Fundamental Equity Analysis & Analyst Recommendations - Australia's S&P ASX 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 Australia's S&P/ASX 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 |

27.02.2013

BHP Billiton Ltd BHP Billiton Limited is an international resources company. The Company's principal business lines are mineral exploration and production, including coal, iron ore, gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum exploration, production, and refining. Dually-listed company with BLT LN.

Price/Volume

30.0 M 25.0 M

20.0 M

25 20

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 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 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BHP AT EQUITY YTD Change BHP AT EQUITY YTD % CHANGE

06/2012 01/yy 39.34 30.09 8'741'304.00 36.69 -6.74% 21.93% 67.68% 3'211.7 182'807.81 28'330.00 0.0 1'215.0 4'781.00 217'850.03

15.0 M

10.0 M

5.0 M

5 0 f-12 m-12

30.06.2009 30.06.2010 50'211.0 52'798.0 2.99x 3.44x 17'311.0 24'106.0 8.67x 7.53x 5'877.0 13'034.0 26.55x 13.95x Profitability

30.06.2011 71'739.0 3.56x 38'030.0 6.71x 23'648.0 10.93x

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

30.06.2012 72'226.0 2.70x 33'421.0 5.84x 15'417.0 11.12x 33'421.00 27'013.00 37.40% 31.87% 7.60% 14.89% 10.48% 0.52% 33.2% 23.2% 21.3% 0.93 0.43 21.91% 43.01% 8.49 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

FY+1 -

3.05 1.19 3'193.77 4.24% -1.11% 1.190 19 3.842 12'325'000 8'111'171 7'972'941 FY+2

06/13 Y 06/14 Y 68'522.1 75'406.9 3.14x 2.82x 29'030.4 34'724.0 7.50x 6.27x 13'408.5 16'808.3 14.60x 12.00x 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

FQ+1

FQ+2

15.11.2010 A+ STABLE 06.02.2008 A-1 44.27 18.79 1.37 1.60 43.0% 29.7% 0.52 0.72 43.13 -

Sales/Revenue/Turnover

20.00

80'000.0

18.00

70'000.0

16.00

60'000.0

14.00 12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 03.07.2009

a-12 m-12

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

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

35.0 M

40 35

Valuation Analysis

30.06.2008 59'473.0 3.93x 27'892.0 8.39x 15'390.0 15.19x

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 |

27.02.2013

BHP Billiton Ltd Holdings By:

All

Holder Name BLACKROCK NORGES BANK VANGUARD GROUP INC AMP LIFE LTD VANGUARD INVESTMENTS AUSTRALIAN FOUNDATIO MACQUARIE GROUP LTD ARGO INVESTMENTS LTD PERPETUAL TRUSTEE CO T ROWE PRICE ASSOCIA FMR LLC QUEENSLAND INVESTMEN NAVIGATOR AUSTRALIA CREDIT SUISSE ASSET CI INVESTMENTS INC INVESCO LTD CI INVESTMENTS INC SCHRODER INVESTMENT DJERRIWARRH INVESTME SJUNDE AP FONDEN

Firm Name Sanford C. Bernstein & Co Commonwealth Bank Deutsche Bank Nomura Morgan Stanley Investec Credit Suisse JPMorgan CIMB RBC Capital Markets HSBC Macquarie Goldman Sachs Barclays EVA Dimensions BMO Capital Markets Wise-owl.com

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

Analyst PAUL GAIT ANDREW HINES PAUL-D YOUNG DAVID RADCLYFFE BRENDAN FITZPATRICK TIM GERRARD PAUL MCTAGGART LYNDON FAGAN PHILLIP CHIPPINDALE DES KILALEA ANDREW KEEN ADRIAN WOOD CRAIG SAINSBURY EPHREM RAVI CRAIG STERLING TONY ROBSON JOSH TERLICH

Source ULT-AGG EXCH MF-AGG 20F MF-AGG 20F ULT-AGG 20F 20F MF-AGG ULT-AGG 20F 20F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG

Recommendation outperform neutral buy buy Overwt/In-Line hold neutral neutral neutral outperform neutral neutral buy/attractive overweight hold outperform long-term buy

Amt Held 156'919'245 63'635'068 57'591'844 28'294'856 17'009'446 13'990'941 10'617'239 8'024'309 7'569'447 7'057'193 6'995'213 6'532'033 5'536'830 5'046'713 5'000'000 4'617'865 4'171'450 4'126'849 2'303'000 2'044'017

% Out 4.89 1.98 1.79 0.88 0.53 0.44 0.33 0.25 0.24 0.22 0.22 0.2 0.17 0.16 0.16 0.14 0.13 0.13 0.07 0.06

Weighting

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

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

Latest Chg 1'165'265 379'792 874'883 (1'110'028) (596'155) 65'063 (930'416) (350'650) (1'011'479) 171'652

Target Price 38 41 43 41 40 37 40 40 37 34 39 39 42 45 #N/A N/A 42 #N/A N/A

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

File Dt Inst Type 25.02.2013 Investment Advisor 05.02.2013 Government 31.12.2012 Investment Advisor 24.08.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 24.08.2012 Investment Advisor 31.12.2012 Investment Advisor 24.08.2012 Investment Advisor 24.08.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 24.08.2012 Investment Advisor 24.08.2012 Corporation 28.12.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 26.02.2013 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor 31.12.2012 Investment Advisor

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

Date 26.02.2013 22.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 14.02.2013 08.02.2013 23.01.2013 16.01.2013 15.01.2013 15.01.2013 23.02.2010 28.11.2008

27.02.2013

Commonwealth Bank of Australia Commonwealth Bank of Australia provides banking, life insurance and related services for individuals, small businesses and medium sized commercial enterprises. The Bank provides corporate and general banking, international financing, institutional banking and stock broking and funds management such as superannuation product.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.02.2013) 52-Week Low (08.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CBA AT EQUITY YTD Change CBA AT EQUITY YTD % CHANGE

06/2012 01/yy 67.74 47.50 2'175'774.00 66.01 -2.55% 38.97% 88.78% 1'609.2 106'222.03 168'660.00 0.0 531.0 30'552.00 -

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

40.0 M

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 f-12 m-12

30.06.2009 30.06.2010 37'721.0 39'647.0 4'723.0 5'664.0 11.85x 13.22x Profitability

30.06.2011 44'286.0 6'394.0 12.72x

30.06.2012 45'481.0 7'090.0 11.83x 49.15% 48.98% 1.00% 17.47% 3.51% 0.06% 34.8% 23.48% 410.95% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

5.47 0.96 1'558.53 41.68% 8.81% 0.957 17 2.353 4'627'061 4'880'606 4'334'893 FY+2

06/13 Y 06/14 Y 21'476.5 22'213.8 7'445.9 7'752.9 14.44x 13.92x S&P Issuer Ratings

FQ+1

FQ+2

01.12.2011 AASTABLE 13.06.1996 A-1+ 411.0% 80.2% 0.06 17.47 -

Sales/Revenue/Turnover

18.00

50'000.0

16.00

45'000.0

14.00

40'000.0 35'000.0

12.00

30'000.0

10.00 8.00

25'000.0 20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 03.07.2009

a-12 m-12

Fiscal Year Ended 30.06.2008 35'969.0 4'791.0 11.07x

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 |

27.02.2013

Commonwealth Bank of Australia Holdings By:

All

Holder Name COMMONWEALTH BANK OF VANGUARD GROUP INC BLACKROCK AMP LIFE LTD VANGUARD INVESTMENTS FMR LLC AUSTRALIAN FOUNDATIO MACQUARIE GROUP LTD FRANKLIN RESOURCES AUSTRALIAN REWARD IN MILTON CORP LTD QUEENSLAND INVESTMEN ARGO INVESTMENTS LTD NAVIGATOR AUSTRALIA CREDIT SUISSE ASSET PERPETUAL TRUSTEE CO QUESTOR FINANCIAL SE SUNCORP CUSTODIAN SE DJERRIWARRH INVESTME SCHRODER INVESTMENT

Firm Name Nomura Evans & Partners Pty Ltd EVA Dimensions Morgan Stanley Macquarie Deutsche Bank Goldman Sachs Credit Suisse JPMorgan CIMB BBY Limited Bell Potter Shaw Stockbroking

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

Analyst VICTOR GERMAN GEORGE GABRIEL AUSTIN BURKETT RICHARD E WILES MICHAEL WIBLIN JAMES FREEMAN BENJAMIN KOO JARROD MARTIN SCOTT MANNING JOHN BUONACCORSI BRETT LE MESURIER T S LIM TIM BUCKLEY

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

Recommendation neutral negative underweight Equalwt/In-Line neutral hold Sell/Neutral underperform underweight underperform buy buy accumulate

Amt Held 41'822'942 27'733'995 18'526'606 13'795'362 9'243'764 8'704'067 8'527'900 3'922'878 3'878'234 3'619'024 3'013'225 2'998'879 2'777'895 2'647'807 2'473'457 2'453'418 2'200'705 1'969'648 1'247'000 1'034'187

% Out 2.6 1.72 1.15 0.86 0.57 0.54 0.53 0.24 0.24 0.22 0.19 0.19 0.17 0.16 0.15 0.15 0.14 0.12 0.08 0.06

Weighting

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

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

Latest Chg 60'280 84'696 895'434 327'234 (423'702) 173'914 2'847'414 70'000 39'522 (30'418)

Target Price 63 #N/A N/A #N/A N/A 61 64 66 52 60 59 57 70 70 #N/A N/A

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

File Dt Inst Type 24.08.2012 Bank 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 03.08.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 03.08.2012 Investment Advisor 31.08.2011 Investment Advisor 31.12.2012 Investment Advisor 05.08.2011 Investment Advisor 03.08.2012 Investment Advisor 03.08.2012 Investment Advisor 03.08.2012 Investment Advisor 03.08.2012 Corporation 28.12.2012 Mutual Fund Manager 05.08.2011 Corporation 03.08.2012 Private Equity 05.08.2011 Holding Company 30.06.2011 Investment Advisor 31.10.2012 Investment Advisor

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

Date 27.02.2013 21.02.2013 18.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 18.01.2010

27.02.2013

Westpac Banking Corp Westpac Banking Corporation offers general and savings banking services. The Company provides investment portfolio management and advice, insurance services, consumer finance, and money market services among other services. Westpac Banking Corp. serves individuals, businesses, and corporations worldwide.

Price/Volume 35

60.0 M

50.0 M

40.0 M

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 20.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WBC AT EQUITY YTD Change WBC AT EQUITY YTD % CHANGE

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

20.0 M

10.0 M

5 0 f-12 m-12

30.09.2009 30.09.2010 35'313.0 39'173.0 3'446.0 6'346.0 20.95x 10.85x Profitability

30.09.2011 42'969.0 6'991.0 8.73x

30.09.2012 42'308.0 5'970.0 12.69x

50.04% 49.41% 0.89% 13.87% 2.61% 0.06% 33.3% 25.87% 394.69% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

5.50 1.14 3'040.12 56.29% 15.98% 1.142 17 3.235 8'523'349 6'573'229 6'004'784 FY+2

09/13 Y 09/14 Y 18'772.0 19'489.5 3.73x 3.54x 6'850.6 7'159.5 13.96x 13.49x S&P Issuer Ratings

FQ+1

FQ+2

01.12.2011 AASTABLE 11.09.1996 A-1+ 394.7% 79.1% 0.06 36.87 -

Sales/Revenue/Turnover

160.00

50'000.0

140.00

45'000.0 40'000.0

120.00

35'000.0

100.00

30'000.0

80.00

25'000.0 20'000.0

60.00

15'000.0

40.00

10'000.0

20.00

5'000.0

0.00 02.10.2009

a-12 m-12

Fiscal Year Ended 30.09.2008 33'007.0 3'859.0 10.43x

30.0 M

09/2012 01/yy 30.72 20.00 3'833'221.00 30.2 -1.69% 51.00% 95.43% 3'103.7 93'732.62 174'646.00 0.0 1'970.0 24'644.00 -

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 |

27.02.2013

Westpac Banking Corp Holdings By:

All

Holder Name NATIONAL AUSTRALIA B WESTPAC BANKING CORP VANGUARD GROUP INC BLACKROCK AUSTRALIAN FOUNDATIO VANGUARD INVESTMENTS CAPITAL GROUP COMPAN ARGO INVESTMENTS LTD MACQUARIE GROUP LTD MASSACHUSETTS FINANC FMR LLC CREDIT SUISSE ASSET SCHRODER INVESTMENT DJERRIWARRH INVESTME SJUNDE AP FONDEN UBS STATE STREET JOHN HANCOCK INVESTM KELLY GAIL PATRICIA NOMURA

Firm Name Nomura Goldman Sachs Deutsche Bank Commonwealth Bank Credit Suisse BBY Limited JPMorgan Macquarie Morgan Stanley CIMB EVA Dimensions Bell Potter Evans & Partners Pty Ltd

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

Analyst VICTOR GERMAN BENJAMIN KOO JAMES FREEMAN ROSS CURRAN JARROD MARTIN BRETT LE MESURIER SCOTT MANNING MICHAEL WIBLIN RICHARD E WILES JOHN BUONACCORSI AUSTIN BURKETT T S LIM GEORGE GABRIEL

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

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

Amt Held 97'603'344 60'312'493 53'653'139 35'260'451 18'476'000 17'867'376 10'176'077 9'146'851 7'390'421 5'656'759 5'105'285 4'712'372 4'493'921 3'194'000 1'993'229 1'920'044 1'808'901 1'613'023 1'589'971 1'533'082

% Out 3.14 1.94 1.73 1.14 0.6 0.58 0.33 0.29 0.24 0.18 0.16 0.15 0.14 0.1 0.06 0.06 0.06 0.05 0.05 0.05

Weighting

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

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

Latest Chg (81'301'352) 4'631'708 123'107 21'804 621'056 211'701 (118'442) (23'933) 47'324 (613'642) 160'498 (97'327) 174'952 (14'600)

Target Price 28 24 29 30 30 30 26 27 27 26 #N/A N/A 27 #N/A N/A

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

File Dt Inst Type 18.05.2012 Bank 22.11.2012 Bank 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 29.06.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor 31.08.2011 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 30.06.2011 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Unclassified 26.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 24.12.2012 n/a 12.09.2012 Unclassified

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

Date 27.02.2013 26.02.2013 25.02.2013 25.02.2013 15.02.2013 11.02.2013 05.02.2013 04.02.2013 21.01.2013 21.01.2013 15.01.2013 05.11.2012 18.08.2011

27.02.2013

Australia & New Zealand Banking Group Ltd Australia and New Zealand Banking Group Limited is an international bank with activities in general banking, mortgage and installment lending, life insurance, leasing, hire purchase and general finance. ANZ also provides international and investment banking, investment and portfolio management and advisory services, nominee and custodian services, stock broking and executor and trustee services.

Price/Volume 35

40.0 M

35.0 M

30.0 M 25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.02.2013) 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 11.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ANZ AT EQUITY YTD Change ANZ AT EQUITY YTD % CHANGE

09/2012 06/yy 28.83 20.26 5'162'468.00 28.28 -1.91% 39.59% 92.18% 2'743.6 77'589.22 118'987.00 871.0 49.0 55'159.00 -

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

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 30.09.2008 36'622.0 3'319.0 11.00x

20.0 M

30.09.2009 30.09.2010 29'836.0 31'324.0 2'943.0 4'501.0 18.62x 13.24x Profitability

LTM-4Q 30.09.2011 35'602.0 5'355.0 9.38x

30.09.2012 35'968.0 5'661.0 11.60x

45.92% 45.58% 0.91% 14.61% 3.66% 0.06% 32.3% 18.53% 295.25% -

Price/ Cash Flow

LTM

06/yy 0.0 #DIV/0! 0.0 0.00x 1'416.8 0.00x

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

FY+1

.0 M f-13

5.13 1.09 2'670.91 36.17% 12.89% 1.091 18 3.278 6'699'784 6'108'037 5'687'383 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 18'113.3 19'046.4 1.13x 0.82x 6'277.9 6'652.9 12.56x 12.03x S&P Issuer Ratings

01.12.2011 AASTABLE 11.09.1996 A-1+ 295.3% 74.3% 0.06 16.97 -

Sales/Revenue/Turnover

25.00

40'000.0 35'000.0

20.00

30'000.0 25'000.0

15.00

20'000.0 10.00

15'000.0 10'000.0

5.00

0.00 02.10.2009

5'000.0 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 |

27.02.2013

Australia & New Zealand Banking Group Ltd Holdings By:

All

Holder Name NATIONAL AUSTRALIA B VANGUARD GROUP INC BLACKROCK FMR LLC AMP LIFE LTD AUSTRALIA & NEW ZEAL ANZEST PTY LTD RANCHLAND HOLDINGS P VANGUARD INVESTMENTS AUSTRALIAN FOUNDATIO BANK OF NEW YORK MEL ARGO INVESTMENTS LTD BLUEKNIGHT CORP PTY PERPETUAL TRUSTEE CO MACQUARIE GROUP LTD T ROWE PRICE ASSOCIA QUEENSLAND INVESTMEN CREDIT SUISSE ASSET SCHRODER INVESTMENT JP MORGAN

Firm Name Nomura Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse JPMorgan Macquarie CIMB BBY Limited Commonwealth Bank Bell Potter EVA Dimensions Evans & Partners Pty Ltd Paterson Securities Shaw Stockbroking

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

Analyst VICTOR GERMAN JAMES FREEMAN RICHARD E WILES BENJAMIN KOO JARROD MARTIN SCOTT MANNING MICHAEL WIBLIN JOHN BUONACCORSI BRETT LE MESURIER ROSS CURRAN T S LIM AUSTIN BURKETT GEORGE GABRIEL TONY FARNHAM TIM BUCKLEY

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

Recommendation neutral buy Underwt/In-Line neutral/neutral outperform neutral outperform neutral buy neutral hold sell negative hold hold

Amt Held 79'043'517 48'960'984 33'382'219 28'623'138 26'021'302 22'272'100 17'899'078 17'051'442 15'749'960 8'187'710 7'992'412 7'902'915 7'000'000 6'936'856 6'637'141 6'287'331 5'787'257 4'273'810 4'251'603 3'584'755

% Out 2.88 1.78 1.22 1.04 0.95 0.81 0.65 0.62 0.57 0.3 0.29 0.29 0.26 0.25 0.24 0.23 0.21 0.16 0.15 0.13

Weighting

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

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

Latest Chg (94'977'033) 202'631 (448'296) (126'641) 240'948 609'075 (114'910) 142'437 1'670 41'568 816'803 (356'616)

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

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

File Dt Inst Type 14.11.2012 Bank 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 12.10.2012 Investment Advisor 14.02.2013 Bank 12.10.2012 Other 31.01.2013 Holding Company 30.09.2012 Mutual Fund Manager 12.10.2012 Investment Advisor 25.02.2013 Investment Advisor 12.10.2012 Investment Advisor 29.01.2013 Unclassified 12.10.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 12.10.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Unclassified

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

Date 27.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.01.2013 26.10.2012 08.11.2011 05.03.2010

27.02.2013

National Australia Bank Ltd National Australia Bank Limited is an international banking group which operates in Australia, New Zealand, Europe, Asia and the United States. The Group offers banking services, credit and access card facilities, leasing, housing and general finance, international and investment banking, wealth and funds management, life insurance and custodian, trustee and nominee services.

Price/Volume 35

40.0 M

35.0 M

30.0 M 25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (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 24.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NAB AT EQUITY YTD Change NAB AT EQUITY YTD % CHANGE

09/2012 06/yy 30.80 21.95 4'582'078.00 30.03 -2.50% 36.81% 90.40% 2'342.3 70'338.06 166'809.00 4'914.0 47.0 66'874.00 -

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

30.09.2009 30.09.2010 35'749.0 34'005.0 2'589.0 4'224.0 24.93x 13.21x Profitability

LTM-4Q 30.09.2011 38'154.0 5'219.0 9.58x

30.09.2012 38'797.0 4'082.0 14.54x

37.22% 35.20% 0.54% 10.08% 1.89% 0.05% 23.3% 21.86% 429.46% -

Price/ Cash Flow

j-12

LTM

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

j-12

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

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

5.99 1.17 2'283.85 37.99% 20.12% 1.165 18 3.944 7'091'610 6'792'626 6'213'740 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 12/12 Q1 03/13 Q2 18'826.5 19'575.4 4'700.0 0.30x 0.15x 5'793.5 6'289.9 1'500.0 12.09x 11.40x S&P Issuer Ratings

01.12.2011 AASTABLE 21.07.1992 A-1+ 429.5% 79.2% 0.05 20.31 -

Sales/Revenue/Turnover

45.00

45'000.0

40.00

40'000.0

35.00

35'000.0

30.00

30'000.0

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 02.10.2009

a-12 m-12

Fiscal Year Ended 30.09.2008 41'424.0 4'536.0 9.23x

20.0 M

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 |

27.02.2013

National Australia Bank Ltd Holdings By:

All

Holder Name NATIONAL AUSTRALIA B VANGUARD GROUP INC BLACKROCK AMP GROUP VANGUARD INVESTMENTS AUSTRALIAN FOUNDATIO QUEENSLAND INVESTMEN MACQUARIE GROUP LTD ARGO INVESTMENTS LTD NAVIGATOR AUSTRALIA EASTSPRING INVESTMEN FMR LLC SCHRODER INVESTMENT CREDIT SUISSE ASSET ALLIANCE BERNSTEIN DIMENSIONAL FUND ADV DJERRIWARRH INVESTME UCA FUNDS MANAGEMENT UBS STATE STREET

Firm Name Nomura BBY Limited Deutsche Bank Morgan Stanley Credit Suisse JPMorgan Macquarie CIMB Commonwealth Bank Bell Potter Evans & Partners Pty Ltd EVA Dimensions Goldman Sachs

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

Analyst VICTOR GERMAN BRETT LE MESURIER JAMES FREEMAN RICHARD E WILES JARROD MARTIN SCOTT MANNING MICHAEL WIBLIN JOHN BUONACCORSI ROSS CURRAN T S LIM GEORGE GABRIEL AUSTIN BURKETT BENJAMIN KOO

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

Recommendation buy buy buy Equalwt/In-Line neutral neutral neutral outperform neutral buy Positive overweight neutral/neutral

Amt Held 50'599'502 39'668'606 27'559'557 17'565'667 13'185'793 9'342'065 7'938'149 6'768'885 5'156'609 5'094'181 4'517'157 3'742'463 3'666'890 3'589'212 3'171'323 2'968'791 1'924'000 1'850'494 1'836'802 1'760'761

% Out 2.16 1.69 1.18 0.75 0.56 0.4 0.34 0.29 0.22 0.22 0.19 0.16 0.16 0.15 0.14 0.13 0.08 0.08 0.08 0.08

Weighting

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

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

Latest Chg (7'148'665) 836'436 13'715 535'152 284'797 (193'175) 59'056 67'687 (76'331) (313) (216'958) -

Target Price 33 30 32 27 29 27 28 31 28 31 #N/A N/A #N/A N/A 26

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

File Dt Inst Type 14.12.2012 Bank 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.10.2012 Other 30.09.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.10.2012 Investment Advisor 31.08.2011 Investment Advisor 31.10.2012 Investment Advisor 19.11.2012 Corporation 14.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2011 Investment Advisor 31.01.2013 Mutual Fund Manager 28.12.2012 Unclassified 26.02.2013 Investment Advisor

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

Date 27.02.2013 11.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 17.01.2013 31.10.2012

27.02.2013

Telstra Corp Ltd Telstra Corporation Limited is a full service domestic and international telecommunications provider for Australia. The Company provides telephone exchange lines to homes and businesses, supplying local, long distance and international telephone calls and supplying mobile telecommunications services. Telstra also provides data, internet, on-line services and directory services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (20.03.2012) 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 TLS AT EQUITY YTD Change TLS AT EQUITY YTD % CHANGE

06/2012 01/yy 4.69 3.18 18'776'264.00 4.61 -1.71% 44.97% 93.38% 12'443.1 57'362.57 15'264.00 0.0 209.0 3'945.00 69'492.57

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

300.0 M 250.0 M 200.0 M 150.0 M 100.0 M 50.0 M

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 30.06.2008 24'657.0 2.73x 10'299.0 6.54x 3'692.0 14.18x

5 5 4 4 3 3 2 2 1 1 0 f-12 m-12

30.06.2009 30.06.2010 25'371.0 24'813.0 2.30x 2.16x 10'744.0 10'913.0 5.43x 4.92x 4'073.0 3'883.0 10.30x 10.35x Profitability

30.06.2011 24'983.0 1.91x 10'555.0 4.52x 3'231.0 11.07x

30.06.2012 25'232.0 2.28x 10'216.0 5.62x 3'405.0 13.42x 10'216.00 5'804.00 23.00% 19.55% 9.22% 30.69% 16.06% 0.66% 75.5% 40.7% 23.5% 13.5% 0.93 0.67 38.62% 132.96% 5.48 15.33

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

6.07 0.52 12'219.63 52.66% 8.72% 0.518 16 3.000 44'585'150 44'471'940 35'740'540 FY+2

06/13 Y 06/14 Y 25'536.3 25'859.5 2.76x 2.71x 10'610.5 10'749.3 6.55x 6.46x 3'758.2 3'825.4 15.26x 14.97x S&P Issuer Ratings

FQ+1

FQ+2

14.02.2006 A STABLE 14.02.2006 A-1 9.02 6.37 1.15 1.40 133.0% 56.6% 0.66 1.22 66.75 23.88 220.70 -2.98

Sales/Revenue/Turnover

8.00

30'000.0

7.00

25'000.0

6.00

20'000.0

5.00 4.00

15'000.0

3.00

10'000.0

2.00

5'000.0 1.00 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 |

27.02.2013

Telstra Corp Ltd Holdings By:

All

Holder Name CAPITAL GROUP COMPAN AMP LIFE LTD FMR LLC VANGUARD INVESTMENTS VANGUARD GROUP INC BANK OF NEW YORK MEL BLACKROCK THORNBURG INVESTMENT FRANKLIN RESOURCES AUSTRALIAN FOUNDATIO WILLIAM BLAIR & COMP MACQUARIE GROUP LTD CI INVESTMENTS INC TELSTRA GROWTHSHARE ARGO INVESTMENTS LTD EASTSPRING INVESTMEN SCHRODER INVESTMENT QUESTOR FINANCIAL SE QUEENSLAND INVESTMEN INVESCO LTD

Firm Name Nomura Macquarie CIMB Morgan Stanley Credit Suisse JPMorgan HSBC BBY Limited Commonwealth Bank Deutsche Bank Goldman Sachs EVA Dimensions Evans & Partners Pty Ltd

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

Analyst DANIEL BLAIR ANDREW LEVY FRASER MCLEISH MARK GOODRIDGE BRADLEY CLIBBORN PAUL BRUNKER NEALE ANDERSON MARK MCDONNELL ALICE BENNETT VIKAS GOUR RAYMOND TONG ANDREW S ZAMFOTIS TONY WILSON

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

Recommendation neutral neutral underperform Equalwt/In-Line neutral neutral neutral buy underweight hold neutral/neutral buy neutral

Amt Held 141'796'500 115'005'150 77'777'789 77'650'846 76'135'821 75'137'400 72'305'999 70'094'263 68'594'956 53'695'000 45'817'154 34'570'271 29'495'484 29'272'227 29'204'800 26'102'389 26'017'431 25'665'758 25'479'545 25'005'756

% Out 1.14 0.92 0.63 0.62 0.61 0.6 0.58 0.56 0.55 0.43 0.37 0.28 0.24 0.24 0.23 0.21 0.21 0.21 0.2 0.2

Weighting

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

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

Latest Chg (7'688'500) (19'970'223) 3'160'627 950'848 10'827'905 (976'828) 270 (366'418) 13'272'436 56'900 6'680'452 2'530'823 11'540'168

Target Price 4 4 4 4 5 4 5 5 4 4 4 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 06.08.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 06.08.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 06.08.2012 n/a 06.08.2012 Investment Advisor 14.09.2012 Investment Advisor 31.12.2012 Investment Advisor 06.08.2012 Private Equity 06.08.2012 Investment Advisor 26.02.2013 Investment Advisor

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

Date 27.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 31.01.2013 30.01.2013 15.01.2013 07.10.2010

27.02.2013

Wesfarmers Ltd Wesfarmers Ltd. owns retail chains, operates mines, writes insurance, manufactures and distributes industrial products, manufactures fertilizers and chemicals, and distributes liquefied petroleum gas and medical and industrial gases.

Price/Volume 45

14.0 M

12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (12.03.2012) 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 WES AT EQUITY YTD Change WES AT EQUITY YTD % CHANGE

06/2012 01/yy 40.78 28.25 1'770'391.00 40.52 -0.64% 43.43% 95.58% 1'006.7 46'947.19 5'502.00 0.0 0.0 2'817.00 49'783.19

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

8.0 M

6.0 M

4.0 M

2.0 M

5 0 f-12 m-12

30.06.2009 30.06.2010 50'641.0 51'485.0 0.51x 0.70x 3'854.0 3'474.0 6.70x 10.30x 1'535.0 1'565.0 14.16x 21.11x Profitability

30.06.2011 54'513.0 0.72x 3'793.0 10.36x 1'922.0 19.11x

30.06.2012 57'685.0 0.65x 4'427.0 8.42x 2'126.0 16.23x 4'427.00 3'432.00 5.95% 5.28% 5.21% 8.71% 7.98% 1.37% 7.5% 5.7% 3.7% 1.02 0.42 13.00% 21.47% 27.23 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

4.24 0.87 1'003.09 45.85% 12.11% 0.874 15 3.267 2'890'703 2'588'618 2'192'192 FY+2

06/13 Y 06/14 Y 59'651.9 62'896.0 0.87x 0.82x 4'798.7 5'222.5 10.37x 9.53x 2'321.6 2'587.4 20.23x 18.19x S&P Issuer Ratings

FQ+1

FQ+2

10.03.2011 ASTABLE 07.11.2007 A-2 10.59 4.31 0.65 1.33 21.5% 17.7% 1.37 6.13 13.44 -

Sales/Revenue/Turnover

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 03.07.2009

a-12 m-12

Fiscal Year Ended 30.06.2008 33'301.0 1.36x 2'714.0 16.73x 1'063.0 21.41x

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 |

27.02.2013

Wesfarmers Ltd Holdings By:

All

Holder Name CAPITAL GROUP COMPAN VANGUARD GROUP INC BLACKROCK VANGUARD INVESTMENTS COMMONWEALTH BANK OF ARGO INVESTMENTS LTD DIMENSIONAL FUND ADV BANK OF NEW YORK MEL AMP LIFE LTD FMR LLC MACQUARIE GROUP LTD CREDIT SUISSE ASSET AUSTRALIAN FOUNDATIO UNION INVESTMENT GMB GOYDER RICHARD J B AMERIPRISE FINANCIAL SKANDIA GLOBAL FUNDS GRAHAM JAMES PHILIP CREDIT SUISSE SECURI HEXAVEST INC

Firm Name JPMorgan Macquarie Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse CIMB Commonwealth Bank Nomura EVA Dimensions Evans & Partners Pty Ltd

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a HEXAVEST INC

Analyst SHAUN COUSINS GREG DRING MICHAEL SIMOTAS THOMAS KIERATH PHILLIP KIMBER GRANT SALIGARI DANIEL BROEREN ANDREW MCLENNAN DAVID COOKE AUSTIN BURKETT TONY WILSON

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

Recommendation underweight neutral hold Overwt/In-Line Buy/Neutral underperform neutral overweight neutral hold neutral

Amt Held 29'318'462 17'502'200 11'856'512 6'960'351 4'932'575 4'493'419 4'345'772 3'472'112 2'782'042 2'474'639 2'441'551 1'547'258 1'400'120 1'090'800 1'043'229 919'730 864'908 807'317 760'000 721'882

% Out 2.91 1.74 1.18 0.69 0.49 0.45 0.43 0.34 0.28 0.25 0.24 0.15 0.14 0.11 0.1 0.09 0.09 0.08 0.08 0.07

Weighting

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

M M M M M M M M M M D

Latest Chg (1'000'000) 122'494 7'586 229'361 (504'754) (418'230) 20'670 15'108 (13'300) 19'833 61'553 (228'998) (150'395) 67'814

Target Price 36 36 38 42 44 36 35 40 38 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 30.09.2012 Mutual Fund Manager 31.10.2012 Bank 30.06.2011 Investment Advisor 31.07.2012 Investment Advisor 25.02.2013 Investment Advisor 18.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.08.2011 Investment Advisor 28.12.2012 Mutual Fund Manager 18.09.2012 Investment Advisor 28.09.2012 Investment Advisor 19.12.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 15.11.2011 n/a 18.09.2012 Unclassified 31.12.2012 Investment Advisor

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

Date 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 17.01.2013 17.08.2012

27.02.2013

Woolworths Ltd Woolworths Limited operates supermarkets, specialty and discount department stores, liquor and electronics stores throughout Australia. Woolworths also manufactures processed foods, exports and wholesales food and offers petrol retailing. The Company also operates hotels which includes pubs, food, accommodation, and gaming operations.

Price/Volume 40

8.0 M

25 20

06/2012 01/yy 35.08 24.53 3'101'282.00 34.01 -3.05% 38.66% 89.20% 1'242.7 42'264.00 4'749.70 0.0 258.1 833.40 46'438.40

6.0 M

4.0 M

10 2.0 M

5 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (20.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WOW AT EQUITY YTD Change WOW AT EQUITY YTD % CHANGE

30.06.2008 47'034.8 0.68x 3'108.0 10.25x 1'626.8 18.13x

12.0 M

30.06.2009 30.06.2010 49'594.8 51'694.3 0.70x 0.71x 3'517.5 3'845.7 9.88x 9.54x 1'835.7 2'020.8 17.49x 16.71x Profitability

30.06.2011 52'609.1 0.70x 4'071.1 9.00x 2'124.0 15.73x

30.06.2012 55'129.8 0.66x 4'345.8 8.42x 1'816.7 14.77x 4'345.80 3'449.90 6.26% 5.57% 8.57% 23.02% 15.79% 2.60% 26.0% 7.9% 6.3% 3.3% 0.86 0.16 22.01% 58.01% 265.94 10.97

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

3.70 0.59 1'235.91 43.86% 15.96% 0.594 15 2.867 3'030'151 2'362'212 2'331'227 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/12 Q3 06/12 Q4 58'940.5 61'166.2 - 12'685.5 0.79x 0.76x 4'554.8 4'796.0 10.20x 9.68x 2'339.8 2'468.2 17.93x 17.02x S&P Issuer Ratings

27.05.2005 ASTABLE 27.05.2005 A-2 10.65 5.42 0.90 1.09 58.0% 36.0% 2.60 6.06 1.37 33.17 36.38 -1.84

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00 8.00

30'000.0

6.00

20'000.0

4.00

10'000.0 2.00 0.00 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 |

27.02.2013

Woolworths Ltd Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK ABERDEEN AMP LIFE LTD VANGUARD INVESTMENTS AUSTRALIAN FOUNDATIO ARGO INVESTMENTS LTD CAPITAL GROUP COMPAN SCHRODER INVESTMENT PERPETUAL TRUSTEE CO NAVIGATOR AUSTRALIA MACQUARIE GROUP LTD MILTON CORP LTD QUESTOR FINANCIAL SE QIC LTD FMR LLC CREDIT SUISSE ASSET BANK OF NEW YORK MEL EASTSPRING INVESTMEN UMB BANK N A

Firm Name Credit Suisse Nomura JPMorgan Deutsche Bank Morgan Stanley Goldman Sachs CIMB Commonwealth Bank EVA Dimensions Erste Bank Macquarie Evans & Partners Pty Ltd

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

Analyst GRANT SALIGARI DAVID COOKE SHAUN COUSINS MICHAEL SIMOTAS THOMAS KIERATH PHILLIP KIMBER DANIEL BROEREN ANDREW MCLENNAN AUSTIN BURKETT STEPHAN LINGNAU GREG DRING TONY WILSON

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

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

Amt Held 21'525'596 13'350'066 10'352'834 8'962'090 6'540'863 6'213'729 4'083'026 3'350'626 3'240'221 2'945'888 2'883'628 2'692'463 2'586'473 2'541'091 2'502'013 2'421'818 1'883'985 1'779'902 1'556'768 1'529'182

% Out 1.73 1.07 0.83 0.72 0.53 0.5 0.33 0.27 0.26 0.24 0.23 0.22 0.21 0.2 0.2 0.19 0.15 0.14 0.13 0.12

Weighting

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

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

Latest Chg (2'787'464) 9'725 146'478 184'307 (258'028) (81'300) 86'348 18'975 (456) 67'965

Target Price 25 36 32 34 26 28 30 30 #N/A N/A #N/A N/A 33 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.01.2013 Unclassified 18.09.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 18.09.2012 Investment Advisor 18.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 18.09.2012 Corporation 18.09.2012 Corporation 31.12.2012 Investment Advisor 18.09.2012 Investment Advisor 18.09.2012 Private Equity 18.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 14.09.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 06.02.2013 06.02.2013 04.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 17.01.2013 16.12.2012 04.10.2012 23.08.2010

27.02.2013

CSL Ltd CSL Limited develops, manufactures and markets human pharmaceutical and diagnostic products derived from human plasma. The Company's products include pediatric and adult vaccines, infection and pain medicine, skin disorder remedies, antivenoms, anticoagulants and immunoglobulins.

Price/Volume 70

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 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 12.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CSL AT EQUITY YTD Change CSL AT EQUITY YTD % CHANGE

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

2.0 M

1.0 M

10 0 f-12

m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 30.06.2008 3'187.8 5.60x 983.1 18.14x 629.0 27.98x

3.0 M

06/2012 01/yy 59.25 32.12 1'155'289.00 58.85 -0.68% 83.22% 96.78% 498.2 29'319.03 1'301.48 0.0 0.0 1'184.09 30'235.46

30.06.2009 30.06.2010 3'454.8 3'931.2 3.78x 3.90x 1'100.0 1'408.2 11.86x 10.88x 856.5 928.9 16.70x 17.54x Profitability

30.06.2011 4'145.7 4.12x 1'414.6 12.09x 931.2 19.00x

30.06.2012 4'575.4 4.53x 1'519.0 13.66x 1'014.1 20.83x 1'519.01 1'342.01 29.33% 27.45% 19.36% 31.65% 24.50% 0.81% 48.3% 35.5% 31.5% 22.2% 3.62 1.95 21.85% 37.09% 5.63 1.56

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

1.64 0.78 493.75 85.40% 9.18% 0.781 15 3.667 1'556'692 1'476'626 1'468'727 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 5'114.6 5'579.6 5.94x 5.42x 1'745.7 1'920.8 17.32x 15.74x 1'247.0 1'384.8 24.13x 21.13x S&P Issuer Ratings

37.64 30.04 0.22 0.67 37.1% 27.1% 0.81 3.34 64.96 233.99 71.75 252.95

Sales/Revenue/Turnover

30.00

5'000.0 4'500.0

25.00

4'000.0 3'500.0

20.00

3'000.0

15.00

2'500.0 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 |

27.02.2013

CSL Ltd Holdings By:

All

Holder Name BLACKROCK COMMONWEALTH BANK OF CAPITAL GROUP COMPAN FMR LLC VANGUARD GROUP INC AMP LIFE LTD VANGUARD INVESTMENTS UMB BANK N A OPPENHEIMERFUNDS INC WILLIAM BLAIR & COMP INVESCO LTD MATTHEWS INTERNATION T ROWE PRICE ASSOCIA SCHRODER INVESTMENT BANK OF NEW YORK MEL ARGO INVESTMENTS LTD MACQUARIE GROUP LTD SARASIN QUEENSLAND INVESTMEN NAVIGATOR AUSTRALIA

Firm Name Wilson HTM Investment Group Nomura Macquarie CIMB Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse JPMorgan Commonwealth Bank Bell Potter EVA Dimensions

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

Analyst SHANE STOREY DAVID STANTON CRAIG COLLIE DEREK JELLINEK DAVID A LOW SEAN LAAMAN IAN ABBOTT SAUL HADASSIN STEVEN D WHEEN BRUCE DU STUART ROBERTS ANDREW S ZAMFOTIS

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

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

Amt Held 31'003'196 27'559'359 12'888'329 10'141'648 8'855'331 4'653'879 2'681'385 2'164'323 2'026'300 1'963'957 1'907'069 1'895'577 1'876'468 1'621'732 1'365'238 1'179'752 1'155'008 1'082'381 1'047'450 928'139

% Out 6.22 5.53 2.59 2.04 1.78 0.93 0.54 0.43 0.41 0.39 0.38 0.38 0.38 0.33 0.27 0.24 0.23 0.22 0.21 0.19

Weighting

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

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

Latest Chg (2'201'811) (2'129'000) (366'217) 58'180 29'192 96'194 (295'400) 1'963'957 (44'406) (135'855) (524'848) (374) 281'998 10'791 -

Target Price 56 65 64 49 53 49 55 61 56 56 65 #N/A N/A

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

File Dt Inst Type 25.02.2013 Investment Advisor 30.06.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 05.02.2013 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 25.02.2013 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Unclassified 05.02.2013 Investment Advisor 30.06.2012 Corporation

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

Date 21.02.2013 15.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 15.01.2013

27.02.2013

Rio Tinto Ltd Rio Tinto Limited is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Dually-listed company with RIO LN.

Price/Volume 80

12.0 M

10.0 M

60 8.0 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (30.08.2012) 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 RIO AT EQUITY YTD Change RIO AT EQUITY YTD % CHANGE

12/2012 03/yy 72.30 48.37 2'923'754.00 66.01 -8.70% 36.47% 71.88% 435.8 101'517.59 26'819.00 0.0 11'156.0 7'615.00 133'765.82

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

4.0 M

20 2.0 M

10 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 54'264.0 1.28x 18'964.0 3.67x 3'676.0 7.63x

6.0 M

31.12.2009 31.12.2010 41'825.0 55'171.0 3.46x 3.33x 10'920.0 22'458.0 13.25x 8.18x 4'872.0 14'238.0 22.29x 11.96x Profitability

LTM-4Q 31.12.2011 60'537.0 2.22x 26'304.0 5.11x 5'826.0 20.37x

31.12.2012 50'967.0 3.08x 15'902.0 9.87x (2'990.0) 15'902.00 11'461.00 22.49% -5.04% -2.52% -6.02% 5.71% 0.43% 30.4% 21.7% -5.9% 1.46 0.94 22.81% 57.23% 11.32 -

Price/ Cash Flow

LTM

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

03/yy 9'191.0 0.00x 0.0 0.00x 1'604.0 0.00x

FY+1

.0 M f-13

2.48 1.29 435.51 0.39% 0.00% 1.293 17 4.294 4'777'675 2'923'304 2'720'502 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 58'856.0 62'661.4 2.27x 2.09x 22'112.5 24'211.3 6.05x 5.53x 11'217.1 12'317.4 11.07x 9.85x S&P Issuer Ratings

18.04.2011 ANEG 08.07.2009 A-2 22.98 -2.25 1.24 1.73 57.2% 31.6% 0.43 0.73 32.33 -

Sales/Revenue/Turnover

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.02.2013

Rio Tinto Ltd Holdings By:

All

Holder Name BLACKROCK NATIONAL AUSTRALIA B VANGUARD GROUP INC AUSTRALIAN FOUNDATIO ARGO INVESTMENTS LTD VANGUARD INVESTMENTS MACQUARIE GROUP LTD FMR LLC MASSACHUSETTS FINANC SCHRODER INVESTMENT T ROWE PRICE ASSOCIA JP MORGAN CREDIT SUISSE ASSET INVESCO LTD PRINCIPAL FINANCIAL COMMONWEALTH BANK OF NATIXIS INTERNATIONA DEUTSCHE BANK AG PRUDENTIAL FINANCIAL ROYAL BANK OF CANADA

Firm Name Nomura Credit Suisse Commonwealth Bank Deutsche Bank Morgan Stanley Investec JPMorgan CIMB Macquarie HSBC RBC Capital Markets Goldman Sachs EVA Dimensions

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

Analyst DAVID RADCLYFFE PAUL MCTAGGART ANDREW HINES PAUL-D YOUNG BRENDAN FITZPATRICK TIM GERRARD LYNDON FAGAN PHILLIP CHIPPINDALE ADRIAN WOOD ANDREW KEEN DES KILALEA CRAIG SAINSBURY CRAIG STERLING

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

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

Amt Held 28'934'168 20'955'192 7'592'958 3'605'000 2'393'539 2'307'271 1'617'963 1'311'292 1'062'005 1'030'553 915'029 748'053 697'809 672'840 584'735 464'685 442'091 415'431 400'826 395'400

% Out 6.64 4.81 1.74 0.83 0.55 0.53 0.37 0.3 0.24 0.24 0.21 0.17 0.16 0.15 0.13 0.11 0.1 0.1 0.09 0.09

Weighting

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

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

Latest Chg (1'114'122) (1'354'766) 93'629 49'901 (264'542) (394'422) 11'751 325'958 (8'260) (10'341) 6'251 (115'591) (21) 27'067 (14'540) (199) (5'720) 21'000

Target Price 80 75 83 88 70 74 79 81 75 78 #N/A N/A 70 #N/A N/A

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

File Dt Inst Type 25.02.2013 Investment Advisor 25.06.2012 Bank 31.12.2012 Investment Advisor 29.06.2012 Investment Advisor 30.06.2011 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 28.12.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.10.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Bank

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

Date 27.02.2013 19.02.2013 18.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 12.02.2013 08.02.2013 07.02.2013 16.01.2013 15.01.2013

27.02.2013

Westfield Group Westfield Group is a property trust that invests in, leases and manages over retail shopping centers in Australia, New Zealand, the United States and the United Kingdom. The Group's operations also include funds and asset management and property development and construction.

Price/Volume 12

25.0 M

20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (06.02.2013) 52-Week Low (27.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WDC AT EQUITY YTD Change WDC AT EQUITY YTD % CHANGE

12/2012 01/yy 11.40 8.57 7'640'312.00 11.14 -2.28% 29.99% 88.69% 2'228.4 24'824.41 11'177.60 0.0 434.8 1'099.20 35'337.61

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

31.12.2009 31.12.2010 4'123.0 3'625.6 10.91x 9.89x 2'432.1 2'284.1 18.50x 15.70x (457.8) 1'114.0 19.80x Profitability

31.12.2011 4'006.0 7.98x 1'356.8 23.55x 1'452.9 12.38x

31.12.2012 2'277.8 14.92x 1'239.2 27.42x 1'718.1 13.93x 1'239.20 1'239.20 30.56% 86.44% 4.83% 11.15% 6.24% 0.06% 54.4% 75.4% 32.80% 72.92% -

Price/ Cash Flow

5.0 M

2 0 f-12 m-12

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

FY+1 -

.0 M f-13

4.44 0.63 1'936.08 35.85% 7.86% 0.628 15 3.400 5'512'295 5'720'011 5'442'616 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/12 Q1 06/12 Q2 3'221.5 3'385.5 11.21x 10.91x 1'962.9 2'058.1 18.00x 17.17x 1'435.0 1'513.0 16.55x 15.62x S&P Issuer Ratings

07.12.2010 ASTABLE 04.02.2005 A-2 2.04 0.02 8.13 9.02 72.9% 41.5% 0.06 -

Sales/Revenue/Turnover

18.00

5'000.0

16.00

4'500.0

14.00

4'000.0 3'500.0

12.00

3'000.0

10.00 8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

10.0 M

Fiscal Year Ended 31.12.2008 4'351.2 10.63x 2'231.1 20.73x (2'196.6) -

15.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.02.2013

Westfield Group Holdings By:

All

Holder Name BLACKROCK WESTFIELD C FUND PTY VANGUARD INVESTMENTS AMP LTD CAPITAL GROUP COMPAN VANGUARD GROUP INC LASALLE INVESTMENT M MACQUARIE GROUP LTD MORGAN STANLEY FMR LLC COHEN & STEERS CAPIT STATE STREET ING INVESTMENT MANAG ABN AMRO ASSET MGMT CBRE CLARION SECURIT DIAM CI INVESTMENTS INC NIKKO ASSET MANAGEME NOMURA PRINCIPAL FINANCIAL

Firm Name Morgan Stanley Commonwealth Bank Macquarie JPMorgan Credit Suisse EVA Dimensions Evercore Partners Moelis & Company Deutsche Bank Goldman Sachs

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

Analyst LOURENS PIRENC DAVID LLOYD PAUL CHECCHIN ROB STANTON STEPHEN RICH AUSTIN BURKETT BENJAMIN YANG SIMON SCOTT IAN RANDALL SIMON WHEATLEY

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

Recommendation Overwt/In-Line overweight underperform neutral neutral sell equalweight buy buy Sell/Neutral

Amt Held 187'919'260 179'598'386 140'169'212 110'310'826 82'830'563 36'593'014 29'652'238 28'400'269 26'303'663 26'057'631 25'481'438 22'410'960 17'002'787 16'383'012 11'302'243 9'091'048 9'021'211 8'383'112 6'879'241 6'617'924

% Out 8.43 8.06 6.29 4.95 3.72 1.64 1.33 1.27 1.18 1.17 1.14 1.01 0.76 0.74 0.51 0.41 0.4 0.38 0.31 0.3

Weighting

Change 5 5 1 3 3 1 3 5 5 1

M M M M M M M M M M

Latest Chg 165'203 (2'427'517) (537'775) 607'722 (955'076) 3'408'378 27'497 2'122'934 (3'971'911) (402'217) (1'400'622) 958'800 (12'000) (3'141'640) (2'443'981) (712'430) (583'922)

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

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

File Dt Inst Type 25.02.2013 Investment Advisor 14.03.2012 Unclassified 31.12.2011 Mutual Fund Manager 18.09.2012 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 21.08.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 17.07.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Unclassified 30.06.2012 Investment Advisor 01.02.2013 Unclassified 06.09.2012 Unclassified 31.01.2013 Investment Advisor

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

Date 27.02.2013 26.02.2013 19.02.2013 05.02.2013 16.01.2013 15.01.2013 09.01.2013 06.11.2012 31.10.2012 15.08.2012

27.02.2013

Woodside Petroleum Ltd Woodside Petroleum Limited explores for and produces oil and gas from offshore and onshore facilities located in Western Australia and Northern Territory. The Company operates numerous oil and gas fields and pipelines throughout Australia, United States and Mauritania and its products include liquefied natural gas, domestic gas, condensate, crude oil and liquefied petroleum gas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WPL AT EQUITY YTD Change WPL AT EQUITY YTD % CHANGE

12/2012 01/yy 39.21 30.09 3'388'626.00 36.2 -7.68% 20.31% 68.53% 823.9 29'825.57 4'340.00 0.0 679.0 2'422.00 32'977.32

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 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 5'103.3 4.75x 3'818.5 6.35x 1'521.6 14.06x

31.12.2009 31.12.2010 3'487.0 4'193.0 10.26x 9.20x 2'482.0 2'887.0 14.42x 13.37x 1'474.0 1'575.0 20.18x 21.34x Profitability

31.12.2011 4'802.0 6.44x 2'755.0 11.23x 1'507.0 16.53x

31.12.2012 6'348.0 4.97x 4'323.0 7.30x 2'983.0 9.61x 4'323.00 3'106.00 48.93% 57.62% 12.42% 21.46% 0.26% 58.8% 68.1% 48.9% 47.0% 1.39 1.21 17.49% 28.65% 16.11 12.01

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

3.53 1.10 633.52 0.87% 8.67% 1.101 15 3.533 5'521'386 2'494'135 2'061'580 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 6'360.1 6'979.5 5.15x 4.50x 4'424.5 5'008.8 7.45x 6.58x 2'043.2 2'318.8 15.07x 13.11x S&P Issuer Ratings

03.12.2010 BBB+ STABLE 25.04.2001 NR 166.27 92.65 0.44 1.00 28.7% 21.5% 0.26 0.30 22.72 30.48 41.97 11.22

Sales/Revenue/Turnover

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 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 |

27.02.2013

Woodside Petroleum Ltd Holdings By:

All

Holder Name SHELL ENERGY HOLDING VANGUARD GROUP INC BLACKROCK DEUTSCHE BANK AG BANK OF NEW YORK MEL ONTARIO TEACHERS PEN VANGUARD INVESTMENTS FRANKLIN RESOURCES AUSTRALIAN FOUNDATIO CAPITAL GROUP COMPAN FMR LLC STATE FARM MUTUAL AU ARGO INVESTMENTS LTD MACQUARIE GROUP LTD CREDIT SUISSE ASSET MELLON GLOBAL MANAGE DJERRIWARRH INVESTME INVESCO LTD DWS INVESTMENT SA SCHRODER INVESTMENT

Firm Name EVA Dimensions Sanford C. Bernstein & Co Macquarie Deutsche Bank Morgan Stanley Goldman Sachs RBC Capital Markets Credit Suisse JPMorgan Commonwealth Bank Bell Potter Nomura Hartleys Intersuisse Ltd

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a STATE FARM MUTUAL AU Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING NEIL BEVERIDGE ADRIAN WOOD JOHN HIRJEE STUART BAKER MARK WISEMAN ANDREW WILLIAMS PAUL MCTAGGART BENJAMIN X. WILSON LUKE SMITH JOHAN HEDSTROM RICHARD J JOHNSON DAVID WALL NICK WIRUBOV

Source EXCH MF-AGG ULT-AGG MF-AGG MF-AGG Research MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG Sch-D MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy outperform underperform buy Equalwt/Attractive neutral/neutral sector perform neutral overweight underweight buy suspended coverage buy buy

Amt Held 190'119'364 14'265'568 7'167'487 5'709'250 5'055'486 3'400'000 3'323'100 3'230'216 3'121'000 2'878'844 2'759'580 2'580'656 1'700'873 1'625'502 1'069'841 963'300 948'000 870'545 632'446 596'332

% Out 23.08 1.73 0.87 0.69 0.61 0.41 0.4 0.39 0.38 0.35 0.33 0.31 0.21 0.2 0.13 0.12 0.12 0.11 0.08 0.07

Weighting

Change

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

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

Latest Chg (123'785) 6'083 (1'531) 94'000 117'359 3'000'000 (574'628) 51'027 624'441 9'438 113'300 4'596 1'871 (16'269)

Target Price #N/A N/A 42 40 41 42 41 40 39 45 39 43 #N/A N/A 55 51

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

File Dt 04.04.2012 31.12.2012 25.02.2013 31.12.2012 25.02.2013 31.12.2011 30.09.2012 31.10.2012 29.06.2012 31.12.2012 31.12.2012 30.09.2012 30.06.2011 31.08.2011 28.12.2012 31.12.2012 30.06.2011 26.02.2013 28.12.2012 31.10.2012

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor

Date 26.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 03.12.2012 29.04.2012 23.03.2012 10.11.2010

27.02.2013

Newcrest Mining Ltd Newcrest Mining Limited is a gold mining, exploration and production company. The Company's exploration projects include Telfer and Boddington which are located in Western Australia. The Company also is developing and exploring at the Cadia Hill and Ridgeway projects in New South Wales and the Gosowong project in Indonesia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NCM AT EQUITY YTD Change NCM AT EQUITY YTD % CHANGE

06/2012 06/yy 33.98 20.89 3'832'946.00 22.58 -33.55% 8.09% 9.47% 765.9 17'294.18 2'408.00 0.0 119.0 242.00 20'546.18

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

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 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 30.06.2008 2'363.1 5.76x 1'041.4 13.06x 134.3 94.52x

30.06.2009 30.06.2010 2'530.8 2'802.0 5.88x 6.00x 1'032.6 1'432.0 14.40x 11.74x 248.1 557.0 57.57x 30.47x Profitability

LTM-4Q 30.06.2011 4'102.0 7.20x 2'069.0 14.28x 908.0 29.83x

30.06.2012 4'416.0 4.43x 2'150.0 9.10x 1'117.0 15.49x 2'150.00 1'589.00 35.98% 35.71% 3.86% 5.24% 4.92% 0.19% 41.0% 44.2% 29.9% 25.3% 0.73 0.15 11.74% 16.08% 15.12 3.25

Price/ Cash Flow

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

LTM 06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

1.55 0.96 757.59 -31.79% 1.80% 0.963 17 3.647 5'360'506 3'990'749 3'722'064 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/12 Q1 12/12 Q2 4'078.3 5'318.1 1'101.0 1'101.0 5.02x 3.80x 17.69x 17.69x 1'978.3 2'895.6 545.0 545.0 10.39x 7.10x 871.3 1'382.3 250.0 250.0 19.69x 12.52x 13.85x 12.27x S&P Issuer Ratings

19.10.2011 BBB+ NEG 37.07 26.83 1.81 1.87 16.1% 13.8% 0.19 0.30 24.20 112.75 59.13 91.53

Sales/Revenue/Turnover

25.00

5'000.0 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 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 |

27.02.2013

Newcrest Mining Ltd Holdings By:

All

Holder Name BLACKROCK COMMONWEALTH BANK OF FMR LLC FIRST EAGLE INVESTME VANGUARD GROUP INC BANK OF NEW YORK MEL FRANKLIN RESOURCES AMP LIFE LTD SCHRODER INVESTMENT RUFFER LLP VANGUARD INVESTMENTS UNITED SERVICES AUTO OPPENHEIMERFUNDS INC WELLS FARGO FUNDS MA MACQUARIE GROUP LTD GAMCO NEW JERSEY DIVISION MASSACHUSETTS FINANC MELLON GLOBAL MANAGE TROY ASSET MANAGEMEN

Firm Name Nomura Goldman Sachs BMO Capital Markets Deutsche Bank Morgan Stanley RBC Capital Markets Credit Suisse JPMorgan Macquarie Commonwealth Bank CIMB EVA Dimensions DJ Carmichael Pty Ltd Evans & Partners Pty Ltd

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

Analyst DAVID COTTERELL IAN PRESTON DAVID HAUGHTON BRETT MCKAY BRENDAN FITZPATRICK GEOFF BREEN MICHAEL SLIFIRSKI JOSEPH KIM MITCH RYAN ANDREW KNUCKEY JAMES STEWART CRAIG STERLING PAUL ADAMS CATHY MOISES

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

Recommendation buy neutral/attractive outperform hold Overwt/Attractive outperform outperform neutral outperform neutral outperform sell not rated negative

Amt Held 133'116'804 60'396'213 39'279'839 25'078'635 16'929'851 16'908'632 7'910'782 6'121'417 5'722'469 4'656'589 4'044'326 3'979'189 3'567'826 2'961'552 2'829'427 2'509'504 2'250'000 2'245'493 2'201'893 2'095'000

% Out 17.38 7.89 5.13 3.27 2.21 2.21 1.03 0.8 0.75 0.61 0.53 0.52 0.47 0.39 0.37 0.33 0.29 0.29 0.29 0.27

Weighting

Change

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

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

Latest Chg (1'276'099) 8'223'213 (8'644'020) 749'362 179'189 209'603 (165'400) 2'406'041 90'648 (101'011) (40'000) (90'306) (16'600) 750'000 37'339 54'959 -

Target Price 35 23 32 25 31 30 29 27 30 27 28 #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 25.02.2013 29.01.2013 30.09.2012 30.09.2012 31.12.2012 25.02.2013 31.12.2012 31.08.2012 31.12.2012 28.09.2012 30.09.2012 30.11.2012 30.12.2012 31.12.2012 31.12.2012 28.09.2012 30.06.2012 31.12.2012 31.12.2012 28.09.2012

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

Inst Type Investment Advisor Bank Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Pension Fund (ERISA) Investment Advisor Mutual Fund Manager Investment Advisor

Date 27.02.2013 26.02.2013 25.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 01.02.2013 17.01.2013 14.08.2012 02.04.2012

27.02.2013

AMP Ltd AMP Limited provides life insurance, superannuation, asset management products, pensions, retirement planning and other diversified financial services throughout Australia and New Zealand. The Company services individual customers, small businesses, corporations and associated superannuation funds.

Price/Volume 6

35.0 M

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 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 AMP AT EQUITY YTD Change AMP AT EQUITY YTD % CHANGE

12/2012 01/yy 5.59 3.71 7'376'388.00 5.37 -3.94% 44.74% 86.17% 2'930.4 15'736.37 12'359.00 0.0 68.0 4'652.00 24'752.37

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

a-12 m-12

j-12

31.12.2009 31.12.2010 10'742.0 7'462.0 2.21x 2.52x 739.0 775.0 18.45x 13.96x Profitability

31.12.2011 5'436.0 3.54x 688.0 15.48x

31.12.2012

LTM-4Q

LTM

01/yy

704.0 19.47x 23.55% 12.38% 0.64% 10.24% 6.46% 0.08% 12.7% 11.21% 180.98% -

Price/ Cash Flow

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

4.93 1.16 2'773.91 36.78% 11.64% 1.159 15 2.867 14'629'320 10'528'980 9'106'636 FY+2

12/13 Y 12/14 Y 13'454.0 16'298.0 1.79x 1.45x 970.8 1'086.7 16.42x 14.79x S&P Issuer Ratings

FQ+1

FQ+2

181.0% 64.2% 0.08 -

Sales/Revenue/Turnover

7.00

25'000.0

6.00

20'000.0

5.00

15'000.0

4.00

10'000.0 5'000.0

3.00

0.0

2.00

-5'000.0

1.00

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

-10'000.0 0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 (11'190.0) 580.0 24.52x

20.0 M

Valuation Analysis

01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

-15'000.0

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

27.02.2013

AMP Ltd Holdings By:

All

Holder Name NATIONAL AUSTRALIA B AMP LTD CAPITAL GROUP COMPAN VANGUARD GROUP INC BANK OF NEW YORK MEL BLACKROCK AUSTRALIAN FOUNDATIO MACQUARIE GROUP LTD VANGUARD INVESTMENTS ARGO INVESTMENTS LTD EASTSPRING INVESTMEN SCHRODER INVESTMENT CI INVESTMENTS INC MORGAN STANLEY DJERRIWARRH INVESTME ABERDEEN UBS FMR LLC CREDIT SUISSE ASSET CI INVESTMENTS INC

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

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

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

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

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

Amt Held 90'851'830 64'042'678 58'153'609 50'993'307 38'675'469 31'090'357 20'665'000 17'323'764 16'841'211 12'068'681 11'419'825 7'669'238 6'852'582 6'660'101 5'518'000 5'435'023 5'170'092 4'480'126 4'409'860 3'768'500

% Out 3.1 2.19 1.98 1.74 1.32 1.06 0.71 0.59 0.57 0.41 0.39 0.26 0.23 0.23 0.19 0.19 0.18 0.15 0.15 0.13

Weighting

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

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

Latest Chg (74'443'778) (4'345'242) 770'446 58'792 (292'244) 1'403'934 415'744 2'183'181 1'686'100 (2'048'030) (2'477) (238'799) 45'558 1'012'150

Target Price 5 5 5 6 6 5 6 5 5 5 7 #N/A N/A

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

File Dt Inst Type 11.09.2012 Bank 13.02.2013 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 25.02.2013 Investment Advisor 29.06.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 30.06.2011 Investment Advisor 14.09.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor 31.01.2013 Unclassified 31.10.2012 Unclassified 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.08.2012 Investment Advisor

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

Date 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 17.01.2013

27.02.2013

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

Price/Volume 16

60.0 M

50.0 M

12 40.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.04.2012) 52-Week Low (05.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance QBE AT EQUITY YTD Change QBE AT EQUITY YTD % CHANGE

12/2012 01/yy 14.71 10.02 8'349'924.00 13.18 -10.40% 31.54% 58.21% 1'196.7 15'773.13 4'932.00 0.0 59.0 2'025.00 19'031.73

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

20.0 M

4 10.0 M

2 0 f-12 m-12

31.12.2009 31.12.2010 10'933.1 12'021.0 2.00x 1.76x 1'562.5 1'278.0 13.03x 15.01x Profitability

31.12.2011 16'135.0 1.12x 704.0 20.46x

31.12.2012 17'011.0 0.97x 761.0 17.38x 7.40% 5.53% 1.56% 7.00% 6.65% 0.35% 4.5% 9.72% 43.42% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

3.87 1.21 1'193.49 20.59% 20.92% 1.213 15 2.867 7'394'722 5'580'509 5'176'937 FY+2

12/13 Y 12/14 Y 17'907.9 18'410.7 1.19x 1.15x 1'368.3 1'512.6 13.06x 11.41x S&P Issuer Ratings

FQ+1

FQ+2

28.06.2012 A NEG 43.4% 30.2% 0.35 -

Sales/Revenue/Turnover

16.00

18'000.0

14.00

16'000.0

12.00

14'000.0 12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.12.2008 10'603.6 2.12x 1'583.8 12.36x

30.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.02.2013

QBE Insurance Group Ltd Holdings By:

All

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

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

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

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

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

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

Amt Held 169'005'891 125'774'584 111'084'158 32'716'423 20'632'535 17'776'192 12'606'528 6'830'982 6'365'000 5'683'815 5'430'228 4'484'726 3'631'156 2'610'967 2'577'880 2'265'624 2'116'882 1'952'414 1'942'512 1'716'057

% Out 14.12 10.51 9.28 2.73 1.72 1.49 1.05 0.57 0.53 0.47 0.45 0.37 0.3 0.22 0.22 0.19 0.18 0.16 0.16 0.14

Weighting

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

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

Latest Chg 22'462'268 (12'756'433) 13'495'710 (26'444'095) 323'284 991'300 (4'492) 146'001 106'906 160'478 (2'088'890) 67'133 (15'523) (107'370) (39'106) 9'288 20'996

Target Price 14 13 14 12 12 13 13 10 12 15 #N/A N/A #N/A N/A

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

File Dt Inst Type 08.01.2013 Unclassified 18.03.2011 Investment Advisor 19.12.2012 Bank 31.08.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 30.09.2012 Mutual Fund Manager 29.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2011 Investment Advisor 14.09.2012 Investment Advisor 30.11.2012 Investment Advisor 31.05.2012 Investment Advisor 30.11.2012 Investment Advisor 28.12.2012 Unclassified 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

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

Date 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 17.01.2013 10.03.2010

27.02.2013

Suncorp Group Ltd Suncorp Group Ltd. offers retail and business banking, life and general insurance, superannuation and funds management services. The Company's services include personal banking and loans, personal insurance products, credit cards, pension savings accounts, term deposits, property development finance, commercial lending, investments and lease financing.

Price/Volume 14

16.0 M

14.0 M

12.0 M 10.0 M

Valuation Analysis 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SUN AT EQUITY YTD Change SUN AT EQUITY YTD % CHANGE

06/2012 01/yy 11.98 7.33 6'517'692.00 11.17 -6.76% 52.47% 84.53% 1'286.6 14'371.33 56'254.00 0.0 17.0 866.00 69'682.33

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

6.0 M

4.0 M

2.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 30.06.2008 11'345.0 5.36x 583.0 21.65x

8.0 M

30.06.2009 30.06.2010 12'199.0 13'122.0 4.79x 4.52x 348.0 780.0 21.19x 13.01x Profitability

30.06.2011 13'242.0 4.84x 453.0 22.89x

30.06.2012 15'088.0 4.36x 724.0 14.27x 27.23% 6.38% 0.97% 6.40% 4.15% 0.17% 4.8% 58.56% 398.68% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

4.03 0.94 1'272.74 45.57% 12.17% 0.942 16 4.000 9'030'830 5'543'147 4'497'475 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 8'368.5 8'827.0 2.95x 2.76x 1'068.6 1'201.1 13.71x 12.23x S&P Issuer Ratings

06.02.2012 A STABLE 07.01.2009 A-1 398.7% 79.9% 0.17 -

Sales/Revenue/Turnover

14.00

16'000.0

12.00

14'000.0 12'000.0

10.00

10'000.0 8.00

8'000.0 6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 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 |

27.02.2013

Suncorp Group Ltd Holdings By:

All

Holder Name NATIONAL AUSTRALIA B VANGUARD GROUP INC BLACKROCK AMP LIFE LTD CPU SHARE PLANS PTY EASTSPRING INVESTMEN QUEENSLAND INVESTMEN VANGUARD INVESTMENTS FMR LLC T ROWE PRICE ASSOCIA ALLIANCE BERNSTEIN ARGO INVESTMENTS LTD UBS SCHRODER INVESTMENT MILTON CORP LTD DIMENSIONAL FUND ADV UNION INVESTMENT GMB SANFORD C BERNSTEIN CREDIT SUISSE ASSET MACQUARIE GROUP LTD

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

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

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

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

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

Amt Held 63'173'610 22'669'872 17'771'931 12'603'307 9'606'366 9'513'588 7'711'303 7'456'729 6'267'519 6'233'489 4'238'276 3'510'894 3'004'284 3'001'809 2'832'882 2'695'980 1'988'500 1'988'146 1'983'701 1'913'797

% Out 4.91 1.76 1.38 0.98 0.75 0.74 0.6 0.58 0.49 0.48 0.33 0.27 0.23 0.23 0.22 0.21 0.15 0.15 0.15 0.15

Weighting

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

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

Latest Chg (1'373'324) 271'887 (38'675) 1'653'897 4'174'649 182'332 (257'077) 406 42'200 192'796 (7'155) 17'971 82'152

Target Price #N/A N/A 13 13 10 12 11 11 12 12 11 11 12

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

File Dt Inst Type 03.09.2012 Bank 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 17.08.2012 Investment Advisor 17.08.2012 n/a 14.09.2012 Investment Advisor 17.08.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 06.02.2013 Investment Advisor 28.12.2012 Unclassified 31.12.2012 Investment Advisor 17.08.2012 Investment Advisor 31.07.2012 Investment Advisor 28.09.2012 Investment Advisor 30.11.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.08.2011 Investment Advisor

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

Date 26.02.2013 22.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013

27.02.2013

Brambles Ltd Brambles Limited is a global support services group which provides pallet and plastic container pooling services and information management services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.02.2013) 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 25.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BXB AT EQUITY YTD Change BXB AT EQUITY YTD % CHANGE

06/2012 01/yy 8.78 6.04 4'334'330.00 8.57 -2.39% 41.89% 89.05% 1'556.7 13'340.62 2'864.10 0.0 0.0 174.20 16'265.65

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

30.06.2009 30.06.2010 4'018.6 4'146.8 2.21x 2.01x 1'147.9 1'143.9 7.75x 7.29x 452.6 448.8 15.38x 14.68x Profitability

30.06.2011 4'672.2 3.09x 1'089.5 13.25x 247.0 23.72x

30.06.2012 5'625.0 2.20x 1'532.4 8.08x 576.3 16.25x 1'532.40 980.20 17.43% 13.99% 8.15% 23.76% 12.66% 0.78% 29.1% 18.4% 10.2% 0.96 0.70 37.96% 104.51% 6.04 -

Price/ Cash Flow

14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

3.13 0.89 1'467.69 24.88% 14.11% 0.889 14 3.429 5'308'716 3'877'304 3'726'528 FY+2

06/13 Y 06/14 Y 5'975.0 6'397.9 2.74x 2.54x 1'655.9 1'830.8 9.82x 8.88x 703.1 795.6 19.44x 17.25x S&P Issuer Ratings

FQ+1

FQ+2

21.12.2009 BBB+ STABLE 9.80 3.73 1.49 1.57 104.5% 51.1% 0.78 1.51 60.60 -

Sales/Revenue/Turnover

12.00

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 03.07.2009

16.0 M

Fiscal Year Ended 30.06.2008 4'358.6 3.21x 1'356.5 10.31x 648.7 18.20x

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

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 |

27.02.2013

Brambles Ltd Holdings By:

All

Holder Name BAILLIE GIFFORD AND COMMONWEALTH BANK OF SCHRODER INVESTMENT NATIONAL AUSTRALIA B VANGUARD GROUP INC INVESCO LTD BLACKROCK AMP LIFE LTD AUSTRALIAN FOUNDATIO MACQUARIE GROUP LTD VANGUARD INVESTMENTS MASSACHUSETTS FINANC ARGO INVESTMENTS LTD AMERIPRISE FINANCIAL GENERAL ELECTRIC COM QUEENSLAND INVESTMEN FRANKLIN RESOURCES UBS FMR LLC DJERRIWARRH INVESTME

Firm Name JPMorgan Macquarie Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse CIMB Commonwealth Bank Nomura EVA Dimensions Evans & Partners Pty Ltd

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

Analyst SCOTT CARROLL RUSSELL SHAW CAMERON MCDONALD SCOTT KELLY ANDREW GIBSON NICHOLAS MARKIEWICZ MARK WILLIAMS MATT CROWE DAVID FRASER CRAIG STERLING PAUL RYAN

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

Recommendation overweight outperform buy Equalwt/In-Line neutral/neutral outperform underperform neutral neutral sell neutral

Amt Held 92'229'027 78'838'646 78'187'751 68'163'075 45'280'609 19'210'836 16'547'321 13'340'696 10'063'530 8'394'062 8'252'496 5'565'884 4'756'341 4'529'077 3'900'712 3'196'461 3'059'333 2'991'113 2'971'162 2'586'000

% Out 5.92 5.06 5.02 4.38 2.91 1.23 1.06 0.86 0.65 0.54 0.53 0.36 0.31 0.29 0.25 0.21 0.2 0.19 0.19 0.17

Weighting

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

M M M M M M M M M M D

Latest Chg 2'862'568 (10'075'237) 380'021 260'626 8'972 (757'059) 204'980 118'472 (61'498) (620'326) (5'698) (113'480) -

Target Price 9 9 9 8 9 10 8 9 8 #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 07.08.2012 Investment Advisor 05.12.2012 Bank 19.09.2012 Investment Advisor 26.11.2012 Bank 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 25.02.2013 Investment Advisor 07.08.2012 Investment Advisor 07.08.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 07.08.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Corporation 07.08.2012 Investment Advisor 31.10.2012 Investment Advisor 28.12.2012 Unclassified 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor

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

Date 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 17.01.2013 17.08.2012

27.02.2013

Origin Energy Ltd Origin Energy Limited is an integrated energy company. The Company focuses on gas and oil exploration and production, electricity and renewable power generation and energy retailing. Origin also invests in renewable energy technologies, including geothermal, wind, hydro and solar.

Price/Volume 14

18.0 M

16.0 M 14.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 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 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ORG AT EQUITY YTD Change ORG AT EQUITY YTD % CHANGE

06/2012 01/yy 14.15 9.84 4'623'392.00 11.9 -15.90% 20.93% 44.78% 1'094.0 13'018.97 5'879.00 0.0 1'364.0 368.00 19'893.97

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

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 30.06.2008 8'275.0 2.25x 1'260.0 14.75x 517.0 37.93x

12.0 M

30.06.2009 30.06.2010 8'042.0 8'534.0 1.70x 1.99x 1'144.0 1'209.0 11.95x 14.06x 6'941.0 612.0 1.85x 21.43x Profitability

30.06.2011 10'344.0 2.14x 1'443.0 15.34x 186.0 80.56x

30.06.2012 12'935.0 1.56x 2'067.0 9.76x 980.0 13.47x 2'067.00 1'453.00 11.23% 10.51% 3.57% 7.74% 6.79% 0.47% 16.0% 11.2% 7.6% 0.92 0.29 21.01% 44.90% 14.72 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.20 0.99 1'064.36 -9.01% 4.58% 0.990 13 3.769 7'968'804 3'847'562 3'151'657 FY+2

06/13 Y 06/14 Y 14'445.8 14'773.9 1.45x 1.52x 2'234.7 2'448.5 8.90x 8.12x 781.2 884.1 16.64x 14.86x S&P Issuer Ratings

FQ+1

FQ+2

20.02.2013 BBB STABLE 31.03.2011 A-2 6.34 2.12 2.67 2.84 44.9% 28.9% 0.47 1.22 24.86 -

Sales/Revenue/Turnover

20.00

14'000.0

18.00

12'000.0

16.00 14.00

10'000.0

12.00

8'000.0

10.00

6'000.0

8.00

4'000.0

6.00 4.00

2'000.0

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 |

27.02.2013

Origin Energy Ltd Holdings By:

All

Holder Name NATIONAL AUSTRALIA B VANGUARD GROUP INC FMR LLC BLACKROCK AMP LIFE LTD BOND STREET CUSTODIA AUSTRALIAN FOUNDATIO ARGO INVESTMENTS LTD QUEENSLAND INVESTMEN EASTSPRING INVESTMEN PERPETUAL TRUSTEE CO VANGUARD INVESTMENTS MACQUARIE GROUP LTD INVIA CUSTODIAN PTY BT PORTFOLIO SERVICE NAVIGATOR AUSTRALIA BNP PARIBAS PUTNAM INVESTMENT MA DIMENSIONAL FUND ADV UBS

Firm Name JPMorgan Commonwealth Bank Deutsche Bank Morgan Stanley Goldman Sachs RBC Capital Markets Credit Suisse Macquarie EVA Dimensions Nomura

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

Analyst JASON HARLEY STEED WILLIAM ALLOTT JOHN HIRJEE STUART BAKER MARK WISEMAN PAUL A JOHNSTON BENJAMIN MCVICAR ADRIAN WOOD CRAIG STERLING RICHARD J JOHNSON

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

Recommendation overweight overweight hold Underwt/In-Line neutral/neutral sector perform neutral outperform overweight suspended coverage

Amt Held 50'870'668 19'079'650 12'727'991 11'853'254 8'813'495 7'919'254 7'202'045 6'689'947 6'365'263 6'022'949 5'854'160 5'750'794 5'240'735 3'759'261 3'015'651 2'950'639 2'934'059 2'329'702 2'196'547 1'959'486

% Out 4.65 1.74 1.16 1.08 0.81 0.72 0.66 0.61 0.58 0.55 0.54 0.53 0.48 0.34 0.28 0.27 0.27 0.21 0.2 0.18

Weighting

Change

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

M M M M M M M M M M

Latest Chg (3'151'593) 222'393 1'305'387 11'178 1'017'011 134'049 (150'617) 266'079 5'095

Target Price 14 15 14 10 13 12 12 15 #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 14.09.2011 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 22.08.2012 Investment Advisor 22.08.2012 Other 22.08.2012 Investment Advisor 22.08.2012 Investment Advisor 22.08.2012 Investment Advisor 14.09.2012 Investment Advisor 22.08.2012 Corporation 30.09.2012 Mutual Fund Manager 31.08.2011 Investment Advisor 22.08.2012 Investment Advisor 22.08.2012 Corporation 22.08.2012 Corporation 22.08.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 28.12.2012 Unclassified

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

Date 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 15.01.2013 29.04.2012

27.02.2013

Macquarie Group Ltd Macquarie Group Ltd. offers banking, financial advisory, investment and funds management services. The Company offers financial advice, cash management, wealth management and private banking, life insurance, securities brokerage, corporate debt financing, real estate funds management, real estate development financing, investment funds management, and foreign exchange services.

Price/Volume 45

6.0 M

5.0 M

35 30

4.0 M

03/2012 01/yy 39.80 23.56 1'130'828.00 37.53 -5.70% 59.30% 89.04% 339.2 12'804.00 62'033.00 0.0 529.0 18'417.00 -

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

2.0 M

1.0 M

5 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 31.03.2008 13'796.0 1'803.0 7.88x

3.0 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 25.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MQG AT EQUITY YTD Change MQG AT EQUITY YTD % CHANGE

31.03.2009 31.03.2010 12'533.0 9'863.0 871.0 1'050.0 8.74x 14.76x Profitability

31.03.2011 11'585.0 956.0 12.96x

31.03.2012 10'992.0 730.0 13.84x 12.17% 15.08% 0.47% 6.87% 1.01% 0.06% 10.5% 40.38% 553.72% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.00 1.35 302.93 46.25% 5.75% 1.355 15 2.733 1'634'160 1'522'233 1'398'893 FY+2

03/13 Y 03/14 Y 6'597.4 7'237.8 -0.79x -0.82x 821.3 1'051.0 16.15x 12.47x S&P Issuer Ratings

FQ+1

FQ+2

01.12.2011 BBB STABLE 16.11.2007 A-2 553.7% 84.1% 0.06 2.04 -

Sales/Revenue/Turnover

6.00

16'000.0 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 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 |

27.02.2013

Macquarie Group Ltd Holdings By:

All

Holder Name MACQUARIE GROUP LTD NATIONAL AUSTRALIA B VANGUARD GROUP INC T ROWE PRICE ASSOCIA BLACKROCK EASTSPRING INVESTMEN VANGUARD INVESTMENTS ALLIANCE BERNSTEIN MATTHEWS INTERNATION MOORE NICHOLAS WILLI SANFORD C BERNSTEIN FMR LLC INVESCO LTD DIMENSIONAL FUND ADV PUTNAM INVESTMENT MA CREDIT SUISSE ASSET PRUDENTIAL FINANCIAL AMERIPRISE FINANCIAL GUARDIAN CAPITAL INC FIDELITY INVESTMENTS

Firm Name CIMB Deutsche Bank Morgan Stanley Credit Suisse JPMorgan BBY Limited Commonwealth Bank Nomura Bell Potter Goldman Sachs EVA Dimensions

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a 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 JOHN BUONACCORSI JAMES FREEMAN RICHARD E WILES JAMES ELLIS SCOTT MANNING BRETT LE MESURIER ROSS CURRAN VICTOR GERMAN T S LIM BENJAMIN KOO AUSTIN BURKETT

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

Recommendation neutral hold Equalwt/In-Line outperform neutral underperform underweight neutral hold neutral/neutral underweight

Amt Held 34'192'115 10'328'781 5'876'255 4'185'856 3'542'784 2'208'895 2'025'272 1'910'686 1'879'326 1'304'884 1'095'907 823'071 692'391 667'845 575'605 503'553 429'921 404'490 354'629 310'295

% Out 10.08 3.05 1.73 1.23 1.04 0.65 0.6 0.56 0.55 0.38 0.32 0.24 0.2 0.2 0.17 0.15 0.13 0.12 0.1 0.09

Weighting

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

M M M M M M M M M M M

Latest Chg (14'138'005) 89'474 11'910 847 (257'958) 55'997 (15'210) (52'500) (318'732) (677'092) (30'381) 5'395 (14'434) (11'813) -

Target Price 34 35 35 42 37 30 33 35 38 32 #N/A N/A

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

File Dt 11.10.2012 14.05.2012 31.12.2012 31.12.2012 25.02.2013 14.09.2012 30.09.2012 31.12.2012 28.09.2012 01.11.2012 30.11.2012 31.12.2012 26.02.2013 31.07.2012 31.12.2012 28.12.2012 31.12.2012 31.12.2012 30.09.2012 31.12.2010

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

Inst Type Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 18.01.2013 17.01.2013

27.02.2013

Santos Ltd Santos Limited explores for and produces natural gas, crude oil, condensate, naphtha and liquid petroleum gas. The Company conducts major onshore and offshore petroleum exploration activities at oil and gas fields in Australia (Cooper/Eromanga Basins), the United States (Gulf of Mexico), Indonesia and Papua New Guinea. The Company also transports crude oil by pipeline.

Price/Volume 16

8.0 M

10 8

12/2012 01/yy 14.63 10.04 5'407'745.00 13.13 -10.25% 30.78% 57.30% 961.3 12'621.32 3'261.00 0.0 (4.0) 3'332.00 13'233.32

6.0 M

4.0 M

4 2.0 M

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

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 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 14.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance STO AT EQUITY YTD Change STO AT EQUITY YTD % CHANGE

31.12.2008 2'761.8 3.69x 1'737.8 5.86x 1'650.1 5.45x

12.0 M

31.12.2009 31.12.2010 2'181.0 2'228.0 5.15x 4.64x 1'151.0 1'194.0 9.76x 8.66x 434.0 500.0 27.04x 21.99x Profitability

31.12.2011 2'530.0 4.54x 1'406.0 8.17x 753.0 14.43x

31.12.2012 3'220.0 519.0 20.40x 1'406.00 765.00 30.24% 50.67% 3.33% 5.92% 4.32% 0.19% 38.3% 49.5% 27.5% 16.1% 3.12 2.40 20.62% 36.37% 3.45 5.62

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.28 1.15 961.01 -5.01% 18.29% 1.145 14 4.143 5'649'000 3'721'978 3'745'311 FY+2

12/13 Y 12/14 Y 3'483.8 3'751.9 4.81x 4.75x 1'850.4 2'052.2 7.15x 6.45x 570.3 617.0 22.22x 20.87x S&P Issuer Ratings

FQ+1

FQ+2

12.01.2011 BBB+ NEG 12.01.2011 A-2 7.32 -5.26 0.43 2.44 36.4% 26.7% 0.19 0.32 106.22 65.15 159.82 -31.26

Sales/Revenue/Turnover

12.00

3'500.0

10.00

3'000.0 2'500.0

8.00

2'000.0 6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.02.2013

Santos Ltd Holdings By:

All

Holder Name EM INDUSTRIES INCORP NATIONAL AUSTRALIA B VANGUARD GROUP INC BLACKROCK AUSTRALIAN FOUNDATIO T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL MORGAN STANLEY VANGUARD INVESTMENTS ARGO INVESTMENTS LTD MACQUARIE GROUP LTD NEW JERSEY DIVISION MELLON GLOBAL MANAGE DJERRIWARRH INVESTME DIMENSIONAL FUND ADV DAIWA SB INVESTMENTS CREDIT SUISSE ASSET FMR LLC ROYAL BANK OF CANADA AMERIPRISE FINANCIAL

Firm Name EVA Dimensions Morgan Stanley Macquarie Deutsche Bank Goldman Sachs RBC Capital Markets Credit Suisse JPMorgan Sanford C. Bernstein & Co Commonwealth Bank Bell Potter Nomura Intersuisse Ltd

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

Analyst CRAIG STERLING STUART BAKER ADRIAN WOOD JOHN HIRJEE MARK WISEMAN ANDREW WILLIAMS PAUL MCTAGGART BENJAMIN X. WILSON NEIL BEVERIDGE LUKE SMITH JOHAN HEDSTROM RICHARD J JOHNSON NICK WIRUBOV

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

Recommendation underweight Overwt/Attractive outperform buy Buy/Neutral underperform neutral overweight market perform overweight buy suspended coverage buy

Amt Held 28'425'292 27'761'769 16'847'940 10'520'608 7'788'000 6'416'291 5'773'493 5'427'150 5'027'889 3'648'136 3'338'808 2'200'000 1'889'364 1'810'000 1'779'140 1'458'700 1'456'753 1'180'793 800'000 785'393

% Out 2.96 2.89 1.75 1.09 0.81 0.67 0.6 0.56 0.52 0.38 0.35 0.23 0.2 0.19 0.19 0.15 0.15 0.12 0.08 0.08

Weighting

Change

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

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

Latest Chg (20'492'896) 268'236 6'085 3'592'304 340'989 146'425 (1'382'426) (2'172'657) (45'000) 16'281 (414'022) 5'000 -

Target Price #N/A N/A 15 17 16 15 14 13 17 13 14 17 #N/A N/A 16

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

File Dt 02.03.2012 29.08.2012 31.12.2012 25.02.2013 29.06.2012 31.12.2012 25.02.2013 31.12.2012 30.09.2012 30.06.2011 31.12.2012 30.06.2012 31.12.2012 30.06.2011 31.07.2012 24.07.2012 28.12.2012 31.12.2012 28.09.2012 31.12.2012

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

Inst Type Unclassified Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Pension Fund (ERISA) Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Bank Investment Advisor

Date 26.02.2013 24.02.2013 23.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 29.04.2012 27.10.2010

27.02.2013

Insurance Australia Group Ltd Insurance Australia Group Limited (IAG) is an Australian-based international general insurance group, with operations in Australia, New Zealand, the United Kingdom and Asia. The Group provides a range of personal and commercial insurance products, primarily motor vehicle and home insurance.

Price/Volume 7

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (02.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IAG AT EQUITY YTD Change IAG AT EQUITY YTD % CHANGE

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

10.0 M

5.0 M

1 0 f-12

30.06.2009 30.06.2010 8'409.0 7'999.0 0.96x 1.03x 181.0 91.0 37.66x 77.68x Profitability

30.06.2011 8'180.0 0.99x 250.0 28.15x

30.06.2012 9'120.0 0.88x 207.0 34.77x 9.31% 4.86% 2.10% 11.74% 11.04% 0.37% 2.3% 6.60% 38.20% -

Price/ Cash Flow

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

FY+1 -

.0 M f-13

4.00 0.88 2'075.78 83.23% 22.60% 0.880 17 3.471 7'929'420 6'168'485 5'667'230 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 9'271.1 9'749.6 1.11x 1.04x 1'025.7 878.0 12.23x 13.76x S&P Issuer Ratings

A+ STABLE 38.2% 26.8% 0.37 -

Sales/Revenue/Turnover

18.00

10'000.0

16.00

9'000.0

14.00

8'000.0 7'000.0

12.00

6'000.0

10.00 8.00

5'000.0 4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 8'174.0 0.83x (261.0) -

15.0 M

06/2012 01/yy 5.80 3.13 12'687'237.00 5.75 -0.86% 83.71% 95.74% 2'079.0 11'954.45 1'659.00 0.0 181.0 969.00 13'274.45

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 |

27.02.2013

Insurance Australia Group Ltd Holdings By:

All

Holder Name PERPETUAL LTD NATIONAL AUSTRALIA B VANGUARD GROUP INC BLACKROCK AMP LIFE LTD VANGUARD INVESTMENTS QUEENSLAND INVESTMEN COLUMBIA WANGER ASSE NMRA TREASURY LTD ARGO INVESTMENTS LTD MASSACHUSETTS FINANC MACQUARIE GROUP LTD CREDIT SUISSE ASSET SCHRODER INVESTMENT UBS DIMENSIONAL FUND ADV AUSTRALIAN FOUNDATIO ROYAL BANK OF CANADA DJERRIWARRH INVESTME LEGAL & GENERAL

Firm Name JPMorgan Macquarie Nomura Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse CIMB BBY Limited Commonwealth Bank Bell Potter EVA Dimensions E.L. & C. Baillieu

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

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

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

Recommendation overweight neutral neutral hold Overwt/Attractive neutral/neutral neutral neutral buy overweight buy sell buy

Amt Held 126'098'642 89'792'616 36'799'574 22'224'779 21'206'421 12'063'743 10'449'527 9'176'866 9'000'000 6'303'333 5'230'649 4'075'512 3'185'924 2'879'784 2'735'902 2'597'674 2'538'000 2'315'000 2'152'000 1'996'312

% Out 6.07 4.32 1.77 1.07 1.02 0.58 0.5 0.44 0.43 0.3 0.25 0.2 0.15 0.14 0.13 0.12 0.12 0.11 0.1 0.1

Weighting

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

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

Latest Chg (21'512'767) (17'787'614) 634'062 6'636 383'455 164'531 97'274 31'557 (581'940) (205'710) (414'084) (9'156)

Target Price 6 5 6 5 6 5 6 5 6 6 6 #N/A N/A 4

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

File Dt Inst Type 17.09.2012 Investment Advisor 20.04.2012 Bank 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 02.08.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 02.08.2012 Investment Advisor 31.12.2012 Investment Advisor 02.08.2012 n/a 02.08.2012 Investment Advisor 31.12.2012 Investment Advisor 31.08.2011 Investment Advisor 28.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.10.2012 Unclassified 31.07.2012 Investment Advisor 29.06.2012 Investment Advisor 28.09.2012 Bank 30.06.2011 Investment Advisor 31.01.2013 Unclassified

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

Date 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 15.01.2013 03.08.2012

27.02.2013

Amcor Ltd/Australia Amcor Limited is an international integrated packaging company offering packaging and related services. Amcor primarily produces a wide range of packaging products which include corrugated boxes, cartons, aluminum and steel cans, flexible plastic packaging, PET plastic bottles and jars, and multi-wall sacks.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 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 AMC AT EQUITY YTD Change AMC AT EQUITY YTD % CHANGE

06/2012 01/yy 9.67 6.72 2'660'870.00 9.24 -4.45% 37.50% 80.00% 1'206.7 11'149.77 4'057.10 0.0 88.5 357.60 15'006.77

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 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 30.06.2008 9'234.9 0.71x 998.2 6.54x 258.8 18.77x

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

30.06.2009 30.06.2010 9'535.4 9'849.5 0.73x 1.11x 1'037.8 1'132.1 6.68x 9.64x 211.7 183.0 19.65x 40.38x Profitability

30.06.2011 12'412.3 0.98x 1'299.2 9.33x 356.7 24.74x

30.06.2012 12'192.9 1.01x 1'443.5 8.54x 412.6 20.85x 1'443.50 948.00 7.78% 4.65% 4.04% 13.10% 8.47% 1.10% 16.9% 11.6% 7.7% 3.4% 0.89 0.43 35.79% 123.27% 7.75 6.27

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.17 0.64 1'198.54 40.86% 16.92% 0.639 13 3.231 4'765'737 3'706'895 3'044'409 FY+2

06/13 Y 06/14 Y 12'528.5 13'323.8 1.18x 1.09x 1'624.5 1'760.9 9.24x 8.52x 684.0 760.1 16.44x 14.71x S&P Issuer Ratings

FQ+1

FQ+2

18.09.2009 BBB STABLE 18.09.2009 A-2 6.53 3.34 2.67 2.92 123.3% 54.6% 1.10 2.67 47.21 58.36 88.40 32.99

Sales/Revenue/Turnover

12.00

14'000.0

10.00

12'000.0 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 03.07.2009

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 |

27.02.2013

Amcor Ltd/Australia Holdings By:

All

Holder Name CAPITAL GROUP COMPAN VANGUARD GROUP INC HARRIS ASSOCIATES LP T ROWE PRICE ASSOCIA BLACKROCK BANK OF NEW YORK MEL AUSTRALIAN FOUNDATIO VANGUARD INVESTMENTS AMP LIFE LTD EASTSPRING INVESTMEN MACQUARIE GROUP LTD ARGO INVESTMENTS LTD EATON VANCE MANAGEME THE SENIOR MASTER OF SCHRODER INVESTMENT CPU SHARE PLANS PTY PACIFIC LIFE INSURAN ING INVESTMENT MANAG MACKENZIE KENNETH NO ALPINE WOODS CAPITAL

Firm Name EVA Dimensions JPMorgan Nomura Macquarie Deutsche Bank Goldman Sachs Credit Suisse CIMB Commonwealth Bank Goldman Sachs

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

Analyst CRAIG STERLING STUART JACKSON RICHARD J JOHNSON JOHN PURTELL MARK WILSON JAMES HANNAM LARRY GANDLER ANDREW G SCOTT MICHAEL WARD ANDREW GIBSON

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

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

Amt Held 115'099'109 24'019'378 22'384'900 19'862'669 16'554'447 15'700'084 12'623'653 8'936'653 7'967'441 7'767'978 7'165'417 4'614'711 2'863'528 2'769'033 2'501'240 2'500'000 2'499'508 2'401'734 2'278'381 2'053'400

% Out 9.54 1.99 1.86 1.65 1.37 1.3 1.05 0.74 0.66 0.64 0.59 0.38 0.24 0.23 0.21 0.21 0.21 0.2 0.19 0.17

Weighting

Change 1 1 2 5 5 3 5 5 1 3

D M D M M M U M M M

Latest Chg 799'325 (4'303'100) 206'114 6'760 (2'416) 714'233 1'296'277 (584'142) 401 228'151 184'738 35'006 -

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

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

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 25.02.2013 Investment Advisor 07.08.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 07.08.2012 Investment Advisor 14.09.2012 Investment Advisor 31.12.2012 Investment Advisor 07.08.2012 Investment Advisor 31.12.2012 Investment Advisor 07.08.2012 Other 30.06.2012 Investment Advisor 07.08.2012 n/a 31.01.2013 Insurance Company 31.12.2012 Investment Advisor 30.11.2012 n/a 31.10.2012 Investment Advisor

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

Date 22.02.2013 20.02.2013 20.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 12.01.2012

27.02.2013

Orica Ltd Orica Limited is a diversified manufacturing company. The Company produces industrial and specialty chemicals, polyethylene, surface coatings for vehicles, food and beverage flavoring and fragrances, packaging and appliances. The Company also supplies explosive and blasting services to the mining, quarrying and construction industries.

