Fundamental Equity Analysis - TOPIX 100 Index Members (TPX100 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 TPX100 Index - TOPIX 100 Index April 2013

Q M S Advisors .

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

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

Minority Interest (USD)

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

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

S&P 500 INDEX

USD

14392574

1935.593

1116

204

220

101.42

110.55

15.42

14.14

18.80

Euro Stoxx 50 Pr

EUR

2529002

5372.293

4595

733

768

228.31

305.59

18.52

15.97

13.84

19.53

NIKKEI 225

JPY

2558234

186.6975

188

5.28

5.51

0.27

0.26

0.12

FTSE 100 INDEX

GBP

2682024

11608.24

9587

1446

1647

530.70

818.94

27.31

17.70

22.54

SWISS MARKET INDEX

CHF

1032475

10951.8

4099

841

833

406.58

549.07

20.92

18.53

15.49

21.83

S&P/TSX COMPOSITE INDEX

CAD

1677743

17146.39

7904

1848

2081

794.29

887.81

15.43

13.80

24.27

S&P/ASX 200 INDEX

AUD

1414577

6699.644

2865

604

702

251.37

341.05

21.63

17.51

15.94

22.29

HANG SENG INDEX

HKD

1702834

3309.148

1659

376

407

268.13

266.04

1.39

1.52

1.40

3.12

MSCI EM

USD

7697940

1533.773

1085

201

216

87.02

95.19

11.82

13.40

10.81

20.03

AEON CO LTD

JPY

10420

27.30

49382

51413

59478

61452

3598

3603

1.32

0.93

0.90

0.94

0.15

0.02

0.09

0.02

0.07

A-

13.07.2004

24.04.2009

AJINOMOTO CO INC

JPY

9305

2116

677

9.33

12713

12657

12650

12451

1283

1209

244

0.73

0.91

0.80

0.81

0.17

0.19

-0.01

0.00

-0.02

0.01

0.10

AA-

28.07.1997

06.01.2012

ALL NIPPON AIRWAYS CO LTD

JPY

7393

41902

2516

12.07

14987

15501

15635

16184

2297

2585

0.13

0.16

0.13

0.14

0.18

0.16

0.04

0.00

0.17

0.04

0.18

10.04.2009

24.06.2011

ASAHI GLASS CO LTD

JPY

8253

5691

1156

13.20

12635

13219

13386

2258

547

0.50

0.40

0.43

0.45

0.18

0.17

0.16

-0.02

-0.07

-0.25

-0.09

0.19

A-

09.08.2012

ASAHI GROUP HOLDINGS LTD

JPY

11481

967

466

16.24

16767

17625

17742

1894

1.38

1.30

1.56

1.70

0.19

0.16

0.15

0.08

0.02

0.04

0.06

0.12

10.04.2009

12.12.2006

ASAHI KASEI CORP

JPY

9412

4064

1398

12.91

16705

16549

17769

18760

1952

1706

1237

0.48

0.29

0.38

0.49

0.25

0.20

0.19

0.15

-0.02

0.00

-0.12

-0.02

0.11

19.01.2011

24.04.2009

ASTELLAS PHARMA INC

JPY

25242

1412

462

22.08

10293

10218

10434

11183

2092

2100

1.87

1.94

2.39

2.92

0.30

0.24

0.20

0.02

0.00

0.07

-0.03

0.22

09.01.2007

BANK OF YOKOHAMA LTD/THE

JPY

7470

4243

1347

#VALUE!

2676

2612

2336

2331

0.40

0.45

0.44

0.15

0.14

0.00

-0.03

16.12.2005

10.05.2004

BRIDGESTONE CORP

JPY

27239

3759

783

30.57

32276

36949

38642

4699

4683

2.44

2.33

3.23

3.49

0.15

0.11

0.10

0.01

-0.02

0.28

0.01

0.15

30.03.2012

22.04.2009

CANON INC

JPY

49921

3316

1153

44.24

36948

40905

42095

6180

2.03

2.77

3.11

0.20

0.14

0.13

-0.02

-0.05

-0.10

-0.13

0.18

03.03.2004

CENTRAL JAPAN RAILWAY CO

JPY

21807

263

197

50.76

16015

16731

16903

17110

6685

7110

7.19

8.84

10.48

11.14

0.13

0.11

0.10

0.00

0.01

0.04

0.00

0.45

10.04.2009

Aa3

01.09.2011

CHUBU ELECTRIC POWER CO INC

JPY

9280

3657

758

37.34

26006

27885

27537

27865

2686

2762

-1.04

-0.64

#VALUE!

0.05

0.03

-0.48

-0.17

0.11

26.03.2013

DAI NIPPON PRINTING CO LTD

JPY

6805

3391

644

7.17

16 K

1414

1296

-0.40

0.24

0.38

0.42

0.27

-0.05

-0.02

-0.22

-0.08

0.09

09.01.2007

DAI-ICHI LIFE INSURANCE

JPY

13124

10.88

40909

40721

49314

48825

38.70

31.79

42.83

0.36

0.44

0.33

0.05

23.03.2006

DAIICHI SANKYO CO LTD

JPY

13732

2723

704

13.51

9967

10265

10446

10821

1652

1580

378

0.15

-0.03

0.77

1.02

0.27

0.20

-0.03

0.02

-0.12

-0.03

0.16

09.01.2007

DAIKIN INDUSTRIES LTD

JPY

11547

1813

291

17.37

12940

13240

13427

16089

1399

1432

1.49

0.81

1.09

2.34

0.52

0.39

0.18

0.05

0.01

0.04

0.03

0.11

09.01.2007

02.11.2012

DAITO TRUST CONSTRUCT CO LTD

JPY

7155

676

6.31

11543

11868

12330

13245

903

879

923

6.31

6.14

6.75

7.35

0.15

0.14

0.13

0.09

0.20

0.12

0.02

0.08

09.01.2007

DAIWA HOUSE INDUSTRY CO LTD

JPY

11835

2260

579

14.63

19630

20301

21016

23950

1686

1701

0.69

0.67

1.19

1.40

0.31

0.18

0.15

0.10

0.03

0.21

0.07

0.09

09.01.2007

DAIWA SECURITIES GROUP INC

JPY

12482

12569

1690

147

128.18

4201

4279

3915

4074

837

1141

0.00

0.22

0.34

0.35

0.22

0.04

-0.13

0.29

-0.35

0.28

BBB

11.09.2009

Baa3

09.11.2011

DENSO CORP

JPY

38346

1127

806

34.00

33496

36936

36907

39377

3625

4703

1320

1.21

1.90

2.24

2.81

0.24

0.21

0.16

0.01

0.00

-0.11

-0.09

0.14

AA-

04.03.2011

20.06.2008

EAST JAPAN RAILWAY CO

JPY

32671

1026

396

68.41

26887

27926

28292

28706

7631

8143

3.04

4.28

4.93

5.38

0.20

0.18

0.16

0.00

0.01

-0.01

0.31

AA-

17.03.1998

Aa2

01.09.2011

EISAI CO LTD

JPY

13446

927

285

15.08

6880

6428

6147

6097

1534

1397

347

2.09

1.85

1.89

2.03

0.26

0.25

0.24

-0.17

-0.04

-0.13

0.02

0.23

09.01.2007

05.03.2012

FANUC CORP

JPY

37485

1047

196

30.37

5718

5688

5147

5020

2520

2386

7.51

7.14

6.44

6.32

0.23

0.26

0.22

0.18

0.07

0.45

09.01.2007

FAST RETAILING CO LTD

JPY

33958

484

102

30.97

9861

11435

12905

1600

7.52

7.47

9.32

10.41

0.45

0.36

0.33

0.14

0.12

0.07

0.16

0.17

12.06.2008

FUJIFILM HOLDINGS CORP

JPY

10251

2533

482

11.62

23310

23078

23311

23967

2768

2553

1335

0.93

0.87

1.07

1.48

0.24

0.20

0.14

-0.01

-0.05

-0.12

-0.05

0.12

AA-

05.02.2009

FUJITSU LTD

JPY

8792

10101

2069

12.96

47437

47219

46398

46370

3343

3279

1638

0.29

0.13

-0.50

0.36

0.34

#VALUE!

0.12

-0.01

-0.04

-0.12

-0.08

0.07

BBB+

22.02.2013

HITACHI LTD

JPY

28278

15441

4635

56.09

102632

100326

94973

98069

9471

9099

3523

0.80

0.76

0.36

0.58

0.08

0.17

0.11

0.04

-0.03

-0.06

0.02

0.10

BBB+

09.06.2009

HONDA MOTOR CO LTD

JPY

70395

4129

1802

108.07

84393

101275

105321

116873

8092

11370

2488

1.25

2.14

2.39

3.47

0.19

0.17

0.12

-0.12

-0.04

-0.35

-0.10

0.12

A+

13.02.2002

HOYA CORP

JPY

8203

2048

431

6.58

3830

3788

3891

4067

1404

1361

270

0.99

1.30

1.42

1.26

0.15

0.14

0.16

-0.04

0.00

-0.04

-0.02

0.38

09.01.2007

INPEX CORP

JPY

19952

19.01

12601

12657

12461

13692

8114

8243

564.22

671.78

546.13

483.55

0.09

0.11

0.12

0.27

0.06

0.31

0.05

0.69

01.10.2008

ISUZU MOTORS LTD

JPY

10468

6337

1694

11.44

14866

17215

17490

18940

1417

1686

0.58

0.67

0.58

0.61

0.10

0.11

-0.01

0.01

0.08

0.00

0.10

ITOCHU CORP

JPY

19807

5799

1581

49.07

45350

47999

133547

139197

3714

3486

1.96

1.91

1.89

1.97

0.07

0.18

0.09

0.06

0.02

0.08

A-

28.03.2008

18.11.2009

JAPAN TOBACCO INC

JPY

64026

6053

1904

64.93

21595

22229

22450

24104

6137

6689

1335

1.87

2.20

1.87

2.23

0.15

0.18

0.15

-0.01

0.04

0.12

0.05

0.32

A+

19.04.2007

JFE HOLDINGS INC

JPY

12096

5872

538

29.56

33622

32404

33699

38159

3006

2329

-0.22

0.71

2.30

0.29

0.09

-0.01

0.00

-0.36

-0.17

0.08

10.04.2009

Baa1

23.05.2012

JGC CORP

JPY

6670

2709

252

4.28

5914

6249

6495

7175

795

813

1.67

1.81

1.94

2.10

0.15

0.14

0.13

0.26

0.01

0.06

0.19

0.14

15.07.2008

JX HOLDINGS INC

JPY

14414

7362

2487

42.27

113866

115029

118700

120022

5621

3873

0.78

0.30

0.75

0.78

0.20

0.08

0.12

-0.03

0.04

KANSAI ELECTRIC POWER CO INC

JPY

8731

13687

894

51.70

29852

29966

29952

33720

2037

-451

-4.51

-3.15

-0.51

#VALUE!

0.02

0.01

-0.79

-0.24

-0.02

10.04.2009

KAO CORP

JPY

17125

1590

522

16.68

12912

12850

13449

13759

2000

1945

1.11

1.17

1.51

1.65

0.30

0.23

0.21

0.03

-0.01

0.01

-0.03

0.16

10.04.2009

31.03.2006

KDDI CORP

JPY

36667

2588

764

47.70

37928

37900

38857

42468

9660

9232

3.11

2.43

3.25

4.37

0.18

0.13

0.10

0.04

0.00

-0.03

0.07

0.26

10.04.2009

KEYENCE CORP

JPY

18600

14.22

2117

2202

2306

2490

999

1027

244

10.19

10.87

11.61

12.54

0.30

0.28

0.26

0.08

0.07

0.06

0.00

0.50

09.01.2007

KIRIN HOLDINGS CO LTD

JPY

15308

2797

961

26.82

23213

24036

24249

3179

0.62

1.04

0.87

0.27

0.25

0.16

0.19

0.06

0.05

0.09

0.15

10.04.2009

24.10.2011

KOMATSU LTD

JPY

23821

3676

952

30.83

21042

20458

20278

21308

3679

3436

1.84

1.54

1.56

1.95

0.17

0.16

0.13

0.08

0.02

0.12

0.02

0.18

26.10.2007

01.10.2004

KUBOTA CORP

JPY

18569

6983

1256

22.39

10703

11391

12243

13194

1376

1442

0.52

0.56

0.58

0.73

0.28

0.26

0.21

0.08

0.00

0.15

-0.04

0.13

09.01.2007

30.09.2005

KYOCERA CORP

JPY

17977

635

183

13.71

12645

12689

13576

14526

1813

1360

4.59

3.35

3.57

5.52

0.30

0.28

0.18

-0.06

0.01

-0.26

-0.05

0.11

09.01.2007

03.02.1998

MARUBENI CORP

JPY

13711

10323

1736

37.41

46617

48056

111843

121500

2440

2199

0.99

1.07

1.22

1.30

0.08

0.09

0.07

0.06

0.20

0.06

-0.03

0.05

BBB

01.09.2009

15.02.2008

MITSUBISHI CHEMICAL HOLDINGS

JPY

7325

7473

1474

21.45

34064

33635

33277

35059

3064

2407

212

0.27

0.01

0.16

0.30

5.51

0.31

0.17

0.01

0.04

-0.27

0.07

0.08

15.07.2008

MITSUBISHI CORP

JPY

31637

8106

1646

81.53

59098

60386

210750

220163

4423

3106

2.89

2.57

2.28

2.62

0.08

0.09

0.08

0.07

0.03

-0.10

-0.06

0.05

A+

28.03.2008

26.05.2008

MITSUBISHI ELECTRIC CORP

JPY

17669

6245

2147

21.97

38644

38139

37668

38972

3745

3502

0.56

0.43

0.28

0.64

0.21

0.20

0.32

0.14

0.00

-0.02

0.04

-0.01

0.10

09.04.2008

12.08.2008

MITSUBISHI ESTATE CO LTD

JPY

39580

8056

1388

61.48

10757

11160

9925

10809

2270

2424

-297

0.61

0.56

0.39

0.55

0.54

0.77

0.55

0.03

0.08

-0.07

-0.01

0.23

A+

30.07.2007

22.06.2010

MITSUBISHI HEAVY INDUSTRIES

JPY

18878

9460

3355

29.12

29953

30290

31832

34589

2505

2194

0.10

0.01

0.23

0.27

4.92

0.26

0.22

-0.03

-0.01

0.01

0.02

0.08

BBB+

12.10.2010

09.09.2008

9140

769

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

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

Minority Interest (USD)

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

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

S&P 500 INDEX

USD

14392574

1935.593

1116

204

220

101.42

110.55

15.42

14.14

18.80

Euro Stoxx 50 Pr

EUR

2529002

5372.293

4595

733

768

228.31

305.59

18.52

15.97

13.84

19.53

NIKKEI 225

JPY

2558234

186.6975

188

5.28

5.51

0.27

0.26

0.12

FTSE 100 INDEX

GBP

2682024

11608.24

9587

1446

1647

530.70

818.94

27.31

17.70

22.54

SWISS MARKET INDEX

CHF

1032475

10951.8

4099

841

833

406.58

549.07

20.92

18.53

15.49

21.83

S&P/TSX COMPOSITE INDEX

CAD

1677743

17146.39

7904

1848

2081

794.29

887.81

15.43

13.80

24.27

S&P/ASX 200 INDEX

AUD

1414577

6699.644

2865

604

702

251.37

341.05

21.63

17.51

15.94

22.29

HANG SENG INDEX

HKD

1702834

3309.148

1659

376

407

268.13

266.04

1.39

1.52

1.40

3.12

MSCI EM

USD

7697940

1533.773

1085

201

216

87.02

95.19

11.82

13.40

10.81

20.03

MITSUBISHI UFJ FINANCIAL GRO

JPY

84789

48808

14145

571

100

#VALUE!

48171

44688

37650

36428

0.42

0.53

0.15

0.12

0.04

-0.08

30.09.2008

MITSUI & CO LTD

JPY

26414

9094

1825

58.98

55761

52967

107134

115183

5329

4962

2.36

2.19

1.89

2.23

0.07

0.08

0.07

0.13

0.00

0.06

0.10

A+

28.03.2008

15.04.2005

MITSUI FUDOSAN CO LTD

JPY

25494

6323

878

48.74

14208

14656

15434

16003

1903

2089

0.64

0.73

0.72

0.79

0.42

0.43

0.39

-0.05

0.01

0.04

-0.03

0.15

BBB+

01.03.2007

24.05.2011

MIZUHO FINANCIAL GROUP INC

JPY

52796

137924

24011

581

#VALUE!

26046

25899

22726

21799

0.18

0.23

0.19

0.13

0.10

0.12

0.00

-0.12

18.06.2007

MS&AD INSURANCE GROUP HOLDIN

JPY

13960

1542

622

12.09

39203

38238

40994

40721

-3.18

1.04

1.29

0.22

0.18

0.11

MURATA MANUFACTURING CO LTD

JPY

16839

211

16.07

6208

6407

7130

8089

1125

1103

1.53

1.12

1.93

3.24

0.71

0.41

0.24

-0.06

0.02

-0.25

-0.09

0.18

09.01.2007

20.03.2002

NIDEC CORP

JPY

8688

137

10.83

7245

7158

7372

8059

1110

1148

3.51

3.54

0.44

3.89

0.18

1.44

0.16

-0.01

0.01

-0.16

0.02

0.17

09.01.2007

NIKON CORP

JPY

9513

3477

397

9.48

9754

9870

10572

11555

1196

952

281

1.94

1.09

1.04

1.61

0.23

0.24

0.16

0.04

0.30

-0.02

0.10

09.01.2007

12.12.2008

NINTENDO CO LTD

JPY

15358

128

5.19

6877

6720

7208

9975

-263

-3.59

-0.08

1.06

4.08

1.09

0.28

-0.38

-0.20

0.01

09.01.2007

NIPPON STEEL & SUMITOMO META

JPY

24419

33762

6290

56.29

43437

42275

46437

56344

3863

2980

0.11

-0.28

-0.18

0.21

#VALUE!

0.13

0.00

-0.01

-0.22

-0.15

0.07

BBB

17.10.2012

23.05.2012

NIPPON TELEGRAPH & TELEPHONE

JPY

58095

3019

1224

116.65

111567

112446

114253

114581

33331

33071

3.89

4.00

4.72

4.94

0.12

0.10

0.09

0.02

0.00

-0.01

0.31

21.05.2007

NISSAN MOTOR CO LTD

JPY

44257

14917

4191

90.96

99905

100507

101725

110514

11958

11107

3296

0.92

0.78

0.89

1.18

0.13

0.12

0.09

0.08

-0.03

-0.04

-0.06

0.12

BBB+

15.11.2010

29.10.2007

NITTO DENKO CORP

JPY

10258

849

164

8.68

991

939

2.30

1.97

3.11

4.08

0.32

0.20

0.15

-0.05

-0.02

-0.27

-0.03

0.15

09.01.2007

30.03.2001

NKSJ HOLDINGS INC

JPY

8723

1608

415

6.69

28860

28154

28806

29104

-2.46

0.30

0.87

0.73

0.26

0.07

NOMURA HOLDINGS INC

JPY

23906

35031

3663

332

379.49

19662

20681

17352

17183

5324

5540

0.13

0.18

0.36

0.51

0.38

0.18

0.36

0.02

0.19

-0.19

0.28

BBB+

27.01.2009

Baa3

15.03.2012

NTT DOCOMO INC

JPY

66787

124

64.76

45020

46022

47768

48420

16556

16221

118.65

115.42

128.22

129.41

0.14

0.13

0.00

-0.01

0.01

0.37

21.05.2007

Aa2

01.09.2011

ORIENTAL LAND CO LTD

JPY

14945

470

15.10

3823

4251

4161

4359

1156

1325

6.23

6.40

7.05

0.28

0.27

0.25

0.01

0.04

0.14

0.08

0.33

10.04.2009

ORIX CORP

JPY

14475

7331

1075

55.71

4748

4755

11151

11499

4497

4418

0.68

0.98

0.99

1.11

0.14

0.12

0.03

-0.04

0.07

-0.05

0.99

A-

12.08.2005

Baa2

21.05.2012

OSAKA GAS CO LTD

JPY

9026

9116

2082

13.46

13748

14494

14610

15078

1815

2032

0.33

0.30

0.32

0.14

0.15

0.14

0.10

0.04

-0.09

-0.01

0.15

AA-

28.01.2011

Aa3

01.09.2011

OTSUKA HOLDINGS CO LTD

JPY

19309

1281

558

14.51

12259

12864

13676

2089

538

1.80

1.75

2.28

2.92

0.21

0.20

0.16

0.13

0.03

0.14

0.18

PANASONIC CORP

JPY

18441

34281

2312

29.27

83311

79414

77000

78634

4054

4450

-1.73

-6.07

-3.47

0.39

#VALUE!

0.21

-0.10

-0.03

-0.46

-0.14

0.06

BBB

02.11.2012

Baa3

20.11.2012

RESONA HOLDINGS INC

JPY

13459

16192

2451

#VALUE!

8768

8098

6723

6654

1.23

0.85

0.49

0.05

0.07

0.12

0.02

-0.05

RICOH CO LTD

JPY

8044

4000

725

15.58

20211

19984

20362

21203

776

1075

561

-0.65

-0.37

0.52

0.99

0.22

0.12

-0.02

-0.04

-0.55

-0.24

0.06

07.02.2012

06.03.2009

SECOM CO LTD

JPY

12125

725

218

10.89

7211

7668

7978

8211

1292

1308

1.96

1.91

3.07

3.27

0.29

0.18

0.17

0.02

0.03

-0.13

-0.03

0.18

09.01.2007

SEKISUI HOUSE LTD

JPY

9329

3249

672

10.30

17135

18666

19544

1117

0.71

0.73

0.98

1.10

0.20

0.15

0.13

0.06

0.02

0.19

-0.03

0.07

09.01.2007

SEVEN & I HOLDINGS CO LTD

JPY

29037

2072

884

29.24

42616

43218

52933

55876

4725

4844

1.87

1.73

2.02

0.20

0.17

-0.12

-0.04

0.14

0.01

0.12

AA-

30.10.2008

Aa3

29.08.2011

SHIN-ETSU CHEMICAL CO LTD

JPY

28721

1316

425

25.21

11125

11291

11197

11866

2469

2490

604

2.72

2.63

2.77

3.22

0.27

0.25

0.22

-0.01

-0.02

-0.05

-0.10

0.23

09.01.2007

30.09.2005

SHISEIDO CO LTD

JPY

5649

2890

398

7.11

7246

7219

7200

7528

800

667

0.39

0.28

0.29

0.53

0.54

0.52

0.28

0.02

-0.02

-0.05

-0.01

0.10

10.03.2010

SMC CORP

JPY

13827

159

11.54

3630

3504

3370

3687

1065

942

9.05

8.63

8.70

9.80

0.24

0.23

0.21

0.05

0.06

0.09

0.00

0.29

09.01.2007

SOFTBANK CORP

JPY

53993

23886

1099

76.40

34003

34539

35866

41093

10764

11431

2.57

3.13

3.39

0.19

0.15

0.14

0.07

0.03

0.11

0.15

0.35

BBB *-

12.10.2012

04.06.2010

SONY CORP

JPY

17998

18503

1004

23.31

68945

69475

70633

73438

2679

2813

-4.81

0.29

0.62

0.66

0.30

-0.10

-0.05

-0.55

-0.12

0.04

BBB

25.09.2012

Baa3

09.11.2012

SUMITOMO CORP

JPY

16014

7759

1250

48.68

34625

32634

80289

84801

3982

2956

2.00

1.94

2.00

2.03

0.07

0.06

-0.01

0.10

0.01

0.10

09.02.2006

05.06.2006

SUMITOMO ELECTRIC INDUSTRIES

JPY

9703

2396

793

14.45

21866

22779

22453

23920

1756

1923

0.81

0.74

0.61

0.99

0.17

0.21

0.13

0.01

-0.01

-0.19

-0.07

0.09

14.02.2008

13.01.2005

SUMITOMO METAL MINING CO LTD

JPY

8553

2946

562

10.21

9003

8623

8449

8985

1270

1186

1.31

1.04

1.33

1.44

0.15

0.12

0.11

-0.02

-0.06

-0.09

0.15

09.01.2007

16.08.2006

SUMITOMO MITSUI FINANCIAL GR

JPY

58256

6830

1351

338

#VALUE!

31744

30902

28222

27896

4.18

5.13

4.06

0.10

0.09

0.11

0.05

0.00

18.06.2007

SUMITOMO MITSUI TRUST HOLDIN

JPY

18858

23927

4153

#VALUE!

9334

8793

6811

6833

0.43

0.23

0.35

0.36

0.22

0.20

0.15

0.14

1.78

0.26

SUMITOMO REALTY & DEVELOPMNT

JPY

18830

4038

474

45.60

7312

7381

7671

7995

1949

1.13

1.26

1.35

1.43

0.33

0.31

0.29

-0.08

-0.02

0.14

0.04

0.28

10.04.2009

20.12.2011

SUZUKI MOTOR CORP

JPY

12689

2108

561

10.34

26674

26937

27334

29480

2362

2419

832

1.07

1.17

1.41

1.78

0.21

0.17

0.13

-0.04

-0.06

-0.10

-0.05

0.10

10.04.2009

T&D HOLDINGS INC

JPY

7858

2974

674

2.15

20513

19211

23328

23228

0.29

0.64

0.68

0.42

0.19

0.18

0.03

-0.04

TAKEDA PHARMACEUTICAL CO LTD

JPY

43516

2142

789

45.43

16022

16918

16542

17213

4409

3745

986

1.79

1.46

3.30

2.79

0.40

0.18

0.21

0.07

0.03

-0.13

-0.03

0.24

AA-

03.10.2011

TOKIO MARINE HOLDINGS INC

JPY

22274

2788

767

20.25

35865

34341

36395

37414

-0.15

1.57

1.81

0.20

0.17

0.07

0.02

TOKYO ELECTRON LTD

JPY

7805

813

179

5.34

6722

6088

5224

5583

899

650

127

2.17

0.96

0.26

0.84

0.48

1.79

0.55

-0.06

0.01

-0.28

-0.13

0.11

09.01.2007

TOKYO GAS CO LTD

JPY

13796

10124

2585

19.98

18627

19851

20552

21248

2352

2971

0.37

0.38

0.39

0.15

0.07

-0.18

-0.06

0.16

AA-

28.01.2011

Aa3

01.09.2011

TORAY INDUSTRIES INC

JPY

11087

3785

1629

16.30

16868

16379

17046

17874

1859

1577

0.43

0.29

0.32

0.39

0.25

0.22

0.18

0.03

0.00

0.03

0.00

0.10

10.04.2009

19.07.2011

TOSHIBA CORP

JPY

21372

28212

4235

40.12

64772

62367

63204

67145

4817

4585

2239

0.18

0.19

0.28

0.41

0.28

0.19

0.13

-0.05

-0.06

-0.10

-0.04

0.08

BBB

07.08.2009

TOYOTA MOTOR CORP

JPY

179393

5652

3167

128

292.81

197321

232848

233681

253801

15114

22637

6140

0.96

2.58

3.03

4.38

0.21

0.18

0.13

-0.02

-0.04

-0.14

-0.18

0.10

AA-

04.03.2011

Aa3

29.08.2011

UNICHARM CORP

JPY

12151

622

184

12.83

4549

4926

5184

5740

733

780

1.47

1.63

1.87

2.12

0.38

0.33

0.29

0.14

0.09

0.08

0.10

0.17

09.01.2007

WEST JAPAN RAILWAY CO

JPY

9525

1609

194

20.21

13673

13793

13729

13815

2964

3050

1.55

2.11

3.23

3.49

0.24

0.16

0.15

0.06

0.00

0.14

0.03

0.23

10.04.2009

YAMADA DENKI CO LTD

JPY

4495

1564

6.87

19489

17567

17685

19263

1160

724

6.67

3.53

3.82

4.21

0.14

0.13

0.12

-0.16

0.00

-0.25

0.11

0.04

09.01.2007

YAMATO HOLDINGS CO LTD

JPY

8543

1271

430

7.57

13387

13428

13622

14035

1118

1061

0.48

0.54

0.90

0.98

0.36

0.22

0.20

0.02

0.01

0.00

0.08

09.01.2007

03.04.2009

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

01.02.2013

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

S&P 500 INDEX

2.17

1.99

1.81

2.17

1.40

1.34

1.28

1.40

10.02

9.72

9.51

10.02

8.80

8.13

7.62

8.80

14.14

12.67

11.44

14.14

2.20

2.36

2.56

2.20

1682.0

7.6%

Euro Stoxx 50 Pr

1.12

1.06

1.00

1.12

0.72

0.70

0.68

0.72

5.22

4.87

4.64

5.22

7.00

6.62

6.30

7.00

10.84

9.70

8.88

10.84

4.44

4.77

5.08

4.44

2896.5

11.7%

NIKKEI 225

1.51

1.41

1.32

1.51

0.71

0.66

0.65

0.71

9.49

8.15

7.62

9.49

9.50

8.28

7.76

9.50

24.08

18.86

14.60

24.08

1.65

1.93

1.65

11916.4

-4.6%

FTSE 100 INDEX

1.67

1.55

1.34

1.67

1.00

0.97

0.98

1.00

7.84

7.22

5.21

7.84

7.05

6.60

6.33

7.05

11.72

10.63

9.74

11.72

3.92

4.22

4.66

3.92

6826.8

7.5%

SWISS MARKET INDEX

2.37

2.20

2.03

2.37

1.98

1.88

1.80

1.98

12.18

11.13

9.77

12.18

13.15

12.16

11.37

13.15

14.77

13.22

12.00

14.77

3.34

3.70

4.21

3.34

8029.4

3.9%

S&P/TSX COMPOSITE INDEX

1.69

1.56

1.46

1.69

1.58

1.48

1.43

1.58

8.44

7.58

7.00

8.44

8.24

7.29

6.91

8.24

14.05

12.39

11.38

14.05

3.12

3.28

3.48

3.12

14554.2

14.5%

S&P/ASX 200 INDEX

1.90

1.79

1.69

1.90

1.82

1.71

1.62

1.82

11.19

9.99

9.12

11.19

9.54

8.40

7.80

9.54

15.28

13.60

12.48

15.28

4.35

4.66

5.03

4.35

5152.0

3.1%

HANG SENG INDEX

1.34

1.24

1.15

1.34

1.74

1.61

1.50

1.74

7.17

6.65

6.25

7.17

8.13

7.39

6.84

8.13

10.88

9.98

9.08

10.88

3.54

3.83

4.34

3.54

24942.6

11.0%

MSCI EM

1.44

1.31

1.21

1.44

0.95

0.88

0.84

0.95

6.89

6.34

5.94

6.89

7.09

6.50

6.11

7.09

10.81

9.72

9.01

10.81

3.07

3.57

6.08

3.07

1184.9

15.2%

AEON CO LTD

1.02

0.96

0.91

0.87

0.92

0.19

0.18

0.17

0.16

4.79

4.28

4.32

3.88

7.64

7.52

7.01

6.62

15.23

14.41

13.85

12.81

13.04

1.83

1.96

2.08

2.23

2.69

1138.33

-7.2%

AJINOMOTO CO INC

1.54

1.46

1.38

1.30

1.19

0.73

0.74

0.75

0.73

0.71

10.11

9.08

8.64

8.33

6.90

7.17

6.80

6.45

6.22

24.05

18.34

18.19

16.36

13.86

1.17

1.16

1.20

1.26

1.30

1390.83

0.8%

ALL NIPPON AIRWAYS CO LTD

0.95

0.93

0.90

0.85

0.80

0.50

0.47

0.46

0.44

0.43

3.42

3.87

3.68

3.45

5.22

4.76

4.40

4.20

3.92

20.13

16.51

14.95

12.98

9.50

2.02

2.21

2.34

2.78

208.50

5.3%

ASAHI GLASS CO LTD

0.88

0.79

0.77

0.76

0.66

0.62

0.61

0.62

4.74

4.11

3.77

3.80

5.80

5.61

5.53

5.64

6.28

14.84

16.14

15.50

17.60

14.91

3.97

3.78

3.60

3.57

3.97

604.50

-7.7%

ASAHI GROUP HOLDINGS LTD

1.48

1.38

1.29

1.42

1.17

0.71

0.65

0.63

8.21

7.93

7.59

9.71

8.84

8.26

8.06

7.92

7.57

15.90

15.22

13.93

13.16

12.50

1.24

1.77

1.98

2.27

2.71

2384.62

6.6%

ASAHI KASEI CORP

1.27

1.20

1.15

1.08

0.99

0.54

0.53

0.50

0.49

0.47

6.44

8.44

5.76

5.17

6.47

6.92

6.09

5.71

5.04

16.25

17.59

13.66

12.12

10.75

2.20

2.22

2.24

2.35

2.53

607.14

-3.9%

ASTELLAS PHARMA INC

2.26

2.17

2.05

1.92

1.76

2.43

2.42

2.26

2.19

2.10

14.80

15.08

13.48

12.60

10.63

10.54

9.37

8.85

8.63

26.66

22.54

18.45

16.67

14.46

2.47

2.57

2.68

2.82

2.84

5650.00

11.2%

BANK OF YOKOHAMA LTD/THE

0.95

0.88

0.84

0.80

0.72

3.19

3.20

3.16

3.18

6.42

12.73

12.67

12.53

14.52

12.80

13.04

12.89

12.22

1.86

1.89

1.96

1.97

2.05

507.78

-5.4%

BRIDGESTONE CORP

1.92

1.59

1.40

1.24

1.21

0.84

0.74

0.70

0.67

0.74

7.38

6.35

5.75

5.24

5.27

6.37

5.37

5.02

4.66

4.74

14.06

10.36

9.61

8.96

9.92

1.03

1.70

1.89

2.12

2.03

3553.00

12.6%

CANON INC

1.61

1.46

1.37

1.28

1.15

1.33

1.22

1.19

1.18

8.95

7.02

6.53

6.36

5.86

6.86

5.67

5.29

5.27

5.34

18.09

13.51

12.04

11.53

11.39

3.57

3.63

3.69

3.82

3.88

3823.38

8.5%

CENTRAL JAPAN RAILWAY CO

1.50

1.32

1.16

1.06

0.98

1.37

1.29

1.27

1.26

4.95

4.31

3.94

3.81

3.82

7.67

7.16

6.77

6.81

7.09

14.98

10.11

9.51

10.47

9.35

0.90

1.00

1.03

1.05

1.04

8180.83

-17.9%

CHUBU ELECTRIC POWER CO INC

0.58

0.61

0.65

0.70

0.65

0.36

0.34

0.33

0.30

5.26

7.50

6.47

3.30

16.91

14.04

13.61

11.65

9.22

16.15

5.20

4.34

4.03

3.66

4.34

1140.00

-1.1%

DAI NIPPON PRINTING CO LTD

0.65

0.68

0.42

0.43

5.20

5.36

5.28

5.36

67.12

39.70

25.25

23.89

3.50

866.67

-5.3%

DAI-ICHI LIFE INSURANCE

1.54

1.12

1.08

1.04

0.26

0.27

0.26

55.16

41.28

30.64

23.90

1.26

1.31

1.35

1.39

151321.42

22.4%

DAIICHI SANKYO CO LTD

1.56

1.52

1.48

1.38

1.31

1.27

1.25

3.29

3.34

3.37

1576.00

-13.6%

DAIKIN INDUSTRIES LTD

2.11

2.02

1.85

1.67

0.88

0.86

0.72

0.68

0.98

0.96

1.09

1.18

DAITO TRUST CONSTRUCT CO LTD

4.29

3.77

3.26

2.84

2.45

0.63

0.58

0.54

0.51

DAIWA HOUSE INDUSTRY CO LTD

1.64

1.52

1.42

1.32

1.33

0.62

0.56

0.49

DAIWA SECURITIES GROUP INC

1.48

1.38

1.32

1.23

3.47

3.19

3.06

DENSO CORP

1.68

1.53

1.42

1.32

1.27

1.15

1.04

EAST JAPAN RAILWAY CO

1.64

1.53

1.42

1.32

1.26

1.22

1.15

EISAI CO LTD

2.85

2.81

2.75

2.70

2.49

1.93

FANUC CORP

2.96

2.74

2.54

2.36

FAST RETAILING CO LTD

7.87

6.70

5.84

5.10

FUJIFILM HOLDINGS CORP

0.53

0.52

0.50

0.49

FUJITSU LTD

0.99

1.12

1.14

HITACHI LTD

1.52

1.33

HONDA MOTOR CO LTD

1.49

HOYA CORP

2.03

INPEX CORP

1.43

7.87

6.83

11.88

4.98

17.72

11.81

12.13

11.57

8.20

8.42

7.91

7.68

69.12

25.17

18.97

18.79

13.87

17.66

12.05

9.43

10.74

13.28

12.67

9.49

8.44

27.65

36.27

16.86

14.39

0.47

12.63

13.94

13.67

12.67

7.03

6.84

6.33

5.92

13.59

13.16

12.07

11.16

10.27

3.65

3.79

4.11

4.42

0.48

14.38

7.46

8.76

8.30

29.90

16.63

14.10

13.47

14.44

1.32

1.64

1.92

2.98

2.71

32.57

21.10

18.35

11.73

1.00

0.98

1.09

0.97

0.93

0.90

12.07

9.39

8.15

7.64

7.40

1.14

1.12

1.11

6.39

5.45

5.31

4.99

5.15

2.19

2.21

2.24

2.25

10.82

13.12

11.99

12.02

10.97

6.55

7.28

7.47

6.84

5.53

17.94

20.94

21.34

3.44

2.97

2.63

2.36

2.01

30.64

28.14

24.86

0.44

0.43

0.42

0.40

4.29

4.72

1.06

0.19

0.20

3.86

1.20

1.08

0.28

0.30

0.29

0.28

1.41

1.28

1.17

1.09

0.82

0.67

0.60

0.57

1.89

1.79

1.70

1.29

2.08

2.11

2.02

1.95

0.87

0.83

0.79

0.76

0.70

1.67

1.60

1.46

ISUZU MOTORS LTD

2.48

1.95

1.68

1.47

0.69

0.60

ITOCHU CORP

1.41

1.16

1.02

0.90

0.16

0.15

JAPAN TOBACCO INC

3.26

3.22

2.83

2.54

2.20

3.00

JFE HOLDINGS INC

0.72

0.67

0.63

0.64

JGC CORP

2.10

1.90

1.71

1.55

JX HOLDINGS INC

0.77

0.72

0.68

0.63

0.57

KANSAI ELECTRIC POWER CO INC

0.51

0.64

0.66

0.63

KAO CORP

2.86

2.60

2.43

KDDI CORP

0.72

1.37

1.23

KEYENCE CORP

2.72

2.47

KIRIN HOLDINGS CO LTD

1.50

KOMATSU LTD

2.12

KUBOTA CORP KYOCERA CORP

3796.15

2.3%

4.80

9355.00

11.9%

1.97

2.10

1915.45

3.1%

1.19

1.49

533.89

-20.6% -0.2%

7.36

7.15

127.13

115.07

9.69

7.29

6.32

5.87

5.64

37.33

19.37

15.42

13.79

13.57

1.13

1.34

1.55

1.76

2.03

4077.50

8.98

8.45

8.12

7.90

7.98

28.50

16.73

15.34

14.41

13.69

1.42

1.57

1.75

1.91

1.97

7500.00

-3.5%

9.51

11.81

11.07

11.23

9.48

17.47

23.93

22.37

23.10

20.76

3.51

3568.18

-16.4%

19.28

11.67

14.34

14.47

12.83

19.92

24.31

24.75

21.84

1.49

1.26

1.24

1.41

12802.94

-13.1%

22.28

19.09

17.14

15.46

14.22

39.00

34.35

30.77

27.53

0.86

0.95

1.05

1.16

21985.71

-27.1%

4.31

4.14

4.15

4.37

4.06

3.94

4.08

30.26

18.56

13.42

11.91

12.37

1.84

2.13

2.24

2.39

2.67

1858.54

-0.9%

8.56

3.54

3.48

4.38

4.57

3.95

3.87

3.59

21.82

11.75

10.41

14.29

2.50

1.50

2.33

2.52

1.25

429.92

7.5%

3.50

5.35

4.28

3.97

6.37

6.66

5.83

5.45

5.50

9.13

16.20

10.15

9.10

11.48

1.41

1.67

1.75

1.88

1.81

630.38

14.4%

0.55

14.14

10.50

7.00

6.27

16.62

12.01

9.06

7.69

28.05

16.23

11.19

9.97

8.70

1.64

2.08

2.47

2.85

3.22

3952.94

8.0%

1.97

10.29

8.69

9.52

9.09

7.21

5.94

6.18

5.94

5.76

18.60

13.28

14.95

14.04

13.71

3.64

3.70

3.75

3.66

1836.50

3.4%

1.44

1.61

9.08

8.50

11.17

7.31

2.37

2.48

2.33

2.41

3.24

10.52

9.99

11.29

11.34

13.78

1.16

1.35

1.36

674250.00

31.2%

0.55

0.52

0.49

8.86

7.86

7.38

6.94

8.12

6.36

5.64

5.30

13.18

10.68

10.09

9.54

8.48

1.03

1.42

1.75

2.28

703.57

21.1%

0.14

5.19

5.80

5.38

5.29

11.84

12.14

11.17

10.87

7.91

6.59

6.62

6.35

6.12

5.43

3.42

3.43

3.62

3.82

4.16

1250.00

6.2%

2.85

2.66

2.59

2.49

11.82

12.44

11.19

10.63

8.43

10.68

9.83

8.72

8.14

7.61

19.95

17.08

14.39

13.18

12.18

1.47

2.15

2.79

3.34

3.98

3113.75

3.3%

0.36

0.32

0.31

4.81

4.42

3.48

3.03

3.46

9.51

11.06

7.04

6.56

8.05

27.72

8.55

7.50

11.31

1.08

0.85

2.51

2.85

2.19

2320.38

25.2%

1.18

1.03

0.93

0.90

12.49

14.21

12.46

10.24

5.59

5.24

4.73

4.70

15.02

13.30

12.29

11.88

1.67

1.86

1.98

2.07

2776.36

14.5%

0.13

0.12

0.11

3.46

4.59

4.63

3.42

7.92

8.37

8.14

7.81

6.38

7.47

7.68

7.41

6.65

6.23

2.94

3.04

3.03

650.00

19.5%

0.60

0.30

0.29

0.26

4.57

69.30

2.71

1.37

26.80

133.32

12.64

8.57

7.56

15.28

6.12

6.85

0.00

0.51

1.90

5.71

697.50

-20.4%

2.28

2.27

1.56

1.27

1.24

1.20

1.19

13.34

10.24

10.06

9.41

9.69

8.00

7.57

7.21

6.98

26.52

21.58

19.74

17.88

14.61

2.04

2.09

2.20

2.33

2.71

2969.58

-3.1%

1.10

1.00

0.98

0.94

0.86

0.84

0.83

2.30

4.34

3.73

3.51

4.89

4.75

4.19

3.95

3.91

6.52

12.58

9.36

8.31

7.60

3.90

2.21

2.66

2.99

3.64

3684.53

-4.3%

2.26

2.07

1.91

8.90

8.07

7.47

7.01

7.57

29.32

26.73

25.48

23.50

14.31

13.26

12.06

11.22

11.62

29.77

26.36

24.39

22.59

24.67

0.20

0.22

0.21

0.22

0.24

25091.67

-12.9%

1.35

1.32

1.29

1.34

0.66

0.64

0.63

0.62

0.61

6.82

6.44

6.98

7.15

8.49

8.29

8.15

8.05

7.82

26.71

15.29

18.33

17.28

15.69

1.83

2.35

2.48

2.73

3.16

1450.00

-2.9%

2.01

1.81

1.64

1.11

1.17

1.12

1.07

8.41

9.70

8.66

8.29

8.02

8.96

7.59

7.09

12.22

15.53

12.44

11.14

10.58

1.84

2.07

2.20

2.34

2.19

2726.11

19.5%

2.59

2.46

2.27

2.08

1.75

1.52

1.41

1.34

18.42

20.20

14.39

13.08

15.95

14.73

11.97

11.04

28.94

24.86

19.71

17.78

1.10

1.23

1.38

1.46

1198.46

-11.9%

1.11

1.08

1.03

0.98

1.43

1.32

1.24

1.20

11.36

13.38

9.95

9.91

7.82

8.94

6.66

6.00

5.82

20.48

26.32

17.01

15.83

14.84

1.38

1.36

1.39

1.44

1.36

9121.43

3.1%

MARUBENI CORP

1.49

1.21

1.03

0.90

0.13

0.12

0.11

4.93

4.90

4.50

4.30

13.30

13.01

10.83

10.46

7.68

7.25

6.49

6.06

5.73

5.80

2.71

3.20

3.40

3.61

3.50

781.07

5.1%

MITSUBISHI CHEMICAL HOLDINGS

0.89

0.88

0.86

0.83

0.21

0.22

0.21

0.20

3.42

3.91

3.69

3.44

7.02

8.37

7.27

6.77

5.73

24.13

29.51

16.40

12.72

9.46

2.21

2.56

2.59

2.62

4.37

440.91

-3.7%

MITSUBISHI CORP

0.86

0.77

0.72

0.67

0.15

0.14

5.04

7.41

5.75

5.53

13.69

20.35

16.57

15.67

10.07

6.34

8.41

7.31

6.88

6.55

3.72

2.91

3.43

3.63

3.39

2101.43

16.6%

MITSUBISHI ELECTRIC CORP

1.46

1.43

1.31

1.19

0.45

0.47

0.45

0.44

0.46

7.27

7.75

5.93

5.71

5.93

6.89

5.90

5.41

6.32

15.95

29.70

12.90

11.30

15.41

1.59

1.44

1.52

1.60

1.55

803.85

3.7%

MITSUBISHI ESTATE CO LTD

2.96

2.98

2.87

2.75

3.74

3.99

3.66

3.63

3.57

29.13

33.12

21.06

23.48

26.56

27.80

24.05

23.39

64.46

72.82

52.21

49.84

45.95

0.45

0.46

0.48

0.56

2714.29

1.2%

MITSUBISHI HEAVY INDUSTRIES

1.40

1.34

1.27

1.20

0.62

0.59

0.55

0.48

11.14

9.30

8.69

8.47

11.01

9.89

8.84

7.99

67.13

24.22

20.85

16.80

1.14

1.15

1.28

1.45

586.67

11.3%

0.93

0.77

2.70

1.15

0.19

9.89

10.02

7.50

9.23

23.39

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

7.08

3.45

7.69

4.97

8.68

17.53

170.51

0.43

8.03

7.87

%D to Spot

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

S&P 500 INDEX

2.17

1.99

1.81

2.17

1.40

1.34

1.28

1.40

10.02

9.72

9.51

10.02

8.80

8.13

7.62

8.80

14.14

12.67

11.44

14.14

2.20

2.36

2.56

2.20

1682.0

7.6%

Euro Stoxx 50 Pr

1.12

1.06

1.00

1.12

0.72

0.70

0.68

0.72

5.22

4.87

4.64

5.22

7.00

6.62

6.30

7.00

10.84

9.70

8.88

10.84

4.44

4.77

5.08

4.44

2896.5

11.7%

NIKKEI 225

1.51

1.41

1.32

1.51

0.71

0.66

0.65

0.71

9.49

8.15

7.62

9.49

9.50

8.28

7.76

9.50

24.08

18.86

14.60

24.08

1.65

1.93

1.65

11916.4

-4.6%

FTSE 100 INDEX

1.67

1.55

1.34

1.67

1.00

0.97

0.98

1.00

7.84

7.22

5.21

7.84

7.05

6.60

6.33

7.05

11.72

10.63

9.74

11.72

3.92

4.22

4.66

3.92

6826.8

7.5%

SWISS MARKET INDEX

2.37

2.20

2.03

2.37

1.98

1.88

1.80

1.98

12.18

11.13

9.77

12.18

13.15

12.16

11.37

13.15

14.77

13.22

12.00

14.77

3.34

3.70

4.21

3.34

8029.4

3.9%

S&P/TSX COMPOSITE INDEX

1.69

1.56

1.46

1.69

1.58

1.48

1.43

1.58

8.44

7.58

7.00

8.44

8.24

7.29

6.91

8.24

14.05

12.39

11.38

14.05

3.12

3.28

3.48

3.12

14554.2

14.5%

S&P/ASX 200 INDEX

1.90

1.79

1.69

1.90

1.82

1.71

1.62

1.82

11.19

9.99

9.12

11.19

9.54

8.40

7.80

9.54

15.28

13.60

12.48

15.28

4.35

4.66

5.03

4.35

5152.0

3.1%

HANG SENG INDEX

1.34

1.24

1.15

1.34

1.74

1.61

1.50

1.74

7.17

6.65

6.25

7.17

8.13

7.39

6.84

8.13

10.88

9.98

9.08

10.88

3.54

3.83

4.34

3.54

24942.6

11.0%

MSCI EM

1.44

1.31

1.21

1.44

0.95

0.88

0.84

0.95

6.89

6.34

5.94

6.89

7.09

6.50

6.11

7.09

10.81

9.72

9.01

10.81

3.07

3.57

6.08

3.07

1184.9

15.2%

MITSUBISHI UFJ FINANCIAL GRO

0.84

0.78

0.74

0.70

0.69

2.26

2.25

2.33

2.29

2.58

5.31

11.04

11.94

11.67

8.38

11.34

11.30

10.62

9.93

2.13

2.14

2.29

2.39

2.72

600.60

6.5%

MITSUI & CO LTD

0.95

0.84

0.77

0.70

0.22

0.25

0.23

0.22

4.49

5.61

5.37

5.18

MITSUI FUDOSAN CO LTD

2.28

2.12

2.04

1.96

2.00

1.76

1.65

1.59

1.58

1.55

23.74

19.89

18.20

16.79

MIZUHO FINANCIAL GROUP INC

1.14

0.98

0.92

0.86

0.83

2.29

2.32

2.42

2.37

2.44

7.65

9.06

13.10

12.57

MS&AD INSURANCE GROUP HOLDIN

0.88

0.82

0.78

0.74

0.36

0.34

0.32

MURATA MANUFACTURING CO LTD

1.83

1.74

1.63

1.49

2.71

2.36

2.08

1.97

15.15

13.85

10.96

10.85

9.49

13.95

12.05

9.28

8.16

7.98

NIDEC CORP

2.08

2.10

1.90

1.70

1.32

1.18

1.08

1.01

0.98

9.21

16.49

8.40

7.14

6.21

9.51

18.14

9.04

7.90

NIKON CORP

2.05

1.94

1.76

1.60

1.32

0.97

0.90

0.82

0.81

0.72

9.38

11.29

9.05

8.08

6.14

7.83

10.02

6.61

6.07

NINTENDO CO LTD

1.11

1.08

1.05

2.16

2.13

1.54

1.45

1.89

51.94

26.34

17.35

47.73

5.99

4.47

NIPPON STEEL & SUMITOMO META

0.87

1.01

0.97

0.94

0.57

0.53

0.43

0.51

4.97

8.03

4.20

3.90

14.60

15.09

8.59

7.83

9.07

NIPPON TELEGRAPH & TELEPHONE

0.63

0.61

0.59

0.56

0.52

0.51

0.50

2.10

1.92

2.08

3.40

3.47

3.48

3.43

3.35

10.62

9.30

NISSAN MOTOR CO LTD

1.24

1.13

1.02

0.92

0.77

0.44

0.40

0.38

0.36

5.10

5.74

4.60

4.13

7.44

8.25

6.72

6.10

5.22

11.79

NITTO DENKO CORP

2.14

1.95

1.77

1.61

1.48

1.58

1.43

1.33

1.26

1.22

13.15

10.76

8.76

7.94

8.42

7.36

5.90

5.54

5.29

29.18

NKSJ HOLDINGS INC

0.86

0.79

0.76

0.75

0.69

0.30

0.29

NOMURA HOLDINGS INC

1.05

1.01

0.95

0.90

1.58

1.38

1.39

1.35

1.34

NTT DOCOMO INC

1.17

1.14

1.08

1.03

1.48

1.40

1.38

1.36

1.38

5.02

5.28

5.00

ORIENTAL LAND CO LTD

3.38

3.03

2.75

2.52

3.93

3.59

3.43

3.56

3.72

17.88

14.92

ORIX CORP

0.10

0.90

0.86

0.80

1.41

1.30

1.26

1.21

1.13

1.52

OSAKA GAS CO LTD

1.23

1.18

1.11

1.05

0.96

0.66

0.62

0.60

0.59

0.55

5.96

OTSUKA HOLDINGS CO LTD

1.48

1.39

1.28

1.19

1.14

1.57

1.50

1.41

1.75

13.57

12.22

PANASONIC CORP

0.83

1.27

1.15

1.07

0.22

0.24

0.23

RESONA HOLDINGS INC

1.29

1.06

0.99

0.92

0.90

1.77

2.00

2.02

2.01

1.98

6.17

RICOH CO LTD

0.84

0.85

0.81

0.77

0.70

0.40

0.38

0.37

SECOM CO LTD

1.71

1.64

1.53

1.44

1.69

1.52

1.48

1.43

1.41

SEKISUI HOUSE LTD

1.13

1.05

1.00

0.95

0.54

0.50

0.48

0.47

SEVEN & I HOLDINGS CO LTD

1.51

1.44

1.36

1.29

1.15

0.57

0.55

0.52

0.50

0.49

SHIN-ETSU CHEMICAL CO LTD

1.81

1.74

1.64

1.54

1.44

2.55

2.57

2.42

2.31

2.13

SHISEIDO CO LTD

1.71

1.84

1.83

1.75

1.76

0.78

0.75

0.73

0.71

SMC CORP

2.19

1.96

1.81

1.67

3.89

4.10

3.75

3.57

SOFTBANK CORP

4.94

3.75

3.03

2.45

1.57

1.51

1.31

1.25

SONY CORP

0.81

0.82

0.81

0.78

0.26

0.25

0.79

0.72

0.66

0.20

SUMITOMO CORP

0.98

1.96

15.29

7.23

10.71

11.12

9.87

9.73

8.52

5.70

7.66

6.47

6.14

6.41

4.08

3.23

3.85

4.01

3.53

1648.57

21.2%

25.70

22.68

21.12

20.08

18.74

49.30

40.30

36.72

33.67

29.63

0.81

0.83

0.85

0.92

2762.67

1.4%

11.85

9.54

11.48

10.75

10.44

2.91

218.27

6.0%

21.15

17.03

15.31

2.60

2.62

2.65

42.02

38.68

23.05

18.98

17.22

1.43

1.42

1.46

1.49

6.54

18.20

135.39

15.41

12.79

10.63

1.60

1.45

1.64

5.48

15.64

22.77

14.73

12.90

9.35

1.53

1.46

1.86

102.24

26.55

19.05

26.64

0.98

1.97

2.71

11.98

9.96

15.29

0.96

0.38

1.69

2.07

8.89

8.38

7.67

3.39

3.87

4.01

4.25

11.01

8.27

7.21

6.36

2.19

2.71

3.35

18.97

14.46

13.08

12.32

1.80

69.10

24.24

36.50

4.04

3.10

581.44

35.48

17.36

14.50

1.25

12.36

11.93

11.82

11.34

42.23

25.67

23.32

25.43

7.2%

1.42

6700.00

-4.8%

1.78

1.68

6090.00

8.0%

1.98

2.57

2348.82

5.1%

10100.00

-1.1%

1.45

271.54

12.2%

4.35

4503.57

8.9%

3.87

3.81

1076.88

16.8%

1.90

1.96

2.16

6113.64

10.0%

3.12

3.16

2264.38

14.5%

0.97

1.24

1.49

578.64

-1.8%

3.86

4.14

4.19

4.31

0.66

0.81

0.86

0.90

148.41

86.15

80.18

4.81

3.85

3.92

3.84

13.95

14.79

13.68

12.22

11.49

11.96

7.01

6.75

6.42

18.05

16.65

15.44

14.02

1.67

13.00

11.59

10.71

7.02

0.86

0.88

0.93

10.25

7.91

5.66

7.34

7.09

6.77

6.78

6.38

19.53

14.50

13.62

13.58

11.93

1.96

2.04

2.08

2.21

10.14

8.95

6.66

6.18

4.97

4.93

7.60

17.76

15.15

11.87

11.46

19.49

1.44

1.81

2.32

2.43

2.25

3.82

3.72

7.92

5.98

5.14

4.91

19.44

13.87

1.41

0.00

0.81

1.24

4.85

9.02

8.72

6.31

10.99

10.86

11.66

2.38

2.42

2.46

19.42

7.10

5.45

5.06

20.85

10.91

9.96

9.24

2.56

2.76

3.15

14.35

10.30

9.85

30.34

16.94

15.90

15.46

14.34

1.84

2.04

14.14

9.68

9.86

8.43

13.92

13.11

3.87

8.07 4.52

4.44

138800.00

-3.7%

13162.50

-15.0%

1043.08

-14.3%

400.00

-2.0%

3083.33

-5.4%

645.00

-8.9%

2.51

506.80

0.6%

3.20

3.05

1092.63

7.4%

2.12

2.21

2.45

4800.00

-1.9%

1357.50

4.6%

9.84

7.15

6.94

9.75

8.54

6.91

6.52

6.37

7.64

7.33

9.23

7.42

6.58

6.60

19.63

14.04

12.51

12.14

1.91

2.69

2.88

2.90

7.90

7.39

6.41

5.94

5.52

5.17

4.95

21.01

18.89

16.21

14.93

12.82

2.00

2.07

2.20

2.35

2.53

3177.14

3.0%

12.91

11.86

9.72

9.73

8.60

7.84

6.45

26.28

23.99

20.67

18.55

14.41

1.60

1.61

1.68

1.84

6168.13

-1.5%

8.35

28.19

48.64

26.74

21.94

18.35

3.76

3.70

3.71

3.76

21.73

22.12

19.64

18.16

0.67

0.78

0.82

0.86

16.52

14.47

13.34

11.53

0.16

0.95

1.01

1.09

62.06

28.68

24.38

1.49

1.40

6.41

6.29

5.86

3.90

4.01

4.29

9.76

10.68

9.25

8.21

8.79

10.25

8.77

8.00

17.94

16.57

14.59

8.08

10.64

12.13

10.41

9.36

7.26

6.04

5.44

4.93

7.29

6.40

5.67

5.17

0.24

4.50

4.44

4.53

9.30

4.27

4.11

4.07

0.19

0.18

4.16

3.94

3.79

12.73

11.25

10.78

6.32

11.36

27.33

17.89 1.33

2224.77

287.46

10.81

%D to Spot

4.90

9.19

9.48

5.97

1.17

3.98

1125.83

-15.4%

16256.33

-10.3%

3950.00

-7.4%

1639.17

-2.1%

1362.31

13.0%

1237.14

7.5%

SUMITOMO ELECTRIC INDUSTRIES

0.93

0.90

0.85

0.80

0.45

0.43

0.41

0.39

7.53

8.65

5.77

5.45

7.20

7.84

6.37

5.76

14.72

20.17

12.36

11.10

1.67

1.82

1.93

2.06

SUMITOMO METAL MINING CO LTD

1.19

1.06

0.96

0.89

0.86

0.97

1.01

0.95

0.94

0.86

7.64

6.78

6.25

5.65

8.34

8.33

7.52

7.03

14.06

11.08

10.24

9.71

10.20

1.97

2.02

2.23

2.27

2.53

1518.89

9.7%

SUMITOMO MITSUI FINANCIAL GR

1.07

0.91

0.85

0.80

0.78

2.15

2.06

2.09

2.05

2.10

5.03

6.72

10.14

9.77

10.47

8.03

10.15

9.80

10.57

2.68

2.58

2.67

2.80

2.58

4489.69

15.7%

SUMITOMO MITSUI TRUST HOLDIN

1.10

1.00

0.94

0.89

0.79

2.56

2.77

2.76

2.70

2.69

6.01

14.37

14.92

14.36

10.88

13.93

13.40

12.63

12.18

1.91

1.88

1.93

1.99

2.42

423.81

-6.9%

SUMITOMO REALTY & DEVELOPMNT

3.08

2.91

2.68

2.47

2.25

2.57

2.45

2.36

2.33

2.28

19.53

16.16

16.45

13.77

33.29

29.29

27.71

26.82

28.69

0.52

0.54

0.59

3460.77

-7.1%

SUZUKI MOTOR CORP

1.24

1.13

1.04

0.97

0.84

0.47

0.46

0.43

0.41

0.39

7.20

6.37

5.33

4.83

21.27

16.10

12.68

11.64

7.58

0.66

0.76

0.93

1.03

1.17

2460.00

15.5%

T&D HOLDINGS INC

1.13

0.95

0.90

0.85

0.36

0.34

0.33

36.81

18.08

16.86

15.36

2.07

2.08

2.12

2.14

1283.64

18.2%

TAKEDA PHARMACEUTICAL CO LTD

2.01

1.91

1.90

1.88

2.71

2.63

2.53

2.46

2.38

13.39

12.53

14.16

14.11

16.38

16.70

19.76

16.87

15.43

3.47

3.48

3.47

5145.45

-0.9%

TOKIO MARINE HOLDINGS INC

1.13

1.04

0.98

0.91

0.60

0.61

0.60

0.58

0.56

192.45

18.45

15.97

14.11

11.03

1.83

2.02

2.17

2.30

2.38

3036.62

11.4%

TOKYO ELECTRON LTD

1.22

1.25

1.24

1.19

1.07

1.17

1.49

1.40

1.25

1.08

10.44

15.58

22.84

19.29

5.89

14.35

11.18

6.88

3.78

17.87

168.22

51.47

24.32

10.72

2.05

1.25

0.93

1.59

3.22

3875.69

-4.8%

TOKYO GAS CO LTD

1.53

1.44

1.34

1.24

1.14

0.73

0.67

0.65

0.64

0.61

7.42

6.08

5.81

5.46

8.67

6.71

6.51

6.38

6.27

30.07

14.11

13.82

13.08

11.69

1.79

1.82

1.84

1.86

1.98

531.43

5.4%

TORAY INDUSTRIES INC

1.64

1.58

1.48

1.40

1.30

0.65

0.62

0.60

0.56

7.75

8.54

7.70

7.26

8.45

9.63

8.66

7.98

6.71

16.46

20.98

17.24

15.38

13.50

1.56

1.64

1.68

2.19

577.50

-9.8%

TOSHIBA CORP

2.19

2.01

1.76

1.56

0.33

0.34

0.32

0.31

6.93

5.97

5.11

4.56

8.31

7.86

6.52

6.17

7.08

29.65

17.94

12.26

10.77

19.15

1.45

1.65

1.81

1.97

2.11

521.92

9.9%

TOYOTA MOTOR CORP

1.49

1.37

1.26

1.16

1.02

0.91

0.77

0.71

0.67

0.66

14.63

9.32

7.26

6.69

5.00

23.43

13.38

9.98

9.25

7.27

56.17

17.19

11.88

10.39

8.75

1.02

1.49

2.13

2.57

2.45

5563.13

13.5%

UNICHARM CORP

4.76

4.27

3.70

3.34

2.81

2.71

2.34

2.12

1.92

1.82

22.25

20.08

18.22

17.05

16.87

16.84

15.83

14.30

13.09

11.99

43.92

31.42

27.69

24.82

20.36

0.58

0.62

0.68

0.76

0.84

5201.67

-5.9%

WEST JAPAN RAILWAY CO

1.25

1.18

1.12

1.06

1.01

0.70

0.69

0.68

4.37

4.01

3.79

3.83

6.89

6.62

6.57

6.52

6.70

27.83

14.86

13.78

13.17

12.32

1.96

2.43

2.59

2.75

2.95

4104.55

-9.3%

YAMADA DENKI CO LTD

0.79

0.75

0.71

0.67

0.65

0.23

0.25

0.23

5.30

7.74

7.09

6.74

5.31

9.16

7.93

7.35

7.39

6.86

12.17

11.05

10.14

1.76

1.74

1.82

1.87

2.05

4320.00

-1.4%

YAMATO HOLDINGS CO LTD

1.43

1.36

1.29

1.22

1.15

0.63

0.61

0.59

0.57

11.87

9.92

9.01

8.07

6.83

6.70

6.20

5.82

5.76

33.21

20.27

18.67

17.10

16.43

1.28

1.32

1.40

1.49

1.28

1548.33

-9.9%

1.81

23.55

22.41

21.66

21.09

3.80

4.25

3.94

3.27

2.98

2.21

13.59

9.45

12.84

11.48

10.63

10.60

8.01

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

27.03.2013

Aeon Co Ltd AEON CO., LTD. operates general merchandise stores, supermarkets, convenience stores throughout Japan. The Company is also engaged in women's and casual clothing store business and development business of commercial property, and financing service through the subsidiaries.

Price/Volume 1400 1200 1000 800

Valuation Analysis

600

Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (15.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8267 JT EQUITY YTD Change 8267 JT EQUITY YTD % CHANGE

02/2012 11/yy 1'278.00 844.00 9'140'100.00 1226 -4.07% 45.26% 97.48% 800.4 981'347.06 1'335'183.00 0.0 345'015.0 186'510.00 2'570'828.06

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

200 0 m-12 a-12 m-12

28.02.2009 28.02.2010 4'706'069.0 4'542'599.0 0.36x 0.43x 272'878.0 279'661.0 6.17x 6.99x (2'760.0) 31'123.0 22.47x Profitability

LTM-4Q 28.02.2011 4'561'748.0 0.43x 313'409.0 6.24x 59'688.0 13.20x

29.02.2012 4'650'792.0 0.49x 338'885.0 6.75x 66'750.0 11.83x

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

338'885.00 195'690.00 4.21% 2.97% 1.66% 7.23% 4.04% 1.19% 27.0% 7.0% 3.9% 1.4% 0.89 0.37 32.98% 142.49% 11.99 10.91

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

0.62 576.71 17.18% 25.65% 0.618 14 3.286 4'025'080 4'045'953 3'734'571 FY+2

FQ+1

FQ+2

11/yy 11/yy 02/13 Y 02/14 Y 02/13 Q4 05/13 Q1 4'568'802 4'992'589 5'601'651 5'787'574 1'511'139 1.78x 1.79x 0.44x 0.44x 320'758.0 336'743.0 341'815.2 366'732.5 6.84x 6.89x 7.52x 7.01x 47'102.0 67'797.0 68'907.9 71'897.6 27'347.3 17.02x 10.73x 14.41x 13.85x S&P Issuer Ratings Long-Term Rating Date 13.07.2004 Long-Term Rating ALong-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 32.79 (EBITDA-Capex)/Interest Exp. 2.61 Net Debt/EBITDA 3.37 Total Debt/EBITDA 3.88 Reference Total Debt/Equity 142.5% Total Debt/Capital 51.0% Asset Turnover 1.19 Net Fixed Asset Turnover 2.87 Accounts receivable turnover-days 30.51 Inventory Days 33.53 Accounts Payable Turnover Day 71.30 Cash Conversion Cycle -4.37 Sales/Revenue/Turnover

4.50

5'000'000.0

4.00

4'500'000.0

3.50

4'000'000.0 3'500'000.0

3.00

3'000'000.0

2.50

2'500'000.0

2.00

2'000'000.0

1.50

1'500'000.0

1.00

1'000'000.0

0.50

500'000.0

0.00 06.03.2009

j-12

Market Data

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

Fiscal Year Ended 29.02.2008 4'650'088.0 0.47x 298'843.0 7.26x 43'932.0 23.77x

400

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M f-13 m-13

0.0 06.09.2009

06.03.2010

06.09.2010

06.03.2011

06.09.2011

06.03.2012

06.09.2012

06.03.2013

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 |

27.03.2013

Aeon Co Ltd Holdings By:

All

Holder Name MIZUHO FINANCIAL GRO MITSUBISHI CORP JAPAN TRUSTEE SERVIC SUMITOMO MITSUI TRUS MASTER TRUST BANK OF AEON ENVIRONMENTAL F AEON ENVIRONMENTAL F AEON ENVIRONMENTAL F OKADA BUNKA ZAIDAN NORINCHUKIN BANK LTD EMPLOYEES' STOCKHOLD STATE STREET CUSTODI COMPANY'S KYOEIKAI AEON CO LTD TOKIO MARINE & NICHI ALLIANZ ASSET MANAGE NOMURA FMR LLC RESONA HOLDINGS INC BLACKROCK

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

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

Analyst

Mizuho Securities TOSHIO TAKAHASHI Goldman Sachs SHO KAWANO Credit Suisse TAKETO YAMATE Mitsubishi UFJ Morgan Stanley SecuritieMAKOTO SAKURAI SMBC Nikko Securities Inc JUN KAWAHARA Macquarie TOBY WILLIAMS Daiwa Securities Co. Ltd. KAZUNORI TSUDA Nomura MASAFUMI SHODA EVA Dimensions AUSTIN BURKETT Ji Asia MIKIHIKO YAMATO JPMorgan DAIRO MURATA

Recommendation buy neutral/neutral outperform neutral neutral underperform outperform neutral hold buy neutral

Amt Held 56'184'143 40'422'000 40'177'000 33'999'400 27'806'000 21'228'000 21'128'000 21'128'000 20'181'000 18'133'000 15'114'000 14'715'000 11'582'000 10'420'000 9'527'408 8'183'234 7'935'100 6'438'552 6'000'000 5'747'617

% Out 7.02 5.05 5.02 4.25 3.47 2.65 2.64 2.64 2.52 2.27 1.89 1.84 1.45 1.3 1.19 1.02 0.99 0.8 0.75 0.72

Weighting

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

M M M M M D M M M M M

Latest Chg 1'014'694 (174) 1'137'000 (24'124'300) 32'000 100'000 503'000 686'000 522'000 (20'567'500) 3'868'300 291'400 2'692'552 5'700

Target Price 1'400 1'100 1'300 1'020 1'200 900 1'350 1'100 #N/A N/A 1'200 900

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 14.09.2012 31.08.2012 31.08.2012 31.08.2011 29.02.2012 31.08.2012 31.08.2012 31.08.2012 31.08.2012 31.08.2012 31.08.2012 31.03.2012 28.02.2013 28.02.2013 31.01.2013 31.03.2012 25.03.2013

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

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

Date 27.03.2013 21.03.2013 19.03.2013 13.03.2013 19.02.2013 18.02.2013 15.02.2013 15.01.2013 15.01.2013 09.01.2013 12.12.2012

27.03.2013

Ajinomoto Co Inc Ajinomoto Co., Inc. produces and sells a variety of food products, including seasonings, edible oils, processed foods, beverages, and dairy products. The Company also develops and manufactures pharmaceuticals, amino acids, and specialty chemicals.

Price/Volume 1600

9.0 M

1400

8.0 M

1200

7.0 M 6.0 M

1000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.03.2013) 52-Week Low (27.03.2012) Daily Volume Current Price (3/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 2802 JT EQUITY YTD Change 2802 JT EQUITY YTD % CHANGE

03/2012 12/yy 1'390.00 994.00 2'116'000.00 1380 -0.72% 38.83% 96.97% 635.0 876'314.69 130'060.00 0.0 44'809.0 150'327.00 878'861.70

31.03.2008 1'216'572.0 0.66x 120'614.0 6.67x 28'229.0 24.08x

4.0 M

600

3.0 M

400

2.0 M

200

1.0 M

0 m-12

31.03.2009 31.03.2010 1'190'371.0 1'170'876.0 0.50x 0.63x 101'516.0 124'416.0 5.89x 5.96x (10'227.0) 16'646.0 38.83x Profitability

LTM-4Q 31.03.2011 1'207'695.0 0.53x 123'704.0 5.16x 30'400.0 19.90x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

1.16 0.43 617.75 37.51% 21.43% 0.430 16 4.063 2'670'400 2'814'733 2'621'086 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'197'313.0 ######### ######### ######### ######### 293'520.0 0.61x 2.26x 2.66x 0.71x 0.71x 120'804.0 118'738.0 112'626.0 122'504.2 129'272.2 23'000.0 6.02x 5.65x 6.45x 7.17x 6.80x 41'754.0 39'772.0 54'206.0 48'852.2 47'505.1 (7'600.0) 16.94x 15.83x 13.81x 18.34x 18.19x S&P Issuer Ratings 120'804.00 Long-Term Rating Date 28.07.1997 72'584.00 Long-Term Rating AA6.06% Long-Term Outlook STABLE 6.02% Short-Term Rating Date 28.07.1997 5.55% Short-Term Rating A-1+ 9.85% Credit Ratios 8.66% EBITDA/Interest Exp. 55.75 1.16% (EBITDA-Capex)/Interest Exp. 34.80 Net Debt/EBITDA 0.26 33.7% Total Debt/EBITDA 1.05 9.6% Reference 5.6% Total Debt/Equity 21.5% 3.5% Total Debt/Capital 16.7% Asset Turnover 1.16 2.27 Net Fixed Asset Turnover 3.19 1.49 Accounts receivable turnover-days 61.08 11.86% Inventory Days 66.91 21.49% Accounts Payable Turnover Day 49.45 5.99 Cash Conversion Cycle 77.26 5.47

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

1'400'000.0

12.00

1'200'000.0

10.00

1'000'000.0

8.00

800'000.0

6.00

600'000.0

4.00

400'000.0

2.00

200'000.0

0.00 03.04.2009

a-12 m-12

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

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

5.0 M

800

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Ajinomoto Co Inc Holdings By:

All

Holder Name MITSUBISHI UFJ FINAN MASTER TRUST BANK OF JAPAN TRUSTEE SERVIC DAI ICHI LIFE INSURA NIPPON LIFE INSURANC NIPPONKOA INSURANCE MIZUHO FINANCIAL GRO STATE STREET CUSTODI MEIJI YASUDA LIFE IN NOMURA SOMPO JAPAN INSURANC SHIMIZU CORP TOKIO MARINE & NICHI BLACKROCK VANGUARD GROUP INC JP MORGAN WHITEFRIAR NIKKO ASSET MANAGEME DAIWA SECURITIES GRO AJINOMOTO CO INC BANK OF NEW YORK MEL

Firm Name

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

Analyst

Tokai Tokyo Securities TOMONOBU TSUNOYAMA Credit Suisse SATSUKI KAWASAKI Mizuho Securities HIROSHI SAJI Nomura SATOSHI FUJIWARA Barclays TAKAYUKI HAYANO SMBC Nikko Securities Inc YOSHIYASU OKIHIRA Macquarie TOBY WILLIAMS Daiwa Securities Co. Ltd. TOKUSHI YAMASAKI Mitsubishi UFJ Morgan Stanley SecuritieJUNICHI KANAMORI Morgan Stanley TAIZO DEMURA Goldman Sachs KEIKO YAMAGUCHI EVA Dimensions AUSTIN BURKETT JPMorgan RITSUKO TSUNODA

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

Recommendation above average neutral buy buy overweight outperform outperform outperform neutral Equalwt/In-Line Buy/Neutral hold overweight

Amt Held % Out 68'741'694 10.83 51'596'000 8.13 35'373'000 5.57 28'199'000 4.44 26'118'000 4.11 16'097'000 2.53 15'497'282 2.44 14'364'000 2.26 12'624'000 1.99 8'805'000 1.39 7'264'500 1.14 7'071'250 1.11 6'675'688 1.05 6'320'539 1 6'097'557 0.96 (5'992'025) -0.94 4'923'000 0.78 3'653'000 0.58 2'489'907 0.39 2'437'233 0.38

Weighting

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

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

Latest Chg (13'473'398) 2'051'000 (4'330'000) 2'000'000 (994) 80'000 (628'000) 5'000 175'754 6'975 (1'000) 123'000 (43'958'418) 13'000

Target Price #N/A N/A 1'300 1'470 1'400 1'510 1'570 1'400 1'440 1'200 1'250 1'500 #N/A N/A 1'340

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

File Dt 27.12.2012 30.09.2012 30.09.2012 30.09.2012 20.12.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 28.02.2013 31.03.2012 31.03.2012 31.03.2012 25.03.2013 31.12.2012 19.03.2013 26.03.2013 28.02.2013 11.03.2013 26.03.2013

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

Inst Type Holding Company Bank Bank Insurance Company Insurance Company Insurance Company Bank Other Insurance Company Unclassified Insurance Company Corporation Insurance Company Investment Advisor Investment Advisor Investment Advisor Unclassified Holding Company Corporation Investment Advisor

Date 11.03.2013 11.03.2013 07.03.2013 06.03.2013 06.03.2013 28.02.2013 12.02.2013 01.02.2013 01.02.2013 31.01.2013 24.01.2013 15.01.2013 26.12.2012

27.03.2013

All Nippon Airways Co Ltd All Nippon Airways Co., Ltd (ANA) provides a variety of air transportationrelated services. The Company offers scheduled & unscheduled air passenger services and air courier services. ANA sells aircraft parts and provides travel arrangement & reservation services as well. The Company operates a number of hotels in Japan through subsidiaries.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (15.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 9202 JT EQUITY YTD Change 9202 JT EQUITY YTD % CHANGE

03/2012 12/yy 256.00 154.00 41'902'000.00 198 -22.66% 28.57% 48.04% 3'516.4 696'252.19 963'657.00 0.0 5'845.0 278'971.00 1'137'068.20

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

120.0 M

250

100.0 M

200

80.0 M

150

60.0 M

100

40.0 M

20.0 M

0 m-12 a-12 m-12

31.03.2009 31.03.2010 1'392'581.0 1'228'353.0 1.08x 1.05x 120'470.0 59'559.0 12.48x 21.64x (4'260.0) (57'387.0) Profitability

LTM-4Q 31.03.2011 1'357'653.0 1.00x 186'248.0 7.28x 23'305.0 26.70x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

0.76 3'255.40 -19.51% 11.60% 0.759 16 3.500 34'383'400 29'844'200 27'629'980 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'411'504.0 ######### ######### ######### ######### 347'883.5 0.93x 3.76x 3.17x 0.82x 0.78x 216'290.0 200'422.0 235'818.0 238'887.8 258'599.6 6.10x 5.88x 4.56x 4.76x 4.40x 28'178.0 19'543.0 46'636.0 40'902.9 46'165.9 (10'424.0) 22.28x 27.64x 13.29x 16.51x 14.95x S&P Issuer Ratings 216'290.00 Long-Term Rating Date 10.04.2009 97'022.00 Long-Term Rating NR 6.87% Long-Term Outlook 4.49% Short-Term Rating Date 1.99% Short-Term Rating 6.78% Credit Ratios 3.11% EBITDA/Interest Exp. 11.05 0.69% (EBITDA-Capex)/Interest Exp. 1.79 Net Debt/EBITDA 1.83 23.0% Total Debt/EBITDA 3.84 16.7% Reference 8.4% Total Debt/Equity 175.5% 2.0% Total Debt/Capital 63.5% Asset Turnover 0.69 1.19 Net Fixed Asset Turnover 1.24 0.87 Accounts receivable turnover-days 28.35 48.12% Inventory Days 17.71 175.53% Accounts Payable Turnover Day 53.38 12.91 Cash Conversion Cycle -11.90 20.67

Price/ Cash Flow

Sales/Revenue/Turnover

10.00

1'600'000.0

9.00

1'400'000.0

8.00

1'200'000.0

7.00

1'000'000.0

6.00 5.00

800'000.0

4.00

600'000.0

3.00

400'000.0

2.00

200'000.0

1.00 0.00 03.04.2009

j-12

Fiscal Year Ended 31.03.2008 1'487'827.0 0.97x 201'176.0 7.18x 64'143.0 13.33x

300

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

All Nippon Airways Co Ltd Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC NAGOYA RAILROAD CO L MASTER TRUST BANK OF STATE STREET CUSTODI GOLDMAN SACHS INTERN DEUTSCHE BANK AG/LON GLG PARTNERS INVESTM TOKIO MARINE & NICHI EMPLOYEES' STOCKHOLD MORGAN STANLEY NIPPON LIFE INSURANC MITSUI SUMITOMO INSU AIOI NISSAY DOWA INS SUMITOMO MITSUI FINA NOMURA TOYOTA MOTOR CORP NOMURA INTERNATIONAL NIHON UNISYS LTD SOJITZ CORP NIKKO ASSET MANAGEME

Firm Name

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

Analyst

Macquarie NICHOLAS CUNNINGHAM SMBC Nikko Securities Inc OSUKE ITAZAKI Morgan Stanley TAKUYA OSAKA Barclays RYOTA HIMENO Okasan Securities SHINICHI YAMAZAKI JPMorgan HITOSHI HOSOYA Mizuho Securities SATORU KUNIEDA Nomura MASAHARU HIROKANE EVA Dimensions CRAIG STERLING Mitsubishi UFJ Morgan Stanley SecuritieYUSUKE ARAMAKI Daiwa Securities Co. Ltd. HAJIME HITOTSUYANAGI Goldman Sachs MOE ICHII

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

Recommendation underperform neutral Underwt/In-Line equalweight neutral neutral buy neutral buy outperform neutral Buy/Neutral

Amt Held % Out 139'980'000 3.98 81'126'145 2.31 57'077'000 1.62 48'570'000 1.38 (44'275'887) -1.26 (42'959'958) -1.22 42'412'000 1.21 40'397'000 1.15 33'626'000 0.96 (31'417'000) -0.89 31'265'000 0.89 30'770'000 0.88 28'547'000 0.81 26'820'000 0.76 23'531'000 0.67 19'401'000 0.55 (18'454'173) -0.52 16'213'115 0.46 14'136'000 0.4 11'756'000 0.33

Weighting

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

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

Latest Chg 83'250'000 644'145 15'480'000 16'628'000 (134'000) 420'000 6'694'000 (158) 2'065'000 126'000 (87'000) 1'181'000 57'000 (5'000)

Target Price 175 190 160 210 #N/A N/A 190 230 190 #N/A N/A 230 190 270

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

File Dt Inst Type 30.09.2012 Bank 01.03.2013 Corporation 30.09.2012 Bank 30.09.2012 Other 25.03.2013 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 30.09.2012 Insurance Company 30.09.2012 n/a 25.03.2013 Investment Advisor 30.09.2012 Insurance Company 30.09.2012 Insurance Company 31.03.2012 Insurance Company 31.03.2012 Bank 28.02.2013 Unclassified 07.08.2012 Corporation 25.03.2013 Investment Advisor 31.03.2012 Corporation 31.03.2012 Corporation 26.03.2013 Unclassified

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

Date 15.03.2013 27.02.2013 25.02.2013 25.02.2013 20.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 17.01.2013 11.12.2012 03.08.2012

27.03.2013

Asahi Glass Co Ltd Asahi Glass Company, Limited manufactures and sells a variety of glass products. Main products include glass for construction, glass for liquid crystal display(LCD), and glass for automobiles. The Company also produces electronic parts, fine chemicals, and new ceramics.

