Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components 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 STOXX Europe Small 200 Index March 2012

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 |

28.02.2013

Aalberts Industries NV Aalberts Industries N.V. provides industrial services and flow control systems. The Company manufactures extrusion tooling, precision parts, bimetallic barrels, and other industrial products. Aalberts also develops and produces valves, dispensing systems for beer and soft drinks, and other distribution systems for water, gas, and energy.

Price/Volume

.6 M .5 M

.4 M

10 8

Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (27.06.2012) 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 AALB NA EQUITY YTD Change AALB NA EQUITY YTD % CHANGE

12/2012 01/yy 16.89 11.40 322'539.00 16.72 -1.01% 46.67% 96.90% 109.4 1'829.60 541.60 0.0 11.1 0.10 2'382.20

.3 M

.2 M

.1 M

2 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

.7 M

16 14

Valuation Analysis

31.12.2008 1'750.8 0.74x 251.6 5.16x 92.8 4.96x

31.12.2009 31.12.2010 1'404.9 1'682.8 1.22x 1.36x 168.8 248.2 10.14x 9.23x 41.5 104.4 19.78x 14.34x Profitability

31.12.2011 1'937.4 1.04x 279.4 7.22x 131.3 10.64x

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 2'024.5 1.12x 296.1 7.67x 135.1 12.66x 296.10 202.10 9.98% 8.98% 6.95% 14.86% 1.04% 14.6% 10.0% 6.7% 1.10 0.34 27.70% 55.90% 10.02 -

Price/ Cash Flow

1.20 84.06 12.65% 6.50% 1.197 12 4.417 246'672 184'675 171'517

LTM-4Q

LTM

FY+1

01/yy

12/13 Y 12/14 Y 2'087.7 2'167.7 1.09x 0.99x 312.9 330.0 7.61x 7.22x 154.3 166.5 11.38x 10.58x 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

FY+2

FQ+1

FQ+2

10.21 6.63 1.83 1.83 55.9% 35.6% 1.04 3.50 36.51 -

Sales/Revenue/Turnover

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0 6.00

1'000.0 4.00

500.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Aalberts Industries NV Holdings By:

All

Holder Name AALBERTS BEHEER BV FMR LLC OPPENHEIMERFUNDS INC FORTIS UTRECHT NV NIB CAPITAL NV COLUMBIA WANGER ASSE CANTILLON CAPITAL MA AALBERTS J AALBERTS-VEEN J A M MAWER INVESTMENT MAN PICTET & CIE FRANKLIN RESOURCES LANDESBANK BERLIN IN VANGUARD GROUP INC BANQUE DE LUXEMBOURG SEB BLACKROCK AMERIPRISE FINANCIAL ALLIANZ ASSET MANAGE MANULIFE ASSET MANAG

Firm Name KBC Securities Rabobank International Kepler Capital Markets Kempen & Co SNS Securities(ESN) Berenberg Bank ING Bank ABN Amro Bank N.V. Theodoor Gilissen Securities EVA Dimensions CA Cheuvreux Petercam

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

Analyst MICHAEL ROEG DAVID TAILLEUR PETER OLOFSEN DIRK VERBIESEN GERT STEENS FELIX WIENEN TIJS HOLLESTELLE MAARTEN BAKKER TOM MULLER CRAIG STERLING ROBERT VAN OVERBEEK LUUK VAN BEEK

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

Recommendation buy buy hold hold hold buy buy buy buy overweight outperform add

Amt Held 14'542'716 11'315'498 7'259'676 6'022'588 5'836'642 5'511'788 5'340'054 2'402'582 2'402'582 1'333'741 1'297'544 1'067'214 1'048'738 996'333 626'561 609'896 596'362 506'042 449'200 436'065

% Out 13.29 10.34 6.63 5.5 5.33 5.04 4.88 2.2 2.2 1.22 1.19 0.98 0.96 0.91 0.57 0.56 0.54 0.46 0.41 0.4

Latest Chg (164'650) 16'023 203'806 1'200 25'900

Weighting

Change

Target Price

5 5 3 3 3 5 5 5 5 5 5 4

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

20 19 17 17 17 18 19 19 20 #N/A N/A 17 17

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

File Dt Inst Type 20.05.2011 Unclassified 30.09.2012 Investment Advisor 30.12.2012 Investment Advisor 09.04.2009 Other 09.04.2009 Venture Capital 20.05.2011 Investment Advisor 07.10.2010 Hedge Fund Manager 03.02.2011 n/a 03.02.2011 Other 30.11.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 22.01.2013 15.01.2013 26.10.2012 24.10.2012

28.02.2013

Acciona SA Acciona S.A. is a global developer and service provider of solutions in renewable energy, large civil infrastructures and water treatment and reverse osmosis desalination. The Company has sustainable development at the heart of its strategy.

Price/Volume 70

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.01.2013) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ANA SQ EQUITY YTD Change ANA SQ EQUITY YTD % CHANGE

12/2011 09/yy 65.00 29.46 184'826.00 46.52 -28.43% 57.91% 48.00% 57.3 2'663.71 8'897.97 0.0 301.0 1'963.00 10'649.71

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

1.5 M

1.0 M

20 .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

Fiscal Year Ended 31.12.2007 7'952.6 4.24x 1'406.8 23.97x 950.4 14.92x

31.12.2008 31.12.2009 7'207.8 6'512.3 3.52x 2.03x 1'069.3 1'043.0 23.70x 12.68x 464.5 1'263.2 23.18x 39.19x Profitability

31.12.2010 6'263.0 1.61x 1'211.2 8.35x 167.2 19.41x

31.12.2011 6'646.0 1.67x 1'312.0 8.46x 202.0 19.64x 1'312.00 595.00 8.95% 3.37% 0.17% 0.63% 0.34% 20.1% 9.3% 3.0% 1.07 0.69 43.77% 166.50% 3.30 -

1.04 23.34 -16.15% -16.03% 1.042 23 2.652 287'745 379'770 254'713

LTM-4Q

LTM

FY+1

09/yy 6'489.0 6.87x 1'331.2 8.21x 380.2 9.87x

09/yy 7'015.0 6.08x 1'418.0 7.42x 2.0 0.00x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 6'820.6 6'861.3 1'816.2 1'744.0 1.54x 1.52x 1'399.7 1'348.2 375.8 567.0 7.61x 7.90x 5.89x 7.73x 160.6 101.4 42.5 247.0 16.96x 26.95x 5.21x 26.89x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

30.00

9'000.0

FY+2

FQ+1

FQ+2

2.62 0.66 5.36 6.70 166.5% 61.2% 0.34 0.68 110.83 -

8'000.0

25.00

7'000.0 6'000.0

20.00

5'000.0 15.00

4'000.0 3'000.0

10.00

2'000.0 5.00 0.00 02.01.2009

1'000.0 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 |

28.02.2013

Acciona SA Holdings By:

All

Holder Name TUSSEN DE GRACHTEN B ENTREAZCA BV JELICO NETHERLANDS B VANGUARD GROUP INC BLACKROCK EGERTON CAPITAL LIMI ACCRUED EQUITIES INC DIMENSIONAL FUND ADV DOMECQ DANIEL ENTREC DNB NOR ASSET MANAGE SANTANDER ASSET MGMT ABANTE ASESORES GEST ENTRECANALES D JOSE STATE STREET BANQUE BBVA PATRIMONIOS GES CASTELLANOS BORREGO CREDIT SUISSE ASSET ACCIONA SA NATIONWIDE FUND ADVI ESPIRITO SANTO GESTI

Firm Name

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

Analyst

BPI FLORA TRINDADE Banesto Bolsa SA Sociedad ANTONIO CRUZ Banco Sabadell MARIA CEBOLLERO Grupo Santander JOAQUIN FERRER NMAS 1 Agencia de Valores JOSE RAMON OCINA Day by Day VALERIE GASTALDY Espirito Santo Investment Bank Research FERNANDO GARCIA GARCIA Exane BNP Paribas MANUEL PALOMO Goldman Sachs MANUEL LOSA Bankia Bolsa (ESN) RAFAEL FERNANDEZ DE HEREDIA Macquarie SHAI HILL CA Cheuvreux JOSE PORTA SAUDAN Ahorro Corporacion Financiera SA JUAN MORENO La Caixa FERNANDO MURILLO GUIRAO EVA Dimensions AUSTIN BURKETT HSBC SEAN D MCLOUGHLIN Deutsche Bank VIRGINIA SANZ DE MADRID Interdin Bolsa PABLO ORTIZ DE JUAN Intermoney Valores ALVARO NAVARRO Kepler Capital Markets EMILIO ROTONDO-INCLAN BBVA ISIDORO DEL ALAMO Nomura MARTIN YOUNG AlphaValue VINCENT DOARE Renta 4 SA SVB NURIA ALVAREZ

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

Recommendation neutral buy sell underweight neutral hold sell underperform sell/attractive hold outperform underperform sell underweight overweight neutral hold buy buy hold market perform suspended coverage reduce overweight

Amt Held % Out 15'920'109 27.8 15'706'109 27.43 2'005'686 3.5 479'860 0.84 474'972 0.83 (297'750) -0.52 110'000 0.19 101'022 0.18 88'450 0.15 86'717 0.15 84'113 0.15 79'720 0.14 63'983 0.11 45'611 0.08 41'614 0.07 41'000 0.07 39'879 0.07 35'833 0.06 31'120 0.05 28'991 0.05

Latest Chg 32'626 75 (25'000) (4'272) (12'077) 8'297 (500) 7'000 7'591 (600)

Weighting

Target Price

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

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

70 123 60 60 55 #N/A N/A 39 41 33 66 62 51 51 65 #N/A N/A 66 53 #N/A N/A #N/A N/A 49 47 #N/A N/A 67 #N/A N/A

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

File Dt Inst Type 27.06.2012 Holding Company 27.06.2012 Holding Company 27.06.2012 Other 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 20.02.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 27.06.2012 n/a 31.01.2013 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 27.06.2012 n/a 31.01.2013 Investment Advisor 29.02.2012 Investment Advisor 16.03.2012 n/a 28.12.2012 Mutual Fund Manager 27.06.2012 Corporation 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 25.02.2013 22.02.2013 21.02.2013 18.02.2013 18.02.2013 15.02.2013 13.02.2013 13.02.2013 08.02.2013 08.02.2013 05.02.2013 04.02.2013 04.02.2013 28.01.2013 17.01.2013 10.01.2013 15.11.2012 14.11.2012 14.11.2012 22.10.2012 04.10.2012 11.02.2012 05.05.2010 02.03.2010

28.02.2013

Acerinox SA Acerinox, S.A. manufactures and distributes hot and cold-rolled stainless steel products including slabs, billets, and bars. The Company operates plants in Spain, the United States and South Africa, and piers used to ship raw materials. The Company markets its products primarily in Europe, Asia, and the Americas.

Price/Volume 12

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (23.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ACX SQ EQUITY YTD Change ACX SQ EQUITY YTD % CHANGE

12/2011 09/yy 10.82 7.39 834'311.00 8.244 -23.78% 11.62% 25.02% 249.3 2'055.27 1'051.23 0.0 160.2 181.88 3'135.18

4.0 M 3.0 M

2.0 M 2 0 f-12

1.0 M .0 M m-12

a-12

31.12.2008 31.12.2009 5'050.6 2'993.4 0.76x 1.61x 169.8 (194.1) 22.59x (10.5) (229.2) Profitability

31.12.2010 4'500.5 1.00x 379.9 11.82x 122.7 26.79x

31.12.2011 4'672.2 0.75x 339.2 10.32x 73.7 33.03x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

339.22 192.44 4.12% 2.84% -0.49% -1.10% 1.10% 4.3% 1.1% 1.6% 1.51 0.58 25.82% 61.08% 8.90 -

1'124'419 1'031'388 994'987

LTM

FY+1

09/yy 4'773.6 3.52x 410.1 7.70x 128.0 16.58x

09/yy 4'568.6 3.01x 197.7 16.47x (20.4) 0.00x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 4'569.9 4'997.2 1'053.0 1'235.0 0.67x 0.65x 2.66x 186.1 334.0 14.3 16.85x 9.39x (19.0) 87.3 (29.2) 24.68x 80.04x S&P Issuer Ratings

20.00

8'000.0

18.00

7'000.0

16.00

0.84 120.90 -19.97% -1.25% 0.844 24 3.250

LTM-4Q

Price/ Cash Flow

FY+2

FQ+1

FQ+2

5.33 2.54 5.46 6.83 61.1% 35.8% 1.10 41.11 -

6'000.0

14.00

5'000.0

12.00 10.00

4'000.0

8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 02.01.2009

m-12

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

7.0 M

Valuation Analysis

31.12.2007 6'900.9 0.78x 654.8 8.17x 312.3 14.03x

8.0 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 |

28.02.2013

Acerinox SA Holdings By:

All

Holder Name ALBA PARTICIPACIONES NISSHIN STEEL CO LTD FEYNMAN CAPITAL SL CASA GRANDE CARTAGEN METAL ONE CORP MARATHON ASSET MANAG INDUSTRIAL DEVELOPME LUXOR CAPITAL GROUP PENNANT CAPITAL MANA BBVA PATRIMONIOS GES VANGUARD GROUP INC AGF INVESTMENTS INC SANTANDER ASSET MGMT BLACKROCK MARCH GESTION DE FON RENTA 4 GESTORA SGII BPI FUNDOS GFIM SA/P IBERCAJA GESTION, S. BARCLAYS WEALTH MANA ABANTE ASESORES GEST

Firm Name

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

Analyst

Societe Generale ALAIN WILLIAM JPMorgan ALESSANDRO ABATE Exane BNP Paribas SYLVAIN BRUNET Espirito Santo Investment Bank Research RUI DIAS BPI MANUEL DIAS COELHO Kepler Capital Markets ROCHUS BRAUNEISER Intermoney Valores ANTONIO PAUSA RODRIGUEZ Banesto Bolsa SA Sociedad ROBERT JACKSON Goldman Sachs STEPHEN BENSON Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE NMAS 1 Agencia de Valores FRANCISCO RIQUEL Day by Day VALERIE GASTALDY Interdin Bolsa JAIME OJEDA DE DIEGO Bankia Bolsa (ESN) INIGO RECIO PASCUAL Grupo Santander PATRICIA LOPEZ DEL RIO Banco Sabadell FRANCISCO JOSE RODRIGUEZ Credit Suisse MICHAEL SHILLAKER CA Cheuvreux INIGO EGUSQUIZA CASTELLANOS Deutsche Bank BASTIAN SYNAGOWITZ EVA Dimensions CRAIG STERLING La Caixa ICIAR GOMEZ BOTAS BBVA LUIS DE TOLEDO Link Securities JUAN JOSE FERNANDEZ FIGARES Mirabaud Finanzas Sociedad de ValoresGONZALO S SANZ Nomura NEIL SAMPAT Renta 4 SA SVB IVAN SAN FELIX

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

Recommendation hold underweight neutral buy strong buy hold buy Under Review neutral/neutral hold buy hold buy buy buy buy neutral select list sell sell underweight underperform buy underweight neutral overweight

Amt Held % Out 60'437'949 24.24 38'144'820 15.3 29'533'292 11.85 12'465'247 5 9'361'560 3.76 7'785'588 3.12 7'733'332 3.1 (5'285'255) -2.12 (4'736'786) -1.9 1'926'059 0.77 1'277'694 0.51 1'073'600 0.43 690'488 0.28 546'599 0.22 475'399 0.19 388'499 0.16 341'777 0.14 335'250 0.13 324'015 0.13 297'350 0.12

Latest Chg (299'165) (249'305) 1'066'022 (420'796) (285'300) 48'257 3'072 32'454 (82'485) 71'400 103'000 60'000 62'300

File Dt Inst Type 31.12.2011 Other 31.12.2011 Corporation 31.12.2011 Other 31.12.2011 Other 31.12.2011 Corporation 31.12.2011 Investment Advisor 31.12.2011 Unclassified 13.02.2013 Hedge Fund Manager 21.02.2013 Hedge Fund Manager 29.02.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 31.05.2012 Mutual Fund Manager 30.11.2011 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 30.11.2011 Investment Advisor 31.12.2012 Investment Advisor

Weighting

Target Price

Date

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

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

8 9 8 11 11 11 11 #N/A N/A 9 8 10 #N/A N/A 10 11 11 10 8 11 6 #N/A N/A 8 9 10 9 10 16

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

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

Date 27.02.2013 27.02.2013 27.02.2013 26.02.2013 25.02.2013 22.02.2013 22.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 15.02.2013 05.02.2013 04.02.2013 01.02.2013 30.01.2013 25.01.2013 16.01.2013 15.01.2013 15.01.2013 27.11.2012 09.10.2012 26.09.2012 18.09.2012 11.10.2011 28.04.2010

28.02.2013

Ackermans & van Haaren NV Ackermans & van Haaren NV is an industrial holding company. The Company's holdings are in the contracting-dredging environmental services, financial services, staffing services, and private equity investing.

Price/Volume 80

.1 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M .0 M .0 M

70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ACKB BB EQUITY YTD Change ACKB BB EQUITY YTD % CHANGE

12/2012 01/yy 70.49 59.00 29'210.00 68.49 -2.84% 16.08% 82.59% 33.5 2'294.20 529.78 0.0 482.4 187.36 3'237.64

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

20 10 0 f-12

m-12

a-12

31.12.2009 31.12.2010 423.7 375.5 6.28x 8.67x 159.8 161.3 16.64x 20.17x 117.5 160.8 14.69x 12.86x Profitability

31.12.2011 422.4 6.47x 167.2 16.35x 177.5 10.75x

31.12.2012 432.5 167.5 12.45x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

167.22 19.58% 53.11% 2.31% 8.33% 4.01% 0.07% 38.7% 8.13% 28.14% -

1.01 12.92% 9.99% 1.008 8 3.625 31'309 30'161 29'840

LTM-4Q

LTM

FY+1

FY+2

FQ+1

FQ+2

01/yy

12/13 Y

12/14 Y

03/12 Q1

06/12 Q2

203.0 231.0 11.66x 10.46x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

30.00

600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 01.01.2010

m-12

Market Data

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

Fiscal Year Ended 31.12.2008 503.5 3.77x 258.0 7.36x 114.6 10.55x

28.1% 18.3% 0.07 4.36 -

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 |

28.02.2013

Ackermans & van Haaren NV Holdings By:

All

Holder Name SCALDIS INVEST UNIVERSAL INVEST CON ACKERMANS & VAN HAAR VANGUARD GROUP INC BNP PARIBAS INV PART DEXIA ASSET MANAGEME ING ASSET MANAGEMENT BLACKROCK DIMENSIONAL FUND ADV PETERCAM SA THIRD AVENUE MANAGEM INVESCO LTD KBC GROUP NV ALPS MUTUAL FUNDS SE INVESCO GESTION LOMBARD ODIER DARIER DEGROOF GESTION INST BANK DELEN SA BRINVEST PETERCAM SA

Firm Name KBC Securities ABN Amro Bank N.V. Exane BNP Paribas Bank Degroof(ESN) Petercam ING Bank Rabobank International Kempen & Co

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst TOM SIMONTS MAURITS HELDRING DAVID VAGMAN HANS D'HAESE MARC DEBROUWER MATTHIAS MAENHAUT COR KLUIS ERWIN DUT

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

Recommendation accumulate hold outperform hold hold hold buy hold

Amt Held 11'054'000 477'867 341'700 251'627 216'340 163'009 155'000 137'982 119'468 104'684 98'729 81'406 79'357 71'986 68'093 65'000 56'000 54'500 51'300 42'962

% Out 33 1.43 1.02 0.75 0.65 0.49 0.46 0.41 0.36 0.31 0.29 0.24 0.24 0.21 0.2 0.19 0.17 0.16 0.15 0.13

Latest Chg 6'404 3'423 38'750 2'110 32'950 (37'788) 486 1'526 6'946 34'707 50'000 (5'000)

Weighting

Change

Target Price

4 3 5 3 3 3 5 3

M M M M M M M M

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

74 61 74 72 70 64 75 64

File Dt Inst Type 31.12.2010 Other 31.01.2013 Investment Advisor 31.12.2010 Holding Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Investment Advisor 28.09.2012 Investment Advisor 26.02.2013 Investment Advisor 31.07.2012 Investment Advisor 30.12.2011 Mutual Fund Manager 31.10.2012 Hedge Fund Manager 27.02.2013 Investment Advisor 31.01.2013 Investment Advisor 30.09.2012 Investment Advisor 31.01.2013 Investment Advisor 31.07.2012 Mutual Fund Manager 29.03.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2010 Other 30.12.2011 Investment Advisor

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

Date 27.02.2013 27.02.2013 26.02.2013 28.01.2013 28.01.2013 28.01.2013 26.10.2012 10.06.2012

28.02.2013

Afren PLC Afren PLC is an independent oil and gas company. The Company conducts exploration, appraisal, and development operations. Afren is currently producing from its assets in offshore Nigeria and Cote d'Ivoire. The Company has interests in the Kurdistan region of Iraq, Ghana, Congo Brazzaville, Kenya, Ethiopia, Madagascar, Seychelles, Tanzania and South Africa.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (27.06.2012) 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 AFR LN EQUITY YTD Change AFR LN EQUITY YTD % CHANGE

12/2011 09/yy 162.00 92.85 2'495'442.00 143.1 -11.67% 54.12% 72.67% 1'088.6 1'557.84 975.53 0.0 0.0 291.69 2'863.16

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

45.0 M

160

40.0 M

140

35.0 M

120

30.0 M

100

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 f-12 m-12

.0 M a-12 m-12

31.12.2008 31.12.2009 42.5 335.8 10.75x 3.47x (14.0) 200.6 5.81x (56.1) (16.8) Profitability

31.12.2010 319.4 7.39x 184.6 12.80x 45.3 45.12x

31.12.2011 596.7 3.54x 429.3 4.92x 121.7 10.81x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

429.34 269.21 45.12% 37.10% 6.15% 14.62% 9.91% 0.46% 50.7% 74.0% 49.5% 20.4% 0.66 0.56 33.29% 80.80% 8.08

4'315'082 7'320'910 5'140'602

LTM

FY+1

09/yy 396.8 19.81x 285.1 0.00x 71.0 0.00x

09/yy 1'361.4 7.78x 1'007.2 2.94x 181.5 13.23x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'569.1 1'529.9 1.80x 1.76x 1'132.8 1'124.2 513.0 2.53x 2.55x 302.2 287.9 8.51x 8.07x S&P Issuer Ratings

9.00

700.0

8.00

0.00 1.76 1'040.52 6.95% 9.15% 1.763 32 4.375

LTM-4Q

Price/ Cash Flow

FY+2

FQ+1

FQ+2

23.12.2011 B STABLE 4.13 0.10 0.50 0.94 80.8% 44.7% 0.46 0.95 45.30 94.70

600.0

7.00

500.0

6.00 5.00

400.0

4.00

300.0

3.00

200.0

2.00

100.0

1.00 0.00 02.01.2009

j-12

Fiscal Year Ended 31.12.2007 0.0 (35.1) (39.0) -

180

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 |

28.02.2013

Afren PLC Holdings By:

All

Holder Name STANDARD LIFE INVEST SKAGEN FUNDS VAN ECK ASSOCIATES C JP MORGAN HSBC CLIENT HOLDINGS SKAGEN AS VAN ECK GLOBAL LANSDOWNE PARTNERS L GLG PARTNERS LP LEGAL & GENERAL BLACKROCK DEUTSCHE BANK AG LGT BANK IN LIECHTEN UBS NORGES BANK INVESTME NEUBERGER BERMAN LLC BNP PARIBAS INV PART CARMIGNAC GESTION CARMIGNAC GESTION S SCOTTISH WIDOWS

Firm Name FirstEnergy Capital Corp Canaccord Genuity Corp RBC Capital Markets Exane BNP Paribas Macquarie Finncap Investec HSBC JPMorgan SBG Securities Oriel Securities Ltd Liberum Capital Ltd Global Hunter Securities Morgan Stanley Nomura Tudor Pickering & Co EVA Dimensions Deutsche Bank VSA Capital Ltd Barclays Goldman Sachs Mirabaud Securities CSL N+1 Singer Ltd Jefferies Fox-Davies Capital Credit Suisse Merrion Stockbrokers Renaissance Capital Westhouse Securities

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

Analyst GERRY F DONNELLY THOMAS MARTIN JAMES HOSIE ALEJANDRO DEMICHELIS MARK WILSON WILLIAM ARNSTEIN STUART JOYNER PETER HITCHENS JAMES THOMPSON LIONEL THEROND RICHARD GRIFFITH ANDREW WHITTOCK JOHN MALONE JAMIE MADDOCK TOM ROBINSON ANISH KAPADIA CRAIG STERLING PHIL CORBETT DOUGIE YOUNGSON ALESSANDRO POZZI CHRISTOPHOR JOST TEAM COVERAGE DAVID G STEDMAN SIMON HAWKINS LAURA LOPPACHER STEPHANE FOUCAUD THOMAS YOICHI ADOLFF MUNA MULEYA DRAGAN TRAJKOV PETER BASSETT

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

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

Amt Held 84'499'588 62'409'542 54'041'493 54'037'599 52'931'686 52'905'498 52'009'659 43'806'532 38'651'941 38'620'343 33'707'211 32'317'318 29'442'634 26'382'092 25'311'996 23'891'511 23'127'394 22'476'440 22'448'383 21'667'551

% Out 7.76 5.73 4.96 4.96 4.86 4.86 4.78 4.02 3.55 3.55 3.1 2.97 2.7 2.42 2.33 2.19 2.12 2.06 2.06 1.99

Latest Chg (1'842'426) 5'838'087 11'485'677 4'130'195 (1'992'400) (28'244'649) (918'691) 4'281'295 (20'000) (2'180'739) 4'029'053 2'555'815 2'267'133 623'034 1'276'818

File Dt Inst Type 01.02.2013 Investment Advisor 01.02.2013 Investment Advisor 31.12.2012 Investment Advisor 01.02.2013 Unclassified 26.03.2012 Holding Company 31.01.2013 Mutual Fund Manager 01.02.2013 Unclassified 22.01.2010 Hedge Fund Manager 26.03.2012 Hedge Fund Manager 01.02.2013 Unclassified 26.02.2013 Investment Advisor 26.03.2012 Bank 01.02.2013 Investment Advisor 01.02.2013 Unclassified 01.02.2013 Government 01.02.2013 Investment Advisor 01.02.2013 Investment Advisor 31.12.2012 Investment Advisor 01.02.2013 Unclassified 01.02.2013 Unclassified

Weighting

Change

Target Price

Date

3 5 5 5 3 3 3 5 3 5 5 3 5 5 3 3 5 5 5 5 5 3 5 5 5 5 3 5 5 5

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

145 200 210 201 148 150 138 200 195 170 #N/A N/A 123 190 220 175 180 #N/A N/A 165 245 210 224 #N/A N/A 210 160 155 250 170 218 170 #N/A N/A

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

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

Date 27.02.2013 25.02.2013 21.02.2013 11.02.2013 08.02.2013 05.02.2013 01.02.2013 01.02.2013 30.01.2013 28.01.2013 25.01.2013 22.01.2013 22.01.2013 21.01.2013 21.01.2013 17.01.2013 17.01.2013 10.01.2013 10.01.2013 08.01.2013 17.12.2012 12.12.2012 21.11.2012 07.11.2012 24.10.2012 24.10.2012 25.09.2012 24.09.2012 23.08.2012 25.01.2012

28.02.2013

Air France-KLM Air France-KLM offers air transportation services. The Company operates airlines and offers travel booking, catering, freight transportation, aircraft maintenance, and pilot training services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (14.06.2012) 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 AF FP EQUITY YTD Change AF FP EQUITY YTD % CHANGE

12/2012 12/yy 8.95 3.01 3'584'360.00 7.976 -10.88% 164.90% 83.60% 300.2 2'394.55 11'256.00 0.0 56.0 3'420.00 10'286.55

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

18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.03.2009 23'970.0 0.32x 1'475.0 5.27x (814.0) -

10 9 8 7 6 5 4 3 2 1 0 f-12 m-12

31.03.2010 31.03.2011 23'310.0 24'363.0 0.49x 0.39x 1'695.0 1'344.0 6.72x 7.07x 289.0 (809.0) 13.91x Profitability

31.12.2011 24'363.0 0.39x 1'344.0 7.07x (809.0) -

31.12.2012 25'633.0 0.39x 1'448.0 6.88x (1'192.0) 1'448.00 -300.00 -1.17% -4.53% -4.35% -21.74% 0.94% 5.3% -1.2% -4.7% 0.77 0.54 40.97% 228.59% 14.11 -

5'935'102 4'061'500 3'559'668

LTM-4Q

LTM

FY+1

12/yy 24'363.0 0.39x 2'109.0 4.50x (809.0) 0.00x

12/yy 25'633.0 1.48x 1'356.0 7.35x (1'192.0) 0.00x

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 26'363.8 27'046.5 6'182.4 0.33x 0.31x 1'982.2 2'510.1 5.19x 4.10x (26.9) 329.1 (123.9) 35.7 6.97x 30.33x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

3.50

30'000.0

3.00

25'000.0

2.50

1.21 216.15 79.76% 13.96% 1.210 34 3.235

FY+2

FQ+1

FQ+2

3.32 -0.06 5.78 8.30 228.6% 69.3% 0.94 2.07 25.94 -

20'000.0

2.00

15'000.0 1.50

10'000.0 1.00

5'000.0

0.50 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

28.02.2013

Air France-KLM Holdings By:

All

Holder Name FRENCH STATE CAPITAL GROUP COMPAN CREDIT SUISSE SMITH DONALD PRIGEST AIR FRANCE-KLM UBS LONDRES DIMENSIONAL FUND ADV LONE CYPRESS LTD NORGES BANK INVESTME ROTHSCHILD & COMPAGN NATIXIS ASSET MANAGE DNCA FINANCE DNCA HSBC HOLDINGS PLC BNP PARIBAS SA ING INVESTMENT MANAG BLACKROCK AMUNDI FEDERAL GESTION

Firm Name

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

Analyst

RBC Capital Markets DAMIAN BREWER Goldman Sachs OLIVER NEAL HSBC ANDREW DAVID LOBBENBERG Cantor Fitzgerald ROBIN BYDE Goodbody Stockbrokers Ltd DONAL O'NEILL EVA Dimensions CRAIG STERLING Societe Generale PATRICK JOUSSEAUME Oddo & Cie YAN DEROCLES Nomura ANDREW EVANS Investec JAMES HOLLINS Credit Suisse NEIL GLYNN CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX S&P Capital IQ JAWAHAR HINGORANI AlphaValue HELENE COUMES Deutsche Bank MICHAEL KUHN Commerzbank Corporates & Markets FRANK SKODZIK Morgan Stanley PENNY BUTCHER Theodoor Gilissen Securities JOS VERSTEEG CA Cheuvreux BEAT KEISER Macquarie SAM DOBSON Davy STEPHEN FURLONG Kepler Capital Markets PIERRE BOUCHENY Main First Bank AG LOIC SABATIER Espirito Santo Investment Bank Research GERALD KHOO Barclays DAVID E FINTZEN JPMorgan DAVID PITURA Day by Day VALERIE GASTALDY Natixis SARAH EMSELLEM Liberum Capital Ltd ALEXIA DOGANI Redburn Partners TIM MARSHALL Raymond James JULIEN RICHER

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

Recommendation sector perform neutral/neutral overweight buy hold hold hold buy neutral sell neutral buy sell add hold hold Equalwt/In-Line buy underperform underperform neutral reduce outperform sell equalweight underweight hold buy buy neutral outperform

Amt Held % Out 48'035'088 16 16'321'440 5.44 7'771'575 2.59 7'350'155 2.45 6'150'000 2.05 6'004'386 2 5'572'841 1.86 3'722'804 1.24 (3'122'281) -1.04 3'055'759 1.02 3'046'000 1.01 2'993'609 1 2'925'000 0.97 2'664'300 0.89 2'633'420 0.88 2'276'699 0.76 2'119'316 0.71 (1'879'889) -0.63 1'740'484 0.58 1'618'171 0.54

Latest Chg (201'147) (95'000) 95'000 2'291 (2'489) -

File Dt 31.12.2011 31.12.2012 08.03.2012 31.03.2011 23.09.2011 31.12.2011 24.02.2012 31.07.2012 19.04.2012 05.09.2011 31.12.2012 29.11.2011 28.09.2012 14.04.2010 01.07.2011 31.03.2011 31.12.2012 26.02.2013 05.01.2012 30.11.2012

Weighting

Target Price

Date

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

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

9 9 10 10 8 #N/A N/A 8 10 8 7 9 10 8 10 9 9 8 9 6 6 #N/A N/A 7 9 4 6 7 #N/A N/A 9 9 #N/A N/A 8

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

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

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

Date 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 18.02.2013 14.02.2013 12.02.2013 15.01.2013 14.01.2013 17.12.2012 11.12.2012 03.12.2012 03.12.2012 26.11.2012 22.11.2012 15.11.2012 07.11.2012 01.11.2012 01.11.2012 29.10.2012 19.03.2012

28.02.2013

Aixtron SE NA Aixtron SE engineers and manufactures metal organic chemical vapor deposition (MOCVD) equipment for the semiconductor industry. The Company's customers use its equipment to produce compound semiconductor layer structures for use in LED, laser, solar cell, transistor, telecommunications, and other applications. Aixtron markets its products worldwide.

Price/Volume 16

4.0 M

12/2012 12/yy 14.85 8.38 1'035'491.00 9.292 -37.43% 10.95% 14.16% 102.0 947.55 0.00 0.0 0.0 295.22 738.53

3.0 M

2.0 M

4 1.0 M

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

5.0 M

12 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (12.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AIXA GY EQUITY YTD Change AIXA GY EQUITY YTD % CHANGE

31.12.2008 274.4 1.30x 43.2 8.24x 23.0 18.31x

6.0 M

31.12.2009 31.12.2010 302.9 783.8 6.73x 3.03x 75.3 288.9 27.09x 8.23x 44.8 192.5 47.96x 14.30x Profitability

31.12.2011 611.0 1.14x 127.3 5.47x 79.5 12.47x

31.12.2012 227.8 (145.4) 127.27 115.01 18.82% 18.82% -15.59% -19.67% 0.40% 37.9% -39.1% -44.0% -63.8% 3.91 2.52 0.00% 0.00% 8.09 1.43

0.88 90.49 -24.01% 4.65% 0.878 31 3.000 879'775 925'686 791'407

LTM-4Q

LTM

FY+1

12/yy 611.0 10.08x 127.3 5.47x 79.5 12.31x

12/yy 227.8 12.14x (101.6) 0.00x (145.4) 0.00x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 305.6 445.1 60.8 66.3 2.46x 1.59x 11.1 78.4 (4.4) (5.8) 63.76x 9.04x 10.9 50.7 (6.1) (2.9) 89.35x 19.85x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

35.00

900.0

30.00

800.0

FY+2

FQ+1

FQ+2

97.45 76.63 0.00 0.0% 0.0% 0.40 3.10 45.25 255.66 48.17 191.38

700.0 25.00

600.0

20.00

500.0

15.00

400.0 300.0

10.00

200.0

5.00 0.00 01.01.2010

100.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Aixtron SE NA Holdings By:

All

Holder Name MAVERICK CAPITAL LTD CAMMA GMBH ALLIANZ GLOBAL INVES BAILLIE GIFFORD AND VANGUARD GROUP INC BLACKROCK ADIG INVESTMENT GENERATION INVESTMEN AMERIPRISE FINANCIAL CAPITAL GROUP INTERN NORGES BANK DWS INVESTMENT GMBH JUPITER ASSET MANAGE PENNANT CAPITAL MANA BARRINGTON WILSHIRE PENNANT WINDWARD MAS ALLIANZ ASSET MANAGE T ROWE PRICE ASSOCIA ING INVESTMENT MANAG AQR CAPITAL MANAGEME

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

Firm Name

Analyst

Hauck & Aufhaeuser Bankhaus Lampe Sterne, Agee & Leach CA Cheuvreux Societe Generale Baader Bank Landesbank Baden-Wuerttemberg M.M. Warburg Investment Research Commerzbank Corporates & Markets Equinet Institutional Services(ESN) Bankhaus Metzler DZ Bank AG HSBC Deutsche Bank Exane BNP Paribas Berenberg Bank EVA Dimensions JPMorgan Barclays Canaccord Genuity Corp Goldman Sachs Maxim Group LLC Morgan Stanley Liberum Capital Ltd Hamburger Sparkasse Independent Research GmbH Close Brothers Equity Markets Natixis Main First Bank AG Redburn Partners National Bank AG

TIM OLIVER WUNDERLICH KARSTEN ILTGEN ANDREW HUANG KLAUS RINGEL PETER KNOX GUENTHER MICHAEL HOLLFELDER WALTER SCHNEIDER MALTE SCHAUMANN THOMAS M BECKER ADRIAN PEHL STEPHAN BAUER HARALD SCHNITZER CHRISTIAN DOMINIK RATH UWE SCHUPP JEROME RAMEL ALI FARID KHWAJA ANDREW S ZAMFOTIS SANDEEP S DESHPANDE ANDREW M GARDINER JONATHAN E DORSHEIMER SIMON F SCHAFER AARON CHEW ANDREW HUMPHREY JANARDAN MENON INGO SCHMIDT MARKUS FRIEBEL VEYSEL TAZE MAXIME MALLET JUERGEN WAGNER SUMANT WAHI SVEN PAULSEN

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

Recommendation buy buy neutral underperform sell buy hold sell add reduce sell hold neutral buy outperform hold sell neutral equalweight sell Buy/Neutral sell Equalwt/Cautious buy buy sell buy neutral underperform neutral buy

Amt Held % Out (7'969'268) -7.81 7'650'000 7.5 5'035'959 4.94 4'973'896 4.88 4'421'020 4.34 4'221'361 4.14 3'982'352 3.91 3'089'151 3.03 3'010'974 2.95 2'896'348 2.84 2'858'380 2.8 2'818'556 2.76 2'613'333 2.56 (2'313'312) -2.27 (1'896'735) -1.86 (1'579'574) -1.55 1'403'808 1.38 1'230'347 1.21 1'186'736 1.16 (1'040'145) -1.02

Latest Chg (635'351) (104'296) 97'000 (163'160) 101'908 90'004 538'825 57'205 (81'580)

File Dt 02.11.2012 12.10.2012 20.02.2013 19.02.2013 31.12.2012 26.02.2013 31.10.2012 30.05.2012 29.04.2011 15.10.2010 17.05.2011 17.08.2012 18.10.2011 01.11.2012 26.02.2013 29.10.2012 31.01.2013 31.12.2012 31.12.2012 25.02.2013

Weighting

Target Price

Date

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

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

13 14 #N/A N/A 8 9 15 #N/A N/A 9 11 8 8 9 10 14 15 9 #N/A N/A 10 10 8 13 6 12 13 #N/A N/A 8 12 11 8 #N/A N/A 35

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

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

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

Date 26.02.2013 25.02.2013 25.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 13.02.2013 08.02.2013 04.02.2013 18.01.2013 17.01.2013 14.01.2013 14.01.2013 13.01.2013 11.01.2013 19.11.2012 16.11.2012 02.11.2012 29.10.2012 26.10.2012 26.10.2012 26.10.2012 25.10.2012 14.03.2012 28.07.2011

28.02.2013

Allreal Holding AG Allreal Holding AG develops and manages real estate. The Company operates as a general contractor offering planning, architect, and construction management services. Allreal also provides renovation services and manages a portfolio of apartment, office, and commercial buildings.

Price/Volume 160

.1 M

140

.1 M

120 .1 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.04.2012) 52-Week Low (11.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALLN SE EQUITY YTD Change ALLN SE EQUITY YTD % CHANGE

12/2012 01/yy 143.48 131.80 19'017.00 135.1 -5.84% 2.50% 28.24% 15.9 2'153.72 1'352.00 0.0 0.0 33.90 3'560.62

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

.0 M

40 .0 M

20 0 f-12

.0 M m-12

a-12

31.12.2009 31.12.2010 215.8 723.8 13.28x 4.02x 137.9 170.3 20.78x 17.07x 88.6 116.4 15.75x 15.48x Profitability

31.12.2011 251.7 13.74x 173.4 19.95x 140.8 13.20x

31.12.2012

j-12

a-12

s-12

o-12

n-12

d-12

j-13

30.6% 16.1% 42.00% 86.32% -

LTM

FY+1

01/yy

12/13 Y 12/14 Y 03/12 Q1 06/12 Q2 292.7 295.0 13.62x 13.84x 194.5 211.5 18.31x 16.84x 130.7 134.0 18.97x 16.95x S&P Issuer Ratings

50.00

800.0

45.00

700.0

40.00

20'382 20'510 17'295

01/yy

98.0 22.29x 170.30 135.30 18.69% 20.86% 3.83% 8.12% 4.34% 0.16%

0.54 15.30 -1.38% -4.25% 0.544 4 2.500

LTM-4Q

Price/ Cash Flow

FY+2

FQ+1

FQ+2

4.98 1.77 8.10 8.31 86.3% 46.3% 0.16 -

600.0

35.00

500.0

30.00 25.00

400.0

20.00

300.0

15.00

200.0

10.00

100.0

5.00 0.00 01.01.2010

m-12

Fiscal Year Ended 31.12.2008 207.9 12.02x 136.9 18.25x 90.7 13.39x

.1 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 |

28.02.2013

Allreal Holding AG Holdings By:

All

Holder Name HELVETIA PATRIA GRUP BVK PERSONALVORSORGE SCHWEIZERISCHE MOBIL CREDIT SUISSE ASSET BLACKROCK DIMENSIONAL FUND ADV SWISSCANTO FONDSLEIT VANGUARD GROUP INC VONTOBEL ASSET MANAG UBS FUND MANAGEMENT PICTET & CIE IAM INDEPENDENT ASSE RAIFFEISEN SCHWEIZ L JULIUS BAER ASSET MA SEI INVESTMENT MANAG ALLREAL HOLDING AG VONTOBEL ASSET MANAG KBC GROUP NV BETTONI BRUNO HOTTINGER CAPITAL CO

Firm Name Bank Vontobel AG EVA Dimensions Zuercher Kantonalbank

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

Analyst STEFAN SCHUERMANN AUSTIN BURKETT MARKUS WAEBER

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

Recommendation hold underweight market perform

Amt Held 6'737'352 603'490 445'814 384'917 170'144 163'496 159'310 152'811 150'860 92'738 80'244 58'397 46'690 30'749 17'426 15'496 14'933 14'535 11'280 11'200

% Out 42.26 3.79 2.8 2.41 1.07 1.03 1 0.96 0.95 0.58 0.5 0.37 0.29 0.19 0.11 0.1 0.09 0.09 0.07 0.07

Latest Chg 382'059 (16'686) 254 (1'018) 3'391 (3'597) (109) (196) 1'260 (33'906) (1'000) (580) -

Weighting

Change

Target Price

3 1 3

D M D

155 #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 20.09.2012 Other 31.12.2009 Investment Advisor 11.05.2010 Holding Company 28.12.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 31.07.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.10.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 16.05.2012 Holding Company 31.10.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2009 n/a 30.09.2012 Investment Advisor

Date Not Provided Not Provided Not Provided

Date 07.02.2013 17.01.2013 16.01.2013

28.02.2013

Amer Sports Oyj Amer Sports Oyj, through subsidiaries, develops, manufactures, and markets sports and fitness equipment. The Company makes golf, racquet sports, winter sports, and team sports equipment, as well as diving gear and workout equipment. Amer Sports products are sold in stores around the world.

Price/Volume 16

3.5 M

3.0 M

2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (27.06.2012) 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 AMEAS FH EQUITY YTD Change AMEAS FH EQUITY YTD % CHANGE

12/2012 12/yy 13.48 8.39 254'923.00 12.8 -5.04% 52.65% 86.65% 121.5 1'555.43 568.20 0.0 0.0 142.50 1'981.13

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

1.5 M

6 4

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 1'576.6 0.62x 117.1 8.34x 33.9 11.47x

2.0 M

Valuation Analysis

31.12.2009 31.12.2010 1'533.4 1'740.4 0.72x 0.89x 78.8 132.6 14.06x 11.62x 31.3 68.8 21.84x 18.37x Profitability

31.12.2011 1'880.8 0.76x 171.3 8.39x 90.8 11.88x

31.12.2012 2'064.0 0.85x 151.9 11.53x 57.5 23.03x 151.90 111.70 5.41% 3.96% 3.12% 7.25% 1.12% 43.6% 9.7% 6.6% 2.8% 1.59 0.96 30.51% 74.87% 3.99 3.34

0.97 29.98% 13.78% 0.969 13 3.692 251'354 289'022 234'379

LTM-4Q

LTM

FY+1

12/yy 1'880.8 3.24x 171.3 8.39x 90.8 11.88x

12/yy 2'064.0 3.19x 199.8 8.76x 57.5 23.24x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'170.9 2'297.5 524.0 377.4 0.90x 0.83x 207.8 235.9 43.5 (1.1) 9.53x 8.40x 9.20x 108.6 131.0 21.9 (13.0) 13.96x 11.47x 13.39x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

45.00

2'500.0

FY+2

FQ+1

FQ+2

6.30 4.47 2.13 2.84 74.9% 42.8% 1.12 12.87 91.78 109.54 63.10 138.23

40.00

2'000.0

35.00 30.00

1'500.0

25.00 20.00

1'000.0

15.00

500.0

10.00 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Amer Sports Oyj Holdings By:

All

Holder Name VARMA MUTUAL PENSION ILMARINEN MUTUAL PEN MAA JA VESITEKNIIKAN MANDATUM LIFE INSURA LOCAL GOVERNMENT PEN FMR LLC BROTHERUS ILKKA TAPIOLA MUTUAL PENSI ODIN FORVALTNING AS NORDEA INV MANAGEMEN OP-FOCUS NON UCITS F ODIN NORDEN NORDEA INVESTMENT FU DANSKE INVESTMENT FI OP DELTA FUND VANGUARD GROUP INC HANDELSBANKEN FONDER FINLAND STATE PENSIO NORDEA FENNIA FUND KALEVA MUTUAL INSURA

Firm Name EVA Dimensions Goldman Sachs Pohjola Bank Plc (ESN) SEB Enskilda Nordea Equity Research Handelsbanken Evli Bank Plc Danske Markets JPMorgan Carnegie INDERES Swedbank FIM

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

Analyst CRAIG STERLING MAYAN UTHAYAKUMAR JARI RAISANEN JUTTA RAHIKAINEN RAULI JUVA ROBIN SANTAVIRTA MIKA KARPPINEN KALLE KARPPINEN CHIARA BATTISTINI TOMMY ILMONI SAULI VILEN TOMI TIILOLA MARTIN SUNDMAN

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

Recommendation underweight neutral/neutral accumulate buy hold accumulate buy buy neutral buy accumulate neutral hold

Amt Held 8'280'680 5'583'535 5'000'000 4'000'000 3'600'681 2'902'600 2'687'778 2'643'091 2'573'186 2'247'650 1'935'624 1'881'042 1'498'742 1'454'545 1'280'000 1'212'533 1'198'887 1'092'000 960'000 950'000

% Out 6.81 4.59 4.11 3.29 2.96 2.39 2.21 2.18 2.12 1.85 1.59 1.55 1.23 1.2 1.05 1 0.99 0.9 0.79 0.78

Latest Chg (7'036) (35'000) (3'744) 21'580 50'000 -

Weighting

Change

Target Price

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

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

#N/A N/A 12 13 15 12 14 14 13 12 #N/A N/A 13 11 11

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

File Dt Inst Type 30.11.2012 Insurance Company 30.11.2012 Insurance Company 30.11.2012 Other 30.11.2012 Insurance Company 30.11.2012 Pension Fund (ERISA) 31.12.2012 Investment Advisor 06.12.2012 n/a 30.11.2012 Insurance Company 31.01.2013 Mutual Fund Manager 28.09.2012 Investment Advisor 30.11.2012 n/a 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Government 31.12.2011 n/a 30.11.2012 Insurance Company

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

Date 20.02.2013 12.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 26.10.2012 26.10.2012

28.02.2013

Ashmore Group PLC Ashmore Group plc is a specialist Emerging Markets asset manager which focuses on eight broad investment themes: external debt (primarily US Dollar), local currencies and local currency debt, corporate debt, blended debt, alternatives (special situations/infrastructure/real estate), public equities, overlay/liquidity and multi-strategy.

Price/Volume 450

16.0 M

400

14.0 M

350

12.0 M

300

10.0 M

250

Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (12.07.2012) 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 ASHM LN EQUITY YTD Change ASHM LN EQUITY YTD % CHANGE

06/2012 01/yy 396.90 300.30 938'918.00 358.5 -9.67% 19.38% 60.25% 707.4 2'535.93 0.00 0.0 20.8 401.20 2'123.63

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

6.0 M

150 100

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 30.06.2008 241.5 5.21x 178.3 7.05x 140.8 10.30x

8.0 M

200

Valuation Analysis

30.06.2009 30.06.2010 245.7 281.4 4.23x 4.73x 190.0 203.6 5.48x 6.53x 115.0 160.0 11.05x 10.19x Profitability

30.06.2011 342.8 7.08x 248.1 9.78x 189.0 14.19x

30.06.2012 334.2 6.24x 230.9 9.03x 181.5 12.99x 230.90 223.10 66.76% 72.77% 26.10% 34.84% 0.46% 64.6% 54.3% 4.14 3.39 0.00% 0.00% 3.56 -

4.21 1.24 328.92 -3.22% -0.25% 1.242 19 3.158 1'109'915 991'188 793'552

LTM-4Q

LTM

FY+1

01/yy

06/13 Y 06/14 Y 332.5 370.7 6.53x 5.71x 225.7 252.8 9.41x 8.40x 172.8 189.9 14.46x 13.13x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

400.0

FY+2

FQ+1

FQ+2

0.0% 0.0% 0.46 94.88 102.85 -

350.0 20.00

300.0 250.0

15.00

200.0 10.00

150.0 100.0

5.00

0.00 03.07.2009

50.0 0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

28.02.2013

Ashmore Group PLC Holdings By:

All

Holder Name COOMBS MARK FMR LLC BOOTH JEROME CAREY PENSIONS & BEN BLACKROCK ASHMORE GROUP PLC ES UBS WILLIAM BLAIR & COMP ROYCE AND ASSOCIATES LONE PINE CAPITAL LL ROYCE AND ASSOCIATES LEGAL & GENERAL COLUMBIA UNIVERSITY NORGES BANK INVESTME HOARES BANK WILLIAM BLAIR & COMP LIONTRUST PRIVATE INDIVIDUALS GOVT OF SINGAPORE IN SEYMOUR PIERCE ELLIS

Firm Name

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

Analyst

EVA Dimensions AUSTIN BURKETT Societe Generale MICHAEL SANDERSON RBC Capital Markets PETER K LENARDOS Espirito Santo Investment Bank Research PHILIP DOBBIN Numis Securities Ltd DAVID MCCANN Barclays DANIEL R GARROD JPMorgan RAE MAILE Macquarie NEIL WELCH Canaccord Genuity Corp ARUN MELMANE Oriel Securities Ltd SARAH ING Morgan Stanley ANIL SHARMA Goldman Sachs CHRIS M. TURNER Credit Suisse GURJIT KAMBO Peel Hunt STUART DUNCAN HSBC NITIN ARORA Jefferies JASON STREETS Keefe, Bruyette & Woods TOM MILLS Arden Partners Ltd JEREMY GRIME

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

Recommendation hold buy outperform neutral add equalweight neutral underperform buy hold Equalwt/In-Line Buy/Neutral underperform hold underweight buy underperform buy

Amt Held 295'574'200 62'270'925 48'355'024 32'668'764 30'997'089 30'504'601 22'654'306 20'108'612 19'358'114 18'745'288 15'654'713 15'183'040 11'743'021 8'226'254 7'760'000 7'411'928 7'411'702 6'802'799 6'524'064 6'000'000

% Out 41.78 8.8 6.84 4.62 4.38 4.31 3.2 2.84 2.74 2.65 2.21 2.15 1.66 1.16 1.1 1.05 1.05 0.96 0.92 0.85

Latest Chg 587'284 (2'294'675) (242'555) 6'440'171 (25'000) (1'005'200) 1'337'778 (1'179'734) 10'000 259'347 (349'546) 740'647 -

Weighting

Change

Target Price

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

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

#N/A N/A 420 400 368 400 385 413 315 399 370 395 450 375 390 330 420 286 350

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

File Dt Inst Type 30.06.2012 n/a 01.12.2012 Investment Advisor 10.09.2012 n/a 10.09.2012 Pension Fund (ERISA) 26.02.2013 Investment Advisor 01.12.2012 Unclassified 01.12.2012 Unclassified 31.12.2012 Investment Advisor 01.12.2012 Investment Advisor 01.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Unclassified 01.12.2012 Unclassified 01.12.2012 Government 01.12.2012 Unclassified 01.12.2012 Investment Advisor 31.12.2012 Unclassified 01.12.2012 Other 01.12.2012 Government 01.12.2012 Unclassified

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

Date 26.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 11.02.2013 05.02.2013 15.01.2013 15.01.2013 15.01.2013 11.01.2013 03.01.2013 12.07.2012 05.10.2010

28.02.2013

Ashtead Group PLC Ashtead Group plc operates as an investment holding and management company. Through its subsidiaries, the Group hires out plant and machinery for the UK and the US construction and allied industries. Ashtead has some 273 A-Plant and 41 UK Plant branches, supplying UK communications, petrochemical, defense and retail customers. They also have 163 Sunbelt centers in 27 U.S. states.

Price/Volume 600

7.0 M 6.0 M

400

5.0 M

300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 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 AHT LN EQUITY YTD Change AHT LN EQUITY YTD % CHANGE

04/2012 10/yy 510.00 212.20 934'814.00 508.5 -0.29% 139.63% 99.50% 503.3 2'559.50 877.70 0.0 0.0 23.40 3'628.20

30.04.2008 1'047.8 1.24x 361.3 3.61x 77.6 4.73x

4.0 M 3.0 M

200

2.0 M 100

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

8.0 M

500

30.04.2009 30.04.2010 1'073.5 838.4 1.26x 1.70x 403.2 252.7 3.36x 5.65x 63.0 2.1 157.50x 595.00x Profitability

30.04.2011 948.5 1.89x 282.0 6.36x 0.9 1011.00x

30.04.2012 1'134.6 1.86x 381.1 5.52x 88.5 13.99x 381.10 181.30 15.98% 11.88% 5.52% 18.92% 9.08% 0.64% 36.3% 18.9% 7.8% 0.77 0.66 46.58% 158.23% 6.04 -

1'003'425 1'075'828 1'183'193

LTM-4Q

LTM

FY+1

10/yy 1'039.7 6.47x 327.3 5.10x 37.9 20.33x

10/yy 1'239.5 7.59x 449.4 6.56x 107.4 17.34x

04/13 Y 04/14 Y 01/13 Q3 04/13 Q4 1'290.3 1'400.0 299.0 316.7 2.68x 2.40x 478.9 532.0 101.0 104.0 7.58x 6.82x 7.26x 7.11x 135.0 161.5 21.2 24.8 18.97x 16.19x 17.41x 16.95x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

8.00

1'200.0

7.00

0.79 1.46 499.02 108.47% 19.67% 1.463 16 4.188

FY+2

FQ+1

FQ+2

27.02.2013 BB STABLE 6.94 -0.45 2.38 2.38 158.2% 61.3% 0.64 0.94 60.59 -

1'000.0

6.00

800.0

5.00 4.00

600.0

3.00

400.0

2.00

200.0 1.00 0.00 01.05.2009

0.0 01.11.2009

01.05.2010

01.11.2010

01.05.2011

01.11.2011

01.05.2012

01.11.2012

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

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

28.02.2013

Ashtead Group PLC Holdings By:

All

Holder Name AEGON BLACKROCK OLD MUTUAL KAMES CAPITAL PLC F&C ASSET MANAGEMENT SCOTTISH WIDOWS BAILLIE GIFFORD AND DIMENSIONAL FUND ADV LEGAL & GENERAL FRANKLIN RESOURCES JP MORGAN AVIVA INVESTORS DIMENSIONAL FUND ADV AXA FRAMLINGTON INV NORGES BANK INVESTME ROYAL LONDON ASSET M STANDARD LIFE INVEST TIAA CREF INVESTMENT BANK OF NEW YORK MEL THREADNEEDLE ASSET M

Firm Name Jefferies Oriel Securities Ltd Cantor Fitzgerald Panmure Gordon & Co Limited Credit Suisse Peel Hunt EVA Dimensions Canaccord Genuity Corp JPMorgan Barclays Investec Numis Securities Ltd HSBC Arden Partners Ltd

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 JUSTIN JORDAN MARK HOWSON CAROLINE DE LA SOUJEOLE PAUL JONES EUGENE KLERK ANDREW NUSSEY CRAIG STERLING JAMES GILBERT VICTORIA PRIOR JANE SPARROW ANDREW GIBB MIKE MURPHY ALEX MAGNI GEOFF ALLUM

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

Recommendation buy buy buy hold outperform hold underweight buy neutral overweight buy add neutral buy

Amt Held 71'981'584 35'234'080 31'386'772 24'841'399 22'868'104 21'623'685 21'526'719 18'573'396 15'318'618 15'125'000 14'675'810 13'663'734 12'959'451 12'515'825 12'170'195 10'519'947 9'239'602 7'956'244 7'783'513 7'687'880

% Out 14.3 7 6.24 4.94 4.54 4.3 4.28 3.69 3.04 3 2.92 2.71 2.57 2.49 2.42 2.09 1.84 1.58 1.55 1.53

Latest Chg (7'559'018) (468'633) (1'646'047) 2'692'525 (7'260'042) (295'887) (202'755) (2'836'915) 1'202'610 (755'193) 1'439'319 250'176 (463'244) 3'685'912 3'153'451 891'091 (434'258)

File Dt 01.11.2012 26.02.2013 31.12.2012 27.06.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 17.12.2012 01.11.2012 31.12.2012 01.11.2012 31.07.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 30.11.2012 01.11.2012

Weighting

Change

Target Price

Date

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

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

525 550 500 447 545 450 #N/A N/A 475 #N/A N/A 434 475 437 285 200

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

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

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

Date 26.02.2013 15.02.2013 11.02.2013 07.02.2013 30.01.2013 23.01.2013 17.01.2013 04.01.2013 13.12.2012 12.12.2012 11.12.2012 11.12.2012 07.03.2012 03.10.2011

28.02.2013

ASM International NV ASM International N.V. develops, manufactures, markets, and services machines used to produce semiconductors. The Company manufactures machines that process silicon wafers, and assemble and package semiconductors. ASM operates in Europe, the United States, Japan, and elsewhere in Asia.

Price/Volume 35

1.8 M

1.6 M 1.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.07.2012) 52-Week Low (25.10.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ASM NA EQUITY YTD Change ASM NA EQUITY YTD % CHANGE

12/2011 09/yy 32.98 23.81 214'397.00 29.975 -9.11% 25.89% 67.23% 63.1 1'891.30 195.41 0.0 297.9 390.25 2'133.91

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

1.0 M

.8 M .6 M

.4 M

5 0 f-12

.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 31.12.2007 955.2 1.09x 182.8 5.71x 61.0 14.82x

1.2 M

31.12.2008 31.12.2009 747.4 590.7 0.59x 1.71x 102.2 50.5 4.30x 20.07x 18.4 (106.6) 17.60x Profitability

31.12.2010 1'222.9 1.22x 377.6 3.94x 110.6 12.56x

31.12.2011 1'634.3 0.83x 424.9 3.21x 186.8 6.73x 424.94 375.49 22.97% 21.59% 2.80% 6.86% 9.11% 0.92% 34.9% 19.0% 15.1% 11.4% 2.62 0.85 12.35% 29.62% 2.12

1.09 47.54 8.37% 10.38% 1.095 12 4.333 253'161 255'421 241'567

LTM-4Q

LTM

FY+1

09/yy 1'634.6 3.45x 397.6 2.81x 196.0 5.27x

09/yy 1'450.1 4.54x 276.2 6.12x 44.3 32.71x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'423.2 1'506.8 312.2 318.0 1.33x 1.23x 164.9 240.9 22.0 12.94x 8.86x 38.5 89.1 2.0 15.9 45.28x 18.77x 37.70x 20.41x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

60.00

1'800.0

FY+2

FQ+1

FQ+2

13.04.2011 BBPOS 23.74 18.76 -0.25 0.83 29.6% 16.9% 0.92 5.53 172.26 66.75 -

1'600.0

50.00

1'400.0 1'200.0

40.00

1'000.0 30.00

800.0 600.0

20.00

400.0 10.00 0.00 02.01.2009

200.0 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 |

28.02.2013

ASM International NV Holdings By:

All

Holder Name DEL PRADO ARTHUR H ABERDEEN TOKYO ELECTRON LTD LAZARD ASSET MANAGEM FMR LLC MASSACHUSETTS FINANC NORGES BANK CAPITAL GROUP COMPAN ROBECO FUND MANAGEME ACHMEA BELEGGINSFOND JO HAMBRO CAPITAL MA ING INVESTMENT MANAG ALLIANZ ASSET MANAGE VANGUARD GROUP INC LANDESBANK BERLIN IN DAIWA CAPITAL MARKET INVESCO LTD BNP PARIBAS INV PART HIGHBRIDGE CAPITAL M T ROWE PRICE ASSOCIA

Firm Name ABN Amro Bank N.V. Exane BNP Paribas ING Bank EVA Dimensions KBC Securities JPMorgan Kepler Capital Markets Kempen & Co Goldman Sachs Rabobank International Petercam Natixis SNS Securities(ESN) Theodoor Gilissen Securities

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

Analyst ROBIN VAN DEN BROEK JEROME RAMEL MARC ZWARTSENBURG TEAM COVERAGE MICHAEL ROEG SANDEEP S DESHPANDE PETER OLOFSEN ERWIN DUT SIMON F SCHAFER PHILIP SCHOLTE MARCEL ACHTERBERG MAXIME MALLET VICTOR BARENO JOS VERSTEEG

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

Recommendation buy outperform buy dropped coverage hold overweight hold buy neutral/neutral buy buy neutral buy Under Review

Amt Held % Out 11'346'323 17.98 3'583'005 5.68 2'699'000 4.28 2'441'193 3.87 2'126'700 3.37 1'441'949 2.29 1'374'402 2.18 952'000 1.51 830'000 1.32 795'339 1.26 778'978 1.23 731'659 1.16 535'245 0.85 476'492 0.76 441'379 0.7 (428'938) -0.68 401'610 0.64 324'670 0.51 (290'242) -0.46 272'717 0.43

Latest Chg 133'000 (275'542) 71'400 58'263 (48'178) 167'000 (60'575) 107'743 (110'191) 7'899 (74'070) 59'545 (4'003) (75'715) -

File Dt Inst Type 29.02.2012 n/a 31.12.2012 Unclassified 31.03.2012 Corporation 29.10.2010 Unclassified 31.03.2011 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 01.11.2012 Investment Advisor 27.02.2013 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Hedge Fund Manager 31.12.2012 Investment Advisor

Weighting

Target Price

Date

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

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

39 30 37 #N/A N/A 30 35 30 33 32 30 38 25 37 #N/A N/A

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

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

Date 27.02.2013 26.02.2013 21.01.2013 18.01.2013 15.01.2013 14.01.2013 08.01.2013 07.01.2013 16.11.2012 29.10.2012 26.10.2012 26.10.2012 25.10.2012 29.04.2010

28.02.2013

Aurubis AG Aurubis AG operates copper smelting and refining facilities. The Company primarily produces copper rod used in the manufacture of power cables, building wires and other wiring used in electrical applications. Aurubis also produces copper cakes, cathodes, billets and bars and markets precious metals, chemicals and other metals produced as by-products of copper smelting.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 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 NDA GY EQUITY YTD Change NDA GY EQUITY YTD % CHANGE

09/2012 12/yy 57.79 35.15 147'102.00 53.74 -7.01% 52.91% 82.12% 45.0 2'415.97 774.47 0.0 4.0 669.67 2'480.79

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

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 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 30.09.2008 8'384.6 0.24x 374.8 5.28x 169.0 7.20x

30.09.2009 30.09.2010 6'686.9 9'865.4 0.23x 0.19x 77.3 581.4 19.89x 3.28x (47.1) 324.2 4.41x Profitability

30.09.2011 13'335.8 0.15x 579.0 3.40x 320.8 5.23x

30.09.2012 13'789.2 0.16x 744.7 2.89x 361.1 5.66x

744.73 583.29 4.23% 3.72% 4.94% 11.13% 11.29% 2.95% 4.0% 2.9% 2.6% 2.25 0.78 15.84% 35.31% 35.54 -

0.90 33.68 23.59% -0.19% 0.896 17 3.235 153'726 144'034 133'923

LTM-4Q

LTM

FY+1

12/yy 13'754.8 0.60x 665.4 3.19x 376.4 4.77x

12/yy 14'033.8 0.61x 564.8 4.40x 235.2 10.29x

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 14'049.0 14'348.6 3'618.0 3'578.0 0.18x 0.17x 473.8 507.3 5.22x 4.88x 221.5 236.5 10.91x 10.21x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

30.00

16'000.0

FY+2

FQ+1

FQ+2

6.91 5.34 0.11 1.29 35.3% 26.1% 2.95 11.34 10.30 -

14'000.0

25.00

12'000.0 20.00

10'000.0 8'000.0

15.00

6'000.0

10.00

4'000.0 5.00 0.00 02.10.2009

2'000.0 0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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

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

28.02.2013

Aurubis AG Holdings By:

All

Holder Name SALZGITTER AG BLACKROCK DJE INVESTMENT SA DEUTSCHE BANK AG DIMENSIONAL FUND ADV DELTA LLOYD FUND MAN FMR LLC VANGUARD GROUP INC FRANKFURT TRUST INVE ALLIANZ ASSET MANAGE LANDESBANK BERLIN IN S.A.C. GLOBAL INVEST SCHRODER INVESTMENT ADIG INVESTMENT LBPAM BARING FUND MANAGERS GRANTHAM MAYO VAN OT BANQUE DEGROOF PRUDENTIAL FINANCIAL SCHRODER INVESTMENT

Firm Name Bankhaus Lampe EVA Dimensions Deutsche Bank Commerzbank Corporates & Markets Nord/LB HSBC Independent Research GmbH Hauck & Aufhaeuser M.M. Warburg Investment Research DZ Bank AG Baader Bank Kepler Capital Markets Morgan Stanley Landesbank Baden-Wuerttemberg SRH AlsterResearch Main First Bank AG Hamburger Sparkasse Solventis WPH-Bank GmbH

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

Analyst MARC GABRIEL CRAIG STERLING BENJAMIN KOHNKE INGO-MARTIN SCHACHEL HOLGER FECHNER THORSTEN ZIMMERMANN SVEN DIERMEIER FINN HENNING BREITER EGGERT KULS DIRK SCHLAMP CHRISTIAN OBST ROCHUS BRAUNEISER ALAIN GABRIEL JENS MUENSTERMANN OLIVER DREBING ALEXANDER HAUENSTEIN INGO SCHMIDT KLAUS SOER

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

Recommendation hold overweight hold hold hold underweight hold buy buy buy buy hold Underwt/In-Line hold sell outperform hold buy

Amt Held % Out 11'240'000 25 1'886'104 4.2 1'325'794 2.95 1'295'644 2.88 1'107'494 2.46 510'600 1.14 450'000 1 376'952 0.84 371'600 0.83 268'061 0.6 252'208 0.56 (220'288) -0.49 210'951 0.47 192'606 0.43 185'586 0.41 165'707 0.37 146'388 0.33 106'100 0.24 105'757 0.24 85'000 0.19

Latest Chg (1'154) 100'000 127'228 (17'661) 31'470 (35'312) (2'202) (3'854) 24'100 25'029 -

File Dt Inst Type 29.08.2011 Corporation 26.02.2013 Investment Advisor 19.08.2011 Mutual Fund Manager 06.01.2012 Investment Advisor 31.07.2012 Investment Advisor 31.10.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 28.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 14.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.05.2012 Investment Advisor 01.02.2013 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor

Weighting

Target Price

Date

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

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

60 #N/A N/A 58 50 53 55 56 76 68 56 65 55 48 53 45 55 #N/A N/A 49

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

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

Date 25.02.2013 20.02.2013 19.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 07.02.2013 04.02.2013 24.01.2013 09.01.2013 14.12.2012 29.11.2012 15.02.2012 25.01.2012

28.02.2013

Aveva Group PLC Aveva Group plc, a holding company, markets and develops computer software and services for engineering and related solutions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AVV LN EQUITY YTD Change AVV LN EQUITY YTD % CHANGE

03/2012 01/yy 2'332.00 1'463.00 88'005.00 2315 -0.73% 58.24% 98.04% 68.1 1'576.03 0.22 0.0 0.0 48.89 1'525.71

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

2.5 M

2000

2.0 M

1500

1.5 M

1000

1.0 M

500

.5 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 31.03.2008 127.6 5.39x 49.3 13.94x 34.2 22.42x

2500

31.03.2009 31.03.2010 164.0 148.3 1.59x 5.14x 63.1 52.3 4.14x 14.59x 42.2 33.4 9.06x 24.01x Profitability

31.03.2011 174.0 6.14x 56.6 18.87x 34.5 31.76x

31.03.2012 195.9 5.50x 63.7 16.93x 40.0 28.15x

63.67 58.06 29.63% 29.47% 14.53% 19.53% 20.36% 0.73% 91.8% 31.5% 28.6% 20.4% 3.21 1.46 0.07% 0.10% 4.13 -

0.93 0.85 67.45 36.87% 6.32% 0.846 18 3.222 72'553 106'793 107'268

LTM-4Q

LTM

FY+1

01/yy

03/13 Y 03/14 Y 222.6 249.2 6.20x 5.39x 72.6 83.8 21.02x 18.21x 50.2 57.9 30.83x 26.79x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

45.00

250.0

FY+2

FQ+1

FQ+2

23.37 22.42 -0.77 0.00 0.1% 0.1% 0.73 24.74 88.64 78.89 -

40.00

200.0

35.00 30.00

150.0

25.00 20.00

100.0

15.00

50.0

10.00 5.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

28.02.2013

Aveva Group PLC Holdings By:

All

Holder Name BLACKROCK ALLIANZ ASSET MANAGE OLD MUTUAL STANDARD LIFE INVEST CAPITAL GROUP COMPAN FMR LLC LEGAL & GENERAL THREADNEEDLE ASSET M BT PENSION SCHEME SCOTTISH WIDOWS NEWSMITH CAPITAL PAR RCM OPPENHEIMERFUNDS INC OPPENHEIMERFUNDS INC BANK OF NEW YORK MEL F&C ASSET MANAGEMENT ABERDEEN WILLIAM BLAIR & COMP BAE SYSTEMS PENSION ALLIANCE BERNSTEIN

Firm Name Merchant Securities Numis Securities Ltd JPMorgan Morgan Stanley Investec Jefferies Berenberg Bank Panmure Gordon & Co Limited Exane BNP Paribas N+1 Singer Ltd EVA Dimensions Barclays Goldman Sachs Credit Suisse RBC Capital Markets Canaccord Genuity Corp

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

Analyst ROGER PHILLIPS DAVID TOMS STACY E POLLARD ADAM WOOD JULIAN YATES MILAN RADIA DAUD KHAN GEORGE O'CONNOR JOSEP BORI TINTIN STORMONT ANDREW S ZAMFOTIS GERARDUS VOS MOHAMMED MOAWALLA CHARLES BRENNAN ANDREW DUNN JONATHAN IMLAH

Source ULT-AGG ULT-AGG ULT-AGG Co File ULT-AGG ULT-AGG ULT-AGG REG RNS-MAJ ULT-AGG REG REG REG MF-AGG MF-AGG REG ULT-AGG 13F REG ULT-AGG

Recommendation sell buy neutral Overwt/In-Line buy buy hold hold underperform hold hold equalweight buy/attractive neutral sector perform hold

Amt Held 9'521'971 4'861'946 4'164'793 2'867'283 2'733'900 2'261'602 2'207'305 2'120'818 2'003'003 1'903'680 1'700'354 1'550'853 1'515'362 1'477'756 1'469'269 1'390'771 1'335'579 1'201'917 1'198'680 1'122'302

% Out 13.99 7.14 6.12 4.21 4.02 3.32 3.24 3.12 2.94 2.8 2.5 2.28 2.23 2.17 2.16 2.04 1.96 1.77 1.76 1.65

Latest Chg 1'130'294 65'541 39'182 654'059 (16'103) (53'253) 128 (38'930) 46'256 (193'869) 22'300 338'169 150'910 (8'110) 12'600 (26'688) (185'651) (221'460)

File Dt Inst Type 26.02.2013 Investment Advisor 31.01.2013 Investment Advisor 02.01.2013 Unclassified 28.05.2012 Investment Advisor 11.01.2013 Investment Advisor 02.01.2013 Investment Advisor 02.01.2013 Unclassified 02.01.2013 Investment Advisor 29.03.2012 Pension Fund (ERISA) 02.01.2013 Unclassified 02.01.2013 Investment Advisor 02.01.2013 Investment Advisor 02.01.2013 Investment Advisor 30.12.2012 Investment Advisor 30.11.2012 Investment Advisor 02.01.2013 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor 02.01.2013 Pension Fund (ERISA) 02.01.2013 Investment Advisor

Weighting

Change

Target Price

Date

1 5 3 5 5 5 3 3 1 3 3 3 5 3 3 3

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

1'980 2'470 2'300 2'400 2'450 2'560 2'000 1'900 1'400 2'000 #N/A N/A 2'000 3'400 2'013 1'800 2'000

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

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

Date 25.02.2013 31.01.2013 29.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 17.01.2013 14.01.2013 11.01.2013 19.11.2012 13.11.2012 13.11.2012

28.02.2013

Axel Springer AG Axel Springer AG is a publisher. The Company publishes daily and weekly newspapers, books, and magazines for young adults, families, and men and women. Springer produces television and radio programming, holds interests in television and radio stations, and offers electronic media on-line business services. The Company also offers commercial printing services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SPR GY EQUITY YTD Change SPR GY EQUITY YTD % CHANGE

12/2011 09/yy 39.87 30.92 213'424.00 35.86 -10.05% 15.98% 55.23% 98.9 3'547.99 726.60 0.0 236.6 244.00 4'154.49

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

.4 M

.3 M

.2 M

.1 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 31.12.2007 2'577.9 1.51x 411.6 9.48x (299.6) 10.98x

31.12.2008 31.12.2009 2'728.5 2'611.6 0.71x 0.95x 458.7 290.2 4.22x 8.56x 560.1 303.5 2.77x 7.36x Profitability

31.12.2010 2'893.9 1.43x 536.4 7.72x 252.7 14.88x

31.12.2011 3'184.9 1.25x 570.5 7.00x 257.8 12.67x 570.50 432.80 13.59% 13.23% 4.89% 12.08% 0.76% 17.5% 12.3% 8.1% 1.01 0.79 17.35% 42.89% 7.79 -

156'012 134'390 139'423

LTM-4Q

LTM

FY+1

09/yy 3'136.7 5.05x 558.4 5.82x 215.0 11.84x

09/yy 3'274.5 5.00x 574.6 6.88x 209.6 15.20x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 3'303.3 3'441.1 895.5 1.31x 1.20x 614.5 653.3 171.0 6.76x 6.36x 272.8 300.5 12.74x 11.77x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

16.00

3'500.0

14.00

3'000.0

12.00

2'500.0

10.00

0.77 40.76 5.16% 11.07% 0.772 20 3.550

FY+2

FQ+1

FQ+2

12.57 10.08 0.35 1.06 42.9% 27.3% 0.76 4.76 46.96 -

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

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 |

28.02.2013

Axel Springer AG Holdings By:

All

Holder Name AXEL SPRINGER GESELL SPRINGER FRIEDE TWEEDY BROWNE COMPAN DEUTSCHE BANK AG CADIAN CAPITAL MANAG BLACKROCK VANGUARD GROUP INC SEB MAVERICK CAPITAL LTD LUXOR CAPITAL GROUP DWS INVESTMENT S A ALLIANZ ASSET MANAGE FRANKFURT TRUST INVE AXEL SPRINGER AG UNION INVESTMENT GMB VERITAS SG INVESTMEN SCHRODER INVESTMENT LUXEMBOURGER KAPITAL EVLI FUND MANAGEMENT BANQUE DE LUXEMBOURG

Firm Name Commerzbank Corporates & Markets Bankhaus Metzler AlphaValue EVA Dimensions HSBC M.M. Warburg Investment Research Barclays Societe Generale Goldman Sachs Morgan Stanley Landesbank Baden-Wuerttemberg Hammer Partners SA Berenberg Bank DZ Bank AG Close Brothers Equity Markets Kepler Capital Markets Silvia Quandt Research Deutsche Bank JPMorgan CA Cheuvreux Equinet Institutional Services(ESN)

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

Analyst SONIA RABUSSIER STEFAN WIMMER VERONIQUE CABIOC'H CRAIG STERLING CHRISTOPHER JOHNEN JOCHEN REICHERT NICK DEMPSEY LAURENT PICARD VIGHNESH PADIACHY CHRISTOPHER SELLERS STEFAN BORSCHEID STEPHAN SEIP SARAH SIMON HARALD HEIDER MARCUS SILBE CONOR O'SHEA MARK JOSEFSON MARK BRALEY MARCUS DIEBEL NIKLAS KRISTOFFERSSONN MARTIN POSSIENKE

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

Recommendation hold buy add hold neutral buy underweight hold neutral/neutral Underwt/Attractive buy buy hold buy hold hold buy hold neutral outperform buy

Amt Held % Out 50'954'101 51.5 6'925'800 7 4'295'627 4.34 2'933'511 2.96 (1'296'114) -1.31 962'667 0.97 873'197 0.88 555'904 0.56 (465'018) -0.47 (455'124) -0.46 363'299 0.37 326'945 0.33 311'900 0.32 296'820 0.3 285'500 0.29 235'100 0.24 208'000 0.21 204'400 0.21 173'472 0.18 160'000 0.16

Latest Chg 228'109 (79'152) 1'979 (709'536) (7'233) 79'152 118'728 (18'408) (17'748) 30'600 23'300 42'185 (18'400) 3'258 30'000

File Dt Inst Type 31.12.2011 Corporation 31.12.2011 n/a 31.03.2012 Investment Advisor 16.09.2011 Investment Advisor 20.02.2013 Hedge Fund Manager 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 06.11.2012 Hedge Fund Manager 06.02.2013 Hedge Fund Manager 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2011 Corporation 28.09.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

Weighting

Target Price

Date

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

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

38 39 39 #N/A N/A 39 46 33 33 38 30 40 42 38 43 35 37 43 40 41 45 45

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

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

Date 25.02.2013 21.02.2013 21.02.2013 21.02.2013 19.02.2013 05.02.2013 24.01.2013 16.01.2013 09.01.2013 17.12.2012 12.12.2012 12.12.2012 08.11.2012 08.11.2012 07.11.2012 07.11.2012 07.11.2012 30.10.2012 12.09.2012 29.03.2012 02.05.2011

28.02.2013

Banca Monte dei Paschi di Siena SpA Banca Monte dei Paschi di Siena S.p.A. attracts deposits and offers commercial banking services. The Bank offers credit, asset management services, insurance, mutual funds, Internet banking, and investment banking services.

Price/Volume 0

1600.0 M

1400.0 M

1200.0 M

1000.0 M

Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (23.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BMPS IM EQUITY YTD Change BMPS IM EQUITY YTD % CHANGE

12/2011 09/yy 0.44 0.14 216'756'886.00 0.2084 -52.55% 45.53% 22.03% 11'681.5 2'434.43 123'458.32 0.0 217.2 21'573.23 -

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

600.0 M

0 0

400.0 M

200.0 M

0 f-12 m-12

.0 M a-12 m-12

31.12.2008 31.12.2009 12'254.4 9'242.9 922.8 220.1 7.72x 804.19x Profitability

31.12.2010 8'751.8 985.5 4.79x

31.12.2011 9'511.4 (4'685.3) -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

-9.17% -84.69% -2.78% -50.04% -5.35% 0.03% -83.9% 51.29% 1146.90% -

1.21 6'508.14 -48.03% -7.67% 1.206 25 1.880 ######### ######### #########

LTM-4Q

LTM

FY+1

09/yy 9'116.1 0.00x 0.0 0.00x 932.1 2.97x

09/yy 7'592.3 0.00x 0.0 0.00x (6'653.4) 0.00x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 5'401.8 4'955.8 1'173.5 1'264.0 (406.4) (50.8) S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

1.20

14'000.0

1.00

j-12

Fiscal Year Ended 31.12.2007 9'663.0 1'437.6 15.77x

800.0 M

Valuation Analysis

FY+2

FQ+1

FQ+2

31.01.2013 BB *05.12.2012 B 1146.9% 91.8% 0.03 -

12'000.0 10'000.0

0.80

8'000.0 0.60

6'000.0

0.40

4'000.0 2'000.0

0.20

0.0 0.00

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 |

28.02.2013

Banca Monte dei Paschi di Siena SpA Holdings By:

All

Holder Name FONDAZIONE MONTE DEI FINAMONTE SRL UNICOOP FIRENZE SOC JP MORGAN SECURITIES EGERTON CAPITAL LIMI BLACKROCK VANGUARD GROUP INC ODEY ASSET MANAGEMEN WELLINGTON MANAGEMEN AXA FRANCE IARD MARSHALL WACE LLP AXA BELGIUM SA PARVUS ASSET MANAGEM MACKENZIE FINANCIAL AXA ASSICURAZIONI AXA AXA AURORA IBERICA AXA KONZERN AG ROTHSCHILD & COMPAGN AXA WINTERTHUR SWITZ

Firm Name Keefe, Bruyette & Woods Mediobanca SpA Banca IMI Exane BNP Paribas Centrobanca ICBPI Banca Akros(ESN) Nomura Kepler Capital Markets AlphaValue Goldman Sachs CA Cheuvreux Equita SIM SpA Societe Generale Morgan Stanley Credit Suisse Deutsche Bank Grupo Santander JPMorgan HSBC Natixis EVA Dimensions Main First Bank AG

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

Analyst RONNY REHN RICCARDO ROVERE MANUELA MERONI ANDREA VERCELLONE GUGLIELMO MARCO OPIPARI LUCA COMI LUIGI TRAMONTANA DOMENICO SANTORO ANNA MARIA BENASSI DAVID GRINSZTAJN JEAN-FRANCOIS NEUEZ ALDO COMI GIOVANNI RAZZOLI CARLO TOMMASELLI FRANCESCA TONDI ANDREA UNZUETA PAOLA SABBIONE TANIA GOLD MARTA BASTONI JASON KEPAPTSOGLOU STEVEN GOULD TEAM COVERAGE ALBERTO SEGAFREDO

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

Recommendation underperform neutral sell underperform sell sell hold neutral reduce buy neutral/neutral sell hold sell Underwt/In-Line underperform sell underweight underweight underweight reduce overweight buy

Amt Held % Out 4'387'586'439 37.56 467'261'602 4 318'555'597 2.73 295'192'517 2.53 (130'833'248) -1.12 129'361'146 1.11 112'747'830 0.97 (92'284'166) -0.79 (80'602'626) -0.69 69'621'979 0.6 (59'575'854) -0.51 54'435'977 0.47 (50'230'622) -0.43 31'634'600 0.27 27'101'173 0.23 26'633'911 0.23 25'933'019 0.22 21'844'480 0.19 20'993'756 0.18 19'040'910 0.16

Latest Chg (17'522'310) 304'188 2'768'423 (25'699'388) 1'168'154 (8'177'078) 12'849'694 (18'638'500) -

File Dt Inst Type 20.09.2012 Other 20.09.2012 Other 20.09.2012 Other 20.09.2012 Investment Advisor 06.02.2013 Hedge Fund Manager 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 01.02.2013 Investment Advisor 01.02.2013 Investment Advisor 20.09.2012 Insurance Company 25.02.2013 Hedge Fund Manager 20.09.2012 Insurance Company 15.01.2013 Investment Advisor 30.11.2012 Investment Advisor 20.09.2012 Unclassified 20.09.2012 Investment Advisor 20.09.2012 Insurance Company 20.09.2012 Insurance Company 31.12.2012 Investment Advisor 20.09.2012 Insurance Company

Weighting

Target Price

Date

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

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

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 #N/A N/A 1

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

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

Date 27.02.2013 22.02.2013 22.02.2013 22.02.2013 20.02.2013 12.02.2013 08.02.2013 08.02.2013 31.01.2013 31.01.2013 28.01.2013 28.01.2013 28.01.2013 25.01.2013 22.01.2013 21.01.2013 17.01.2013 16.01.2013 07.01.2013 12.12.2012 15.11.2012 27.08.2012 26.08.2011

28.02.2013

Banca Popolare dell'Emilia Romagna Scrl Banca Popolare dell'Emilia Romagna Scrl is a cooperative bank that operates branches throughout Italy. The Bank attracts deposits and offers loans, credit cards, pension plans, investment funds, insurance, and asset management and online trading services.

Price/Volume 7

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BPE IM EQUITY YTD Change BPE IM EQUITY YTD % CHANGE

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

2.0 M

1.0 M

1 0 f-12

.0 M m-12

a-12

m-12

31.12.2008 31.12.2009 3'450.9 3'148.0 133.7 115.8 18.70x 24.71x Profitability

31.12.2010 2'727.7 293.1 12.71x

31.12.2011 3'036.9 214.6 8.28x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

22.48% 17.96% 0.35% 5.80% 0.72% 0.05% 9.5% 41.03% 631.34% -

1.12 326.06 -9.98% 6.31% 1.122 8 3.625 2'796'892 2'151'705 2'265'944

LTM-4Q

LTM

FY+1

09/yy 2'879.3 0.00x 0.0 0.00x 161.1 40.04x

09/yy 3'268.1 0.00x 0.0 0.00x 217.1 7.82x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'251.4 2'218.3 568.0 173.8 177.8 44.0 12.36x 9.93x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

1.20

4'000.0

1.00

j-12

Fiscal Year Ended 31.12.2007 3'118.8 374.5 10.81x

3.0 M

12/2011 09/yy 6.67 2.80 1'927'835.00 5.56 -16.64% 98.57% 71.32% 332.7 1'849.93 24'816.29 0.0 715.7 3'295.44 -

FY+2

FQ+1

FQ+2

03.08.2012 BB+ NEG 03.08.2012 B 631.3% 84.2% 0.05 3.33 -

3'500.0 3'000.0

0.80 0.60

2'500.0 2'000.0 1'500.0

0.40 0.20

1'000.0 500.0 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 |

28.02.2013

Banca Popolare dell'Emilia Romagna Scrl Holdings By:

All

Holder Name NORGES BANK DIMENSIONAL FUND ADV VANGUARD GROUP INC BLACKROCK UBI PRAMERICA SGR SP ARCA SGR SPA NATIXIS ASSET MANAGE ALLIANZ ASSET MANAGE FIDEURAM GESTIONS SA LBPAM STATE STREET AMUNDI DIMENSIONAL FUND ADV JULIUS BAER MULTICOO PRINCIPAL FINANCIAL LEMANIK FUNDS BESSEMER GROUP INCOR CREDIT SUISSE ASSET UNION INVESTMENT LUX GOLDMAN SACHS GROUP

Firm Name Kepler Capital Markets Exane BNP Paribas Equita SIM SpA EVA Dimensions Mediobanca SpA Banca Akros(ESN) ICBPI Nomura

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

Analyst ANNA MARIA BENASSI ANDREA VERCELLONE GIOVANNI RAZZOLI AUSTIN BURKETT RICCARDO ROVERE LUIGI TRAMONTANA MARCO SALLUSTIO DOMENICO SANTORO

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

Recommendation hold outperform hold buy outperform hold neutral reduce

Amt Held 6'664'413 3'723'574 3'453'662 2'576'615 1'082'242 562'667 499'406 417'455 222'709 186'871 182'552 178'243 174'127 151'200 146'965 133'488 131'149 125'428 121'714 112'161

% Out 2 1.12 1.04 0.77 0.33 0.17 0.15 0.13 0.07 0.06 0.05 0.05 0.05 0.05 0.04 0.04 0.04 0.04 0.04 0.03

Latest Chg 65'640 6'984 12'000 172'888 (4'000) (96'000) 8'806 30'082 151'200 120'970 13'847 22'458 90'000 (35'158)

Weighting

Change

Target Price

3 5 3 5 5 3 3 2

M M D M M M M M

6 8 6 #N/A N/A 6 4 5 4

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

File Dt Inst Type 20.09.2012 Government 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 28.12.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 28.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 27.02.2013 Investment Advisor 28.09.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 31.10.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.10.2012 Investment Advisor 28.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2012 Investment Advisor

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

Date 25.02.2013 22.02.2013 28.01.2013 17.01.2013 14.01.2013 14.01.2013 11.12.2012 25.10.2012

28.02.2013

Banca Popolare di Milano Scarl Banca Popolare di Milano Scarl (BPM) attracts deposits and offers commercial banking services. The Bank offers brokerage, trust, lease financing, asset management, private banking, and factoring services, manages mutual funds, and offers insurance services. BPM serves its customers through a branch network located primarily in Italy, London, and New York.

Price/Volume 1

Latest Fiscal Year: LTM as of: 52-Week High (13.02.2013) 52-Week Low (29.05.2012) 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 PMI IM EQUITY YTD Change PMI IM EQUITY YTD % CHANGE

12/2011 09/yy 0.62 0.29 69'565'338.00 0.5175 -16.40% 76.02% 68.77% 3'229.6 1'671.33 23'721.76 0.0 48.1 2'345.32 -

150.0 M

100.0 M

0 50.0 M

0 0 f-12 m-12

.0 M a-12 m-12

31.12.2008 31.12.2009 2'950.3 2'600.8 75.3 103.6 22.98x 19.38x Profitability

31.12.2010 1'968.6 106.0 -

31.12.2011 2'128.8 (614.3) -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

-20.38% -50.76% -1.47% -19.45% -2.95% 0.04% -44.1% 45.68% 590.90% -

75'466'260 73'262'750 63'627'160

LTM

FY+1

09/yy 2'047.6 0.00x 0.0 0.00x 44.9 0.00x

09/yy 2'244.1 0.00x 0.0 0.00x (767.1) 0.00x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'522.3 1'485.1 356.0 88.0 102.3 (173.0) 20.70x 16.17x S&P Issuer Ratings

1.80

3'500.0

1.60

1.30 2'658.46 5.35% 14.49% 1.305 16 2.500

LTM-4Q

Price/ Cash Flow

FY+2

FQ+1

FQ+2

03.08.2012 BB+ NEG 03.08.2012 B 590.9% 85.4% 0.04 3.02 -

3'000.0

1.40

2'500.0

1.20 1.00

2'000.0

0.80

1'500.0

0.60

1'000.0

0.40

500.0

0.20 0.00 02.01.2009

j-12

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

200.0 M

Valuation Analysis

31.12.2007 3'102.5 323.8 11.95x

250.0 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 |

28.02.2013

Banca Popolare di Milano Scarl Holdings By:

All

Holder Name BI INVEST GP TIME AND LIFE SA CAISSE FED DU CREDIT DIMENSIONAL FUND ADV NORGES BANK VANGUARD GROUP INC BLACKROCK SAEMOR CAPITAL BV GLOBAL INVESTMENT SE OXFORD ASSET MANAGEM DISCOVERY CAPITAL MA MARSHALL WACE LLP FMR LLC ARCA SGR SPA GRANTHAM MAYO VAN OT ACOMEA SGR FIDEURAM GESTIONS SA UBI PRAMERICA SGR SP SCHRODER INVESTMENT LEMANIK FUNDS

Firm Name Keefe, Bruyette & Woods Kepler Capital Markets Exane BNP Paribas Mediobanca SpA Banca IMI ICBPI Equita SIM SpA Nomura Goldman Sachs Morgan Stanley Deutsche Bank EVA Dimensions HSBC JPMorgan

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

Analyst RONNY REHN ANNA MARIA BENASSI ANDREA VERCELLONE RICCARDO ROVERE MANUELA MERONI MARCO SALLUSTIO GIOVANNI RAZZOLI DOMENICO SANTORO JEAN-FRANCOIS NEUEZ FRANCESCA TONDI PAOLA SABBIONE AUSTIN BURKETT JASON KEPAPTSOGLOU KIAN ABOUHOSSEIN

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

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

Amt Held % Out 277'812'027 8.6 266'992'796 8.27 221'778'097 6.87 82'161'567 2.54 71'568'409 2.22 32'669'426 1.01 24'853'869 0.77 (23'899'198) -0.74 22'182'180 0.69 (21'638'463) -0.67 (18'408'842) -0.57 (15'502'182) -0.48 13'226'506 0.41 9'080'000 0.28 7'648'479 0.24 5'824'609 0.18 5'785'784 0.18 5'524'140 0.17 5'130'336 0.16 4'502'877 0.14

Latest Chg (1'271'889) 67'816 (7'105'167) (1'677'800) (4'198'508) (645'925) 13'226'401 2'461'711 7'648'479 (5'863'000) 2'167'280 64'900

File Dt Inst Type 19.04.2012 Corporation 19.04.2012 Other 19.04.2012 Corporation 19.04.2012 Investment Advisor 19.04.2012 Government 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 08.02.2013 Investment Advisor 31.10.2012 Investment Advisor 12.02.2013 Investment Advisor 01.11.2012 Hedge Fund Manager 26.02.2013 Hedge Fund Manager 30.04.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.05.2012 Investment Advisor 28.12.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager

Weighting

Target Price

Date

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

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

0 1 1 1 0 0 1 0 0 0 0 #N/A N/A 0 0

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

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

Date 27.02.2013 25.02.2013 22.02.2013 21.02.2013 21.02.2013 18.02.2013 15.02.2013 04.02.2013 28.01.2013 22.01.2013 17.01.2013 17.01.2013 27.11.2012 28.05.2012

28.02.2013

Banca Popolare di Sondrio SCARL Banca Popolare di Sondrio Scrl attracts deposits and offers co-operative banking services. The Bank offers mortgage and other consumer loans, business loans, closed-end funds, treasury and securities brokerage services, asset management, and portfolio management. Banca Popolare operates in Italy, Switzerland and Hong Kong.

Price/Volume 7

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (23.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BPSO IM EQUITY YTD Change BPSO IM EQUITY YTD % CHANGE

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

1.0 M

.5 M

1 0 f-12

.0 M m-12

a-12

m-12

31.12.2008 31.12.2009 1'105.0 1'125.3 43.6 201.1 46.15x 11.19x Profitability

31.12.2010 908.8 135.1 14.02x

31.12.2011 1'111.4 74.4 25.74x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

18.45% 18.82% 0.57% 8.92% 2.20% 0.05% 9.5% 25.93% 416.62% -

0.84 301.98 -22.09% 7.85% 0.845 1 5.000 531'424 381'012 443'398

LTM-4Q

LTM

FY+1

FY+2

FQ+1

FQ+2

09/yy 1'033.6 0.00x 0.0 0.00x 56.2 0.00x

09/yy 1'478.3 0.00x 0.0 0.00x 167.6 8.42x

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

1.20

1'200.0

1.00

1'000.0

0.80

800.0

0.60

j-12

Fiscal Year Ended 31.12.2007 1'064.2 147.3 19.89x

1.5 M

12/2011 09/yy 6.47 3.76 514'615.00 4.724 -26.99% 25.50% 35.48% 308.1 1'455.69 7'593.55 0.0 65.9 1'595.11 -

416.6% 80.1% 0.05 6.48 -

600.0 400.0

0.40

200.0 0.20

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 |

28.02.2013

Banca Popolare di Sondrio SCARL Holdings By:

All

Holder Name NORGES BANK VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV ARCA SGR SPA GOLDMAN SACHS GROUP BNP PARIBAS ASSET MA STATE STREET OPTIMA SGR SPA FIDEURAM GESTIONS SA GOLDMAN SACHS ASSET BESSEMER GROUP INCOR UNION INVESTMENT LUX BANK OF NEW YORK MEL AMUNDI BNP ASSET MANAGEMENT BNP ASSET MANAGEMENT DIMENSIONAL FUND ADV CHARLES SCHWAB INVES SANPAOLO IMI ASSET M

Firm Name EVA Dimensions

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios BNP PARIBAS ACTIONS Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst AUSTIN BURKETT

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

Recommendation buy

Amt Held 6'166'042 3'161'077 1'722'348 474'406 464'776 350'505 257'579 182'696 133'000 119'000 116'525 107'950 105'000 98'735 89'966 71'307 64'579 64'081 55'150 50'605

% Out 2 1.03 0.56 0.15 0.15 0.11 0.08 0.06 0.04 0.04 0.04 0.04 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02

Latest Chg 11'268 86'237 26'363 (35'400) 52'772 (1'108) (1'095) 1'903 (4'467) (4'310)

Weighting

Change

Target Price

#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 Government 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.07.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 31.05.2012 Mutual Fund Manager 27.02.2013 Investment Advisor 30.11.2011 Investment Advisor 31.01.2013 Investment Advisor 31.10.2012 Investment Advisor 31.10.2012 Investment Advisor 28.09.2012 Investment Advisor 26.02.2013 Investment Advisor 28.09.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.11.2012 Investment Advisor 27.02.2013 Investment Advisor 30.06.2011 Mutual Fund Manager

Date Not Provided

Date 17.01.2013

28.02.2013

Banco Espirito Santo SA Banco Espirito Santo, S.A. (BES) provides commercial and investment banking services. The Bank offers commercial, consumer, and mortgage loans, foreign exchange, mutual funds, government debt securities, project financing, advice on corporate restructuring and privatization, and securities brokerage services, and underwrites equity and debt securities.

Price/Volume 1

80.0 M

70.0 M

60.0 M 50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.01.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BES PL EQUITY YTD Change BES PL EQUITY YTD % CHANGE

12/2012 12/yy 1.19 0.43 21'090'253.00 0.935 -21.43% 115.44% 66.27% 4'017.9 3'756.76 32'245.86 193.3 669.4 7'485.14 -

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

30.0 M

20.0 M

10.0 M

0 f-12

.0 M m-12

a-12

m-12

31.12.2009 31.12.2010 4'978.2 5'001.7 522.1 556.9 9.33x 6.40x Profitability

31.12.2011 5'127.0 (108.8) -

31.12.2012 5'929.6 96.1 35.85x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

18.14% 6.48% 0.12% 1.57% 0.29% 0.07% 3.0% 38.53% 469.37% -

1.73 2'233.81 -6.58% 4.47% 1.729 15 3.333 20'231'700 16'501'720 20'349'130

LTM-4Q

LTM

FY+1

12/yy 5'220.5 0.00x 0.0 0.00x (86.2) 0.00x

12/yy 5'929.6 0.00x 0.0 0.00x 96.1 31.05x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'326.5 2'353.1 600.7 610.3 150.1 350.6 14.6 25.8 26.71x 10.51x 26.71x 22.26x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

1.20

7'000.0

1.00

j-12

Fiscal Year Ended 31.12.2008 5'811.4 402.3 8.26x

40.0 M

FY+2

FQ+1

FQ+2

14.02.2012 BBNEG 16.12.2011 B 469.4% 80.7% 0.07 6.65 -

6'000.0 5'000.0

0.80

4'000.0 0.60

3'000.0

0.40

2'000.0 1'000.0

0.20

0.0 0.00

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

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

28.02.2013

Banco Espirito Santo SA Holdings By:

All

Holder Name BESPAR SGPS SA CREDIT AGRICOLE SA SILCHESTER INTL INVE BRADPORT PORTUGAL TELECOM SGP WELLINGTON MANAGEMEN BANCO ESPIRITO SANTO VANGUARD GROUP INC BLACKROCK FUNDO INV MOBILIARIO NEW JERSEY DIVISION THRIVENT FINANCIAL F ROTHSCHILD & COMPAGN SANTANDER SGFIM SA HARTFORD INVESTMENT MILLENNIUM BCP GFI S METZLER ASSET MANAGE SWEDBANK ROBUR FONDE SANTO SILVA RICARDO SWISSCANTO FONDSLEIT

Firm Name AlphaValue Keefe, Bruyette & Woods BPI Nomura Societe Generale Caixa Banco de Investimento(ESN) Macquarie JPMorgan BCP Investimento Goldman Sachs EVA Dimensions Deutsche Bank BBVA Grupo Santander

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

Analyst DAVID GRINSZTAJN ANTONIO RAMIREZ CARLOS JOAQUIM PEIXOTO DARAGH QUINN CARLOS GARCIA GONZALEZ ANDRE RODRIGUES BENJIE CREELAN-SANDFORD JAIME BECERRIL RITA SILVA PAWEL DZIEDZIC AUSTIN BURKETT CARLOS BERASTAIN GONZALEZ IGNACIO ULARGUI MARIANO COLMENAR

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

Recommendation reduce market perform neutral reduce buy accumulate neutral neutral buy neutral/neutral sell hold outperform Under Review

Amt Held 1'418'328'749 433'936'274 229'021'923 192'860'566 84'376'498 81'297'790 51'574'005 36'811'941 23'062'536 22'407'642 20'026'833 11'095'612 9'070'000 6'047'688 4'433'077 4'023'089 3'960'000 3'850'000 3'806'915 3'543'839

% Out 35.3 10.8 5.7 4.8 2.1 2.02 1.28 0.92 0.57 0.56 0.5 0.28 0.23 0.15 0.11 0.1 0.1 0.1 0.09 0.09

Latest Chg (6'455'740) 3'178'463 58'985 12'744'348 4'641'950 (1'250'000) (1'508'447) 2'882'901 (592'000) (40'000) 2'422'582 1'799'688

File Dt Inst Type 30.06.2012 Other 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Other 30.06.2012 Corporation 08.01.2013 Investment Advisor 30.11.2012 Bank 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 25.04.2012 n/a 30.06.2012 Pension Fund (ERISA) 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 31.12.2012 Investment Advisor 11.05.2012 n/a 28.12.2012 Mutual Fund Manager

Weighting

Change

Target Price

Date

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

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

1 1 1 1 1 1 1 1 1 1 #N/A N/A 1 1 #N/A N/A

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

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

Date 27.02.2013 26.02.2013 25.02.2013 25.02.2013 11.02.2013 08.02.2013 07.02.2013 06.02.2013 29.01.2013 28.01.2013 17.01.2013 26.11.2012 08.10.2012 07.09.2012

28.02.2013

Bank of Ireland Bank of Ireland provides a range of banking, life insurance and other financial services to customers in Ireland and United Kingdom. Services include branch banking, personal and business loans, loan insurance, mortgages, foreign exchange, correspondent banking, credit cards and stockbroking.

Price/Volume 0

350.0 M

300.0 M

250.0 M

Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (16.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BKIR ID EQUITY YTD Change BKIR ID EQUITY YTD % CHANGE

12/2011 01/yy 0.15 0.08 63'537'400.00 0.133 -8.28% 68.35% 81.82% 30'132.5 4'007.62 52'084.00 0.0 50.0 16'683.00 -

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

150.0 M

0 0

100.0 M

50.0 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 9'386.0 1'651.0 9.29x

200.0 M

Valuation Analysis

31.12.2008 31.12.2009 13'173.0 10'236.0 1'699.0 69.0 5.35x 7.45x Profitability

31.12.2010 5'983.0 (614.0) -

31.12.2011 5'297.0 45.0 28.61x -46.00% -8.59% -0.35% -7.05% -0.83% 0.03% 2.0% 33.63% 510.53% -

49'452'030 93'212'090 80'928'590

LTM-4Q

LTM

FY+1

01/yy

12/12 Y 12/13 Y 1'879.3 2'255.7 (1'424.4) (741.8) S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

2.00

14'000.0

1.80

0.00 1.75 18'005.82 -1.48% 16.67% 1.752 11 2.364

FY+2

FQ+1

FQ+2

20.01.2012 BB+ NEG 11.07.2011 B 510.5% 83.6% 0.03 14.36 -

12'000.0

1.60 1.40

10'000.0

1.20

8'000.0

1.00

6'000.0

0.80

4'000.0

0.60 0.40

2'000.0

0.20 0.00 04.04.2008 04.10.2008 04.04.2009 04.10.2009 04.04.2010 04.10.2010 04.04.2011 04.10.2011 04.04.2012 04.10.2012

0.0 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 |

28.02.2013

Bank of Ireland Holdings By:

All

Holder Name NATIONAL PENSIONS RE ROSS JR WILBUR LOUIS WATSA V PREM FMR LLC CAPITAL GROUP COMPAN EUROPACIFIC GROWTH F HARRIS ASSOCIATES LP FRIEDBERG GLBL MACRO WENTWORTH INSURANCE ODYSSEY REINS CO ZENITH INSURANCE COM VANGUARD GROUP INC UNITED STATES FIRE I CLEARWATER INS CO TIG INSURANCE COMPAN MACKAY SHIELDS LLC BLACKROCK MASSACHUSETTS FINANC ODEY ASSET MGMT LTD ABERDEEN

Firm Name Goodbody Stockbrokers Ltd Nomura Deutsche Bank AlphaValue Credit Suisse Goldman Sachs EVA Dimensions Davy Bloxham Stockbrokers Barclays Prosdocimi

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a ODYSSEY REINS CO ZENITH INSURANCE COM Multiple Portfolios UNITED STATES FIRE I CLEARWATER INS CO TIG INSURANCE COMPAN Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst EAMONN HUGHES OMAR KEENAN DAVID LOCK DAVID GRINSZTAJN MOHAMED SOUIDI PAWEL DZIEDZIC AUSTIN BURKETT EMER LANG KEVIN MCCONNELL ROHITH CHANDRA-RAJAN TEAM COVERAGE

Source 20F RNS-DIR RNS-DIR ULT-AGG ULT-AGG RNS-MAJ RNS-MAJ 20F RNS-MAJ Sch-D Sch-D MF-AGG Sch-D Sch-D Sch-D MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation sell buy hold reduce underperform neutral/neutral underweight neutral market weight suspended coverage accumulate

Amt Held 4'558'025'000 2'933'636'858 2'807'563'858 2'416'635'336 2'121'604'203 1'818'681'676 1'195'893'491 912'346'577 848'528'493 498'000'000 409'000'000 265'438'889 250'000'000 170'000'000 139'000'000 126'580'000 122'445'864 117'327'280 102'509'430 53'806'226

% Out 15.13 9.74 9.32 8.02 7.04 6.04 3.97 3.03 2.82 1.65 1.36 0.88 0.83 0.56 0.46 0.42 0.41 0.39 0.34 0.18

Latest Chg (346) 293'915'000 261'839'400 (274'081'500) 498'000'000 409'000'000 3'135'277 250'000'000 170'000'000 139'000'000 35'500'000 117'327'280 (89'270'244) -

File Dt 20.03.2012 26.06.2012 27.06.2012 31.12.2012 05.02.2013 04.02.2013 28.01.2013 20.03.2012 15.08.2011 30.09.2012 30.09.2012 31.12.2012 30.09.2012 30.09.2012 30.09.2012 30.11.2012 26.02.2013 31.12.2012 31.01.2013 31.12.2012

Weighting

Change

Target Price

Date

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

M M M M D M M D M M N

0 0 0 0 0 0 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A

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

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

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

Date 25.02.2013 21.02.2013 18.02.2013 14.02.2013 06.02.2013 28.01.2013 17.01.2013 14.08.2012 20.03.2012 12.01.2011 31.03.2010

28.02.2013

Bankia SA Bankia SA accepts deposits and offers commercial banking services. The Bank offers retail banking, business banking, corporate finance, capital markets, and asset and private banking management services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (25.02.2013) 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 BKIA SQ EQUITY YTD Change BKIA SQ EQUITY YTD % CHANGE

12/2011 09/yy 3.07 0.26 9'815'437.00 0.301 -90.18% 14.45% 1.36% 1'994.0 600.18 127'522.39 0.0 128.2 24'469.83 -

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

31.12.2008 -

70.0 M

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 f-12

.0 M m-12

a-12

m-12

31.12.2009

Profitability

31.12.2010 9'327.0 357.0 -

31.12.2011 9'527.4 (2'978.7) -37.13% -94.40% -1.00% -23.25% -2.23% 0.03% -65.3% 42.11% 1031.33% -

LTM-4Q

LTM

03/yy 2'276.9 0.00x 0.0 0.00x 34.8 0.00x

09/yy 4'102.8 0.00x 0.0 0.00x (5'670.7) 0.00x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

Sales/Revenue/Turnover

1.20

12'000.0

1.00

10'000.0

0.80

8'000.0

0.00 960.76 -90.09% -23.02% 15 1.400 17'987'730 14'019'070 15'351'080 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 4'146.4 3'901.7 487.0 (15'209.3) 483.0 (14'619.0) 2.87x S&P Issuer Ratings

Price/ Cash Flow

0.60

j-12

Fiscal Year Ended 31.12.2007

16.10.2012 BB *25.05.2012 B 1031.3% 91.1% 0.03 2.67 -

6'000.0 4'000.0

0.40

2'000.0 0.20

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 |

28.02.2013

Bankia SA Holdings By:

All

Holder Name BANCO FINANCIERO Y D CARTERA MAPFRE SL VANGUARD GROUP INC BLACKROCK BANKIA SA CREDIT SUISSE ASSET STATE STREET BANQUE INVERCAIXA GESTION S FMR LLC TIAA CREF INVESTMENT GESIURIS SA SGIIC FIDEURAM GESTIONS SA AMUNDI SJUNDE AP FONDEN THRIVENT FINANCIAL F PICTET & CIE KBC GROUP NV NATIONWIDE FUND ADVI BNP ASSET MANAGEMENT BANQUE DEGROOF

Firm Name

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

BPI CARLOS JOAQUIM PEIXOTO Societe Generale CARLOS GARCIA GONZALEZ Exane BNP Paribas SANTIAGO LOPEZ DIAZ NMAS 1 Agencia de Valores FRANCISCO RIQUEL Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA Espirito Santo Investment Bank Research JUAN PABLO LOPEZ Nomura DARAGH QUINN EVA Dimensions AUSTIN BURKETT Keefe, Bruyette & Woods ANTONIO RAMIREZ Mediobanca SpA ANDREA FILTRI Natixis FREDERIC TESCHNER JPMorgan JAIME BECERRIL BBVA SILVIA RIGOL CARNEIRO Deutsche Bank CARLOS BERASTAIN GONZALEZ La Caixa DAVID FERNANDEZ

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

Recommendation sell sell underperform sell Under Review sell reduce overweight underperform underperform reduce underweight not rated sell underweight

Amt Held 958'000'000 74'666'670 15'810'242 13'918'516 8'048'703 1'467'023 1'020'793 927'626 900'338 894'047 765'000 519'893 512'450 479'031 341'767 334'427 330'947 295'226 288'050 235'900

% Out 48.05 3.74 0.79 0.7 0.4 0.07 0.05 0.05 0.05 0.04 0.04 0.03 0.03 0.02 0.02 0.02 0.02 0.01 0.01 0.01

Latest Chg 50'000'000 505'552 33'864 (12'673) 93'750 279'271 (131'615) 500'000 462'192 504'237 65'870 341'767 (1'303) (435) -

Weighting

Change

Target Price

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

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

0 0 0 0 #N/A N/A 0 0 #N/A N/A 0 1 0 0 #N/A N/A 1 #N/A N/A

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

File Dt Inst Type 02.11.2012 Bank 31.12.2011 Holding Company 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2011 Bank 28.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 30.09.2012 Investment Advisor 01.02.2013 Investment Advisor

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

Date 25.02.2013 15.02.2013 15.02.2013 14.02.2013 13.02.2013 23.01.2013 22.01.2013 17.01.2013 09.01.2013 01.10.2012 03.09.2012 26.06.2012 22.06.2012 28.05.2012 16.03.2012

28.02.2013

Banque Cantonale Vaudoise Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private, and corporate banking services. The Bank offers consumer loans, treasury management, pension funds, and investment management services, trades in commodities, advises on mergers and acquisitions, and offers securities brokerage services. BCV operates primarily in the Canton of Vaud.

Price/Volume 600

400 300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 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 14.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BCVN SE EQUITY YTD Change BCVN SE EQUITY YTD % CHANGE

12/2012 12/yy 533.00 456.96 7'559.00 530 -0.56% 15.98% 96.05% 8.6 4'561.28 8'415.00 0.0 1.0 6'742.00 -

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

200 100 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 1'565.7 356.3 7.68x

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M

500

31.12.2009 31.12.2010 1'371.2 1'351.6 300.6 313.2 11.77x 13.49x Profitability

31.12.2011 1'351.7 302.1 13.00x

31.12.2012 1'321.2 311.0 13.41x 36.52% 37.66% 0.80% 11.99% 2.88% 0.03% 29.1% 21.14% 322.41% -

0.79 2.82 18.57% 9.33% 0.790 5 2.200 13'332 12'568 10'503

LTM-4Q

LTM

FY+1

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

12/yy 1'229.4 0.00x 0.0 0.00x 311.0 13.74x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'029.3 1'050.3 252.0 254.0 311.7 316.0 14.65x 14.46x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

1.20

2'000.0

FY+2

FQ+1

FQ+2

05.12.2011 AA NEG 02.12.2008 A-1+ 322.4% 76.3% 0.03 2.12 -

1'800.0 1.00

1'600.0 1'400.0

0.80 0.60 0.40

1'200.0 1'000.0 800.0 600.0 400.0

0.20

200.0 0.0

0.00

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

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

28.02.2013

Banque Cantonale Vaudoise Holdings By:

All

Holder Name CANTON OF VAUD UBS FUND MANAGEMENT BLACKROCK VANGUARD GROUP INC JUPITER ASSET MANAGE CREDIT SUISSE ASSET THORNBURG INVESTMENT SWISSCANTO FONDSLEIT NEW JERSEY DIVISION PICTET & CIE ALLIANZ ASSET MANAGE SCHRODER INVESTMENT BNP PARIBAS INV PART VONTOBEL ASSET MANAG SCHRODER INVESTMENT BARING FUND MANAGERS PRUDENTIAL FINANCIAL INTERNATIONAL VALUE SARASIN STEIMER OLIVIER

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

Firm Name

Analyst

EVA Dimensions Bank Vontobel AG Zuercher Kantonalbank Main First Bank AG Helvea

AUSTIN BURKETT TERESA NIELSEN ANDREAS VENDITTI KILIAN MAIER TIM DAWSON

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

Recommendation sell hold market perform underperform neutral

Amt Held 5'762'252 99'092 58'874 55'668 54'169 45'660 44'400 31'940 24'618 23'529 22'742 18'595 18'366 16'600 16'170 12'574 10'313 9'890 9'201 8'074

% Out 66.95 1.15 0.68 0.65 0.63 0.53 0.52 0.37 0.29 0.27 0.26 0.22 0.21 0.19 0.19 0.15 0.12 0.11 0.11 0.09

Latest Chg (291) 7'695 1'997 (11'500) 775 (514) (82) 3'950 (149) 3'350 191 (5'912) -

Weighting

Change

Target Price

1 3 3 1 3

D M M M M

#N/A N/A 530 #N/A N/A 490 525

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

File Dt Inst Type 01.01.2012 Government 31.10.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 30.06.2012 Pension Fund (ERISA) 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor 31.01.2013 Investment Advisor 31.03.2012 Investment Advisor 30.11.2012 Unclassified 31.12.2011 n/a

Date Not Provided Not Provided Not Provided 12 month 12 month

Date 20.02.2013 19.02.2013 15.02.2013 14.02.2013 14.02.2013

28.02.2013

Barratt Developments PLC Barratt Developments plc develops and builds properties. The Group's UK Operations include the building of houses and housing complexes, general building and civil engineering services, participation in urban renewal and the development of commercial properties.

Price/Volume 300

18.0 M 16.0 M

250

14.0 M

200

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 BDEV LN EQUITY YTD Change BDEV LN EQUITY YTD % CHANGE

06/2012 01/yy 243.10 112.50 3'741'967.00 235.1 -3.29% 108.98% 93.87% 978.7 2'300.96 343.30 0.0 0.0 150.30 2'646.86

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

10.0 M 8.0 M

100

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 30.06.2008 3'554.7 0.52x 555.6 3.34x 86.4 2.32x

12.0 M

150

30.06.2009 30.06.2010 2'285.2 2'035.2 0.80x 0.64x 38.9 93.7 46.70x 13.98x (468.6) (118.4) Profitability

30.06.2011 2'035.4 0.71x 136.8 10.57x (13.8) -

30.06.2012 2'323.4 0.67x 192.7 8.05x 67.4 19.89x 192.70 191.10 8.23% 4.30% 1.84% 2.98% 4.56% 0.48% 12.7% 9.1% 9.1% 2.9% 3.38 0.15 7.22% 11.54% 39.79 0.60

0.00 1.36 917.45 59.71% 13.25% 1.356 19 3.789 3'711'827 3'220'564 2'933'936

LTM-4Q

LTM

FY+1

01/yy

06/13 Y 06/14 Y 2'446.1 2'574.8 1.00x 0.93x 261.9 317.9 10.11x 8.33x 137.0 205.8 16.91x 11.52x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

4'000.0

FY+2

FQ+1

FQ+2

1.97 1.95 1.63 1.70 11.5% 10.3% 0.48 464.34 9.20 613.24 -

3'500.0 20.00

3'000.0 2'500.0

15.00

2'000.0 10.00

1'500.0 1'000.0

5.00

0.00 03.07.2009

500.0 0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

28.02.2013

Barratt Developments PLC Holdings By:

All

Holder Name FMR LLC UBS STANDARD LIFE INVEST OLD MUTUAL DIMENSIONAL FUND ADV RUFFER INVESTMENT MA POLARIS CAPITAL MANA LEGAL & GENERAL PHOENIX ASSET MANAGE DIMENSIONAL FUND ADV PRIVATE INDIVIDUALS BLACKROCK NORGES BANK INVESTME JP MORGAN SEB COLLINS STEWART LTD TD WATERHOUSE GROUP BARCLAYS PERSONAL IN CO-OPERATIVE INSURAN PRINCIPAL GLOBAL INV

Firm Name Numis Securities Ltd Panmure Gordon & Co Limited Goldman Sachs Liberum Capital Ltd Northland Capital Partners Ltd Peel Hunt JPMorgan Deutsche Bank EVA Dimensions Jefferies Redburn Partners Credit Suisse HSBC Investec Shore Capital Stockbrokers Canaccord Genuity Corp Davy

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

Analyst CHRISTOPHER MILLINGTON RACHAEL APPLEGATE ESHAN TOORABALLY CHARLIE CAMPBELL SIMON BROWN ROBIN HARDY EMILY BIDDULPH GLYNIS JOHNSON CRAIG STERLING ANTHONY CODLING WILLIAM JONES HARRY GOAD JEFFREY G DAVIS MIKE BESSELL JON BELL ALASTAIR STEWART ROBERT GARDINER

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

Recommendation hold hold neutral/neutral buy add sell underweight buy overweight buy buy neutral overweight buy buy sell underperform

Amt Held 127'191'750 49'925'715 47'711'714 38'371'905 37'466'561 36'659'428 34'772'620 34'543'176 28'917'013 24'666'192 24'124'963 23'427'143 22'839'243 22'397'670 21'044'351 15'288'135 14'838'237 14'642'856 14'550'000 14'043'229

% Out 13 5.1 4.87 3.92 3.83 3.75 3.55 3.53 2.95 2.52 2.46 2.39 2.33 2.29 2.15 1.56 1.52 1.5 1.49 1.43

Latest Chg 5'920'676 10'379'817 569'530 1'273'047 (11'733'739) 1'253'394 1'615'402 (10'086'265) (575'376) 941'561 (349'665) 846'697 (1'843'957) (2'675'458) (888'441) (544'501) 2'232'513

Weighting

Change

Target Price

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

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

244 220 238 259 240 148 200 279 #N/A N/A 250 #N/A N/A 223 241 180 #N/A N/A 95 #N/A N/A

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

File Dt 01.11.2012 01.11.2012 13.09.2011 31.12.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 20.02.2013 31.07.2012 01.11.2012 26.02.2013 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012

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

Inst Type Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Private Equity Investment Advisor Other Investment Advisor Government Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Insurance Company Corporation

Date 27.02.2013 27.02.2013 18.02.2013 05.02.2013 05.02.2013 04.02.2013 22.01.2013 17.01.2013 17.01.2013 16.01.2013 11.01.2013 17.12.2012 28.11.2012 13.08.2012 19.07.2012 16.05.2012 23.05.2011

28.02.2013

Barry Callebaut AG Barry Callebaut AG manufactures cocoa, chocolate, and confectionery products. The Company markets to industrial food manufacturers, chocolatiers, pastry chefs, bakers, and retailers globally. Barry Callebaut also offers product development, processing, training, and marketing services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.12.2012) 52-Week Low (06.06.2012) 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 BARN SE EQUITY YTD Change BARN SE EQUITY YTD % CHANGE

08/2012 11/yy 932.34 806.52 5'637.00 896.5 -3.84% 11.16% 71.51% 5.2 4'634.90 997.47 0.0 4.7 54.56 5'582.48

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

.1 M .1 M .0 M .0 M .0 M .0 M .0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.08.2008 4'815.4 0.99x 422.6 11.30x 204.6 17.93x

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

31.08.2009 31.08.2010 4'880.2 4'524.5 0.80x 0.99x 448.1 443.2 8.72x 10.15x 226.9 251.2 13.05x 15.32x Profitability

31.08.2011 4'459.9 1.06x 458.3 10.34x 177.6 14.94x

31.08.2012 4'829.5 1.16x 441.3 12.72x 142.1 19.40x

441.32 356.44 7.38% 5.76% 4.16% 11.04% 1.41% 13.9% 9.1% 7.4% 2.9% 1.73 0.30 27.89% 73.50% 16.16 3.82

4'996 5'135 6'001

LTM-4Q

LTM

FY+1

11/yy 3'787.8 2.88x 176.8 0.00x 118.9 0.00x

11/yy 4'804.8 0.00x 0.0 0.00x 0.0 0.00x

08/13 Y 08/14 Y 02/13 Q2 05/13 Q3 5'213.2 6'188.9 1'369.0 1'200.0 1.05x 0.91x 470.8 539.8 11.86x 10.34x 269.8 304.0 17.09x 15.58x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

40.00

6'000.0

35.00

0.72 1.80 2.93% 3.64% 0.715 13 2.692

FY+2

FQ+1

FQ+2

14.12.2012 BBB- *6.01 3.58 2.14 2.26 73.5% 42.3% 1.41 6.64 22.66 95.70 46.74 71.62

5'000.0

30.00

4'000.0

25.00 20.00

3'000.0

15.00

2'000.0

10.00

1'000.0 5.00 0.00 04.09.2009

0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

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

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

28.02.2013

Barry Callebaut AG Holdings By:

All

Holder Name JACOBS HOLDINGS AG JACOBS RENATA JACOBS NATHALIE JACOBS NICOLAS OPPENHEIMERFUNDS INC CREDIT SUISSE ASSET VANGUARD GROUP INC SWISSCANTO FONDSLEIT UBS FUND MANAGEMENT BLACKROCK PICTET & CIE IST FUND MANAGERS FMR LLC SCHMID ANDREAS ALLIANZ ASSET MANAGE ABERDEEN SARASIN JULIUS BAER ASSET MA MANNING & NAPIER ADV KEMPEN CAPITAL MANAG

Firm Name Goldman Sachs Berenberg Bank Main First Bank AG Helvea Societe Generale EVA Dimensions Kepler Capital Markets Deutsche Bank Credit Suisse Zuercher Kantonalbank Bank Vontobel AG Equita SIM SpA CA Cheuvreux GSC Research

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

Analyst BENJAMIN MOORE JAMES TARGETT ALAIN-SEBASTIAN OBERHUBER ANDREAS VON ARX ALEX SLOANE AUSTIN BURKETT JON COX CATHERINE FARRANT PATRICK JNGLIN DANIEL BUERKI JEAN-PHILIPPE BERTSCHY FABIO FAZZARI CHRISTOPH WIRTZ MATTHIAS SCHRADE

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

Recommendation neutral/neutral hold underperform neutral hold underweight hold hold restricted market perform hold buy underperform sell

Amt Held 2'590'687 438'416 159'236 159'236 78'613 55'200 32'174 28'886 23'213 16'081 14'885 13'303 9'784 8'790 8'591 8'570 6'292 6'027 5'790 5'263

% Out 50.11 8.48 3.08 3.08 1.52 1.07 0.62 0.56 0.45 0.31 0.29 0.26 0.19 0.17 0.17 0.17 0.12 0.12 0.11 0.1

Latest Chg (754) (338) (324) (359) 27 (151) (19) 8'124 1'913 200 (105) (30) -

File Dt Inst Type 31.08.2012 Corporation 31.08.2012 n/a 31.08.2012 n/a 31.08.2012 n/a 30.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 26.02.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.08.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Unclassified 30.11.2012 Unclassified 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager

Weighting

Change

Target Price

Date

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

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

1'081 940 800 900 885 #N/A N/A 900 1'000 #N/A N/A #N/A N/A 900 1'109 730 #N/A N/A

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

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

Date 06.02.2013 21.01.2013 18.01.2013 18.01.2013 17.01.2013 17.01.2013 21.12.2012 13.12.2012 13.12.2012 13.12.2012 12.12.2012 20.11.2012 06.07.2012 17.03.2011

28.02.2013

Bellway PLC Bellway p.l.c. is a holding company whose subsidiaries build residential houses and conduct associated trading activities. The subsidiaries build starter or first time buyer homes, featuring two and three bedroom semi-detached houses, apartments and terraced houses. The Company operates in England, Wales and Scotland.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BWY LN EQUITY YTD Change BWY LN EQUITY YTD % CHANGE

07/2012 01/yy 1'188.00 656.00 160'059.00 1134 -4.55% 72.87% 89.85% 121.6 1'379.01 82.00 0.0 (0.1) 21.41 1'439.53

.8 M .7 M .6 M

800

.5 M

600

.4 M .3 M

400

.2 M

200

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

.9 M

1200 1000

Valuation Analysis

31.07.2008 1'149.5 0.68x 188.0 4.18x 27.0 20.26x

1400

31.07.2009 31.07.2010 683.8 768.3 1.32x 0.85x 47.8 52.7 18.88x 12.41x (27.4) 35.8 19.52x Profitability

31.07.2011 886.1 0.92x 76.6 10.62x 50.1 15.89x

31.07.2012 1'004.2 1.03x 116.7 8.87x 79.3 12.26x 116.68 114.84 11.44% 10.48% 5.24% 7.18% 7.33% 0.66% 16.1% 11.6% 11.4% 7.9% 4.27 0.12 5.28% 7.24% 42.47 0.63

1.76 0.97 120.92 42.16% 9.67% 0.969 19 3.737 153'874 180'242 177'987

LTM-4Q

LTM

FY+1

01/yy

07/13 Y 07/14 Y 1'069.3 1'139.8 1.35x 1.24x 135.8 159.2 10.60x 9.04x 99.0 113.7 14.32x 12.19x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

70.00

1'600.0

60.00

1'400.0

FY+2

FQ+1

FQ+2

10.59 10.17 0.52 0.70 7.2% 6.7% 0.66 98.31 8.62 580.24 42.22 546.64

1'200.0

50.00

1'000.0 40.00

800.0 30.00

600.0

20.00

400.0

10.00

200.0

0.00 31.07.2009

0.0 31.01.2010

31.07.2010

31.01.2011

31.07.2011

31.01.2012

31.07.2012

31.01.2013

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

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

28.02.2013

Bellway PLC Holdings By:

All

Holder Name FMR LLC BLACKROCK MASSACHUSETTS FINANC JP MORGAN DIMENSIONAL FUND ADV MASSACHUSETTS FINANC KAMES CAPITAL PLC POLARIS CAPITAL MANA LEGAL & GENERAL STANDARD LIFE INVEST FRANKLIN RESOURCES AEGON HBOS PLC THREADNEEDLE ASSET M DIMENSIONAL FUND ADV LEGAL & GENERAL THIRD AVENUE MANAGEM CAPITAL GROUP INTERN NORGES BANK INVESTME ABERDEEN

Firm Name Goldman Sachs Panmure Gordon & Co Limited Deutsche Bank Jefferies Numis Securities Ltd Liberum Capital Ltd Northland Capital Partners Ltd Peel Hunt JPMorgan EVA Dimensions Redburn Partners Credit Suisse HSBC Investec Shore Capital Stockbrokers Canaccord Genuity Corp Davy

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

Analyst ESHAN TOORABALLY MARK HUGHES GLYNIS JOHNSON ANTHONY CODLING CHRISTOPHER MILLINGTON CHARLIE CAMPBELL SIMON BROWN ROBIN HARDY EMILY BIDDULPH CRAIG STERLING WILLIAM JONES HARRY GOAD JEFFREY G DAVIS MIKE BESSELL JON BELL ALASTAIR STEWART ROBERT GARDINER

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

Recommendation neutral/neutral hold hold hold hold hold buy hold neutral overweight neutral outperform overweight buy hold hold neutral

Amt Held 29'170'741 13'183'635 11'283'607 10'107'747 5'351'751 5'124'717 4'855'643 4'774'922 4'605'274 4'529'189 4'519'440 4'506'849 4'261'453 4'017'927 3'661'814 3'658'355 3'559'321 3'488'215 3'027'099 3'015'567

% Out 23.99 10.84 9.28 8.31 4.4 4.21 3.99 3.93 3.79 3.72 3.72 3.71 3.5 3.3 3.01 3.01 2.93 2.87 2.49 2.48

Latest Chg 417'317 (1'438'985) (318'200) 160'916 224'748 (45'599) 180'509 115'235 (270'275) (1'038'663) (665'331) (233'982) (108'799) (400) (209'391)

File Dt Inst Type 02.01.2013 Investment Advisor 26.02.2013 Investment Advisor 02.01.2013 Investment Advisor 02.01.2013 Unclassified 02.01.2013 Investment Advisor 31.12.2012 Investment Advisor 17.10.2012 Investment Advisor 02.01.2013 Investment Advisor 31.01.2013 Unclassified 02.01.2013 Investment Advisor 02.01.2013 Investment Advisor 02.01.2013 Unclassified 15.10.2012 Investment Advisor 02.01.2013 Investment Advisor 31.07.2012 Investment Advisor 09.01.2013 Investment Advisor 20.10.2011 Hedge Fund Manager 25.08.2011 Investment Advisor 02.01.2013 Government 31.01.2013 Unclassified

Weighting

Change

Target Price

Date

3 3 3 3 3 3 5 3 3 5 3 5 5 5 3 3 3

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

1'174 1'072 1'188 1'100 1'012 1'189 1'350 750 1'130 #N/A N/A #N/A N/A 1'202 1'259 925 #N/A N/A 765 #N/A N/A

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

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

Date 18.02.2013 12.02.2013 07.02.2013 07.02.2013 06.02.2013 05.02.2013 05.02.2013 29.01.2013 22.01.2013 17.01.2013 11.01.2013 17.12.2012 28.11.2012 13.08.2012 19.07.2012 08.06.2012 17.05.2011

28.02.2013

BioMerieux bioMerieux designs, develops, manufactures, and markets systems in the field of in vitro diagnostics for medical and industrial applications. The Company is specialized in the diagnosis of infectious diseases and pathologies. bioMerieux is also active in the analysis of food, pharmaceuticals, and environmental samples to determine their microbiological quality.