Price/Volume 30

3.0 M

09/2012 01/yy 28.27 22.86 1'198'574.00 26.73 -5.45% 16.93% 63.96% 366.8 9'803.72 2'535.00 0.0 125.0 235.80 12'227.92

2.0 M 1.5 M

1.0 M 5 0 f-12

.5 M 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 30.09.2009 30.09.2010 6'470.9 5'812.1 1.57x 1.89x 1'278.7 1'802.4 7.94x 6.08x 541.8 1'318.7 18.91x 20.23x Profitability

30.09.2011 6'182.3 1.71x 1'128.4 9.36x 642.3 13.53x

30.09.2012 6'674.1 1.73x 1'170.5 9.84x 402.8 22.77x

1'170.50 919.10 13.77% 7.90% 5.28% 12.34% 9.70% 0.88% 17.5% 13.8% 6.0% 1.29 0.71 33.25% 81.21% 7.72 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.44 1.10 345.77 4.80% 6.62% 1.105 17 4.294 1'145'951 1'168'692 1'283'215 FY+2

09/13 Y 09/14 Y 6'932.7 7'401.4 1.78x 1.67x 1'402.0 1'520.9 8.72x 8.04x 717.4 790.3 13.56x 12.33x S&P Issuer Ratings

FQ+1

FQ+2

18.12.2000 BBB+ STABLE 23.09.1997 A-2 5.88 2.93 1.96 2.17 81.2% 43.8% 0.88 2.32 47.44 -

Sales/Revenue/Turnover

20.00

8'000.0

18.00

7'000.0

16.00

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 02.10.2009

2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (02.04.2012) 52-Week Low (06.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ORI AT EQUITY YTD Change ORI AT EQUITY YTD % CHANGE

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

3.5 M

Valuation Analysis

30.09.2008 6'544.1 1.40x 1'105.6 8.26x 539.6 13.11x

4.0 M

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 |

27.02.2013

Orica Ltd Holdings By:

All

Holder Name PERPETUAL LTD BLACKROCK HARRIS ASSOCIATES LP CAPITAL GROUP COMPAN VANGUARD GROUP INC T ROWE PRICE ASSOCIA AUSTRALIAN FOUNDATIO EASTSPRING INVESTMEN AMP LIFE LTD TRIMARK INVESTMENT M ARGO INVESTMENTS LTD VANGUARD INVESTMENTS LIEBELT GRAEME RICHA MACQUARIE GROUP LTD SCHRODER INVESTMENT OPPENHEIMERFUNDS INC DAIWA SB INVESTMENTS UCA FUNDS MANAGEMENT SMITH IAN CREDIT SUISSE ASSET

Firm Name Macquarie JPMorgan Octa Phillip Securities Ltd Deutsche Bank Commonwealth Bank EVA Dimensions Goldman Sachs Morgan Stanley BBY Limited Paterson Securities Credit Suisse CIMB Nomura

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

Analyst JOHN PURTELL STUART JACKSON PAUL JENSZ MARK WILSON MICHAEL WARD CRAIG STERLING MATTHEW MCNEE NICHOLAS ROBISON DENNIS HULME GEORGE GALANOPOULOS LARRY GANDLER ANDREW G SCOTT RICHARD J JOHNSON

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

Recommendation outperform overweight buy buy overweight underweight Buy/Neutral Underwt/In-Line buy buy outperform outperform neutral

Amt Held 27'848'787 24'702'347 18'376'361 9'780'193 7'459'662 5'220'120 2'711'626 2'627'710 2'613'156 2'257'932 2'237'983 1'927'116 1'671'429 1'643'622 1'116'478 694'377 676'600 627'432 598'382 560'427

% Out 7.59 6.74 5.01 2.67 2.03 1.42 0.74 0.72 0.71 0.62 0.61 0.53 0.46 0.45 0.3 0.19 0.18 0.17 0.16 0.15

Weighting

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

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

Latest Chg 3'736'860 (102'242) (2'377'348) 133'578 825'883 842'100 46'431 (54'555) (589'857) 15'377 (106) 293'080 4'524

Target Price 28 29 32 32 27 #N/A N/A 30 21 27 28 27 27 24

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

File Dt Inst Type 11.12.2012 Investment Advisor 25.02.2013 Investment Advisor 29.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 09.11.2012 Investment Advisor 14.09.2012 Investment Advisor 09.11.2012 Investment Advisor 30.09.2012 Unclassified 09.11.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 27.02.2012 n/a 31.08.2011 Investment Advisor 31.10.2012 Investment Advisor 30.12.2012 Investment Advisor 09.07.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 07.02.2013 n/a 28.12.2012 Mutual Fund Manager

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

Date 20.02.2013 06.02.2013 01.02.2013 31.01.2013 22.01.2013 15.01.2013 21.12.2012 03.12.2012 13.11.2012 13.11.2012 12.11.2012 12.11.2012 12.11.2012

27.02.2013

Westfield Retail Trust Westfield Retail Trust is a real estate investment trust. The Trust owns and manages a portfolio of shopping malls in Australia and New Zealand.

Price/Volume 4

40.0 M

35.0 M

30.0 M 25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (27.02.2012) 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 WRT AT EQUITY YTD Change WRT AT EQUITY YTD % CHANGE

12/2012 01/yy 3.26 2.43 6'019'968.00 3.19 -2.15% 31.28% 85.54% 3'054.2 9'742.79 2'244.20 0.0 0.0 18.90 12'628.89

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

1.20

15.0 M

10.0 M

5.0 M

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 379.3 269.6 610.3 -

20.0 M

31.12.2009 31.12.2010 374.6 276.0 645.5 Profitability

31.12.2011 468.8 20.97x 307.9 31.93x 851.7 8.93x

31.12.2012

LTM-4Q

LTM

01/yy

830.8 11.10x 307.90 144.00 30.72% 182.12% 181.7% 17.51% 22.53% -

FY+1 -

0.70 2'658.72 37.78% 8.85% 0.700 14 3.857 11'609'550 10'077'130 9'949'683 FY+2

12/13 Y 12/14 Y 945.0 942.3 13.47x 13.75x 776.7 804.5 16.26x 15.70x 587.8 607.5 16.53x 16.03x S&P Issuer Ratings

FQ+1

FQ+2

03.04.2011 A+ STABLE 11.04.2011 A-1 1.88 22.5% 18.4% -

Sales/Revenue/Turnover

500.0 450.0

1.00

400.0 350.0

0.80 0.60 0.40

300.0 250.0 200.0 150.0 100.0

0.20

50.0 0.0

0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

27.02.2013

Westfield Retail Trust Holdings By:

All

Holder Name ING GROEP NV LOWY STEVEN M BLACKROCK VANGUARD GROUP INC AMP LTD CORDERA HOLDINGS PTY CBRE CLARION SECURIT COMMONWEALTH BANK OF VANGUARD INVESTMENTS MORGAN STANLEY LASALLE INVESTMENT M COHEN & STEERS CAPIT MACQUARIE GROUP LTD ING INVESTMENT MANAG T ROWE PRICE ASSOCIA STATE STREET FRANLEY HOLDINGS PTY ABN AMRO ASSET MGMT NOMURA NIKKO ASSET MANAGEME

Firm Name JPMorgan Commonwealth Bank Macquarie Credit Suisse EVA Dimensions Moelis & Company Deutsche Bank Goldman Sachs Morgan Stanley

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

Analyst RICHARD JONES JAMES DRUCE PAUL CHECCHIN STEPHEN RICH AUSTIN BURKETT SIMON SCOTT IAN RANDALL SIMON WHEATLEY LOURENS PIRENC

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

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

Amt Held 223'753'285 214'799'637 211'854'207 176'041'877 154'097'168 154'004'347 153'998'792 152'264'861 116'797'749 48'424'544 40'449'277 35'407'225 34'956'001 34'040'024 32'894'569 30'357'434 20'988'539 19'208'783 16'583'765 12'643'542

% Out 7.33 7.03 6.94 5.76 5.05 5.04 5.04 4.99 3.82 1.59 1.32 1.16 1.14 1.11 1.08 0.99 0.69 0.63 0.54 0.41

Weighting

Change 5 3 5 5 1 5 5 5 1

M M M U M M U M M

Latest Chg 217'225 3'097'791 (2'666'801) 3'176'011 (340'900) (4'000'191) (9'864'056) (3'030'972) (51'670) 410'955 (201'929) 8'201'785 (1'578'250) (2'235'768)

Target Price 3 3 3 3 #N/A N/A 3 4 3 3

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

File Dt Inst Type 04.01.2011 Investment Advisor 31.12.2011 n/a 25.02.2013 Investment Advisor 01.03.2012 Investment Advisor 23.10.2012 Insurance Company 12.08.2010 Unclassified 14.08.2012 Investment Advisor 24.06.2011 Bank 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 21.08.2012 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 12.08.2010 Other 17.07.2012 Investment Advisor 06.09.2012 Unclassified 01.02.2013 Unclassified

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

Date 27.02.2013 26.02.2013 14.02.2013 04.02.2013 17.01.2013 06.11.2012 31.10.2012 25.10.2012 30.08.2012

27.02.2013

Transurban Group Transurban Group is involved in the operation of the Melbourne City Link and the Hills Motorway M2 toll roads. The Group is also involved in developing and operatings electronic toll systems.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.12.2012) 52-Week Low (20.03.2012) 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 TCL AT EQUITY YTD Change TCL AT EQUITY YTD % CHANGE

06/2012 01/yy 6.39 5.47 3'093'686.00 6.12 -4.23% 11.88% 68.48% 1'481.6 9'067.36 4'489.40 0.0 9.6 318.15 13'506.81

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

140.0 M

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 30.06.2008 764.9 11.62x 368.8 24.09x (109.7) -

30.06.2009 30.06.2010 829.9 816.4 11.48x 11.83x 479.4 527.5 19.87x 18.31x (24.6) 59.4 92.17x Profitability

30.06.2011 1'035.5 11.25x 603.9 19.30x 112.5 67.05x

30.06.2012 1'152.0 10.83x 636.9 19.59x 54.9 149.74x 636.94 335.29 29.11% -1.10% 0.43% 1.24% 0.12% 56.7% 30.1% 4.8% 0.81 0.73 45.34% 129.10% 14.82 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.98 0.59 1'067.79 15.68% 0.49% 0.587 15 3.667 2'849'408 3'952'882 3'526'591 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/12 Q3 06/12 Q4 963.3 1'031.4 13.96x 12.99x 691.1 751.0 19.54x 17.99x 169.8 187.6 46.36x 40.80x S&P Issuer Ratings

1.79 1.68 6.71 7.05 129.1% 56.3% 0.12 6.04 24.70 -

Sales/Revenue/Turnover

25.00

1'400.0 1'200.0

20.00

1'000.0 15.00

800.0 600.0

10.00

400.0 5.00

0.00 03.07.2009

200.0 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 |

27.02.2013

Transurban Group Holdings By:

All

Holder Name UBS TREASURY GROUP LTD RARE INFRASTRUCTURE FUTURE FUND UNISUPER NATIONAL AUSTRALIA B VANGUARD GROUP INC BANK OF NEW YORK MEL BLACKROCK AUSTRALIAN FOUNDATIO CI INVESTMENTS INC AMP LIFE LTD VANGUARD INVESTMENTS COHEN & STEERS CAPIT FMR LLC QUEENSLAND INVESTMEN FRANK RUSSELL TRUST COMMONWEALTH BANK OF DJERRIWARRH INVESTME GCIC LTD/CANADA

Firm Name Macquarie Deutsche Bank Morgan Stanley RBC Capital Markets JPMorgan CIMB Commonwealth Bank Nomura Goldman Sachs EVA Dimensions E.L. & C. Baillieu Evans & Partners Pty Ltd

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

Analyst IAN MYLES CAMERON MCDONALD SCOTT KELLY PAUL A JOHNSTON CAROLYN HOLMES MICHAEL NEWBOLD ANDRE FROMYHR DAVID FRASER ANDREW MCCUSKER CRAIG STERLING MATHAN SOMASUNDARAM TONY WILSON

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

Recommendation neutral hold Equalwt/Cautious sector perform overweight outperform overweight neutral Buy/Neutral sell buy Positive

Amt Held 156'548'641 123'924'947 102'126'158 98'867'357 74'293'549 57'833'983 23'784'573 20'061'419 18'522'945 16'025'348 15'178'474 13'243'281 10'721'019 10'644'201 8'969'195 7'602'587 7'144'371 5'794'232 4'270'000 4'215'000

% Out 10.57 8.36 6.89 6.67 5.01 3.9 1.61 1.35 1.25 1.08 1.02 0.89 0.72 0.72 0.61 0.51 0.48 0.39 0.29 0.28

Weighting

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

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

Latest Chg 9'430 48'771'627 (17'001'208) (16'572'611) 385'248 62'945 772'217 (2'273'300) 97'559 (721'782) (10'846) 420'000

Target Price 6 6 6 6 6 7 6 7 6 #N/A N/A 6 #N/A N/A

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

File Dt Inst Type 28.12.2012 Unclassified 19.03.2012 Corporation 20.07.2012 Other 20.03.2012 Government 05.10.2012 Other 26.06.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 03.08.2012 Investment Advisor 30.06.2012 Investment Advisor 03.08.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 03.08.2012 Investment Advisor 31.05.2012 Investment Advisor 31.10.2012 Bank 03.08.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 18.01.2013 15.01.2013 10.12.2012 13.01.2011

27.02.2013

AGL Energy Ltd AGL Energy Limited sells and distributes gas and electricity. The Company retails and wholesales energy and fuel products to customers throughout Australia.

Price/Volume 18

7.0 M

6.0 M

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.07.2012) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AGK AT EQUITY YTD Change AGK AT EQUITY YTD % CHANGE

06/2012 01/yy 16.01 13.03 2'850'292.00 15.87 -0.87% 21.79% 72.47% 550.2 8'731.18 4'312.00 0.0 0.0 1'812.90 11'230.28

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

4.0 M

3.0 M

2.0 M

1.0 M

2 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 30.06.2008 5'424.0 1.54x 439.3 19.07x 229.0 19.70x

30.06.2009 30.06.2010 5'953.9 6'609.9 1.09x 1.06x (1'368.1) 544.5 12.92x 1'596.1 356.1 8.35x 18.54x Profitability

30.06.2011 7'071.8 1.01x 1'008.5 7.12x 558.7 11.97x

30.06.2012 7'454.0 1.42x 576.5 18.32x 114.9 62.06x 576.50 402.60 5.40% 2.19% 0.94% 1.71% 1.71% 0.61% 20.6% 7.7% 5.4% 1.5% 1.58 0.93 29.26% 60.45% 13.43 37.84

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.79 0.65 538.04 23.89% 3.19% 0.653 15 4.067 1'400'420 1'904'568 1'643'959 FY+2

06/13 Y 06/14 Y 9'502.4 10'009.6 1.20x 1.13x 1'404.4 1'484.4 8.00x 7.57x 625.0 680.0 13.93x 12.91x S&P Issuer Ratings

FQ+1

FQ+2

25.06.2012 BBB STABLE 6.12 -1.55 4.33 7.48 60.5% 37.7% 0.61 1.77 27.24 9.67 61.05 -24.13

Sales/Revenue/Turnover

70.00

8'000.0

60.00

7'000.0 6'000.0

50.00

5'000.0 40.00

4'000.0 30.00

3'000.0

20.00

2'000.0

10.00

1'000.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

27.02.2013

AGL Energy Ltd Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK AUSTRALIAN FOUNDATIO BOND STREET CUSTODIA SCHRODER INVESTMENT AMP LIFE LTD ARGO INVESTMENTS LTD BT PORTFOLIO SERVICE VANGUARD INVESTMENTS QUESTOR FINANCIAL SE CUSTODIAL SERVICES L PERPETUAL TRUSTEE CO MILTON CORP LTD Avanteos Investments MACQUARIE GROUP LTD NAVIGATOR AUSTRALIA ABERDEEN Gwynvill Investments UCA FUNDS MANAGEMENT HEXAVEST INC

Firm Name Credit Suisse RBC Capital Markets Nomura Macquarie Morgan Stanley JPMorgan EVA Dimensions E.L. & C. Baillieu Commonwealth Bank Goldman Sachs Deutsche Bank

Portfolio Name Multiple Portfolios 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 n/a n/a n/a n/a Multiple Portfolios HEXAVEST INC

Analyst BENJAMIN MCVICAR PAUL A JOHNSTON DAVID FRASER IAN MYLES PHILIP BARE JASON HARLEY STEED AUSTIN BURKETT MATHAN SOMASUNDARAM WILLIAM ALLOTT MARK WISEMAN JOHN HIRJEE

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

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

Amt Held 9'648'323 6'291'651 5'083'157 4'894'766 3'415'182 3'176'225 3'159'316 2'942'949 2'908'769 2'800'113 2'783'102 2'769'469 2'306'876 1'716'552 1'691'271 1'577'159 1'411'967 1'263'150 1'012'615 1'002'689

% Out 1.75 1.14 0.92 0.89 0.62 0.58 0.57 0.53 0.53 0.51 0.51 0.5 0.42 0.31 0.31 0.29 0.26 0.23 0.18 0.18

Weighting

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

M M M M M M U M M M M

Latest Chg 218'847 2'787 678'644 115'358 352'632 (33'583) (171) 157'732

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

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 25.02.2013 Investment Advisor 15.08.2012 Investment Advisor 15.08.2012 Other 31.10.2012 Investment Advisor 15.08.2012 Investment Advisor 15.08.2012 Investment Advisor 15.08.2012 Corporation 30.09.2012 Mutual Fund Manager 15.08.2012 Private Equity 15.08.2012 Other 15.08.2012 Corporation 15.08.2012 Investment Advisor 15.08.2012 Unclassified 31.08.2011 Investment Advisor 15.08.2012 Corporation 31.01.2013 Unclassified 15.08.2012 Unclassified 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor

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

Date 27.02.2013 26.02.2013 26.02.2013 20.02.2013 12.02.2013 12.02.2013 12.02.2013 10.12.2012 09.11.2012 23.10.2012 22.08.2012

27.02.2013

News Corp News Corporation is a diversified global media company. The Company's operations include the production and distribution of motion pictures and television programming. The Company provides television, direct satellite, and cable broadcasting and the publication of newspapers, magazines, books and promotional inserts.

Price/Volume 35

16.0 M

14.0 M

12.0 M 10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.02.2013) 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 04.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NWS AT EQUITY YTD Change NWS AT EQUITY YTD % CHANGE

06/2012 12/yy 28.88 18.36 727'625.00 28.06 -2.84% 52.83% 88.97% 798.5 65'721.52 15'455.00 1'142.0 9'626.00 -

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

1.20 1.00

6.0 M

4.0 M

2.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 30.06.2008 32'996.0 1.49x 6'668.0 7.36x 5'387.0 -

8.0 M

30.06.2009 30.06.2010 30'423.0 32'778.0 1.06x 1.12x 4'472.0 5'228.0 7.23x 7.02x (3'378.0) 2'539.0 Profitability

LTM-4Q 30.06.2011 33'405.0 1.50x 6'133.0 8.17x 2'739.0 -

30.06.2012 33'706.0 1.78x 6'646.0 9.04x 1'179.0 6'646.00 5'379.00 15.96% 6.56% 6.52% 14.38% 11.39% 0.56% 19.7% 15.9% 3.5% 2.02 1.69 27.28% 62.61% 4.61 -

LTM

12/yy 34'152.0 5.75x 6'648.0 7.73x 3'117.0 0.00x

12/yy 34'333.0 7.24x 6'754.0 10.53x 3'998.0 0.00x

FY+1

.0 M f-13

0.79 50.91% 14.53% 0.794 8 3.875 1'080'023 1'282'092 1'114'685 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 35'673.7 37'903.2 8'879.8 8'998.4 2.14x 1.98x 7'359.1 8'122.8 1'823.3 1'873.2 3'863.0 4'312.3 921.8 994.6 17.00x 14.65x S&P Issuer Ratings

30.11.2012 BBB+ STABLE 6.18 5.30 1.28 2.44 62.6% 37.4% 0.56 5.82 79.48 -

Sales/Revenue/Turnover

40'000.0 35'000.0 30'000.0

0.80 0.60

25'000.0 20'000.0 15'000.0

0.40 0.20

10'000.0 5'000.0 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 |

27.02.2013

News Corp Holdings By:

All

Holder Name MACQUARIE GROUP LTD VANGUARD INVESTMENTS FIDELITY INVESTMENTS VANGUARD GROUP INC DEXIA ASSET MANAGEME LANDESBANK BERLIN IN INVESTEC ASSET MANAG PARVEST INVESTMENT M IG INVESTMENT MANAGE ING INVESTMENT MANAG BLACKROCK INVESCO LTD COLONIAL FIRST STATE WILSON HTM INVESTMEN INKA-INTERNATIONALE KBC GROUP NV HEXAVEST INC MFS FINANCIAL SERVIC CASA 4 FUNDS LUX EUR EATON VANCE MANAGEME

Firm Name Commonwealth Bank Credit Suisse Macquarie Evans & Partners Pty Ltd CIMB BBY Limited Deutsche Bank Goldman Sachs

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a INVESCO LTD Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios HEXAVEST INC Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ALICE BENNETT SAMANTHA CARLETON ANDREW LEVY PETER STAMOULIS FRASER MCLEISH MARK MCDONNELL VIKAS GOUR ADAM ALEXANDER

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

Recommendation overweight neutral outperform Positive neutral underperform buy not rated

Amt Held 3'048'112 1'612'273 600'735 480'513 290'347 285'445 174'874 140'833 57'676 49'127 39'040 35'636 22'630 17'000 6'227 5'138 3'851 3'332 2'900 1'084

% Out 0.38 0.2 0.08 0.06 0.04 0.04 0.02 0.02 0.01 0.01 0 0 0 0 0 0 0 0 0 0

Weighting

Change

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

M M M M M D M M

Latest Chg (449'862) 36'809 480'513 (10'400) (28'006) (4'235) 4'367 (1'997) 910 -

Target Price 30 27 30 #N/A N/A 25 27 31 #N/A N/A

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

File Dt 31.08.2011 30.09.2012 31.12.2010 31.12.2012 31.12.2012 31.01.2013 31.12.2012 30.09.2012 28.09.2012 31.12.2012 25.02.2013 31.12.2012 15.02.2012 31.12.2012 31.01.2013 31.01.2011 31.12.2012 31.12.2012 31.07.2012 31.12.2012

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

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

Date 19.02.2013 15.02.2013 13.02.2013 08.02.2013 07.02.2013 07.02.2013 04.02.2013 28.06.2012

27.02.2013

Oil Search Ltd Oil Search Limited explores for and produces gas and oil through operations in Papua New Guinea. The Company's activities are located in the Papuan Highlands which include the Kutubu, Hides, and Gobe oil and gas projects.

Price/Volume 9

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

8 7 6 5 4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (25.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OSH AT EQUITY YTD Change OSH AT EQUITY YTD % CHANGE

12/2012 01/yy 7.91 6.21 6'147'969.00 7.52 -4.93% 21.10% 67.06% 1'334.8 10'037.37 1'747.57 0.0 0.0 1'047.46 11'720.51

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

2 1 0 f-12

31.12.2009 31.12.2010 512.2 583.6 11.45x 15.63x 281.7 281.2 20.81x 32.45x 133.7 185.6 47.73x 50.72x Profitability

31.12.2011 732.9 12.54x 526.1 17.47x 202.5 41.75x

31.12.2012 724.6 175.8 55.14x 526.13 474.82 64.79% 60.02% 3.37% 6.46% 0.13% 78.0% 66.6% 59.9% 24.3% 2.45 2.08 30.65% 57.92% 5.85 2.60

Price/ Cash Flow

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.52 1.14 1'135.84 8.77% 7.28% 1.140 15 4.467 3'691'635 4'350'947 3'490'084 FY+2

12/13 Y 12/14 Y 720.0 1'032.2 19.76x 14.12x 419.6 649.6 27.93x 18.04x 165.1 325.7 64.37x 31.01x S&P Issuer Ratings

FQ+1

FQ+2

2.95 4.64 57.9% 36.7% 0.13 0.20 62.58 141.04 688.77 -655.48

Sales/Revenue/Turnover

40.00

900.0

35.00

800.0

30.00

700.0 600.0

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

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 814.3 3.85x 572.7 5.47x 313.4 11.71x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.02.2013

Oil Search Ltd Holdings By:

All

Holder Name INDEPENDENT PUBLIC B CAPITAL GROUP COMPAN COMMONWEALTH BANK OF NATIONAL AUSTRALIA B RS INVESTMENT MANAGE AUSTRALIAN FOUNDATIO FMR LLC WILLIAM BLAIR & COMP BLACKROCK VANGUARD GROUP INC MACQUARIE GROUP LTD VANGUARD INVESTMENTS BANK OF NEW YORK MEL DJERRIWARRH INVESTME JENNISON ASSOCIATES FIDELITY INVESTMENTS JF ASSET MANAGEMENT BARING ASSET MANAGEM MELLON GLOBAL MANAGE JOHN HANCOCK INVESTM

Firm Name Macquarie Octa Phillip Securities Ltd Deutsche Bank Morgan Stanley RBC Capital Markets Credit Suisse JPMorgan Sanford C. Bernstein & Co Commonwealth Bank Bell Potter Goldman Sachs EVA Dimensions Nomura

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

Analyst ADRIAN WOOD LAWRENCE GRECH JOHN HIRJEE STUART BAKER ANDREW WILLIAMS PAUL MCTAGGART BENJAMIN X. WILSON NEIL BEVERIDGE LUKE SMITH JOHAN HEDSTROM MARK WISEMAN CRAIG STERLING RICHARD J JOHNSON

Source Co File ULT-AGG EXCH ULT-AGG MF-AGG MF-AGG ULT-AGG 13F ULT-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 buy buy Overwt/Attractive outperform outperform neutral outperform overweight buy Buy/Neutral sell suspended coverage

Amt Held 196'604'177 152'543'105 79'940'057 49'109'365 19'228'122 15'246'000 8'910'281 8'068'302 6'790'986 6'536'694 6'024'391 5'823'203 5'000'000 4'987'000 3'567'701 2'550'852 2'179'812 2'140'147 2'000'000 1'914'075

% Out 14.73 11.43 5.99 3.68 1.44 1.14 0.67 0.6 0.51 0.49 0.45 0.44 0.37 0.37 0.27 0.19 0.16 0.16 0.15 0.14

Weighting

Change

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

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

Latest Chg (28'984'641) 43'684 (1'345'485) 485'154 98'000 77'176 (298'421) 169'872 1'441'038 (43'554) 35'527

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

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

File Dt 29.02.2012 31.12.2012 30.03.2012 14.09.2012 31.12.2012 29.06.2012 31.12.2012 31.12.2012 25.02.2013 31.12.2012 31.08.2011 30.09.2012 30.11.2012 30.06.2011 31.12.2012 31.12.2010 30.09.2011 31.10.2012 31.12.2012 30.04.2011

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

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

Date 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 14.02.2013 29.01.2013 17.01.2013 29.04.2012

27.02.2013

Stockland Stockland is a diversified Australian property group. The Group develops and manages Retail centers, Residential Communities and Retirement Living assets with a focus on regional centers and outer metropolitan. Stockland also owns a portfolio of Office and Industrial assets.

Price/Volume 4

60.0 M

50.0 M

3 40.0 M

3 2

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 SGP AT EQUITY YTD Change SGP AT EQUITY YTD % CHANGE

06/2012 01/yy 3.79 2.90 12'149'871.00 3.7 -2.25% 27.59% 84.75% 2'202.7 8'149.83 2'867.60 0.0 0.0 135.60 10'993.83

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

20.0 M

1 10.0 M

1 0 f-12

30.06.2009 30.06.2010 1'847.4 2'060.1 5.13x 5.23x 567.8 593.2 16.68x 18.16x (1'802.8) 478.4 18.51x Profitability

30.06.2011 2'363.2 4.37x 616.3 16.77x 754.6 10.76x

30.06.2012 2'029.7 4.69x 634.4 15.00x 487.0 14.60x 634.40 613.50 27.50% 22.52% 0.22% 0.39% 0.29% 0.13% 29.5% 24.0% 19.73% 34.85% -

Price/ Cash Flow

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

6.49 0.66 2'198.73 28.09% 4.82% 0.663 14 3.000 9'832'437 11'890'290 9'764'574 FY+2

06/13 Y 06/14 Y 1'734.0 1'943.9 6.37x 5.77x 536.7 647.3 20.49x 16.99x 526.8 573.1 15.81x 14.62x S&P Issuer Ratings

FQ+1

FQ+2

07.06.2005 ASTABLE 2.87 -0.22 5.14 5.43 34.9% 25.8% 0.13 -

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 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 2'134.0 5.30x 669.3 16.90x 705.2 11.14x

30.0 M

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 |

27.02.2013

Stockland Holdings By:

All

Holder Name VANGUARD GROUP INC ING GROEP NV COMMONWEALTH BANK OF COHEN & STEERS CAPIT AMP LTD WESTPAC BANKING CORP VANGUARD INVESTMENTS BLACKROCK EUROPEAN INVESTORS I MACQUARIE GROUP LTD MORGAN STANLEY COLONIAL FIRST STATE ABN AMRO ASSET MGMT SCHRODER INVESTMENT ALLIANCE BERNSTEIN CBRE CLARION SECURIT STATE STREET DIAM T ROWE PRICE ASSOCIA INVESCO LTD

Firm Name Macquarie Credit Suisse Deutsche Bank Morgan Stanley Goldman Sachs JPMorgan Commonwealth Bank EVA Dimensions Moelis & Company

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

Analyst PAUL CHECCHIN JOHN RICHMOND IAN RANDALL JOHN MEREDITH PETER ZUK RICHARD JONES DAVID LLOYD AUSTIN BURKETT SIMON SCOTT

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

Recommendation underperform underperform hold Overwt/In-Line neutral/neutral overweight underweight underweight buy

Amt Held 169'936'759 146'983'278 145'852'889 120'564'679 119'116'942 116'324'895 92'309'045 41'695'494 40'560'020 31'127'856 25'453'349 14'853'862 14'242'429 11'235'693 10'666'982 10'524'693 10'480'994 10'196'064 8'994'778 6'994'829

% Out 7.72 6.67 6.62 5.47 5.41 5.28 4.19 1.89 1.84 1.41 1.16 0.67 0.65 0.51 0.48 0.48 0.48 0.46 0.41 0.32

Weighting

Change 1 1 3 5 3 5 1 1 5

M M D M M M M M M

Latest Chg 24'019'255 24'996'475 12'750'897 (57'917) (4'577'428) 2'545'547 158'881 1'243'937 998'050 (1'070'755) (2'311'138) (9'577'634) 252'210 114'388 (700) (28'000) 6'390'349 537'779

Target Price 3 3 4 4 4 4 3 #N/A N/A 4

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

File Dt Inst Type 31.08.2011 Investment Advisor 31.01.2011 Investment Advisor 19.12.2012 Bank 07.01.2011 Investment Advisor 21.09.2011 Insurance Company 14.02.2011 Bank 30.09.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 08.05.2012 Investment Advisor 17.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 17.07.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor

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

Date 19.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 17.01.2013 17.05.2012

27.02.2013

Fortescue Metals Group Ltd Fortescue Metals Group Ltd. explores for and produces iron ore. The Company conducts business worldwide.

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 (22.03.2012) 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 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FMG AT EQUITY YTD Change FMG AT EQUITY YTD % CHANGE

06/2012 01/yy 6.18 2.81 10'063'831.00 4.6 -25.57% 63.70% 53.41% 3'113.8 14'323.47 8'501.00 0.0 0.0 2'343.00 25'320.89

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

30.0 M

20.0 M

10.0 M

0 f-12

m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 30.06.2008 139.3 248.66x (1'038.4) (771.8) -

40.0 M

30.06.2009 30.06.2010 1'828.6 3'220.1 6.22x 3.91x 532.1 1'223.0 21.37x 10.30x 508.0 580.9 17.22x 18.51x Profitability

30.06.2011 5'442.0 4.30x 2'771.0 8.44x 1'019.0 20.70x

30.06.2012 6'681.0 3.26x 2'830.0 7.69x 1'559.0 10.02x 2'830.00 2'563.00 38.36% 33.87% 8.06% 34.15% 12.31% 0.43% 39.9% 35.4% 29.8% 23.3% 1.71 1.22 56.44% 225.97% 10.12 7.59

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

0.90 1.38 1'484.22 -13.36% -1.08% 1.380 19 3.421 19'983'750 15'514'120 15'185'490 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 8'267.2 11'734.6 3.04x 2.08x 3'084.7 4'427.8 8.21x 5.72x 1'438.9 2'173.7 9.80x 6.68x S&P Issuer Ratings

28.09.2012 BBNEG 3.87 -4.40 4.58 5.45 226.0% 69.3% 0.43 0.57 36.17 48.19 77.74 22.57

Sales/Revenue/Turnover

35.00

8'000.0

30.00

7'000.0 6'000.0

25.00

5'000.0 20.00

4'000.0 15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 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 |

27.02.2013

Fortescue Metals Group Ltd Holdings By:

All

Holder Name FORREST ANDREW JOHN HUNAN VALIN IRON & S EMICHROME PTY LTD BLACKROCK VANGUARD GROUP INC JANUS CAPITAL MANAGE MEURS PETER FMR LLC JP MORGAN AMP LIFE LTD ROWLEY WILLIAM GRAEM JP MORGAN INVESTMENT LEAPING JOEY PTY LTD VANGUARD INVESTMENTS INVESTEC ASSET MANAG STATE FARM MUTUAL AU IG INVESTMENT MANAGE AMBRECHT KENNETH CHA JOHN HANCOCK INVESTM GUARDIAN INVESTOR SE

Firm Name Nomura BMO Capital Markets Paterson Securities Macquarie BBY Limited Commonwealth Bank Morgan Stanley RBC Capital Markets Credit Suisse JPMorgan Bell Potter Deutsche Bank CIMB Goldman Sachs EVA Dimensions Investec

Portfolio Name 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 Multiple Portfolios Multiple Portfolios STATE FARM MUTUAL AU Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst DAVID RADCLYFFE TONY ROBSON ROB BRIERLEY LEE BOWERS MIKE HARROWELL ANDREW HINES BRENDAN FITZPATRICK CHRIS DREW MATTHEW HOPE LYNDON FAGAN STUART HOWE PAUL-D YOUNG MICHAEL EVANS CRAIG SAINSBURY CRAIG STERLING TIM GERRARD

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

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

Amt Held 1'020'690'915 458'405'492 94'685'358 92'877'990 61'496'429 53'736'238 25'924'523 18'361'114 13'682'332 12'997'879 11'644'951 10'532'700 9'674'500 9'068'915 6'856'547 5'637'400 4'972'628 4'823'030 3'721'356 3'176'396

% Out 32.78 14.72 3.04 2.98 1.97 1.73 0.83 0.59 0.44 0.42 0.37 0.34 0.31 0.29 0.22 0.18 0.16 0.15 0.12 0.1

Weighting

Change

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

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

Latest Chg 713'887 2'826'951 23'192'002 (1'455'405) (417'051) (6'500'000) 249'942 (20'900) (360'000) 1'378'324 403'608

Target Price 5 4 5 #N/A N/A 5 6 5 5 6 5 6 4 6 5 #N/A N/A 3

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

File Dt Inst Type 13.09.2012 n/a 13.09.2012 Corporation 13.09.2012 Unclassified 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 22.02.2013 n/a 31.12.2012 Investment Advisor 31.12.2012 Unclassified 13.09.2012 Investment Advisor 13.09.2012 n/a 30.06.2012 Mutual Fund Manager 13.09.2012 n/a 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.09.2012 Insurance Company 28.09.2012 Investment Advisor 23.10.2012 n/a 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

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

Date 27.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 13.02.2013 24.01.2013 24.01.2013 22.01.2013 15.01.2013 16.10.2012

27.02.2013

Coca-Cola Amatil Ltd Coca-Cola Amatil Limited manufactures, distributes and sells carbonated soft drinks along with still and mineral waters, fruit drinks, ready-to-drink coffee and tea and flavored milk drinks. The Company also rents and services commercial refrigeration equipment to food/beverage manufacturers.

Price/Volume 16

9.0 M

8.0 M

7.0 M 6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.02.2013) 52-Week Low (08.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CCL AT EQUITY YTD Change CCL AT EQUITY YTD % CHANGE

12/2012 01/yy 14.47 11.60 1'984'151.00 14.27 -1.41% 23.01% 83.17% 762.1 10'875.64 2'787.20 0.0 5.2 1'178.00 12'490.04

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

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 4'091.4 2.17x 969.7 9.15x 385.6 17.54x

5.0 M

31.12.2009 31.12.2010 4'436.0 4'490.3 2.30x 2.18x 1'047.0 1'114.5 9.76x 8.79x 449.0 497.3 19.06x 16.45x Profitability

31.12.2011 4'801.2 2.16x 1'038.2 10.00x 591.8 14.74x

31.12.2012 5'097.4 2.33x 952.0 12.46x 459.9 22.27x 952.00 718.60 14.10% 12.73% 7.21% 22.39% 12.27% 0.80% 44.3% 18.5% 13.9% 9.0% 1.68 1.22 41.46% 134.43% 5.85 3.94

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.92 0.56 533.61 25.57% 8.78% 0.562 15 2.667 3'815'745 3'359'478 2'714'755 FY+2

12/13 Y 12/14 Y 5'444.3 5'844.8 2.31x 2.14x 1'212.1 1'308.0 10.30x 9.55x 599.1 649.7 18.18x 16.73x S&P Issuer Ratings

FQ+1

FQ+2

16.07.2001 ASTABLE 16.07.2001 A-2 6.24 3.46 1.71 2.96 134.4% 57.3% 0.80 2.71 62.60 92.93 92.26 63.27

Sales/Revenue/Turnover

20.00

6'000.0

18.00

5'000.0

16.00 14.00

4'000.0

12.00

3'000.0

10.00 8.00

2'000.0

6.00 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 |

27.02.2013

Coca-Cola Amatil Ltd Holdings By:

All

Holder Name COCA-COLA CO/THE CAPITAL GROUP COMPAN BANK OF NEW YORK MEL VANGUARD GROUP INC FMR LLC BLACKROCK AUSTRALIAN FOUNDATIO AMP LIFE LTD ABERDEEN MATTHEWS INTERNATION QUESTOR FINANCIAL SE VANGUARD INVESTMENTS ARGO INVESTMENTS LTD PSS BOARD ARTISAN PARTNERS HOL JIKINTA INVESTMENTS THE SENIOR MASTER OF NOMURA MILTON CORP LTD SCHRODER INVESTMENT

Firm Name EVA Dimensions Macquarie Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse JPMorgan CIMB Commonwealth Bank Nomura Evans & Partners Pty Ltd

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

Analyst AUSTIN BURKETT GREG DRING MICHAEL SIMOTAS MARK A CHRISTENSEN GABRIEL WILSON-OTTO LARRY GANDLER STUART JACKSON DANIEL BROEREN ANDREW MCLENNAN DAVID COOKE PAUL RYAN

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

Recommendation underweight neutral hold Equalwt/In-Line neutral/neutral underperform overweight neutral underweight neutral negative

Amt Held 223'049'276 41'163'729 10'675'327 10'195'818 7'647'602 5'911'897 4'723'704 3'973'545 3'622'645 2'994'730 2'920'358 2'791'118 2'125'733 1'813'708 1'670'249 1'381'331 1'381'162 1'373'633 1'367'184 1'361'902

% Out 29.27 5.4 1.4 1.34 1 0.78 0.62 0.52 0.48 0.39 0.38 0.37 0.28 0.24 0.22 0.18 0.18 0.18 0.18 0.18

Weighting

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

U M M M M M U M M M D

Latest Chg (8'299'854) (10'069) 169'061 350'965 6'362 21'845 50'732 35'495 (160'805)

Target Price #N/A N/A 14 15 13 14 14 15 14 13 14 #N/A N/A

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

File Dt Inst Type 05.03.2012 Corporation 22.01.2013 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 05.03.2012 Investment Advisor 05.03.2012 Investment Advisor 31.01.2013 Unclassified 28.09.2012 Investment Advisor 05.03.2012 Private Equity 30.09.2012 Mutual Fund Manager 05.03.2012 Investment Advisor 05.03.2012 n/a 31.12.2012 Investment Advisor 05.03.2012 n/a 05.03.2012 Other 06.09.2012 Unclassified 05.03.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 22.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 23.08.2012

27.02.2013

Aurizon Holdings Ltd Aurizon Holdings Ltd is a rail freight company. The Company provides coal, bulk and general freight haulage services, operating on the Central Queensland Coal Network (CQCN) and including specialised track maintenance and workshop support functions.

Price/Volume 5 4 4 3 3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AZJ AT EQUITY YTD Change AZJ AT EQUITY YTD % CHANGE

06/2012 01/yy 4.24 3.07 5'410'429.00 3.99 -5.90% 29.97% 75.21% 2'137.3 8'527.77 1'201.60 0.0 0.0 98.80 10'951.07

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

1 1 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 2'614.0 493.0 -

200.0 M 180.0 M 160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M f-13

30.06.2009 30.06.2010 2'402.0 2'748.1 417.0 702.8 (36.8) Profitability

30.06.2011 2'970.5 3.01x 588.4 15.18x 360.9 21.95x

30.06.2012 3'263.8 2.88x 929.3 10.11x 440.9 18.78x 929.30 465.60 14.27% 16.98% 4.34% 6.38% 0.35% 28.8% 14.7% 13.5% 1.15 0.63 11.99% 16.47% 6.74 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.81 1'511.33 5.29% 6.68% 0.808 17 3.353 27'676'040 11'215'690 7'527'401 FY+2

06/13 Y 06/14 Y 3'831.9 4'067.1 2.88x 2.78x 1'260.1 1'386.4 8.69x 7.90x 463.6 508.1 19.09x 16.76x S&P Issuer Ratings

FQ+1

FQ+2

05.10.2010 BBB+ STABLE 10.49 -2.56 2.41 2.43 16.5% 14.1% 0.35 0.39 54.27 -

Sales/Revenue/Turnover

16.00

3'500.0

14.00

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00 0.00 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 |

27.02.2013

Aurizon Holdings Ltd Holdings By:

All

Holder Name QLD TREASURY HLDGS P UBS PERPETUAL LTD CHILDREN'S INVESTMEN TALOS CAPITAL LIMITE NATIONAL AUSTRALIA B HSBC HOLDINGS PLC COMMONWEALTH BANK OF SCOUT CAPITAL MANAGE VANGUARD GROUP INC BLACKROCK UNION INVESTMENT GMB AMP LIFE LTD VANGUARD INVESTMENTS SKANDIA GLOBAL FUNDS VAN ECK ASSOCIATES C CREDIT SUISSE ASSET MACQUARIE GROUP LTD MAPS INVESTMENT MANA FMR LLC

Firm Name EVA Dimensions Macquarie Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse JPMorgan CIMB BBY Limited Commonwealth Bank Nomura Wilson HTM Investment Group Moelis & Company Paterson Securities Evans & Partners Pty Ltd

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

Analyst CRAIG STERLING IAN MYLES CAMERON MCDONALD SCOTT KELLY ANDREW GIBSON BRADLEY CLIBBORN SCOTT CARROLL MARK WILLIAMS MOIRA EILEEN DAW MATT CROWE DAVID FRASER NATHAN LEAD SIMON FITZGERALD GRAEME CARSON PAUL RYAN

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

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

Amt Held 389'229'499 214'000'024 167'388'470 125'051'143 125'051'143 122'823'460 109'882'901 104'774'726 100'000'000 31'494'804 18'912'132 12'159'600 9'798'957 8'497'895 4'933'571 3'832'908 3'015'321 2'472'731 1'691'451 1'657'580

% Out 18.21 10.01 7.83 5.85 5.85 5.75 5.14 4.9 4.68 1.47 0.88 0.57 0.46 0.4 0.23 0.18 0.14 0.12 0.08 0.08

Weighting

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

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

Latest Chg (288'184'818) (22'456'088) (8'553'485) (24'000'000) 1'425'179 14'859 (2'803'100) 174'916 (966'539) 29'771 81'221 129'329

Target Price #N/A N/A 4 4 4 4 4 4 4 4 4 4 5 4 4 #N/A N/A

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

File Dt 26.11.2012 11.10.2012 19.02.2013 17.08.2012 04.05.2012 12.09.2012 04.12.2012 08.02.2013 09.01.2012 31.12.2012 25.02.2013 28.09.2012 17.08.2012 30.09.2012 31.12.2012 25.02.2013 28.12.2012 31.12.2012 28.09.2012 31.12.2012

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

Inst Type Other Unclassified Investment Advisor Hedge Fund Manager Other Bank Investment Advisor Bank Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor

Date 25.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 09.10.2012 17.05.2012 30.08.2011 01.02.2011

27.02.2013

Goodman Group Goodman Group is an integrated industrial property group. The Group has operations in Australia, New Zealand, UK, Asia and Europe. Goodman's activities include property investment, funds management, property development and property services. The Group's property portfolio includes business parks, industrial estates, office parks and warehouse/distribution centers.

Price/Volume

Valuation Analysis 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GMG AT EQUITY YTD Change GMG AT EQUITY YTD % CHANGE

06/2012 01/yy 4.78 3.22 6'442'431.00 4.65 -2.72% 44.41% 91.67% 1'713.2 7'966.54 2'347.50 0.0 318.8 310.80 10'322.04

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

160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 30.06.2008 852.5 10.66x 269.8 33.68x 250.7 20.44x

5 5 4 4 3 3 2 2 1 1 0 f-12 m-12

30.06.2009 30.06.2010 409.4 594.6 13.02x 11.07x (7.7) 228.8 28.76x (1'120.0) (537.0) Profitability

30.06.2011 696.4 10.69x 219.4 33.94x 392.0 11.95x

30.06.2012 692.9 11.90x 242.5 34.01x 408.3 13.59x 242.50 242.50 34.02% 66.42% 5.17% 8.78% 6.24% 0.09% 46.4% 58.9% 28.56% 48.34% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.87 0.97 1'042.09 44.41% 7.39% 0.969 15 3.267 9'581'693 5'487'033 7'490'000 FY+2

06/13 Y 06/14 Y 683.6 870.2 14.91x 11.85x 586.3 653.2 17.61x 15.80x 543.5 599.3 14.18x 13.17x S&P Issuer Ratings

FQ+1

FQ+2

29.09.2009 BBB STABLE 2.56 1.08 6.33 7.30 48.3% 31.2% 0.09 -

Sales/Revenue/Turnover

30.00

900.0 800.0

25.00

700.0 600.0

20.00

500.0 15.00

400.0 300.0

10.00

200.0 5.00 0.00 03.07.2009

100.0 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 |

27.02.2013

Goodman Group Holdings By:

All

Holder Name CHINA INVESTMENT COR LEADER INVESTMENT CO HARRIS ASSOCIATES LP FMR LLC BLACKROCK NATL AUSTRALIA BANK VANGUARD INVESTMENTS CAMBIO INVESTMENTS P VANGUARD GROUP INC MACQUARIE GROUP LTD STATE STREET COHEN & STEERS CAPIT ING INVESTMENT MANAG JP MORGAN ING INVESTMENT MANAG DIAM PRUDENTIAL FINANCIAL CBRE CLARION SECURIT MORGAN STANLEY MITSUBISHI UFJ FINAN

Firm Name Commonwealth Bank Macquarie Morgan Stanley Goldman Sachs Credit Suisse JPMorgan EVA Dimensions CIMB Deutsche Bank Moelis & Company

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

Analyst DAVID LLOYD PAUL CHECCHIN LOURENS PIRENC PETER ZUK STEPHEN RICH RICHARD JONES AUSTIN BURKETT ANDREW HODGE IAN RANDALL SIMON SCOTT

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

Recommendation overweight neutral Overwt/In-Line neutral/neutral neutral neutral sell neutral hold hold

Amt Held 168'466'446 168'462'083 119'869'947 109'965'215 103'561'413 84'882'377 83'236'550 45'076'923 28'115'745 26'448'067 16'582'620 12'994'596 12'109'381 9'930'807 5'593'645 5'564'862 5'396'267 5'047'958 4'859'763 3'840'255

% Out 9.83 9.83 7 6.42 6.04 4.95 4.86 2.63 1.64 1.54 0.97 0.76 0.71 0.58 0.33 0.32 0.31 0.29 0.28 0.22

Weighting

Change 5 3 5 3 3 3 1 3 3 3

M D M M U M M N D D

Latest Chg (116'675'592) (23'173'290) (669'840) 130'821 (1'102'909) 1'712'625 415'978 269'674 994'580 1'695'363 (135'055) (89'152) 700'132 286'827 (649'773) 59'275

Target Price 5 5 5 5 5 5 #N/A N/A 4 5 4

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

File Dt Inst Type 11.12.2012 Government 13.12.2012 Other 11.12.2012 Investment Advisor 30.09.2012 Investment Advisor 25.02.2013 Investment Advisor 05.12.2012 Bank 31.08.2012 Mutual Fund Manager 19.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 05.07.2012 Holding Company

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

Date 26.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 17.01.2013 07.11.2012 31.10.2012 16.08.2012

27.02.2013

GPT Group GPT Group is an active owner and manager of a diversified portfolio of Australian retail, office and industrial property assets. The Group's property portfolio include the MLC Centre, Australia Square, Rouse Hill Town Centre and Melbourne Central.

Price/Volume 5

40.0 M

35.0 M

30.0 M

25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (11.02.2013) 52-Week Low (08.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GPT AT EQUITY YTD Change GPT AT EQUITY YTD % CHANGE

12/2012 01/yy 3.89 3.07 4'530'160.00 3.88 -0.26% 26.38% 92.68% 1'768.7 6'862.68 2'143.60 0.0 0.0 159.90 8'846.38

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

15.0 M

2 1

10.0 M

5.0 M

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 773.1 10.56x 432.0 18.89x (3'253.5) -

20.0 M

Valuation Analysis

31.12.2009 31.12.2010 562.0 565.4 13.80x 13.91x 362.8 345.4 21.38x 22.78x (1'069.1) 707.3 30.09x 12.57x Profitability

31.12.2011 619.5 12.38x 370.2 20.72x 246.2 18.32x

31.12.2012 646.1 13.13x 388.7 21.83x 594.5 11.43x 388.70 270.60 41.88% 6.38% 8.70% 6.62% 0.07% 60.2% 92.0% 22.94% 31.17% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.97 0.64 1'669.96 33.17% 6.93% 0.640 12 3.500 5'841'067 5'313'242 4'928'952 FY+2

12/13 Y 12/14 Y 661.9 682.6 13.27x 12.92x 556.6 572.9 15.89x 15.44x 443.9 456.9 15.52x 15.04x S&P Issuer Ratings

FQ+1

FQ+2

10.05.2010 ASTABLE 26.08.2009 A-2 3.24 0.73 5.10 5.51 31.2% 23.8% 0.07 -

Sales/Revenue/Turnover

18.00

1'200.0

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 |

27.02.2013

GPT Group Holdings By:

All

Holder Name ING GROEP NV CBRE CLARION SEC LLC COHEN & STEERS INC COMMONWEALTH BANK OF VANGUARD INVESTMENTS EUROPEAN INVESTORS I COHEN & STEERS CAPIT BLACKROCK MORGAN STANLEY LASALLE INVESTMENT M VANGUARD GROUP INC MACQUARIE GROUP LTD STATE STREET CBRE CLARION SECURIT ING INVESTMENT MANAG DIAM FMR LLC INVESCO LTD COLONIAL FIRST STATE PRUDENTIAL FINANCIAL

Firm Name Commonwealth Bank Macquarie Deutsche Bank Goldman Sachs Credit Suisse JPMorgan EVA Dimensions Morgan Stanley Moelis & Company

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

Analyst DAVID LLOYD ROB FREEMAN JASON WEATE SIMON WHEATLEY STEPHEN RICH ROB STANTON AUSTIN BURKETT LOURENS PIRENC SIMON SCOTT

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

Recommendation overweight outperform hold neutral/neutral underperform neutral overweight restricted hold

Amt Held 117'899'517 96'412'048 95'049'157 92'549'184 68'000'230 30'575'357 29'787'046 29'136'893 28'793'993 28'091'898 25'230'826 20'358'588 17'680'576 13'073'021 9'945'483 7'374'064 6'459'019 5'941'415 5'691'150 5'681'780

% Out 6.67 5.45 5.37 5.23 3.84 1.73 1.68 1.65 1.63 1.59 1.43 1.15 1 0.74 0.56 0.42 0.37 0.34 0.32 0.32

Weighting

Change

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

M M M M D D M M M

Latest Chg (21'579'512) 1'137'216 (13'867'874) 554'799 1'492'785 (5'791'097) (131'836) (546'170) (1'719'704) 400'343 (1'235'299) (214'451) 597'100 977'880 379'655 88'518 (2'201'850) 285'349

Target Price 4 4 4 4 4 4 #N/A N/A #N/A N/A 3

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

File Dt Inst Type 28.01.2011 Investment Advisor 01.07.2011 n/a 23.08.2011 Corporation 20.05.2011 Bank 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 21.08.2012 Investment Advisor 31.12.2012 Investment Advisor 31.08.2011 Investment Advisor 26.02.2013 Investment Advisor 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 08.05.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 26.02.2013 22.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 17.01.2013 10.12.2012 17.05.2012

27.02.2013

ASX Ltd ASX Ltd is a demutualized company which operates Australia's primary national stock exchange and equity derivatives market. The ASX operates markets for equities, derivatives, fixed-interest securities and capital-raising for unlisted companies using advanced computer systems for both trading and settlement.

Price/Volume 40 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.02.2013) 52-Week Low (07.08.2012) 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 ASX AT EQUITY YTD Change ASX AT EQUITY YTD % CHANGE

06/2012 01/yy 37.44 27.53 279'631.00 35.96 -3.95% 30.62% 83.15% 175.1 6'297.92 3'189.60 0.0 0.0 3'696.10 5'791.42

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

15 10 5 0 f-12

m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 30.06.2008 598.2 8.39x 481.0 10.44x 365.9 14.67x

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 f-13

30.06.2009 30.06.2010 529.5 582.2 11.51x 7.88x 400.2 452.4 15.23x 10.13x 313.6 328.1 20.19x 15.32x Profitability

30.06.2011 611.7 7.82x 478.2 10.00x 352.3 15.10x

30.06.2012 604.1 7.81x 460.0 10.25x 339.2 15.39x 460.00 432.60 71.61% 79.85% 5.34% 11.28% 7.00% 0.10% 77.7% 73.1% 56.1% 1.26 1.19 48.87% 106.50% 9.59 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.95 0.75 175.00 17.95% 15.22% 0.752 17 2.706 835'108 713'156 616'384 FY+2

06/13 Y 06/14 Y 619.2 661.2 6.30x 5.79x 474.8 512.5 12.20x 11.30x 348.3 376.1 18.08x 16.77x S&P Issuer Ratings

FQ+1

FQ+2

4.04 3.68 -1.08 6.80 106.5% 51.6% 0.10 9.85 38.17 -

Sales/Revenue/Turnover

20.00

700.0

18.00

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 03.07.2009

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 |

27.02.2013

ASX Ltd Holdings By:

All

Holder Name PERPETUAL LTD COMMONWEALTH BANK OF NATIONAL AUSTRALIA B VANGUARD GROUP INC BLACKROCK VANGUARD INVESTMENTS ABERDEEN UNION INVESTMENT GMB UCA FUNDS MANAGEMENT AUSTRALIAN FOUNDATIO CREDIT SUISSE ASSET MACQUARIE GROUP LTD ARGO INVESTMENTS LTD INVESCO LTD FMR LLC UNION INVESTMENT LUX DIMENSIONAL FUND ADV SJUNDE AP FONDEN DIAM RUSSELL INVESTMENT M

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

Firm Name

Analyst

Macquarie Deutsche Bank Morgan Stanley Credit Suisse JPMorgan CIMB BBY Limited Commonwealth Bank Nomura Bell Potter Goldman Sachs EVA Dimensions Evans & Partners Pty Ltd

BRYAN RAYMOND KIEREN CHIDGEY ARVID STREIMANN DAVID BAILEY ISMAR TUZOVIC RICHARD COLES BRETT LE MESURIER ROSS CURRAN ANTHONY HOO LAFITANI SOTIRIOU RYAN FISHER AUSTIN BURKETT GEORGE GABRIEL

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

Recommendation underperform hold Equalwt/In-Line underperform neutral underperform buy neutral neutral hold neutral/neutral overweight Positive

Amt Held 10'984'437 8'942'796 8'579'742 3'350'981 1'926'318 1'015'998 761'193 584'300 509'770 365'000 268'367 255'800 244'015 203'809 183'217 156'258 145'405 124'316 108'041 95'148

% Out 6.27 5.11 4.9 1.91 1.1 0.58 0.43 0.33 0.29 0.21 0.15 0.15 0.14 0.12 0.1 0.09 0.08 0.07 0.06 0.05

Weighting

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

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

Latest Chg (72'451) (279'341) 134'412 999 26'465 25'343 (87) 2'330 11'119 1'771 (31'183) 19'026 76'491 -

Target Price 34 37 34 30 35 32 38 38 34 33 31 #N/A N/A #N/A N/A

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

File Dt Inst Type 01.08.2012 Investment Advisor 24.08.2012 Bank 10.04.2012 Bank 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 30.09.2012 Mutual Fund Manager 31.01.2013 Unclassified 28.09.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 29.06.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.08.2011 Investment Advisor 30.06.2011 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 26.02.2013 Investment Advisor

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

Date 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 21.02.2013 05.02.2013 15.01.2013 11.04.2012

27.02.2013

Lend Lease Group Lend Lease Group is a fully integrated property solutions provider. The Company is involved in development, investment management, project and construction management and asset and property management.

Price/Volume 12

7.0 M

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (18.02.2013) 52-Week Low (12.04.2012) 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 LLC AT EQUITY YTD Change LLC AT EQUITY YTD % CHANGE

06/2012 01/yy 10.84 6.87 1'078'185.00 10.64 -1.85% 54.88% 95.21% 574.4 6'111.10 1'357.10 0.0 5.9 957.90 7'079.50

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

3.0 M

2.0 M

1.0 M

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 30.06.2008 14'374.8 0.26x 33.9 108.72x 254.2 13.92x

4.0 M

Valuation Analysis

30.06.2009 30.06.2010 14'525.8 10'359.2 0.21x 0.36x (669.6) 110.5 34.19x (653.6) 345.6 10.05x Profitability

30.06.2011 8'800.4 0.63x 144.9 38.14x 492.8 9.78x

30.06.2012 11'471.7 0.37x 257.8 16.62x 501.4 7.77x 257.80 180.40 1.57% 4.55% 4.64% 15.98% 13.19% 0.95% 10.9% 2.1% 1.4% 4.4% 0.61 0.38 10.91% 34.75% 7.01 13.22

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.14 0.94 538.71 50.50% 14.66% 0.942 16 4.125 2'710'597 2'225'664 1'795'958 FY+2

06/13 Y 06/14 Y 12'753.4 13'747.5 0.52x 0.51x 775.7 856.1 9.13x 8.27x 545.3 575.3 11.19x 10.65x S&P Issuer Ratings

FQ+1

FQ+2

25.02.2010 BBBSTABLE 25.02.2010 A-3 2.13 0.55 1.84 5.78 34.8% 25.8% 0.95 2.39 52.23 27.70 112.05 8.77

Sales/Revenue/Turnover

25.00

16'000.0 14'000.0

20.00

12'000.0 10'000.0

15.00

8'000.0 10.00

6'000.0 4'000.0

5.00

0.00 03.07.2009

2'000.0 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 |

27.02.2013

Lend Lease Group Holdings By:

All

Holder Name FRANKLIN RESOURCES LL EMPLOYEE HOLDINGS IOOF HOLDINGS LTD NATIONAL AUSTRALIA B VANGUARD GROUP INC BLACKROCK ARGO INVESTMENTS LTD VANGUARD INVESTMENTS MACQUARIE GROUP LTD ROBECO INVESTOR SERV PRUDENTIAL FINANCIAL SCHRODER INVESTMENT CREDIT SUISSE ASSET DEXIA ASSET MANAGEME WELLS FARGO DIMENSIONAL FUND ADV LEGAL & GENERAL DEUTSCHE BANK AG FMR LLC SWEDBANK ROBUR FONDE

Firm Name EVA Dimensions Credit Suisse Macquarie Deutsche Bank Morgan Stanley Goldman Sachs JPMorgan CIMB Commonwealth Bank Nomura Moelis & Company

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

Analyst AUSTIN BURKETT JOHN RICHMOND ROB FREEMAN IAN RANDALL JOHN MEREDITH SIMON WHEATLEY ANTHONY PASSE-DE SILVA ANDREW HODGE BEN BROWNETTE SIMON THACKRAY SIMON FITZGERALD

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

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

Amt Held 35'096'817 34'626'669 28'373'775 26'402'472 10'784'866 6'502'248 3'718'609 2'768'583 1'897'519 1'886'786 1'676'349 1'463'361 835'640 801'565 757'036 714'770 666'180 564'432 504'516 492'167

% Out 6.11 6.03 4.94 4.6 1.88 1.13 0.65 0.48 0.33 0.33 0.29 0.25 0.15 0.14 0.13 0.12 0.12 0.1 0.09 0.09

Weighting

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

U M M M M M M M M D M

Latest Chg (5'716'706) (855'585) (3'701'379) 159'672 158'018 73'563 1'260'109 231'684 (3'926'523) 12'128 2'857 (2'907) 20'719 287'237

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

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

File Dt Inst Type 27.11.2012 Investment Advisor 31.08.2012 Corporation 31.07.2012 Investment Advisor 05.10.2012 Bank 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 30.06.2011 Investment Advisor 30.09.2012 Mutual Fund Manager 31.08.2011 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.07.2012 Investment Advisor 28.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 25.02.2013 21.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 17.05.2012

27.02.2013

Mirvac Group Mirvac Group invests in and develops real estate. The Company invests in residential, retail, office and industrial properties, and manages hotels and resorts in Australia and New Zealand.

Price/Volume 2 2 1 1 1 1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.02.2013) 52-Week Low (28.02.2012) 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 MGR AT EQUITY YTD Change MGR AT EQUITY YTD % CHANGE

06/2012 01/yy 1.67 1.15 7'868'920.00 1.615 -3.29% 41.05% 85.71% 3'425.6 5'532.32 1'825.00 0.0 0.0 90.00 7'331.22

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

0 0 0 f-12

30.06.2009 30.06.2010 1'568.1 1'412.2 2.73x 3.93x 70.2 232.8 61.04x 23.85x (1'078.1) 234.7 16.54x Profitability

30.06.2011 1'503.8 4.20x 411.4 15.37x 182.3 24.96x

30.06.2012 1'477.1 4.12x 402.3 15.13x 416.1 11.31x 402.30 363.30 24.60% 21.42% 3.49% 5.21% 0.17% 37.0% 28.0% 25.3% 28.2% 1.34 0.24 21.70% 31.71% 9.93 1.82

Price/ Cash Flow

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

5.33 0.81 3'421.05 47.76% 8.75% 0.809 14 3.429 10'569'170 9'454'034 9'308'556 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 1'156.4 1'398.5 6.54x 5.46x 427.1 525.8 17.17x 13.94x 368.3 404.6 14.68x 13.57x S&P Issuer Ratings

16.07.2009 BBB POS 16.07.2009 A-2 1.81 1.36 4.49 4.70 31.7% 24.1% 0.17 0.25 36.85 201.27 143.50 178.25

Sales/Revenue/Turnover

50.00

2'000.0

45.00

1'800.0

40.00

1'600.0

35.00

1'400.0

30.00

1'200.0

25.00 20.00

1'000.0 800.0

15.00

600.0

10.00

400.0

5.00

200.0

0.00 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 1'666.8 3.34x 138.4 40.24x 171.8 19.92x

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M f-13

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 |

27.02.2013

Mirvac Group Holdings By:

All

Holder Name BLACKROCK COMMONWEALTH BANK OF VANGUARD GROUP INC AMP LTD NATIONAL AUSTRALIA B MAPLE-BROWN ABBOTT L VANGUARD INVESTMENTS BARCLAYS PLC LASALLE INVESTMENT M MORGAN STANLEY COLONIAL FIRST STATE COHEN & STEERS CAPIT MACQUARIE GROUP LTD ABN AMRO ASSET MGMT ING INVESTMENT MANAG THIRD AVENUE MANAGEM PRINCIPAL FINANCIAL FMR LLC DIAM CBRE CLARION SECURIT

Firm Name Commonwealth Bank Macquarie Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse JPMorgan EVA Dimensions Moelis & Company

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

Analyst DAVID LLOYD PAUL CHECCHIN IAN RANDALL JOHN MEREDITH PETER ZUK JOHN RICHMOND RICHARD JONES AUSTIN BURKETT RYAN FRANZ

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

Recommendation neutral neutral hold Overwt/In-Line Buy/Neutral neutral overweight sell sell

Amt Held 214'726'838 191'589'948 186'167'992 170'774'457 166'234'755 163'519'064 142'143'425 137'805'294 79'500'190 68'090'588 66'329'860 56'481'082 50'232'729 39'079'027 30'749'325 24'713'436 18'369'721 16'753'535 14'640'132 14'621'437

% Out 6.27 5.59 5.43 4.99 4.85 4.77 4.15 4.02 2.32 1.99 1.94 1.65 1.47 1.14 0.9 0.72 0.54 0.49 0.43 0.43

Weighting

Change 3 3 3 5 5 3 5 1 1

M M M M M M U M M

Latest Chg 615'593 (33'768'363) (393'737) (5'738'991) (7'771'125) 4'076'796 16'137'854 1'323'981 (3'203'140) (6'781'605) (7'032'788) (3'737'572) 8'520'220 (593'837) 4'075'658 3'466'285

Target Price 2 2 2 2 2 2 2 #N/A N/A 1

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

File Dt Inst Type 25.02.2013 Investment Advisor 27.07.2012 Bank 26.07.2012 Investment Advisor 24.05.2011 Insurance Company 28.05.2012 Bank 26.07.2011 Investment Advisor 30.09.2012 Mutual Fund Manager 26.07.2012 Investment Advisor 21.08.2012 Investment Advisor 31.12.2012 Investment Advisor 08.05.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 17.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Hedge Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.10.2012 Investment Advisor

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

Date 26.02.2013 18.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 15.01.2013 06.11.2012

27.02.2013

WorleyParsons Ltd WorleyParsons Limited provides professional services through alliance and integrated service contracts to the energy, resource and complex process industries. The Company provides its services to industrial sectors such as oil and gas refining, petrochemicals and chemicals, minerals and metals, power and water and industrial and infrastructure.

Price/Volume 35

8.0 M

7.0 M

6.0 M 5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.03.2012) 52-Week Low (11.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WOR AT EQUITY YTD Change WOR AT EQUITY YTD % CHANGE

06/2012 01/yy 30.00 22.20 555'367.00 26.3 -12.33% 18.47% 50.51% 243.0 6'392.00 736.80 0.0 22.5 247.30 6'929.00

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

3.0 M

2.0 M

1.0 M

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 30.06.2008 4'607.1 2.12x 542.3 18.05x 343.9 26.57x

4.0 M

30.06.2009 30.06.2010 5'794.7 5'059.7 1.09x 1.21x 641.8 460.0 9.86x 13.26x 390.5 291.1 14.78x 18.74x Profitability

30.06.2011 5'605.1 1.33x 532.1 14.04x 364.2 19.04x

30.06.2012 7'389.5 0.90x 601.4 11.11x 353.2 17.47x 601.40 498.40 6.74% 6.68% 8.38% 18.50% 14.81% 2.00% 7.0% 5.8% 4.8% 1.50 0.78 16.78% 37.64% 10.31 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.52 1.04 212.45 -7.11% 14.35% 1.044 15 3.400 1'088'804 1'066'378 982'493 FY+2

06/13 Y 06/14 Y 8'509.8 9'173.5 0.81x 0.74x 686.6 764.3 10.09x 9.07x 377.3 429.5 17.18x 15.11x S&P Issuer Ratings

FQ+1

FQ+2

11.77 10.61 0.85 1.58 37.6% 27.1% 2.00 68.06 35.50 -

Sales/Revenue/Turnover

35.00

8'000.0

30.00

7'000.0 6'000.0

25.00

5'000.0 20.00

4'000.0 15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 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 |

27.02.2013

WorleyParsons Ltd Holdings By:

All

Holder Name WILACI PTY LTD COMMONWEALTH BANK OF INVESCO LTD GRILL JOHN MICHAEL VANGUARD GROUP INC FMR LLC BANK OF NEW YORK MEL BLACKROCK MORGAN STANLEY JUHA PTY LTD HAJU PTY LTD BENKE LARRY MAX VANGUARD INVESTMENTS AMERIPRISE FINANCIAL EVENROSE PTY LTD JOHALIUS PTY LTD GREEN JOHN M WOOD ANDREW MELLON GLOBAL MANAGE T ROWE PRICE ASSOCIA

Firm Name Deutsche Bank Credit Suisse JPMorgan Macquarie Morgan Stanley Goldman Sachs CIMB Commonwealth Bank EVA Dimensions Paterson Securities Moelis & Company

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

Analyst CRAIG WONGPAN EMMA ALCOCK ANTHONY PASSE-DE SILVA JOHN PURTELL NICHOLAS ROBISON NATHAN REILLY MARK SAMTER BEN BROWNETTE CRAIG STERLING GEORGE GALANOPOULOS SIMON FITZGERALD

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

Recommendation hold neutral underweight outperform Overwt/In-Line buy/attractive outperform underweight hold buy sell

Amt Held 16'891'039 11'730'163 4'608'473 3'932'055 3'801'749 3'593'313 3'558'483 2'253'701 1'900'331 1'500'000 1'500'000 1'133'383 1'089'858 1'081'600 1'053'136 1'053'136 891'869 820'671 642'285 588'804

% Out 6.95 4.83 1.9 1.62 1.56 1.48 1.46 0.93 0.78 0.62 0.62 0.47 0.45 0.45 0.43 0.43 0.37 0.34 0.26 0.24

Weighting

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

M M M U M M M M M U D

Latest Chg (400'860) (555'084) 87'649 139'722 141'574 1'233 188'178 3'188 23'386 (118'334) 1'013 (8'771)

Target Price 24 28 22 29 29 30 30 23 #N/A N/A 28 25

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

File Dt Inst Type 23.10.2012 Unclassified 29.03.2012 Bank 26.02.2013 Investment Advisor 23.10.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 23.10.2012 Other 23.10.2012 Other 02.10.2012 n/a 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 09.02.2011 Unclassified 23.10.2012 Other 29.08.2012 n/a 23.10.2012 n/a 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

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

Date 21.02.2013 21.02.2013 21.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 15.01.2013 11.12.2012 31.08.2012

27.02.2013

Asciano Ltd Asciano Limited is a provider of essential transport services in the rail and ports and stevedoring industries in Australia and New Zealand. The Company operates container terminals, bulk export port facilities and container and bulk rail haulage services.

Price/Volume 6

16.0 M 14.0 M

12.0 M 4

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (15.11.2012) 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 AIO AT EQUITY YTD Change AIO AT EQUITY YTD % CHANGE

06/2012 01/yy 5.67 4.09 5'162'308.00 5.48 -3.27% 33.99% 86.35% 975.4 5'345.11 2'858.20 0.0 12.5 149.40 8'066.41

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

8.0 M 6.0 M

4.0 M 1

2.0 M

0 f-12

30.06.2009 30.06.2010 2'797.3 2'849.9 2.04x 2.71x 634.4 1'829.2 8.99x 4.22x 71.8 (788.5) 14.05x Profitability

30.06.2011 3'056.3 2.31x 749.9 9.43x 201.6 23.77x

30.06.2012 3'408.4 2.04x 841.8 8.27x 240.8 17.61x 841.80 550.80 16.16% 11.24% 3.45% 7.38% 6.39% 0.49% 24.7% 16.2% 7.1% 0.78 0.61 39.91% 85.71% 12.20 -

Price/ Cash Flow

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

1.37 0.96 974.58 14.34% 17.60% 0.963 17 4.353 7'714'844 4'774'718 3'763'134 FY+2

06/13 Y 06/14 Y 3'758.6 4'039.2 2.21x 2.12x 1'012.2 1'111.6 7.97x 7.26x 363.3 409.8 14.61x 12.92x S&P Issuer Ratings

FQ+1

FQ+2

22.02.2010 BBBSTABLE 3.58 0.10 3.22 3.39 85.7% 46.1% 0.49 1.04 30.00 -

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 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 2'887.1 2.32x 626.5 10.68x 197.5 11.53x

10.0 M

Valuation Analysis

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 |

27.02.2013

Asciano Ltd Holdings By:

All

Holder Name COMMONWEALTH BANK OF WESTPAC BANKING CORP BLACKROCK UBS NATIONAL AUSTRALIA B AUSBIL DEXIA LIMITED VANGUARD GROUP INC COHEN & STEERS CAPIT ARGO INVESTMENTS LTD VANGUARD INVESTMENTS MACQUARIE INFRASTRUC IVY MANAGEMENT INCOR UCA FUNDS MANAGEMENT MACQUARIE GROUP LTD JF ASSET MANAGEMENT DIMENSIONAL FUND ADV CREDIT SUISSE ASSET HIRTLE CALLAGHAN & C AUSTRALIAN FOUNDATIO MAPS INVESTMENT MANA

Firm Name EVA Dimensions Macquarie Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse JPMorgan CIMB Commonwealth Bank Nomura Wilson HTM Investment Group Evans & Partners Pty Ltd Moelis & Company

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

Analyst CRAIG STERLING RUSSELL SHAW CAMERON MCDONALD SCOTT KELLY ANDREW GIBSON NICHOLAS MARKIEWICZ SCOTT CARROLL MARK WILLIAMS MATT CROWE DAVID FRASER NATHAN LEAD PAUL RYAN SIMON FITZGERALD

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

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

Amt Held 117'960'733 74'910'625 69'976'565 55'439'648 50'912'254 46'088'349 17'343'817 6'669'800 5'662'152 5'180'509 4'252'538 3'390'210 3'147'161 2'122'196 2'102'183 1'775'600 1'748'571 1'683'167 1'615'000 1'588'822

% Out 12.09 7.68 7.17 5.68 5.22 4.73 1.78 0.68 0.58 0.53 0.44 0.35 0.32 0.22 0.22 0.18 0.18 0.17 0.17 0.16

Weighting

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

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

Latest Chg (199'565'805) (10'064'847) 3'766'772 (384'913) (5'162'080) 252'009 6'482'200 132'628 67'242 (298'270) 39'470 (30'996) (529'732) 24'310 -

Target Price #N/A N/A 5 6 6 6 6 6 6 6 6 5 #N/A N/A 5

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

File Dt 02.03.2012 09.08.2012 25.02.2013 04.12.2012 30.01.2013 23.05.2011 31.12.2012 31.12.2012 30.06.2011 30.09.2012 31.08.2012 31.12.2012 31.01.2013 31.12.2012 30.09.2011 31.07.2012 28.12.2012 30.09.2011 29.06.2012 28.09.2012

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

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

Date 25.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 30.08.2012 23.08.2012 16.08.2012

27.02.2013

Dexus Property Group Dexus Property Group is a property trust that manages and invests in a portfolio of diversified properties including office and industrial properties, retail shopping centers and car parks. The Trust's properties are located in Australia, New Zealand and the United States.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DXS AT EQUITY YTD Change DXS AT EQUITY YTD % CHANGE

06/2012 01/yy 1.12 0.84 16'905'929.00 1.075 -3.59% 27.98% 81.82% 4'839.0 5'201.95 1'940.76 0.0 0.0 59.19 7'171.25

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

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

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 30.06.2008 699.7 10.45x 479.1 15.26x 438.3 9.32x

30.06.2009 30.06.2010 775.4 716.1 7.94x 8.51x 520.1 463.0 11.84x 13.16x (1'459.1) 31.4 116.67x Profitability

30.06.2011 681.3 9.69x 439.7 15.02x 553.0 7.69x

30.06.2012 706.0 8.97x 458.2 13.82x 181.1 24.80x 458.16 455.36 48.51% 28.24% 3.86% 5.94% 4.13% 0.08% 65.9% 25.6% 26.35% 38.76% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

5.18 0.77 4'160.62 27.89% 5.91% 0.768 14 3.857 19'066'450 17'555'230 17'174'730 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 593.2 616.7 11.97x 11.61x 455.0 476.5 15.76x 15.05x 362.5 374.8 13.96x 13.61x S&P Issuer Ratings

04.07.2006 BBB+ STABLE 04.07.2006 A-2 3.39 1.82 4.70 38.8% 27.9% 0.08 -

Sales/Revenue/Turnover

25.00

900.0 800.0

20.00

700.0 600.0

15.00

500.0 400.0

10.00

300.0 200.0

5.00

100.0 0.00 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 |

27.02.2013

Dexus Property Group Holdings By:

All

Holder Name CBRE CLARION SEC LLC ING GROEP NV BLACKROCK VANGUARD GROUP INC SUMITOMO MITSUI TRUS WESTPAC BANKING CORP AMP LTD COMMONWEALTH BANK OF NATIONAL AUSTRALIA B COHEN & STEERS CAPIT LA SALLE INV MGMT (S VANGUARD INVESTMENTS LASALLE INVESTMENT M CBRE CLARION SECURIT MORGAN STANLEY ING INVESTMENT MANAG MACQUARIE GROUP LTD ABN AMRO ASSET MGMT STATE STREET THIRD AVENUE MANAGEM

Firm Name Commonwealth Bank EVA Dimensions Macquarie Morgan Stanley Goldman Sachs Credit Suisse JPMorgan Deutsche Bank Moelis & Company

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

Analyst JAMES DRUCE AUSTIN BURKETT PAUL CHECCHIN TODD MCFARLANE SIMON WHEATLEY STEPHEN RICH ROB STANTON IAN RANDALL RYAN FRANZ

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

Recommendation overweight buy outperform Overwt/In-Line neutral/neutral neutral overweight hold hold

Amt Held 440'873'263 388'416'634 356'604'489 291'637'480 247'721'457 244'213'504 243'842'776 241'511'323 236'926'402 236'507'265 226'560'630 201'260'154 130'108'466 108'451'095 78'047'858 70'413'623 64'527'037 56'198'100 53'714'097 41'415'719

% Out 9.11 8.03 7.37 6.03 5.12 5.05 5.04 4.99 4.9 4.89 4.68 4.16 2.69 2.24 1.61 1.46 1.33 1.16 1.11 0.86

Weighting

Change 5 5 5 5 3 3 5 3 3

M U M M M M M D M

Latest Chg (367'952) (314'868) (434'018) (12'351'221) (5'089'460) (55'151'859) 5'666'466 20'022'997 6'422'144 (2'975'910) (115'859) 5'476'504 21'034'748 -

Target Price 1 #N/A N/A 1 1 1 1 1 1 1

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

File Dt Inst Type 30.08.2012 n/a 31.08.2012 Investment Advisor 25.02.2013 Investment Advisor 31.08.2012 Investment Advisor 17.08.2012 Bank 19.09.2012 Bank 07.02.2013 Insurance Company 30.03.2011 Bank 29.10.2012 Bank 15.09.2011 Investment Advisor 22.11.2010 Other 30.09.2012 Mutual Fund Manager 21.08.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 17.07.2012 Investment Advisor 26.02.2013 Investment Advisor 31.10.2012 Hedge Fund Manager

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

Date 26.02.2013 20.02.2013 18.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 20.12.2012 06.11.2012

27.02.2013

Sonic Healthcare Ltd Sonic Healthcare Limited is a medical diagnostics company with operations in Australia, New Zealand, and Europe. The Company provides a comprehensive range of pathology and diagnostic imaging services to medical practitioners, hospitals and their patients along with providing administrative services and facilities to medical practitioners.

Price/Volume 16

06/2012 01/yy 14.32 11.20 2'084'812.00 13.39 -6.49% 19.55% 65.06% 396.1 5'304.15 1'739.68 0.0 20.7 168.59 6'868.27

3.0 M

2.0 M

4 1.0 M

2 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

30.06.2009 30.06.2010 2'964.5 2'935.9 2.00x 1.89x 509.2 499.1 11.65x 11.13x 171.4 293.2 26.27x 13.81x Profitability

30.06.2011 3'058.3 2.14x 557.0 11.74x 294.5 16.98x

30.06.2012 3'291.3 1.99x 610.3 10.74x 316.0 15.66x 610.30 478.25 14.53% 12.70% 6.61% 12.46% 8.75% 0.68% 17.7% 13.7% 9.6% 0.73 0.53 35.30% 67.18% 7.96 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.48 0.72 330.95 19.66% 0.45% 0.719 16 3.063 2'321'188 1'436'932 1'192'580 FY+2

06/13 Y 06/14 Y 3'480.3 3'685.7 1.96x 1.82x 647.5 699.1 10.61x 9.82x 332.7 363.8 15.96x 14.65x S&P Issuer Ratings

FQ+1

FQ+2

7.93 6.15 2.61 2.92 67.2% 40.0% 0.68 5.67 45.97 -

Sales/Revenue/Turnover

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 03.07.2009

4.0 M

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 (08.02.2013) 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 25.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SHL AT EQUITY YTD Change SHL AT EQUITY YTD % CHANGE

30.06.2008 2'331.4 2.62x 439.5 13.89x 245.1 19.40x

6.0 M

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 |

27.02.2013

Sonic Healthcare Ltd Holdings By:

All

Holder Name CAPITAL GROUP COMPAN MANNING & NAPIER ADV VERITAS ASSET MANAGE JARDVAN PTY LTD MANNING & NAPIER ADV NATIONAL AUSTRALIA B VANGUARD GROUP INC OPPENHEIMERFUNDS INC BLACKROCK AMP LIFE LTD ARGO INVESTMENTS LTD IG INVESTMENT MANAGE VANGUARD INVESTMENTS WILKS CHRISTOPHER DA GOLDSCHMIDT COLIN ST ROYAL BANK OF CANADA CREDIT SUISSE ASSET F&C FUND MANAGEMENT CAPITAL INTERNATIONA AUSTRALIAN FOUNDATIO

Firm Name Nomura JPMorgan Macquarie Wilson HTM Investment Group Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse CIMB BBY Limited Commonwealth Bank EVA Dimensions Evans & Partners Pty 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 n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DAVID STANTON STEVEN D WHEEN CRAIG COLLIE SHANE STOREY DAVID A LOW SEAN LAAMAN IAN ABBOTT SAUL HADASSIN DEREK JELLINEK DENNIS HULME BRUCE DU ANDREW S ZAMFOTIS LOU CAPPARELLI

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

Recommendation neutral neutral outperform hold hold Equalwt/Cautious neutral/neutral neutral neutral underperform neutral hold Positive

Amt Held 46'262'112 25'097'655 21'913'195 15'958'704 15'275'580 11'091'380 6'633'975 5'992'452 4'008'969 2'355'365 2'274'483 2'193'794 2'054'372 898'122 730'243 572'000 570'686 532'439 518'738 504'000

% Out 11.68 6.34 5.53 4.03 3.86 2.8 1.67 1.51 1.01 0.59 0.57 0.55 0.52 0.23 0.18 0.14 0.14 0.13 0.13 0.13

Weighting

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

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

Latest Chg (2'605'154) (9'080'739) 125'741 (296'603) (591'955) (127'000) 5'242 (175'374) -

Target Price 13 14 14 13 13 13 13 14 13 13 13 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 14.09.2012 Unclassified 31.01.2013 Investment Advisor 14.09.2012 n/a 31.12.2012 Investment Advisor 11.09.2012 Bank 31.12.2012 Investment Advisor 30.12.2012 Investment Advisor 25.02.2013 Investment Advisor 14.09.2012 Investment Advisor 14.09.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 26.09.2012 n/a 26.09.2012 n/a 28.09.2012 Bank 28.12.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 29.06.2012 Investment Advisor

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

Date 25.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 17.01.2013 09.01.2013

27.02.2013

Incitec Pivot Ltd Incitec Pivot Limited is a fertilizer manufacturer and supplier, and also a supplier for explosives products and services. The Company has operations throughout the United States, Canada, Mexico and Australia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 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 IPL AT EQUITY YTD Change IPL AT EQUITY YTD % CHANGE

09/2012 01/yy 3.37 2.62 12'312'195.00 3.17 -5.93% 20.99% 76.00% 1'628.7 5'163.07 1'441.00 0.0 2.3 154.10 6'452.27

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

70.0 M

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 f-12

30.09.2009 30.09.2010 3'418.9 2'931.7 1.75x 2.36x 1'014.7 760.5 5.89x 9.09x (221.4) 410.5 14.19x Profitability

30.09.2011 3'545.3 1.84x 828.6 7.87x 463.2 11.51x

30.09.2012 3'500.9 1.75x 562.3 10.92x 510.7 9.49x

562.30 406.50 11.61% 20.33% 7.29% 13.21% 10.00% 0.50% 16.1% 11.6% 14.6% 0.93 0.47 20.55% 35.76% 8.88 -

Price/ Cash Flow

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

3.91 1.22 1'533.42 0.12% -1.86% 1.223 16 3.875 6'236'348 8'122'868 6'878'997 FY+2

09/13 Y 09/14 Y 3'660.7 3'832.8 1.73x 1.61x 790.1 875.3 8.17x 7.37x 379.6 442.1 13.61x 11.65x S&P Issuer Ratings

FQ+1

FQ+2

12.10.2009 BBB STABLE 11.02.2010 NR 13.62 -1.56 2.29 2.56 35.8% 26.3% 0.50 1.39 41.22 -

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 02.10.2009

m-12

Fiscal Year Ended 30.09.2008 2'918.2 2.80x 1'022.0 8.00x 604.6 8.97x

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 |

27.02.2013

Incitec Pivot Ltd Holdings By:

All

Holder Name COMMONWEALTH BANK OF BLACKROCK SCHRODER INVESTMENT HARRIS ASSOCIATES LP NATIONAL AUSTRALIA B VANGUARD GROUP INC DWS INVESTMENT S A AMP LIFE LTD AUSTRALIAN FOUNDATIO MACQUARIE GROUP LTD VANGUARD INVESTMENTS QIC LTD FMR LLC INVESTEC ASSET MANAG NATIXIS INTERNATIONA ROBECO INVESTOR SERV CI INVESTMENTS INC ARGO INVESTMENTS LTD ALLIANCE BERNSTEIN ABERDEEN

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

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

Analyst BELINDA MOORE STUART JACKSON JOHN PURTELL MICHAEL WARD CRAIG STERLING ANDREW G SCOTT RICHARD J JOHNSON MATTHEW MCNEE NICHOLAS ROBISON DENNIS HULME LARRY GANDLER MARK WILSON

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

Recommendation outperform neutral outperform neutral hold neutral buy neutral/neutral Overwt/In-Line buy outperform hold

Amt Held 117'088'006 98'478'785 85'454'643 82'137'430 63'302'791 37'290'835 31'043'133 23'876'351 21'209'411 10'237'125 8'597'887 7'738'572 4'759'910 4'723'007 4'706'455 4'605'604 4'246'216 3'895'530 3'388'960 3'337'906

% Out 7.19 6.05 5.25 5.04 3.89 2.29 1.91 1.47 1.3 0.63 0.53 0.48 0.29 0.29 0.29 0.28 0.26 0.24 0.21 0.2

Weighting

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

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

Latest Chg (3'082'099) (19'261'704) (5'067'031) 2'195'583 200'226 (610'179) (78'300) 92'987 632'358 (29'614)

Target Price 3 3 3 3 #N/A N/A 3 4 3 4 3 4 3

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

File Dt Inst Type 12.11.2012 Bank 25.02.2013 Investment Advisor 12.11.2012 Investment Advisor 30.01.2013 Investment Advisor 26.11.2012 Bank 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 12.11.2012 Investment Advisor 12.11.2012 Investment Advisor 31.08.2011 Investment Advisor 30.09.2012 Mutual Fund Manager 12.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 12.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified

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

Date 18.02.2013 06.02.2013 31.01.2013 22.01.2013 17.01.2013 14.01.2013 10.01.2013 21.12.2012 03.12.2012 16.11.2012 13.11.2012 17.09.2012

27.02.2013

Computershare Ltd Computershare Limited operates share registries and computer bureaus which includes the administration of employee share and option plans and the provision of software that specializes in share registry, financial and stock markets. The Company also provides corporate trust services and acts as a trustee for clients' debt offerings in certain markets.

Price/Volume 12

6.0 M

06/2012 01/yy 10.47 7.26 1'055'957.00 10.06 -3.92% 38.57% 85.36% 555.7 5'589.98 1'754.39 0.0 12.8 442.03 7'033.03

4.0 M 3.0 M

2.0 M 2 0 f-12

1.0 M 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 30.06.2009 30.06.2010 1'495.8 1'599.6 3.23x 3.57x 416.5 482.6 11.62x 11.85x 255.7 294.8 15.83x 16.93x Profitability

30.06.2011 1'598.9 3.73x 515.0 11.57x 264.1 19.99x

30.06.2012 1'802.6 3.07x 500.2 11.07x 156.5 26.93x 500.19 378.24 20.98% 11.66% 3.92% 12.29% 6.86% 0.54% 25.1% 17.2% 8.7% 1.81 1.41 47.65% 150.77% 6.28 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.80 0.76 469.35 36.08% 13.52% 0.761 18 3.389 2'472'508 2'475'113 1'842'414 FY+2

06/13 Y 06/14 Y 2'032.2 2'134.6 3.37x 3.11x 514.2 590.0 13.68x 11.92x 304.6 349.9 18.70x 16.19x S&P Issuer Ratings

FQ+1

FQ+2

10.77 9.91 2.64 3.52 150.8% 59.9% 0.54 10.68 58.28 -

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 03.07.2009

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (31.01.2013) 52-Week Low (10.07.2012) 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 CPU AT EQUITY YTD Change CPU AT EQUITY YTD % CHANGE

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

7.0 M

Valuation Analysis

30.06.2008 1'564.0 3.64x 456.7 12.47x 282.0 17.58x

8.0 M

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 |

27.02.2013

Computershare Ltd Holdings By:

All

Holder Name MORRIS CHRISTOPHER J WALES ANTHONY NORMAN MACLAGAN PENELOPE JA VANGUARD GROUP INC AUSTRALIAN FOUNDATIO MASSACHUSETTS FINANC ARGO INVESTMENTS LTD BLACKROCK AMP LIFE LTD SCHRODER INVESTMENT VANGUARD INVESTMENTS INVESCO LTD ABERDEEN MAWER INVESTMENT MAN FMR LLC MACKAY SHIELDS LLC TAUBE HODSON STONEX MADISON SQUARE INVES CROSBY WILLIAM STUAR DJERRIWARRH INVESTME

Firm Name Morgan Stanley JPMorgan Macquarie Nomura Deutsche Bank Credit Suisse CIMB BBY Limited Commonwealth Bank Goldman Sachs Wilson HTM Investment Group Bell Potter EVA Dimensions E.L. & C. Baillieu Evans & Partners Pty Ltd

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

Analyst ARVID STREIMANN ISMAR TUZOVIC BRYAN RAYMOND VICTOR GERMAN KIEREN CHIDGEY DAVID BAILEY RICHARD COLES BRETT LE MESURIER ROSS CURRAN RYAN FISHER IVOR RIES LAFITANI SOTIRIOU AUSTIN BURKETT NICOLAS BURGESS GEORGE GABRIEL

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

Recommendation Equalwt/In-Line neutral outperform neutral hold outperform neutral underperform overweight neutral/neutral buy buy sell hold Positive

Amt Held 43'571'131 26'792'384 13'945'411 10'031'209 8'156'355 7'309'296 4'901'166 4'856'146 4'277'659 4'038'524 2'705'090 2'422'876 2'010'451 1'795'500 1'758'067 1'698'676 1'180'521 1'025'790 831'272 812'000

% Out 7.84 4.82 2.51 1.81 1.47 1.32 0.88 0.87 0.77 0.73 0.49 0.44 0.36 0.32 0.32 0.31 0.21 0.18 0.15 0.15

Weighting

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

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

Latest Chg (1'000'000) (333'000) 114'782 186'000 2'819 22'980 71'914 94'813 11'351 (32'474) 119'952 (161'250) -

Target Price 10 9 11 10 10 11 9 9 11 9 10 12 #N/A N/A 9 #N/A N/A

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

File Dt Inst Type 30.11.2012 n/a 14.09.2012 n/a 03.12.2012 n/a 31.12.2012 Investment Advisor 14.09.2012 Investment Advisor 31.12.2012 Investment Advisor 14.09.2012 Investment Advisor 25.02.2013 Investment Advisor 14.09.2012 Investment Advisor 31.10.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 31.01.2013 Unclassified 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 24.09.2012 n/a 30.06.2011 Investment Advisor

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

Date 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 07.02.2013 04.02.2013 18.01.2013 15.01.2013 20.12.2012 05.06.2012

27.02.2013

APA Group APA Group is a natural gas infrastructure company. The Company owns and or operates gas transmission and distribution assets whose pipelines span every state and territory in mainland Australia. APA Group also holds minority interests in energy infrastructure enterprises.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.02.2013) 52-Week Low (20.08.2012) 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 APA AT EQUITY YTD Change APA AT EQUITY YTD % CHANGE

06/2012 01/yy 6.25 4.57 2'409'872.00 6.06 -3.04% 32.60% 85.12% 827.4 5'013.74 2'905.95 0.0 0.0 329.93 9'244.46

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

140.0 M

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 30.06.2008 848.9 4.98x 398.4 10.61x 67.2 17.52x

30.06.2009 30.06.2010 908.0 953.0 4.65x 5.11x 437.1 428.7 9.66x 11.35x 78.8 100.4 16.98x 18.56x Profitability

30.06.2011 1'049.5 5.12x 432.6 12.43x 108.5 20.66x

30.06.2012 1'009.2 5.74x 481.0 12.04x 130.7 24.46x 481.00 370.60 36.72% 17.94% 4.24% 14.73% 8.87% 0.17% 44.5% 33.8% 12.9% 1.94 1.42 52.87% 180.05% 7.21 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.57 709.18 35.04% 9.58% 0.571 15 3.133 2'598'055 1'958'052 2'296'539 FY+2

06/13 Y 06/14 Y 1'159.3 1'243.5 7.80x 7.22x 674.6 707.6 13.70x 13.06x 193.3 181.8 24.73x 27.17x S&P Issuer Ratings

FQ+1

FQ+2

1.99 0.96 8.61 8.84 180.0% 64.3% 0.17 0.26 50.75 -

Sales/Revenue/Turnover

14.00

1'200.0

12.00

1'000.0

10.00

800.0

8.00

600.0 6.00

400.0 4.00

200.0

2.00 0.00 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 |

27.02.2013

APA Group Holdings By:

All

Holder Name PETRONAS AUSTRALIA P BLACKROCK NATIONAL AUSTRALIA B MORGAN STANLEY BANK OF NEW YORK MEL VANGUARD GROUP INC AMP LIFE LTD PICTET ASSET MANAGEM ARGO INVESTMENTS LTD VANGUARD INVESTMENTS DUFF & PHELPS INVEST QIC LTD STATE STREET INVESCO LTD DEUTSCHE BANK AG COHEN & STEERS CAPIT MACQUARIE GROUP LTD QUESTOR FINANCIAL SE FRANK RUSSELL TRUST PICTET CONSEIL EN IN

Firm Name EVA Dimensions Macquarie Deutsche Bank Morgan Stanley RBC Capital Markets Credit Suisse JPMorgan Commonwealth Bank Goldman Sachs E.L. & C. Baillieu Wilson HTM Investment Group Evans & Partners Pty Ltd

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 n/a n/a Multiple Portfolios Multiple Portfolios

Analyst AUSTIN BURKETT IAN MYLES JOHN HIRJEE PHILIP BARE PAUL A JOHNSTON BENJAMIN MCVICAR JASON HARLEY STEED WILLIAM ALLOTT ANDREW MCCUSKER MATHAN SOMASUNDARAM NATHAN LEAD TONY WILSON

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

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

Amt Held 111'292'297 44'910'205 29'081'395 21'542'688 15'037'976 14'650'515 6'749'919 6'542'469 6'138'230 4'733'301 4'479'095 4'454'680 4'075'800 3'729'010 3'581'235 3'264'100 2'248'557 2'120'057 1'842'190 1'522'573

% Out 13.45 5.43 3.52 2.6 1.82 1.77 0.82 0.79 0.74 0.57 0.54 0.54 0.49 0.45 0.43 0.39 0.27 0.26 0.22 0.18

Weighting

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

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

Latest Chg 4'944 (14'845'549) (96'395'030) 1'762'590 (283'169) 459'190 3'840 2'488'054 270'034 17'600 1'333'295 1'559'577 (1'689)

Target Price #N/A N/A 6 6 6 7 5 5 6 5 5 5 #N/A N/A

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

File Dt Inst Type 01.05.2012 Holding Company 25.02.2013 Investment Advisor 04.01.2013 Bank 07.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.08.2012 Investment Advisor 30.11.2012 Investment Advisor 31.08.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.08.2012 Investment Advisor 26.02.2013 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.08.2011 Investment Advisor 31.08.2012 Private Equity 31.05.2012 Investment Advisor 30.11.2012 Investment Advisor

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

Date 26.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 12.02.2013 10.12.2012 08.10.2012 23.08.2012

27.02.2013

CFS Retail Property Trust Group CFS Retail Property Trust is a property trust that invests in, manages, and develops a portfolio of retail assets throughout Australia. The Trust's portfolio comprises a variety of retail properties such as supermarkets, discount department stores, department stores, and specialty shops.

