Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans 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 Insurance Titans February 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

Currency

Market Capitalization (in mio USD)

Daily Volume (M)

Total Preferred Common Total Debt Stock Shares (M) (USD) (USD)

Total Revenue

Minority Cash and Enterprise Interest Equivalents Value (USD) (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

Rev. Growth

EBITDA Growth

Est. P/E Est. Est. Est. Est. Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA 12M 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

14121364

1907.672

1115

203

220

101.35

110.66

15.03

13.77

18.69

Euro Stoxx 50 Pr

EUR

2622635

5772.872

4825

811

833

186.71

323.03

25.21

16.93

14.57

21.45

NIKKEI 225

JPY

2425374

177.225

189

5.16

5.60

0.25

0.24

0.23

0.12

FTSE 100 INDEX

GBP

2721403

11808.59

9311

1486

1673

550.80

825.62

27.18

22.43

18.13

24.24

SWISS MARKET INDEX

CHF

1037093

11052.65

4174

885

859

390.09

563.39

22.92

19.43

15.87

23.24

S&P/TSX COMPOSITE INDEX

CAD

1708660

17087.54

7873

1881

2141

808.30

897.53

15.25

13.74

24.97

S&P/ASX 200 INDEX

AUD

1418991

6771.435

2869

582

700

249.20

340.41

21.64

16.73

15.84

21.87

HANG SENG INDEX

HKD

1753660

3458.521

1607

359

408

250.93

265.84

1.54

1.63

1.46

3.13

MSCI EM

USD

7972857

1461.715

1037

197

200

86.36

101.05

12.32

13.43

10.53

19.89

ACE LTD

USD

29257

371

340

33.71

17936

18451

19348

7.65

7.66

7.80

8.03

11.22

11.03

10.71

6.55

7.15

01.04.2007

AFLAC INC

USD

23305

975

468

24.72

25364

24982

26558

6.60

6.40

6.85

7.55

7.79

7.27

14.40

9.73

A-

21.04.2009

22.09.2011

AIA GROUP LTD

HKD

49855

43064

12044

6.20

1855

2354

2651

0.02

0.03

3.71

2.46

2.22

-2.81

ALLIANZ SE-REG

EUR

63044

1544

452

87.92

142075

129243

140639

143796

15.25

16.16

16.88

12.11

12.02

11.42

10.94

29.06

4.91

27.01.2012

Aa3

03.05.2004

ALLSTATE CORP

USD

22158

1191

479

#VALUE!

27.41

33315

33548

34173

4.36

4.34

4.65

5.11

10.69

9.98

9.08

2.02

0.34

A-

29.01.2009

AMERICAN INTERNATIONAL GROUP

USD

55465

2475

1897

128.51

64237

70623

56264

58434

0.57

4.54

3.85

3.41

8.28

9.77

11.01

-17.14

397.89

A-

02.03.2009

Baa1

12.01.2011

ASSICURAZIONI GENERALI

EUR

26048

6708

1541

32.17

98120

108842

98972

101882

1.56

1.02

1.38

1.78

21.81

16.13

12.57

-20.84

11.60

23.01.2013

Baa2 *-

18.12.2012

AVIVA PLC

GBp

15966

5904

2906

#VALUE!

54408

56389

60307

59807

0.55

-0.34

0.68

0.71

15.16

12.21

11.73

-44.61

31.28

A-

15.08.2012

19.05.2009

AXA SA

EUR

42236

5987

2374

35.35

158129

133235

136186

2.41

2.28

2.62

2.79

10.36

9.52

9.02

8.45

27.28

81.83

A-

18.12.2012

19.03.2003

BERKSHIRE HATHAWAY INC-CL B

USD

249036

2668

#VALUE!

162

129.56

143688

155698

#VALUE!

22008

27148

#VALUE!

5.51

7.27

-12.61

1.91

17.44

AA+

04.02.2010

Aa2

04.02.2010

CHINA LIFE INSURANCE CO-H

HKD

84715

46396

28265

#VALUE!

47758

45368

47018

52629

0.08

0.07

0.13

4.55

4.76

2.32

-0.50

2.64

AA-

16.12.2010

CHUBB CORP

USD

21811

259

262

25.33

13546

13502

13459

13888

5.23

5.21

6.63

6.89

15.99

12.57

12.09

-1.01

A+

15.12.2008

08.03.2004

ING GROEP NV-CVA

EUR

32115

15653

3801

277

287.25

54 K

56 K

61 K

62 K

0.98

1.00

1.32

1.46

11.18

10.44

8.50

7.68

-30.37

-12.38

03.09.2009

15.06.2012

LEGAL & GENERAL GROUP PLC

GBp

14104

5654

5872

#VALUE!

28025

30506

12127

12777

0.16

0.11

0.21

0.23

33.51

21.79

17.05

16.13

-80.09

09.02.2010

18.05.2010

LOEWS CORP

USD

17059

368

396

30.78

14552

13288

14489

2.36

2.42

3.37

4.04

17.91

12.88

10.74

3.01

8.06

A+

17.11.2011

28.06.2012

MANULIFE FINANCIAL CORP

CAD

27299

4399

1828

44.33

28359

40519

42560

0.95

0.93

1.27

1.48

15.72

11.52

9.94

-41.59

18.13

A-

13.12.2010

MARSH & MCLENNAN COS

USD

19669

695

545

#VALUE!

20.29

11924

12489

13123

1970

2150

683

2.15

2.11

2.40

2.67

17.10

15.02

13.50

3.45

1.11

3.70

18.17

BBB

12.10.2012

Baa2

03.03.2005

METLIFE INC

USD

39181

1848

1092

52.60

68150

69972

72114

5.28

5.27

5.29

5.65

6.81

6.78

6.35

-3.01

15.20

A-

06.08.2010

16.12.2009

MUENCHENER RUECKVER AG-REG

EUR

31982

454

178

36.75

81330

88314

77832

82400

5.26

24.02

21.22

21.70

9.91

9.48

11.22

10.97

12.27

AA-

22.12.2006

PING AN INSURANCE GROUP CO-H

HKD

62065

19308

7916

84.00

35164

41200

41446

49095

0.32

0.34

0.37

0.48

2.58

2.35

1.82

5.13

2.86

PROGRESSIVE CORP

USD

14692

1018

605

16.56

16789

17441

18544

1.16

1.48

1.60

20.95

16.41

15.19

8.35

3.61

A+

06.02.1995

24.04.2003

PRUDENTIAL FINANCIAL INC

USD

26119

642

470

47.80

84815

52809

54926

6.27

6.12

7.79

8.69

9.16

7.20

6.45

72.93

66.96

17.02.2009

Baa2

18.03.2009

PRUDENTIAL PLC

GBp

37541

1688

2548

#VALUE!

37.07

55854

59339

76189

88583

0.98

0.95

1.05

1.17

23.54

18.54

21.31

19.16

-35.77

A+

17.08.2010

20.12.2002

QBE INSURANCE GROUP LTD

AUD

16173

5545

1112

19.42

16595

17219

18045

18493

0.63

0.73

0.95

1.17

19.64

14.95

12.18

35.20

10.94

09.07.2009

SAMPO OYJ-A SHS

EUR

20893

462

560

22.69

8566

8567

7529

7548

3.35

4.11

3.19

3.38

12.12

14.86

15.60

14.75

26.82

12.61

02.01.2002

Baa2

26.03.2009

SUN LIFE FINANCIAL INC

CAD

17050

1776

600

17.40

17265

18364

21427

22213

2.45

2.54

2.52

2.68

11.02

11.11

10.44

-11.26

-1.18

24.02.2012

SWISS RE AG

CHF

30287

2334

371

42.37

35859

34543

37162

11.98

13.10

8.76

9.03

7.25

7.77

10.85

10.52

20.72

0.92

TOKIO MARINE HOLDINGS INC

JPY

22938

3082

767

20.90

36114

34580

36640

37303

-0.15

1.57

1.80

0.20

0.18

0.07

0.02

TRAVELERS COS INC/THE

USD

30278

514

377

36.30

25740

25916

26494

6.21

7.22

7.56

12.90

11.10

10.60

1.16

0.20

28.07.2011

06.06.2008

ZURICH INSURANCE GROUP AG

CHF

40692

311

147

49.98

76282

65460

67834

28.68

28.65

31.24

32.97

11.14

10.22

9.68

35.70

12.80

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

14.11.2012

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.11

1.94

1.73

2.11

1.37

1.30

1.25

1.37

9.72

9.44

8.65

9.72

8.66

7.98

7.45

8.66

13.77

12.33

11.15

13.77

2.26

2.41

2.59

2.26

1655.3

8.7%

Euro Stoxx 50 Pr

1.12

1.06

0.99

1.12

0.73

0.71

0.68

0.73

5.33

4.93

4.73

5.33

6.93

6.53

6.20

6.93

10.91

9.75

9.02

10.91

4.34

4.69

4.98

4.34

2872.5

8.8%

NIKKEI 225

1.39

1.31

1.22

1.39

0.65

0.61

0.65

8.61

7.51

7.01

8.61

8.93

7.87

7.39

8.93

21.89

17.85

13.63

21.89

1.80

1.79

2.09

1.80

11180.5

-2.5%

FTSE 100 INDEX

1.68

1.56

1.46

1.68

1.05

1.00

1.01

1.05

7.89

7.27

5.99

7.89

7.06

6.59

6.22

7.06

11.85

10.77

9.86

11.85

3.86

4.15

4.73

3.86

6644.4

3.9%

SWISS MARKET INDEX

2.35

2.18

2.00

2.35

1.98

1.88

1.80

1.98

12.06

11.03

9.99

12.06

12.86

11.93

11.16

12.86

14.66

13.15

11.97

14.66

3.29

3.65

4.13

3.29

7866.0

3.1%

S&P/TSX COMPOSITE INDEX

1.68

1.55

1.46

1.68

1.59

1.49

1.43

1.59

8.31

7.51

7.07

8.31

7.98

7.08

6.79

7.98

13.97

12.33

11.47

13.97

3.07

3.22

3.42

3.07

14382.7

12.8%

S&P/ASX 200 INDEX

1.92

1.82

1.71

1.92

1.83

1.72

1.63

1.83

11.24

10.17

9.25

11.24

9.67

8.53

7.89

9.67

15.40

13.75

12.62

15.40

4.29

4.61

4.97

4.29

5042.4

-1.1%

HANG SENG INDEX

1.40

1.29

1.22

1.40

1.87

1.73

1.56

1.87

7.53

6.96

6.69

7.53

8.47

7.70

7.23

8.47

11.31

10.26

9.46

11.31

3.38

3.69

4.54

3.38

24953.9

7.1%

MSCI EM

1.41

1.28

1.18

1.41

1.03

0.95

0.91

1.03

6.60

6.00

5.64

6.60

7.32

6.69

6.30

7.32

10.53

9.36

8.71

10.53

2.92

3.24

3.55

2.92

1196.7

12.5%

ACE LTD

1.08

0.99

0.94

0.86

1.67

1.59

1.51

1.38

11.47

11.03

10.71

9.96

2.24

2.23

2.40

2.28

91.93

6.9%

AFLAC INC

1.59

1.38

1.22

1.05

0.91

0.93

0.88

0.82

7.56

7.79

7.27

6.63

2.68

2.88

3.13

3.39

58.59

17.6%

AIA GROUP LTD

2.38

2.11

1.91

1.74

1.46

3.14

2.73

2.42

2.16

31.35

19.07

17.24

15.39

12.93

0.94

1.26

1.38

1.57

1.21

35.62

11.0%

ALLIANZ SE-REG

0.91

0.86

0.81

0.77

0.72

0.46

0.45

0.44

0.43

9.19

8.55

8.19

8.33

7.52

4.44

4.74

4.96

5.09

5.32

114.28

10.4%

ALLSTATE CORP

1.10

1.01

0.92

0.82

0.67

0.66

0.65

0.63

12.57

9.98

9.08

8.41

1.89

2.12

2.20

2.33

47.95

3.3%

AMERICAN INTERNATIONAL GROUP

0.82

0.57

0.54

0.51

0.46

1.18

0.99

0.95

0.92

47.02

9.77

11.01

9.43

8.01

0.00

0.17

0.52

40.63

8.2%

ASSICURAZIONI GENERALI

1.23

0.97

0.90

0.84

0.76

0.27

0.26

0.25

17.07

12.08

9.41

8.55

7.65

2.39

2.59

3.42

4.01

5.11

13.46

7.4%

AVIVA PLC

0.81

0.93

0.91

0.86

0.93

0.33

0.26

0.27

0.22

6.60

7.98

7.67

7.18

6.26

7.57

7.17

7.23

7.59

414.58

17.0%

AXA SA

0.66

0.64

0.60

0.54

0.31

0.32

0.31

0.29

7.26

6.76

6.33

6.37

5.51

5.87

6.26

6.71

15.85

19.7%

0.42

0.26

BERKSHIRE HATHAWAY INC-CL B

23.04

CHINA LIFE INSURANCE CO-H

2.66

2.46

2.19

1.94

CHUBB CORP

1.41

1.30

1.22

ING GROEP NV-CVA

0.48

0.45

0.42

LEGAL & GENERAL GROUP PLC

1.69

1.66

1.54

1.46

LOEWS CORP

0.89

0.79

0.74

MANULIFE FINANCIAL CORP

1.22

1.17

1.09

1.03

MARSH & MCLENNAN COS

2.92

2.65

2.35

METLIFE INC

0.67

0.63

MUENCHENER RUECKVER AG-REG

0.90

PING AN INSURANCE GROUP CO-H

3.13

PROGRESSIVE CORP PRUDENTIAL FINANCIAL INC

1.51

1.46

1.45

1.30

1.18

1.16

1.68

1.62

1.57

1.51

0.41

0.56

0.53

0.51

0.45

1.69

1.16

1.10

0.96

1.22

1.28

1.18

0.69

0.67

0.64

2.10

1.65

1.57

1.50

1.40

0.59

0.51

0.58

0.56

0.54

0.52

0.84

0.80

0.75

0.73

0.42

0.41

0.39

0.35

7.56

8.40

8.22

8.38

2.71

2.33

2.07

2.53

1.78

1.21

1.02

0.91

20.76

18.20

14.14

12.07

2.46

2.23

2.05

1.95

0.88

0.84

0.79

0.76

21.20

16.41

15.19

0.82

0.76

0.68

0.56

0.35

0.49

0.48

0.42

9.08

7.20

6.45

PRUDENTIAL PLC

2.83

2.53

2.26

2.02

1.85

0.51

0.49

0.42

0.41

16.37

13.93

12.53

11.29

QBE INSURANCE GROUP LTD

1.39

1.42

1.34

1.28

1.24

0.98

0.92

0.90

0.87

0.85

18.59

14.54

11.85

10.60

SAMPO OYJ-A SHS

1.62

1.50

1.41

1.27

2.91

2.77

2.53

2.50

11.48

11.69

11.04

10.38

SUN LIFE FINANCIAL INC

1.26

1.27

1.21

1.08

0.84

0.80

0.77

11.64

11.30

10.62

8.51

SWISS RE AG

0.86

0.83

0.77

0.92

0.94

0.88

0.79

0.85

7.94

10.02

9.72

9.33

TOKIO MARINE HOLDINGS INC

1.16

1.10

1.05

0.98

0.62

0.63

0.61

0.60

0.58

196.82

19.03

16.53

TRAVELERS COS INC/THE

1.20

1.11

1.04

0.98

1.18

1.17

1.14

1.11

14.24

11.10

10.60

ZURICH INSURANCE GROUP AG

1.19

1.13

1.07

1.00

0.65

0.67

0.64

0.67

12.21

9.43

8.94

8.42

1.32

0.93

0.72

0.95

12.13

14.31

9.65

12.54

11.37

10.37

9.08

8.35

0.35

14.98

12.74

11.33

10.21

8.68

0.59

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

7.67

7.10

24.55

36.90

17.97

15.26

18.06

12.57

12.09

8.10

6.37

5.76

12.89

11.14

10.54

10.00

25.12

12.88

10.74

15.19

11.72

10.11

9.01

16.72

15.02

13.50

6.89

6.78

6.35

8.17

2.8%

27.40

17.9%

1.29

1.06

1.77

2.04

10.95

2.00

2.03

2.13

2.18

87.29

4.8%

5.64

0.00

0.35

3.43

4.77

8.03

28.0%

3.78

4.75

5.26

5.64

160.13

2.7%

0.58

46.00

6.1%

3.42

3.46

3.50

3.46

15.70

3.4%

12.23

2.49

2.57

2.64

2.96

39.20

8.6%

5.77

2.16

2.85

3.24

3.66

43.79

22.0%

9.03

5.08

5.20

5.33

5.65

5.43

141.30

5.8%

9.49

0.90

0.89

1.15

1.28

1.74

76.26

17.4%

13.59

3.78

1.59

1.85

2.45

23.50

-3.3%

5.75

2.85

3.16

3.41

3.79

68.06

21.4%

10.28

2.63

2.77

3.04

3.28

3.49

1007.44

5.0%

10.34

6.62

3.89

5.20

5.92

6.57

11.86

-9.7%

11.04

4.61

5.01

5.32

5.61

5.58

26.78

-4.2%

4.98

5.15

4.69

5.26

5.25

14.51

1.79

1.97

2.14

10.46

2.26

2.38

2.52

6.80

6.96

7.17

9.18

7.27

8.77

7.96

4.11

103.00

6.54

29.53

2.1%

71.92

-4.7%

2.28

2984.31

7.0%

2.68

83.18

3.8%

264.76

4.5%

5.05

7.78

21.02.2013

ACE Ltd ACE Limited is the holding company for the ACE Group of Companies, a property and casualty insurance business. The Group provides a diversified range of products and services to clients through operations in countries around the world. ACE provides specialty insurance and reinsurance products.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (2/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 ACE UN EQUITY YTD Change ACE UN EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 87.40 68.98 371'075.00 85.97 -1.64% 24.63% 92.24% 340.3 29'257.44 5'070.00 0.0 0.0 615.00 33'712.44

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

31.12.2009 31.12.2010 15'075.0 16'006.0 1.32x 1.56x 2'549.0 3'108.0 6.17x 7.99x Profitability

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q 31.12.2011 16'834.0 1.66x 1'585.0 10.06x

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

31.12.2012 17'936.0 1.76x 2'706.0 10.43x 17.99% 16.59% 3.01% 10.40% 9.46% 0.20% 15.1% 5.48% 18.42% -

Price/ Cash Flow

12/yy 16'834.0 6.22x 0.0 0.00x 1'555.0 10.21x

LTM 12/yy 17'936.0 6.72x 0.0 0.00x 2'706.0 10.42x

FY+1

2.26 0.89 338.18 2.64 19.21% 7.73% 0.887 25 4.480 373'883 409'477 372'506 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 18'451.3 19'347.7 4'415.2 4'938.4 1.59x 1.52x 7.57x 6.76x 2'686.5 2'773.0 633.5 676.1 11.03x 10.71x 11.08x 10.96x 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

10.12.2010 STABLE 18.4% 15.6% 0.20 -

Sales/Revenue/Turnover

10.00

20'000.0

9.00

18'000.0

8.00

16'000.0

7.00

14'000.0

6.00

12'000.0

5.00 4.00

10'000.0 8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 01.01.2010

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M

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

Fiscal Year Ended 31.12.2008 13'698.0 1.49x 1'197.0 6.85x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

21.02.2013

ACE Ltd Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK WELLINGTON MANAGEMEN FMR LLC JP MORGAN FRANKLIN RESOURCES VANGUARD GROUP INC STATE STREET MASSACHUSETTS FINANC AMERIPRISE FINANCIAL TIAA CREF INVESTMENT VIKING GLOBAL INVEST DAVIS SELECTED ADVIS NORTHERN TRUST CORPO ONTARIO TEACHERS PEN TCW GROUP INC BANK OF NEW YORK MEL BANK OF AMERICA CORP INVESCO LTD CITADEL ADVISORS LLC

Firm Name Sanford C. Bernstein & Co Keefe, Bruyette & Woods Wells Fargo Securities, LLC Miller Tabak + Co., LLC Credit Suisse Drexel Hamilton LLC Deutsche Bank Goldman Sachs Janney Montgomery Scott LLC Sandler O'Neill & Partners, LP JMP Securities Morgan Stanley RBC Capital Markets Raymond James Macquarie Sterne, Agee & Leach Evercore Partners Portales Partners MKM Partners EVA Dimensions Barclays S&P Capital IQ Ameriprise Advisor Services, Inc

Portfolio Name n/a n/a WELLINGTON MANAGEMEN n/a n/a n/a VANGUARD GROUP INC n/a MASSACHUSETTS FINANC AMERIPRISE FINANCIAL TIAA-CREF INVESTMENT VIKING GLOBAL INVEST DAVIS SELECTED ADVIS NORTHERN TRUST CORPO ONTARIO TEACHERS PEN TCW GROUP INCORPORAT BANK OF NEW YORK MEL BANK OF AMERICA INVESCO LTD CITADEL ADVISORS LLC

Analyst JOSH STIRLING MEYER SHIELDS JOHN A HALL TOM MITCHELL MICHAEL ZAREMSKI GLORIA L VOGEL JOSHUA D SHANKER MICHAEL S NANNIZZI LARRY GREENBERG J PAUL NEWSOME MATTHEW J CARLETTI GREGORY W LOCRAFT MARK A DWELLE C GREGORY PETERS AMIT KUMAR DANIEL FARRELL VINAY MISQUITH NINA GUPTA HARRY FONG AUSTIN BURKETT JAY H GELB CATHY SEIFERT LORI WILKING

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

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

Amt Held 27'285'196 25'693'352 23'750'703 18'541'280 16'403'760 14'765'094 14'718'334 14'079'521 11'286'678 5'942'534 5'595'355 5'502'835 4'417'316 4'234'259 3'912'125 3'499'196 3'247'477 3'157'882 3'000'574 2'945'918

% Out 8.02 7.55 6.98 5.45 4.82 4.34 4.32 4.14 3.32 1.75 1.64 1.62 1.3 1.24 1.15 1.03 0.95 0.93 0.88 0.87

Weighting

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

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

Latest Chg (98'932) (304'352) 4'906'808 1'046'102 (637'012) 427'091 518'333 723'273 (723'625) 168'811 499'700 (253'106) 58'421 (28'211) (239'074) (51'665) 184'943 241'719 1'306'606

Target Price 80 100 #N/A N/A 92 91 89 81 87 #N/A N/A 92 95 104 93 91 89 94 92 #N/A N/A 95 #N/A N/A 94 92 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

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

Date 20.02.2013 15.02.2013 11.02.2013 08.02.2013 06.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 10.12.2012 29.10.2012

21.02.2013

Aflac Inc Aflac, Inc. is a general business holding company. The Company, through its subsidiaries, provides supplemental insurance to individuals in the United States and Japan. Aflac's products include accident/disability plans, cancer expense plans, short-term disability plans, sickness and hospital indemnity plans, hospital intensive care plans, and fixed-benefit dental plans.