Price/Volume 90

.3 M

70 60

.2 M

12/2011 06/yy 77.30 57.25 9'662.00 73.25 -5.24% 27.95% 79.80% 39.5 2'889.99 173.90 0.0 8.1 42.70 2'992.29

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

.1 M

10 0 f-12

.0 M m-12

a-12

31.12.2008 31.12.2009 1'110.5 1'223.4 2.17x 2.64x 261.9 287.1 9.20x 11.24x 129.9 147.8 18.24x 21.78x Profitability

31.12.2010 1'357.0 2.13x 335.3 8.62x 158.7 18.32x

31.12.2011 1'427.2 1.62x 341.2 6.79x 158.2 13.78x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

341.20 257.60 18.05% 16.65% 9.96% 15.30% 14.12% 0.92% 53.3% 23.9% 18.1% 11.1% 1.36 0.86 9.87% 15.88% 3.66 3.27

18'419 31'146 25'703

LTM

FY+1

06/yy 589.5 0.00x 0.0 0.00x 0.0 0.00x

06/yy 1'383.9 0.00x 0.0 0.00x 0.0 0.00x

12/12 Y 12/13 Y 09/11 Q3 12/11 Q4 1'566.6 1'626.2 1.89x 1.76x 358.2 375.7 8.35x 7.97x 169.5 178.8 17.00x 16.26x S&P Issuer Ratings

20.00

1'600.0

18.00

1'400.0

16.00

0.62 14.17 18.81% 1.74% 0.616 17 3.176

LTM-4Q

Price/ Cash Flow

FY+2

FQ+1

FQ+2

81.24 56.93 0.26 0.50 15.9% 13.6% 0.92 4.32 99.92 111.88 61.74 146.99

1'200.0

14.00

1'000.0

12.00 10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 02.01.2009

m-12

Fiscal Year Ended 31.12.2007 1'062.8 2.91x 239.9 12.90x 98.0 31.89x

.2 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (22.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BIM FP EQUITY YTD Change BIM FP EQUITY YTD % CHANGE

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 |

28.02.2013

BioMerieux Holdings By:

All

Holder Name INSTITUT MERIEUX GROUPE INDUSTRIEL MA MANNING & NAPIER ADV FMR LLC HARTFORD INVESTMENTS FIRST EAGLE INVESTME FIRST PACIFIC ADVISO NATIXIS ASSET MANAGE AMUNDI HSBC ASSET MGMT EURO ALLIANZ ASSET MANAGE COVEA FINANCE SAS T ROWE PRICE ASSOCIA LOMBARD ODIER DARIER FEDERAL GESTION ZADIG GESTION (LUXEM DEXIA ASSET MANAGEME CIBC GLOBAL ASSET MA DEXIA ASSET MANAGEME NEUFLIZE OBC ASSET M

Firm Name AlphaValue Oddo & Cie Societe Generale Exane BNP Paribas Jefferies CM - CIC Securities(ESN) Kepler Capital Markets Portzamparc Societe de Bourse Bryan Garnier & Cie Gilbert Dupont Piper Jaffray Natixis EVA Dimensions Berenberg Bank HSBC CA Cheuvreux

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

Analyst ARMELLE MOULIN CHRISTOPHE-RAPHAEL GANET JUSTIN SMITH ROMAIN ZANA PETER WELFORD ARSENE GUEKAM SAMUEL HENRY-DIESBACH ARNAUD GUERIN MATHIEU CHABERT GUILLAUME CUVILLIER WILLIAM R QUIRK STEPHANE SUMAR ANDREW S ZAMFOTIS ADRIAN HOWD MURIELLE ANDRE-PINARD AMANDINE LATOUR

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

Recommendation buy neutral hold neutral hold hold hold hold neutral reduce neutral buy hold hold underweight outperform

Amt Held 23'240'090 2'013'470 469'355 183'769 178'660 155'217 142'387 112'645 96'788 91'590 89'450 89'020 76'366 65'000 62'500 58'941 55'600 54'600 50'000 45'888

% Out 58.9 5.1 1.19 0.47 0.45 0.39 0.36 0.29 0.25 0.23 0.23 0.23 0.19 0.16 0.16 0.15 0.14 0.14 0.13 0.12

Latest Chg 117'450 26'130 128'660 10'870 (160) (5'000) 65 900 800 -

File Dt Inst Type 31.12.2011 Corporation 31.12.2011 Corporation 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 30.12.2011 Investment Advisor 30.09.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 30.09.2011 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 31.10.2012 Investment Advisor 28.12.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 30.12.2011 Investment Advisor

Weighting

Change

Target Price

Date

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

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

88 72 77 77 74 69 72 77 66 75 70 86 #N/A N/A 65 63 74

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

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

Date 21.02.2013 28.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 23.01.2013 17.01.2013 15.01.2013 20.11.2012 25.10.2012 31.05.2012

28.02.2013

Bolsas y Mercados Espanoles SA Bolsas y Mercados Espanoles is made up of the Barcelona, Bilbao, Madrid, and Valencia Stock Exchanges, MF Mercados Financeiros, and Iberclear. The Group encompasses the equity, fixed-income and derivatives markets, and their clearing and settlement systems.

Price/Volume 25

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

20 15

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (11.01.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BME SQ EQUITY YTD Change BME SQ EQUITY YTD % CHANGE

12/2012 12/yy 21.94 13.87 352'961.00 19.975 -8.96% 44.02% 75.65% 83.6 1'670.22 36'059.48 0.0 0.2 36'328.84 1'401.06

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

0 f-12

m-12

a-12

31.12.2009 31.12.2010 297.0 314.0 5.09x 3.59x 209.8 223.0 7.20x 5.06x 150.0 154.2 12.50x 9.59x Profitability

31.12.2011 316.1 4.35x 223.1 6.17x 155.1 11.18x

31.12.2012 292.1 4.36x 199.5 6.38x 135.5 11.32x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

199.47 189.40 64.84% 65.62% 0.40% 31.86% 0.01% 68.3% 64.8% 46.4% 1.01 1.01 98.57% 8738.92% 13.83 -

0.71 76.20 11.39% 8.27% 0.711 21 2.762 600'425 425'716 427'984

LTM-4Q

LTM

FY+1

12/yy 316.1 12.91x 110.9 0.00x 155.1 11.15x

12/yy 292.1 15.65x 199.5 6.38x 135.5 11.38x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 301.6 303.7 73.7 4.70x 4.68x 201.1 201.3 6.97x 6.96x 137.4 137.0 12.09x 12.02x 12.33x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

16.00

400.0

14.00

350.0

12.00

300.0

10.00

250.0

8.00

200.0

6.00

150.0

4.00

100.0

2.00

50.0

0.00 01.01.2010

m-12

Market Data

Fiscal Year Ended 31.12.2008 349.1 3.15x 250.0 4.40x 190.7 8.07x

FY+2

FQ+1

FQ+2

-1.35 180.78 8738.9% 98.9% 0.01 6.05 26.47 -

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 |

28.02.2013

Bolsas y Mercados Espanoles SA Holdings By:

All

Holder Name BANCO DE ESPANA BANCO BILBAO VIZCAYA CAIXABANK CORP FINANCIERA CAJA BNP PARIBAS SA BANCO SANTANDER SA ADELPHI CAPITAL LLP MARSHALL WACE LLP VANGUARD GROUP INC UBI PRAMERICA SGR SP EMINENCE CAPITAL LLC LIONTRUST BBVA PATRIMONIOS GES SWEDBANK ROBUR FONDE CAJA MADRID BOLSA SV T ROWE PRICE ASSOCIA ALLIANZ ASSET MANAGE RENTA 4 GESTORA SGII BLACKROCK INVESCO LTD

Firm Name

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

Analyst

Grupo Santander JAVIER ECHANOVE NMAS 1 Agencia de Valores RODRIGO VAZQUEZ BPI TIAGO VEIGA ANJOS Espirito Santo Investment Bank Research MARIA LUZ PEREZ LOPEZ Bankia Bolsa (ESN) JAVIER BERNAT Banco Sabadell MARIO LODOS Berenberg Bank RICHARD PERROTT Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE Ahorro Corporacion Financiera SA JUAN MORENO Banesto Bolsa SA Sociedad LUIS DE BLAS AlphaValue CHRISTOPHE NIJDAM Morgan Stanley ANIL SHARMA Day by Day VALERIE GASTALDY Goldman Sachs CHRIS M. TURNER La Caixa BORJA PAGOAGA EVA Dimensions AUSTIN BURKETT Keefe, Bruyette & Woods TOM MILLS BBVA SILVIA RIGOL CARNEIRO Renta 4 SA SVB NATALIA AGUIRRE

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

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

Amt Held % Out 4'460'913 5.34 4'191'982 5.01 4'189'139 5.01 2'955'318 3.53 2'510'454 3 2'120'034 2.54 (986'664) -1.18 (836'156) -1 717'785 0.86 688'240 0.82 (635'479) -0.76 572'300 0.68 439'036 0.53 419'941 0.5 411'389 0.49 389'837 0.47 383'337 0.46 356'892 0.43 317'906 0.38 263'199 0.31

Latest Chg (12'829) (100'339) (50'169) 5'896 (8'584) (49'334) (9'875) 6'500 389'837 367'056 2'926 4'721 151'391

Weighting

Target Price

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

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

20 23 21 23 20 17 19 26 21 21 22 18 24 22 19 #N/A N/A 18 17 24

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

File Dt Inst Type 31.12.2011 Bank 31.12.2011 Bank 31.12.2011 Investment Advisor 31.12.2011 Other 23.03.2012 Bank 22.02.2010 Bank 26.02.2013 Investment Advisor 25.02.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 01.11.2012 Hedge Fund Manager 31.12.2012 Unclassified 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 23.05.2011 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2011 Investment Advisor 26.02.2013 Investment Advisor 27.02.2013 Investment Advisor

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

Date 26.02.2013 26.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 14.02.2013 08.02.2013 24.01.2013 21.01.2013 17.01.2013 29.10.2012 08.10.2012 06.02.2012

28.02.2013

Booker Group PLC Booker Group PLC wholesales grocery products. The Company is an Internet-enabled grocery wholesaler for the independent sector utilizing a just-in-time distribution system, and also operates cash and carry outlets.

Price/Volume 140

30.0 M

120

25.0 M

100

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BOK LN EQUITY YTD Change BOK LN EQUITY YTD % CHANGE

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

10.0 M

5.0 M

20 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 31.03.2008 3'078.2 0.13x 62.3 6.49x 29.8 11.78x

15.0 M

03/2012 01/yy 117.40 72.05 2'807'309.00 115 -2.04% 59.61% 94.71% 1'727.0 1'986.05 0.10 0.0 0.0 63.50 1'916.35

31.03.2009 31.03.2010 3'179.2 3'386.9 0.13x 0.20x 72.3 80.6 5.75x 8.22x 39.2 47.6 9.97x 14.04x Profitability

31.03.2011 3'595.8 0.24x 89.3 9.71x 59.1 14.96x

31.03.2012 3'932.8 0.32x 102.4 12.28x 74.9 17.46x

102.40 89.60 2.28% 2.31% 8.15% 19.29% 19.76% 4.09% 3.8% 2.7% 2.4% 1.9% 0.85 0.23 0.01% 0.03% 16.48

2.03 0.76 1'376.28 57.37% 17.77% 0.755 12 3.667 1'882'351 2'436'369 2'478'821

LTM-4Q

LTM

FY+1

01/yy

03/13 Y 03/14 Y 4'066.2 4'568.1 0.47x 0.41x 112.1 133.6 17.09x 14.34x 78.3 89.7 25.00x 22.12x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

4'500.0

FY+2

FQ+1

FQ+2

20.08 15.35 -0.64 0.00 0.0% 0.0% 4.09 58.35 22.52 44.12 -9.69

4'000.0 20.00

3'500.0 3'000.0

15.00

2'500.0 2'000.0

10.00

1'500.0 1'000.0

5.00

500.0 0.00 27.03.2009

0.0 27.09.2009

27.03.2010

27.09.2010

27.03.2011

27.09.2011

27.03.2012

27.09.2012

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

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

28.02.2013

Booker Group PLC Holdings By:

All

Holder Name METRO AG THREADNEEDLE ASSET M DIRECTOR & RELATED H LANSDOWNE PARTNERS L BLACKROCK WILSON CHARLES M&G INVESTMENT MANAG AMERIPRISE FINANCIAL AXA FRAMLINGTON INV AVIVA INVESTORS THREADNEEDLE INVESTM LEGAL & GENERAL TD WATERHOUSE GROUP SCHRODER INVESTMENT BT PENSION SCHEME BAE SYSTEMS PENSION NORGES BANK INVESTME F&C ASSET MANAGEMENT UBS STANDARD LIFE INVEST

Firm Name JPMorgan Peel Hunt Exane BNP Paribas Investec Shore Capital Stockbrokers Panmure Gordon & Co Limited EVA Dimensions Barclays N+1 Singer Ltd Goldman Sachs

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

Analyst JAIME VAZQUEZ CHARLES HALL ANDREW GWYNN NICOLA MALLARD DARREN SHIRLEY PHILIP DORGAN AUSTIN BURKETT RICHARD TAYLOR MATTHEW MCEACHRAN FRANKLIN WALDING

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

Recommendation overweight buy underperform buy sell buy underweight overweight sell Buy/Neutral

Amt Held 156'621'525 131'457'289 130'143'108 123'980'364 118'215'535 108'241'986 98'214'643 89'669'972 72'202'961 70'099'462 65'631'455 56'260'614 51'563'038 49'629'034 45'575'805 39'023'729 37'778'157 37'030'840 36'783'215 35'170'652

% Out 9.07 7.61 7.54 7.18 6.85 6.27 5.69 5.19 4.18 4.06 3.8 3.26 2.99 2.87 2.64 2.26 2.19 2.14 2.13 2.04

Latest Chg 2'505'066 6'320'113 5'954'563 (13'906'934) (200'750) 635'770 (175'349) (108'967) (2'133'597) 12'206'734 11'114'281 (12'696'179) 444'530 13'725'713 8'631'632

File Dt Inst Type 04.07.2012 Corporation 01.02.2013 Investment Advisor 01.02.2013 Other 01.02.2013 Hedge Fund Manager 26.02.2013 Investment Advisor 23.05.2012 n/a 01.02.2013 Investment Advisor 23.05.2012 Investment Advisor 01.02.2013 Investment Advisor 01.02.2013 Investment Advisor 31.10.2012 Investment Advisor 01.02.2013 Unclassified 01.02.2013 Investment Advisor 01.02.2013 Investment Advisor 01.07.2011 Pension Fund (ERISA) 01.02.2013 Pension Fund (ERISA) 01.02.2013 Government 01.02.2013 Investment Advisor 01.02.2013 Unclassified 01.02.2013 Investment Advisor

Weighting

Change

Target Price

Date

5 5 1 5 1 5 1 5 1 5

N M M M M M M M M M

122 110 85 108 #N/A N/A 108 #N/A N/A 115 95 121

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

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

Date 18.02.2013 04.02.2013 25.01.2013 17.01.2013 17.01.2013 17.01.2013 15.01.2013 19.10.2012 19.10.2012 31.05.2012

28.02.2013

Britvic PLC Britvic Plc supplies a wide range of soft drinks. The Company manufactures and markets its own brand of soft drinks as well as supplies drinks manufactured by other companies.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (11.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BVIC LN EQUITY YTD Change BVIC LN EQUITY YTD % CHANGE

09/2012 12/yy 472.70 250.00 372'121.00 417.6 -11.66% 67.04% 75.26% 242.7 1'013.63 561.20 0.0 0.0 49.60 1'525.23

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

9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M a-12 m-12

30.09.2009 30.09.2010 978.8 1'138.6 1.20x 1.47x 152.2 181.0 7.72x 9.22x 46.8 (48.2) 16.18x Profitability

30.09.2011 1'290.4 1.00x 183.4 7.02x 58.4 12.97x

30.09.2012 1'256.4 1.11x 159.0 8.77x 57.4 15.33x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

159.00 115.10 9.16% 6.17% 5.49% 192.62% 13.13% 1.20% 50.3% 12.7% 9.2% 4.6% 1.02 0.69 54.71% 1512.67% 6.03 7.70

4.24 0.79 221.40 15.26% 2.63% 0.787 16 3.125 754'448 1'101'856 790'474

LTM-4Q

LTM

FY+1

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

12/yy 303.2 0.00x 0.0 0.00x 0.0 0.00x

09/13 Y 09/14 Y 1'310.8 1'358.4 1.11x 1.05x 176.6 189.4 8.64x 8.05x 77.4 87.0 13.47x 11.80x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

1'400.0

12.00

1'200.0

10.00

1'000.0

8.00

800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 02.10.2009

j-12

Fiscal Year Ended 30.09.2008 926.5 0.93x 139.4 6.19x 31.8 14.40x

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

FY+2

FQ+1

FQ+2

5.62 4.07 3.22 3.53 1512.7% 93.8% 1.20 5.23 60.38 47.29 139.30 -31.63

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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 |

28.02.2013

Britvic PLC Holdings By:

All

Holder Name FMR LLC STANDARD LIFE INVEST PEPSICO INC PRUDENTIAL PLC ROUTE ONE INVESTMENT BLACKROCK BNP PARIBAS INV PART HSBC INVESTMENTS UK LEGAL & GENERAL APG ALGEMENE PENSIOE EMINENCE CAPITAL LLC BRITVIC PLC ESOP CREDIT SUISSE AG ARTISAN PARTNERS LIM JENNISON ASSOCIATES ARTISAN PARTNERS HOL TROY ASSET MANAGEMEN HARRIS ASSOCIATES LP NORGES BANK INVESTME STATE STREET

Firm Name Numis Securities Ltd Nomura Goldman Sachs Societe Generale Shore Capital Stockbrokers Canaccord Genuity Corp Panmure Gordon & Co Limited Barclays JPMorgan EVA Dimensions Deutsche Bank Investec Davy

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

Analyst CHARLES PICK IAN SHACKLETON CONOR PARSONS ANDREW HOLLAND PHIL CARROLL WAYNE BROWN DAMIAN MCNEELA SIMON HALES MATTHEW WEBB AUSTIN BURKETT JONATHAN FELL NICOLA MALLARD BARRY GALLAGHER

Source ULT-AGG RNS-MAJ RNS-RUL8 RNS-RUL8 RNS-RUL8 ULT-AGG ULT-AGG REG ULT-AGG REG RNS-RUL8 REG REG RNS-RUL8 RNS-RUL8 REG RNS-RUL8 RNS-RUL8 REG ULT-AGG

Recommendation hold buy neutral/attractive sell buy hold hold equalweight underweight sell hold buy neutral

Amt Held 30'638'306 17'028'961 11'813'032 9'815'334 9'511'576 9'093'591 8'971'936 8'593'099 8'220'292 7'529'350 6'983'850 5'423'918 5'357'590 5'339'559 5'019'708 4'881'323 4'580'000 4'257'370 4'148'703 4'114'349

% Out 12.62 7.02 4.87 4.04 3.92 3.75 3.7 3.54 3.39 3.1 2.88 2.23 2.21 2.2 2.07 2.01 1.89 1.75 1.71 1.7

Latest Chg 343'448 361'050 1'073'912 (658) (237'100) (1'144'877) 716'519 (45'964) (3'126) (122'230) 5'300'640 46'245 533'000 474'232 749'994 (544'909) 4'027'585 109'532

Weighting

Change

Target Price

3 5 3 1 5 3 3 3 1 1 3 5 3

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

440 480 410 370 #N/A N/A 380 380 400 380 #N/A N/A 425 315 #N/A N/A

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

File Dt Inst Type 14.02.2013 Investment Advisor 18.02.2013 Investment Advisor 18.09.2012 Corporation 28.01.2013 Investment Advisor 28.01.2013 Hedge Fund Manager 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor 07.02.2013 Unclassified 01.11.2012 Pension Fund (ERISA) 12.02.2013 Hedge Fund Manager 01.11.2012 Unclassified 01.11.2012 Investment Advisor 12.02.2013 Investment Advisor 07.12.2012 Investment Advisor 01.11.2012 Investment Advisor 11.12.2012 Investment Advisor 13.02.2013 Investment Advisor 01.11.2012 Government 27.02.2013 Investment Advisor

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

Date 25.02.2013 19.02.2013 18.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 17.01.2013 28.11.2012 19.07.2012 12.07.2012

28.02.2013

BTG PLC BTG plc licenses, develops and commercializes pharmaceuticals and has a pipeline of development programs targeting neurological and other disorders, including varicose veins. The Company also has a substantial and growing revenue stream of milestone payments and royalties from out-licensed products.

Price/Volume 450

4.0 M

400

3.5 M

350

3.0 M

300

2.5 M

250

Latest Fiscal Year: LTM as of: 52-Week High (04.07.2012) 52-Week Low (29.08.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BTG LN EQUITY YTD Change BTG LN EQUITY YTD % CHANGE

03/2012 01/yy 426.00 297.00 516'326.00 327.8 -23.05% 10.37% 23.88% 328.3 1'076.07 0.00 0.0 0.0 111.90 925.37

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

1.5 M

150 100

1.0 M

.5 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 31.03.2008 75.0 0.97x 18.6 3.92x 8.8 14.63x

2.0 M

200

Valuation Analysis

31.03.2009 31.03.2010 84.8 98.5 2.84x 3.84x 13.0 17.0 18.53x 22.24x (13.1) 11.3 40.38x Profitability

31.03.2011 111.4 6.04x 16.0 42.04x 9.2 66.43x

31.03.2012 197.2 4.97x 58.6 16.73x 14.6 74.51x

58.60 23.50 11.92% 11.66% 3.92% 4.83% 4.83% 0.45% 73.6% 33.7% 12.9% 7.4% 2.99 2.27 0.00% 0.00% 3.26

423'095 565'578 431'765

LTM-4Q

LTM

FY+1

01/yy

03/13 Y 03/14 Y 213.0 225.7 4.37x 3.93x 58.1 62.2 15.92x 14.87x 39.5 45.5 27.32x 24.65x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

120.00

250.0

100.00

0.00 0.94 222.65 -7.32% -1.27% 0.936 10 4.000

FY+2

FQ+1

FQ+2

36.63 34.31 -1.94 0.00 0.0% 0.0% 0.45 10.45 112.32 132.20

200.0

80.00

150.0

60.00

100.0 40.00

50.0

20.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

28.02.2013

BTG PLC Holdings By:

All

Holder Name INVESCO LTD PRUDENTIAL PLC PERPETUAL INVESTMENT LEGAL & GENERAL AXA FRAMLINGTON INV STANDARD LIFE INVEST AVIVA INVESTORS AEGON SCHRODER INVESTMENT BLACKROCK NORGES BANK INVESTME OPPENHEIMERFUNDS INC FRANKLIN RESOURCES BARCLAYS PERSONAL IN STATE STREET SCHRODER INVESTMENT HARGREAVE SARASIN PRINCIPAL GLOBAL INV HUNTER HALL INVESTME

Firm Name Nomura Code Securities Peel Hunt Daniel Stewart & Co Finncap EVA Dimensions Deutsche Bank Jefferies JPMorgan Panmure Gordon & Co Limited Shore Capital Stockbrokers Ambrian Partners Ltd

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

Analyst GARY WAANDERS PAUL CUDDON VADIM K ALEXANDRE DR KEITH REDPATH ANDREW S ZAMFOTIS RICHARD J PARKES PETER WELFORD JAMES D GORDON SAVVAS NEOPHYTOU BRIAN WHITE CHRISTOPHER REDHEAD

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

Recommendation neutral hold buy hold buy buy hold overweight hold buy buy

Amt Held 95'198'413 42'044'886 29'101'475 13'169'505 12'755'184 12'738'296 10'651'041 8'986'863 8'300'000 6'236'926 5'742'581 5'488'991 5'098'472 4'035'966 3'975'647 3'950'000 3'947'033 3'386'981 3'249'301 3'060'540

% Out 29 12.81 8.87 4.01 3.89 3.88 3.24 2.74 2.53 1.9 1.75 1.67 1.55 1.23 1.21 1.2 1.2 1.03 0.99 0.93

Latest Chg 388'514 (2'044'362) 489'250 1'000'000 (746'780) (2'664) 89'830 155'315 (22'280) 1'598'472 (122'722) 6'897 (500'000) 72'545 5'659 1'859'300 (1'319'643)

File Dt 08.08.2012 13.12.2012 31.07.2012 31.01.2013 03.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 26.02.2013 03.12.2012 19.01.2011 03.12.2012 03.12.2012 27.02.2013 31.07.2012 03.12.2012 28.12.2012 03.12.2012 03.12.2012

Weighting

Change

Target Price

Date

3 3 5 3 5 5 3 5 3 5 5

M M M M M M M M M M N

360 352 430 270 #N/A N/A 420 375 425 400 #N/A N/A #N/A N/A

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

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

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

Date 04.02.2013 31.01.2013 31.01.2013 30.01.2013 17.01.2013 13.11.2012 12.11.2012 08.11.2012 08.11.2012 03.10.2012 31.08.2010

28.02.2013

Bwin.Party Digital Entertainment PLC Bwin.Party Digital Entertainment PLC offers Internet gambling services. The Company operates gambling websites offering sports betting, poker, casino games, and audio and video streams of sporting events.

Price/Volume 180

35.0 M

160

30.0 M

140

25.0 M

120

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.03.2012) 52-Week Low (04.09.2012) 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 BPTY LN EQUITY YTD Change BPTY LN EQUITY YTD % CHANGE

12/2011 09/yy 166.50 91.05 9'102'204.00 150 -9.91% 64.74% 78.13% 806.9 1'210.31 33.20 0.0 (3.8) 328.70 1'180.74

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

20.0 M

15.0 M

10.0 M

5.0 M

20 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 347.8 4.43x 34.9 44.13x 30.4 191.66x

100

31.12.2008 31.12.2009 323.2 319.8 2.04x 3.48x 86.4 91.0 7.65x 12.22x 45.7 (19.1) 14.78x 22.33x Profitability

31.12.2010 348.4 2.37x 80.0 10.30x 38.9 24.46x

31.12.2011 674.5 1.98x (249.2) (428.9) -249.20 -395.70 -58.67% -62.70% -27.39% -41.57% 0.55% 91.7% -22.6% -40.7% -63.6% 1.38 1.05 2.54% 4.16% 15.44 210.40

1.89 1.00 622.67 -2.74% 34.89% 0.998 18 3.444 4'061'210 4'104'694 3'172'446

LTM-4Q

LTM

FY+1

12/yy 89.6 0.00x 0.0 0.00x 0.0 0.00x

09/yy 707.2 0.00x 0.0 0.00x 0.0 0.00x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 801.5 824.2 1.51x 1.35x 160.1 160.0 7.38x 7.38x 116.8 116.6 12.37x 12.46x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

120.00

800.0

FY+2

FQ+1

FQ+2

-27.38 -30.75 -0.16 4.2% 4.0% 0.55 24.96 23.71 1.74 56.19 -122.18

700.0

100.00

600.0 80.00

500.0 400.0

60.00

300.0

40.00

200.0 20.00 0.00 02.01.2009

100.0 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 |

28.02.2013

Bwin.Party Digital Entertainment PLC Holdings By:

All

Holder Name JANUS CAPITAL MANAGE PARASOL RUTH DELEON J RUSSELL SRS INVESTMENT MANAG FMR LLC ANDROSCH PVT FOUNDAT STEINBERG ASSET MANA BLACKROCK ALLIANZ ASSET MANAGE BODNER MANFRED TEUFELBERGER NORBERT AKRE CAPITAL MANAGEM VANGUARD GROUP INC HENDERSON GLOBAL INV LEGG MASON CAPITAL M HIGHBRIDGE CAPITAL M F&C FUND MANAGEMENT LEGG MASON INC LEGAL & GENERAL RYAN JAMES A

Firm Name Daniel Stewart & Co Morgan Stanley Investec AlphaValue Canaccord Genuity Corp Barclays Numis Securities Ltd Peel Hunt Macquarie Goodbody Stockbrokers Ltd Panmure Gordon & Co Limited Shore Capital Stockbrokers Exane BNP Paribas CA Cheuvreux Davy Oriel Securities Ltd Deutsche Bank EVA Dimensions Equita SIM SpA

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

Analyst MICHAEL CAMPBELL VAUGHAN LEWIS JAMES HOLLINS THOMAS PICHERIT SIMON DAVIES ED BIRKIN IVOR JONES NICHOLAS BATRAM ANGUS TWEEDIE GAVIN KELLEHER SIMON FRENCH GREG JOHNSON ROBERTA CIACCIA MARCO BACCAGLIO DAVID JENNINGS JEFFREY HARWOOD RICHARD CARTER TEAM COVERAGE GIANMARCO BONACINA

Source ULT-AGG Co File Co File RNS-MAJ ULT-AGG Co File RNS-MAJ ULT-AGG ULT-AGG RNS-DIR Co File MF-AGG MF-AGG MF-AGG MF-AGG Short MF-AGG MF-AGG ULT-AGG RNS-DIR

Recommendation buy Overwt/In-Line hold buy hold equalweight buy hold underperform sell buy buy outperform underperform underperform hold buy sell not rated

Amt Held % Out 72'129'136 8.94 58'498'667 7.25 58'498'666 7.25 40'645'349 5.04 40'366'940 5 38'650'591 4.79 20'305'696 2.52 14'833'262 1.84 12'306'219 1.53 12'298'427 1.52 12'298'427 1.52 10'000'000 1.24 7'805'994 0.97 5'324'831 0.66 4'959'300 0.61 (4'115'070) -0.51 2'775'543 0.34 2'410'379 0.3 2'354'059 0.29 2'255'758 0.28

Latest Chg (8'419'479) (2'205'651) (1'031'513) (81'556) (846'843) (2'056'972) 103'650 71'851 (244'608) 817'953 41'481 225'000

File Dt Inst Type 08.02.2013 Investment Advisor 19.03.2012 n/a 19.03.2012 n/a 08.05.2012 Hedge Fund Manager 01.04.2011 Investment Advisor 19.03.2012 Other 29.03.2011 Hedge Fund Manager 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.08.2012 n/a 31.12.2011 n/a 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 12.02.2013 Hedge Fund Manager 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Unclassified 31.12.2012 n/a

Weighting

Target Price

Date

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

Change M M M M M M M M M M M M M M M M M M M

173 200 140 193 122 130 145 124 100 95 157 #N/A N/A 155 100 #N/A N/A #N/A N/A 195 #N/A N/A #N/A N/A

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

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

Date 27.02.2013 26.02.2013 26.02.2013 21.02.2013 11.02.2013 11.02.2013 08.02.2013 29.01.2013 25.01.2013 16.01.2013 11.01.2013 04.12.2012 02.11.2012 03.09.2012 25.07.2012 27.06.2012 22.05.2012 30.11.2011 19.04.2011

28.02.2013

C&C Group PLC C&C Group plc is a manufacturer, marketer and distributor of branded ciders and beers. The Company's core markets are England & Wales, Ireland, Scotland and Northern Ireland and it also exports to many countries Internationally.

Price/Volume 6

14.0 M

12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (15.02.2013) 52-Week Low (26.06.2012) 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 GCC ID EQUITY YTD Change GCC ID EQUITY YTD % CHANGE

02/2012 01/yy 4.99 3.17 1'742'933.00 4.779 -4.23% 50.76% 88.41% 344.2 1'645.09 60.00 0.0 0.0 128.30 1'565.49

29.02.2008 597.5 2.79x 143.9 11.57x 234.9 15.85x

6.0 M

4.0 M

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

8.0 M

Valuation Analysis

28.02.2009 28.02.2010 514.4 362.7 1.04x 3.50x 119.8 91.6 4.47x 13.87x (60.9) 73.5 14.89x Profitability

28.02.2011 509.9 2.26x 122.2 9.44x 300.4 16.00x

29.02.2012 480.8 2.31x 131.5 8.45x 95.7 12.03x

131.50 111.20 23.13% 23.07% 10.24% 14.11% 13.95% 0.49% 27.3% 23.0% 19.9% 1.26 0.98 6.24% 8.40% -

1.78 0.79 329.91 33.52% 4.87% 0.786 16 3.375 964'259 1'571'318 1'294'028

LTM-4Q

LTM

FY+1

01/yy

02/13 Y 02/14 Y 488.3 735.3 3.67x 2.35x 134.6 157.8 11.63x 9.92x 94.2 106.6 16.77x 14.89x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

800.0

FY+2

FQ+1

FQ+2

22.67 19.41 -0.61 0.00 8.4% 7.7% 0.49 2.58 -

700.0 20.00

600.0 500.0

15.00

400.0 10.00

300.0 200.0

5.00

0.00 06.03.2009

100.0 0.0 06.09.2009

06.03.2010

06.09.2010

06.03.2011

06.09.2011

06.03.2012

06.09.2012

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

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

28.02.2013

C&C Group PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES STANDARD LIFE INVEST OPPENHEIMERFUNDS INC INVESCO LTD TRIMARK INVESTMENT M PRUDENTIAL PLC INDEPENDENT FRANCHIS F&C ASSET MANAGEMENT DEUTSCHE BANK AG INVESTEC ASSET MANAG SOUTHEASTERN ASSET M INVESTEC ASSET MANAG CAPITAL GROUP COMPAN GLANCEY STEPHEN DUNSMORE JOHN M F&C FUND MANAGEMENT ODIN FORVALTNING AS VANGUARD GROUP INC NEISON KENNY SCHRODER INVESTMENT

Firm Name Goodbody Stockbrokers Ltd Exane BNP Paribas Societe Generale JPMorgan EVA Dimensions Shore Capital Stockbrokers Canaccord Genuity Corp Berenberg Bank Nomura Goldman Sachs Davy Natixis Deutsche Bank Bloxham Stockbrokers

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

Analyst LIAM IGOE FRANCOIS MOSNIER ANDREW HOLLAND MIKE J GIBBS AUSTIN BURKETT PHIL CARROLL WAYNE BROWN JOSH PUDDLE EDWARD MUNDY CONOR PARSONS BARRY GALLAGHER OLIVIER DELAHOUSSE JONATHAN FELL JOE R GILL

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

Recommendation buy neutral sell neutral underweight buy sell buy buy buy/attractive outperform neutral hold market weight

Amt Held 24'272'307 19'053'987 18'719'580 15'543'674 14'133'822 13'803'563 13'422'336 13'185'114 10'890'718 10'884'958 10'187'990 9'626'623 9'524'604 5'120'000 5'120'000 4'592'547 3'475'870 3'424'748 2'561'530 2'335'629

% Out 7.05 5.54 5.44 4.52 4.11 4.01 3.9 3.83 3.16 3.16 2.96 2.8 2.77 1.49 1.49 1.33 1.01 0.99 0.74 0.68

Latest Chg (229'270) 8'193'151 398'357 (8'111'578) 2'363'563 (6'877'129) (1'653'323) 1'614'165 (3'208'322) (2'446'027) (91) 69'936 (66'592)

File Dt Inst Type 30.01.2013 Investment Advisor 01.02.2013 Investment Advisor 28.06.2012 Investment Advisor 09.11.2012 Investment Advisor 30.09.2012 Unclassified 09.10.2012 Investment Advisor 01.02.2013 Investment Advisor 27.06.2012 Investment Advisor 16.05.2012 Bank 31.12.2012 Investment Advisor 11.02.2013 Investment Advisor 15.02.2013 Investment Advisor 01.04.2011 Investment Advisor 29.02.2012 n/a 29.02.2012 n/a 31.12.2012 Mutual Fund Manager 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 29.02.2012 n/a 31.07.2012 Investment Advisor

Weighting

Change

Target Price

Date

5 3 1 3 1 5 1 5 5 5 5 3 3 3

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

6 4 4 4 #N/A N/A #N/A N/A 4 5 6 6 #N/A N/A 4 4 #N/A N/A

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

12 month Not Provided 12 month 3 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided

Date 27.02.2013 22.02.2013 17.01.2013 17.01.2013 17.01.2013 16.01.2013 16.01.2013 16.01.2013 16.01.2013 08.01.2013 06.11.2012 24.10.2012 17.10.2012 20.03.2012

28.02.2013

Cable & Wireless Communications PLC Cable & Wireless Communications is a global full-service communications business that operates through four regional units - the Caribbean, Panama, Macau and Monaco & Islands. Services include mobile, broadband and domestic and international fixed line services as well as pay TV, data centre and hosting, carrier and managed service/social telecom solutions.

Price/Volume 45

25.0 M

40 20.0 M

35 30

15.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.02.2013) 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 02.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CWC LN EQUITY YTD Change CWC LN EQUITY YTD % CHANGE

03/2012 01/yy 43.14 27.07 4'275'206.00 42.14 -2.32% 55.67% 93.78% 2'528.1 1'065.35 1'707.00 0.0 493.0 312.00 3'728.35

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

5.0 M

5 0 f-12 m-12

.0 M a-12 m-12

31.03.2009 31.03.2010 6'264.6 2'346.0 1.15x 1.37x 1'379.7 819.0 5.21x 3.93x 245.7 304.0 25.83x 17.16x Profitability

31.03.2011 2'440.0 1.38x 820.0 4.10x 197.0 9.63x

31.03.2012 2'875.0 1.14x 889.0 3.67x (77.0) -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

889.00 531.00 18.47% 3.62% -2.18% 4.07% 0.73% 31.2% 18.9% -2.7% 0.54 0.34 45.44% -

10.42 1.03 2'356.04 40.06% 19.21% 1.029 16 3.375 4'659'672 5'947'733 5'317'351

LTM-4Q

LTM

FY+1

01/yy

03/13 Y 03/14 Y 2'758.6 2'521.9 1.28x 1.25x 852.4 779.4 4.37x 4.78x 147.8 128.4 11.22x 12.54x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

4.00

9'000.0

3.50

8'000.0

3.00

7'000.0

FY+2

FQ+1

FQ+2

26.03.2010 BB NEG 23.01.2003 B 5.17 3.25 1.78 2.08 80.4% 0.73 1.54 -

6'000.0

2.50

5'000.0

2.00

4'000.0

1.50

3'000.0

1.00

2'000.0

0.50

1'000.0

0.00 03.04.2009

j-12

Fiscal Year Ended 31.03.2008 6'327.3 1.18x 1'425.3 5.25x 329.2 21.90x

10.0 M

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 |

28.02.2013

Cable & Wireless Communications PLC Holdings By:

All

Holder Name ORBIS HOLDINGS LIMIT FRANKLIN RESOURCES NEWTON INV MGMT BANK OF NEW YORK MEL JP MORGAN LEGAL & GENERAL MARATHON ASSET MANAG FMR LLC BLACKROCK LSV ASSET MANAGEMENT AXA INVESTMENT MANAG GLOBAL ASSET MANAGEM STICHTING DEPOSITARY INVESCO LTD CABLE & WIRE ESOT JUPITER ASSET MANAGE DIRECTOR & RELATED H SCOTTISH WIDOWS VANGUARD GROUP INC BARCLAYS PERSONAL IN

Firm Name

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

Analyst

AlphaValue JEAN-MICHEL SALVADOR Exane BNP Paribas MICHAEL WILLIAMS Deutsche Bank DAVID A WRIGHT HSBC ADAM M RUMLEY JPMorgan CARL MURDOCK-SMITH Jefferies JEREMY A DELLIS Nomura JAMES BRITTON Barclays JOHN-PAUL DAVIDS EVA Dimensions ANDREW S ZAMFOTIS Berenberg Bank STUART GORDON Espirito Santo Investment Bank Research NICK BROWN Goldman Sachs ANDREW LEE Morgan Stanley TERENCE TSUI Gabelli & Co EVAN D MILLER Liberum Capital Ltd LAWRENCE SUGARMAN

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

Recommendation add underperform buy neutral not rated hold reduce equalweight hold hold buy neutral/neutral Equalwt/In-Line buy hold

Amt Held 370'326'609 292'295'344 211'999'285 158'092'684 128'893'539 92'630'235 91'582'818 80'940'656 80'448'316 74'063'345 48'435'096 45'634'817 44'273'584 42'540'648 37'524'230 36'364'142 32'492'883 31'109'974 29'534'037 29'004'556

% Out 14.65 11.56 8.39 6.25 5.1 3.66 3.62 3.2 3.18 2.93 1.92 1.81 1.75 1.68 1.48 1.44 1.29 1.23 1.17 1.15

Latest Chg (13'555'337) (50'544'061) 9'720'476 (79'521) 11'415'521 (1'326'605) (4'004'418) 38'905'831 9'173'865 310'544 (116'787) (244'318) (1'967'130) (4'351'325) 12'559'973 1'564'924 720'268 412'552

File Dt Inst Type 06.12.2012 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Mutual Fund Manager 26.02.2013 Investment Advisor 01.01.2013 Unclassified 31.01.2013 Unclassified 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 26.02.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Investment Advisor 31.03.2012 n/a 01.01.2013 Investment Advisor 01.01.2013 Other 01.01.2013 Unclassified 31.12.2012 Investment Advisor 01.01.2013 Investment Advisor

Weighting

Change

Target Price

Date

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

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

49 39 53 41 #N/A N/A 40 42 41 #N/A N/A 40 50 46 44 #N/A N/A 33

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

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

Date 21.02.2013 20.02.2013 19.02.2013 12.02.2013 08.02.2013 08.02.2013 08.02.2013 24.01.2013 15.01.2013 14.01.2013 14.01.2013 20.12.2012 18.12.2012 26.10.2012 28.09.2012

28.02.2013

Capital & Counties Properties PLC Capital & Counties Properties PLC is a real estate company. The Company offers retail and commercial property investment, management, and development services.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (11.04.2012) 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 CAPC LN EQUITY YTD Change CAPC LN EQUITY YTD % CHANGE

Price/Volume

12/2011 01/yy 258.90 184.60 1'290'157.00 252.4 -2.51% 36.73% 91.25% 752.7 1'899.81 553.30 0.0 0.0 89.60 2'302.91

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

6.0 M

250

5.0 M

200

4.0 M

150

3.0 M

100

2.0 M

1.0 M

0 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 98.3 48.7 2.1 -

300

31.12.2008 31.12.2009 148.1 126.4 53.7 66.1 (364.5) (131.5) Profitability

31.12.2010 113.6 12.44x 49.2 28.72x 131.6 7.12x

31.12.2011 108.4 15.92x 48.3 35.74x 153.7 7.95x 48.30 47.60 43.91% 149.35% 10.18% 16.30% 12.68% 0.06% 63.7% 46.1% 45.3% 141.8% 1.06 0.95 30.91% 50.16% 11.72 3.91

914'652 898'752 993'208

LTM-4Q

LTM

FY+1

01/yy

12/12 Y 12/13 Y 110.8 81.3 18.90x 27.09x 40.7 38.2 56.57x 60.23x 11.7 13.1 168.27x 140.22x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

10'000.00

160.0

9'000.00

140.0

8'000.00

0.59 0.96 452.61 33.64% 4.30% 0.958 17 2.647

FY+2

FQ+1

FQ+2

1.26 -2.95 8.73 9.88 50.2% 33.4% 0.06 0.06 31.23 93.67 141.33 -158.78

120.0

7'000.00

100.0

6'000.00 5'000.00

80.0

4'000.00

60.0

3'000.00

40.0

2'000.00

20.0

1'000.00 0.00 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013

0.0 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 |

28.02.2013

Capital & Counties Properties PLC Holdings By:

All

Holder Name BLACKROCK GORDON FAMILY GORDON GRAEME JOHN CORONATION FUND MANA GORDON FAMILY INTERE NORGES BANK INVESTME PUBLIC INVESTMENT CO DIRECTOR & RELATED H LEGAL & GENERAL SCOTTISH WIDOWS GOVT OF SINGAPORE IN OLD MUTUAL STATE STREET APG ALGEMENE PENSIOE CREDIT SUISSE PRIVAT UBS BANK OF NEW YORK MEL INVESTEC ASSET MANAG GREENVERT INVESTMENT FMR LLC

Firm Name

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

Analyst

Numis Securities Ltd CHRISTOPHER SPEARING Jefferies ROBERT DUNCAN Morgan Stanley BART GYSENS Exane BNP Paribas NICK WEBB Barclays AARON GUY Investec ALAN CARTER EVA Dimensions AUSTIN BURKETT Kempen & Co RYAN PALECEK Oriel Securities Ltd MIRANDA COCKBURN Deutsche Bank MARTIN ALLEN Espirito Santo Investment Bank Research MICHAEL BURT Peel Hunt KEITH CRAWFORD Credit Suisse STEVE BRAMLEY-JACKSON JPMorgan HARM M MEIJER Liberum Capital Ltd ALISON WATSON

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

Recommendation hold hold Overwt/Attractive underperform overweight sell underweight underweight hold hold neutral hold underperform underweight buy

Amt Held 122'647'764 92'143'204 92'143'203 91'098'284 61'693'143 58'005'475 37'326'761 32'146'403 27'131'560 20'453'264 17'835'046 16'282'051 14'291'061 14'002'560 13'523'453 11'640'843 11'389'520 10'151'067 9'677'419 9'613'923

% Out 16.29 12.24 12.24 12.1 8.2 7.71 4.96 4.27 3.6 2.72 2.37 2.16 1.9 1.86 1.8 1.55 1.51 1.35 1.29 1.28

Latest Chg (4'258'275) 1 36'308'994 1 20'748'110 483'579 1'327'237 47'853 1'586'096 (593'111) 2'075'767 2'731'617 (856'441) 2'347'684 6'028'949

Weighting

Change

Target Price

3 3 5 1 5 1 1 1 3 3 3 3 1 1 5

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

215 235 290 220 290 210 #N/A N/A 245 #N/A N/A 270 217 220 220 240 256

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

File Dt Inst Type 26.02.2013 Investment Advisor 28.09.2012 n/a 01.11.2011 n/a 03.12.2012 Investment Advisor 03.12.2012 Unclassified 03.12.2012 Government 13.02.2013 Government 03.12.2012 Other 31.01.2013 Unclassified 03.12.2012 Unclassified 03.12.2012 Government 31.12.2012 Unclassified 27.02.2013 Investment Advisor 03.12.2012 Pension Fund (ERISA) 03.12.2012 Bank 03.12.2012 Unclassified 31.12.2012 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Unclassified 03.12.2012 Investment Advisor

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

Date 27.02.2013 25.02.2013 18.02.2013 01.02.2013 24.01.2013 21.01.2013 17.01.2013 14.01.2013 10.01.2013 20.12.2012 18.12.2012 27.11.2012 08.11.2012 07.11.2012 18.10.2012

28.02.2013

Carillion PLC Carillion plc provides support and construction services in Europe, Canada, the Middle East, North Africa, and the Caribbean. The Company offers services in the areas of health, education and regeneration, road, rail, defense, and commercial property.

Price/Volume 350

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

300 250 200

Valuation Analysis

150

Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 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 02.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CLLN LN EQUITY YTD Change CLLN LN EQUITY YTD % CHANGE

12/2012 01/yy 344.20 234.60 3'304'036.00 312.7 -9.15% 33.29% 71.26% 430.3 1'345.41 812.90 0.0 10.6 659.60 1'509.31

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

50 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 4'433.8 0.27x 137.1 8.84x 108.3 8.73x

100

31.12.2009 31.12.2010 4'504.2 4'236.5 0.26x 0.33x 168.0 183.8 7.07x 7.67x 132.4 147.2 9.10x 10.42x Profitability

31.12.2011 4'153.2 0.33x 198.4 6.81x 134.6 9.41x

31.12.2012 3'666.2 0.42x 215.7 7.08x 160.1 8.52x 215.70 153.50 4.19% 4.90% 4.23% 16.24% 17.29% 0.97% 10.6% 5.9% 4.2% 4.4% 1.09 0.39 21.05% 81.38% 51.68

5.52 1.01 403.30 2.37% -1.36% 1.010 14 3.286 1'678'271 1'363'480 1'362'836

LTM-4Q

LTM

FY+1

01/yy

12/13 Y 12/14 Y 4'672.8 4'986.4 0.32x 0.29x 260.6 267.2 5.79x 5.65x 172.4 179.8 7.68x 7.38x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

5'000.0

FY+2

FQ+1

FQ+2

1.62 1.51 0.71 3.77 81.4% 44.6% 0.97 28.06 7.08 -25.79

4'500.0 4'000.0

20.00

3'500.0 15.00

3'000.0

10.00

2'500.0 2'000.0 1'500.0 1'000.0

5.00

500.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Carillion PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES STANDARD LIFE INVEST EAGA PARTNERSHIP TRU TEMPLETON GLOBAL ADV SCHRODER INVESTMENT AMERIPRISE FINANCIAL F&C ASSET MANAGEMENT BLACKROCK LEGAL & GENERAL ROYAL BANK OF CANADA EAGA PSHIP TRUST T ROWE PRICE ASSOCIA THREADNEEDLE ASSET M HBOS PLC BREWIN DOLPHIN LIMIT UBS INVESTMENT BANK RATHBONE UNIT TRUST ALLIANZ GLOBAL INVES NORGES BANK INVESTME SCHRODER INVESTMENT

Firm Name Investec Canaccord Genuity Corp Panmure Gordon & Co Limited Numis Securities Ltd Berenberg Bank Oriel Securities Ltd RBC Capital Markets Peel Hunt Credit Suisse EVA Dimensions Liberum Capital Ltd Goldman Sachs HSBC JPMorgan

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

Analyst ANDREW GIBB JAMES GILBERT ANDY BROWN HOWARD SEYMOUR CHRIS MOORE MARK HOWSON OLIVIA PETERS ANDREW NUSSEY EUGENE KLERK CRAIG STERLING JOE BRENT WILLIAM WYMAN JEFFREY G DAVIS EMILY BIDDULPH

Source ULT-AGG RNS-MAJ REG Co File REG Co File Co File ULT-AGG ULT-AGG ULT-AGG RNS-MAJ REG REG Co File REG Co File REG RNS-RUL8 REG MF-AGG

Recommendation buy hold buy buy buy buy sector perform sell neutral overweight sell neutral/neutral underweight neutral

Amt Held 52'528'187 26'950'671 22'947'415 22'461'659 22'376'884 20'998'639 19'234'409 18'476'337 17'433'739 17'126'966 16'879'323 14'669'264 14'409'029 14'027'780 13'915'655 13'425'360 12'451'234 11'388'229 10'258'053 7'437'849

% Out 12.21 6.26 5.33 5.22 5.2 4.88 4.47 4.29 4.05 3.98 3.92 3.41 3.35 3.26 3.23 3.12 2.89 2.65 2.38 1.73

Latest Chg (322'772) 4'343'933 4'199'735 (294'929) (414'275) 91'709 (2'703'054) 2'788'593 (305'883) 10'666 (112'574)

File Dt 31.12.2012 08.11.2012 01.11.2012 29.02.2012 01.11.2012 29.02.2012 29.02.2012 26.02.2013 31.01.2013 30.11.2012 28.01.2013 01.11.2012 01.11.2012 29.02.2012 01.11.2012 29.02.2012 01.11.2012 18.04.2011 01.11.2012 31.12.2012

Weighting

Change

Target Price

Date

5 3 5 5 5 5 3 1 3 5 1 3 1 3

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

350 350 400 350 370 362 300 280 349 #N/A N/A 235 360 250 #N/A N/A

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

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

Inst Type Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Bank Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Government Investment Advisor

Date 27.02.2013 27.02.2013 25.02.2013 20.02.2013 18.02.2013 15.02.2013 29.01.2013 22.01.2013 15.01.2013 15.01.2013 09.01.2013 31.10.2012 19.09.2012 05.09.2011

28.02.2013

Castellum AB Castellum AB is a real estate investment company. The Company, through subsidiaries, buys, develops, improves, and manages properties in selected areas, with good service and communications, in Sweden. Castellum leases out commercial space for stores, offices, schools, warehousing, and industrial use, as well as apartments. The Company's properties are managed locally.

Price/Volume

1.2 M 1.0 M .8 M

Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CAST SS EQUITY YTD Change CAST SS EQUITY YTD % CHANGE

12/2012 12/yy 97.55 76.30 415'125.00 97.4 -0.15% 27.65% 99.29% 172.0 16'753.45 19'094.00 0.0 0.0 44.00 35'803.45

.6 M

.4 M

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

1.4 M

100 80

Valuation Analysis

31.12.2008 2'505.0 9.80x 1'603.0 15.32x (663.0) -

120

31.12.2009 31.12.2010 2'696.0 2'760.0 10.08x 11.15x 1'673.0 1'714.0 16.24x 17.96x 160.0 1'964.0 74.31x 7.64x Profitability

31.12.2011 2'921.0 10.63x 1'841.0 16.87x 711.0 19.68x

31.12.2012 3'080.0 11.10x 1'945.0 17.58x 1'473.0 10.28x 1'945.00 1'945.00 40.75% 34.94% 4.16% 12.66% 4.95% 0.09% 63.1% 47.8% 52.13% 158.26% -

318'050 309'937 338'784

LTM-4Q

LTM

FY+1

12/yy 2'921.0 42.76x 1'674.0 18.55x 711.0 19.68x

12/yy 3'073.0 42.44x 1'938.0 17.64x 1'473.0 10.27x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 3'257.6 3'403.2 801.8 811.3 11.10x 10.64x 45.42x 44.78x 2'051.8 2'153.8 469.0 531.3 17.45x 16.62x 17.45x 17.26x 1'224.5 1'300.6 254.2 330.0 13.17x 12.46x 13.18x 13.16x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

16.00

3'500.0

14.00

3'000.0

12.00

2'500.0

10.00

0.86 16.75% 5.53% 0.862 15 3.333

FY+2

FQ+1

FQ+2

2.82 -1.24 9.83 9.85 158.3% 61.3% 0.09 -

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Castellum AB Holdings By:

All

Holder Name EUROPEAN INVESTORS I SZOMBATFALVY LASZLO SZOMBATFALVY MAGDALE AFA SJUKFOERSAEKRING BLACKROCK BNP PARIBAS INV PART LANNEBO FONDER AB ING INVESTMENT MANAG FJARDE AP-FONDEN LANSFORSAKRINGAR FON VANGUARD GROUP INC STATE STREET HANDELSBANKEN FONDER LANSFORSAKRINGAR FAS CACEIS BANK18129 AMF PENSION INSURANC TREDJE AP-FONDEN ANDRA AP FONDEN SCHRODER INVESTMENT LIVFORSAKRINGS AB SK

Firm Name SEB Enskilda Goldman Sachs Pareto Securities Morgan Stanley Carnegie Nordea Equity Research Danske Markets ABG Sundal Collier DNB Markets Handelsbanken EVA Dimensions Swedbank Kempen & Co ABN Amro Bank N.V. Edge Capital Research Evli Bank Plc

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

Analyst BENGT CLAESSON JULIAN LIVINGSTON-BOOTH JOHAN EDBERG BART GYSENS TOBIAS KAJ JONAS L ANDERSSON PETER TRIGARSZKY FREDRIC CYON SIMEN MORTENSEN ALBIN SANDBERG AUSTIN BURKETT ANDREAS DAAG ROBERT WOERDEMAN RUUD VAN MAANEN GEIR ROENNESTAD TEAM COVERAGE

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

Recommendation hold Buy/Neutral hold Overwt/Attractive hold hold hold hold hold accumulate underweight neutral overweight hold neutral Under Review

Amt Held 6'776'987 5'000'000 4'935'000 3'830'871 3'493'451 3'288'718 2'103'941 2'088'508 2'050'972 1'999'839 1'979'478 1'857'673 1'854'756 1'822'209 1'783'658 1'685'000 1'599'903 1'491'095 1'388'700 1'095'711

% Out 3.94 2.91 2.87 2.23 2.03 1.91 1.22 1.21 1.19 1.16 1.15 1.08 1.08 1.06 1.04 0.98 0.93 0.87 0.81 0.64

Latest Chg 5'488 (9'730) 342'885 65'283 54'874 15'272 20'109 326'500 -

Weighting

Change

Target Price

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

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

93 108 93 105 #N/A N/A 93 96 93 95 101 #N/A N/A 95 99 90 110 #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 n/a 31.12.2012 n/a 31.12.2012 Insurance Company 26.02.2013 Investment Advisor 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 27.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Insurance Company 31.12.2012 Bank 30.06.2012 Insurance Company 31.12.2012 Government 31.12.2012 Pension Fund (ERISA) 31.10.2012 Investment Advisor 31.12.2012 Corporation

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

Date 25.02.2013 12.02.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 22.01.2013 22.01.2013 21.01.2013 17.01.2013 14.01.2013 13.01.2013 05.07.2012 27.04.2011 19.10.2010

28.02.2013

Catlin Group Ltd Catlin Group Limited underwrites specialty insurance and reinsurance worldwide. The Group specializes in property and casualty treaty reinsurance, structured risk and other coverages, as well as professional indemnity, property, general liability, D&O and commercial crime coverage for UK policyholders.

Price/Volume 600

4.0 M 3.5 M

500

3.0 M 400

Latest Fiscal Year: LTM as of: 52-Week High (07.02.2013) 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 CGL LN EQUITY YTD Change CGL LN EQUITY YTD % CHANGE

12/2012 01/yy 549.00 396.50 636'627.00 500 -8.93% 26.10% 67.87% 361.8 1'809.13 92.00 590.0 0.0 2'474.00 952.81

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

2.0 M 1.5 M

200

1.0 M 100

.5 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 31.12.2008 2'486.8 (2.9) -

2.5 M

300

Valuation Analysis

31.12.2009 31.12.2010 3'335.0 3'414.0 0.04x 0.01x 553.0 381.0 3.60x 5.90x Profitability

31.12.2011 3'873.0 0.19x 82.0 56.02x

31.12.2012 3'755.0 0.29x 349.0 9.36x 9.40% 9.03% 2.59% 10.83% 14.79% 0.28% 9.3% 0.66% 3.15% -

6.06 0.90 337.64 27.50% 3.25% 0.904 21 3.476 1'236'647 874'471 709'060

LTM-4Q

LTM

FY+1

01/yy

12/13 Y 12/14 Y 4'391.2 4'788.7 344.2 376.4 8.29x 7.56x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

6.00

4'500.0

FY+2

FQ+1

FQ+2

3.1% 2.6% 0.28 -

4'000.0

5.00

3'500.0 3'000.0

4.00

2'500.0 3.00

2'000.0 1'500.0

2.00

1'000.0 1.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Catlin Group Ltd Holdings By:

All

Holder Name INVESCO LTD VERITAS ASSET MANAGE CANTILLON CAPITAL MA CATLIN EBT PERPETUAL INVESTMENT DIMENSIONAL FUND ADV BLACKROCK MASSACHUSETTS FINANC MAWER INVESTMENT MAN CATLIN STEPHEN JO HAMBRO CAPITAL MA ROYAL BANK OF CANADA VANGUARD GROUP INC LORD ABBETT & CO LLC IG INVESTMENT MANAGE BANK OF NEW YORK MEL FMR LLC AVIVA INVESTORS FUND MANULIFE ASSET MANAG ST JAMES' PLACE UNIT

Firm Name

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

Analyst

Keefe, Bruyette & Woods CHRISTOPHER HITCHINGS Shore Capital Stockbrokers EAMONN FLANAGAN Credit Suisse RICHARD BURDEN Bank of Valletta TEAM COVERAGE Goldman Sachs COLIN L SIMPSON JPMorgan ANDREAS VAN EMBDEN Canaccord Genuity Corp BEN COHEN Berenberg Bank TOM CARSTAIRS Nomura FAHAD CHANGAZI Numis Securities Ltd NICHOLAS JOHNSON Oriel Securities Ltd MARCUS BARNARD Westhouse Securities JOANNA PARSONS Barclays OLIVIA BRINDLE Peel Hunt MARK WILLIAMSON EVA Dimensions AUSTIN BURKETT RBC Capital Markets KAMRAN HOSSAIN HSBC THOMAS FOSSARD Morgan Stanley MACIEJ WASILEWICZ Espirito Santo Investment Bank Research JOY FERNEYHOUGH

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

Recommendation underperform hold underperform overweight neutral/neutral overweight hold sell buy hold buy neutral overweight hold buy outperform neutral Equalwt/In-Line buy

Amt Held 36'241'220 17'192'617 16'563'125 16'121'068 9'749'377 9'576'827 7'951'939 7'557'967 5'832'717 5'564'887 4'950'000 4'425'161 3'852'789 3'214'505 3'162'069 2'780'000 2'667'707 2'595'045 1'905'260 1'530'605

% Out 10.02 4.75 4.58 4.46 2.69 2.65 2.2 2.09 1.61 1.54 1.37 1.22 1.06 0.89 0.87 0.77 0.74 0.72 0.53 0.42

Latest Chg (1'538'412) 21'715 215'850 200'000 141'300 270'000 111'548 (496'194) 68'299 179'000 -

File Dt Inst Type 08.02.2012 Investment Advisor 05.04.2012 Investment Advisor 18.11.2011 Hedge Fund Manager 12.10.2011 n/a 31.03.2012 Investment Advisor 31.07.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 20.02.2012 n/a 31.10.2012 Investment Advisor 30.11.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.03.2012 Investment Advisor

Weighting

Change

Target Price

Date

1 3 1 5 3 5 3 1 5 3 5 3 5 3 5 5 3 3 5

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

455 #N/A N/A 495 580 570 520 530 530 555 540 570 530 620 471 #N/A N/A 600 582 503 535

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

12 month Not Provided Not Provided Not Provided 12 month 3 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided

Date 14.02.2013 14.02.2013 13.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 08.02.2013 08.02.2013 04.02.2013 17.01.2013 16.01.2013 16.01.2013 05.12.2012 12.06.2012

28.02.2013

Celesio AG Celesio AG wholesales and retails pharmaceuticals to customers in Europe. The Company wholesales pharmaceuticals, operates retail pharmacies, and provides logistics and transportation services for pharmaceuticals at local, national and European level.

Price/Volume 18

4.0 M

3.5 M

3.0 M

2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (22.10.2012) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CLS1 GY EQUITY YTD Change CLS1 GY EQUITY YTD % CHANGE

12/2011 09/yy 15.57 10.72 247'889.00 13.53 -13.07% 26.21% 58.00% 170.1 2'301.45 2'067.00 0.0 32.2 448.30 4'147.05

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

1.5 M

6 4

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 31.12.2007 22'349.5 0.43x 881.4 10.86x 430.6 16.73x

2.0 M

Valuation Analysis

31.12.2008 31.12.2009 21'166.6 21'497.2 0.26x 0.24x 657.4 595.9 8.32x 8.50x (21.0) 3.4 885.00x Profitability

31.12.2010 23'277.6 0.21x 664.7 7.37x 259.2 12.24x

31.12.2011 23'026.4 0.16x 486.6 7.67x 2.2 1224.00x 486.60 343.20 1.49% 0.45% -1.12% -3.76% 0.56% 2.78% 11.9% 2.6% 2.0% 0.0% 1.30 0.75 23.50% 81.20% 9.53 12.43

361'736 354'790 418'192

LTM-4Q

LTM

FY+1

09/yy 22'442.7 0.77x 631.5 5.42x 111.5 9.26x

09/yy 22'560.6 0.71x 597.0 7.05x (91.1) 13.76x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 22'542.0 22'562.5 5'657.0 0.18x 0.17x 554.7 612.1 145.0 7.47x 6.77x 195.5 231.6 66.1 11.31x 10.12x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

12.00

25'000.0

10.00

0.90 77.23 -0.63% 3.72% 0.902 24 3.875

FY+2

FQ+1

FQ+2

3.09 1.74 3.04 3.32 81.2% 44.5% 2.78 40.25 38.39 29.43 44.86 23.77

20'000.0

8.00

15'000.0

6.00

10'000.0 4.00

5'000.0

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 |

28.02.2013

Celesio AG Holdings By:

All

Holder Name FRANZ HANIEL & CIE G BLACKROCK TEMPLETON INVEST COU CAPITAL GROUP COMPAN AKO CAPITAL LLP FRANKLIN RESOURCES VANGUARD GROUP INC FIDEURAM GESTIONS SA ADELPHI CAPITAL LLP ALLIANZ ASSET MANAGE UNION INVESTMENT GMB DEKA INVESTMENT GMBH DIMENSIONAL FUND ADV ETHENEA INDEPENDENT OPPENHEIMERFUNDS INC BANK OF NEW YORK MEL BANQUE DEGROOF DWS INVESTMENT S A SWEDBANK ROBUR FONDE DEUTSCHE BANK AG

Firm Name AlphaValue Commerzbank Corporates & Markets Nomura Solventis WPH-Bank GmbH Exane BNP Paribas DZ Bank AG EVA Dimensions Steubing AG Landesbank Baden-Wuerttemberg Equinet Institutional Services(ESN) Morgan Stanley Independent Research GmbH M.M. Warburg Investment Research Berenberg Bank Kepler Capital Markets Nord/LB Silvia Quandt Research Deutsche Bank Main First Bank AG Jefferies CA Cheuvreux Bankhaus Metzler

Analyst EILEEN RYAN VOLKER BRAUN MARTIN BRUNNINGER KLAUS SCHLOTE ANDREAS INDERST THOMAS MAUL ANDREW S ZAMFOTIS TOBIAS SCHMIDT BARBARA AMBRUS EDOUARD AUBERY MICHAEL K JUNGLING LARS LUSEBRINK ULRICH HUWALD SCOTT BARDO MARTIN VOEGTLI THORSTEN STRAUSS CLAUDIA LAKATOS HOLGER BLUM MARCUS WIEPRECHT INGEBORG OIE OLIVER REINBERG STEFAN WIMMER

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

Recommendation add buy buy buy outperform buy hold buy hold hold Equalwt/In-Line hold buy hold hold hold neutral hold buy hold outperform buy

Amt Held % Out 92'874'603 54.6 7'421'570 4.36 5'051'067 2.97 4'467'000 2.63 (4'422'600) -2.6 2'261'837 1.33 1'635'634 0.96 1'361'025 0.8 (1'258'740) -0.74 781'257 0.46 641'000 0.38 514'600 0.3 433'963 0.26 400'000 0.24 323'742 0.19 299'375 0.18 258'411 0.15 240'000 0.14 238'000 0.14 237'012 0.14

Latest Chg 97'201 (561'330) 1'014'435 35'206 111'913 (221'130) (757) 255'000 (300) 23'810 7'000 200'000 78'000 (268'464)

File Dt Inst Type 31.12.2011 Holding Company 26.02.2013 Investment Advisor 07.03.2012 Investment Advisor 31.12.2012 Investment Advisor 02.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 04.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 28.12.2012 Investment Advisor 30.12.2012 Investment Advisor 26.02.2013 Investment Advisor 01.02.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Weighting

Target Price

Date

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

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

14 19 20 16 18 18 #N/A N/A 20 14 15 13 15 16 15 15 15 15 14 20 13 16 18

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

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

Date 21.02.2013 05.02.2013 04.02.2013 30.01.2013 25.01.2013 23.01.2013 15.01.2013 14.01.2013 08.01.2013 07.12.2012 03.12.2012 03.12.2012 28.11.2012 28.11.2012 28.11.2012 19.11.2012 14.11.2012 06.11.2012 21.08.2012 30.07.2012 08.06.2012 26.04.2012

28.02.2013

Close Brothers Group PLC Close Brothers Group PLC is a specialist financial services group. The Company makes loans, trades securities and provides advice and investment management solutions to a wide range of clients. Close Brothers operates through three divisions: Banking, Securities and Asset Management.

Price/Volume 1200

1.8 M 1.6 M

1000

1.4 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 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 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CBG LN EQUITY YTD Change CBG LN EQUITY YTD % CHANGE

07/2012 01/yy 1'066.00 673.50 394'055.00 1040 -2.44% 54.42% 93.38% 147.5 1'534.29 1'651.50 0.0 3.7 816.80 -

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

1.0 M .8 M

400

.6 M .4 M

200

.2 M

0 f-12 m-12

.0 M a-12 m-12

31.07.2009 31.07.2010 676.7 624.4 71.7 65.9 15.86x 14.26x Profitability

31.07.2011 694.7 14.6 25.48x

31.07.2012 686.9 99.7 10.86x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

22.38% 24.73% 1.60% 13.36% 4.01% 0.11% 18.3% 25.98% 215.57% -

3.99 1.02 128.58 48.22% 20.51% 1.017 12 3.833 417'715 430'536 408'581

LTM-4Q

LTM

FY+1

01/yy

07/13 Y 07/14 Y 586.6 656.6 1.49x 1.30x 118.8 141.1 12.81x 10.84x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

80.00

900.0

70.00

800.0

60.00

700.0

FY+2

FQ+1

FQ+2

215.6% 68.2% 0.11 10.01 -

600.0

50.00

500.0

40.00

400.0

30.00

300.0

20.00

200.0

10.00

100.0

0.00 31.07.2009

j-12

Fiscal Year Ended 31.07.2008 687.2 90.0 10.25x

1.2 M

600

0.0 31.01.2010

31.07.2010

31.01.2011

31.07.2011

31.01.2012

31.07.2012

31.01.2013

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

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

28.02.2013

Close Brothers Group PLC Holdings By:

All

Holder Name SCOTTISH WIDOWS LLOYDS BANKING GROUP M&G INVESTMENT MANAG STANDARD LIFE INVEST CALEDONIA INVESTMENT NORGES BANK SCHRODER INVESTMENT ARTEMIS INVESTMENT M LEGAL & GENERAL BLACKROCK ARTEMIS INVESTMENT M SCHRODER INVESTMENT ABERDEEN BREWIN DOLPHIN LIMIT ROYAL LONDON ASSET M JO HAMBRO CAPITAL MA BANK OF NEW YORK MEL PRIVATE INDIVIDUALS DIMENSIONAL FUND ADV AVIVA INVESTORS

Firm Name Peel Hunt Macquarie Berenberg Bank Goldman Sachs JPMorgan Shore Capital Stockbrokers Canaccord Genuity Corp Numis Securities Ltd EVA Dimensions HSBC Daniel Stewart & Co

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

Analyst STUART DUNCAN NEIL WELCH PRAS JEYANANDHAN BENJAMIN MOORE RAE MAILE GARY GREENWOOD ROBIN SAVAGE JAMES HAMILTON AUSTIN BURKETT NITIN ARORA SIMON WILLIS

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

Recommendation buy outperform buy neutral/neutral overweight hold buy hold buy neutral buy

Amt Held 17'192'594 11'774'465 9'587'768 9'246'716 8'826'405 6'619'684 6'557'544 6'182'308 5'902'691 4'811'203 4'014'789 3'472'383 3'395'191 3'018'913 2'494'659 2'334'000 2'158'228 2'155'049 2'121'803 2'013'303

% Out 11.65 7.98 6.5 6.27 5.98 4.49 4.44 4.19 4 3.26 2.72 2.35 2.3 2.05 1.69 1.58 1.46 1.46 1.44 1.36

Latest Chg (1'648'668) (1'446'857) (150'034) (2'962'924) (1'477'623) 344'977 (142'335) (98'791) 467'830 146'784 155'613 (220'500) 119'024 100'558 64'657 (461) 145'043

Weighting

Change

Target Price

5 5 5 3 5 3 5 3 5 3 5

U M M M M D M M M D M

1'135 1'206 1'150 1'050 997 #N/A N/A 1'200 779 #N/A N/A 910 870

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

File Dt 02.01.2013 28.01.2013 02.01.2013 28.01.2013 22.02.2013 14.09.2012 02.01.2013 02.01.2013 31.01.2013 26.02.2013 31.12.2012 31.12.2012 02.01.2013 02.01.2013 02.01.2013 31.10.2012 26.02.2013 02.01.2013 31.07.2012 02.01.2013

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

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

Date 26.02.2013 13.02.2013 30.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 17.01.2013 08.10.2012 07.02.2012

28.02.2013

CNP Assurances CNP Assurances offers group and individual life, health, accident, disability and credit insurance, and pensions. The Company markets its products for individuals through banks. CNP operates in parts of Europe and South America.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 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 CNP FP EQUITY YTD Change CNP FP EQUITY YTD % CHANGE

12/2012 09/yy 12.90 7.52 481'127.00 11.31 -12.33% 50.32% 70.42% 643.5 7'277.99 2'688.90 2'515.8 1'441.1 955.20 12'968.59

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

1.4 M

1.2 M

1.0 M

.8 M

.6 M

.4 M

.2 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 24'981.9 0.44x 730.6 11.64x

31.12.2009 31.12.2010 46'648.6 43'405.6 0.29x 0.30x 1'004.1 1'050.0 10.66x 8.09x Profitability

31.12.2011 35'270.7 0.31x 871.9 6.51x

31.12.2012 41'374.1 0.32x 951.4 7.49x 5.99% 5.21% 0.28% 8.86% 7.90% 0.12% 2.3% 0.76% 23.12% -

1.13 186.16 13.85% -2.54% 1.130 17 3.824 541'478 292'457 281'143

LTM-4Q

LTM

FY+1

06/yy 6'927.4 0.00x 0.0 0.00x 526.0 0.00x

09/yy 0.0 #DIV/0! 0.0 0.00x 783.0 0.00x

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 33'039.4 33'961.6 6'628.0 0.44x 0.43x 1'081.4 1'139.5 179.8 7.05x 6.77x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

1.40

50'000.0

FY+2

FQ+1

FQ+2

A+ NEG 23.1% 14.7% 0.12 -

45'000.0

1.20

40'000.0

1.00

35'000.0 30'000.0

0.80

25'000.0 20'000.0

0.60

15'000.0

0.40

10'000.0 0.20 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

CNP Assurances Holdings By:

All

Holder Name CAISSE DES DEPOTS ET SOPASSURE TWEEDY BROWNE COMPAN FRENCH STATE VANGUARD GROUP INC CNP ASSURANCES BLACKROCK NATIXIS ASSET MANAGE LANDESBANK BERLIN IN SCHRODER INVESTMENT BANQUE DEGROOF INTERNATIONAL VALUE LBPAM DIMENSIONAL FUND ADV JO HAMBRO CAPITAL MA STATE STREET BANQUE STATE STREET PRUDENTIAL FINANCIAL CREDIT SUISSE ASSET LBBW ASSET MANAGEMEN

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

Firm Name

Analyst

Keefe, Bruyette & Woods Goldman Sachs Credit Suisse Oddo & Cie Main First Bank AG Bryan Garnier & Cie AlphaValue Exane BNP Paribas JPMorgan Raymond James HSBC Barclays EVA Dimensions Natixis Day by Day CA Cheuvreux Nomura

RALPH HEBGEN WILLIAM ELDERKIN RICHARD BURDEN NICOLAS JACOB FEDERICO SALERNO OLIVIER PAUCHAUT JEROME CASSAGNE THOMAS JACQUET MICHAEL HUTTNER DANNY JACQUES THOMAS FOSSARD CLAUDIA GASPARI AUSTIN BURKETT BENOIT VALLEAUX VALERIE GASTALDY ALEXIS ARQUIE MICHAEL KLIEN

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

Recommendation market perform neutral/neutral neutral neutral outperform neutral buy neutral overweight market perform overweight equalweight buy buy hold outperform neutral

Amt Held 237'660'516 210'821'912 8'883'341 6'475'364 4'462'071 2'367'164 1'471'898 1'381'975 1'092'782 891'035 552'975 490'998 447'301 341'969 307'000 261'595 254'535 233'711 225'351 214'148

% Out 36.93 32.76 1.38 1.01 0.69 0.37 0.23 0.21 0.17 0.14 0.09 0.08 0.07 0.05 0.05 0.04 0.04 0.04 0.04 0.03

Latest Chg 177'150 11'406 (71'114) (141) (40'652) 14'000 (1'019'647) (7'582) 36'000 6'133 105'843 23'157 28'306 (25'452)

File Dt Inst Type 31.12.2011 Government 31.12.2011 Holding Company 31.03.2012 Investment Advisor 31.12.2011 Government 31.12.2012 Investment Advisor 31.12.2011 Insurance Company 26.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 01.02.2013 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.10.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 30.11.2012 Mutual Fund Manager

Weighting

Change

Target Price

Date

3 3 3 3 5 3 5 3 5 3 5 3 5 5 3 5 3

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

13 13 13 12 14 14 16 13 15 #N/A N/A 17 13 #N/A N/A 15 #N/A N/A 12 15

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

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

Date 27.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 22.02.2013 21.02.2013 15.02.2013 11.02.2013 08.02.2013 06.02.2013 04.02.2013 17.01.2013 10.01.2013 07.01.2013 22.06.2012 23.02.2012

28.02.2013

Cofinimmo Cofinimmo is a Belgian real estate company that specialises in rental property. The Company's main investment segments are office property, care homes and distribution property networks. Cofinimmo is an independent company, which manages its properties in-house.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 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 08.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COFB BB EQUITY YTD Change COFB BB EQUITY YTD % CHANGE

12/2012 12/yy 95.76 82.63 29'553.00 90.22 -5.79% 9.19% 57.81% 16.4 1'594.37 1'740.09 66.3 3.04 3'397.68

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

.1 M .1 M .1 M .1 M .0 M .0 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 190.0 15.42x 170.8 17.15x (5.3) -

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

31.12.2009 31.12.2010 200.6 195.4 15.01x 15.29x 185.5 185.2 16.24x 16.13x 32.5 83.8 42.69x 17.27x Profitability

31.12.2011 188.8 15.93x 178.0 16.89x 118.5 11.64x

31.12.2012 192.2 16.52x 98.1 13.99x 178.01 188.84 98.24% 55.65% 2.77% 6.77% 5.12% 0.05% 97.5% 51.0% 0.20 0.05 47.77% 117.89% 8.91 -

0.76 7.27% 0.69% 0.762 13 2.923 31'694 36'797 35'922

LTM-4Q

LTM

FY+1

12/yy 188.6 63.68x 0.0 0.00x 122.4 10.98x

12/yy 193.6 65.31x 0.0 0.00x 99.4 13.35x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 200.4 207.7 51.1 51.4 17.32x 16.82x 182.6 188.2 18.61x 18.05x 107.4 117.2 25.5 25.2 13.45x 12.66x 14.47x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

16.00

250.0

FY+2

FQ+1

FQ+2

03.01.2007 BBB NEG 18.01.2011 A-2 2.85 -0.27 117.9% 53.0% 0.05 0.06 41.09 -

14.00

200.0

12.00 10.00

150.0

8.00

100.0

6.00 4.00

50.0

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 |

28.02.2013

Cofinimmo Holdings By:

All

Holder Name COFINIMMO BLACKROCK VANGUARD GROUP INC STATE STREET COLONIAL FIRST STATE LASALLE INVESTMENT M BNP PARIBAS INV PART MORGAN STANLEY DEXIA ASSET MANAGEME DIAM PETERCAM SA KBC GROUP NV NATIXIS ASSET MANAGE ING ASSET MANAGEMENT BANK DELEN SA AMUNDI STATE STREET BANQUE KEMPEN CAPITAL MANAG KREDIETRUST LUXEMBOU ALLIANZ ASSET MANAGE

Firm Name Societe Generale KBC Securities Bank Degroof(ESN) Petercam Exane BNP Paribas ING Bank EVA Dimensions ABN Amro Bank N.V. Kempen & Co JPMorgan HSBC Goldman Sachs Edge Capital Research

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

Analyst HENRI QUADRELLI KOEN OVERLAET-MICHIELS JEAN-MARIE CAUCHETEUX JOEL GORSELE NICK WEBB JAAP KUIN AUSTIN BURKETT JAN WILLEM VAN KRANENBURG ROBERT WOERDEMAN ANNELIES J VERMEULEN THOMAS MARTIN JULIAN LIVINGSTON-BOOTH KONSTANTIN BOYCHINOV

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

Recommendation hold accumulate hold hold neutral hold overweight hold neutral underweight overweight Sell/Neutral outperform

Amt Held 870'595 362'756 189'122 166'356 154'060 115'217 107'081 76'721 61'940 57'314 56'450 52'305 50'839 49'000 48'313 46'744 34'629 30'048 29'752 27'338

% Out 5.3 2.21 1.15 1.01 0.94 0.7 0.65 0.47 0.38 0.35 0.34 0.32 0.31 0.3 0.29 0.28 0.21 0.18 0.18 0.17

Latest Chg 152 5'548 1'368 (32'940) (8'912) (516) 19'392 781 (4'700) 4'104 792 84 -

File Dt Inst Type 10.10.2012 Corporation 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 27.02.2013 Investment Advisor 08.05.2012 Investment Advisor 21.08.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Investment Advisor 11.01.2012 Unclassified 30.12.2011 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Weighting

Change

Target Price

Date

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

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

94 97 93 92 90 91 #N/A N/A 85 88 97 104 83 107

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

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

Date 12.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 21.01.2013 17.01.2013 17.01.2013 13.01.2013 09.01.2013 05.12.2012 27.11.2012 29.09.2011

28.02.2013

Daily Mail & General Trust PLC Daily Mail and General Trust PLC owns and administers a wide range of media interests. The Company specializes in the publication and printing of newspapers and periodicals. Daily Mail is active in television, radio, teletext, magazines, exhibitions, book publishing, and operates a number of internet sites.

Price/Volume 800

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

700 600 500 400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DMGT LN EQUITY YTD Change DMGT LN EQUITY YTD % CHANGE

09/2012 12/yy 708.50 361.40 2'660'271.00 705.5 -0.42% 95.21% 99.14% 357.8 2'633.44 728.00 0.0 95.3 104.70 3'352.04

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

200 100 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 30.09.2008 2'311.7 0.99x 377.1 6.09x 0.0 1621.25x

300

30.09.2009 30.09.2010 2'062.4 1'968.0 1.32x 1.47x 424.7 423.4 6.41x 6.82x (303.4) 199.8 12.08x Profitability

30.09.2011 1'748.5 1.23x 320.9 6.72x 108.5 12.23x

30.09.2012 1'746.8 1.47x 242.8 10.55x 257.2 9.10x

242.80 104.50 5.98% 11.81% 11.79% 272.75% 0.80% 13.9% 6.0% 14.7% 0.65 0.41 33.53% 453.02% 7.62 -

1'240'130 743'290 684'811

LTM-4Q

LTM

FY+1

01/yy 1'485.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 1'754.8 0.00x 0.0 0.00x 0.0 0.00x

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 1'806.5 1'828.4 1.82x 1.75x 360.8 373.7 9.29x 8.97x 194.4 204.8 13.83x 12.92x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

2'500.0

12.00

2.55 1.07 281.04 70.43% 28.04% 1.073 21 3.667

FY+2

FQ+1

FQ+2

23.04.2009 BB+ POS 23.04.2009 B 3.79 2.85 2.57 3.00 453.0% 74.0% 0.80 6.43 47.77 -

2'000.0

10.00

1'500.0

8.00 6.00

1'000.0

4.00

500.0 2.00 0.00 09.10.2009

0.0 09.04.2010

09.10.2010

09.04.2011

09.10.2011

09.04.2012

09.10.2012

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 |

28.02.2013

Daily Mail & General Trust PLC Holdings By:

All

Holder Name DIRECTOR & RELATED H ROTHERMERE VISCOUNT CAPITAL GROUP COMPAN SCHRODER INVESTMENT SCHRODER INVESTMENT GREENLIGHT CAPITAL I AVIVA INVESTORS TWEEDY BROWNE COMPAN UBS THREADNEEDLE ASSET M LINDSELL TRAIN INVES F&C ASSET MANAGEMENT JUPITER ASSET MANAGE TWEEDY BROWNE COMPAN IGNIS ASSET MANAGEME RWC PARTNERS LTD CAPITA FINANCIAL MAN CAZENOVE CAPITAL MAN CAZENOVE UNIT TRUST HOARES BANK

Firm Name

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

Analyst

Panmure Gordon & Co Limited ALEX DE GROOTE Macquarie ANGUS TWEEDIE Liberum Capital Ltd IAN WHITTAKER HSBC DAN GRAHAM Westhouse Securities RODDY DAVIDSON Deutsche Bank MARK BRALEY Exane BNP Paribas WILLIAM PACKER Barclays NICK DEMPSEY Investec STEVEN LIECHTI Credit Suisse JOSEPH BARNET-LAMB Canaccord Genuity Corp SIMON DAVIES Numis Securities Ltd GARETH R DAVIES Jefferies DAVID REYNOLDS EVA Dimensions CRAIG STERLING Peel Hunt PATRICK YAU Espirito Santo Investment Bank Research MARK EVANS JPMorgan MARCUS DIEBEL Goldman Sachs VIGHNESH PADIACHY Morgan Stanley PATRICK WELLINGTON N+1 Singer Ltd JOHNATHAN BARRETT Nomura MATTHEW WALKER

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

Recommendation buy neutral buy underweight neutral hold neutral equalweight buy outperform hold buy buy overweight hold neutral neutral neutral/neutral Equalwt/Attractive not rated reduce

Amt Held % Out 76'699'940 21.44 75'134'502 21 51'342'798 14.35 41'950'846 11.73 25'584'806 7.15 (16'075'828) -4.49 11'461'879 3.2 11'061'849 3.09 11'013'707 3.08 10'392'638 2.9 8'283'870 2.32 7'163'435 2 6'881'450 1.92 6'766'162 1.89 6'759'755 1.89 6'186'108 1.73 5'372'218 1.5 5'368'892 1.5 5'165'200 1.44 4'880'860 1.36

Latest Chg (99'002) 1'313'221 32'552 2'002'575 (217'732) (60'365) 350'518 3'146'995 459'990 (23'949) 3'399'504 (2'246'924) 96'500 (6'437) 1'250'200 -

Weighting

Target Price

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

Change M U M M N U U M M M M M N U M N M M M M M

635 650 625 490 604 630 620 675 665 700 600 705 683 #N/A N/A 556 555 642 590 545 #N/A N/A 440

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

File Dt Inst Type 01.12.2012 Other 30.09.2012 n/a 31.12.2012 Investment Advisor 01.12.2012 Investment Advisor 31.10.2012 Investment Advisor 02.11.2012 Hedge Fund Manager 01.12.2012 Investment Advisor 01.12.2012 Investment Advisor 01.12.2012 Unclassified 01.12.2012 Investment Advisor 01.12.2012 Unclassified 01.12.2012 Investment Advisor 01.12.2012 Investment Advisor 31.03.2012 Investment Advisor 01.12.2012 Investment Advisor 01.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 01.12.2012 Investment Advisor 31.12.2012 Investment Advisor 01.12.2012 Unclassified

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

Date 26.02.2013 25.02.2013 21.02.2013 19.02.2013 12.02.2013 08.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 04.02.2013 29.01.2013 23.01.2013 14.01.2013 11.01.2013 09.01.2013 25.11.2012 24.02.2012 01.09.2011

28.02.2013

Davide Campari-Milano SpA Davide Campari - Milano S.p.A. is a global producer and distributor of branded spirits, wines, and soft drinks. The Company's products include aperitifs, vodka, tequila, liquors, vermouths and various wines as well as flavored sodas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.10.2012) 52-Week Low (30.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CPR IM EQUITY YTD Change CPR IM EQUITY YTD % CHANGE

12/2011 09/yy 6.55 5.00 1'409'772.00 5.975 -8.71% 19.50% 63.11% 580.8 3'470.28 1'049.90 0.0 3.7 414.20 4'139.98

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

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 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 31.12.2007 957.5 2.29x 220.1 9.97x 125.2 15.24x

31.12.2008 31.12.2009 942.3 1'008.4 1.80x 2.80x 214.7 260.8 7.92x 10.84x 126.5 137.1 10.91x 30.40x Profitability

31.12.2010 1'163.0 2.99x 295.0 11.78x 156.2 18.04x

31.12.2011 1'274.2 2.83x 325.8 11.08x 159.2 19.06x 325.80 295.50 23.19% 19.68% 5.83% 12.29% 8.35% 0.47% 57.7% 25.6% 23.2% 12.5% 1.95 1.26 36.19% 76.99% 4.57 1.59

0.58 284.59 7.86% 3.02% 0.575 22 2.955 1'679'738 1'491'199 1'534'382

LTM-4Q

LTM

FY+1

09/yy 1'257.4 5.88x 322.0 0.00x 162.6 21.36x

09/yy 1'316.5 5.65x 332.8 0.00x 155.9 22.68x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'337.4 1'599.4 406.5 3.15x 2.65x 337.6 383.3 12.26x 10.80x 169.7 198.9 20.19x 17.47x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

30.00

1'400.0

25.00

1'200.0

FY+2

FQ+1

FQ+2

7.26 6.36 2.00 3.14 77.0% 43.4% 0.47 4.11 80.09 230.56 114.16 177.97

1'000.0

20.00

800.0 15.00

600.0

10.00

400.0

5.00

200.0

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 |

28.02.2013

Davide Campari-Milano SpA Holdings By:

All

Holder Name ALICROS SPA CEDAR ROCK CAPITAL L MORGAN STANLEY MORGAN STANLEY INVES INDEPENDENT FRANCHIS CAPITAL GROUP COMPAN GAMCO CAZENOVE UNIT TRUST VANGUARD GROUP INC CARMIGNAC GESTION ARTISAN PARTNERS HOL T ROWE PRICE ASSOCIA BLACKROCK GCIC LTD/CANADA ALLIANZ ASSET MANAGE AGF INVESTMENTS INC MASSACHUSETTS FINANC FMR LLC DEUTSCHE BANK AG DWS INVESTMENT S A

Firm Name JPMorgan Exane BNP Paribas Mediobanca SpA Banca Akros(ESN) Banca IMI Liberum Capital Ltd Barclays EVA Dimensions Nomura Goldman Sachs Societe Generale Kepler Capital Markets Deutsche Bank Berenberg Bank Centrobanca Equita SIM SpA CA Cheuvreux Natixis Hammer Partners SA Redburn Partners Ricerca Finanza

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

Analyst MIKE J GIBBS FRANCOIS MOSNIER EMANUELA MAZZONI CLAUDIO GIACOMIELLO LUCA BACOCCOLI PABLO ZUANIC SAMAR CHAND AUSTIN BURKETT EDWARD MUNDY MITCHELL COLLETT NICOLAS CERON LAETITIA DELAYE JAMES ISENWATER PHILIP MORRISEY SIMONE RAGAZZI PAOLA CARBONI MARCO BACCAGLIO OLIVIER DELAHOUSSE ALBERTO ROLLA CHRISTIAN DE ROUALLE MASSIMO INTROPIDO

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

Recommendation overweight neutral neutral hold hold hold underweight underweight neutral sell/attractive sell reduce hold hold buy hold select list buy buy neutral outperform

Amt Held 296'207'994 60'989'807 13'442'273 11'865'744 11'749'584 5'388'500 4'433'000 4'313'200 3'214'699 2'470'279 2'367'647 2'189'628 2'017'308 1'966'500 1'634'797 1'609'933 1'188'236 971'598 940'858 888'738

% Out 51 10.5 2.31 2.04 2.02 0.93 0.76 0.74 0.55 0.43 0.41 0.38 0.35 0.34 0.28 0.28 0.2 0.17 0.16 0.15

Latest Chg (122'371) 92'000 29'694 579'022 (1'408'957) 30'818 1'835'922 117'649 893'989 37'408 970'419 38'290

File Dt Inst Type 05.11.2012 Investment Advisor 05.11.2012 Investment Advisor 31.12.2012 Investment Advisor 05.11.2012 Investment Advisor 05.11.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 30.06.2012 Investment Advisor 28.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 30.04.2012 Investment Advisor 28.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager

Weighting

Change

Target Price

Date

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

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

6 6 6 6 6 #N/A N/A 5 #N/A N/A 6 6 6 5 6 6 7 6 7 7 7 #N/A N/A #N/A N/A

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

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

Date 26.02.2013 22.02.2013 18.02.2013 18.02.2013 05.02.2013 25.01.2013 23.01.2013 17.01.2013 16.01.2013 09.01.2013 04.12.2012 16.11.2012 13.11.2012 29.10.2012 04.10.2012 05.09.2012 04.09.2012 04.09.2012 04.09.2012 15.06.2010 01.06.2010

28.02.2013

DCC PLC DCC is a sales, marketing, distribution and business support services Group. The Group operates in the following sectors, energy, IT & entertainment products, healthcare, environmental services and food & beverage. DCC's strategy is to grow a sustainable, diversified business.

Price/Volume 30

.9 M .8 M

.7 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.02.2013) 52-Week Low (10.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DCC ID EQUITY YTD Change DCC ID EQUITY YTD % CHANGE

03/2012 01/yy 27.40 17.55 122'393.00 26.7 -2.55% 52.14% 92.89% 83.7 2'234.61 919.36 0.0 2.7 630.02 2'621.74

.5 M

31.03.2008 5'532.0 0.26x 213.1 6.63x 164.5 7.32x

.4 M

.3 M .2 M

.1 M

0 f-12

.0 M m-12

a-12

31.03.2009 31.03.2010 6'400.1 6'725.0 0.19x 0.27x 224.6 239.8 5.39x 7.65x 116.3 130.8 8.01x 12.09x Profitability

31.03.2011 8'680.6 0.24x 282.5 7.39x 145.1 12.88x

31.03.2012 10'690.3 0.18x 240.7 8.02x 102.4 15.12x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

240.73 173.92 1.63% 1.24% 3.03% 10.64% 7.62% 3.57% 7.1% 2.0% 1.4% 1.0% 1.37 1.05 24.29% 90.91% 33.65

2.99 0.71 77.90 44.16% 7.66% 0.708 4 3.500 179'766 223'229 177'450

LTM-4Q

LTM

FY+1

01/yy

03/13 Y 03/14 Y 13'129.0 13'566.7 0.19x 0.18x 288.3 309.3 9.09x 8.48x 155.0 177.0 13.48x 12.44x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 03.04.2009

m-12

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

.6 M

FY+2

FQ+1

FQ+2

4.77 3.38 1.54 3.90 90.9% 47.6% 3.57 26.95 10.88 8.06

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 |

28.02.2013

DCC PLC Holdings By:

All

Holder Name FMR LLC INVESCO LTD PRUDENTIAL PLC TRIMARK INVESTMENT M FRANKLIN RESOURCES SETANTA ASSET MANAGE FLAVIN JAMES FRANCIS BESTINVER GESTION SG T ROWE PRICE ASSOCIA VANGUARD GROUP INC MAWER INVESTMENT MAN BLACKROCK BNP PARIBAS INV PART INVESCO CANADA LTD MASSACHUSETTS FINANC IG INVESTMENT MANAGE MANULIFE ASSET MANAG TOCQUEVILLE ASSET MA ARTEMIS INVESTMENT M SCHRODER INVESTMENT

Firm Name Goodbody Stockbrokers Ltd JPMorgan EVA Dimensions Davy

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios TOCQUEVILLE ASSET MA Multiple Portfolios Multiple Portfolios

Analyst DAVID O'BRIEN ROBERT PLANT CRAIG STERLING JOSHUA GOLDMAN

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

Recommendation buy neutral sell outperform

Amt Held 10'721'808 7'520'037 5'823'560 4'881'284 4'420'984 2'598'147 2'532'850 2'365'865 2'265'846 1'592'385 1'138'378 553'324 528'705 511'411 496'592 490'778 461'721 436'799 376'200 317'555

% Out 12.81 8.99 6.96 5.83 5.28 3.1 3.03 2.83 2.71 1.9 1.36 0.66 0.63 0.61 0.59 0.59 0.55 0.52 0.45 0.38

Latest Chg (73'444) 804'091 (857'398) (11'807) (823'081) (1'398) 24'042 86'668 57'759 (3'744) 33'418 84'324 (39'000) 1'200 (17'804)

File Dt Inst Type 22.10.2012 Investment Advisor 15.06.2012 Investment Advisor 01.02.2013 Investment Advisor 30.09.2012 Unclassified 31.12.2012 Investment Advisor 19.05.2011 Unclassified 31.03.2012 n/a 19.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Weighting

Change

Target Price

Date

5 3 1 5

M M M M

27 26 #N/A N/A #N/A N/A

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

12 month 12 month Not Provided Not Provided

Date 27.02.2013 06.02.2013 17.01.2013 06.11.2012

28.02.2013

De La Rue PLC De La Rue plc group specializes in the supply of cash handling equipment and security products. The Company produces approximately 150 national currencies, electric transaction solutions and identity systems. Their various security items include stamps, vouchers, passports, travelers checks, drivers licenses and ATM mechanisms, as well as security papers, threads and tear tapes.

Price/Volume 1200

1.4 M 1.2 M

800

1.0 M

600

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.10.2012) 52-Week Low (10.04.2012) 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 DLAR LN EQUITY YTD Change DLAR LN EQUITY YTD % CHANGE

03/2012 01/yy 1'080.00 883.00 92'015.00 939 -13.06% 6.34% 28.43% 99.6 935.52 48.80 0.0 3.9 24.00 1'091.82

31.03.2008 467.0 2.62x 106.1 11.54x 88.1 20.43x

.8 M .6 M

400

.4 M 200

.2 M

0 f-12 m-12

.0 M a-12 m-12

31.03.2009 31.03.2010 502.4 561.1 1.93x 1.68x 123.0 124.7 7.89x 7.57x 363.0 69.9 18.76x 13.24x Profitability

31.03.2011 463.9 1.77x 67.2 12.25x 66.9 11.76x

31.03.2012 528.3 1.75x 91.7 10.08x 31.6 28.28x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

91.70 65.10 12.32% 6.23% 8.74% 1.27% 17.8% 12.7% 6.0% 0.61 0.30 11.95% 6.18 -

4.50 0.32 94.15 2.94% 2.90% 0.316 8 3.750 121'175 235'772 222'903

LTM-4Q

LTM

FY+1

01/yy

03/13 Y 03/14 Y 509.2 577.0 2.02x 1.80x 87.9 130.2 12.43x 8.39x 43.4 70.3 21.05x 13.28x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

40.00

800.0

35.00

700.0

30.00

600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 03.04.2009

j-12

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

1.6 M

1000

FY+2

FQ+1

FQ+2

20.84 13.55 1.60 1.85 1525.0% 1.27 3.31 60.06 -

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 |

28.02.2013

De La Rue PLC Holdings By:

All

Holder Name PRUDENTIAL PLC MONDRIAN INVESTMENT SCHRODERS PLC KAMES CAPITAL PLC AEGON FRANKLIN RESOURCES THREADNEEDLE ASSET M CAPITAL GROUP COMPAN JUPITER ASSET MANAGE RUANE CUNNIFF & GOLD BLACKROCK LEGAL & GENERAL LIONTRUST MASSACHUSETTS MUTUAL NORDEA INV MANAGEMEN NORDEA BANK AB NORGES BANK INVESTME T ROWE PRICE ASSOCIA ALTA ADVISERS LTD NEWTON INV MGMT

Firm Name Investec Numis Securities Ltd JPMorgan Panmure Gordon & Co Limited Goldman Sachs EVA Dimensions

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

Analyst THOMAS RANDS CHARLES PICK ALEXANDER MEES PAUL JONES BENJAMIN MOORE CRAIG STERLING

Source RNS-MAJ REG RNS-MAJ RNS-MAJ ULT-AGG ULT-AGG REG ULT-AGG RNS-MAJ RNS-MAJ ULT-AGG ULT-AGG ULT-AGG Co File MF-AGG REG REG RNS-RUL8 RNS-RUL8 REG

Recommendation buy hold overweight hold neutral/neutral hold

Amt Held 14'753'114 7'709'584 6'135'926 6'011'600 5'673'342 5'520'290 5'320'663 5'166'224 5'072'695 4'641'718 4'518'593 4'218'601 3'934'027 3'008'890 2'790'500 2'790'500 2'431'250 2'403'582 2'334'296 2'297'322

% Out 14.81 7.74 6.16 6.03 5.69 5.54 5.34 5.19 5.09 4.66 4.54 4.23 3.95 3.02 2.8 2.8 2.44 2.41 2.34 2.31

Latest Chg 3'802'329 1'137'232 (213'180) 153'412 (254'498) (1'086'690) (126'757) (4'460'412) 3'174'584 (1'788'681) 42'819 (1'011'241) (130'550) (130'550) (3'781) 317 1'154'123

File Dt Inst Type 15.02.2013 Investment Advisor 03.12.2012 Hedge Fund Manager 18.06.2012 Investment Advisor 12.12.2012 Investment Advisor 03.12.2012 Unclassified 31.12.2012 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Investment Advisor 03.01.2013 Investment Advisor 27.08.2010 Investment Advisor 26.02.2013 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Unclassified 31.03.2012 Insurance Company 28.09.2012 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Government 17.01.2011 Investment Advisor 06.12.2010 Other 03.12.2012 Mutual Fund Manager

Weighting

Change

Target Price

Date

5 3 5 3 3 3

M M M M M M

960 1'009 1'170 932 1'175 #N/A N/A

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

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

Date 22.02.2013 04.02.2013 01.02.2013 01.02.2013 22.01.2013 15.01.2013

28.02.2013

Debenhams PLC Debenhams PLC operates department stores in the United Kingdom and Ireland. The Company's stores retail men's, women's, and children's clothes, cosmetics, electrical appliances, home furnishings, bicycles, luggage, garden products, flowers, and giftware. Their stores are situated in high street locations and out of town retail parks.

Price/Volume 140

Latest Fiscal Year: LTM as of: 52-Week High (02.11.2012) 52-Week Low (09.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DEB LN EQUITY YTD Change DEB LN EQUITY YTD % CHANGE

08/2012 01/yy 124.80 70.05 5'708'248.00 93.6 -25.00% 33.62% 43.01% 1'255.9 1'175.53 412.70 0.0 0.0 44.00 1'544.23

15.0 M

10.0 M

40 5.0 M

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

20.0 M

100

Valuation Analysis

31.08.2008 1'839.2 0.78x 260.8 5.48x 77.1 5.55x

25.0 M

120

31.08.2009 31.08.2010 1'915.6 2'119.9 0.84x 0.60x 275.1 283.4 5.86x 4.49x 95.1 97.0 7.94x 7.79x Profitability

31.08.2011 2'209.8 0.49x 263.1 4.12x 117.2 5.97x

31.08.2012 2'229.8 0.72x 252.0 6.39x 125.3 9.87x

252.00 160.40 7.19% 7.10% 6.10% 18.98% 13.00% 1.09% 13.6% 11.3% 7.2% 5.6% 0.63 0.09 19.74% 62.44% 102.76 5.90

3.53 1.01 1'083.45 31.12% -17.89% 1.015 23 3.870 6'925'337 6'661'620 5'687'607

LTM-4Q

LTM

FY+1

01/yy

08/13 Y 08/14 Y 2'620.5 2'705.1 0.59x 0.56x 278.1 295.7 5.55x 5.22x 130.6 139.7 9.00x 8.14x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

8.00

2'500.0

FY+2

FQ+1

FQ+2

14.08 8.41 1.46 1.64 62.4% 38.4% 1.09 3.44 3.54 61.71 56.82 8.44

7.00

2'000.0

6.00 5.00

1'500.0

4.00

1'000.0

3.00 2.00

500.0

1.00 0.00 04.09.2009

0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

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

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

28.02.2013

Debenhams PLC Holdings By:

All

Holder Name SCHRODER INVESTMENT SCHRODER INVESTMENT MILESTONE RESOURCES DELTA LLOYD NV MAJEDIE ASSET MANAGE BESTINVER GESTION SG OLD MUTUAL JP MORGAN LEGAL & GENERAL LSV ASSET MANAGEMENT UBS BESTINFOND FL AEGON NORGES BANK INVESTME BANK OF NEW YORK MEL SCOTTISH WIDOWS DELTA LLOYD FUND MAN GLOBEFLEX CAPITAL LP WILLIAM BLAIR & COMP DIMENSIONAL FUND ADV

Firm Name

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

Analyst

Espirito Santo Investment Bank Research SANJAY VIDYARTHI EVA Dimensions CRAIG STERLING Cantor Fitzgerald KATE CALVERT Investec BETHANY HOCKING Nomura FRASER RAMZAN Redburn Partners GEOFF LOWERY JPMorgan GEORGINA JOHANAN N+1 Singer Ltd MATTHEW MCEACHRAN Morgan Stanley GEOFFREY RUDDELL Oriel Securities Ltd EITHNE O'LEARY Peel Hunt JOHN STEVENSON Exane BNP Paribas BEN SPRUNTULIS Numis Securities Ltd ANDREW WADE Societe Generale ANNE CRITCHLOW Barclays CHRISTODOULOS CHAVIARAS HSBC PAUL ROSSINGTON Shore Capital Stockbrokers CLIVE WILLIAM BLACK Panmure Gordon & Co Limited JEAN ROCHE Deutsche Bank WARWICK OKINES Goldman Sachs FRANKLIN WALDING Merchant Securities AMISHA CHOHAN

Source REG MF-AGG REG ULT-AGG RNS-MAJ Co File ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG RNS-MAJ ULT-AGG REG REG ULT-AGG MF-AGG REG 13F REG

Recommendation buy overweight reduce buy neutral sell overweight buy Equalwt/Cautious buy buy neutral reduce buy equalweight overweight corporate hold hold neutral/neutral hold

Amt Held 191'851'820 127'246'115 89'183'155 74'272'310 66'480'510 61'554'348 61'131'734 51'411'547 46'538'959 42'795'709 38'881'131 38'168'003 33'044'727 32'263'085 31'815'149 31'046'972 29'351'769 20'718'087 20'377'423 18'839'419

% Out 15.28 10.13 7.1 5.91 5.29 4.9 4.87 4.09 3.71 3.41 3.1 3.04 2.63 2.57 2.53 2.47 2.34 1.65 1.62 1.5

Latest Chg 4'030'496 (5'865'286) 35'809'159 (1'261'230) (1'938'087) 3'131'453 1'443'000 12'967'409 72'433 19'398'848 26'997'970 (3'522'070) 966'769 (317'000) 1'891'770 967'167

Weighting

Change

Target Price

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

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

125 #N/A N/A 95 130 120 #N/A N/A 137 122 110 150 130 105 95 130 105 135 #N/A N/A 112 120 121 #N/A N/A

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

File Dt Inst Type 01.11.2012 Investment Advisor 31.10.2012 Investment Advisor 01.11.2012 Unclassified 15.02.2013 Bank 01.02.2013 Investment Advisor 19.10.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Unclassified 01.11.2012 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Unclassified 06.07.2012 n/a 01.11.2012 Unclassified 01.11.2012 Government 01.11.2012 Investment Advisor 01.11.2012 Unclassified 31.10.2012 Investment Advisor 01.11.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor

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

Date 15.02.2013 15.02.2013 11.02.2013 07.02.2013 05.02.2013 05.02.2013 04.02.2013 31.01.2013 27.01.2013 25.01.2013 23.01.2013 22.01.2013 16.01.2013 09.01.2013 09.01.2013 08.01.2013 08.01.2013 08.01.2013 18.12.2012 06.12.2012 19.04.2012

28.02.2013

Delta Lloyd NV Delta Lloyd N.V. provides insurance and financial services. The Company provides life, health, and other types of insurance, as well as pension, asset management, and banking products and services, to customers in the Netherlands, Belgium, and Germany.

Price/Volume 16

45.0 M

40.0 M

35.0 M 30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DL NA EQUITY YTD Change DL NA EQUITY YTD % CHANGE

12/2012 09/yy 14.82 9.20 1'180'823.00 13.14 -11.31% 42.78% 70.15% 176.8 2'493.87 6'898.60 0.0 309.4 3'543.40 6'971.57

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

20.0 M

15.0 M

10.0 M

5.0 M

0 f-12 m-12

.0 M a-12 m-12

31.12.2009 31.12.2010 8'344.2 9'071.0 1.19x 1.10x (124.4) 620.8 4.32x Profitability

31.12.2011 9'743.6 0.60x (312.7) -

31.12.2012

j-12

a-12

s-12

o-12

n-12

d-12

j-13

(1'495.0) 2.68% -4.25% 0.00% 0.16% -3.2% 9.22% 0.00% -

1.37 166.65 4.09% 6.53% 1.368 18 3.944 1'156'153 876'260 1'506'467

LTM-4Q

LTM

FY+1

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

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'127.5 8'996.0 1.07x 1.15x 427.1 437.0 5.11x 5.34x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

0.60

12'000.0

0.50

10'000.0

0.40

8'000.0

0.30

6'000.0

0.20

4'000.0

0.10

2'000.0

0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 7'123.3 (160.8) -

25.0 M

FY+2

FQ+1

FQ+2

BBB+ STABLE 0.0% 62.3% 0.16 -

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 |

28.02.2013

Delta Lloyd NV Holdings By:

All

Holder Name EINHORN D MASSACHUSETTS FINANC VANGUARD GROUP INC ING INVESTMENT MANAG HENDERSON GLOBAL INV ROBECO FUND MANAGEME BLACKROCK SCHRODER INVESTMENT DIMENSIONAL FUND ADV FMR LLC STICHTING FONDS NUTS DELTA LLOYD FUND MAN AMUNDI PRINCIPAL FINANCIAL ACHMEA BELEGGINSFOND OPPENHEIMERFUNDS INC LBPAM LBBW ASSET MANAGEMEN SMITH & WILLIAMSON H MCLEAN BUDDEN LTD

Firm Name ING Bank JPMorgan HSBC Credit Suisse Rabobank International Goldman Sachs ABN Amro Bank N.V. Theodoor Gilissen Securities EVA Dimensions Morgan Stanley RBC Capital Markets SNS Securities(ESN) Societe Generale Petercam CA Cheuvreux Deutsche Bank Kepler Capital Markets Nomura

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

Analyst ALBERT PLOEGH ASHIK MUSADDI STEVEN HAYWOOD RICHARD BURDEN COR KLUIS COLIN L SIMPSON JAN WILLEM WEIDEMA TOM MULLER AUSTIN BURKETT DAVID ANDRICH GORDON AITKEN LEMER SALAH JASON KALAMBOUSSIS MATTHIAS DE WIT HANS PLUIJGERS ROBIN BUCKLEY BENOIT PETRARQUE TEAM COVERAGE

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

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

Amt Held 8'931'508 4'959'228 3'680'409 1'598'468 1'439'716 1'400'000 1'281'336 1'257'156 1'200'523 1'199'012 1'068'790 1'064'840 961'123 869'791 778'658 649'695 533'762 502'900 495'800 487'150

% Out 5.05 2.81 2.08 0.9 0.81 0.79 0.72 0.71 0.68 0.68 0.6 0.6 0.54 0.49 0.44 0.37 0.3 0.28 0.28 0.28

Latest Chg 518'728 61'787 225'296 (100'000) 21'144 (86'894) 206'917 (4'684) 247'801 381'594 96'645 (141'680)

File Dt Inst Type 31.12.2010 n/a 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 26.02.2013 Investment Advisor 31.07.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2009 Other 31.10.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 30.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 30.11.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor

Weighting

Change

Target Price

Date

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

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

16 14 16 16 19 16 14 16 #N/A N/A 16 14 17 17 17 12 14 17 21

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

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

Date 27.02.2013 19.02.2013 11.02.2013 07.02.2013 21.01.2013 18.01.2013 18.01.2013 15.01.2013 15.01.2013 10.01.2013 09.01.2013 09.01.2013 04.12.2012 26.11.2012 20.11.2012 26.07.2012 12.04.2011 31.03.2011

28.02.2013

Deutsche Euroshop AG Deutsche Euroshop AG invests in shopping centers. The Company owns shopping centers in locations throughout Europe. The properties are primarily in city centers.

Price/Volume 35

.9 M

.8 M .7 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.12.2012) 52-Week Low (11.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DEQ GY EQUITY YTD Change DEQ GY EQUITY YTD % CHANGE

12/2011 09/yy 32.45 25.36 75'760.00 31.19 -3.88% 23.01% 82.24% 53.9 1'682.56 1'472.15 0.0 280.1 64.41 3'080.50

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

.5 M

.4 M .3 M

.2 M

5 0 f-12

.1 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 31.12.2007 100.8 17.00x 81.2 21.11x 94.2 8.64x

.6 M

31.12.2008 31.12.2009 120.2 130.8 15.07x 14.30x 102.2 113.0 17.72x 16.55x 68.9 34.4 12.15x 25.45x Profitability

31.12.2010 147.6 20.30x 126.5 23.69x 81.8 16.10x

31.12.2011 193.1 15.37x 167.8 17.69x 93.4 13.70x 167.81 102.02 52.83% 74.62% 3.29% 8.96% 4.11% 0.07% 87.9% 48.4% 45.65% 123.39% -

72'074 77'430 98'279

LTM-4Q

LTM

FY+1

09/yy 177.6 62.90x 152.0 18.82x 83.5 15.56x

09/yy 212.8 53.98x 186.9 15.50x 103.3 14.53x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 209.1 216.3 52.5 54.4 16.66x 16.09x 60.47x 58.07x 184.3 190.9 44.3 48.7 16.70x 16.12x 16.16x 15.80x 100.7 105.8 32.0 21.4 18.02x 17.24x 16.04x 16.20x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

30.00

250.0

25.00

0.63 43.23 25.50% -1.42% 0.626 26 3.462

FY+2

FQ+1

FQ+2

2.55 1.38 7.48 7.95 123.4% 50.0% 0.07 -

200.0

20.00

150.0

15.00

100.0 10.00

50.0

5.00 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 |

28.02.2013

Deutsche Euroshop AG Holdings By:

All

Holder Name OTTO ALEXANDER OTTO BENJAMIN BLACKROCK HERTIE FOUNDATION WELLINGTON MANAGEMEN DEUTSCHE BANK AG ALLIANZ ASSET MANAGE BAY POND PARTNERS LP VANGUARD GROUP INC BAY POND INVESTORS B ADIG INVESTMENT NATIXIS ASSET MANAGE CQS UK LLP DEKA INVESTMENT GMBH DEXIA VERITAS SG INVESTMEN UNION INVESTMENT GMB SCOTTISH WIDOWS ING INTERNATIONAL AD COHEN & STEERS CAPIT

Firm Name

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

Analyst

Commerzbank Corporates & Markets THOMAS ROTHAEUSLER HSBC THOMAS MARTIN Deutsche Bank MARKUS SCHEUFLER Oddo & Cie MARINE LAFITTE Natixis SERGE DEMIRDJIAN Petercam STEPHAN VAN WEEREN EVA Dimensions AUSTIN BURKETT Kempen & Co THOMAS VAN DER MEIJ Bankhaus Lampe GEORG KANDERS GSC Research MATTHIAS SCHRADE Societe Generale MICHEL VARALDO Bankhaus Metzler JOCHEN SCHMITT Independent Research GmbH STEFAN BONGARDT Berenberg Bank KAI MALTE KLOSE M.M. Warburg Investment Research ANDREAS PLAESIER Kepler Capital Markets DIRK BECKER LFG Kronos Investment Services GmbH THOMAS ANEY Close Brothers Equity Markets MANUEL MARTIN DZ Bank AG ULRICH GEIS Rabobank International MARTIJN VAN DEN EIJNDEN Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER Silvia Quandt Research RALF GROENEMEYER Baader Bank ANDRE REMKE ABN Amro Bank N.V. MICHIEL DE JONGE Edge Capital Research MARIYA PANAYOTOVA

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

Recommendation hold neutral hold neutral reduce reduce underweight overweight hold buy buy buy hold buy buy hold add hold hold buy hold neutral hold reduce outperform

Amt Held % Out 5'163'390 9.57 3'996'270 7.41 3'162'039 5.86 1'559'268 2.89 (1'375'610) -2.55 1'202'605 2.23 912'183 1.69 (681'534) -1.26 569'244 1.06 (423'377) -0.78 366'492 0.68 317'700 0.59 (312'884) -0.58 262'977 0.49 247'831 0.46 245'000 0.45 240'000 0.44 224'674 0.42 210'000 0.39 178'745 0.33

Latest Chg (6'070) 118'680 (15'500) (1'462) (51'631) 15'937 (41'305) (144'000) 53'754 37'762 65'958 (16'700) (50'596) (47'876) 3'000 172'606

File Dt Inst Type 14.11.2012 n/a 31.12.2011 n/a 26.02.2013 Investment Advisor 31.12.2011 Other 09.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 27.07.2012 Unclassified 31.12.2012 Investment Advisor 30.07.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 14.02.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2011 Bank 30.11.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.10.2012 Unclassified 28.09.2012 Investment Advisor 25.02.2013 Investment Advisor

Weighting

Target Price

Date

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

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

31 33 33 34 27 29 #N/A N/A 33 33 #N/A N/A 35 33 32 34 34 32 34 30 30 34 30 31 33 27 30

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

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

Date 27.02.2013 26.02.2013 23.02.2013 29.01.2013 29.01.2013 22.01.2013 17.01.2013 13.01.2013 21.12.2012 21.12.2012 18.12.2012 12.12.2012 06.12.2012 05.12.2012 26.11.2012 26.11.2012 20.11.2012 19.11.2012 19.11.2012 15.11.2012 14.11.2012 14.11.2012 10.11.2012 14.08.2012 12.08.2011

28.02.2013

Deutsche Wohnen AG Deutsche Wohnen AG develops, rents and sells residential properties.

Price/Volume 16

3.0 M

2.5 M

12 2.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.12.2012) 52-Week Low (06.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DWNI GY EQUITY YTD Change DWNI GY EQUITY YTD % CHANGE

12/2011 09/yy 14.96 9.47 191'726.00 13.99 -6.45% 47.78% 82.42% 160.7 2'242.80 1'834.67 0.0 0.3 167.83 4'711.59

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

1.0 M

4 .5 M

2 0 f-12

.0 M m-12

a-12

31.12.2008 31.12.2009 417.0 404.4 5.57x 5.74x 102.4 133.4 22.69x 17.40x (255.9) (13.3) Profitability

31.12.2010 479.7 5.42x 137.3 18.92x 23.8 36.21x

31.12.2011 387.6 7.01x 142.8 19.02x 50.6 16.83x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

142.85 139.45 11.80% 22.14% 2.10% 6.80% 2.35% 0.11% 21.3% 13.0% 55.56% 169.40% -

0.73 140.11 47.16% -0.07% 0.729 23 3.261 226'149 282'891 331'328

LTM-4Q

LTM

FY+1

09/yy 501.5 21.04x 145.2 18.52x 33.4 24.48x

09/yy 445.0 29.57x 95.0 47.08x 81.6 16.42x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 328.8 413.3 64.3 72.1 14.64x 11.69x 72.12x 67.74x 194.7 248.1 46.8 57.4 24.20x 18.99x 21.34x 21.08x 85.9 122.1 39.9 27.3 21.39x 18.53x 17.21x 17.06x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

1'200.00

600.0

1'000.00

500.0

800.00

400.0

600.00

300.0

400.00

200.0

200.00

100.0

0.00 02.01.2009 02.07.2009

m-12

Fiscal Year Ended 31.12.2007 266.7 10.08x 110.7 24.29x 29.8 15.83x

1.5 M

FY+2

FQ+1

FQ+2

1.52 -1.25 25.99 27.70 169.4% 62.9% 0.11 -

0.0 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 |

28.02.2013

Deutsche Wohnen AG Holdings By:

All

Holder Name MASSACHUSETTS FINANC BLACKROCK FIRST EAGLE INVESTME INTL KAPITALANAGEGES ZURICH DEUTSCHE HERO SUN LIFE FINANCIAL I CAPITAL GROUP INTERN MFS INTERNATIONAL LT COHEN & STEERS CAPIT AXA INVESTMENT MGRS AERZTEVERSORGUNG WES APG ALGEMENE PENSIOE ASSET VALUE INVESTOR RUFFER LLP WILLIAM BLAIR & COMP OYSTER ASSET MGMT SA GLOBAL INVESTMENT SE VANGUARD GROUP INC MACKAY SHIELDS LLC ALLIANZ ASSET MANAGE

Portfolio Name Multiple Portfolios n/a n/a n/a n/a n/a #N/A N/A n/a n/a n/a n/a n/a n/a n/a WILLIAM BLAIR & COMP n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Firm Name

Analyst

Commerzbank Corporates & Markets HSBC DZ Bank AG Bankhaus Lampe EVA Dimensions Morgan Stanley Independent Research GmbH M.M. Warburg Investment Research Berenberg Bank Close Brothers Equity Markets Kempen & Co Credit Suisse Bankhaus Metzler Deutsche Bank Baader Bank ABN Amro Bank N.V. JPMorgan Goldman Sachs Kepler Capital Markets Silvia Quandt Research Barclays Edge Capital Research

THOMAS ROTHAEUSLER THOMAS MARTIN ULRICH GEIS GEORG KANDERS AUSTIN BURKETT BIANCA RIEMER STEFAN BONGARDT TORSTEN KLINGNER KAI MALTE KLOSE MANUEL MARTIN THOMAS VAN DER MEIJ STEVE BRAMLEY-JACKSON JOCHEN SCHMITT MARKUS SCHEUFLER ANDRE REMKE MICHIEL DE JONGE NEIL GREEN JULIAN LIVINGSTON-BOOTH BURKHARD SAWAZKI RALF GROENEMEYER AARON GUY MARIYA PANAYOTOVA

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

Recommendation buy underweight buy hold sell Overwt/Attractive sell buy buy hold neutral outperform sell hold hold sell neutral neutral/neutral buy neutral overweight outperform

Amt Held 9'718'785 9'219'199 7'582'897 6'802'161 5'880'313 5'140'499 4'852'637 4'730'559 4'391'101 3'815'480 3'403'153 3'198'760 2'953'855 2'442'913 2'424'745 2'421'800 1'823'017 1'816'180 1'783'268 1'693'479

% Out 6.05 5.74 4.72 4.23 3.66 3.2 3.02 2.94 2.73 2.37 2.12 1.99 1.84 1.52 1.51 1.51 1.13 1.13 1.11 1.05

Latest Chg 290'949 (17'237) 1'592'288 95'682 75'815 200'268 188'406

File Dt Inst Type 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 17.01.2013 Hedge Fund Manager 16.08.2012 Unclassified 27.06.2012 Insurance Company 24.02.2012 Investment Advisor 19.02.2013 Investment Advisor 17.01.2013 Investment Advisor 19.09.2012 Investment Advisor 26.09.2012 Investment Advisor 24.02.2012 Other 24.02.2012 Pension Fund (ERISA) 12.03.2012 Investment Advisor 28.04.2011 Hedge Fund Manager 31.12.2012 Investment Advisor 22.07.2011 Mutual Fund Manager 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor

Weighting

Change

Target Price

Date

5 1 5 3 1 5 1 5 5 3 3 5 1 3 3 1 3 3 5 3 5 5

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

17 13 15 15 #N/A N/A 15 14 15 15 14 14 16 11 16 15 13 16 15 15 13 17 13

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

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

Date 27.02.2013 26.02.2013 29.01.2013 24.01.2013 17.01.2013 16.01.2013 16.01.2013 16.01.2013 16.01.2013 14.01.2013 13.01.2013 11.01.2013 10.01.2013 17.12.2012 29.11.2012 26.11.2012 21.11.2012 13.11.2012 12.11.2012 12.11.2012 15.10.2012 07.04.2011

28.02.2013

Dufry AG Dufry AG operates duty-free shops in countries such as Tunisia, Italy, Mexico, France, Russia, the United Arab Emirates, Singapore, the Caribbean and the United States.

Price/Volume 140

1.2 M

120

1.0 M

100

.8 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 12.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DUFN SE EQUITY YTD Change DUFN SE EQUITY YTD % CHANGE

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

31.12.2008 31.12.2009 2'113.5 2'378.7 0.79x 0.95x 277.3 288.1 6.02x 7.85x 95.0 38.5 8.62x 34.88x Profitability

31.12.2010 2'610.2 1.56x 328.0 12.43x 116.6 27.17x

31.12.2011 2'637.7 1.43x 344.3 10.94x 111.9 20.78x 344.30 212.80 8.07% 6.18% 4.50% 16.51% 9.60% 0.94% 58.2% 14.6% 9.3% 4.2% 1.33 0.40 47.03% 179.36% 45.16 3.13

Price/ Cash Flow

.2 M

20 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

1.02 24.09 16.18% 6.27% 1.021 12 4.000 269'545 227'924 180'800

LTM-4Q

LTM

FY+1

09/yy 2'523.0 5.86x 319.7 11.37x 112.2 18.79x

09/yy 3'122.6 5.58x 457.3 9.71x 149.0 20.34x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 3'187.2 3'768.1 851.5 1.65x 1.36x 480.9 596.1 136.0 10.75x 8.67x 229.2 273.3 42.0 15.24x 12.97x S&P Issuer Ratings

FY+2

FQ+1

FQ+2

15.10.2012 BB+ STABLE 6.24 5.06 2.79 3.18 179.4% 62.1% 0.94 12.60 8.11 116.85 73.25 53.93

Sales/Revenue/Turnover

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 02.01.2009

.4 M

Fiscal Year Ended 31.12.2007 1'930.3 1.22x 245.2 9.62x 75.0 23.55x

.6 M

12/2011 09/yy 133.20 101.60 147'822.00 127.1 -4.58% 25.10% 80.70% 29.7 3'771.54 1'560.40 0.0 84.1 199.10 5'168.54

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 |

28.02.2013

Dufry AG Holdings By:

All

Holder Name TRAVEL RETAIL INVEST HUDSON MEDIA INC ARTIO GLOBAL MANAGEM T ROWE PRICE ASSOCIA CREDIT SUISSE ASSET UBS FUND MANAGEMENT COLUMBIA WANGER ASSE HARTFORD INVESTMENT ROYAL BANK OF CANADA OPPENHEIMERFUNDS INC INVESTEC ASSET MANAG ALLIANZ ASSET MANAGE VANGUARD GROUP INC JUPITER ASSET MANAGE DEUTSCHE BANK AG SWISSCANTO FONDSLEIT SCHRODER INVESTMENT GLOBAL INVESTMENT SE INVESCO LTD CARMIGNAC GESTION

Firm Name Goldman Sachs Bank Vontobel AG Exane BNP Paribas EVA Dimensions Grupo Santander Credit Suisse Kepler Capital Markets CA Cheuvreux Natixis Deutsche Bank

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

Analyst MAYAN UTHAYAKUMAR RENE WEBER ROBERTA CIACCIA CRAIG STERLING REBECCA MCCLELLAN PATRICK JNGLIN JON COX MARCO BACCAGLIO MATTHIEU DETROYAT CHARLIE MUIR-SANDS

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

Recommendation Buy/Neutral buy neutral underweight buy outperform buy underperform buy buy

Amt Held 3'912'464 1'154'677 804'639 730'057 502'706 481'071 450'386 325'827 301'972 279'892 267'504 259'351 251'929 230'042 227'802 217'039 202'091 177'210 175'007 171'545

% Out 13.18 3.89 2.71 2.46 1.69 1.62 1.52 1.1 1.02 0.94 0.9 0.87 0.85 0.78 0.77 0.73 0.68 0.6 0.59 0.58

Latest Chg 1'688'901 (492'317) 566'414 (10'660) 9'686 84 25'022 (31'284) (381) 104'818 14'422 (3'499) (1'589) 202'091 1'700 5'467 22'100

File Dt Inst Type 17.01.2013 Other 31.12.2011 Other 20.03.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Bank 30.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.10.2012 Investment Advisor 27.02.2013 Investment Advisor 31.12.2012 Investment Advisor

Weighting

Change

Target Price

Date

5 5 3 1 5 5 5 1 5 5

M M D M M M M M M M

176 140 123 #N/A N/A 141 140 140 114 140 150

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

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

Date 06.02.2013 04.02.2013 29.01.2013 17.01.2013 11.12.2012 05.12.2012 18.11.2012 06.11.2012 31.07.2012 08.05.2012

28.02.2013

easyJet PLC easyJet plc, a low-cost passenger airline, conducts operations throughout the United Kingdom and mainland Europe. The Company sells the majority of its tickets through its Web site.