Price/Volume 3

35.0 M 30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (16.03.2012) 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 CFX AT EQUITY YTD Change CFX AT EQUITY YTD % CHANGE

06/2012 01/yy 2.11 1.71 9'908'693.00 2.06 -2.37% 20.82% 82.72% 2'828.5 5'826.70 2'202.60 0.0 0.0 7.40 8'021.90

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

30.06.2009 30.06.2010 560.1 622.9 10.75x 11.22x 359.7 413.8 16.74x 16.88x (366.9) 315.0 14.94x Profitability

30.06.2011 704.4 10.47x 463.8 15.90x 532.6 9.38x

30.06.2012 739.3 10.39x 478.1 16.07x 409.2 13.45x 478.10 475.90 45.20% 55.35% 4.84% 7.00% 5.08% 0.09% 64.7% 55.3% 26.12% 37.62% -

Price/ Cash Flow

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

6.36 0.75 2'179.41 24.42% 7.57% 0.752 14 3.143 7'527'612 7'349'610 6'475'358 FY+2

06/13 Y 06/14 Y 633.3 674.3 13.09x 12.56x 501.7 535.2 15.99x 14.99x 381.3 392.8 14.93x 14.82x S&P Issuer Ratings

FQ+1

FQ+2

13.08.2003 A STABLE 13.08.2003 A-1 3.37 2.24 4.59 4.61 37.6% 27.3% 0.09 -

Sales/Revenue/Turnover

20.00

800.0

18.00

700.0

16.00

600.0

14.00

500.0

12.00 10.00

400.0

8.00

300.0

6.00

200.0

4.00

100.0

2.00 0.00 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 547.1 11.22x 330.6 18.56x 669.1 6.25x

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 |

27.02.2013

CFS Retail Property Trust Group Holdings By:

All

Holder Name GANDEL GROUP PTY LTD COMMONWEALTH BANK OF UNISUPER VANGUARD GROUP INC MORGAN STANLEY VANGUARD INVESTMENTS MORGAN STANLEY COLONIAL FIRST STATE BLACKROCK AMP LIFE LTD STATE STREET MACQUARIE GROUP LTD EUROPEAN INVESTORS I AUSTRALIAN FOUNDATIO SARASIN ABN AMRO ASSET MGMT INVESCO LTD MITSUBISHI UFJ FINAN NIKKO ASSET MANAGEME ING INVESTMENT MANAG

Firm Name Credit Suisse EVA Dimensions Macquarie Morgan Stanley Goldman Sachs JPMorgan Commonwealth Bank Deutsche Bank Moelis & Company

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

Analyst JOHN RICHMOND AUSTIN BURKETT ROB FREEMAN LOURENS PIRENC SIMON WHEATLEY ROB STANTON DAVID LLOYD IAN RANDALL SIMON SCOTT

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

Recommendation underperform hold outperform Overwt/In-Line neutral/neutral underweight underweight buy hold

Amt Held 438'842'489 371'009'941 210'242'365 142'764'125 137'342'033 97'433'089 81'836'793 50'070'344 35'641'555 34'325'805 34'091'915 26'857'462 23'881'728 22'854'633 17'358'048 15'199'233 11'869'308 11'761'452 11'676'414 10'751'808

% Out 15.52 13.12 7.43 5.05 4.86 3.44 2.89 1.77 1.26 1.21 1.21 0.95 0.84 0.81 0.61 0.54 0.42 0.42 0.41 0.38

Weighting

Change 1 3 5 5 3 1 1 5 3

M D M M M M M U D

Latest Chg (78'301'077) (4'988'015) 2'506'422 (1'638'712) (10'946'656) 144'634 (1'909'618) 1'756'607 (174'978) 2'404'245 882'707 (2'070'105) 53'311

Target Price 2 #N/A N/A 2 2 2 2 2 2 2

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

File Dt Inst Type 20.08.2012 Corporation 04.12.2012 Bank 20.08.2012 Other 20.08.2012 Investment Advisor 30.09.2011 Other 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 08.05.2012 Investment Advisor 25.02.2013 Investment Advisor 20.08.2012 Investment Advisor 26.02.2013 Investment Advisor 31.08.2012 Investment Advisor 31.12.2012 Investment Advisor 20.08.2012 Investment Advisor 28.12.2012 Unclassified 17.07.2012 Investment Advisor 26.02.2013 Investment Advisor 05.07.2012 Holding Company 01.02.2013 Unclassified 31.12.2012 Investment Advisor

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

Date 26.02.2013 26.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 31.10.2012 17.05.2012

27.02.2013

Sydney Airport Sydney Airport operates the Sydney, Australia airport. The Company develops and maintains the airport infrastructure and leases terminal space to airlines and retailers.

Price/Volume 4

60.0 M

50.0 M

3 40.0 M

3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.12.2012) 52-Week Low (02.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SYD AT EQUITY YTD Change SYD AT EQUITY YTD % CHANGE

12/2012 06/yy 3.61 2.54 6'241'753.00 3.2 -11.36% 25.98% 56.07% 1'861.2 5'955.87 6'910.98 0.0 138.8 1'124.32 11'996.57

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

20.0 M

1 10.0 M

1 0 f-12

m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 5'016.9 1.78x 3'053.4 2.92x 2'070.5 1.99x

30.0 M

31.12.2009 31.12.2010 1'212.6 928.5 8.95x 11.80x (469.1) 737.6 14.85x (572.7) 100.8 51.79x Profitability

LTM-4Q 31.12.2011 967.6 11.24x 728.5 14.93x (239.9) 40.69x

31.12.2012 1'034.0 179.2 35.21x 728.53 422.75 43.69% -1.51% 0.99% 3.72% 0.08% 47.1% 17.3% 0.89 0.64 56.95% 301.27% 3.66 -

Price/ Cash Flow

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

LTM 06/yy 309.4 31.21x 51.5 0.00x 203.7 0.00x

FY+1

.0 M f-13

6.56 0.65 1'252.65 31.14% -5.33% 0.649 13 2.385 5'018'131 8'319'663 6'755'100 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 1'104.4 1'178.8 11.07x 10.52x 899.3 951.5 13.34x 12.61x 169.9 191.5 34.41x 31.07x S&P Issuer Ratings

01.02.2010 NR 1.49 1.14 301.3% 74.0% 0.08 0.40 100.12 -

Sales/Revenue/Turnover

14.00

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 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.02.2013

Sydney Airport Holdings By:

All

Holder Name MACQUARIE GROUP LTD FMR LLC ARTIO GLOBAL MANAGEM ABU DHABI INVESTMENT FUTURE FUND BOARD OF RARE INFRASTRUCTURE CAPITAL GROUP COMPAN BANK OF NEW YORK MEL EASTSPRING INVESTMEN THORNBURG INVESTMENT CI INVESTMENTS INC BLACKROCK COHEN & STEERS CAPIT VANGUARD INVESTMENTS IG INVESTMENT MANAGE ARGO INVESTMENTS LTD INVESCO LTD VANGUARD GROUP INC CI INVESTMENTS INC SUMITOMO MITSUI ASSE

Firm Name Morgan Stanley CIMB JPMorgan Goldman Sachs Macquarie Nomura EVA Dimensions Commonwealth Bank Deutsche Bank E.L. & C. Baillieu

Portfolio Name 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 Multiple Portfolios Multiple Portfolios

Analyst SCOTT KELLY MICHAEL NEWBOLD CAROLYN HOLMES ANDREW MCCUSKER IAN MYLES DAVID FRASER CRAIG STERLING ANDRE FROMYHR CAMERON MCDONALD MATHAN SOMASUNDARAM

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

Recommendation Equalwt/Cautious neutral underweight neutral/neutral neutral neutral hold underweight hold hold

Amt Held 416'122'357 128'646'555 104'528'424 94'553'945 93'094'027 92'975'882 88'476'393 30'817'326 28'128'021 20'385'909 14'081'294 13'730'470 11'509'818 11'428'397 9'774'650 9'528'810 8'741'664 7'305'978 6'517'669 4'651'000

% Out 22.36 6.91 5.62 5.08 5 5 4.75 1.66 1.51 1.1 0.76 0.74 0.62 0.61 0.53 0.51 0.47 0.39 0.35 0.25

Weighting

Change 3 3 1 3 3 3 3 1 3 3

M M M M M M M M D M

Latest Chg (50'405) (21'244'334) 5'740'831 (12'152'864) (16'399'155) (6'477) (5'416'544) 37'391 29'200 875'636 (538'608) -

Target Price 3 3 3 3 3 4 #N/A N/A 3 3 3

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 25.01.2013 Investment Advisor 21.04.2011 Investment Advisor 29.02.2012 Government 29.02.2012 n/a 07.09.2012 Other 24.01.2013 Investment Advisor 25.02.2013 Investment Advisor 14.09.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 30.06.2011 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 18.07.2012 Investment Advisor

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

Date 27.02.2013 27.02.2013 01.02.2013 18.01.2013 18.01.2013 17.01.2013 17.01.2013 07.01.2013 21.12.2012 10.12.2012

27.02.2013

Crown Ltd Crown Ltd. operates and manages gaming and entertainment facilities, bars, restaurants, nightclubs, cinemas and retail outlets. The Company also develops hotels and conference centre facilities.

Price/Volume 14

18.0 M

16.0 M 14.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CWN AT EQUITY YTD Change CWN AT EQUITY YTD % CHANGE

06/2012 01/yy 12.12 8.06 982'832.00 11.74 -3.14% 45.66% 87.19% 728.4 8'551.35 1'694.67 0.0 0.0 149.35 10'288.01

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

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 30.06.2008 2'008.3 3.20x (2'740.3) 3'546.4 1.81x

12.0 M

30.06.2009 30.06.2010 2'175.3 2'312.1 2.78x 2.83x 713.6 684.8 8.49x 9.56x (1'197.9) 292.3 20.16x Profitability

30.06.2011 2'379.2 3.22x 633.6 12.09x 335.9 20.16x

30.06.2012 2'773.2 2.79x 774.9 9.97x 513.3 12.17x 774.89 556.63 20.07% 22.35% 7.28% 12.68% 10.60% 0.48% 95.4% 24.5% 16.0% 18.5% 0.66 0.56 28.86% 50.22% 9.75 7.18

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.15 0.70 363.63 48.79% 10.03% 0.702 14 4.000 1'591'418 2'016'857 1'882'216 FY+2

06/13 Y 06/14 Y 2'928.1 3'135.8 3.53x 3.31x 764.6 849.7 13.46x 12.11x 448.6 531.8 19.09x 16.10x S&P Issuer Ratings

FQ+1

FQ+2

03.12.2007 BBB STABLE 02.10.2009 A-2 6.16 2.47 2.54 2.84 50.2% 33.4% 0.48 1.00 37.55 51.00 900.91 -789.17

Sales/Revenue/Turnover

25.00

3'000.0 2'500.0

20.00

2'000.0 15.00

1'500.0 10.00

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 |

27.02.2013

Crown Ltd Holdings By:

All

Holder Name PACKER JAMES DOUGLAS PERPETUAL LTD VANGUARD GROUP INC EASTSPRING INVESTMEN BLACKROCK INVESTEC ASSET MANAG MACQUARIE GROUP LTD VANGUARD INVESTMENTS ROBECO INVESTOR SERV ARGO INVESTMENTS LTD HEXAVEST INC HENDERSON GLOBAL INV DIMENSIONAL FUND ADV LEGAL & GENERAL CREDIT SUISSE ASSET JF ASSET MANAGEMENT FMR LLC PARVEST INVESTMENT M SCHRODER INVESTMENT SJUNDE AP FONDEN

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

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios HEXAVEST INC Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MARK A CHRISTENSEN MARK WILSON LARRY GANDLER MATTHEW RYAN ANDREW LEVY MICHAEL NOLAN BEN BROWNETTE NICK BERRY ADAM ALEXANDER CRAIG STERLING

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

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

Amt Held 364'270'253 44'422'434 7'402'216 7'187'489 4'209'192 3'034'216 2'211'952 2'069'063 2'006'770 1'930'925 1'226'967 1'133'091 730'302 658'736 622'498 552'655 463'293 408'460 363'034 330'755

% Out 50.01 6.1 1.02 0.99 0.58 0.42 0.3 0.28 0.28 0.27 0.17 0.16 0.1 0.09 0.09 0.08 0.06 0.06 0.05 0.05

Weighting

Change 5 5 3 5 5 3 3 3 5 3

M M D M M M M M M M

Latest Chg 13'958'286 (7'779'827) 182'087 101'200 3'340 (26'475) 796'630 (93'136) 127'737 10'664 133'846 (459'258) (19'500) 59'057

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

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

File Dt Inst Type 19.12.2012 n/a 11.01.2013 Investment Advisor 31.12.2012 Investment Advisor 14.09.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 28.12.2012 Unclassified 28.12.2012 Mutual Fund Manager 30.09.2011 Mutual Fund Manager 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 30.11.2011 Investment Advisor 31.12.2012 Investment Advisor

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

Date 24.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 29.01.2013 15.01.2013

27.02.2013

Tatts Group Ltd Tatts Group Ltd. provides diversified network gambling services.

Price/Volume 4

18.0 M

16.0 M 14.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.02.2013) 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 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TTS AT EQUITY YTD Change TTS AT EQUITY YTD % CHANGE

06/2012 01/yy 3.42 2.31 7'792'488.00 3.24 -5.26% 40.26% 95.50% 1'388.0 4'496.96 1'307.16 0.0 0.0 290.14 5'814.92

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

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 30.06.2008 3'067.1 1.17x 501.7 7.18x 257.6 11.58x

12.0 M

30.06.2009 30.06.2010 3'200.4 3'288.0 1.18x 1.23x 556.6 729.1 6.78x 5.57x 277.4 119.4 11.64x 27.32x Profitability

30.06.2011 3'657.0 1.14x 617.5 6.76x 275.4 11.32x

30.06.2012 3'879.4 1.18x 654.0 7.01x 319.1 11.01x 654.02 553.54 14.27% 11.61% 5.46% 10.58% 0.67% 16.6% 14.1% 8.2% 0.48 0.38 26.44% 49.07% 18.97 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.76 1'256.56 42.18% 10.30% 0.756 14 3.000 5'146'375 4'359'164 3'996'883 FY+2

06/13 Y 06/14 Y 3'059.1 3'090.3 1.93x 1.88x 512.8 541.9 11.34x 10.73x 216.5 231.1 20.51x 19.40x S&P Issuer Ratings

FQ+1

FQ+2

6.26 5.68 2.29 2.96 49.1% 32.9% 0.67 16.70 19.30 -

Sales/Revenue/Turnover

12.00

4'500.0 4'000.0

10.00

3'500.0 3'000.0

8.00

2'500.0 6.00

2'000.0 1'500.0

4.00

1'000.0 2.00 0.00 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 |

27.02.2013

Tatts Group Ltd Holdings By:

All

Holder Name NATIONAL AUSTRALIA B PERPETUAL LTD VANGUARD GROUP INC BLACKROCK AMP LIFE LTD SEYMOUR KEVIN WILL TASSYD PTY LIMITED VANGUARD INVESTMENTS DAVEY ROBIN EDWARD QUEENSLAND INVESTMEN WENTWORTH INVESTMENT STATE STREET CREDIT SUISSE SECURI ABERDEEN QUESTOR FINANCIAL SE DIMENSIONAL FUND ADV SWISSCANTO FONDSLEIT AXA ROSENBERG INTL HEXAVEST INC BANK OF NEW YORK MEL

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

Portfolio Name 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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios HEXAVEST INC Multiple Portfolios

Analyst LACHLAN FITT MARK A CHRISTENSEN LARRY GANDLER MATTHEW RYAN MICHAEL NOLAN BEN BROWNETTE NICK BERRY ADAM ALEXANDER MARK WILSON CRAIG STERLING

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

Recommendation underperform Equalwt/In-Line neutral underweight neutral underweight buy neutral/neutral hold buy

Amt Held 89'938'304 71'661'678 24'597'216 16'785'919 14'152'739 14'108'306 13'955'000 10'152'222 9'568'668 8'706'705 7'176'501 5'455'674 4'400'000 4'344'277 3'819'230 3'464'921 3'187'713 2'854'800 2'741'501 2'470'324

% Out 6.48 5.16 1.77 1.21 1.02 1.02 1.01 0.73 0.69 0.63 0.52 0.39 0.32 0.31 0.28 0.25 0.23 0.21 0.2 0.18

Weighting

Change 1 3 3 1 3 1 5 3 3 5

M D M M M D M M M M

Latest Chg 535'765 8'769 1'016'678 (248'123) 32'620 233'900 305'805 103'600

Target Price 3 3 3 3 3 3 4 3 3 #N/A N/A

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

File Dt Inst Type 05.09.2012 Bank 12.03.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 28.08.2012 Investment Advisor 23.08.2012 n/a 28.08.2012 Corporation 30.09.2012 Mutual Fund Manager 28.08.2012 n/a 28.08.2012 Investment Advisor 28.08.2012 Other 26.02.2013 Investment Advisor 28.08.2012 Unclassified 31.01.2013 Unclassified 28.08.2012 Private Equity 31.07.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor

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

Date 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 29.01.2013 22.01.2013 17.01.2013

27.02.2013

Iluka Resources Ltd Iluka Resources Limited is involved in the mining, concentration and separation of mineral sands and titanium minerals. The Company also produces ilmenite and other titani-ferrous concentrates, zircon, and synthetic rutile along with the exploration of coal. Iluka's products are exported throughout the world.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2012) 52-Week Low (19.11.2012) 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 ILU AT EQUITY YTD Change ILU AT EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 18.40 7.36 2'252'096.00 10.06 -45.33% 36.68% 24.46% 418.7 4'212.13 164.00 0.0 0.0 320.70 4'329.33

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

31.12.2009 31.12.2010 549.7 886.6 3.41x 4.64x 62.9 295.5 29.80x 13.91x (82.4) 36.1 106.28x Profitability

31.12.2011 1'536.7 4.10x 1'012.6 6.22x 541.8 11.91x

31.12.2012 1'069.8 363.2 10.36x 1'012.60 787.00 51.21% 49.50% 30.93% 47.71% 42.75% 0.75% 54.1% 75.8% 58.9% 34.0% 2.62 1.47 6.68% 10.69% 6.77 1.48

Price/ Cash Flow

25.0 M 20.0 M 15.0 M 10.0 M 5.0 M

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

7.95 1.67 373.84 -35.38% 11.53% 1.668 18 3.000 4'307'324 3'884'798 3'767'136 FY+2

12/13 Y 12/14 Y 865.8 1'311.5 4.89x 3.04x 328.6 604.3 13.18x 7.16x 96.4 299.3 44.32x 13.76x S&P Issuer Ratings

FQ+1

FQ+2

83.69 71.91 0.09 0.12 10.7% 9.7% 0.75 1.15 54.03 247.76 47.58 173.17

Sales/Revenue/Turnover

40.00

1'800.0

35.00

1'600.0

30.00

1'400.0 1'200.0

25.00

1'000.0

20.00

800.0

15.00

600.0

10.00

400.0

5.00

200.0

0.00 01.01.2010

30.0 M

Fiscal Year Ended 31.12.2008 862.4 2.35x 199.4 10.17x 77.5 33.62x

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 |

27.02.2013

Iluka Resources Ltd Holdings By:

All

Holder Name BLACKROCK M&G INVESTMENT MANAG SCHRODER INVESTMENT FMR LLC SUN LIFE FINANCIAL I RS INVESTMENT MANAGE NATIONAL AUSTRALIA B CREDIT SUISSE HLDGS VANGUARD GROUP INC MASSACHUSETTS FINANC ALLIANZ ASSET MANAGE STATE STREET OPPENHEIMERFUNDS INC T ROWE PRICE ASSOCIA AMP LIFE LTD VANGUARD INVESTMENTS JP MORGAN AUSTRALIAN FOUNDATIO JP MORGAN INVESTMENT ALPINE WOODS CAPITAL

Firm Name EVA Dimensions Macquarie Nomura RBC Capital Markets Wilson HTM Investment Group Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse JPMorgan CIMB Commonwealth Bank Bell Potter Investec Evans & Partners Pty Ltd

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

Analyst CRAIG STERLING ANDREW SULLIVAN DAVID COTTERELL GEOFF BREEN ANDREW PEDLER CHRIS TERRY BRENDAN FITZPATRICK IAN PRESTON MATTHEW HOPE MARK BUSUTTIL MICHAEL EVANS ANDREW KNUCKEY FRED TRUONG TIM GERRARD CATHY MOISES

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

Recommendation hold underperform buy sector perform hold sell Equalwt/In-Line sell/attractive neutral overweight underperform underweight buy hold negative

Amt Held 60'259'659 42'755'825 27'386'364 27'293'803 25'446'567 21'799'163 21'622'548 21'197'136 20'350'000 15'864'338 4'967'453 4'091'540 3'873'848 3'447'132 3'239'132 3'119'443 1'949'510 1'700'000 1'573'500 1'552'100

% Out 14.39 10.21 6.54 6.52 6.08 5.21 5.16 5.06 4.86 3.79 1.19 0.98 0.93 0.82 0.77 0.75 0.47 0.41 0.38 0.37

Weighting

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

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

Latest Chg (4'165'047) 4'898'362 6'270'848 (6'200'027) 4'362'575 (4'900'000) 1'049'643 1'420'469 3'181'096 253'845 (6'495) 1'552'100

Target Price #N/A N/A 7 12 11 9 9 10 9 11 13 9 9 12 10 #N/A N/A

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

File Dt Inst Type 25.02.2013 Investment Advisor 24.12.2012 Investment Advisor 28.11.2012 Investment Advisor 15.11.2012 Investment Advisor 10.09.2012 Investment Advisor 15.11.2012 Investment Advisor 21.03.2012 Bank 06.02.2013 Bank 06.10.2011 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 30.12.2012 Investment Advisor 31.12.2012 Investment Advisor 21.03.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Unclassified 21.03.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 31.10.2012 Investment Advisor

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

Date 26.02.2013 25.02.2013 24.02.2013 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 17.01.2013 14.10.2011

27.02.2013

James Hardie Industries Plc James Hardie Industries Plc manufactures building products, including fiber cement siding, backerboard, and pipe.

Price/Volume 12

7.0 M

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (31.01.2013) 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 20.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JHX AT EQUITY YTD Change JHX AT EQUITY YTD % CHANGE

03/2012 09/yy 10.29 6.87 3'308'913.00 9.5 -7.68% 38.28% 72.51% 440.9 4'188.72 30.90 0.0 0.0 265.40 4'189.33

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

3.0 M

2.0 M

2 0 f-12

1.0 M m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.03.2008 1'468.8 1.83x 331.0 8.14x (71.6) 20.39x

4.0 M

Valuation Analysis

31.03.2009 31.03.2010 1'202.6 1'124.6 1.28x 2.69x 212.6 264.9 7.24x 11.44x 136.3 (84.9) 10.39x 51.26x Profitability

LTM-4Q 31.03.2011 1'167.0 2.40x 253.4 11.04x (347.0) 24.30x

31.03.2012 1'237.5 2.63x 250.8 12.96x 604.3 24.90x

250.80 185.60 15.00% 12.21% 28.26% 0.64% 32.9% 19.0% 13.9% 48.8% 2.17 1.00 1.34% 24.45% 9.06 4.71

Price/ Cash Flow

09/yy 1'206.2 9.22x 250.1 9.89x 100.2 15.98x

LTM 09/yy 1'266.4 10.62x 240.2 16.21x 559.4 29.15x

FY+1

.0 M f-13

8.37 1.09 32.96% 4.17% 1.088 14 2.714 1'259'262 1'023'494 999'790 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 12/12 Q3 03/13 Q4 1'344.2 1'570.0 309.0 342.5 3.11x 2.73x 257.2 337.5 61.5 65.5 16.29x 12.41x 13.22x 12.42x 149.3 197.9 33.5 30.7 28.38x 21.99x 22.77x 21.04x S&P Issuer Ratings

02.06.1999 NR 02.06.1999 NR 22.39 19.20 -0.32 0.00 24.4% 19.6% 0.64 1.87 40.40 77.79 40.59 91.36

Sales/Revenue/Turnover

250.00

1'800.0 1'600.0

200.00

1'400.0 1'200.0

150.00

1'000.0 800.0

100.00

600.0 400.0

50.00

200.0 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.02.2013

James Hardie Industries Plc Holdings By:

All

Holder Name FMR LLC LAZARD ASSET MANAGEM COMMONWEALTH BANK OF BAILLIE GIFFORD AND SCHRODER INVESTMENT NATIONAL AUSTRALIA B CAPITAL GROUP COMPAN BLACKROCK AUSBIL DEXIA LIMITED OPPENHEIMERFUNDS INC VANGUARD GROUP INC AMP LIFE LTD AMERICAN CENTURY COM UBS VANGUARD INVESTMENTS PACIFIC LIFE INSURAN JP MORGAN MIRRABOOKA INVESTMEN BABSON CAPITAL MANAG ARGO INVESTMENTS LTD

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

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

Analyst ANDREW G SCOTT SIMON THACKRAY ANDREW PEROS CRAIG STERLING MICHAEL WARD JASON HARLEY STEED EMILY BEHNCKE MATTHEW MCNEE LIAM FARLOW PHILIP BARE

Source ULT-AGG ULT-AGG EXCH EXCH EXCH ULT-AGG ULT-AGG ULT-AGG Co File MF-AGG MF-AGG 20F MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG 20F MF-AGG 20F

Recommendation underperform neutral neutral underweight neutral neutral buy neutral/neutral neutral Equalwt/Cautious

Amt Held 41'016'300 34'651'645 34'442'731 31'301'628 28'687'853 28'198'184 27'010'612 26'751'483 24'980'920 15'425'300 11'315'451 3'750'431 3'131'856 3'115'767 2'319'256 2'279'804 1'502'014 1'115'000 972'977 964'000

% Out 9.3 7.86 7.81 7.1 6.51 6.4 6.13 6.07 5.67 3.5 2.57 0.85 0.71 0.71 0.53 0.52 0.34 0.25 0.22 0.22

Weighting

Change 1 3 3 1 3 3 5 3 3 3

M M M M M U M M M M

Latest Chg 3'921'230 4'874'178 (4'501'788) 4'394'115 (4'747'346) 4'989'462 7'849 139'516 72'873 (329'243) 71'653 169'128 (98'700) -

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

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

File Dt Inst Type 17.10.2012 Investment Advisor 22.02.2013 Unclassified 19.07.2012 Bank 09.01.2012 Investment Advisor 28.09.2012 Investment Advisor 31.05.2012 Bank 15.01.2013 Investment Advisor 25.02.2013 Investment Advisor 31.05.2012 Investment Advisor 30.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.05.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Unclassified 30.09.2012 Mutual Fund Manager 31.01.2013 Insurance Company 31.05.2012 Unclassified 31.05.2012 Investment Advisor 30.11.2012 Investment Advisor 31.05.2012 Investment Advisor

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

Date 27.02.2013 26.02.2013 25.02.2013 17.01.2013 16.01.2013 15.01.2013 08.01.2013 19.12.2012 07.12.2012 15.11.2012

27.02.2013

Toll Holdings Ltd Toll Holdings Limited provides express freight transport by road, rail and sea. The Company also provides integrated logistics and distribution systems, including specialized warehousing, port operations, and vehicle transport and distribution. Toll's operations cover coastal shipping, refrigerated freight services, bulk liquid transportation, and wharf services.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TOL AT EQUITY YTD Change TOL AT EQUITY YTD % CHANGE

06/2012 01/yy 6.15 3.72 4'737'919.00 6.02 -2.11% 61.83% 97.12% 717.1 4'317.15 1'708.30 0.0 19.3 569.10 5'525.55

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 f-12

m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

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

18.0 M

6 5

Valuation Analysis

30.06.2008 5'593.7 0.93x 684.0 7.62x (694.7) 15.55x

30.06.2009 30.06.2010 6'480.6 6'944.0 0.73x 0.69x 583.0 595.3 8.15x 8.08x 270.3 278.9 15.19x 13.73x Profitability

30.06.2011 8'224.5 0.55x 639.7 7.03x 281.4 12.19x

30.06.2012 8'707.2 0.46x 659.7 6.08x 64.6 44.22x 659.70 377.10 4.33% 1.82% 1.60% 3.44% 2.84% 1.44% 7.5% 4.3% 0.7% 1.14 0.89 28.28% 62.64% 6.99 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.32 1.33 669.89 12.58% 32.02% 1.334 13 2.538 5'632'257 4'146'549 3'535'122 FY+2

06/13 Y 06/14 Y 8'891.6 9'333.9 0.61x 0.58x 714.9 771.1 7.73x 7.17x 297.6 322.9 14.61x 13.29x S&P Issuer Ratings

FQ+1

FQ+2

13.46 3.70 1.78 2.59 62.6% 38.3% 1.44 4.27 52.38 -

Sales/Revenue/Turnover

12.00

10'000.0 9'000.0

10.00

8'000.0 7'000.0

8.00

6'000.0

6.00

5'000.0 4'000.0

4.00

3'000.0 2'000.0

2.00 0.00 03.07.2009

1'000.0 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 |

27.02.2013

Toll Holdings Ltd Holdings By:

All

Holder Name UBS LITTLE PAUL ALEXANDE NATIONAL AUSTRALIA B MACQUARIE GROUP LTD VANGUARD GROUP INC PGA INVESTMENTS PTY AUSTRALIAN FOUNDATIO BLACKROCK VANGUARD INVESTMENTS QUEENSLAND INVESTMEN AMP LIFE LTD IVY MANAGEMENT INCOR UCA FUNDS MANAGEMENT LORD ABBETT & CO LLC ARGO INVESTMENTS LTD QUESTOR FINANCIAL SE DIMENSIONAL FUND ADV PRUDENTIAL FINANCIAL INVESCO LTD AXA ROSENBERG INTL

Firm Name EVA Dimensions JPMorgan Macquarie Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse CIMB Commonwealth Bank Nomura Evans & Partners Pty Ltd Paterson Securities E.L. & C. Baillieu

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

Analyst CRAIG STERLING SCOTT CARROLL RUSSELL SHAW CAMERON MCDONALD SCOTT KELLY ANDREW GIBSON NICHOLAS MARKIEWICZ MARK WILLIAMS MATT CROWE DAVID FRASER PAUL RYAN GRAEME CARSON ROSS MACMILLAN

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

Recommendation hold underweight neutral hold Underwt/In-Line neutral/neutral neutral underperform underweight neutral neutral hold accumulate

Amt Held 40'162'508 37'535'935 35'565'896 29'071'225 13'026'443 8'500'000 8'132'516 8'056'304 5'135'054 4'359'935 3'475'764 3'183'699 3'142'161 2'714'563 2'388'785 2'058'936 1'734'572 1'730'737 1'546'203 1'508'100

% Out 5.6 5.23 4.96 4.05 1.82 1.19 1.13 1.12 0.72 0.61 0.48 0.44 0.44 0.38 0.33 0.29 0.24 0.24 0.22 0.21

Weighting

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

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

Latest Chg (1'558'888) (1'863'727) 269'319 55'174 453'015 (199'042) 89'371 358'515 328'838 1'065'500

Target Price #N/A N/A 6 6 6 5 6 6 6 6 6 #N/A N/A 7 7

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

File Dt Inst Type 31.10.2012 Unclassified 27.08.2012 n/a 13.02.2013 Bank 29.08.2011 Investment Advisor 31.12.2012 Investment Advisor 27.08.2012 n/a 27.08.2012 Investment Advisor 25.02.2013 Investment Advisor 30.09.2012 Mutual Fund Manager 27.08.2012 Investment Advisor 27.08.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 27.08.2012 Investment Advisor 27.08.2012 Private Equity 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 30.09.2012 Investment Advisor

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

Date 26.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 12.08.2011 29.10.2010 26.08.2010

27.02.2013

Ramsay Health Care Ltd Ramsay Health Care Ltd. provides health care services. The Company offers private hospital services, including, rehabilitation, psychiatric care, day, and complex surgery. Ramsay Health Care owns, operates, and manages health care facilities throughout Australia, Indonesia, and Europe.

Price/Volume 35

1.2 M

1.0 M

.8 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (27.02.2012) 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 RHC AT EQUITY YTD Change RHC AT EQUITY YTD % CHANGE

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

.4 M

.2 M

5 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 30.06.2008 2'651.2 1.14x 318.9 9.51x 92.2 19.53x

.6 M

06/2012 01/yy 32.24 18.03 661'312.00 31.44 -2.48% 74.38% 91.47% 202.1 6'353.43 1'069.06 252.2 (7.8) 173.42 7'493.43

30.06.2009 30.06.2010 3'199.9 3'374.1 1.13x 1.25x 387.7 443.7 9.31x 9.52x 106.5 148.3 22.50x 20.25x Profitability

30.06.2011 3'693.0 1.33x 466.6 10.52x 198.4 20.02x

30.06.2012 3'919.2 1.45x 517.0 10.98x 244.1 20.06x 517.02 370.13 9.44% 8.59% 6.84% 20.37% 12.05% 1.10% 13.1% 9.3% 6.2% 0.92 0.74 29.81% 92.01% 9.26 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.91 0.63 117.77 78.71% 15.25% 0.634 15 2.533 447'579 416'869 379'037 FY+2

06/13 Y 06/14 Y 4'224.6 4'556.6 1.77x 1.63x 635.8 702.2 11.79x 10.67x 278.7 316.7 23.03x 20.34x S&P Issuer Ratings

FQ+1

FQ+2

6.31 3.60 1.75 2.09 92.0% 43.2% 1.10 2.16 39.53 -

Sales/Revenue/Turnover

14.00

4'500.0

12.00

4'000.0 3'500.0

10.00

3'000.0

8.00

2'500.0

6.00

2'000.0 1'500.0

4.00

1'000.0

2.00 0.00 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 |

27.02.2013

Ramsay Health Care Ltd Holdings By:

All

Holder Name RAMSAY PAUL JOSEPH FMR LLC FMR LLC VANGUARD GROUP INC BLACKROCK AUSTRALIAN FOUNDATIO ARGO INVESTMENTS LTD VANGUARD INVESTMENTS REX CHRISTOPHER PA MIRRABOOKA INVESTMEN CIBC GLOBAL ASSET MA CREDIT SUISSE ASSET SODEN BRUCE ROGER MACQUARIE GROUP LTD MIRAE ASSET GLOBAL I THRIVENT FINANCIAL F SIDDLE MICHAEL STANL INVESCO LTD ABERDEEN GOLDMAN SACHS GROUP

Firm Name Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse JPMorgan Macquarie CIMB Commonwealth Bank Nomura Wilson HTM Investment Group EVA Dimensions Evans & Partners Pty Ltd Bell Potter Moelis & Company

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

Analyst DAVID A LOW JAMES RUTLEDGE IAN ABBOTT SAUL HADASSIN STEVEN D WHEEN CRAIG COLLIE DEREK JELLINEK BRUCE DU DAVID STANTON SHANE STOREY ANDREW S ZAMFOTIS LOU CAPPARELLI STUART ROBERTS ADAM S MICHELL

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

Recommendation hold Equalwt/Cautious Buy/Neutral neutral neutral neutral underperform underweight neutral hold underweight negative buy hold

Amt Held 73'149'269 11'538'553 10'091'387 2'402'175 1'417'934 1'360'000 1'353'443 692'637 483'873 270'000 222'786 206'002 195'791 184'527 162'900 153'631 152'564 133'752 116'400 96'932

% Out 36.2 5.71 4.99 1.19 0.7 0.67 0.67 0.34 0.24 0.13 0.11 0.1 0.1 0.09 0.08 0.08 0.08 0.07 0.06 0.05

Weighting

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

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

Latest Chg 306'096 (22'014) 40'713 498 24'380 19'357 (46'940) 1'776 50'000 (805'727) (23'541) 60'079 9'111 (5'761)

Target Price 29 27 31 33 28 34 23 27 30 24 #N/A N/A #N/A N/A 19 10

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

File Dt Inst Type 18.09.2012 n/a 30.09.2012 Investment Advisor 10.09.2012 Unclassified 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 29.06.2012 Investment Advisor 30.06.2011 Investment Advisor 30.09.2012 Mutual Fund Manager 14.09.2012 n/a 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.08.2012 n/a 31.08.2011 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor 07.09.2012 n/a 26.02.2013 Investment Advisor 31.01.2013 Unclassified 30.09.2012 Investment Advisor

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

Date 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 30.01.2013 15.01.2013 09.01.2013 01.08.2011 14.05.2009

27.02.2013

Cochlear Ltd Cochlear Limited researches, develops and markets cochlear implant systems for hearing impaired individuals. The Company's hearing implant systems include Nucleus and Baha and are sold both domestically and internationally.

Price/Volume 90

1.4 M

1.2 M

1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (12.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COH AT EQUITY YTD Change COH AT EQUITY YTD % CHANGE

06/2012 01/yy 82.87 56.37 393'183.00 70.73 -14.65% 25.47% 48.64% 57.0 4'034.18 65.67 0.0 0.0 68.49 4'106.70

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

.8 M

.6 M

30.06.2009 30.06.2010 711.8 696.2 4.68x 6.19x 214.0 196.0 15.58x 21.98x 130.5 155.2 24.69x 26.96x Profitability

30.06.2011 732.2 5.55x 184.0 22.11x 180.1 22.63x

30.06.2012 704.6 5.31x 55.1 67.88x 56.8 65.84x 55.11 31.01 4.40% 10.24% 21.51% 39.39% 31.54% 1.00% 51.4% 21.4% 8.1% 1.43 0.81 9.35% 17.06% 3.70 2.00

Price/ Cash Flow

.2 M

10 0 f-12

m-12

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

3.53 0.89 51.86 22.06% -8.96% 0.885 15 1.533 315'211 320'978 229'117 FY+2

06/13 Y 06/14 Y 765.2 839.6 5.34x 4.86x 237.9 256.7 17.26x 16.00x 155.2 165.8 25.86x 24.36x S&P Issuer Ratings

FQ+1

FQ+2

8.96 5.57 17.1% 14.6% 1.00 12.16 98.95 183.37 125.00 91.12

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 03.07.2009

.4 M

Fiscal Year Ended 30.06.2008 580.4 4.41x 160.8 15.90x 115.2 20.98x

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 |

27.02.2013

Cochlear Ltd Holdings By:

All

Holder Name BAILLIE GIFFORD AND WILSON HTM INVESTMEN HYPERION ASSET MANAG CAPITAL GROUP COMPAN HARDING LOEVNER LP CAPITAL (INSTITUTION COMMONWEALTH BANK OF VANGUARD GROUP INC ROBERTS CHRISTOPHER BLACKROCK WILLIAM BLAIR & COMP COLUMBIA WANGER ASSE BANK OF NEW YORK MEL VANGUARD INVESTMENTS AMP LIFE LTD T ROWE PRICE ASSOCIA FMR LLC ABERDEEN MIRAE ASSET GLOBAL I ARGO INVESTMENTS LTD

Firm Name Wilson HTM Investment Group EVA Dimensions Credit Suisse JPMorgan Macquarie CIMB Deutsche Bank Morgan Stanley Commonwealth Bank Nomura Bell Potter Goldman Sachs

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

Analyst SHANE STOREY ANDREW S ZAMFOTIS SAUL HADASSIN STEVEN D WHEEN CRAIG COLLIE DEREK JELLINEK DAVID A LOW SEAN LAAMAN BRUCE DU DAVID STANTON STUART ROBERTS IAN ABBOTT

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

Recommendation hold underweight underperform underweight underperform underperform sell Underwt/Cautious underweight neutral sell neutral/neutral

Amt Held 6'652'068 4'344'149 4'235'536 3'364'910 2'964'964 2'795'813 2'192'948 1'894'681 715'803 605'859 573'279 551'155 303'132 302'619 188'108 163'733 159'399 151'956 130'399 128'000

% Out 11.66 7.62 7.43 5.9 5.2 4.9 3.84 3.32 1.25 1.06 1.01 0.97 0.53 0.53 0.33 0.29 0.28 0.27 0.23 0.22

Weighting

Change 3 1 1 1 1 1 1 1 1 3 1 3

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

Latest Chg 610'900 649'658 (260'000) 551'527 (431'199) 25'012 759'093 993 (4'755) 9'852 (49'535) (6'294) 42'885 -

Target Price 70 #N/A N/A 72 62 64 63 59 62 60 72 63 65

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

File Dt Inst Type 18.11.2012 Investment Advisor 31.07.2012 Investment Advisor 16.04.2012 Investment Advisor 31.12.2012 Investment Advisor 10.12.2012 Investment Advisor 08.02.2013 Other 31.10.2012 Bank 31.12.2012 Investment Advisor 18.02.2013 n/a 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 30.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor

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

Date 21.02.2013 13.02.2013 11.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 12.11.2012

27.02.2013

Bendigo and Adelaide Bank Ltd Bendigo and Adelaide Bank Limited offers a variety of banking and other financial services, including first mortgage housing finance, retail and business banking, commercial finance, funds management, treasury and foreign exchange services, superannuation and trustee services. Bendigo also offers internet banking.

Price/Volume 12

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 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 05.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BEN AT EQUITY YTD Change BEN AT EQUITY YTD % CHANGE

06/2012 01/yy 10.64 6.82 1'081'503.00 9.92 -6.77% 45.45% 78.80% 407.6 4'043.33 7'264.60 188.5 0.0 561.00 -

2.0 M 1.5 M

1.0 M 2 0 f-12

.5 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

3.5 M

Valuation Analysis

30.06.2008 2'939.2 198.3 12.46x

4.0 M

30.06.2009 30.06.2010 3'446.3 3'014.4 83.8 242.6 27.15x 12.14x Profitability

30.06.2011 3'683.4 342.1 9.68x

30.06.2012 3'715.5 195.0 15.25x 42.34% 26.62% 0.57% 7.93% 2.81% 0.06% 15.9% 12.69% 180.30% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

6.05 1.11 403.53 36.55% 20.26% 1.111 18 2.889 1'869'554 1'147'762 914'354 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 1'308.7 1'372.9 2.70x 2.53x 347.1 375.1 12.26x 11.59x S&P Issuer Ratings

06.12.2011 ASTABLE 29.05.2002 A-2 180.3% 63.3% 0.06 43.10 -

Sales/Revenue/Turnover

35.00

4'000.0

30.00

3'500.0 3'000.0

25.00

2'500.0 20.00

2'000.0 15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 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 |

27.02.2013

Bendigo and Adelaide Bank Ltd Holdings By:

All

Holder Name VANGUARD GROUP INC MILTON CORP LTD BLACKROCK AMP LIFE LTD VANGUARD INVESTMENTS QUEENSLAND INVESTMEN PRUDENTIAL FINANCIAL DIMENSIONAL FUND ADV STATE STREET CARLTON HOTEL LIMITE AXA ROSENBERG INTL WELLS FARGO LEESVILLE EQUITY PTY NAVIGATOR AUSTRALIA CREDIT SUISSE ASSET BKI INVESTMENT COMPA RUSSELL INVESTMENT M ALLIANZ ASSET MANAGE YARABIE ESTATES PTY HIRST MICHAEL JOHN

Firm Name Nomura EVA Dimensions Macquarie Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse JPMorgan CIMB BBY Limited Commonwealth Bank Bell Potter Evans & Partners Pty Ltd

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

Analyst ANTHONY HOO AUSTIN BURKETT MICHAEL WIBLIN ANDREW TRIGGS DAVID SHI ELIZABETH ROGERS JAMES ELLIS SCOTT MANNING JOHN BUONACCORSI BRETT LE MESURIER JEFF CAI T S LIM GEORGE GABRIEL

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

Recommendation neutral buy neutral hold Underwt/In-Line neutral/neutral neutral neutral underperform buy neutral hold neutral

Amt Held 7'128'570 5'709'708 4'663'216 3'708'014 2'338'682 2'280'564 1'404'516 1'039'106 1'005'508 753'455 711'400 708'687 678'065 636'612 616'912 610'400 574'648 541'598 510'000 453'052

% Out 1.75 1.4 1.14 0.91 0.57 0.56 0.34 0.25 0.25 0.18 0.17 0.17 0.17 0.16 0.15 0.15 0.14 0.13 0.13 0.11

Weighting

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

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

Latest Chg 188'091 2'986 152'630 (33'100) 301'300 5'711 13'124 (138'333) 10'881

Target Price 10 #N/A N/A 9 10 9 8 11 8 9 11 10 10 #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 15.08.2012 Investment Advisor 25.02.2013 Investment Advisor 15.08.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 15.08.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 26.02.2013 Investment Advisor 15.08.2012 Other 30.09.2012 Investment Advisor 31.12.2012 Unclassified 15.08.2012 Other 15.08.2012 Corporation 28.12.2012 Mutual Fund Manager 15.08.2012 Investment Advisor 26.02.2013 Investment Advisor 31.01.2013 Investment Advisor 15.08.2012 Corporation 04.10.2012 n/a

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

Date 27.02.2013 26.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 23.08.2012

27.02.2013

ALS Ltd/Queensland ALS Limited is a commercial services company with national and international operations. The Company's services include analytical and testing services, producing industrial and commercial chemical products, and hospitality, cleaning, and catering products.

Price/Volume 14

9.0 M

8.0 M 7.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALQ AT EQUITY YTD Change ALQ AT EQUITY YTD % CHANGE

03/2012 01/yy 13.98 7.23 884'276.00 11.51 -17.69% 59.20% 61.89% 343.6 3'954.34 504.00 0.0 5.6 133.35 4'394.24

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

5.0 M

4.0 M

31.03.2009 31.03.2010 920.4 825.5 1.01x 2.43x 198.8 158.9 4.69x 12.64x 106.2 75.3 6.74x 22.90x Profitability

31.03.2011 1'108.3 2.92x 228.2 14.21x 132.4 22.81x

31.03.2012 1'405.6 3.50x 367.6 13.37x 222.4 20.40x

367.56 321.36 22.86% 22.19% 15.85% 27.42% 19.24% 0.94% 86.4% 27.4% 24.0% 15.8% 2.58 1.94 30.81% 54.51% 5.21 -

Price/ Cash Flow

2.0 M

2 0 f-12

1.0 M m-12

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

4.08 1.09 319.98 2.74% 6.57% 1.088 16 2.875 986'266 894'422 981'603 FY+2

03/13 Y 03/14 Y 1'543.6 1'573.6 2.81x 2.73x 418.9 411.1 10.49x 10.69x 244.3 234.3 16.05x 16.88x S&P Issuer Ratings

FQ+1

FQ+2

21.11 16.35 1.05 1.29 54.5% 35.1% 0.94 4.34 70.22 134.98

Sales/Revenue/Turnover

40.00

1'600.0

35.00

1'400.0

30.00

1'200.0

25.00

1'000.0

20.00

800.0

15.00

600.0

10.00

400.0

5.00

200.0

0.00 03.04.2009

3.0 M

Fiscal Year Ended 31.03.2008 761.0 1.97x 144.2 10.37x 76.8 16.91x

6.0 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 |

27.02.2013

ALS Ltd/Queensland Holdings By:

All

Holder Name BENNELONG FUNDS MANA MILTON CORPORATION L FAIRCASE PTY LTD VANGUARD GROUP INC AUSTRALIAN FOUNDATIO BLACKROCK ARGO INVESTMENTS LTD VANGUARD INVESTMENTS GARDENGLEN PTY LTD FMR LLC AMP LIFE LTD MCGRATH GEOFFREY JAM MIRRABOOKA INVESTMEN KILMISTER GREGORY FR ODIN FORVALTNING AS MACQUARIE GROUP LTD CREDIT SUISSE ASSET DWS FINANZ SERVICE G THRIVENT FINANCIAL F WASATCH ADVISORS INC

Firm Name Macquarie Moelis & Company JPMorgan Nomura Goldman Sachs EVA Dimensions Deutsche Bank BBY Limited RBS Morgans Morgan Stanley Credit Suisse Commonwealth Bank

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

Analyst RIKKI BANNAN TODD W GUYOT ANTHONY PASSE-DE SILVA PAUL GRAHAM NATHAN REILLY CRAIG STERLING CRAIG WONGPAN SWAPAN PANDYA ROGER LEANING DAVID EVANS BRADLEY CLIBBORN BEN BROWNETTE

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

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

Amt Held 21'231'407 10'840'825 6'458'705 5'861'530 4'220'120 3'584'020 3'581'975 2'516'026 2'007'675 1'977'127 1'684'070 1'489'050 1'362'655 871'510 778'341 726'475 520'649 466'000 398'375 389'714

% Out 6.18 3.16 1.88 1.71 1.23 1.04 1.04 0.73 0.58 0.58 0.49 0.43 0.4 0.25 0.23 0.21 0.15 0.14 0.12 0.11

Weighting

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

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

Latest Chg 3'684'315 93'578 900 776'816 694'189 264'100 11'261 211'125 (248'306)

Target Price 12 11 8 13 9 #N/A N/A 9 9 13 11 9 10

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

File Dt Inst Type 23.11.2012 Investment Advisor 18.05.2012 Unclassified 18.05.2012 n/a 31.12.2012 Investment Advisor 18.05.2012 Investment Advisor 25.02.2013 Investment Advisor 18.05.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 18.05.2012 n/a 31.12.2012 Investment Advisor 18.05.2012 Investment Advisor 01.08.2012 n/a 18.05.2012 Investment Advisor 24.10.2012 n/a 31.01.2013 Mutual Fund Manager 31.08.2011 Investment Advisor 28.12.2012 Mutual Fund Manager 12.12.2011 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 08.02.2013 07.02.2013 24.01.2013 23.01.2013 18.01.2013 17.01.2013 15.01.2013 04.12.2012 03.12.2012 25.11.2012 23.11.2012 12.11.2012

27.02.2013

Leighton Holdings Ltd Leighton Holdings Limited offers a variety of project development and contracting services to public and private sector clients in the Asia-Pacific region. Leighton provides design management, civil engineering construction, building, mining, process engineering, telecommunications, waste management and infrastructure operation and maintenance and property development and management. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.02.2012) 52-Week Low (11.09.2012) 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 LEI AT EQUITY YTD Change LEI AT EQUITY YTD % CHANGE

Price/Volume

12/2012 09/yy 26.65 14.71 673'789.00 23.4 -12.20% 59.08% 71.94% 337.2 7'889.64 2'760.50 0.0 72.4 1'847.00 8'875.54

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

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 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 30.06.2008 10'269.1 1.49x 773.3 19.80x 607.9 23.26x

30.06.2009 30.06.2010 13'235.5 14'541.8 0.58x 0.62x 1'145.0 1'659.2 6.65x 5.43x 440.0 612.0 15.72x 14.15x Profitability

LTM-4Q 30.06.2011 15'531.5 0.48x 989.7 7.59x (408.8) -

31.12.2012 18'893.9 0.37x 2'150.3 3.26x 450.1 13.39x 2'150.30 1'093.80 5.79% 2.98% 4.27% 16.28% 11.47% 1.80% 9.8% 4.3% 2.4% 1.13 0.91 24.63% 97.05% 6.42 -

Price/ Cash Flow

LTM

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

09/yy 3'118.1 0.00x 0.0 0.00x 98.0 0.00x

FY+1

.0 M f-13

3.42 1.32 173.19 -7.30% 30.87% 1.325 14 2.857 1'230'584 1'061'371 891'605 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 22'555.6 22'912.3 0.38x 0.37x 2'011.7 2'087.3 4.41x 4.25x 596.2 645.3 13.28x 12.24x S&P Issuer Ratings

18.10.2011 BBBSTABLE 18.10.2011 A-3 13.37 6.44 0.49 1.48 97.0% 48.6% 1.80 8.27 56.99 -

Sales/Revenue/Turnover

14.00

20'000.0 18'000.0

12.00

16'000.0

10.00

14'000.0 12'000.0

8.00

10'000.0 8'000.0

6.00

6'000.0

4.00

4'000.0 2.00 0.00 03.07.2009

2'000.0 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 |

27.02.2013

Leighton Holdings Ltd Holdings By:

All

Holder Name HOCHTIEF AG CAPITAL GROUP COMPAN VANGUARD GROUP INC OPPENHEIMERFUNDS INC BLACKROCK LORD ABBETT & CO LLC INVESCO LTD VANGUARD INVESTMENTS ARGO INVESTMENTS LTD MACQUARIE GROUP LTD DEXIA ASSET MANAGEME CREDIT SUISSE ASSET BABSON CAPITAL MANAG PIONEER ASSET MANAGE MAPS INVESTMENT MANA FMR LLC RUSSELL INVESTMENT M SJUNDE AP FONDEN SANLAM ASSET MANAGEM LEGG MASON ASSET MAN

Firm Name Macquarie Deutsche Bank Credit Suisse JPMorgan CIMB Nomura Commonwealth Bank Morgan Stanley Goldman Sachs EVA Dimensions Moelis & Company

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

Analyst JOHN PURTELL CRAIG WONGPAN BRADLEY CLIBBORN ANTHONY PASSE-DE SILVA ANDREW HODGE SIMON THACKRAY BEN BROWNETTE NICHOLAS ROBISON NATHAN REILLY CRAIG STERLING SIMON FITZGERALD

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

Recommendation restricted hold underperform neutral underperform neutral overweight Underwt/In-Line buy/attractive sell hold

Amt Held 163'844'626 3'697'000 2'797'620 2'700'170 1'561'224 1'035'285 971'680 882'063 583'572 350'329 277'318 232'423 154'660 154'502 145'303 142'891 121'220 106'903 103'372 75'664

% Out 48.59 1.1 0.83 0.8 0.46 0.31 0.29 0.26 0.17 0.1 0.08 0.07 0.05 0.05 0.04 0.04 0.04 0.03 0.03 0.02

Weighting

Change

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

M M M M M M M M U M U

Latest Chg 3'697'000 59'097 1'451 (62'286) (179'586) 33'500 98'241 2'121 17'300 (2'847) 8'588 -

Target Price #N/A N/A 21 20 22 20 22 27 18 26 #N/A N/A 19

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

File Dt 13.02.2012 31.12.2012 31.12.2012 30.12.2012 25.02.2013 31.12.2012 26.02.2013 30.09.2012 30.06.2011 31.08.2011 31.12.2012 28.12.2012 30.11.2012 30.11.2012 28.09.2012 31.12.2012 26.02.2013 31.12.2012 31.12.2012 08.11.2011

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 14.02.2013 13.02.2013 13.02.2013 15.01.2013 16.08.2012

27.02.2013

Boral Ltd Boral Limited is a manufacturer and supplier of building and construction materials in Australia and internationally. Boral supplies building products to the residential and commercial building markets, operates clay brick business in the U.S. (for clay roof tiles and fly ash) along with the production of plasterboard, timber products and concrete products.

Price/Volume 6

14.0 M 12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (17.01.2013) 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 14.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BLD AT EQUITY YTD Change BLD AT EQUITY YTD % CHANGE

06/2012 01/yy 5.14 2.93 5'541'752.00 4.92 -4.28% 67.92% 81.00% 766.4 3'770.55 1'723.40 0.0 74.3 205.70 5'303.35

8.0 M

6.0 M 4.0 M

2.0 M

0 f-12

30.06.2009 30.06.2010 4'858.9 4'493.8 0.81x 0.91x 435.0 520.9 9.03x 7.82x 142.0 (90.5) 16.89x Profitability

30.06.2011 4'345.7 0.87x 432.7 8.70x 167.7 17.60x

30.06.2012 4'716.2 0.81x 420.5 9.11x 176.6 10.46x 420.50 147.10 3.12% 3.84% -0.02% -0.04% 0.80% 27.4% 7.5% 1.8% 3.7% 1.58 0.80 26.52% 51.77% 6.47 5.72

Price/ Cash Flow

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

1.73 1.23 722.41 16.20% 13.78% 1.231 15 3.200 5'240'572 5'657'546 4'779'055 FY+2

06/13 Y 06/14 Y 5'367.9 5'662.8 1.00x 0.93x 559.8 717.1 9.47x 7.40x 140.5 250.9 26.59x 15.14x S&P Issuer Ratings

FQ+1

FQ+2

07.11.2008 BBB NEG 07.11.2012 NR 4.38 0.12 3.79 4.27 51.8% 33.6% 0.80 1.47 56.61 63.97 66.60 48.06

Sales/Revenue/Turnover

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 03.07.2009

m-12

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

16.0 M

Valuation Analysis

30.06.2008 5'178.6 0.93x 627.5 7.69x 233.3 13.88x

18.0 M

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 |

27.02.2013

Boral Ltd Holdings By:

All

Holder Name COMMONWEALTH BANK OF FRANKLIN RESOURCES AUSBIL DEXIA LIMITED CAPITAL GROUP COMPAN PERPETUAL LTD NATIONAL AUSTRALIA B VANGUARD GROUP INC SCHRODER INVESTMENT BLACKROCK QUEENSLAND INVESTMEN AUSTRALIAN FOUNDATIO VANGUARD INVESTMENTS ARGO INVESTMENTS LTD AMP LIFE LTD DIMENSIONAL FUND ADV MILTON CORP LTD ALLIANCE BERNSTEIN SANFORD C BERNSTEIN F&C FUND MANAGEMENT DJERRIWARRH INVESTME

Firm Name Nomura Macquarie Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse JPMorgan CIMB Commonwealth Bank EVA Dimensions Evans & Partners Pty Ltd

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

Analyst SIMON THACKRAY LIAM FARLOW EMILY BEHNCKE PHILIP BARE MATTHEW MCNEE ANDREW PEROS JASON HARLEY STEED ANDREW G SCOTT MICHAEL WARD CRAIG STERLING TONY WILSON

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

Recommendation neutral neutral buy Equalwt/Cautious neutral/neutral outperform underweight underperform overweight sell negative

Amt Held 80'882'701 49'647'610 44'499'371 40'943'587 39'575'720 37'114'645 13'688'160 12'696'062 7'923'067 4'628'821 4'008'492 4'005'309 3'266'907 2'946'232 2'112'457 1'627'462 1'417'662 1'417'662 1'215'548 1'153'000

% Out 10.55 6.48 5.81 5.34 5.16 4.84 1.79 1.66 1.03 0.6 0.52 0.52 0.43 0.38 0.28 0.21 0.18 0.18 0.16 0.15

Weighting

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

M M M M M M M M M M N

Latest Chg (7'631'354) (7'552'358) (5'271'895) 134'917 (32'184'101) 1'384 157'708 (85'207) 189'145 -

Target Price 5 5 6 5 5 5 4 4 5 #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 21.12.2012 Bank 13.02.2012 Investment Advisor 26.08.2011 Investment Advisor 31.12.2012 Investment Advisor 27.06.2012 Investment Advisor 26.11.2012 Bank 31.12.2012 Investment Advisor 18.12.2012 Investment Advisor 25.02.2013 Investment Advisor 24.08.2012 Investment Advisor 24.08.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 24.08.2012 Investment Advisor 24.08.2012 Investment Advisor 31.07.2012 Investment Advisor 24.08.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 30.06.2011 Investment Advisor

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

Date 20.02.2013 18.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 15.01.2013 19.07.2012

27.02.2013

Qantas Airways Ltd Qantas Airways Limited provides transportation of passengers through two airlines including Qantas (full service carrier) and Jetstar (low cost carrier), operating international, domestic and regional services. The Company also includes Qantas Frequent Flyer and Qantas Freight which generates diverse revenue streams and adds value for customers and investors.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.03.2012) 52-Week Low (08.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance QAN AT EQUITY YTD Change QAN AT EQUITY YTD % CHANGE

06/2012 01/yy 1.83 0.96 8'423'564.00 1.57 -13.97% 63.54% 75.14% 2'248.2 3'529.60 6'549.00 0.0 4.0 3'398.00 6'668.60

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

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

Market Data

Fiscal Year Ended 30.06.2008 13'668.0 0.54x 2'724.0 2.69x 969.0 6.20x

2 2 2 1 1 1 1 1 0 0 0 f-12 m-12

30.06.2009 30.06.2010 12'368.0 11'759.0 0.52x 0.60x 1'415.0 1'547.0 4.58x 4.55x 117.0 112.0 35.89x 44.90x Profitability

30.06.2011 12'884.0 0.52x 2'090.0 3.19x 250.0 16.73x

30.06.2012 13'278.0 0.42x 1'775.0 3.14x (245.0) 1'775.00 391.00 2.94% -2.63% -0.84% -2.89% 0.66% 13.8% 3.5% -1.8% 0.77 0.59 30.92% 111.28% 12.17 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.11 2'214.13 -6.82% 5.37% 1.115 12 4.000 9'704'955 6'928'158 6'999'749 FY+2

06/13 Y 06/14 Y 16'146.2 16'748.4 0.40x 0.36x 1'886.1 2'178.9 3.54x 3.06x 174.1 362.8 20.13x 9.57x S&P Issuer Ratings

FQ+1

FQ+2

07.09.2012 BBBSTABLE 07.09.2012 A-3 4.29 -0.86 1.64 3.24 111.3% 52.7% 0.66 0.97 30.07 -

Sales/Revenue/Turnover

6.00

16'000.0 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 03.07.2009

2'000.0 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 |

27.02.2013

Qantas Airways Ltd Holdings By:

All

Holder Name CAPITAL GROUP COMPAN COMMONWEALTH BANK OF FRANKLIN RESOURCES UBS BT INVESTMENT MANAGE NATIONAL AUSTRALIA B VANGUARD GROUP INC DYNAMIC SUPPLIES INV ALLIANCE BERNSTEIN QUEENSLAND INVESTMEN MACQUARIE GROUP LTD PACIFICA GROUP PLANS IG INVESTMENT MANAGE VANGUARD INVESTMENTS BLACKROCK AMP LIFE LTD GCIC LTD/CANADA THE SENIOR MASTER OF MASSACHUSETTS FINANC JOYCE ALAN JOSEPH

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

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

Analyst DAVID FRASER SCOTT CARROLL RUSSELL SHAW CAMERON MCDONALD SCOTT KELLY ANDREW GIBSON NICHOLAS MARKIEWICZ MARK WILLIAMS MATT CROWE CRAIG STERLING

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

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

Amt Held 259'184'530 225'886'843 225'485'471 115'698'286 113'798'857 94'670'406 20'501'486 15'000'000 14'533'276 13'554'503 13'321'023 13'070'334 12'520'364 12'204'103 11'790'857 11'512'031 9'872'109 8'568'754 7'718'082 5'334'000

% Out 11.53 10.05 10.03 5.15 5.06 4.21 0.91 0.67 0.65 0.6 0.59 0.58 0.56 0.54 0.52 0.51 0.44 0.38 0.34 0.24

Weighting

Change 5 3 3 3 5 3 5 5 5 1

M M M D M M M M M D

Latest Chg (22'762'487) (25'056'082) (20'102'520) 1'535'036 28'000 516'475 506'654 10'939 (3'266'899) 235'708 2'802'812

Target Price 2 2 2 2 2 2 2 2 2 #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 27.08.2012 Bank 07.12.2012 Investment Advisor 31.10.2012 Unclassified 08.11.2012 Investment Advisor 26.11.2012 Bank 31.12.2012 Investment Advisor 27.08.2012 n/a 31.12.2012 Investment Advisor 27.08.2012 Investment Advisor 31.08.2011 Investment Advisor 27.08.2012 n/a 28.09.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 27.08.2012 Investment Advisor 30.06.2012 Investment Advisor 27.08.2012 Other 31.12.2012 Investment Advisor 08.11.2012 n/a

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

Date 26.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 29.01.2013

27.02.2013

Federation Centres Federation Centres is a retail property investment and services organization involved in the ownership, management, and development of retail properties. The company operates shopping centers across Australia.

Price/Volume

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 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FDC AT EQUITY YTD Change FDC AT EQUITY YTD % CHANGE

06/2012 01/yy 2.48 1.79 6'720'639.00 2.44 -1.61% 36.31% 85.51% 1'427.6 3'483.44 1'378.77 0.0 0.0 200.48 5'205.16

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

300.0 M

250.0 M

200.0 M

150.0 M

100.0 M

50.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 30.06.2008 92.0 27.00x 21.8 114.11x (867.7) -

30.06.2009 30.06.2010 111.1 23.1 17.26x 78.76x 35.4 (1.6) 54.22x (2'678.3) 113.3 3.01x Profitability

30.06.2011 21.7 61.40x (16.9) 356.7 3.02x

30.06.2012

LTM-4Q

LTM

01/yy

27.05% 41.19% -

Price/ Cash Flow

FY+1 -

0.66 1'259.93 39.50% 7.49% 0.659 13 3.462 4'536'899 3'855'937 5'441'884 FY+2

06/13 Y 06/14 Y 389.4 394.4 12.58x 12.31x 313.9 315.5 16.58x 16.50x 221.7 236.9 15.44x 14.88x S&P Issuer Ratings

FQ+1

FQ+2

21.02.2013 BBB+ STABLE 41.2% 29.2% -

Sales/Revenue/Turnover

70.00

120.0

60.00

100.0

50.00

80.0

40.00

60.0 30.00

40.0 20.00

20.0

10.00 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 |

27.02.2013

Federation Centres Holdings By:

All

Holder Name BLACKROCK WESTPAC BANKING CORP AMP LTD VANGUARD GROUP INC CBRE CLARION SECURIT ANGELO GORDON & COMP VARDE INV PARTNERS L UBS NATIONAL AUSTRALIA B CENTRO DIRECT PROP F BURLINGTON LOAN MGMT TACONIC CAPITAL ADVI VANGUARD INVESTMENTS PALOMINO FUND LTD AMP LIFE LTD ING INVESTMENT MANAG MORGAN STANLEY PRINCIPAL FINANCIAL APPALOOSA MANAGEMENT THOR0UGHBRED FUND LP

Firm Name Deutsche Bank Morgan Stanley Goldman Sachs JPMorgan Macquarie EVA Dimensions Credit Suisse Moelis & Company

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

Analyst JASON WEATE LOURENS PIRENC PETER ZUK RICHARD JONES PAUL CHECCHIN AUSTIN BURKETT STEPHEN RICH SIMON SCOTT

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

Recommendation hold Overwt/In-Line neutral/neutral underweight neutral overweight underperform buy

Amt Held 113'761'884 91'439'924 87'203'714 86'311'928 84'692'142 83'588'914 79'207'910 72'601'233 69'874'120 66'673'139 65'282'118 62'638'045 59'230'092 26'096'046 24'610'358 20'487'378 13'830'994 13'283'909 12'746'167 12'354'689

% Out 7.97 6.4 6.11 6.05 5.93 5.86 5.55 5.09 4.89 4.67 4.57 4.39 4.15 1.83 1.72 1.44 0.97 0.93 0.89 0.87

Weighting

Change 3 5 3 1 3 5 1 5

M M M M M M M M

Latest Chg 14'376'198 14'909'372 18'788'771 (17'797'006) 122'982 (35'112'311) (2'000'000) (3'603'335) 5'120'778 (10'557'928) (3'484'992) 8'169 1'313'337 (6'407'657) (9'267'623)

Target Price 2 2 2 2 2 #N/A N/A 2 2

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

File Dt 25.02.2013 26.07.2012 22.11.2012 28.08.2012 28.08.2012 31.10.2012 03.01.2012 08.01.2013 01.02.2013 08.03.2012 13.04.2012 05.03.2012 30.09.2012 15.05.2012 28.08.2012 31.12.2012 31.12.2012 31.01.2013 22.05.2012 15.05.2012

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

Inst Type Investment Advisor Bank Insurance Company Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Unclassified Bank n/a Investment Advisor Hedge Fund Manager Mutual Fund Manager n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager n/a

Date 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 17.01.2013 25.11.2012 06.09.2012

27.02.2013

Metcash Ltd Metcash Limited is a marketing and distribution company operating in the food and other consumer goods sectors. The Company operates distribution centers serving grocery products for independent retail grocery stores, liquor distribution centers and cash and carry warehouses which serve retailers and businesses in the grocery, liquor, food services and convenience stores.

Price/Volume 5

25.0 M

4 20.0 M

4 3

15.0 M

3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.03.2012) 52-Week Low (06.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MTS AT EQUITY YTD Change MTS AT EQUITY YTD % CHANGE

04/2012 01/yy 4.32 3.12 5'014'334.00 4.03 -6.71% 29.17% 76.67% 880.7 3'549.24 991.80 0.0 74.0 51.50 4'282.84

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

5.0 M

1 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 30.04.2008 10'199.1 0.36x 385.4 9.51x 197.5 16.32x

10.0 M

30.04.2009 30.04.2010 11'067.5 11'517.4 0.33x 0.32x 430.1 374.4 8.56x 9.92x 202.5 227.6 15.72x 13.65x Profitability

30.04.2011 12'364.0 0.31x 398.4 9.72x 241.4 12.91x

30.04.2012 12'255.1 0.33x 397.1 10.25x 90.0 26.02x 397.10 342.70 2.80% 1.61% 1.82% 5.27% 5.33% 2.94% 9.5% 3.2% 2.7% 0.7% 1.28 0.57 24.56% 78.65% 13.55 13.14

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

6.95 0.69 787.87 4.86% 21.39% 0.694 14 2.929 4'976'030 4'900'790 5'252'608 FY+2

04/13 Y 04/14 Y 12'993.0 13'551.1 0.34x 0.32x 506.4 535.1 8.46x 8.00x 271.6 286.4 12.83x 12.44x S&P Issuer Ratings

FQ+1

FQ+2

5.16 4.18 1.81 1.92 78.6% 42.6% 2.94 51.39 27.01 27.85 51.10 16.11

Sales/Revenue/Turnover

30.00

14'000.0

25.00

12'000.0 10'000.0

20.00

8'000.0 15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

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 |

27.02.2013

Metcash Ltd Holdings By:

All

Holder Name BLACKROCK DEUTSCHE BANK AG UBS ALLAN GRAY AUSTRALIA NATIONAL AUSTRALIA B COMMONWEALTH BANK OF MATTHEWS INTERNATION VANGUARD GROUP INC DWS INVESTMENT SA AMP LIFE LTD VANGUARD INVESTMENTS STATE STREET MILTON CORP LTD AUSTRALIAN FOUNDATIO LORD ABBETT & CO LLC TWEEDY BROWNE COMPAN SCHRODER INVESTMENT PRUDENTIAL FINANCIAL SUMITOMO MITSUI ASSE SEI INVESTMENT MANAG

Firm Name Morgan Stanley Credit Suisse EVA Dimensions Nomura JPMorgan Commonwealth Bank Deutsche Bank Goldman Sachs CIMB Macquarie Evans & Partners Pty Ltd

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

Analyst THOMAS KIERATH GRANT SALIGARI AUSTIN BURKETT DAVID COOKE SHAUN COUSINS ANDREW MCLENNAN MICHAEL SIMOTAS PHILLIP KIMBER DANIEL BROEREN GREG DRING TONY WILSON

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

Recommendation Equalwt/In-Line neutral hold reduce neutral underweight hold neutral/neutral neutral neutral neutral

Amt Held 69'546'375 58'185'289 56'737'197 44'111'321 43'331'531 35'188'401 25'417'446 15'641'935 7'497'706 7'307'097 6'475'095 6'233'864 4'784'560 3'600'000 3'580'264 3'053'000 2'440'672 1'950'032 1'792'000 1'518'739

% Out 7.9 6.61 6.44 5.01 4.92 4 2.89 1.78 0.85 0.83 0.74 0.71 0.54 0.41 0.41 0.35 0.28 0.22 0.2 0.17

Weighting

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

M D D M M M M M M M M

Latest Chg 17'869 9'688'873 (1'159'702) (3'228'649) 372'973 (9'497) 1'227'032 (2'051'712) 806'000 (68'583) 46'782 (15'000) 328'193

Target Price 4 4 #N/A N/A 3 4 3 3 3 3 4 #N/A N/A

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

File Dt Inst Type 25.02.2013 Investment Advisor 17.01.2013 Investment Advisor 31.01.2013 Unclassified 05.12.2012 Investment Advisor 13.02.2013 Bank 05.08.2011 Bank 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 10.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 10.07.2012 Investment Advisor 10.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 18.07.2012 Investment Advisor 31.01.2013 Investment Advisor

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

Date 27.02.2013 12.02.2013 28.01.2013 24.01.2013 03.12.2012 03.12.2012 30.11.2012 30.11.2012 30.11.2012 30.08.2012 23.08.2010

27.02.2013

ResMed Inc ResMed Inc. develops, manufactures, and markets medical equipment for the treatment of sleep disordered breathing. The Company sells diagnostic and treatment devices in various countries through its subsidiaries and independent distributors.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 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 23.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RMD AT EQUITY YTD Change RMD AT EQUITY YTD % CHANGE

Price/Volume

06/2012 12/yy 4.65 2.71 5'077'147.00 4.24 -8.82% 56.46% 76.80% 1'434.9 6'084.13 250.84 809.54 -

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

1.20 1.00

m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

30.06.2009 30.06.2010 920.7 1'092.4 3.05x 3.88x 243.7 301.9 11.53x 14.02x 146.4 190.1 Profitability

LTM-4Q 30.06.2011 1'243.1 3.27x 337.5 12.03x 227.0 -

30.06.2012 1'368.5 2.83x 380.3 10.18x 254.9 380.26 294.41 21.51% 24.26% 13.30% 17.55% 0.66% 60.0% 29.2% 23.6% 18.6% 5.38 4.32 11.73% 15.60% 5.53 2.95

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M f-13

Market Data

Fiscal Year Ended 30.06.2008 835.4 3.03x 207.8 12.19x 110.3 -

5 5 4 4 3 3 2 2 1 1 0 f-12

12/yy 1'302.7 11.52x 339.8 9.35x 225.2 0.00x

LTM 12/yy 1'437.3 12.68x 419.2 12.65x 290.7 0.00x

FY+1

0.44 56.15% 8.03% 0.437 11 4.091 5'441'942 6'953'662 4'609'084 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 1'508.9 1'678.2 384.3 403.5 3.64x 3.17x 453.4 489.6 115.7 124.1 318.6 349.4 79.7 83.3 19.54x 17.77x 3.88x 2.68x S&P Issuer Ratings

20.06.2006 NR 79.45 69.60 -1.57 0.72 15.6% 13.5% 0.66 3.26 66.23 124.16 31.46 161.19

Sales/Revenue/Turnover

1'600.0 1'400.0 1'200.0

0.80 0.60

1'000.0 800.0 600.0

0.40 0.20

400.0 200.0 0.0

0.00

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

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

27.02.2013

ResMed Inc Holdings By:

All

Holder Name PERPETUAL LTD COMMONWEALTH BANK OF JCP INVESTMENT PARTN SCHRODER INVESTMENT MACQUARIE GROUP LTD VANGUARD INVESTMENTS SKANDIA GLOBAL FUNDS FIDELITY INVESTMENTS INVESCO LTD SCHRODER INVESTMENT NIPPON LIFE INSURANC QUINN MICHAEL ANTHON PARVEST INVESTMENT M MIRRABOOKA INVESTMEN INVESTEC ASSET MANAG SKANDIA INVESTMENT M LION GLOBAL INVESTOR ING INVESTMENT MANAG SANTANDER ASSET MANA WILSON HTM INVESTMEN

Firm Name Credit Suisse Wilson HTM Investment Group Nomura Goldman Sachs Macquarie JPMorgan CIMB Commonwealth Bank Bell Potter

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios INVESCO LTD Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst SAUL HADASSIN SHANE STOREY DAVID STANTON IAN ABBOTT CRAIG COLLIE STEVEN D WHEEN DEREK JELLINEK BRUCE DU STUART ROBERTS

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

Recommendation neutral hold buy Buy/Neutral neutral overweight neutral overweight buy

Amt Held 99'130'394 82'628'335 76'592'404 15'091'770 13'411'719 4'311'349 2'441'814 2'396'132 1'472'430 1'030'200 756'414 706'000 672'965 600'000 489'009 398'502 300'330 128'821 117'385 100'000

% Out 6.91 5.76 5.34 1.05 0.93 0.3 0.17 0.17 0.1 0.07 0.05 0.05 0.05 0.04 0.03 0.03 0.02 0.01 0.01 0.01

Weighting

Change 3 3 5 5 3 5 3 5 5

Latest Chg 18'211'877 (14'431'697) (1'839'494) (1'897'670) 140'967 158'383 (478'379) 1'344'288 102'457 (50'000) (30'900) (11'105) (51'556) -

Target Price

M D M M M M M M M

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

File Dt 14.02.2013 31.05.2012 22.12.2011 31.10.2012 31.08.2011 30.09.2012 31.12.2012 31.12.2010 31.12.2012 26.03.2012 20.09.2011 31.01.2013 30.09.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2010 31.12.2012 31.12.2012 31.12.2012

Date 5 5 5 5 4 5 4 5 5

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

Inst Type Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Insurance Company n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 21.02.2013 21.02.2013 20.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 25.01.2013

27.02.2013

Seek Ltd Seek Limited operates an Internet website. The Company offers online employment advertisements and online training in Australia and New Zealand, and offers online employment advertisements in the United Kingdom targeted at Australian and New Zealand job seekers.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SEK AT EQUITY YTD Change SEK AT EQUITY YTD % CHANGE

Price/Volume

06/2012 01/yy 10.07 5.87 2'253'568.00 9.9 -1.69% 68.65% 96.90% 337.1 3'337.30 400.92 0.0 371.6 110.39 3'975.79

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

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 f-12

30.06.2009 30.06.2010 208.3 280.7 7.06x 8.62x 89.7 116.6 16.39x 20.76x 55.3 89.5 22.18x 26.35x Profitability

30.06.2011 343.1 7.63x 135.7 19.29x 97.7 22.21x

30.06.2012 442.3 6.33x 192.6 14.53x 131.7 16.21x 192.63 172.18 38.93% 41.71% 11.82% 33.60% 16.90% 0.44% 92.0% 37.0% 29.8% 0.72 0.72 28.81% 100.35% 11.11 -

Price/ Cash Flow

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

1.07 286.29 53.64% 41.43% 1.068 19 3.316 3'384'541 1'614'013 1'352'660 FY+2

06/13 Y 06/14 Y 593.5 748.3 6.64x 5.12x 239.0 298.7 16.64x 13.31x 141.8 172.2 23.63x 19.37x S&P Issuer Ratings

FQ+1

FQ+2

7.51 7.17 100.4% 34.2% 0.44 24.26 32.95 -

Sales/Revenue/Turnover

40.00

500.0

35.00

450.0 400.0

30.00

350.0

25.00

300.0

20.00

250.0 200.0

15.00

150.0

10.00

100.0

5.00

50.0

0.00 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 210.2 6.84x 109.4 13.15x 76.3 18.80x

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 |

27.02.2013

Seek Ltd Holdings By:

All

Holder Name FMR LLC HYPERION ASSET MANAG AUSTRALIANSUPER PTY BASSAT ANDREW R BASSAT PAUL M WATSON ROBERT DALEFORD WAY PTY LTD WILLIAM BLAIR & COMP VANGUARD GROUP INC BAILLIE GIFFORD AND MACQUARIE GROUP LTD UCA FUNDS MANAGEMENT VANGUARD INVESTMENTS AMP LIFE LTD ALLEN ROGER T ROWE PRICE ASSOCIA DIMENSIONAL FUND ADV NORDINVEST FUND MANA BLACKROCK HYPERION ASSET MANAG

Firm Name Morgan Stanley Credit Suisse Macquarie Wilson HTM Investment Group Moelis & Company Octa Phillip Securities Ltd Goldman Sachs JPMorgan CIMB BBY Limited Commonwealth Bank Nomura Deutsche Bank EVA Dimensions Evans & Partners Pty Ltd Shaw Stockbroking

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

Analyst ANDREW MCLEOD SAMANTHA CARLETON ANDREW LEVY IVOR RIES TODD W GUYOT KEN WAGNER CHRISTIAN GUERRA JARROD MCDONALD FRASER MCLEISH MARK MCDONNELL ALICE BENNETT DANIEL BLAIR VIKAS GOUR CRAIG STERLING PETER STAMOULIS SCOTT MARSHALL

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

Recommendation Overwt/Cautious underperform neutral hold hold buy Buy/Cautious underweight outperform buy overweight neutral hold underweight neutral buy

Amt Held 50'937'564 35'107'346 18'033'317 12'750'113 9'752'837 4'238'648 4'238'648 3'367'543 3'320'738 2'968'500 2'565'042 2'045'154 1'777'602 1'230'784 1'145'820 1'079'764 809'889 371'562 335'427 312'283

% Out 15.11 10.41 5.35 3.78 2.89 1.26 1.26 1 0.99 0.88 0.76 0.61 0.53 0.37 0.34 0.32 0.24 0.11 0.1 0.09

Weighting

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

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

Latest Chg 4'511'254 (4'790'302) (750'000) (3'430'787) (90'717) 55'606 (1'257'062) (198'857) 72'347 -

Target Price 10 8 9 10 10 11 10 8 11 11 10 9 8 #N/A N/A #N/A N/A #N/A N/A

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

File Dt Inst Type 30.06.2012 Investment Advisor 11.02.2013 Investment Advisor 21.12.2012 Investment Advisor 22.02.2013 n/a 04.10.2012 n/a 29.11.2012 n/a 04.10.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.08.2011 Investment Advisor 31.01.2013 Mutual Fund Manager 30.09.2012 Mutual Fund Manager 04.10.2012 Investment Advisor 04.10.2012 n/a 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 30.06.2011 Investment Advisor

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

Date 26.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 14.02.2013 17.01.2013 14.03.2012 29.08.2011

27.02.2013

Treasury Wine Estates Ltd Treasury Wine Estates was founded in 2010 and is headquartered in Southbank, Victoria, Australia. The Company's line of business includes vineyard operations and international marketing and distribution of wine.

Price/Volume 6

90.0 M 80.0 M

70.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 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 31.12.2011 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TWE AT EQUITY YTD Change TWE AT EQUITY YTD % CHANGE

06/2012 01/yy 5.60 3.76 5'690'327.00 4.9 -12.50% 30.32% 59.24% 647.2 3'171.41 64.20 0.0 3.8 28.60 3'210.81

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

50.0 M 40.0 M

30.0 M 20.0 M

10.0 M

0 f-12

30.06.2009 30.06.2010 2'144.8 1'890.2 389.7 297.6 (57.1) (1'080.1) Profitability

30.06.2011 1'441.0 1.58x 88.6 25.69x 64.1 18.48x

30.06.2012 1'640.8 1.74x 181.0 15.77x 89.9 31.30x 181.00 113.30 6.91% 8.56% 2.39% 3.10% 3.19% 0.44% 33.0% 11.0% 6.9% 5.5% 2.22 0.77 1.68% 2.19% 4.35 1.49

Price/ Cash Flow

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

2.65 0.66 642.05 25.26% 4.48% 0.662 14 2.500 2'920'439 3'978'071 4'991'864 FY+2

06/13 Y 06/14 Y 1'676.0 1'810.9 1.93x 1.79x 291.2 342.5 11.02x 9.38x 139.4 172.9 22.79x 18.22x S&P Issuer Ratings

FQ+1

FQ+2

18.85 11.58 0.20 0.35 2.2% 2.1% 0.44 1.48 84.09 246.22 52.88 277.43

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 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 2'085.4 399.5 (424.2) -

60.0 M

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 |

27.02.2013

Treasury Wine Estates Ltd Holdings By:

All

Holder Name COMMONWEALTH BANK OF ELLERSTON CAPITAL LT CAPITAL GROUP COMPAN FMR LLC PERPETUAL LTD IOOF HOLDINGS LTD VANGUARD GROUP INC AMP LIFE LTD BLACKROCK NEW JERSEY DIVISION AMERICAN CENTURY COM NEUBERGER BERMAN LLC VANGUARD INVESTMENTS SCOTTISH WIDOWS INVESCO LTD HARRIS ASSOCIATES LP QUEENSLAND INVESTMEN ROBECO INVESTOR SERV AUSTRALIAN FOUNDATIO ARGO INVESTMENTS LTD

Firm Name Credit Suisse JPMorgan Nomura EVA Dimensions Macquarie Commonwealth Bank CIMB Morgan Stanley Deutsche Bank Goldman Sachs Evans & Partners Pty Ltd

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

Analyst LARRY GANDLER STUART JACKSON DAVID COOKE AUSTIN BURKETT GREG DRING ANDREW MCLENNAN ALEXANDER BEER MARK A CHRISTENSEN MICHAEL SIMOTAS GABRIEL WILSON-OTTO PAUL RYAN

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

Recommendation underperform underweight reduce overweight neutral underweight neutral Equalwt/In-Line sell neutral/neutral neutral

Amt Held 47'370'879 39'480'854 36'645'208 34'268'884 33'142'725 32'230'455 11'506'355 9'925'572 6'398'951 4'006'871 3'799'282 3'359'433 3'345'701 3'082'508 2'489'740 2'371'300 2'302'191 2'300'000 2'175'501 2'099'927

% Out 7.32 6.1 5.66 5.29 5.12 4.98 1.78 1.53 0.99 0.62 0.59 0.52 0.52 0.48 0.38 0.37 0.36 0.36 0.34 0.32

Weighting

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

M M M M M M N M D M U

Latest Chg (6'672'818) (10'280'974) 607'117 (7'399'134) (3'367'966) 2'958'222 242 3'006'871 3'489'246 (27'475) 1'658'776 (73'115) (297'000) -

Target Price 4 4 4 #N/A N/A 6 3 5 6 4 5 #N/A N/A

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

File Dt Inst Type 05.12.2012 Bank 01.10.2012 Corporation 31.12.2012 Investment Advisor 21.11.2012 Investment Advisor 22.10.2012 Investment Advisor 17.12.2012 Investment Advisor 31.12.2012 Investment Advisor 17.08.2012 Investment Advisor 25.02.2013 Investment Advisor 30.06.2012 Pension Fund (ERISA) 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.10.2012 Unclassified 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 17.08.2012 Investment Advisor 31.12.2012 Investment Advisor 17.08.2012 Investment Advisor 30.06.2011 Investment Advisor

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

Date 26.02.2013 25.02.2013 24.01.2013 17.01.2013 26.11.2012 09.11.2012 07.11.2012 05.11.2012 22.10.2012 22.10.2012 19.02.2012

27.02.2013

Alumina Ltd Alumina Limited is an Australian resource company that produces alumina. The Company owns about 40% of Alcoa World Alumina and Chemicals through a joint venture with Alcoa.

Price/Volume 2

90.0 M

80.0 M

70.0 M 60.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 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 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AWC AT EQUITY YTD Change AWC AT EQUITY YTD % CHANGE

12/2012 01/yy 1.41 0.63 13'457'332.00 1.17 -16.73% 87.20% 71.79% 2'806.2 3'283.28 674.50 0.0 0.0 10.10 4'008.59

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

40.0 M

30.0 M

20.0 M

10.0 M

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 0.0 (16.3) 143.1 10.78x

50.0 M

31.12.2009 31.12.2010 0.0 0.0 (14.7) (20.6) 34.6 181.23x Profitability

31.12.2011 0.0 126.6 21.99x

LTM-4Q

LTM

01/yy

31.12.2012 0.1 29446.90x (62.1) -18.90 -18900.00% -61700.00% -1.86% -2.27% 1.98% 0.00% -18900.0% -62100.0% 0.25 0.17 20.37% 25.66% 2.00 -

Price/ Cash Flow

FY+1 -

0.00 1.70 1'676.43 -6.40% 30.00% 1.698 16 2.625 22'062'290 18'508'940 15'062'810 FY+2

12/13 Y 12/14 Y 7.7 26.9 463.48x 129.06x 5.6 89.5 712.89x 44.81x (2.4) 108.6 29.06x S&P Issuer Ratings

FQ+1

FQ+2

29.08.2012 BBBSTABLE 21.11.2001 NR 25.7% 20.4% 0.00 0.50 183.00 -

Sales/Revenue/Turnover

70.00

0.1

60.00

0.1

50.00

0.1

40.00

0.1 30.00

0.0 20.00

0.0

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 |

27.02.2013

Alumina Ltd Holdings By:

All

Holder Name ALUMINA HOLDINGS LLC CITIC RESOURCES AUST SCHRODER INVESTMENT MANNING & NAPIER ADV BLACKROCK BESTBUY OVERSEAS CO PERPETUAL LTD LAZARD ASSET MANAGEM ELLERSTON CAPITAL LT PARADICE INVESTMENT COOPER INVESTORS PTY NATIONAL AUSTRALIA B MANNING & NAPIER ADV VANGUARD GROUP INC AUSBIL DEXIA LIMITED AUSTRALIAN FOUNDATIO VANGUARD INVESTMENTS ARGO INVESTMENTS LTD JOHN HANCOCK INVESTM T ROWE PRICE ASSOCIA

Firm Name Octa Phillip Securities Ltd Credit Suisse Macquarie BMO Capital Markets Morgan Stanley Goldman Sachs JPMorgan CIMB Commonwealth Bank Investec EVA Dimensions Deutsche Bank

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LAWRENCE GRECH MATTHEW HOPE ANDREW SULLIVAN TONY ROBSON BRENDAN FITZPATRICK IAN PRESTON LYNDON FAGAN PHILLIP CHIPPINDALE ANDREW KNUCKEY TIM GERRARD CRAIG STERLING PAUL-D YOUNG

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

Recommendation sell neutral neutral underperform Underwt/In-Line sell/attractive neutral neutral neutral buy sell buy

Amt Held 366'698'702 219'617'657 172'782'144 149'228'725 148'508'495 146'411'771 142'857'622 128'636'666 127'689'390 122'693'670 118'060'332 110'537'596 96'556'850 43'751'230 29'955'969 14'323'000 13'617'853 10'779'840 9'282'122 7'949'425

% Out 13.07 7.83 6.16 5.32 5.29 5.22 5.09 4.58 4.55 4.37 4.21 3.94 3.44 1.56 1.07 0.51 0.49 0.38 0.33 0.28

Weighting

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

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

Latest Chg 146'411'771 25'224'229 24'995'449 (11'423'581) (29'840'956) (5'056'665) (27'793'943) 26'143'220 510'750 (119'682'580) 792'938 157'308 356'642

Target Price 1 1 1 1 1 1 1 1 1 2 #N/A N/A 1

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

File Dt Inst Type 15.02.2013 Other 14.02.2013 n/a 16.05.2012 Investment Advisor 04.12.2012 Investment Advisor 25.02.2013 Investment Advisor 15.02.2013 n/a 17.10.2012 Investment Advisor 21.08.2012 Unclassified 14.01.2013 Corporation 24.01.2013 Investment Advisor 23.02.2012 Hedge Fund Manager 17.12.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 18.11.2011 Investment Advisor 29.06.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 30.06.2011 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

Date Not Provided Not Provided 12 month Not Provided 12 month 12 month 10 month 12 month 12 month 12 month Not Provided 12 month

Date 25.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 14.02.2013 17.01.2013 08.01.2013

27.02.2013

Bank of Queensland Ltd Bank of Queensland Limited is a full service financial institution. The Bank operates retail branches, business banking centers, and equipment finance centers throughout Australia and New Zealand. Bank of Queensland also operates an automated teller machine (ATM) network throughout Australia.

Price/Volume

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 02.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BOQ AT EQUITY YTD Change BOQ AT EQUITY YTD % CHANGE

08/2012 01/yy 9.45 6.13 1'131'407.00 9.09 -3.81% 48.29% 86.45% 312.9 2'844.07 6'865.90 195.7 0.0 4'175.10 -

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 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.08.2008 2'178.5 138.7 16.80x

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

31.08.2009 31.08.2010 2'182.6 2'386.9 141.1 181.9 15.35x 12.03x Profitability

31.08.2011 2'852.2 158.7 11.15x

31.08.2012 2'757.5 (17.1) -

-1.33% -2.37% -0.04% -1.05% -0.18% 0.07% -2.1% 16.44% 253.96% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

5.63 1.25 305.03 34.80% 23.67% 1.253 18 3.056 1'656'455 1'604'016 1'233'093 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 11/11 Q1 02/12 Q2 840.3 877.5 -5.25x -5.89x 238.9 267.8 12.14x 11.14x S&P Issuer Ratings

08.06.2012 BBB+ STABLE 14.01.1994 A-2 254.0% 70.3% 0.07 88.95 -

Sales/Revenue/Turnover

9.00

3'000.0

8.00

2'500.0

7.00

2'000.0

6.00 5.00

1'500.0

4.00

1'000.0

3.00 2.00

500.0

1.00 0.00 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 |

27.02.2013

Bank of Queensland Ltd Holdings By:

All

Holder Name BRED BANQUE POPULAIR UBS DIMENSIONAL FUND ADV NATIONAL AUSTRALIA B MILTON CORP LTD DEUTSCHE BANK AG DIMENSIONAL FUND ADV VANGUARD GROUP INC AMP LIFE LTD QIC LTD VANGUARD INVESTMENTS WASHINGTON H SOUL PA LIDDY DAVID PAUL MACQUARIE GROUP LTD BLACKROCK AVANTEOS INV LTD ARGO INVESTMENTS LTD ALLIANCE BERNSTEIN GLOBAL X MANAGEMENT AMERIPRISE FINANCIAL

Firm Name Nomura Credit Suisse EVA Dimensions BBY Limited Commonwealth Bank Bell Potter Deutsche Bank Macquarie CIMB Morgan Stanley Goldman Sachs JPMorgan Evans & Partners Pty Ltd Macquarie

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

Analyst ANTHONY HOO JAMES ELLIS AUSTIN BURKETT BRETT LE MESURIER JEFF CAI T S LIM ANDREW TRIGGS MICHAEL WIBLIN JOHN BUONACCORSI DAVID SHI ELIZABETH ROGERS SCOTT MANNING GEORGE GABRIEL CAMERON PIERCE

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

Recommendation neutral neutral hold underperform neutral buy hold outperform outperform Underwt/In-Line neutral/neutral neutral negative neutral

Amt Held 27'315'821 15'951'258 14'948'410 11'202'631 6'550'276 6'496'634 3'224'990 3'039'608 2'397'722 1'816'381 1'749'327 1'344'347 1'179'053 1'146'061 930'016 671'556 579'447 459'443 353'679 159'558

% Out 8.73 5.1 4.78 3.58 2.09 2.08 1.03 0.97 0.77 0.58 0.56 0.43 0.38 0.37 0.3 0.21 0.19 0.15 0.11 0.05

Weighting

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

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

Latest Chg (567'798) (343'651) (1'988'744) (7'189'092) 45'483 70'681 912'016 402'904 94'500 5'889

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

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

File Dt Inst Type 28.09.2012 Unclassified 31.10.2012 Unclassified 31.05.2012 Investment Advisor 03.02.2012 Bank 28.09.2012 Investment Advisor 13.02.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.08.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 28.09.2012 Holding Company 31.08.2011 n/a 31.08.2011 Investment Advisor 25.02.2013 Investment Advisor 28.09.2012 Other 30.06.2011 Investment Advisor 31.12.2012 Investment Advisor 28.01.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 27.02.2013 25.02.2013 05.02.2013 31.01.2013 31.01.2013 30.01.2013 16.01.2013 19.12.2012 07.11.2012 18.10.2012 18.10.2012 18.10.2012 11.10.2012 13.10.2011

27.02.2013

GrainCorp Ltd GrainCorp Limited provides grain industry related services in Australia. The Group provides grain and bulk commodities handling and storage for growers, end users and marketing organizations. The Group also operates grain pools, provides transportation services for bulk commodities along with farming products and flour milling and mixing services.

Price/Volume 14

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M f-13

12 10 8

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (22.10.2012) 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 28.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GNC AT EQUITY YTD Change GNC AT EQUITY YTD % CHANGE

09/2012 01/yy 12.53 7.53 435'347.00 12.23 -2.41% 62.39% 92.57% 228.9 2'798.90 678.10 0.0 0.0 350.30 3'126.70

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 30.09.2008 1'527.9 0.61x 32.0 29.00x (19.9) -

30.09.2009 30.09.2010 1'653.5 1'981.8 0.54x 0.84x 114.0 151.1 7.86x 11.05x 63.2 80.2 21.25x 18.15x Profitability

30.09.2011 2'768.6 0.63x 213.5 8.22x 171.6 8.30x

30.09.2012 3'320.5 0.67x 323.9 6.83x 204.9 8.73x

323.90 232.70 7.01% 9.22% 7.48% 14.07% 11.02% 1.21% 9.8% 7.0% 6.2% 1.74 0.76 23.87% 44.02% 13.24 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.85 0.62 151.54 63.86% -0.97% 0.616 12 3.000 652'886 651'507 1'617'870 FY+2

09/13 Y 09/14 Y 3'672.7 3'478.2 0.92x 0.98x 414.9 382.5 7.54x 8.18x 181.3 156.8 14.97x 17.65x S&P Issuer Ratings

FQ+1

FQ+2

7.62 5.08 1.01 2.09 44.0% 30.6% 1.21 3.95 27.64 -

Sales/Revenue/Turnover

20.00

3'500.0

18.00

3'000.0

16.00 14.00

2'500.0

12.00

2'000.0

10.00

1'500.0

8.00

1'000.0

6.00 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 |

27.02.2013

GrainCorp Ltd Holdings By:

All

Holder Name ADM AUST HOLDINGS II UBS NATIONAL AUSTRALIA B DEUTSCHE BANK AG NORGES BANK AMP LTD MACQUARIE GROUP LTD DIMENSIONAL FUND ADV ELLERSTON CAPITAL LT AMP LIFE LTD DWS INVESTMENT S A D SEATON PTY LTD VAN ECK ASSOCIATES C DIMENSIONAL FUND ADV VANGUARD GROUP INC JASERAOD HLDGS PTY L VANGUARD INVESTMENTS P & G SHEARMAN HLDGS QIC LTD THRIVENT FINANCIAL F

Firm Name Credit Suisse Commonwealth Bank EVA Dimensions Octa Phillip Securities Ltd Macquarie JPMorgan Bell Potter Deutsche Bank Wilson HTM Investment Group RBS Morgans BBY Limited Goldman Sachs

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

Analyst GRANT SALIGARI JORDAN ROGERS AUSTIN BURKETT PAUL JENSZ RIKKI BANNAN STUART JACKSON JONATHAN SNAPE MARK WILSON JAMES FERRIER BELINDA MOORE DENNIS HULME JAMES HANNAM

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

Recommendation restricted neutral overweight sell underperform overweight hold hold hold neutral underperform neutral/neutral

Amt Held 45'420'054 16'892'977 16'260'406 12'559'930 11'887'086 11'449'659 11'444'737 10'479'249 9'950'968 5'949'643 5'888'583 5'237'738 3'374'549 3'101'513 2'286'423 1'786'011 1'581'301 1'231'393 1'201'450 836'243

% Out 19.85 7.38 7.11 5.49 5.19 5 5 4.58 4.35 2.6 2.57 2.29 1.47 1.36 1 0.78 0.69 0.54 0.52 0.37

Weighting

Change

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

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

Latest Chg 8'113'094 2'879'271 (4'358'950) (2'311'843) 549'001 (4'607'471) (1'218'821) (6'292) 41'863 219'692 270'506

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

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

File Dt Inst Type 05.12.2012 Other 11.02.2013 Unclassified 13.02.2013 Bank 21.12.2012 Investment Advisor 15.11.2012 Government 08.11.2012 Insurance Company 19.11.2012 Investment Advisor 09.10.2012 Investment Advisor 19.10.2012 Corporation 09.10.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 09.10.2012 n/a 25.02.2013 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 09.10.2012 n/a 30.09.2012 Mutual Fund Manager 09.10.2012 n/a 09.10.2012 Investment Advisor 31.10.2012 Investment Advisor

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

Date 29.01.2013 25.01.2013 17.01.2013 15.01.2013 09.01.2013 02.01.2013 02.01.2013 04.12.2012 28.11.2012 27.11.2012 20.11.2012 22.10.2012

27.02.2013

Commonwealth Property Office Fund Commonwealth Property Office Fund is a property trust that invests in, manages and develops a portfolio of office buildings and office parks located throughout in the Central Business District and suburban markets of Australia.