Price/Volume 800

25.0 M

700

20.0 M

600 500

Latest Fiscal Year: LTM as of: 52-Week High (28.03.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 5201 JT EQUITY YTD Change 5201 JT EQUITY YTD % CHANGE

12/2012 12/yy 735.00 415.00 5'691'000.00 655 -10.88% 57.83% 72.81% 1'186.7 777'292.38 532'980.00 0.0 53'243.0 120'761.00 1'242'754.37

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

10.0 M

300 200

5.0 M

100 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 1'444'317.0 0.80x 291'301.0 3.99x 39'178.0 15.03x

15.0 M

400

Valuation Analysis

31.12.2009 31.12.2010 1'148'198.0 1'288'947.0 1.37x 1.16x 224'818.0 340'580.0 7.01x 4.39x 19'985.0 123'184.0 51.29x 8.99x Profitability

LTM-4Q 31.12.2011 1'214'672.0 0.94x 277'292.0 4.14x 95'290.0 7.89x

LTM

FY+1

3.97 1.17 1'037.41 -3.20% 4.63% 1.165 19 3.211 6'732'400 7'752'800 8'441'500 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'189'956.0 ######### ######### ######### ######### 296'294.4 303'438.8 1.00x 4.55x 3.79x 0.98x 0.96x 212'664.0 277'291.0 212'664.0 221'613.8 224'721.1 51'539.0 53'591.0 5.59x 4.14x 5.59x 5.61x 5.53x 5.87x 43'790.0 95'289.0 43'790.0 48'430.6 50'589.7 14'443.7 16'954.3 16.53x 7.89x 16.52x 16.14x 15.50x 16.16x 15.19x S&P Issuer Ratings 212'664.00 Long-Term Rating Date 09.08.2012 92'945.00 Long-Term Rating A7.81% Long-Term Outlook STABLE 5.80% Short-Term Rating Date 09.08.2012 2.44% Short-Term Rating A-2 5.00% Credit Ratios 3.62% EBITDA/Interest Exp. 35.90 0.66% (EBITDA-Capex)/Interest Exp. 9.57 Net Debt/EBITDA 1.94 26.8% Total Debt/EBITDA 2.51 17.9% Reference 7.8% Total Debt/Equity 56.5% 3.7% Total Debt/Capital 34.8% Asset Turnover 0.66 1.75 Net Fixed Asset Turnover 1.32 0.98 Accounts receivable turnover-days 72.75 28.06% Inventory Days 84.57 56.48% Accounts Payable Turnover Day 47.82 5.03 Cash Conversion Cycle 109.51 4.33

Price/ Cash Flow

Sales/Revenue/Turnover

7.00

1'800'000.0

6.00

1'600'000.0 1'400'000.0

5.00

1'200'000.0

4.00

1'000'000.0

3.00

800'000.0 600'000.0

2.00

400'000.0

1.00 0.00 01.01.2010

200'000.0 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 |

27.03.2013

Asahi Glass Co Ltd Holdings By:

All

Holder Name MITSUBISHI UFJ FINAN MASTER TRUST BANK OF JAPAN TRUSTEE SERVIC MEIJI YASUDA LIFE IN TOKIO MARINE & NICHI NIPPON LIFE INSURANC ASAHI GLASS CO LTD STATE STREET CUSTODI ASAHI GLASS FOUNDATI MITSUBISHI ESTATE CO MIZUHO FINANCIAL GRO NOMURA BLACKROCK MITSUBISHI CORP KIRIN HOLDINGS CO LT TOYOTA MOTOR CORP MITSUBISHI HEAVY IND VANGUARD GROUP INC BANK OF NEW YORK MEL ALLIANCE BERNSTEIN

Firm Name Jefferies Sanford C. Bernstein & Co SMBC Nikko Securities Inc Mizuho Securities Credit Suisse Okasan Securities Tachibana Securities JPMorgan Morgan Stanley Goldman Sachs Nomura EVA Dimensions Macquarie Daiwa Securities Co. Ltd. BNP Paribas Equity Research

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

Analyst MASAHIRO WAKASUGI ALBERTO MOEL HIROYUKI OKASERI HIROSHI MATSUDA JUN YAMAGUCHI NORITSUGU HIRAKAWA TSUNENORI OHMAKI NARCI CHANG LALITA GUPTA TAKASHI WATANABE TAKAOMI KONO CRAIG STERLING GEORGE T CHANG YUSUKE ANDO KEI RAMEAU

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

Recommendation hold underperform underperform buy neutral neutral outperform neutral Equalwt/Cautious Sell/Neutral neutral underweight outperform outperform hold

Amt Held 108'984'898 69'509'000 58'551'000 48'078'000 37'746'000 34'954'000 30'771'867 24'327'000 23'230'000 22'703'000 22'496'000 20'547'000 13'616'617 12'504'551 10'733'634 10'518'060 10'227'000 9'519'939 7'841'994 7'530'589

% Out 9.18 5.86 4.93 4.05 3.18 2.95 2.59 2.05 1.96 1.91 1.9 1.73 1.15 1.05 0.9 0.89 0.86 0.8 0.66 0.63

Weighting

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

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

Latest Chg 14'639'794 1'104'000 433'000 (919) 1'000 5'867 (30) (17'000) (593'000) 55'000 (301'000) (1'079'568) 33'000 (81'265)

Target Price 650 410 380 750 630 #N/A N/A #N/A N/A 550 500 470 630 #N/A N/A 925 720 520

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

File Dt 20.12.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 20.11.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 29.10.2012 31.12.2012 25.03.2013 31.03.2012 31.12.2011 17.12.2012 31.03.2012 31.12.2012 26.03.2013 31.01.2013

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

Inst Type Holding Company Bank Bank Insurance Company Insurance Company Insurance Company Corporation Other Other Corporation Bank Unclassified Investment Advisor Corporation Corporation Corporation Corporation Investment Advisor Investment Advisor Investment Advisor

Date 28.02.2013 28.02.2013 27.02.2013 21.02.2013 20.02.2013 14.02.2013 12.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 15.01.2013 12.11.2012 07.11.2012 21.09.2012

27.03.2013

Asahi Group Holdings Ltd Asahi Group Holdings, Ltd. produces beer and other beverages including non-alcoholic drinks. The Company sells its products in Japan and overseas.

Price/Volume 2500

9.0 M 8.0 M

2000

7.0 M 6.0 M

1500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2502 JT EQUITY YTD Change 2502 JT EQUITY YTD % CHANGE

12/2012 12/yy 2'356.00 1'625.00 967'100.00 2236 -5.09% 37.60% 82.76% 483.6 1'081'298.00 479'827.00 0.0 3'060.0 34'573.00 1'529'611.99

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

4.0 M 3.0 M 2.0 M

500

1.0 M 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 1'462'747.0 0.72x 145'867.0 7.24x 45'014.0 15.98x

5.0 M

1000

31.12.2009 31.12.2010 1'472'468.0 1'489'460.0 0.83x 0.73x 146'436.0 160'989.0 8.35x 6.75x 47'644.0 53'080.0 16.70x 13.79x Profitability

LTM-4Q 31.12.2011 1'462'736.0 0.84x 172'120.0 7.10x 55'093.0 14.28x

LTM

FY+1

1.25 0.48 384.26 24.63% 21.72% 0.481 17 3.824 1'735'500 3'526'937 2'870'335 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'579'076.0 ######### ######### ######### ######### 0.83x 2.99x 3.16x 0.84x 0.80x 178'354.0 172'118.0 178'354.0 185'087.4 189'861.1 7.31x 7.10x 7.31x 8.26x 8.06x 57'183.0 55'092.0 57'183.0 68'559.1 74'083.1 14.97x 14.28x 14.97x 15.22x 13.93x S&P Issuer Ratings 178'354.00 Long-Term Rating Date 10.04.2009 108'437.00 Long-Term Rating NR 6.87% Long-Term Outlook 6.32% Short-Term Rating Date 3.51% Short-Term Rating 8.38% Credit Ratios 5.20% EBITDA/Interest Exp. 44.11 0.97% (EBITDA-Capex)/Interest Exp. 35.40 Net Debt/EBITDA 2.50 38.3% Total Debt/EBITDA 2.69 11.3% Reference 6.9% Total Debt/Equity 66.3% 3.6% Total Debt/Capital 39.8% Asset Turnover 0.97 0.78 Net Fixed Asset Turnover 2.82 0.51 Accounts receivable turnover-days 68.19 27.70% Inventory Days 40.58 66.29% Accounts Payable Turnover Day 41.28 5.37 Cash Conversion Cycle 67.49 9.02

Price/ Cash Flow

Sales/Revenue/Turnover

12.00

1'600'000.0

10.00

1'550'000.0 1'500'000.0

8.00

1'450'000.0 6.00

1'400'000.0

4.00

1'350'000.0

2.00

1'300'000.0

0.00 01.01.2010

1'250'000.0 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 |

27.03.2013

Asahi Group Holdings Ltd Holdings By:

All

Holder Name ASAHI GROUP HOLDINGS MASTER TRUST BANK OF JAPAN TRUSTEE SERVIC SUMITOMO MITSUI TRUS ASAHI KASEI CORP DAI ICHI LIFE INSURA FUKOKU MUTUAL LIFE I CAPITAL GROUP COMPAN JP MORGAN CHASE BANK STATE STREET CUSTODI SUMITOMO MITSUI FINA NOMURA BANK OF NEW YORK MEL STATE STREET SUMITOMO CORP NIKKO ASSET MANAGEME TOYO SEIKAN KAISHA L VANGUARD GROUP INC BLACKROCK MITSUI SUMITOMO INSU

Firm Name

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

Analyst

Mizuho Securities HIROSHI SAJI Tokai Tokyo Securities TOMONOBU TSUNOYAMA SMBC Nikko Securities Inc YOSHIYASU OKIHIRA Barclays TAKAYUKI HAYANO Mitsubishi UFJ Morgan Stanley SecuritieAKANE NAKAGAWA JPMorgan RITSUKO TSUNODA Credit Suisse SATSUKI KAWASAKI Nomura SATOSHI FUJIWARA Daiwa Securities Co. Ltd. TOKUSHI YAMASAKI Morgan Stanley TAIZO DEMURA Goldman Sachs KEIKO YAMAGUCHI EVA Dimensions AUSTIN BURKETT Macquarie TOBY WILLIAMS

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

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

Amt Held 30'467'745 24'578'000 20'264'000 19'996'500 18'785'000 16'920'000 16'883'000 13'662'200 11'003'000 9'586'000 9'028'000 8'989'700 6'889'000 6'702'202 4'911'900 4'626'500 3'824'341 3'728'722 3'566'922 3'331'404

% Out 6.3 5.08 4.19 4.14 3.88 3.5 3.49 2.83 2.28 1.98 1.87 1.86 1.42 1.39 1.02 0.96 0.79 0.77 0.74 0.69

Weighting

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

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

Latest Chg 990'011 (115'000) (8'087'000) (21'448'300) (300) (878'800) 32'000 (266'000) 51'100 226'300 (799'800) (72'000) 113'666 1'900 -

Target Price 2'430 #N/A N/A 3'000 2'550 2'300 2'260 2'600 2'600 2'420 2'100 1'750 #N/A N/A 2'100

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

File Dt 28.02.2013 30.06.2012 30.06.2012 15.03.2013 30.06.2012 30.06.2012 30.06.2012 31.12.2012 30.06.2012 30.06.2012 30.06.2012 28.02.2013 26.03.2013 26.03.2013 31.03.2012 15.03.2013 31.03.2012 31.12.2012 25.03.2013 31.03.2012

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

Inst Type Corporation Bank Bank Bank Corporation Insurance Company Insurance Company Investment Advisor Investment Advisor Other Bank Unclassified Investment Advisor Investment Advisor Corporation Unclassified Corporation Investment Advisor Investment Advisor Insurance Company

Date 15.03.2013 13.03.2013 28.02.2013 28.02.2013 28.02.2013 26.02.2013 25.02.2013 15.02.2013 14.02.2013 13.02.2013 13.02.2013 15.01.2013 31.10.2012

27.03.2013

Asahi Kasei Corp ASAHI KASEI CORPORATION produces synthetic fibers, industrial chemicals, petrochemicals, plastics (resins), and synthetic rubber. The Company also operates and sells real estates, pharmaceuticals, medical equipments, electronics, construction materials, and consumer products.

Price/Volume 700

16.0 M

600

14.0 M

500

12.0 M 10.0 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (03.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3407 JT EQUITY YTD Change 3407 JT EQUITY YTD % CHANGE

03/2012 12/yy 650.00 386.00 4'064'000.00 632 -2.77% 63.73% 94.70% 1'402.6 886'453.50 184'114.00 0.0 12'439.0 103'235.00 1'216'046.52

31.03.2008 1'696'789.0 0.51x 202'117.0 4.27x 69'945.0 10.40x

6.0 M

200

4.0 M

100

2.0 M

0 m-12

a-12 m-12

31.03.2009 31.03.2010 1'553'108.0 1'433'595.0 0.45x 0.60x 115'014.0 144'877.0 6.05x 5.97x 4'745.0 25'286.0 104.72x 27.82x Profitability

LTM-4Q 31.03.2011 1'598'387.0 0.57x 208'092.0 4.37x 60'288.0 13.01x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

2.22 0.92 1'311.37 27.70% 26.04% 0.924 18 4.111 6'657'400 6'753'367 6'713'086 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'573'230.0 ######### ######### ######### ######### 467'619.0 0.51x 2.03x 2.30x 0.69x 0.63x 183'877.0 196'566.0 163'694.0 175'851.5 199'738.0 116'500.0 4.39x 3.92x 6.34x 6.92x 6.09x 55'766.0 58'097.0 43'317.0 50'208.8 64'470.9 12'900.0 12.81x 11.17x 16.36x 17.59x 13.66x S&P Issuer Ratings 183'877.00 Long-Term Rating Date 19.01.2011 104'258.00 Long-Term Rating NR 6.63% Long-Term Outlook 6.03% Short-Term Rating Date 2.47% Short-Term Rating 5.44% Credit Ratios 3.97% EBITDA/Interest Exp. 68.48 1.01% (EBITDA-Capex)/Interest Exp. 43.37 Net Debt/EBITDA 1.85 25.1% Total Debt/EBITDA 2.59 10.3% Reference 5.1% Total Debt/Equity 26.0% 3.5% Total Debt/Capital 20.4% Asset Turnover 1.01 1.61 Net Fixed Asset Turnover 3.64 0.82 Accounts receivable turnover-days 63.90 13.05% Inventory Days 94.48 26.05% Accounts Payable Turnover Day 46.57 5.73 Cash Conversion Cycle 103.05 3.87

Price/ Cash Flow

Sales/Revenue/Turnover

10.00

1'800'000.0

9.00

1'600'000.0

8.00

1'400'000.0

7.00

1'200'000.0

6.00

1'000'000.0

5.00

800'000.0

4.00

600'000.0

3.00

400'000.0

2.00

200'000.0

1.00 0.00 03.04.2009

j-12

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

8.0 M

300

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Asahi Kasei Corp Holdings By:

All

Holder Name MASTER TRUST BANK OF NIPPON LIFE INSURANC SUMITOMO MITSUI TRUS JAPAN TRUSTEE SERVIC EMPLOYEES' STOCKHOLD MIZUHO FINANCIAL GRO SUMITOMO MITSUI FINA STATE STREET CUSTODI JP MORGAN CHASE BANK FMR LLC TOKIO MARINE & NICHI BLACKROCK SUMITOMO LIFE INSURA MEIJI YASUDA LIFE IN MITSUI SUMITOMO INSU NOMURA VANGUARD GROUP INC DB PLATINUM ADVISORS SOMPO JAPAN INSURANC BANK OF NEW YORK MEL

Firm Name

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

Analyst

Nomura SHIGEKI OKAZAKI Jefferies YOSHIHIRO AZUMA SMBC Nikko Securities Inc TAKATO WATABE Mizuho Securities ATSUSHI YOSHIDA Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO Goldman Sachs HISAAKI YOKOO Okasan Securities TAKASHI NISHIHIRA Daiwa Securities Co. Ltd. HIDEMITSU UMEBAYASHI Barclays MIKIYA YAMADA TIW TOSHIRO TAKAHASHI Credit Suisse MASAMI SAWATO EVA Dimensions CRAIG STERLING Mitsubishi UFJ Morgan Stanley SecuritieYASUHIRO NAKADA Morgan Stanley LALITA GUPTA Tachibana Securities YUKIHIKO FUKUNAGA Mito Securities JUN IKEYAMA

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

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

Amt Held 79'716'000 74'422'000 64'951'000 56'843'000 50'147'000 45'548'229 35'404'000 29'128'000 24'213'000 21'632'772 20'215'000 20'040'400 19'517'000 18'791'000 14'275'000 12'077'000 11'826'329 9'188'817 9'123'000 7'340'188

% Out 5.68 5.31 4.63 4.05 3.58 3.25 2.52 2.08 1.73 1.54 1.44 1.43 1.39 1.34 1.02 0.86 0.84 0.66 0.65 0.52

Weighting

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

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

Latest Chg 3'101'000 (11'000) (3'199'000) (5'097'000) 2'004'000 676'000 (2'471'000) 3'736'624 (254'100) 315'000 272'049 33'000

Target Price 680 600 630 680 660 640 640 590 610 #N/A N/A 670 #N/A N/A 500 500 #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 30.09.2012 20.12.2012 13.04.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.01.2013 30.09.2012 25.03.2013 30.09.2012 30.09.2011 31.03.2012 28.02.2013 31.12.2012 28.02.2013 31.03.2012 26.03.2013

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

Inst Type Bank Insurance Company Bank Bank n/a Bank Bank Other Investment Advisor Investment Advisor Insurance Company Investment Advisor Insurance Company Insurance Company Insurance Company Unclassified Investment Advisor Investment Advisor Insurance Company Investment Advisor

Date 26.03.2013 22.03.2013 21.03.2013 11.03.2013 07.03.2013 25.02.2013 18.02.2013 18.02.2013 06.02.2013 06.02.2013 05.02.2013 15.01.2013 08.01.2013 27.12.2012 14.02.2012 14.06.2010

27.03.2013

Astellas Pharma Inc Astellas Pharma Inc. is a pharmaceutical company committed to the therapeutic fields of Urology, Immunology including Transplantation and Infectious Diseases, Oncology, Neuroscience and DM Complications and Metabolic Diseases. With over 17,000 global employees, Astellas researches, develops, manufactures, and promotes its prescription drugs through subsidiaries in the US, Europe, and Asia

Price/Volume 7.0 M

5000

6.0 M 5.0 M

4000

4.0 M

3000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 4503 JT EQUITY YTD Change 4503 JT EQUITY YTD % CHANGE

03/2012 12/yy 5'270.00 3'020.00 1'412'100.00 5080 -3.61% 68.21% 93.78% 468.0 2'377'260.25 1'219.00 0.0 0.0 299'098.00 2'079'381.35

31.03.2008 972'586.0 1.42x 312'850.0 4.41x 177'437.0 11.03x

3.0 M

2000

2.0 M

1000

1.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

6000

31.03.2009 31.03.2010 965'698.0 974'877.0 0.94x 1.05x 293'283.0 234'872.0 3.09x 4.37x 170'986.0 122'257.0 8.48x 12.93x Profitability

LTM-4Q 31.03.2011 953'947.0 1.31x 184'853.0 6.74x 67'650.0 21.03x

31.03.2012 969'387.0 1.31x 197'019.0 6.46x 78'230.0 20.07x 197'019.00 131'519.00 13.57% 13.11% 6.37% 8.50% 0.73% 67.1% 20.6% 14.2% 8.1% 2.49 1.79 0.09% 0.12% 3.69 2.90

Price/ Cash Flow

LTM

FY+1

2.56 0.57 443.61 52.69% 32.77% 0.571 15 4.467 1'715'440 1'952'270 1'956'372 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 983'535.0 960'711.0 982'676.9 ######### 207'500.0 1.27x 1.32x 2.07x 1.87x 211'607.0 180'408.0 197'318.3 222'021.3 0.00x 0.00x 10.54x 9.37x 87'096.0 64'264.0 101'902.4 122'630.0 6'900.0 16.60x 27.78x 22.54x 18.45x S&P Issuer Ratings Long-Term Rating Date 09.01.2007 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 1601.78 (EBITDA-Capex)/Interest Exp. 1214.15 Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 0.1% Total Debt/Capital 0.1% Asset Turnover 0.73 Net Fixed Asset Turnover 4.95 Accounts receivable turnover-days 99.14 Inventory Days 126.02 Accounts Payable Turnover Day 102.81 Cash Conversion Cycle 115.09 Sales/Revenue/Turnover

20.00

1'200'000.0

18.00

1'000'000.0

16.00 14.00

800'000.0

12.00

600'000.0

10.00 8.00

400'000.0

6.00 4.00

200'000.0

2.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Astellas Pharma Inc Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC STATE STREET MASTER TRUST BANK OF VANGUARD GROUP INC NIPPON LIFE INSURANC JP MORGAN CHASE BANK SUMITOMO MITSUI TRUS ASTELLAS PHARMA INC MITSUBISHI UFJ FINAN FIRST EAGLE INVESTME STATE STREET CUSTODI BARCLAYS CAPITAL SEC NOMURA INTERNATIONAL VALUE NIKKO ASSET MANAGEME BLACKROCK DAIWA SECURITIES GRO FMR LLC TOKIO MARINE & NICHI DAIICHI SANKYO CO LT

Firm Name

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

Analyst

Daiwa Securities Co. Ltd. AKITADA IWASA Jefferies NAOMI KUMAGAI Tokai Tokyo Securities TAKASHI AKAHANE SMBC Nikko Securities Inc YASUHIRO NAKAZAWA Mitsubishi UFJ Morgan Stanley SecuritieTOSHIYUKI HIBINO Morgan Stanley MAYO MITA Mizuho Securities HIROSHI TANAKA Barclays ATSUSHI SEKI Credit Suisse FUMIYOSHI SAKAI TIW SEIHEI MORITA JPMorgan MASAYUKI ONOZUKA EVA Dimensions ANDREW S ZAMFOTIS Nomura RYOICHI URUSHIHARA MP Advisors Pvt Ltd DEVESH SINGH

Source Co File ULT-AGG Co File MF-AGG ULT-AGG Co File ULT-AGG MOF-JP ULT-AGG MF-AGG ULT-AGG Co File ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG Co File Co File

Recommendation outperform buy strong buy outperform neutral Overwt/In-Line buy overweight outperform Neutral Plus neutral overweight neutral market perform

Amt Held 35'324'000 33'461'781 28'147'000 21'662'189 16'522'700 14'365'000 14'105'800 13'809'724 13'311'682 12'455'280 11'504'000 7'460'000 7'381'700 7'067'900 6'126'160 5'246'770 3'842'500 3'166'278 3'165'501 3'150'696

% Out 7.55 7.15 6.01 4.63 3.53 3.07 3.01 2.95 2.84 2.66 2.46 1.59 1.58 1.51 1.31 1.12 0.82 0.68 0.68 0.67

Weighting

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

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

Latest Chg (296'000) (1'151'000) 2'181'000 (191'534) (6'100) (12'547'800) 2'989'636 (162'059) 9'000 609'000 (241'000) (233'700) 67'600 (37'727) 115'700 (1'458'095) -

Target Price 6'300 6'100 #N/A N/A 5'800 3'900 5'800 6'000 4'900 5'300 #N/A N/A 4'500 #N/A N/A 4'000 3'200

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

File Dt Inst Type 30.09.2012 Bank 26.03.2013 Investment Advisor 30.09.2012 Bank 31.12.2012 Investment Advisor 20.12.2012 Insurance Company 30.09.2012 Investment Advisor 15.03.2013 Bank 28.02.2013 Corporation 07.11.2012 Holding Company 30.09.2012 Hedge Fund Manager 30.09.2012 Other 30.09.2012 Investment Advisor 28.02.2013 Unclassified 31.12.2012 Investment Advisor 15.03.2013 Unclassified 25.03.2013 Investment Advisor 28.02.2013 Holding Company 31.01.2013 Investment Advisor 31.03.2012 Insurance Company 31.03.2012 Corporation

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

Date 15.03.2013 14.03.2013 13.03.2013 12.03.2013 27.02.2013 26.02.2013 22.02.2013 22.02.2013 13.02.2013 12.02.2013 02.02.2013 17.01.2013 02.11.2012 11.11.2011

27.03.2013

Bank of Yokohama Ltd/The The Bank of Yokohama, Ltd. is a regional bank based in Yokohama City, Kanagawa. The Bank provides banking services including deposits, loans, and foreign exchange transactions. The Bank of Yokohama also provides information and financial services such as securities brokerage, leasing, credit cards, and letter of credit.

Price/Volume 14.0 M

500

12.0 M 10.0 M

400

8.0 M

300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (13.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8332 JT EQUITY YTD Change 8332 JT EQUITY YTD % CHANGE

03/2012 12/yy 560.00 344.00 4'243'000.00 537 -4.11% 56.10% 90.74% 1'310.1 703'508.13 410'552.00 0.0 53'606.0 920'420.00 -

31.03.2008 291'237.0 68'270.0 13.67x

6.0 M

200

4.0 M

100

2.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

600

31.03.2009 31.03.2010 263'241.0 264'730.0 7'344.0 30'946.0 77.70x 20.13x Profitability

LTM-4Q 31.03.2011 252'227.0 47'089.0 11.41x

31.03.2012 252'050.0 51'190.0 10.94x

40.12% 39.95% 0.40% 6.63% 3.80% 0.02% 21.3% 3.21% 52.69% -

Price/ Cash Flow

LTM

FY+1

1.86 0.80 1'132.87 31.72% 35.50% 0.804 11 3.818 7'063'600 7'575'800 7'081'397 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 248'046.0 252'426.0 219'996.9 219'542.8 54'039.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 48'808.0 58'980.0 56'121.6 54'495.5 10.12x 9.07x 12.80x 13.04x S&P Issuer Ratings Long-Term Rating Date 16.12.2005 Long-Term Rating Au Long-Term Outlook STABLE 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 52.7% Total Debt/Capital 33.0% Asset Turnover 0.02 Net Fixed Asset Turnover 1.95 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

16.00

350'000.0

14.00

300'000.0

12.00

250'000.0

10.00

200'000.0

8.00

150'000.0

6.00

100'000.0

4.00

50'000.0

2.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Bank of Yokohama Ltd/The Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MEIJI YASUDA LIFE IN MASTER TRUST BANK OF NORTHERN TRUST CORPO SUMITOMO MITSUI TRUS BANK OF YOKOHAMA LTD NIPPON LIFE INSURANC DAI ICHI LIFE INSURA NOMURA MITSUI SUMITOMO INSU TOKIO MARINE & NICHI BLACKROCK VANGUARD GROUP INC YOKOHAMA MARUUO CO L SOMPO JAPAN INSURANC ABERDEEN NIKKO ASSET MANAGEME ODAKYU ELECTRIC RAIL KEIKYU CORP CI INVESTMENTS INC

Firm Name

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

Analyst

Daiwa Securities Co. Ltd. MAOKI MATSUNO EVA Dimensions AUSTIN BURKETT SMBC Nikko Securities Inc SHINICHIRO NAKAMURA Deutsche Bank YOSHINOBU YAMADA Tokai Tokyo Securities TATSUO MAJIMA BNP Paribas Equity Research TOYOKI SAMESHIMA Nomura MASAHIKO SATO Barclays SHIN TAMURA Mitsubishi UFJ Morgan Stanley SecuritieFUTOSHI SASAKI Macquarie ALASTAIR MACDONALD Keefe, Bruyette & Woods JUN OISHI Goldman Sachs KATSUNORI TANAKA

Source Co File Co File Co File Co File ULT-AGG MOF-JP ULT-AGG Co File ULT-AGG Co File Co File ULT-AGG MF-AGG Co File Co File ULT-AGG ULT-AGG Co File Co File MF-AGG

Recommendation outperform hold neutral hold above average buy buy equalweight neutral neutral suspended coverage neutral/neutral

Amt Held 137'515'000 72'988'000 64'332'000 55'599'000 51'334'000 39'643'342 28'643'000 21'994'000 14'970'000 14'738'000 13'101'223 12'151'085 11'652'504 11'140'000 10'017'000 9'555'000 9'261'000 9'051'987 8'632'000 7'486'977

% Out 10.5 5.57 4.91 4.24 3.92 3.03 2.19 1.68 1.14 1.12 1 0.93 0.89 0.85 0.76 0.73 0.71 0.69 0.66 0.57

Weighting

Change

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

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

Latest Chg (2'733'000) (2'427'000) 5'426'000 (28'263'000) 7'617'119 (794'000) 549'000 (326'000) 322'835 (1'000'000) (124'000) 1'037'000 (111'994)

Target Price 600 #N/A N/A 495 545 #N/A N/A 500 520 450 450 475 #N/A N/A 430

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

File Dt 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.12.2012 31.01.2013 20.12.2012 30.09.2012 28.02.2013 30.09.2012 31.03.2012 25.03.2013 31.12.2012 31.03.2012 31.03.2012 28.02.2013 31.12.2012 31.03.2012 31.03.2012 30.06.2012

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

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

Date 27.03.2013 22.03.2013 28.02.2013 13.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 28.01.2013 06.01.2012 20.10.2011

27.03.2013

Bridgestone Corp BRIDGESTONE CORPORATION designs, produces, and sells automobile tires. The Company also produces and markets scales to weigh racing cars and jumbo aircrafts and sporting goods including golf equipment, tennis rackets, and bicycles. Bridgestone operates its businesses worldwide.

Price/Volume 4000 3500 3000 2500 2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 5108 JT EQUITY YTD Change 5108 JT EQUITY YTD % CHANGE

12/2012 12/yy 3'340.00 1'602.00 3'759'400.00 3155 -5.54% 96.94% 85.04% 813.1 2'565'337.75 620'089.00 0.0 43'955.0 350'172.00 2'879'209.82

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

1000 500 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 3'234'405.0 0.53x 318'969.0 5.42x 10'412.0 99.55x

1500

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M f-13 m-13

31.12.2009 31.12.2010 2'597'002.0 2'861'615.0 0.71x 0.57x 256'257.0 337'112.0 7.23x 4.83x 1'043.0 98'913.0 1222.56x 12.43x Profitability

LTM-4Q 31.12.2011 3'024'355.0 0.59x 350'987.0 5.08x 102'970.0 13.26x

LTM

FY+1

1.01 1.14 635.29 58.39% 41.86% 1.144 16 4.438 3'858'700 4'892'897 4'109'531 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 3'039'738.0 ######### ######### ######### ######### 853'179.0 900'565.0 0.68x 2.46x 2.54x 0.83x 0.77x 442'505.0 350'986.0 441'307.0 535'806.5 574'016.5 4.64x 5.08x 4.66x 5.37x 5.02x 171'605.0 102'969.0 171'605.0 236'205.7 256'086.8 10.14x 13.26x 10.14x 10.36x 9.61x 9.86x S&P Issuer Ratings 442'505.00 Long-Term Rating Date 30.03.2012 285'995.00 Long-Term Rating NR 9.41% Long-Term Outlook 8.82% Short-Term Rating Date 30.03.2012 6.00% Short-Term Rating NR 13.69% Credit Ratios 10.00% EBITDA/Interest Exp. 26.88 1.06% (EBITDA-Capex)/Interest Exp. 12.29 Net Debt/EBITDA 0.61 33.6% Total Debt/EBITDA 1.41 14.5% Reference 9.4% Total Debt/Equity 45.1% 5.6% Total Debt/Capital 30.4% Asset Turnover 1.06 1.66 Net Fixed Asset Turnover 2.89 0.88 Accounts receivable turnover-days 52.21 20.40% Inventory Days 94.46 45.09% Accounts Payable Turnover Day 33.14 7.01 Cash Conversion Cycle 113.53 3.87

Price/ Cash Flow

Sales/Revenue/Turnover

12.00

4'000'000.0 3'500'000.0

10.00

3'000'000.0 8.00

2'500'000.0 2'000'000.0

6.00

1'500'000.0

4.00

1'000'000.0 2.00 0.00 01.01.2010

500'000.0 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 |

27.03.2013

Bridgestone Corp Holdings By:

All

Holder Name ISHIBASHI ZAIDAN JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF BRIDGESTONE CORP ISHIBASHI HIROSHI NIPPON LIFE INSURANC SUMITOMO MITSUI FINA NAGASAKA SANGYO STATE STREET CUSTODI JP MORGAN CHASE BANK JA ZENKYOREN BLACKROCK MIZUHO FINANCIAL GRO NOMURA VANGUARD GROUP INC FMR LLC TORAY INDUSTRIES INC JSR CORP NIKKO ASSET MANAGEME DAIWA SECURITIES GRO

Firm Name

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A n/a n/a n/a #N/A N/A n/a #N/A N/A #N/A N/A n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios

Analyst

Mitsubishi UFJ Morgan Stanley SecuritieTORU IWAI Mizuho Securities SEIJI SUGIURA Morgan Stanley SHINJI KAKIUCHI SMBC Nikko Securities Inc TAKAO OSHITARI EVA Dimensions CRAIG STERLING TIW SATORU TAKADA Goldman Sachs KOTA YUZAWA Credit Suisse MASAHIRO AKITA Nomura HISAHIRO YAMAOKA BNP Paribas Equity Research KOICHI SUGIMOTO Deutsche Bank KURT SANGER Daiwa Securities Co. Ltd. SHIRO SAKAMAKI Tachibana Securities KENTARO HAYASHI

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

Recommendation outperform buy Overwt/In-Line outperform hold Positive neutral/neutral outperform neutral hold buy outperform Strong Outperform

Amt Held 76'693'000 44'902'000 39'411'000 30'436'200 24'300'000 20'952'300 18'000'000 16'325'000 15'719'000 12'556'000 11'640'000 11'251'217 10'947'600 10'015'500 8'258'930 5'967'724 5'106'533 4'842'003 4'575'300 4'239'400

% Out 9.43 5.52 4.85 3.74 2.99 2.58 2.21 2.01 1.93 1.54 1.43 1.38 1.35 1.23 1.02 0.73 0.63 0.6 0.56 0.52

Weighting

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

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

Latest Chg (1'662'000) 544'000 1'000 6'200 (1'103'000) (848'068) (16'600) 506'400 422'814 (789'454) 505'100 100'800

Target Price 3'900 4'000 3'400 3'810 #N/A N/A #N/A N/A 3'000 3'200 2'900 2'100 2'600 2'100 #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 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 25.03.2013 29.10.2012 28.02.2013 31.12.2012 31.01.2013 31.03.2012 31.03.2012 13.04.2012 28.02.2013

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

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

Date 26.03.2013 15.03.2013 05.03.2013 21.02.2013 20.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 12.12.2012 06.12.2012 08.11.2012 08.08.2012

27.03.2013

Canon Inc CANON INC. is a professional and consumer imaging solutions company and patent-holder of digital imaging technologies. The Company's products include networked multifunction devices, digital and analog copiers, computer peripherals, facsimile machines, image filing systems, camcorders, cameras and lenses, semiconductor, and broadcast and medical equipment.

Price/Volume

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

30.0 M 25.0 M

3000

12/2012 12/yy 4'003.10 2'301.16 3'315'800.00 3525 -11.94% 53.18% 70.15% 1'333.8 4'701'516.00 3'983.00 0.0 156'276.0 695'000.00 4'166'775.21

2500

20.0 M

2000

15.0 M

1500

10.0 M

1000

5.0 M

500 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 4'094'161.0 0.72x 837'411.0 3.51x 309'148.0 11.25x

35.0 M

4000 3500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 7751 JT EQUITY YTD Change 7751 JT EQUITY YTD % CHANGE

4500

31.12.2009 31.12.2010 3'209'201.0 3'706'901.0 1.31x 1.19x 532'448.0 663'745.0 7.91x 6.64x 131'647.0 246'603.0 36.67x 21.08x Profitability

LTM-4Q 31.12.2011 3'557'433.0 0.95x 639'414.0 5.27x 248'630.0 16.68x

LTM

FY+1

3.69 0.97 1'123.55 -8.60% 5.54% 0.975 24 4.167 5'565'640 6'835'114 7'142'740 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 3'479'788.0 ######### ######### ######### ######### 842'680.0 950'450.0 0.95x 4.09x 3.71x 1.03x 0.97x 581'989.0 639'414.0 581'989.0 734'586.1 788'409.9 5.70x 5.27x 5.70x 5.67x 5.29x 224'564.0 248'630.0 224'564.0 302'844.1 337'215.4 51'400.0 72'050.0 17.46x 16.66x 17.45x 13.51x 12.04x 11.51x S&P Issuer Ratings 581'989.00 Long-Term Rating Date 03.03.2004 323'856.00 Long-Term Rating AA 9.31% Long-Term Outlook STABLE 9.84% Short-Term Rating Date 13.03.2002 5.70% Short-Term Rating A-1+ 8.72% Credit Ratios 8.50% EBITDA/Interest Exp. 569.46 0.88% (EBITDA-Capex)/Interest Exp. 260.06 Net Debt/EBITDA -1.19 47.4% Total Debt/EBITDA 0.01 16.7% Reference 9.3% Total Debt/Equity 0.2% 6.5% Total Debt/Capital 0.1% Asset Turnover 0.88 2.47 Net Fixed Asset Turnover 2.84 1.50 Accounts receivable turnover-days 58.19 0.10% Inventory Days 102.84 0.15% Accounts Payable Turnover Day 67.81 6.29 Cash Conversion Cycle 93.23 3.56

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

5'000'000.0 4'500'000.0

12.00

4'000'000.0

10.00

3'500'000.0 3'000'000.0

8.00

2'500'000.0 2'000'000.0

6.00

1'500'000.0

4.00

1'000'000.0 2.00 0.00 01.01.2010

500'000.0 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 |

27.03.2013

Canon Inc Holdings By:

All

Holder Name CANON INC JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF STATE STREET DAI ICHI LIFE INSURA MOXLEY & CO STATE STREET CUSTODI NOMURA DEUTSCHE SECURITIES SOMPO JAPAN INSURANC OBAYASHI CORP BLACKROCK VANGUARD GROUP INC MITSUBISHI UFJ FINAN SUMITOMO MITSUI FINA HARRIS ASSOCIATES LP HARBOR CAPITAL ADVIS SUN LIFE FINANCIAL I BANK OF NEW YORK MEL ABERDEEN

Firm Name

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

Analyst

Credit Suisse YU YOSHIDA Jefferies YOSHIHIRO AZUMA Nomura TETSUYA WADAKI JPMorgan HISASHI MORIYAMA Mito Securities KEITA WAKABAYASHI SMBC Nikko Securities Inc KAZUHARU MIURA Mizuho Securities EISAKU OHMORI Morgan Stanley MASAHIRO ONO Barclays MASAHIRO NAKANOMYO Macquarie DAMIAN THONG Okasan Securities KAZUMASA KUBOTA BNP Paribas Equity Research KUNIHIKO KANNO Tachibana Securities YUKIHIKO FUKUNAGA Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO Daiwa Securities Co. Ltd. JUNYA AYADA Goldman Sachs TOSHIYA HARI EVA Dimensions ANDREW S ZAMFOTIS Mitsubishi UFJ Morgan Stanley SecuritieTOMOKI KOMIYA Ji Asia STEVE MYERS ACE Research Institute HIDEKI YASUDA Marusan Securities HIROSHI UBUKATA

Source MOF-JP Co File Co File ULT-AGG Co File Co File ULT-AGG ULT-AGG Co File Co File Co File ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation outperform buy buy overweight Neutral Plus neutral buy Equalwt/In-Line overweight outperform neutral buy Strong Outperform outperform outperform neutral/neutral overweight outperform buy underperform outperform

Amt Held 180'971'487 73'988'200 73'509'500 63'520'822 56'068'380 34'300'511 29'320'200 26'639'674 25'679'604 20'189'987 16'527'607 15'105'650 13'022'617 12'754'264 12'678'379 11'226'700 10'641'100 9'508'300 8'952'106 8'910'762

% Out 13.57 5.55 5.51 4.76 4.2 2.57 2.2 2 1.93 1.51 1.24 1.13 0.98 0.96 0.95 0.84 0.8 0.71 0.67 0.67

Weighting

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

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

Latest Chg (124) 1'611'800 4'307'500 13'941'741 (10'131'300) (3'480'981) 862'100 478'500 192'399 44'776 21'700 (1'288'200) (279'600) 1'335'600 79'500 (500'850)

Target Price 4'000 4'300 4'204 4'500 #N/A N/A 3'800 4'000 3'400 3'800 4'330 #N/A N/A 4'000 #N/A N/A 4'900 3'900 3'390 #N/A N/A 3'950 3'433 #N/A N/A #N/A N/A

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

File Dt 30.09.2012 30.06.2012 30.06.2012 26.03.2013 30.06.2012 30.06.2012 30.06.2012 13.07.2012 30.06.2012 30.06.2012 31.03.2012 25.03.2013 31.12.2012 28.02.2013 31.03.2012 31.12.2012 31.12.2012 31.01.2013 26.03.2013 28.02.2013

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

Inst Type Corporation Bank Bank Investment Advisor Insurance Company Investment Advisor Other Unclassified Bank Insurance Company Corporation Investment Advisor Investment Advisor Holding Company Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 22.03.2013 21.03.2013 18.03.2013 16.03.2013 12.03.2013 07.03.2013 04.03.2013 27.02.2013 27.02.2013 22.02.2013 12.02.2013 05.02.2013 01.02.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 28.09.2012 26.07.2012 10.08.2010

27.03.2013

Central Japan Railway Co Central Japan Railway Company provides rail transportation services between Tokyo and Osaka, including the Tokai region. The Company, through its subsidiaries, also provides bus transportation services, leases real estate, and operates department stores, hotels, restaurants, and construction businesses.

Price/Volume 12000

1.8 M 1.6 M

10000

1.4 M

8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (26.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 9022 JT EQUITY YTD Change 9022 JT EQUITY YTD % CHANGE

03/2012 12/yy 10'260.00 6'100.00 262'900.00 9970 -2.83% 63.44% 94.23% 206.0 2'053'820.00 2'897'251.00 0.0 41'597.0 81'151.00 4'780'690.00

31.03.2008 1'559'467.0 3.45x 662'923.0 8.12x 159'774.0 12.70x

31.03.2009 31.03.2010 1'570'253.0 1'486'632.0 2.79x 3.09x 640'660.0 561'693.0 6.83x 8.18x 126'052.0 91'764.0 8.65x 15.29x Profitability

.8 M .6 M .4 M

2000

.2 M

0 m-12 a-12 m-12

LTM-4Q 31.03.2011 1'503'083.0 2.86x 607'946.0 7.07x 133'807.0 9.69x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

1.00 0.58 163.91 45.13% 43.14% 0.580 17 2.765 491'360 576'873 544'295 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'508'328.0 ######### ######### ######### ######### 389'979.5 2.78x 11.52x 10.41x 2.88x 2.78x 629'584.0 465'624.0 666'160.0 667'559.0 706'536.1 6.67x 0.00x 6.16x 7.16x 6.77x 132'781.0 124'010.0 192'733.0 194'134.7 206'267.9 10'440.0 10.11x 10.32x 7.15x 10.11x 9.51x S&P Issuer Ratings 629'584.00 Long-Term Rating Date 10.04.2009 372'521.00 Long-Term Rating NR 24.70% Long-Term Outlook 17.50% Short-Term Rating Date 3.16% Short-Term Rating 12.14% Credit Ratios 4.49% EBITDA/Interest Exp. 13.55 0.30% (EBITDA-Capex)/Interest Exp. 7.41 Net Debt/EBITDA 4.02 35.4% Total Debt/EBITDA 4.12 42.5% Reference 26.7% Total Debt/Equity 219.2% 8.8% Total Debt/Capital 68.0% Asset Turnover 0.30 0.44 Net Fixed Asset Turnover 0.34 0.25 Accounts receivable turnover-days 15.72 55.57% Inventory Days 14.43 219.21% Accounts Payable Turnover Day 19.34 23.28 Cash Conversion Cycle 5.97 25.36

Price/ Cash Flow

Sales/Revenue/Turnover

4.00

1'600'000.0

3.50

1'550'000.0

3.00

1'500'000.0

2.50

1'450'000.0

2.00

1'400'000.0

1.50

1'350'000.0

1.00

1'300'000.0

0.50

1'250'000.0

0.00 03.04.2009

1.0 M

4000

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

1.2 M

6000

1'200'000.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Central Japan Railway Co Holdings By:

All

Holder Name MIZUHO FINANCIAL GRO JAPAN TRUSTEE SERVIC CENTRAL JAPAN RAILWA MASTER TRUST BANK OF MITSUBISHI UFJ FINAN EMPLOYEES' STOCKHOLD NIPPON LIFE INSURANC TOYOTA MOTOR CORP STATE STREET CUSTODI MITSUBISHI CORP SHINKIN CENTRAL BANK FMR LLC MITSUBISHI HEAVY IND BLACKROCK VANGUARD GROUP INC NOMURA TAISEI CORP NIPPON STEEL & SUMIT TOKIO MARINE & NICHI SHIZUOKA BANK LTD

Firm Name

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

Analyst

JPMorgan HITOSHI HOSOYA Macquarie NICHOLAS CUNNINGHAM EVA Dimensions CRAIG STERLING Morgan Stanley TAKUYA OSAKA Goldman Sachs HIROYUKI SAKAIDA Barclays RYOTA HIMENO SMBC Nikko Securities Inc OSUKE ITAZAKI Okasan Securities SHINICHI YAMAZAKI Tokai Tokyo Securities MASASHI YAZAKI Mizuho Securities SATORU KUNIEDA Nomura MASAHARU HIROKANE Mitsubishi UFJ Morgan Stanley SecuritieYUSUKE ARAMAKI Daiwa Securities Co. Ltd. HAJIME HITOTSUYANAGI

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

Recommendation neutral underperform buy Underwt/In-Line Buy/Neutral equalweight outperform buy neutral underperform neutral neutral neutral

Amt Held 13'287'000 9'673'000 8'999'000 8'867'700 7'722'800 5'286'400 5'164'300 4'037'400 3'973'300 3'000'000 2'000'000 1'691'048 1'500'000 1'443'000 1'441'595 1'266'100 1'242'000 1'110'500 1'050'000 1'003'900

% Out 6.45 4.7 4.37 4.3 3.75 2.57 2.51 1.96 1.93 1.46 0.97 0.82 0.73 0.7 0.7 0.61 0.6 0.54 0.51 0.49

Weighting

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

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

Latest Chg (2'100) (15'100) 80'100 451'100 100'000 14'900 123'200 533'521 (64'300) 39'995 (2'100) -

Target Price 12'000 8'500 #N/A N/A 8'400 9'900 9'100 9'300 9'800 #N/A N/A 6'700 8'400 7'600 6'800

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

File Dt 29.10.2012 30.09.2012 30.09.2012 30.09.2012 28.02.2013 30.09.2012 20.11.2012 16.10.2012 30.09.2012 31.03.2012 31.03.2012 31.01.2013 31.03.2012 25.03.2013 31.12.2012 28.02.2013 31.03.2012 31.03.2012 31.03.2012 31.03.2012

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

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

Date 18.03.2013 18.03.2013 11.03.2013 08.03.2013 01.03.2013 22.02.2013 15.02.2013 12.02.2013 30.01.2013 29.01.2013 29.01.2013 17.01.2013 10.12.2012

27.03.2013

Chubu Electric Power Co Inc Chubu Electric Power Company, Incorporated generates, transmits, distributes, and sells electricity in Chubu area. The Company's service area includes Aichi, Gifu, Mie, Nagano, and part of Shizuoka Prefecture.

Price/Volume 1600

12.0 M

1400

10.0 M

1200 8.0 M

1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (31.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 9502 JT EQUITY YTD Change 9502 JT EQUITY YTD % CHANGE

03/2012 12/yy 1'560.00 804.00 3'657'100.00 1153 -26.09% 43.41% 46.96% 758.0 873'974.00 2'974'732.00 0.0 37'087.0 482'387.00 3'516'239.00

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

4.0 M

400 2.0 M

200 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 2'432'865.0 1.97x 520'963.0 9.19x 70'618.0 27.49x

6.0 M

600

31.03.2009 31.03.2010 2'509'982.0 2'238'551.0 1.75x 1.91x 528'467.0 504'570.0 8.29x 8.47x (18'968.0) 108'558.0 16.64x Profitability

LTM-4Q 31.03.2011 2'330'891.0 1.64x 465'485.0 8.22x 84'598.0 16.67x

LTM

FY+1

4.77 0.86 718.02 -21.00% 2.43% 0.864 11 2.091 4'098'100 3'107'790 2'799'079 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 2'449'283.0 ######### ######### ######### ######### 611'428.0 1.49x 6.28x 5.33x 1.45x 1.46x 252'964.0 267'671.0 227'024.0 250'448.1 258'305.3 14.47x 0.00x 0.00x 14.04x 13.61x (92'195.0) (86'255.0) (23'720.0) (46'239.4) (46'686.0) 0.00x 0.00x S&P Issuer Ratings 252'964.00 Long-Term Rating Date 26.03.2013 -37'667.00 Long-Term Rating NR -1.54% Long-Term Outlook -3.45% Short-Term Rating Date 26.03.2013 -1.30% Short-Term Rating NR -4.77% Credit Ratios - EBITDA/Interest Exp. 7.02 0.46% (EBITDA-Capex)/Interest Exp. -0.39 Net Debt/EBITDA 10.04 57.5% Total Debt/EBITDA 12.38 9.9% Reference -1.1% Total Debt/Equity 196.8% -3.8% Total Debt/Capital 65.8% Asset Turnover 0.46 0.93 Net Fixed Asset Turnover 0.72 Accounts receivable turnover-days 25.99 52.68% Inventory Days 40.90 196.84% Accounts Payable Turnover Day 39.45 14.08 Cash Conversion Cycle 12.95 8.95

Price/ Cash Flow

Sales/Revenue/Turnover

7.00

2'600'000.0

6.00

2'500'000.0 2'400'000.0

5.00

2'300'000.0 4.00

2'200'000.0 3.00

2'100'000.0

2.00

2'000'000.0

1.00

1'900'000.0

0.00 03.04.2009

1'800'000.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Chubu Electric Power Co Inc Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF MEIJI YASUDA LIFE IN NIPPON LIFE INSURANC MITSUBISHI UFJ FINAN COMPANY'S INVESTMENT SUMITOMO MITSUI FINA STATE STREET CUSTODI KOCHI SHINKIN BANK MIZUHO FINANCIAL GRO DAI ICHI LIFE INSURA BLACKROCK VANGUARD GROUP INC NOMURA BNP PARIBAS ARBITRAG JUROKU BANK LTD/THE BANK OF NAGOYA LTD/T SOCIETE GENERALE CHUO MITSUI TRUST & NIKKO ASSET MANAGEME

Firm Name

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

Analyst

Okasan Securities SHINICHI YAMAZAKI Mizuho Securities NORIMASA SHINYA Nomura SHIGEKI MATSUMOTO Morgan Stanley YUKA MATAYOSHI EVA Dimensions AUSTIN BURKETT SMBC Nikko Securities Inc HIDETOSHI SHIODA Goldman Sachs HIROYUKI SAKAIDA Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO

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

Recommendation neutral neutral neutral Equalwt/In-Line sell underperform neutral/neutral neutral

Amt Held % Out 69'050'000 9.11 49'957'000 6.59 42'662'000 5.63 34'558'800 4.56 17'163'300 2.26 17'073'000 2.25 14'943'000 1.97 14'498'000 1.91 12'071'000 1.59 10'720'200 1.41 10'000'000 1.32 6'943'925 0.92 6'109'313 0.81 3'686'300 0.49 (3'235'408) -0.43 2'546'426 0.34 2'500'096 0.33 (2'217'012) -0.29 2'072'400 0.27 2'061'700 0.27

Weighting

Change 3 3 3 3 1 1 3 3

M M M M M M M M

Latest Chg (2'193'000) 728'000 (41'900) 25'600 1'349'000 (121'000) (1'600) 525'000 174'116 (180'500) (34'100) (2'217'012) 111'400

Target Price #N/A N/A 1'200 1'190 960 #N/A N/A 800 1'250 1'100

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

File Dt 30.09.2012 30.09.2012 30.09.2012 20.11.2012 28.02.2013 30.09.2012 30.09.2012 30.09.2012 30.09.2012 29.10.2012 31.03.2012 25.03.2013 31.12.2012 28.02.2013 26.03.2013 31.03.2012 31.03.2012 25.03.2013 31.03.2012 26.03.2013

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

Inst Type Bank Bank Insurance Company Insurance Company Holding Company n/a Bank Other Bank Bank Insurance Company Investment Advisor Investment Advisor Unclassified Investment Advisor Bank Bank Bank Bank Unclassified

Date 28.02.2013 27.02.2013 04.02.2013 31.01.2013 15.01.2013 12.12.2012 30.11.2012 29.11.2012

27.03.2013

Dai Nippon Printing Co Ltd DAI NIPPON PRINTING CO., LTD. offers printing services for commercial and industrial use. The printing items include information media such as books, periodicals, and text books, wrapping paper and containers, stationeries, and advertising medium. The Company provides design and production services as well. Dai Nippon Printing also produces soft drinks including Coca Cola.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 7912 JT EQUITY YTD Change 7912 JT EQUITY YTD % CHANGE

03/2012 12/yy 950.00 503.00 3'391'000.00 915 -3.68% 81.91% 94.63% 700.5 640'939.81 256'487.00 0.0 42'967.0 217'518.00 675'384.83

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M f-13 m-13

Market Data

Fiscal Year Ended 31.03.2008 1'616'053.0 0.63x 199'055.0 5.15x 45'171.0 23.64x

1000 900 800 700 600 500 400 300 200 100 0 m-12 a-12 m-12

31.03.2009 31.03.2010 1'584'844.0 1'583'382.0 0.40x 0.56x 153'059.0 158'207.0 4.12x 5.63x (20'933.0) 23'278.0 34.97x Profitability

LTM-4Q 31.03.2011 1'589'373.0 0.46x 168'348.0 4.32x 25'032.0 26.07x

LTM

FY+1

3.50 1.09 559.46 16.42% 38.34% 1.086 4 3.500 3'564'600 3'509'533 3'395'259 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'507'227.0 ######### ######### ######### ######### 376'709.0 0.42x 1.60x 1.32x 133'179.0 135'610.0 123'907.0 126'000.0 128'000.0 4.71x 4.01x 3.78x 5.36x 5.28x (16'356.0) 3'278.0 (10'526.0) 14'833.3 23'333.3 2'604.0 145.47x 0.00x 39.70x 25.25x S&P Issuer Ratings 133'179.00 Long-Term Rating Date 09.01.2007 34'015.00 Long-Term Rating NR 2.26% Long-Term Outlook 0.18% Short-Term Rating Date -1.54% Short-Term Rating -2.76% Credit Ratios - EBITDA/Interest Exp. 38.90 0.93% (EBITDA-Capex)/Interest Exp. 17.09 Net Debt/EBITDA -0.14 17.3% Total Debt/EBITDA 1.38 8.3% Reference 2.0% Total Debt/Equity 29.4% -1.1% Total Debt/Capital 21.9% Asset Turnover 0.93 1.77 Net Fixed Asset Turnover 2.56 1.35 Accounts receivable turnover-days 91.66 15.94% Inventory Days 43.91 29.44% Accounts Payable Turnover Day 79.67 3.99 Cash Conversion Cycle 56.84 8.34

Price/ Cash Flow

Sales/Revenue/Turnover

7.00

1'800'000.0

6.00

1'600'000.0 1'400'000.0

5.00

1'200'000.0

4.00

1'000'000.0

3.00

800'000.0 600'000.0

2.00

400'000.0

1.00 0.00 03.04.2009

200'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Dai Nippon Printing Co Ltd Holdings By:

All

Holder Name DAI NIPPON PRINTING MITSUBISHI UFJ FINAN MASTER TRUST BANK OF JAPAN TRUSTEE SERVIC DAI ICHI LIFE INSURA MIZUHO FINANCIAL GRO BANK OF NEW YORK MEL EMPLOYEES' STOCKHOLD STATE STREET CUSTODI NIPPON LIFE INSURANC VANGUARD GROUP INC NOMURA INTERNATIONAL STATE STREET NOMURA KITAJIMA YOSHITOSHI GLG PARTNERS INVESTM NIKKO ASSET MANAGEME BLACKROCK TOKIO MARINE & NICHI TAISEI CORP

Firm Name SMBC Nikko Securities Inc Nomura Mizuho Securities 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 n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a

Analyst HIROYUKI IBA TAKAOMI KONO TOSHIO TAKAHASHI CRAIG STERLING

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

Recommendation outperform neutral neutral hold

Amt Held % Out 55'914'000 7.98 42'704'441 6.1 38'972'000 5.56 32'692'000 4.67 30'882'000 4.41 28'711'000 4.1 14'969'000 2.14 14'480'000 2.07 13'166'000 1.88 12'478'000 1.78 11'946'320 1.71 (7'786'832) -1.11 7'499'739 1.07 7'453'000 1.06 5'724'000 0.82 5'302'000 0.76 4'956'000 0.71 4'904'602 0.7 4'159'649 0.59 3'670'000 0.52

Weighting

Change 5 3 3 3

M M M M

Latest Chg 20'000 (1'151'000) (5'989'000) (21'000) (11'819'000) 834'000 323'000 (2'232'000) 1'514'289 (9'000) (247'000) (46'000) 108'000 30'000 2'000 -

Target Price 1'000 800 800 #N/A N/A

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

File Dt Inst Type 30.09.2012 Corporation 24.12.2012 Holding Company 30.09.2012 Bank 30.09.2012 Bank 30.09.2012 Insurance Company 29.10.2012 Bank 30.09.2012 Investment Advisor 30.09.2012 n/a 30.09.2012 Other 20.11.2012 Insurance Company 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 26.03.2013 Investment Advisor 28.02.2013 Unclassified 28.06.2012 n/a 31.01.2013 Mutual Fund Manager 26.03.2013 Unclassified 25.03.2013 Investment Advisor 31.03.2012 Insurance Company 31.03.2012 Corporation

Date 12 month 12 month 12 month Not Provided

Date 12.03.2013 18.02.2013 13.02.2013 15.01.2013

27.03.2013

Dai-ichi Life Insurance Co Ltd/The The Dai-ichi Life Insurance Company Ltd. underwrites and sells life, health and annuity insurance to groups and individuals. The Company offers a wide variety of insurance products to suit different needs, ranging from children's school tuition to emergency funds for the elderly.

Price/Volume 160000

.1 M

140000

.1 M

120000

.1 M

100000

Latest Fiscal Year: LTM as of: 52-Week High (15.01.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8750 JT EQUITY YTD Change 8750 JT EQUITY YTD % CHANGE

03/2012 12/yy 139'400.00 74'300.00 47'422.00 123600 -11.33% 66.35% 78.34% 10.0 1'236'020.50 530'660.00 0.0 9'091.0 315'101.00 1'024'655.52

31.03.2008 3'745'976.0 131'242.0 -

.1 M

60000 40000

.0 M

20000

.0 M

0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

.1 M

80000

Valuation Analysis

31.03.2009 31.03.2010 3'771'283.0 3'772'095.0 0.42x 86'813.0 55'665.0 25.15x Profitability

LTM-4Q 31.03.2011 3'673'463.0 0.41x 19'139.0 65.45x

LTM

FY+1

.0 M f-13 m-13

1.63 9.31 7.95% 4.42% 1.629 16 3.875 53'186 60'878 62'321 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 3'852'827.0 ######### ######### ######### ######### ######### 0.35x 1.00x 0.95x 0.17x 0.17x 0.0 0.0 0.00x 0.00x 20'357.0 16'149.0 32'324.0 29'642.4 39'783.1 55.44x 46.26x 36.69x 41.28x 30.64x S&P Issuer Ratings - Long-Term Rating Date 23.03.2006 - Long-Term Rating A 4.59% Long-Term Outlook STABLE 3.92% Short-Term Rating Date 0.11% Short-Term Rating 4.67% Credit Ratios 4.19% EBITDA/Interest Exp. 0.12% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 54.0% 0.5% Total Debt/Capital 34.9% Asset Turnover 0.12 - Net Fixed Asset Turnover - Accounts receivable turnover-days 1.59% Inventory Days 54.00% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

2.50

4'500'000.0 4'000'000.0

2.00

3'500'000.0 3'000'000.0

1.50

2'500'000.0 2'000'000.0

1.00

1'500'000.0 1'000'000.0

0.50

500'000.0 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Dai-ichi Life Insurance Co Ltd/The Holdings By:

All

Holder Name MIZUHO FINANCIAL GRO MITSUBISHI UFJ FINAN JAPAN TRUSTEE SERVIC STATE STREET SUMITOMO MITSUI TRUS MASTER TRUST BANK OF SOMPO JAPAN INSURANC STATE STREET CUSTODI DODGE & COX SUMITOMO MITSUI FINA RESONA HOLDINGS INC OPPENHEIMERFUNDS INC VANGUARD GROUP INC BLACKROCK DAI NIPPON PRINTING NOMURA CANON INC NIKKO ASSET MANAGEME MARUBENI CORP SHIMIZU CORP

Firm Name

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

Analyst

Macquarie SCOTT G RUSSELL Morgan Stanley HIDEYASU BAN Keefe, Bruyette & Woods DAVID THREADGOLD EVA Dimensions AUSTIN BURKETT Nomura WATARU OHTSUKA SMBC Nikko Securities Inc KOUICHI NIWA JPMorgan NATSUMU TSUJINO Jefferies MAKARIM SALMAN Daiwa Securities Co. Ltd. JUN SHIOTA Credit Suisse TAKEHITO YAMANAKA Mizuho Securities RIE NISHIHARA Barclays AZUMA OHNO Mitsubishi UFJ Morgan Stanley SecuritieFUTOSHI SASAKI Deutsche Bank MASAO MURAKI Goldman Sachs TAKANORI MIYOSHI

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

Recommendation underperform Equalwt/Attractive outperform sell neutral neutral overweight buy neutral outperform buy equalweight outperform buy Buy/Neutral

Amt Held 540'912 506'701 478'217 418'494 371'544 344'834 300'000 191'233 162'993 130'000 105'554 98'631 86'647 78'182 66'066 64'560 63'000 48'015 46'364 42'217

% Out 5.41 5.07 4.78 4.18 3.72 3.45 3 1.91 1.63 1.3 1.06 0.99 0.87 0.78 0.66 0.65 0.63 0.48 0.46 0.42

Weighting

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

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

Latest Chg (29) 17'808 102'797 (77'178) 19'495 (5'120) 3'937 17 375 (4'384) -

Target Price 85'000 158'000 230'000 #N/A N/A 135'000 140'000 207'000 159'300 140'000 147'500 150'000 120'000 152'000 148'700 190'000

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

File Dt 29.10.2012 07.11.2012 30.09.2012 26.03.2013 31.01.2013 30.09.2012 30.09.2012 30.09.2012 29.01.2013 30.09.2012 30.09.2012 31.01.2013 31.12.2012 25.03.2013 31.03.2012 28.02.2013 31.12.2011 13.01.2013 31.03.2012 31.03.2012

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

Inst Type Bank Holding Company Bank Investment Advisor Bank Bank Insurance Company Other Investment Advisor Bank Holding Company Investment Advisor Investment Advisor Investment Advisor Corporation Unclassified Corporation Unclassified Corporation Corporation

Date 22.03.2013 21.03.2013 07.03.2013 26.02.2013 25.02.2013 22.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013

27.03.2013

Daiichi Sankyo Co Ltd DAIICHI SANKYO COMPANY, LIMITED is a holding company established through merger of Sankyo and Daiichi pharmaceutical. The Group manufactures pharmaceuticals for human/veterinary use and medical tools and equipment. It also researches and promotes products through related companies throughout the world. The Group also produces food, food additives, livestock feeds, and agrochemicals.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.03.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 4568 JT EQUITY YTD Change 4568 JT EQUITY YTD % CHANGE

03/2012 12/yy 1'896.00 1'168.00 2'723'100.00 1824 -3.80% 56.16% 93.68% 709.0 1'293'236.75 275'892.00 0.0 24'312.0 320'262.00 1'272'818.69

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

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 880'120.0 1.75x 199'158.0 7.75x 97'660.0 21.76x

2000 1800 1600 1400 1200 1000 800 600 400 200 0 m-12

31.03.2009 31.03.2010 842'147.0 952'105.0 1.42x 1.28x 129'452.0 150'333.0 9.27x 8.10x (215'499.0) 41'852.0 29.45x Profitability

LTM-4Q 31.03.2011 967'365.0 1.13x 175'236.0 6.23x 70'121.0 16.12x

31.03.2012 938'677.0 1.11x 155'583.0 6.69x 10'383.0 102.24x 155'583.00 98'202.00 10.46% 3.61% -0.16% -0.28% -2.09% 0.65% 71.4% 15.4% 9.6% 1.1% 2.18 1.38 18.17% 34.13% 4.60 1.73

Price/ Cash Flow

LTM

FY+1

3.29 0.83 663.86 23.03% 40.24% 0.832 14 2.857 3'118'360 2'944'160 2'844'574 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 915'712.0 987'906.0 983'800.0 ######### 241'000.0 4.74x 3.82x 1.24x 1.17x 149'034.0 154'066.0 151'084.9 160'911.3 35'600.0 7.29x 5.91x 8.42x 7.91x 8'000.0 44'341.0 50'126.9 65'644.0 5'852.0 134.27x 20.99x 25.17x 18.97x S&P Issuer Ratings Long-Term Rating Date 09.01.2007 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 41.91 (EBITDA-Capex)/Interest Exp. 27.21 Net Debt/EBITDA -0.28 Total Debt/EBITDA 1.81 Reference Total Debt/Equity 34.1% Total Debt/Capital 24.9% Asset Turnover 0.65 Net Fixed Asset Turnover 3.69 Accounts receivable turnover-days 79.56 Inventory Days 211.76 Accounts Payable Turnover Day 83.74 Cash Conversion Cycle 222.16 Sales/Revenue/Turnover

18.00

1'200'000.0

16.00

1'000'000.0

14.00

800'000.0

12.00 10.00

600'000.0

8.00

400'000.0

6.00 4.00

200'000.0

2.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Daiichi Sankyo Co Ltd Holdings By:

All

Holder Name MASTER TRUST BANK OF JAPAN TRUSTEE SERVIC NIPPON LIFE INSURANC WELLINGTON MANAGEMEN VANGUARD GROUP INC STATE STREET CUSTODI MIZUHO FINANCIAL GRO SUMITOMO MITSUI FINA DEUTSCHE SECURITIES EMPLOYEES' STOCKHOLD TOKIO MARINE & NICHI MITSUI SUMITOMO INSU NOMURA BLACKROCK SHIZUOKA BANK LTD KUREHA CORP BANK OF NEW YORK MEL DB PLATINUM ADVISORS DAIICHI SANKYO CO LT NIKKO ASSET MANAGEME

Firm Name

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

Analyst

Morgan Stanley MAYO MITA JPMorgan MASAYUKI ONOZUKA Jefferies NAOMI KUMAGAI Mizuho Securities HIROSHI TANAKA Barclays ATSUSHI SEKI Daiwa Securities Co. Ltd. AKITADA IWASA SMBC Nikko Securities Inc YASUHIRO NAKAZAWA Mitsubishi UFJ Morgan Stanley SecuritieTOSHIYUKI HIBINO Credit Suisse FUMIYOSHI SAKAI TIW SEIHEI MORITA EVA Dimensions ANDREW S ZAMFOTIS Nomura RYOICHI URUSHIHARA MP Advisors Pvt Ltd DEVESH SINGH Mito Securities JUN IKEYAMA First Global Stockbroking HITESH KUVELKAR

Source Co File Co File ULT-AGG MOF-JP MF-AGG ULT-AGG ULT-AGG ULT-AGG Co File Co File Co File Co File ULT-AGG ULT-AGG Co File Co File MF-AGG MF-AGG Co File ULT-AGG

Recommendation Equalwt/In-Line underweight buy buy underweight neutral underperform neutral neutral neutral buy neutral outperform Neutral Plus outperform

Amt Held 48'217'000 45'175'000 38'006'200 35'881'551 24'194'719 18'235'000 17'995'800 13'413'000 10'624'000 9'926'000 8'395'000 8'109'778 7'466'300 6'464'153 6'390'930 6'000'958 5'704'423 5'440'054 5'076'100 4'888'500

% Out 6.8 6.37 5.36 5.06 3.41 2.57 2.54 1.89 1.5 1.4 1.18 1.14 1.05 0.91 0.9 0.85 0.8 0.77 0.72 0.69

Weighting

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

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

Latest Chg 1'968'000 (800'000) (200) (7'159'764) (176'514) 359'000 8'479'700 1'548'000 711'000 (309) (13'400) 9'100 46'400 10 (17'000) 27'700

Target Price 1'600 1'300 2'000 1'900 1'250 1'710 1'200 1'300 1'600 #N/A N/A #N/A N/A 1'300 1'850 #N/A N/A #N/A N/A

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

File Dt 30.09.2012 30.09.2012 30.09.2012 31.05.2012 31.12.2012 30.09.2012 29.10.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.03.2012 28.02.2013 25.03.2013 31.03.2012 31.03.2012 26.03.2013 28.02.2013 30.09.2012 26.03.2013

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

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

Date 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 15.03.2013 28.02.2013 27.02.2013 19.02.2013 05.02.2013 17.01.2013 02.11.2012 07.03.2012 13.04.2010 31.08.2009

27.03.2013

Daikin Industries Ltd DAIKIN INDUSTRIES, LTD. manufactures air conditioning equipment for household and commercial use. The Company also produces fluorine chemical products such as fluorinated hydrocarbon gas and shells and warheads for defense industry.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6367 JT EQUITY YTD Change 6367 JT EQUITY YTD % CHANGE

03/2012 12/yy 4'140.00 1'836.00 1'813'400.00 3710 -10.39% 102.07% 82.86% 293.1 1'087'452.88 389'888.00 0.0 12'110.0 135'339.00 1'635'681.84

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

9.0 M

4000

8.0 M

3500

7.0 M

3000

6.0 M

2500

5.0 M

2000

4.0 M

1500

3.0 M

1000

2.0 M

500

1.0 M

0 m-12

31.03.2009 31.03.2010 1'202'419.0 1'023'964.0 0.92x 1.32x 118'324.0 96'460.0 9.36x 14.01x 21'755.0 19'390.0 35.97x 57.57x Profitability

LTM-4Q 31.03.2011 1'160'330.0 0.81x 127'166.0 7.42x 19'872.0 36.56x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

0.97 1.26 245.44 69.39% 26.72% 1.259 18 3.333 2'279'240 2'148'047 2'201'085 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'218'700.0 ######### ######### ######### ######### 314'492.3 0.76x 3.11x 3.27x 1.26x 1.05x 131'717.0 129'723.0 132'981.0 129'069.2 172'303.2 7.00x 6.73x 10.56x 12.67x 9.49x 41'171.0 39'330.0 29'434.0 28'178.2 63'963.2 15.94x 15.62x 29.09x 36.27x 16.86x S&P Issuer Ratings 131'717.00 Long-Term Rating Date 09.01.2007 81'192.00 Long-Term Rating NR 6.66% Long-Term Outlook 6.61% Short-Term Rating Date 1.90% Short-Term Rating 4.54% Credit Ratios 3.18% EBITDA/Interest Exp. 21.47 1.07% (EBITDA-Capex)/Interest Exp. 14.55 Net Debt/EBITDA 1.73 30.5% Total Debt/EBITDA 3.03 10.8% Reference 6.7% Total Debt/Equity 77.4% 3.4% Total Debt/Capital 43.0% Asset Turnover 1.07 1.59 Net Fixed Asset Turnover 5.72 0.82 Accounts receivable turnover-days 58.99 33.59% Inventory Days 98.67 77.39% Accounts Payable Turnover Day 48.36 6.20 Cash Conversion Cycle 104.73 3.71

Price/ Cash Flow

Sales/Revenue/Turnover

18.00

1'400'000.0

16.00

1'200'000.0

14.00

1'000'000.0

12.00 10.00

800'000.0

8.00

600'000.0

6.00

400'000.0

4.00

200'000.0

2.00 0.00 03.04.2009

a-12 m-12

Fiscal Year Ended 31.03.2008 1'290'893.0 1.17x 179'866.0 8.41x 75'223.0 16.27x

4500

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Daikin Industries Ltd Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO MITSUI TRUS MITSUBISHI UFJ FINAN NOMURA SUMITOMO METAL INDUS PANASONIC CORP NIKKO ASSET MANAGEME STATE STREET CUSTODI NORINCHUKIN BANK LTD MITSUI SUMITOMO INSU SENSHU IKEDA HOLDING DAIWA SECURITIES GRO BLACKROCK FMR LLC VANGUARD GROUP INC NEC CORP DAIKIN INDUSTRIES LT TAKASHIMAYA CO LTD SUMITOMO REALTY & DE

Firm Name Credit Suisse SMBC Nikko Securities Inc Morgan Stanley Macquarie Iwai Cosmo Securities Co. Ltd Mizuho Securities Nomura Tachibana Securities Daiwa Securities Co. Ltd. Goldman Sachs BNP Paribas Equity Research EVA Dimensions Barclays JPMorgan Mito Securities

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

Analyst SHINJI KURODA TAKU OUCHI YOSHINAO IBARA DAMIAN THONG HITOSHI OHNISHI JUNJI SAKURADA RYO TAZAKI YOSHIKAZU SHIMADA HIROSUKE TAI YUICHIRO ISAYAMA CHRISTOPHER CINTAVEY CRAIG STERLING KUNIO SAKAIDA TORU NAKAHASHI YOICHIRO WATANABE

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

Recommendation underperform neutral Equalwt/Attractive outperform Neutral Plus buy neutral outperform neutral buy/attractive buy underweight equalweight neutral neutral

Amt Held 32'022'000 19'312'000 16'425'300 14'877'186 11'169'600 9'200'000 7'500'000 6'525'300 6'243'000 4'999'000 3'962'000 3'250'000 2'830'800 2'496'200 2'263'034 2'242'164 2'228'000 2'024'300 1'715'000 1'656'400

% Out 10.92 6.59 5.6 5.08 3.81 3.14 2.56 2.23 2.13 1.71 1.35 1.11 0.97 0.85 0.77 0.76 0.76 0.69 0.59 0.57

Weighting

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

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

Latest Chg 4'554'000 1'003'000 (8'402'600) 306'400 (544'500) (117'000) (500'000) 131'500 87'000 28'819 61'819 (40) -

Target Price 3'300 3'800 3'300 4'150 4'200 4'300 3'350 #N/A N/A 3'500 3'900 4'400 #N/A N/A 2'450 2'400 #N/A N/A

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

File Dt 30.09.2012 30.09.2012 31.01.2013 07.11.2012 14.12.2012 30.09.2012 30.09.2012 31.01.2013 30.09.2012 30.09.2012 31.03.2012 31.03.2012 28.02.2013 25.03.2013 31.01.2013 31.12.2012 31.03.2012 30.09.2012 29.02.2012 31.03.2012

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

Inst Type Bank Bank Bank Holding Company Unclassified Corporation Corporation Unclassified Other Investment Advisor Insurance Company Holding Company Holding Company Investment Advisor Investment Advisor Investment Advisor Corporation Corporation Corporation Corporation

Date 19.03.2013 14.03.2013 05.03.2013 04.03.2013 26.02.2013 22.02.2013 21.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 15.01.2013 05.12.2012 08.11.2012 13.10.2010

27.03.2013

Daito Trust Construction Co Ltd DAITO TRUST CONSTRUCTION CO., LTD. operates building construction and real estate businesses. The Company plans and constructs apartment and commercial buildings mainly for land owners. Daito Trust Construction provides brokerage and maintenance services as well.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1878 JT EQUITY YTD Change 1878 JT EQUITY YTD % CHANGE

03/2012 12/yy 9'060.00 6'640.00 675'900.00 8360 -7.73% 25.90% 71.49% 80.6 673'901.94 125'770.00 0.0 1'501.0 226'162.00 594'432.93

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 j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 641'045.0 0.60x 69'749.0 5.51x 44'478.0 13.99x

10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 m-12 a-12 m-12

31.03.2009 31.03.2010 954'881.0 972'616.0 0.20x 0.33x 72'916.0 73'701.0 2.61x 4.40x 42'129.0 45'353.0 9.45x 11.67x Profitability

LTM-4Q 31.03.2011 1'001'169.0 0.39x 76'651.0 5.15x 43'151.0 14.91x

LTM

FY+1

3.68 0.63 74.27 19.85% 4.53% 0.632 12 4.000 650'880 603'153 550'719 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'087'128.0 ######### ######### ######### ######### 0.45x 1.79x 1.89x 0.48x 0.43x 85'087.0 86'450.0 85'101.0 86'884.2 93'903.3 5.78x 5.66x 6.70x 6.84x 6.33x 47'103.0 46'079.0 49'943.0 50'814.7 55'373.8 12.50x 12.24x 12.99x 13.16x 12.07x S&P Issuer Ratings 85'087.00 Long-Term Rating Date 09.01.2007 81'975.00 Long-Term Rating NR 7.54% Long-Term Outlook 7.97% Short-Term Rating Date 8.42% Short-Term Rating 30.29% Credit Ratios 16.88% EBITDA/Interest Exp. 64.61 2.05% (EBITDA-Capex)/Interest Exp. 62.22 Net Debt/EBITDA -1.17 19.7% Total Debt/EBITDA 1.42 7.4% Reference 7.1% Total Debt/Equity 83.6% 4.3% Total Debt/Capital 45.3% Asset Turnover 2.05 1.98 Net Fixed Asset Turnover 13.93 1.31 Accounts receivable turnover-days 12.63 22.10% Inventory Days 5.94 83.56% Accounts Payable Turnover Day 14.23 28.98 Cash Conversion Cycle 2.61 61.64

Price/ Cash Flow

Sales/Revenue/Turnover

18.00

1'200'000.0

16.00

1'000'000.0

14.00

800'000.0

12.00 10.00

600'000.0

8.00

400'000.0

6.00 4.00

200'000.0

2.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Daito Trust Construction Co Ltd Holdings By:

All

Holder Name ABERDEEN STATE STREET JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF BLACKROCK MELLON BANK NA DEUTSCHE SECURITIES DAITO TRUST CONSTRUC CO'S COOP MOCHIKABUK SUMITOMO REALTY & DE SUMITOMO MITSUI FINA VANGUARD GROUP INC STATE STREET CUSTODI BANK OF NEW YORK MEL WILLIAM BLAIR & COMP CAPITAL GROUP COMPAN ING INVESTMENT MANAG SOCIETE GENERALE FMR LLC NOMURA

Firm Name

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

Analyst

Barclays TAKASHI HASHIMOTO EVA Dimensions AUSTIN BURKETT Credit Suisse MASAHIRO MOCHIZUKI SMBC Nikko Securities Inc HIROKI KAWASHIMA Nomura DAISUKE FUKUSHIMA TIW YOSHITANE HORIBE Daiwa Securities Co. Ltd. HIDEAKI TERAOKA Mitsubishi UFJ Morgan Stanley SecuritieTOSHIYA MIZUTANI Deutsche Bank YOJI OTANI Morgan Stanley TOMOYOSHI OMURO Ji Asia MARK S BROWN Mizuho Securities HIROSHI OKUBO

Source ULT-AGG ULT-AGG Co File Co File ULT-AGG Co File Co File MOF-JP Co File Co File ULT-AGG MF-AGG ULT-AGG Co File 13F ULT-AGG MF-AGG Short ULT-AGG ULT-AGG

Recommendation equalweight buy outperform neutral buy Neutral Minus outperform outperform hold not rated buy suspended coverage

Amt Held % Out 9'437'684 11.71 3'839'519 4.76 3'749'000 4.65 3'105'000 3.85 2'948'646 3.66 2'662'000 3.3 1'887'000 2.34 1'824'303 2.26 1'662'000 2.06 1'606'000 1.99 1'474'000 1.83 1'408'597 1.75 1'353'000 1.68 1'279'000 1.59 1'112'300 1.38 897'700 1.11 773'890 0.96 (681'026) -0.84 649'393 0.81 560'800 0.7

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

Change M U M M M D M M M M M M

Latest Chg (259'800) 300 (173'000) (794'889) 930'403 119'837 93'000 12'000 4'400 (681'026) 116'247 49'800

Target Price 9'400 #N/A N/A 8'800 8'240 9'400 #N/A N/A 9'500 11'500 8'400 #N/A N/A 9'600 #N/A N/A

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

File Dt 28.02.2013 26.03.2013 30.09.2012 30.09.2012 25.03.2013 30.09.2012 30.09.2012 28.02.2013 30.09.2012 30.09.2012 30.09.2012 31.12.2012 30.09.2012 31.03.2012 31.12.2012 31.12.2012 31.12.2012 25.03.2013 31.01.2013 28.02.2013

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

Inst Type Unclassified Investment Advisor Bank Bank Investment Advisor Investment Advisor Bank Corporation n/a Corporation Bank Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Unclassified

Date 27.03.2013 22.03.2013 13.03.2013 05.03.2013 04.03.2013 19.02.2013 07.02.2013 04.02.2013 29.10.2012 04.09.2012 02.08.2012 01.02.2012

27.03.2013

Daiwa House Industry Co Ltd DAIWA HOUSE INDUSTRY CO., LTD. designs and builds residential, commercial, and institutional buildings. The Company constructs single-family houses, collective housings, condominiums, stores, office buildings, factories, and hospitals. DAIWA HOUSE INDUSTRY also operates real estate businesses. The Company, through its subsidiaries, manages hotels and golf country clubs.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.03.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1925 JT EQUITY YTD Change 1925 JT EQUITY YTD % CHANGE

03/2012 12/yy 1'899.00 967.00 2'260'000.00 1858 -2.16% 92.14% 95.39% 599.9 1'114'654.75 408'802.00 0.0 779.0 249'727.00 1'377'629.80

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

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 1'709'254.0 0.42x 124'741.0 5.75x 13'079.0 43.94x

2000 1800 1600 1400 1200 1000 800 600 400 200 0 m-12

31.03.2009 31.03.2010 1'690'956.0 1'609'883.0 0.41x 0.56x 112'898.0 106'631.0 6.19x 8.42x 4'170.0 19'113.0 110.00x 31.97x Profitability

LTM-4Q 31.03.2011 1'690'151.0 0.51x 132'310.0 6.47x 27'267.0 21.70x

LTM

FY+1

0.85 522.19 71.18% 27.65% 0.855 14 4.286 2'656'800 2'944'500 2'664'810 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'848'797.0 ######### ######### ######### ######### 0.43x 1.84x 1.83x 0.64x 0.56x 158'745.0 64'152.0 160'545.0 179'074.0 187'216.6 5.00x 0.00x 6.97x 7.69x 7.36x 33'200.0 14'314.0 52'858.0 65'319.1 77'191.7 19.07x 37.12x 16.19x 16.63x 14.10x S&P Issuer Ratings 158'745.00 Long-Term Rating Date 09.01.2007 114'955.00 Long-Term Rating NR 6.22% Long-Term Outlook 5.03% Short-Term Rating Date 1.79% Short-Term Rating 5.53% Credit Ratios 3.72% EBITDA/Interest Exp. 24.93 0.93% (EBITDA-Capex)/Interest Exp. 9.41 Net Debt/EBITDA 1.00 20.6% Total Debt/EBITDA 2.39 8.4% Reference 6.0% Total Debt/Equity 62.2% 1.8% Total Debt/Capital 38.3% Asset Turnover 0.93 1.34 Net Fixed Asset Turnover 2.49 0.55 Accounts receivable turnover-days 16.70 19.60% Inventory Days 86.37 62.21% Accounts Payable Turnover Day 41.76 21.92 Cash Conversion Cycle 63.30 4.24

Price/ Cash Flow

Sales/Revenue/Turnover

6.00

2'000'000.0 1'800'000.0

5.00

1'600'000.0 1'400'000.0

4.00

1'200'000.0

3.00

1'000'000.0 800'000.0

2.00

600'000.0 400'000.0

1.00 0.00 03.04.2009

200'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Daiwa House Industry Co Ltd Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF DAIWA HOUSE INDUSTRY MITSUBISHI UFJ FINAN NIPPON LIFE INSURANC SUMITOMO MITSUI FINA EMPLOYEES' STOCKHOLD STATE STREET CUSTODI SUMITOMO MITSUI TRUS NIKKO ASSET MANAGEME EUROPEAN INVESTORS I DAI ICHI LIFE INSURA NOMURA VANGUARD GROUP INC MITSUI SUMITOMO INSU SUMITOMO WAREHOUSE C DAIDO LIFE INSURANCE BLACKROCK DAIWA SECURITIES GRO NANTO BANK LTD/THE

Firm Name

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

Analyst

Nomura DAISUKE FUKUSHIMA Credit Suisse MASAHIRO MOCHIZUKI SMBC Nikko Securities Inc HIROKI KAWASHIMA Deutsche Bank YOJI OTANI Mitsubishi UFJ Morgan Stanley SecuritieKOUKI OZAWA Ji Asia MARK S BROWN Morgan Stanley TOMOYOSHI OMURO JPMorgan HIROKAZU ANAI Barclays TAKASHI HASHIMOTO EVA Dimensions AUSTIN BURKETT Daiwa Securities Co. Ltd. HIDEAKI TERAOKA Mizuho Securities HIROSHI OKUBO

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

Recommendation neutral outperform neutral buy outperform buy Overwt/In-Line overweight equalweight buy neutral suspended coverage

Amt Held 37'707'000 33'228'000 21'227'000 19'148'849 16'382'000 16'117'000 13'901'000 11'868'000 11'801'000 9'863'000 9'024'200 8'626'000 7'462'000 5'949'348 5'369'000 5'003'000 5'000'000 4'907'860 3'669'000 3'276'304

% Out 6.29 5.54 3.54 3.19 2.73 2.69 2.32 1.98 1.97 1.64 1.5 1.44 1.24 0.99 0.89 0.83 0.83 0.82 0.61 0.55

Weighting

Change

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

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

Latest Chg (1'023'076) 5'000 (24'571'000) 487'000 275'000 467'000 401'136 (1'717'550) 121'000 -

Target Price 1'950 2'400 1'760 2'000 1'930 2'200 1'620 2'000 1'610 #N/A N/A 1'220 #N/A N/A

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

File Dt 30.09.2012 30.09.2012 30.09.2012 20.12.2012 20.12.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 13.04.2012 31.12.2012 30.09.2012 28.02.2013 31.12.2012 31.03.2012 31.03.2012 31.03.2012 25.03.2013 28.02.2013 31.03.2012

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

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

Date 19.03.2013 18.03.2013 14.03.2013 27.02.2013 20.02.2013 13.02.2013 08.02.2013 08.02.2013 08.02.2013 15.01.2013 28.11.2012 01.02.2012

27.03.2013

Daiwa Securities Group Inc Daiwa Securities Group Inc. is a holding company. The Group provides a comprehensive financial services including dealing, brokerage, underwriting, and distribution of securities. Other services are research & systems development, custody service, and asset management. Daiwa has subsidiaries in US, Europe, Asia, and Middle East.

