 0.0 5.0 351.90 622.40

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

31.12.2009 31.12.2010 1'882.7 812.1 0.58x 2.02x (45.7) 115.6 14.19x (223.9) 26.5 19.03x Profitability

31.12.2011 1'000.7 0.50x 146.5 3.43x 267.2 5.46x

31.12.2012 888.5 0.73x 66.8 9.67x 29.5 24.91x

66.80 33.60 3.78% 3.95% 2.70% 7.86% 0.81% 7.5% 3.8% 3.3% 2.33 1.44 23.95% 68.93% 10.14 -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

.1 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M .0 M .0 M m-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.39 3.02 9.35% -2.58% 1.387 8 2.875 20'514 13'015 14'798 FY+2

12/13 Y 12/14 Y 925.3 1'043.4 0.67x 0.55x 69.8 129.6 8.92x 4.80x 16.6 55.8 37.48x 12.73x S&P Issuer Ratings

FQ+1

FQ+2

4.34 -0.96 -1.43 3.84 68.9% 40.5% 0.81 3.66 36.09 -

Sales/Revenue/Turnover

100.00

4'000.0

90.00

3'500.0

80.00

3'000.0

70.00

2'500.0

60.00 50.00

2'000.0

40.00

1'500.0

30.00

1'000.0

20.00

500.0

10.00 0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 3'011.9 0.26x 281.9 2.79x (405.9) -

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Rieter Holding AG Holdings By:

All

Holder Name SPUHLER PETER PIEPER MICHAEL W SPARINVEST CAZENOVE CAPITAL MAN FIRST EAGLE INVESTME NORGES BANK CAZENOVE UNIT TRUST VONTOBEL ASSET MANAG BLACKROCK RIETER HOLDING AG KEMPEN CAPITAL MANAG SCHRODER INVESTMENT FMR LLC CREDIT SUISSE ASSET PICTET & CIE UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT DWS INVESTMENTS SCHW LB SWISS INVESTMENT CAZENOVE FUND MANAGE

Firm Name Credit Suisse Helvea Bank Vontobel AG Kepler Cheuvreux EVA Dimensions Zuercher Kantonalbank

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

Analyst PATRICK LAAGER VOLKAN GOCMEN FABIAN HAECKI CHRISTOPH LADNER CRAIG STERLING ARMIN RECHBERGER

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

Recommendation neutral buy hold hold sell underperform

Amt Held 896'561 538'695 270'036 235'908 183'274 140'652 121'120 78'278 73'321 50'938 44'712 43'920 37'777 37'407 36'775 29'831 27'717 25'565 23'161 22'280

% Out 19.19 11.53 5.78 5.05 3.92 3.01 2.59 1.68 1.57 1.09 0.96 0.94 0.81 0.8 0.79 0.64 0.59 0.55 0.5 0.48

Weighting

Change 3 5 3 3 1 1

M M M M D D

Latest Chg 30'104 (500) 17'854 2'133 43'920 8'214 6'977 (982) 62 4'291 4'869

Target Price 160 245 175 160 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2012 n/a 31.12.2012 n/a 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 27.03.2013 Government 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 21.05.2013 Investment Advisor 31.12.2012 n/a 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 27.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 28.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor

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

Date 03.05.2013 29.04.2013 22.03.2013 22.03.2013 21.03.2013 25.07.2012

04.07.2013

BKW AG BKW AG is a Swiss producer of energy power from sources that include photovoltaics, wind energy, small-scale hydropower and biomass.

Price/Volume 40

.1 M

Latest Fiscal Year: LTM as of: 52-Week High (22.10.2012) 52-Week Low (18.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BKW SE EQUITY YTD Change BKW SE EQUITY YTD % CHANGE

12/2012 01/yy 36.35 27.05 10'214.00 29.15 -19.81% 7.76% 21.51% 52.8 1'539.12 1'336.00 0.0 36.7 826.00 2'085.82

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

.1 M

15 10

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 3'391.5 471.3 137.8 -

.1 M

Valuation Analysis

31.12.2009 31.12.2010 3'131.1 2'677.5 504.0 502.0 298.4 226.8 Profitability

31.12.2011 2'503.0 0.92x 142.1 16.20x (68.2) -

31.12.2012 2'716.2 0.75x 413.8 4.94x 132.5 11.25x

413.80 224.50 8.27% 6.13% 1.82% 5.00% 5.73% 0.37% 15.2% 8.3% 4.9% 2.61 1.81 17.92% 49.73% 4.28 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M m-13

10.96 -4.87% -3.66% 4 4.500 12'313 15'905 16'447 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 2'603.0 2'699.0 0.91x 0.89x 433.0 466.0 4.80x 4.46x 164.5 186.5 8.44x 7.43x S&P Issuer Ratings

3.57 1.88 1.23 3.23 49.7% 32.9% 0.37 0.96 85.50 -

Sales/Revenue/Turnover

7.00

4'000.0

6.00

3'500.0 3'000.0

5.00

2'500.0 4.00

2'000.0 3.00

1'500.0

2.00

1'000.0

1.00

500.0

0.00 01.01.2010

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 |

04.07.2013

BKW AG Holdings By:

All

Holder Name KANTON BERN GROUPE E SA BKW AG EON ENERGIE AG LOMBARD ODIER DARIER NORGES BANK IST FUND MANAGERS CREDIT SUISSE ASSET UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT UNIVERSAL INVESTMENT VANGUARD GROUP INC ZUERCHER KANTONALBAN PICTET & CIE JULIUS BAER ASSET MA PICTET ASSET MANAGEM FORWARD MANAGEMENT L BLACKROCK LB SWISS INVESTMENT EASTSPRING INVESTMEN

Firm Name EVA Dimensions Main First Bank AG Zuercher Kantonalbank

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

Analyst AUSTIN BURKETT ANDREAS THIELEN SVEN BUCHER

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

Recommendation buy buy outperform

Amt Held 27'741'120 5'280'000 5'111'040 3'711'840 416'316 312'563 293'417 247'613 209'830 125'986 85'903 66'111 65'000 56'855 50'731 49'893 36'261 14'826 13'700 13'400

% Out 52.54 10 9.68 7.03 0.79 0.59 0.56 0.47 0.4 0.24 0.16 0.13 0.12 0.11 0.1 0.09 0.07 0.03 0.03 0.03

Weighting

Change 5 5 5

U M M

Latest Chg (15'991) (15'930) (790) (84) 38'337 (10'343) 4'000 3'211 371 2'207 4'486 -

Target Price #N/A N/A 45 #N/A N/A

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.03.2013 27.03.2013 31.01.2013 28.02.2013 28.09.2012 31.03.2013 31.01.2013 31.01.2013 31.03.2013 31.01.2013 28.02.2013 21.05.2013 31.12.2012 31.12.2012

Date Not Provided 12 month Not Provided

Inst Type Government Corporation Holding Company Corporation Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.03.2013 17.09.2012 14.09.2012

04.07.2013

Gategroup Holding AG Gategroup Holding AG, through its subsidiaries, provides a wide range of services for airlines. The Company specializes in catering and hospitality, provisioning and logistics, and onboard solutions to companies that serve people on the move. Gategroups customers include airlines, railroads and hotels around the world.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.07.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GATE SE EQUITY YTD Change GATE SE EQUITY YTD % CHANGE

12/2012 03/yy 28.90 16.55 89'283.00 19.75 -31.66% 19.34% 25.10% 26.8 529.03 429.10 0.0 8.2 170.60 828.53

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

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008

LTM-4Q

31.12.2009 31.12.2010 2'712.3 2'700.0 0.42x 0.56x 158.5 188.1 7.15x 8.05x 35.5 49.5 18.52x 21.05x Profitability

31.12.2011 2'688.1 0.28x 166.9 4.48x 49.6 12.04x

31.12.2012 2'992.5 0.30x 65.7 13.58x (58.8) -

65.70 15.70 0.52% -1.41% -3.59% -19.15% 1.83% 2.2% 0.5% -2.0% 1.17 0.80 28.00% 174.15% 10.92 -

Price/ Cash Flow

03/yy 2'664.5 1.61x 107.8 0.00x 10.7 0.00x

LTM 03/yy 3'021.8 0.83x 69.5 0.00x (49.3) 0.00x

FY+1

.0 M m-13

1.05 23.81 -30.82% -17.71% 1.048 6 3.333 37'047 56'817 66'147 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 3'090.8 3'205.3 809.0 849.0 0.25x 0.22x 169.0 190.8 4.90x 4.34x 32.2 47.6 12.82x 9.16x S&P Issuer Ratings