Price/Volume 1

40.0 M 35.0 M

30.0 M 1

Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (08.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CPA AT EQUITY YTD Change CPA AT EQUITY YTD % CHANGE

06/2012 01/yy 1.15 0.95 4'853'487.00 1.105 -3.49% 16.07% 74.09% 2'347.0 2'593.44 824.90 0.0 0.0 8.20 3'410.14

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

20.0 M 15.0 M

10.0 M 0

5.0 M

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 30.06.2008 296.7 10.03x 187.8 15.84x 375.0 5.30x

25.0 M

Valuation Analysis

30.06.2009 30.06.2010 302.3 267.1 7.74x 9.58x 164.9 171.6 14.20x 14.91x (543.7) 114.2 15.79x Profitability

30.06.2011 310.6 10.40x 200.8 16.09x 197.7 10.77x

30.06.2012 309.0 10.35x 208.8 15.32x 256.4 9.52x 208.80 157.30 50.91% 82.98% 6.77% 9.46% 7.14% 0.08% 67.6% 83.0% 22.21% 30.42% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

5.51 0.56 2'337.57 21.94% 8.33% 0.562 14 2.571 13'221'850 10'593'060 9'957'608 FY+2

06/13 Y 06/14 Y 296.1 316.3 12.01x 11.49x 244.5 252.3 13.95x 13.51x 195.8 198.8 13.00x 12.85x S&P Issuer Ratings

FQ+1

FQ+2

31.08.2007 ASTABLE 10.08.2004 A-2 4.09 -2.55 3.91 3.95 30.4% 23.3% 0.08 -

Sales/Revenue/Turnover

16.00

350.0

14.00

300.0

12.00

250.0

10.00

200.0

8.00

150.0

6.00

100.0

4.00

50.0

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 |

27.02.2013

Commonwealth Property Office Fund Holdings By:

All

Holder Name COMMONWEALTH BANK OF MONDRIAN INVESTMENT VANGUARD GROUP INC NATIONAL AUSTRALIA B MITSUBISHI UFJ FINAN VANGUARD INVESTMENTS MORGAN STANLEY COLUMBIA WANGER ASSE COHEN & STEERS CAPIT COLONIAL FIRST STATE ABN AMRO ASSET MGMT AMP LIFE LTD THIRD AVENUE MANAGEM MACQUARIE GROUP LTD STATE STREET QUESTOR FINANCIAL SE AMERIPRISE FINANCIAL BLACKROCK CBRE CLARION SECURIT BESSEMER GROUP INCOR

Firm Name JPMorgan Macquarie Morgan Stanley Goldman Sachs Credit Suisse Commonwealth Bank EVA Dimensions Deutsche Bank Moelis & Company

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

Analyst RICHARD JONES PAUL CHECCHIN TODD MCFARLANE PETER ZUK JOHN LEE DAVID LLOYD AUSTIN BURKETT JASON WEATE RYAN FRANZ

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

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

Amt Held 233'416'489 190'553'607 152'932'111 120'050'380 119'576'832 97'946'059 76'567'111 70'553'000 46'394'652 38'685'527 37'240'258 32'219'839 29'880'091 28'900'848 25'621'764 23'974'178 22'128'441 20'115'231 18'592'572 14'343'083

% Out 9.95 8.12 6.52 5.12 5.09 4.17 3.26 3.01 1.98 1.65 1.59 1.37 1.27 1.23 1.09 1.02 0.94 0.86 0.79 0.61

Weighting

Change 1 1 1 3 3 3 5 3 1

M M M M M M M U M

Latest Chg (35'167'291) 16'260'076 52'195'650 (4'886'667) 113'240'829 2'513'794 586'742 (992'561) (4'393'113) 3'253'572 220'265 1'016'411 108'185 539'424

Target Price 1 1 1 1 1 1 #N/A N/A 1 1

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

File Dt Inst Type 18.12.2012 Bank 13.12.2012 Hedge Fund Manager 31.08.2011 Investment Advisor 01.12.2011 Bank 13.12.2012 Holding Company 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 15.03.2012 Investment Advisor 20.08.2012 n/a 17.07.2012 Investment Advisor 20.08.2012 Investment Advisor 31.10.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 20.08.2012 Private Equity 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 26.12.2011 Investment Advisor 31.10.2012 Investment Advisor

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

Date 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 15.01.2013 31.10.2012 06.09.2012

27.02.2013

Caltex Australia Ltd Caltex Australia Limited purchases, refines, distributes and markets petroleum products in Australia. The Company's products include petroleum, motor oil, lubricants, diesel and jet fuel. Caltex also operates convenience stores, fast food stores and service stations throughout Australia.

Price/Volume 25

3.5 M 3.0 M

2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 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 CTX AT EQUITY YTD Change CTX AT EQUITY YTD % CHANGE

12/2012 01/yy 20.35 12.11 3'023'160.00 18.97 -6.78% 56.65% 73.67% 270.0 5'121.90 618.66 0.0 12.1 1.82 5'914.56

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

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 23'646.7 0.12x 549.8 5.06x 34.3 56.61x

31.12.2009 31.12.2010 17'740.3 18'671.9 0.17x 0.24x 539.1 597.5 5.58x 7.42x 314.1 317.0 8.00x 12.24x Profitability

31.12.2011 22'105.2 0.17x 773.2 4.92x (713.5) -

31.12.2012 23'261.9 56.8 91.48x 773.25 553.90 2.51% -4.62% -14.83% -29.44% 4.16% 5.4% 2.6% 1.9% 0.2% 1.39 0.44 12.73% 28.04% 22.69 11.99

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

2.37 1.30 134.57 51.90% -1.25% 1.300 9 2.556 972'246 760'909 651'144 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 22'965.6 23'758.8 0.25x 0.24x 863.7 900.4 6.85x 6.57x 416.0 415.9 12.25x 12.09x S&P Issuer Ratings

25.09.2012 BBB+ STABLE 03.03.2003 A-2 11.41 6.73 1.30 1.33 28.0% 21.8% 4.16 10.07 16.13 30.54 27.11 34.88

Sales/Revenue/Turnover

14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00 6.00

10'000.0

4.00

5'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.02.2013

Caltex Australia Ltd Holdings By:

All

Holder Name CHEVRONTEXACO GLOBAL VANGUARD GROUP INC BLACKROCK PACIFIC LIFE INSURAN VANGUARD INVESTMENTS LANDESBANK BERLIN IN DIMENSIONAL FUND ADV CREDIT SUISSE ASSET FMR LLC INVESCO LTD MACQUARIE GROUP LTD SEGAL JULIAN BESSEMER GROUP INCOR VANTAGEPOINT INVESTM STATE STREET HSBC INVESTMENT FUND PUTNAM INVESTMENT MA SEI INVESTMENT MANAG ING INVESTMENT MANAG PRUDENTIAL FINANCIAL

Firm Name Credit Suisse Macquarie Deutsche Bank Goldman Sachs EVA Dimensions Morgan Stanley Nomura

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

Analyst JAMES REDFERN KIRIT HIRA JOHN HIRJEE MARK WISEMAN CRAIG STERLING STUART BAKER RICHARD J JOHNSON

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

Recommendation outperform underperform hold neutral/neutral hold Underwt/Attractive suspended coverage

Amt Held 135'000'000 2'563'039 1'323'379 1'156'425 739'485 435'632 403'759 208'635 206'904 202'584 173'666 166'563 154'604 151'704 121'237 114'348 107'693 106'906 105'009 104'109

% Out 50 0.95 0.49 0.43 0.27 0.16 0.15 0.08 0.08 0.08 0.06 0.06 0.06 0.06 0.04 0.04 0.04 0.04 0.04 0.04

Weighting

Change

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

U D M M M M M

Latest Chg 48'648 683 85'471 38'252 (1'768) 1'955 (1) (35'870) (5'093) 929 107'693 2'679 (7'250) (32'700)

Target Price 22 18 17 20 #N/A N/A 15 #N/A N/A

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

File Dt 29.02.2012 31.12.2012 25.02.2013 31.01.2013 30.09.2012 31.01.2013 31.07.2012 28.12.2012 31.12.2012 26.02.2013 31.08.2011 18.10.2012 31.10.2012 31.12.2012 26.02.2013 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012

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

Inst Type Corporation Investment Advisor Investment Advisor Insurance Company Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.02.2013 26.02.2013 25.02.2013 25.02.2013 15.01.2013 16.12.2012 29.04.2012

27.02.2013

Echo Entertainment Group Ltd Echo Entertainment Group Ltd. owns interests in casino hotels. The Company owns and operates the Star City Casino in New South Wales, Jupiters Hotel & Casino on the Gold Coast, Treasury Casino & Hotel in Brisbane, and Jupiters Townsville Casino.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.05.2012) 52-Week Low (21.02.2013) 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 EGP AT EQUITY YTD Change EGP AT EQUITY YTD % CHANGE

06/2012 01/yy 4.42 3.37 2'180'147.00 3.73 -15.53% 10.68% 22.95% 825.7 3'079.76 1'317.80 0.0 0.0 342.60 3'797.16

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

80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M 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 1'365.0 470.0 365.0 -

5 5 4 4 3 3 2 2 1 1 0 f-12

30.06.2009 30.06.2010 1'399.0 1'451.6 434.0 350.4 361.0 193.8 Profitability

30.06.2011 1'612.8 2.35x 445.2 8.51x 226.0 13.09x

30.06.2012 1'615.5 2.43x 259.6 15.10x 42.2 72.54x 259.60 137.50 8.51% 3.09% 0.91% 1.45% 2.56% 0.38% 95.3% 17.3% 9.0% 2.6% 1.00 0.65 28.15% 46.78% 12.97 9.82

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

1.07 635.99 -8.03% 9.63% 14 3.143 11'311'550 3'795'791 3'007'024 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/12 Q1 12/12 Q2 1'888.3 2'038.8 2.02x 1.85x 404.7 456.2 9.38x 8.32x 125.8 159.4 24.54x 19.23x S&P Issuer Ratings

2.67 -0.69 2.56 3.28 46.8% 31.9% 0.38 0.82 28.21 37.28 748.55 -745.50

Sales/Revenue/Turnover

35.00

1'800.0

30.00

1'600.0 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 03.07.2009

200.0 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 |

27.02.2013

Echo Entertainment Group Ltd Holdings By:

All

Holder Name PENNWIN PTY LTD NATIONAL AUSTRALIA B CROWN LTD PERPETUAL LTD GENTING HK MACQUARIE GROUP LTD VANGUARD GROUP INC AMP LIFE LTD BLACKROCK JANUS CAPITAL MANAGE QUEENSLAND INVESTMEN VANGUARD INVESTMENTS ARGO INVESTMENTS LTD DIMENSIONAL FUND ADV IG INVESTMENT MANAGE CREDIT SUISSE ASSET FMR LLC LEGAL & GENERAL HSBC INVESTMENT FUND DEXIA ASSET MANAGEME

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

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

Analyst MARK A CHRISTENSEN ANDREW LEVY NICK BERRY LARRY GANDLER MATTHEW RYAN MICHAEL NOLAN BEN BROWNETTE CRAIG STERLING ADAM ALEXANDER MARK WILSON

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

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

Amt Held 82'561'200 63'976'354 63'302'086 62'165'316 43'110'000 33'626'845 13'205'260 9'862'790 7'703'796 5'121'589 3'806'389 3'780'325 2'455'345 2'012'707 1'439'644 1'224'914 718'676 640'206 612'311 543'016

% Out 10 7.75 7.67 7.53 5.22 4.07 1.6 1.19 0.93 0.62 0.46 0.46 0.3 0.24 0.17 0.15 0.09 0.08 0.07 0.07

Weighting

Change 3 5 3 1 3 1 3 1 3 3

M U M M M M U M M M

Latest Chg (17'901'407) 11'549'154 (1'501'032) 235'958 3'290 536'641 538'911 (292'666) 10'822 29'781 -

Target Price 4 4 4 4 4 4 3 #N/A N/A 4 5

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

File Dt Inst Type 23.08.2012 n/a 06.02.2013 Bank 23.08.2012 Other 13.09.2012 Investment Advisor 04.10.2012 Other 14.06.2012 Investment Advisor 31.12.2012 Investment Advisor 23.08.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 23.08.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 23.08.2012 Investment Advisor 31.07.2012 Investment Advisor 28.09.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.12.2012 Unclassified 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

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

Date 24.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 17.01.2013 21.11.2012 15.06.2012

27.02.2013

Tabcorp Holdings Ltd TABCORP Holdings Limited is a gambling and entertainment group involved in combination of wagering, gaming, hospitality and media activities across Australia. The Company's main activities are operations of hotel casinos, wagering, and gaming.

Price/Volume 4

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.08.2012) 52-Week Low (19.11.2012) 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 TAH AT EQUITY YTD Change TAH AT EQUITY YTD % CHANGE

06/2012 01/yy 3.36 2.61 3'532'340.00 3.18 -5.36% 21.84% 74.67% 734.0 2'334.17 1'224.00 0.0 0.0 151.40 3'461.47

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

15.0 M

10.0 M

1 5.0 M

1 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 30.06.2008 3'957.0 1.83x 1'215.8 5.96x (164.6) -

30.06.2009 30.06.2010 4'211.3 2'865.6 1.44x 1.96x 1'075.2 700.0 5.65x 8.01x 521.7 469.5 7.68x 13.97x Profitability

30.06.2011 2'947.5 1.05x 1'107.5 2.78x 534.8 -

30.06.2012 3'033.8 1.06x 705.5 4.55x 340.0 6.16x 705.50 572.00 18.85% 16.38% 6.94% 16.45% 11.69% 0.77% 99.8% 23.3% 17.8% 11.2% 0.47 0.34 37.67% 87.07% 30.19 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

6.92 0.71 731.89 24.76% 7.90% 0.715 14 2.857 3'690'045 4'918'732 3'729'821 FY+2

06/13 Y 06/14 Y 2'000.5 2'053.4 1.73x 1.65x 464.2 481.7 7.46x 7.19x 137.1 142.3 17.01x 16.56x S&P Issuer Ratings

FQ+1

FQ+2

03.06.2011 BBB STABLE 8.03 0.85 1.94 2.17 87.1% 46.5% 0.77 8.20 12.12 -687536.33

Sales/Revenue/Turnover

6.00

4'500.0 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 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 |

27.02.2013

Tabcorp Holdings Ltd Holdings By:

All

Holder Name NATIONAL AUSTRALIA B JCP INVESTMENT PARTN NORTHCAPE CAPITAL PT PERPETUAL LTD VANGUARD GROUP INC EASTSPRING INVESTMEN BLACKROCK AMP LIFE LTD VANGUARD INVESTMENTS SCHRODER INVESTMENT ARGO INVESTMENTS LTD QUESTOR FINANCIAL SE HEXAVEST INC QUEENSLAND INVESTMEN AUSTRALIAN UNITED IN DIMENSIONAL FUND ADV BANK OF NEW YORK MEL GRANTHAM MAYO VAN OT SEI INVESTMENT MANAG CREDIT SUISSE ASSET

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

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a HEXAVEST INC n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst NICK BERRY CRAIG STERLING LACHLAN FITT BEN BROWNETTE MARK WILSON MARK A CHRISTENSEN LARRY GANDLER MATTHEW RYAN MICHAEL NOLAN ADAM ALEXANDER

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

Recommendation neutral hold neutral neutral hold Underwt/In-Line outperform neutral neutral Sell/Neutral

Amt Held 48'057'750 47'261'928 44'577'533 34'809'004 13'308'743 12'358'057 7'584'527 5'993'413 5'337'518 5'039'863 2'631'388 2'306'507 2'128'870 2'054'655 2'000'000 1'744'446 1'448'047 1'382'979 1'135'328 1'103'742

% Out 6.55 6.44 6.07 4.74 1.81 1.68 1.03 0.82 0.73 0.69 0.36 0.31 0.29 0.28 0.27 0.24 0.2 0.19 0.15 0.15

Weighting

Change 3 3 3 3 3 1 5 3 3 1

M D M M M M M M M M

Latest Chg 10'519'488 7'566'441 (6'853'312) 302'111 (58'520) 601'451 4'579'641 209'409 29'600 29'493 38'910 12'450

Target Price 3 #N/A N/A 3 3 3 3 4 3 3 3

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

File Dt Inst Type 04.10.2012 Bank 28.08.2012 Investment Advisor 12.11.2012 Other 19.04.2012 Investment Advisor 31.12.2012 Investment Advisor 14.09.2012 Investment Advisor 25.02.2013 Investment Advisor 17.08.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 17.08.2012 Investment Advisor 17.08.2012 Private Equity 31.12.2012 Investment Advisor 17.08.2012 Investment Advisor 17.08.2012 Investment Advisor 31.07.2012 Investment Advisor 25.02.2013 Investment Advisor 31.05.2012 Investment Advisor 31.01.2013 Investment Advisor 28.12.2012 Mutual Fund Manager

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

Date 21.02.2013 12.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 09.08.2012

27.02.2013

BlueScope Steel Ltd BlueScope Steel Limited is a steel solutions company operating in Australia, New Zealand, the US and Asia that serves primarily the building and construction industry, and also other industrial segments. The Company manufactures and distributes hot and cold rolled coil, plate, and coated products such as pre-painted steel and zinc/aluminium alloy-coated steel.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BSL AT EQUITY YTD Change BSL AT EQUITY YTD % CHANGE

06/2012 01/yy 4.50 1.47 2'809'712.00 4.44 -1.33% 202.04% 97.69% 558.2 2'478.60 598.40 0.0 99.5 214.50 3'050.20

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 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 30.06.2008 10'458.0 1.00x 1'410.9 7.38x 596.2 14.10x

5 5 4 4 3 3 2 2 1 1 0 f-12

30.06.2009 30.06.2010 10'302.1 8'597.3 0.53x 0.54x 429.0 497.9 12.71x 9.37x (66.4) 126.0 31.82x Profitability

30.06.2011 8'969.2 0.38x 168.9 19.98x (1'054.2) -

30.06.2012 8'453.6 0.18x 37.6 39.52x (1'043.5) 37.60 -293.20 -3.47% -11.55% -7.39% -13.40% 1.07% 4.6% 0.4% -12.3% 1.42 0.61 8.89% 16.26% 8.17 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.74 501.89 78.31% 28.70% 1.738 10 4.400 2'565'174 3'300'325 3'138'912 FY+2

06/13 Y 06/14 Y 7'888.1 8'528.9 0.33x 0.30x 442.8 625.0 6.89x 4.88x 33.7 161.1 63.43x 14.19x S&P Issuer Ratings

FQ+1

FQ+2

02.11.2012 BB STABLE 0.42 -2.00 1.42 1.97 16.3% 13.7% 1.07 2.27 44.81 -

Sales/Revenue/Turnover

140.00

12'000.0

120.00

10'000.0

100.00

8'000.0

80.00

6'000.0 60.00

4'000.0 40.00

2'000.0

20.00 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 |

27.02.2013

BlueScope Steel Ltd Holdings By:

All

Holder Name GOVT OF SINGAPORE IN IOOF HOLDINGS LTD COMMONWEALTH BANK OF NATIONAL AUSTRALIA B FRANKLIN RESOURCES UNISUPER DIMENSIONAL FUND ADV SPARINVEST VANGUARD GROUP INC MASON STREET ADVISOR QUEENSLAND INVESTMEN VANGUARD INVESTMENTS AMP LIFE LTD GRANTHAM MAYO VAN OT IQ RENTAL & FINANCE Y S CHAINS PTY LTD BLUESC STEEL EMP SHA ALLIANCE BERNSTEIN BLACKROCK JOHN HANCOCK INVESTM

Firm Name Macquarie Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse Commonwealth Bank EVA Dimensions VTB Capital JPMorgan

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

Analyst LIAM FARLOW EMILY BEHNCKE PHILIP BARE ANDREW GIBSON MICHAEL SLIFIRSKI TOMAS VASQUEZ CRAIG STERLING WIKTOR BIELSKI JASON HARLEY STEED

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

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

Amt Held 34'714'599 29'342'920 28'837'651 25'940'129 23'994'110 15'098'910 9'399'623 6'356'327 6'124'262 2'865'839 2'718'004 2'668'148 2'363'481 1'945'434 1'500'001 1'316'667 1'155'934 1'125'648 1'030'323 889'358

% Out 6.22 5.26 5.17 4.65 4.3 2.7 1.68 1.14 1.1 0.51 0.49 0.48 0.42 0.35 0.27 0.24 0.21 0.2 0.18 0.16

Weighting

Change

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

M M U U M U M M M

Latest Chg 5'943'149 (13'805'631) (4'025'520) 88'121 (24'442) 600'030 190'609 1'409 -

Target Price 5 6 5 5 #N/A N/A 5 #N/A N/A 19 3

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

File Dt Inst Type 11.12.2012 Government 20.06.2012 Investment Advisor 21.02.2013 Bank 26.11.2012 Bank 05.10.2012 Investment Advisor 19.02.2013 Other 31.07.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 13.08.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 13.08.2012 Investment Advisor 31.05.2012 Investment Advisor 13.08.2012 n/a 13.08.2012 Corporation 13.08.2012 n/a 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager

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

Date 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 15.01.2013 15.10.2012 14.08.2012

27.02.2013

DUET Group DUET Group invests in energy utility assets located in Australia and New Zealand. The Group's investment assets include gas pipelines and electricity distribution networks.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (08.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DUE AT EQUITY YTD Change DUE AT EQUITY YTD % CHANGE

06/2012 01/yy 2.27 1.69 4'862'932.00 2.2 -3.08% 30.18% 84.48% 1'169.3 2'572.49 5'125.12 0.0 191.8 243.60 7'834.79

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

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

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 30.06.2008 877.3 7.31x 516.6 12.41x 18.4 84.59x

30.06.2009 30.06.2010 938.2 998.6 6.64x 6.85x 537.3 688.3 11.59x 9.94x (26.6) 42.0 33.09x Profitability

30.06.2011 1'079.3 6.61x 752.8 9.48x 68.8 22.08x

30.06.2012 1'157.0 6.15x 734.7 9.69x 77.4 25.45x 734.67 500.73 43.28% 4.00% -0.31% -3.07% 0.15% 63.5% 43.1% 6.7% 0.47 0.35 63.13% 372.23% 16.13 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

0.49 1'161.33 35.58% 5.77% 0.486 12 2.917 4'448'943 4'530'980 3'512'050 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 1'251.6 1'274.0 6.30x 6.23x 742.6 825.6 10.55x 9.49x 93.7 136.2 30.14x 21.15x S&P Issuer Ratings

03.06.2003 BBBSTABLE 1.62 0.93 6.56 6.78 372.2% 76.6% 0.15 0.22 22.69 -

Sales/Revenue/Turnover

12.00

1'400.0

10.00

1'200.0 1'000.0

8.00

800.0 6.00

600.0

4.00

400.0

2.00

200.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

27.02.2013

DUET Group Holdings By:

All

Holder Name MACQUARIE GROUP LTD AMP LTD LAZARD ASSET MANAGEM NATIONAL AUSTRALIA B SUMITOMO MITSUI TRUS COMMONWEALTH BANK OF PICTET ASSET MANAGEM DUFF & PHELPS INVEST VANGUARD GROUP INC QUESTOR FINANCIAL SE ARGO INVESTMENTS LTD VANGUARD INVESTMENTS QUEENSLAND INVESTMEN SCHRODER INVESTMENT LAZARD GLOBAL ACTIVE DIMENSIONAL FUND ADV ROBERTS JOHN STUART AOTEAROA INV CO PTY CAPITAL GROUP COMPAN HENDERSON GLOBAL INV

Firm Name EVA Dimensions RBC Capital Markets Credit Suisse JPMorgan Macquarie Commonwealth Bank Deutsche Bank Evans & Partners Pty Ltd

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

Analyst AUSTIN BURKETT PAUL A JOHNSTON BENJAMIN MCVICAR CHRIS LAYBUTT IAN MYLES WILLIAM ALLOTT HUGH MORGAN TONY WILSON

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

Recommendation sell outperform neutral neutral underperform neutral hold negative

Amt Held 146'453'975 146'453'975 83'872'265 58'833'241 52'465'432 49'221'293 19'632'605 19'500'000 11'911'913 9'762'106 8'513'603 7'869'046 6'946'484 6'368'653 6'121'944 5'551'443 5'422'901 4'939'518 4'698'650 4'251'189

% Out 12.52 12.52 7.17 5.03 4.49 4.21 1.68 1.67 1.02 0.83 0.73 0.67 0.59 0.54 0.52 0.47 0.46 0.42 0.4 0.36

Weighting

Change 1 5 3 3 1 3 3 2

D M M M M M M D

Latest Chg 11'935'400 11'935'400 (9'029'106) (7'830'006) (3'314'575) (850'089) 427'456 911'125 6'368'653 (487'701) (45'288'266) -

Target Price #N/A N/A 2 2 2 2 2 2 #N/A N/A

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

File Dt Inst Type 06.02.2013 Investment Advisor 06.02.2013 Insurance Company 31.01.2013 Unclassified 22.02.2013 Bank 09.11.2011 Bank 22.08.2011 Bank 30.11.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 20.08.2012 Private Equity 20.08.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 20.08.2012 Investment Advisor 30.06.2012 Investment Advisor 31.01.2013 Investment Advisor 31.07.2012 Investment Advisor 16.08.2012 n/a 20.08.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 20.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 23.11.2012 02.08.2012

27.02.2013

Primary Health Care Ltd Primary Health Care Limited provides services to the healthcare industry in Australia. Services are provided to general practitioners, specialists and other health care providers who conduct their own practices and businesses at its medical centers, licensed day surgeries, eye clinics, and specialist clinics. The Company also provides pathology services and healthcare software.

Price/Volume 6

12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PRY AT EQUITY YTD Change PRY AT EQUITY YTD % CHANGE

06/2012 01/yy 4.94 2.62 1'365'849.00 4.86 -1.52% 85.50% 98.47% 503.0 2'444.50 1'075.63 0.0 5.3 15.01 3'507.40

8.0 M 6.0 M

4.0 M 1

2.0 M

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

14.0 M

Valuation Analysis

30.06.2008 649.6 6.35x 148.6 27.76x 7.9 135.77x

16.0 M

30.06.2009 30.06.2010 1'328.6 1'286.8 2.62x 2.12x 339.9 321.0 10.23x 8.51x 108.5 132.0 17.12x 12.81x Profitability

30.06.2011 1'309.0 2.13x 305.4 9.12x 78.3 21.71x

30.06.2012 1'390.9 1.83x 349.9 7.28x 116.6 12.66x 349.87 264.01 18.98% 12.11% 3.59% 5.44% 5.36% 0.37% 25.8% 19.7% 8.4% 1.02 0.52 27.85% 41.89% 9.03 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.57 0.92 436.71 65.41% 21.50% 0.917 16 3.563 2'010'097 2'544'927 2'026'034 FY+2

06/13 Y 06/14 Y 1'461.0 1'536.5 2.38x 2.23x 381.7 409.4 9.19x 8.57x 153.7 174.7 16.15x 14.21x S&P Issuer Ratings

FQ+1

FQ+2

3.62 2.80 2.88 2.93 41.9% 29.5% 0.37 3.49 40.54 -

Sales/Revenue/Turnover

14.00

1'600.0

12.00

1'400.0 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 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 |

27.02.2013

Primary Health Care Ltd Holdings By:

All

Holder Name WESTPAC BANKING CORP BATEMAN EDMUND GREGO SCHRODER INVESTMENT CALEDONIA INVESTMENT MAPLE-BROWN ABBOTT L UBS AMP LTD NIKKO ASSET MANAGEME PARADICE INVESTMENT BNP PARIBAS INVESTME SUMITOMO MITSUI TRUS IDAMENEO (NO 122) PT NATIONAL AUSTRALIA B DIMENSIONAL FUND ADV VANGUARD GROUP INC ROBECO INVESTOR SERV MACKENZIE FINANCIAL HARRIS ASSOCIATES LP ABTOURK SYD 391 PTY ARGO INVESTMENTS LTD

Firm Name Goldman Sachs Nomura Wilson HTM Investment Group JPMorgan BBY Limited Deutsche Bank Morgan Stanley Credit Suisse Macquarie CIMB Commonwealth Bank EVA Dimensions Evans & Partners Pty Ltd Bell Potter

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

Analyst IAN ABBOTT DAVID STANTON SHANE STOREY STEVEN D WHEEN DENNIS HULME DAVID A LOW SEAN LAAMAN SAUL HADASSIN CRAIG COLLIE DEREK JELLINEK BRUCE DU ANDREW S ZAMFOTIS LOU CAPPARELLI STUART ROBERTS

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

Recommendation neutral/neutral neutral hold neutral underperform buy Overwt/Cautious neutral underperform outperform neutral overweight Positive accumulate

Amt Held 43'149'549 36'749'796 35'654'568 33'423'489 30'987'756 27'482'518 26'113'663 25'314'189 25'125'874 25'063'313 24'778'901 23'656'866 15'733'314 13'161'069 5'082'054 4'012'606 3'635'706 2'985'900 2'855'086 2'823'947

% Out 8.58 7.31 7.09 6.65 6.16 5.46 5.19 5.03 5 4.98 4.93 4.7 3.13 2.62 1.01 0.8 0.72 0.59 0.57 0.56

Weighting

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

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

Latest Chg 7'724'193 130'000 (9'774'660) 1'908'496 (5'414'946) (699) 147'006 (750'515) (15'112'878) 75'751 (193'882) (2'132'500) -

Target Price 5 4 5 5 4 5 5 5 3 5 5 #N/A N/A #N/A N/A 4

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

File Dt 05.11.2012 14.12.2012 04.02.2013 22.05.2012 05.12.2012 30.01.2013 13.02.2013 18.06.2012 09.10.2012 23.07.2012 24.09.2012 19.09.2012 09.11.2012 31.07.2012 31.12.2012 31.12.2012 30.11.2012 31.12.2012 19.09.2012 19.09.2012

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

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

Date 25.02.2013 25.02.2013 19.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 15.01.2013 14.11.2012 01.08.2011

27.02.2013

Downer EDI Ltd Downer EDI Limited provides engineering and infrastructure management services to the public and private rail, road, power, telecommunications, mining and resources sectors in Australia, New Zealand, Asia and the Pacific. Downer provides rolling stock services, drilling services for the exploration industry, mine planning and management services and highway maintenance.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DOW AT EQUITY YTD Change DOW AT EQUITY YTD % CHANGE

06/2012 01/yy 5.66 2.89 2'164'967.00 5.39 -4.77% 86.51% 87.73% 429.1 2'312.85 618.91 0.0 (0.0) 296.69 2'686.04

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

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 30.06.2008 5'434.5 0.47x 370.0 6.90x 165.8 14.34x

30.06.2009 30.06.2010 5'834.7 5'779.6 0.40x 0.30x 429.4 424.7 5.46x 4.03x 189.4 3.0 9.65x Profitability

30.06.2011 6'408.9 0.32x 455.1 4.47x (27.8) -

30.06.2012 7'903.9 0.21x 550.3 3.03x 112.8 12.52x 550.29 303.12 3.84% 2.40% 3.07% 7.55% 7.25% 2.18% 97.4% 6.9% 3.7% 1.4% 1.14 0.47 15.05% 38.26% 5.89 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.86 1.16 383.42 39.28% 33.09% 1.161 16 4.250 2'990'444 2'504'235 1'797'494 FY+2

06/13 Y 06/14 Y 9'040.3 9'137.9 0.29x 0.28x 676.9 706.1 3.97x 3.80x 213.4 234.7 11.05x 10.00x S&P Issuer Ratings

FQ+1

FQ+2

6.69 2.14 0.62 0.98 38.3% 27.7% 2.18 7.65 62.10 -175.53

Sales/Revenue/Turnover

14.00

9'000.0

12.00

8'000.0 7'000.0

10.00

6'000.0

8.00

5'000.0

6.00

4'000.0 3'000.0

4.00

2'000.0

2.00 0.00 03.07.2009

1'000.0 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 |

27.02.2013

Downer EDI Ltd Holdings By:

All

Holder Name COMMONWEALTH BANK OF VINVA INVESTMENT MGM DIMENSIONAL FUND ADV AXA PARADICE INVESTMENT NATIONAL AUSTRALIA B FRANKLIN RESOURCES JCP INVESTMENT PARTN UBS DIMENSIONAL FUND ADV T ROWE PRICE ASSOCIA VANGUARD GROUP INC AMP LIFE LTD ALLIANCE BERNSTEIN PRUDENTIAL FINANCIAL QUEENSLAND INVESTMEN ARGO INVESTMENTS LTD VANGUARD INVESTMENTS AXA ROSENBERG INTL SANFORD C BERNSTEIN

Firm Name Octa Phillip Securities Ltd Macquarie Commonwealth Bank Deutsche Bank Morgan Stanley Goldman Sachs RBC Capital Markets Credit Suisse JPMorgan CIMB Nomura EVA Dimensions Moelis & Company

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

Analyst CONOR O'PREY JOHN PURTELL BEN BROWNETTE CRAIG WONGPAN NICHOLAS ROBISON NATHAN REILLY HEATH ANDREWS BRADLEY CLIBBORN ANTHONY PASSE-DE SILVA ANDREW HODGE SIMON THACKRAY CRAIG STERLING SIMON FITZGERALD

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

Recommendation buy outperform underweight buy Overwt/In-Line neutral/attractive outperform neutral neutral outperform neutral buy buy

Amt Held 23'634'302 22'716'006 21'637'937 21'492'483 21'389'910 21'258'120 21'182'234 20'358'465 19'640'400 7'267'976 4'934'640 4'645'785 4'233'577 3'203'545 2'464'875 2'448'015 2'392'527 2'152'759 1'574'634 1'286'250

% Out 5.51 5.29 5.04 5.01 4.98 4.95 4.94 4.74 4.58 1.69 1.15 1.08 0.99 0.75 0.57 0.57 0.56 0.5 0.37 0.3

Weighting

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

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

Latest Chg (2'625'273) 686'626 (563'111) (535'351) (5'084'819) (1'478'173) (2'262'438) (535'461) 59'311 (71'625) (18'092) 1'360'834 -

Target Price 6 6 5 6 6 6 6 6 5 6 6 #N/A N/A 4

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

File Dt Inst Type 07.09.2012 Bank 21.11.2012 Investment Advisor 12.02.2013 Investment Advisor 20.09.2012 Investment Advisor 30.08.2012 Investment Advisor 18.12.2012 Bank 06.02.2012 Investment Advisor 01.02.2013 Investment Advisor 17.01.2012 Unclassified 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 30.11.2012 Investment Advisor

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

Date 18.02.2013 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 15.01.2013 16.08.2012

27.02.2013

Monadelphous Group Ltd Monadelphous Group Limited provides engineering and construction services to the resources and petrochemical industries. The Company provides mining and processing industry maintenance, mining equipment refurbishment, process plant maintenance, project management and construction, labor and plant equipment hire, mill reline services and airport ground handling services.

Price/Volume

2.0 M 1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (18.02.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MND AT EQUITY YTD Change MND AT EQUITY YTD % CHANGE

06/2012 01/yy 28.48 18.81 657'203.00 24.59 -13.66% 30.73% 62.98% 90.7 2'229.42 50.62 0.0 0.0 203.56 2'103.08

1.0 M

.5 M

5 0 f-12

m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

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

2.5 M

25 20

Valuation Analysis

30.06.2008 954.0 1.05x 100.8 9.98x 69.5 15.79x

30.06.2009 30.06.2010 1'122.5 1'275.4 0.80x 0.77x 114.0 127.2 7.86x 7.70x 74.2 83.2 13.60x 13.15x Profitability

30.06.2011 1'443.9 1.03x 153.1 9.68x 95.1 16.91x

30.06.2012 1'897.5 0.94x 195.2 9.15x 137.3 14.08x 195.16 165.08 8.70% 9.87% 22.83% 64.00% 53.47% 3.32% 11.7% 10.0% 8.6% 7.2% 1.26 1.02 7.32% 20.61% 10.40 19.17

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

5.57 1.06 81.57 9.62% 0.70% 1.056 16 2.563 1'075'795 585'267 509'210 FY+2

06/13 Y 06/14 Y 2'562.7 2'622.0 0.81x 0.78x 250.1 255.1 8.41x 8.24x 158.4 160.1 14.02x 13.96x S&P Issuer Ratings

FQ+1

FQ+2

56.62 40.79 -0.55 0.27 20.6% 17.1% 3.32 17.18 35.18 19.10 46.81 32.35

Sales/Revenue/Turnover

25.00

2'000.0 1'800.0 1'600.0

20.00

1'400.0 15.00

1'200.0

10.00

1'000.0 800.0 600.0 400.0

5.00

200.0 0.00 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 |

27.02.2013

Monadelphous Group Ltd Holdings By:

All

Holder Name MONDRIAN INVESTMENT VELLETRI ROBERT THORNEY HOLDINGS PTY RUBINO CALOGERO GIOV BLACKROCK DENVER INVESTMENT AD WILMAR ENTERPRISES P VANGUARD GROUP INC SUMITOMO MITSUI ASSE VANGUARD INVESTMENTS BESSEMER GROUP INCOR TOLLMAN IRWIN FOTI DINO AMERIPRISE FINANCIAL MELVILLE MABS ERDASH ARIF TIGA TRADING PTY LTD AMP LIFE LTD DIMENSIONAL FUND ADV CHARLES SCHWAB INVES

Firm Name CIMB Macquarie Deutsche Bank Morgan Stanley Goldman Sachs JPMorgan Hartleys Nomura Bell Potter E.L. & C. Baillieu EVA Dimensions Paterson Securities Moelis & Company

Portfolio Name n/a n/a n/a n/a n/a DENVER INVESTMENT AD n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst ANDREW HODGE RIKKI BANNAN CRAIG WONGPAN NICHOLAS ROBISON NATHAN REILLY ANTHONY PASSE-DE SILVA TRENT BARNETT DANIEL PORTER JOHN O'SHEA ROB CRAIGIE CRAIG STERLING DAVID GIBSON ADAM S MICHELL

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

Recommendation outperform neutral sell Equalwt/In-Line neutral/attractive underweight neutral reduce hold hold overweight buy hold

Amt Held 5'506'240 2'500'000 2'115'000 2'004'000 1'382'205 1'347'836 1'320'000 879'550 708'950 635'263 604'036 577'586 556'816 502'593 430'000 405'000 400'000 354'130 351'540 346'768

% Out 6.07 2.76 2.33 2.21 1.52 1.49 1.46 0.97 0.78 0.7 0.67 0.64 0.61 0.55 0.47 0.45 0.44 0.39 0.39 0.38

Weighting

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

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

Latest Chg 993'327 250'000 1'347'836 17'428 (250) 38'222 142'028 (90'000) 329'029

Target Price 28 25 22 26 25 20 24 22 25 25 #N/A N/A 26 19

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

File Dt Inst Type 07.09.2012 Hedge Fund Manager 12.09.2012 n/a 17.09.2012 Investment Advisor 20.08.2012 n/a 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 20.08.2012 Other 31.12.2012 Investment Advisor 14.08.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 05.12.2012 n/a 30.06.2012 n/a 31.12.2012 Investment Advisor 17.09.2012 n/a 30.06.2012 n/a 17.09.2012 Venture Capital 17.09.2012 Investment Advisor 31.07.2012 Investment Advisor 26.02.2013 Investment Advisor

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

Date 22.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 23.01.2013 17.01.2013 20.11.2012 22.07.2011

27.02.2013

Ansell Ltd Ansell Limited provides health and safety protection solutions. The Company has operations in North America, Latin America, EMEA and Asia. Ansell holds positions in the industrial and medical gloves market, as well as in the sexual health and well being category worldwide.

Price/Volume 18

3.0 M

2.5 M

14 12

2.0 M

06/2012 01/yy 17.49 12.76 789'179.00 15.7 -10.23% 23.04% 62.79% 130.8 2'054.13 300.90 0.0 14.1 245.80 2'261.23

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

1.0 M

.5 M

2 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 30.06.2008 1'244.7 1.13x 164.0 8.59x 102.6 12.53x

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 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 ANN AT EQUITY YTD Change ANN AT EQUITY YTD % CHANGE

30.06.2009 30.06.2010 1'360.6 1'230.6 0.98x 1.47x 177.1 164.8 7.54x 10.94x 121.4 119.4 9.83x 14.65x Profitability

30.06.2011 1'219.8 1.55x 155.2 12.15x 122.7 15.32x

30.06.2012 1'218.3 1.47x 158.4 11.32x 130.0 13.32x 158.40 136.50 11.20% 11.86% 8.34% 17.11% 11.87% 0.87% 41.1% 10.4% 10.7% 2.62 1.66 22.32% 42.58% 6.24 3.06

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.32 0.68 128.78 12.10% 3.48% 0.678 13 3.000 992'947 921'113 753'581 FY+2

06/13 Y 06/14 Y 1'361.3 1'497.3 1.69x 1.49x 189.7 219.0 11.92x 10.33x 134.4 154.8 15.44x 13.34x S&P Issuer Ratings

FQ+1

FQ+2

09.11.2007 BBBSTABLE 08.02.2005 NR 16.33 12.56 42.6% 29.5% 0.87 7.72 58.65 119.65 85.96 85.24

Sales/Revenue/Turnover

30.00

4'500.0 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 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 |

27.02.2013

Ansell Ltd Holdings By:

All

Holder Name M&G INVESTMENT MANAG LAZARD ASSET MANAGEM PERPETUAL LTD BLACKROCK VANGUARD GROUP INC PACIFIC LIFE INSURAN MACQUARIE GROUP LTD AUSTRALIAN FOUNDATIO AMP LIFE LTD VANGUARD INVESTMENTS ARGO INVESTMENTS LTD DIMENSIONAL FUND ADV MIRRABOOKA INVESTMEN AVENTEOS INVESTMENTS AMERICAN CENTURY COM INVESTEC ASSET MANAG TRANSAMERICA INVESTM JILLA RUSTOM F AMERIPRISE FINANCIAL AMCIL LTD

Firm Name Macquarie Deutsche Bank Morgan Stanley Goldman Sachs JPMorgan CIMB Commonwealth Bank Nomura EVA Dimensions Bell Potter

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

Analyst CRAIG COLLIE DAVID A LOW JAMES RUTLEDGE IAN ABBOTT STEVEN D WHEEN DEREK JELLINEK BRUCE DU ZARA LYONS ANDREW S ZAMFOTIS STUART ROBERTS

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

Recommendation neutral hold Equalwt/Cautious neutral/neutral neutral neutral neutral neutral hold buy

Amt Held 23'973'737 10'501'538 7'090'910 6'406'376 2'706'930 1'801'172 1'279'027 1'108'500 900'849 705'420 665'685 639'692 570'000 380'748 282'514 281'032 276'315 224'957 223'183 214'000

% Out 18.32 8.03 5.42 4.9 2.07 1.38 0.98 0.85 0.69 0.54 0.51 0.49 0.44 0.29 0.22 0.21 0.21 0.17 0.17 0.16

Weighting

Change 3 3 3 3 3 3 3 3 3 5

D M M D M M M M M N

Latest Chg 2'248'797 (1'375'873) (1'947'499) 213'259 146'051 65'255 (5'496) 43'627 (17'800) 125'665 -

Target Price 16 15 15 16 14 15 15 16 #N/A N/A 17

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

File Dt Inst Type 31.07.2012 Investment Advisor 31.01.2013 Unclassified 08.01.2013 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Insurance Company 31.08.2011 Investment Advisor 31.07.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.07.2012 Investment Advisor 31.07.2012 Investment Advisor 31.07.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 n/a 31.12.2012 Investment Advisor 29.06.2012 Investment Advisor

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

Date 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 15.01.2013 01.08.2011

27.02.2013

OZ Minerals Ltd OZ Minerals Ltd. is an Australian based mining company with a focus on copper. The Company owns and operates the Prominent Hill copper-gold mine and the Carrapateena copper-gold project located in South Australia and has a number of equity interests in listed resource companies.

Price/Volume 12

7.0 M

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OZL AT EQUITY YTD Change OZL AT EQUITY YTD % CHANGE

12/2012 01/yy 11.12 6.00 3'923'958.00 6.49 -41.64% 8.17% 11.52% 303.5 1'969.52 0.00 0.0 0.0 659.00 1'310.52

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

3.0 M

2.0 M

2 0 f-12

1.0 M 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 0.0 222.3 (2'501.7) -

4.0 M

Valuation Analysis

31.12.2009 31.12.2010 608.5 1'128.4 4.47x 3.75x 491.5 686.1 5.53x 6.17x (517.3) 586.9 118.00x 10.00x Profitability

31.12.2011 1'115.9 2.02x 519.9 4.34x 274.5 12.10x

31.12.2012 985.7 1.39x 320.8 4.28x 152.0 13.54x 320.80 165.90 16.83% 20.20% 4.98% 5.45% 5.45% 0.32% 33.0% 16.8% 15.4% 8.65 7.02 0.00% 0.00% 8.36 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.62 1.51 298.43 -38.34% -0.38% 1.515 23 3.130 2'660'392 2'271'677 1'917'737 FY+2

12/13 Y 12/14 Y 954.6 1'016.2 1.46x 1.26x 269.3 315.8 4.87x 4.15x 92.1 119.8 21.78x 16.39x S&P Issuer Ratings

FQ+1

FQ+2

-2.03 0.00 0.0% 0.0% 0.32 0.76 43.76 -

Sales/Revenue/Turnover

20.00

1'400.0

18.00

1'200.0

16.00 14.00

1'000.0

12.00

800.0

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 |

27.02.2013

OZ Minerals Ltd Holdings By:

All

Holder Name M&G INVESTMENT MANAG BLACKROCK VANGUARD GROUP INC VINVA INVESTMENT MGM EASTSPRING INVESTMEN MACQUARIE GROUP LTD ROMADAK PTY LTD QUEENSLAND INVESTMEN VANGUARD INVESTMENTS AMP LTD BOND STREET CUSTODIA MEDEIROS JOSE MANUEL DIMENSIONAL FUND ADV ARGO INVESTMENTS LTD SHIMMERING BRONZE PL SCHRODER INVESTMENT CREDIT SUISSE ASSET FMR LLC FIRST TRUST SUMITOMO MITSUI TRUS

Firm Name Goldman Sachs Nomura Macquarie BBY Limited EVA Dimensions Blackswan Equities Ltd Deutsche Bank Morgan Stanley Investec RBC Capital Markets Credit Suisse JPMorgan CIMB Wilson HTM Investment Group Commonwealth Bank Evans & Partners Pty Ltd Bell Potter BMO Capital Markets E.L. & C. Baillieu

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

Analyst IAN PRESTON DAVID RADCLYFFE ANDREW SULLIVAN MIKE HARROWELL CRAIG STERLING RHYS BRADLEY BRETT MCKAY BRENDAN FITZPATRICK TIM GERRARD GEOFF BREEN MICHAEL SLIFIRSKI LYNDON FAGAN PHILLIP CHIPPINDALE CAMERON JUDD ANDREW KNUCKEY CATHY MOISES STUART HOWE TEAM COVERAGE ADRIAN PRENDERGAST

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

Recommendation sell/attractive buy neutral strong buy overweight hold sell Overwt/In-Line hold sector perform outperform overweight neutral hold neutral Positive sell not rated hold

Amt Held 54'627'450 36'369'640 18'800'000 15'237'715 6'285'768 3'091'445 3'066'123 1'887'411 1'704'692 1'295'888 866'467 850'000 749'784 701'342 648'887 625'082 473'013 302'163 294'670 278'185

% Out 18 11.98 6.2 5.02 2.07 1.02 1.01 0.62 0.56 0.43 0.29 0.28 0.25 0.23 0.21 0.21 0.16 0.1 0.1 0.09

Weighting

Change

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

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

Latest Chg 1'912'058 (3'300'240) (169'556) 2'289'269 957'090 72'252 (269'141) 1'932 -

Target Price 5 10 8 10 #N/A N/A 8 7 9 8 8 9 8 7 9 9 #N/A N/A 6 #N/A N/A 8

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

File Dt Inst Type 02.08.2012 Investment Advisor 25.02.2013 Investment Advisor 29.03.2012 Investment Advisor 15.01.2013 Investment Advisor 14.09.2012 Investment Advisor 31.08.2011 Investment Advisor 22.03.2012 Unclassified 22.03.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 22.03.2012 Insurance Company 22.03.2012 Other 22.03.2012 n/a 31.07.2012 Investment Advisor 22.03.2012 Investment Advisor 22.03.2012 Other 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 25.07.2012 Bank

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

Date 26.02.2013 21.02.2013 20.02.2013 18.02.2013 18.02.2013 18.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 07.02.2013 24.01.2013 22.11.2012 25.10.2012

27.02.2013

Challenger Ltd/Australia Challenger Limited is an investment management firm The Company offers annuities and other retirement income products as well as manages assets for domestic and international clients.

Price/Volume 5

12.0 M

10.0 M

4 3

8.0 M

06/2012 01/yy 4.22 2.95 2'231'555.00 3.62 -14.22% 22.71% 52.76% 537.1 1'944.24 6'815.70 0.0 352.3 1'159.60 7'952.64

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

4.0 M

2.0 M

1 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 30.06.2008 2'465.0 8.27x 1'718.1 11.86x (44.2) -

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (20.11.2012) 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 CGF AT EQUITY YTD Change CGF AT EQUITY YTD % CHANGE

30.06.2009 30.06.2010 1'673.8 1'634.7 10.63x 6.69x 1'083.8 1'016.5 16.42x 10.76x (90.7) 282.5 6.54x Profitability

30.06.2011 1'526.5 6.55x 873.1 11.46x 261.4 8.97x

30.06.2012 1'387.7 5.57x 677.4 11.41x 148.5 11.28x 677.40 16.85% 11.13% 0.83% 9.34% 1.74% 0.08% 48.8% 10.7% 38.34% 402.77% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.97 1.05 509.31 -6.94% 2.26% 1.047 17 3.706 1'979'389 2'316'730 2'204'390 FY+2

06/13 Y 06/14 Y 548.4 565.4 4.12x 3.73x 352.5 363.5 22.56x 21.88x 301.6 307.9 6.41x 6.17x S&P Issuer Ratings

FQ+1

FQ+2

19.03.2007 BBB+ STABLE 8.35 10.06 402.8% 76.9% 0.08 13.22 -

Sales/Revenue/Turnover

450.00

3'000.0

400.00

2'500.0

350.00

2'000.0

300.00 250.00

1'500.0

200.00

1'000.0

150.00 100.00

500.0

50.00 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 |

27.02.2013

Challenger Ltd/Australia Holdings By:

All

Holder Name AUSBIL DEXIA LIMITED CALEDONIA INVESTMENT UBS AMP LTD WESTPAC BANKING CORP PARADICE INVESTMENT IOOF HOLDINGS LTD NATIONAL AUSTRALIA B COLUMBIA WANGER ASSE CHALLENGER LIMITED STEVENS DOMINIC J VANGUARD GROUP INC T ROWE PRICE ASSOCIA VANGUARD INVESTMENTS WIN TELEVISION NSW P QIC LTD PRUDENTIAL FINANCIAL AMERIPRISE FINANCIAL BENARI BRIAN ROLAND FMR LLC

Firm Name JPMorgan Commonwealth Bank Macquarie BBY Limited Goldman Sachs Bell Potter EVA Dimensions Morgan Stanley Nomura Credit Suisse Deutsche Bank CIMB E.L. & C. Baillieu

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

Analyst ISMAR TUZOVIC ROSS CURRAN TIM LAWSON BRETT LE MESURIER RYAN FISHER LAFITANI SOTIRIOU AUSTIN BURKETT ARVID STREIMANN ANTHONY HOO DAVID BAILEY KIEREN CHIDGEY RICHARD COLES NICK CALEY

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

Recommendation neutral underweight outperform underperform neutral/neutral buy sell Overwt/In-Line buy outperform buy outperform buy

Amt Held 31'629'390 29'131'589 27'468'181 27'220'095 27'153'586 26'740'360 25'814'364 23'674'034 20'954'000 12'323'728 6'867'555 5'584'244 3'490'198 2'985'668 2'609'598 2'574'036 2'355'719 2'297'670 1'944'019 1'819'565

% Out 5.89 5.42 5.11 5.07 5.06 4.98 4.81 4.41 3.9 2.29 1.28 1.04 0.65 0.56 0.49 0.48 0.44 0.43 0.36 0.34

Weighting

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

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

Latest Chg (1'995'015) (8'016'767) (265'725) (3'505'928) (6'522'311) (2'080'219) (6'426'309) (336'000) 5'597 (13'107) 95'448 (96'625) 350'000 360'881

Target Price 4 3 4 3 4 4 #N/A N/A 4 5 5 5 4 6

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

File Dt Inst Type 18.11.2011 Investment Advisor 31.07.2012 Investment Advisor 21.11.2012 Unclassified 16.10.2012 Insurance Company 20.07.2012 Bank 14.02.2013 Investment Advisor 10.01.2013 Investment Advisor 13.02.2013 Bank 31.12.2012 Investment Advisor 29.11.2012 Corporation 17.02.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 01.10.2012 Corporation 01.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 n/a 31.12.2012 Investment Advisor

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

Date 08.02.2013 07.02.2013 06.02.2013 04.02.2013 21.01.2013 18.01.2013 17.01.2013 11.01.2013 11.01.2013 09.01.2013 07.01.2013 26.11.2012 20.08.2012

27.02.2013

Spark Infrastructure Group Spark Infrastructure Group invests in utility infrastructure assets in Australia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.01.2013) 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 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SKI AT EQUITY YTD Change SKI AT EQUITY YTD % CHANGE

12/2012 01/yy 1.80 1.33 11'010'500.00 1.675 -6.94% 26.42% 70.53% 1'326.7 2'222.28 966.75 0.0 0.0 32.90 3'145.86

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

25.0 M 20.0 M 15.0 M 10.0 M 5.0 M

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 92.8 32.14x 63.1 47.22x 9.5 138.30x

2 2 2 1 1 1 1 1 0 0 0 f-12

31.12.2009 31.12.2010 85.8 87.2 35.74x 28.28x 73.1 63.7 41.95x 38.70x 122.5 80.9 11.47x 15.34x Profitability

31.12.2011 84.2 32.77x 22.4 123.37x 82.6 22.11x

31.12.2012

LTM-4Q

LTM

01/yy

173.9 12.75x 22.36 15.68% 147.77% 6.85% 11.80% 8.41% 0.03% 98.1% 41.74% 72.48% -

Price/ Cash Flow

FY+1 -

6.27 0.56 1'140.48 28.81% 0.30% 0.555 13 4.154 7'510'057 5'613'631 4'681'182 FY+2

12/13 Y 12/14 Y 321.9 339.7 9.70x 9.10x 439.5 470.2 7.16x 6.69x 201.3 221.4 10.47x 9.63x S&P Issuer Ratings

FQ+1

FQ+2

72.5% 42.0% 0.03 566.08 -

Sales/Revenue/Turnover

16.00

120.0

14.00

100.0

12.00

80.0

10.00 8.00

60.0

6.00

40.0

4.00

20.0 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 |

27.02.2013

Spark Infrastructure Group Holdings By:

All

Holder Name FMR LLC CHEUNG KONG INFRASTR LAZARD ASSET MANAGEM MACQUARIE GROUP LTD NATIONAL AUSTRALIA B RARE INFRASTRUCTURE LORD ABBETT & CO LLC VANGUARD GROUP INC QUEENSLAND INVESTMEN QUESTOR FINANCIAL SE VANGUARD INVESTMENTS COHEN & STEERS CAPIT NUVEEN ASSET MANAGEM AUSTRALIAN REWARD IN GOLDMAN SACHS ASSET LAZARD GLOBAL ACTIVE BROOKFIELD INVESTMEN DIMENSIONAL FUND ADV SCHRODER INVESTMENT AMP LIFE LTD

Firm Name Macquarie Deutsche Bank RBC Capital Markets Credit Suisse JPMorgan Commonwealth Bank Goldman Sachs EVA Dimensions E.L. & C. Baillieu Evans & Partners Pty Ltd

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

Analyst IAN MYLES HUGH MORGAN PAUL A JOHNSTON BENJAMIN MCVICAR CHRIS LAYBUTT WILLIAM ALLOTT ANDREW MCCUSKER AUSTIN BURKETT MATHAN SOMASUNDARAM TONY WILSON

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

Recommendation outperform buy outperform neutral overweight neutral neutral/neutral buy buy Positive

Amt Held 122'464'270 113'188'473 79'896'727 79'676'947 67'504'061 60'989'762 18'818'884 13'486'616 13'297'065 11'602'130 8'919'250 8'188'088 7'613'259 7'521'675 6'980'536 6'891'276 6'881'800 6'751'213 5'431'998 5'228'342

% Out 9.23 8.53 6.02 6.01 5.09 4.6 1.42 1.02 1 0.87 0.67 0.62 0.57 0.57 0.53 0.52 0.52 0.51 0.41 0.39

Weighting

Change 5 5 5 3 5 3 3 5 5 4

U M M M M D M M M U

Latest Chg 21'731'226 (13'390'775) (9'100'000) 435'844 162'348 573'814 27'300 1'855'583 (1'844'499) 343'226 (506'400) (7'536'373) -

Target Price 2 2 2 2 2 2 2 #N/A N/A 2 #N/A N/A

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

File Dt Inst Type 30.09.2012 Investment Advisor 31.03.2012 Corporation 26.11.2012 Unclassified 17.08.2012 Investment Advisor 12.11.2012 Bank 07.09.2012 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2012 Investment Advisor 31.03.2012 Private Equity 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 21.02.2013 Investment Advisor 31.03.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor

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

Date 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 18.01.2013 17.01.2013 10.12.2012 13.09.2012

27.02.2013

carsales.com Ltd carsales.com owns and operates a portfolio of automotive and related industry websites, including an automotive classifieds website.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (08.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CRZ AT EQUITY YTD Change CRZ AT EQUITY YTD % CHANGE

06/2012 01/yy 9.17 4.97 307'185.00 9.01 -1.74% 81.33% 93.81% 235.8 2'124.41 0.00 0.0 0.0 40.94 2'083.31

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

m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

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 f-13

j-13

Market Data

Fiscal Year Ended 30.06.2008 71.9 28.4 18.7 -

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

30.06.2009 30.06.2010 95.9 120.6 9.06x 43.5 64.6 16.93x 30.7 43.2 25.59x Profitability

30.06.2011 152.5 7.01x 84.0 12.72x 58.3 18.80x

30.06.2012 184.2 7.39x 101.3 13.44x 71.6 19.61x 101.30 97.96 53.18% 53.86% 51.07% 62.59% 1.33% 52.6% 38.9% 2.16 2.01 0.00% 0.00% 7.51 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.72 0.86 190.26 81.58% 22.75% 0.859 17 3.412 669'555 966'015 1'068'902 FY+2

06/13 Y 06/14 Y 218.2 250.6 9.49x 8.16x 119.4 139.4 17.45x 14.95x 83.2 97.8 25.31x 21.66x S&P Issuer Ratings

FQ+1

FQ+2

3267.71 3087.58 0.0% 0.0% 1.33 39.65 48.77 -

Sales/Revenue/Turnover

30.00

200.0 180.0

25.00

160.0 140.0

20.00

120.0

15.00

100.0 80.0

10.00

60.0 40.0

5.00 0.00 03.07.2009

20.0 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 |

27.02.2013

carsales.com Ltd Holdings By:

All

Holder Name HYPERION ASSET MANAG WILSON HTM INVESTMEN FMR LLC PISCIOTTA WALTER ARNHEM INVESTMENT MA AUSTRALIA & NEW ZEAL JCP INVESTMENT PARTN WESTPAC BANKING CORP COMMONWEALTH BANK OF NATIONAL AUSTRALIA B BNP PARIBAS INVESTME PARADICE INVESTMENT ROEBUCK GREGORY PAUL DUX ROD KLOSS STEVEN ANTHONY AITKEN PETER GRANT TAYLOR ROBINSON BILL VANGUARD GROUP INC BRADY GEOFF

Firm Name Morgan Stanley Ord Minnett Deutsche Bank Credit Suisse Macquarie CIMB BBY Limited Wilson HTM Investment Group Commonwealth Bank Nomura Goldman Sachs EVA Dimensions Moelis & Company Evans & Partners Pty Ltd Shaw Stockbroking

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 Multiple Portfolios n/a

Analyst MARK GOODRIDGE NICHOLAS MCGARRIGLE DOMINIC ROSE SAMANTHA CARLETON ANDREW LEVY FRASER MCLEISH MARK MCDONNELL IVOR RIES ALICE BENNETT DANIEL BLAIR CHRISTIAN GUERRA ANDREW S ZAMFOTIS TODD W GUYOT PETER STAMOULIS SCOTT MARSHALL

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

Recommendation Overwt/Cautious hold hold outperform neutral underperform underperform hold neutral reduce Buy/Cautious overweight hold neutral sell

Amt Held 29'403'199 28'774'328 20'560'793 15'940'262 13'995'262 11'903'485 11'705'059 11'650'483 11'606'943 11'515'228 11'476'795 11'393'017 6'229'086 3'100'000 2'774'500 2'756'555 2'546'555 2'492'000 2'097'940 2'000'000

% Out 12.47 12.2 8.72 6.76 5.94 5.05 4.96 4.94 4.92 4.88 4.87 4.83 2.64 1.31 1.18 1.17 1.08 1.06 0.89 0.85

Weighting

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

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

Latest Chg 2'920'451 2'943'113 (1'180'042) (174'364) (120'487) (445'145) (1'729'140) (1'982'216) (314'336) (280'082) 35'442 -

Target Price 9 8 9 10 8 8 9 8 9 8 9 #N/A N/A 9 #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 12.04.2012 30.05.2012 18.01.2013 04.10.2012 30.05.2012 10.04.2012 06.02.2013 31.07.2012 24.02.2012 31.01.2013 06.09.2012 10.07.2012 07.09.2012 14.08.2012 14.08.2012 14.08.2012 14.08.2012 14.08.2012 31.12.2012 14.08.2012

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

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

Date 26.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 31.01.2013 17.01.2013 10.01.2013 02.08.2012 10.10.2011

27.02.2013

Australian Infrastructure Fund Australian Infrastructure Fund is an investment company incorporated in Australia. The objective of the Fund is to provide yield to unit-holders and sustained capital growth of investments. The Company mainly invests in unlisted transport infrastructure assets, with airports comprising the majority of the portfolio, but also investing in seaports, tollroads and rail businesses.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (24.08.2012) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AIX AT EQUITY YTD Change AIX AT EQUITY YTD % CHANGE

06/2012 01/yy 3.26 2.02 5'826'290.00 3.12 -4.29% 54.46% 87.90% 620.7 1'936.69 0.00 0.0 0.0 157.11 1'779.58

40.0 M 35.0 M 30.0 M

25.0 M

20.0 M 15.0 M

10.0 M

5.0 M

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

45.0 M

3 3

Valuation Analysis

30.06.2008 243.7 3.72x 206.5 4.06x

30.06.2009 30.06.2010 115.9 212.8 5.55x 4.67x 100.6 191.3 5.13x 5.12x Profitability

30.06.2011 237.8 4.68x 212.3 5.61x

30.06.2012 216.0 6.17x 196.0 7.60x 91.31% 91.31% 15.14% 15.85% 0.18% 90.7% 0.00% 0.00% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.75 509.27 57.90% 0.32% 0.748 9 3.000 3'248'753 4'591'445 4'599'841 FY+2

06/13 Y 06/14 Y 90.9 91.3 20.45x 20.24x 134.2 180.4 13.26x 9.87x 159.7 170.1 11.14x 12.00x S&P Issuer Ratings

FQ+1

FQ+2

0.0% 0.0% 0.18 -

Sales/Revenue/Turnover

80.00

300.0

70.00

250.0

60.00

200.0

50.00 40.00

150.0

30.00

100.0

20.00

50.0 10.00 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 |

27.02.2013

Australian Infrastructure Fund Holdings By:

All

Holder Name UBS DEUTSCHE BANK AG AUSTRALIAN FOUNDATIO MITSUBISHI UFJ FINAN MORGAN STANLEY AUSTR NATIONAL AUSTRALIA B JCP INVESTMENT PARTN MACQUARIE GROUP LTD BANK OF AMERICA CORP WESTPAC BANKING CORP AMP LIFE LTD AMP CAP CORE INFRAS VANGUARD GROUP INC MIRRABOOKA INVESTMEN DJERRIWARRH INVESTME DIMENSIONAL FUND ADV VANGUARD INVESTMENTS FRANK RUSSELL TRUST ARGO INVESTMENTS LTD DIVERSIFIED UNITED I

Firm Name Goldman Sachs Macquarie EVA Dimensions Morgan Stanley JPMorgan CIMB E.L. & C. Baillieu BGC Partners Deutsche Bank Evans & Partners Pty Ltd

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

Analyst ANDREW MCCUSKER IAN MYLES AUSTIN BURKETT SCOTT KELLY CAROLYN HOLMES MICHAEL NEWBOLD MATHAN SOMASUNDARAM TEAM COVERAGE CAMERON MCDONALD TONY WILSON

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

Recommendation neutral/neutral restricted buy Equalwt/Cautious underweight underperform hold buy hold Positive

Amt Held 57'856'295 46'615'971 35'564'000 33'761'439 33'761'439 31'010'257 30'967'771 30'318'728 20'787'597 18'012'204 15'887'391 10'233'273 6'390'352 5'264'098 4'649'319 4'289'641 3'207'245 3'161'057 3'048'884 2'500'000

% Out 9.32 7.51 5.73 5.44 5.44 5 4.99 4.88 3.35 2.9 2.56 1.65 1.03 0.85 0.75 0.69 0.52 0.51 0.49 0.4

Weighting

Change

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

M M M M M D M N M M

Latest Chg 7'496'923 (49'688) (1'182'100) (856'358) (10'272'850) 113'158 (26'993) 523'753 -

Target Price 3 #N/A N/A #N/A N/A 3 3 3 3 #N/A N/A 3 #N/A N/A

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

File Dt Inst Type 27.11.2012 Unclassified 29.01.2013 Investment Advisor 29.06.2012 Investment Advisor 29.01.2013 Holding Company 29.01.2013 Investment Advisor 23.07.2012 Bank 30.07.2012 Investment Advisor 31.12.2012 Investment Advisor 07.01.2013 Investment Advisor 20.08.2012 Bank 20.08.2012 Investment Advisor 20.08.2012 n/a 31.12.2012 Investment Advisor 20.08.2012 Investment Advisor 20.08.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.05.2012 Investment Advisor 20.08.2012 Investment Advisor 20.08.2012 Unclassified

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

Date 21.02.2013 29.01.2013 15.01.2013 13.01.2013 12.12.2012 12.12.2012 10.12.2012 27.11.2012 24.08.2012 23.08.2010

27.02.2013

Investa Office Fund Investa Office Fund is a real estate investment trust. The Fund is owner of investment grade office buildings and receives rental income from a tenant register comprising predominantly Government and blue chip tenants. The Group invests in office property in Australia and Europe.

Price/Volume 4

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (08.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IOF AT EQUITY YTD Change IOF AT EQUITY YTD % CHANGE

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

4.0 M

2.0 M

1 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 30.06.2008 219.2 11.59x 142.9 17.77x 246.6 5.81x

6.0 M

06/2012 01/yy 3.16 2.38 1'014'256.00 3.09 -2.22% 29.69% 87.14% 614.0 1'897.41 457.80 0.0 0.0 18.20 2'443.41

30.06.2009 30.06.2010 234.1 212.0 7.83x 9.32x 158.9 144.1 11.54x 13.72x (764.2) 42.5 36.25x Profitability

30.06.2011 166.2 12.79x 113.8 18.68x 143.9 17.57x

30.06.2012 189.6 11.10x 133.0 15.82x 101.9 9.85x 133.00 117.30 61.87% 96.31% -0.64% -0.86% -0.70% 0.08% 70.1% 53.7% 18.29% 23.76% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.69 438.80 33.07% 4.04% 0.689 14 3.286 2'480'982 1'653'272 1'984'340 FY+2

06/13 Y 06/14 Y 193.6 199.9 12.63x 12.42x 168.5 173.1 14.50x 14.12x 137.0 139.4 14.05x 13.73x S&P Issuer Ratings

FQ+1

FQ+2

26.08.2012 BBB+ STABLE 8.47 5.54 3.93 4.03 23.8% 19.2% 0.08 -

Sales/Revenue/Turnover

60.00

250.0

50.00

200.0

40.00

150.0

30.00

100.0 20.00

50.0

10.00 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 |

27.02.2013

Investa Office Fund Holdings By:

All

Holder Name COMMONWEALTH BANK OF ING GROEP NV WESTPAC BANKING CORP MORGAN STANLEY MITSUBISHI UFJ FINAN CBRE CLARION SECURIT VANGUARD INVESTMENTS AMP LTD NATIONAL AUSTRALIA B COLONIAL FIRST STATE ING INVESTMENT MANAG MACQUARIE GROUP LTD VANGUARD GROUP INC STATE STREET MORGAN STANLEY BLACKROCK ABN AMRO ASSET MGMT NIKKO ASSET MANAGEME PRUDENTIAL FINANCIAL DIAM

Firm Name Credit Suisse Commonwealth Bank Macquarie Morgan Stanley Goldman Sachs JPMorgan EVA Dimensions Deutsche Bank Moelis & Company

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

Analyst JOHN LEE JAMES DRUCE PAUL CHECCHIN TODD MCFARLANE PETER ZUK ROB STANTON AUSTIN BURKETT JASON WEATE RYAN FRANZ

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

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

Amt Held 56'200'684 56'064'307 54'411'562 45'597'778 44'686'196 43'553'649 41'431'504 32'512'521 30'417'223 23'563'688 9'793'922 9'771'172 7'654'790 6'918'403 6'676'526 5'564'919 5'262'454 3'689'799 3'073'302 2'942'075

% Out 9.15 9.13 8.86 7.43 7.28 7.09 6.75 5.29 4.95 3.84 1.59 1.59 1.25 1.13 1.09 0.91 0.86 0.6 0.5 0.48

Weighting

Change 3 3 5 1 3 1 5 3 3

M M M M M M M U M

Latest Chg (14'645'696) (21'931'895) 6'813'072 6'749'328 6'303'268 (10'307'607) (1'059'884) (982'965) (2'006'562) (3'104'710) (1'095'087) 208'072 134'478 38'864 3'334'624 210'900 -

Target Price 3 3 3 3 3 3 #N/A N/A 3 3

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

File Dt Inst Type 26.03.2012 Bank 12.04.2011 Investment Advisor 18.09.2012 Bank 20.11.2012 Other 09.11.2012 Holding Company 05.11.2012 Investment Advisor 31.08.2011 Mutual Fund Manager 16.02.2012 Insurance Company 30.11.2012 Bank 08.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 17.07.2012 Investment Advisor 01.02.2013 Unclassified 31.12.2012 Investment Advisor 20.01.2012 Unclassified

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

Date 26.02.2013 26.02.2013 23.02.2013 22.02.2013 22.02.2013 22.02.2013 15.01.2013 31.10.2012 06.09.2012

27.02.2013

SP AusNet SP Ausnet owns and operates electricity transmission and electricity and gas distribution assets in Victoria, Australia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.02.2013) 52-Week Low (14.08.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SPN AT EQUITY YTD Change SPN AT EQUITY YTD % CHANGE

03/2012 01/yy 1.21 0.94 3'193'703.00 1.18 -2.48% 25.85% 79.81% 3'367.5 3'973.70 4'538.50 0.0 2'379.0 19.10 11'077.70

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

31.03.2009 31.03.2010 1'083.9 1'264.4 7.60x 6.78x 665.2 763.6 12.38x 11.23x 146.9 209.0 13.02x 11.19x Profitability

31.03.2011 1'396.0 6.51x 867.2 10.48x 252.9 9.58x

31.03.2012 1'458.7 6.86x 911.7 10.98x 255.0 12.01x 911.70 617.90 42.36% 19.22% 3.09% 49.29% 7.80% 0.17% 46.7% 17.5% 0.26 0.10 51.98% 826.84% 5.00 -

Price/ Cash Flow

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

6.65 0.76 1'635.09 30.85% 6.31% 0.764 15 2.733 5'660'131 6'389'107 5'635'045 FY+2

03/13 Y 03/14 Y 1'653.7 1'745.8 6.66x 6.56x 976.8 1'039.2 11.34x 10.66x 277.2 293.8 13.88x 13.88x S&P Issuer Ratings

FQ+1

FQ+2

ASTABLE 2.50 0.60 826.8% 60.8% 0.17 0.19 73.17 -

Sales/Revenue/Turnover

9.00

1'600.0

8.00

1'400.0

7.00

1'200.0

6.00

1'000.0

5.00

800.0

4.00

600.0

3.00

400.0

2.00

200.0

1.00 0.00 03.04.2009

m-12

Fiscal Year Ended 31.03.2008 1'006.0 8.07x 632.1 12.84x 157.5 16.76x

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.02.2013

SP AusNet Holdings By:

All

Holder Name TEMASEK HOLDINGS PRI ALLAN GRAY AUSTRALIA BLACKROCK ABERDEEN VANGUARD GROUP INC QUEENSLAND INVESTMEN COMMONWEALTH BANK OF AMP LIFE LTD VANGUARD INVESTMENTS AUSTRALIAN UNITED IN STATE STREET QUESTOR FINANCIAL SE INVESCO LTD GOLDMAN SACHS ASSET FMR LLC RUSSELL INVESTMENT M SEI INVESTMENT MANAG CREDIT SUISSE ASSET LAZARD GLOBAL ACTIVE SCHRODER INVESTMENT

Firm Name Evans & Partners Pty Ltd Macquarie Morgan Stanley RBC Capital Markets Credit Suisse Goldman Sachs EVA Dimensions JPMorgan Commonwealth Bank E.L. & C. Baillieu Deutsche Bank

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

Analyst TONY WILSON IAN MYLES PHILIP BARE PAUL A JOHNSTON BENJAMIN MCVICAR ANDREW MCCUSKER AUSTIN BURKETT CHRIS LAYBUTT WILLIAM ALLOTT MATHAN SOMASUNDARAM HUGH MORGAN

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

Recommendation neutral neutral Overwt/In-Line underperform neutral Sell/Neutral underweight neutral underweight hold hold

Amt Held 1'719'034'093 204'628'941 46'729'584 41'226'208 30'580'797 18'390'720 17'709'129 12'337'237 11'780'482 10'000'000 7'142'492 6'173'997 5'612'437 4'179'994 3'801'231 3'420'822 2'888'841 2'632'568 2'472'568 2'218'327

% Out 51.05 6.08 1.39 1.22 0.91 0.55 0.53 0.37 0.35 0.3 0.21 0.18 0.17 0.12 0.11 0.1 0.09 0.08 0.07 0.07

Weighting

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

D D M M M M M M M M M

Latest Chg (442'500) 33'477'024 7'914 1'739'079 440'378 (33'138) 829'355 (330'973) (1'172'074) (1'586'958) 122'879 -

Target Price #N/A N/A 1 1 1 1 1 #N/A N/A 1 1 1 1

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

File Dt Inst Type 20.06.2012 Government 04.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor 23.05.2012 Investment Advisor 31.10.2012 Bank 23.05.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 23.05.2012 Investment Advisor 26.02.2013 Investment Advisor 23.05.2012 Private Equity 26.02.2013 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.01.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 30.06.2012 Investment Advisor

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

Date 14.02.2013 13.02.2013 11.02.2013 04.02.2013 31.01.2013 18.01.2013 17.01.2013 16.01.2013 21.12.2012 10.12.2012 09.11.2012

27.02.2013

Aristocrat Leisure Ltd Aristocrat Leisure Limited manufactures and sells gaming machines in Australia and internationally. The Company also supplies gaming systems, software, table gaming equipment and other gaming related products and services to casinos, clubs and hotels.

Price/Volume 5

14.0 M

12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALL AT EQUITY YTD Change ALL AT EQUITY YTD % CHANGE

09/2012 01/yy 3.94 2.29 1'223'068.00 3.67 -6.85% 60.26% 87.27% 551.4 2'023.70 214.45 0.0 (1.8) 22.61 2'213.78

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

8.0 M

6.0 M

4.0 M

2.0 M

1 0 f-12

30.09.2009 30.09.2010 908.6 680.5 2.43x 2.76x (144.7) 140.2 13.38x (157.8) 77.2 20.62x Profitability

30.09.2011 704.3 2.02x 160.9 8.85x 66.1 17.89x

30.09.2012 843.3 1.98x 91.7 16.11x 10.05% 30.83% 18.64% 1.05% 22.2% 17.3% 10.9% 1.75 1.20 29.59% 77.06% 2.91 4.78

Price/ Cash Flow

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.18 1.10 406.61 49.75% 16.51% 1.099 15 2.667 1'098'342 1'746'357 1'855'971 FY+2

09/13 Y 09/14 Y 894.8 963.3 2.42x 2.21x 190.8 214.4 11.61x 10.32x 103.2 119.8 19.63x 16.83x S&P Issuer Ratings

FQ+1

FQ+2

28.03.2011 NR 1.28 1.40 77.1% 43.7% 1.05 7.49 125.98 76.55 137.69 -

Sales/Revenue/Turnover

18.00

1'400.0

16.00

1'200.0

14.00

1'000.0

12.00 10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 01.01.2010

m-12

Fiscal Year Ended 30.09.2008 1'079.9 1.98x 267.1 8.02x 101.2 17.64x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.02.2013

Aristocrat Leisure Ltd Holdings By:

All

Holder Name COMMONWEALTH BANK OF LAZARD ASSET MANAGEM WRITEMAN PTY LTD IOOF HOLDINGS LTD SAS TRUSTEE CORP MAPLE-BROWN ABBOTT L MACQUARIE GROUP LTD THUNDERBIRDS ARE GO NATIONAL AUSTRALIA B SUMITOMO MITSUI TRUS SERIOSO PTY LIMITED MAAKU PTY LTD ARMINELLA PTY LTD CAPITAL GROUP COMPAN ECA 1 PTY LTD VANGUARD GROUP INC UBS DIMENSIONAL FUND ADV VANGUARD INVESTMENTS ARGO INVESTMENTS LTD

Firm Name Credit Suisse EVA Dimensions JPMorgan Macquarie Deutsche Bank Nomura Goldman Sachs E.L. & C. Baillieu CIMB Commonwealth Bank Morgan Stanley

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

Analyst LARRY GANDLER CRAIG STERLING MATTHEW RYAN ANDREW LEVY MARK WILSON NICK BERRY ADAM ALEXANDER NICK CALEY MICHAEL NOLAN BEN BROWNETTE MARK A CHRISTENSEN

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

Recommendation underperform hold neutral underperform buy reduce neutral/neutral hold neutral neutral Equalwt/In-Line

Amt Held 44'248'232 43'871'635 31'994'622 29'783'225 28'749'424 26'941'046 26'875'395 25'277'754 22'506'748 22'504'353 20'709'564 15'104'872 10'655'500 10'067'734 8'757'359 5'143'064 3'488'525 2'839'537 2'645'400 2'241'000

% Out 8.02 7.96 5.8 5.4 5.21 4.89 4.87 4.58 4.08 4.08 3.76 2.74 1.93 1.83 1.59 0.93 0.63 0.51 0.48 0.41

Weighting

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

D U M D M M M D D M M

Latest Chg 8'671'048 8'004'185 (1'431'395) (858'798) (6'852'066) (11'636'714) (3'791'027) 65'280 (629'719) (17'661) -

Target Price 4 #N/A N/A 3 3 4 2 3 3 3 3 3

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

File Dt Inst Type 01.02.2013 Bank 18.09.2012 Unclassified 27.11.2012 n/a 07.08.2012 Investment Advisor 09.11.2012 Corporation 08.02.2013 Investment Advisor 25.01.2012 Investment Advisor 27.11.2012 n/a 26.11.2012 Bank 01.02.2013 Bank 27.11.2012 Corporation 27.11.2012 n/a 27.11.2012 n/a 31.12.2012 Investment Advisor 27.11.2012 n/a 31.12.2012 Investment Advisor 31.10.2012 Unclassified 31.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 27.11.2012 Investment Advisor

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

Date 20.02.2013 18.02.2013 08.02.2013 04.02.2013 01.02.2013 30.01.2013 29.01.2013 17.01.2013 07.12.2012 29.11.2012 28.08.2012

27.02.2013

Regis Resources Ltd Regis Resources Ltd. is a mineral exploration and production company. The Company mines for gold, nickel, and copper.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.10.2012) 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 15.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RRL AT EQUITY YTD Change RRL AT EQUITY YTD % CHANGE

06/2012 01/yy 5.87 3.34 3'059'880.00 4.48 -23.68% 34.13% 45.06% 492.2 2'205.01 30.08 0.0 0.0 1.35 2'197.33

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

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 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 30.06.2008 0.0 (2.1) (2.3) -

30.06.2009 30.06.2010 0.0 0.0 (91.7) (7.0) (91.8) (18.8) Profitability

30.06.2011 107.9 9.96x 57.2 18.78x 36.3 29.04x

30.06.2012 170.4 10.57x 99.7 18.06x 68.2 25.21x 99.69 75.33 44.22% 43.88% 23.92% 29.49% 28.81% 0.67% 49.6% 58.0% 49.2% 40.1% 0.50 0.04 9.44% 12.64% 82.58 14.07

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 0.94 317.00 3.23% -12.33% 0.940 18 3.778 3'865'828 2'630'529 2'500'222 FY+2

06/13 Y 06/14 Y 471.6 692.2 4.47x 2.83x 287.5 424.4 7.64x 5.18x 181.8 278.9 12.38x 7.72x S&P Issuer Ratings

FQ+1

FQ+2

34.01 25.81 -0.05 0.00 12.6% 11.2% 0.67 0.78 4.43 26.02 77.80 -

Sales/Revenue/Turnover

120.00

180.0 160.0

100.00

140.0 120.0

80.00

100.0 60.00

80.0 60.0

40.00

40.0 20.00 0.00 03.07.2009

20.0 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 |

27.02.2013

Regis Resources Ltd Holdings By:

All

Holder Name NEWMONT MINING CORP GIORGETTA NICOLA ROLLASON PTY LTD STANLEY ROSS FRANCIS LANDAU PETER NEIL SHL PTY LTD CLARK MARK JOHN WESTOZ FUNDS MANAGEM HART MORGAN CAIN GCIC LTD/CANADA MUTUAL INVESTMENTS P SCHRODER INVESTMENT FMR LLC COLUMBIA WANGER ASSE PIAMA PTY LTD JONES EDWARD MARCUS VANGUARD GROUP INC EVANS GLYN VANGUARD INVESTMENTS OPPENHEIMERFUNDS INC

Firm Name Deutsche Bank Morgan Stanley Goldman Sachs RBC Capital Markets JPMorgan Macquarie BBY Limited Commonwealth Bank Nomura Evans & Partners Pty Ltd Bell Potter EVA Dimensions Hartleys Paterson Securities

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

Analyst CHRIS TERRY BRENDAN FITZPATRICK PAUL HISSEY STEUART MCINTYRE JOSEPH KIM MITCH RYAN KURT WORDEN ANDREW KNUCKEY DAVID RADCLYFFE CATHY MOISES STEPHEN THOMAS CRAIG STERLING TRENT BARNETT GARY WATSON

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

Recommendation buy Equalwt/Attractive buy/attractive outperform overweight outperform strong buy underweight neutral neutral buy underweight buy hold

Amt Held 97'212'729 20'529'671 20'529'671 17'000'000 13'956'522 10'017'087 8'711'112 8'625'000 8'438'098 7'550'000 5'500'000 4'935'830 4'349'294 3'916'781 3'798'401 3'531'522 3'338'500 3'016'111 2'027'630 2'000'000

% Out 19.75 4.17 4.17 3.45 2.84 2.04 1.77 1.75 1.71 1.53 1.12 1 0.88 0.8 0.77 0.72 0.68 0.61 0.41 0.41

Weighting

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

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

Latest Chg 23'304'506 7'550'000 2'352'350 (500'398) 1'298'075 82'938 (10'152) -

Target Price 5 5 5 6 5 6 7 4 5 #N/A N/A 6 #N/A N/A 6 6

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

File Dt Inst Type 16.11.2012 Corporation 30.06.2011 n/a 31.08.2012 Investment Advisor 31.08.2012 n/a 22.05.2012 n/a 31.08.2012 Other 31.08.2012 n/a 30.06.2011 Mutual Fund Manager 31.08.2012 n/a 30.06.2012 Investment Advisor 31.08.2012 n/a 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.08.2012 n/a 22.05.2012 n/a 31.12.2012 Investment Advisor 31.08.2012 n/a 30.09.2012 Mutual Fund Manager 30.12.2012 Investment Advisor

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

Date 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.01.2013 18.01.2013 15.01.2013 04.01.2013 21.12.2012

27.02.2013

Sims Metal Management Ltd Sims Metal Management Ltd. collects, sorts and processes scrap metal materials which are recycled for resale. The Company's divisions include ferrous recycling, non-ferrous recycling, secondary processing of non-ferrous metals and plastics, international trading of metal commodities and the merchandising of steel semi-fabricated products.

Price/Volume

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 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 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SGM AT EQUITY YTD Change SGM AT EQUITY YTD % CHANGE

06/2012 06/yy 15.73 7.84 1'395'773.00 10.86 -30.96% 38.52% 39.42% 204.3 2'218.74 343.60 0.0 0.0 56.90 2'505.44

2.0 M

1.5 M

1.0 M

.5 M

2 0 f-12

m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

3.5 M

16 14

Valuation Analysis

30.06.2008 7'665.6 1.02x 670.2 11.62x 440.1 13.41x

30.06.2009 30.06.2010 8'636.2 7'452.6 0.57x 0.47x 172.2 340.2 28.66x 10.20x (150.3) 126.7 26.36x Profitability

LTM-4Q 30.06.2011 8'846.8 0.42x 388.3 9.65x 192.1 18.80x

30.06.2012 9'035.7 0.25x 147.5 15.29x (521.4) 147.50 17.60 0.19% -5.93% -13.37% -19.62% 2.32% 1.6% 0.2% -5.8% 2.02 0.60 9.49% 14.35% 20.05 -

Price/ Cash Flow

LTM

06/yy 7'458.5 0.00x 0.0 0.00x 126.7 26.59x

06/yy 8'852.9 0.00x 0.0 0.00x 192.1 18.80x

FY+1

.0 M f-13

1.84 1.36 163.50 -27.48% 17.41% 1.365 14 3.429 1'359'259 1'170'905 945'865 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/12 Q1 12/12 Q2 7'769.1 8'371.5 0.32x 0.29x 223.4 336.6 11.22x 7.44x 30.5 137.3 36.57x 15.83x S&P Issuer Ratings

8.24 -0.76 1.94 2.33 14.4% 12.5% 2.32 9.81 18.25 -

Sales/Revenue/Turnover

70.00

10'000.0 9'000.0

60.00

8'000.0

50.00

7'000.0 6'000.0

40.00

5'000.0 4'000.0

30.00

3'000.0

20.00

2'000.0 10.00 0.00 03.07.2009

1'000.0 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 |

27.02.2013

Sims Metal Management Ltd Holdings By:

All

Holder Name MITSUI RAW MATERIALS COMMONWEALTH BANK OF IOOF HOLDINGS LTD ROYCE AND ASSOCIATES VANGUARD GROUP INC HUGO NEU CORPORATION BLACKROCK UCA FUNDS MANAGEMENT QIC LTD VANGUARD INVESTMENTS T ROWE PRICE ASSOCIA MILTON CORP LTD DIENST DANIEL W AMP LIFE LTD STATE STREET KONANN PTY LTD LANSFORSAKRINGAR FON ARGO INVESTMENTS LTD BOSTON COMMON ASSET DIMENSIONAL FUND ADV

Firm Name Deutsche Bank Goldman Sachs Credit Suisse D.A. Davidson & Co Commonwealth Bank Nomura Bell Potter Macquarie EVA Dimensions BBY Limited JPMorgan

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a BOSTON COMMON ASSET Multiple Portfolios

Analyst EMILY BEHNCKE ANDREW GIBSON MICHAEL SLIFIRSKI BRENT THIELMAN TOMAS VASQUEZ DANIEL PORTER SAM HADDAD LIAM FARLOW CRAIG STERLING MIKE HARROWELL BENJAMIN X. WILSON

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

Recommendation buy Buy/Neutral underperform buy underweight neutral buy underperform underweight strong buy overweight

Amt Held 36'151'787 17'395'801 12'097'746 8'890'420 4'852'536 3'617'566 1'694'047 1'667'819 927'664 867'087 806'425 793'037 592'593 567'090 552'164 541'692 480'864 415'772 403'493 371'860

% Out 17.7 8.51 5.92 4.35 2.38 1.77 0.83 0.82 0.45 0.42 0.39 0.39 0.29 0.28 0.27 0.27 0.24 0.2 0.2 0.18

Weighting

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

M M D M M M M M M M M

Latest Chg 2'808'740 (2'472'410) (1'492'733) 50'876 1'038 (282) 2'412 400'000 (59'960) 177'740 115'325 -

Target Price 12 12 11 13 8 11 14 9 #N/A N/A 12 21

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

File Dt Inst Type 06.09.2012 Other 16.11.2012 Bank 10.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 09.06.2012 n/a 25.02.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 06.09.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 06.09.2012 Investment Advisor 16.11.2012 n/a 06.09.2012 Investment Advisor 26.02.2013 Investment Advisor 06.09.2012 n/a 31.12.2012 Investment Advisor 06.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor

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

Date 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.01.2013 17.01.2013 31.10.2012 25.05.2012

27.02.2013

Mineral Resources Ltd Mineral Resources Ltd. offers contract crushing services to the mining industry in Australia. The Company serves gold, iron ore, tantalum, and coal companies.