Price/Volume 45.0 M

700

40.0 M

600

35.0 M 30.0 M

500

25.0 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8601 JT EQUITY YTD Change 8601 JT EQUITY YTD % CHANGE

03/2012 12/yy 692.00 235.00 12'569'000.00 672 -2.89% 185.96% 93.44% 1'749.4 1'175'582.50 13'883'379.00 0.0 163'774.0 1'050'468.00 12'072'076.53

31.03.2008 782'406.0 19.33x 450'119.0 33.60x 46'411.0 25.65x

20.0 M

300

15.0 M

200

10.0 M

100

5.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

800

31.03.2009 31.03.2010 355'630.0 506'993.0 30.47x 27.78x 57'648.0 189'025.0 187.95x 74.52x (85'039.0) 43'429.0 18.63x Profitability

LTM-4Q 31.03.2011 380'575.0 34.82x 61'711.0 214.71x (37'331.0) -

31.03.2012 395'614.0 34.25x 78'846.0 171.85x (39'434.0) -

78'846.00 -7.16% -4.27% 0.00% -0.08% 0.01% 0.02% 26.7% -10.0% 73.36% 1762.01% -

Price/ Cash Flow

LTM

FY+1

0.89 1.49 1'639.87 97.90% 41.47% 1.489 12 3.083 20'001'800 21'545'130 21'659'340 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 363'818.0 433'173.0 368'738.3 383'673.2 105'670.5 86'200.0 135.56x 114.67x 5.34x 4.88x 28'564.0 0.0 70'799.7 94'962.0 0.00x 0.00x 170.51x 127.13x (83'484.0) 35'057.0 38'035.5 59'733.2 14'302.0 5'300.0 0.00x 22.96x 32.57x 21.10x S&P Issuer Ratings Long-Term Rating Date 11.09.2009 Long-Term Rating BBB Long-Term Outlook NEG Short-Term Rating Date 29.09.2004 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 108.33 Total Debt/EBITDA 118.40 Reference Total Debt/Equity 1762.0% Total Debt/Capital 93.6% Asset Turnover 0.02 Net Fixed Asset Turnover 1.53 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

3.00

1'000'000.0 900'000.0

2.50

800'000.0 700'000.0

2.00

600'000.0

1.50

500'000.0 400'000.0

1.00

300'000.0 200'000.0

0.50 0.00 03.04.2009

100'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Daiwa Securities Group Inc Holdings By:

All

Holder Name HARRIS ASSOCIATES LP SUMITOMO MITSUI TRUS JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF STATE STREET CUSTODI DAIWA SECURITIES GRO SUMITOMO MITSUI FINA NIKKO ASSET MANAGEME COMPANY'S MOCHIKABUK SUN LIFE FINANCIAL I THIRD AVENUE MANAGEM TAIYO LIFE INSURANCE VANGUARD GROUP INC BLACKROCK NOMURA LITMAN/GREGORY FUND GLG PARTNERS INVESTM TOYO SEIKAN KAISHA L MITSUBISHI UFJ FINAN FRANK RUSSELL TRUST

Firm Name Morgan Stanley SMBC Nikko Securities Inc Macquarie Jefferies Tokai Tokyo Securities Goldman Sachs Credit Suisse JPMorgan Barclays EVA Dimensions Nomura Keefe, Bruyette & Woods

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

Analyst HIDEYASU BAN KOUICHI NIWA ALASTAIR MACDONALD MAKARIM SALMAN TATSUO MAJIMA KATSUNORI TANAKA TAKEHITO YAMANAKA NATSUMU TSUJINO AZUMA OHNO AUSTIN BURKETT YOHEI OHAMA JUN OISHI

Source MOF-JP ULT-AGG Co File Co File ULT-AGG Co File ULT-AGG ULT-AGG Co File ULT-AGG Co File Co File MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG Co File ULT-AGG MF-AGG

Recommendation Equalwt/In-Line outperform outperform buy above average Sell/Neutral neutral neutral underweight sell neutral suspended coverage

Amt Held 172'494'920 114'953'000 75'520'000 61'518'000 43'941'000 35'734'000 30'328'000 27'670'000 23'146'000 22'782'000 22'489'000 21'140'000 16'119'487 15'226'588 13'916'000 12'425'000 7'978'000 7'546'454 6'794'000 6'693'000

% Out 9.86 6.57 4.32 3.52 2.51 2.04 1.73 1.58 1.32 1.3 1.29 1.21 0.92 0.87 0.8 0.71 0.46 0.43 0.39 0.38

Weighting

Change

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

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

Latest Chg (18'915'000) (36'152'000) 9'993'000 1'970'000 (213'000) (36'000) 11'970'000 (1'699'000) (10'000'000) 345'078 136'000 (212'000) 109'000 6'669'500 81'000

Target Price 750 650 720 625 #N/A N/A 370 540 490 330 #N/A N/A 320 #N/A N/A

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

File Dt Inst Type 15.03.2013 Investment Advisor 30.11.2012 Bank 30.09.2012 Bank 30.09.2012 Bank 30.09.2012 Other 30.09.2012 Holding Company 30.09.2012 Bank 30.11.2012 Unclassified 30.09.2012 n/a 31.01.2013 Investment Advisor 30.09.2012 Hedge Fund Manager 31.03.2012 Insurance Company 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 28.02.2013 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.03.2012 Corporation 28.02.2013 Holding Company 31.05.2012 Investment Advisor

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

Date 21.03.2013 25.02.2013 14.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 15.01.2013 09.01.2013 06.01.2012

27.03.2013

Denso Corp DENSO CORPORATION manufactures electronic parts for automobiles. The Company's products include automobile air conditioners, air bags, ignition systems, generators, power steering systems, and spark plugs with iridium electrode. The Company also produces communication equipment for mobile navigation system.

Price/Volume 4500

8.0 M

4000

7.0 M

3500

6.0 M

3000

5.0 M

2500

Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6902 JT EQUITY YTD Change 6902 JT EQUITY YTD % CHANGE

03/2012 12/yy 4'210.00 2'242.00 1'126'800.00 4085 -2.97% 82.20% 94.16% 884.1 3'611'420.75 523'545.00 0.0 104'627.0 1'022'142.00 3'202'050.69

31.03.2008 4'025'076.0 0.62x 612'171.0 4.08x 244'417.0 10.73x

3.0 M

1500 1000

2.0 M

500

1.0 M

0 m-12

31.03.2009 31.03.2010 3'142'665.0 2'976'709.0 0.49x 0.67x 239'315.0 374'584.0 6.46x 5.30x (84'085.0) 73'427.0 30.57x Profitability

LTM-4Q 31.03.2011 3'131'460.0 0.57x 381'413.0 4.71x 143'033.0 15.55x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

1.22 1.24 456.88 48.57% 38.31% 1.239 20 4.450 1'933'240 2'394'180 2'380'478 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 3'154'630.0 ######### ######### ######### ######### 907'563.4 919'058.0 0.58x 2.31x 2.00x 0.95x 0.85x 3.54x 341'380.0 283'143.0 445'412.0 439'458.1 506'798.5 124'325.0 119'816.0 5.37x 4.91x 4.39x 7.29x 6.32x 6.54x 89'298.0 50'052.0 183'735.0 167'063.9 210'704.2 37'367.3 54'550.0 24.95x 34.23x 13.01x 19.37x 15.42x 16.69x S&P Issuer Ratings 341'380.00 Long-Term Rating Date 04.03.2011 160'732.00 Long-Term Rating AA5.10% Long-Term Outlook NEG 5.18% Short-Term Rating Date 05.06.1998 4.15% Short-Term Rating A-1+ 7.43% Credit Ratios 6.45% EBITDA/Interest Exp. 51.76 1.00% (EBITDA-Capex)/Interest Exp. 25.46 Net Debt/EBITDA -1.28 13.8% Total Debt/EBITDA 1.06 12.7% Reference 7.6% Total Debt/Equity 26.0% 2.8% Total Debt/Capital 19.8% Asset Turnover 1.00 2.61 Net Fixed Asset Turnover 4.37 2.02 Accounts receivable turnover-days 56.24 14.51% Inventory Days 39.18 26.01% Accounts Payable Turnover Day 50.78 6.51 Cash Conversion Cycle 48.66 9.34

Price/ Cash Flow

Sales/Revenue/Turnover

20.00

4'500'000.0

18.00

4'000'000.0

16.00

3'500'000.0

14.00

3'000'000.0

12.00

2'500'000.0

10.00

2'000'000.0

8.00

1'500'000.0

6.00

1'000'000.0

4.00

500'000.0

2.00 0.00 03.04.2009

a-12 m-12

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

4.0 M

2000

Valuation Analysis

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Denso Corp Holdings By:

All

Holder Name TOYOTA MOTOR CORP DENSO CORP ROBERT BOSCH INVESTM MASTER TRUST BANK OF JAPAN TRUSTEE SERVIC NIPPON LIFE INSURANC EMPLOYEES' STOCKHOLD MITSUI SUMITOMO INSU STATE STREET CUSTODI STATE STREET FMR LLC NOMURA BLACKROCK SUN LIFE FINANCIAL I NIKKO ASSET MANAGEME VANGUARD GROUP INC BANK OF NEW YORK MEL DAIWA SECURITIES GRO MITSUBISHI UFJ FINAN TOKIO MARINE & NICHI

Firm Name

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

Analyst

Tokai Tokyo Securities YUSUKE MIURA Macquarie CLIVE WIGGINS Morgan Stanley SHINJI KAKIUCHI Credit Suisse MASAHIRO AKITA JPMorgan KOHEI TAKAHASHI SMBC Nikko Securities Inc TAKAO OSHITARI Mizuho Securities TAIRIKU SAKAGUCHI Tachibana Securities KENTARO HAYASHI Goldman Sachs KOTA YUZAWA TIW SATORU TAKADA Nomura HISAHIRO YAMAOKA Mitsubishi UFJ Morgan Stanley SecuritieTORU IWAI EVA Dimensions CRAIG STERLING Deutsche Bank KURT SANGER Marusan Securities SHOGO OKI Daiwa Securities Co. Ltd. SHIRO SAKAMAKI

Source ULT-AGG MOF-JP MOF-JP Co File Co File ULT-AGG Co File Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG Co File

Recommendation above average outperform Overwt/In-Line outperform neutral neutral neutral Strong Outperform Buy/Neutral Neutral Plus buy outperform overweight buy outperform outperform

Amt Held 274'217'583 89'138'087 35'438'900 32'375'000 31'485'000 24'743'500 20'101'000 15'148'000 11'126'000 10'398'357 9'829'042 7'569'400 6'338'136 5'721'000 4'664'600 4'582'245 4'393'314 3'821'900 3'343'100 2'832'949

% Out 31.02 10.08 4.01 3.66 3.56 2.8 2.27 1.71 1.26 1.18 1.11 0.86 0.72 0.65 0.53 0.52 0.5 0.43 0.38 0.32

Weighting

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

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

Latest Chg 307 (11'000'100) 1'264'000 306'000 3'000 673'000 400 136'000 322'500 (941'972) 115'600 94'876 131'200 (2'900) 85'640 7'200 123'700 (100) -

Target Price #N/A N/A 5'000 4'400 4'050 3'700 3'630 3'800 #N/A N/A 4'100 #N/A N/A 4'050 3'600 #N/A N/A 3'000 #N/A N/A 2'800

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

File Dt 14.12.2012 31.12.2012 01.11.2012 30.09.2012 30.09.2012 20.11.2012 30.09.2012 30.09.2012 30.09.2012 26.03.2013 31.01.2013 28.02.2013 25.03.2013 31.01.2013 26.03.2013 31.12.2012 26.03.2013 28.02.2013 28.02.2013 31.03.2012

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

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

Date 22.03.2013 21.03.2013 08.03.2013 25.02.2013 22.02.2013 15.02.2013 14.02.2013 12.02.2013 07.02.2013 05.02.2013 01.02.2013 18.01.2013 17.01.2013 06.12.2012 14.11.2012 05.11.2012

27.03.2013

East Japan Railway Co East Japan Railway Company provides rail transportation services in the Kanto and Tohoku regions, including Tokyo. The Company's services include the shinkansen (bullet train) network and the Tokyo metropolitan network. East Japan Railway also leases real estate and operates hotel, travel, and restaurant businesses.

Price/Volume 9000

3.0 M

8000

2.5 M

7000 6000

2.0 M

5000

03/2012 12/yy 8'060.00 4'480.00 1'025'700.00 7770 -3.60% 73.44% 92.74% 396.0 3'076'920.00 3'397'586.00 0.0 16'229.0 105'772.00 6'443'068.00

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

3000

1.0 M

2000

.5 M

1000 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 2'703'563.0 2.51x 780'745.0 8.70x 189'672.0 17.47x

1.5 M

4000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 9020 JT EQUITY YTD Change 9020 JT EQUITY YTD % CHANGE

31.03.2009 31.03.2010 2'696'999.0 2'573'723.0 2.00x 2.30x 775'655.0 701'212.0 6.96x 8.44x 187'291.0 120'214.0 10.95x 21.43x Profitability

LTM-4Q 31.03.2011 2'537'353.0 2.04x 711'500.0 7.26x 76'224.0 24.00x

LTM

FY+1

1.48 0.60 357.60 47.89% 40.32% 0.598 17 4.294 1'424'940 1'555'350 1'368'316 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 2'532'173.0 ######### ######### ######### ######### 661'772.3 2.12x 8.47x 8.16x 2.33x 2.28x 718'728.0 685'853.0 752'112.0 762'288.6 793'844.7 7.47x 7.74x 7.41x 8.45x 8.12x 108'737.0 40'302.0 187'374.0 183'698.2 199'495.9 8'346.0 18.95x 48.10x 11.77x 16.73x 15.34x S&P Issuer Ratings 718'728.00 Long-Term Rating Date 17.03.1998 360'024.00 Long-Term Rating AA14.22% Long-Term Outlook NEG 9.24% Short-Term Rating Date 2.27% Short-Term Rating 8.33% Credit Ratios 3.93% EBITDA/Interest Exp. 7.11 0.38% (EBITDA-Capex)/Interest Exp. 3.08 Net Debt/EBITDA 4.31 32.4% Total Debt/EBITDA 4.45 29.2% Reference 15.8% Total Debt/Equity 181.3% 4.3% Total Debt/Capital 64.2% Asset Turnover 0.38 0.55 Net Fixed Asset Turnover 0.45 0.37 Accounts receivable turnover-days 44.80 48.12% Inventory Days 14.47 181.26% Accounts Payable Turnover Day 9.11 8.17 Cash Conversion Cycle 47.80 25.30

Price/ Cash Flow

Sales/Revenue/Turnover

6.00

2'750'000.0

5.00

2'700'000.0 2'650'000.0

4.00

2'600'000.0 3.00

2'550'000.0

2.00

2'500'000.0

1.00

2'450'000.0

0.00 03.04.2009

2'400'000.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

East Japan Railway Co Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MIZUHO FINANCIAL GRO MASTER TRUST BANK OF MITSUBISHI UFJ FINAN EMPLOYEES' STOCKHOLD SUMITOMO MITSUI FINA STATE STREET CUSTODI NIPPON LIFE INSURANC DAI ICHI LIFE INSURA BLACKROCK EAST JAPAN RAILWAY C VANGUARD GROUP INC TOKIO MARINE & NICHI NOMURA MITSUI SUMITOMO INSU NIKKO ASSET MANAGEME MITSUBISHI ELECTRIC SOMPO JAPAN INSURANC TEKKEN CORP NIPPON STEEL & SUMIT

Firm Name

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

Analyst

JPMorgan HITOSHI HOSOYA Macquarie NICHOLAS CUNNINGHAM EVA Dimensions CRAIG STERLING Morgan Stanley TAKUYA OSAKA Goldman Sachs HIROYUKI SAKAIDA Barclays RYOTA HIMENO SMBC Nikko Securities Inc OSUKE ITAZAKI Mito Securities KEITA WAKABAYASHI Okasan Securities SHINICHI YAMAZAKI Mizuho Securities SATORU KUNIEDA Nomura MASAHARU HIROKANE Mitsubishi UFJ Morgan Stanley SecuritieYUSUKE ARAMAKI Daiwa Securities Co. Ltd. HAJIME HITOTSUYANAGI

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

Recommendation overweight outperform underweight Overwt/In-Line neutral/neutral overweight neutral Neutral Plus buy neutral buy outperform outperform

Amt Held 21'428'800 20'206'700 16'129'000 13'595'900 13'433'400 10'530'300 9'363'700 8'362'700 8'000'000 5'566'729 4'315'300 3'321'817 3'051'260 2'956'800 2'350'000 1'501'400 1'318'000 1'221'200 1'200'000 1'113'400

% Out 5.41 5.1 4.07 3.43 3.39 2.66 2.36 2.11 2.02 1.41 1.09 0.84 0.77 0.75 0.59 0.38 0.33 0.31 0.3 0.28

Weighting

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

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

Latest Chg 1'177'900 (14'200) (534'900) 12'300 254'100 78'200 700 (123'712) 600 124'383 (247'500) 49'500 -

Target Price 10'500 9'000 #N/A N/A 8'000 6'600 7'600 6'300 #N/A N/A 7'500 6'400 7'500 6'800 6'100

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

File Dt 30.09.2012 29.10.2012 30.09.2012 28.02.2013 30.09.2012 30.09.2012 30.09.2012 20.12.2012 30.09.2012 25.03.2013 30.09.2012 31.12.2012 31.03.2012 28.02.2013 31.03.2012 26.03.2013 31.03.2012 31.03.2012 31.03.2012 31.03.2012

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

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

Date 18.03.2013 18.03.2013 11.03.2013 08.03.2013 04.03.2013 22.02.2013 15.02.2013 12.02.2013 04.02.2013 31.01.2013 28.01.2013 17.01.2013 10.12.2012

27.03.2013

Eisai Co Ltd Eisai Co., Ltd. produces prescription drugs and medical equipment and sells mainly to sales agents and subsidiaries. Through its subsidiary, Sanko Junyaku, the Company produces and sells diagnostic drugs. Eisai also markets its products through related companies in the US, Europe, and Asia. The Company also manufactures and sells foods, livestock feeds, chemical, and agrochemicals.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.03.2013) 52-Week Low (09.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 4523 JT EQUITY YTD Change 4523 JT EQUITY YTD % CHANGE

03/2012 12/yy 4'405.00 3'070.00 927'400.00 4270 -3.06% 39.09% 94.38% 296.6 1'266'340.88 350'142.00 0.0 5'643.0 188'181.00 1'420'232.87

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

6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 734'419.0 1.72x 52'308.0 24.17x (17'012.0) -

5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 m-12

31.03.2009 31.03.2010 781'708.0 803'138.0 1.41x 1.52x 150'439.0 143'776.0 7.30x 8.46x 47'678.0 40'338.0 17.21x 23.56x Profitability

LTM-4Q 31.03.2011 768'925.0 1.38x 164'381.0 6.44x 67'394.0 12.62x

31.03.2012 647'925.0 1.71x 144'442.0 7.65x 58'511.0 16.02x 144'442.00 95'748.00 14.78% 14.61% 5.33% 12.56% 7.54% 0.65% 73.2% 21.7% 13.6% 9.0% 2.53 1.85 34.85% 83.81% 3.26 2.31

Price/ Cash Flow

LTM

FY+1

3.51 0.55 262.90 34.28% 20.83% 0.549 15 2.733 1'231'380 1'359'170 1'406'410 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 659'785.0 574'776.0 578'892.3 574'221.4 138'900.0 6.60x 8.00x 2.30x 2.26x 134'770.0 117'450.0 120'283.1 128'342.8 32'700.0 8.17x 10.05x 11.81x 11.07x 49'213.0 43'331.0 49'060.8 52'585.7 10'268.0 18.44x 23.68x 23.93x 22.37x S&P Issuer Ratings Long-Term Rating Date 09.01.2007 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 20.96 (EBITDA-Capex)/Interest Exp. 19.30 Net Debt/EBITDA 1.15 Total Debt/EBITDA 2.30 Reference Total Debt/Equity 83.8% Total Debt/Capital 45.3% Asset Turnover 0.65 Net Fixed Asset Turnover 4.39 Accounts receivable turnover-days 112.18 Inventory Days 158.13 Accounts Payable Turnover Day 46.79 Cash Conversion Cycle 215.25 Sales/Revenue/Turnover

14.00

900'000.0

12.00

800'000.0 700'000.0

10.00

600'000.0

8.00

500'000.0

6.00

400'000.0 300'000.0

4.00

200'000.0

2.00 0.00 03.04.2009

100'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Eisai Co Ltd Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF NIPPON LIFE INSURANC WELLINGTON MANAGEMEN EISAI CO LTD RESONA HOLDINGS INC VANGUARD GROUP INC STATE STREET CUSTODI MIZUHO FINANCIAL GRO EMPLOYEES' STOCKHOLD NOMURA JP MORGAN CHASE BANK NAITO FOUNDATION NIKKO ASSET MANAGEME BLACKROCK DAIWA SECURITIES GRO TRUST & CUSTODY SERV TOKIO MARINE & NICHI JOYO BANK LTD/THE JP MORGAN WHITEFRIAR

Firm Name

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

Analyst

Daiwa Securities Co. Ltd. AKITADA IWASA Jefferies NAOMI KUMAGAI Tokai Tokyo Securities TAKASHI AKAHANE Credit Suisse FUMIYOSHI SAKAI Morgan Stanley MAYO MITA SMBC Nikko Securities Inc YASUHIRO NAKAZAWA Mitsubishi UFJ Morgan Stanley SecuritieTOSHIYUKI HIBINO Barclays ATSUSHI SEKI Mizuho Securities HIROSHI TANAKA TIW SEIHEI MORITA JPMorgan MASAYUKI ONOZUKA Nomura RYOICHI URUSHIHARA EVA Dimensions ANDREW S ZAMFOTIS

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

Recommendation neutral underperform strong buy neutral Underwt/In-Line neutral neutral equalweight neutral Neutral Minus underweight neutral overweight

Amt Held % Out 21'283'000 7.18 17'064'000 5.75 15'571'100 5.25 15'062'695 5.08 11'562'900 3.9 11'153'000 3.76 9'990'206 3.37 7'590'000 2.56 7'427'569 2.5 7'193'000 2.43 5'594'500 1.89 5'333'000 1.8 4'207'000 1.42 3'998'800 1.35 3'376'000 1.14 3'186'100 1.07 2'974'000 1 2'660'796 0.9 2'484'100 0.84 (2'400'100) -0.81

Weighting

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

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

Latest Chg 2'857'000 1'888'000 (9'800) (23'000) 80'318 303'000 (2'899'772) 76'000 (160'000) 1'615'000 (5'100) 7'200 34'600 400

Target Price 4'400 2'800 #N/A N/A 3'700 3'100 3'800 3'000 3'000 3'800 #N/A N/A 2'900 3'900 #N/A N/A

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

File Dt 30.09.2012 30.09.2012 30.09.2012 31.05.2012 30.09.2012 30.09.2012 31.12.2012 30.09.2012 30.09.2012 30.09.2012 28.02.2013 30.09.2012 30.09.2012 26.03.2013 25.03.2013 28.02.2013 30.09.2012 31.03.2012 31.03.2012 01.03.2013

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

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

Date 15.03.2013 14.03.2013 11.03.2013 11.03.2013 08.03.2013 05.03.2013 27.02.2013 22.02.2013 18.02.2013 06.02.2013 01.02.2013 01.02.2013 15.01.2013

27.03.2013

FANUC Corp FANUC CORPORATION manufactures factory automation (FA) systems and equipments, and robots. The Company's products include computerized numerically-controlled (CNC) equipment, servo motors, laser systems, industrial robots, wire-cut electric discharge machines, and CNC drill. Fanuc participates in a joint venture with General Electric in the FA field.

Price/Volume 18000

6.0 M

16000

5.0 M

14000 12000

4.0 M

10000

03/2012 12/yy 17'130.00 11'240.00 1'046'500.00 14740 -13.95% 31.14% 60.10% 239.5 3'530'352.50 0.00 0.0 3'999.0 637'076.00 2'860'502.59

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

6000

2.0 M

4000

1.0 M

2000 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 468'399.0 3.07x 202'007.0 7.11x 127'030.0 15.51x

3.0 M

8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.01.2013) 52-Week Low (03.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6954 JT EQUITY YTD Change 6954 JT EQUITY YTD % CHANGE

31.03.2009 31.03.2010 388'271.0 253'393.0 2.18x 5.71x 148'961.0 68'858.0 5.69x 21.00x 97'162.0 37'511.0 14.18x 52.84x Profitability

LTM-4Q 31.03.2011 446'201.0 4.22x 203'078.0 9.28x 120'155.0 20.51x

31.03.2012 538'492.0 4.16x 237'300.0 9.44x 138'819.0 20.70x 237'300.00 221'834.00 41.20% 42.45% 11.87% 13.54% 13.55% 0.48% 51.3% 41.9% 38.7% 25.8% 7.36 6.37 0.00% 0.00% 6.20 3.30

Price/ Cash Flow

LTM

FY+1

1.37 1.19 194.21 -3.57% -7.41% 1.194 21 2.476 1'622'580 1'467'050 1'644'345 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 521'989.0 520'422.0 484'752.2 472'779.7 94'533.3 13.79x 16.14x 5.86x 5.84x 238'210.0 217'488.0 199'430.5 197'668.8 7.25x 11.25x 14.34x 14.47x 139'542.0 128'039.0 117'925.9 116'586.3 22'331.0 16.52x 24.34x 24.31x 24.75x S&P Issuer Ratings Long-Term Rating Date 09.01.2007 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA -2.98 Total Debt/EBITDA 0.00 Reference Total Debt/Equity 0.0% Total Debt/Capital 0.0% Asset Turnover 0.48 Net Fixed Asset Turnover 2.29 Accounts receivable turnover-days 59.06 Inventory Days 111.05 Accounts Payable Turnover Day 35.37 Cash Conversion Cycle 135.53 Sales/Revenue/Turnover

35.00

600'000.0

30.00

500'000.0

25.00

400'000.0

20.00

300'000.0 15.00

200'000.0 10.00

100'000.0

5.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

FANUC Corp Holdings By:

All

Holder Name FANUC CORP STATE STREET MASTER TRUST BANK OF JAPAN TRUSTEE SERVIC SUMITOMO MITSUI TRUS NOMURA JANUS CAPITAL MANAGE HARBOR CAPITAL ADVIS STATE STREET CUSTODI FIRST EAGLE INVESTME NIKKO ASSET MANAGEME JP MORGAN SECURITIES MELLON BANK NA JP MORGAN CHASE BANK DAIWA SECURITIES GRO VANGUARD GROUP INC CARMIGNAC GESTION BLACKROCK MITSUBISHI UFJ FINAN FMR LLC

Firm Name

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

Analyst

SMBC Nikko Securities Inc TAKU OUCHI Deutsche Bank TAKESHI KITAURA Jefferies YUKIHIRO KUMAGAI Goldman Sachs YUICHIRO ISAYAMA Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA Mizuho Securities JUNJI SAKURADA Credit Suisse SHINJI KURODA Macquarie KENJIN HOTTA JPMorgan TORU NAKAHASHI Daiwa Securities Co. Ltd. HIROKAZU MIYAGI Nomura KATSUSHI SAITO Morgan Stanley YOSHINAO IBARA BNP Paribas Equity Research CHRISTOPHER CINTAVEY Ji Asia TONY MOYER EVA Dimensions CRAIG STERLING Barclays KUNIO SAKAIDA Mito Securities YOICHIRO WATANABE

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

Recommendation underperform hold underperform neutral/attractive outperform underperform neutral neutral neutral neutral neutral Equalwt/Attractive reduce sell underweight equalweight Neutral Plus

Amt Held 43'785'800 22'856'935 14'343'000 14'314'000 5'947'905 5'394'200 5'208'249 4'806'400 4'283'000 4'275'220 3'951'300 3'313'000 3'235'000 3'144'000 2'853'500 2'667'557 2'557'000 2'145'010 2'117'300 1'998'457

% Out 18.28 9.54 5.99 5.98 2.48 2.25 2.17 2.01 1.79 1.78 1.65 1.38 1.35 1.31 1.19 1.11 1.07 0.9 0.88 0.83

Weighting

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

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

Latest Chg 6'300 (1'133'000) 895'000 840'000 (6'488'200) 35'800 89'500 (52'200) (446'000) 104'100 435'000 (68'000) 380'000 99'400 31'966 (8'232) (21'500) (922'373)

Target Price 10'900 14'600 11'200 15'500 17'000 11'100 12'500 12'000 10'500 13'500 13'200 14'000 11'800 11'150 #N/A N/A 12'000 18'700

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

File Dt Inst Type 30.09.2012 Corporation 26.03.2013 Investment Advisor 30.09.2012 Bank 30.09.2012 Bank 15.03.2013 Bank 28.02.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Other 30.09.2012 Hedge Fund Manager 15.03.2013 Unclassified 30.09.2012 Bank 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 28.02.2013 Holding Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 28.02.2013 Holding Company 31.01.2013 Investment Advisor

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

Date 14.03.2013 12.03.2013 12.03.2013 08.03.2013 27.02.2013 22.02.2013 04.02.2013 29.01.2013 28.01.2013 28.01.2013 28.01.2013 25.01.2013 25.01.2013 25.01.2013 17.01.2013 05.12.2012 27.07.2012

27.03.2013

Fast Retailing Co Ltd FAST RETAILING CO., LTD. operates a chain of clothing stores, UNIQLO, throughout Japan and in other markets overseas including UK, China, Hong Kong, South Korea, US, France, Singapore and Russia. The Company designs, manufactures, and retails its own line of casual clothing.

Price/Volume 35000

6.0 M

30000

5.0 M

25000

4.0 M

20000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (12.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 9983 JT EQUITY YTD Change 9983 JT EQUITY YTD % CHANGE

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

2.0 M

10000

1.0 M

5000 0 m-12 a-12 m-12

31.08.2009 31.08.2010 685'043.0 814'811.0 1.46x 1.24x 124'854.0 152'141.0 8.03x 6.63x 49'797.0 61'681.0 22.80x 19.11x Profitability

LTM-4Q 31.08.2011 820'349.0 1.59x 141'716.0 9.21x 54'354.0 27.12x

31.08.2012 928'669.0 1.75x 150'687.0 10.79x 71'654.0 25.97x 150'687.00 126'450.00 13.62% 13.29% 12.69% 20.39% 19.52% 1.65% 51.2% 16.2% 13.6% 7.7% 2.45 1.65 3.90% 5.98% 50.01 4.73

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

0.86 0.79 53.09 65.40% 38.82% 0.786 22 2.727 664'000 909'350 848'824 FY+2

FQ+1

FQ+2

11/yy 11/yy 08/13 Y 08/14 Y 02/13 Q2 05/13 Q3 842'051.0 974'123.0 ######### ######### 283'905.3 250'376.0 5.27x 6.39x 2.71x 2.35x 136'900.0 158'839.0 170'171.5 188'672.4 7.65x 10.23x 17.14x 15.46x 62'796.0 78'979.0 89'963.9 100'643.5 25'763.5 21'000.0 19.97x 24.14x 34.35x 30.77x 35.89x 34.26x S&P Issuer Ratings Long-Term Rating Date 12.06.2008 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 265.29 (EBITDA-Capex)/Interest Exp. 223.08 Net Debt/EBITDA -1.61 Total Debt/EBITDA 0.15 Reference Total Debt/Equity 6.0% Total Debt/Capital 5.5% Asset Turnover 1.65 Net Fixed Asset Turnover 14.60 Accounts receivable turnover-days 7.32 Inventory Days 77.41 Accounts Payable Turnover Day 52.00 Cash Conversion Cycle 32.73 Sales/Revenue/Turnover

50.00

1'000'000.0

45.00

900'000.0

40.00

800'000.0

35.00

700'000.0

30.00

600'000.0

25.00 20.00

500'000.0 400'000.0

15.00

300'000.0

10.00

200'000.0

5.00

100'000.0

0.00 04.09.2009

j-12

Fiscal Year Ended 31.08.2008 586'451.0 1.68x 101'331.0 9.73x 43'529.0 26.04x

3.0 M

15000

08/2012 11/yy 31'600.00 15'140.00 484'400.00 30150 -4.59% 99.14% 91.19% 106.1 3'198'120.75 23'185.00 0.0 7'392.0 266'026.00 2'916'862.73

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 |

27.03.2013

Fast Retailing Co Ltd Holdings By:

All

Holder Name YANAI TADASHI MASTER TRUST BANK OF JAPAN TRUSTEE SERVIC TTY MANAGEMENT BV NOMURA YANAI KAZUMI YANAI KOJI FIGHT & STEP YK FAST RETAILING CO LT NIKKO ASSET MANAGEME MASTERMIND YK TRUST & CUSTODY SERV YANAI TERUYO DAIWA SECURITIES GRO SUMITOMO MITSUI TRUS MITSUBISHI UFJ FINAN FMR LLC BNP PARIBAS ARBITRAG MIZUHO FINANCIAL GRO BLACKROCK

Firm Name

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

Analyst

Goldman Sachs SHO KAWANO Daiwa Securities Co. Ltd. YOSHIMASA IKAZAKI Mizuho Securities TOSHIO TAKAHASHI Tachibana Securities AKIHIRO CHIBA Deutsche Bank TAKAHIRO KAZAHAYA Tokai Tokyo Securities MIHO ASABA Credit Suisse TAKETO YAMATE Nomura MASAFUMI SHODA JPMorgan DAIRO MURATA SMBC Nikko Securities Inc JUN KAWAHARA TIW MASAKAZU ITOI Okasan Securities KIYOSHI MORI EVA Dimensions CRAIG STERLING Macquarie TOBY WILLIAMS Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI BNP Paribas Equity Research JAMES MOON ISI Group OMAR SAAD Mitsubishi UFJ Morgan Stanley SecuritieHIROSHI KOBA Ji Asia MIKIHIKO YAMATO

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

Recommendation neutral/neutral neutral neutral neutral hold neutral underperform neutral neutral underperform Neutral Plus neutral sell underperform neutral hold neutral neutral buy

Amt Held % Out 22'987'000 21.67 9'088'000 8.57 8'250'000 7.78 5'310'000 5.01 4'991'300 4.71 4'781'000 4.51 4'780'000 4.51 4'750'000 4.48 4'219'400 3.98 3'708'900 3.5 3'610'000 3.4 2'861'000 2.7 2'327'000 2.19 2'249'000 2.12 1'698'900 1.6 1'600'900 1.51 1'436'866 1.35 (1'028'945) -0.97 751'100 0.71 543'100 0.51

Weighting

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

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

Latest Chg (284) 888'000 (545'000) (808) (600) (11'300) (13'800) 161'000 (848) 124'000 (1'414'800) (41'200) (67'958) 20'500 (16'000) 200

Target Price 27'500 19'000 26'800 #N/A N/A 25'000 #N/A N/A 13'600 22'800 23'000 25'000 #N/A N/A #N/A N/A #N/A N/A 18'000 24'000 20'100 20'000 19'400 27'000

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

File Dt 26.11.2012 31.08.2012 31.08.2012 31.08.2012 15.11.2012 31.08.2012 31.08.2012 31.08.2012 31.08.2012 15.10.2012 31.08.2012 31.08.2012 31.08.2012 28.02.2013 15.10.2012 28.02.2013 31.01.2013 25.03.2013 12.11.2012 25.03.2013

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

Inst Type n/a Bank Bank Investment Advisor Unclassified n/a n/a Corporation Corporation Unclassified Corporation Bank n/a Holding Company Bank Holding Company Investment Advisor Investment Advisor Bank Investment Advisor

Date 21.03.2013 12.03.2013 08.03.2013 07.03.2013 05.03.2013 04.03.2013 04.03.2013 04.03.2013 21.02.2013 19.02.2013 23.01.2013 18.01.2013 17.01.2013 16.01.2013 15.01.2013 10.01.2013 10.01.2013 10.01.2013 19.12.2012

27.03.2013

FUJIFILM Holdings Corp FUJIFILM Holdings Corporation develops, sells and services Imaging, Information, and Document Solutions. Its products include color films, digital cameras, photofinishing products and equipment. The Group also manufactures medical and graphic art use equipment and materials, FPD materials, and optical devices, and provides services on office copy machines, printers, and related equipment.

Price/Volume 2500

8.0 M 2000

7.0 M 6.0 M

1500

Valuation Analysis

5.0 M 4.0 M

1000

Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (06.09.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 4901 JT EQUITY YTD Change 4901 JT EQUITY YTD % CHANGE

03/2012 12/yy 2'013.00 1'240.00 2'533'200.00 1876 -6.81% 51.29% 85.38% 514.6 965'437.88 198'870.00 0.0 134'715.0 247'468.00 1'093'945.87

31.03.2008 2'846'828.0 0.69x 434'095.0 4.53x 104'431.0 17.18x

3.0 M 2.0 M

500

1.0 M 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

9.0 M

31.03.2009 31.03.2010 2'434'344.0 2'181'693.0 0.49x 0.70x 249'851.0 152'971.0 4.75x 9.98x 10'524.0 (38'441.0) 100.71x Profitability

LTM-4Q 31.03.2011 2'217'084.0 0.55x 293'450.0 4.17x 63'852.0 19.62x

LTM

FY+1

2.00 1.21 461.97 -3.07% 10.04% 1.210 19 3.316 3'696'240 3'668'947 3'943'802 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 2'195'293.0 ######### ######### ######### ######### 574'703.9 0.47x 1.93x 1.60x 0.45x 0.42x 1.77x 260'723.0 249'407.0 235'245.0 250'076.2 269'763.9 125'709.0 3.92x 3.71x 4.07x 4.37x 4.06x 43'758.0 29'143.0 48'910.0 47'599.9 66'976.9 18'140.6 21.37x 30.13x 16.97x 18.56x 13.42x S&P Issuer Ratings 260'723.00 Long-Term Rating Date 05.02.2009 112'948.00 Long-Term Rating AA5.15% Long-Term Outlook STABLE 3.96% Short-Term Rating Date 30.11.1998 1.48% Short-Term Rating A-1+ 2.33% Credit Ratios 2.70% EBITDA/Interest Exp. 76.23 0.82% (EBITDA-Capex)/Interest Exp. 46.77 Net Debt/EBITDA -0.20 39.5% Total Debt/EBITDA 1.14 11.1% Reference 4.4% Total Debt/Equity 11.6% 2.0% Total Debt/Capital 9.7% Asset Turnover 0.82 1.91 Net Fixed Asset Turnover 3.99 1.11 Accounts receivable turnover-days 76.98 7.26% Inventory Days 102.39 11.55% Accounts Payable Turnover Day 54.81 4.75 Cash Conversion Cycle 120.17 3.57

Price/ Cash Flow

Sales/Revenue/Turnover

8.00

3'000'000.0

7.00

2'500'000.0

6.00

2'000'000.0

5.00 4.00

1'500'000.0

3.00

1'000'000.0

2.00

500'000.0 1.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

FUJIFILM Holdings Corp Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC FUJIFILM HOLDINGS CO MASTER TRUST BANK OF SUMITOMO MITSUI TRUS NIPPON LIFE INSURANC STATE STREET STATE STREET CUSTODI DODGE & COX SUMITOMO MITSUI FINA MOXLEY & CO MITSUI SUMITOMO INSU NOMURA DAICEL CORP GLG PARTNERS INVESTM TOKIO MARINE & NICHI NIKKO ASSET MANAGEME VANGUARD GROUP INC BLACKROCK DAIWA SECURITIES GRO MITSUBISHI UFJ FINAN

Firm Name

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

Analyst

Credit Suisse YU YOSHIDA Nomura TETSUYA WADAKI Okasan Securities KAZUMASA KUBOTA SMBC Nikko Securities Inc KAZUHARU MIURA Mitsubishi UFJ Morgan Stanley SecuritieTOMOKI KOMIYA BNP Paribas Equity Research KUNIHIKO KANNO Barclays MASAHIRO NAKANOMYO Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO JPMorgan HISASHI MORIYAMA Daiwa Securities Co. Ltd. JUNYA AYADA Goldman Sachs TOSHIYA HARI Jefferies YOSHIHIRO AZUMA EVA Dimensions ANDREW S ZAMFOTIS Mizuho Securities FUMIHIDE GOTO Tachibana Securities YUKIHIKO FUKUNAGA

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

Recommendation neutral neutral neutral underperform neutral buy equalweight neutral neutral neutral neutral/neutral underperform hold buy outperform

Amt Held 46'659'000 32'916'300 29'923'000 23'384'400 20'840'200 11'413'785 10'750'000 10'544'400 10'478'000 9'541'000 8'600'000 8'571'400 7'420'949 7'160'300 5'102'379 4'519'000 4'468'554 4'291'100 3'369'700 3'076'800

% Out 9.07 6.4 5.81 4.54 4.05 2.22 2.09 2.05 2.04 1.85 1.67 1.67 1.44 1.39 0.99 0.88 0.87 0.83 0.65 0.6

Weighting

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

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

Latest Chg (3'985'000) (3'900) (1'566'000) 4'357'700 180'500 (4'471'100) (25'000) (765'000) (300) 3'000'949 212'300 65'300 239'250 3'200 74'600 (12'300)

Target Price 1'800 2'071 #N/A N/A 1'650 1'680 2'300 1'800 1'800 1'800 1'700 1'560 1'400 #N/A N/A 2'000 #N/A N/A

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

File Dt Inst Type 30.09.2012 Bank 30.09.2012 Corporation 30.09.2012 Bank 15.02.2013 Bank 20.11.2012 Insurance Company 26.03.2013 Investment Advisor 30.09.2012 Other 29.01.2013 Investment Advisor 30.09.2012 Bank 30.09.2012 Investment Advisor 30.09.2012 Insurance Company 15.03.2013 Unclassified 31.03.2012 Corporation 31.01.2013 Mutual Fund Manager 31.03.2012 Insurance Company 15.02.2013 Unclassified 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 28.02.2013 Holding Company 28.02.2013 Holding Company

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

Date 26.03.2013 26.03.2013 13.03.2013 07.03.2013 21.02.2013 12.02.2013 01.02.2013 31.01.2013 30.01.2013 30.01.2013 29.01.2013 29.01.2013 15.01.2013 26.12.2012 07.08.2012

27.03.2013

Fujitsu Ltd FUJITSU LIMITED manufactures semiconductor, computer, and communication equipment. The Company provides comprehensive information technology, network and telecommunication solutions, and internet services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.02.2013) 52-Week Low (13.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6702 JT EQUITY YTD Change 6702 JT EQUITY YTD % CHANGE

03/2012 12/yy 446.00 269.00 10'101'000.00 400 -10.31% 48.70% 71.19% 2'070.0 828'007.31 424'677.00 0.0 125'481.0 273'925.00 1'220'914.29

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

60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M

a-12 m-12

31.03.2009 31.03.2010 4'692'991.0 4'679'519.0 0.29x 0.35x 367'175.0 349'431.0 3.72x 4.67x (112'388.0) 93'085.0 13.54x Profitability

LTM-4Q 31.03.2011 4'528'405.0 0.28x 355'971.0 3.55x 55'092.0 17.66x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

2.50 1.27 1'739.57 -6.93% 11.11% 1.275 19 3.316 11'278'800 15'141'830 16'632'980 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 4'467'574.0 ######### ######### ######### ######### ######### 958'936.0 0.26x 1.10x 1.00x 0.27x 0.26x 314'852.0 286'073.0 298'693.0 267'205.7 309'404.5 154'288.0 33'852.0 3.74x 4.38x 3.81x 4.57x 3.95x 3.56x 42'707.0 20'894.0 (48'860.0) (96'697.5) 70'515.9 (9'275.0) (10'280.0) 21.12x 39.61x 0.00x 11.75x 57.47x S&P Issuer Ratings 314'852.00 Long-Term Rating Date 22.02.2013 105'304.00 Long-Term Rating BBB+ 2.36% Long-Term Outlook STABLE 1.49% Short-Term Rating Date 0.92% Short-Term Rating 3.24% Credit Ratios 1.95% EBITDA/Interest Exp. 33.92 1.58% (EBITDA-Capex)/Interest Exp. 19.07 Net Debt/EBITDA 0.61 27.7% Total Debt/EBITDA 1.52 6.9% Reference 2.4% Total Debt/Equity 50.5% 1.0% Total Debt/Capital 30.5% Asset Turnover 1.58 1.20 Net Fixed Asset Turnover 7.05 0.82 Accounts receivable turnover-days 59.08 14.42% Inventory Days 41.31 50.49% Accounts Payable Turnover Day 60.44 6.19 Cash Conversion Cycle 40.62 8.86

Price/ Cash Flow

Sales/Revenue/Turnover

6.00

6'000'000.0

5.00

5'000'000.0

4.00

4'000'000.0

3.00

3'000'000.0

2.00

2'000'000.0

1.00

1'000'000.0

0.00 03.04.2009

j-12

Fiscal Year Ended 31.03.2008 5'330'865.0 0.37x 484'287.0 4.07x 48'107.0 27.93x

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

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Fujitsu Ltd Holdings By:

All

Holder Name FUJI ELECTRIC CO LTD STATE STREET JAPAN TRUSTEE SERVIC DODGE & COX MASTER TRUST BANK OF EMPLOYEES' STOCKHOLD STATE STREET CUSTODI ASAHI MUTUAL LIFE IN VANGUARD GROUP INC MIZUHO FINANCIAL GRO FMR LLC DB PLATINUM ADVISORS BLACKROCK NOMURA FUJI ELEC RETAIL SYS ALLIANCE BERNSTEIN BANK OF NEW YORK MEL FURUKAWA ELECTRIC CO MITSUBISHI UFJ FINAN NIKKO ASSET MANAGEME

Firm Name

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

Analyst

Mizuho Securities YUSUKE HORI Credit Suisse HIDEYUKI MAEKAWA Mitsubishi UFJ Morgan Stanley SecuritieHITOSHI SHIN Macquarie DAMIAN THONG SMBC Nikko Securities Inc YUKIHIKO SHIMADA Tokai Tokyo Securities HARUO SATO TIW TAKAO HATTORI Morgan Stanley MASAHARU MIYACHI EVA Dimensions ANDREW S ZAMFOTIS JPMorgan HISASHI MORIYAMA Daiwa Securities Co. Ltd. MAKOTO UENO Goldman Sachs IKUO MATSUHASHI Nomura MASAYA YAMASAKI Ji Asia STEVE MYERS

Source Co File ULT-AGG Co File MF-AGG Co File Co File ULT-AGG Co File MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MOF-JP ULT-AGG MF-AGG Co File ULT-AGG ULT-AGG

Recommendation buy neutral outperform outperform neutral neutral Neutral Plus Equalwt/In-Line hold neutral outperform neutral/neutral neutral buy

Amt Held 231'874'000 132'893'795 121'001'000 100'723'000 92'541'000 51'561'000 45'177'000 41'389'000 34'326'029 34'091'000 26'295'502 17'703'269 17'634'000 15'642'000 13'574'982 12'137'862 9'349'800 9'150'865 9'034'000 8'549'000

% Out 11.2 6.42 5.85 4.87 4.47 2.49 2.18 2 1.66 1.65 1.27 0.86 0.85 0.76 0.66 0.59 0.45 0.44 0.44 0.41

Weighting

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

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

Latest Chg 17'058'000 1'159'000 (10'146'000) (2'457'000) 5'241'000 (511'000) 5'583'580 (19'000) 2'846'122 17'697'269 103'000 (791'000) 275'625 (21'000) 143'000 -

Target Price 520 390 475 525 400 #N/A N/A #N/A N/A 380 #N/A N/A 350 534 375 410 381

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

File Dt 30.09.2012 26.03.2013 30.09.2012 29.01.2013 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.12.2012 29.10.2012 31.01.2013 28.02.2013 25.03.2013 28.02.2013 01.04.2011 31.01.2013 26.03.2013 31.03.2012 28.02.2013 26.03.2013

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

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

Date 05.03.2013 27.02.2013 27.02.2013 26.02.2013 22.02.2013 21.02.2013 20.02.2013 19.02.2013 11.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 30.08.2012

27.03.2013

Hitachi Ltd Hitachi, Ltd. manufactures communications and electronic equipment, heavy electrical and industrial machinery, and consumer electronics. The Company's diverse product line ranges from nuclear power systems to kitchen appliances. Hitachi also operates subsidiaries in the wire and cable, metal, and chemical industries.

Price/Volume 600 500 400 300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (15.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6501 JT EQUITY YTD Change 6501 JT EQUITY YTD % CHANGE

03/2012 12/yy 578.00 401.00 15'441'000.00 551 -4.67% 37.41% 87.57% 4'833.5 2'663'238.25 2'164'407.00 0.0 1'002'213.0 717'210.00 5'282'624.33

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

100 0 m-12 a-12 m-12

31.03.2009 31.03.2010 10'000'369.0 8'968'546.0 0.40x 0.48x 784'069.0 759'921.0 5.12x 5.63x (787'337.0) (106'961.0) Profitability

LTM-4Q 31.03.2011 9'315'807.0 0.46x 942'277.0 4.58x 238'869.0 8.19x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

1.81 1.14 4'674.87 7.28% 10.32% 1.136 22 4.364 30'285'200 32'211'070 35'244'690 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 9'665'883.0 ######### ######### ######### ######### ######### ######### 0.51x 1.94x 2.09x 0.62x 0.58x 891'946.0 849'932.0 815'580.0 792'939.9 906'518.2 331'842.0 170'658.0 5.51x 5.52x 6.14x 6.66x 5.83x 347'179.0 103'958.0 312'308.0 160'408.7 253'549.9 103'145.0 19'578.0 6.91x 17.55x 7.34x 16.20x 10.15x S&P Issuer Ratings 891'946.00 Long-Term Rating Date 09.06.2009 412'280.00 Long-Term Rating BBB+ 4.27% Long-Term Outlook POS 5.77% Short-Term Rating Date 21.02.2007 3.56% Short-Term Rating A-2 20.15% Credit Ratios 8.63% EBITDA/Interest Exp. 31.70 1.03% (EBITDA-Capex)/Interest Exp. 19.70 Net Debt/EBITDA 1.84 24.7% Total Debt/EBITDA 2.55 9.1% Reference 4.3% Total Debt/Equity 122.2% 3.6% Total Debt/Capital 43.8% Asset Turnover 1.03 1.26 Net Fixed Asset Turnover 4.50 0.80 Accounts receivable turnover-days 89.89 22.98% Inventory Days 77.46 122.16% Accounts Payable Turnover Day 63.27 4.07 Cash Conversion Cycle 97.70 4.73

Price/ Cash Flow

Sales/Revenue/Turnover

6.00

12'000'000.0

5.00

10'000'000.0

4.00

8'000'000.0

3.00

6'000'000.0

2.00

4'000'000.0

1.00

2'000'000.0

0.00 03.04.2009

j-12

Market Data

Fiscal Year Ended 31.03.2008 11'226'735.0 0.43x 1'033'122.0 4.66x (58'125.0) -

200

100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M f-13 m-13

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Hitachi Ltd Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO MITSUI TRUS STATE STREET ONTARIO TEACHERS PEN STATE STREET CUSTODI EMPLOYEES' STOCKHOLD NIPPON LIFE INSURANC FMR LLC DAI ICHI LIFE INSURA MELLON BANK NA BLACKROCK VANGUARD GROUP INC NOMURA MITSUBISHI UFJ FINAN NIKKO ASSET MANAGEME ALLIANZ ASSET MANAGE DAIWA SECURITIES GRO SOMPO JAPAN INSURANC CREDIT SUISSE HONG K

Firm Name

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

Analyst

Mizuho Securities TAKESHI TANAKA Marusan Securities YUTA KENMEI Credit Suisse HIDEYUKI MAEKAWA Mitsubishi UFJ Morgan Stanley SecuritieHITOSHI SHIN SMBC Nikko Securities Inc YUKIHIKO SHIMADA TIW TAKAO HATTORI Tokai Tokyo Securities HARUO SATO Okasan Securities TAKANOBU MURAKAMI Iwai Cosmo Securities Co. Ltd HIROYASU NISHIKAWA JPMorgan HISASHI MORIYAMA Daiwa Securities Co. Ltd. HIROSUKE TAI Morgan Stanley YOSHINAO IBARA Goldman Sachs IKUO MATSUHASHI Nomura MASAYA YAMASAKI Macquarie DAMIAN THONG EVA Dimensions ANDREW S ZAMFOTIS Mito Securities KEITA WAKABAYASHI Tachibana Securities TSUNENORI OHMAKI

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

Recommendation buy outperform neutral neutral outperform Neutral Plus strong buy buy outperform overweight neutral Equalwt/Attractive Buy/Neutral buy outperform sell outperform outperform

Amt Held % Out 395'651'000 8.19 322'934'000 6.68 202'934'000 4.2 193'940'858 4.01 131'600'000 2.72 130'656'288 2.7 124'093'384 2.57 103'292'195 2.14 98'113'601 2.03 71'361'222 1.48 66'709'998 1.38 51'199'150 1.06 46'445'371 0.96 43'892'000 0.91 33'067'899 0.68 31'195'914 0.65 25'459'718 0.53 21'627'000 0.45 16'686'032 0.35 (15'233'142) -0.32

Weighting

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

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

Latest Chg (6'206'000) (134'132'000) (15'625'377) (1'846'752) (4'643'000) 22'000 6'740'051 (1'219'900) 1'173'288 472'000 (1'127'491) (2'073'086) 7'255'100 154'000 (6'820'958)

Target Price 680 #N/A N/A 510 630 640 #N/A N/A #N/A N/A 620 650 700 550 470 705 680 590 #N/A N/A #N/A N/A #N/A N/A

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

File Dt Inst Type 30.09.2012 Bank 30.09.2012 Bank 31.12.2012 Bank 26.03.2013 Investment Advisor 31.12.2011 Pension Fund (ERISA) 30.09.2012 Other 30.09.2012 n/a 20.12.2012 Insurance Company 31.01.2013 Investment Advisor 30.09.2012 Insurance Company 30.09.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 31.12.2011 Holding Company 31.12.2012 Unclassified 28.02.2013 Investment Advisor 28.02.2013 Holding Company 31.03.2012 Insurance Company 17.10.2011 Bank

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

Date 01.03.2013 28.02.2013 27.02.2013 27.02.2013 26.02.2013 21.02.2013 18.02.2013 15.02.2013 06.02.2013 05.02.2013 05.02.2013 04.02.2013 04.02.2013 04.02.2013 15.01.2013 15.01.2013 08.01.2013 31.10.2012

27.03.2013

Honda Motor Co Ltd HONDA MOTOR CO., LTD. develops, manufactures, and distributes motorcycles, automobiles, and power products such as generators and farm machinery. The Company also operates a financial credit business. Honda Motor has manufacturing facilities in the US, Canada, the UK, France, Italy, Spain, Brazil, Mexico, India, and Thailand.

Price/Volume 4000 3500 3000 2500 2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 7267 JT EQUITY YTD Change 7267 JT EQUITY YTD % CHANGE

03/2012 12/yy 3'830.00 2'294.00 4'128'800.00 3660 -4.44% 59.55% 87.63% 1'811.4 6'629'828.00 4'111'244.00 0.0 125'676.0 1'250'848.00 10'178'219.05

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

1000 500 0 m-12 a-12 m-12

31.03.2009 31.03.2010 10'011'241.0 8'579'174.0 0.82x 1.13x 827'287.0 993'449.0 9.97x 9.80x 137'005.0 268'400.0 30.66x 22.31x Profitability

LTM-4Q 31.03.2011 8'936'867.0 0.96x 1'133'414.0 7.57x 534'088.0 10.57x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

1.97 1.39 1'631.05 15.45% 16.98% 1.395 23 4.130 5'523'220 6'635'880 7'201'047 FY+2

FQ+1

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 7'948'095.0 ######### ######### ######### ######### ######### 1.09x 3.97x 3.49x 1.01x 0.93x 762'122.0 689'448.0 ######### 847'752.1 ######### 234'338.5 11.36x 10.21x 8.61x 12.01x 9.06x 9.78x 211'482.0 184'442.0 362'991.0 406'085.2 590'487.6 109'971.2 26.80x 22.94x 15.61x 16.23x 11.19x 11.82x S&P Issuer Ratings 762'122.00 Long-Term Rating Date 231'364.00 Long-Term Rating 2.91% Long-Term Outlook 4.50% Short-Term Rating Date 3.10% Short-Term Rating 8.12% Credit Ratios 4.48% EBITDA/Interest Exp. 0.82% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 25.5% Total Debt/EBITDA 11.2% Reference 5.5% Total Debt/Equity 2.7% Total Debt/Capital Asset Turnover 1.32 Net Fixed Asset Turnover 0.88 Accounts receivable turnover-days 34.90% Inventory Days 93.38% Accounts Payable Turnover Day 5.31 Cash Conversion Cycle 6.77

Price/ Cash Flow

FQ+2 06/13 Q1 ######### 274'623.5 9.27x 152'807.7 12.50x 13.02.2002 A+ STABLE 03.03.1998 A-1 73.44 35.16 3.18 4.28 93.4% 47.6% 0.82 2.70 68.95 54.07 36.74 96.13

Sales/Revenue/Turnover

14.00

14'000'000.0

12.00

12'000'000.0

10.00

10'000'000.0

8.00

8'000'000.0

6.00

6'000'000.0

4.00

4'000'000.0

2.00

2'000'000.0

0.00 03.04.2009

j-12

Market Data

Fiscal Year Ended 31.03.2008 12'002'834.0 0.72x 1'471'534.0 5.88x 600'039.0 8.61x

1500

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M f-13 m-13

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Honda Motor Co Ltd Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC SUMITOMO MITSUI TRUS MASTER TRUST BANK OF MITSUBISHI UFJ FINAN MEIJI YASUDA LIFE IN MOXLEY & CO JP MORGAN CHASE BANK TOKIO MARINE & NICHI CAPITAL GROUP COMPAN STATE STREET CUSTODI NIPPON LIFE INSURANC MITSUI SUMITOMO INSU FMR LLC BLACKROCK NIPPON STEEL & SUMIT NOMURA VANGUARD GROUP INC NIKKO ASSET MANAGEME ARTISAN PARTNERS HOL PANASONIC CORP

Firm Name

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

Analyst

Jyske Bank ROBERT JAKOBSEN Macquarie CLIVE WIGGINS SMBC Nikko Securities Inc SHOTARO NOGUCHI Mitsubishi UFJ Morgan Stanley SecuritieTATSUO YOSHIDA Morgan Stanley RYOSUKE HOSHINO Mizuho Securities SEIJI SUGIURA JPMorgan KOHEI TAKAHASHI Deutsche Bank KURT SANGER Credit Suisse ISSEI TAKAHASHI Ji Asia STEPHEN USHER Goldman Sachs KOTA YUZAWA TIW SATORU TAKADA Okasan Securities YASUAKI IWAMOTO Tachibana Securities KENTARO HAYASHI Daiwa Securities Co. Ltd. EIJI HAKOMORI Nomura MASATAKA KUNUGIMOTO EVA Dimensions CRAIG STERLING BNP Paribas Equity Research KOICHI SUGIMOTO Mito Securities YOICHIRO WATANABE Advanced Research Japan KOJI ENDO

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

Recommendation strong buy outperform neutral outperform Overwt/Attractive buy overweight hold neutral neutral Buy/Neutral Neutral Plus neutral neutral outperform buy underweight buy Neutral Plus buy

Amt Held 136'984'000 87'885'356 87'139'000 51'799'894 51'199'000 49'451'000 48'537'000 48'069'000 42'980'650 39'139'000 35'889'200 32'539'000 29'228'703 20'467'629 20'160'000 19'011'500 17'732'931 13'202'500 11'825'983 11'272'900

% Out 7.56 4.85 4.81 2.86 2.83 2.73 2.68 2.65 2.37 2.16 1.98 1.8 1.61 1.13 1.11 1.05 0.98 0.73 0.65 0.62

Weighting

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

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

Latest Chg 721'000 6'430'956 3'741'000 45'279 (11'688'000) 334'000 (1'576'900) (7'799'900) (1'244'000) 13'400 (2'500'700) 1'404'638 663'174 10'080'000 (82'500) (733'557) (221'800) 3'988'500 -

Target Price 4'600 4'300 3'800 3'800 4'350 4'320 4'000 3'600 3'570 #N/A N/A 4'300 #N/A N/A 3'400 #N/A N/A 3'700 4'100 #N/A N/A 3'050 #N/A N/A 3'500

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

File Dt 30.09.2012 13.04.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.12.2012 30.09.2012 20.12.2012 30.09.2012 31.01.2013 25.03.2013 31.03.2012 28.02.2013 31.12.2012 13.04.2012 31.12.2012 31.03.2012

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

Inst Type Bank Bank Bank Holding Company Insurance Company Investment Advisor Investment Advisor Insurance Company Investment Advisor Other Insurance Company Insurance Company Investment Advisor Investment Advisor Corporation Unclassified Investment Advisor Unclassified Investment Advisor Corporation

Date 18.03.2013 12.03.2013 08.03.2013 06.03.2013 03.03.2013 28.02.2013 26.02.2013 21.02.2013 21.02.2013 19.02.2013 07.02.2013 06.02.2013 05.02.2013 01.02.2013 01.02.2013 31.01.2013 15.01.2013 11.01.2013 25.09.2012 30.01.2012

27.03.2013

Hoya Corp HOYA manufactures electro-optics products such as mask blanks for semiconductors, photomasks for LCD panels, optical glasses, glass memory disks for HDDs, medical flexible endoscopes, eyeglasses, and contact lenses. The Company also provides information system architecture.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (08.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 7741 JT EQUITY YTD Change 7741 JT EQUITY YTD % CHANGE

03/2012 12/yy 1'942.00 1'517.00 2'047'800.00 1776 -8.55% 17.07% 66.12% 435.0 772'590.25 102'045.00 0.0 (149.0) 204'772.00 619'693.23

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

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 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 481'631.0 2.01x 139'949.0 6.92x 81'725.0 12.38x

2000 1800 1600 1400 1200 1000 800 600 400 200 0 m-12

31.03.2009 31.03.2010 454'194.0 402'430.0 1.72x 2.61x 109'124.0 139'843.0 7.17x 7.50x 25'109.0 41'214.0 33.27x 27.62x Profitability

LTM-4Q 31.03.2011 373'586.0 1.98x 137'943.0 5.36x 59'744.0 16.47x

31.03.2012 360'673.0 1.94x 132'189.0 5.29x 43'219.0 19.89x 132'189.00 104'262.00 28.91% 14.98% 9.62% 14.03% 0.65% 78.4% 35.9% 28.0% 12.0% 3.34 2.32 17.74% 26.52% 4.63 1.24

Price/ Cash Flow

LTM

FY+1

3.66 0.86 420.89 -5.02% 5.03% 0.862 16 3.250 2'076'620 2'136'087 2'119'885 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 364'691.0 363'925.0 366'468.9 382'997.8 91'808.3 5.46x 7.04x 1.83x 1.71x 126'506.0 132'246.0 104'384.1 100'249.2 25'386.0 0.00x 4.41x 5.94x 6.18x 39'843.0 60'040.0 57'509.5 51'098.7 7'238.0 17.99x 12.15x 13.28x 14.95x S&P Issuer Ratings Long-Term Rating Date 09.01.2007 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 77.99 (EBITDA-Capex)/Interest Exp. 59.59 Net Debt/EBITDA -1.06 Total Debt/EBITDA 0.49 Reference Total Debt/Equity 26.5% Total Debt/Capital 21.0% Asset Turnover 0.65 Net Fixed Asset Turnover 3.09 Accounts receivable turnover-days 78.97 Inventory Days 295.08 Accounts Payable Turnover Day 203.97 Cash Conversion Cycle 157.97 Sales/Revenue/Turnover

14.00

600'000.0

12.00

500'000.0

10.00

400'000.0

8.00

300'000.0 6.00

200'000.0 4.00

100'000.0

2.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Hoya Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN JAPAN TRUSTEE SERVIC SUN LIFE FINANCIAL I FIRST EAGLE INVESTME JP MORGAN CHASE BANK MASTER TRUST BANK OF STATE STREET CUSTODI MELLON BANK NA YAMANAKA MAMORU FMR LLC BLACKROCK OPPENHEIMERFUNDS INC NORTHERN TRUST CORPO UNION INVESTMENT GMB VANGUARD GROUP INC HOYA CORP NOMURA NEW JERSEY DIVISION MITSUBISHI UFJ FINAN MFS FINANCIAL SERVIC

Firm Name

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

Analyst

Goldman Sachs TOSHIYA HARI Barclays MASAHIRO NAKANOMYO JPMorgan HISASHI MORIYAMA BNP Paribas Equity Research KUNIHIKO KANNO EVA Dimensions ANDREW S ZAMFOTIS Okasan Securities KAZUMASA KUBOTA Macquarie CLAUDIO ARITOMI Daiwa Securities Co. Ltd. HIROKAZU MITSUDA Nomura TETSUYA WADAKI Morgan Stanley KAZUO YOSHIKAWA Mitsubishi UFJ Morgan Stanley SecuritieTOMOKI KOMIYA Mizuho Securities FUMIHIDE GOTO Tachibana Securities YUKIHIKO FUKUNAGA

Source ULT-AGG Co File ULT-AGG MOF-JP Co File Co File ULT-AGG Co File Co File ULT-AGG ULT-AGG MF-AGG Co File MF-AGG MF-AGG Co File ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation Sell/Neutral equalweight neutral hold buy neutral outperform neutral buy Equalwt/In-Line neutral neutral Strong Outperform

Amt Held 32'404'000 29'742'200 24'621'300 22'716'551 21'266'100 15'580'200 10'541'300 9'371'000 9'020'400 8'292'270 7'855'524 7'382'219 7'322'900 4'265'200 4'186'584 3'521'300 3'037'400 3'000'000 1'626'200 1'587'497

% Out 7.45 6.84 5.66 5.22 4.89 3.58 2.42 2.15 2.07 1.91 1.81 1.7 1.68 0.98 0.96 0.81 0.7 0.69 0.37 0.36

Weighting

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

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

Latest Chg (15'281'900) (856'500) (228'800) 1'478'500 130'200 (719'800) (153'709) (135'178) 281'900 415'100 233'700 (1'318'465) (70'300) (45'700) 750'042 (79'300) 50'600

Target Price 1'660 1'550 1'900 1'800 #N/A N/A #N/A N/A 2'150 1'900 2'118 1'800 1'660 1'900 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 30.09.2012 Bank 31.12.2012 Investment Advisor 15.10.2012 Hedge Fund Manager 30.09.2012 Investment Advisor 30.09.2012 Bank 30.09.2012 Other 30.09.2012 Investment Advisor 30.09.2012 n/a 31.01.2013 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Corporation 28.02.2013 Unclassified 30.06.2012 Pension Fund (ERISA) 28.02.2013 Holding Company 31.01.2013 Investment Advisor

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

Date 25.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 04.03.2013 04.02.2013 01.02.2013 01.02.2013 31.01.2013 09.01.2013 26.12.2012 01.08.2011

27.03.2013

Inpex Corp INPEX CORPORATION is a holding company established through the reorganization of INPEX Corp and Teikoku Oil. The Company manages subsidiaries that explores, produces, and sells oil and natural gas.

Price/Volume 600000

.0 M .0 M

500000

.0 M

400000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1605 JT EQUITY YTD Change 1605 JT EQUITY YTD % CHANGE

03/2012 12/yy 582'000.00 418'500.00 13'683.00 514000 -11.68% 22.82% 49.85% 3.7 1'879'085.88 318'922.00 0.0 134'941.0 675'285.00 1'790'443.83

.0 M

31.03.2008 1'202'965.0 2.14x 757'008.0 3.40x 173'245.0 15.10x

.0 M

200000

.0 M .0 M

100000

.0 M

0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

.0 M

300000

31.03.2009 31.03.2010 1'076'164.0 840'427.0 1.48x 1.93x 712'992.0 508'780.0 2.24x 3.19x 145'062.0 107'210.0 11.09x 15.06x Profitability

LTM-4Q 31.03.2011 943'080.0 2.50x 590'747.0 3.99x 128'699.0 15.45x

LTM

FY+1

.0 M f-13 m-13

1.46 1.20 2.18 -9.79% 13.11% 1.202 18 4.778 11'759 14'867 15'536 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'186'731.0 ######### ######### ######### ######### 317'682.0 1.53x 7.14x 5.29x 1.63x 1.68x 764'143.0 519'682.0 774'823.0 722'534.2 769'133.3 2.38x 0.00x 2.04x 2.48x 2.33x 194'000.0 154'447.0 215'441.0 187'114.1 167'462.8 46'510.5 10.52x 11.43x 7.75x 9.99x 11.29x S&P Issuer Ratings 764'143.00 Long-Term Rating Date 01.10.2008 709'357.00 Long-Term Rating A 59.77% Long-Term Outlook STABLE 64.63% Short-Term Rating Date 01.10.2008 7.91% Short-Term Rating A-1 10.77% Credit Ratios 10.23% EBITDA/Interest Exp. 622.77 0.41% (EBITDA-Capex)/Interest Exp. 567.10 Net Debt/EBITDA -0.35 66.7% Total Debt/EBITDA 0.42 65.1% Reference 60.3% Total Debt/Equity 14.6% 16.3% Total Debt/Capital 12.1% Asset Turnover 0.41 2.47 Net Fixed Asset Turnover 2.78 2.13 Accounts receivable turnover-days 25.80 10.40% Inventory Days 13.00 14.63% Accounts Payable Turnover Day 26.57 14.19 Cash Conversion Cycle 15.41 28.15

Price/ Cash Flow

Sales/Revenue/Turnover

16.00

1'400'000.0

14.00

1'200'000.0

12.00

1'000'000.0

10.00

800'000.0

8.00

600'000.0

6.00

400'000.0

4.00

200'000.0

2.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Inpex Corp Holdings By:

All

Holder Name MINISTER OF ECON TRA JAPAN PETROLEUM EXPL MITSUI OIL EXPLORATI JAPAN TRUSTEE SERVIC JP MORGAN CHASE BANK MASTER TRUST BANK OF MITSUBISHI CORP JX HOLDINGS INC JP MORGAN CHASE BANK CAPITAL GROUP COMPAN VANGUARD GROUP INC ORBIS INVESTMENT MAN BLACKROCK OKAYAMA PAPER INDUST SUN LIFE FINANCIAL I T ROWE PRICE ASSOCIA FMR LLC MARUBENI CORP NOMURA JFE HOLDINGS INC

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 n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a

Analyst

SMBC Nikko Securities Inc HIDETOSHI SHIODA Credit Suisse DAVID HEWITT Mizuho Securities NORIMASA SHINYA Morgan Stanley LALITA GUPTA Barclays KAZUHISA MORI Daiwa Securities Co. Ltd. TAKAHIRO YANO Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO Okasan Securities SHINICHI YAMAZAKI Nomura SHIGEKI MATSUMOTO JPMorgan BRYNJAR EIRIK BUSTNES Macquarie POLINA DIYACHKINA EVA Dimensions CRAIG STERLING Goldman Sachs HISAAKI YOKOO Tachibana Securities HISAYUKI SHIMOKAWA

Source Co File Co File Co File Co File Co File Co File MOF-JP Co File Co File ULT-AGG MF-AGG Co File ULT-AGG Co File ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG

Recommendation outperform outperform buy Overwt/In-Line overweight outperform neutral buy buy overweight outperform buy Buy/Neutral Strong Outperform

Amt Held 692'307 267'233 164'760 147'118 132'323 124'985 114'500 109'527 105'150 102'568 59'597 58'062 57'793 55'000 47'905 27'830 23'386 23'223 18'840 11'453

% Out 18.94 7.31 4.51 4.02 3.62 3.42 3.13 3 2.88 2.81 1.63 1.59 1.58 1.5 1.31 0.76 0.64 0.64 0.52 0.31

Weighting

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

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

Latest Chg 8'491 16'530 (20'000) (11'357) (77) (2'025) 2'528 1'138 3'758 (23'223) 19 -

Target Price 700'000 705'000 790'000 642'000 823'000 690'000 550'000 790'000 677'000 750'000 670'000 #N/A N/A 690'000 #N/A N/A

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

File Dt 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 12.02.2013 30.09.2012 30.09.2012 31.12.2012 31.12.2012 30.09.2012 25.03.2013 31.05.2012 31.01.2013 31.12.2012 31.01.2013 31.03.2012 28.02.2013 31.03.2012

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

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

Date 14.03.2013 13.03.2013 04.03.2013 01.03.2013 01.03.2013 21.02.2013 15.02.2013 14.02.2013 12.02.2013 06.02.2013 06.02.2013 17.01.2013 17.10.2012 17.05.2012

27.03.2013

Isuzu Motors Ltd ISUZU MOTORS LIMITED manufactures and markets trucks and automobile parts. The Company's products include pickup trucks, light/heavy duty trucks, medium and large-sized buses, recreational vehicles, and sport utility vehicles.

Price/Volume 700

30.0 M

600

25.0 M

500

20.0 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.02.2013) 52-Week Low (03.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 7202 JT EQUITY YTD Change 7202 JT EQUITY YTD % CHANGE

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

10.0 M

200

5.0 M

100 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 1'924'833.0 0.53x 151'110.0 6.69x 76'021.0 11.17x

15.0 M

300

03/2012 12/yy 643.00 366.00 6'337'000.00 581 -9.64% 58.74% 76.90% 1'696.8 985'867.13 203'086.00 0.0 64'155.0 160'492.00 1'077'464.14

31.03.2009 31.03.2010 1'424'708.0 1'080'928.0 0.33x 0.60x 61'247.0 50'539.0 7.63x 12.76x (26'858.0) 8'401.0 51.01x Profitability

LTM-4Q 31.03.2011 1'415'544.0 0.49x 124'611.0 5.54x 51'599.0 10.80x

LTM

FY+1

1.07 1'155.90 23.40% 14.48% 1.066 13 4.308 8'544'800 10'946'570 11'681'880 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'400'074.0 ######### ######### ######### ######### 453'883.0 0.66x 2.24x 2.10x 0.63x 0.56x 133'420.0 119'005.0 158'823.0 169'457.3 190'908.2 6.96x 6.27x 6.03x 6.36x 5.64x 91'256.0 53'201.0 107'284.0 92'047.6 97'180.9 9.00x 11.34x 8.07x 10.68x 10.09x S&P Issuer Ratings 133'420.00 Long-Term Rating Date 97'373.00 Long-Term Rating 6.95% Long-Term Outlook 7.28% Short-Term Rating Date 9.04% Short-Term Rating 25.82% Credit Ratios 17.25% EBITDA/Interest Exp. 1.37% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 15.1% Total Debt/EBITDA 9.8% Reference 7.6% Total Debt/Equity 6.5% Total Debt/Capital Asset Turnover 1.23 Net Fixed Asset Turnover 0.82 Accounts receivable turnover-days 16.74% Inventory Days 48.88% Accounts Payable Turnover Day 8.61 Cash Conversion Cycle 8.19

Price/ Cash Flow

35.16 28.07 0.08 1.03 48.9% 29.7% 1.37 3.38 42.49 44.71 71.71 10.64

Sales/Revenue/Turnover

14.00

2'500'000.0

12.00

2'000'000.0

10.00

1'500'000.0

8.00 6.00

1'000'000.0

4.00

500'000.0 2.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Isuzu Motors Ltd Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MITSUBISHI CORP ITOCHU CORP TOYOTA MOTOR CORP MASTER TRUST BANK OF SUMITOMO MITSUI TRUS STATE STREET CUSTODI MIZUHO FINANCIAL GRO JFE HOLDINGS INC TRUST & CUSTODY SERV DEVELOPMENT BANK OF SUMITOMO CORP TOKIO MARINE & NICHI NOMURA BLACKROCK VANGUARD GROUP INC MITSUI SUMITOMO INSU CAPITAL GROUP COMPAN NIKKO ASSET MANAGEME AKEBONO BRAKE INDUST

Firm Name SMBC Nikko Securities Inc Credit Suisse Daiwa Securities Co. Ltd. TIW Morgan Stanley Goldman Sachs Deutsche Bank EVA Dimensions BNP Paribas Equity Research Mito Securities Iwai Cosmo Securities Co. Ltd Tachibana Securities

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

Analyst SHOTARO NOGUCHI ISSEI TAKAHASHI EIJI HAKOMORI SATORU TAKADA RYOSUKE HOSHINO KOTA YUZAWA TAKESHI KITAURA CRAIG STERLING KOICHI SUGIMOTO YOICHIRO WATANABE AKIRA IWASAKI KENTARO HAYASHI

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

Recommendation outperform outperform outperform Positive Overwt/Attractive neutral/neutral buy hold buy Neutral Plus Neutral Plus Strong Outperform

Amt Held 206'903'000 156'487'000 135'098'000 100'322'000 86'617'000 77'100'000 36'633'000 32'829'000 28'869'000 26'622'000 26'366'000 17'076'000 14'669'000 12'470'000 12'241'000 11'520'770 10'296'000 10'190'000 10'177'000 9'747'315

% Out 12.19 9.22 7.96 5.91 5.1 4.54 2.16 1.93 1.7 1.57 1.55 1.01 0.86 0.73 0.72 0.68 0.61 0.6 0.6 0.57

Weighting

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

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

Latest Chg 7'032'000 11'797'000 (57'379'000) 115'000 (16'000) (488'000) (994'000) 315'000 268'333 (5'098'000) (2'867'000) 4'443'418

Target Price 700 770 670 #N/A N/A 665 600 780 #N/A N/A 500 #N/A N/A 530 #N/A N/A

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

File Dt 30.09.2012 30.09.2012 30.09.2012 14.12.2012 30.09.2012 15.08.2012 30.09.2012 29.10.2012 30.09.2012 30.09.2012 30.09.2012 31.03.2012 31.03.2012 28.02.2013 25.03.2013 31.12.2012 31.03.2012 31.12.2012 15.08.2012 31.03.2012

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

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

Date 04.03.2013 21.02.2013 12.02.2013 12.02.2013 08.02.2013 07.02.2013 05.02.2013 15.01.2013 12.12.2012 13.11.2012 09.11.2012 08.11.2012

27.03.2013

ITOCHU Corp ITOCHU Corporation is a general trading firm handling textiles, wood, machinery, metals, food, chemicals, construction materials, commodities, and energy related products such as oil and gas. The Company operates around the world. Itochu diversifies by operating in satellite communication and data communication businesses.