Price/Volume 1200

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

1000 800 600

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (05.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EZJ LN EQUITY YTD Change EZJ LN EQUITY YTD % CHANGE

09/2012 12/yy 1'023.00 422.00 1'067'500.00 977.5 -4.45% 131.64% 92.43% 396.3 3'873.59 957.00 0.0 0.0 883.00 3'947.59

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

200 0 f-12 m-12 a-12 m-12

30.09.2009 30.09.2010 2'666.8 2'973.0 0.62x 0.55x 108.9 259.0 15.22x 6.30x 71.2 121.0 22.47x 13.05x Profitability

30.09.2011 3'452.0 0.40x 359.0 3.85x 225.0 6.56x

30.09.2012 3'854.0 0.62x 437.0 5.43x 255.0 9.29x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

437.00 332.00 8.61% 8.23% 5.82% 14.58% 9.56% 0.88% 11.3% 8.6% 6.6% 1.05 0.79 22.28% 53.34% 38.35 -

2.20 0.88 249.52 126.33% 30.50% 0.877 29 3.862 1'084'982 1'394'688 1'277'595

LTM-4Q

LTM

FY+1

12/yy 3'561.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 3'924.0 0.00x 0.0 0.00x 0.0 0.00x

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 4'139.8 4'410.0 0.90x 0.80x 532.6 579.2 7.41x 6.82x 317.3 344.0 12.50x 11.58x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

16.00

4'500.0

14.00

4'000.0

12.00

3'500.0

FY+2

FQ+1

FQ+2

17.48 2.32 0.17 2.19 53.3% 34.8% 0.88 1.70 9.54 -

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 02.10.2009

j-12

Market Data

Fiscal Year Ended 30.09.2008 2'362.8 0.46x 138.0 7.94x 83.2 15.88x

400

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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 |

28.02.2013

easyJet PLC Holdings By:

All

Holder Name EASYGROUP HOLDINGS L POLYS HOLDINGS LTD STANDARD LIFE INVEST M&G INVESTMENT MANAG BLACKROCK JP MORGAN LEGAL & GENERAL EGERTON CAPITAL LIMI UBS DEUTSCHE BANK PROP T NORGES BANK INVESTME THREADNEEDLE ASSET M OLD MUTUAL SCHRODER INVESTMENT DIMENSIONAL FUND ADV BANK OF NEW YORK MEL Easyjet plc LTIP DIMENSIONAL FUND ADV THREADNEEDLE INVESTM CAZENOVE UNIT TRUST

Firm Name

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

Analyst

RBC Capital Markets DAMIAN BREWER Cantor Fitzgerald ROBIN BYDE AlphaValue HELENE COUMES Numis Securities Ltd WYN ELLIS Goodbody Stockbrokers Ltd DONAL O'NEILL Oriel Securities Ltd EDWARD STANFORD Main First Bank AG LOIC SABATIER Oddo & Cie YAN DEROCLES Nomura ANDREW EVANS Commerzbank Corporates & Markets JOHANNES BRAUN Macquarie SAM DOBSON Redburn Partners TIM MARSHALL EVA Dimensions CRAIG STERLING Credit Suisse NEIL GLYNN Barclays DAVID E FINTZEN Deutsche Bank GEOF COLLYER Goldman Sachs OLIVER NEAL HSBC ANDREW DAVID LOBBENBERG Espirito Santo Investment Bank Research GERALD KHOO Morgan Stanley PENNY BUTCHER Investec JAMES HOLLINS Panmure Gordon & Co Limited GERT ZONNEVELD Liberum Capital Ltd PETER HYDE Davy STEPHEN FURLONG CA Cheuvreux BEAT KEISER JPMorgan DAVID PITURA

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

Recommendation sector perform hold sell add buy buy outperform buy buy hold neutral buy hold neutral equalweight buy neutral/neutral overweight buy Overwt/In-Line hold buy buy neutral outperform underweight

Amt Held 102'753'438 43'758'360 31'621'565 22'080'526 16'107'847 10'674'683 9'834'374 8'415'473 7'367'065 7'165'220 6'612'908 6'396'041 6'168'130 6'034'060 5'859'625 5'542'880 5'433'741 4'319'833 4'300'356 3'940'833

% Out 25.93 11.04 7.98 5.57 4.06 2.69 2.48 2.12 1.86 1.81 1.67 1.61 1.56 1.52 1.48 1.4 1.37 1.09 1.09 0.99

Latest Chg (388'952) (183'796) (134'424) (2'459'832) 986'358 52'558 4'011'991 11'454 (1'764'690) (467'463) (47'085) 679'058 (252'401) (6'540'359) (290'596) (20'325) 997'000

File Dt Inst Type 01.02.2013 Holding Company 01.02.2013 Unclassified 10.01.2013 Investment Advisor 01.02.2013 Investment Advisor 26.02.2013 Investment Advisor 01.02.2013 Unclassified 01.02.2013 Unclassified 01.02.2013 Hedge Fund Manager 01.02.2013 Unclassified 01.02.2013 Other 01.02.2013 Government 01.02.2013 Investment Advisor 01.02.2013 Unclassified 01.02.2013 Investment Advisor 01.02.2013 Investment Advisor 01.02.2013 Investment Advisor 01.02.2013 Unclassified 31.07.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor

Weighting

Change

Target Price

Date

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

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

930 920 746 1'075 1'050 #N/A N/A 1'130 1'036 1'020 980 1'000 #N/A N/A #N/A N/A 1'000 950 1'040 1'010 1'100 1'025 1'060 900 1'000 930 #N/A N/A 900 625

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

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

Date 27.02.2013 26.02.2013 21.02.2013 20.02.2013 19.02.2013 19.02.2013 18.02.2013 15.02.2013 07.02.2013 04.02.2013 01.02.2013 01.02.2013 29.01.2013 28.01.2013 28.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 16.01.2013 11.01.2013 19.11.2012

28.02.2013

Ebro Foods SA Ebro Foods SA processes food products. The Company produces rice, pasta, dairy products, and truffles.

Price/Volume 16

7.0 M

6.0 M

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 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 04.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EBRO SQ EQUITY YTD Change EBRO SQ EQUITY YTD % CHANGE

12/2011 09/yy 15.25 12.16 675'820.00 14.48 -5.05% 19.10% 75.10% 153.9 2'227.97 489.15 0.0 1.2 102.08 2'586.54

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

3.0 M

6 4

2.0 M

1.0 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 31.12.2007 2'004.2 1.47x 230.9 12.73x 99.5 31.91x

4.0 M

Valuation Analysis

31.12.2008 31.12.2009 2'367.9 1'765.4 1.04x 1.58x 264.8 228.2 9.30x 12.21x 130.6 176.5 19.86x 22.62x Profitability

31.12.2010 1'702.0 1.44x 259.7 9.42x 388.8 18.78x

31.12.2011 1'804.1 1.41x 270.8 9.41x 151.5 14.44x 270.84 219.07 12.14% 12.33% 6.09% 10.38% 0.74% 15.4% 12.6% 8.4% 1.56 0.79 18.05% 30.82% 6.69 -

467'170 480'420 619'167

LTM-4Q

LTM

FY+1

09/yy 1'754.0 0.00x 0.0 0.00x 135.4 14.60x

09/yy 2'016.7 0.00x 0.0 0.00x 169.0 12.49x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'069.4 2'111.8 544.1 1.22x 1.16x 298.5 303.0 89.5 8.67x 8.54x 162.8 158.1 53.2 13.76x 13.96x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

45.00

3'000.0

40.00

3.25 0.61 76.02 -0.41% -2.41% 0.611 20 4.150

FY+2

FQ+1

FQ+2

29.79 22.46 1.17 1.50 30.8% 23.5% 0.74 4.30 54.68 -

2'500.0

35.00

2'000.0

30.00 25.00

1'500.0

20.00

1'000.0

15.00 10.00

500.0

5.00 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 |

28.02.2013

Ebro Foods SA Holdings By:

All

Holder Name ALIMENTOS Y ACEITES CORP ECONOMICA DAMM INST HISPANICO DEL A ALBA PARTICIPACIONES HISPAFOODS INVEST SL UBS CASA GRANDE CARTAGEN DWS INVESTMENT S A CASTELLO CLEMENTE FE COMENGE SANCH JOSE I BEGINDAU SL HANDELSBANKEN FONDBO VANGUARD GROUP INC SOCIETE GENERALE BNP PARIBAS INV PART DEUTSCHE BANK AG AMF FONDER AB BNP ASSET MANAGEMENT Y CALVO-SOT LEOPOLDO BANQUE DE LUXEMBOURG

Firm Name

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

Analyst

Grupo Santander JOSE MANUEL ARROYAS BPI JOAO SAFARA SILVA Intermoney Valores ANTONIO PAUSA RODRIGUEZ Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE Exane BNP Paribas FRANCISCO RUIZ AlphaValue SOPHIE CABO-BROSETA Bankia Bolsa (ESN) SERGIO RUIZ MARTIN NMAS 1 Agencia de Valores ANA FUENTES Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO Interdin Bolsa SOFIA REBUELTA VILLEGAS Link Securities PAULA SAMPEDRO Espirito Santo Investment Bank Research MANUEL ALBUQUERQUE EVA Dimensions AUSTIN BURKETT CA Cheuvreux INIGO EGUSQUIZA CASTELLANOS Kepler Capital Markets JOAQUIN GARCIA-ROMANILLOS Banco Sabadell IGNACIO ROMERO BBVA JUAN ROS PADILLA La Caixa ANTONIO JOSE CASTELL NEYRA Mirabaud Finanzas Sociedad de ValoresENRIQUE S YAGUEZ AVILES

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

Recommendation buy neutral buy hold outperform buy hold neutral overweight neutral accumulate buy underweight select list hold buy outperform buy overweight

Amt Held 15'880'688 14'850'000 13'725'601 12'498'830 10'707'282 6'164'894 5'193'290 3'031'982 2'307'828 2'027'279 1'267'851 1'200'000 896'867 751'185 702'669 686'008 573'204 562'698 546'000 529'292

% Out 10.32 9.65 8.92 8.12 6.96 4.01 3.38 1.97 1.5 1.32 0.82 0.78 0.58 0.49 0.46 0.45 0.37 0.37 0.35 0.34

Latest Chg 803'373 30'319 23'078 20'272 8'373 13'523 (6'426) 5'789 221'504 620 5'292

File Dt Inst Type 11.12.2012 Other 31.12.2011 Other 11.12.2012 Other 31.12.2011 Other 11.12.2012 Corporation 11.01.2013 Unclassified 31.12.2011 Other 28.12.2012 Mutual Fund Manager 11.12.2012 n/a 11.12.2012 n/a 11.12.2012 Pension Fund (ERISA) 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Bank 31.12.2012 Investment Advisor 28.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 21.11.2012 n/a 31.12.2012 Investment Advisor

Weighting

Change

Target Price

Date

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

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

16 16 16 14 16 20 15 16 17 15 16 18 #N/A N/A 17 16 17 17 17 16

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

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

Date 27.02.2013 25.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 18.02.2013 18.02.2013 15.02.2013 22.01.2013 21.01.2013 17.01.2013 16.01.2013 09.01.2013 21.11.2012 08.10.2012 14.09.2012 25.05.2012

28.02.2013

Eiffage SA Eiffage SA is a contractor and a concessionaire. It operates through five business lines, including concessions and public-private partnerships, construction, public works, energy, metal. The Company is mainly active in European countries and also in Senegal.

Price/Volume 40

3.0 M

2.5 M

30 2.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (26.07.2012) 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 FGR FP EQUITY YTD Change FGR FP EQUITY YTD % CHANGE

12/2012 09/yy 37.75 20.53 197'190.00 33.995 -9.95% 65.63% 78.20% 87.2 2'963.08 16'112.00 0.0 (1.0) 2'402.00 17'070.08

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

1.0 M

10 .5 M

5 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 13'673.0 1.14x 1'858.0 8.36x 293.0 11.57x

1.5 M

31.12.2009 31.12.2010 13'639.0 13'553.0 1.20x 1.25x 1'807.0 1'852.0 9.09x 9.11x 190.0 232.0 18.10x 12.36x Profitability

31.12.2011 13'802.0 1.11x 1'939.0 7.90x 205.0 7.93x

31.12.2012 14'000.0 220.0 13.30x 1'939.00 1'104.00 8.00% 2.77% 0.80% 9.14% 4.33% 0.52% 14.3% 8.3% 1.6% 0.95 0.76 59.30% 686.20% 3.09 -

1.23 38.13 19.82% 1.27% 1.232 18 3.722 178'062 134'727 167'664

LTM-4Q

LTM

FY+1

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

09/yy 9'969.0 0.00x 0.0 0.00x 0.0 0.00x

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 14'192.7 14'573.7 3'737.5 1.13x 1.08x 2'105.2 2'192.1 8.11x 7.79x 274.4 321.8 10.86x 9.64x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

6.00

16'000.0

FY+2

FQ+1

FQ+2

2.91 2.60 7.13 7.97 686.2% 87.3% 0.52 9.84 118.49 -

14'000.0

5.00

12'000.0 4.00

10'000.0 8'000.0

3.00

6'000.0

2.00

4'000.0 1.00 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 |

28.02.2013

Eiffage SA Holdings By:

All

Holder Name PRO BTP FINANCE FONDS STRATEGIQUE D' EIFFAIME GROUPAMA SA BLACKROCK EIFFAGE MEDITOR CAPITAL MANA VANGUARD GROUP INC AQR CAPITAL MANAGEME ALLIANZ ASSET MANAGE NATIXIS ASSET MANAGE LBPAM HSBC ASSET MGMT EURO MM ASSET MANAGEMENT DIMENSIONAL FUND ADV BANQUE DEGROOF ETOILE GESTION BARING FUND MANAGERS CPR ASSET MANAGEMENT SCHRODER INVESTMENT

Firm Name BPI Aurel - BGC Kepler Capital Markets Exane BNP Paribas AlphaValue EVA Dimensions Deutsche Bank Societe Generale Bryan Garnier & Cie Natixis Goldman Sachs CM - CIC Securities(ESN) Day by Day Raymond James HSBC Oddo & Cie JPMorgan CA Cheuvreux

Analyst

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

Recommendation

FILIPE MARTINS LEITE ERIC LEMARIE JOSEP PUJAL NICOLAS MORA GAETAN DUPONT CRAIG STERLING MANU RIMPELA MURIEL FELLOUS SVEN EDELFELT GREGOIRE THIBAULT WILL MORGAN JEAN-CHRISTOPHE LEFEVRE-MOULENQ VALERIE GASTALDY ARNAUD PALLIEZ PIERRE BOSSET OLIVIER BECKER ELODIE RALL BORJA CASTRO PEREZ MANZUCO

reduce hold reduce outperform add hold buy hold neutral buy neutral/neutral buy buy market perform overweight buy neutral outperform

Amt Held % Out 22'150'890 25.41 17'966'000 20.61 7'225'354 8.29 6'037'520 6.93 1'673'204 1.92 1'594'128 1.83 (950'067) -1.09 462'675 0.53 (409'662) -0.47 274'943 0.32 184'500 0.21 175'351 0.2 170'000 0.2 143'571 0.16 132'531 0.15 129'100 0.15 129'000 0.15 125'942 0.14 99'691 0.11 77'891 0.09

Latest Chg 955 8'716 10'926 190'013 83'200 (32'596) 14'621 (5'079) 1'000 15'000 45'585 (8'239) (3'486)

Weighting

Target Price

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

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

34 31 35 43 36 #N/A N/A 40 34 33 41 41 46 38 #N/A N/A 39 39 29 50

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

File Dt Inst Type 15.12.2011 Unclassified 31.12.2011 Investment Advisor 31.12.2011 Other 31.12.2011 Insurance Company 26.02.2013 Investment Advisor 31.12.2011 Holding Company 21.02.2013 Investment Advisor 31.12.2012 Investment Advisor 04.04.2012 Hedge Fund Manager 31.10.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.07.2012 Investment Advisor 01.02.2013 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 25.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 15.02.2013 14.02.2013 11.02.2013 16.01.2013 14.01.2013 11.01.2013 09.01.2013 07.01.2013 07.01.2013 05.10.2012 30.08.2012 11.07.2011

28.02.2013

Electrocomponents PLC Electrocomponents plc distributes electronics and maintenance products. The Company offers products through catalogues, the internet, and at trade counters. Electrocomponents PLC's products include electronics, electrical, mechanical, automation, and health and safety components.

Price/Volume 300

16.0 M 14.0 M

250

12.0 M 200

Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (14.06.2012) 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 ECM LN EQUITY YTD Change ECM LN EQUITY YTD % CHANGE

03/2012 01/yy 267.20 193.70 549'295.00 258.2 -3.37% 33.30% 87.76% 438.1 1'131.18 181.60 0.0 0.0 19.80 1'298.08

31.03.2008 924.8 1.02x 129.4 7.28x 63.9 12.37x

8.0 M 6.0 M

100

4.0 M 50

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

10.0 M

150

Valuation Analysis

31.03.2009 31.03.2010 974.6 972.6 0.77x 1.16x 141.4 108.9 5.29x 10.39x 66.2 52.6 8.23x 18.20x Profitability

31.03.2011 1'182.2 1.12x 146.7 9.05x 78.2 14.88x

31.03.2012 1'267.4 0.98x 156.1 7.97x 84.9 12.73x

156.10 128.20 10.12% 9.65% 8.83% 20.17% 14.28% 1.54% 46.8% 10.9% 8.9% 6.7% 2.20 1.00 21.34% 49.62% 6.24 2.65

1'079'506 1'060'452 1'069'383

LTM-4Q

LTM

FY+1

01/yy

03/13 Y 03/14 Y 1'240.5 1'279.8 1.03x 0.99x 133.8 146.0 9.70x 8.89x 67.7 76.0 16.55x 15.01x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

16.00

1'400.0

14.00

1'200.0

12.00

1'000.0

10.00

4.55 1.13 437.49 13.06% 8.49% 1.131 17 2.765

FY+2

FQ+1

FQ+2

20.54 15.49 1.22 1.31 49.6% 33.2% 1.54 11.29 58.70 138.27 100.75 124.16

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

28.02.2013

Electrocomponents PLC Holdings By:

All

Holder Name SILCHESTER INTL INVE FMR LLC MAJEDIE ASSET MANAGE SPRUCEGROVE INVESTME AMERIPRISE FINANCIAL M&G INVESTMENT MANAG LEGAL & GENERAL SANDERSON ASSET MANA OPPENHEIMERFUNDS INC THREADNEEDLE INVESTM UBS NORGES BANK INVESTME THREADNEEDLE ASSET M JO HAMBRO CAPITAL MA HERONBRIDGE INVESTME JP MORGAN JO HAMBRO CAPITAL MA STANDARD LIFE INVEST VANGUARD GROUP INC CHEVIOT ASSET MANAGE

Firm Name

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

Analyst

Cantor Fitzgerald CAROLINE DE LA SOUJEOLE Canaccord Genuity Corp JULIAN CATER Credit Suisse DAVID RIGBY Numis Securities Ltd STEVE WOOLF RBC Capital Markets DAVID GREENALL Shore Capital Stockbrokers ROBIN SPEAKMAN Panmure Gordon & Co Limited ANDY BROWN EVA Dimensions ANDREW S ZAMFOTIS Goldman Sachs JOHN WOODMAN Espirito Santo Investment Bank Research GUY HEWETT HSBC MATTHEW LLOYD Peel Hunt HENRY CARVER Jefferies KEAN MARDEN Deutsche Bank ANDY CHU Barclays JANE SPARROW

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

Recommendation hold buy outperform hold sector perform sell sell underweight Buy/Neutral neutral neutral sell hold hold equalweight

Amt Held 83'089'855 43'083'056 38'553'549 33'046'296 22'304'805 19'632'721 19'194'146 18'240'445 17'649'626 16'824'897 11'526'266 10'515'308 8'496'918 7'720'725 7'691'702 6'441'928 5'595'725 4'968'000 4'889'172 4'871'655

% Out 18.97 9.83 8.8 7.54 5.09 4.48 4.38 4.16 4.03 3.84 2.63 2.4 1.94 1.76 1.76 1.47 1.28 1.13 1.12 1.11

Latest Chg (2'907'836) 6'829'322 1'724'982 883'532 1'949'532 (187'549) 2'722'093 (4'975'126) (2'180'000) 1'015'066 (2'495'167) (2'870'000) 103'135 80'720 407'292

Weighting

Change

Target Price

3 5 5 3 3 1 1 1 5 3 3 1 3 3 3

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

250 265 280 260 260 #N/A N/A 175 #N/A N/A 314 200 225 190 200 205 216

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

File Dt Inst Type 23.05.2012 Investment Advisor 01.12.2012 Investment Advisor 01.12.2012 Investment Advisor 23.05.2012 Investment Advisor 06.02.2013 Investment Advisor 01.12.2012 Investment Advisor 31.01.2013 Unclassified 23.05.2012 Investment Advisor 23.05.2012 Investment Advisor 31.10.2012 Investment Advisor 01.12.2012 Unclassified 01.12.2012 Government 01.12.2012 Investment Advisor 31.10.2012 Investment Advisor 01.12.2012 Investment Advisor 01.12.2012 Unclassified 01.12.2012 Mutual Fund Manager 01.12.2012 Investment Advisor 31.12.2012 Investment Advisor 01.12.2012 Investment Advisor

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

Date 21.02.2013 18.02.2013 07.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 17.01.2013 18.12.2012 07.12.2012 28.11.2012 23.11.2012 31.10.2012 17.10.2012 02.10.2012

28.02.2013

Elementis PLC Elementis plc is a global specialty chemicals company. The Company comprises three businesses. Specialty Products produces rheology additives that enhance the flow characteristics of liquids in a wide range of applications, such as in coatings, cosmetics and oilfield drilling. Surfactants produces surface active ingredients. Chromium manufactures a range of chromium chemicals.

Price/Volume 300

3.5 M 3.0 M 2.5 M

150

Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (29.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ELM LN EQUITY YTD Change ELM LN EQUITY YTD % CHANGE

12/2012 01/yy 246.60 160.20 881'436.00 242.2 -1.78% 51.19% 94.91% 453.6 1'098.55 19.10 0.0 1.6 63.10 1'624.32

2.0 M

100

1.5 M 1.0 M

.5 M

0 f-12 m-12

.0 M a-12 m-12

31.12.2009 31.12.2010 569.5 697.4 0.84x 1.55x 68.3 124.4 6.98x 8.69x (57.9) 74.1 13.34x Profitability

31.12.2011 760.5 1.23x 157.9 5.91x 124.1 7.66x

31.12.2012 757.0 2.21x 165.2 10.11x 107.1 15.93x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

165.20 143.90 19.01% 18.65% 13.08% 23.04% 22.72% 0.92% 38.5% 21.8% 19.0% 14.1% 2.56 1.50 2.21% 3.97% 7.26 3.75

1'153'203 1'032'636 792'560

LTM

FY+1

01/yy

12/13 Y 12/14 Y 798.4 832.9 2.01x 1.90x 179.1 189.1 9.07x 8.59x 112.7 117.6 14.70x 13.76x S&P Issuer Ratings

50.00

800.0

45.00

700.0

40.00

2.11 1.04 429.65 49.04% 4.17% 1.040 9 3.444

LTM-4Q

Price/ Cash Flow

FY+2

FQ+1

FQ+2

35.15 27.00 -0.27 0.12 4.0% 3.8% 0.92 4.19 50.38 97.71 99.05

600.0

35.00

500.0

30.00 25.00

400.0

20.00

300.0

15.00

200.0

10.00

100.0

5.00 0.00 01.01.2010

j-12

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

4.0 M

200

Valuation Analysis

31.12.2008 741.7 0.58x 135.6 3.17x 36.7 8.28x

4.5 M

250

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 |

28.02.2013

Elementis PLC Holdings By:

All

Holder Name SCHRODERS PLC AXA FRAMLINGTON INV NORGES BANK AMERIPRISE FINANCIAL BLACKROCK M&G INVESTMENT MANAG SCHRODER INVESTMENT LEGAL & GENERAL FMR LLC CAZENOVE CAPITAL MAN WILLIAM BLAIR & COMP CAZENOVE UNIT TRUST SCOTTISH WIDOWS ARTEMIS INVESTMENT M WILLIAM BLAIR & COMP DIMENSIONAL FUND ADV JP MORGAN HARGREAVE SMITH & WILLIAMSON H ARTEMIS INVESTMENT M

Firm Name Goldman Sachs Numis Securities Ltd Berenberg Bank Barclays N+1 Singer Ltd EVA Dimensions JPMorgan Westhouse Securities Canaccord Genuity Corp

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

Analyst RAKESH PATEL CHARLES PICK JAIDEEP PANDYA GUNTHER ZECHMANN JAMES TETLEY CRAIG STERLING MARTIN EVANS RICKY PLATT PAUL W SATCHELL

Source Co File REG RNS-MAJ RNS-MAJ ULT-AGG REG MF-AGG ULT-AGG ULT-AGG REG 13F MF-AGG ULT-AGG REG REG REG ULT-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation neutral/neutral hold buy underweight corporate overweight neutral suspended coverage buy

Amt Held 44'613'178 40'437'780 23'037'188 22'734'503 22'051'259 19'546'152 19'541'689 17'219'369 14'618'386 12'674'250 12'232'908 11'365'000 10'732'682 10'223'019 9'818'242 9'756'885 9'662'042 8'756'597 8'425'685 8'393'379

% Out 9.84 8.92 5.08 5.01 4.86 4.31 4.31 3.8 3.22 2.79 2.7 2.51 2.37 2.25 2.16 2.15 2.13 1.93 1.86 1.85

Latest Chg 1'679'900 198'125 431'268 (3'122'498) (5'304'843) (8'359'130) 5'156'560 3'310'958 1'688'720 888'488 3'521'513 (209'994) 5'355'481 (309'235) (4'125'012) (498'145) (186'437) (1'476'165)

File Dt 28.02.2012 01.12.2012 22.01.2013 11.09.2012 26.02.2013 01.12.2012 31.12.2012 22.01.2013 31.12.2012 01.12.2012 31.12.2012 31.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 31.01.2013 31.12.2012

Weighting

Change

Target Price

Date

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

M M M M M M M M M

265 220 275 203 #N/A N/A #N/A N/A 200 #N/A N/A 223

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

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

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

Date 27.02.2013 25.02.2013 21.02.2013 04.02.2013 28.01.2013 17.01.2013 07.12.2012 01.11.2012 26.10.2012

28.02.2013

EMS-Chemie Holding AG Ems-Chemie Holding AG manufactures and markets performance polymers, high-grade chemical intermediates, fine chemicals, and protective bonding, coating and sealing products. The Company supplies its products to the automotive, transportation, and textile industries.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (24.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EMSN SE EQUITY YTD Change EMSN SE EQUITY YTD % CHANGE

Price/Volume

12/2012 03/yy 266.75 161.00 16'068.00 262.5 -1.59% 63.04% 95.98% 23.4 6'139.62 162.77 0.0 15.1 433.11 5'884.38

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

.6 M

250

.5 M

200

.4 M

150

.3 M

100

.2 M

.1 M

0 f-12

.0 M m-12

a-12

31.12.2009 31.12.2010 1'197.7 1'595.6 2.02x 2.17x 272.2 351.4 8.91x 9.88x 216.1 225.9 12.82x 17.08x Profitability

31.12.2011 1'657.7 2.09x 347.3 9.98x 237.1 15.69x

31.12.2012 1'755.0 273.0 18.45x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

347.27 295.26 17.81% 17.79% 14.33% 21.17% 0.97% 18.1% 15.6% 2.87 1.83 9.96% 15.63% 4.96 -

0.81 7.08 57.95% 21.87% 0.813 6 3.333 25'411 28'217 39'506

LTM-4Q

LTM

FY+1

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

03/yy 254.0 0.00x 0.0 0.00x 0.0 0.00x

12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 1'836.8 1'936.6 434.0 3.12x 2.93x 391.6 416.2 15.03x 14.14x 272.4 290.4 22.50x 21.11x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

20.00

2'000.0

18.00

1'800.0

16.00

1'600.0

14.00

1'400.0

12.00

1'200.0

10.00 8.00

1'000.0 800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 01.01.2010

m-12

Fiscal Year Ended 31.12.2008 1'503.9 1.16x 283.2 6.15x 211.8 9.57x

300

FY+2

FQ+1

FQ+2

103.63 80.99 15.6% 13.3% 0.97 3.38 73.78 -

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 |

28.02.2013

EMS-Chemie Holding AG Holdings By:

All

Holder Name EMESTA HOLDING AG BLOCHER MIRIAM VANGUARD GROUP INC LOMBARD ODIER DARIER IST FUND MANAGERS SWISSCANTO FONDSLEIT CREDIT SUISSE ASSET UBS FUND MANAGEMENT BLACKROCK PICTET & CIE RAIFFEISEN SCHWEIZ L LUXEMBOURGER KAPITAL SKANDIA GLOBAL FUNDS VONTOBEL ASSET MANAG DIMENSIONAL FUND ADV SEB JULIUS BAER MULTICOO LEGAL & GENERAL ROBECO INVESTOR SERV NATIXIS ASSET MANAGE

Firm Name Zuercher Kantonalbank Main First Bank AG Kepler Capital Markets EVA Dimensions Bank Vontobel AG

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

Analyst MARTIN SCHREIBER BERND POMREHN BETTINA EDMONDSTON CRAIG STERLING PATRICK RAFAISZ

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

Recommendation market perform outperform reduce overweight reduce

Amt Held 14'225'190 2'079'282 159'531 81'618 68'686 68'620 65'943 64'216 48'320 37'766 27'500 24'450 11'991 11'100 10'929 9'750 9'087 8'953 8'947 8'123

% Out 60.82 8.89 0.68 0.35 0.29 0.29 0.28 0.27 0.21 0.16 0.12 0.1 0.05 0.05 0.05 0.04 0.04 0.04 0.04 0.03

Latest Chg 33'309 3'304 (580) 271 447 (782) 371 (465) 27'500 (3'250) (1'070) 3'450 3'129 (6'175) 8'123

Weighting

Change

Target Price

3 5 2 5 2

M U M M D

#N/A N/A 265 200 #N/A N/A 180

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

File Dt Inst Type 31.12.2011 Corporation 31.12.2011 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 28.12.2012 Mutual Fund Manager 28.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 26.02.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Unclassified 31.10.2012 Mutual Fund Manager 28.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager

Date Not Provided 12 month Not Provided Not Provided Not Provided

Date 11.02.2013 10.02.2013 09.02.2013 15.01.2013 16.11.2012

28.02.2013

Endesa SA Endesa, S.A. generates, distributes, and trades electricity in Spain, Italy, France, Portugal, North Africa, and Latin America. The Company distributes natural gas, operates co-generation plants, and treats and distributes water.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.01.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ELE SQ EQUITY YTD Change ELE SQ EQUITY YTD % CHANGE

12/2012 12/yy 17.88 11.30 1'223'600.00 17.18 -3.89% 52.04% 89.43% 1'058.8 18'189.36 10'860.00 0.0 5'716.0 7'423.00 27'342.36

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

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M a-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 22'836.0 2.10x 6'903.0 6.93x 7'169.0 13.26x

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

31.12.2009 31.12.2010 25'925.0 31'177.0 1.84x 1.02x 7'228.0 7'474.0 6.61x 4.25x 3'430.0 4'129.0 7.39x 4.95x Profitability

31.12.2011 32'686.0 0.84x 7'265.0 3.80x 2'212.0 7.58x

31.12.2012 33'642.0 0.80x 7'310.0 3.70x 2'034.0 8.79x 7'310.00 4'723.00 14.04% 11.37% 3.46% 10.18% 0.57% 31.3% 21.9% 14.2% 6.0% 1.32 1.20 18.48% 52.58% 6.36 20.75

0.84 84.03 16.46% 1.84% 0.843 25 4.040 618'331 382'318 613'653

LTM-4Q

LTM

FY+1

12/yy 32'401.0 3.93x 7'288.0 3.79x 2'212.0 7.59x

12/yy 33'490.0 3.16x 7'336.0 3.68x 2'034.0 8.78x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 32'650.1 33'687.6 0.90x 0.78x 6'710.3 6'952.9 4.07x 3.93x 1'894.4 2'088.9 495.0 495.0 9.67x 8.80x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

6.00

40'000.0

FY+2

FQ+1

FQ+2

08.03.2012 BBB+ NEG 14.12.2007 A-2 9.29 5.69 0.47 1.48 52.6% 29.2% 0.57 57.57 17.64 114.49 -53.94

35'000.0

5.00

30'000.0 4.00

25'000.0 20'000.0

3.00

15'000.0

2.00

10'000.0 1.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Endesa SA Holdings By:

All

Holder Name ENEL SPA FIDEURAM GESTIONS SA LANDESBANK BERLIN IN VANGUARD GROUP INC GAMCO BLACKROCK OFI ASSET MANAGEMENT BPI FUNDOS GFIM SA/P SYMPHONIA SGR SPA ABANTE ASESORES GEST DEKA INVESTMENT GMBH F&C FUND MANAGEMENT BNP PARIBAS ASSET MA BANK OF NEW YORK MEL INVERCAIXA GESTION S FRANK RUSSELL TRUST BESSEMER GROUP INCOR VERITAS SG INVESTMEN HSBC ASSET MGMT EURO DEGROOF GESTION INST

Firm Name

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

Analyst

Banesto Bolsa SA Sociedad ANTONIO CRUZ Banco Sabadell JORGE GONZALEZ SADORNIL Goldman Sachs FRED BARASI NMAS 1 Agencia de Valores FERNANDO LAFUENTE Exane BNP Paribas MANUEL PALOMO Societe Generale JORGE ALONSO SUILS Berenberg Bank ROBERT CHANTRY Interdin Bolsa ALEJANDRO MIRANDA FOURNIER Grupo Santander BOSCO MUGUIRO Espirito Santo Investment Bank Research FERNANDO GARCIA GARCIA Nomura JAVIER SUAREZ La Caixa FERNANDO MURILLO GUIRAO S&P Capital IQ CLIVE ROBERTS Barclays MONICA GIRARDI EVA Dimensions AUSTIN BURKETT CA Cheuvreux JOSE PORTA SAUDAN Mirabaud Finanzas Sociedad de ValoresJOSE S MARTIN-VIVAS Bankia Bolsa (ESN) VICTOR PEIRO PEREZ Macquarie ATALLAH ESTEPHAN Morgan Stanley ANNA MARIA SCAGLIA BBVA ISIDORO DEL ALAMO Hammer Partners SA CHRIS MOORE JPMorgan JAVIER GARRIDO Natixis PHILIPPE OURPATIAN AlphaValue VINCENT DOARE

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

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

Amt Held 974'717'763 2'056'600 1'017'715 947'536 511'000 304'337 282'060 252'479 212'743 142'000 127'588 126'749 115'360 106'229 103'035 102'773 86'613 86'582 83'000 80'800

% Out 92.06 0.19 0.1 0.09 0.05 0.03 0.03 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

Latest Chg (3'000) (21'018) 672 (30'000) 703 127'897 (8'000) 26'465 (37'057) 16'504 115'360 46'450 (28'087) -

File Dt Inst Type 31.12.2011 Corporation 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Unclassified 26.02.2013 Investment Advisor 31.10.2012 Mutual Fund Manager 30.11.2012 Mutual Fund Manager 28.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 30.09.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 30.11.2012 Investment Advisor 31.05.2012 Investment Advisor 31.07.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.03.2012 Investment Advisor

Weighting

Change

Target Price

Date

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

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

22 20 23 20 19 17 20 21 24 18 16 24 17 22 #N/A N/A 19 18 18 15 21 16 17 19 18 32

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

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

Date 27.02.2013 26.02.2013 19.02.2013 18.02.2013 13.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 04.02.2013 30.01.2013 28.01.2013 28.01.2013 25.01.2013 17.01.2013 12.12.2012 19.10.2012 10.10.2012 20.09.2012 17.09.2012 16.09.2012 30.05.2012 27.01.2012 09.11.2011 05.05.2010

28.02.2013

Etablissements Maurel et Prom Etablissements Maurel et Prom is a mid-size oil and gas company. The Company has operations in Africa and Latin America.

Price/Volume 16

4.5 M

4.0 M

3.5 M 3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.02.2013) 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 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MAU FP EQUITY YTD Change MAU FP EQUITY YTD % CHANGE

12/2011 09/yy 15.05 10.16 477'609.00 14.155 -5.95% 39.32% 81.70% 121.5 1'719.74 349.24 0.0 0.0 60.77 2'122.43

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

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 31.12.2007 289.5 4.67x 93.9 14.38x 766.1 -

2.5 M

31.12.2008 31.12.2009 93.0 191.9 12.23x 7.76x 21.1 78.7 53.84x 18.92x 62.5 (50.7) Profitability

31.12.2010 217.0 6.73x 125.1 11.67x (138.8) -

31.12.2011 373.6 4.41x 247.3 6.66x 164.6 8.91x 247.27 145.14 38.85% 66.07% 6.41% 13.04% 9.61% 0.21% 65.0% 25.7% 44.1% 1.23 0.62 23.47% 45.65% 3.94 -

0.98 86.62 2.89% 11.63% 0.980 9 3.667 459'704 621'654 455'362

LTM-4Q

LTM

FY+1

09/yy 52.9 0.00x 0.0 0.00x 0.0 0.00x

09/yy 346.2 0.00x 0.0 0.00x 0.0 0.00x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 452.7 534.6 4.81x 4.17x 323.2 399.2 6.57x 5.32x 95.6 151.9 20.69x 13.18x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

35.00

450.0

30.00

400.0

FY+2

FQ+1

FQ+2

6.14 1.70 1.79 1.96 45.6% 31.3% 0.21 0.55 92.81 -

350.0 25.00

300.0

20.00

250.0

15.00

200.0 150.0

10.00

100.0

5.00 0.00 02.01.2009

50.0 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 |

28.02.2013

Etablissements Maurel et Prom Holdings By:

All

Holder Name PACIFICO MACIF MAUREL ET PROM CARMIGNAC GESTION VANGUARD GROUP INC HIGHBRIDGE CAPITAL M PEAR TREE ADVISORS I ROTHSCHILD & COMPAGN BNP PARIBAS SA MMA FINANCE NATIXIS ASSET MANAGE PALATINE ASSET MANAG BLACKROCK ALLIANZ ASSET MANAGE DEUTSCHE BANK AG GENERALI FINANCES HSBC ASSET MGMT EURO LBPAM DWS INVESTMENT SA COVEA FINANCE SAS

Firm Name Arkeon Finance Societe Generale SBG Securities Exane BNP Paribas CM - CIC Securities(ESN) Tudor Pickering & Co EVA Dimensions Goldman Sachs Natixis Kepler Capital Markets Oddo & Cie

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

Analyst MATHIEU JASMIN DAVID MIRZAI LIONEL THEROND ALEX TOPOUZOGLOU JEAN-LUC ROMAIN ANISH KAPADIA CRAIG STERLING CHRISTOPHOR JOST JULIEN LAURENT TEAM COVERAGE OLIVIER BECKER

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

Recommendation buy sell sell outperform hold buy hold buy/attractive buy buy add

Amt Held % Out 28'750'246 23.66 8'324'204 6.85 5'968'825 4.91 1'109'013 0.91 910'522 0.75 (814'006) -0.67 711'606 0.59 618'104 0.51 (595'318) -0.49 572'670 0.47 427'642 0.35 400'000 0.33 371'688 0.31 356'215 0.29 350'000 0.29 333'722 0.27 310'000 0.26 306'350 0.25 290'000 0.24 266'130 0.22

Latest Chg (301'293) 84'650 21'676 36'448 179'200 36'448 (58'590) 192'642 (100'000) (4'800) (60'000) -

Weighting

Target Price

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

M M M M M M M M M N M

16 13 13 19 15 24 #N/A N/A 21 20 16 9

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

File Dt Inst Type 31.12.2011 Corporation 31.12.2011 Insurance Company 31.01.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 20.02.2013 Hedge Fund Manager 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 14.02.2013 Bank 29.06.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 26.02.2013 Investment Advisor 28.09.2012 Investment Advisor 28.12.2012 Investment Advisor 29.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 28.12.2012 Mutual Fund Manager 30.09.2011 Investment Advisor

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

Date 27.02.2013 25.02.2013 19.02.2013 11.02.2013 08.02.2013 08.02.2013 17.01.2013 17.12.2012 22.11.2012 15.12.2011 21.01.2011

28.02.2013

Eurasian Natural Resources Corp PLC Eurasian Natural Resources Corporation is a diversified international miner. The Company's main products are ferrochrome, iron ore, alumina and aluminium, copper, cobalt, coal and electricity. Eurasian Natural Resources has operations in Kazakhstan, Russia, and the PRC.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ENRC LN EQUITY YTD Change ENRC LN EQUITY YTD % CHANGE

12/2011 01/yy 727.50 259.60 5'715'892.00 347 -52.30% 33.67% 18.68% 1'287.8 4'468.49 1'593.00 0.0 336.0 508.00 10'520.60

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

16.0 M

700

14.0 M

600

12.0 M

500

10.0 M

400

8.0 M

300

6.0 M

200

4.0 M

100

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 4'106.0 3.69x 1'883.0 8.05x 798.0 16.15x

800

31.12.2008 31.12.2009 6'823.0 3'831.0 0.66x 4.93x 4'233.0 1'408.0 1.07x 13.42x 2'642.0 1'045.0 2.34x 18.21x Profitability

31.12.2010 6'605.0 3.24x 3'056.0 6.99x 2'185.0 9.63x

31.12.2011 7'705.0 1.83x 3'328.0 4.24x 1'974.0 6.43x 3'328.00 2'789.00 36.20% 35.76% 7.32% 11.63% 9.96% 0.40% 54.4% 36.4% 27.7% 25.6% 1.90 0.74 10.27% 14.61% 3.21

3.32 1.63 311.73 -49.31% 22.18% 1.626 25 3.440 4'987'453 4'131'952 3'825'492

LTM-4Q

LTM

FY+1

01/yy

12/12 Y 12/13 Y 6'422.5 7'007.0 1.84x 1.78x 1'973.6 2'166.8 5.33x 4.86x 656.5 738.1 10.28x 9.27x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

9'000.0

FY+2

FQ+1

FQ+2

15.02.2012 BBNEG 02.12.2009 B 18.09 6.56 1.34 1.95 14.6% 12.4% 0.40 0.67 114.12 99.94

8'000.0 20.00

7'000.0 6'000.0

15.00

5'000.0 4'000.0

10.00

3'000.0 2'000.0

5.00

1'000.0 0.00 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 |

28.02.2013

Eurasian Natural Resources Corp PLC Holdings By:

All

Holder Name KAZAKHMYS EURASIA BV CHODIEV PATOKH MACHKEVITCH ALEXANDE The State Property & REPUBLIC OF KAZAKHST IBRAGIMOV ALIJAN IBRAGIMOV FAMILY BLACKROCK Chodiev`s Family SKAGEN AS GOVT OF SINGAPORE IN SKAGEN FUNDS NORGES BANK INVESTME JP MORGAN LEGAL & GENERAL BANK OF NEW YORK MEL CAUSEWAY CAPITAL MAN UBS VANGUARD GROUP INC MAJEDIE ASSET MANAGE

Firm Name Exane BNP Paribas BMO Capital Markets RBC Capital Markets VTB Capital Goldman Sachs Macquarie Halyk Finance Centras Securities EVA Dimensions Societe Generale Deutsche Bank Credit Suisse Sberbank CIB Morgan Stanley Liberum Capital Ltd JPMorgan Alfa-Bank Nomura Barclays Visor Capital Redburn Partners Otkritie Capital Renaissance Capital Prosdocimi

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

Analyst RAPHAEL VEVERKA TONY ROBSON TIMOTHY HUFF NIKOLAY SOSNOVSKIY YULIA CHEKUNAEVA ALON OLSHA MARIYAM ZHUMADIL MARZHAN IBRAYEVA CRAIG STERLING ABHISHEK SHUKLA ROBERT CLIFFORD LIAM FITZPATRICK MIKHAIL STISKIN ALAIN GABRIEL ASH LAZENBY FRASER JAMIESON BARRY EHRLICH PATRICK JONES IAN ROSSOUW STANISLAV CHUYEV TIM JARRATT DENIS GABRIELIK EKATERINA GAZADZE TEAM COVERAGE

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

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

Amt Held 331'216'976 187'836'250 187'836'250 150'047'116 150'047'116 113'836'250 74'000'000 35'026'781 33'783'625 14'369'377 13'373'609 10'691'761 10'270'539 9'855'942 9'287'929 8'167'419 5'635'291 5'560'767 5'092'032 4'871'600

% Out 25.72 14.59 14.59 11.65 11.65 8.84 5.75 2.72 2.62 1.12 1.04 0.83 0.8 0.77 0.72 0.63 0.44 0.43 0.4 0.38

Latest Chg (11'035'331) 3'677'616 1'237'467 (1'976'745) 2'908'642 (457'684) 4'356'680 (527'435) 96'884 180'707 1'962'227

Weighting

Change

Target Price

3 3 3 3 3 5 5 3 3 3 5 5 5 3 3 3 3 2 3 5 3 3 5 5

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

340 350 325 420 400 430 340 652 #N/A N/A 385 562 400 424 380 #N/A N/A 300 378 275 341 427 #N/A N/A 400 985 #N/A N/A

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

File Dt Inst Type 03.12.2012 Corporation 16.04.2012 n/a 16.04.2012 n/a 03.12.2012 Unclassified 16.04.2012 Government 16.04.2012 n/a 03.12.2012 Unclassified 26.02.2013 Investment Advisor 03.12.2012 Unclassified 31.01.2013 Mutual Fund Manager 03.12.2012 Government 03.12.2012 Investment Advisor 03.12.2012 Government 31.12.2012 Unclassified 31.01.2013 Unclassified 03.12.2012 Investment Advisor 03.12.2012 Investment Advisor 28.12.2012 Unclassified 31.12.2012 Investment Advisor 03.12.2012 Investment Advisor

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

Date 27.02.2013 25.02.2013 25.02.2013 19.02.2013 15.02.2013 11.02.2013 08.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 28.01.2013 23.01.2013 18.01.2013 16.01.2013 16.01.2013 16.01.2013 14.01.2013 14.12.2012 11.12.2012 09.11.2012 03.02.2012 10.06.2010

28.02.2013

Eurazeo Eurazeo is an investment company that invests in French mid to large-sized companies. The Company is a long-term investor and works alongside management to provide company transformation support. Eurazeo's investments include buiness support services,transportation services, real estate & leisure, and financial services sectors.

Price/Volume

.3 M .3 M

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (27.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RF FP EQUITY YTD Change RF FP EQUITY YTD % CHANGE

12/2011 09/yy 42.78 27.21 40'719.00 41.125 -3.86% 51.14% 89.40% 66.0 2'715.13 6'990.45 0.0 444.4 511.98 9'985.08

.2 M

.1 M

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

.4 M

40 35

Valuation Analysis

31.12.2007 4'253.0 2.92x 1'628.8 7.63x 901.1 5.39x

31.12.2008 31.12.2009 4'152.4 3'924.9 2.21x 2.35x 817.8 738.7 11.21x 12.49x (68.0) (199.3) Profitability

31.12.2010 4'315.6 2.17x 1'038.4 9.03x 115.0 26.55x

31.12.2011 4'275.3 2.01x 798.6 10.77x (97.5) 798.58 -1.92% -1.81% -0.80% -3.47% -1.18% 0.30% 17.2% -2.3% 48.01% 203.47% -

1.30 41.97 25.99% 13.59% 1.299 11 4.000 71'026 70'544 62'017

LTM-4Q

LTM

FY+1

03/yy 2'907.2 0.00x 0.0 0.00x 0.0 0.00x

09/yy 4'587.2 0.00x 0.0 0.00x 0.0 0.00x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 4'381.3 4'500.8 2.14x 2.09x 1'115.3 1'163.8 8.95x 8.58x 63.3 150.3 59.60x 17.59x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

35.00

5'000.0

FY+2

FQ+1

FQ+2

8.86 9.90 203.5% 64.3% 0.30 5.25 -

4'500.0

30.00

4'000.0

25.00

3'500.0 3'000.0

20.00

2'500.0 2'000.0

15.00

1'500.0

10.00

1'000.0 5.00 0.00 02.01.2009

500.0 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 |

28.02.2013

Eurazeo Holdings By:

All

Holder Name CREDIT AGRICOLE SA VINCENT MEYER SOFINA SA MONTREUX LLC DAVID-WEILL MICHEL T INDIVISION MDW EURAZEO DE SOLAGES AMAURY DE SOLAGES JEAN-MANU DE SOLAGES CONSTANCE BERNHEIM-ORSINI MART BERNHEIM PIERRE-ANTO TAUBE HODSON STONEX VANGUARD GROUP INC BLACKROCK SAYER PATRICK SEB SPARINVEST GUYOT ALAIN INVESCO LTD

Firm Name AlphaValue Societe Generale Oddo & Cie HSBC Day by Day Goldman Sachs EVA Dimensions Exane BNP Paribas JPMorgan CA Cheuvreux Kepler Capital Markets Redburn Partners

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

Analyst PIERRE-YVES GAUTHIER PATRICK JOUSSEAUME CHRISTOPHE CHAPUT PIERRE BOSSET VALERIE GASTALDY MARKUS IWAR AUSTIN BURKETT CHARLES-HENRI DE MORTEMART CHRISTOPHER BROWN DAVID CERDAN PIERRE BOUCHENY PASCAL HAUTCOEUR

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

Recommendation add buy neutral overweight hold neutral/neutral overweight neutral neutral suspended coverage buy sell

Amt Held 11'323'885 4'317'655 3'600'000 3'323'246 2'950'303 2'322'953 2'260'117 1'077'772 1'063'419 999'532 605'628 605'628 530'403 497'674 432'071 316'345 272'969 261'304 211'191 197'672

% Out 17.15 6.54 5.45 5.03 4.47 3.52 3.42 1.63 1.61 1.51 0.92 0.92 0.8 0.75 0.65 0.48 0.41 0.4 0.32 0.3

Latest Chg 241'725 158'249 140'489 110'616 51'321 50'638 47'597 28'812 28'812 (31'538) 3'787 (168'300) 548 (22'246) 30'056 590

File Dt 31.12.2011 09.05.2012 31.12.2011 24.12.2012 24.12.2012 24.12.2012 31.12.2011 24.12.2012 24.12.2012 24.12.2012 24.12.2012 24.12.2012 30.11.2012 31.12.2012 26.02.2013 31.12.2011 31.12.2012 31.01.2013 24.12.2012 27.02.2013

Weighting

Change

Target Price

Date

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

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

50 46 39 47 #N/A N/A 49 #N/A N/A 38 #N/A N/A #N/A N/A 40 #N/A N/A

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

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

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

Date 20.02.2013 18.02.2013 15.02.2013 31.01.2013 31.01.2013 25.01.2013 17.01.2013 28.11.2012 18.10.2012 10.05.2012 14.03.2012 08.06.2009

28.02.2013

Eurocommercial Properties NV Eurocommercial Properties N.V. is a real estate investment company. The Company owns and operates shopping centers in France, Italy and Sweden.

Price/Volume 35

.6 M

.5 M

.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 52-Week Low (14.06.2012) 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 ECMPA NA EQUITY YTD Change ECMPA NA EQUITY YTD % CHANGE

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

.2 M

.1 M

5 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 30.06.2008 191.5 10.50x 144.5 13.92x 110.3 9.76x

.3 M

06/2012 12/yy 31.44 24.54 132'847.00 29.11 -7.40% 18.62% 66.28% 41.8 1'216.16 1'252.74 0.0 0.0 120.95 2'363.41

30.06.2009 30.06.2010 155.7 163.1 10.86x 12.34x 105.1 111.2 16.10x 18.12x (180.7) 93.7 10.80x Profitability

30.06.2011 180.1 13.30x 122.0 19.62x 201.3 6.92x

30.06.2012 192.6 11.67x 129.8 17.32x (12.1) 129.81 129.81 40.89% -5.37% 1.77% 3.76% 1.96% 0.07% 66.6% -6.3% 44.06% 96.35% -

1.03 33.57 15.19% -3.42% 1.028 15 3.267 104'300 77'840 78'644

LTM-4Q

LTM

FY+1

12/yy 186.5 49.45x 127.1 16.88x 60.6 16.46x

12/yy 200.6 46.78x 133.6 18.00x 48.2 25.76x

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 160.8 164.9 39.9 40.5 14.96x 14.70x 62.74x 61.34x 132.9 136.5 34.0 35.0 17.78x 17.32x 17.10x 16.94x 81.6 85.4 19.6 20.8 16.09x 14.54x 15.04x 14.81x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

40.00

250.0

FY+2

FQ+1

FQ+2

2.54 0.81 8.58 8.87 96.4% 49.1% 0.07 -

35.00

200.0

30.00 25.00

150.0

20.00

100.0

15.00 10.00

50.0

5.00 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

28.02.2013

Eurocommercial Properties NV Holdings By:

All

Holder Name GOVT OF SINGAPORE IN NORGES BANK CBRE CLARION SECURIT COHEN & STEERS CAPIT MORGAN STANLEY BLACKROCK SARASIN COLONIAL FIRST STATE ALLIANZ ASSET MANAGE VANGUARD GROUP INC STATE STREET WELLINGTON MANAGEMEN HENDERSON GLOBAL INV LASALLE INVESTMENT M ING INVESTMENT MANAG ING INTERNATIONAL AD NATIXIS ASSET MANAGE SCOTTISH WIDOWS PETERCAM SA PRUDENTIAL FINANCIAL

Firm Name

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

Analyst

Goldman Sachs JULIAN LIVINGSTON-BOOTH EVA Dimensions AUSTIN BURKETT Societe Generale MICHEL VARALDO Rabobank International MARTIJN TER LAAK Berenberg Bank KAI MALTE KLOSE Petercam STEPHAN VAN WEEREN Exane BNP Paribas NICK WEBB ING Bank JAAP KUIN Espirito Santo Investment Bank Research JON STEWART Kempen & Co ROBERT WOERDEMAN JPMorgan HARM M MEIJER HSBC THOMAS MARTIN ABN Amro Bank N.V. RUUD VAN MAANEN CA Cheuvreux BRUNO DUCLOS AEK HENK J BROUWER

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

Recommendation neutral/neutral sell buy hold buy hold underperform buy buy neutral neutral overweight hold underperform outperform

Amt Held % Out 5'138'696 12.3 3'026'247 7.24 2'100'963 5.03 2'055'866 4.92 2'049'234 4.91 885'990 2.12 739'948 1.77 662'172 1.58 517'304 1.24 479'835 1.15 405'055 0.97 (389'058) -0.93 321'984 0.77 284'598 0.68 273'715 0.66 229'086 0.55 208'088 0.5 198'454 0.48 192'000 0.46 183'031 0.44

Latest Chg 1'479 986 (100'828) (2'238) 6'587 3'160 321'984 83'514 15'086 10'900 (1'822) 20'000 -

File Dt Inst Type 30.06.2010 Government 31.12.2011 Government 08.02.2013 Investment Advisor 19.03.2012 Investment Advisor 23.11.2010 Investment Advisor 26.02.2013 Investment Advisor 28.12.2012 Unclassified 08.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 27.02.2013 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 21.08.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.10.2012 Unclassified 30.12.2011 Mutual Fund Manager 31.01.2013 Investment Advisor

Weighting

Target Price

Date

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

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

30 #N/A N/A 35 31 34 30 29 34 35 30 33 34 30 34 #N/A N/A

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

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

Date 20.02.2013 13.02.2013 11.02.2013 11.02.2013 08.02.2013 04.02.2013 01.02.2013 21.01.2013 15.01.2013 14.01.2013 09.01.2013 27.11.2012 18.09.2012 02.08.2011 08.02.2010

28.02.2013

Evraz PLC Evraz PLC mines iron ore and coal, and manufactures steel. The Company mines iron ore in Russia and Ukraine, and coal in Western Siberia. Evraz produces steel beams, channels, reinforcement bars, slabs, billets, railroad rails, armor plate, and tubular products. The Company produces steel in Russia, North America, Ukraine, Italy, the Czech Republic, and South Africa.

Price/Volume

12/2011 09/yy 428.00 206.80 1'403'491.00 270 -36.92% 30.56% 28.57% 1'472.6 3'975.97 7'245.00 0.0 236.0 801.00 12'297.35

25.0 M

250

20.0 M

200

15.0 M

150

10.0 M

100

5.0 M

50 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 -

30.0 M

300

Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EVR LN EQUITY YTD Change EVR LN EQUITY YTD % CHANGE

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

35.0 M

400 350

Valuation Analysis

31.12.2007

450

31.12.2008 31.12.2009 20'380.0 9'772.0 5'335.0 1'057.0 1'797.0 (295.0) Profitability

31.12.2010 13'394.0 2'203.0 486.0 -

31.12.2011 16'400.0 0.88x 2'794.0 5.17x 461.0 16.31x 2'794.00 1'641.00 10.01% 5.32% 0.90% 2.67% 2.33% 0.85% 23.9% 14.7% 6.2% 2.8% 1.77 0.67 42.68% 130.66% 5.21

3'029'118 3'261'932 3'022'907

LTM-4Q

LTM

FY+1

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

09/yy 4'157.0 0.00x 0.0 0.00x 0.0 0.00x

12/12 Y 12/13 Y 12/11 Q4 03/12 Q1 14'495.1 15'025.4 3'923.0 0.88x 0.85x 2'014.8 2'172.0 6.10x 5.66x 115.8 260.7 77.29x 25.76x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

3.00

25'000.0

2.50

4.15 334.65 -31.68% 4.29% 27 3.741

FY+2

FQ+1

FQ+2

3.95 2.14 2.64 3.41 130.7% 55.6% 0.85 1.83 70.29 58.86

20'000.0

2.00

15'000.0

1.50

10'000.0 1.00

5'000.0

0.50 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 |

28.02.2013

Evraz PLC Holdings By:

All

Holder Name LANEBROOK LTD KADRE ENTERPRISES LT VEROCCHIO ENTERPRISE TORCENSTA HOLDING LT CREDIT SUISSE PRIVAT UBS BLACKROCK LEGAL & GENERAL CAPITAL GROUP COMPAN GOVT OF SINGAPORE IN AVIVA INVESTORS SEB EAST CAPITAL ASSET M HSBC PRIVATE BANKING CITIBANK SWITZERLAND BANK OF NEW YORK MEL CLEARSTREAM BANKING JP Morgan Chase Bank VANGUARD GROUP INC NEPTUNE INVESTMENT M

Firm Name Gazprombank Uralsib Raiffeisenbank AG Goldman Sachs Sovlink Securities Renaissance Capital Morgan Stanley Credit Suisse UFS-Finance Investment Company Deutsche Bank EVA Dimensions Alfa-Bank BCS Otkritie Capital Sberbank CIB Societe Generale VTB Capital HSBC Barclays Nomos Bank JPMorgan Aton LLC RMG Securities Grandis Capital Cyrrus

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

Analyst SERGEI KANIN VALENTINA BOGOMOLOVA IRYNA TRYGUB-KAINZ YULIA CHEKUNAEVA ALEKSANDR MORIN BORIS KRASNOJENOV DMITRIY KOLOMYTSYN SEMYON MIRONOV ILYA BALAKIREV GEORGE BUZHENITSA CRAIG STERLING BARRY EHRLICH KIRILL CHUYKO DENIS GABRIELIK MIKHAIL STISKIN SERGEY DONSKOY IGOR LEBEDINETS VLADIMIR ZHUKOV VLADIMIR SERGIEVSKIY YURI VOLOV YURIY A VLASOV DINNUR GALIKHANOV ANDREY TRETELNIKOV ANDREW KUCHEROV JIRI SIMARA

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

Recommendation overweight hold hold neutral/neutral buy buy Overwt/No Rating neutral buy buy hold equalweight sell buy buy sell buy overweight underweight buy neutral hold buy buy buy

Amt Held 934'440'556 83'200'964 82'887'014 33'737'970 25'541'460 16'936'986 15'075'209 13'139'803 9'583'685 9'067'977 9'043'316 8'861'970 8'152'085 8'042'193 7'563'282 6'814'020 6'191'363 5'444'927 5'093'086 5'000'000

% Out 63.46 5.65 5.63 2.29 1.73 1.15 1.02 0.89 0.65 0.62 0.61 0.6 0.55 0.55 0.51 0.46 0.42 0.37 0.35 0.34

Latest Chg (78'380'113) (26'127'465) (429'768) (53'525) 2'214'818 (634'979) 199'685 1'400'034 3'123'716 2'132'998 6'537'693 (399'633) (1'116'326) (2'803'454) 94'551 -

File Dt 04.02.2013 04.02.2013 04.02.2013 12.02.2013 01.11.2012 01.11.2012 26.02.2013 31.01.2013 01.11.2012 01.11.2012 01.11.2012 31.12.2012 31.12.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 31.12.2012 01.11.2012

Weighting

Change

Target Price

Date

5 3 3 3 5 5 5 3 5 5 3 3 1 5 5 1 5 5 1 5 3 3 5 5 5

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

514 284 327 340 368 390 355 280 379 404 #N/A N/A 300 210 312 275 190 340 320 253 334 274 235 554 499 572

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

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

Inst Type Other Other Other Unclassified Bank Unclassified Investment Advisor Unclassified Investment Advisor Government Investment Advisor Unclassified Investment Advisor Bank Bank Unclassified Bank Unclassified Investment Advisor Investment Advisor

Date 27.02.2013 25.02.2013 21.02.2013 20.02.2013 08.02.2013 07.02.2013 23.01.2013 23.01.2013 21.01.2013 17.01.2013 17.01.2013 16.01.2013 19.12.2012 29.11.2012 21.11.2012 13.11.2012 08.11.2012 25.10.2012 05.10.2012 04.10.2012 12.09.2012 03.09.2012 27.06.2012 12.04.2012 30.01.2012

28.02.2013

Exor SpA EXOR S.p.a. is an Italy-based investment company. The Company makes medium to long-term investments. Its investment portfolio consists of interests held in companies from various sectors, including automobile, agricultural and construction equipment, trucks and commercial vehicles, financial services, real estate services, business services, tourism and entertainment.

Price/Volume 25 20 15

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (18.05.2012) 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 EXO IM EQUITY YTD Change EXO IM EQUITY YTD % CHANGE

12/2011 09/yy 22.77 15.38 397'020.00 21.26 -6.63% 38.23% 79.57% 160.3 5'207.82 48'901.00 0.0 13'568.0 23'494.00 46'103.82

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

5 0 f-12

m-12

a-12

31.12.2008 31.12.2009 2'664.0 52'520.0 0.91x 302.0 (389.0) Profitability

31.12.2010 57'762.0 0.55x 5'035.0 6.34x 137.0 44.81x

31.12.2011 84'359.0 0.50x 9'164.0 4.64x 504.0 6.91x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

9'164.00 5'046.00 5.98% 3.89% 0.20% 3.64% 4.30% 0.86% 15.7% 10.8% 6.1% 0.6% 1.90 0.80 39.75% 763.72% 20.18 6.02

1.00 61.97 15.01% 11.89% 1.003 5 3.800 595'156 539'954 413'849

LTM-4Q

LTM

FY+1

09/yy 63'536.0 1.09x 0.0 0.00x 565.6 6.33x

09/yy 50'169.0 1.73x 0.0 0.00x 306.3 13.24x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 99'135.5 104'254.5 0.24x 9'229.0 10'242.5 5.00x 4.50x 362.5 464.5 7.39x 10.85x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

45.00

90'000.0

40.00

80'000.0

35.00

70'000.0

30.00

60'000.0

25.00

50'000.0

20.00

40'000.0

15.00

30'000.0

10.00

20'000.0

5.00

10'000.0

0.00 02.01.2009

m-12

Market Data

Fiscal Year Ended 31.12.2007 2'661.0 444.0 -

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

FY+2

FQ+1

FQ+2

26.10.2005 BBB+ STABLE 30.06.2003 A-2 6.82 1.86 2.36 4.55 763.7% 71.0% 0.86 4.30 18.14 60.79 86.38 -7.54

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 |

28.02.2013

Exor SpA Holdings By:

All

Holder Name GIOVANNI AGNELLI & C MACKENZIE FINANCIAL EXOR SPA VANGUARD GROUP INC BLACKROCK FMR LLC LONGLEAF MANAGEMENT ALLIANZ ASSET MANAGE IG INVESTMENT MANAGE IVY MANAGEMENT INCOR ARCA SGR SPA FIRST CANADIAN MUTUA COUNSEL PORTFOLIO SE GABETTI GIANLUIGI VONTOBEL ASSET MANAG SANTANDER ASSET MGMT DNCA FINANCE SEB FABBRI PIO TEODORANI TRANSAMERICA INVESTM

Firm Name Mediobanca SpA Goldman Sachs Banca IMI CA Cheuvreux Exane BNP Paribas Equita SIM SpA

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

Analyst MASSIMO VECCHIO MARKUS IWAR MONICA BOSIO MARCO BACCAGLIO GIUSEPPE MARSELLA MARTINO DEAMBROGGI

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

Recommendation neutral not rated buy outperform neutral buy

Amt Held 94'706'958 11'605'993 3'274'102 1'323'444 1'211'982 445'923 321'800 314'958 260'491 251'022 240'326 191'132 189'859 172'780 169'146 159'950 150'000 125'413 124'285 119'735

% Out 59.1 7.24 2.04 0.83 0.76 0.28 0.2 0.2 0.16 0.16 0.15 0.12 0.12 0.11 0.11 0.1 0.09 0.08 0.08 0.07

Latest Chg 44'316 1'839 (10'638) (103'505) 14'100 (109'105) 25'326 23'500 (27'191) 653 18'800

File Dt Inst Type 24.09.2012 Holding Company 24.09.2012 Investment Advisor 24.09.2012 Corporation 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2011 n/a 31.10.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2011 n/a 31.12.2012 Investment Advisor

Weighting

Change

Target Price

Date

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

M M M M M M

20 #N/A N/A 22 24 22 21

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

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

Date 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 08.11.2011

28.02.2013

Filtrona PLC Filtrona Plc is an international supplier of specialty plastic and fiber products. The Company produces plastic molded and adhesive coated foam and metal products, custom bonded fiber and foam components, self adhesive tear tape, labels, products and technologies for brand protection, document authentication and personal identification, and cigarette filters.

Price/Volume 700

12/2012 01/yy 641.00 420.70 559'026.00 633.5 -1.17% 50.58% 96.60% 211.4 1'339.24 204.90 0.0 5.3 41.40 1'508.04

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

400

1.5 M

300

1.0 M

200 .5 M

100 0 f-12 m-12

.0 M a-12 m-12

31.12.2009 31.12.2010 444.0 489.6 1.13x 1.23x 76.9 95.4 6.54x 6.29x 11.8 47.7 20.77x 12.15x Profitability

31.12.2011 540.7 1.75x 105.2 8.99x 43.1 19.02x

31.12.2012 663.4 2.00x 127.9 10.40x 52.2 22.00x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

127.90 97.00 14.62% 11.59% 8.84% 23.62% 16.11% 1.12% 19.3% 14.6% 7.9% 1.64 0.32 32.89% 87.19% -

1'007'390 394'468 356'988

LTM

FY+1

01/yy

12/13 Y 12/14 Y 707.8 754.8 2.07x 1.89x 143.8 155.6 10.48x 9.69x 72.9 80.3 18.05x 16.24x S&P Issuer Ratings

18.00

700.0

16.00

1.97 0.82 207.65 44.07% 15.18% 0.821 8 3.500

LTM-4Q

Price/ Cash Flow

FY+2

FQ+1

FQ+2

6.30 4.14 1.28 1.60 87.2% 46.0% 1.12 3.81 -

600.0

14.00

500.0

12.00 10.00

400.0

8.00

300.0

6.00

200.0

4.00

100.0

2.00 0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 431.7 1.09x 75.7 6.21x 35.0 9.24x

2.0 M

500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (06.06.2012) 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 FLTR LN EQUITY YTD Change FLTR LN EQUITY YTD % CHANGE

2.5 M

600

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 |

28.02.2013

Filtrona PLC Holdings By:

All

Holder Name BLACKROCK FMR LLC AXA FRAMLINGTON INV OPPENHEIMERFUNDS INC OPPENHEIMERFUNDS INC ALLIANCE BERNSTEIN JP MORGAN TIAA CREF INVESTMENT CAZENOVE CAPITAL MAN AMERIPRISE FINANCIAL INVESCO LTD ALLIANZ SE LEGAL & GENERAL THREADNEEDLE ASSET M IGNIS INVESTMENT SER HERMES SPEC UK FOCUS OLD MUTUAL THREADNEEDLE INVESTM M&G INVESTMENT MANAG BT PENSION SCHEME

Firm Name EVA Dimensions Canaccord Genuity Corp Numis Securities Ltd Deutsche Bank JPMorgan Panmure Gordon & Co Limited WH Ireland Ltd

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

Analyst CRAIG STERLING MICHAEL O'BRIEN MIKE MURPHY THOMAS SYKES VICTORIA PRIOR PAUL JONES MATTHEW DAVIS

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

Recommendation hold buy hold hold neutral hold buy

Amt Held 37'435'215 22'726'972 16'615'477 14'816'147 12'212'865 11'599'656 11'385'341 10'469'124 10'423'740 10'134'152 10'005'955 9'901'509 8'607'330 8'467'235 8'188'590 8'125'922 7'783'386 7'284'707 6'886'074 6'092'208

% Out 17.71 10.75 7.86 7.01 5.78 5.49 5.39 4.95 4.93 4.79 4.73 4.68 4.07 4.01 3.87 3.84 3.68 3.45 3.26 2.88

Latest Chg 1'939'593 1'141'441 (182'500) 78'065 (1'073'753) 1'052'295 (382'387) (225'619) (482'387) 706'799 (1'646'474) 990'470 (125'654) (898'859) (2'126'936)

Weighting

Change

Target Price

3 5 3 3 3 3 5

D M M M M M M

#N/A N/A 690 568 490 524 445 290

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

File Dt Inst Type 26.02.2013 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Investment Advisor 30.12.2012 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Unclassified 06.12.2012 Investment Advisor 21.02.2012 Investment Advisor 24.05.2012 Investment Advisor 21.02.2012 Investment Advisor 21.02.2012 Insurance Company 03.12.2012 Unclassified 03.12.2012 Investment Advisor 21.02.2012 Investment Advisor 21.02.2012 n/a 31.12.2012 Unclassified 31.10.2012 Investment Advisor 03.12.2012 Investment Advisor 23.02.2012 Pension Fund (ERISA)

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

Date 26.02.2013 22.02.2013 21.02.2013 03.12.2012 04.09.2012 14.06.2012 31.08.2010

28.02.2013

Finmeccanica SpA Finmeccanica SpA manufactures high technology products and is very active in aerospace, defence and security. The Group focuses heavily on helicopters, defence and security electronics and aeronautics as well as a well-established position on the global transport and power generation markets.

Price/Volume 6

40.0 M 35.0 M

30.0 M 4

Latest Fiscal Year: LTM as of: 52-Week High (22.01.2013) 52-Week Low (14.06.2012) 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 FNC IM EQUITY YTD Change FNC IM EQUITY YTD % CHANGE

12/2011 09/yy 5.17 2.61 7'288'042.00 3.766 -27.16% 44.40% 45.20% 578.2 2'177.31 5'885.00 0.0 303.0 1'371.00 8'144.31

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

20.0 M 15.0 M

10.0 M 1

5.0 M

0 f-12

.0 M m-12

a-12

m-12

31.12.2008 31.12.2009 15'037.0 18'176.0 0.70x 0.58x 1'832.0 2'119.0 5.74x 4.97x 571.0 654.0 8.42x 9.87x Profitability

31.12.2010 18'695.0 0.49x 1'869.0 4.89x 493.0 9.96x

31.12.2011 17'318.0 0.37x 304.0 21.28x (2'345.0) -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

304.00 -1'477.00 -8.53% -14.16% -6.03% -35.62% 0.56% 8.6% -1.5% -13.5% 0.98 0.38 19.24% 136.83% 1.79 -

1.00 391.93 -0.84% -13.47% 1.003 19 2.842 9'738'759 8'403'556 7'301'296

LTM-4Q

LTM

FY+1

09/yy 18'023.0 2.15x 560.0 15.91x (149.0) 0.00x

09/yy 17'217.0 1.71x 1'487.0 5.45x (1'869.0) 0.00x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 17'193.7 17'334.7 4'853.0 0.35x 0.32x 1.23x 1'668.6 1'767.4 4.88x 4.61x 267.5 380.1 11.6 7.70x 5.65x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

8.00

20'000.0

7.00

18'000.0

FY+2

FQ+1

FQ+2

18.01.2013 BB+ STABLE 18.01.2013 B 0.94 -1.90 3.80 4.54 136.8% 56.1% 0.56 5.45 204.28 -

16'000.0

6.00

14'000.0

5.00

12'000.0

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 02.01.2009

j-12

Fiscal Year Ended 31.12.2007 13'431.0 0.79x 1'793.0 5.93x 484.0 19.27x

25.0 M

Valuation Analysis

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 |

28.02.2013

Finmeccanica SpA Holdings By:

All

Holder Name MINISTERO DELL'ECONO TRADEWINDS GLOBAL IN AKO CAPITAL LLP DEUTSCHE BANK TRUST BLACKROCK GRANTHAM MAYO VAN OT LIBYAN INVESTMENT AU EGERTON CAPITAL LIMI VANGUARD GROUP INC AQR CAPITAL MANAGEME DIMENSIONAL FUND ADV FIDEURAM GESTIONS SA AMBER CAPITAL LTD UBI PRAMERICA SGR SP NUVEEN ASSET MANAGEM BANK OF NEW YORK MEL PRUDENTIAL FINANCIAL JOHN HANCOCK INVESTM ARTEMIS INVESTMENT M PRINCIPAL FINANCIAL

Firm Name

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

Analyst

Banca IMI MONICA BOSIO Banca Akros(ESN) GABRIELE GAMBAROVA Mediobanca SpA MASSIMO VECCHIO AlphaValue THOMAS PICHERIT Oddo & Cie YAN DEROCLES JPMorgan DAVID H. PERRY Societe Generale ZAFAR KHAN CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX EVA Dimensions CRAIG STERLING Exane BNP Paribas TRISTAN SANSON Barclays CHRISTIAN LAUGHLIN Kepler Capital Markets CHRISTOPHE MENARD Deutsche Bank MILENE KERNER Morgan Stanley RUPINDER VIG Espirito Santo Investment Bank Research EDWARD STACEY Equita SIM SpA MARTINO DEAMBROGGI Hammer Partners SA ALBERTO ROLLA Centrobanca MARCO CRISTOFORI National Bank AG STEFFEN MANSKE

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

Recommendation Under Review hold underperform buy buy neutral sell select list hold underperform equalweight reduce sell Equalwt/In-Line neutral hold buy hold buy

Amt Held % Out 174'601'418 30.2 28'791'889 4.98 (22'779'125) -3.94 20'813'414 3.6 12'950'569 2.24 11'794'268 2.04 11'620'823 2.01 (9'597'296) -1.66 7'448'228 1.29 (5'087'723) -0.88 4'841'276 0.84 4'107'141 0.71 (3'526'717) -0.61 2'357'935 0.41 1'482'695 0.26 1'345'927 0.23 1'097'588 0.19 885'960 0.15 820'000 0.14 788'824 0.14

Latest Chg (404'705) (1'040'671) 218'706 173'446 (532'114) 35'274 (161'787) (30'821) 50'700 6'505 820'000 (5'200)

Weighting

Target Price

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

Change M M M M M N M M M M M M M M M M M M M

#N/A N/A 4 3 6 7 4 5 6 #N/A N/A 3 4 4 3 4 4 4 4 10 12

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

File Dt Inst Type 30.01.2013 Government 30.01.2013 Investment Advisor 22.02.2013 Investment Advisor 30.01.2013 Investment Advisor 26.02.2013 Investment Advisor 30.01.2013 Investment Advisor 30.01.2013 Other 25.02.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 27.12.2012 Hedge Fund Manager 31.07.2012 Investment Advisor 31.01.2013 Investment Advisor 28.11.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor

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

Date 27.02.2013 27.02.2013 22.02.2013 21.02.2013 13.02.2013 11.02.2013 28.01.2013 21.01.2013 17.01.2013 16.01.2013 15.01.2013 04.01.2013 12.12.2012 15.11.2012 16.08.2012 11.07.2012 26.03.2012 04.03.2011 29.07.2010

28.02.2013

Firstgroup PLC FirstGroup plc is an international passenger group which has bus and rail operations in the United Kingdom and North America. The Group's operations comprise bus and passenger rail franchises, in addition to transit management, school bus operations, and fleet maintenance.

Price/Volume 300

25.0 M

250

20.0 M

200

Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (21.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FGP LN EQUITY YTD Change FGP LN EQUITY YTD % CHANGE

03/2012 01/yy 300.60 174.60 1'588'407.00 190.5 -36.63% 9.11% 12.62% 481.9 918.03 2'448.20 0.0 22.4 499.70 3'106.83

31.03.2008 4'707.6 1.00x 579.7 8.11x 120.4 20.35x

10.0 M

100

5.0 M

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

15.0 M

150

Valuation Analysis

31.03.2009 31.03.2010 6'187.3 6'261.9 0.61x 0.64x 772.2 849.6 4.86x 4.74x 143.3 132.1 8.86x 13.35x Profitability

31.03.2011 6'416.7 0.56x 777.7 4.63x 103.2 16.32x

31.03.2012 6'678.7 0.47x 756.6 4.12x 196.2 5.57x 756.60 397.60 5.95% 4.19% 2.42% 16.58% 8.82% 1.30% 11.2% 5.7% 2.9% 0.83 0.62 46.08% 285.14% 14.48 -

12.43 0.89 479.93 -27.05% -5.48% 0.886 20 2.600 1'935'746 1'746'321 2'011'240

LTM-4Q

LTM

FY+1

01/yy

03/13 Y 03/14 Y 6'745.8 6'115.1 0.42x 0.47x 681.0 658.1 4.56x 4.72x 142.0 140.1 6.52x 6.37x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

3.50

8'000.0

3.00

7'000.0

FY+2

FQ+1

FQ+2

23.04.2007 BBBNEG 23.04.2007 A-3 4.76 3.68 2.87 3.29 285.1% 73.5% 1.30 3.33 25.27 -

6'000.0

2.50

5'000.0 2.00

4'000.0 1.50

3'000.0

1.00

2'000.0

0.50

1'000.0

0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

28.02.2013

Firstgroup PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES MAJEDIE ASSET MANAGE BLACKROCK LLOYDS BANKING GROUP ARTEMIS INVESTMENT M LEGAL & GENERAL BREWIN DOLPHIN LIMIT EPOCH INVESTMENT PAR LSV ASSET MANAGEMENT UNIVERSITIES SUPERAN JUPITER ASSET MANAGE CAPITAL GROUP COMPAN JUPITER ASSET MANAGE SCOTTISH WIDOWS NORGES BANK INVESTME ELLIOTT MANAGEMENT C PRIVATE INDIVIDUALS STATE STREET SARASIN BEUTEL GOODMAN & COM

Firm Name

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

Analyst

HSBC JOSEPH P THOMAS RBC Capital Markets DAMIAN BREWER Oriel Securities Ltd EDWARD STANFORD Panmure Gordon & Co Limited GERT ZONNEVELD Espirito Santo Investment Bank Research GERALD KHOO Liberum Capital Ltd PETER HYDE JPMorgan DAVID PITURA Jefferies JOSEPH SPOONER Shore Capital Stockbrokers KARL BURNS Nomura ANDREW EVANS EVA Dimensions CRAIG STERLING Morgan Stanley JAIME ROWBOTHAM Barclays ADRIAN YANOSHIK Goldman Sachs OLIVER NEAL Investec JOHN LAWSON Charles Stanley Securities DOUGLAS MCNEILL Deutsche Bank ANAND DATE

Source ULT-AGG REG ULT-AGG ULT-AGG Co File ULT-AGG REG REG REG RNS-MAJ MF-AGG ULT-AGG REG ULT-AGG REG Short REG ULT-AGG ULT-AGG MF-AGG

Recommendation underweight sector perform sell hold sell buy overweight hold hold neutral hold Underwt/In-Line equalweight Buy/Neutral hold hold sell

Amt Held % Out 45'309'650 9.4 43'612'226 9.05 24'297'017 5.04 23'464'316 4.87 20'586'417 4.27 20'402'033 4.23 19'269'731 4 19'115'314 3.97 15'219'760 3.16 14'907'952 3.09 14'162'264 2.94 13'997'470 2.9 12'625'026 2.62 11'421'347 2.37 11'192'732 2.32 (11'180'214) -2.32 10'620'173 2.2 8'894'056 1.85 8'711'922 1.81 8'657'750 1.8

Latest Chg 5'964'028 2'436'720 105'571 (803'434) (3'174'468) 2'783'092 (2'004'024) (2'849'911) (60'861) (578'287) 100'000 (1'045'273) 1'622'041 1'681'740

Weighting

Target Price

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

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

180 230 #N/A N/A 200 170 230 237 190 #N/A N/A 204 #N/A N/A 195 190 238 180 240 175

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

File Dt Inst Type 11.02.2013 Investment Advisor 01.01.2013 Investment Advisor 26.02.2013 Investment Advisor 23.05.2012 Investment Advisor 23.05.2012 Investment Advisor 31.01.2013 Unclassified 01.01.2013 Investment Advisor 01.01.2013 Hedge Fund Manager 01.01.2013 Investment Advisor 11.01.2013 Investment Advisor 31.07.2012 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Government 08.01.2013 Hedge Fund Manager 01.01.2013 Other 27.02.2013 Investment Advisor 01.01.2013 Unclassified 31.01.2013 Investment Advisor

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

Date 04.02.2013 31.01.2013 31.01.2013 31.01.2013 28.01.2013 25.01.2013 24.01.2013 24.01.2013 21.01.2013 21.01.2013 17.01.2013 10.12.2012 03.12.2012 08.11.2012 07.11.2012 07.11.2012 05.10.2012

28.02.2013

Flughafen Zuerich AG Flughafen Zuerich AG operates the Zurich Airport. The Company constructs, leases, and maintains airport structures and equipment.

Price/Volume 450

.1 M

400

.1 M

350

.1 M

300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.12.2012) 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 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FHZN SE EQUITY YTD Change FHZN SE EQUITY YTD % CHANGE

12/2012 01/yy 432.50 316.00 12'821.00 427.75 -1.10% 35.36% 95.92% 6.1 2'626.55 1'217.03 0.0 0.0 69.51 3'700.29

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

.0 M

200

.0 M

150

.0 M

100

.0 M

50 0 f-12

.0 M m-12

a-12

31.12.2009 31.12.2010 820.2 863.0 3.56x 3.83x 402.9 437.1 7.24x 7.57x 190.6 138.5 9.98x 16.93x Profitability

31.12.2011 905.4 3.48x 485.7 6.48x 170.9 11.71x

31.12.2012

j-12

a-12

s-12

o-12

n-12

d-12

j-13

54.4% 31.5% 18.9% 0.76 0.35 31.91% 67.54% 9.06 -

11'702 13'151 10'881

LTM

FY+1

01/yy

12/13 Y 12/14 Y 969.2 1'002.8 3.69x 3.52x 523.7 548.0 7.07x 6.75x 185.1 203.1 14.45x 13.21x S&P Issuer Ratings

485.67 283.80 31.34% 23.39% 4.78% 9.99% 0.25%

0.95 3.60 25.65% 1.18% 0.949 18 4.000

LTM-4Q -

Price/ Cash Flow

Sales/Revenue/Turnover

9.00

1'000.0

8.00

900.0

7.00

800.0

FY+2

FQ+1

FQ+2

20.04.2012 A STABLE 8.08 2.54 2.14 2.30 67.5% 40.3% 0.25 0.32 40.38 -

700.0

6.00

600.0

5.00 4.00

500.0 400.0

3.00

300.0

2.00

200.0

1.00

100.0

0.00 02.01.2009

m-12

Fiscal Year Ended 31.12.2008 855.1 3.14x 421.0 6.37x 121.3 12.61x

250

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 |

28.02.2013

Flughafen Zuerich AG Holdings By:

All

Holder Name CANTON OF ZURICH UNIVERSITIES SUPERAN CITY OF ZURICH LAZARD ASSET MANAGEM CREDIT SUISSE AG ARTIO GLOBAL MANAGEM TAUBE HODSON STONEX COMMONWEALTH BANK OF UBS FUND MANAGEMENT DIMENSIONAL FUND ADV BLACKROCK SWISSCANTO FONDSLEIT CREDIT SUISSE ASSET ZADIG GESTION (LUXEM VONTOBEL ASSET MANAG VANGUARD GROUP INC PICTET & CIE FRANK RUSSELL TRUST CAPITAL GROUP COMPAN SCHRODER INVESTMENT

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

Firm Name

Analyst

Goldman Sachs Morgan Stanley Commerzbank Corporates & Markets Main First Bank AG Berenberg Bank Barclays Nomura HSBC Zuercher Kantonalbank RBC Capital Markets Bank Vontobel AG EVA Dimensions Credit Suisse CA Cheuvreux JPMorgan Silvia Quandt Research Kepler Capital Markets

NICK EDELMAN DANIEL RUIVO JOHANNES BRAUN CHRISTIAN KORTH WILLIAM FOGGON SUSANNA INVERNIZZI PETER LARKIN JOSEPH P THOMAS ARMIN RECHBERGER ANDREW JONES JEAN-PHILIPPE BERTSCHY CRAIG STERLING PATRICK JNGLIN CRAIG ABBOTT ELODIE RALL STEFAN KICK RUXANDRA HARADAU-DOESER

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

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

Amt Held 2'050'894 342'593 309'476 200'484 199'712 183'681 174'707 60'698 60'417 56'858 53'213 48'984 46'095 39'311 38'420 37'359 37'053 36'922 35'400 24'223

% Out 33.4 5.58 5.04 3.27 3.25 2.99 2.85 0.99 0.98 0.93 0.87 0.8 0.75 0.64 0.63 0.61 0.6 0.6 0.58 0.39

Latest Chg 7'800 (122'936) (104'647) (2'354) (220) 2'479 212 (762) 94 (400) 153 12 (3'746) 35'400 24'223

File Dt Inst Type 31.12.2011 Government 19.07.2012 Investment Advisor 31.12.2011 Government 31.01.2013 Unclassified 21.11.2012 Investment Advisor 22.02.2012 Investment Advisor 21.05.2008 Investment Advisor 31.10.2012 Bank 31.10.2012 Investment Advisor 31.07.2012 Investment Advisor 26.02.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 28.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.05.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor

Weighting

Change

Target Price

Date

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

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

466 440 500 520 458 430 437 460 #N/A N/A 400 380 #N/A N/A 450 455 470 410 292

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

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

Date 21.02.2013 05.02.2013 04.02.2013 04.02.2013 24.01.2013 23.01.2013 21.01.2013 18.01.2013 18.01.2013 16.01.2013 15.01.2013 15.01.2013 10.01.2013 17.12.2012 27.11.2012 21.08.2012 22.03.2012

28.02.2013

Fonciere Des Regions Fonciere des Regions manages a diversified real estate portfolio including offices, residential building, and car parking lots. The Company opted for the SIIC legal status in 2003.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.11.2012) 52-Week Low (14.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FDR FP EQUITY YTD Change FDR FP EQUITY YTD % CHANGE

12/2012 06/yy 64.95 49.36 66'943.00 63.49 -2.25% 28.63% 90.64% 57.9 3'675.86 7'275.85 0.0 2'107.1 184.00 12'568.86

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

.4 M

.3 M

.2 M

.1 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 613.7 23.33x 409.1 35.00x (556.5) -

31.12.2009 31.12.2010 681.7 821.1 18.54x 16.10x 492.5 688.5 25.67x 19.20x (262.1) 627.2 5.99x Profitability

31.12.2011 805.0 14.77x 669.0 17.78x 349.5 7.80x

31.12.2012 (26.5) 668.98 340.46 42.29% 57.96% 0.44% 1.68% 0.62% 0.05% 81.4% 43.4% 49.69% 185.00% -

0.96 40.08 25.84% 0.30% 0.962 16 3.250 55'822 44'140 49'159

LTM-4Q

LTM

FY+1

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

06/yy 410.2 0.00x 0.0 0.00x 0.0 0.00x

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 494.4 498.4 22.49x 21.89x 454.5 455.9 27.65x 27.57x 296.1 306.3 11.96x 11.83x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

1'200.0

FY+2

FQ+1

FQ+2

28.09.2012 BBBSTABLE 28.09.2012 A-3 2.14 11.99 12.32 185.0% 54.6% 0.05 -

1'000.0

20.00

800.0 15.00

600.0 10.00

400.0

5.00

0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Fonciere Des Regions Holdings By:

All

Holder Name DELFIN SARL COVEA FINANCE SAS CREDIT AGRICOLE SA ACM VIE SA BLACKROCK SANLAM ASSET MANAGEM VANGUARD GROUP INC FONCIERE DES REGIONS LASALLE INVESTMENT M STATE STREET ALLIANZ ASSET MANAGE ING INVESTMENT MANAG COHEN & STEERS CAPIT NATIXIS ASSET MANAGE MORGAN STANLEY KEMPEN CAPITAL MANAG DIAM EUROPEAN INVESTORS I BNP ASSET MANAGEMENT PETERCAM SA

Firm Name Societe Generale Rabobank International Natixis Morgan Stanley AlphaValue ABN Amro Bank N.V. Exane BNP Paribas Petercam HSBC EVA Dimensions Kempen & Co JPMorgan Barclays Kepler Capital Markets Goldman Sachs Edge Capital Research Tradition Securities & Futures CA Cheuvreux

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

Analyst HENRI QUADRELLI MARTIJN VAN DEN EIJNDEN VLADIMIR MINOT CHRISTOPHER FREMANTLE PIERRE-LOUP ETIENNE JAN WILLEM VAN KRANENBURG NICK WEBB JOEL GORSELE STEPHANIE DOSSMANN AUSTIN BURKETT BOUDEWIJN SCHOON HARM M MEIJER JULIAN CAMPBELL-WOOD SAMUEL HENRY-DIESBACH JULIAN LIVINGSTON-BOOTH KONSTANTIN BOYCHINOV LAETITIA D'EPREMESNIL BRUNO DUCLOS

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

Recommendation buy buy neutral Equalwt/Attractive buy hold outperform hold neutral underweight neutral neutral equalweight buy Sell/Neutral underperform reduce underperform

Amt Held 17'188'789 4'887'123 4'686'137 3'474'342 782'607 683'787 671'728 628'792 525'826 473'468 449'930 398'263 269'002 213'490 182'495 181'416 166'559 161'200 141'507 124'000

% Out 29.69 8.44 8.09 6 1.35 1.18 1.16 1.09 0.91 0.82 0.78 0.69 0.46 0.37 0.32 0.31 0.29 0.28 0.24 0.21

Latest Chg 1'186 45'934 86'257 3'288 826 92'671 (39'004) 12'750 (4'232) (1'513) 7'600 59 (6'000)

File Dt Inst Type 30.06.2012 Investment Advisor 28.12.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Insurance Company 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Corporation 21.08.2012 Investment Advisor 27.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 18.09.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 27.02.2012 Unclassified 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 30.12.2011 Mutual Fund Manager

Weighting

Change

Target Price

Date

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

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

71 73 68 59 79 65 66 63 67 #N/A N/A 63 69 65 66 48 51 72 72

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

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

Date 26.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 01.02.2013 22.01.2013 17.01.2013 17.01.2013 14.01.2013 09.01.2013 08.08.2012 02.08.2012 02.07.2012 29.09.2011 06.07.2011 03.05.2011

28.02.2013

Fraport AG Frankfurt Airport Services Worldwide Fraport AG offers airport services. The Company operates the Frankfurt-Main, Frankfurt-Hahn and other airports in Germany, the airport in Lima, Peru, and the international terminal in Antalya, Turkey. Fraport also provides services to domestic and international carriers including traffic and terminal management, ground handling, security, and real estate and facility management.

Price/Volume

.6 M .5 M .4 M

Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 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 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FRA GY EQUITY YTD Change FRA GY EQUITY YTD % CHANGE

12/2011 09/yy 49.84 39.66 97'568.00 44.905 -9.90% 13.22% 51.52% 92.2 4'140.98 4'253.90 0.0 29.4 927.10 7'820.88

.3 M

.2 M

10 0 f-12

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

.7 M

50 40

Valuation Analysis

31.12.2007 2'329.0 2.52x 612.7 9.58x 208.7 23.62x

31.12.2008 31.12.2009 2'101.6 1'972.6 1.89x 2.94x 613.0 567.5 6.49x 10.23x 189.7 150.0 14.93x 22.12x Profitability

31.12.2010 2'194.6 3.17x 719.8 9.65x 262.9 16.49x

31.12.2011 2'371.2 2.89x 807.1 8.49x 240.4 14.50x 807.10 501.40 21.15% 14.65% 2.79% 9.17% 6.03% 0.26% 34.7% 21.1% 10.1% 1.57 1.17 46.12% 150.77% 11.14 -

133'172 124'603 130'431

LTM-4Q

LTM

FY+1

09/yy 2'348.7 12.80x 799.3 9.04x 325.0 12.60x

09/yy 2'434.4 12.47x 843.9 9.29x 261.3 15.83x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'477.0 2'604.5 680.0 587.0 3.03x 2.90x 11.42x 851.4 924.8 184.0 69.7 9.21x 8.48x 12.76x 13.77x 245.6 259.0 47.7 17.1 16.95x 16.35x 17.61x 16.04x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

12.00

2'500.0

10.00

0.84 30.07 0.12% 2.21% 0.838 29 4.000

FY+2

FQ+1

FQ+2

4.21 0.06 4.32 5.16 150.8% 59.9% 0.26 0.43 32.86 -

2'000.0

8.00

1'500.0

6.00

1'000.0 4.00

500.0

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 |

28.02.2013

Fraport AG Frankfurt Airport Services Worldwide Holdings By:

All

Holder Name STATE OF HESSEN CITY OF FRANKFURT DEUTSCHE LUFTHANSA A ARTIO GLOBAL INVESTO LAZARD ASSET MANAGEM RARE INFRASTRUCTURE TAUBE HODSON STONEX DEUTSCHE BANK AG FIRST EAGLE INVESTME ARTIO GLOBAL MANAGEM BLACKROCK FMR LLC VANGUARD GROUP INC SPARINVEST LAZARD GLOBAL ACTIVE FRANK RUSSELL TRUST T ROWE PRICE ASSOCIA COHEN & STEERS CAPIT LBPAM DWS INVESTMENT S A

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

Firm Name

Analyst

Commerzbank Corporates & Markets Grupo Santander Goldman Sachs AlphaValue Equinet Institutional Services(ESN) DZ Bank AG Main First Bank AG RBC Capital Markets Berenberg Bank Barclays Nomura EVA Dimensions Bankhaus Metzler Natixis CA Cheuvreux Bankhaus Lampe Raymond James Macquarie Morgan Stanley JPMorgan HSBC Nord/LB Deutsche Bank Exane BNP Paribas S&P Capital IQ Silvia Quandt Research Landesbank Baden-Wuerttemberg Kepler Capital Markets Equita SIM SpA

JOHANNES BRAUN JOAQUIN FERRER NICK EDELMAN HANS-PETER WODNIOK JOCHEN ROTHENBACHER ROBERT CZERWENSKY TOBIAS SITTIG DAMIAN BREWER WILLIAM FOGGON SUSANNA INVERNIZZI PETER LARKIN CRAIG STERLING GUIDO HOYMANN GREGOIRE THIBAULT CRAIG ABBOTT SEBASTIAN HEIN ARNAUD PALLIEZ SAM DOBSON DANIEL RUIVO ELODIE RALL JOSEPH P THOMAS FRANK SCHWOPE MICHAEL KUHN NICOLAS MORA JAWAHAR HINGORANI STEFAN KICK BARBARA AMBRUS RUXANDRA HARADAU-DOESER GIANMARCO BONACINA

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

Recommendation hold buy Buy/Neutral add accumulate buy outperform outperform hold overweight buy underweight buy reduce outperform buy outperform outperform Equalwt/In-Line overweight underweight hold buy neutral buy buy buy hold not rated

Amt Held 28'956'902 18'492'324 9'122'022 4'509'210 3'269'159 2'822'978 2'753'171 2'241'237 1'014'217 959'809 901'249 856'288 699'754 694'199 338'288 293'416 230'845 214'077 212'410 209'652

% Out 31.4 20.05 9.89 4.89 3.55 3.06 2.99 2.43 1.1 1.04 0.98 0.93 0.76 0.75 0.37 0.32 0.25 0.23 0.23 0.23

Latest Chg 204'960 500'405 (524'035) 820 (445'932) 20'338 (16'224) 29'340 60'443 18'047 (61'480) 2'736 10'856

File Dt Inst Type 09.03.2012 Other 09.03.2012 Unclassified 09.03.2012 Corporation 29.02.2012 Investment Advisor 31.01.2013 Unclassified 28.11.2012 Other 29.04.2011 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Hedge Fund Manager 31.10.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 28.12.2012 Mutual Fund Manager

Weighting

Change

Target Price

Date

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

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

47 56 54 49 50 52 53 60 48 52 55 #N/A N/A 56 36 54 54 54 58 48 51 42 43 60 53 52 52 58 50 46

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

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

Date 25.02.2013 22.02.2013 21.02.2013 21.02.2013 12.02.2013 12.02.2013 04.02.2013 28.01.2013 24.01.2013 23.01.2013 21.01.2013 17.01.2013 16.01.2013 16.01.2013 17.12.2012 14.12.2012 11.12.2012 05.12.2012 29.11.2012 27.11.2012 23.11.2012 14.11.2012 07.11.2012 07.11.2012 06.11.2012 06.11.2012 13.08.2012 02.02.2012 10.09.2010

28.02.2013

Freenet AG Freenet AG provides internet and telecommunications services in Germany. The company offers mobile and fixed line telephone, internet access services, information and news services, its own internet catalog, DINO-Online, e-mail accounts, e-commerce services and and set-up of homepages. Through its subsidiary mobilcom is also the franchiser of the MobilCom retail shops.

Price/Volume 18

3.0 M

2.5 M

14 12

2.0 M

12/2011 09/yy 16.98 10.13 667'467.00 16.925 -0.32% 67.16% 99.20% 128.1 2'167.43 715.08 0.0 0.3 185.67 2'679.88

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

1.0 M

.5 M

2 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 31.12.2007 1'690.8 0.93x 216.0 7.29x (51.4) -

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (29.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FNTN GY EQUITY YTD Change FNTN GY EQUITY YTD % CHANGE

31.12.2008 31.12.2009 2'776.5 3'601.8 0.66x 0.55x 187.7 347.8 9.78x 5.73x 112.2 256.5 3.61x 67.07x Profitability

31.12.2010 3'339.5 0.49x 335.8 4.88x 112.4 8.49x

31.12.2011 3'217.9 0.56x 336.3 5.38x 143.8 8.93x 336.30 167.40 5.20% 3.65% 8.35% 17.44% 1.31% 11.4% 6.7% 4.5% 0.92 0.80 28.28% 61.06% 7.76 -

0.61 100.07 83.65% 20.89% 0.613 16 4.563 642'527 461'598 456'443

LTM-4Q

LTM

FY+1

09/yy 3'235.2 2.06x 338.4 5.03x 117.1 9.06x

09/yy 3'085.5 2.60x 352.8 6.07x 197.0 8.32x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 3'029.6 3'133.8 783.8 745.0 0.87x 0.81x 347.8 358.6 87.0 87.2 7.71x 7.47x 7.43x 4.24x 171.1 232.1 44.3 11.89x 9.29x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

12.00

4'000.0

FY+2

FQ+1

FQ+2

5.99 5.59 1.45 1.60 61.1% 37.9% 1.31 108.67 47.18 -

3'500.0

10.00

3'000.0 8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0 2.00 0.00 02.01.2009

500.0 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 |

28.02.2013

Freenet AG Holdings By:

All

Holder Name DRILLISCH AG FLOSSBACH VON STORCH DWS INVESTMENT GMBH JP MORGAN VANGUARD GROUP INC FMR LLC CLASSIC FUND MGMT AG DE SHAW & CO UK LTD BLACKROCK DIMENSIONAL FUND ADV KEMPEN CAPITAL MANAG BARING FUND MANAGERS PRUDENTIAL FINANCIAL ROYAL BANK OF CANADA DWS INVESTMENT S A ARTEMIS INVESTMENT M VERITAS SG INVESTMEN JULIUS BAER MULTICOO SCHRODER INVESTMENT S.A.C. GLOBAL INVEST

Firm Name Hauck & Aufhaeuser Deutsche Bank Equinet Institutional Services(ESN) DZ Bank AG Landesbank Baden-Wuerttemberg Kepler Capital Markets Commerzbank Corporates & Markets Close Brothers Equity Markets M.M. Warburg Investment Research Bankhaus Metzler EVA Dimensions Independent Research GmbH Berenberg Bank HSBC Nomura

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

Analyst SASCHA BERRESCH BENJAMIN KOHNKE ADRIAN PEHL KARSTEN OBLINGER STEFAN BORSCHEID THOMAS KARLOVITS HEIKE PAULS MARCUS SILBE JOCHEN REICHERT ULRICH TRABERT ANDREW S ZAMFOTIS MARKUS FRIEBEL USMAN GHAZI DOMINIK KLARMANN HENRIK NYBLOM

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

Recommendation buy buy hold buy buy reduce buy buy buy buy buy hold buy overweight neutral

Amt Held % Out 27'994'136 21.86 6'318'741 4.93 6'198'153 4.84 4'366'479 3.41 2'486'924 1.94 1'746'660 1.36 1'147'257 0.9 (1'101'325) -0.86 920'703 0.72 898'777 0.7 898'167 0.7 840'177 0.66 793'771 0.62 781'674 0.61 740'000 0.58 627'350 0.49 607'800 0.47 582'291 0.45 561'559 0.44 (550'662) -0.43

Latest Chg 1'109 18'049 1'746'405 (806'429) (102'449) 5'787 (101'400) 100'000 (22'705) (31'116) (17'057) (20'200) (45'000) (181'717) 89'643

File Dt Inst Type 29.02.2012 Corporation 01.01.2013 n/a 31.12.2010 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 30.04.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 04.02.2013 Other 26.02.2013 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Bank 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.10.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 05.11.2012 Investment Advisor

Weighting

Target Price

Date

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

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

19 17 16 17 18 12 18 18 17 18 #N/A N/A 16 16 15 9

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

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

Date 26.02.2013 23.02.2013 22.02.2013 21.02.2013 19.02.2013 18.02.2013 15.02.2013 29.01.2013 23.01.2013 21.01.2013 15.01.2013 20.12.2012 10.12.2012 08.11.2012 17.12.2010

28.02.2013

Fuchs Petrolub AG Fuchs Petrolub AG refines and produces industrial and automotive lubricants, hydraulic oils, and polishing products. The Company also produces biodegradable oils. Fuchs manufactures and markets its products worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FPE3 GY EQUITY YTD Change FPE3 GY EQUITY YTD % CHANGE

12/2011 12/yy 60.90 37.37 69'858.00 59.47 -2.35% 59.14% 93.92% 35.5 4'041.60 16.20 0.0 1.5 81.50 3'959.70

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

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 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 1'393.7 0.74x 193.5 5.34x 109.4 8.71x

31.12.2009 31.12.2010 1'178.1 1'458.6 1.19x 1.55x 202.2 266.0 6.95x 8.51x 120.8 170.7 11.89x 13.75x Profitability

31.12.2011 1'668.1 1.24x 288.4 7.19x 182.4 11.76x

31.12.2012 1'819.0 207.0 18.18x 288.40 261.60 15.68% 15.60% 19.62% 30.12% 1.74% 36.7% 17.0% 15.5% 11.4% 2.10 1.16 1.64% 2.47% 6.75 4.59

0.86 35.49 52.60% 5.84% 0.855 22 2.727 150'785 91'609 93'543

LTM-4Q

LTM

FY+1

12/yy 1'652.8 5.34x 286.0 7.25x 182.4 11.78x

12/yy 1'819.0 4.82x 233.9 0.00x 207.0 18.18x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'903.6 1'997.5 457.0 453.0 1.99x 1.85x 7.76x 7.83x 340.9 363.9 83.9 84.7 11.61x 10.88x 11.73x 11.49x 220.8 236.2 54.3 52.7 19.12x 17.83x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

35.00

2'000.0

FY+2

FQ+1

FQ+2

55.46 48.23 -0.27 0.03 2.5% 2.4% 1.74 8.09 54.25 79.82 42.23 67.99

1'800.0

30.00

1'600.0

25.00

1'400.0 1'200.0

20.00

1'000.0 800.0

15.00

600.0

10.00

400.0 5.00 0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Fuchs Petrolub AG Holdings By:

All

Holder Name ALLIANZ ASSET MANAGE DEUTSCHE BANK AG BAILLIE GIFFORD AND BLACKROCK MACKAY SHIELDS LLC CAPITAL GROUP COMPAN VANGUARD GROUP INC DWS INVESTMENT SA MASSACHUSETTS FINANC MARKETFIELD ASSET MA MAINFIRST SICAV ABERDEEN LOMBARD ODIER DARIER OPPENHEIMERFUNDS INC LUXEMBOURGER KAPITAL DANSKE INVEST A/S UNION INVESTMENT GMB UNIVERSAL INVESTMENT BNP PARIBAS INV PART NATIXIS ASSET MANAGE

Firm Name Independent Research GmbH Goldman Sachs Landesbank Baden-Wuerttemberg Hauck & Aufhaeuser Bankhaus Metzler Nord/LB Macquarie Bankhaus Lampe M.M. Warburg Investment Research Berenberg Bank Equinet Institutional Services(ESN) Steubing AG DZ Bank AG Baader Bank Commerzbank Corporates & Markets Kepler Capital Markets Main First Bank AG EVA Dimensions HSBC Silvia Quandt Research CA Cheuvreux GSC Research

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

Analyst CHRISTOPH SCHOENDUBE BENJAMIN MOORE ULLE WORNER THOMAS WISSLER LARS HETTCHE THORSTEN STRAUSS CHRISTIAN FAITZ HEIKO FEBER OLIVER SCHWARZ JOHN PHILIPP KLEIN NADESHDA DEMIDOVA TOBIAS SCHMIDT HEINZ MUELLER NORBERT BARTH LUTZ GRUETEN MARKUS MAYER HOLGER OCHS CRAIG STERLING JESKO MAYER-WEGELIN ALBRECHT DENNINGHOFF MARTIN ROEDIGER MATTHIAS SCHRADE

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

Recommendation hold neutral/neutral hold sell sell hold neutral sell hold hold reduce hold buy buy hold reduce underperform overweight underweight neutral underperform buy

Amt Held 2'697'652 881'312 741'142 615'096 471'319 404'800 365'117 331'298 304'151 278'000 221'244 178'800 99'000 94'655 84'800 80'043 75'000 74'737 73'554 70'200

% Out 7.6 2.48 2.09 1.73 1.33 1.14 1.03 0.93 0.86 0.78 0.62 0.5 0.28 0.27 0.24 0.23 0.21 0.21 0.21 0.2

Latest Chg (142'399) (34'900) (5'885) 59'319 (120'700) (26'084) 7'600 8'018 93'000 85'644 800 (7'100) (11'200) (6'540) (14'106) 17'000

File Dt Inst Type 31.12.2012 Investment Advisor 28.12.2012 Investment Advisor 30.11.2012 Investment Advisor 26.02.2013 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 29.06.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Unclassified 31.07.2012 Mutual Fund Manager 30.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager

Weighting

Change

Target Price

Date

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

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

62 67 59 49 54 56 37 50 51 51 48 50 58 67 52 47 54 #N/A N/A 48 55 52 #N/A N/A

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

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

Date 27.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 14.02.2013 01.02.2013 16.01.2013 15.01.2013 14.01.2013 05.11.2012 24.10.2012 24.05.2012

28.02.2013

GAM Holding AG GAM Holding AG is an independent, well-diversified asset management business, with a focus on the manufacturing and distribution of investment products and services.

Price/Volume 18

12.0 M

10.0 M

14 12

8.0 M

12/2011 01/yy 16.30 9.92 846'448.00 15.7 -3.68% 58.27% 90.60% 183.4 2'878.67 17.50 0.0 0.0 600.10 -

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

4.0 M

2.0 M

2 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 4'831.2 939.8 21.47x

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GAM SE EQUITY YTD Change GAM SE EQUITY YTD % CHANGE

31.12.2008 31.12.2009 4'144.8 1'020.2 661.2 3'636.9 12.53x 0.96x Profitability

31.12.2010 964.9 10.2 309.00x

31.12.2011 812.2 (95.0) -7.87% -5.76% -2.53% -2.94% -2.88% 0.41% -11.7% 0.72% 0.83% -

526'353 635'867 862'464

LTM-4Q

LTM

FY+1

01/yy

12/12 Y 12/13 Y 581.8 621.8 4.39x 4.15x 147.8 171.4 18.05x 14.39x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

45.00

6'000.0

40.00

1.32 143.87 36.83% 27.13% 1.320 9 3.667

FY+2

FQ+1

FQ+2

0.8% 0.8% 0.41 43.61 -

5'000.0

35.00

4'000.0

30.00 25.00

3'000.0

20.00

2'000.0

15.00 10.00

1'000.0

5.00 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 |

28.02.2013

GAM Holding AG Holdings By:

All

Holder Name SILCHESTER INTL INVE GAM HOLDING LTD BLACKROCK UBS GLOBAL ASSET MANAGEM FMR LLC CREDIT SUISSE FUNDS CREDIT SUISSE ASSET DAVIS SELECTED ADVIS LAZARD ASSET MANAGEM T ROWE PRICE ASSOCIA VANGUARD GROUP INC FARALLON CAPITAL MAN PICTET & CIE UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT DIMENSIONAL FUND ADV THORNBURG INVESTMENT GAMCO VONTOBEL ASSET MANAG

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

Firm Name

Analyst

RBC Capital Markets Goldman Sachs EVA Dimensions Credit Suisse Bank Vontobel AG Helvea Zuercher Kantonalbank Main First Bank AG

PETER K LENARDOS CHRIS M. TURNER AUSTIN BURKETT GURJIT KAMBO TERESA NIELSEN TIM DAWSON ANDREAS VENDITTI KILIAN MAIER

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

Recommendation outperform neutral/neutral hold outperform hold neutral market perform outperform

Amt Held 18'507'694 18'370'281 16'257'398 13'197'709 12'175'617 11'048'680 8'862'325 6'715'501 6'130'364 5'706'882 5'610'993 4'019'068 3'194'408 2'912'206 2'613'850 2'576'107 2'372'736 1'664'000 1'246'000 985'000

% Out 10.09 10.02 8.87 7.2 6.64 6.03 4.83 3.66 3.34 3.11 3.06 2.19 1.74 1.59 1.43 1.4 1.29 0.91 0.68 0.54

Latest Chg 8'377'112 1'319'416 3'232'422 (312) (4'785'293) (1'687'436) 107'624 (743'800) (2'133) 320'603 4 (42'570)

File Dt Inst Type 29.06.2012 Investment Advisor 05.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.10.2012 Unclassified 27.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.11.2012 n/a 31.12.2010 Mutual Fund Manager 07.06.2011 Investment Advisor 19.02.2013 Unclassified 03.12.2012 Investment Advisor 31.12.2012 Investment Advisor 23.04.2012 Hedge Fund Manager 30.11.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Unclassified 31.10.2012 Investment Advisor

Weighting

Change

Target Price

Date

5 3 3 5 3 3 3 5

M M M U M M M U

17 18 #N/A N/A 15 13 13 #N/A N/A 14

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

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

Date 28.01.2013 24.01.2013 15.01.2013 11.01.2013 24.10.2012 24.10.2012 23.10.2012 23.10.2012

28.02.2013

Gecina SA Gecina SA is a real estate investment company. It specializes in the rental of commercial real estate and residential properties. Gecina develops, buys, sells and rent properties in France. The Company's client base includes international businesses and organizations from a wide range of sectors. The Company opted for the SIIC legal status in 2003.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (23.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.01.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GFC FP EQUITY YTD Change GFC FP EQUITY YTD % CHANGE

12/2012 03/yy 89.90 64.92 28'467.00 85.4 -5.01% 31.55% 81.99% 62.8 5'361.17 5'059.93 0.0 43.9 33.25 10'562.72

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

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 555.8 13.96x 301.7 25.71x (875.4) -

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

31.12.2009 31.12.2010 559.8 626.9 17.05x 16.36x 304.7 391.6 31.33x 26.19x (773.7) 998.2 5.02x Profitability

31.12.2011 640.6 14.11x 403.6 22.39x 411.2 9.64x

31.12.2012 225.5 22.87x 403.58 207.39 32.37% 54.88% 0.70% 1.37% 0.74% 0.04% 57.3% 64.2% 42.07% 80.78% -

1.07 24.68 26.05% 0.59% 1.072 18 3.167 36'988 39'114 71'670

LTM-4Q

LTM

FY+1

06/yy 0.0 #DIV/0! 0.0 0.00x (1'548.5) 0.00x

03/yy 0.0 #DIV/0! 0.0 0.00x 79.9 0.00x

12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 587.7 612.1 16.28x 15.27x 491.1 508.1 21.51x 20.79x 314.8 330.8 16.65x 15.73x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

30.00

1'000.0

FY+2

FQ+1

FQ+2

17.10.2012 BBB STABLE 17.10.2012 A-2 2.11 17.59 17.60 80.8% 44.5% 0.04 -

900.0 25.00

800.0 700.0

20.00

600.0

15.00

500.0 400.0

10.00

300.0 200.0

5.00 0.00 01.01.2010

100.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Gecina SA Holdings By:

All

Holder Name METROVACESA RIVERO JOAQUIN MAG IMPORT PREDICA GECINA SA BLACKROCK VANGUARD GROUP INC ALLIANZ ASSET MANAGE MORGAN STANLEY STATE STREET LASALLE INVESTMENT M KEMPEN CAPITAL MANAG NATIXIS ASSET MANAGE BNP PARIBAS INV PART COHEN & STEERS CAPIT DIAM DEUTSCHE ASSET MGMT NIKKO ASSET MANAGEME ING INTERNATIONAL AD FRANK RUSSELL TRUST

Firm Name Societe Generale EVA Dimensions Morgan Stanley Oddo & Cie Rabobank International ABN Amro Bank N.V. AlphaValue Exane BNP Paribas Petercam HSBC Kempen & Co Day by Day JPMorgan Natixis Kepler Capital Markets Barclays Goldman Sachs Edge Capital Research Tradition Securities & Futures

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

Analyst HENRI QUADRELLI AUSTIN BURKETT CHRISTOPHER FREMANTLE MARINE LAFITTE MARTIJN VAN DEN EIJNDEN JAN WILLEM VAN KRANENBURG PIERRE-LOUP ETIENNE NICK WEBB JOEL GORSELE STEPHANIE DOSSMANN BOUDEWIJN SCHOON VALERIE GASTALDY NEIL GREEN SERGE DEMIRDJIAN SAMUEL HENRY-DIESBACH AARON GUY JULIAN LIVINGSTON-BOOTH KONSTANTIN BOYCHINOV LAETITIA D'EPREMESNIL

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

Recommendation hold overweight Overwt/Attractive reduce hold buy reduce outperform reduce underweight overweight hold neutral not rated hold equalweight Sell/Neutral neutral hold

Amt Held 16'809'610 10'094'735 9'567'841 5'145'738 1'621'476 538'773 514'441 353'283 293'773 285'007 190'524 151'655 135'702 130'083 114'883 112'961 106'701 100'808 88'000 81'100

% Out 26.78 16.08 15.24 8.2 2.58 0.86 0.82 0.56 0.47 0.45 0.3 0.24 0.22 0.21 0.18 0.18 0.17 0.16 0.14 0.13

Latest Chg 3'464 16'595 1'701 (3'081) 2'336 (2'399) 14'750 (37'418) 29'425 106'701 94'220 8'250 (3'505)

File Dt Inst Type 31.12.2011 Corporation 31.12.2011 n/a 31.12.2011 Other 31.12.2011 Insurance Company 31.12.2011 Corporation 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 27.02.2013 Investment Advisor 21.08.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 27.02.2012 Unclassified 18.04.2012 Investment Advisor 15.08.2012 Unclassified 28.09.2012 Investment Advisor 31.05.2012 Investment Advisor

Weighting

Change

Target Price

Date

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

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

90 #N/A N/A 87 83 80 95 89 89 86 86 92 #N/A N/A 93 #N/A N/A 84 81 68 73 103

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

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

Date 27.02.2013 26.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 01.02.2013 22.01.2013 17.01.2013 14.01.2013 10.01.2013 09.01.2013 29.10.2012 03.10.2012 08.08.2012 02.07.2012 29.09.2011 06.07.2011

28.02.2013

Georg Fischer AG Georg Fischer AG produces automobile parts, piping systems, plastics processing equipment, and tool and mold making machinery. The Company manufactures cast and machined components for road vehicles and machinery, plastic and metal pipes and fittings, electric discharge machines, milling centers, automation equipment, and plastics factories and compounding systems. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (15.06.2012) 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 FI/N SE EQUITY YTD Change FI/N SE EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 434.65 302.25 41'098.00 422 -2.91% 39.62% 90.44% 4.1 1'730.58 640.00 0.0 44.0 338.00 2'076.58

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

.1 M .1 M .0 M .0 M .0 M .0 M .0 M m-12

a-12

31.12.2009 31.12.2010 2'906.0 3'447.0 0.53x 0.72x 111.0 329.0 13.90x 7.56x (246.0) 99.0 21.98x Profitability

31.12.2011 3'638.0 0.45x 375.0 4.32x 160.0 8.23x

31.12.2012 3'602.0 0.52x 354.0 5.24x 121.0 9.95x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

354.00 221.00 6.14% 5.25% 4.16% 10.00% 8.11% 1.24% 9.8% 6.1% 3.4% 1.89 1.03 22.08% 51.53% 6.87 -

1.45 4.07 1.74% 14.67% 1.454 10 3.300 35'842 20'357 18'883

LTM-4Q

LTM

FY+1

01/yy

12/13 Y 12/14 Y 3'616.1 3'737.6 0.54x 0.50x 363.3 386.6 5.72x 5.37x 152.4 165.9 11.38x 10.37x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

10.00

5'000.0

9.00

4'500.0

8.00

4'000.0

7.00

3'500.0

6.00

3'000.0

5.00 4.00

2'500.0 2'000.0

3.00

1'500.0

2.00

1'000.0

1.00

500.0

0.00 01.01.2010

m-12

Fiscal Year Ended 31.12.2008 4'465.0 0.34x 390.0 3.87x 56.0 17.14x

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

FY+2

FQ+1

FQ+2

10.41 6.53 0.85 1.81 51.5% 33.2% 1.24 3.71 53.29 -

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 |

28.02.2013

Georg Fischer AG Holdings By:

All

Holder Name BLACKROCK UBS FUND MANAGEMENT UBS FUND MANAGEMENT CREDIT SUISSE ASSET SWISSCANTO FONDSLEIT SARASIN LANDESBANK BERLIN IN VONTOBEL ASSET MANAG VANGUARD GROUP INC SWISSCANTO FONDSLEIT NEW JERSEY DIVISION IST FUND MANAGERS PRUDENTIAL FINANCIAL PICTET & CIE LOMBARD ODIER DARIER SCHRODER INVESTMENT JULIUS BAER MULTICOO ODIN FORVALTNING AS KBC GROUP NV PIONEER ASSET MANAGE

Firm Name Kepler Capital Markets Helvea Credit Suisse Bank Vontobel AG Main First Bank AG Goldman Sachs Zuercher Kantonalbank EVA Dimensions CA Cheuvreux

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

Analyst CHRISTOPH LADNER VOLKAN GOCMEN PATRICK LAAGER FABIAN HAECKI TOBIAS FAHRENHOLZ WILLIAM WYMAN ARMIN RECHBERGER CRAIG STERLING OLIVER GIRAKHOU

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

Recommendation buy neutral outperform reduce underperform neutral/neutral market perform overweight underperform

Amt Held 209'132 123'905 98'281 91'971 76'999 59'484 50'623 41'800 41'024 35'197 31'189 30'865 25'816 25'718 23'350 20'564 19'214 16'950 14'475 13'680

% Out 5.1 3.02 2.4 2.24 1.88 1.45 1.23 1.02 1 0.86 0.76 0.75 0.63 0.63 0.57 0.5 0.47 0.41 0.35 0.33

Latest Chg (9'558) (8'319) (241) (2'548) (93) (3'563) (450) (62) (1'200) 112 (500) (440) (40) 15'540 3'975 (2'089) (93)

Weighting

Change

Target Price

5 3 5 2 1 3 3 5 1

M M M M M M M M D

450 370 480 350 375 390 #N/A N/A #N/A N/A 320

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

File Dt Inst Type 26.02.2013 Investment Advisor 11.02.2012 Investment Advisor 31.10.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 28.12.2012 Mutual Fund Manager 30.11.2012 Unclassified 31.01.2013 Mutual Fund Manager 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 30.06.2012 Pension Fund (ERISA) 31.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Mutual Fund Manager 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 30.11.2012 Mutual Fund Manager

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

Date 27.02.2013 27.02.2013 26.02.2013 26.02.2013 25.02.2013 12.02.2013 18.01.2013 15.01.2013 16.11.2012

28.02.2013

Gerresheimer AG Gerresheimer AG develops and produces specialty products made of glass and plastic. The Company produces containers for a variety of substances and medicines.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.02.2013) 52-Week Low (11.04.2012) 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 GXI GY EQUITY YTD Change GXI GY EQUITY YTD % CHANGE

11/2012 11/yy 44.78 31.34 77'799.00 43.95 -1.84% 40.23% 93.86% 31.4 1'380.03 463.04 0.0 45.0 91.41 1'796.68

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

.7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 30.11.2008 1'060.1 1.24x 171.2 7.70x 0.7 1349.00x

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

30.11.2009 30.11.2010 1'000.2 1'024.8 1.15x 1.21x 179.9 204.3 6.37x 6.07x 5.8 43.2 128.06x 20.38x Profitability

30.11.2011 1'094.7 1.27x 209.8 6.62x 50.5 19.30x

30.11.2012 1'219.1 1.36x 228.2 7.25x 60.2 20.54x 228.17 128.13 10.51% 7.85% 3.92% 11.50% 0.79% 29.3% 18.7% 10.5% 4.9% 1.33 0.74 29.72% 86.53% 7.12 4.94

127'200 168'471 133'349

LTM-4Q

LTM

FY+1

11/yy 1'094.7 5.19x 209.9 6.61x 50.5 19.35x

11/yy 1'219.1 5.28x 228.2 7.25x 60.2 20.54x

11/13 Y 11/14 Y 02/13 Q1 05/13 Q2 1'292.7 1'373.6 286.5 334.5 1.41x 1.28x 253.8 281.5 47.7 62.1 7.07x 6.38x 7.08x 86.1 103.0 11.2 21.7 15.82x 13.40x 15.45x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

10.00

1'400.0

9.00

0.68 27.60 34.13% 9.61% 0.681 18 4.611

FY+2

FQ+1

FQ+2

23.02.2011 BBBSTABLE 1.63 2.03 86.5% 44.4% 0.79 2.45 51.38 74.09 56.20 69.28

1'200.0

8.00 7.00

1'000.0

6.00

800.0

5.00

600.0

4.00

400.0

3.00 2.00

200.0

1.00 0.00 04.12.2009

0.0 04.06.2010

04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

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

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

28.02.2013

Gerresheimer AG Holdings By:

All

Holder Name BLACKROCK AMERIPRISE FINANCIAL CREDIT SUISSE GROUP ETON PARK CAPITAL MA HOUND PARTNERS LLC DEUTSCHE BANK AG EDINBURGH PARTNERS L BERG GILCHRIST B ALLIANZ GLOBAL INVES GOVERNANCE FOR OWNER TREMBLANT HOLDINGS L MORGAN STANLEY EDGEPOINT INVESTMENT BLUE HARBOUR GROUP L DJE INVESTMENT SA TD ASSET MANAGEMENT ALLIANZ ASSET MANAGE JUPITER ASSET MANAGE NEW JERSEY DIVISION VANGUARD GROUP INC

Firm Name Commerzbank Corporates & Markets Landesbank Baden-Wuerttemberg Jefferies Independent Research GmbH DZ Bank AG Main First Bank AG Deutsche Bank Credit Suisse JPMorgan HSBC CA Cheuvreux National Bank AG Bankhaus Metzler Berenberg Bank Kepler Capital Markets Equinet Institutional Services(ESN) Hauck & Aufhaeuser EVA Dimensions

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

Analyst DANIEL WENDORFF ULLE WORNER INGEBORG OIE ZAFER RUZGAR SVEN OLAF KUERTEN MARCUS WIEPRECHT GUNNAR ROMER CHRISTOPH GRETLER DAVID J ADLINGTON JAN KEPPELER OLIVER REINBERG MANFRED JAISFELD SEBASTIAN FRERICKS SCOTT BARDO MAJA PATAKI EDOUARD AUBERY THOMAS WISSLER ANDREW S ZAMFOTIS

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

Recommendation buy buy buy buy hold outperform hold outperform overweight overweight outperform buy buy buy hold accumulate buy overweight

Amt Held 1'603'519 1'582'560 1'569'340 1'544'880 1'333'222 990'736 976'540 973'400 957'700 939'380 932'893 886'544 842'679 839'697 478'035 452'780 389'165 306'929 300'000 276'863

% Out 5.11 5.04 5 4.92 4.25 3.16 3.11 3.1 3.05 2.99 2.97 2.82 2.68 2.67 1.52 1.44 1.24 0.98 0.96 0.88

Latest Chg (21'300) 7'700 31'390 35'000 378

File Dt Inst Type 26.02.2013 Investment Advisor 30.11.2012 Investment Advisor 24.01.2013 Investment Advisor 30.11.2012 Hedge Fund Manager 04.01.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 30.11.2012 n/a 30.11.2012 Other 24.11.2011 Other 14.10.2011 Other 21.02.2013 Investment Advisor 17.10.2012 Hedge Fund Manager 05.07.2012 Hedge Fund Manager 30.11.2012 Mutual Fund Manager 31.12.2011 Investment Advisor 31.10.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Pension Fund (ERISA) 31.12.2012 Investment Advisor

Weighting

Change

Target Price

Date

5 5 5 5 3 5 3 5 5 5 5 5 5 5 3 4 5 5

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

51 49 50 50 44 50 45 46 56 48 48 49 51 50 40 47 48 #N/A N/A

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

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

Date 25.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 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 14.02.2013 15.01.2013

28.02.2013

Gjensidige Forsikring ASA Gjensidige Forsikring ASA is a Norwegian insurance company. The Company offers general insurance products to private individuals and businesses in Norway. Gjensidige Forsikring provides property insurance and insurances of the person in the household and the business markets.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 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 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GJF NO EQUITY YTD Change GJF NO EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 95.00 63.90 425'862.00 90.6 -4.63% 41.78% 85.85% 500.0 45'300.00 5'355.50 0.0 0.0 2'331.50 48'324.00

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

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 16'024.5 252.3 -

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

31.12.2009 31.12.2010 19'195.2 21'050.3 1.50x 2'304.8 2'950.4 9.91x Profitability

31.12.2011 21'325.6 1.71x 2'747.9 12.61x

31.12.2012 22'132.1 1.93x 4'280.1 9.28x 26.06% 25.45% 4.69% 17.52% 15.86% 0.24% 19.3% 5.68% 20.91% -

0.66 168.19 44.67% 14.11% 0.663 21 2.810 522'360 790'263 730'334

LTM-4Q

LTM

FY+1

12/yy 21'325.6 6.53x 0.0 0.00x 2'747.9 12.61x

12/yy 22'131.9 7.21x 0.0 0.00x 4'280.0 9.28x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 19'257.5 19'524.0 3'583.6 3'645.4 800.3 969.0 12.60x 12.39x 12.72x 13.21x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

50.00

25'000.0

FY+2

FQ+1

FQ+2

A STABLE 20.9% 17.3% 0.24 -

45.00

20'000.0

40.00 35.00

15'000.0

30.00 25.00

10'000.0

20.00 15.00

5'000.0

10.00 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

19961997199819992000200120022003200420052006200720082009201020112012

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

28.02.2013

Gjensidige Forsikring ASA Holdings By:

All

Holder Name GJENSIDIGESTIFTELSEN STATE STREET GOVERNMENT PENSION F DEUTSCHE BANK AG CLEARSTREAM BANKING SKAGEN AS THORNBURG INVESTMENT GOLDMAN SACHS & CO DNB NOR ASSET MANAGE BANK OF NEW YORK MEL SEB VANGUARD GROUP INC FMR LLC DWS INVESTMENT SA JP MORGAN CHASE BANK ODIN FORVALTNING AS DANSKE CAPITAL NORGE BLACKROCK STOREBRAND FUND MANA KLP AKSJENORGE

Firm Name Barclays Macquarie ABG Sundal Collier SEB Enskilda Carnegie Nordea Equity Research Handelsbanken Pareto Securities Berenberg Bank DNB Markets Credit Suisse Arctic Securities ASA Norne Securities AS Danske Markets Swedbank First Securities Keefe, Bruyette & Woods Mediobanca SpA EVA Dimensions Morgan Stanley Goldman Sachs Fondsfinans AS

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

Analyst CLAUDIA GASPARI HADLEY COHEN RICKARD HENZE CHRISTOFFER J ADAMS GIANANDREA ROBERTI THOMAS SVENDSEN MATTI AHOKAS VEGARD EID MEDIAS SAMI TAIPALUS HAKON FURE CHRIS ESSON FRIDTJOF BERENTS ANDRIUS VALIVONIS PER GRONBORG BENGT KIRKOEN KARL MORRIS SIMONETTA CHIRIOTTI AUSTIN BURKETT JON HOCKING VINIT MALHOTRA ARILD NYSAETHER

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

Recommendation underweight underperform hold hold hold sell accumulate hold hold hold neutral hold Under Review buy reduce outperform underperform overweight Equalwt/In-Line neutral/neutral neutral

Amt Held 311'201'322 33'565'033 20'519'213 9'808'539 7'834'011 5'547'423 4'990'000 4'432'343 3'986'484 3'804'416 3'539'809 3'283'833 2'927'229 2'600'561 2'545'593 2'044'764 1'902'412 1'690'655 1'659'254 1'601'780

% Out 62.24 6.71 4.1 1.96 1.57 1.11 1 0.89 0.8 0.76 0.71 0.66 0.59 0.52 0.51 0.41 0.38 0.34 0.33 0.32

Latest Chg (2'265) (636'329) 1'067'756 180'341 61'607 (545'198) (13'435) (28'900) 7'274 2'986 -

Weighting

Change

Target Price

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

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

73 80 89 91 #N/A N/A 78 94 88 88 90 91 94 #N/A N/A 105 80 90 85 #N/A N/A 81 80 72

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

File Dt Inst Type 18.02.2013 Corporation 27.02.2013 Investment Advisor 18.02.2013 Government 31.12.2012 Investment Advisor 18.02.2013 Bank 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 18.02.2013 Investment Advisor 31.01.2013 Investment Advisor 18.02.2013 Investment Advisor 18.02.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 18.02.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 28.09.2012 Investment Advisor 26.02.2013 Investment Advisor 31.01.2013 Investment Advisor 18.02.2013 Investment Advisor

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

Date 20.02.2013 19.02.2013 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 14.02.2013 14.02.2013 11.02.2013 30.01.2013 17.01.2013 05.12.2012 11.10.2012 17.07.2012

28.02.2013

GN Store Nord A/S GN Store Nord A/S (GN Great Nordic) is the parent company to an international group of companies that manufactures and markets communication solutions. The Company develops wireless technology and provides hand-free solutions, and products for the hearing impaired. The Company also works with cable systems.