Price/Volume 14

18.0 M

16.0 M 14.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 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 15.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MIN AT EQUITY YTD Change MIN AT EQUITY YTD % CHANGE

06/2012 01/yy 13.33 6.19 923'997.00 11.46 -14.03% 85.14% 73.25% 185.7 2'128.40 187.08 0.0 20.9 76.29 2'477.24

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

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 30.06.2008 235.4 3.30x 82.0 9.48x 47.1 16.80x

12.0 M

30.06.2009 30.06.2010 251.2 308.9 2.15x 4.03x 78.6 92.4 6.86x 13.45x 44.3 97.3 11.87x 11.82x Profitability

30.06.2011 608.8 3.09x 214.1 8.80x 151.0 12.78x

30.06.2012 924.9 1.93x 288.2 6.20x 242.2 6.76x 288.20 219.47 23.73% 24.24% 15.64% 26.95% 0.71% 28.2% 18.8% 26.2% 1.33 0.95 13.03% 20.88% 6.20 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.01 1.27 100.34 -8.03% 18.02% 1.268 7 3.857 1'112'239 1'565'054 1'120'763 FY+2

06/13 Y 06/14 Y 1'190.0 1'438.0 2.04x 1.68x 381.0 423.2 6.50x 5.85x 190.7 217.7 11.10x 9.73x S&P Issuer Ratings

FQ+1

FQ+2

44.77 -6.92 1.14 1.23 20.9% 16.9% 0.71 1.03 59.01 -

Sales/Revenue/Turnover

25.00

1'000.0 900.0 800.0

20.00

700.0 15.00

600.0

10.00

500.0 400.0 300.0 200.0

5.00

100.0 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

27.02.2013

Mineral Resources Ltd Holdings By:

All

Holder Name ELLISON CHRISTOPHER SANDINI PTY LTD PERPETUAL LTD NATIONAL AUSTRALIA B WYATT STEVE HENDERSON PARK PTY L GAVRANICH BOB RS INVESTMENT MANAGE WAVEFRONT ASSET PTY THORNBURG INVESTMENT MACQUARIE GROUP LTD RICCIARDO JOSEPH MAR PAKSIAN PTY LTD GERAGHTY DAVID WADE PETER VANGUARD GROUP INC D & C GERAGHTY PTY L VANGUARD INVESTMENTS AMP LIFE LTD SCHRODER INVESTMENT

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

Firm Name

Analyst

EVA Dimensions RBC Capital Markets Octa Phillip Securities Ltd Macquarie BBY Limited Morgan Stanley Bell Potter

CRAIG STERLING HEATH ANDREWS CONOR O'PREY ANDREW WACKETT SWAPAN PANDYA DAVID EVANS JOHN O'SHEA

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

Recommendation underweight top pick buy outperform underperform Overwt/In-Line buy

Amt Held 27'038'000 26'741'250 14'708'873 9'404'612 9'057'344 9'057'344 5'106'595 3'906'313 2'059'460 1'929'802 1'784'826 1'529'989 1'529'989 1'439'799 1'416'162 1'275'986 1'267'487 1'024'305 882'304 642'991

% Out 14.56 14.4 7.92 5.06 4.88 4.88 2.75 2.1 1.11 1.04 0.96 0.82 0.82 0.78 0.76 0.69 0.68 0.55 0.48 0.35

Weighting

Change 1 5 5 5 1 5 5

D M M M M M M

Latest Chg 38'000 (2'200'617) (38'999) 2'833'069 (775'852) 5'398 2'166 393'433 208'043

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

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

File Dt Inst Type 03.09.2012 n/a 21.09.2012 Holding Company 25.02.2013 Investment Advisor 11.07.2012 Bank 30.06.2012 n/a 21.09.2012 n/a 30.06.2012 n/a 31.12.2012 Investment Advisor 21.09.2012 n/a 31.12.2012 Investment Advisor 31.08.2011 Investment Advisor 16.08.2012 n/a 21.09.2012 n/a 30.06.2012 n/a 21.09.2012 n/a 31.12.2012 Investment Advisor 21.09.2012 n/a 30.09.2012 Mutual Fund Manager 21.09.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 20.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013

27.02.2013

Flight Centre Ltd Flight Centre Limited operates as a retail travel agency in Australia. The Company operates close to 1200 outlets throughout Australia and internationally including New Zealand, Hong Kong, South Africa, Canada and the United Kingdom. The Company's agencies and brands include Flight Centre, Travel Associates and Student Flights.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FLT AT EQUITY YTD Change FLT AT EQUITY YTD % CHANGE

06/2012 01/yy 33.42 17.01 497'928.00 31.9 -4.55% 87.54% 88.30% 100.2 3'196.83 107.18 0.0 0.0 1'092.32 2'211.69

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

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 f-12

30.06.2009 30.06.2010 1'683.2 1'763.2 0.13x 0.48x 89.3 251.5 2.45x 3.39x 38.2 139.9 22.58x 11.85x Profitability

30.06.2011 1'816.9 0.76x 287.1 4.78x 139.8 15.44x

30.06.2012 1'982.9 0.46x 321.8 2.82x 200.1 9.46x 321.81 271.55 13.69% 14.64% 9.89% 25.04% 23.62% 0.98% 89.8% 16.2% 13.7% 10.1% 1.35 1.30 5.05% 12.50% 5.13 198.60

Price/ Cash Flow

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

3.51 1.12 37.32 53.93% 18.15% 1.119 18 3.722 577'039 400'005 603'707 FY+2

06/13 Y 06/14 Y 2'012.8 2'130.4 1.17x 1.08x 354.3 378.6 6.24x 5.84x 220.5 239.1 14.57x 13.44x S&P Issuer Ratings

FQ+1

FQ+2

10.51 9.06 -3.06 0.33 12.5% 11.1% 0.98 14.04 71.36 1.84 419.74 -346.54

Sales/Revenue/Turnover

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 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 1'440.4 0.59x 227.7 3.75x 134.8 12.08x

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 |

27.02.2013

Flight Centre Ltd Holdings By:

All

Holder Name GEHAR PTY LTD TURNER GRAHAM F GAINSDALE PTY LTD JAMES MANAGEMENT SER PERPETUAL LTD NATIONAL AUSTRALIA B FRIDAY INVESTMENTS P BENNELONG AUS EQ PAR DEUTSCHE BANK BLACKROCK ASSET MANA AMP CAPITAL INVESTOR VINVA INVESTMENT MGM LAZARD ASSET MANAGEM ELEY GRIFFITHS GROUP K2 ASSET MANAGEMENT BENNELONG FUNDS MANA TRIBECA INVESTMENT P BT INVESTMENT MANAGE PLATYPUS ASSET MANAG MACQUARIE FUNDS GROU

Firm Name Macquarie Ord Minnett Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse JPMorgan CIMB Commonwealth Bank Moelis & Company RBS Morgans Wilson HTM Investment Group EVA Dimensions Bell Potter

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 EXCH EXCH EXCH EXCH EXCH ULT-AGG EXCH Co File Co File Co File Co File Co File ULT-AGG Co File Co File Co File Co File Co File Co File Co File

Analyst CAMERON PIERCE NICHOLAS MCGARRIGLE DOMINIC ROSE JAMES BALES MIKE YOUNGER PAUL BUYS ARMINA SOEMINO TIM PLUMBE NICK MACLEAN TODD W GUYOT JOSEPHINE LITTLE ANDREW DALZIEL CRAIG STERLING JOHN O'SHEA

Recommendation neutral accumulate hold Overwt/In-Line neutral/neutral neutral overweight outperform overweight hold neutral buy buy hold

Amt Held 15'635'819 15'200'000 15'200'000 13'039'750 4'992'063 4'841'660 3'678'394 3'153'695 2'109'598 2'010'948 1'882'249 1'874'241 1'843'282 1'691'000 1'375'111 1'364'878 1'179'562 1'161'637 1'100'912 1'084'790

% Out 15.6 15.17 15.17 13.01 4.98 4.83 3.67 3.15 2.11 2.01 1.88 1.87 1.84 1.69 1.37 1.36 1.18 1.16 1.1 1.08

Weighting

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

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

Latest Chg (98'428) 15'200'000 (34'215) (245'643) (400'000) -

Target Price 31 32 30 35 31 34 33 35 36 31 32 31 #N/A N/A 28

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

File Dt 20.11.2012 20.11.2012 20.11.2012 20.11.2012 04.07.2011 19.02.2013 20.11.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012

Date 12 month Not Provided 12 month 12 month 12 month Not Provided 10 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month

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

Date 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 22.02.2013 17.01.2013 05.11.2012

27.02.2013

Whitehaven Coal Ltd Whitehaven Coal Limited mines and sells metallurgical and thermal coals to the global steel, power generation, and metallurgical industries.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.04.2012) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WHC AT EQUITY YTD Change WHC AT EQUITY YTD % CHANGE

06/2012 01/yy 5.62 2.70 5'386'975.00 2.85 -49.30% 5.56% 7.19% 1'014.2 2'890.37 489.45 0.0 42.3 520.52 3'294.69

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

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 f-12

30.06.2009 30.06.2010 489.4 406.8 2.50x 5.71x (109.1) 104.7 22.19x 244.2 114.9 5.19x 19.83x Profitability

30.06.2011 622.2 4.56x 143.4 19.77x 9.9 291.50x

30.06.2012 618.1 6.82x 142.0 29.70x 62.5 38.07x 141.97 100.53 16.27% 16.15% -0.16% -0.20% -2.04% 0.20% 29.4% 2.9% 10.1% 1.31 0.99 11.33% 14.53% 6.50 11.18

Price/ Cash Flow

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

1.05 1.22 290.74 -43.91% -18.57% 1.221 19 4.263 4'835'358 4'374'361 4'079'284 FY+2

06/13 Y 06/14 Y 616.2 923.0 5.50x 4.02x 13.2 180.4 250.55x 18.26x (54.7) 46.2 60.64x S&P Issuer Ratings

FQ+1

FQ+2

6.47 -6.22 14.5% 12.5% 0.20 0.24 56.33 32.73 76.27 7.40

Sales/Revenue/Turnover

70.00

700.0

60.00

600.0

50.00

500.0

40.00

400.0

30.00

300.0

20.00

200.0

10.00

100.0

0.00 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 252.0 6.85x (20.6) 51.9 30.83x

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 |

27.02.2013

Whitehaven Coal Ltd Holdings By:

All

Holder Name ASTON RESOURCES INVE BOARDWALK RESOURCES FRC WHITEHAVEN HLDS MENDE HANS JUERGEN KUNDRUN FRITZ R FARALLON CAPITAL MAN JCP INVESTMENT PARTN NATIONAL AUSTRALIA B AMCI INTERNATIONAL A PLUMMER ANDREW H HFTT PTY LTD RANAMOK PTY LTD AET SFS PTY LTD VANGUARD GROUP INC HAGGARTY ANTHONY JAM DAVIES ALLAN JAMES EASTSPRING INVESTMEN QUILLEN MICHAEL J BLACKROCK VANGUARD INVESTMENTS

Firm Name Deutsche Bank Morgan Stanley RBC Capital Markets Credit Suisse Macquarie CIMB Commonwealth Bank Nomura Investec Wilson HTM Investment Group Paterson Securities Octa Phillip Securities Ltd Bell Potter EVA Dimensions Canaccord Genuity Corp

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

Analyst PAUL-D YOUNG BRENDAN FITZPATRICK CHRIS DREW JAMES REDFERN ANDREW SULLIVAN JAMES STEWART TOMAS VASQUEZ DAVID COTTERELL COLIN MCLELLAND ANDREW PEDLER ANDREW HARRINGTON LAWRENCE GRECH STUART HOWE CRAIG STERLING ROD BUCKTON

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

Recommendation buy Equalwt/Cautious outperform outperform outperform outperform neutral neutral buy buy buy buy buy sell buy

Amt Held 216'589'946 94'031'386 72'650'000 70'019'833 69'433'458 58'153'033 51'857'863 48'727'939 47'951'500 33'514'254 33'437'979 29'338'234 26'678'979 10'813'142 8'000'000 7'005'000 6'817'624 6'135'000 5'004'463 3'220'483

% Out 21.36 9.27 7.16 6.9 6.85 5.73 5.11 4.8 4.73 3.3 3.3 2.89 2.63 1.07 0.79 0.69 0.67 0.6 0.49 0.32

Weighting

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

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

Latest Chg 1'682'930 (2'034'142) 661'631 (25'479'897) 5'000 1'474'159 97'047 153'794

Target Price 3 3 5 4 4 5 3 3 4 5 4 4 4 #N/A N/A 5

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

File Dt Inst Type 31.08.2012 Investment Advisor 02.05.2012 Other 31.08.2012 Unclassified 31.08.2012 n/a 31.08.2012 n/a 31.08.2012 Hedge Fund Manager 15.08.2012 Investment Advisor 07.09.2012 Bank 01.07.2012 Corporation 03.05.2012 n/a 31.08.2012 n/a 31.08.2012 Holding Company 31.08.2012 Other 31.12.2012 Investment Advisor 21.09.2012 n/a 01.11.2012 n/a 14.09.2012 Investment Advisor 31.08.2012 n/a 25.02.2013 Investment Advisor 30.09.2012 Mutual Fund Manager

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

Date 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 20.02.2013 20.02.2013 12.02.2013 12.02.2013 31.01.2013 15.01.2013 12.06.2012

27.02.2013

UGL Ltd UGL Limited is a diversified engineering, construction and maintenance company. The Company's operations include railway manufacturing, maintenance and engineering along with providing design, construction, operating and maintenance services in the mining, commercial property, water services, defenseand petrochemicals industries.

Price/Volume 14 12 10 8

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (02.04.2012) 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 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UGL AT EQUITY YTD Change UGL AT EQUITY YTD % CHANGE

06/2012 01/yy 13.40 9.99 4'081'696.00 10.3 -23.13% 3.10% 26.69% 166.3 1'713.04 612.74 0.0 5.7 177.38 2'154.11

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 30.06.2008 3'478.2 0.66x 226.5 10.10x 131.1 15.05x

30.06.2009 30.06.2010 4'754.4 4'186.9 0.43x 0.59x 265.6 274.4 7.63x 8.96x 142.5 144.5 11.88x 15.45x Profitability

30.06.2011 4'285.1 0.57x 295.5 8.31x 158.5 14.53x

30.06.2012 4'454.4 0.55x 280.0 8.80x 134.3 15.36x 279.95 216.61 4.86% 3.99% 5.21% 11.50% 9.44% 1.73% 6.3% 4.9% 3.0% 1.42 0.92 22.30% 52.38% 8.61 -

Price/ Cash Flow

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M f-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

6.80 0.96 161.56 -16.14% -5.33% 0.959 16 2.563 1'161'283 1'025'076 847'836 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/12 Q3 06/12 Q4 4'600.6 4'761.7 0.46x 0.44x 306.5 331.8 7.03x 6.49x 157.4 175.8 10.82x 9.73x S&P Issuer Ratings

8.96 8.07 1.56 2.19 52.4% 34.3% 1.73 26.66 42.50 -

Sales/Revenue/Turnover

30.00

5'000.0 4'500.0

25.00

4'000.0 3'500.0

20.00

3'000.0

15.00

2'500.0 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 |

27.02.2013

UGL Ltd Holdings By:

All

Holder Name PERPETUAL LTD BLACKROCK WESTPAC BANKING CORP CALEDONIA INVESTMENT COLUMBIA WANGER ASSE STATE STREET LEUPEN RICHARD A AMERIPRISE FINANCIAL INVESCO LTD VANGUARD GROUP INC ARGO INVESTMENTS LTD VANGUARD INVESTMENTS VONTOBEL ASSET MANAG BIRMAN JONE DIMENSIONAL FUND ADV NIKKO ASSET MANAGEME UNION INVESTMENT LUX FIRST TRUST HUMPHRY RICHARD GEOR MORGAN STANLEY

Firm Name Credit Suisse JPMorgan CIMB RBC Capital Markets Nomura Morgan Stanley Macquarie Commonwealth Bank Goldman Sachs EVA Dimensions Deutsche Bank Moelis & Company

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

Analyst BRADLEY CLIBBORN ANTHONY PASSE-DE SILVA ANDREW HODGE HEATH ANDREWS SIMON THACKRAY NICHOLAS ROBISON JOHN PURTELL BEN BROWNETTE NATHAN REILLY CRAIG STERLING CRAIG WONGPAN SIMON FITZGERALD

Source EXCH ULT-AGG EXCH EXCH MF-AGG ULT-AGG EXCH RNS-RUL8 RNS-RUL8 MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG ULT-AGG MF-AGG ULT-AGG EXCH ULT-AGG

Recommendation outperform neutral neutral underperform reduce Underwt/In-Line underperform neutral neutral/attractive hold hold hold

Amt Held 8'656'117 8'397'126 8'236'748 7'786'112 4'467'000 4'082'402 3'468'950 3'354'176 2'891'041 1'782'083 1'513'242 1'202'974 461'044 323'012 311'522 300'000 300'000 261'274 185'805 181'100

% Out 5.2 5.05 4.95 4.68 2.69 2.45 2.09 2.02 1.74 1.07 0.91 0.72 0.28 0.19 0.19 0.18 0.18 0.16 0.11 0.11

Weighting

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

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

Latest Chg (22'185) (867'487) (7'251'335) (471'000) (14'682) 45'375 15'700 (52'904) 33'846 68'779 (100'000) 4'356 280 (8'300)

Target Price 13 11 11 10 11 11 11 13 13 #N/A N/A 12 12

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

File Dt Inst Type 16.01.2013 Investment Advisor 25.02.2013 Investment Advisor 05.05.2011 Bank 22.05.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 14.08.2012 n/a 15.11.2011 Investment Advisor 01.12.2011 Investment Advisor 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor 30.09.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 30.06.2011 n/a 31.07.2012 Investment Advisor 18.11.2011 Unclassified 28.09.2012 Investment Advisor 25.02.2013 Investment Advisor 14.02.2013 n/a 31.12.2012 Investment Advisor

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

Date 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 10.02.2013 08.02.2013 30.01.2013 18.01.2013 17.01.2013 15.01.2013 16.08.2012

27.02.2013

IOOF Holdings Ltd IOOF Holdings Limited is a financial services company operating in Australia. The Company's services include personal superannuation, allocated pension services, employee superannuation retirement services and investment services.

Price/Volume 9

25.0 M

8 20.0 M

7 6

15.0 M

5 4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.02.2013) 52-Week Low (08.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IFL AT EQUITY YTD Change IFL AT EQUITY YTD % CHANGE

06/2012 01/yy 8.58 5.02 328'223.00 8.06 -6.06% 60.56% 85.39% 232.1 1'870.66 56.79 0.0 14.9 113.34 1'828.98

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

5.0 M

1 0 f-12

30.06.2009 30.06.2010 277.6 697.4 1.49x 1.83x 29.7 122.1 13.92x 10.46x 13.9 77.4 28.56x 17.77x Profitability

30.06.2011 727.9 1.91x 165.2 8.44x 99.5 15.31x

30.06.2012 677.3 2.01x 123.2 11.06x 19.4 72.02x 123.20 14.21% 15.36% 0.97% 2.28% 2.21% 0.34% 18.2% 2.9% 2.95% 6.99% -

Price/ Cash Flow

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

4.59 1.18 207.66 48.39% 11.79% 1.177 13 3.000 659'373 590'288 597'685 FY+2

06/13 Y 06/14 Y 350.1 379.9 5.33x 4.86x 148.7 169.4 12.30x 10.80x 104.5 119.3 17.30x 15.41x S&P Issuer Ratings

FQ+1

FQ+2

-0.46 0.46 7.0% 6.4% 0.34 51.25 -

Sales/Revenue/Turnover

45.00

800.0

40.00

700.0

35.00

600.0

30.00

500.0

25.00

400.0

20.00

300.0

15.00

200.0

10.00

100.0

5.00 0.00 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 403.0 18.5 23.3 14.91x

10.0 M

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 |

27.02.2013

IOOF Holdings Ltd Holdings By:

All

Holder Name TRUST CO FIDUCIARY S VINVA INVESTMENT MGM BANK OF AMERICA CORP BANK OF NEW YORK MEL KELAHER CHRISTOPHER GRIFFITHS IAN GREGOR AMP LIFE LTD VANGUARD GROUP INC DIMENSIONAL FUND ADV VANGUARD INVESTMENTS QIC LTD DAVID VAUTIN PTY LTD ABERDEEN BLACKROCK LUJETA PTY LTD STEELE STUART J HARVEY MICHAEL KENNE EIM CAPITAL MANAGERS GLOBAL X MANAGEMENT STATE STREET

Firm Name JPMorgan Macquarie Goldman Sachs Credit Suisse Commonwealth Bank Nomura Deutsche Bank Bell Potter EVA Dimensions Moelis & Company E.L. & C. Baillieu

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

Analyst ISMAR TUZOVIC ADAM SIMPSON RYAN FISHER DAVID BAILEY NAVEEN PATNEY ANTHONY HOO JENNIFER KRUK LAFITANI SOTIRIOU AUSTIN BURKETT ADAM S MICHELL NICK CALEY

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

Recommendation underweight outperform neutral/neutral neutral underweight neutral buy hold underweight hold hold

Amt Held 27'834'878 11'811'911 11'578'677 7'406'012 4'533'943 3'212'519 2'241'874 1'991'312 1'361'746 1'166'280 1'056'049 961'248 763'250 614'848 500'000 482'000 480'000 434'564 417'621 395'737

% Out 11.99 5.09 4.99 3.19 1.95 1.38 0.97 0.86 0.59 0.5 0.46 0.41 0.33 0.26 0.22 0.21 0.21 0.19 0.18 0.17

Weighting

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

M M M M M M U M M M M

Latest Chg (9'704'977) 158'312 (95'000) 30'281 115'218 (35'600) (123) 110'250 -

Target Price 7 9 8 9 8 8 9 8 #N/A N/A 7 6

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

File Dt Inst Type 26.09.2012 Investment Advisor 21.12.2012 Investment Advisor 13.08.2012 Investment Advisor 25.02.2013 Investment Advisor 25.02.2013 n/a 05.10.2012 n/a 26.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 26.09.2012 Investment Advisor 26.09.2012 n/a 31.01.2013 Unclassified 25.02.2013 Investment Advisor 26.09.2012 Corporation 26.09.2012 n/a 26.09.2012 n/a 31.01.2013 Investment Advisor 28.01.2013 Investment Advisor 25.02.2013 Investment Advisor

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

Date 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 30.01.2013 21.01.2013 17.01.2013 13.12.2012 27.09.2012

27.02.2013

Beach Energy Ltd Beach Energy Limited explores for, develops, and produces oil and natural gas. The Company holds interests in exploration and production tenements in Australia, USA, Egypt, Tanzania and Papua New Guinea.

Price/Volume 2 2 1 1 1 1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 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 BPT AT EQUITY YTD Change BPT AT EQUITY YTD % CHANGE

06/2012 01/yy 1.76 0.88 4'764'308.00 1.365 -22.36% 55.11% 56.38% 1'263.7 1'724.92 113.38 0.0 0.0 378.51 1'459.79

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

0 0 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 564.4 2.18x 265.7 4.63x 63.7 18.82x

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

30.06.2009 30.06.2010 581.4 487.5 1.08x 1.20x 241.3 158.2 2.60x 3.70x 260.4 33.4 3.13x 22.33x Profitability

30.06.2011 496.4 1.70x 110.7 7.60x (96.8) -

30.06.2012 618.6 1.48x 278.2 3.29x 165.1 6.51x 278.16 169.48 27.40% 30.36% 8.84% 11.47% 11.73% 0.33% 31.9% 27.4% 26.7% 4.42 3.68 5.28% 7.03% 9.02 6.43

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.64 1.25 1'124.98 -15.80% -7.77% 1.255 13 3.385 11'675'790 8'703'661 6'947'218 FY+2

06/13 Y 06/14 Y 724.8 764.6 2.10x 2.00x 323.8 358.6 4.51x 4.07x 125.5 146.5 13.79x 11.97x S&P Issuer Ratings

FQ+1

FQ+2

20.97 0.65 7.0% 6.6% 0.33 0.53 40.59 56.95 95.65 1.89

Sales/Revenue/Turnover

12.00

700.0

10.00

600.0 500.0

8.00

400.0 6.00

300.0

4.00

200.0

2.00

100.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

27.02.2013

Beach Energy Ltd Holdings By:

All

Holder Name ELLERSTON CAPITAL LT UBS BANK OF AMERICA CORP AMP LTD CREDIT SUISSE AG NATIONAL AUSTRALIA B NORGES BANK T ROWE PRICE ASSOCIA DIMENSIONAL FUND ADV FMR LLC WESTOZ FUNDS MANAGEM VANGUARD GROUP INC VANGUARD INVESTMENTS NELSON REGINALD GEOR JP MORGAN PRUDENTIAL FINANCIAL THRIVENT FINANCIAL F JP MORGAN INVESTMENT JF ASSET MANAGEMENT VANTAGEPOINT INVESTM

Firm Name RBC Capital Markets JPMorgan Macquarie Wilson HTM Investment Group Commonwealth Bank GMP Morgan Stanley Goldman Sachs EVA Dimensions Evans & Partners Pty Ltd Canaccord Genuity Corp Intersuisse Ltd

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

Analyst ANDREW WILLIAMS BENJAMIN X. WILSON KIRIT HIRA JOHN YOUNG LUKE SMITH SCOTT SIMPSON STUART BAKER MARK WISEMAN CRAIG STERLING MICHAEL HAWKINS IAN OOI NICK WIRUBOV

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

Recommendation outperform underweight outperform hold neutral buy Equalwt/Attractive Buy/Neutral buy Positive hold buy

Amt Held 80'217'554 68'115'162 64'568'387 63'244'748 62'103'394 55'728'397 51'121'710 36'146'922 31'085'167 16'371'755 14'612'210 13'177'937 6'765'528 4'983'927 4'470'400 4'350'475 3'967'047 3'082'500 2'117'000 1'909'900

% Out 6.35 5.39 5.11 5 4.91 4.41 4.05 2.86 2.46 1.3 1.16 1.04 0.54 0.39 0.35 0.34 0.31 0.24 0.17 0.15

Weighting

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

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

Latest Chg 15'252'338 135'185 (9'115'931) (19'284'254) (3'567'136) 21'325 227'860 390'313 33'000 (888'839) 1'553'575 2'117'000 -

Target Price 2 2 2 1 2 2 1 2 #N/A N/A #N/A N/A #N/A N/A 1

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

File Dt 23.11.2012 22.02.2013 30.03.2012 05.12.2012 02.04.2012 20.02.2013 31.08.2012 31.12.2012 31.07.2012 31.10.2012 30.06.2011 31.12.2012 30.09.2012 21.12.2012 31.12.2012 31.12.2012 31.10.2012 30.06.2012 30.09.2011 31.12.2012

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

Inst Type Corporation Unclassified Investment Advisor Insurance Company Investment Advisor Bank Government Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager n/a Unclassified Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 22.02.2013 19.07.2012 21.02.2012 27.10.2010

27.02.2013

Perpetual Ltd Perpetual Limited is a financial services company that has two primary activities, wealth management services and corporate trust services. The Company provides funds management, responsible entity services, trustee services, executor services, financial planning, investment administration, superannuation, custody and registry services.

Price/Volume 45

.8 M

.7 M

.6 M

.5 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 PPT AT EQUITY YTD Change PPT AT EQUITY YTD % CHANGE

06/2012 01/yy 41.80 21.02 74'949.00 39.46 -5.60% 87.73% 91.34% 42.0 1'656.56 156.42 0.0 12.3 153.06 1'672.18

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

.3 M

15 10

.2 M

.1 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 30.06.2008 647.5 2.89x 198.5 9.44x 128.8 12.98x

.4 M

Valuation Analysis

30.06.2009 30.06.2010 475.9 509.9 2.82x 2.50x 48.7 132.5 27.52x 9.63x 37.7 90.5 29.74x 12.44x Profitability

30.06.2011 478.1 2.30x 150.3 7.32x 62.0 17.05x

30.06.2012 391.5 2.50x 138.3 7.06x 26.7 36.41x 138.32 27.38% 8.87% 1.86% 8.41% 4.57% 0.27% 35.3% 6.8% 12.49% 58.32% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.28 1.15 39.51 67.53% 13.59% 1.153 14 2.429 122'975 147'737 130'015 FY+2

06/13 Y 06/14 Y 371.1 388.2 4.14x 3.84x 125.7 157.6 13.30x 10.61x 72.6 96.8 22.02x 17.11x S&P Issuer Ratings

.0 M f-13

FQ+1

FQ+2

0.02 1.13 58.3% 35.8% 0.27 17.03 -

Sales/Revenue/Turnover

25.00

700.0 600.0

20.00

500.0 15.00

400.0 300.0

10.00

200.0 5.00

0.00 03.07.2009

100.0 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 |

27.02.2013

Perpetual Ltd Holdings By:

All

Holder Name UBS VINVA INVESTMENT MGM AUSTRALIAN FOUNDATIO VANGUARD GROUP INC ARGO INVESTMENTS LTD VANGUARD INVESTMENTS MIRRABOOKA INVESTMEN DJERRIWARRH INVESTME DEVERALL DAVID MICHA GLOBAL X MANAGEMENT LLOYD GEOFF BANK OF NEW YORK MEL HOLYMAN IVAN D BURROWS ROGER L BLACKROCK MACQUARIE GROUP LTD STATE STREET CHARLES SCHWAB INVES LEGAL & GENERAL CREDIT SUISSE ASSET

Firm Name CIMB Macquarie JPMorgan Commonwealth Bank Bell Potter Goldman Sachs EVA Dimensions Morgan Stanley Nomura Credit Suisse Deutsche Bank E.L. & C. Baillieu

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios 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 RICHARD COLES TIM LAWSON RUSSELL GILL ROSS CURRAN LAFITANI SOTIRIOU RYAN FISHER AUSTIN BURKETT ARVID STREIMANN ANTHONY HOO DAVID BAILEY KIEREN CHIDGEY NICK CALEY

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

Recommendation neutral neutral neutral underweight buy Sell/Neutral underweight Underwt/In-Line neutral neutral hold hold

Amt Held 2'197'722 2'129'135 636'000 433'321 350'880 217'204 147'000 139'000 130'331 101'209 66'748 65'393 59'771 47'983 44'974 43'636 36'637 19'946 17'773 15'356

% Out 5.24 5.07 1.51 1.03 0.84 0.52 0.35 0.33 0.31 0.24 0.16 0.16 0.14 0.11 0.11 0.1 0.09 0.05 0.04 0.04

Weighting

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

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

Latest Chg 6'808 (19'866) 26'460 (10'029) (15'077) (3'146) 1'397

Target Price 38 35 33 31 42 31 #N/A N/A 33 33 36 34 28

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

File Dt Inst Type 01.08.2012 Unclassified 03.01.2013 Investment Advisor 29.06.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor 23.02.2011 n/a 28.01.2013 Investment Advisor 19.11.2012 n/a 25.02.2013 Investment Advisor 06.07.2012 n/a 25.01.2013 n/a 25.02.2013 Investment Advisor 31.08.2011 Investment Advisor 25.02.2013 Investment Advisor 31.10.2012 Investment Advisor 28.12.2012 Unclassified 28.12.2012 Investment Advisor

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

Date 18.02.2013 08.02.2013 25.01.2013 25.01.2013 18.01.2013 17.01.2013 17.01.2013 11.01.2013 11.01.2013 08.01.2013 07.01.2013 30.08.2012

27.02.2013

Adelaide Brighton Ltd Adelaide Brighton Limited is an integrated construction materials and lime producing company that operates throughout Australia. The Company produces clinker, cement, ready mixed concrete products, lime products, fly ash and ground blast-furnace slag.

Price/Volume 4

14.0 M

12.0 M

10.0 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABC AT EQUITY YTD Change ABC AT EQUITY YTD % CHANGE

12/2012 01/yy 3.70 2.80 2'540'187.00 3.65 -1.35% 30.36% 94.44% 637.4 2'326.46 319.30 0.0 2.8 7.00 2'641.56

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

6.0 M

2 1

4.0 M

2.0 M

0 f-12

31.12.2009 31.12.2010 985.0 1'069.4 1.95x 2.10x 190.4 228.4 10.10x 9.84x 123.1 151.5 13.48x 13.81x Profitability

31.12.2011 1'096.8 1.91x 233.1 8.97x 148.4 12.40x

31.12.2012 1'173.2 1.96x 250.9 9.18x 154.2 12.89x 250.90 185.70 15.83% 17.83% 10.00% 15.74% 13.21% 0.76% 23.0% 21.4% 15.8% 13.1% 1.89 0.92 19.75% 31.76% 7.50 7.43

Price/ Cash Flow

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

4.52 0.94 442.88 27.23% 16.99% 0.943 16 3.438 3'281'092 2'237'278 2'342'257 FY+2

12/13 Y 12/14 Y 1'275.7 1'343.3 2.03x 1.90x 297.7 318.5 8.87x 8.29x 160.2 176.1 14.60x 13.27x S&P Issuer Ratings

FQ+1

FQ+2

11.78 6.12 1.24 1.27 31.8% 24.1% 0.76 1.34 48.82 49.29 34.42 65.16

Sales/Revenue/Turnover

14.00

1'400.0

12.00

1'200.0

10.00

1'000.0

8.00

800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 01.01.2010

m-12

Fiscal Year Ended 31.12.2008 1'018.3 1.52x 203.6 7.62x 120.8 9.46x

8.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.02.2013

Adelaide Brighton Ltd Holdings By:

All

Holder Name BARRO PROPERTIES PTY BARRO GROUP PTY LTD UBS PERPETUAL LTD AMP LTD NATIONAL AUSTRALIA B INVESCO LTD ARGO INVESTMENTS LTD VANGUARD GROUP INC UCA FUNDS MANAGEMENT VANGUARD INVESTMENTS MACQUARIE GROUP LTD DIMENSIONAL FUND ADV BLACKROCK MILTON CORP LTD SCHRODER INVESTMENT ABERDEEN SUMITOMO MITSUI ASSE FIRST TRUST STATE STREET

Firm Name EVA Dimensions Macquarie Bell Potter Deutsche Bank Goldman Sachs Credit Suisse JPMorgan CIMB Commonwealth Bank Nomura Moelis & Company Evans & Partners Pty Ltd Intersuisse Ltd

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

Analyst CRAIG STERLING LIAM FARLOW JONATHAN SNAPE EMILY BEHNCKE MATTHEW MCNEE ANDREW PEROS JASON HARLEY STEED ANDREW G SCOTT MICHAEL WARD SIMON THACKRAY TODD W GUYOT TONY WILSON PETER RUSSELL

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

Recommendation hold outperform hold buy neutral/neutral underperform overweight neutral neutral buy hold Positive buy

Amt Held 149'350'452 42'744'804 33'413'355 31'683'961 31'537'030 29'379'493 6'400'080 6'053'103 5'206'317 4'794'980 3'524'767 2'980'617 2'615'841 2'589'880 1'863'440 1'850'423 1'138'700 920'000 742'261 633'986

% Out 23.43 6.71 5.24 4.97 4.95 4.61 1 0.95 0.82 0.75 0.55 0.47 0.41 0.41 0.29 0.29 0.18 0.14 0.12 0.1

Weighting

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

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

Latest Chg 5'200'000 (836'478) (801'711) (2'662'769) (75'152) 70'091 54'188 199'794 39'643 1'609 (34'943) 11'980 -

Target Price #N/A N/A 4 3 4 4 3 3 4 3 4 3 #N/A N/A 4

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

File Dt Inst Type 17.08.2012 Corporation 07.06.2012 Corporation 11.01.2012 Unclassified 06.07.2011 Investment Advisor 01.11.2011 Insurance Company 14.06.2012 Bank 26.02.2013 Investment Advisor 29.03.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 30.09.2012 Mutual Fund Manager 31.08.2011 Investment Advisor 31.07.2012 Investment Advisor 25.02.2013 Investment Advisor 29.03.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 14.08.2012 Investment Advisor 26.02.2013 Investment Advisor 25.02.2013 Investment Advisor

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

Date 26.02.2013 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 23.08.2012 10.11.2010

27.02.2013

Myer Holdings Ltd Myer Holdings Ltd. operates department stores. The Company retails womens wear, mens wear, youth fashion, childrens wear, intimate apparel, beauty, fragrance and cosmetics, housewares, electrical goods, toys, fashion accessories, and general merchandise.

Price/Volume 3

35.0 M

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 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 30.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MYR AT EQUITY YTD Change MYR AT EQUITY YTD % CHANGE

07/2012 01/yy 2.82 1.53 5'999'953.00 2.71 -3.90% 77.70% 93.05% 583.4 1'580.97 421.19 0.0 9.3 38.06 1'973.45

15.0 M

10.0 M

5.0 M

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 31.07.2008 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

Valuation Analysis

31.07.2009 31.07.2010 2'798.9 2'825.0 0.82x 240.1 262.5 8.83x 108.7 67.2 28.05x Profitability

31.07.2011 2'666.8 0.65x 305.3 5.69x 159.7 8.43x

31.07.2012 2'612.7 0.54x 298.2 4.72x 139.4 7.28x 298.20 210.08 8.04% 7.84% 7.16% 16.19% 12.76% 1.34% 43.9% 8.0% 5.3% 0.88 0.09 21.96% 48.51% 548.25 3.82

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

7.01 1.00 536.91 31.16% 25.46% 0.996 16 3.438 5'044'828 5'306'670 4'889'591 FY+2

07/13 Y 07/14 Y 3'067.9 3'112.4 0.64x 0.62x 308.9 309.9 6.39x 6.37x 131.4 132.4 12.04x 12.15x S&P Issuer Ratings

FQ+1

FQ+2

8.74 7.31 48.5% 32.4% 1.34 4.97 0.66 95.31 50.59 45.39

Sales/Revenue/Turnover

9.00

3'000.0

8.00

2'500.0

7.00

2'000.0

6.00 5.00

1'500.0

4.00

1'000.0

3.00 2.00

500.0

1.00 0.00 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 |

27.02.2013

Myer Holdings Ltd Holdings By:

All

Holder Name UBS HARRIS ASSOCIATES LP COMMONWEALTH BANK OF DEUTSCHE BANK AG MACQUARIE GROUP LTD CAPITAL GROUP COMPAN NATIONAL AUSTRALIA B SCHRODER INVESTMENT WESTPAC BANKING CORP HARRIS ASSOCIATES LP BROOKES BERNIE VANGUARD GROUP INC DIMENSIONAL FUND ADV VANGUARD INVESTMENTS AXA ROSENBERG INTL BLACKROCK ALLIANCE BERNSTEIN MCDONALD HOWARD JOHN PRUDENTIAL FINANCIAL SCHRODERS ASIA LIMIT

Firm Name Credit Suisse Nomura Deutsche Bank Morgan Stanley EVA Dimensions CIMB Macquarie Evans & Partners Pty Ltd Commonwealth Bank Goldman Sachs JPMorgan Octa Phillip Securities Ltd

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

Analyst GRANT SALIGARI NICK BERRY MICHAEL SIMOTAS THOMAS KIERATH CRAIG STERLING DANIEL BROEREN ROB BLYTHE TONY WILSON ANDREW MCLENNAN PHILLIP KIMBER SHAUN COUSINS KEN WAGNER

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

Recommendation outperform buy hold Overwt/In-Line hold outperform neutral Positive neutral neutral/cautious underweight buy

Amt Held 48'646'227 35'222'064 33'327'494 31'127'388 30'171'356 29'640'126 29'117'935 27'445'035 27'354'768 19'376'000 10'004'399 8'764'531 4'645'525 4'281'489 3'004'300 2'647'816 2'485'577 2'074'390 1'980'729 1'714'850

% Out 8.34 6.04 5.71 5.34 5.17 5.08 4.99 4.7 4.69 3.32 1.71 1.5 0.8 0.73 0.51 0.45 0.43 0.36 0.34 0.29

Weighting

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

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

Latest Chg 13'838'451 (6'456'439) (7'257'316) (2'915'357) (8'455'144) (6'393'996) (680'500) (750'023) 276'917 832'700 12'900 416'780 512'129 -

Target Price 3 3 3 3 #N/A N/A 2 2 #N/A N/A 2 2 2 2

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

File Dt Inst Type 31.01.2013 Unclassified 01.10.2012 Investment Advisor 08.02.2013 Bank 22.11.2012 Investment Advisor 06.02.2012 Investment Advisor 13.05.2011 Investment Advisor 11.02.2013 Bank 23.09.2011 Investment Advisor 30.04.2012 Bank 31.12.2012 Investment Advisor 10.10.2012 n/a 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 10.10.2012 n/a 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor

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

Date 25.02.2013 14.02.2013 07.02.2013 05.02.2013 25.01.2013 21.01.2013 14.12.2012 13.12.2012 29.11.2012 15.11.2012 15.11.2012 15.11.2012

27.02.2013

Aurora Oil & Gas Ltd Aurora Oil & Gas Limited is an Australian Stock Exchange listed (ASX: AUT) and Toronto Stock Exchange listed company (TSX: AEF) focussed on oil and gas exploration and production in North America.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.05.2012) 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 AUT AT EQUITY YTD Change AUT AT EQUITY YTD % CHANGE

12/2011 09/yy 4.26 2.84 848'554.00 3.66 -14.08% 28.87% 56.34% 447.9 1'639.26 30.00 0.0 0.0 70.25 1'887.22

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

9.0 M

8.0 M

7.0 M

6.0 M

3 2

5.0 M 4.0 M

3.0 M

2.0 M

1.0 M

0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 30.06.2007 0.7 90.23x (3.5) (1.7) -

30.06.2008 30.06.2009 1.1 0.9 47.96x 15.10x (8.9) (6.9) (9.1) (13.4) Profitability

LTM-4Q 30.06.2010 0.3 545.32x (2.1) (2.7) -

31.12.2011 75.1 18.53x 35.0 39.71x 30.6 46.41x 35.03 30.66 40.84% 42.92% 5.87% 9.93% 0.26% 48.4% 39.5% 40.7% 1.15 1.15 7.88% 10.91% 4.30 -

Price/ Cash Flow

09/yy 47.5 74.33x 23.1 0.00x 26.1 0.00x

LTM 09/yy 210.2 30.55x 107.9 17.54x 39.6 40.51x

FY+1

.0 M f-13

0.00 1.21 414.67 10.57% 0.83% 1.208 15 3.333 1'686'280 1'418'555 1'353'338 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 291.3 630.5 115.0 139.0 6.86x 3.30x 17.21x 14.33x 158.9 352.4 66.9 82.4 11.88x 5.36x 6.00x 5.56x 60.9 150.3 23.2 30.7 27.02x 11.84x 13.81x 11.84x S&P Issuer Ratings

25.01.2012 B STABLE 257.57 -306.70 1.22 2.88 10.9% 9.8% 0.26 0.33 85.12 -

Sales/Revenue/Turnover

1'000.00

80.0

900.00

70.0

800.00

60.0

700.00

50.0

600.00 500.00

40.0

400.00

30.0

300.00

20.0

200.00

10.0

100.00 0.00 04.07.2008 04.01.2009 04.07.2009 04.01.2010 04.07.2010 04.01.2011 04.07.2011 04.01.2012 04.07.2012 04.01.2013

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 |

27.02.2013

Aurora Oil & Gas Ltd Holdings By:

All

Holder Name CI INVESTMENTS INC JP MORGAN HARBOUR ADVISORS AUSBIL DEXIA LIMITED MACQUARIE GROUP LTD STEWART JONATHAN KIN JP MORGAN INVESTMENT SCHOCH PETER GRENVIL VANGUARD GROUP INC WESTOZ FUNDS MANAGEM MANULIFE ASSET MANAG VANGUARD INVESTMENTS DOWLAND GRAHAM ROCHF SCOTIA ASSET MANAGEM FIRST CANADIAN MUTUA DIMENSIONAL FUND ADV MOLSON FREDERICK WIL BLACKROCK UNION INVESTMENT LUX LUSTED IAN LINCOLN

Firm Name RBC Capital Markets CIBC World Markets GMP Credit Suisse Macquarie Deutsche Bank JPMorgan Commonwealth Bank TD Securities Morgan Stanley EVA Dimensions Hartleys

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

Analyst ANDREW WILLIAMS ADAM GILL STACEY MCDONALD JAMES REDFERN KIRIT HIRA JOHN HIRJEE DANIEL BUTCHER LUKE SMITH MENNO HULSHOF STUART BAKER CRAIG STERLING DAVID WALL

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

Recommendation outperform sector outperform buy outperform neutral buy underweight overweight buy Underwt/Attractive underweight reduce

Amt Held 42'000'000 40'872'440 35'300'000 21'487'530 20'849'317 19'746'321 11'015'158 5'996'554 4'211'412 3'000'000 2'603'834 2'255'821 2'203'828 2'093'500 1'726'700 1'572'486 1'512'390 1'498'206 1'450'000 1'421'950

% Out 9.38 9.13 7.88 4.8 4.66 4.41 2.46 1.34 0.94 0.67 0.58 0.5 0.49 0.47 0.39 0.35 0.34 0.33 0.32 0.32

Weighting

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

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

Latest Chg 3'500'000 44'000 900'000 44'493 (62'200) 149'532 100'000 (75'800) (48'533)

Target Price 5 5 5 4 4 4 4 4 5 3 #N/A N/A 2

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

File Dt Inst Type 30.06.2012 Investment Advisor 31.10.2012 Unclassified 23.03.2012 Other 17.05.2012 Investment Advisor 18.10.2011 Investment Advisor 20.08.2012 n/a 30.06.2012 Mutual Fund Manager 05.12.2012 n/a 31.12.2012 Investment Advisor 30.06.2011 Mutual Fund Manager 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 29.05.2012 n/a 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 31.07.2012 Investment Advisor 28.06.2012 n/a 25.02.2013 Investment Advisor 28.09.2012 Investment Advisor 15.08.2012 n/a

Date 12 month 18 month Not Provided Not Provided 12 month 12 month 9 month 12 month 12 month 12 month Not Provided Not Provided

Date 27.02.2013 26.02.2013 22.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 21.01.2013 15.01.2013 21.03.2012

27.02.2013

Arrium Ltd Arrium Limited is an international mining and materials company .The Company's activities include Mining, Mining Consumables, and Steel & Recycling. Arrium produces iron ore and grinding media for the resource sector as well as recycles, manufactures, and distributes steel.

Price/Volume 1

180.0 M

160.0 M 140.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.05.2012) 52-Week Low (13.09.2012) 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 ARI AT EQUITY YTD Change ARI AT EQUITY YTD % CHANGE

06/2012 01/yy 1.38 0.50 7'280'957.00 1.19 -13.45% 138.00% 81.14% 1'351.5 1'608.32 2'411.40 0.0 61.8 268.10 3'765.32

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

100.0 M

80.0 M 60.0 M

40.0 M

20.0 M

0 f-12 m-12

30.06.2009 30.06.2010 7'241.5 6'204.6 0.65x 0.80x 687.8 603.4 6.83x 8.25x 229.5 258.4 12.18x 15.27x Profitability

30.06.2011 6'892.4 0.62x 618.0 6.88x 230.3 10.18x

30.06.2012 7'455.0 0.45x 545.0 6.17x 57.7 5.53x 545.00 324.20 4.35% 2.61% -3.71% -7.64% 0.83% 16.2% 0.9% -2.5% 0.8% 1.87 0.80 27.00% 54.33% 9.09 3.92

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

FY+1 -

4.20 1.89 1'183.89 17.25% 30.77% 1.887 12 3.500 11'444'190 9'120'302 8'032'045 FY+2

06/13 Y 06/14 Y 7'344.9 7'953.0 0.51x 0.45x 619.6 786.9 6.08x 4.79x 167.6 264.8 9.52x 6.04x S&P Issuer Ratings

FQ+1

FQ+2

4.24 1.12 33.77 38.88 54.3% 34.9% 0.83 2.43 40.27 93.27 57.07 79.50

Sales/Revenue/Turnover

9.00

8'000.0

8.00

7'000.0

7.00

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 03.07.2009

a-12 m-12

Fiscal Year Ended 30.06.2008 7'434.3 1.15x 810.3 10.52x 244.9 21.35x

120.0 M

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 |

27.02.2013

Arrium Ltd Holdings By:

All

Holder Name GOVT OF SINGAPORE IN AXA COMMONWEALTH BANK OF DIMENSIONAL FUND ADV IOOF HOLDINGS LTD DIMENSIONAL FUND ADV VANGUARD GROUP INC VANGUARD INVESTMENTS AXA ROSENBERG INTL PRUDENTIAL FINANCIAL ARGO INVESTMENTS LTD GRANTHAM MAYO VAN OT LEGAL & GENERAL PLUMMER GEOFFREY JOH MACQUARIE GROUP LTD BLACKROCK ALLIANCE BERNSTEIN WELLS FARGO JOHN HANCOCK INVESTM TD ASSET MANAGEMENT

Firm Name Macquarie Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse Commonwealth Bank EVA Dimensions VTB Capital JPMorgan

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

Analyst LIAM FARLOW EMILY BEHNCKE PHILIP BARE ANDREW GIBSON MICHAEL SLIFIRSKI TOMAS VASQUEZ CRAIG STERLING WIKTOR BIELSKI BENJAMIN X. WILSON

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

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

Amt Held 95'706'659 79'546'168 65'937'668 65'176'355 62'876'144 20'866'735 14'674'411 9'315'235 7'558'592 7'274'009 6'079'109 5'901'870 5'761'705 3'683'868 3'048'956 2'698'525 2'580'889 2'467'249 2'272'737 1'708'314

% Out 7.08 5.89 4.88 4.82 4.65 1.54 1.09 0.69 0.56 0.54 0.45 0.44 0.43 0.27 0.23 0.2 0.19 0.18 0.17 0.13

Weighting

Change 5 3 5 5 3 3 3 3 5

M M M M M U M M M

Latest Chg 14'167'150 (13'621'870) (2'342'808) (4'730'313) (5'372) 530'536 5'700'163 (176'200) (155'367) 47'244 (227'755) (618) 517'710 2'130 38'163 421'482

Target Price 2 1 1 1 1 1 #N/A N/A 1 2

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

File Dt Inst Type 01.11.2012 Government 19.09.2012 Investment Advisor 12.01.2011 Bank 24.10.2012 Investment Advisor 22.02.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor 31.05.2012 Investment Advisor 28.12.2012 Unclassified 30.06.2011 n/a 31.08.2011 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Mutual Fund Manager 31.12.2011 Investment Advisor

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

Date 21.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 17.01.2013 15.10.2012 17.07.2012

27.02.2013

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 3

12.0 M

12/2012 01/yy 2.55 1.33 3'757'219.00 2.41 -5.49% 81.20% 87.70% 1'113.7 2'684.03 291.40 0.0 0.4 273.90 -

Price/ Cash Flow

8.0 M 6.0 M

4.0 M 1

2.0 M

0 f-12

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 Profitability

31.12.2011 686.1 1.66x 186.2 6.13x 34.0 -

31.12.2012

a-12 m-12

LTM-4Q

LTM

01/yy

99.7 186.20 18.54% 7.99% 4.20% 9.09% 6.97% 0.42% 23.0% 5.0% 17.24% 37.03% -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

FY+1 -

.0 M f-13

1.23 36.28% 17.56% 1.235 10 4.300 2'317'486 3'682'191 3'317'809 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/11 Q4 03/12 Q1 469.2 501.5 3.75x 3.39x 176.8 193.2 131.8 148.0 13.07x 11.74x S&P Issuer Ratings

0.23 0.96 37.0% 27.0% 0.42 33.53 -

Sales/Revenue/Turnover

1.20

6'000.0

1.00

5'000.0

0.80

4'000.0

0.60

m-12

Fiscal Year Ended

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (11.02.2013) 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 AT EQUITY YTD Change HGG AT EQUITY YTD % CHANGE

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

14.0 M

Valuation Analysis

31.12.2008 340.7 1.34x 95.0 4.79x (20.9) -

16.0 M

3'000.0 2'000.0

0.40

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 |

27.02.2013

Henderson Group PLC Holdings By:

All

Holder Name PERPETUAL LTD AMP LTD JCP INVESTMENT PARTN SUNCORP METWAY INVES WESTPAC BANKING CORP MACQUARIE GROUP LTD UBS FORMICA ANDREW JAMES VANGUARD INVESTMENTS JACOB DAVID JOSEPH GARROOD SHIRLEY JILL UBS FUND MANAGEMENT DARKINS JAMES LEGAL & GENERAL ALLIANCE BERNSTEIN BPER INTERNATIONAL S WILSON HTM INVESTMEN ING INVESTMENT MANAG BLACKROCK INKA-INTERNATIONALE

Firm Name Macquarie E.L. & C. Baillieu Goldman Sachs Commonwealth Bank Credit Suisse Nomura Evans & Partners Pty Ltd JPMorgan Deutsche Bank

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

Analyst NEIL WELCH NICOLAS BURGESS RYAN FISHER NAVEEN PATNEY DAVID BAILEY ANTHONY HOO GEORGE GABRIEL ISMAR TUZOVIC KIEREN CHIDGEY

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

Recommendation neutral buy Buy/Neutral neutral outperform neutral Positive overweight not rated

Amt Held 119'924'360 43'834'201 42'994'663 37'811'932 36'487'919 8'785'317 7'738'178 4'546'427 3'419'930 3'257'294 964'890 764'904 554'371 472'684 457'500 230'845 220'000 190'140 160'442 82'840

% Out 10.77 3.94 3.86 3.4 3.28 0.79 0.69 0.41 0.31 0.29 0.09 0.07 0.05 0.04 0.04 0.02 0.02 0.02 0.01 0.01

Weighting

Change

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

M M M M M M N M M

Latest Chg (12'249'753) (10'678'914) (2'181'981) (659'908) 344'626 (40) (16'391) 82'005 (26'571)

Target Price 2 3 2 2 2 2 #N/A N/A 2 #N/A N/A

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

File Dt Inst Type 07.12.2012 Investment Advisor 26.10.2012 Insurance Company 01.02.2012 Investment Advisor 01.03.2011 Bank 25.01.2013 Bank 31.08.2011 Investment Advisor 31.10.2012 Unclassified 31.10.2012 n/a 30.09.2012 Mutual Fund Manager 12.12.2012 n/a 28.02.2012 n/a 31.10.2012 Investment Advisor 12.12.2012 n/a 31.01.2013 Unclassified 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.01.2013 Mutual Fund Manager

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

Date 19.02.2013 21.01.2013 17.01.2013 15.01.2013 13.01.2013 11.01.2013 22.11.2012 15.08.2012 07.12.2010

27.02.2013

Super Retail Group Ltd Super Retail Group Ltd. operates a chain of retail stores throughout Australia. The Stores sells a wide range of automotive parts and accessories, tools, camping products, gardening and outdoor equipment and boating equipment throughout Australia and New Zealand.

Price/Volume 12

3.5 M

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (12.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SUL AT EQUITY YTD Change SUL AT EQUITY YTD % CHANGE

06/2012 01/yy 11.48 6.72 717'042.00 11.11 -3.22% 65.33% 90.97% 196.4 2'182.37 388.02 0.0 0.0 47.04 2'427.01

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

1.5 M

1.0 M

2 0 f-12

.5 M 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 30.06.2008 715.4 0.52x 64.3 5.80x 25.8 9.83x

2.0 M

Valuation Analysis

30.06.2009 30.06.2010 828.8 938.0 0.61x 0.82x 71.5 88.7 7.12x 8.66x 32.1 38.1 12.25x 15.88x Profitability

30.06.2011 1'092.3 0.89x 107.9 9.00x 55.6 16.01x

30.06.2012 1'654.1 1.06x 176.1 9.95x 83.5 15.60x 176.09 140.68 8.51% 7.26% 7.45% 15.95% 1.32% 43.9% 9.2% 5.0% 2.17 0.29 28.01% 56.33% 72.94 2.41

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.86 136.43 63.76% 13.57% 0.864 18 3.889 702'807 384'698 373'712 FY+2

06/13 Y 06/14 Y 2'037.9 2'225.4 1.24x 1.13x 242.3 273.6 10.02x 8.87x 123.1 141.8 17.89x 15.56x S&P Issuer Ratings

FQ+1

FQ+2

7.88 5.18 56.3% 36.0% 1.32 11.87 4.99 150.82 83.07 105.60

Sales/Revenue/Turnover

25.00

1'800.0 1'600.0

20.00

1'400.0 1'200.0

15.00

1'000.0 800.0

10.00

600.0 400.0

5.00

200.0 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

27.02.2013

Super Retail Group Ltd Holdings By:

All

Holder Name ROWE REGINALD ALLEN BENNELONG FUNDS MANA NATIONAL AUSTRALIA B AMP LTD BIRTLES PETER ALAN DIMENSIONAL FUND ADV VANGUARD GROUP INC VONTOBEL ASSET MANAG AMP LIFE LTD GEOMAR SUPERANNUATIO VANGUARD INVESTMENTS THORN BOB E QUEENSLAND INVESTMEN MACQUARIE GROUP LTD GRANDEUR PEAK GLOBAL BLACKROCK BARING ASSET MANAGEM FMR LLC BANK OF NEW YORK MEL MUNDER CAPITAL MANAG

Firm Name EVA Dimensions Macquarie Ord Minnett Wilson HTM Investment Group Moelis & Company RBS Morgans Octa Phillip Securities Ltd Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse Commonwealth Bank Nomura Bell Potter Shaw Stockbroking Evans & Partners Pty Ltd

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

Analyst CRAIG STERLING ADAM SIMPSON PARESH PATEL JACQUELINE FERNLEY TODD W GUYOT JOSEPHINE LITTLE KEN WAGNER JENNIFER KRUK CHRIS NICOL GEORGE BATSAKIS GRANT SALIGARI JORDAN ROGERS DAVID COOKE SAM HADDAD DANNY YOUNIS TONY WILSON

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

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

Amt Held 56'954'670 15'296'165 11'040'485 9'831'078 1'942'596 1'416'034 1'412'651 1'100'994 1'026'412 964'761 681'179 648'368 626'403 501'775 392'605 289'503 223'673 175'457 149'382 144'152

% Out 28.99 7.79 5.62 5 0.99 0.72 0.72 0.56 0.52 0.49 0.35 0.33 0.32 0.26 0.2 0.15 0.11 0.09 0.08 0.07

Weighting

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

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

Latest Chg 2'046'106 1'355'186 (1'377'404) 50'000 14'897 (5'762) 198'387 22'500 (191'016) (755)

Target Price #N/A N/A 12 11 12 13 12 13 10 13 11 10 10 11 12 #N/A N/A #N/A N/A

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

File Dt Inst Type 30.06.2012 n/a 22.12.2011 Investment Advisor 06.08.2012 Bank 14.02.2012 Insurance Company 03.09.2012 n/a 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 21.08.2012 Investment Advisor 21.08.2012 n/a 30.09.2012 Mutual Fund Manager 21.08.2012 n/a 21.08.2012 Investment Advisor 31.08.2011 Investment Advisor 31.10.2012 Investment Advisor 25.02.2013 Investment Advisor 31.10.2012 Unclassified 31.10.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 26.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.08.2011 26.08.2010

27.02.2013

David Jones Ltd David Jones Limited is a department store retailer operating under the David Jones name with stores located throughout Australia. David Jones also conducts a credit card business under David Jones Credit Card and operates the David Jones Warehouse store which is a clearance center store.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.03.2012) 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 05.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DJS AT EQUITY YTD Change DJS AT EQUITY YTD % CHANGE

07/2012 01/yy 2.84 2.10 1'860'039.00 2.73 -3.87% 30.00% 81.08% 531.8 1'451.78 136.01 0.0 0.0 20.54 1'567.25

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

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 31.07.2008 2'098.0 0.97x 180.5 11.31x 147.3 10.78x

31.07.2009 31.07.2010 1'985.5 2'053.1 1.32x 1.22x 206.5 241.4 12.67x 10.39x 156.5 170.8 16.03x 14.12x Profitability

31.07.2011 1'961.7 0.84x 237.8 6.97x 168.1 9.09x

31.07.2012 1'867.8 0.74x 149.6 9.21x 101.1 12.37x 149.62 97.67 5.23% 7.70% 8.23% 12.95% 11.89% 1.52% 37.5% 8.0% 5.2% 5.4% 1.06 0.09 10.96% 17.53% 205.47 4.11

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

6.41 1.16 527.57 6.37% 15.68% 1.157 16 2.063 2'382'143 2'961'793 2'497'609 FY+2

07/13 Y 07/14 Y 1'892.1 1'951.9 0.84x 0.82x 206.5 204.0 7.59x 7.68x 98.6 94.3 14.68x 15.42x S&P Issuer Ratings

FQ+1

FQ+2

13.75 7.31 0.77 0.91 17.5% 14.9% 1.52 2.31 1.77 88.50 36.50 53.77

Sales/Revenue/Turnover

14.00

2'500.0

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 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 |

27.02.2013

David Jones Ltd Holdings By:

All

Holder Name ALLAN GRAY AUSTRALIA UBS AUSBIL DEXIA LIMITED MATTHEWS INTERNATION BLACKROCK VANGUARD GROUP INC LORD ABBETT & CO LLC DIMENSIONAL FUND ADV VANGUARD INVESTMENTS WADDELL & REED FINAN STATE STREET ARGO INVESTMENTS LTD ABERDEEN AGF INVESTMENTS INC GODDARD STEPHEN THOM SCHRODER INVESTMENT BESSEMER GROUP INCOR MASSACHUSETTS FINANC ZAHRA PAUL BANK OF NEW YORK MEL

Firm Name Deutsche Bank Morgan Stanley Credit Suisse JPMorgan Macquarie Commonwealth Bank Nomura Goldman Sachs CIMB EVA Dimensions Octa Phillip Securities Ltd Evans & Partners Pty Ltd

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

Analyst MICHAEL SIMOTAS THOMAS KIERATH GRANT SALIGARI SHAUN COUSINS ROB BLYTHE ANDREW MCLENNAN NICK BERRY PHILLIP KIMBER DANIEL BROEREN CRAIG STERLING KEN WAGNER TONY WILSON

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

Recommendation hold Underwt/In-Line underperform underweight neutral neutral reduce Sell/Cautious neutral underweight sell neutral

Amt Held 38'348'285 32'031'109 27'612'503 23'176'553 13'474'708 5'575'928 4'548'742 4'009'704 3'964'704 3'824'691 3'721'099 3'426'706 3'234'909 2'988'500 2'312'032 1'881'838 1'346'534 1'342'416 1'274'676 1'232'306

% Out 7.21 6.02 5.19 4.36 2.53 1.05 0.86 0.75 0.75 0.72 0.7 0.64 0.61 0.56 0.43 0.35 0.25 0.25 0.24 0.23

Weighting

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

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

Latest Chg 5'788'783 4'994'627 (4'069'893) 108'829 (846'381) 466'519 91'910 (125'691) 103'300 (102'895) 77'094 41'160 -

Target Price 2 2 2 2 2 3 2 2 2 #N/A N/A 2 #N/A N/A

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

File Dt Inst Type 18.12.2012 Investment Advisor 31.01.2013 Unclassified 26.09.2012 Investment Advisor 21.05.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 30.06.2011 Investment Advisor 31.01.2013 Unclassified 28.09.2012 Investment Advisor 31.10.2012 n/a 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 21.01.2013 n/a 25.02.2013 Investment Advisor

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

Date 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 21.01.2013 15.01.2013 15.11.2012 20.09.2012

27.02.2013

DuluxGroup Ltd DuluxGroup Ltd. manufactures and supplies paints and other surface coatings to the decorative and technical markets. The Company also offers home improvement and garden care products.

Price/Volume 5

6.0 M

5.0 M

4 3

4.0 M

09/2012 01/yy 4.32 2.84 1'236'803.00 3.99 -7.64% 40.49% 83.11% 374.5 1'494.28 258.76 0.0 13.0 25.30 1'740.70

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

2.0 M

1.0 M

1 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 30.09.2008

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 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 19.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DLX AT EQUITY YTD Change DLX AT EQUITY YTD % CHANGE

30.09.2009 30.09.2010 35.7 775.7 1.8 114.1 (0.0) 61.3 Profitability

30.09.2011 996.4 1.15x 98.4 11.67x 93.2 9.81x

30.09.2012 1'067.8 1.36x 134.8 10.80x 89.5 13.36x

134.79 111.50 10.44% 10.38% 12.98% 58.05% 24.45% 1.55% 12.6% 10.4% 8.4% 1.40 0.81 36.46% 152.31% 6.60 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.88 0.72 333.52 36.90% 5.56% 0.717 13 3.308 1'108'599 1'412'453 1'143'335 FY+2

09/13 Y 09/14 Y 1'365.4 1'502.5 1.37x 1.22x 181.0 199.9 9.62x 8.71x 88.3 98.8 16.76x 15.06x S&P Issuer Ratings

FQ+1

FQ+2

6.28 5.05 1.73 1.92 152.3% 58.6% 1.55 5.40 55.43 -

Sales/Revenue/Turnover

14.00

1'200.0

12.00

1'000.0

10.00

800.0

8.00

600.0 6.00

400.0 4.00

200.0

2.00 0.00 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 |

27.02.2013

DuluxGroup Ltd Holdings By:

All

Holder Name SCHRODER INVESTMENT WESTPAC BANKING CORP COMMONWEALTH BANK OF TREASURY GROUP LTD PERPETUAL LTD ELLERSTON CAPITAL LT BLACKROCK UBS VANGUARD GROUP INC VANGUARD INVESTMENTS AUSTRALIAN FOUNDATIO DIMENSIONAL FUND ADV ARGO INVESTMENTS LTD EIM CAPITAL MANAGERS MORGAN STANLEY WASATCH ADVISORS INC SCHRODER INVESTMENT MACQUARIE GROUP LTD BANK OF NEW YORK MEL TOUCHSTONE ADVISORS

Firm Name Nomura Goldman Sachs Bell Potter EVA Dimensions Macquarie Moelis & Company Deutsche Bank JPMorgan CIMB Commonwealth Bank

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 DANIEL PORTER JIM GODSIL JONATHAN SNAPE CRAIG STERLING CAMERON PIERCE ADAM S MICHELL MARK WILSON RICHARD SZABO JULIAN GUIDO MICHAEL WARD

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

Recommendation neutral neutral/neutral hold hold outperform hold hold neutral neutral neutral

Amt Held 34'719'268 27'481'035 26'323'605 21'139'140 19'541'564 19'098'621 18'650'143 14'870'989 4'008'290 2'640'843 2'509'000 2'326'435 2'064'698 717'364 702'409 673'719 581'500 446'872 363'567 307'327

% Out 9.27 7.34 7.03 5.64 5.22 5.1 4.98 3.97 1.07 0.71 0.67 0.62 0.55 0.19 0.19 0.18 0.16 0.12 0.1 0.08

Weighting

Change 3 3 3 3 5 3 3 3 3 3

M M D M M M M M M M

Latest Chg (3'961'029) (3'692'513) (499'242) (4'489'146) 58'316 161'356 685'258 144'208 78'940 (12'845)

Target Price 3 4 4 #N/A N/A 4 4 3 3 3 3

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

File Dt Inst Type 18.02.2013 Investment Advisor 26.10.2012 Bank 26.10.2012 Bank 26.10.2012 Corporation 04.05.2012 Investment Advisor 14.12.2012 Corporation 25.02.2013 Investment Advisor 05.10.2011 Unclassified 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 29.06.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2011 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.03.2012 Investment Advisor 31.08.2011 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager

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

Date 08.02.2013 21.01.2013 18.01.2013 15.01.2013 10.01.2013 15.11.2012 14.11.2012 14.11.2012 14.11.2012 14.11.2012

27.02.2013

Seven West Media Ltd Seven West Media Limited is a national multi-platform media business based in Australia. The Company's operations include a television network, magazines, newspapers, radio, and Internet.

Price/Volume 4

70.0 M

60.0 M

50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (05.03.2012) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SWM AT EQUITY YTD Change SWM AT EQUITY YTD % CHANGE

06/2012 12/yy 3.85 1.07 3'762'040.00 2.35 -38.91% 119.63% 47.53% 999.2 2'348.03 1'929.80 250.0 0.0 75.05 3'610.71

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

30.0 M

2 1

20.0 M

10.0 M

0 f-12

m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 30.06.2008 469.9 4.18x 209.6 9.36x 109.9 13.93x

40.0 M

Valuation Analysis

30.06.2009 30.06.2010 417.6 408.7 2.92x 4.04x 172.3 170.2 7.07x 9.69x 87.2 96.2 10.36x 14.41x Profitability

LTM-4Q 30.06.2011 725.7 6.38x 299.9 15.44x 115.1 10.36x

30.06.2012 1'937.1 1.69x 654.6 4.99x 226.9 5.24x 654.62 453.11 23.39% 16.79% -0.92% -1.66% 0.40% 20.2% 11.7% 1.23 0.94 38.30% 81.45% 6.96 -

Price/ Cash Flow

09/yy 764.1 0.00x 0.0 0.00x 188.7 0.00x

LTM 12/yy 309.6 0.00x 0.0 0.00x 72.1 0.00x

FY+1

.0 M f-13

1.18 564.49 -29.73% 43.29% 1.184 16 3.938 7'427'351 5'722'499 5'158'088 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 1'900.5 1'917.0 2.06x 2.02x 477.1 492.7 7.57x 7.33x 223.3 242.5 11.30x 10.22x S&P Issuer Ratings

4.31 4.14 81.4% 42.4% 0.40 7.51 52.62 -

Sales/Revenue/Turnover

16.00

2'500.0

14.00

2'000.0

12.00 10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 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 |

27.02.2013

Seven West Media Ltd Holdings By:

All

Holder Name SEVEN MEDIA GROUP KKR AUSTRALIA III TR STOKES KERRY MATTHEW LORD ABBETT & CO LLC AMP LIFE LTD VANGUARD GROUP INC ROBECO INVESTOR SERV VANGUARD INVESTMENTS BANK OF NEW YORK MEL AUSTRALIAN FOUNDATIO AXA ROSENBERG INTL DJERRIWARRH INVESTME QIC LTD RUSSELL INVESTMENT M DIMENSIONAL FUND ADV DEXIA ASSET MANAGEME BLACKROCK LECKIE DAVID JOHN MCWILLIAM BRUCE I MUNDER CAPITAL MANAG

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

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

Analyst ANDREW MCLEOD DERRYN CHIN VIKAS GOUR SAMANTHA CARLETON JARROD MCDONALD FRASER MCLEISH MARK MCDONNELL ALICE BENNETT DANIEL BLAIR GRAEME CARSON CHRISTIAN GUERRA CRAIG STERLING

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

Recommendation Underwt/Cautious outperform hold outperform overweight outperform strong buy overweight reduce hold neutral/cautious hold

Amt Held 334'788'846 78'600'402 18'727'451 11'022'700 8'769'029 5'919'369 5'507'434 5'107'735 4'765'947 4'436'845 3'716'800 3'122'000 2'956'171 2'885'286 2'531'629 1'411'276 1'023'456 751'252 583'879 536'102

% Out 33.51 7.87 1.87 1.1 0.88 0.59 0.55 0.51 0.48 0.44 0.37 0.31 0.3 0.29 0.25 0.14 0.1 0.08 0.06 0.05

Weighting

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

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

Latest Chg 11'201 (2'204'413) 165'253 2'033'484 3'716'800 7'112 194'627 536'102

Target Price 2 2 2 3 2 3 3 3 2 2 2 #N/A N/A

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

File Dt Inst Type 21.02.2013 Other 16.07.2012 n/a 21.02.2013 n/a 31.12.2012 Investment Advisor 25.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 25.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2011 Investment Advisor 25.09.2012 Investment Advisor 26.02.2013 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 30.06.2012 n/a 17.08.2012 n/a 31.12.2012 Investment Advisor

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

Date 26.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 31.01.2013 17.01.2013

27.02.2013

Harvey Norman Holdings Ltd Harvey Norman Holdings Limited is a holding company for companies and trusts in a third party franchise agreement. The franchises operate stores under the name "Harvey Norman Discounts," selling homewares and electrical goods. The Company also provides advisory and advertising to the franchises. In addition, the Company provides consumer finance and has property investments.

Price/Volume 3

10.0 M

06/2012 01/yy 2.42 1.74 3'388'116.00 2.28 -5.79% 31.03% 80.88% 1'062.3 2'422.08 779.35 0.0 30.9 196.86 3'035.50

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

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 30.06.2008 2'357.0 1.63x 492.8 7.78x 358.4 9.15x

12.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.02.2013) 52-Week Low (06.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HVN AT EQUITY YTD Change HVN AT EQUITY YTD % CHANGE

14.0 M

30.06.2009 30.06.2010 2'417.3 2'368.6 1.65x 1.65x 418.8 463.4 9.52x 8.45x 214.4 231.4 16.35x 15.20x Profitability

30.06.2011 2'545.4 1.23x 408.3 7.66x 252.3 10.48x

30.06.2012 2'353.0 1.14x 321.2 8.36x 172.5 12.01x 321.16 233.10 9.91% 9.66% 4.34% 7.79% 7.15% 0.59% 56.4% 13.6% 9.9% 7.3% 1.63 1.30 19.72% 34.86% 2.32 3.42

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.95 1.11 479.26 11.17% 20.00% 1.114 15 1.800 6'752'568 3'884'546 3'180'543 FY+2

06/13 Y 06/14 Y 2'365.9 2'445.6 1.31x 1.27x 366.3 398.8 8.29x 7.61x 166.8 182.5 14.52x 13.33x S&P Issuer Ratings

FQ+1

FQ+2

7.03 2.71 1.81 2.43 34.9% 25.6% 0.59 1.09 157.51 107.11 241.31 23.31

Sales/Revenue/Turnover

14.00

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0 6.00

1'000.0 4.00

500.0

2.00 0.00 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 |

27.02.2013

Harvey Norman Holdings Ltd Holdings By:

All

Holder Name HARVEY GERALD DIMBULU PTY LIMITED PERPETUAL LTD NATIONAL AUSTRALIA B HARVEY MARGARET LYNE FMR LLC ENBEEAR PTY LTD PAGE KAY LESLEY VANGUARD GROUP INC BLACKROCK ARGO INVESTMENTS LTD QUEENSLAND INVESTMEN MACQUARIE GROUP LTD INVESCO LTD VANGUARD INVESTMENTS HARVEY MICHAEL JOHN BOND STREET CUSTODIA ALLIANCE BERNSTEIN OMNILAB MEDIA INV PT AMP LIFE LTD

Firm Name Commonwealth Bank Credit Suisse JPMorgan Morgan Stanley Nomura CIMB Macquarie EVA Dimensions Deutsche Bank Goldman Sachs Evans & Partners Pty Ltd

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

Analyst ANDREW MCLENNAN GRANT SALIGARI SHAUN COUSINS THOMAS KIERATH DAVID COOKE DANIEL BROEREN ROB BLYTHE CRAIG STERLING MICHAEL SIMOTAS PHILLIP KIMBER TONY WILSON

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

Recommendation underweight underperform neutral Underwt/In-Line reduce outperform underperform underweight hold Sell/Cautious negative

Amt Held 313'484'571 175'249'660 123'934'904 52'963'628 49'990'575 24'526'654 17'118'200 16'995'133 11'097'544 5'576'587 4'030'000 3'945'966 3'291'776 3'053'456 3'037'335 2'845'553 1'869'646 1'817'820 1'805'078 1'704'354

% Out 29.51 16.5 11.67 4.99 4.71 2.31 1.61 1.6 1.04 0.52 0.38 0.37 0.31 0.29 0.29 0.27 0.18 0.17 0.17 0.16

Weighting

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

M M M M M M M M D M D

Latest Chg 200'039 12'629'262 254'173 8'663 420'920 229'217 8'364 -

Target Price 2 2 2 2 2 2 2 #N/A N/A 2 2 #N/A N/A

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

File Dt Inst Type 06.12.2012 n/a 27.09.2012 Other 12.02.2013 Investment Advisor 22.01.2013 Bank 27.09.2012 n/a 31.12.2012 Investment Advisor 27.09.2012 Other 28.09.2012 n/a 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 27.09.2012 Investment Advisor 27.09.2012 Investment Advisor 31.08.2011 Investment Advisor 26.02.2013 Investment Advisor 30.09.2012 Mutual Fund Manager 28.09.2012 n/a 27.09.2012 Other 31.12.2012 Investment Advisor 27.09.2012 Corporation 27.09.2012 Investment Advisor

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

Date 11.02.2013 10.02.2013 08.02.2013 05.02.2013 24.01.2013 21.01.2013 15.01.2013 15.01.2013 28.11.2012 07.11.2012 06.09.2012

27.02.2013

Fletcher Building Ltd Fletcher Building Limited manufactures, distributes and sells materials for the building industry including wood fiber-based products, cement and aggregates, plasterboard, laminates, lumber and aluminium extrusion. The Company operates primarily in New Zealand and Australia. The Company is also involved in residential and commercial construction and operates distribution outlets.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.01.2013) 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 17.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FBU AT EQUITY YTD Change FBU AT EQUITY YTD % CHANGE

06/2012 01/yy 7.68 4.34 1'151'411.00 7.18 -6.51% 65.44% 83.83% 684.8 4'916.82 2'146.00 0.0 32.0 168.00 8'092.57

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

1.20

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 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 30.06.2008 7'091.0 0.72x 827.0 6.14x 467.0 -

30.06.2009 30.06.2010 7'103.0 6'799.0 0.75x 0.87x 652.0 699.0 8.21x 8.43x (46.0) 272.0 Profitability

30.06.2011 7'416.0 1.04x 729.0 10.61x 283.0 -

30.06.2012 8'873.0 0.67x 752.0 7.96x 185.0 752.00 522.00 5.88% 2.83% 2.47% 5.11% 5.28% 1.18% 25.1% 8.5% 5.9% 2.1% 1.61 0.67 28.62% 60.10% 7.81 4.47

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.78 676.29 50.87% 8.13% 0.775 14 3.143 1'778'981 2'207'015 1'829'938 FY+2

06/13 Y 06/14 Y 8'922.9 9'810.8 0.90x 0.81x 817.8 969.0 9.90x 8.35x 332.7 440.4 18.47x 14.15x S&P Issuer Ratings

FQ+1

FQ+2

5.30 3.46 2.63 2.85 60.1% 37.3% 1.18 3.90 46.86 81.85 73.09 55.62

Sales/Revenue/Turnover

10'000.0 9'000.0

1.00

8'000.0 7'000.0

0.80 0.60 0.40

6'000.0 5'000.0 4'000.0 3'000.0 2'000.0

0.20

1'000.0 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 |

27.02.2013

Fletcher Building Ltd Holdings By:

All

Holder Name JP MORGAN CHASE BANK CAPITAL GROUP COMPAN AMP LIMITED INCOME FUND OF AMERI ACCIDENT COMPENSATIO PERPETUAL LTD SCHRODER INVESTMENT VANGUARD GROUP INC BLACKROCK ONEPATH (NZ) LIMITED RBC DEXIA INVESTOR S FORSYTH BARR LTD LORD ABBETT & CO LLC WESTPAC NZ SHR 2002 SOUTHERN STEEL GROUP MASFEN SECURITIES LI FLETCHER BUILD SHARE SUMITOMO MITSUI ASSE FLETCHER BUILDING ED INVESCO LTD

Firm Name Deutsche Bank JPMorgan Macquarie CIMB Commonwealth Bank Nomura Forsyth Barr First NZ Capital Goldman Sachs EVA Dimensions

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

Analyst EMILY BEHNCKE JASON HARLEY STEED STEPHEN HUDSON ANDREW G SCOTT MICHAEL WARD DANIEL PORTER ANDREW BOWLEY KAR YUE YEO MATTHEW HENRY CRAIG STERLING

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

Recommendation buy underweight neutral outperform underweight neutral hold neutral neutral/neutral underweight

Amt Held 114'454'830 64'323'596 34'361'161 34'239'000 25'455'758 19'079'167 17'534'762 14'215'535 13'674'651 9'153'317 8'737'528 6'908'612 5'913'539 4'053'275 3'989'365 3'540'070 2'679'775 2'467'057 2'069'462 1'607'924

% Out 16.71 9.39 5.02 5 3.72 2.79 2.56 2.08 2 1.34 1.28 1.01 0.86 0.59 0.58 0.52 0.39 0.36 0.3 0.23

Weighting

Change 5 1 3 5 1 3 3 3 3 1

M M M M M M D M D M

Latest Chg (1'630'147) (19'411'529) (17'598'492) (1'238'059) 9'834 4'263'539 1'457 1'550'000

Target Price 8 6 6 8 7 7 7 7 7 #N/A N/A

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

File Dt 01.02.2013 31.12.2012 13.02.2013 18.10.2012 01.02.2013 11.04.2012 06.12.2012 31.12.2012 25.02.2013 16.11.2012 31.07.2012 31.07.2012 31.12.2012 16.11.2012 01.02.2013 16.11.2012 31.07.2012 18.07.2012 16.11.2012 26.02.2013

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

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

Date 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 08.02.2013 17.01.2013

27.02.2013

PanAust Ltd PanAust Limited explores for gold and copper through its exploration projects in Laos and Thailand.

Price/Volume 4

18.0 M

16.0 M

14.0 M 12.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (19.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PNA AT EQUITY YTD Change PNA AT EQUITY YTD % CHANGE

12/2012 01/yy 3.67 2.19 4'644'438.00 2.73 -25.61% 24.66% 37.16% 614.4 1'677.33 164.74 0.0 108.6 125.03 1'856.72

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

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 106.7 3.91x (26.0) (40.0) -

10.0 M

31.12.2009 31.12.2010 345.7 591.2 4.44x 4.42x 120.8 301.6 12.72x 8.66x 19.0 143.4 58.98x 18.61x Profitability

31.12.2011 575.7 3.47x 256.1 7.81x 132.1 14.60x

31.12.2012 712.7 3.10x 326.7 6.75x 142.3 14.43x 326.75 236.41 33.17% 29.80% 10.96% 16.81% 15.69% 0.55% 45.6% 33.2% 20.0% 1.08 0.56 11.74% 17.99% 138.76 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.52 1.71 488.32 -23.22% -18.26% 1.713 20 4.150 5'968'129 4'696'434 3'154'791 FY+2

12/13 Y 12/14 Y 831.2 863.4 2.06x 1.78x 375.4 409.3 4.95x 4.54x 178.3 204.5 9.46x 8.28x S&P Issuer Ratings

FQ+1

FQ+2

22.16 12.83 0.12 0.51 18.0% 13.9% 0.55 0.73 2.64 -

Sales/Revenue/Turnover

35.00

800.0

30.00

700.0 600.0

25.00

500.0 20.00

400.0 15.00

300.0

10.00

200.0

5.00

100.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.02.2013

PanAust Ltd Holdings By:

All

Holder Name GUANGDONG RISING ASS IOOF HOLDINGS LTD NATIONAL AUSTRALIA B BLACKROCK FRANKLIN RESOURCES STAFFORD GARY R T ROWE PRICE ASSOCIA WESTPAC BANKING CORP VANGUARD GROUP INC NORDEA INV MANAGEMEN BARING ASSET MANAGEM VANGUARD INVESTMENTS UNION INVESTMENT LUX IG INVESTMENT MANAGE UBS DIMENSIONAL FUND ADV MACQUARIE GROUP LTD GAMCO NORDEA INVESTMENT FU PRUDENTIAL FINANCIAL

Firm Name Goldman Sachs EVA Dimensions Investec Macquarie Wilson HTM Investment Group Bell Potter Deutsche Bank Morgan Stanley RBC Capital Markets Credit Suisse JPMorgan Commonwealth Bank Nomura RBS Morgans Canaccord Genuity Corp Evans & Partners Pty Ltd BMO Capital Markets

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

Analyst PAUL HISSEY CRAIG STERLING TIM GERRARD ANDREW SULLIVAN CAMERON JUDD STUART HOWE BRETT MCKAY BRENDAN FITZPATRICK GEOFF BREEN MICHAEL SLIFIRSKI JOSEPH KIM ANDREW KNUCKEY DAVID COTTERELL TOM SARTOR JEAN-FRANCOIS BERTINCOURT CATHY MOISES TEAM COVERAGE

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

Recommendation buy/attractive hold buy outperform buy buy buy Overwt/In-Line sector perform neutral overweight neutral neutral outperform buy negative not rated

Amt Held 116'703'470 29'833'860 29'037'909 11'468'125 9'531'308 7'294'182 7'169'825 5'944'690 5'204'829 2'662'548 2'519'868 2'455'166 1'800'000 1'748'270 1'680'101 1'579'258 1'242'640 1'087'511 1'075'697 847'780

% Out 18.99 4.86 4.73 1.87 1.55 1.19 1.17 0.97 0.85 0.43 0.41 0.4 0.29 0.28 0.27 0.26 0.2 0.18 0.18 0.14

Weighting

Change

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

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

Latest Chg (3'367'219) (1'554'580) 4'381'452 (1'198'000) 60'977 (24'210'874) 23'652 779'709 (69'591) (20'330) 1'242'640 (700'000) 160'194 28'693

Target Price 3 #N/A N/A 3 3 4 4 3 4 3 3 3 3 3 3 4 #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 18.09.2009 Corporation 01.02.2013 Investment Advisor 12.12.2011 Bank 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 n/a 31.12.2012 Investment Advisor 03.06.2011 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Unclassified 30.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Unclassified 31.07.2012 Investment Advisor 31.08.2011 Investment Advisor 28.09.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 26.02.2013 26.02.2013 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 24.01.2013 23.01.2013 18.12.2012 22.11.2012

27.02.2013

Atlas Iron Ltd Atlas Iron Limited is an iron ore producer with mining operations primarily located in Western Australia. The Company also has gold and base metal mining operations.

Price/Volume 4

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AGO AT EQUITY YTD Change AGO AT EQUITY YTD % CHANGE

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

(45.9) (38.3) -

10.0 M

5.0 M

1 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 30.06.2008

15.0 M

06/2012 01/yy 3.29 1.15 14'517'079.00 1.48 -55.02% 29.26% 18.65% 909.7 1'346.38 21.10 0.0 0.0 405.61 1'196.37

30.06.2009 30.06.2010 26.4 84.8 16.76x 9.96x (64.8) (22.3) (63.1) (40.8) Profitability

30.06.2011 584.9 4.62x 226.0 11.95x 168.6 13.97x

30.06.2012 617.5 2.34x 131.4 10.98x (114.6) 131.40 87.90 14.23% 1.22% -17.62% -21.19% 0.26% 34.5% 12.6% -1.9% -18.6% 2.44 2.15 0.93% 1.13% 12.19 18.32

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.03 1.54 793.24 -52.50% -17.32% 1.539 22 3.364 10'988'160 10'789'340 9'507'341 FY+2

06/13 Y 06/14 Y 744.4 1'079.8 1.72x 1.22x 119.5 293.4 10.01x 4.08x 52.4 121.2 24.26x 11.38x S&P Issuer Ratings

FQ+1

FQ+2

08.11.2012 B+ STABLE 75.13 61.88 -2.23 3.66 1.1% 1.1% 0.26 2.51 30.03 19.97 101.14 0.30

Sales/Revenue/Turnover

120.00

700.0

100.00

600.0 500.0

80.00

400.0 60.00

300.0

40.00

200.0

20.00

100.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

27.02.2013

Atlas Iron Ltd Holdings By:

All

Holder Name IMC RESOURCES PTY LT SCHRODER INVESTMENT BLACKROCK MACQUARIE GROUP LTD UBS VANGUARD GROUP INC NATIONAL AUSTRALIA B BLUEGOLD GLOBAL FUND MITSUBISHI UFJ FINAN MORGAN STANLEY AUSTR VANGUARD INVESTMENTS PRINCIPAL FINANCIAL VALIC CO I FIRST CANADIAN MUTUA FLANAGAN DAVID NATHA SEI INVESTMENT MANAG AMERICAN CENTURY COM PRUDENTIAL FINANCIAL UNION INVESTMENT LUX DIMENSIONAL FUND ADV

Firm Name Octa Phillip Securities Ltd Deutsche Bank Morgan Stanley Goldman Sachs RBC Capital Markets Credit Suisse JPMorgan Macquarie CIMB BBY Limited Nomura Argonaut Securities Pty Ltd Wilson HTM Investment Group Bell Potter EVA Dimensions Hartleys Paterson Securities Investec

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

Analyst ANDREW SHEARER PAUL-D YOUNG BRENDAN FITZPATRICK OWEN BIRRELL CHRIS DREW MATTHEW HOPE MARK BUSUTTIL LEE BOWERS MICHAEL EVANS MIKE HARROWELL DAVID RADCLYFFE ADAM MIETHKE ANDREW PEDLER STUART HOWE CRAIG STERLING TRENT BARNETT TIM MCCORMACK TIM GERRARD

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

Recommendation buy sell Equalwt/In-Line neutral/attractive underperform underperform neutral underperform neutral strong buy buy buy buy buy hold buy hold buy

Amt Held 66'749'653 59'458'436 52'220'553 50'752'709 44'167'283 43'218'262 41'732'507 35'897'115 22'562'119 22'528'620 4'599'396 3'031'930 2'988'918 2'902'800 2'740'000 1'802'955 1'650'456 1'375'341 1'200'000 1'066'889

% Out 7.34 6.54 5.74 5.58 4.86 4.75 4.59 3.95 2.48 2.48 0.51 0.33 0.33 0.32 0.3 0.2 0.18 0.15 0.13 0.12

Weighting

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

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

Latest Chg (9'183'967) 169'137 5'687'938 64'595 (7'115) (3'899'836) (1'575'001) (24'943'606) (24'943'606) 362'439 (698'128) 1'449'883 30'000 (408'742) 1'650'456 (47'684) -

Target Price 2 1 2 2 2 2 2 2 2 3 2 2 4 2 #N/A N/A 3 2 2

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

File Dt Inst Type 01.09.2012 Corporation 29.01.2013 Investment Advisor 25.02.2013 Investment Advisor 22.11.2012 Investment Advisor 31.10.2012 Unclassified 31.12.2012 Investment Advisor 16.03.2012 Bank 23.02.2011 n/a 23.11.2012 Holding Company 26.11.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 29.08.2012 n/a 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor

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

Date 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 15.02.2013 14.02.2013 05.02.2013 25.01.2013 08.01.2013 11.12.2012

27.02.2013

Navitas Ltd Navitas Ltd. offers educational services. The Company offers English language training, high school courses, university preparation, university programs, career advancement programs and migrant settlement services to students, professionals, and migrants.

Price/Volume 6

7.0 M

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.02.2013) 52-Week Low (08.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NVT AT EQUITY YTD Change NVT AT EQUITY YTD % CHANGE

06/2012 01/yy 5.16 3.00 583'369.00 5.05 -2.13% 68.33% 90.74% 375.4 1'895.61 136.15 0.0 (0.9) 19.16 2'021.27

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

3.0 M

2.0 M

1.0 M

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 30.06.2008 343.2 2.08x 63.8 11.16x 37.4 19.35x

4.0 M

Valuation Analysis

30.06.2009 30.06.2010 469.8 555.4 1.90x 2.76x 77.4 98.6 11.53x 15.56x 49.2 64.3 19.09x 24.79x Profitability

30.06.2011 641.8 2.51x 119.1 13.54x 77.4 18.57x

30.06.2012 688.1 2.54x 125.4 13.91x 73.1 22.26x 125.44 110.34 16.03% 15.13% 11.24% 31.96% 19.96% 1.08% 18.4% 16.1% 10.6% 0.45 0.31 21.38% 58.07% 10.51 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.84 0.76 166.21 73.18% 9.43% 0.759 12 2.833 439'912 577'262 605'783 FY+2

06/13 Y 06/14 Y 726.3 793.2 2.76x 2.48x 132.4 155.5 15.27x 13.00x 77.5 96.5 24.51x 19.88x S&P Issuer Ratings

FQ+1

FQ+2

15.70 13.28 0.98 1.38 58.1% 36.8% 1.08 10.78 34.84 -

Sales/Revenue/Turnover

30.00

800.0 700.0

25.00

600.0 20.00

500.0 400.0

15.00

300.0

10.00

200.0 5.00 0.00 03.07.2009

100.0 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 |

27.02.2013

Navitas Ltd Holdings By:

All

Holder Name JONES RODNEY MALCOLM HYPERION ASSET MANAG LARSEN PETER DEVON LANDMARK HOLDINGS (W COOLAH HOLDINGS PTY JCP INVESTMENT PARTN WONDER HOLDINGS PTY NORTHCAPE CAPITAL PT CAMPBELL PETER JOHN NATIONAL AUSTRALIA B SCHRODER MAX HANNAFORD JULIANNE LILY INV PTY LTD CAPITAL GROUP COMPAN KARTOSUDIRO LUNIARTY PICTORIAL HOLDINGS P ARGO INVESTMENTS LTD VANGUARD GROUP INC FMR LLC BLACKROCK

Firm Name Nomura Moelis & Company Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse Macquarie CIMB EVA Dimensions

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

Analyst PAUL GRAHAM ADAM S MICHELL WASSIM KISIRWANI CHRIS NICOL MIKE YOUNGER PAUL BUYS JODIE BANNAN TIM PLUMBE CRAIG STERLING

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

Recommendation neutral hold hold Overwt/In-Line Sell/Neutral outperform neutral neutral underweight

Amt Held 53'517'995 36'778'918 28'727'357 28'433'610 27'602'617 27'068'481 24'751'890 22'795'239 19'053'512 18'422'696 8'933'391 8'433'563 5'527'968 4'625'000 4'384'312 4'220'638 3'123'160 2'134'080 1'858'846 1'335'184

% Out 14.26 9.8 7.65 7.57 7.35 7.21 6.59 6.07 5.08 4.91 2.38 2.25 1.47 1.23 1.17 1.12 0.83 0.57 0.5 0.36

Weighting

Change 3 3 3 5 1 5 3 3 1

M M M M M M M M M

Latest Chg 3'803'470 (1'055'983) (540'569) 7'416 (304'922) -

Target Price 5 5 5 7 4 6 4 4 #N/A N/A

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

File Dt 05.09.2012 26.11.2012 05.09.2012 05.09.2012 05.09.2012 05.09.2012 05.09.2012 05.09.2012 15.11.2012 08.11.2012 05.09.2012 05.09.2012 05.09.2012 31.12.2012 05.09.2012 05.09.2012 05.09.2012 31.12.2012 31.12.2012 25.02.2013

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

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

Date 11.02.2013 07.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 17.01.2013

27.02.2013

JB Hi-Fi Ltd JB Hi-Fi Limited is a music and electronic goods retailer in Australia. The Company operates stores at sites located in most Australian States. Products include consumer electronics, car sound systems, music and DVDs.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.02.2013) 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 18.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JBH AT EQUITY YTD Change JBH AT EQUITY YTD % CHANGE

06/2012 01/yy 13.04 7.83 801'861.00 12.58 -3.53% 60.66% 91.75% 98.9 1'244.09 149.78 0.0 0.0 39.71 1'279.79

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 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 30.06.2008 1'828.6 0.67x 119.4 10.32x 65.1 16.93x

30.06.2009 30.06.2010 2'327.3 2'731.3 0.73x 0.76x 162.7 200.4 10.48x 10.40x 94.4 118.7 17.45x 17.38x Profitability

30.06.2011 2'959.3 0.64x 223.8 8.43x 109.7 16.77x

30.06.2012 3'127.8 0.32x 194.0 5.08x 104.6 8.36x 193.96 163.21 5.22% 4.74% 11.41% 46.51% 35.10% 3.38% 21.1% 5.2% 3.3% 1.22 0.13 18.46% 81.18% 152.82 5.28

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

6.28 1.04 75.23 12.97% 26.44% 1.037 16 2.625 1'116'947 1'314'003 1'136'012 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 3'227.1 3'376.4 0.42x 0.39x 201.9 206.7 6.34x 6.19x 110.7 113.1 11.31x 11.11x S&P Issuer Ratings

15.14 11.54 81.2% 44.8% 3.38 17.07 2.39 69.33 61.75 17.27

Sales/Revenue/Turnover

18.00

3'500.0

16.00

3'000.0

14.00

2'500.0

12.00 10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

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 |

27.02.2013

JB Hi-Fi Ltd Holdings By:

All

Holder Name INTEGRITY INVESTMENT AUSBIL DEXIA LIMITED WESTPAC BANKING CORP MACQUARIE GROUP LTD NATIONAL AUSTRALIA B VINVA INVESTMENT MGM COMMONWEALTH BANK OF UNISUPER MANAGEMENT LEGG MASON ASSET MAN UBS HYPERION ASSET MANAG JCP INVESTMENT PARTN HSBC BANK PLC IOOF HOLDINGS LTD ORION ASSET MANAGEME VANGUARD GROUP INC SMART TERRY STATE STREET SCHRODER INVESTMENT VANGUARD INVESTMENTS

Firm Name JPMorgan Wilson HTM Investment Group Moelis & Company Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse Macquarie CIMB Commonwealth Bank Nomura EVA Dimensions Evans & Partners Pty Ltd

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

Analyst SHAUN COUSINS JACQUELINE FERNLEY TODD W GUYOT MICHAEL SIMOTAS THOMAS KIERATH PHILLIP KIMBER GRANT SALIGARI ROB BLYTHE DANIEL BROEREN ANDREW MCLENNAN DAVID COOKE CRAIG STERLING TONY WILSON

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

Recommendation neutral hold hold hold Underwt/In-Line neutral/cautious underperform outperform neutral overweight neutral hold negative

Amt Held 8'063'913 7'427'965 6'558'085 6'005'214 5'761'476 5'637'981 5'592'735 5'020'304 5'019'394 4'962'280 4'910'058 4'831'962 4'805'832 4'633'857 3'852'558 1'043'490 1'001'031 874'676 807'856 716'521

% Out 8.15 7.51 6.63 6.07 5.83 5.7 5.66 5.08 5.08 5.02 4.96 4.89 4.86 4.69 3.9 1.06 1.01 0.88 0.82 0.72

Weighting

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

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

Latest Chg 1'013'615 1'257'229 993'926 (1'635'669) (333'520) 11'260 (1'503'755) (171'000) (161'634) (346'166) (2'053'949) 24'172 31'883 48'826

Target Price 13 14 13 12 10 11 12 14 13 14 13 #N/A N/A #N/A N/A

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

File Dt Inst Type 05.08.2012 Venture Capital 07.02.2013 Investment Advisor 11.01.2013 Bank 20.02.2013 Investment Advisor 15.02.2013 Bank 26.02.2013 Investment Advisor 05.08.2012 Bank 29.10.2012 n/a 02.11.2012 Mutual Fund Manager 01.02.2013 Unclassified 15.06.2012 Investment Advisor 18.01.2013 Investment Advisor 26.10.2012 Bank 19.10.2012 Investment Advisor 27.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 n/a 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager

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

Date 12.02.2013 12.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 17.01.2013 18.12.2011

27.02.2013

Goodman Fielder Ltd Goodman Fielder Limited offers a wide range of food products. The Company offers food products that include packaged baked goods, spreads, dairy products, small goods, sauces, dressings, and condiments and bulk and packaged edible fats and oils and flour products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GFF AT EQUITY YTD Change GFF AT EQUITY YTD % CHANGE

06/2012 01/yy 0.76 0.45 2'382'224.00 0.725 -4.61% 61.11% 88.71% 1'955.6 1'417.78 837.20 0.0 6.0 161.70 1'862.68

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

160.0 M

140.0 M

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 f-12 m-12

30.06.2009 30.06.2010 2'848.6 2'660.1 0.98x 1.05x 348.2 380.6 7.98x 7.31x 175.7 161.1 9.89x 11.50x Profitability

30.06.2011 2'215.0 1.06x 315.5 7.46x (166.7) -

30.06.2012 2'212.5 0.79x 267.7 6.56x (146.9) 267.70 201.00 9.08% -4.87% -4.21% -7.90% 0.72% 36.2% 9.9% -6.6% 1.66 0.85 31.08% 61.15% 9.34 7.93

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

FY+1 -

0.00 0.96 1'488.67 40.78% 16.94% 0.964 14 3.357 4'275'750 8'265'532 8'493'711 FY+2

06/13 Y 06/14 Y 2'265.7 2'291.9 0.81x 0.81x 266.1 282.7 7.00x 6.59x 90.4 107.2 15.43x 12.95x S&P Issuer Ratings

FQ+1

FQ+2

2.92 1.99 61.1% 37.8% 0.72 3.66 39.17 46.13 85.64 5.55

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 03.07.2009

a-12 m-12

Fiscal Year Ended 30.06.2008 2'317.5 1.26x 182.5 15.96x 27.7 351.25x

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 |

27.02.2013

Goodman Fielder Ltd Holdings By:

All

Holder Name WILMAR INTERNATIONAL ELLERSTON CAPITAL LT HARRIS ASSOCIATES LP MAPLE-BROWN ABBOTT L LAZARD ASSET MANAGEM PARADICE INVESTMENT AXA NATIONAL AUSTRALIA B HARRIS ASSOCIATES LP DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV VANGUARD GROUP INC WARBURG INVEST LUXEM VANGUARD INVESTMENTS ALLIANCE BERNSTEIN GRANTHAM MAYO VAN OT WELLS FARGO BLACKROCK JOHN HANCOCK INVESTM TD ASSET MANAGEMENT

Firm Name Nomura Macquarie Commonwealth Bank Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse JPMorgan CIMB EVA Dimensions Evans & Partners Pty Ltd

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

Analyst DAVID COOKE GREG DRING JORDAN ROGERS MICHAEL SIMOTAS MARK A CHRISTENSEN GABRIEL WILSON-OTTO LARRY GANDLER STUART JACKSON ALEXANDER BEER AUSTIN BURKETT TONY WILSON

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

Recommendation reduce neutral neutral buy Underwt/In-Line neutral/neutral underperform underweight outperform buy negative

Amt Held 197'436'381 168'347'287 119'869'947 113'612'156 103'048'340 99'796'167 97'912'722 93'487'771 71'862'500 69'263'564 49'244'616 21'904'830 9'000'000 8'754'562 7'919'227 5'613'236 3'447'916 3'160'354 2'670'493 2'367'959

% Out 10.1 8.61 6.13 5.81 5.27 5.1 5.01 4.78 3.67 3.54 2.52 1.12 0.46 0.45 0.4 0.29 0.18 0.16 0.14 0.12

Weighting

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

M D M U M M M M M M M

Latest Chg 33'062'844 (23'173'290) (22'513'846) (20'994'935) (4'579'474) (9'855'000) 616'058 (86'152) (772'704) (641'476) 149 10'451 (91'920) 2'367'959

Target Price 1 1 1 1 1 1 1 1 1 #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 14.09.2012 Unclassified 06.02.2013 Corporation 11.12.2012 Investment Advisor 16.01.2013 Investment Advisor 07.02.2013 Unclassified 28.12.2012 Investment Advisor 14.09.2012 Investment Advisor 04.12.2012 Bank 31.12.2012 Investment Advisor 14.09.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.05.2012 Investment Advisor 31.12.2012 Unclassified 25.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2011 Investment Advisor

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

Date 25.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 17.01.2013 23.08.2010

27.02.2013

Platinum Asset Management Ltd Platinum Asset Management Limited is a fund management company. The Company specializes in global equities.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.02.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PTM AT EQUITY YTD Change PTM AT EQUITY YTD % CHANGE

Price/Volume

06/2012 01/yy 5.44 3.34 445'325.00 5.08 -6.62% 52.10% 83.81% 561.3 2'851.65 0.00 0.0 0.0 11.88 2'839.77

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

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 30.06.2008 283.1 5.56x 240.4 6.55x 162.0 10.77x

30.06.2009 30.06.2010 219.5 248.4 10.47x 10.46x 182.3 199.4 12.60x 13.03x 126.1 136.9 18.32x 19.19x Profitability

30.06.2011 264.6 7.86x 214.7 9.69x 150.1 15.41x

30.06.2012 226.7 9.58x 180.0 12.06x 126.4 17.28x 180.03 79.15% 79.15% 47.57% 51.90% 0.86% 79.0% 55.7% 0.00% 0.00% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.09 164.71 44.68% 29.97% 1.089 9 3.000 1'034'088 781'361 707'470 FY+2

06/13 Y 06/14 Y 223.7 265.9 11.99x 10.00x 176.6 210.9 16.08x 13.47x 127.7 154.6 22.38x 18.54x S&P Issuer Ratings

FQ+1

FQ+2

0.0% 0.0% 0.86 91.70 -

Sales/Revenue/Turnover

30.00

400.0 350.0

25.00

300.0 20.00

250.0 200.0

15.00

150.0 10.00

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 |

27.02.2013

Platinum Asset Management Ltd Holdings By:

All

Holder Name NEILSON KERR PLATINUM INVESTMENT CLIFFORD ANDREW M HYPERION ASSET MANAG HALSTEAD ROGER MALCO CHARMFAIR PTY LTD JILLIBY PTY LTD XETROV PTY LTD VANGUARD GROUP INC VANGUARD INVESTMENTS AMP LIFE LTD RUSSELL INVESTMENT M QUEENSLAND INVESTMEN BLACKROCK HYPERION ASSET MANAG SCHRODER INVESTMENT COLE MICHAEL J MACQUARIE GROUP LTD SCIENTIA FUND MANAGE COLEMAN BRUCE

Firm Name JPMorgan Credit Suisse Macquarie Ord Minnett Commonwealth Bank Nomura Bell Potter EVA Dimensions E.L. & C. Baillieu

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

Analyst RUSSELL GILL DAVID BAILEY ADAM SIMPSON NICHOLAS MCGARRIGLE NAVEEN PATNEY ANTHONY HOO LAFITANI SOTIRIOU AUSTIN BURKETT NICK CALEY

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

Recommendation underweight underperform neutral hold overweight neutral hold overweight hold

Amt Held 323'074'841 216'279'451 32'831'449 28'861'644 16'997'999 10'000'000 9'000'000 4'000'000 2'144'909 1'364'545 843'923 719'164 500'029 459'780 365'000 357'944 300'000 299'718 219'460 200'000

% Out 57.55 38.53 5.85 5.14 3.03 1.78 1.6 0.71 0.38 0.24 0.15 0.13 0.09 0.08 0.07 0.06 0.05 0.05 0.04 0.04

Weighting

Change 1 1 3 3 5 3 3 5 3

M M U M M M M M M

Latest Chg (8'763) 157'880 (32'461) (325'174) -

Target Price 4 4 5 5 5 5 5 #N/A N/A 4

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

File Dt Inst Type 14.08.2012 n/a 14.08.2012 Hedge Fund Manager 14.08.2012 n/a 14.08.2012 Investment Advisor 31.03.2011 n/a 14.08.2012 n/a 14.08.2012 n/a 14.08.2012 n/a 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 14.08.2012 Investment Advisor 26.02.2013 Investment Advisor 14.08.2012 Investment Advisor 25.02.2013 Investment Advisor 30.06.2011 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 n/a 31.08.2011 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 n/a

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

Date 23.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 15.01.2013 17.08.2012

27.02.2013

Lynas Corp Ltd Lynas Corporation Limited explores and mines for rare earth minerals such as cerium and neodymium.