11.06.2013 BBSTABLE 1.49 0.25 3.93 6.53 174.1% 62.8% 1.83 9.27 33.52 -

Sales/Revenue/Turnover

40.00

3'500.0

35.00

3'000.0

30.00

2'500.0

25.00

2'000.0

20.00

1'500.0

15.00

1'000.0

10.00

500.0

5.00 0.00 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 |

04.07.2013

Gategroup Holding AG Holdings By:

All

Holder Name RAINER-MARC FREY HARRIS ASSOCIATES LP H21 GLOBAL OPPORTUNI KEMPEN CAPITAL MANAG PICTET ASSET MANAGEM CREDIT SUISSE FUND M UBS FUND MANAGEMENT SCHRODER INVESTMENT GATEGROUP HOLDING AG VANGUARD GROUP INC JANUS CAPITAL MANAGE SILVER POINT CAPITAL CREDIT SUISSE ASSET NORGES BANK PICTET & CIE SWISSCANTO FONDSLEIT WARBURG INVEST LUXEM SCHMID ANDREAS FMR LLC LLB FONDSLEITUNG AG

Firm Name Credit Suisse Bank Vontobel AG Helvea Goldman Sachs Kepler Cheuvreux EVA Dimensions

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

Analyst PATRICK JNGLIN RENE WEBER ANDREAS VON ARX MAYAN UTHAYAKUMAR JON COX CRAIG STERLING

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

Recommendation neutral hold neutral neutral/neutral Under Review underweight

Amt Held 1'429'415 1'416'081 1'337'000 1'292'382 960'500 818'806 804'664 796'280 719'537 718'628 705'009 631'153 574'877 555'213 526'436 447'031 300'000 247'067 204'567 164'251

% Out 5.34 5.29 4.99 4.82 3.59 3.06 3 2.97 2.69 2.68 2.63 2.36 2.15 2.07 1.97 1.67 1.12 0.92 0.76 0.61

Weighting

Change

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

M M M M M D

Latest Chg 306'482 441'024 20'000 (54'974) (7'424) (9'659) (434'373) 17'290 (309'213) (5) 80'000 49'361 25'000

Target Price 20 22 23 19 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2012 n/a 31.12.2012 Investment Advisor 26.03.2013 n/a 31.08.2012 Investment Advisor 16.05.2013 Investment Advisor 23.08.2012 Investment Advisor 31.01.2013 Investment Advisor 04.01.2013 Investment Advisor 31.12.2012 Holding Company 31.03.2013 Investment Advisor 22.05.2012 Investment Advisor 04.01.2013 Hedge Fund Manager 27.03.2013 Investment Advisor 31.12.2012 Government 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 28.03.2013 Investment Advisor 31.12.2012 n/a 31.10.2012 Investment Advisor 31.03.2013 Investment Advisor

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

Date 17.05.2013 17.05.2013 17.05.2013 03.04.2013 27.03.2013 26.03.2013

04.07.2013

Schweiter Technologies AG Schweiter Technologies AG, through its wholly owned subsidiaries, is a core material, composite construction company. The Company also manufactures textile machinery used primarily in the production and treatment of yarn, thread, and textile samples. Schweiter also produces machines for the assembly and packaging of semiconductor devices.

Price/Volume 700 600 500 400

Valuation Analysis

300

Latest Fiscal Year: LTM as of: 52-Week High (06.05.2013) 52-Week Low (07.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SWTQ SE EQUITY YTD Change SWTQ SE EQUITY YTD % CHANGE

12/2012 01/yy 592.20 420.75 770.00 585 -1.22% 39.04% 94.63% 1.4 844.55 5.59 0.0 0.0 382.60 467.53

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

100 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 147.8 16.9 450.7 -

200

31.12.2009 31.12.2010 129.9 932.1 3.53x 0.81x (16.2) 100.3 7.55x (20.4) 49.6 20.67x Profitability

31.12.2011 698.0 0.57x 83.8 4.75x 47.5 16.51x

31.12.2012 673.5 0.56x 80.4 4.70x 60.8 18.46x

80.37 52.02 7.72% 7.55% 6.98% 9.33% 0.77% 11.9% 7.7% 9.0% 5.47 4.19 0.63% 0.84% 7.84 -

Price/ Cash Flow

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M m-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.74 0.71 34.13% 19.12% 0.743 5 4.200 1'000 929 996 FY+2

12/13 Y 12/14 Y 701.0 737.5 0.71x 0.69x 79.6 91.1 5.88x 5.13x 41.9 53.0 20.24x 16.05x S&P Issuer Ratings

FQ+1

FQ+2

29.88 23.31 -4.69 0.07 0.8% 0.8% 0.77 3.84 46.67 -

Sales/Revenue/Turnover

120.00

1'000.0 900.0

100.00

800.0 700.0

80.00

600.0

60.00

500.0 400.0

40.00

300.0 200.0

20.00 0.00 01.01.2010

100.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Schweiter Technologies AG Holdings By:

All

Holder Name KWE BETEILIGUNGEN AG WIDMER HANS CORISOL HOLDING AG SCHWEITER TECHNOLOGI SIEGRIST BEAT GCIC LTD/CANADA UBS FUND MANAGEMENT CREDIT SUISSE FUNDS SARASIN VONTOBEL ASSET MANAG CREDIT SUISSE ASSET IST FUND MANAGERS PICTET & CIE SCHRODER INVESTMENT LOMBARD ODIER DARIER SWISSCANTO FONDSLEIT LLB FONDSLEITUNG AG VANGUARD GROUP INC MIRABAUD & CIE NORGES BANK

Firm Name Bank Vontobel AG EVA Dimensions Zuercher Kantonalbank Helvea Main First Bank AG

Analyst PATRICK RAFAISZ CRAIG STERLING ANDREAS MUELLER VOLKAN GOCMEN BERND POMREHN

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

Recommendation hold hold outperform buy suspended coverage

Amt Held 364'973 192'143 168'347 86'861 83'917 80'427 60'587 48'184 31'010 28'700 23'915 22'261 22'161 20'923 13'360 10'749 8'259 5'014 4'021 3'808

% Out 25.28 13.31 11.66 6.02 5.81 5.57 4.2 3.34 2.15 1.99 1.66 1.54 1.54 1.45 0.93 0.74 0.57 0.35 0.28 0.26

Weighting

Change

3 3 5 5 #N/A N/A

M D M U M

Latest Chg (20'276) 9'372 (2'365) 200 8 35 550 (535) (20) 17 44 (1'232) -

Target Price 570 #N/A N/A #N/A N/A 780 #N/A N/A

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

File Dt 27.07.2012 08.05.2012 14.05.2009 31.12.2011 31.12.2011 31.12.2011 03.01.2013 13.03.2012 31.01.2013 31.01.2013 27.03.2013 31.03.2013 31.01.2013 31.12.2012 31.03.2013 28.02.2013 31.03.2013 31.03.2013 31.12.2012 31.12.2012

Date Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Other n/a Venture Capital Corporation n/a Investment Advisor Investment Advisor n/a Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government

Date 10.04.2013 03.04.2013 11.03.2013 04.03.2013 19.10.2012

04.07.2013

Schweizerische National-Versicherungs-Gesellschaft AG Schweizerische National-Versicherungs-Gesellschaft AG offers insurance products in Europe. The Company's products include reinsurance, health, transport, legal, technical, life, accident, travel, automobile, fire and theft insurance. Schweizerische National has a network of offices in Switzerland and subsidiaries located throughout Europe.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (05.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NATN SE EQUITY YTD Change NATN SE EQUITY YTD % CHANGE

12/2012 01/yy 47.70 33.15 2'139.00 42.25 -11.43% 27.45% 64.26% 22.1 931.61 0.00 0.0 8.3 525.81 414.07