Price/Volume

2.0 M 1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (12.12.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/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 AFL UN EQUITY YTD Change AFL UN EQUITY YTD % CHANGE

12/2012 12/yy 54.93 38.14 974'788.00 49.82 -9.30% 30.62% 69.57% 467.8 23'305.10 4'352.00 0.0 0.0 2'249.00 24'721.10

1.0 M

.5 M

10 0 f-12

.0 M m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

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

2.5 M

50 40

Valuation Analysis

31.12.2008 16'554.0 1.34x 1'254.0 11.49x

31.12.2009 31.12.2010 18'254.0 20'732.0 1.20x 1.32x 1'497.0 2'344.0 9.54x 10.20x Profitability

LTM-4Q 31.12.2011 22'171.0 0.96x 1'964.0 6.83x

31.12.2012 25'364.0 2'866.0 8.05x 16.96% 16.96% 2.31% 19.44% 16.42% 0.20% 11.3% 3.32% 27.24% -

Price/ Cash Flow

LTM

12/yy 22'171.0 3.97x 0.0 0.00x 1'944.0 6.88x

12/yy 25'364.0 2.70x 0.0 0.00x 2'866.0 8.05x

FY+1

2.69 1.33 456.83 8.69 7.06% -5.54% 1.329 24 3.833 1'021'160 812'057 769'363 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 24'982.2 26'558.3 6'196.0 6'234.6 0.95x 2'973.7 3'135.3 762.2 750.1 7.79x 7.27x 7.79x 7.67x S&P Issuer Ratings

21.04.2009 ANEG 27.2% 21.4% 0.20 -

Sales/Revenue/Turnover

4.50

30'000.0

4.00

25'000.0

3.50

20'000.0

3.00 2.50

15'000.0

2.00

10'000.0

1.50 1.00

5'000.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

21.02.2013

Aflac Inc Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK STATE STREET NORGES BANK WELLINGTON MANAGEMEN FMR LLC WELLS FARGO FRANKLIN RESOURCES NORTHERN TRUST CORPO BANK OF NEW YORK MEL EATON VANCE MANAGEME AMERIPRISE FINANCIAL CORTLAND ADVISERS LL AMOS DANIEL P UBS NORDEA INV MANAGEMEN PANAGORA ASSET MANAG YOSHIDA TAKURO SCOUT INVESTMENT ADV HERNDON CAPITAL MANA

Firm Name Sterne, Agee & Leach Raymond James Keefe, Bruyette & Woods Portales Partners Deutsche Bank Janney Montgomery Scott LLC Wells Fargo Securities, LLC Morgan Stanley RBC Capital Markets SunTrust Robinson Humphrey JPMorgan Macquarie Sandler O'Neill & Partners, LP S&P Capital IQ Barclays EVA Dimensions Credit Suisse FBR Capital Markets Scotia Capital Evercore Partners Goldman Sachs

Portfolio Name VANGUARD GROUP INC n/a n/a NORGES BANK WELLINGTON MANAGEMEN n/a n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL EATON VANCE MANAGEME AMERIPRISE FINANCIAL CORTLAND ADVISERS LL n/a n/a NORDEA INVESTMENT MA PANAGORA ASSET MANAG n/a SCOUT INVESTMENT ADV HERNDON CAPITAL MANA

Analyst JOHN M NADEL STEVEN D SCHWARTZ JEFFREY SCHUMAN NINA GUPTA YARON KINAR LARRY GREENBERG JOHN A HALL NIGEL P DALLY ERIC N BERG MARK D HUGHES JIMMY S BHULLAR SEAN DARGAN EDWARD SHIELDS ROBERT MCMILLAN JAY H GELB AUSTIN BURKETT THOMAS GALLAGHER RANDY BINNER JOANNE SMITH MARK FINKELSTEIN CHRISTOPHER GIOVANNI

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

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

Amt Held 24'565'187 23'143'891 22'642'924 17'677'736 10'595'408 10'425'617 8'518'434 6'766'110 6'400'360 5'843'558 4'799'952 4'533'709 4'500'000 4'092'942 4'001'649 3'967'872 3'521'319 3'458'452 3'336'537 3'324'379

% Out 5.25 4.95 4.84 3.78 2.27 2.23 1.82 1.45 1.37 1.25 1.03 0.97 0.96 0.87 0.86 0.85 0.75 0.74 0.71 0.71

Weighting

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

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

Latest Chg 882'429 (348'978) 297'248 112'338 (2'409'014) 3'021'953 215'452 457'966 31'538 (135'007) 2'236'649 2'289'209 4'500'000 46'569 (10'046) 263'666 654'184 656'996 93'729

Target Price 60 62 68 #N/A N/A 55 #N/A N/A #N/A N/A #N/A N/A 59 #N/A N/A 54 53 57 58 65 #N/A N/A 58 52 63 61 55

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

File Dt 31.12.2012 19.02.2013 19.02.2013 31.12.2011 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 12.02.2013 31.12.2012 31.12.2012 31.12.2012 29.02.2012 31.12.2012 31.12.2012

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

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

Date 21.02.2013 20.02.2013 18.02.2013 14.02.2013 11.02.2013 11.02.2013 11.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 08.01.2013

21.02.2013

AIA Group Ltd AIA Group Ltd. offers insurance and financial services. The Company writes life insurance for individuals and businesses, accident and health insurance, retirement planning, and wealth management services.

Price/Volume 35

2500.0 M

2000.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1299 HK EQUITY YTD Change 1299 HK EQUITY YTD % CHANGE

11/2011 01/yy 32.50 24.05 43'064'252.00 32.1 -1.23% 33.47% 100.00% 12'044.0 386'612.38 1'229.00 0.0 102.0 4'303.00 48'107.84

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

1500.0 M

1000.0 M

10 500.0 M

5 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 30.11.2007 15'226.0 1'914.0 -

30.11.2008 30.11.2009 3'810.0 19'016.0 408.0 1'754.0 Profitability

30.11.2010 18'394.0 1.85x 2'701.0 13.14x

30.11.2011 14'385.0 2.33x 1'600.0 23.31x 15.24% 15.07% 1.47% 7.84% 7.34% 0.12% 11.1% 1.07% 5.77% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.07 0.85 12'039.65 19.97% 6.12% 0.847 23 4.304 35'651'890 39'619'360 67'483'780 FY+2

11/12 Y 11/13 Y 18'251.3 20'560.8 2.64x 2.46x 2'659.0 2'842.2 19.07x 17.24x S&P Issuer Ratings

FQ+1

FQ+2

5.8% 5.4% 0.12 -

Sales/Revenue/Turnover

140.00

20'000.0 18'000.0

120.00

16'000.0

100.00

14'000.0 12'000.0

80.00

10'000.0 8'000.0

60.00

6'000.0

40.00

4'000.0 20.00 0.00 05.12.2008 05.06.2009

2'000.0 0.0 05.12.2009 05.06.2010

05.12.2010 05.06.2011

05.12.2011

05.06.2012 05.12.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

21.02.2013

AIA Group Ltd Holdings By:

All

Holder Name CAPITAL GROUP COMPAN JP MORGAN BLACKROCK ABERDEEN FMR LLC VANGUARD GROUP INC WADDELL & REED FINAN CARMIGNAC GESTION T ROWE PRICE ASSOCIA LEXINGTON INSURANCE COMMONWEALTH BANK OF THORNBURG INVESTMENT JANUS CAPITAL MANAGE WILLIAM BLAIR & COMP STATE STREET GLOBAL ARTISAN PARTNERS HOL OPPENHEIMERFUNDS INC SCHRODER INVESTMENT MASSACHUSETTS FINANC ALLIANCE BERNSTEIN

Firm Name Jefferies HSBC ICBC International Securities Morgan Stanley BNP Paribas Equity Research CCB International Securities Ltd Nomura China International Capital Corp Deutsche Bank Standard Chartered CIMB EVA Dimensions JPMorgan Macquarie BOCOM International Holdings Credit Suisse ABC International Fortune CLSA Securities Limited Goldman Sachs AMTD Financial Planning Limited

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

Analyst BARON NIE MICHAEL P CHANG PIUS CHENG BEN LIN DOMINIC CHAN KENNETH YUE DAVID CHUNG SALLY NG ESTHER CHWEI PETER O'BRIEN BERTRAM LAI AUSTIN BURKETT CHAN BAO LING SCOTT G RUSSELL LI WENBING ARJAN VAN VEEN FRANCIS CHAN YANG YAN MANCY SUN KENNY TANG SING HING

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

Recommendation buy overweight buy Overwt/Attractive buy outperform buy hold buy outperform outperform sell overweight neutral long-term buy outperform buy sell Buy/Neutral buy

Amt Held 1'431'991'813 947'131'193 872'440'983 607'474'500 306'826'224 298'181'135 279'263'500 219'402'776 132'900'800 119'148'250 107'408'000 104'143'762 104'087'200 86'696'300 85'271'979 84'229'621 79'225'000 77'373'800 50'209'800 44'959'365

% Out 11.89 7.86 7.24 5.04 2.55 2.48 2.32 1.82 1.1 0.99 0.89 0.86 0.86 0.72 0.71 0.7 0.66 0.64 0.42 0.37

Weighting

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

Latest Chg 75'997'000 (27'400) 2'199'200 52'083'324 41'460'521 33'684'200 67'540'336 8'571'000 119'148'250 852'800 50'914'552 3'339'200 1'568'200 11'139'725 1'779'400 50'369'000 (2'170'000) (1'172'032)

Target Price 35 40 37 38 40 36 36 33 38 38 34 #N/A N/A 34 29 38 34 35 29 38 32

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

File Dt 10.01.2013 17.12.2012 19.02.2013 23.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.09.2012 31.10.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2012 31.12.2012 30.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 20.02.2013 20.02.2013 20.02.2013 19.02.2013 18.02.2013 07.02.2013 06.02.2013 01.02.2013 31.01.2013 30.01.2013 18.01.2013 17.01.2013 16.01.2013 16.01.2013 19.12.2012 13.12.2012 11.12.2012 24.10.2012 18.10.2012 11.10.2012

21.02.2013

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

Price/Volume 120 100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/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 ALV GY EQUITY YTD Change ALV GY EQUITY YTD % CHANGE

12/2012 12/yy 108.65 68.50 1'543'647.00 103.55 -4.69% 51.17% 89.17% 456.0 47'213.63 28'411.00 0.0 2'338.0 10'492.00 65'845.62

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

20 0 f-12 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 76'195.0 0.69x (2'444.0) 8.51x

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

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

31.12.2012 106'400.0 5'169.0 9.18x 7.01% 5.45% 0.67% 9.30% 7.26% 0.14% 4.9% 4.43% 0.00% -

Price/ Cash Flow

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

LTM

FY+1

1.24 455.95 20.73% -1.19% 1.238 43 4.326 1'532'143 1'507'210 1'528'593 FY+2

FQ+1

FQ+2

12/yy 87'384.0 2.70x 0.0 0.00x 2'545.0 12.79x

12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 96'790.0 105'324.8 107'688.9 1.86x 0.55x 0.54x 0.0 0.00x 5'169.0 5'448.1 5'671.0 9.18x 8.55x 8.19x S&P Issuer Ratings Long-Term Rating Date 27.01.2012 Long-Term Rating AA Long-Term Outlook NEG Short-Term Rating Date 23.03.2009 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 0.0% Total Debt/Capital 37.5% Asset Turnover 0.14 Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

7.00

120'000.0

6.00

100'000.0

5.00

80'000.0

4.00

60'000.0 3.00

40'000.0 2.00

20'000.0

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 |

21.02.2013

Allianz SE Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC FMR LLC HARBOR CAPITAL ADVIS ALLIANZ ASSET MANAGE DEUTSCHE BANK AG UNION INVESTMENT GMB MORGAN STANLEY DB PLATINUM ADVISORS THORNBURG INVESTMENT HARRIS ASSOCIATES LP ADIG INVESTMENT DEKA INVESTMENT GMBH AMUNDI CAPITAL GROUP COMPAN MERCURY ASSET MANAGE OPPENHEIMERFUNDS INC NATIXIS ASSET MANAGE FRANKFURT TRUST INVE JP MORGAN

Firm Name

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

Analyst

Oddo & Cie NICOLAS JACOB Bryan Garnier & Cie OLIVIER PAUCHAUT Nomura MICHAEL KLIEN Equinet Institutional Services(ESN) PHILIPP HAESSLER Bankhaus Lampe ANDREAS SCHAEFER JPMorgan MICHAEL HUTTNER Independent Research GmbH STEFAN BONGARDT Bankhaus Metzler JOCHEN SCHMITT Exane BNP Paribas THOMAS JACQUET Banco Sabadell MARIO LODOS DZ Bank AG THORSTEN WENZEL Kepler Capital Markets FABRIZIO CROCE AlphaValue DIETER HEIN Helvea DANIEL BISCHOF Keefe, Bruyette & Woods WILLIAM HAWKINS Berenberg Bank PETER ELIOT Credit Suisse RICHARD BURDEN Barclays ANDREW BROADFIELD Main First Bank AG MICHAEL HAID RBC Capital Markets GORDON AITKEN Mediobanca SpA MARC THIELE Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Deutsche Bank ROBIN BUCKLEY Macquarie HADLEY COHEN Goldman Sachs VINIT MALHOTRA EVA Dimensions AUSTIN BURKETT HSBC KAILESH MISTRY Landesbank Baden-Wuerttemberg WERNER SCHIRMER Natixis BENOIT VALLEAUX Day by Day VALERIE GASTALDY Sanford C. Bernstein & Co THOMAS SEIDL CA Cheuvreux ATANASIO PANTARROTAS Morgan Stanley JON HOCKING Canaccord Genuity Corp BEN COHEN Hamburger Sparkasse CHRISTIAN HAMANN Nord/LB VOLKER SACK Societe Generale JASON KALAMBOUSSIS National Bank AG MANFRED JAISFELD S&P Capital IQ RODERICK WALLACE Raymond James DANNY JACQUES Redburn Partners PAUL GOODHIND Espirito Santo Investment Bank Research JOY FERNEYHOUGH Daiwa Securities Co. Ltd. TIM PROUDLOVE

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

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

Amt Held 32'047'039 8'563'293 8'000'572 6'365'290 4'770'085 4'519'378 4'513'764 3'746'308 3'598'771 3'381'128 2'337'600 2'232'924 2'116'731 1'904'355 1'843'650 1'490'728 1'483'920 1'455'112 1'212'611 961'909

% Out 7.03 1.88 1.75 1.4 1.05 0.99 0.99 0.82 0.79 0.74 0.51 0.49 0.46 0.42 0.4 0.33 0.33 0.32 0.27 0.21

Weighting

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

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

Latest Chg 175'318 (440'475) (11'363) (131'397) 546'507 972'739 (99'900) (65'405) 64'334 388'780 (82'340) 8'661

Target Price 120 118 103 96 122 122 120 85 125 114 105 73 111 111 128 124 113 120 120 120 123 133 120 130 120 #N/A N/A 128 110 120 117 100 118 110 100 #N/A N/A 104 100 120 133 #N/A N/A #N/A N/A 92 106

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

File Dt 19.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.09.2012 16.05.2012 31.01.2013 31.12.2012 31.12.2012 31.10.2012 30.11.2012 30.11.2012 31.12.2012 19.02.2013 30.12.2012 31.12.2012 30.11.2012 31.12.2012

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Unclassified

Date 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 13.02.2013 12.02.2013 11.02.2013 08.02.2013 04.02.2013 01.02.2013 31.01.2013 30.01.2013 29.01.2013 24.01.2013 23.01.2013 18.01.2013 17.01.2013 16.01.2013 16.01.2013 10.01.2013 07.01.2013 13.12.2012 10.12.2012 05.12.2012 26.11.2012 14.11.2012 12.11.2012 09.11.2012 09.11.2012 09.11.2012 03.08.2012 15.03.2012 11.11.2011 12.05.2011

21.02.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (08.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALL UN EQUITY YTD Change ALL UN EQUITY YTD % CHANGE

12/2012 12/yy 47.08 30.76 1'191'008.00 46.41 -1.42% 50.88% 95.89% 477.4 22'158.28 6'057.00 0.0 806.00 27'409.28

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

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

2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M m-12

LTM-4Q 31.12.2011 32'654.0 0.58x 787.0 21.58x

31.12.2012 33'315.0 0.74x 2'306.0 9.21x 11.09% 9.92% 1.83% 11.86% 10.09% 0.26% 6.9% 4.77% 29.43% -

Price/ Cash Flow

a-12 m-12

j-12

LTM

12/yy 32'654.0 2.41x 0.0 0.00x 787.0 21.08x

j-12

12/yy 33'315.0 2.80x 0.0 0.00x 2'306.0 9.26x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

1.90 0.94 476.70 4.61 50.75% 15.53% 0.935 29 4.103 1'053'488 747'553 796'655 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 33'547.7 34'173.3 8'337.4 8'386.2 0.85x 0.85x 2'151.6 2'243.2 595.9 511.7 9.98x 9.08x 9.98x 9.71x S&P Issuer Ratings

ANEG 29.4% 22.7% 0.26 -

Sales/Revenue/Turnover

10.00

40'000.0

9.00

35'000.0

8.00

30'000.0

7.00

25'000.0

6.00 5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 01.01.2010

3.0 M

Fiscal Year Ended 31.12.2008 29'394.0 0.78x (1'679.0) 10.17x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

21.02.2013

Allstate Corp/The Holdings By:

All

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

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

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

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

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

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

Amt Held 23'637'491 22'671'855 22'292'659 20'104'214 12'957'795 10'584'076 10'485'305 8'487'084 7'389'120 7'163'891 6'584'538 6'486'248 6'104'700 5'864'695 5'668'651 4'714'744 4'545'300 4'353'350 4'255'921 3'971'969

% Out 4.95 4.75 4.67 4.21 2.71 2.22 2.2 1.78 1.55 1.5 1.38 1.36 1.28 1.23 1.19 0.99 0.95 0.91 0.89 0.83

Weighting

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

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

Latest Chg (266'139) (1'682'359) 382'527 529'373 (362'127) (200'033) (2'368'767) (961'655) 80'488 (501'604) (77'162) (3'897'691) (672'920) (115'558) (550'075) (41'867) (326'800) 2'484'100 345'131 31'662

Target Price 50 #N/A N/A 50 54 50 47 #N/A N/A #N/A N/A 51 #N/A N/A 51 51 49 48 #N/A N/A 34 #N/A N/A 52 47 50 #N/A N/A #N/A N/A 55 42 40 #N/A N/A 43

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

File Dt Inst Type 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor

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

Date 20.02.2013 15.02.2013 15.02.2013 14.02.2013 13.02.2013 12.02.2013 11.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 15.01.2013 29.11.2012