Price/Volume 1

250.0 M

200.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 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 19.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LYC AT EQUITY YTD Change LYC AT EQUITY YTD % CHANGE

06/2012 01/yy 1.29 0.55 38'819'632.00 0.63 -51.16% 14.55% 4.73% 1'960.8 1'235.30 403.06 0.0 0.0 124.38 1'408.14

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

1.20 1.00

150.0 M

100.0 M

0 50.0 M

0 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 30.06.2008 0.0 (17.0) (21.5) -

30.06.2009 30.06.2010 0.0 (27.7) (25.6) (29.3) (43.0) Profitability

30.06.2011 0.0 (57.1) (59.1) -

30.06.2012 0.0 (78.2) (87.8) -78.18 -85.28 -10.54% -16.32% 0.00% 4.92 2.35 39.37% 71.53% 0.00 -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.91 1'938.83 -48.78% 9.57% 1.908 10 3.400 11'927'290 15'377'070 22'436'630 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 47.5 357.7 31.34x 4.20x (74.4) 99.9 14.09x (96.5) 42.7 11.67x S&P Issuer Ratings

-20.10 -107.37 71.5% 41.7% 0.00 0.00 -

Sales/Revenue/Turnover

16.0 14.0 12.0

0.80 0.60

10.0 8.0 6.0

0.40 0.20

4.0 2.0 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 |

27.02.2013

Lynas Corp Ltd Holdings By:

All

Holder Name MORGAN STANLEY UNION INVESTMENT GMB VANGUARD GROUP INC VAN ECK ASSOCIATES C CURTIS NICHOLAS ANTH JP MORGAN INVESTMENT VANGUARD INVESTMENTS FIDELITY INVESTMENTS IG INVESTMENT MANAGE MACQUARIE GROUP LTD BLACKROCK ALLIANZ ASSET MANAGE TRANSAMERICA INVESTM ROBECO INVESTOR SERV KLEIN JACOB STARCAP AG NORDEA INV MANAGEMEN ALLIANCE BERNSTEIN AMUNDI CREDIT SUISSE ASSET

Firm Name Deutsche Bank Macquarie Paterson Securities JPMorgan BBY Limited Goldman Sachs EVA Dimensions Byron Capital Markets First Capital Securities Co

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

Analyst CHRIS TERRY ANDREW SULLIVAN ANDREW HARRINGTON MARK BUSUTTIL MIKE HARROWELL IAN PRESTON CRAIG STERLING JONATHAN HYKAWY GUOXIAN JU

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

Recommendation hold outperform buy overweight strong buy buy/attractive sell sell buy

Amt Held 87'591'175 31'721'900 20'388'002 17'766'836 16'045'758 15'276'800 8'634'225 4'918'571 4'847'703 3'898'235 3'627'160 3'605'000 3'576'043 3'000'000 2'082'236 1'600'000 1'598'028 1'504'101 1'477'095 1'257'540

% Out 4.47 1.62 1.04 0.91 0.82 0.78 0.44 0.25 0.25 0.2 0.18 0.18 0.18 0.15 0.11 0.08 0.08 0.08 0.08 0.06

Weighting

Change 3 5 5 5 5 5 1 1 5

M M M M M M M M U

Latest Chg (1'324'963) (9'500'000) (4'034'111) 26'436 21'852 (2'436'066) 13'829 (1'486'445) (9'593'827) (1'000'000) 622'976 (82'048) -

Target Price 1 1 2 1 1 1 #N/A N/A 0 #N/A N/A

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

File Dt 12.11.2012 28.09.2012 31.12.2012 25.02.2013 30.11.2011 30.06.2012 30.09.2012 31.12.2010 28.09.2012 31.08.2011 25.02.2013 31.12.2012 31.12.2012 31.12.2012 22.09.2011 30.12.2011 28.09.2012 30.11.2011 28.09.2012 21.06.2012

Date 12 month 12 month 12 month 9 month 12 month 12 month Not Provided 18 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 25.02.2013 25.02.2013 25.02.2013 22.02.2013 06.02.2013 31.01.2013 15.01.2013 03.01.2013 10.05.2009

27.02.2013

Fairfax Media Ltd Fairfax Media Limited publishes and prints newspapers, magazines and entertainment publications. The Company also provides advertising sales in newspapers, magazines and electronic formats. Fairfax also offers an Internet business which includes news and classifieds.

Price/Volume 1

300.0 M

250.0 M

1 200.0 M

1 0

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (22.10.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FXJ AT EQUITY YTD Change FXJ AT EQUITY YTD % CHANGE

06/2012 01/yy 0.82 0.35 52'533'594.00 0.57 -30.06% 62.86% 41.94% 2'352.0 1'340.61 1'207.37 0.0 247.5 358.36 1'455.24

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

100.0 M

0 50.0 M

0 0 f-12 m-12

30.06.2009 30.06.2010 2'599.1 2'476.8 1.94x 1.96x 509.4 643.6 9.88x 7.54x (380.1) 282.1 11.78x Profitability

30.06.2011 2'463.4 1.48x 570.3 6.38x (390.9) -

30.06.2012 2'310.9 1.06x 289.2 8.51x (2'732.4) 289.22 181.72 7.86% -120.21% -47.04% -71.86% 0.42% 9.3% 4.5% -118.2% 1.53 1.33 30.13% 67.26% 6.38 -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.51 1.13 1'861.55 -23.23% 11.76% 1.129 15 3.133 23'195'160 14'834'690 21'710'760 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 2'047.8 1'935.3 0.84x 0.89x 365.5 315.8 3.98x 4.61x 132.7 131.2 10.18x 10.56x S&P Issuer Ratings

14.05.2009 BB+ NEG 09.11.2004 NR 2.30 1.96 0.56 2.93 67.3% 37.1% 0.42 3.61 58.20 -

Sales/Revenue/Turnover

9.00

3'500.0

8.00

3'000.0

7.00

2'500.0

6.00 5.00

2'000.0

4.00

1'500.0

3.00

1'000.0

2.00

500.0

1.00 0.00 03.07.2009

a-12 m-12

Fiscal Year Ended 30.06.2008 2'900.8 2.45x 805.5 8.83x 386.9 12.66x

150.0 M

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 |

27.02.2013

Fairfax Media Ltd Holdings By:

All

Holder Name HANCOCK PROSPECTING NATIONAL AUSTRALIA B ALLAN GRAY LTD MAPLE-BROWN ABBOTT L COMMONWEALTH BANK OF LAZARD ASSET MANAGEM AUSBIL DEXIA LIMITED AXA SAS TRUSTEE CORP IOOF HOLDINGS LTD WESTPAC BANKING CORP VANGUARD GROUP INC ALLIANCE BERNSTEIN VANGUARD INVESTMENTS ARGO INVESTMENTS LTD DIMENSIONAL FUND ADV SANFORD C BERNSTEIN CAMBOOYA PTY LTD BANK OF NEW YORK MEL GUTENBERG INVEST PTY

Firm Name Morgan Stanley Macquarie BBY Limited Goldman Sachs Credit Suisse JPMorgan CIMB Commonwealth Bank EVA Dimensions Evans & Partners Pty Ltd Deutsche Bank

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 n/a Multiple Portfolios n/a

Analyst ANDREW MCLEOD ANDREW LEVY MARK MCDONNELL CHRISTIAN GUERRA SAMANTHA CARLETON JARROD MCDONALD FRASER MCLEISH ALICE BENNETT CRAIG STERLING PETER STAMOULIS VIKAS GOUR

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

Recommendation Overwt/Cautious underperform buy Sell/Cautious underperform neutral outperform overweight overweight neutral hold

Amt Held 352'455'664 281'017'768 268'884'017 186'558'910 184'605'385 146'214'354 124'545'606 121'125'135 118'279'205 117'884'540 116'465'297 20'955'441 20'191'627 15'925'418 15'779'138 15'022'342 9'877'300 7'718'863 4'721'174 3'554'783

% Out 14.99 11.95 11.43 7.93 7.85 6.22 5.3 5.15 5.03 5.01 4.95 0.89 0.86 0.68 0.67 0.64 0.42 0.33 0.2 0.15

Weighting

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

M M U M M M M M M M U

Latest Chg 24'580'307 23'905'947 26'450'929 6'653'017 (6'511'281) (16'908'414) 18'000 1'197'884 (108'985) -

Target Price 1 1 1 1 0 0 1 1 #N/A N/A #N/A N/A 1

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

File Dt Inst Type 07.08.2012 Corporation 07.02.2013 Bank 18.12.2012 Investment Advisor 10.01.2013 Investment Advisor 10.01.2013 Bank 15.10.2012 Unclassified 30.01.2013 Investment Advisor 16.10.2012 Investment Advisor 10.08.2012 Corporation 07.08.2012 Investment Advisor 01.02.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 30.06.2011 Investment Advisor 31.07.2012 Investment Advisor 30.11.2012 Investment Advisor 29.11.2011 Other 25.02.2013 Investment Advisor 28.12.2012 Other

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

Date 26.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 15.01.2013 18.12.2012 17.12.2012

27.02.2013

Karoon Gas Australia Ltd Karoon Gas Australia Ltd. explores for natural gas and hydrocarbons in Australia, Brazil and Peru. The Company's key exploration activities are the Browse Basin (Western Australia), Bonaparte Basin (Northern Territory), Tumbes Basin (Peru), Maranon Basin (Peru) and the Santos Basin (Brazil).

Price/Volume 8

3.5 M

3.0 M

2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 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 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KAR AT EQUITY YTD Change KAR AT EQUITY YTD % CHANGE

06/2012 01/yy 7.37 3.12 689'223.00 6.89 -6.51% 120.83% 91.29% 221.4 1'525.59 0.00 0.0 0.0 227.80 1'297.79

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

(6.3) (6.1) -

1.5 M

3 2

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

.0 M f-13

j-13

Fiscal Year Ended 30.06.2008

2.0 M

Valuation Analysis

30.06.2009

30.06.2010

(9.6) 4.5 300.99x Profitability

(12.0) (14.9) -

30.06.2011 0.0 (26.1) (23.3) -

25.53 20.20 0.00% 0.00% -

Price/ Cash Flow

873'109 694'951 528'864

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

06/13 Y

06/14 Y

30.06.2012 0.0 (20.1) (3.3) -20.08 -21.03 -0.53% -0.54% 0.00%

0.00 1.85 203.44 15.99% 30.00% 1.849 12 4.583

(51.4) (33.3) (37.7) (26.9) S&P Issuer Ratings

FQ+2 -

-78.34 -79.83 0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

3'000.00

1.0 0.9

2'500.00

0.8 0.7

2'000.00

0.6 0.5

1'500.00

0.4 1'000.00

0.3 0.2

500.00 0.00 03.07.2009

0.1 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 |

27.02.2013

Karoon Gas Australia Ltd Holdings By:

All

Holder Name WELLINGTON MANAGEMEN TALBOT GROUP HOLDING HOSKING ROBERT MICHA PARADICE INVESTMENT FMR LLC JANUS CAPITAL MANAGE HARTFORD INVESTMENT SMITH MARK ALEXANDER VANGUARD GROUP INC FMR LLC MACQUARIE GROUP LTD MUNKS EDWARD VANGUARD INVESTMENTS ARTEMIS INVESTMENT M ATKINS GEOFF DIMENSIONAL FUND ADV POWER STEPHEN MICHAE SKANDIA INVESTMENT M BLACKROCK ALLIANZ ASSET MANAGE

Firm Name BBY Limited RBC Capital Markets Morgan Stanley Credit Suisse DJ Carmichael Pty Ltd EVA Dimensions Macquarie Wilson HTM Investment Group Deutsche Bank Bell Potter Knight

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

Analyst SCOTT ASHTON ANDREW WILLIAMS STUART BAKER JAMES REDFERN EDWIN BULSECO CRAIG STERLING KIRIT HIRA IVOR RIES JOHN HIRJEE JOHAN HEDSTROM WILL STEPHENS

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

Recommendation strong buy outperform Overwt/Attractive outperform speculative buy sell outperform buy buy buy not rated

Amt Held 28'166'076 26'358'356 12'374'462 11'229'934 11'215'573 8'487'182 4'356'977 2'892'037 2'477'717 1'756'457 1'231'102 942'885 912'502 890'000 696'784 667'086 502'142 457'600 292'793 282'900

% Out 12.72 11.9 5.59 5.07 5.07 3.83 1.97 1.31 1.12 0.79 0.56 0.43 0.41 0.4 0.31 0.3 0.23 0.21 0.13 0.13

Weighting

Change

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

M M M M M M M M M U N

Latest Chg 2'274'624 (150'000) (81'665) 24'546 (110'000) 21'798 469'328 359'733 (7'105) (100'000) 50'000 -

Target Price 9 9 6 8 8 #N/A N/A 10 8 9 11 #N/A N/A

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 06.09.2012 Investment Advisor 19.12.2012 n/a 21.02.2013 Investment Advisor 06.09.2012 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 27.11.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.08.2011 Investment Advisor 30.06.2012 n/a 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 14.09.2012 n/a 31.07.2012 Investment Advisor 27.11.2012 n/a 31.12.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 31.10.2012 Investment Advisor

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

Date 21.02.2013 20.02.2013 31.01.2013 25.01.2013 25.01.2013 17.01.2013 24.10.2012 18.10.2012 04.07.2012 08.11.2011 09.12.2010

27.02.2013

Invocare Ltd Invocare Limited owns and operates funeral homes, cemeteries and crematoriums in Australia. The Company's activities include the provision of funerals, burials and cremations through it's funeral home brands including Blackwell, Guardian, George Hartnett, Le Pine, Purslowe, Simplicity Funerals and White Lady Funerals.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (20.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IVC AT EQUITY YTD Change IVC AT EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 10.91 7.56 205'495.00 10.81 -0.92% 42.99% 89.81% 110.0 1'189.43 223.23 0.0 1.2 6.08 1'407.73

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

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 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 244.2 2.75x 61.6 10.89x 28.0 18.39x

31.12.2009 31.12.2010 255.7 267.4 3.02x 3.32x 64.0 70.0 12.06x 12.68x 48.1 27.4 12.91x 27.06x Profitability

31.12.2011 321.1 3.27x 81.5 12.88x 27.0 30.08x

31.12.2012 368.7 3.18x 92.6 12.67x 44.5 21.63x 92.59 76.23 20.68% 16.98% 5.33% 30.44% 14.98% 0.44% 25.1% 20.7% 12.1% 1.03 0.09 25.89% 148.09% 13.32 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

3.15 0.64 88.94 44.27% 23.12% 0.636 13 3.308 267'277 228'935 212'880 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 399.5 421.4 3.50x 3.28x 101.5 108.3 13.87x 13.00x 49.1 54.1 24.29x 22.06x S&P Issuer Ratings

6.36 5.09 2.35 2.41 148.1% 59.5% 0.44 1.30 27.47 -

Sales/Revenue/Turnover

25.00

400.0 350.0

20.00

300.0 250.0

15.00

200.0 10.00

150.0 100.0

5.00

0.00 01.01.2010

50.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.02.2013

Invocare Ltd Holdings By:

All

Holder Name JF CAPITAL PARTNERS NATIONAL AUSTRALIA B COMMONWEALTH BANK OF UCA FUNDS MANAGEMENT ARGO INVESTMENTS LTD AUSTRALIAN FOUNDATIO SUMITOMO MITSUI ASSE VANGUARD GROUP INC MIRRABOOKA INVESTMEN DIMENSIONAL FUND ADV DAVIS RICHARD HUGH VANGUARD INVESTMENTS ABERDEEN STATE STREET SMITH ANDREW ROBIN BLACKROCK PROBANKA FUND MANAGE CLIFTON CHRISTINE L EIM CAPITAL MANAGERS FRIERY PHILLIP

Firm Name Ord Minnett EVA Dimensions Moelis & Company Deutsche Bank Morgan Stanley Credit Suisse JPMorgan Macquarie Commonwealth Bank Nomura E.L. & C. Baillieu Wilson HTM Investment Group

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

Analyst JAMES LENNON CRAIG STERLING ADAM S MICHELL JENNIFER KRUK CHRIS NICOL CHRIS SMITH RUSSELL GILL ADAM SIMPSON NICK MACLEAN ROGER SAMUEL NICK CALEY ANDREW DALZIEL

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

Recommendation hold sell hold hold Overwt/In-Line neutral overweight outperform overweight neutral hold hold

Amt Held 14'537'992 9'017'529 5'352'945 1'788'905 1'281'310 1'279'000 1'222'000 1'132'742 975'000 696'061 636'607 560'658 461'900 347'553 205'303 169'923 127'821 112'961 112'180 111'781

% Out 13.21 8.2 4.86 1.63 1.16 1.16 1.11 1.03 0.89 0.63 0.58 0.51 0.42 0.32 0.19 0.15 0.12 0.1 0.1 0.1

Weighting

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

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

Latest Chg (1'104'451) 104'683 (304) 9'054 (20'000) (4'120) 31'537 -

Target Price 10 #N/A N/A 10 10 11 10 10 10 10 11 9 6

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

File Dt Inst Type 19.03.2012 Unclassified 22.02.2013 Bank 01.07.2011 Bank 31.01.2013 Mutual Fund Manager 30.06.2011 Investment Advisor 29.06.2012 Investment Advisor 14.08.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 04.09.2012 n/a 30.09.2012 Mutual Fund Manager 31.01.2013 Unclassified 25.02.2013 Investment Advisor 14.06.2012 n/a 25.02.2013 Investment Advisor 31.12.2010 Investment Advisor 31.12.2011 n/a 31.01.2013 Investment Advisor 31.12.2011 n/a

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

Date 22.02.2013 22.02.2013 21.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 16.08.2012 11.10.2010

27.02.2013

Bradken Ltd Bradken Limited manufactures and supplies industrial products and maintenance services to the mining, minerals processing, rail and industrial markets. The Company's products include ground engaging tools, mill liners, crusher liners, freight wagons, bogies, wear plates, crawler systems along with mining services and rail maintenance.

Price/Volume

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BKN AT EQUITY YTD Change BKN AT EQUITY YTD % CHANGE

06/2012 01/yy 8.68 4.32 680'604.00 7.1 -18.20% 64.35% 63.76% 169.2 1'201.61 549.97 0.0 0.0 101.89 1'659.14

4.0 M

3.0 M

2.0 M

1.0 M

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

7.0 M

8 7

Valuation Analysis

30.06.2008 760.3 1.53x 126.6 9.19x 58.0 15.72x

30.06.2009 30.06.2010 1'209.2 1'003.7 0.78x 1.24x 159.5 165.4 5.91x 7.52x 64.3 70.4 8.21x 13.31x Profitability

30.06.2011 1'147.5 1.32x 195.9 7.73x 67.6 16.72x

30.06.2012 1'451.3 0.91x 216.7 6.11x 100.5 8.58x 216.69 165.52 11.41% 9.55% 7.07% 14.55% 10.18% 0.98% 20.5% 11.7% 6.9% 2.39 1.14 34.42% 76.44% 7.05 4.59

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

5.85 1.18 156.64 -9.40% 33.20% 1.185 17 3.824 972'959 1'211'658 1'111'160 FY+2

06/13 Y 06/14 Y 1'431.7 1'522.7 1.15x 1.07x 236.3 261.5 7.02x 6.34x 110.7 126.6 10.87x 9.58x S&P Issuer Ratings

FQ+1

FQ+2

6.06 2.63 76.4% 43.3% 0.98 2.75 51.94 79.69 37.44 92.47

Sales/Revenue/Turnover

250.00

1'600.0 1'400.0

200.00

1'200.0 1'000.0

150.00

800.0 100.00

600.0 400.0

50.00

0.00 03.07.2009

200.0 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 |

27.02.2013

Bradken Ltd Holdings By:

All

Holder Name PARADICE INVESTMENT WESTPAC BANKING CORP UBS NATIONAL AUSTRALIA B LEGG MASON ASSET MAN COMMONWEALTH BANK OF AUSTRALIAN FOUNDATIO FMR LLC BLACKROCK UCA FUNDS MANAGEMENT HODGES BRIAN WILLIAM KEMPEN CAPITAL MANAG VANGUARD GROUP INC DIMENSIONAL FUND ADV VANGUARD INVESTMENTS MACQUARIE GROUP LTD MIRRABOOKA INVESTMEN NIPPON LIFE INSURANC AMCIL LTD SHERIDAN ENDA

Firm Name Macquarie Ord Minnett Moelis & Company Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse JPMorgan CIMB BBY Limited Commonwealth Bank Nomura Bell Potter EVA Dimensions Paterson Securities Shaw Stockbroking

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

Analyst CAMERON PIERCE JAMES LENNON ADAM S MICHELL WASSIM KISIRWANI DAVID EVANS WILL CHARLSTON PAUL BUYS ANTHONY PASSE-DE SILVA MATTHEW NICHOLAS MOIRA EILEEN DAW NICK MACLEAN DANIEL PORTER JOHN O'SHEA CRAIG STERLING GEORGE GALANOPOULOS DANNY YOUNIS

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

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

Amt Held 14'281'117 9'090'311 8'485'836 8'371'849 8'137'137 8'012'915 7'145'000 6'938'870 2'687'585 2'630'967 2'408'429 1'885'250 1'833'020 1'284'610 1'204'519 1'152'574 1'028'000 695'430 666'000 584'182

% Out 8.44 5.37 5.01 4.95 4.81 4.73 4.22 4.1 1.59 1.55 1.42 1.11 1.08 0.76 0.71 0.68 0.61 0.41 0.39 0.35

Weighting

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

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

Latest Chg 1'752'612 (1'719'736) (522'862) (328'587) (3'474'774) (298'210) 9'880 46'416 75'740 143'098 -

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

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

File Dt 12.02.2013 04.02.2013 11.06.2012 08.02.2013 18.12.2012 19.10.2012 29.06.2012 30.06.2012 25.02.2013 31.01.2013 04.09.2012 31.12.2012 31.12.2012 31.07.2012 30.09.2012 31.08.2011 31.12.2012 23.04.2012 29.06.2012 30.06.2012

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

Inst Type Investment Advisor Bank Unclassified Bank Mutual Fund Manager Bank Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager n/a Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Insurance Company Investment Advisor n/a

Date 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 17.01.2013 24.10.2012 10.08.2011

27.02.2013

Seven Group Holdings Ltd Seven Group Holdings Ltd. is a diversified operating and investment group. The Groups interests include media holdings that include Seven Network, a commercial television network and publishing company, a telecommunications company, and a heavy equipment dealer that operates Caterpillar dealerships in Australia and North Eastern China.

Price/Volume

3.0 M 2.5 M 2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (14.11.2012) 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 SVW AT EQUITY YTD Change SVW AT EQUITY YTD % CHANGE

06/2012 01/yy 11.08 6.14 2'896'251.00 11 -0.72% 79.15% 94.59% 307.4 3'381.51 1'846.43 427.2 11.3 127.75 4'229.67

1.5 M

1.0 M

2 0 f-12

.5 M 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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M

10 8

Valuation Analysis

30.06.2008 33.3 26.06x (75.4) 141.6 15.37x

30.06.2009 30.06.2010 67.3 537.6 2.32x 4.75x (7.0) 6.0 427.52x 12.5 718.0 68.38x 2.11x Profitability

30.06.2011 3'110.2 1.40x 217.7 20.04x 70.4 80.25x

30.06.2012 4'399.7 1.03x 380.2 11.93x 165.9 18.00x 380.16 303.46 6.90% 3.02% 6.69% 13.29% 11.60% 0.93% 9.3% 8.0% 3.8% 1.97 0.81 31.91% 86.23% 8.35 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.64 1.34 97.75 33.42% 30.18% 1.337 11 4.273 434'045 365'824 322'544 FY+2

06/13 Y 06/14 Y 5'143.7 4'937.6 0.99x 1.00x 665.4 626.1 6.36x 6.76x 371.2 348.4 9.18x 9.81x S&P Issuer Ratings

FQ+1

FQ+2

3.52 2.76 1.75 2.65 86.2% 41.7% 0.93 17.40 43.82 -

Sales/Revenue/Turnover

120.00

5'000.0 4'500.0

100.00

4'000.0 3'500.0

80.00

3'000.0

60.00

2'500.0 2'000.0

40.00

1'500.0 1'000.0

20.00 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 |

27.02.2013

Seven Group Holdings Ltd Holdings By:

All

Holder Name NORTH ASTON PTY LTD ASHBLUE HOLDINGS PTY WROXBY PTY LTD AUSBIL DEXIA LIMITED MACQUARIE GROUP LTD MCWILLIAM BRUCE IAN DIMENSIONAL FUND ADV QUEENSLAND INVESTMEN EQUITY TRUSTEES LTD DEXIA ASSET MANAGEME VANGUARD INVESTMENTS WASATCH ADVISORS INC GAMMELL PETER JOSHUA STOKES KERRY MATTHEW UECHTRITZ RICHARD AN VANGUARD GROUP INC STOKES RYAN KERRY SCIENTIA FUND MANAGE WALKER JAMES ALLAN LECKIE DAVID JOHN

Firm Name JPMorgan Deutsche Bank Goldman Sachs Macquarie CIMB EVA Dimensions Bell Potter Morgan Stanley

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

Analyst ANTHONY PASSE-DE SILVA DOMINIC ROSE NATHAN REILLY ANDREW WACKETT MATTHEW NICHOLAS CRAIG STERLING JONATHAN SNAPE DAVID EVANS

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

Recommendation overweight hold buy/attractive outperform outperform sell buy Equalwt/In-Line

Amt Held 114'110'000 62'082'442 30'731'907 15'525'327 2'146'171 1'280'447 1'229'157 976'959 600'000 576'756 509'953 475'926 465'945 380'000 318'442 174'416 93'000 75'986 70'000 66'908

% Out 37.12 20.2 10 5.05 0.7 0.42 0.4 0.32 0.2 0.19 0.17 0.15 0.15 0.12 0.1 0.06 0.03 0.02 0.02 0.02

Weighting

Change 5 3 5 5 5 1 5 3

M M M M M M M U

Latest Chg (36'216) 1'620 2'826 (156'752) -

Target Price 12 11 12 13 12 #N/A N/A 10 8

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

File Dt Inst Type 12.09.2012 n/a 12.09.2012 n/a 12.09.2012 Unclassified 12.09.2012 Investment Advisor 31.08.2011 Investment Advisor 21.09.2012 n/a 31.07.2012 Investment Advisor 12.09.2012 Investment Advisor 12.09.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 17.12.2012 n/a 21.09.2012 n/a 21.09.2012 n/a 31.12.2012 Investment Advisor 21.09.2012 n/a 31.12.2012 Investment Advisor 21.09.2012 n/a 21.09.2012 n/a

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

Date 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 17.01.2013 14.01.2013 15.11.2012

27.02.2013

Charter Hall Retail REIT Charter Hall Retail REIT owns a portfolio of supermarkets and shopping centers located in non-metropolitan areas throughout Australia, New Zealand and the United States.

Price/Volume 5

3.5 M

3.0 M

2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.12.2012) 52-Week Low (08.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CQR AT EQUITY YTD Change CQR AT EQUITY YTD % CHANGE

06/2012 01/yy 4.06 2.95 811'375.00 3.95 -2.71% 33.90% 83.78% 337.6 1'333.45 794.60 0.0 0.0 23.80 1'922.55

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

2.0 M

1.5 M

1.0 M

.5 M

1 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 30.06.2008 186.0 12.15x 117.4 19.24x 100.4 12.02x

30.06.2009 30.06.2010 209.0 182.7 7.70x 8.54x 130.8 113.8 12.30x 13.72x (1'435.0) 73.8 12.90x Profitability

30.06.2011 183.7 9.15x 114.6 14.67x 62.2 11.40x

30.06.2012 191.3 9.21x 117.5 15.00x 9.7 38.44x 117.50 117.50 37.74% 13.90% 1.09% 1.99% 1.22% 0.09% 61.1% 5.1% 40.86% 78.41% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

6.68 0.65 315.84 37.99% 5.05% 0.655 14 2.143 828'598 903'579 906'378 FY+2

06/13 Y 06/14 Y 184.3 197.2 11.72x 10.85x 143.2 153.5 13.43x 12.52x 96.0 103.6 13.21x 12.66x S&P Issuer Ratings

FQ+1

FQ+2

2.54 0.06 5.46 5.66 78.4% 43.9% 0.09 -

Sales/Revenue/Turnover

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 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 |

27.02.2013

Charter Hall Retail REIT Holdings By:

All

Holder Name CHARTER HALL FUNDS M COMMONWEALTH BANK OF GANDEL GROUP PTY LTD MACQUARIE GROUP LTD DIAM VANGUARD GROUP INC AUSTRALIA & NEW ZEAL CBRE CLARION SECURIT COLONIAL FIRST STATE VANGUARD INVESTMENTS FMR LLC COHEN & STEERS CAPIT STATE STREET BLACKROCK NIKKO ASSET MANAGEME PRUDENTIAL FINANCIAL INVESCO LTD NORTHERN TRUST CORPO FRANKLIN RESOURCES MIDDLEFIELD SECURITI

Firm Name Commonwealth Bank Macquarie Morgan Stanley Goldman Sachs JPMorgan Credit Suisse EVA Dimensions Deutsche Bank Moelis & Company

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

Analyst DAVID LLOYD ROB FREEMAN TODD MCFARLANE SIMON WHEATLEY RICHARD JONES JOHN LEE AUSTIN BURKETT JASON WEATE SIMON SCOTT

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

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

Amt Held 31'044'973 30'078'448 21'454'177 16'842'723 15'967'814 15'386'193 15'141'185 15'079'409 13'220'865 10'306'449 3'365'228 3'252'505 3'196'110 2'838'577 1'783'797 1'519'472 1'404'987 1'170'640 817'772 750'000

% Out 9.2 8.91 6.36 4.99 4.73 4.56 4.49 4.47 3.92 3.05 1 0.96 0.95 0.84 0.53 0.45 0.42 0.35 0.24 0.22

Weighting

Change 3 3 1 3 1 1 1 3 3

M M M M M M M M M

Latest Chg (1'435'485) 6'472'224 (3'613'180) 985'460 (195'926) (106'499) (614'135) 300'135 764'912 3'252'505 20'520 1'637'622 125'148 328'988 893'592 32'108 -

Target Price 4 4 4 4 4 3 #N/A N/A 4 3

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

File Dt Inst Type 31.08.2012 n/a 24.10.2012 Bank 25.10.2012 Corporation 31.12.2012 Investment Advisor 24.10.2012 Unclassified 31.08.2012 Investment Advisor 25.03.2011 Bank 09.09.2011 Investment Advisor 08.05.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 25.02.2013 Investment Advisor 01.02.2013 Unclassified 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2011 Mutual Fund Manager

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

Date 26.02.2013 19.02.2013 15.02.2013 15.02.2013 15.02.2013 16.01.2013 15.01.2013 31.10.2012 17.05.2012

27.02.2013

Independence Group NL Independence Group NL is a gold and nickel mining and exploration company. The Company's exploration projects are located in Western Australia, South Australia, and the Northern Territory.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 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 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IGO AT EQUITY YTD Change IGO AT EQUITY YTD % CHANGE

Price/Volume

06/2012 01/yy 5.05 2.91 705'257.00 4.53 -10.30% 55.67% 76.64% 232.9 1'054.96 18.62 0.0 0.0 196.02 877.55

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

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 f-12

30.06.2009 30.06.2010 93.9 111.1 4.25x 37.4 46.8 10.68x 16.1 28.7 32.74x 18.67x Profitability

30.06.2011 151.9 6.05x 47.9 19.20x 5.5 144.73x

30.06.2012 206.7 3.03x (78.8) (285.3) -78.84 -118.07 -57.12% -178.44% -30.78% -39.19% 0.23% 27.2% -32.2% -50.3% -138.0% 3.76 2.88 2.29% 2.90% 8.73 -

Price/ Cash Flow

a-12

m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

FY+1 -

.0 M f-13

0.66 1.57 217.95 3.96% -2.58% 1.567 15 3.333 699'627 775'574 839'908 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 241.3 357.4 4.21x 2.84x 69.0 134.5 12.72x 6.53x 28.4 68.8 37.44x 15.36x S&P Issuer Ratings

-55.80 -110.03 -0.27 2.9% 2.8% 0.23 0.49 41.91 51.05

Sales/Revenue/Turnover

25.00

250.0

20.00

200.0

15.00

150.0

10.00

100.0

5.00

50.0

0.00 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 137.7 3.28x 72.2 6.26x 51.5 11.45x

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 |

27.02.2013

Independence Group NL Holdings By:

All

Holder Name JCP INVESTMENT PARTN FMR LLC NATIONAL AUSTRALIA B COMMONWEALTH BANK OF WESTPAC BANKING CORP UBS TREASURY GROUP LTD BLACKROCK ORION ASSET MANAGEME JP MORGAN VANGUARD GROUP INC BONWICK CHRISTOPHER JP MORGAN INVESTMENT DIMENSIONAL FUND ADV MARSTON RODNEY JOHN VANGUARD INVESTMENTS LEGEND MINING LTD UOB ASSET MANAGEMENT CHRISTIE JOHN ALEXAN EIM CAPITAL MANAGERS

Firm Name Goldman Sachs RBC Capital Markets Macquarie Hartleys Wilson HTM Investment Group Credit Suisse Paterson Securities Bell Potter Argonaut Securities Pty Ltd Deutsche Bank JPMorgan EVA Dimensions Commonwealth Bank CIMB

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 n/a Multiple Portfolios n/a Multiple Portfolios

Analyst IAN PRESTON STEUART MCINTYRE LEE BOWERS TRENT BARNETT CAMERON JUDD PAUL MCTAGGART SIMON TONKIN STEPHEN THOMAS TROY IRVIN CHRIS TERRY JOSEPH KIM CRAIG STERLING ANDREW KNUCKEY PHILLIP CHIPPINDALE

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

Recommendation sell/attractive sector perform neutral accumulate hold outperform hold buy buy buy neutral sell underweight outperform

Amt Held 23'407'512 18'789'167 12'480'994 11'877'008 11'804'916 9'850'620 9'679'306 8'508'194 7'108'412 2'321'247 2'318'895 2'057'500 1'784'425 1'401'027 1'321'917 1'218'605 1'000'000 850'000 503'750 453'000

% Out 10.05 8.07 5.36 5.1 5.07 4.23 4.16 3.65 3.05 1 1 0.88 0.77 0.6 0.57 0.52 0.43 0.36 0.22 0.19

Weighting

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

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

Latest Chg (2'494'907) 3'264'867 (2'920'578) 1'811'477 (1'103'093) (2'352'729) (1'149'040) (104'914) (11'117'336) 37'573 (8'691) (900'000) -

Target Price 3 5 5 4 4 5 5 5 5 5 4 #N/A N/A 3 6

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

File Dt Inst Type 15.01.2013 Investment Advisor 03.01.2013 Investment Advisor 14.12.2012 Bank 14.09.2012 Bank 19.09.2012 Bank 20.04.2011 Unclassified 27.06.2012 Corporation 25.02.2013 Investment Advisor 08.04.2011 Investment Advisor 31.10.2012 Unclassified 31.12.2012 Investment Advisor 26.09.2012 n/a 30.06.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 26.09.2012 n/a 30.09.2012 Mutual Fund Manager 11.08.2010 Corporation 30.06.2012 Mutual Fund Manager 26.09.2012 n/a 31.01.2013 Investment Advisor

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

Date 26.02.2013 21.02.2013 11.02.2013 05.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 25.01.2013 17.01.2013 09.11.2012 07.11.2012

27.02.2013

Qube Holdings Ltd Qube Holdings Ltd. is a logistics company. The Group operates in divisions covering Automotive, Bulk and General Stevedoring, Landside Logistics and Strategic Development Assets.

Price/Volume

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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance QUB AT EQUITY YTD Change QUB AT EQUITY YTD % CHANGE

06/2012 01/yy 1.89 1.40 2'848'086.00 1.765 -6.37% 26.30% 83.59% 926.5 1'635.25 443.17 0.0 77.9 119.56 2'036.76

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

30.06.2009 -

Profitability

30.06.2010 0.0 (5.6) 24.3 8.08x

30.06.2011 190.8 5.22x (8.0) 61.8 13.68x

30.06.2012 776.8 2.36x 28.0 65.32x (2.5) 28.01 -8.21 -1.06% -0.23% -0.19% -0.30% 0.60% 3.6% -1.1% -0.3% 1.73 1.53 25.75% 43.73% 9.16 -

Price/ Cash Flow

12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M m-12

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

2.32 0.87 392.38 14.32% 5.37% 0.869 13 3.154 1'061'170 903'737 1'053'080 FY+2

06/13 Y 06/14 Y 1'054.0 1'174.5 2.07x 1.85x 177.2 202.0 11.50x 10.08x 74.7 89.3 21.79x 18.39x S&P Issuer Ratings

FQ+1

FQ+2

1.65 -3.52 11.55 15.82 43.7% 28.9% 0.60 2.03 39.95 -

Sales/Revenue/Turnover

45.00

900.0

40.00

800.0

35.00

700.0

30.00

600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 03.07.2009

14.0 M

Fiscal Year Ended 30.06.2008

2 2 2 1 1 1 1 1 0 0 0 f-12

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 |

27.02.2013

Qube Holdings Ltd Holdings By:

All

Holder Name TC GROUP INFRASTRUCT CARLYLE GROUP/THE WILH WILHEMSEN HLDG TAVERNERS NO 10 PTY PERPETUAL LTD KAWASAKI (AUSTRALIA) PATTERSON CHENEY INV EAGLE SECURITIES LIM CORRIGAN CHRISTOPHER KAPLAN SAMUEL L JAMES MAURICE A VANGUARD GROUP INC SCHRODER INVESTMENT DIGNEY PAUL SMITHWICK DON VANGUARD INVESTMENTS DAVIES ALLAN JAMES MIRRABOOKA INVESTMEN BLACKROCK LEWIS PAUL

Firm Name Macquarie Deutsche Bank Morgan Stanley Credit Suisse JPMorgan CIMB Commonwealth Bank Moelis & Company Evans & Partners Pty Ltd Lonsec Ltd

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

Analyst RUSSELL SHAW CAMERON MCDONALD JULIA WENG NICHOLAS MARKIEWICZ SCOTT CARROLL MARK WILLIAMS MATT CROWE SIMON FITZGERALD PAUL RYAN PETER GREEN

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

Recommendation neutral hold Underwt/In-Line neutral neutral neutral neutral buy Positive accumulate

Amt Held 128'982'461 91'388'476 76'000'000 66'908'777 58'980'450 54'525'000 39'309'603 24'047'220 15'993'553 13'633'668 5'870'855 4'927'904 4'501'394 4'062'368 3'801'854 3'337'337 2'595'795 1'919'000 1'799'052 1'210'000

% Out 13.92 9.86 8.2 7.22 6.37 5.89 4.24 2.6 1.73 1.47 0.63 0.53 0.49 0.44 0.41 0.36 0.28 0.21 0.19 0.13

Weighting

Change 3 3 1 3 3 3 3 5 4 4

D D M D M M M N N M

Latest Chg 37'593'985 55'108'272 (12'000'000) (4'075'266) 9'871'232 (18'175'000) 1'029'212 (3'000'000) (21'798'028) 2'000'000 69'519 (22'660'067) 697'440 23'176 -

Target Price 2 2 2 2 2 2 2 2 #N/A N/A 2

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

File Dt Inst Type 16.12.2011 Corporation 12.04.2011 Private Equity 06.03.2012 Other 01.09.2011 Other 12.10.2012 Investment Advisor 29.11.2011 Corporation 04.04.2012 Investment Advisor 10.03.2011 Other 30.06.2012 n/a 11.09.2012 n/a 14.11.2012 n/a 31.12.2012 Investment Advisor 05.07.2011 Unclassified 30.06.2012 n/a 30.06.2012 n/a 30.09.2012 Mutual Fund Manager 30.06.2012 n/a 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 30.06.2012 n/a

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

Date 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 17.05.2012 13.05.2012 19.03.2012

27.02.2013

CSR Ltd CSR Limited manufactures and supplies buildings products. The Company's products include plasterboard, insulation, glass, fibre cement, bricks and rooftiles used in residential and commercial construction.

Price/Volume 3

14.0 M 12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.02.2013) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CSR AT EQUITY YTD Change CSR AT EQUITY YTD % CHANGE

03/2012 01/yy 2.18 1.15 3'086'131.00 1.965 -9.86% 71.62% 74.88% 506.0 994.29 0.10 0.0 48.3 55.80 1'090.49

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

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.03.2008 3'231.3 1.39x 371.6 12.08x 177.4 16.67x

31.03.2009 31.03.2010 3'492.8 1'936.3 0.83x 1.76x 405.0 330.8 7.13x 10.31x (326.5) (111.7) Profitability

31.03.2011 1'913.6 0.82x 323.4 4.85x 503.4 -

31.03.2012 1'801.9 0.50x 182.2 4.96x 76.3 11.92x

182.20 92.60 5.14% 5.78% 2.62% 4.84% 0.77% 29.0% 8.1% 2.8% 4.2% 1.65 0.60 0.00% 0.01% 5.51 4.04

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

5.09 0.98 475.38 7.87% 0.26% 0.977 15 2.867 2'456'466 2'667'873 2'633'220 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 06/12 Q1 09/12 Q2 1'696.4 1'807.8 0.59x 0.55x 180.0 210.9 6.06x 5.17x 47.1 66.8 21.13x 15.00x S&P Issuer Ratings

08.02.2011 BBB+ STABLE 30.05.2005 NR 30.88 8.92 0.33 0.39 0.0% 0.0% 0.77 1.53 66.38 90.51 58.22 77.41

Sales/Revenue/Turnover

30.00

7'000.0

25.00

6'000.0 5'000.0

20.00

4'000.0 15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

27.02.2013

CSR Ltd Holdings By:

All

Holder Name PERPETUAL LTD ALLAN GRAY AUSTRALIA NATIONAL AUSTRALIA B UBS PARADICE INVESTMENT BLACKROCK DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV VANGUARD GROUP INC STATE STREET VANGUARD INVESTMENTS AUSTRALIAN FOUNDATIO ARGO INVESTMENTS LTD AXA ROSENBERG INTL BANK OF NEW YORK MEL MACQUARIE GROUP LTD SCHRODER INVESTMENT DJERRIWARRH INVESTME LEGAL & GENERAL DIMENSIONAL FUND ADV

Firm Name Commonwealth Bank Macquarie Nomura Bell Potter Moelis & Company JPMorgan EVA Dimensions Deutsche Bank Goldman Sachs CIMB Credit Suisse

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

Analyst MICHAEL WARD LIAM FARLOW SIMON THACKRAY JONATHAN SNAPE TODD W GUYOT JASON HARLEY STEED CRAIG STERLING EMILY BEHNCKE MATTHEW MCNEE ANDREW G SCOTT ANDREW PEROS

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

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

Amt Held 44'972'587 39'377'377 32'365'063 32'100'582 30'180'250 25'733'336 25'335'015 8'574'856 5'672'771 4'353'581 3'720'873 2'446'000 1'349'493 942'400 745'906 725'025 361'179 313'000 241'616 231'729

% Out 8.89 7.78 6.4 6.34 5.96 5.09 5.01 1.69 1.12 0.86 0.74 0.48 0.27 0.19 0.15 0.14 0.07 0.06 0.05 0.05

Weighting

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

M M M U N M M M M M M

Latest Chg (7'928'992) 6'265'485 3'809'028 (1'547'517) 229'484 86'881 188'221 939'400 144'822 80 9'992

Target Price 2 2 2 2 2 2 #N/A N/A 2 2 2 1

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

File Dt Inst Type 13.12.2012 Investment Advisor 16.07.2012 Investment Advisor 08.02.2013 Bank 01.02.2013 Unclassified 22.11.2012 Investment Advisor 25.02.2013 Investment Advisor 09.08.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 30.09.2012 Mutual Fund Manager 29.06.2012 Investment Advisor 30.06.2011 Investment Advisor 30.09.2012 Investment Advisor 25.02.2013 Investment Advisor 31.08.2011 Investment Advisor 30.06.2012 Investment Advisor 30.06.2011 Investment Advisor 28.12.2012 Unclassified 30.11.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month 13 month 9 month Not Provided 12 month 12 month 12 month Not Provided

Date 18.02.2013 13.02.2013 08.02.2013 29.01.2013 16.01.2013 15.01.2013 15.01.2013 08.01.2013 19.12.2012 15.11.2012 13.11.2012

27.02.2013

Mesoblast Ltd Mesoblast Ltd., is a biotechnology company. The Company develops treatments for orthopaedic conditions, including the commercialisation of adult stem cells to regenerate, repair bone. and cartilage.

Price/Volume 9

3.5 M

3.0 M

2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.03.2012) 52-Week Low (15.11.2012) 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 MSB AT EQUITY YTD Change MSB AT EQUITY YTD % CHANGE

06/2012 01/yy 8.04 4.22 122'172.00 6.52 -18.91% 54.50% 56.81% 287.8 1'876.72 0.00 0.0 0.0 206.75 1'698.07

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

(8.5) (10.1) -

2.0 M

1.5 M

1.0 M

.5 M

1 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 30.06.2008

30.06.2009

30.06.2010

(9.9) (12.3) Profitability

(11.0) (14.8) -

30.06.2011 14.6 147.97x (12.4) 90.6 20.70x

30.06.2012 27.7 56.45x (58.8) (71.1) -58.82 -59.19 -213.83% -176.00% -7.69% -11.54% 0.03% -390.8% -257.0% 4.89 4.65 0.00% 0.00% 5.11 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 0.86 131.10 -16.41% 23.02% 0.864 10 3.600 302'113 417'645 365'001 FY+2

06/13 Y 06/14 Y 19.6 21.6 88.65x 84.44x (63.9) (67.4) (54.3) (68.8) S&P Issuer Ratings

FQ+1

FQ+2

-203514.16 -210376.73 0.0% 0.0% 0.03 10.84 71.59 -

Sales/Revenue/Turnover

1'800.00

30.0

1'600.00

25.0

1'400.00

20.0

1'200.00 1'000.00

15.0

800.00

10.0

600.00 400.00

5.0

200.00 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 |

27.02.2013

Mesoblast Ltd Holdings By:

All

Holder Name ITESCU SILVIU CEPHALON INC M&G INVESTMENT MANAG THORNEY HOLDINGS PTY DALIT PTY LTD CAPITAL GROUP COMPAN MESOBLAST AUST PTY L BANK OF NEW YORK MEL J G M INV GRP P/L VANGUARD GROUP INC ADELAIDE HEALTH SVSC AVISTER PTY LTD MELLON GLOBAL MANAGE FMR LLC SPOONER MICHAEL SKANDIA INVESTMENT M AMP LIFE LTD VANGUARD INVESTMENTS HAZLAHA INV LTD IG INVESTMENT MANAGE

Firm Name Macquarie Maxim Group LLC Wilson HTM Investment Group Deutsche Bank Credit Suisse BBY Limited Nomura EVA Dimensions Bell Potter

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

Analyst CRAIG COLLIE JASON KOLBERT SHANE STOREY DAVID A LOW SAUL HADASSIN DENNIS HULME DAVID STANTON ANDREW S ZAMFOTIS STUART ROBERTS

Source Co File Co File Co File Co File Co File ULT-AGG Co File MF-AGG Co File MF-AGG Co File Co File MF-AGG ULT-AGG Co File MF-AGG Co File MF-AGG Co File MF-AGG

Recommendation underperform buy hold buy outperform underperform buy sell buy

Amt Held 67'751'838 55'785'806 32'018'195 17'342'093 4'468'839 3'325'000 3'035'000 3'000'000 2'792'642 2'078'890 1'953'000 1'919'354 1'300'000 1'184'955 1'081'335 970'852 834'134 806'205 597'800 546'903

% Out 23.54 19.38 11.12 6.02 1.55 1.16 1.05 1.04 0.97 0.72 0.68 0.67 0.45 0.41 0.38 0.34 0.29 0.28 0.21 0.19

Weighting

Change 1 5 3 5 5 1 5 1 5

M M M M M D M M M

Latest Chg 18'100 (32'365) (42'400) (4'852) -

Target Price 4 11 5 8 8 8 8 #N/A N/A 15

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 16.10.2012 n/a 16.10.2012 Corporation 16.10.2012 Investment Advisor 16.10.2012 Investment Advisor 16.10.2012 n/a 31.12.2012 Investment Advisor 16.10.2012 n/a 30.11.2012 Investment Advisor 16.10.2012 n/a 31.12.2012 Investment Advisor 16.10.2012 n/a 16.10.2012 n/a 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 22.08.2012 n/a 31.12.2012 Mutual Fund Manager 16.10.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 16.10.2012 n/a 28.09.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month

Date 26.02.2013 19.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 15.01.2013 05.09.2012

27.02.2013

Nufarm Ltd/Australia Nufarm Limited manufactures and supplies a range of agricultural chemicals used by farmers to protect crops from damage caused by weeds, pests and disease. The Company has worldwide operations.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (28.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NUF AT EQUITY YTD Change NUF AT EQUITY YTD % CHANGE

07/2012 01/yy 6.47 4.40 278'054.00 5.58 -13.76% 26.82% 59.90% 262.8 1'466.41 659.12 246.9 0.6 191.32 2'181.74

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 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 31.07.2008 2'492.5 1.72x 348.7 12.28x 137.9 24.18x

31.07.2009 31.07.2010 2'677.1 2'168.6 1.33x 0.86x 229.6 115.0 15.46x 16.23x 79.9 (24.0) 32.36x Profitability

31.07.2011 2'083.6 0.89x 156.3 11.83x (49.9) -

31.07.2012 2'181.6 0.99x 205.7 10.45x 72.6 24.53x 205.66 140.17 6.43% 5.06% 2.57% 4.60% 5.14% 0.77% 28.0% 9.4% 6.4% 3.3% 1.83 1.06 23.53% 53.62% 3.48 2.97

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.08 0.83 231.43 24.04% -3.96% 0.830 14 2.571 502'344 824'588 719'812 FY+2

07/13 Y 07/14 Y 2'257.4 2'384.8 0.98x 0.91x 287.9 311.6 7.58x 7.00x 113.2 129.0 13.01x 11.53x S&P Issuer Ratings

FQ+1

FQ+2

21.02.2011 BB STABLE 15.08.2001 NR 3.33 2.56 2.27 3.20 53.6% 30.9% 0.77 5.86 105.19 123.15 101.52 126.82

Sales/Revenue/Turnover

16.00

3'000.0

14.00

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 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 |

27.02.2013

Nufarm Ltd/Australia Holdings By:

All

Holder Name SUMITOMO CHEMICAL CO UBS AMALGAMATED DAIRIES IOOF HOLDINGS LTD MASSACHUSETTS FINANC SUN LIFE FINANCIAL I NATIONAL AUSTRALIA B RATHBONE DOUGLAS JOH BANK OF AMERICA CORP CREDIT SUISSE AG DIMENSIONAL FUND ADV VAN ECK ASSOCIATES C HOGGARD KERRANCE MER VANGUARD GROUP INC VANGUARD INVESTMENTS BLACKROCK MIRRABOOKA INVESTMEN GOODFELLOW WILLIAM B EIM CAPITAL MANAGERS GAM INTERNATIONAL MA

Firm Name Nomura Octa Phillip Securities Ltd Macquarie Wilson HTM Investment Group Credit Suisse JPMorgan Ord Minnett EVA Dimensions Goldman Sachs RBS Morgans Deutsche Bank

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 Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst RICHARD J JOHNSON PAUL JENSZ RIKKI BANNAN JAMES FERRIER LARRY GANDLER STUART JACKSON STEPHEN SCOTT CRAIG STERLING JAMES HANNAM BELINDA MOORE MARK WILSON

Source Co File ULT-AGG Co File EXCH EXCH EXCH ULT-AGG EXCH EXCH EXCH MF-AGG MF-AGG EXCH MF-AGG MF-AGG ULT-AGG MF-AGG EXCH MF-AGG MF-AGG

Recommendation reduce hold underperform buy underperform neutral lighten buy neutral/neutral neutral sell

Amt Held 60'210'136 14'516'702 14'330'798 13'854'165 13'112'345 13'079'699 12'162'870 11'642'880 11'609'140 11'039'268 4'139'477 3'853'626 2'032'632 1'840'567 932'511 904'964 620'000 590'477 576'000 488'450

% Out 22.91 5.52 5.45 5.27 4.99 4.98 4.63 4.43 4.42 4.2 1.58 1.47 0.77 0.7 0.35 0.34 0.24 0.22 0.22 0.19

Weighting

Change 2 3 1 5 1 3 2 5 3 3 1

M M M M M M M M M M M

Latest Chg (2'248'185) (1'177'739) (6'010'560) (474'417) (7'244) 3'599 (6'898) (122'187) 164 109'000 (196'660)

Target Price 5 6 6 7 6 6 6 #N/A N/A 6 6 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 28.09.2011 Corporation 15.07.2010 Unclassified 28.09.2011 Corporation 09.06.2011 Investment Advisor 28.09.2011 Investment Advisor 11.10.2012 Investment Advisor 14.11.2011 Bank 02.08.2012 n/a 09.09.2010 Investment Advisor 12.02.2010 Investment Advisor 31.07.2012 Investment Advisor 25.02.2013 Investment Advisor 13.07.2010 n/a 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 16.11.2012 n/a 31.01.2013 Investment Advisor 31.10.2012 Investment Advisor

Date Not Provided Not Provided 12 month Not Provided Not Provided 9 month Not Provided Not Provided 12 month 12 month 12 month

Date 04.02.2013 25.01.2013 24.01.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 17.01.2013 21.12.2012 10.12.2012 25.09.2012

27.02.2013

Cardno Ltd Cardno Limited provides consulting engineering services for the construction, infrastructure and natural environments industries in Australia and South East Asia. The Group provides services in all aspects of engineering including civil, structural, environmental and management consulting.

Price/Volume 9

8.0 M

7.0 M

6.0 M

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (21.08.2012) 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 20.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CDD AT EQUITY YTD Change CDD AT EQUITY YTD % CHANGE

06/2012 01/yy 8.64 5.89 206'714.00 7.18 -16.90% 21.90% 48.00% 142.3 1'021.50 198.84 0.0 0.0 105.48 1'165.22

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

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 30.06.2008 396.2 0.87x 50.2 6.88x 27.5 10.81x

4.0 M

Valuation Analysis

30.06.2009 30.06.2010 514.2 474.8 0.61x 1.01x 52.5 53.3 5.99x 9.03x 34.2 37.6 7.87x 9.12x Profitability

30.06.2011 828.4 0.73x 96.9 6.24x 58.8 9.56x

30.06.2012 959.9 1.19x 124.2 9.16x 74.2 12.25x 124.16 108.05 11.26% 10.94% 8.68% 15.88% 11.83% 1.24% 11.8% 10.0% 7.7% 1.95 1.35 20.74% 36.23% 6.55 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

5.01 0.83 135.75 18.00% 3.01% 0.835 8 3.750 588'408 400'967 445'047 FY+2

06/13 Y 06/14 Y 1'177.0 1'260.5 0.98x 0.90x 145.8 162.6 7.99x 7.17x 85.0 95.3 11.99x 10.78x S&P Issuer Ratings

FQ+1

FQ+2

20.45 17.83 1.09 1.75 36.2% 26.6% 1.24 25.61 55.91 -

Sales/Revenue/Turnover

16.00

1'200.0

14.00

1'000.0

12.00

800.0

10.00 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 |

27.02.2013

Cardno Ltd Holdings By:

All

Holder Name PERPETUAL LTD DENVER INVESTMENT AD NATIONAL AUSTRALIA B JOHNSON TREVOR CHARL VANGUARD GROUP INC VANGUARD INVESTMENTS SCHRODER INVESTMENT GARDINER PAUL Bonnip Pty Ltd BUCKLAND QLD PTY LTD COLLINS-WOOLCOCK ROG INVESCO LTD BUCKLEY ANDREW DAVID DIMENSIONAL FUND ADV PUTNAM INVESTMENT MA JOHNSTON IAN JOHN RENSHAW MICHAEL BLACKROCK PRUDENTIAL FINANCIAL ALTAMIRA MANAGEMENT

Firm Name EVA Dimensions Macquarie RBS Morgans Deutsche Bank Goldman Sachs BBY Limited Paterson Securities Credit Suisse

Portfolio Name n/a DENVER INVESTMENT AD n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios

Analyst CRAIG STERLING CAMERON PIERCE ROGER LEANING WASSIM KISIRWANI MIKE YOUNGER MOIRA EILEEN DAW GRAEME CARSON DARREN VINCENT

Source EXCH 13F ULT-AGG EXCH MF-AGG MF-AGG MF-AGG Co File EXCH EXCH Co File MF-AGG EXCH MF-AGG MF-AGG Co File Co File ULT-AGG ULT-AGG MF-AGG

Recommendation overweight neutral neutral hold neutral/neutral buy hold neutral

Amt Held 9'319'020 7'977'375 6'844'446 1'626'241 1'297'717 1'015'676 975'457 971'458 919'766 891'924 749'198 746'785 671'547 646'317 568'769 268'839 251'459 210'366 188'564 128'075

% Out 6.55 5.61 4.81 1.14 0.91 0.71 0.69 0.68 0.65 0.63 0.53 0.52 0.47 0.45 0.4 0.19 0.18 0.15 0.13 0.09

Weighting

Change 5 3 3 3 3 5 3 3

U M D M M D M M

Latest Chg 2'200'880 4'674'057 26'240 11'700 160'372 406'709 709'375 568'769 38'008 67'039

Target Price #N/A N/A 7 8 7 8 8 6 6

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 29.11.2012 Investment Advisor 31.12.2012 Investment Advisor 12.12.2012 Bank 13.02.2013 n/a 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.06.2012 n/a 21.02.2013 Unclassified 21.02.2013 Other 30.06.2012 n/a 26.02.2013 Investment Advisor 21.02.2013 n/a 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 n/a 30.06.2012 n/a 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified

Date Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided

Date 26.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 22.11.2012 08.02.2012

27.02.2013

Shopping Centres Australasia Property Group Shopping Centres Australasia Property Group is a real estate investment trust owning Woolworths Group anchored shopping centres and freestanding retail assets.

Price/Volume 2

60.0 M

50.0 M

1 1

40.0 M

06/2012 01/yy 1.67 1.41 2'619'117.00 1.655 -0.60% 17.79% 94.23% 585.5 968.93 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

30.06.2009 -

20.0 M

10.0 M

0 0 n-12

.0 M d-12

j-13

f-13

Fiscal Year Ended 30.06.2008

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (26.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SCP AT EQUITY YTD Change SCP AT EQUITY YTD % CHANGE

30.06.2010

Profitability

30.06.2011 -

LTM-4Q

LTM

01/yy

30.06.2012 -

FY+1 -

Sales/Revenue/Turnover

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

2'104'356 3'433'191 5'948'081 FY+2

06/13 Y 06/14 Y 63.8 127.8 21.87x 11.26x 52.0 99.9 38.8 72.8 24.34x 13.57x S&P Issuer Ratings

1.20

585.09 10.33% 5 1.400

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

FQ+1

FQ+2

27.02.2013

Shopping Centres Australasia Property Group Holdings By:

All

Holder Name MONDRIAN INVESTMENT VANGUARD GROUP INC ABERDEEN AMERIPRISE FINANCIAL UNIVERSAL INVESTMENT HODGKINSON JAMES T FMR LLC HEXAVEST INC BLACKROCK STOREBRAND FUND MANA NIKKO ASSET MANAGEME LEGAL & GENERAL ING INVESTMENT MANAG EIM CAPITAL MANAGERS SJUNDE AP FONDEN NATIONWIDE FUND ADVI MACQUARIE GROUP LTD JOHN HANCOCK INVESTM BNP PARIBAS INV PART POLLARD IAN

Firm Name Macquarie JPMorgan Moelis & Company Deutsche Bank

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a HEXAVEST INC n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst ROB FREEMAN ROB STANTON RYAN FRANZ JASON WEATE

Source EXCH EXCH ULT-AGG MF-AGG MF-AGG EXCH ULT-AGG 13F ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG EXCH

Recommendation underperform underweight hold sell

Amt Held 44'747'227 34'711'268 13'850'458 1'555'848 340'000 274'285 234'879 208'016 205'049 174'622 165'200 139'050 129'199 88'252 78'027 68'938 62'891 60'159 57'804 53'571

% Out 7.64 5.93 2.37 0.27 0.06 0.05 0.04 0.04 0.04 0.03 0.03 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01

Weighting

Change 1 1 3 1

Latest Chg 6'603'272 10'944'180 521'842 (231'669) 208'016 (29'600) 33'273 129'199 78'027 68'938 62'891 (11'838) 2'515 -

Target Price

M M N N

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 07.02.2013 Hedge Fund Manager 21.12.2012 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 11.12.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.01.2013 Investment Advisor 01.02.2013 Unclassified 28.12.2012 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 11.12.2012 n/a

Date 1 1 2 2

12 month 9 month 12 month 12 month

Date 14.02.2013 13.02.2013 08.02.2013 05.02.2013

27.02.2013

BWP Trust BWP Trust is a listed managed investment scheme which invests in commercial real estate throughout Australia. The Trust has a portfolio of Bunnings Warehouse properties located throughout Australia.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.02.2013) 52-Week Low (16.03.2012) 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 BWP AT EQUITY YTD Change BWP AT EQUITY YTD % CHANGE

Price/Volume

06/2012 01/yy 2.43 1.72 638'642.00 2.29 -5.76% 32.79% 81.57% 537.8 1'231.46 288.89 0.0 0.0 24.73 1'517.75

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 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 30.06.2008 65.9 12.40x 58.3 14.01x 0.7 743.48x

30.06.2009 30.06.2010 73.2 78.5 11.69x 12.28x 61.7 69.6 13.86x 13.87x (11.7) 92.2 8.50x Profitability

30.06.2011 85.3 13.53x 75.3 15.33x 81.5 10.18x

30.06.2012 102.1 12.18x 91.1 13.66x 69.9 13.92x 91.08 70.57 69.12% 68.50% 6.58% 8.79% 6.91% 0.08% 89.3% 68.5% 21.64% 29.66% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

6.57 0.62 406.43 36.96% 6.02% 0.622 9 1.889 1'323'501 1'167'620 1'075'795 FY+2

06/13 Y 06/14 Y 108.8 113.3 14.00x 13.46x 97.6 101.2 15.55x 15.00x 75.7 79.0 16.36x 15.58x S&P Issuer Ratings

FQ+1

FQ+2

4.44 -0.10 3.02 3.12 29.7% 22.9% 0.08 -

Sales/Revenue/Turnover

20.00

120.0

18.00

100.0

16.00 14.00

80.0

12.00

60.0

10.00 8.00

40.0

6.00 4.00

20.0

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 |

27.02.2013

BWP Trust Holdings By:

All

Holder Name WESFARMERS LTD COMMONWEALTH BANK OF ING GROEP NV ABERDEEN VANGUARD INVESTMENTS VANGUARD GROUP INC STATE STREET BLACKROCK MACQUARIE GROUP LTD COLONIAL FIRST STATE GOLDMAN SACHS JBWERE DIAM INVESCO LTD MITSUBISHI UFJ FINAN MASSACHUSETTS FINANC HEITMAN REAL ESTATE NORTHERN TRUST CORPO CREDIT SUISSE ASSET AUSTIN JOHN AMBROSE MANSELL PETER JOHN

Firm Name Commonwealth Bank EVA Dimensions JPMorgan Goldman Sachs Moelis & Company

Portfolio Name #N/A N/A n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst DAVID LLOYD AUSTIN BURKETT SCOTT MOLLOY SIMON WHEATLEY RYAN FRANZ

Source EXCH EXCH EXCH ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File Co File

Recommendation neutral hold underweight Sell/Neutral sell

Amt Held 130'712'708 25'557'535 22'189'645 17'494'010 16'533'524 5'236'708 4'531'335 4'473'850 3'528'581 3'327'279 1'827'321 1'679'018 1'272'402 1'046'609 729'986 664'400 507'743 436'847 295'967 227'289

% Out 24.31 4.75 4.13 3.25 3.07 0.97 0.84 0.83 0.66 0.62 0.34 0.31 0.24 0.19 0.14 0.12 0.09 0.08 0.06 0.04

Weighting

Change 3 3 1 1 1

M U M M M

Latest Chg 9'600'040 (1'205'653) (296'000) 491'286 129'733 32'713 80'251 (2'954'721) 758'245 (7'000) (28'469) 26'285 9'289

Target Price 2 #N/A N/A 2 2 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 26.02.2013 Corporation 21.10.2011 Bank 02.12.2010 Investment Advisor 31.01.2013 Unclassified 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 08.05.2012 Investment Advisor 17.07.2012 Investment Advisor 20.01.2012 Unclassified 26.02.2013 Investment Advisor 05.07.2012 Holding Company 31.12.2012 Investment Advisor 13.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 30.06.2012 n/a 29.08.2012 n/a

Date 12 month Not Provided 9 month 12 month 12 month

Date 26.02.2013 20.02.2013 13.02.2013 12.02.2013 20.09.2012

27.02.2013

Resolute Mining Ltd Resolute Mining Limited explores for, produces and develops gold in Ghana, Mali Queensland and Tanzania. The Company's gold exploration projects include Obotan, Syama, Ravenswood and Golden Pride.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.03.2012) 52-Week Low (21.02.2013) 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 RSG AT EQUITY YTD Change RSG AT EQUITY YTD % CHANGE

06/2012 01/yy 2.11 1.20 2'162'209.00 1.365 -35.31% 13.75% 14.84% 643.1 877.82 11.02 0.0 (33.3) 48.78 816.70

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

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 30.06.2008 231.5 2.48x 20.9 27.45x (56.7) -

30.06.2009 30.06.2010 299.7 342.5 1.12x 1.46x 57.3 80.3 5.85x 6.23x 30.7 (37.2) 6.17x Profitability

30.06.2011 445.1 1.36x 110.0 5.49x 59.7 8.72x

30.06.2012 576.7 1.37x 254.4 3.10x 105.1 7.25x 254.40 180.99 31.38% 21.58% 21.89% 25.34% 27.39% 0.90% 35.8% 42.1% 31.0% 18.2% 3.40 0.76 1.66% 1.91% 28.85 2.69

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

3.66 1.34 251.00 -28.52% -16.77% 1.337 13 3.769 5'100'573 5'471'674 4'559'934 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 12/11 Q2 03/12 Q3 666.2 643.8 1.09x 1.09x 285.5 275.9 2.86x 2.96x 150.2 146.0 5.71x 5.71x S&P Issuer Ratings

24.36 22.02 -0.13 0.06 1.9% 2.0% 0.90 3.38 12.69 136.26 32.96 85.74

Sales/Revenue/Turnover

25.00

700.0 600.0

20.00

500.0 15.00

400.0 300.0

10.00

200.0 5.00

0.00 03.07.2009

100.0 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 |

27.02.2013

Resolute Mining Ltd Holdings By:

All

Holder Name ICM LTD UTILICO INVESTMENTS M&G INVESTMENT MANAG VANGUARD GROUP INC BANK OF AMERICA CORP VINVA INVESTMENT MGM VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C CF RUFFER BAKER STEE RUFFER LLP PERMANENT INVESTMENT DIMENSIONAL FUND ADV GENUS DYNAMIC GOLD F BAKER STEEL CAPITAL JP MORGAN ECLECTIC INVEST TRUS VANGUARD INVESTMENTS FMR LLC SULLIVAN PETER ROSS GRANTHAM MAYO VAN OT

Firm Name Canaccord Genuity Corp Morgan Stanley Foster Stockbroking Veritas Securities BMO Capital Markets GMP Bell Potter Argonaut Securities Pty Ltd EVA Dimensions Westhouse Securities Helmsec Global Capital Limited Deutsche Bank

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst REG SPENCER BRENDAN FITZPATRICK CRAIG BROWN MATTHEW BAILLIE DAVID HAUGHTON LEVI SPRY STEPHEN THOMAS PATRICK CHANG CRAIG STERLING ROB BROKE GAVIN VAN DER WATH CHRIS TERRY

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH MF-AGG EXCH MF-AGG EXCH EXCH ULT-AGG EXCH MF-AGG ULT-AGG EXCH MF-AGG

Recommendation hold Equalwt/Attractive buy buy market perform hold buy buy buy add speculative buy not rated

Amt Held 192'072'476 126'929'227 64'000'000 57'000'000 39'392'367 32'497'591 31'464'292 30'815'709 19'097'479 15'267'000 5'010'643 4'891'038 4'811'000 4'300'000 3'790'818 3'500'000 3'455'670 3'438'261 3'007'448 1'485'807

% Out 29.87 19.74 9.95 8.86 6.13 5.05 4.89 4.79 2.97 2.37 0.78 0.76 0.75 0.67 0.59 0.54 0.54 0.53 0.47 0.23

Weighting

Change

3 3 5 5 3 3 5 5 5 4 4 #N/A N/A

M U U M M M M M M M M M

Latest Chg (5'037'500) 1'500'000 (5'700'000) 5'034'971 (9'442'393) (3'846'391) (4'989'357) (397'971) 1'500'000 807'280 (546'000) (500'000) 108'451

Target Price 2 1 2 2 2 2 2 2 #N/A N/A 2 2 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 20.11.2012 Other 12.07.2012 Investment Advisor 08.02.2013 Investment Advisor 05.10.2012 Investment Advisor 10.05.2012 Investment Advisor 31.01.2013 Investment Advisor 05.09.2012 Investment Advisor 25.02.2013 Investment Advisor 04.04.2012 n/a 28.09.2012 Hedge Fund Manager 12.07.2012 Other 31.07.2012 Investment Advisor 23.02.2012 n/a 04.04.2012 Investment Advisor 31.12.2012 Unclassified 12.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 02.01.2013 n/a 31.05.2012 Investment Advisor

Date 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided

Date 26.02.2013 22.02.2013 25.01.2013 25.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 17.01.2013 08.11.2012 31.07.2012 22.02.2012

27.02.2013

Paladin Energy Ltd Paladin Energy Limited primarily explores for uranium in Australia and Southern Africa.

Price/Volume 3

45.0 M 40.0 M

35.0 M 30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 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 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PDN AT EQUITY YTD Change PDN AT EQUITY YTD % CHANGE

06/2012 09/yy 2.01 0.74 3'585'542.00 1.145 -43.03% 54.73% 32.68% 837.0 958.33 838.50 0.0 52.4 112.10 1'712.81

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

20.0 M 15.0 M 10.0 M

5.0 M 0 f-12

m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 30.06.2008 93.8 44.94x (5.2) (36.0) -

25.0 M

30.06.2009 30.06.2010 111.8 202.0 27.48x 13.05x (750.1) 21.1 124.89x (480.2) (45.6) Profitability

LTM-4Q 30.06.2011 266.8 10.44x (2.9) (82.3) -

30.06.2012 365.8 5.05x (136.4) (172.8) -136.40 -187.80 -51.34% -76.41% -4.13% -8.66% 0.14% 17.5% -41.3% -57.2% -47.2% 1.54 0.65 35.72% 73.40% 53.13 1.42

09/yy 321.1 37.92x (17.1) 0.00x (193.8) 0.00x

LTM 09/yy 324.1 24.52x (134.0) 0.00x (95.3) 0.00x

FY+1

.0 M f-13

0.00 1.86 709.67 -38.27% 11.17% 1.860 22 3.545 6'941'370 8'223'810 8'530'488 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 12/12 Q2 03/13 Q3 408.3 489.6 135.0 111.0 3.57x 2.92x 16.2 145.8 22.0 105.83x 11.75x (80.8) 20.8 (4.0) 29.15x S&P Issuer Ratings

-3.75 -6.01 -6.22 73.4% 41.2% 0.14 0.28 6.89 258.43 69.34 166.30

Sales/Revenue/Turnover

400.0 350.0 300.0

0.80 0.60

250.0 200.0 150.0

0.40 0.20

100.0 50.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Paladin Energy Ltd Holdings By:

All

Holder Name L1 CAPITAL PTY LTD NEWMONT MINING CORP GOVT OF SINGAPORE IN NATIONAL AUSTRALIA B UBS GLOBAL X MANAGEMENT BORSHOFF JOHN FMR LLC DIMENSIONAL FUND ADV VANGUARD GROUP INC IG INVESTMENT MANAGE INVESCO LTD CRABB RICK WAYNE VANGUARD INVESTMENTS VAN ECK ASSOCIATES C TD ASSET MANAGEMENT MANNING & NAPIER ADV CI INVESTMENTS INC NATIXIS INTERNATIONA SWABY GILLIAN

Firm Name BMO Capital Markets Haywood Securities Inc. Canaccord Genuity Corp Octa Phillip Securities Ltd Deutsche Bank JPMorgan Raymond James Dundee Securities Corp Cormark Securities Inc. Commonwealth Bank Morgan Stanley RBC Capital Markets Credit Suisse CIBC World Markets Paterson Securities EVA Dimensions Macquarie Argonaut Securities Pty Ltd Ambrian Partners Ltd Paradigm Capital Inc

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst EDWARD STERCK COLIN HEALEY OREST WOWKODAW ANDREW SHEARER PAUL-D YOUNG MARK BUSUTTIL DAVID SADOWSKI DAVID A TALBOT MIKE KOZAK ANDREW KNUCKEY STEFAN HANSEN ADAM SCHATZKER RALPH M PROFITI MATTHEW GIBSON SIMON TONKIN CRAIG STERLING MICHAEL BOGUSZ TROY IRVIN ADAM KILEY DAVID DAVIDSON

Source EXCH Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG EXCH ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG PROXY MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG SEDI

Recommendation market perform sector outperform suspended coverage buy hold neutral outperform buy speculative buy underweight Equalwt/In-Line outperform outperform sector outperform hold underweight neutral speculative buy hold hold

Amt Held 63'119'387 52'097'937 50'957'433 41'932'448 39'980'126 17'558'695 15'877'394 14'406'619 12'137'901 8'621'660 6'537'500 5'784'204 5'181'528 4'004'702 3'887'793 3'757'200 2'564'930 2'290'300 2'238'906 2'081'655

% Out 7.54 6.22 6.09 5.01 4.78 2.1 1.9 1.72 1.45 1.03 0.78 0.69 0.62 0.48 0.46 0.45 0.31 0.27 0.27 0.25

Weighting

Change

3 5 #N/A N/A 5 3 3 5 5 4 1 3 5 5 5 3 1 3 4 3 3

M M M M M M M M M M M M M M M D M M N D

Latest Chg 9'584'967 8'651'860 21'028 (2'257'895) (416'532) 273'415 219'813 300'000 (31'839) 913'037 463'070 (755'000)

Target Price 1 2 #N/A N/A 1 1 2 2 2 2 1 1 1 2 3 1 #N/A N/A 1 2 2 5

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 24.08.2012 Mutual Fund Manager 16.09.2011 Corporation 05.12.2012 Government 14.02.2012 Bank 07.05.2012 Unclassified 28.01.2013 Investment Advisor 29.01.2013 n/a 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 26.02.2013 Investment Advisor 15.11.2012 n/a 30.09.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 31.12.2011 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 12.09.2011 n/a

Date Not Provided Not Provided Not Provided Not Provided 12 month 9 month 12 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 12 month

Date 26.02.2013 20.02.2013 19.02.2013 18.02.2013 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 23.01.2013 18.01.2013 17.01.2013 12.04.2012 16.11.2010

27.02.2013

Southern Cross Media Group Ltd Southern Cross Media Group Limited operates broadcasting and publishing businesses. The Company operates regional radio and television stations in Australia, and publishes community newspapers in the United States.

Price/Volume 2

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 (25.09.2012) 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 SXL AT EQUITY YTD Change SXL AT EQUITY YTD % CHANGE

06/2012 01/yy 1.59 0.98 2'185'677.00 1.57 -0.95% 60.20% 93.33% 704.9 1'106.63 707.02 0.0 0.3 97.18 1'728.42

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M

30.0 M

20.0 M

10.0 M

0 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 30.06.2008 427.3 2.89x 115.7 10.68x 82.8 7.52x

30.06.2009 30.06.2010 393.5 404.7 2.37x 2.16x 126.1 89.3 7.40x 9.77x (84.6) (82.7) 18.33x 26.62x Profitability

30.06.2011 485.5 3.65x 142.9 12.39x 64.1 11.17x

30.06.2012 681.7 2.14x 221.2 6.58x 95.0 8.90x 221.16 190.64 27.96% 18.52% 1.87% 2.96% 3.26% 0.26% 31.2% 27.1% 13.9% 1.08 1.03 28.57% 46.09% 4.87 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.20 604.04 49.30% 49.52% 1.200 12 3.333 4'787'756 2'990'114 3'304'197 FY+2

06/13 Y 06/14 Y 645.6 667.8 2.63x 2.49x 208.7 218.5 8.28x 7.91x 92.0 101.8 11.98x 10.90x S&P Issuer Ratings

FQ+1

FQ+2

3.08 2.79 3.07 3.49 46.1% 31.5% 0.26 3.73 75.13 -

Sales/Revenue/Turnover

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 03.07.2009

100.0 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 |

27.02.2013

Southern Cross Media Group Ltd Holdings By:

All

Holder Name MACQUARIE GROUP LTD ALLAN GRAY AUSTRALIA JCP INVESTMENT PARTN GOLDMAN SACHS GROUP COMMONWEALTH BANK OF WESTPAC BANKING CORP DIMENSIONAL FUND ADV PARADICE INVESTMENT NATL AUSTRALIA BANK UBS UCA FUNDS MANAGEMENT DIMENSIONAL FUND ADV ARGO INVESTMENTS LTD VANGUARD GROUP INC VANGUARD INVESTMENTS AXA ROSENBERG INTL GLOBAL X MANAGEMENT MOORE-WILTON MAX ALLIANCE BERNSTEIN CARAPIET MICHAEL

Firm Name EVA Dimensions Morgan Stanley Macquarie Deutsche Bank Credit Suisse JPMorgan CIMB Commonwealth Bank

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a

Analyst CRAIG STERLING ANDREW MCLEOD ANDREW LEVY JENNIFER KRUK SAMANTHA CARLETON JARROD MCDONALD FRASER MCLEISH ALICE BENNETT

Source ULT-AGG EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File ULT-AGG EXCH

Recommendation underweight Underwt/Cautious outperform hold underperform neutral neutral overweight

Amt Held 179'513'906 74'663'572 60'634'528 35'499'490 35'142'604 34'689'536 34'170'459 33'274'445 32'360'171 22'959'359 14'618'416 12'756'446 5'940'784 5'438'514 4'044'159 4'035'100 2'172'309 1'857'143 1'407'063 1'347'900

% Out 25.47 10.59 8.6 5.04 4.99 4.92 4.85 4.72 4.59 3.26 2.07 1.81 0.84 0.77 0.57 0.57 0.31 0.26 0.2 0.19

Weighting

Change 1 1 5 3 1 3 3 5

D M M M M U M M

Latest Chg 8'000'000 13'726'623 (1'707'058) (657'157) (1'668'029) (782'636) (5'836'734) (12'845'800) (2'472) 75'428 194'747 442'559 567'000 (72'197) -

Target Price #N/A N/A 1 2 1 1 1 1 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 02.09.2011 Investment Advisor 14.12.2012 Investment Advisor 30.11.2012 Investment Advisor 07.12.2012 Investment Advisor 15.07.2011 Bank 06.09.2012 Bank 27.07.2012 Investment Advisor 19.07.2011 Investment Advisor 11.02.2013 Bank 01.06.2012 Unclassified 31.01.2013 Mutual Fund Manager 31.07.2012 Investment Advisor 30.06.2011 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 28.01.2013 Investment Advisor 30.06.2011 n/a 31.12.2012 Investment Advisor 26.06.2012 n/a

Date Not Provided 12 month 12 month 12 month Not Provided 9 month 12 month 12 month

Date 22.02.2013 21.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013

27.02.2013

McMillan Shakespeare Ltd McMillan Shakespeare Limited provides salary packaging services. The Company also offers services like procurement of motor vehicles, insurance, finance and fuel and service maintenance programs.

Price/Volume 18

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 f-13

16 14 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (27.02.2012) 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 MMS AT EQUITY YTD Change MMS AT EQUITY YTD % CHANGE

06/2012 01/yy 15.53 9.37 381'886.00 15.41 -0.77% 64.46% 96.34% 74.5 1'148.41 155.81 0.0 0.0 54.42 1'282.91

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4 2 0 f-12

30.06.2009 30.06.2010 76.0 118.8 2.23x 3.73x 29.5 43.2 5.73x 10.25x 20.5 45.0 9.61x 7.05x Profitability

30.06.2011 230.5 3.33x 99.7 7.69x 43.5 14.97x

30.06.2012 253.0 3.88x 110.6 8.88x 54.3 15.43x 110.58 38.75 15.31% 30.57% 15.20% 37.38% 20.40% 0.70% 44.6% 16.8% 21.5% 1.26 0.94 39.83% 92.72% 11.31 -

Price/ Cash Flow

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.18 0.97 55.57 67.32% 11.02% 0.967 10 3.900 557'816 261'754 255'134 FY+2

06/13 Y 06/14 Y 338.9 390.1 3.76x 3.28x 148.9 172.6 8.62x 7.43x 62.2 71.7 18.68x 16.32x S&P Issuer Ratings

FQ+1

FQ+2

10.65 10.47 1.11 1.56 92.7% 48.1% 0.70 29.61 32.36 -

Sales/Revenue/Turnover

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 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 65.8 2.25x 25.6 5.79x 17.4 9.55x

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 |

27.02.2013

McMillan Shakespeare Ltd Holdings By:

All

Holder Name PODESTA ANTHONY NATIONAL AUSTRALIA B CHESSARI ROSS ASIA PAC TECHNOLOGY WESTPAC BANKING CORP KAY MICHAEL VANGUARD GROUP INC MACQUARIE GROUP LTD VANGUARD INVESTMENTS DIMENSIONAL FUND ADV KRUYT G BARING ASSET MANAGEM MCMAHON GRAEME EIM CAPITAL MANAGERS CHARLES SCHWAB INVES THRIVENT FINANCIAL F BLACKROCK BANK OF NEW YORK MEL AMERICAN CENTURY COM PITCHER RONALD GEORG

Firm Name Ord Minnett Goldman Sachs Credit Suisse Nomura EVA Dimensions E.L. & C. Baillieu Evans & Partners Pty Ltd Lonsec Ltd Bell Potter Wilson HTM Investment Group

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst JAMES LENNON JIM GODSIL PAUL BUYS PAUL GRAHAM CRAIG STERLING NICK CALEY GEORGE GABRIEL TOM BOURNE JUSTIN HILFORD SIMON FRITSCH

Source Co File ULT-AGG EXCH EXCH EXCH EXCH MF-AGG ULT-AGG MF-AGG MF-AGG Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG Co File

Recommendation hold Buy/Neutral neutral neutral hold hold Positive buy Under Review buy

Amt Held 7'235'000 6'650'528 6'050'941 4'093'025 3'205'450 1'194'951 510'151 373'563 295'358 271'657 219'604 135'885 122'000 96'592 95'276 79'411 75'934 54'481 38'415 25'100

% Out 9.71 8.92 8.12 5.49 4.3 1.6 0.68 0.5 0.4 0.36 0.29 0.18 0.16 0.13 0.13 0.11 0.1 0.07 0.05 0.03

Weighting

Change

3 5 3 3 3 3 4 5 #N/A N/A 5

U M D M M D M M M M

Latest Chg (258'088) (174'122) (64'000) (200'751) (219'573) 10'371 (51'833) 49'135 95'276 79'411 998 (80'000)

Target Price 14 16 16 15 #N/A N/A 14 #N/A N/A 12 #N/A N/A 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 06.09.2012 n/a 10.09.2012 Bank 21.11.2012 n/a 17.09.2012 Corporation 15.10.2010 Bank 19.11.2012 n/a 31.12.2012 Investment Advisor 31.08.2011 Investment Advisor 30.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 30.06.2012 n/a 31.10.2012 Unclassified 06.09.2012 n/a 31.01.2013 Investment Advisor 31.10.2012 Investment Advisor 31.10.2012 Investment Advisor 25.02.2013 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 07.09.2012 n/a

Date Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Date 22.02.2013 19.02.2013 19.02.2013 19.02.2013 17.01.2013 17.12.2012 14.06.2012 06.03.2012 02.11.2011 21.10.2008

27.02.2013

Mermaid Marine Australia Ltd Mermaid Marine Australia Limited provides diversified marine services. The Company operates mainly in the Dampier and North West Shelf in Western Australia and also in the Northern Territory. Mermaid operates crew vessel charters, vessel manning, management and logistics along with operating supply base facilities.

Price/Volume 5

2.5 M

4 2.0 M

4 3

1.5 M

3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MRM AT EQUITY YTD Change MRM AT EQUITY YTD % CHANGE

06/2012 01/yy 4.19 2.54 723'278.00 4.06 -3.10% 59.84% 95.09% 223.8 908.76 158.13 0.0 0.0 55.28 1'017.06

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.5 M

1 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 30.06.2008 143.6 2.20x 39.1 8.09x 17.9 13.11x

1.0 M

30.06.2009 30.06.2010 156.7 180.5 2.53x 3.36x 45.1 65.5 8.79x 9.25x 26.5 37.9 12.62x 12.45x Profitability

30.06.2011 259.5 2.95x 87.1 8.80x 43.2 15.13x

30.06.2012 340.7 2.12x 106.7 6.76x 51.0 12.03x 106.74 79.90 23.45% 21.01% 10.29% 17.17% 0.71% 22.5% 15.0% 1.87 1.66 28.34% 49.14% 4.47 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.88 207.75 28.13% 19.06% 0.880 14 3.714 522'080 610'802 616'192 FY+2

06/13 Y 06/14 Y 427.1 467.2 2.38x 2.12x 122.8 133.9 8.28x 7.59x 60.9 67.6 14.98x 13.67x S&P Issuer Ratings

FQ+1

FQ+2

10.54 3.97 49.1% 32.9% 0.71 1.04 81.88 -

Sales/Revenue/Turnover

25.00

400.0 350.0

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 |

27.02.2013

Mermaid Marine Australia Ltd Holdings By:

All

Holder Name NATIONAL AUSTRALIA B ELEY GRIFFITHS GROUP BENNELONG FUNDS MANA WESTPAC BANKING CORP INVESCO AUSTRALIA LT ARGO INVESTMENTS LTD VANGUARD GROUP INC WEBER JEFFREY ANDREW MIRRABOOKA INVESTMEN SAWTELL PTY LTD DIMENSIONAL FUND ADV THRIVENT FINANCIAL F VANGUARD INVESTMENTS UBS EIM CAPITAL MANAGERS HOWARTH ANTHONY JOHN AMCIL LTD BRADLEY MARK FRANCIS MACQUARIE GROUP LTD BLACKROCK

Firm Name Hartleys Octa Phillip Securities Ltd Argonaut Securities Pty Ltd Deutsche Bank Morgan Stanley Credit Suisse Macquarie CIMB Paterson Securities Moelis & Company EVA Dimensions RBS Morgans

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a

Analyst TRENT BARNETT CAMERON BELL IAN CHRISTIE WASSIM KISIRWANI DAVID EVANS PAUL BUYS ANDREW WACKETT TIM PLUMBE MARCUS HAMILTON ADAM S MICHELL CRAIG STERLING ALEXANDRA CLARKE

Source ULT-AGG Co File EXCH Co File Co File MF-AGG MF-AGG Co File MF-AGG EXCH MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG Co File MF-AGG Co File ULT-AGG ULT-AGG

Recommendation neutral hold hold hold Overwt/In-Line outperform neutral neutral hold buy hold outperform

Amt Held 13'747'773 13'357'879 11'358'590 10'913'339 9'476'445 6'026'838 2'182'709 1'875'671 1'709'000 1'550'671 1'336'144 1'163'195 1'127'188 902'021 858'152 676'248 620'000 573'819 251'586 202'462

% Out 6.14 5.97 5.07 4.88 4.23 2.69 0.98 0.84 0.76 0.69 0.6 0.52 0.5 0.4 0.38 0.3 0.28 0.26 0.11 0.09

Weighting

Change 3 3 3 3 5 5 3 3 3 5 3 5

M M M D M M D M M M M N

Latest Chg 63'217 (285'000) 1'163'195 (7'690) (16'001'766) 45'611 13'089 6'359 -

Target Price 4 4 4 4 4 4 4 4 #N/A N/A 5 #N/A N/A 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 14.09.2012 Bank 14.09.2012 Investment Advisor 18.12.2012 Investment Advisor 14.09.2012 Bank 02.10.2012 Investment Advisor 30.06.2011 Investment Advisor 31.12.2012 Investment Advisor 20.09.2012 n/a 31.12.2012 Investment Advisor 17.12.2012 Corporation 31.07.2012 Investment Advisor 31.10.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 10.09.2012 Unclassified 31.01.2013 Investment Advisor 28.09.2012 n/a 29.06.2012 Investment Advisor 20.09.2012 n/a 31.08.2011 Investment Advisor 25.02.2013 Investment Advisor

Date 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month

Date 25.02.2013 25.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 15.01.2013 27.11.2012

27.02.2013

Transfield Services Ltd Transfield Services Limited provides a variety of operations and maintenance outsourcing services in Australia and New Zealand, which cover structural, mechanical, instrumentation, civil and electrical maintenance. The Group's customers operate within the power, rail, oil and gas, petrochemical, defense, water utility, telecommunication, and mineral processing sectors.