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

31.12.2009 31.12.2010 1'585.5 1'653.6 0.18x 76.2 91.6 10.13x 8.81x Profitability

31.12.2011 1'579.1 0.07x 164.5 4.47x

31.12.2012 1'591.1 0.24x 103.0 8.65x

.1 M .0 M .0 M .0 M .0 M j-12

j-12

8.01% 8.07% 1.65% 12.31% 12.25% 0.26% 6.5% 0.00% 0.00% -

LTM

01/yy

01/yy -

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

FY+1 -

.0 M m-13

0.58 16.21 29.85% 8.37% 0.578 7 3.143 7'558 18'118 15'223 FY+2

12/13 Y 12/14 Y 1'628.3 1'689.5 103.3 109.2 9.02x 8.53x S&P Issuer Ratings

FQ+1

FQ+2

NR 0.0% 0.0% 0.26 -

Sales/Revenue/Turnover

2'500.0

1.00

2'000.0

0.60

.1 M

LTM-4Q

1.20

0.80

.1 M

Fiscal Year Ended 31.12.2008 1'853.9 0.06x 64.5 9.31x

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

1'500.0 1'000.0

0.40

500.0 0.20

0.0 0.00

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

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

04.07.2013

Schweizerische National-Versicherungs-Gesellschaft AG Holdings By:

All

Holder Name HELVETIA HOLDING AG SUED-KAPITAL-BETEILI SCHWEIZERISCHE MOBIL BASLER LEBENSVERSICH VHV ALLGEMEINE VERSI NUERNBERGER BETEILIG GEBAUDEVERSICHERUNG PATRIA DIMENSIONAL FUND ADV ODIN FORVALTNING AS SWISSCANTO FONDSLEIT LB SWISS INVESTMENT PICTET & CIE AMUNDI ROYAL BANK OF CANADA ALLIANZ ASSET MANAGE CREDIT SUISSE ASSET VONTOBEL ASSET MANAG VANGUARD GROUP INC BARING FUND MANAGERS

Firm Name Kepler Cheuvreux Bank Vontobel AG Nomura Helvea Zuercher Kantonalbank Main First Bank AG EVA Dimensions

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

Analyst FABRIZIO CROCE STEFAN SCHUERMANN MICHAEL KLIEN DANIEL BISCHOF GEORG MARTI RENE LOCHER AUSTIN BURKETT

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

Recommendation buy hold reduce neutral market perform underperform buy

Amt Held 2'657'780 2'503'137 2'503'137 2'197'650 2'055'323 1'435'833 1'239'000 961'800 418'291 307'851 171'138 141'000 110'269 104'723 94'236 88'595 85'829 66'500 58'528 54'469

% Out 12.05 11.35 11.35 9.97 9.32 6.51 5.62 4.36 1.9 1.4 0.78 0.64 0.5 0.47 0.43 0.4 0.39 0.3 0.27 0.25

Weighting

Change 5 3 2 3 3 1 5

M M M M M M M

Latest Chg 348 383 39'500 342 8'716 3'015 148 1'500 4'061 -

Target Price 53 45 42 44 #N/A N/A 45 #N/A N/A

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

File Dt 29.08.2012 31.12.2011 29.08.2012 31.12.2011 31.12.2011 31.12.2011 31.12.2011 07.12.2007 31.01.2013 30.04.2013 28.02.2013 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.01.2013 27.03.2013 31.01.2013 31.03.2013 31.12.2012

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

Inst Type Insurance Company Venture Capital Holding Company Other Insurance Company n/a Insurance Company Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 06.05.2013 23.04.2013 28.03.2013 28.03.2013 27.03.2013 22.03.2013 17.01.2013

04.07.2013

Metall Zug AG Metall Zug AG operates as a holding company. The Company, through its subsidiaries, manufactures appliances, sterilization equipment, wires and cables, and operates resorts. Metall Zug provides its products in Switzerland.

Price/Volume 2500

.0 M .0 M

2000

.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.07.2012) 52-Week Low (12.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance METN SE EQUITY YTD Change METN SE EQUITY YTD % CHANGE

12/2012 01/yy 2'399.00 1'868.00 127.00 2130 -11.21% 14.03% 51.22% 0.3 956.55 31.32 0.0 0.0 380.93 606.94

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

1.20

.0 M

1000

.0 M .0 M

500

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

Fiscal Year Ended 31.12.2008 787.8 0.86x 127.0 5.31x 31.8 28.34x

1500

31.12.2009 31.12.2010 770.1 832.1 1.15x 1.62x 104.7 153.0 8.48x 8.80x 71.7 92.3 15.23x 16.94x Profitability

31.12.2011 842.5 1.72x 143.7 10.06x 63.4 25.78x

31.12.2012 836.8 0.61x 111.4 4.57x 61.5 13.95x 111.41 66.58 7.96% 8.96% 5.27% 7.95% 0.72% 8.0% 7.4% 3.00 2.26 3.28% 4.53% 7.40 -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.81 0.19 -3.49% 16.85% 0.814 2 4.000 176 197 183 FY+2

12/13 Y 12/14 Y 845.0 865.0 0.69x 0.62x 99.8 111.0 6.08x 5.47x 55.6 64.0 11.53x 14.98x S&P Issuer Ratings

FQ+1

FQ+2

4.5% 4.3% 0.72 2.09 49.46 -

Sales/Revenue/Turnover

900.0 800.0

1.00 0.80

700.0 600.0 500.0

0.60

400.0 300.0

0.40 0.20

200.0 100.0 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 |

04.07.2013

Metall Zug AG Holdings By:

All

Holder Name WEBER WERNER O STOECKLI URSULA VONTOBEL ASSET MANAG METALL ZUG AG UBS FUND MANAGEMENT CREDIT SUISSE ASSET DORMANN JUERGEN PICTET & CIE SCHRODER INVESTMENT BUHOFER HEINZ M LB SWISS INVESTMENT DIMENSIONAL FUND ADV WIPFLI MARTIN ALLIANZ ASSET MANAGE DEKA INVESTMENT GMBH SWISSCANTO ANLAGESTI NEXTAM PARTNERS SGR JULIUS BAER ASSET MA GOLDMAN SACHS ASSET SKANDIA GLOBAL FUNDS

Firm Name Bank Vontobel AG EVA Dimensions

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

Analyst CHRISTIAN ARNOLD CRAIG STERLING

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

Recommendation hold overweight

Amt Held 41'600 17'006 6'475 5'950 3'305 1'986 1'364 835 624 301 300 274 266 256 176 158 148 100 85 70

% Out 16.31 6.67 2.54 2.33 1.3 0.78 0.53 0.33 0.24 0.12 0.12 0.11 0.1 0.1 0.07 0.06 0.06 0.04 0.03 0.03

Weighting

Change 3 5

M U

Latest Chg (524) 1 (376) 30 (325) 23 17 85 16

Target Price 2'200 #N/A N/A

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

File Dt 31.12.2011 31.12.2011 31.01.2013 31.12.2011 31.01.2013 27.03.2013 31.12.2011 31.01.2013 31.03.2013 03.05.2012 31.12.2012 31.01.2013 31.12.2011 21.06.2012 28.12.2012 28.02.2013 31.01.2013 31.03.2013 31.12.2012 28.02.2013

Date Not Provided Not Provided

Inst Type n/a n/a Investment Advisor Corporation Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 21.05.2013 17.04.2013

04.07.2013

Vetropack Holding AG Vetropack Holding AG designs and manufactures glass bottles and containers. The Company produces beverage bottles, jars, and other glass containers for the food, chemical, and pharmaceutical industries. Vetropack also offers production plant engineering, glass packaging design, and recycling services.