21.02.2013

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

Price/Volume 45

70.0 M

60.0 M

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.02.2013) 52-Week Low (21.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AIG UN EQUITY YTD Change AIG UN EQUITY YTD % CHANGE

12/2011 09/yy 39.90 27.11 2'475'348.00 37.57 -5.84% 38.58% 81.78% 1'476.3 55'464.76 75'253.00 0.0 9'378.0 1'474.00 128'511.76

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

40.0 M

30.0 M

20.0 M

10.0 M

5 0 f-12 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 110'064.0 3.34x 6'200.0 16.28x

31.12.2008 31.12.2009 6'896.0 75'352.0 41.00x 3.38x (99'289.0) (10'949.0) Profitability

LTM-4Q 31.12.2010 77'526.0 2.92x 7'786.0 -

31.12.2011 64'237.0 1.98x 17'798.0 40.70x 9.01% -1.66% 4.97% 28.98% 0.13% 27.7% 13.54% 71.70% -

Price/ Cash Flow

LTM

09/yy 68'040.0 9.63x 0.0 0.00x 10'319.0 0.00x

09/yy 70'623.0 7.20x 0.0 0.00x 27'194.0 7.22x

FY+1

0.00 1.39 1'474.50 21.34 37.47% 6.43% 1.389 22 4.364 2'615'682 2'676'961 3'720'372 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 56'263.5 58'434.0 14'392.0 14'476.5 6'529.0 4'966.6 (84.0) 1'293.7 9.77x 11.01x 15.97x 11.24x S&P Issuer Ratings

02.03.2009 ANEG 14.01.2011 A-2 71.7% 39.7% 0.13 -

Sales/Revenue/Turnover

20.00

120'000.0

18.00

100'000.0

16.00 14.00

80'000.0

12.00

60'000.0

10.00 8.00

40'000.0

6.00 4.00

20'000.0

2.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

21.02.2013

American International Group Inc Holdings By:

All

Holder Name FAIRHOLME CAPITAL MA BLACKROCK VANGUARD GROUP INC WELLINGTON MANAGEMEN STATE STREET FRANKLIN RESOURCES HARRIS ASSOCIATES LP ORBIS HOLDINGS LIMIT THIRD POINT LLC BANK OF NEW YORK MEL HOTCHKIS & WILEY CAP NORTHERN TRUST CORPO MACKENZIE FINANCIAL OZ MANAGEMENT LP PERRY CORP CAPITAL GROUP COMPAN STARR INTERNATIONAL GOLDMAN SACHS GROUP WADDELL & REED FINAN D E SHAW & COMPANY I

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

Portfolio Name FAIRHOLME CAPITAL MA n/a VANGUARD GROUP INC WELLINGTON MANAGEMEN n/a n/a HARRIS ASSOC LP ORBIS HOLDINGS LIMIT THIRD POINT LLC BANK OF NEW YORK MEL HOTCHKIS AND WILEY NORTHERN TRUST CORPO MACKENZIE FINANCIAL OZ MANAGEMENT PERRY CORPORATION n/a STARR INTERNATIONAL GOLDMAN SACHS GROUP WADDELL & REED FINAN D E SHAW & CO

Analyst JOSH STIRLING MEYER SHIELDS ADAM KLAUBER JOHN A HALL RANDY BINNER GLORIA L VOGEL MARK FINKELSTEIN JOHN M NADEL AUSTIN BURKETT NINA GUPTA CATHY SEIFERT MICHAEL S NANNIZZI J PAUL NEWSOME JIMMY S BHULLAR JAY H GELB GREGORY W LOCRAFT JOHN M EADE JOSHUA D SHANKER THOMAS GALLAGHER G ALAN ZIMMERMANN LARRY GREENBERG EMMANUELLE CALES

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

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

Amt Held 85'862'294 69'502'743 61'921'180 60'476'872 54'481'168 28'385'814 21'350'033 20'223'023 18'500'000 17'727'826 17'648'202 16'237'006 15'571'045 15'292'833 14'865'903 14'000'345 13'928'284 12'437'183 11'937'000 11'816'695

% Out 5.82 4.71 4.19 4.1 3.69 1.92 1.45 1.37 1.25 1.2 1.2 1.1 1.05 1.04 1.01 0.95 0.94 0.84 0.81 0.8

Weighting

Change

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

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

Latest Chg (683'424) 12'923'253 13'491'642 15'353'796 12'500'525 4'226'487 7'824'042 20'223'023 (5'000'000) 4'028'675 (2'548'657) 3'304'695 123'324 (17'906'763) 4'365'903 5'000'000 (1'708'452) 11'937'000 397'840

Target Price 45 37 #N/A N/A #N/A N/A 44 43 40 40 #N/A N/A #N/A N/A 40 43 41 40 33 #N/A N/A 40 41 #N/A N/A 44 37 24

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 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

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

Date 21.02.2013 15.02.2013 13.02.2013 11.02.2013 04.02.2013 30.01.2013 22.01.2013 15.01.2013 15.01.2013 14.01.2013 09.01.2013 08.01.2013 08.01.2013 03.01.2013 03.01.2013 18.12.2012 14.12.2012 10.12.2012 10.12.2012 10.12.2012 01.11.2012 01.03.2010

21.02.2013

Assicurazioni Generali SpA Assicurazioni Generali S.p.A. offers life and non-life insurance and reinsurance throughout the world. The Company offers life, health, accident, automobile, marine, aviation, transport, fire, general liability, and credit insurance and reinsurance.

Price/Volume 16

30.0 M

25.0 M

12 20.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (31.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance G IM EQUITY YTD Change G IM EQUITY YTD % CHANGE

12/2011 09/yy 14.65 8.16 6'708'171.00 12.53 -14.47% 53.65% 73.98% 1'556.9 19'507.62 21'346.20 0.0 2'635.0 25'559.90 24'091.92

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

1.20

10.0 M

4 5.0 M

2 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 80'164.7 0.66x 2'915.6 14.69x

15.0 M

31.12.2008 31.12.2009 62'298.4 85'790.6 0.61x 0.50x 860.9 1'309.1 30.45x 20.68x Profitability

LTM-4Q 31.12.2010 87'072.1 0.40x 1'701.9 12.92x

31.12.2011 73'481.8 0.22x 856.1 20.77x 4.66% 2.46% 0.27% 6.64% 0.19% 1.2% 5.05% 137.85% -

LTM

09/yy 79'976.9 0.85x 0.0 0.00x 3'825.2 0.00x

09/yy 81'511.6 0.46x 0.0 0.00x 1'163.8 14.58x

FY+1

.0 M f-13

1.05 1'267.12 7.75% -8.81% 1.045 31 2.613 6'098'240 7'097'060 6'845'836 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 74'120.1 76'299.8 14'345.0 0.29x 0.28x 1'564.8 2'055.4 454.0 12.08x 9.41x S&P Issuer Ratings

A NEG 137.8% 54.1% 0.19 -

Sales/Revenue/Turnover

100'000.0 90'000.0

1.00

80'000.0 70'000.0

0.80 0.60 0.40

60'000.0 50'000.0 40'000.0 30'000.0 20'000.0

0.20

10'000.0 0.0

0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

21.02.2013

Assicurazioni Generali SpA Holdings By:

All

Holder Name MEDIOBANCA SPA BANCA D'ITALIA DEA PARTICIPATIONS S EFFETI SPA DELFIN SARL VANGUARD GROUP INC BLACKROCK COMPASS SPA VIKING GLOBAL INVEST VM 2006 SRL DB PLATINUM ADVISORS MERCURY ASSET MANAGE PANTHEON 2000 SPA CALTAGIRONE EDITORE GAMMA SRL BNP PARIBAS INV PART B&D FINANCE SA FINANZIARIA ITALIA 2 ARCA SGR SPA AMUNDI

Firm Name AlphaValue Banca Akros(ESN) ICBPI Mediobanca SpA Exane BNP Paribas Credit Suisse Oddo & Cie Barclays Main First Bank AG Equita SIM SpA Morgan Stanley EVA Dimensions Deutsche Bank HSBC Societe Generale JPMorgan Keefe, Bruyette & Woods Independent Research GmbH S&P Capital IQ Day by Day Nomura Natixis Sanford C. Bernstein & Co Landesbank Baden-Wuerttemberg CA Cheuvreux Goldman Sachs Banca IMI Hamburger Sparkasse Kepler Capital Markets Macquarie Redburn Partners DZ Bank AG Daiwa Securities Co. Ltd.

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

Analyst JEROME CASSAGNE MARCO CAVALLERI ENRICO ESPOSTI GIANLUCA FERRARI NICCOLO DALLA PALMA RICHARD BURDEN NICOLAS JACOB CLAUDIA GASPARI FEDERICO SALERNO MATTEO GHILOTTI DAVID ANDRICH AUSTIN BURKETT ROBIN BUCKLEY KAILESH MISTRY ABID HUSSAIN ANDREAS VAN EMBDEN RALPH HEBGEN STEFAN BONGARDT RODERICK WALLACE VALERIE GASTALDY MICHAEL KLIEN BENOIT VALLEAUX THOMAS SEIDL WERNER SCHIRMER ATANASIO PANTARROTAS COLIN L SIMPSON ELENA PERINI CHRISTIAN HAMANN GIANANTONIO VILLANI HADLEY COHEN PAUL GOODHIND WERNER EISENMANN TIM PROUDLOVE

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

Recommendation reduce hold neutral neutral underperform underperform neutral equalweight outperform buy Underwt/In-Line underweight hold neutral buy neutral market perform sell sell hold reduce neutral underperform sell underperform not rated suspended coverage hold buy neutral neutral sell hold

Amt Held % Out 194'048'687 12.46 69'420'980 4.46 35'185'336 2.26 33'488'344 2.15 31'168'603 2 21'969'315 1.41 17'295'553 1.11 14'198'684 0.91 (14'167'547) -0.91 6'196'356 0.4 5'321'220 0.34 4'134'095 0.27 3'502'965 0.23 3'144'884 0.2 2'958'059 0.19 2'833'608 0.18 2'693'391 0.17 2'646'685 0.17 2'543'127 0.16 2'540'642 0.16

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

Change M M M M M M M M M M M M D M M M M M M D M M M M M M M M M M M M M

Latest Chg 460'550 126'386 (41'688) (6'015) (5'402) 409'970

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

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

File Dt Inst Type 20.11.2012 Bank 30.11.2012 Government 30.11.2012 Investment Advisor 30.11.2012 Corporation 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 30.11.2012 Corporation 01.11.2012 Hedge Fund Manager 30.11.2012 Other 31.01.2013 Investment Advisor 19.02.2013 Investment Advisor 30.11.2012 Other 30.11.2012 Corporation 30.11.2012 Holding Company 30.11.2012 Investment Advisor 30.11.2012 Investment Advisor 30.11.2012 Unclassified 28.12.2012 Mutual Fund Manager 30.11.2012 Mutual Fund Manager

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

Date 21.02.2013 20.02.2013 20.02.2013 18.02.2013 15.02.2013 08.02.2013 04.02.2013 04.02.2013 25.01.2013 18.01.2013 17.01.2013 17.01.2013 16.01.2013 16.01.2013 15.01.2013 15.01.2013 15.01.2013 15.01.2013 15.01.2013 15.01.2013 14.01.2013 10.01.2013 09.01.2013 09.01.2013 09.01.2013 08.01.2013 28.12.2012 11.12.2012 10.12.2012 13.11.2012 15.03.2012 21.12.2011 16.05.2011

21.02.2013

Aviva PLC Aviva PLC is an international insurance company that provides all classes of general and life assurance, including fire, motor, marine, aviation, and transport insurance. The Company also supplies a variety of financial services, including unit trusts, stockbroking, long-term savings, and fund management.

Price/Volume 450

35.0 M

400

30.0 M

350

25.0 M

300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.12.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AV/ LN EQUITY YTD Change AV/ LN EQUITY YTD % CHANGE

12/2011 09/yy 390.40 251.10 5'904'209.00 354.2 -9.25% 41.06% 73.87% 2'946.1 10'435.12 8'450.00 1'190.0 1'530.0 23'043.00 -

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

20.0 M

200

15.0 M

150

10.0 M

100

5.0 M

50 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 40'761.0 0.42x 1'320.0 13.93x

250

31.12.2008 31.12.2009 20'484.0 59'434.0 0.23x 0.09x (915.0) 1'085.0 10.51x Profitability

LTM-4Q 31.12.2010 50'197.0 0.11x 1'463.0 14.10x

31.12.2011 35'561.0 225.0 11.69x 5.13% 2.29% -0.20% -5.59% 0.12% 0.6% 2.71% 66.84% -

Price/ Cash Flow

LTM

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

FY+1

.0 M f-13

7.34 1.53 2'943.97 1.53% -5.04% 1.535 27 3.704 11'696'210 10'299'640 9'325'394 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 39'416.7 39'089.7 1'031.1 1'416.6 7.98x 7.67x S&P Issuer Ratings

ASTABLE 66.8% 35.5% 0.12 -

Sales/Revenue/Turnover

12.00

70'000.0

10.00

60'000.0 50'000.0

8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

21.02.2013

Aviva PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES BLACKROCK LEGAL & GENERAL M&G INVESTMENT MANAG AVIVA PLC SHARE ACCO SCOTTISH WIDOWS AVIVA PLC VANGUARD GROUP INC NORGES BANK INVESTME MAJEDIE ASSET MANAGE THREADNEEDLE ASSET M HARGREAVES LANSDOWN TD WATERHOUSE GROUP EDINBURGH PARTNERS L UBS APG ALGEMENE PENSIOE PEOPLES REPUBLIC OF VANGUARD GROUP INC BREWIN DOLPHIN LIMIT GLOBAL ASSET MANAGEM

Firm Name

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

Analyst

Exane BNP Paribas ANDY HUGHES AlphaValue JEROME CASSAGNE RBC Capital Markets GORDON AITKEN Keefe, Bruyette & Woods GREIG N PATERSON Panmure Gordon & Co Limited BARRIE CORNES Sanford C. Bernstein & Co EDWARD HOUGHTON JPMorgan ASHIK MUSADDI Barclays ALAN DEVLIN Macquarie NEIL WELCH Berenberg Bank MATTHEW PRESTON Goldman Sachs COLIN L SIMPSON Oriel Securities Ltd MARCUS BARNARD EVA Dimensions AUSTIN BURKETT HSBC KAILESH MISTRY Credit Suisse CHRIS ESSON Day by Day VALERIE GASTALDY Investec KEVIN RYAN Morgan Stanley JON HOCKING Canaccord Genuity Corp BEN COHEN Deutsche Bank OLIVER STEEL Societe Generale ABID HUSSAIN Redburn Partners LANCE BURBIDGE S&P Capital IQ RODERICK WALLACE Shore Capital Stockbrokers EAMONN FLANAGAN Nomura FAHAD CHANGAZI Daiwa Securities Co. Ltd. TIM PROUDLOVE Espirito Santo Investment Bank Research JOY FERNEYHOUGH

Source ULT-AGG ULT-AGG ULT-AGG REG REG ULT-AGG RNS-MAJ MF-AGG REG REG REG REG REG REG ULT-AGG REG REG REG REG REG

Recommendation outperform add sector perform outperform buy market perform overweight underweight neutral buy Buy/Neutral hold sell neutral outperform hold buy Overwt/In-Line hold restricted hold neutral hold hold buy outperform buy

Amt Held 211'675'498 151'238'790 117'884'648 78'598'635 65'413'024 65'336'334 61'649'544 61'037'483 54'324'031 42'870'595 41'983'449 38'102'462 37'094'970 36'444'709 33'646'794 32'720'468 32'078'780 31'828'838 28'103'629 28'057'234

% Out 7.18 5.13 4 2.67 2.22 2.22 2.09 2.07 1.84 1.46 1.43 1.29 1.26 1.24 1.14 1.11 1.09 1.08 0.95 0.95

Weighting

Change

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

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

Latest Chg 4'795'562 1'582'908 10'749'361 (8'044'005) (181'106) (5'784'626) 2'236'701 5'011'081 (1'060'681) (824'169) (2'106'276) (2'650'661) 8'421'593 294'056 1'797'329 (964'978) -

Target Price 414 380 350 540 425 410 443 302 384 470 416 400 #N/A N/A 425 455 #N/A N/A 422 444 380 #N/A N/A 343 #N/A N/A 350 #N/A N/A 540 508 605

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 19.02.2013 Investment Advisor 01.11.2012 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Unclassified 31.12.2012 Unclassified 17.01.2013 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Government 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 28.12.2012 Unclassified 01.11.2012 Pension Fund (ERISA) 01.11.2012 Government 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor

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

Date 21.02.2013 21.02.2013 20.02.2013 18.02.2013 13.02.2013 11.02.2013 08.02.2013 04.02.2013 23.01.2013 23.01.2013 18.01.2013 17.01.2013 17.01.2013 16.01.2013 14.01.2013 10.01.2013 07.01.2013 04.01.2013 24.12.2012 21.12.2012 11.12.2012 22.11.2012 08.11.2012 23.10.2012 31.05.2012 01.07.2011 31.05.2011

21.02.2013

AXA SA AXA SA is an insurance company which also provides related financial services. The Company offers life and non-life insurance, reinsurance, savings and pension products, and asset management services. AXA operates in both domestic and international markets.

Price/Volume 16

30.0 M

25.0 M

12 20.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CS FP EQUITY YTD Change CS FP EQUITY YTD % CHANGE

12/2012 09/yy 13.98 8.65 5'987'449.00 13.24 -5.33% 53.06% 94.84% 2'389.0 31'630.34 16'693.00 6'059.0 2'371.0 31'072.00 26'475.34

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

10.0 M

4 5.0 M

2 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 51'235.0 0.62x 923.0 51.67x

15.0 M

31.12.2009 31.12.2010 122'704.0 117'414.0 0.36x 0.29x 3'606.0 2'749.0 10.60x 12.33x Profitability

LTM-4Q 31.12.2011 98'334.0 0.18x 4'324.0 5.88x

31.12.2012 118'423.0 4'152.0 8.09x 4.36% 5.58% 0.40% 6.27% 4.84% 0.14% 3.5% 2.29% 0.00% -

Price/ Cash Flow

LTM

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

FY+1

.0 M f-13

1.50 2'042.80 13.94% -0.82% 1.500 35 4.029 6'558'331 6'011'588 5'949'014 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 99'780.0 101'989.9 0.43x 4'737.9 5'062.5 6.76x 6.33x S&P Issuer Ratings

18.12.2012 ASTABLE 18.12.2012 A-2 0.0% 24.7% 0.14 -

Sales/Revenue/Turnover

3.00

140'000.0

2.50

120'000.0 100'000.0

2.00

80'000.0 1.50

60'000.0

1.00

40'000.0

0.50

20'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

21.02.2013

AXA SA Holdings By:

All

Holder Name MUTUELLES AXA AMUNDI BNP PARIBAS INV PART CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS BLACKROCK VANGUARD GROUP INC NATIXIS ASSET MANAGE FMR LLC LANSDOWNE UK EQUITY FRANKLIN RESOURCES AMUNDI T ROWE PRICE ASSOCIA LBPAM AVIVA PLC AMUNDI MERCURY ASSET MANAGE DIMENSIONAL FUND ADV TEMPLETON INVESTMENT DEKA INVESTMENT GMBH

Firm Name

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

Analyst

Keefe, Bruyette & Woods RALPH HEBGEN Oddo & Cie NICOLAS JACOB Berenberg Bank PETER ELIOT Bryan Garnier & Cie OLIVIER PAUCHAUT Banco Sabadell MARIO LODOS AlphaValue JEROME CASSAGNE Helvea DANIEL BISCHOF Exane BNP Paribas THOMAS JACQUET Kepler Capital Markets FABRIZIO CROCE Credit Suisse RICHARD BURDEN Raymond James DANNY JACQUES Main First Bank AG FEDERICO SALERNO Barclays CLAUDIA GASPARI Mediobanca SpA MARC THIELE Deutsche Bank OLIVER STEEL Macquarie NEIL WELCH Goldman Sachs COLIN L SIMPSON EVA Dimensions AUSTIN BURKETT HSBC KAILESH MISTRY Natixis BENOIT VALLEAUX Landesbank Baden-Wuerttemberg WERNER SCHIRMER Day by Day VALERIE GASTALDY CA Cheuvreux ATANASIO PANTARROTAS Morgan Stanley JON HOCKING Redburn Partners LANCE BURBIDGE JPMorgan ANDREAS VAN EMBDEN CM - CIC Securities(ESN) PIERRE CHEDEVILLE RBC Capital Markets GORDON AITKEN Independent Research GmbH STEFAN BONGARDT National Bank AG MANFRED JAISFELD S&P Capital IQ RODERICK WALLACE Hamburger Sparkasse CHRISTIAN HAMANN Nomura MICHAEL KLIEN DZ Bank AG WERNER EISENMANN Espirito Santo Investment Bank Research JOY FERNEYHOUGH Daiwa Securities Co. Ltd. TIM PROUDLOVE CS Capital CHRISTOPHER PARKINSON BBVA SILVIA RIGOL CARNEIRO