Price/Volume 120

3.5 M

100

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (23.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GN DC EQUITY YTD Change GN DC EQUITY YTD % CHANGE

12/2012 12/yy 105.50 57.90 954'125.00 102.4 -2.94% 76.86% 93.49% 193.7 19'834.58 399.00 0.0 0.0 169.00 20'064.58

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

1.5 M

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 5'624.0 0.65x 506.0 7.25x (56.0) -

2.0 M

Valuation Analysis

31.12.2009 31.12.2010 4'729.0 5'145.0 1.42x 2.12x 389.0 822.0 17.20x 13.27x (70.0) 1'855.0 5.56x Profitability

31.12.2011 5'564.0 1.91x 1'009.0 10.51x 865.0 11.23x

31.12.2012 6'251.0 2.27x 1'013.0 13.99x 321.0 45.57x 1'013.00 571.00 9.13% 7.37% 3.31% 5.17% 0.65% 58.0% 16.2% 9.1% 5.1% 1.57 0.97 4.87% 7.20% 4.78 5.14

0.95 67.55% 25.18% 0.954 19 3.000 1'883'391 965'551 849'618

LTM-4Q

LTM

FY+1

12/yy 5'564.0 7.33x 1'009.0 10.51x 865.0 11.23x

12/yy 6'251.0 2.27x 1'013.0 13.99x 321.0 46.01x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 6'617.7 7'054.2 1'584.9 1'612.3 2.96x 2.76x 1'362.8 1'587.6 253.5 288.0 14.72x 12.64x 15.63x 14.50x 808.8 947.7 141.2 164.8 21.16x 17.75x 22.72x 21.07x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

8'000.0

.0 M f-13

FY+2

FQ+1

FQ+2

144.71 130.00 0.23 0.39 7.2% 6.7% 0.65 24.23 76.64 71.16 69.82 77.99

7'000.0 20.00

6'000.0 5'000.0

15.00

4'000.0 10.00

3'000.0 2'000.0

5.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

GN Store Nord A/S Holdings By:

All

Holder Name ATP MARATHON ASSET MANAG GN STORE NORD WILLIAM BLAIR & COMP CAPITAL GROUP COMPAN VANGUARD GROUP INC DANSKE INVEST A/S MANNING & NAPIER ADV NORDEA INV MANAGEMEN HANDELSBANKEN FONDER DEUTSCHE BANK AG FMR LLC INTERFUND ADVISORY C BLACKROCK DWS INVESTMENT S A CARNEGIE ASSET MANAG FRANK RUSSELL TRUST DIMENSIONAL FUND ADV CARNEGIE ASSET MANAG SPARINVEST

Firm Name Goldman Sachs Morgan Stanley Alm Brand Markets Jyske Bank SEB Enskilda Carnegie Nordea Equity Research Handelsbanken Kepler Capital Markets Danske Markets ABG Sundal Collier Credit Suisse NYKREDIT DNB Markets Commerzbank Corporates & Markets EVA Dimensions Swedbank Jefferies Sydbank

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

Analyst VERONIKA DUBAJOVA MICHAEL K JUNGLING MICHAEL FRIIS JORGENSEN JANNE VINCENT KJAER NIELS GRANHOLM-LETH CLAUS ALMER SOREN V HOLM SORENSEN KLAUS MADSEN MAJA PATAKI POUL ERNST JESSEN MORTEN LARSEN CHRISTOPH GRETLER KRESTEN JOHNSEN RUNE MAJLUND DAHL OLIVER METZGER ANDREW S ZAMFOTIS JOHAN UNNERUS INGEBORG OIE MORTEN IMSGARD

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

Recommendation neutral/neutral Overwt/Attractive sell reduce hold hold sell accumulate buy hold buy underperform neutral hold hold underweight neutral hold overweight

Amt Held 20'419'310 19'171'743 15'418'663 3'910'424 2'755'199 2'265'156 2'142'027 1'832'180 1'427'564 825'832 675'862 631'888 546'534 513'760 507'850 350'000 341'592 329'958 313'212 294'074

% Out 10.54 9.9 7.96 2.02 1.42 1.17 1.11 0.95 0.74 0.43 0.35 0.33 0.28 0.27 0.26 0.18 0.18 0.17 0.16 0.15

Latest Chg 2'850'902 (840'000) 2'971 72'000 1'832'180 36'700 364'000 (493'644) (163'145) (2'849) 42'280 4'000

File Dt Inst Type 31.12.2011 Government 01.05.2012 Investment Advisor 31.12.2011 Corporation 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 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 26.02.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.05.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.01.2013 Investment Advisor

Weighting

Change

Target Price

Date

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

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

96 110 95 105 104 #N/A N/A 90 110 105 102 115 85 #N/A N/A 100 97 #N/A N/A 84 65 #N/A N/A

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

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

Date 26.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 13.02.2013 17.01.2013 16.11.2012 09.08.2012 05.05.2011

28.02.2013

Great Portland Estates PLC Great Portland Estates PLC invests and develops freehold and leasehold properties. The Company's focus is in the office market in central London.

Price/Volume 600

4.5 M 4.0 M

500

3.5 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.12.2012) 52-Week Low (23.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GPOR LN EQUITY YTD Change GPOR LN EQUITY YTD % CHANGE

03/2012 01/yy 502.00 342.90 375'163.00 488.2 -2.75% 42.37% 91.33% 343.9 1'679.05 538.70 0.0 0.0 4.00 2'418.45

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

2.5 M 2.0 M

200

1.5 M 1.0 M

100

.5 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 31.03.2008 84.9 16.34x 31.6 43.90x (4.1) -

3.0 M

300

31.03.2009 31.03.2010 54.6 51.8 15.37x 23.51x 33.5 32.2 25.05x 37.82x (436.1) 156.4 5.67x Profitability

31.03.2011 63.7 24.87x 46.5 34.06x 260.1 4.60x

31.03.2012 46.4 35.78x 25.8 64.34x 155.2 7.16x 25.80 25.80 55.60% 334.48% 8.05% 12.36% 10.01% 0.03% 86.4% 58.5% 334.5% 0.31 0.04 27.43% 43.50% 6.84 -

508'618 635'672 699'216

LTM-4Q

LTM

FY+1

01/yy

03/13 Y 03/14 Y 68.0 78.9 34.34x 30.00x 37.4 48.0 64.60x 50.37x 20.4 29.2 77.49x 55.48x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

180.00

120.0

160.00

1.74 0.92 302.98 41.17% -0.18% 0.918 20 3.600

FY+2

FQ+1

FQ+2

1.15 -5.93 43.5% 30.3% 0.03 0.03 53.53 868.47 -

100.0

140.00

80.0

120.00 100.00

60.0

80.00

40.0

60.00 40.00

20.0

20.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

28.02.2013

Great Portland Estates PLC Holdings By:

All

Holder Name NORGES BANK BLACKROCK EUROPEAN INVESTORS I PGGM VERMOGENSBEHEER STANDARD LIFE INVEST SCOTTISH WIDOWS APG ALGEMENE PENSIOE WESTBROOK PARTNERS L OLD MUTUAL ABERDEEN STICHTING PENSIOENFO INVESCO LTD LEGAL & GENERAL FMR LLC BNP PARIBAS INV PART ING INVESTMENT MANAG BANK OF NEW YORK MEL ING INV MANAGEMENT E CBRE CLARION SECURIT DAIWA ASSET MANAGEME

Firm Name

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

Analyst

Jefferies MICHAEL PREW Numis Securities Ltd CHRISTOPHER SPEARING Peel Hunt KEITH CRAWFORD Exane BNP Paribas NICK WEBB Morgan Stanley CHRISTOPHER FREMANTLE Credit Suisse STEVE BRAMLEY-JACKSON Oriel Securities Ltd MATTHEW S SAPERIA Panmure Gordon & Co Limited MARK HUGHES EVA Dimensions AUSTIN BURKETT Investec ALAN CARTER Kempen & Co RYAN PALECEK JPMorgan TIM LECKIE Societe Generale MARC MOZZI Espirito Santo Investment Bank Research MICHAEL BURT Deutsche Bank MARTIN ALLEN Goldman Sachs JULIAN LIVINGSTON-BOOTH Liberum Capital Ltd ALISON WATSON Barclays JULIAN CAMPBELL-WOOD

Source RNS-MAJ ULT-AGG Research Co File Co File ULT-AGG RNS-MAJ RNS-MAJ ULT-AGG ULT-AGG REG REG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG REG REG REG

Recommendation hold add hold neutral Overwt/Attractive outperform hold hold hold add underweight overweight sell neutral buy neutral/neutral buy overweight

Amt Held 30'638'164 27'895'916 14'622'528 11'835'515 11'001'263 10'659'881 10'234'975 8'933'502 8'841'000 7'868'522 7'745'515 7'233'505 7'152'813 7'012'442 6'886'443 6'147'265 5'973'172 5'470'806 5'375'985 5'076'564

% Out 8.91 8.11 4.25 3.44 3.2 3.1 2.98 2.6 2.57 2.29 2.25 2.1 2.08 2.04 2 1.79 1.74 1.59 1.56 1.48

Latest Chg 6'750'000 (379'799) 2'081'218 187'716 (181'200) (2'107'539) 53'000 (604'500) 1'901'310 334'278 (959'919) 918'300 1'414'771 741'800 479'400 (984'029)

File Dt Inst Type 19.11.2012 Government 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 14.05.2012 Investment Advisor 14.05.2012 Investment Advisor 01.11.2012 Unclassified 21.11.2012 Pension Fund (ERISA) 28.03.2012 Other 31.12.2012 Unclassified 31.12.2012 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 20.11.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor

Weighting

Change

Target Price

Date

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

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

454 550 500 490 490 515 #N/A N/A 473 #N/A N/A 515 480 550 480 472 660 485 486 523

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

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

Date 25.02.2013 25.02.2013 04.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 23.01.2013 21.01.2013 14.01.2013 09.01.2013 18.12.2012 18.12.2012 27.11.2012 15.11.2012 12.09.2012 19.07.2012

28.02.2013

Greene King PLC Greene King PLC brews, wholesales, and retails beer, in addition to owning managed and tenanted public houses. The Company's also operates inns across the south of the United Kingdom.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (06.06.2012) 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 GNK LN EQUITY YTD Change GNK LN EQUITY YTD % CHANGE

04/2012 01/yy 717.00 470.70 223'693.00 693.5 -3.28% 47.33% 90.46% 217.8 1'510.58 1'530.00 0.0 0.0 43.00 2'965.78

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

1.6 M

700

1.4 M

600

1.2 M

500

1.0 M

400

.8 M

300

.6 M

200

.4 M

100

.2 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 30.04.2008 960.5 2.41x 283.3 8.16x 124.3 5.80x

800

30.04.2009 30.04.2010 954.6 984.1 2.50x 2.37x 267.3 264.4 8.93x 8.81x 39.5 79.9 20.65x 12.00x Profitability

30.04.2011 1'042.7 2.37x 276.6 8.92x 106.8 9.85x

30.04.2012 1'140.4 2.31x 292.0 9.01x 102.4 11.04x 292.00 236.20 20.71% 10.97% 4.02% 13.71% 8.17% 0.37% 25.5% 20.6% 9.0% 0.48 0.31 47.99% 161.85% -

235'330 249'868 315'792

LTM-4Q

LTM

FY+1

01/yy

04/13 Y 04/14 Y 1'209.4 1'270.7 2.47x 2.34x 307.5 321.3 9.65x 9.23x 122.9 130.7 12.25x 11.58x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

9.00

1'200.0

8.00

3.64 0.78 216.03 44.03% 10.87% 0.784 17 3.765

FY+2

FQ+1

FQ+2

3.35 1.90 4.84 5.02 161.9% 61.8% 0.37 0.54 -

1'000.0

7.00

800.0

6.00 5.00

600.0

4.00

400.0

3.00 2.00

200.0

1.00 0.00 08.05.2009

0.0 08.11.2009

08.05.2010

08.11.2010

08.05.2011

08.11.2011

08.05.2012

08.11.2012

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

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

28.02.2013

Greene King PLC Holdings By:

All

Holder Name STANDARD LIFE INVEST CAPITAL GROUP COMPAN OLD MUTUAL AXA INVESTMENT MANAG LEGAL & GENERAL DIMENSIONAL FUND ADV BREWIN DOLPHIN LIMIT PRIVATE INDIVIDUALS BLACKROCK DIMENSIONAL FUND ADV CAPITAL GROUP INTERN CAPITA FINANCIAL MAN SMITH & WILLIAMSON H SANTANDER ASSET MANA M&G INVESTMENT MANAG LSV ASSET MANAGEMENT SCOTTISH WIDOWS RATHBONE UNIT TRUST BAE SYSTEMS PENSION HENDERSON GLOBAL INV

Firm Name JPMorgan Liberum Capital Ltd Barclays HSBC Goldman Sachs Peel Hunt Oriel Securities Ltd EVA Dimensions Nomura Numis Securities Ltd Panmure Gordon & Co Limited Deutsche Bank Jefferies Shore Capital Stockbrokers Investec

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

Analyst VICTORIA GREER PATRICK COFFEY RICHARD TAYLOR LENA THAKKAR OLIVER NEAL NICHOLAS BATRAM JEFFREY HARWOOD CRAIG STERLING TIM BARRETT DOUGLAS JACK SIMON FRENCH GEOF COLLYER JAMES WHEATCROFT KARL BURNS JAMES HOLLINS

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

Recommendation overweight buy equalweight overweight neutral/neutral buy buy hold neutral add hold buy hold buy hold

Amt Held 19'645'639 17'453'075 10'483'106 8'908'696 8'212'568 7'589'262 7'567'854 5'746'121 5'612'477 5'288'801 4'948'515 4'883'980 3'710'417 3'151'548 3'109'317 3'103'784 3'066'699 3'001'428 2'529'636 2'474'779

% Out 9.02 8.01 4.81 4.09 3.77 3.48 3.47 2.64 2.58 2.43 2.27 2.24 1.7 1.45 1.43 1.42 1.41 1.38 1.16 1.14

Latest Chg 27'244 153'449 291'771 40'775 (92'174) 504'410 (32'900) 326'527 75'000 (91'214) 117'419 (38'283) (408'735) 31'237 (6'000)

File Dt Inst Type 01.11.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Unclassified 01.11.2012 Investment Advisor 31.01.2013 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Other 26.02.2013 Investment Advisor 31.07.2012 Investment Advisor 01.11.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Pension Fund (ERISA) 01.11.2012 Investment Advisor

Weighting

Change

Target Price

Date

5 5 3 5 3 5 5 3 3 4 3 5 3 5 3

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

740 709 735 750 720 702 #N/A N/A #N/A N/A 585 710 607 750 625 #N/A N/A 530

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

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

Date 25.02.2013 12.02.2013 06.02.2013 31.01.2013 28.01.2013 25.01.2013 21.01.2013 17.01.2013 14.01.2013 14.01.2013 14.01.2013 19.12.2012 11.12.2012 04.12.2012 04.09.2012

28.02.2013

GSW Immobilien AG GSW Immobilien AG owns and operates real estate. The Company owns apartment buildings and manages apartment buildings owned by others.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.12.2012) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GIB GY EQUITY YTD Change GIB GY EQUITY YTD % CHANGE

12/2011 09/yy 33.48 22.12 85'892.00 30.5 -8.89% 37.86% 73.79% 50.5 1'541.05 1'770.89 0.0 0.3 62.62 3'036.91

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

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 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 31.12.2007 214.7 164.0 72.8 -

31.12.2008 31.12.2009 224.3 176.4 194.4 136.7 107.7 172.1 Profitability

31.12.2010 199.2 116.1 49.3 -

31.12.2011 326.9 8.04x 161.8 16.24x 105.1 8.39x 161.83 160.89 15.50% 32.99% 3.08% 7.52% 3.20% 0.13% 45.0% 32.2% 58.26% 151.86% -

77'520 104'937 119'384

LTM-4Q

LTM

FY+1

09/yy 241.3 19.19x 127.3 0.00x 45.8 0.00x

09/yy 386.9 28.96x 174.3 16.99x 91.8 13.66x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 221.1 231.4 55.6 58.0 14.11x 14.10x 142.5 158.8 32.7 34.6 21.35x 19.16x 22.47x 22.36x 68.6 91.1 16.3 19.3 22.63x 17.82x 14.59x 11.25x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

50.00

350.0

45.00

0.72 47.58 36.99% -4.69% 0.719 19 3.579

FY+2

FQ+1

FQ+2

1.47 1.29 8.58 9.92 151.9% 60.3% 0.13 -

300.0

40.00 35.00

250.0

30.00

200.0

25.00

150.0

20.00

100.0

15.00 10.00

50.0

5.00 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 |

28.02.2013

GSW Immobilien AG Holdings By:

All

Holder Name SUN LIFE FINANCIAL I MASSACHUSETTS FINANC BLACKROCK GOVT OF SINGAPORE IN CBRE CLARION SECURIT PGGM VERMOGENSBEHEER WELLINGTON MANAGEMEN CREDIT SUISSE GROUP F&C ASSET MANAGEMENT THAMES RIVER CAPITAL FMR LLC AXA ING INVESTMENT MANAG ALLIANZ ASSET MANAGE MORGAN STANLEY CAZENOVE UNIT TRUST VANGUARD GROUP INC BNP PARIBAS INV PART SKAGEN AS SCOTTISH WIDOWS

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

Firm Name

Analyst

Commerzbank Corporates & Markets HSBC Kempen & Co Close Brothers Equity Markets Bankhaus Metzler M.M. Warburg Investment Research Kepler Capital Markets Morgan Stanley JPMorgan S&P Capital IQ Silvia Quandt Research Berenberg Bank DZ Bank AG Goldman Sachs Baader Bank ABN Amro Bank N.V. Barclays Deutsche Bank

THOMAS ROTHAEUSLER THOMAS MARTIN THOMAS VAN DER MEIJ MANUEL MARTIN JOCHEN SCHMITT TORSTEN KLINGNER BURKHARD SAWAZKI BIANCA RIEMER NEIL GREEN JACOB THRANE RALF GROENEMEYER KAI MALTE KLOSE ULRICH GEIS JULIAN LIVINGSTON-BOOTH ANDRE REMKE MICHIEL DE JONGE AARON GUY MARKUS SCHEUFLER

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

Recommendation add underweight neutral buy sell buy hold Overwt/Attractive overweight hold neutral buy hold neutral/neutral hold hold overweight buy

Amt Held 5'072'682 3'831'745 3'213'364 2'545'261 2'484'113 1'506'102 1'497'459 1'468'863 1'329'407 1'170'946 1'022'901 911'491 751'929 551'612 550'279 531'100 521'454 512'917 477'352 433'416

% Out 10.04 7.58 6.36 5.04 4.92 2.98 2.96 2.91 2.63 2.32 2.02 1.8 1.49 1.09 1.09 1.05 1.03 1.02 0.94 0.86

Latest Chg 126'735 (1'689) (204'008) (234'820) (967) 50'000 13'049 1'402 10'400 (4'052)

File Dt Inst Type 04.09.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 29.02.2012 Government 02.11.2012 n/a 08.10.2012 Investment Advisor 08.10.2012 Investment Advisor 14.02.2013 Investment Advisor 17.01.2012 Investment Advisor 16.02.2012 Investment Advisor 31.12.2012 Investment Advisor 22.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 05.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.10.2012 Unclassified

Weighting

Change

Target Price

Date

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

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

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

35 31 31 36 25 35 32 33 34 32 29 34 29 32 33 32 37 35

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

Date 27.02.2013 25.02.2013 14.01.2013 14.01.2013 02.01.2013 05.12.2012 27.11.2012 26.11.2012 21.11.2012 16.11.2012 16.11.2012 15.11.2012 15.11.2012 07.11.2012 05.11.2012 26.10.2012 15.10.2012 20.08.2012

28.02.2013

Halma PLC Halma is a health and safety sensor technology group which manufactures products that detect hazards and also protect assets and people at work in public and commercial buildings. Halma develops technologies and products that are used for analysis in safety, environmental and leisure related markets, including water, to improve personal and public health. Operations are in Europe, USA, and Asia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.02.2013) 52-Week Low (15.06.2012) 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 HLMA LN EQUITY YTD Change HLMA LN EQUITY YTD % CHANGE

03/2012 01/yy 500.50 371.00 406'383.00 496.6 -0.78% 33.85% 96.99% 377.8 1'876.09 64.01 0.0 0.0 45.31 1'950.20

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

3.0 M

500

2.5 M

400

2.0 M

300

1.5 M

200

1.0 M

100

.5 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 31.03.2008 395.1 1.94x 84.1 9.10x 50.3 14.76x

600

31.03.2009 31.03.2010 455.9 459.1 1.39x 2.11x 96.1 105.0 6.61x 9.22x 52.6 60.4 11.05x 16.09x Profitability

31.03.2011 518.4 2.66x 120.8 11.42x 72.4 18.46x

31.03.2012 579.9 2.52x 153.7 9.49x 86.7 16.54x

153.73 126.06 21.74% 19.31% 14.31% 25.05% 21.55% 0.89% 26.6% 21.7% 15.0% 2.02 1.34 9.92% 16.08% -

414'265 438'609 555'751

LTM-4Q

LTM

FY+1

01/yy

03/13 Y 03/14 Y 624.6 667.4 3.11x 2.85x 150.6 162.1 12.95x 12.03x 99.3 106.0 18.88x 17.49x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

20.00

700.0

18.00

2.02 1.03 360.68 29.38% 9.05% 1.032 12 3.250

FY+2

FQ+1

FQ+2

13.35 12.03 0.47 0.74 16.1% 13.9% 0.89 8.23 -

600.0

16.00 14.00

500.0

12.00

400.0

10.00

300.0

8.00

200.0

6.00 4.00

100.0

2.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

28.02.2013

Halma PLC Holdings By:

All

Holder Name MASSACHUSETTS FINANC SPRUCEGROVE INVESTME SCHRODER INVESTMENT BARCLAYS GLOBAL INVE SANDERSON ASSET MANA LEGAL & GENERAL NEPTUNE INVESTMENT M CAPITAL GROUP COMPAN MAWER INVESTMENT MAN PRIVATE INDIVIDUALS WILLIAM BLAIR & COMP THREADNEEDLE ASSET M STANDARD LIFE INVEST SCOTTISH WIDOWS BLACKROCK WILLIAM BLAIR & COMP NORGES BANK INVESTME UBS Cantillon Capital M&G INVESTMENT MANAG

Firm Name Investec Credit Suisse Numis Securities Ltd N+1 Singer Ltd Peel Hunt JPMorgan Goldman Sachs EVA Dimensions Arden Partners Ltd Barclays

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

Analyst CHRIS DYETT JONATHAN HURN SCOTT CAGEHIN JON LIENARD DOMINIC CONVEY ANDREW J WILSON ADAM PINCKARD ANDREW S ZAMFOTIS CHRIS THOMAS RICHARD PAIGE

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

Recommendation buy outperform add hold hold neutral neutral/neutral hold neutral equalweight

Amt Held 24'809'564 22'317'670 18'609'469 15'724'354 14'891'762 14'106'538 13'934'280 11'636'850 10'883'858 9'699'028 8'558'344 8'526'358 8'508'765 8'244'102 7'418'935 6'811'919 6'619'831 6'405'060 6'144'514 5'878'086

% Out 6.57 5.91 4.93 4.16 3.94 3.73 3.69 3.08 2.88 2.57 2.27 2.26 2.25 2.18 1.96 1.8 1.75 1.7 1.63 1.56

Latest Chg 1'493'435 (362'779) (273'243) (65'720) (82'054) 372'842 33'864 (127'655) (810'135) (523'108) 1'803'097 1'964'796 67'376 (2'463'143) 80'371 231'056 50'482

File Dt 02.01.2013 20.06.2011 02.01.2013 20.06.2011 20.06.2011 31.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 31.12.2012 02.01.2013 02.01.2013 02.01.2013 26.02.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013

Weighting

Change

Target Price

Date

5 5 4 3 3 3 3 3 3 3

M M M M M M M M M D

550 510 530 491 395 435 484 #N/A N/A #N/A N/A 430

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

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

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

Date 22.02.2013 15.02.2013 15.02.2013 14.02.2013 04.02.2013 23.01.2013 17.01.2013 17.01.2013 01.10.2012 02.05.2012

28.02.2013

Hargreaves Lansdown PLC Hargreaves Lansdown PLC provides investment management and financial planning services. The Company's services include fund research, pension management, financial planning, and currency services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.02.2013) 52-Week Low (29.02.2012) 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 HL/ LN EQUITY YTD Change HL/ LN EQUITY YTD % CHANGE

06/2012 12/yy 866.50 422.36 587'952.00 849 -2.02% 101.01% 96.06% 474.3 4'026.97 0.00 0.0 0.4 159.95 3'878.22

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

16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 30.06.2008 120.3 5.26x 59.0 10.72x 42.4 16.20x

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

30.06.2009 30.06.2010 132.8 159.0 6.63x 9.63x 71.6 87.8 12.32x 17.44x 52.1 61.3 9.16x 25.66x Profitability

30.06.2011 207.9 13.26x 126.8 21.75x 91.8 30.65x

30.06.2012 238.7 9.85x 153.0 15.37x 113.0 21.90x 153.03 150.61 63.09% 64.02% 47.03% 100.15% 100.23% 0.96% 65.4% 64.5% 47.3% 1.95 1.71 0.00% 0.00% 2.68 -

547'966 731'460 995'718

LTM-4Q

LTM

FY+1

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

12/yy 202.4 0.00x 0.0 0.00x 0.0 0.00x

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 285.8 326.5 13.46x 11.62x 185.3 214.8 20.93x 18.05x 141.0 164.4 27.56x 23.72x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

40.00

300.0

35.00

2.00 1.26 206.63 105.90% 24.67% 1.260 12 3.250

FY+2

FQ+1

FQ+2

-0.86 0.00 0.0% 0.0% 0.96 44.60 136.80 -

250.0

30.00

200.0

25.00 20.00

150.0

15.00

100.0

10.00

50.0 5.00 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

28.02.2013

Hargreaves Lansdown PLC Holdings By:

All

Holder Name DIRECTOR & RELATED H HARGREAVES PETER K LANSDOWN STEPHEN PHI HARGREAVES LANSDOWN BAILLIE GIFFORD AND BLACKROCK LEGAL & GENERAL BARRY THERESA BARCLAYS PRIVATE BAN STANDARD LIFE INVEST LINDSELL TRAIN INVES Cantillon Capital Hargreaves Lansdown CAPITA FINANCIAL MAN MSD CAPITAL EUROPE L NORGES BANK INVESTME BANK OF NEW YORK MEL VANGUARD GROUP INC AEGON WILLIAM BLAIR & COMP

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

Firm Name

Analyst

Jefferies Peel Hunt Macquarie Oriel Securities Ltd Numis Securities Ltd HSBC Barclays Credit Suisse Canaccord Genuity Corp EVA Dimensions Morgan Stanley

JASON STREETS STUART DUNCAN NEIL WELCH SARAH ING JAMES HAMILTON NITIN ARORA DANIEL R GARROD GURJIT KAMBO ROBIN SAVAGE AUSTIN BURKETT JON HOCKING

Source REG Co File Co File REG REG ULT-AGG ULT-AGG RNS-DIR REG REG REG REG REG MF-AGG Short REG MF-AGG MF-AGG ULT-AGG 13F

Recommendation buy hold neutral add hold underweight overweight underperform buy overweight Equalwt/In-Line

Amt Held % Out 249'011'024 52.5 152'717'606 32.2 95'500'000 20.13 46'259'909 9.75 23'499'832 4.95 20'532'831 4.33 13'675'773 2.88 13'599'781 2.87 12'206'757 2.57 10'702'308 2.26 9'120'991 1.92 7'993'931 1.69 7'263'396 1.53 6'159'432 1.3 (5'976'414) -1.26 5'412'756 1.14 4'724'342 1 4'248'181 0.9 4'148'042 0.87 2'115'517 0.45

Latest Chg 2'227'361 151'230 (661'005) 225'071 1'481'200 58'000 (319'132) (3'951'378) 4'468 (711'478) (312'000) (908'762) 1'000'629 880'226

File Dt Inst Type 01.11.2012 Other 30.06.2011 n/a 30.06.2011 n/a 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 26.02.2013 Investment Advisor 31.01.2013 Unclassified 08.11.2011 n/a 01.11.2012 Bank 01.11.2012 Investment Advisor 01.11.2012 Unclassified 01.11.2012 Unclassified 01.11.2012 Unclassified 31.12.2012 Mutual Fund Manager 06.02.2013 Investment Advisor 01.11.2012 Government 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Unclassified 31.12.2012 Investment Advisor

Weighting

Target Price

Date

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

N M U N M M M M M M D

1'000 620 908 850 715 600 850 655 850 #N/A N/A 759

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

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

Date 26.02.2013 26.02.2013 21.02.2013 11.02.2013 08.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 15.01.2013 05.12.2012

28.02.2013

Havas SA Havas SA offers advertising, and media consultation and production services. The Company operates in many countries throughout Europe, North America, and the Asia Pacific Region. Havas provides public relations, sales promotion, media planning, and advertising services to major corporations.

Price/Volume 6

7.0 M

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (06.02.2013) 52-Week Low (26.06.2012) 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 HAV FP EQUITY YTD Change HAV FP EQUITY YTD % CHANGE

12/2011 09/yy 5.03 3.48 366'078.00 4.772 -5.03% 36.97% 83.58% 384.8 1'836.06 729.00 0.0 4.0 780.00 2'351.06

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

3.0 M

2.0 M

1.0 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 31.12.2007 1'532.0 1.04x 204.0 7.81x 83.0 17.58x

4.0 M

Valuation Analysis

31.12.2008 31.12.2009 1'568.0 1'441.0 0.41x 0.76x 224.0 216.0 2.89x 5.06x 104.0 92.0 6.12x 13.29x Profitability

31.12.2010 1'558.0 0.97x 239.0 6.35x 110.0 14.96x

31.12.2011 1'645.0 0.80x 256.0 5.17x 120.0 11.36x 256.00 219.00 13.31% 10.09% 2.70% 10.95% 8.15% 0.38% 15.3% 13.0% 7.3% 1.02 0.80 15.00% 55.99% 1.17 -

577'602 705'762 609'847

LTM-4Q

LTM

FY+1

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

09/yy 757.0 0.00x 0.0 0.00x 0.0 0.00x

12/12 Y 12/13 Y 06/11 Q2 09/11 Q3 1'773.9 1'818.2 1.17x 1.09x 273.7 287.9 8.59x 8.16x 139.6 150.4 13.91x 12.33x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

2'500.0

12.00

0.88 232.76 28.41% 14.46% 0.878 27 3.630

FY+2

FQ+1

FQ+2

6.10 1.33 1.95 3.52 56.0% 35.8% 0.38 11.59 312.89 -

2'000.0

10.00

1'500.0

8.00 6.00

1'000.0

4.00

500.0 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 |

28.02.2013

Havas SA Holdings By:

All

Holder Name FINANCIERE DE SAINTE PARVUS ASSET MANAGEM BOLLORE INVESTISSEME RODES CASTANE LEOPOL FINANCIERE DU LOCH DIMENSIONAL FUND ADV UBS NATIXIS ASSET MANAGE VANGUARD GROUP INC MASSACHUSETTS FINANC BNP ASSET MANAGEMENT SWEDBANK ROBUR FONDE BNP PARIBAS INV PART KBL RICHELIEU GESTIO BNP ASSET MANAGEMENT AMF FONDER AB BLACKROCK MMA FINANCE BNP ASSET MANAGEMENT GAM INTERNATIONAL MA

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios BNP PARIBAS MIDCAP F Multiple Portfolios n/a Multiple Portfolios BNP PARIBAS SMALLCAP Multiple Portfolios

Analyst

AlphaValue VERONIQUE CABIOC'H Societe Generale LAURENT PICARD Goldman Sachs RICHARD JONES HSBC OLIVIER MORAL CM - CIC Securities(ESN) EMMANUEL CHEVALIER Oddo & Cie BRUNO HARENG Espirito Santo Investment Bank Research MARK EVANS Nomura MATTHEW WALKER Liberum Capital Ltd IAN WHITTAKER Gilbert Dupont JEAN BAPTISTE SERGEANT Deutsche Bank PATRICK KIRBY Exane BNP Paribas CHARLES BEDOUELLE EVA Dimensions CRAIG STERLING Barclays NATASHA BRILLIANT Credit Suisse NICK BERTOLOTTI Natixis JEROME BODIN Macquarie TIMOTHY W NOLLEN Equita SIM SpA FABIO FAZZARI JPMorgan NICOLAS J DUBOURG CA Cheuvreux THOMAS JORION Kepler Capital Markets CONOR O'SHEA IDMidcaps TEAM COVERAGE Morgan Stanley JULIEN ROSSI WYT Ltd ANTHONY DE LARRINAGA

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

Recommendation reduce buy Buy/Neutral neutral accumulate buy buy neutral hold add buy outperform underweight overweight underperform buy neutral buy neutral underperform hold buy Underwt/Attractive hold

Amt Held % Out 114'269'037 29.7 59'708'320 15.52 20'435'916 5.31 9'393'984 2.44 6'855'000 1.78 5'842'233 1.52 2'933'004 0.76 2'921'985 0.76 2'700'987 0.7 2'340'407 0.61 2'217'314 0.58 2'059'223 0.54 1'720'938 0.45 1'511'782 0.39 1'217'635 0.32 1'022'721 0.27 (988'147) -0.26 949'983 0.25 867'644 0.23 762'033 0.2

Latest Chg (11'766'343) (49'739'089) 19'778 148'215 161'943 (3'431) 1'013'458 (40'034) 32'270 (4'837) (125'200) (130'017) (276'489)

File Dt Inst Type 13.03.2012 Unclassified 29.06.2012 Investment Advisor 13.03.2012 Holding Company 31.12.2011 n/a 13.03.2012 Corporation 31.07.2012 Investment Advisor 30.03.2012 Unclassified 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 29.06.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor

Weighting

Target Price

Date

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

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

5 5 6 5 6 6 7 5 5 5 5 6 #N/A N/A 5 3 5 5 5 4 4 5 5 4 4

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

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

Date 25.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 18.02.2013 15.02.2013 05.02.2013 29.01.2013 25.01.2013 21.01.2013 14.01.2013 03.01.2013 20.12.2012 12.12.2012 07.12.2012 11.10.2012 11.09.2012 25.04.2012 18.03.2012

28.02.2013

Hays PLC Hays Plc provides specialist recruitment and human resource services for clients and candidates requiring permanent and temporary, professional and technical staff.

Price/Volume 120

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

100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (18.07.2012) 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 HAS LN EQUITY YTD Change HAS LN EQUITY YTD % CHANGE

06/2012 01/yy 99.00 66.00 2'945'594.00 96.05 -2.98% 45.53% 91.06% 1'398.8 1'343.57 171.60 0.0 0.0 38.70 1'476.47

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 30.06.2008 2'540.0 0.55x 265.1 5.30x 188.2 6.77x

30.06.2009 30.06.2010 2'447.7 2'691.1 0.51x 0.53x 169.6 95.1 7.40x 14.93x 105.8 9.3 11.11x 191.04x Profitability

30.06.2011 3'256.0 0.50x 134.4 12.22x 80.1 18.10x

30.06.2012 3'654.6 0.33x 151.3 8.01x 86.5 13.46x 151.30 128.10 3.51% 3.35% 9.94% 44.70% 24.20% 4.20% 20.1% 4.1% 3.5% 2.4% 1.25 0.84 19.90% 90.03% 10.49 -

2.60 1.34 1'233.55 21.84% 16.71% 1.344 24 3.625 2'722'799 2'884'268 3'283'397

LTM-4Q

LTM

FY+1

01/yy

06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 3'542.4 3'719.8 0.41x 0.38x 140.4 154.7 10.52x 9.54x 65.7 78.1 20.44x 17.79x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

60.00

4'000.0

FY+2

FQ+1

FQ+2

22.92 21.00 0.88 1.13 90.0% 47.4% 4.20 153.55 34.90 13.97 -

3'500.0

50.00

3'000.0 40.00

2'500.0 2'000.0

30.00

1'500.0

20.00

1'000.0 10.00 0.00 03.07.2009

500.0 0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

28.02.2013

Hays PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES CAPITAL GROUP COMPAN VIRTUS TRUST FROST RONALD EDWIN CEDAR ROCK CAPITAL L MORGAN STANLEY BAILLIE GIFFORD AND TEMPLETON GLOBAL ADV LEGAL & GENERAL MASSACHUSETTS FINANC ALLIANCE BERNSTEIN MARATHON ASSET MANAG BLACKROCK MAJEDIE ASSET MANAGE NORGES BANK INVESTME JP MORGAN SG ASSET MANAGEMENT/ HERONBRIDGE INVESTME FMR LLC LIONTRUST

Firm Name

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

Analyst

Numis Securities Ltd STEVE WOOLF RBC Capital Markets DAVID GREENALL Berenberg Bank KONRAD ZOMER JPMorgan ROBERT PLANT Cantor Fitzgerald KEVIN LAPWOOD Canaccord Genuity Corp JAMES GILBERT Investec SEBASTIEN JANTET Credit Suisse ANDY GROBLER Peel Hunt HENRY CARVER Exane BNP Paribas LAURENT BRUNELLE EVA Dimensions CRAIG STERLING Panmure Gordon & Co Limited PAUL JONES Oriel Securities Ltd HECTOR FORSYTHE Barclays PAUL CHECKETTS Goldman Sachs CHARLES WILSON Jefferies KEAN MARDEN Shore Capital Stockbrokers DAVID O'BRIEN Espirito Santo Investment Bank Research GUY HEWETT Deutsche Bank THOMAS SYKES HSBC RAJESH KUMAR Charles Stanley Securities ANDY SMITH CA Cheuvreux HANS PLUIJGERS

Source ULT-AGG ULT-AGG Co File PRN REG ULT-AGG Co File Co File ULT-AGG REG ULT-AGG REG ULT-AGG REG REG ULT-AGG REG REG ULT-AGG ULT-AGG

Recommendation hold sector perform hold neutral buy buy add neutral buy outperform sell hold hold overweight Buy/Neutral buy hold neutral hold neutral hold underperform

Amt Held 151'279'781 91'310'129 80'315'146 80'000'000 74'021'823 69'476'770 69'476'770 69'476'770 60'600'441 50'306'191 43'283'555 42'704'229 40'633'279 35'122'131 33'362'796 28'027'013 27'187'429 26'847'960 25'304'917 19'952'199

% Out 10.81 6.53 5.74 5.72 5.29 4.97 4.97 4.97 4.33 3.6 3.09 3.05 2.9 2.51 2.39 2 1.94 1.92 1.81 1.43

Latest Chg (2'045'133) 1'099'191 (856'536) 2'162'458 2'516'748 (13'277'058) 14'469'509 (4'789'349) 3'903'164 420'000 3'827'025 3'985'557 2'171'500 (14'423'945) (4'981'799)

Weighting

Change

Target Price

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

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

80 90 95 71 100 110 94 95 100 107 #N/A N/A 84 #N/A N/A 100 110 105 #N/A N/A 85 81 80 90 95

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

File Dt 31.12.2012 31.12.2012 29.08.2012 09.06.2011 01.11.2012 31.12.2012 29.08.2012 29.08.2012 31.01.2013 01.11.2012 31.12.2012 01.11.2012 26.02.2013 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 31.12.2012 31.12.2012

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

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

Date 27.02.2013 25.02.2013 21.02.2013 18.02.2013 11.02.2013 11.02.2013 04.02.2013 30.01.2013 25.01.2013 23.01.2013 17.01.2013 16.01.2013 11.01.2013 11.01.2013 10.01.2013 10.01.2013 10.01.2013 18.10.2012 05.10.2012 11.09.2012 19.07.2012 22.09.2010

28.02.2013

Helvetia Holding AG Helvetia Holding AG provides a broad range of life, casualty, liability, accident and transportation insurance. The Company insures individuals, property such as vehicles and buildings, and consumer goods and personal belongings during transportation. Helvetia and subsidiaries operate in Switzerland, in other European countries, and North America.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 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 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HELN SE EQUITY YTD Change HELN SE EQUITY YTD % CHANGE

12/2011 01/yy 380.00 259.00 12'646.00 374.25 -1.51% 44.50% 95.25% 8.7 3'238.34 182.30 300.0 27.9 1'250.50 2'498.04

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

.0 M

350

.0 M

300

.0 M

250

.0 M

200

.0 M

150

.0 M

100

.0 M

0 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 31.12.2007 6'372.1 0.53x 401.0 8.71x

400

31.12.2008 31.12.2009 5'559.2 7'279.3 0.35x 0.36x 230.6 323.4 8.52x 8.54x Profitability

31.12.2010 7'366.2 0.36x 339.0 9.14x

31.12.2011 7'496.2 0.24x 287.0 9.06x 4.82% 4.79% 0.71% 8.56% 0.19% 3.8% 0.47% 5.48% -

1.22 6.04 23.61% 8.01% 1.224 11 3.727 14'746 12'648 11'696

LTM-4Q

LTM

FY+1

01/yy

12/12 Y 12/13 Y 7'337.3 7'564.8 0.32x 0.31x 334.0 357.0 9.81x 9.17x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

8'000.0

12.00

7'000.0

FY+2

FQ+1

FQ+2

5.5% 4.8% 0.19 -

6'000.0

10.00

5'000.0 8.00

4'000.0 6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

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 |

28.02.2013

Helvetia Holding AG Holdings By:

All

Holder Name PATRIA GENOSSENSCHAF VONTOBEL BETEILIGUNG RAIFFEISEN SWITZERLA UBS FUND MANAGEMENT CREDIT SUISSE ASSET DIMENSIONAL FUND ADV VANGUARD GROUP INC SCHRODER INVESTMENT SWISSCANTO FONDSLEIT DJE INVESTMENT SA VONTOBEL ASSET MANAG BNP PARIBAS INV PART PICTET & CIE LB SWISS INVESTMENT BLACKROCK SCHRODER INVESTMENT DEUTSCHE BANK AG PRUDENTIAL FINANCIAL LLB FONDSLEITUNG AG DWS INVESTMENT S A

Firm Name Nomura Main First Bank AG Helvea Mediobanca SpA Kepler Capital Markets Bankhaus Metzler Zuercher Kantonalbank EVA Dimensions Berenberg Bank Credit Suisse Goldman Sachs Bank Vontobel AG

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

Analyst MICHAEL KLIEN RENE LOCHER DANIEL BISCHOF MARC THIELE FABRIZIO CROCE JOCHEN SCHMITT GEORG MARTI AUSTIN BURKETT PETER ELIOT RICHARD BURDEN VINIT MALHOTRA STEFAN SCHUERMANN

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

Recommendation buy underperform neutral neutral buy buy outperform buy buy underperform neutral/neutral not rated

Amt Held 2'603'658 346'116 346'116 164'913 136'521 130'401 126'990 91'011 80'975 59'744 49'523 39'585 35'013 31'587 31'140 26'100 24'000 22'132 21'700 18'941

% Out 30.09 4 4 1.91 1.58 1.51 1.47 1.05 0.94 0.69 0.57 0.46 0.4 0.37 0.36 0.3 0.28 0.26 0.25 0.22

Latest Chg (735) (1'354) 1'029 20'422 (677) 1'550 (583) (420) 6'113 943 1'560

File Dt Inst Type 31.12.2011 n/a 31.12.2011 n/a 31.12.2011 Unclassified 31.10.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.10.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 28.09.2012 Investment Advisor 28.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager

Weighting

Change

Target Price

Date

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

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

430 370 402 404 383 410 #N/A N/A #N/A N/A 450 371 369 #N/A N/A

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

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

Date 12.02.2013 01.02.2013 01.02.2013 30.01.2013 29.01.2013 28.01.2013 18.01.2013 17.01.2013 14.01.2013 31.10.2012 11.10.2012 07.10.2011

28.02.2013

Henderson Group PLC Henderson Group PLC is a financial services group focused on asset management operations in Europe, Asia and the United States. The Company provides its institutional, retail and high net-worth clients with access to investment advisors representing a broad range of asset classes, including equities, fixed income, property and private equity.

Price/Volume 180

12.0 M

160

10.0 M

140 120

8.0 M

100

12/2012 01/yy 170.60 89.45 8'515'371.00 153.9 -9.79% 72.05% 79.42% 1'113.7 1'713.99 148.50 0.0 0.6 196.90 1'666.19

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

4.0 M

2.0 M

20 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 31.12.2008 340.7 1.34x 95.0 4.79x (20.9) -

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 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 06.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HGG LN EQUITY YTD Change HGG LN EQUITY YTD % CHANGE

31.12.2009 31.12.2010 366.3 488.7 2.97x 2.32x 83.8 110.5 13.00x 10.25x 13.8 77.9 68.39x 13.71x Profitability

31.12.2011 686.1 1.66x 186.2 6.13x 34.0 28.74x

31.12.2012 656.9 2.17x 153.2 9.31x 99.7 13.72x 153.20 12.85% 14.64% 6.27% 12.72% 9.95% 0.41% 23.3% 15.2% 9.97% 19.02% -

3'855'398 2'113'498 1'892'423

LTM-4Q

LTM

FY+1

01/yy

12/13 Y 12/14 Y 12/11 Q4 03/12 Q1 458.8 490.5 3.63x 3.29x 174.2 191.6 9.57x 8.70x 128.5 142.2 13.04x 11.75x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

80.00

6'000.0

70.00

4.65 1.52 1'066.85 37.44% 16.33% 1.519 21 3.238

FY+2

FQ+1

FQ+2

-0.32 0.97 19.0% 16.0% 0.41 34.85 -

5'000.0

60.00

4'000.0

50.00 40.00

3'000.0

30.00

2'000.0

20.00

1'000.0 10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Henderson Group PLC Holdings By:

All

Holder Name PERPETUAL LTD AMP LIMITED COMMONWEALTH BANK OF IOOF HOLDINGS LTD BLACKROCK WESTPAC BANKING CORP JCP INVESTMENT PARTN HEND EMPLOYEE TRUST HEND EMPLOYY TRUST 2 HEND GR EMPLOYEE TR VANGUARD GROUP INC LEGAL & GENERAL SCOTTISH WIDOWS ROYAL LONDON ASSET M CAPITA FINANCIAL MAN HSBC INVESTMENT FUND DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV JOHN HANCOCK ADVISER UBS SECURITIES AUSTR

Firm Name

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

Analyst

RBC Capital Markets PETER K LENARDOS Credit Suisse GURJIT KAMBO Barclays DANIEL R GARROD Societe Generale MICHAEL SANDERSON Morgan Stanley HUBERT LAM JPMorgan RAE MAILE Cantor Fitzgerald CATHERINE HEATH Canaccord Genuity Corp ARUN MELMANE Numis Securities Ltd DAVID MCCANN Oriel Securities Ltd SARAH ING Shore Capital Stockbrokers OWEN JONES Macquarie NEIL WELCH EVA Dimensions AUSTIN BURKETT HSBC NITIN ARORA Jefferies JASON STREETS Peel Hunt STUART DUNCAN Espirito Santo Investment Bank Research PHILIP DOBBIN N+1 Singer Ltd ANDREW WATSON

Source RNS-MAJ RNS-MAJ RNS-MAJ RNS-MAJ ULT-AGG RNS-MAJ RNS-MAJ RNS-RUL8 RNS-RUL8 RNS-RUL8 MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG RNS-RUL8

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

Amt Held 119'924'360 55'915'469 54'612'039 49'005'304 41'670'544 36'487'919 31'064'663 19'125'651 14'807'210 12'129'575 11'904'449 3'674'098 2'599'061 2'076'802 1'951'949 1'801'609 1'483'678 1'475'850 1'434'584 1'100'258

% Out 10.77 5.02 4.9 4.4 3.74 3.28 2.79 1.72 1.33 1.09 1.07 0.33 0.23 0.19 0.18 0.16 0.13 0.13 0.13 0.1

Latest Chg (12'249'753) (653'741) (19'839'511) 5'225'293 (11'930'000) 238'280 528'949 272'200 -

File Dt Inst Type 07.12.2012 Investment Advisor 01.05.2012 Investment Advisor 03.04.2012 Bank 15.02.2013 Investment Advisor 26.02.2013 Investment Advisor 25.01.2013 Bank 03.02.2012 Investment Advisor 18.01.2011 n/a 18.01.2011 n/a 18.01.2011 n/a 31.12.2012 Investment Advisor 31.01.2013 Unclassified 31.10.2012 Unclassified 30.11.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 30.11.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 18.01.2011 Investment Advisor

Weighting

Change

Target Price

Date

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

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

160 180 145 135 154 183 179 161 154 145 #N/A N/A 146 #N/A N/A 140 120 145 146 110

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

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

Date 28.02.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 13.02.2013 15.01.2013 14.01.2013 03.01.2013 03.12.2012 08.11.2012 03.10.2012

28.02.2013

Hermes International Hermes International designs, produces, and distributes personal luxury accessories and apparel. The Company operates a chain of boutiques under the Hermes name that sells items such as leather, scarves, men's clothes, ties, women's fashions, perfume, watches, stationery, shoes, hats, gloves, and jewelry.

Price/Volume 300

200 150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (25.10.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RMS FP EQUITY YTD Change RMS FP EQUITY YTD % CHANGE

12/2011 09/yy 280.92 207.70 16'834.00 256.7 -8.62% 23.59% 66.92% 105.6 27'099.67 38.90 0.0 12.7 1'048.20 26'689.47

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

100 50 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 31.12.2007 1'625.1 5.37x 483.5 18.06x 288.0 31.90x

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M

250

31.12.2008 31.12.2009 1'764.6 1'914.3 5.74x 4.89x 527.6 548.1 19.20x 17.08x 290.2 288.8 36.23x 33.93x Profitability

31.12.2010 2'400.8 6.54x 769.2 20.41x 421.7 39.09x

31.12.2011 2'841.2 8.08x 1'004.0 22.88x 594.3 40.55x 1'004.00 885.20 31.16% 31.44% 21.50% 30.77% 29.94% 1.05% 68.8% 35.1% 31.3% 20.9% 2.41 1.58 1.20% 1.68% 18.29 1.67

24'103 30'889 28'357

LTM-4Q

LTM

FY+1

09/yy 2'724.7 0.00x 0.0 0.00x 0.0 0.00x

09/yy 3'292.5 0.00x 0.0 0.00x 0.0 0.00x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 3'458.9 3'793.6 995.8 7.56x 6.79x 1'212.8 1'336.4 22.01x 19.97x 710.6 788.9 37.82x 34.07x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

45.00

3'000.0

40.00

2.92 0.55 13.54 -5.86% 14.10% 0.546 21 2.095

FY+2

FQ+1

FQ+2

2510.00 2098.75 -0.38 0.10 1.7% 1.6% 1.05 3.39 20.01 219.04 73.51 125.63

2'500.0

35.00

2'000.0

30.00 25.00

1'500.0

20.00

1'000.0

15.00 10.00

500.0

5.00 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 |

28.02.2013

Hermes International Holdings By:

All

Holder Name FAMILY HERMES LVMH MOET HENNESSY L HERMES INTERNATIONAL CARMIGNAC GESTION DUMAS PIERRE-ALEXIS WILLIAM BLAIR & COMP ETHENEA INDEPENDENT MOMMEJA RENAUD PICTET ASSET MANAGEM BAUER CHARLES-ERIC GROUPAMA ASSET MGMT NATIXIS ASSET MANAGE CREDIT SUISSE ASSET ALLIANZ ASSET MANAGE BNP ASSET MANAGEMENT CLARIDEN SICAV BNP ASSET MANAGEMENT GCIC LTD/CANADA BLACKROCK SOCIETE GENERALE

Firm Name AlphaValue Exane BNP Paribas Main First Bank AG Goldman Sachs Deutsche Bank Raymond James Oddo & Cie Natixis Credit Suisse JPMorgan Aurel - BGC Kepler Capital Markets Bryan Garnier & Cie S&P Capital IQ Day by Day HSBC EVA Dimensions Renaissance Capital CA Cheuvreux

Portfolio Name n/a n/a n/a Multiple Portfolios n/a WILLIAM BLAIR & COMP Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios BNP PARIBAS MIDCAP F Multiple Portfolios n/a Multiple Portfolios

Analyst VIRGINIE BLIN LUCA GIUSEPPE SOLCA GAEL COLCOMBET WILLIAM HUTCHINGS FRANCESCA DI PASQUANTONIO MARC WILLAUME LEOPOLD AUTHIE JOSEPHINE CHEVALLIER ROGERIO FUJIMORI MELANIE A FLOUQUET DAVID DA MAIA CATHERINE ROLLAND LOIC MORVAN MICHAEL SOUERS VALERIE GASTALDY SOPHIE DARGNIES CRAIG STERLING REY WIUM THOMAS MESMIN

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

Recommendation sell underperform outperform neutral/neutral sell underperform reduce reduce underperform underweight hold reduce neutral sell hold neutral hold sell underperform

Amt Held 66'373'512 23'518'942 1'477'927 1'194'734 416'309 168'783 121'216 121'139 90'880 88'948 79'775 67'970 57'896 50'919 43'937 41'000 39'978 38'400 34'737 34'342

% Out 62.87 22.28 1.4 1.13 0.39 0.16 0.11 0.11 0.09 0.08 0.08 0.06 0.05 0.05 0.04 0.04 0.04 0.04 0.03 0.03

Latest Chg 148'481 168'783 16'216 (26) (32'106) (2'315) (69) (500) (159) 38'400 (39) 815

File Dt Inst Type 20.02.2012 n/a 15.12.2011 Holding Company 31.05.2012 Corporation 31.12.2012 Investment Advisor 31.12.2011 n/a 31.12.2012 Investment Advisor 28.12.2012 Investment Advisor 31.12.2011 n/a 30.11.2012 Investment Advisor 31.12.2011 n/a 28.09.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 28.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 28.12.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 26.02.2013 Investment Advisor 28.09.2012 Bank

Weighting

Change

Target Price

Date

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

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

195 224 270 295 200 225 228 192 225 190 233 200 194 240 #N/A N/A 260 #N/A N/A 175 200

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

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

Date 21.02.2013 19.02.2013 18.02.2013 14.02.2013 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 28.01.2013 24.01.2013 17.01.2013 03.12.2012 09.11.2012

28.02.2013

Hikma Pharmaceuticals PLC Hikma Pharmaceuticals PLC is a multinational pharmaceutical group focused on developing, manufacturing, and marketing a range of both branded and non-branded generic and in-licensed pharmaceutical products. The Company's operations are conducted in the United States, the Middle East, and North Africa region, as well as Europe. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (16.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HIK LN EQUITY YTD Change HIK LN EQUITY YTD % CHANGE

Price/Volume

12/2011 01/yy 888.00 598.50 288'614.00 862.5 -2.87% 44.11% 91.19% 197.0 1'699.44 472.01 0.0 22.1 94.72 3'070.76

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

1.2 M 1.0 M .8 M .6 M .4 M .2 M .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 448.8 4.19x 118.0 15.92x 62.6 25.37x

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

31.12.2008 31.12.2009 580.7 636.9 1.82x 2.68x 127.3 152.4 8.31x 11.19x 57.1 77.7 16.78x 20.12x Profitability

31.12.2010 730.9 3.46x 195.1 12.97x 98.8 24.61x

31.12.2011 918.0 2.49x 182.2 12.53x 80.1 23.30x 182.19 135.19 14.73% 10.23% 5.67% 11.25% 9.01% 0.69% 43.1% 19.8% 14.6% 8.7% 1.69 0.99 29.96% 60.78% 3.72 2.21

1.03 0.99 126.79 19.13% 13.34% 0.990 12 4.000 217'517 189'459 184'472

LTM-4Q

LTM

FY+1

01/yy

12/12 Y 12/13 Y 1'104.3 1'237.7 2.69x 2.43x 212.4 255.6 14.46x 12.01x 108.5 141.4 23.33x 18.30x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

30.00

1'000.0

FY+2

FQ+1

FQ+2

7.80 4.84 2.30 2.84 60.8% 37.1% 0.69 2.62 98.51 165.47 64.23 193.87

900.0 25.00

800.0 700.0

20.00

600.0

15.00

500.0 400.0

10.00

300.0 200.0

5.00 0.00 02.01.2009

100.0 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 |

28.02.2013

Hikma Pharmaceuticals PLC Holdings By:

All

Holder Name DARHOLD LTD FMR LLC CAPITAL GROUP COMPAN HSBC PRIVATE BANKING DUPONT CAPITAL MANAG ARTIO GLOBAL MANAGEM ARTIO GLOBAL INVESTO DUPONT CAPITAL MANAG ABERDEEN PRIVATE INDIVIDUALS DIRECTOR & RELATED H LEGAL & GENERAL BNP PARIBAS INV PART PICTET & CIE DIMENSIONAL FUND ADV SECTORAL ASSET MANAG NORGES BANK INVESTME PICTET ASSET MANAGEM HARDING LOEVNER LP DARWAZAH SAMIH TALIB

Firm Name Panmure Gordon & Co Limited Peel Hunt EVA Dimensions Jefferies Credit Suisse Morgan Stanley Shore Capital Stockbrokers JPMorgan HSBC

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

Analyst SAVVAS NEOPHYTOU PAUL CUDDON ANDREW S ZAMFOTIS JAMES VANE-TEMPEST MARK WADLEY SIMON MATHER BRIAN WHITE ALEXANDRA M HAUBER-SCHUELE RAJ SINHA

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

Recommendation buy hold underweight buy outperform Overwt/Attractive buy overweight neutral

Amt Held 57'183'028 18'986'992 17'743'904 7'057'920 5'952'422 5'874'223 5'874'223 5'594'936 4'648'957 4'537'359 4'523'983 4'498'904 3'692'364 3'029'696 2'969'961 2'967'495 2'504'813 2'483'130 2'373'173 2'136'299

% Out 29.02 9.64 9.01 3.58 3.02 2.98 2.98 2.84 2.36 2.3 2.3 2.28 1.87 1.54 1.51 1.51 1.27 1.26 1.2 1.08

Latest Chg 1'090'595 1'910'189 (34'149) (1'112'169) (357'486) 285'000 (89'504) (146'760) 621'801 352'832 2'278 (867'866) (1'679) 692'700 -

Weighting

Change

Target Price

5 3 1 5 5 5 5 5 3

M M M M M M M M N

930 700 #N/A N/A 900 820 850 #N/A N/A 860 745

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

File Dt Inst Type 01.11.2012 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Bank 01.11.2012 Investment Advisor 08.03.2012 Investment Advisor 01.11.2012 Investment Advisor 06.08.2012 Investment Advisor 31.12.2012 Unclassified 01.11.2012 Other 01.11.2012 Other 31.01.2013 Unclassified 30.11.2012 Investment Advisor 01.11.2012 Mutual Fund Manager 01.11.2012 Investment Advisor 01.11.2012 Hedge Fund Manager 01.11.2012 Government 30.11.2012 Investment Advisor 30.06.2012 Investment Advisor 15.06.2012 n/a

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

Date 14.02.2013 04.02.2013 17.01.2013 15.01.2013 09.01.2013 13.12.2012 05.12.2012 18.09.2012 19.07.2012

28.02.2013

Hochtief AG Hochtief AG provides construction and construction related services worldwide. The Company finances, designs, builds, constructs and operates a wide variety of facilities through its five divisions, Airport, Development, Construction Services Americas, Construction Services Asia Pacific, and Construction Services Europe.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (06.09.2012) 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 HOT GY EQUITY YTD Change HOT GY EQUITY YTD % CHANGE

12/2012 12/yy 55.54 34.64 188'296.00 55.54 0.00% 60.33% 100.00% 77.0 4'276.58 3'794.39 0.0 1'512.0 2'657.65 8'204.51

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

1.2 M

1.0 M

.8 M

.6 M

.4 M

.2 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 18'703.1 0.19x 622.0 5.79x 156.7 15.81x

31.12.2009 31.12.2010 18'166.1 20'159.3 0.28x 0.29x 1'029.1 1'480.3 4.97x 3.92x 191.7 288.0 18.59x 14.74x Profitability

31.12.2011 23'282.2 0.26x 1'674.2 3.55x (160.3) -

31.12.2012 25'527.7 158.1 20.43x 1'674.21 696.01 2.99% -0.55% -0.07% -0.44% 4.42% 1.64% 6.2% 2.3% 0.6% 1.25 0.86 24.02% 146.03% 5.26 -

215'530 183'806 174'246

LTM-4Q

LTM

FY+1

12/yy 23'282.2 1.08x 1'604.7 3.70x (160.3) 0.00x

12/yy 25'527.7 0.79x 1'122.1 0.00x 158.1 20.43x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 26'698.1 27'961.6 5'850.0 6'767.0 0.27x 0.25x 1'667.9 1'796.9 4.88x 4.53x 285.1 364.9 14.62x 12.11x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

16.00

30'000.0

14.00

1.04 24.09 5.97% 26.43% 1.040 22 4.182

FY+2

FQ+1

FQ+2

6.04 0.61 1.44 2.76 146.0% 48.0% 1.64 13.13 69.53 -

25'000.0

12.00

20'000.0

10.00 8.00

15'000.0

6.00

10'000.0

4.00

5'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Hochtief AG Holdings By:

All

Holder Name ACS ACTIVIDADES CONS QATAR INVESTMENT AUT SOUTHEASTERN ASSET M HOCHTIEF AG BLACKROCK SPARINVEST VANGUARD GROUP INC MACKENZIE FINANCIAL LONGLEAF MANAGEMENT IG INVESTMENT MANAGE UBS INVEST KAG SANTANDER ASSET MGMT LITMAN/GREGORY FUND DEUTSCHE BANK AG COUNSEL PORTFOLIO SE DIMENSIONAL FUND ADV RENTA 4 GESTORA SGII HSBC ASSET MGMT EURO ALLIANZ ASSET MANAGE UNIVERSAL INVESTMENT

Firm Name

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

Analyst

Main First Bank AG CHRISTIAN KORTH Goldman Sachs WILL MORGAN Commerzbank Corporates & Markets NORBERT KRETLOW M.M. Warburg Investment Research FRANK LASER Equinet Institutional Services(ESN) INGBERT FAUST Bankhaus Metzler STEPHAN BAUER DZ Bank AG MARC NETTELBECK Societe Generale VICTOR ACITORES Espirito Santo Investment Bank Research JUAN CARLOS CALVO Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN Bankhaus Lampe MARC GABRIEL EVA Dimensions CRAIG STERLING Independent Research GmbH CHRISTOPH SCHOENDUBE S&P Capital IQ JAWAHAR HINGORANI Berenberg Bank CHRIS MOORE Kepler Capital Markets EMILIO ROTONDO-INCLAN CA Cheuvreux BORJA CASTRO PEREZ MANZUCO HSBC TOBIAS LOSKAMP Nord/LB HEINO HAMMANN National Bank AG STEFFEN MANSKE Hamburger Sparkasse INGO SCHMIDT Deutsche Bank MICHAEL KUHN

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

Recommendation outperform Buy/Neutral hold buy buy buy buy hold buy buy buy sell hold hold buy buy outperform overweight buy hold hold restricted

Amt Held 41'794'571 7'700'000 3'980'943 3'418'800 3'012'459 709'937 610'326 206'428 189'435 145'417 131'400 99'335 93'000 87'264 68'800 61'063 53'550 50'000 49'414 46'946

% Out 54.28 10 5.17 4.44 3.91 0.92 0.79 0.27 0.25 0.19 0.17 0.13 0.12 0.11 0.09 0.08 0.07 0.06 0.06 0.06

Latest Chg 3'770 (65'689) 8'718 34'500 13'141 51'000 5'500 (2'000) (4'004)

File Dt Inst Type 24.07.2012 Corporation 31.12.2011 Government 20.04.2012 Investment Advisor 31.12.2011 Corporation 26.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor 30.11.2011 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager

Weighting

Change

Target Price

Date

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

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

55 67 51 60 60 61 52 57 65 58 60 #N/A N/A 50 42 51 50 50 60 46 42 #N/A N/A #N/A N/A

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

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

Date 25.02.2013 24.02.2013 22.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 19.02.2013 18.02.2013 13.02.2013 13.02.2013 17.01.2013 14.01.2013 13.12.2012 12.12.2012 28.11.2012 26.11.2012 19.11.2012 07.11.2012 07.11.2012 21.08.2012 27.09.2010

28.02.2013

Holmen AB Holmen AB manufactures forest products. The Company owns and manages forest land and produces sawn timber, pulp, paper, and paperboard. Holmen's main products are papers for newsprint, magazines, directories, and advertising, and paperboard for packaging and graphical applications. The Company produces and markets in Europe, and owns sales offices in United States, Australia, and Asia.

Price/Volume

200

2.5 M 2.0 M

150 100

12/2012 12/yy 199.90 168.00 416'504.00 199.3 -0.30% 18.63% 98.12% 62.1 16'889.64 6'612.00 0.0 0.0 308.00 23'193.64

1.0 M

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

3.0 M

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HOLMB SS EQUITY YTD Change HOLMB SS EQUITY YTD % CHANGE

31.12.2008 19'334.0 1.22x 2'136.0 11.04x 642.0 25.41x

250

31.12.2009 31.12.2010 18'071.0 17'581.0 1.15x 1.39x 2'686.0 1'964.0 7.75x 12.43x 1'006.0 704.0 15.28x 26.42x Profitability

31.12.2011 18'656.0 1.21x 6'750.0 3.35x 3'955.0 4.20x

31.12.2012 17'852.0 1.27x 2'588.0 8.75x 1'853.0 8.71x 2'588.00 1'275.00 7.14% 7.25% 4.99% 9.13% 0.48% 14.5% 7.2% 10.4% 0.78 0.32 17.85% 31.77% 7.67 -

287'713 227'530 259'142

LTM-4Q

LTM

FY+1

12/yy 18'656.0 4.93x 6'750.0 3.35x 3'955.0 4.20x

12/yy 17'853.0 4.91x 2'591.0 8.67x 1'853.0 8.76x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 17'503.0 17'511.3 4'435.6 4'414.5 1.35x 1.31x 2'859.6 2'994.5 705.8 688.0 8.11x 7.75x 8.32x 1'015.4 1'129.4 230.4 227.3 16.22x 14.62x 17.41x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

25'000.0

12.00

0.84 8.26% 3.59% 0.837 11 3.182

FY+2

FQ+1

FQ+2

09.12.2009 BBB STABLE 15.12.2010 A-2 26.89 19.70 2.43 2.55 31.8% 24.1% 0.48 1.42 47.73 -

20'000.0

10.00

15'000.0

8.00 6.00

10'000.0

4.00

5'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Holmen AB Holdings By:

All

Holder Name LE LUNDBERGFORETAGEN KEMPE FOUNDATIONS CARNEGIE FONDER AB/S ALECTA PENSIONSFORSA LANNEBO FONDER AB GOVERNMENT OF NORWAY DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV SEB HANDELSBANKEN FONDER AMF FONDER AB SHB FUNDS SWEDBANK ROBUR FONDE 4TH NAT SWEDISH PENS LUNDBERG FREDRIK VANGUARD GROUP INC BLACKROCK NORDEA INVESTMENT FU LONE PINE CAPITAL LL KEMPE CARL

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

Firm Name

Analyst

SEB Enskilda AlphaValue Credit Suisse Carnegie Nordea Equity Research Swedbank Danske Markets ABG Sundal Collier Handelsbanken Goldman Sachs EVA Dimensions CA Cheuvreux Alandsbanken Equities Prime Predictions

LINUS LARSSON SACHIN KUMAR LARS KJELLBERG JOHAN SJOBERG HARRI TAITTONEN MARKO ZIVKOVIC OSKAR LINDSTROM MARTIN MELBYE KARRI RINTA ESHAN TOORABALLY CRAIG STERLING MIKAEL JAFS PER HANSSON PETER LJUNGGREN

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

Recommendation hold add neutral buy sell neutral hold buy accumulate Sell/Neutral hold outperform neutral underperform

Amt Held % Out 19'323'332 31.1 4'349'303 7 4'316'000 6.95 2'236'784 3.6 1'863'987 3 1'491'190 2.4 1'478'008 2.38 1'242'658 2 1'065'772 1.72 1'037'507 1.67 841'900 1.35 807'728 1.3 807'217 1.3 745'595 1.2 734'424 1.18 586'699 0.94 565'915 0.91 547'724 0.88 (503'276) -0.81 386'000 0.62

Latest Chg 7'750 21'925 (87'000) 5'793 (224'695) 590 -

Weighting

Target Price

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

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

199 214 210 #N/A N/A 190 200 200 215 205 165 #N/A N/A 225 240 226

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

File Dt Inst Type 31.08.2012 Holding Company 31.08.2012 Other 10.01.2013 Investment Advisor 31.08.2012 Pension Fund (ERISA) 31.08.2012 Investment Advisor 31.08.2012 Government 31.07.2012 Investment Advisor 31.08.2012 Investment Advisor 31.12.2012 Unclassified 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.08.2012 Investment Advisor 31.12.2012 Investment Advisor 31.08.2012 Pension Fund (ERISA) 31.12.2011 n/a 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Hedge Fund Manager 31.12.2011 n/a

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

Date 25.02.2013 25.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 22.01.2013 17.01.2013 09.08.2011 09.05.2011 01.02.2011

28.02.2013

Howden Joinery Group PLC Howden Joinery Group PLC designs, manufactures and sells 'fitted' kitchens. The Company sells its products to small local builders throughout the United Kingdom via its own network of 'depots'.

Price/Volume 250

9.0 M 8.0 M

200

7.0 M 6.0 M

150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HWDN LN EQUITY YTD Change HWDN LN EQUITY YTD % CHANGE

12/2012 01/yy 202.40 109.40 3'392'530.00 190.4 -5.93% 74.04% 87.10% 642.0 1'222.40 2.30 0.0 0.0 59.40 1'185.00

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

4.0 M 3.0 M 2.0 M

1.0 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 976.5 0.60x 94.9 6.20x 43.9 10.45x

5.0 M

100

31.12.2008 31.12.2009 805.7 769.5 0.19x 0.62x 102.3 109.4 1.51x 4.39x (51.2) 45.7 1.58x 9.15x Profitability

31.12.2010 807.9 0.73x 123.3 4.77x 66.9 8.85x

31.12.2011 853.8 0.67x 132.1 4.35x 73.3 7.44x 132.10 114.50 13.41% 12.88% 19.71% 116.63% 110.06% 2.27% 59.5% 15.3% 13.5% 8.6% 1.74 0.84 0.57% 3.28% 3.15

0.42 1.08 608.70 64.89% 10.12% 1.082 15 4.000 2'183'223 2'083'257 1'794'620

LTM-4Q

LTM

FY+1

01/yy

12/12 Y 12/13 Y 892.7 935.7 1.31x 1.22x 135.3 144.3 8.76x 8.21x 87.0 92.9 14.21x 13.50x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

30.00

1'600.0

FY+2

FQ+1

FQ+2

30.72 26.16 -0.28 0.02 3.3% 3.2% 2.27 10.93 115.59 81.13

1'400.0

25.00

1'200.0 20.00

1'000.0 800.0

15.00

600.0

10.00

400.0 5.00 0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Howden Joinery Group PLC Holdings By:

All

Holder Name STANDARD LIFE INVEST BLACKROCK OLD MUTUAL JP MORGAN FRANKLIN RESOURCES CAZENOVE CAPITAL MAN HOWDEN EMP SHARE TRU JUPITER ASSET MANAGE SCOTTISH WIDOWS CAZENOVE UNIT TRUST LEGAL & GENERAL ABERFORTH PARTNERS INVESCO LTD ODEY ASSET MANAGEMEN NORGES BANK INVESTME ABERFORTH PARTNERS JM FINN & CO AEGON UBS MARATHON ASSET MANAG

Firm Name

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

Analyst

Numis Securities Ltd HOWARD SEYMOUR Panmure Gordon & Co Limited ANDY BROWN Peel Hunt ANDREW NUSSEY Goodbody Stockbrokers Ltd SARAH REILLY Liberum Capital Ltd CHARLIE CAMPBELL EVA Dimensions CRAIG STERLING Redburn Partners GEOFF LOWERY Jefferies ANTHONY CODLING JPMorgan ALEXANDER MEES NFinance PIERRE SCHANG N+1 Singer Ltd MATTHEW MCEACHRAN Canaccord Genuity Corp GRAHAM BROWN Espirito Santo Investment Bank Research SANJAY VIDYARTHI Shore Capital Stockbrokers JON BELL

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

Recommendation add sell hold buy buy buy buy hold overweight buy hold hold buy hold

Amt Held 90'920'250 62'354'710 45'132'865 43'553'643 29'150'000 26'846'447 24'595'913 23'053'381 22'202'404 21'686'372 20'474'615 19'806'351 14'648'034 14'343'407 13'772'986 13'225'865 11'266'892 10'302'594 10'263'780 9'867'490

% Out 14.16 9.71 7.03 6.78 4.54 4.18 3.83 3.59 3.46 3.38 3.19 3.09 2.28 2.23 2.15 2.06 1.75 1.6 1.6 1.54

Latest Chg 1'097'618 (756'654) (1'704'018) 272'102 (2'149'486) 491'800 (844'841) 2'657'124 1'814'372 (531'000) 1'692'309 28'182 (2'139'395) (18'500) (5'533'125) 3'491'388 2'491'158 (3'776'313)

Weighting

Change

Target Price

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

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

185 145 190 225 220 #N/A N/A #N/A N/A 160 162 182 164 174 165 #N/A N/A

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

File Dt Inst Type 08.02.2013 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Unclassified 01.11.2012 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 29.02.2012 n/a 01.11.2012 Investment Advisor 01.11.2012 Unclassified 31.12.2012 Investment Advisor 11.01.2013 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Hedge Fund Manager 01.11.2012 Government 31.01.2013 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Unclassified 01.11.2012 Unclassified 01.11.2012 Investment Advisor

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

Date 27.02.2013 25.02.2013 15.02.2013 13.02.2013 31.01.2013 17.01.2013 15.01.2013 07.01.2013 05.12.2012 04.12.2012 08.11.2012 10.10.2012 23.07.2012 16.11.2011

28.02.2013

Hufvudstaden AB Hufvudstaden AB manages, acquires, develops and sells properties in Sweden. The Company rents out centrally located residential and commercial properties primarily in the Stockholm area. Hufvudstaden's holdings, which include the NK-stores, consist of shops, offices, hotels, cinemas, restaurants, warehouses, garages and apartments.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (19.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HUFVA SS EQUITY YTD Change HUFVA SS EQUITY YTD % CHANGE

12/2012 12/yy 90.65 68.40 144'834.00 89 -1.82% 30.12% 92.58% 203.0 19'194.61 4'700.00 0.0 0.0 497.20 23'397.41

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

1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 1'364.9 10.83x 924.2 15.99x (449.2) -

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

31.12.2009 31.12.2010 1'374.6 1'409.8 10.60x 14.56x 946.8 961.6 15.39x 21.35x (357.5) 1'733.3 9.35x Profitability

31.12.2011 1'450.3 12.72x 977.6 18.87x 1'435.3 10.07x

31.12.2012 1'541.7 13.69x 1'051.1 20.08x 1'939.4 8.72x 1'051.10 1'051.10 68.18% 96.36% 8.37% 14.69% 10.93% 0.07% 68.2% 125.8% 19.87% 33.76% -

0.81 25.42% 8.60% 0.811 14 3.071 254'389 257'876 274'502

LTM-4Q

LTM

FY+1

12/yy 1'437.3 51.76x 932.9 19.81x 1'435.3 10.07x

12/yy 1'541.7 52.03x 1'051.1 20.08x 1'939.4 8.71x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'613.7 1'628.3 391.5 403.5 15.26x 15.08x 63.97x 61.68x 1'125.5 1'156.2 264.8 276.3 20.79x 20.24x 21.19x 20.83x 788.9 815.5 183.7 195.2 23.16x 22.48x 23.23x 23.09x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

35.00

1'800.0

30.00

1'600.0

FY+2

FQ+1

FQ+2

7.23 0.22 4.00 4.47 33.8% 25.2% 0.07 -

1'400.0 25.00

1'200.0

20.00

1'000.0

15.00

800.0 600.0

10.00

400.0

5.00 0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Hufvudstaden AB Holdings By:

All

Holder Name LUNDBERGS STATE STREET SEB MELLON FUNDS SWEDBANK ROBUR FONDE JP MORGAN FUNDS HANDELSBANKEN FONDER LANSFORSAKRINGAR FON BLACKROCK SIX SIS AG ALLIANZ ASSET MANAGE LUNDBERG FREDRIK VANGUARD GROUP INC ING INVESTMENT MANAG ING INTERNATIONAL AD MORGAN STANLEY PRINCIPAL FINANCIAL SKANDIA FONDER AB T ROWE PRICE ASSOCIA AMUNDI

Firm Name SEB Enskilda Goldman Sachs Danske Markets Kempen & Co Carnegie Nordea Equity Research Handelsbanken ABG Sundal Collier DNB Markets EVA Dimensions Swedbank Pareto Securities ABN Amro Bank N.V. Evli Bank Plc

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

Analyst BENGT CLAESSON JULIAN LIVINGSTON-BOOTH PETER TRIGARSZKY ROBERT WOERDEMAN TOBIAS KAJ JONAS L ANDERSSON ALBIN SANDBERG FREDRIC CYON SIMEN MORTENSEN AUSTIN BURKETT ANDREAS DAAG JOHAN EDBERG RUUD VAN MAANEN TEAM COVERAGE

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

Recommendation hold Sell/Neutral hold overweight sell buy accumulate hold sell hold buy sell hold Under Review

Amt Held 85'200'000 10'013'586 7'785'146 6'241'639 3'675'825 3'607'121 3'421'652 2'900'032 2'862'213 2'562'742 1'788'167 1'659'412 1'472'233 1'237'195 1'054'982 760'888 760'565 752'878 721'985 673'500

% Out 41.97 4.93 3.84 3.07 1.81 1.78 1.69 1.43 1.41 1.26 0.88 0.82 0.73 0.61 0.52 0.37 0.37 0.37 0.36 0.33

Latest Chg (201'844) 4'733 110'843 37'462 (133'604) 89'269 37'067 (253'612) 47'005 -

Weighting

Change

Target Price

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

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

84 73 88 89 #N/A N/A 95 88 85 76 #N/A N/A 90 73 75 #N/A N/A

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

File Dt Inst Type 31.12.2011 Corporation 31.12.2011 Investment Advisor 31.12.2012 Unclassified 31.12.2011 n/a 31.12.2011 Investment Advisor 31.12.2011 n/a 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 26.02.2013 Investment Advisor 31.12.2011 Bank 31.01.2013 Investment Advisor 31.12.2011 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager

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

Date 25.02.2013 19.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 17.01.2013 16.01.2013 15.01.2013 24.08.2012 19.10.2010

28.02.2013

Hugo Boss AG Hugo Boss AG designs, produces, and markets brand name clothing. The Company's products, which are marketed under branded names are sold through subsidiaries, franchises, and retail outlets throughout the world. Hugo Boss licenses its name for eyeglass frames, fragrances, watches, shoes, and leather goods.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.02.2013) 52-Week Low (26.09.2012) 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 BOSS GY EQUITY YTD Change BOSS GY EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 90.65 65.00 91'684.00 88.3 -2.59% 35.85% 90.84% 70.4 6'216.32 388.51 0.0 23.8 212.10 6'498.02

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

.6 M .5 M .4 M .3 M .2 M .1 M .0 M m-12

a-12

31.12.2009 31.12.2010 1'561.9 1'729.4 1.15x 2.10x 227.6 334.9 7.92x 10.84x 104.0 185.9 13.48x 18.23x Profitability

31.12.2011 2'058.8 1.95x 467.5 8.58x 284.5 13.40x

31.12.2012 2'346.0 307.0 18.30x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

467.51 394.09 19.14% 18.57% 21.02% 59.35% 1.62% 63.3% 21.6% 18.1% 13.1% 1.99 0.83 26.81% 77.79% 9.02 1.90

0.87 23.72 29.24% 10.65% 0.868 32 3.938 135'286 126'950 121'771

LTM-4Q

LTM

FY+1

12/yy 2'058.8 8.05x 467.5 8.58x 284.5 13.40x

12/yy 2'346.0 7.17x 389.0 0.00x 307.0 18.30x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'510.3 2'729.3 2.51x 2.27x 584.8 657.4 11.07x 9.85x 359.0 408.0 17.13x 15.05x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

m-12

Fiscal Year Ended 31.12.2008 1'686.1 1.07x 251.1 7.16x 112.1 10.68x

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

FY+2

FQ+1

FQ+2

11.17 8.58 0.53 0.79 77.8% 42.6% 1.62 7.76 40.60 192.79 77.93 138.71

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 |

28.02.2013

Hugo Boss AG Holdings By:

All

Holder Name RED & BLACK LUX SARL ALLIANZ ASSET MANAGE DEUTSCHE BANK AG FMR LLC BLACKROCK HUGO BOSS AG MEDITOR CAPITAL MANA VANGUARD GROUP INC DEKA INVESTMENT GMBH ADIG INVESTMENT JO HAMBRO CAPITAL MA CAPITAL GROUP COMPAN DANSKE INVEST A/S TRIMARK INVESTMENT M FRANKFURT TRUST INVE PICTET ASSET MANAGEM UNION INVESTMENT GMB FIDELITY INVESTMENT DANSKE INVEST MANAGE CAPITAL INTERNATIONA

Firm Name Goldman Sachs M.M. Warburg Investment Research Berenberg Bank Nord/LB Bankhaus Lampe Barclays Landesbank Baden-Wuerttemberg Baader Bank Independent Research GmbH Bankhaus Metzler Main First Bank AG Exane BNP Paribas Commerzbank Corporates & Markets Deutsche Bank Morgan Stanley Credit Suisse JPMorgan Hauck & Aufhaeuser Bryan Garnier & Cie Equinet Institutional Services(ESN) DZ Bank AG HSBC EVA Dimensions Nomura CA Cheuvreux Hamburger Sparkasse BHF-Bank Close Brothers Equity Markets Hammer Partners SA Silvia Quandt Research

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

Analyst

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

Recommendation

WILLIAM HUTCHINGS neutral/neutral JOERG PHILIPP FREY hold ANNA PATRICE buy WOLFGANG VASTERLING buy CHRISTOPH SCHLIENKAMP hold JULIAN EASTHOPE underweight BERND MUELL hold VOLKER BOSSE buy LARS LUSEBRINK buy SEBASTIAN FRERICKS buy MATTHIAS EIFERT outperform ANDREAS INDERST outperform ANDREAS RIEMANN buy WARWICK OKINES buy ADRIENNE LIM Overwt/In-Line ROGERIO FUJIMORI neutral MELANIE A FLOUQUET neutral CHRISTIAN NIKOLAS SCHWENKENBECHER buy PETER FARREN buy INGBERT FAUST hold HERBERT STURM buy ANTOINE BELGE overweight CRAIG STERLING underweight FRASER RAMZAN neutral JUERGEN KOLB outperform CHRISTIAN HAMANN hold PETER STEINER market weight ANNA VON KLOPMANN hold STEPHAN SEIP sell MARK JOSEFSON not rated

Amt Held % Out 46'156'312 65.56 1'049'384 1.49 1'018'911 1.45 797'489 1.13 544'024 0.77 528'555 0.75 (492'800) -0.7 436'031 0.62 433'750 0.62 429'249 0.61 381'766 0.54 280'231 0.4 211'430 0.3 204'316 0.29 175'000 0.25 162'788 0.23 140'000 0.2 133'056 0.19 120'865 0.17 104'950 0.15

Latest Chg (171'088) 71'391 1'021 77'440 8'802 (25'250) 47'553 3'326 98 140'000 120'865 -

File Dt Inst Type 15.06.2012 Private Equity 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 27.02.2012 Corporation 08.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 30.09.2012 Unclassified 28.12.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 28.09.2012 Investment Advisor 30.12.2011 Investment Advisor 29.06.2012 Investment Advisor 31.12.2012 Investment Advisor

Weighting

Target Price

Date

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

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

107 84 106 96 92 83 93 100 104 92 100 97 94 96 95 88 85 99 95 80 102 105 #N/A N/A 90 92 #N/A N/A 82 80 65 #N/A N/A

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

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

Date 27.02.2013 25.02.2013 22.02.2013 19.02.2013 18.02.2013 18.02.2013 14.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 24.01.2013 17.01.2013 16.01.2013 18.12.2012 20.11.2012 12.11.2012 31.10.2012 02.10.2012 14.03.2012

28.02.2013

Hunting PLC Hunting PLC is an industrial holding company for a group of companies that provide oil and gas services. The Group markets, transports and stores crude oil, processes and markets liquid petroleum gas, and distributes propane. Hunting also supplies oil process equipment, shipbroking services, shipping consultancy and data services, in addition to manufacturing industrial coatings.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (28.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HTG LN EQUITY YTD Change HTG LN EQUITY YTD % CHANGE

12/2011 01/yy 977.00 680.50 294'671.00 850 -13.00% 24.91% 57.17% 147.0 1'249.92 291.50 0.0 16.8 71.20 1'459.42

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 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 398.7 2.72x 66.6 16.29x 57.4 42.07x

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

31.12.2008 31.12.2009 418.5 359.9 0.45x 1.15x 74.7 58.3 2.51x 7.08x 304.2 28.7 32.01x Profitability

31.12.2010 423.3 1.80x 73.4 10.40x 21.8 46.86x

31.12.2011 608.8 2.18x 105.8 12.54x 79.1 36.23x 105.80 69.60 11.43% 6.37% 3.82% 6.32% 6.10% 0.69% 33.6% 21.8% 14.8% 13.0% 1.88 0.86 22.54% 40.76% 2.58

1.82 1.33 117.00 5.32% 7.53% 1.327 17 3.824 604'510 318'216 316'930

LTM-4Q

LTM

FY+1

01/yy

12/12 Y 12/13 Y 820.6 890.2 1.74x 1.58x 155.0 174.6 9.42x 8.36x 78.8 89.3 15.15x 13.51x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

250.00

2'000.0

FY+2

FQ+1

FQ+2

18.56 11.93 1.15 1.68 40.8% 28.5% 0.69 3.75 142.00 84.12 199.63

1'800.0 1'600.0

200.00

1'400.0 150.00

1'200.0

100.00

1'000.0 800.0 600.0 400.0

50.00

200.0 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 |

28.02.2013

Hunting PLC Holdings By:

All

Holder Name AXA INVESTMENT MANAG AXA FRAMLINGTON INV HUNTING INVESTMENTS M&G INVESTMENT MANAG AMERIPRISE FINANCIAL SCHRODER INVESTMENT THREADNEEDLE ASSET M Mirabaud Asset Manag BLACKROCK SLALEY INVESTMENTS L LEGAL & GENERAL HUNTING FAMILY TRUST OLD MUTUAL CO-OPERATIVE INSURAN ROYAL LONDON ASSET M FRANKLIN RESOURCES THREADNEEDLE INVESTM NORGES BANK INVESTME ARTEMIS INVESTMENT M ROYAL LONDON ASSET M

Firm Name RBC Capital Markets Oriel Securities Ltd JPMorgan Nomura Investec EVA Dimensions Arden Partners Ltd HSBC Liberum Capital Ltd Deutsche Bank VSA Capital Ltd Finncap Clarkson Capital Markets LLC Barclays Goldman Sachs Fox-Davies Capital Westhouse Securities

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

Analyst KATHERINE TONKS DAVID ROUND ANDREW DOBBING CHRISTYAN MALEK KEITH ADAM MORRIS CRAIG STERLING BEN THEFAUT PHILLIP LINDSAY ANDREW WHITTOCK SEBASTIAN YOSHIDA DOUGIE YOUNGSON DAVID BUXTON TODD P SCHOLL MICK PICKUP WILLIAM WYMAN PAUL SINGER ANDREW MATHARU

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

Recommendation outperform buy underweight neutral buy underweight neutral overweight hold buy not rated buy market perform overweight Buy/Neutral buy hold

Amt Held 17'016'457 13'862'520 10'884'743 10'726'037 8'150'409 7'535'972 7'434'297 7'358'050 7'250'294 6'411'679 5'221'034 4'737'296 3'189'896 3'151'599 3'126'818 2'900'453 2'574'200 2'263'487 2'146'578 2'089'062

% Out 11.57 9.43 7.4 7.29 5.54 5.12 5.06 5 4.93 4.36 3.55 3.22 2.17 2.14 2.13 1.97 1.75 1.54 1.46 1.42

Latest Chg 2'296'189 1'745'530 (2'394'948) 453 2'004'904 (150'922) (136'213) (357'315) 92'649 2'100'000 (3'501) 15'000

File Dt 20.02.2013 01.12.2012 01.12.2012 01.12.2012 31.12.2011 31.12.2011 01.12.2012 01.12.2012 26.02.2013 01.12.2012 31.01.2013 01.12.2012 31.12.2012 01.12.2012 01.12.2012 01.12.2012 31.10.2012 01.12.2012 01.12.2012 30.11.2012

Weighting

Change

Target Price

Date

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

M M D M R M D M M M M M M M M M M

1'050 #N/A N/A 761 745 975 #N/A N/A #N/A N/A 1'020 770 1'000 #N/A N/A 980 900 1'060 1'100 1'025 #N/A N/A

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

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

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

Date 01.02.2013 30.01.2013 29.01.2013 29.01.2013 25.01.2013 17.01.2013 19.12.2012 18.12.2012 18.12.2012 17.12.2012 17.12.2012 17.12.2012 17.12.2012 16.12.2012 06.11.2012 12.03.2012 17.11.2011

28.02.2013

Husqvarna AB Husqvarna AB manufactures outdoor maintenance and recreational products. The Company produces chain saws, trimmers, blowers, commercial lawn mowers, tillers, generators, snow blowers, stump grinders, and utility vehicles.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (14.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HUSQB SS EQUITY YTD Change HUSQB SS EQUITY YTD % CHANGE

12/2012 12/yy 42.00 29.38 1'768'251.00 39.91 -4.98% 35.84% 83.44% 448.6 22'930.33 8'081.00 0.0 21.0 1'245.00 29'787.33

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

9.0 M

8.0 M

7.0 M

6.0 M

25 20

5.0 M 4.0 M

3.0 M

2.0 M

1.0 M

0 f-12

.0 M m-12

a-12

31.12.2009 31.12.2010 34'074.0 32'240.0 1.06x 1.18x 2'888.0 3'627.0 12.49x 10.48x 899.0 1'739.0 32.19x 18.51x Profitability

31.12.2011 30'357.0 0.83x 2'659.0 9.46x 990.0 18.34x

31.12.2012 30'834.0 0.95x 2'677.0 11.00x 1'018.0 22.04x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

2'677.00 1'615.00 5.24% 3.79% 3.56% 8.52% 1.08% 26.9% 8.7% 5.2% 3.3% 2.02 0.63 28.84% 69.88% 9.22 2.79

1'679'262 2'162'960 1'758'488

LTM

FY+1

12/yy 30'357.0 3.93x 2'663.0 9.44x 990.0 18.34x

12/yy 30'834.0 3.69x 2'677.0 11.00x 1'018.0 22.04x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 30'574.2 31'875.1 9'231.4 10'421.4 0.96x 0.90x 3.39x 2.87x 3'593.9 3'969.1 1'166.4 1'579.4 8.29x 7.50x 8.48x 8.28x 1'675.3 2'013.4 623.1 912.8 13.67x 11.37x 13.98x 12.73x S&P Issuer Ratings

50.00

40'000.0

45.00

35'000.0

40.00

1.05 4.11% 1.84% 1.048 15 3.067

LTM-4Q

Price/ Cash Flow

FY+2

FQ+1

FQ+2

7.19 5.29 2.55 3.02 69.9% 41.1% 1.08 8.29 39.72 130.99 44.79 125.91

30'000.0

35.00

25'000.0

30.00 25.00

20'000.0

20.00

15'000.0

15.00

10'000.0

10.00

5'000.0

5.00 0.00 01.01.2010

m-12

Fiscal Year Ended 31.12.2008 32'342.0 0.86x 3'570.0 7.84x 1'278.0 12.38x

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 |

28.02.2013

Husqvarna AB Holdings By:

All

Holder Name INVESTOR AB ALECTA PENSIONSFORSA NORDEA FONDER AB/SWE SWEDBANK ROBUR FONDE NORDEA FONDER AB NORDEA INV MANAGEMEN SEB DIDNER & GERGE FONDE HANDELSBANKEN FONDER SHB FUNDS NORDEA INVESTMENT FU VANGUARD GROUP INC DANSKE CAPITAL SVERI GOVERNMENT OF NORWAY FOLKSAM LO FOND AB LANSFORSAKRINGAR FON AQR CAPITAL MANAGEME IF P&C INSURANCE LTD SWEDBANK ROBUR FONDE LANNEBO FONDER AB

Firm Name AlphaValue EVA Dimensions CA Cheuvreux Nordea Equity Research Erik Penser Bankaktiebolag AB Handelsbanken DNB Markets Danske Markets ABG Sundal Collier Carnegie SEB Enskilda Goldman Sachs Pareto Securities Prime Predictions Swedbank Evli Bank Plc

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

Analyst HELENE COUMES CRAIG STERLING JOHAN ELIASON STEFAN STJERNHOLM JOHAN DAHL RASMUS ENGBERG CHRISTER MAGNERGARD BJORN ENARSON ANDREAS LUNDBERG KENNETH TOLL JOHANSSON STEFAN CEDERBERG AARON IBBOTSON DAVID JACOBSSON PETER LJUNGGREN CLAES RASMUSON TEAM COVERAGE

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

Recommendation buy underweight underperform sell buy reduce buy buy buy sell buy Sell/Neutral sell hold neutral Under Review

Amt Held % Out 49'643'014 11.07 36'376'350 8.11 30'479'080 6.79 29'703'270 6.62 28'721'210 6.4 11'761'201 2.62 10'319'901 2.3 10'210'000 2.28 9'456'892 2.11 8'223'565 1.83 7'899'215 1.76 7'366'256 1.64 7'295'000 1.63 6'898'408 1.54 6'490'623 1.45 6'231'184 1.39 (3'050'298) -0.68 2'249'321 0.5 1'828'112 0.41 1'740'000 0.39

Latest Chg 845'978 526'105 (53'745) 68'044 142'606 (2'459'000) 322'727 258'723 224'286 (1'360'444)

File Dt Inst Type 28.09.2012 Investment Advisor 28.09.2012 Pension Fund (ERISA) 31.01.2013 Investment Advisor 26.10.2012 Investment Advisor 06.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 10.12.2012 Hedge Fund Manager 28.09.2012 Insurance Company 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

Weighting

Target Price

Date

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

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

51 #N/A N/A 38 37 46 34 45 46 45 #N/A N/A 44 36 35 54 35 #N/A N/A

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

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

Date 22.02.2013 20.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 13.02.2013 30.01.2013 17.01.2013 26.04.2012 18.11.2011 21.10.2011 16.09.2011

28.02.2013

ICADE ICADE specializes in business real estate. The Company finances and leases business parks. It offers customized rental design services and other services such as telecommunication, catering, and maintenance. The Company opted for the SIIC legal status in 2003.

Price/Volume 80

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M

70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.11.2012) 52-Week Low (13.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ICAD FP EQUITY YTD Change ICAD FP EQUITY YTD % CHANGE

12/2012 12/yy 71.16 56.00 62'002.00 67.76 -4.78% 21.00% 77.57% 52.0 3'523.27 2'999.10 0.0 1.7 414.30 6'271.87

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

20 10 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 1'916.4 2.82x 575.3 9.38x 312.5 9.28x

31.12.2009 31.12.2010 2'057.5 2'650.2 2.64x 2.32x 789.4 1'511.4 6.88x 4.07x 527.1 1'218.0 6.17x 3.19x Profitability

31.12.2011 1'536.6 3.72x 395.1 14.48x 93.0 33.77x

31.12.2012 1'499.3 52.7 66.00x 395.10 141.10 9.18% 9.25% 1.82% 4.63% 2.34% 0.22% 28.5% 3.5% 41.20% 109.52% -

49'878 40'118 44'935

LTM-4Q

LTM

FY+1

09/yy 348.6 0.00x 0.0 0.00x 0.0 0.00x

12/yy 1'499.3 0.00x 0.0 0.00x 0.0 0.00x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'463.1 1'556.2 4.60x 4.41x 429.5 524.8 14.60x 11.95x 239.9 280.8 15.25x 14.08x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

80.00

3'000.0

70.00

1.00 22.64 15.88% 1.26% 0.997 15 4.000

FY+2

FQ+1

FQ+2

3.75 -3.14 5.83 6.52 109.5% 52.3% 0.22 -

2'500.0

60.00

2'000.0

50.00 40.00

1'500.0

30.00

1'000.0

20.00

500.0 10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

ICADE Holdings By:

All

Holder Name CAISSE DES DEPOTS ET EUROPEAN INVESTORS I AMBER CAPITAL LP BLACKROCK VANGUARD GROUP INC CM-CIC SECURITIES ICADE BNP PARIBAS INV PART LASALLE INVESTMENT M MORGAN STANLEY ALLIANZ ASSET MANAGE SCHRODER INVESTMENT ABN AMRO ASSET MGMT COHEN & STEERS CAPIT ING INVESTMENT MANAG NATIXIS ASSET MANAGE BNP ASSET MANAGEMENT KEMPEN CAPITAL MANAG NORTHERN TRUST CORPO SCOTTISH WIDOWS

Firm Name Morgan Stanley Oddo & Cie Rabobank International Exane BNP Paribas AlphaValue ABN Amro Bank N.V. Petercam HSBC EVA Dimensions Kempen & Co Kepler Capital Markets Societe Generale Barclays Goldman Sachs CA Cheuvreux Edge Capital Research Natixis Tradition Securities & Futures

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

Analyst CHRISTOPHER FREMANTLE MARINE LAFITTE MARTIJN VAN DEN EIJNDEN VALERIE GUEZI PIERRE-LOUP ETIENNE JAN WILLEM VAN KRANENBURG JOEL GORSELE STEPHANIE DOSSMANN AUSTIN BURKETT BOUDEWIJN SCHOON SAMUEL HENRY-DIESBACH HENRI QUADRELLI JULIAN CAMPBELL-WOOD JULIAN LIVINGSTON-BOOTH BRUNO DUCLOS KONSTANTIN BOYCHINOV SERGE DEMIRDJIAN LAETITIA D'EPREMESNIL

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

Recommendation Equalwt/Attractive buy buy outperform add sell buy overweight sell overweight buy not rated overweight neutral/neutral outperform neutral buy hold

Amt Held % Out 28'895'228 55.57 1'531'645 2.95 (603'157) -1.16 586'026 1.13 556'902 1.07 (519'963) -1 456'229 0.88 426'354 0.82 412'939 0.79 369'568 0.71 344'771 0.66 326'030 0.63 318'303 0.61 266'926 0.51 262'213 0.5 230'439 0.44 157'508 0.3 144'899 0.28 135'328 0.26 122'342 0.24

Latest Chg 130'146 57'196 739 29'645 4'159 (1'643) (197) 44'400 51'089 (138'401) (52'957) 12'150 (454) (661) (31'225) (1'151)

File Dt Inst Type 31.12.2011 Government 31.12.2012 Investment Advisor 15.02.2013 Hedge Fund Manager 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 17.10.2012 Other 31.12.2011 Corporation 31.12.2012 Investment Advisor 21.08.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.10.2012 Investment Advisor 17.07.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Unclassified

Weighting

Target Price

Date

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

Change M M M M M M U M M M M M M M M N M M

69 84 80 74 79 62 78 81 #N/A N/A 69 73 #N/A N/A 79 63 84 62 88 84

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

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

Date 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 22.01.2013 17.01.2013 17.01.2013 14.01.2013 29.11.2012 19.11.2012 08.08.2012 02.07.2012 07.02.2012 29.09.2011 27.09.2011 06.07.2011

28.02.2013

IG Group Holdings PLC IG Group Holdings PLC runs a spread betting market, trades as principal and market maker for foreign exchange, contracts for difference, and acts as a fixed odds bookmaker. The Company hedges unmatched bets and trades, and offers investment products worldwide to a retail and professional client base.

Price/Volume 600

4.5 M 4.0 M

500

3.5 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.02.2013) 52-Week Low (27.11.2012) 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 IGG LN EQUITY YTD Change IGG LN EQUITY YTD % CHANGE

05/2012 11/yy 505.50 413.80 563'637.00 492.8 -2.51% 19.09% 86.15% 364.8 1'797.73 0.00 0.0 0.1 228.16 1'689.50

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

2.5 M 2.0 M

200

1.5 M 1.0 M

100

.5 M

0 f-12 m-12

.0 M a-12 m-12

31.05.2009 31.05.2010 257.1 350.2 1.15x 3.56x 157.0 169.2 1.88x 7.37x 78.0 101.3 5.04x 13.48x Profitability

31.05.2011 354.5 4.24x 178.0 8.44x (25.5) -

31.05.2012 410.8 3.28x 195.4 6.88x 136.8 11.43x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

195.43 184.67 44.96% 45.21% 22.00% 28.25% 28.64% 0.70% 89.6% 45.2% 42.4% 33.3% 2.95 2.89 0.00% 0.00% 1.61 -

4.57 0.95 349.26 16.99% 10.88% 0.949 12 4.000 1'055'986 1'614'288 1'438'641

LTM-4Q

LTM

FY+1

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

11/yy 383.4 0.00x 0.0 0.00x 0.0 0.00x

05/13 Y 05/14 Y 02/13 Q3 05/13 Q4 349.3 372.7 83.1 87.5 4.51x 4.06x 180.6 195.3 9.36x 8.65x 127.4 140.9 14.33x 13.21x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

900.00

450.0

800.00

400.0

700.00

350.0

600.00

300.0

500.00

250.0

400.00

200.0

300.00

150.0

200.00

100.0

100.00

50.0

0.00 05.06.2009

j-12

Fiscal Year Ended 31.05.2008 184.0 4.24x 92.2 8.46x 67.3 18.53x

3.0 M

300

FY+2

FQ+1

FQ+2

85.60 83.54 -0.63 0.00 0.0% 0.0% 0.70 24.06 227.91 410.00 -

0.0 05.12.2009

05.06.2010

05.12.2010

05.06.2011

05.12.2011

05.06.2012

05.12.2012

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

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

28.02.2013

IG Group Holdings PLC Holdings By:

All

Holder Name MASSACHUSETTS FINANC Cantillon Capital ALLIANCE BERNSTEIN JP MORGAN CANTILLON CAPITAL MA AMERIPRISE FINANCIAL BLACKROCK CAPITAL GROUP COMPAN M&G INVESTMENT MANAG LEGAL & GENERAL BAILLIE GIFFORD AND CVC SHAREHOLDER GROU BANK OF NEW YORK MEL WILLIAM BLAIR & COMP IGNIS ASSET MANAGEME WILLIAM BLAIR & COMP LAZARD ASSET MANAGEM INVESCO LTD MASSACHUSETTS FINANC FMR LLC

Firm Name

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

Analyst

Goldman Sachs BENJAMIN MOORE Oriel Securities Ltd SARAH ING Numis Securities Ltd JAMES HAMILTON Canaccord Genuity Corp ROBIN SAVAGE EVA Dimensions AUSTIN BURKETT Espirito Santo Investment Bank Research PHILIP DOBBIN Barclays RICHARD TAYLOR Investec JAMES HOLLINS Keefe, Bruyette & Woods TOM MILLS Finncap DUNCAN HALL

Source REG REG ULT-AGG ULT-AGG RNS-MAJ Co File ULT-AGG ULT-AGG REG ULT-AGG REG RNS-MAJ MF-AGG 13F REG REG ULT-AGG REG MF-AGG ULT-AGG

Recommendation Buy/Neutral hold buy hold hold buy overweight buy underperform sell

Amt Held 27'931'135 21'385'396 20'057'882 19'650'815 18'246'245 17'774'188 17'292'297 16'860'700 12'964'441 12'031'327 11'646'010 10'616'628 9'636'199 9'603'081 9'268'528 8'680'904 8'297'393 8'076'918 8'042'973 8'042'009

% Out 7.66 5.86 5.5 5.39 5 4.87 4.74 4.62 3.55 3.3 3.19 2.91 2.64 2.63 2.54 2.38 2.27 2.21 2.2 2.2

Latest Chg 8'097'568 (467'793) 30'690 (743'113) 11'000 658'290 309'141 (163'027) (3'338'251) 108'701 (185'023) (1'396'240) (4'740) 29'032 652'035 1'056'675 (1'631'426)

File Dt Inst Type 03.12.2012 Investment Advisor 03.12.2012 Unclassified 31.12.2012 Investment Advisor 03.12.2012 Unclassified 04.02.2013 Hedge Fund Manager 17.07.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Unclassified 03.12.2012 Investment Advisor 23.07.2010 Holding Company 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Investment Advisor 31.01.2013 Unclassified 03.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Weighting

Change

Target Price

Date

5 3 5 3 3 5 5 5 1 1

M N M M D M M M M D

745 500 556 400 #N/A N/A 510 500 560 357 470

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

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

Date 18.02.2013 11.02.2013 06.02.2013 30.01.2013 23.01.2013 16.01.2013 16.01.2013 15.01.2013 17.07.2012 18.01.2011

28.02.2013

Imagination Technologies Group PLC Imagination Technologies Group plc develops and licenses silicon and software intellectual property for system-on-chip devices. The Company's products are used in multimedia and communication applications. Products include add-in boards, two and three dimensional graphics accelerators, silicon chips, game consoles, and digital television set-top boxes.

Price/Volume 4.0 M

600

3.5 M 3.0 M 2.5 M

400

Latest Fiscal Year: LTM as of: 52-Week High (19.04.2012) 52-Week Low (17.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IMG LN EQUITY YTD Change IMG LN EQUITY YTD % CHANGE

04/2012 01/yy 734.00 378.50 491'613.00 519 -29.29% 37.12% 39.52% 265.1 1'375.98 5.53 0.0 0.0 66.26 1'326.93

2.0 M

300

1.5 M

200

1.0 M

100

.5 M

0 f-12 m-12

.0 M a-12 m-12

30.04.2009 30.04.2010 64.1 80.9 3.34x 7.93x 3.6 11.7 59.69x 54.93x 8.1 14.2 27.39x 45.89x Profitability

30.04.2011 98.0 12.72x 20.4 61.25x 19.3 64.90x

30.04.2012 127.5 13.77x 37.5 46.82x 20.5 87.53x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

37.51 31.70 24.86% 22.39% 9.98% 12.37% 12.02% 0.68% 83.5% 25.4% 21.1% 16.0% 4.20 3.39 2.60% 3.12% 3.00 2.50

0.00 1.29 192.67 -15.68% 31.26% 1.292 19 3.737 651'920 850'002 914'423

LTM-4Q

LTM

FY+1

01/yy

04/13 Y 04/14 Y 155.9 195.9 8.39x 6.52x 46.0 60.4 28.88x 21.96x 31.8 43.8 41.52x 31.27x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

140.00

140.0

120.00

120.0

100.00

100.0

80.00

80.0

60.00

60.0

40.00

40.0

20.00

20.0

0.00 01.05.2009

j-12

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

4.5 M

700 500

Valuation Analysis

30.04.2008 60.0 2.58x 3.4 45.83x 2.3 71.16x

800

FY+2

FQ+1

FQ+2

326.14 249.17 -1.36 0.15 3.1% 3.0% 0.68 5.44 122.17 146.12 64.07

0.0 01.11.2009

01.05.2010

01.11.2010

01.05.2011

01.11.2011

01.05.2012

01.11.2012

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

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

28.02.2013

Imagination Technologies Group PLC Holdings By:

All

Holder Name INTEL CORPORATION INTEL CAPITAL CORP AXA INVESTMENT MGRS M&G INVESTMENT MANAG APPLE INC AXA FRAMLINGTON INV NORGES BANK FMR LLC LEGAL & GENERAL KILLIK & CO STANDARD LIFE INVEST BANK OF NEW YORK MEL JP MORGAN BARCLAYS PERSONAL IN TD WATERHOUSE GROUP JO HAMBRO CAPITAL MA BLACKROCK AEGON VANGUARD GROUP INC SELFTRADE

Firm Name Jefferies Exane BNP Paribas Morgan Stanley Deutsche Bank Peel Hunt Numis Securities Ltd EVA Dimensions Barclays Investec Finncap Goldman Sachs RBC Capital Markets Credit Suisse Liberum Capital Ltd JPMorgan Berenberg Bank Canaccord Genuity Corp N+1 Singer Ltd WH Ireland Ltd

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

Analyst LEE SIMPSON JEROME RAMEL FRANCOIS MEUNIER JOHANNES SCHALLER ALEXANDRA JARVIS NICK JAMES ANDREW S ZAMFOTIS YOUSSEF ESSAEGH JAMES GOODMAN LORNE DANIEL SIMON F SCHAFER ANDREW DUNN JUSTIS MCEVILLY EOIN LAMBE SANDEEP S DESHPANDE ADNAAN AHMAD BOB LIAO PIA TAPLEY ANNE MARGARET CROW

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

Recommendation buy outperform Overwt/Cautious buy buy buy underweight overweight hold hold Buy/Neutral underperform underperform hold overweight sell buy buy sell

Amt Held 38'396'664 38'396'664 28'141'542 25'885'805 23'047'770 22'743'465 9'990'160 6'841'714 6'788'282 6'085'514 5'273'332 5'050'216 4'623'309 4'220'221 4'189'151 3'069'811 2'782'972 2'670'366 2'379'508 2'187'416

% Out 14.48 14.48 10.61 9.76 8.69 8.58 3.77 2.58 2.56 2.3 1.99 1.9 1.74 1.59 1.58 1.16 1.05 1.01 0.9 0.83

Latest Chg (20'128) 254'375 (593'304) (1'041'542) (1'257'403) 162'026 (2'813) 318'587 (41'061) 251'099 13'645 850'197 (612'208) (42'769) 61'222 313'110

File Dt Inst Type 07.06.2012 Corporation 01.11.2012 Corporation 22.02.2013 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Corporation 01.11.2012 Investment Advisor 30.01.2013 Government 31.12.2012 Investment Advisor 01.11.2012 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 01.11.2012 Unclassified 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor

Weighting

Change

Target Price

Date

5 5 5 5 5 5 1 5 3 3 5 1 1 3 5 1 5 5 1

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

628 610 570 600 630 590 #N/A N/A 650 490 375 600 400 347 415 750 360 570 625 300

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

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

Date 27.02.2013 26.02.2013 18.02.2013 13.02.2013 07.02.2013 31.01.2013 17.01.2013 14.01.2013 07.01.2013 17.12.2012 13.12.2012 13.12.2012 13.12.2012 13.12.2012 12.12.2012 29.11.2012 07.11.2012 03.10.2012 17.03.2011

28.02.2013

Imerys SA Imerys SA processes minerals and manufactures and sells building materials worldwide. The Company produces pigments and additives such as kaolin, ground calcium carbonate, and precipitated calcium carbonate, clay roofing tiles, chimney blocks, bricks, and natural slate, ceramic materials used in tableware, tiles, and sanitary ware, and minerals for refractories.

Price/Volume 60

.3 M .3 M

Latest Fiscal Year: LTM as of: 52-Week High (15.02.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NK FP EQUITY YTD Change NK FP EQUITY YTD % CHANGE

12/2012 09/yy 53.24 36.37 82'989.00 51.26 -3.72% 40.94% 88.26% 75.4 3'863.39 1'463.10 0.0 30.8 430.60 4'942.39

.2 M .2 M

.1 M 10 0 f-12

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

.4 M

Valuation Analysis

31.12.2008 3'449.2 1.05x 590.3 6.14x 161.3 12.64x

.4 M

31.12.2009 31.12.2010 2'773.7 3'346.7 1.50x 1.39x 423.9 611.0 9.79x 7.64x 41.3 243.7 73.71x 15.44x Profitability

31.12.2011 3'674.8 1.02x 679.9 5.49x 282.0 9.49x

31.12.2012 3'884.8 300.8 11.67x 679.90 476.70 12.97% 11.07% 6.04% 13.45% 9.40% 0.81% 18.4% 12.7% 7.7% 1.58 0.87 29.52% 67.11% 6.98 -

0.97 28.52 17.31% 6.37% 0.968 14 3.429 73'521 69'888 57'800

LTM-4Q

LTM

FY+1

09/yy 3'581.7 0.00x 0.0 0.00x 285.0 9.72x

09/yy 3'894.8 0.00x 0.0 0.00x 286.8 12.08x

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 3'888.1 4'044.2 926.0 1.18x 1.10x 704.5 742.3 7.02x 6.66x 301.0 326.8 57.5 12.79x 11.75x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

30.00

4'500.0

FY+2

FQ+1

FQ+2

11.50 7.66 1.47 1.95 67.1% 39.8% 0.81 2.18 52.42 -

4'000.0

25.00

3'500.0 3'000.0

20.00

2'500.0 15.00

2'000.0 1'500.0

10.00

1'000.0 5.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Imerys SA Holdings By:

All

Holder Name BELGIAN SECURITIES PRUDENTIAL PLC THE VANGUARD GROUP VANGUARD GROUP INC SCHRODER INVESTMENT PALATINE ASSET MANAG CARMIGNAC GESTION BLACKROCK NATIXIS ASSET MANAGE ALLIANZ ASSET MANAGE PEAR TREE ADVISORS I BUFFIERE GERARD JP MORGAN MANDARINE GESTION AMUNDI BARING FUND MANAGERS SCHRODER INVESTMENT HSBC INVESTMENT FUND LBPAM PRUDENTIAL FINANCIAL

Firm Name Exane BNP Paribas AlphaValue Natixis Societe Generale HSBC Aurel - BGC Oddo & Cie Kepler Capital Markets Bryan Garnier & Cie CM - CIC Securities(ESN) EVA Dimensions Raymond James CA Cheuvreux

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

Analyst

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

Recommendation

LUC PEZ GAETAN DUPONT RAFIC EL HADDAD MURIEL FELLOUS PIERRE BOSSET ERIC LEMARIE VIRGINIE ROUSSEAU JOSEP PUJAL SVEN EDELFELT JEAN-CHRISTOPHE LEFEVRE-MOULENQ CRAIG STERLING ARNAUD PALLIEZ AMANDINE LATOUR

outperform add neutral hold underweight hold buy hold sell accumulate underweight outperform outperform

Amt Held 42'851'473 5'217'507 3'650'000 3'428'494 886'219 546'900 342'126 327'746 324'280 317'824 223'383 210'539 128'100 111'451 104'469 94'226 84'000 82'887 82'059 72'899

% Out 56.86 6.92 4.84 4.55 1.18 0.73 0.45 0.43 0.43 0.42 0.3 0.28 0.17 0.15 0.14 0.13 0.11 0.11 0.11 0.1

Latest Chg (231'861) 31'880 3'200 8'797 721 18'300 (30'450) 69'158 (15'048) (26'569) 18'198 -

Weighting

Change

Target Price

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

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

56 60 48 55 47 50 60 53 44 55 #N/A N/A 54 51

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

File Dt Inst Type 04.05.2012 Unclassified 31.12.2011 Investment Advisor 31.12.2011 n/a 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2011 n/a 31.12.2012 Unclassified 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor

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

Date 27.02.2013 21.02.2013 19.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 12.02.2013 17.01.2013 06.11.2012 04.09.2012

28.02.2013

Inchcape PLC Inchcape PLC is a global automotive distributor and retailer. The Company acts as a vehicle and parts distributor in multiple markets. In these markets, Inchcape has exclusive responsibility for managing the value chain on behalf of a focused portfolio of premium and luxury brand partners. Over two thirds of the Group profit is derived from Asia Pacific and emerging markets.

Price/Volume 600

400 300

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 INCH LN EQUITY YTD Change INCH LN EQUITY YTD % CHANGE

12/2011 09/yy 528.00 303.50 860'839.00 500.5 -5.21% 64.91% 87.75% 465.5 2'329.58 440.50 0.0 28.4 559.40 2'250.98

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

200 100 0 f-12 m-12

a-12 m-12

31.12.2008 31.12.2009 6'259.8 5'583.7 0.12x 0.27x 272.0 208.2 2.81x 7.14x 51.4 92.0 3.28x 13.01x Profitability

31.12.2010 5'885.4 0.27x 259.5 6.09x 127.9 12.80x

31.12.2011 5'826.3 0.22x 277.8 4.57x 142.2 9.48x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

277.80 244.30 4.19% 3.49% 4.70% 11.01% 11.44% 1.90% 14.7% 4.7% 4.2% 2.4% 1.37 0.53 13.71% 33.14% 5.72

644'972 569'605 619'299

LTM

FY+1

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

09/yy 6'085.7 0.00x 0.0 0.00x 0.0 0.00x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 6'094.8 6'468.0 0.35x 0.33x 300.0 322.1 7.50x 6.99x 179.9 194.6 13.14x 12.12x S&P Issuer Ratings

18.00

7'000.0

16.00

2.28 1.38 426.35 37.75% 16.15% 1.376 12 4.333

LTM-4Q

Price/ Cash Flow

FY+2

FQ+1

FQ+2

3.87 2.75 -0.37 1.48 33.1% 24.5% 1.90 9.39 63.99 18.71

6'000.0

14.00

5'000.0

12.00 10.00

4'000.0

8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 02.01.2009

j-12

Market Data

Fiscal Year Ended 31.12.2007 6'056.8 0.34x 289.7 7.20x 176.4 9.96x

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

500

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 |

28.02.2013

Inchcape PLC Holdings By:

All

Holder Name PRUDENTIAL PLC HORESH GEORGE FMR LLC SCHRODER INVESTMENT BLACKROCK STANDARD LIFE INVEST LEGAL & GENERAL AXA LEGAL & GENERAL VANGUARD GROUP INC RONIN INVESTMENT MAN DIMENSIONAL FUND ADV CAPITAL GROUP COMPAN FRANKLIN RESOURCES F&C ASSET MANAGEMENT UNION MOTORS LTD BAILLIE GIFFORD AND NORGES BANK INVESTME AEGON JP MORGAN

Firm Name

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

Analyst

Deutsche Bank CHARLIE MUIR-SANDS Numis Securities Ltd MATTHEW TAYLOR Investec BETHANY HOCKING Panmure Gordon & Co Limited MIKE ALLEN Exane BNP Paribas BEN SPRUNTULIS Nomura FRASER RAMZAN EVA Dimensions CRAIG STERLING Redburn Partners GEOFF LOWERY Espirito Santo Investment Bank Research SANJAY VIDYARTHI

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

Recommendation buy hold buy hold outperform neutral overweight buy buy

Amt Held 55'451'508 36'857'693 32'474'971 30'340'380 29'366'613 28'169'791 22'259'821 22'188'424 18'474'256 18'039'075 16'215'690 15'879'165 14'519'347 12'425'000 12'186'729 11'420'042 10'839'491 10'325'352 9'724'218 9'680'661

% Out 11.91 7.92 6.98 6.52 6.31 6.05 4.78 4.77 3.97 3.88 3.48 3.41 3.12 2.67 2.62 2.45 2.33 2.22 2.09 2.08

Latest Chg (2'988'058) 3'137'127 4'552'167 250'000 1'098'639 84'239 (598'090) (123'561) (1'865'000) 1'120'605 4'822'781 (350'000) 1'381'762 518'317

File Dt 25.02.2013 12.03.2012 02.01.2013 02.01.2013 26.02.2013 31.01.2013 31.01.2013 12.03.2012 13.08.2012 31.12.2012 02.01.2013 02.01.2013 21.02.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013

Weighting

Change

Target Price

Date

5 3 5 3 5 3 5 5 5

M M M M M M M M M

585 500 580 558 550 485 #N/A N/A #N/A N/A 460

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

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

Inst Type Investment Advisor 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 Corporation Investment Advisor Government Unclassified Unclassified

Date 21.02.2013 21.02.2013 20.02.2013 20.02.2013 18.02.2013 05.02.2013 17.01.2013 23.11.2012 06.09.2012

28.02.2013

Industrivarden AB Industrivarden AB is an investment company. The Company's holdings consists of a portfolio of listed Nordic industrial companies.

Price/Volume 140

.9 M

120

.8 M .7 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INDUA SS EQUITY YTD Change INDUA SS EQUITY YTD % CHANGE

12/2012 12/yy 124.80 87.55 140'934.00 118.4 -5.13% 35.24% 82.82% 268.5 45'169.36 18'493.00 0.0 0.0 141.00 63'521.36

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

.5 M

.4 M .3 M

.2 M

.1 M

0 f-12

.0 M m-12

a-12

m-12

j-12

31.12.2009 31.12.2010 21'078.0 15'256.0 2.13x 3.90x 19'152.0 16'540.0 2.34x 3.60x 20'699.0 14'870.0 1.65x 3.11x Profitability

31.12.2011 2'403.0 21.01x (15'647.0) -

31.12.2012 2'391.0 25.59x 11'008.0 3.89x

a-12

s-12

o-12

n-12

d-12

j-13

16'540.00 11'591.00 484.78% 104.99% 17.51% 25.14% 460.4% 0.09 0.03 26.96% 38.18% -

1.15 17.22% 6.76% 1.148 6 2.667 140'990 127'411 152'270

LTM-4Q

LTM

FY+1

FY+2

FQ+1

FQ+2

12/yy 1'771.0 123.24x 0.0 0.00x (15'745.0) 0.00x

12/yy 1'348.0 166.52x 0.0 0.00x 11'008.0 3.89x

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

1'554.0 1'829.0 40.88x 34.73x 1'303.0 1'578.0 38.69x 32.00x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

60.00

30'000.0

50.00

20'000.0

40.00

10'000.0

11.11.2011 ASTABLE 11.11.2011 A-2 30.97 38.2% 27.6% -

0.0

30.00

-10'000.0

20.00

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

-20'000.0 10.00

-30'000.0 0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 (28'587.0) (28'666.0) (29'114.0) -

.6 M

01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

-40'000.0

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

28.02.2013

Industrivarden AB Holdings By:

All

Holder Name LE LUNDBERGFORETAGEN HANDELSBANKEN PENSIO HANDELSBANKEN PENSIO JAN WALLANDER & TOM SCA PENSION FOUNDATI SCA GROUP HOLDING SCA VORSORGE TREUHAN GOVERNMENT OF NORWAY SVENSKA HANDELSBANKE LUNDBERG FREDRIK HANDELSBANKEN FONDER SEB SWEDBANK ROBUR FONDE VANGUARD GROUP INC BLACKROCK NORDEA FONDER AB/SWE MEAG MUNICH ERGO KAG NORDEA INV MANAGEMEN E OHMAN J:OR FONDER LANSFORSAKRINGAR FON

Firm Name SEB Enskilda Goldman Sachs CA Cheuvreux Swedbank Handelsbanken Evli Bank Plc Carnegie

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

Analyst SVANTE KROKFORS MARKUS IWAR BJORN GUSTAFSSON NICLAS HOGLUND ELIAS PORSE TEAM COVERAGE JOHAN SJOBERG

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

Recommendation hold neutral/neutral outperform reduce reduce Under Review hold

Amt Held 50'000'000 29'800'000 29'350'000 25'800'000 17'526'642 10'525'655 9'514'630 8'712'115 6'823'789 5'260'000 1'992'600 1'958'575 568'664 527'196 405'289 370'528 330'190 312'910 248'711 208'385

% Out 18.62 11.1 10.93 9.61 6.53 3.92 3.54 3.24 2.54 1.96 0.74 0.73 0.21 0.2 0.15 0.14 0.12 0.12 0.09 0.08

Latest Chg 26'484 (6'258) 156'781 9'904 18'854 (5'731) 68'530 550 40'995

Weighting

Change

Target Price

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

M M M D D M M

115 134 115 106 106 #N/A N/A #N/A N/A

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 04.02.2013 31.01.2013 31.12.2012 31.12.2012 31.12.2012 26.02.2013 31.01.2013 30.09.2012 28.09.2012 31.12.2012 31.12.2012

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

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

Date 12.02.2013 08.02.2013 07.02.2013 07.02.2013 25.09.2012 23.03.2012 30.09.2011

28.02.2013

Ingenico Ingenico manufactures, designs, and distributes electronic terminals, systems, and related products for electronic payment transactions. The Company's products include pin pad, countertop, wireless, Payment PDA's, signature capture, unattended, satellite terminals, and WebPOS.

Price/Volume 60

1.4 M

1.2 M 1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 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 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ING FP EQUITY YTD Change ING FP EQUITY YTD % CHANGE

12/2012 12/yy 49.00 33.14 212'219.00 47.985 -2.07% 44.82% 93.60% 52.5 2'518.62 457.25 0.0 7.1 347.60 2'675.00

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

.6 M

.4 M

10 0 f-12

.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 728.0 0.60x 97.9 4.44x 36.7 1.34x

.8 M

Valuation Analysis

31.12.2009 31.12.2010 700.7 907.0 1.37x 1.63x 98.0 128.4 9.78x 11.53x 26.8 39.6 29.24x 33.45x Profitability

31.12.2011 1'001.1 1.54x 162.4 9.50x 56.5 25.14x

31.12.2012 1'206.0 97.0 23.12x 162.38 110.82 11.07% 8.05% 5.05% 12.69% 9.31% 0.72% 41.6% 15.7% 11.0% 8.0% 1.84 1.47 28.81% 73.34% 5.54

0.92 34.10 35.33% 11.59% 0.918 18 3.889 439'034 214'066 183'767

LTM-4Q

LTM

FY+1

06/yy 778.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 1'206.0 0.00x 0.0 0.00x 0.0 0.00x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'308.5 1'423.5 262.0 468.5 1.97x 1.73x 251.4 283.3 90.4 10.64x 9.44x 130.7 152.0 43.0 18.78x 16.26x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

1'400.0

FY+2

FQ+1

FQ+2

6.11 4.81 0.89 2.70 73.3% 42.0% 0.72 34.08 66.10 133.26 -21.77

1'200.0

20.00

1'000.0 15.00

800.0 600.0

10.00

400.0 5.00

0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Ingenico Holdings By:

All

Holder Name MORPHO ALLIANZ ASSET MANAGE FMR LLC JUPITER ASSET MANAGE BNP PARIBAS INV PART RAIFFEISEN CENTROBAN BLACKROCK CONSELLIOR CANDEL & PARTNERS ALLIANZ GLOBAL INVES HSBC BANK PLC CADIAN CAPITAL MANAG INGENICO POUTREL THIBAULT MALHOUITRE MICHEL WELLINGTON MANAGEMEN POUTREL NADEGE POUTREL MAXIME POUTREL TESSA ITHAN CREEK MASTER I

Firm Name Barclays Morgan Stanley Pacific Crest Securities Wedbush Exane BNP Paribas Gilbert Dupont Societe Generale Goldman Sachs HSBC CM - CIC Securities(ESN) Oddo & Cie Main First Bank AG Kepler Capital Markets Berenberg Bank EVA Dimensions Mirabaud Securities Natixis CA Cheuvreux IDMidcaps Arkeon Finance

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

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

Analyst YOUSSEF ESSAEGH ANDREW HUMPHREY JAMES FAUCETTE GIL B LURIA ALEXANDRE FAURE JEAN BAPTISTE SERGEANT JEAN-BAPTISTE ROUSSILLE BENJAMIN MOORE CHRISTOPHE QUARANTE SEBASTIEN LIAGRE EMMANUEL MATOT JUERGEN WAGNER SEBASTIEN SZTABOWICZ ALI FARID KHWAJA ANDREW S ZAMFOTIS SUSAN ANTHONY MAXIME MALLET ODON DE LAPORTE TEAM COVERAGE STEPHAN DUBOSQ

Recommendation overweight Equalwt/No Rating sector perform neutral outperform buy sell neutral/neutral overweight accumulate buy outperform buy hold sell add buy outperform reduce Under Review

Amt Held % Out 11'770'116 22.42 3'173'299 6.05 2'756'460 5.25 2'684'396 5.11 1'390'199 2.65 1'284'912 2.45 1'185'662 2.26 1'120'000 2.13 1'064'684 2.03 1'039'055 1.98 1'011'862 1.93 (897'540) -1.71 868'484 1.65 784'619 1.49 659'279 1.26 (524'877) -1 517'668 0.99 445'556 0.85 443'179 0.84 (393'614) -0.75

Latest Chg 76'315 (157'898) (537'142) (31'493) (36'742) -

Weighting

Target Price

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

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

51 37 #N/A N/A 45 52 55 36 59 53 52 55 54 53 46 #N/A N/A 46 49 49 35 #N/A N/A

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

File Dt Inst Type 31.12.2011 Corporation 31.12.2012 Investment Advisor 25.01.2012 Investment Advisor 31.12.2011 Investment Advisor 30.11.2012 Investment Advisor 16.05.2011 Bank 26.02.2013 Investment Advisor 31.12.2011 Investment Advisor 16.05.2011 Investment Advisor 31.12.2011 Other 31.12.2011 Bank 22.02.2013 Hedge Fund Manager 31.12.2011 Corporation 31.12.2011 n/a 31.12.2011 n/a 15.02.2013 Investment Advisor 31.12.2011 n/a 31.12.2011 n/a 31.12.2011 n/a 09.10.2012 Other

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

Date 28.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 25.02.2013 22.02.2013 21.02.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 21.01.2013 18.01.2013 17.01.2013 25.10.2012 25.10.2012 02.08.2012 28.02.2012 28.04.2011

28.02.2013

Intermediate Capital Group PLC Intermediate Capital Group PLC arranges and provides intermediate capital funding services, which are used to help clients finance buyouts, corporate reorganizations, expansions and acquisitions. The Group also offers fund management services that focus on mezzanine opportunities throughout Europe.