Price/Volume 3

2 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2012) 52-Week Low (15.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TSE AT EQUITY YTD Change TSE AT EQUITY YTD % CHANGE

06/2012 01/yy 2.59 1.52 5'337'978.00 1.85 -28.57% 21.71% 28.04% 512.5 948.05 575.96 0.0 1.5 67.22 1'458.27

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1 1 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 2'993.3 0.69x 127.8 16.08x 82.2 26.85x

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M f-13

30.06.2009 30.06.2010 3'385.9 2'604.0 0.39x 0.60x 143.0 115.0 9.35x 13.61x (55.0) 73.0 21.90x Profitability

30.06.2011 2'746.0 0.77x 161.3 13.05x (19.7) 38.07x

30.06.2012 3'106.9 0.47x 140.4 10.39x 84.8 11.63x 140.37 48.62 1.56% 2.87% 3.64% 7.76% 7.22% 1.34% 4.5% 1.6% 2.7% 1.13 0.81 24.14% 54.33% 6.05 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

7.57 1.06 438.92 -17.84% -5.13% 1.057 14 3.071 3'542'543 2'746'185 2'168'121 FY+2

06/13 Y 06/14 Y 3'827.7 3'921.6 0.39x 0.37x 235.7 265.6 6.19x 5.49x 85.7 107.2 10.95x 8.77x S&P Issuer Ratings

FQ+1

FQ+2

4.02 -2.44 3.62 4.10 54.3% 35.2% 1.34 8.00 60.54 -

Sales/Revenue/Turnover

25.00

4'000.0 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 |

27.02.2013

Transfield Services Ltd Holdings By:

All

Holder Name TRANSFIELD PTY LTD JCP INVESTMENT PARTN MONDRIAN INVESTMENT WESTPAC BANKING CORP COMMONWEALTH BANK OF SCHRODER INVESTMENT ALLAN GRAY AUSTRALIA NATIONAL AUSTRALIA B MACQUARIE GROUP LTD VANGUARD GROUP INC ARGO INVESTMENTS LTD DIMENSIONAL FUND ADV BESSEMER GROUP INCOR VANGUARD INVESTMENTS AMERIPRISE FINANCIAL CHARLES SCHWAB INVES BELGIORNO-NETTIS LUC MCKELVIE ROY CREDIT SUISSE GROUP SCHRODERS ASIA LIMIT

Firm Name Macquarie Octa Phillip Securities Ltd Deutsche Bank Morgan Stanley Goldman Sachs RBC Capital Markets Credit Suisse JPMorgan CIMB Nomura EVA Dimensions Moelis & Company Commonwealth Bank

Portfolio Name n/a n/a n/a #N/A N/A n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst CAMERON PIERCE CONOR O'PREY CRAIG WONGPAN NICHOLAS ROBISON NATHAN REILLY HEATH ANDREWS BRADLEY CLIBBORN ANTHONY PASSE-DE SILVA ANDREW HODGE SIMON THACKRAY CRAIG STERLING SIMON FITZGERALD SAM TEEGER

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File EXCH MF-AGG MF-AGG

Recommendation neutral hold hold Equalwt/In-Line neutral/attractive sector perform neutral neutral neutral reduce underweight buy hold

Amt Held 45'291'003 42'752'735 40'092'997 31'061'417 26'664'629 26'481'137 25'670'294 22'494'020 9'223'308 4'979'544 4'547'040 4'324'355 3'594'604 3'529'255 2'438'790 2'175'731 2'170'585 1'800'000 1'628'803 1'119'461

% Out 8.84 8.34 7.82 6.06 5.2 5.17 5.01 4.39 1.8 0.97 0.89 0.84 0.7 0.69 0.48 0.42 0.42 0.35 0.32 0.22

Weighting

Change 3 3 3 3 3 3 3 3 3 2 1 5 3

M M M M M M M M M M M M M

Latest Chg (6'051'970) 4'874'028 7'912'532 (5'334'302) (132'751) (7'681'683) (3'433'897) 2'446'293 (3'625'356) 9'176 230'257 2'042'132 (36'693) -

Target Price 2 2 2 2 2 2 2 2 2 2 #N/A N/A 2 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 04.01.2013 Corporation 25.09.2012 Investment Advisor 07.07.2011 Hedge Fund Manager 25.02.2013 Bank 10.08.2012 Bank 02.11.2011 Investment Advisor 12.02.2013 Investment Advisor 17.10.2012 Bank 31.08.2011 Investment Advisor 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor 31.07.2012 Investment Advisor 31.10.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 30.08.2012 n/a 26.10.2012 n/a 28.12.2012 Investment Advisor 31.07.2012 Investment Advisor

Date 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 9 month 12 month Not Provided Not Provided 12 month 12 month

Date 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 17.01.2013 21.11.2012 21.05.2012

27.02.2013

Envestra Ltd Envestra Limited operates natural gas distribution networks and transmission pipelines in South Australia, Queensland and the Northern Territory. The Company's networks distribute gas to households and businesses in Adelaide, Brisbane (north of Brisbane River), Alice Springs and various regional centers in South Australia and Queensland.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (19.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ENV AT EQUITY YTD Change ENV AT EQUITY YTD % CHANGE

06/2012 01/yy 1.06 0.76 2'356'731.00 1.05 -0.94% 38.16% 93.33% 1'603.3 1'683.50 2'124.90 0.0 0.0 1.00 3'781.50

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

30.06.2009 30.06.2010 372.9 382.2 6.81x 6.84x 273.0 265.4 9.30x 9.85x 40.3 37.2 12.76x 17.50x Profitability

30.06.2011 423.8 7.00x 298.9 9.92x 45.0 21.56x

30.06.2012 468.6 7.17x 339.0 9.91x 73.9 16.02x 339.00 276.40 58.98% 22.49% 3.08% 15.23% 7.73% 0.17% 72.8% 60.0% 15.8% 0.31 0.29 69.47% 362.36% 11.81 -

Price/ Cash Flow

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

FY+1 -

.0 M f-13

5.62 0.75 779.17 46.18% 11.70% 0.747 13 3.000 1'581'135 1'757'225 1'491'254 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 511.5 539.1 7.60x 7.35x 363.8 385.6 10.39x 9.81x 103.2 117.9 16.41x 14.79x S&P Issuer Ratings

31.07.2006 BBBPOS 31.07.2006 A-3 2.00 0.96 5.79 5.79 362.4% 78.4% 0.17 0.21 31.00 -

Sales/Revenue/Turnover

10.00

500.0

9.00

450.0

8.00

400.0

7.00

350.0

6.00

300.0

5.00

250.0

4.00

200.0

3.00

150.0

2.00

100.0

1.00

50.0

0.00 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 331.7 7.61x 225.8 11.17x 163.6 3.39x

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 |

27.02.2013

Envestra Ltd Holdings By:

All

Holder Name APA GROUP CHEUNG KONG INFRASTR VANGUARD GROUP INC VANGUARD INVESTMENTS DIMENSIONAL FUND ADV ARGO INVESTMENTS LTD BANK OF NEW YORK MEL BLACKROCK MUNDER CAPITAL MANAG MACQUARIE GROUP LTD LEGAL & GENERAL ALLPASS JOHN GEOFFRE BESSEMER GROUP INCOR O'DUILL OLAF BRIAN WELLS FARGO DIMENSIONAL FUND ADV GOLDMAN SACHS GROUP LITTLE IAN BRUCE SCOTIA ASSET MANAGEM CHARLES SCHWAB INVES

Firm Name Credit Suisse Macquarie Morgan Stanley Goldman Sachs RBC Capital Markets JPMorgan CIMB Commonwealth Bank EVA Dimensions E.L. & C. Baillieu Paterson Securities Evans & Partners Pty Ltd

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst BENJAMIN MCVICAR IAN MYLES PHILIP BARE ANDREW MCCUSKER PAUL A JOHNSTON JASON HARLEY STEED MICHAEL NEWBOLD WILLIAM ALLOTT AUSTIN BURKETT MATHAN SOMASUNDARAM GEORGE GALANOPOULOS TONY WILSON

Source Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG Co File MF-AGG Co File ULT-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG

Recommendation underperform neutral Equalwt/In-Line neutral/neutral sector perform underweight neutral overweight hold hold hold neutral

Amt Held 525'845'327 297'492'953 9'261'479 6'579'744 6'305'190 5'833'146 3'844'972 1'975'679 1'441'301 938'907 551'186 331'499 267'782 223'438 212'411 170'337 145'297 142'877 133'019 129'052

% Out 32.8 18.55 0.58 0.41 0.39 0.36 0.24 0.12 0.09 0.06 0.03 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01

Weighting

Change 1 3 3 3 3 1 3 5 3 3 3 3

M M M M M M M M M M D D

Latest Chg 422'370 425 (7'533) 197'711 (31'530) 756 21'378 4'012 (59'611)

Target Price 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 |

File Dt Inst Type 23.08.2012 Corporation 23.08.2012 Corporation 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 30.06.2011 Investment Advisor 25.02.2013 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.08.2011 Investment Advisor 28.12.2012 Unclassified 31.10.2012 n/a 31.10.2012 Investment Advisor 30.06.2012 n/a 31.12.2012 Unclassified 30.11.2012 Investment Advisor 30.09.2012 Investment Advisor 24.08.2012 n/a 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor

Date Not Provided 12 month 12 month 12 month 12 month 9 month 12 month 12 month Not Provided 12 month 12 month Not Provided

Date 26.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 15.01.2013 10.12.2012 05.09.2012 23.02.2012

27.02.2013

Medusa Mining Ltd Medusa Mining Limited is a gold exploration and mining Company. The Company has exploration projects located in Western Australia and the Philippines along with mining leases in Tasmania.

Price/Volume 7

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.10.2012) 52-Week Low (21.02.2013) 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 MML AT EQUITY YTD Change MML AT EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

.5 M

1 0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 30.06.2008 15.8 9.93x 4.6 34.16x (1.2) -

1.5 M

06/2012 01/yy 6.70 3.89 1'754'573.00 4.46 -33.43% 14.65% 20.28% 188.9 842.51 0.00 0.0 0.0 12.47 845.67

30.06.2009 30.06.2010 42.6 93.9 5.99x 6.25x 30.4 73.0 8.41x 8.04x 28.5 65.8 8.88x 8.74x Profitability

30.06.2011 148.7 8.51x 120.2 10.54x 110.4 12.02x

30.06.2012 80.8 11.40x 57.6 16.00x 49.2 18.94x 57.59 47.69 59.02% 59.50% 16.13% 16.84% 0.28% 74.3% 56.7% 60.9% 5.30 0.79 0.00% 0.00% 1.88 2.41

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

1.10 175.06 -28.37% -17.86% 1.097 7 4.429 1'246'381 915'519 763'406 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 155.6 295.8 5.41x 2.39x 121.0 238.8 6.99x 3.54x 112.8 223.0 7.07x 4.00x S&P Issuer Ratings

0.0% 0.0% 0.28 0.37 194.22 152.17 136.57 -

Sales/Revenue/Turnover

35.00

160.0

30.00

140.0 120.0

25.00

100.0

20.00

80.0 15.00

60.0

10.00

40.0

5.00

20.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Medusa Mining Ltd Holdings By:

All

Holder Name VANGUARD GROUP INC M&G INVESTMENT MANAG FMR LLC VAN ECK ASSOCIATES C BLACKROCK VAN ECK ASSOCIATES C Rex Harbour & Associ DAVIS GEOFFREY JOHN FIRST EAGLE INVESTME UCA FUNDS MANAGEMENT OPPENHEIMERFUNDS INC INVESTEC ASSET MANAG ROYCE AND ASSOCIATES OLD MUTUAL AFDAL SAMUEL G DANIEL ROY PHILIP BANQUE DE LUXEMBOURG SPROTT INC QUANTEX AG BARING ASSET MANAGEM

Firm Name Goldman Sachs RBC Capital Markets Deutsche Bank Morgan Stanley EVA Dimensions

Portfolio Name Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst PAUL HISSEY STEUART MCINTYRE CHRIS TERRY BRENDAN FITZPATRICK CRAIG STERLING

Source MF-AGG EXCH ULT-AGG EXCH ULT-AGG MF-AGG EXCH Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy/attractive outperform buy Overwt/Attractive sell

Amt Held 26'888'360 24'334'900 22'620'056 15'309'037 14'811'521 13'057'967 6'647'146 4'052'750 2'613'520 2'501'728 2'000'000 1'750'000 1'711'800 1'471'907 1'450'000 1'425'000 1'350'000 1'348'102 1'280'000 1'240'341

% Out 14.23 12.88 11.97 8.1 7.84 6.91 3.52 2.15 1.38 1.32 1.06 0.93 0.91 0.78 0.77 0.75 0.71 0.71 0.68 0.66

Weighting

Change 5 5 5 5 1

M M M M M

Latest Chg 9'270 (215'100) (2'575'499) 1'902'381 (135'042) (4'714'520) (424) (1'522'185) 13'532 -

Target Price 5 8 6 8 #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 18.02.2013 Investment Advisor 30.09.2012 Investment Advisor 11.09.2012 Investment Advisor 25.02.2013 Investment Advisor 25.02.2013 Investment Advisor 24.03.2011 Unclassified 29.08.2012 n/a 30.09.2012 Hedge Fund Manager 31.01.2013 Mutual Fund Manager 30.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 30.06.2012 n/a 30.06.2012 n/a 31.12.2012 Investment Advisor 30.06.2011 Hedge Fund Manager 31.01.2013 Investment Advisor 31.10.2012 Unclassified

Date 12 month 12 month 12 month 12 month Not Provided

Date 26.02.2013 31.01.2013 30.01.2013 30.01.2013 17.01.2013

27.02.2013

Charter Hall Group Charter Hall Group invests in and develops real estate. The Company manages real estate investment funds and develops commercial, residential, and industrial properties.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (27.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CHC AT EQUITY YTD Change CHC AT EQUITY YTD % CHANGE

06/2012 01/yy 3.72 2.06 740'210.00 3.7 -0.54% 79.61% 91.57% 298.9 1'105.78 51.46 0.0 27.4 39.32 1'145.38

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

30.06.2009 30.06.2010 61.2 68.3 6.13x 11.88x 36.4 21.2 10.31x 38.29x (82.2) 6.8 18.63x Profitability

30.06.2011 109.6 6.75x 34.1 21.67x 52.3 12.04x

30.06.2012 123.6 5.76x 41.7 17.07x 16.7 40.25x 41.71 40.99 26.57% 11.30% 1.82% 2.26% 1.70% 0.13% 33.8% 13.5% 5.86% 7.06% -

Price/ Cash Flow

a-12

m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

4.92 0.78 240.61 90.73% 13.15% 0.778 9 3.667 526'053 528'404 703'403 FY+2

06/13 Y 06/14 Y 134.3 143.3 8.49x 7.86x 73.2 79.2 15.64x 14.45x 69.4 75.1 15.88x 15.04x S&P Issuer Ratings

FQ+1

FQ+2

5.12 5.04 0.29 1.23 7.1% 6.4% 0.13 -

Sales/Revenue/Turnover

14.00

140.0

12.00

120.0

10.00

100.0

8.00

80.0

6.00

60.0

4.00

40.0

2.00

20.0

0.00 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 91.1 7.48x 60.4 11.29x 67.5 6.47x

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 |

27.02.2013

Charter Hall Group Holdings By:

All

Holder Name GANDEL GROUP PTY LTD MACQUARIE GROUP LTD COMMONWEALTH BANK OF UBS WESTPAC BANKING CORP AMP LTD VANGUARD GROUP INC VANGUARD INVESTMENTS COLONIAL FIRST STATE SOUTHON DAVID NIKKO ASSET MANAGEME PORTMIST PTY LTD INVESCO LTD FUCHS CEDRIC FMR LLC JANUS CAPITAL MANAGE DIAM ING INVESTMENT MANAG GOLDMAN SACHS GROUP MITSUBISHI UFJ FINAN

Firm Name Macquarie Deutsche Bank Goldman Sachs JPMorgan

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 Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst ROB FREEMAN JASON WEATE SIMON WHEATLEY ROB STANTON

Source EXCH ULT-AGG EXCH ULT-AGG EXCH EXCH EXCH MF-AGG MF-AGG EXCH ULT-AGG EXCH MF-AGG EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation outperform sell neutral/neutral overweight

Amt Held 52'661'948 34'151'391 29'132'184 15'415'697 15'172'671 14'997'620 14'412'363 9'329'179 7'855'595 1'880'612 1'844'373 1'841'773 1'602'657 1'388'843 1'272'365 1'069'623 971'649 718'761 674'213 635'422

% Out 17.62 11.43 9.75 5.16 5.08 5.02 4.82 3.12 2.63 0.63 0.62 0.62 0.54 0.46 0.43 0.36 0.33 0.24 0.23 0.21

Weighting

Change 5 1 3 5

Latest Chg 699'998 (4'510'390) (1'587'338) (1'005'779) (443'968) (729'405) (609'765) 634'810 (26'680) (112'512) -

Target Price

M M M U

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 05.11.2012 Corporation 01.05.2012 Investment Advisor 20.02.2013 Bank 23.12.2011 Unclassified 11.01.2013 Bank 17.12.2012 Insurance Company 14.11.2011 Investment Advisor 30.09.2012 Mutual Fund Manager 08.05.2012 Investment Advisor 23.11.2012 n/a 01.02.2013 Unclassified 23.11.2012 Unclassified 31.12.2012 Investment Advisor 24.11.2011 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 20.01.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 05.07.2012 Holding Company

Date 4 3 4 4

12 month 12 month 12 month 9 month

Date 27.02.2013 26.02.2013 26.02.2013 26.02.2013

27.02.2013

Silver Lake Resources Ltd Silver Lake Resources Limited is a mineral exploration company. The Company is focused on gold exploration in Western Australia.

Price/Volume 5

7.0 M

6.0 M

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.10.2012) 52-Week Low (17.05.2012) 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 SLR AT EQUITY YTD Change SLR AT EQUITY YTD % CHANGE

06/2012 01/yy 3.96 2.02 3'796'811.00 2.2 -44.44% 8.91% 10.82% 379.0 833.91 11.76 0.0 0.0 68.25 777.42

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

2.0 M

1.0 M

1 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 30.06.2008 2.9 15.88x (3.8) (3.7) -

4.0 M

3 2

30.06.2009 30.06.2010 58.1 69.1 1.55x 4.12x 18.5 23.6 4.87x 12.06x 10.7 11.8 9.94x 25.51x Profitability

30.06.2011 90.0 3.80x 33.1 10.33x 15.8 22.65x

30.06.2012 135.3 4.16x 57.0 9.87x 31.2 18.38x 56.99 42.56 31.45% 32.95% 15.33% 21.85% 20.98% 0.67% 36.2% 31.4% 23.0% 2.29 1.64 4.22% 6.06% 4.45

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.03 320.36 -39.23% -33.73% 1.030 11 4.455 3'339'216 3'018'730 2'183'896 FY+2

06/13 Y 06/14 Y 310.7 628.7 2.48x 0.99x 141.6 355.9 5.49x 2.18x 75.1 201.0 8.49x 3.89x S&P Issuer Ratings

FQ+1

FQ+2

1389.90 -565.37 6.1% 5.7% 0.67 1.41 82.33 99.22 -

Sales/Revenue/Turnover

25.00

160.0 140.0

20.00

120.0 100.0

15.00

80.0 10.00

60.0 40.0

5.00

0.00 03.07.2009

20.0 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 |

27.02.2013

Silver Lake Resources Ltd Holdings By:

All

Holder Name THE BANK OF NOVA SCO BLACKROCK MACQUARIE GROUP LTD SPROTT ASSET MANAGEM GCIC LTD/CANADA REGAL FUNDS MANAGEME NATIONAL AUSTRALIA B UBS EYE MANAGEMENT PTY L SPROTT INC FRANKLIN RESOURCES CF RUFFER BAKER STEE CHAPMAN PAUL IAN JOHNSTON PETER B DAVIS LES GRIFFITHS DAVID KENNEDY BRIAN BANASIK CHRISTOPHER VANGUARD GROUP INC GAMCO

Firm Name BBY Limited EVA Dimensions RBC Capital Markets Macquarie Hartleys Deutsche Bank Canaccord Genuity Corp Paterson Securities Argonaut Securities Pty Ltd JPMorgan Casimir Capital

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 n/a n/a Multiple Portfolios n/a

Analyst KURT WORDEN CRAIG STERLING STEUART MCINTYRE MITCH RYAN MIKE MILLIKAN CHRIS TERRY LUKE SMITH TIM MCCORMACK ADAM MIETHKE JOSEPH KIM ERIC ALLISON

Source EXCH ULT-AGG ULT-AGG EXCH MF-AGG EXCH ULT-AGG ULT-AGG EXCH MF-AGG ULT-AGG EXCH Co File Co File Co File Co File Co File Co File MF-AGG ULT-AGG

Recommendation strong buy overweight outperform outperform buy buy sell buy buy neutral overweight

Amt Held 22'122'577 19'132'797 14'380'240 13'372'101 13'057'225 10'985'238 10'832'981 10'324'049 8'000'000 7'318'900 6'556'200 5'760'000 4'746'908 4'318'253 4'200'000 4'158'377 4'075'452 4'000'000 3'616'539 2'779'500

% Out 5.84 5.05 3.79 3.53 3.44 2.9 2.86 2.72 2.11 1.93 1.73 1.52 1.25 1.14 1.11 1.1 1.08 1.06 0.95 0.73

Weighting

Change 5 5 5 5 5 5 1 5 5 3 5

M U M N M N M M M D M

Latest Chg 2'270'380 6'214'993 2'271'263 (16'400) 1'921'600 (2'994'395) (481'126) (1'376'223) (2'000'000) 48'000 (2'131'395) 877'056 -

Target Price 6 #N/A N/A 4 3 4 3 2 4 4 3 5

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 21.01.2013 Investment Advisor 25.02.2013 Investment Advisor 17.10.2012 Investment Advisor 14.01.2013 Investment Advisor 31.08.2012 Investment Advisor 30.01.2012 Investment Advisor 28.12.2012 Bank 10.09.2012 Unclassified 09.08.2011 Other 30.06.2011 Hedge Fund Manager 31.12.2012 Investment Advisor 18.03.2011 n/a 31.08.2012 n/a 31.08.2012 n/a 31.08.2012 n/a 31.08.2012 n/a 31.08.2012 n/a 31.08.2012 n/a 31.12.2012 Investment Advisor 28.09.2012 Unclassified

Date 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 9 month 12 month

Date 22.02.2013 20.02.2013 18.02.2013 07.02.2013 05.02.2013 04.02.2013 01.02.2013 31.01.2013 31.01.2013 30.01.2013 09.12.2012

27.02.2013

Australand Property Group Australand Property Group is a diversified property group in Australia with activities that include development of residential land, housing and apartments and development of and investment in income producing commercial and industrial properties.

Price/Volume 4

7.0 M

6.0 M

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (06.02.2013) 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 ALZ AT EQUITY YTD Change ALZ AT EQUITY YTD % CHANGE

12/2012 01/yy 3.53 2.19 423'784.00 3.43 -2.70% 56.62% 93.63% 576.8 1'978.58 1'352.89 0.0 268.7 76.06 3'524.07

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

2 1

2.0 M

1.0 M

0 f-12

31.12.2009 31.12.2010 640.5 697.8 4.68x 4.32x 172.1 172.3 17.43x 17.51x (298.2) 165.8 10.14x Profitability

31.12.2011 631.3 4.66x 154.2 19.08x 140.6 9.84x

31.12.2012 861.7 4.07x 176.8 19.83x 180.0 10.90x 176.85 168.72 19.58% 26.36% 4.53% 8.97% 7.19% 0.22% 37.2% 20.5% 19.6% 20.9% 1.91 0.64 33.96% 67.14% 8.96 1.59

Price/ Cash Flow

a-12

m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

6.27 0.80 226.07 39.23% 0.88% 0.799 11 3.364 495'195 829'489 877'268 FY+2

12/13 Y 12/14 Y 1'082.4 1'088.4 3.28x 3.29x 269.3 276.7 13.08x 12.74x 149.0 154.9 13.19x 12.75x S&P Issuer Ratings

FQ+1

FQ+2

1.79 -0.03 7.22 7.65 67.1% 37.2% 0.22 0.38 40.83 230.67 58.47 213.03

Sales/Revenue/Turnover

45.00

1'600.0

40.00

1'400.0

35.00

1'200.0

30.00

1'000.0

25.00

800.0

20.00

600.0

15.00

400.0

10.00

200.0

5.00 0.00 01.01.2010

m-12

Fiscal Year Ended 31.12.2008 792.8 3.12x 212.6 11.62x 40.2 9.44x

4.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Australand Property Group Holdings By:

All

Holder Name CAPITALAND LIMITED VANGUARD INVESTMENTS COLONIAL FIRST STATE AMP LTD VANGUARD GROUP INC PRINCIPAL FINANCIAL EQUITY TRUSTEES LTD CENTRAL DEPOSITORY P MACQUARIE GROUP LTD ASIA UNION INVESTMEN QUEENSLAND INVESTMEN BOND STREET CUSTODIA BRAZIL FARMING PTY L DIAM PRUDENTIAL FINANCIAL MILTON CORP LTD DIVERSIFIED UNITED I WILMAR ENTERPRISES P MITSUBISHI UFJ FINAN METROPOLITAN COLLECT

Firm Name Credit Suisse Commonwealth Bank Macquarie Deutsche Bank Goldman Sachs JPMorgan Morgan Stanley Moelis & Company

Portfolio Name n/a Multiple Portfolios 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 n/a n/a n/a n/a Multiple Portfolios

Analyst JOHN RICHMOND JAMES DRUCE PAUL CHECCHIN JASON WEATE PETER ZUK RICHARD JONES TODD MCFARLANE RYAN FRANZ

Source Co File MF-AGG MF-AGG Co File MF-AGG ULT-AGG Co File Co File ULT-AGG Co File Co File Co File Co File ULT-AGG ULT-AGG Co File Co File Co File ULT-AGG MF-AGG

Recommendation neutral neutral neutral hold neutral/neutral underweight restricted hold

Amt Held 341'885'375 9'802'361 3'943'087 2'996'147 2'979'478 2'595'761 2'268'521 2'162'315 1'707'282 1'500'000 1'145'176 1'106'335 1'050'000 990'650 989'600 832'732 790'000 714'000 641'000 619'209

% Out 59.27 1.7 0.68 0.52 0.52 0.45 0.39 0.37 0.3 0.26 0.2 0.19 0.18 0.17 0.17 0.14 0.14 0.12 0.11 0.11

Weighting

Change

3 3 3 3 3 1 #N/A N/A 3

M M M D M M M D

Latest Chg 291'840 (2'286'913) 31'482 163'212 (769'994) 73'500 (175'072)

Target Price 3 4 4 3 3 3 #N/A N/A 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 16.02.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 08.05.2012 Investment Advisor 16.02.2012 Insurance Company 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 16.02.2012 Investment Advisor 16.02.2011 Corporation 31.08.2011 Investment Advisor 16.02.2012 Corporation 16.02.2012 Investment Advisor 16.02.2012 Other 16.02.2012 Corporation 14.11.2011 Unclassified 31.12.2012 Investment Advisor 16.02.2012 Investment Advisor 16.02.2012 Unclassified 16.02.2012 Other 05.07.2012 Holding Company 30.09.2012 Investment Advisor

Date Not Provided 12 month 12 month 12 month 12 month 9 month Not Provided 12 month

Date 26.02.2013 26.02.2013 13.02.2013 07.02.2013 07.02.2013 07.02.2013 10.12.2012 06.11.2012

27.02.2013

Iress Ltd Iress Limited provides real-time information services to businesses that specialize in the equity, equity options and future information markets in Australia and New Zealand. The Group supplies a range of pricing data, charting, news and equity and equity derivatives and also offers real-time trading tools, including a domestic order routing product and financial

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (30.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IRE AT EQUITY YTD Change IRE AT EQUITY YTD % CHANGE

12/2012 01/yy 8.78 5.93 303'177.00 7.99 -9.00% 34.74% 72.98% 128.6 1'027.68 0.00 0.0 0.0 55.97 971.71

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M 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 163.9 3.55x 70.5 8.25x 35.6 17.39x

10 9 8 7 6 5 4 3 2 1 0 f-12

31.12.2009 31.12.2010 169.8 179.6 5.83x 5.57x 73.0 79.8 13.57x 12.54x 42.8 50.5 24.70x 21.64x Profitability

31.12.2011 204.8 4.06x 81.7 10.17x 41.3 21.23x

31.12.2012 207.5 4.84x 74.9 13.40x 39.2 26.89x 74.85 55.83 26.91% 27.40% 24.02% 30.80% 30.95% 1.27% 36.1% 26.9% 18.9% 3.29 3.12 0.00% 0.00% 17.12 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.76 0.77 100.07 19.90% -3.03% 0.770 9 2.778 443'923 346'736 295'494 FY+2

12/13 Y 12/14 Y 212.4 224.8 4.58x 4.30x 72.0 79.4 13.51x 12.24x 47.2 52.6 21.25x 19.35x S&P Issuer Ratings

FQ+1

FQ+2

284.61 262.34 -0.75 0.00 0.0% 0.0% 1.27 28.54 21.38 -

Sales/Revenue/Turnover

20.00

250.0

18.00 16.00

200.0

14.00

150.0

12.00 10.00

100.0

8.00 6.00

50.0

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 |

27.02.2013

Iress Ltd Holdings By:

All

Holder Name ASX LTD HYPERION ASSET MANAG VINVA INVESTMENT MGM BLACKROCK COMMONWEALTH BANK OF AUSTRALIA & NEW ZEAL NORTHCAPE CAPITAL PT ABERDEEN AUSTRALIAN FOUNDATIO VANGUARD GROUP INC MIRRABOOKA INVESTMEN INVESCO LTD DUNAI PETER ARGO INVESTMENTS LTD NAVIGATOR AUSTRALIA DIMENSIONAL FUND ADV VANGUARD INVESTMENTS AMP LIFE LTD SCHRODER INVESTMENT HYPERION ASSET MANAG

Firm Name Deutsche Bank Goldman Sachs Credit Suisse JPMorgan Macquarie Commonwealth Bank EVA Dimensions Moelis & 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 Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst DOMINIC ROSE MIKE YOUNGER DAVID BAILEY ISMAR TUZOVIC JODIE BANNAN NAVEEN PATNEY ANDREW S ZAMFOTIS ADAM S MICHELL

Source Co File Co File EXCH ULT-AGG EXCH EXCH EXCH ULT-AGG Co File MF-AGG Co File MF-AGG EXCH Co File Co File MF-AGG MF-AGG Co File MF-AGG MF-AGG

Recommendation hold neutral/neutral underperform neutral underperform overweight hold hold

Amt Held 23'750'001 15'349'992 7'792'068 6'703'372 6'300'449 6'287'640 6'130'261 3'823'421 1'655'291 1'211'506 1'070'000 936'803 900'000 791'884 733'521 663'815 521'265 412'635 319'876 216'000

% Out 18.47 11.93 6.06 5.21 4.9 4.89 4.77 2.97 1.29 0.94 0.83 0.73 0.7 0.62 0.57 0.52 0.41 0.32 0.25 0.17

Weighting

Change 3 3 1 3 1 5 3 3

M M M M M M M M

Latest Chg 1'295'456 (923'323) (46'894) (344'647) 9'063 102'896 10'000 (211'807) 16'204 -

Target Price 8 8 7 7 7 8 #N/A N/A 8

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.01.2012 Corporation 31.01.2012 Investment Advisor 17.01.2013 Investment Advisor 25.02.2013 Investment Advisor 06.07.2012 Bank 03.05.2011 Bank 13.01.2011 Other 31.01.2013 Unclassified 31.01.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2012 Investment Advisor 26.02.2013 Investment Advisor 04.05.2012 n/a 31.01.2012 Investment Advisor 31.01.2012 Corporation 31.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.01.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor

Date 12 month 12 month Not Provided 3 month 12 month 12 month Not Provided 12 month

Date 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 15.01.2013 20.12.2012

27.02.2013

Boart Longyear Ltd Boart Longyear Ltd provides contract drilling services to the mining, environmental and infrastructure, and energy industries, and manufactures drilling, coring, grinding tools and equipment, and wear components.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2012) 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 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BLY AT EQUITY YTD Change BLY AT EQUITY YTD % CHANGE

12/2012 01/yy 4.41 1.09 3'625'651.00 1.725 -60.88% 57.89% 19.52% 461.2 795.51 601.92 0.0 0.0 123.63 1'288.56

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

45.0 M

40.0 M

35.0 M

30.0 M

3 2

25.0 M 20.0 M

15.0 M

10.0 M

5.0 M

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 1'838.5 0.53x 376.3 2.59x 156.7 1.36x

31.12.2009 31.12.2010 978.2 1'475.9 0.20x 1.55x 127.3 233.4 1.53x 9.78x (14.9) 84.5 25.22x Profitability

31.12.2011 2'020.3 0.76x 356.5 4.29x 159.9 8.12x

31.12.2012 2'011.5 0.68x 68.2 12.98x 123.75 6.15% 4.97% 3.25% 6.01% 5.57% 0.96% 25.5% 6.2% 3.4% 2.39 0.92 26.74% 53.01% 6.92 3.21

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.73 459.65 -56.36% -8.00% 1.729 16 2.875 4'397'053 5'800'059 5'487'511 FY+2

12/13 Y 12/14 Y 1'727.8 1'807.6 0.67x 0.59x 259.3 286.8 4.97x 4.49x 75.8 95.5 10.91x 8.37x S&P Issuer Ratings

FQ+1

FQ+2

15.03.2011 BBSTABLE 53.0% 34.6% 0.96 3.54 52.88 114.04 67.37 99.55

Sales/Revenue/Turnover

45.00

2'500.0

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 |

27.02.2013

Boart Longyear Ltd Holdings By:

All

Holder Name PARADICE INVESTMENT UBS L1 CAPITAL PTY LTD MACQUARIE GROUP LTD BLACKROCK AMP LIFE LTD FMR LLC NATIONAL AUSTRALIA B INVESCO AUSTRALIA LT BEUTEL GOODMAN & COM FRANKLIN RESOURCES VANGUARD GROUP INC COOPERATORS INVEST C TRIMARK INVESTMENT M DIMENSIONAL FUND ADV VANGUARD INVESTMENTS PRUDENTIAL FINANCIAL CAPITAL GROUP COMPAN JF ASSET MANAGEMENT NORTHWEST MUTUAL FUN

Firm Name EVA Dimensions Macquarie Octa Phillip Securities Ltd Deutsche Bank Goldman Sachs Credit Suisse JPMorgan CIMB BBY Limited Nomura Paterson Securities Moelis & Company

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING RIKKI BANNAN CAMERON BELL CRAIG WONGPAN NATHAN REILLY EMMA ALCOCK ANTHONY PASSE-DE SILVA ANDREW HODGE MOIRA EILEEN DAW RICHARD J JOHNSON DAVID GIBSON SIMON FITZGERALD

Source EXCH ULT-AGG EXCH ULT-AGG ULT-AGG EXCH ULT-AGG ULT-AGG EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation overweight neutral hold hold neutral/attractive neutral underweight neutral underperform neutral buy hold

Amt Held 38'917'688 25'165'838 25'037'154 23'851'764 23'843'641 22'821'822 22'369'710 21'006'197 16'621'379 15'168'812 13'269'100 4'831'006 3'794'500 3'600'000 3'446'895 3'352'890 3'219'375 2'395'000 2'282'583 2'097'800

% Out 8.44 5.46 5.43 5.17 5.17 4.95 4.85 4.56 3.6 3.29 2.88 1.05 0.82 0.78 0.75 0.73 0.7 0.52 0.49 0.45

Weighting

Change 5 3 3 3 3 3 1 3 1 3 5 3

D U M M M M M U M M M D

Latest Chg 4'793'038 (5'198'333) (2'474'404) 359'711 (49'554) (1'217'754) (2'196'446) (5'017'342) (8'015'626) (187'700) 3'764'703 49'863 2'512'100 938'778 1'233'096 500'300

Target Price #N/A N/A 2 2 2 2 2 2 2 2 2 2 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 20.02.2013 Investment Advisor 30.09.2012 Unclassified 18.02.2013 Mutual Fund Manager 22.10.2012 Investment Advisor 25.02.2013 Investment Advisor 28.02.2012 Investment Advisor 30.06.2012 Investment Advisor 02.08.2012 Bank 05.01.2011 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 30.09.2012 Unclassified 31.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2011 Mutual Fund Manager 30.11.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 12 month Not Provided 9 month 12 month 12 month Not Provided 12 month 12 month

Date 26.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 20.11.2012 31.08.2012

27.02.2013

Ausdrill Ltd Ausdrill Limited provides specialist drilling services. The Company operates drill, blast, and exploration rigs and its services include contract drilling and blasting, exploration drilling, ground support, contract open pit mining and earthmoving, mining equipment supplies, and logistics management. The Group also provides trenching, cable and pipeline rollout services.

Price/Volume

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

12.0 M 10.0 M

06/2012 01/yy 4.34 1.98 1'984'852.00 3.03 -30.18% 53.03% 44.92% 309.5 937.64 363.94 0.0 (1.1) 124.19 1'176.33

8.0 M

6.0 M

4.0 M

2.0 M

1 0 f-12

30.06.2009 30.06.2010 505.5 631.0 0.64x 0.84x 99.3 149.2 3.27x 3.56x 40.2 48.3 3.90x 6.90x Profitability

30.06.2011 834.6 1.30x 195.1 5.54x 73.4 12.20x

30.06.2012 1'059.1 1.21x 265.9 4.81x 112.9 9.17x 265.93 149.79 14.14% 14.40% 9.36% 16.18% 13.02% 0.88% 25.1% 14.1% 10.7% 1.71 0.97 27.11% 49.06% 6.66 -

Price/ Cash Flow

a-12

m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

4.79 1.21 254.39 -16.93% 7.07% 1.207 17 3.882 2'095'787 1'564'343 1'642'238 FY+2

06/13 Y 06/14 Y 1'255.0 1'381.1 1.07x 0.93x 326.8 370.0 3.60x 3.18x 122.0 140.1 7.69x 6.73x S&P Issuer Ratings

FQ+1

FQ+2

22.10.2012 BB STABLE 11.59 3.29 0.90 1.37 49.1% 32.9% 0.88 1.69 54.97 -

Sales/Revenue/Turnover

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 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 387.1 1.26x 82.2 5.91x 35.3 11.22x

14.0 M

4 4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2012) 52-Week Low (29.11.2012) 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 ASL AT EQUITY YTD Change ASL AT EQUITY YTD % CHANGE

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Ausdrill Ltd Holdings By:

All

Holder Name SAYERS RONALD GEORGE INVESCO AUSTRALIA LT BREMERTON GROUP AMP LTD NATIONAL AUSTRALIA B ALLIANZ ASSET MANAGE VANGUARD GROUP INC DIMENSIONAL FUND ADV PRUDENTIAL FINANCIAL MACQUARIE GROUP LTD AXA ROSENBERG INTL O'CONNOR TERENCE EDW THREADNEEDLE INVESTM VANGUARD INVESTMENTS ASKEW JAMES EDWARD MUNDER CAPITAL MANAG STRAPP TERRENCE JOHN SIA FUNDS AG MD MANAGEMENT LTD BLACKROCK

Firm Name JPMorgan Octa Phillip Securities Ltd Deutsche Bank Morgan Stanley Macquarie CIMB BBY Limited Nomura Paterson Securities EVA Dimensions Argonaut Securities Pty Ltd Hartleys Bell Potter

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios 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

Analyst ANTHONY PASSE-DE SILVA CAMERON BELL DOMINIC ROSE DAVID EVANS ANDREW WACKETT MATTHEW NICHOLAS SWAPAN PANDYA PAUL GRAHAM ROB BRIERLEY CRAIG STERLING IAN CHRISTIE TRENT BARNETT JONATHAN SNAPE

Source Co File EXCH Co File EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG Co File MF-AGG MF-AGG EXCH MF-AGG Co File MF-AGG MF-AGG ULT-AGG

Recommendation overweight sell buy Overwt/In-Line neutral neutral buy buy buy buy buy accumulate hold

Amt Held 36'846'782 16'787'171 16'064'489 15'667'025 15'084'550 2'766'317 2'541'708 2'025'901 1'947'223 1'765'687 1'449'857 1'004'285 718'809 629'966 600'000 402'401 400'000 391'934 333'700 312'617

% Out 11.91 5.42 5.19 5.06 4.87 0.89 0.82 0.65 0.63 0.57 0.47 0.32 0.23 0.2 0.19 0.13 0.13 0.13 0.11 0.1

Weighting

Change 5 1 5 5 3 3 5 5 5 5 5 4 3

M M M M M M D M M M M M M

Latest Chg (409'483) 1'338'680 (15'418) 309'925 (579'761) 814'279 207'166 (665'989) (109'368) (20'628) -

Target Price 4 3 4 4 3 3 3 4 3 #N/A N/A 4 3 3

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 25.12.2012 Investment Advisor 30.06.2012 Other 19.02.2013 Insurance Company 26.11.2012 Bank 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.08.2011 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 n/a 31.10.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 07.06.2011 n/a 31.12.2012 Investment Advisor 30.06.2012 n/a 30.11.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 25.02.2013 Investment Advisor

Date 3 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month

Date 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 15.01.2013 26.11.2012 23.11.2012 22.11.2012

27.02.2013

Transpacific Industries Group Ltd Transpacific Industries Group Ltd. provides integrated industrial cleaning and waste management solutions to customers across Australia and New Zealand. The Company also imports and distributes heavy-duty commercial vehicles.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.10.2012) 52-Week Low (15.11.2012) 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 TPI AT EQUITY YTD Change TPI AT EQUITY YTD % CHANGE

06/2012 01/yy 0.95 0.66 1'366'301.00 0.9 -5.26% 36.36% 79.31% 1'578.6 1'420.71 1'128.50 249.8 5.4 77.90 2'712.81

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M 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 30.06.2008 2'149.6 1.99x 541.9 7.88x 193.3 9.71x

1 1 1 1 1 1 0 0 0 0 0 f-12

30.06.2009 30.06.2010 2'172.2 2'065.5 1.34x 395.2 418.4 6.64x (218.4) 71.2 14.85x Profitability

30.06.2011 2'170.2 1.12x 410.3 5.94x (281.9) -

30.06.2012 2'272.8 1.08x 383.1 6.40x 29.1 80.56x 383.10 195.10 8.58% 0.38% 1.44% 1.94% 0.62% 16.2% 8.0% 1.3% 0.82 0.52 30.02% 59.52% 7.69 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.78 849.44 11.11% 15.38% 0.777 11 3.909 3'921'567 1'964'784 2'649'260 FY+2

06/13 Y 06/14 Y 2'320.7 2'376.0 1.15x 1.08x 427.6 450.8 6.34x 6.02x 75.5 102.6 17.65x 13.64x S&P Issuer Ratings

FQ+1

FQ+2

2.46 1.31 2.75 2.83 59.5% 34.4% 0.62 2.20 47.60 -

Sales/Revenue/Turnover

5.00

2'500.0

4.50 4.00

2'000.0

3.50

1'500.0

3.00 2.50

1'000.0

2.00 1.50

500.0

1.00 0.50 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 |

27.02.2013

Transpacific Industries Group Ltd Holdings By:

All

Holder Name WP X HOLDINGS BV UBS FILMORE LTD GOLDMAN SACHS GROUP SCHRODER INVESTMENT TANDOM PTY LTD BRENZIL PTY LTD DIMENSIONAL FUND ADV VANGUARD GROUP INC JJ RICHARDS & SONS P ROBECO INVESTOR SERV JUPITER ASSET MANAGE QUEENSLAND INVESTMEN EIM CAPITAL MANAGERS VANGUARD INVESTMENTS ASN FUND MANAGEMENT CUSTODIAL SERVICES L INVIA CUSTODIAN PTY AUSTRALIAN EXECUTOR FORSYTH BARR LTD

Firm Name EVA Dimensions Macquarie Deutsche Bank Goldman Sachs Credit Suisse JPMorgan CIMB Commonwealth Bank RBS Morgans Moelis & Company

Portfolio Name 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 n/a n/a n/a n/a

Analyst CRAIG STERLING ADAM SIMPSON DOMINIC ROSE JIM GODSIL PAUL BUYS RUSSELL GILL TIM PLUMBE ANDRE FROMYHR ROGER LEANING ADAM S MICHELL

Source EXCH ULT-AGG Co File EXCH EXCH Co File EXCH MF-AGG MF-AGG EXCH MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG Co File Co File Co File Co File

Recommendation underweight outperform buy neutral/neutral neutral neutral outperform overweight outperform hold

Amt Held 535'285'740 120'532'541 101'137'147 59'751'047 47'804'158 39'741'280 36'527'759 21'315'456 9'243'865 8'891'724 8'121'429 7'430'837 6'578'147 5'359'279 4'651'570 3'964'691 3'475'532 2'839'466 2'467'350 2'307'390

% Out 33.91 7.64 6.41 3.79 3.03 2.52 2.31 1.35 0.59 0.56 0.51 0.47 0.42 0.34 0.29 0.25 0.22 0.18 0.16 0.15

Weighting

Change 1 5 5 3 3 3 5 5 5 3

D U M M M M M M N D

Latest Chg 16'057'178 3'387'627 (4'783'606) 117'736 (35'395) -

Target Price #N/A N/A 1 1 1 1 1 1 1 1 1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.11.2011 Corporation 04.01.2013 Unclassified 15.09.2011 Other 08.11.2011 Investment Advisor 07.04.2011 Mutual Fund Manager 31.08.2011 Unclassified 31.08.2011 Unclassified 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.08.2011 Corporation 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.08.2011 Investment Advisor 31.01.2013 Investment Advisor 30.09.2012 Mutual Fund Manager 31.05.2011 Investment Advisor 31.08.2011 Other 31.08.2011 Investment Advisor 31.08.2011 Investment Advisor 31.08.2011 Bank

Date Not Provided 12 month 12 month 12 month Not Provided 9 month 12 month 12 month 12 month 12 month

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 27.11.2012 01.11.2012

27.02.2013

FlexiGroup Ltd/Australia FlexiGroup Ltd. provides retail point-of-sale lease and rental finance for IT equipment and electrical appliances. The Company's products include desktop and laptop computers, computer peripherals and software, audio visual equipment, and white goods and brown goods.

Price/Volume 5

7.0 M

6.0 M

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 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 21.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FXL AT EQUITY YTD Change FXL AT EQUITY YTD % CHANGE

06/2012 01/yy 4.29 2.06 705'121.00 4.02 -6.29% 95.15% 91.48% 287.9 1'157.24 772.19 0.0 0.0 63.21 1'951.22

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

3.0 M

2.0 M

1.0 M

1 0 f-12

30.06.2009 30.06.2010 184.5 204.2 3.62x 4.05x 100.1 113.1 6.67x 7.31x 32.8 58.9 5.42x 5.56x Profitability

30.06.2011 223.0 4.74x 128.1 8.25x 51.8 10.56x

30.06.2012 246.2 5.82x 149.8 9.56x 59.0 12.09x 149.82 44.22% 33.53% 5.50% 23.02% 5.94% 0.24% 23.9% 67.61% 285.20% -

Price/ Cash Flow

a-12

m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

3.36 0.76 198.80 89.95% 8.06% 0.764 11 4.273 595'552 734'373 598'382 FY+2

06/13 Y 06/14 Y 287.1 321.7 6.96x 6.53x 133.0 153.5 14.67x 12.71x 70.5 82.2 16.28x 14.11x S&P Issuer Ratings

FQ+1

FQ+2

285.2% 74.0% 0.24 65.58 -

Sales/Revenue/Turnover

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 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 166.8 3.07x 95.3 5.38x 32.3 2.80x

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 |

27.02.2013

FlexiGroup Ltd/Australia Holdings By:

All

Holder Name ABERCROMBIE ANDREW BENNELONG FUNDS MANA VINVA INVESTMENT MGM ELEY GRIFFITHS GROUP COMMONWEALTH BANK OF DELANO JOHN JACKSON MARGARET ANN VANGUARD GROUP INC VANGUARD INVESTMENTS DIMENSIONAL FUND ADV VANTAGEPOINT INVESTM MUNDER CAPITAL MANAG LAUGHTON PEARL DHAWAN RAJEEV TOUCHSTONE ADVISORS GOLDMAN SACHS GROUP MACQUARIE GROUP LTD BLACKROCK SKIPPEN RAYMOND JOHN SCOTCHER JANE

Firm Name Macquarie Ord Minnett BBY Limited Deutsche Bank Goldman Sachs Credit Suisse Commonwealth Bank Nomura EVA Dimensions Moelis & Company

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 n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a

Analyst JODIE BANNAN JAMES LENNON SWAPAN PANDYA WASSIM KISIRWANI JIM GODSIL PAUL BUYS NAVEEN PATNEY PAUL GRAHAM AUSTIN BURKETT ADAM S MICHELL

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File Co File MF-AGG MF-AGG ULT-AGG ULT-AGG EXCH Co File

Recommendation outperform hold buy buy neutral/neutral outperform neutral buy buy hold

Amt Held 76'763'302 14'629'575 14'347'323 14'209'846 13'554'406 9'240'742 1'926'012 1'644'965 961'629 597'372 516'200 474'016 473'000 389'099 292'834 238'276 229'497 224'093 115'000 87'591

% Out 26.67 5.08 4.98 4.94 4.71 3.21 0.67 0.57 0.33 0.21 0.18 0.16 0.16 0.14 0.1 0.08 0.08 0.08 0.04 0.03

Weighting

Change 5 3 5 5 3 5 3 5 5 3

M U M M M M M M M M

Latest Chg (107'670) (2'467'590) (200'000) 57'649 (108'749) (2'479) (12'239) (31'993) (24'054) (25'000) -

Target Price 4 4 4 4 4 4 4 5 #N/A N/A 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 15.02.2013 n/a 21.01.2013 Investment Advisor 07.02.2013 Investment Advisor 24.02.2012 Investment Advisor 07.02.2013 Bank 25.01.2013 n/a 15.02.2013 n/a 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 n/a 30.06.2012 n/a 31.12.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 31.08.2011 Investment Advisor 25.02.2013 Investment Advisor 20.02.2013 n/a 30.06.2012 n/a

Date 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month

Date 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 15.01.2013 25.10.2012

27.02.2013

Perseus Mining Ltd Perseus Mining Limited is a mineral exploration Company. The Company explores for gold in West Africa and Central Asia regions.

Price/Volume 4

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (21.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PRU AT EQUITY YTD Change PRU AT EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

(5.5) (4.8) -

4.0 M

2.0 M

1 0 f-12

m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 30.06.2008

6.0 M

06/2012 12/yy 3.00 1.49 3'955'298.00 1.67 -44.33% 12.46% 7.92% 458.0 764.80 60.26 0.0 (0.6) 105.50 728.46

30.06.2009 (3.3) (4.8) Profitability

30.06.2010 0.0 (10.1) (9.7) -

LTM-4Q 30.06.2011 0.0 (32.0) (48.2) -

30.06.2012 144.7 7.53x 55.3 19.72x 47.2 23.48x 55.28 45.11 31.18% 41.62% 12.17% 17.73% 32.6% 1.55 1.13 11.39% 16.72% -

Price/ Cash Flow

12/yy 0.0 #DIV/0! (8.7) 0.00x 4.4 212.39x

LTM 12/yy 291.8 14.83x 127.3 7.27x 62.5 14.52x

FY+1

.0 M f-13

0.00 1.30 449.49 -42.01% -20.48% 1.303 24 4.208 4'223'456 3'228'098 2'577'296 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 321.0 453.8 96.1 96.1 2.26x 1.56x 7.67x 7.67x 135.7 213.4 47.6 47.6 5.37x 3.41x 3.35x 2.97x 66.8 115.3 26.0 26.0 10.92x 6.14x 8.23x 6.82x S&P Issuer Ratings

28.41 26.49 -0.31 0.00 16.7% 14.3% -

Sales/Revenue/Turnover

35.00

160.0

30.00

140.0 120.0

25.00

100.0

20.00

80.0 15.00

60.0

10.00

40.0

5.00

20.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Perseus Mining Ltd Holdings By:

All

Holder Name DUNDEE CORP THE BANK OF NOVA SCO VAN ECK ASSOCIATES C GCIC LTD/CANADA VAN ECK ASSOCIATES C MACKENZIE FINANCIAL ROYAL BANK OF CANADA FIRST CANADIAN MUTUA FMR LLC JP MORGAN IVY MANAGEMENT INCOR UNITED SERVICES AUTO MONTRUSCO BOLTON INV VANGUARD GROUP INC SCOTIA ASSET MANAGEM GLOBAL STRATEGY FINA JP MORGAN INVESTMENT LB SWISS INVESTMENT WELLS FARGO FUNDS MA BAILLIE GIFFORD AND

Firm Name BMO Capital Markets Goldman Sachs Credit Suisse Dundee Securities Corp EVA Dimensions Canaccord Genuity Corp CIBC World Markets Nomura Morgan Stanley RBC Capital Markets Macquarie Commonwealth Bank Clarus Securities Argonaut Securities Pty Ltd CIMB JPMorgan Cormark Securities Inc. GMP Bell Potter Evans & Partners Pty Ltd

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios 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 Multiple Portfolios

Analyst ANDREW BREICHMANAS PAUL HISSEY MICHAEL SLIFIRSKI JOSH WOLFSON CRAIG STERLING REG SPENCER COSMOS CHIU DAVID COTTERELL BRENDAN FITZPATRICK STEUART MCINTYRE MITCH RYAN ANDREW KNUCKEY NANA SANGMUAH PATRICK CHANG JAMES STEWART JOSEPH KIM MIKE KOZAK LEVI SPRY STEPHEN THOMAS CATHY MOISES

Source EXCH Co File Co File MF-AGG MF-AGG MF-AGG ULT-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

Recommendation outperform neutral/attractive outperform buy overweight buy sector perform neutral Overwt/Attractive sector perform outperform neutral buy buy outperform neutral market perform buy hold Positive

Amt Held 50'889'000 49'800'230 43'695'232 38'674'000 33'514'162 12'712'000 7'500'000 7'066'148 6'804'308 6'619'500 6'159'171 5'421'800 5'212'443 5'048'243 4'921'700 4'610'900 4'360'800 4'000'000 4'000'000 3'723'490

% Out 11.11 10.87 9.54 8.44 7.32 2.78 1.64 1.54 1.49 1.45 1.34 1.18 1.14 1.1 1.07 1.01 0.95 0.87 0.87 0.81

Weighting

Change 5 3 5 5 5 5 3 3 5 3 5 3 5 5 5 3 3 5 3 4

M M M M U M M M M M M M M M M M M M M U

Latest Chg (5'997'500) 709'300 13'200 (7'996'200) (478'300) 64'000 3'159'171 353'975 76'529 -

Target Price 3 2 3 2 #N/A N/A 4 3 2 3 2 3 2 3 3 3 2 3 3 3 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 12.10.2011 Holding Company 20.09.2012 Investment Advisor 20.09.2012 Investment Advisor 31.08.2012 Investment Advisor 25.02.2013 Investment Advisor 30.11.2012 Investment Advisor 28.09.2012 Bank 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 9 month 12 month Not Provided 12 month Not Provided

Date 26.02.2013 26.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 31.01.2013 25.01.2013 22.01.2013 22.01.2013 16.01.2013 03.01.2013

27.02.2013

Sigma Pharmaceuticals Ltd Sigma Pharmaceuticals Limited manufactures, wholesale and distributes prescription, over-the-counter and generic pharmaceutical products. The Company also owns a number of pharmacy banner brands in Australia.

Price/Volume 1

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M f-13

1 1 1 0

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.12.2012) 52-Week Low (08.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SIP AT EQUITY YTD Change SIP AT EQUITY YTD % CHANGE

01/2012 01/yy 0.77 0.53 638'403.00 0.655 -14.38% 24.21% 53.71% 1'162.7 761.55 35.00 0.0 0.0 148.60 635.78

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 0 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 2'966.5 0.58x 209.2 8.20x 77.2 17.65x

31.01.2009 31.01.2010 3'081.3 2'733.8 0.52x 233.6 117.8 11.97x 80.1 (398.3) 12.77x Profitability

31.01.2011 2'914.3 0.11x 108.9 2.99x (235.4) -

31.01.2012 2'853.9 0.21x 70.8 8.38x 49.2 14.29x 70.81 65.31 2.29% 2.52% 4.44% 7.23% 7.22% 2.65% 7.1% 2.4% 2.2% 1.7% 2.41 1.81 3.24% 5.13% 4.95 10.82

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

8.40 0.77 1'061.26 18.75% -10.88% 0.770 14 3.286 1'929'350 3'403'932 2'600'187 FY+2

01/13 Y 01/14 Y 2'929.5 2'990.9 0.24x 0.25x 79.2 84.6 8.03x 7.52x 53.5 55.3 14.24x 13.10x S&P Issuer Ratings

FQ+1

FQ+2

12.84 11.45 -1.83 0.29 5.1% 4.9% 2.65 43.07 73.90 33.84 50.66 68.13

Sales/Revenue/Turnover

10.00

3'500.0

9.00

3'000.0

8.00 7.00

2'500.0

6.00

2'000.0

5.00

1'500.0

4.00

1'000.0

3.00 2.00

500.0

1.00 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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Sigma Pharmaceuticals Ltd Holdings By:

All

Holder Name ALLAN GRAY AUSTRALIA PARADICE INVESTMENT VINVA INVT MANAGEMEN BENNELONG FUNDS MANA DIMENSIONAL FUND ADV MAPLE-BROWN ABBOTT L DIMENSIONAL FUND ADV HOOPER MARK R VANGUARD GROUP INC VANGUARD INVESTMENTS NIPPON LIFE INSURANC SCOTT WILLIAM JAMES VANTAGEPOINT INVESTM AXA ROSENBERG INTL BLACKROCK STATE STREET SELLS JEFFREY WAYNE DUNNE GARY MACQUARIE GROUP LTD BANK OF NEW YORK MEL

Firm Name Macquarie Goldman Sachs Nomura EVA Dimensions Morgan Stanley Credit Suisse Commonwealth Bank Deutsche Bank JPMorgan Moelis & Company BBY Limited

Portfolio Name 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 n/a n/a n/a n/a Multiple Portfolios

Analyst AMRON D'SILVA IAN ABBOTT DAVID STANTON ANDREW S ZAMFOTIS SEAN LAAMAN SAUL HADASSIN BRUCE DU DAVID A LOW STEVEN D WHEEN ADAM S MICHELL DENNIS HULME

Source EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH MF-AGG MF-AGG ULT-AGG EXCH MF-AGG MF-AGG ULT-AGG ULT-AGG Co File Co File ULT-AGG MF-AGG

Recommendation neutral neutral/neutral neutral buy Equalwt/Cautious outperform overweight buy neutral hold underperform

Amt Held 105'787'658 86'782'207 76'412'255 67'482'497 58'779'772 58'341'614 22'555'228 14'007'532 12'772'731 8'665'196 6'932'531 6'296'490 3'921'200 3'275'008 2'730'719 1'905'246 1'704'983 1'639'925 1'420'085 1'384'927

% Out 9.1 7.46 6.57 5.8 5.06 5.02 1.94 1.2 1.1 0.75 0.6 0.54 0.34 0.28 0.23 0.16 0.15 0.14 0.12 0.12

Weighting

Change 3 3 3 5 3 5 5 5 3 3 1

M M M M D M M M M N M

Latest Chg (12'513'811) (13'341'727) 14'231'821 (11'988'493) 1'481'943 (9'884'683) 3'358 287'899 517'617 (447'000) (4'050'778) 137'802 -

Target Price 1 1 1 #N/A N/A 1 1 1 1 1 1 1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.11.2012 Investment Advisor 11.02.2013 Investment Advisor 21.11.2012 Other 21.01.2013 Investment Advisor 12.02.2013 Investment Advisor 14.09.2011 Investment Advisor 31.07.2012 Investment Advisor 22.06.2012 n/a 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 20.09.2011 Insurance Company 08.06.2011 n/a 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 25.02.2013 Investment Advisor 26.02.2013 Investment Advisor 31.12.2011 n/a 31.12.2011 n/a 31.08.2011 Investment Advisor 25.02.2013 Investment Advisor

Date 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 3 month 12 month 12 month

Date 08.02.2013 07.02.2013 06.02.2013 15.01.2013 03.01.2013 20.12.2012 12.12.2012 24.10.2012 24.10.2012 20.09.2012 14.09.2012

27.02.2013

Pacific Brands Ltd Pacific Brands Limited is a manager of consumer brands. The Company markets brands for products such as footwear, home comfort products, outerwear and sport and underwear and hosiery. Pacific Brands has operations throughout Australia, New Zealand, United Kingdom, Malaysia, China and Indonesia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.02.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PBG AT EQUITY YTD Change PBG AT EQUITY YTD % CHANGE

06/2012 01/yy 0.85 0.43 3'179'480.00 0.79 -6.73% 83.72% 86.33% 912.9 721.20 344.54 0.0 2.3 155.42 898.89

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

18.0 M

16.0 M

14.0 M

12.0 M

1 0

10.0 M 8.0 M

6.0 M

4.0 M

2.0 M

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 30.06.2008 2'116.6 0.77x 240.4 6.81x 116.6 7.65x

30.06.2009 30.06.2010 1'959.8 1'742.4 0.64x 0.65x 217.7 191.6 5.74x 5.93x (234.5) 52.7 15.53x Profitability

30.06.2011 1'614.6 0.54x 207.2 4.23x (131.9) -

30.06.2012 1'322.7 0.49x 144.3 4.49x (450.7) 144.27 129.06 9.76% -32.58% -3.70% -6.66% 0.96% 46.4% 10.1% -34.1% 2.74 1.43 27.42% 50.20% 7.79 2.60

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.20 763.77 24.80% 31.40% 1.200 15 3.467 6'888'179 4'162'463 2'684'952 FY+2

06/13 Y 06/14 Y 1'265.2 1'278.1 0.70x 0.66x 138.8 140.4 6.47x 6.40x 73.1 74.2 10.00x 9.75x S&P Issuer Ratings

FQ+1

FQ+2

4.61 3.90 50.2% 33.3% 0.96 17.59 47.00 140.78 82.59 112.53

Sales/Revenue/Turnover

9.00

2'500.0

8.00

2'000.0

7.00 6.00

1'500.0

5.00 4.00

1'000.0

3.00

500.0

2.00 1.00 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 |

27.02.2013

Pacific Brands Ltd Holdings By:

All

Holder Name PACIFIC BRANDS LTD ALLAN GRAY AUSTRALIA LAZARD ASSET MANAGEM AXA DIMENSIONAL FUND ADV INTEGRITY INVESTMENT FRANKLIN RESOURCES LEGG MASON ASSET MAN COMMONWEALTH BANK OF T ROWE PRICE ASSOCIA VANGUARD GROUP INC PRUDENTIAL FINANCIAL VANGUARD INVESTMENTS ALLIANCE BERNSTEIN BORTOLUSSI DAVID L GRANTHAM MAYO VAN OT BLACKROCK BANK OF NEW YORK MEL TEMPLETON INVESTMENT MACQUARIE GROUP LTD

Firm Name EVA Dimensions Macquarie Wilson HTM Investment Group Moelis & Company Octa Phillip Securities Ltd Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse JPMorgan Commonwealth Bank Nomura Evans & Partners Pty Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst CRAIG STERLING GREG DRING JACQUELINE FERNLEY TODD W GUYOT KEN WAGNER JENNIFER KRUK THOMAS KIERATH PHILLIP KIMBER GRANT SALIGARI SHAUN COUSINS JORDAN ROGERS NICK BERRY TONY WILSON

Source EXCH EXCH ULT-AGG EXCH Co File EXCH ULT-AGG EXCH EXCH MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG Co File MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation overweight neutral hold hold buy hold Equalwt/In-Line neutral/cautious neutral neutral overweight reduce Positive

Amt Held 97'955'312 84'759'021 79'036'290 67'618'168 65'364'765 59'506'925 47'849'222 46'321'709 42'499'731 17'801'769 9'309'620 7'180'400 6'558'098 5'511'028 3'200'000 2'396'575 1'951'977 1'812'273 1'801'619 1'505'207

% Out 10.73 9.28 8.66 7.41 7.16 6.52 5.24 5.07 4.66 1.95 1.02 0.79 0.72 0.6 0.35 0.26 0.21 0.2 0.2 0.16

Weighting

Change 5 3 3 3 5 3 3 3 3 3 5 2 4

D D M M M M M M M M M D U

Latest Chg 9'228'164 10'601'086 (9'193'833) (15'260'872) (3'445'555) (4'019'784) 166'973 (88'300) 426'631 (412'550) (943'380) (2'059'065)

Target Price #N/A N/A 1 1 1 1 1 1 1 1 1 1 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 08.11.2012 Corporation 02.11.2012 Investment Advisor 19.02.2013 Unclassified 20.09.2012 Investment Advisor 22.08.2012 Investment Advisor 26.11.2012 Venture Capital 07.02.2013 Investment Advisor 15.11.2012 Mutual Fund Manager 15.05.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.06.2012 n/a 31.05.2012 Investment Advisor 25.02.2013 Investment Advisor 25.02.2013 Investment Advisor 30.11.2012 Investment Advisor 31.08.2011 Investment Advisor

Date Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 3 month 12 month Not Provided Not Provided

Date 21.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 31.01.2012

27.02.2013

TPG Telecom Ltd TPG Telecom Limited wholesales bandwidth and other telecommunications services. The Company also delivers a full range of telecommunications products and services to home and business consumers through its retail operations.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (27.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TPM AT EQUITY YTD Change TPM AT EQUITY YTD % CHANGE

07/2012 01/yy 2.97 1.52 1'789'589.00 2.55 -14.14% 68.32% 75.26% 793.8 2'024.21 144.72 0.0 0.0 61.39 2'107.54

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 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 31.07.2008 446.4 0.63x 40.3 7.02x (18.8) -

31.07.2009 31.07.2010 481.2 495.3 0.87x 3.39x 126.0 158.2 3.33x 10.63x 17.7 55.7 20.19x 23.75x Profitability

31.07.2011 528.6 2.65x 187.4 7.47x 78.2 15.10x

31.07.2012 595.2 2.72x 192.0 8.43x 91.0 16.83x 192.03 111.01 18.65% 27.43% 9.70% 16.44% 13.45% 0.63% 32.3% 18.7% 15.3% 0.61 0.47 15.06% 24.50% 26.76 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.16 0.92 250.12 71.25% -1.54% 0.918 15 3.800 2'665'660 1'168'750 873'847 FY+2

07/13 Y 07/14 Y 707.2 756.5 2.92x 2.60x 269.4 281.2 7.82x 7.50x 131.6 146.8 15.27x 13.71x S&P Issuer Ratings

FQ+1

FQ+2

12.83 8.51 0.43 0.75 24.5% 19.7% 0.63 1.86 13.68 -

Sales/Revenue/Turnover

12.00

700.0

10.00

600.0 500.0

8.00

400.0 6.00

300.0 4.00

200.0

2.00

100.0

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 |

27.02.2013

TPG Telecom Ltd Holdings By:

All

Holder Name TEOH DAVID WASHINGTON H SOUL PA WIN CORPORATION PTY MILLNER ROBERT DOBSO FARJOY PTY LTD J S MILLNER HLDGS P/ BKI INVESTMENT COMPA MACQUARIE GROUP LTD PAINE JOHN MILTON CORP LTD VANGUARD GROUP INC TOTAL PERIPHERALS PT GWYNVILL TRADING PTY DIMENSIONAL FUND ADV VANGUARD INVESTMENTS BANK OF NEW YORK MEL HARDING LOEVNER LP LATIMER ALAN JOHN AUSBIL DEXIA LIMITED BLACKROCK

Firm Name Nomura RBS Morgans Paterson Securities CIMB Goldman Sachs EVA Dimensions Moelis & Company Commonwealth Bank Morgan Stanley Macquarie Ord Minnett Credit Suisse

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 n/a Multiple Portfolios n/a

Analyst DANIEL BLAIR NICK HARRIS MARCUS HAMILTON ALAN STUART RAYMOND TONG ANDREW S ZAMFOTIS ADAM S MICHELL NATHAN BURLEY MARK GOODRIDGE ANDREW LEVY BRAD DUNN BRADLEY CLIBBORN

Source Co File Co File Co File Co File Co File Co File Co File ULT-AGG Co File Co File MF-AGG Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG ULT-AGG

Recommendation reduce neutral hold neutral neutral/neutral buy hold overweight Overwt/In-Line outperform accumulate outperform

Amt Held 291'625'603 213'400'684 12'400'000 7'374'175 6'010'000 5'951'207 4'420'000 3'915'518 3'843'717 3'731'553 2'554'628 2'359'175 2'250'000 1'997'161 1'423'339 753'112 587'100 500'000 423'100 415'512

% Out 36.74 26.88 1.56 0.93 0.76 0.75 0.56 0.49 0.48 0.47 0.32 0.3 0.28 0.25 0.18 0.09 0.07 0.06 0.05 0.05

Weighting

Change 2 3 3 3 3 5 3 5 5 5 4 5

M N M M M M M M N M M M

Latest Chg (53'625) 25'130 (7'444) 84'700 -

Target Price 2 3 3 3 2 #N/A N/A 2 3 3 2 3 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 11.10.2012 n/a 03.10.2012 Holding Company 03.10.2012 Corporation 11.10.2012 n/a 03.10.2012 Other 03.10.2012 n/a 03.10.2012 Investment Advisor 31.08.2011 Investment Advisor 03.10.2012 n/a 03.10.2012 Investment Advisor 31.12.2012 Investment Advisor 03.10.2012 n/a 03.10.2012 n/a 31.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 30.06.2012 Investment Advisor 11.10.2012 n/a 30.06.2011 Investment Advisor 25.02.2013 Investment Advisor

Date Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided

Date 27.02.2013 13.02.2013 07.02.2013 05.02.2013 30.01.2013 15.01.2013 13.12.2012 09.11.2012 24.10.2012 15.10.2012 12.10.2012 25.09.2012

27.02.2013

SAI Global Ltd SAI Global Limited publishes and distributes Australian Standards (technical and business standards and codes of practice) along with International Standards in hardcopy and electronic forms. The Company also provides training and consulting services along with products and management systems that conform with Australian and International Standards.

Price/Volume 6

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.04.2012) 52-Week Low (19.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAI AT EQUITY YTD Change SAI AT EQUITY YTD % CHANGE

06/2012 01/yy 5.29 3.44 1'246'631.00 3.62 -31.57% 5.23% 5.41% 207.0 749.23 251.81 0.0 1.2 43.91 957.96

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 f-12

30.06.2009 30.06.2010 319.1 388.9 1.85x 2.03x 61.9 75.4 9.51x 10.46x 26.1 33.7 16.10x 18.70x Profitability

30.06.2011 423.1 2.64x 98.4 11.35x 44.8 20.56x

30.06.2012 447.0 2.65x 98.8 11.99x 42.4 22.87x 98.83 72.51 16.22% 12.50% 5.24% 10.88% 8.47% 0.62% 83.2% 21.1% 14.6% 9.5% 1.24 0.96 32.04% 68.79% 4.75 103.67

Price/ Cash Flow

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

4.14 0.56 205.90 -20.82% -12.77% 0.560 14 3.143 1'604'341 1'964'238 1'204'629 FY+2

06/13 Y 06/14 Y 486.7 517.2 1.95x 1.78x 101.2 112.0 9.47x 8.55x 46.7 53.8 15.88x 13.92x S&P Issuer Ratings

FQ+1

FQ+2

6.75 4.84 2.13 2.56 68.8% 40.7% 0.62 9.99 77.02 3.53 59.07 -19.95

Sales/Revenue/Turnover

18.00

500.0

16.00

450.0

14.00

400.0 350.0

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 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 238.4 1.95x 38.6 12.07x 15.3 21.89x

18.0 M

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 |

27.02.2013

SAI Global Ltd Holdings By:

All

Holder Name PERPETUAL LTD COMMONWEALTH BANK OF UBS NORTHCAPE CAPITAL PT NATIONAL AUSTRALIA B WESTPAC BANKING CORP ELEY GRIFFITHS GROUP AMP LTD AUSTRALIANSUPER PTY PARADICE INVESTMENT CAPITAL GROUP COMPAN COLUMBIA WANGER ASSE T ROWE PRICE ASSOCIA DENVER INVESTMENT AD VANGUARD GROUP INC DIMENSIONAL FUND ADV VANGUARD INVESTMENTS THRIVENT FINANCIAL F EIM CAPITAL MANAGERS ABERDEEN

Firm Name Goldman Sachs Deutsche Bank Morgan Stanley Credit Suisse JPMorgan Macquarie CIMB Nomura Bell Potter Moelis & Company EVA Dimensions Shaw Stockbroking Intersuisse Ltd Wilson HTM Investment Group

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 Multiple Portfolios DENVER INVESTMENT AD Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst MIKE YOUNGER DOMINIC ROSE DAVID EVANS PAUL BUYS GARRY SHERRIFF JODIE BANNAN JULIAN GUIDO ROGER SAMUEL SAM HADDAD ADAM S MICHELL CRAIG STERLING SCOTT MARSHALL PETER RUSSELL SIMON FRITSCH

Source EXCH EXCH ULT-AGG EXCH ULT-AGG EXCH EXCH EXCH EXCH Co File ULT-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation Buy/Neutral hold Overwt/In-Line neutral neutral outperform neutral neutral sell hold sell hold buy hold

Amt Held 29'084'373 26'435'066 13'337'179 13'311'823 10'434'563 10'377'373 10'360'545 10'360'518 10'335'965 9'920'478 6'399'243 6'223'000 2'699'409 2'443'295 2'296'071 1'397'058 1'014'702 963'246 876'419 870'400

% Out 14.05 12.77 6.44 6.43 5.04 5.01 5.01 5.01 4.99 4.79 3.09 3.01 1.3 1.18 1.11 0.68 0.49 0.47 0.42 0.42

Weighting

Change 5 3 5 3 3 5 3 3 1 3 1 3 5 3

M M M D M M M M D M M D N D

Latest Chg 5'251'924 2'830'740 2'818'064 (1'588'930) 164'103 (679'239) 3'240'400 1'328'997 31'880 (11'298) 383'719 138'000 -

Target Price 5 4 5 4 4 4 4 4 3 4 #N/A N/A #N/A N/A 5 3

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 19.02.2013 Bank 22.02.2012 Unclassified 21.02.2013 Other 12.10.2012 Bank 21.11.2012 Bank 03.04.2012 Investment Advisor 19.02.2013 Insurance Company 31.10.2012 Investment Advisor 02.10.2012 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 30.09.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Unclassified

Date 12 month 12 month 12 month Not Provided 9 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided

Date 18.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 07.02.2013 17.01.2013 17.08.2011 23.08.2010 06.10.2008

27.02.2013

AWE Ltd AWE Limited is an Australian based oil and gas exploration and production company. The Company currently has oil and gas interests in Australia, New Zealand, Indonesia, Yemen and the United States, and is actively reviewing additional growth opportunities.

Price/Volume 3

7.0 M 6.0 M

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.03.2012) 52-Week Low (25.01.2013) 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 AWE AT EQUITY YTD Change AWE AT EQUITY YTD % CHANGE

06/2012 01/yy 2.00 1.14 3'573'243.00 1.33 -33.33% 17.18% 22.67% 522.1 694.42 12.88 0.0 0.0 42.76 664.53

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

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 30.06.2008 821.2 1.87x 650.1 2.36x 264.4 7.08x

30.06.2009 30.06.2010 589.6 354.2 1.69x 2.23x 377.4 88.6 2.64x 8.93x 88.6 (28.9) 14.80x Profitability

30.06.2011 304.9 1.75x (8.0) (117.6) -

30.06.2012 298.4 2.24x 141.8 4.72x (66.5) 141.78 61.22 20.52% -21.16% -6.11% -7.36% 0.27% 36.2% 47.5% 20.5% -22.3% 1.05 0.84 1.21% 1.51% 10.95 18.48

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.53 518.71 -23.56% 9.47% 1.534 12 4.333 2'174'720 3'041'317 2'347'770 FY+2

06/13 Y 06/14 Y 296.0 335.7 2.57x 2.41x 150.6 175.1 4.41x 3.80x 26.3 35.3 29.56x 21.80x S&P Issuer Ratings

FQ+1

FQ+2

-0.21 0.09 1.5% 1.5% 0.27 0.34 33.43 19.81 0.26 52.97

Sales/Revenue/Turnover

14.00

900.0

12.00

800.0 700.0

10.00

600.0

8.00

500.0

6.00

400.0 300.0

4.00

200.0

2.00 0.00 03.07.2009

100.0 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 |

27.02.2013

AWE Ltd Holdings By:

All

Holder Name IOOF HOLDINGS LTD COMMONWEALTH BANK OF WESTPAC BANKING CORP DIMENSIONAL FUND ADV SOLARIS INV MGMT LTD AMP LTD BNP PARIBAS INV PART NATIONAL AUSTRALIA B DIMENSIONAL FUND ADV VANGUARD GROUP INC PHILLIPS BRUCE JOHN VANGUARD INVESTMENTS NATIXIS INTERNATIONA GOLDMAN SACHS GROUP PARVEST INVESTMENT M BLACKROCK STATE STREET ALLIANCE BERNSTEIN ING INVESTMENT MANAG AUSBIL DEXIA LIMITED

Firm Name Deutsche Bank Morgan Stanley JPMorgan Commonwealth Bank Wilson HTM Investment Group EVA Dimensions Goldman Sachs Credit Suisse Macquarie BBY Limited Nomura Evans & Partners Pty Ltd

Portfolio Name n/a n/a #N/A N/A n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst JOHN HIRJEE CAMERON O'NEILL BENJAMIN X. WILSON LUKE SMITH JOHN YOUNG CRAIG STERLING MARK WISEMAN JAMES REDFERN KIRIT HIRA SCOTT ASHTON RICHARD J JOHNSON MICHAEL HAWKINS

Source EXCH Co File EXCH Co File EXCH EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation hold Equalwt/Attractive overweight overweight hold overweight Buy/Neutral restricted outperform strong buy suspended coverage Positive

Amt Held 43'676'107 26'636'942 26'175'760 26'170'936 25'766'206 25'756'383 25'304'090 25'269'963 12'043'775 5'369'216 2'900'914 2'791'930 2'003'374 1'426'613 1'196'068 1'085'340 912'601 909'220 680'243 538'662

% Out 8.37 5.1 5.01 5.01 4.93 4.93 4.85 4.84 2.31 1.03 0.56 0.53 0.38 0.27 0.23 0.21 0.17 0.17 0.13 0.1

Weighting

Change

3 3 5 5 3 5 5 #N/A N/A 5 5 #N/A N/A 4

M M M M M D U M M M M N

Latest Chg (5'219'549) (1'947'464) (4'120'443) (1'145'665) (1'870'685) 46'134 (20'935) (159'663) 59'603 (7'419) -

Target Price 1 1 2 2 1 #N/A N/A 2 #N/A N/A 2 2 #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 18.12.2012 Investment Advisor 11.09.2012 Bank 22.02.2013 Bank 11.09.2012 Investment Advisor 21.03.2012 Mutual Fund Manager 16.03.2011 Insurance Company 28.06.2011 Investment Advisor 14.09.2011 Bank 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 27.08.2012 n/a 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 25.02.2013 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor

Date 12 month 12 month 9 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided

Date 26.02.2013 26.02.2013 26.02.2013 26.02.2013 12.02.2013 11.02.2013 01.02.2013 31.01.2013 30.01.2013 17.09.2012 29.04.2012 22.11.2010

27.02.2013

Sundance Resources Ltd Sundance Resources Limited is an Australian-based exploration company focused on mining interests in the Republic of Cameroon (on the west coast of Africa). The Company currently explores for iron ore.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.04.2012) 52-Week Low (20.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SDL AT EQUITY YTD Change SDL AT EQUITY YTD % CHANGE

06/2012 01/yy 0.49 0.26 4'879'312.00 0.29 -40.82% 11.54% 10.87% 3'072.1 890.91 0.00 0.0 (8.2) 59.07 823.60

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.06.2009 30.06.2010 0.0 0.0 (11.3) (10.0) (13.7) (9.9) Profitability

30.06.2011 0.0 (21.9) (20.2) -

140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

-25.08 -27.80 -10.22% -10.16% 0.00% 12.22 11.25 0.00% 0.00% -

0.00 0.82 2'616.96 -29.27% -21.62% 0.819 1 5.000 8'926'582 7'062'639 9'308'761

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

06/13 Y

06/14 Y

30.06.2012 0.0 (25.1) (23.1) -

(7.0) (6.0) S&P Issuer Ratings

FQ+2 -

0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

1.20

3.0

1.00

2.5

0.80

2.0

0.60

160.0 M

Fiscal Year Ended 30.06.2008 0.0 (13.0) (8.7) -

1 0 0 0 0 0 0 0 0 0 0 f-12 m-12

1.5 1.0

0.40

0.5 0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Sundance Resources Ltd Holdings By:

All

Holder Name SICHUAN HANLONG GRP DEUTSCHE BANK AG CREDIT SUISSE AG UBS WATER ISLAND CAPITAL JP MORGAN VANGUARD GROUP INC JP MORGAN INVESTMENT JONES GEORGE FRANCIS VANGUARD INVESTMENTS DIMENSIONAL FUND ADV MACQUARIE GROUP LTD EIM CAPITAL MANAGERS CASELLO GIULIO BLACKROCK TRANSAMERICA INVESTM COLUMBIA WANGER ASSE LITMAN/GREGORY FUND STATE STREET RAB CAPITAL PLC

Firm Name GMP VSA Capital Ltd Renaissance Capital Bell Potter

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst MATHEW FERNLEY CHARLIE LONG JIM TAYLOR FLEUR GROSE

Source EXCH EXCH EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG ULT-AGG MF-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation tender not rated buy buy

Amt Held 433'791'352 238'861'566 171'164'525 134'382'961 125'230'229 33'000'000 26'412'694 23'724'000 16'062'500 13'854'396 9'947'617 5'907'695 5'725'095 5'300'000 5'181'402 5'070'903 4'116'332 2'319'203 1'317'293 1'314'328

% Out 14.12 7.78 5.57 4.37 4.08 1.07 0.86 0.77 0.52 0.45 0.32 0.19 0.19 0.17 0.17 0.17 0.13 0.08 0.04 0.04

Weighting

Change

#N/A N/A #N/A N/A 5 5

M M M M

Latest Chg (87'166'356) (30'700'499) 29'320'762 (28'023'371) 63'305'913 603'756 1'630'211 3'178'717 2'650'000 48'715 323'762 1'304'824 -

Target Price 0 #N/A N/A 0 1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 05.12.2012 Corporation 20.12.2012 Investment Advisor 15.11.2012 Investment Advisor 04.10.2012 Unclassified 30.11.2012 Investment Advisor 31.10.2012 Unclassified 31.12.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 24.09.2012 n/a 30.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.08.2011 Investment Advisor 30.11.2012 Investment Advisor 05.11.2012 n/a 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 25.02.2013 Investment Advisor 31.05.2011 Investment Advisor

Date 12 month Not Provided 12 month 12 month

Date 11.02.2013 04.12.2012 28.08.2012 16.02.2012

27.02.2013

GWA Group Ltd GWA Group Ltd. manufactures building fittings for households and commercial premises. The Company designs, manufactures, imports and distributes domestic and commercial bathroom, kitchen and laundry products, manufactures and imports hot water and ducted heating and cooling systems, and designs, manufactures, imports and distributes door hardware and fittings and garage doors and openers. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 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 25.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GWA AT EQUITY YTD Change GWA AT EQUITY YTD % CHANGE

Price/Volume

06/2012 01/yy 2.71 1.58 1'314'574.00 2.5 -7.75% 58.73% 80.62% 304.7 761.77 205.00 0.0 0.0 30.53 954.48

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 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 30.06.2008 648.9 1.38x 85.6 10.45x 45.9 15.24x

30.06.2009 30.06.2010 613.0 656.8 1.37x 1.65x 101.8 108.1 8.26x 10.01x 48.3 48.5 13.63x 16.29x Profitability

30.06.2011 641.6 1.60x 119.6 8.59x 63.4 14.04x

30.06.2012 602.1 1.34x 91.7 8.82x 39.7 13.72x 91.73 72.51 12.04% 9.60% 5.50% 9.92% 0.75% 36.1% 9.2% 6.6% 2.36 1.14 27.39% 48.01% 5.68 3.80

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.96 272.15 14.86% 8.70% 0.959 13 2.615 1'469'990 1'156'130 1'058'441 FY+2

06/13 Y 06/14 Y 582.6 615.3 1.61x 1.50x 89.1 100.7 10.71x 9.48x 41.3 49.0 18.52x 15.72x S&P Issuer Ratings

FQ+1

FQ+2

8.54 6.56 48.0% 32.4% 0.75 4.91 64.44 96.35 69.33 101.18

Sales/Revenue/Turnover

14.00

800.0

12.00

700.0 600.0

10.00

500.0

8.00

400.0 6.00

300.0

4.00

200.0

2.00

100.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

GWA Group Ltd Holdings By:

All

Holder Name ELLERSTON CAPITAL LT HGT INVESTMENTS PTY COMMONWEALTH BANK OF ANDERSON ROBERT M AUSTRALIAN FOUNDATIO BARRY DAVID RICHARD VANGUARD GROUP INC VANGUARD INVESTMENTS DIMENSIONAL FUND ADV GLOBAL X MANAGEMENT ARGO INVESTMENTS LTD CROWLEY PETER C BANK OF NEW YORK MEL SAXELBY WARREN R MACQUARIE GROUP LTD BLACKROCK STATE STREET PATTERSON L OLIVER GEOFF MCGRATH GEOFFREY JAM

Firm Name Ord Minnett Macquarie CIMB Moelis & Company Goldman Sachs Commonwealth Bank Nomura Credit Suisse Bell Potter EVA Dimensions Deutsche Bank

Portfolio Name 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 n/a n/a n/a n/a n/a n/a n/a

Analyst JAMES LENNON CAMERON PIERCE JULIAN GUIDO TODD W GUYOT JIM GODSIL JORDAN ROGERS DANIEL PORTER ANDREW PEROS JONATHAN SNAPE CRAIG STERLING JOHN HYND

Source EXCH Co File EXCH Co File MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG Co File ULT-AGG ULT-AGG ULT-AGG Co File Co File Co File

Recommendation hold neutral outperform hold neutral/neutral underweight reduce neutral buy underweight sell

Amt Held 21'421'668 18'410'000 14'700'818 8'418'442 6'681'000 3'553'830 2'825'744 1'942'349 1'558'393 1'087'105 1'043'094 902'500 665'757 350'000 272'172 269'313 232'713 227'500 202'407 150'000

% Out 7.03 6.04 4.82 2.76 2.19 1.17 0.93 0.64 0.51 0.36 0.34 0.3 0.22 0.11 0.09 0.09 0.08 0.07 0.07 0.05

Weighting

Change 3 3 5 3 3 1 2 3 5 1 1

M M M M M D M M M M M

Latest Chg 4'213'385 (500'000) 73'754 102'938 283'500 152'500 76'548 (415) -

Target Price 2 2 3 3 2 2 2 2 3 #N/A N/A 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 06.02.2013 Corporation 13.08.2012 Holding Company 21.11.2011 Bank 14.08.2012 n/a 29.06.2012 Investment Advisor 28.10.2010 n/a 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 28.01.2013 Investment Advisor 30.06.2011 Investment Advisor 28.08.2012 n/a 25.02.2013 Investment Advisor 30.06.2012 n/a 31.08.2011 Investment Advisor 25.02.2013 Investment Advisor 26.02.2013 Investment Advisor 30.06.2012 n/a 30.06.2012 n/a 14.08.2012 n/a

Date Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month

Date 22.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 18.02.2013 29.01.2013 17.01.2013 17.12.2012

27.02.2013

Wotif.com Holdings Ltd Wotif.com Holdings Ltd. provides online travel services. The Company, via its website offers last-minute travel accomodation. Wotif.com's portfolio includes hotels, motels, serviced apartments, resorts, guesthouses, and bed & breakfasts.

Price/Volume 7

8.0 M

7.0 M

6.0 M 5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (28.09.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WTF AT EQUITY YTD Change WTF AT EQUITY YTD % CHANGE

06/2012 01/yy 6.04 3.84 1'860'779.00 5.37 -11.09% 39.84% 90.91% 211.7 1'137.02 0.11 0.0 0.0 140.87 996.26

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

2.0 M

1.0 M

0 f-12

30.06.2009 30.06.2010 118.8 133.2 7.39x 7.72x 66.6 77.5 13.17x 13.27x 43.5 53.0 22.48x 21.31x Profitability

30.06.2011 134.2 6.39x 74.0 11.58x 51.0 19.39x

30.06.2012 139.7 5.37x 80.6 9.31x 58.0 15.35x 80.63 75.63 54.13% 58.17% 22.24% 62.03% 0.54% 57.7% 54.1% 41.5% 0.90 0.89 0.04% 0.11% 25.59 -

Price/ Cash Flow

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.66 0.67 112.51 26.20% 1.90% 0.670 19 2.684 396'737 590'890 605'098 FY+2

06/13 Y 06/14 Y 149.3 164.9 6.64x 5.91x 86.8 96.9 11.48x 10.28x 60.9 67.4 18.71x 16.89x S&P Issuer Ratings

FQ+1

FQ+2

-1.75 0.00 0.1% 0.1% 0.54 6.42 14.30 -

Sales/Revenue/Turnover

20.00

160.0

18.00

140.0

16.00

120.0

14.00 12.00

100.0

10.00

80.0

8.00

60.0

6.00

40.0

4.00

20.0

2.00 0.00 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 89.0 5.92x 50.5 10.45x 34.5 16.78x

4.0 M

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 |

27.02.2013

Wotif.com Holdings Ltd Holdings By:

All

Holder Name WOOD GRAEME THOMAS BRICE ROBERT ANDREW HYPERION ASSET MANAG FMR LLC PARADICE INVESTMENT NATIONAL AUSTRALIA B SUMITOMO MITSUI TRUS INVESCO LTD FIDELITY INVESTMENTS VANGUARD GROUP INC PUTNAM INVESTMENT MA VANGUARD INVESTMENTS DIMENSIONAL FUND ADV MCILWAIN RICHARD DOU COOKE ROBERT MICHAEL SCHRODER INVESTMENT DEGROOF GESTION INST CREDIT SUISSE ASSET BANK OF NEW YORK MEL FORWARD MANAGEMENT L

Firm Name Moelis & Company Goldman Sachs BBY Limited Ord Minnett RBS Morgans JPMorgan Credit Suisse Wilson HTM Investment Group Macquarie Morgan Stanley EVA Dimensions CIMB Bell Potter Commonwealth Bank Deutsche Bank Evans & Partners Pty Ltd Shaw Stockbroking

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 Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst TODD W GUYOT MIKE YOUNGER MARK MCDONNELL NICHOLAS MCGARRIGLE JOSEPHINE LITTLE ARMINA SOEMINO PAUL BUYS ANDREW DALZIEL ADAM SIMPSON JAMES BALES CRAIG STERLING TIM PLUMBE JOHN O'SHEA NICK MACLEAN DOMINIC ROSE PETER STAMOULIS SCOTT MARSHALL

Source EXCH EXCH Co File ULT-AGG EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold Sell/Neutral underperform lighten outperform neutral neutral sell neutral Overwt/In-Line buy outperform sell overweight hold negative buy

Amt Held 43'861'000 33'000'000 23'820'832 11'500'729 10'816'168 10'583'954 10'253'307 1'378'525 1'151'201 1'148'047 933'601 855'368 640'475 575'000 500'000 447'898 406'000 363'066 280'648 235'956

% Out 20.71 15.59 11.25 5.43 5.11 5 4.84 0.65 0.54 0.54 0.44 0.4 0.3 0.27 0.24 0.21 0.19 0.17 0.13 0.11

Weighting

Change 3 1 1 2 5 3 3 1 3 5 5 5 1 5 3 2 5

M D M M N M D D M M M U M M M D M

Latest Chg (2'000'000) (1'000'000) (2'843'322) (215'579) (357'886) 1'378'525 39'955 (122'424) 38'760 233'581 46'000 12'997

Target Price 5 5 5 5 5 5 6 4 5 6 #N/A N/A 5 4 6 4 #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 10.12.2012 n/a 06.11.2012 n/a 01.08.2012 Investment Advisor 26.06.2012 Investment Advisor 20.11.2012 Investment Advisor 09.08.2012 Bank 20.11.2012 Bank 31.08.2012 Investment Advisor 31.12.2010 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 22.08.2012 n/a 11.01.2013 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 25.02.2013 Investment Advisor 30.11.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided 12 month 9 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided

Date 28.02.2013 27.02.2013 27.02.2013 25.02.2013 18.02.2013 11.02.2013 01.02.2013 30.01.2013 29.01.2013 21.01.2013 17.01.2013 30.11.2012 19.11.2012 09.11.2012 22.10.2012 27.03.2012 26.08.2011

27.02.2013

Skilled Group Ltd Skilled Group Limited provides contract labor services to various industries, commerce and government agencies. The Company supplies skilled tradesmen and professionals in industries including engineering, drafting, nursing and maintenance. The Company's employees are supplied to clients for hourly hire or for contract fees.

Price/Volume 16.0 M

14.0 M 12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (21.02.2013) 52-Week Low (27.02.2012) 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 SKE AT EQUITY YTD Change SKE AT EQUITY YTD % CHANGE

06/2012 01/yy 3.42 2.07 540'255.00 3.38 -1.17% 63.29% 98.52% 233.5 789.19 38.62 0.0 0.0 11.22 856.29

8.0 M

6.0 M

4.0 M

2.0 M

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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

18.0 M

4 3

Valuation Analysis

30.06.2008 1'929.5 0.32x 94.2 6.49x 39.3 8.70x

30.06.2009 30.06.2010 1'943.3 1'698.0 0.21x 0.23x 86.1 60.7 4.76x 6.45x 28.3 12.7 5.32x 14.92x Profitability

30.06.2011 1'819.8 0.34x 74.9 8.26x 3.1 63.28x

30.06.2012 1'890.0 0.31x 81.3 7.15x 49.3 12.32x 81.25 67.20 3.56% 3.42% 7.72% 11.63% 10.65% 2.87% 4.4% 3.8% 2.6% 1.37 1.29 5.60% 8.62% 8.33 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.44 0.90 204.31 66.25% 31.01% 0.899 9 4.556 1'052'299 946'978 858'150 FY+2

06/13 Y 06/14 Y 1'953.8 2'024.9 0.41x 0.39x 96.9 103.4 8.83x 8.28x 58.5 63.6 13.52x 12.47x S&P Issuer Ratings

FQ+1

FQ+2

10.15 9.83 0.80 0.82 8.6% 7.9% 2.87 146.76 43.95 -

Sales/Revenue/Turnover

50.00

2'500.0

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 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 |

27.02.2013

Skilled Group Ltd Holdings By:

All

Holder Name HARGRAVE GREGORY M THORNEY HOLDINGS PTY COMMONWEALTH BANK OF INVESCO AUSTRALIA LT ALLAN GRAY AUSTRALIA UBS VANGUARD GROUP INC EIM CAPITAL MANAGERS DIMENSIONAL FUND ADV VANGUARD INVESTMENTS MCMAHON MICHAEL P THRIVENT FINANCIAL F BLACKROCK MACQUARIE GROUP LTD ING INVESTMENT MANAG BANK OF NEW YORK MEL LOUGHNAN KENNETH VIN DIXON JOHN BRENTON PRUDENTIAL FINANCIAL MCFADDEN VICKKI ANNE

Firm Name Moelis & Company EVA Dimensions Deutsche Bank Goldman Sachs Credit Suisse Macquarie CIMB Wilson HTM Investment Group E.L. & C. Baillieu Bell Potter

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a

Analyst TODD W GUYOT CRAIG STERLING WASSIM KISIRWANI WILL CHARLSTON PAUL BUYS JODIE BANNAN JULIAN GUIDO JACQUELINE FERNLEY NICOLAS BURGESS JUSTIN HILFORD

Source EXCH EXCH EXCH EXCH EXCH ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG EXCH EXCH ULT-AGG Co File

Recommendation buy overweight buy neutral/neutral outperform outperform outperform buy hold Under Review

Amt Held 27'520'731 19'000'000 14'518'272 14'296'852 12'699'275 11'921'617 1'581'481 1'341'510 1'338'393 1'100'869 667'501 428'302 340'098 202'167 198'789 173'101 170'496 167'500 152'884 126'885

% Out 11.79 8.14 6.22 6.12 5.44 5.11 0.68 0.57 0.57 0.47 0.29 0.18 0.15 0.09 0.09 0.07 0.07 0.07 0.07 0.05

Weighting

Change

5 5 5 3 5 5 5 5 3 #N/A N/A

U D U M M M M M N M

Latest Chg (2'637'905) (2'700'000) 2'370'992 110'177 (160'314) 1'092'588 428'302 36'328 (2'769) -

Target Price 4 #N/A N/A 4 3 3 3 3 4 3 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 21.02.2013 n/a 21.12.2012 Investment Advisor 13.12.2012 Bank 26.09.2012 Investment Advisor 05.09.2012 Investment Advisor 19.10.2012 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 30.11.2012 n/a 31.10.2012 Investment Advisor 25.02.2013 Investment Advisor 31.08.2011 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 25.10.2010 n/a 01.12.2010 n/a 31.12.2012 Investment Advisor 22.08.2012 n/a

Date 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided

Date 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 18.12.2012 02.11.2011

27.02.2013

Telecom Corp of New Zealand Ltd Telecom Corporation of New Zealand Limited provides telecommunications services by offering local, national and international telephone services to households and businesses. Telecom's other services include leased circuits, data communications, directories, cellular, paging and Internet related services and solutions.