Price/Volume 1400

Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8001 JT EQUITY YTD Change 8001 JT EQUITY YTD % CHANGE

03/2012 12/yy 1'241.00 755.00 5'798'500.00 1177 -5.16% 55.89% 91.98% 1'584.9 1'865'415.00 2'749'053.00 0.0 332'344.0 521'175.00 4'621'049.95

800

15.0 M

600

10.0 M

400 5.0 M

200 0 m-12 a-12 m-12

31.03.2009 31.03.2010 3'419'061.0 3'416'637.0 0.87x 1.01x 340'652.0 223'791.0 8.71x 15.38x 165'390.0 128'153.0 4.57x 10.10x Profitability

LTM-4Q 31.03.2011 3'649'671.0 0.95x 331'520.0 10.43x 160'975.0 8.55x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

4.04 1.07 1'555.98 30.87% 31.97% 1.073 18 4.111 6'760'580 7'995'287 8'143'021 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 4'271'052.0 ######### ######### ######### ######### ######### 0.93x 3.68x 3.53x 0.36x 0.35x 1.47x 349'791.0 359'141.0 315'083.0 380'584.0 413'854.9 11.40x 10.71x 13.30x 12.14x 11.17x 300'505.0 232'357.0 291'920.0 281'220.1 295'860.4 73'866.7 4.75x 5.20x 4.91x 6.62x 6.35x S&P Issuer Ratings 349'791.00 Long-Term Rating Date 28.03.2008 272'620.00 Long-Term Rating A6.38% Long-Term Outlook STABLE 10.39% Short-Term Rating Date 09.02.2006 4.59% Short-Term Rating A-2 21.80% Credit Ratios 7.54% EBITDA/Interest Exp. 15.22 0.73% (EBITDA-Capex)/Interest Exp. 8.77 Net Debt/EBITDA 6.99 24.1% Total Debt/EBITDA 8.45 7.3% Reference 5.5% Total Debt/Equity 201.6% 7.0% Total Debt/Capital 61.8% Asset Turnover 0.73 1.38 Net Fixed Asset Turnover 6.39 0.89 Accounts receivable turnover-days 121.29 42.25% Inventory Days 63.93 201.57% Accounts Payable Turnover Day 138.26 3.02 Cash Conversion Cycle 45.41 5.72

Price/ Cash Flow

Sales/Revenue/Turnover

7.00

14'000'000.0

6.00

12'000'000.0

5.00

10'000'000.0

4.00

8'000'000.0

3.00

6'000'000.0

2.00

4'000'000.0

1.00

2'000'000.0

0.00 03.04.2009

j-12

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

20.0 M

1000

Valuation Analysis

31.03.2008 2'859'853.0 1.23x 342'713.0 10.27x 217'301.0 7.16x

25.0 M

1200

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

ITOCHU Corp Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO MITSUI TRUS MITSUI SUMITOMO INSU STATE STREET CUSTODI NIPPON LIFE INSURANC NIPPONKOA INSURANCE ASAHI MUTUAL LIFE IN STATE STREET HARTFORD INVESTMENT JP MORGAN CHASE BANK TOKIO MARINE & NICHI FRANKLIN RESOURCES SUMITOMO MITSUI FINA SOMPO JAPAN INSURANC VANGUARD GROUP INC MATTHEWS INTERNATION NOMURA BLACKROCK NIKKO ASSET MANAGEME

Firm Name

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

Analyst

Tachibana Securities HISAYUKI SHIMOKAWA Mizuho Securities AKIFUMI HAYASHI Daiwa Securities Co. Ltd. JIRO IOKIBE Barclays KAZUHISA MORI Jefferies THANH HA PHAM SMBC Nikko Securities Inc TAKASHI MURAKAMI BNP Paribas Equity Research TOSHIYUKI JOHNO Tokai Tokyo Securities HIDEAKI KURIBARA JPMorgan AKIRA KISHIMOTO Mitsubishi UFJ Morgan Stanley SecuritieSHUICHI NAKAHARA Nomura YASUHIRO NARITA Morgan Stanley HARUNOBU GOROH EVA Dimensions CRAIG STERLING Macquarie POLINA DIYACHKINA Okasan Securities KIYOSHI MORI

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

Recommendation Strong Outperform buy neutral overweight hold neutral buy strong buy neutral outperform buy Overwt/In-Line underweight neutral buy

Amt Held 112'559'000 84'194'000 65'066'300 37'750'000 36'776'000 34'758'200 27'556'000 27'530'000 27'169'416 24'491'393 23'962'000 23'878'000 23'031'260 19'667'000 17'353'000 14'567'001 14'517'600 13'881'400 13'633'423 11'240'900

% Out 7.1 5.31 4.11 2.38 2.32 2.19 1.74 1.74 1.71 1.55 1.51 1.51 1.45 1.24 1.09 0.92 0.92 0.88 0.86 0.71

Weighting

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

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

Latest Chg 9'289'000 11'222'000 (18'101'200) 800'000 (6'100) (2'548'714) (19'097'700) (173'800) (3'549'000) (884) 2'356'200 574'904 2'049'800 316'800 18'400 (1'196'100)

Target Price #N/A N/A 1'450 1'150 1'270 1'150 1'230 1'300 #N/A N/A 1'200 1'400 1'230 1'120 #N/A N/A 1'000 1'220

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

File Dt 30.09.2012 30.09.2012 31.12.2012 30.09.2012 30.09.2012 20.12.2012 30.09.2012 30.09.2012 26.03.2013 28.02.2013 30.09.2012 30.09.2012 31.12.2012 31.03.2012 31.03.2012 31.12.2012 31.12.2012 28.02.2013 25.03.2013 31.12.2012

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

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

Date 25.03.2013 22.03.2013 21.03.2013 18.03.2013 13.03.2013 08.03.2013 04.03.2013 22.02.2013 22.02.2013 15.02.2013 05.02.2013 29.01.2013 15.01.2013 10.01.2013 15.02.2012

27.03.2013

Japan Tobacco Inc JAPAN TOBACCO INC. mainly manufactures, markets and sells cigarettes and other tobacco products internationally. The Company is also engaged in pharmaceuticals and foods businesses.

Price/Volume 3500

40.0 M

3000

35.0 M

2500

30.0 M 25.0 M

2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.03.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/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 2914 JT EQUITY YTD Change 2914 JT EQUITY YTD % CHANGE

03/2012 12/yy 3'240.00 2'032.50 6'053'000.00 3015 -6.94% 48.34% 82.19% 2'000.0 6'030'000.00 491'516.00 0.0 80'576.0 404'740.00 6'114'754.00

31.03.2008 2'068'367.0 2.95x 602'094.0 10.14x 238'702.0 20.03x

15.0 M

1000

10.0 M

500

5.0 M

0 m-12 a-12 m-12

31.03.2009 31.03.2010 2'243'146.0 1'980'970.0 1.52x 2.08x 646'175.0 526'668.0 5.27x 7.81x 123'400.0 138'448.0 20.33x 24.08x Profitability

LTM-4Q 31.03.2011 2'059'365.0 1.65x 519'275.0 6.53x 243'315.0 11.82x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

1.99 0.58 1'141.62 30.54% 25.00% 0.578 19 4.474 6'227'960 8'498'210 6'343'986 FY+2

FQ+1

FQ+2

31.03.2012 09/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 2'033'825.0 ######### ######### ######### ######### 500'182.8 2.26x 6.54x 7.82x 2.93x 2.64x 578'025.0 506'536.0 667'562.0 622'150.0 701'372.4 125'750.0 7.97x 7.16x 0.00x 9.83x 8.72x 320'883.0 206'644.0 328'250.0 333'749.8 390'692.7 67'432.7 13.83x 16.77x 0.00x 17.08x 14.39x S&P Issuer Ratings 578'025.00 Long-Term Rating Date 19.04.2007 459'180.00 Long-Term Rating A+ 22.58% Long-Term Outlook POS 21.70% Short-Term Rating Date 9.46% Short-Term Rating 20.65% Credit Ratios 16.62% EBITDA/Interest Exp. 41.40 0.57% (EBITDA-Capex)/Interest Exp. 34.55 Net Debt/EBITDA -0.01 56.1% Total Debt/EBITDA 0.54 30.1% Reference 24.5% Total Debt/Equity 30.1% 15.8% Total Debt/Capital 22.3% Asset Turnover 0.57 1.15 Net Fixed Asset Turnover 3.37 0.63 Accounts receivable turnover-days 58.80 13.40% Inventory Days 182.09 30.08% Accounts Payable Turnover Day 118.21 6.22 Cash Conversion Cycle 117.93 2.01

Price/ Cash Flow

Sales/Revenue/Turnover

18.00

5'000'000.0

16.00

4'500'000.0

14.00

4'000'000.0 3'500'000.0

12.00

3'000'000.0

10.00 8.00

2'500'000.0 2'000'000.0

6.00

1'500'000.0

4.00

1'000'000.0

2.00

500'000.0

0.00 03.04.2009

j-12

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

20.0 M

1500

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Japan Tobacco Inc Holdings By:

All

Holder Name MINISTER OF FINANCE JAPAN TOBACCO INC STATE STREET JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF MIZUHO FINANCIAL GRO FMR LLC HARBOR CAPITAL ADVIS GOVT OF SINGAPORE IN GOLDMAN SACHS & CO MELLON BANK NA CAPITAL GROUP COMPAN JP MORGAN CHASE BANK VANGUARD GROUP INC SUN LIFE FINANCIAL I ARTISAN PARTNERS HOL MITSUBISHI UFJ FINAN BANK OF NEW YORK MEL BLACKROCK NOMURA

Firm Name

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

Analyst

JPMorgan RITSUKO TSUNODA Barclays TAKAYUKI HAYANO Berenberg Bank ERIK BLOOMQUIST Ji Asia MIKIHIKO YAMATO Macquarie TOBY WILLIAMS BNP Paribas Equity Research JAMES MOON Mizuho Securities HIROSHI SAJI SMBC Nikko Securities Inc YOSHIYASU OKIHIRA Tokai Tokyo Securities TOMONOBU TSUNOYAMA Daiwa Securities Co. Ltd. TOKUSHI YAMASAKI Morgan Stanley TAIZO DEMURA Credit Suisse SATSUKI KAWASAKI Nomura SATOSHI FUJIWARA Mitsubishi UFJ Morgan Stanley SecuritieJUNICHI KANAMORI Goldman Sachs KEIKO YAMAGUCHI EVA Dimensions AUSTIN BURKETT

Source MOF-JP MOF-JP ULT-AGG Co File Co File ULT-AGG ULT-AGG MF-AGG ULT-AGG Co File Co File ULT-AGG Co File MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation overweight equalweight buy buy outperform reduce buy neutral above average outperform Overwt/In-Line outperform buy outperform Buy/Neutral hold

Amt Held 666'666'800 182'510'100 71'979'942 49'421'900 41'424'200 34'616'400 29'600'956 24'927'000 24'508'000 23'688'375 18'391'926 16'746'900 16'550'265 15'999'942 15'477'500 14'958'663 14'667'000 14'238'391 10'287'651 9'846'700

% Out 33.33 9.13 3.6 2.47 2.07 1.73 1.48 1.25 1.23 1.18 0.92 0.84 0.83 0.8 0.77 0.75 0.73 0.71 0.51 0.49

Weighting

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

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

Latest Chg 43'841'142 4'183'500 2'629'800 (17'800) 883'479 846'800 (182'225) 709'126 1'154'900 (1'238'535) 330'942 225'700 323'800 (25'900) 70'805 39'300 427'000

Target Price 3'800 2'830 3'350 3'500 3'250 2'500 3'100 2'550 2'650 3'200 3'100 2'700 3'340 3'200 3'300 #N/A N/A

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

File Dt 15.03.2013 15.03.2013 26.03.2013 30.09.2012 30.09.2012 29.10.2012 31.01.2013 31.12.2012 30.09.2012 30.09.2012 30.09.2012 31.12.2012 30.09.2012 31.12.2012 31.01.2013 31.12.2012 28.02.2013 26.03.2013 25.03.2013 28.02.2013

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

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

Date 22.03.2013 19.03.2013 18.03.2013 11.03.2013 20.02.2013 19.02.2013 18.02.2013 04.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 24.01.2013 15.01.2013

27.03.2013

JFE Holdings Inc JFE Holdings, Inc. is a holding company which was established through the merger of NKK Corp and Kawasaki Steel Corp. The Company manages and conducts its subsidiaries' business, which is steel production and integrated engineering services.

Price/Volume 2500

14.0 M 12.0 M

2000

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (03.09.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 5411 JT EQUITY YTD Change 5411 JT EQUITY YTD % CHANGE

03/2012 12/yy 2'275.00 941.00 5'872'000.00 1854 -18.51% 97.02% 63.57% 614.4 1'139'168.75 1'632'525.00 0.0 42'084.0 50'382.00 2'784'016.79

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

8.0 M

1000

6.0 M 4.0 M

500

2.0 M

0 m-12 a-12 m-12

31.03.2009 31.03.2010 3'908'282.0 2'844'356.0 0.71x 1.22x 655'580.0 337'149.0 4.22x 10.32x 194'229.0 45'659.0 6.03x 43.60x Profitability

LTM-4Q 31.03.2011 3'195'560.0 0.88x 429'476.0 6.56x 58'608.0 21.98x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

0.54 1.60 508.30 1.80% 16.67% 1.602 20 3.800 4'694'440 6'131'687 6'150'712 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 3'166'511.0 ######### ######### ######### ######### 801'350.0 870'300.0 0.82x 3.24x 3.03x 0.85x 0.74x 283'095.0 263'366.0 205'796.0 251'755.9 395'397.2 9.12x 0.00x 12.48x 11.06x 7.04x (36'633.0) (43'180.0) 22'536.0 37'724.2 122'858.1 16'600.0 0.00x 40.11x 27.72x 8.55x S&P Issuer Ratings 283'095.00 Long-Term Rating Date 10.04.2009 44'779.00 Long-Term Rating NR 1.41% Long-Term Outlook -2.27% Short-Term Rating Date -0.28% Short-Term Rating -0.77% Credit Ratios - EBITDA/Interest Exp. 18.75 0.78% (EBITDA-Capex)/Interest Exp. 5.94 Net Debt/EBITDA 6.71 9.1% Total Debt/EBITDA 6.87 7.2% Reference 0.1% Total Debt/Equity 115.4% -1.2% Total Debt/Capital 52.9% Asset Turnover 0.78 1.61 Net Fixed Asset Turnover 1.85 0.68 Accounts receivable turnover-days 59.69 40.74% Inventory Days 94.15 115.43% Accounts Payable Turnover Day 43.56 6.13 Cash Conversion Cycle 109.75 3.89

Price/ Cash Flow

Sales/Revenue/Turnover

9.00

4'500'000.0

8.00

4'000'000.0

7.00

3'500'000.0

6.00

3'000'000.0

5.00

2'500'000.0

4.00

2'000'000.0

3.00

1'500'000.0

2.00

1'000'000.0

1.00

500'000.0

0.00 03.04.2009

j-12

Fiscal Year Ended 31.03.2008 3'539'802.0 1.08x 730'977.0 5.23x 261'845.0 9.81x

1500

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

JFE Holdings Inc Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF MITSUBISHI UFJ FINAN JFE HOLDINGS INC MIZUHO FINANCIAL GRO NIPPON LIFE INSURANC DAI ICHI LIFE INSURA STATE STREET CUSTODI TOKIO MARINE & NICHI ISUZU MOTORS LTD SOMPO JAPAN INSURANC KAWASAKI KISEN KAISH TAIYO NIPPON SANSO C BLACKROCK VANGUARD GROUP INC KAWASAKI HEAVY INDUS MITSUBISHI HEAVY IND NOMURA CAPITAL GROUP COMPAN MITSUBISHI CORP

Firm Name

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

Analyst

Nomura YUJI MATSUMOTO JPMorgan AKIRA KISHIMOTO Tokai Tokyo Securities YOSHIYUKI TAKANO Jefferies THANH HA PHAM SMBC Nikko Securities Inc KAZUHIRO HARADA Okasan Securities MANAMI ONO Mizuho Securities HIROYUKI SUZUKI Goldman Sachs YUYA TAKEMOTO BNP Paribas Equity Research TOSHIYUKI JOHNO Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI Morgan Stanley HARUNOBU GOROH Tachibana Securities TAKESHI IRISAWA Macquarie POLINA DIYACHKINA Daiwa Securities Co. Ltd. JIRO IOKIBE Mitsubishi UFJ Morgan Stanley SecuritieKEIJU KUROSAKA EVA Dimensions CRAIG STERLING Credit Suisse SHINYA YAMADA VTB Capital WIKTOR BIELSKI

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

Recommendation neutral overweight neutral hold outperform neutral buy Buy/Neutral buy Neutral Plus Overwt/In-Line outperform underperform buy outperform sell outperform buy

Amt Held 42'840'000 39'346'000 39'341'053 35'070'495 28'003'658 22'859'200 12'788'000 11'129'000 9'975'000 7'434'000 7'366'000 5'287'363 4'975'570 4'844'735 4'638'936 4'357'452 4'214'000 3'466'115 3'400'000 3'313'787

% Out 6.97 6.4 6.4 5.71 4.56 3.72 2.08 1.81 1.62 1.21 1.2 0.86 0.81 0.79 0.75 0.71 0.69 0.56 0.55 0.54

Weighting

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

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

Latest Chg (15'000) (739'000) 2'566'661 (27'853'053) 2'275'725 (93'800) (178'000) (900) (525) 500'000 130'500 48'500 102'950 (48'500) (600'000) -

Target Price 2'315 2'200 #N/A N/A 2'200 2'300 2'170 3'100 2'450 2'800 2'400 1'800 #N/A N/A 1'000 3'000 2'300 #N/A N/A 2'750 1'338

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

File Dt 30.09.2012 30.09.2012 11.02.2013 28.02.2013 31.01.2013 20.12.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.03.2012 31.03.2012 25.03.2013 31.12.2012 31.03.2012 31.03.2012 28.02.2013 31.12.2012 31.03.2012

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

Inst Type Bank Bank Holding Company Corporation Bank Insurance Company Insurance Company Other Insurance Company Corporation Insurance Company Corporation Corporation Investment Advisor Investment Advisor Corporation Corporation Unclassified Investment Advisor Corporation

Date 22.03.2013 15.03.2013 14.03.2013 13.03.2013 05.03.2013 01.03.2013 21.02.2013 18.02.2013 13.02.2013 04.02.2013 04.02.2013 04.02.2013 01.02.2013 01.02.2013 31.01.2013 15.01.2013 09.01.2013 15.10.2012

27.03.2013

JGC Corp JGC CORPORATION designs, constructs, and maintains plants and industrial facilities globally. The Company's services include petroleum, petrochemical, gas, nuclear power, biochemical, food, pharmaceutical, and communication facilities. JGC, through its subsidiaries, manufactures and sells catalyzers and chemical products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.10.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1963 JT EQUITY YTD Change 1963 JT EQUITY YTD % CHANGE

03/2012 12/yy 2'858.00 2'050.00 2'709'000.00 2425 -15.15% 18.29% 54.95% 259.1 628'203.38 9'487.00 0.0 626.0 222'556.00 403'174.35

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

6.0 M

2500

5.0 M

2000

4.0 M

1500

3.0 M

1000

2.0 M

500

1.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 551'062.0 0.43x 51'783.0 4.61x 30'019.0 12.86x

3000

31.03.2009 31.03.2010 450'911.0 414'257.0 0.29x 0.78x 59'789.0 51'455.0 2.22x 6.25x 31'543.0 27'112.0 8.95x 15.55x Profitability

LTM-4Q 31.03.2011 447'222.0 0.79x 71'076.0 4.95x 25'477.0 19.31x

31.03.2012 556'966.0 0.78x 74'848.0 5.81x 39'111.0 16.56x

74'848.00 67'053.00 12.04% 12.83% 8.22% 15.04% 14.43% 1.12% 15.6% 13.0% 11.6% 7.0% 1.83 1.51 1.80% 3.27% 6.56 11.74

Price/ Cash Flow

LTM

FY+1

0.98 220.71 -5.01% -7.75% 0.976 15 4.200 1'731'800 2'448'000 2'250'104 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 551'264.0 609'148.0 611'693.4 675'770.3 2.54x 2.74x 0.67x 0.56x 83'039.0 75'548.0 76'937.3 85'211.2 3.47x 5.96x 5.24x 4.73x 45'782.0 44'418.0 46'230.3 50'042.6 10.19x 15.21x 13.30x 12.29x S&P Issuer Ratings Long-Term Rating Date 15.07.2008 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 149.10 (EBITDA-Capex)/Interest Exp. 133.05 Net Debt/EBITDA -2.96 Total Debt/EBITDA 0.11 Reference Total Debt/Equity 3.3% Total Debt/Capital 3.2% Asset Turnover 1.12 Net Fixed Asset Turnover 8.98 Accounts receivable turnover-days 55.81 Inventory Days 31.17 Accounts Payable Turnover Day 54.24 Cash Conversion Cycle 30.12 Sales/Revenue/Turnover

40.00

700'000.0

35.00

600'000.0

30.00

500'000.0

25.00

400'000.0

20.00

300'000.0

15.00

200'000.0

10.00

100'000.0

5.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

JGC Corp Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF BLACKROCK NIKKI SHOJI CO LTD SUMITOMO MITSUI FINA SUMITOMO MITSUI TRUS SANEYOSHI SCHOLARSHI STATE STREET JGC CORP MIZUHO FINANCIAL GRO NOMURA SUN LIFE FINANCIAL I JP MORGAN CHASE BANK STATE STREET CUSTODI NIKKO ASSET MANAGEME MELLON BANK NA DAIWA SECURITIES GRO UMB BANK N A MITSUBISHI UFJ FINAN VANGUARD GROUP INC

Firm Name

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

Analyst

Morgan Stanley YUKA MATAYOSHI Mizuho Securities MASANORI WAKAE Okasan Securities NORITSUGU HIRAKAWA SMBC Nikko Securities Inc TAKU OUCHI Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA JPMorgan LEE SOKJE Daiwa Securities Co. Ltd. HIROSUKE TAI Barclays KUNIO SAKAIDA Ji Asia TONY MOYER EVA Dimensions CRAIG STERLING Nomura RYO TAZAKI Tachibana Securities YOSHIKAZU SHIMADA Mito Securities YOICHIRO WATANABE

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

Recommendation Overwt/Attractive buy neutral neutral neutral overweight neutral overweight buy buy buy Strong Outperform outperform

Amt Held 18'928'000 17'514'000 16'253'198 12'112'000 11'000'000 8'781'000 8'433'000 7'721'760 6'588'000 6'462'000 5'512'000 4'720'375 3'887'000 3'868'000 3'861'000 3'636'000 2'899'000 2'683'022 2'119'000 1'996'637

% Out 7.31 6.76 6.27 4.68 4.25 3.39 3.26 2.98 2.54 2.49 2.13 1.82 1.5 1.49 1.49 1.4 1.12 1.04 0.82 0.77

Weighting

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

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

Latest Chg (720'000) 478'000 (4'000) (7'793'000) (17'000) (42'000) (470'000) 380'000 216'000 131'000 (27'000) 50'378

Target Price 2'900 3'100 #N/A N/A 2'500 2'550 4'600 2'500 3'000 3'100 #N/A N/A 3'100 #N/A N/A #N/A N/A

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

File Dt 30.09.2012 30.09.2012 25.03.2013 30.09.2012 30.09.2012 15.03.2013 30.09.2012 26.03.2013 30.09.2012 29.10.2012 28.02.2013 31.01.2013 30.09.2012 30.09.2012 15.03.2013 31.03.2012 28.02.2013 31.01.2013 28.02.2013 31.12.2012

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

Inst Type Bank Bank Investment Advisor Corporation Bank Bank Other Investment Advisor Corporation Bank Unclassified Investment Advisor Investment Advisor Other Unclassified Investment Advisor Holding Company Investment Advisor Holding Company Investment Advisor

Date 14.03.2013 14.03.2013 05.03.2013 04.03.2013 27.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 24.01.2013 08.01.2013 07.12.2012 23.03.2012

27.03.2013

JX Holdings Inc JX Holdings, Inc. is a holding company which was established through the integration of Nippon Oil Corporation and Nippon Mining Holdings, Inc. Through subsidiaries, the company explores, produces, refines and distributes petroleum and petro chemical products. JX Holdings also provides non-ferrous metals and electronic materials.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 5020 JT EQUITY YTD Change 5020 JT EQUITY YTD % CHANGE

03/2012 12/yy 570.00 346.00 7'361'700.00 544 -4.56% 57.23% 87.50% 2'495.5 1'357'544.38 2'300'997.00 0.0 300'549.0 218'958.00 3'981'383.35

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

31.03.2009 -

30.0 M

500

25.0 M

400

20.0 M

300

15.0 M

200

10.0 M

100

5.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008

600

31.03.2010

Profitability

LTM-4Q 31.03.2011 9'634'396.0 0.38x 545'515.0 6.79x 311'736.0 4.47x

LTM

FY+1

2.94 1.10 2'288.14 7.15% 14.29% 1.096 12 4.500 11'181'640 11'051'750 11'103'760 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 10'723'889.0 ######### ######### ######### ######### 0.34x 1.35x 1.30x 0.31x 0.31x 529'385.0 604'037.0 417'722.0 475'911.0 489'080.1 6.91x 5.88x 9.16x 8.37x 8.14x 170'595.0 143'166.0 103'725.0 173'154.1 182'438.2 7.48x 8.08x 11.58x 7.68x 7.41x S&P Issuer Ratings 529'385.00 Long-Term Rating Date 327'844.00 Long-Term Rating 3.06% Long-Term Outlook 3.31% Short-Term Rating Date 1.10% Short-Term Rating 4.09% Credit Ratios 2.73% EBITDA/Interest Exp. 1.68% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 7.9% Total Debt/EBITDA 3.4% Reference 1.6% Total Debt/Equity 1.6% Total Debt/Capital Asset Turnover 1.13 Net Fixed Asset Turnover 0.48 Accounts receivable turnover-days 34.39% Inventory Days 131.92% Accounts Payable Turnover Day 10.15 Cash Conversion Cycle 6.36

Price/ Cash Flow

19.66 13.83 5.62 6.37 131.9% 52.9% 1.68 5.47 36.06 57.52 26.16 69.24

Sales/Revenue/Turnover

9.00

12'000'000.0

8.00

10'000'000.0

7.00

8'000'000.0

6.00 5.00

6'000'000.0

4.00

4'000'000.0

3.00 2.00

2'000'000.0

1.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

JX Holdings Inc Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO MITSUI TRUS MIZUHO FINANCIAL GRO SUMITOMO MITSUI FINA STATE STREET CUSTODI MITSUBISHI UFJ FINAN MITSUBISHI CORP INPEX CORP VANGUARD GROUP INC GOVT OF SINGAPORE IN FMR LLC HARTFORD INVESTMENT TOKIO MARINE & NICHI SOMPO JAPAN INSURANC NIKKO ASSET MANAGEME BLACKROCK NOMURA MITSUI SUMITOMO INSU NIPPONKOA INSURANCE

Firm Name

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

Analyst

SMBC Nikko Securities Inc HIDETOSHI SHIODA Mizuho Securities NORIMASA SHINYA Daiwa Securities Co. Ltd. TAKAHIRO YANO Nomura SHIGEKI MATSUMOTO Okasan Securities SHINICHI YAMAZAKI Macquarie POLINA DIYACHKINA Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO EVA Dimensions CRAIG STERLING Morgan Stanley LALITA GUPTA

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

Recommendation outperform buy outperform buy buy outperform neutral underweight Overwt/In-Line

Amt Held 236'675'000 168'175'000 148'049'260 68'019'800 65'398'000 51'895'000 50'592'500 48'616'000 33'265'000 32'690'813 32'117'000 31'863'128 28'965'808 27'920'156 26'849'980 21'974'280 21'594'035 20'419'400 17'091'839 10'251'645

% Out 9.48 6.74 5.93 2.73 2.62 2.08 2.03 1.95 1.33 1.31 1.29 1.28 1.16 1.12 1.08 0.88 0.87 0.82 0.68 0.41

Weighting

Change 5 5 5 5 5 5 3 1 5

M M M M U M D M M

Latest Chg 7'738'000 19'085'000 14'757'810 (17'800) (5'338'000) (138'000) 208 6'664'117 7'745'419 5'697'400 (1'420'200) 92'900 148'100 -

Target Price 670 670 650 680 650 700 600 #N/A N/A 600

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

File Dt 30.09.2012 30.09.2012 13.04.2012 29.10.2012 30.09.2012 30.09.2012 28.02.2013 30.09.2012 30.09.2012 31.12.2012 30.09.2012 31.01.2013 28.02.2013 31.03.2012 31.03.2012 13.04.2012 25.03.2013 28.02.2013 31.03.2012 31.03.2012

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

Inst Type Bank Bank Bank Bank Bank Other Holding Company Corporation Corporation Investment Advisor Government Investment Advisor Investment Advisor Insurance Company Insurance Company Unclassified Investment Advisor Unclassified Insurance Company Insurance Company

Date 14.03.2013 20.02.2013 19.02.2013 18.02.2013 15.02.2013 14.02.2013 13.02.2013 17.01.2013 05.11.2012

27.03.2013

Kansai Electric Power Co Inc/The The Kansai Electric Power Company, Incorporated generates electricity from hydroelectric, thermal, geothermal, and nuclear power sources. The Company distributes electricity to Osaka and the surrounding Kansai area. Kansai Electric also constructs and maintains electrical power facilities.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.04.2012) 52-Week Low (12.09.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 9503 JT EQUITY YTD Change 9503 JT EQUITY YTD % CHANGE

03/2012 12/yy 1'383.00 482.00 13'686'700.00 876 -36.66% 81.74% 38.40% 938.7 822'330.13 3'892'894.00 0.0 19'998.0 129'234.00 4'868'683.13

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

40.0 M

1400

35.0 M

1200

30.0 M

1000

25.0 M

800

20.0 M

600

15.0 M

400

10.0 M

200

5.0 M

0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 2'689'317.0 1.99x 613'279.0 8.74x 85'265.0 26.84x

1600

31.03.2009 31.03.2010 2'789'575.0 2'606'592.0 1.92x 2.06x 453'233.0 670'239.0 11.82x 8.01x (8'796.0) 127'170.0 15.27x Profitability

LTM-4Q 31.03.2011 2'769'783.0 1.80x 736'836.0 6.76x 123'143.0 13.16x

LTM

FY+1

0.94 737.79 -32.34% -3.42% 0.939 11 2.545 7'985'480 5'854'277 6'683'097 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 2'811'424.0 ######### ######### ######### ######### 699'608.0 1.75x 6.88x 6.74x 1.73x 1.52x 191'808.0 415'664.0 85'014.0 36'520.0 385'041.6 25.70x 0.00x 0.00x 133.32x 12.64x (242'257.0) (102'748.0) (276'120.0) (267'605.1) (44'474.8) 0.00x 0.00x S&P Issuer Ratings 191'808.00 Long-Term Rating Date 10.04.2009 -229'388.00 Long-Term Rating NR -8.16% Long-Term Outlook -9.77% Short-Term Rating Date -5.12% Short-Term Rating -24.03% Credit Ratios - EBITDA/Interest Exp. 3.74 0.38% (EBITDA-Capex)/Interest Exp. -4.26 Net Debt/EBITDA 58.1% Total Debt/EBITDA -96.42 -1.5% Reference -15.5% Total Debt/Equity 257.8% -8.6% Total Debt/Capital 71.8% Asset Turnover 0.38 0.69 Net Fixed Asset Turnover 0.29 Accounts receivable turnover-days 24.25 51.76% Inventory Days 42.20 257.83% Accounts Payable Turnover Day 38.11 15.10 Cash Conversion Cycle 25.28 8.67

Price/ Cash Flow

Sales/Revenue/Turnover

30.00

2'850'000.0 2'800'000.0

25.00

2'750'000.0 2'700'000.0

20.00

2'650'000.0 15.00

2'600'000.0 2'550'000.0

10.00

2'500'000.0 5.00 0.00 03.04.2009

2'450'000.0 2'400'000.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Kansai Electric Power Co Inc/The Holdings By:

All

Holder Name CITY OF OSAKA KANSAI ELECTRIC POWE NIPPON LIFE INSURANC JAPAN TRUSTEE SERVIC CITY OF KOBE COMPANY'S MOCHIKABUK MASTER TRUST BANK OF STATE STREET CUSTODI KOCHI SHINKIN BANK MIZUHO FINANCIAL GRO MITSUBISHI UFJ FINAN SUMITOMO MITSUI FINA BLACKROCK VANGUARD GROUP INC MITSUBISHI HEAVY IND SUMITOMO MITSUI TRUS FMR LLC NOMURA SOMPO JAPAN INSURANC TOKIO MARINE & NICHI

Firm Name

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

Analyst

Okasan Securities SHINICHI YAMAZAKI Mizuho Securities NORIMASA SHINYA Nomura SHIGEKI MATSUMOTO Morgan Stanley YUKA MATAYOSHI EVA Dimensions AUSTIN BURKETT SMBC Nikko Securities Inc HIDETOSHI SHIODA Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO Goldman Sachs HIROYUKI SAKAIDA

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

Recommendation neutral neutral reduce Equalwt/In-Line sell neutral neutral neutral/neutral

Amt Held 83'748'000 44'873'600 43'734'800 30'760'000 27'351'000 20'693'000 20'143'000 16'718'000 14'976'000 13'189'100 11'745'000 11'128'000 8'499'209 7'128'881 5'995'000 5'314'300 4'740'037 4'642'400 3'833'700 3'782'090

% Out 8.92 4.78 4.66 3.28 2.91 2.2 2.15 1.78 1.6 1.4 1.25 1.19 0.91 0.76 0.64 0.57 0.5 0.49 0.41 0.4

Weighting

Change 3 3 2 3 1 3 3 3

M M M M M M U D

Latest Chg 11'000 (1'300) (4'813'000) 1'518'000 (1'605'000) (209'000) (2'600) 32'700 49'200 181'435 7'600 (1'337'553) (301'400) -

Target Price #N/A N/A 780 660 630 #N/A N/A 900 820 900

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

File Dt 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 29.10.2012 28.02.2013 30.09.2012 25.03.2013 31.12.2012 31.03.2012 10.12.2012 31.01.2013 28.02.2013 31.03.2012 31.03.2012

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

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

Date 28.02.2013 26.02.2013 12.02.2013 31.01.2013 15.01.2013 12.12.2012 03.12.2012 30.11.2012

27.03.2013

Kao Corp Kao Corporation is a manufacturer of household and chemical products. The company produces cosmetics, laundry and cleaning products, hygiene products, fatty chemicals, edible oils, and specialty chemicals.

Price/Volume 3500

8.0 M

3000

7.0 M

2500

6.0 M 5.0 M

2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (31.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 4452 JT EQUITY YTD Change 4452 JT EQUITY YTD % CHANGE

12/2012 12/yy 3'260.00 1'997.00 1'590'400.00 3065 -5.98% 53.48% 87.73% 526.2 1'612'841.38 121'968.00 0.0 10'437.0 132'279.00 1'571'342.32

31.03.2009 1'276'316.0 0.96x 184'262.0 6.65x 64'462.0 15.96x

3.0 M

1000

2.0 M

500

1.0 M

0 m-12

31.03.2010 31.03.2011 1'184'384.0 1'186'831.0 1.15x 0.95x 178'810.0 185'971.0 7.65x 6.04x 40'506.0 46'737.0 31.36x 23.66x Profitability

LTM-4Q 31.03.2012 1'216'095.0 0.93x 188'387.0 6.02x 52'434.0 21.62x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

2.02 0.56 497.39 46.26% 36.28% 0.556 16 3.500 1'775'880 2'028'823 2'007'966 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'216'095.0 ######### ######### ######### ######### 0.93x 3.74x 3.54x 1.18x 1.12x 188'387.0 178'331.0 196'373.0 196'384.8 207'557.3 6.02x 6.26x 5.77x 8.00x 7.57x 52'434.0 44'902.0 65'444.0 72'156.7 82'188.3 21.62x 24.43x 17.93x 21.58x 19.74x S&P Issuer Ratings 188'387.00 Long-Term Rating Date 10.04.2009 108'590.00 Long-Term Rating NR 8.93% Long-Term Outlook 8.66% Short-Term Rating Date 5.72% Short-Term Rating 10.37% Credit Ratios 9.01% EBITDA/Interest Exp. 85.51 1.20% (EBITDA-Capex)/Interest Exp. 66.59 Net Debt/EBITDA -0.22 56.8% Total Debt/EBITDA 0.57 15.1% Reference 8.6% Total Debt/Equity 22.6% 4.3% Total Debt/Capital 18.2% Asset Turnover 1.20 1.57 Net Fixed Asset Turnover 5.00 1.00 Accounts receivable turnover-days 41.09 12.30% Inventory Days 89.25 22.62% Accounts Payable Turnover Day 79.97 8.91 Cash Conversion Cycle 46.33 4.10

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

1'400'000.0

12.00

1'200'000.0

10.00

1'000'000.0

8.00

800'000.0

6.00

600'000.0

4.00

400'000.0

2.00

200'000.0

0.00 03.04.2009

a-12 m-12

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

4.0 M

1500

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Kao Corp Holdings By:

All

Holder Name NORTHERN TRUST CORPO JAPAN TRUSTEE SERVIC STATE STREET MASTER TRUST BANK OF ARTISAN INVESTMENTS SUMITOMO MITSUI TRUS MELLON BANK NA STATE STREET CUSTODI TOKIO MARINE & NICHI EMPLOYEES' STOCKHOLD SUN LIFE FINANCIAL I ARTISAN PARTNERS HOL KAO CORP NOMURA BLACKROCK VANGUARD GROUP INC NIKKO ASSET MANAGEME DAIWA SECURITIES GRO RUFFER LLP MITSUBISHI UFJ FINAN

Firm Name

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

Analyst

SMBC Nikko Securities Inc KUNI KANAMORI Barclays MITSUKO MIYASAKO Mizuho Securities WAKAKO SATO JPMorgan RITSUKO TSUNODA Mitsubishi UFJ Morgan Stanley SecuritieHISAE KAWAMOTO Daiwa Securities Co. Ltd. KATSURO HIROZUMI TIW TOSHIRO TAKAHASHI Morgan Stanley TAIZO DEMURA Goldman Sachs KEIKO YAMAGUCHI Credit Suisse SATSUKI KAWASAKI BNP Paribas Equity Research JAMES MOON EVA Dimensions AUSTIN BURKETT Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO Nomura SATOSHI FUJIWARA

Source Co File Co File ULT-AGG Co File MOF-JP ULT-AGG Co File ULT-AGG Co File Co File ULT-AGG MF-AGG MOF-JP ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation neutral equalweight buy neutral outperform neutral Neutral Plus Equalwt/In-Line neutral/neutral neutral hold hold neutral suspended coverage

Amt Held 36'012'000 29'276'000 27'777'113 25'077'000 21'808'148 21'741'600 13'233'000 11'710'000 10'442'000 9'101'000 8'921'600 8'103'200 7'437'630 7'164'700 5'949'854 5'175'357 4'675'300 3'306'000 3'235'000 3'072'500

% Out 6.84 5.56 5.28 4.77 4.14 4.13 2.51 2.23 1.98 1.73 1.7 1.54 1.41 1.36 1.13 0.98 0.89 0.63 0.61 0.58

Weighting

Change

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

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

Latest Chg 590'000 (3'056'000) 267'600 3'585'000 (352'000) (311'000) 286'000 786'500 (4'781'726) 3'625'977 (163'100) (49'300) 152'248 120'300 (85'900)

Target Price 2'840 3'200 3'600 3'000 3'500 2'710 #N/A N/A 2'400 2'700 2'650 2'800 #N/A N/A 2'200 #N/A N/A

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

File Dt Inst Type 30.09.2012 Investment Advisor 30.09.2012 Bank 26.03.2013 Investment Advisor 30.09.2012 Bank 30.11.2012 Investment Advisor 31.05.2012 Bank 30.09.2012 Investment Advisor 30.09.2012 Other 30.09.2012 Insurance Company 30.09.2012 n/a 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Corporation 28.02.2013 Unclassified 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.05.2012 Unclassified 28.02.2013 Holding Company 31.10.2012 Hedge Fund Manager 28.02.2013 Holding Company

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

Date 11.03.2013 07.03.2013 04.03.2013 26.02.2013 26.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 15.01.2013 24.10.2012 02.07.2012

27.03.2013

KDDI Corp KDDI CORPORATION provides mobile communication services and sells mobile devices. The Company also is a broadband provider.

Price/Volume 4500 4000 3500 3000 2500 2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (30.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 9433 JT EQUITY YTD Change 9433 JT EQUITY YTD % CHANGE

03/2012 12/yy 3'915.00 2'410.00 2'587'500.00 3850 -1.66% 59.75% 95.90% 897.0 3'453'309.75 1'046'750.00 0.0 66'749.0 179'348.00 4'492'707.86

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

1000 500 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.03.2008 3'596'283.0 0.90x 759'975.0 4.27x 217'786.0 12.48x

1500

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M f-13 m-13

31.03.2009 31.03.2010 3'497'508.0 3'442'146.0 0.79x 0.91x 887'565.0 913'840.0 3.12x 3.44x 222'736.0 212'764.0 9.25x 10.13x Profitability

LTM-4Q 31.03.2011 3'434'545.0 0.89x 932'602.0 3.29x 255'122.0 8.86x

LTM

FY+1

2.21 0.54 703.16 44.77% 27.13% 0.541 20 4.650 2'777'200 2'743'247 2'932'904 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 3'572'097.0 ######### ######### ######### ######### 930'506.0 0.84x 3.47x 3.48x 1.18x 1.03x 909'808.0 924'558.0 915'586.0 946'592.1 ######### 3.28x 3.04x 3.68x 4.75x 4.19x 238'604.0 246'835.0 224'497.0 246'838.3 329'873.6 9.22x 8.45x 10.37x 12.58x 9.36x S&P Issuer Ratings 909'808.00 Long-Term Rating Date 10.04.2009 477'647.00 Long-Term Rating NR 13.37% Long-Term Outlook 12.72% Short-Term Rating Date 4.52% Short-Term Rating 8.24% Credit Ratios 6.00% EBITDA/Interest Exp. 70.58 0.91% (EBITDA-Capex)/Interest Exp. 45.84 Net Debt/EBITDA 1.04 - Total Debt/EBITDA 1.19 24.4% Reference 12.4% Total Debt/Equity 50.8% 6.7% Total Debt/Capital 33.0% Asset Turnover 0.91 1.35 Net Fixed Asset Turnover 1.94 1.10 Accounts receivable turnover-days 71.54 26.14% Inventory Days 50.77% Accounts Payable Turnover Day 5.12 Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

6.00

4'000'000.0 3'500'000.0

5.00

3'000'000.0 4.00

2'500'000.0 2'000'000.0

3.00

1'500'000.0

2.00

1'000'000.0 1.00 0.00 03.04.2009

500'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

KDDI Corp Holdings By:

All

Holder Name KDDI CORP KYOCERA CORP TOYOTA MOTOR CORP JAPAN TRUSTEE SERVIC STATE STREET MASTER TRUST BANK OF FIRST EAGLE INVESTME SUN LIFE FINANCIAL I NOMURA MELLON BANK NA NIKKO ASSET MANAGEME NIPPON YUSEI KYOSAI BLACKROCK THORNBURG INVESTMENT FMR LLC VANGUARD GROUP INC MITSUBISHI UFJ FINAN OPPENHEIMERFUNDS INC USHIO INC CHUBU ELECTRIC POWER

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 n/a n/a #N/A N/A n/a #N/A N/A n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios #N/A N/A #N/A N/A

Analyst

Goldman Sachs IKUO MATSUHASHI HSBC NEALE ANDERSON Barclays KEIICHI YONESHIMA Tokai Tokyo Securities YUSUKE TSUNODA SMBC Nikko Securities Inc SHINJI MORIYUKI New Street Research KIRK BOODRY Macquarie NATHAN RAMLER EVA Dimensions ANDREW S ZAMFOTIS Mitsubishi UFJ Morgan Stanley SecuritieHIDEAKI TANAKA Ji Asia NEIL JUGGINS Mizuho Securities KEI TAKAHASHI JPMorgan HITOSHI HOSOYA Credit Suisse HITOSHI HAYAKAWA Nomura DAISAKU MASUNO BNP Paribas Equity Research HIROSHI YAMASHINA Iwai Cosmo Securities Co. Ltd TOMOAKI KAWASAKI Morgan Stanley TETSURO TSUSAKA Daiwa Securities Co. Ltd. MAKOTO UENO

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

Recommendation neutral/neutral overweight equalweight above average neutral buy outperform overweight outperform buy buy restricted outperform buy buy outperform Overwt/Attractive outperform

Amt Held 132'600'600 114'535'400 99'508'400 54'794'200 45'166'862 43'094'000 15'527'400 12'425'928 11'587'200 8'955'400 8'667'000 8'622'800 7'725'562 6'958'980 6'932'360 5'339'638 4'851'000 4'564'180 4'216'600 3'801'800

% Out 14.78 12.77 11.09 6.11 5.04 4.8 1.73 1.39 1.29 1 0.97 0.96 0.86 0.78 0.77 0.6 0.54 0.51 0.47 0.42

Weighting

Change

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

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

Latest Chg (600) (400'800) 3'403'000 3'483'800 (45'400) (23'400) 35'600 178'200 (3'000) (2'202'800) (294'600) (3'835'568) 1'954'640 165'838 1'800 272'380 (466'800) -

Target Price 1'713 4'350 3'800 4'200 3'650 3'735 4'250 #N/A N/A 4'100 4'525 4'525 #N/A N/A 3'900 4'055 3'650 4'000 3'750 3'150

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

File Dt Inst Type 30.09.2012 Corporation 30.09.2012 Corporation 30.09.2012 Corporation 30.09.2012 Bank 26.03.2013 Investment Advisor 30.09.2012 Bank 30.09.2012 Hedge Fund Manager 31.01.2013 Investment Advisor 28.02.2013 Unclassified 30.09.2012 Investment Advisor 26.03.2013 Unclassified 30.09.2012 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Holding Company 31.01.2013 Investment Advisor 31.03.2012 Corporation 31.03.2012 Corporation

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

Date 26.03.2013 25.03.2013 25.03.2013 19.03.2013 18.03.2013 18.03.2013 15.03.2013 11.03.2013 05.03.2013 05.03.2013 27.02.2013 26.02.2013 20.02.2013 20.02.2013 05.02.2013 29.01.2013 28.01.2013 25.10.2012

27.03.2013

Keyence Corp KEYENCE CORPORATION develops, manufactures, and sells sensors and measuring instruments used for factory automation (FA) and high technology hobby products. The Company's products include fiber optic sensors, photoelectric sensors, programmable logic controllers (PLC), laser scan micrometers, bar code readers, and radio-controlled model cars.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (24.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6861 JT EQUITY YTD Change 6861 JT EQUITY YTD % CHANGE

03/2012 12/yy 29'160.00 17'120.00 86'500.00 28810 -1.20% 68.28% 95.68% 60.8 1'751'703.38 0.00 0.0 0.0 377'349.00 1'339'484.34

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

.4 M

30000

.3 M

25000

.3 M

20000

.2 M

15000

.2 M

10000

.1 M

5000

.1 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.03.2008 200'666.0 4.81x 104'838.0 9.21x 63'208.0 18.12x

35000

31.03.2009 31.03.2010 165'328.0 136'177.0 4.17x 6.47x 76'021.0 57'976.0 9.07x 15.20x 41'996.0 37'695.0 21.93x 30.83x Profitability

LTM-4Q 31.03.2011 184'802.0 4.42x 88'839.0 9.20x 55'345.0 20.70x

31.03.2012 199'334.0 3.97x 94'070.0 8.41x 58'162.0 20.09x

94'070.00 91'145.00 45.72% 47.28% 8.98% 9.47% 9.47% 0.30% 76.1% 46.6% 45.0% 29.2% 13.62 12.99 0.00% 0.00% 3.33 2.97

Price/ Cash Flow

LTM

FY+1

.0 M f-13 m-13

0.94 44.61 50.49% 20.88% 0.936 14 2.786 134'760 134'417 136'910 FY+2

FQ+1

FQ+2

09/yy 12/yy 03/13 Y 03/14 Y 12/12 Q3 03/13 Q4 194'730.0 207'408.0 217'135.6 234'500.7 51'522.0 58'104.6 17.58x 15.87x 6.60x 5.88x 31.77x 28.26x 93'848.0 96'696.0 101'042.4 111'047.6 23'014.0 21'875.0 8.22x 10.34x 13.26x 12.06x 56'802.0 62'074.0 65'155.7 71'247.8 14'848.3 17'055.0 19.73x 22.76x 26.36x 24.39x S&P Issuer Ratings Long-Term Rating Date 09.01.2007 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA -4.26 Total Debt/EBITDA 0.00 Reference Total Debt/Equity 0.0% Total Debt/Capital 0.0% Asset Turnover 0.30 Net Fixed Asset Turnover 11.71 Accounts receivable turnover-days 137.10 Inventory Days 154.00 Accounts Payable Turnover Day 39.96 Cash Conversion Cycle 185.27 Sales/Revenue/Turnover

40.00

250'000.0

35.00

200'000.0

30.00 25.00

150'000.0

20.00

100'000.0

15.00 10.00

50'000.0

5.00 0.00 20.03.2009

0.0 20.09.2009

20.03.2010

20.09.2010

20.03.2011

20.09.2011

20.03.2012

20.09.2012

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

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

27.03.2013

Keyence Corp Holdings By:

All

Holder Name TT KK JAPAN TRUSTEE SERVIC TAKIZAKI TAKEMITSU FIRST EAGLE INVESTME FMR LLC MASTER TRUST BANK OF MELLON BANK NA BANK OF NEW YORK MEL STATE STREET CUSTODI DAI ICHI LIFE INSURA OPPENHEIMERFUNDS INC INVESCO LTD VANGUARD GROUP INC HIKARI TSUSHIN INC BLACKROCK WILLIAM BLAIR & COMP NOMURA MORGAN STANLEY ABERDEEN BESSEMER GROUP INCOR

Firm Name

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

Analyst

JPMorgan TORU NAKAHASHI Credit Suisse SHINJI KURODA EVA Dimensions ANDREW S ZAMFOTIS Morgan Stanley YOSHINAO IBARA Goldman Sachs YUICHIRO ISAYAMA Mizuho Securities TAKESHI TANAKA BNP Paribas Equity Research CHRISTOPHER CINTAVEY Nomura MASAYASU NOGUCHI Mitsubishi UFJ Morgan Stanley SecuritieTOMOKI KOMIYA Deutsche Bank TAKESHI KITAURA Macquarie DAMIAN THONG

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

Recommendation neutral neutral sell Underwt/Attractive neutral/attractive neutral reduce buy neutral buy neutral

Amt Held 10'867'000 4'724'000 4'688'618 2'692'500 1'891'577 1'695'000 1'153'000 1'023'000 964'000 898'000 887'941 447'206 439'579 411'288 397'703 376'920 286'640 261'584 247'625 246'810

% Out 17.87 7.77 7.71 4.43 3.11 2.79 1.9 1.68 1.59 1.48 1.46 0.74 0.72 0.68 0.65 0.62 0.47 0.43 0.41 0.41

Weighting

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

M M D M M M M M M N M

Latest Chg 988'000 367'000 (7'664) 159'000 73'000 103'000 67'000 82'000 23'400 90'727 12'907 500 329'800 (19'640) 8'517 600 78'200

Target Price 25'000 26'000 #N/A N/A 20'000 26'000 25'000 21'300 30'000 23'700 29'600 22'000

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

File Dt Inst Type 20.06.2012 Corporation 20.06.2012 Bank 13.09.2012 n/a 30.09.2012 Hedge Fund Manager 31.01.2013 Investment Advisor 20.06.2012 Bank 20.06.2012 Investment Advisor 20.06.2012 Investment Advisor 20.06.2012 Other 20.06.2012 Insurance Company 31.01.2013 Investment Advisor 21.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 31.12.2012 Investment Advisor 28.02.2013 Unclassified 31.10.2012 Investment Advisor

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

Date 14.03.2013 04.03.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 24.01.2013 09.01.2013

27.03.2013

Kirin Holdings Co Ltd Kirin Holdings Company, Limited produces beer, soft drinks, food products, whisky, and pharmaceuticals. The Company sells its products in Japan and overseas.

Price/Volume 1600 1400 1200 1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2503 JT EQUITY YTD Change 2503 JT EQUITY YTD % CHANGE

12/2012 12/yy 1'520.00 864.00 2'797'000.00 1494 -1.71% 72.92% 96.65% 965.0 1'441'710.00 963'624.00 0.0 204'754.0 83'916.00 2'526'172.00

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

400 200 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 2'303'569.0 0.87x 264'301.0 7.55x 80'182.0 14.00x

600

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M f-13 m-13

31.12.2009 31.12.2010 2'278'473.0 2'177'802.0 1.09x 0.96x 255'936.0 291'599.0 9.67x 7.20x 49'172.0 11'394.0 28.91x 95.31x Profitability

LTM-4Q 31.12.2011 2'071'774.0 1.04x 285'626.0 7.57x 7'407.0 121.56x

LTM

FY+1

1.94 0.86 865.19 42.77% 47.63% 0.857 16 3.750 5'103'800 5'165'300 4'474'328 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'186'177.0 ######### ######### ######### ######### 0.94x 3.92x 3.88x 1.04x 0.99x 299'384.0 285'625.0 299'384.0 304'581.3 310'031.7 6.87x 7.57x 6.87x 8.29x 8.15x 56'198.0 7'407.0 56'198.0 88'592.7 71'765.9 (3'135.0) 16'684.0 17.32x 121.72x 17.31x 15.29x 18.33x S&P Issuer Ratings 299'384.00 Long-Term Rating Date 10.04.2009 153'022.00 Long-Term Rating NR 7.00% Long-Term Outlook 6.11% Short-Term Rating Date 1.94% Short-Term Rating 6.24% Credit Ratios 3.99% EBITDA/Interest Exp. 13.12 0.75% (EBITDA-Capex)/Interest Exp. 8.78 Net Debt/EBITDA 2.94 41.7% Total Debt/EBITDA 3.22 13.7% Reference 7.0% Total Debt/Equity 101.5% 2.6% Total Debt/Capital 45.5% Asset Turnover 0.75 1.10 Net Fixed Asset Turnover 2.86 0.69 Accounts receivable turnover-days 67.74 32.65% Inventory Days 57.36 101.53% Accounts Payable Turnover Day 42.36 5.40 Cash Conversion Cycle 82.74 6.38

Price/ Cash Flow

Sales/Revenue/Turnover

8.00

2'500'000.0

7.00

2'000'000.0

6.00 5.00

1'500'000.0

4.00

1'000'000.0

3.00 2.00

500'000.0

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 |

27.03.2013

Kirin Holdings Co Ltd Holdings By:

All

Holder Name MITSUBISHI UFJ FINAN JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO MITSUI TRUS MEIJI YASUDA LIFE IN STATE STREET ISONO SHOKAI KK STATE STREET CUSTODI BLACKROCK NOMURA TOKIO MARINE & NICHI VANGUARD GROUP INC MITSUBISHI LOGISTICS ASAHI GLASS CO LTD MITSUBISHI CORP MITSUBISHI HEAVY IND TERUMO CORP NIKKO ASSET MANAGEME MITSUBISHI ESTATE CO NIKON CORP

Firm Name

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

Analyst

JPMorgan RITSUKO TSUNODA Mizuho Securities HIROSHI SAJI Tokai Tokyo Securities TOMONOBU TSUNOYAMA Goldman Sachs KEIKO YAMAGUCHI Credit Suisse SATSUKI KAWASAKI Nomura SATOSHI FUJIWARA SMBC Nikko Securities Inc YOSHIYASU OKIHIRA Barclays TAKAYUKI HAYANO Morgan Stanley TAIZO DEMURA Mitsubishi UFJ Morgan Stanley SecuritieAKANE NAKAGAWA Daiwa Securities Co. Ltd. TOKUSHI YAMASAKI EVA Dimensions AUSTIN BURKETT Macquarie TOBY WILLIAMS Ji Asia MIKIHIKO YAMATO

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

Recommendation overweight buy neutral neutral/neutral outperform neutral neutral underweight Overwt/In-Line suspended coverage buy sell outperform buy

Amt Held 73'681'571 65'345'000 48'988'000 46'351'000 35'046'000 28'531'946 23'272'000 19'739'000 13'246'307 11'621'000 9'212'956 8'479'640 7'240'720 7'018'539 6'710'473 6'477'000 6'227'000 5'219'000 5'044'338 4'915'488

% Out 7.64 6.77 5.08 4.8 3.63 2.96 2.41 2.05 1.37 1.2 0.95 0.88 0.75 0.73 0.7 0.67 0.65 0.54 0.52 0.51

Weighting

Change

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

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

Latest Chg (15'015'744) (2'697'000) 432'000 (1'093'000) (3'590'000) 674'000 (168'689) 331'865 (980'000) (4'470'000) 373'000 -

Target Price 1'750 1'610 1'000 1'400 1'600 1'320 1'340 1'260 1'650 #N/A N/A 1'520 #N/A N/A 1'450 1'200

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

File Dt 20.12.2012 30.06.2012 30.06.2012 13.04.2012 30.06.2012 26.03.2013 30.06.2012 30.06.2012 25.03.2013 30.06.2012 31.03.2012 31.12.2012 31.03.2012 31.12.2011 31.03.2012 31.03.2012 31.03.2012 13.04.2012 31.03.2012 31.03.2012

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

Inst Type Holding Company Bank Bank Bank Insurance Company Investment Advisor Corporation Other Investment Advisor Unclassified Insurance Company Investment Advisor Corporation Corporation Corporation Corporation Corporation Unclassified Corporation Corporation

Date 26.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 06.03.2013 28.02.2013 18.02.2013 15.01.2013 17.08.2012 09.03.2012

27.03.2013

Komatsu Ltd KOMATSU LTD. manufactures and sells construction and mining machinery, including excavators, bulldozers, and wheel loaders. The Company, operating on a global scale, also produces forklift trucks and engineering equipment such as press system.

Price/Volume 3000

25.0 M

2500

20.0 M

2000

Latest Fiscal Year: LTM as of: 52-Week High (06.02.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6301 JT EQUITY YTD Change 6301 JT EQUITY YTD % CHANGE

03/2012 12/yy 2'507.00 1'439.00 3'676'100.00 2282 -8.97% 58.58% 81.18% 983.1 2'243'503.25 647'800.00 0.0 47'761.0 83'986.00 2'904'025.25

31.03.2008 2'243'023.0 1.40x 408'514.0 7.67x 208'793.0 13.50x

10.0 M

1000

5.0 M

500 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

15.0 M

1500

Valuation Analysis

31.03.2009 31.03.2010 2'021'743.0 1'431'564.0 0.78x 1.71x 250'302.0 158'354.0 6.31x 15.43x 78'797.0 33'559.0 13.38x 56.53x Profitability

LTM-4Q 31.03.2011 1'843'127.0 1.76x 312'396.0 10.38x 150'752.0 18.14x

LTM

FY+1

1.97 1.48 931.14 -2.11% 5.59% 1.483 26 4.038 7'561'840 7'953'800 8'198'938 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'981'763.0 ######### ######### ######### ######### 534'582.6 476'000.0 1.44x 5.38x 5.33x 1.45x 1.34x 346'449.0 343'430.0 301'628.0 323'962.8 382'483.8 8.25x 6.75x 9.09x 8.96x 7.59x 167'041.0 179'506.0 128'761.0 139'957.3 174'484.5 42'719.0 13.60x 9.69x 16.15x 15.53x 12.44x S&P Issuer Ratings 346'449.00 Long-Term Rating Date 26.10.2007 256'343.00 Long-Term Rating A 12.94% Long-Term Outlook STABLE 12.68% Short-Term Rating Date 6.37% Short-Term Rating 14.20% Credit Ratios 9.59% EBITDA/Interest Exp. 44.51 0.89% (EBITDA-Capex)/Interest Exp. 28.31 Net Debt/EBITDA 1.67 27.3% Total Debt/EBITDA 1.92 16.8% Reference 12.2% Total Debt/Equity 64.2% 8.4% Total Debt/Capital 38.0% Asset Turnover 0.89 1.62 Net Fixed Asset Turnover 3.70 0.75 Accounts receivable turnover-days 91.23 27.92% Inventory Days 146.53 64.16% Accounts Payable Turnover Day 61.69 4.01 Cash Conversion Cycle 171.36 2.50

Price/ Cash Flow

Sales/Revenue/Turnover

30.00

2'500'000.0

25.00

2'000'000.0

20.00

1'500'000.0

15.00

1'000'000.0 10.00

500'000.0

5.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Komatsu Ltd Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO MITSUI TRUS STATE STREET NIPPON LIFE INSURANC TAIYO LIFE INSURANCE KOMATSU LTD BANK OF NEW YORK MEL JP MORGAN CHASE BANK CAPITAL GROUP COMPAN THORNBURG INVESTMENT SUMITOMO MITSUI FINA HARBOR CAPITAL ADVIS NIPPONKOA INSURANCE VANGUARD GROUP INC NOMURA BLACKROCK NIKKO ASSET MANAGEME HOKKOKU BANK LTD/THE DAIWA SECURITIES GRO

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 n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios

Analyst

BNP Paribas Equity Research CHRISTOPHER CINTAVEY SMBC Nikko Securities Inc TAKU OUCHI Morgan Stanley YOSHINAO IBARA Nomura KATSUSHI SAITO Ji Asia TONY MOYER Credit Suisse SHINJI KURODA Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA Mizuho Securities JUNJI SAKURADA Macquarie KENJIN HOTTA Deutsche Bank TAKESHI KITAURA Jefferies YUKIHIRO KUMAGAI TIW MASAKAZU ITOI Iwai Cosmo Securities Co. Ltd HIROYASU NISHIKAWA Mito Securities YOICHIRO WATANABE Tokai Tokyo Securities MITSUYUKI ODAIRA JPMorgan TORU NAKAHASHI Tachibana Securities YOSHIKAZU SHIMADA Daiwa Securities Co. Ltd. HIROKAZU MIYAGI ACE Research Institute MASUNORI ISHITOBI Goldman Sachs YUICHIRO ISAYAMA EVA Dimensions CRAIG STERLING Barclays KUNIO SAKAIDA

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

Recommendation buy outperform Overwt/Attractive buy buy outperform outperform neutral underperform buy buy Neutral Plus Neutral Plus neutral above average overweight outperform outperform neutral buy/attractive underweight overweight

Amt Held 57'355'000 41'698'000 40'903'800 38'391'644 34'310'300 34'000'000 31'311'000 25'828'000 24'500'000 22'262'200 19'274'050 17'835'000 12'893'700 10'462'448 10'121'401 9'513'600 8'944'505 8'340'000 7'549'916 5'655'600

% Out 5.83 4.24 4.16 3.91 3.49 3.46 3.18 2.63 2.49 2.26 1.96 1.81 1.31 1.06 1.03 0.97 0.91 0.85 0.77 0.58

Weighting

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

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

Latest Chg 6'141'000 (1'587'000) 14'227'300 (24'700) (4'000'716) (64'800) 1'651'000 (7'978'000) (2'604'500) (1'084'726) 117'200 426'549 (579'200) 13'700 16'900

Target Price 2'800 3'300 3'000 3'020 3'010 2'700 2'740 2'500 1'850 3'300 2'800 #N/A N/A 2'700 2'500 #N/A N/A 1'900 #N/A N/A 2'700 2'350 3'100 #N/A N/A 2'400

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

File Dt 30.09.2012 30.09.2012 15.06.2012 26.03.2013 20.12.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.12.2012 31.01.2013 30.09.2012 31.12.2012 31.03.2012 31.12.2012 28.02.2013 25.03.2013 15.06.2012 31.03.2012 28.02.2013

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

Inst Type Bank Bank Bank Investment Advisor Insurance Company Insurance Company Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Insurance Company Investment Advisor Unclassified Investment Advisor Unclassified Bank Holding Company

Date 26.03.2013 22.03.2013 21.03.2013 12.03.2013 12.03.2013 04.03.2013 27.02.2013 22.02.2013 14.02.2013 08.02.2013 08.02.2013 04.02.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 15.01.2013 05.12.2012

27.03.2013

Kubota Corp KUBOTA CORPORATION manufactures industrial machinery, farm machinery, and fluid piping systems. The Company's products include ductile iron pipes, engines, tractors, combine harvesters, reaper binders, rice planters, and excavators. Kubota also produces forged iron products, housing equipment, and environmental control plants.

Price/Volume 1600 1400 1200 1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6326 JT EQUITY YTD Change 6326 JT EQUITY YTD % CHANGE

03/2012 12/yy 1'390.00 630.00 6'983'000.00 1360 -2.16% 115.87% 98.41% 1'285.9 1'748'850.13 355'235.00 0.0 53'931.0 100'559.00 2'109'103.08

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

400 200 0 m-12 a-12 m-12

31.03.2009 31.03.2010 1'107'482.0 930'644.0 0.76x 1.53x 134'057.0 98'873.0 6.28x 14.37x 48'064.0 42'326.0 14.20x 25.60x Profitability

LTM-4Q 31.03.2011 933'685.0 1.38x 113'104.0 11.42x 54'822.0 18.19x

31.03.2012 1'008'019.0 1.30x 129'588.0 10.09x 61'552.0 16.31x 129'588.00 105'680.00 10.48% 10.18% 4.55% 10.08% 6.73% 0.74% 27.0% 12.7% 10.3% 6.1% 1.62 1.12 23.88% 54.38% 2.27 3.75

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

1.18 1.17 1'215.77 69.87% 38.84% 1.167 20 3.700 5'896'000 6'208'334 5'349'586 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 984'263.0 ######### ######### ######### 333'273.7 4.80x 4.99x 1.79x 1.65x 118'294.0 134'470.0 143'141.5 176'199.0 9.34x 11.89x 14.73x 11.97x 53'550.0 68'410.0 69'033.9 86'944.7 15.24x 18.10x 24.86x 19.71x S&P Issuer Ratings Long-Term Rating Date 09.01.2007 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 68.49 (EBITDA-Capex)/Interest Exp. 54.24 Net Debt/EBITDA 2.04 Total Debt/EBITDA 2.83 Reference Total Debt/Equity 54.4% Total Debt/Capital 33.4% Asset Turnover 0.74 Net Fixed Asset Turnover 4.87 Accounts receivable turnover-days 161.31 Inventory Days 97.70 Accounts Payable Turnover Day 90.55 Cash Conversion Cycle 175.09 Sales/Revenue/Turnover

45.00

1'400'000.0

40.00

1'200'000.0

35.00

1'000'000.0

30.00 25.00

800'000.0

20.00

600'000.0

15.00

400'000.0

10.00

200'000.0

5.00 0.00 03.04.2009

j-12

Market Data

Fiscal Year Ended 31.03.2008 1'154'574.0 0.96x 167'440.0 6.63x 68'026.0 11.76x

600

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M f-13 m-13

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Kubota Corp Holdings By:

All

Holder Name MASTER TRUST BANK OF MITSUBISHI UFJ FINAN NIPPON LIFE INSURANC JAPAN TRUSTEE SERVIC MEIJI YASUDA LIFE IN SUMITOMO MITSUI FINA MIZUHO FINANCIAL GRO MOXLEY & CO KUBOTA CORP STATE STREET CUSTODI SUMITOMO MITSUI TRUS BLACKROCK CAPITAL GROUP COMPAN JP MORGAN CHASE BANK FMR LLC NIKKO ASSET MANAGEME NOMURA VANGUARD GROUP INC TOKIO MARINE & NICHI SARASIN

Firm Name

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

Analyst

Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA SMBC Nikko Securities Inc TAKU OUCHI Marusan Securities KOSUKE SAHARA Credit Suisse SHINJI KURODA Morgan Stanley YOSHINAO IBARA Iwai Cosmo Securities Co. Ltd HITOSHI OHNISHI Mizuho Securities JUNJI SAKURADA Nomura RYO TAZAKI Macquarie KENJIN HOTTA Goldman Sachs YUICHIRO ISAYAMA BNP Paribas Equity Research CHRISTOPHER CINTAVEY TIW MASAKAZU ITOI EVA Dimensions CRAIG STERLING Barclays KUNIO SAKAIDA Tachibana Securities YOSHIKAZU SHIMADA Daiwa Securities Co. Ltd. HIROSUKE TAI Mito Securities YOICHIRO WATANABE

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

Recommendation neutral outperform outperform neutral Equalwt/Attractive Neutral Plus buy buy neutral neutral/attractive hold Neutral Plus underweight overweight Strong Outperform neutral Neutral Plus

Amt Held 119'924'000 106'709'439 81'633'000 66'382'000 59'929'000 45'006'000 42'043'000 30'503'000 29'565'000 28'101'000 26'125'000 25'412'786 23'203'000 22'742'000 20'595'411 14'893'000 12'392'000 10'041'188 6'899'902 4'919'000

% Out 9.33 8.3 6.35 5.16 4.66 3.5 3.27 2.37 2.3 2.19 2.03 1.98 1.8 1.77 1.6 1.16 0.96 0.78 0.54 0.38

Weighting

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

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

Latest Chg 12'606'000 937'986 (4'464'265) 6'733'000 (128'000) (1'255'000) 12'000 948'000 (37'544'000) (581'609) (375'000) (22'642'000) (2'647'135) (1'257'000) 1'094'000 246'995 (586'000)

Target Price 1'210 1'350 #N/A N/A 1'100 1'200 1'300 1'300 1'250 1'100 1'150 1'070 #N/A N/A #N/A N/A 1'070 #N/A N/A 800 #N/A N/A

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

File Dt 30.09.2012 31.12.2011 30.09.2012 30.09.2012 30.09.2012 30.09.2012 29.10.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 25.03.2013 31.12.2012 30.09.2012 31.01.2013 13.04.2012 28.02.2013 31.12.2012 31.03.2012 31.01.2013

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

Inst Type Bank Holding Company Insurance Company Bank Insurance Company Bank Bank Investment Advisor Corporation Other Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Insurance Company Unclassified

Date 19.03.2013 14.03.2013 08.03.2013 08.03.2013 07.03.2013 28.02.2013 22.02.2013 21.02.2013 12.02.2013 06.02.2013 06.02.2013 16.01.2013 15.01.2013 05.12.2012 13.11.2012 05.11.2012 17.11.2010

27.03.2013

Kyocera Corp KYOCERA CORPORATION manufacturers electronic equipment and components. The Company's products include telecommunication equipment, information equipment, optical equipment, ceramic products, semiconductor parts, chips, hybrid integrated circuits, thermal printheads, image sensors, liquid crystal displays, and connectors. Kyocera operates worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6971 JT EQUITY YTD Change 6971 JT EQUITY YTD % CHANGE

03/2012 12/yy 9'130.00 6'000.00 634'600.00 8850 -3.07% 47.50% 92.97% 191.3 1'693'087.25 35'869.00 0.0 64'736.0 479'228.00 1'291'427.22

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

31.03.2009 31.03.2010 1'128'586.0 1'073'805.0 0.72x 1.17x 140'996.0 136'689.0 5.79x 9.18x 29'506.0 40'095.0 41.20x 41.70x Profitability

LTM-4Q 31.03.2011 1'266'924.0 0.90x 227'468.0 4.98x 122'448.0 12.63x

4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

1.36 0.95 167.74 15.68% 13.90% 0.948 20 3.750 778'580 944'673 908'252 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'190'870.0 ######### ######### ######### ######### 348'818.8 331'510.0 0.85x 3.19x 3.05x 1.03x 0.93x 170'795.0 197'536.0 133'174.0 144'490.4 193'987.7 5.92x 3.89x 7.69x 8.94x 6.66x 79'357.0 100'841.0 52'217.0 62'034.9 96'397.6 13'162.0 21'508.0 17.52x 11.26x 27.30x 26.32x 17.01x 19.90x 18.12x S&P Issuer Ratings 170'795.00 Long-Term Rating Date 09.01.2007 97'675.00 Long-Term Rating NR 8.20% Long-Term Outlook 9.65% Short-Term Rating Date 2.92% Short-Term Rating 3.97% Credit Ratios 3.81% EBITDA/Interest Exp. 83.64 0.60% (EBITDA-Capex)/Interest Exp. 50.46 Net Debt/EBITDA -3.53 26.9% Total Debt/EBITDA 0.26 10.7% Reference 4.7% Total Debt/Equity 2.4% 6.7% Total Debt/Capital 2.3% Asset Turnover 0.60 3.80 Net Fixed Asset Turnover 4.70 2.39 Accounts receivable turnover-days 69.31 1.80% Inventory Days 108.46 2.44% Accounts Payable Turnover Day 39.90 5.28 Cash Conversion Cycle 135.93 3.37

Price/ Cash Flow

Sales/Revenue/Turnover

18.00

1'400'000.0

16.00

1'200'000.0

14.00

1'000'000.0

12.00 10.00

800'000.0

8.00

600'000.0

6.00

400'000.0

4.00

200'000.0

2.00 0.00 03.04.2009

4.5 M

Fiscal Year Ended 31.03.2008 1'290'436.0 0.83x 239'465.0 4.49x 107'244.0 14.77x

10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 m-12 a-12 m-12

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Kyocera Corp Holdings By:

All

Holder Name MASTER TRUST BANK OF JAPAN TRUSTEE SERVIC MITSUBISHI UFJ FINAN KYOCERA CORP BANK OF KYOTO LTD/TH INAMORI KAZUO SUMITOMO MITSUI TRUS STATE STREET NOMURA DODGE & COX INAMORI FOUNDATION NIKKO ASSET MANAGEME STATE STREET CUSTODI K I KOSAN KK JP MORGAN SECURITIES VANGUARD GROUP INC BLACKROCK KAGOSHIMA BANK LTD/T SKAGEN AS FMR LLC

Firm Name

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

Analyst

Okasan Securities KOICHI AKIYAMA Morgan Stanley SHOJI SATO Mizuho Securities FUMIHIDE GOTO Macquarie GEORGE T CHANG JPMorgan MASASHI ITAYA Credit Suisse AKINORI KANEMOTO Jefferies MASAHIRO WAKASUGI SMBC Nikko Securities Inc HIROHARU WATANABE TIW TAKAO HATTORI Tokai Tokyo Securities KOUICHIROU HAGIWARA Mitsubishi UFJ Morgan Stanley SecuritieAKIHIKO UCHINO Nomura MANABU AKIZUKI Goldman Sachs DAIKI TAKAYAMA Daiwa Securities Co. Ltd. TAKUMI SADO EVA Dimensions ANDREW S ZAMFOTIS Tachibana Securities TSUNENORI OHMAKI

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

Recommendation neutral Overwt/In-Line buy outperform neutral neutral buy underperform neutral above average outperform buy neutral/attractive outperform underweight Strong Outperform

Amt Held 14'438'000 13'840'000 10'705'698 7'867'200 7'218'000 5'606'000 5'536'900 5'320'631 5'261'000 5'133'900 4'680'000 3'975'600 3'690'000 3'550'000 2'844'000 2'021'126 1'561'170 1'024'000 985'768 937'878

% Out 7.55 7.23 5.6 4.11 3.77 2.93 2.89 2.78 2.75 2.68 2.45 2.08 1.93 1.86 1.49 1.06 0.82 0.54 0.52 0.49

Weighting

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

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

Latest Chg 1'439'000 1'026'000 (2'488'702) 1'900 (5'333'500) (1'550'000) 21'700 217'500 (63'000) (188'000) 91'636 1'900 351'936

Target Price #N/A N/A 10'500 9'100 8'800 9'000 8'400 9'500 8'900 #N/A N/A #N/A N/A 9'500 10'200 7'600 9'700 #N/A N/A #N/A N/A

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

File Dt Inst Type 30.09.2012 Bank 30.09.2012 Bank 30.01.2012 Holding Company 30.09.2012 Corporation 30.09.2012 Bank 30.09.2012 n/a 28.02.2013 Bank 26.03.2013 Investment Advisor 28.02.2013 Unclassified 29.01.2013 Investment Advisor 30.09.2012 Other 28.02.2013 Unclassified 30.09.2012 Other 30.09.2012 Corporation 30.09.2012 Bank 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.03.2012 Bank 28.02.2013 Mutual Fund Manager 31.01.2013 Investment Advisor

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

Date 21.03.2013 19.03.2013 04.03.2013 01.03.2013 25.02.2013 21.02.2013 20.02.2013 20.02.2013 13.02.2013 06.02.2013 04.02.2013 01.02.2013 31.01.2013 17.01.2013 15.01.2013 01.05.2012

27.03.2013

Marubeni Corp Marubeni Corporation is a trading company with business divisions in iron & steel, information technology, utility & infrastructure, energy, food, metals & mineral resources, development & construction, and chemicals. The Company markets its products globally through a network of sales offices and representative firms.