Price/Volume 450

4.0 M

400

3.5 M

350

3.0 M

300

2.5 M

250

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ICP LN EQUITY YTD Change ICP LN EQUITY YTD % CHANGE

03/2012 01/yy 395.90 225.30 3'657'614.00 385.9 -2.53% 71.28% 94.14% 401.3 1'548.43 976.10 0.0 0.1 159.30 2'528.23

31.03.2008 429.1 6.44x 267.8 10.32x 154.8 7.33x

1.5 M

150 100

1.0 M

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

2.0 M

200

Valuation Analysis

31.03.2009 31.03.2010 394.1 424.9 5.87x 5.76x 28.8 168.2 80.31x 14.56x (73.2) 81.7 10.83x Profitability

31.03.2011 438.7 5.47x 245.5 9.77x 128.2 10.03x

31.03.2012 437.5 4.52x 306.7 6.44x 188.3 6.08x

306.70 64.38% 55.73% 5.07% 10.07% 5.41% 0.14% 43.0% 36.75% 67.29% -

5.00 1.44 398.72 53.39% 22.12% 1.439 13 3.769 1'626'460 1'188'921 1'045'458

LTM-4Q

LTM

FY+1

01/yy

03/13 Y 03/14 Y 06/12 Q1 09/12 Q2 355.2 388.4 6.31x 5.55x 134.6 146.4 18.79x 17.27x 115.9 143.3 14.29x 11.09x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

500.0

FY+2

FQ+1

FQ+2

01.06.2011 BBBSTABLE 01.06.2011 A-3 67.3% 40.2% 0.14 71.89 -

450.0

12.00

400.0 10.00

350.0 300.0

8.00

250.0 200.0

6.00

150.0

4.00

100.0 2.00 0.00 03.04.2009

50.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

28.02.2013

Intermediate Capital Group PLC Holdings By:

All

Holder Name AVIVA PLC F&C ASSET MANAGEMENT NEWTON INV MGMT BLACKROCK BANK OF NEW YORK MEL BAILLIE GIFFORD AND LEGAL & GENERAL LSV ASSET MANAGEMENT INTERMEDIATE CAPITAL AVIVA INVESTORS FUND NORGES BANK INVESTME FRANKLIN RESOURCES JO HAMBRO CAPITAL MA CAZENOVE UNIT TRUST JUPITER ASSET MANAGE HENDERSON GLOBAL INV PRINCIPAL GLOBAL INV THREADNEEDLE INVESTM CAZENOVE CAPITAL MAN ACADIAN ASSET MANAGE

Firm Name Macquarie Numis Securities Ltd EVA Dimensions Shore Capital Stockbrokers Societe Generale Deutsche Bank JPMorgan Jefferies Goldman Sachs HSBC Canaccord Genuity Corp

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

Analyst NEIL WELCH JAMES HAMILTON AUSTIN BURKETT GARY GREENWOOD BILL BARNARD MATT SPICK RAE MAILE JASON STREETS BENJAMIN MOORE NITIN ARORA ROBIN SAVAGE

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

Recommendation neutral hold buy hold hold hold neutral buy neutral/neutral overweight buy

Amt Held 29'489'961 26'507'003 26'049'778 24'274'555 23'418'424 17'550'873 15'696'147 13'706'893 13'336'076 10'100'790 10'078'597 9'737'736 9'209'562 8'214'273 8'116'636 7'020'883 6'332'288 6'063'620 5'733'106 5'484'839

% Out 7.35 6.61 6.49 6.05 5.84 4.37 3.91 3.42 3.32 2.52 2.51 2.43 2.3 2.05 2.02 1.75 1.58 1.51 1.43 1.37

Latest Chg (2'282'509) (310'055) (3'732'648) (2'637'157) 391'197 1'420'927 840'560 (495'000) (1'262'264) (4'489'543) 2'409'273 (408'064) 1'961'096 419'689 943'700 2'030'737

File Dt Inst Type 20.09.2012 Investment Advisor 01.10.2012 Investment Advisor 01.10.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 30.11.2012 Investment Advisor 01.10.2012 Investment Advisor 31.01.2013 Unclassified 01.10.2012 Investment Advisor 01.10.2012 Unclassified 31.01.2013 Mutual Fund Manager 01.10.2012 Government 01.10.2012 Investment Advisor 01.10.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 01.10.2012 Investment Advisor 01.10.2012 Corporation 31.10.2012 Investment Advisor 01.10.2012 Investment Advisor 01.10.2012 Investment Advisor

Weighting

Change

Target Price

Date

3 3 5 3 3 3 3 5 3 5 5

U M M M M M M M M U M

355 323 #N/A N/A #N/A N/A 345 322 #N/A N/A 370 360 360 400

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

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

Date 21.02.2013 24.01.2013 17.01.2013 16.01.2013 15.01.2013 15.01.2013 15.01.2013 15.01.2013 19.12.2012 27.11.2012 21.11.2012

28.02.2013

Jardine Lloyd Thompson Group PLC Jardine Lloyd Thompson Group plc is an international group engaged in risk management advice, insurance and reinsurance broking, underwriting services and the provision of employee benefit services. JLT International Network enables services to be provided in 135 countries.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.02.2013) 52-Week Low (23.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JLT LN EQUITY YTD Change JLT LN EQUITY YTD % CHANGE

12/2011 01/yy 821.00 657.00 61'054.00 800 -2.56% 21.77% 87.20% 218.8 1'750.66 190.18 0.0 12.3 573.77 1'335.03

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

1.8 M

800

1.6 M

700

1.4 M

600

1.2 M

500

1.0 M

400

.8 M

300

.6 M

200

.4 M

100

.2 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 473.2 0.86x 91.7 4.42x 72.4 9.86x

900

31.12.2008 31.12.2009 536.1 612.9 0.93x 1.04x 105.8 133.0 4.73x 4.79x 63.6 70.9 14.78x 14.53x Profitability

31.12.2010 740.7 1.30x 152.5 6.30x 90.7 15.03x

31.12.2011 812.0 1.40x 166.9 6.83x 88.7 16.95x 166.94 139.62 17.19% 16.56% 6.47% 30.06% 19.67% 0.58% 20.8% 17.4% 10.9% 1.21 1.09 14.18% 66.47% 3.78 -

3.05 0.79 126.02 17.89% 1.27% 0.787 8 3.750 68'968 72'302 85'045

LTM-4Q

LTM

FY+1

01/yy

12/12 Y 12/13 Y 874.1 944.3 2.23x 2.08x 196.0 217.0 6.81x 6.15x 117.3 131.4 16.26x 14.52x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

35.00

900.0

30.00

800.0

FY+2

FQ+1

FQ+2

22.63 21.41 -2.44 1.43 66.5% 38.9% 0.58 32.20 96.72 -

700.0 25.00

600.0

20.00

500.0

15.00

400.0 300.0

10.00

200.0 100.0

5.00 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 |

28.02.2013

Jardine Lloyd Thompson Group PLC Holdings By:

All

Holder Name JMH INVESTMENTS LTD SILCHESTER INTL INVE JP MORGAN MASSACHUSETTS FINANC FMR LLC JARDINE LLOYD THOMPS ROYAL BANK OF CANADA M&G INVESTMENT MANAG BAILLIE GIFFORD AND MASSACHUSETTS FINANC LEGAL & GENERAL AMERIPRISE FINANCIAL COLUMBIA WANGER ASSE NORGES BANK INVESTME COLUMBIA WANGER ASSE NEWTON INV MGMT UBS TROY ASSET MANAGEMEN STANDARD LIFE INVEST TROY ASSET MANAGEMEN

Firm Name Panmure Gordon & Co Limited Numis Securities Ltd Shore Capital Stockbrokers EVA Dimensions Investec Keefe, Bruyette & Woods Canaccord Genuity Corp JPMorgan

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

Analyst BARRIE CORNES NICHOLAS JOHNSON EAMONN FLANAGAN CRAIG STERLING KEVIN RYAN WILLIAM HAWKINS BEN COHEN ANDREAS VAN EMBDEN

Source Co File RNS-MAJ ULT-AGG REG ULT-AGG REG ULT-AGG REG REG MF-AGG ULT-AGG RNS-RUL8 MF-AGG REG REG REG ULT-AGG REG REG MF-AGG

Recommendation hold hold buy overweight hold market perform hold overweight

Amt Held 87'701'454 15'266'479 13'145'335 11'539'323 10'344'651 9'038'939 8'692'411 6'655'085 6'576'619 6'386'346 5'968'138 5'826'172 4'103'500 3'877'308 3'647'682 3'542'443 3'359'010 2'800'000 2'791'704 2'400'000

% Out 40.08 6.98 6.01 5.27 4.73 4.13 3.97 3.04 3.01 2.92 2.73 2.66 1.88 1.77 1.67 1.62 1.53 1.28 1.28 1.1

Latest Chg (993'783) (435'389) (240'660) (993'701) 86'975 936'603 (44'306) 276'175 531'018 23'406 584'664 (84'483) 388'752 (121'289) 221'694 569'524 16'179 496'159

Weighting

Change

Target Price

3 3 5 5 3 3 3 5

M M M M M M M M

760 775 #N/A N/A #N/A N/A 758 750 730 #N/A N/A

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

File Dt Inst Type 16.03.2012 Holding Company 22.06.2012 Investment Advisor 03.12.2012 Unclassified 03.12.2012 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Unclassified 16.03.2012 Bank 03.12.2012 Investment Advisor 03.12.2012 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Unclassified 10.10.2011 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Government 03.12.2012 Investment Advisor 03.12.2012 Mutual Fund Manager 03.12.2012 Unclassified 03.12.2012 Investment Advisor 03.12.2012 Investment Advisor 28.09.2012 Investment Advisor

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

Date 27.02.2013 11.02.2013 01.02.2013 17.01.2013 07.01.2013 19.10.2012 19.10.2012 16.10.2012

28.02.2013

JCDecaux SA JC Decaux SA offers advertising services. The Company sells advertising on street furniture such as bus shelters, free standing panels, columns, and automatic toilets, billboards, and posters on buses, trains, and subways, and at railroad stations and airports.

Price/Volume 25

.8 M .7 M

.6 M .5 M

.4 M

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (24.10.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DEC FP EQUITY YTD Change DEC FP EQUITY YTD % CHANGE

12/2011 01/yy 23.48 15.75 130'146.00 20.535 -12.52% 30.38% 61.94% 222.2 4'562.03 438.60 0.0 (24.3) 288.70 4'738.73

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

.2 M

0 f-12

.1 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 31.12.2007 2'106.6 3.20x 533.5 12.63x 221.0 27.06x

.3 M

31.12.2008 31.12.2009 2'168.6 1'918.8 1.57x 2.29x 526.4 545.6 6.47x 8.06x 108.1 24.5 25.25x 154.86x Profitability

31.12.2010 2'350.0 2.31x 766.5 7.09x 173.3 29.44x

31.12.2011 2'463.0 1.65x 557.3 7.31x 212.6 18.56x 557.30 327.10 13.28% 12.56% 4.76% 8.30% 0.60% 39.1% 22.4% 12.8% 8.6% 1.17 0.91 10.37% 17.59% 13.79

133'063 198'775 195'280

LTM-4Q

LTM

FY+1

06/yy 1'110.6 0.00x 0.0 0.00x 0.0 0.00x

01/yy 1'876.2 0.00x 0.0 0.00x 0.0 0.00x

12/12 Y 12/13 Y 06/11 Q2 09/11 Q3 2'620.2 2'716.5 1.75x 1.64x 573.1 593.7 8.27x 7.98x 215.4 233.5 21.21x 19.50x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

16.00

3'000.0

14.00

0.92 62.54 1.03% 14.18% 0.921 22 3.273

FY+2

FQ+1

FQ+2

22.09.2009 BBB STABLE 13.10.2010 A-2 18.96 12.81 0.38 0.91 17.6% 15.1% 0.60 2.27 26.54 196.17 -85.81

2'500.0

12.00

2'000.0

10.00 8.00

1'500.0

6.00

1'000.0

4.00

500.0 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 |

28.02.2013

JCDecaux SA Holdings By:

All

Holder Name JC DECAUX HOLDING ING BANK NV CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS DECAUX JEAN-CHARLES NEW JERSEY DIVISION FIL FUND MANAGEMENT GARDNER RUSSO & GARD DECAUX JEAN-FRANCOIS VANGUARD GROUP INC FMR LLC ALLIANZ ASSET MANAGE BLACKROCK T ROWE PRICE ASSOCIA DECAUX JEAN SEBASTIE GROUPAMA ASSET MGMT SWISSCANTO FONDSLEIT METZLER ASSET MANAGE LOMBARD ODIER DARIER BARING FUND MANAGERS

Firm Name AlphaValue Kepler Capital Markets Exane BNP Paribas CM - CIC Securities(ESN) Berenberg Bank Societe Generale HSBC Gilbert Dupont Oddo & Cie Natixis Nomura Barclays EVA Dimensions Deutsche Bank Morgan Stanley JPMorgan Goldman Sachs Credit Suisse CA Cheuvreux

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

Analyst VERONIQUE CABIOC'H CONOR O'SHEA CHARLES BEDOUELLE ERIC RAVARY SARAH SIMON LAURENT PICARD OLIVIER MORAL JEAN BAPTISTE SERGEANT BRUNO HARENG PAVEL GOVCIYAN MATTHEW WALKER JULIEN ROCH CRAIG STERLING PATRICK KIRBY JULIEN ROSSI FILIPPO PIETRO LO FRANCO RICHARD JONES OMAR SHEIKH THOMAS JORION

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

Recommendation add buy underperform hold buy hold underweight add buy buy neutral equalweight underweight buy Equalwt/Attractive overweight Sell/Neutral neutral underperform

Amt Held % Out 156'030'573 70.23 11'090'203 4.99 8'537'000 3.84 8'446'271 3.8 1'712'210 0.77 1'394'000 0.63 (1'288'522) -0.58 1'248'440 0.56 1'156'179 0.52 1'120'610 0.5 989'375 0.45 850'363 0.38 592'215 0.27 445'295 0.2 435'000 0.2 329'398 0.15 261'037 0.12 227'822 0.1 210'000 0.09 195'754 0.09

Latest Chg (2'337'174) 158'300 (790'578) 12'404 8'684 (934'865) 11'904 1'813 1'691 61'898 (30'600) 10'000 195'754

File Dt Inst Type 31.12.2011 Corporation 25.07.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 n/a 30.06.2012 Pension Fund (ERISA) 13.02.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2011 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 n/a 28.09.2012 Investment Advisor 28.12.2012 Investment Advisor 31.08.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 31.10.2012 Investment Advisor

Weighting

Target Price

Date

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

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

23 24 17 20 22 18 19 22 24 22 22 20 #N/A N/A 25 19 23 16 18 17

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

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

Date 21.02.2013 19.02.2013 05.02.2013 29.01.2013 28.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 17.01.2013 08.11.2012 08.11.2012 08.11.2012 30.10.2012 31.07.2012 31.07.2012

28.02.2013

JM AB JM AB manages property and constructs buildings. The Company projects, builds and markets single-family housing, apartment houses and office buildings. JM owns and manages commercial buildings primarily in and around the cities of Stockholm, Gothenburg, Malmo and Uppsala in Sweden. The Company also owns properties in Norway, Belgium and Portugal.

Price/Volume 180

3.0 M

160

2.5 M

140 120

2.0 M

100

12/2012 12/yy 154.50 106.75 330'176.00 147.75 -4.37% 38.41% 85.86% 83.7 12'361.24 877.00 0.0 0.0 2'475.00 10'763.24

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

1.0 M

.5 M

20 0 f-12 m-12

.0 M a-12 m-12

31.12.2009 31.12.2010 8'778.0 9'136.0 1.08x 1.29x 762.0 886.0 12.44x 13.28x 379.0 594.0 27.01x 22.07x Profitability

31.12.2011 12'001.0 0.65x 1'492.0 5.19x 1'042.0 8.95x

31.12.2012 12'480.0 0.62x 961.0 9.95x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

1'492.00 1'469.00 11.77% 10.56% 8.41% 20.74% 1.09% 17.7% 11.8% 7.7% 2.53 0.55 7.59% 18.79% -

1.33 28.96% 27.37% 1.334 12 4.167 371'462 512'483 408'591

LTM-4Q

LTM

FY+1

12/yy 12'001.0 3.21x 0.0 0.00x 1'042.0 8.95x

12/yy 12'480.0 2.73x 0.0 0.00x 961.0 9.97x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 12'898.3 13'726.5 3'086.3 3'202.5 0.87x 0.78x 1'465.0 1'624.8 333.5 353.0 7.35x 6.62x 7.25x 6.88x 1'053.8 1'168.8 236.1 334.7 11.40x 10.21x 11.28x 10.95x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

350.00

14'000.0

300.00

12'000.0

250.00

10'000.0

200.00

8'000.0

150.00

6'000.0

100.00

4'000.0

50.00

2'000.0

0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 12'229.0 0.32x 1'660.0 2.36x 818.0 4.52x

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (21.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JM SS EQUITY YTD Change JM SS EQUITY YTD % CHANGE

FY+2

FQ+1

FQ+2

17.15 17.09 18.8% 15.8% 1.09 1.47

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 |

28.02.2013

JM AB Holdings By:

All

Holder Name SWEDBANK ROBUR FONDE SEB AMF PENSION INSURANC NORDEA FONDER AB/SWE NORDEA FONDER AB AFA INSURANCE AMF FONDER AB HEIRLOOM ASSET MGMT KYNIKOS ASSOCIATES L HANDELSBANKEN FONDER FOLKSAM LO FOND AB FJARDE AP-FONDEN JM AB ENTER FONDER AB ANDRA AP FONDEN HANDELSBANKEN FONDER FRANKLIN RESOURCES WILLIAM BLAIR & COMP SWEDBANK ROBUR FONDE LANSFORSAKRINGAR FON

Firm Name SEB Enskilda Carnegie Nordea Equity Research Swedbank DNB Markets Danske Markets ABG Sundal Collier Handelsbanken EVA Dimensions CA Cheuvreux Evli Bank Plc

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

Analyst STEFAN ANDERSSON TOBIAS KAJ JONAS L ANDERSSON NICLAS HOGLUND SIMEN MORTENSEN PETER TRIGARSZKY FREDRIC CYON ALBIN SANDBERG CRAIG STERLING BJORN GUSTAFSSON ERIC RITZEN

Source Research ULT-AGG Research MF-AGG Research Research MF-AGG Research Short MF-AGG MF-AGG Research Research Research Research Research ULT-AGG 13F MF-AGG MF-AGG

Recommendation sell buy buy buy sell buy buy accumulate buy outperform accumulate

Amt Held % Out 8'955'668 10.7 8'525'187 10.19 8'175'477 9.77 7'707'016 9.21 7'077'987 8.46 5'612'970 6.71 3'948'977 4.72 3'188'870 3.81 (2'878'014) -3.44 2'565'024 3.07 2'262'582 2.7 2'251'651 2.69 2'233'056 2.67 2'166'900 2.59 1'930'494 2.31 1'685'386 2.01 1'119'683 1.34 880'817 1.05 875'980 1.05 843'401 1.01

Latest Chg 902'682 (573'500) 36'591 (193'000) (134'399) 763'239 (5'979) 94'654 (1'242'452) 147'394

Weighting

Target Price

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

M M U M M U M M M M M

125 #N/A N/A 165 165 130 168 157 150 #N/A N/A 125 125

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

File Dt Inst Type 31.10.2012 Investment Advisor 31.12.2012 Unclassified 15.02.2013 Insurance Company 31.01.2013 Investment Advisor 31.10.2012 Investment Advisor 31.10.2012 Insurance Company 31.12.2012 Investment Advisor 31.10.2012 Other 12.02.2013 Hedge Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Pension Fund (ERISA) 31.10.2012 n/a 31.10.2012 Investment Advisor 31.10.2012 Pension Fund (ERISA) 31.10.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

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

Date 25.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 17.01.2013 17.12.2012 22.11.2012

28.02.2013

Jupiter Fund Management PLC Jupiter Fund Management plc. manages open-ended funds directed toward retail investors. The Company also offers investment management services to institutional clients, private clients, investment trusts and hedge funds.

Price/Volume 400

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

350 300 250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JUP LN EQUITY YTD Change JUP LN EQUITY YTD % CHANGE

12/2011 01/yy 350.60 193.70 361'389.00 329.5 -6.02% 70.11% 86.55% 457.7 1'508.12 141.40 0.0 0.0 190.40 1'456.52

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

100 50 0 f-12 m-12

a-12 m-12

31.12.2008 31.12.2009 237.0 214.6 91.6 91.3 (15.6) 8.6 Profitability

31.12.2010 318.8 4.34x 116.8 11.85x 32.5 18.90x

31.12.2011 346.9 2.72x 125.3 7.54x 51.4 13.88x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

125.30 84.80 24.45% 20.27% 5.95% 11.18% 9.45% 0.46% 32.2% 21.0% 14.8% 1.69 1.66 18.40% 33.30% -

2.37 1.34 322.12 36.23% 18.31% 1.344 17 3.706 458'172 773'653 676'678

LTM-4Q

LTM

FY+1

01/yy

12/12 Y 12/13 Y 244.1 274.4 5.95x 5.01x 124.0 140.7 11.75x 10.35x 88.1 103.8 17.25x 14.39x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

16.00

400.0

14.00

350.0

12.00

300.0

10.00

250.0

8.00

200.0

6.00

150.0

4.00

100.0

2.00

50.0

0.00 02.01.2009

j-12

Market Data

Fiscal Year Ended 31.12.2007 273.4 105.4 41.8 -

150

FY+2

FQ+1

FQ+2

8.76 8.69 -0.44 0.96 33.3% 25.0% 0.46 279.00 -

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 |

28.02.2013

Jupiter Fund Management PLC Holdings By:

All

Holder Name TA ASSOCIATES INC BLACKROCK JUPITER ASSET MANAGE ROYAL BANK OF CANADA Jupiter Fund Managem DIRECTOR & RELATED H PRIVATE INDIVIDUALS F&C ASSET MANAGEMENT INVESCO LTD LEGAL & GENERAL BAILLIE GIFFORD AND FRANKLIN RESOURCES CARTER EDWARD BONHAM CAZENOVE CAPITAL MAN FMR LLC ROYCE AND ASSOCIATES LANDSDOWNE PARTNERS M&G INVESTMENT MANAG CAZENOVE UNIT TRUST ROYCE AND ASSOCIATES

Firm Name RBC Capital Markets Numis Securities Ltd Societe Generale Shore Capital Stockbrokers Cantor Fitzgerald Macquarie Oriel Securities Ltd Barclays Canaccord Genuity Corp Credit Suisse EVA Dimensions JPMorgan Peel Hunt HSBC Jefferies Keefe, Bruyette & Woods

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

Analyst PETER K LENARDOS DAVID MCCANN MICHAEL SANDERSON OWEN JONES CATHERINE HEATH NEIL WELCH SARAH ING DANIEL R GARROD ARUN MELMANE GURJIT KAMBO AUSTIN BURKETT RAE MAILE STUART DUNCAN NITIN ARORA JASON STREETS TOM MILLS

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

Recommendation sector perform add hold corporate buy outperform add overweight hold neutral sell overweight hold neutral buy market perform

Amt Held 87'079'760 44'938'420 39'591'003 35'723'743 35'397'826 22'643'375 19'426'326 15'968'843 14'876'981 14'873'999 14'309'663 13'900'000 13'750'000 13'404'165 11'508'721 10'300'249 9'592'715 9'498'029 9'418'968 9'323'549

% Out 19.03 9.82 8.65 7.81 7.73 4.95 4.24 3.49 3.25 3.25 3.13 3.04 3 2.93 2.51 2.25 2.1 2.08 2.06 2.04

Latest Chg (645'825) (500'468) (249'502) (264'550) 13'398 3'702'654 184'556 1'782'202 13'261 725'000 (250'000) 2'592'924 3'102'172 (2'564'500) 279'985 (560'282) (2'515'500)

File Dt 03.12.2012 26.02.2013 03.12.2012 21.06.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 31.01.2013 03.12.2012 03.12.2012 02.04.2012 03.12.2012 31.12.2012 03.12.2012 14.03.2012 03.12.2012 31.12.2012 31.12.2012

Weighting

Change

Target Price

Date

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

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

330 390 315 #N/A N/A 389 387 360 390 324 320 #N/A N/A 361 350 320 330 250

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

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

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

Date 27.02.2013 27.02.2013 26.02.2013 26.02.2013 25.02.2013 21.02.2013 11.02.2013 05.02.2013 22.01.2013 17.01.2013 17.01.2013 16.01.2013 16.01.2013 14.01.2013 03.01.2013 06.08.2012

28.02.2013

Jyske Bank A/S Jyske Bank A/S offers commercial banking services and investment services. The Bank attracts deposits and offers commercial and mortgage loans, investment advisory services, lease financing, securities brokerage services, foreign exchange services, and manages mutual funds and portfolios. Jyske Bank operates in Denmark, Switzerland, the United Kingdom, Spain, and Gibraltar.

Price/Volume 250 200 150

Valuation Analysis

100

Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (21.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JYSK DC EQUITY YTD Change JYSK DC EQUITY YTD % CHANGE

12/2012 12/yy 202.70 144.00 190'290.00 187 -7.75% 29.86% 73.25% 71.3 13'329.36 76'481.00 0.0 36.0 15'405.00 -

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

0 f-12 m-12

a-12 m-12

31.12.2009 31.12.2010 10'386.0 8'632.7 463.9 757.2 23.54x 22.12x Profitability

31.12.2011 9'058.0 490.0 18.58x

31.12.2012 9'489.0 593.0 18.49x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

10.94% 11.09% 0.20% 3.36% 0.59% 0.04% 7.7% 29.62% 490.07% -

1.07 -6.59% 19.03% 1.067 10 3.800 264'073 198'640 190'894

LTM-4Q

LTM

FY+1

12/yy 9'094.0 0.00x 0.0 0.00x 490.0 18.59x

12/yy 6'989.0 0.00x 0.0 0.00x 593.0 19.32x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 7'172.5 7'385.2 1'754.5 1'753.5 -29.40x -28.58x 1'398.6 1'767.4 331.7 369.3 9.27x 7.35x 9.84x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

1.20

16'000.0

1.00

j-12

Market Data

Fiscal Year Ended 31.12.2008 13'649.1 972.9 6.61x

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M f-13

FY+2

FQ+1

FQ+2

01.12.2011 ASTABLE 01.12.2011 A-2 490.1% 83.0% 0.04 3.34 -

14'000.0 12'000.0

0.80 0.60

10'000.0 8'000.0 6'000.0

0.40 0.20

4'000.0 2'000.0 0.0

0.00

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

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

28.02.2013

Jyske Bank A/S Holdings By:

All

Holder Name MASSACHUSETTS FINANC BAILLIE GIFFORD AND VANGUARD GROUP INC DANSKE INVEST A/S DIDNER & GERGE FONDE HANDELSBANKEN FONDER NORDEA INV MANAGEMEN SWEDBANK ROBUR FONDE FMR LLC SEB NORDEA INVESTMENT FU DEUTSCHE BANK AG DIMENSIONAL FUND ADV JYSKE BANK BLACKROCK CARNEGIE ASSET MANAG DWS INVESTMENT S A SEI INVESTMENT MANAG KEMPEN CAPITAL MANAG UBS GLOBAL ASSET MAN

Firm Name Alm Brand Markets Nordea Equity Research ABG Sundal Collier Carnegie Danske Markets NYKREDIT SEB Enskilda EVA Dimensions JPMorgan Handelsbanken Swedbank LD Invest Markets

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

Analyst STIG NYMANN SIMON CHRISTENSEN JAKOB BRINK ASBJORN MORK LARS HOLM MADS THINGGAARD CLAUS GROEN THERP AUSTIN BURKETT SOFIE PETERZENS PETER GRABE ROBERT MATULIN TORSTEN BECH

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

Recommendation buy hold buy hold hold neutral buy hold neutral buy neutral buy

Amt Held 3'666'270 3'278'880 1'274'332 1'247'455 780'712 721'697 679'878 649'200 648'166 429'749 390'000 312'000 279'530 249'699 158'049 149'360 146'550 112'431 111'169 104'000

% Out 5.14 4.6 1.79 1.75 1.1 1.01 0.95 0.91 0.91 0.6 0.55 0.44 0.39 0.35 0.22 0.21 0.21 0.16 0.16 0.15

Latest Chg 13'329 6'000 16'407 (16'850) (90'000) (22'301) 207'445 (1'024) 12'190 104'000

Weighting

Change

Target Price

5 3 5 3 3 3 5 3 3 5 3 5

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

220 205 215 #N/A N/A 195 #N/A N/A 210 #N/A N/A 200 215 185 270

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

File Dt Inst Type 18.10.2012 Investment Advisor 31.12.2011 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 28.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2011 Investment Advisor 26.02.2013 Investment Advisor 30.09.2012 Mutual Fund Manager 28.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 26.03.2012 Mutual Fund Manager

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

Date 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 05.02.2013 28.01.2013 17.01.2013 19.10.2012 18.10.2012 23.08.2011 26.10.2010

28.02.2013

Kaba Holding AG Kaba Holding AG provides mechanical and electronic security systems. The Company offers individually tailored "Total Access Control" including high-security locking devices for heavy safes, modular access and time management applications, as well as no-contact identification technology.

Price/Volume 450

.0 M

400

.0 M

350 300

.0 M

250

06/2012 01/yy 408.25 312.04 2'298.00 403.5 -1.16% 29.31% 95.06% 3.8 1'539.36 113.80 0.0 0.8 125.60 1'528.36

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

150

.0 M

100

.0 M

50 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 30.06.2008 1'303.7 1.22x 206.3 7.73x 97.1 12.15x

.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 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 10.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KABN SE EQUITY YTD Change KABN SE EQUITY YTD % CHANGE

30.06.2009 30.06.2010 1'166.1 952.1 0.94x 1.40x 174.6 166.8 6.25x 7.96x 70.7 86.9 10.86x 13.94x Profitability

30.06.2011 945.2 1.50x 122.7 11.59x 221.6 25.54x

30.06.2012 947.5 1.43x 153.7 8.83x 88.2 16.00x 153.70 122.60 12.94% 12.38% 9.69% 17.48% 1.04% 16.2% 12.9% 9.3% 1.47 0.90 11.92% 20.60% 5.88 -

5'428 6'508 5'852

LTM-4Q

LTM

FY+1

01/yy

06/13 Y 06/14 Y 986.1 1'012.0 1.50x 1.40x 162.9 172.6 9.38x 8.86x 93.2 100.4 16.81x 15.64x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

16.00

1'400.0

14.00

1'200.0

12.00

0.87 2.98 12.71% 4.13% 0.873 7 3.714

FY+2

FQ+1

FQ+2

31.37 27.86 -0.08 0.74 20.6% 17.1% 1.04 5.96 62.21 -

1'000.0

10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Kaba Holding AG Holdings By:

All

Holder Name BLACKROCK FORRER KARIN GEKLA AG BREMI ULRICH KUENZLE CREED HARRIS ASSOCIATES LP NG KIN SHEK COLLEGE RETIREMENT E PICTET & CIE HARRIS ASSOCIATES LP SARASIN SWISSCANTO FONDSLEIT UBS FUND MANAGEMENT DUBS-KUENZLE KARINA CREDIT SUISSE ASSET VONTOBEL ASSET MANAG LOMBARD ODIER DARIER VANGUARD GROUP INC IST FUND MANAGERS OPPENHEIMERFUNDS INC

Firm Name Main First Bank AG Helvea EVA Dimensions Credit Suisse Bank Vontobel AG Zuercher Kantonalbank CA Cheuvreux

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst TOBIAS FAHRENHOLZ PATRICK APPENZELLER CRAIG STERLING PATRICK LAAGER SERGE ROTZER ANDREAS MUELLER OLIVER GIRAKHOU

Source ULT-AGG Co File Co File Co File Co File EXCH EXCH EXCH MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform accumulate underweight neutral hold outperform underperform

Amt Held 172'780 153'020 140'000 138'228 127'452 113'000 112'815 101'785 88'117 72'400 67'350 55'691 51'128 35'744 35'261 33'500 31'457 31'244 27'844 24'983

% Out 4.53 4.01 3.67 3.62 3.34 2.96 2.96 2.67 2.31 1.9 1.77 1.46 1.34 0.94 0.92 0.88 0.82 0.82 0.73 0.65

Latest Chg (5'253) (60'274) (15'539) 392 8'100 (1'300) (683) (2'517) (988) (751) 135 (39) -

File Dt Inst Type 26.02.2013 Investment Advisor 30.06.2012 n/a 30.06.2012 Corporation 30.06.2012 n/a 30.06.2012 n/a 07.09.2011 Investment Advisor 27.07.2009 n/a 08.10.2009 Other 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Unclassified 28.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 30.06.2012 n/a 28.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 30.12.2012 Investment Advisor

Weighting

Change

Target Price

Date

5 4 1 3 3 5 1

M M M M M M M

425 420 #N/A N/A 400 370 #N/A N/A 410

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 25.02.2013 08.02.2013 17.01.2013 05.12.2012 31.10.2012 20.09.2012 24.11.2011

28.02.2013

Kemira OYJ Kemira Oyj a global water chemistry company serving customers in water-intensive industries. The Company offers chemical products and integrated systems that help customers in the water-intensive pulp and paper industry, water treatment chemicals for municipalities and industrial customers, and chemical extraction and process solutions for oil and mining industries.

Price/Volume

12/2012 12/yy 12.46 8.00 240'900.00 11.23 -9.87% 40.37% 72.42% 155.3 1'744.50 664.70 0.0 13.2 132.70 2'289.70

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.6 M 1.4 M 1.2 M

1.0 M

.8 M .6 M

.4 M

2 0 f-12

.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 2'832.7 0.63x 217.7 8.19x (1.8) -

1.8 M

12 10

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.01.2013) 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 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KRA1V FH EQUITY YTD Change KRA1V FH EQUITY YTD % CHANGE

31.12.2009 31.12.2010 1'969.9 2'160.9 1.15x 1.08x 225.5 258.0 10.06x 9.06x 85.5 646.9 24.28x 15.31x Profitability

31.12.2011 2'207.2 0.87x 248.7 7.74x 135.6 10.29x

31.12.2012 2'240.9 1.04x 178.5 13.11x 16.8 106.88x 178.50 31.70 1.41% 1.21% 0.65% 1.26% 0.87% 10.7% 8.0% 1.4% 0.7% 1.21 0.21 26.71% 51.07% -

316'491 305'643 262'599

LTM-4Q

LTM

FY+1

12/yy 2'207.2 3.77x 259.6 7.41x 135.6 10.29x

12/yy 2'240.9 3.87x 178.5 13.11x 16.8 106.86x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'242.0 2'293.9 552.3 558.6 0.98x 0.94x 281.3 315.8 56.5 67.8 8.14x 7.25x 9.08x 129.9 151.3 17.9 30.5 13.34x 11.34x 13.95x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

16.00

3'000.0

14.00

1.11 10.18% -4.91% 1.113 16 2.875

FY+2

FQ+1

FQ+2

9.75 2.98 3.72 51.1% 33.6% 0.87 3.42 58.49

2'500.0

12.00

2'000.0

10.00 8.00

1'500.0

6.00

1'000.0

4.00

500.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Kemira OYJ Holdings By:

All

Holder Name ORAS INVEST LTD SOLIDIUM OY VARMA MUTUAL PENSION ILMARINEN MUTUAL PEN KEMIRA PLC TAPIOLA MUTUAL PENSI MANDATUM LIFE INSURA DIMENSIONAL FUND ADV PICTET & CIE ODEY ASSET MANAGEMEN ALLIANZ ASSET MANAGE DANSKE INVEST FUNDS FINLAND STATE PENSIO VANGUARD GROUP INC NORDEA FONDENE AS KALEVA MUTUAL INSURA GYLLENBERG RAHASTOYH NORDEA INVESTMENT FU GYLLENBERG FINLANDIA SIGRID JUSELIUS FOUN

Firm Name Pohjola Bank Plc (ESN) Nordea Equity Research SEB Enskilda Evli Bank Plc INDERES JPMorgan Carnegie Handelsbanken FIM Danske Markets Morgan Stanley Main First Bank AG EVA Dimensions Deutsche Bank Swedbank Pohjola Bank Plc (ESN)

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a

Analyst ANTTI SAARI RAULI JUVA ARTEM BELETSKI MARKKU JARVINEN ANTTI-PEKKA VILJAKAINEN MARTIN EVANS CARL-HENRIK FREJBORG MIKAEL DOEPEL MARKUS LIIMATAINEN PANU LAITINMAKI PETER MACKEY HOLGER OCHS CRAIG STERLING OLIVER REIFF TOMI TIILOLA PEKKA SPOLANDER

Source Research Research Research Research Research Research Research MF-AGG MF-AGG Short ULT-AGG Research Research MF-AGG Research Research MF-AGG MF-AGG Research Research

Recommendation reduce sell buy accumulate reduce neutral hold reduce hold hold Underwt/In-Line underperform sell buy buy accumulate

Amt Held % Out 28'278'217 18.2 25'896'087 16.67 11'585'836 7.46 7'418'582 4.78 3'301'769 2.13 2'600'000 1.67 2'591'613 1.67 2'150'857 1.38 2'021'314 1.3 (1'755'371) -1.13 1'654'100 1.06 1'575'304 1.01 1'040'000 0.67 1'016'490 0.65 940'993 0.61 878'337 0.57 851'297 0.55 806'198 0.52 795'397 0.51 730'000 0.47

Latest Chg (201'945) 3'706 161'200 (141'601) -

File Dt Inst Type 30.11.2012 Holding Company 30.11.2012 Holding Company 30.11.2012 Insurance Company 10.12.2012 Insurance Company 30.11.2012 Other 30.11.2012 Insurance Company 30.11.2012 Insurance Company 31.07.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 30.11.2012 Government 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 30.11.2012 Insurance Company 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 30.11.2012 Other

Weighting

Target Price

Date

Change 2 1 5 4 2 3 3 2 3 3 1 1 1 5 5 4

D M M M M M M M M M M M M M M M

11 11 13 12 11 9 #N/A N/A 11 12 12 11 12 #N/A N/A 14 13 11

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 12 month Not Provided 12 month Not Provided 9 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month

Date 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 12.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 17.01.2013 17.01.2013 06.12.2012 25.10.2012 02.11.2011

28.02.2013

Kesko OYJ Kesko Oyj, through subsidiaries, operates wholesale and retail stores. The Company provides trading sector services such as hardware and builders' supplies building and home improvement trade, interior decoration and home goods, delivery sales and wholesale services, an animal feeds, chemicals and machinery, import and market of passenger cars and commercial vehicles, and sporting goods.

Price/Volume 30

1.2 M 1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (08.01.2013) 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 10.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KESBV FH EQUITY YTD Change KESBV FH EQUITY YTD % CHANGE

12/2012 12/yy 25.87 18.08 157'969.00 23.81 -7.96% 31.69% 73.56% 67.0 2'402.69 624.00 0.0 67.0 352.00 2'741.69

.8 M .6 M

.4 M 5

.2 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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.4 M

Valuation Analysis

31.12.2008 9'591.5 0.20x 265.1 7.37x 219.7 9.78x

1.6 M

31.12.2009 31.12.2010 8'446.8 8'776.8 0.27x 0.38x 255.8 370.5 8.95x 9.09x 125.2 204.5 18.03x 16.83x Profitability

31.12.2011 9'460.4 0.29x 406.6 6.67x 181.5 14.05x

31.12.2012 9'686.0 0.29x 372.0 7.45x 128.0 18.91x 372.00 217.00 2.24% 2.22% 3.01% 5.90% 5.49% 2.26% 13.6% 3.8% 2.2% 1.3% 1.40 0.68 14.26% 28.36% 13.81 9.95

164'964 151'772 170'463

LTM-4Q

LTM

FY+1

12/yy 9'460.4 1.23x 406.6 6.72x 181.5 14.05x

12/yy 9'686.0 1.09x 372.0 7.44x 129.0 18.92x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 9'880.9 10'189.5 2'235.5 2'533.3 0.27x 0.26x 427.8 465.8 61.0 117.0 6.41x 5.89x 6.45x 175.3 199.3 12.0 49.1 13.67x 12.33x 14.15x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

12'000.0

12.00

10'000.0

10.00

0.91 -0.84% -3.88% 0.911 12 2.667

FY+2

FQ+1

FQ+2

21.88 -2.29 0.73 1.68 28.4% 21.6% 2.26 6.11 26.58 36.88 37.39 26.07

8'000.0

8.00

6'000.0 6.00

4'000.0 4.00

2'000.0

2.00 0.00 01.01.2010

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 |

28.02.2013

Kesko OYJ Holdings By:

All

Holder Name VAHITTAISKAUPAN TAKA ILMARINEN MUTUAL PEN KRUUNUVUOREN SATAMA VALLUGA SIJOITUS OY BLACKROCK VARMA MUTUAL PENSION TAPIOLA MUTUAL PENSI VANGUARD GROUP INC FOUNDATION FOR VOCAT OY THE ENGLISH TEARO FINLAND STATE PENSIO ETERA MUTUAL PENSION KESKO OYJ NORDEA INVESTMENT FU KESKO PENSION FUND ADELPHI CAPITAL LLP SKAGEN FUNDS SKAGEN AS SIGRID JUSELIUS FOUN HEIMO VALINEN OY

Firm Name AlphaValue FIM Pohjola Bank Plc (ESN) Nordea Equity Research Handelsbanken Evli Bank Plc Danske Markets SEB Enskilda Carnegie INDERES EVA Dimensions CA Cheuvreux Swedbank

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a

Analyst VIRGINIE BLIN MONA GRANNENFELT JARI RAISANEN RAULI JUVA ROBIN SANTAVIRTA MIKA KARPPINEN KALLE KARPPINEN JUTTA RAHIKAINEN TOMMY ILMONI SAULI VILEN AUSTIN BURKETT DANIEL OVIN PETRI KARHUNKOSKI

Source Research Research Research Research ULT-AGG Research Research MF-AGG Research Research Research Research Research MF-AGG Research Short Research MF-AGG Research Research

Recommendation sell accumulate accumulate hold accumulate accumulate hold hold sell sell underweight suspended coverage neutral

Amt Held % Out 3'491'771 5.21 3'472'774 5.19 3'438'885 5.13 1'340'439 2 1'156'593 1.73 1'130'986 1.69 1'100'000 1.64 1'094'691 1.63 1'009'948 1.51 1'000'000 1.49 776'049 1.16 644'823 0.96 608'591 0.91 576'494 0.86 483'195 0.72 (435'339) -0.65 420'000 0.63 420'000 0.63 409'110 0.61 400'000 0.6

Latest Chg 19'698 14'533 (9'387) 87'068 -

File Dt Inst Type 30.11.2012 Other 30.11.2012 Insurance Company 30.11.2012 Corporation 30.11.2012 Other 26.02.2013 Investment Advisor 30.11.2012 Insurance Company 30.11.2012 Insurance Company 31.12.2012 Investment Advisor 30.11.2012 Other 30.11.2012 Other 30.11.2012 Government 30.11.2012 Insurance Company 30.11.2012 Corporation 31.12.2012 Investment Advisor 30.11.2012 Pension Fund (ERISA) 06.02.2013 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 30.11.2012 Other 30.11.2012 Corporation

Weighting

Target Price

Date

1 4 4 3 4 4 3 3 1 1 1 #N/A N/A 3

Change M M M M M M M M M M M M M

21 29 26 25 27 25 25 25 #N/A N/A 23 #N/A N/A #N/A N/A 25

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month

Date 14.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 17.01.2013 19.11.2012 25.10.2012

28.02.2013

Konecranes OYJ Konecranes Oyj is an engineering group that specializes in overhead lifting equipment and maintenance services. The Company's product line includes workstation cranes, industrial cranes, cranes for shipyards and ports, including tailor made products, light lifting systems, and monorail systems. Konecranes Oyj sells toindustrial companies, and to harbors and shipyards around the world.

Price/Volume 30

1.2 M 1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.02.2013) 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 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KCR1V FH EQUITY YTD Change KCR1V FH EQUITY YTD % CHANGE

12/2012 12/yy 28.89 17.50 267'426.00 27.98 -3.15% 59.89% 92.01% 63.3 1'770.36 327.30 0.0 6.2 145.10 1'958.76

.8 M .6 M

.4 M 5 0 f-12

.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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.4 M

Valuation Analysis

31.12.2008 2'102.5 0.33x 274.6 2.54x 166.4 4.26x

1.6 M

31.12.2009 31.12.2010 1'671.3 1'546.3 0.60x 1.11x 129.8 143.0 7.67x 12.02x 63.6 79.4 17.67x 22.92x Profitability

31.12.2011 1'896.4 0.56x 148.1 7.14x 65.5 13.10x

31.12.2012 2'170.2 0.76x 175.6 9.41x 84.0 17.41x 175.60 132.10 6.09% 5.71% 5.58% 18.94% 1.44% 8.1% 6.1% 3.9% 1.44 0.78 20.93% 72.11% 5.12 -

1.30 23.35% 9.51% 1.298 19 2.947 248'997 257'714 247'715

LTM-4Q

LTM

FY+1

12/yy 1'896.4 3.12x 147.8 7.15x 65.5 13.10x

12/yy 2'170.1 2.77x 175.5 9.41x 84.0 17.46x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'145.4 2'237.4 463.4 542.3 0.91x 0.86x 4.12x 3.60x 187.6 210.1 35.4 45.0 10.44x 9.32x 10.44x 9.90x 100.0 115.8 16.3 22.6 16.29x 13.91x 18.09x 17.47x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

1'600.00

2'500.0

FY+2

FQ+1

FQ+2

13.72 8.78 1.04 1.86 72.1% 41.6% 1.44 16.76 71.50 -

1'400.00

2'000.0

1'200.00 1'000.00

1'500.0

800.00

1'000.0

600.00 400.00

500.0

200.00 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 |

28.02.2013

Konecranes OYJ Holdings By:

All

Holder Name HTT 2 HOLDING LTD KONECRANES PLC BLACKROCK ILMARINEN MUTUAL PEN VARMA MUTUAL PENSION GUSTAVSON STIG GUNNA NORDEA INVESTMENT FU NORDEA INV MANAGEMEN BEUTEL GOODMAN & COM FINLAND STATE PENSIO MANDATUM LIFE INSURA NORDSTJERNAN AB SIGRID JUSELIUS FOUN SWEDBANK ROBUR FONDE SEB FONDITA FUNDS FONDITA RAHASTOYHTIO FOLKHALSAN VANGUARD GROUP INC DELTA LLOYD FUND MAN

Firm Name FIM Pohjola Bank Plc (ESN) SEB Enskilda Carnegie Nordea Equity Research Handelsbanken DNB Markets Evli Bank Plc ABG Sundal Collier Pareto Securities INDERES Deutsche Bank Goldman Sachs EVA Dimensions CA Cheuvreux Swedbank Danske Markets HSBC ICECAPITAL Markets

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst SANNA KAJE PEKKA SPOLANDER TOMI RAILO TIMO HEINONEN JAN KAIJALA TOM SKOGMAN CHRISTER MAGNERGARD ELINA RIUTTA JOHAN EDVARDSSON JARI HARJUNPAA JUHA KINNUNEN ANETTE LUOMANPERA ESHAN TOORABALLY CRAIG STERLING JOHAN ELIASON ERKKI VESOLA ANTTI SUTTELIN JUERGEN SIEBRECHT LAURI LEINO

Source Research Research ULT-AGG Research Research Research MF-AGG Research MF-AGG Research Co File Co File Research MF-AGG ULT-AGG Research MF-AGG Research MF-AGG MF-AGG

Recommendation hold reduce buy hold hold accumulate sell reduce hold hold reduce hold Buy/Neutral sell outperform reduce hold underweight hold

Amt Held 6'870'568 6'014'072 5'605'460 2'928'671 2'365'275 2'069'778 1'519'496 1'462'198 1'023'387 918'000 792'522 709'356 638'500 634'817 628'998 595'000 580'500 535'600 528'148 523'500

% Out 10.86 9.51 8.86 4.63 3.74 3.27 2.4 2.31 1.62 1.45 1.25 1.12 1.01 1 0.99 0.94 0.92 0.85 0.83 0.83

Latest Chg 611'139 73'136 24'600 (144'728) 38'789 15'500 5'192 -

File Dt Inst Type 30.11.2012 Other 30.11.2012 Corporation 26.02.2013 Investment Advisor 30.11.2012 Insurance Company 30.11.2012 Insurance Company 30.11.2012 n/a 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Government 31.12.2011 Insurance Company 31.12.2011 Venture Capital 30.11.2012 Other 31.12.2012 Investment Advisor 31.12.2012 Unclassified 30.11.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 30.11.2012 Other 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor

Weighting

Change

Target Price

Date

3 2 5 3 3 4 1 2 3 3 2 3 5 1 5 2 3 1 3

M M U M M M M M M M M M M M M M M N M

26 24 29 #N/A N/A 26 27 20 23 23 26 24 24 31 #N/A N/A 28 23 24 21 22

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 6 month 6 month Not Provided 12 month 6 month Not Provided Not Provided 12 month 12 month Not Provided 6 month

Date 04.02.2013 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 22.01.2013 22.01.2013 17.01.2013 25.10.2012 25.10.2012 24.10.2012 17.10.2012 22.07.2010

28.02.2013

Ladbrokes PLC Ladbrokes PLC has diversified interests in betting ventures. The Company operates betting shops and call centers in the UK, Ireland, and Belgium.

Price/Volume 250

18.0 M 16.0 M

200

14.0 M 12.0 M

150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (06.03.2012) 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 LAD LN EQUITY YTD Change LAD LN EQUITY YTD % CHANGE

12/2012 01/yy 233.70 147.90 5'262'063.00 223 -4.58% 50.78% 87.53% 908.7 2'026.42 406.30 0.0 1.3 19.40 2'414.62

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

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 31.12.2008 1'151.2 1.91x 376.4 5.86x 200.7 5.93x

10.0 M

100

31.12.2009 31.12.2010 1'032.2 980.1 1.87x 1.64x 271.6 230.7 7.11x 6.96x 74.4 348.3 7.05x 2.96x Profitability

31.12.2011 976.1 1.67x 237.7 6.88x 118.2 10.00x

31.12.2012 1'084.4 2.02x 288.2 7.60x 190.3 9.44x 288.20 233.20 21.50% 18.51% 18.12% 52.35% 27.08% 1.03% 34.3% 26.6% 21.5% 17.5% 0.64 0.13 38.23% 96.51% -

3.99 0.89 885.65 55.89% 12.46% 0.893 25 3.040 3'881'471 2'658'644 2'229'709

LTM-4Q

LTM

FY+1

01/yy

12/13 Y 12/14 Y 1'149.7 1'214.3 2.07x 1.90x 260.1 277.5 9.28x 8.70x 160.6 177.4 12.97x 11.80x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

9.00

12'000.0

FY+2

FQ+1

FQ+2

23.02.2006 BB STABLE 9.61 7.92 1.34 1.41 96.5% 49.0% 1.03 5.21 -

8.00

10'000.0

7.00

8'000.0

6.00 5.00

6'000.0

4.00 3.00

4'000.0

2.00

2'000.0

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 |

28.02.2013

Ladbrokes PLC Holdings By:

All

Holder Name SCHRODER INVESTMENT FMR LLC SCHRODER INVESTMENT PRUDENTIAL FINANCIAL BLACKROCK LEGAL & GENERAL CAPITAL GROUP COMPAN JUPITER ASSET MANAGE LOMBARD ODIER DARIER INVESCO LTD JP MORGAN PRIVATE BA M&G INVESTMENT MANAG IGNIS INVESTMENT SER AXA INVESTMENT MANAG STANDARD LIFE INVEST LIONTRUST AVIVA INVESTORS BANK OF NEW YORK MEL MELLON CAPITAL MANAG ARTEMIS INVESTMENT M

Firm Name Goldman Sachs Nomura EVA Dimensions Morgan Stanley Goodbody Stockbrokers Ltd Natixis Gabelli & Co Barclays Investec Shore Capital Stockbrokers Canaccord Genuity Corp Daniel Stewart & Co Numis Securities Ltd Oriel Securities Ltd Panmure Gordon & Co Limited AlphaValue JPMorgan Deutsche Bank Peel Hunt Credit Suisse Exane BNP Paribas Jefferies Davy Prosdocimi

Portfolio Name Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst NICK EDELMAN RICHARD STUBER CRAIG STERLING VAUGHAN LEWIS GAVIN KELLEHER MATTHIEU DETROYAT AMIT KAPOOR ED BIRKIN JAMES HOLLINS KARL BURNS SIMON DAVIES MICHAEL CAMPBELL IVOR JONES JEFFREY HARWOOD SIMON FRENCH BERENICE LACROIX MATTHEW WEBB RICHARD CARTER NICHOLAS BATRAM MATTHEW GERARD ROBERTA CIACCIA JAMES WHEATCROFT DAVID JENNINGS TEAM COVERAGE

Source REG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG REG REG REG REG RNS-MAJ REG REG ULT-AGG REG RNS-RUL8 REG REG

Recommendation Sell/Neutral neutral overweight Underwt/In-Line hold reduce buy equalweight buy hold buy sell add hold hold reduce underweight buy hold underperform neutral hold neutral buy

Amt Held 127'659'086 101'039'696 88'085'339 78'140'719 38'920'765 38'485'124 36'688'912 36'503'358 28'135'623 27'073'853 26'755'461 26'565'476 26'522'404 19'108'604 18'495'188 18'050'067 16'638'110 15'840'152 15'575'935 12'982'820

% Out 14.05 11.12 9.69 8.6 4.28 4.24 4.04 4.02 3.1 2.98 2.94 2.92 2.92 2.1 2.04 1.99 1.83 1.74 1.71 1.43

Latest Chg 426'374 (4'549'312) (3'169'113) (1'399'797) 8'363'025 80'359 (588'626) (3'869'048) (1) (151'000) 506'756 1'180'871 100 647'755 2'826'889

File Dt 02.01.2013 02.01.2013 31.12.2012 02.01.2013 26.02.2013 31.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 13.04.2012 02.01.2013 02.01.2013 02.01.2013 02.01.2013 04.10.2011 02.01.2013 02.01.2013

Weighting

Change

Target Price

Date

1 3 5 1 3 2 5 3 5 3 5 1 4 3 3 2 1 5 3 1 3 3 3 5

M M U M M M M M M M M M M M M D M M M M M M D N

197 203 #N/A N/A 175 215 175 #N/A N/A 216 250 #N/A N/A 255 225 265 #N/A N/A 195 235 160 256 179 147 168 160 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 6 month 6 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.02.2013 26.02.2013 26.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 19.02.2013 28.01.2013 25.01.2013 24.01.2013 28.08.2012 03.08.2012 06.07.2012 06.04.2010

28.02.2013

Logitech International SA Logitech International S.A. manufactures personal computer input devices. The Company produces computer mice which help the user move the cursor around the computer screen quickly, trackballs, game controllers, keyboards, PC video cameras, and multimedia speakers. The Company sells its products worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2012) 52-Week Low (01.02.2013) 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 LOGN SE EQUITY YTD Change LOGN SE EQUITY YTD % CHANGE

03/2012 12/yy 9.91 6.03 774'663.00 6.36 -35.83% 5.47% 8.50% 173.1 1'100.96 0.00 0.0 0.0 478.37 862.50

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 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 31.03.2008 2'370.5 2.14x 335.9 15.09x 231.0 19.95x

31.03.2009 31.03.2010 2'208.8 1'966.7 0.61x 1.31x 182.4 151.0 7.44x 17.02x 107.0 65.0 17.19x 44.61x Profitability

31.03.2011 2'362.9 1.17x 218.6 12.61x 128.5 24.74x

31.03.2012 2'316.2 0.35x 144.5 5.56x 71.5 19.02x

144.48 71.98 3.11% 3.94% -9.42% -16.72% 1.24% 33.5% 5.4% -7.5% 3.1% 2.18 1.44 0.00% 0.00% 7.42 4.95

1.19 145.52 -9.86% -8.23% 1.191 16 2.563 717'224 1'294'272 1'080'147

LTM-4Q

LTM

FY+1

12/yy 2'331.9 2.80x 119.5 8.15x 45.9 28.94x

12/yy 2'162.8 2.32x 116.7 8.50x (163.9) 0.00x

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 2'145.9 2'054.5 475.7 442.5 0.39x 0.39x 1.82x 2.06x 125.3 144.0 21.9 (4.3) 6.88x 5.99x 10.81x 10.03x 64.2 82.1 8.0 (11.0) 21.93x 14.59x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

18.00

2'500.0

FY+2

FQ+1

FQ+2

323.23 216.28 -2.76 0.00 0.0% 0.0% 1.24 25.87 49.35 73.95 93.63 36.24

16.00

2'000.0

14.00 12.00

1'500.0

10.00 8.00

1'000.0

6.00

500.0

4.00 2.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Logitech International SA Holdings By:

All

Holder Name LOGITECH INTERNATION MORGAN STANLEY BOREL DANIEL CAPITAL GROUP COMPAN FMR LLC BLACKROCK GOLDMAN SACHS GROUP FRANKLIN RESOURCES DNB NOR ASSET MANAGE CREDIT SUISSE ASSET OPPENHEIMERFUNDS INC CREDIT AGRICOLE SA NEW JERSEY DIVISION VANGUARD GROUP INC THOMPSON SIEGEL & WA DEUTSCHE BANK AG SWISSCANTO FONDSLEIT ALLIANZ ASSET MANAGE ARTISAN PARTNERS HOL ROYCE AND ASSOCIATES

Firm Name Exane BNP Paribas AlphaValue Goldman Sachs Credit Suisse CA Cheuvreux EVA Dimensions Zuercher Kantonalbank Avondale Partners LLC Bank Vontobel AG Helvea Barclays Morgan Stanley JPMorgan Pacific Crest Securities Raymond James Wedge Partners

Portfolio Name n/a n/a n/a n/a n/a n/a GOLDMAN SACHS GROUP n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios CREDIT AGRICOLE SA Multiple Portfolios Multiple Portfolios THOMPSON SIEGEL & WA DEUTSCHE BANK AKTIEN Multiple Portfolios n/a ARTISAN PARTNERS LP ROYCE & ASSOCIATES L

Analyst ALEXANDER PETERC HEINZ STEFFEN ALEXANDER DUVAL FELIX REMMERS CHRISTOPH WIRTZ ANDREW S ZAMFOTIS ANDREAS MUELLER JOHN F BRIGHT MICHAEL FOETH STEFAN GAECHTER ANDREW M GARDINER ANDREW HUMPHREY PAUL T COSTER ANDY HARGREAVES TAVIS C MCCOURT KIRK ADAMS

Source EXCH ULT-AGG Form 4 ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG 13F 13F MF-AGG ULT-AGG 13F 13F

Recommendation outperform reduce neutral/neutral underperform underperform hold market perform market perform hold neutral underweight Equalwt/No Rating underweight sector perform market perform no rating system

Amt Held 15'111'187 12'754'367 11'397'944 9'619'094 8'524'642 5'986'336 4'231'897 4'185'433 4'148'006 3'476'391 3'280'000 3'164'411 2'400'000 1'817'333 1'761'859 1'637'468 1'372'688 1'369'484 1'348'600 1'294'100

% Out 8.73 7.37 6.58 5.56 4.92 3.46 2.44 2.42 2.4 2.01 1.89 1.83 1.39 1.05 1.02 0.95 0.79 0.79 0.78 0.75

Latest Chg (25'743) (169'415) 33'492 (257'959) 676'059 910'366 1'381'719 (55'871) 1'280'000 (101'412) 900'000 (9'370) (928'547) (230'617) (174'809) 842'271 (59'800) 7'000

Weighting

Change

Target Price

5 2 3 1 1 3 3 3 3 3 1 3 1 3 3 #N/A N/A

M D M M M D M D M M M M M M M M

9 7 7 5 5 #N/A N/A #N/A N/A 6 7 7 6 8 7 #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 04.01.2013 Unclassified 31.12.2012 Investment Advisor 06.09.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 30.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Pension Fund (ERISA) 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 6 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 9 month Not Provided Not Provided Not Provided

Date 26.02.2013 21.02.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 10.01.2013

28.02.2013

London Stock Exchange Group PLC London Stock Exchange Group plc is the United Kingdom's primary stock exchange. The LSE provides markets that facilitate the raising of capital and the trading of corporate securities, access to a trading environment, as well as real-time pricing and reference information services worldwide. Market coverage includes equities, derivatives and fixed-interest securities.

Price/Volume 1600

4.0 M

1000 800

03/2012 12/yy 1'403.00 864.00 273'919.00 1321 -5.84% 52.89% 84.79% 271.1 3'581.35 262.10 0.0 72.9 216.00 4'128.55

3.0 M

600

2.0 M

400 1.0 M

200 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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5.0 M

1200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (06.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LSE LN EQUITY YTD Change LSE LN EQUITY YTD % CHANGE

31.03.2008 546.4 7.18x 337.4 11.63x 168.3 17.07x

6.0 M

1400

31.03.2009 31.03.2010 671.4 621.8 3.14x 3.88x 424.4 347.4 4.96x 6.94x (338.0) 90.4 21.03x Profitability

31.03.2011 667.2 3.88x 387.6 6.68x 151.6 14.75x

31.03.2012 806.7 3.62x 478.8 6.10x 522.0 5.34x

478.80 383.50 47.54% 79.30% 0.40% 42.48% 29.83% 0.01% 94.3% 57.6% 43.2% 64.7% 1.00 0.00 0.26% 19.04% 10.14 -

2.17 1.17 173.84 50.90% 21.42% 1.173 18 3.167 340'767 420'421 369'420

LTM-4Q

LTM

FY+1

12/yy 701.4 0.00x 0.0 0.00x 0.0 0.00x

12/yy 733.6 0.00x 0.0 0.00x 0.0 0.00x

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 819.9 903.3 209.0 212.0 4.95x 4.49x 467.0 468.2 8.84x 8.82x 290.1 241.5 14.27x 14.81x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

900.0

12.00

800.0

FY+2

FQ+1

FQ+2

13.03.2012 A- *01.07.2011 A-2 8.31 8.02 0.99 1.47 19.0% 15.3% 0.01 11.87 36.09 -145.09

700.0 10.00

600.0

8.00

500.0

6.00

400.0 300.0

4.00

200.0

2.00 0.00 03.04.2009

100.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

London Stock Exchange Group PLC Holdings By:

All

Holder Name BORSE DUBAI LTD FMR LLC QATAR INVESTMENT AUT Paulson Partners LP LEGAL & GENERAL ROYAL BANK OF CANADA LINDSELL TRAIN INVES NORGES BANK INVESTME BLACKROCK Societe Generale Sec UBS CAPITA FINANCIAL MAN DEKABANK DEUTSCHE GI ARTEMIS INVESTMENT M VANGUARD GROUP INC JO HAMBRO CAPITAL MA JP MORGAN HENDERSON GLOBAL INV JUPITER ASSET MANAGE PRIVATE INDIVIDUALS

Firm Name

Portfolio Name Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

RBC Capital Markets PETER K LENARDOS BMO Capital Markets JILLIAN MILLER Macquarie NEIL WELCH AlphaValue CHRISTOPHE NIJDAM Numis Securities Ltd JAMES HAMILTON Barclays DANIEL R GARROD HSBC JOHANNES THORMANN Espirito Santo Investment Bank Research PHILIP DOBBIN Goldman Sachs CHRIS M. TURNER JPMorgan RAE MAILE Berenberg Bank RICHARD PERROTT EVA Dimensions AUSTIN BURKETT Credit Suisse GURJIT KAMBO Morgan Stanley BRUCE HAMILTON Keefe, Bruyette & Woods TOM MILLS Nomura TEAM COVERAGE

Source REG ULT-AGG REG REG ULT-AGG ULT-AGG REG REG ULT-AGG REG ULT-AGG MF-AGG REG MF-AGG MF-AGG REG ULT-AGG REG REG REG

Recommendation outperform market perform neutral reduce hold overweight neutral buy Sell/Neutral underweight hold hold outperform restricted market perform neutral

Amt Held 55'966'856 41'598'251 40'883'184 8'750'265 8'365'296 7'886'155 5'775'283 5'103'279 4'809'653 4'485'305 3'607'847 3'363'543 3'306'477 3'279'313 3'181'882 3'075'077 2'995'311 2'942'552 2'474'302 2'430'723

% Out 20.64 15.34 15.08 3.23 3.09 2.91 2.13 1.88 1.77 1.65 1.33 1.24 1.22 1.21 1.17 1.13 1.1 1.09 0.91 0.9

Latest Chg 2'094'659 (157'380) (469'643) 758'882 (2'644'640) 500'000 (810'225) (1'050) 2'266'426 14'732 3'244'082 3'279'313 54'825 823'373 (992'107) 1'130'513 231'695 51'136

File Dt Inst Type 01.11.2012 Holding Company 31.12.2012 Investment Advisor 01.11.2012 Government 01.11.2012 Unclassified 01.11.2012 Unclassified 01.11.2012 Bank 01.11.2012 Unclassified 01.11.2012 Government 26.02.2013 Investment Advisor 01.11.2012 Unclassified 01.11.2012 Unclassified 31.12.2012 Mutual Fund Manager 01.11.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Mutual Fund Manager 31.12.2012 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Other

Weighting

Change

Target Price

Date

5 3 3 2 3 5 3 5 1 1 3 3 5 #N/A N/A 3 3

M M M M M M D M M M M M M M M M

1'300 1'100 1'267 1'182 1'136 1'500 1'300 1'315 1'110 1'050 1'150 #N/A N/A 1'030 #N/A N/A 1'010 967

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month Not Provided 12 month 6 month Not Provided Not Provided Not Provided Not Provided 12 month 9 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Date 27.02.2013 25.02.2013 21.02.2013 21.02.2013 18.02.2013 15.02.2013 29.01.2013 25.01.2013 24.01.2013 24.01.2013 21.01.2013 17.01.2013 19.11.2012 16.11.2012 16.11.2012 12.03.2012

28.02.2013

Lonmin PLC Lonmin PLC is a mineral resources group. The Group produces Platinum and other Platinum group metals such as Palladium and Rhodium. The Company's operations are located in the district of Marikana, near Rustenberg, in the North West Province of South Africa.

Price/Volume 700

18.0 M

600

16.0 M 14.0 M

500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (09.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LMI LN EQUITY YTD Change LMI LN EQUITY YTD % CHANGE

09/2012 01/yy 607.43 226.96 1'113'087.00 345.2 -43.17% 52.10% 31.08% 568.6 1'962.65 736.00 0.0 257.0 315.00 3'655.73

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

300

8.0 M 6.0 M

200

4.0 M

100

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 30.09.2008 2'231.0 3.16x 1'046.0 6.75x 455.0 13.91x

12.0 M

400

30.09.2009 30.09.2010 1'062.0 1'585.0 5.35x 3.82x (2.0) 383.0 2841.63x 15.82x (285.0) 112.0 46.10x Profitability

30.09.2011 1'992.0 2.00x 409.0 9.73x 273.0 12.20x

30.09.2012 1'614.0 1.55x 776.0 3.23x (410.0) -

776.00 50.00 3.10% -43.25% -8.65% -15.13% 0.34% 48.1% 3.1% -25.4% 1.37 0.73 15.92% 29.58% 28.07 -

1'701'327 3'007'987 3'512'153

LTM-4Q

LTM

FY+1

01/yy

09/13 Y 09/14 Y 1'611.5 2'009.9 1.90x 1.52x 167.1 410.8 21.88x 8.90x 19.3 171.8 654.67x 19.62x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

120.00

2'500.0

100.00

0.00 1.40 511.81 -41.16% 21.46% 1.398 24 2.750

FY+2

FQ+1

FQ+2

17.24 8.27 0.54 0.95 29.6% 21.1% 0.34 0.59 13.04 -

2'000.0

80.00

1'500.0

60.00

1'000.0 40.00

500.0

20.00 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Lonmin PLC Holdings By:

All

Holder Name XSTRATA PLC OLD MUTUAL M&G INVESTMENT MANAG OLD MUTUAL INVESTMEN INVESTEC ASSET MANAG LEGAL & GENERAL BOCAGE CAPITAL LLC VANGUARD GROUP INC NOMURA INTERNATIONAL SUNRISE PARTNERS LP GUEVOURA FUND LTD ODEY ASSET MANAGEMEN AQR CAPITAL MANAGEME INVESTEC FUND GROUP OCCITAN MASTER FUND NEDCOR BANK MGMT CO SCOTTISH WIDOWS NORGES BANK INVESTME SARASIN UBS

Firm Name Exane BNP Paribas AlphaValue Canaccord Genuity Corp SBG Securities Credit Suisse Deutsche Bank NOAH Capital Markets BMO Capital Markets Societe Generale RBC Capital Markets JPMorgan Panmure Gordon & Co Limited Morgan Stanley CIBC World Markets EVA Dimensions Goldman Sachs Barclays Nomura Liberum Capital Ltd Investec BNP Paribas Cadiz Securities Redburn Partners Renaissance Capital

Portfolio Name Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst ROMY KRUGER SACHIN KUMAR PETER MALLIN-JONES JUSTIN FRONEMAN NIHAL SHAH GRANT SPORRE MICHAEL KAVANAGH EDWARD STERCK ABHISHEK SHUKLA TIMOTHY HUFF STEVE SHEPHERD ALISON TURNER CHRISTOPHER NICHOLSON LEON ESTERHUIZEN CRAIG STERLING EUGENE KING ANDREW BYRNE TYLER BRODA BEN DAVIS MARC ELLIOTT NIC DINHAM SIMON TOYNE EMMA TOWNSHEND

Source REG ULT-AGG REG RNS-MAJ RNS-MAJ ULT-AGG Short MF-AGG Short Short Short Short Short MF-AGG Short MF-AGG ULT-AGG REG ULT-AGG ULT-AGG

Recommendation neutral sell hold buy neutral hold hold market perform sell underperform overweight buy Equalwt/In-Line sector underperform overweight sell/attractive equalweight buy sell not rated hold sell hold

Amt Held % Out 49'826'225 8.76 17'658'006 3.11 16'558'975 2.91 14'826'599 2.61 10'427'028 1.83 6'994'440 1.23 (5'969'820) -1.05 5'413'037 0.95 (4'775'862) -0.84 (4'377'874) -0.77 (3'809'319) -0.67 (3'411'326) -0.6 (2'899'627) -0.51 2'531'389 0.45 (2'501'639) -0.44 2'380'621 0.42 2'253'376 0.4 2'198'640 0.39 2'047'739 0.36 1'768'712 0.31

Latest Chg (6'456'174) 1'649'773 (3'068'233) 549'729 (397'988) 1'241'833 (1'705'665) (1'080'255) (284'277) (113'711) 1'176'289 397'988 474'241 713'817 2'169'296 534'773 688'620

Weighting

Target Price

3 1 3 5 3 3 3 3 1 1 5 5 3 1 5 1 3 5 1 #N/A N/A 3 1 3

Change M M M M D U N M M M U M M M U M M U M M M M M

270 240 395 400 350 361 345 300 38 260 410 506 336 117 #N/A N/A 200 275 457 #N/A N/A #N/A N/A 271 #N/A N/A 1'037

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 01.12.2012 Corporation 01.12.2012 Unclassified 01.12.2012 Investment Advisor 23.11.2012 Investment Advisor 03.12.2012 Investment Advisor 31.01.2013 Unclassified 18.01.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 05.12.2012 Investment Advisor 07.11.2012 Hedge Fund Manager 06.12.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 25.02.2013 Hedge Fund Manager 30.09.2012 Investment Advisor 11.01.2013 Investment Advisor 30.09.2012 Investment Advisor 01.12.2012 Unclassified 01.12.2012 Government 28.12.2012 Unclassified 01.12.2012 Unclassified

Date Not Provided 6 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 9 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Date 27.02.2013 21.02.2013 11.02.2013 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 24.01.2013 17.01.2013 17.01.2013 10.01.2013 22.11.2012 19.11.2012 09.11.2012 06.11.2012 01.11.2012 31.10.2012 10.11.2011

28.02.2013

Lundbergforetagen AB L E Lundbergforetagen AB is a real estate and investment company. The Company owns, develops, rents out, and manages commercial and residential properties located in central Sweden. Lundbergs is also a long term investor in mostly publicly traded Swedish companies. The Company takes an active ownership role in the companies. Moreover Lundbergs is engaged in securities trading. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (14.06.2012) 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 LUNDB SS EQUITY YTD Change LUNDB SS EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 274.80 194.60 61'497.00 267.4 -2.69% 37.41% 90.77% 76.0 33'157.60 14'136.00 0.0 21'650.0 1'198.00 66'610.60

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.6 M

250

.5 M

200

.4 M

150

.3 M

100

.2 M

.1 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 22'350.0 2.22x 3'971.0 12.49x (2'244.0) -

300

31.12.2009 31.12.2010 21'073.0 21'171.0 2.46x 2.97x 4'586.0 3'529.0 11.29x 17.82x 1'588.0 2'483.0 14.17x 12.48x Profitability

31.12.2011 22'604.0 2.59x 4'876.0 12.02x 5'116.0 4.92x

31.12.2012 21'618.0 4'751.0 3'241.0 8.80x 4'751.00 3'225.00 14.92% 20.17% 3.69% 9.70% 0.25% 22.9% 16.7% 15.0% 0.74 0.42 0.00% 0.00% -

0.82 18.87% 16.31% 0.816 3 3.333 119'196 57'886 62'953

LTM-4Q

LTM

FY+1

12/yy 22'603.0 2.59x 6'066.0 9.66x 5'117.0 4.93x

12/yy 21'617.0 0.00x 4'940.0 0.00x 3'241.0 8.80x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 20'719.0 20'871.0 5'517.0 5'608.0 12.07x 11.88x 1'243.0 988.0 38.53x 45.40x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

35.00

25'000.0

FY+2

FQ+1

FQ+2

08.06.2007 A+ STABLE 24.01.2001 A-1 9.17 2.47 0.0% 21.5% 0.25 0.56 -

30.00

20'000.0 25.00

15'000.0

20.00 15.00

10'000.0

10.00

5'000.0 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Lundbergforetagen AB Holdings By:

All

Holder Name LUNDBERG FREDRIK MARTINSON KATARINA LINDH LOUISE NORDEA FONDER AB/SWE CARNEGIE FONDER AB/S SEB FONDER AB ALECTA PENSIONSFORSA NORDEA INVESTMENT FU PLACERINGSFOND SMABO SEB HANDELSBANKEN FONDER SKANDIA FONDER AB PRI FORSAKRINGSBOLAG VANGUARD GROUP INC NORDEA INV MANAGEMEN BENNET CARL CATELLA FONDFORVALTN CARLSON FONDER AB SWEDBANK ROBUR FONDE SPILTAN FONDER AB

Firm Name Goldman Sachs Handelsbanken EVA Dimensions Carnegie

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MARKUS IWAR ELIAS PORSE AUSTIN BURKETT JOHAN SJOBERG

Source Co File Co File Co File MF-AGG Co File Co File Co File MF-AGG Co File ULT-AGG Co File Co File Co File MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation Sell/Neutral accumulate overweight hold

Amt Held 66'158'000 9'338'602 9'338'602 2'399'783 1'748'000 1'748'000 1'672'000 1'632'148 1'216'000 1'070'416 1'064'000 608'000 608'000 404'645 265'730 200'000 122'070 110'994 95'760 95'754

% Out 87.05 12.29 12.29 3.16 2.3 2.3 2.2 2.15 1.6 1.41 1.4 0.8 0.8 0.53 0.35 0.26 0.16 0.15 0.13 0.13

Latest Chg 190'052 (250'000) (173'265) 8'740 5'807 800 125 -

File Dt Inst Type 23.02.2012 n/a 23.02.2012 n/a 23.02.2012 n/a 31.01.2013 Investment Advisor 23.02.2012 Investment Advisor 23.02.2012 Mutual Fund Manager 23.02.2012 Pension Fund (ERISA) 31.12.2012 Investment Advisor 23.02.2012 n/a 31.12.2012 Unclassified 23.02.2012 Investment Advisor 23.02.2012 Mutual Fund Manager 23.02.2012 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 23.02.2012 n/a 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Weighting

Change

Target Price

Date

1 4 5 3

M M M M

239 250 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 12 month Not Provided Not Provided

Date 22.02.2013 15.02.2013 17.01.2013 30.09.2011

28.02.2013

Mapfre SA Mapfre SA offers insurance services. Through subsidiaries, the Company offers health, life, homeowner's, commercial, industrial risk, burial, accident, automobile, and third-party liability insurance policies. Mapfre operates in Europe and the Americas.

Price/Volume 3

140.0 M

120.0 M 100.0 M

Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MAP SQ EQUITY YTD Change MAP SQ EQUITY YTD % CHANGE

12/2012 12/yy 2.64 1.29 6'480'694.00 2.454 -6.94% 90.82% 86.45% 3'079.6 7'557.22 5'225.76 0.0 2'325.8 1'018.04 14'090.78

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

60.0 M

40.0 M

20.0 M

0 f-12 m-12

.0 M a-12 m-12

31.12.2009 31.12.2010 16'011.4 17'165.6 0.69x 0.49x 926.9 933.5 8.97x 6.63x Profitability

31.12.2011 19'867.6 0.57x 963.0 7.75x

31.12.2012 20'030.3 0.68x 665.7 10.51x

a-12

s-12

o-12

n-12

d-12

j-13

8.25% 6.85% 1.19% 8.96% 0.36% 3.3% 9.17% 66.91% -

0.97 1'086.41 1.60% 6.00% 0.967 22 2.636 8'713'176 8'508'184 11'809'300

LTM

FY+1

12/yy 16'500.2 2.78x 0.0 0.00x 963.0 7.85x

12/yy 20'049.1 2.35x 0.0 0.00x 665.7 10.47x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 20'878.7 21'774.3 0.55x 970.5 1'018.1 7.69x 7.46x S&P Issuer Ratings

1.20

25'000.0

1.00

20'000.0

0.60

j-12

LTM-4Q

Price/ Cash Flow

0.80

j-12

Fiscal Year Ended 31.12.2008 14'844.0 0.66x 900.7 7.15x

80.0 M

Valuation Analysis

FY+2

FQ+1

FQ+2

BBBNEG 66.9% 34.0% 0.36 -

15'000.0 10'000.0

0.40

5'000.0 0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Mapfre SA Holdings By:

All

Holder Name FUNDACION MAPFRE BANCO FINANCIERO Y D STEADFAST CAPITAL MA VANGUARD GROUP INC LORD ABBETT & CO LLC BLACKROCK ZADIG GESTION (LUXEM SCHRODER INVESTMENT SHELTER INSURANCE GR IG INVESTMENT MANAGE MANNING & NAPIER ADV PICTET CONSEIL EN IN ROYAL BANK OF CANADA BBVA PATRIMONIOS GES OFI ASSET MANAGEMENT STATE STREET HSBC ASSET MGMT EURO ALLIANZ ASSET MANAGE ABANTE ASESORES GEST LA FRANCAISE AM INTE

Firm Name EVA Dimensions Bankia Bolsa (ESN) NMAS 1 Agencia de Valores Exane BNP Paribas Morgan Stanley CA Cheuvreux Oddo & Cie Berenberg Bank Banesto Bolsa SA Sociedad Main First Bank AG Goldman Sachs JPMorgan Barclays Credit Suisse Raymond James Banco Sabadell La Caixa BBVA Societe Generale Renta 4 SA SVB Nomura

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst AUSTIN BURKETT MARIA RIVAS RODRIGUEZ RODRIGO VAZQUEZ NICCOLO DALLA PALMA MACIEJ WASILEWICZ ATANASIO PANTARROTAS NAZIH BOUGUECHA SAMI TAIPALUS ALFREDO DEL CERRO FEDERICO SALERNO VINIT MALHOTRA ANDREAS VAN EMBDEN CLAUDIA GASPARI RICHARD BURDEN RAPHAEL CARUSO MARIA PAZ OJEDA DAVID FERNANDEZ SILVIA RIGOL CARNEIRO EMMANUELLE CALES NURIA ALVAREZ TEAM COVERAGE

Source Research Research Short MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation sell buy strong buy neutral Overwt/In-Line underperform neutral hold neutral outperform neutral/neutral underweight equalweight neutral underperform sell underweight outperform sell overweight reduce

Amt Held % Out 1'990'232'865 64.63 461'691'489 14.99 (18'477'319) -0.6 14'081'575 0.46 13'051'147 0.42 9'529'791 0.31 6'056'185 0.2 4'496'231 0.15 4'128'000 0.13 2'883'405 0.09 2'692'660 0.09 2'642'837 0.09 2'107'305 0.07 1'964'812 0.06 1'643'815 0.05 1'597'011 0.05 1'496'050 0.05 1'436'543 0.05 1'206'958 0.04 1'198'630 0.04

Latest Chg 304'556 1'556'262 55'419 1'028'514 474'315 (2'026'700) (19'369) 636'605 (156'889) 856'630

Weighting

Target Price

Change 1 5 5 3 5 1 3 3 3 5 3 1 3 3 1 1 1 5 1 5 2

D M M M M M M M M M M M M M M D D U N M M

#N/A N/A 3 3 2 3 2 3 3 3 2 2 2 3 3 2 2 2 3 2 3 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 06.02.2012 Other 06.02.2012 Bank 02.11.2012 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Insurance Company 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.08.2012 Investment Advisor 30.11.2012 Bank 29.02.2012 Investment Advisor 31.10.2012 Investment Advisor 27.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Mutual Fund Manager

Date Not Provided 12 month 6 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 3 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Date 26.02.2013 18.02.2013 13.02.2013 12.02.2013 11.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 05.02.2013 04.02.2013 14.01.2013 27.12.2012 07.11.2012 13.09.2012 20.07.2012 31.05.2012 04.08.2010 06.11.2008

28.02.2013

Marine Harvest ASA Marine Harvest is a Norwegian based fish farming plant, raising mainly Atlantic salmon. The Company operates hatcheries, processes and packages fish, as well as sells and markets the products. Marine Harvest operates in Canada, Norway and Scotland. The Company sells salmon worldwide through its sales companies in Norway, Canada, the United Kingdom and the United States.

Price/Volume 7

80.0 M

70.0 M 60.0 M

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (06.03.2012) 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 MHG NO EQUITY YTD Change MHG NO EQUITY YTD % CHANGE

12/2012 12/yy 6.00 2.62 17'677'143.00 5.98 -0.25% 128.24% 99.56% 3'581.1 21'415.22 5'716.30 0.0 69.0 335.30 26'865.22

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

20.0 M

10.0 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 13'486.9 0.85x 2'599.5 4.40x (2'852.6) -

40.0 M

31.12.2009 31.12.2010 14'500.2 15'191.4 1.40x 1.80x 2'566.8 3'849.4 7.89x 7.10x 1'296.3 3'078.0 11.54x 7.17x Profitability

31.12.2011 16'132.8 0.98x 3'560.2 4.44x 1'115.7 8.30x

31.12.2012 15'463.5 1.59x 1'215.3 20.27x 408.6 46.56x 1'215.30 537.60 3.48% 5.10% 1.77% 3.65% 3.50% 0.67% 37.5% 7.9% 3.5% 2.6% 2.94 0.10 24.55% 49.19% 12.06

1.08 2'271.05 99.33% 16.80% 1.077 16 4.625 12'679'580 14'703'340 16'069'600

LTM-4Q

LTM

FY+1

12/yy 16'132.9 5.08x 3'562.1 4.44x 1'116.7 8.21x

12/yy 15'463.6 5.38x 1'215.5 20.27x 408.8 47.24x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 16'750.0 19'617.5 3'670.9 4'153.4 1.64x 1.39x 7.27x 6.35x 3'058.9 4'125.2 654.3 852.6 8.78x 6.51x 8.90x 7.82x 1'571.2 2'399.3 311.3 473.9 14.20x 9.49x 14.69x 12.15x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

18'000.0

12.00

16'000.0

FY+2

FQ+1

FQ+2

3.17 1.26 4.43 4.70 49.2% 32.8% 0.67 3.74 30.34 12.75

14'000.0 10.00

12'000.0

8.00

10'000.0

6.00

8'000.0 6'000.0

4.00

4'000.0 2'000.0

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 |

28.02.2013

Marine Harvest ASA Holdings By:

All

Holder Name GEVERAN TRADING CO L STATE STREET GOVERNMENT PENSION F MORGAN STANLEY CLEARSTREAM BANKING ALLIANZ ASSET MANAGE FRIENDMALL LTD DNB NOR ASSET MANAGE DNB NORBANK ASA BANK OF NEW YORK MEL GOLDMAN SACHS & CO STATOILS PENSJONSKAS JP MORGAN CHASE BANK STOREBRAND FUND MANA VARMA MUTUAL PENSION DANSKE CAPITAL NORGE WEST COAST INVEST AS VANGUARD GROUP INC SEB EUROCLEAR BANK SA

Firm Name Pareto Securities ABG Sundal Collier Carnegie Fondsfinans AS Nordea Equity Research SEB Enskilda Rabobank International Handelsbanken SpareBank 1 Markets AS DNB Markets Arctic Securities ASA ABN Amro Bank N.V. Swedbank First Securities EVA Dimensions Equita SIM SpA Norne Securities AS

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst HENNING LUND GEORG LIASJO MARIUS GAARD BENT ROLLAND KOLBJORN GISKEODEGARD PEDER STRAND PATRICK ROQUAS KJETIL LYE GEIR KRISTIANSEN KNUT-IVAR BAKKEN THOMAS LORCK MAARTEN BAKKER HENNING C STEFFENRUD AUSTIN BURKETT GIANMARCO BONAICNA ANDERS GJENDEMSJO

Source EXCH ULT-AGG EXCH ULT-AGG EXCH ULT-AGG EXCH MF-AGG EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH MF-AGG EXCH MF-AGG ULT-AGG EXCH

Recommendation buy buy buy buy buy hold buy buy buy buy buy buy buy sell buy buy

Amt Held 872'993'302 317'333'268 313'216'895 257'072'196 105'263'137 87'784'022 80'524'404 67'417'708 66'835'227 40'143'840 37'618'452 36'782'996 33'164'013 32'202'972 31'500'000 30'354'935 30'012'000 29'700'578 27'972'159 26'490'191

% Out 24.38 8.86 8.75 7.18 2.94 2.45 2.25 1.88 1.87 1.12 1.05 1.03 0.93 0.9 0.88 0.85 0.84 0.83 0.78 0.74

Latest Chg 16'368'248 4'574'325 (317'864) 23'800 617'064 -

File Dt Inst Type 18.02.2013 Corporation 27.02.2013 Investment Advisor 18.02.2013 Government 18.02.2013 Investment Advisor 18.02.2013 Bank 31.10.2012 Investment Advisor 18.02.2013 Unclassified 31.01.2013 Investment Advisor 18.02.2013 Bank 18.02.2013 Investment Advisor 18.02.2013 Investment Advisor 18.02.2013 Pension Fund (ERISA) 18.02.2013 Investment Advisor 31.01.2013 Investment Advisor 18.02.2013 Insurance Company 28.09.2012 Investment Advisor 18.02.2013 Corporation 31.12.2012 Investment Advisor 18.02.2013 Unclassified 18.02.2013 Bank

Weighting

Change

Target Price

Date

5 5 5 5 5 3 5 5 5 5 5 5 5 1 5 5

M M M M M M M M M M M U M M N M

7 6 #N/A N/A 6 6 6 6 6 6 7 7 7 6 #N/A N/A 7 6

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6 month 6 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month

Date 21.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 17.01.2013 16.01.2013 10.01.2013

28.02.2013

Meda AB Meda AB is a specialty pharmaceutical company. The Company imports and markets pharmaceuticals, nutritional, and health-care products, and offers services including clinical research, registration, and logistics. Meda's products are sold in the Nordic countries and in the Baltic states on behalf of foreign manufacturers. The Company markets to wholesale dealers and hospitals.

Price/Volume 4.0 M

3.5 M 3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (11.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MEDAA SS EQUITY YTD Change MEDAA SS EQUITY YTD % CHANGE

12/2012 12/yy 76.45 59.60 504'283.00 73.45 -3.92% 23.24% 82.20% 302.2 22'199.75 14'947.00 0.0 (4.0) 194.00 36'952.75

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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.5 M

70 50

Valuation Analysis

31.12.2008 10'675.0 2.91x 3'425.0 9.08x 954.0 15.06x

31.12.2009 31.12.2010 13'178.0 11'571.0 2.44x 2.44x 4'387.0 4'306.0 7.32x 6.55x 1'539.0 1'444.0 12.67x 10.72x Profitability

31.12.2011 12'856.0 2.97x 4'683.0 8.16x 1'616.0 13.39x

31.12.2012 12'991.0 2.69x 3'935.0 8.89x 1'209.0 16.74x 3'935.00 1'791.00 13.79% 9.57% 3.21% 8.04% 0.35% 61.2% 30.3% 13.8% 9.3% 0.98 0.04 40.89% 98.90% 2.72

772'602 981'424 870'050

LTM-4Q

LTM

FY+1

12/yy 12'857.0 11.01x 4'649.0 8.22x 1'616.0 13.39x

12/yy 12'991.0 10.76x 3'935.0 8.89x 1'209.0 16.74x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 13'345.1 14'094.0 3'361.7 3'406.3 2.68x 2.38x 10.98x 10.77x 4'027.8 4'572.1 1'027.3 989.2 9.17x 8.08x 9.41x 2'389.9 2'665.8 447.0 458.0 9.97x 8.24x 21.32x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

10.00

14'000.0

9.00

0.84 21.48% 9.71% 0.839 11 4.000

FY+2

FQ+1

FQ+2

7.79 7.59 3.75 3.80 98.9% 49.7% 0.35 16.18 134.72 123.62

12'000.0

8.00 7.00

10'000.0

6.00

8'000.0

5.00

6'000.0

4.00

4'000.0

3.00 2.00

2'000.0

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 |

28.02.2013

Meda AB Holdings By:

All

Holder Name STENA SESSAN REDERI SWEDBANK ROBUR FONDE NORDEA INVESTMENT FU AMF PENSION SEB FONDER AB ALECTA PENSIONSFORSA AMF FONDER AB SSB CL OMNIBUS FUNDS B&E PARTICIPATION AB SKANDIA FONDER AB HANDELSBANKEN FONDER HANDELSBANKEN FONDER LONNER ANDERS LANSFORSAKRINGAR FON FOLKSAM LO FOND AB ENTER FONDER AB NORDEA FONDER AB/SWE CATELLA FONDFORVALTN MAWER INVESTMENT MAN SWEDBANK ROBUR FONDE

Firm Name SEB Enskilda Credit Suisse Carnegie Nordea Equity Research Handelsbanken Pareto Securities Danske Markets ABG Sundal Collier Swedbank EVA Dimensions

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LARS HEVRENG LUISA HECTOR KRISTOFER LILJEBERG ERIK HULTGARD HANS MAHLER YILMAZ MAHSHID MATTIAS HAGGBLOM PETER HUGREFFE JOHAN UNNERUS ANDREW S ZAMFOTIS

Source Research Research MF-AGG Research Research Research MF-AGG Research Research Research Research MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold outperform buy sell buy buy buy buy reduce buy

Amt Held 68'741'898 15'423'140 8'985'791 8'590'634 8'485'123 8'000'000 7'290'634 7'287'741 6'955'000 6'588'545 5'890'695 5'059'318 4'950'000 4'605'482 4'403'439 3'547'100 3'373'126 3'147'728 3'076'500 2'768'905

% Out 22.74 5.1 2.97 2.84 2.81 2.65 2.41 2.41 2.3 2.18 1.95 1.67 1.64 1.52 1.46 1.17 1.12 1.04 1.02 0.92

Latest Chg 779'000 26'900 (50'000) (933'573) 80'000 1'513'446 35'709 150'300 (536'774) 1'008'304 174'211 -

Weighting

Change

Target Price

3 5 5 1 5 5 5 5 2 5

M M M M M M M M D M

76 88 #N/A N/A 64 100 90 85 100 69 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 29.06.2012 Corporation 23.01.2013 Investment Advisor 31.12.2012 Investment Advisor 29.06.2012 Pension Fund (ERISA) 29.06.2012 Mutual Fund Manager 29.06.2012 Pension Fund (ERISA) 31.12.2012 Investment Advisor 29.06.2012 n/a 29.06.2012 Other 29.06.2012 Mutual Fund Manager 29.06.2012 Investment Advisor 31.01.2013 Investment Advisor 29.06.2012 n/a 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 30.11.2012 Investment Advisor 31.12.2012 Mutual Fund Manager

Date Not Provided Not Provided Not Provided 12 month 12 month 6 month 12 month 6 month 12 month Not Provided

Date 25.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 24.01.2013 15.01.2013

28.02.2013

Mediaset SpA Mediaset S.p.A. operates television broadcasting, television production, signal broadcasting management, and music production businesses. The Company owns and operates Italian television stations Canale 5, Italia 1, and Retequattro. Mediaset also produces and markets music record albums, sells advertising time, and operates Internet portals and a library of television rights.

Price/Volume 3

80.0 M 2

60.0 M 50.0 M 40.0 M

Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (14.06.2012) 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 MS IM EQUITY YTD Change MS IM EQUITY YTD % CHANGE

12/2011 09/yy 2.35 1.14 10'962'259.00 1.657 -29.61% 44.84% 42.40% 1'181.2 1'957.29 1'906.30 0.0 817.4 209.40 4'408.89

30.0 M 20.0 M

10.0 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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

70.0 M

Valuation Analysis

31.12.2007 4'032.8 2.32x 2'143.1 4.36x 506.8 15.34x

90.0 M

31.12.2008 31.12.2009 4'146.9 3'815.0 1.50x 2.15x 2'143.7 1'782.1 2.89x 4.61x 459.0 272.4 10.20x 23.84x Profitability

31.12.2010 4'253.6 1.76x 1'995.1 3.75x 352.2 14.60x

31.12.2011 4'208.2 1.17x 1'827.3 2.71x 225.0 10.69x 1'827.30 539.60 12.82% 10.91% 1.41% 4.30% 0.54% 41.0% 8.7% 5.3% 0.53 0.43 24.83% 76.92% 3.81 -

1.13 636.42 -19.91% 6.49% 1.127 28 2.214 27'609'990 22'928'850 24'809'960

LTM-4Q

LTM

FY+1

09/yy 4'258.1 6.22x 1'881.3 2.80x 326.2 8.17x

09/yy 3'841.3 3.64x 1'328.1 0.00x 13.1 97.40x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 3'727.9 3'594.0 1'046.3 1.22x 1.21x 4.33x 1'344.9 1'348.9 160.0 3.28x 3.27x (12.1) 12.1 (4.0) 97.47x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

4.00

4'500.0

3.50

4'000.0

3.00

3'500.0

FY+2

FQ+1

FQ+2

41.53 37.61 1.01 1.16 76.9% 36.6% 0.54 6.67 96.03 -

3'000.0

2.50

2'500.0 2.00

2'000.0

1.50

1'500.0

1.00

1'000.0

0.50

500.0

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 |

28.02.2013

Mediaset SpA Holdings By:

All

Holder Name FININVEST SPA MEDIASET SPA MACKENZIE FINANCIAL GRANTHAM MAYO VAN OT INTERNATIONAL VALUE AQR CAPITAL MANAGEME EGERTON CAPITAL LIMI JOHN HANCOCK ADVISER MARSHALL WACE LLP LANDESBANK BERLIN IN SUNRISE PARTNERS LP VANGUARD GROUP INC MANULIFE ASSET MANAG OXFORD ASSET MANAGEM HEADWATERS HOLDINGS TWEEDY BROWNE COMPAN HARTFORD INVESTMENT ODEY ASSET MANAGEMEN CAPITAL GROUP COMPAN HIGHBRIDGE CAPITAL M

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a

Analyst

Liberum Capital Ltd IAN WHITTAKER Nomura WILLIAM MAIRS AlphaValue VERONIQUE CABIOC'H Berenberg Bank SARAH SIMON Mediobanca SpA FABIO PAVAN Banca IMI LAURA CARMIGNANI Equita SIM SpA STEFANO GAMBERINI Exane BNP Paribas ADRIEN DE SAINT HILAIRE Barclays JULIEN ROCH Deutsche Bank LAURIE DAVISON Societe Generale LAURENT PICARD Credit Suisse OMAR SHEIKH Banca Akros(ESN) ANDREA DEVITA EVA Dimensions CRAIG STERLING JPMorgan FILIPPO PIETRO LO FRANCO Goldman Sachs LISA YANG Espirito Santo Investment Bank Research GIASONE SALATI Sanford C. Bernstein & Co CLAUDIO ASPESI Kepler Capital Markets DANIELE RIDOLFI S&P Capital IQ ALEXANDER WISCH Centrobanca ORIANA CARDANI Natixis JEROME BODIN ICBPI STEFANO VULPIANI HSBC LUIGI MINERVA Morgan Stanley JULIEN ROSSI CA Cheuvreux MARCO BACCAGLIO

Source EXCH EXCH EXCH EXCH MF-AGG Short Short MF-AGG Short MF-AGG Short MF-AGG MF-AGG Short Short MF-AGG MF-AGG Short ULT-AGG Short

Recommendation sell reduce add buy neutral reduce reduce neutral underweight hold sell outperform hold sell neutral Sell/Neutral buy market perform reduce sell sell reduce not rated underweight Underwt/Attractive underperform

Amt Held % Out 472'573'702 40.01 44'827'585 3.79 40'634'227 3.44 24'026'168 2.03 18'260'240 1.55 (13'111'626) -1.11 (12'166'644) -1.03 12'044'851 1.02 (10'276'680) -0.87 9'270'774 0.78 (9'095'452) -0.77 8'268'812 0.7 6'867'400 0.58 (5'906'138) -0.5 (5'906'138) -0.5 5'576'335 0.47 5'144'402 0.44 (4'606'787) -0.39 4'580'000 0.39 (3'779'928) -0.32

Latest Chg 169'760 (236'246) (2'244'333) (1'299'350) (18'024) (2'679'136) (7'582) 1'181'227 5'144'402 (3'189'314)

Weighting

Target Price

1 2 4 5 3 2 2 3 1 3 1 5 3 1 3 1 5 3 2 1 1 2 #N/A N/A 1 1 1

Change M M M M M M M M M D M U M M D M M M M M M M M M M M

1 1 2 3 1 1 2 2 2 2 2 3 1 #N/A N/A 2 1 2 1 1 1 1 1 #N/A N/A 1 1 1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 20.11.2012 Corporation 20.11.2012 Corporation 20.11.2012 Investment Advisor 20.11.2012 Investment Advisor 30.06.2012 Investment Advisor 10.01.2013 Hedge Fund Manager 26.02.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 26.02.2013 Hedge Fund Manager 31.01.2013 Mutual Fund Manager 07.11.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 15.11.2012 Investment Advisor 27.11.2012 Investment Advisor 31.03.2012 Investment Advisor 31.01.2013 Investment Advisor 17.01.2013 Investment Advisor 31.12.2012 Investment Advisor 22.02.2013 Hedge Fund Manager

Date Not Provided 12 month 6 month Not Provided 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 9 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided

Date 21.02.2013 15.02.2013 14.02.2013 13.02.2013 07.02.2013 07.02.2013 06.02.2013 05.02.2013 24.01.2013 18.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 15.01.2013 09.01.2013 08.01.2013 07.01.2013 29.11.2012 15.11.2012 14.11.2012 13.11.2012 25.10.2012 06.08.2012 03.08.2012 06.06.2012

28.02.2013

Mediobanca SpA Mediobanca S.p.A. is an investment bank in Italy, offering advisory services to domestic and international customers, and providing finance in its various forms from more traditional bank credit to the most sophisticated solutions available on capital markets. Banking activities on the retail side include consumer credit and mortgages offered alongside deposit gathering and wealth management. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MB IM EQUITY YTD Change MB IM EQUITY YTD % CHANGE

Price/Volume

06/2012 12/yy 5.66 2.34 13'008'262.00 4.75 -16.08% 102.99% 72.59% 861.1 4'090.36 54'736.87 0.0 109.4 29.74 49'064.06

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 f-12

.0 M m-12

a-12

m-12

30.06.2009 30.06.2010 3'879.2 3'451.7 15.70x 17.73x 3'079.5 2'633.2 19.78x 23.25x 2.4 400.9 2828.33x 12.81x Profitability

30.06.2011 3'394.6 17.79x 2'511.7 24.04x 368.6 16.24x

30.06.2012 3'440.6 16.78x 2'605.0 22.17x 80.9 34.74x

a-12

s-12

o-12

n-12

d-12

j-13

2'605.05 12.21% 5.98% 0.20% 2.13% 0.23% 0.04% 70.3% 2.4% 69.57% 829.50% -

1.04 758.58 -1.75% 1.89% 1.042 13 3.308 8'960'054 5'865'471 6'428'371

LTM

FY+1

12/yy 3'344.6 70.79x 2'478.0 23.10x 169.1 23.39x

12/yy 3'003.6 73.91x 2'110.3 23.21x 141.3 26.31x

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 1'816.1 1'922.4 715.0 764.0 68.62x 64.22x 392.0 520.8 10.22x 7.55x S&P Issuer Ratings

1.20

4'500.0

0.80

j-12

LTM-4Q

Price/ Cash Flow

1.00

j-12

Fiscal Year Ended 30.06.2008 3'429.9 16.39x 2'810.0 20.00x 1'014.8 8.64x

FY+2

FQ+1

FQ+2

10.02.2012 BBB+ NEG 10.02.2012 A-2 21.26 25.58 829.5% 89.1% 0.04 5.93 -

4'000.0 3'500.0 3'000.0 2'500.0

0.60

2'000.0 1'500.0

0.40 0.20

1'000.0 500.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Mediobanca SpA Holdings By:

All

Holder Name UNICREDIT SPA FINANCIERE DU PERGUE GROUPAMA VIE FONDIARIA-SAI SPA MEDIOLANUM SPA ITALMOBILIARE SPA FONDAZIONE CASSA RIS EDIZIONE HOLDING SPA FININVEST SPA FONDAZIONE CASSA RIS GROUPAMA SA BLACKROCK PROTO ORGANIZATION VANGUARD GROUP INC MEDIOLANUM VITA SPA MILANO ASSICURAZIONI FINSAI INTERNATIONAL ARCA SGR SPA DIMENSIONAL FUND ADV LBPAM

Firm Name Banca IMI Keefe, Bruyette & Woods CA Cheuvreux Equita SIM SpA Banca Akros(ESN) ICBPI Kepler Capital Markets Nomura Centrobanca AlphaValue Morgan Stanley EVA Dimensions Main First Bank AG

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MANUELA MERONI RONNY REHN ALDO COMI MATTEO GHILOTTI LUIGI TRAMONTANA MARCO SALLUSTIO ANNA MARIA BENASSI DOMENICO SANTORO GUGLIELMO MARCO OPIPARI DAVID GRINSZTAJN FRANCESCA TONDI AUSTIN BURKETT ALBERTO SEGAFREDO

Source Research Research Research Research Research Research Research Research Research Research Research ULT-AGG Research MF-AGG Research Research Research MF-AGG MF-AGG MF-AGG

Recommendation add market perform underperform hold accumulate neutral buy neutral hold buy Underwt/In-Line buy buy

Amt Held 74'616'846 43'306'188 27'073'902 27'056'680 22'673'532 22'570'197 22'010'463 18'626'225 17'739'262 17'222'584 15'362'545 9'991'431 9'472'421 9'248'825 6'458'469 3'108'676 2'858'949 1'711'887 891'687 799'595

% Out 8.67 5.03 3.14 3.14 2.63 2.62 2.56 2.16 2.06 2 1.78 1.16 1.1 1.07 0.75 0.36 0.33 0.2 0.1 0.09

Latest Chg (9'782'428) 17'894 157'966 160'273 (107'200)

File Dt Inst Type 30.01.2013 Bank 30.01.2013 Corporation 30.01.2013 Insurance Company 30.01.2013 Insurance Company 30.01.2013 Other 30.01.2013 Holding Company 30.01.2013 Other 30.01.2013 Holding Company 30.01.2013 Corporation 31.01.2013 Bank 30.01.2013 Insurance Company 26.02.2013 Investment Advisor 17.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.01.2013 Unclassified 30.01.2013 Insurance Company 30.01.2013 Insurance Company 28.12.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.12.2012 Mutual Fund Manager

Weighting

Change

Target Price

Date

4 3 1 3 4 3 5 3 3 5 1 5 5

M M M D M M M M D M M M M

5 5 4 6 6 6 6 6 5 8 6 #N/A N/A 10

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 6 month 12 month Not Provided 12 month

Date 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 22.02.2013 21.02.2013 22.01.2013 17.01.2013 12.05.2011

28.02.2013

Michael Page International PLC Michael Page International plc provides recruitment consultancy services. The Group places candidates in permanent, contract, temporary, and interim positions. Michael Page conducts operations in the United Kingdom, Europe, Asia-Pacific, and the Americas, focusing on the areas of finance, marketing, retail, sales, legal, technology, human resources, and various others.

Price/Volume 600

400 300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (13.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MPI LN EQUITY YTD Change MPI LN EQUITY YTD % CHANGE

12/2011 01/yy 505.00 337.50 702'504.00 426.4 -15.56% 26.34% 53.07% 304.4 1'297.79 6.25 0.0 0.0 64.42 1'265.38

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

200 100 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 31.12.2007 831.6 1.12x 156.9 5.94x 101.7 9.27x

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

500

31.12.2008 31.12.2009 972.8 716.7 0.61x 1.52x 146.6 32.0 4.07x 34.01x 97.3 12.4 7.09x 98.05x Profitability

31.12.2010 832.3 2.05x 82.6 20.64x 67.5 25.64x

31.12.2011 1'019.1 1.03x 97.8 10.70x 56.9 18.68x 97.78 86.12 8.45% 8.45% 12.54% 25.92% 22.16% 2.83% 54.3% 8.7% 7.5% 5.6% 1.59 1.34 1.79% 3.46% 6.00 -

823'289 697'099 769'601

LTM-4Q

LTM

FY+1

01/yy

12/12 Y 12/13 Y 977.4 994.6 1.27x 1.23x 78.8 89.2 16.06x 14.19x 42.7 49.1 30.68x 27.33x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

35.00

1'200.0

30.00

1'000.0

25.00

2.35 1.17 269.39 -3.57% 7.95% 1.170 24 3.000

FY+2

FQ+1

FQ+2

116.26 96.86 -0.37 0.28 3.5% 3.3% 2.83 32.01 61.00 4.64 -

800.0

20.00

600.0 15.00

400.0 10.00

200.0

5.00 0.00 02.01.2009 02.07.2009

0.0 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 |

28.02.2013

Michael Page International PLC Holdings By:

All

Holder Name FMR LLC FRANKLIN RESOURCES NOMAD INVESTMENT PAR SLEEP ZAKARIA & COMP ARTISAN PARTNERS HOL CAPITAL GROUP COMPAN LONE PINE CAPITAL LL MPI EMPLOYEE BENEFIT BLACKROCK CAUSEWAY CAPITAL MAN LLOYDS BANKING GROUP MICHAEL PAGE INTERNA BAILLIE GIFFORD AND STANDARD LIFE INVEST LEGAL & GENERAL KAMES CAPITAL PLC JO HAMBRO CAPITAL MA AEGON LANSDOWNE PARTNERS UBS AG/LONDON

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a #N/A N/A

Analyst

RBC Capital Markets DAVID GREENALL JPMorgan ROBERT PLANT Investec SEBASTIEN JANTET Peel Hunt HENRY CARVER Credit Suisse ANDY GROBLER Exane BNP Paribas LAURENT BRUNELLE EVA Dimensions CRAIG STERLING Berenberg Bank KONRAD ZOMER Natixis OLIVIER LEBRUN Numis Securities Ltd STEVE WOOLF Oriel Securities Ltd HECTOR FORSYTHE Shore Capital Stockbrokers DAVID O'BRIEN Canaccord Genuity Corp JAMES GILBERT Panmure Gordon & Co Limited PAUL JONES Goldman Sachs CHARLES WILSON Espirito Santo Investment Bank Research GUY HEWETT Deutsche Bank THOMAS SYKES Barclays PAUL CHECKETTS Jefferies KEAN MARDEN HSBC MATTHEW LLOYD Charles Stanley Securities ANDY SMITH CA Cheuvreux HANS PLUIJGERS

Source ULT-AGG ULT-AGG RNS-MAJ REG REG ULT-AGG REG RNS-MAJ ULT-AGG RNS-MAJ ULT-AGG REG REG RNS-MAJ ULT-AGG RNS-MAJ REG ULT-AGG Short RNS-MAJ

Recommendation outperform neutral sell hold underperform neutral sell hold reduce add hold sell hold sell neutral/neutral neutral hold underweight buy overweight buy underperform

Amt Held % Out 65'627'987 21.56 33'850'040 11.12 21'552'513 7.08 21'552'513 7.08 20'674'075 6.79 16'719'500 5.49 15'935'738 5.24 15'412'764 5.06 15'279'215 5.02 15'218'870 5 15'108'375 4.96 13'788'535 4.53 13'152'378 4.32 12'985'079 4.27 10'597'862 3.48 10'381'105 3.41 10'239'271 3.36 9'954'493 3.27 (9'496'019) -3.12 9'450'522 3.11

Latest Chg (10'774'771) 5'270'670 3'285'000 1'123'626 (3'944'919) 3'083'014 41'681 (207'319) 1'323'215 (1'867'057) (276'357) (1'844'808) 398'910 (2'836'791) (304'359) -

File Dt Inst Type 31.12.2012 Investment Advisor 01.02.2013 Investment Advisor 11.04.2012 Investment Advisor 03.12.2012 Unclassified 03.12.2012 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Hedge Fund Manager 12.07.2012 n/a 26.02.2013 Investment Advisor 30.01.2013 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Unclassified 03.12.2012 Investment Advisor 28.03.2012 Investment Advisor 31.01.2013 Unclassified 28.09.2012 Investment Advisor 03.12.2012 Mutual Fund Manager 03.12.2012 Unclassified 20.02.2013 Investment Advisor 21.02.2013 Investment Advisor

Weighting

Target Price

Date

Change 5 3 1 3 1 3 1 3 2 4 3 1 3 1 3 3 3 1 5 5 5 1

M M D M M U M M M M M M M M U N M M M M M M

500 375 394 390 375 400 #N/A N/A 400 270 450 530 #N/A N/A 375 294 453 375 350 340 460 450 500 420

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 12 month 12 month Not Provided Not Provided 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 12 month Not Provided Not Provided Not Provided

Date 25.02.2013 18.02.2013 04.02.2013 04.02.2013 30.01.2013 23.01.2013 17.01.2013 16.01.2013 16.01.2013 16.01.2013 16.01.2013 15.01.2013 15.01.2013 15.01.2013 18.12.2012 18.10.2012 17.10.2012 09.10.2012 08.10.2012 11.09.2012 19.07.2012 22.09.2010

28.02.2013

Mitie Group PLC Mitie Group plc provides a variety of services to both owners and occupiers of commercial and industrial properties. The Group divides its business into two areas, building services and support services. Their building operations encompass air conditioning, industrial painting, and engineering services, while their support services include catering, cleaning, security, and waste services.

Price/Volume 350

Latest Fiscal Year: LTM as of: 52-Week High (08.11.2012) 52-Week Low (28.06.2012) 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 MTO LN EQUITY YTD Change MTO LN EQUITY YTD % CHANGE

03/2012 01/yy 303.00 252.50 874'218.00 281.7 -7.03% 11.56% 57.82% 369.7 1'041.45 168.40 0.0 4.2 60.80 1'178.75

200

1.5 M

150

1.0 M

100 .5 M

50 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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

250

Valuation Analysis

31.03.2008 1'407.2 0.57x 86.8 9.16x 45.0 16.90x

2.5 M

300

31.03.2009 31.03.2010 1'521.9 1'720.1 0.40x 0.47x 98.0 114.9 6.19x 7.02x 53.1 57.1 11.21x 13.55x Profitability

31.03.2011 1'891.4 0.43x 136.9 5.93x 65.2 10.56x

31.03.2012 2'002.5 0.56x 141.7 7.93x 71.9 13.66x

141.70 111.80 5.58% 4.72% 6.15% 16.86% 12.20% 1.88% 15.8% 7.0% 5.5% 3.6% 1.19 0.95 15.41% 40.86% 285.66

3.48 0.76 365.08 9.79% 7.15% 0.762 17 3.000 651'418 599'648 648'548

LTM-4Q

LTM

FY+1

01/yy

03/13 Y 03/14 Y 2'174.0 2'324.6 0.58x 0.53x 144.8 164.2 8.14x 7.18x 85.0 94.3 11.89x 10.75x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

16.00

2'500.0

FY+2

FQ+1

FQ+2

18.64 15.79 0.93 1.34 40.9% 28.8% 1.88 30.71 1.28 26.43

14.00

2'000.0

12.00 10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Mitie Group PLC Holdings By:

All

Holder Name FMR LLC CAPITAL GROUP COMPAN PRIVATE INDIVIDUALS MASSACHUSETTS FINANC MAJEDIE ASSET MANAGE AXA FRAMLINGTON INV CO-OPERATIVE INSURAN LEGAL & GENERAL NEWTON INV MGMT NORGES BANK INVESTME DENVER INVESTMENT AD INVESCO LTD BAE SYSTEMS PENSION HERONBRIDGE INVESTME SCHRODER INVESTMENT STATE TEACHERS RETIR VANGUARD GROUP INC BLACKROCK BANK OF NEW YORK MEL NEUBERGER BERMAN LLC

Firm Name HSBC Goldman Sachs Investec Oriel Securities Ltd Panmure Gordon & Co Limited Peel Hunt Numis Securities Ltd EVA Dimensions Credit Suisse Liberum Capital Ltd RBC Capital Markets Jefferies Barclays Canaccord Genuity Corp Arden Partners Ltd

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios DENVER INVESTMENT AD Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst ALEX MAGNI MAYAN UTHAYAKUMAR ANDREW GIBB HECTOR FORSYTHE ANDY BROWN CHRISTOPHER BAMBERRY HOWARD SEYMOUR CRAIG STERLING EUGENE KLERK WILLIAM SHIRLEY ANDREW BROOKE KEAN MARDEN JANE SPARROW JAMES GILBERT BEN THEFAUT

Source ULT-AGG ULT-AGG REG REG RNS-MAJ REG RNS-MAJ ULT-AGG REG REG 13F REG REG REG REG REG MF-AGG ULT-AGG MF-AGG REG

Recommendation neutral neutral/neutral buy add buy sell reduce hold underperform sell sector perform hold overweight hold buy

Amt Held 82'358'608 35'411'000 28'056'949 25'209'806 18'473'652 17'965'859 17'752'112 14'696'133 9'289'784 8'237'659 8'110'641 6'520'213 6'389'355 6'212'253 4'387'628 4'250'791 4'017'999 3'903'600 3'808'632 3'799'692

% Out 22.28 9.58 7.59 6.82 5 4.86 4.8 3.98 2.51 2.23 2.19 1.76 1.73 1.68 1.19 1.15 1.09 1.06 1.03 1.03

Latest Chg (2'298'246) (1'421'053) (354'398) 362'180 (295'426) 1'081'033 (516'760) 4'902'038 (1'272'378) (984'656) (783'165) 100'564 574'630 322'085 (9'100)

Weighting

Change

Target Price

3 3 5 4 5 1 2 3 1 1 3 3 5 3 5

M M M M M M M M D M U M M M M

280 360 330 315 310 250 245 #N/A N/A 250 240 260 300 320 270 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 02.01.2013 Investment Advisor 02.01.2013 Investment Advisor 02.01.2013 Other 02.01.2013 Investment Advisor 15.02.2013 Investment Advisor 02.01.2013 Investment Advisor 19.11.2010 Insurance Company 31.01.2013 Unclassified 02.01.2013 Mutual Fund Manager 02.01.2013 Government 31.12.2012 Investment Advisor 02.01.2013 Investment Advisor 02.01.2013 Pension Fund (ERISA) 02.01.2013 Investment Advisor 02.01.2013 Investment Advisor 02.01.2013 Pension Fund (ERISA) 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 26.02.2013 Investment Advisor 02.01.2013 Investment Advisor

Date Not Provided 6 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Date 27.02.2013 20.02.2013 28.01.2013 28.01.2013 28.01.2013 25.01.2013 25.01.2013 17.01.2013 15.01.2013 09.01.2013 05.12.2012 28.11.2012 22.11.2012 21.11.2012 01.07.2010

28.02.2013

Mobimo Holding AG Mobimo Holding AG builds and renovates residential real estate and invests in commercial real estate.

Price/Volume 250

.1 M

200

.1 M .0 M

150

.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2012) 52-Week Low (05.03.2012) 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 MOBN SE EQUITY YTD Change MOBN SE EQUITY YTD % CHANGE

100

12/2012 01/yy 228.00 205.56 24'176.00 211.2 -7.37% 2.75% 25.15% 6.2 1'311.32 1'062.91 0.0 3.5 97.65 2'280.05

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 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 197.2 6.14x 69.3 17.48x 45.0 13.65x

.0 M

31.12.2009 31.12.2010 258.7 177.3 6.61x 10.81x 74.4 69.6 22.97x 27.52x 62.5 66.0 12.50x 15.35x Profitability

31.12.2011 230.0 9.10x 81.1 25.80x 80.5 13.45x

31.12.2012 252.4 9.22x 83.7 27.78x 76.3 17.75x 83.72 81.44 21.39% 37.11% 3.05% 6.44% 3.38% 0.10% 33.2% 30.2% 42.20% 88.76% -

15'765 12'762 11'857

LTM-4Q

LTM

FY+1

01/yy

12/13 Y 12/14 Y 125.3 129.7 19.13x 19.26x 96.2 97.0 23.69x 23.51x 59.1 58.0 23.89x 24.59x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

70.00

300.0

60.00

250.0

50.00

0.59 5.58 1.34% -3.52% 0.590 5 2.600

FY+2

FQ+1

FQ+2

3.05 -1.29 11.53 12.70 88.8% 47.0% 0.10 -

200.0

40.00

150.0 30.00

100.0 20.00

50.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Mobimo Holding AG Holdings By:

All

Holder Name PENSIONSKASSE DES KA MIGROS COOPERATIVE A BLACKROCK CREDIT SUISSE ASSET MEILI ALFRED UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT VANGUARD GROUP INC REICHMUTH & CO LEDERMANN URS IAM INDEPENDENT ASSE FMR LLC DIMENSIONAL FUND ADV PICTET & CIE MIRABAUD & CIE SARASIN ING INTERNATIONAL AD JULIUS BAER ASSET MA PETERCAM SA KBC GROUP NV

Firm Name EVA Dimensions Zuercher Kantonalbank Kempen & Co Bank Vontobel AG

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst AUSTIN BURKETT MARKUS WAEBER ROBERT WOERDEMAN STEFAN SCHUERMANN

Source Co File Co File ULT-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG EXCH Co File MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell market perform underweight hold

Amt Held 209'861 204'894 190'613 185'671 134'560 83'235 80'463 77'897 41'500 34'650 30'754 29'687 26'514 26'350 25'622 20'154 19'000 12'147 11'800 11'107

% Out 3.38 3.3 3.07 2.99 2.17 1.34 1.3 1.25 0.67 0.56 0.5 0.48 0.43 0.42 0.41 0.32 0.31 0.2 0.19 0.18

Latest Chg (23'328) (13'762) 871 (26) 2'196 9'524 (188) (1'486) 20 (6'000) 1'800 30

Weighting

Change

Target Price

1 3 1 3

M D M M

#N/A N/A #N/A N/A 210 210

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Other 31.12.2012 Other 26.02.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 01.02.2011 n/a 31.10.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 09.07.2010 Investment Advisor 31.12.2012 n/a 31.10.2012 Investment Advisor 30.09.2012 Investment Advisor 31.07.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 29.06.2012 Mutual Fund Manager 30.11.2012 Unclassified 28.09.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 30.12.2011 Mutual Fund Manager 31.01.2013 Investment Advisor

Date Not Provided Not Provided 12 month Not Provided

Date 17.01.2013 16.01.2013 13.01.2013 27.11.2012

28.02.2013

Modern Times Group AB Modern Times Group is an international entertainment broadcasting group in Europe. The Company broadcasts free TV, satellite premium pay TV, and commercial radio.

Price/Volume 400

3.5 M

350

3.0 M

300

2.5 M

250

Latest Fiscal Year: LTM as of: 52-Week High (03.04.2012) 52-Week Low (26.10.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MTGB SS EQUITY YTD Change MTGB SS EQUITY YTD % CHANGE

12/2012 12/yy 371.30 195.80 385'555.00 271.1 -26.99% 38.46% 42.91% 60.9 18'296.85 1'024.00 0.0 188.0 748.00 18'760.85

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

150 100

1.0 M

.5 M

0 f-12 m-12

.0 M a-12 m-12

31.12.2009 31.12.2010 12'427.0 13'101.0 2.04x 2.44x 5'158.0 2'266.0 4.92x 14.13x (2'033.0) 3'522.0 16.96x Profitability

31.12.2011 13'473.0 1.73x (943.0) (1'327.0) -

31.12.2012 13'336.0 1.17x 1'842.0 8.45x 1'526.0 9.88x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

1'842.00 1'695.00 12.71% 15.25% 13.29% 33.66% 1.16% 40.8% 12.7% 11.4% 1.16 0.16 8.76% 20.70% 4.91

1.10 -13.81% 19.64% 1.098 19 3.579 367'300 479'982 479'824

LTM-4Q

LTM

FY+1

12/yy 13'473.0 8.04x 0.0 0.00x (1'327.0) 0.00x

12/yy 13'336.0 6.29x 571.0 0.00x 1'527.0 9.88x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 13'552.8 14'105.0 3'217.3 3'528.6 1.34x 1.24x 5.77x 5.34x 1'845.3 2'085.8 287.0 507.0 10.17x 8.99x 12.42x 1'381.1 1'587.7 335.0 391.0 13.08x 11.31x 13.02x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

40.00

16'000.0

35.00

14'000.0

30.00

12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 13'166.0 1.13x 2'260.0 6.56x 2'851.0 3.90x

2.0 M

200

Valuation Analysis

FY+2

FQ+1

FQ+2

14.09.2006 NR 54.18 -9.41 20.7% 16.6% 1.16 44.01 74.51 59.49

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 |

28.02.2013

Modern Times Group AB Holdings By:

All

Holder Name KINNEVIK INVESTMENT CAPITAL GROUP COMPAN SWEDBANK ROBUR FONDE NORDEA FONDER AB/SWE LANNEBO FONDER AB AMF FONDER AB AMF PENSION NORDEA FONDER AB SHB/SPP FUNDS 1ST SWEDISH NATIONAL FMR LLC HANDELSBANKEN FONDER SEB FONDER AB GOVERNMENT OF NORWAY NORDEA INVESTMENT FU ANDRA AP FONDEN JUPITER ASSET MANAGE SKANDIA FONDER AB LANSFORSAKRINGAR FON 4TH NAT SWEDISH PENS

Firm Name AlphaValue EVA Dimensions S&P Capital IQ Carnegie Nordea Equity Research Handelsbanken Exane BNP Paribas Danske Markets Goldman Sachs JPMorgan Jefferies Pareto Securities SEB Enskilda Prime Predictions CA Cheuvreux Swedbank ABG Sundal Collier Morgan Stanley Alandsbanken Equities

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst VERONIQUE CABIOC'H CRAIG STERLING ALEXANDER WISCH MIKAEL LASEEN JOHAN GRABE RASMUS ENGBERG ADRIEN DE SAINT HILAIRE BILE DAAR LISA YANG FILIPPO PIETRO LO FRANCO WILL SMITH SERGEJ KAZATCHENKO STEFAN NELSON PETER LJUNGGREN NIKLAS KRISTOFFERSSONN CHRISTIAN ANDERSON ANDERS HILLERBORG PATRICK WELLINGTON HUGO PETERSON

Source 13G ULT-AGG Research MF-AGG Research MF-AGG Research Research Research Research ULT-AGG MF-AGG Research Research MF-AGG Research MF-AGG Research MF-AGG Research

Recommendation buy underweight hold buy buy reduce outperform buy Buy/Neutral underweight buy hold buy strong buy underperform neutral hold Equalwt/Attractive neutral

Amt Held 8'384'365 3'674'300 3'569'994 3'226'405 2'552'798 2'535'500 2'191'200 2'169'477 1'750'090 1'698'783 1'288'945 1'226'288 1'206'657 1'142'647 1'003'855 1'000'575 918'626 898'560 817'776 803'975

% Out 13.77 6.03 5.86 5.3 4.19 4.16 3.6 3.56 2.87 2.79 2.12 2.01 1.98 1.88 1.65 1.64 1.51 1.48 1.34 1.32

Latest Chg (55'700) 86'895 (178'500) 631'200 (556'307) (471'291) 151'971 257'118 -

File Dt Inst Type 31.12.2012 Holding Company 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 29.06.2012 Investment Advisor 31.12.2012 Investment Advisor 29.06.2012 Pension Fund (ERISA) 29.06.2012 Investment Advisor 29.06.2012 Investment Advisor 29.06.2012 Pension Fund (ERISA) 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 29.06.2012 Mutual Fund Manager 29.06.2012 Government 31.12.2012 Investment Advisor 29.06.2012 Pension Fund (ERISA) 31.07.2012 Investment Advisor 29.06.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 29.06.2012 Pension Fund (ERISA)

Weighting

Change

Target Price

Date

5 1 3 5 5 2 5 5 5 1 5 3 5 5 1 3 3 3 3

M D M M M M M M M M M D M U M M M N M

363 #N/A N/A 280 #N/A N/A 290 258 310 300 322 271 300 270 265 287 190 210 370 343 472

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 9 month 12 month 6 month Not Provided 12 month Not Provided 12 month 6 month 12 month 12 month

Date 21.02.2013 20.02.2013 15.02.2013 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 04.02.2013 14.01.2013 14.11.2012 19.10.2012 20.04.2012 14.11.2011 20.10.2010

28.02.2013

National Bank of Greece SA National Bank of Greece S.A. offers retail and corporate banking services. The Bank accepts deposits and offers loans, lease financing, mortgages, and investing and insurance services to industrial, commercial, and consumer clients. National Bank of Greece operates domestically and overseas.

Price/Volume 3

70.0 M

60.0 M 50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (09.03.2012) 52-Week Low (26.02.2013) 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 ETE GA EQUITY YTD Change ETE GA EQUITY YTD % CHANGE

12/2011 09/yy 2.71 0.89 6'613'960.00 0.939 -65.35% 5.51% 2.69% 956.1 897.77 37'573.71 83.6 8'718.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

20.0 M

10.0 M

0 f-12

.0 M m-12

a-12

m-12

31.12.2008 31.12.2009 8'339.1 7'744.0 1'546.0 922.6 4.83x 12.23x Profitability

31.12.2010 6'993.7 405.5 13.15x

31.12.2011 7'328.4 (12'344.0) -35.73% -35.70% -12.13% -32.32% 0.05% -269.2% 35.16% -

LTM-4Q

LTM

09/yy 7'249.5 0.00x 0.0 0.00x (1'199.4) 0.00x

09/yy 5'951.1 0.00x 0.0 0.00x (13'261.5) 0.00x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

Sales/Revenue/Turnover

4.50

9'000.0

4.00

8'000.0

3.50

7'000.0

3.00

6'000.0

2.50

5'000.0

2.00

4'000.0

1.50

3'000.0

1.00

2'000.0

0.50

1'000.0

1.34 870.13 -60.04% -27.21% 1.336 7 2.000 5'528'382 4'309'703 4'777'704 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 3'917.7 4'479.5 1'097.0 (296.8) (41.0) S&P Issuer Ratings

Price/ Cash Flow

0.00 02.01.2009

j-12

Fiscal Year Ended 31.12.2007 7'331.7 1'625.3 16.15x

40.0 M

Valuation Analysis

15.06.2011 CCC NEG 15.06.2011 C 100.7% 0.05 2.95 -

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 |

28.02.2013

National Bank of Greece SA Holdings By:

All

Holder Name GREEK GOVERNMENT VANGUARD GROUP INC BLACKROCK ALPHA MUTUAL FUND MA DIETHNIKI MUTUAL FUN DIMENSIONAL FUND ADV ALICO MFC ATE MUTUAL FUND MANA ING PIRAEUS FUND MAN MARFIN MUTUAL FUND M ALPHA TRUST FUNDS STATE STREET SANPAOLO IMI ASSET M LEGAL & GENERAL ALLIANZ HELLENIC MUT GAESCO GESTION SA SG TT ELTA AEDAK BPVI FONDI SGR SPA BNP ASSET MANAGEMENT CHARLES SCHWAB INVES

Firm Name Euroxx Securities National Securities SA Marfin Analysis (ESN) Goldman Sachs Keefe, Bruyette & Woods Mediobanca SpA Piraeus Securities S.A. Nomura Eurobank EFG EVA Dimensions Deutsche Bank JPMorgan Natixis ATE Securities S.A.