Price/Volume 2500 2000 1500

Valuation Analysis

1000

Latest Fiscal Year: LTM as of: 52-Week High (14.05.2013) 52-Week Low (22.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VET SE EQUITY YTD Change VET SE EQUITY YTD % CHANGE

12/2012 01/yy 1'990.00 1'581.00 181.00 1847 -7.19% 16.82% 63.08% 0.2 756.97 14.80 0.0 4.5 58.90 717.37

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

1.20 1.00

0 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 697.8 0.86x 198.3 3.01x 78.5 6.85x

500

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M a-13 m-13

31.12.2009 31.12.2010 671.5 642.6 1.10x 1.11x 158.1 139.2 4.68x 5.13x 78.4 38.7 9.36x 19.45x Profitability

31.12.2011 589.4 1.09x 128.5 4.99x 59.0 11.39x

31.12.2012 604.4 1.08x 116.3 5.60x 83.6 8.27x 116.30 61.50 10.18% 17.80% 10.87% 13.94% 0.79% 10.2% 13.8% 3.18 1.68 1.92% 2.34% 6.18 -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.76 0.21 10.74% 11.52% 0.757 4 3.000 125 285 269 FY+2

12/13 Y 12/14 Y 613.3 634.0 1.15x 1.09x 134.0 141.7 5.37x 5.08x 61.2 65.2 12.52x 11.54x S&P Issuer Ratings

FQ+1

FQ+2

96.92 12.92 2.3% 2.3% 0.79 1.49 59.22 -

Sales/Revenue/Turnover

800.0 700.0 600.0

0.80 0.60

500.0 400.0 300.0

0.40 0.20

200.0 100.0 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 |

04.07.2013

Vetropack Holding AG Holdings By:

All

Holder Name CORNAZ LTD HOLDING O THREADNEEDLE INVESTM LB SWISS INVESTMENT SWISSCANTO FONDSLEIT LUXEMBOURGER KAPITAL NORGES BANK ALLIANZ ASSET MANAGE CREDIT SUISSE ASSET VONTOBEL ASSET MANAG IST FUND MANAGERS UBS FUND MANAGEMENT OPPENHEIM PRAMERICA VANGUARD GROUP INC JULIUS BAER MULTICOO ZUERCHER KANTONALBAN PICTET & CIE 1741 ASSET MANAGEMEN PEAR TREE ADVISORS I JULIUS BAER ASSET MA PIONEER ASSET MANAGE

Firm Name Helvea EVA Dimensions Bank Vontobel AG Zuercher Kantonalbank

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

Analyst RETO AMSTALDEN CRAIG STERLING CHRISTIAN ARNOLD MARTIN HUESLER

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

Recommendation buy underweight hold market perform

Amt Held 19'853 11'579 10'465 7'746 3'236 3'086 3'011 2'934 2'500 1'632 1'582 1'300 1'273 1'188 1'100 957 950 886 784 768

% Out 8.49 4.95 4.48 3.31 1.38 1.32 1.29 1.25 1.07 0.7 0.68 0.56 0.54 0.51 0.47 0.41 0.41 0.38 0.34 0.33

Latest Chg -

Weighting

Change

Target Price

5 1 3 3

M D M M

85 (274) (164) 577 (48) 3 197 (88) 94 (38) 1 (65) (8) (110)

2'100 #N/A N/A 1'800 #N/A N/A

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

File Dt 31.12.2012 28.02.2013 31.12.2012 28.02.2013 28.02.2013 31.12.2012 31.01.2013 27.03.2013 31.01.2013 31.03.2013 29.03.2013 31.01.2013 31.03.2013 31.01.2013 31.01.2013 31.01.2013 28.03.2013 30.09.2012 31.03.2013 28.02.2013

Date 12 month Not Provided Not Provided Not Provided

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

Date 08.05.2013 02.05.2013 08.04.2013 27.03.2013

04.07.2013

VZ Holding AG VZ Holding AG provides independent financial advice to private individuals and companies. The Company consults on investment, tax and inheritance planning and provides advice regarding insurance products and coverage.

Price/Volume 140

.0 M

120

.0 M .0 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VZN SE EQUITY YTD Change VZN SE EQUITY YTD % CHANGE

12/2012 01/yy 142.00 85.00 1'833.00 128.9 -9.23% 51.65% 75.44% 8.0 1'031.20 29.87 0.0 0.1 233.24 827.95

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

.0 M

31.12.2009 31.12.2010 110.3 133.1 2.37x 5.15x 49.0 63.9 5.35x 10.71x 37.6 49.3 16.50x 19.14x Profitability

31.12.2011 143.8 2.76x 66.4 5.99x 51.0 14.89x

31.12.2012 153.6 4.55x 70.3 9.95x 54.3 16.62x

70.30 43.52% 43.49% 5.18% 24.93% 23.25% 0.15% 45.8% 35.4% 2.88% 12.72% -

Price/ Cash Flow

.0 M

0 m-12

j-12

LTM-4Q

LTM

01/yy

01/yy -

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

FY+1 -

.0 M m-13

0.71 2.51 49.44% 14.35% 0.707 5 3.200 3'109 3'634 3'383 FY+2

12/13 Y 12/14 Y 175.3 200.0 84.3 98.5 9.74x 8.33x 63.6 73.1 15.95x 13.87x S&P Issuer Ratings

FQ+1

FQ+2

-2.89 0.42 12.7% 11.3% 0.15 24.46 -

Sales/Revenue/Turnover

200.00

180.0

180.00

160.0

160.00

140.0

140.00

120.0

120.00

100.0

100.00

80.0

80.00

60.0

60.00

40.0

40.00

20.0

20.00 0.00 01.01.2010

.0 M

Fiscal Year Ended 31.12.2008 104.7 0.50x 45.2 1.17x 34.3 9.29x

.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

04.07.2013

VZ Holding AG Holdings By:

All

Holder Name REINHART MATTHIAS MIGROS GENOSSENSCHAF FMR LLC UBS FUND MANAGEMENT DEUTSCHE BANK AG DWS INVESTMENT GMBH CAPITAL GROUP COMPAN PICTET & CIE KINDLE FRED VONTOBEL ASSET MANAG STOCKER PETER JUPITER ASSET MANAGE BLACKROCK SCHRODER INVESTMENT FRIESS TOM HEIM LORENZ MAWER INVESTMENT MAN CREDIT SUISSE ASSET THURNHERR STEFAN FELDMANN URS

Firm Name EVA Dimensions Bank Vontobel AG Zuercher Kantonalbank Helvea

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

Analyst AUSTIN BURKETT TERESA NIELSEN ANDREAS BRUN TIM DAWSON

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

Recommendation sell hold outperform accumulate

Amt Held 4'860'415 337'600 291'930 266'400 245'000 244'800 240'000 114'186 90'960 81'000 80'943 72'721 70'807 60'091 50'825 50'373 43'210 41'397 31'639 28'076

% Out 60.76 4.22 3.65 3.33 3.06 3.06 3 1.43 1.14 1.01 1.01 0.91 0.89 0.75 0.64 0.63 0.54 0.52 0.4 0.35

Weighting

Change 1 3 5 4

D M U M

Latest Chg 6'079 (4'500) 17'730 13'000 -

Target Price #N/A N/A 140 #N/A N/A 121

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

File Dt 31.12.2012 31.12.2012 31.01.2013 31.12.2012 12.11.2010 31.12.2012 31.03.2013 31.01.2013 31.12.2012 31.01.2013 31.12.2012 31.01.2013 31.01.2013 31.12.2012 31.12.2012 31.12.2012 30.04.2013 27.03.2013 31.12.2012 31.12.2012

Date Not Provided Not Provided Not Provided 12 month

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

Date 14.03.2013 13.03.2013 05.03.2013 05.03.2013

04.07.2013

Kudelski SA Kudelski SA designs and manufactures digital security products. The Company produces digital security systems for digital television operators and content providers, smart cards for e-commerce, electronic voting and health cards, software for pay-per-view and video-on-demand television, encryption technology for digital television, digital recorders, and ticketing and access systems.

Price/Volume 14

.6 M

.5 M

.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KUD SE EQUITY YTD Change KUD SE EQUITY YTD % CHANGE

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

.2 M

.1 M

2 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 1'027.5 0.85x 100.6 8.72x (14.6) -

.3 M

12/2012 01/yy 12.88 6.96 37'556.00 11.75 -8.79% 68.83% 74.97% 49.0 630.06 268.76 0.0 9.4 110.09 798.15

31.12.2009 31.12.2010 1'052.3 1'035.2 1.46x 1.25x 139.6 177.2 11.02x 7.32x 49.0 65.7 25.33x 16.24x Profitability

31.12.2011 873.9 0.79x 89.5 7.76x (18.1) -

31.12.2012 844.1 0.80x 99.5 6.83x 16.3 31.48x

99.50 35.71 4.23% 2.76% 1.56% 3.84% 3.26% 0.81% 11.8% 4.2% 1.9% 1.82 1.29 29.50% 62.75% 3.98 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.33 34.53 63.77% 25.45% 1.327 8 3.250 48'790 66'125 70'809 FY+2

12/13 Y 12/14 Y 874.4 899.9 0.86x 0.79x 123.7 130.9 6.45x 6.10x 51.8 57.7 12.32x 11.07x S&P Issuer Ratings

.0 M m-13

FQ+1

FQ+2

6.32 4.63 1.59 2.70 62.7% 38.0% 0.81 5.26 92.06 -

Sales/Revenue/Turnover

14.00

1'200.0

12.00

1'000.0

10.00

800.0

8.00

600.0 6.00

400.0 4.00

200.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Kudelski SA Holdings By:

All

Holder Name KUDELSKI ANDRE NORGES BANK CREDIT SUISSE ASSET SWISSCANTO FONDSLEIT DIMENSIONAL FUND ADV PICTET ASSET MANAGEM VANGUARD GROUP INC VONTOBEL ASSET MANAG UBS FUND MANAGEMENT SALADINI MAURO PICTET & CIE FORWARD MANAGEMENT L DEKA INVESTMENT GMBH DIGITAL FUNDS 1741 ASSET MANAGEMEN BLACKROCK STATE STREET ROY PIERRE CIBC GLOBAL ASSET MA OPPENHEIM PRAMERICA

Firm Name Helvea Goldman Sachs Credit Suisse EVA Dimensions Exane BNP Paribas Zuercher Kantonalbank Bank Vontobel AG

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

Analyst RETO AMSTALDEN SIMON F SCHAFER FELIX REMMERS ANDREW S ZAMFOTIS ALEXANDRE FAURE ANDREAS MUELLER MICHAEL FOETH

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

Recommendation buy neutral/neutral neutral hold neutral market perform hold

Amt Held 14'234'423 1'175'484 276'681 267'764 255'768 243'570 227'935 210'000 177'757 159'783 158'232 152'185 141'000 130'579 84'750 72'615 70'057 52'880 46'442 40'000

% Out 29.05 2.4 0.56 0.55 0.52 0.5 0.47 0.43 0.36 0.33 0.32 0.31 0.29 0.27 0.17 0.15 0.14 0.11 0.09 0.08

Weighting

Change 5 3 3 3 3 3 3

M M M D M M M

Latest Chg 76'216 2'424 12'026 19'935 15'000 (355) 12'161 30'758 40'000 11'609 -

Target Price 14 12 11 #N/A N/A 12 #N/A N/A 12

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

File Dt 16.03.2013 31.12.2012 27.03.2013 28.02.2013 31.01.2013 31.01.2013 31.03.2013 31.01.2013 31.01.2013 31.12.2012 31.01.2013 28.02.2013 28.12.2012 31.01.2013 31.01.2013 21.05.2013 22.05.2013 31.12.2012 31.12.2012 31.01.2013

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

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

Date 17.04.2013 19.03.2013 11.03.2013 05.03.2013 04.03.2013 01.03.2013 01.03.2013

04.07.2013

Liechtensteinische Landesbank AG Liechtensteinische Landesbank AG attracts deposits and offers corporate and private banking services. The Bank offers business start-up loans, corporate financing, home mortgages, asset management services, and investment funds. Liechtensteinische Landesbank operates in Liechtenstein and Switzerland.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LLB SE EQUITY YTD Change LLB SE EQUITY YTD % CHANGE

12/2012 01/yy 42.15 25.50 2'698.00 36.45 -13.52% 42.94% 66.67% 30.8 1'122.66 1'960.37 0.0 100.4 7'897.57 -

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

.2 M

.1 M

.0 M

0 m-12

31.12.2009 31.12.2010 720.4 605.5 174.2 102.8 11.27x 20.22x Profitability

31.12.2011 555.0 11.0 109.21x

31.12.2012 584.0 94.2 8.75x

22.35% 22.35% 0.44% 6.01% 2.74% 0.03% 19.0% 9.19% 122.75% -

Price/ Cash Flow

j-12

LTM-4Q

LTM

01/yy

01/yy -

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

FY+1 -

.0 M m-13

0.75 13.00 8.89% 30.25% 0.753 2 3.000 8'021 11'731 14'620 FY+2

12/13 Y 12/14 Y 383.0 368.0 88.5 97.8 11.72x 10.60x S&P Issuer Ratings

FQ+1

FQ+2

122.7% 53.6% 0.03 3.16 -

Sales/Revenue/Turnover

6.00

1'200.0

5.00

1'000.0

4.00

800.0

3.00

600.0

2.00

400.0

1.00

200.0

0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 980.8 144.7 9.94x

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 |

04.07.2013

Liechtensteinische Landesbank AG Holdings By:

All

Holder Name PRINCIPALITY OF LIEC THORNBURG INVESTMENT LLB FONDSLEITUNG AG SWISSCANTO FONDSLEIT NORGES BANK SCHRODER INVESTMENT CREDIT SUISSE ASSET UBS FUND MANAGEMENT PICTET & CIE SCHRODER INVESTMENT IFM - INDEPENDENT FU DIMENSIONAL FUND ADV JULIUS BAER ASSET MA FEHR JOSEF SWISSCANTO ANLAGESTI VANGUARD GROUP INC MATT ROLAND MUELLER URS MAEDER KURT FORTUNA INVESTMENT A

Firm Name EVA Dimensions Zuercher Kantonalbank Main First Bank AG

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

Analyst AUSTIN BURKETT ANDREAS VENDITTI KILIAN MAIER

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

Recommendation underweight outperform suspended coverage

Amt Held 17'771'600 1'377'064 226'520 153'969 135'862 94'670 85'600 55'585 46'567 30'715 23'800 22'999 11'974 8'844 8'707 7'448 5'768 4'860 4'275 4'150

% Out 57.7 4.47 0.74 0.5 0.44 0.31 0.28 0.18 0.15 0.1 0.08 0.07 0.04 0.03 0.03 0.02 0.02 0.02 0.01 0.01

Weighting

Change

1 5 #N/A N/A

D U M

Latest Chg 21'224 240 (1'000) (1'500) 1'824 1'265 -

Target Price #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 31.12.2011 31.12.2011 31.03.2013 28.02.2013 31.12.2012 28.09.2012 27.03.2013 31.01.2013 31.01.2013 31.12.2012 31.03.2013 31.01.2013 31.03.2013 31.12.2011 28.02.2013 31.12.2012 31.12.2011 31.12.2011 31.12.2011 30.04.2013

Date Not Provided Not Provided Not Provided

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

Date 21.05.2013 26.03.2013 30.03.2012

04.07.2013

Zehnder Group AG Zehnder Group AG, through its subsidiaries, manufactures a variety of radiators. The Company produces bathroom radiators, electric and aluminum radiators, as well as steel radiators. Zehnder sells its products to the construction industry.

Price/Volume 70 60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (16.08.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ZEH SE EQUITY YTD Change ZEH SE EQUITY YTD % CHANGE

12/2012 01/yy 61.55 38.90 8'337.00 42.8 -30.46% 10.03% 13.25% 9.8 502.30 27.20 0.0 9.5 53.50 390.14

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

10 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 454.1 0.40x 34.3 5.32x 2.5 64.00x

31.12.2009 31.12.2010 436.5 475.9 0.60x 1.06x 62.0 68.0 4.23x 7.41x 32.8 37.4 8.35x 14.27x Profitability

31.12.2011 515.4 0.92x 68.9 6.87x 40.0 12.38x

31.12.2012 523.8 0.78x 56.7 7.19x 27.1 15.78x

56.70 38.50 7.35% 7.24% 6.66% 11.63% 1.29% 10.8% 7.4% 5.2% 1.98 1.21 6.68% 11.42% 5.88 -

Price/ Cash Flow

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M m-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.94 9.58 -23.01% -0.59% 0.943 5 2.600 7'107 12'109 13'242 FY+2

12/13 Y 12/14 Y 536.5 562.3 0.73x 0.69x 58.7 66.3 6.64x 5.87x 29.1 33.8 13.98x 12.02x S&P Issuer Ratings

FQ+1

FQ+2

6.37 2.18 -0.46 0.48 11.4% 9.9% 1.29 3.25 62.29 -

Sales/Revenue/Turnover

14.00

600.0

12.00

500.0

10.00

400.0

8.00

300.0 6.00

200.0 4.00

100.0

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 |

04.07.2013

Zehnder Group AG Holdings By:

All

Holder Name ALECTA PENSIONSFORSA BESTINVER GESTION SG BLACKROCK COLUMBIA WANGER ASSE FMR LLC SCHRODER INVESTMENT NORGES BANK UBS FUND MANAGEMENT CREDIT SUISSE ASSET MIRABAUD & CIE IST FUND MANAGERS LUXEMBOURGER KAPITAL SWISSCANTO FONDSLEIT ZEHNDER HANS-PETER AMERIPRISE FINANCIAL JULIUS BAER MULTICOO VANGUARD GROUP INC PICTET & CIE UBS GLOBAL ASSET MAN VONTOBEL ASSET MANAG