Price/Volume 35.0 M

700

30.0 M

600

25.0 M

500

20.0 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8002 JT EQUITY YTD Change 8002 JT EQUITY YTD % CHANGE

03/2012 12/yy 768.00 463.00 10'323'000.00 743 -3.26% 60.48% 95.41% 1'737.9 1'291'290.13 2'638'218.00 0.0 63'598.0 722'850.00 3'522'963.09

31.03.2008 4'166'226.0 0.87x 296'523.0 12.25x 147'249.0 8.55x

15.0 M

300 200

10.0 M

100

5.0 M

0 m-12

a-12 m-12

31.03.2009 31.03.2010 4'002'299.0 3'279'969.0 0.69x 0.90x 328'059.0 193'299.0 8.38x 15.31x 111'208.0 95'312.0 4.76x 10.58x Profitability

LTM-4Q 31.03.2011 3'683'849.0 0.79x 217'916.0 13.36x 136'541.0 7.62x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

2.96 1.26 1'648.24 26.08% 22.96% 1.262 18 4.222 12'722'200 12'363'030 12'112'290 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 4'390'353.0 ######### ######### ######### ######### ######### 0.69x 2.75x 2.61x 0.34x 0.32x 1.33x 229'826.0 240'768.0 204'316.0 270'769.0 325'443.1 13.12x 12.01x 16.14x 13.01x 10.83x 172'125.0 170'884.0 183'322.0 198'422.0 212'796.4 49'466.7 0.0 6.02x 4.77x 5.81x 6.49x 6.06x 27.52x S&P Issuer Ratings 229'826.00 Long-Term Rating Date 01.09.2009 157'315.00 Long-Term Rating BBB 3.58% Long-Term Outlook NEG 5.94% Short-Term Rating Date 25.08.2003 3.39% Short-Term Rating NR 20.04% Credit Ratios 5.49% EBITDA/Interest Exp. 7.47 0.88% (EBITDA-Capex)/Interest Exp. 2.83 Net Debt/EBITDA 10.17 12.3% Total Debt/EBITDA 13.92 4.6% Reference 2.9% Total Debt/Equity 309.6% 3.9% Total Debt/Capital 74.2% Asset Turnover 0.88 1.44 Net Fixed Asset Turnover 6.62 0.97 Accounts receivable turnover-days 82.04 51.43% Inventory Days 40.05 309.59% Accounts Payable Turnover Day 88.60 4.46 Cash Conversion Cycle 31.93 9.14

Price/ Cash Flow

Sales/Revenue/Turnover

9.00

10'000'000.0

8.00

9'000'000.0

7.00

8'000'000.0 7'000'000.0

6.00

6'000'000.0

5.00 4.00

5'000'000.0 4'000'000.0

3.00

3'000'000.0

2.00

2'000'000.0

1.00

1'000'000.0

0.00 03.04.2009

j-12

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

800

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Marubeni Corp Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO MITSUI TRUS BLACKROCK SOMPO JAPAN INSURANC CAPITAL GROUP COMPAN MEIJI YASUDA LIFE IN STATE STREET CUSTODI JP MORGAN CHASE BANK TOKIO MARINE & NICHI MIZUHO FINANCIAL GRO NIPPON LIFE INSURANC AEON CO LTD NIKKO ASSET MANAGEME VANGUARD GROUP INC NOMURA DAIWA SECURITIES GRO BLACKROCK ADVISORS U BANK OF NEW YORK MEL MITSUBISHI UFJ FINAN

Firm Name

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

Analyst

Mizuho Securities AKIFUMI HAYASHI Barclays KAZUHISA MORI Jefferies THANH HA PHAM SMBC Nikko Securities Inc TAKASHI MURAKAMI BNP Paribas Equity Research TOSHIYUKI JOHNO Daiwa Securities Co. Ltd. JIRO IOKIBE Tokai Tokyo Securities HIDEAKI KURIBARA JPMorgan AKIRA KISHIMOTO Mitsubishi UFJ Morgan Stanley SecuritieSHUICHI NAKAHARA Nomura YASUHIRO NARITA Morgan Stanley HARUNOBU GOROH EVA Dimensions CRAIG STERLING Macquarie POLINA DIYACHKINA Marusan Securities SATOSHI EBISAWA Okasan Securities KIYOSHI MORI

Source Co File Co File ULT-AGG ULT-AGG Co File ULT-AGG Co File ULT-AGG Co File Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MOF-JP MF-AGG ULT-AGG

Recommendation buy overweight underperform neutral buy outperform strong buy overweight outperform buy Overwt/In-Line sell neutral outperform buy

Amt Held 174'355'000 87'883'000 76'182'000 62'167'350 56'110'000 47'685'000 41'818'000 39'409'000 39'177'000 34'902'000 31'342'000 27'572'000 21'997'000 16'736'000 15'678'830 14'148'000 9'271'000 8'335'586 8'281'278 7'474'000

% Out 10.03 5.06 4.38 3.58 3.23 2.74 2.41 2.27 2.25 2.01 1.8 1.59 1.27 0.96 0.9 0.81 0.53 0.48 0.48 0.43

Weighting

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

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

Latest Chg 5'486'000 1'381'000 (57'375'000) (15'921'185) 1'144'000 (679'000) (110) (16'000) 48'000 398'000 (782'731) 160'000 (505'000) (1'782'038) 39'000 4'000

Target Price 960 870 400 810 850 750 #N/A N/A 760 870 805 780 #N/A N/A 600 #N/A N/A 700

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

File Dt 30.09.2012 30.09.2012 31.12.2012 25.03.2013 30.09.2012 31.12.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 29.10.2012 20.12.2012 29.02.2012 31.12.2012 31.12.2012 28.02.2013 28.02.2013 15.08.2011 26.03.2013 28.02.2013

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

Inst Type Bank Bank Bank Investment Advisor Insurance Company Investment Advisor Insurance Company Other Investment Advisor Insurance Company Bank Insurance Company Corporation Unclassified Investment Advisor Unclassified Holding Company Investment Advisor Investment Advisor Holding Company

Date 22.03.2013 18.03.2013 13.03.2013 08.03.2013 04.03.2013 28.02.2013 25.02.2013 22.02.2013 14.02.2013 04.02.2013 29.01.2013 15.01.2013 10.01.2013 14.06.2012 09.11.2011

27.03.2013

Mitsubishi Chemical Holdings Corp Mitsubishi Chemical Holdings Corporation is a holding company established through the merger of Mitsubishi Chemical and Mitsubishi Pharma. The Company manages operation of its subsidiaries.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 4188 JT EQUITY YTD Change 4188 JT EQUITY YTD % CHANGE

03/2012 12/yy 487.00 275.00 7'472'500.00 458 -5.95% 66.55% 89.62% 1'506.3 689'879.94 1'166'899.00 0.0 373'563.0 161'133.00 2'020'398.95

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

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M f-13 m-13

Market Data

Fiscal Year Ended 31.03.2008 2'929'810.0 0.62x 234'463.0 7.78x 164'064.0 5.51x

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

31.03.2009 31.03.2010 2'909'030.0 2'515'079.0 0.52x 0.91x 135'224.0 199'746.0 11.21x 11.48x (67'178.0) 12'833.0 51.29x Profitability

LTM-4Q 31.03.2011 3'166'771.0 0.70x 384'898.0 5.76x 83'581.0 8.91x

LTM

FY+1

2.40 1.35 1'338.93 5.82% 8.92% 1.348 17 3.000 6'733'800 9'697'733 9'846'819 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 3'208'168.0 ######### ######### ######### ######### 851'207.2 0.63x 2.74x 2.38x 0.64x 0.61x 288'558.0 325'350.0 226'198.0 241'437.3 277'919.3 20'000.0 7.04x 6.09x 8.72x 8.37x 7.27x 35'486.0 35'396.0 12'625.0 23'071.9 40'960.3 0.0 18.37x 17.67x 50.88x 29.51x 16.40x S&P Issuer Ratings 288'558.00 Long-Term Rating Date 15.07.2008 130'579.00 Long-Term Rating NR 4.07% Long-Term Outlook 3.97% Short-Term Rating Date 0.04% Short-Term Rating 0.17% Credit Ratios 1.67% EBITDA/Interest Exp. 18.30 1.00% (EBITDA-Capex)/Interest Exp. 11.13 Net Debt/EBITDA 4.02 21.8% Total Debt/EBITDA 4.70 7.2% Reference 2.4% Total Debt/Equity 151.3% 1.1% Total Debt/Capital 50.5% Asset Turnover 1.00 1.29 Net Fixed Asset Turnover 3.03 0.70 Accounts receivable turnover-days 66.10 36.76% Inventory Days 77.15 151.27% Accounts Payable Turnover Day 58.92 5.54 Cash Conversion Cycle 83.76 4.74

Price/ Cash Flow

Sales/Revenue/Turnover

12.00

3'500'000.0

10.00

3'000'000.0 2'500'000.0

8.00

2'000'000.0 6.00

1'500'000.0

4.00

1'000'000.0

2.00

500'000.0

0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Mitsubishi Chemical Holdings Corp Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO MITSUI TRUS MEIJI YASUDA LIFE IN MITSUBISHI UFJ FINAN NIPPON LIFE INSURANC TAKEDA PHARMACEUTICA TOKIO MARINE & NICHI STATE STREET CUSTODI MITSUBISHI CHEMICAL TAIYO LIFE INSURANCE JA ZENKYOREN MITSUBISHI MATERIALS NIKKO ASSET MANAGEME BLACKROCK VANGUARD GROUP INC NOMURA TAIYO NIPPON SANSO C MITSUBISHI CORP JOYO BANK LTD/THE

Firm Name

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

Analyst

SMBC Nikko Securities Inc TAKATO WATABE Credit Suisse MASAMI SAWATO Mizuho Securities ATSUSHI YOSHIDA Nomura SHIGEKI OKAZAKI TIW TOSHIRO TAKAHASHI Barclays MIKIYA YAMADA Daiwa Securities Co. Ltd. HIDEMITSU UMEBAYASHI Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO Goldman Sachs HISAAKI YOKOO EVA Dimensions CRAIG STERLING Morgan Stanley LALITA GUPTA JPMorgan NOBUHITO OWAKI Jefferies YOSHIHIRO AZUMA Mitsubishi UFJ Morgan Stanley SecuritieYASUHIRO NAKADA Mito Securities JUN IKEYAMA

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

Recommendation underperform neutral buy neutral Neutral Minus equalweight neutral Neutral Plus neutral/neutral underweight Overwt/In-Line neutral hold neutral Neutral Plus

Amt Held 96'436'000 77'549'000 64'538'000 64'388'000 54'693'648 52'343'000 51'730'000 34'184'000 31'415'000 30'166'000 29'338'000 21'633'000 14'999'214 12'858'000 12'798'221 12'755'582 11'927'000 10'421'509 8'270'500 8'042'500

% Out 6.4 5.15 4.28 4.27 3.63 3.47 3.43 2.27 2.09 2 1.95 1.44 1 0.85 0.85 0.85 0.79 0.69 0.55 0.53

Weighting

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

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

Latest Chg 6'889'000 4'357'000 (67'084'500) (1'135'904) 28'500 1'472'000 (51'500) 10'499'628 1'211'500 (42'000) 334'352 7'000 -

Target Price 380 500 490 460 #N/A N/A 440 440 480 470 #N/A N/A 360 380 360 350 #N/A N/A

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

File Dt 30.09.2012 30.09.2012 15.08.2012 30.09.2012 07.11.2012 20.11.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.03.2012 31.03.2012 15.08.2012 25.03.2013 31.12.2012 28.02.2013 31.03.2012 31.03.2012 31.03.2012

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

Inst Type Bank Bank Bank Insurance Company Holding Company Insurance Company Corporation Insurance Company Other Corporation Insurance Company Bank Corporation Unclassified Investment Advisor Investment Advisor Unclassified Corporation Corporation Bank

Date 21.03.2013 12.03.2013 11.03.2013 07.03.2013 06.03.2013 05.03.2013 26.02.2013 22.02.2013 17.01.2013 17.01.2013 10.01.2013 20.12.2012 27.11.2012 01.11.2012 22.06.2010

27.03.2013

Mitsubishi Corp Mitsubishi Corporation is a general trading company. The Company has business groups such as New Business Initiatives, IT & Electronics, Fuels, Metals, Machinery, Chemicals, Living Essentials, and Professional Services. Mitsubishi diversifies by satellite communications through a joint venture.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (15.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8058 JT EQUITY YTD Change 8058 JT EQUITY YTD % CHANGE

03/2012 12/yy 2'017.00 1'330.00 8'105'500.00 1802 -10.66% 35.49% 72.49% 1'653.5 2'979'617.25 5'322'755.00 0.0 318'959.0 1'388'302.00 7'678'471.36

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

25.0 M

2000

20.0 M

1500

15.0 M

1000

10.0 M

500

5.0 M

0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 6'030'806.0 1.45x 509'382.0 17.22x 470'859.0 10.52x

2500

31.03.2009 31.03.2010 6'146'406.0 4'540'793.0 0.99x 1.65x 738'480.0 321'030.0 8.27x 23.32x 369'936.0 274'846.0 5.78x 14.65x Profitability

LTM-4Q 31.03.2011 5'206'873.0 1.42x 459'960.0 16.06x 463'188.0 8.19x

LTM

FY+1

3.22 1.16 1'464.19 -6.24% 10.93% 1.155 18 4.000 7'173'740 8'345'350 9'354'726 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 5'565'832.0 ######### ######### ######### ######### 1.33x 4.91x 4.93x 0.37x 0.36x 416'550.0 442'051.0 282'111.0 377'378.3 463'286.5 17.80x 14.86x 26.27x 20.35x 16.57x 453'849.0 472'761.0 364'987.0 353'554.0 408'875.6 73'333.3 6.96x 5.41x 7.43x 8.41x 7.31x S&P Issuer Ratings 416'550.00 Long-Term Rating Date 28.03.2008 271'122.00 Long-Term Rating A+ 4.87% Long-Term Outlook STABLE 11.67% Short-Term Rating Date 09.02.2006 3.34% Short-Term Rating A-1 11.94% Credit Ratios 5.26% EBITDA/Interest Exp. 9.96 0.48% (EBITDA-Capex)/Interest Exp. 0.09 Net Debt/EBITDA 14.09 20.3% Total Debt/EBITDA 18.67 5.1% Reference 2.8% Total Debt/Equity 151.7% 8.2% Total Debt/Capital 58.2% Asset Turnover 0.48 1.38 Net Fixed Asset Turnover 2.94 0.91 Accounts receivable turnover-days 158.15 42.28% Inventory Days 75.72 151.67% Accounts Payable Turnover Day 165.36 2.31 Cash Conversion Cycle 67.54 4.83

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

16'000'000.0

12.00

14'000'000.0 12'000'000.0

10.00

10'000'000.0 8.00

8'000'000.0 6.00

6'000'000.0

4.00

4'000'000.0

2.00

2'000'000.0

0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Mitsubishi Corp Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC TOKIO MARINE & NICHI MASTER TRUST BANK OF MEIJI YASUDA LIFE IN SUMITOMO MITSUI TRUS MITSUBISHI UFJ FINAN MITSUBISHI HEAVY IND STATE STREET CUSTODI BLACKROCK MITSUBISHI ELECTRIC NOMURA VANGUARD GROUP INC ASAHI GLASS CO LTD NIKKO ASSET MANAGEME MITSUBISHI ESTATE CO FMR LLC MITSUBISHI LOGISTICS JFE HOLDINGS INC DAIWA SECURITIES GRO MITSUBISHI CORP

Firm Name

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

Analyst

Mizuho Securities AKIFUMI HAYASHI Daiwa Securities Co. Ltd. JIRO IOKIBE Tokai Tokyo Securities HIDEAKI KURIBARA Jefferies THANH HA PHAM BNP Paribas Equity Research TOSHIYUKI JOHNO JPMorgan AKIRA KISHIMOTO SMBC Nikko Securities Inc TAKASHI MURAKAMI Barclays KAZUHISA MORI Mitsubishi UFJ Morgan Stanley SecuritieSHUICHI NAKAHARA Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI Nomura YASUHIRO NARITA Morgan Stanley HARUNOBU GOROH EVA Dimensions CRAIG STERLING Macquarie POLINA DIYACHKINA Okasan Securities KIYOSHI MORI

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

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

Amt Held 132'303'000 74'534'000 66'103'000 64'846'000 55'463'600 54'748'200 48'920'000 34'510'000 18'709'799 17'768'000 16'747'200 16'076'387 14'492'305 13'718'000 13'088'457 12'717'343 9'410'381 8'196'500 7'631'400 6'701'500

% Out 8 4.51 4 3.92 3.35 3.31 2.96 2.09 1.13 1.07 1.01 0.97 0.88 0.83 0.79 0.77 0.57 0.5 0.46 0.41

Weighting

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

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

Latest Chg (8'011'000) (3'290'000) (29'044'100) (13'865'905) (2'460'000) (1'333'313) (22'700) (3'817'654) 1'684'900 (252'025) 1'067'400 (363'700)

Target Price 2'310 1'910 #N/A N/A 1'900 1'700 2'200 2'170 2'120 2'210 2'250 2'600 1'950 #N/A N/A 1'600 2'300

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

File Dt 30.09.2012 30.09.2012 30.09.2012 30.09.2012 28.02.2013 28.02.2013 30.09.2012 30.09.2012 25.03.2013 30.09.2012 28.02.2013 31.12.2012 31.12.2011 28.02.2013 31.03.2012 31.01.2013 31.03.2012 31.03.2012 28.02.2013 30.09.2012

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

Inst Type Bank Insurance Company Bank Insurance Company Bank Holding Company Corporation Other Investment Advisor Corporation Unclassified Investment Advisor Corporation Unclassified Corporation Investment Advisor Corporation Corporation Holding Company Corporation

Date 22.03.2013 21.03.2013 14.03.2013 13.03.2013 04.03.2013 22.02.2013 22.02.2013 21.02.2013 18.02.2013 04.02.2013 01.02.2013 29.01.2013 17.01.2013 10.01.2013 03.02.2012

27.03.2013

Mitsubishi Electric Corp Mitsubishi Electric Corporation develops, manufactures, and markets electronic equipment. The Company's products include industrial machinery, heavy electric machinery, data communications systems, electronic devices, and consumer electronics.

Price/Volume 900

25.0 M

800 20.0 M

700 600

15.0 M

500 400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (13.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6503 JT EQUITY YTD Change 6503 JT EQUITY YTD % CHANGE

03/2012 12/yy 849.00 557.00 6'245'000.00 775 -8.72% 39.14% 69.52% 2'147.2 1'664'081.25 571'538.00 0.0 58'555.0 395'176.00 2'069'362.20

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

200

5.0 M

100 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 4'049'818.0 0.53x 403'488.0 5.37x 157'977.0 11.71x

10.0 M

300

31.03.2009 31.03.2010 3'665'119.0 3'353'298.0 0.40x 0.62x 287'746.0 214'064.0 5.14x 9.65x 12'167.0 28'278.0 77.78x 65.17x Profitability

LTM-4Q 31.03.2011 3'645'331.0 0.60x 339'041.0 6.40x 124'525.0 16.93x

LTM

FY+1

1.42 1.36 1'933.72 9.21% 6.84% 1.355 18 3.611 10'200'600 8'156'267 8'733'086 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 3'639'468.0 ######### ######### ######### ######### ######### 0.50x 2.18x 1.98x 0.52x 0.48x 352'688.0 318'011.0 305'205.0 300'476.2 350'609.6 5.12x 5.60x 6.47x 6.89x 5.90x 112'063.0 89'686.0 79'137.0 56'022.9 128'372.1 2'456.0 14.02x 17.67x 19.84x 29.70x 12.90x S&P Issuer Ratings 352'688.00 Long-Term Rating Date 09.04.2008 225'444.00 Long-Term Rating A 6.19% Long-Term Outlook STABLE 6.16% Short-Term Rating Date 09.02.2007 2.59% Short-Term Rating A-1 7.90% Credit Ratios 5.13% EBITDA/Interest Exp. 51.73 1.08% (EBITDA-Capex)/Interest Exp. 28.36 Net Debt/EBITDA 0.62 27.8% Total Debt/EBITDA 1.94 9.2% Reference 5.6% Total Debt/Equity 50.5% 3.1% Total Debt/Capital 32.4% Asset Turnover 1.08 1.53 Net Fixed Asset Turnover 6.41 0.94 Accounts receivable turnover-days 80.13 16.85% Inventory Days 83.97 50.47% Accounts Payable Turnover Day 85.86 4.57 Cash Conversion Cycle 68.86 4.36

Price/ Cash Flow

Sales/Revenue/Turnover

120.00

4'500'000.0 4'000'000.0

100.00

3'500'000.0 3'000'000.0

80.00

2'500'000.0 60.00

2'000'000.0 1'500'000.0

40.00

1'000'000.0 20.00 0.00 03.04.2009

500'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Mitsubishi Electric Corp Holdings By:

All

Holder Name MASTER TRUST BANK OF JAPAN TRUSTEE SERVIC DODGE & COX SUMITOMO MITSUI TRUS MEIJI YASUDA LIFE IN NIPPON LIFE INSURANC EMPLOYEES' STOCKHOLD STATE STREET CUSTODI MITSUBISHI UFJ FINAN JP MORGAN CHASE BANK MITSUBISHI HEAVY IND TOKIO MARINE & NICHI NIKKO ASSET MANAGEME NOMURA MITSUBISHI CORP VANGUARD GROUP INC BLACKROCK MITSUBISHI ESTATE CO TAIYO LIFE INSURANCE T ROWE PRICE ASSOCIA

Firm Name

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

Analyst

Mito Securities KEITA WAKABAYASHI JPMorgan HISASHI MORIYAMA Mizuho Securities TAKESHI TANAKA Credit Suisse HIDEYUKI MAEKAWA Mitsubishi UFJ Morgan Stanley SecuritieHITOSHI SHIN Tokai Tokyo Securities HARUO SATO SMBC Nikko Securities Inc YUKIHIKO SHIMADA TIW TAKAO HATTORI Macquarie DAMIAN THONG Daiwa Securities Co. Ltd. HIROSUKE TAI Morgan Stanley YOSHINAO IBARA Nomura MASAYA YAMASAKI Goldman Sachs IKUO MATSUHASHI EVA Dimensions CRAIG STERLING Tachibana Securities TSUNENORI OHMAKI

Source Co File Co File MOF-JP ULT-AGG Co File ULT-AGG Co File ULT-AGG ULT-AGG Co File Co File Co File ULT-AGG ULT-AGG Co File MF-AGG ULT-AGG Co File Co File MF-AGG

Recommendation Neutral Plus overweight neutral neutral neutral above average neutral neutral outperform neutral Overwt/Attractive buy neutral/neutral underweight Strong Outperform

Amt Held 168'652'000 168'150'000 107'742'500 96'947'000 81'862'000 73'244'000 51'072'000 47'050'000 44'445'000 38'721'000 30'088'000 21'112'145 20'977'000 20'564'000 19'000'000 18'204'422 17'995'665 16'233'294 14'350'000 12'472'000

% Out 7.85 7.83 5.02 4.52 3.81 3.41 2.38 2.19 2.07 1.8 1.4 0.98 0.98 0.96 0.88 0.85 0.84 0.76 0.67 0.58

Weighting

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

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

Latest Chg 11'999'000 3'283'000 (24'105'000) (18'000) 769'000 (1'855'000) (7'937'571) 4'822'000 1'000 1'069'000 1'162'000 500'373 15'000 (137'000)

Target Price #N/A N/A 900 750 810 750 #N/A N/A 740 #N/A N/A 940 800 880 900 770 #N/A N/A #N/A N/A

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

File Dt 30.09.2012 30.09.2012 15.01.2013 31.12.2012 30.09.2012 20.11.2012 30.09.2012 30.09.2012 28.02.2013 30.09.2012 31.03.2012 31.03.2012 31.12.2012 28.02.2013 31.03.2012 31.12.2012 25.03.2013 31.03.2012 31.03.2012 31.12.2012

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

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

Date 21.03.2013 19.03.2013 01.03.2013 27.02.2013 27.02.2013 15.02.2013 15.02.2013 14.02.2013 05.02.2013 05.02.2013 04.02.2013 04.02.2013 28.01.2013 17.01.2013 01.08.2011

27.03.2013

Mitsubishi Estate Co Ltd Mitsubishi Estate Company Ltd. invests in real estate properties in Japan. The Company leases, manages, and develops commercial buildings in central Tokyo. Mitsubishi Estate also develops and sells residential properties and parking lots and manages recreational facilities including golf courses and tennis clubs.

Price/Volume 3000

16.0 M 14.0 M

2000

12.0 M 10.0 M

1500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8802 JT EQUITY YTD Change 8802 JT EQUITY YTD % CHANGE

03/2012 12/yy 2'829.00 1'174.00 8'056'000.00 2681 -5.23% 128.36% 85.92% 1'390.4 3'727'654.50 1'716'887.00 0.0 116'672.0 214'699.00 5'789'836.62

31.03.2008 787'652.0 6.20x 235'347.0 20.74x 86'963.0 38.42x

8.0 M

1000

6.0 M 4.0 M

500

2.0 M

0 m-12 a-12 m-12

31.03.2009 31.03.2010 942'626.0 1'013'415.0 3.50x 3.78x 198'931.0 222'898.0 16.60x 17.21x 45'423.0 11'900.0 33.50x 178.32x Profitability

LTM-4Q 31.03.2011 988'447.0 3.52x 228'886.0 15.20x 64'219.0 30.41x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

0.45 1.30 1'217.74 82.89% 31.14% 1.302 25 3.960 9'329'000 8'429'000 7'515'776 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'013'069.0 ######### 996'014.0 934'709.2 ######### 278'073.0 245'808.0 3.62x 13.57x 16.83x 6.13x 5.65x 213'764.0 216'454.0 202'881.0 208'299.9 240'781.9 (28'000.0) 17.16x 15.36x 24.18x 27.80x 24.05x 56'512.0 71'626.0 38'558.0 52'017.5 71'247.1 (28'000.0) 36.25x 22.29x 73.73x 72.82x 52.21x 59.92x S&P Issuer Ratings 213'764.00 Long-Term Rating Date 30.07.2007 146'299.00 Long-Term Rating A+ 14.44% Long-Term Outlook STABLE 8.64% Short-Term Rating Date 15.09.2006 1.62% Short-Term Rating A-1 6.15% Credit Ratios 3.19% EBITDA/Interest Exp. 9.28 0.23% (EBITDA-Capex)/Interest Exp. -2.97 Net Debt/EBITDA 8.50 22.0% Total Debt/EBITDA 9.61 21.7% Reference 15.0% Total Debt/Equity 136.6% 5.6% Total Debt/Capital 55.5% Asset Turnover 0.23 1.94 Net Fixed Asset Turnover 0.35 0.46 Accounts receivable turnover-days 12.65 39.14% Inventory Days 266.02 136.56% Accounts Payable Turnover Day 15.46 28.93 Cash Conversion Cycle 211.20 1.38

Price/ Cash Flow

Sales/Revenue/Turnover

60.00

1'200'000.0

50.00

1'000'000.0

40.00

800'000.0

30.00

600'000.0

20.00

400'000.0

10.00

200'000.0

0.00 03.04.2009

j-12

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

18.0 M

2500

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Mitsubishi Estate Co Ltd Holdings By:

All

Holder Name MASTER TRUST BANK OF STATE STREET JAPAN TRUSTEE SERVIC MEIJI YASUDA LIFE IN TOKIO MARINE & NICHI MITSUBISHI UFJ FINAN STATE STREET CUSTODI MELLON BANK NA CITIGROUP GLOBAL MAR ASAHI GLASS CO LTD FIRST EAGLE INVESTME TAISEI CORP OBAYASHI CORP DB PLATINUM ADVISORS BLACKROCK SHIMIZU CORP MITSUBISHI HEAVY IND VANGUARD GROUP INC FMR LLC ING INVESTMENT MANAG

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 n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst

Morgan Stanley TOMOYOSHI OMURO Jefferies YUKI OGAWA SMBC Nikko Securities Inc HIROKI KAWASHIMA Barclays TAKASHI HASHIMOTO Okasan Securities TOMOTAKA OSHIO Credit Suisse MASAHIRO MOCHIZUKI Mizuho Securities HIROSHI OKUBO Marusan Securities AKIRA OGINO Deutsche Bank YOJI OTANI Mitsubishi UFJ Morgan Stanley SecuritieKOUKI OZAWA Iwai Cosmo Securities Co. Ltd MASARU KIMURA Tokai Tokyo Securities HIRONOBU NAKAYAMA Goldman Sachs SACHIKO OKADA JPMorgan HIROKAZU ANAI Nomura DAISUKE FUKUSHIMA EVA Dimensions AUSTIN BURKETT Daiwa Securities Co. Ltd. HIDEAKI TERAOKA Tachibana Securities HISAYUKI SHIMOKAWA Macquarie NORIHIKO SAWANO Ji Asia MARK S BROWN TIW YOSHITANE HORIBE

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

Recommendation Equalwt/In-Line buy outperform equalweight neutral neutral buy outperform buy outperform Neutral Plus neutral neutral/neutral overweight neutral sell outperform Strong Outperform underperform buy neutral

Amt Held 99'253'000 60'661'654 56'089'000 50'142'000 32'478'000 31'960'000 29'114'000 25'266'000 23'575'000 22'714'000 20'455'590 18'268'000 17'979'796 17'006'000 16'694'220 16'231'000 15'409'000 13'289'969 12'457'977 11'741'542

% Out 7.14 4.36 4.03 3.61 2.34 2.3 2.09 1.82 1.7 1.63 1.47 1.31 1.29 1.22 1.2 1.17 1.11 0.96 0.9 0.84

Weighting

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

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

Latest Chg 2'601'000 31'988'000 (1'398'000) (10'985'360) 182'000 (1'063'000) (922'000) (72) 9'100'000 (1'516'608) 420'000 626'220 (213'509) 828'000

Target Price 2'400 3'100 3'300 2'700 #N/A N/A 2'500 3'000 #N/A N/A 2'350 2'900 2'500 #N/A N/A 2'010 2'400 2'140 #N/A N/A 1'800 #N/A N/A 1'300 1'800 #N/A N/A

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

File Dt Inst Type 30.09.2012 Bank 26.03.2013 Investment Advisor 30.09.2012 Bank 30.09.2012 Insurance Company 30.09.2012 Insurance Company 28.02.2013 Holding Company 30.09.2012 Other 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 31.03.2012 Corporation 30.09.2012 Hedge Fund Manager 31.03.2012 Corporation 31.03.2012 Corporation 28.02.2013 Investment Advisor 25.03.2013 Investment Advisor 31.03.2012 Corporation 31.03.2012 Corporation 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 25.03.2013 21.03.2013 18.03.2013 18.03.2013 12.03.2013 07.03.2013 07.03.2013 26.02.2013 26.02.2013 07.02.2013 05.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 17.01.2013 12.11.2012 08.11.2012 31.10.2012 25.09.2012 30.07.2012

27.03.2013

Mitsubishi Heavy Industries Ltd Mitsubishi Heavy Industries, Ltd. is a comprehensive heavy machinery maker. The Company manufactures machinery, ships, turbines and engines, prime movers, aircrafts, and machine parts for military and commercial use. Mitsubishi Heavy Industries also researches and develops nuclear power plants.

Price/Volume 600

140.0 M

500

120.0 M 100.0 M

400

Latest Fiscal Year: LTM as of: 52-Week High (06.02.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 7011 JT EQUITY YTD Change 7011 JT EQUITY YTD % CHANGE

03/2012 12/yy 560.00 288.00 9'460'000.00 527 -5.89% 82.99% 87.13% 3'373.6 1'777'912.38 1'167'541.00 0.0 49'409.0 262'288.00 2'742'324.40

31.03.2008 3'203'085.0 0.79x 264'290.0 9.60x 61'332.0 23.30x

60.0 M

200

40.0 M

100

20.0 M

0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

80.0 M

300

Valuation Analysis

31.03.2009 31.03.2010 3'375'674.0 2'940'887.0 0.66x 0.88x 258'848.0 203'705.0 8.59x 12.63x 24'217.0 14'163.0 41.27x 91.71x Profitability

LTM-4Q 31.03.2011 2'903'770.0 0.82x 233'378.0 10.14x 30'117.0 42.59x

LTM

FY+1

1.14 0.98 3'076.05 31.68% 27.71% 0.978 19 4.158 15'868'600 17'081'970 23'813'660 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 2'820'932.0 ######### ######### ######### ######### ######### 0.82x 3.20x 3.01x 0.87x 0.79x 235'925.0 245'884.0 210'728.0 277'212.5 310'066.7 9.75x 8.86x 11.18x 9.89x 8.84x 24'540.0 44'875.0 41'716.0 73'166.7 84'292.6 54.86x 24.53x 33.38x 24.22x 20.85x S&P Issuer Ratings 235'925.00 Long-Term Rating Date 12.10.2010 111'961.00 Long-Term Rating BBB+ 3.97% Long-Term Outlook STABLE 2.48% Short-Term Rating Date 0.10% Short-Term Rating 0.30% Credit Ratios 0.29% EBITDA/Interest Exp. 11.50 0.73% (EBITDA-Capex)/Interest Exp. 5.77 Net Debt/EBITDA 3.88 15.8% Total Debt/EBITDA 5.84 7.2% Reference 3.0% Total Debt/Equity 92.9% 0.9% Total Debt/Capital 47.2% Asset Turnover 0.73 1.54 Net Fixed Asset Turnover 3.54 0.71 Accounts receivable turnover-days 101.19 29.45% Inventory Days 163.95 92.89% Accounts Payable Turnover Day 93.28 3.62 Cash Conversion Cycle 183.78 2.23

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

4'000'000.0 3'500'000.0

20.00

3'000'000.0 2'500'000.0

15.00

2'000'000.0 10.00

1'500'000.0 1'000'000.0

5.00

0.00 03.04.2009

500'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Mitsubishi Heavy Industries Ltd Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MITSUBISHI UFJ FINAN MASTER TRUST BANK OF SUMITOMO MITSUI TRUS STATE STREET CUSTODI MEIJI YASUDA LIFE IN TOKIO MARINE & NICHI NOMURA COMPANY'S MOCHIKABU MITSUBISHI ELECTRIC NIKKO ASSET MANAGEME VANGUARD GROUP INC BLACKROCK JFE HOLDINGS INC MITSUBISHI ESTATE CO SAWAKAMI ASSET MANAG MITSUBISHI HEAVY IND NIPPON STEEL & SUMIT HYAKUJUSHI BANK LTD/ TORAY INDUSTRIES INC

Firm Name

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

Analyst

Credit Suisse SHINJI KURODA Daiwa Securities Co. Ltd. HIROSUKE TAI Morgan Stanley YOSHINAO IBARA SMBC Nikko Securities Inc TAKU OUCHI Jefferies YUKIHIRO KUMAGAI Nomura RYO TAZAKI Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA Mizuho Securities MASANORI WAKAE Iwai Cosmo Securities Co. Ltd HIROYASU NISHIKAWA Barclays KUNIO SAKAIDA EVA Dimensions CRAIG STERLING TIW MASAKAZU ITOI Marusan Securities SHOGO OKI Tachibana Securities YOSHIKAZU SHIMADA JPMorgan TORU NAKAHASHI Mito Securities YOICHIRO WATANABE

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

Recommendation outperform buy Overwt/Attractive outperform buy neutral outperform buy Neutral Plus equalweight sell Neutral Plus outperform outperform neutral neutral

Amt Held 232'699'000 185'318'000 169'473'000 122'126'900 82'974'000 80'022'000 50'400'000 46'286'000 39'255'000 38'022'000 33'343'000 29'801'823 28'513'861 28'056'000 23'469'976 18'417'000 18'397'000 18'087'000 12'600'000 12'554'000

% Out 6.9 5.49 5.02 3.62 2.46 2.37 1.49 1.37 1.16 1.13 0.99 0.88 0.85 0.83 0.7 0.55 0.55 0.54 0.37 0.37

Weighting

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

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

Latest Chg (8'823'000) 138'000 11'601'000 (115'530'000) 2'450'000 3'932'000 983'000 9'208'000 967'185 32'000 (52'000) -

Target Price 700 600 670 580 580 570 620 610 620 490 #N/A N/A #N/A N/A #N/A N/A #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 30.09.2012 28.02.2013 30.09.2012 15.03.2013 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.03.2012 15.03.2013 31.12.2012 25.03.2013 31.03.2012 31.03.2012 23.08.2012 30.09.2012 31.03.2012 31.03.2012 31.03.2012

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

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

Date 27.03.2013 26.03.2013 25.03.2013 25.03.2013 12.03.2013 04.03.2013 28.02.2013 25.02.2013 07.02.2013 06.02.2013 17.01.2013 08.01.2013 25.12.2012 05.11.2012 10.08.2012 02.09.2010

27.03.2013

Mitsubishi UFJ Financial Group Inc Mitsubishi UFJ Financial Group, Inc. (MUFG) is a holding company established through the merger of Mitsubishi Tokyo Financial Group and UFJ Holdings. As a financial group, the Company provides a variety of financial and investment services including commercial banking, trust banking, international finance, and assets management services.

Price/Volume 700

Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8306 JT EQUITY YTD Change 8306 JT EQUITY YTD % CHANGE

03/2012 12/yy 592.00 328.00 48'808'100.00 564 -4.73% 71.95% 88.64% 14'158.6 7'985'442.50 53'760'773.00 390'001.0 1'674'821.0 9'384'046.00 -

400

150.0 M

300

100.0 M

200 50.0 M

100 0 m-12 a-12 m-12

31.03.2009 31.03.2010 4'615'952.0 4'695'328.0 (256'952.0) 388'734.0 16.58x Profitability

LTM-4Q 31.03.2011 4'355'750.0 583'079.0 9.61x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

2.13 1.18 12'106.30 32.88% 23.64% 1.180 18 4.500 75'610'020 ######### ######### FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 4'536'724.0 ######### ######### ######### ######### 928'253.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 981'331.0 847'052.0 697'985.0 713'273.9 713'284.3 6.05x 5.52x 9.47x 11.34x 11.30x S&P Issuer Ratings - Long-Term Rating Date 30.09.2008 - Long-Term Rating A 36.55% Long-Term Outlook STABLE 35.95% Short-Term Rating Date 0.26% Short-Term Rating 5.86% Credit Ratios 1.02% EBITDA/Interest Exp. 0.02% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 559.4% 24.4% Total Debt/Capital 82.2% Asset Turnover 0.02 - Net Fixed Asset Turnover 3.13 - Accounts receivable turnover-days 24.56% Inventory Days 559.37% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

7.00

7'000'000.0

6.00

6'000'000.0

5.00

5'000'000.0

4.00

4'000'000.0

3.00

3'000'000.0

2.00

2'000'000.0

1.00

1'000'000.0

0.00 03.04.2009

j-12

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

200.0 M

500

Valuation Analysis

31.03.2008 5'967'305.0 636'624.0 14.10x

250.0 M

600

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Mitsubishi UFJ Financial Group Inc Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO MITSUI TRUS STATE STREET CUSTODI MEIJI YASUDA LIFE IN NIPPON LIFE INSURANC STATE STREET TOYOTA MOTOR CORP JP MORGAN CHASE BANK BANK OF NEW YORK MEL VANGUARD GROUP INC THORNBURG INVESTMENT FMR LLC BLACKROCK NOMURA MITSUBISHI HEAVY IND NIKKO ASSET MANAGEME DAIDO LIFE INSURANCE MITSUBISHI ELECTRIC DODGE & COX

Firm Name Keefe, Bruyette & Woods Jefferies Macquarie SMBC Nikko Securities Inc JPMorgan Mizuho Securities Deutsche Bank Daiwa Securities Co. Ltd. Tokai Tokyo Securities BNP Paribas Equity Research Nomura Barclays Goldman Sachs EVA Dimensions

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

Analyst DAVID THREADGOLD MAKARIM SALMAN ALASTAIR MACDONALD SHINICHIRO NAKAMURA NATSUMU TSUJINO RIE NISHIHARA YOSHINOBU YAMADA AKIRA TAKAI TATSUO MAJIMA TOYOKI SAMESHIMA KEN TAKAMIYA SHIN TAMURA KATSUNORI TANAKA AUSTIN BURKETT

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

Recommendation outperform buy outperform outperform overweight buy buy outperform above average buy buy equalweight buy/attractive sell

Amt Held 1'145'494'200 658'402'500 545'131'300 375'815'350 306'185'671 280'365'053 230'233'706 178'199'403 171'725'472 166'065'641 165'793'698 136'417'458 128'071'870 122'364'110 121'660'000 120'915'000 74'754'800 64'168'770 62'487'000 60'297'100

% Out 8.09 4.65 3.85 2.65 2.16 1.98 1.63 1.26 1.21 1.17 1.17 0.96 0.9 0.86 0.86 0.85 0.53 0.45 0.44 0.43

Weighting

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

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

Latest Chg (30'488'000) 33'706'600 (452'586'600) (532'700) 106'100 (53) (5'670'306) 3'466'345 2'030'310 687'700 402'000 5'790'000 672'200

Target Price 614 630 600 600 690 610 655 700 #N/A N/A 570 660 420 570 #N/A N/A

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

File Dt 30.09.2012 30.09.2012 28.02.2013 30.09.2012 30.09.2012 20.12.2012 26.03.2013 17.12.2012 30.09.2012 30.09.2012 31.12.2012 31.01.2013 31.01.2013 25.03.2013 28.02.2013 31.03.2012 28.02.2013 31.03.2012 31.03.2012 29.01.2013

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

Inst Type Bank Bank Bank Other Insurance Company Insurance Company Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Corporation Unclassified Insurance Company Corporation Investment Advisor

Date 11.03.2013 08.03.2013 04.03.2013 28.02.2013 20.02.2013 06.02.2013 04.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 28.01.2013 17.01.2013

27.03.2013

Mitsui & Co Ltd MITSUI & CO., LTD. is a general trading company. The Company has operating groups including Iron and Steel, Non-Ferrous Metals, Machinery, Chemicals, Foods, Energy, Textiles, and General Merchandise. Mitsui also operates real estate and overseas development projects.

Price/Volume 1600

25.0 M

1400

20.0 M

1200 1000

Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8031 JT EQUITY YTD Change 8031 JT EQUITY YTD % CHANGE

03/2012 12/yy 1'463.00 1'041.00 9'093'800.00 1360 -7.04% 30.64% 80.81% 1'829.2 2'487'648.75 3'613'807.00 0.0 219'492.0 1'436'329.00 5'554'386.80

31.03.2008 5'738'878.0 1.18x 522'229.0 12.98x 410'061.0 10.75x

10.0 M

600 400

5.0 M

200 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

15.0 M

800

Valuation Analysis

31.03.2009 31.03.2010 5'504'789.0 4'096'445.0 0.84x 1.26x 522'051.0 281'464.0 8.83x 18.38x 177'607.0 149'719.0 10.20x 19.05x Profitability

LTM-4Q 31.03.2011 4'679'443.0 1.05x 473'621.0 10.39x 306'659.0 8.87x

LTM

FY+1

3.68 1.08 1'742.70 0.45% 7.64% 1.082 18 4.444 9'846'960 10'406'250 10'403'410 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 5'251'602.0 ######### ######### ######### ######### 0.93x 3.59x 3.98x 0.51x 0.49x 501'859.0 511'930.0 437'014.0 499'552.2 562'827.3 9.71x 9.01x 12.38x 11.12x 9.87x 434'497.0 371'085.0 348'158.0 325'378.7 387'586.8 77'228.6 5.70x 5.89x 6.73x 7.66x 6.47x S&P Issuer Ratings 501'859.00 Long-Term Rating Date 28.03.2008 348'384.00 Long-Term Rating A+ 6.63% Long-Term Outlook STABLE 12.29% Short-Term Rating Date 09.02.2006 4.33% Short-Term Rating A-1 15.37% Credit Ratios 6.94% EBITDA/Interest Exp. 11.78 0.58% (EBITDA-Capex)/Interest Exp. 3.23 Net Debt/EBITDA 5.23 16.7% Total Debt/EBITDA 8.00 9.4% Reference 5.9% Total Debt/Equity 136.8% 8.3% Total Debt/Capital 55.8% Asset Turnover 0.58 1.69 Net Fixed Asset Turnover 4.17 1.28 Accounts receivable turnover-days 127.05 40.10% Inventory Days 47.84 136.82% Accounts Payable Turnover Day 118.36 2.88 Cash Conversion Cycle 46.75 7.65

Price/ Cash Flow

Sales/Revenue/Turnover

8.00

7'000'000.0

7.00

6'000'000.0

6.00

5'000'000.0

5.00

4'000'000.0

4.00

3'000'000.0

3.00

2'000'000.0

2.00

1'000'000.0

1.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Mitsui & Co Ltd Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO MITSUI TRUS BLACKROCK STATE STREET CUSTODI SUMITOMO MITSUI FINA NIPPON LIFE INSURANC MITSUBISHI UFJ FINAN MITSUI SUMITOMO INSU DEUTSCHE SECURITIES BARCLAYS CAPITAL SEC DAI ICHI LIFE INSURA FMR LLC NOMURA T ROWE PRICE ASSOCIA VANGUARD GROUP INC BANK OF NEW YORK MEL NIKKO ASSET MANAGEME TORAY INDUSTRIES INC MITSUI & CO LTD

Firm Name

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

Analyst

Mizuho Securities AKIFUMI HAYASHI EVA Dimensions CRAIG STERLING Jefferies THANH HA PHAM BNP Paribas Equity Research TOSHIYUKI JOHNO Daiwa Securities Co. Ltd. JIRO IOKIBE JPMorgan AKIRA KISHIMOTO SMBC Nikko Securities Inc TAKASHI MURAKAMI Barclays KAZUHISA MORI Tokai Tokyo Securities HIDEAKI KURIBARA Mitsubishi UFJ Morgan Stanley SecuritieSHUICHI NAKAHARA Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI Nomura YASUHIRO NARITA Morgan Stanley HARUNOBU GOROH Macquarie POLINA DIYACHKINA Okasan Securities KIYOSHI MORI

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

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

Amt Held 161'402'000 161'268'000 93'254'300 90'244'461 41'119'000 38'500'000 35'926'800 27'972'400 24'726'000 22'327'000 20'850'000 20'444'000 18'516'473 17'265'600 16'444'500 16'252'579 12'770'818 10'658'100 10'626'060 10'497'483

% Out 8.82 8.82 5.1 4.93 2.25 2.1 1.96 1.53 1.35 1.22 1.14 1.12 1.01 0.94 0.9 0.89 0.7 0.58 0.58 0.57

Weighting

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

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

Latest Chg (12'687'000) (470'000) (43'604'900) (1'222'598) (1'868'000) 4'600 (120'100) 5'367'777 (14'200) 3'166'600 421'466 56'200 (418'400) 2'500

Target Price 1'930 #N/A N/A 1'600 1'500 1'580 1'750 1'810 1'660 #N/A N/A 1'890 1'800 2'050 1'260 1'500 1'800

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

File Dt 30.09.2012 30.09.2012 30.11.2012 25.03.2013 30.09.2012 30.09.2012 20.11.2012 28.02.2013 30.09.2012 30.09.2012 30.09.2012 31.03.2012 31.01.2013 28.02.2013 31.12.2012 31.12.2012 26.03.2013 30.11.2012 31.03.2012 30.09.2012

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

Inst Type Bank Bank Bank Investment Advisor Other Bank Insurance Company Holding Company Insurance Company Bank Investment Advisor Insurance Company Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Corporation Corporation

Date 22.03.2013 21.03.2013 18.03.2013 04.03.2013 28.02.2013 22.02.2013 22.02.2013 21.02.2013 19.02.2013 18.02.2013 05.02.2013 04.02.2013 29.01.2013 10.01.2013 06.02.2012

27.03.2013

Mitsui Fudosan Co Ltd Mitsui Fudosan Co., Ltd. provides overall real estate services such as leasing, subdivision, construction, sales, and maintenance of office buildings and residential houses. The Company also manufactures building materials, operates commercial facilities including hotels and golf places, and provides financial services such as securitization of real estate properties.

Price/Volume 3000

14.0 M 12.0 M

2000

10.0 M

1500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8801 JT EQUITY YTD Change 8801 JT EQUITY YTD % CHANGE

03/2012 12/yy 2'824.00 1'204.00 6'323'000.00 2724 -3.54% 126.25% 88.09% 881.4 2'401'001.00 1'762'324.00 0.0 21'636.0 62'057.00 4'590'091.96

31.03.2008 1'360'023.0 2.43x 223'594.0 14.76x 87'378.0 19.91x

8.0 M 6.0 M

1000

4.0 M 500

2.0 M

0 m-12 a-12 m-12

31.03.2009 31.03.2010 1'418'945.0 1'384'806.0 1.88x 2.26x 220'437.0 170'871.0 12.10x 18.30x 83'572.0 60'084.0 11.22x 23.21x Profitability

LTM-4Q 31.03.2011 1'405'269.0 2.09x 173'046.0 16.98x 49'909.0 24.16x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

0.81 1.28 817.20 72.77% 30.86% 1.278 25 4.200 7'226'400 7'270'200 6'674'414 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'338'102.0 ######### ######### ######### ######### 510'957.0 323'538.0 2.33x 8.83x 10.21x 3.07x 2.96x 179'269.0 163'579.0 204'434.0 202'359.3 217'292.5 17.36x 16.94x 19.69x 22.68x 21.12x 50'129.0 43'868.0 69'337.0 59'554.5 65'363.0 27.74x 22.46x 26.48x 40.30x 36.72x 49.95x S&P Issuer Ratings 179'269.00 Long-Term Rating Date 01.03.2007 126'038.00 Long-Term Rating BBB+ 9.42% Long-Term Outlook STABLE 7.06% Short-Term Rating Date 21.12.2004 1.49% Short-Term Rating A-2 5.70% Credit Ratios 2.47% EBITDA/Interest Exp. 6.70 0.34% (EBITDA-Capex)/Interest Exp. 2.76 Net Debt/EBITDA 10.78 20.3% Total Debt/EBITDA 11.18 14.3% Reference 10.2% Total Debt/Equity 163.4% 3.7% Total Debt/Capital 61.6% Asset Turnover 0.34 1.36 Net Fixed Asset Turnover 0.58 0.13 Accounts receivable turnover-days 5.99 45.56% Inventory Days 262.81 163.36% Accounts Payable Turnover Day 17.03 61.09 Cash Conversion Cycle 197.62 1.39

Price/ Cash Flow

Sales/Revenue/Turnover

20.00

1'600'000.0

18.00

1'400'000.0

16.00

1'200'000.0

14.00

1'000'000.0

12.00 10.00

800'000.0

8.00

600'000.0

6.00

400'000.0

4.00

200'000.0

2.00 0.00 03.04.2009

j-12

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

16.0 M

2500

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Mitsui Fudosan Co Ltd Holdings By:

All

Holder Name MASTER TRUST BANK OF JAPAN TRUSTEE SERVIC CITIGROUP GLOBAL MAR STATE STREET JP MORGAN CHASE BANK STATE STREET CUSTODI SUMITOMO MITSUI TRUS SUMITOMO MITSUI FINA BANK OF NEW YORK MEL MELLON BANK NA BLACKROCK KAJIMA CORP MITSUI SUMITOMO INSU NIKKO ASSET MANAGEME NOMURA T ROWE PRICE ASSOCIA ING INVESTMENT MANAG EUROPEAN INVESTORS I VANGUARD GROUP INC TAIYO LIFE INSURANCE

Firm Name

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

Analyst

Jefferies YUKI OGAWA Morgan Stanley TOMOYOSHI OMURO Ji Asia MARK S BROWN SMBC Nikko Securities Inc HIROKI KAWASHIMA Barclays TAKASHI HASHIMOTO Okasan Securities TOMOTAKA OSHIO Credit Suisse MASAHIRO MOCHIZUKI Mizuho Securities HIROSHI OKUBO Deutsche Bank YOJI OTANI Mitsubishi UFJ Morgan Stanley SecuritieKOUKI OZAWA Iwai Cosmo Securities Co. Ltd MASARU KIMURA Goldman Sachs SACHIKO OKADA Tokai Tokyo Securities HIRONOBU NAKAYAMA JPMorgan HIROKAZU ANAI Nomura DAISUKE FUKUSHIMA Marusan Securities AKIRA OGINO EVA Dimensions AUSTIN BURKETT Daiwa Securities Co. Ltd. HIDEAKI TERAOKA Tachibana Securities HISAYUKI SHIMOKAWA Macquarie NORIHIKO SAWANO TIW YOSHITANE HORIBE

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

Recommendation buy Equalwt/In-Line buy neutral equalweight neutral outperform buy buy outperform Neutral Plus Buy/Neutral neutral overweight buy outperform sell buy Strong Outperform neutral neutral

Amt Held 79'787'000 60'193'000 25'724'000 23'819'923 20'999'000 20'352'000 19'722'000 18'546'000 16'449'000 14'875'000 13'695'416 13'362'746 12'727'000 12'505'000 10'486'000 9'798'000 9'293'718 9'213'800 8'951'648 8'096'575

% Out 9.05 6.83 2.92 2.7 2.38 2.31 2.24 2.1 1.87 1.69 1.55 1.52 1.44 1.42 1.19 1.11 1.05 1.05 1.02 0.92

Weighting

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

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

Latest Chg 6'184'000 2'920'000 69'000 (3'999'000) 1'012'000 217'000 (64'329'232) 6'000 (321'000) (895'800) 746 (280'000) (302'000) (514'000) 457'503 329'000 336'424 -

Target Price 3'100 2'400 3'250 3'200 2'800 #N/A N/A 2'700 2'900 2'400 2'650 2'400 2'270 #N/A N/A 2'400 2'420 #N/A N/A #N/A N/A 2'000 #N/A N/A 1'500 #N/A N/A

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

File Dt 30.09.2012 30.09.2012 30.09.2012 26.03.2013 30.09.2012 30.09.2012 10.12.2012 30.09.2012 30.09.2012 30.09.2012 25.03.2013 31.03.2012 31.03.2012 13.04.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2012

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

Inst Type Bank Bank Investment Advisor Investment Advisor Investment Advisor Other Bank Bank Investment Advisor Investment Advisor Investment Advisor Corporation Insurance Company Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company

Date 21.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 12.03.2013 07.03.2013 07.03.2013 25.02.2013 12.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 17.01.2013 17.01.2013 27.11.2012 06.11.2012 01.11.2012 14.08.2012

27.03.2013

Mizuho Financial Group Inc Mizuho Financial Group, Inc. provides comprehensive financial services through its subsidiaries. The Group provides variety of financial services such as general banking, securities brokerage, trust banking, and assets management.

Price/Volume 250 200 150

Valuation Analysis

100

Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8411 JT EQUITY YTD Change 8411 JT EQUITY YTD % CHANGE

03/2012 12/yy 221.00 110.00 137'924'400.00 206 -6.79% 87.27% 87.39% 24'137.7 4'972'355.00 54'752'099.00 410'368.0 1'957'699.0 7'527'509.00 -

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

0 m-12 a-12 m-12

31.03.2009 31.03.2010 2'737'162.0 2'602'506.0 (588'814.0) 239'404.0 11.36x Profitability

LTM-4Q 31.03.2011 2'449'767.0 413'228.0 6.74x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

2.91 1.12 21'687.60 50.68% 33.12% 1.118 19 3.684 ######### ######### ######### FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 2'453'016.0 ######### ######### ######### ######### 530'457.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 484'519.0 262'119.0 605'323.0 534'008.2 442'129.8 6.55x 9.55x 6.36x 9.54x 11.48x S&P Issuer Ratings - Long-Term Rating Date 18.06.2007 - Long-Term Rating A 30.62% Long-Term Outlook NEG 33.83% Short-Term Rating Date 0.25% Short-Term Rating 9.31% Credit Ratios 0.82% EBITDA/Interest Exp. 0.01% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 1216.4% 22.9% Total Debt/Capital 88.9% Asset Turnover 0.01 - Net Fixed Asset Turnover 2.66 - Accounts receivable turnover-days 33.11% Inventory Days 1216.38% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

2.00

4'500'000.0

1.80

4'000'000.0

1.60

3'500'000.0

1.40

3'000'000.0

1.20

2'500'000.0

1.00

2'000'000.0

0.80

1'500'000.0

0.60

1'000'000.0

0.40

500'000.0

0.20 0.00 03.04.2009

j-12

Market Data

Fiscal Year Ended 31.03.2008 3'869'926.0 311'224.0 14.39x

1000.0 M 900.0 M 800.0 M 700.0 M 600.0 M 500.0 M 400.0 M 300.0 M 200.0 M 100.0 M .0 M f-13 m-13

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Mizuho Financial Group Inc Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC SUMITOMO MITSUI TRUS MASTER TRUST BANK OF STATE STREET CUSTODI BARCLAYS CAPITAL SEC DAI ICHI LIFE INSURA VANGUARD GROUP INC BLACKROCK NOMURA STATE STREET NIKKO ASSET MANAGEME FMR LLC CAPITAL GROUP COMPAN DAIWA SECURITIES GRO MITSUBISHI UFJ FINAN SOMPO JAPAN INSURANC ALLIANZ ASSET MANAGE GLG PARTNERS INVESTM MARUBENI CORP BNP PARIBAS ARBITRAG

Firm Name

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

Analyst

Daiwa Securities Co. Ltd. AKIRA TAKAI Keefe, Bruyette & Woods DAVID THREADGOLD Macquarie ALASTAIR MACDONALD JPMorgan NATSUMU TSUJINO Nomura KEN TAKAMIYA SMBC Nikko Securities Inc SHINICHIRO NAKAMURA Mitsubishi UFJ Morgan Stanley SecuritieJUNSUKE SENOGUCHI Jefferies MAKARIM SALMAN BNP Paribas Equity Research TOYOKI SAMESHIMA Barclays SHIN TAMURA Morgan Stanley TAKAAKI NISHINO Deutsche Bank YOSHINOBU YAMADA Tokai Tokyo Securities TATSUO MAJIMA Goldman Sachs KATSUNORI TANAKA EVA Dimensions AUSTIN BURKETT

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

Recommendation outperform market perform neutral overweight buy neutral outperform buy buy overweight Equalwt/In-Line hold above average neutral/attractive underweight

Amt Held % Out 2'650'122'000 10.98 1'068'578'600 4.43 1'034'000'100 4.28 598'698'633 2.48 382'687'100 1.59 255'691'025 1.06 219'431'171 0.91 211'003'024 0.87 187'587'100 0.78 180'220'953 0.75 144'017'300 0.6 117'550'765 0.49 114'400'000 0.47 105'369'800 0.44 91'254'700 0.38 87'880'990 0.36 79'926'519 0.33 65'685'300 0.27 63'656'533 0.26 (63'029'361) -0.26

Weighting

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

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

Latest Chg 245'075'100 (667'847'500) 152'280'800 (8'528'800) 5'439'361 319'500 14'164'500 86'100 18'413'100 37'614'799 33'560'000 12'787'600 4'081'100 35'382'600 (3'017'300) 13'905'223 1'032'100

Target Price 250 219 210 230 240 220 240 240 250 160 200 215 #N/A N/A 155 #N/A N/A

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

File Dt Inst Type 30.09.2012 Bank 15.03.2013 Bank 30.09.2012 Bank 30.09.2012 Other 30.09.2012 Investment Advisor 30.09.2012 Insurance Company 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 28.02.2013 Unclassified 25.03.2013 Investment Advisor 15.03.2013 Unclassified 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Holding Company 28.02.2013 Holding Company 31.03.2012 Insurance Company 28.02.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.03.2012 Corporation 26.03.2013 Investment Advisor

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

Date 25.03.2013 11.03.2013 04.03.2013 02.03.2013 01.03.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 19.02.2013 04.02.2013 01.02.2013 28.01.2013 21.01.2013

27.03.2013

MS&AD Insurance Group Holdings MS&AD Insurance Group Holdings, Inc. is a holding company established through reorganization of Mitsui Sumitomo Insurance Company, Limited. The Group writes marine, fire, casualty, automobile, life, and allied insurance policies. MS&AD Insurance Group also operates financial services and agencies.

Price/Volume 2500

7.0 M 6.0 M

2000

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8725 JT EQUITY YTD Change 8725 JT EQUITY YTD % CHANGE

03/2012 12/yy 2'205.00 1'144.00 1'541'600.00 2076 -5.85% 81.47% 91.80% 633.3 1'314'713.63 276'104.00 0.0 19'268.0 647'463.00 1'138'992.68

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

4.0 M

1000

3.0 M 2.0 M

500

1.0 M

0 m-12

31.03.2009 31.03.2010 1'869'917.0 1'865'792.0 0.33x 0.47x 8'192.0 37'640.0 116.97x 28.88x Profitability

LTM-4Q 31.03.2011 3'343'946.0 0.22x 5'420.0 218.20x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

2.60 1.32 512.11 24.00% 23.34% 1.316 16 3.875 1'849'580 2'496'013 2'486'955 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 3'692'094.0 ######### ######### ######### ######### 957'500.0 0.19x 0.79x 0.75x 0.28x 0.25x 0.0 0.0 0.00x 0.00x (169'469.0) (255'916.0) 127'880.0 60'928.4 76'553.1 0.00x 8.29x 21.15x 17.03x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating -2.54% Long-Term Outlook -3.01% Short-Term Rating Date -1.31% Short-Term Rating -13.13% Credit Ratios - EBITDA/Interest Exp. 0.25% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity -4.6% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 1.90% Inventory Days 18.49% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

18.5% 15.4% 0.25 -

Sales/Revenue/Turnover

80.00

4'000'000.0

70.00

3'500'000.0

60.00

3'000'000.0

50.00

2'500'000.0

40.00

2'000'000.0

30.00

1'500'000.0

20.00

1'000'000.0

10.00

500'000.0

0.00 03.04.2009

a-12 m-12

Fiscal Year Ended 31.03.2008

1500

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

MS&AD Insurance Group Holdings Holdings By:

All

Holder Name TOYOTA MOTOR CORP NIPPON LIFE INSURANC JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF STATE STREET SUMITOMO MITSUI TRUS FIRST EAGLE INVESTME STATE STREET CUSTODI MS&AD INSURANCE GROU JP MORGAN CHASE BANK FMR LLC MELLON BANK NA BLACKROCK NATS CUMCO VANGUARD GROUP INC SUMITOMO CORP MITSUI & CO LTD NOMURA MITSUI FUDOSAN CO LT NIKKO ASSET MANAGEME

Firm Name Macquarie Morgan Stanley Keefe, Bruyette & Woods Mizuho Securities Tokai Tokyo Securities SMBC Nikko Securities Inc Nomura JPMorgan Daiwa Securities Co. Ltd. Credit Suisse Jefferies Barclays Deutsche Bank Goldman Sachs EVA Dimensions

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

Analyst SCOTT G RUSSELL HIDEYASU BAN DAVID THREADGOLD RIE NISHIHARA TATSUO MAJIMA KOUICHI NIWA WATARU OHTSUKA NATSUMU TSUJINO JUN SHIOTA TAKEHITO YAMANAKA MAKARIM SALMAN AZUMA OHNO MASAO MURAKI TAKANORI MIYOSHI AUSTIN BURKETT

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

Recommendation underperform Overwt/Attractive market perform buy neutral neutral buy overweight outperform outperform hold equalweight hold neutral/neutral overweight

Amt Held 53'451'324 37'100'800 33'188'000 33'082'000 32'499'421 22'213'700 21'784'060 11'742'000 11'394'400 11'356'000 10'242'345 9'199'000 8'861'178 8'096'000 5'154'410 5'114'900 5'106'300 5'040'700 3'473'869 2'521'100

% Out 8.44 5.86 5.24 5.22 5.13 3.51 3.44 1.85 1.8 1.79 1.62 1.45 1.4 1.28 0.81 0.81 0.81 0.8 0.55 0.4

Weighting

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

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

Latest Chg 34'700 3'170'000 5'336'000 (1'555'600) (7'206'800) 645'260 (684'000) 5'100 816'000 1'528'993 499'000 (138'085) (827'000) 216'875 127'200 (160'900)

Target Price 1'800 2'700 3'025 2'390 #N/A N/A 2'300 2'300 3'100 2'200 2'100 2'147 1'650 1'980 2'080 #N/A N/A

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

File Dt Inst Type 30.09.2012 Corporation 20.11.2012 Insurance Company 30.09.2012 Bank 30.09.2012 Bank 26.03.2013 Investment Advisor 28.02.2013 Bank 30.09.2012 Hedge Fund Manager 30.09.2012 Other 30.09.2012 Corporation 30.09.2012 Investment Advisor 31.01.2013 Investment Advisor 30.09.2012 Investment Advisor 25.03.2013 Investment Advisor 30.09.2012 Other 31.12.2012 Investment Advisor 31.03.2012 Corporation 31.03.2012 Corporation 28.02.2013 Unclassified 31.03.2012 Corporation 28.02.2013 Unclassified

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

Date 22.03.2013 21.03.2013 07.03.2013 28.02.2013 26.02.2013 22.02.2013 19.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 12.02.2013 12.02.2013 17.01.2013

27.03.2013

Murata Manufacturing Co Ltd MURATA MANUFACTURING COMPANY, LTD. manufactures and sells ceramic applied electronic components. The Company's products include filters, capacitors, thermistors, resistors, noise suppression components, coils, piezoelectric sound components, power supplies, sensors, hybrid integrated circuit (IC), and microwave components.

Price/Volume 8000

.4 M

5000 4000

03/2012 12/yy 7'130.00 3'605.00 61'300.00 7040 -1.26% 95.28% 93.19% 225.3 1'585'855.75 37'196.00 0.0 0.0 144'066.00 1'513'743.69

.3 M

3000

.2 M

2000 .1 M

1000 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

.5 M

6000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (01.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6981 JT EQUITY YTD Change 6981 JT EQUITY YTD % CHANGE

31.03.2008 631'655.0 1.19x 180'886.0 4.14x 77'413.0 14.18x

.6 M

7000

31.03.2009 31.03.2010 523'946.0 530'819.0 0.98x 1.85x 64'691.0 96'626.0 7.96x 10.16x 3'588.0 24'757.0 229.37x 46.03x Profitability

LTM-4Q 31.03.2011 617'954.0 1.85x 139'280.0 8.21x 53'492.0 24.03x

31.03.2012 584'662.0 1.59x 105'981.0 8.76x 30'807.0 33.98x 105'981.00 44'973.00 7.69% 8.76% 2.24% 2.74% 2.66% 0.61% 29.2% 17.2% 6.3% 5.3% 3.56 2.19 3.72% 4.60% 4.52 3.17

Price/ Cash Flow

LTM

FY+1

.0 M f-13 m-13

1.42 1.12 203.33 41.26% 41.80% 1.122 21 3.905 73'860 62'517 52'557 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 589'959.0 646'957.0 671'479.6 761'780.1 164'306.3 175'923.3 6.27x 5.44x 2.25x 1.97x 115'472.0 116'566.0 126'390.5 164'134.7 6.28x 8.53x 12.05x 9.28x 41'115.0 30'785.0 38'690.9 65'501.8 6'397.5 20.62x 34.62x 38.68x 23.05x S&P Issuer Ratings Long-Term Rating Date 09.01.2007 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 1009.34 (EBITDA-Capex)/Interest Exp. 357.49 Net Debt/EBITDA -0.75 Total Debt/EBITDA 0.46 Reference Total Debt/Equity 4.6% Total Debt/Capital 4.4% Asset Turnover 0.61 Net Fixed Asset Turnover 1.99 Accounts receivable turnover-days 81.04 Inventory Days 115.62 Accounts Payable Turnover Day 27.61 Cash Conversion Cycle 154.48 Sales/Revenue/Turnover

30.00

700'000.0

25.00

600'000.0 500'000.0

20.00

400'000.0 15.00

300'000.0

10.00

200'000.0

5.00

100'000.0

0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Murata Manufacturing Co Ltd Holdings By:

All

Holder Name CAPITAL GROUP COMPAN MURATA MANUFACTURING JAPAN TRUSTEE SERVIC JP MORGAN CHASE BANK SUMITOMO MITSUI TRUS NIPPON LIFE INSURANC MASTER TRUST BANK OF STATE STREET BANK OF KYOTO LTD/TH MEIJI YASUDA LIFE IN STATE STREET CUSTODI SHIGA BANK LTD/THE BLACKROCK MIZUHO FINANCIAL GRO SOMPO JAPAN INSURANC OPPENHEIMERFUNDS INC MITSUI SUMITOMO INSU VANGUARD GROUP INC TODA CORP MURATA TSUNEO

Firm Name

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

Analyst

Macquarie GEORGE T CHANG Morgan Stanley SHOJI SATO Mitsubishi UFJ Morgan Stanley SecuritieAKIHIKO UCHINO Tokai Tokyo Securities KOUICHIROU HAGIWARA ACE Research Institute HIDEKI YASUDA Mizuho Securities FUMIHIDE GOTO Jefferies MASAHIRO WAKASUGI Credit Suisse AKINORI KANEMOTO SMBC Nikko Securities Inc HIROHARU WATANABE Iwai Cosmo Securities Co. Ltd SHOICHI ARISAWA JPMorgan MASASHI ITAYA Okasan Securities KOICHI AKIYAMA Nomura MANABU AKIZUKI Goldman Sachs DAIKI TAKAYAMA Daiwa Securities Co. Ltd. TAKUMI SADO EVA Dimensions ANDREW S ZAMFOTIS Tachibana Securities TSUNENORI OHMAKI Mito Securities KEITA WAKABAYASHI

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

Recommendation neutral Overwt/In-Line outperform above average neutral buy buy outperform underperform Neutral Plus overweight buy buy buy/attractive outperform sell outperform Neutral Plus

Amt Held 55'886'699 14'187'200 11'827'000 11'353'000 11'036'200 9'254'800 8'490'000 5'657'407 5'260'000 5'240'000 4'382'000 3'551'000 3'057'616 3'031'700 2'589'200 2'531'604 2'415'924 1'983'734 1'803'512 1'545'000

% Out 24.81 6.3 5.25 5.04 4.9 4.11 3.77 2.51 2.34 2.33 1.95 1.58 1.36 1.35 1.15 1.12 1.07 0.88 0.8 0.69

Weighting

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

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

Latest Chg 6'410'922 900 (737'000) 1'448'000 (487'200) 1'200 (858'000) (125'700) (19'000) (35'452) (400) (599'076) 66'166 (360'000)

Target Price 7'000 8'400 8'000 #N/A N/A 6'300 7'000 7'000 6'900 6'100 6'300 7'000 6'800 6'300 6'100 6'500 #N/A N/A #N/A N/A #N/A N/A

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

File Dt 07.03.2013 30.09.2012 30.09.2012 30.09.2012 13.04.2012 20.11.2012 30.09.2012 26.03.2013 30.09.2012 30.09.2012 30.09.2012 30.09.2012 25.03.2013 30.09.2012 31.03.2012 31.01.2013 31.03.2012 31.12.2012 31.03.2012 28.06.2012

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

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

Date 21.03.2013 19.03.2013 19.03.2013 08.03.2013 08.03.2013 05.03.2013 27.02.2013 22.02.2013 20.02.2013 15.02.2013 14.02.2013 12.02.2013 01.02.2013 31.01.2013 17.01.2013 17.01.2013 27.12.2012 15.03.2012

27.03.2013

Nidec Corp NIDEC CORPORATION is the world's leading manufacturer of small precision motors mainly used in HDD and optical disk drives. The company has extended its focus to the home appliance and automotive markets. NIDEC is active in M&A and its subsidiaries include the world's leading manufacturers of LCD panel handling robots and camera shutters.

Price/Volume 8000

.2 M

5000 4000

03/2012 12/yy 7'650.00 4'555.00 36'800.00 5640 -26.27% 23.82% 34.09% 145.1 818'223.44 189'826.00 0.0 55'429.0 130'290.00 1'019'695.45

.2 M

3000

.1 M

2000 .1 M

1000 0 m-12

31.03.2009 31.03.2010 613'458.0 587'459.0 1.14x 2.48x 83'953.0 107'527.0 8.36x 13.53x 28'353.0 51'961.0 20.56x 26.21x Profitability

LTM-4Q 31.03.2011 688'530.0 1.62x 123'508.0 9.03x 52'333.0 17.95x

31.03.2012 682'320.0 1.68x 104'581.0 10.96x 40'731.0 21.38x 104'581.00 73'070.00 10.71% 10.38% 5.67% 13.15% 7.89% 0.85% 23.2% 16.0% 11.3% 6.0% 1.74 1.24 23.72% 51.28% 3.88 5.51

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13 m-13

1.60 0.90 103.72 -24.39% 13.61% 0.904 23 4.043 34'760 40'357 46'288 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 687'624.0 685'840.0 694'249.9 758'959.8 172'856.5 182'715.0 4.75x 5.78x 1.42x 1.29x 104'220.0 98'620.0 56'548.1 113'406.8 0.00x 8.94x 18.14x 9.04x 43'514.0 37'697.0 5'820.3 50'427.2 (23'344.0) 21.05x 17.96x 135.39x 15.41x S&P Issuer Ratings Long-Term Rating Date 09.01.2007 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 349.77 (EBITDA-Capex)/Interest Exp. 211.15 Net Debt/EBITDA 1.24 Total Debt/EBITDA 2.34 Reference Total Debt/Equity 51.3% Total Debt/Capital 30.8% Asset Turnover 0.85 Net Fixed Asset Turnover 2.88 Accounts receivable turnover-days 94.33 Inventory Days 66.40 Accounts Payable Turnover Day 75.44 Cash Conversion Cycle 80.13 Sales/Revenue/Turnover

20.00

800'000.0

18.00

700'000.0

16.00

600'000.0

14.00

500'000.0

12.00 10.00

400'000.0

8.00

300'000.0

6.00

200'000.0

4.00

100'000.0

2.00 0.00 03.04.2009

a-12 m-12

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

.3 M

6000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2012) 52-Week Low (19.12.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6594 JT EQUITY YTD Change 6594 JT EQUITY YTD % CHANGE

31.03.2008 742'126.0 1.29x 113'167.0 8.48x 41'156.0 21.58x

.3 M

7000

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Nidec Corp Holdings By:

All

Holder Name NAGAMORI SHIGENOBU NIDEC CORP JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF MITSUBISHI UFJ FINAN BANK OF KYOTO LTD/TH SN KOSAN YK DODGE & COX SUMITOMO MITSUI TRUS DAI ICHI LIFE INSURA NIPPON LIFE INSURANC MEIJI YASUDA LIFE IN MORGAN STANLEY SHIGA BANK LTD/THE OPPENHEIMERFUNDS INC FMR LLC GOLDMAN SACHS INTERN VANGUARD GROUP INC BLACKROCK AQR CAPITAL MANAGEME

Firm Name

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

Analyst

Tokai Tokyo Securities KOUICHIROU HAGIWARA Morgan Stanley SHOJI SATO Mito Securities KEITA WAKABAYASHI Mizuho Securities FUMIHIDE GOTO Credit Suisse AKINORI KANEMOTO SMBC Nikko Securities Inc HIROHARU WATANABE Jefferies MASAHIRO WAKASUGI JPMorgan MASASHI ITAYA Iwai Cosmo Securities Co. Ltd HITOSHI OHNISHI TIW TAKAO HATTORI Mitsubishi UFJ Morgan Stanley SecuritieAKIHIKO UCHINO Okasan Securities KOICHI AKIYAMA Tachibana Securities TSUNENORI OHMAKI Daiwa Securities Co. Ltd. TAKUMI SADO ACE Research Institute HIDEKI YASUDA Goldman Sachs DAIKI TAKAYAMA Nomura MANABU AKIZUKI EVA Dimensions CRAIG STERLING Macquarie GEORGE T CHANG

Source 13G MOF-JP Co File Co File ULT-AGG Co File Co File MF-AGG ULT-AGG Co File ULT-AGG Co File ULT-AGG Co File MF-AGG ULT-AGG Short MF-AGG ULT-AGG Short

Recommendation above average Overwt/In-Line neutral neutral outperform outperform buy neutral neutral Positive outperform buy outperform buy neutral buy/attractive buy underweight outperform

Amt Held % Out 20'295'180 13.99 10'033'722 6.92 8'657'000 5.97 7'540'000 5.2 7'392'510 5.1 5'927'000 4.09 5'511'000 3.8 5'204'100 3.59 5'010'648 3.45 3'974'000 2.74 3'416'000 2.35 3'188'000 2.2 (2'659'492) -1.83 2'119'000 1.46 1'910'693 1.32 1'817'217 1.25 (1'380'907) -0.95 1'049'929 0.72 985'100 0.68 (984'975) -0.68

Weighting

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

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

Latest Chg 726'892 (1'433'000) (1'146'000) (50'100) 133'700 (3'930'952) 4'300 1'504 23'800 82'782 200 24'224 (11'300) (7'100)

Target Price 6'300 7'300 #N/A N/A 5'400 6'400 7'900 6'100 5'500 5'700 #N/A N/A 6'300 6'600 #N/A N/A 6'300 5'150 6'100 6'300 #N/A N/A 6'200

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 28.02.2013 Corporation 30.09.2012 Bank 30.09.2012 Bank 30.09.2012 Holding Company 30.09.2012 Bank 30.09.2012 Corporation 29.01.2013 Investment Advisor 14.12.2012 Bank 30.09.2012 Insurance Company 20.11.2012 Insurance Company 30.09.2012 Insurance Company 25.03.2013 Investment Advisor 31.03.2012 Bank 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 15.03.2013 Hedge Fund Manager

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

Date 26.03.2013 19.03.2013 01.03.2013 25.02.2013 22.02.2013 20.02.2013 04.02.2013 29.01.2013 28.01.2013 28.01.2013 28.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 17.01.2013 10.01.2013

27.03.2013

Nikon Corp NIKON CORPORATION manufactures and sells cameras, lenses, semiconductor-related equipment, eyeglasses, microscopes, and measuring instruments.

Price/Volume 3000

35.0 M

2500

30.0 M 25.0 M

2000

Latest Fiscal Year: LTM as of: 52-Week High (15.01.2013) 52-Week Low (14.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 7731 JT EQUITY YTD Change 7731 JT EQUITY YTD % CHANGE

03/2012 12/yy 2'750.00 1'786.00 3'477'200.00 2235 -18.73% 25.14% 48.03% 400.9 895'964.38 86'366.00 0.0 0.0 132'404.00 892'864.39

31.03.2008 955'791.0 1.02x 160'716.0 6.06x 75'483.0 14.05x

15.0 M

1000

10.0 M

500

5.0 M

0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

20.0 M

1500

Valuation Analysis

31.03.2009 31.03.2010 879'719.0 785'498.0 0.54x 1.02x 81'076.0 21'316.0 5.83x 37.71x 28'055.0 (12'615.0) 15.63x Profitability

LTM-4Q 31.03.2011 887'512.0 0.66x 88'085.0 6.66x 27'312.0 24.89x

31.03.2012 918'651.0 1.03x 112'650.0 8.43x 59'305.0 16.79x 112'650.00 80'080.00 8.72% 9.38% 4.71% 9.44% 8.07% 1.07% 38.3% 9.6% 6.0% 6.5% 1.78 0.78 10.04% 19.92% 8.02 2.07

Price/ Cash Flow

LTM

FY+1

1.79 0.84 356.39 -9.35% -11.05% 0.838 23 3.304 3'886'320 4'815'290 4'542'524 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 937'400.0 980'260.0 995'633.1 ######### 245'624.1 216'996.0 2.65x 3.75x 0.86x 0.74x 3.46x 122'433.0 84'896.0 89'139.0 135'070.9 26'495.0 4.99x 11.76x 10.02x 6.61x 53'761.0 44'886.0 38'672.7 60'007.0 5'033.8 5'800.0 12.64x 22.31x 22.77x 14.73x S&P Issuer Ratings Long-Term Rating Date 09.01.2007 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 108.63 (EBITDA-Capex)/Interest Exp. 74.13 Net Debt/EBITDA -0.42 Total Debt/EBITDA 0.91 Reference Total Debt/Equity 19.9% Total Debt/Capital 16.6% Asset Turnover 1.07 Net Fixed Asset Turnover 7.00 Accounts receivable turnover-days 45.65 Inventory Days 177.23 Accounts Payable Turnover Day 103.48 Cash Conversion Cycle 109.88 Sales/Revenue/Turnover

80.00

1'200'000.0

70.00

1'000'000.0

60.00

800'000.0

50.00 40.00

600'000.0

30.00

400'000.0

20.00

200'000.0 10.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Nikon Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF JP MORGAN CHASE BANK MEIJI YASUDA LIFE IN STATE STREET SUMITOMO MITSUI TRUS MITSUBISHI UFJ FINAN NIPPON LIFE INSURANC TOKIO MARINE & NICHI STATE STREET CUSTODI JOYO BANK LTD/THE NOMURA SHIZUOKA BANK LTD MITSUBISHI HEAVY IND NIKON CORP NIKKO ASSET MANAGEME KIRIN HOLDINGS CO LT MITSUBISHI CORP MITSUBISHI ESTATE CO

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

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

Analyst

Credit Suisse YU YOSHIDA Morgan Stanley KAZUO YOSHIKAWA Ji Asia STEVE MYERS JPMorgan HISASHI MORIYAMA Jefferies YOSHIHIRO AZUMA Daiwa Securities Co. Ltd. HIROKAZU MITSUDA Mizuho Securities EISAKU OHMORI TIW TAKAO HATTORI SMBC Nikko Securities Inc YUKIHIKO SHIMADA Mitsubishi UFJ Morgan Stanley SecuritieTOMOKI KOMIYA BNP Paribas Equity Research KUNIHIKO KANNO Okasan Securities KAZUMASA KUBOTA Barclays MASAHIRO NAKANOMYO EVA Dimensions CRAIG STERLING Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO Macquarie DAMIAN THONG Nomura TETSUYA WADAKI Goldman Sachs TOSHIYA HARI Tachibana Securities YUKIHIKO FUKUNAGA

Recommendation underperform Equalwt/In-Line buy neutral buy neutral neutral Neutral Plus neutral outperform reduce neutral equalweight underweight neutral outperform neutral neutral/neutral outperform

Amt Held 83'583'600 33'682'000 28'816'000 22'505'000 20'565'000 19'421'340 17'735'600 12'120'027 8'155'200 8'054'000 7'661'000 6'801'000 6'219'300 4'996'112 4'828'000 4'312'400 4'140'800 3'760'865 3'716'000 3'510'000

% Out 20.85 8.4 7.19 5.61 5.13 4.84 4.42 3.02 2.03 2.01 1.91 1.7 1.55 1.25 1.2 1.08 1.03 0.94 0.93 0.88

Weighting

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

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

Latest Chg 8'353'400 3'619'000 (1'035'000) (1'320'000) 173'600 (14'106'600) (1'552'957) 19'200 (45'000) (85'000) 88'200 (29'700) (1'867'600) -

Target Price 2'000 2'300 2'707 2'100 2'650 2'100 1'900 #N/A N/A 2'000 2'810 1'800 #N/A N/A 2'300 #N/A N/A 2'500 2'800 2'033 2'330 #N/A N/A

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

File Dt 31.12.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 26.03.2013 15.02.2013 28.02.2013 20.11.2012 30.09.2012 30.09.2012 30.09.2012 28.02.2013 31.03.2012 31.03.2012 30.09.2012 15.02.2013 31.12.2011 31.03.2012 31.03.2012

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

Inst Type Investment Advisor Bank Bank Investment Advisor Insurance Company Investment Advisor Bank Holding Company Insurance Company Insurance Company Other Bank Unclassified Bank Corporation Corporation Unclassified Corporation Corporation Corporation

Date 26.03.2013 18.03.2013 13.03.2013 12.03.2013 08.03.2013 06.03.2013 05.03.2013 28.02.2013 25.02.2013 21.02.2013 13.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 05.11.2012

27.03.2013

Nintendo Co Ltd Nintendo Co., Ltd. globally develops, manufactures and sells home-use video game hardware and software in home entertainment business. The company also produces home-game products including cards.