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

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

Amt Held % Out 342'767'775 14.35 91'682'238 3.84 79'994'391 3.35 65'131'985 2.73 50'254'088 2.1 44'960'584 1.88 33'349'652 1.4 29'871'758 1.25 21'618'306 0.9 (20'395'259) -0.85 14'730'009 0.62 14'093'406 0.59 12'758'066 0.53 11'629'095 0.49 10'727'164 0.45 7'008'017 0.29 6'232'941 0.26 5'917'236 0.25 5'835'130 0.24 5'477'948 0.23

Weighting

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

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

Latest Chg (20'493'797) 76'406 2'125'718 (9'366) 4'851'628 730'180 (2'926'509) (3'608'266) (7'936'172) 1'189'780 (809'204) 255'752 (143'415) (27'579) 210'749 (52'090) (37'515)

Target Price 18 16 16 17 15 17 15 18 10 16 19 14 14 18 16 16 17 #N/A N/A 20 18 16 #N/A N/A 16 15 #N/A N/A 12 16 13 13 13 16 #N/A N/A 23 14 21 16 13 22

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

File Dt 31.12.2011 15.05.2012 30.10.2012 31.12.2012 31.12.2012 19.02.2013 31.12.2012 31.12.2012 31.12.2012 16.09.2011 31.12.2012 30.11.2012 31.12.2012 31.12.2012 31.01.2013 28.09.2012 19.02.2013 31.07.2012 30.11.2012 30.11.2012

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

Inst Type Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Unclassified Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 21.02.2013 21.02.2013 21.02.2013 21.02.2013 15.02.2013 14.02.2013 13.02.2013 12.02.2013 11.02.2013 08.02.2013 08.02.2013 04.02.2013 04.02.2013 30.01.2013 24.01.2013 23.01.2013 18.01.2013 17.01.2013 16.01.2013 10.01.2013 07.01.2013 07.01.2013 10.12.2012 05.12.2012 22.11.2012 08.11.2012 07.11.2012 05.11.2012 25.10.2012 25.10.2012 25.10.2012 08.10.2012 27.01.2012 20.12.2011 05.10.2011 06.06.2011 22.02.2011 17.02.2011

21.02.2013

Berkshire Hathaway Inc Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety of business sectors. The Company's principal operations are insurance business conducted nationwide on a primary basis and worldwide on a reinsurance basis. Berkshire's other operations include a railway company, a specialty chemical company, and an international association of diversified businesses. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (02.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BRK/B UN EQUITY YTD Change BRK/B UN EQUITY YTD % CHANGE

Price/Volume

12/2011 09/yy 101.49 78.18 2'667'580.00 100.22 -1.25% 28.19% 94.55% 1'099.8 249'035.52 60'384.00 0.0 4'111.0 162'471.00 129'564.52

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

1.20 1.00

12.0 M

100

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 f-12 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 118'245.0 0.89x 23'890.0 4.39x 13'213.0 -

120

31.12.2008 31.12.2009 107'786.0 112'493.0 0.58x 0.35x 11'708.0 15'985.0 5.38x 2.48x 4'994.0 8'055.0 Profitability

LTM-4Q 31.12.2010 136'185.0 0.78x 25'185.0 4.23x 12'967.0 -

31.12.2011 143'688.0 0.64x 22'008.0 4.15x 10'254.0 22'008.00 17'325.00 12.06% 10.66% 3.29% 7.73% 6.44% 0.38% 20.4% 17.4% 14.2% 7.1% 1.33 1.27 15.38% 36.63% 4.55 12.85

LTM

09/yy 09/yy 141'898.0 155'698.0 2.70x 2.42x 23'914.0 27'148.0 3.51x 3.68x 11'583.0 13'321.0 0.00x 0.00x

0.87 1'006.54 10.24 25.86% 11.73% 0.872 3 3.000 1'758'383 1'388'391 1'494'883

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

AA+ NEG 10.94 6.87 -4.57 2.30 36.6% 26.3% 0.38 1.53 80.39 28.48 97.62 15.98

Sales/Revenue/Turnover

160'000.0 140'000.0 120'000.0

0.80 0.60

100'000.0 80'000.0 60'000.0

0.40 0.20

40'000.0 20'000.0 0.0

0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

21.02.2013

Berkshire Hathaway Inc Holdings By:

All

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

Firm Name Barclays S&P Capital IQ EVA Dimensions

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

Analyst JAY H GELB CATHY SEIFERT AUSTIN BURKETT

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

Recommendation overweight hold sell

Amt Held 87'081'373 87'081'373 77'069'842 75'432'624 54'930'572 20'791'931 18'336'741 17'876'029 12'060'161 10'466'779 9'289'649 8'703'898 7'645'865 7'063'428 6'635'439 6'104'157 6'007'207 5'696'660 5'672'149 5'434'465

% Out 7.92 7.92 7.01 6.86 4.99 1.89 1.67 1.63 1.1 0.95 0.84 0.79 0.7 0.64 0.6 0.56 0.55 0.52 0.52 0.49

Weighting

Change 5 3 1

M M M

Latest Chg (6'250'000) 4'131'834 1'194'300 249'896 2'396'700 (173'106) (1'241'696) 1'906'404 (896'170) 1'509'930 1'726'351 52'252 (259'071) 199'861 59'600 861'902 3'185'272 177'503

Target Price 105 101 #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 Endowment 31.12.2012 Endowment 19.02.2013 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided Not Provided Not Provided

Date 05.02.2013 16.01.2013 15.01.2013

21.02.2013

China Life Insurance Co Ltd China Life Insurance Co., Limited offers a wide range of life, accident, and health insurance products and services.

Price/Volume 30

180.0 M 160.0 M

140.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2628 HK EQUITY YTD Change 2628 HK EQUITY YTD % CHANGE

12/2011 09/yy 27.35 17.00 46'395'776.00 23.25 -14.99% 36.76% 65.70% 7'441.2 656'935.56 42'990.00 0.0 1'858.0 55'985.00 -

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

1.20

100.0 M 80.0 M

60.0 M 40.0 M

20.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 31.12.2007 191'372.0 7.65x 38'879.0 27.36x

120.0 M

31.12.2008 31.12.2009 299'478.0 339'262.0 1.74x 2.68x 19'137.0 32'881.0 30.50x 29.11x Profitability

LTM-4Q 31.12.2010 385'446.0 1.61x 33'626.0 22.62x

31.12.2011 370'352.0 1.27x 18'331.0 23.96x 5.18% 5.54% 0.90% 7.31% 5.91% 0.21% 4.9% 2.71% 22.45% -

LTM

FY+1

1.23 1.23 7'441.18 -0.57% -8.10% 1.232 32 3.375 34'121'930 33'677'020 32'758'290 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 387'400.0 391'051.0 364'609.7 408'119.7 1.33x 0.00x 1.43x 1.26x 0.0 0.0 0.00x 0.00x 25'398.0 9'042.0 14'469.6 29'274.0 17.15x 56.76x 36.90x 17.97x 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

AANEG 22.4% 18.2% 0.21 -

Sales/Revenue/Turnover

450'000.0 400'000.0

1.00 0.80

350'000.0 300'000.0 250'000.0

0.60

200'000.0 150'000.0

0.40 0.20

100'000.0 50'000.0 0.0

0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

21.02.2013

China Life Insurance Co Ltd Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC CARMIGNAC GESTION HANG SENG INVESTMENT STATE STREET GLOBAL DEUTSCHE BANK AG BARING ASSET MANAGEM CAPITAL GROUP COMPAN FMR LLC COMGEST GROWTH PLC CHINA ASSET MANAGEME ALLIANZ ASSET MANAGE SHINHAN BNP PARIBAS INVESCO ASSET MANAGE HARVEST FUND MANAGEM SCHRODER INVESTMENT GAM INTERNATIONAL MA DWS INVESTMENT S A STATE STREET SWEDBANK ROBUR FONDE

Firm Name Core Pacific Capital Securities Corp BOCOM International Holdings Credit Suisse Haitong International Securities Nomura Standard Chartered EVA Dimensions JPMorgan DBS Vickers ABC International China International Capital Corp Deutsche Bank UOB Kay Hian CCB International Securities Ltd ICBC International Securities Bank of China International Goldman Sachs Macquarie Jefferies Kim Eng Securities SWS Research Co Ltd Guotai Junan Morgan Stanley HSBC BNP Paribas Equity Research AMTD Financial Planning Limited Phillip Securities Mirae Asset Securities Sun Hung Kai Securities

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

Analyst OLIVE XIA TEAM COVERAGE LI WENBING ARJAN VAN VEEN CHEN FANNY DAVID CHUNG JENNIFER LAW AUSTIN BURKETT CHAN BAO LING PING CHENG FRANCIS CHAN TANG SHENGBO ESTHER CHWEI EDMOND LAW KENNETH YUE PIUS CHENG SUN PENG MANCY SUN SCOTT G RUSSELL BARON NIE IVAN LI ROBERT HU FELIX LUO BEN LIN JAMES GARNER DORRIS CHEN KENNY TANG SING HING CHEN XINGYU IVAN CHEUNG KENIX LAI

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

Recommendation hold hold buy underperform buy neutral in-line sell neutral hold buy accumulate buy hold underperform hold buy neutral/neutral neutral hold buy neutral accumulate Equalwt/In-Line neutral hold buy buy hold buy

Amt Held 796'734'221 379'930'827 130'870'500 63'572'828 61'981'243 54'474'441 47'183'000 41'000'300 37'598'982 34'090'000 26'080'000 25'426'500 25'027'342 21'845'000 21'744'000 21'228'680 18'943'000 16'351'692 16'206'332 15'478'204

% Out 10.71 5.11 1.76 0.85 0.83 0.73 0.63 0.55 0.51 0.46 0.35 0.34 0.34 0.29 0.29 0.29 0.25 0.22 0.22 0.21

Weighting

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

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

Latest Chg (75'000) (3'440'000) (19'411'000) (3'448'832) (111'253) 2'903'000 (22'410'000) (4'544'394) 5'080'000 5'880'000 (3'247'000) 9'795'000 6'742'000 (5'216'320) 2'625'000 2'547'000

Target Price 25 #N/A N/A 28 26 29 27 24 #N/A N/A 23 27 32 29 30 27 24 27 25 26 24 23 26 22 27 23 24 21 22 26 20 35

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

File Dt Inst Type 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor 30.06.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 31.05.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 20.02.2013 Investment Advisor 30.09.2012 Investment Advisor

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

Date 21.02.2013 19.02.2013 19.02.2013 18.02.2013 06.02.2013 06.02.2013 31.01.2013 17.01.2013 16.01.2013 16.01.2013 14.01.2013 08.01.2013 07.01.2013 07.01.2013 07.01.2013 14.12.2012 06.12.2012 13.11.2012 02.11.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 26.10.2012 18.10.2012 21.08.2012 27.03.2012 16.03.2012 18.10.2011 10.07.2009

21.02.2013

Chubb Corp/The The Chubb Corporation, a holding company, offers property and casualty insurance, which includes personal, standard commercial and specialty commercial insurance. The Company provides insurance coverage principally in the United States, Canada, Europe, Australia, and parts of Latin America and Asia.

Price/Volume 90

1.4 M

1.2 M

1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (07.03.2012) Daily Volume Current Price (2/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 CB UN EQUITY YTD Change CB UN EQUITY YTD % CHANGE

12/2012 12/yy 85.00 66.66 258'928.00 83.31 -1.99% 24.98% 90.79% 261.8 21'810.56 3'575.00 0.0 0.0 58.00 25'332.56

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

.8 M

.6 M

.4 M

.2 M

10 0 f-12

.0 M m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 13'189.0 1.66x 1'804.0 9.14x

31.12.2009 31.12.2010 12'977.0 13'284.0 1.56x 1.63x 2'183.0 2'174.0 8.01x 10.11x Profitability

LTM-4Q 31.12.2011 13'546.0 1.65x 1'678.0 13.52x

31.12.2012 1'545.0 14.40x 18.04% 16.23% 3.67% 11.99% 0.26% 12.4% 7.03% 22.95% -

Price/ Cash Flow

LTM

12/yy 13'546.0 6.40x 0.0 0.00x 1'678.0 13.49x

12/yy 10'165.0 6.74x 0.0 0.00x 1'545.0 14.46x

FY+1

1.94 0.76 260.75 2.46 23.60% 10.61% 0.764 23 3.696 284'387 329'732 349'231 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 13'459.0 13'887.8 3'338.8 3'403.3 1.88x 1.82x 1'716.4 1'692.9 439.1 413.2 12.57x 12.09x 12.58x 12.41x S&P Issuer Ratings

A+ STABLE 23.0% 18.7% 0.26 -

Sales/Revenue/Turnover

14.00

16'000.0

12.00

14'000.0 12'000.0

10.00

10'000.0 8.00

8'000.0 6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

21.02.2013

Chubb Corp/The Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC BROWN BROTHERS HARRI WELLINGTON MANAGEMEN BANK OF NEW YORK MEL PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA MASSACHUSETTS FINANC BANK OF AMERICA CORP LSV ASSET MANAGEMENT WELLS FARGO INVESCO LTD AMERICAN CENTURY COM NORTHERN TRUST CORPO CAPITAL GROUP COMPAN PNC FINANCIAL SERVIC JP MORGAN ARTISAN PARTNERS HOL

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

Portfolio Name n/a VANGUARD GROUP INC n/a n/a BROWN BROTHERS HARRI WELLINGTON MANAGEMEN BANK OF NEW YORK MEL PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA MASSACHUSETTS FINANC BANK OF AMERICA LSV ASSET MANAGEMENT n/a INVESCO LTD AMERICAN CENTURY COM NORTHERN TRUST CORPO n/a PNC FINANCIAL SERVIC n/a ARTISAN PARTNERS LP

Analyst JOSH STIRLING MEYER SHIELDS JOHN A HALL CATHY SEIFERT JOHN M EADE LARRY GREENBERG JOSHUA D SHANKER GREGORY W LOCRAFT MICHAEL S NANNIZZI MARK A DWELLE ADAM KLAUBER C GREGORY PETERS AMIT KUMAR J PAUL NEWSOME NINA GUPTA HARRY FONG GLORIA L VOGEL MICHAEL ZAREMSKI VINAY MISQUITH JAY H GELB AUSTIN BURKETT

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

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

Amt Held 21'434'779 13'526'400 12'695'706 10'279'918 8'543'635 6'301'398 5'836'088 5'755'096 4'926'966 4'552'734 3'845'628 3'731'546 3'676'588 3'620'123 3'538'330 3'516'651 3'501'998 2'906'495 2'881'281 2'792'335

% Out 8.19 5.17 4.85 3.93 3.26 2.41 2.23 2.2 1.88 1.74 1.47 1.43 1.4 1.38 1.35 1.34 1.34 1.11 1.1 1.07

Weighting

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

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

Latest Chg 181'217 229'566 1'007'182 427'184 (2'488'367) 52'316 (75'200) 72'101 (33'800) 62'784 (478'154) 212'937 263'898 (358'018) (42'793) 298 (2'766) 108'636 478'137

Target Price 85 87 #N/A N/A 87 92 #N/A N/A 90 #N/A N/A 86 84 #N/A N/A 85 90 84 #N/A N/A 85 88 87 87 92 #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 19.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 20.02.2013 15.02.2013 11.02.2013 06.02.2013 04.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 15.01.2013

21.02.2013

ING Groep NV ING Groep N.V. offers financial services to individuals, corporations, and other institutions. The Company offers corporate, investment, and private banking services, asset and portfolio management, treasury services, and insurance. ING Groep has offices throughout the world.

Price/Volume 9

70.0 M

60.0 M

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/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 INGA NA EQUITY YTD Change INGA NA EQUITY YTD % CHANGE

12/2012 12/yy 7.91 4.44 15'652'518.00 6.277 -20.66% 41.37% 59.22% 3'831.6 24'050.71 207'649.00 0.0 1'081.0 17'657.00 215'123.71

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

1.20

40.0 M

30.0 M

20.0 M

10.0 M

1 0 f-12

m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 64'680.0 4.40x (729.0) -

31.12.2009 31.12.2010 46'025.0 51'411.0 5.41x 4.99x (935.0) 2'810.0 12.77x Profitability

LTM-4Q 31.12.2011 52'787.0 4.38x 5'766.0 6.70x

31.12.2012 40'783.0 5.34x 3'894.0 10.31x 15.18% 8.66% 0.32% 7.33% 1.55% 0.03% 9.5% 17.77% 366.83% -

LTM

12/yy 46'023.0 22.59x 0.0 0.00x 5'766.0 6.43x

12/yy 42'241.0 22.26x 0.0 0.00x 3'894.0 9.42x

FY+1

.0 M f-13

1.77 -7.87% -11.10% 1.771 30 3.833 15'714'510 18'091'420 16'186'250 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 45'396.2 46'723.3 1.53x 1.77x 3'708.7 4'100.2 6.37x 5.76x S&P Issuer Ratings

03.09.2009 A NEG 31.03.2009 A-1 366.8% 78.3% 0.03 -

Sales/Revenue/Turnover

100'000.0 90'000.0

1.00

80'000.0 70'000.0

0.80 0.60 0.40

60'000.0 50'000.0 40'000.0 30'000.0 20'000.0

0.20

10'000.0 0.0

0.00

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

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

21.02.2013

ING Groep NV Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC FRANKLIN RESOURCES FMR LLC CARMIGNAC GESTION MASSACHUSETTS FINANC ING INVESTMENT MANAG ALLIANZ ASSET MANAGE DB PLATINUM ADVISORS CAPITAL GROUP COMPAN DEUTSCHE BANK AG ARTISAN PARTNERS HOL BNP PARIBAS INV PART ACHMEA BELEGGINSFOND UNION INVESTMENT GMB SCHRODER INVESTMENT TEMPLETON INVESTMENT NATIXIS ASSET MANAGE MERCURY ASSET MANAGE ROYAL BANK OF CANADA

Firm Name AlphaValue HSBC Morgan Stanley Main First Bank AG Independent Research GmbH SNS Securities(ESN) Rabobank International Day by Day Societe Generale Deutsche Bank JPMorgan Keefe, Bruyette & Woods Macquarie Nomura S&P Capital IQ Credit Suisse Oddo & Cie Exane BNP Paribas ABN Amro Bank N.V. Berenberg Bank Petercam EVA Dimensions Kepler Capital Markets Goldman Sachs RBC Capital Markets Barclays Mediobanca SpA Landesbank Baden-Wuerttemberg CA Cheuvreux Hamburger Sparkasse DZ Bank AG Theodoor Gilissen Securities Daiwa Securities Co. Ltd. Natixis

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

Analyst JEROME CASSAGNE STEVEN HAYWOOD DAVID ANDRICH FEDERICO SALERNO STEFAN BONGARDT LEMER SALAH COR KLUIS VALERIE GASTALDY PHILIP RICHARDS DAVID LOCK MICHAEL HUTTNER WILLIAM HAWKINS THOMAS STOEGNER DOMENICO SANTORO RODERICK WALLACE RICHARD BURDEN NICOLAS JACOB FRANCOIS BOISSIN JAN WILLEM WEIDEMA JAMES CHAPPELL MATTHIAS DE WIT AUSTIN BURKETT BENOIT PETRARQUE MARTIN LEITGEB GORDON AITKEN KIRI VIJAYARAJAH ALAIN TCHIBOZO WERNER SCHIRMER HANS PLUIJGERS CHRISTIAN HAMANN WERNER EISENMANN TOM MULLER TIM PROUDLOVE BENOIT VALLEAUX

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

Recommendation add neutral Equalwt/In-Line outperform hold buy buy hold buy hold not rated market perform underperform buy hold outperform reduce neutral buy buy hold overweight reduce Rating Suspended outperform equalweight outperform hold outperform hold buy hold outperform suspended coverage

Amt Held 247'106'748 90'073'181 85'553'052 40'930'087 39'943'572 31'337'900 30'654'369 30'275'998 29'191'916 25'314'880 23'645'980 23'087'088 23'055'437 19'699'641 18'894'298 18'175'184 15'020'303 13'099'026 12'727'018 9'741'760

% Out 6.45 2.35 2.23 1.07 1.04 0.82 0.8 0.79 0.76 0.66 0.62 0.6 0.6 0.51 0.49 0.47 0.39 0.34 0.33 0.25

Weighting

Change

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

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

Latest Chg (1'062'367) 599'105 2'763'356 (35'661'908) 1'701'096 665'045 (22'538) (1'469'145) 191'764 3'963'556 1'256'401 (6'597'312) 3'885'289 201'990 (143'690) 574'476 (549'162)

Target Price 7 7 7 7 7 9 10 #N/A N/A 9 7 #N/A N/A 8 7 9 8 9 7 8 10 8 8 #N/A N/A 7 #N/A N/A 8 7 9 7 8 #N/A N/A 8 10 9 #N/A N/A

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

File Dt Inst Type 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 19.02.2013 Investment Advisor 28.09.2012 Bank

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

Date 21.02.2013 20.02.2013 19.02.2013 19.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 28.01.2013 17.01.2013 17.01.2013 18.12.2012 07.12.2012 07.12.2012 23.11.2012 20.11.2012 08.11.2012 05.10.2012 21.08.2012 13.01.2012 27.10.2011 17.06.2011 17.03.2009

21.02.2013

Legal & General Group PLC Legal & General Group plc is a holding company. The Company, through its subsidiaries, provides savings, risk and investment management services such as annuities, long-term savings, life assurance and financial protection products. Legal & General Group's products are sold through bank, building society relationships, Independent Financial Advisers and directly to customers.