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MARIA KANELLOPOULOU PANAGIOTIS KLADIS KONSTANTINOS MANOLOPOULOS PAWEL DZIEDZIC ANTONIO RAMIREZ ALEX TSIRIGOTIS NATASHA ROUMANTZI DARAGH QUINN NICK KOSKOLETOS TEAM COVERAGE CARLOS BERASTAIN GONZALEZ PAUL FORMANKO ALEX KOAGNE ANTHONY CHRISTOFIDIS

Source EXCH MF-AGG ULT-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 MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation equalweight restricted suspended coverage Rating Suspended underperform underperform neutral reduce Under Review sell restricted underweight reduce overweight

Amt Held 85'378'883 9'577'777 5'840'172 4'155'861 3'773'696 2'100'930 1'307'000 830'000 714'622 635'000 588'617 583'598 497'853 464'894 455'011 396'300 350'000 248'826 234'506 217'355

% Out 8.93 1 0.61 0.43 0.39 0.22 0.14 0.09 0.07 0.07 0.06 0.06 0.05 0.05 0.05 0.04 0.04 0.03 0.02 0.02

Latest Chg 29'315 15'627 (1'483'952) 515'666 (96'000) (697'000) 94'287 635'000 (103'000) 5'538 248'320 50'000 63'000 248'826 1'743 53'769

Weighting

Change

Target Price

3 #N/A N/A #N/A N/A #N/A N/A 1 1 3 2 #N/A N/A 1 #N/A N/A 1 2 5

M M M M M D M D M D M M D M

#N/A N/A #N/A N/A #N/A N/A #N/A N/A 0 1 #N/A N/A 1 #N/A N/A #N/A N/A #N/A N/A 1 1 14

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 03.08.2012 Government 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 30.12.2011 Investment Advisor 30.03.2012 Investment Advisor 31.12.2012 Investment Advisor 27.02.2013 Investment Advisor 30.06.2011 Mutual Fund Manager 28.12.2012 Unclassified 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.11.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 31.10.2012 Investment Advisor

Date Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 27.02.2013 26.02.2013 14.01.2013 07.12.2012 03.12.2012 26.11.2012 10.10.2012 26.06.2012 05.06.2012 05.03.2012 06.02.2012 17.01.2012 18.10.2011 12.10.2010

28.02.2013

National Express Group PLC National Express Group plc provides mass passenger transport services. The Group operates express coaches, buses, and trains.

Price/Volume 300

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

250 200 150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (28.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NEX LN EQUITY YTD Change NEX LN EQUITY YTD % CHANGE

12/2011 01/yy 256.20 162.90 761'784.00 195.3 -23.77% 19.89% 34.73% 511.7 999.41 773.20 0.0 7.9 92.50 1'869.61

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

50 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 31.12.2007 2'612.3 1.08x 289.8 9.71x 105.1 16.94x

100

31.12.2008 31.12.2009 2'767.0 2'711.1 0.70x 0.61x 347.9 269.7 5.59x 6.09x 118.8 (53.5) 5.70x Profitability

31.12.2010 2'125.9 0.89x 304.0 6.24x 61.4 20.74x

31.12.2011 2'238.0 0.82x 329.8 5.54x 101.2 11.21x 329.80 173.50 7.75% 5.78% 3.23% 8.33% 6.85% 0.84% 15.6% 7.8% 4.5% 0.66 0.41 31.98% 80.75% 9.55 -

1'345'253 1'296'725 1'119'816

LTM-4Q

LTM

FY+1

01/yy

12/12 Y 12/13 Y 1'807.1 1'775.1 1.01x 1.01x 317.2 307.8 5.89x 6.07x 123.3 111.8 8.17x 8.92x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

3'000.0

12.00

4.94 0.96 405.95 -12.48% -4.31% 0.959 19 4.000

FY+2

FQ+1

FQ+2

6.21 4.24 2.70 2.97 80.8% 44.5% 0.84 2.73 38.32 -

2'500.0

10.00

2'000.0

8.00

1'500.0 6.00

1'000.0 4.00

500.0

2.00 0.00 02.01.2009 02.07.2009

0.0 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 |

28.02.2013

National Express Group PLC Holdings By:

All

Holder Name ELLIOTT CAPITAL ADVI EUROPEAN EXPRESS ENT PRUDENTIAL PLC LEGAL & GENERAL JUPITER ASSET MANAGE UBS SCOTTISH WIDOWS NORGES BANK INVESTME ABERFORTH PARTNERS AVIVA INVESTORS BLACKROCK DIMENSIONAL FUND ADV ABERFORTH PARTNERS SCHRODER INVESTMENT JUPITER ASSET MANAGE AVIVA INVESTORS FUND VANGUARD GROUP INC CORUS UK LTD (BRITIS SCHRODER INVESTMENT MARATHON ASSET MANAG

Firm Name

Portfolio Name n/a Multiple Portfolios 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Morgan Stanley JAIME ROWBOTHAM HSBC JOSEPH P THOMAS RBC Capital Markets DAMIAN BREWER Oriel Securities Ltd EDWARD STANFORD Espirito Santo Investment Bank Research GERALD KHOO Nomura ANDREW EVANS EVA Dimensions CRAIG STERLING JPMorgan DAVID PITURA Investec JOHN LAWSON Jefferies JOSEPH SPOONER Shore Capital Stockbrokers KARL BURNS Panmure Gordon & Co Limited GERT ZONNEVELD Deutsche Bank ANAND DATE Barclays ADRIAN YANOSHIK Liberum Capital Ltd ALEXIA DOGANI Charles Stanley Securities DOUGLAS MCNEILL Goldman Sachs OLIVER NEAL

Source ULT-AGG REG RNS-MAJ ULT-AGG REG ULT-AGG ULT-AGG REG REG REG ULT-AGG REG MF-AGG REG MF-AGG MF-AGG MF-AGG REG MF-AGG REG

Recommendation Overwt/In-Line overweight outperform add neutral neutral overweight neutral hold buy buy hold hold equalweight hold hold not rated

Amt Held 108'470'737 88'845'591 66'764'762 17'356'251 16'716'138 15'701'163 13'989'690 12'231'904 9'798'825 9'714'591 8'866'511 8'747'045 8'700'679 8'383'431 7'964'901 7'697'686 6'451'277 5'988'277 5'600'000 4'922'354

% Out 21.2 17.36 13.05 3.39 3.27 3.07 2.73 2.39 1.91 1.9 1.73 1.71 1.7 1.64 1.56 1.5 1.26 1.17 1.09 0.96

Latest Chg 5'726'270 (9'744) 4'973'653 (1'664'718) (1'718'118) 1'504'547 (3'894'267) (643'900) 4'922'748 (276'478) 237'200 (1'725'735) (117'730) (4'700'000) -

File Dt Inst Type 01.11.2012 Investment Advisor 01.11.2012 Unclassified 09.11.2012 Investment Advisor 31.01.2013 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Unclassified 01.11.2012 Unclassified 01.11.2012 Government 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 26.02.2013 Investment Advisor 01.11.2012 Investment Advisor 31.01.2013 Investment Advisor 01.11.2012 Investment Advisor 31.07.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 01.11.2012 Pension Fund (ERISA) 31.07.2012 Investment Advisor 01.11.2012 Investment Advisor

Weighting

Change

Target Price

Date

5 5 5 4 3 3 5 3 3 5 5 3 3 3 3 3 #N/A N/A

M M M M M M M M M M M M M M M M M

215 230 230 #N/A N/A 210 206 #N/A N/A 219 180 300 #N/A N/A 220 210 190 #N/A N/A 210 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 9 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Date 28.02.2013 22.02.2013 07.02.2013 07.02.2013 23.01.2013 21.01.2013 17.01.2013 14.12.2012 13.12.2012 13.12.2012 13.12.2012 13.12.2012 10.12.2012 03.12.2012 25.10.2012 24.10.2012 14.09.2011

28.02.2013

NCC AB NCC AB is a construction company. The Company plans, develops, constructs, and renovates commercial buildings, schools, sports facilities, car parks, roads, bridges, airports, and others. NCC also conducts surfacing work for roads and produces asphalt mix, aggregates, and concrete and operates a machinery unit. The Company also sells investment properties. NCC is active in northern Europe.

Price/Volume 180

2.5 M

160 2.0 M

140 120

1.5 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NCCB SS EQUITY YTD Change NCCB SS EQUITY YTD % CHANGE

12/2011 12/yy 170.60 110.30 612'929.00 167.6 -1.76% 51.95% 95.02% 78.3 18'137.32 9'243.00 0.0 15.0 2'802.00 24'593.32

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.5 M

20 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 31.12.2008 57'465.0 0.16x 2'806.0 3.19x 1'809.0 2.99x

1.0 M

31.12.2009 31.12.2010 56'005.0 49'420.0 0.27x 0.34x 3'213.0 2'751.0 4.64x 6.10x 1'654.0 1'524.0 7.73x 10.47x Profitability

31.12.2011 52'535.0 0.33x 2'532.0 6.91x 1'310.0 10.06x

31.12.2012 57'227.0 0.37x 3'156.0 6.70x 1'894.0 7.77x 3'156.00 2'525.00 4.41% 3.95% 5.27% 21.95% 1.59% 9.6% 5.5% 4.4% 3.3% 1.69 0.56 23.73% 103.01% 7.64 85.36

601'040 508'669 392'169

LTM-4Q

LTM

FY+1

12/yy 52'536.0 1.45x 2'600.0 6.75x 1'310.0 10.05x

12/yy 57'226.0 1.52x 3'155.0 6.70x 1'894.0 7.76x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 55'940.6 58'204.7 9'958.3 14'451.1 0.45x 0.42x 3'006.8 3'143.0 (47.3) 917.8 8.18x 7.82x 8.16x 8.32x 1'695.0 1'824.3 (170.1) 549.9 10.56x 9.90x 10.03x 9.85x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

50.00

70'000.0

45.00

1.15 22.83% 23.05% 1.153 11 3.727

FY+2

FQ+1

FQ+2

11.06 7.82 2.04 2.93 103.0% 50.7% 1.59 19.53 47.94 4.29 31.04 21.18

60'000.0

40.00 35.00

50'000.0

30.00

40'000.0

25.00

30'000.0

20.00

20'000.0

15.00 10.00

10'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

NCC AB Holdings By:

All

Holder Name SWEDBANK ROBUR FONDE SEB LANNEBO FONDER AB AFA INSURANCE FJARDE AP-FONDEN SHB FUNDS AMF FONDER AB AMF PENSION INSURANC LANSFORSAKRINGAR FON GOVERNMENT OF NORWAY HANDELSBANKEN FONDER LANSFORSAKRINGAR FON BLACKROCK NORDEA FONDER AB FOLKSAM LO FOND AB LORD ABBETT & CO LLC VANGUARD GROUP INC ODIN FORVALTNING AS DANSKE CAPITAL SVERI DIMENSIONAL FUND ADV

Firm Name SEB Enskilda Carnegie Nordea Equity Research DNB Markets ABG Sundal Collier Handelsbanken Danske Markets EVA Dimensions CA Cheuvreux Swedbank Evli Bank Plc

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst STEFAN ANDERSSON TOBIAS KAJ JONAS L ANDERSSON SIMEN MORTENSEN FREDRIC CYON ALBIN SANDBERG PETER TRIGARSZKY CRAIG STERLING BJORN GUSTAFSSON NICLAS HOGLUND ERIC RITZEN

Source Research ULT-AGG Research Research Research Research MF-AGG Research MF-AGG Research MF-AGG Research ULT-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold hold hold buy buy accumulate buy hold underperform strong buy accumulate

Amt Held 4'904'737 3'993'711 3'580'000 3'330'833 2'647'981 2'364'541 2'291'300 2'291'300 2'259'107 2'058'588 1'769'354 1'705'626 1'638'468 1'394'880 1'099'190 1'012'092 829'948 705'000 638'000 592'750

% Out 6.26 5.1 4.57 4.25 3.38 3.02 2.93 2.93 2.89 2.63 2.26 2.18 2.09 1.78 1.4 1.29 1.06 0.9 0.81 0.76

Latest Chg 9'741 (15'000) 739'226 104'665 (23'148) 930'403 16'450 55'000 -

Weighting

Change

Target Price

3 3 3 5 5 4 5 3 1 5 4

M M U M M M M M M M M

157 #N/A N/A 155 170 166 160 180 #N/A N/A 125 160 140

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.10.2012 Investment Advisor 31.12.2012 Unclassified 31.10.2012 Investment Advisor 31.10.2012 Insurance Company 31.10.2012 Pension Fund (ERISA) 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Insurance Company 31.12.2012 Investment Advisor 31.03.2012 Government 31.01.2013 Investment Advisor 31.10.2012 Insurance Company 26.02.2013 Investment Advisor 31.03.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor

Date Not Provided Not Provided 12 month Not Provided 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month

Date 25.02.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 21.01.2013 17.01.2013 17.12.2012 27.11.2012 30.10.2012

28.02.2013

Neopost SA Neopost SA manufactures mailing and shipping equipment. The Company produces electronic mailing systems, electronic postal scales, computerized shipping and mail accounting systems, folders and inserters, letter openers, mailroom furnishings, addressing printers, and software and mailroom supplies. Neopost markets its machines worldwide.

Price/Volume 60

40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (14.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NEO FP EQUITY YTD Change NEO FP EQUITY YTD % CHANGE

01/2012 10/yy 53.16 36.18 54'278.00 44.335 -16.60% 22.56% 48.04% 34.4 1'526.29 837.00 0.0 0.0 171.80 2'291.59

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20 10 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 31.01.2008 907.1 2.81x 302.5 8.42x 135.7 15.59x

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

31.01.2009 31.01.2010 918.1 913.1 2.83x 2.74x 301.2 297.1 8.61x 8.42x 157.0 147.9 12.37x 11.88x Profitability

31.01.2011 965.6 2.91x 313.7 8.96x 155.7 13.33x

31.01.2012 1'002.6 2.46x 319.1 7.73x 153.6 11.47x 319.10 256.50 25.58% 20.95% 7.50% 24.65% 12.31% 0.45% 77.8% 31.4% 25.1% 15.3% 0.67 0.33 37.46% 120.12% 5.80 3.09

63'537 100'567 124'272

LTM-4Q

LTM

FY+1

10/yy 986.6 0.00x 0.0 0.00x 0.0 0.00x

10/yy 1'047.2 0.00x 0.0 0.00x 0.0 0.00x

01/13 Y 01/14 Y 01/13 Q4 04/13 Q1 1'080.0 1'111.5 295.0 2.12x 2.06x 336.5 345.5 6.81x 6.63x 168.5 172.1 8.93x 8.78x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

1'200.0

12.00

1'000.0

10.00

0.68 26.55 -5.34% 15.62% 0.676 15 3.800

FY+2

FQ+1

FQ+2

9.91 8.41 2.37 2.78 120.1% 54.6% 0.45 7.36 63.14 118.33 103.30 64.73

800.0

8.00

600.0 6.00

400.0 4.00

200.0

2.00 0.00 06.02.2009

0.0 06.08.2009

06.02.2010

06.08.2010

06.02.2011

06.08.2011

06.02.2012

06.08.2012

06.02.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Neopost SA Holdings By:

All

Holder Name FIRST EAGLE INVESTME BLACKROCK MASSACHUSETTS FINANC MONDRIAN INVESTMENT MARATHON ASSET MANAG AMERIPRISE FINANCIAL ALKEN LUXEMBOURG SAR JUPITER ASSET MGMT L CREDIT SUISSE GROUP UBS JUPITER ASSET MANAGE AKO CAPITAL LLP MFS INVESTMENT MGMT CAPITAL GROUP COMPAN CAPITAL RESEARCH INT COLUMBIA WANGER ASSE FRANKLIN EQUITY GROU FRANKLIN RESOURCES ROYAL LONDON ASSET M ING INTERNATIONAL AD

Firm Name Societe Generale Kepler Capital Markets Gilbert Dupont AlphaValue CM - CIC Securities(ESN) Oddo & Cie Natixis EVA Dimensions Main First Bank AG Goldman Sachs Exane BNP Paribas Day by Day HSBC CA Cheuvreux Redburn Partners

Portfolio Name n/a n/a n/a n/a n/a #N/A N/A n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst PATRICK JOUSSEAUME CLAIRE DERAY DENISE BOUCHET LIONEL PELLICER CHRISTIAN AUZANNEAU JEAN-FRANCOIS GRANJON ARNAUD SCHMIT ANDREW S ZAMFOTIS MOURAD LAHMIDI BENJAMIN MOORE PIERRE BERNARDIN VALERIE GASTALDY CHRISTOPHE QUARANTE DAVID CERDAN PASCAL HAUTCOEUR

Source Research ULT-AGG Research Co File Co File Research Research Research Research ULT-AGG MF-AGG Short Co File ULT-AGG Co File Co File Co File ULT-AGG MF-AGG MF-AGG

Recommendation hold buy buy buy buy buy buy hold underperform neutral/neutral outperform hold underweight outperform sell

Amt Held % Out 3'443'329 10 2'632'941 7.65 2'163'079 6.28 1'906'442 5.54 1'894'891 5.5 1'745'795 5.07 1'737'952 5.05 1'595'248 4.63 1'591'956 4.62 1'553'242 4.51 1'214'526 3.53 (1'138'484) -3.31 1'110'684 3.23 1'108'576 3.22 1'104'150 3.21 1'057'571 3.07 1'053'419 3.06 887'327 2.58 614'399 1.78 586'857 1.7

Latest Chg 52'108 (361'125) 438'807 (428'868) (175'952) (365'884) (13'758) 102'661 86'151 79'133

File Dt Inst Type 15.02.2013 Hedge Fund Manager 26.02.2013 Investment Advisor 10.08.2012 Investment Advisor 31.01.2012 Hedge Fund Manager 31.01.2012 Investment Advisor 25.02.2013 Investment Advisor 12.11.2012 Investment Advisor 14.02.2012 Investment Advisor 06.02.2012 Unclassified 18.12.2012 Unclassified 31.07.2012 Investment Advisor 27.12.2012 Investment Advisor 31.01.2012 Unclassified 31.12.2012 Investment Advisor 31.01.2012 Unclassified 31.01.2012 Investment Advisor 31.01.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 28.09.2012 Investment Advisor

Weighting

Target Price

Date

Change 3 5 5 5 5 5 5 3 1 3 5 3 1 5 1

M M M M M M M M M M M M M M M

42 62 52 69 54 50 49 #N/A N/A 40 43 54 #N/A N/A 40 63 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month Not Provided Not Provided 6 month 12 month 12 month Not Provided Not Provided 12 month 6 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 27.02.2013 26.02.2013 25.02.2013 21.02.2013 01.02.2013 29.01.2013 24.01.2013 17.01.2013 04.01.2013 19.12.2012 04.12.2012 12.11.2012 03.10.2012 02.04.2012 12.08.2009

28.02.2013

Neste Oil OYJ Neste Oil OYJ is an independent northern European oil refining and marketing company that focuses on high-quality traffic fuels and other high value-added petroleum products with reduced environmental impact.

Price/Volume 14

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

12 10 8

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 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 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NES1V FH EQUITY YTD Change NES1V FH EQUITY YTD % CHANGE

12/2012 12/yy 12.23 7.11 523'481.00 11.52 -5.81% 62.03% 86.13% 256.4 2'953.77 2'334.00 0.0 16.0 409.00 4'894.77

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2 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 15'043.0 0.25x 396.0 9.39x 97.0 27.91x

31.12.2009 31.12.2010 9'636.0 11'892.0 0.53x 0.41x 549.0 567.0 9.31x 8.59x 221.0 229.0 14.38x 13.35x Profitability

31.12.2011 15'420.0 0.27x 562.0 7.28x 158.0 12.64x

31.12.2012 17'853.0 0.25x 656.0 6.77x 157.0 15.93x 656.00 324.00 1.81% 1.31% 2.14% 6.26% 2.44% 3.7% 1.8% 0.9% 1.31 0.17 31.60% 91.10% -

1.23 29.43% 17.91% 1.227 24 2.875 803'946 1'132'630 986'566

LTM-4Q

LTM

FY+1

12/yy 15'420.0 1.22x 562.0 7.28x 158.0 12.64x

12/yy 17'853.0 1.05x 656.0 6.77x 157.0 15.93x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 17'134.5 17'106.5 4'320.4 4'322.3 0.27x 0.26x 1.10x 1.11x 781.1 810.2 207.8 183.3 6.27x 6.04x 6.17x 6.42x 278.8 305.6 74.8 63.1 10.49x 9.59x 9.84x 9.97x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

30.00

20'000.0

FY+2

FQ+1

FQ+2

7.59 2.99 2.93 3.56 91.1% 47.5% 2.44 4.56 -

18'000.0 25.00

16'000.0 14'000.0

20.00

12'000.0 10'000.0

15.00

8'000.0 10.00

6'000.0 4'000.0

5.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Neste Oil OYJ Holdings By:

All

Holder Name REPUBLIC OF FINLAND ILMARINEN MUTUAL PEN VARMA MUTUAL PENSION VANGUARD GROUP INC SOCIAL INSUR INSTITU FINLAND STATE PENSIO SAC CAPITAL ADVISORS NORDEA INVESTMENT FU CITY OF KURIKKA MARSHALL WACE LLP DIMENSIONAL FUND ADV GYLLENBERG RAHASTOYH DANSKE INVESTMENT SU BLACKROCK OP DELTA FUND FENNIA MUTUAL INSURA BLACKROCK INVESTMENT NORDEA FENNIA FUND THRIVENT FINANCIAL F WIPUNEN VARAINHALLIN

Firm Name AlphaValue Credit Suisse Exane BNP Paribas Evli Bank Plc Jefferies Societe Generale Pohjola Bank Plc (ESN) SEB Enskilda CA Cheuvreux Nordea Equity Research Nomura Barclays ABG Sundal Collier Carnegie Handelsbanken Pareto Securities INDERES EVA Dimensions Goldman Sachs Danske Markets Swedbank Natixis

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a

Analyst ALEXANDRE ANDLAUER THOMAS YOICHI ADOLFF ALEX TOPOUZOGLOU MARKKU JARVINEN IAIN REID MEHDI ENNEBATI HENRI PARKKINEN JUHA ISO-HERTTUA MATTEO BONIZZONI PASI VAISANEN MATTHEW LOFTING LYDIA RAINFORTH PETTER NYSTROM TIMO HEINONEN KARRI RINTA TEEMU VAINIO JUHA KINNUNEN CRAIG STERLING HENRY MORRIS ANTTI KOSKIVUORI PETRI KARHUNKOSKI HAGER BOUALI

Source Research Research Research MF-AGG Research Research Short MF-AGG Research Short MF-AGG MF-AGG Research ULT-AGG Research Research Short Research MF-AGG Research

Recommendation sell neutral neutral accumulate hold hold accumulate buy underperform buy reduce equalweight hold hold accumulate hold reduce hold Sell/Cautious hold neutral suspended coverage

Amt Held % Out 128'458'247 50.1 8'806'390 3.43 4'128'970 1.61 2'694'745 1.05 2'648'424 1.03 2'540'000 0.99 (2'307'633) -0.9 1'875'324 0.73 1'550'875 0.6 (1'410'220) -0.55 1'327'628 0.52 1'228'700 0.48 1'225'000 0.48 1'176'864 0.46 1'155'000 0.45 1'053'000 0.41 (1'051'255) -0.41 990'000 0.39 931'100 0.36 925'000 0.36

Latest Chg (678'200) 249'829 (25'640) 54'528 (297'000) 3'317 282'044 285'050 -

File Dt Inst Type 30.11.2012 Government 30.11.2012 Insurance Company 30.11.2012 Insurance Company 31.12.2012 Investment Advisor 30.11.2012 Government 30.11.2012 Government 07.02.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Government 14.01.2013 Hedge Fund Manager 31.07.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 30.11.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 30.11.2012 Investment Advisor 30.11.2012 Insurance Company 30.01.2013 Investment Advisor 30.11.2012 n/a 31.10.2012 Investment Advisor 30.11.2012 n/a

Weighting

Target Price

Date

1 3 3 4 3 3 4 5 1 5 2 3 3 3 4 3 2 3 1 3 3 #N/A N/A

Change M M M M M M M U M M M M M D M U M M M U M M

9 12 10 12 10 11 12 12 10 14 10 12 10 #N/A N/A 13 11 11 #N/A N/A 10 11 10 8

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 6 month Not Provided 12 month 6 month Not Provided Not Provided 12 month 12 month 12 month Not Provided

Date 21.02.2013 11.02.2013 11.02.2013 08.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 17.01.2013 07.01.2013 07.01.2013 26.10.2012 29.07.2011

28.02.2013

Nutreco NV Nutreco NV, through subsidiaries, breeds livestock and manufactures animal and fish feeds. The Company produces compound feeds for pigs, poultry, salmon and trout, and breeds poultry and produces eggs. Nutreco operates throughout Europe.

Price/Volume 80

1.2 M

1.0 M

60 .8 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (14.06.2012) 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 NUO NA EQUITY YTD Change NUO NA EQUITY YTD % CHANGE

12/2012 12/yy 70.93 49.62 172'648.00 70.77 -0.23% 42.62% 99.25% 34.6 2'448.64 524.80 0.0 9.1 263.00 2'719.54

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M

20 .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 4'943.1 0.24x 203.7 5.88x 114.8 7.79x

.6 M

31.12.2009 31.12.2010 4'511.7 4'166.4 0.36x 0.53x 231.8 243.6 6.94x 9.04x 90.3 111.4 15.05x 18.99x Profitability

31.12.2011 4'721.1 0.43x 271.7 7.46x 130.5 14.16x

31.12.2012 5'229.1 0.48x 307.0 8.11x 176.8 14.15x 307.00 234.60 4.49% 4.06% 6.59% 19.15% 14.31% 1.95% 5.9% 4.5% 3.4% 1.27 0.78 18.62% 53.99% 7.38 -

94'146 113'818 107'731

LTM-4Q

LTM

FY+1

12/yy 5'659.2 0.00x 0.0 0.00x 0.0 0.00x

12/yy 5'229.1 0.00x 0.0 0.00x 0.0 0.00x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'506.1 5'731.4 0.49x 0.45x 345.0 367.1 7.88x 7.41x 187.3 203.8 13.09x 11.85x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

6'000.0

12.00

2.90 0.72 34.01 30.19% 10.41% 0.721 12 3.167

FY+2

FQ+1

FQ+2

9.50 5.84 0.85 1.71 54.0% 34.8% 1.95 8.55 49.57 -

5'000.0

10.00

4'000.0

8.00

3'000.0 6.00

2'000.0 4.00

1'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Nutreco NV Holdings By:

All

Holder Name ING GROEP NV BLACKROCK ALLIANZ ASSET MANAGE DELTA LLOYD FUND MAN DJE INVESTMENT SA VAN ECK ASSOCIATES C ACHMEA BELEGGINSFOND ASR NEDERLAND NV DWS INVESTMENT S A ETHENEA INDEPENDENT VANGUARD GROUP INC BNP PARIBAS INV PART ING INVESTMENT MANAG FRANKFURT TRUST INVE ODIN FORVALTNING AS TD ASSET MANAGEMENT PRINCIPAL FINANCIAL BARING FUND MANAGERS FRANKEN INVEST KAPIT NUTRECO NV

Firm Name Equita SIM SpA Rabobank International AlphaValue EVA Dimensions KBC Securities ING Bank Kempen & Co SNS Securities(ESN) ABN Amro Bank N.V. Petercam Theodoor Gilissen Securities Goldman Sachs CA Cheuvreux Kepler Capital Markets

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst GIANMARCO BONACINA PATRICK ROQUAS SOPHIE CABO-BROSETA AUSTIN BURKETT PASCALE WEBER MARCO GULPERS ERWIN DUT RICHARD WITHAGEN MAARTEN BAKKER FERNAND DE BOER TOM MULLER FULVIO CAZZOL HANS PLUIJGERS TEAM COVERAGE

Source Research ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG Research

Recommendation hold hold add hold accumulate hold hold hold hold hold hold neutral/neutral suspended coverage buy

Amt Held 3'499'935 1'786'689 738'918 660'621 659'016 516'570 479'460 377'105 375'720 375'000 368'903 349'775 305'308 299'050 243'048 225'350 224'842 163'128 160'000 155'882

% Out 10.12 5.16 2.14 1.91 1.9 1.49 1.39 1.09 1.09 1.08 1.07 1.01 0.88 0.86 0.7 0.65 0.65 0.47 0.46 0.45

Latest Chg (462'903) 7'318 50'542 81'000 7'150 (2'662) (92'943) 7'620 50'000 (20'482) (2'113) (273) 13'680 19'185 -

File Dt Inst Type 25.06.2012 Investment Advisor 26.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.10.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2010 Government 28.12.2012 Mutual Fund Manager 28.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.01.2013 Mutual Fund Manager 31.12.2011 Investment Advisor 31.01.2013 Investment Advisor 31.10.2012 Investment Advisor 28.12.2012 Investment Advisor 09.03.2011 Corporation

Weighting

Change

Target Price

Date

3 3 4 3 4 3 3 3 3 3 3 3 #N/A N/A 5

M M M D M M M M M M M M M N

67 63 74 #N/A N/A 71 68 70 67 72 68 60 69 #N/A N/A 57

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 12 month 6 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Date 25.02.2013 25.02.2013 21.02.2013 20.02.2013 14.02.2013 12.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 15.01.2013 09.01.2013 10.05.2012 16.08.2011

28.02.2013

OC Oerlikon Corp AG OC Oerlikon Corporation AG manufactures industrial equipment. The Company produces equipment to manufacture solar energy modules, place coatings on tools and components, extract processing gases using vacuum devices, manufacture textiles, and transmit power using mechanatronic driveline components. OC Oerlikon provides products internationally.

Price/Volume 14

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

12 10 8

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (29.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OERL SE EQUITY YTD Change OERL SE EQUITY YTD % CHANGE

12/2011 09/yy 11.85 6.64 1'677'785.00 11.55 -2.53% 74.02% 94.24% 323.1 3'732.08 856.00 0.0 24.0 750.00 3'822.08

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2 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 31.12.2007 5'404.0 1.39x 703.0 10.67x 314.0 20.58x

31.12.2008 31.12.2009 4'632.0 2'877.0 0.55x 0.73x 512.0 (71.0) 4.97x (425.0) (592.0) Profitability

31.12.2010 3'601.0 0.53x 298.0 6.36x 3.0 490.00x

31.12.2011 4'182.0 0.42x 597.0 2.94x 220.0 7.40x 597.00 422.00 10.09% 7.53% 5.70% 16.72% 0.93% 25.8% 16.3% 12.3% 5.3% 1.51 0.93 18.72% 53.97% 6.28 5.07

1'516'004 1'066'918 1'252'500

LTM-4Q

LTM

FY+1

09/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

09/yy 957.0 0.00x 0.0 0.00x 0.0 0.00x

12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 2'958.1 2'969.6 968.3 936.8 1.16x 0.96x 533.1 526.0 7.17x 7.27x 241.1 240.6 62.0 16.74x 15.48x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

160.00

6'000.0

140.00

1.33 165.46 72.50% 11.59% 1.330 10 4.600

FY+2

FQ+1

FQ+2

8.18 6.25 0.10 1.04 54.0% 34.7% 0.93 4.85 58.29 72.12 49.28 65.44

5'000.0

120.00

4'000.0

100.00 80.00

3'000.0

60.00

2'000.0

40.00

1'000.0 20.00 0.00 02.01.2009 02.07.2009

0.0 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 |

28.02.2013

OC Oerlikon Corp AG Holdings By:

All

Holder Name VEKSELBERG VIKTOR F BLACKROCK CREDIT SUISSE ASSET PICTET & CIE UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT VANGUARD GROUP INC VONTOBEL ASSET MANAG CAZENOVE UNIT TRUST ACATIS BARING FUND MANAGERS LOMBARD ODIER DARIER PRUDENTIAL FINANCIAL DIMENSIONAL FUND ADV BANK HOFMANN AG OC OERLIKON CORP LLB FONDSLEITUNG AG CI INVESTMENTS INC ZUERCHER KANTONALBAN MIRABAUD & CIE

Firm Name AlphaValue Helvea Bank Vontobel AG EVA Dimensions Credit Suisse Berenberg Bank Kepler Capital Markets Societe Generale Zuercher Kantonalbank

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst PIERRE-YVES GAUTHIER RETO AMSTALDEN MICHAEL FOETH CRAIG STERLING PATRICK LAAGER BENJAMIN GLAESER CHRISTOPH LADNER JEAN-BAPTISTE ROUSSILLE ARMIN RECHBERGER

Source EXCH ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation add accumulate buy buy outperform buy buy hold outperform

Amt Held 156'210'954 9'720'390 4'411'952 3'922'326 3'151'969 2'266'149 1'842'380 1'390'000 917'706 845'506 801'777 737'733 631'946 619'403 605'000 589'011 525'000 517'500 514'000 511'445

% Out 48.34 3.01 1.37 1.21 0.98 0.7 0.57 0.43 0.28 0.26 0.25 0.23 0.2 0.19 0.19 0.18 0.16 0.16 0.16 0.16

Latest Chg (1'100'000) 162'850 44'517 (7'731) (422'042) (47'939) 6'680 (75'000) 82'904 (41'838) (42'000) (50'000) 264'700 (34'000) (383'555)

File Dt Inst Type 29.08.2012 n/a 26.02.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 30.11.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 28.12.2012 Investment Advisor 31.12.2011 Corporation 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 31.10.2012 Mutual Fund Manager 29.06.2012 Mutual Fund Manager

Weighting

Change

Target Price

Date

4 4 5 5 5 5 5 3 5

M M M M M M M M U

13 11 13 #N/A N/A 14 11 13 11 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Date 21.02.2013 11.02.2013 30.01.2013 17.01.2013 10.01.2013 08.01.2013 17.12.2012 04.12.2012 02.05.2012

28.02.2013

OPAP SA OPAP SA accepts bets on sporting events and lottery games. The Company organizes and manages bets on soccer games.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.02.2013) 52-Week Low (13.06.2012) 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 OPAP GA EQUITY YTD Change OPAP GA EQUITY YTD % CHANGE

12/2011 09/yy 7.76 3.50 1'205'882.00 6.78 -12.63% 93.71% 77.00% 319.0 2'162.82 292.92 0.0 0.0 195.89 2'109.18

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

9.0 M

8.0 M

7.0 M

6.0 M

5 4

5.0 M 4.0 M

3.0 M

2.0 M

1.0 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 31.12.2007 5'065.8 1.66x 814.4 10.31x 571.4 15.31x

31.12.2008 31.12.2009 5'519.6 5'440.9 1.08x 0.78x 1'056.9 966.8 5.65x 4.37x 728.5 593.8 9.06x 8.24x Profitability

31.12.2010 5'140.0 0.67x 911.3 3.80x 575.8 7.17x

31.12.2011 4'358.5 0.52x 734.2 3.10x 537.5 4.05x 734.22 690.47 15.84% 16.05% 35.56% 55.78% 2.92% 19.5% 16.7% 15.6% 12.3% 1.50 1.31 19.47% 32.93% 84.98 5250.46

0.79 213.73 21.21% 25.56% 0.793 13 3.462 1'758'700 1'634'201 1'398'149

LTM-4Q

LTM

FY+1

09/yy 4'457.5 2.72x 764.6 2.34x 571.8 5.07x

09/yy 4'108.4 1.78x 684.6 1.79x 500.0 2.55x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 3'998.1 4'171.4 1'023.0 0.50x 0.52x 650.8 317.9 151.0 3.24x 6.64x 481.9 151.4 100.5 4.55x 14.27x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

9.00

6'000.0

FY+2

FQ+1

FQ+2

82.04 79.77 -0.08 0.42 32.9% 24.8% 2.92 46.96 4.31 0.07 8.88 -5.36

8.00

5'000.0

7.00

4'000.0

6.00 5.00

3'000.0

4.00

2'000.0

3.00 2.00

1'000.0

1.00 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 |

28.02.2013

OPAP SA Holdings By:

All

Holder Name HELLENIC REPUBLIC AS BAUPOST GROUP LLC FMR LLC SILCHESTER INTL INVE BLACKROCK VANGUARD GROUP INC ALPHA MUTUAL FUND MA CAPITAL GROUP COMPAN ING INTERNATIONAL AD SEB TRIMARK INVESTMENT M ROYAL BANK OF CANADA DIETHNIKI MUTUAL FUN ALPHA TRUST FUNDS IG INVESTMENT MANAGE EUROBANK EFG MUTUAL HIRTLE CALLAGHAN & C ATE MUTUAL FUND MANA STARCAP AG ALICO MFC

Firm Name Euroxx Securities National Securities SA Marfin Analysis (ESN) Piraeus Securities S.A. AlphaValue Goldman Sachs Eurobank EFG EVA Dimensions Exane BNP Paribas Morgan Stanley Credit Suisse Alpha Finance Nomura Deutsche Bank ATE Securities S.A.

Portfolio Name #N/A N/A #N/A N/A n/a #N/A N/A n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst YIANNIS SINAPIS IAKOVOS KOURTESIS DIMITRIS BIRBOS JOHN ARAPOGLOU BERENICE LACROIX NICK EDELMAN STAMATIOS DRAZIOTIS CRAIG STERLING ROBERTA CIACCIA VAUGHAN LEWIS MATTHEW GERARD ANGELOS CHORAFAS TEAM COVERAGE RICHARD CARTER ANTHONY CHRISTOFIDIS

Source EXCH EXCH ULT-AGG EXCH ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight restricted buy neutral sell neutral/neutral buy overweight neutral Equalwt/In-Line restricted neutral 1 suspended coverage restricted overweight

Amt Held 105'270'000 16'556'100 16'144'371 15'981'900 6'188'270 5'026'691 3'440'397 3'201'540 1'667'031 1'521'141 1'404'829 1'353'454 1'176'953 1'035'447 970'553 966'800 871'337 780'000 700'000 644'800

% Out 33 5.19 5.06 5.01 1.94 1.58 1.08 1 0.52 0.48 0.44 0.42 0.37 0.32 0.3 0.3 0.27 0.24 0.22 0.2

Latest Chg 2'080 55'208 523'484 (8'741'054) 536'074 135'658 54'637 (307'300) 585'500 (730'850) 349'000 5'500

Weighting

Change

Target Price

5 #N/A N/A 5 3 1 3 5 5 3 3 #N/A N/A 3 #N/A N/A #N/A N/A 5

M M M M M M M M U U M D M M M

#N/A N/A #N/A N/A 8 7 6 8 8 #N/A N/A 6 6 #N/A N/A 7 #N/A N/A #N/A N/A 16

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 22.02.2013 Government 22.02.2013 Hedge Fund Manager 22.02.2013 Investment Advisor 22.02.2013 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Unclassified 30.09.2012 Unclassified 28.09.2012 Bank 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.05.2012 Investment Advisor 30.09.2011 Investment Advisor 31.12.2012 Mutual Fund Manager 28.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided Not Provided 12 month 12 month 6 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month

Date 26.02.2013 26.02.2013 26.02.2013 22.02.2013 21.02.2013 19.02.2013 24.01.2013 17.01.2013 11.01.2013 07.01.2013 11.12.2012 05.09.2012 11.02.2012 18.05.2011 24.11.2010

28.02.2013

Ophir Energy PLC Ophir Energy PLC is an international oil and gas exploration company. The Company has an extensive portfolio of interests spread across the Continent of Africa with the majority of these interests lying offshore in deep water depths.

Price/Volume 700

12.0 M

600

10.0 M

500

8.0 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.06.2012) 52-Week Low (23.03.2012) 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 OPHR LN EQUITY YTD Change OPHR LN EQUITY YTD % CHANGE

31.12.2008 -

4.0 M

200

2.0 M

100 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

6.0 M

300

12/2011 06/yy 655.00 391.30 1'182'734.00 473.9 -27.65% 21.11% 31.32% 400.2 1'896.57 0.00 0.0 0.0 396.59 2'423.15

31.12.2009

Profitability

(28.8) (43.3) -

31.12.2010 (18.6) (19.3) -

LTM

FY+1

09/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

06/yy 0.1 0.00x (11.3) 0.00x (1.6) 0.00x

12/12 Y 12/13 Y 09/11 Q3 12/11 Q4 1.3 0.7 2103.96x 4463.17x (60.7) (52.2) (73.6) (82.3) S&P Issuer Ratings

(18.0) (19.1) -

14.45 13.90 0.00% 0.00% -

1'391'438 1'558'660 1'155'434

LTM-4Q 31.12.2011

-18.00 -18.87 -3.29% -3.57% -

0.00 315.84 11.77% -6.07% 21 4.476

Price/ Cash Flow

Sales/Revenue/Turnover

1.20

1.2

1.00

1.0

0.80

0.8

0.60

0.6

0.40

0.4

0.20

0.2

0.00

0.0

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

FY+2

FQ+1

FQ+2

0.00 0.0% 0.0% -

28.02.2013

Ophir Energy PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN KULCZYK INVESTMENT H KULCZYK GROUP FMR LLC OZ MANAGEMENT LP MITTAL INVESTMENTS S JANUS CAPITAL MANAGE LEGAL & GENERAL RS GLOBAL NATURAL RE BLACKROCK OLD MUTUAL M&G INVESTMENT MANAG RS INVESTMENT MANAGE RS INVESTMENT MANAGE STANDARD LIFE INVEST DIRECTOR & RELATED H LANSDOWNE PARTNERS CREDIT SUISSE PRIVAT TAYLOR JONATHAN MARK ROYAL LONDON ASSET M

Firm Name VSA Capital Ltd FirstEnergy Capital Corp Oriel Securities Ltd Societe Generale Credit Suisse Exane BNP Paribas Morgan Stanley RBC Capital Markets JPMorgan Ambrian Partners Ltd Nomura Investec Jefferies Deutsche Bank HSBC Goldman Sachs Tudor Pickering & Co Canaccord Genuity Corp SBG Securities

Portfolio Name n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst DOUGIE YOUNGSON KINGSLEY JIBUNOH RICHARD GRIFFITH DAVID MIRZAI THOMAS YOICHI ADOLFF ALEX TOPOUZOGLOU JAMIE MADDOCK AL STANTON JAMES THOMPSON STUART AMOR TOM ROBINSON STUART JOYNER LAURA LOPPACHER PHIL CORBETT PETER HITCHENS CHRISTOPHOR JOST ANISH KAPADIA CHARLIE SHARP LIONEL THEROND

Source ULT-AGG REG Co File ULT-AGG REG RNS-MAJ ULT-AGG ULT-AGG RNS-MAJ ULT-AGG ULT-AGG REG REG MF-AGG REG REG Short REG Co File REG

Recommendation buy outperform buy buy outperform neutral Overwt/Attractive outperform overweight speculative buy buy hold buy hold overweight buy/attractive buy hold buy

Amt Held % Out 56'105'773 14.02 40'433'833 10.1 40'433'833 10.1 38'671'852 9.66 35'414'896 8.85 18'081'895 4.52 17'212'167 4.3 16'177'434 4.04 12'163'223 3.04 11'411'211 2.85 10'709'497 2.68 10'381'107 2.59 9'387'989 2.35 8'598'166 2.15 8'128'985 2.03 7'428'852 1.86 (7'203'675) -1.8 7'024'795 1.76 6'836'320 1.71 6'425'173 1.61

Latest Chg (8'668'572) (162'474) (18'081'895) 244'971 3'897'812 (5'063'807) 307'000 1'542'112 979'691 1'254'663 1'184'993 (946'539) (1'052'400) 421'684

File Dt 14.02.2013 01.11.2012 19.04.2012 31.12.2012 01.11.2012 07.02.2013 31.12.2012 31.01.2013 08.02.2013 26.02.2013 31.12.2012 01.11.2012 01.11.2012 31.12.2012 01.11.2012 01.11.2012 11.02.2013 01.11.2012 31.12.2011 01.11.2012

Weighting

Target Price

Date

Change 5 5 5 5 5 3 5 5 5 4 5 3 5 3 5 5 5 3 5

M M M M M M M M M M M M M M M M M D M

800 645 #N/A N/A 600 930 650 735 700 770 809 750 667 800 495 656 860 870 550 800

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 9 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Holding Company Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified n/a Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Bank n/a Investment Advisor

Date 26.02.2013 19.02.2013 19.02.2013 14.02.2013 11.02.2013 11.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 04.02.2013 01.02.2013 11.01.2013 10.01.2013 03.01.2013 17.12.2012 13.12.2012 29.10.2012 29.10.2012

28.02.2013

Oriflame Cosmetics SA Oriflame Cosmetics SA markets a range of cosmetic products through an independant sales force. The Company's products include skincare, color cosmetics, fragrances, toiletries and fashion accessories.

Price/Volume 300

1.8 M 1.6 M

250

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2012) 52-Week Low (13.11.2012) 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 ORI SS EQUITY YTD Change ORI SS EQUITY YTD % CHANGE

12/2012 12/yy 278.30 178.30 372'344.00 221.8 -20.30% 24.40% 43.50% 57.1 12'669.47 318.89 0.0 0.0 106.25 1'710.78

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.2 M

150

1.0 M .8 M

100

.6 M .4 M

.2 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 31.12.2008 1'319.7 1.03x 209.0 6.47x 124.4 9.25x

1.4 M

200

31.12.2009 31.12.2010 1'316.6 1'513.6 1.92x 1.62x 168.3 183.3 15.00x 13.36x 100.3 117.5 23.51x 19.11x Profitability

31.12.2011 1'493.8 1.09x 184.9 8.77x 99.8 13.92x

31.12.2012 1'489.3 1.06x 202.0 7.84x 121.5 11.27x 202.00 175.12 11.76% 10.27% 14.96% 50.93% 1.83% 70.7% 13.6% 11.8% 8.2% 2.26 0.49 40.19% 126.11% 1.83

0.92 3.97% 7.36% 0.924 19 2.842 208'665 348'471 321'903

LTM-4Q

LTM

FY+1

12/yy 1'493.8 5.30x 184.9 8.77x 99.8 13.92x

12/yy 1'489.3 4.69x 202.0 7.84x 121.5 11.27x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'484.7 1'531.2 374.1 355.0 1.20x 1.16x 202.0 216.6 52.0 48.9 8.47x 7.90x 8.54x 119.2 124.6 30.0 26.9 11.95x 11.18x 12.50x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

1'600.0

FY+2

FQ+1

FQ+2

10.27 7.67 1.05 1.58 126.1% 55.8% 1.83 6.57 200.13 174.43

1'400.0 20.00

1'200.0 1'000.0

15.00

800.0 10.00

600.0 400.0

5.00

0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Oriflame Cosmetics SA Holdings By:

All

Holder Name LAZARD ASSET MANAGEM STICHTING AF JOCHNIC JOCHNICK ROBERT AF JP MORGAN CHASE BANK JOCHNICK JONAS AF BAILLIE GIFFORD AND SWEDBANK ROBUR FONDE SEB CANTILLON CAPITAL MA VANGUARD GROUP INC NORGES BANK INVESTME FINANCIERE DE L'ECHI FRANKLIN RESOURCES MORTON HOLDINGS INC PELHAM CAPITAL LONG/ JP MORGAN INVESTMENT AKO CAPITAL LLP DANSKE CAPITAL SVERI LORD ABBETT & CO LLC JOCHNICK ALEXANDER A

Firm Name Credit Suisse EVA Dimensions Morgan Stanley Goldman Sachs Berenberg Bank ABG Sundal Collier SEB Enskilda CA Cheuvreux Nordea Equity Research Handelsbanken Nomura Danske Markets JPMorgan Carnegie Pareto Securities AlphaValue DNB Markets Swedbank Wood & Company

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst NICOLAS SOCHOVSKY AUSTIN BURKETT ERIK SJOGREN ROSIE EDWARDS SETH PETERSON ANDREAS LUNDBERG STEFAN NELSON DANIEL OVIN STELLAN HELLSTROM ERIK SANDSTEDT GUILLAUME DELMAS ANDERS HANSSON CELINE PANNUTI NIKLAS EKMAN SERGEJ KAZATCHENKO ARMELLE MOULIN OLE-ANDREAS KROHN CHRISTIAN ANDERSON ERIK HEGEDUS

Source ULT-AGG Co File Co File Co File Co File Co File Co File ULT-AGG Co File MF-AGG Co File Co File ULT-AGG Short Short MF-AGG Short MF-AGG MF-AGG Co File

Recommendation underperform overweight Equalwt/In-Line sell/attractive buy sell buy underperform sell reduce reduce buy underweight hold hold add hold neutral buy

Amt Held % Out 9'781'655 17.12 6'327'001 11.08 4'473'851 7.83 4'470'312 7.83 4'303'500 7.53 2'472'512 4.33 2'128'594 3.73 1'924'246 3.37 1'895'440 3.32 1'535'425 2.69 1'472'633 2.58 1'388'600 2.43 1'283'320 2.25 (1'118'115) -1.96 (995'734) -1.74 946'509 1.66 (662'605) -1.16 598'500 1.05 489'723 0.86 418'884 0.73

Latest Chg 6'560 642'161 635 150'540 142'803 223'500 114'223 -

Weighting

Target Price

Change 1 5 3 1 5 1 5 1 1 2 2 5 1 3 3 4 3 3 5

M U M M M M M M M M M M M M M D M M M

170 #N/A N/A 220 173 366 177 235 200 190 225 250 235 210 #N/A N/A 220 255 230 200 232

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.01.2013 Unclassified 31.12.2011 Other 31.12.2011 n/a 31.12.2011 Investment Advisor 31.12.2011 n/a 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2012 Unclassified 31.12.2011 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2011 Government 31.12.2011 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Corporation 01.11.2012 Other 30.06.2012 Mutual Fund Manager 14.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 n/a

Date Not Provided Not Provided 12 month 12 month Not Provided 6 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 9 month Not Provided 6 month 6 month Not Provided 12 month 12 month

Date 20.02.2013 20.02.2013 18.02.2013 18.02.2013 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 14.02.2013 14.02.2013 11.02.2013 07.02.2013 31.10.2012

28.02.2013

Orion OYJ Orion Oyj develops and manufactures pharmaceuticals and diagnostic kits. The Company produces hormone therapies and drugs to treat central nervous system disorders, cardiovascular diseases and urological disorders, and in vitro diagnostic kits used in doctor's offices and small laboratories.

Price/Volume 25

1.6 M 1.4 M

1.2 M 1.0 M

.8 M

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (08.01.2013) 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 15.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ORNBV FH EQUITY YTD Change ORNBV FH EQUITY YTD % CHANGE

12/2012 12/yy 23.79 13.31 464'661.00 22.89 -3.78% 71.98% 91.41% 98.0 3'225.17 136.70 0.0 0.0 145.20 3'216.67

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M .2 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 710.7 2.35x 207.3 8.06x 136.3 12.49x

.6 M

31.12.2009 31.12.2010 771.5 849.9 2.70x 2.65x 241.5 293.9 8.62x 7.66x 151.4 184.7 14.01x 12.49x Profitability

31.12.2011 917.9 2.27x 324.4 6.43x 209.5 10.12x

31.12.2012 980.4 3.18x 320.9 9.71x 208.9 14.96x 320.90 280.90 28.65% 28.49% 25.85% 41.32% 1.21% 64.3% 32.7% 28.6% 21.3% 2.94 1.71 16.33% 26.74% 6.39 2.12

0.74 55.05% 3.20% 0.743 13 1.615 394'351 437'621 369'199

LTM-4Q

LTM

FY+1

12/yy 917.9 9.92x 325.4 6.41x 209.5 10.12x

12/yy 980.4 9.93x 320.8 9.72x 208.9 14.96x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 973.6 941.3 249.5 239.8 3.31x 3.43x 297.5 264.9 87.1 76.5 10.81x 12.14x 10.76x 190.9 169.3 56.7 48.9 16.93x 19.17x 17.43x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

16.00

2'500.0

FY+2

FQ+1

FQ+2

-0.03 0.43 26.7% 21.1% 1.21 4.95 57.27 172.86 60.84 169.28

14.00

2'000.0

12.00 10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Orion OYJ Holdings By:

All

Holder Name CAPITAL GROUP COMPAN SEB SOCIAL INSURANCE INS VANGUARD GROUP INC SCHRODER INVESTMENT BANQUE DE LUXEMBOURG BLACKROCK LOCAL GOVERNMENT PEN SWISS NATIONAL BANK LANDESBANK BERLIN IN EVLI FUND MANAGEMENT FINNISH CULTURAL FOU SWEDBANK ROBUR FONDE AKO CAPITAL LLP BRADE JOUKO INVESCO LTD ORION OYJ DEKA INVESTMENT GMBH ORION PENSION FUND YLPPO JUKKA

Firm Name EVA Dimensions Jefferies Pohjola Bank Plc (ESN) Credit Suisse SEB Enskilda Nordea Equity Research Danske Markets INDERES ABG Sundal Collier Carnegie Goldman Sachs AlphaValue Evli Bank Plc

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst ANDREW S ZAMFOTIS JAMES VANE-TEMPEST KIMMO STENVALL KERRY HOLFORD LARS HEVRENG SAMI SARKAMIES MATTIAS HAGGBLOM PETRI KAJAANI PETER HUGREFFE TIMO HEINONEN ELEANOR FUNG ARMELLE MOULIN TEAM COVERAGE

Source ULT-AGG ULT-AGG Research MF-AGG MF-AGG MF-AGG ULT-AGG Research Research MF-AGG MF-AGG Research MF-AGG Short Research MF-AGG Research MF-AGG Research Research

Recommendation overweight underperform sell underperform hold strong sell sell sell sell hold Sell/Neutral sell Under Review

Amt Held % Out 8'313'900 8.48 1'660'805 1.69 1'658'368 1.69 1'643'108 1.68 1'171'521 1.2 1'110'000 1.13 950'056 0.97 612'336 0.62 578'526 0.59 502'826 0.51 472'044 0.48 405'570 0.41 398'045 0.41 (342'967) -0.35 336'665 0.34 330'666 0.34 325'991 0.33 325'700 0.33 292'699 0.3 292'520 0.3

Latest Chg 240'484 50'588 57'015 1'875 (1'184) 25'889 790 215'579 181'277 (10'400) -

Weighting

Target Price

5 1 1 1 3 1 1 1 1 3 1 1 #N/A N/A

Change D M D M D M M D M M D M M

#N/A N/A 17 18 19 23 18 11 18 14 #N/A N/A 17 12 #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 Unclassified 30.11.2012 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 30.11.2012 Pension Fund (ERISA) 30.11.2012 Government 31.01.2013 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 30.11.2012 Other 31.12.2012 Investment Advisor 28.01.2013 Investment Advisor 30.11.2012 n/a 27.02.2013 Investment Advisor 30.11.2012 Other 28.12.2012 Mutual Fund Manager 30.11.2012 Pension Fund (ERISA) 30.11.2012 n/a

Date Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 6 month Not Provided 12 month 6 month Not Provided

Date 12.02.2013 08.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 29.01.2013 28.01.2013 01.11.2012 30.01.2009

28.02.2013

Outotec OYJ Outotec Oyj provides technology solutions for the sustainable use of Earth's natural resources. The Company designs, develops, and supplies tailored plants, processes and equipment for the minerals and metals processing industries.

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 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OTE1V FH EQUITY YTD Change OTE1V FH EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 52.10 30.31 272'810.00 50.9 -2.30% 67.93% 94.49% 45.8 2'330.22 97.90 0.0 1.2 358.60 2'070.72

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.2 M

1.0 M

.8 M

.6 M

.4 M

.2 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 1'217.9 0.11x 141.7 0.99x 94.0 4.80x

31.12.2009 31.12.2010 877.7 969.6 1.07x 1.97x 71.3 82.5 13.13x 23.17x 42.3 26.7 24.47x 78.55x Profitability

31.12.2011 1'385.6 0.96x 133.9 9.89x 79.3 20.83x

31.12.2012 2'087.4 0.79x 215.9 7.67x 127.8 15.18x 215.90 184.50 8.84% 8.61% 8.37% 29.04% 1.37% 20.8% 10.3% 8.8% 6.1% 1.20 0.37 6.01% 20.35% 10.04

1.27 13.03% 20.13% 1.267 21 3.476 277'762 307'418 293'782

LTM-4Q

LTM

FY+1

12/yy 1'385.6 3.92x 133.9 9.89x 79.3 20.96x

12/yy 2'087.4 2.76x 215.8 7.68x 127.7 15.16x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'172.9 2'182.3 460.3 556.4 0.90x 0.86x 4.49x 3.77x 234.6 236.8 43.5 54.3 8.83x 8.74x 8.57x 8.43x 146.2 151.9 23.5 31.5 15.90x 15.40x 16.21x 15.82x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

50.00

2'500.0

FY+2

FQ+1

FQ+2

60.86 52.86 -1.21 0.45 20.4% 16.9% 1.37 30.30 36.45 62.72

45.00 40.00

2'000.0

35.00

1'500.0

30.00 25.00

1'000.0

20.00 15.00

500.0

10.00 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Outotec OYJ Holdings By:

All

Holder Name SOLIDIUM OY ILMARINEN MUTUAL PEN TAMARES NORDIC INVES BLACKROCK VARMA MUTUAL PENSION ALLIANZ ASSET MANAGE SWEDBANK ROBUR FONDE MAVERICK CAPITAL LTD FMR LLC NORDEA INVESTMENT FU BNP PARIBAS INV PART IG INVESTMENT MANAGE CARLSON CAPITAL UK L FINLAND STATE PENSIO LOCAL GOVERNMENT PEN SEB OUTOTEC OYJ VANGUARD GROUP INC MANDATUM LIFE INSURA HANDELSBANKEN FONDER

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst

SEB Enskilda TOMI RAILO CA Cheuvreux JOHAN ELIASON FIM SANNA KAJE Deutsche Bank ANETTE LUOMANPERA ABG Sundal Collier JOHANNES GRUNSELIUS Pohjola Bank Plc (ESN) PEKKA SPOLANDER JPMorgan ALEXANDER WHIGHT Carnegie TIMO HEINONEN Nordea Equity Research JAN KAIJALA Handelsbanken TOM SKOGMAN DNB Markets SAMPSA KARHUNEN Danske Markets ANTTI SUTTELIN INDERES JUHA KINNUNEN Goldman Sachs AARON IBBOTSON Evli Bank Plc ELINA RIUTTA Morgan Stanley BEN UGLOW EVA Dimensions CRAIG STERLING Espirito Santo Investment Bank Research EDWARD STACEY Swedbank ERKKI VESOLA ICECAPITAL Markets LAURI LEINO Pohjola Bank Plc (ESN) JARI RAISANEN

Source Research Research Research ULT-AGG Research ULT-AGG MF-AGG Short ULT-AGG MF-AGG ULT-AGG MF-AGG Short Research Research ULT-AGG Research MF-AGG Co File MF-AGG

Recommendation buy outperform accumulate buy buy accumulate underweight buy buy accumulate sell buy accumulate Buy/Neutral accumulate Underwt/Cautious underweight buy reduce buy reduce

Amt Held % Out 3'801'373 8.3 2'938'343 6.42 2'511'419 5.49 2'491'489 5.44 2'205'785 4.82 1'788'847 3.91 1'051'616 2.3 (1'030'059) -2.25 1'010'330 2.21 936'608 2.05 744'330 1.63 702'797 1.54 (700'440) -1.53 669'138 1.46 576'421 1.26 542'661 1.19 500'000 1.09 477'566 1.04 466'478 1.02 429'554 0.94

Latest Chg 44'015 (13'200) (64'093) (147'221) 122'122 201'051 (84) (27'468) 282'816 8'305 146'500

Weighting

Target Price

Change 5 5 4 5 5 4 1 5 5 4 1 5 4 5 4 1 1 5 2 5 2

M M M M M U D M M M D M M M M M M M M M M

56 57 55 55 56 56 43 #N/A N/A 55 55 46 58 52 62 44 29 #N/A N/A 56 33 33 22

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.11.2012 Holding Company 30.11.2012 Insurance Company 30.11.2012 Other 26.02.2013 Investment Advisor 30.11.2012 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 22.02.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 19.02.2013 Corporation 30.11.2012 Government 30.11.2012 Pension Fund (ERISA) 31.12.2012 Unclassified 30.11.2012 Other 31.12.2012 Investment Advisor 31.12.2011 Insurance Company 31.01.2013 Investment Advisor

Date Not Provided Not Provided 12 month 12 month 6 month Not Provided 9 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 6 month Not Provided

Date 18.02.2013 15.02.2013 12.02.2013 08.02.2013 08.02.2013 08.02.2013 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 17.01.2013 17.01.2013 30.10.2012 26.10.2012 24.05.2010 10.02.2010

28.02.2013

Pargesa Holding SA Pargesa Holding SA acquires, sells, operates and manages investments in the financial, commercial, and industrial sectors in Switzerland and other European countries. The Company has a portfolio of a limited number of major long-term holdings. Pargesa seeks to exercise control over or influence the activities of its holdings as a strategic shareholder.

Price/Volume .2 M

.1 M .1 M .1 M

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 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 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PARG SE EQUITY YTD Change PARG SE EQUITY YTD % CHANGE

12/2011 09/yy 68.95 51.05 93'575.00 66.6 -3.41% 30.46% 86.87% 77.2 5'656.75 4'983.40 0.0 8'970.5 1'846.70 16'324.95

.1 M

.0 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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M

70 50

Valuation Analysis

31.12.2007 5'588.7 5.16x 1'360.4 21.19x 722.3 14.83x

31.12.2008 31.12.2009 5'475.2 4'189.5 3.64x 5.31x 799.9 1'077.2 24.95x 20.64x (520.8) 791.7 4.83x Profitability

31.12.2010 4'625.4 4.21x 888.7 21.93x 465.9 14.44x

31.12.2011 4'729.1 3.66x 915.2 18.92x (64.9) 915.20 -193.40 -4.09% 5.92% 0.64% 1.92% 0.21% 28.8% 5.6% -1.4% 2.16 1.46 21.50% 66.61% 6.82 -

1.20 36.82 3.75% 6.30% 1.204 7 3.714 66'923 55'022 51'046

LTM-4Q

LTM

FY+1

03/yy 3'148.0 6.23x 0.0 0.00x 821.3 0.00x

09/yy 7'356.8 0.00x 0.0 0.00x 344.4 0.00x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 5'808.0 6'064.0 2.92x 2.75x 383.5 445.0 42.57x 36.69x 665.0 498.0 17.06x 11.32x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

12.00

6'000.0

10.00

5'000.0

8.00

4'000.0

FY+2

FQ+1

FQ+2

4.79 3.25 1.44 3.09 66.6% 23.2% 0.21 2.26 53.63 -

3'000.0

6.00

2'000.0

4.00

1'000.0 2.00

0.0 0.00 02.01.2009 02.07.2009

02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012 02.07.2012

02.01.2013

-1'000.0

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 |

28.02.2013

Pargesa Holding SA Holdings By:

All

Holder Name PARJOINTCO NV BNP PARIBAS SA FIRST EAGLE INVESTME ARTISAN PARTNERS HOL CREDIT SUISSE ASSET THIRD AVENUE MANAGEM VANGUARD GROUP INC UBS FUND MANAGEMENT BLACKROCK PARGESA HOLDING SA TRANSAMERICA INVESTM AMUNDI LUXEMBOURG SA SWISSCANTO FONDSLEIT PICTET & CIE LITMAN/GREGORY FUND LUXEMBOURGER KAPITAL UBS ETF PETERCAM SA SCHRODER INVESTMENT GARDNER RUSSO & GARD

Firm Name AlphaValue Goldman Sachs Bank Vontobel AG EVA Dimensions Petercam KBC Securities Zuercher Kantonalbank BMO Capital Markets

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios GARDNER RUSSO & GARD

Analyst PIERRE-YVES GAUTHIER MARKUS IWAR RENE WEBER AUSTIN BURKETT MARC DEBROUWER TOM SIMONTS DANIEL BUERKI JOHN REUCASSEL

Source Co File EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F

Recommendation add neutral/neutral hold overweight not rated hold market perform not rated

Amt Held 40'076'000 9'586'556 6'109'439 1'351'855 573'417 469'645 440'190 435'371 318'098 297'800 227'716 208'884 180'873 116'599 116'444 93'500 55'024 48'000 47'566 29'150

% Out 51.9 12.42 7.91 1.75 0.74 0.61 0.57 0.56 0.41 0.39 0.29 0.27 0.23 0.15 0.15 0.12 0.07 0.06 0.06 0.04

Latest Chg (2'620) (6'904) 8'331 6'134 103'411 30'600 (5'257) (1'855) (192'482) (11'500) 654 33'724 (275)

File Dt Inst Type 31.12.2011 Holding Company 05.09.2012 Bank 30.09.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.10.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 26.02.2013 Investment Advisor 12.03.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 30.12.2011 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

Weighting

Change

Target Price

Date

4 3 3 5 #N/A N/A 3 3 #N/A N/A

M M M M M M M M

70 82 70 #N/A N/A #N/A N/A 68 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 21.02.2013 25.01.2013 25.01.2013 17.01.2013 18.12.2012 10.12.2012 12.11.2012 22.02.2011

28.02.2013

Partners Group Holding AG Partners Group Holding AG is a global private markets asset management firm in private equity, private debt, private real estate and private infrastructure. The firm manages a broad range of funds, structured products and customized portfolios for an international clientele of institutional investors, private banks and other financial institutions.

Price/Volume 250

.3 M

12/2011 01/yy 223.70 157.20 26'048.00 212 -5.23% 34.86% 82.41% 26.7 5'660.40 0.00 0.0 0.8 96.67 5'565.10

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

150

.2 M

100

.2 M .1 M

.1 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 31.12.2007 350.1 10.59x 270.8 13.69x 255.0 14.99x

.3 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.01.2013) 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 09.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PGHN SE EQUITY YTD Change PGHN SE EQUITY YTD % CHANGE

.4 M

31.12.2008 31.12.2009 270.7 329.4 6.16x 9.30x 182.5 231.9 9.14x 13.21x 170.8 204.8 10.90x 15.75x Profitability

31.12.2010 447.3 9.31x 320.8 12.98x 296.3 14.86x

31.12.2011 448.8 9.06x 236.2 17.21x 202.1 20.51x 236.19 48.76% 49.22% 33.99% 43.99% 43.93% 0.76% 52.0% 45.0% 0.00% 0.00% -

0.87 15.76 30.05% 0.38% 0.873 10 3.300 32'101 47'817 57'210

LTM-4Q

LTM

FY+1

01/yy

12/12 Y 12/13 Y 424.7 511.6 13.08x 10.79x 266.8 327.3 20.86x 17.00x 250.6 306.5 21.94x 18.02x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

35.00

500.0

FY+2

FQ+1

FQ+2

-0.38 0.00 0.0% 0.0% 0.76 35.61 -

450.0

30.00

400.0 25.00

350.0 300.0

20.00

250.0 15.00

200.0 150.0

10.00

100.0 5.00 0.00 02.01.2009 02.07.2009

50.0 0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012 02.07.2012

02.01.2013

1998 1999 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 |

28.02.2013

Partners Group Holding AG Holdings By:

All

Holder Name GROUP OF SHAREHOLDER PARTNERS GROUP BLACKROCK WILLIAM BLAIR & COMP MEISTER STEFFEN CREDIT SUISSE ASSET ROYCE AND ASSOCIATES HALDNER FELIX COLUMBIA WANGER ASSE VANGUARD GROUP INC FMR LLC PICTET & CIE ALLIANCE BERNSTEIN SWISSCANTO FONDSLEIT DEUTSCHE BANK AG SCHALI STEPHEN WENGER JURG NAF STEFAN UBS FUND MANAGEMENT PRUDENTIAL FINANCIAL

Portfolio Name n/a n/a n/a WILLIAM BLAIR & COMP n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a

Firm Name

Analyst

Morgan Stanley Bank Vontobel AG Goldman Sachs Helvea EVA Dimensions Credit Suisse Zuercher Kantonalbank Main First Bank AG CA Cheuvreux

BRUCE HAMILTON TERESA NIELSEN CHRIS M. TURNER TIM DAWSON AUSTIN BURKETT GURJIT KAMBO GEORG MARTI KILIAN MAIER CHRISTIAN STARK

Source EXCH EXCH ULT-AGG 13F Co File MF-AGG MF-AGG Co File MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG Co File Co File Co File MF-AGG ULT-AGG

Recommendation Overwt/In-Line hold Sell/Neutral accumulate hold outperform market perform underperform outperform

Amt Held 8'188'476 1'318'831 1'104'516 711'040 534'000 494'578 470'853 347'100 331'373 300'836 297'589 220'610 212'954 182'818 180'483 154'200 153'333 110'361 101'512 91'520

% Out 30.67 4.94 4.14 2.66 2 1.85 1.76 1.3 1.24 1.13 1.11 0.83 0.8 0.68 0.68 0.58 0.57 0.41 0.38 0.34

Latest Chg (19'412) 15'912 (108'287) 68'380 (24'915) 50 44'942 (23'941) 15'212 (5'634) 2'536 (3'979) (2'088) 3'955

File Dt Inst Type 08.11.2012 n/a 30.11.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 n/a 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2011 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2011 n/a 31.12.2011 n/a 31.12.2011 n/a 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor

Weighting

Change

Target Price

Date

5 3 1 4 3 5 3 1 5

M M M M M M M D M

238 210 210 230 #N/A N/A 235 #N/A N/A 200 220

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided

Date 05.02.2013 25.01.2013 24.01.2013 21.01.2013 17.01.2013 16.01.2013 16.01.2013 14.01.2013 08.10.2012

28.02.2013

Petropavlovsk PLC Petropavlovsk PLC is a gold and iron ore mining and exploration company in Russia. The Company holds interests in exploration and production assets in a number of regions across the Russian Federation with its core assets located in the Amur Region.

Price/Volume 800

12.0 M

700

10.0 M

600 8.0 M

500 400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (22.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance POG LN EQUITY YTD Change POG LN EQUITY YTD % CHANGE

12/2011 01/yy 753.50 297.80 1'546'660.00 307.2 -59.23% 3.16% 2.06% 187.9 577.11 1'006.84 0.0 275.1 213.56 2'276.19

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

200 2.0 M

100 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 226.4 9.37x 89.6 23.69x 38.7 50.98x

6.0 M

300

31.12.2008 31.12.2009 381.7 472.3 2.10x 6.33x 136.0 221.8 5.89x 13.48x 22.0 143.2 20.32x 16.97x Profitability

31.12.2010 612.0 6.19x 198.1 19.13x 19.8 165.78x

31.12.2011 1'262.5 2.27x 541.2 5.29x 230.9 7.70x 541.19 408.99 32.40% 28.62% 4.30% 8.87% 6.00% 0.41% 42.9% 28.4% 18.3% 1.96 0.79 30.76% 61.66% 17.71 -

1'819'148 1'861'816 1'595'759

LTM-4Q

LTM

FY+1

01/yy

12/12 Y 12/13 Y 1'334.7 1'414.3 1.72x 1.65x 500.7 590.2 4.55x 3.86x 132.2 205.4 7.18x 4.54x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

80.00

1'400.0

70.00

1'200.0

60.00

2.57 1.27 156.34 -56.06% -14.90% 1.272 21 4.000

FY+2

FQ+1

FQ+2

10.09 -4.85 1.98 2.31 61.7% 34.5% 0.41 0.73 20.66 -

1'000.0

50.00

800.0

40.00

600.0 30.00

400.0

20.00

200.0

10.00 0.00 02.01.2009 02.07.2009

0.0 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 |

28.02.2013

Petropavlovsk PLC Holdings By:

All

Holder Name BLACKROCK MASLOVSKIY PAVEL ALE VANGUARD GROUP INC M&G INVESTMENT MANAG JP MORGAN DIRECTOR & RELATED H HAMBRO PETER C P UBS CAPITAL GROUP COMPAN NORGES BANK SCHRODER INVESTMENT LEGAL & GENERAL BNP PARIBAS INVESTME BNP PARIBAS INV PART ROTHSCHILD PRIVATE M FMR LLC WELLINGTON MANAGEMEN SCHRODER INVESTMENT OXFORD ASSET MANAGEM BAILLIE GIFFORD AND

Firm Name BMO Capital Markets Uralsib Societe Generale Westhouse Securities VTB Capital RBC Capital Markets JPMorgan HSBC Raiffeisenbank AG Goldman Sachs Credit Suisse Canaccord Genuity Corp Sberbank CIB Numis Securities Ltd EVA Dimensions Alfa-Bank Liberum Capital Ltd Otkritie Capital Nomura Aton LLC

Portfolio Name n/a n/a #N/A N/A Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst DAVID HAUGHTON VALENTINA BOGOMOLOVA BRUCE ALWAY NICK HATCH NIKOLAY SOSNOVSKIY JONATHAN GUY ROGER BELL PATRICK CHIDLEY IRYNA TRYGUB-KAINZ YULIA CHEKUNAEVA MIKHAIL PRIKLONSKY PETER MALLIN-JONES MIKHAIL STISKIN CAILEY BARKER CRAIG STERLING BARRY EHRLICH KATE CRAIG ANDY JONES TYLER BRODA ILYA MAKAROV

Source ULT-AGG RNS-DIR RNS-MAJ REG ULT-AGG REG Co File ULT-AGG ULT-AGG RNS-MAJ REG ULT-AGG RNS-MAJ ULT-AGG REG ULT-AGG REG MF-AGG Short REG

Recommendation market perform buy buy buy buy underperform overweight overweight hold sell/attractive underperform buy buy add buy equalweight buy Under Review buy buy

Amt Held % Out 16'776'225 8.93 14'903'486 7.93 13'500'000 7.19 9'797'907 5.22 9'524'898 5.07 9'042'648 4.81 8'672'558 4.62 8'309'411 4.42 7'534'114 4.01 7'523'884 4.01 6'733'069 3.58 6'548'906 3.49 5'600'369 2.98 4'482'545 2.39 4'338'268 2.31 4'056'600 2.16 3'970'866 2.11 2'868'111 1.53 (2'817'902) -1.5 2'679'849 1.43

Latest Chg (8'736) 105'000 2'115'678 311'224 (839'144) 5'820'542 1'610'897 708'300 61'618 (79'130) (1'250'334) 392'589 (375'829) 3'750'567 618'490 (18'786) (274'348)

Weighting

Target Price

3 5 5 5 5 1 5 5 3 1 1 5 5 4 5 3 5 #N/A N/A 5 5

Change M M M M M M M M D D M M M M M D M M M M

475 588 470 480 480 400 500 540 430 365 340 800 560 480 #N/A N/A 440 #N/A N/A #N/A N/A 760 561

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.02.2013 26.05.2011 21.02.2013 01.11.2012 01.11.2012 01.11.2012 27.03.2012 01.11.2012 31.12.2012 28.11.2012 01.11.2012 31.01.2013 04.02.2011 31.12.2012 01.11.2012 31.12.2012 01.11.2012 31.12.2012 26.02.2013 01.11.2012

Date Not Provided Not Provided 12 month Not Provided 12 month 12 month 9 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 12 month

Inst Type Investment Advisor n/a Investment Advisor Investment Advisor Unclassified Other n/a Unclassified Investment Advisor Government Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.02.2013 25.02.2013 22.02.2013 22.02.2013 18.02.2013 15.02.2013 15.02.2013 31.01.2013 28.01.2013 24.01.2013 23.01.2013 22.01.2013 18.01.2013 18.01.2013 17.01.2013 16.01.2013 16.01.2013 13.12.2012 10.10.2012 28.06.2012

28.02.2013

Peugeot SA Peugeot SA manufactures automobiles and light comercial vehicles. The company, through subsidiaries, also manufactures automobile components and motorcycles, and provides logistics and financing services.

Price/Volume 16

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

14 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (09.11.2012) 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 UG FP EQUITY YTD Change UG FP EQUITY YTD % CHANGE

12/2012 12/yy 14.02 4.32 2'651'347.00 5.778 -58.80% 33.75% 15.02% 354.8 2'050.32 32'553.00 0.0 735.0 7'678.00 27'660.32

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4 2 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 54'356.0 0.49x 3'742.0 7.06x (363.0) -

31.12.2009 31.12.2010 48'417.0 56'061.0 0.57x 0.51x 2'443.0 4'839.0 11.25x 5.95x (1'161.0) 1'134.0 5.68x Profitability

31.12.2011 58'509.0 0.48x 4'039.0 7.02x 588.0 6.16x

31.12.2012 55'446.0 0.50x 2'310.0 11.90x (5'010.0) 2'310.00 -576.00 -1.04% -8.94% -7.49% -42.35% 0.83% 14.2% 4.2% -1.0% -9.0% 1.04 0.23 50.20% 331.43% 27.40 7.43

1.29 222.97 -55.99% 5.61% 1.287 32 1.844 3'969'418 4'798'594 5'056'238

LTM-4Q

LTM

FY+1

12/yy 59'912.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 55'446.0 0.00x 0.0 0.00x 0.0 0.00x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 54'936.9 56'920.2 0.14x 0.14x 2'493.3 3'188.3 11.09x 8.68x (510.7) 43.4 81.38x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

3.00

70'000.0

2.50

60'000.0

FY+2

FQ+1

FQ+2

14.02.2013 BBNEG 06.08.2009 B 5.23 0.07 10.77 14.09 331.4% 75.5% 0.83 4.18 13.36 49.24 70.34 -7.74

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

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 |

28.02.2013

Peugeot SA Holdings By:

All

Holder Name PEUGEOT FAMILY GENERAL MOTORS AUTOM PEUGEOT SA BLACKROCK ODEY ASSET MANAGEMEN ONTARIO TEACHERS PEN D E SHAW & COMPANY I EGERTON CAPITAL LIMI VANGUARD GROUP INC ROTHSCHILD & COMPAGN SPARINVEST MARSHALL WACE LLP OXFORD ASSET MANAGEM OXAM QUANT FUND LTD MAGNETAR FINANCIAL L AVIVA PLC NATIXIS ASSET MANAGE HIGHBRIDGE CAPITAL M HSBC ASSET MGMT EURO BNP PARIBAS SA

Firm Name Sanford C. Bernstein & Co Exane BNP Paribas AlphaValue Kepler Capital Markets Barclays Goldman Sachs Societe Generale Commerzbank Corporates & Markets JPMorgan Macquarie CM - CIC Securities(ESN) Natixis S&P Capital IQ Redburn Partners Oddo & Cie Morgan Stanley Landesbank Baden-Wuerttemberg HSBC Day by Day Credit Suisse EVA Dimensions Bankhaus Metzler Main First Bank AG CA Cheuvreux Silvia Quandt Research Cyrrus Deutsche Bank Hammer Partners SA National Bank AG DZ Bank AG

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst MAX WARBURTON RABIH FREIHA HANS-PETER WODNIOK XAVIER CAROEN KRISTINA CHURCH STEFAN BURGSTALLER STEPHEN REITMAN SASCHA GOMMEL JOSE ASUMENDI JENS SCHATTNER FLORENT COUVREUR GEORGES DIENG RODERICK BRIDGE CHARLES WINSTON FRANCOIS MAURY LAURA LEMBKE Fabian Suessenguth HORST SCHNEIDER VALERIE GASTALDY ERICH HAUSER CRAIG STERLING JUERGEN PIEPER BRUNO LAPIERRE THOMAS BESSON ALBRECHT DENNINGHOFF JIRI SIMARA GAETAN TOULEMONDE ALBERTO ROLLA MANFRED JAISFELD MICHAEL PUNZET

Source Research Research Co File ULT-AGG Short Research Short Short MF-AGG MF-AGG ULT-AGG Short Short Short Short MF-AGG MF-AGG Short MF-AGG Short

Recommendation market perform neutral sell hold underweight neutral/attractive hold reduce underweight underperform sell neutral sell sell neutral Underwt/In-Line sell underweight hold underperform sell buy underperform underperform neutral sell hold sell sell buy

Amt Held % Out 89'685'297 25.27 24'839'429 7 17'187'450 4.84 14'001'968 3.95 (8'055'072) -2.27 6'700'000 1.89 (5'748'554) -1.62 (4'613'037) -1.3 4'283'966 1.21 3'195'000 0.9 3'149'267 0.89 (2'483'943) -0.7 (2'129'094) -0.6 (1'841'666) -0.52 (1'791'987) -0.5 1'687'300 0.48 1'627'527 0.46 (1'419'396) -0.4 1'241'612 0.35 (1'206'487) -0.34

Latest Chg 17'057'191 3'264 1'383'911 (425'819) (887'123) 100'258 125'000 (32'122) (248'394) (35'485) 1'671'200 25'796 354'849 190'814 674'213

File Dt Inst Type 29.03.2012 Other 29.03.2012 Corporation 31.12.2011 Corporation 26.02.2013 Investment Advisor 06.02.2013 Investment Advisor 31.12.2011 Pension Fund (ERISA) 06.02.2013 Hedge Fund Manager 13.02.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 26.02.2013 Hedge Fund Manager 08.11.2012 Investment Advisor 30.10.2012 Mutual Fund Manager 20.03.2012 Hedge Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 21.11.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 14.01.2013 Bank

Weighting

Target Price

Date

Change 3 3 1 3 1 3 3 2 1 1 1 3 1 1 3 1 1 1 3 1 1 5 1 1 3 1 3 1 1 5

M M M M M U M M M M M M M M M M N M D M M M M M M M M M M M

5 4 2 6 2 7 7 5 5 5 4 6 5 #N/A N/A 7 3 5 4 #N/A N/A 5 #N/A N/A 12 4 4 #N/A N/A 5 #N/A N/A 4 #N/A N/A 14

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month Not Provided 6 month Not Provided Not Provided 12 month 12 month 6 month 9 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month

Date 21.02.2013 21.02.2013 21.02.2013 18.02.2013 18.02.2013 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 08.02.2013 07.02.2013 04.02.2013 01.02.2013 24.01.2013 17.01.2013 17.01.2013 03.01.2013 12.12.2012 26.11.2012 16.11.2012 29.10.2012 26.10.2012 23.10.2012 06.03.2012 29.02.2012

28.02.2013

Pirelli & C. SpA Pirelli & C. SpA manufactures tires. The Company produces consumer tires for automobiles, sports utility vehicles, light commercial vehicles and motorcycles, and industrial tires for buses, heavy trucks, and agricultural machinery. Pirelli also manufactures steel cord, the strengthening element for radial tires.

Price/Volume 12

8 6

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.05.2012) 52-Week Low (23.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PC IM EQUITY YTD Change PC IM EQUITY YTD % CHANGE

12/2011 09/yy 9.83 6.88 2'148'116.00 8.86 -9.87% 28.87% 67.17% 475.7 4'290.53 1'771.95 0.0 45.5 717.49 6'524.55

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4 2 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 31.12.2007 6'504.5 0.64x 585.6 7.16x 164.5 30.73x

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

31.12.2008 31.12.2009 4'660.2 4'067.5 0.72x 0.88x 264.8 469.0 12.76x 7.62x (347.5) 22.7 18.32x Profitability

31.12.2010 4'848.4 0.76x 636.4 5.77x 21.8 12.01x

31.12.2011 5'654.8 0.76x 812.8 5.25x 451.6 7.02x 812.78 581.87 10.29% 8.40% 7.60% 24.20% 14.38% 0.88% 16.0% 11.8% 8.0% 1.07 0.55 25.33% 82.57% 6.36 -

0.95 308.86 16.93% 2.37% 0.948 22 3.318 3'391'568 2'532'692 2'487'439

LTM-4Q

LTM

FY+1

09/yy 5'410.9 3.05x 785.0 4.92x 364.1 5.42x

09/yy 5'963.1 3.80x 981.3 6.33x 502.6 8.01x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 6'100.4 6'449.5 1'530.2 0.91x 0.85x 3.65x 1'072.1 1'200.1 283.5 6.09x 5.44x 417.1 495.5 91.6 10.28x 8.64x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

9'000.0

FY+2

FQ+1

FQ+2

10.87 2.61 2.35 2.57 82.6% 44.7% 0.88 2.56 57.55 -

8'000.0 20.00

7'000.0 6'000.0

15.00

5'000.0 4'000.0

10.00

3'000.0 2'000.0

5.00

1'000.0 0.00 02.01.2009 02.07.2009

0.0 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 |

28.02.2013

Pirelli & C. SpA Holdings By:

All

Holder Name CAMFIN CAM FINANZIAR CAM 2012 SPA EDIZIONE HOLDING SPA ALLIANZ SPA FONDIARIA-SAI SPA MEDIOBANCA SPA BLACKROCK RUANE CUNNIFF & GOLD INA ASSITALIA SPA ASSICURAZIONI GENERA AKO CAPITAL LLP GENERALI VIE VANGUARD GROUP INC HIGHBRIDGE CAPITAL M COLUMBIA WANGER ASSE DANSKE INVEST A/S DANSKE INVEST MANAGE MARSHALL WACE LLP ALTAIRIS INVESTMENTS WILLIAM BLAIR & COMP

Firm Name ICBPI Mediobanca SpA HSBC AlphaValue Societe Generale Kepler Capital Markets Deutsche Bank Exane BNP Paribas Banca IMI EVA Dimensions Goldman Sachs Main First Bank AG Morgan Stanley Equita SIM SpA Banca Akros(ESN) CA Cheuvreux Natixis Centrobanca Barclays Banca Profilo Ricerca Finanza

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a WILLIAM BLAIR & COMP

Analyst STEFANO VULPIANI MASSIMO VECCHIO NIELS FEHRE HANS-PETER WODNIOK PHILIPPE BARRIER GIANANTONIO VILLANI GAETAN TOULEMONDE MICHELE BALDELLI MONICA BOSIO CRAIG STERLING STEPHAN PUETTER BRUNO LAPIERRE EDOARDO SPINA MARTINO DEAMBROGGI GABRIELE GAMBAROVA GIORGIO IANNELLA MICHAEL FOUNDOUKIDIS ORIANA CARDANI KRISTINA CHURCH CARLO CAMPAGNA FRANCESCO MANZI

Source EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG EXCH EXCH EXCH Short EXCH MF-AGG Short MF-AGG MF-AGG MF-AGG Short Short 13F

Recommendation neutral underperform overweight reduce hold hold hold outperform not rated underweight sell/attractive underperform Overwt/In-Line buy hold outperform buy hold underweight buy outperform

Amt Held % Out 96'670'409 20.32 27'830'802 5.85 22'707'080 4.77 21'493'942 4.52 21'189'469 4.45 18'810'768 3.95 14'873'705 3.13 11'208'439 2.36 9'538'591 2 8'235'063 1.73 (5'899'179) -1.24 5'218'870 1.1 4'510'961 0.95 (4'234'088) -0.89 3'601'259 0.76 3'550'248 0.75 3'302'070 0.69 (2'806'867) -0.59 (2'759'293) -0.58 1'925'200 0.4

Latest Chg 7'121 (570'889) 131'026 475'740 2'276 66'308 (291'625) 47'574 (3'116'064)

File Dt Inst Type 24.10.2012 Other 24.10.2012 Other 24.10.2012 Holding Company 24.10.2012 Insurance Company 24.10.2012 Insurance Company 24.10.2012 Bank 26.02.2013 Investment Advisor 24.10.2012 Investment Advisor 24.10.2012 Insurance Company 24.10.2012 Insurance Company 19.12.2012 Investment Advisor 24.10.2012 Insurance Company 31.12.2012 Investment Advisor 13.02.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 29.06.2012 Investment Advisor 28.11.2012 Hedge Fund Manager 20.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Weighting

Target Price

Date

3 1 5 2 3 3 3 5 #N/A N/A 1 1 1 5 5 3 5 5 3 1 5 5

Change M M M M M M D M M M D M M M D M M M M M M

10 8 11 9 10 9 11 11 9 #N/A N/A 9 9 11 10 10 10 10 10 8 11 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 6 month Not Provided 6 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided

Date 22.02.2013 21.02.2013 21.02.2013 21.02.2013 05.02.2013 28.01.2013 25.01.2013 25.01.2013 22.01.2013 17.01.2013 10.01.2013 21.12.2012 28.11.2012 23.11.2012 19.11.2012 14.11.2012 13.11.2012 31.10.2012 06.09.2012 09.08.2012 24.06.2010

28.02.2013

Pohjola Bank PLC Pohjola Bank PLC provides non-life insurance and banking services. Non-life insurance services include household, motor liability, accident, medical, and travel insurance. Banking services include corporate and investment banking. The Company also offers asset management services for institutions.

Price/Volume 14

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (10.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance POH1S FH EQUITY YTD Change POH1S FH EQUITY YTD % CHANGE

12/2012 12/yy 12.81 7.46 506'641.00 12.08 -5.70% 61.93% 86.36% 251.9 3'860.48 20'884.00 0.0 0.0 14'458.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

1.0 M

4 .5 M

2 0 f-12

.0 M m-12

a-12

31.12.2009 31.12.2010 2'643.0 2'321.0 194.0 229.0 9.04x 12.52x Profitability

31.12.2011 3'011.0 215.0 11.16x

31.12.2012 1'291.0 285.0 12.64x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

36.51% 36.42% 0.66% 11.17% 1.18% 0.03% 27.8% 46.80% 754.21% -

1.01 46.20% 7.19% 1.015 8 2.750 582'275 475'929 390'644

LTM-4Q

LTM

FY+1

12/yy 3'011.0 0.00x 0.0 0.00x 215.0 11.16x

12/yy 1'455.0 0.00x 0.0 0.00x 285.0 12.64x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'018.5 1'044.0 236.0 273.0 339.0 357.8 61.1 89.0 11.22x 10.67x 12.72x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

16.00

4'000.0

14.00

3'500.0

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

m-12

Fiscal Year Ended 31.12.2008 3'620.0 88.0 22.53x

FY+2

FQ+1

FQ+2

27.07.2005 AANEG 27.07.2005 A-1+ 754.2% 88.3% 0.03 19.27 -

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 |

28.02.2013

Pohjola Bank PLC Holdings By:

All

Holder Name OP-POHJOLA GROUP CEN ILMARINEN MUTUAL PEN NORDEA BANK FINLAND OP-ELAKEKASSA DIMENSIONAL FUND ADV VARMA MUTUAL PENSION OULUN OSUUSPANKKI VANGUARD GROUP INC OP-ELAKESAATIO NORDEA INVESTMENT FU FINLAND STATE PENSIO TURUN SEUDUN OSUUSPA BLACKROCK NORDEA FENNIA TAMPEREEN SEUDUN OSU SUUR-SAVON OSUUSPANK ETELA-KARJALAN OSUUS OP-DELTA FUND AMUNDI PIELISEN OSUUSPANKKI

Firm Name SEB Enskilda Carnegie Nordea Equity Research Handelsbanken Evli Bank Plc Danske Markets EVA Dimensions ABG Sundal Collier JPMorgan

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a

Analyst MIKA KOSKINEN GIANANDREA ROBERTI PAAVO AHONEN MATTI AHOKAS KIMMO RAMA PER GRONBORG AUSTIN BURKETT RICKARD HENZE ANDREAS VAN EMBDEN

Source Research Research Research Research MF-AGG Research Research MF-AGG Research MF-AGG Research Research ULT-AGG Research Research Research Research Research MF-AGG Research

Recommendation hold hold sell reduce accumulate hold sell buy neutral

Amt Held 58'351'020 31'955'142 24'418'720 3'455'529 3'251'260 2'881'569 2'777'969 2'631'324 2'328'568 2'238'232 2'200'000 1'800'990 1'670'557 1'545'000 1'514'338 1'348'036 1'329'318 1'285'000 1'247'847 1'232'140

% Out 23.16 12.68 9.69 1.37 1.29 1.14 1.1 1.04 0.92 0.89 0.87 0.71 0.66 0.61 0.6 0.54 0.53 0.51 0.5 0.49

Latest Chg 80'781 (36'415) 1'840 (79'103) -

Weighting

Change

Target Price

3 3 1 2 4 3 1 5 3

M M M M M M D M M

11 #N/A N/A 12 12 12 13 #N/A N/A 10 10

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.11.2012 Bank 30.11.2012 Insurance Company 30.11.2012 Bank 30.11.2012 Pension Fund (ERISA) 31.07.2012 Investment Advisor 30.11.2012 Insurance Company 30.11.2012 Bank 31.12.2012 Investment Advisor 30.11.2012 Pension Fund (ERISA) 31.12.2012 Investment Advisor 30.11.2012 Government 30.11.2012 n/a 26.02.2013 Investment Advisor 30.11.2012 n/a 30.11.2012 Other 30.11.2012 Bank 30.11.2012 Bank 30.11.2012 n/a 28.09.2012 Mutual Fund Manager 30.11.2012 n/a

Date Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 6 month Not Provided

Date 07.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 23.01.2013 04.05.2012 23.02.2012

28.02.2013

Polyus Gold International Ltd Polyus Gold International Ltd is a gold mining company. The Company operates mines and development/exploration projects located in gold mining regions of Russia - the Krasnoyarsk Territory, the Irkutsk, Magadan, Amur regions, the Republic of Sakha (Yakutia), as well as in the Republic of Kazakhstan, Romania and Kyrgyzstan.

Price/Volume

200

25.0 M 20.0 M 15.0 M

100

12/2011 01/yy 233.00 180.50 807'456.00 220 -5.58% 21.88% 75.24% 3'032.2 6'670.73 798.68 235.3 657.45 9'834.20

10.0 M

5.0 M

0 j-12

.0 M j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.02.2013) 52-Week Low (28.08.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PGIL LN EQUITY YTD Change PGIL LN EQUITY YTD % CHANGE

31.12.2007 177.0 7.63x 74.4 18.14x 19.4 65.54x

250

31.12.2008 31.12.2009 54.3 60.4 8.14x 11.13x (220.8) (52.6) (257.0) (142.9) Profitability

31.12.2010 1'748.8 0.22x 714.6 0.54x 332.2 35.27x

31.12.2011 2'402.7 3.60x 1'130.0 7.66x 469.0 18.62x 1'130.02 942.07 39.21% 31.84% 14.27% 21.54% 21.73% 0.60% 49.7% 53.9% 43.9% 19.5% 1.63 0.73 18.93% 30.77% 2.99

1'606'133 1'639'757 1'830'161

LTM-4Q

LTM

FY+1

01/yy

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'799.3 3'100.9 3.53x 3.28x 1'371.9 1'573.2 7.17x 6.25x 825.2 948.8 12.32x 10.94x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

16.00

3'000.0

14.00

0.00 385.40 7.45% 17 4.176

FY+2

FQ+1

FQ+2

15.83 11.02 -0.39 0.23 30.8% 22.0% 0.60 1.24 122.45 141.59

2'500.0

12.00

2'000.0

10.00 8.00

1'500.0

6.00

1'000.0

4.00

500.0 2.00 0.00 02.01.2009 02.07.2009

0.0 02.01.2010

02.07.2010

02.01.2011 02.07.2011

02.01.2012

02.07.2012

02.01.2013

1999 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 |

28.02.2013

Polyus Gold International Ltd Holdings By:

All

Holder Name NAFTA MOSKVA RECEZA LTD LIZARAZU LTD JENNINGTON INTERNATI CHENGDONG INVESTMENT VTB CAPITAL PLC BLACKROCK BENVOLIO HOLDING LTD DWS INVESTMENT SA EAST CAPITAL ASSET M VAN ECK ASSOCIATES C DEUTSCHE BANK AG NUVEEN ASSET MANAGEM US GLOBAL INVESTORS JP MORGAN OPPENHEIMERFUNDS INC JP MORGAN INVESTMENT SOCIETE GENERALE INVESTEC ASSET MANAG RAIFFEISEN KAPITALAN

Firm Name JPMorgan Morgan Stanley BMO Capital Markets Uralsib Credit Suisse Alfa-Bank Sberbank CIB VTB Capital Liberum Capital Ltd Deutsche Bank Otkritie Capital Veles Capital Goldman Sachs ING Bank Aton LLC RMG Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst YURIY A VLASOV DMITRIY KOLOMYTSYN DAVID HAUGHTON VALENTINA BOGOMOLOVA MIKHAIL PRIKLONSKY BARRY EHRLICH MIKHAIL STISKIN ALEXANDER PUKHAEV KATE CRAIG ERIK DANEMAR ANDY JONES AIRAT KHALIKOV YULIA CHEKUNAEVA BIRAJ BORKHATARIA ILYA MAKAROV ANDREY TRETELNIKOV

Source RNS-RUL8 Research Research Co File RNS-RUL8 RNS-RUL8 ULT-AGG RNS-RUL8 MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG RNS-RUL8 MF-AGG MF-AGG

Recommendation overweight Equalwt/In-Line market perform buy outperform equalweight buy buy hold buy Under Review buy not rated hold hold hold

Amt Held 1'219'680'676 585'204'931 560'947'732 227'411'243 151'607'496 101'577'689 72'983'498 53'475'052 5'964'921 5'018'000 3'881'064 1'700'909 1'568'685 1'093'500 1'061'396 1'000'000 990'100 663'368 597'226 533'860

% Out 40.22 19.3 18.5 7.5 5 3.35 2.41 1.76 0.2 0.17 0.13 0.06 0.05 0.04 0.04 0.03 0.03 0.02 0.02 0.02

Latest Chg (500'000) (50'000) 662'399 5'018'000 (2'345'088) 1'093'500 (37'554) 10'900

Weighting

Change

Target Price

5 3 3 5 5 3 5 5 3 5 #N/A N/A 5 #N/A N/A 3 3 3

M M M M M M M M D M M M M M M M

270 265 250 264 240 225 303 300 #N/A N/A 285 #N/A N/A 247 #N/A N/A 280 187 209

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 18.09.2012 Investment Advisor 22.02.2013 n/a 22.02.2013 n/a 31.12.2011 n/a 12.09.2012 Investment Advisor 21.02.2013 Investment Advisor 26.02.2013 Investment Advisor 25.09.2012 Other 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Unclassified 30.12.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 21.02.2013 Bank 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor

Date Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Date 27.02.2013 26.02.2013 25.02.2013 25.02.2013 22.02.2013 06.02.2013 29.01.2013 28.01.2013 11.01.2013 19.12.2012 13.12.2012 19.09.2012 12.09.2012 10.09.2012 28.06.2012 26.06.2012

28.02.2013

PostNL NV PostNL NV collects, transports, stores, sorts, and distributes letters, printed matter, parcels, documents, and freight items. The Company provides mail and logistics services domestically and internationally.

Price/Volume 5

60.0 M

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (14.01.2013) 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 PNL NA EQUITY YTD Change PNL NA EQUITY YTD % CHANGE

12/2012 12/yy 4.32 1.70 6'165'088.00 1.845 -57.34% 8.53% 5.52% 440.0 811.75 1'618.00 0.0 11.0 391.00 2'049.75

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M

3 2

30.0 M

20.0 M

10.0 M

1 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 10'983.0 0.60x 1'381.0 4.74x 556.0 9.00x

31.12.2009 31.12.2010 10'278.0 4'274.0 0.88x 2.10x 1'138.0 600.0 7.99x 14.95x 281.0 347.0 28.03x 26.55x Profitability

31.12.2011 4'283.0 0.46x 529.0 3.74x 1'736.0 -

31.12.2012 4'330.0 0.58x 541.0 4.66x 677.0 1.90x 541.00 293.00 6.77% 17.51% 15.43% 92.17% 32.36% 0.99% 6.8% 15.6% 2.05 0.69 34.75% 151.36% 10.20 -

1.34 418.59 -53.45% -36.77% 1.335 23 3.391 9'155'633 7'024'369 6'209'901

LTM-4Q

LTM

FY+1

12/yy 4'283.0 3.71x 529.0 3.74x 1'736.0 0.00x

12/yy 4'330.0 2.37x 331.0 0.00x 677.0 1.96x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'364.4 4'418.6 0.45x 0.43x 475.4 509.4 4.31x 4.02x 223.5 244.7 4.11x 3.49x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

30.00

14'000.0

25.00

12'000.0

FY+2

FQ+1

FQ+2

16.01.2013 BBB NEG 10.03.2006 A-2 5.06 3.42 151.4% 60.0% 0.99 8.77 35.88 -

10'000.0

20.00

8'000.0 15.00

6'000.0 10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

PostNL NV Holdings By:

All

Holder Name MACKENZIE FINANCIAL CAUSEWAY CAPITAL MAN ING INTERNATIONAL AD MANNING & NAPIER ADV BLACKROCK ALBERTA INVESTMENT M MORGAN STANLEY ING INVESTMENT MANAG VANGUARD GROUP INC MASSACHUSETTS FINANC FIRST EAGLE INVESTME UNIVERSAL INVEST CON ALLIANZ ASSET MANAGE INVESCO LTD OXFORD ASSET MANAGEM FRANKLIN RESOURCES BARCLAYS PLC FMR LLC HIGHBRIDGE CAPITAL M WORLDQUANT LLC

Firm Name Goldman Sachs KBC Securities Rabobank International Kepler Capital Markets RBC Capital Markets SNS Securities(ESN) Berenberg Bank ING Bank ABN Amro Bank N.V. Nomura Morgan Stanley Barclays EVA Dimensions CA Cheuvreux HSBC Petercam Davy Credit Suisse Kempen & Co Main First Bank AG JPMorgan Theodoor Gilissen Securities AlphaValue Societe Generale

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a

Analyst JOHN WOODMAN DIETER FURNIERE PHILIP SCHOLTE ANDRE MULDER DAMIAN BREWER GERT STEENS WILLIAM FOGGON MARC ZWARTSENBURG MAARTEN BAKKER MARK MCVICAR PENNY BUTCHER DAVID E FINTZEN CRAIG STERLING ROBERT VAN OVERBEEK JULIA WINARSO MARCEL ACHTERBERG JOSHUA GOLDMAN NEIL GLYNN ARUN RAMBOCUS TOBIAS SITTIG CHRISTOPHER G COMBE JOS VERSTEEG HELENE COUMES MATTHEW O'KEEFFE

Source Research 13G MF-AGG Research ULT-AGG Research ULT-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG ULT-AGG MF-AGG Short ULT-AGG Research ULT-AGG Short Short

Recommendation neutral/neutral hold hold Under Review sector perform accumulate hold buy buy reduce Equalwt/In-Line overweight hold underperform neutral reduce underperform neutral buy outperform overweight Under Review sell hold

Amt Held % Out 37'323'303 8.48 33'943'546 7.71 28'514'573 6.48 23'995'285 5.45 21'876'251 4.97 21'081'417 4.79 20'148'658 4.58 18'816'297 4.28 12'988'100 2.95 10'317'188 2.34 7'760'076 1.76 5'000'000 1.14 4'760'903 1.08 3'141'982 0.71 (3'079'813) -0.7 2'520'142 0.57 2'379'798 0.54 2'200'620 0.5 (2'155'869) -0.49 (2'111'872) -0.48

Latest Chg 5'504'882 (525'149) 4'654 (289'095) 2'038'242 (2) 72'100 2'865'642 (879'947) (2'335'823) 43'997 483'970

File Dt Inst Type 18.11.2011 Investment Advisor 31.12.2011 Investment Advisor 30.11.2012 Investment Advisor 15.03.2012 Investment Advisor 26.02.2013 Investment Advisor 24.02.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 23.09.2010 Investment Advisor 30.09.2012 Hedge Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 27.02.2013 Investment Advisor 25.02.2013 Investment Advisor 31.10.2012 Investment Advisor 24.02.2011 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 29.01.2013 Investment Advisor

Weighting

Target Price

Date

3 3 3 #N/A N/A 3 4 3 5 5 2 3 5 3 1 3 2 1 3 5 5 5 #N/A N/A 1 3

Change M M M M M M M M M M M M M M M D D M M M M M M M

2 2 2 #N/A N/A 2 3 3 3 3 2 2 2 #N/A N/A 2 2 2 #N/A N/A 3 4 4 5 #N/A N/A 6 8

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 9 month Not Provided 6 month 12 month

Date 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 13.02.2013 21.01.2013 17.01.2013 16.01.2013 15.01.2013 14.01.2013 14.01.2013 11.01.2013 06.01.2013 09.11.2012 02.11.2012 27.10.2011 19.05.2011 21.02.2011

28.02.2013

ProSiebenSat.1 Media AG ProSiebenSat.1 Media AG is a pan-European broadcasting group. The Company produces and broadcasts television programming. ProSiebenSat.1's portfolio ranges from TV station brands to online video store, digital pay-TV programs, and mobile services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 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 PSM GY EQUITY YTD Change PSM GY EQUITY YTD % CHANGE

12/2011 09/yy 26.11 15.60 611'204.00 24.725 -5.29% 58.49% 86.86% 109.4 5'484.15 2'662.20 0.0 10.0 517.90 7'939.95

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 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 31.12.2007 2'710.4 2.69x 522.6 13.96x 89.4 39.71x

31.12.2008 31.12.2009 3'054.2 2'760.8 1.44x 1.97x 833.8 652.5 5.29x 8.34x (129.1) 146.6 Profitability

31.12.2010 2'601.0 3.16x 684.9 11.99x 312.7 20.64x

31.12.2011 2'756.2 1.90x 726.3 7.22x 637.5 11.48x 726.30 606.70 22.01% 13.30% 6.48% 24.38% 10.88% 0.57% 45.5% 27.2% 22.7% 23.1% 1.51 1.39 52.89% 185.99% 10.45 976.50

654'309 544'982 543'578

LTM-4Q

LTM

FY+1

09/yy 2'711.4 10.66x 764.5 6.87x 689.0 10.13x

09/yy 2'868.7 8.54x 779.8 8.66x 325.9 12.60x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'910.3 2'721.7 887.8 2.49x 2.52x 8.19x 858.1 798.7 314.3 9.25x 9.94x 393.0 398.6 170.5 60.6 13.42x 13.32x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

4.00

3'500.0

3.50

3'000.0

3.00

1.17 82.81 35.47% 16.08% 1.172 30 3.567

FY+2

FQ+1

FQ+2

3.50 3.07 3.15 3.79 186.0% 64.9% 0.57 12.89 35.03 0.37 89.44 -29.07

2'500.0

2.50

2'000.0

2.00

1'500.0 1.50

1'000.0

1.00

500.0

0.50 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 |

28.02.2013

ProSiebenSat.1 Media AG Holdings By:

All

Holder Name LAVENA HOLDING 5 PROSIEBEN SAT1 MEDIA FMR LLC DEUTSCHE BANK AG BLACKROCK CAPITAL GROUP COMPAN VANGUARD GROUP INC CAZENOVE UNIT TRUST LORD ABBETT & CO LLC CAPITAL AT WORK INTE ALLIANZ ASSET MANAGE BARING FUND MANAGERS EPOCH INVESTMENT PAR VERITAS SG INVESTMEN ADIG INVESTMENT JOHN HANCOCK INVESTM AMERIPRISE FINANCIAL BNP ASSET MANAGEMENT INVESCO LTD SWEDBANK ROBUR FONDE

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Liberum Capital Ltd IAN WHITTAKER AlphaValue VERONIQUE CABIOC'H Deutsche Bank LAURIE DAVISON Independent Research GmbH LARS LUSEBRINK Nomura WILLIAM MAIRS DZ Bank AG HARALD HEIDER Commerzbank Corporates & Markets SONIA RABUSSIER Exane BNP Paribas ADRIEN DE SAINT HILAIRE JPMorgan FILIPPO PIETRO LO FRANCO Credit Suisse OMAR SHEIKH Barclays JULIEN ROCH Societe Generale CHRISTOPHE CHERBLANC EVA Dimensions CRAIG STERLING Berenberg Bank SARAH SIMON Goldman Sachs RICHARD JONES Bankhaus Metzler STEFAN WIMMER Main First Bank AG STEPHAN VOLLERT Kepler Capital Markets CONOR O'SHEA Natixis JEROME BODIN Hammer Partners SA STEPHAN SEIP Morgan Stanley JULIEN ROSSI Landesbank Baden-Wuerttemberg RALPH SZYMCZAK Espirito Santo Investment Bank Research MARK EVANS HSBC CHRISTOPHER JOHNEN Close Brothers Equity Markets MARCUS SILBE Jefferies WILL SMITH Silvia Quandt Research JACQUES ABRAMOWICZ CS Capital CHRISTOPHER PARKINSON

Source Research Research ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy reduce buy hold buy hold hold underperform neutral outperform overweight hold buy hold Buy/Neutral buy outperform hold neutral sell Equalwt/Attractive hold sell neutral hold hold neutral buy

Amt Held 19'691'748 6'901'250 6'538'304 2'819'360 2'449'786 1'675'000 1'510'811 940'700 914'799 553'800 434'862 433'012 404'872 392'200 384'276 330'865 310'400 270'087 258'956 250'000

% Out 18 6.31 5.98 2.58 2.24 1.53 1.38 0.86 0.84 0.51 0.4 0.4 0.37 0.36 0.35 0.3 0.28 0.25 0.24 0.23

Latest Chg (738'750) 299'157 (82'246) 315'000 33'947 (69'305) (85'000) 15'469 (108'868) (59'900) 370'000 (108'044) (4'900) 442 33'352 -

Weighting

Change

Target Price

5 2 5 3 5 3 3 1 3 5 5 3 5 3 5 5 5 3 3 1 3 3 1 3 3 3 3 5

M M M M M M M M M M U M M M M M M M M M D M M D M M M M

32 24 29 25 30 22 25 22 26 30 28 25 #N/A N/A 24 29 26 26 23 22 19 26 24 15 26 18 23 22 26

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.08.2012 Holding Company 31.08.2012 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 30.11.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 27.02.2013 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 6 month 12 month 12 month Not Provided 12 month 6 month Not Provided 9 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided

Date 22.02.2013 21.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 13.02.2013 04.02.2013 24.01.2013 17.01.2013 17.01.2013 11.01.2013 09.01.2013 09.01.2013 19.12.2012 18.12.2012 18.12.2012 18.12.2012 17.12.2012 17.12.2012 17.12.2012 14.12.2012 20.11.2012 08.11.2012 08.11.2012 15.08.2011

28.02.2013

Provident Financial PLC Provident Financial plc is a financial services group specialising in the provision of personal credit products for consumers in the United Kingdom non standard lending market. The Company's Consumer Credit division provides small, unsecured loans, which they collect in weekly installments. The Company's Credit Cards business is operated through Vanquis Bank.

Price/Volume 1800 1400 1200 1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PFG LN EQUITY YTD Change PFG LN EQUITY YTD % CHANGE

12/2012 01/yy 1'527.00 1'064.00 241'271.00 1460 -4.39% 37.22% 85.53% 138.4 2'021.27 1'201.40 0.0 0.0 79.10 3'143.57

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

600 400 200 0 f-12 m-12

a-12 m-12

31.12.2009 31.12.2010 815.6 866.4 2.60x 2.45x 196.2 227.8 10.79x 9.31x 88.6 101.5 13.74x 11.39x Profitability

31.12.2011 910.8 2.52x 246.7 9.29x 119.8 10.50x

31.12.2012 980.0 3.06x 269.4 11.14x 148.0 12.30x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

269.40 255.80 26.10% 20.07% 9.35% 42.19% 13.83% 0.62% 27.5% 26.1% 15.1% 5.62 0.29 71.24% 320.03% -

181'641 134'819 156'969

LTM

FY+1

01/yy

12/13 Y 12/14 Y 1'057.3 1'136.2 2.94x 2.85x 266.3 284.3 11.81x 11.06x 151.4 166.7 12.95x 11.85x S&P Issuer Ratings

180.00

1'600.0

160.00

1'400.0

140.00

5.29 0.72 91.04 36.97% 7.51% 0.724 16 3.250

LTM-4Q

Price/ Cash Flow

FY+2

FQ+1

FQ+2

3.61 3.51 4.17 4.46 320.0% 76.2% 0.62 38.66 -

1'200.0

120.00

1'000.0

100.00

800.0

80.00

600.0

60.00

400.0

40.00

200.0

20.00 0.00 01.01.2010

j-12

Market Data

Fiscal Year Ended 31.12.2008 751.2 2.58x 184.0 10.55x 92.1 12.13x

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

1600

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 |

28.02.2013

Provident Financial PLC Holdings By:

All

Holder Name INVESCO LTD PERPETUAL INVESTMENT M&G INVESTMENT MANAG MARATHON ASSET MANAG BLACKROCK TWEEDY BROWNE COMPAN LEGAL & GENERAL Cantillon Capital BAILLIE GIFFORD AND PICTET & CIE LANSDOWNE PARTNERS OLD MUTUAL NORGES BANK INVESTME FMR LLC ABERDEEN LIONTRUST JP MORGAN JUPITER ASSET MANAGE PROVIDENT FINANCIAL RWC PARTNERS LTD

Firm Name

Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

RBC Capital Markets PETER K LENARDOS Shore Capital Stockbrokers GARY GREENWOOD Espirito Santo Investment Bank Research PHILIP DOBBIN Goldman Sachs BENJAMIN MOORE JPMorgan RAE MAILE Canaccord Genuity Corp ARUN MELMANE Peel Hunt STUART DUNCAN Numis Securities Ltd JAMES HAMILTON Berenberg Bank PRAS JEYANANDHAN EVA Dimensions AUSTIN BURKETT Societe Generale BILL BARNARD Keefe, Bruyette & Woods TOM MILLS HSBC NITIN ARORA Charles Stanley Securities ANDREW MITCHELL

Source REG MF-AGG REG RNS-MAJ ULT-AGG REG ULT-AGG REG REG REG Short ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG REG REG

Recommendation outperform hold neutral neutral/neutral overweight hold hold hold hold overweight hold market perform neutral hold

Amt Held % Out 35'591'182 25.71 10'127'121 7.32 8'951'588 6.47 8'159'871 5.89 5'695'979 4.11 5'550'156 4.01 5'131'774 3.71 4'514'221 3.26 4'205'378 3.04 3'855'639 2.79 (3'578'121) -2.58 3'373'856 2.44 3'330'695 2.41 2'955'423 2.13 2'527'225 1.83 2'521'585 1.82 2'402'606 1.74 2'350'967 1.7 1'991'242 1.44 1'924'707 1.39

Latest Chg (590'435) (38'693) (104'306) (432'136) (583'280) (153'821) 450'979 163'122 62'689 68'955 118'395 (19'690) (4'273) (365'700) 22'571 404'122 650'000 -

File Dt Inst Type 01.11.2012 Investment Advisor 31.07.2012 Investment Advisor 01.11.2012 Investment Advisor 12.09.2012 Investment Advisor 26.02.2013 Investment Advisor 01.11.2012 Investment Advisor 31.01.2013 Unclassified 01.11.2012 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Mutual Fund Manager 01.11.2012 Investment Advisor 31.12.2012 Unclassified 01.11.2012 Government 01.11.2012 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Unclassified 01.11.2012 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Unclassified 01.11.2012 Investment Advisor

Weighting

Target Price

Date

Change 5 3 3 3 5 3 3 3 3 5 3 3 3 3

M M M M M M D M M M M M M M

1'600 #N/A N/A 1'494 1'700 1'678 1'250 1'570 1'601 1'290 #N/A N/A 1'335 1'460 1'390 1'250

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month Not Provided Not Provided 6 month 9 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Date 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 21.02.2013 17.01.2013 15.01.2013 15.01.2013 12.11.2012 04.05.2012

28.02.2013

QinetiQ Group PLC Qinetiq Group PLC is a science and technology research company formed from the British Governments defense research and development organization.

Price/Volume 250

12.0 M

200

10.0 M 8.0 M

150

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (21.05.2012) 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 QQ/ LN EQUITY YTD Change QQ/ LN EQUITY YTD % CHANGE

100

03/2012 01/yy 214.60 141.50 520'142.00 206.1 -3.96% 45.65% 88.37% 660.5 1'361.24 249.30 0.0 0.1 118.90 1'347.34

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

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 31.03.2008 1'366.0 1.23x 187.2 8.96x 47.4 26.72x

4.0 M

31.03.2009 31.03.2010 1'617.3 1'625.4 0.88x 0.84x 225.2 245.8 6.33x 5.53x 93.6 (63.3) 9.22x Profitability

31.03.2011 1'702.6 0.63x 216.9 4.95x 5.0 159.33x

31.03.2012 1'469.6 0.80x 220.9 5.35x 257.9 4.02x

220.90 159.10 10.83% 22.56% 18.39% 49.82% 43.08% 1.02% 16.6% 13.0% 17.5% 0.94 0.71 17.44% 41.60% 4.63 -

1.50 0.83 600.62 38.89% 13.01% 0.826 10 3.800 822'630 1'909'660 1'430'233

LTM-4Q

LTM

FY+1

01/yy

03/13 Y 03/14 Y 1'357.0 1'338.5 0.95x 0.92x 192.8 168.2 6.99x 8.01x 113.2 97.3 12.12x 13.93x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

7.00

1'800.0

6.00

1'600.0

FY+2

FQ+1

FQ+2

1.96 1.76 -0.06 0.70 41.6% 29.4% 1.02 5.69 79.13 -

1'400.0 5.00

1'200.0

4.00

1'000.0

3.00

800.0 600.0

2.00

400.0

1.00 0.00 03.04.2009

200.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

QinetiQ Group PLC Holdings By:

All

Holder Name FMR LLC ARTISAN PARTNERS HOL RUANE CUNNIFF & GOLD Ruane Cunniff & Gold SCHRODER INVESTMENT INVESTEC ASSET MANAG FRANKLIN RESOURCES LEGAL & GENERAL NORGES BANK INVESTEC ASSET MANAG BLACKROCK RUANE CUNNIFF & GOLD QINETIQ GROUP EMPLOY SCHRODER INVESTMENT QINETIQ GROUP PLC SH JUPITER ASSET MANAGE CHISHOLM JOHN JP MORGAN WELLINGTON MANAGEMEN ACADIAN ASSET MANAGE

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst

Investec ANDREW GOLLAN JPMorgan DAVID H. PERRY Espirito Santo Investment Bank Research EDWARD STACEY Liberum Capital Ltd WILLIAM SHIRLEY EVA Dimensions CRAIG STERLING Barclays RICHARD PAIGE Canaccord Genuity Corp PAUL BRANT

Source ULT-AGG RNS-MAJ RNS-MAJ REG REG REG ULT-AGG ULT-AGG RNS-MAJ MF-AGG ULT-AGG MF-AGG REG MF-AGG REG REG RNS-DIR ULT-AGG REG REG

Recommendation hold neutral buy hold overweight equalweight buy

Amt Held 100'889'213 92'608'147 64'117'000 55'751'638 48'945'895 36'357'943 30'347'644 29'027'398 27'181'242 26'585'581 23'974'040 23'161'200 19'153'952 17'978'940 17'533'890 12'273'431 11'501'026 10'007'236 9'313'304 9'287'768

% Out 15.28 14.02 9.71 8.44 7.41 5.5 4.59 4.39 4.12 4.03 3.63 3.51 2.9 2.72 2.65 1.86 1.74 1.52 1.41 1.41

Latest Chg (37'816'485) 2'602'589 (8'535'402) (7'621'530) 6'838'732 (873'174) (571'999) 1'744'557 7'330'734 (1'103'579) 851'059 (599'153) 1'290'609 4 578'202 (1'974'463) 4'084'972

File Dt 30.11.2012 05.10.2012 06.07.2012 01.10.2012 01.10.2012 01.10.2012 31.12.2012 31.01.2013 26.11.2012 31.12.2012 26.02.2013 31.12.2011 01.10.2012 31.12.2012 01.10.2012 01.10.2012 19.02.2010 31.10.2012 01.10.2012 01.10.2012

Weighting

Change

Target Price

Date

3 3 5 3 5 3 5

M M M M U M M

180 210 230 180 #N/A N/A 160 155

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 9 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor n/a Unclassified Investment Advisor Investment Advisor

Date 22.02.2013 11.02.2013 08.02.2013 05.02.2013 17.01.2013 02.05.2012 26.03.2012

28.02.2013

Raiffeisen Bank International AG Raiffeisen Bank International AG is a bank holding company. The Bank offers corporate, structured and trade financing, investment banking, factoring, lease financing, and payment and custody services. Raiffeisen operates in Austria and Central and Eastern Europe.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RBI AV EQUITY YTD Change RBI AV EQUITY YTD % CHANGE

12/2012 12/yy 33.95 21.65 170'947.00 28.59 -15.79% 32.06% 56.42% 195.5 5'589.49 56'509.36 0.0 1'142.9 37'149.79 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.8 M

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 f-12

.0 M m-12

a-12

31.12.2009 31.12.2010 7'546.9 9'551.5 212.2 1'087.5 39.90x 8.99x Profitability

31.12.2011 9'971.7 967.7 5.08x

31.12.2012

j-12

a-12

s-12

o-12

n-12

d-12

j-13

725.0 8.48x 19.72% 19.55% 0.72% 10.90% 1.67% 0.07% 13.8% 38.45% 577.04% -

1.47 9.74% -9.11% 1.466 24 2.750 192'936 150'093 157'115

LTM-4Q

LTM

FY+1

12/yy 9'971.7 0.00x 0.0 0.00x 967.7 4.51x

12/yy 7'465.0 0.00x 0.0 0.00x 725.0 10.66x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'254.3 5'448.0 703.7 842.8 7.92x 6.61x 5.63x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

1.20

12'000.0

1.00

10'000.0

0.80

8'000.0

0.60

m-12

Fiscal Year Ended 31.12.2008 8'425.6 982.0 3.02x

FY+2

FQ+1

FQ+2

25.01.2012 A NEG 25.01.2012 A-1 577.0% 83.8% 0.07 7.98 -

6'000.0 4'000.0

0.40

2'000.0 0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Raiffeisen Bank International AG Holdings By:

All

Holder Name RAIFFEISEN ZENTRALBA FRANKLIN RESOURCES WELLINGTON MANAGEMEN VANGUARD GROUP INC FONDUL PROPRIETATEA BLACKROCK RINGTURM KAG DWS INVESTMENT S A EAST CAPITAL ASSET M PIONEER INVESTMENTS ERSTE SPARINVEST KAG KBC GROUP NV SWISSCANTO FONDSLEIT SCHRODER INVESTMENT ING INTERNATIONAL AD BZ WBK TOWARZYSTWO F DIMENSIONAL FUND ADV SUNTRUST BANKS INC GRANTHAM MAYO VAN OT BPH TFI SA

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

Wood & Company Commerzbank Corporates & Markets Macquarie Berenberg Bank AlphaValue Banca IMI HSBC Nomura Exane BNP Paribas VTB Capital Societe Generale Barclays Keefe, Bruyette & Woods Goldman Sachs Morgan Stanley EVA Dimensions Credit Suisse Deutsche Bank Kepler Capital Markets Erste Bank Mediobanca SpA JPMorgan J&T Banka KBC Securities

MARK MACRAE MICHAEL DUNST THOMAS STOEGNER ELENI PAPOULA DIETER HEIN MANUELA MERONI JOHANNES THORMANN DOMENICO SANTORO ANDREA VERCELLONE MIKHAIL SHLEMOV ALAN WEBBORN CRISTINA MARZEA RONNY REHN PAWEL DZIEDZIC FRANCESCA TONDI AUSTIN BURKETT HUGO SWANN ALEXANDER HENDRICKS DIRK BECKER GUENTER HOHBERGER RICCARDO ROVERE PAUL FORMANKO MILAN LAVICKA MARTA CZAJKOWSKA-BALDYGA

Source Co File ULT-AGG Short MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation hold add underperform sell buy hold neutral reduce underperform sell hold underweight underperform neutral/neutral Equalwt/In-Line overweight outperform hold hold buy neutral overweight hold hold

Amt Held % Out 153'471'501 78.5 1'146'500 0.59 (1'055'728) -0.54 948'314 0.49 853'564 0.44 713'109 0.36 660'000 0.34 484'628 0.25 415'895 0.21 374'900 0.19 254'120 0.13 154'748 0.08 140'416 0.07 126'694 0.06 110'000 0.06 108'355 0.06 100'895 0.05 98'410 0.05 95'686 0.05 85'252 0.04

Latest Chg 100'753 21'265 (232'042) (2'708) (50'000) (16'351) (294'985) 4'831 (13'105) (6'151) (25'938) (780) (2'519) (7'334)

File Dt Inst Type 31.12.2011 Bank 30.09.2012 Investment Advisor 02.11.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 26.02.2013 Investment Advisor 31.10.2012 Mutual Fund Manager 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.05.2011 Investment Advisor 31.10.2012 Investment Advisor 31.01.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.01.2013 Bank 31.05.2012 Investment Advisor 30.06.2011 Mutual Fund Manager

Weighting

Target Price

Date

Change 3 4 1 1 5 3 3 2 1 1 3 1 1 3 3 5 5 3 3 5 3 5 3 3

D M M M M M M M M M M M M M M M M M U M M M M D

32 33 30 27 50 29 36 26 31 27 35 30 28 39 29 #N/A N/A 35 29 30 36 29 35 44 45

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 6 month 12 month Not Provided 6 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 9 month 12 month Not Provided

Date 25.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 18.02.2013 01.02.2013 01.02.2013 31.01.2013 28.01.2013 17.01.2013 17.01.2013 15.01.2013 29.11.2012 28.11.2012 04.11.2012 24.08.2012 02.07.2012 22.08.2011 21.12.2010

28.02.2013

Ratos AB Ratos AB is an equity company that operates in the Nordic private equity market for investments in unlisted companies. The Company focuses on middle-segment buyouts.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (23.10.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RATOB SS EQUITY YTD Change RATOB SS EQUITY YTD % CHANGE

12/2012 12/yy 93.00 53.75 615'465.00 65.75 -29.30% 22.33% 30.57% 239.5 21'794.70 10'426.00 0.0 802.0 3'203.00 29'819.69

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 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 27'337.0 1.12x 3'064.0 10.03x 5'172.0 4.14x

100 90 80 70 60 50 40 30 20 10 0 f-12 m-12

31.12.2009 31.12.2010 26'862.0 28'582.0 1.49x 3.27x 3'143.0 3'300.0 12.69x 28.31x 842.0 2'255.0 34.74x 17.56x Profitability

31.12.2011 30'039.0 1.25x 2'789.0 13.46x 521.0 49.45x

31.12.2012 27'425.0 1.02x 2'440.0 11.46x 606.0 32.90x 2'440.00 -1.93% 2.80% 1.65% 4.65% 2.08% 0.75% 8.9% 2.2% 31.06% 84.05% -

1.09 -17.98% 5.20% 1.091 9 2.000 800'233 665'591 744'519

LTM-4Q

LTM

FY+1

12/yy 30'039.0 7.25x 2'789.0 13.46x 521.0 49.56x

12/yy 27'425.0 4.79x 2'440.0 11.85x 606.0 36.36x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 23'612.3 25'174.5 2'972.0 3'557.0 10.03x 8.38x 835.0 1'269.0 23.48x 16.52x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

35'000.0

FY+2

FQ+1

FQ+2

2.96 4.27 84.0% 44.1% 0.75 7.08 -

30'000.0

20.00

25'000.0 15.00

20'000.0 15'000.0

10.00

10'000.0 5.00

0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Ratos AB Holdings By:

All

Holder Name TORSTEN SOEDERBERGS RAGNAR SOEDERBERGS F SOEDERBERG FAMILY SWEDBANK ROBUR FONDE AMF PENSION RATOS AB HANDELSBANKEN FONDER JPMORGAN CHASE FUNDI ANDRA AP FONDEN VANGUARD GROUP INC SEB STENHAMMAR OLOF BLACKROCK INVESCO LTD YORK CAPITAL MANAGEM AMF FONDER AB OMNIBUS FOR KU CLIEN SPP FONDER AB LANSFORSAKRINGAR FON ALPS MUTUAL FUNDS SE

Firm Name Goldman Sachs Handelsbanken SEB Enskilda Nordea Equity Research Swedbank ABG Sundal Collier EVA Dimensions Carnegie CA Cheuvreux

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MARKUS IWAR ELIAS PORSE SVANTE KROKFORS CATRIN JANSSON NICLAS HOGLUND RICKARD HENZE AUSTIN BURKETT CHRISTIAN HELLMAN BJORN GUSTAFSSON

Source Co File Co File Co File Co File Co File Co File Co File Co File Co File MF-AGG ULT-AGG Co File ULT-AGG MF-AGG Short MF-AGG Co File MF-AGG MF-AGG MF-AGG

Recommendation Buy/Neutral reduce sell sell neutral sell sell hold underperform

Amt Held % Out 15'759'900 6.58 12'633'340 5.27 11'602'951 4.84 8'663'728 3.62 6'185'000 2.58 5'144'127 2.15 4'923'294 2.06 4'032'776 1.68 3'683'402 1.54 3'602'228 1.5 3'175'916 1.33 2'955'404 1.23 1'666'164 0.7 1'286'588 0.54 (1'005'916) -0.42 740'000 0.31 488'000 0.2 464'291 0.19 371'013 0.15 370'700 0.15

Latest Chg 51'506 (381'038) 9'726 6'246 502'958 (175'000) 52'501 42'070 177'700

File Dt Inst Type 31.12.2011 n/a 31.12.2011 Other 31.12.2011 n/a 31.12.2011 Investment Advisor 31.12.2011 Pension Fund (ERISA) 31.12.2011 Private Equity 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Pension Fund (ERISA) 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2011 n/a 26.02.2013 Investment Advisor 27.02.2013 Investment Advisor 30.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Other 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor

Weighting

Target Price

Date

Change 5 2 1 1 3 1 1 3 1

M M M M U M M D N

86 60 57 58 65 58 #N/A N/A #N/A N/A 67

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 12 month Not Provided 12 month 12 month 6 month Not Provided Not Provided Not Provided

Date 20.02.2013 20.02.2013 18.02.2013 18.02.2013 18.02.2013 17.02.2013 17.01.2013 09.01.2013 18.01.2012

28.02.2013

Remy Cointreau SA Remy Cointreau SA manufactures and distributes premium wines and spirits worldwide. The Company produces Remy Martin cognac, Cointreau, Passoa, Mount Gay rum, Metaxa. Through its wholly-owned sales company, Remy sells throughout the world.