Price/Volume 14000

.4 M

12000

.4 M .3 M

10000

.3 M

8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 7974 JT EQUITY YTD Change 7974 JT EQUITY YTD % CHANGE

03/2012 12/yy 12'800.00 8'060.00 35'900.00 10210 -20.23% 26.67% 49.58% 141.7 1'446'440.50 126.00 0.0 81.0 958'322.00 488'325.49

31.03.2008 1'672'423.0 3.18x 494'583.0 10.76x 257'342.0 25.55x

.2 M

4000

.1 M

2000

.1 M

0 m-12

31.03.2009 31.03.2010 1'838'622.0 1'434'365.0 1.32x 1.92x 563'365.0 363'665.0 4.29x 7.56x 279'089.0 228'635.0 13.04x 17.51x Profitability

LTM-4Q 31.03.2011 1'014'345.0 1.68x 177'870.0 9.57x 77'621.0 37.02x

31.03.2012 647'652.0 0.98x (24'797.0) (43'204.0) -24'797.00 -37'320.00 -5.76% -9.40% -0.07% -0.08% 0.45% 23.7% 0.7% -1.4% -6.7% 7.34 6.43 0.01% 0.01% 13.46 4.14

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13 m-13

0.93 112.70 -18.44% 13.67% 0.931 20 3.150 42'820 44'363 47'957 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 762'521.0 634'519.0 678'849.6 939'429.6 113'955.7 104'800.0 2.23x 1.00x 0.99x 0.66x 5'739.0 (12'999.0) 10'379.9 82'651.9 0.00x 0.00x 47.73x 5.99x (20'287.0) 19'693.0 12'822.1 50'657.8 (7'715.0) (2'200.0) 0.00x 59.55x 102.24x 26.55x 94.54x 94.54x S&P Issuer Ratings Long-Term Rating Date 09.01.2007 Long-Term Rating NR 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 0.0% Total Debt/Capital 0.0% Asset Turnover 0.45 Net Fixed Asset Turnover 7.54 Accounts receivable turnover-days 27.18 Inventory Days 88.50 Accounts Payable Turnover Day 123.62 Cash Conversion Cycle -1.77 Sales/Revenue/Turnover

90.00

2'000'000.0

80.00

1'800'000.0

70.00

1'600'000.0 1'400'000.0

60.00

1'200'000.0

50.00 40.00

1'000'000.0 800'000.0

30.00

600'000.0

20.00

400'000.0

10.00

200'000.0

0.00 03.04.2009

a-12 m-12

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

.2 M

6000

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Nintendo Co Ltd Holdings By:

All

Holder Name YAMAUCHI HIROSHI CAPITAL GROUP COMPAN NINTENDO CO LTD STATE STREET BANK OF KYOTO LTD/TH JP MORGAN CHASE BANK JAPAN TRUSTEE SERVIC MITSUBISHI UFJ FINAN DODGE & COX MASTER TRUST BANK OF FMR LLC JANUS CAPITAL MANAGE STATE STREET CUSTODI MELLON BANK NA BLACKROCK FRANKLIN RESOURCES GLG PARTNERS INVESTM MOXLEY & CO VANGUARD GROUP INC NOMURA

Firm Name

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

Analyst

Tokai Tokyo Securities YUSUKE TSUNODA EVA Dimensions ANDREW S ZAMFOTIS BNP Paribas Equity Research HIROSHI YAMASHINA Macquarie DAVID GIBSON Wedbush MICHAEL PACHTER Mitsubishi UFJ Morgan Stanley SecuritieHIROTOSHI MURAKAMI Iwai Cosmo Securities Co. Ltd TOMOAKI KAWASAKI Tachibana Securities YOSHIKAZU SHIMADA TIW TAKASHI OKA Okasan Securities MASASHI MORITA Morgan Stanley MIA NAGASAKA ACE Research Institute HIDEKI YASUDA Credit Suisse SHUNSUKE TSUCHIYA Mizuho Securities TAKESHI KOYAMA SMBC Nikko Securities Inc EIJI MAEDA Daiwa Securities Co. Ltd. SATOSHI TANAKA Nomura YOSHITAKA NAGAO Mito Securities YOICHIRO WATANABE

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

Recommendation strong buy sell reduce neutral neutral neutral neutral neutral Neutral Plus buy Equalwt/In-Line neutral neutral buy neutral neutral suspended coverage Neutral Plus

Amt Held 14'165'000 14'052'400 13'791'700 9'977'092 6'380'200 5'819'400 5'366'000 5'045'400 4'582'400 4'419'400 3'609'117 3'386'242 2'501'400 2'045'400 1'577'189 1'502'534 1'322'800 1'290'700 895'777 773'000

% Out 10 9.92 9.74 7.04 4.5 4.11 3.79 3.56 3.23 3.12 2.55 2.39 1.77 1.44 1.11 1.06 0.93 0.91 0.63 0.55

Weighting

Change

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

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

Latest Chg (81'200) 500 346'900 200 1'050'100 (786'500) (805'400) 94'500 (202'400) 281'147 (244'100) (87'400) 51'700 (112'462) 187'100 (654'300) (94'050) (44'700)

Target Price 12'200 #N/A N/A 7'900 9'000 10'000 9'000 9'500 #N/A N/A #N/A N/A 11'600 9'100 9'500 12'500 12'000 10'500 9'100 #N/A N/A #N/A N/A

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

File Dt Inst Type 30.09.2012 n/a 15.03.2013 Investment Advisor 30.09.2012 Corporation 26.03.2013 Investment Advisor 30.09.2012 Bank 30.09.2012 Investment Advisor 30.09.2012 Bank 28.02.2013 Holding Company 29.01.2013 Investment Advisor 30.09.2012 Bank 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Other 30.09.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified

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

Date 26.03.2013 14.03.2013 20.02.2013 15.02.2013 04.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 07.12.2012 29.10.2012

27.03.2013

Nippon Steel & Sumitomo Metal Corp Nippon Steel Sumitomo Metal is an integrated steel maker. The Company produces various types of steel products used for industrial machinery & equipment and exports them worldwide. Nippon Steel provides plant construction and urban development and also develops new businesses such as chemicals, ceramics, electronic equipment and information & communication systems.

Price/Volume 300

140.0 M 120.0 M

200

100.0 M

150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.02.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 5401 JT EQUITY YTD Change 5401 JT EQUITY YTD % CHANGE

03/2012 12/yy 281.00 143.00 33'762'000.00 242 -13.88% 69.23% 69.57% 9'503.2 2'299'777.75 1'284'502.00 0.0 518'440.0 65'340.00 5'301'729.79

31.03.2008 4'826'974.0 0.98x 792'625.0 5.94x 354'989.0 8.97x

80.0 M 60.0 M

100

40.0 M 50

20.0 M

0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

160.0 M

250

31.03.2009 31.03.2010 4'769'821.0 3'487'714.0 0.73x 1.17x 617'777.0 319'728.0 5.63x 12.80x 155'077.0 (11'529.0) 10.69x Profitability

LTM-4Q 31.03.2011 4'109'774.0 0.84x 458'815.0 7.52x 93'199.0 17.96x

LTM

FY+1

1.40 8'090.04 0.00 4.29% 15.71% 1.403 20 3.600 31'163'800 51'830'030 54'390'190 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 4'090'936.0 ######### ######### ######### ######### ######### 0.77x 3.16x 3.38x 1.22x 0.98x 363'795.0 383'979.0 272'572.0 351'313.2 617'257.3 8.70x 7.93x 18.01x 15.09x 8.59x 58'471.0 (12'537.0) (92'224.0) (146'329.7) 186'780.4 15'450.0 24.43x 0.00x 0.00x 11.98x S&P Issuer Ratings 363'795.00 Long-Term Rating Date 17.10.2012 79'364.00 Long-Term Rating BBB 1.94% Long-Term Outlook STABLE 2.93% Short-Term Rating Date -3.49% Short-Term Rating -9.70% Credit Ratios - EBITDA/Interest Exp. 20.40 0.83% (EBITDA-Capex)/Interest Exp. 5.93 Net Debt/EBITDA 4.62 10.1% Total Debt/EBITDA 4.91 7.0% Reference 0.3% Total Debt/Equity 70.2% 1.4% Total Debt/Capital 35.4% Asset Turnover 0.83 1.27 Net Fixed Asset Turnover 2.25 0.38 Accounts receivable turnover-days 38.47 26.08% Inventory Days 94.47 70.23% Accounts Payable Turnover Day 47.43 9.51 Cash Conversion Cycle 86.68 3.87

Price/ Cash Flow

Sales/Revenue/Turnover

20.00

6'000'000.0

18.00

5'000'000.0

16.00 14.00

4'000'000.0

12.00

3'000'000.0

10.00 8.00

2'000'000.0

6.00 4.00

1'000'000.0

2.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Nippon Steel & Sumitomo Metal Corp Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC NIPPON STEEL & SUMIT MITSUBISHI UFJ FINAN SUMITOMO MITSUI TRUS SUMITOMO METAL INDUS KOREA SECURITIES COR NIPPON LIFE INSURANC TRUST & CUSTODY SERV MASTER TRUST BANK OF MIZUHO FINANCIAL GRO MEIJI YASUDA LIFE IN STATE STREET CUSTODI TOKIO MARINE & NICHI SUMITOMO MITSUI FINA BLACKROCK VANGUARD GROUP INC MITSUI & CO LTD NITTETSU MINING CO L KOBE STEEL LTD NOMURA

Firm Name

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

Analyst

Marusan Securities AKIRA OGINO Tokai Tokyo Securities YOSHIYUKI TAKANO Nomura YUJI MATSUMOTO Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI JPMorgan AKIRA KISHIMOTO Tachibana Securities TAKESHI IRISAWA Morgan Stanley HARUNOBU GOROH Jefferies THANH HA PHAM BNP Paribas Equity Research TOSHIYUKI JOHNO SMBC Nikko Securities Inc KAZUHIRO HARADA Okasan Securities MANAMI ONO Goldman Sachs YUYA TAKEMOTO Daiwa Securities Co. Ltd. JIRO IOKIBE Mizuho Securities HIROYUKI SUZUKI Macquarie POLINA DIYACHKINA Mitsubishi UFJ Morgan Stanley SecuritieKEIJU KUROSAKA EVA Dimensions CRAIG STERLING Credit Suisse SHINYA YAMADA VTB Capital WIKTOR BIELSKI TIW YASUSHI MIZOUE

Source Co File MOF-JP ULT-AGG ULT-AGG Co File Co File ULT-AGG Co File Co File ULT-AGG Co File ULT-AGG Co File ULT-AGG ULT-AGG MF-AGG ULT-AGG Co File Co File ULT-AGG

Recommendation outperform neutral neutral Neutral Plus neutral outperform Overwt/In-Line hold buy outperform neutral Buy/Neutral outperform suspended coverage underperform outperform sell outperform not rated Neutral Minus

Amt Held 638'700'000 412'813'904 385'805'405 320'974'155 287'613'000 238'352'000 231'015'000 214'340'000 198'143'000 191'229'000 140'037'000 117'993'000 98'150'967 93'474'480 78'280'975 71'831'965 61'748'544 52'882'000 52'147'000 49'676'545

% Out 6.72 4.34 4.06 3.38 3.03 2.51 2.43 2.26 2.09 2.01 1.47 1.24 1.03 0.98 0.82 0.76 0.65 0.56 0.55 0.52

Weighting

Change

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

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

Latest Chg (91'270'507) 47'449'226 41'616'180 47'000 342'000 707'000 3'493'468 1'309'772 1'836'000

Target Price #N/A N/A #N/A N/A 280 300 250 #N/A N/A 250 235 300 300 230 340 320 #N/A N/A 170 265 #N/A N/A 300 #N/A N/A #N/A N/A

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

File Dt 30.09.2012 01.10.2012 14.01.2013 13.04.2012 30.09.2012 30.09.2012 20.11.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.03.2012 31.03.2012 25.03.2013 31.12.2012 31.03.2012 31.03.2012 31.03.2012 28.02.2013

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

Inst Type Bank Corporation Holding Company Bank Corporation Investment Advisor Insurance Company Bank Bank Bank Insurance Company Other Insurance Company Bank Investment Advisor Investment Advisor Corporation Corporation Corporation Unclassified

Date 26.03.2013 26.03.2013 22.03.2013 15.03.2013 15.03.2013 14.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 04.03.2013 18.02.2013 15.02.2013 06.02.2013 24.01.2013 22.01.2013 17.01.2013 09.01.2013 15.10.2012 31.01.2012

27.03.2013

Nippon Telegraph & Telephone Corp NIPPON TELEGRAPH AND TELEPHONE CORPORATION (NTT) provides a variety of telecommunication services, including telephone, telegraph, leased circuits, data communication, terminal equipment sales, and related services. The Company provides both local and long distance telephone services within Japan.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.02.2013) 52-Week Low (06.06.2012) Daily Volume Current Price (3/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 9432 JT EQUITY YTD Change 9432 JT EQUITY YTD % CHANGE

03/2012 12/yy 4'430.00 3'270.00 3'019'400.00 4135 -6.66% 26.45% 79.31% 1'323.2 5'471'420.50 4'361'546.00 0.0 2'165'142.0 1'327'064.00 10'985'969.57

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M f-13 m-13

Market Data

Fiscal Year Ended 31.03.2008 10'680'891.0 1.05x 3'469'375.0 3.25x 635'156.0 9.33x

5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 m-12 a-12 m-12

31.03.2009 31.03.2010 10'416'305.0 10'181'376.0 1.00x 1.03x 3'258'131.0 3'133'673.0 3.21x 3.33x 538'679.0 492'266.0 9.32x 10.59x Profitability

LTM-4Q 31.03.2011 10'305'003.0 0.97x 3'180'216.0 3.14x 509'629.0 9.70x

LTM

FY+1

3.63 0.63 739.60 14.17% 16.12% 0.630 19 3.947 3'267'860 3'506'020 3'347'793 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 10'507'362.0 ######### ######### ######### ######### ######### 0.93x 3.84x 3.71x 0.99x 0.94x 3'139'134.0 ######### ######### ######### ######### 3.12x 3.35x 3.16x 3.47x 3.48x 467'701.0 410'495.0 555'827.0 540'366.6 554'870.3 10.24x 12.42x 7.99x 9.30x 8.89x S&P Issuer Ratings 3'139'134.00 Long-Term Rating Date 21.05.2007 1'222'966.00 Long-Term Rating AA 11.64% Long-Term Outlook NEG 11.77% Short-Term Rating Date 18.03.1992 2.41% Short-Term Rating A-1+ 5.77% Credit Ratios 4.57% EBITDA/Interest Exp. 55.73 0.55% (EBITDA-Capex)/Interest Exp. 30.96 Net Debt/EBITDA 1.00 58.3% Total Debt/EBITDA 1.39 29.4% Reference 11.3% Total Debt/Equity 55.3% 4.5% Total Debt/Capital 30.3% Asset Turnover 0.55 1.35 Net Fixed Asset Turnover 1.09 1.02 Accounts receivable turnover-days 66.63 22.49% Inventory Days 32.56 55.33% Accounts Payable Turnover Day 88.33 5.49 Cash Conversion Cycle -18.03 11.24

Price/ Cash Flow

Sales/Revenue/Turnover

2.50

12'000'000.0 11'500'000.0

2.00

11'000'000.0 1.50

10'500'000.0 1.00

10'000'000.0

0.50

0.00 03.04.2009

9'500'000.0 9'000'000.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Nippon Telegraph & Telephone Corp Holdings By:

All

Holder Name MINISTER OF FINANCE NIPPON TELEGRAPH & T JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF STATE STREET STATE STREET CUSTODI MOXLEY & CO JP MORGAN CHASE BANK EMPLOYEES' STOCKHOLD ONTARIO TEACHERS PEN NOMURA BLACKROCK VANGUARD GROUP INC T ROWE PRICE ASSOCIA DAIWA SECURITIES GRO FMR LLC MITSUBISHI UFJ FINAN NIKKO ASSET MANAGEME GLG PARTNERS INVESTM ALLIANCE BERNSTEIN

Firm Name

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

Analyst

HSBC NEALE ANDERSON Barclays KEIICHI YONESHIMA New Street Research KIRK BOODRY EVA Dimensions ANDREW S ZAMFOTIS SMBC Nikko Securities Inc SHINJI MORIYUKI Mitsubishi UFJ Morgan Stanley SecuritieHIDEAKI TANAKA Mizuho Securities KEI TAKAHASHI Morgan Stanley TETSURO TSUSAKA JPMorgan HITOSHI HOSOYA Macquarie NATHAN RAMLER Nomura DAISAKU MASUNO Credit Suisse HITOSHI HAYAKAWA Goldman Sachs IKUO MATSUHASHI Daiwa Securities Co. Ltd. MAKOTO UENO BNP Paribas Equity Research HIROSHI YAMASHINA Tokai Tokyo Securities YUSUKE TSUNODA

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

Recommendation neutral equalweight neutral overweight neutral neutral buy Overwt/Attractive neutral outperform neutral outperform neutral/neutral outperform buy neutral

Amt Held 431'065'800 136'247'473 76'098'000 40'937'000 19'889'281 16'835'000 16'807'000 15'128'000 11'326'000 8'200'000 6'938'100 6'457'836 6'125'369 5'052'400 2'967'400 2'761'323 2'741'100 2'690'500 2'685'065 2'543'354

% Out 32.58 10.3 5.75 3.09 1.5 1.27 1.27 1.14 0.86 0.62 0.52 0.49 0.46 0.38 0.22 0.21 0.21 0.2 0.2 0.19

Weighting

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

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

Latest Chg 9'351'118 2'672'000 2'742'000 (2'395'300) (144'000) (6'754'000) (3'411'000) (722'000) 334'500 (406'400) (601'297) 1'421'200 172'600 (486'639) 16'300 (137'200) 362'800 (49'769)

Target Price 4'300 4'400 4'200 #N/A N/A 4'200 4'100 4'850 5'000 4'200 4'700 4'400 4'700 4'300 4'000 4'300 #N/A N/A

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

File Dt Inst Type 31.12.2012 Government 28.02.2013 Corporation 30.09.2012 Bank 30.09.2012 Bank 26.03.2013 Investment Advisor 30.09.2012 Other 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 n/a 31.12.2011 Pension Fund (ERISA) 28.02.2013 Unclassified 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Holding Company 31.01.2013 Investment Advisor 28.02.2013 Holding Company 26.03.2013 Unclassified 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor

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

Date 25.03.2013 25.03.2013 18.03.2013 11.03.2013 07.03.2013 05.03.2013 04.03.2013 03.03.2013 02.03.2013 01.03.2013 01.03.2013 06.02.2013 16.01.2013 09.11.2012 19.09.2012 11.05.2012

27.03.2013

Nissan Motor Co Ltd NISSAN MOTOR CO., LTD. manufactures and markets automobiles, light trucks, and its related parts. The Company has overseas production bases in the US, the UK, and Mexico. Nissan Motor also provides financing services and produces industrial motor vehicles such as towing tractors and forklifts.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 7201 JT EQUITY YTD Change 7201 JT EQUITY YTD % CHANGE

03/2012 12/yy 1'034.00 639.00 14'917'100.00 922 -10.83% 44.29% 72.91% 4'520.7 4'168'099.25 3'828'218.00 0.0 300'883.0 842'899.00 8'566'835.33

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

60.0 M

1000

50.0 M

800

40.0 M

600

30.0 M

400

20.0 M

200

10.0 M

0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 10'824'238.0 0.73x 1'595'258.0 4.92x 482'261.0 7.00x

1200

31.03.2009 31.03.2010 8'436'974.0 7'517'277.0 0.68x 0.92x 628'441.0 972'623.0 9.11x 7.08x (233'709.0) 42'390.0 77.02x Profitability

LTM-4Q 31.03.2011 8'773'093.0 0.72x 1'169'915.0 5.42x 319'221.0 9.65x

LTM

FY+1

1.12 2'287.18 7.69% 15.23% 1.124 26 4.000 15'892'060 16'929'470 19'200'260 FY+2

FQ+1

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 9'409'026.0 ######### ######### ######### ######### ######### 0.74x 2.82x 2.95x 0.84x 0.78x 3.18x 1'126'183.0 ######### ######### ######### ######### 310'397.0 6.20x 5.66x 7.45x 8.25x 6.72x 7.52x 341'433.0 296'870.0 307'724.0 346'491.8 463'727.2 116'813.2 10.79x 9.75x 11.04x 11.01x 8.27x 8.11x S&P Issuer Ratings 1'126'183.00 Long-Term Rating Date 545'839.00 Long-Term Rating 5.80% Long-Term Outlook 5.63% Short-Term Rating Date 2.72% Short-Term Rating 9.80% Credit Ratios 4.59% EBITDA/Interest Exp. 0.84% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 17.4% Total Debt/EBITDA 11.1% Reference 4.9% Total Debt/Equity 3.6% Total Debt/Capital Asset Turnover 1.59 Net Fixed Asset Turnover 1.16 Accounts receivable turnover-days 34.58% Inventory Days 121.56% Accounts Payable Turnover Day 2.41 Cash Conversion Cycle 6.23

Price/ Cash Flow

FQ+2 06/13 Q1 ######### 267'052.5 7.55x 101'750.8 7.57x 15.11.2010 BBB+ STABLE 05.08.2009 A-2 34.24 22.06 3.90 4.66 121.6% 52.6% 0.84 2.52 151.99 58.73 59.00 130.67

Sales/Revenue/Turnover

16.00

12'000'000.0

14.00

10'000'000.0

12.00

8'000'000.0

10.00 8.00

6'000'000.0

6.00

4'000'000.0

4.00

2'000'000.0 2.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Nissan Motor Co Ltd Holdings By:

All

Holder Name RENAULT SA JAPAN TRUSTEE SERVIC DAIMLER AG MASTER TRUST BANK OF NIPPON LIFE INSURANC STATE STREET CUSTODI GOVT OF SINGAPORE IN CAPITAL GROUP COMPAN SOMPO JAPAN INSURANC TOKIO MARINE & NICHI NISSAN MOTOR CO LTD BLACKROCK FMR LLC NOMURA FRANKLIN RESOURCES VANGUARD GROUP INC BANK OF NEW YORK MEL NIKKO ASSET MANAGEME JP MORGAN WHITEFRIAR ALLIANCE BERNSTEIN

Firm Name

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

Analyst

Sanford C. Bernstein & Co MAX WARBURTON Mizuho Securities SEIJI SUGIURA Morgan Stanley RYOSUKE HOSHINO Macquarie CLIVE WIGGINS Mitsubishi UFJ Morgan Stanley SecuritieTATSUO YOSHIDA SMBC Nikko Securities Inc SHOTARO NOGUCHI JPMorgan KOHEI TAKAHASHI Okasan Securities YASUAKI IWAMOTO Deutsche Bank KURT SANGER Credit Suisse ISSEI TAKAHASHI Daiwa Securities Co. Ltd. EIJI HAKOMORI TIW SATORU TAKADA Oddo & Cie FRANCOIS MAURY Nomura MASATAKA KUNUGIMOTO Goldman Sachs KOTA YUZAWA EVA Dimensions CRAIG STERLING Marusan Securities SHOGO OKI BNP Paribas Equity Research KOICHI SUGIMOTO Ji Asia STEPHEN USHER Mito Securities YOICHIRO WATANABE Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI Tachibana Securities KENTARO HAYASHI

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

Recommendation market perform buy Overwt/Attractive outperform outperform outperform neutral neutral buy outperform buy neutral neutral neutral Buy/Neutral sell outperform buy neutral Neutral Plus Neutral Plus Strong Outperform

Amt Held % Out 1'962'037'000 43.4 225'684'000 4.99 140'142'000 3.1 135'054'000 2.99 94'456'700 2.09 63'998'000 1.42 63'698'000 1.41 54'234'500 1.2 53'928'000 1.19 42'046'000 0.93 30'923'500 0.68 28'232'421 0.62 25'538'234 0.56 23'909'900 0.53 23'570'480 0.52 23'514'089 0.52 17'083'700 0.38 13'619'800 0.3 (12'753'639) -0.28 12'360'126 0.27

Weighting

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

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

Latest Chg (18'634'000) (2'778'000) 19'800 (983'000) 13'494'800 4'700 798'900 3'853'811 666'300 (370'400) 548'945 48'100 (242'300) (618'600) (206'104)

Target Price 850 1'180 1'140 1'200 1'000 1'000 900 890 1'200 1'130 1'100 #N/A N/A 750 1'040 1'250 #N/A N/A #N/A N/A 910 #N/A N/A #N/A N/A 850 #N/A N/A

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

File Dt 30.09.2012 30.09.2012 30.09.2012 30.09.2012 20.12.2012 30.09.2012 30.09.2012 31.12.2012 30.09.2012 30.09.2012 30.09.2012 25.03.2013 31.01.2013 28.02.2013 31.12.2012 31.12.2012 26.03.2013 26.03.2013 19.11.2012 31.01.2013

Date 12 month 12 month 12 month 12 month 12 month 12 month 9 month 6 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 24 month Not Provided Not Provided 12 month Not Provided Not Provided 6 month Not Provided

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

Date 26.03.2013 19.03.2013 18.03.2013 12.03.2013 05.03.2013 04.03.2013 26.02.2013 21.02.2013 21.02.2013 21.02.2013 12.02.2013 12.02.2013 11.02.2013 08.02.2013 07.02.2013 17.01.2013 15.01.2013 11.01.2013 18.10.2012 03.08.2012 27.07.2012 27.07.2012

27.03.2013

Nitto Denko Corp NITTO DENKO CORPORATION manufactures and markets a wide range of chemical products which are used as materials for industrial and electronic components. The Company's products include materials for sealants, semiconductors, and wrappings. Nitto Denko has a network of sales/manufacturing subsidiaries worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6988 JT EQUITY YTD Change 6988 JT EQUITY YTD % CHANGE

03/2012 12/yy 5'930.00 2'954.00 849'100.00 5560 -6.24% 88.22% 86.22% 173.8 966'096.88 58'998.00 0.0 1'430.0 209'855.00 817'519.86

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

3.5 M

6000

3.0 M

5000

2.5 M

4000

2.0 M

3000

1.5 M

2000

1.0 M

1000

.5 M

0 m-12

31.03.2009 31.03.2010 577'922.0 601'859.0 0.51x 0.85x 64'394.0 100'896.0 4.61x 5.04x 267.0 37'570.0 1245.34x 16.10x Profitability

LTM-4Q 31.03.2011 638'556.0 0.91x 125'185.0 4.65x 55'743.0 13.07x

31.03.2012 607'639.0 0.66x 93'297.0 4.28x 31'066.0 17.65x

93'297.00 56'491.00 9.30% 8.20% 4.61% 7.09% 6.35% 0.94% 27.6% 14.2% 8.5% 5.1% 3.05 2.43 9.05% 13.58% 4.44 6.75

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

1.80 1.19 161.85 71.44% 32.94% 1.190 19 4.053 1'316'400 1'394'867 1'421'359 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 617'111.0 651'266.0 675'150.0 726'611.2 171'620.7 174'000.0 2.92x 2.83x 1.20x 1.08x 102'789.0 98'896.0 111'027.2 138'617.6 3.09x 5.52x 7.36x 5.90x 40'690.0 37'003.0 48'430.4 63'626.8 12'800.0 11.13x 18.76x 18.97x 14.46x S&P Issuer Ratings Long-Term Rating Date 09.01.2007 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 102.86 (EBITDA-Capex)/Interest Exp. 64.00 Net Debt/EBITDA -1.54 Total Debt/EBITDA 0.69 Reference Total Debt/Equity 13.6% Total Debt/Capital 11.9% Asset Turnover 0.94 Net Fixed Asset Turnover 3.22 Accounts receivable turnover-days 82.41 Inventory Days 54.24 Accounts Payable Turnover Day 68.04 Cash Conversion Cycle 66.22 Sales/Revenue/Turnover

18.00

800'000.0

16.00

700'000.0

14.00

600'000.0

12.00

500'000.0

10.00

400'000.0

8.00

300'000.0

6.00

200'000.0

4.00

100'000.0

2.00 0.00 03.04.2009

a-12 m-12

Fiscal Year Ended 31.03.2008 745'259.0 0.86x 127'571.0 5.01x 46'634.0 15.03x

7000

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Nitto Denko Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN JAPAN TRUSTEE SERVIC FMR LLC MASTER TRUST BANK OF JP MORGAN CHASE BANK NITTO DENKO CORP SUMITOMO MITSUI TRUS STATE STREET STATE STREET CUSTODI BLACKROCK NIPPON LIFE INSURANC SOMPO JAPAN INSURANC CITIBANK NA GOLDMAN SACHS & CO UMB BANK N A VANGUARD GROUP INC UNION INVESTMENT GMB NOMURA DAIWA SECURITIES GRO MITSUBISHI UFJ FINAN

Firm Name

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

Analyst

JPMorgan MASASHI ITAYA Jefferies MASAHIRO WAKASUGI SMBC Nikko Securities Inc HIROHARU WATANABE BNP Paribas Equity Research KEI RAMEAU Barclays MIKIYA YAMADA Tachibana Securities TSUNENORI OHMAKI Okasan Securities TAKASHI NISHIHIRA TIW TOSHIRO TAKAHASHI Mitsubishi UFJ Morgan Stanley SecuritieAKIHIKO UCHINO Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO Goldman Sachs DAIKI TAKAYAMA EVA Dimensions CRAIG STERLING Daiwa Securities Co. Ltd. TAKUMI SADO Nomura SHIGEKI OKAZAKI Macquarie GEORGE T CHANG

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

Recommendation overweight buy outperform buy underweight outperform buy neutral outperform outperform buy/attractive underweight outperform buy underperform

Amt Held 29'367'800 15'220'000 11'916'126 11'885'000 9'846'000 9'221'100 8'471'400 4'406'460 4'078'000 3'774'646 2'627'100 2'566'000 2'184'000 2'072'000 1'902'493 1'560'013 1'413'100 1'275'400 948'500 921'300

% Out 16.9 8.76 6.86 6.84 5.67 5.31 4.88 2.54 2.35 2.17 1.51 1.48 1.26 1.19 1.09 0.9 0.81 0.73 0.55 0.53

Weighting

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

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

Latest Chg 1'606'800 2'137'000 654'672 3'106'000 (1'279'000) (62'200) (1'811'400) 107'000 (2'477'530) (800) (428'000) 47'228 264'700 30'400 3'800 52'900

Target Price 7'000 6'200 6'500 8'000 4'300 #N/A N/A 6'200 #N/A N/A 6'200 6'450 5'900 #N/A N/A 5'500 5'550 3'000

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

File Dt 15.03.2013 30.09.2012 31.01.2013 30.09.2012 30.09.2012 30.09.2012 29.06.2012 26.03.2013 30.09.2012 25.03.2013 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.01.2013 31.12.2012 28.09.2012 28.02.2013 28.02.2013 28.02.2013

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

Inst Type Investment Advisor Bank Investment Advisor Bank Investment Advisor Corporation Bank Investment Advisor Other Investment Advisor Insurance Company Insurance Company Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Holding Company Holding Company

Date 25.02.2013 25.02.2013 20.02.2013 15.02.2013 12.02.2013 05.02.2013 04.02.2013 04.02.2013 04.02.2013 01.02.2013 31.01.2013 30.01.2013 17.01.2013 15.01.2013 12.11.2012

27.03.2013

NKSJ Holdings Inc NKSJ Holdings, Inc. is a holding company established through the integration of Sompo Japan Insurance Inc. and NIPPONKOA Insurance Company, Limited. Through subsidiaries, the Company provides non-life insurance including marine, fire, and automobile as well as life insurance. NKSJ Holdings also operates other financial services such as mutual fund and investment advisory.

Price/Volume 2500

4.0 M 2000

03/2012 12/yy 2'214.00 1'391.00 1'607'800.00 1978 -10.66% 42.20% 80.68% 415.4 821'566.81 139'174.00 0.0 4'624.0 330'093.00 630'493.84

2.5 M 2.0 M

31.03.2009 -

1.5 M 1.0 M

500

.5 M 0 m-12

31.03.2010

Profitability

LTM-4Q 31.03.2011 2'556'510.0 0.28x (12'918.0) -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

1.29 363.43 12.12% 11.06% 1.290 16 3.563 2'190'140 2'040'883 1'891'676 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 2'718'025.0 ######### ######### ######### ######### 707'600.0 0.21x 0.91x 0.77x 0.24x 0.24x 0.0 0.0 0.00x 0.00x (92'262.0) (184'699.0) 59'854.0 9'148.5 36'044.4 0.00x 12.72x 69.10x 24.24x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating -1.63% Long-Term Outlook -2.12% Short-Term Rating Date -1.11% Short-Term Rating -10.87% Credit Ratios - EBITDA/Interest Exp. 0.31% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity -3.4% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 1.56% Inventory Days 13.97% Accounts Payable Turnover Day - Cash Conversion Cycle -

14.0% 12.2% 0.31 -

Sales/Revenue/Turnover

1.20

3'000'000.0

1.00

2'500'000.0

0.80

2'000'000.0

0.60

a-12 m-12

Fiscal Year Ended 31.03.2008

Price/ Cash Flow

3.0 M

1000

Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (31.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8630 JT EQUITY YTD Change 8630 JT EQUITY YTD % CHANGE

3.5 M

1500

Valuation Analysis

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

4.5 M

1'500'000.0 1'000'000.0

0.40

500'000.0 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 |

27.03.2013

NKSJ Holdings Inc Holdings By:

All

Holder Name FIRST EAGLE INVESTME MIZUHO FINANCIAL GRO ORBIS INVESTMENT MAN SUMITOMO MITSUI TRUS MITSUBISHI UFJ FINAN JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF EMPLOYEES' STOCKHOLD DAI ICHI LIFE INSURA JP MORGAN CHASE BANK ORBIS INVESTMENT MAN STATE STREET CUSTODI NIPPON EXPRESS CO LT JOYO BANK LTD/THE TAIYO LIFE INSURANCE FRANKLIN RESOURCES CHIBA BANK LTD VANGUARD GROUP INC NOMURA BLACKROCK

Firm Name Macquarie Morgan Stanley Keefe, Bruyette & Woods Tokai Tokyo Securities Mizuho Securities SMBC Nikko Securities Inc Nomura JPMorgan Daiwa Securities Co. Ltd. Credit Suisse Jefferies Barclays Deutsche Bank Goldman Sachs EVA Dimensions

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

Analyst SCOTT G RUSSELL HIDEYASU BAN DAVID THREADGOLD TATSUO MAJIMA RIE NISHIHARA KOUICHI NIWA WATARU OHTSUKA NATSUMU TSUJINO JUN SHIOTA TAKEHITO YAMANAKA MAKARIM SALMAN AZUMA OHNO MASAO MURAKI TAKANORI MIYOSHI AUSTIN BURKETT

Source MF-AGG ULT-AGG MOF-JP ULT-AGG ULT-AGG Co File Co File Co File Co File Co File MOF-JP ULT-AGG Co File Co File Co File ULT-AGG Co File MF-AGG ULT-AGG ULT-AGG

Recommendation neutral Equalwt/Attractive outperform above average neutral neutral buy neutral neutral neutral hold overweight hold Sell/Neutral buy

Amt Held 22'709'700 21'336'081 20'787'155 17'183'100 17'030'047 16'024'000 13'533'000 12'652'000 10'227'000 9'788'000 9'237'963 8'634'000 8'001'221 4'497'750 4'095'820 4'033'492 3'831'230 3'672'374 3'452'100 3'174'425

% Out 5.47 5.14 5 4.14 4.1 3.86 3.26 3.05 2.46 2.36 2.22 2.08 1.93 1.08 0.99 0.97 0.92 0.88 0.83 0.76

Weighting

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

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

Latest Chg 14'700 118 10'648'155 (1'002'500) (714'013) (3'289'000) (1'214'000) 845'000 (3'188'037) (33'000) 221 (208'300) 139'602 (39'700) 3'800

Target Price 2'100 2'600 3'600 #N/A N/A 2'020 2'400 2'300 3'150 2'100 1'900 2'007 2'000 2'160 1'950 #N/A N/A

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

File Dt Inst Type 30.09.2012 Hedge Fund Manager 15.02.2013 Bank 31.01.2013 Investment Advisor 13.04.2012 Bank 13.03.2013 Holding Company 30.09.2012 Bank 30.09.2012 Bank 30.09.2012 n/a 30.09.2012 Insurance Company 30.09.2012 Investment Advisor 31.01.2013 Investment Advisor 30.09.2012 Other 31.03.2012 Corporation 31.03.2012 Bank 31.03.2012 Insurance Company 31.12.2012 Investment Advisor 31.03.2012 Bank 31.12.2012 Investment Advisor 28.02.2013 Unclassified 25.03.2013 Investment Advisor

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

Date 22.03.2013 21.03.2013 07.03.2013 04.03.2013 28.02.2013 22.02.2013 19.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 12.02.2013 12.02.2013 17.01.2013

27.03.2013

Nomura Holdings Inc Nomura Holdings, Inc. is a holding company which manages financial operations for its subsidiaries. As a group, the Company provides a variety of financial services such as dealing, brokerage, underwriting, and asset management. Nomura Securities Co., a registered member of the New York and London Stock Exchanges, has branches around the world.

Price/Volume 700 600 500 400

Valuation Analysis

300

Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8604 JT EQUITY YTD Change 8604 JT EQUITY YTD % CHANGE

03/2012 12/yy 608.00 241.00 35'030'800.00 589 -3.13% 144.40% 93.73% 3'822.6 2'251'489.25 31'238'237.00 0.0 281'896.0 1'070'520.00 35'739'937.37

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

100 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.03.2008 1'593'722.0 16.09x 805'340.0 31.85x (67'847.0) -

200

200.0 M 180.0 M 160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M f-13 m-13

31.03.2009 31.03.2010 664'511.0 1'356'751.0 34.69x 22.60x (351'382.0) 384'257.0 79.81x (708'192.0) 67'798.0 31.78x Profitability

LTM-4Q 31.03.2011 1'385'492.0 23.99x 423'636.0 78.47x 28'661.0 55.06x

LTM

FY+1

0.68 1.69 3'523.52 56.52% 17.10% 1.688 14 3.643 69'996'320 78'747'010 84'778'980 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'851'760.0 ######### ######### ######### ######### 509'673.3 17.17x 80.20x 67.61x 3.61x 3.65x 501'430.0 469'417.0 490'214.0 240'817.7 414'855.0 63.40x 62.44x 72.11x 148.41x 86.15x 11'583.0 1'400.0 46'894.0 60'800.2 126'302.8 26'556.0 115.09x 504.33x 39.48x 35.48x 17.36x S&P Issuer Ratings 501'430.00 Long-Term Rating Date 27.01.2009 - Long-Term Rating BBB+ 5.53% Long-Term Outlook STABLE 4.59% Short-Term Rating Date 27.09.2001 0.12% Short-Term Rating A-2 2.16% Credit Ratios 0.19% EBITDA/Interest Exp. 0.05% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 57.73 - Total Debt/EBITDA 59.11 26.8% Reference - Total Debt/Equity 1482.4% 0.6% Total Debt/Capital 92.9% Asset Turnover 0.05 - Net Fixed Asset Turnover 1.84 - Accounts receivable turnover-days 87.51% Inventory Days 1482.42% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

12.00

2'500'000.0

10.00

2'000'000.0

8.00

1'500'000.0

6.00

1'000'000.0 4.00

500'000.0

2.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Nomura Holdings Inc Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO MITSUI TRUS NOMURA STATE STREET CUSTODI NORTHERN TRUST CORPO JP MORGAN CHASE BANK BLACKROCK EMPLOYEES' STOCKHOLD CARMIGNAC GESTION VANGUARD GROUP INC KAWASAKI GAKUEN GLG PARTNERS INVESTM NIKKO ASSET MANAGEME TOYOTA MOTOR CORP MITSUBISHI UFJ FINAN DAIWA SECURITIES GRO BANK OF NEW YORK MEL SCHRODER INVESTMENT TOHO GAS CO LTD

Firm Name

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

Analyst

Morgan Stanley HIDEYASU BAN Jefferies MAKARIM SALMAN SMBC Nikko Securities Inc KOUICHI NIWA Macquarie ALASTAIR MACDONALD Credit Suisse TAKEHITO YAMANAKA JPMorgan NATSUMU TSUJINO Daiwa Securities Co. Ltd. JUN SHIOTA Barclays AZUMA OHNO Tokai Tokyo Securities TATSUO MAJIMA Goldman Sachs KATSUNORI TANAKA Mitsubishi UFJ Morgan Stanley SecuritieFUTOSHI SASAKI EVA Dimensions AUSTIN BURKETT Deutsche Bank MASAO MURAKI Keefe, Bruyette & Woods JUN OISHI Ji Asia SHIRO YOSHIOKA

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

Recommendation Overwt/In-Line buy neutral outperform outperform neutral outperform underweight above average neutral/neutral neutral sell hold suspended coverage neutral

Amt Held 349'428'000 157'413'000 150'392'300 149'493'900 93'142'000 49'889'000 45'336'000 39'159'920 37'442'000 35'875'000 34'862'002 33'000'000 25'696'000 21'674'300 17'809'837 16'016'400 14'456'800 12'705'800 6'582'681 6'337'407

% Out 9.14 4.12 3.93 3.91 2.44 1.31 1.19 1.02 0.98 0.94 0.91 0.86 0.67 0.57 0.47 0.42 0.38 0.33 0.17 0.17

Weighting

Change

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

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

Latest Chg 56'780'000 21'977'000 (127'252'900) (31'550'500) (223'000) (2'377'000) 166'400 4'327'000 35'875'000 883'136 (3'083'700) 10'124'100 540'700 168'100 (732'000) 400 -

Target Price 780 625 600 720 600 520 600 410 #N/A N/A 490 440 #N/A N/A 450 #N/A N/A 505

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

File Dt Inst Type 30.09.2012 Bank 30.09.2012 Bank 28.02.2013 Bank 28.02.2013 Unclassified 30.09.2012 Other 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 25.03.2013 Investment Advisor 30.09.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2011 Corporation 31.01.2013 Mutual Fund Manager 28.02.2013 Unclassified 07.08.2012 Corporation 28.02.2013 Holding Company 28.02.2013 Holding Company 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2012 Corporation

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

Date 21.03.2013 01.03.2013 25.02.2013 14.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 17.01.2013 07.01.2013 06.01.2012 15.11.2011

27.03.2013

NTT DOCOMO Inc NTT DOCOMO, INC. provides various types of telecommunication services including cellular phones, satellite mobile communication, and wireless LAN Network. The Company also sells cellular phones, and other equipment.

Price/Volume 160000

.4 M

140000

.3 M

120000

.3 M

100000

Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 9437 JT EQUITY YTD Change 9437 JT EQUITY YTD % CHANGE

03/2012 12/yy 149'700.00 111'900.00 123'988.00 144100 -3.74% 28.78% 93.92% 43.7 6'289'965.00 261'592.00 0.0 46'244.0 893'582.00 6'098'989.00

31.03.2008 4'711'827.0 1.32x 1'584'737.0 3.93x 491'202.0 13.26x

.2 M

60000 40000

.1 M

20000

.1 M

0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

.2 M

80000

Valuation Analysis

31.03.2009 31.03.2010 4'447'980.0 4'284'404.0 1.27x 1.36x 1'635'118.0 1'535'391.0 3.44x 3.78x 471'873.0 494'781.0 11.97x 12.00x Profitability

LTM-4Q 31.03.2011 4'224'273.0 1.33x 1'537'792.0 3.65x 490'485.0 12.39x

LTM

FY+1

.0 M f-13 m-13

4.02 0.56 13.59 8.19% 18.63% 0.556 22 3.136 88'818 83'362 79'451 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 4'240'003.0 ######### ######### ######### ######### ######### 1.21x 5.21x 4.50x 1.32x 1.26x 1'559'243.0 ######### ######### ######### ######### 3.28x 3.62x 3.24x 3.92x 3.92x 463'912.0 441'124.0 485'776.0 504'321.4 508'485.6 12.28x 13.30x 10.59x 11.93x 11.82x S&P Issuer Ratings 1'559'243.00 Long-Term Rating Date 21.05.2007 874'460.00 Long-Term Rating AA 20.62% Long-Term Outlook NEG 20.37% Short-Term Rating Date 03.04.2000 6.53% Short-Term Rating A-1+ 8.77% Credit Ratios 8.14% EBITDA/Interest Exp. 562.09 0.63% (EBITDA-Capex)/Interest Exp. 388.91 Net Debt/EBITDA -0.30 62.5% Total Debt/EBITDA 0.17 35.2% Reference 19.3% Total Debt/Equity 5.2% 10.9% Total Debt/Capital 4.9% Asset Turnover 0.63 2.04 Net Fixed Asset Turnover 1.71 1.59 Accounts receivable turnover-days 60.75 3.76% Inventory Days 39.35 5.17% Accounts Payable Turnover Day 124.19 6.03 Cash Conversion Cycle -48.83 9.30

Price/ Cash Flow

Sales/Revenue/Turnover

8.00

6'000'000.0

7.00

5'000'000.0

6.00

4'000'000.0

5.00 4.00

3'000'000.0

3.00

2'000'000.0

2.00

1'000'000.0 1.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

NTT DOCOMO Inc Holdings By:

All

Holder Name NIPPON TELEGRAPH & T JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF STATE STREET STATE STREET CUSTODI BLACKROCK BANK OF NEW YORK MEL MELLON BANK NA BARCLAYS CAPITAL SEC VANGUARD GROUP INC NOMURA DEUTSCHE BANK AG FMR LLC GRANTHAM MAYO VAN OT SUN LIFE FINANCIAL I FIRST EAGLE INVESTME GLG PARTNERS INVESTM MITSUBISHI UFJ FINAN DAIWA SECURITIES GRO MATTHEWS INTERNATION

Firm Name

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

Analyst

HSBC NEALE ANDERSON Barclays KEIICHI YONESHIMA SMBC Nikko Securities Inc SHINJI MORIYUKI New Street Research KIRK BOODRY Marusan Securities TORU KOBORI EVA Dimensions ANDREW S ZAMFOTIS Mitsubishi UFJ Morgan Stanley SecuritieHIDEAKI TANAKA JPMorgan HITOSHI HOSOYA Mizuho Securities KEI TAKAHASHI Ji Asia NEIL JUGGINS Nomura DAISAKU MASUNO Tokai Tokyo Securities YUSUKE TSUNODA BNP Paribas Equity Research HIROSHI YAMASHINA Iwai Cosmo Securities Co. Ltd TOMOAKI KAWASAKI Morgan Stanley TETSURO TSUSAKA Credit Suisse HITOSHI HAYAKAWA Goldman Sachs IKUO MATSUHASHI Macquarie NATHAN RAMLER Daiwa Securities Co. Ltd. MAKOTO UENO

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

Recommendation neutral equalweight outperform neutral neutral buy neutral underweight neutral sell neutral neutral reduce Neutral Plus Equalwt/Attractive underperform Buy/Neutral outperform outperform

Amt Held 29'822'399 976'104 834'730 381'230 362'731 262'949 249'866 160'603 159'000 148'425 143'851 127'235 117'503 106'231 99'623 82'594 64'735 58'725 58'350 57'873

% Out 68.32 2.24 1.91 0.87 0.83 0.6 0.57 0.37 0.36 0.34 0.33 0.29 0.27 0.24 0.23 0.19 0.15 0.13 0.13 0.13

Weighting

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

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

Latest Chg (176'182) (2'025) (104'886) (14'865) (44'454) 14'372 (25'658) 3'971 7'422 (115) (33'009) (263) 4'156 (8'038) 6'440 (1'076) (403) (8'627)

Target Price 156'000 141'000 169'000 137'000 #N/A N/A #N/A N/A 141'000 125'000 142'000 110'000 131'000 #N/A N/A 122'000 150'000 130'000 120'000 158'000 145'000 145'000

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

File Dt Inst Type 30.09.2012 Corporation 30.09.2012 Bank 30.09.2012 Bank 26.03.2013 Investment Advisor 30.09.2012 Other 25.03.2013 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.05.2012 Investment Advisor 31.01.2013 Investment Advisor 30.09.2012 Hedge Fund Manager 31.01.2013 Mutual Fund Manager 28.02.2013 Holding Company 28.02.2013 Holding Company 31.12.2012 Investment Advisor

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

Date 26.03.2013 25.03.2013 18.03.2013 18.03.2013 15.03.2013 11.03.2013 04.03.2013 01.03.2013 25.02.2013 12.02.2013 11.02.2013 07.02.2013 05.02.2013 31.01.2013 30.01.2013 30.01.2013 16.01.2013 28.11.2012 29.10.2012

27.03.2013

Oriental Land Co Ltd/Japan ORIENTAL LAND CO., LTD. operates Tokyo Disney Resort. The Company also operates restaurants within the complex and sells Disney merchandise.

Price/Volume 18000

1.2 M

16000

1.0 M

14000 12000

.8 M

10000

03/2012 12/yy 15'820.00 8'300.00 469'700.00 15480 -2.15% 86.51% 96.01% 90.9 1'407'480.88 149'593.00 0.0 0.0 97'403.00 1'421'774.92

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

6000

.4 M

4000

.2 M

2000 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 342'421.0 2.06x 74'921.0 9.43x 14'730.0 37.78x

.6 M

8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 4661 JT EQUITY YTD Change 4661 JT EQUITY YTD % CHANGE

31.03.2009 31.03.2010 389'242.0 371'414.0 1.83x 1.85x 91'737.0 88'618.0 7.77x 7.74x 18'089.0 25'427.0 31.90x 23.27x Profitability

LTM-4Q 31.03.2011 356'180.0 1.85x 95'950.0 6.87x 22'907.0 24.92x

31.03.2012 360'060.0 2.20x 108'867.0 7.28x 32'113.0 23.04x 108'867.00 66'923.00 18.59% 15.36% 7.83% 12.78% 9.13% 0.64% 31.0% 31.2% 21.4% 8.9% 1.42 1.22 24.15% 39.05% 27.02 19.49

Price/ Cash Flow

LTM

FY+1

0.71 0.40 51.24 78.63% 48.42% 0.395 13 3.769 466'840 355'137 300'783 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 331'360.0 395'399.0 391'888.8 410'484.7 84'122.0 8.71x 8.58x 3.61x 3.28x 94'512.0 120'940.0 116'331.7 123'786.2 7.86x 7.34x 12.22x 11.49x 16'714.0 51'902.0 50'320.1 55'398.7 4'032.0 39.78x 16.83x 25.67x 23.32x S&P Issuer Ratings Long-Term Rating Date 10.04.2009 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 58.63 (EBITDA-Capex)/Interest Exp. 45.99 Net Debt/EBITDA 0.30 Total Debt/EBITDA 1.18 Reference Total Debt/Equity 39.0% Total Debt/Capital 28.1% Asset Turnover 0.64 Net Fixed Asset Turnover 0.88 Accounts receivable turnover-days 13.55 Inventory Days 18.78 Accounts Payable Turnover Day 15.70 Cash Conversion Cycle 10.60 Sales/Revenue/Turnover

14.00

450'000.0

12.00

400'000.0 350'000.0

10.00

300'000.0

8.00

250'000.0

6.00

200'000.0 150'000.0

4.00

100'000.0

2.00 0.00 03.04.2009

50'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Oriental Land Co Ltd/Japan Holdings By:

All

Holder Name KEISEI ELECTRIC RAIL MITSUI FUDOSAN CO LT ORIENTAL LAND CO LTD CHIBA PREFECTURE JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF DAI ICHI LIFE INSURA STATE STREET CUSTODI MIZUHO FINANCIAL GRO SUMITOMO MITSUI TRUS CHUO MITSUI TRUST & SHIMIZU CORP NOMURA BLACKROCK KAJIMA CORP TAISEI CORP VANGUARD GROUP INC J-ESOP EAST JAPAN RAILWAY C CHIBA BANK LTD

Firm Name

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

Analyst

Mizuho Securities TAKESHI KOYAMA SMBC Nikko Securities Inc HIROKO TAKANASHI Okasan Securities MASASHI MORITA Mitsubishi UFJ Morgan Stanley SecuritieHIROTOSHI MURAKAMI Iwai Cosmo Securities Co. Ltd TOMOAKI KAWASAKI Daiwa Securities Co. Ltd. TARO ISHIHARA Ichiyoshi Research Institute SEIICHIRO SAMEJIMA TIW TAKASHI OKA Morgan Stanley MIA NAGASAKA BNP Paribas Equity Research JAMES MOON EVA Dimensions CRAIG STERLING Nomura YOSHITAKA NAGAO Mito Securities YOICHIRO WATANABE

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

Recommendation buy not rated neutral outperform outperform buy neutral neutral Equalwt/In-Line hold hold suspended coverage Neutral Plus

Amt Held 18'157'000 7'689'000 7'205'900 3'300'000 2'620'000 2'179'000 1'640'000 1'530'000 1'508'900 977'900 832'000 682'000 643'800 531'296 500'000 500'000 476'472 268'000 248'400 210'000

% Out 19.97 8.46 7.93 3.63 2.88 2.4 1.8 1.68 1.66 1.08 0.92 0.75 0.71 0.58 0.55 0.55 0.52 0.29 0.27 0.23

Weighting

Change

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

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

Latest Chg (434'400) (86'000) 287'000 412'000 8'100 (78'700) 600 12'229 -

Target Price 15'000 13'500 #N/A N/A 14'000 15'000 15'400 #N/A N/A #N/A N/A 11'500 11'600 #N/A N/A #N/A N/A #N/A N/A

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

File Dt 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 10.12.2012 31.03.2012 31.03.2012 28.02.2013 25.03.2013 31.03.2012 31.03.2012 31.12.2012 30.09.2012 31.03.2012 31.03.2012

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

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

Date 25.02.2013 19.02.2013 05.02.2013 04.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 17.01.2013 07.12.2012 14.09.2012

27.03.2013

ORIX Corp ORIX Corporation provides comprehensive financial services throughout the world. The Company's business lines include leasing, installment loans, real estate loans, life insurance, banking, securities brokerage, venture capital, and consumer finance. ORIX also operates a professional baseball team, the ORIX Buffalos.

Price/Volume 1400

30.0 M

1200

25.0 M

1000

20.0 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8591 JT EQUITY YTD Change 8591 JT EQUITY YTD % CHANGE

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

10.0 M

400

5.0 M

200 0 m-12 a-12 m-12

31.03.2009 31.03.2010 485'813.0 406'667.0 11.28x 12.34x 425'523.0 350'872.0 12.88x 14.30x 21'924.0 37'757.0 27.66x 29.27x Profitability

LTM-4Q 31.03.2011 433'397.0 12.60x 397'027.0 13.75x 67'275.0 14.18x

31.03.2012 447'151.0 11.54x 423'511.0 12.19x 86'150.0 10.10x 423'511.00 37.23% 29.18% 1.22% 7.33% 1.73% 0.05% 92.9% 19.3% 60.09% 359.62% -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

1.17 1'116.89 52.11% 25.59% 1.168 16 4.563 9'504'240 10'381'800 10'844'950 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 440'954.0 476'606.0 ######### ######### 276'438.7 45.33x 41.18x 6.56x 6.36x 413'850.0 324'325.0 315'176.7 339'790.0 11.44x 0.00x 16.65x 15.44x 85'247.0 107'520.0 111'482.1 124'847.9 19'860.0 8.08x 9.94x 13.00x 11.59x S&P Issuer Ratings Long-Term Rating Date 12.08.2005 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 9.10 Total Debt/EBITDA 10.83 Reference Total Debt/Equity 359.6% Total Debt/Capital 77.3% Asset Turnover 0.05 Net Fixed Asset Turnover 0.31 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

4.50

1'000'000.0

4.00

900'000.0

3.50

800'000.0 700'000.0

3.00

600'000.0

2.50 2.00

500'000.0 400'000.0

1.50

300'000.0

1.00

200'000.0

0.50

100'000.0

0.00 03.04.2009

j-12

Fiscal Year Ended 31.03.2008 594'430.0 12.08x 497'334.0 14.43x 169'597.0 8.44x

15.0 M

600

03/2012 12/yy 1'257.00 637.00 7'330'600.00 1217 -3.18% 91.05% 90.65% 1'120.1 1'363'210.88 5'020'784.00 0.0 77'368.0 786'892.00 5'246'338.93

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

ORIX Corp Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC FMR LLC MASTER TRUST BANK OF SUMITOMO MITSUI TRUS STATE STREET NOMURA MITSUBISHI UFJ FINAN STATE STREET CUSTODI JP MORGAN ASSET MGMT MIZUHO FINANCIAL GRO WILLIAM BLAIR & COMP ORIX CORP JP MORGAN NIKKO ASSET MANAGEME JP MORGAN CLEARING C MATTHEWS INTERNATION NORTHERN TRUST CORPO BLACKROCK MELLON BANK NA CITIBANK NA

Firm Name

Portfolio Name #N/A N/A n/a #N/A N/A n/a n/a n/a n/a n/a #N/A N/A n/a WILLIAM BLAIR & COMP #N/A N/A n/a n/a #N/A N/A Multiple Portfolios #N/A N/A n/a #N/A N/A #N/A N/A

Analyst

Morgan Stanley HIDEYASU BAN Mizuho Securities YUSUKE YABUMOTO Deutsche Bank MASAO MURAKI Credit Suisse TAKEHITO YAMANAKA Okasan Securities TOMOTAKA OSHIO SMBC Nikko Securities Inc KOUICHI NIWA JPMorgan NATSUMU TSUJINO Goldman Sachs TAKANORI MIYOSHI Jefferies MAKARIM SALMAN Barclays AZUMA OHNO Daiwa Securities Co. Ltd. JUN SHIOTA Nomura WATARU OHTSUKA Tokai Tokyo Securities TATSUO MAJIMA Mitsubishi UFJ Morgan Stanley SecuritieFUTOSHI SASAKI EVA Dimensions AUSTIN BURKETT Ji Asia SHIRO YOSHIOKA TIW YOSHITANE HORIBE

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

Recommendation Overwt/In-Line buy buy outperform neutral neutral restricted not rated buy suspended coverage outperform buy above average outperform overweight buy Neutral Plus

Amt Held 181'930'000 175'780'500 113'470'000 59'676'500 48'088'940 45'382'700 43'264'630 41'640'000 40'060'300 36'253'950 32'397'650 27'316'900 20'132'790 20'126'200 17'662'450 15'211'800 14'990'000 14'497'450 13'270'000 12'920'000

% Out 16.24 15.69 10.13 5.33 4.29 4.05 3.86 3.72 3.58 3.24 2.89 2.44 1.8 1.8 1.58 1.36 1.34 1.29 1.18 1.15

Weighting

Change

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

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

Latest Chg 10'490'000 1'953'820 (7'580'000) (46'611'600) (2'401'800) (610'600) (319'400) 240'000 (2'470'600) (25'985'710) 193'000 (10'100) 1'268'700 4'977'300 8'629'730 1'018'300 (620'000) 1'239'400 (7'410'000) -

Target Price 1'400 1'320 1'320 147 #N/A N/A 1'100 #N/A N/A #N/A N/A 1'230 #N/A N/A 1'100 1'200 #N/A N/A 1'100 #N/A N/A 1'250 #N/A N/A

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

File Dt Inst Type 30.09.2012 Bank 18.03.2013 Investment Advisor 30.09.2012 Bank 31.01.2013 Bank 26.03.2013 Investment Advisor 14.12.2012 Unclassified 11.02.2013 Holding Company 30.09.2012 Other 08.03.2013 Mutual Fund Manager 15.03.2013 Bank 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 08.03.2013 Unclassified 31.01.2013 Unclassified 08.03.2013 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 25.03.2013 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Bank

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

Date 21.03.2013 21.03.2013 18.03.2013 18.03.2013 08.03.2013 25.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 17.01.2013 14.01.2013 10.07.2012

27.03.2013

Osaka Gas Co Ltd OSAKA GAS CO., LTD. produces and supplies natural gas primarily in Osaka, Kyoto, and Hyogo areas. The Company provides gases and energy products for residential, commercial, and industrial customers. Osaka Gas also constructs and maintains gas supply lines. In addition, the Company sells gas appliances.

Price/Volume 450

25.0 M

400 20.0 M

350 300

15.0 M

250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.03.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 9532 JT EQUITY YTD Change 9532 JT EQUITY YTD % CHANGE

03/2012 12/yy 423.00 303.00 9'116'000.00 408 -3.55% 34.65% 89.17% 2'083.4 850'027.19 541'347.00 0.0 24'320.0 129'254.00 1'267'362.20

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

100

5.0 M

50 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 1'238'145.0 1.13x 170'864.0 8.22x 40'283.0 21.78x

10.0 M

150

31.03.2009 31.03.2010 1'326'784.0 1'096'628.0 0.92x 1.08x 153'481.0 186'542.0 7.92x 6.37x 36'041.0 48'384.0 18.42x 14.89x Profitability

LTM-4Q 31.03.2011 1'187'142.0 0.95x 186'153.0 6.05x 45'968.0 15.36x

LTM

FY+1

1.96 0.52 1'967.22 25.93% 31.21% 0.516 11 3.727 9'772'400 9'692'567 8'912'828 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'294'781.0 ######### ######### ######### ######### 420'985.0 0.87x 3.50x 3.21x 0.96x 0.90x 170'898.0 125'045.0 128'615.0 178'744.1 187'332.0 6.60x 0.00x 0.00x 7.09x 6.77x 45'207.0 29'092.0 78'109.0 57'694.4 62'649.6 15.29x 21.77x 8.37x 14.50x 13.62x S&P Issuer Ratings 170'898.00 Long-Term Rating Date 28.01.2011 77'274.00 Long-Term Rating AA5.97% Long-Term Outlook NEG 5.85% Short-Term Rating Date 26.07.1990 4.49% Short-Term Rating A-1+ 9.52% Credit Ratios 6.10% EBITDA/Interest Exp. 19.18 0.94% (EBITDA-Capex)/Interest Exp. 9.78 Net Debt/EBITDA 2.08 - Total Debt/EBITDA 2.54 14.0% Reference 7.6% Total Debt/Equity 79.1% 3.5% Total Debt/Capital 43.3% Asset Turnover 0.94 1.63 Net Fixed Asset Turnover 1.16 Accounts receivable turnover-days 35.65 36.68% Inventory Days 79.08% Accounts Payable Turnover Day 10.27 Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

6.00

1'400'000.0

5.00

1'200'000.0 1'000'000.0

4.00

800'000.0 3.00

600'000.0

2.00

400'000.0

1.00

200'000.0

0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Osaka Gas Co Ltd Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC NIPPON LIFE INSURANC MASTER TRUST BANK OF MITSUBISHI UFJ FINAN RESONA HOLDINGS INC STATE STREET CUSTODI COMPANY'S TOYUKAI MEIJI YASUDA LIFE IN AIOI NISSAY DOWA INS BLACKROCK VANGUARD GROUP INC NOMURA TOKIO MARINE & NICHI KUBOTA CORP KANSAI ELECTRIC POWE SUMITOMO MITSUI TRUS OBAYASHI CORP NIKKO ASSET MANAGEME SOMPO JAPAN INSURANC JULIUS BAER MULTIPAR

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 n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios

Analyst

Mizuho Securities NORIMASA SHINYA Morgan Stanley YUKA MATAYOSHI Okasan Securities SHINICHI YAMAZAKI Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO Nomura SHIGEKI MATSUMOTO EVA Dimensions AUSTIN BURKETT SMBC Nikko Securities Inc HIDETOSHI SHIODA Goldman Sachs HIROYUKI SAKAIDA

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

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

Amt Held 110'941'000 110'766'000 77'434'000 76'293'000 52'777'000 44'495'000 30'116'000 29'191'000 27'865'000 19'268'942 17'895'569 16'703'000 16'508'169 15'629'000 15'476'614 13'433'000 10'714'660 8'863'000 7'236'000 6'974'849

% Out 5.32 5.32 3.72 3.66 2.53 2.14 1.45 1.4 1.34 0.92 0.86 0.8 0.79 0.75 0.74 0.64 0.51 0.43 0.35 0.33

Weighting

Change 5 3 3 5 3 5 5 3

M M M M M M M M

Latest Chg (10'361'000) 59'000 5'351'000 54'000 (81) 65'000 301'000 (162'000) 445'418 1'370'000 23'000 380'000 41'233

Target Price 420 350 #N/A N/A 390 370 #N/A N/A 400 370

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

File Dt Inst Type 30.09.2012 Bank 20.12.2012 Insurance Company 30.09.2012 Bank 28.02.2013 Holding Company 30.09.2012 Holding Company 30.09.2012 Other 30.09.2012 n/a 30.09.2012 Insurance Company 30.09.2012 Insurance Company 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 31.03.2012 Insurance Company 31.03.2012 Corporation 31.03.2012 Corporation 10.12.2012 Bank 31.03.2012 Corporation 26.03.2013 Unclassified 31.03.2012 Insurance Company 29.02.2012 Mutual Fund Manager

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

Date 13.03.2013 12.03.2013 28.02.2013 06.02.2013 04.02.2013 17.01.2013 12.12.2012 30.11.2012

27.03.2013

Otsuka Holdings Co Ltd Otsuka Holdings KK is a pharmaceutical company. The Company manufactures, sells, imports and exports pharmaceuticals, clinical testing, and medical equipment for intractable diseases.

Price/Volume 3500 3000 2500 2000

Valuation Analysis

1500

Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (12.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 4578 JT EQUITY YTD Change 4578 JT EQUITY YTD % CHANGE

03/2012 12/yy 3'320.00 2'322.00 1'280'800.00 3260 -1.81% 40.40% 94.49% 557.8 1'818'544.13 74'399.00 0.0 13'041.0 562'773.00 1'366'175.11

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

500 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.03.2008 928'480.0 61'865.0 -

1000

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M f-13 m-13

31.03.2009 31.03.2010 955'947.0 1'084'291.0 131'909.0 145'561.0 47'083.0 67'443.0 Profitability

LTM-4Q 31.03.2011 1'127'589.0 0.66x 174'388.0 4.25x 82'369.0 12.70x

LTM

FY+1

1.38 0.52 372.61 36.71% 35.17% 0.519 13 3.615 1'077'520 1'316'643 1'406'286 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'154'573.0 ######### ######### ######### ######### 276'700.0 0.77x 2.59x 3.03x 1.04x 0.89x 196'722.0 204'276.0 193'127.0 221'171.4 274'628.6 50'627.0 4.53x 3.72x 4.59x 6.18x 4.97x 92'174.0 101'113.0 94'736.0 114'822.2 151'111.1 22'791.0 14.83x 5.83x 14.20x 15.15x 11.87x S&P Issuer Ratings 196'722.00 Long-Term Rating Date 148'661.00 Long-Term Rating 12.88% Long-Term Outlook 12.33% Short-Term Rating Date 5.66% Short-Term Rating 7.81% Credit Ratios 7.36% EBITDA/Interest Exp. 0.71% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 66.3% Total Debt/EBITDA 17.0% Reference 12.9% Total Debt/Equity 8.0% Total Debt/Capital Asset Turnover 3.25 Net Fixed Asset Turnover 2.65 Accounts receivable turnover-days 4.46% Inventory Days 6.15% Accounts Payable Turnover Day 4.61 Cash Conversion Cycle 3.32

Price/ Cash Flow

115.58 94.41 -2.49 0.38 6.2% 5.7% 0.71 4.51 79.40 110.13 85.01 104.52

Sales/Revenue/Turnover

16.00

1'400'000.0

14.00

1'200'000.0

12.00

1'000'000.0

10.00

800'000.0

8.00

600'000.0

6.00

400'000.0

4.00

200'000.0

2.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Otsuka Holdings Co Ltd Holdings By:

All

Holder Name FOUNDERS FAM MOCHIKA JAPAN TRUSTEE SERVIC OTSUKA ESTATE YK EMPLOYEES' STOCKHOLD MASTER TRUST BANK OF AWA BANK LTD/THE STATE STREET CUSTODI OTSUKA ASSET OTSUKA HOLDINGS CO L TRUST & CUSTODY SERV NOMURA OTSUKA ICHIRO TOHO HOLDINGS CO LTD RESONA HOLDINGS INC BLACKROCK OHTSUKA AKIHIKO VANGUARD GROUP INC SUZUKEN CO LTD MEDIPAL HOLDINGS COR FMR LLC

Firm Name SMBC Nikko Securities Inc Morgan Stanley Nomura Jefferies JPMorgan Mizuho Securities Barclays Credit Suisse EVA Dimensions Mito Securities Tachibana Securities Okasan Securities

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

Analyst YASUHIRO NAKAZAWA SHINICHIRO MURAOKA RYOICHI URUSHIHARA NAOMI KUMAGAI MASAYUKI ONOZUKA HIROSHI TANAKA ATSUSHI SEKI FUMIYOSHI SAKAI ANDREW S ZAMFOTIS YUKA YANAGIBA AKIHIRO CHIBA YUKICHI OKABE

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

Recommendation neutral Equalwt/In-Line neutral hold neutral neutral overweight neutral buy Neutral Plus Strong Outperform buy

Amt Held 64'966'000 43'583'000 34'515'000 26'772'000 14'049'000 10'970'000 9'866'000 9'190'000 8'260'900 7'133'000 6'383'500 6'288'000 5'670'000 5'064'220 3'702'696 3'505'000 3'431'898 3'292'000 2'604'000 2'112'314

% Out 11.65 7.81 6.19 4.8 2.52 1.97 1.77 1.65 1.48 1.28 1.14 1.13 1.02 0.91 0.66 0.63 0.62 0.59 0.47 0.38

Weighting

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

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

Latest Chg (63'000) (3'809'000) (568) (1'768'000) (3'168'000) (520) 1'221'000 (2'810'000) (15) (1'671'000) (11'100) (640) 220 4'500 24'000 (379'391) 1'145'614

Target Price 2'800 2'900 3'300 2'900 2'700 3'050 2'900 2'900 #N/A N/A #N/A N/A #N/A N/A 2'600

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

File Dt 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 28.02.2013 29.06.2012 30.09.2012 31.03.2012 25.03.2013 29.06.2012 31.12.2012 31.03.2012 31.03.2012 31.01.2013

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

Inst Type Other Bank Corporation n/a Bank Bank Other Other Corporation Bank Unclassified n/a Corporation Holding Company Investment Advisor n/a Investment Advisor Corporation Holding Company Investment Advisor

Date 27.03.2013 26.03.2013 26.03.2013 22.03.2013 21.03.2013 01.03.2013 22.02.2013 20.02.2013 17.01.2013 10.01.2013 12.06.2012 15.08.2011

27.03.2013

Panasonic Corp Panasonic Corporation manufactures electric and electronic products. The Company produces home appliances, audio & video, computer peripherals, telecommunications, industrial equipment, and electronic parts. Panasonic has associated companies around the world.

Price/Volume 900

350.0 M

800

300.0 M

700

250.0 M

600

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.03.2012) 52-Week Low (06.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6752 JT EQUITY YTD Change 6752 JT EQUITY YTD % CHANGE

03/2012 12/yy 783.00 376.00 34'281'000.00 708 -9.58% 88.30% 72.97% 2'453.1 1'736'761.88 1'575'615.00 0.0 47'780.0 611'469.00 2'756'740.88

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

200.0 M

400

150.0 M

300

100.0 M

200

50.0 M

100 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 9'068'928.0 0.48x 840'015.0 5.13x 281'877.0 16.25x

500

31.03.2009 31.03.2010 7'765'507.0 7'417'980.0 0.29x 0.54x 437'679.0 488'723.0 5.08x 8.13x (378'961.0) (103'465.0) Profitability

LTM-4Q 31.03.2011 8'692'672.0 0.36x 672'517.0 4.65x 74'017.0 29.59x

LTM

FY+1

0.71 1.34 2'101.02 -7.82% 35.63% 1.337 18 3.278 16'086'380 24'445'170 37'144'840 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 7'846'216.0 ######### ######### ######### ######### ######### 0.35x 1.40x 1.34x 0.41x 0.38x 381'837.0 460'852.0 464'949.0 461'063.9 536'710.3 7.26x 5.37x 4.79x 5.98x 5.14x (772'172.0) (374'503.0) ######### (744'964.7) 80'489.4 (76'350.0) 0.00x 0.00x 19.44x S&P Issuer Ratings 381'837.00 Long-Term Rating Date 02.11.2012 43'725.00 Long-Term Rating BBB 0.56% Long-Term Outlook STABLE -10.28% Short-Term Rating Date 22.02.2012 -20.46% Short-Term Rating A-2 -71.24% Credit Ratios - EBITDA/Interest Exp. 13.44 1.16% (EBITDA-Capex)/Interest Exp. -2.63 Net Debt/EBITDA 2.60 25.3% Total Debt/EBITDA 3.73 5.6% Reference 1.1% Total Debt/Equity 81.6% -9.8% Total Debt/Capital 44.3% Asset Turnover 1.16 1.01 Net Fixed Asset Turnover 4.34 0.56 Accounts receivable turnover-days 49.41 23.87% Inventory Days 57.98 81.65% Accounts Payable Turnover Day 58.23 7.41 Cash Conversion Cycle 43.67 6.31

Price/ Cash Flow

Sales/Revenue/Turnover

30.00

10'000'000.0 9'000'000.0

25.00

8'000'000.0 7'000'000.0

20.00

6'000'000.0

15.00

5'000'000.0 4'000'000.0

10.00

3'000'000.0 2'000'000.0

5.00 0.00 03.04.2009

1'000'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Panasonic Corp Holdings By:

All

Holder Name PANASONIC CORP MASTER TRUST BANK OF JAPAN TRUSTEE SERVIC SUMITOMO MITSUI TRUS NIPPON LIFE INSURANC DODGE & COX SUMITOMO MITSUI FINA STATE STREET CUSTODI EMPLOYEES' STOCKHOLD MOXLEY & CO STATE STREET SUMITOMO LIFE INSURA VANGUARD GROUP INC MATSUSHITA FUDOSAN K DAIKIN INDUSTRIES LT MITSUI SUMITOMO INSU GLG PARTNERS INVESTM DEUTSCHE SECURITIES TOYOTA MOTOR CORP BLACKROCK

Firm Name

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

Analyst

Credit Suisse SHUNSUKE TSUCHIYA Deutsche Bank YASUO NAKANE Daiwa Securities Co. Ltd. JUNYA AYADA SMBC Nikko Securities Inc KOKI SHIRAISHI Morgan Stanley MASAHIRO ONO Mitsubishi UFJ Morgan Stanley SecuritieHITOSHI SHIN Goldman Sachs TAKASHI WATANABE TIW TAKAO HATTORI Okasan Securities TAKANOBU MURAKAMI Tokai Tokyo Securities KOUICHIROU HAGIWARA Mizuho Securities YOSHIHIRO UJIHARA Nomura SHIRO MIKOSHIBA EVA Dimensions CRAIG STERLING Macquarie DAMIAN THONG Tachibana Securities TSUNENORI OHMAKI

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

Recommendation outperform hold neutral neutral Equalwt/In-Line neutral neutral/neutral neutral neutral below average neutral neutral underweight outperform outperform

Amt Held % Out 141'368'900 5.76 126'850'000 5.17 124'425'000 5.07 86'469'400 3.52 78'687'400 3.21 67'764'974 2.76 66'817'000 2.72 63'215'000 2.58 52'973'000 2.16 51'154'000 2.09 37'806'933 1.54 37'408'000 1.52 29'335'890 1.2 29'121'000 1.19 27'805'000 1.13 25'105'000 1.02 22'805'937 0.93 (22'170'598) -0.9 21'503'154 0.88 20'830'184 0.85

Weighting

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

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

Latest Chg 17'700 (6'214'000) (33'501'000) (25'548'400) 41'100 1'870'040 16'233'000 3'102'000 (6'776'000) 3'591'000 3'609'569 (5'000'000) (19'900) (12'700) 20'800

Target Price 750 700 630 700 610 600 540 #N/A N/A #N/A N/A #N/A N/A 600 600 #N/A N/A 600 #N/A N/A

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

File Dt Inst Type 30.09.2012 Corporation 30.09.2012 Bank 30.09.2012 Bank 15.11.2012 Bank 20.11.2012 Insurance Company 29.01.2013 Investment Advisor 30.09.2012 Bank 30.09.2012 Other 30.09.2012 n/a 30.09.2012 Investment Advisor 26.03.2013 Investment Advisor 30.09.2012 Insurance Company 31.12.2012 Investment Advisor 30.09.2012 Corporation 31.03.2012 Corporation 31.03.2012 Insurance Company 31.01.2013 Mutual Fund Manager 25.03.2013 Bank 07.08.2012 Corporation 25.03.2013 Investment Advisor

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

Date 18.03.2013 15.03.2013 14.03.2013 06.03.2013 27.02.2013 27.02.2013 12.02.2013 12.02.2013 06.02.2013 04.02.2013 04.02.2013 04.02.2013 15.01.2013 12.11.2012 18.06.2012

27.03.2013

Resona Holdings Inc Resona Holdings, Inc. is a holding company established through the merger of Daiwa Bank, Daiwa Trust & Banking, Kinki Osaka Bank, Nara Bank, and Asahi Bank. The Company manages financial operations for its subsidiaries.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8308 JT EQUITY YTD Change 8308 JT EQUITY YTD % CHANGE

03/2012 12/yy 561.00 278.00 16'192'300.00 504 -10.16% 81.29% 79.51% 2'515.0 1'267'538.63 3'388'135.00 848'000.0 109'890.0 2'954'084.00 -

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

120.0 M

500

100.0 M

400

80.0 M

300

60.0 M

200

40.0 M

100

20.0 M

0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 952'992.0 302'818.0 7.01x

600

31.03.2009 31.03.2010 898'974.0 838'035.0 123'910.0 132'230.0 17.18x 13.38x Profitability

LTM-4Q 31.03.2011 807'108.0 160'079.0 5.41x

31.03.2012 825'802.0 253'662.0 3.95x

35.72% 35.51% 0.71% 33.43% 6.56% 0.02% 33.0% 7.84% 382.65% -

Price/ Cash Flow

LTM

FY+1

1.08 2'331.81 30.64% 31.63% 1.082 17 3.471 15'436'160 26'643'440 23'255'140 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 777'361.0 742'343.0 633'176.3 626'691.2 167'185.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 176'491.0 325'251.0 255'993.6 147'905.3 4.60x 2.95x 6.31x 10.99x 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

382.7% 64.8% 0.02 2.47 -

Sales/Revenue/Turnover

2.00

1'200'000.0

1.80

1'000'000.0

1.60 1.40

800'000.0

1.20

600'000.0

1.00 0.80

400'000.0

0.60 0.40

200'000.0

0.20 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Resona Holdings Inc Holdings By:

All

Holder Name DEPOSIT INSURANCE CO JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF RESONA HOLDINGS INC J-ESOP DAI ICHI LIFE INSURA CREDIT AGRICOLE SA CAPITAL GROUP COMPAN SIX SIS AG JP MORGAN BANK LUXEM JP MORGAN CHASE BANK STATE STREET CUSTODI NOMURA VANGUARD GROUP INC BLACKROCK SOCIETE GENERALE MERRILL LYNCH INTERN GLG PARTNERS INVESTM BARCLAYS CAPITAL SEC NIKKO ASSET MANAGEME

Firm Name

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

Analyst

Macquarie ALASTAIR MACDONALD JPMorgan NATSUMU TSUJINO Daiwa Securities Co. Ltd. AKIRA TAKAI EVA Dimensions AUSTIN BURKETT Keefe, Bruyette & Woods DAVID THREADGOLD SMBC Nikko Securities Inc SHINICHIRO NAKAMURA Deutsche Bank YOSHINOBU YAMADA Mitsubishi UFJ Morgan Stanley SecuritieJUNSUKE SENOGUCHI Morgan Stanley TAKAAKI NISHINO Mizuho Securities RIE NISHIHARA Jefferies MAKARIM SALMAN BNP Paribas Equity Research TOYOKI SAMESHIMA Nomura KEN TAKAMIYA Barclays SHIN TAMURA Goldman Sachs KATSUNORI TANAKA

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

Recommendation neutral neutral outperform hold market perform neutral buy outperform Underwt/In-Line neutral buy hold buy underweight buy/attractive

Amt Held % Out 503'262'500 20.01 179'282'100 7.13 77'805'400 3.09 64'190'600 2.55 64'188'600 2.55 55'241'900 2.2 39'483'700 1.57 34'880'000 1.39 31'612'200 1.26 30'065'300 1.2 28'779'300 1.14 24'806'000 0.99 24'626'700 0.98 18'180'440 0.72 17'958'418 0.71 (13'737'127) -0.55 (13'221'589) -0.53 11'543'700 0.46 (6'849'487) -0.27 6'214'600 0.25

Weighting

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

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

Latest Chg (12'610'900) (5'450'300) (10'495'100) (1'853'800) 429'134 132'500 (13'737'127) (88'900) 269'900 414'000 (175'800)

Target Price 550 520 600 #N/A N/A 592 570 610 550 400 440 530 430 500 300 450

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

File Dt Inst Type 19.12.2012 Insurance Company 30.09.2012 Bank 30.09.2012 Bank 30.09.2012 Holding Company 30.09.2012 n/a 30.09.2012 Insurance Company 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Bank 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 31.03.2012 Other 28.02.2013 Unclassified 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 25.03.2013 Bank 25.03.2013 Bank 31.01.2013 Mutual Fund Manager 30.03.2012 Investment Advisor 26.03.2013 Unclassified

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

Date 26.03.2013 19.03.2013 15.03.2013 12.03.2013 11.03.2013 11.03.2013 07.03.2013 28.02.2013 19.02.2013 06.02.2013 04.02.2013 31.01.2013 31.01.2013 31.01.2013 24.01.2012

27.03.2013

Ricoh Co Ltd RICOH COMPANY, LTD. manufactures and markets office automation equipment, electronic devices, and photographic instruments. The Company's diverse product line includes facsimiles, image scanners, printers, digital cameras, and personal computers, as well as a full range of analog, digital, and color copiers. Ricoh operates with a network of sales offices and tie-ups worldwide.