Price/Volume 180

60.0 M

160

50.0 M

140 120

40.0 M

100

12/2011 09/yy 157.40 105.30 5'653'574.00 155.9 -0.95% 48.05% 98.46% 5'912.9 9'218.15 3'250.00 0.0 66.0 14'113.00 -

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

20.0 M

10.0 M

20 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 18'202.0 0.13x 724.0 11.62x

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LGEN LN EQUITY YTD Change LGEN LN EQUITY YTD % CHANGE

31.12.2008 31.12.2009 (31'644.0) 43'790.0 (1'067.0) 863.0 2.72x Profitability

LTM-4Q 31.12.2010 38'440.0 820.0 6.88x

31.12.2011 18'317.0 726.0 8.25x 6.12% 5.22% 0.00% 0.06% 4.0% 0.99% 62.50% -

Price/ Cash Flow

LTM

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

FY+1

.0 M f-13

4.30 1.37 5'906.47 35.16% 7.07% 1.373 27 3.519 10'769'440 11'069'380 9'991'372 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 7'926.3 8'351.0 436.5 1.09x 1.03x 830.1 882.5 11.14x 10.54x S&P Issuer Ratings

09.02.2010 A STABLE 25.02.2009 A-1 62.5% 38.2% 0.06 -

Sales/Revenue/Turnover

12.00

50'000.0 40'000.0

10.00

30'000.0 8.00

20'000.0

6.00

10'000.0 0.0

4.00

-10'000.0

0.00 02.01.2009

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

-20'000.0

2.00

-30'000.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

-40'000.0

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

21.02.2013

Legal & General Group PLC Holdings By:

All

Holder Name SCHRODER INVESTMENT BLACKROCK CAPITAL GROUP COMPAN FMR LLC THREADNEEDLE ASSET M SCHRODER INVESTMENT SWISS REINSURANCE STANDARD LIFE INVEST AXA INVESTMENT MANAG SCOTTISH WIDOWS THREADNEEDLE ASSET M ARTEMIS INVESTMENT M AVIVA INVESTORS VANGUARD GROUP INC NORGES BANK INVESTME ARTEMIS INVESTMENT M PEOPLES REPUBLIC OF LEGAL & GENERAL GROU F&C ASSET MANAGEMENT JUPITER ASSET MANAGE

Firm Name Oriel Securities Ltd RBC Capital Markets Credit Suisse Sanford C. Bernstein & Co Barclays Deutsche Bank Macquarie Goldman Sachs EVA Dimensions HSBC Day by Day Investec Societe Generale Redburn Partners Morgan Stanley Canaccord Genuity Corp Panmure Gordon & Co Limited Shore Capital Stockbrokers Keefe, Bruyette & Woods Berenberg Bank S&P Capital IQ Exane BNP Paribas JPMorgan Nomura Daiwa Securities Co. Ltd.

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

Analyst MARCUS BARNARD GORDON AITKEN CHRIS ESSON EDWARD HOUGHTON ALAN DEVLIN OLIVER STEEL NEIL WELCH COLIN L SIMPSON AUSTIN BURKETT KAILESH MISTRY VALERIE GASTALDY KEVIN RYAN ABID HUSSAIN LANCE BURBIDGE JON HOCKING BEN COHEN BARRIE CORNES EAMONN FLANAGAN GREIG N PATERSON MATTHEW PRESTON RODERICK WALLACE ANDY HUGHES ASHIK MUSADDI FAHAD CHANGAZI TIM PROUDLOVE

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

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

Amt Held 386'066'239 291'921'424 290'344'506 240'966'463 238'287'407 215'079'841 169'171'985 162'792'629 154'548'532 125'180'804 118'694'862 114'033'951 112'000'485 108'308'669 101'018'107 93'648'888 81'906'572 72'641'394 70'631'364 65'293'473

% Out 6.53 4.94 4.91 4.08 4.03 3.64 2.86 2.75 2.61 2.12 2.01 1.93 1.89 1.83 1.71 1.58 1.39 1.23 1.19 1.1

Weighting

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

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

Latest Chg (10'233'954) (1'707'207) 245'672 11'184'585 98'290 418'703 13'696'488 (2'209'633) 27'796'179 673'846 21'870'538 (16'190'706) 2'913'807 6'951'655 37'648'888 (2'070'035) 403'808 1'547'523

Target Price 165 150 160 165 166 170 175 165 #N/A N/A 180 #N/A N/A 153 144 #N/A N/A 157 150 154 #N/A N/A 100 170 150 116 122 185 137

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

File Dt 03.12.2012 19.02.2013 31.12.2012 31.12.2012 03.12.2012 31.12.2012 03.12.2012 03.12.2012 03.12.2012 31.12.2012 31.10.2012 03.12.2012 03.12.2012 31.12.2012 03.12.2012 31.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012

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

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

Date 21.02.2013 20.02.2013 15.02.2013 04.02.2013 04.02.2013 24.01.2013 23.01.2013 18.01.2013 17.01.2013 16.01.2013 15.01.2013 07.01.2013 11.12.2012 10.12.2012 05.12.2012 26.11.2012 16.11.2012 08.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 24.10.2012 17.09.2012 01.07.2011

21.02.2013

Loews Corp Loews Corporation is a diversified holding company. The Company, through its subsidiaries, is involved in a variety of businesses including commercial property-casualty insurance, offshore drilling, natural gas exploration and production, operation of natural gas pipeline systems, and the operation of hotels and resorts.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.02.2013) 52-Week Low (07.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance L UN EQUITY YTD Change L UN EQUITY YTD % CHANGE

12/2012 12/yy 44.21 38.00 367'810.00 43.34 -1.97% 14.05% 85.99% 393.6 17'058.70 9'001.00 0.0 4'438.0 129.00 30'778.70

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

1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 13'247.0 1.84x 4'530.0 13.58x

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

31.12.2009 31.12.2010 14'117.0 14'615.0 2.05x 2.06x 564.0 1'288.0 12.84x 10.32x Profitability

LTM-4Q 31.12.2011 14'127.0 2.00x 1'064.0 13.79x

31.12.2012 14'552.0 568.0 17.27x 9.61% 9.61% 1.11% 4.47% 5.36% 0.18% 3.9% 11.94% 47.79% -

Price/ Cash Flow

LTM

12/yy 14'127.0 8.36x 0.0 0.00x 1'059.0 14.59x

12/yy 14'552.0 6.14x 0.0 0.00x 568.0 16.84x

FY+1

0.58 0.96 311.43 1.52 12.61% 6.36% 0.956 4 3.500 359'006 311'903 326'256 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 13'288.0 14'489.0 1'292.0 1'529.0 331.0 315.0 12.88x 10.74x 13.17x 12.86x S&P Issuer Ratings

17.11.2011 A+ STABLE 47.8% 27.9% 0.18 -

Sales/Revenue/Turnover

300.00

20'000.0 18'000.0

250.00

16'000.0 14'000.0

200.00

12'000.0

150.00

10'000.0 8'000.0

100.00

6'000.0 4'000.0

50.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

21.02.2013

Loews Corp Holdings By:

All

Holder Name SOUTHEASTERN ASSET M DAVIS SELECTED ADVIS TISCH JOAN H TISCH WILMA STEIN TISCH JAMES S TISCH ANDREW H BLACKROCK VANGUARD GROUP INC STATE STREET EAGLE CAPITAL MANAGE JP MORGAN TISCH JONATHAN M T ROWE PRICE ASSOCIA CORTLAND ADVISERS LL NWQ INVESTMENT MANAG ARTISAN PARTNERS HOL PRINCIPAL FINANCIAL NORTHERN TRUST CORPO ROBECO INVESTMENT MG DIMENSIONAL FUND ADV

Firm Name Janney Montgomery Scott LLC Morgan Stanley Millman Research Associates EVA Dimensions

Portfolio Name SOUTHEASTERN ASSET M DAVIS SELECTED ADVIS n/a n/a n/a n/a n/a VANGUARD GROUP INC n/a EAGLE CAPITAL MANAGE n/a n/a T ROWE PRICE ASSOCIA CORTLAND ADVISERS LL NWQ INVESTMENT MANAG ARTISAN PARTNERS LP PRINCIPAL FINANCIAL NORTHERN TRUST CORPO ROBECO INVESTMENT MA DIMENSIONAL FUND ADV

Analyst ROBERT GLASSPIEGEL DAVID J ADELMAN MICHAEL MILLMAN AUSTIN BURKETT

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

Recommendation buy Equalwt/In-Line buy sell

Amt Held 37'689'638 29'852'965 24'238'378 20'190'505 14'794'193 14'326'197 14'205'772 13'477'204 13'207'132 10'469'714 10'260'782 8'581'861 7'623'243 5'300'000 5'158'228 4'808'383 4'295'906 3'926'383 3'343'838 3'289'318

% Out 9.58 7.58 6.16 5.13 3.76 3.64 3.61 3.42 3.36 2.66 2.61 2.18 1.94 1.35 1.31 1.22 1.09 1 0.85 0.84

Weighting

Change 5 3 5 1

M M M M

Latest Chg (275'419) (4'293'999) 4'903 4'903 309'901 316'343 435'641 1'207'414 818'332 9'090 241'220 5'300'000 (796'384) (116'500) 290'859 54'789 (69'629) (16'198)

Target Price #N/A N/A #N/A N/A 46 #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 19.11.2012 19.11.2012 19.02.2013 31.12.2012 19.02.2013 31.12.2012 31.12.2012 08.11.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided 12 month Not Provided

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

Date 19.02.2013 11.02.2013 11.02.2013 15.01.2013

21.02.2013

Manulife Financial Corp Manulife Financial Corporation provides financial protection products and investment management services to individuals, families, businesses, and groups. The Company conducts operations in Canada, the United States, and Asia, as well as reinsurance operations on a global basis. Manulife offers products such as annuities, pension products, life insurance, health insurance, and mutual funds.

Price/Volume 18

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

16 14 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.02.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MFC CT EQUITY YTD Change MFC CT EQUITY YTD % CHANGE

12/2012 12/yy 15.75 10.18 4'399'272.00 15.19 -3.56% 49.21% 89.95% 1'827.7 27'763.09 27'810.00 2'497.0 501.0 13'484.00 45'087.09

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

4 2 0 f-12 m-12

31.12.2009 31.12.2010 39'160.0 36'637.0 0.66x 1.27x 1'402.0 (1'663.0) 23.57x Profitability

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q 31.12.2011 49'982.0 0.73x 129.0 41.73x

31.12.2012 28'841.0 1.46x 1'736.0 13.93x 8.10% 4.05% 0.34% 7.16% 0.06% 6.0% 5.72% 121.17% -

Price/ Cash Flow

LTM

12/yy 49'982.0 3.35x 0.0 0.00x 129.0 43.40x

12/yy 28'841.0 5.71x 0.0 0.00x 1'736.0 14.22x

FY+1

3.42 1.27 1'826.75 38.68 24.52% 13.38% 1.265 18 4.000 6'490'630 4'523'389 4'195'571 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 41'207.3 43'283.3 10'160.5 10'356.5 2'395.8 2'799.7 613.8 584.0 11.72x 10.11x 11.64x 11.38x S&P Issuer Ratings

13.12.2010 ASTABLE 121.2% 51.6% 0.06 -

Sales/Revenue/Turnover

3.00

60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.12.2008 32'060.0 0.82x 517.0 65.00x

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 |

21.02.2013

Manulife Financial Corp Holdings By:

All

Holder Name ROYAL BANK OF CANADA IG INVESTMENT MANAGE FMR LLC TD ASSET MANAGEMENT THE BANK OF NOVA SCO BMO FINANCIAL CORP JARISLOWSKY FRASER L TORONTO DOMINION BAN CIBC WORLD MARKETS I CIBC GLOBAL ASSET MA BEUTEL GOODMAN & COM IA CLARINGTON INVEST GREYSTONE MANAGED IN INVESCO LTD VANGUARD GROUP INC LETKO BROSSEAU & ASS CONNOR CLARK & LUNN GREAT WEST LIFE ASSU TRIMARK INVESTMENT M ALLIANZ ASSET MANAGE

Firm Name Canaccord Genuity Corp RBC Capital Markets Credit Suisse Edward Jones National Bank Financial BMO Capital Markets Macquarie Desjardins Securities Cormark Securities Inc. TD Securities Veritas Investment Research Co Barclays Morgan Stanley CIBC World Markets Scotia Capital EVA Dimensions

Portfolio Name n/a IG INVESTMENT MANAGE n/a TD ASSET MANAGEMENT THE BANK OF NOVA SCO BMO FINANCIAL CORP JARISLOWSKY FRASER L TORONTO DOMINION BAN CIBC WORLD MARKETS I CIBC GLOBAL ASSET MA BEUTEL, GOODMAN & CO Multiple Portfolios GREYSTONE MANAGED IN INVESCO LTD Multiple Portfolios LETKO BROSSEAU & ASS CONNOR CLARK & LUNN GREAT WEST LIFE ASSU Multiple Portfolios n/a

Analyst MARIO MENDONCA ANDRE PHILIPPE HARDY GABRIEL DECHAINE TOM LEWANDOWSKI PETER D ROUTLEDGE TOM MACKINNON SUMIT MALHOTRA MICHAEL GOLDBERG DARKO MIHELIC DOUG YOUNG OHAD LEDERER JOHN AIKEN HAYLEY LOCKER ROBERT SEDRAN JOANNE SMITH AUSTIN BURKETT

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

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

Amt Held 132'717'841 65'176'055 62'308'769 52'983'403 46'618'481 46'038'435 38'758'629 36'131'085 34'237'076 27'843'660 27'549'732 21'002'900 20'992'205 20'211'354 20'016'481 19'397'638 18'511'526 17'725'733 17'026'155 16'712'315

% Out 7.26 3.57 3.41 2.9 2.55 2.52 2.12 1.98 1.87 1.52 1.51 1.15 1.15 1.11 1.1 1.06 1.01 0.97 0.93 0.91

Weighting

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

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

Latest Chg 3'189'615 (3'563'431) 9'721'612 4'822'004 862'500 1'709'609 (7'335'379) (2'431'543) 931'433 1'239'820 1'842'493 7'630'300 (2'094'006) (874'259) 361'536 433'678 3'879'594 579'978 5'187'323

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

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

File Dt 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.09.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.09.2012 31.12.2012

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

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

Date 18.02.2013 15.02.2013 12.02.2013 12.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 30.01.2013 17.01.2013

21.02.2013

Marsh & McLennan Cos Inc Marsh & McLennan Companies, Inc. is a global professional services firm providing advice and solutions in the areas of risk, strategy and human capital. Marsh & McLennan offers analysis, advice, and transactional capabilities to clients worldwide

Price/Volume 40

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

35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.02.2013) 52-Week Low (22.06.2012) Daily Volume Current Price (2/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 MMC UN EQUITY YTD Change MMC UN EQUITY YTD % CHANGE

12/2012 12/yy 36.93 30.74 694'899.00 36.09 -2.27% 17.40% 86.43% 545.0 19'669.05 2'918.00 57.0 2'301.00 20'286.05

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

10 5 0 f-12

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 11'518.0 1.25x 1'192.0 12.11x (73.0) 16.74x

31.12.2009 31.12.2010 9'831.0 10'550.0 1.38x 1.51x 1'143.0 1'296.0 11.91x 12.32x 227.0 855.0 10.56x 15.62x Profitability

LTM-4Q 31.12.2011 11'526.0 1.55x 1'970.0 9.10x 993.0 17.09x

31.12.2012 11'924.0 1.63x 1'176.0 16.03x 1'970.00 1'829.00 15.34% 14.22% 7.41% 18.83% 14.45% 0.75% 18.2% 15.3% 9.9% 1.69 1.50 17.89% 44.15% 4.00 -

Price/ Cash Flow

LTM

12/yy 11'526.0 6.06x 1'970.0 9.10x 993.0 17.09x

12/yy 11'924.0 6.48x 1'677.0 0.00x 1'176.0 16.34x

FY+1

3.13 0.85 543.60 3.03 14.87% 5.39% 0.854 19 4.368 749'325 809'250 781'951 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 12'489.4 13'122.8 3'189.7 3'169.2 1.60x 1.50x 6.49x 6.48x 2'428.5 2'646.5 683.0 671.1 8.35x 7.67x 8.24x 8.08x 1'334.4 1'474.6 385.0 372.4 15.02x 13.50x 15.03x 14.68x S&P Issuer Ratings

BBB STABLE 9.90 8.49 0.41 1.36 44.1% 30.6% 0.75 14.78 91.53 -

Sales/Revenue/Turnover

60.00

14'000.0

50.00

12'000.0 10'000.0

40.00

8'000.0 30.00

6'000.0

20.00

4'000.0

10.00

2'000.0

0.00 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 |

21.02.2013

Marsh & McLennan Cos Inc Holdings By:

All

Holder Name WELLINGTON MANAGEMEN CAPITAL GROUP COMPAN PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA BLACKROCK VANGUARD GROUP INC STATE STREET INVESCO LTD OPPENHEIMERFUNDS INC FMR LLC AMERICAN CENTURY COM BANK OF NEW YORK MEL JP MORGAN NORTHERN TRUST CORPO ARTISAN PARTNERS HOL MACQUARIE GROUP LTD EPOCH INVESTMENT PAR NIPPON LIFE INSURANC VERITAS ASSET MANAGE AMERIPRISE FINANCIAL

Firm Name Keefe, Bruyette & Woods Morgan Stanley Janney Montgomery Scott LLC Macquarie MKM Partners RBC Capital Markets William Blair & Co Raymond James Sandler O'Neill & Partners, LP Miller Tabak + Co., LLC Wells Fargo Securities, LLC Portales Partners Barclays Goldman Sachs EVA Dimensions Sterne, Agee & Leach Credit Suisse Deutsche Bank

Portfolio Name WELLINGTON MANAGEMEN n/a PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA n/a VANGUARD GROUP INC n/a INVESCO LTD OPPENHEIMER FUNDS IN n/a AMERICAN CENTURY COM BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO ARTISAN PARTNERS LP n/a EPOCH INVESTMENT PAR n/a VERITAS ASSET MANAGE AMERIPRISE FINANCIAL

Analyst MEYER SHIELDS GREGORY W LOCRAFT LARRY GREENBERG RAYMOND IARDELLA DARREN MARCUS MARK A DWELLE ADAM KLAUBER C GREGORY PETERS J PAUL NEWSOME TOM MITCHELL ELYSE GREENSPAN ALEX J LOPEZ JAY H GELB MICHAEL S NANNIZZI CRAIG STERLING DANIEL FARRELL MICHAEL ZAREMSKI JOSHUA D SHANKER

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

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

Amt Held 47'523'428 34'696'987 31'612'388 28'875'216 24'926'000 24'282'559 22'506'540 18'986'064 11'784'565 8'808'089 8'660'802 8'427'780 7'018'433 6'993'138 6'862'315 6'632'129 5'941'464 5'341'000 4'901'400 4'605'059

% Out 8.72 6.37 5.8 5.3 4.57 4.46 4.13 3.48 2.16 1.62 1.59 1.55 1.29 1.28 1.26 1.22 1.09 0.98 0.9 0.84

Weighting

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

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

Latest Chg 3'617'377 (3'476'824) (1'461'800) (9'977) 312'044 1'326'482 530'562 (237'774) 80'240 4'901'876 (205'154) (1'135'116) 37'860 80'083 972'236 14'830 (225'790) 23'700 345'136 2'972'183

Target Price 40 40 38 40 35 40 #N/A N/A 40 39 #N/A N/A #N/A N/A #N/A N/A 41 40 #N/A N/A 43 34 40

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

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 15.02.2013 13.02.2013 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 06.02.2013 15.01.2013 14.01.2013 07.01.2013 29.11.2012

21.02.2013

MetLife Inc MetLife, Inc. provides individual insurance, employee benefits and financial services with operations throughout the United States and the regions of Latin America, Europe, and Asia Pacific. The Company's products include life insurance, annuities, automobile and homeowners insurance, retail banking and other financial services to individuals as well as group insurance.