Price/Volume 120

1.6 M 1.4 M

100

1.2 M 80

Latest Fiscal Year: LTM as of: 52-Week High (22.02.2013) 52-Week Low (29.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RCO FP EQUITY YTD Change RCO FP EQUITY YTD % CHANGE

03/2012 12/yy 101.55 72.12 91'402.00 97 -4.48% 34.50% 84.54% 50.9 4'938.26 378.70 0.0 1.2 190.10 5'205.56

31.03.2008 817.8 2.96x 173.1 13.99x 98.4 21.08x

.8 M .6 M

.4 M 20

.2 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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

Valuation Analysis

31.03.2009 31.03.2010 714.1 807.6 1.92x 2.92x 151.8 158.1 9.05x 14.91x 86.1 86.3 9.70x 20.33x Profitability

31.03.2011 907.8 3.26x 228.8 12.92x 70.5 35.43x

31.03.2012 1'026.1 3.76x 226.3 17.07x 110.8 30.91x

226.30 207.70 20.24% 16.47% 7.16% 14.65% 11.83% 0.55% 61.4% 22.5% 21.2% 10.8% 2.20 0.64 19.04% 38.85% 4.53 0.55

0.51 21.27 35.12% 17.25% 0.508 25 3.200 74'061 70'677 72'782

LTM-4Q

LTM

FY+1

12/yy 1'033.9 0.00x 0.0 0.00x 0.0 0.00x

12/yy 1'169.4 0.00x 0.0 0.00x 0.0 0.00x

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'214.4 1'338.2 4.25x 3.82x 279.7 317.9 18.61x 16.37x 165.4 195.3 28.35x 24.45x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

45.00

1'200.0

FY+2

FQ+1

FQ+2

10.12.2012 BB+ POS 7.57 6.99 1.03 1.69 38.8% 28.0% 0.55 7.53 80.81 664.60 300.58 419.22

40.00

1'000.0

35.00

800.0

30.00 25.00

600.0

20.00

400.0

15.00 10.00

200.0

5.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Remy Cointreau SA Holdings By:

All

Holder Name ORPAR RECOPART BV FMR LLC REMY COINTREAU SA GROUPAMA SA VANGUARD GROUP INC PICTET ASSET MANAGEM TIAA CREF INVESTMENT GROUPAMA ASSET MGMT CARMIGNAC GESTION GAMCO GLOBAL INVESTMENT SE BLACKROCK GENERALI ASSET MANAG DELTA LLOYD FUND MAN NATIXIS ASSET MANAGE PRUDENTIAL FINANCIAL AMUNDI CREDIT SUISSE ASSET CAZENOVE UNIT TRUST

Firm Name Raymond James Sanford C. Bernstein & Co HSBC Exane BNP Paribas Deutsche Bank EVA Dimensions Liberum Capital Ltd Gilbert Dupont Barclays Societe Generale Nomura Kepler Capital Markets Natixis JPMorgan Aurel - BGC CM - CIC Securities(ESN) Bryan Garnier & Cie Goldman Sachs CA Cheuvreux Berenberg Bank Jefferies Redburn Partners Portzamparc Societe de Bourse

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst HERMINE DE BENTZMANN TREVOR STIRLING SOPHIE DARGNIES JAVIER GONZALEZ LASTRA JAMES ISENWATER AUSTIN BURKETT PABLO ZUANIC CHRISTINE ROPERT SIMON HALES NICOLAS CERON IAN SHACKLETON LAETITIA DELAYE JOSEPHINE CHEVALLIER MIKE J GIBBS JEAN-MARIE L'HOME FRANCIS PRETRE NIKOLAAS FAES MITCHELL COLLETT ERIC BOROIAN PHILIP MORRISEY DIRK VAN VLAANDEREN CHRISTIAN DE ROUALLE ARNAUD GUERIN

Source Co File Co File ULT-AGG Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform market perform neutral neutral sell sell hold reduce equalweight hold neutral buy neutral neutral sell buy buy buy/attractive outperform hold hold buy hold

Amt Held 21'252'815 6'937'889 1'844'286 1'428'653 1'400'296 373'313 354'648 296'302 289'908 268'860 224'893 203'010 195'185 183'519 178'311 169'827 161'010 147'834 140'783 134'730

% Out 41.75 13.63 3.62 2.81 2.75 0.73 0.7 0.58 0.57 0.53 0.44 0.4 0.38 0.36 0.35 0.33 0.32 0.29 0.28 0.26

Latest Chg 220'490 6'212 (47) 14'037 (107'259) 81'020 (430) 56'000 (48'200) (390) (115'600) 53'670 (648) 134'730

Weighting

Change

Target Price

5 3 3 3 1 1 3 2 3 3 3 5 3 3 1 5 5 5 5 3 3 5 3

M M M M D D M M M U M M M M M M M M N M M M M

103 93 110 83 80 #N/A N/A #N/A N/A 92 85 100 88 103 93 77 60 105 109 148 99 92 77 #N/A N/A 27

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.03.2012 Other 31.03.2012 Other 31.12.2012 Investment Advisor 31.03.2012 Corporation 31.03.2012 Insurance Company 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Unclassified 31.10.2012 Investment Advisor 26.02.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.10.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 9 month 6 month 12 month 6 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Date 28.02.2013 22.02.2013 22.02.2013 22.02.2013 08.02.2013 01.02.2013 25.01.2013 24.01.2013 23.01.2013 22.01.2013 22.01.2013 18.01.2013 18.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 09.01.2013 08.01.2013 29.11.2012 22.10.2012 24.07.2012 22.01.2009

28.02.2013

Rexel SA Rexel SA distributes low voltage electrical equipment. The Company distributes wires, cables, ducts, heating, light and ventilation equipment, security equipment, household appliances, and products which connect computer peripherals to networks. Rexel sells its products to electrical contractors, industrial and service sector companies, homeowners, and government agencies.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (27.06.2012) 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 RXL FP EQUITY YTD Change RXL FP EQUITY YTD % CHANGE

12/2012 12/yy 17.92 12.70 445'581.00 17.605 -1.76% 38.62% 93.97% 271.9 4'787.16 2'921.50 0.0 8.3 291.80 7'425.16

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 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 12'864.5 0.32x 655.9 6.36x 230.2 5.29x

20 18 16 14 12 10 8 6 4 2 0 f-12

31.12.2009 31.12.2010 11'307.3 11'960.1 0.45x 0.54x 418.7 692.0 12.04x 9.40x 80.6 228.5 32.90x 18.68x Profitability

31.12.2011 12'717.1 0.44x 794.8 7.07x 315.3 11.19x

31.12.2012 13'449.2 0.51x 841.2 8.09x 318.1 13.08x 841.20 708.40 5.27% 3.35% 3.18% 7.83% 6.56% 1.34% 24.6% 6.0% 5.2% 2.4% 1.34 0.74 28.32% 71.09% 6.33 7.60

1.12 105.78 11.36% 14.02% 1.119 18 4.000 499'895 546'417 415'054

LTM-4Q

LTM

FY+1

12/yy 12'717.1 1.96x 842.8 6.67x 316.1 11.00x

12/yy 13'449.2 1.98x 806.6 8.43x 318.8 12.91x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 13'754.6 14'264.1 3'144.0 3'357.0 0.53x 0.50x 2.34x 2.26x 877.3 960.4 191.0 207.0 8.46x 7.73x 8.79x 394.0 454.4 84.6 93.1 12.13x 10.35x 12.14x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

16'000.0

12.00

14'000.0

FY+2

FQ+1

FQ+2

10.11.2011 BB STABLE 12.05.2010 B 4.70 4.20 3.26 3.62 71.1% 41.5% 1.34 49.41 57.79 48.17 68.10 37.85

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 |

28.02.2013

Rexel SA Holdings By:

All

Holder Name RAY INVESTMENTS BLACKROCK REXEL SA VANGUARD GROUP INC HARTFORD INVESTMENT REXEL FCPE NATIXIS ASSET MANAGE PAUZE JEAN-CHARLES NEUBERGER BERMAN LLC AMF FONDER AB DNCA FINANCE LAZARD ASSET MANAGEM ALLIANZ ASSET MANAGE MEDITOR CAPITAL MANA BNP ASSET MANAGEMENT MARTIN PASCAL BNP ASSET MANAGEMENT AMUNDI LOMBARD ODIER DARIER BANQUE DEGROOF

Firm Name Nomura Main First Bank AG Exane BNP Paribas Societe Generale Morgan Stanley HSBC CM - CIC Securities(ESN) Kepler Capital Markets Natixis JPMorgan Berenberg Bank Deutsche Bank EVA Dimensions Goldman Sachs CA Cheuvreux Redburn Partners

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a BNP PARIBAS MIDCAP F Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KLAS BERGELIND CAROLE ROZEN ARNAUD BROSSARD PATRICK JOUSSEAUME BEN UGLOW PIERRE BOSSET CHRISTIAN DEVISMES PIERRE BOUCHENY LUDOVIC DEBAILLEUX ANDREAS WILLI WILLIAM MACKIE MILENE KERNER CRAIG STERLING JOHN WOODMAN ANTOINE AZAR PASCAL HAUTCOEUR

Source Research ULT-AGG Co File MF-AGG MF-AGG Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG Short MF-AGG Co File MF-FRA MF-AGG MF-AGG MF-AGG

Recommendation buy outperform outperform hold Overwt/Cautious neutral hold buy buy overweight buy buy underweight neutral/neutral underperform neutral

Amt Held % Out 160'268'736 58.94 19'004'360 6.99 2'590'773 0.95 1'860'994 0.68 1'477'181 0.54 1'337'496 0.49 1'172'106 0.43 1'086'754 0.4 686'299 0.25 639'340 0.24 634'970 0.23 598'213 0.22 523'638 0.19 (516'649) -0.19 499'883 0.18 489'616 0.18 468'223 0.17 433'730 0.16 380'000 0.14 366'500 0.13

Latest Chg (24'813'521) (1'602'309) 23'802 48'099 (15'858) 5'485 323'340 80'000 (6'145) (199'307) 1'114'875 (1'767) (1'860) (185'051) 6'500

Weighting

Target Price

Change 5 5 5 3 5 3 3 5 5 5 5 5 1 3 1 3

U N M M M M D M M M M M M M M D

22 21 19 17 19 18 16 18 19 19 18 18 #N/A N/A 18 15 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 29.02.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2011 Corporation 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2011 Other 31.12.2012 Mutual Fund Manager 31.12.2011 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor 14.02.2013 Investment Advisor 30.09.2012 Investment Advisor 31.12.2011 n/a 30.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.07.2012 Mutual Fund Manager 01.02.2013 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 9 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Date 20.02.2013 18.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 22.01.2013 15.01.2013 18.12.2012 31.10.2012 31.10.2012

28.02.2013

Rheinmetall AG Rheinmetall AG is an automotive, electronics, defense, and engineering group. The Company produces automotive pumps and components to supply air, reduce emissions, and supply fuel, pistons for gasoline and diesel vehicle and stationary engines, bearings for engines and other applications and aluminum engine blocks, and offers aftermarket service to engine repair shops.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RHM GY EQUITY YTD Change RHM GY EQUITY YTD % CHANGE

12/2011 09/yy 47.60 31.00 133'670.00 41.855 -12.07% 35.02% 65.39% 39.6 1'657.42 665.00 0.0 137.0 535.00 2'373.42

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M m-12

a-12

31.12.2008 31.12.2009 3'869.0 3'420.0 0.27x 0.51x 407.0 178.0 2.58x 9.83x 134.0 (58.0) 5.89x Profitability

31.12.2010 3'989.0 0.62x 445.0 5.55x 162.0 14.22x

31.12.2011 4'454.0 0.35x 521.0 3.03x 213.0 6.17x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

521.00 337.00 7.57% 6.62% 4.61% 16.02% 11.88% 1.00% 10.9% 6.7% 4.8% 1.48 0.90 13.76% 47.20% 4.25 -

1.19 38.04 -3.32% 14.99% 1.188 28 3.750 206'277 204'333 203'578

LTM-4Q

LTM

FY+1

09/yy 4'374.0 2.35x 494.0 4.20x 184.0 7.42x

09/yy 4'624.0 1.73x 504.0 4.17x 213.0 6.56x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 4'757.9 4'869.0 1'378.0 0.45x 0.42x 489.0 493.8 327.0 4.87x 4.82x 184.1 181.7 53.3 8.84x 8.99x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

18.00

5'000.0

16.00

4'500.0

14.00

4'000.0

FY+2

FQ+1

FQ+2

12.12.2008 NR 12.12.2008 NR 8.02 4.98 1.18 1.38 47.2% 30.1% 1.00 4.11 86.08 -

3'500.0

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 02.01.2009 02.07.2009

m-12

Fiscal Year Ended 31.12.2007 4'005.0 0.54x 405.0 5.38x 145.0 13.10x

50 45 40 35 30 25 20 15 10 5 0 f-12

0.0 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 |

28.02.2013

Rheinmetall AG Holdings By:

All

Holder Name BLACKROCK HARRIS ASSOCIATES LP RHEINMETALL AG FMR LLC DWS INVESTMENT GMBH VANGUARD GROUP INC MORGAN STANLEY DIMENSIONAL FUND ADV BANKHAUS LAMPE SCHRODER INVESTMENT LANDESBANK BERLIN IN UNION INVESTMENT GMB PRUDENTIAL FINANCIAL VERITAS SG INVESTMEN AVIVA PLC NATIXIS INTERNATIONA DEUTSCHE BANK AG DWS INVESTMENT S A ALLIANZ ASSET MANAGE LBPAM

Firm Name

Portfolio Name n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

HSBC RICHARD SCHRAMM AlphaValue EILEEN RYAN CA Cheuvreux HANS-JOACHIM HEIMBUERGER Bankhaus Metzler JUERGEN PIEPER Close Brothers Equity Markets DANIEL KUKALJ Commerzbank Corporates & Markets STEPHAN BOEHM Landesbank Baden-Wuerttemberg STEFAN MAICHL Independent Research GmbH ZAFER RUZGAR Hauck & Aufhaeuser FINN HENNING BREITER Bankhaus Lampe GORDON SCHOENELL M.M. Warburg Investment Research CHRISTIAN COHRS Berenberg Bank BENJAMIN GLAESER Equinet Institutional Services(ESN) ADRIAN PEHL Steubing AG TOBIAS SCHMIDT DZ Bank AG MARKUS TURNWALD Montega THOMAS RAU LFG Kronos Investment Services GmbH THOMAS ANEY Exane BNP Paribas OLIVIER BROCHET National Bank AG MANFRED JAISFELD EVA Dimensions CRAIG STERLING Deutsche Bank TIM ROKOSSA Main First Bank AG CHRISTOPHER YOUL Nord/LB FRANK SCHWOPE JPMorgan GLEN H LIDDY S&P Capital IQ MARNIE COHEN Kepler Capital Markets MICHAEL RAAB

Source ULT-AGG MF-AGG Co File ULT-AGG Research MF-AGG Research MF-AGG Research MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation neutral add outperform buy hold hold sell hold buy hold buy buy hold buy buy hold neutral neutral buy buy hold outperform buy neutral hold buy

Amt Held 2'723'279 2'485'800 1'547'842 1'497'779 1'173'000 698'804 590'573 522'511 352'302 345'697 249'210 245'800 245'477 245'260 232'900 200'400 174'433 150'000 148'598 139'000

% Out 6.88 6.28 3.91 3.78 2.96 1.76 1.49 1.32 0.89 0.87 0.63 0.62 0.62 0.62 0.59 0.51 0.44 0.38 0.38 0.35

Latest Chg 13'737 (20'000) (621'067) (34'219) (57'807) (11'753) (33'800) (5'100) 15'000 15'700 (1'000) 20'000 (16'693) (65'270)

Weighting

Change

Target Price

3 4 5 5 3 3 1 3 5 3 5 5 3 5 5 3 3 3 5 5 3 5 5 3 3 5

D 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

49 50 47 55 43 33 34 45 54 44 45 45 40 55 42 39 43 34 46 #N/A N/A 35 53 41 38 36 54

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 09.02.2012 Corporation 30.06.2012 Investment Advisor 01.11.2011 Investment Advisor 31.12.2012 Investment Advisor 18.05.2012 Investment Advisor 31.07.2012 Investment Advisor 18.05.2012 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.12.2012 Mutual Fund Manager

Date Not Provided 6 month Not Provided 12 month 12 month 6 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 6 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 9 month 12 month Not Provided

Date 21.02.2013 21.02.2013 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 14.02.2013 14.02.2013 13.02.2013 24.01.2013 17.01.2013 09.01.2013 09.01.2013 19.11.2012 12.11.2012 12.11.2012 19.01.2012

28.02.2013

Rightmove PLC Rightmove PLC operates a website that lists properties across Britain. The Company also publishes the House Price Index, which shows changes in house prices both annually and monthly and provides a view on the current state of the property market in England and Wales.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (06.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RMV LN EQUITY YTD Change RMV LN EQUITY YTD % CHANGE

Price/Volume

12/2011 01/yy 1'777.00 1'334.00 242'453.00 1738 -2.19% 30.28% 91.20% 103.3 1'794.64 0.00 0.0 0.0 21.77 1'780.00

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2007 56.7 10.75x 30.7 19.86x 18.6 30.61x

2000 1800 1600 1400 1200 1000 800 600 400 200 0 f-12 m-12

31.12.2008 31.12.2009 74.0 64.5 3.26x 9.25x 40.1 38.5 6.02x 15.48x 25.5 30.0 7.83x 18.92x Profitability

31.12.2010 81.6 10.68x 53.0 16.44x 58.0 21.84x

31.12.2011 97.0 13.61x 63.6 20.76x 46.5 28.31x 63.61 62.67 64.59% 64.66% 108.81% 281.71% 282.19% 2.17% 68.4% 67.4% 47.9% 1.37 1.30 0.00% 0.00% 7.91 -

273'957 326'718 341'015

LTM-4Q

LTM

FY+1

01/yy

12/12 Y 12/13 Y 116.3 130.7 15.26x 13.44x 82.9 95.2 21.48x 18.70x 60.5 69.9 28.97x 24.83x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

35.00

120.0

30.00

1.15 0.81 97.83 21.76% 21.03% 0.812 13 4.077

FY+2

FQ+1

FQ+2

525.68 522.69 -0.20 0.00 0.0% 0.0% 2.17 77.32 46.25 -

100.0

25.00

80.0

20.00

60.0 15.00

40.0 10.00

20.0

5.00 0.00 02.01.2009 02.07.2009

0.0 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 |

28.02.2013

Rightmove PLC Holdings By:

All

Holder Name Cantillon Capital MARATHON ASSET MANAG BAILLIE GIFFORD AND CALEDONIA INVESTMENT STANDARD LIFE INVEST AXA INVESTMENT MGRS AEGON KAMES CAPITAL PLC AXA FRAMLINGTON INV BLACKROCK CANTILLON CAPITAL MA CAPITAL GROUP COMPAN LEGAL & GENERAL RIGHTMOVE ESOP OLD MUTUAL UBS TREMBLANT CAPITAL GR NORGES BANK INVESTME LIONTRUST BANK OF NEW YORK MEL

Firm Name Westhouse Securities Numis Securities Ltd Panmure Gordon & Co Limited Goldman Sachs Barclays Jefferies JPMorgan NFinance Peel Hunt Canaccord Genuity Corp N+1 Singer Ltd EVA Dimensions

Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a #N/A N/A Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst RODDY DAVIDSON GARETH R DAVIES ALEX DE GROOTE ESHAN TOORABALLY NICK DEMPSEY ANTHONY CODLING MARCUS DIEBEL PIERRE SCHANG MALCOLM MORGAN ROBIN SAVAGE MARK C FLEETWOOD TEAM COVERAGE

Source REG REG REG Co File RNS-MAJ Co File ULT-AGG RNS-MAJ REG ULT-AGG RNS-MAJ ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG PRN REG ULT-AGG MF-AGG

Recommendation neutral buy buy neutral/neutral overweight underperform overweight buy sell buy buy overweight

Amt Held 9'357'759 8'357'094 8'081'840 6'431'468 6'339'692 5'510'468 5'359'946 5'196'495 5'115'932 4'777'310 4'408'924 4'104'518 4'027'617 3'450'525 3'303'931 2'760'963 2'574'057 2'507'767 1'863'672 1'480'284

% Out 9.06 8.09 7.83 6.23 6.14 5.34 5.19 5.03 4.95 4.63 4.27 3.97 3.9 3.34 3.2 2.67 2.49 2.43 1.8 1.43

Latest Chg (6'243) (780'457) 308'989 885'180 (116'082) (9'230) (3'431'080) 725'768 69'268 (813'747) 409'345 (402'825) (725'810) 347'343 (116'919)

Weighting

Change

Target Price

3 5 5 3 5 1 5 5 1 5 5 5

M M M M M M U N M M M N

1'505 1'915 2'000 2'000 1'950 1'200 1'802 1'791 1'180 1'800 1'835 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 01.11.2012 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 24.02.2012 Investment Advisor 07.02.2013 Investment Advisor 24.02.2012 Investment Advisor 01.11.2012 Unclassified 12.11.2012 Investment Advisor 01.11.2012 Investment Advisor 26.02.2013 Investment Advisor 08.01.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Unclassified 01.11.2012 Unclassified 31.12.2012 Unclassified 01.11.2012 Unclassified 06.04.2011 Hedge Fund Manager 01.11.2012 Government 31.12.2012 Unclassified 26.02.2013 Investment Advisor

Date Not Provided Not Provided Not Provided 6 month Not Provided 12 month 9 month 12 month Not Provided Not Provided 12 month Not Provided

Date 25.02.2013 22.02.2013 20.02.2013 18.02.2013 24.01.2013 18.01.2013 06.12.2012 27.11.2012 21.11.2012 08.11.2012 03.10.2012 13.01.2012

28.02.2013

Royal Imtech NV Royal Imtech NV offers technical services. The Company offers systems integration, industrial automation, and electrical and mechanical engineering services. Imtech operates in the Netherlands, Germany, Belgium, the United Kingdom, and Spain.

Price/Volume 30

35.0 M

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (27.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IM NA EQUITY YTD Change IM NA EQUITY YTD % CHANGE

12/2011 01/yy 25.34 8.01 6'481'592.00 8.606 -66.04% 7.44% 3.44% 94.1 809.48 798.70 0.0 6.3 278.10 1'581.18

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

10.0 M

5.0 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 3'346.3 0.43x 180.5 7.88x 91.9 14.48x

20.0 M

Valuation Analysis

31.12.2008 31.12.2009 3'859.4 4'323.3 0.36x 0.44x 226.5 266.7 6.08x 7.19x 113.3 126.2 8.22x 11.63x Profitability

31.12.2010 4'480.9 0.65x 291.7 10.03x 140.4 16.70x

31.12.2011 5'113.8 0.45x 323.7 7.07x 150.4 11.64x 323.70 259.40 5.07% 4.06% 4.12% 17.13% 1.48% 6.2% 4.9% 2.9% 1.24 0.85 21.48% 86.24% 2.74 -

1.19 89.57 -64.65% -50.51% 1.190 14 3.286 2'671'960 3'381'491 2'108'253

LTM-4Q

LTM

FY+1

01/yy

12/12 Y 12/13 Y 5'662.4 5'883.7 0.29x 0.26x 253.2 328.9 6.25x 4.81x 134.1 162.9 5.41x 4.61x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

250.00

6'000.0

200.00

5'000.0

FY+2

FQ+1

FQ+2

2.24 3.17 86.2% 46.1% 1.48 33.57 133.82 -

4'000.0 150.00

3'000.0 100.00

2'000.0

50.00

0.00 02.01.2009 02.07.2009

1'000.0 0.0 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 |

28.02.2013

Royal Imtech NV Holdings By:

All

Holder Name DELTA LLOYD NV AMERIPRISE FINANCIAL COLUMBIA WANGER ASSE WAM ACQUISITIONS GP MORTON HOLDINGS INC FMR LLC ALLIANZ ASSET MANAGE GMT CAPITAL CORP BANQUE DE LUXEMBOURG UNION INVESTMENT GMB DEUTSCHE BANK AG MARSHALL WACE LLP VANGUARD GROUP INC NAYA MASTER FUND LP BNP PARIBAS INV PART UNION INVESTMENT LUX ODIN FORVALTNING AS THIRD POINT LLC SEB PARVEST INVESTMENT M

Firm Name KBC Securities SNS Securities(ESN) Kepler Capital Markets ING Bank ABN Amro Bank N.V. Exane BNP Paribas CA Cheuvreux Rabobank International Kempen & Co Petercam Credit Suisse HSBC EVA Dimensions Theodoor Gilissen Securities

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst MICHAEL ROEG EDWIN DE JONG ANDRE MULDER TIJS HOLLESTELLE TEUN TEEUWISSE DAVID VAGMAN ROBERT VAN OVERBEEK HANS SLOB DIRK VERBIESEN LUUK VAN BEEK EUGENE KLERK TOBIAS LOSKAMP CRAIG STERLING TOM MULLER

Source ULT-AGG Research MF-AGG Co File Short ULT-AGG ULT-AGG Short MF-AGG MF-AGG MF-AGG Short MF-AGG Short ULT-AGG MF-AGG MF-AGG Short ULT-AGG MF-AGG

Recommendation buy hold hold hold sell neutral outperform hold hold hold underperform overweight hold buy

Amt Held % Out 5'483'693 5.83 4'709'413 5.01 4'482'524 4.77 4'227'537 4.49 (3'038'135) -3.23 2'225'768 2.37 1'814'413 1.93 (1'608'424) -1.71 1'371'156 1.46 1'234'050 1.31 1'134'172 1.21 (837'133) -0.89 766'251 0.81 (752'479) -0.8 704'881 0.75 701'000 0.75 681'772 0.72 (658'419) -0.7 590'924 0.63 574'879 0.61

Latest Chg 32'666 480'787 (100'000) 98'632 (103'466) (277'400) 581'921 (28'218) 6'094 (56'436) 45'633 43'000 147'103 83'175

Weighting

Target Price

Change 5 3 3 3 1 3 5 3 3 3 1 5 3 5

M M M M M M U M D M M M U M

#N/A N/A 11 11 11 10 8 13 11 13 12 11 16 #N/A N/A 31

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 21.11.2012 Bank 04.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2009 Other 04.02.2013 Corporation 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 22.02.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.12.2012 Investment Advisor 25.02.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 18.02.2013 Corporation 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 04.02.2013 Hedge Fund Manager 31.12.2012 Unclassified 30.11.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 11.02.2013 08.02.2013 08.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 11.09.2012

28.02.2013

Rubis SCA Rubis distributes liquefied petroleum gas and stores bulk liquids. The Company stores hydrocarbons, chemicals, fertilizers and edible oils. Rubis also distributes liquefied petroleum gas (LPG) in Europe.

Price/Volume 60

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

50 40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 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 19.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RUI FP EQUITY YTD Change RUI FP EQUITY YTD % CHANGE

12/2011 09/yy 54.65 37.55 47'232.00 53.04 -2.95% 41.27% 90.59% 32.8 1'738.76 483.73 0.0 18.4 231.77 2'139.79

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10 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 31.12.2007 851.9 0.91x 123.8 6.24x 37.5 16.71x

31.12.2008 31.12.2009 1'192.3 951.9 0.55x 0.91x 112.0 113.1 5.83x 7.63x 42.7 47.2 10.69x 13.77x Profitability

31.12.2010 1'449.8 0.96x 147.4 9.44x 56.4 17.68x

31.12.2011 2'123.0 0.71x 298.5 5.02x 71.8 16.63x 298.54 120.30 5.67% 5.09% 4.71% 10.31% 7.24% 1.39% 13.6% 5.5% 3.4% 1.52 1.03 27.53% 57.66% -

0.81 27.56 30.72% 2.39% 0.814 12 4.750 53'600 82'874 108'597

LTM-4Q

LTM

FY+1

06/yy 1'116.0 0.00x 0.0 0.00x 0.0 0.00x

09/yy 2'633.9 0.00x 0.0 0.00x 0.0 0.00x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'768.1 3'116.4 0.77x 0.69x 218.5 251.0 9.79x 8.53x 93.2 106.1 18.25x 15.99x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

20.00

2'500.0

FY+2

FQ+1

FQ+2

22.95 15.78 1.12 1.94 57.7% 36.1% 1.39 3.49 -

18.00 16.00

2'000.0

14.00

1'500.0

12.00 10.00

1'000.0

8.00 6.00

500.0

4.00 2.00 0.00 02.01.2009 02.07.2009

0.0 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 |

28.02.2013

Rubis SCA Holdings By:

All

Holder Name DASSAULT BELGIQUE AV HALISOL ORFIM AMERIPRISE FINANCIAL DELTA LLOYD FUND MAN ARTISAN PARTNERS HOL ALLIANZ ASSET MANAGE VANGUARD GROUP INC FCP RUBIS-AVENIR SEB BNP ASSET MANAGEMENT NEUFLIZE OBC ASSET M BESSEMER GROUP INCOR HSBC ASSET MGMT EURO BNP ASSET MANAGEMENT BNP PARIBAS INV PART NORDEA INV MANAGEMEN CHARLES SCHWAB INVES BLACKROCK FRANK RUSSELL TRUST

Firm Name Portzamparc Societe de Bourse Societe Generale HSBC Gilbert Dupont Oddo & Cie Exane BNP Paribas Arkeon Finance EVA Dimensions Natixis Day by Day Goldman Sachs IDMidcaps

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios BNP PARIBAS MIDCAP F n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst NICOLAS ROYOT JEAN-BAPTISTE ROUSSILLE MURIELLE ANDRE-PINARD CHRISTINE ROPERT EMMANUEL MATOT CHARLES-HENRI DE MORTEMART MATHIEU JASMIN AUSTIN BURKETT JULIEN LAURENT VALERIE GASTALDY BENJAMIN MOORE TEAM COVERAGE

Source Research Research Research Research MF-AGG MF-AGG ULT-AGG MF-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-FRA ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation add buy overweight buy buy neutral buy overweight buy buy Buy/Neutral buy

Amt Held 1'680'500 1'618'759 1'605'552 1'511'024 666'000 477'663 324'150 315'907 271'366 247'819 242'660 219'428 159'079 150'961 141'005 132'885 122'578 117'656 111'768 104'475

% Out 5.13 4.94 4.9 4.61 2.03 1.46 0.99 0.96 0.83 0.76 0.74 0.67 0.49 0.46 0.43 0.41 0.37 0.36 0.34 0.32

Latest Chg 302'281 392'000 97'000 (8'075) (38'500) 11'464 69'758 (400) 15'000 (560) (1'569) 21'250 (367) 1'454 29'019

File Dt 10.12.2012 19.11.2012 21.06.2012 28.09.2011 31.10.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2009 31.12.2012 30.09.2012 30.12.2011 31.10.2012 31.12.2012 30.09.2012 31.12.2012 31.12.2012 27.02.2013 26.02.2013 31.05.2012

Weighting

Change

Target Price

Date

4 5 5 5 5 3 5 5 5 5 5 5

M M M M M M M M M M M M

52 69 61 63 63 54 53 #N/A N/A 59 58 64 52

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 3 month 6 month 12 month

Inst Type Corporation Private Equity Private Equity Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 15.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 17.01.2013 09.01.2013 04.01.2013 31.10.2012 10.09.2012

28.02.2013

Salzgitter AG Salzgitter AG produces and trades a wide range of steel products and tubes. The product spectrum includes flat rolled steel products, beams, plates and tubes, both seamless and welded, as well as processed steel products. The Company also provides industrial services such as research and development, information technology and other services to group companies and third parties. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (26.07.2012) 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 SZG GY EQUITY YTD Change SZG GY EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 46.82 27.03 776'650.00 37.165 -20.62% 37.52% 51.23% 60.1 2'233.51 747.90 0.0 9.0 1'023.20 1'836.01

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M 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 12'499.2 0.20x 1'297.7 1.97x 674.3 4.54x

50 45 40 35 30 25 20 15 10 5 0 f-12

31.12.2009 31.12.2010 7'818.0 8'304.6 0.28x 0.23x 97.2 121.3 22.27x 15.69x (383.7) (331.9) 105.04x Profitability

31.12.2011 9'839.5 0.19x 602.9 3.02x 233.0 8.96x

31.12.2012 10'397.2 (99.8) 602.90 240.60 2.45% 2.05% 0.76% 1.75% 1.17% 3.9% 0.4% -1.0% 2.92 1.41 8.50% 18.74% 6.33 -

433'426 369'912 316'909

LTM-4Q

LTM

FY+1

12/yy 9'839.5 0.77x 602.9 3.02x 233.0 9.05x

12/yy 10'397.2 0.42x 242.4 0.00x (99.8) 0.00x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'544.4 10'811.4 2'628.3 2'636.0 0.18x 0.17x 0.65x 0.73x 508.9 615.1 106.0 137.0 3.60x 2.97x 4.03x 71.3 152.9 2.0 17.5 27.53x 12.77x 37.77x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

450.00

14'000.0

400.00

1.16 54.09 -18.06% -5.73% 1.160 32 3.156

FY+2

FQ+1

FQ+2

9.55 3.80 -1.00 1.94 18.7% 15.8% 1.17 4.13 57.83 -

12'000.0

350.00

10'000.0

300.00 250.00

8'000.0

200.00

6'000.0

150.00

4'000.0

100.00

2'000.0

50.00 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 |

28.02.2013

Salzgitter AG Holdings By:

All

Holder Name SALZGITTER AG BLACKROCK VANGUARD GROUP INC SEB SPARINVEST UNION INVESTMENT GMB INVESCO LTD MAINFIRST SICAV ALLIANZ ASSET MANAGE FRANKFURT TRUST INVE DEUTSCHE BANK AG ADIG INVESTMENT TRIMARK INVESTMENT M UNION INVESTMENT LUX DIMENSIONAL FUND ADV SEB FUND SERVICES SA DEKA INVESTMENT GMBH GRANTHAM MAYO VAN OT UBS INVEST KAG UNIVERSAL INVESTMENT

Firm Name Morgan Stanley Goldman Sachs JPMorgan Independent Research GmbH Bankhaus Lampe M.M. Warburg Investment Research Nomura Equinet Institutional Services(ESN) DZ Bank AG Exane BNP Paribas Baader Bank AlphaValue Credit Suisse Nord/LB Landesbank Baden-Wuerttemberg Kepler Capital Markets Commerzbank Corporates & Markets Bankhaus Metzler EVA Dimensions Deutsche Bank Jefferies Societe Generale Hamburger Sparkasse S&P Capital IQ Main First Bank AG Davy HSBC BHF-Bank Steubing AG Cyrrus Prosdocimi

Analyst ALEXANDER HAISSL STEPHEN BENSON ALESSANDRO ABATE SVEN DIERMEIER MARC GABRIEL BJOERN VOSS NEIL SAMPAT STEFAN FREUDENREICH DIRK SCHLAMP SYLVAIN BRUNET CHRISTIAN OBST HANS-PETER WODNIOK MICHAEL SHILLAKER HOLGER FECHNER JENS MUENSTERMANN ROCHUS BRAUNEISER INGO-MARTIN SCHACHEL LARS HETTCHE CRAIG STERLING BASTIAN SYNAGOWITZ SETH ROSENFELD ABHISHEK SHUKLA INGO SCHMIDT JOHNSON IMODE ALEXANDER HAUENSTEIN TIM CAHILL JUERGEN SIEBRECHT HERMANN REITH MICHAEL BROEKER JIRI SIMARA TEAM COVERAGE

Source Co File ULT-AGG 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 MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation Equalwt/Cautious Sell/Neutral overweight hold hold hold neutral hold buy neutral hold sell neutral sell hold hold reduce sell overweight hold hold buy hold hold outperform underperform neutral overweight buy buy sell

Amt Held 6'009'700 2'386'616 722'309 620'816 534'493 450'400 279'386 266'018 235'119 208'000 154'465 140'000 129'960 121'426 121'365 112'613 111'100 107'790 85'000 74'764

% Out 10 3.97 1.2 1.03 0.89 0.75 0.46 0.44 0.39 0.35 0.26 0.23 0.22 0.2 0.2 0.19 0.18 0.18 0.14 0.12

Latest Chg (12'556) 7'142 43'816 165'400 (11'828) 266'018 18'889 200'000 (84'800) 115'400 5'400 (2'838) (74'000) 38'749

File Dt Inst Type 31.12.2011 Corporation 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 27.02.2013 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 30.09.2012 Unclassified 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 28.12.2012 Mutual Fund Manager 31.05.2012 Investment Advisor 31.10.2012 Investment Advisor 28.09.2012 Mutual Fund Manager

Weighting

Change

Target Price

Date

3 1 5 3 3 3 3 3 5 3 3 1 3 1 3 3 2 1 5 3 3 5 3 3 5 1 3 5 5 5 1

M M U M M M M M M M M M M M D M M M M D M M M M M M M M M M M

35 29 43 37 36 34 34 34 36 31 35 31 42 30 37 35 34 26 #N/A N/A 41 40 44 #N/A N/A 33 41 #N/A N/A 32 56 68 57 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 12 month 9 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 6 month Not Provided 12 month Not Provided Not Provided 6 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided

Date 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 21.02.2013 21.02.2013 01.02.2013 31.01.2013 30.01.2013 30.01.2013 25.01.2013 22.01.2013 17.01.2013 15.01.2013 10.01.2013 04.12.2012 19.11.2012 14.11.2012 06.11.2012 03.10.2012 05.09.2012 14.08.2012 21.03.2012 30.01.2012 10.06.2010

28.02.2013

SEB SA SEB SA manufactures small household appliances. The Company produces cookware, electric cookers, food and beverage preparation equipment, vacuum cleaners, and personal care items. SEB's brand names include Tefal/T-Fal, Rowenta, Calor, Arno, SEB, Moulinex, Krups and Samurai, and are sold in Europe, the Americas, India, Egypt, Australia, New Zealand, Thailand, Korea, and elsewhere in Asia.

Price/Volume 70

.6 M

.5 M

.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (16.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SK FP EQUITY YTD Change SK FP EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M

.1 M

10 0 f-12

.0 M m-12

a-12

31.12.2009 31.12.2010 3'176.3 3'651.8 0.70x 1.11x 415.8 486.8 5.38x 8.29x 146.0 220.4 12.64x 16.72x Profitability

31.12.2011 3'963.3 0.90x 510.5 6.98x 234.6 11.86x

31.12.2012 4'060.0 194.0 13.69x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

510.50 409.40 10.33% 9.42% 6.77% 16.22% 11.24% 1.27% 39.6% 12.5% 9.9% 4.8% 1.51 0.83 25.76% 69.95% 7.28 3.32

79'346 96'189 83'692

LTM

FY+1

09/yy 730.3 0.00x 0.0 0.00x 0.0 0.00x

06/yy 3'356.5 0.00x 0.0 0.00x 0.0 0.00x

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 4'163.5 4'378.6 969.3 1'366.0 0.82x 0.75x 501.2 541.2 7.29x 6.75x 231.3 257.5 12.15x 10.86x S&P Issuer Ratings

20.00

4'500.0

18.00

4'000.0

16.00

3'500.0

14.00

0.84 22.15 -6.58% 3.14% 0.842 17 4.118

LTM-4Q

Price/ Cash Flow

FY+2

FQ+1

FQ+2

13.11.1998 A-2 26.73 20.87 1.30 1.63 69.9% 38.9% 1.27 8.55 50.25 110.17 60.67 98.99

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00 0.00 01.01.2010

m-12

Fiscal Year Ended 31.12.2008 3'230.2 0.55x 394.1 4.52x 151.6 6.71x

.3 M

12/2012 06/yy 64.08 46.72 91'166.00 57.46 -10.33% 22.99% 61.87% 50.0 2'870.23 866.20 0.0 123.4 196.00 3'655.43

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 |

28.02.2013

SEB SA Holdings By:

All

Holder Name FEDERACTIVE VENELLE INVESTISSEME SOCIETE FONCIERE FIN SEB SA OPPENHEIMERFUNDS INC FEVRE HUBERT LESCURE CEDRIC VANGUARD GROUP INC BNP ASSET MANAGEMENT HSBC INVESTMENT FUND SCHRODER INVESTMENT BRAIDA-VALERI ANNE-D AMUNDI LOMBARD ODIER DARIER LBPAM HSBC ASSET MGMT EURO BNP PARIBAS INV PART NATIXIS ASSET MANAGE D'ARTAISE THIERRY DE ALLIANZ ASSET MANAGE

Firm Name Societe Generale Gilbert Dupont CM - CIC Securities(ESN) Oddo & Cie Kepler Capital Markets Main First Bank AG Exane BNP Paribas Bryan Garnier & Cie Portzamparc Societe de Bourse AlphaValue HSBC BPI Goldman Sachs Natixis EVA Dimensions CA Cheuvreux

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst MARIE-LINE FORT STEPHANIE LEFEBVRE JEAN-PASCAL BRIVADY CHRISTOPHE CHAPUT LAETITIA DELAYE MOURAD LAHMIDI CHARLES-HENRI DE MORTEMART CEDRIC ROSSI LAURENT VALLEE HELENE COUMES CHRISTOPHE QUARANTE HUBERT D'AILLIERES BENJAMIN MOORE NICOLAS LANGLET CRAIG STERLING AMANDINE LATOUR

Source Co File Co File Co File Co File MF-AGG Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG Co File ULT-AGG

Recommendation hold add buy neutral buy outperform outperform buy add add overweight buy Buy/Neutral neutral hold underperform

Amt Held 11'781'221 9'531'889 2'521'522 2'331'797 1'114'728 533'503 530'356 254'606 234'089 211'420 191'549 187'194 185'587 183'145 148'251 144'631 141'744 131'720 125'417 123'160

% Out 23.59 19.08 5.05 4.67 2.23 1.07 1.06 0.51 0.47 0.42 0.38 0.37 0.37 0.37 0.3 0.29 0.28 0.26 0.25 0.25

Latest Chg 4'694 (42'923) 11'930 (400'956) (5'682) 52'330 5'000 (15'832) (86'760) -

File Dt Inst Type 31.12.2011 Unclassified 31.12.2011 Unclassified 31.12.2011 Holding Company 31.12.2011 Corporation 30.12.2012 Investment Advisor 31.12.2011 n/a 31.12.2011 n/a 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 n/a 28.09.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2011 n/a 28.09.2012 Investment Advisor

Weighting

Change

Target Price

Date

3 4 5 3 5 5 5 5 4 4 5 5 5 3 3 1

M M M M M M M M M M M M M M M D

63 67 67 58 70 68 63 70 67 69 69 64 75 59 #N/A N/A 49

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 6 month Not Provided 6 month Not Provided Not Provided 6 month Not Provided Not Provided Not Provided

Date 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 21.02.2013 21.02.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 17.01.2013 24.10.2012

28.02.2013

SGL Carbon SE SGL Carbon SE produces carbon and graphite materials, specialty graphite, corrosion protection products, and fibers and composites. The Company manufactures graphite and carbon electrodes, cathodes, mold stock, mechanical carbons, corrosion resistant products and systems, composites, and carbon-ceramic brake discs. SGL markets its products worldwide.

Price/Volume

.6 M .5 M

.4 M

Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 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 02.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SGL GY EQUITY YTD Change SGL GY EQUITY YTD % CHANGE

12/2011 09/yy 37.20 29.75 61'378.00 32.93 -11.48% 10.69% 42.68% 70.6 2'326.06 556.60 0.0 14.0 241.70 2'836.76

.3 M

15 10

.2 M

.1 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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.7 M

35 30

Valuation Analysis

31.12.2007 1'373.0 1.90x 320.1 8.13x 133.5 17.66x

31.12.2008 31.12.2009 1'611.5 1'225.8 1.14x 1.35x 361.9 172.8 5.08x 9.61x 189.6 (60.4) 8.13x Profitability

31.12.2010 1'381.8 1.55x 197.4 10.85x 52.2 33.77x

31.12.2011 1'540.2 1.94x 239.4 12.51x 73.2 34.95x 239.40 165.50 10.75% 5.43% 0.74% 1.68% 1.68% 0.72% 27.2% 11.8% 7.0% 4.8% 3.16 1.54 24.51% 53.46% 5.72 2.30

0.50 47.95 -8.97% 9.58% 0.496 20 1.550 91'507 97'582 100'359

LTM-4Q

LTM

FY+1

09/yy 1'499.1 7.42x 182.3 0.00x 64.7 40.51x

09/yy 1'676.6 6.71x 198.1 13.72x 17.2 125.06x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'704.9 1'793.7 426.6 439.0 1.70x 1.60x 6.62x 6.49x 243.9 258.9 48.3 75.6 11.66x 10.98x 9.72x 9.46x 59.1 86.6 7.4 29.6 38.79x 28.00x 21.05x 19.37x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

60.00

1'800.0

FY+2

FQ+1

FQ+2

23.03.2007 BB STABLE 4.91 2.06 2.50 3.90 53.5% 34.5% 0.72 1.95 63.95 159.15 39.13 167.92

1'600.0

50.00

1'400.0 1'200.0

40.00

1'000.0 30.00

800.0 600.0

20.00

400.0 10.00 0.00 02.01.2009 02.07.2009

200.0 0.0 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 |

28.02.2013

SGL Carbon SE Holdings By:

All

Holder Name BAYERISCHE MOTOREN W VOITH AG VOLKSWAGEN AG BLACKROCK VANGUARD GROUP INC HIGHSIDE CAPITAL MAN DEKA INVESTMENT GMBH UNIVERSAL INVESTMENT ALLIANZ ASSET MANAGE SGL CARBON SE PETERCAM SA DIMENSIONAL FUND ADV SANTANDER ASSET MGMT GRANTHAM MAYO VAN OT HABBEL, POHLIG & PAR INVESCO LTD DWS INVESTMENT SA DEUTSCHE BANK AG WARBURG INVEST GENERALI INVESTMENTS

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

Bankhaus Lampe AlphaValue Berenberg Bank Baader Bank DZ Bank AG Goldman Sachs EVA Dimensions Kepler Capital Markets Commerzbank Corporates & Markets Hamburger Sparkasse Nord/LB S&P Capital IQ JPMorgan Landesbank Baden-Wuerttemberg Credit Suisse HSBC Bankhaus Metzler Deutsche Bank CA Cheuvreux Solventis WPH-Bank GmbH National Bank AG

MARC GABRIEL HEINZ STEFFEN GUNNAR COHRS CHRISTIAN OBST DIRK SCHLAMP AARON IBBOTSON CRAIG STERLING ULRICH SCHOLZ YASMIN MOSCHITZ MARCO GUENTHER THORSTEN STRAUSS JOHNSON IMODE GLEN H LIDDY ULLE WORNER JONATHAN HURN JUERGEN SIEBRECHT LARS HETTCHE GUNNAR ROMER HANS-JOACHIM HEIMBUERGER KLAUS SOER STEFFEN MANSKE

Source Co File Co File Co File ULT-AGG MF-AGG Short MF-AGG MF-AGG ULT-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell sell sell hold sell Sell/Neutral sell reduce hold hold sell sell underweight sell neutral underweight sell hold underperform sell buy

Amt Held % Out 10'749'037 15.22 6'249'758 8.85 5'593'328 7.92 437'046 0.62 394'266 0.56 (324'669) -0.46 179'000 0.25 117'674 0.17 100'000 0.14 85'217 0.12 55'000 0.08 53'322 0.08 47'000 0.07 40'539 0.06 40'000 0.06 36'507 0.05 35'000 0.05 34'436 0.05 32'700 0.05 32'000 0.05

Latest Chg 10'025 151'828 (49'000) (6'503) (35'400) (62'000) (27'000) (1'067) -

File Dt Inst Type 31.12.2011 Corporation 31.12.2011 Corporation 31.12.2011 Corporation 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 26.09.2012 Hedge Fund Manager 28.12.2012 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.12.2011 Corporation 30.12.2011 Mutual Fund Manager 31.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.05.2012 Investment Advisor 28.09.2012 Investment Advisor 27.02.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.04.2012 Mutual Fund Manager 31.10.2012 Investment Advisor

Weighting

Target Price

Date

Change 1 1 1 3 1 1 1 2 3 3 1 1 1 1 3 1 1 3 1 1 5

M M M M M M M M M M M M M M M D M M M M M

22 21 18 33 25 27 #N/A N/A 24 25 #N/A N/A 26 25 13 28 30 30 22 31 25 20 27

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 6 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 6 month Not Provided 12 month 12 month 9 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided

Date 27.02.2013 21.02.2013 18.02.2013 05.02.2013 23.01.2013 17.01.2013 17.01.2013 21.11.2012 15.11.2012 15.11.2012 12.11.2012 09.11.2012 08.11.2012 08.11.2012 11.10.2012 05.09.2012 30.07.2012 20.03.2012 19.08.2011 09.11.2010 06.08.2009

28.02.2013

Shaftesbury PLC Shaftesbury plc is a real estate company. The Company invests in commercial properties and improves them through refurbishment and active management, holding them for rental income and capital appreciation. Shaftesbury operates in the United Kingdom.

Price/Volume 700

2.5 M

600

2.0 M

500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.02.2013) 52-Week Low (17.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SHB LN EQUITY YTD Change SHB LN EQUITY YTD % CHANGE

09/2012 01/yy 585.00 473.90 230'601.00 574 -1.88% 21.12% 90.10% 251.7 1'444.66 561.60 0.0 0.0 5.30 2'000.96

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

300

1.0 M

200 .5 M

100 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 30.09.2008 65.4 16.77x 46.2 23.72x (216.1) -

400

30.09.2009 30.09.2010 67.8 71.2 18.22x 21.12x 47.8 49.5 25.84x 30.37x (58.4) 167.1 5.88x Profitability

30.09.2011 81.4 20.46x 57.2 29.12x 113.8 9.83x

30.09.2012 87.0 21.66x 59.6 31.61x 93.0 14.25x

59.60 59.40 68.28% 108.97% 5.23% 8.56% 7.56% 0.05% 81.6% 68.5% 68.3% 106.9% 0.66 0.51 30.27% 50.17% 7.63 -

2.09 0.88 229.81 19.83% 3.23% 0.879 14 3.000 352'408 330'585 302'582

LTM-4Q

LTM

FY+1

01/yy

09/13 Y 09/14 Y 79.4 83.4 25.65x 24.73x 63.1 67.2 31.73x 29.79x 40.6 44.1 45.20x 42.21x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

70.00

100.0

FY+2

FQ+1

FQ+2

1.99 -0.07 9.33 9.42 50.2% 33.4% 0.05 0.05 47.96 466.65 -

90.0

60.00

80.0 50.00

70.0 60.0

40.00

50.0 30.00

40.0 30.0

20.00

20.0 10.00 0.00 02.10.2009

10.0 0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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 |

28.02.2013

Shaftesbury PLC Holdings By:

All

Holder Name BLACKROCK NORGES BANK INVESTME SCOTTISH WIDOWS AMERIPRISE FINANCIAL CO-OPERATIVE INSURAN FMR LLC STANDARD LIFE INVEST LLOYDS BANKING GROUP STICHTING PENSIOEN F LEGAL & GENERAL F&C ASSET MANAGEMENT FRANKLIN RESOURCES STATE STREET APG ALGEMENE PENSIOE MONTANARO INVESTMENT ROYAL LONDON ASSET M BAILLIE GIFFORD AND BANK OF NEW YORK MEL OLD MUTUAL DIRECTOR & RELATED H

Firm Name

Portfolio Name n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

Jefferies ROBERT DUNCAN Numis Securities Ltd CHRISTOPHER SPEARING JPMorgan TIM LECKIE Peel Hunt KEITH CRAWFORD EVA Dimensions AUSTIN BURKETT Exane BNP Paribas NICK WEBB Investec ALAN CARTER Espirito Santo Investment Bank Research MICHAEL BURT Oriel Securities Ltd LI SUN Morgan Stanley BIANCA RIEMER Credit Suisse STEVE BRAMLEY-JACKSON Barclays AARON GUY Liberum Capital Ltd ALISON WATSON Goldman Sachs JULIAN LIVINGSTON-BOOTH

Source ULT-AGG REG ULT-AGG RNS-MAJ RNS-MAJ ULT-AGG REG ULT-AGG Co File ULT-AGG REG ULT-AGG ULT-AGG REG REG REG REG MF-AGG ULT-AGG REG

Recommendation hold hold neutral hold hold underperform hold neutral hold Overwt/Attractive underperform overweight hold Sell/Neutral

Amt Held 19'413'657 18'693'167 13'299'337 12'574'964 12'400'442 10'648'285 10'477'400 10'320'550 8'917'757 8'786'721 7'913'398 7'013'870 6'085'279 4'971'958 4'965'000 4'784'026 4'748'860 4'240'743 3'752'000 3'430'958

% Out 7.71 7.43 5.28 5 4.93 4.23 4.16 4.1 3.54 3.49 3.14 2.79 2.42 1.98 1.97 1.9 1.89 1.68 1.49 1.36

Latest Chg 301'000 1'421'169 45'478 518'987 (75'705) (477'681) 144'697 484'170 563'508 250'000 1'070'000 316'561 (382'992) 569'621 -

File Dt Inst Type 26.02.2013 Investment Advisor 01.01.2013 Government 01.01.2013 Unclassified 07.08.2012 Investment Advisor 26.03.2012 Insurance Company 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 28.11.2011 Investment Advisor 28.11.2011 Pension Fund (ERISA) 01.01.2013 Unclassified 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 27.02.2013 Investment Advisor 01.01.2013 Pension Fund (ERISA) 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 30.11.2012 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Other

Weighting

Change

Target Price

Date

3 3 3 3 3 1 3 3 3 5 1 5 3 1

M M M M U M M M M M M M M M

514 590 630 550 #N/A N/A 520 550 561 #N/A N/A 590 515 675 501 481

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month Not Provided 9 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month

Date 25.02.2013 25.02.2013 21.02.2013 04.02.2013 04.02.2013 01.02.2013 21.01.2013 18.12.2012 06.12.2012 25.10.2012 26.09.2012 15.08.2012 01.02.2012 16.01.2012

28.02.2013

Sky Deutschland AG Sky Deutschland AG offers pay television subscription services in Germany. The Company offers wide range of programming, including feature films, new series and live sports, especially the Bundesliga, DFB Cup and the UEFA Champions League in Germany and Austria. Sky Deutschland distributes its pay-TV channel bouquet primarily via cable and satellite.

Price/Volume

12/2011 09/yy 5.02 1.68 1'468'297.00 4.922 -1.99% 192.51% 97.01% 877.2 4'317.58 669.25 0.0 (0.1) 54.78 4'929.49

25.0 M 20.0 M 15.0 M

10.0 M

5.0 M

0 f-12

.0 M m-12

a-12

m-12

31.12.2008 31.12.2009 941.1 902.1 0.82x 1.48x (77.2) (311.4) (269.3) (676.2) Profitability

31.12.2010 977.8 1.66x (317.7) (407.5) -

31.12.2011 1'138.7 1.41x (155.1) (277.5) -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

-155.11 -219.51 -19.28% -23.97% -17.13% -123.60% 1.14% 8.4% -4.4% -9.7% -24.4% 0.56 0.29 59.92% 751.25% 17.36 31.02

1.22 410.47 138.06% 19.11% 1.216 28 3.571 1'886'651 2'326'221 2'443'235

LTM-4Q

LTM

FY+1

09/yy 1'094.1 8.20x (97.0) 0.00x (326.7) 0.00x

09/yy 1'284.3 7.49x (57.1) 0.00x (193.5) 0.00x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'335.3 1'565.5 362.6 359.0 3.68x 3.06x (47.2) 51.2 (48.1) 6.6 96.22x 6047.26x 141.45x (173.6) (95.8) (77.0) (31.5) S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

1.20

1'200.0

1.00

1'000.0

0.80

800.0

0.60

j-12

Fiscal Year Ended

30.0 M

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (11.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SKYD GY EQUITY YTD Change SKYD GY EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

35.0 M

5 4

Valuation Analysis

31.12.2007 937.2 1.80x 69.8 24.16x (51.5) -

FY+2

FQ+1

FQ+2

-1.41 -2.29 -10.79 751.3% 88.3% 1.14 8.54 21.08 11.80 85.83 -33.57

600.0 400.0

0.40

200.0 0.20

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 |

28.02.2013

Sky Deutschland AG Holdings By:

All

Holder Name NEWS CORP ODEY ASSET MANAGEMEN ODEY ASSET MGMT LTD TAUBE HODSON STONEX CAPITAL GROUP COMPAN CAPITA FINANCIAL MAN CLASSIC FUND MGMT AG TAUBE HODSON STONEX PENNANT CAPITAL MANA T ROWE PRICE ASSOCIA BLACKROCK ALLIANZ ASSET MANAGE VANGUARD GROUP INC ODEY ASSET MANAGEMEN AQR CAPITAL MANAGEME PACIFIC LIFE INSURAN BAILLIE GIFFORD AND SKANDIA INVESTMENT M HENDERSON GLOBAL INV SKANDIA GLOBAL FUNDS

Firm Name

Portfolio Name n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

M.M. Warburg Investment Research JOCHEN REICHERT Bankhaus Lampe WOLFGANG SPECHT AlphaValue VERONIQUE CABIOC'H Commerzbank Corporates & Markets SONIA RABUSSIER Kepler Capital Markets CONOR O'SHEA DZ Bank AG HARALD HEIDER Barclays NATASHA BRILLIANT Morgan Stanley PATRICK WELLINGTON Independent Research GmbH LARS LUSEBRINK Nord/LB HOLGER FECHNER Goldman Sachs VIGHNESH PADIACHY EVA Dimensions CRAIG STERLING Berenberg Bank SARAH SIMON Landesbank Baden-Wuerttemberg RALPH SZYMCZAK Main First Bank AG STEPHAN VOLLERT Bankhaus Metzler STEFAN WIMMER Nomura MATTHEW WALKER Espirito Santo Investment Bank Research MARK EVANS Deutsche Bank LAURIE DAVISON HSBC CHRISTOPHER JOHNEN CA Cheuvreux THOMAS JORION Silvia Quandt Research KLAUS KRAENZLE JPMorgan MARK O'DONNELL Equita SIM SpA STEFANO GAMBERINI Sphene Capital SUSANNE HASLER Credit Suisse OMAR SHEIKH Viscardi AG PETER-THILO HASLER

Source Research Research MF-AGG Research ULT-AGG MF-AGG MF-AGG MF-AGG Short MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy hold sell buy buy buy equalweight Overwt/Attractive hold sell Buy/Neutral sell buy hold outperform sell buy buy hold overweight outperform avoid neutral buy sell underperform sell

Amt Held % Out 466'566'947 53.19 116'480'283 13.28 33'081'541 3.77 25'980'077 2.96 16'508'947 1.88 14'285'000 1.63 10'991'068 1.25 9'700'014 1.11 (7'399'643) -0.84 6'267'389 0.71 5'762'596 0.66 4'760'000 0.54 4'412'684 0.5 3'804'975 0.43 (3'508'803) -0.4 3'124'367 0.36 2'505'000 0.29 2'432'051 0.28 2'392'751 0.27 2'237'692 0.26

Latest Chg 1'334'956 1'882'119 110'000 (1'500'353) (477'390) 3'235'424 (621) 945'000 101'052 3'157'922 (812'236) (29'534) (1'906'904) (292'073)

File Dt Inst Type 15.01.2013 Corporation 13.06.2012 Investment Advisor 31.01.2013 Investment Advisor 07.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 01.11.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 23.01.2013 Hedge Fund Manager 31.01.2013 Insurance Company 30.11.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager

Weighting

Target Price

Date

Change 5 3 1 5 5 5 3 5 3 1 5 1 5 3 5 1 5 5 3 5 5 1 3 5 1 1 1

M M M M M M D M M M M M M M M M M M M U M M M M M D M

5 4 3 6 5 5 5 5 5 4 6 #N/A N/A 5 5 6 3 5 5 5 5 4 2 3 3 1 1 0

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month Not Provided 6 month 6 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 9 month 12 month 12 month Not Provided 12 month

Date 26.02.2013 22.02.2013 21.02.2013 18.02.2013 11.02.2013 06.02.2013 24.01.2013 23.01.2013 23.01.2013 22.01.2013 21.01.2013 17.01.2013 16.01.2013 15.01.2013 15.01.2013 14.01.2013 14.01.2013 14.12.2012 27.11.2012 20.11.2012 15.11.2012 14.11.2012 12.09.2012 08.08.2012 23.04.2012 15.12.2011 17.02.2009

28.02.2013

Smurfit Kappa Group PLC Smurfit Kappa Group PLC manufactures containerboards, solid boards, graphic boards, corrugated and solid board packaging products.

Price/Volume 14

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (26.06.2012) 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 SKG ID EQUITY YTD Change SKG ID EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

5.0 M

2 0 f-12 m-12

.0 M a-12 m-12

31.12.2009 31.12.2010 6'057.0 6'677.0 0.69x 0.74x 726.0 874.0 5.72x 5.62x (122.0) 50.0 31.97x Profitability

31.12.2011 7'357.0 0.54x 1'000.0 3.99x 206.0 5.03x

31.12.2012 7'335.0 0.69x 969.0 5.23x 249.0 8.10x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

969.00 616.00 8.40% 4.51% 2.97% 11.76% 9.94% 0.87% 28.6% 13.2% 8.4% 3.4% 1.59 1.12 38.60% 144.24% 5.34 7.30

982'868 1'933'356 1'393'526

LTM

FY+1

12/yy 7'357.0 2.49x 998.0 4.00x 206.0 5.03x

12/yy 7'334.0 2.51x 969.0 5.23x 250.0 8.09x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 8'040.7 8'366.6 1'913.0 1'933.0 0.67x 0.60x 1'120.9 1'185.7 5.08x 4.81x 293.9 353.1 53.3 64.1 8.57x 7.36x 8.46x S&P Issuer Ratings

9.00

8'000.0

8.00

7'000.0

7.00

1.74 1.54 205.49 58.82% 30.61% 1.542 9 5.000

LTM-4Q

Price/ Cash Flow

FY+2

FQ+1

FQ+2

13.02.2012 BB POS 2.50 1.69 2.90 3.36 144.2% 56.9% 0.87 2.42 68.57 50.14 51.89

6'000.0

6.00

5'000.0

5.00

4'000.0

4.00

3'000.0

3.00

2'000.0

2.00

1'000.0

1.00 0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 7'062.0 0.45x 935.0 3.43x (50.0) -

15.0 M

12/2012 12/yy 11.98 4.75 256'093.00 11.755 -1.88% 147.47% 96.89% 227.9 2'678.50 3'254.00 0.0 212.0 447.00 5'697.50

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 |

28.02.2013

Smurfit Kappa Group PLC Holdings By:

All

Holder Name NORGES BANK GMT CAPITAL CORP CAUSEWAY CAPITAL MAN POLARIS CAPITAL MANA BESTINVER GESTION SG VANGUARD GROUP INC CAPITAL GROUP COMPAN GLOBAL INVESTMENT SE DIMENSIONAL FUND ADV PRINCIPAL FINANCIAL PEAR TREE ADVISORS I BLACKROCK CALIFORNIA STATE TEA TEACHERS INS & ANNUI ODIN FORVALTNING AS SMURFIT ANTHONY P J CLAYMORE ADVISORS LL HIRTLE CALLAGHAN & C ING INTERNATIONAL AD FMR LLC

Firm Name Goodbody Stockbrokers Ltd Credit Suisse CA Cheuvreux Goldman Sachs EVA Dimensions Davy Imperial Capital LLC

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a CALIFORNIA STATE TEA TEACHERS INSURANCE & Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst DAVID O'BRIEN LARS KJELLBERG MIKAEL JAFS ESHAN TOORABALLY CRAIG STERLING BARRY DIXON KEVIN COHEN

Source Co File RNS-MAJ RNS-MAJ RNS-MAJ RNS-MAJ MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG 13F Sch-D MF-AGG RNS-DIR MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy outperform outperform Buy/Neutral buy outperform outperform

Amt Held 20'025'712 15'916'535 9'010'473 8'571'449 6'506'656 6'102'303 5'000'000 2'250'300 1'948'584 1'468'678 1'459'010 1'083'875 1'045'942 1'031'736 1'020'000 1'013'497 962'193 895'099 890'093 883'130

% Out 8.79 6.99 3.95 3.76 2.86 2.68 2.19 0.99 0.86 0.64 0.64 0.48 0.46 0.45 0.45 0.44 0.42 0.39 0.39 0.39

Latest Chg 2'463'354 (2'336'754) (2'147'501) (31'295) 5'000'000 2'250'300 207'821 89'505 1'045'942 67'567 69'456 (945'158)

File Dt Inst Type 05.03.2012 Government 12.11.2012 Hedge Fund Manager 19.02.2013 Investment Advisor 14.01.2013 Investment Advisor 30.04.2010 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.07.2012 Investment Advisor 31.01.2013 Investment Advisor 30.09.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 30.09.2012 Insurance Company 31.01.2013 Mutual Fund Manager 03.12.2012 n/a 26.02.2013 Investment Advisor 30.09.2011 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor

Weighting

Change

Target Price

Date

5 5 5 5 5 5 5

M M M M M M M

14 16 11 13 #N/A N/A #N/A N/A 14

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month Not Provided Not Provided 6 month Not Provided Not Provided 12 month

Date 13.02.2013 11.02.2013 07.02.2013 22.01.2013 15.01.2013 24.09.2012 20.07.2011

28.02.2013

Software AG Software AG provides business infrastructure software solutions. The Company's products include solutions for managing data, enabling Service-Oriented Architecture (SOA) and improving business processes.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SOW GY EQUITY YTD Change SOW GY EQUITY YTD % CHANGE

12/2012 12/yy 35.45 21.80 392'666.00 30.045 -15.25% 37.82% 60.40% 86.9 2'611.43 277.37 0.0 0.7 216.48 2'601.66

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

.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 720.6 1.69x 190.0 6.40x 115.9 9.88x

31.12.2009 31.12.2010 847.4 1'119.5 2.93x 2.94x 240.6 312.9 10.33x 10.52x 141.0 175.4 15.53x 17.77x Profitability

31.12.2011 1'098.3 2.31x 304.5 8.33x 177.0 13.93x

31.12.2012 1'047.3 164.7 16.90x 304.50 258.22 23.51% 22.61% 9.77% 17.46% 0.63% 59.7% 27.2% 22.5% 15.7% 1.51 1.37 16.50% 29.17% 3.40 3070.74

0.93 61.65 7.28% -6.42% 0.934 29 3.310 361'780 483'459 319'881

LTM-4Q

LTM

FY+1

12/yy 1'098.3 10.80x 304.5 8.33x 177.0 13.93x

12/yy 1'047.3 6.68x 205.3 0.00x 164.6 16.99x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'057.7 1'120.6 247.7 255.0 2.30x 2.04x 10.04x 9.75x 289.2 314.5 9.01x 8.28x 175.4 194.1 34.8 41.5 14.49x 13.01x 15.10x 14.93x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

18.00

1'200.0

FY+2

FQ+1

FQ+2

-0.04 0.91 29.2% 22.6% 0.63 16.74 107.52 0.12 42.82 58.51

16.00

1'000.0

14.00

800.0

12.00 10.00

600.0

8.00

400.0

6.00 4.00

200.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Software AG Holdings By:

All

Holder Name SOFTWARE AG STIFTUNG FMR LLC DEKA INVESTMENT GMBH AIKEN ASSET MGMT LLP DEUTSCHE BANK AG T ROWE PRICE ASSOCIA DWS INVESTMENT GMBH ALLIANZ GLOBAL INVES TEMPLETON INVEST COU VANGUARD GROUP INC SEB NORDEA INV MANAGEMEN CLASSIC FUND MGMT AG ALLIANZ ASSET MANAGE DEKA INTERNATIONAL S BLACKROCK FRANKFURT TRUST INVE MASON STREET ADVISOR CALAMOS ADVISORS LLC BNP PARIBAS INV PART

Firm Name Societe Generale Commerzbank Corporates & Markets Baader Bank M.M. Warburg Investment Research Bankhaus Metzler DZ Bank AG Exane BNP Paribas Morgan Stanley EVA Dimensions Hamburger Sparkasse Mirabaud Securities JPMorgan Independent Research GmbH Bryan Garnier & Cie Kepler Capital Markets Matelan Research GmbH Berenberg Bank Credit Suisse HSBC Natixis Barclays Goldman Sachs Landesbank Baden-Wuerttemberg Dr. Kalliwoda Equity Research Deutsche Bank CA Cheuvreux

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst DERRIC MARCON THOMAS M BECKER KNUT WOLLER ANDREAS WOLF ULRICH TRABERT OLIVER FINGER JOSEP BORI ADAM WOOD ANDREW S ZAMFOTIS MARCO GUENTHER SUSAN ANTHONY STACY E POLLARD MARKUS FRIEBEL GREGORY RAMIREZ SEBASTIEN SZTABOWICZ ADRIAN HOPKINSON DAUD KHAN CHARLES BRENNAN ANTONIN BAUDRY GWENAEL GIARD GERARDUS VOS MOHAMMED MOAWALLA MIRKO MAIER NORBERT KALLIWODA UWE SCHUPP MICHAEL BEUCHER

Source Research ULT-AGG Research Research MF-AGG Research Research Research Research MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy add buy buy buy buy outperform Underwt/In-Line underweight hold buy underweight hold sell reduce hold hold neutral neutral reduce equalweight neutral/attractive buy buy buy underperform

Amt Held 25'206'045 9'003'975 4'237'282 3'650'531 2'776'450 2'607'522 2'607'522 2'607'522 2'607'522 2'265'489 1'450'000 911'850 821'423 648'809 628'000 530'149 521'450 519'740 425'900 365'107

% Out 29 10.36 4.88 4.2 3.19 3 3 3 3 2.61 1.67 1.05 0.95 0.75 0.72 0.61 0.6 0.6 0.49 0.42

Latest Chg 381'047 (1'500) (163'924) (50'000) 20'000 178'958 45'011 50'000 (2) 217'980 233'000 (5'342)

File Dt Inst Type 31.12.2012 Other 31.12.2012 Investment Advisor 30.01.2013 Mutual Fund Manager 31.12.2012 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Unclassified 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor

Weighting

Change

Target Price

Date

5 4 5 5 5 5 5 1 1 3 5 1 3 1 2 3 3 3 3 2 3 3 5 5 5 1

M M M M M M M M D M M M M M M N M M D M M D M N M M

38 33 34 34 33 33 35 29 #N/A N/A #N/A N/A 47 27 33 30 29 39 24 31 33 27 29 34 35 36 38 25

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 6 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 6 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided

Date 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 20.02.2013 13.02.2013 12.02.2013 08.02.2013 08.02.2013 08.02.2013 06.02.2013 06.02.2013 01.02.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 29.01.2013 11.01.2013 31.10.2012 30.05.2012

28.02.2013

Spirax-Sarco Engineering PLC Spirax-Sarco Engineering plc provides consultation, service and products for the control and efficient management of steam and industrial fluids. The Company and its subsidiaries produce boiler controls, pressure controls, temperature controls, steam traps, flowmeters, monitors, safety valves, humidifiers, strainers, separators and fluid pumps. Spirax-Sarco sells its products globally Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 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 05.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SPX LN EQUITY YTD Change SPX LN EQUITY YTD % CHANGE

Price/Volume

12/2011 01/yy 2'450.00 1'888.00 85'714.00 2400 -2.04% 27.12% 91.10% 78.1 1'874.16 47.90 0.0 0.8 60.17 1'865.60

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.2 M

2500

1.0 M

2000

.8 M

1500

.6 M

1000

.4 M

500

.2 M

0 f-12 m-12 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 417.3 1.59x 82.6 8.03x 49.1 13.57x

3000

31.12.2008 31.12.2009 502.3 518.7 1.36x 1.83x 100.9 95.1 6.79x 10.00x 59.5 53.0 11.64x 17.82x Profitability

31.12.2010 589.7 2.46x 141.7 10.23x 86.5 17.20x

31.12.2011 650.0 2.22x 154.8 9.32x 93.0 15.61x 154.79 133.96 20.61% 20.36% 13.43% 21.44% 21.10% 1.01% 23.6% 20.3% 14.3% 2.39 1.43 7.44% 12.00% 4.97 -

2.09 0.96 75.59 19.51% 5.82% 0.964 12 3.417 75'018 154'079 114'919

LTM-4Q

LTM

FY+1

01/yy

12/12 Y 12/13 Y 663.3 694.7 2.76x 2.58x 155.6 169.2 11.99x 11.02x 96.5 102.0 19.40x 18.36x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

30.00

700.0

25.00

600.0

FY+2

FQ+1

FQ+2

8.84 6.39 -0.06 0.44 12.0% 10.7% 1.01 3.85 73.65 -

500.0

20.00

400.0 15.00

300.0 10.00

200.0

5.00

100.0

0.00 02.01.2009 02.07.2009

0.0 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 |

28.02.2013

Spirax-Sarco Engineering PLC Holdings By:

All

Holder Name BLACKROCK SCHRODERS PLC SPRUCEGROVE INVESTME FMR LLC LEGAL & GENERAL BAILLIE GIFFORD AND ABERDEEN CAPITAL GROUP INTERN CAPITAL GROUP COMPAN CO-OPERATIVE INSURAN NORGES BANK INVESTME ALLIANZ ASSET MANAGE FRANKLIN RESOURCES MONDRIAN INVESTMENT LIONTRUST BNP PARIBAS INV PART Cantillon Capital PRIVATE INDIVIDUALS M&G INVESTMENT MANAG WILLIAM BLAIR & COMP

Firm Name Investec Arden Partners Ltd Peel Hunt Goldman Sachs Credit Suisse EVA Dimensions Jefferies Numis Securities Ltd Liberum Capital Ltd

Portfolio Name n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MICHAEL BLOGG DAVID LARKAM DOMINIC CONVEY ADAM PINCKARD JONATHAN HURN CRAIG STERLING ANDREW DOUGLAS SCOTT CAGEHIN BENJAMIN BOURNE

Source ULT-AGG RNS-MAJ REG ULT-AGG ULT-AGG REG ULT-AGG RNS-MAJ ULT-AGG REG REG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG REG REG REG REG

Recommendation hold neutral hold Buy/Neutral neutral hold hold add hold

Amt Held 6'701'161 5'088'147 3'582'887 2'993'016 2'934'853 2'761'624 2'383'412 2'338'803 2'290'366 1'950'664 1'823'868 1'735'999 1'691'520 1'665'068 1'598'683 1'566'418 1'360'992 1'352'795 1'324'138 1'315'469

% Out 8.58 6.52 4.59 3.83 3.76 3.54 3.05 3 2.93 2.5 2.34 2.22 2.17 2.13 2.05 2.01 1.74 1.73 1.7 1.68

Latest Chg (978'032) (39'718) (464'495) 171'011 (283'101) (54'167) (60'668) (64'656) 337'181 29'649 71'448 (124'459) 98'580 (17'339) (575) (28'753) (49'670)

File Dt Inst Type 26.02.2013 Investment Advisor 12.11.2012 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 01.11.2012 Investment Advisor 31.12.2012 Unclassified 05.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Insurance Company 01.11.2012 Government 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Hedge Fund Manager 31.12.2012 Unclassified 31.12.2012 Investment Advisor 01.11.2012 Unclassified 01.11.2012 Other 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor

Weighting

Change

Target Price

Date

3 3 3 5 3 3 3 4 3

M M M M M M M M M

2'315 2'300 1'850 2'856 2'340 #N/A N/A 2'045 2'300 1'940

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Date 22.02.2013 29.01.2013 28.01.2013 17.01.2013 17.01.2013 17.01.2013 08.11.2012 07.11.2012 07.11.2012

28.02.2013

Spirent Communications PLC Spirent Communications plc provides electronic solutions for the technology industry, including businesses in the telecommunications and medical sectors. The Group specializes in telecommunications testing systems, including computer software and hardware systems, cable management systems, and transmitters. Spirent operates in the Americas, Europe and the Asia Pacific region.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (08.11.2012) 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 SPT LN EQUITY YTD Change SPT LN EQUITY YTD % CHANGE

12/2011 09/yy 176.30 134.10 806'411.00 165.8 -5.96% 23.64% 75.12% 650.5 1'078.50 0.00 0.0 0.0 236.50 1'401.60

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 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 474.2 1.87x 74.2 11.92x 35.2 20.88x

200 180 160 140 120 100 80 60 40 20 0 f-12 m-12

31.12.2008 31.12.2009 477.6 427.2 0.71x 2.21x 108.2 107.8 3.15x 8.75x 138.5 91.2 3.58x 12.05x Profitability

31.12.2010 482.2 2.76x 126.6 10.52x 79.1 19.58x

31.12.2011 528.2 1.85x 136.5 7.16x 94.6 12.90x 136.50 120.40 22.79% 23.34% 16.10% 21.52% 21.57% 0.90% 66.1% 26.9% 23.5% 17.9% 2.92 2.51 0.00% 0.00% 4.26

1.22 0.88 648.85 19.22% 10.02% 0.881 14 4.214 1'322'847 1'266'298 1'256'673

LTM-4Q

LTM

FY+1

10/yy 522.3 5.20x 0.0 0.00x 86.6 14.81x

09/yy 511.4 4.71x 0.0 0.00x 91.9 17.98x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 496.1 537.0 127.7 116.5 2.82x 2.50x 136.5 155.8 34.0 23.0 10.27x 9.00x 11.04x 9.73x 86.8 99.5 18.63x 16.23x 19.20x 16.88x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

20.00

1'200.0

FY+2

FQ+1

FQ+2

341.25 289.25 -1.65 0.00 0.0% 0.0% 0.90 16.03 86.70 93.05

18.00

1'000.0

16.00 14.00

800.0

12.00

600.0

10.00 8.00

400.0

6.00 4.00

200.0

2.00 0.00 02.01.2009 02.07.2009

0.0 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 |

28.02.2013

Spirent Communications PLC Holdings By:

All

Holder Name M&G INVESTMENT MANAG BLACKROCK AXA FRAMLINGTON INV LEGAL & GENERAL FMR LLC AMERIPRISE FINANCIAL AVIVA INVESTORS AEGON UK GROUP ARTEMIS INVESTMENT M SUN LIFE ASSURANCE C SCOTTISH WIDOWS KAMES CAPITAL PLC OLD MUTUAL HERMES EQUITY OWNERS BAILLIE GIFFORD AND FRANKLIN RESOURCES ARTEMIS INVESTMENT M NORGES BANK INVESTME F&C ASSET MANAGEMENT THREADNEEDLE ASSET M

Firm Name Numis Securities Ltd Panmure Gordon & Co Limited Jefferies N+1 Singer Ltd EVA Dimensions Deutsche Bank Barclays Goldman Sachs Investec JPMorgan Canaccord Genuity Corp Morgan Stanley

Portfolio Name Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst NICK JAMES GEORGE O'CONNOR LEE SIMPSON PIA TAPLEY ANDREW S ZAMFOTIS JOHANNES SCHALLER JOHN KING ALEXANDER DUVAL JAMES GOODMAN ALEXANDER MEES JONATHAN IMLAH FRANCOIS MEUNIER

Source REG ULT-AGG REG ULT-AGG ULT-AGG Co File REG RNS-MAJ REG Co File ULT-AGG RNS-MAJ ULT-AGG RNS-MAJ REG ULT-AGG MF-AGG REG REG REG

Recommendation add buy buy hold underweight hold overweight Buy/Neutral buy neutral buy Overwt/In-Line

Amt Held 74'482'073 56'866'309 47'446'272 46'665'533 39'640'718 38'520'235 37'106'272 27'310'447 25'903'979 23'382'347 18'978'008 18'507'514 17'372'000 16'804'058 15'433'512 15'000'000 14'272'476 13'825'289 13'255'380 12'422'541

% Out 11.45 8.74 7.29 7.17 6.09 5.92 5.7 4.2 3.98 3.59 2.92 2.85 2.67 2.58 2.37 2.31 2.19 2.13 2.04 1.91

Latest Chg (1'170'707) (5'211'526) (15'725) 2'752'832 61'600 873'896 367'012 10'226'722 (1'583'122) (7'261'806) (5'438'525) (5'311'975) 576'293 (1'832'779) 3'072'979 60'042 272'377 (451'800)

Weighting

Change

Target Price

4 5 5 3 1 3 5 5 5 3 5 5

M M M D M D M M M M R M

165 192 196 165 #N/A N/A 155 195 205 185 153 180 170

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.11.2012 26.02.2013 01.11.2012 01.11.2012 01.11.2012 31.12.2011 01.11.2012 12.08.2011 01.11.2012 31.12.2011 01.11.2012 02.02.2012 31.12.2012 18.01.2012 01.11.2012 01.11.2012 31.12.2012 01.11.2012 01.11.2012 01.11.2012

Date Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 9 month 12 month 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor

Date 27.02.2013 26.02.2013 21.02.2013 19.02.2013 17.01.2013 14.01.2013 14.01.2013 13.01.2013 08.01.2013 15.11.2012 08.11.2012 06.08.2012

28.02.2013

SSAB AB SSAB AB manufactures sheet and plate steel. The Company's main products include hot-rolled, cold-rolled and organic-coated steel sheet. SSAB sells its products to the automotive, engineering, and construction industries.

Price/Volume 80

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (11.10.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SSABA SS EQUITY YTD Change SSABA SS EQUITY YTD % CHANGE

12/2012 12/yy 70.90 45.10 2'833'397.00 50.85 -28.28% 12.75% 22.29% 240.8 15'903.21 19'382.00 0.0 0.0 3'004.00 32'281.21

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

30 20

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 31.12.2008 54'329.0 0.72x 10'784.0 3.64x 6'935.0 3.42x

8.0 M

Valuation Analysis

31.12.2009 31.12.2010 29'838.0 39'883.0 1.84x 1.36x 290.0 3'409.0 189.44x 15.87x (1'002.0) 552.0 51.12x Profitability

31.12.2011 44'640.0 0.86x 4'813.0 8.01x 1'560.0 12.59x

31.12.2012 38'923.0 0.89x 2'458.0 14.12x 15.0 1221.09x 2'458.00 -128.00 -0.33% -1.78% 0.02% 0.05% 0.64% 7.2% 6.3% -0.3% 0.0% 2.62 1.06 33.06% 67.37% 7.69 3.42

3'038'414 3'209'282 3'090'045

LTM-4Q

LTM

FY+1

12/yy 44'640.0 3.94x 4'813.0 8.01x 1'560.0 12.59x

12/yy 38'923.0 3.58x 2'458.0 14.12x 15.0 1221.09x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 39'454.9 41'646.4 9'664.0 10'235.1 0.79x 0.70x 3'828.2 4'842.9 797.3 1'096.1 8.43x 6.67x 8.54x 7.33x 600.1 1'513.3 77.3 288.2 25.97x 10.87x 24.17x 14.53x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

800.00

60'000.0

700.00

1.50 -24.37% -10.08% 1.505 23 2.304

FY+2

FQ+1

FQ+2

06.12.2010 BB+ NEG 06.12.2010 B 10.07 3.56 6.66 7.89 67.4% 40.3% 0.64 2.14 47.57 106.99 41.95 112.60

50'000.0

600.00

40'000.0

500.00 400.00

30'000.0

300.00

20'000.0

200.00

10'000.0 100.00 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 |

28.02.2013

SSAB AB Holdings By:

All

Holder Name INDUSTRIVARDEN AB SWEDBANK ROBUR FONDE NORDEA FONDER AB LKAB ALECTA PENSIONSFORSA KYNIKOS ASSOCIATES L FOLKSAM LO FOND AB HANDELSBANKEN FONDER AMF PENSION SEB SKANDIA FONDER AB DIMENSIONAL FUND ADV T ROWE PRICE ASSOCIA ANDRA AP FONDEN AMF FONDER AB CAPITAL GROUP COMPAN DANSKE CAPITAL SVERI NORDEA FONDER AB/SWE NORDEA INVESTMENT FU VANGUARD GROUP INC

Firm Name Nomura AlphaValue Jefferies Carnegie Nordea Equity Research Handelsbanken Swedbank DNB Markets Danske Markets ABG Sundal Collier Erik Penser Bankaktiebolag AB JPMorgan SEB Enskilda Morgan Stanley Credit Suisse Goldman Sachs EVA Dimensions Deutsche Bank CA Cheuvreux S&P Capital IQ VTB Capital Cyrrus Alandsbanken Equities Prime Predictions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst NEIL SAMPAT FABRICE FARIGOULE SETH ROSENFELD ALEXANDER VILVAL CHRISTIAN KOPFER FREDRIK AGARDH MATS LISS SAMPSA KARHUNEN CARL GUSTAFSSON JOHANNES GRUNSELIUS GUSTAV SANDSTROM ALESSANDRO ABATE JULIAN BEER ALEXANDER HAISSL MICHAEL SHILLAKER STEPHEN BENSON CRAIG STERLING BASTIAN SYNAGOWITZ JOAKIM AHLBERG JOHNSON IMODE WIKTOR BIELSKI JIRI SIMARA PER HANSSON PETER LJUNGGREN

Source Co File Co File Co File Co File Co File Short Co File MF-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy add hold hold sell reduce neutral hold hold sell sell underweight hold Equalwt/Cautious underperform Sell/Neutral hold sell select list sell hold sell reduce underperform

Amt Held % Out 56'860'957 23.62 23'234'047 9.65 12'520'631 5.2 12'344'064 5.13 8'513'500 3.54 (5'802'456) -2.41 5'604'125 2.33 5'526'014 2.3 5'209'000 2.16 4'354'814 1.81 4'082'137 1.7 4'041'568 1.68 3'849'721 1.6 3'842'615 1.6 3'684'400 1.53 3'276'684 1.36 2'570'000 1.07 2'237'762 0.93 2'198'288 0.91 2'019'064 0.84

Latest Chg (1'058'927) 116'425 1'424'542 (41'618) 2'785'000 (670'000) (3'161'689) 561'659 (642'280)

File Dt Inst Type 31.12.2011 Holding Company 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Government 31.12.2011 Pension Fund (ERISA) 01.11.2012 Hedge Fund Manager 31.12.2011 Investment Advisor 31.01.2013 Investment Advisor 31.12.2011 Pension Fund (ERISA) 31.12.2012 Unclassified 31.12.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Pension Fund (ERISA) 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

Weighting

Target Price

Date

Change 5 4 3 3 1 2 3 3 3 1 1 1 3 3 1 1 3 1 5 1 3 1 2 1

M M M M M M M M M M M M M M M M M D U M M M M D

55 55 55 #N/A N/A 50 42 55 50 52 42 42 51 54 53 52 43 #N/A N/A 42 70 41 48 69 105 104

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 6 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 6 month Not Provided 9 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month

Date 22.02.2013 21.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 10.02.2013 10.02.2013 08.02.2013 08.02.2013 28.01.2013 25.01.2013 17.01.2013 17.01.2013 15.01.2013 19.12.2012 24.10.2012 15.10.2012 30.01.2012 02.05.2011 09.10.2010

28.02.2013

Stada Arzneimittel AG Stada Arzneimittel AG manufactures pharmaceuticals. The Company produces generics (products whose patents have expired), brand-name products, and cancer therapy and other special pharmaceuticals. Stada avoids cost-intensive research on active ingredients and concentrates on multi-source products. The Company markets its products worldwide.

Price/Volume 35

12/2011 09/yy 29.74 20.93 199'453.00 28.975 -2.57% 38.47% 91.32% 59.3 1'719.18 1'221.06 0.0 10.0 354.60 2'957.70

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

1.0 M

10 .5 M

5 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 31.12.2007 1'570.5 2.19x 316.9 10.86x 104.2 23.46x

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 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 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAZ GY EQUITY YTD Change SAZ GY EQUITY YTD % CHANGE

2.5 M

31.12.2008 31.12.2009 1'646.2 1'568.8 1.35x 1.48x 256.0 278.7 8.71x 8.36x 76.2 100.4 15.77x 14.15x Profitability

31.12.2010 1'627.0 1.44x 268.5 8.75x 68.4 21.88x

31.12.2011 1'715.4 1.17x 222.1 9.05x 22.0 52.03x 222.12 120.06 7.00% 4.05% 3.57% 11.28% 7.94% 0.66% 48.2% 18.0% 11.7% 1.3% 1.86 1.18 43.61% 143.00% 4.18 2.10

0.91 58.85 28.17% 18.70% 0.914 30 3.733 244'871 336'232 319'256

LTM-4Q

LTM

FY+1

09/yy 1'700.9 5.37x 220.0 8.04x 23.1 39.64x

09/yy 1'796.2 5.51x 323.5 7.99x 96.9 13.93x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'834.7 1'953.0 504.0 1.60x 1.46x 357.2 394.2 104.0 8.28x 7.50x 148.4 168.0 39.0 11.43x 10.22x 11.50x 11.41x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

16.00

2'000.0

14.00

1'800.0

FY+2

FQ+1

FQ+2

1.78 1.60 3.79 4.13 143.0% 58.6% 0.66 6.29 87.53 174.62 81.77 160.34

1'600.0

12.00

1'400.0

10.00

1'200.0

8.00

1'000.0 800.0

6.00

600.0 4.00

400.0

2.00

200.0

0.00 02.01.2009 02.07.2009

0.0 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 |

28.02.2013

Stada Arzneimittel AG Holdings By:

All

Holder Name GRYPHON INTERNATIONA DEUTSCHE BANK AG/LON DEUTSCHE BANK AG BLACKROCK UNION INVESTMENT GMB VANGUARD GROUP INC AQR CAPITAL MANAGEME ADELPHI CAPITAL LLP PICTET ASSET MANAGEM SKAGEN AS OFI ASSET MANAGEMENT T ROWE PRICE ASSOCIA DJE INVESTMENT SA KBL RICHELIEU GESTIO BANQUE DEGROOF MACQUARIE GROUP LTD TAPIOLA ASSET MANAGE CAPITAL AT WORK INTE GENERALI ASSET MANAG DEGROOF GESTION INST

Firm Name AlphaValue DZ Bank AG Bankhaus Lampe Commerzbank Corporates & Markets Nomura Exane BNP Paribas Kepler Capital Markets M.M. Warburg Investment Research Natixis Bankhaus Metzler EVA Dimensions Jefferies JPMorgan Morgan Stanley Helvea HSBC Main First Bank AG Nord/LB S&P Capital IQ Independent Research GmbH Close Brothers Equity Markets Landesbank Baden-Wuerttemberg Hamburger Sparkasse Berenberg Bank Silvia Quandt Research Deutsche Bank CA Cheuvreux Equinet Institutional Services(ESN) KD Banka d.d.

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst FABRICE FARIGOULE THOMAS MAUL THERESA DICK DANIEL WENDORFF MARTIN BRUNNINGER FLORENT CESPEDES MARTIN VOEGTLI ULRICH HUWALD PHILIPPE LANONE SEBASTIAN FRERICKS ANDREW S ZAMFOTIS JAMES VANE-TEMPEST DAVID J ADLINGTON SIMON MATHER ODILE RUNDQUIST JAN KEPPELER MARCUS WIEPRECHT THORSTEN STRAUSS JACOB THRANE CHRISTOPH SCHOENDUBE IGOR KIM TIMO KUERSCHNER MARCO GUENTHER SCOTT BARDO CLAUDIA LAKATOS HOLGER BLUM OLIVER REINBERG MARTIN POSSIENKE BOJAN IVANC

Source Co File Research MF-AGG ULT-AGG MF-AGG MF-AGG Short Short MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation add buy buy buy reduce neutral hold hold buy sell buy hold neutral Equalwt/Attractive neutral neutral outperform hold buy hold buy buy buy hold neutral buy outperform hold buy

Amt Held % Out 1'884'109 3.18 1'576'000 2.66 1'394'000 2.35 892'270 1.5 655'000 1.1 624'946 1.05 (605'200) -1.02 (427'193) -0.72 359'452 0.61 349'622 0.59 263'523 0.44 258'156 0.44 247'230 0.42 237'520 0.4 236'000 0.4 231'239 0.39 207'800 0.35 200'000 0.34 145'724 0.25 145'600 0.25

Latest Chg 50'000 10'424 (53'410) (65'265) (2'357) (15'747) 178'130 1'500 13'000 231'239 7'800 (27'000) 95'100

File Dt Inst Type 31.12.2011 Investment Advisor 24.10.2012 Investment Advisor 28.12.2012 Investment Advisor 26.02.2013 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 11.02.2013 Hedge Fund Manager 24.01.2013 Investment Advisor 30.11.2012 Investment Advisor 24.08.2012 Mutual Fund Manager 31.10.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 30.11.2012 Mutual Fund Manager 01.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2011 Mutual Fund Manager 31.01.2013 Mutual Fund Manager 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor

Weighting

Target Price

Date

Change 4 5 5 5 2 3 3 3 5 1 5 3 3 3 3 3 5 3 5 3 5 5 5 3 3 5 5 3 5

M M M M M M D D M M M M M M M M U M M M U M M M M M M M U

33 33 32 37 15 27 29 30 31 20 #N/A N/A 23 31 24 26 25 28 23 27 25 26 28 #N/A N/A 27 23 30 28 20 28

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6 month 12 month 12 month 6 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 9 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month

Date 21.02.2013 14.02.2013 13.02.2013 04.02.2013 04.02.2013 04.02.2013 30.01.2013 29.01.2013 29.01.2013 25.01.2013 17.01.2013 15.01.2013 03.01.2013 13.12.2012 29.11.2012 16.11.2012 13.11.2012 12.11.2012 12.11.2012 09.11.2012 09.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 09.08.2012 09.08.2012 22.09.2011 29.09.2010

28.02.2013

Stagecoach Group PLC Stagecoach Group plc provides and operates public transport services in the United Kingdom, USA and overseas. The Group supplies bus and train services, in addition to owning a rolling stock company which provides stock to train companies. Stagecoach also owns overseas bus and ferry operations in Hong Kong, Australia, USA and New Zealand.

Price/Volume 350

8.0 M

300

7.0 M

250

6.0 M 5.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.01.2013) 52-Week Low (13.06.2012) 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 SGC LN EQUITY YTD Change SGC LN EQUITY YTD % CHANGE

04/2012 01/yy 321.50 227.90 731'483.00 299.3 -6.91% 31.33% 76.28% 576.1 1'724.27 776.90 0.0 0.0 241.00 2'299.27

30.04.2008 1'763.6 1.23x 247.6 8.79x 249.1 8.07x

3.0 M

100

2.0 M

1.0 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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

150

30.04.2009 30.04.2010 2'103.3 2'164.4 0.62x 0.79x 345.5 243.2 3.75x 7.07x 133.5 111.7 7.02x 13.05x Profitability

30.04.2011 2'389.8 0.87x 281.8 7.36x 176.4 11.22x

30.04.2012 2'590.7 0.76x 303.3 6.48x 188.3 8.41x

303.30 203.40 7.85% 9.26% 11.78% 51.09% 1.55% 12.8% 8.9% 7.3% 0.72 0.51 46.52% -

2.67 0.81 426.04 14.58% -1.73% 0.806 20 4.000 631'050 496'851 643'574

LTM-4Q

LTM

FY+1

01/yy

04/13 Y 04/14 Y 2'830.5 2'992.6 0.83x 0.76x 350.0 353.3 6.57x 6.51x 164.3 159.2 10.54x 10.92x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

9.00

3'000.0

FY+2

FQ+1

FQ+2

15.03.2007 BBBSTABLE 27.06.2005 NR 7.94 3.33 1.66 2.44 108.0% 1.55 2.73 -

8.00

2'500.0

7.00

2'000.0

6.00 5.00

1'500.0

4.00

1'000.0

3.00 2.00

500.0

1.00 0.00 01.05.2009

0.0 01.11.2009

01.05.2010

01.11.2010

01.05.2011

01.11.2011

01.05.2012

01.11.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Stagecoach Group PLC Holdings By:

All

Holder Name HIGHLAND GLOBAL TRAN DIRECTOR & RELATED H STANDARD LIFE INVEST JP MORGAN AEGON AMERIPRISE FINANCIAL BLACKROCK THREADNEEDLE ASSET M AVIVA INVESTORS THREADNEEDLE INVESTM KAMES CAPITAL PLC UBS LEGAL & GENERAL ELLIOTT MANAGEMENT C NORGES BANK INVESTME SCOTTISH WIDOWS AVIVA INVESTORS FUND UNIVERSITIES SUPERAN FRANKLIN RESOURCES F&C ASSET MANAGEMENT

Firm Name

Portfolio Name n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

HSBC JOSEPH P THOMAS Oriel Securities Ltd EDWARD STANFORD Goldman Sachs OLIVER NEAL Espirito Santo Investment Bank Research GERALD KHOO Nomura ANDREW EVANS EVA Dimensions CRAIG STERLING Panmure Gordon & Co Limited GERT ZONNEVELD Jefferies JOSEPH SPOONER JPMorgan DAVID PITURA RBC Capital Markets DAMIAN BREWER Morgan Stanley JAIME ROWBOTHAM Barclays ADRIAN YANOSHIK Investec JOHN LAWSON Shore Capital Stockbrokers GREG JOHNSON Liberum Capital Ltd ALEXIA DOGANI Charles Stanley Securities DOUGLAS MCNEILL Deutsche Bank ANAND DATE

Source RNS-MAJ REG RNS-MAJ ULT-AGG ULT-AGG Co File ULT-AGG REG REG MF-AGG RNS-MAJ ULT-AGG ULT-AGG Short REG ULT-AGG MF-AGG REG ULT-AGG REG

Recommendation neutral buy neutral/neutral buy buy hold buy hold neutral sector perform Equalwt/In-Line overweight buy buy buy hold buy

Amt Held % Out 149'397'730 25.93 135'189'654 23.47 40'972'773 7.11 34'978'083 6.07 29'008'051 5.04 28'804'999 5 28'228'899 4.9 26'536'543 4.61 26'396'064 4.58 22'968'448 3.99 21'252'371 3.69 18'236'477 3.17 17'624'352 3.06 (15'266'649) -2.65 13'271'671 2.3 11'471'859 1.99 11'285'455 1.96 9'940'658 1.73 7'725'000 1.34 7'715'755 1.34

Latest Chg 509'140 6'406'774 (1'335'379) (1'982'301) (1'852'145) 1'814'524 15'232 (7'430'155) (1'016'888) (828'514) (133'929) 1'254'484 149'656 (763'924) 6'533'196

Weighting

Target Price

Change 3 5 3 5 5 3 5 3 3 3 3 5 5 5 5 3 5

D M M M M M M D M M D M M M M M M

315 302 340 345 310 #N/A N/A 350 330 324 320 310 345 320 #N/A N/A 327 280 310

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 28.09.2012 Other 01.11.2012 Other 07.11.2012 Investment Advisor 01.11.2012 Unclassified 01.11.2012 Unclassified 26.06.2012 Investment Advisor 26.02.2013 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 31.10.2012 Investment Advisor 20.02.2013 Investment Advisor 01.11.2012 Unclassified 31.01.2013 Unclassified 01.11.2012 Hedge Fund Manager 01.11.2012 Government 01.11.2012 Unclassified 31.01.2013 Mutual Fund Manager 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor

Date Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month

Date 04.02.2013 31.01.2013 28.01.2013 23.01.2013 21.01.2013 17.01.2013 11.01.2013 08.01.2013 14.12.2012 12.12.2012 10.12.2012 06.12.2012 05.12.2012 05.12.2012 23.10.2012 09.07.2012 04.07.2012

28.02.2013

Storebrand ASA Storebrand ASA offers insurance, asset management, and banking services. The Company offers life insurance and pension plans, manages equity and fixed-income funds, and attracts deposits and offers residential mortgages, other credit, and Internet and telephone banking services.

Price/Volume 35

18.0 M

16.0 M 14.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (13.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance STB NO EQUITY YTD Change STB NO EQUITY YTD % CHANGE

12/2012 12/yy 31.43 16.37 3'746'117.00 26.03 -17.18% 59.01% 64.14% 449.9 11'711.15 25'108.00 0.0 98.0 29'041.15

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

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 31.12.2008 24'542.0 (2'228.0) -

12.0 M

31.12.2009 31.12.2010 46'443.0 50'118.0 928.0 1'471.0 19.67x 13.23x Profitability

31.12.2011 38'157.0 674.0 18.91x

31.12.2012 52'432.0 1'006.0 11.94x 4.93% 2.97% 0.25% 5.23% 3.42% 0.13% 1.9% 5.98% 126.57% -

1.61 317.83 -2.84% -2.95% 1.610 19 4.158 2'750'606 3'074'271 2'494'919

LTM-4Q

LTM

FY+1

12/yy 38'137.0 0.00x 0.0 0.00x 674.0 18.50x

12/yy 52'433.0 0.00x 0.0 0.00x 1'007.0 11.92x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 21'025.0 22'354.0 1'852.6 2'047.9 388.8 395.6 6.08x 5.43x 6.06x 5.81x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

10.00

60'000.0

FY+2

FQ+1

FQ+2

15.12.2008 BBB STABLE 126.6% 55.7% 0.13 -

9.00

50'000.0

8.00 7.00

40'000.0

6.00

30'000.0

5.00 4.00

20'000.0

3.00 2.00

10'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Storebrand ASA Holdings By:

All

Holder Name GJENSIDIGE FORSIKRIN GOVERNMENT PENSION F STATE STREET FMR LLC NORTHERN TRUST CO CLEARSTREAM BANKING VARMA MUTUAL PENSION SEB TAPIOLA MUTUAL PENSI VANGUARD GROUP INC NORDEA FONDENE AS STOREBRAND FUND MANA PRUDENTIAL ASSURANCE DWP BANK T ROWE PRICE ASSOCIA DNB NOR ASSET MANAGE JP MORGAN CHASE BANK ALLIANZ ASSET MANAGE SEB LONDON HANDELSBANKEN FONDER

Firm Name AlphaValue Macquarie Berenberg Bank Credit Suisse Carnegie Nordea Equity Research Handelsbanken Pareto Securities Arctic Securities ASA ABG Sundal Collier Keefe, Bruyette & Woods SpareBank 1 Markets AS Norne Securities AS Swedbank First Securities SEB Enskilda EVA Dimensions Deutsche Bank Morgan Stanley JPMorgan DNB Markets

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios

Analyst JEROME CASSAGNE HADLEY COHEN PETER ELIOT CHRIS ESSON GIANANDREA ROBERTI THOMAS SVENDSEN MATTI AHOKAS VEGARD EID MEDIAS FRIDTJOF BERENTS RICKARD HENZE KARL MORRIS NILS CHRISTIAN OYEN ANDRIUS VALIVONIS BENGT KIRKOEN CHRISTOFFER J ADAMS AUSTIN BURKETT ROBIN BUCKLEY DAVID ANDRICH ANDREAS VAN EMBDEN JAN ERIK GJERLAND

Source EXCH EXCH ULT-AGG ULT-AGG EXCH EXCH EXCH ULT-AGG EXCH MF-AGG MF-AGG MF-AGG EXCH EXCH MF-AGG MF-AGG EXCH ULT-AGG EXCH MF-AGG

Recommendation buy neutral buy outperform hold buy buy buy buy buy outperform sell hold buy buy underweight buy Overwt/In-Line neutral hold

Amt Held 109'458'254 22'156'365 18'647'756 14'495'794 14'368'322 12'867'504 12'064'314 8'816'096 8'000'000 6'816'907 6'223'510 6'172'868 5'971'013 5'042'178 4'977'674 4'942'801 4'000'000 3'397'316 3'308'133 2'993'410

% Out 24.33 4.92 4.14 3.22 3.19 2.86 2.68 1.96 1.78 1.52 1.38 1.37 1.33 1.12 1.11 1.1 0.89 0.76 0.74 0.67

Latest Chg (11'421'765) (152'817) 94'915 (128'315) 869'585 4'964'153 (1'801'635) 3'100 (570'000)

File Dt Inst Type 18.02.2013 Insurance Company 18.02.2013 Government 27.02.2013 Investment Advisor 30.09.2012 Investment Advisor 18.02.2013 Investment Advisor 18.02.2013 Bank 18.02.2013 Insurance Company 18.02.2013 Unclassified 18.02.2013 Insurance Company 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 18.02.2013 Investment Advisor 18.02.2013 Bank 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 18.02.2013 Investment Advisor 28.12.2012 Investment Advisor 18.02.2013 Unclassified 31.01.2013 Investment Advisor

Weighting

Change

Target Price

Date

5 3 5 5 3 5 5 5 5 5 5 1 3 5 5 1 5 5 3 3

M M M M M M M M U M M D M M U M M M M M

42 30 45 34 #N/A N/A 33 39 35 32 38 30 24 33 34 33 #N/A N/A 34 35 34 36

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 6 month Not Provided 6 month 12 month 6 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Date 21.02.2013 18.02.2013 15.02.2013 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 04.02.2013 17.01.2013 08.01.2013 05.12.2012 23.02.2012 27.10.2011

28.02.2013

Suedzucker AG Suedzucker AG operates in the traditional sugar industry in Eastern and Western Europe. The Company, through its subsidiaries, produces functional food, chilled frozen and starch and fruit concentrates. Suedzucker's other business includes bioethanol activities.

Price/Volume 35

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

30 25 20

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (29.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SZU GY EQUITY YTD Change SZU GY EQUITY YTD % CHANGE

02/2012 11/yy 33.41 21.59 190'366.00 33.16 -0.73% 53.63% 97.93% 204.2 6'770.72 2'189.30 0.0 669.1 609.60 8'738.82

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5 0 f-12

m-12

a-12

28.02.2009 28.02.2010 5'871.3 5'718.2 0.94x 0.99x 470.2 658.5 11.73x 8.62x 162.2 200.1 15.93x 16.13x Profitability

28.02.2011 6'160.8 0.98x 782.0 7.73x 250.4 15.23x

29.02.2012 6'991.9 0.91x 1'026.5 6.20x 376.3 10.95x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

1'026.50 762.10 10.90% 9.07% 7.14% 21.97% 0.88% 16.3% 12.9% 5.4% 1.69 0.56 26.41% 83.68% 7.25 -

316'493 327'578 367'696

LTM

FY+1

11/yy 6'737.2 3.85x 975.0 6.75x 316.7 14.10x

11/yy 7'794.7 3.75x 1'271.9 6.41x 629.6 9.07x

02/13 Y 02/14 Y 02/13 Q4 05/13 Q1 7'783.5 7'788.6 1'851.7 1'887.0 1.08x 1.04x 1'241.1 1'183.9 7.03x 7.37x 576.5 518.8 94.4 145.0 11.39x 13.05x S&P Issuer Ratings

18.00

8'000.0

16.00

7'000.0

14.00

0.53 79.26 56.34% 7.00% 0.531 19 3.947

LTM-4Q

Price/ Cash Flow

FY+2

FQ+1

FQ+2

05.06.2012 BBB+ POS 30.09.2010 A-2 8.76 6.40 0.93 1.49 83.7% 40.0% 0.88 3.04 50.46 -

6'000.0

12.00

5'000.0

10.00

4'000.0

8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 06.03.2009

m-12

Market Data

Fiscal Year Ended 29.02.2008 5'779.6 0.96x 466.9 11.86x 19.6 145.20x

0.0 06.09.2009

06.03.2010

06.09.2010

06.03.2011

06.09.2011

06.03.2012

06.09.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Suedzucker AG Holdings By:

All

Holder Name ZUCKER INVEST GMBH OVERLAND ADVISORS LL BLACKROCK VANGUARD GROUP INC ADIG INVESTMENT PRINCIPAL FINANCIAL ALLIANZ ASSET MANAGE CREDIT SUISSE ASSET DEUTSCHE BANK AG INVESCO LTD DEXIA ASSET MANAGEME BANQUE DEGROOF FRANKFURT TRUST INVE VERITAS SG INVESTMEN THRIVENT FINANCIAL F GRANTHAM MAYO VAN OT JP MORGAN STATE STREET BANQUE SUMITOMO MITSUI ASSE CI INVESTMENTS INC

Firm Name Nord/LB Hauck & Aufhaeuser DZ Bank AG Berenberg Bank Landesbank Baden-Wuerttemberg EVA Dimensions HSBC Independent Research GmbH Bankhaus Lampe Bankhaus Metzler Commerzbank Corporates & Markets M.M. Warburg Investment Research Barclays Goldman Sachs Deutsche Bank CA Cheuvreux Silvia Quandt Research Mirabaud Securities Exane BNP Paribas Davy

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst WOLFGANG VASTERLING NILS-PETER FITZL HEINZ MUELLER JAMES TARGETT BERND MUELL AUSTIN BURKETT JESKO MAYER-WEGELIN LARS LUSEBRINK MARC GABRIEL DANIEL SEIDENSPINNER DENNIS SCHMITT OLIVER SCHWARZ LIAM ROWLEY ROSIE EDWARDS HAROLD THOMPSON KLAUS RINGEL KLAUS KRAENZLE JULIAN LAKIN JAMES BUSHNELL JACK GORMAN

Source Research Short ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold hold buy hold buy buy overweight buy buy buy buy hold underweight neutral/neutral hold select list buy hold neutral outperform

Amt Held % Out 124'847'782 61.14 (1'893'536) -0.93 1'688'974 0.83 1'341'724 0.66 740'672 0.36 591'710 0.29 482'592 0.24 352'217 0.17 345'857 0.17 319'332 0.16 277'878 0.14 269'809 0.13 262'450 0.13 258'000 0.13 256'959 0.13 237'455 0.12 226'000 0.11 217'739 0.11 216'634 0.11 211'300 0.1

Latest Chg 5'865 119'089 (87'000) (1'183) 49'376 21'622 (515) (2'134) 11'450 11'000 (12'090) 258'000 62'898 (6'251) (6'834) 801 195'354 33'600

File Dt Inst Type 01.02.2013 Investment Advisor 07.11.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 27.02.2013 Investment Advisor 31.12.2012 Investment Advisor 01.02.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 30.11.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.05.2012 Investment Advisor 31.12.2012 Unclassified 31.01.2013 Investment Advisor 24.08.2012 Investment Advisor 30.06.2012 Investment Advisor

Weighting

Target Price

Date

Change 3 3 5 3 5 5 5 5 5 5 5 3 1 3 3 5 5 3 3 5

D M M M M M M M M M M M M M M M M M M M

34 33 38 30 38 #N/A N/A 35 37 41 33 35 31 28 30 31 35 40 29 28 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 6 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided

Date 20.02.2013 14.02.2013 30.01.2013 21.01.2013 18.01.2013 17.01.2013 14.01.2013 11.01.2013 11.01.2013 11.01.2013 10.01.2013 10.01.2013 10.01.2013 09.01.2013 18.12.2012 26.11.2012 19.11.2012 22.10.2012 19.10.2012 25.01.2012

28.02.2013

Sydbank A/S Sydbank A/S attracts deposits and offers commercial banking services. The Bank offers mortgages, automobile and other consumer loans, agricultural loans, investment and private banking, interest rate hedging, cash management services, and life insurance. Sydbank operates throughout Denmark, in northern Germany, and Switzerland.

Price/Volume 140

.8 M

120

.7 M

100

.6 M .5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.02.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SYDB DC EQUITY YTD Change SYDB DC EQUITY YTD % CHANGE

12/2012 09/yy 115.70 89.05 83'815.00 114.9 -0.69% 29.03% 97.00% 74.3 8'531.33 48'392.00 0.0 0.0 9'465.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.3 M

.2 M

.1 M

0 f-12

m-12

a-12

31.12.2009 31.12.2010 7'530.0 5'984.0 781.0 411.0 11.46x 27.07x Profitability

31.12.2011 5'717.0 188.0 34.65x

31.12.2012

j-12

a-12

s-12

o-12

n-12

d-12

j-13

467.0 15.58x 8.43% 6.72% 0.32% 4.86% 0.88% 0.04% 4.2% 31.54% 504.35% -

251'531 160'444 157'086

LTM

FY+1

09/yy 5'559.0 0.00x 0.0 0.00x 111.0 63.90x

09/yy 6'032.0 0.00x 0.0 0.00x 475.0 16.91x

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 4'583.6 4'651.0 1'113.2 1'107.5 -27.64x -27.28x 894.0 1'161.6 25.0 203.3 9.43x 7.15x 12.71x 9.66x S&P Issuer Ratings

5.00

10'000.0

4.50

9'000.0

4.00

8'000.0

3.50

7'000.0

3.00

6'000.0

2.50

5'000.0

2.00

4'000.0

1.50

3'000.0

1.00

2'000.0

0.50

1'000.0

.0 M f-13

0.94 7.18% 15.25% 0.943 9 3.444

LTM-4Q

Price/ Cash Flow

0.00 01.01.2010

m-12

Fiscal Year Ended 31.12.2008 9'002.0 606.0 6.73x

.4 M

FY+2

FQ+1

FQ+2

504.3% 83.5% 0.04 5.49 -

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 |

28.02.2013

Sydbank A/S Holdings By:

All

Holder Name SILCHESTER INTL INVE MASSACHUSETTS FINANC VANGUARD GROUP INC SWEDBANK ROBUR FONDE DIDNER & GERGE FONDE NORDEA INV MANAGEMEN NEUBERGER BERMAN LLC DIMENSIONAL FUND ADV TRANSAMERICA INVESTM BLACKROCK PUTNAM INVESTMENT MA NORDEA INVESTMENT FU HANDELSBANKEN FONDER SCHRODER INVESTMENT SEB HANDELSINVEST INVEST CARNEGIE ASSET MANAG VALIC CO I DANSKE INVEST A/S FMR LLC

Firm Name Jyske Bank Nordea Equity Research Alm Brand Markets ABG Sundal Collier Carnegie Danske Markets EVA Dimensions SEB Enskilda Handelsbanken NYKREDIT Swedbank

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst CHRISTIAN HEDE SIMON CHRISTENSEN STIG NYMANN JAKOB BRINK ASBJORN MORK LARS HOLM AUSTIN BURKETT CLAUS GROEN THERP PETER GRABE MADS THINGGAARD ROBERT MATULIN

Source Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation reduce buy neutral hold hold hold buy hold accumulate underperform buy

Amt Held 7'451'793 2'202'543 1'492'610 1'434'283 1'229'198 857'127 311'356 286'571 214'335 204'634 200'653 200'000 191'800 145'000 137'300 107'336 97'000 81'098 76'112 74'877

% Out 10.04 2.97 2.01 1.93 1.66 1.15 0.42 0.39 0.29 0.28 0.27 0.27 0.26 0.2 0.18 0.14 0.13 0.11 0.1 0.1

Latest Chg 84'197 1'899 150'000 (47'092) 2'590 3'970 (1'339) 6'000 137'300 10'000 (722) 100 -

Weighting

Change

Target Price

2 5 3 3 3 3 5 3 4 1 5

M U M M M M M M M N M

120 135 110 120 #N/A N/A 120 #N/A N/A 110 117 #N/A N/A 125

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 21.03.2012 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 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Unclassified 05.02.2013 Mutual Fund Manager 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 12 month Not Provided 6 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month

Date 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 17.01.2013 19.12.2012 18.12.2012 23.02.2012 17.08.2011

28.02.2013

Taylor Wimpey PLC Taylor Wimpey plc, through its subsidiaries, conducts business in the housing, construction and engineering, and property development and investment sectors. The Group has international housing activities in the United Kingdom and Spain.

Price/Volume 90

70.0 M

60.0 M

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (16.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TW/ LN EQUITY YTD Change TW/ LN EQUITY YTD % CHANGE

12/2011 01/yy 80.80 40.00 7'284'029.00 80.2 -0.74% 100.50% 98.53% 3'230.6 2'590.92 264.60 0.0 1.5 147.70 2'727.52

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

20.0 M

10.0 M

10 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 4'142.8 0.86x 479.5 7.41x (197.9) -

40.0 M

50 40

31.12.2008 31.12.2009 3'467.7 2'595.6 0.48x 0.77x 204.8 41.9 8.18x 47.63x (1'841.3) (640.4) Profitability

31.12.2010 1'767.7 0.94x 104.9 15.85x 259.3 5.73x

31.12.2011 1'808.0 0.72x 160.0 8.19x 99.0 20.83x 160.00 158.30 8.76% 4.35% 5.99% 12.63% 0.49% 32.6% 10.1% 10.1% 5.5% 3.45 0.23 7.85% 14.43% 0.58

0.71 1.21 3'145.59 63.23% 21.88% 1.208 19 3.632 9'419'997 9'058'217 9'345'724

LTM-4Q

LTM

FY+1

01/yy

12/12 Y 12/13 Y 1'977.7 2'123.2 1.36x 1.25x 225.2 272.2 12.11x 10.02x 147.3 176.4 19.56x 15.42x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

120.00

4'500.0

FY+2

FQ+1

FQ+2

09.05.2012 BBSTABLE 2.18 2.16 0.70 1.35 14.4% 12.6% 0.49 318.72 626.13 659.92

4'000.0

100.00

3'500.0 3'000.0

80.00

2'500.0 60.00

2'000.0 1'500.0

40.00

1'000.0 20.00 0.00 02.01.2009 02.07.2009

500.0 0.0 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 |

28.02.2013

Taylor Wimpey PLC Holdings By:

All

Holder Name SCHRODERS PLC FMR LLC SCHRODER INVESTMENT JP MORGAN JANUS CAPITAL MANAGE LEGAL & GENERAL DIMENSIONAL FUND ADV BLACKROCK THIRD AVENUE MANAGEM LEGAL & GENERAL STANDARD LIFE INVEST POLARIS CAPITAL MANA DIMENSIONAL FUND ADV IGNIS ASSET MANAGEME NORGES BANK INVESTME AEGON TD WATERHOUSE GROUP SCOTTISH WIDOWS UBS TAYLOR WIMPEY ESOP2

Firm Name Panmure Gordon & Co Limited Numis Securities Ltd Goldman Sachs Liberum Capital Ltd Northland Capital Partners Ltd Redburn Partners Peel Hunt JPMorgan EVA Dimensions Deutsche Bank Jefferies Credit Suisse HSBC Investec Shore Capital Stockbrokers Canaccord Genuity Corp Davy

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a

Analyst RACHAEL APPLEGATE CHRISTOPHER MILLINGTON ESHAN TOORABALLY CHARLIE CAMPBELL SIMON BROWN WILLIAM JONES ROBIN HARDY EMILY BIDDULPH CRAIG STERLING GLYNIS JOHNSON ANTHONY CODLING HARRY GOAD JEFFREY G DAVIS MIKE BESSELL JON BELL ALASTAIR STEWART ROBERT GARDINER

Source RNS-MAJ ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG REG RNS-MAJ Co File REG MF-AGG REG REG ULT-AGG REG ULT-AGG ULT-AGG RNS-DIR

Recommendation hold hold neutral/neutral buy hold buy sell neutral hold buy buy outperform overweight buy hold sell neutral

Amt Held 386'654'426 319'122'050 304'550'662 170'516'957 141'855'641 139'339'223 125'599'013 121'358'178 117'917'692 103'437'214 96'850'301 92'226'910 79'761'426 74'453'355 72'073'931 66'552'706 66'053'229 65'587'745 50'193'209 40'874'717

% Out 11.97 9.88 9.43 5.28 4.39 4.31 3.89 3.76 3.65 3.2 3 2.85 2.47 2.3 2.23 2.06 2.04 2.03 1.55 1.27

Latest Chg 160'387 95'123'919 (5'171'047) (2'644'837) (9'315'412) (737'290) 6'777'805 (12'340'405) (48'275'509) 4'616'277 (1'151'213) (1'091'476) 49'182'785 251'641 1'326'638 2'664'155 6'117'831

Weighting

Change

Target Price

3 3 3 5 3 5 1 3 3 5 5 5 5 5 3 1 3

M M M M M M M D M M M M M M M M M

67 77 75 83 75 #N/A N/A 39 78 #N/A N/A 78 85 75 82 58 #N/A N/A 37 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 11.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Unclassified 03.12.2012 Investment Advisor 26.02.2013 Investment Advisor 03.12.2012 Hedge Fund Manager 29.11.2012 Investment Advisor 28.02.2012 Investment Advisor 03.12.2012 Investment Advisor 31.07.2012 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Government 03.12.2012 Unclassified 03.12.2012 Investment Advisor 03.12.2012 Unclassified 03.12.2012 Unclassified 03.08.2012 n/a

Date Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided 9 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided

Date 21.02.2013 20.02.2013 18.02.2013 05.02.2013 05.02.2013 01.02.2013 28.01.2013 22.01.2013 17.01.2013 15.01.2013 14.01.2013 17.12.2012 28.11.2012 13.08.2012 19.07.2012 16.05.2012 17.05.2011

28.02.2013

Tecnicas Reunidas SA Tecnicas Reunidas SA offers engineering and construction services. The Company primarily designs and constructs a variety of industrial plants as well as power.

Price/Volume 45

4.0 M

3.5 M

35 30

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (23.04.2012) 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 TRE SQ EQUITY YTD Change TRE SQ EQUITY YTD % CHANGE

12/2011 09/yy 39.61 27.23 349'856.00 38.89 -1.82% 42.82% 94.18% 55.9 2'173.80 35.29 0.0 8.7 783.05 1'462.70

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

15 10

1.0 M

.5 M

0 f-12

.0 M m-12

a-12

31.12.2008 31.12.2009 2'478.5 2'634.3 0.19x 0.52x 148.3 155.9 3.11x 8.78x 137.1 145.8 7.39x 14.97x Profitability

31.12.2010 2'771.4 0.77x 162.9 13.08x 103.9 24.93x

31.12.2011 2'612.6 0.29x 159.5 4.72x 129.5 11.52x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

159.53 151.28 5.79% 5.94% 4.58% 31.32% 0.89% 6.0% 5.7% 5.0% 1.14 1.04 1.30% 10.36% 1.33 -

0.97 32.93 33.80% 12.90% 0.974 25 3.520 474'922 568'740 496'433

LTM-4Q

LTM

FY+1

09/yy 2'700.2 2.23x 163.4 4.19x 109.2 12.32x

09/yy 2'565.6 1.71x 154.0 8.51x 131.3 15.33x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'685.5 2'904.4 716.5 0.53x 0.46x 160.4 174.0 42.8 9.12x 8.41x 136.4 146.7 34.8 15.73x 14.63x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

1.20

3'000.0

1.00

2'500.0

0.80

2'000.0

0.60

m-12

Fiscal Year Ended 31.12.2007 2'005.2 1.01x 113.3 17.92x 104.7 23.41x

2.0 M

Valuation Analysis

FY+2

FQ+1

FQ+2

37.41 35.39 -4.62 0.21 10.4% 9.2% 0.89 28.91 276.22 -

1'500.0 1'000.0

0.40

500.0 0.20

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 |

28.02.2013

Tecnicas Reunidas SA Holdings By:

All

Holder Name ARALTEC SL ARAGONESAS PROM OBRA CAUSEWAY CAPITAL MAN TECNICAS REUNIDAS SA SCHRODERS PLC BLACKROCK BILBAO VIZCAYA HOLDI BBVA ELCANO EMPRESAR BBVA ELCANO EMPRESAR FRANKLIN RESOURCES FMR LLC HIRTLE CALLAGHAN & C ALLIANZ ASSET MANAGE PRINCIPAL FINANCIAL VANGUARD GROUP INC SANTANDER ASSET MGMT BBVA PATRIMONIOS GES SWEDBANK ROBUR FONDE EVLI FUND MANAGEMENT SCHRODER INVESTMENT

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Espirito Santo Investment Bank Research NUNO ESTACIO BPI MANUEL DIAS COELHO JPMorgan ANDREW DOBBING AlphaValue GAETAN DUPONT Bankia Bolsa (ESN) INIGO RECIO PASCUAL Banco Sabadell JAVIER ESTEBAN Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE NMAS 1 Agencia de Valores FERNANDO LAFUENTE Banesto Bolsa SA Sociedad ROBERT JACKSON Exane BNP Paribas ANTONIO LOPEZ SILVESTRE Grupo Santander PATRICIA LOPEZ DEL RIO Natixis ALAIN PARENT Nomura CHRISTYAN MALEK EVA Dimensions CRAIG STERLING Goldman Sachs MICHAEL RAE Interdin Bolsa JAIME OJEDA DE DIEGO Barclays MICK PICKUP Link Securities JUAN JOSE FERNANDEZ FIGARES La Caixa ICIAR GOMEZ BOTAS BBVA LUIS DE TOLEDO Morgan Stanley ROBERT PULLEYN Kepler Capital Markets NATALIA BOBO BJOERK CA Cheuvreux INIGO EGUSQUIZA CASTELLANOS Mirabaud Finanzas Sociedad de ValoresENRIQUE S YAGUEZ AVILES Intermoney Valores ESTHER MARTIN Renta 4 SA SVB NATALIA AGUIRRE

Source Co File Co File EXCH Co File EXCH ULT-AGG Co File Co File Co File ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral buy neutral buy accumulate buy buy neutral buy outperform buy neutral reduce hold neutral/neutral neutral equalweight accumulate underweight outperform Underwt/Attractive buy underperform overweight buy overweight

Amt Held 17'882'564 2'848'383 2'797'034 2'154'324 1'700'435 1'680'806 1'262'070 1'213'533 1'213'533 443'949 425'187 292'231 290'141 285'980 285'911 241'698 240'143 189'938 187'374 167'742

% Out 31.99 5.1 5 3.85 3.04 3.01 2.26 2.17 2.17 0.79 0.76 0.52 0.52 0.51 0.51 0.43 0.43 0.34 0.34 0.3

Latest Chg 17'359 (19'840) (17'611) 11'163 2'108 744 (125'640) (9'713) 24'212 2'294 (975'342)

Weighting

Change

Target Price

3 5 3 5 4 5 5 3 5 5 5 3 2 3 3 3 3 4 1 5 1 5 1 5 5 5

M M M M M M M M M M M M M M M D M D D M M M M M U M

38 47 44 53 44 45 41 38 42 45 42 37 31 #N/A N/A 41 39 44 41 39 40 41 43 34 39 36 37

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Corporation 31.12.2011 Unclassified 14.02.2012 Investment Advisor 31.12.2011 Corporation 21.04.2011 Investment Advisor 26.02.2013 Investment Advisor 31.12.2011 Bank 31.12.2011 Venture Capital 31.12.2011 Venture Capital 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2011 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

Date Not Provided Not Provided 9 month 6 month 12 month 12 month Not Provided 6 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided

Date 27.02.2013 25.02.2013 21.02.2013 20.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 12.02.2013 12.02.2013 07.02.2013 07.02.2013 29.01.2013 17.01.2013 08.01.2013 10.12.2012 15.11.2012 22.10.2012 10.10.2012 27.09.2012 12.09.2012 10.09.2012 01.08.2012 26.06.2012 12.12.2011 16.09.2011

28.02.2013

Telecity Group PLC Telecity Group PLC designs, builds, and manages technical, web, and Internet infrastructure for corporate clients.

Price/Volume 1200

4.0 M 3.5 M

1000

3.0 M 800

Latest Fiscal Year: LTM as of: 52-Week High (16.10.2012) 52-Week Low (01.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TCY LN EQUITY YTD Change TCY LN EQUITY YTD % CHANGE

12/2012 01/yy 963.50 684.00 434'601.00 934.5 -3.01% 36.62% 89.62% 201.5 1'882.57 277.29 0.0 0.0 20.97 2'138.89

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M 1.5 M

400

1.0 M 200

.5 M

0 f-12 m-12 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 133.0 2.84x 31.0 12.16x 25.3 13.58x

2.5 M

600

Valuation Analysis

31.12.2009 31.12.2010 169.4 196.4 4.85x 5.04x 63.9 83.4 12.84x 11.85x 34.7 38.0 21.57x 27.26x Profitability

31.12.2011 239.8 6.05x 106.2 13.67x 42.6 29.86x

31.12.2012 283.0 6.50x 129.5 14.22x 58.1 27.07x 129.46 87.30 30.85% 26.91% 8.12% 17.74% 11.44% 0.40% 57.5% 45.8% 30.9% 20.5% 0.45 0.17 34.61% 77.68% -

0.80 0.81 168.88 35.91% 18.82% 0.808 19 4.000 715'748 834'770 745'051

LTM-4Q

LTM

FY+1

01/yy

12/13 Y 12/14 Y 331.0 380.5 6.46x 5.52x 157.6 185.5 13.57x 11.53x 75.2 91.2 25.33x 20.86x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

18.00

300.0

FY+2

FQ+1

FQ+2

9.90 -3.42 1.98 2.14 77.7% 43.7% 0.40 0.55 -

16.00

250.0

14.00

200.0

12.00 10.00

150.0

8.00

100.0

6.00 4.00

50.0

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 |

28.02.2013

Telecity Group PLC Holdings By:

All

Holder Name ALLIANCE BERNSTEIN NORGES BANK INVESTME LEGAL & GENERAL STANDARD LIFE INVEST PIONEER ASSET MANAGE BUTTERFIELD PRIVATE BLACKROCK OPPENHEIMERFUNDS INC KAMES CAPITAL PLC GRACE JR OLIVER R AEGON OLD MUTUAL DWS INVESTMENT SA PICTET & CIE CREDIT SUISSE SECURI GCIC LTD/CANADA DEUTSCHE BANK AG TIAA CREF INVESTMENT NEWSMITH CAPITAL PAR BANK OF NEW YORK MEL

Firm Name

Portfolio Name n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Evercore Partners JONATHAN SCHILDKRAUT Goldman Sachs SIVA KRISHNA PRASAD BORRA RBC Capital Markets JONATHAN ATKIN Investec JAMES GOODMAN Berenberg Bank ALI FARID KHWAJA Liberum Capital Ltd WILLIAM SHIRLEY JPMorgan CARL MURDOCK-SMITH Jefferies MILAN RADIA Canaccord Genuity Corp JONATHAN IMLAH Peel Hunt PAUL GILMER MORLAND Numis Securities Ltd WILL WALLIS Barclays MAURICE PATRICK EVA Dimensions ANDREW S ZAMFOTIS Espirito Santo Investment Bank Research VIJAY ANAND HSBC ADAM M RUMLEY Deutsche Bank MATTHEW BLOXHAM Cenkos Securities Ltd ANDREW BRYANT

Source ULT-AGG REG ULT-AGG RNS-MAJ RNS-MAJ REG ULT-AGG REG Co File Research ULT-AGG ULT-AGG REG REG REG REG MF-AGG REG REG MF-AGG

Recommendation equalweight Buy/Neutral outperform buy buy sell overweight buy hold sell add overweight sell neutral overweight buy buy

Amt Held 17'732'110 16'731'224 12'342'864 12'061'844 9'494'587 8'718'151 7'233'487 6'697'615 6'189'975 5'498'893 5'085'666 5'077'195 4'097'550 4'011'378 3'534'957 3'342'196 3'158'416 2'776'557 2'737'942 2'733'926

% Out 8.8 8.31 6.13 5.99 4.71 4.33 3.59 3.32 3.07 2.73 2.52 2.52 2.03 1.99 1.75 1.66 1.57 1.38 1.36 1.36

Latest Chg (136'327) (454'798) (3'444'102) (1'578'063) (555'444) (131'530) (95'840) (3'416'675) 361'000 522'831 1'984'977 (73'300) 5'000 333'101 (409'404) 20'770

File Dt Inst Type 31.12.2012 Investment Advisor 03.12.2012 Government 31.01.2013 Unclassified 14.02.2013 Investment Advisor 22.08.2011 Other 03.12.2012 Unclassified 26.02.2013 Investment Advisor 03.12.2012 Investment Advisor 10.02.2012 Investment Advisor 24.10.2012 n/a 03.12.2012 Unclassified 31.12.2012 Unclassified 03.12.2012 Unclassified 03.12.2012 Mutual Fund Manager 03.12.2012 Investment Advisor 03.12.2012 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Investment Advisor 30.11.2012 Investment Advisor

Weighting

Change

Target Price

Date

3 5 5 5 5 1 5 5 3 1 4 5 1 3 5 5 5

M M M M M M M M M M M M M M M M M

940 1'160 1'030 1'000 990 720 #N/A N/A 1'020 870 740 1'000 1'100 #N/A N/A 760 990 1'055 500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Date 21.02.2013 18.02.2013 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 15.01.2013 23.11.2012 07.11.2012 05.11.2012 19.07.2010

28.02.2013

Telekom Austria AG Telekom Austria AG offers telecommunications services. The Company offers fixed -line and mobile telephone, Internet access, and data transmission services. Telekom Austria also offers Internet access and mobile services in Liechtenstein , Slovenia, Bulgaria, Belarus and Croatia.