Price/Volume 25.0 M

1000

20.0 M

800

15.0 M

600

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.01.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 7752 JT EQUITY YTD Change 7752 JT EQUITY YTD % CHANGE

03/2012 12/yy 1'113.00 486.00 4'000'000.00 1017 -8.63% 109.26% 86.44% 744.9 757'575.56 741'867.00 0.0 56'314.0 158'671.00 1'467'254.58

31.03.2008 2'219'989.0 0.65x 277'294.0 5.22x 106'463.0 11.22x

10.0 M

400

5.0 M

200 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

1200

31.03.2009 31.03.2010 2'091'696.0 2'016'337.0 0.67x 0.77x 176'353.0 164'938.0 8.00x 9.40x 6'530.0 27'873.0 128.94x 38.01x Profitability

LTM-4Q 31.03.2011 1'941'336.0 0.63x 151'748.0 8.12x 18'630.0 38.01x

LTM

FY+1

2.06 1.33 683.71 28.64% 13.95% 1.326 20 3.700 5'413'800 6'787'567 8'784'845 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'903'477.0 ######### ######### ######### ######### 527'154.8 470'000.0 0.64x 2.41x 2.58x 0.70x 0.66x 2.53x 73'069.0 57'592.0 147'119.0 149'173.2 205'287.6 52'870.0 16.74x 19.71x 9.29x 9.84x 7.15x (44'560.0) (53'845.0) 24'877.0 35'489.4 67'085.0 13'129.2 11'600.0 0.00x 25.37x 20.85x 10.91x S&P Issuer Ratings 73'069.00 Long-Term Rating Date 07.02.2012 -18'068.00 Long-Term Rating A -0.95% Long-Term Outlook NEG -1.68% Short-Term Rating Date 25.01.2001 -1.16% Short-Term Rating A-1 -3.06% Credit Ratios -24.45% EBITDA/Interest Exp. 10.47 0.85% (EBITDA-Capex)/Interest Exp. -0.03 Net Debt/EBITDA 6.08 39.5% Total Debt/EBITDA 7.33 5.4% Reference 0.6% Total Debt/Equity 90.2% -2.3% Total Debt/Capital 45.8% Asset Turnover 0.85 1.64 Net Fixed Asset Turnover 7.04 1.26 Accounts receivable turnover-days 125.02 32.41% Inventory Days 61.83 90.17% Accounts Payable Turnover Day 75.47 2.93 Cash Conversion Cycle 109.74 5.92

Price/ Cash Flow

Sales/Revenue/Turnover

60.00

2'500'000.0

50.00

2'000'000.0

40.00

1'500'000.0

30.00

1'000'000.0 20.00

500'000.0

10.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Ricoh Co Ltd Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MITSUBISHI UFJ FINAN MASTER TRUST BANK OF NIPPON LIFE INSURANC NOMURA SUMITOMO MITSUI TRUS RICOH CO LTD NIPPONKOA INSURANCE STATE STREET CUSTODI NEW TECH DEVELOPMENT COMPANY'S MOCHIKABUK BANK OF NEW YORK MEL TOKIO MARINE & NICHI GLG PARTNERS INVESTM NIKKO ASSET MANAGEME FMR LLC BLACKROCK MORGAN STANLEY VANGUARD GROUP INC SAWAKAMI ASSET MANAG

Firm Name

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

Analyst

Credit Suisse YU YOSHIDA JPMorgan HISASHI MORIYAMA SMBC Nikko Securities Inc KAZUHARU MIURA Morgan Stanley MASAHIRO ONO Macquarie DAMIAN THONG Okasan Securities KAZUMASA KUBOTA Barclays MASAHIRO NAKANOMYO BNP Paribas Equity Research KUNIHIKO KANNO Daiwa Securities Co. Ltd. JUNYA AYADA Goldman Sachs TOSHIYA HARI Jefferies YOSHIHIRO AZUMA Mizuho Securities EISAKU OHMORI Nomura TETSUYA WADAKI Mitsubishi UFJ Morgan Stanley SecuritieTOMOKI KOMIYA EVA Dimensions ANDREW S ZAMFOTIS Tachibana Securities YUKIHIKO FUKUNAGA

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

Recommendation outperform overweight outperform Overwt/In-Line outperform buy equalweight hold outperform neutral/neutral underperform neutral neutral neutral sell outperform

Amt Held % Out 105'470'000 14.16 76'820'063 10.31 76'790'000 10.31 37'735'000 5.07 35'018'000 4.7 32'529'000 4.37 19'845'000 2.66 18'198'000 2.44 18'001'000 2.42 15'839'000 2.13 12'571'000 1.69 10'873'000 1.46 9'894'000 1.33 7'411'007 0.99 7'280'000 0.98 6'688'648 0.9 6'493'094 0.87 (6'002'000) -0.81 5'981'080 0.8 5'000'000 0.67

Weighting

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

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

Latest Chg 34'884'000 8'544'179 13'425'000 (114'000) (3'933'000) (21'735'000) 14'000 577'000 863'000 (4'579'000) (253'166) (2'784'000) 639'000 (5'286'525) 4'000 490'000 (4'373'979) -

Target Price 1'400 1'400 1'350 1'200 1'400 1'300 900 1'100 1'100 940 800 750 1'142 830 #N/A N/A #N/A N/A

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

File Dt Inst Type 30.09.2012 Bank 20.12.2012 Holding Company 30.09.2012 Bank 20.12.2012 Insurance Company 31.01.2013 Unclassified 15.02.2013 Bank 30.09.2012 Corporation 30.09.2012 Insurance Company 30.09.2012 Other 30.09.2012 Other 30.09.2012 n/a 31.03.2012 Investment Advisor 30.09.2012 Insurance Company 31.01.2013 Mutual Fund Manager 15.02.2013 Unclassified 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 23.08.2012 Investment Advisor

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

Date 22.03.2013 19.03.2013 07.03.2013 27.02.2013 22.02.2013 15.02.2013 13.02.2013 05.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 15.01.2013 06.11.2012

27.03.2013

Secom Co Ltd SECOM CO., LTD. provides comprehensive security services. The Company provides on-line centralized security services, home security systems, and home medical services,

Price/Volume 6000

4.5 M 4.0 M

5000

3.5 M

4000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (12.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 9735 JT EQUITY YTD Change 9735 JT EQUITY YTD % CHANGE

03/2012 12/yy 5'120.00 3'325.00 725'000.00 4895 -4.39% 47.22% 91.64% 233.3 1'141'948.25 77'905.00 0.0 63'509.0 282'350.00 1'025'893.27

2.5 M

31.03.2008 682'619.0 1.51x 148'861.0 6.93x 61'506.0 17.70x

2.0 M

2000

1.5 M 1.0 M

1000

.5 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

3.0 M

3000

31.03.2009 31.03.2010 678'400.0 654'678.0 1.09x 1.22x 126'693.0 138'152.0 5.83x 5.76x 21'502.0 47'611.0 37.54x 18.73x Profitability

LTM-4Q 31.03.2011 663'887.0 1.10x 138'196.0 5.28x 60'846.0 13.85x

31.03.2012 679'173.0 1.09x 121'710.0 6.11x 35'489.0 24.90x 121'710.00 81'078.00 11.94% 11.27% 3.57% 6.42% 5.94% 0.66% 32.5% 17.1% 11.4% 5.2% 2.33 1.88 7.07% 12.81% 7.99 6.96

Price/ Cash Flow

LTM

FY+1

0.78 206.26 21.99% 15.22% 0.779 7 3.857 1'015'780 871'660 869'319 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 667'009.0 741'886.0 751'400.0 773'328.6 205'703.0 4.15x 3.94x 1.40x 1.30x 139'607.0 127'601.0 148'477.5 157'272.5 4.55x 6.51x 6.91x 6.52x 55'099.0 41'803.0 64'000.0 67'735.7 14'926.0 14.06x 22.64x 16.94x 15.90x S&P Issuer Ratings Long-Term Rating Date 09.01.2007 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 106.30 (EBITDA-Capex)/Interest Exp. 62.83 Net Debt/EBITDA -2.01 Total Debt/EBITDA 0.56 Reference Total Debt/Equity 12.8% Total Debt/Capital 10.4% Asset Turnover 0.66 Net Fixed Asset Turnover 2.45 Accounts receivable turnover-days 45.79 Inventory Days 52.61 Accounts Payable Turnover Day 21.84 Cash Conversion Cycle 98.37 Sales/Revenue/Turnover

14.00

800'000.0

12.00

700'000.0 600'000.0

10.00

500'000.0 8.00

400'000.0 6.00

300'000.0

4.00

200'000.0

2.00

100'000.0

0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Secom Co Ltd Holdings By:

All

Holder Name FIRST EAGLE INVESTME MASTER TRUST BANK OF SECOM CO LTD JAPAN TRUSTEE SERVIC NOMURA SUMITOMO MITSUI TRUS STATE STREET CUSTODI IIDA MAKOTO NIKKO ASSET MANAGEME SECOM SCI & TECH FOU TODA JUICHI INTERNATIONAL VALUE HARRIS ASSOCIATES LP MITSUBISHI UFJ FINAN DAIWA SECURITIES GRO BLACKROCK VANGUARD GROUP INC TOKIO MARINE & NICHI FMR LLC AMUNDI LUXEMBOURG SA

Firm Name

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

Analyst

SMBC Nikko Securities Inc HIROKO TAKANASHI Nomura KYOICHIRO SHIGEMURA Mizuho Securities HIDEKATSU WATANABE Morgan Stanley MASAHARU MIYACHI Mitsubishi UFJ Morgan Stanley SecuritieKATSUMI ARAI EVA Dimensions CRAIG STERLING

Source MOF-JP Co File Co File Co File ULT-AGG ULT-AGG ULT-AGG Co File ULT-AGG Co File Co File MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG Co File ULT-AGG MF-AGG

Recommendation not rated buy neutral Equalwt/No Rating neutral hold

Amt Held 18'895'230 16'037'000 15'018'000 12'631'000 10'301'000 7'945'700 4'665'000 4'320'000 4'171'000 4'025'000 3'152'000 3'077'400 2'947'300 2'620'877 2'615'700 2'164'399 2'059'937 1'419'792 1'082'890 1'071'590

% Out 8.1 6.87 6.44 5.41 4.42 3.41 2 1.85 1.79 1.73 1.35 1.32 1.26 1.12 1.12 0.93 0.88 0.61 0.46 0.46

Weighting

Change

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

M M M M M U

Latest Chg 1'777'000 400 1'197'000 4'148'000 88'000 (1'004'000) (1'493'565) 129'300 1'100 85'849 (8'362) 30'300

Target Price 5'000 5'100 4'500 4'400 4'800 #N/A N/A

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

File Dt Inst Type 14.10.2011 Hedge Fund Manager 30.09.2012 Bank 30.09.2012 Corporation 30.09.2012 Bank 30.09.2012 Unclassified 15.10.2012 Bank 30.09.2012 Other 30.09.2012 n/a 15.10.2012 Unclassified 30.09.2012 Other 30.09.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Holding Company 28.02.2013 Holding Company 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2012 Insurance Company 31.01.2013 Investment Advisor 31.10.2012 Investment Advisor

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

Date 25.02.2013 15.02.2013 14.02.2013 07.02.2013 07.02.2013 24.01.2013

27.03.2013

Sekisui House Ltd Sekisui House, Ltd. builds and sells steel-frame and wooden housings. The Company constructs single-family houses, condominiums, and apartment buildings. Sekisui House also operates real estate brokerage and leasing businesses. Additionally, the Company sells construction materials.

Price/Volume 1400

25.0 M

1200

20.0 M

1000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1928 JT EQUITY YTD Change 1928 JT EQUITY YTD % CHANGE

01/2013 01/yy 1'339.00 638.00 3'249'000.00 1298 -3.06% 103.45% 93.15% 676.9 878'596.81 267'027.00 0.0 7'228.0 182'330.00 970'521.83

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

15.0 M

600

10.0 M

400 5.0 M

200 0 m-12 a-12 m-12

31.01.2010 31.01.2011 1'353'186.0 1'488'369.0 0.51x 0.40x (22'175.0) 72'737.0 8.28x (29'277.0) 30'421.0 17.75x Profitability

LTM-4Q 31.01.2012 1'530'577.0 0.38x 88'931.0 6.50x 28'962.0 16.69x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

2.16 0.97 549.53 65.04% 40.00% 0.968 16 4.250 4'936'200 5'275'500 4'961'707 FY+2

FQ+1

FQ+2

31.01.2013 01/yy 01/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 1'613'816.0 ######### ######### ######### ######### 0.48x 1.61x 1.74x 0.56x 0.53x 105'211.0 88'930.0 105'542.0 130'794.4 147'559.6 7.30x 6.50x 7.27x 7.42x 6.58x 46'458.0 28'961.0 46'460.0 64'591.3 73'042.6 14.54x 16.70x 14.54x 14.04x 12.51x S&P Issuer Ratings 105'211.00 Long-Term Rating Date 09.01.2007 86'196.00 Long-Term Rating NR 5.34% Long-Term Outlook 5.36% Short-Term Rating Date 3.11% Short-Term Rating 5.99% Credit Ratios 4.72% EBITDA/Interest Exp. 64.95 1.08% (EBITDA-Capex)/Interest Exp. 31.17 Net Debt/EBITDA 0.81 18.6% Total Debt/EBITDA 2.54 6.5% Reference 5.3% Total Debt/Equity 33.1% 2.9% Total Debt/Capital 24.7% Asset Turnover 1.08 2.33 Net Fixed Asset Turnover 4.36 0.53 Accounts receivable turnover-days 8.09 17.35% Inventory Days 176.15 33.10% Accounts Payable Turnover Day 39.29 45.25 Cash Conversion Cycle 144.96 2.08

Price/ Cash Flow

Sales/Revenue/Turnover

40.00

1'800'000.0

35.00

1'600'000.0

30.00

1'400'000.0 1'200'000.0

25.00

1'000'000.0

20.00

800'000.0

15.00

600'000.0

10.00

400'000.0

5.00

200'000.0

0.00 05.02.2010

j-12

Fiscal Year Ended 31.01.2009 1'514'172.0 0.43x 89'352.0 7.21x 11'516.0 45.13x

800

0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

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

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

27.03.2013

Sekisui House Ltd Holdings By:

All

Holder Name SEKISUI CHEMICAL CO JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO MITSUI TRUS NOMURA MIZUHO FINANCIAL GRO EMPLOYEES' STOCKHOLD MITSUBISHI UFJ FINAN FMR LLC STATE STREET CUSTODI DAI ICHI LIFE INSURA NIPPON LIFE INSURANC STATE STREET VANGUARD GROUP INC RESONA HOLDINGS INC NIKKO ASSET MANAGEME MORGAN STANLEY SEKISUI HOUSE LTD BLACKROCK SHARP CORP

Firm Name

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

Analyst

Ji Asia MARK S BROWN Iwai Cosmo Securities Co. Ltd SHOICHI ARISAWA Credit Suisse MASAHIRO MOCHIZUKI Daiwa Securities Co. Ltd. HIDEAKI TERAOKA Deutsche Bank YOJI OTANI JPMorgan HIROKAZU ANAI SMBC Nikko Securities Inc HIROKI KAWASHIMA Mitsubishi UFJ Morgan Stanley SecuritieKOUKI OZAWA Morgan Stanley TOMOYOSHI OMURO Nomura DAISUKE FUKUSHIMA Barclays TAKASHI HASHIMOTO EVA Dimensions CRAIG STERLING TIW YOSHITANE HORIBE Mizuho Securities HIROSHI OKUBO

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

Recommendation buy Neutral Plus outperform outperform buy overweight neutral neutral Overwt/In-Line buy overweight underweight neutral suspended coverage

Amt Held 72'168'000 66'972'000 46'390'000 36'174'000 21'294'000 20'982'917 18'387'000 16'795'000 13'995'473 12'917'000 12'158'000 10'717'000 10'197'679 5'411'217 5'344'000 5'221'000 5'100'692 5'032'000 4'848'202 4'529'000

% Out 10.66 9.89 6.85 5.34 3.15 3.1 2.72 2.48 2.07 1.91 1.8 1.58 1.51 0.8 0.79 0.77 0.75 0.74 0.72 0.67

Weighting

Change

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

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

Latest Chg (727) 9'579'000 4'787'000 (3'676'000) 1'538'000 1'087'000 (4'000) 1'159'285 197'000 9'000 (1'969'000) 212'337 (332'000) 161'046 (1'000) 12'000 -

Target Price 1'600 1'500 1'600 1'400 1'550 1'500 1'300 1'220 1'130 1'340 1'300 #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 31.07.2012 31.07.2012 31.07.2012 13.04.2012 31.01.2013 31.07.2012 31.07.2012 28.02.2013 31.01.2013 31.07.2012 31.07.2012 20.11.2012 26.03.2013 31.12.2012 31.03.2012 13.04.2012 31.12.2012 31.07.2012 25.03.2013 31.03.2012

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

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

Date 26.03.2013 22.03.2013 18.03.2013 13.03.2013 12.03.2013 08.03.2013 08.03.2013 08.03.2013 07.03.2013 07.03.2013 07.03.2013 17.01.2013 19.09.2012 01.02.2012

27.03.2013

Seven & I Holdings Co Ltd Seven & I Holdings Co., Ltd. is a holding company which was established through the merger of Ito-Yokado Co., Seven Eleven Japan Co., and Denny's Japan. The Holding company plans, manages, and operates mainly convenient stores, supermarkets, and restaurants.

Price/Volume 3500

9.0 M

3000

8.0 M 7.0 M

2500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (09.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3382 JT EQUITY YTD Change 3382 JT EQUITY YTD % CHANGE

02/2012 11/yy 3'120.00 2'238.00 2'072'400.00 3085 -1.12% 37.85% 93.54% 886.4 2'734'673.50 743'645.00 0.0 93'748.0 754'654.00 2'754'079.52

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

5.0 M

1500

4.0 M 3.0 M

1000

2.0 M

500

1.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 29.02.2008 5'223'832.0 0.50x 424'730.0 6.18x 130'657.0 19.19x

6.0 M

2000

28.02.2009 28.02.2010 5'094'757.0 4'549'867.0 0.42x 0.41x 422'394.0 358'898.0 5.02x 5.18x 92'336.0 44'875.0 21.83x 40.35x Profitability

LTM-4Q 28.02.2011 4'530'685.0 0.48x 392'373.0 5.50x 111'961.0 18.04x

LTM

FY+1

2.07 0.62 734.99 31.00% 28.12% 0.622 16 4.375 3'108'020 3'185'777 3'461'733 FY+2

FQ+1

FQ+2

29.02.2012 11/yy 11/yy 02/13 Y 02/14 Y 02/13 Q4 05/13 Q1 4'013'617.0 ######### ######### ######### ######### ######### 0.52x 1.94x 2.06x 0.59x 0.56x 444'969.0 437'443.0 466'820.0 463'269.8 498'852.3 4.65x 4.58x 4.59x 5.94x 5.52x 129'837.0 105'396.0 143'144.0 144'214.1 168'130.7 44'976.0 15.28x 17.83x 14.83x 18.89x 16.21x S&P Issuer Ratings 444'969.00 Long-Term Rating Date 30.10.2008 292'060.00 Long-Term Rating AA7.28% Long-Term Outlook STABLE 5.75% Short-Term Rating Date 3.58% Short-Term Rating 8.13% Credit Ratios 6.06% EBITDA/Interest Exp. 63.81 1.01% (EBITDA-Capex)/Interest Exp. 33.75 Net Debt/EBITDA -0.20 23.3% Total Debt/EBITDA 1.70 11.2% Reference 7.1% Total Debt/Equity 42.1% 3.2% Total Debt/Capital 28.6% Asset Turnover 1.01 1.09 Net Fixed Asset Turnover 3.04 0.74 Accounts receivable turnover-days 24.70 19.12% Inventory Days 17.42 42.08% Accounts Payable Turnover Day 41.39 14.82 Cash Conversion Cycle 0.36 21.02

Price/ Cash Flow

Sales/Revenue/Turnover

8.00

6'000'000.0

7.00

5'000'000.0

6.00

4'000'000.0

5.00 4.00

3'000'000.0

3.00

2'000'000.0

2.00

1'000'000.0 1.00 0.00 06.03.2009

0.0 06.09.2009

06.03.2010

06.09.2010

06.03.2011

06.09.2011

06.03.2012

06.09.2012

06.03.2013

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 |

27.03.2013

Seven & I Holdings Co Ltd Holdings By:

All

Holder Name ITO KOGYO KK JAPAN TRUSTEE SERVIC SUMITOMO MITSUI TRUS MASTER TRUST BANK OF NOMURA NIPPON LIFE INSURANC STATE STREET CUSTODI ITO MASATOSHI MITSUI & CO LTD STATE STREET DAI ICHI LIFE INSURA MELLON BANK NA MITSUI SUMITOMO INSU VANGUARD GROUP INC FMR LLC SUMITOMO MITSUI FINA BLACKROCK CREDIT SAISON CO LTD RESONA HOLDINGS INC SUZUKI TOSHIFUMI

Firm Name

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

Analyst

Goldman Sachs SHO KAWANO Macquarie TOBY WILLIAMS Mitsubishi UFJ Morgan Stanley SecuritieMAKOTO SAKURAI BNP Paribas Equity Research JAMES MOON SMBC Nikko Securities Inc JUN KAWAHARA Mizuho Securities TOSHIO TAKAHASHI Credit Suisse TAKETO YAMATE Deutsche Bank TAKAHIRO KAZAHAYA JPMorgan DAIRO MURATA Daiwa Securities Co. Ltd. KAZUNORI TSUDA EVA Dimensions AUSTIN BURKETT Ji Asia MIKIHIKO YAMATO Nomura MASAFUMI SHODA

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

Recommendation Buy/Neutral neutral neutral buy neutral buy outperform buy overweight outperform hold buy buy

Amt Held 68'901'000 45'530'000 45'292'100 39'499'000 23'776'274 21'510'700 18'905'000 16'801'000 16'222'000 16'066'764 13'777'000 12'873'000 12'251'700 11'431'322 10'736'422 9'825'476 7'184'679 6'850'800 5'574'218 5'063'000

% Out 7.77 5.14 5.11 4.46 2.68 2.43 2.13 1.9 1.83 1.81 1.55 1.45 1.38 1.29 1.21 1.11 0.81 0.77 0.63 0.57

Weighting

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

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

Latest Chg 3'907'000 (1'248'100) 4'612'000 27'400 5'000 625'000 (480) 1'087'600 (250'000) 79'990 843'262 (86'500) 1'000

Target Price 3'300 2'700 3'050 3'380 3'150 3'400 3'300 3'200 3'300 3'100 #N/A N/A 3'100 3'000

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

File Dt 31.08.2012 31.08.2012 13.04.2012 31.08.2012 15.03.2013 20.11.2012 31.08.2012 31.08.2012 31.08.2012 26.03.2013 31.08.2012 31.08.2012 31.03.2012 31.12.2012 31.01.2013 31.03.2012 25.03.2013 31.03.2012 31.03.2012 28.05.2012

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

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

Date 14.03.2013 13.03.2013 13.03.2013 11.03.2013 11.03.2013 08.03.2013 06.03.2013 05.03.2013 28.02.2013 29.01.2013 29.01.2013 24.01.2013 08.01.2013

27.03.2013

Shin-Etsu Chemical Co Ltd Shin-Etsu Chemical Co., Ltd. produces and distributes synthetic resins and other chemical products such as fertilizers. The Company also manufactures electronic materials such as semiconductor silicon, synthetic and rare earth quartz. Shin-Etsu Chemical operates in Japan and overseas.

Price/Volume 7000

8.0 M

6000

7.0 M 6.0 M

5000

5.0 M

4000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 4063 JT EQUITY YTD Change 4063 JT EQUITY YTD % CHANGE

03/2012 12/yy 6'520.00 3'865.00 1'316'400.00 6260 -3.99% 61.97% 94.35% 432.1 2'704'988.00 15'730.00 0.0 37'727.0 330'691.00 2'374'564.90

31.03.2008 1'376'364.0 1.37x 428'414.0 4.41x 183'580.0 12.07x

3.0 M

2000

2.0 M

1000

1.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

4.0 M

3000

31.03.2009 31.03.2010 1'200'813.0 916'837.0 1.47x 2.23x 352'384.0 204'937.0 5.01x 9.98x 154'731.0 83'852.0 13.16x 27.49x Profitability

LTM-4Q 31.03.2011 1'058'257.0 1.37x 242'953.0 5.96x 100'119.0 17.54x

LTM

FY+1

1.60 1.12 410.01 32.38% 20.65% 1.121 24 4.250 1'826'560 1'995'477 1'835'524 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'047'731.0 ######### ######### ######### ######### 266'402.4 1.67x 5.41x 6.51x 2.23x 2.08x 232'500.0 239'073.0 233'376.0 243'974.0 276'126.6 56'900.0 7.54x 5.78x 8.10x 9.73x 8.60x 100'643.0 87'534.0 108'444.0 110'890.0 128'534.5 27'490.7 20.17x 18.38x 20.48x 23.99x 20.67x S&P Issuer Ratings 232'500.00 Long-Term Rating Date 09.01.2007 149'632.00 Long-Term Rating NR 14.28% Long-Term Outlook 14.76% Short-Term Rating Date 5.76% Short-Term Rating 7.12% Credit Ratios - EBITDA/Interest Exp. 449.71 0.58% (EBITDA-Capex)/Interest Exp. 294.35 Net Debt/EBITDA -1.51 23.8% Total Debt/EBITDA 0.07 22.1% Reference 14.4% Total Debt/Equity 1.1% 9.6% Total Debt/Capital 1.0% Asset Turnover 0.58 3.81 Net Fixed Asset Turnover 1.72 2.38 Accounts receivable turnover-days 90.79 0.87% Inventory Days 112.79 1.08% Accounts Payable Turnover Day 49.33 4.03 Cash Conversion Cycle 148.27 3.24

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

1'600'000.0 1'400'000.0

20.00

1'200'000.0 1'000'000.0

15.00

800'000.0 10.00

600'000.0 400'000.0

5.00

0.00 03.04.2009

200'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Shin-Etsu Chemical Co Ltd Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF NIPPON LIFE INSURANC SUMITOMO MITSUI TRUS HACHIJUNI BANK LTD/T MEIJI YASUDA LIFE IN STATE STREET CUSTODI SHIN-ETSU CHEMICAL C STATE STREET MITSUBISHI UFJ FINAN NOMURA BLACKROCK MELLON BANK NA NIPPONKOA INSURANCE ABERDEEN NIKKO ASSET MANAGEME VANGUARD GROUP INC CAPITAL GROUP COMPAN TOKIO MARINE & NICHI DAIWA SECURITIES GRO

Firm Name

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

Analyst

Nomura SHIGEKI OKAZAKI Mitsubishi UFJ Morgan Stanley SecuritieSHUICHI NAKAHARA Mizuho Securities ATSUSHI YOSHIDA Morgan Stanley LALITA GUPTA Jefferies YOSHIHIRO AZUMA SMBC Nikko Securities Inc TAKATO WATABE Macquarie DAMIAN THONG BNP Paribas Equity Research YOSHITSUGU YAMAMOTO Tachibana Securities YUKIHIKO FUKUNAGA Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO Marusan Securities SHIGEKAZU ISHIDA Okasan Securities TAKASHI NISHIHIRA Daiwa Securities Co. Ltd. HIDEMITSU UMEBAYASHI TIW TOSHIRO TAKAHASHI Goldman Sachs HISAAKI YOKOO Credit Suisse MASAMI SAWATO Barclays MIKIYA YAMADA EVA Dimensions CRAIG STERLING Advanced Research Japan KOICHI ISHIHARA JPMorgan NOBUHITO OWAKI

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

Recommendation buy neutral buy Equalwt/No Rating buy neutral outperform buy outperform outperform outperform buy neutral neutral neutral/neutral outperform equalweight overweight buy overweight

Amt Held 44'732'000 36'147'000 24'632'100 22'997'400 11'790'000 10'962'000 9'492'000 7'511'200 7'489'804 7'308'521 6'660'300 6'572'522 6'180'000 5'777'000 4'936'219 4'016'200 3'837'300 3'629'400 3'241'584 2'997'300

% Out 10.35 8.37 5.7 5.32 2.73 2.54 2.2 1.74 1.73 1.69 1.54 1.52 1.43 1.34 1.14 0.93 0.89 0.84 0.75 0.69

Weighting

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

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

Latest Chg 633'000 2'194'000 4'200 1'565'800 243'000 (1'600) 1'037'000 (540'261) 66'300 (91'967) (129'000) (556) 35'000 555'300 (257'391) 123'200

Target Price 6'600 6'790 7'300 5'100 7'150 5'300 6'350 6'500 #N/A N/A 6'600 #N/A N/A 6'200 5'700 #N/A N/A 6'000 6'200 4'600 #N/A N/A 5'650 4'800

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

File Dt 30.09.2012 30.09.2012 20.11.2012 13.04.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 26.03.2013 07.11.2012 28.02.2013 25.03.2013 30.09.2012 30.09.2012 28.02.2013 13.04.2012 31.12.2012 31.12.2012 31.03.2012 28.02.2013

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

Inst Type Bank Bank Insurance Company Bank Bank Insurance Company Other Corporation Investment Advisor Holding Company Unclassified Investment Advisor Investment Advisor Insurance Company Unclassified Unclassified Investment Advisor Investment Advisor Insurance Company Holding Company

Date 26.03.2013 26.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 19.03.2013 26.02.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 17.01.2013 25.12.2012 25.10.2012

27.03.2013

Shiseido Co Ltd Shiseido Company, Limited manufactures cosmetic and toiletry products. The Company offers an array of makeup and skin-care products, toiletries, beauty salon products, pharmaceuticals, foodstuffs, and fine chemicals.

Price/Volume 1600

12.0 M

1400

10.0 M

1200 8.0 M

1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (11.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 4911 JT EQUITY YTD Change 4911 JT EQUITY YTD % CHANGE

03/2012 12/yy 1'473.00 938.00 2'890'400.00 1330 -9.71% 41.79% 77.01% 400.0 532'000.00 185'151.00 0.0 12'553.0 92'623.00 669'471.00

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

4.0 M

400 2.0 M

200 0 m-12 a-12 m-12

31.03.2009 31.03.2010 690'256.0 644'201.0 0.80x 1.47x 79'764.0 77'740.0 6.88x 12.15x 19'373.0 33'671.0 29.87x 23.99x Profitability

LTM-4Q 31.03.2011 670'701.0 1.01x 79'172.0 8.58x 12'790.0 44.79x

31.03.2012 682'385.0 0.99x 75'336.0 8.94x 14'515.0 39.16x

75'336.00 39'135.00 5.74% 5.71% 1.46% 3.48% 2.75% 0.95% 76.1% 9.2% 3.8% 2.1% 1.91 1.24 25.69% 63.59% 6.67 2.18

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

3.76 0.75 379.26 -4.03% 11.34% 0.754 15 2.400 2'644'560 2'982'607 2'990'145 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 674'432.0 676'469.0 678'070.2 708'963.8 190'712.0 4.12x 3.65x 0.96x 0.91x 81'981.0 58'772.0 65'326.8 76'301.5 8.36x 10.58x 10.25x 8.77x 9'554.0 13'302.0 10'972.7 18'912.7 58.94x 36.40x 48.64x 26.74x S&P Issuer Ratings Long-Term Rating Date 10.03.2010 Long-Term Rating A Long-Term Outlook NEG Short-Term Rating Date 02.06.1999 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 41.30 (EBITDA-Capex)/Interest Exp. 31.59 Net Debt/EBITDA 1.75 Total Debt/EBITDA 2.98 Reference Total Debt/Equity 63.6% Total Debt/Capital 37.9% Asset Turnover 0.95 Net Fixed Asset Turnover 5.21 Accounts receivable turnover-days 54.88 Inventory Days 168.04 Accounts Payable Turnover Day 96.96 Cash Conversion Cycle 113.28 Sales/Revenue/Turnover

18.00

800'000.0

16.00

700'000.0

14.00

600'000.0

12.00

500'000.0

10.00

400'000.0

8.00

300'000.0

6.00

200'000.0

4.00

100'000.0

2.00 0.00 03.04.2009

j-12

Fiscal Year Ended 31.03.2008 723'484.0 1.40x 91'316.0 11.11x 35'459.0 30.62x

6.0 M

600

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Shiseido Co Ltd Holdings By:

All

Holder Name MASTER TRUST BANK OF MIZUHO FINANCIAL GRO JAPAN TRUSTEE SERVIC SUMITOMO MITSUI TRUS EMPLOYEES' STOCKHOLD NIPPONKOA INSURANCE STATE STREET CUSTODI NIPPON LIFE INSURANC MITSUI SUMITOMO INSU BANK OF NEW YORK MEL ASAHI MUTUAL LIFE IN NOMURA TOKIO MARINE & NICHI NEW JERSEY DIVISION NIKKO ASSET MANAGEME MITSUBISHI UFJ FINAN VANGUARD GROUP INC BLACKROCK DAIWA SECURITIES GRO DEUTSCHE SECURITIES

Firm Name

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

Analyst

JPMorgan RITSUKO TSUNODA Morgan Stanley TAIZO DEMURA Mizuho Securities WAKAKO SATO SMBC Nikko Securities Inc KUNI KANAMORI Barclays MITSUKO MIYASAKO Goldman Sachs KEIKO YAMAGUCHI BNP Paribas Equity Research JAMES MOON Mitsubishi UFJ Morgan Stanley SecuritieHISAE KAWAMOTO Daiwa Securities Co. Ltd. KATSURO HIROZUMI TIW TOSHIRO TAKAHASHI Credit Suisse SATSUKI KAWASAKI EVA Dimensions AUSTIN BURKETT Nomura SATOSHI FUJIWARA

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

Recommendation overweight Equalwt/In-Line neutral neutral equalweight neutral/neutral reduce underperform underperform Neutral Minus neutral sell suspended coverage

Amt Held % Out 29'383'000 7.35 24'323'200 6.08 17'701'000 4.43 17'261'600 4.32 10'012'000 2.5 8'477'000 2.12 8'168'000 2.04 8'153'500 2.04 8'000'000 2 7'221'000 1.81 7'037'000 1.76 6'157'500 1.54 5'277'797 1.32 4'000'000 1 3'930'900 0.98 3'557'158 0.89 3'501'390 0.88 3'189'691 0.8 2'874'100 0.72 (2'772'282) -0.69

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

Change M M M M M D D D M D M M M

Latest Chg 551'000 (17'000) 986'000 5'102'000 318'000 (497) 399'000 (4'634'000) (4'707'000) (26'100) 1'700'000 103'700 (16'500) 135'848 1'600 133'800 (31'400)

Target Price 1'400 1'200 1'200 1'150 1'180 1'250 930 950 860 #N/A N/A 920 #N/A N/A #N/A N/A

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

File Dt Inst Type 30.09.2012 Bank 29.10.2012 Bank 30.09.2012 Bank 13.04.2012 Bank 30.09.2012 n/a 30.09.2012 Insurance Company 30.09.2012 Other 30.09.2012 Insurance Company 30.09.2012 Insurance Company 30.09.2012 Investment Advisor 30.09.2012 Insurance Company 28.02.2013 Unclassified 31.03.2012 Insurance Company 30.06.2012 Pension Fund (ERISA) 13.04.2012 Unclassified 28.02.2013 Holding Company 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 28.02.2013 Holding Company 25.03.2013 Bank

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

Date 14.03.2013 11.03.2013 11.03.2013 11.03.2013 07.03.2013 04.02.2013 04.02.2013 04.02.2013 01.02.2013 01.02.2013 31.01.2013 17.01.2013 02.07.2012

27.03.2013

SMC Corp/Japan SMC CORPORATION manufactures directional control devices such as power, hand, and air valves. The Company also produces air filters, cylinders, and actuators along with other pneumatic equipment. SMC seeks to become a comprehensive maker of automated equipment through the market demand of information and communications products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6273 JT EQUITY YTD Change 6273 JT EQUITY YTD % CHANGE

03/2012 12/yy 18'720.00 11'680.00 158'500.00 18120 -3.21% 55.14% 89.77% 71.9 1'302'272.75 37'943.00 0.0 1'736.0 224'325.00 1'086'806.79

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 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.03.2008 357'919.0 1.67x 101'345.0 5.88x 55'985.0 13.28x

20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 0 m-12

31.03.2009 31.03.2010 283'436.0 220'906.0 1.89x 3.28x 63'261.0 37'161.0 8.46x 19.50x 25'978.0 19'593.0 24.95x 44.42x Profitability

LTM-4Q 31.03.2011 325'116.0 2.32x 92'773.0 8.14x 47'759.0 19.66x

31.03.2012 341'864.0 2.10x 100'305.0 7.16x 59'279.0 15.23x 100'305.00 88'069.00 25.76% 27.62% 7.69% 9.82% 0.46% 46.2% 26.9% 23.2% 17.3% 4.33 2.65 5.14% 6.48% 4.07 1.14

Price/ Cash Flow

LTM

FY+1

.0 M f-13 m-13

0.77 1.07 61.80 36.52% 16.90% 1.075 21 3.190 221'080 258'187 251'705 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 334'903.0 330'090.0 317'372.5 347'275.5 81'216.0 83'000.0 8.54x 9.07x 3.39x 3.02x 101'477.0 67'435.0 89'632.8 104'382.3 6.72x 0.00x 12.13x 10.41x 51'672.0 61'985.0 55'943.1 63'470.8 14'701.0 15'800.0 16.49x 17.21x 22.12x 19.64x 22.04x 18.07x S&P Issuer Ratings Long-Term Rating Date 09.01.2007 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 288.23 (EBITDA-Capex)/Interest Exp. 249.48 Net Debt/EBITDA -2.20 Total Debt/EBITDA 0.37 Reference Total Debt/Equity 6.5% Total Debt/Capital 6.1% Asset Turnover 0.46 Net Fixed Asset Turnover 3.48 Accounts receivable turnover-days 89.84 Inventory Days 321.68 Accounts Payable Turnover Day 99.47 Cash Conversion Cycle 311.89 Sales/Revenue/Turnover

60.00

400'000.0 350'000.0

50.00

300'000.0 40.00

250'000.0 200'000.0

30.00

150'000.0

20.00

100'000.0 10.00 0.00 03.04.2009

50'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

SMC Corp/Japan Holdings By:

All

Holder Name FIRST EAGLE INVESTME TON FINANCE BV SMC CORP/JAPAN HARBOR CAPITAL ADVIS JAPAN TRUSTEE SERVIC TAKADA INTERNATIONAL MASTER TRUST BANK OF ALLIED MATERIAL CORP RESONA HOLDINGS INC DAI ICHI LIFE INSURA MELLON BANK NA CAPITAL GROUP COMPAN FMR LLC VANGUARD GROUP INC TAKADA YOSHIKI DAIDO LIFE INSURANCE BLACKROCK TRIMARK INVESTMENT M NOMURA DAIWA SECURITIES GRO

Firm Name TIW EVA Dimensions SMBC Nikko Securities Inc Credit Suisse Nomura Jefferies Deutsche Bank Mizuho Securities Macquarie Goldman Sachs JPMorgan Daiwa Securities Co. Ltd. Morgan Stanley BNP Paribas Equity Research Ji Asia Barclays Mito Securities Iwai Cosmo Securities Co. Ltd

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

Analyst MASAKAZU ITOI CRAIG STERLING TAKU OUCHI SHINJI KURODA KATSUSHI SAITO YUKIHIRO KUMAGAI TAKESHI KITAURA JUNJI SAKURADA KENJIN HOTTA YUICHIRO ISAYAMA TORU NAKAHASHI HIROKAZU MIYAGI YOSHINAO IBARA CHRISTOPHER CINTAVEY TONY MOYER KUNIO SAKAIDA YOICHIRO WATANABE HIROYASU NISHIKAWA

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

Recommendation neutral underweight neutral neutral buy buy buy neutral underperform sell/attractive neutral neutral Overwt/Attractive buy sell equalweight Neutral Plus Neutral Plus

Amt Held 3'958'206 3'836'200 3'283'100 3'198'500 3'138'600 3'050'000 2'497'800 2'334'200 1'959'800 1'713'000 1'679'900 1'588'000 1'464'013 1'417'792 912'000 627'300 617'900 511'000 391'000 271'400

% Out 5.51 5.34 4.57 4.45 4.37 4.24 3.48 3.25 2.73 2.38 2.34 2.21 2.04 1.97 1.27 0.87 0.86 0.71 0.54 0.38

Weighting

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

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

Latest Chg 300 35'200 195'800 (34'500) (230'000) (103'600) (400) 89'605 78'563 13'700 (1'200) 12'300 (2'800)

Target Price #N/A N/A #N/A N/A 17'000 17'000 19'200 18'000 20'000 14'800 13'500 13'800 15'250 15'500 17'000 19'000 9'545 12'600 16'000 15'000

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

File Dt Inst Type 30.09.2012 Hedge Fund Manager 30.09.2012 Investment Advisor 30.09.2012 Corporation 31.12.2012 Investment Advisor 30.09.2012 Bank 30.09.2012 Corporation 30.09.2012 Bank 30.09.2012 Corporation 30.09.2012 Holding Company 30.09.2012 Insurance Company 31.03.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.06.2012 n/a 31.03.2012 Insurance Company 25.03.2013 Investment Advisor 31.12.2012 Unclassified 28.02.2013 Unclassified 28.02.2013 Holding Company

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

Date 27.03.2013 21.03.2013 04.03.2013 28.02.2013 26.02.2013 25.02.2013 22.02.2013 22.02.2013 21.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 05.12.2012 04.09.2012 19.06.2012

27.03.2013

Softbank Corp SOFTBANK Corp provides telecommunication services. The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

Price/Volume 4500

80.0 M

4000

70.0 M

3500

60.0 M

3000

50.0 M

2500

Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (15.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 9984 JT EQUITY YTD Change 9984 JT EQUITY YTD % CHANGE

03/2012 12/yy 4'275.00 2'200.00 23'885'500.00 4265 -0.23% 93.86% 95.17% 1'192.3 5'085'084.50 2'142'751.00 0.0 498'047.0 1'020'727.00 7'195'193.67

31.03.2008 2'776'168.0 1.80x 603'591.0 8.26x 108'624.0 17.77x

30.0 M

1500 1000

20.0 M

500

10.0 M

0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

40.0 M

2000

Valuation Analysis

31.03.2009 31.03.2010 2'673'035.0 2'763'406.0 1.60x 1.84x 656'245.0 770'885.0 6.52x 6.60x 43'172.0 96'716.0 31.44x 25.76x Profitability

LTM-4Q 31.03.2011 3'004'640.0 1.90x 916'788.0 6.24x 189'712.0 18.94x

LTM

FY+1

0.97 949.92 76.89% 36.46% 0.974 22 4.227 10'544'980 8'090'864 7'917'240 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 3'202'435.0 ######### ######### ######### ######### 894'026.5 1.35x 6.03x 6.13x 1.96x 1.88x 1'013'714.0 998'157.0 ######### ######### ######### 4.25x 4.14x 4.95x 6.40x 5.67x 313'752.0 297'494.0 299'037.0 328'285.4 362'382.1 8.56x 8.35x 11.55x 14.47x 13.34x S&P Issuer Ratings 1'013'714.00 Long-Term Rating Date 12.10.2012 675'283.00 Long-Term Rating BBB *21.09% Long-Term Outlook 19.74% Short-Term Rating Date 5.55% Short-Term Rating 29.10% Credit Ratios 9.85% EBITDA/Interest Exp. 16.30 0.68% (EBITDA-Capex)/Interest Exp. 8.98 Net Debt/EBITDA 1.16 53.6% Total Debt/EBITDA 2.18 33.1% Reference 21.7% Total Debt/Equity 228.5% 9.8% Total Debt/Capital 59.9% Asset Turnover 0.68 0.99 Net Fixed Asset Turnover 2.46 0.85 Accounts receivable turnover-days 62.03 43.73% Inventory Days 9.02 228.54% Accounts Payable Turnover Day 40.37 5.90 Cash Conversion Cycle 17.31 40.58

Price/ Cash Flow

Sales/Revenue/Turnover

6.00

3'500'000.0

5.00

3'000'000.0 2'500'000.0

4.00

2'000'000.0 3.00

1'500'000.0

2.00

1'000'000.0

1.00

500'000.0

0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Softbank Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN SON MASAYOSHI JAPAN TRUSTEE SERVIC JP MORGAN CHASE BANK MASTER TRUST BANK OF STATE STREET TRUST & CUSTODY SERV STATE STREET CUSTODI JP MORGAN CHASE BANK NOMURA FMR LLC NIKKO ASSET MANAGEME BLACKROCK MELLON BANK NA VANGUARD GROUP INC SOFTBANK CORP DAIWA SECURITIES GRO MITSUBISHI UFJ FINAN BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA

Firm Name

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

Analyst

Nomura DAISAKU MASUNO Barclays KEIICHI YONESHIMA JPMorgan HITOSHI HOSOYA New Street Research KIRK BOODRY SMBC Nikko Securities Inc SHINJI MORIYUKI Mitsubishi UFJ Morgan Stanley SecuritieHIDEAKI TANAKA Macquarie NATHAN RAMLER Mizuho Securities KEI TAKAHASHI Credit Suisse HITOSHI HAYAKAWA Tokai Tokyo Securities YUSUKE TSUNODA Tachibana Securities RYUICHI ISHII Iwai Cosmo Securities Co. Ltd TOMOAKI KAWASAKI ACE Research Institute HIDEKI YASUDA Morgan Stanley TETSURO TSUSAKA EVA Dimensions ANDREW S ZAMFOTIS BNP Paribas Equity Research HIROSHI YAMASHINA HSBC NEALE ANDERSON Daiwa Securities Co. Ltd. MAKOTO UENO Goldman Sachs IKUO MATSUHASHI Ji Asia NEIL JUGGINS

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

Recommendation buy overweight overweight buy outperform neutral outperform buy outperform above average Strong Outperform Neutral Plus outperform Overwt/Attractive hold hold underweight buy not rated neutral

Amt Held 247'323'900 231'704'000 104'422'000 57'532'000 51'691'000 47'238'131 24'097'000 21'759'000 18'698'000 17'917'100 12'977'117 12'552'300 10'772'867 10'049'000 9'958'694 9'183'700 8'964'200 6'978'600 4'439'600 3'548'700

% Out 20.74 19.43 8.76 4.83 4.34 3.96 2.02 1.82 1.57 1.5 1.09 1.05 0.9 0.84 0.84 0.77 0.75 0.59 0.37 0.3

Weighting

Change

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

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

Latest Chg 38'484'844 5'043'000 (3'999'000) 5'012'000 5'864'200 1'747'000 (2'258'000) 191'200 (886'839) 86'600 428'300 (18'000) (418'508) (8) 481'600 (68'400) 3'424'500 (540'600)

Target Price 4'500 4'500 4'200 4'290 4'590 3'400 4'050 3'920 4'200 #N/A N/A #N/A N/A 3'600 #N/A N/A 3'200 #N/A N/A 2'900 2'600 4'000 #N/A N/A 4'130

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

File Dt 31.12.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 26.03.2013 30.09.2012 30.09.2012 30.09.2012 28.02.2013 31.01.2013 26.03.2013 25.03.2013 30.09.2012 31.12.2012 30.09.2012 28.02.2013 28.02.2013 26.03.2013 31.12.2012

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

Inst Type Investment Advisor n/a Bank Investment Advisor Bank Investment Advisor Bank Other Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Corporation Holding Company Holding Company Investment Advisor Investment Advisor

Date 25.03.2013 25.03.2013 21.03.2013 21.03.2013 18.03.2013 06.03.2013 05.03.2013 25.02.2013 08.02.2013 07.02.2013 05.02.2013 01.02.2013 01.02.2013 31.01.2013 15.01.2013 27.11.2012 15.11.2012 01.11.2012 16.10.2012 12.10.2012

27.03.2013

Sony Corp SONY CORPORATION manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional markets. The Company's other businesses include music, pictures, computer entertainment, and online businesses.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.03.2012) 52-Week Low (15.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6758 JT EQUITY YTD Change 6758 JT EQUITY YTD % CHANGE

Price/Volume

03/2012 12/yy 1'785.00 772.00 18'503'100.00 1675 -6.16% 116.97% 88.25% 1'012.0 1'695'016.63 1'172'587.00 0.0 481'230.0 1'575'489.00 2'195'064.60

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

120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 8'871'414.0 0.44x 802'492.0 4.84x 369'435.0 10.78x

2000 1800 1600 1400 1200 1000 800 600 400 200 0 m-12 a-12 m-12

31.03.2009 31.03.2010 7'729'993.0 7'213'998.0 0.29x 0.46x 177'660.0 402'776.0 12.61x 8.32x (98'938.0) (40'802.0) Profitability

LTM-4Q 31.03.2011 7'181'273.0 0.34x 525'187.0 4.66x (259'585.0) -

LTM

FY+1

1.49 1.48 997.27 -1.86% 74.84% 1.479 18 3.167 40'536'140 35'956'430 41'998'800 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 6'493'212.0 ######### ######### ######### ######### ######### 0.28x 1.19x 0.93x 0.29x 0.26x 252'319.0 184'781.0 399'075.0 513'722.3 533'686.2 7.09x 8.16x 3.66x 4.27x 4.11x (456'660.0) (590'249.0) (306'087.0) 29'833.3 63'702.1 68'200.0 0.00x 0.00x 62.06x 28.68x S&P Issuer Ratings 252'319.00 Long-Term Rating Date 25.09.2012 -67'275.00 Long-Term Rating BBB -1.04% Long-Term Outlook NEG -1.28% Short-Term Rating Date 25.09.2012 -3.48% Short-Term Rating A-2 -21.41% Credit Ratios - EBITDA/Interest Exp. 10.77 0.50% (EBITDA-Capex)/Interest Exp. -5.56 Net Debt/EBITDA 0.20 21.1% Total Debt/EBITDA 4.82 4.0% Reference -0.9% Total Debt/Equity 57.8% -7.0% Total Debt/Capital 31.8% Asset Turnover 0.50 0.83 Net Fixed Asset Turnover 7.12 0.52 Accounts receivable turnover-days 40.72 8.82% Inventory Days 58.94 57.79% Accounts Payable Turnover Day 52.70 8.99 Cash Conversion Cycle 37.66 6.21

Price/ Cash Flow

Sales/Revenue/Turnover

7.00

10'000'000.0 9'000'000.0

6.00

8'000'000.0

5.00

7'000'000.0 6'000'000.0

4.00

5'000'000.0 4'000'000.0

3.00

3'000'000.0

2.00

2'000'000.0 1.00 0.00 03.04.2009

1'000'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Sony Corp Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MOXLEY & CO MASTER TRUST BANK OF SUMITOMO MITSUI TRUS NIKKO ASSET MANAGEME GLG PARTNERS INVESTM NOMURA TAM TWO VANGUARD GROUP INC BLACKROCK MELLON BANK NA BTG PACTUAL EUROPE L UBS DODGE & COX MITSUBISHI UFJ FINAN DAIWA SECURITIES GRO MYRIAD OPP MASTER FU DEUTSCHE BANK AG/LON D E SHAW & CO HK LTD TOKIO MARINE & NICHI

Firm Name

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

Analyst

Morgan Stanley MASAHIRO ONO Mitsubishi UFJ Morgan Stanley SecuritieHITOSHI SHIN Okasan Securities TAKANOBU MURAKAMI Tokai Tokyo Securities KOUICHIROU HAGIWARA Credit Suisse SHUNSUKE TSUCHIYA Daiwa Securities Co. Ltd. JUNYA AYADA ACE Research Institute HIDEKI YASUDA Deutsche Bank YASUO NAKANE SMBC Nikko Securities Inc KOKI SHIRAISHI Nomura SHIRO MIKOSHIBA TIW TAKAO HATTORI Goldman Sachs TAKASHI WATANABE EVA Dimensions CRAIG STERLING Macquarie DAMIAN THONG Mizuho Securities YOSHIHIRO UJIHARA Mito Securities KEITA WAKABAYASHI

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

Recommendation Equalwt/In-Line neutral sell above average neutral buy outperform hold neutral neutral neutral neutral/neutral underweight neutral neutral Neutral Plus

Amt Held % Out 109'016'000 10.77 69'745'000 6.89 49'363'000 4.88 42'166'524 4.17 15'345'100 1.52 14'972'307 1.48 12'397'800 1.23 9'982'000 0.99 9'618'916 0.95 9'587'230 0.95 8'777'000 0.87 (6'660'798) -0.66 (6'279'883) -0.62 5'789'828 0.57 5'412'900 0.53 5'086'900 0.5 (4'789'280) -0.47 (4'325'959) -0.43 (3'164'307) -0.31 2'940'245 0.29

Weighting

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

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

Latest Chg (1'433'000) 2'804'000 (1'840'000) (23'502'676) 3'596'300 (3'715'700) (63'200) 282'954 9'200 (767'000) (23'000) 199'300 (187'800) (35'300) (334'800) (202'600) 84'000 (3'164'307) -

Target Price 1'450 1'450 1'000 #N/A N/A 1'600 2'200 1'800 1'800 1'300 1'460 #N/A N/A 1'100 #N/A N/A 1'080 1'000 #N/A N/A

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

File Dt Inst Type 30.09.2012 Bank 30.09.2012 Investment Advisor 30.09.2012 Bank 15.03.2013 Bank 15.03.2013 Unclassified 31.01.2013 Mutual Fund Manager 28.02.2013 Unclassified 30.09.2012 Unclassified 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.03.2012 Investment Advisor 25.03.2013 Investment Advisor 25.03.2013 Unclassified 29.01.2013 Investment Advisor 28.02.2013 Holding Company 28.02.2013 Holding Company 21.03.2013 Mutual Fund Manager 25.03.2013 Investment Advisor 05.12.2012 Mutual Fund Manager 31.03.2012 Insurance Company

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

Date 26.03.2013 26.03.2013 18.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 11.03.2013 06.03.2013 28.02.2013 18.02.2013 13.02.2013 17.01.2013 12.11.2012 02.11.2012 18.08.2010

27.03.2013

Sumitomo Corp Sumitomo Corp is a general trading company. The Company imports and exports a wide variety of goods such as metals, machinery, chemicals, fuel,food products, and textiles. Sumitomo also operates real estate, construction, shipping, insurance, finance, and leasing businesses.

Price/Volume 1400

16.0 M

1200

14.0 M 12.0 M

1000

10.0 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (14.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8053 JT EQUITY YTD Change 8053 JT EQUITY YTD % CHANGE

03/2012 12/yy 1'284.00 984.00 7'758'700.00 1206 -6.07% 22.56% 86.67% 1'250.6 1'508'227.00 3'613'815.00 0.0 112'132.0 790'401.00 4'584'260.06

31.03.2008 3'670'896.0 1.47x 400'725.0 13.49x 238'928.0 6.82x

6.0 M

400

4.0 M

200

2.0 M

0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

8.0 M

600

31.03.2009 31.03.2010 3'511'577.0 2'876'746.0 1.33x 1.52x 420'846.0 290'502.0 11.09x 15.01x 215'078.0 165'365.0 4.90x 8.13x Profitability

LTM-4Q 31.03.2011 3'100'185.0 1.51x 344'038.0 13.57x 200'222.0 7.42x

LTM

FY+1

4.31 0.95 1'085.69 0.07% 11.45% 0.949 15 4.000 7'890'000 7'632'420 8'157'095 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 3'260'995.0 ######### ######### ######### ######### ######### 1.36x 5.59x 5.81x 0.58x 0.56x 2.14x 374'983.0 378'041.0 247'911.0 360'094.1 407'485.0 11.82x 11.48x 17.96x 12.73x 11.25x 250'669.0 240'283.0 220'181.0 234'582.2 240'348.6 45'722.3 5.96x 5.42x 6.25x 6.41x 6.29x S&P Issuer Ratings 374'983.00 Long-Term Rating Date 09.02.2006 219'857.00 Long-Term Rating A 6.74% Long-Term Outlook STABLE 10.47% Short-Term Rating Date 09.02.2006 3.14% Short-Term Rating A-1 13.82% Credit Ratios 4.68% EBITDA/Interest Exp. 12.95 0.42% (EBITDA-Capex)/Interest Exp. 9.93 Net Debt/EBITDA 10.14 28.2% Total Debt/EBITDA 13.37 9.1% Reference 5.2% Total Debt/Equity 214.0% 7.7% Total Debt/Capital 66.7% Asset Turnover 0.42 1.61 Net Fixed Asset Turnover 4.87 1.08 Accounts receivable turnover-days 173.52 50.01% Inventory Days 121.35 213.95% Accounts Payable Turnover Day 166.87 2.11 Cash Conversion Cycle 116.64 3.02

Price/ Cash Flow

Sales/Revenue/Turnover

8.00

12'000'000.0

7.00

10'000'000.0

6.00

8'000'000.0

5.00 4.00

6'000'000.0

3.00

4'000'000.0

2.00

2'000'000.0 1.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Sumitomo Corp Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO MITSUI TRUS LIBERTY PROGRAMMING JP MORGAN SECURITIES SUMITOMO LIFE INSURA MITSUI SUMITOMO INSU STATE STREET CUSTODI SUMITOMO METAL INDUS NIPPON LIFE INSURANC BARCLAYS CAPITAL SEC BLACKROCK JP MORGAN INVESTMENT NOMURA VANGUARD GROUP INC SUMITOMO ELECTRIC IN FMR LLC MITSUBISHI UFJ FINAN JP MORGAN NIKKO ASSET MANAGEME

Firm Name

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

Analyst

Mizuho Securities AKIFUMI HAYASHI Jefferies THANH HA PHAM Macquarie POLINA DIYACHKINA BNP Paribas Equity Research TOSHIYUKI JOHNO Barclays KAZUHISA MORI Daiwa Securities Co. Ltd. JIRO IOKIBE JPMorgan AKIRA KISHIMOTO SMBC Nikko Securities Inc TAKASHI MURAKAMI Tokai Tokyo Securities HIDEAKI KURIBARA Mitsubishi UFJ Morgan Stanley SecuritieSHUICHI NAKAHARA Nomura YASUHIRO NARITA Morgan Stanley HARUNOBU GOROH EVA Dimensions CRAIG STERLING Tachibana Securities HISAYUKI SHIMOKAWA

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

Recommendation buy hold outperform buy equalweight neutral restricted neutral above average outperform buy Equalwt/In-Line underweight Strong Outperform

Amt Held % Out 111'635'000 8.93 89'332'000 7.14 54'573'900 4.36 45'652'000 3.65 (34'030'300) -2.72 30'855'000 2.47 30'227'000 2.42 29'418'000 2.35 19'291'000 1.54 17'900'700 1.43 15'985'000 1.28 13'897'321 1.11 13'797'266 1.1 11'184'300 0.89 10'618'467 0.85 10'613'000 0.85 9'285'908 0.74 9'173'800 0.73 9'003'118 0.72 8'816'332 0.7

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

Change M M M M M M M M M M M M M N

Latest Chg (5'414'000) 2'630'000 (44'369'700) 4'500'000 (3'000'840) 70'000 (210) 61'600 (83'386) 624'305 (629'100) (631'478) 881'554 (2'700) 533'900 (4'892'200)

Target Price 1'390 1'300 1'500 1'300 1'270 1'310 #N/A N/A 1'350 #N/A N/A 1'340 1'700 1'150 #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 30.09.2012 30.09.2012 31.01.2013 30.09.2012 12.10.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 20.12.2012 30.09.2012 25.03.2013 15.12.2011 28.02.2013 31.12.2012 31.03.2012 31.01.2013 28.02.2013 31.01.2013 31.01.2013

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

Inst Type Bank Bank Bank Corporation Investment Advisor Insurance Company Insurance Company Other Corporation Insurance Company Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Corporation Investment Advisor Holding Company Unclassified Unclassified

Date 22.03.2013 13.03.2013 04.03.2013 04.03.2013 01.03.2013 28.02.2013 26.02.2013 22.02.2013 21.02.2013 19.02.2013 04.02.2013 29.01.2013 15.01.2013 15.11.2011

27.03.2013

Sumitomo Electric Industries Ltd Sumitomo Electric Industries, Ltd. manufactures electric wires, cables, and their related equipment. The Company's products include optical fibers, wire harnesses, antennas for broadcasting stations, and electric monitoring systems. Sumitomo Electric also produces disc brakes and antilock braking systems for automobiles and printed circuit board.

Price/Volume 1400

12.0 M

1200

10.0 M

1000

8.0 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 5802 JT EQUITY YTD Change 5802 JT EQUITY YTD % CHANGE

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

4.0 M

400

2.0 M

200 0 m-12 a-12 m-12

31.03.2009 31.03.2010 2'121'978.0 1'836'352.0 0.50x 0.68x 133'980.0 157'395.0 7.94x 7.94x 17'237.0 28'708.0 37.70x 31.67x Profitability

LTM-4Q 31.03.2011 2'033'827.0 0.59x 202'160.0 5.95x 70'614.0 12.93x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

1.74 1.32 766.92 3.20% 17.61% 1.322 14 4.429 3'103'160 4'136'197 4'024'731 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 2'059'344.0 ######### ######### ######### ######### 554'976.3 0.62x 2.26x 2.17x 0.61x 0.58x 165'400.0 164'749.0 174'908.0 173'522.9 213'783.3 7.67x 6.24x 7.04x 7.84x 6.37x 58'861.0 45'544.0 47'970.0 44'554.5 73'869.2 16'400.0 15.27x 14.59x 16.34x 20.17x 12.36x S&P Issuer Ratings 165'400.00 Long-Term Rating Date 14.02.2008 86'946.00 Long-Term Rating A 4.22% Long-Term Outlook STABLE 4.85% Short-Term Rating Date 28.09.2012 2.80% Short-Term Rating A-1 5.84% Credit Ratios 4.99% EBITDA/Interest Exp. 30.75 1.08% (EBITDA-Capex)/Interest Exp. 8.18 Net Debt/EBITDA 1.27 18.0% Total Debt/EBITDA 2.13 8.4% Reference 4.6% Total Debt/Equity 36.8% 2.9% Total Debt/Capital 24.2% Asset Turnover 1.08 1.65 Net Fixed Asset Turnover 4.05 1.01 Accounts receivable turnover-days 74.06 17.57% Inventory Days 65.08 36.84% Accounts Payable Turnover Day 57.81 4.94 Cash Conversion Cycle 85.60 5.62

Price/ Cash Flow

Sales/Revenue/Turnover

12.00

3'000'000.0

10.00

2'500'000.0

8.00

2'000'000.0

6.00

1'500'000.0

4.00

1'000'000.0

2.00

500'000.0

0.00 03.04.2009

j-12

Fiscal Year Ended 31.03.2008 2'540'858.0 0.56x 258'581.0 5.49x 87'804.0 11.19x

6.0 M

600

03/2012 12/yy 1'206.00 775.00 2'395'600.00 1151 -4.56% 48.52% 86.08% 793.9 913'825.63 363'995.00 0.0 150'923.0 144'945.00 1'360'942.60

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Sumitomo Electric Industries Ltd Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF NOMURA SUMITOMO MITSUI TRUS NIPPON LIFE INSURANC STATE STREET CUSTODI SUMITOMO LIFE INSURA NIKKO ASSET MANAGEME JP MORGAN CHASE BANK SUMITOMO MITSUI FINA STATE STREET FMR LLC BLACKROCK VANGUARD GROUP INC ALLIANCE BERNSTEIN SUMITOMO METAL MININ SUMITOMO CORP DAIWA SECURITIES GRO MITSUBISHI UFJ FINAN MITSUI SUMITOMO INSU

Firm Name Credit Suisse Mizuho Securities Okasan Securities Tachibana Securities Nomura Goldman Sachs SMBC Nikko Securities Inc EVA Dimensions Iwai Cosmo Securities Co. Ltd JPMorgan Daiwa Securities Co. Ltd. Morgan Stanley TIW

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

Analyst SHINYA YAMADA HIROSHI MATSUDA MANAMI ONO TAKESHI IRISAWA YUJI MATSUMOTO IKUO MATSUHASHI KAZUHIRO HARADA CRAIG STERLING AKIRA IWASAKI AKIRA KISHIMOTO YUSUKE ANDO HARUNOBU GOROH YASUSHI MIZOUE

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

Recommendation outperform buy buy outperform buy neutral/neutral outperform overweight outperform neutral neutral Equalwt/Cautious Neutral Minus

Amt Held 91'882'000 58'221'000 45'231'800 45'006'500 30'166'100 18'240'000 15'556'000 13'601'100 13'424'000 12'551'000 11'078'207 10'145'988 9'086'288 7'286'138 6'273'680 5'806'000 5'008'000 4'209'000 3'618'100 2'849'605

% Out 11.57 7.33 5.7 5.67 3.8 2.3 1.96 1.71 1.69 1.58 1.4 1.28 1.14 0.92 0.79 0.73 0.63 0.53 0.46 0.36

Weighting

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

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

Latest Chg 138'000 1'531'000 (9'469'500) (125'300) (528'000) 940'800 1'578'000 1'034'400 664'410 (68'152) 251'897 (185'140) 125'300 125'700 -

Target Price 1'500 1'200 1'150 #N/A N/A 1'280 1'080 1'200 #N/A N/A 1'200 900 880 1'100 #N/A N/A

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

File Dt 30.09.2012 30.09.2012 14.12.2012 15.10.2012 20.11.2012 30.09.2012 30.09.2012 15.10.2012 30.09.2012 30.09.2012 26.03.2013 31.01.2013 25.03.2013 31.12.2012 31.01.2013 31.03.2012 31.03.2012 28.02.2013 28.02.2013 31.03.2012

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

Inst Type Bank Bank Unclassified Bank Insurance Company Other Insurance Company Unclassified Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Corporation Holding Company Holding Company Insurance Company

Date 27.02.2013 27.02.2013 22.02.2013 14.02.2013 12.02.2013 04.02.2013 04.02.2013 15.01.2013 21.11.2012 01.11.2012 01.11.2012 31.10.2012 02.02.2012

27.03.2013

Sumitomo Metal Mining Co Ltd Sumitomo Metal Mining Co., Ltd. develops and mines non-ferrous metals in Japan and overseas. The Company's primary products include copper, gold, silver, nickel, lead, and zinc. The Company refines, produces, and sells precious metals. Sumitomo Metal Mining also produces and markets electronic & housing construction materials and provides civil engineering works.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.02.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 5713 JT EQUITY YTD Change 5713 JT EQUITY YTD % CHANGE

03/2012 12/yy 1'678.00 785.00 2'946'000.00 1385 -17.46% 76.43% 65.62% 581.6 805'554.81 265'966.00 0.0 66'319.0 185'745.00 961'509.82

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

18.0 M

1600

16.0 M

1400

14.0 M

1200

12.0 M

1000

10.0 M

800

8.0 M

600

6.0 M

400

4.0 M

200

2.0 M

0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 1'132'372.0 1.07x 185'899.0 6.50x 137'808.0 7.79x

1800

31.03.2009 31.03.2010 793'797.0 725'827.0 0.79x 1.29x 44'802.0 101'011.0 14.07x 9.26x 21'974.0 53'952.0 24.21x 14.45x Profitability

LTM-4Q 31.03.2011 864'077.0 1.09x 130'663.0 7.20x 83'962.0 9.58x

31.03.2012 847'897.0 0.94x 119'611.0 6.69x 65'219.0 10.02x 119'611.00 88'498.00 10.44% 10.36% 4.76% 8.25% 5.43% 0.70% 15.6% 13.8% 10.2% 7.7% 2.67 1.52 23.21% 40.34% 8.86 4.40

Price/ Cash Flow

LTM

FY+1

1.88 1.14 480.67 16.41% 15.81% 1.136 16 3.563 3'835'000 4'303'167 4'128'569 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 862'888.0 792'067.0 795'705.3 846'228.9 205'675.0 205'800.0 3.86x 3.76x 1.17x 1.14x 124'507.0 115'432.0 115'414.4 127'791.2 5.76x 7.13x 8.33x 7.52x 74'913.0 73'766.0 70'884.6 76'615.4 17'833.3 7.42x 9.14x 11.08x 10.24x S&P Issuer Ratings Long-Term Rating Date 09.01.2007 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 35.08 (EBITDA-Capex)/Interest Exp. 13.11 Net Debt/EBITDA 0.67 Total Debt/EBITDA 2.63 Reference Total Debt/Equity 40.3% Total Debt/Capital 26.8% Asset Turnover 0.70 Net Fixed Asset Turnover 2.79 Accounts receivable turnover-days 41.33 Inventory Days 83.20 Accounts Payable Turnover Day 19.72 Cash Conversion Cycle 103.46 Sales/Revenue/Turnover

18.00

1'200'000.0

16.00

1'000'000.0

14.00

800'000.0

12.00 10.00

600'000.0

8.00

400'000.0

6.00 4.00

200'000.0

2.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Sumitomo Metal Mining Co Ltd Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO METAL MININ SUMITOMO MITSUI TRUS NOMURA NIKKO ASSET MANAGEME STATE STREET CUSTODI GOVT OF SINGAPORE IN NIPPON STEEL & SUMIT SUMITOMO MITSUI FINA SUMITOMO LIFE INSURA TOYOTA MOTOR CORP SUMITOMO CORP JA ZENKYOREN BLACKROCK MITSUI SUMITOMO INSU SUMITOMO ELECTRIC IN VANGUARD GROUP INC NEC CORP JFE HOLDINGS INC

Firm Name

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

Analyst

Mizuho Securities AKIFUMI HAYASHI Tokai Tokyo Securities YOSHIYUKI TAKANO Okasan Securities MANAMI ONO Tachibana Securities TAKESHI IRISAWA Nomura YUJI MATSUMOTO SMBC Nikko Securities Inc KAZUHIRO HARADA Morgan Stanley HARUNOBU GOROH JPMorgan AKIRA KISHIMOTO Macquarie POLINA DIYACHKINA Mitsubishi UFJ Morgan Stanley SecuritieKEIJU KUROSAKA Credit Suisse SHINYA YAMADA EVA Dimensions CRAIG STERLING Daiwa Securities Co. Ltd. YUSUKE ANDO TIW YASUSHI MIZOUE

Source Co File Co File MOF-JP ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG Co File ULT-AGG Co File ULT-AGG Co File Co File ULT-AGG Co File Co File MF-AGG Co File ULT-AGG

Recommendation buy above average neutral outperform neutral neutral Equalwt/In-Line neutral outperform neutral neutral hold neutral Neutral Plus

Amt Held 57'964'000 36'087'000 29'394'492 28'238'700 21'320'000 15'223'000 13'057'000 10'881'000 8'715'000 7'650'000 7'474'000 7'074'000 7'000'000 6'115'000 5'407'351 5'400'000 5'114'000 5'088'502 5'000'000 4'128'000

% Out 9.97 6.2 5.05 4.86 3.67 2.62 2.24 1.87 1.5 1.32 1.29 1.22 1.2 1.05 0.93 0.93 0.88 0.87 0.86 0.71

Weighting

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

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

Latest Chg 351'000 (180'000) 4'645 (6'746'000) 874'000 (347'000) 2'487'000 104'884 -

Target Price 1'650 #N/A N/A 1'510 #N/A N/A 1'570 900 1'600 1'450 1'700 1'600 1'410 #N/A N/A 1'160 #N/A N/A

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

File Dt 30.09.2012 30.09.2012 30.11.2012 15.03.2013 31.12.2012 15.03.2013 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 14.12.2012 30.09.2012 31.03.2012 25.03.2013 31.03.2012 31.03.2012 31.12.2012 31.03.2012 31.03.2012

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

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

Date 19.03.2013 14.03.2013 22.02.2013 12.02.2013 11.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 21.01.2013 17.01.2013 07.11.2012 28.03.2012

27.03.2013

Sumitomo Mitsui Financial Group Inc Sumitomo Mitsui Financial Group, Inc. is a holding company established by Sumitomo Mitsui Banking Corporation. Sumitomo Mitsui Card Co., SMBC Leasing Co., and The Japanese Research Institute, Ltd. joined the Group in Feb., 2003. The Company manages financial operations for its subsidiaries. The Group provides commercial banking and a variety of financial services.

Price/Volume 4500

30.0 M

4000

25.0 M

3500 3000

20.0 M

2500

03/2012 12/yy 4'255.00 2'231.00 6'829'600.00 3880 -8.81% 73.91% 82.46% 1'414.1 5'486'536.00 31'861'253.00 0.0 2'043'883.0 9'008'109.00 -

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

1500

10.0 M

1000

5.0 M

500 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 3'168'618.0 461'536.0 11.06x

15.0 M

2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8316 JT EQUITY YTD Change 8316 JT EQUITY YTD % CHANGE

31.03.2009 31.03.2010 2'888'511.0 2'697'380.0 (373'456.0) 271'559.0 12.44x Profitability

LTM-4Q 31.03.2011 2'859'372.0 475'895.0 7.68x

LTM

FY+1

2.58 1.16 1'222.40 41.78% 26.16% 1.162 19 4.579 8'602'320 11'608'410 10'925'510 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 2'989'626.0 ######### ######### ######### ######### 683'539.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 518'536.0 371'758.0 657'942.0 666'730.8 518'752.6 153'100.0 7.28x 8.10x 6.42x 8.03x 10.15x S&P Issuer Ratings - Long-Term Rating Date 18.06.2007 - Long-Term Rating A 34.66% Long-Term Outlook NEG 35.30% Short-Term Rating Date 18.06.2007 0.39% Short-Term Rating A-1 10.37% Credit Ratios 1.92% EBITDA/Interest Exp. 0.02% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 611.4% 19.2% Total Debt/Capital 81.5% Asset Turnover 0.02 - Net Fixed Asset Turnover 2.00 - Accounts receivable turnover-days 22.27% Inventory Days 611.41% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

3.00

3'500'000.0

2.50

3'000'000.0 2'500'000.0

2.00

2'000'000.0 1.50

1'500'000.0

1.00

1'000'000.0

0.50

500'000.0

0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Sumitomo Mitsui Financial Group Inc Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO MITSUI FINA SUMITOMO MITSUI TRUS STATE STREET CUSTODI NOMURA STATE STREET FMR LLC VANGUARD GROUP INC MELLON BANK NA BLACKROCK NIPPON LIFE INSURANC NATS CUMCO BANK OF NEW YORK MEL WILLIAM BLAIR & COMP NIKKO ASSET MANAGEME MITSUBISHI UFJ FINAN TOYOTA MOTOR CORP SUN LIFE FINANCIAL I DB PLATINUM ADVISORS

Firm Name

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

Analyst

Daiwa Securities Co. Ltd. AKIRA TAKAI Tokai Tokyo Securities TATSUO MAJIMA Keefe, Bruyette & Woods DAVID THREADGOLD Macquarie ALASTAIR MACDONALD Mitsubishi UFJ Morgan Stanley SecuritieJUNSUKE SENOGUCHI JPMorgan NATSUMU TSUJINO Morgan Stanley TAKAAKI NISHINO Mizuho Securities RIE NISHIHARA Deutsche Bank YOSHINOBU YAMADA Jefferies MAKARIM SALMAN BNP Paribas Equity Research TOYOKI SAMESHIMA Nomura KEN TAKAMIYA Barclays SHIN TAMURA Goldman Sachs KATSUNORI TANAKA EVA Dimensions AUSTIN BURKETT

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

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

Amt Held 113'515'018 76'775'800 59'955'300 59'551'500 39'260'784 37'555'108 21'515'318 21'058'762 19'710'633 19'194'557 16'246'974 16'237'782 16'028'015 15'876'374 12'384'100 10'872'300 6'450'600 6'086'988 5'540'300 4'733'157

% Out 8.03 5.43 4.24 4.21 2.78 2.66 1.52 1.49 1.39 1.36 1.15 1.15 1.13 1.12 0.88 0.77 0.46 0.43 0.39 0.33

Weighting

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

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

Latest Chg (6'135'100) 3'463'300 (2'826'219) 24'336'456 (27'300) (37'644'883) (1'118'230) 4'271'032 (245'923) (55'700) 1'708'098 (18'015'540) 3'000'600 2'044'240 295'500 24'000 (1'060'000)

Target Price 5'000 #N/A N/A 5'310 4'500 5'020 5'100 4'750 4'500 4'650 4'500 3'800 4'300 2'800 4'000 #N/A N/A

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

File Dt 30.09.2012 30.09.2012 30.09.2012 15.02.2013 30.09.2012 15.10.2012 26.03.2013 31.01.2013 31.12.2012 30.09.2012 25.03.2013 20.12.2012 30.09.2012 30.09.2012 31.12.2012 15.02.2013 28.02.2013 17.12.2012 31.01.2013 28.02.2013

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

Inst Type Bank Bank Bank Bank Other Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Other Investment Advisor Investment Advisor Unclassified Holding Company Corporation Investment Advisor Investment Advisor

Date 26.03.2013 18.03.2013 11.03.2013 04.03.2013 28.02.2013 20.02.2013 19.02.2013 06.02.2013 04.02.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 28.01.2013 15.01.2013

27.03.2013

Sumitomo Mitsui Trust Holdings Inc Sumitomo Mitsui Trust Holdings, Inc. is a holding company established jointly by Chuo Mitsui Trust Holdings and Sumitomo Trust and Banking. As a financial group, the Bank provides trust banking business as well as securities brokerage, assets management, and related financial services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8309 JT EQUITY YTD Change 8309 JT EQUITY YTD % CHANGE

03/2012 12/yy 462.00 188.00 23'927'000.00 455 -1.52% 142.02% 93.43% 3'903.5 1'776'086.38 3'192'410.00 109'000.0 510'181.0 2'880'784.00 -

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

80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M a-12 m-12

31.03.2009 31.03.2010 199'192.0 353'380.0 (92'033.0) 46'826.0 11.17x Profitability

LTM-4Q 31.03.2011 328'394.0 47'277.0 10.35x

31.03.2012 879'070.0 164'660.0 6.85x

35.90% 38.91% 0.28% 5.40% 1.94% 0.02% 21.7% 9.29% 185.84% -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

1.92 1.25 3'171.46 70.39% 52.57% 1.252 19 3.789 31'236'600 34'519'730 28'983'450 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 734'197.0 832'853.0 641'505.9 643'497.9 168'898.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 145'744.0 116'562.0 134'056.1 133'173.4 36'500.0 6.65x 11.17x 13.93x 13.40x 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

185.8% 57.7% 0.02 3.44 -

Sales/Revenue/Turnover

0.80

1'000'000.0

0.70

900'000.0 800'000.0

0.60

700'000.0

0.50

600'000.0

0.40

500'000.0 400'000.0

0.30

300'000.0

0.20

200'000.0

0.10

100'000.0

0.00 03.04.2009

j-12

Fiscal Year Ended 31.03.2008 435'776.0 71'837.0 8.55x

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

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Sumitomo Mitsui Trust Holdings Inc Holdings By:

All

Holder Name SUMITOMO MITSUI TRUS MASTER TRUST BANK OF STATE STREET CUSTODI STATE STREET JP MORGAN CHASE BANK FMR LLC GOVT OF SINGAPORE IN MELLON BANK NA BANK OF NEW YORK MEL KUBOTA CORP VANGUARD GROUP INC NOMURA T ROWE PRICE ASSOCIA BLACKROCK TOYOTA MOTOR CORP NAGOYA RAILROAD CO L SUMITOMO ELECTRIC IN SUMITOMO WAREHOUSE C IDEMITSU KOSAN CO LT MORGAN STANLEY

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 n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a

Analyst

Mizuho Securities RIE NISHIHARA BNP Paribas Equity Research TOYOKI SAMESHIMA Daiwa Securities Co. Ltd. AKIRA TAKAI Morgan Stanley TAKAAKI NISHINO Macquarie ALASTAIR MACDONALD Keefe, Bruyette & Woods DAVID THREADGOLD Nomura KEN TAKAMIYA JPMorgan NATSUMU TSUJINO Deutsche Bank YOSHINOBU YAMADA Goldman Sachs KATSUNORI TANAKA Jefferies MAKARIM SALMAN SMBC Nikko Securities Inc SHINICHIRO NAKAMURA EVA Dimensions AUSTIN BURKETT Tokai Tokyo Securities TATSUO MAJIMA Barclays SHIN TAMURA Mitsubishi UFJ Morgan Stanley SecuritieFUTOSHI SASAKI

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

Recommendation buy hold outperform Overwt/In-Line outperform outperform buy neutral hold neutral/attractive hold outperform sell above average underweight neutral

Amt Held 569'833'991 192'738'000 82'860'000 58'532'464 52'213'000 52'048'829 49'734'000 46'389'000 43'989'000 32'756'000 31'117'097 30'918'000 29'306'260 28'200'100 21'154'245 20'779'864 19'986'860 19'669'341 18'279'824 16'812'789

% Out 14.6 4.94 2.12 1.5 1.34 1.33 1.27 1.19 1.13 0.84 0.8 0.79 0.75 0.72 0.54 0.53 0.51 0.5 0.47 0.43

Weighting

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

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

Latest Chg 467'295'721 3'710'000 556'000 7'592'000 (24'816'000) (8'970'469) 5'560'000 1'209'000 (20'128'000) (5'070'112) (39'000) 239'000 (390'000) 1'419'810 (1) (54'377)

Target Price 490 440 500 520 475 501 450 380 430 350 330 490 #N/A N/A #N/A N/A 230 310

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

File Dt 11.03.2013 30.09.2012 30.09.2012 26.03.2013 30.09.2012 31.01.2013 30.09.2012 30.09.2012 30.09.2012 31.03.2012 31.12.2012 28.02.2013 31.12.2012 25.03.2013 17.12.2012 31.03.2012 31.03.2012 31.03.2012 31.03.2012 31.12.2012

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

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

Date 25.03.2013 21.03.2013 19.03.2013 18.03.2013 18.03.2013 11.03.2013 11.03.2013 09.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 20.02.2013 01.02.2013 31.01.2013 31.01.2013

27.03.2013

Sumitomo Realty & Development Co Ltd Sumitomo Realty & Development Co., Ltd. develops, manages, and sells houses and condominiums. The Company also develops and manages real estates in overseas. Sumitomo Realty & Development undertakes infrastructure projects, manages real estate properties, and provides financing services to its customers. The Company operates fitness clubs and restaurants as well.

Price/Volume 9.0 M

3500

8.0 M

3000

7.0 M 6.0 M

2500

5.0 M

2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8830 JT EQUITY YTD Change 8830 JT EQUITY YTD % CHANGE

03/2012 12/yy 3'770.00 1'500.00 4'038'000.00 3725 -1.19% 148.33% 98.19% 476.1 1'773'420.25 2'654'385.00 0.0 28'822.0 146'475.00 4'294'151.27

31.03.2008 691'928.0 3.72x 171'757.0 14.97x 63'132.0 13.21x

4.0 M

1500

3.0 M

1000

2.0 M

500

1.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

4000

31.03.2009 31.03.2010 695'239.0 719'635.0 3.37x 3.80x 164'251.0 152'043.0 14.25x 17.96x 46'205.0 52'662.0 11.12x 16.02x Profitability

LTM-4Q 31.03.2011 744'756.0 3.73x 162'166.0 17.13x 50'908.0 15.50x

31.03.2012 688'662.0 5.06x 183'514.0 18.98x 53'236.0 17.77x 183'514.00 147'465.00 21.41% 14.11% 1.49% 10.27% 2.52% 0.18% 28.8% 26.6% 21.8% 7.7% 0.91 0.19 68.77% 479.27% 57.50 0.83

Price/ Cash Flow

LTM

FY+1

0.54 1.36 358.44 86.25% 31.19% 1.361 24 3.500 3'134'200 3'983'733 3'891'155 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 670'827.0 699'884.0 722'475.8 752'960.0 213'196.0 190'612.0 18.16x 20.33x 5.81x 5.57x 174'437.0 142'498.0 191'593.0 198'268.5 17.67x 0.00x 22.41x 21.66x 45'289.0 64'795.0 61'222.5 64'860.8 14.11x 20.83x 29.29x 27.71x 28.75x S&P Issuer Ratings Long-Term Rating Date 10.04.2009 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 5.12 (EBITDA-Capex)/Interest Exp. 1.99 Net Debt/EBITDA 13.67 Total Debt/EBITDA 14.46 Reference Total Debt/Equity 479.3% Total Debt/Capital 82.0% Asset Turnover 0.18 Net Fixed Asset Turnover 0.27 Accounts receivable turnover-days 6.37 Inventory Days 440.69 Accounts Payable Turnover Day 17.76 Cash Conversion Cycle 433.88 Sales/Revenue/Turnover

70.00

800'000.0

60.00

700'000.0 600'000.0

50.00

500'000.0 40.00

400'000.0 30.00

300'000.0

20.00

200'000.0

10.00

100'000.0

0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Sumitomo Realty & Development Co Ltd Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO MITSUI FINA STATE STREET CUSTODI CITIGROUP GLOBAL MAR NOMURA KAJIMA CORP STATE STREET OBAYASHI CORP SHIMIZU CORP MITSUI SUMITOMO INSU BLACKROCK SUMITOMO CORP WILLIAM BLAIR & COMP NIKKO ASSET MANAGEME DAIKIN INDUSTRIES LT NEC CORP DAIWA SECURITIES GRO VANGUARD GROUP INC NISHIMATSU CONSTRUCT

Firm Name

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

Analyst

Morgan Stanley TOMOYOSHI OMURO TIW YOSHITANE HORIBE Jefferies YUKI OGAWA SMBC Nikko Securities Inc HIROKI KAWASHIMA Barclays TAKASHI HASHIMOTO Okasan Securities TOMOTAKA OSHIO Credit Suisse MASAHIRO MOCHIZUKI Mizuho Securities HIROSHI OKUBO JPMorgan HIROKAZU ANAI Nomura DAISUKE FUKUSHIMA Mitsubishi UFJ Morgan Stanley SecuritieKOUKI OZAWA Iwai Cosmo Securities Co. Ltd MASARU KIMURA Tokai Tokyo Securities HIRONOBU NAKAYAMA Goldman Sachs SACHIKO OKADA EVA Dimensions AUSTIN BURKETT Deutsche Bank YOJI OTANI Tachibana Securities HISAYUKI SHIMOKAWA Macquarie NORIHIKO SAWANO Daiwa Securities Co. Ltd. HIDEAKI TERAOKA Ji Asia MARK S BROWN

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

Recommendation Equalwt/In-Line Neutral Minus buy neutral equalweight neutral neutral neutral overweight neutral neutral Neutral Plus neutral Sell/Neutral sell buy Strong Outperform underperform outperform neutral

Amt Held 44'340'000 24'649'000 11'990'000 11'844'000 9'665'000 7'960'000 7'912'000 7'676'843 7'527'000 7'500'000 6'740'000 5'408'715 5'167'000 5'092'000 5'001'000 4'720'000 4'659'000 4'130'000 4'026'466 3'500'000

% Out 9.31 5.18 2.52 2.49 2.03 1.67 1.66 1.61 1.58 1.58 1.42 1.14 1.09 1.07 1.05 0.99 0.98 0.87 0.85 0.74

Weighting

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

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

Latest Chg 1'432'000 2'267'000 476'000 236'000 933'000 999'411 2'000 32'000 3'207'000 2'533'000 331'000 120'000 139'789 -

Target Price 3'200 #N/A N/A 4'100 4'400 3'900 #N/A N/A 3'600 3'400 3'600 2'690 2'750 3'100 2'403 2'350 #N/A N/A 2'900 #N/A N/A 1'750 2'500 2'000

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

File Dt 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 28.02.2013 30.09.2012 26.03.2013 30.09.2012 30.09.2012 31.03.2012 25.03.2013 31.03.2012 31.12.2012 13.04.2012 31.03.2012 31.03.2012 28.02.2013 31.12.2012 31.03.2012

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

Inst Type Bank Bank Bank Other Investment Advisor Unclassified Corporation Investment Advisor Corporation Corporation Insurance Company Investment Advisor Corporation Investment Advisor Unclassified Corporation Corporation Holding Company Investment Advisor Corporation

Date 25.03.2013 22.03.2013 21.03.2013 18.03.2013 18.03.2013 12.03.2013 07.03.2013 07.03.2013 19.02.2013 19.02.2013 13.02.2013 08.02.2013 07.02.2013 18.01.2013 17.01.2013 16.12.2012 20.11.2012 08.11.2012 22.10.2012 28.08.2012

27.03.2013

Suzuki Motor Corp SUZUKI MOTOR CORPORATION manufactures automobiles, motorcycles, and their related parts. The Company has production facilities in USA, Japan, Taiwan, India, Pakistan, Indonesia, Thailand, and Hungary.