Price/Volume 45

12.0 M

10.0 M

35 30

8.0 M

12/2012 12/yy 39.54 27.65 1'848'073.00 35.89 -9.23% 29.80% 69.30% 1'091.7 39'181.11 26'550.00 2'100.0 505.0 15'738.00 52'598.11

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

4.0 M

2.0 M

5 0 f-12 m-12

31.12.2009 31.12.2010 41'057.0 52'265.0 1.07x 1.34x (2'246.0) 2'790.0 12.32x 10.31x Profitability

LTM-4Q 31.12.2011 70'262.0 0.82x 6'981.0 6.21x

31.12.2012 68'150.0 0.72x 1'324.0 6.24x 4.86% 2.12% 0.16% 2.00% 3.57% 0.08% 1.9% 3.17% 42.58% -

Price/ Cash Flow

j-12

LTM

12/yy 70'253.0 3.78x 0.0 0.00x 6'589.0 6.81x

j-12

12/yy 68'150.0 2.92x 0.0 0.00x 1'324.0 6.25x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

2.06 1.53 886.47 22.48 -4.76% 9.50% 1.526 24 4.333 2'425'580 1'819'475 2'110'008 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 69'972.1 72'113.8 17'204.7 17'339.3 0.89x 5'818.8 6'254.7 1'411.0 1'428.8 6.78x 6.35x 6.85x 6.77x S&P Issuer Ratings

ASTABLE 42.6% 29.0% 0.08 -

Sales/Revenue/Turnover

10.00

80'000.0

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00 5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 01.01.2010

.0 M a-12 m-12

Fiscal Year Ended 31.12.2008 50'984.0 0.53x 3'209.0 9.63x

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.03.2012) 52-Week Low (05.06.2012) Daily Volume Current Price (2/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 MET UN EQUITY YTD Change MET UN EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

21.02.2013

MetLife Inc Holdings By:

All

Holder Name METLIFE POLICY HOLDE BLACKROCK STATE STREET VANGUARD GROUP INC FMR LLC JP MORGAN MASSACHUSETTS FINANC BANK OF NEW YORK MEL FRANKLIN RESOURCES T ROWE PRICE ASSOCIA GOLDMAN SACHS GROUP DEUTSCHE BANK AG DODGE & COX NORTHERN TRUST CORPO ALLIANZ ASSET MANAGE NORGES BANK WELLINGTON MANAGEMEN UBS AMERIPRISE FINANCIAL DIMENSIONAL FUND ADV

Firm Name Deutsche Bank Argus Research Corp Janney Montgomery Scott LLC FBR Capital Markets Macquarie S&P Capital IQ Morgan Stanley RBC Capital Markets Credit Suisse JPMorgan Keefe, Bruyette & Woods Raymond James Sandler O'Neill & Partners, LP Scotia Capital Wells Fargo Securities, LLC Portales Partners Sterne, Agee & Leach Evercore Partners Barclays EVA Dimensions Goldman Sachs

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a n/a MASSACHUSETTS FINANC BANK OF NEW YORK MEL n/a T ROWE PRICE ASSOCIA GOLDMAN SACHS GROUP DEUTSCHE BANK AKTIEN DODGE & COX NORTHERN TRUST CORPO n/a NORGES BANK WELLINGTON MANAGEMEN n/a AMERIPRISE FINANCIAL DIMENSIONAL FUND ADV

Analyst YARON KINAR JOHN M EADE LARRY GREENBERG RANDY BINNER SEAN DARGAN CATHY SEIFERT NIGEL P DALLY ERIC N BERG THOMAS GALLAGHER JIMMY S BHULLAR JEFFREY SCHUMAN STEVEN D SCHWARTZ EDWARD SHIELDS JOANNE SMITH JOHN A HALL NINA GUPTA JOHN M NADEL MARK FINKELSTEIN JAY H GELB AUSTIN BURKETT CHRISTOPHER GIOVANNI

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

Recommendation hold buy neutral outperform outperform buy Overwt/In-Line sector perform outperform overweight outperform outperform buy focus stock outperform sector perform buy overweight equalweight underweight buy/attractive

Amt Held 203'576'838 52'515'080 48'480'872 41'416'690 36'642'769 35'509'275 25'462'420 22'437'292 18'355'097 18'025'332 17'492'065 15'626'592 15'437'200 13'412'130 13'290'583 12'569'684 9'118'347 8'883'483 8'831'580 8'745'373

% Out 18.65 4.81 4.44 3.79 3.36 3.25 2.33 2.06 1.68 1.65 1.6 1.43 1.41 1.23 1.22 1.15 0.84 0.81 0.81 0.8

Weighting

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

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

Latest Chg (3'556'363) (1'885'712) 4'841'471 1'333'652 (5'204'712) 827'405 1'540'428 744'827 6'030'319 605'225 1'940'893 (1'360'601) 15'437'200 351'832 (482'005) 2'143'394 (1'067'997) 137'386 (4'077'272) (19'860)

Target Price 40 46 #N/A N/A 50 45 43 45 50 44 41 42 44 44 47 #N/A N/A #N/A N/A 48 40 37 #N/A N/A 45

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

File Dt 07.11.2012 19.02.2013 19.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2011 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 21.02.2013 19.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 15.01.2013 08.01.2013

21.02.2013

Muenchener Rueckversicherungs AG Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial services. The Company offers reinsurance, insurance, and asset management services. MunichRe has subsidiaries in most major financial centers throughout the world.

Price/Volume 160

3.5 M

140

3.0 M

120

2.5 M

100

Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MUV2 GY EQUITY YTD Change MUV2 GY EQUITY YTD % CHANGE

12/2012 12/yy 139.75 95.85 453'966.00 133.55 -4.44% 39.33% 89.29% 179.3 23'951.02 5'562.00 0.0 247.0 2'490.00 27'524.02

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

1.5 M

60 40

1.0 M

.5 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 47'151.0 0.56x 1'555.0 14.34x

2.0 M

Valuation Analysis

31.12.2009 31.12.2010 53'891.0 59'111.0 0.44x 0.42x 2'521.0 2'422.0 8.39x 8.69x Profitability

LTM-4Q 31.12.2011 60'908.0 0.33x 702.0 24.03x

31.12.2012 3'200.0 7.62x 0.74% 0.26% 1.32% 13.69% 12.08% 0.26% 1.2% 2.25% 0.00% -

Price/ Cash Flow

LTM

12/yy 61'764.0 1.29x 0.0 0.00x 702.0 23.74x

12/yy 49'754.0 1.45x 0.0 0.00x 3'200.0 7.56x

FY+1

.0 M f-13

0.95 178.94 27.96% -1.80% 0.947 41 3.366 589'417 638'424 611'161 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 58'288.6 61'709.4 0.51x 2'830.5 2'888.2 8.40x 8.22x S&P Issuer Ratings

AASTABLE 0.0% 19.3% 0.26 -

Sales/Revenue/Turnover

5.00

70'000.0

4.50

60'000.0

4.00 3.50

50'000.0

3.00

40'000.0

2.50

30'000.0

2.00

20'000.0

1.50 1.00

10'000.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

21.02.2013

Muenchener Rueckversicherungs AG Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I BLACKROCK PEOPLES BANK OF CHIN VANGUARD GROUP INC CREDIT SUISSE AG ALLIANZ ASSET MANAGE ARTISAN PARTNERS HOL DEUTSCHE BANK AG DEKA INVESTMENT GMBH DB PLATINUM ADVISORS NATIXIS ASSET MANAGE MACKENZIE FINANCIAL TWEEDY BROWNE COMPAN UNION INVESTMENT GMB DIMENSIONAL FUND ADV BNP PARIBAS INV PART T ROWE PRICE ASSOCIA SARASIN FRANKFURT TRUST INVE FRANKLIN RESOURCES

Firm Name

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

Analyst

AlphaValue DIETER HEIN Bankhaus Lampe ANDREAS SCHAEFER Societe Generale JASON KALAMBOUSSIS CA Cheuvreux FRANK KOPFINGER Credit Suisse ADAM MCINALLY Day by Day VALERIE GASTALDY Raymond James DANNY JACQUES HSBC THOMAS FOSSARD Nord/LB JULIA SIEKMANN Landesbank Baden-Wuerttemberg WERNER SCHIRMER Hamburger Sparkasse CHRISTIAN HAMANN S&P Capital IQ RODERICK WALLACE Goldman Sachs VINIT MALHOTRA Keefe, Bruyette & Woods WILLIAM HAWKINS Independent Research GmbH STEFAN BONGARDT Oddo & Cie NICOLAS JACOB Kepler Capital Markets FABRIZIO CROCE Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Bryan Garnier & Cie OLIVIER PAUCHAUT Nomura MICHAEL KLIEN Equinet Institutional Services(ESN) PHILIPP HAESSLER DZ Bank AG THORSTEN WENZEL Exane BNP Paribas THOMAS JACQUET Helvea DANIEL BISCHOF Barclays ANDREW BROADFIELD Main First Bank AG MICHAEL HAID Morgan Stanley MACIEJ WASILEWICZ Mediobanca SpA MARC THIELE JPMorgan MICHAEL HUTTNER RBC Capital Markets GORDON AITKEN EVA Dimensions AUSTIN BURKETT Natixis BENOIT VALLEAUX Canaccord Genuity Corp BEN COHEN Bankhaus Metzler JOCHEN SCHMITT Sanford C. Bernstein & Co THOMAS SEIDL Macquarie HADLEY COHEN Berenberg Bank TOM CARSTAIRS National Bank AG MANFRED JAISFELD Redburn Partners PAUL GOODHIND Espirito Santo Investment Bank Research JOY FERNEYHOUGH Daiwa Securities Co. Ltd. TIM PROUDLOVE

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

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

Amt Held 18'292'803 17'598'935 5'380'236 3'304'459 3'097'431 2'375'402 1'798'228 1'606'533 1'583'488 1'155'674 1'059'394 953'106 909'100 836'088 674'788 638'641 619'738 571'730 549'131 525'186

% Out 10.2 9.81 3 1.84 1.73 1.32 1 0.9 0.88 0.64 0.59 0.53 0.51 0.47 0.38 0.36 0.35 0.32 0.31 0.29

Weighting

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

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

Latest Chg (341'649) 75'261 (45'342) 263'657 (448) 62'941 1'135'418 698'268 2'470 (376'953) 4'122 (84'166) 6'554 195'044 6'600 (123'320)

Target Price 138 145 133 157 140 #N/A N/A #N/A N/A 135 145 140 #N/A N/A 150 165 160 145 125 153 147 136 128 125 154 145 130 157 145 152 164 150 115 #N/A N/A 137 142 150 100 140 140 145 #N/A N/A 118 119

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

File Dt Inst Type 31.12.2011 Investment Advisor 19.02.2013 Investment Advisor 31.12.2011 Unclassified 31.12.2012 Investment Advisor 25.04.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 31.03.2012 Investment Advisor 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Unclassified 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

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

Date 21.02.2013 20.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 08.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 01.02.2013 31.01.2013 30.01.2013 29.01.2013 28.01.2013 17.01.2013 10.01.2013 09.01.2013 08.01.2013 13.12.2012 27.11.2012 09.11.2012 07.11.2012 15.03.2012 02.02.2012 10.05.2011

21.02.2013

Ping An Insurance Group Co of China Ltd Ping An Insurance (Group) Company of China Limited provides a variety of insurance service in China. The Company writes property, casualty, and life insurance. Ping An Insurance also offers financial services.

Price/Volume 80

1200.0 M

1000.0 M

60 800.0 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2318 HK EQUITY YTD Change 2318 HK EQUITY YTD % CHANGE

12/2011 09/yy 72.70 53.00 19'307'952.00 64.95 -10.66% 22.55% 66.50% 3'129.7 481'299.16 322'062.00 0.0 40'475.0 94'582.00 651'372.99

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

400.0 M

20 200.0 M

10 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 31.12.2007 139'137.0 5.10x 18'688.0 30.00x

600.0 M

31.12.2008 31.12.2009 87'666.0 152'961.0 3.19x 3.24x 1'418.0 13'883.0 173.82x 31.68x Profitability

LTM-4Q 31.12.2010 195'052.0 3.37x 17'311.0 32.03x

31.12.2011 272'683.0 2.06x 19'475.0 16.61x 19.28% 11.01% 1.05% 14.71% 9.85% 0.16% 7.1% 14.09% 246.10% -

Price/ Cash Flow

LTM

FY+1

0.77 1.48 1'564.20 -2.49% 0.08% 1.477 30 4.233 10'902'580 47'140'420 35'102'580 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 244'495.0 313'844.0 321'397.7 380'716.5 9.11x 7.64x 1.80x 1.53x 0.0 0.0 0.00x 0.00x 19'074.0 21'041.0 21'888.3 28'722.5 14.56x 17.85x 18.20x 14.14x 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

246.1% 65.3% 0.16 -

Sales/Revenue/Turnover

20.00

300'000.0

18.00

250'000.0

16.00 14.00

200'000.0

12.00

150'000.0

10.00 8.00

100'000.0

6.00 4.00

50'000.0

2.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

21.02.2013

Ping An Insurance Group Co of China Ltd Holdings By:

All

Holder Name CHAROEN POKPHAND GRO JP MORGAN DIAMOND EPOCH LTD BLACKROCK VANGUARD GROUP INC JINJUN CO LTD FMR LLC UBS MATTHEWS INTERNATION T ROWE PRICE ASSOCIA MAPS INVESTMENT MANA HANG SENG INVESTMENT STATE STREET GLOBAL CAPITAL GROUP COMPAN BARING ASSET MANAGEM SHINHAN BNP PARIBAS ALLIANZ ASSET MANAGE GAM INTERNATIONAL MA SCHRODER INVESTMENT MIRAE ASSET GLOBAL I

Firm Name Core Pacific Credit Suisse Nomura JF Apex Securities Bhd Capital Securities Corp BOCOM International Holdings Morgan Stanley Jefferies Standard Chartered UOB Kay Hian JPMorgan DBS Vickers EVA Dimensions ABC International SWS Research Co Ltd Deutsche Bank CCB International Securities Ltd ICBC International Securities Bank of China International Goldman Sachs Kim Eng Securities Macquarie Guotai Junan HSBC AMTD Financial Planning Limited BNP Paribas Equity Research Phillip Securities China International Capital Corp Mirae Asset Securities China Merchants Securities

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

Analyst OLIVE XIA ARJAN VAN VEEN DAVID CHUNG TEAM COVERAGE TEAM COVERAGE LI WENBING BEN LIN BARON NIE JENNIFER LAW EDMOND LAW CHAN BAO LING PING CHENG AUSTIN BURKETT FRANCIS CHAN ROBERT HU ESTHER CHWEI KENNETH YUE PIUS CHENG SUN PENG MANCY SUN IVAN LI SCOTT G RUSSELL FELIX LUO JAMES GARNER KENNY TANG SING HING DORRIS CHEN CHEN XINGYU TANG SHENGBO IVAN CHEUNG LUO JINMING

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

Recommendation buy outperform neutral hold buy buy Overwt/In-Line buy outperform buy overweight buy sell sell neutral buy outperform buy hold Buy/Neutral buy neutral accumulate restricted buy hold buy buy hold buy

Amt Held 1'232'815'614 279'150'433 256'694'218 229'704'872 96'820'967 76'000'000 45'370'339 40'846'297 25'632'500 20'890'300 17'892'689 17'379'914 16'944'635 13'215'000 12'302'000 11'165'702 7'906'500 7'906'000 6'775'500 6'448'500

% Out 39.39 8.92 8.2 7.34 3.09 2.43 1.45 1.31 0.82 0.67 0.57 0.56 0.54 0.42 0.39 0.36 0.25 0.25 0.22 0.21

Latest Chg

Weighting

Change

Target Price

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

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

1 2'131'000 (2'930'930) (2'885'500) (120'000'000) 5'262'045 (83'300) (668'000) 1'798'500 1'311'300 (894'024) (82'443'000) 3'583'000 509'500 1'634'000 (2'213'000) 1'641'500

80 80 67 74 70 83 80 83 72 84 76 79 #N/A N/A 68 62 86 77 75 66 79 70 67 73 #N/A N/A 64 67 80 77 58 60

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

File Dt Inst Type 06.02.2013 Holding Company 14.02.2013 Unclassified 01.02.2013 Other 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 24.08.2011 Corporation 31.12.2012 Investment Advisor 08.02.2013 Unclassified 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Unclassified 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 31.10.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor

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

Date 21.02.2013 20.02.2013 20.02.2013 05.02.2013 04.02.2013 04.02.2013 03.02.2013 03.02.2013 31.01.2013 21.01.2013 16.01.2013 16.01.2013 15.01.2013 14.01.2013 11.01.2013 07.01.2013 07.01.2013 14.12.2012 12.12.2012 13.11.2012 06.11.2012 02.11.2012 31.10.2012 18.10.2012 16.10.2012 21.08.2012 02.03.2012 27.10.2011 18.10.2011 12.02.2009

21.02.2013

Progressive Corp/The The Progressive Corporation is an insurance holding company. The Company, through its subsidiaries, provide personal and commercial automobile insurance and other specialty property-casualty insurance and related services throughout the United States.

Price/Volume 30

8.0 M 7.0 M

6.0 M 20

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (2/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 PGR UN EQUITY YTD Change PGR UN EQUITY YTD % CHANGE

12/2012 12/yy 24.61 18.32 1'018'157.00 24.3 -1.26% 32.64% 95.07% 604.6 14'691.78 2'063.10 0.0 0.0 155.70 16'562.28

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

4.0 M 3.0 M

2.0 M 5

1.0 M

0 f-12

31.12.2009 31.12.2010 14'552.5 14'945.0 0.97x 1.00x 1'057.5 1'068.3 11.68x 13.16x Profitability

LTM-4Q 31.12.2011 15'494.7 0.92x 1'015.5 13.18x

31.12.2012 16'788.5 902.3 18.19x 8.60% 7.85% 4.05% 15.28% 12.10% 0.75% 5.4% 9.09% 34.34% -

Price/ Cash Flow

a-12 m-12

j-12

LTM

12/yy 15'494.7 3.79x 0.0 0.00x 1'015.5 13.18x

j-12

12/yy 16'788.5 2.69x 0.0 0.00x 902.3 18.19x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

1.17 0.86 556.16 18.75 19.28% 16.61% 0.855 22 2.727 1'409'909 1'164'161 1'174'744 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 17'441.1 18'544.4 4'357.0 4'385.9 0.95x 0.89x 2.90x 2.88x 902.6 943.4 274.4 196.3 16.41x 15.19x 16.39x 16.25x S&P Issuer Ratings

A+ STABLE 34.3% 25.6% 0.75 -

Sales/Revenue/Turnover

10.00

18'000.0

9.00

16'000.0

8.00

14'000.0

7.00

12'000.0

6.00

10'000.0

5.00

8'000.0

4.00

6'000.0

3.00

4'000.0

2.00

2'000.0

1.00 0.00 01.01.2010

.0 M m-12

Fiscal Year Ended 31.12.2008 12'831.3 0.95x (70.0) 11.48x

5.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

21.02.2013

Progressive Corp/The Holdings By:

All

Holder Name DAVIS SELECTED ADVIS LEWIS PETER BENJAMIN MORGAN STANLEY BLACKROCK BROWN BROTHERS HARRI VANGUARD GROUP INC T ROWE PRICE ASSOCIA STATE STREET ARTISAN PARTNERS HOL MACQUARIE GROUP LTD BARCLAYS PLC NEUBERGER BERMAN LLC BAILLIE GIFFORD AND PUBLIC SECTOR PENSIO CAPITAL GROUP COMPAN INVESCO LTD NORTHERN TRUST CORPO BANK OF NEW YORK MEL JOHN W BRISTOL & COM ING GROEP NV

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

Portfolio Name DAVIS SELECTED ADVIS n/a n/a n/a BROWN BROTHERS HARRI VANGUARD GROUP INC T ROWE PRICE ASSOCIA n/a ARTISAN PARTNERS LP n/a BARCLAYS PLC NEUBERGER BERMAN GRO BAILLIE GIFFORD & CO PUBLIC SECTOR PENSIO n/a INVESCO LTD NORTHERN TRUST CORPO BANK OF NEW YORK MEL JOHN W BRISTOL & COM ING GROEP NV

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

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

Recommendation outperform Sell/Neutral hold neutral market perform underperform buy equalweight Underwt/In-Line underperform strong buy hold equalweight market perform sector perform hold underperform outperform market perform underweight sell

Amt Held 50'531'368 43'682'459 38'883'783 36'669'158 24'453'486 24'349'461 24'189'506 23'105'024 22'420'667 22'215'050 17'385'566 12'299'752 10'093'577 10'012'688 9'716'474 9'033'096 7'448'536 6'107'990 6'029'753 5'128'000

% Out 8.36 7.23 6.43 6.07 4.04 4.03 4 3.82 3.71 3.67 2.88 2.03 1.67 1.66 1.61 1.49 1.23 1.01 1 0.85

Weighting

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

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

Latest Chg (5'782'026) (1'410'288) 1'683'178 1'291'054 546'180 904'615 544'138 1'276'467 942'094 16'892'287 (552'882) 1'517'177 11'500 (340'324) (3'483'615) 56'027 (927'757) (297'034) 5'128'000

Target Price 24 21 #N/A N/A #N/A N/A 25 20 28 26 #N/A N/A #N/A N/A 28 25 24 #N/A N/A #N/A N/A #N/A N/A 20 24 19 #N/A N/A 18

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

File Dt 31.12.2012 30.11.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 19.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 20.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 31.01.2013 23.01.2013 18.01.2013 18.01.2013 15.01.2013 15.11.2012

21.02.2013

Prudential Financial Inc Prudential Financial, Inc. provides financial services throughout the United States and several locations worldwide. The Company offers a variety of products and services, including life insurance, mutual funds, annuities, pension and retirement related services and administration, and asset management.