Firm Name Main First Bank AG EVA Dimensions Bank Vontobel AG Helvea Zuercher Kantonalbank

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

Analyst TOBIAS FAHRENHOLZ CRAIG STERLING CHRISTIAN ARNOLD PATRICK APPENZELLER MARTIN HUESLER

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

Recommendation underperform hold hold neutral market perform

Amt Held 849'224 584'320 497'819 417'840 287'742 228'553 224'999 219'795 160'653 154'655 145'206 131'000 117'637 102'776 60'735 56'991 54'320 42'984 40'275 38'000

% Out 8.7 5.99 5.1 4.28 2.95 2.34 2.31 2.25 1.65 1.59 1.49 1.34 1.21 1.05 0.62 0.58 0.56 0.44 0.41 0.39

Weighting

Change 1 3 3 3 3

M D M M D

Latest Chg (1'599) 76'418 (642) (775) 20'655 (101'677) (9'518) (395) 3'332 (46'000)

Target Price 42 #N/A N/A 45 48 #N/A N/A

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

File Dt Inst Type 31.12.2011 Pension Fund (ERISA) 16.02.2011 Investment Advisor 21.05.2013 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.01.2013 Investment Advisor 27.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2011 n/a 28.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor

Date 12 month Not Provided Not Provided 12 month Not Provided

Date 25.04.2013 03.04.2013 02.04.2013 22.03.2013 12.11.2012

04.07.2013

LEM Holding SA Lem Holding SA manufactures electrical components. The Company produces transducers and sensors which measure high voltage currents, variable speed drives, uninterrupted power supplies, and testers for semiconductors. Lem's components are used in locomotives, trams, trolleys, and the French TGV high-speed trains. The Company sells its products internationally.

Price/Volume 700

.0 M

600

.0 M

500

.0 M .0 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.06.2013) 52-Week Low (03.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LEHN SE EQUITY YTD Change LEHN SE EQUITY YTD % CHANGE

03/2013 12/yy 618.00 451.00 470.00 600 -2.91% 33.04% 83.23% 1.1 684.00 0.00 0.0 0.0 27.63 656.37

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

.0 M

200

.0 M

100

.0 M

0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.03.2009 196.8 0.74x 38.8 3.73x 23.8 7.17x

.0 M

300

31.03.2010 31.03.2011 185.5 296.2 1.94x 2.09x 24.1 62.4 14.95x 9.91x 10.5 39.6 36.96x 16.43x Profitability

LTM-4Q 31.03.2012 236.3 2.30x 42.5 12.78x 28.5 19.69x

31.03.2013 235.0 2.74x 48.7 13.20x 32.6 20.54x 48.70 41.04 17.47% 16.83% 23.95% 39.09% 1.73% 42.0% 17.5% 13.9% 2.06 1.47 0.00% 0.00% 5.51 5.43

Price/ Cash Flow

12/yy 228.8 0.00x 0.0 0.00x 24.6 0.00x

LTM 12/yy 235.0 0.00x 0.0 0.00x 36.5 15.61x

FY+1

.0 M m-13

0.71 0.61 27.71% 24.67% 0.705 3 3.000 440 605 563 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 03/13 Q4 06/13 Q1 262.0 284.5 75.7 2.52x 2.29x 56.3 66.0 11.67x 9.95x 40.6 44.7 18.67x 15.24x S&P Issuer Ratings

918.87 783.40 0.0% 0.0% 1.73 9.48 66.19 67.24 47.40 86.04

Sales/Revenue/Turnover

25.00

350.0 300.0

20.00

250.0 15.00

200.0 150.0

10.00

100.0 5.00

0.00 03.04.2009

50.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

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 |

04.07.2013

LEM Holding SA Holdings By:

All

Holder Name WEBER WERNER O 7 INDUSTRIES HOLDING SARASIN STUDER ERWIN MONTANARO GROUP THREADNEEDLE ASSET M THREADNEEDLE INVESTM IMPAX ASSET MANAGEME RUFFER LLP KEMPEN CAPITAL MANAG UBS FUND MANAGEMENT CREDIT SUISSE ASSET BANQUE DE LUXEMBOURG PARVEST INVESTMENT M PICTET & CIE DIMENSIONAL FUND ADV VANGUARD GROUP INC RUTISHAUSER PETER COLOMBEL LUC BARCLAYS MULTI-MANAG

Firm Name Berenberg Bank Kepler Cheuvreux EVA Dimensions Bank Vontobel AG

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

Analyst FREDERIK BITTER CHRISTOPH LADNER ANDREW S ZAMFOTIS ANDY SCHNYDER

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

Recommendation hold hold hold not rated

Amt Held 382'500 144'581 101'044 100'000 58'289 56'777 38'216 34'112 8'711 7'891 5'834 5'583 5'200 4'445 3'637 3'368 2'721 2'606 2'100 2'000

% Out 33.55 12.68 8.86 8.77 5.11 4.98 3.35 2.99 0.76 0.69 0.51 0.49 0.46 0.39 0.32 0.3 0.24 0.23 0.18 0.18

Weighting

Change

3 3 3 #N/A N/A

M M M M

Latest Chg 3'038 98 2'093 (327) 179 274 -

Target Price 600 600 #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 31.03.2012 31.03.2012 31.03.2012 27.06.2012 15.10.2012 31.03.2012 28.02.2013 14.08.2012 27.12.2012 28.02.2013 31.01.2013 27.03.2013 28.03.2013 30.11.2012 31.01.2013 31.01.2013 31.03.2013 31.03.2012 31.03.2012 30.04.2013

Date Not Provided Not Provided Not Provided Not Provided

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

Date 01.05.2013 24.04.2013 17.01.2013 27.09.2012

04.07.2013

Bossard Holding AG Bossard Holding AG supplies fastening devices, industrial adhesives, and tools. The Company offers its customers engineering assistance in solving fastening problems. Bossard markets its products in Europe, the United States, and Asia.

Price/Volume 160

.0 M

140

.0 M

120

.0 M .0 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BOS SE EQUITY YTD Change BOS SE EQUITY YTD % CHANGE

12/2012 03/yy 155.68 99.58 1'540.00 144.3 -7.31% 44.90% 72.04% 3.3 577.20 227.81 0.0 3.4 25.63 782.81

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

.0 M

0 m-12

j-12

LTM-4Q

31.12.2009 31.12.2010 379.9 458.7 0.57x 0.78x 30.5 57.8 7.15x 6.22x 15.1 44.3 11.77x 7.39x Profitability

31.12.2011 457.7 0.74x 60.1 5.67x 44.3 6.85x

31.12.2012 471.2 1.29x 58.1 10.50x 42.9 9.32x

58.08 47.63 10.11% 10.42% 12.12% 34.38% 16.95% 1.33% 39.8% 12.3% 10.1% 9.1% 1.43 0.57 60.54% 488.02% 5.70 1.84

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

LTM 03/yy 156.1 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M m-13

3.67 1.10 1.17 36.16% 21.02% 1.098 5 3.400 2'897 3'914 4'793 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 601.8 641.5 1.14x 1.05x 79.9 86.4 9.80x 9.06x 51.6 56.8 9.59x 9.26x S&P Issuer Ratings

25.72 16.21 3.48 3.92 488.0% 82.0% 1.33 6.24 64.19 199.43 44.61 219.01

Sales/Revenue/Turnover

18.00

700.0

16.00

600.0

14.00

500.0

12.00 10.00

400.0

8.00

300.0

6.00

200.0

4.00

100.0

2.00 0.00 01.01.2010

.0 M

Fiscal Year Ended 31.12.2008 542.8 0.44x 57.0 4.19x 32.1 4.27x

.0 M .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 |

04.07.2013

Bossard Holding AG Holdings By:

All

Holder Name BOSSARD FAMILIES KOLIN HOLDING AG SARASIN BOSSARD HOLDING AG UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT MIRABAUD & CIE CREDIT SUISSE ASSET JP MORGAN VANGUARD GROUP INC DIMENSIONAL FUND ADV JULIUS BAER MULTICOO LOMBARD ODIER DARIER WETTER-BOSSARD HELEN GROB BEATRICE JULIUS BAER ASSET MA DEAN DAVID PICTET & CIE SIF SWISS INVESTMENT IFM - INDEPENDENT FU