Price/Volume 9

8.0 M

7.0 M

7 6

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (12.11.2012) 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 TKA AV EQUITY YTD Change TKA AV EQUITY YTD % CHANGE

12/2012 12/yy 8.95 4.51 499'131.00 4.86 -45.67% 7.76% 7.89% 443.0 2'152.98 3'949.24 0.0 0.9 625.92 5'364.18

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

3 2

2.0 M

1.0 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 5'170.3 1.55x 1'300.4 6.15x (48.8) -

4.0 M

Valuation Analysis

31.12.2009 31.12.2010 4'802.0 4'650.8 1.57x 1.72x 1'794.1 1'645.9 4.21x 4.87x 95.1 195.4 45.23x 23.91x Profitability

31.12.2011 4'454.6 1.66x 1'527.4 4.85x (252.0) -

31.12.2012 4'329.7 103.8 24.43x 1'527.36 226.08 5.08% -5.71% -1.95% -16.75% 0.60% 34.0% 4.7% 2.4% 0.73 0.55 53.02% 447.67% 5.84 -

533'611 402'958 609'107

LTM-4Q

LTM

FY+1

12/yy 4'454.6 6.63x 1'527.4 4.85x (252.0) 0.00x

12/yy 4'329.7 4.53x 1'136.6 0.00x 103.7 24.12x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'131.9 4'096.1 1'013.0 1'024.0 1.36x 1.31x 5.53x 5.46x 1'269.0 1'258.3 311.0 307.0 4.23x 4.26x 4.33x 104.8 122.9 26.4 22.5 18.84x 14.51x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

7.00

6'000.0

6.00

0.67 -41.48% -15.33% 0.670 22 2.500

FY+2

FQ+1

FQ+2

30.03.2010 BBB STABLE 25.06.2003 A-2 7.05 3.64 2.18 2.61 447.7% 81.7% 0.60 1.82 62.64 -

5'000.0

5.00

4'000.0

4.00

3'000.0 3.00

2'000.0 2.00

1'000.0

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 |

28.02.2013

Telekom Austria AG Holdings By:

All

Holder Name OSTERREICHISCHE INDU AMERICA MOVIL SAB DE INMOBILIARIA CARSO DODGE & COX RINGTURM KAG VANGUARD GROUP INC BLACKROCK SANLAM ASSET MANAGEM PIONEER INVESTMENTS ING INTERNATIONAL AD SCHRODER INVESTMENT ERSTE SPARINVEST KAG GAMCO IBERCAJA GESTION, S. TEMPLETON INVESTMENT MEAG MUNICH ERGO KAG FIRST TRUST TELEKOM AUSTRIA AG ING INVESTMENT MANAG CREDIT SUISSE ASSET

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst

Morgan Stanley LUIS PROTA Erste Bank VERA SUTEDJA Landesbank Baden-Wuerttemberg STEFAN BORSCHEID Berenberg Bank USMAN GHAZI Exane BNP Paribas MICHAEL ZORKO AlphaValue HEINZ STEFFEN Goldman Sachs TIMOTHY BODDY Credit Suisse JAKOB BLUESTONE Barclays MICHAEL BISHOP JPMorgan HANNES C WITTIG Raiffeisenbank AG BERND MAURER EVA Dimensions ANDREW S ZAMFOTIS Nomura VIKRAM KARNANY HSBC DOMINIK KLARMANN Deutsche Bank CAROLA BARDELLI Macquarie ALEX GRANT Societe Generale OTTAVIO ADORISIO Espirito Santo Investment Bank Research ANDREW HOGLEY Kepler Capital Markets JAVIER BORRACHERO Gabelli & Co EVAN D MILLER

Source Research Research Research MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG Co File MF-AGG MF-AGG

Recommendation Underwt/In-Line sell hold sell neutral buy Sell/Neutral neutral equalweight neutral hold underweight reduce neutral hold underperform hold sell hold hold

Amt Held 125'917'735 100'826'800 13'910'200 13'722'690 4'450'000 4'402'099 4'214'160 2'655'281 1'839'000 1'299'323 1'273'238 1'150'937 1'078'000 707'000 661'579 633'470 492'912 436'031 412'472 344'745

% Out 28.42 22.76 3.14 3.1 1 0.99 0.95 0.6 0.42 0.29 0.29 0.26 0.24 0.16 0.15 0.14 0.11 0.1 0.09 0.08

Latest Chg 307'581 50'000 29'382 (134'891) (225'000) 389'180 382'672 1'284 15'000 (263'000) 169'523 2'391

File Dt Inst Type 15.06.2012 Government 25.09.2012 Corporation 15.06.2012 Corporation 29.01.2013 Investment Advisor 31.10.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.05.2011 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.10.2012 Investment Advisor 28.09.2012 Unclassified 31.12.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2011 Corporation 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager

Weighting

Change

Target Price

Date

1 1 3 1 3 5 1 3 3 3 3 1 2 3 3 1 3 1 3 3

M M M M M M M M M U M M M M M M M M M M

6 5 6 5 6 6 5 7 5 6 6 #N/A N/A 5 7 7 4 9 3 6 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 12 month Not Provided Not Provided Not Provided 6 month 12 month Not Provided Not Provided 9 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided

Date 28.02.2013 27.02.2013 27.02.2013 25.02.2013 25.02.2013 21.02.2013 25.01.2013 24.01.2013 24.01.2013 21.01.2013 17.01.2013 17.01.2013 16.01.2013 14.01.2013 09.01.2013 07.01.2013 04.12.2012 19.11.2012 04.10.2012 14.09.2012

28.02.2013

Telenet Group Holding NV Telenet Group Holding NV provides telephone and internet services through a network of fiber-optic and coaxial cable. The company offers customized packages to businesses and individual clients in Belgium.

Price/Volume 45

4.0 M

3.5 M

35 30

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (13.02.2013) 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 TNET BB EQUITY YTD Change TNET BB EQUITY YTD % CHANGE

12/2012 12/yy 38.91 25.87 326'434.00 38.495 -1.07% 48.80% 96.82% 113.3 4'364.05 3'843.00 0.0 6.2 906.30 7'306.95

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

15 10

1.0 M

.5 M

0 f-12

.0 M m-12

a-12

31.12.2009 31.12.2010 1'197.4 1'299.0 3.69x 4.27x 600.5 658.3 7.36x 8.43x 233.1 89.3 9.54x 36.85x Profitability

31.12.2011 1'376.3 4.33x 679.0 8.78x 16.8 196.60x

31.12.2012 1'488.8 4.69x 768.3 9.08x 33.2 122.93x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

768.30 389.70 26.18% 4.52% 0.87% 0.39% 42.7% 51.6% 26.2% 2.2% 1.52 1.38 93.71% 14.59 63.38

0.71 48.26% 7.98% 0.708 27 3.444 187'562 200'328 176'967

LTM-4Q

LTM

FY+1

12/yy 1'376.3 17.08x 679.0 8.78x 16.8 196.60x

12/yy 1'488.8 17.91x 768.3 9.08x 33.2 118.83x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'640.0 1'744.8 406.0 410.0 4.69x 4.41x 834.0 886.2 204.0 206.0 8.76x 8.25x 8.74x 122.1 151.9 33.71x 25.68x 113.22x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

8.00

1'600.0

7.00

1'400.0

6.00

1'200.0

5.00

1'000.0

4.00

800.0

3.00

600.0

2.00

400.0

1.00

200.0

0.00 01.01.2010

m-12

Fiscal Year Ended 31.12.2008 1'018.8 3.70x 500.3 7.53x (15.2) -

2.0 M

Valuation Analysis

FY+2

FQ+1

FQ+2

14.08.2012 B+ STABLE 3.40 2.31 3.82 5.00 122.8% 0.39 1.13 25.09 5.78 62.79 -31.92

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 |

28.02.2013

Telenet Group Holding NV Holdings By:

All

Holder Name BINAN INVESTMENTS BNP PARIBAS INVESTME NORGES BANK AXA SA BNP PARIBAS INV PART SCHRODER INVESTMENT VANGUARD GROUP INC ROYAL BANK OF CANADA PETERCAM SA TELENET GROUP HOLDIN BLACKROCK BNP ASSET MANAGEMENT MASSACHUSETTS FINANC BNP ASSET MANAGEMENT ARTISAN PARTNERS HOL UNIVERSAL INVEST CON GAMCO STATE STREET BARING FUND MANAGERS ROBECO INVESTOR SERV

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios BNP PARIBAS ACTIONS Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst

Morgan Stanley PATRICK WELLINGTON Berenberg Bank USMAN GHAZI New Street Research FRANK KNOWLES Barclays MICHAEL BISHOP Kempen & Co SANDER VAN OORT Kepler Capital Markets MATTHIJS VAN LEIJENHORST ABN Amro Bank N.V. MARC HESSELINK Raymond James STEPHANE BEYAZIAN KBC Securities TOM SIMONTS Petercam STEFAAN GENOE Rabobank International FRANK CLAASSEN ING Bank EMMANUEL CARLIER Exane BNP Paribas ANTOINE PRADAYROL Nomura HENRIK NYBLOM JPMorgan AKHIL DATTANI EVA Dimensions ANDREW S ZAMFOTIS Deutsche Bank DAVID A WRIGHT HSBC NICOLAS COTE-COLISSON Goldman Sachs MARK WALKER Espirito Santo Investment Bank Research ANDREW HOGLEY Credit Suisse PAUL SIDNEY Macquarie ALEX GRANT CA Cheuvreux ROBERT VAN OVERBEEK Grupo Santander JOHN DAVIES Bank Degroof(ESN) SIDDY JOBE

Source Research Research Research Research ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG Research ULT-AGG MF-AGG MF-AGG MF-FRA MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation Equalwt/In-Line hold reduce overweight hold hold buy outperform accumulate buy hold buy neutral buy overweight underweight hold neutral neutral/neutral neutral outperform neutral underperform hold suspended coverage

Amt Held 56'844'400 5'592'018 4'695'152 3'791'020 3'682'527 1'393'065 1'039'784 820'767 602'976 509'691 506'231 427'787 347'333 328'173 321'965 300'000 294'000 281'513 273'565 250'000

% Out 50.18 4.94 4.15 3.35 3.25 1.23 0.92 0.72 0.53 0.45 0.45 0.38 0.31 0.29 0.28 0.26 0.26 0.25 0.24 0.22

Latest Chg 257'332 103'836 13'439 (309'469) (155'270) (714'397) (28'653) 50'706 (28'378) 6'842 294'000 -

File Dt Inst Type 06.04.2012 Other 06.04.2012 Investment Advisor 06.04.2012 Government 06.04.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Bank 30.12.2011 Mutual Fund Manager 06.04.2012 Corporation 26.02.2013 Investment Advisor 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.10.2012 Unclassified 27.02.2013 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor

Weighting

Change

Target Price

Date

3 3 2 5 3 3 5 5 4 5 3 5 3 5 5 1 3 3 3 3 5 3 1 3 #N/A N/A

M M D M M D M U M M M M M M M M M M M M M M D U M

35 26 33 38 38 38 40 43 39 40 38 40 37 41 40 #N/A N/A 35 40 42 37 34 35 35 31 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 9 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Date 27.02.2013 21.02.2013 21.02.2013 19.02.2013 15.02.2013 14.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 11.02.2013 21.01.2013 17.01.2013 16.01.2013 15.01.2013 14.01.2013 10.01.2013 19.12.2012 05.12.2012 17.10.2012 20.09.2012 13.08.2012

28.02.2013

Teleperformance Teleperformance offers customer relationship management services. The Company operates call centers, conducts programs to attract new customers, offers customer service and technical support services, collects debts, offers market research services, conducts telemarketing, and develops customer relationship management software.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (27.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RCF FP EQUITY YTD Change RCF FP EQUITY YTD % CHANGE

12/2012 09/yy 31.45 16.06 342'169.00 30.11 -4.26% 87.54% 91.30% 56.6 1'704.17 134.54 0.0 4.4 159.61 1'694.40

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 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 1'784.8 0.63x 250.7 4.45x 116.4 9.53x

31.12.2009 31.12.2010 1'847.7 2'058.5 0.69x 0.70x 206.9 210.8 6.16x 6.80x 88.2 71.9 14.54x 19.88x Profitability

31.12.2011 2'126.2 0.44x 249.8 3.73x 92.3 10.47x

31.12.2012 2'347.1 127.5 11.92x 249.83 152.91 7.19% 6.93% 5.58% 8.26% 7.88% 1.17% 12.2% 7.7% 5.4% 1.46 1.19 7.19% 10.57% 4.68 -

0.81 47.83 53.67% 9.79% 0.814 18 4.667 169'385 213'875 194'094

LTM-4Q

LTM

FY+1

09/yy 425.5 0.00x 0.0 0.00x 0.0 0.00x

09/yy 2'197.8 0.00x 0.0 0.00x 0.0 0.00x

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 2'434.5 2'533.2 624.3 0.63x 0.57x 324.8 346.5 5.22x 4.89x 143.7 155.7 11.64x 10.81x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

10.00

2'500.0

FY+2

FQ+1

FQ+2

30.06 18.37 -0.06 0.50 10.6% 9.5% 1.17 8.73 78.26 -

9.00 8.00

2'000.0

7.00

1'500.0

6.00 5.00

1'000.0

4.00 3.00

500.0

2.00 1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Teleperformance Holdings By:

All

Holder Name INTERNATIONAL VALUE PARTICIPANTEN DOCHTE GRYPHON INT INVT COR TELEPERFORMANCE MACKENZIE FINANCIAL TWEEDY BROWNE COMPAN DOUCE OLIVIER DIMENSIONAL FUND ADV JULIEN DANIEL T ROWE PRICE ASSOCIA EDINBURGH PARTNERS L NATIXIS ASSET MANAGE VANGUARD GROUP INC CLASSIC FUND MGMT AG HSBC ASSET MGMT EURO SCHRODER INVESTMENT MMA FINANCE FMR LLC MACQUARIE GROUP LTD BLACKROCK

Firm Name Societe Generale HSBC Gilbert Dupont CM - CIC Securities(ESN) Oddo & Cie Kepler Capital Markets Exane BNP Paribas Portzamparc Societe de Bourse AlphaValue Main First Bank AG EVA Dimensions Natixis Day by Day BPI IDMidcaps CA Cheuvreux NFinance

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a

Analyst PATRICK JOUSSEAUME ANTONIN BAUDRY STEPHANIE LEFEBVRE EMMANUEL CHEVALIER CHRISTOPHE CHAPUT FELIX LEVIOUS LAURENT GELEBART LAURENT VALLEE VERONIQUE CABIOC'H MOURAD LAHMIDI CRAIG STERLING CELINE CHERUBIN VALERIE GASTALDY PIERRE BUCAILLE TEAM COVERAGE DAVID CERDAN TEAM COVERAGE

Source Research Co File Co File Co File MF-AGG MF-AGG Co File MF-AGG Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG

Recommendation buy overweight add accumulate buy reduce outperform buy add outperform buy buy buy buy buy outperform buy

Amt Held 5'701'848 3'959'087 2'266'900 1'131'961 737'535 736'769 735'774 700'241 658'314 653'975 622'578 604'289 565'596 537'144 496'000 416'488 391'191 370'776 369'828 286'128

% Out 10.07 7 4.01 2 1.3 1.3 1.3 1.24 1.16 1.16 1.1 1.07 1 0.95 0.88 0.74 0.69 0.66 0.65 0.51

Latest Chg (398'582) 6'420 72'900 2'934 (30'000) (67'892) 32'536 (13'260) (131'952) 48'270

File Dt Inst Type 15.11.2012 Investment Advisor 31.12.2011 Other 31.12.2011 Other 31.12.2011 Corporation 30.11.2012 Investment Advisor 31.03.2012 Investment Advisor 31.12.2011 n/a 31.07.2012 Investment Advisor 31.12.2011 n/a 31.12.2012 Investment Advisor 31.12.2011 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 29.06.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor

Weighting

Change

Target Price

Date

5 5 4 4 5 2 5 5 4 5 5 5 5 5 5 5 5

M M M M M M M M M M M M U M M U M

34 34 35 34 35 33 31 34 32 35 #N/A N/A 34 31 37 29 28 27

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 6 month 12 month Not Provided Not Provided 3 month Not Provided 12 month Not Provided 12 month

Date 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 21.02.2013 21.02.2013 24.01.2013 15.01.2013 09.01.2013 14.12.2012 15.11.2012 14.11.2012 09.11.2012 09.11.2012

28.02.2013

ThromboGenics NV ThromboGenics NV is a biopharmaceutical company focused on the development of therapeutics for conditions related to the vascular system. The Company is focused on developing medicines to treat visual disorders, cardiovascular diseases, and cancer, conditions which result from abnormalities to the vascular system. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.01.2013) 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 01.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance THR BB EQUITY YTD Change THR BB EQUITY YTD % CHANGE

Price/Volume

12/2011 06/yy 47.82 17.10 102'530.00 40.2 -15.93% 135.09% 75.20% 35.9 1'441.58 0.00 0.0 0.0 80.38 1'255.51

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.2 M 1.0 M .8 M .6 M .4 M .2 M .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 1.5 134.11x (17.1) (16.0) -

50 45 40 35 30 25 20 15 10 5 0 f-12 m-12

31.12.2008 31.12.2009 30.4 4.2 3.98x 76.45x 11.0 (14.5) 11.00x 12.1 (14.1) 14.89x Profitability

31.12.2010 6.1 103.62x (14.2) (13.9) -

31.12.2011 2.4 217.94x (24.4) (21.6) -24.39 -24.77 -1013.17% -884.91% 22.84% 23.63% 0.38% 91.2% 55.5% 54.8% -884.9% 7.94 7.49 0.00% 0.00% -

149'756 232'812 192'019

LTM-4Q

LTM

FY+1

06/yy 3.6 0.00x 0.0 0.00x 0.0 0.00x

06/yy 75.7 0.00x 0.0 0.00x 0.0 0.00x

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 75.2 131.6 17.16x 9.39x 33.2 76.9 37.85x 16.33x 35.0 71.2 39.26x 19.92x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

40.00

35.0

35.00

30.0

30.00

1.12 85.25% -4.40% 1.118 6 4.333

FY+2

FQ+1

FQ+2

-813.00 -845.77 -4.47 0.00 0.0% 0.0% 0.38 49.21 -

25.0

25.00

20.0

20.00

15.0 15.00

10.0

10.00

5.0

5.00 0.00 02.01.2009 02.07.2009

0.0 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 |

28.02.2013

ThromboGenics NV Holdings By:

All

Holder Name CLAY LANDON THOMAS BIGGAR LTD BAKER BROS ADVISORS OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN CLAY MATHEMATICS INS PERCEPTIVE ADVISORS ADAGE CAPITAL PARTNE BNP PARIBAS INV PART FMR LLC PETERCAM SA UNIVERSAL INVEST CON ORBIMED ADVISORS LLC GROUPAMA ASSET MGMT VANGUARD GROUP INC PETERCAM SA CARNEGIE ASSET MANAG WILLIAM BLAIR & COMP BANQUE DE LUXEMBOURG BANK DELEN SA

Firm Name Petercam KBC Securities EVA Dimensions Nomura Code Securities Kempen & Co Jefferies

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios

Analyst Roderick Verhelst JAN DE KERPEL ANDREW S ZAMFOTIS SAMIR DEVANI MARK POSPISILIK PETER WELFORD

Source Research Research Research MF-AGG Research Research Short Short ULT-AGG ULT-AGG MF-AGG MF-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG

Recommendation buy buy overweight sell buy buy

Amt Held % Out 2'337'035 6.52 1'828'138 5.1 1'471'586 4.1 1'167'900 3.26 1'121'517 3.13 995'104 2.77 (735'134) -2.05 (616'795) -1.72 603'266 1.68 597'841 1.67 446'072 1.24 430'000 1.2 (347'844) -0.97 336'034 0.94 324'542 0.91 305'457 0.85 238'300 0.66 194'863 0.54 180'000 0.5 172'000 0.48

Latest Chg (60'962) (139'854) (6'105) 319'432 (10'980) 25'000 (35'860) (43'676) 2'025 (20'000) 25'000 194'863 1'000

Weighting

Target Price

Change 5 5 5 1 5 5

M M U M M M

50 48 #N/A N/A 26 48 56

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 29.03.2012 n/a 29.03.2012 Unclassified 29.03.2012 Hedge Fund Manager 30.12.2012 Investment Advisor 29.03.2012 Unclassified 29.03.2012 Unclassified 19.02.2013 Hedge Fund Manager 22.02.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.12.2011 Mutual Fund Manager 31.01.2013 Investment Advisor 20.02.2013 Hedge Fund Manager 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 30.12.2011 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided Not Provided Not Provided 6 month 12 month 12 month

Date 11.02.2013 01.02.2013 31.01.2013 28.01.2013 15.01.2013 15.01.2013

28.02.2013

Tod's SpA Tod's S.p.A. manufactures and retails men's, women's, and sports shoes. The Company's signature shoe is a loafer with rubber spikes on the sole and heel. Brand names include Tod's, Hogan, and Fay. The Company operates owned and franchised stores in Europe, the United States, Asia, and the Middle East.

Price/Volume 120

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M

100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (16.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TOD IM EQUITY YTD Change TOD IM EQUITY YTD % CHANGE

12/2011 09/yy 109.70 68.55 130'771.00 109 -0.64% 59.01% 98.30% 30.6 3'336.42 77.01 0.0 5.6 187.76 3'262.22

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 31.12.2007 657.1 2.11x 154.4 9.00x 77.3 18.83x

31.12.2008 31.12.2009 707.6 713.1 1.20x 1.99x 160.3 164.4 5.30x 8.61x 82.8 85.7 11.10x 18.53x Profitability

31.12.2010 787.5 2.76x 197.9 10.98x 109.1 20.76x

31.12.2011 893.6 2.04x 234.2 7.79x 135.0 14.30x 234.22 194.63 21.78% 22.03% 14.26% 22.20% 0.93% 25.9% 21.5% 15.1% 2.41 1.35 7.37% 11.27% 6.69 -

0.78 12.18 45.57% 13.96% 0.785 24 3.000 158'964 130'510 126'698

LTM-4Q

LTM

FY+1

09/yy 877.5 3.15x 191.6 0.00x 0.0 0.00x

09/yy 944.5 4.41x 169.2 0.00x 0.0 0.00x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 965.7 1'046.1 213.7 3.31x 3.01x 248.9 274.5 49.1 13.11x 11.89x 147.6 163.8 73.9 22.64x 20.35x 19.29x 21.12x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

30.00

1'000.0

FY+2

FQ+1

FQ+2

144.49 120.27 -0.33 0.31 11.3% 10.1% 0.93 5.05 54.72 -

900.0

25.00

800.0 700.0

20.00

600.0 500.0

15.00

400.0 10.00

300.0 200.0

5.00 0.00 02.01.2009 02.07.2009

100.0 0.0 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 |

28.02.2013

Tod's SpA Holdings By:

All

Holder Name DI VI FINANZIARIA SA CAPITAL GROUP COMPAN OPPENHEIMERFUNDS INC DELPHINE SAS DIEGO DELLA VALLE & WILLIAM BLAIR & COMP FMR LLC VALLE DIEGO DELLA COLUMBIA WANGER ASSE PRUDENTIAL FINANCIAL HIGHBRIDGE CAPITAL M GCIC LTD/CANADA ALLIANZ ASSET MANAGE ODEY ASSET MANAGEMEN VANGUARD GROUP INC ING INVESTMENT MANAG SCOPUS ASSET MANAGEM BNP PARIBAS INV PART SOCIETE GENERALE T ROWE PRICE ASSOCIA

Firm Name HSBC Nomura Cantor Fitzgerald Telsey Advisory Group Goldman Sachs Mediobanca SpA Banca Akros(ESN) EVA Dimensions Banca IMI Barclays Raymond James Aurel - BGC Oddo & Cie Bryan Garnier & Cie Deutsche Bank Kepler Capital Markets Morgan Stanley JPMorgan CA Cheuvreux Equita SIM SpA Centrobanca Natixis Banca Profilo

Portfolio Name n/a n/a n/a n/a n/a WILLIAM BLAIR & COMP n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios SCOPUS ASSET MANAGEM n/a Multiple Portfolios Multiple Portfolios

Analyst SOPHIE DARGNIES CHRISTOPHER WALKER ALLEGRA PERRY DAVID WU WILLIAM HUTCHINGS CHIARA ROTELLI GIADA MARIA CABRINO CRAIG STERLING GIAN LUCA PACINI HELEN NORRIS MARC WILLAUME DAVID DA MAIA LEOPOLD AUTHIE PETER FARREN FRANCESCA DI PASQUANTONIO DANIELE RIDOLFI LOUISE SINGLEHURST MELANIE A FLOUQUET THOMAS MESMIN PAOLA CARBONI SIMONE RAGAZZI OLIVIER DELAHOUSSE MELANIA GRIPPO

Source EXCH ULT-AGG EXCH EXCH EXCH 13F ULT-AGG EXCH MF-AGG ULT-AGG Short MF-AGG ULT-AGG Short MF-AGG MF-AGG 13F ULT-AGG MF-AGG MF-AGG

Recommendation overweight neutral hold no rating system neutral/neutral neutral hold hold reduce underweight market perform hold reduce sell hold hold Equalwt/In-Line neutral outperform hold sell neutral hold

Amt Held % Out 16'426'228 53.66 2'283'347 7.46 1'520'981 4.97 1'059'697 3.46 696'364 2.27 489'488 1.6 376'895 1.23 251'915 0.82 186'967 0.61 155'333 0.51 (149'986) -0.49 142'100 0.46 138'757 0.45 (137'742) -0.45 126'604 0.41 126'498 0.41 100'250 0.33 93'000 0.3 83'704 0.27 79'732 0.26

Latest Chg 112'725 45'524 817 3'061 142'100 9'350 82'646 504 (17'229) 100'250 (1'389) 493 (427)

Weighting

Target Price

5 3 3 #N/A N/A 3 3 3 3 2 1 3 3 2 1 3 3 3 3 5 3 1 3 3

Change M M M M M M M U M M M N M M M M M M M M D M M

130 112 96 95 117 102 101 #N/A N/A 93 81 #N/A N/A 100 95 80 90 87 97 86 93 88 73 88 77

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 18.12.2012 Corporation 31.12.2012 Investment Advisor 18.12.2012 Investment Advisor 18.12.2012 Other 18.12.2012 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 18.12.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 12.02.2013 Hedge Fund Manager 30.06.2012 Investment Advisor 28.12.2012 Investment Advisor 04.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Bank 31.12.2012 Investment Advisor

Date Not Provided Not Provided Not Provided Not Provided 12 month 6 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 6 month 12 month Not Provided 12 month 9 month Not Provided 12 month 12 month Not Provided 12 month

Date 25.02.2013 19.02.2013 13.02.2013 10.02.2013 05.02.2013 04.02.2013 04.02.2013 30.01.2013 29.01.2013 28.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 14.01.2013 21.12.2012 14.12.2012 14.11.2012 14.11.2012 10.08.2012 09.08.2012 15.03.2012 23.01.2012

28.02.2013

Topdanmark A/S Topdanmark A/S provides non-life and life insurance products to in Denmark. The Company's product line includes property insurance, commercial, industrial, and marine insurance, as well as health and disability insurance, accident policies, flexible life insurance schemes, pension funds, and reinsurance products. Topdanmark sells to individuals, businesses, and corporations.

Price/Volume 1400

.2 M

1200

.1 M

1000

.1 M .1 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (06.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TOP DC EQUITY YTD Change TOP DC EQUITY YTD % CHANGE

12/2011 09/yy 1'321.00 914.50 23'480.00 1321 0.00% 44.45% 100.00% 13.8 18'163.75 7'219.00 0.0 0.0 241.00 24'391.75

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

400

.0 M

200

.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 11'799.0 1.08x 1'271.0 9.79x

.1 M

600

31.12.2008 31.12.2009 8'380.0 14'460.0 2.28x 1.24x (189.0) 1'446.0 7.63x Profitability

31.12.2010 13'725.0 1.10x 1'168.0 9.55x

31.12.2011 12'284.0 1.54x 1'023.0 12.02x 11.67% 10.98% 2.78% 36.07% 14.90% 0.23% 8.3% 11.83% 158.07% -

0.62 39.35% 8.90% 0.619 21 2.905 20'773 27'864 29'780

LTM-4Q

LTM

FY+1

09/yy 11'631.0 6.22x 0.0 0.00x 1'161.0 8.13x

09/yy 14'412.0 5.49x 0.0 0.00x 1'719.0 8.36x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 12'668.8 12'495.8 2'883.0 1.39x 1.41x 1'682.5 1'243.2 313.2 274.8 10.03x 12.66x 12.71x 12.66x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

16'000.0

12.00

14'000.0

FY+2

FQ+1

FQ+2

158.1% 61.3% 0.23 -

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 02.07.2009

0.0 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 |

28.02.2013

Topdanmark A/S Holdings By:

All

Holder Name IF P&C INSURANCE LTD TOPDANMARK IF P&C INSURANCE LTD ATP DANSKE INVEST A/S NORDEA INVESTMENT FU VANGUARD GROUP INC NORDEA INV MANAGEMEN HANDELSBANKEN FONDER BLACKROCK ALLIANZ ASSET MANAGE SEB DIDNER & GERGE FONDE MACKENZIE FINANCIAL OFI ASSET MANAGEMENT SWEDBANK ROBUR FONDE THOMAS WHITE INTERNA DIGITAL FUNDS JP MORGAN CARNEGIE ASSET MANAG

Firm Name Jyske Bank Carnegie Danske Markets Handelsbanken Keefe, Bruyette & Woods Nordea Equity Research Barclays ABG Sundal Collier Credit Suisse DNB Markets Goldman Sachs JPMorgan EVA Dimensions SEB Enskilda Morgan Stanley Alm Brand Markets Macquarie CA Cheuvreux Berenberg Bank NYKREDIT Sydbank LD Invest Markets

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst CHRISTIAN HEDE GIANANDREA ROBERTI PER GRONBORG MATTI AHOKAS KARL MORRIS SIMON CHRISTENSEN CLAUDIA GASPARI JAKOB BRINK CHRIS ESSON HAKON FURE VINIT MALHOTRA ANDREAS VAN EMBDEN AUSTIN BURKETT CLAUS GROEN THERP ADRIENNE LIM STIG NYMANN HADLEY COHEN HANS PLUIJGERS SAMI TAIPALUS RICKY S RASMUSSEN BJORN SCHWARZ TORSTEN BECH

Source Co File Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation reduce hold hold accumulate outperform hold underweight buy underperform buy Sell/Neutral underweight hold hold Equalwt/In-Line neutral neutral underperform hold outperform overweight buy

Amt Held 2'312'840 1'482'590 845'076 741'295 148'905 146'180 124'002 104'667 96'958 78'062 65'177 52'553 50'441 46'100 41'071 37'808 28'200 27'937 24'684 23'025

% Out 16.82 10.78 6.15 5.39 1.08 1.06 0.9 0.76 0.71 0.57 0.47 0.38 0.37 0.34 0.3 0.27 0.21 0.2 0.18 0.17

Latest Chg (2'600) (10'000) (370) 1'249 8'244 23'061 (8'238) (5'100) (5'500) (1'121) -

Weighting

Change

Target Price

2 3 3 4 5 3 1 5 1 5 1 1 3 3 3 3 3 1 3 5 5 5

M M M M U D M M D M M D M D M M M M M M M M

1'350 #N/A N/A 1'400 1'300 1'411 1'300 1'091 1'326 1'250 1'350 1'182 933 #N/A N/A 1'300 1'177 1'250 1'240 1'125 1'096 #N/A N/A #N/A N/A 780

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Insurance Company 29.02.2012 Unclassified 31.12.2011 Insurance Company 31.12.2011 Government 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 26.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.10.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Unclassified 30.09.2012 Mutual Fund Manager

Date Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 6 month Not Provided Not Provided 12 month 3 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 22.02.2013 22.02.2013 21.02.2013 17.02.2013 12.02.2013 05.02.2013 04.02.2013 28.01.2013 24.01.2013 23.01.2013 18.01.2013 18.01.2013 17.01.2013 16.01.2013 05.12.2012 21.11.2012 17.11.2012 14.11.2012 14.11.2012 12.10.2012 17.05.2011 26.08.2010

28.02.2013

Trelleborg AB Trelleborg AB manufactures and distributes industrial products. The Company produces noise supression and anti-vibration systems for the automobile industry and complete wheel systems for forest and farm machines and other equipment. Trelleborg also develops and makes industrial fluid systems and polymer and bitumen based building products. The Company markets worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TRELB SS EQUITY YTD Change TRELB SS EQUITY YTD % CHANGE

12/2012 12/yy 93.10 58.75 571'461.00 90.8 -2.47% 54.55% 93.30% 242.6 24'613.32 7'375.00 0.0 35.0 660.00 31'363.32

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M a-12 m-12

31.12.2009 31.12.2010 24'769.0 27'196.0 0.93x 0.96x 1'974.0 3'097.0 11.71x 8.42x 409.0 1'162.0 32.92x 15.29x Profitability

31.12.2011 29'106.0 0.80x 3'302.0 7.04x 1'819.0 10.39x

31.12.2012 21'262.0 1.34x 3'015.0 9.48x 2'042.0 12.32x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

3'015.00 2'339.00 11.00% 10.86% 7.31% 14.87% 0.84% 32.3% 14.2% 11.0% 9.6% 1.33 0.09 27.16% 52.18% 4.47

1.31 32.17% 12.73% 1.307 15 3.867 865'735 1'183'027 1'165'967

LTM-4Q

LTM

FY+1

12/yy 27'102.0 3.46x 3'211.0 7.24x 1'819.0 10.58x

12/yy 23'363.0 4.56x 3'312.0 8.63x 2'042.0 11.88x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 23'213.0 24'334.3 5'695.5 5'770.7 1.28x 1.20x 5.35x 5.43x 3'319.2 3'764.4 795.8 859.0 9.45x 8.33x 9.74x 9.30x 1'898.1 2'236.9 442.5 491.2 12.94x 10.98x 13.29x 12.33x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

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

j-12

Fiscal Year Ended 31.12.2008 31'263.0 0.55x 2'688.0 6.45x (258.0) -

100 90 80 70 60 50 40 30 20 10 0 f-12 m-12

FY+2

FQ+1

FQ+2

13.93 9.40 2.03 2.23 52.2% 34.2% 0.84 4.30 81.84 62.55

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 |

28.02.2013

Trelleborg AB Holdings By:

All

Holder Name DUNKER FUNDS & FOUND DIDNER & GERGE FONDE LANNEBO FONDER AB SWEDBANK ROBUR FONDE HANDELSBANKEN/SPP&FU CITIBANK NA SEB DIMENSIONAL FUND ADV SEB FONDER AB JP MORGAN CHASE BANK UNIONEN STATE STREET BANK HANDELSBANKEN FONDER NORDEA FONDER AB/SWE DANSKE CAPITAL SVERI AMF FONDER AB VANGUARD GROUP INC TIAA CREF INVESTMENT CATELLA FONDFORVALTN PIONEER INVESTMENT M

Firm Name Pareto Securities Erik Penser Bankaktiebolag AB EVA Dimensions Carnegie Nordea Equity Research DNB Markets Danske Markets ABG Sundal Collier SEB Enskilda Handelsbanken Berenberg Bank CA Cheuvreux Deutsche Bank Swedbank Evli Bank Plc

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ERIK PAULSSON JOHAN DAHL CRAIG STERLING AGNIESZKA VILELA ANDREAS BROCK LARS BRORSON BJORN ENARSON ERIK PETTERSSON-GOLRANG DANIEL SCHMIDT HAMPUS ENGELLAU FREDERIK BITTER JOAKIM HOGLUND JOHAN WETTERGREN MATS LISS MAGNUS AXEN

Source Research Research Research Research Research Research ULT-AGG MF-AGG Research Research Research Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy overweight buy buy sell hold hold buy reduce hold underperform buy buy buy

Amt Held 29'000'000 17'300'000 11'027'462 9'658'612 8'492'428 8'282'318 7'509'819 7'210'651 6'904'967 6'741'901 6'143'858 5'787'366 4'704'704 3'226'695 2'859'000 2'847'574 2'539'896 2'103'469 1'805'047 1'749'084

% Out 11.96 7.13 4.55 3.98 3.5 3.41 3.1 2.97 2.85 2.78 2.53 2.39 1.94 1.33 1.18 1.17 1.05 0.87 0.74 0.72

Latest Chg 327'800 (957'990) 105'622 345'000 110'000 34'696 2'103'469 (295'776) (85'399)

File Dt Inst Type 28.09.2012 n/a 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 n/a 28.09.2012 Bank 31.12.2012 Unclassified 31.07.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 28.09.2012 Corporation 28.09.2012 Unclassified 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor

Weighting

Change

Target Price

Date

5 5 5 5 5 1 3 3 5 2 3 1 5 5 5

M M D M M M M M M M M M U M M

100 105 #N/A N/A #N/A N/A 100 82 93 86 88 85 85 60 100 88 80

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 6 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month

Date 26.02.2013 19.02.2013 18.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 29.01.2013 21.01.2013 06.12.2012 15.02.2012

28.02.2013

Tryg A/S Tryg A/S offers general insurance services. The Company operates in Sweden, Denmark, Norway, and Finland. Tryg sells general insurance products in private lines, commercial and corporate. The Company's subsidiary sells guarantee insurances in the Nordic region.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.02.2013) 52-Week Low (29.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TRYG DC EQUITY YTD Change TRYG DC EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 467.00 293.50 66'594.00 447.7 -4.13% 52.54% 88.88% 61.3 27'451.22 1'611.00 0.0 0.0 504.00 28'558.22

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

31.12.2009 31.12.2010 18'571.0 19'517.0 1.26x 1.06x 2'008.0 593.0 10.95x 23.84x Profitability

31.12.2011 19'498.0 1.06x 1'140.0 16.79x

31.12.2012 20'217.0 1.35x 2'208.0 11.85x 15.39% 14.92% 4.11% 22.10% 20.54% 0.38% 10.9% 2.97% 14.67% -

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M f-13

Market Data

Fiscal Year Ended 31.12.2008 16'372.0 1.39x 846.0 25.63x

500 450 400 350 300 250 200 150 100 50 0 f-12 m-12

0.59 52.81% 4.97% 0.592 22 2.318 76'913 112'913 93'349

LTM-4Q

LTM

FY+1

12/yy 19'498.0 4.66x 0.0 0.00x 1'140.0 16.79x

12/yy 20'217.0 4.78x 0.0 0.00x 2'208.0 11.84x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 20'561.3 21'073.2 5'238.5 5'830.5 1'872.8 1'990.9 343.8 542.5 14.27x 13.22x 14.62x 13.40x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

18.00

25'000.0

FY+2

FQ+1

FQ+2

14.7% 12.8% 0.38 -

16.00

20'000.0

14.00 12.00

15'000.0

10.00 8.00

10'000.0

6.00

5'000.0

4.00 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Tryg A/S Holdings By:

All

Holder Name TRYGHEDSGRUPPEN SMBA DANSKE INVEST A/S NORDEA INV MANAGEMEN VANGUARD GROUP INC BLACKROCK HANDELSBANKEN FONDER NEUBERGER BERMAN LLC BARING FUND MANAGERS UBS KEMPEN CAPITAL MANAG UBS INSTITUTIONAL FU SEI INVESTMENT MANAG SPARINVEST CARNEGIE ASSET MANAG TRANSAMERICA INVESTM SCHRODER INVESTMENT CREDIT SUISSE ASSET VANTAGEPOINT INVESTM HANDELSINVEST INVEST WORLD INVEST ADVISOR

Firm Name JPMorgan Danske Markets Macquarie Jyske Bank ABG Sundal Collier CA Cheuvreux Carnegie Nordea Equity Research Handelsbanken Berenberg Bank Barclays Alm Brand Markets Goldman Sachs Credit Suisse Keefe, Bruyette & Woods DNB Markets EVA Dimensions SEB Enskilda NYKREDIT Pareto Securities Morgan Stanley LD Invest Markets

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ANDREAS VAN EMBDEN PER GRONBORG HADLEY COHEN CHRISTIAN HEDE JAKOB BRINK HANS PLUIJGERS GIANANDREA ROBERTI SIMON CHRISTENSEN MATTI AHOKAS SAMI TAIPALUS CLAUDIA GASPARI STIG NYMANN VINIT MALHOTRA CHRIS ESSON KARL MORRIS HAKON FURE AUSTIN BURKETT CLAUS GROEN THERP RICKY S RASMUSSEN VEGARD EID MEDIAS JON HOCKING TORSTEN BECH

Source Co File MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underweight buy underperform buy hold underperform buy buy reduce hold underweight neutral Sell/Neutral underperform underperform sell sell sell underperform hold Equalwt/In-Line buy

Amt Held 36'789'661 554'053 469'128 444'386 317'308 291'279 177'233 109'111 104'855 101'048 94'142 90'844 75'883 70'050 54'932 46'000 37'480 36'591 36'322 35'773

% Out 60 0.9 0.77 0.72 0.52 0.48 0.29 0.18 0.17 0.16 0.15 0.15 0.12 0.11 0.09 0.08 0.06 0.06 0.06 0.06

Latest Chg (5'000) (10'350) 5'340 14'185 1'100 (31'182) 1'908 11'393 1'880 (24'700) 14'100 (5'435)

File Dt Inst Type 31.12.2011 Corporation 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.10.2012 Unclassified 31.12.2012 Mutual Fund Manager 31.10.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 28.12.2012 Investment Advisor 31.01.2013 Investment Advisor 05.02.2013 Mutual Fund Manager 31.07.2012 Investment Advisor

Weighting

Change

Target Price

Date

1 5 1 5 3 1 5 5 2 3 1 3 1 1 1 1 1 1 1 3 3 5

M M M M M M M M M M M D M M D M M D M M M M

330 560 405 500 450 400 #N/A N/A 515 450 429 372 490 374 415 454 350 #N/A N/A 386 #N/A N/A 400 430 370

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3 month 12 month 12 month Not Provided 6 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 6 month 12 month Not Provided

Date 20.02.2013 14.02.2013 09.02.2013 08.02.2013 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 07.02.2013 07.02.2013 06.02.2013 17.01.2013 16.01.2013 11.01.2013 13.12.2012 06.12.2012 16.08.2010

28.02.2013

TUI Travel PLC Tui Travel PLC operates as an international leisure travel group in the European and North American market. The Company offers accommodations in flights, hotels, tours, cruises, car hire, and retail shops. Tui services business and personal travelers.

Price/Volume 350

25.0 M

300

20.0 M

250

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TT/ LN EQUITY YTD Change TT/ LN EQUITY YTD % CHANGE

09/2012 12/yy 334.60 156.50 2'089'643.00 317 -5.26% 102.56% 90.12% 1'118.0 3'544.09 938.00 0.0 44.0 849.00 3'677.09

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

150

10.0 M

100 5.0 M

50 0 f-12 m-12

.0 M a-12 m-12

30.09.2009 30.09.2010 13'851.0 13'514.0 0.23x 0.20x 644.0 649.0 4.89x 4.07x (67.0) (123.0) Profitability

30.09.2011 14'687.0 0.12x 685.0 2.47x 85.0 19.44x

30.09.2012 14'460.0 0.19x 709.0 3.88x 138.0 18.80x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

709.00 490.00 3.39% 1.39% 1.56% 7.99% 10.05% 1.64% 10.3% 4.9% 3.4% 1.0% 0.42 0.27 10.88% 59.94% 28.66 199.46

3.69 1.18 409.47 69.59% 12.21% 1.176 23 3.522 1'960'040 2'552'486 3'078'091

LTM-4Q

LTM

FY+1

12/yy 14'818.0 0.36x 0.0 0.00x 67.0 27.57x

12/yy 14'333.0 0.43x 0.0 0.00x 122.0 25.63x

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 14'789.6 15'129.5 0.24x 0.22x 729.8 770.4 5.04x 4.77x 322.7 354.1 11.49x 10.53x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

80.00

16'000.0

70.00

14'000.0

60.00

12'000.0

50.00

10'000.0

40.00

8'000.0

30.00

6'000.0

20.00

4'000.0

10.00

2'000.0

0.00 02.10.2009

j-12

Fiscal Year Ended 30.09.2008 13'931.8 0.18x 837.4 3.01x (270.7) -

200

FY+2

FQ+1

FQ+2

3.62 2.15 0.13 1.32 59.9% 36.8% 1.64 13.79 12.77 1.83 81.79 -67.19

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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 |

28.02.2013

TUI Travel PLC Holdings By:

All

Holder Name TUI AG Monteray Enterprises BLACKROCK M&G INVESTMENT MANAG MARATHON ASSET MANAG KAMES CAPITAL PLC STATE STREET AEGON LEGAL & GENERAL JP MORGAN D E SHAW & CO UK LTD LLOYDS BANKING GROUP NORGES BANK DIMENSIONAL FUND ADV BNP PARIBAS SA JO HAMBRO CAPITAL MA MORTON HOLDINGS INC DIMENSIONAL FUND ADV VANGUARD GROUP INC UBS

Firm Name AlphaValue HSBC Panmure Gordon & Co Limited Day by Day Morgan Stanley Goldman Sachs JPMorgan Natixis Deutsche Bank Peel Hunt Nomura Numis Securities Ltd Oriel Securities Ltd Exane BNP Paribas Barclays Investec Jefferies EVA Dimensions Shore Capital Stockbrokers Credit Suisse Charles Stanley Securities

Portfolio Name n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst BERENICE LACROIX LENA THAKKAR SIMON FRENCH VALERIE GASTALDY JAMIE ROLLO NICK EDELMAN JAAFAR MESTARI GEOFFREY D'HALLUIN GEOF COLLYER NICHOLAS BATRAM RICHARD STUBER WYN ELLIS JEFFREY HARWOOD MATTHIAS DESMARAIS ED BIRKIN JAMES HOLLINS IAN RENNARDSON CRAIG STERLING GREG JOHNSON TIM RAMSKILL DOUGLAS MCNEILL

Source RNS-MAJ REG ULT-AGG RNS-RUL8 RNS-RUL8 RNS-RUL8 ULT-AGG ULT-AGG ULT-AGG ULT-AGG Short ULT-AGG RNS-RUL8 RNS-RUL8 Short RNS-RUL8 Short REG MF-AGG ULT-AGG

Recommendation add neutral hold buy Equalwt/In-Line neutral/neutral overweight neutral hold hold neutral hold add underperform overweight hold hold hold buy neutral buy

Amt Held % Out 630'988'003 56.44 60'053'493 5.37 35'802'936 3.2 30'510'998 2.73 25'931'986 2.32 23'703'451 2.12 23'509'046 2.1 23'375'256 2.09 20'331'627 1.82 18'262'417 1.63 (14'422'339) -1.29 13'550'880 1.21 12'460'188 1.11 12'336'641 1.1 (11'739'113) -1.05 11'664'890 1.04 (9'838'495) -0.88 9'745'527 0.87 9'002'854 0.81 8'137'046 0.73

Latest Chg (17'260) 819'254 (2'577) (2'450) (617'237) 894'551 18'894'499 142'817 (3'490'097) 670'806 (59'021) 25'800 (1'341'613) 115'000 (1'139'789) 171'020 3'201'597

File Dt 06.02.2013 01.01.2013 26.02.2013 17.01.2013 21.01.2013 16.01.2013 27.02.2013 01.01.2013 31.01.2013 21.01.2013 13.02.2013 22.01.2013 25.01.2013 16.01.2013 20.02.2013 17.01.2013 01.11.2012 01.01.2013 31.12.2012 01.01.2013

Weighting

Target Price

Date

Change 4 3 3 5 3 3 5 3 3 3 3 3 4 1 5 3 3 3 5 3 5

D M U U M M M M M M M M M M M M M M M M M

378 290 303 347 280 310 350 300 275 321 168 310 #N/A N/A 280 325 270 300 #N/A N/A #N/A N/A 210 240

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6 month Not Provided Not Provided 3 month 12 month 6 month 9 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Unclassified Other Investment Advisor Government Investment Advisor Bank Investment Advisor Corporation Investment Advisor Investment Advisor Unclassified

Date 21.02.2013 19.02.2013 15.02.2013 14.02.2013 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 17.01.2013 16.01.2013 15.01.2013 04.12.2012 13.09.2012 30.11.2011

28.02.2013

UBM PLC UBM PLC is a global business information service provider. The Company provides news distribution, events, online, business information and publishing services to the technology, healthcare, built environment, trade & transportation, pulp & paper and many other industries worldwide.

Price/Volume 900

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

800 700 600 500 400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.02.2013) 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 UBM LN EQUITY YTD Change UBM LN EQUITY YTD % CHANGE

12/2011 03/yy 795.00 509.00 537'158.00 765 -3.77% 50.29% 89.51% 245.5 1'877.83 633.10 0.0 27.0 106.70 2'443.93

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

200 100 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 31.12.2007 801.6 2.18x 193.7 9.01x 108.8 16.12x

300

31.12.2008 31.12.2009 887.0 847.6 1.71x 1.62x 184.6 181.7 8.23x 7.54x 76.4 75.2 16.05x 15.01x Profitability

31.12.2010 889.2 2.47x 184.6 11.89x 90.8 18.50x

31.12.2011 972.3 1.77x 215.1 8.01x 75.7 15.36x 215.10 160.80 16.54% 10.49% 4.85% 20.44% 11.18% 0.60% 22.5% 17.2% 7.8% 0.63 0.47 37.57% 164.44% -

3.49 1.17 243.35 37.00% 6.25% 1.174 26 3.692 673'266 828'861 693'576

LTM-4Q

LTM

FY+1

03/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

03/yy 264.2 0.00x 0.0 0.00x 0.0 0.00x

12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 961.1 978.7 2.53x 2.33x 219.5 226.5 11.13x 10.79x 139.9 145.3 13.37x 12.97x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

1'200.0

20.00

1'000.0

FY+2

FQ+1

FQ+2

02.03.2005 BBBSTABLE 02.03.2005 A-3 7.32 6.64 2.37 2.85 164.4% 60.6% 0.60 26.16 -

800.0 15.00

600.0 10.00

400.0

5.00

0.00 02.01.2009 02.07.2009

200.0 0.0 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 |

28.02.2013

UBM PLC Holdings By:

All

Holder Name BLACKROCK FMR LLC MASSACHUSETTS FINANC STANDARD LIFE INVEST LLOYDS BANKING GROUP SUN LIFE FINANCIAL I PRUDENTIAL PLC SANDERSON ASSET MANA AVIVA PLC KAMES CAPITAL PLC IGNIS INVESTMENT SER SCHRODER INVESTMENT ALLIANZ ASSET MANAGE VANGUARD GROUP INC JUPITER ASSET MANAGE SCOTTISH WIDOWS FRANKLIN RESOURCES TD ASSET MANAGEMENT HSBC INVESTMENT FUND SAEMOR CAPITAL BV

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst

Investec STEVEN LIECHTI Liberum Capital Ltd IAN WHITTAKER AlphaValue VERONIQUE CABIOC'H Numis Securities Ltd GARETH R DAVIES Exane BNP Paribas WILLIAM PACKER Canaccord Genuity Corp SIMON DAVIES Panmure Gordon & Co Limited ALEX DE GROOTE Peel Hunt PATRICK YAU Nomura MATTHEW WALKER JPMorgan MARK O'DONNELL Deutsche Bank MARK BRALEY Macquarie ANGUS TWEEDIE Espirito Santo Investment Bank Research MARK EVANS Barclays NICK DEMPSEY Morgan Stanley PATRICK WELLINGTON Westhouse Securities RODDY DAVIDSON Credit Suisse JOSEPH BARNET-LAMB EVA Dimensions CRAIG STERLING Goldman Sachs VIGHNESH PADIACHY HSBC DAN GRAHAM N+1 Singer Ltd JOHNATHAN BARRETT Berenberg Bank SARAH SIMON CA Cheuvreux ANDREA BENEVENTI

Source ULT-AGG ULT-AGG RNS-MAJ Co File ULT-AGG ULT-AGG RNS-MAJ RNS-MAJ RNS-MAJ RNS-RUL8 RNS-MAJ MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG Short

Recommendation hold buy reduce hold outperform hold buy hold buy neutral buy neutral sell overweight Overwt/Attractive add outperform underweight Buy/Neutral overweight hold buy underperform

Amt Held % Out 44'003'352 17.93 24'530'627 9.99 12'678'727 5.17 12'249'815 4.99 11'727'687 4.78 9'876'720 4.02 8'965'583 3.65 7'383'690 3.01 7'261'965 2.96 7'150'713 2.91 7'118'247 2.9 4'600'000 1.87 3'111'291 1.27 2'719'430 1.11 2'296'671 0.94 2'259'533 0.92 2'224'080 0.91 1'674'600 0.68 1'536'000 0.63 (1'497'357) -0.61

Latest Chg 1'267'241 4'000'496 501'073 (4'922'412) (2'531'308) (30'804) 48'225 (344'212) (384'370) 214'422 -

File Dt 26.02.2013 30.09.2012 17.07.2012 31.12.2011 31.12.2011 16.09.2011 03.10.2011 04.10.2011 14.02.2012 03.12.2012 24.01.2013 31.07.2012 31.12.2012 31.12.2012 31.07.2012 31.10.2012 31.12.2012 31.12.2011 30.11.2012 20.02.2013

Weighting

Target Price

Date

Change 3 5 2 3 5 3 5 3 5 3 5 3 1 5 5 4 5 1 5 5 3 5 1

M M M M M M M M M D M M M M M M M M M M M M M

745 890 793 766 870 745 900 791 900 770 840 700 480 830 850 829 800 #N/A N/A 910 725 744 670 600

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month Not Provided 6 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 9 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 22.02.2013 22.02.2013 21.02.2013 20.02.2013 19.02.2013 18.02.2013 18.02.2013 15.02.2013 13.02.2013 08.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 21.01.2013 17.01.2013 09.01.2013 23.10.2012 16.10.2012 06.08.2012 14.05.2012

28.02.2013

Ultra Electronics Holdings PLC Ultra Electronics Holdings plc designs, manufactures, and supports electronic and electromechanical systems, sub-systems, and products for defense, security, and aerospace applications worldwide. The Group focuses on sensing, control, communication, and display systems which an emphasis on integrated information technology solutions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2012) 52-Week Low (01.08.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ULE LN EQUITY YTD Change ULE LN EQUITY YTD % CHANGE

12/2011 01/yy 1'787.00 1'420.00 109'089.00 1684 -5.76% 18.59% 71.93% 69.4 1'169.30 87.20 0.0 0.4 41.05 1'237.51

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M .3 M .3 M .2 M .2 M .1 M .1 M .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 412.9 2.30x 65.2 14.53x 41.2 22.58x

2000 1800 1600 1400 1200 1000 800 600 400 200 0 f-12 m-12

31.12.2008 31.12.2009 515.3 651.0 1.62x 1.49x 85.1 139.6 9.83x 6.94x 1.8 78.5 435.77x 11.95x Profitability

31.12.2010 710.0 1.62x 120.9 9.49x 66.3 17.52x

31.12.2011 731.7 1.46x 135.1 7.89x 65.9 15.36x 135.09 96.52 13.19% 12.46% 8.54% 22.71% 18.75% 1.03% 29.6% 18.1% 12.4% 9.0% 0.83 0.62 11.24% 30.62% 4.92 11.28

2.32 0.87 65.61 2.29% 1.20% 0.868 13 3.308 97'028 100'215 92'838

LTM-4Q

LTM

FY+1

01/yy

12/12 Y 12/13 Y 771.4 789.3 1.58x 1.49x 131.7 134.3 9.40x 9.21x 83.7 86.0 13.84x 13.35x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

800.0

12.00

700.0

FY+2

FQ+1

FQ+2

16.21 14.76 0.49 0.97 30.6% 23.4% 1.03 15.68 74.12 32.35 91.01 12.90

600.0

10.00

500.0

8.00

400.0 6.00

300.0

4.00

200.0

2.00

100.0

0.00 02.01.2009 02.07.2009

0.0 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 |

28.02.2013

Ultra Electronics Holdings PLC Holdings By:

All

Holder Name SCHRODER INVESTMENT FMR LLC THREADNEEDLE ASSET M ARTEMIS INVESTMENT M LEGAL & GENERAL F&C ASSET MANAGEMENT MONDRIAN INVESTMENT M&G INVESTMENT MANAG ARTEMIS INVESTMENT M BLACKROCK VANGUARD GROUP INC SCHRODER INVESTMENT INVESCO LTD SCOTTISH WIDOWS IGNIS ASSET MANAGEME BAILLIE GIFFORD AND JO HAMBRO CAPITAL MA NORGES BANK INVESTME AEGON BANK OF NEW YORK MEL

Firm Name

Portfolio Name Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

Investec ANDREW GOLLAN JPMorgan DAVID H. PERRY Espirito Santo Investment Bank Research EDWARD STACEY EVA Dimensions CRAIG STERLING Deutsche Bank BEN FIDLER Kepler Capital Markets CHRISTOPHE MENARD Liberum Capital Ltd BENJAMIN BOURNE Arden Partners Ltd GRAHAM J WEBSTER Barclays RICHARD PAIGE Canaccord Genuity Corp PAUL BRANT

Source REG ULT-AGG REG RNS-MAJ ULT-AGG RNS-MAJ REG REG MF-AGG ULT-AGG MF-AGG MF-AGG REG ULT-AGG REG REG REG REG ULT-AGG MF-AGG

Recommendation hold neutral neutral hold sell buy buy neutral equalweight hold

Amt Held 5'160'968 4'487'079 3'588'390 3'460'241 3'386'854 3'298'333 3'253'409 3'207'283 3'128'739 2'910'296 2'769'566 2'740'965 2'240'676 1'987'299 1'892'360 1'848'595 1'734'877 1'649'407 1'512'474 1'485'359

% Out 7.43 6.46 5.17 4.98 4.88 4.75 4.69 4.62 4.51 4.19 3.99 3.95 3.23 2.86 2.73 2.66 2.5 2.38 2.18 2.14

Latest Chg 396'188 31'176 151'178 (30'652) 103'240 (673'002) 22'627 (16'556) 250'581 (1'014) (226'464) 72'772 (82'707) (93'820) (138'010) (214'265) 224'136 412'472

File Dt Inst Type 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor 23.01.2013 Hedge Fund Manager 31.01.2013 Unclassified 23.04.2010 Investment Advisor 01.11.2012 Hedge Fund Manager 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Mutual Fund Manager 01.11.2012 Government 01.11.2012 Unclassified 30.11.2012 Investment Advisor

Weighting

Change

Target Price

Date

3 3 3 3 1 5 5 3 3 3

M M D M D N M M U M

1'480 1'820 1'700 #N/A N/A 1'400 1'830 1'850 #N/A N/A 1'840 1'530

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 9 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 22.02.2013 11.02.2013 21.01.2013 17.01.2013 12.12.2012 28.11.2012 16.11.2012 01.10.2012 02.05.2012 26.03.2012

28.02.2013

United Internet AG United Internet AG offers Internet access services. The Company serves home users, small offices and home offices, and small-to medium-sized companies. United Internet also offers hotline and help desk services to international corporations.

Price/Volume

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 06.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UTDI GY EQUITY YTD Change UTDI GY EQUITY YTD % CHANGE

12/2011 09/yy 18.00 12.49 231'000.00 17.735 -1.44% 42.05% 95.28% 194.0 3'440.59 524.59 0.0 9.6 64.87 3'823.68

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M m-12

a-12

31.12.2008 31.12.2009 1'570.4 1'658.9 1.24x 1.45x 359.6 420.3 5.40x 5.74x (120.2) 279.9 7.56x Profitability

31.12.2010 1'907.1 1.55x 371.6 7.95x 129.1 20.97x

31.12.2011 2'094.1 1.50x 371.1 8.47x 162.3 17.47x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

371.05 276.02 13.18% 11.97% 8.69% 58.66% 1.98% 34.3% 13.9% 7.5% 7.8% 0.53 0.29 44.19% 361.48% 22.19 72.29

0.78 102.86 25.25% 8.74% 0.776 23 4.000 198'203 269'892 363'784

LTM-4Q

LTM

FY+1

09/yy 2'035.3 6.04x 386.7 7.70x 156.8 0.00x

09/yy 2'323.5 5.54x 322.9 10.73x 101.7 38.73x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'384.7 2'634.7 628.5 1.59x 1.41x 338.9 409.8 100.8 11.35x 9.38x 137.3 203.1 52.4 23.40x 16.51x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 02.01.2009 02.07.2009

m-12

Fiscal Year Ended 31.12.2007 1'487.4 2.83x 308.8 13.62x 220.2 17.88x

20 18 16 14 12 10 8 6 4 2 0 f-12

FY+2

FQ+1

FQ+2

14.68 12.53 1.16 1.30 361.5% 77.2% 1.98 21.89 16.50 5.06 44.78 -36.41

0.0 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 |

28.02.2013

United Internet AG Holdings By:

All

Holder Name DOMMERMUTH RALPH DEUTSCHE BANK AG DWS INVESTMENT GMBH BLACKROCK ALLIANZ GLOBAL INVES OPPENHEIMERFUNDS INC ALLIANZ ASSET MANAGE VANGUARD GROUP INC FMR LLC MARBLE ARCH INVESTME DWS INVESTMENT S A SCHEEREN MICHAEL DWS INVESTMENT SA METZLER ASSET MANAGE DEKA INVESTMENT GMBH LANG NORBERT MACKAY SHIELDS LLC MADISON SQUARE INVES METZLER INVESTMENT G UNION INVESTMENT GMB

Firm Name Matelan Research GmbH HSBC Commerzbank Corporates & Markets AlphaValue Goldman Sachs Bankhaus Lampe JPMorgan Macquarie EVA Dimensions Independent Research GmbH Equinet Institutional Services(ESN) DZ Bank AG Berenberg Bank Deutsche Bank Landesbank Baden-Wuerttemberg Bankhaus Metzler Nomura Exane BNP Paribas M.M. Warburg Investment Research Kepler Capital Markets Close Brothers Equity Markets Equita SIM SpA Dr. Kalliwoda Equity Research

Portfolio Name n/a Multiple Portfolios #N/A N/A n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ADRIAN HOPKINSON DOMINIK KLARMANN HEIKE PAULS HEINZ STEFFEN TIMOTHY BODDY WOLFGANG SPECHT TORSTEN ACHTMANN ALEX GRANT ANDREW S ZAMFOTIS MARKUS FRIEBEL ADRIAN PEHL KARSTEN OBLINGER USMAN GHAZI BENJAMIN KOHNKE STEFAN BORSCHEID ULRICH TRABERT HENRIK NYBLOM MICHAEL ZORKO JOCHEN REICHERT THOMAS KARLOVITS MARCUS SILBE GIANMARCO BONACINA NORBERT KALLIWODA

Source Co File MF-AGG Research ULT-AGG Research Research ULT-AGG MF-AGG ULT-AGG Short MF-AGG Co File MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy overweight buy sell Sell/Neutral buy neutral outperform hold hold accumulate buy buy buy buy buy neutral neutral buy hold hold hold buy

Amt Held % Out 90'000'000 46.39 10'349'651 5.33 9'708'975 5 8'185'777 4.22 6'503'582 3.35 5'873'094 3.03 4'580'040 2.36 1'676'451 0.86 1'606'128 0.83 (1'420'000) -0.73 917'984 0.47 700'000 0.36 675'000 0.35 491'500 0.25 444'730 0.23 442'877 0.23 394'927 0.2 376'113 0.19 355'100 0.18 350'000 0.18

Latest Chg 109'127 34'733 (210'033) 28'096 (48'987) (1'000) 46'777 (25'000) (41'600) 371'166 (212'112) 500 150'000

File Dt Inst Type 31.12.2011 n/a 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 26.02.2013 Investment Advisor 20.07.2012 Investment Advisor 12.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 09.01.2013 Hedge Fund Manager 28.12.2012 Mutual Fund Manager 31.12.2011 n/a 28.12.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2011 n/a 31.03.2012 Investment Advisor 31.12.2012 Investment Advisor 31.08.2012 Investment Advisor 28.09.2012 Investment Advisor

Weighting

Target Price

Date

Change 5 5 5 1 1 5 3 5 3 3 4 5 5 5 5 5 3 3 5 3 3 3 5

N M M M M N M M M M M M M M M M M M M M M D M

23 20 22 15 15 20 17 21 #N/A N/A 17 18 19 20 19 18 18 11 15 21 14 14 13 17

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month Not Provided 6 month 6 month 12 month 12 month 9 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month

Date 07.02.2013 05.02.2013 04.02.2013 04.02.2013 25.01.2013 23.01.2013 21.01.2013 21.01.2013 15.01.2013 08.01.2013 08.01.2013 05.12.2012 04.12.2012 23.11.2012 22.11.2012 22.11.2012 22.11.2012 22.11.2012 24.10.2012 23.05.2012 10.02.2012 17.08.2011 22.03.2011

28.02.2013

Valiant Holding Valiant Holding AG, through its subsidiaries, provides financial services in Switzerland. The company offers a range of products and services in the areas of retail banking, business banking, private banking, and asset management.

Price/Volume 120

.5 M .4 M

100

.4 M .3 M

Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (31.08.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VATN SE EQUITY YTD Change VATN SE EQUITY YTD % CHANGE

12/2011 01/yy 111.64 74.35 21'290.00 85.1 -23.77% 14.46% 28.83% 15.8 1'343.94 6'379.30 0.0 0.0 1'946.12 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M

.2 M .1 M

.1 M

0 f-12

.0 M m-12

a-12 m-12

31.12.2008 31.12.2009 731.7 731.2 148.6 148.5 21.96x 22.77x Profitability

31.12.2010 707.1 122.5 16.88x

31.12.2011 693.4 127.6 14.72x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

30.02% 36.50% 0.50% 6.93% 1.52% 0.03% 29.5% 25.30% 351.20% -

0.62 15.44 -22.15% -2.07% 0.615 2 3.000 16'327 21'171 40'395

LTM-4Q

LTM

FY+1

01/yy

12/12 Y 12/13 Y 386.0 391.0 114.0 107.0 11.69x 12.44x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

1.20

800.0

1.00

j-12

Fiscal Year Ended 31.12.2007 669.8 152.5 19.71x

.3 M

Valuation Analysis

FY+2

FQ+1

FQ+2

351.2% 77.8% 0.03 3.44 -

700.0 600.0

0.80 0.60

500.0 400.0 300.0

0.40 0.20

200.0 100.0 0.0

0.00

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 |

28.02.2013

Valiant Holding Holdings By:

All

Holder Name UBS FUND MANAGEMENT VANGUARD GROUP INC VALIANT HOLDING AG CREDIT SUISSE ASSET PICTET & CIE SWISSCANTO FONDSLEIT DIMENSIONAL FUND ADV BLACKROCK HAEUSERRMANN MARKUS STREIT KURT BEYELER ROLF HOBMEIER MICHAEL NYFFELER PAUL ZGRAGGEN EDUARD UBS GLOBAL ASSET MAN GAFNER MARTIN ADVISORY RESEARCH IN SWISSCANTO ANLAGESTI GERIFONDS SA SKANDIA GLOBAL FUNDS

Firm Name Main First Bank AG EVA Dimensions

Portfolio Name Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KILIAN MAIER AUSTIN BURKETT

Source MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG Co File Co File Co File Co File Co File Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform underweight

Amt Held 219'696 165'729 145'350 135'678 72'023 64'985 60'020 40'105 36'272 31'598 27'445 26'149 19'638 16'576 16'305 15'430 12'330 11'484 11'105 8'760

% Out 1.39 1.05 0.92 0.86 0.46 0.41 0.38 0.25 0.23 0.2 0.17 0.17 0.12 0.1 0.1 0.1 0.08 0.07 0.07 0.06

Latest Chg 131'976 2'645 617 (1'403) 2'180 16'305 5'927 5'124 (3'594)

File Dt Inst Type 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 28.06.2011 Corporation 28.12.2012 Mutual Fund Manager 30.11.2012 Mutual Fund Manager 30.11.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2010 n/a 31.12.2010 n/a 31.12.2010 n/a 31.12.2010 n/a 31.12.2010 n/a 31.12.2010 n/a 31.10.2012 Investment Advisor 31.12.2010 n/a 31.10.2012 Investment Advisor 30.11.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager

Weighting

Change

Target Price

Date

5 1

M M

100 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month Not Provided

Date 31.01.2013 17.01.2013

28.02.2013

Vedanta Resources PLC Vedanta Resources Plc mines and processes metals. The Company mines copper, aluminum, and zinc in India and Australia and operates refineries and smelters.

Price/Volume 1600

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

1400 1200 1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (26.07.2012) 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 VED LN EQUITY YTD Change VED LN EQUITY YTD % CHANGE

03/2012 12/yy 1'519.00 821.00 537'971.00 1180 -22.32% 43.73% 51.43% 266.3 3'142.41 16'955.40 0.0 13'768.9 6'885.30 28'854.76

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

400 200 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 31.03.2008 8'203.7 1.86x 3'003.9 5.07x 879.0 13.63x

600

31.03.2009 31.03.2010 6'578.9 7'930.5 1.13x 2.54x 1'856.1 2'035.7 4.01x 9.90x 219.4 602.3 12.64x 19.21x Profitability

31.03.2011 11'427.2 1.87x 3'490.6 6.14x 770.8 13.50x

31.03.2012 14'005.3 2.12x 4'465.0 6.64x 59.8 89.55x

4'465.00 3'056.60 21.82% 12.46% 0.53% 4.40% 8.19% 0.39% 25.4% 35.7% 22.0% 0.4% 1.30 0.95 36.91% 364.59% 5.69

3.13 1.90 81.48 -15.02% 1.99% 1.899 12 3.417 965'973 873'234 785'480

LTM-4Q

LTM

FY+1

12/yy 8'194.9 0.00x 0.0 0.00x 0.0 0.00x

12/yy 17'631.3 0.00x 0.0 0.00x 0.0 0.00x

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 14'789.6 17'353.3 3'605.0 3'892.0 1.90x 1.56x 4'959.8 5'893.9 5.82x 4.90x 396.8 705.9 11.97x 7.11x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

12.00

16'000.0

FY+2

FQ+1

FQ+2

15.02.2011 NEG 3.81 1.43 1.85 3.20 364.6% 47.9% 0.39 0.58 64.34 18.10

14'000.0

10.00

12'000.0 8.00

10'000.0 8'000.0

6.00

6'000.0

4.00

4'000.0 2.00 0.00 03.04.2009

2'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Vedanta Resources PLC Holdings By:

All

Holder Name VOLCAN INVESTMENTS L GOVT OF SINGAPORE IN BLACKROCK CAPITAL GROUP COMPAN DEUTSCHE PRIVATE BAN HANSBERGER GLOBAL IN LEGAL & GENERAL HSBC Investment Fund UBS VANGUARD GROUP INC Gorey Investments Lt BLACKROCK INVESTMENT AQR CAPITAL MANAGEME BARCLAYS PERSONAL IN HSBC ASSET MANAGEMEN VAN ECK ASSOCIATES C HSBC INVESTMENTS UK TD WATERHOUSE GROUP VANGUARD GROUP INC HSBC INVESTMENTS HON

Firm Name Liberum Capital Ltd RBC Capital Markets AlphaValue Jefferies HSBC Deutsche Bank Morgan Stanley EVA Dimensions Credit Suisse Barclays JPMorgan Goldman Sachs Nomura KD Banka d.d.

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ASH LAZENBY TIMOTHY HUFF SACHIN KUMAR Christopher LaFemina THORSTEN ZIMMERMANN GRANT SPORRE ALAIN GABRIEL CRAIG STERLING LIAM FITZPATRICK DAVID BUTLER ROGER BELL FAWZI HANANO PATRICK JONES MATJAZ MALETIC

Source RNS-DIR ULT-AGG ULT-AGG ULT-AGG REG REG ULT-AGG REG ULT-AGG MF-AGG REG Short Short REG REG MF-AGG REG REG REG MF-AGG

Recommendation buy sector perform reduce hold neutral buy Equalwt/In-Line sell outperform overweight restricted not rated suspended coverage accumulate

Amt Held % Out 173'042'443 64.98 11'096'207 4.17 10'058'168 3.78 7'877'904 2.96 4'978'482 1.87 4'277'050 1.61 4'063'012 1.53 3'535'160 1.33 2'225'915 0.84 2'035'503 0.76 1'704'333 0.64 (1'674'505) -0.63 (1'570'720) -0.59 1'234'024 0.46 1'092'318 0.41 1'091'394 0.41 1'082'995 0.41 1'072'462 0.4 1'057'436 0.4 947'280 0.36

Latest Chg 2'590'562 900'910 960'688 (1'273'111) (1'422) 510'753 (17'729) 868'840 (40'875) 60'853 265'950 (58'797) (298'390) (203'234) (94'824) 92'937 280'048

Weighting

Target Price

5 3 2 3 3 5 3 1 5 5 #N/A N/A #N/A N/A #N/A N/A 4

Change M D D M M M M M M M M M M N

#N/A N/A 1'300 1'281 1'150 1'310 1'485 1'320 #N/A N/A 1'500 1'445 #N/A N/A #N/A N/A #N/A N/A 2'541

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 07.02.2013 Investment Advisor 03.12.2012 Government 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Unclassified 03.12.2012 Investment Advisor 31.01.2013 Unclassified 03.12.2012 Unclassified 03.12.2012 Unclassified 31.12.2012 Investment Advisor 03.12.2012 Unclassified 01.11.2012 Investment Advisor 22.01.2013 Hedge Fund Manager 03.12.2012 Investment Advisor 03.12.2012 Investment Advisor 26.02.2013 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Investment Advisor 12.03.2012 Investment Advisor

Date Not Provided 12 month 6 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month

Date 27.02.2013 25.02.2013 14.02.2013 08.02.2013 07.02.2013 04.02.2013 31.01.2013 17.01.2013 14.01.2013 14.01.2013 09.08.2012 28.06.2012 11.02.2012 11.02.2010

28.02.2013

Verbund AG Verbund AG provides integrated electric generations, transmission, and distribution services. The Company produces power through the operation of hydro-electric, thermal, and wind power generators. Verbund transmits and distributes power to customers both domestically and internationally.

Price/Volume 25

.8 M .7 M

.6 M .5 M

.4 M

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (21.03.2012) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VER AV EQUITY YTD Change VER AV EQUITY YTD % CHANGE

12/2011 09/yy 23.20 14.50 392'541.00 15.72 -32.24% 8.41% 14.02% 170.2 5'461.38 4'233.69 0.0 605.9 333.24 10'053.87

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M

0 f-12

.1 M .0 M m-12

a-12

31.12.2008 31.12.2009 3'744.7 3'483.1 3.50x 3.91x 1'280.3 1'244.2 10.24x 10.96x 686.6 644.4 14.60x 14.22x Profitability

31.12.2010 3'307.9 4.24x 1'057.6 13.27x 400.8 21.78x

31.12.2011 3'865.4 3.03x 1'240.1 9.44x 352.6 20.53x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

1'240.07 998.40 25.83% 16.58% 3.01% 8.24% 6.82% 0.28% 48.1% 31.4% 9.1% 1.49 0.59 35.70% 97.92% -

187'562 235'894 207'670

LTM

FY+1

09/yy 3'107.7 18.00x 1'093.0 10.88x 381.6 19.53x

09/yy 3'351.4 13.58x 1'611.6 6.32x 355.9 15.78x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 3'651.1 3'584.4 1'237.0 2.78x 2.80x 1'181.3 1'166.8 8.51x 8.62x 403.6 376.8 13.32x 14.30x S&P Issuer Ratings

20.00

4'500.0

18.00

4'000.0

16.00

3'500.0

14.00

0.84 -23.28% -16.20% 0.836 22 2.136

LTM-4Q

Price/ Cash Flow

FY+2

FQ+1

FQ+2

21.09.2009 ASTABLE 5.95 3.24 2.47 2.50 97.9% 46.2% 0.28 0.51 -

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00 0.00 02.01.2009 02.07.2009

m-12

Fiscal Year Ended 31.12.2007 3'038.3 5.69x 1'098.1 15.74x 579.2 25.47x

.3 M

0.0 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 |

28.02.2013

Verbund AG Holdings By:

All

Holder Name REPUBLIC OF AUSTRIA EVN & WIENER STADTWE TIWAG DEUTSCHE BANK AG UMB BANK N A VANGUARD GROUP INC BLACKROCK RINGTURM KAG ERSTE SPARINVEST KAG SWISSCANTO FONDSLEIT PIONEER INVESTMENTS SWISSCANTO FONDSLEIT SCOTTISH WIDOWS MEAG MUNICH ERGO KAG DNB NOR ASSET MANAGE DEKA INVESTMENT GMBH BZ WBK TOWARZYSTWO F DZ BANK INTERNATIONA ING INTERNATIONAL AD AMUNDI

Firm Name Raymond James Morgan Stanley AlphaValue Berenberg Bank Erste Bank Barclays EVA Dimensions Exane BNP Paribas Kepler Capital Markets Deutsche Bank Goldman Sachs Raiffeisenbank AG Nomura Commerzbank Corporates & Markets M.M. Warburg Investment Research HSBC Macquarie Credit Suisse Main First Bank AG Natixis GSC Research

Analyst EMMANUEL RETIF ANNE N AZZOLA EILEEN RYAN LAWSON STEELE CHRISTOPH SCHULTES PETER BISZTYGA AUSTIN BURKETT PHILIP GOTTSCHALK INGO BECKER ALEXANDER KARNICK DEBORAH WILKENS TERESA SCHINWALD MARTIN YOUNG TANJA MARKLOFF STEPHAN WULF ADAM DICKENS ROBERT SCHRAMM-FUCHS VINCENT GILLES ANDREAS THIELEN PHILIPPE OURPATIAN ROLAND PUMBERGER

Source Research Research Research MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underperform Underwt/In-Line add sell hold underweight underweight outperform reduce sell buy/attractive buy reduce hold hold underweight underperform underperform neutral neutral hold

Amt Held 86'819'189 42'558'426 8'511'685 1'991'329 1'796'874 1'272'360 1'204'383 960'000 676'097 507'536 494'173 468'902 324'544 249'612 242'565 151'000 144'260 130'653 117'146 115'990

% Out 51 25 5 1.17 1.06 0.75 0.71 0.56 0.4 0.3 0.29 0.28 0.19 0.15 0.14 0.09 0.08 0.08 0.07 0.07

Latest Chg 16'400 27'955 (354'447) (110'000) 268 (109) 82'695 (21'000) (100'183) -

Weighting

Change

Target Price

1 1 4 1 3 1 1 5 2 1 5 5 2 3 3 1 1 1 3 3 3

D D M N D D M M D M M M M M M M M M M M M

16 15 20 15 16 15 #N/A N/A 22 17 15 24 21 18 18 18 16 15 15 25 23 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 23.01.2013 Government 23.01.2013 Corporation 23.01.2013 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.10.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 31.05.2011 Investment Advisor 28.12.2012 Investment Advisor 31.10.2012 Unclassified 30.09.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 28.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager

Date Not Provided 12 month 6 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 6 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Date 27.02.2013 26.02.2013 21.02.2013 05.02.2013 28.01.2013 25.01.2013 17.01.2013 14.01.2013 08.01.2013 07.01.2013 18.12.2012 12.12.2012 12.12.2012 05.12.2012 05.12.2012 27.11.2012 22.11.2012 21.11.2012 30.03.2012 28.10.2011 14.04.2011

28.02.2013

Victrex PLC Victrex plc manufactures and sells a thermoplastic, under the trade mark PEEK. Their PEEK products are used primarily by compounders and processors, in order to manufacture products in a range of industrial applications.

Price/Volume 1800

.6 M

1600

.5 M

1400 1200

.4 M

1000

09/2012 01/yy 1'670.00 1'164.00 184'809.00 1604 -3.95% 37.80% 86.96% 84.6 1'357.25 0.00 0.0 0.0 83.90 1'273.35

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

600

.2 M

400

.1 M

200 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 30.09.2008 141.1 4.03x 62.3 9.13x 39.1 14.95x

.3 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.12.2012) 52-Week Low (17.07.2012) 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 VCT LN EQUITY YTD Change VCT LN EQUITY YTD % CHANGE

30.09.2009 30.09.2010 103.8 189.5 5.93x 5.22x 34.1 83.6 18.08x 11.84x 17.8 54.0 35.24x 19.61x Profitability

30.09.2011 215.8 3.92x 102.6 8.25x 71.2 12.80x

30.09.2012 219.8 4.70x 103.6 9.97x 71.9 15.42x

103.60 94.00 42.77% 42.99% 23.44% 29.19% 0.72% 66.3% 47.1% 42.8% 32.7% 4.51 2.92 0.00% 0.00% 9.77 1.58

2.33 1.07 75.17 24.05% 0.94% 1.068 12 3.000 144'367 175'749 194'669

LTM-4Q

LTM

FY+1

01/yy

09/13 Y 09/14 Y 03/11 Q2 06/11 Q3 227.4 244.6 5.58x 5.16x 108.2 118.2 11.77x 10.77x 73.6 80.4 18.33x 16.69x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

45.00

250.0

FY+2

FQ+1

FQ+2

1036.00 766.00 -0.81 0.00 0.0% 0.0% 0.72 1.63 37.47 231.16 26.61 242.01

40.00

200.0

35.00 30.00

150.0

25.00 20.00

100.0

15.00

50.0

10.00 5.00 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Victrex PLC Holdings By:

All

Holder Name BLACKROCK SCHRODERS PLC MONDRIAN INVESTMENT LEGAL & GENERAL AEGON MONTANARO ASSET MGMT SCHRODER INVESTMENT DIRECTOR & RELATED H HUMMEL DAVID RICHARD KAMES CAPITAL PLC BAILLIE GIFFORD AND WILLIAM BLAIR & COMP CO-OPERATIVE INSURAN ABERDEEN FMR LLC NORGES BANK INVESTME WILLIAM BLAIR & COMP THREADNEEDLE ASSET M BANK OF NEW YORK MEL PRIVATE INDIVIDUALS

Firm Name Goldman Sachs Morgan Stanley Peel Hunt N+1 Singer Ltd Numis Securities Ltd JPMorgan EVA Dimensions Main First Bank AG Deutsche Bank WH Ireland Ltd

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst RAKESH PATEL PAUL R WALSH DOMINIC CONVEY JAMES TETLEY CHARLES PICK MARTIN EVANS CRAIG STERLING HOLGER OCHS MARTIN DUNWOODIE MATTHEW DAVIS

Source ULT-AGG Co File REG ULT-AGG ULT-AGG RNS-MAJ MF-AGG REG RNS-DIR RNS-MAJ REG 13F REG ULT-AGG ULT-AGG REG REG REG MF-AGG REG

Recommendation Buy/Neutral Underwt/In-Line hold buy hold neutral hold underperform buy outperform

Amt Held 12'298'606 4'424'382 4'304'022 3'727'763 3'563'133 3'447'557 3'412'694 3'310'462 3'280'582 2'796'839 2'661'581 2'488'669 2'098'740 2'088'161 2'061'345 2'055'624 2'045'081 2'035'868 1'635'843 1'587'100

% Out 14.53 5.23 5.09 4.41 4.21 4.07 4.03 3.91 3.88 3.31 3.15 2.94 2.48 2.47 2.44 2.43 2.42 2.41 1.93 1.88

Latest Chg 103'424 420'798 107'672 (2'821) (44'007) (293'515) (449'749) (448'665) (1'370'156) 130'359 340'763 (344'334) (150'689) (2'292'738) 307'391 35'008 189'962 (15'250)

File Dt Inst Type 26.02.2013 Investment Advisor 30.09.2012 Investment Advisor 01.01.2013 Hedge Fund Manager 01.01.2013 Unclassified 01.01.2013 Unclassified 25.01.2013 Investment Advisor 31.12.2012 Investment Advisor 01.01.2013 Other 18.12.2012 n/a 03.01.2013 Investment Advisor 01.01.2013 Investment Advisor 31.12.2012 Investment Advisor 01.01.2013 Insurance Company 31.01.2013 Unclassified 01.01.2013 Investment Advisor 01.01.2013 Government 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 30.11.2012 Investment Advisor 01.01.2013 Other

Weighting

Change

Target Price

Date

5 1 3 5 3 3 3 1 5 5

M M M U M M M D U U

1'850 1'550 1'500 1'645 1'593 1'400 #N/A N/A 1'550 1'825 1'430

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 12 month Not Provided 12 month Not Provided 9 month Not Provided 12 month 12 month Not Provided

Date 27.02.2013 22.02.2013 07.02.2013 07.02.2013 06.02.2013 05.02.2013 17.01.2013 12.12.2012 05.12.2012 07.12.2010

28.02.2013

Vienna Insurance Group AG Wiener Versicherung Gruppe Vienna Insurance Group AG Wiener Versicherung Gruppe is an Austrian insurance company. The Company offers property and casualty, life, healthcare, and reinsurance. Vienna Insurance operates through a network of offices in Austria and Eastern Europe.

Price/Volume 45

.3 M

35 30

.2 M

12/2011 09/yy 41.22 26.78 50'444.00 38.6 -6.36% 44.14% 81.86% 128.0 4'940.80 3'232.79 0.0 419.0 568.12 8'253.41

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

5 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 31.12.2007 7'111.2 1.11x 312.6 18.46x

.2 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 52-Week Low (16.05.2012) 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 VIG AV EQUITY YTD Change VIG AV EQUITY YTD % CHANGE

31.12.2008 31.12.2009 8'141.0 8'419.7 0.60x 0.81x 408.5 340.5 7.07x 13.53x Profitability

31.12.2010 9'179.9 0.86x 379.8 13.10x

31.12.2011 9'285.7 0.75x 406.7 9.64x 7.27% 6.02% 1.06% 8.83% 6.01% 0.25% 4.4% 8.13% 69.81% -

1.02 20.93% -4.40% 1.021 19 3.316 58'148 52'003 72'058

LTM-4Q

LTM

FY+1

09/yy 9'206.7 3.26x 0.0 0.00x 402.1 2.91x

09/yy 10'044.5 2.69x 0.0 0.00x 434.8 2.72x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 9'678.9 9'857.0 2'151.5 431.8 461.1 107.5 11.67x 10.86x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

3.50

10'000.0

FY+2

FQ+1

FQ+2

A+ STABLE 69.8% 39.0% 0.25 -

9'000.0

3.00

8'000.0 2.50

7'000.0 6'000.0

2.00

5'000.0 1.50

4'000.0

1.00

3'000.0 2'000.0

0.50 0.00 02.01.2009

1'000.0 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 |

28.02.2013

Vienna Insurance Group AG Wiener Versicherung Gruppe Holdings By:

All

Holder Name WIENER STAEDTISCHE W BNP PARIBAS INV PART TRIMARK INVESTMENT M ALLIANZ ASSET MANAGE ING INTERNATIONAL AD RINGTURM KAG VANGUARD GROUP INC BLACKROCK BNP ASSET MANAGEMENT PIONEER INVESTMENTS NEW JERSEY DIVISION ABERDEEN CAPITAL GROUP COMPAN ERSTE SPARINVEST KAG BNP ASSET MANAGEMENT PARVEST INVESTMENT M MAINFIRST SICAV TD ASSET MANAGEMENT INVESCO LTD FORTIS INVESTMENT MG

Firm Name Raiffeisenbank AG Barclays Komercni Banka AS Main First Bank AG Raymond James Deutsche Bank Morgan Stanley Keefe, Bruyette & Woods J&T Banka Nomura Goldman Sachs EVA Dimensions HSBC Credit Suisse Erste Bank Berenberg Bank Kepler Capital Markets JPMorgan CA Cheuvreux UniCredit Research

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios BNP PARIBAS ACTIONS Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst BERND MAURER CLAUDIA GASPARI MIROSLAV ADAMKOVIC MICHAEL HAID RAPHAEL CARUSO ROBIN BUCKLEY MACIEJ WASILEWICZ RALPH HEBGEN MILAN LAVICKA MICHAEL KLIEN VINIT MALHOTRA AUSTIN BURKETT DHRUV GAHLAUT RICHARD BURDEN CHRISTOPH SCHULTES SAMI TAIPALUS THOMAS NEUHOLD ANDREAS VAN EMBDEN FRANK KOPFINGER RADENA GEORGIEVA

Source Co File ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-FRA MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold equalweight hold underperform market perform hold Equalwt/In-Line market perform buy buy neutral/neutral buy neutral underperform buy buy buy neutral suspended coverage buy

Amt Held 89'600'000 2'663'817 1'411'279 1'289'028 998'082 810'467 752'094 584'265 472'265 401'600 400'000 339'500 329'133 310'797 299'187 271'272 226'022 186'226 158'073 156'840

% Out 70 2.08 1.1 1.01 0.78 0.63 0.59 0.46 0.37 0.31 0.31 0.27 0.26 0.24 0.23 0.21 0.18 0.15 0.12 0.12

Latest Chg 446'318 68'411 5'347 (50'000) 19'584 (1'214) (26'572) (5'000) (14'300) 4'502 (26'423) 14'681 18'818 374 -

File Dt Inst Type 31.12.2011 Insurance Company 31.12.2012 Investment Advisor 30.09.2012 Unclassified 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 30.09.2012 Investment Advisor 31.05.2011 Investment Advisor 30.06.2012 Pension Fund (ERISA) 31.12.2012 Unclassified 30.09.2012 Investment Advisor 31.10.2012 Investment Advisor 30.09.2012 Investment Advisor 30.11.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2011 Investment Advisor 27.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager

Weighting

Change

Target Price

Date

3 3 3 1 3 3 3 3 5 5 3 5 3 1 5 5 5 3 #N/A N/A 5

M M D M M D D M M M M M D D M M M M M M

42 42 42 37 #N/A N/A 40 39 42 43 45 39 #N/A N/A 45 40 42 43 39 35 50 45

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 9 month Not Provided 12 month

Date 04.02.2013 04.02.2013 01.02.2013 01.02.2013 28.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 18.01.2013 17.01.2013 16.01.2013 14.01.2013 28.11.2012 28.11.2012 27.11.2012 21.11.2012 24.01.2012 30.07.2010

28.02.2013

Viscofan SA Viscofan, S.A., manufactures artificial casings made of cellulose, collagen, and plastic for use in the meat industry. The Company also processes and cans olives, asparagus, other vegetables, and fruit byproducts. Viscofan operates in Europe, Asia, and the Americas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VIS SQ EQUITY YTD Change VIS SQ EQUITY YTD % CHANGE

12/2011 09/yy 43.00 30.12 135'116.00 39.9 -7.21% 32.47% 75.93% 46.6 1'859.49 86.26 0.0 0.0 26.27 1'924.70

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.4 M

1.2 M

35 30

1.0 M

.8 M

.6 M

.4 M

.2 M

5 0 f-12

.0 M m-12

a-12 m-12

31.12.2008 31.12.2009 551.8 583.4 1.44x 1.57x 105.3 129.0 7.54x 7.12x 51.4 64.3 12.78x 12.88x Profitability

31.12.2010 633.7 2.18x 154.2 8.98x 81.3 16.25x

31.12.2011 666.8 2.09x 162.2 8.61x 101.2 13.19x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

162.18 120.13 18.02% 19.18% 14.25% 22.95% 0.99% 24.3% 18.1% 15.2% 2.10 0.91 12.37% 19.19% 5.25 -

155'242 209'653 242'324

LTM

FY+1

09/yy 653.2 8.28x 155.8 8.45x 94.9 13.27x

09/yy 736.1 8.71x 182.3 9.46x 104.4 15.90x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 751.6 797.4 189.5 2.56x 2.39x 185.8 199.1 46.8 10.36x 9.67x 107.1 113.4 28.7 17.46x 16.29x S&P Issuer Ratings

18.00

800.0

16.00

700.0

14.00

0.40 41.69 31.99% -6.80% 0.398 19 3.474

LTM-4Q

Price/ Cash Flow

FY+2

FQ+1

FQ+2

46.46 27.55 0.45 0.63 19.2% 16.1% 0.99 2.22 69.66 -

600.0

12.00

500.0

10.00

400.0

8.00

300.0

6.00

200.0

4.00

100.0

2.00 0.00 02.01.2009 02.07.2009

j-12

Fiscal Year Ended 31.12.2007 506.0 1.53x 98.6 7.88x 46.2 14.82x

0.0 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 |

28.02.2013

Viscofan SA Holdings By:

All

Holder Name ONCHENA SL MARATHON ASSET MANAG GOVERNANCE FOR OWNER WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP BLACKROCK BNP PARIBAS SA VANGUARD GROUP INC MASSACHUSETTS FINANC SEB ODIN FORVALTNING AS ABERDEEN DANSKE INVEST A/S BASTERRA LARROUDE NE BNP PARIBAS INV PART FRANKFURT TRUST INVE DANSKE INVEST MANAGE FMR LLC OPPENHEIM KAPITALANL INVESCO LTD

Firm Name

Portfolio Name n/a n/a n/a WILLIAM BLAIR & COMP n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

NMAS 1 Agencia de Valores ANA FUENTES BPI JOAO SAFARA SILVA Espirito Santo Investment Bank Research NUNO ESTACIO Grupo Santander JOSE MANUEL ARROYAS Exane BNP Paribas FRANCISCO RUIZ Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO Societe Generale ALEX SLOANE Ahorro Corporacion Financiera SA ELENA FERNANDEZ EVA Dimensions AUSTIN BURKETT Kepler Capital Markets JOAQUIN GARCIA-ROMANILLOS Bankia Bolsa (ESN) DAVID CABEZA JARENO Link Securities INIGO ISARDO CA Cheuvreux INIGO EGUSQUIZA CASTELLANOS La Caixa ANTONIO JOSE CASTELL NEYRA Goldman Sachs BENJAMIN MOORE Banco Sabadell MARTA DIAZ BBVA ISABEL CARBALLO Mirabaud Finanzas Sociedad de ValoresENRIQUE S YAGUEZ AVILES

Source Co File EXCH EXCH 13F Co File ULT-AGG EXCH MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG EXCH ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation neutral neutral buy hold outperform buy hold hold overweight hold hold accumulate underperform underweight Buy/Neutral sell market perform overweight

Amt Held 2'366'070 2'297'473 2'236'061 1'802'434 1'700'103 1'660'131 1'411'837 502'023 425'430 270'270 226'486 219'900 218'169 212'452 186'581 184'400 171'323 165'032 144'407 133'901

% Out 5.08 4.93 4.8 3.87 3.65 3.56 3.03 1.08 0.91 0.58 0.49 0.47 0.47 0.46 0.4 0.4 0.37 0.35 0.31 0.29

Latest Chg (42'034) (47'982) 6'095 38'691 23'737 70'000 1'364 (6'377) (35'903) 33'498 7'300 49'872

File Dt Inst Type 31.12.2011 Other 11.10.2012 Investment Advisor 03.01.2013 Other 31.12.2012 Investment Advisor 31.12.2011 Investment Advisor 26.02.2013 Investment Advisor 21.12.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.01.2013 Mutual Fund Manager 31.12.2012 Unclassified 31.01.2013 Investment Advisor 13.12.2012 n/a 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 29.06.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 27.02.2013 Investment Advisor

Weighting

Change

Target Price

Date

3 3 5 3 5 5 3 3 5 3 3 4 1 1 5 1 3 5

M M M M M M M M M D D U M D U M M U

38 42 44 42 45 40 42 39 #N/A N/A 40 41 42 39 38 55 34 32 38

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 6 month 12 month Not Provided 12 month

Date 26.02.2013 25.02.2013 25.02.2013 22.02.2013 21.02.2013 18.02.2013 08.02.2013 23.01.2013 17.01.2013 11.01.2013 10.01.2013 03.12.2012 28.11.2012 27.11.2012 23.11.2012 25.10.2012 08.10.2012 19.09.2012

28.02.2013

Wereldhave NV Wereldhave N.V. is an investment company qualifying as an Investment Institution under Dutch Law . The Company develops, invests in, and manages commercial real estate properties. Wereldhave NV invests in office buildings, shopping centers, industrial property and apartment buildings. Properties are located in Belgium, France, the Netherlands, Spain, the United Kingdom, and the United States.

Price/Volume 60

.7 M .6 M .5 M

Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (24.08.2012) 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 WHA NA EQUITY YTD Change WHA NA EQUITY YTD % CHANGE

12/2012 12/yy 61.35 40.03 102'050.00 53.3 -13.12% 33.15% 62.24% 21.7 1'155.52 1'288.78 0.0 147.2 44.41 2'547.08

.4 M

.3 M .2 M

10 0 f-12

.1 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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.8 M

Valuation Analysis

31.12.2008 219.5 9.77x 146.6 14.62x 0.5 3150.00x

.9 M

31.12.2009 31.12.2010 212.3 232.5 10.50x 12.06x 128.4 145.8 17.36x 19.24x (107.1) 88.7 17.60x Profitability

31.12.2011 240.6 10.39x 148.6 16.82x 51.3 21.56x

31.12.2012 179.2 13.58x 109.4 22.24x (98.4) 44.04x 109.39 79.08 44.14% 5.28% -3.15% -6.60% -2.99% 0.07% 54.6% -54.9% 42.90% 92.75% -

0.91 21.67 3.43% 11.04% 0.911 16 3.750 97'756 146'034 138'466

LTM-4Q

LTM

FY+1

12/yy 243.4 43.31x 151.4 16.51x 51.3 21.56x

12/yy 227.8 44.83x 124.3 19.56x (98.5) 0.00x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 164.9 158.4 45.3 39.4 12.79x 13.81x 46.30x 55.14x 116.9 115.8 32.6 27.9 21.80x 22.00x 21.80x 22.67x 82.4 75.8 22.0 19.5 15.68x 14.77x 14.03x 14.52x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

18.00

300.0

FY+2

FQ+1

FQ+2

3.61 -3.27 10.01 10.37 92.7% 45.6% 0.07 -

16.00

250.0

14.00

200.0

12.00 10.00

150.0

8.00

100.0

6.00 4.00

50.0

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 |

28.02.2013

Wereldhave NV Holdings By:

All

Holder Name NIKKO ASSET MANAGEME SANLAM ASSET MANAGEM APG ALGEMENE PENSIOE ABN AMRO ASSET MGMT LASALLE INVESTMENT M COLONIAL FIRST STATE BLACKROCK BNP PARIBAS INV PART ING INTERNATIONAL AD VANGUARD GROUP INC STATE STREET PRUDENTIAL FINANCIAL PRINCIPAL FINANCIAL MORGAN STANLEY ALLIANZ ASSET MANAGE SNS INVESTMENT FUND BANQUE DEGROOF FORTIS INVESTMENTS PETERCAM SA KEMPEN CAPITAL MANAG

Firm Name AlphaValue Societe Generale S&P Capital IQ JPMorgan Petercam Rabobank International ING Bank ABN Amro Bank N.V. Natixis Kempen & Co HSBC CA Cheuvreux Goldman Sachs EVA Dimensions

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst PIERRE-LOUP ETIENNE MICHEL VARALDO WILLIAM HOWLETT HARM M MEIJER STEPHAN VAN WEEREN MARTIJN TER LAAK JAAP KUIN RUUD VAN MAANEN SERGE DEMIRDJIAN ROBERT WOERDEMAN THOMAS MARTIN BRUNO DUCLOS JULIAN LIVINGSTON-BOOTH TEAM COVERAGE

Source ULT-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation add buy hold overweight add buy buy buy buy neutral underweight underperform Sell/Neutral overweight

Amt Held 1'075'013 929'090 896'736 701'764 700'257 450'142 444'751 352'968 294'936 264'105 245'025 241'707 226'816 195'594 157'572 133'831 122'235 105'770 105'000 104'320

% Out 4.96 4.29 4.14 3.24 3.23 2.08 2.05 1.63 1.36 1.22 1.13 1.11 1.05 0.9 0.73 0.62 0.56 0.49 0.48 0.48

Latest Chg 149'271 26'018 (128'858) (3'428) (15'609) (1'136) 7'587 1'928 198'316 (6'464) (384) 7'300 (35'111) (8'000) (3'295)

File Dt Inst Type 27.09.2011 Unclassified 31.12.2012 Investment Advisor 09.06.2011 Pension Fund (ERISA) 17.07.2012 Investment Advisor 21.08.2012 Investment Advisor 08.05.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 27.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 29.06.2012 Investment Advisor 01.02.2013 Investment Advisor 31.10.2012 Mutual Fund Manager 30.12.2011 Mutual Fund Manager 31.12.2012 Mutual Fund Manager

Weighting

Change

Target Price

Date

4 5 3 5 4 5 5 5 5 3 1 1 1 5

M M M M M M M M M D M M D U

56 59 53 61 59 53 60 58 61 52 41 45 43 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6 month 12 month 12 month 9 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided

Date 21.02.2013 12.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 29.01.2013 13.01.2013 27.11.2012 03.10.2012 25.07.2012 12.06.2012

28.02.2013

William Demant Holding A/S William Demant Holding A/S, through subsidiaries, develops, manufactures, and sells hearing aids, audiometers, tympanometers, diagnostic instruments for respiratory irregularities, and wireless communication equipment for the hearing-impaired, as well as telephone headsets for professional use. The Company sells the products in selected countries worldwide.

Price/Volume 700

3.0 M

600

2.5 M

500

2.0 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.07.2012) 52-Week Low (27.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WDH DC EQUITY YTD Change WDH DC EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

200

.5 M

100 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

Fiscal Year Ended 31.12.2008 5'373.7 2.77x 1'214.3 12.24x 682.4 18.83x

1.5 M

300

12/2012 01/yy 596.50 448.00 362'346.00 450.5 -24.48% 0.56% 1.68% 58.3 26'286.62 2'713.00 0.0 (2.0) 307.00 28'690.62

31.12.2009 31.12.2010 5'701.2 6'892.4 4.30x 3.82x 1'317.0 1'621.0 18.61x 16.22x 794.9 988.4 28.79x 24.34x Profitability

31.12.2011 8'041.0 3.68x 1'905.0 15.52x 1'198.0 23.20x

31.12.2012 8'555.0 3.49x 1'153.0 24.47x 1'641.00 19.18% 17.78% 14.04% 31.33% 1.04% 71.6% 19.2% 13.5% 0.81 0.49 30.91% 66.81% 4.94 2.32

0.79 -13.03% -6.90% 0.788 28 3.107 208'680 102'595 98'898

LTM-4Q

LTM

FY+1

01/yy

12/13 Y 12/14 Y 9'250.2 9'867.8 3.00x 2.76x 2'174.0 2'378.0 13.20x 12.07x 1'362.8 1'514.5 18.32x 16.14x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

40.00

9'000.0

35.00

8'000.0

30.00

7'000.0

FY+2

FQ+1

FQ+2

66.8% 40.1% 1.04 6.46 74.12 157.98 58.62 173.47

6'000.0

25.00

5'000.0 20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

William Demant Holding A/S Holdings By:

All

Holder Name FMR LLC CAPITAL GROUP COMPAN ATP INVESTMENT MANAG THREADNEEDLE ASSET M OPPENHEIMERFUNDS INC NORGES BANK DANSKE BANK A/S FONDSMGLERSELSKABET THREADNEEDLE INVESTM DANSKE INVEST A/S VANGUARD GROUP INC NORDEA INV MANAGEMEN BLACKROCK JP MORGAN APG ASSET MANAGEMENT DEKA INVESTMENT GMBH HANDELSBANKEN FONDER GAMCO FIDELITY INVESTMENT LOMBARD ODIER DARIER

Firm Name Deutsche Bank Morgan Stanley Jyske Bank ABG Sundal Collier Credit Suisse JPMorgan Carnegie Nordea Equity Research Kepler Capital Markets Danske Markets Alm Brand Markets SEB Enskilda DNB Markets Exane BNP Paribas Helvea Swedbank Handelsbanken Commerzbank Corporates & Markets AlphaValue Goldman Sachs EVA Dimensions HSBC CA Cheuvreux NYKREDIT Jefferies Sydbank

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst YI-DAN WANG MICHAEL K JUNGLING JANNE VINCENT KJAER MORTEN LARSEN CHRISTOPH GRETLER DAVID J ADLINGTON CLAUS ALMER SOREN V HOLM SORENSEN MAJA PATAKI MARTIN PARKHOI MICHAEL FRIIS JORGENSEN NIELS GRANHOLM-LETH RUNE MAJLUND DAHL ROMAIN ZANA SIMON GOETSCHMANN JOHAN UNNERUS KLAUS MADSEN OLIVER METZGER KAMLA SINGH VERONIKA DUBAJOVA ANDREW S ZAMFOTIS HENDRIK LOFRUTHE DANIEL JELOVCAN KRESTEN JOHNSEN INGEBORG OIE MORTEN IMSGARD

Source ULT-AGG ULT-AGG Research Research Research Research Research Research MF-AGG MF-AGG Research Research ULT-AGG ULT-AGG Research MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation sell Equalwt/Attractive reduce hold neutral neutral hold hold hold buy neutral buy sell neutral reduce reduce accumulate buy add neutral/neutral hold neutral outperform neutral underperform neutral

Amt Held 3'481'771 3'000'944 838'464 703'351 684'245 516'011 401'467 392'427 249'787 248'420 227'337 182'896 178'743 170'038 169'444 132'900 115'859 110'000 80'005 70'000

% Out 5.97 5.14 1.44 1.21 1.17 0.88 0.69 0.67 0.43 0.43 0.39 0.31 0.31 0.29 0.29 0.23 0.2 0.19 0.14 0.12

Latest Chg (160'602) (146'000) (20'896) (915) (21'343) 40'000 (2'000) -

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Unclassified 28.09.2012 Investment Advisor 31.08.2012 Investment Advisor 31.12.2011 Government 31.08.2012 Bank 31.12.2011 Investment Advisor 31.10.2012 Investment Advisor 31.01.2013 Investment Advisor 30.09.2012 Investment Advisor 31.08.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Unclassified 30.06.2012 Pension Fund (ERISA) 28.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 28.09.2012 Unclassified 30.12.2011 Investment Advisor 31.07.2012 Mutual Fund Manager

Weighting

Change

Target Price

Date

1 3 2 3 3 3 3 3 3 5 3 5 1 3 2 2 4 5 4 3 3 3 5 3 1 3

D M U U M M D M D U U M M M M M M M M M M U M M M M

370 442 500 425 475 450 #N/A N/A 490 500 520 480 525 430 440 433 465 530 600 539 550 #N/A N/A 510 540 #N/A N/A 465 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month 12 month Not Provided 6 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 6 month 6 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Date 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 22.02.2013 19.02.2013 14.02.2013 30.01.2013 15.01.2013 14.01.2013 08.11.2012 07.11.2012 16.08.2012 12.05.2011

28.02.2013

Wincor Nixdorf AG Wincor Nixdorf AG manufactures banking machines and cash registers. The Company's products include ATMs, cash deposit systems, and Automated Teller Safes.

Price/Volume 45

1.2 M

1.0 M

35 30

.8 M

09/2012 12/yy 41.79 26.41 74'311.00 38.815 -7.12% 47.00% 80.66% 33.1 1'284.19 237.27 0.0 4.7 38.43 1'414.66

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M

.2 M

5 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 30.09.2008 2'318.6 0.65x 240.4 6.31x 126.6 10.44x

.6 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2012) 52-Week Low (28.06.2012) 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 WIN GY EQUITY YTD Change WIN GY EQUITY YTD % CHANGE

30.09.2009 30.09.2010 2'250.2 2'239.5 0.69x 0.73x 224.7 214.5 6.90x 7.63x 113.6 106.2 12.26x 14.24x Profitability

30.09.2011 2'328.2 0.51x 217.0 5.48x 107.1 9.71x

30.09.2012 2'343.0 0.48x 165.3 6.73x 62.6 14.55x

165.32 100.36 4.28% 3.83% 4.51% 18.25% 1.69% 20.9% 6.9% 4.2% 2.7% 1.02 0.57 16.91% 73.10% 5.83 6.40

0.88 29.78 -2.23% 12.47% 0.877 24 3.042 104'583 144'200 138'361

LTM-4Q

LTM

FY+1

12/yy 2'301.6 2.55x 205.8 5.63x 98.7 10.76x

12/yy 2'404.4 1.85x 165.0 7.19x 64.1 16.41x

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 2'417.1 2'491.5 592.5 552.5 0.61x 0.57x 191.9 216.5 38.9 35.9 7.38x 6.54x 6.72x 6.45x 86.5 101.9 20.3 18.2 13.00x 11.46x 12.66x 12.50x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

2'500.0

FY+2

FQ+1

FQ+2

15.43 11.14 0.76 1.17 73.1% 41.9% 1.69 17.13 62.83 57.19 61.38 64.12

12.00

2'000.0 10.00

1'500.0

8.00 6.00

1'000.0

4.00

500.0 2.00 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Wincor Nixdorf AG Holdings By:

All

Holder Name WINCOR NIXDORF AG DEUTSCHE BANK AG DWS INVESTMENT GMBH ARTISAN PARTNERS HOL VANGUARD GROUP INC WILLIAM BLAIR & COMP AMUNDI POLARIS CAPITAL MANA BLACKROCK ING INTERNATIONAL AD CLASSIC FUND MGMT AG DWS INVESTMENT SA MACKENZIE FINANCIAL IG INVESTMENT MANAGE PEAR TREE ADVISORS I CI INVESTMENTS INC INTERNATIONAL VALUE TREMBLANT CAPITAL LP PARVEST INVESTMENT M UBS INVEST KAG

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

Matelan Research GmbH Landesbank Baden-Wuerttemberg Independent Research GmbH Bankhaus Metzler Goldman Sachs M.M. Warburg Investment Research DZ Bank AG Commerzbank Corporates & Markets Nord/LB Wedbush HSBC Hauck & Aufhaeuser Bankhaus Lampe National Bank AG Berenberg Bank Equinet Institutional Services(ESN) Kepler Capital Markets Deutsche Bank EVA Dimensions Main First Bank AG Silvia Quandt Research CA Cheuvreux

ADRIAN HOPKINSON THOMAS HOFMANN SVEN DIERMEIER STEPHAN BAUER BENJAMIN MOORE BJOERN VOSS THORSTEN REIGBER YASMIN MOSCHITZ WOLFGANG DONIE GIL B LURIA JOERG-ANDRE FINKE TORBEN TEICHLER HEIKO FEBER STEFFEN MANSKE FREDERIK BITTER ADRIAN PEHL STEFAN AUGUSTIN UWE SCHUPP ANDREW S ZAMFOTIS JUERGEN WAGNER EERIK KD BUDARZ HANS-JOACHIM HEIMBUERGER

Source Co File MF-AGG Co File MF-AGG MF-AGG 13F Co File Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Short MF-AGG MF-AGG

Recommendation neutral hold hold sell neutral/neutral hold sell hold hold neutral overweight hold sell buy hold accumulate hold buy underweight underperform buy underperform

Amt Held % Out 3'308'500 10 2'655'128 8.03 1'654'250 5 1'242'741 3.76 1'179'199 3.56 1'111'032 3.36 992'550 3 992'550 3 714'367 2.16 618'069 1.87 488'414 1.48 411'500 1.24 406'750 1.23 397'600 1.2 287'250 0.87 265'600 0.8 242'395 0.73 (231'595) -0.7 231'546 0.7 160'300 0.48

Latest Chg (96'723) 4'773 121'579 153'796 9'074 (949) (53'900) 2'600 25'900 242'395 (6'617) -

File Dt Inst Type 30.09.2012 Corporation 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 26.02.2013 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.12.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 01.02.2013 Other 30.04.2012 Investment Advisor 31.10.2012 Investment Advisor

Weighting

Target Price

Date

Change 3 3 3 1 3 3 1 3 3 3 5 3 1 5 3 4 3 5 1 1 5 1

N M M M M D M M M M M M M M M M D M M M M M

47 41 42 33 39 44 34 29 40 44 40 42 37 49 33 44 41 50 #N/A N/A 38 38 29

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12 month Not Provided 12 month 12 month 6 month 12 month 12 month 6 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 12 month Not Provided

Date 07.02.2013 29.01.2013 23.01.2013 23.01.2013 22.01.2013 22.01.2013 22.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 17.01.2013 16.01.2013 15.01.2013 14.01.2013 07.12.2012 24.04.2012

28.02.2013

Wirecard AG Wirecard AG offers Internet payment and processing services. The Company provides software and systems for online payment, electronic funds transfer, fraud protection and enterprise solutions. Wirecard also offers call center services.

Price/Volume 25

3.0 M

2.5 M 2.0 M

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (07.05.2012) 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 WDI GY EQUITY YTD Change WDI GY EQUITY YTD % CHANGE

12/2011 09/yy 20.31 12.82 238'105.00 19.72 -2.90% 53.88% 92.13% 112.2 2'212.43 86.02 0.0 0.0 222.40 1'856.54

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 f-12

.5 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 31.12.2007 134.2 6.43x 40.5 21.32x 30.5 30.16x

1.0 M

31.12.2008 31.12.2009 196.8 228.5 1.19x 3.13x 52.4 60.3 4.46x 11.86x 42.3 45.5 9.83x 21.44x Profitability

31.12.2010 271.6 3.20x 73.1 11.90x 54.0 19.34x

31.12.2011 324.8 3.47x 84.4 13.37x 61.2 20.70x 84.40 75.91 23.37% 22.76% 9.00% 17.02% 16.03% 0.47% 28.0% 24.1% 18.8% 1.59 0.86 12.17% 25.24% -

366'961 536'312 365'669

LTM-4Q

LTM

FY+1

09/yy 308.5 12.99x 79.1 12.80x 56.1 21.26x

09/yy 372.0 14.82x 104.0 15.76x 71.8 26.54x

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 393.8 472.2 113.3 100.0 5.08x 4.11x 108.8 126.2 31.6 27.2 17.13x 14.77x 14.81x 13.81x 75.7 88.0 21.8 18.7 28.58x 24.87x 25.28x 22.93x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

450.00

350.0

400.00

0.62 101.07 34.02% 6.02% 0.618 18 4.111

FY+2

FQ+1

FQ+2

56.27 31.46 -3.42 0.55 25.2% 20.2% 0.47 62.76 -

300.0

350.00

250.0

300.00 250.00

200.0

200.00

150.0

150.00

100.0

100.00

50.0

50.00 0.00 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013

0.0 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 |

28.02.2013

Wirecard AG Holdings By:

All

Holder Name MB BETEILGUNGSGESELL JUPITER ASSET MANAGE ALKEN FUND SICAV MANNING & NAPIER GRO AMERIPRISE FINANCIAL WASATCH ADVISORS INC COLUMBIA WANGER ASSE FMR LLC ARTISAN PARTNERS HOL T ROWE PRICE ASSOCIA MANNING & NAPIER ADV VANGUARD GROUP INC ALLIANZ ASSET MANAGE DENVER INVESTMENT AD WILLIAM BLAIR & COMP GENERALI ASSET MANAG GCIC LTD/CANADA INTERNATIONAL VALUE BLACKROCK QVT FUND V LP

Firm Name Exane BNP Paribas M.M. Warburg Investment Research DZ Bank AG Berenberg Bank Matelan Research GmbH Commerzbank Corporates & Markets Landesbank Baden-Wuerttemberg Independent Research GmbH Equita SIM SpA Hauck & Aufhaeuser Bankhaus Lampe Barclays Deutsche Bank EVA Dimensions Main First Bank AG Natixis Goldman Sachs

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a DENVER INVESTMENT AD WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst ALEXANDRE FAURE JOCHEN REICHERT THORSTEN REIGBER ALEXANDRA SCHLEGEL ADRIAN HOPKINSON HEIKE PAULS THOMAS HOFMANN LARS LUSEBRINK GIANMARCO BONACINA SASCHA BERRESCH CHRISTOPH SCHLIENKAMP GERARDUS VOS BENJAMIN KOHNKE ANDREW S ZAMFOTIS JUERGEN WAGNER MAXIME MALLET BENJAMIN MOORE

Source Co File Co File Co File Research Research Research Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG 13F 13F MF-AGG MF-AGG MF-AGG ULT-AGG Short

Recommendation neutral hold buy buy buy buy buy hold buy hold hold overweight hold overweight outperform buy neutral/neutral

Amt Held % Out 7'737'036 6.9 6'372'874 5.68 5'090'155 4.54 3'385'024 3.02 3'349'664 2.99 3'336'766 2.97 3'135'535 2.79 2'876'958 2.56 2'569'276 2.29 2'562'889 2.28 2'313'464 2.06 1'611'101 1.44 1'598'960 1.43 1'424'833 1.27 1'254'378 1.12 1'223'810 1.09 1'010'821 0.9 955'628 0.85 860'241 0.77 (806'281) -0.72

Latest Chg 224'780 (38'526) (185'083) 2'313'464 (90'464) 79'451 834'864 (167'383) 302'480 895'200 (976'235) -

Weighting

Target Price

Change 3 3 5 5 5 5 5 3 5 3 3 5 3 5 5 5 3

M M M U N M M M M M M M M M N M M

21 16 22 25 23 21 21 19 22 20 17 21 16 #N/A N/A 23 21 21

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Unclassified 31.12.2011 Investment Advisor 31.12.2011 n/a 03.01.2013 n/a 16.08.2012 Investment Advisor 25.01.2013 Investment Advisor 31.12.2011 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 31.01.2013 Mutual Fund Manager 31.10.2012 Investment Advisor 30.06.2012 Investment Advisor 26.02.2013 Investment Advisor 26.03.2012 Investment Advisor

Date Not Provided 12 month 12 month Not Provided 12 month 6 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 6 month

Date 27.02.2013 25.02.2013 25.02.2013 12.02.2013 07.02.2013 04.02.2013 04.02.2013 04.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 17.01.2013 17.01.2013 13.12.2012 15.11.2012 31.10.2012

28.02.2013

YIT OYJ YIT Oyj (YIT) offers construction, installation, and fixed and mobile network services. The Company's services include construction, renovations, and maintenance of commercial and residential buildings, water treatment plants, roads and bridges, pipelines, alarm systems, and telecommunications networks. YIT is primarily active in the Nordic countries, the Baltic rim, and Russia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance YTY1V FH EQUITY YTD Change YTY1V FH EQUITY YTD % CHANGE

12/2012 12/yy 17.88 11.87 282'551.00 17.15 -4.08% 44.48% 87.85% 127.2 2'181.88 922.00 0.0 3.3 175.70 2'931.48

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M a-12 m-12

31.12.2009 31.12.2010 3'485.6 3'787.6 0.66x 0.78x 201.7 256.2 11.44x 11.46x 68.4 140.3 26.46x 16.62x Profitability

31.12.2011 4'382.1 0.52x 233.0 9.84x 124.4 12.46x

31.12.2012 4'705.9 0.55x 303.9 8.56x 178.7 10.37x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

303.90 259.00 5.50% 5.06% 4.98% 18.33% 1.31% 6.5% 5.5% 3.8% 1.61 0.09 25.04% 89.34% -

1.12 7.95% 16.04% 1.122 17 3.882 380'485 370'266 331'091

LTM-4Q

LTM

FY+1

12/yy 4'382.1 2.41x 233.0 9.84x 124.4 12.46x

12/yy 4'705.8 2.25x 303.8 8.57x 178.8 10.40x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'729.3 4'947.8 1'116.8 1'207.6 0.60x 0.56x 2.48x 2.38x 329.9 380.8 71.2 85.9 8.89x 7.70x 8.91x 8.19x 192.9 230.5 40.2 50.9 11.17x 9.35x 10.93x 10.04x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

450.00

5'000.0

400.00

4'500.0

350.00

4'000.0

FY+2

FQ+1

FQ+2

12.20 10.63 2.46 3.03 89.3% 47.1% 1.31 42.51 -

3'500.0

300.00

3'000.0

250.00

2'500.0

200.00

2'000.0

150.00

1'500.0

100.00

1'000.0

50.00

500.0

0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 3'939.7 0.31x 287.4 4.29x 132.9 4.38x

20 18 16 14 12 10 8 6 4 2 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 |

28.02.2013

YIT OYJ Holdings By:

All

Holder Name STRUCTOR SA VARMA MUTUAL PENSION ILMARINEN MUTUAL PEN MANDATUM LIFE INSURA SOCIETY OF SWEDISH L ODIN FORVALTNING AS TAPIOLA MUTUAL PENSI NORDEA INVESTMENT FU BROTHERUS ILKKA FINLAND STATE PENSIO KALEVA MUTUAL INSURA VANGUARD GROUP INC OP DELTA FUND NORDEA FENNIA FUND FONDITA RAHASTOYHTIO HANDELSBANKEN FONDER GYLLENBERG RAHASTOYH DANSKE FINNISH INSTL ETERA MUTUAL PENSION AKTIA FUND MANAGEMEN

Firm Name Goldman Sachs EVA Dimensions Berenberg Bank Pareto Securities Deutsche Bank ABG Sundal Collier Pohjola Bank Plc (ESN) SEB Enskilda Carnegie Nordea Equity Research Evli Bank Plc Danske Markets Handelsbanken INDERES CA Cheuvreux Swedbank FIM

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst WILLIAM WYMAN CRAIG STERLING CHRIS MOORE JONI GRONQVIST MANU RIMPELA ROBERT REDIN MATIAS RAUTIONMAA JUTTA RAHIKAINEN TOMMY ILMONI PAAVO AHONEN MIKA KARPPINEN ARI JARVINEN ALBIN SANDBERG SAULI VILEN BJORN GUSTAFSSON TOMI TIILOLA JAAKKO TYRVAINEN

Source Research Research Research Research Research MF-AGG Research MF-AGG Research Research Research MF-AGG Research Research MF-AGG MF-AGG MF-AGG Research Research MF-AGG

Recommendation neutral/neutral hold hold buy buy hold hold buy sell suspended coverage buy hold accumulate accumulate outperform strong buy accumulate

Amt Held 15'430'000 10'000'000 4'841'255 4'594'606 1'859'200 1'803'611 1'685'541 1'604'008 1'324'740 1'321'807 1'247'348 1'159'702 1'065'000 1'010'000 937'000 922'146 722'300 676'743 662'500 661'000

% Out 12.13 7.86 3.81 3.61 1.46 1.42 1.32 1.26 1.04 1.04 0.98 0.91 0.84 0.79 0.74 0.72 0.57 0.53 0.52 0.52

Latest Chg (84'115) 17'460 65'000 (101'350) (50'000)

File Dt Inst Type 31.12.2011 Corporation 31.12.2011 Insurance Company 31.12.2011 Insurance Company 31.12.2011 Insurance Company 31.12.2011 Mutual Fund Manager 31.01.2013 Mutual Fund Manager 31.12.2011 Insurance Company 31.12.2012 Investment Advisor 31.12.2011 n/a 31.12.2011 Government 31.12.2011 Insurance Company 31.12.2012 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 n/a 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2011 n/a 31.12.2011 Insurance Company 31.12.2012 Investment Advisor

Weighting

Change

Target Price

Date

3 3 3 5 5 3 3 5 1 #N/A N/A 5 3 4 4 5 5 4

M U M M M M D M D M M M M M M M M

20 #N/A N/A 17 19 20 17 19 20 #N/A N/A #N/A N/A 20 19 16 20 15 19 15

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6 month Not Provided Not Provided 6 month 12 month 6 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month

Date 12.02.2013 12.02.2013 08.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 17.12.2012 31.10.2012 26.07.2012

28.02.2013

Zardoya Otis SA Zardoya Otis SA manufactures, installs and services elevators and elevator equipment. The Company also exports manufactured elevator equipment to be installed by Otis Elevator subsidiaries around the world.

Price/Volume 14

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

12 10 8

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (27.06.2012) 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 ZOT SQ EQUITY YTD Change ZOT SQ EQUITY YTD % CHANGE

12/2012 11/yy 11.73 8.09 255'848.00 10.69 -8.87% 32.14% 71.43% 385.2 4'118.23 32.82 0.0 24.1 37.56 4'137.57

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2 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 936.6 4.54x 296.6 14.32x 201.1 20.65x

31.12.2009 31.12.2010 885.1 862.8 5.16x 4.32x 299.5 305.5 15.24x 12.20x 202.1 205.1 22.89x 18.46x Profitability

31.12.2011 819.1 4.63x 289.2 13.10x 193.6 19.78x

31.12.2012 809.1 5.17x 278.0 15.04x 181.1 22.04x

277.98 261.22 32.28% 32.26% 32.35% 77.49% 1.45% 34.4% 32.3% 22.4% 1.13 0.93 5.85% 13.78% 8.17 -

0.62 145.70 16.51% -1.02% 0.615 11 1.364 283'333 208'999 320'389

LTM-4Q

LTM

FY+1

11/yy 819.1 0.00x 0.0 0.00x 194.0 19.65x

11/yy 809.1 0.00x 0.0 0.00x 181.1 22.40x

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 863.8 905.3 4.78x 4.55x 292.3 304.3 14.16x 13.60x 191.0 199.3 21.91x 20.84x S&P Issuer Ratings

Price/ Cash Flow

Sales/Revenue/Turnover

30.00

1'000.0

FY+2

FQ+1

FQ+2

737.67 730.54 -0.02 0.12 13.8% 11.1% 1.45 15.53 48.57 -

900.0

25.00

800.0 700.0

20.00

600.0 500.0

15.00

400.0 10.00

300.0 200.0

5.00 0.00 04.12.2009

100.0 0.0 04.06.2010

04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Zardoya Otis SA Holdings By:

All

Holder Name UNITED TECHNOLOGIES EURO SYNS SA CENON INVESTMENTS SL DALTON STRATEGIC PAR VANGUARD GROUP INC FRANKLIN RESOURCES BLACKROCK ABAJO GARCIA MARIO LBPAM AMUNDI CREDIT SUISSE ASSET LOIZAGA VIGURI JOSE STATE STREET BANQUE FMR LLC SPP FONDER AB BBVA PATRIMONIOS GES GYLLENBERG RAHASTOYH LEGAL & GENERAL DIMENSIONAL FUND ADV STATE STREET GLOBAL

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

BPI MANUEL DIAS COELHO Goldman Sachs MAYAN UTHAYAKUMAR La Caixa BORJA PAGOAGA AlphaValue LIONEL PELLICER Exane BNP Paribas FRANCISCO RUIZ Banco Sabadell FRANCISCO JOSE RODRIGUEZ Banesto Bolsa SA Sociedad ROBERT JACKSON Grupo Santander JAVIER ECHANOVE EVA Dimensions CRAIG STERLING Bankia Bolsa (ESN) INIGO RECIO PASCUAL BBVA LURDES SAIZ DE QUEVEDO Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Mirabaud Finanzas Sociedad de ValoresGONZALO S SANZ Intermoney Valores ESTHER MARTIN

Source EXCH EXCH EXCH Short MF-AGG ULT-AGG ULT-AGG EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation sell Sell/Neutral sell reduce underperform sell sell hold underweight reduce underperform sell underweight hold

Amt Held % Out 192'659'576 50.01 41'683'407 10.82 3'816'325 0.99 (2'658'166) -0.69 2'578'189 0.67 2'467'406 0.64 1'732'937 0.45 1'125'649 0.29 353'605 0.09 231'066 0.06 228'501 0.06 208'291 0.05 207'101 0.05 136'113 0.04 115'637 0.03 114'365 0.03 79'827 0.02 74'937 0.02 71'958 0.02 71'680 0.02

Latest Chg 1'984'925 181'730 38'524 32'419 80'155 4'034 73'295 73'688 9'918 264 11'074 (8'102) -

Weighting

Target Price

Change 1 1 1 2 1 1 1 3 1 2 1 1 1 3

M M D M M M M M M M M M M M

8 9 9 11 7 9 11 10 #N/A N/A 9 8 8 9 12

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 02.08.2012 Corporation 20.08.2012 Other 20.08.2012 Corporation 15.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 11.09.2012 n/a 31.12.2012 Mutual Fund Manager 30.11.2012 Mutual Fund Manager 28.12.2012 Mutual Fund Manager 02.08.2012 n/a 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 29.02.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 28.12.2012 Unclassified 31.07.2012 Investment Advisor 31.10.2012 Mutual Fund Manager

Date Not Provided 6 month Not Provided 6 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month

Date 25.02.2013 18.02.2013 07.02.2013 07.02.2013 05.02.2013 30.01.2013 30.01.2013 21.01.2013 17.01.2013 28.12.2012 05.10.2012 30.01.2012 30.01.2012 13.04.2011