Price/Volume 70

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PRU UN EQUITY YTD Change PRU UN EQUITY YTD % CHANGE

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

1.0 M

.5 M

10 0 f-12

31.12.2009 31.12.2010 32'566.0 38'200.0 1.25x 1.25x 3'124.0 3'195.0 9.03x 9.52x Profitability

LTM-4Q 31.12.2011 49'045.0 0.88x 3'666.0 7.82x

31.12.2012 84'815.0 469.0 8.51x 13.11% 10.81% 0.20% 3.32% 3.06% 0.08% 0.6% 5.31% 89.13% -

Price/ Cash Flow

a-12 m-12

j-12

LTM

12/yy 49'040.0 3.79x 0.0 0.00x 3'630.0 8.35x

j-12

12/yy 84'815.0 1.69x 0.0 0.00x 381.0 8.71x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

2.59 1.50 460.99 2.75 -5.65% 5.10% 1.496 25 4.280 609'144 684'971 718'070 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 52'809.1 54'926.0 12'354.4 12'463.4 3'649.0 4'047.6 867.8 906.1 7.20x 6.45x 7.19x 6.99x S&P Issuer Ratings

17.02.2009 A STABLE 15.02.2006 A-1 89.1% 46.7% 0.08 -

Sales/Revenue/Turnover

9.00

90'000.0

8.00

80'000.0

7.00

70'000.0

6.00

60'000.0

5.00

50'000.0

4.00

40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 01.01.2010

.0 M m-12

Fiscal Year Ended 31.12.2008 29'219.0 1.25x (1'117.0) 11.55x

1.5 M

12/2012 12/yy 65.16 44.47 641'619.00 56.05 -13.98% 26.04% 55.97% 462.0 26'119.30 33'176.00 0.0 588.0 14'251.00 47'795.30

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 |

21.02.2013

Prudential Financial Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET WELLINGTON MANAGEMEN MASSACHUSETTS FINANC JP MORGAN GOLDMAN SACHS GROUP NORGES BANK NORTHERN TRUST CORPO TIAA CREF INVESTMENT BANK OF NEW YORK MEL CITADEL ADVISORS LLC AMERIPRISE FINANCIAL FMR LLC LSV ASSET MANAGEMENT DIMENSIONAL FUND ADV LORD ABBETT & CO LLC CAPITAL GROUP COMPAN CAMBIAR INVESTORS LL GEODE CAPITAL MANAGE

Firm Name Goldman Sachs Keefe, Bruyette & Woods FBR Capital Markets Portales Partners Evercore Partners Janney Montgomery Scott LLC Raymond James Sandler O'Neill & Partners, LP Wells Fargo Securities, LLC Argus Research Corp Macquarie Morgan Stanley RBC Capital Markets JPMorgan S&P Capital IQ Barclays Credit Suisse Sterne, Agee & Leach Scotia Capital Deutsche Bank EVA Dimensions Ameriprise Advisor Services, Inc Shore Capital Stockbrokers

Portfolio Name n/a VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN MASSACHUSETTS FINANC n/a GOLDMAN SACHS GROUP NORGES BANK NORTHERN TRUST CORPO TIAA-CREF INVESTMENT BANK OF NEW YORK MEL CITADEL ADVISORS LLC AMERIPRISE FINANCIAL n/a LSV ASSET MANAGEMENT DIMENSIONAL FUND ADV LORD ABBETT & CO LLC n/a CAMBIAR INVESTORS LL GEODE CAPITAL MANAGE

Analyst CHRISTOPHER GIOVANNI JEFFREY SCHUMAN RANDY BINNER NINA GUPTA MARK FINKELSTEIN LARRY GREENBERG STEVEN D SCHWARTZ EDWARD SHIELDS JOHN A HALL JOHN M EADE SEAN DARGAN NIGEL P DALLY ERIC N BERG JIMMY S BHULLAR ROBERT MCMILLAN JAY H GELB THOMAS GALLAGHER JOHN M NADEL JOANNE SMITH YARON KINAR AUSTIN BURKETT LORI WILKING EAMONN FLANAGAN

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

Recommendation buy/attractive outperform outperform sector perform overweight buy strong buy hold outperform hold neutral Overwt/In-Line top pick overweight buy equalweight outperform buy sector perform buy sell buy buy

Amt Held 33'453'781 20'265'805 19'147'061 15'056'369 12'182'867 10'553'869 8'021'431 7'586'223 6'330'064 5'726'453 5'592'068 5'371'178 5'199'705 4'749'833 4'202'938 4'102'725 3'840'147 3'600'000 3'062'675 2'937'330

% Out 7.24 4.39 4.14 3.26 2.64 2.28 1.74 1.64 1.37 1.24 1.21 1.16 1.13 1.03 0.91 0.89 0.83 0.78 0.66 0.64

Weighting

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

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

Latest Chg 3'710'691 449'784 577'008 2'131'248 (681'083) (1'484'042) 676'519 (88'667) (24'683) 401'714 (113'154) 4'534'645 1'403'023 (17'709) (269'008) 6'179 (175'083) 514'244 18'288

Target Price 75 67 70 #N/A N/A 65 #N/A N/A 82 59 #N/A N/A #N/A N/A 62 71 90 67 66 62 65 80 61 67 #N/A N/A #N/A N/A #N/A N/A

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

File Dt Inst Type 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2011 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 19.02.2013 19.02.2013 19.02.2013 14.02.2013 13.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 30.01.2013 16.01.2013 15.01.2013 14.11.2012 21.11.2011

21.02.2013

Prudential PLC Prudential plc is an international company which provides a wide assortment of insurance and investment products and services. Insurance products include life, accident and health, property and casualty insurance, as well as fixed and variable annuities. Financial and investment services include personal and group pensions, equity plans, mortgages and deposit accounts.

Price/Volume 1200

12.0 M

12/2011 09/yy 989.00 654.50 1'688'394.00 959.5 -2.98% 46.60% 96.41% 2'557.3 24'537.06 7'923.00 43.0 7'257.00 24'231.06

8.0 M 6.0 M

400

4.0 M 200

2.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 31.12.2009 (10'269.0) 48'099.0 0.38x (396.0) 676.0 23.20x Profitability

LTM-4Q 31.12.2010 47'646.0 0.39x 1'431.0 11.78x

31.12.2011 36'506.0 0.47x 1'490.0 10.85x 6.05% 5.32% 0.57% 17.77% 11.06% 0.14% 4.1% 2.90% 86.90% -

Price/ Cash Flow

LTM

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

FY+1

.0 M f-13

2.67 1.33 2'447.67 38.57% 10.86% 1.326 27 4.111 3'845'747 3'743'157 3'778'077 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 49'797.0 57'898.0 933.1 0.36x 0.32x 1'748.7 1'944.9 13.93x 12.53x S&P Issuer Ratings

17.08.2010 A+ NEG 17.08.2010 A-1 86.9% 46.4% 0.14 -

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00

30'000.0

8.00

20'000.0

6.00

10'000.0

4.00

0.0

2.00

-10'000.0 0.00 02.01.2009

10.0 M

600

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PRU LN EQUITY YTD Change PRU LN EQUITY YTD % CHANGE

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

14.0 M

800

Valuation Analysis

31.12.2007 32'870.0 0.59x 947.0 24.66x

16.0 M

1000

02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

-20'000.0

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

21.02.2013

Prudential PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK NORGES BANK INVESTME LEGAL & GENERAL BAILLIE GIFFORD AND VANGUARD GROUP INC SCOTTISH WIDOWS FMR LLC M&G INVESTMENT MANAG JANUS CAPITAL MANAGE UBS JP MORGAN SCHRODER INVESTMENT PEOPLES REPUBLIC OF AEGON VANGUARD GROUP INC LANSDOWNE PARTNERS L LAZARD ASSET MANAGEM MORGAN STANLEY INVES HSBC INVESTMENTS UK

Firm Name AlphaValue RBC Capital Markets Credit Suisse Morgan Stanley Macquarie Sanford C. Bernstein & Co Barclays Deutsche Bank JPMorgan EVA Dimensions HSBC Keefe, Bruyette & Woods Investec S&P Capital IQ Exane BNP Paribas Shore Capital Stockbrokers Panmure Gordon & Co Limited Societe Generale Berenberg Bank Redburn Partners Oriel Securities Ltd Day by Day Goldman Sachs Nomura Daiwa Securities Co. Ltd.

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

Analyst JEROME CASSAGNE GORDON AITKEN CHRIS ESSON JON HOCKING NEIL WELCH EDWARD HOUGHTON ALAN DEVLIN OLIVER STEEL ASHIK MUSADDI AUSTIN BURKETT KAILESH MISTRY GREIG N PATERSON KEVIN RYAN RODERICK WALLACE ANDY HUGHES EAMONN FLANAGAN BARRIE CORNES ABID HUSSAIN MATTHEW PRESTON LANCE BURBIDGE MARCUS BARNARD VALERIE GASTALDY COLIN L SIMPSON FAHAD CHANGAZI TIM PROUDLOVE

Source ULT-AGG ULT-AGG REG ULT-AGG REG MF-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG REG REG ULT-AGG REG Short ULT-AGG REG REG

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

Amt Held % Out 256'652'047 10.04 128'527'550 5.03 109'343'285 4.28 104'422'688 4.08 88'005'484 3.44 73'253'657 2.86 68'974'059 2.7 54'416'212 2.13 50'900'480 1.99 46'515'731 1.82 46'132'289 1.8 41'096'800 1.61 37'587'380 1.47 32'116'464 1.26 31'314'498 1.22 27'712'324 1.08 (26'336'610) -1.03 25'693'022 1 25'352'169 0.99 24'274'851 0.95

Weighting

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

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

Latest Chg 1'911'502 (3'426'400) (2'480'541) 6'184'930 (685'857) 1'266'568 (2'477'186) 2'349'806 (10'468'461) (47'271) (2'879'736) (1'798'097) 6'524'975 (1'575'145) 2'776'676 (2'301'258) (3'128'089) (3'324'924) 2'269'984

Target Price 902 910 1'080 1'135 1'000 1'055 1'023 1'060 781 #N/A N/A 1'095 950 831 1'100 745 #N/A N/A 1'085 900 1'080 #N/A N/A 900 957 1'081 680 812

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 19.02.2013 Investment Advisor 01.09.2012 Government 01.09.2012 Unclassified 01.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 01.09.2012 Investment Advisor 01.09.2012 Investment Advisor 28.12.2012 Unclassified 31.12.2012 Unclassified 01.09.2012 Investment Advisor 01.09.2012 Government 01.09.2012 Unclassified 01.09.2012 Investment Advisor 20.12.2012 Hedge Fund Manager 31.12.2012 Unclassified 01.09.2012 Investment Advisor 01.09.2012 Investment Advisor

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

Date 21.02.2013 20.02.2013 15.02.2013 11.02.2013 05.02.2013 04.02.2013 04.02.2013 24.01.2013 17.01.2013 17.01.2013 16.01.2013 09.01.2013 07.01.2013 21.12.2012 17.12.2012 06.12.2012 04.12.2012 03.12.2012 03.12.2012 22.11.2012 14.11.2012 16.10.2012 11.10.2012 15.08.2012 01.07.2011

21.02.2013

QBE Insurance Group Ltd QBE Insurance Group Limited is an insurance company which underwrites most forms of commercial and industrial insurance policies, as well as individual policies. QBE also manages Lloyds syndicates and provides investment management services. The Company provides its services both domestically and internationally.

Price/Volume 16

60.0 M

50.0 M

12 40.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.04.2012) 52-Week Low (05.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance QBE AT EQUITY YTD Change QBE AT EQUITY YTD % CHANGE

12/2011 01/yy 14.71 10.02 5'544'580.00 13.14 -10.67% 31.14% 71.22% 1'196.7 15'725.26 4'757.00 0.0 52.0 1'457.00 18'882.76

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

20.0 M

4 10.0 M

2 0 f-12 m-12

31.12.2008 31.12.2009 10'603.6 10'933.1 2.12x 2.00x 1'583.8 1'562.5 12.36x 13.03x Profitability

31.12.2010 12'021.0 1.76x 1'278.0 15.01x

31.12.2011 16'135.0 1.12x 704.0 20.46x 7.05% 5.38% 1.64% 6.95% 6.66% 0.35% 4.4% 10.18% 45.80% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

6.66 1.21 1'193.49 17.96% 20.55% 1.209 15 2.733 5'502'611 5'163'217 5'052'321 FY+2

12/12 Y 12/13 Y 17'545.1 17'980.9 1.21x 1.19x 1'146.5 1'500.5 14.54x 11.85x S&P Issuer Ratings

FQ+1

FQ+2

28.06.2012 A NEG 45.8% 31.3% 0.35 -

Sales/Revenue/Turnover

16.00

18'000.0

14.00

16'000.0

12.00

14'000.0 12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 02.01.2009

a-12 m-12

Fiscal Year Ended 31.12.2007 9'714.6 2.75x 1'614.5 14.77x

30.0 M

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

21.02.2013

QBE Insurance Group Ltd Holdings By:

All

Holder Name ABERDEEN CREDIT SUISSE AG COMMONWEALTH BANK OF NATIONAL AUSTRALIA B VANGUARD GROUP INC FRANKLIN RESOURCES BLACKROCK VANGUARD INVESTMENTS AUSTRALIAN FOUNDATIO MASSACHUSETTS FINANC MACQUARIE GROUP LTD MATTHEWS INTERNATION ARGO INVESTMENTS LTD EASTSPRING INVESTMEN UNITED SERVICES AUTO GRANTHAM MAYO VAN OT TAUBE HODSON STONEX UBS CREDIT SUISSE ASSET ALLIANZ ASSET MANAGE

Firm Name Nomura JPMorgan Credit Suisse Commonwealth Bank Macquarie Morgan Stanley CIMB EVA Dimensions Goldman Sachs Deutsche Bank BBY Limited Shaw Stockbroking

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

Analyst TOBY LANGLEY SIDDHARTH PARAMESWARAN ANDREW ADAMS ROSS CURRAN TIM LAWSON DANIEL TOOHEY RICHARD COLES AUSTIN BURKETT RYAN FISHER KIEREN CHIDGEY BRETT LE MESURIER TIM BUCKLEY

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

Recommendation buy neutral outperform underweight neutral Equalwt/Attractive neutral sell neutral/neutral hold underperform buy

Amt Held 169'005'891 125'774'584 111'084'158 32'716'423 20'632'535 17'776'192 12'645'397 6'830'982 6'365'000 5'683'815 5'430'228 4'484'726 3'631'156 2'610'967 2'577'880 2'265'624 2'116'882 1'952'414 1'942'512 1'716'057

% Out 14.12 10.51 9.28 2.73 1.72 1.49 1.06 0.57 0.53 0.47 0.45 0.37 0.3 0.22 0.22 0.19 0.18 0.16 0.16 0.14

Weighting

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

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

Latest Chg 22'462'268 (12'756'433) 13'495'710 (26'444'095) 323'284 991'300 30'908 146'001 106'906 160'478 (2'088'890) 67'133 (15'523) (107'370) (39'106) 9'288 20'996

Target Price 14 14 13 12 13 12 12 #N/A N/A 11 12 9 #N/A N/A

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

File Dt Inst Type 08.01.2013 Unclassified 18.03.2011 Investment Advisor 19.12.2012 Bank 31.08.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 30.09.2012 Mutual Fund Manager 29.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2011 Investment Advisor 14.09.2012 Investment Advisor 30.11.2012 Investment Advisor 31.05.2012 Investment Advisor 30.11.2012 Investment Advisor 28.12.2012 Unclassified 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

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

Date 21.02.2013 15.02.2013 13.02.2013 08.02.2013 07.02.2013 31.01.2013 23.01.2013 17.01.2013 14.01.2013 07.01.2013 10.12.2012 10.03.2010

21.02.2013

Sampo Sampo Oyj offers multi-line insurance. The Company offers life and pension and property/casualty insurance.

Price/Volume 30

2.5 M

2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (13.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAMAS FH EQUITY YTD Change SAMAS FH EQUITY YTD % CHANGE

12/2012 12/yy 28.50 17.91 461'976.00 27.94 -1.96% 56.00% 97.36% 558.8 15'646.40 2'378.00 0.0 0.0 1'034.00 16'990.40

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

1.0 M

.5 M

5 0 f-12

m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 4'634.0 1.78x 675.0 11.22x

1.5 M

Valuation Analysis

31.12.2009 31.12.2010 5'655.0 6'305.0 1.92x 2.05x 641.0 1'104.0 14.93x 10.18x Profitability

LTM-4Q 31.12.2011 5'342.0 1'038.0 10.36x

31.12.2012 6'415.0 2.33x 1'404.0 9.71x 15.46% 25.19% 4.52% 14.75% 0.21% 21.9% 7.42% 23.51% -

Price/ Cash Flow

12/yy 5'342.0 7.10x 0.0 0.00x 1'038.0 5.18x

LTM 12/yy 6'416.0 8.71x 0.0 0.00x 1'404.0 7.91x

FY+1

.0 M f-13

0.93 40.54% 14.79% 0.935 27 3.259 1'057'443 923'453 807'487 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'638.5 5'652.4 1'349.4 1'424.7 335.5 348.0 11.69x 11.04x 11.48x 10.86x S&P Issuer Ratings

NR 23.5% 19.0% 0.21 -

Sales/Revenue/Turnover

120.00

7'000.0

100.00

6'000.0 5'000.0

80.00

4'000.0 60.00

3'000.0

40.00

2'000.0

20.00

1'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

21.02.2013

Sampo Holdings By:

All

Holder Name SOLIDIUM OY VARMA MUTUAL PENSION CAPITAL GROUP COMPAN WAHLROOS BJORN VANGUARD GROUP INC DEUTSCHE BANK AG ILMARINEN MUTUAL PEN KALEVA MUTUAL INSURA UMB BANK N A FMR LLC FINLAND STATE PENSIO THREADNEEDLE ASSET M BNP PARIBAS INV PART THREADNEEDLE INVESTM BLACKROCK LOCAL GOVERNMENT PEN SWISS NATIONAL BANK SWEDBANK ROBUR FONDE UBS NORDEA INVESTMENT FU

Firm Name Barclays Berenberg Bank Deutsche Bank Pohjola Bank Plc (ESN) Macquarie Carnegie Nordea Equity Research Handelsbanken DNB Markets AlphaValue ABG Sundal Collier Goldman Sachs Credit Suisse Evli Bank Plc Danske Markets Keefe, Bruyette & Woods Mediobanca SpA EVA Dimensions Sanford C. Bernstein & Co SEB Enskilda Morgan Stanley CA Cheuvreux Societe Generale JPMorgan

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a THREADNEEDLE EUROPEA n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst CLAUDIA GASPARI PETER ELIOT JAN WOLTER ANTTI SAARI HADLEY COHEN GIANANDREA ROBERTI PAAVO AHONEN MATTI AHOKAS HAKON FURE JEROME CASSAGNE JAKOB BRINK VINIT MALHOTRA CHRIS ESSON KIMMO RAMA PER GRONBORG KARL MORRIS SIMONETTA CHIRIOTTI AUSTIN BURKETT THOMAS SEIDL MIKA KOSKINEN JON HOCKING HANS PLUIJGERS EMMANUELLE CALES ANDREAS VAN EMBDEN

Source Research Research ULT-AGG Research MF-AGG MF-AGG Research Research MF-AGG ULT-AGG Research MF-AGG ULT-AGG UT-UK ULT-AGG Research Research MF-AGG ULT-AGG MF-AGG

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

Amt Held 79'280'080 47'709'421 22'872'997 11'761'383 9'111'481 7'096'795 5'850'422 5'668'476 5'350'770 5'050'788 4'260'000 4'231'895 4'067'878 3'798'781 3'329'672 2'552'530 2'457'137 2'172'644 2'170'127 1'949'210

% Out 14.19 8.54 4.09 2.1 1.63 1.27 1.05 1.01 0.96 0.9 0.76 0.76 0.73 0.68 0.6 0.46 0.44 0.39 0.39 0.35

Weighting

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

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

Latest Chg 382'597 (545'761) 237'817 (325'137) 105'058 (476'757) 66'922 40'614 411'981 (340'986) (18'522)

Target Price 28 30 26 27 29 #N/A N/A 29 29 29 25 31 27 30 27 27 23 28 #N/A N/A 22 23 22 25 22 20

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

File Dt Inst Type 31.01.2013 Holding Company 31.01.2013 Insurance Company 31.12.2012 Investment Advisor 31.01.2013 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Insurance Company 31.01.2013 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Government 31.10.2012 Investment Advisor 30.11.2012 Investment Advisor 31.10.2012 Investment Advisor 19.02.2013 Investment Advisor 31.01.2013 Pension Fund (ERISA) 31.01.2013 Government 30.09.2012 Investment Advisor 28.12.2012 Unclassified 31.12.2012 Investment Advisor

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

Date 20.02.2013 19.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 11.02.2013 30.01.2013 17.01.2013 13.12.2012 10.12.2012 05.12.2012 09.08.2012 31.05.2012 23.02.2012

21.02.2013

Sun Life Financial Inc Sun Life Financial Inc. is an international financial services organization providing a diverse range of wealth accumulation and protection products and services. The Company provides insurance, mutual funds, annuities, pensions, investment management, trust services, and banking services. Sun Life serves individuals and corporate customers worldwide.