Price/Volume 3000

8.0 M 7.0 M

2500

6.0 M 2000

Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 7269 JT EQUITY YTD Change 7269 JT EQUITY YTD % CHANGE

03/2012 12/yy 2'464.00 1'331.00 2'107'800.00 2130 -13.56% 60.03% 73.96% 561.0 1'195'030.75 451'384.00 0.0 124'009.0 834'338.00 973'885.76

31.03.2008 3'502'419.0 0.36x 311'005.0 4.00x 80'254.0 14.13x

4.0 M 3.0 M

1000

2.0 M 500

1.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

5.0 M

1500

Valuation Analysis

31.03.2009 31.03.2010 3'004'888.0 2'469'063.0 0.34x 0.44x 218'129.0 221'214.0 4.69x 4.95x 27'429.0 28'913.0 26.41x 32.87x Profitability

LTM-4Q 31.03.2011 2'608'217.0 0.36x 245'302.0 3.79x 45'174.0 23.05x

LTM

FY+1

1.04 381.93 6.87% -4.64% 1.042 21 3.381 2'001'720 2'344'263 2'488'729 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 2'512'186.0 ######### ######### ######### ######### 748'271.0 657'644.3 0.34x 1.27x 1.21x 0.42x 0.38x 1.36x 222'421.0 216'895.0 227'783.0 246'956.5 297'750.9 78'311.0 70'017.5 3.82x 3.00x 4.55x 3.94x 3.27x 3.36x 3.33x 53'887.0 43'182.0 61'696.0 75'085.4 95'072.9 24'564.2 23'502.0 20.58x 20.68x 20.39x 16.10x 12.68x 12.99x 12.54x S&P Issuer Ratings 222'421.00 Long-Term Rating Date 10.04.2009 119'304.00 Long-Term Rating NR 4.75% Long-Term Outlook 4.65% Short-Term Rating Date 2.71% Short-Term Rating 6.21% Credit Ratios 4.68% EBITDA/Interest Exp. 46.83 1.12% (EBITDA-Capex)/Interest Exp. 21.73 Net Debt/EBITDA -1.53 23.8% Total Debt/EBITDA 1.93 9.0% Reference 4.9% Total Debt/Equity 45.7% 2.1% Total Debt/Capital 28.9% Asset Turnover 1.12 1.46 Net Fixed Asset Turnover 4.79 1.04 Accounts receivable turnover-days 28.46 19.60% Inventory Days 50.21 45.70% Accounts Payable Turnover Day 60.76 12.86 Cash Conversion Cycle 18.59 7.29

Price/ Cash Flow

Sales/Revenue/Turnover

35.00

4'000'000.0

30.00

3'500'000.0 3'000'000.0

25.00

2'500'000.0 20.00

2'000'000.0 15.00

1'500'000.0

10.00

1'000'000.0

5.00

500'000.0

0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Suzuki Motor Corp Holdings By:

All

Holder Name VOLKSWAGEN AG JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF TOKIO MARINE & NICHI MITSUBISHI UFJ FINAN SHIZUOKA BANK LTD RESONA HOLDINGS INC NOMURA BLACKROCK SOMPO JAPAN INSURANC STATE STREET CUSTODI CAPITAL GROUP COMPAN DB PLATINUM ADVISORS JP MORGAN CHASE BANK FUJI HEAVY INDUSTRIE CHUO MITSUI TRUST & NIPPON STEEL & SUMIT JFE HOLDINGS INC FMR LLC NIKKO ASSET MANAGEME

Firm Name

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

Analyst

Macquarie CLIVE WIGGINS JPMorgan KOHEI TAKAHASHI SMBC Nikko Securities Inc SHOTARO NOGUCHI Morgan Stanley RYOSUKE HOSHINO Okasan Securities YASUAKI IWAMOTO Mizuho Securities SEIJI SUGIURA Credit Suisse ISSEI TAKAHASHI Mitsubishi UFJ Morgan Stanley SecuritieTATSUO YOSHIDA TIW SATORU TAKADA Daiwa Securities Co. Ltd. EIJI HAKOMORI Goldman Sachs KOTA YUZAWA Nomura MASATAKA KUNUGIMOTO Ji Asia STEPHEN USHER EVA Dimensions CRAIG STERLING Deutsche Bank KURT SANGER BNP Paribas Equity Research KOICHI SUGIMOTO Advanced Research Japan KOJI ENDO Tachibana Securities KENTARO HAYASHI

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

Recommendation underperform neutral neutral Underwt/Attractive neutral neutral underperform neutral Neutral Plus neutral Buy/Neutral neutral sell buy buy buy buy outperform

Amt Held 111'610'000 24'156'000 22'827'000 19'276'000 18'557'500 14'500'000 13'000'000 11'080'300 10'288'298 9'500'000 8'764'000 7'906'333 7'501'149 7'475'000 5'780'000 5'500'000 5'469'531 4'708'500 4'580'815 4'500'100

% Out 19.89 4.31 4.07 3.44 3.31 2.58 2.32 1.97 1.83 1.69 1.56 1.41 1.34 1.33 1.03 0.98 0.97 0.84 0.82 0.8

Weighting

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

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

Latest Chg (475'000) 333'000 (13'400) (2'722'500) (594'139) 773'000 (2'300'000) 36'000 661'515 (6'700)

Target Price 2'050 2'100 2'700 2'340 2'200 2'400 2'170 2'400 #N/A N/A 2'400 2'900 2'300 1'950 #N/A N/A 2'500 1'800 2'000 #N/A N/A

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

File Dt 30.09.2012 30.09.2012 30.09.2012 30.09.2012 28.02.2013 30.09.2012 30.09.2012 31.01.2013 25.03.2013 30.09.2012 30.09.2012 31.12.2012 28.02.2013 30.09.2012 31.03.2012 31.03.2012 31.03.2012 31.03.2012 31.01.2013 26.03.2013

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

Inst Type Corporation Bank Bank Insurance Company Holding Company Bank Holding Company Unclassified Investment Advisor Insurance Company Other Investment Advisor Investment Advisor Investment Advisor Corporation Bank Corporation Corporation Investment Advisor Unclassified

Date 11.03.2013 04.03.2013 04.03.2013 03.03.2013 01.03.2013 01.03.2013 21.02.2013 18.02.2013 12.02.2013 08.02.2013 07.02.2013 07.02.2013 21.01.2013 15.01.2013 10.01.2013 12.12.2012 28.08.2012 07.02.2012

27.03.2013

T&D Holdings Inc T&D Holdings, Inc. is a holding company established through the merger of Taiyo Life Insurance, Daido Life Insurance, and T&D Financial Life Insurance. The Company manages life insurance operations for its subsidiaries.

Price/Volume 1400

9.0 M

1200

8.0 M 7.0 M

1000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8795 JT EQUITY YTD Change 8795 JT EQUITY YTD % CHANGE

03/2012 12/yy 1'219.00 722.00 2'973'800.00 1086 -10.91% 50.42% 79.48% 681.5 740'087.25 132'375.00 0.0 2'130.0 298'199.00 202'950.28

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

5.0 M

600

4.0 M 3.0 M

400

2.0 M

200

1.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 2'089'323.0 0.52x 36'749.0 34.98x

6.0 M

800

31.03.2009 31.03.2010 1'929'502.0 2'113'888.0 0.26x 0.27x (89'097.0) 24'292.0 26.68x Profitability

LTM-4Q 31.03.2011 1'878'801.0 0.05x 23'877.0 29.24x

LTM

FY+1

1.36 584.42 9.39% 6.48% 1.359 18 4.222 3'683'700 3'926'500 3'790'079 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'931'946.0 ######### ######### ######### ######### 495'000.0 0.25x 0.54x 0.67x 0.20x 0.20x 0.0 0.0 0.00x 0.00x 26'763.0 4'584.0 54'158.0 40'699.8 43'705.1 24.33x 106.86x 12.96x 18.08x 16.86x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating 4.78% Long-Term Outlook 3.73% Short-Term Rating Date 0.15% Short-Term Rating 2.89% Credit Ratios 2.80% EBITDA/Interest Exp. 0.14% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 1.4% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 1.03% Inventory Days 19.37% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

19.4% 16.2% 0.14 -

Sales/Revenue/Turnover

300.00

2'500'000.0

250.00

2'000'000.0

200.00

1'500'000.0

150.00

1'000'000.0 100.00

500'000.0

50.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

T&D Holdings Inc Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF NOMURA MITSUBISHI UFJ FINAN BANK OF NEW YORK MEL RBC DEXIA INVESTOR S RUFFER LLP SOCIETE GENERALE NIPPONKOA INSURANCE GOVT OF SINGAPORE IN JP MORGAN CHASE BANK STATE STREET CUSTODI GLG PARTNERS INVESTM KOMATSU LTD T&D HOLDINGS INC ELECTRIC POWER DEVEL OBAYASHI CORP AIU INSURANCE COMPAN SCHRODER INVESTMENT ONO PHARMACEUTICAL C

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a AIU INSURANCE COMPAN Multiple Portfolios n/a

Analyst

Macquarie SCOTT G RUSSELL Keefe, Bruyette & Woods DAVID THREADGOLD EVA Dimensions AUSTIN BURKETT Nomura WATARU OHTSUKA SMBC Nikko Securities Inc KOUICHI NIWA JPMorgan NATSUMU TSUJINO Jefferies MAKARIM SALMAN Daiwa Securities Co. Ltd. JUN SHIOTA Tokai Tokyo Securities TATSUO MAJIMA Deutsche Bank MASAO MURAKI Morgan Stanley HIDEYASU BAN Goldman Sachs TAKANORI MIYOSHI Credit Suisse TAKEHITO YAMANAKA Mizuho Securities RIE NISHIHARA Barclays AZUMA OHNO Mitsubishi UFJ Morgan Stanley SecuritieFUTOSHI SASAKI Ji Asia SHIRO YOSHIOKA

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

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

Amt Held % Out 64'893'000 9.52 37'100'000 5.44 28'122'100 4.13 24'738'830 3.63 22'248'000 3.26 16'425'000 2.41 14'424'000 2.12 (10'478'767) -1.54 9'638'000 1.41 9'487'000 1.39 9'420'000 1.38 8'763'000 1.29 8'733'604 1.28 8'167'000 1.2 7'155'800 1.05 6'159'950 0.9 6'154'410 0.9 6'000'000 0.88 5'833'543 0.86 5'704'910 0.84

Weighting

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

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

Latest Chg 6'228'000 (1'071'000) 2'152'500 207'286 (807'000) (158'000) (6'099'467) (9'347'000) (396'500) 2'000 (10'400) -

Target Price 1'250 1'750 #N/A N/A 1'100 1'400 1'760 1'291 1'200 #N/A N/A 1'200 1'400 1'300 1'130 1'300 1'000 1'300 1'310

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

File Dt Inst Type 30.09.2012 Bank 30.09.2012 Bank 30.03.2012 Unclassified 07.11.2012 Holding Company 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 31.10.2012 Hedge Fund Manager 25.03.2013 Bank 30.09.2012 Insurance Company 30.09.2012 Government 30.09.2012 Investment Advisor 30.09.2012 Other 31.01.2013 Mutual Fund Manager 31.03.2012 Corporation 30.09.2012 Insurance Company 31.03.2012 Corporation 31.03.2012 Corporation 30.09.2012 Insurance Company 03.12.2012 Investment Advisor 31.03.2012 Corporation

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

Date 22.03.2013 07.03.2013 26.02.2013 25.02.2013 22.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 20.12.2012

27.03.2013

Takeda Pharmaceutical Co Ltd Takeda Pharmaceutical Company Limited mainly manufactures and sells pharmaceuticals, food supplements, and chemical products like polyurethane. The Company also produces food, agrochemicals, and environment-related products such as pollution detectors. Takeda Pharmaceutical researches, develops, and promotes the products through its related companies in the US, Europe, and Asia.

Price/Volume 6000

7.0 M 6.0 M

4000

5.0 M

3000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.03.2013) 52-Week Low (14.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 4502 JT EQUITY YTD Change 4502 JT EQUITY YTD % CHANGE

03/2012 12/yy 5'310.00 3'225.00 2'142'300.00 5190 -2.26% 60.93% 97.12% 789.7 4'098'367.00 561'521.00 0.0 59'522.0 455'604.00 4'278'410.03

31.03.2008 1'374'802.0 1.87x 454'813.0 5.64x 355'454.0 11.91x

4.0 M 3.0 M

2000

2.0 M 1000

1.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

8.0 M

5000

31.03.2009 31.03.2010 1'538'336.0 1'465'965.0 1.29x 1.66x 424'549.0 535'037.0 4.69x 4.54x 234'385.0 297'744.0 11.73x 10.91x Profitability

LTM-4Q 31.03.2011 1'419'385.0 1.59x 473'806.0 4.76x 247'868.0 12.36x

LTM

FY+1

3.47 0.66 763.66 47.32% 36.96% 0.660 17 3.824 2'851'820 2'951'263 3'039'352 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'508'932.0 ######### ######### ######### ######### 374'000.0 2.02x 7.11x 7.87x 2.67x 2.48x 415'221.0 434'197.0 342'782.0 333'205.9 372'822.0 92'850.0 7.33x 6.64x 9.40x 12.84x 11.48x 124'162.0 192'984.0 102'467.0 167'206.7 147'394.5 25'600.0 23.17x 13.83x 29.70x 16.70x 19.76x S&P Issuer Ratings 415'221.00 Long-Term Rating Date 03.10.2011 265'027.00 Long-Term Rating AA17.56% Long-Term Outlook STABLE 16.73% Short-Term Rating Date 03.10.2011 3.10% Short-Term Rating A-1+ 5.55% Credit Ratios - EBITDA/Interest Exp. 220.51 0.46% (EBITDA-Capex)/Interest Exp. 187.64 Net Debt/EBITDA 0.37 71.3% Total Debt/EBITDA 1.54 22.1% Reference 10.2% Total Debt/Equity 27.9% 8.2% Total Debt/Capital 21.3% Asset Turnover 0.46 1.70 Net Fixed Asset Turnover 3.31 1.06 Accounts receivable turnover-days 78.06 15.70% Inventory Days 168.07 27.90% Accounts Payable Turnover Day 75.27 4.69 Cash Conversion Cycle 148.37 2.18

Price/ Cash Flow

Sales/Revenue/Turnover

12.00

1'800'000.0 1'600'000.0

10.00

1'400'000.0 1'200'000.0

8.00

1'000'000.0 6.00

800'000.0 600'000.0

4.00

400'000.0 2.00 0.00 03.04.2009

200'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Takeda Pharmaceutical Co Ltd Holdings By:

All

Holder Name NIPPON LIFE INSURANC JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO MITSUI TRUS TAKEDA SCIENCE FOUND STATE STREET CUSTODI BARCLAYS CAPITAL SEC VANGUARD GROUP INC STATE STREET NOMURA BLACKROCK SUMITOMO MITSUI FINA MELLON BANK NA NIKKO ASSET MANAGEME BANK OF NEW YORK MEL DB PLATINUM ADVISORS IYO BANK LTD/THE DAIWA SECURITIES GRO MITSUBISHI UFJ FINAN FMR LLC

Firm Name

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

Analyst

Daiwa Securities Co. Ltd. AKITADA IWASA Jefferies NAOMI KUMAGAI SMBC Nikko Securities Inc YASUHIRO NAKAZAWA Marusan Securities SHIGEKAZU ISHIDA Mitsubishi UFJ Morgan Stanley SecuritieTOSHIYUKI HIBINO Morgan Stanley MAYO MITA Credit Suisse FUMIYOSHI SAKAI Mizuho Securities HIROSHI TANAKA Barclays ATSUSHI SEKI TIW SEIHEI MORITA Nomura RYOICHI URUSHIHARA Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO JPMorgan MASAYUKI ONOZUKA Tokai Tokyo Securities TAKASHI AKAHANE EVA Dimensions ANDREW S ZAMFOTIS MP Advisors Pvt Ltd DEVESH SINGH

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

Recommendation neutral hold neutral outperform outperform Overwt/In-Line outperform neutral equalweight Neutral Plus buy Neutral Plus neutral strong buy hold underperform

Amt Held 56'827'500 47'681'000 33'116'000 26'526'100 17'912'000 17'462'000 14'654'000 12'979'142 10'684'009 8'373'500 8'100'350 7'839'000 7'775'000 5'850'500 5'667'158 4'606'513 4'300'736 4'088'100 3'590'400 3'326'886

% Out 7.2 6.04 4.19 3.36 2.27 2.21 1.86 1.64 1.35 1.06 1.03 0.99 0.98 0.74 0.72 0.58 0.54 0.52 0.45 0.42

Weighting

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

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

Latest Chg 8'600 (37'000) 4'633'000 (22'957'900) (134'000) 199'862 1'588'700 (192'500) 207'268 (103'000) 938'000 35'200 (200'000) 312'500 (10'900) (436'372)

Target Price 5'050 4'800 5'200 #N/A N/A 4'300 5'700 5'300 4'900 4'050 #N/A N/A 5'400 5'200 4'100 #N/A N/A #N/A N/A 3'500

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

File Dt 20.12.2012 30.09.2012 30.09.2012 31.12.2012 30.09.2012 30.09.2012 30.09.2012 31.12.2012 26.03.2013 28.02.2013 25.03.2013 30.09.2012 30.09.2012 31.12.2012 26.03.2013 28.02.2013 31.03.2012 28.02.2013 28.02.2013 31.01.2013

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

Inst Type Insurance Company Bank Bank Bank Other Other Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Bank Investment Advisor Unclassified Investment Advisor Investment Advisor Bank Holding Company Holding Company Investment Advisor

Date 15.03.2013 14.03.2013 05.03.2013 01.03.2013 27.02.2013 26.02.2013 25.02.2013 25.02.2013 22.02.2013 14.02.2013 07.02.2013 05.02.2013 05.02.2013 04.02.2013 15.01.2013 25.05.2011

27.03.2013

Tokio Marine Holdings Inc Tokio Marine Holdings, Inc., through subsidiaries, offers property, casualty and life insurance, and asset management services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8766 JT EQUITY YTD Change 8766 JT EQUITY YTD % CHANGE

03/2012 12/yy 2'926.00 1'651.00 2'787'600.00 2726 -6.84% 65.11% 88.08% 769.5 2'097'723.50 1'436'988.00 0.0 16'261.0 380'792.00 1'907'068.45

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

7.0 M

3000

6.0 M

2500

5.0 M

2000

4.0 M

1500

3.0 M

1000

2.0 M

500

1.0 M

0 m-12

31.03.2009 31.03.2010 2'747'081.0 3'074'931.0 0.96x 1.18x 23'141.0 128'418.0 82.22x 16.15x Profitability

LTM-4Q 31.03.2011 3'175'791.0 0.90x 71'924.0 24.05x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

1.93 1.21 667.69 21.10% 15.55% 1.208 16 4.250 2'995'900 3'522'397 3'331'147 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 3'377'787.0 ######### ######### ######### ######### 857'600.0 0.83x 2.31x 2.49x 0.56x 0.54x 0.0 0.0 0.00x 0.00x 6'001.0 (86'757.0) 113'094.0 114'088.2 132'331.8 290.41x 0.00x 16.16x 18.45x 15.97x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating 4.83% Long-Term Outlook 4.54% Short-Term Rating Date -0.06% Short-Term Rating -0.60% Credit Ratios -0.34% EBITDA/Interest Exp. 0.20% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 0.2% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 8.80% Inventory Days 78.05% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

78.0% 43.6% 0.20 -

Sales/Revenue/Turnover

40.00

4'000'000.0

35.00

3'500'000.0

30.00

3'000'000.0

25.00

2'500'000.0

20.00

2'000'000.0

15.00

1'500'000.0

10.00

1'000'000.0

5.00

500'000.0

0.00 03.04.2009

a-12 m-12

Fiscal Year Ended 31.03.2008 2'937'717.0 1.41x 108'766.0 27.56x

3500

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Tokio Marine Holdings Inc Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC BLACKROCK MASTER TRUST BANK OF SUMITOMO MITSUI TRUS MITSUBISHI UFJ FINAN MEIJI YASUDA LIFE IN STATE STREET CUSTODI STATE STREET MITSUBISHI HEAVY IND MELLON BANK NA EMPLOYEES' STOCKHOLD ASAHI GLASS CO LTD NOMURA MITSUBISHI ESTATE CO NIPPON YUSEN KK VANGUARD GROUP INC NIKKO ASSET MANAGEME SHIZUOKA BANK LTD DAIWA SECURITIES GRO MITSUBISHI ELECTRIC

Firm Name

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

Analyst

Macquarie SCOTT G RUSSELL Morgan Stanley HIDEYASU BAN Jefferies MAKARIM SALMAN Keefe, Bruyette & Woods DAVID THREADGOLD Mizuho Securities RIE NISHIHARA Tokai Tokyo Securities TATSUO MAJIMA SMBC Nikko Securities Inc KOUICHI NIWA Nomura WATARU OHTSUKA JPMorgan NATSUMU TSUJINO Daiwa Securities Co. Ltd. JUN SHIOTA Credit Suisse TAKEHITO YAMANAKA Barclays AZUMA OHNO Mitsubishi UFJ Morgan Stanley SecuritieFUTOSHI SASAKI Deutsche Bank MASAO MURAKI EVA Dimensions AUSTIN BURKETT Goldman Sachs TAKANORI MIYOSHI

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

Recommendation neutral Equalwt/Attractive buy outperform buy neutral outperform buy overweight outperform neutral equalweight neutral buy overweight Buy/Neutral

Amt Held 60'652'000 54'412'465 46'660'000 34'462'300 19'825'700 19'179'000 16'969'000 15'604'691 14'074'000 12'666'000 11'785'000 10'256'000 7'585'400 6'929'500 6'912'695 6'515'271 5'869'600 5'602'948 3'428'900 3'219'000

% Out 7.88 7.07 6.06 4.48 2.58 2.49 2.21 2.03 1.83 1.65 1.53 1.33 0.99 0.9 0.9 0.85 0.76 0.73 0.45 0.42

Weighting

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

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

Latest Chg 13'908'000 (1'038'462) 2'764'000 (47'800) (1'233'000) 983'700 438'000 151'000 (139'300) (75'946) 84'500 -

Target Price 2'600 3'200 3'626 3'400 3'280 #N/A N/A 3'500 3'300 3'800 3'000 2'750 2'400 2'400 2'920 #N/A N/A 3'400

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

File Dt 30.09.2012 25.03.2013 30.09.2012 15.06.2012 28.02.2013 30.09.2012 30.09.2012 26.03.2013 30.09.2012 30.09.2012 30.09.2012 31.12.2011 28.02.2013 31.03.2012 31.03.2012 31.12.2012 15.06.2012 31.03.2012 28.02.2013 31.03.2012

Date 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 9 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 24 month

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

Date 22.03.2013 21.03.2013 21.03.2013 13.03.2013 28.02.2013 22.02.2013 22.02.2013 19.02.2013 15.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 15.01.2013 10.02.2012

27.03.2013

Tokyo Electron Ltd Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components. The Company products are sold in US, Taiwan, and others as well as in Japan.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (04.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8035 JT EQUITY YTD Change 8035 JT EQUITY YTD % CHANGE

03/2012 12/yy 4'936.10 3'155.00 813'400.00 4070 -17.55% 29.00% 50.25% 180.6 735'086.44 5'046.00 0.0 10'656.0 247'624.00 503'164.41

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

6.0 M

5000

5.0 M

4000

4.0 M

3000

3.0 M

2000

2.0 M

1000

1.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 906'091.0 1.02x 189'911.0 4.88x 106'271.0 10.20x

6000

31.03.2009 31.03.2010 508'082.0 418'636.0 0.90x 2.10x 37'778.0 17'821.0 12.04x 49.43x 7'543.0 (9'033.0) 86.36x Profitability

LTM-4Q 31.03.2011 668'722.0 0.83x 115'577.0 4.80x 71'924.0 11.41x

31.03.2012 633'091.0 0.97x 84'640.0 7.28x 36'725.0 23.09x

84'640.00 60'443.00 9.55% 9.57% 2.12% 2.77% 0.75% 33.4% 10.7% 6.2% 5.8% 4.86 3.18 0.64% 0.86% 5.11 2.67

Price/ Cash Flow

LTM

FY+1

1.28 1.07 170.33 -15.51% 4.09% 1.072 22 3.409 1'332'300 1'604'157 1'652'859 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 646'173.0 536'088.0 491'977.7 525'763.6 130'987.8 103'178.0 1.43x 1.15x 1.07x 0.99x 94'945.0 48'715.0 35'070.5 45'008.2 11'968.0 6'646.0 0.00x 0.00x 14.35x 11.18x 10.29x 47'214.0 8'377.0 4'353.9 14'079.6 3'851.3 (3'816.0) 14.85x 84.15x 168.22x 51.47x 44.14x S&P Issuer Ratings Long-Term Rating Date 09.01.2007 Long-Term Rating NR 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 0.9% Total Debt/Capital 0.8% Asset Turnover 0.75 Net Fixed Asset Turnover 4.59 Accounts receivable turnover-days 71.57 Inventory Days 137.17 Accounts Payable Turnover Day 37.65 Cash Conversion Cycle 174.55 Sales/Revenue/Turnover

30.00

1'000'000.0 900'000.0

25.00

800'000.0 700'000.0

20.00

600'000.0

15.00

500'000.0 400'000.0

10.00

300'000.0 200'000.0

5.00 0.00 03.04.2009

100'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.03.2013

Tokyo Electron Ltd Holdings By:

All

Holder Name MASTER TRUST BANK OF JAPAN TRUSTEE SERVIC MELLON BANK NA TOKYO BROADCASTING S SUMITOMO MITSUI TRUS NOMURA STATE STREET STATE STREET CUSTODI NIKKO ASSET MANAGEME T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO MANNING & NAPIER ADV FMR LLC VANGUARD GROUP INC TRUST & CUSTODY SERV DAIWA SECURITIES GRO JP MORGAN CHASE BANK TOKIO MARINE & NICHI MITSUBISHI UFJ FINAN BLACKROCK

Firm Name Credit Suisse Tachibana Securities JPMorgan Daiwa Securities Co. Ltd. SMBC Nikko Securities Inc Okasan Securities Tokai Tokyo Securities TIW Barclays Morgan Stanley Goldman Sachs Mizuho Securities BNP Paribas Equity Research Nomura EVA Dimensions Macquarie Iwai Cosmo Securities Co. Ltd Ji Asia

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

Analyst HIDEYUKI MAEKAWA TSUNENORI OHMAKI HISASHI MORIYAMA HIROKAZU MITSUDA YUKIHIKO SHIMADA KAZUMASA KUBOTA HARUO SATO MASAKAZU ITOI MASAHIRO NAKANOMYO KAZUO YOSHIKAWA TOSHIYA HARI EISAKU OHMORI YOSHITSUGU YAMAMOTO TETSUYA WADAKI ANDREW S ZAMFOTIS CLAUDIO ARITOMI KAZUYOSHI SAITO STEVE MYERS

Source Co File Co File Co File Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG Co File MF-AGG ULT-AGG MF-AGG Co File MF-AGG Co File Co File ULT-AGG ULT-AGG

Recommendation neutral outperform overweight neutral neutral neutral strong buy neutral equalweight Underwt/In-Line neutral/neutral neutral reduce neutral overweight outperform Neutral Plus buy

Amt Held 19'881'000 14'794'000 8'729'000 7'727'000 7'313'300 5'003'600 4'866'774 3'955'000 3'798'500 3'327'800 3'216'000 3'171'170 2'961'491 2'930'703 2'802'000 2'769'300 2'574'000 2'045'932 2'033'000 1'618'552

% Out 11.01 8.19 4.83 4.28 4.05 2.77 2.69 2.19 2.1 1.84 1.78 1.76 1.64 1.62 1.55 1.53 1.43 1.13 1.13 0.9

Weighting

Change 3 5 5 3 3 3 5 3 3 1 3 3 2 3 5 5 3 5

D M M M M U M M M M M M M M M M M M

Latest Chg 380'000 (389'000) 2'514'000 (383) (8'218'000) (185'900) 670'300 (307'000) (2'800) (778'500) 1'481'500 (4'855'613) 341'618 88'000 84'200 (374'000) (24'600) (65'851)

Target Price 4'700 #N/A N/A 5'100 4'540 3'270 #N/A N/A #N/A N/A #N/A N/A 3'650 3'300 3'230 4'000 3'000 3'694 #N/A N/A 4'425 4'100 6'200

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2012 30.09.2012 30.09.2012 30.09.2012 14.09.2012 28.02.2013 26.03.2013 30.09.2012 26.03.2013 31.12.2012 30.09.2012 31.12.2012 30.11.2012 31.12.2012 30.09.2012 28.02.2013 30.09.2012 31.03.2012 28.02.2013 25.03.2013

Date Not Provided Not Provided 9 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 6 month 12 month

Inst Type Bank Bank Investment Advisor Corporation Bank Unclassified Investment Advisor Other Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Holding Company Investment Advisor Insurance Company Holding Company Investment Advisor

Date 15.03.2013 15.03.2013 12.03.2013 06.03.2013 28.02.2013 20.02.2013 20.02.2013 18.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 17.01.2013 20.12.2012 06.08.2012 13.04.2012

27.03.2013

Tokyo Gas Co Ltd TOKYO GAS CO., LTD. produces and supplies liquefied natural gas to Tokyo and the surrounding areas. The Company maintains and manages gas supply equipment and sells air conditioning appliances. Tokyo Gas operates power generation business as well.

Price/Volume 600

25.0 M

500

20.0 M

400

Latest Fiscal Year: LTM as of: 52-Week High (22.03.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 9531 JT EQUITY YTD Change 9531 JT EQUITY YTD % CHANGE

03/2012 12/yy 523.00 365.00 10'124'000.00 504 -3.63% 38.08% 90.51% 2'577.9 1'299'271.38 627'460.00 0.0 15'933.0 122'780.00 1'881'646.32

31.03.2008 1'487'496.0 1.07x 208'864.0 7.64x 42'487.0 25.28x

10.0 M

200

5.0 M

100 0 m-12

a-12 m-12

31.03.2009 31.03.2010 1'660'162.0 1'415'718.0 0.89x 1.11x 202'713.0 227'912.0 7.30x 6.92x 41'708.0 53'781.0 22.07x 20.75x Profitability

LTM-4Q 31.03.2011 1'535'242.0 1.00x 267'840.0 5.71x 95'467.0 10.67x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

1.79 0.56 2'407.18 30.28% 28.73% 0.563 12 4.167 11'117'800 10'905'770 10'886'350 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'754'257.0 ######### ######### ######### ######### 573'073.0 0.87x 3.65x 3.35x 0.97x 0.92x 221'513.0 164'684.0 198'226.0 280'341.6 288'925.4 6.90x 0.00x 0.00x 6.71x 6.51x 46'060.0 53'132.0 111'168.0 91'848.0 93'564.0 22.03x 17.94x 9.16x 14.11x 13.82x S&P Issuer Ratings 221'513.00 Long-Term Rating Date 28.01.2011 77'075.00 Long-Term Rating AA4.39% Long-Term Outlook NEG 4.26% Short-Term Rating Date 28.09.2012 5.03% Short-Term Rating A-1+ 10.93% Credit Ratios 6.79% EBITDA/Interest Exp. 21.75 1.03% (EBITDA-Capex)/Interest Exp. 9.57 Net Debt/EBITDA 2.06 - Total Debt/EBITDA 2.27 15.0% Reference 7.5% Total Debt/Equity 74.8% 2.6% Total Debt/Capital 42.3% Asset Turnover 1.03 1.57 Net Fixed Asset Turnover 1.07 Accounts receivable turnover-days 35.34 33.66% Inventory Days 74.77% Accounts Payable Turnover Day 10.36 Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

8.00

2'000'000.0

7.00

1'800'000.0 1'600'000.0

6.00

1'400'000.0

5.00

1'200'000.0

4.00

1'000'000.0 800'000.0

3.00

600'000.0

2.00

400'000.0

1.00

200'000.0

0.00 03.04.2009

j-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

300

Valuation Analysis

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Tokyo Gas Co Ltd Holdings By:

All

Holder Name NIPPON LIFE INSURANC JAPAN TRUSTEE SERVIC DAI ICHI LIFE INSURA MASTER TRUST BANK OF STATE STREET CUSTODI EMPLOYEES' STOCKHOLD BLACKROCK FUKOKU MUTUAL LIFE I STATE STREET MITSUBISHI CORP NIKKO ASSET MANAGEME VANGUARD GROUP INC NOMURA MITSUBISHI UFJ FINAN SHIMIZU CORP SUN LIFE FINANCIAL I PUTNAM INVESTMENT MA DAIWA SECURITIES GRO NEW JERSEY DIVISION DEUTSCHE BANK AG

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Mizuho Securities NORIMASA SHINYA Morgan Stanley YUKA MATAYOSHI EVA Dimensions AUSTIN BURKETT Okasan Securities SHINICHI YAMAZAKI Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO Nomura SHIGEKI MATSUMOTO SMBC Nikko Securities Inc HIDETOSHI SHIODA Goldman Sachs HIROYUKI SAKAIDA Mito Securities KEITA WAKABAYASHI

Source ULT-AGG Co File Co File Co File ULT-AGG Co File ULT-AGG Co File ULT-AGG Co File ULT-AGG MF-AGG ULT-AGG ULT-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy Overwt/In-Line hold buy outperform buy neutral neutral/neutral Neutral Plus

Amt Held 164'376'000 164'021'000 155'962'000 100'690'000 58'135'000 47'338'000 44'828'294 41'103'000 31'568'729 27'959'000 27'317'000 23'676'805 21'954'000 14'980'837 12'397'000 10'513'000 9'451'000 8'058'000 8'000'000 7'193'600

% Out 6.38 6.36 6.05 3.91 2.26 1.84 1.74 1.59 1.22 1.08 1.06 0.92 0.85 0.58 0.48 0.41 0.37 0.31 0.31 0.28

Weighting

Change 5 5 3 5 5 5 3 3 3

M M D M M M M U N

Latest Chg 51'000 (12'009'000) 35'490'000 3'742'000 (857'000) 411'000 (3'671'488) 24'000 (4) 1'461'000 677'307 1'910'000 (2'716'113) (283'000) (1'056'000) 255'000 5'002'348 482'000

Target Price 530 470 #N/A N/A 530 510 540 390 440 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 20.12.2012 Insurance Company 30.09.2012 Bank 30.09.2012 Insurance Company 30.09.2012 Bank 30.09.2012 Other 30.09.2012 n/a 25.03.2013 Investment Advisor 30.09.2012 Insurance Company 26.03.2013 Investment Advisor 31.03.2012 Corporation 13.04.2012 Unclassified 31.12.2012 Investment Advisor 28.02.2013 Unclassified 07.11.2012 Holding Company 31.03.2012 Corporation 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Holding Company 30.06.2012 Pension Fund (ERISA) 31.01.2013 Investment Advisor

Date 12 month 12 month Not Provided 6 month 12 month 12 month 12 month 12 month Not Provided

Date 27.03.2013 26.03.2013 21.03.2013 12.02.2013 06.02.2013 04.02.2013 12.12.2012 30.11.2012 21.09.2012

27.03.2013

Toray Industries Inc TORAY INDUSTRIES, INC. manufactures yarns, synthetic fibers, and man-made leather used as apparel and industrial materials. The Company also makes chemical products such as polyester films, engineering plastics, and resin materials. Toray develops information equipment such as electronic circuit and liquid crystal color filter.

Price/Volume 700

Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3402 JT EQUITY YTD Change 3402 JT EQUITY YTD % CHANGE

03/2012 12/yy 654.00 421.00 3'785'000.00 640 -2.14% 52.02% 96.57% 1'631.5 1'044'148.13 481'906.00 0.0 46'751.0 81'390.00 1'534'926.10

400

15.0 M

300

10.0 M

200 5.0 M

100 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

500

Valuation Analysis

31.03.2008 1'649'670.0 0.90x 190'420.0 7.82x 48'069.0 18.84x

25.0 M

600

31.03.2009 31.03.2010 1'471'561.0 1'359'631.0 0.81x 1.01x 119'589.0 114'910.0 10.02x 12.00x (16'326.0) (14'158.0) Profitability

LTM-4Q 31.03.2011 1'539'693.0 0.92x 170'503.0 8.34x 57'925.0 16.62x

LTM

FY+1

1.56 0.94 1'514.05 4.30% 22.39% 0.945 18 3.444 8'191'000 8'111'800 9'605'276 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'588'604.0 ######### ######### ######### ######### 421'483.0 0.91x 3.44x 3.45x 0.93x 0.89x 175'085.0 187'486.0 148'362.0 159'320.0 177'228.1 8.27x 7.20x 9.10x 9.63x 8.66x 64'218.0 68'120.0 47'530.0 49'632.1 60'074.3 12'100.0 15.58x 13.18x 18.06x 20.98x 17.24x S&P Issuer Ratings 175'085.00 Long-Term Rating Date 10.04.2009 107'721.00 Long-Term Rating NR 6.78% Long-Term Outlook 6.36% Short-Term Rating Date 2.75% Short-Term Rating 7.06% Credit Ratios 4.14% EBITDA/Interest Exp. 30.37 0.96% (EBITDA-Capex)/Interest Exp. 15.29 Net Debt/EBITDA 2.95 20.6% Total Debt/EBITDA 3.51 9.6% Reference 5.3% Total Debt/Equity 76.8% 4.0% Total Debt/Capital 41.7% Asset Turnover 0.96 1.41 Net Fixed Asset Turnover 2.79 0.70 Accounts receivable turnover-days 67.37 30.47% Inventory Days 92.23 76.81% Accounts Payable Turnover Day 49.93 5.43 Cash Conversion Cycle 95.07 3.97

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

1'800'000.0 1'600'000.0

20.00

1'400'000.0 1'200'000.0

15.00

1'000'000.0 800'000.0

10.00

600'000.0 400'000.0

5.00

200'000.0 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Toray Industries Inc Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO MITSUI TRUS NIPPON LIFE INSURANC MITSUI LIFE INSURANC STATE STREET CUSTODI SUMITOMO MITSUI FINA NIKKO ASSET MANAGEME FMR LLC MITSUI FUDOSAN CO LT MITSUI SUMITOMO INSU MITSUI & CO LTD BLACKROCK VANGUARD GROUP INC NOMURA TOKYO BROADCASTING S DAIWA SECURITIES GRO MITSUBISHI HEAVY IND TOYOTA MOTOR CORP JAPAN STEEL WORKS LT

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a

Analyst

Jefferies YOSHIHIRO AZUMA SMBC Nikko Securities Inc TAKATO WATABE Mitsubishi UFJ Morgan Stanley SecuritieYASUHIRO NAKADA Goldman Sachs HISAAKI YOKOO Okasan Securities TAKASHI NISHIHIRA Barclays MIKIYA YAMADA TIW TOSHIRO TAKAHASHI Credit Suisse MASAMI SAWATO Mizuho Securities WAKAKO SATO Nomura SHIGEKI OKAZAKI EVA Dimensions CRAIG STERLING Daiwa Securities Co. Ltd. YUSUKE ANDO Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO Marusan Securities SATOSHI EBISAWA Tachibana Securities YOSHIHIRO OHTSUKA Mito Securities JUN IKEYAMA

Source Co File Co File ULT-AGG ULT-AGG Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG Co File Co File ULT-AGG ULT-AGG MF-AGG ULT-AGG Co File MF-AGG Co File ULT-AGG Co File

Recommendation underperform outperform outperform Sell/Neutral buy equalweight neutral outperform buy neutral underweight underperform Neutral Plus outperform outperform Neutral Plus

Amt Held 110'156'000 109'799'000 86'451'000 73'083'000 35'961'000 32'490'000 30'022'000 29'308'000 21'370'290 19'460'000 17'638'000 15'997'000 15'278'700 13'930'381 13'624'000 11'061'000 9'164'000 8'141'000 7'211'000 7'164'000

% Out 6.75 6.73 5.3 4.48 2.2 1.99 1.84 1.8 1.31 1.19 1.08 0.98 0.94 0.85 0.84 0.68 0.56 0.5 0.44 0.44

Weighting

Change 1 5 5 1 5 3 3 5 5 3 1 1 3 5 5 3

M M M M M M M M M M M M M M M N

Latest Chg (21'030'000) 2'824'000 (50'376'000) 4'000 (1'209'000) 471'000 (5'763'000) 116'929 (720) (900) 11'000 412'490 816'000 35'000 -

Target Price 410 650 660 520 600 520 #N/A N/A 610 590 540 #N/A N/A 400 550 #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2012 30.09.2012 31.01.2013 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.01.2013 31.01.2013 30.09.2012 30.09.2012 31.03.2012 25.03.2013 31.12.2012 28.02.2013 31.03.2012 28.02.2013 31.03.2012 07.08.2012 31.03.2012

Date 12 month 12 month 12 month 12 month 6 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 6 month Not Provided Not Provided Not Provided

Inst Type Bank Bank Bank Insurance Company Insurance Company Other Bank Unclassified Investment Advisor Corporation Insurance Company Corporation Investment Advisor Investment Advisor Unclassified Corporation Holding Company Corporation Corporation Corporation

Date 25.03.2013 21.03.2013 08.03.2013 25.02.2013 15.02.2013 12.02.2013 12.02.2013 07.02.2013 07.02.2013 07.02.2013 17.01.2013 14.11.2012 07.08.2012 31.05.2012 08.11.2011 31.08.2010

27.03.2013

Toshiba Corp TOSHIBA CORPORATION manufactures and markets electrical and electronic products. The Company's products include digital products such as PCs and televisions, electronic devices such as NAND flash memories and system LSIs (large-scale integrated) , social infrastructures such as power generators and medical equipment, and home appliances.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6502 JT EQUITY YTD Change 6502 JT EQUITY YTD % CHANGE

03/2012 12/yy 488.00 234.00 28'212'000.00 475 -2.66% 102.99% 94.88% 4'237.6 2'012'861.00 1'269'961.00 0.0 369'254.0 214'305.00 3'778'864.96

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.03.2009 31.03.2010 6'654'518.0 6'381'599.0 0.39x 0.52x 99'578.0 416'189.0 26.30x 7.99x (343'559.0) (19'743.0) Profitability

LTM-4Q 31.03.2011 6'398'505.0 0.45x 499'877.0 5.72x 137'845.0 11.80x

120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

1.68 1.31 4'013.42 30.83% 42.14% 1.308 22 4.409 27'099'400 45'902'700 51'913'830 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 6'100'262.0 ######### ######### ######### ######### ######### ######### 0.49x 1.89x 2.00x 0.61x 0.56x 453'619.0 437'592.0 442'848.0 480'510.5 579'545.4 210'842.0 101'309.0 6.54x 6.48x 7.21x 7.86x 6.52x 73'705.0 109'732.0 116'152.0 112'150.0 162'902.9 64'951.6 13'104.0 20.55x 12.09x 12.22x 17.94x 12.26x S&P Issuer Ratings 453'619.00 Long-Term Rating Date 07.08.2009 206'649.00 Long-Term Rating BBB 3.39% Long-Term Outlook STABLE 2.50% Short-Term Rating Date 07.08.2009 1.40% Short-Term Rating A-2 9.37% Credit Ratios 4.32% EBITDA/Interest Exp. 14.26 1.08% (EBITDA-Capex)/Interest Exp. 5.09 Net Debt/EBITDA 2.82 24.0% Total Debt/EBITDA 3.21 7.4% Reference 3.3% Total Debt/Equity 146.4% 1.2% Total Debt/Capital 50.7% Asset Turnover 1.08 1.13 Net Fixed Asset Turnover 6.76 0.57 Accounts receivable turnover-days 63.87 22.16% Inventory Days 81.14 146.43% Accounts Payable Turnover Day 87.06 5.73 Cash Conversion Cycle 44.20 4.51

Price/ Cash Flow

Sales/Revenue/Turnover

10.00

9'000'000.0

9.00

8'000'000.0

8.00

7'000'000.0

7.00

6'000'000.0

6.00

5'000'000.0

5.00

4'000'000.0

4.00

3'000'000.0

3.00

2'000'000.0

2.00

1'000'000.0

1.00 0.00 03.04.2009

140.0 M

Fiscal Year Ended 31.03.2008 7'668'076.0 0.47x 618'259.0 5.80x 127'413.0 16.88x

500 450 400 350 300 250 200 150 100 50 0 m-12 a-12 m-12

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Toshiba Corp Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO MITSUI TRUS DAI ICHI LIFE INSURA NIPPON LIFE INSURANC COMPANY'S MOCHIKABUK STATE STREET CUSTODI NIPPONKOA INSURANCE SUMITOMO MITSUI FINA NIKKO ASSET MANAGEME BLACKROCK MITSUI SUMITOMO INSU VANGUARD GROUP INC NOMURA FMR LLC CHUO MITSUI TRUST & MITSUBISHI UFJ FINAN BANK OF NEW YORK MEL TOKIO MARINE & NICHI NIPPON STEEL & SUMIT

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a

Analyst

Iwai Cosmo Securities Co. Ltd HIROYASU NISHIKAWA Okasan Securities TAKANOBU MURAKAMI Morgan Stanley KAZUO YOSHIKAWA Macquarie DAMIAN THONG Mizuho Securities TAKESHI TANAKA Credit Suisse HIDEYUKI MAEKAWA Mitsubishi UFJ Morgan Stanley SecuritieHITOSHI SHIN Tokai Tokyo Securities HARUO SATO SMBC Nikko Securities Inc YUKIHIKO SHIMADA TIW TAKAO HATTORI JPMorgan HISASHI MORIYAMA Tachibana Securities TSUNENORI OHMAKI Daiwa Securities Co. Ltd. HIROSUKE TAI Nomura MASAYA YAMASAKI Goldman Sachs IKUO MATSUHASHI EVA Dimensions ANDREW S ZAMFOTIS ACE Research Institute HIDEKI YASUDA Ji Asia STEVE MYERS Jih Sun Securities CHEN LIYEN

Source Co File Co File ULT-AGG Co File ULT-AGG Co File ULT-AGG Co File ULT-AGG ULT-AGG ULT-AGG Co File MF-AGG ULT-AGG ULT-AGG Co File ULT-AGG MF-AGG Co File Co File

Recommendation outperform neutral Overwt/In-Line outperform buy outperform outperform above average outperform neutral overweight Strong Outperform outperform buy neutral/neutral sell outperform buy neutral

Amt Held 381'950'000 256'080'000 209'829'000 122'486'000 113'397'000 102'409'000 95'302'000 60'808'000 51'003'000 42'775'000 41'258'107 38'978'000 37'565'636 30'787'000 20'442'963 19'264'000 16'725'000 16'515'000 14'025'967 11'907'000

% Out 9.01 6.04 4.95 2.89 2.68 2.42 2.25 1.43 1.2 1.01 0.97 0.92 0.89 0.73 0.48 0.45 0.39 0.39 0.33 0.28

Weighting

Change 5 3 5 5 5 5 5 4 5 3 5 5 5 5 3 1 5 5 3

U N M M M U M M M M M M M M M M U U N

Latest Chg (1'569'000) 7'347'000 (45'005'000) 7'327'000 1'506'000 8'800'000 (1'949'000) 6'410'000 740'000 928'956 126'000 91'097 (338'000) 79'000 -

Target Price 580 #N/A N/A 550 545 500 560 500 #N/A N/A 600 #N/A N/A 520 #N/A N/A 500 500 400 #N/A N/A 300 398 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2012 30.09.2012 31.10.2012 30.09.2012 20.11.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.10.2012 25.03.2013 31.03.2012 31.12.2012 28.02.2013 31.01.2013 31.03.2012 28.02.2013 26.03.2013 31.03.2012 31.03.2012

Date 6 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 9 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided

Inst Type Bank Bank Bank Insurance Company Insurance Company n/a Other Insurance Company Bank Unclassified Investment Advisor Insurance Company Investment Advisor Unclassified Investment Advisor Bank Holding Company Investment Advisor Insurance Company Corporation

Date 25.03.2013 12.03.2013 05.03.2013 05.03.2013 01.03.2013 27.02.2013 27.02.2013 20.02.2013 12.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 28.01.2013 17.01.2013 14.11.2012 02.05.2012 10.12.2010

27.03.2013

Toyota Motor Corp TOYOTA MOTOR CORPORATION manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

Price/Volume 35.0 M

5000

30.0 M 25.0 M

4000

20.0 M

3000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.02.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 7203 JT EQUITY YTD Change 7203 JT EQUITY YTD % CHANGE

03/2012 12/yy 5'050.00 2'795.00 5'651'900.00 4900 -2.97% 75.31% 93.79% 3'448.0 16'895'188.00 12'026'894.00 0.0 516'217.0 2'940'571.00 27'576'610.71

31.03.2008 26'289'240.0 1.00x 3'761'510.0 6.98x 1'717'879.0 9.19x

15.0 M

2000

10.0 M

1000

5.0 M

0 m-12 a-12 m-12

31.03.2009 31.03.2010 20'529'570.0 18'950'973.0 1.03x 1.10x 1'034'159.0 1'562'085.0 20.43x 13.30x (436'937.0) 209'456.0 56.07x Profitability

LTM-4Q 31.03.2011 18'993'688.0 1.05x 1'643'852.0 12.17x 408'183.0 25.74x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

1.14 2'652.90 38.56% 22.35% 1.135 25 4.480 8'590'180 11'763'350 12'291'940 FY+2

FQ+1

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 18'583'653.0 ######### ######### ######### ######### ######### 1.13x 4.23x 3.76x 1.22x 1.11x 1'423'457.0 ######### ######### ######### ######### 578'277.5 14.69x 13.90x 10.96x 13.38x 9.98x 11.28x 283'559.0 187'923.0 769'217.0 903'693.1 ######### 247'027.5 39.57x 42.80x 16.49x 17.19x 11.88x 13.11x S&P Issuer Ratings 1'423'457.00 Long-Term Rating Date 355'627.00 Long-Term Rating 1.91% Long-Term Outlook 3.39% Short-Term Rating Date 2.53% Short-Term Rating 7.23% Credit Ratios 3.86% EBITDA/Interest Exp. 0.72% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 11.8% Total Debt/EBITDA 9.7% Reference 4.8% Total Debt/Equity 1.5% Total Debt/Capital Asset Turnover 1.05 Net Fixed Asset Turnover 0.77 Accounts receivable turnover-days 39.24% Inventory Days 114.00% Accounts Payable Turnover Day 3.74 Cash Conversion Cycle 12.17

Price/ Cash Flow

FQ+2 06/13 Q1 ######### 604'052.5 10.91x 315'832.3 13.28x 04.03.2011 AANEG 19.03.1984 A-1+ 62.10 30.53 4.75 6.05 114.0% 52.1% 0.72 3.57 97.90 30.09 33.77 106.87

Sales/Revenue/Turnover

12.00

30'000'000.0

10.00

25'000'000.0

8.00

20'000'000.0

6.00

15'000'000.0

4.00

10'000'000.0

2.00

5'000'000.0

0.00 03.04.2009

j-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6000

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Toyota Motor Corp Holdings By:

All

Holder Name TOYOTA MOTOR CORP JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF NIPPON LIFE INSURANC STATE STREET BANK OF NEW YORK MEL TRUST & CUSTODY SERV MITSUI SUMITOMO INSU MITSUBISHI UFJ FINAN STATE STREET CUSTODI DENSO CORP TOKIO MARINE & NICHI SUMITOMO MITSUI FINA VANGUARD GROUP INC CAPITAL GROUP COMPAN BLACKROCK PANASONIC CORP NIPPON STEEL & SUMIT NOMURA HARBOR CAPITAL ADVIS

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios

Analyst

Macquarie CLIVE WIGGINS SMBC Nikko Securities Inc SHOTARO NOGUCHI Mizuho Securities SEIJI SUGIURA Morgan Stanley RYOSUKE HOSHINO Tokai Tokyo Securities YUSUKE MIURA JPMorgan KOHEI TAKAHASHI Deutsche Bank KURT SANGER Credit Suisse ISSEI TAKAHASHI Mitsubishi UFJ Morgan Stanley SecuritieTATSUO YOSHIDA Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI Mito Securities YOICHIRO WATANABE Goldman Sachs KOTA YUZAWA TIW SATORU TAKADA Tachibana Securities KENTARO HAYASHI Daiwa Securities Co. Ltd. EIJI HAKOMORI Nord/LB FRANK SCHWOPE Nomura MASATAKA KUNUGIMOTO Okasan Securities YASUAKI IWAMOTO EVA Dimensions CRAIG STERLING BNP Paribas Equity Research KOICHI SUGIMOTO Ji Asia STEPHEN USHER

Source ULT-AGG Co File Co File ULT-AGG ULT-AGG Co File Co File Co File ULT-AGG ULT-AGG Co File Co File ULT-AGG MF-AGG ULT-AGG ULT-AGG Co File Co File ULT-AGG MF-AGG

Recommendation outperform outperform neutral Overwt/Attractive above average overweight buy outperform outperform Neutral Plus Neutral Plus Buy/Neutral Neutral Plus Strong Outperform outperform buy buy buy sell buy buy

Amt Held 511'285'900 349'590'000 194'117'000 131'210'590 118'987'429 85'845'000 85'289'000 66'063'000 64'911'484 63'163'000 58'903'000 50'660'017 40'010'000 28'761'667 27'972'800 27'448'508 27'392'905 25'488'178 22'015'400 17'340'200

% Out 14.83 10.14 5.63 3.81 3.45 2.49 2.47 1.92 1.88 1.83 1.71 1.47 1.16 0.83 0.81 0.8 0.79 0.74 0.64 0.5

Weighting

Change 5 5 3 5 4 5 5 5 5 3 3 5 3 5 5 5 5 5 1 5 5

M M M M M M M M M M M U M M M M M M M M M

Latest Chg 204'300 (5'382'000) 5'660'000 (346'600) (644'600) 4'556'000 (616'000) (595) (2'974'332) (662'000) 1'566'716 (757'800) 623'800 10'463'000 53'310 -

Target Price 6'500 5'300 5'100 5'850 #N/A N/A 6'000 6'000 5'310 6'300 5'300 #N/A N/A 5'500 #N/A N/A #N/A N/A 5'000 5'100 5'800 5'000 #N/A N/A 3'850 4'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 14.12.2012 30.09.2012 30.09.2012 20.12.2012 26.03.2013 30.09.2012 30.09.2012 30.09.2012 31.03.2012 30.09.2012 30.09.2012 31.03.2012 31.03.2012 31.12.2012 31.12.2012 25.03.2013 31.03.2012 31.03.2012 28.02.2013 31.12.2012

Date 12 month 12 month 12 month 12 month Not Provided 9 month 12 month Not Provided 12 month 6 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 6 month Not Provided 12 month 12 month

Inst Type Corporation Bank Bank Insurance Company Investment Advisor Investment Advisor Bank Insurance Company Holding Company Other Corporation Insurance Company Bank Investment Advisor Investment Advisor Investment Advisor Corporation Corporation Unclassified Investment Advisor

Date 12.03.2013 08.03.2013 04.03.2013 03.03.2013 26.02.2013 25.02.2013 21.02.2013 21.02.2013 20.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 25.01.2013 17.01.2013 11.01.2013 27.08.2012

27.03.2013

Unicharm Corp UNICHARM CORPORATION is a manufacturer of sanitary napkins and baby products. Products include infant & adult diapers, household cleaning wipes, and feminine hygienic products. The Company also produces pet food and pet toiletries as well as operates educational and finance businesses.

Price/Volume 6000

1.8 M 1.6 M

5000

1.4 M

4000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (26.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8113 JT EQUITY YTD Change 8113 JT EQUITY YTD % CHANGE

03/2012 12/yy 5'630.00 4'035.00 621'500.00 5530 -1.78% 37.05% 91.85% 206.9 1'144'404.63 125'821.00 0.0 29'174.0 86'864.00 1'207'896.59

1.0 M

31.03.2008 336'864.0 1.17x 48'753.0 8.09x 16'683.0 28.10x

.8 M

2000

.6 M .4 M

1000

.2 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.2 M

3000

31.03.2009 31.03.2010 347'849.0 356'825.0 0.94x 1.40x 51'984.0 61'459.0 6.30x 8.13x 17'127.0 24'463.0 22.36x 23.41x Profitability

LTM-4Q 31.03.2011 376'947.0 1.59x 63'941.0 9.38x 33'560.0 16.98x

31.03.2012 428'391.0 2.04x 69'056.0 12.65x 26'981.0 30.15x

69'056.00 51'900.00 12.12% 10.64% 6.14% 13.02% 9.21% 1.00% 45.4% 15.8% 11.7% 6.3% 1.79 1.29 26.63% 58.79% 10.32 8.57

Price/ Cash Flow

LTM

FY+1

0.60 0.49 118.80 29.96% 23.40% 0.488 16 3.813 828'940 894'977 867'235 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 410'793.0 477'149.0 488'267.1 540'568.0 124'368.0 6.77x 7.45x 2.46x 2.18x 68'940.0 76'604.0 76'307.7 84'457.5 11.19x 11.64x 15.83x 14.30x 14'088.0 42'308.0 34'030.9 38'124.4 5'771.0 50.21x 19.62x 31.42x 27.69x S&P Issuer Ratings Long-Term Rating Date 09.01.2007 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 150.12 (EBITDA-Capex)/Interest Exp. 93.30 Net Debt/EBITDA 0.44 Total Debt/EBITDA 1.65 Reference Total Debt/Equity 58.8% Total Debt/Capital 34.1% Asset Turnover 1.00 Net Fixed Asset Turnover 4.07 Accounts receivable turnover-days 35.47 Inventory Days 42.71 Accounts Payable Turnover Day 56.76 Cash Conversion Cycle 22.48 Sales/Revenue/Turnover

30.00

450'000.0 400'000.0

25.00

350'000.0 300'000.0

20.00

250'000.0 15.00

200'000.0 150'000.0

10.00

100'000.0 5.00 0.00 03.04.2009

50'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Unicharm Corp Holdings By:

All

Holder Name UNITEC CORPORATION UNICHARM CORP TAKAHARA KOSAN KK TAKAHARA KIKIN KK NIPPON LIFE INSURANC HIROSHIMA BANK LTD JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF IYO BANK LTD/THE GOLDMAN SACHS & CO FMR LLC TAKAHARA SANGYO KK SUMITOMO REALTY & DE SUN LIFE FINANCIAL I TAKAHARA TAKAHISA ABERDEEN SARASIN VANGUARD GROUP INC BLACKROCK HARDING LOEVNER LP

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst

Goldman Sachs KEIKO YAMAGUCHI SMBC Nikko Securities Inc KUNI KANAMORI Barclays MITSUKO MIYASAKO Mizuho Securities WAKAKO SATO Credit Suisse SATSUKI KAWASAKI Daiwa Securities Co. Ltd. KATSURO HIROZUMI ACE Research Institute TOMOHIKO IKENO Mitsubishi UFJ Morgan Stanley SecuritieHISAE KAWAMOTO Morgan Stanley TAIZO DEMURA BNP Paribas Equity Research JAMES MOON EVA Dimensions AUSTIN BURKETT JPMorgan RITSUKO TSUNODA Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO Ji Asia MIKIHIKO YAMATO Nomura SATOSHI FUJIWARA Tachibana Securities SHUICHI NAGATANI

Source Co File MOF-JP Co File Co File ULT-AGG Co File Co File Co File Co File Co File ULT-AGG Co File Co File ULT-AGG Co File ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation Buy/Neutral outperform overweight underperform outperform outperform outperform neutral Overwt/In-Line reduce sell overweight Neutral Plus buy suspended coverage outperform

Amt Held 37'105'000 22'005'924 10'256'000 9'360'000 5'887'500 5'762'000 5'220'000 5'220'000 5'099'000 4'679'000 3'822'966 3'690'000 1'850'700 1'816'400 1'216'900 1'184'900 1'085'000 1'073'253 1'042'100 993'800

% Out 17.93 10.63 4.96 4.52 2.84 2.78 2.52 2.52 2.46 2.26 1.85 1.78 0.89 0.88 0.59 0.57 0.52 0.52 0.5 0.48

Weighting

Change

5 5 5 1 5 5 5 3 5 2 1 5 3 5 #N/A N/A 5

M M M M M M M M M M M M M M M D

Latest Chg (372'383) 2'400 (116'000) 414'000 (952) 409'000 222'325 14'400 (46'900) (28'600) 32'765 (14'300) 209'200

Target Price 6'100 5'800 6'000 4'200 5'600 5'120 5'450 4'800 5'400 3'750 #N/A N/A 5'300 5'200 5'200 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2012 28.02.2013 30.09.2012 30.09.2012 20.12.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.01.2013 30.09.2012 31.03.2012 31.01.2013 27.06.2012 28.02.2013 31.01.2013 31.12.2012 25.03.2013 30.06.2012

Date 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 9 month 6 month 12 month Not Provided Not Provided

Inst Type Corporation Corporation Corporation Corporation Insurance Company Bank Bank Bank Bank Investment Advisor Investment Advisor Corporation Corporation Investment Advisor n/a Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 14.03.2013 11.03.2013 07.03.2013 04.03.2013 12.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 17.01.2013 17.11.2012 09.11.2012 24.08.2012 02.07.2012 30.11.2011

27.03.2013

West Japan Railway Co West Japan Railway Company provides rail transportation services including the shinkansen network (bullet train) in North Kyushu, Kinki, Chugoku, and Hokuriku including Kyoto and Osaka. The Company also operates ferries in Miyajima, manages real estate, shopping centers, and hotels, and offers leisure-related services such as travel packaging products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 9021 JT EQUITY YTD Change 9021 JT EQUITY YTD % CHANGE

03/2012 12/yy 4'660.00 3'035.00 1'608'700.00 4525 -2.90% 49.09% 96.62% 198.3 897'111.13 1'108'057.00 0.0 30'161.0 50'389.00 1'903'331.12

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.03.2009 31.03.2010 1'275'308.0 1'190'135.0 1.24x 1.40x 259'528.0 218'433.0 6.10x 7.63x 54'529.0 24'858.0 11.25x 25.08x Profitability

LTM-4Q 31.03.2011 1'213'506.0 1.40x 246'874.0 6.91x 34'983.0 17.77x

2.5 M 2.0 M 1.5 M 1.0 M .5 M

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

2.32 0.53 178.95 37.12% 34.71% 0.526 16 4.125 1'659'320 1'044'523 903'114 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'287'679.0 ######### ######### ######### ######### 319'753.0 1.34x 5.48x 5.26x 1.46x 1.42x 279'129.0 259'974.0 289'182.0 287'354.4 289'515.4 6.20x 6.72x 5.76x 6.62x 6.57x 29'489.0 19'047.0 57'771.0 58'864.1 63'263.1 6'484.0 21.83x 34.01x 11.40x 14.86x 13.78x S&P Issuer Ratings 279'129.00 Long-Term Rating Date 10.04.2009 109'799.00 Long-Term Rating NR 8.53% Long-Term Outlook 6.23% Short-Term Rating Date 1.48% Short-Term Rating 5.36% Credit Ratios 2.10% EBITDA/Interest Exp. 8.47 0.50% (EBITDA-Capex)/Interest Exp. 1.71 Net Debt/EBITDA 3.58 22.4% Total Debt/EBITDA 3.71 22.1% Reference 9.3% Total Debt/Equity 157.5% 2.3% Total Debt/Capital 60.2% Asset Turnover 0.50 0.44 Net Fixed Asset Turnover 0.61 0.12 Accounts receivable turnover-days 6.63 41.92% Inventory Days 16.77 157.53% Accounts Payable Turnover Day 12.98 55.24 Cash Conversion Cycle 1.63 21.82

Price/ Cash Flow

Sales/Revenue/Turnover

4.50

1'300'000.0

4.00

1'280'000.0

3.50

1'260'000.0 1'240'000.0

3.00

1'220'000.0

2.50 2.00

1'200'000.0 1'180'000.0

1.50

1'160'000.0

1.00

1'140'000.0

0.50

1'120'000.0

0.00 03.04.2009

3.0 M

Fiscal Year Ended 31.03.2008 1'290'190.0 1.42x 265'498.0 6.89x 57'707.0 15.13x

5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 m-12

1'100'000.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

West Japan Railway Co Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF BLACKROCK MIZUHO FINANCIAL GRO SUMITOMO MITSUI FINA MITSUBISHI UFJ FINAN WEST JAPAN RAILWAY C EMPLOYEES' STOCKHOLD NIPPON LIFE INSURANC STATE STREET CUSTODI SUMITOMO MITSUI TRUS FMR LLC RESONA HOLDINGS INC VANGUARD GROUP INC NOMURA TOKIO MARINE & NICHI MITSUI SUMITOMO INSU KAWASAKI HEAVY INDUS COHEN & STEERS CAPIT NIKKO ASSET MANAGEME

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a

Analyst

JPMorgan HITOSHI HOSOYA Macquarie NICHOLAS CUNNINGHAM EVA Dimensions CRAIG STERLING Morgan Stanley TAKUYA OSAKA Goldman Sachs HIROYUKI SAKAIDA Barclays RYOTA HIMENO SMBC Nikko Securities Inc OSUKE ITAZAKI Okasan Securities SHINICHI YAMAZAKI Mizuho Securities SATORU KUNIEDA Nomura MASAHARU HIROKANE Mitsubishi UFJ Morgan Stanley SecuritieYUSUKE ARAMAKI Daiwa Securities Co. Ltd. HAJIME HITOTSUYANAGI

Source Co File Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG Co File Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG Co File Co File Co File MF-AGG ULT-AGG

Recommendation overweight outperform overweight Equalwt/In-Line neutral/neutral equalweight neutral buy buy buy neutral outperform

Amt Held 13'459'800 11'245'200 6'824'601 6'786'800 6'400'000 6'388'500 6'265'400 4'708'900 4'153'200 4'126'151 3'506'300 2'231'270 2'000'000 1'687'614 1'355'600 1'230'000 1'200'000 770'000 744'000 708'300

% Out 6.79 5.67 3.44 3.42 3.23 3.22 3.16 2.38 2.09 2.08 1.77 1.13 1.01 0.85 0.68 0.62 0.61 0.39 0.38 0.36

Weighting

Change 5 5 5 3 3 3 3 5 5 5 3 5

U M U D M M M M M M M M

Latest Chg 444'900 (2'241'848) (33'600) 79'200 100 99'500 7'200 (1'900) (12'794'100) 5'349 69'142 42'200 (879'200) 46'900

Target Price 5'800 5'000 #N/A N/A 4'300 4'200 4'000 3'700 4'200 4'000 4'700 3'600 4'100

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2012 30.09.2012 25.03.2013 29.10.2012 30.09.2012 28.02.2013 30.09.2012 30.09.2012 20.11.2012 30.09.2012 30.09.2012 31.01.2013 31.03.2012 31.12.2012 28.02.2013 31.03.2012 31.03.2012 31.03.2012 31.12.2012 13.04.2012

Date 9 month 12 month Not Provided 12 month 12 month Not Provided 12 month 6 month 12 month 12 month 12 month Not Provided

Inst Type Bank Bank Investment Advisor Bank Bank Holding Company Corporation n/a Insurance Company Other Bank Investment Advisor Holding Company Investment Advisor Unclassified Insurance Company Insurance Company Corporation Investment Advisor Unclassified

Date 18.03.2013 18.03.2013 11.03.2013 08.03.2013 01.03.2013 22.02.2013 15.02.2013 04.02.2013 30.01.2013 30.01.2013 17.01.2013 10.12.2012

27.03.2013

Yamada Denki Co Ltd YAMADA DENKI CO., LTD. operates consumer electronic mass sales stores throughout Japan. The Company sells home appliances, audio & visual systems, office automation equipment, telecommunication equipment, software, and computers. The Company also provides repair services for its merchandises.

Price/Volume 6000

4.5 M 4.0 M

5000

3.5 M

4000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (29.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 9831 JT EQUITY YTD Change 9831 JT EQUITY YTD % CHANGE

03/2012 12/yy 5'360.00 2'801.00 1'564'060.00 4380 -18.28% 56.37% 56.82% 96.6 423'322.50 227'346.00 0.0 7'061.0 77'144.00 647'267.51

2.5 M

31.03.2008 1'767'818.0 0.56x 77'715.0 12.72x 49'174.0 16.80x

2.0 M

2000

1.5 M 1.0 M

1000

.5 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

3000

31.03.2009 31.03.2010 1'871'828.0 2'016'140.0 0.31x 0.42x 71'300.0 109'378.0 8.16x 7.72x 33'207.0 55'947.0 10.92x 11.61x Profitability

LTM-4Q 31.03.2011 2'153'259.0 0.31x 143'721.0 4.57x 70'754.0 7.47x

LTM

FY+1

0.86 87.37 -15.49% 34.02% 0.859 14 3.857 1'432'028 1'209'820 1'238'600 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'835'454.0 ######### ######### ######### ######### 432'466.0 0.35x 1.37x 1.39x 0.34x 0.31x 109'224.0 135'818.0 54'133.0 70'646.8 81'622.8 5.90x 4.58x 9.92x 9.16x 7.93x 58'265.0 65'710.0 30'713.0 34'281.5 37'767.0 8'490.0 8.36x 7.51x 10.20x 12.17x 11.05x S&P Issuer Ratings 109'224.00 Long-Term Rating Date 09.01.2007 88'978.00 Long-Term Rating NR 4.85% Long-Term Outlook 5.48% Short-Term Rating Date 3.32% Short-Term Rating 6.09% Credit Ratios 4.15% EBITDA/Interest Exp. 81.15 1.75% (EBITDA-Capex)/Interest Exp. 58.35 Net Debt/EBITDA 2.89 25.3% Total Debt/EBITDA 3.89 4.1% Reference 2.9% Total Debt/Equity 43.7% 3.2% Total Debt/Capital 30.1% Asset Turnover 1.75 1.31 Net Fixed Asset Turnover 4.44 0.39 Accounts receivable turnover-days 7.77 24.24% Inventory Days 55.89 43.75% Accounts Payable Turnover Day 16.43 47.10 Cash Conversion Cycle 37.23 6.55

Price/ Cash Flow

Sales/Revenue/Turnover

40.00

2'500'000.0

35.00

2'000'000.0

30.00 25.00

1'500'000.0

20.00

1'000'000.0

15.00 10.00

500'000.0

5.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Yamada Denki Co Ltd Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF BLACKROCK STATE STREET ALLIANCE BERNSTEIN TECH PLANNING KK MIZUHO FINANCIAL GRO NOMURA GOLDMAN SACHS INTERN INVESCO ADVISERS INC JP MORGAN ASSET MGMT CAPITAL GROUP COMPAN JP MORGAN CHASE BANK YAMADA DENKI CO LTD JA ZENKYOREN STATE STREET CUSTODI GUNMA BANK LTD/THE BARCLAYS CAPITAL SEC ALLIANCE BERNSTEIN J HENDERSON GLOBAL INV

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios

Analyst

Macquarie TOBY WILLIAMS Goldman Sachs SHO KAWANO SMBC Nikko Securities Inc JUN KAWAHARA Deutsche Bank TAKAHIRO KAZAHAYA Mizuho Securities MASATO NAKAGAWA Daiwa Securities Co. Ltd. YOSHIMASA IKAZAKI Credit Suisse TAKETO YAMATE Mitsubishi UFJ Morgan Stanley SecuritieHIROSHI KOBA EVA Dimensions CRAIG STERLING JPMorgan DAIRO MURATA Nomura MASAFUMI SHODA Ji Asia MIKIHIKO YAMATO

Source Co File Co File ULT-AGG ULT-AGG ULT-AGG Co File ULT-AGG ULT-AGG Short MOF-JP MOF-JP ULT-AGG Co File Co File Co File ULT-AGG Co File Short MOF-JP MF-AGG

Recommendation outperform neutral/neutral outperform buy buy neutral outperform neutral sell neutral neutral neutral

Amt Held % Out 9'236'700 9.56 6'528'000 6.75 5'804'722 6.01 5'395'848 5.58 5'019'865 5.19 4'686'000 4.85 4'183'964 4.33 4'130'170 4.27 (3'849'096) -3.98 3'401'982 3.52 3'094'100 3.2 2'622'190 2.71 2'484'700 2.57 2'438'790 2.52 2'369'000 2.45 2'082'000 2.15 1'741'000 1.8 (1'638'819) -1.7 1'594'280 1.65 1'448'320 1.5

Weighting

Change 5 3 5 5 5 3 5 3 1 3 3 3

M M M M M M M M M M M D

Latest Chg 838'400 249'300 1'249'700 (2'010'690) 889'830 (1'261'323) 1'002'430 270 (52'440) (401'870) 37'700 (34'380) 83'870 313'580

Target Price 5'000 3'900 4'750 4'000 4'100 3'150 5'600 3'500 #N/A N/A 3'200 3'600 4'600

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2012 Bank 30.09.2012 Bank 25.03.2013 Investment Advisor 26.03.2013 Investment Advisor 14.09.2012 Investment Advisor 30.09.2012 Corporation 15.02.2013 Bank 30.11.2012 Unclassified 25.03.2013 Investment Advisor 15.11.2012 Investment Advisor 15.03.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Corporation 30.09.2012 Bank 30.09.2012 Other 31.03.2012 Bank 25.03.2013 Investment Advisor 14.09.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 9 month 12 month 12 month

Date 22.03.2013 21.03.2013 12.03.2013 05.03.2013 13.02.2013 08.02.2013 07.02.2013 07.02.2013 17.01.2013 11.01.2013 10.12.2012 29.06.2012

27.03.2013

Yamato Holdings Co Ltd YAMATO HOLDINGS CO., LTD. mainly provides door-to-door parcel delivery services. The Company has developed a nationwide delivery system specializing in time-specified delivery. Yamato Holdings offers moving services and other comprehensive transportation services including logistics services for both domestic and overseas customers.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.03.2013) 52-Week Low (23.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 9064 JT EQUITY YTD Change 9064 JT EQUITY YTD % CHANGE

03/2012 12/yy 1'756.00 1'165.00 1'271'200.00 1719 -2.11% 47.55% 93.91% 468.1 804'582.94 92'778.00 0.0 8'787.0 209'179.00 712'596.92

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.03.2009 31.03.2010 1'251'921.0 1'200'834.0 0.28x 0.42x 98'416.0 101'270.0 3.54x 4.93x 25'523.0 32'282.0 16.09x 18.29x Profitability

LTM-4Q 31.03.2011 1'236'520.0 0.38x 103'899.0 4.50x 33'207.0 17.57x

5.0 M 4.0 M 3.0 M 2.0 M 1.0 M

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

1.28 0.63 371.92 36.25% 32.26% 0.627 15 3.267 1'571'220 2'070'930 1'924'916 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'260'832.0 ######### ######### ######### ######### 301'248.0 0.35x 1.53x 1.42x 0.54x 0.53x 105'334.0 103'590.0 103'276.0 106'356.0 114'982.2 4.20x 4.55x 4.56x 6.70x 6.20x 19'786.0 21'666.0 30'360.0 36'481.4 39'715.7 5'375.0 27.80x 25.63x 18.53x 20.27x 18.67x S&P Issuer Ratings 105'334.00 Long-Term Rating Date 09.01.2007 66'650.00 Long-Term Rating NR 5.29% Long-Term Outlook 3.63% Short-Term Rating Date 2.48% Short-Term Rating 4.31% Credit Ratios 3.60% EBITDA/Interest Exp. 142.92 1.43% (EBITDA-Capex)/Interest Exp. 94.19 Net Debt/EBITDA -0.97 7.7% Total Debt/EBITDA 0.94 7.9% Reference 4.9% Total Debt/Equity 18.0% 1.6% Total Debt/Capital 15.0% Asset Turnover 1.43 1.65 Net Fixed Asset Turnover 3.39 1.49 Accounts receivable turnover-days 55.92 10.09% Inventory Days 1.06 18.02% Accounts Payable Turnover Day 36.82 6.54 Cash Conversion Cycle 21.90 345.62

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

1'400'000.0

12.00

1'200'000.0

10.00

1'000'000.0

8.00

800'000.0

6.00

600'000.0

4.00

400'000.0

2.00

200'000.0

0.00 03.04.2009

6.0 M

Fiscal Year Ended 31.03.2008 1'225'973.0 0.51x 112'952.0 5.51x 35'352.0 18.30x

2000 1800 1600 1400 1200 1000 800 600 400 200 0 m-12

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Yamato Holdings Co Ltd Holdings By:

All

Holder Name YAMATO HOLDINGS CO L MASTER TRUST BANK OF SUN LIFE FINANCIAL I JAPAN TRUSTEE SERVIC EMPLOYEES' STOCKHOLD MIZUHO FINANCIAL GRO SUMITOMO MITSUI TRUS NIPPON LIFE INSURANC MEIJI YASUDA LIFE IN CUSTOMERS' STOCKHOLD STATE STREET STATE STREET CUSTODI NOMURA SOMPO JAPAN INSURANC TOYOTA MOTOR CORP NIKKO ASSET MANAGEME BLACKROCK VANGUARD GROUP INC DAIWA SECURITIES GRO NIPPON YUSEN KK

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst

Mizuho Securities SATORU KUNIEDA Goldman Sachs MOE ICHII Morgan Stanley TAKUYA OSAKA Barclays RYOTA HIMENO SMBC Nikko Securities Inc OSUKE ITAZAKI Macquarie NICHOLAS CUNNINGHAM Okasan Securities SHINICHI YAMAZAKI Nomura MASAHARU HIROKANE EVA Dimensions CRAIG STERLING Mitsubishi UFJ Morgan Stanley SecuritieYUSUKE ARAMAKI Daiwa Securities Co. Ltd. HAJIME HITOTSUYANAGI Tachibana Securities RYUICHI ISHII

Source MOF-JP Co File ULT-AGG Co File Co File ULT-AGG ULT-AGG ULT-AGG Co File Co File ULT-AGG ULT-AGG ULT-AGG Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation neutral Sell/Neutral Underwt/In-Line equalweight underperform neutral buy buy overweight outperform neutral Strong Outperform

Amt Held 40'799'542 30'802'000 23'717'262 22'033'000 19'757'000 18'089'000 16'994'400 14'738'300 12'264'000 11'687'000 10'967'180 8'985'000 6'766'700 6'488'000 5'755'233 4'236'800 3'876'517 3'771'144 2'987'300 2'553'000

% Out 8.72 6.58 5.07 4.71 4.22 3.86 3.63 3.15 2.62 2.5 2.34 1.92 1.45 1.39 1.23 0.91 0.83 0.81 0.64 0.55

Weighting

Change 3 1 1 3 1 3 5 5 5 5 3 5

M D M D M D U M M M M N

Latest Chg 610'000 1'275'000 23'100 (413'000) 354'000 (67'600) (6'344'600) 15'600 161'000 214'000 (386'000) (160'100) (868'800) (829'200) 162'246 111'500 -

Target Price 1'850 1'600 1'400 1'550 1'210 1'475 1'700 1'800 #N/A N/A 1'700 1'300 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.02.2013 30.09.2012 31.01.2013 30.09.2012 30.09.2012 29.10.2012 13.04.2012 20.12.2012 30.09.2012 30.09.2012 26.03.2013 30.09.2012 28.02.2013 30.09.2012 07.08.2012 13.04.2012 25.03.2013 31.12.2012 28.02.2013 31.03.2012

Date 12 month 12 month 12 month Not Provided 12 month 12 month 6 month 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Corporation Bank Investment Advisor Bank n/a Bank Bank Insurance Company Insurance Company n/a Investment Advisor Other Unclassified Insurance Company Corporation Unclassified Investment Advisor Investment Advisor Holding Company Corporation

Date 22.03.2013 11.03.2013 05.03.2013 25.02.2013 22.02.2013 21.02.2013 12.02.2013 04.02.2013 17.01.2013 17.01.2013 17.12.2012 08.05.2012