Firm Name Zuercher Kantonalbank Berenberg Bank Bank Vontobel AG Helvea EVA Dimensions

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

Analyst ARMIN RECHBERGER FREDERIK BITTER PATRICK RAFAISZ STEFAN GAECHTER CRAIG STERLING

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

Recommendation outperform buy hold neutral underweight

Amt Held 1'502'900 407'455 267'737 185'000 58'251 51'817 23'500 19'598 15'225 14'165 13'379 12'910 11'545 10'555 10'038 9'214 8'600 8'248 8'000 5'995

% Out 45.2 12.25 8.05 5.56 1.75 1.56 0.71 0.59 0.46 0.43 0.4 0.39 0.35 0.32 0.3 0.28 0.26 0.25 0.24 0.18

Weighting

Change 5 5 3 3 1

M M M M U

Latest Chg 1'201 78 (500) 2'509 13'317 2'936 (521) 4'079 (115) 1'054 (1'000) 2'000

Target Price #N/A N/A 170 150 143 #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 22.03.2013 31.01.2013 31.12.2012 31.01.2013 28.02.2013 31.12.2012 27.03.2013 31.01.2013 31.03.2013 31.01.2013 31.01.2013 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.01.2013 30.04.2012 27.03.2013

Date Not Provided Not Provided Not Provided 12 month Not Provided

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

Date 07.05.2013 01.05.2013 16.04.2013 15.04.2013 21.03.2013

04.07.2013

AFG Arbonia-Forster Holding AG AFG Arbonia-Forster Holding AG has positions as an integrated construction industry supplier, and in selected areas of technology. The Company is comprised of five divisions: Heating Technology and Sanitary Equipment, Kitchens and Refrigeration, Windows and Doors, Steel Technology and Surface Technology. AFG has a presence in countries worldwide.

Price/Volume 30 25 20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.04.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AFGN SE EQUITY YTD Change AFGN SE EQUITY YTD % CHANGE

12/2012 01/yy 27.60 15.30 34'778.00 25.8 -6.52% 68.63% 86.99% 18.2 470.22 395.19 0.0 0.8 264.06 602.13

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

5 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 1'570.6 0.44x 153.2 4.55x 48.0 5.31x

31.12.2009 31.12.2010 1'384.2 1'413.5 0.49x 0.49x 106.0 121.1 6.38x 5.77x (22.5) 14.1 36.25x Profitability

31.12.2011 1'265.0 0.38x 101.2 4.73x (70.2) -

31.12.2012 1'215.5 0.45x 109.6 4.94x (74.5) -

109.62 -17.80 -1.46% -4.18% -6.17% -16.03% 1.01% 9.0% -1.5% -6.1% 2.04 1.29 34.56% 90.84% 11.44 -

Price/ Cash Flow

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M m-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.62 14.21 44.54% 11.69% 1.618 6 4.000 22'359 20'941 28'681 FY+2

12/13 Y 12/14 Y 1'333.0 1'364.4 0.49x 0.45x 119.4 134.2 5.04x 4.49x 35.1 46.1 12.85x 9.77x S&P Issuer Ratings

FQ+1

FQ+2

5.98 2.94 1.20 3.61 90.8% 47.6% 1.01 2.53 32.00 -

Sales/Revenue/Turnover

12.00

1'800.0 1'600.0

10.00

1'400.0 1'200.0

8.00

1'000.0 6.00

800.0 600.0

4.00

400.0 2.00 0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

AFG Arbonia-Forster Holding AG Holdings By:

All

Holder Name OEHLER EDGAR LOMBARD ODIER DARIER AFG ARBONIA FORSTER UBS FUND MANAGEMENT NORGES BANK LOMBARD ODIER DARIER IST FUND MANAGERS VONTOBEL ASSET MANAG SWISSCANTO FONDSLEIT DIMENSIONAL FUND ADV PETERCAM SA LLB FONDSLEITUNG AG CREDIT SUISSE ASSET VANGUARD GROUP INC IFM - INDEPENDENT FU PICTET & CIE ZUERCHER KANTONALBAN VONTOBEL ASSET MANAG SIF SWISS INVESTMENT MUNDER CAPITAL MANAG

Firm Name Helvea Bank Vontobel AG EVA Dimensions Main First Bank AG Zuercher Kantonalbank

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

Analyst PATRICK APPENZELLER CHRISTIAN ARNOLD CRAIG STERLING TOBIAS FAHRENHOLZ MARTIN HUESLER

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

Recommendation buy buy hold underperform outperform

Amt Held 3'353'893 716'266 570'461 549'831 409'483 381'035 343'488 309'221 293'917 293'689 163'700 123'225 118'756 83'368 67'100 65'410 65'000 60'000 55'000 39'916

% Out 18.4 3.93 3.13 3.02 2.25 2.09 1.88 1.7 1.61 1.61 0.9 0.68 0.65 0.46 0.37 0.36 0.36 0.33 0.3 0.22

Weighting

Change 5 5 3 1 5

M U D M U

Latest Chg (508'459) 17'327 40'000 371 999 30'200 (4'275) 730 (18'250) (13'000) 10'000 39'916

Target Price 35 31 #N/A N/A 25 #N/A N/A

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

File Dt 19.04.2013 31.12.2011 31.12.2011 11.03.2013 31.12.2012 31.03.2013 31.03.2013 31.01.2013 28.02.2013 31.01.2013 31.01.2013 31.03.2013 27.03.2013 31.03.2013 28.03.2013 31.01.2013 31.01.2013 31.01.2013 30.04.2012 31.03.2013

Date 12 month Not Provided Not Provided 12 month Not Provided

Inst Type n/a Investment Advisor Holding Company Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 18.04.2013 02.04.2013 21.03.2013 06.03.2013 22.05.2012

04.07.2013

Zug Estates Holding AG Zug Estates Holding AG is a holding company. The Company, through it subsidiaries, plan, develop, market and manage real estate properties. Zug Estates operates its own hotels, services apartments and associated restaurants.

Price/Volume 1400

.0 M

1200

.0 M

1000

.0 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.07.2012) 52-Week Low (24.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ZUGN SE EQUITY YTD Change ZUGN SE EQUITY YTD % CHANGE

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

31.12.2009 -

.0 M

400

.0 M

200 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

Fiscal Year Ended 31.12.2008

.0 M

600

12/2012 01/yy 1'318.85 1'111.00 547.00 1190 -9.77% 7.11% 39.45% 0.3 603.97 250.00 0.0 0.0 75.69 778.29

31.12.2010

Profitability

31.12.2011 44.5 22.1 50.1 -

31.12.2012 26.2 29.69x 9.9 78.48x 41.1 14.89x

9.90 7.78 29.73% 187.75% 4.48% 7.09% 4.95% 0.03% 37.8% 157.1% 26.43% 41.53% -

Price/ Cash Flow

0.29 -6.29% 0.35% 1 3.000 217 250 204

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

12/13 Y

12/14 Y

46.8 44.3 13.70x S&P Issuer Ratings

FQ+2 -

17.61 25.25 41.5% 29.3% 0.03 -

Sales/Revenue/Turnover

60.00

50.0 45.0

50.00

40.0 35.0

40.00

30.0

30.00

25.0 20.0

20.00

15.0 10.0

10.00 0.00 01.01.2010

5.0 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 |

04.07.2013

Zug Estates Holding AG Holdings By:

All

Holder Name BUHOFER TRUST II VONTOBEL ASSET MANAG CREDIT SUISSE ASSET UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT SCHRODER INVESTMENT PICTET & CIE VANGUARD GROUP INC LB SWISS INVESTMENT DIMENSIONAL FUND ADV SWISSCANTO ANLAGESTI UNIVERSAL INVESTMENT DEKA INVESTMENT GMBH GERIFONDS SA JULIUS BAER ASSET MA SKANDIA GLOBAL FUNDS UBS ETF BLACKROCK BESSEMER GROUP INCOR JULIUS BAER MULTICOO

Firm Name Bank Vontobel AG

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

Analyst STEFAN SCHUERMANN

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

Recommendation hold

Amt Held 24'796 6'822 6'597 2'158 1'830 1'726 1'453 1'310 300 297 254 250 244 170 131 93 70 54 52 25

% Out 7.87 2.16 2.09 0.68 0.58 0.55 0.46 0.42 0.1 0.09 0.08 0.08 0.08 0.05 0.04 0.03 0.02 0.02 0.02 0.01

Weighting

Change 3

Latest Chg 859 (24) 3 1'726 44 165 20 36 40 244 9 -

Target Price

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

1'380

File Dt 07.05.2013 31.01.2013 27.03.2013 31.01.2013 28.02.2013 31.12.2012 31.01.2013 31.03.2013 31.12.2012 31.01.2013 28.02.2013 28.12.2012 28.12.2012 31.12.2012 31.03.2013 28.02.2013 31.01.2013 21.05.2013 31.01.2013 31.01.2013

Date 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 Investment Advisor Investment Advisor Investment Advisor

Date 27.11.2012

04.07.2013

Intershop Holdings Intershop Holding AG invests in Swiss property, primarily commercial real estate. The Company's portfolio includes properties in Zurich, Berne and Geneva and other business centers. Intershop also develops and buys and sells real estate.