Price/Volume 35

8.0 M

7.0 M

6.0 M 5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SLF CT EQUITY YTD Change SLF CT EQUITY YTD % CHANGE

12/2012 12/yy 30.03 19.76 1'776'238.00 28.92 -3.70% 46.36% 89.19% 599.6 17'339.37 4'889.00 2'503.0 0.0 7'034.00 17'697.37

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

3.0 M

2.0 M

1.0 M

0 f-12

31.12.2009 31.12.2010 27'572.0 24'801.0 0.50x 0.70x 613.0 1'499.0 30.56x 11.63x Profitability

LTM-4Q 31.12.2011 19'830.0 0.49x (270.0) 20.54x

31.12.2012 17'559.0 0.92x 1'674.0 10.59x 11.83% 9.74% 0.74% 11.11% 9.32% 0.08% 9.5% 2.17% 34.62% -

Price/ Cash Flow

a-12 m-12

j-12

LTM

12/yy 22'240.0 2.39x 0.0 0.00x (199.0) 21.24x

j-12

12/yy 18'676.0 3.02x 0.0 0.00x 1'627.0 10.22x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

4.98 1.03 599.25 24.91 43.39% 9.67% 1.033 17 3.118 2'100'416 1'252'380 1'400'360 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 21'791.7 22'590.7 5'566.0 5'407.5 1'423.2 1'627.2 393.4 410.0 11.30x 10.62x 11.35x 11.21x S&P Issuer Ratings

24.02.2012 A NEG 06.03.2009 A-1 34.6% 22.6% 0.08 -

Sales/Revenue/Turnover

30.00

30'000.0

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 01.01.2010

.0 M m-12

Fiscal Year Ended 31.12.2008 14'548.0 0.97x 855.0 -

4.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

21.02.2013

Sun Life Financial Inc Holdings By:

All

Holder Name ROYAL BANK OF CANADA IG INVESTMENT MANAGE THE BANK OF NOVA SCO FMR LLC TD ASSET MANAGEMENT BMO FINANCIAL CORP TORONTO DOMINION BAN CIBC WORLD MARKETS I LETKO BROSSEAU & ASS IA CLARINGTON INVEST CIBC GLOBAL ASSET MA T ROWE PRICE ASSOCIA FRANKLIN RESOURCES VANGUARD GROUP INC GREAT WEST LIFE ASSU CAPITAL GROUP COMPAN AGF INVESTMENTS INC APG ALL PENSIONS GRO CONNOR CLARK & LUNN FIERA CAPITAL CORPOR

Firm Name National Bank Financial Canaccord Genuity Corp RBC Capital Markets Credit Suisse Edward Jones Desjardins Securities Cormark Securities Inc. TD Securities EVA Dimensions BMO Capital Markets Morgan Stanley Scotia Capital Veritas Investment Research Co CIBC World Markets Barclays Argus Research Corp

Portfolio Name n/a IG INVESTMENT MANAGE THE BANK OF NOVA SCO n/a TD ASSET MANAGEMENT BMO FINANCIAL CORP TORONTO DOMINION BAN CIBC WORLD MARKETS I LETKO BROSSEAU & ASS Multiple Portfolios CIBC GLOBAL ASSET MA T ROWE PRICE ASSOCIA n/a Multiple Portfolios GREAT WEST LIFE ASSU n/a AGF INVESTMENTS INC APG ALL PENSIONS GRO CONNOR CLARK & LUNN FIERA CAPITAL CORPOR

Analyst PETER D ROUTLEDGE MARIO MENDONCA ANDRE PHILIPPE HARDY GABRIEL DECHAINE TOM LEWANDOWSKI MICHAEL GOLDBERG DARKO MIHELIC DOUG YOUNG AUSTIN BURKETT TOM MACKINNON NIGEL P DALLY JOANNE SMITH OHAD LEDERER ROBERT SEDRAN JOHN AIKEN JOHN M EADE

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

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

Amt Held 45'412'621 23'473'093 15'505'568 15'285'841 14'375'481 12'708'859 12'024'655 11'607'221 10'544'568 9'530'096 9'292'573 8'322'300 7'155'314 6'560'372 5'800'795 5'762'400 3'144'675 2'869'340 2'856'457 2'746'771

% Out 7.57 3.92 2.59 2.55 2.4 2.12 2.01 1.94 1.76 1.59 1.55 1.39 1.19 1.09 0.97 0.96 0.52 0.48 0.48 0.46

Weighting

Change

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

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

Latest Chg 5'014'354 (14'937) (955'347) 142'216 2'896'551 867'408 1'042'553 407'764 1'422'122 12'600 (235'071) (1'466'400) (675'688) 122'300 (433'537) 2'702'500 747'625 (110'916) 460'000 (628'379)

Target Price 31 29 28 31 #N/A N/A 31 29 32 #N/A N/A 29 #N/A N/A 28 29 28 #N/A N/A #N/A N/A

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

File Dt 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.09.2012 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

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

Inst Type Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 19.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 14.01.2013 17.12.2012 24.09.2012

21.02.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.02.2013) 52-Week Low (22.02.2012) Daily Volume Current Price (2/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 SREN VX EQUITY YTD Change SREN VX EQUITY YTD % CHANGE

12/2012 12/yy 76.60 50.00 2'334'142.00 75.45 -1.50% 50.89% 99.37% 370.7 27'969.84 19'898.00 0.0 24.0 10'837.00 39'125.37

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

4.0 M

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 f-12

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

LTM-4Q 31.12.2011 27'797.0 1.02x 2'626.0 6.64x

31.12.2012 33'116.0 1.08x 4'201.0 6.09x 17.37% 16.51% 1.89% 13.15% 9.38% 0.15% 12.7% 9.22% 58.52% -

Price/ Cash Flow

a-12 m-12

j-12

LTM

12/yy 27'797.0 3.93x 0.0 0.00x 2'626.0 6.64x

j-12

12/yy 33'116.0 3.87x 0.0 0.00x 4'180.0 5.97x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

1.16 370.21 46.17% 14.49% 1.162 37 3.189 1'208'043 1'105'172 964'773 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 31'900.3 34'319.4 1.22x 2'857.7 2'951.2 10.02x 9.72x S&P Issuer Ratings

58.5% 36.9% 0.15 -

Sales/Revenue/Turnover

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

m-12

Fiscal Year Ended 31.12.2008 24'011.7 1.03x (800.3) -

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 |

21.02.2013

Swiss Re AG Holdings By:

All

Holder Name SWISS RE FRANKLIN RESOURCES BLACKROCK VANGUARD GROUP INC DODGE & COX MFS INVESTMENT MANAG BERKSHIRE HATHAWAY I CREDIT SUISSE ASSET MASSACHUSETTS FINANC UBS FUND MANAGEMENT PICTET & CIE SARASIN SWISSCANTO FONDSLEIT TEMPLETON INVESTMENT DIMENSIONAL FUND ADV JP MORGAN HARTFORD INVESTMENT FMR LLC BESSEMER GROUP INCOR VONTOBEL ASSET MANAG

Firm Name

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

Analyst

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

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

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

Amt Held 27'282'124 19'016'988 15'114'719 13'188'586 12'639'368 11'485'890 11'262'000 5'610'148 5'482'330 2'870'923 2'181'639 1'986'440 1'464'844 1'299'889 1'238'106 1'214'600 1'102'833 833'022 819'676 635'477

% Out 7.36 5.13 4.08 3.56 3.41 3.1 3.04 1.51 1.48 0.77 0.59 0.54 0.4 0.35 0.33 0.33 0.3 0.22 0.22 0.17

Weighting

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

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

Latest Chg (1'396'672) (465'989) 763'755 (222'639) (9'893) 154'354 (16'783) (8'205) 4'568 (33'255) (264'683) (801) (174'506) (181'060) 145'000 (6'100)

Target Price 75 78 66 70 78 72 86 68 #N/A N/A 63 70 79 60 #N/A N/A 80 83 78 71 75 66 67 67 #N/A N/A 75 70 50 78 72 71 #N/A N/A 74 68 58 63 48

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

File Dt Inst Type 29.03.2012 Unclassified 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.10.2012 Mutual Fund Manager 28.12.2012 Unclassified 30.11.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 30.04.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.10.2012 Investment Advisor

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

Date 21.02.2013 21.02.2013 21.02.2013 21.02.2013 19.02.2013 19.02.2013 18.02.2013 15.02.2013 14.02.2013 14.02.2013 13.02.2013 12.02.2013 12.02.2013 06.02.2013 06.02.2013 05.02.2013 04.02.2013 31.01.2013 30.01.2013 28.01.2013 28.01.2013 18.01.2013 17.01.2013 16.01.2013 09.01.2013 13.12.2012 30.11.2012 27.11.2012 15.11.2012 14.11.2012 09.11.2012 09.11.2012 10.09.2012 09.08.2012 12.01.2012

21.02.2013

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 (20.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8766 JT EQUITY YTD Change 8766 JT EQUITY YTD % CHANGE

03/2012 12/yy 2'898.00 1'651.00 3'082'300.00 2788 -3.80% 68.87% 98.96% 769.5 2'145'434.00 1'436'988.00 0.0 16'261.0 380'792.00 1'954'778.96

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 f-12 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

LTM

FY+1

.0 M f-13

1.88 1.24 667.68 29.21% 17.00% 1.241 16 4.500 3'525'040 3'294'960 3'144'149 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 0.57x 0.56x 0.0 0.0 0.00x 0.00x 6'001.0 (86'757.0) 113'094.0 113'399.6 131'204.9 290.41x 0.00x 16.16x 19.03x 16.53x 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 |

21.02.2013

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 VANGUARD GROUP INC ASAHI GLASS CO LTD NOMURA MITSUBISHI ESTATE CO NIPPON YUSEN KK 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 Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a

Analyst

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

Recommendation buy overweight buy outperform neutral Overwt/Attractive neutral outperform outperform equalweight neutral buy overweight outperform buy Buy/Neutral

Amt Held 60'652'000 54'385'589 46'660'000 34'462'300 19'939'000 19'179'000 16'969'000 15'599'791 14'074'000 12'666'000 11'785'000 11'711'613 10'256'000 7'627'500 6'929'500 6'912'000 5'869'600 5'602'948 3'369'700 3'219'000

% Out 7.88 7.07 6.06 4.48 2.59 2.49 2.21 2.03 1.83 1.65 1.53 1.52 1.33 0.99 0.9 0.9 0.76 0.73 0.44 0.42

Weighting

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

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

Latest Chg 13'908'000 (932'638) 2'764'000 (78'500) (1'233'000) 980'000 438'000 151'000 (75'946) (274'000) (38'400) -

Target Price 3'300 3'800 3'626 3'000 #N/A N/A 3'200 2'750 3'400 2'600 2'400 2'400 2'920 #N/A N/A 2'300 2'500 3'400

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

File Dt 30.09.2012 19.02.2013 30.09.2012 15.06.2012 31.01.2013 30.09.2012 30.09.2012 20.02.2013 30.09.2012 30.09.2012 30.09.2012 31.12.2012 31.12.2011 31.01.2013 31.03.2012 31.03.2012 15.06.2012 31.03.2012 31.01.2013 31.03.2012

Date 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 24 month

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

Date 19.02.2013 15.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 15.01.2013 06.12.2012 19.11.2012 10.02.2012

21.02.2013

Travelers Cos Inc/The The Travelers Companies, Inc. provides commercial and personal property and casualty insurance products and services to businesses, government units, associations and individuals.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (07.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TRV UN EQUITY YTD Change TRV UN EQUITY YTD % CHANGE

12/2012 12/yy 81.07 55.88 514'246.00 80.11 -1.18% 43.36% 96.19% 378.0 30'277.95 6'350.00 0.0 0.0 330.00 36'297.95

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

0 f-12

.0 M m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 24'477.0 1.32x 2'924.0 8.59x

31.12.2009 31.12.2010 24'680.0 25'112.0 1.31x 1.22x 3'622.0 3'216.0 7.93x 8.90x Profitability

LTM-4Q 31.12.2011 25'446.0 1.16x 1'426.0 18.04x

31.12.2012 25'740.0 1.29x 2'473.0 11.57x 13.77% 12.30% 2.36% 9.91% 8.81% 0.25% 9.6% 6.05% 25.00% -

Price/ Cash Flow

LTM

12/yy 25'446.0 4.65x 0.0 0.00x 1'426.0 18.21x

12/yy 25'740.0 4.88x 0.0 0.00x 2'473.0 11.57x

FY+1

2.23 0.83 376.56 4.10 38.99% 11.54% 0.829 26 4.077 507'953 514'726 567'998 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 25'916.1 26'493.8 6'471.3 6'499.3 1.40x 1.37x 2'708.0 2'717.9 742.7 615.5 11.10x 10.60x 11.10x 10.93x S&P Issuer Ratings

28.07.2011 A STABLE 28.07.2011 A-1 25.0% 20.0% 0.25 -

Sales/Revenue/Turnover

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0 6.00

10'000.0 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

21.02.2013

Travelers Cos Inc/The Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC SOUTHEASTERN ASSET M FMR LLC MASSACHUSETTS FINANC NEUBERGER BERMAN LLC CLEARBRIDGE INVESTME JP MORGAN NORTHERN TRUST CORPO GOLDMAN SACHS GROUP ALLIANZ ASSET MANAGE INVESCO LTD BANK OF NEW YORK MEL LSV ASSET MANAGEMENT LEGG MASON INC MACQUARIE GROUP LTD AMERICAN CENTURY COM MANAGED ACCOUNT ADVI LORD ABBETT & CO LLC

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

Portfolio Name n/a n/a VANGUARD GROUP INC SOUTHEASTERN ASSET M n/a MASSACHUSETTS FINANC NEUBERGER BERMAN GRO CLEARBRIDGE INVESTME n/a NORTHERN TRUST CORPO GOLDMAN SACHS GROUP n/a INVESCO LTD BANK OF NEW YORK MEL LSV ASSET MANAGEMENT Multiple Portfolios n/a AMERICAN CENTURY COM MANAGED ACCOUNT ADVI LORD ABBETT & CO LLC

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

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

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

Amt Held 33'540'635 22'631'987 17'337'640 16'307'385 13'456'258 9'930'820 9'813'454 7'343'903 6'604'716 5'691'457 5'535'994 5'135'152 4'835'668 4'826'840 4'745'685 3'959'271 3'665'861 3'618'674 3'543'517 3'196'942

% Out 8.87 5.99 4.59 4.31 3.56 2.63 2.6 1.94 1.75 1.51 1.46 1.36 1.28 1.28 1.26 1.05 0.97 0.96 0.94 0.85

Weighting

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

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

Latest Chg 73'306 430'226 (1'312'817) 4'269'331 (107'654) (57'119) (587'239) 377'615 (247'574) (965'523) (312'747) (535'325) (498'067) (421'072) (310'675) (133'263) 2'279'896 (118'988) (181'885)

Target Price 77 86 #N/A N/A 74 88 65 86 #N/A N/A #N/A N/A #N/A N/A 85 83 #N/A N/A #N/A N/A 85 #N/A N/A 87 88 #N/A N/A 89 79 83 87 80

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

File Dt 19.02.2013 19.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 20.02.2013 15.02.2013 11.02.2013 06.02.2013 04.02.2013 04.02.2013 29.01.2013 25.01.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 18.10.2012

21.02.2013

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

Price/Volume 300

1.8 M 1.6 M

250

1.4 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (2/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 ZURN VX EQUITY YTD Change ZURN VX EQUITY YTD % CHANGE

12/2012 12/yy 264.00 192.50 310'524.00 253.4 -4.02% 31.64% 91.19% 148.3 37'579.25 12'521.00 0.0 2'368.0 9'098.00 46'152.14

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

1.0 M .8 M

100

.6 M .4 M

.2 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

1.2 M

150

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

LTM-4Q 31.12.2011 52'978.0 0.73x 3'750.0 8.80x

31.12.2012 70'446.0 0.64x 3'878.0 10.08x 8.34% 7.48% 0.97% 11.74% 9.17% 0.18% 5.5% 3.06% 36.30% -

Price/ Cash Flow

LTM

12/yy 52'980.0 3.11x 0.0 0.00x 3'750.0 8.80x

12/yy 70'446.0 2.48x 0.0 0.00x 3'872.0 10.07x

FY+1

.0 M f-13

1.20 148.14 0.42 20.59% 4.11% 1.199 39 3.436 550'708 439'884 403'527 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 60'452.2 62'644.9 0.91x 4'325.6 4'551.0 1'146.0 988.0 9.43x 8.94x 9.18x 9.39x S&P Issuer Ratings

36.3% 25.4% 0.18 -

Sales/Revenue/Turnover

14.00

80'000.0

12.00

70'000.0 60'000.0

10.00

50'000.0 8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

21.02.2013

Zurich Insurance Group AG Holdings By:

All

Holder Name BLACKROCK NORGES BANK ABERDEEN FMR LLC VANGUARD GROUP INC CREDIT SUISSE CREDIT SUISSE ASSET FRANKLIN RESOURCES UBS FUND MANAGEMENT PICTET & CIE TWEEDY BROWNE COMPAN MASSACHUSETTS FINANC SCHRODER INVESTMENT DIMENSIONAL FUND ADV SWISSCANTO FONDSLEIT BANK OF NEW YORK MEL UMB BANK N A MORGAN STANLEY DANSKE INVEST A/S ALLIANZ ASSET MANAGE

Firm Name

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

Analyst

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

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

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

Amt Held 6'475'809 4'495'862 4'377'801 3'587'304 3'087'350 2'525'492 2'266'979 2'237'458 1'414'418 760'603 716'240 601'051 559'536 540'678 487'809 420'245 329'296 313'506 297'808 281'822

% Out 4.37 3.03 2.95 2.42 2.08 1.7 1.53 1.51 0.95 0.51 0.48 0.41 0.38 0.36 0.33 0.28 0.22 0.21 0.2 0.19

Weighting

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

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

Latest Chg 3'004 (23'819) 168'230 22'537 787 (85) (4'054) (14'169) (26'750) (13'585) 20'468 16'355 (5'360) 10'384 32'803 56'299 16'869 7'978

Target Price 290 282 270 270 300 263 270 #N/A N/A 290 213 290 230 265 245 255 300 252 281 245 300 260 292 280 265 250 254 270 #N/A N/A 300 262 260 267 200 252 292 #N/A N/A 240 216 #N/A N/A

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

File Dt Inst Type 19.02.2013 Investment Advisor 23.06.2011 Government 31.01.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 23.03.2010 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.10.2012 Mutual Fund Manager 31.03.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor

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

Date 21.02.2013 20.02.2013 19.02.2013 19.02.2013 17.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 04.02.2013 04.02.2013 30.01.2013 28.01.2013 24.01.2013 17.01.2013 16.01.2013 15.01.2013 15.01.2013 08.01.2013 19.12.2012 18.12.2012 05.12.2012 30.11.2012 15.11.2012 11.10.2012 15.03.2012 05.12.2011 06.05.2011 05.08.2010