Price/Volume 350 300 250 200

Valuation Analysis

150

Latest Fiscal Year: LTM as of: 52-Week High (02.04.2013) 52-Week Low (20.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IS SE EQUITY YTD Change IS SE EQUITY YTD % CHANGE

12/2012 01/yy 339.00 310.00 602.00 320 -5.60% 3.23% 31.90% 2.1 672.00 538.86 0.0 0.0 23.78 1'187.08

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

50 0 m-12

31.12.2009 31.12.2010 89.4 143.4 12.81x 7.97x 65.6 85.3 17.47x 13.39x 50.6 57.6 12.38x 11.06x Profitability

31.12.2011 89.6 12.99x 66.6 17.48x 55.0 12.22x

31.12.2012 89.3 13.40x 69.5 17.22x 56.1 12.15x

69.52 69.52 60.19% 77.06% 4.49% 10.25% 5.20% 0.08% 63.0% 62.8% 42.62% 97.21% -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.34 1.02 4.33% 4.73% 0.340 3 3.000 2'333 2'786 2'895 FY+2

12/13 Y 12/14 Y 87.1 93.6 13.90x 12.70x 71.3 77.7 16.66x 15.28x 45.4 49.7 14.81x 13.53x S&P Issuer Ratings

FQ+1

FQ+2

4.41 0.22 8.51 8.90 97.2% 49.3% 0.08 -

Sales/Revenue/Turnover

20.00

160.0

18.00

140.0

16.00

120.0

14.00

100.0

12.00 10.00

80.0

8.00

60.0

6.00

40.0

4.00

20.0

2.00 0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 115.9 9.77x 65.9 17.18x 58.9 10.16x

100

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M m-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

Intershop Holdings Holdings By:

All

Holder Name PATINEX AG CPV/CAP PENSIONSKASS RELAG HOLDING AG GENERAL ORIENTAL INV GRAPAL HOLDING AG CREDIT SUISSE ASSET UBS FUND MANAGEMENT DIMENSIONAL FUND ADV IAM INDEPENDENT ASSE VANGUARD GROUP INC PICTET & CIE SCHNEUWLY CYRILL M LLB FONDSLEITUNG AG MARMET DIETER WIRZ ANDREAS IFM - INDEPENDENT FU SKANDIA GLOBAL FUNDS JULIUS BAER ASSET MA OYSTER ASSET MANAGEM JP MORGAN

Firm Name Zuercher Kantonalbank EVA Dimensions

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

Analyst MARKUS WAEBER AUSTIN BURKETT

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

Recommendation market perform hold

Amt Held 840'000 210'000 92'400 71'400 65'100 36'078 12'992 11'829 6'400 6'026 4'962 4'831 3'950 3'000 1'918 1'700 1'452 1'383 1'284 1'045

% Out 40 10 4.4 3.4 3.1 1.72 0.62 0.56 0.3 0.29 0.24 0.23 0.19 0.14 0.09 0.08 0.07 0.07 0.06 0.05

Weighting

Change 3 3

M U

Latest Chg (74) 209 46 380 1 1'250 117 506

Target Price #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 31.12.2011 Private Equity 31.12.2011 Pension Fund (ERISA) 31.12.2011 Holding Company 31.12.2011 Unclassified 31.12.2011 Unclassified 27.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2011 n/a 31.03.2013 Investment Advisor 31.12.2011 n/a 31.12.2011 n/a 22.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 30.11.2012 Investment Advisor 30.06.2012 Investment Advisor

Date Not Provided Not Provided

Date 05.03.2013 12.02.2013

04.07.2013

U-Blox AG U-Blox AG develops global positioning systems (GPS) for a range of markets. The Company develops systems for navigation, automatic vehicle location, security, traffic navigation, security, traffic control, location based services, timing, and surveying.

Price/Volume 70

.2 M

.2 M .1 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.07.2013) 52-Week Low (09.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UBXN SE EQUITY YTD Change UBXN SE EQUITY YTD % CHANGE

12/2012 12/yy 64.90 36.31 12'986.00 64 -1.39% 76.25% 95.10% 6.3 403.52 2.83 0.0 0.0 60.59 345.76

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

.1 M

.1 M .1 M

.0 M

10 0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 74.5 0.47x 12.9 2.71x 8.8 13.68x

.1 M

LTM-4Q

31.12.2009 31.12.2010 73.5 112.8 1.35x 2.12x 14.1 30.7 7.04x 7.79x 3.3 12.9 49.53x 24.30x Profitability

31.12.2011 124.7 1.41x 29.8 5.91x 16.5 15.61x

31.12.2012 173.1 1.09x 37.1 5.10x 17.2 14.29x

37.08 24.84 14.35% 12.44% 9.68% 12.00% 0.97% 46.9% 14.3% 9.9% 4.00 3.08 1.47% 1.89% 8.88 4.63

Price/ Cash Flow

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

LTM 12/yy 112.8 0.00x 0.0 0.00x 12.9 0.00x

FY+1

.0 M m-13

0.76 5.62 69.63% 66.81% 0.758 4 3.500 28'317 25'729 28'889 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 215.7 241.3 1.58x 1.36x 43.0 48.9 8.03x 7.08x 22.0 26.9 18.59x 15.84x S&P Issuer Ratings

1612.00 1423.78 1.9% 1.9% 0.97 27.90 41.23 79.07 29.12 91.18

Sales/Revenue/Turnover

35.00

200.0 180.0

30.00

160.0

25.00

140.0 120.0

20.00

100.0 80.0

15.00

60.0

10.00

40.0 5.00 0.00 01.01.2010

20.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

04.07.2013

U-Blox AG Holdings By:

All

Holder Name LB SWISS INVESTMENT DUBACH WERNER BLACKROCK UBS FUND MANAGEMENT CREDIT SUISSE FUND M SWISS REINSURANCE MIRABAUD & CIE CREDIT SUISSE ASSET SEILER THOMAS THIEL ANDREAS WYSS JEAN-PIERRE AMMANN DANIEL MUELLER HANS-ULRICH DWS INVESTMENTS SCHW TROSTER GERHARD VANGUARD GROUP INC PICTET & CIE CB-ACCENT LUX SICAV FAHRNI FRITZ JULIUS BAER MULTICOO

Firm Name Credit Suisse EVA Dimensions Zuercher Kantonalbank Bank Vontobel AG

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

Analyst FELIX REMMERS ANDREW S ZAMFOTIS ANDREAS MUELLER MICHAEL FOETH

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

Recommendation outperform hold outperform hold

Amt Held 398'953 312'794 234'874 197'916 190'424 174'786 133'413 124'352 96'748 62'860 60'110 56'000 50'000 38'151 35'760 28'189 21'663 20'000 11'000 10'271

% Out 6.33 4.96 3.73 3.14 3.02 2.77 2.12 1.97 1.53 1 0.95 0.89 0.79 0.61 0.57 0.45 0.34 0.32 0.17 0.16

Weighting

Change 5 3 5 3

M D M M

Latest Chg 11'329 (320) 4'334 (5'665) -

Target Price 63 #N/A N/A #N/A N/A 52

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

File Dt 31.12.2012 31.12.2012 21.05.2013 31.12.2012 31.12.2012 29.04.2013 31.12.2012 27.03.2013 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 28.03.2013 31.12.2011 31.03.2013 31.01.2013 30.04.2013 31.12.2011 31.01.2013

Date Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor n/a n/a n/a n/a n/a Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor

Date 13.05.2013 12.04.2013 22.03.2013 22.03.2013