Price/Volume

25.0 M 20.0 M

2 1

06/2012 12/yy 2.20 1.66 3'271'644.00 1.91 -13.18% 15.41% 43.12% 1'817.0 3'470.46 1'012.00 0.0 5.0 185.00 5'195.29

10.0 M

5.0 M

0 f-12

30.06.2009 30.06.2010 5'340.0 5'029.0 1.40x 1.12x 1'630.0 1'635.0 4.60x 3.44x 398.0 380.0 Profitability

LTM-4Q 30.06.2011 4'888.0 1.33x 1'289.0 5.05x 164.0 -

30.06.2012 4'464.0 1.18x 1'191.0 4.42x 1'155.0 1'191.00 510.00 11.42% 9.48% 4.50% 11.86% 8.14% 0.74% 32.6% 11.4% 25.9% 0.81 0.49 27.60% 62.43% 6.97 -

12/yy 5'181.0 5.47x 1'630.0 4.25x 478.0 0.00x

a-12 m-12

j-12

LTM 12/yy 4'971.0 4.78x 1'620.0 3.79x 302.0 0.00x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.35 1'811.99 23.52% 6.70% 0.349 13 2.692 3'322'865 2'415'874 2'666'911 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/12 Q3 06/12 Q4 4'244.2 4'172.2 1.22x 1.23x 1'044.9 1'041.5 4.97x 4.99x 329.8 335.5 13.13x 12.70x S&P Issuer Ratings

11.11.2011 ASTABLE 11.11.2011 A-2 13.53 6.00 1.21 1.44 62.4% 38.4% 0.74 1.18 52.39 -

Sales/Revenue/Turnover

1.20

6'000.0

1.00

5'000.0

0.80

4'000.0

0.60

m-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.08.2012) 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 19.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEL AT EQUITY YTD Change TEL AT EQUITY YTD % CHANGE

30.06.2008 4'997.0 1.71x 1'746.0 4.89x 710.0 -

3'000.0 2'000.0

0.40

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 |

27.02.2013

Telecom Corp of New Zealand Ltd Holdings By:

All

Holder Name JP MORGAN CHASE BANK BLACKROCK AMP CAPITAL INVESTOR LAZARD ASSET MANAGEM AXA SCHRODER INVESTMENT ACCIDENT COMPENSATIO NEW ZEALAND SUP FUND BANK OF NEW YORK MEL VANGUARD GROUP INC ONEPATH (NZ) LIMITED COLUMBIA WANGER ASSE JP MORGAN FMR LLC WESTPAC NZ SHR 2002 INVESCO LTD HENDERSON GLOBAL INV GRANTHAM MAYO VAN OT ALLIANZ ASSET MANAGE PRINCIPAL FINANCIAL

Firm Name Deutsche Bank Forsyth Barr Goldman Sachs JPMorgan Macquarie CIMB Commonwealth Bank First NZ Capital EVA Dimensions

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 n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst ARIE DEKKER JEREMY SIMPSON ADRIAN ALLBON PAUL BRUNKER ANDREW LEVY IAN MARTIN NATHAN BURLEY GREG MAIN ANDREW S ZAMFOTIS

Source Co File ULT-AGG Co File ULT-AGG EXCH EXCH Research Co File MF-AGG MF-AGG Research MF-AGG ULT-AGG ULT-AGG Co File MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation hold hold neutral/neutral underweight neutral underperform underweight neutral buy

Amt Held 195'789'071 128'978'201 109'981'249 95'859'000 95'311'702 91'743'368 76'403'764 46'871'583 42'813'625 33'604'032 30'055'469 14'081'042 14'048'536 13'743'105 11'703'185 11'154'767 11'142'583 8'155'405 7'852'117 7'017'929

% Out 10.78 7.1 6.05 5.28 5.25 5.05 4.2 2.58 2.36 1.85 1.65 0.77 0.77 0.76 0.64 0.61 0.61 0.45 0.43 0.39

Weighting

Change 3 3 3 1 3 1 1 3 5

M M M M M M M M U

Latest Chg (4'026'198) (23'944'661) 141'700 174'409 (526'000) (179'805) 10'780'451 1'703'026 (214'692) 137'972 (68'962)

Target Price 2 2 2 2 2 2 2 2 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 13.08.2012 25.02.2013 30.06.2012 22.08.2011 20.07.2011 16.02.2012 16.11.2012 13.08.2012 25.02.2013 31.12.2012 16.11.2012 31.12.2012 31.12.2012 31.12.2012 13.08.2012 26.02.2013 31.12.2012 31.05.2012 31.01.2013 31.01.2013

Date 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Other Unclassified Investment Advisor Investment Advisor Insurance Company n/a Investment Advisor Investment Advisor Insurance Company Investment Advisor Unclassified Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 20.02.2013

27.02.2013

Sandfire Resources NL Sandfire Resources NL is a precious and base metals exploration company operating in Australia. The Company explores for gold, copper, zinc and silver in Western Australia. The Company's projects include the Sandfire Project, Urandy Project, Yannarie Project, Mount Augustine Project, Doolgunna Project and Borroloola Project

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 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 21.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SFR AT EQUITY YTD Change SFR AT EQUITY YTD % CHANGE

06/2012 01/yy 9.09 6.62 703'337.00 6.92 -23.87% 4.53% 22.27% 153.6 1'062.85 345.17 0.0 0.0 100.39 1'307.63

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

(5.6) (5.4) -

4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M 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 30.06.2008

10 9 8 7 6 5 4 3 2 1 0 f-12

30.06.2009

30.06.2010

(5.5) (5.1) Profitability

(30.1) (29.5) -

30.06.2011 0.0 (60.5) (27.1) -

30.06.2012 20.7 64.19x (28.0) (23.9) -28.04 -32.56 -157.43% -157.42% -6.80% -18.68% 0.06% 87.7% -135.6% -157.4% -115.5% 0.80 0.71 65.17% 294.42% 17.37 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.37 93.99 -15.40% -19.81% 1.372 15 3.000 784'982 500'226 430'640 FY+2

06/13 Y 06/14 Y 567.5 642.9 2.11x 1.50x 286.9 365.3 4.56x 3.58x 158.7 200.5 6.69x 5.29x S&P Issuer Ratings

FQ+1

FQ+2

-250.35 -1558.33 -12.31 294.4% 74.6% 0.06 0.10 21.07 -795.06

Sales/Revenue/Turnover

40.00

25.0

35.00

20.0

30.00 25.00

15.0

20.00

10.0

15.00 10.00

5.0

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 |

27.02.2013

Sandfire Resources NL Holdings By:

All

Holder Name OZ MINERALS LTD POSCO AUSTRALIA PTY FRANKLIN RESOURCES NATIONAL AUSTRALIA B PARADICE INVESTMENT SIMICH KARL MATTHEW VANGUARD GROUP INC JP MORGAN BARING ASSET MANAGEM EVANS WILLIAM JOHN JP MORGAN INVESTMENT SCHRODER INVESTMENT VANGUARD INVESTMENTS DIMENSIONAL FUND ADV UOB ASSET MANAGEMENT CANADA LIFE MANAGMEN CIBC GLOBAL ASSET MA TOKIO MARINE ASSET M BLACKROCK OPPENHEIM KAPITALANL

Firm Name Goldman Sachs CIMB Macquarie Blackswan Equities Ltd Deutsche Bank Morgan Stanley Credit Suisse JPMorgan Paterson Securities EVA Dimensions Evans & Partners Pty Ltd Canaccord Genuity Corp Bell Potter

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst IAN PRESTON PHILLIP CHIPPINDALE ANDREW SULLIVAN MARK SAVICH BRETT MCKAY BRENDAN FITZPATRICK MICHAEL SLIFIRSKI JOSEPH KIM SIMON TONKIN CRAIG STERLING CATHY MOISES JEAN-FRANCOIS BERTINCOURT STUART HOWE

Source Co File Co File ULT-AGG ULT-AGG EXCH EXCH MF-AGG ULT-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation neutral/attractive outperform neutral hold hold Equalwt/In-Line underperform underweight buy sell neutral buy hold

Amt Held 29'915'090 23'696'338 11'951'142 7'946'771 7'663'891 5'209'735 1'037'661 1'021'600 839'007 725'215 666'000 532'201 499'656 398'995 345'399 249'000 243'344 140'000 130'950 120'000

% Out 19.48 15.43 7.78 5.17 4.99 3.39 0.68 0.67 0.55 0.47 0.43 0.35 0.33 0.26 0.22 0.16 0.16 0.09 0.09 0.08

Weighting

Change 3 5 3 3 3 3 1 1 5 1 3 5 3

M M M N M M M M M M D N D

Latest Chg 293'610 800'000 2'100 9'000 (18'719) 13'867 (3'865) 40'000 -

Target Price 7 8 8 8 8 8 8 7 10 #N/A N/A #N/A N/A #N/A N/A 8

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 02.10.2012 02.10.2012 31.12.2012 06.02.2013 15.10.2012 20.12.2012 31.12.2012 31.12.2012 31.10.2012 17.09.2012 30.06.2012 31.10.2012 30.09.2012 31.07.2012 30.06.2012 30.04.2012 30.06.2012 20.06.2012 25.02.2013 31.10.2012

Date 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 9 month 12 month Not Provided Not Provided Not Provided 12 month

Inst Type Corporation Corporation Investment Advisor Bank Investment Advisor n/a Investment Advisor Unclassified Unclassified n/a Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 26.02.2013 01.02.2013 31.01.2013 29.01.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 15.01.2013 02.11.2012 28.09.2012 27.09.2012

27.02.2013

St Barbara Ltd St. Barbara Limited is a gold exploration and production company. The Company's exploration projects include its Southern Cross and Leonora Operations which are located in Western Australia.

Price/Volume 3

30.0 M

25.0 M 20.0 M

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.10.2012) 52-Week Low (21.02.2013) 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 SBM AT EQUITY YTD Change SBM AT EQUITY YTD % CHANGE

06/2012 01/yy 2.40 1.22 1'038'967.00 1.32 -45.00% 8.64% 10.55% 488.1 644.26 4.26 0.0 0.0 185.40 795.01

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5.0 M

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 30.06.2008 143.1 3.41x (0.1) (17.3) -

10.0 M

30.06.2009 30.06.2010 281.1 296.8 1.33x 2.01x 50.3 77.2 7.42x 7.74x (76.3) (40.2) Profitability

30.06.2011 359.6 1.58x 109.3 5.21x 68.6 9.29x

30.06.2012 541.2 0.73x 224.1 1.76x 130.2 4.42x 224.06 133.19 24.61% 20.23% 9.10% 13.09% 0.55% 50.3% 38.5% 21.0% 24.1% 3.39 2.62 0.62% 0.75% 27.54 4.82

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.25 486.39 -41.07% -8.65% 1.249 14 4.500 2'645'801 2'603'637 2'437'162 FY+2

06/13 Y 06/14 Y 567.4 653.8 1.11x 0.71x 197.0 283.7 4.04x 2.80x 70.0 122.3 7.46x 4.84x S&P Issuer Ratings

FQ+1

FQ+2

308.62 164.28 0.75 1.08 0.8% 0.7% 0.55 0.71 13.29 75.96 69.88 -34.88

Sales/Revenue/Turnover

25.00

600.0

20.00

500.0 400.0

15.00

300.0 10.00

200.0

5.00

0.00 03.07.2009

100.0 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 |

27.02.2013

St Barbara Ltd Holdings By:

All

Holder Name M&G INVESTMENT MANAG FRANKLIN RESOURCES VANGUARD GROUP INC VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C PARADICE INVESTMENT UBS TRADEWINDS GLOBAL IN DIMENSIONAL FUND ADV STATE STREET BLACKROCK FMR LLC LSV ASSET MANAGEMENT RUFFER LLP COMMONWEALTH BANK OF HUNTER HALL INVESTME UNITED SERVICES AUTO JP MORGAN JCP INVESTMENT PARTN CENTAURUS CAPITAL LT

Firm Name Goldman Sachs Macquarie Canaccord Genuity Corp Deutsche Bank RBC Capital Markets Bell Potter EVA Dimensions E.L. & C. Baillieu Nomura Ord Minnett Evans & Partners Pty Ltd Argonaut Securities Pty Ltd

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a

Analyst IAN PRESTON MITCH RYAN LUKE SMITH CHRIS TERRY STEUART MCINTYRE STEPHEN THOMAS CRAIG STERLING SOPHIE SPARTALIS DAVID RADCLYFFE DAVID BRENNAN CATHY MOISES TROY IRVIN

Source EXCH ULT-AGG EXCH EXCH MF-AGG EXCH ULT-AGG EXCH RNS-RUL8 ULT-AGG ULT-AGG ULT-AGG RNS-RUL8 MF-AGG RNS-RUL8 RNS-RUL8 MF-AGG ULT-AGG RNS-RUL8 Short

Recommendation buy/attractive outperform buy buy outperform buy buy buy neutral buy Positive buy

Amt Held % Out 93'372'398 19.13 68'886'871 14.11 60'536'881 12.4 38'851'254 7.96 36'277'592 7.43 19'990'864 4.1 16'608'948 3.4 16'240'544 3.33 13'247'660 2.71 13'060'689 2.68 13'021'757 2.67 11'373'053 2.33 11'363'061 2.33 9'109'342 1.87 8'897'062 1.82 7'754'662 1.59 6'400'000 1.31 6'200'627 1.27 6'032'951 1.24 (5'746'460) -1.18

Weighting

Change 5 5 5 5 5 5 5 5 3 5 4 5

M M M M M M M M M M U U

Latest Chg 1 9'536'881 12'768'675 512'340 (1'270'413) 22'932 79'914 397'199 (56'807) 684'600 9'109'342 (8'245'338) 925'000 (682'151) (326'553) (506'570)

Target Price 1 2 2 2 2 2 #N/A N/A 2 2 3 #N/A N/A 3

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 31.12.2012 Investment Advisor 29.01.2013 Investment Advisor 21.09.2012 Investment Advisor 25.02.2013 Investment Advisor 13.09.2012 Investment Advisor 06.09.2012 Unclassified 03.11.2011 Investment Advisor 07.09.2012 Investment Advisor 25.02.2013 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 23.07.2012 Investment Advisor 28.09.2012 Hedge Fund Manager 31.08.2012 Bank 12.07.2012 Investment Advisor 30.11.2012 Investment Advisor 28.09.2012 Unclassified 09.08.2012 Investment Advisor 06.09.2012 Investment Advisor

Date 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Date 26.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 17.01.2013 16.01.2013 24.12.2012 10.09.2012 19.07.2012 18.06.2012

27.02.2013

Evolution Mining Ltd Evolution Mining Ltd is a gold exploration company with operations in Western Australia. The Company owns the gold mines - Cracow, Edna May, Mt Rawdon and Pajingo - and the Mt Carlton development project.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.10.2012) 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 EVN AT EQUITY YTD Change EVN AT EQUITY YTD % CHANGE

06/2012 01/yy 2.14 1.24 2'250'491.00 1.4 -34.58% 12.90% 18.89% 708.1 991.33 35.85 0.0 0.0 141.78 1'026.41

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

(2.3) (2.3) -

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

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 30.06.2008

30.06.2009 (3.3) (3.3) Profitability

30.06.2010 22.3 13.04x 2.9 99.74x 5.5 41.35x

30.06.2011 121.9 2.11x 29.7 8.65x (2.3) -

30.06.2012 469.5 2.00x 190.4 4.92x 37.3 20.77x 190.41 95.24 20.29% 14.16% 7.60% 9.11% 9.13% 0.50% 28.1% 33.6% 21.2% 7.9% 1.60 1.17 2.82% 3.39% 23.51 9.08

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.19 463.14 -27.46% -18.13% 1.193 16 4.563 3'741'473 2'757'117 1'995'147 FY+2

06/13 Y 06/14 Y 661.5 787.4 1.44x 1.04x 290.0 383.3 3.54x 2.68x 100.5 156.3 9.33x 6.45x S&P Issuer Ratings

FQ+1

FQ+2

27.52 -3.81 0.16 0.39 3.4% 3.3% 0.50 0.63 15.57 40.32 62.99 6.10

Sales/Revenue/Turnover

80.00

500.0

70.00

450.0 400.0

60.00

350.0

50.00

300.0

40.00

250.0 200.0

30.00

150.0 20.00

100.0

10.00

50.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Evolution Mining Ltd Holdings By:

All

Holder Name NEWCREST MINING LTD VAN ECK ASSOCIATES C ALLAN GRAY AUSTRALIA VAN ECK ASSOCIATES C BLACKROCK RUFFER LLP BANK OF AMERICA CORP KLEIN JACOB VANGUARD GROUP INC LB SWISS INVESTMENT FRANKLIN RESOURCES OPPENHEIMERFUNDS INC JJ HOLDINGS (VIC) PT FMR LLC VANGUARD INVESTMENTS TOCQUEVILLE ASSET MA DIMENSIONAL FUND ADV POLLOCK MURRAY G LOMBARD ODIER DARIER NESTOR INVESTMENT MA

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios TOCQUEVILLE ASSET MA Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

Goldman Sachs Nomura BBY Limited Deutsche Bank RBC Capital Markets Credit Suisse JPMorgan Macquarie Paterson Securities EVA Dimensions Investec RBS Morgans Ord Minnett Evans & Partners Pty Ltd Bell Potter Hartleys

PAUL HISSEY DAVID COTTERELL KURT WORDEN CHRIS TERRY GEOFF BREEN MICHAEL SLIFIRSKI JOSEPH KIM MITCH RYAN MATTHEW TRIVETT CRAIG STERLING TIM GERRARD JAMES WILSON DAVID BRENNAN CATHY MOISES CHRIS WHITEHEAD PETER GRAY

Source Co File Co File EXCH MF-AGG ULT-AGG MF-AGG EXCH EXCH MF-AGG MF-AGG ULT-AGG MF-AGG Co File ULT-AGG MF-AGG 13F MF-AGG EXCH MF-AGG MF-AGG

Recommendation neutral/attractive buy strong buy buy outperform outperform neutral outperform buy buy buy outperform buy negative buy buy

Amt Held 231'082'631 43'595'715 37'213'436 34'206'960 19'471'482 14'405'000 8'827'967 5'800'000 4'813'345 4'500'000 4'050'000 4'000'000 3'552'009 2'810'705 2'377'918 2'066'326 2'004'428 1'839'492 1'724'891 1'663'899

% Out 32.63 6.16 5.26 4.83 2.75 2.03 1.25 0.82 0.68 0.64 0.57 0.56 0.5 0.4 0.34 0.29 0.28 0.26 0.24 0.23

Weighting

Change 3 5 5 5 5 5 3 5 5 5 5 5 5 2 5 5

D M M M M U M M M U M N M D M M

Latest Chg 44'266 (414'122) 50'000 38'907 (577'336) (18'512) 1'908'826 60'000 -

Target Price 1 3 2 2 2 2 1 2 2 #N/A N/A 2 2 #N/A N/A #N/A N/A 2 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 17.09.2012 17.09.2012 15.02.2013 25.02.2013 25.02.2013 28.09.2012 30.03.2011 05.02.2013 31.12.2012 31.12.2012 31.12.2012 30.12.2012 30.08.2012 31.12.2012 30.09.2012 30.09.2012 31.07.2012 18.10.2011 31.12.2012 31.12.2012

Date 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor n/a Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Other Investment Advisor Mutual Fund Manager Hedge Fund Manager Investment Advisor n/a Mutual Fund Manager Mutual Fund Manager

Date 26.02.2013 26.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 30.01.2013 27.11.2012 01.11.2012 26.10.2012 06.03.2012 02.02.2012

27.02.2013

Acrux Ltd Acrux Limited is a specialty pharmaceutical company that develops a range of healthcare products for the global market. The Company develops transdermal drug delivery systems. The Company's products include hormone products for women's health, anti-aging skin care and haircare products as well as veterinary pharmaceutical products. The company is a Pooled Development Fund.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.06.2012) 52-Week Low (14.11.2012) 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 ACR AT EQUITY YTD Change ACR AT EQUITY YTD % CHANGE

06/2012 01/yy 4.77 2.64 603'161.00 3.98 -16.56% 50.76% 61.50% 166.5 662.66 0.00 0.0 0.0 30.02 643.62

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 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 30.06.2008 4.5 35.59x (6.4) (5.0) -

5 5 4 4 3 3 2 2 1 1 0 f-12

30.06.2009 30.06.2010 1.3 54.9 125.61x 4.23x (9.3) 48.8 4.75x (7.7) 46.6 6.22x Profitability

30.06.2011 89.6 5.93x 81.0 6.56x 57.1 9.76x

30.06.2012 8.8 76.08x 3.4 198.13x 7.4 94.59x 3.38 3.03 34.43% 55.88% 8.72% 9.57% 9.57% 0.19% 48.1% 44.0% 84.0% 18.04 17.20 0.00% 0.00% 3.66 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.01 1.25 133.15 10.28% 39.65% 1.246 7 3.857 1'021'576 893'539 742'586 FY+2

06/13 Y 06/14 Y 12.9 54.7 49.82x 11.51x 8.1 50.7 79.19x 12.71x 6.3 37.9 107.57x 17.77x S&P Issuer Ratings

FQ+1

FQ+2

-4.13 0.00 0.0% 0.0% 0.19 101.88 99.99 -

Sales/Revenue/Turnover

160.00

100.0

140.00

90.0 80.0

120.00

70.0

100.00

60.0

80.00

50.0 40.0

60.00

30.0 40.00

20.0

20.00

10.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Acrux Ltd Holdings By:

All

Holder Name ELLERSTON CAPITAL LT WALKER GRP HLDGS PTY UBS FMR LLC AMP LTD PARADICE INVESTMENT ALLAN GRAY AUSTRALIA FINNIN BARRIE C TREAGUS RICHARD FMR LLC VANGUARD GROUP INC DOBINSON ROSS VANGUARD INVESTMENTS DIMENSIONAL FUND ADV PARNCUTT BRUCE BLACKROCK MACQUARIE GROUP LTD PILCHER JON WINDLE HENRY KENNETH BESSEMER GROUP INCOR

Firm Name Nomura Wilson HTM Investment Group Macquarie BBY Limited RBS Morgans EVA Dimensions Bell Potter

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 n/a n/a n/a n/a Multiple Portfolios

Analyst ZARA LYONS SHANE STOREY AMRON D'SILVA DENNIS HULME SCOTT POWER ANDREW S ZAMFOTIS STUART ROBERTS

Source EXCH EXCH ULT-AGG Co File EXCH EXCH EXCH EXCH EXCH ULT-AGG MF-AGG Co File MF-AGG MF-AGG EXCH ULT-AGG ULT-AGG Co File EXCH MF-AGG

Recommendation buy buy underperform strong buy outperform sell buy

Amt Held 16'630'037 9'184'405 8'816'211 8'636'252 8'408'716 8'142'693 7'988'240 3'212'398 2'077'495 1'678'902 1'485'782 1'372'593 829'333 812'484 718'137 303'938 178'698 100'000 45'127 41'769

% Out 9.99 5.52 5.3 5.19 5.05 4.89 4.8 1.93 1.25 1.01 0.89 0.82 0.5 0.49 0.43 0.18 0.11 0.06 0.03 0.03

Weighting

Change 5 5 1 5 5 1 5

M M M M M M M

Latest Chg 2'392'868 (1'507'830) 245'057 (2'317'343) (431'605) 517'465 (5'127) 105'000 (20'853) (12'063)

Target Price 5 4 3 5 4 #N/A N/A 6

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 06.02.2013 Corporation 03.02.2011 Corporation 14.12.2012 Unclassified 21.09.2012 Unclassified 12.02.2013 Insurance Company 27.08.2012 Investment Advisor 12.02.2013 Investment Advisor 31.08.2011 n/a 29.06.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 n/a 30.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 23.11.2012 n/a 25.02.2013 Investment Advisor 31.08.2011 Investment Advisor 30.06.2012 n/a 30.04.2012 n/a 31.10.2012 Investment Advisor

Date Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month

Date 26.02.2013 21.02.2013 19.02.2013 18.02.2013 12.02.2013 17.01.2013 24.08.2012

27.02.2013

Macquarie Atlas Roads Group Macquarie Atlas Roads Group manages toll roads. The Company operates toll highways in the United Kingdom, France, and the United States.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (03.08.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MQA AT EQUITY YTD Change MQA AT EQUITY YTD % CHANGE

12/2012 01/yy 1.80 1.24 714'293.00 1.6 -11.11% 29.03% 64.29% 478.4 765.49 1'764.75 0.0 0.0 56.11 2'515.34

1.20

31.12.2009 -

30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M

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

2 2 2 1 1 1 1 1 0 0 0 f-12

Profitability

31.12.2010 94.7 24.78x 31.7 74.15x (142.5) -

31.12.2011 87.5 26.70x (85.2) (289.5) -

31.12.2012 89.6 (124.4) -85.24 -115.80 -132.40% -351.89% -15.21% 0.05% -42.9% -78.8% -138.9% 0.72 0.63 108.27% 14.54 -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 0.90 346.39 -2.44% -3.90% 0.900 11 3.000 2'287'857 1'098'776 942'850 FY+2

12/13 Y 12/14 Y 111.6 109.7 24.95x 25.47x 71.7 74.9 35.08x 33.58x (27.2) (20.6) S&P Issuer Ratings

FQ+1

FQ+2

-0.83 -0.85 -49.24 187.1% 0.05 0.12 25.17 -

Sales/Revenue/Turnover

100.0 90.0

1.00 0.80 0.60 0.40

80.0 70.0 60.0 50.0 40.0 30.0 20.0

0.20

10.0 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 |

27.02.2013

Macquarie Atlas Roads Group Holdings By:

All

Holder Name MACQUARIE GROUP LTD LAZARD ASSET MANAGEM IOOF HOLDINGS LTD GOLDMAN SACHS GROUP DEUTSCHE BANK AG ALLEN GLOBAL PARTNER PARADICE INVESTMENT LAZARD GLOBAL ACTIVE AUSTRALIAN REWARD IN TRENT PETER & CATHY VANGUARD GROUP INC VANGUARD INVESTMENTS AMP LTD DIMENSIONAL FUND ADV SMALLCO INVESTMENT M BLACKROCK QUEENSLAND INVESTMEN OCTAVIAN ADVISORS LP MORGAN STANLEY FRANK RUSSELL TRUST

Firm Name Deutsche Bank Morgan Stanley Goldman Sachs JPMorgan Macquarie CIMB EVA Dimensions E.L. & C. Baillieu Lonsec Ltd

Portfolio Name n/a n/a #N/A N/A n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios

Analyst CAMERON MCDONALD SCOTT KELLY ANDREW MCCUSKER CAROLYN HOLMES IAN MYLES MICHAEL NEWBOLD CRAIG STERLING MATHAN SOMASUNDARAM PETER GREEN

Source ULT-AGG ULT-AGG EXCH EXCH EXCH EXCH EXCH MF-AGG Co File Co File MF-AGG MF-AGG Co File MF-AGG Co File ULT-AGG Co File EXCH ULT-AGG MF-AGG

Recommendation sell Overwt/Cautious Sell/Neutral neutral outperform neutral sell hold buy

Amt Held 104'089'450 64'629'673 29'643'695 28'275'331 26'393'871 22'896'435 22'190'921 4'532'469 2'564'087 2'221'537 2'128'203 2'078'774 1'894'217 1'715'038 1'562'835 1'402'926 1'266'388 721'034 456'844 318'313

% Out 21.76 13.51 6.2 5.91 5.52 4.79 4.64 0.95 0.54 0.46 0.44 0.43 0.4 0.36 0.33 0.29 0.26 0.15 0.1 0.07

Weighting

Change 1 5 1 3 5 3 1 3 5

D M M D M M M M M

Latest Chg 13'874'046 5'077'610 (4'993'802) (534'488) (1) 12'759 (14'216) 19'236 136'731

Target Price 2 2 1 2 2 2 #N/A N/A 2 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 03.07.2012 Investment Advisor 29.02.2012 Unclassified 21.02.2013 Investment Advisor 08.12.2011 Investment Advisor 03.04.2012 Investment Advisor 02.02.2011 Other 22.08.2011 Investment Advisor 31.01.2013 Investment Advisor 25.02.2011 Investment Advisor 29.02.2012 n/a 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 29.02.2012 Insurance Company 31.07.2012 Investment Advisor 29.02.2012 Investment Advisor 25.02.2013 Investment Advisor 25.02.2011 Investment Advisor 03.04.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.05.2012 Investment Advisor

Date 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided

Date 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 17.01.2013 10.12.2012 23.03.2012

27.02.2013

M2 Telecommunications Group Ltd M2 Telecommunications Group Ltd. is a diversified telecommunications corporation focused exclusively on the small and medium sized enterprise market. The Company offers a wide range of services, including fixed line voice, broadband, digital call management systems, and mobile services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 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 12.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MTU AT EQUITY YTD Change MTU AT EQUITY YTD % CHANGE

06/2012 01/yy 4.54 2.93 965'139.00 4.46 -1.76% 52.22% 93.79% 158.0 704.75 150.25 0.0 (0.1) 24.96 820.60

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 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 107.8 0.47x 8.8 5.68x 5.2 8.49x

5 5 4 4 3 3 2 2 1 1 0 f-12

30.06.2009 30.06.2010 201.7 405.2 0.43x 0.51x 13.1 31.2 6.66x 6.64x 7.4 16.1 8.16x 11.66x Profitability

30.06.2011 426.1 0.99x 47.3 8.94x 27.7 14.54x

30.06.2012 392.7 1.66x 54.1 12.03x 33.0 13.00x 54.13 43.95 11.19% 11.97% 12.13% 26.84% 19.14% 1.52% 32.5% 16.1% 12.1% 8.4% 0.79 0.68 31.88% 79.56% 9.61 484.22

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

0.87 146.35 43.04% 6.70% 0.871 13 3.615 562'426 402'353 428'470 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 622.3 648.1 1.30x 1.20x 111.4 118.0 7.37x 6.95x 53.6 59.2 13.12x 11.77x S&P Issuer Ratings

19.39 18.81 1.41 1.77 79.6% 44.3% 1.52 17.52 38.07 0.76 74.88 9.43

Sales/Revenue/Turnover

25.00

450.0 400.0

20.00

350.0 300.0

15.00

250.0 200.0

10.00

150.0 100.0

5.00

50.0 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

M2 Telecommunications Group Ltd Holdings By:

All

Holder Name HUNTER HALL INVESTME NATIONAL AUSTRALIA B UBS BOWEN VAUGHAN GARFIE HYND JOHN SANDFORD WICKS STEVE SCHRODER INVESTMENT VANGUARD GROUP INC AXA ROSENBERG INTL VANGUARD INVESTMENTS MACQUARIE GROUP LTD DIMENSIONAL FUND ADV FARROW CRAIG LEHMANN TALSTON PTY LIMITED INNS DARRYL NOEL CORNISH GROUP INV PT BLACKROCK BANK OF NEW YORK MEL HORTH GEOFF UOB ASSET MANAGEMENT

Firm Name Macquarie Ord Minnett Canaccord Genuity Corp Paterson Securities Moelis & Company Goldman Sachs CIMB RBS Morgans EVA Dimensions Veritas Securities Lonsec Ltd Intersuisse Ltd Stonebridge Group Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst JODIE BANNAN BRAD DUNN WARREN JEFFRIES MARCUS HAMILTON ADAM S MICHELL RAYMOND TONG IAN MARTIN NICK HARRIS ANDREW S ZAMFOTIS LEVI HAWKER TOM BOURNE PETER RUSSELL BEI BEI HU

Source EXCH ULT-AGG ULT-AGG Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG Co File EXCH Co File EXCH ULT-AGG MF-AGG Co File MF-AGG

Recommendation neutral lighten buy hold buy neutral/neutral underperform outperform hold hold accumulate buy hold

Amt Held 10'770'672 10'082'178 7'273'684 6'042'420 2'333'000 1'788'874 1'478'741 1'160'669 1'019'000 749'307 695'750 663'250 603'583 250'000 234'014 226'316 222'510 134'290 130'625 70'000

% Out 6.82 6.38 4.6 3.82 1.48 1.13 0.94 0.73 0.64 0.47 0.44 0.42 0.38 0.16 0.15 0.14 0.14 0.08 0.08 0.04

Weighting

Change 3 2 5 3 5 3 1 5 3 3 4 5 3

D M M M M M D M M D D N M

Latest Chg (1'591'887) 1'944'456 125'281 (220'000) 676'619 11'887 348'392 (3'154) 695'750 (25'000) (454'737) -

Target Price 4 4 5 4 5 4 4 5 #N/A N/A 4 4 4 2

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 05.10.2012 Bank 21.05.2012 Unclassified 24.08.2012 n/a 14.11.2012 n/a 30.06.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 30.06.2011 Investment Advisor 31.07.2012 Investment Advisor 24.08.2012 n/a 21.05.2012 Corporation 30.06.2012 n/a 21.05.2012 Corporation 25.02.2013 Investment Advisor 25.02.2013 Investment Advisor 30.06.2012 n/a 30.06.2011 Mutual Fund Manager

Date 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month

Date 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 17.01.2013 28.08.2012 08.03.2012 01.02.2011 22.09.2010

27.02.2013

Senex Energy Ltd Senex Energy Limited explores for and acquires crude oil and natural gas. The Company is focused on Oil in the Cooper Basin, Unconventional gas in the Cooper Basin, and Coal seam gas in the Surat Basin.

Price/Volume 1 1 1 1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2012) 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 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SXY AT EQUITY YTD Change SXY AT EQUITY YTD % CHANGE

06/2012 01/yy 1.19 0.58 3'142'516.00 0.66 -44.69% 13.79% 9.78% 1'140.8 752.93 0.00 0.0 0.0 123.95 628.98

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 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 6.2 11.57x 0.4 169.29x (3.8) -

100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M f-13

30.06.2009 30.06.2010 10.8 12.0 11.61x 8.95x 2.0 2.1 63.96x 52.03x (8.6) 2.6 23.30x Profitability

30.06.2011 10.6 21.68x (6.8) (3.5) -

30.06.2012 67.1 9.08x 19.2 31.67x 8.9 73.96x 19.23 6.73 10.04% 15.72% 3.41% 3.88% 4.03% 0.26% 41.2% 28.7% 10.0% 13.2% 5.28 4.97 0.00% 0.00% 5.92 51.38

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 0.98 776.13 -35.43% -5.04% 0.983 8 3.500 3'407'893 2'312'309 2'305'942 FY+2

06/13 Y 06/14 Y 141.0 174.6 4.57x 3.69x 63.6 101.6 9.89x 6.19x 41.3 46.6 18.33x 16.10x S&P Issuer Ratings

FQ+1

FQ+2

47.01 -44.40 -6.45 0.00 0.0% 0.0% 0.26 0.66 61.78 7.12 -

Sales/Revenue/Turnover

120.00

80.0 70.0

100.00

60.0 80.00

50.0 40.0

60.00

30.0

40.00

20.0 20.00 0.00 03.07.2009

10.0 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 |

27.02.2013

Senex Energy Ltd Holdings By:

All

Holder Name SENTIENT EXECUTIVE G AUSTRALIAN FOUNDATIO BRYAN ROBERT CLARKE DAVID BRIAN ELPHINSTONE HLDGS PT BOW ENERGY LTD MF CUSTS LTD VANGUARD GROUP INC AMCIL LTD MIRRABOOKA INVESTMEN ASCOT MEDIA INV LTD VANGUARD INVESTMENTS DIMENSIONAL FUND ADV CROMMELIN TIMOTHY BO MACQUARIE GROUP LTD DAVIES IAN RICHARD PATTEN DENIS FRANK BLACKROCK BARING ASSET MANAGEM STATE STREET

Firm Name Goldman Sachs RBC Capital Markets JPMorgan EVA Dimensions Deutsche Bank RBS Morgans Bell Potter 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 n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a

Analyst MARK WISEMAN ANDREW WILLIAMS DANIEL BUTCHER CRAIG STERLING ANDREW LEWANDOWSKI KRISTA WALTER JOHAN HEDSTROM IAN OOI

Source Co File EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH MF-AGG MF-AGG Co File ULT-AGG EXCH Co File ULT-AGG MF-AGG ULT-AGG

Recommendation neutral/neutral outperform neutral sell hold outperform buy buy

Amt Held 188'212'276 33'740'284 31'716'667 31'462'775 24'121'000 13'000'000 11'400'000 8'898'244 8'418'500 7'484'000 6'197'130 4'861'322 4'045'472 3'546'812 2'701'510 2'153'953 1'924'616 1'373'598 1'364'253 623'146

% Out 16.5 2.96 2.78 2.76 2.11 1.14 1 0.78 0.74 0.66 0.54 0.43 0.35 0.31 0.24 0.19 0.17 0.12 0.12 0.05

Weighting

Change 3 5 3 1 3 5 5 5

M M M M M N M M

Latest Chg (5'000'000) 115'109 376'198 1'118'743 300'000 (231'474) -

Target Price 1 1 1 #N/A N/A 1 1 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 24.09.2012 Other 14.04.2011 Investment Advisor 14.04.2011 n/a 15.03.2011 n/a 14.04.2011 Other 14.04.2011 Corporation 14.04.2011 Corporation 31.12.2012 Investment Advisor 14.04.2011 Investment Advisor 14.04.2011 Investment Advisor 14.04.2011 Corporation 30.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 24.09.2012 n/a 30.06.2011 Investment Advisor 30.11.2012 n/a 24.09.2012 n/a 25.02.2013 Investment Advisor 31.10.2012 Unclassified 25.02.2013 Investment Advisor

Date 12 month 12 month 9 month Not Provided 12 month 12 month 12 month Not Provided

Date 25.02.2013 25.02.2013 25.02.2013 17.01.2013 16.01.2013 27.11.2012 25.07.2012 21.02.2012

27.02.2013

Western Areas Ltd Western Areas Ltd is an Australian-based nickel sulphide producer which owns the Forrestania Nickel Project, along with development projects in Canada and Finland. The Company has two producing nickel mines, Flying Fox and Spotted Quoll.

Price/Volume 6

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (31.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WSA AT EQUITY YTD Change WSA AT EQUITY YTD % CHANGE

06/2012 12/yy 5.70 3.41 846'059.00 3.98 -30.18% 16.72% 28.38% 196.8 783.44 359.08 0.0 0.2 165.50 955.42

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

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 60.7 29.90x 23.7 76.57x (54.9) -

4.5 M

30.06.2009 30.06.2010 58.9 170.4 21.52x 5.34x 26.9 102.1 47.10x 8.91x (35.2) 14.2 47.25x Profitability

LTM-4Q 30.06.2011 468.7 2.46x 316.2 3.65x 135.0 7.86x

30.06.2012 330.7 2.79x 173.1 5.34x 40.3 18.13x 173.09 77.71 23.50% 17.38% 2.61% 5.91% 5.82% 0.49% 29.1% 14.0% 12.2% 1.03 0.82 46.33% 123.98% 12.33 5.81

Price/ Cash Flow

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 12/yy 43.8 0.00x 0.0 0.00x 9.0 0.00x

FY+1

.0 M f-13

2.01 1.51 148.76 -27.05% -10.76% 1.509 16 3.500 786'832 760'700 741'650 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/12 Q3 06/12 Q4 316.9 346.5 2.98x 2.61x 134.8 154.2 7.09x 6.20x 23.0 40.8 33.73x 18.86x S&P Issuer Ratings

6.17 5.68 124.0% 55.3% 0.49 0.77 29.69 63.00 73.46 59.17

Sales/Revenue/Turnover

80.00

500.0

70.00

450.0 400.0

60.00

350.0

50.00

300.0

40.00

250.0 200.0

30.00

150.0 20.00

100.0

10.00

50.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Western Areas Ltd Holdings By:

All

Holder Name JUNGLE CREEK GOLD MI UBS COMMONWEALTH BANK OF NATIONAL AUSTRALIA B NORTHMEAD HOLDINGS P GREENWELL MARGARET CREDIT SUISSE AG VANGUARD GROUP INC MACQUARIE GROUP LTD HANNA JULIAN P COOPER DAVID DIMENSIONAL FUND ADV T ROWE PRICE ASSOCIA JP MORGAN VANGUARD INVESTMENTS EIM CAPITAL MANAGERS JP MORGAN INVESTMENT STREETER TERENCE ERN COLONIAL FIRST STATE VALIC CO I

Firm Name Deutsche Bank Morgan Stanley Goldman Sachs RBC Capital Markets Credit Suisse Macquarie Bell Potter Wilson HTM Investment Group Paterson Securities JPMorgan EVA Dimensions GMP Argonaut Securities Pty Ltd Evans & Partners Pty Ltd

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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst CHRIS TERRY BRENDAN FITZPATRICK IAN PRESTON STEUART MCINTYRE PAUL MCTAGGART LEE BOWERS STEPHEN THOMAS CAMERON JUDD SIMON TONKIN JOSEPH KIM CRAIG STERLING LEVI SPRY TROY IRVIN CATHY MOISES

Source EXCH ULT-AGG EXCH ULT-AGG EXCH Co File EXCH MF-AGG ULT-AGG EXCH EXCH MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG

Recommendation hold Equalwt/In-Line sell/attractive sector perform neutral outperform hold buy hold overweight sell buy buy neutral

Amt Held 25'398'403 18'224'775 17'277'388 11'415'179 10'097'820 9'686'820 8'747'876 1'345'406 1'305'489 1'084'666 1'000'000 897'958 797'436 748'500 731'255 684'000 588'900 515'396 473'908 432'093

% Out 12.9 9.26 8.78 5.8 5.13 4.92 4.44 0.68 0.66 0.55 0.51 0.46 0.41 0.38 0.37 0.35 0.3 0.26 0.24 0.22

Weighting

Change 3 3 1 3 3 5 3 5 3 5 1 5 5 3

M M M N M M M M M M M M M U

Latest Chg (616'421) (293'913) (1'354'402) 4'970'591 (1'059'983) 20'805 921'414 (4'617) -

Target Price 4 5 2 5 5 5 5 5 4 5 #N/A N/A 5 7 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 21.01.2013 Corporation 12.12.2012 Unclassified 01.02.2013 Bank 24.01.2013 Bank 11.12.2012 Other 30.06.2011 n/a 08.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.08.2011 Investment Advisor 17.09.2012 n/a 30.09.2011 n/a 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 30.09.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 30.06.2012 Mutual Fund Manager 21.01.2013 n/a 19.10.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 9 month Not Provided Not Provided 12 month Not Provided

Date 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 08.02.2013 01.02.2013 25.01.2013 15.01.2013 22.10.2012 25.07.2012 04.12.2011

27.02.2013

Beadell Resources Ltd Beadell Resources Limited is a gold development company. The Company's primary asset is the Tucano gold project, located in Brazil. Beadell also has an extensive portfolio of gold exploration tenements throughout Australia and Brazil, including the prospective Tropicana East Project located adjacent to the Tropicana gold deposit

Price/Volume

30.0 M 25.0 M 20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (07.12.2012) 52-Week Low (15.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BDR AT EQUITY YTD Change BDR AT EQUITY YTD % CHANGE

12/2011 01/yy 1.14 0.52 3'987'263.00 0.84 -25.99% 61.54% 48.78% 742.2 623.45 55.26 0.0 0.0 40.13 698.62

31.12.2008 -

15.0 M

10.0 M

5.0 M

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 31.12.2007

35.0 M

1 1

Valuation Analysis

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009

(5.9) (5.3) Profitability

(3.9) (3.9) -

31.12.2010 2.9 28.44x (7.5) (8.3) -

LTM-4Q

LTM

01/yy

31.12.2011 0.0 (35.3) (34.8) -35.27 -36.17 -26.04% -54.71% 0.00% 2.00 1.68 40.02% 104.86% 0.00 -

Price/ Cash Flow

FY+1 -

0.00 1.34 623.71 8.39% -14.29% 1.336 13 4.615 5'937'445 5'118'888 5'306'881 FY+2

12/12 Y 12/13 Y 8.6 352.0 83.26x 1.65x (20.7) 220.3 3.17x (33.7) 145.1 4.35x S&P Issuer Ratings

FQ+1

FQ+2

-50.39 -55.44 104.9% 51.2% 0.00 0.00 -

Sales/Revenue/Turnover

250.00

3.5 3.0

200.00

2.5 150.00

2.0 1.5

100.00

1.0 50.00

0.5

0.00 04.07.2008 04.01.2009 04.07.2009 04.01.2010 04.07.2010 04.01.2011 04.07.2011 04.01.2012 04.07.2012 04.01.2013

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 |

27.02.2013

Beadell Resources Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C COLUMBIA WANGER ASSE COUPLAND CARDIFF ASS L1 CAPITAL PTY LTD BOWLER PETER FRANKLIN RESOURCES BLACKROCK OZ MINERALS INVESTME AMP LIFE LTD UNISUPER BRAIDWOOD INVESTMENT LEIBOWITZ ANTHONY HO BARRETT GREGORY MICH FMR LLC ACORN CAPITAL LTD HOOKIPA PTY LTD VANGUARD GROUP INC WATKINS ROBERT TWYNAM AGRICULTURAL

Portfolio Name Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a

Firm Name

Analyst

GMP Ord Minnett Hartleys Octa Phillip Securities Ltd Casimir Capital EVA Dimensions Macquarie Blackswan Equities Ltd RBS Morgans Evans & Partners Pty Ltd Bell Potter

LEVI SPRY DAVID BRENNAN TRENT BARNETT ANDREW SHEARER ERIC ALLISON CRAIG STERLING MITCH RYAN RHYS BRADLEY JAMES WILSON CATHY MOISES CHRIS WHITEHEAD

Source MF-AGG EXCH EXCH Co File EXCH EXCH ULT-AGG ULT-AGG Co File Co File EXCH Co File EXCH Co File ULT-AGG EXCH Co File MF-AGG EXCH Co File

Recommendation buy buy buy buy overweight sell outperform buy outperform Positive buy

Amt Held 49'738'473 45'494'924 42'818'884 37'132'343 23'660'753 21'043'333 19'582'465 16'632'534 12'800'000 12'331'993 12'137'228 9'100'001 8'586'457 8'351'651 7'630'765 7'556'401 7'254'650 6'833'907 6'150'001 5'975'000

% Out 6.7 6.13 5.77 5 3.19 2.84 2.64 2.24 1.72 1.66 1.64 1.23 1.16 1.13 1.03 1.02 0.98 0.92 0.83 0.81

Weighting

Change 5 5 5 5 5 1 5 5 5 4 5

M M M M M M M N N N M

Latest Chg 9'616'308 7'696'982 (21'000'000) (4'000'000) 77'000 368'213 263'091 275'466 -

Target Price 1 2 1 1 2 #N/A N/A 1 1 1 #N/A N/A 1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.02.2013 Investment Advisor 15.06.2012 Investment Advisor 19.02.2013 Investment Advisor 18.02.2013 Hedge Fund Manager 22.11.2012 Mutual Fund Manager 30.11.2012 n/a 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.03.2012 Unclassified 31.03.2012 Investment Advisor 05.12.2011 Other 31.03.2012 Unclassified 30.11.2012 n/a 31.12.2011 n/a 31.12.2012 Investment Advisor 05.12.2011 Investment Advisor 31.03.2012 Unclassified 31.12.2012 Investment Advisor 14.11.2012 n/a 31.12.2012 Other

Date Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month

Date 26.02.2013 11.02.2013 25.01.2013 25.01.2013 16.01.2013 15.01.2013 11.01.2013 21.12.2012 27.11.2012 24.10.2012 05.03.2012

27.02.2013

Abacus Property Group Abacus Property Group is a diversified property investment group providing exposure to a portfolio of commercial, retail, and industrial properties. The Group also offers mortgage investments, development syndicates and property funds management services.

Price/Volume 3

18.0 M 16.0 M

14.0 M 12.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.12.2012) 52-Week Low (28.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABP AT EQUITY YTD Change ABP AT EQUITY YTD % CHANGE

06/2012 01/yy 2.30 1.89 675'473.00 2.23 -3.04% 17.99% 73.17% 444.9 992.06 802.21 0.0 51.0 54.13 1'791.11

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M 4.0 M

2.0 M 0 f-12

m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 30.06.2008 159.6 8.52x 79.4 17.12x 71.5 10.47x

10.0 M 8.0 M

30.06.2009 30.06.2010 139.0 98.4 6.87x 11.05x 79.2 61.0 12.05x 17.82x (102.4) 25.4 26.80x Profitability

30.06.2011 218.2 8.23x 56.0 32.09x 28.6 30.08x

30.06.2012 225.1 7.49x 121.9 13.84x 8.5 96.68x 121.86 117.16 20.51% 4.66% 0.40% 0.83% 0.41% 0.11% 52.0% 3.8% 38.08% 75.90% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

7.40 0.71 242.46 26.34% 7.18% 0.707 4 3.000 608'989 492'296 625'022 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 102.0 103.0 14.18x 13.65x 119.5 120.0 14.99x 14.93x 86.9 92.2 11.44x 11.44x S&P Issuer Ratings

1.72 1.37 6.39 6.85 75.9% 42.0% 0.11 -

Sales/Revenue/Turnover

10.00

250.0

9.00 8.00

200.0

7.00

150.0

6.00 5.00

100.0

4.00 3.00

50.0

2.00 1.00 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 |

27.02.2013

Abacus Property Group Holdings By:

All

Holder Name GUARDIAN TRUST COMPA PERPETUAL LTD VANGUARD INVESTMENTS VANGUARD GROUP INC STATE STREET WOLF FRANK MICHAEL MACQUARIE GROUP LTD FMR LLC PUTNAM INVESTMENT MA KIFIN LTD NAVIGATOR AUSTRALIA DIAM MITSUBISHI UFJ FINAN BASTIAN DAVID BLACKROCK GOLDMAN SACHS JBWERE SARASIN NIKKO ASSET MANAGEME NOMURA CHARLES SCHWAB INVES

Firm Name JPMorgan EVA Dimensions

Portfolio Name n/a n/a Multiple Portfolios 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 n/a n/a n/a Multiple Portfolios

Analyst RICHARD JONES AUSTIN BURKETT

Source EXCH EXCH MF-AGG MF-AGG ULT-AGG Co File ULT-AGG ULT-AGG MF-AGG EXCH EXCH ULT-AGG ULT-AGG Co File ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation neutral sell

Amt Held 195'859'446 32'786'440 11'326'677 3'312'354 3'209'979 2'837'464 2'457'792 1'997'221 1'893'764 1'605'890 1'460'741 1'096'159 687'472 545'000 473'508 361'877 265'208 138'899 118'100 94'127

% Out 44.03 7.37 2.55 0.74 0.72 0.64 0.55 0.45 0.43 0.36 0.33 0.25 0.15 0.12 0.11 0.08 0.06 0.03 0.03 0.02

Weighting

Change 3 1

M M

Latest Chg 17'399'846 (6'687'555) 101'059 73'524 118'008 32'000 (13'500) (12'000) (15'183)

Target Price 2 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 21.12.2012 n/a 21.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 28.08.2012 n/a 31.08.2011 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 21.06.2012 Other 20.03.2012 Corporation 11.01.2012 Unclassified 05.07.2012 Holding Company 28.08.2012 n/a 25.02.2013 Investment Advisor 17.07.2012 Investment Advisor 30.06.2011 Unclassified 01.02.2013 Unclassified 06.09.2012 Unclassified 26.02.2013 Investment Advisor

Date 9 month Not Provided

Date 26.02.2013 15.01.2013

27.02.2013

Ardent Leisure Group Ardent Leisure Group is a trust established to acquire and invest in leisure and entertainment properties in Australia. The Trust's property portfolio comprises theme parks, bowling centers, and healthclubs as well as a portfolio of family entertainment assets in the United States.

Price/Volume 2

06/2012 01/yy 1.63 1.10 1'003'243.00 1.485 -8.62% 35.62% 70.75% 397.8 590.70 193.45 0.0 0.0 11.69 772.46

30.06.2009 -

4.0 M

1 1

3.0 M

2.0 M

1.0 M

0 0 f-12

30.06.2010

Profitability

30.06.2011 -

30.06.2012 367.5 1.65x 74.0 8.21x 12.6 32.95x 74.04 43.82 11.92% 4.13% 20.1% 11.9% 3.4% 0.55 0.25 28.50% 47.57% -

Price/ Cash Flow

a-12

m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

7.88 0.82 365.11 42.68% 3.85% 0.823 9 3.222 1'982'953 1'455'250 1'394'290 FY+2

06/13 Y 06/14 Y 443.1 488.3 1.78x 1.62x 89.1 101.3 8.67x 7.63x 45.3 52.4 12.58x 11.42x S&P Issuer Ratings

FQ+1

FQ+2

5.56 1.96 2.45 2.61 47.6% 32.2% -

Sales/Revenue/Turnover

9.00

400.0

8.00

350.0

7.00

300.0

6.00

250.0

5.00

200.0

4.00

150.0

3.00

100.0

2.00

50.0

1.00 0.00 03.07.2009

m-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AAD AT EQUITY YTD Change AAD AT EQUITY YTD % CHANGE

30.06.2008

6.0 M

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 |

27.02.2013

Ardent Leisure Group Holdings By:

All

Holder Name NATIONAL AUSTRALIA B ELEY GRIFFITHS GROUP AMP LTD COMMONWEALTH BANK OF ACORN CAPITAL LTD BLACK ROCK INVESTMEN RENAISSANCE PROPERTY VANGUARD GROUP INC AXA ROSENBERG INTL GOLDMAN SACHS JBWERE VANGUARD INVESTMENTS BALNAVES NEIL R MACQUARIE GROUP LTD SHAW GREGORY D BLACKROCK CREDIT SUISSE AG GOLDMAN SACHS GROUP VENARDOS GEORGE WELLS FARGO DAVIS ROGER ANDREW

Firm Name Macquarie JPMorgan CIMB Nomura Goldman Sachs EVA Dimensions E.L. & C. Baillieu Deutsche Bank

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a

Analyst ADAM SIMPSON ARMINA SOEMINO TIM PLUMBE ROGER SAMUEL JIM GODSIL AUSTIN BURKETT NICK CALEY JENNIFER KRUK

Source ULT-AGG Co File EXCH EXCH EXCH Co File EXCH MF-AGG MF-AGG MF-AGG MF-AGG Co File ULT-AGG EXCH ULT-AGG EXCH MF-AGG EXCH ULT-AGG EXCH

Recommendation neutral overweight outperform neutral neutral/neutral underweight hold hold

Amt Held 29'546'282 24'630'889 21'527'293 21'013'677 18'582'456 15'227'808 15'216'895 3'842'871 2'492'800 2'104'111 1'918'546 1'169'062 1'107'958 768'369 624'450 486'020 231'133 111'592 107'029 100'275

% Out 7.43 6.19 5.41 5.28 4.67 3.83 3.83 0.97 0.63 0.53 0.48 0.29 0.28 0.19 0.16 0.12 0.06 0.03 0.03 0.03

Weighting

Change 3 5 5 3 3 1 3 3

M M M M M M N M

Latest Chg 5'792'075 (4'111'507) 2'300'985 (750'000) 32'792 1'182'800 192'899 (685'593) 95'833 (18'008'933) 231'133 24'296 30 10'000

Target Price 1 2 2 2 2 #N/A N/A 2 1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 17.12.2012 Bank 31.08.2012 Investment Advisor 08.01.2013 Insurance Company 25.09.2012 Bank 17.10.2012 Investment Advisor 31.08.2012 Investment Advisor 11.05.2012 Corporation 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 17.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 22.08.2012 n/a 31.08.2011 Investment Advisor 30.10.2012 n/a 25.02.2013 Investment Advisor 30.06.2011 Investment Advisor 30.09.2012 Investment Advisor 24.10.2012 n/a 31.12.2012 Unclassified 27.11.2012 n/a

Date 12 month 9 month 12 month Not Provided 12 month Not Provided 12 month 12 month

Date 22.02.2013 21.02.2013 21.02.2013 21.02.2013 15.01.2013 15.01.2013 28.11.2012 14.09.2012

27.02.2013

NRW Holdings Ltd NRW Holdings Limited provides civil contracting services including rail formation, bulk earthworks, mine development, road and tunnel construction and a range of contract mining services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2012) 52-Week Low (05.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NWH AT EQUITY YTD Change NWH AT EQUITY YTD % CHANGE

06/2012 01/yy 4.36 1.25 2'250'433.00 2.04 -53.21% 62.87% 28.24% 278.9 568.93 198.77 0.0 0.0 137.96 597.73

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

18.0 M

16.0 M

14.0 M

12.0 M

3 2

10.0 M 8.0 M

6.0 M

4.0 M

2.0 M

0 f-12

30.06.2009 30.06.2010 509.6 609.7 0.55x 0.47x 71.8 89.3 3.88x 3.20x 37.1 35.1 6.33x 7.00x Profitability

30.06.2011 745.3 1.12x 89.7 9.27x 41.2 17.33x

30.06.2012 1'358.8 0.66x 193.8 4.66x 97.1 8.68x 193.83 151.93 11.18% 10.39% 12.90% 31.00% 21.79% 2.00% 13.2% 10.3% 7.1% 1.29 0.77 23.47% 60.38% 8.15 -

Price/ Cash Flow

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

FY+1 -

.0 M f-13

1.18 257.58 -38.13% 12.59% 1.179 18 3.500 7'331'898 3'738'462 4'098'212 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/12 Q3 06/12 Q4 1'473.1 1'346.4 0.41x 0.43x 189.3 176.9 3.16x 3.38x 87.7 78.2 6.52x 7.13x S&P Issuer Ratings

13.50 10.84 0.14 1.16 60.4% 37.6% 2.00 4.42 44.88 -

Sales/Revenue/Turnover

9.00

1'600.0

8.00

1'400.0

7.00

1'200.0

6.00

1'000.0

5.00

800.0

4.00

600.0

3.00

400.0

2.00

200.0

1.00 0.00 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 471.2 1.24x 64.3 9.09x 32.8 14.34x

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 |

27.02.2013

NRW Holdings Ltd Holdings By:

All

Holder Name COMMONWEALTH BANK OF AMP LTD WESTPAC BANKING CORP MACQUARIE GROUP LTD CELESTE FUNDS MANAGE ELEY GRIFFITHS GROUP NORTHCAPE CAPITAL PT BLACKROCK NATIONAL AUSTRALIA B BENNELONG FUNDS MANA AVIVA INV AUSTRALIA UBS BOUNSELL KEITH PEMBERTON JULIAN ALE VANGUARD GROUP INC VANGUARD INVESTMENTS EIM CAPITAL MANAGERS DIMENSIONAL FUND ADV SCHRODER INVESTMENT TIAA CREF INVESTMENT

Firm Name RBS Morgans Blackswan Equities Ltd Octa Phillip Securities Ltd Deutsche Bank Credit Suisse JPMorgan Macquarie Hartleys BBY Limited Commonwealth Bank Nomura Argonaut Securities Pty Ltd Paterson Securities EVA Dimensions Moelis & Company

Portfolio Name #N/A N/A n/a #N/A N/A n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst SCOTT MURDOCH OLIVER STEVENS CONOR O'PREY DOMINIC ROSE PAUL BUYS ANTHONY PASSE-DE SILVA ANDREW WACKETT TRENT BARNETT MOIRA EILEEN DAW NICK MACLEAN PAUL GRAHAM IAN CHRISTIE ROB BRIERLEY CRAIG STERLING ADAM S MICHELL

Source EXCH EXCH EXCH ULT-AGG EXCH EXCH EXCH ULT-AGG ULT-AGG EXCH EXCH ULT-AGG Co File EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral buy buy buy underperform overweight outperform speculative buy underperform neutral neutral hold hold overweight hold

Amt Held 20'618'582 17'941'334 17'823'499 16'420'732 14'381'065 14'290'897 13'912'373 13'895'330 13'785'857 13'368'542 12'345'169 10'516'528 3'381'843 2'820'608 2'423'880 1'883'647 1'851'613 1'403'775 1'370'715 973'414

% Out 7.39 6.43 6.39 5.89 5.16 5.12 4.99 4.98 4.94 4.79 4.43 3.77 1.21 1.01 0.87 0.68 0.66 0.5 0.49 0.35

Weighting

Change 3 5 5 5 1 5 5 4 1 3 3 3 3 5 3

M M M M M M M M M M M M M M M

Latest Chg (3'048'761) (2'970'835) (2'889'237) (783'565) (3'527'523) (1'273'083) (1'957'887) (1'521'975) (3'771'331) 280'194 (288'732) 567'759 3'173 704'440 195'547

Target Price 3 3 2 2 2 3 3 3 2 2 2 2 2 #N/A N/A 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 21.02.2013 Bank 06.02.2012 Insurance Company 20.02.2013 Bank 19.10.2012 Investment Advisor 29.11.2012 Hedge Fund Manager 10.10.2011 Investment Advisor 28.02.2012 Other 25.02.2013 Investment Advisor 13.12.2012 Bank 27.11.2012 Investment Advisor 27.05.2011 Other 16.10.2012 Unclassified 28.09.2012 n/a 29.11.2012 n/a 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month Not Provided 9 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month

Date 25.02.2013 25.02.2013 25.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 12.02.2013 15.01.2013 10.01.2013

27.02.2013

Kingsgate Consolidated Ltd Kingsgate Consolidated Limited is a gold mining and exploration company with operations focused in Thailand at the Chatree gold project. The Company also explores for silver and other metals.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (21.02.2013) 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 KCN AT EQUITY YTD Change KCN AT EQUITY YTD % CHANGE

06/2012 01/yy 7.20 3.27 1'494'795.00 3.7 -48.61% 13.15% 8.91% 151.8 561.76 157.54 0.0 0.0 90.62 693.43

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

30.06.2009 30.06.2010 113.0 176.1 5.46x 5.16x (38.1) 84.7 10.74x 32.5 66.3 19.20x 12.59x Profitability

30.06.2011 172.4 6.69x 66.8 17.26x 21.1 42.78x

30.06.2012 357.4 2.24x 164.9 4.86x 75.2 9.24x 164.86 97.31 27.23% 25.54% 4.93% 6.76% 0.37% 33.2% 19.4% 21.0% 2.03 0.98 15.03% 20.31% 18.50 -

Price/ Cash Flow

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.34 145.72 -45.16% -15.91% 1.341 11 3.273 1'275'727 1'058'446 806'711 FY+2

06/13 Y 06/14 Y 361.5 443.1 1.81x 1.59x 146.8 203.6 4.72x 3.41x 58.0 95.4 9.14x 6.01x S&P Issuer Ratings

FQ+1

FQ+2

10.36 -0.38 20.3% 16.9% 0.37 0.47 19.78 42.36

Sales/Revenue/Turnover

50.00

400.0

45.00

350.0

40.00

300.0

35.00 30.00

250.0

25.00

200.0

20.00

150.0

15.00

100.0

10.00

50.0

5.00 0.00 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 74.3 6.01x 19.6 22.77x 36.2 10.12x

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 |

27.02.2013

Kingsgate Consolidated Ltd Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C FMR LLC UNITED SERVICES AUTO RUFFER LLP SMYTH-KIRK ROSS DONA FIRST EAGLE INVESTME ALLIANZ ASSET MANAGE VANGUARD GROUP INC VANGUARD INVESTMENTS DIMENSIONAL FUND ADV THOMAS GAVIN PRUDENTIAL FINANCIAL QUANTEX AG ERSTE SPARINVEST KAG FRANKLIN RESOURCES PACIFIC INCOME ADVIS MACINTYRE PHILIP HARTFORD INVESTMENT

Portfolio Name n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Firm Name

Analyst

Goldman Sachs Macquarie RBC Capital Markets BBY Limited EVA Dimensions Veritas Securities BMO Capital Markets Evans & Partners Pty Ltd Deutsche Bank Bell Potter

PAUL HISSEY MITCH RYAN STEUART MCINTYRE KURT WORDEN CRAIG STERLING MATTHEW BAILLIE DAVID HAUGHTON CATHY MOISES CHRIS TERRY PETER CHAPMAN

Source ULT-AGG MF-AGG EXCH ULT-AGG MF-AGG MF-AGG Co File MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG EXCH ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG Co File MF-AGG

Recommendation neutral/attractive neutral sector perform strong buy buy buy market perform negative not rated Under Review

Amt Held 13'848'709 10'832'634 10'654'665 9'588'527 5'500'000 4'693'651 4'586'271 4'118'481 1'656'746 1'369'997 1'065'821 963'053 946'403 910'961 820'000 540'000 453'816 281'011 200'000 161'447

% Out 9.12 7.13 7.02 6.32 3.62 3.09 3.02 2.71 1.09 0.9 0.7 0.63 0.62 0.6 0.54 0.36 0.3 0.19 0.13 0.11

Weighting

Change

3 3 3 5 5 5 3 2 #N/A N/A #N/A N/A

M M U M U M M D M M

Latest Chg 285'993 (110'545) 6'174 310'561 252'067 (1'060'949) (3'316)

Target Price 3 5 4 9 #N/A N/A 6 6 #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 25.02.2013 Investment Advisor 25.02.2013 Investment Advisor 22.08.2012 Investment Advisor 11.10.2012 Investment Advisor 30.11.2012 Investment Advisor 28.09.2012 Hedge Fund Manager 30.08.2012 n/a 30.09.2012 Hedge Fund Manager 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 23.11.2012 n/a 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 30.08.2012 n/a 31.01.2013 Investment Advisor

Date 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 26.02.2013 26.02.2013 25.02.2013 25.02.2013 20.02.2013 31.01.2013 23.01.2013 02.11.2012 22.02.2012 02.11.2011

27.02.2013

iiNET Ltd iiNET Limited is an Australian Internet Service Provider. The Group's main services include e-commerce applications, web-site development and consulting, Internet telephony and cable Internet access. iiNET also provides its business customers with high speed digital connection services.

Price/Volume 6

7.0 M

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (13.03.2012) 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 IIN AT EQUITY YTD Change IIN AT EQUITY YTD % CHANGE

06/2012 01/yy 5.12 2.84 463'566.00 5.04 -1.56% 77.46% 96.93% 161.2 812.64 240.85 0.0 0.0 6.61 1'013.92

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

2.0 M

1.0 M

0 f-12

30.06.2009 30.06.2010 417.8 473.3 0.66x 1.03x 66.1 76.8 4.18x 6.36x 25.6 34.6 10.24x 12.81x Profitability

30.06.2011 697.2 0.71x 97.7 5.05x 33.4 11.86x

30.06.2012 830.0 0.88x 136.8 5.34x 37.1 12.89x 136.78 71.33 8.59% 7.59% 7.65% 20.13% 1.32% 42.5% 19.2% 10.9% 4.5% 0.56 0.42 31.84% 84.02% 15.43 49.87

Price/ Cash Flow

a-12

m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

0.77 109.02 73.44% 10.04% 0.770 17 4.059 837'719 660'008 637'879 FY+2

06/13 Y 06/14 Y 948.3 956.9 1.07x 1.00x 182.0 186.5 5.57x 5.44x 56.6 63.1 14.20x 12.66x S&P Issuer Ratings

FQ+1

FQ+2

10.55 7.40 1.12 1.24 84.0% 45.7% 1.32 5.86 23.72 7.34 54.52 -30.02

Sales/Revenue/Turnover

10.00

900.0

9.00

800.0

8.00

700.0

7.00

600.0

6.00

500.0

5.00

400.0

4.00

300.0

3.00

200.0

2.00

100.0

1.00 0.00 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 249.9 0.99x 47.1 5.27x 19.9 9.55x

4.0 M

Valuation Analysis

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 |

27.02.2013

iiNET Ltd Holdings By:

All

Holder Name MALONE MICHAEL M PERTH INTERNET PTY L HACKETT SIMON WALTER TPG TELECOM LTD ELEY GRIFFITHS GROUP WESTOZ FUNDS MANAGEM WESTOZ FUNDS MANAGEM COMMONWEALTH BANK OF AMP LTD VANGUARD GROUP INC GRIST ANTHONY JAMES DIMENSIONAL FUND ADV AXA ROSENBERG INTL VANGUARD INVESTMENTS MUNDER CAPITAL MANAG SMITH MICHAEL JOHN BLACKROCK HEITMAN REAL ESTATE NORDINVEST FUND MANA MACQUARIE GROUP LTD

Firm Name Nomura Paterson Securities EVA Dimensions Morgan Stanley Macquarie Hartleys Deutsche Bank Goldman Sachs Credit Suisse JPMorgan CIMB Commonwealth Bank RBS Morgans Moelis & Company Stonebridge Group Ltd

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst DANIEL BLAIR MARCUS HAMILTON ANDREW S ZAMFOTIS MARK GOODRIDGE ANDREW LEVY PETER GRAY VIKAS GOUR RAYMOND TONG BRADLEY CLIBBORN PAUL BRUNKER ALAN STUART NATHAN BURLEY NICK HARRIS ADAM S MICHELL BEI BEI HU

Source Co File Co File EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG EXCH ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy buy overweight Overwt/In-Line outperform neutral hold Buy/Neutral neutral neutral outperform neutral outperform hold buy

Amt Held 14'012'162 14'012'162 12'072'664 10'579'154 10'422'175 10'091'818 9'151'079 8'963'816 7'082'292 1'407'426 1'100'000 1'058'583 845'881 584'709 309'133 270'429 231'787 220'000 194'536 142'722

% Out 8.69 8.69 7.49 6.56 6.46 6.26 5.68 5.56 4.39 0.87 0.68 0.66 0.52 0.36 0.19 0.17 0.14 0.14 0.12 0.09

Weighting

Change 5 5 5 5 5 3 3 5 3 3 5 3 5 3 5

M M U M M D M M U D M M M N N

Latest Chg 2'899'213 (1'639'270) (1'554'104) 18'301 (574'745) (7'743) (1'617) (139'600) (288'704) 10'139

Target Price 6 5 #N/A N/A 5 5 4 5 5 5 5 5 5 6 4 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 20.09.2012 n/a 10.09.2012 Unclassified 20.09.2012 n/a 28.11.2011 Corporation 31.10.2012 Investment Advisor 30.06.2011 Mutual Fund Manager 12.11.2012 Corporation 10.12.2012 Bank 01.03.2011 Insurance Company 31.12.2012 Investment Advisor 07.09.2011 n/a 31.07.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 20.09.2012 n/a 25.02.2013 Investment Advisor 31.03.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.08.2011 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 9 month 12 month 12 month 12 month 12 month 12 month

Date 27.02.2013 26.02.2013 26.02.2013 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 06.09.2012 17.08.2010

27.02.2013

Cudeco Ltd CuDeco Limited is a mineral exploration company. The Company mines for copper, diamonds and uranium in Australia.

Price/Volume 6

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

5 4 3

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2012) 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 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CDU AT EQUITY YTD Change CDU AT EQUITY YTD % CHANGE

06/2012 01/yy 4.94 2.95 91'736.00 3.69 -25.30% 25.08% 35.18% 199.9 737.55 0.00 0.0 0.0 127.44 610.11

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

(2.3) 0.9 -

1 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

30.06.2009

30.06.2010

(1.1) (0.1) Profitability

(8.3) (10.6) -

30.06.2011 0.0 (4.8) (3.6) -

40.76 40.00 0.00% 0.00% -

Price/ Cash Flow

286'340 187'246 165'709

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

06/13 Y

06/14 Y

30.06.2012 0.0 (5.6) 0.8 797.50x -5.64 -5.77 0.34% 0.34% 0.00%

0.00 141.81 11.14% -14.19% 1 1.000

S&P Issuer Ratings

FQ+2 -

0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

800.00

0.9

700.00

0.8

600.00

0.7 0.6

500.00

0.5 400.00

0.4

300.00

0.3

200.00

0.2

100.00

0.1

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 |

27.02.2013

Cudeco Ltd Holdings By:

All

Holder Name M&G INVESTMENT MANAG NEW APEX ASIA INV LT CHINA OCEANWIDE HLDG VANGUARD GROUP INC MCCRAE WAYNE MICHAEL KALDIG PTY LTD HUTCHISON PETER ROBE VANGUARD INVESTMENTS DIMENSIONAL FUND ADV GLOBAL X MANAGEMENT BLACKROCK KERAN VITIE PAUL MACQUARIE GROUP LTD WELLS FARGO TAYLOR DAVID JOHN ED LAMBERT GERALD ADRIA UOB ASSET MANAGEMENT ROWE LISA SHARON LIU HONGWEI ING INVESTMENT MANAG

Firm Name EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a #N/A N/A n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst CRAIG STERLING

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG ULT-AGG EXCH ULT-AGG ULT-AGG EXCH EXCH MF-AGG Co File EXCH MF-AGG

Recommendation sell

Amt Held 34'402'883 23'977'000 21'919'315 18'230'000 8'118'906 2'262'000 1'282'534 818'482 573'269 287'561 233'986 170'000 164'511 133'726 132'000 120'000 75'000 50'000 25'500 23'439

% Out 17.21 12 10.97 9.12 4.06 1.13 0.64 0.41 0.29 0.14 0.12 0.09 0.08 0.07 0.07 0.06 0.04 0.03 0.01 0.01

Weighting

Change 1

Latest Chg 511'413 719'315 1'806'713 10'000 250'000 114'501 11'400 100'000 (12'399) 37 100'000 100'000 2'500 (1'991)

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 15.02.2013 Investment Advisor 08.12.2011 Other 28.05.2012 Unclassified 19.09.2012 Investment Advisor 25.02.2013 n/a 26.02.2013 Corporation 23.12.2011 n/a 30.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 28.01.2013 Investment Advisor 25.02.2013 Investment Advisor 23.12.2011 n/a 31.08.2011 Investment Advisor 31.12.2012 Unclassified 23.12.2011 n/a 23.12.2011 n/a 30.06.2011 Mutual Fund Manager 06.06.2011 n/a 13.02.2013 n/a 31.12.2012 Investment Advisor

Date Not Provided

Date 17.01.2013

27.02.2013

Ten Network Holdings Ltd Ten Network Holdings Limited operates commercial television stations through five capital cities in Australia known as the Ten Network. The Company broadcasts and produces television shows, movies, news and sporting events. The Company also provides outdoor advertising services.

Price/Volume 1

160.0 M

140.0 M

120.0 M 100.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (29.10.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEN AT EQUITY YTD Change TEN AT EQUITY YTD % CHANGE

08/2012 01/yy 0.68 0.22 5'344'383.00 0.33 -51.28% 50.20% 24.10% 2'587.0 853.70 273.26 0.0 12.1 93.30 1'045.76

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

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 31.08.2008 1'003.1 2.10x 212.3 9.92x 273.5 5.73x

80.0 M

31.08.2009 31.08.2010 901.5 990.5 1.87x 1.74x 12.6 207.9 133.58x 8.30x (89.4) 150.0 9.51x Profitability

31.08.2011 998.7 1.32x 14.2 69.12x

31.08.2012 726.7 1.03x 86.6 8.60x (12.9) 86.60 68.18 9.38% 2.25% -0.77% -1.48% 0.68% 0.43% 12.0% 9.4% -1.8% 1.19 0.47 16.32% 29.39% 4.77 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.09 1'825.79 -47.33% 13.79% 1.095 16 2.500 15'726'970 14'634'930 14'401'840 FY+2

08/13 Y 08/14 Y 664.8 713.3 1.33x 1.21x 45.2 72.6 23.15x 14.41x 1.4 25.3 330.00x 33.00x S&P Issuer Ratings

FQ+1

FQ+2

2.66 1.95 2.06 3.13 29.4% 22.5% 0.43 9.91 76.72 -

Sales/Revenue/Turnover

25.00

1'200.0

20.00

1'000.0 800.0

15.00

600.0 10.00

400.0

5.00

0.00 04.09.2009

200.0 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 |

27.02.2013

Ten Network Holdings Ltd Holdings By:

All

Holder Name HANCOCK PROSPECTING ILLYRIA INV TRUST NO CAVALANE HLDGS PTY L BIRKETU PTY LTD COMMONWEALTH BANK OF LAZARD ASSET MANAGEM ALLARD SERVICES PTY VANGUARD GROUP INC DIMENSIONAL FUND ADV FIDELITY INVESTMENTS GLEESON PROPERTIES P VANGUARD INVESTMENTS GLEESON PAUL V BLACKROCK COWIN JACK J MACQUARIE GROUP LTD LONG BRIAN J INVESCO LTD LEGAL & GENERAL INVESCO ASSET MANAGE

Firm Name Nomura EVA Dimensions Morgan Stanley Deutsche Bank Macquarie JPMorgan Goldman Sachs Commonwealth Bank Credit Suisse CIMB BBY Limited Evans & Partners Pty Ltd

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 n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst DANIEL BLAIR CRAIG STERLING ANDREW MCLEOD JENNIFER KRUK DERRYN CHIN JARROD MCDONALD CHRISTIAN GUERRA ALICE BENNETT SAMANTHA CARLETON FRASER MCLEISH MARK MCDONNELL PETER STAMOULIS

Source ULT-AGG EXCH EXCH Co File EXCH ULT-AGG EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG EXCH ULT-AGG EXCH ULT-AGG EXCH MF-AGG ULT-AGG MF-AGG

Recommendation reduce hold Overwt/Cautious hold underperform neutral Sell/Cautious underweight outperform underperform underperform negative

Amt Held 256'396'911 231'220'579 231'220'579 146'559'823 125'137'156 112'414'288 30'156'795 17'191'894 10'404'660 6'103'439 5'770'241 4'366'178 2'938'274 2'478'760 2'475'000 670'284 533'250 511'377 384'548 365'665

% Out 9.91 8.94 8.94 5.67 4.84 4.35 1.17 0.66 0.4 0.24 0.22 0.17 0.11 0.1 0.1 0.03 0.02 0.02 0.01 0.01

Weighting

Change 2 3 5 3 1 3 1 1 5 1 1 2

M U M M M M M M U M M D

Latest Chg (21'808'752) 3'876'060 (34'025) (9'454) 1'100'000 (170'149) 237'000 365'665

Target Price 0 #N/A N/A 1 0 0 0 0 0 0 0 0 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 29.01.2013 Corporation 29.01.2013 n/a 29.01.2013 n/a 26.10.2011 Investment Advisor 29.01.2013 Bank 01.11.2012 Unclassified 15.02.2013 n/a 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2010 Mutual Fund Manager 15.02.2013 n/a 30.09.2012 Mutual Fund Manager 15.02.2013 n/a 25.02.2013 Investment Advisor 29.01.2013 n/a 31.08.2011 Investment Advisor 29.01.2013 n/a 26.02.2013 Investment Advisor 28.12.2012 Unclassified 31.05.2012 Mutual Fund Manager

Date Not Provided Not Provided 12 month 12 month 12 month 3 month 12 month 12 month Not Provided 12 month 12 month Not Provided

Date 25.02.2013 20.02.2013 19.02.2013 12.02.2013 05.02.2013 16.01.2013 10.12.2012 10.12.2012 06.12.2012 06.12.2012 06.12.2012 13.05.2012

27.02.2013

Cabcharge Australia Ltd Cabcharge Australia Limited operates a national charge facility in Australia, which provides for the payment of taxi fares and hire charges via a number of methods of transportation, including hire cars, water taxis, coaches and certain air-transport operators. The Company also provides communications network facilities to the taxi industry.

Price/Volume 7

4.0 M

3.5 M

3.0 M 2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.05.2012) 52-Week Low (23.11.2012) 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 CAB AT EQUITY YTD Change CAB AT EQUITY YTD % CHANGE

06/2012 01/yy 6.57 3.57 503'294.00 4.85 -26.18% 35.85% 41.33% 120.4 584.09 166.47 0.0 0.0 51.16 723.14

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

1.0 M

.5 M

0 f-12

30.06.2009 30.06.2010 173.6 161.7 4.03x 4.42x 83.6 78.5 8.38x 9.11x 61.4 57.6 10.12x 10.75x Profitability

30.06.2011 171.0 4.35x 68.1 10.93x 46.1 13.45x

30.06.2012 179.5 4.00x 83.4 8.60x 60.0 10.06x 83.43 70.39 39.21% 44.37% 12.89% 21.05% 0.36% 43.6% 36.6% 33.4% 1.28 0.87 31.97% 51.90% 2.14 -

Price/ Cash Flow

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.72 110.07 -5.35% 10.73% 0.725 10 2.600 456'209 330'993 382'143 FY+2

06/13 Y 06/14 Y 196.9 203.5 3.59x 3.43x 85.0 86.1 8.51x 8.40x 65.9 65.1 8.83x 8.95x S&P Issuer Ratings

FQ+1

FQ+2

8.74 8.22 1.70 2.14 51.9% 34.2% 0.36 3.94 171.09 -

Sales/Revenue/Turnover

20.00

800.0

18.00

700.0

16.00

600.0

14.00 12.00

500.0

10.00

400.0

8.00

300.0

6.00

200.0

4.00

100.0

2.00 0.00 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 159.8 6.55x 81.8 12.81x 59.0 16.30x

2.0 M

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 |

27.02.2013

Cabcharge Australia Ltd Holdings By:

All

Holder Name ABERDEEN LAZARD ASSET MANAGEM COMMONWEALTH BANK OF CREDIT SUISSE AG CALEDONIA INVESTMENT INVESTORS MUTUAL LTD MASSACHUSETTS FINANC VANGUARD GROUP INC VANGUARD INVESTMENTS DIMENSIONAL FUND ADV WELLS FARGO GOLDMAN SACHS GROUP SCHRODER INVESTMENT GLOBAL X MANAGEMENT CREDIT SUISSE ASSET ARMSTRONG IAN ALEXAN BLACKROCK BANK OF NEW YORK MEL VALIC CO I KERMODE REGINALD LIO

Firm Name Wilson HTM Investment Group Goldman Sachs JPMorgan Macquarie CIMB EVA Dimensions Moelis & Company Deutsche Bank Credit Suisse

Portfolio Name 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 n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst JAMES FERRIER JIM GODSIL RUSSELL GILL JODIE BANNAN TIM PLUMBE CRAIG STERLING ADAM S MICHELL WASSIM KISIRWANI PAUL BUYS

Source ULT-AGG ULT-AGG EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File ULT-AGG MF-AGG MF-AGG EXCH

Recommendation hold Sell/Neutral underweight underperform neutral buy sell hold neutral

Amt Held 20'274'227 12'182'819 7'367'022 5'997'624 5'917'903 5'777'526 2'368'487 1'148'426 832'989 716'483 468'605 415'110 406'830 402'530 303'502 250'000 164'940 162'387 160'590 100'000

% Out 16.83 10.12 6.12 4.98 4.91 4.8 1.97 0.95 0.69 0.59 0.39 0.34 0.34 0.33 0.25 0.21 0.14 0.13 0.13 0.08

Weighting

Change 3 1 1 1 3 5 1 3 3

M M M M D M N M M

Latest Chg 2'316'555 1'270'457 (41'712) (594'116) (527'845) 72'476 5'400 52'774 15 126'916 172'923 107'100 (68'072)

Target Price 4 4 4 4 5 #N/A N/A 4 4 5

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.01.2013 Unclassified 12.11.2012 Unclassified 20.05.2011 Bank 21.06.2011 Investment Advisor 25.08.2011 Investment Advisor 12.11.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.12.2012 Unclassified 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.01.2013 Investment Advisor 28.09.2012 Investment Advisor 27.09.2012 n/a 25.02.2013 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 10.10.2012 n/a

Date Not Provided 12 month 3 month 12 month 12 month Not Provided 12 month 12 month Not Provided

Date 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 15.01.2013 13.12.2012 23.11.2012 07.11.2012

27.02.2013

Drillsearch Energy Ltd Drillsearch Energy Ltd. is an oil and gas explorer and developer focused on the prospective Cooper-Eromanga Basin. The Company has established a holding of oil, wet gas, and unconventional exploration permits covering a large area in the Cooper-Eromanga Basin.

Price/Volume 2

25.0 M

2 20.0 M

1 1

Latest Fiscal Year: LTM as of: 52-Week High (11.09.2012) 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 25.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DLS AT EQUITY YTD Change DLS AT EQUITY YTD % CHANGE

06/2012 01/yy 1.71 0.94 980'624.00 1.33 -22.44% 41.64% 54.91% 427.4 568.38 0.00 0.0 0.0 45.61 522.77

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

1 0

5.0 M

0 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 30.06.2008 22.3 2.48x 6.5 8.54x (14.1) -

15.0 M

1 1

Valuation Analysis

30.06.2009 30.06.2010 9.3 6.0 4.94x 16.97x 11.7 (10.6) 3.94x (9.7) (24.6) Profitability

30.06.2011 14.3 4.87x (4.3) (5.5) -

30.06.2012 22.4 13.02x 6.8 42.91x 10.0 22.22x 6.80 0.71 3.18% 15.54% 7.10% 7.92% 0.16% 36.1% 30.3% 3.2% 44.5% 3.79 2.58 0.00% 0.00% 10.25 12.92

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.21 349.15 -7.20% -12.50% 1.212 10 4.200 1'459'704 1'859'292 1'489'458 FY+2

06/13 Y 06/14 Y 106.2 214.6 5.71x 2.60x 59.6 131.9 8.78x 3.96x 28.6 65.3 18.73x 8.75x S&P Issuer Ratings

FQ+1

FQ+2

50.75 -228.87 -6.71 0.00 0.0% 0.0% 0.16 0.32 35.70 28.34 183.42 -119.38

Sales/Revenue/Turnover

120.00

25.0

100.00

20.0

80.00

15.0 60.00

10.0 40.00

5.0

20.00 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 |

27.02.2013

Drillsearch Energy Ltd Holdings By:

All

Holder Name QGC PTY LTD NATIONAL AUSTRALIA B WILSON HTM INVESTMEN UBS UOB-KAY HIAN PTE LTD CHOO BENG KAI VANGUARD GROUP INC BOUNTY OIL & GAS NL SWEE POOK TEH DMG & PARTNERS SECUR KOK KENG LIEM ZONEX CAPITAL PTY LT PHILLIP SECURITIES P DIMENSIONAL FUND ADV CABLEXINDUSTRIES PTY VANGUARD INVESTMENTS GLENLUCE PROPERTIES MCKERLIE JAMES DAVID BLACKROCK LINGO BRADLEY WILLIA

Firm Name Macquarie Wilson HTM Investment Group Morgan Stanley Goldman Sachs RBC Capital Markets Commonwealth Bank Bell Potter Deutsche Bank EVA Dimensions Canaccord Genuity Corp

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 Multiple Portfolios n/a n/a n/a n/a

Analyst KIRIT HIRA JOHN YOUNG CAMERON O'NEILL MARK WISEMAN ANDREW WILLIAMS LUKE SMITH JOHAN HEDSTROM ANDREW LEWANDOWSKI CRAIG STERLING IAN OOI

Source Co File ULT-AGG EXCH ULT-AGG Co File EXCH MF-AGG Co File Co File Co File Co File Co File Co File MF-AGG Co File MF-AGG EXCH EXCH ULT-AGG EXCH

Recommendation outperform buy Equalwt/Attractive neutral/neutral outperform overweight buy buy sell buy

Amt Held 36'216'094 29'307'967 15'613'131 14'800'573 14'362'599 7'874'918 3'713'698 3'499'639 3'469'663 2'965'906 2'650'000 2'374'409 2'205'139 2'109'202 2'000'000 1'834'980 1'308'265 1'233'265 547'083 121'375

% Out 8.47 6.86 3.65 3.46 3.36 1.84 0.87 0.82 0.81 0.69 0.62 0.56 0.52 0.49 0.47 0.43 0.31 0.29 0.13 0.03

Weighting

Change 5 5 3 3 5 5 5 5 1 5

U M M M M M M M M M

Latest Chg 4'046'055 (2'156'580) (702'214) 219'155 119'957 215'499 75'000 112'115 15'000

Target Price 2 2 1 2 2 2 2 2 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 23.08.2012 Corporation 28.11.2012 Bank 17.02.2012 Investment Advisor 06.07.2011 Unclassified 23.08.2012 Corporation 19.12.2012 n/a 31.12.2012 Investment Advisor 23.08.2012 Corporation 23.08.2012 n/a 23.08.2012 Unclassified 23.08.2012 n/a 23.08.2012 Other 23.08.2012 Private Equity 31.07.2012 Investment Advisor 23.08.2012 Corporation 30.09.2012 Mutual Fund Manager 01.02.2013 Other 19.12.2012 n/a 25.02.2013 Investment Advisor 04.02.2013 n/a

Date 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided

Date 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 16.01.2013 15.01.2013 21.02.2012

27.02.2013

GUD Holdings Ltd G.U.D. Holdings Limited manufactures and markets consumer and industrial products. The Company's products includes small electrical appliances, lawnmowers, cleaning products, automotive parts, water transfer pumps and water pressure systems, security products, swimming pool pumps, and spa bath controllers.

Price/Volume 9

2.5 M

8 2.0 M

7 6

1.5 M

5 4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.08.2012) 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 GUD AT EQUITY YTD Change GUD AT EQUITY YTD % CHANGE

06/2012 01/yy 8.87 6.96 143'335.00 7.21 -18.75% 3.65% 13.75% 71.3 514.37 36.62 0.0 0.0 19.25 599.74

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.5 M

1 0 f-12

30.06.2009 30.06.2010 468.3 474.7 1.02x 1.23x 72.4 79.4 6.58x 7.38x 34.8 46.4 10.70x 11.31x Profitability

30.06.2011 592.8 1.23x 84.1 8.69x 39.7 15.66x

30.06.2012 609.1 1.03x 80.7 7.76x 92.8 6.50x 80.66 66.95 10.99% 20.32% 18.25% 35.21% 24.41% 1.27% 40.2% 12.3% 10.1% 15.2% 1.82 0.87 8.54% 13.38% 5.93 3.66

Price/ Cash Flow

a-12

m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

8.46 0.78 71.12 11.48% -12.64% 0.783 11 2.818 488'178 657'180 416'990 FY+2

06/13 Y 06/14 Y 615.5 639.5 0.95x 0.92x 76.4 82.4 7.85x 7.28x 40.7 44.1 12.50x 11.55x S&P Issuer Ratings

FQ+1

FQ+2

8.84 7.91 1.14 1.43 13.4% 11.8% 1.27 19.16 61.71 100.06 70.81 92.26

Sales/Revenue/Turnover

14.00

700.0

12.00

600.0

10.00

500.0

8.00

400.0

6.00

300.0

4.00

200.0

2.00

100.0

0.00 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 469.0 1.12x 80.7 6.50x 37.4 13.99x

1.0 M

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 |

27.02.2013

GUD Holdings Ltd Holdings By:

All

Holder Name UBS WESTPAC BANKING CORP PERPETUAL LTD AUSTRALIAN FOUNDATIO UCA FUNDS MANAGEMENT ARGO INVESTMENTS LTD VANGUARD GROUP INC INVESCO LTD DIMENSIONAL FUND ADV VANGUARD INVESTMENTS GLOBAL X MANAGEMENT EIM CAPITAL MANAGERS AXA ROSENBERG INTL GOLDMAN SACHS GROUP BANK OF NEW YORK MEL BLACKROCK MACQUARIE GROUP LTD WODSON ROGER JAMES HALL CLIVE KAY SCHRODER INVESTMENT

Firm Name EVA Dimensions Wilson HTM Investment Group Macquarie Moelis & Company Goldman Sachs Credit Suisse JPMorgan CIMB Bell Potter

Portfolio Name 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 n/a n/a n/a Multiple Portfolios

Analyst CRAIG STERLING JAMES FERRIER ADAM SIMPSON ADAM S MICHELL GEORGE BATSAKIS PAUL BUYS ARMINA SOEMINO MATTHEW NICHOLAS SAM HADDAD

Source ULT-AGG Co File EXCH 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 ULT-AGG EXCH EXCH MF-AGG

Recommendation overweight hold neutral sell neutral/neutral neutral neutral neutral hold

Amt Held 4'144'484 3'454'773 3'370'694 2'534'000 1'777'058 1'395'000 977'619 656'641 572'228 512'802 345'236 269'503 208'734 149'522 141'556 95'417 81'388 73'359 73'210 66'346

% Out 5.81 4.84 4.72 3.55 2.49 1.96 1.37 0.92 0.8 0.72 0.48 0.38 0.29 0.21 0.2 0.13 0.11 0.1 0.1 0.09

Weighting

Change 5 3 3 1 3 3 3 3 3

D M M M M M M M M

Latest Chg (118'934) (300) 81'734 (85'345) 25'397 91'350 37'000 208'734 149'522 31'182 66'346

Target Price #N/A N/A 8 8 8 8 8 7 8 8

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 21.01.2013 Unclassified 17.08.2012 Bank 27.10.2011 Investment Advisor 29.06.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 30.06.2011 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 28.01.2013 Investment Advisor 31.01.2013 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 25.02.2013 Investment Advisor 25.02.2013 Investment Advisor 31.08.2011 Investment Advisor 31.12.2011 n/a 31.12.2011 n/a 31.12.2012 Investment Advisor

Date Not Provided Not Provided 12 month 12 month 12 month Not Provided 9 month 12 month 12 month

Date 31.01.2013 30.01.2013 23.01.2013 23.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013

27.02.2013

Breville Group Ltd Breville Group Ltd. designs and markets electrical consumer appliances. The Company markets espresso machines, citrus presses, grills, juicers, toasters, kettles, vacuum cleaners, sandwich makers, rice cookers, heating and cooling products, electric shavers, irons, cookware, and cutlery.

Price/Volume 8

35.0 M

30.0 M

25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 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 BRG AT EQUITY YTD Change BRG AT EQUITY YTD % CHANGE

06/2012 01/yy 7.34 3.40 1'952'596.00 5.4 -26.43% 58.82% 53.30% 130.1 702.51 6.08 0.0 0.0 53.10 672.34

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

3 2

10.0 M

5.0 M

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 30.06.2008 410.2 0.44x 34.5 5.19x 20.9 6.95x

20.0 M

Valuation Analysis

30.06.2009 30.06.2010 431.9 394.4 0.35x 0.68x 34.8 49.3 4.38x 5.44x 11.8 22.6 10.13x 12.27x Profitability

30.06.2011 393.6 1.02x 58.3 6.89x 31.7 13.49x

30.06.2012 408.5 1.28x 72.3 7.23x 46.0 12.39x 72.33 65.44 16.02% 15.83% 14.84% 25.95% 1.41% 34.6% 16.7% 15.1% 11.3% 2.39 1.57 2.18% 3.42% 3.61 4.26

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.72 0.76 91.73 58.87% -18.80% 0.764 9 4.111 2'406'005 630'945 461'246 FY+2

06/13 Y 06/14 Y 467.9 487.3 1.38x 1.30x 78.4 79.4 8.58x 8.47x 49.2 50.5 14.36x 14.06x S&P Issuer Ratings

FQ+1

FQ+2

175.56 173.75 -0.39 0.28 3.4% 3.3% 1.41 110.69 101.36 85.98 111.89 66.25

Sales/Revenue/Turnover

25.00

500.0 450.0

20.00

400.0 350.0 300.0

15.00

250.0 200.0

10.00

150.0 100.0

5.00

50.0 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Breville Group Ltd Holdings By:

All

Holder Name PREMIER INVESTMENTS NATIONAL AUSTRALIA B BENNELONG FUNDS MANA COMMONWEALTH BANK OF PERPETUAL LTD LEW FAMILY INV PTY L DANCETOWN PTY LTD DIMENSIONAL FUND ADV AXA ROSENBERG INTL JOSSECK PTY LTD SCHRODER INVESTMENT NOFUSA PTY LTD VANGUARD INVESTMENTS ZEVIN ASSET MANAGEME EIM CAPITAL MANAGERS VANTAGEPOINT INVESTM PRUDENTIAL FINANCIAL BANK OF NEW YORK MEL WEISS SAMUEL SCOTT KLEIN STEVEN

Firm Name Macquarie Wilson HTM Investment Group Moelis & Company Goldman Sachs Credit Suisse CIMB Bell Potter EVA Dimensions

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 ZEVIN ASSET MANAGEME Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst ADAM SIMPSON JAMES FERRIER TODD W GUYOT GEORGE BATSAKIS PAUL BUYS MATTHEW NICHOLAS SAM HADDAD CRAIG STERLING

Source Co File ULT-AGG EXCH EXCH EXCH Co File Co File MF-AGG MF-AGG Co File MF-AGG Co File MF-AGG 13F MF-AGG MF-AGG ULT-AGG MF-AGG Co File Co File

Recommendation outperform buy hold neutral/neutral neutral outperform hold buy

Amt Held 33'452'910 8'546'273 6'881'218 6'595'463 5'646'860 3'427'179 3'000'000 2'605'776 792'877 775'567 719'904 650'000 508'492 434'925 383'335 352'700 180'123 122'693 121'775 117'189

% Out 25.71 6.57 5.29 5.07 4.34 2.63 2.31 2 0.61 0.6 0.55 0.5 0.39 0.33 0.29 0.27 0.14 0.09 0.09 0.09

Weighting

Change 5 5 3 3 3 5 3 5

M M D M D M D M

Latest Chg 249'824 (1'117'232) (325'323) 418'113 508'492 434'925 (48'200) 57'903 -

Target Price 6 7 6 6 6 6 6 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 04.09.2012 Corporation 04.09.2012 Bank 12.09.2012 Investment Advisor 20.02.2013 Bank 27.09.2012 Investment Advisor 04.09.2012 n/a 04.09.2012 n/a 31.07.2012 Investment Advisor 30.09.2012 Investment Advisor 04.09.2012 n/a 31.12.2012 Investment Advisor 04.09.2012 n/a 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 23.08.2012 n/a 23.08.2012 n/a

Date 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided

Date 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 15.01.2013

27.02.2013

Mount Gibson Iron Ltd Mount Gibson Iron Limited is an iron ore exploration and production company. The Company holds mining leases covering hematite and magnetite deposits at Mount Gibson in Western Australia.

Price/Volume 1

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M f-13

1 1 1

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (29.11.2012) 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 MGX AT EQUITY YTD Change MGX AT EQUITY YTD % CHANGE

06/2012 01/yy 1.31 0.62 4'839'407.00 0.76 -41.98% 23.58% 23.74% 1'090.6 828.84 47.02 0.0 0.0 40.68 775.29

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 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 432.7 6.05x 363.3 7.20x 113.3 21.89x

30.06.2009 30.06.2010 410.8 536.3 2.21x 2.91x 314.6 436.1 2.88x 3.57x 42.6 132.4 19.74x 12.60x Profitability

30.06.2011 647.2 2.97x 521.3 3.68x 239.5 8.31x

30.06.2012 637.0 1.48x 538.1 1.75x 172.5 5.40x 538.06 240.46 37.75% 37.61% 5.48% 7.57% 0.42% 41.4% 19.0% 27.1% 3.36 0.33 2.63% 3.68% 24.76 2.48

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.92 317.84 -38.19% -8.98% 1.920 16 3.500 5'776'302 4'001'948 3'897'584 FY+2

06/13 Y 06/14 Y 878.9 725.9 0.56x 0.50x 388.4 325.0 2.00x 2.39x 146.7 133.5 5.71x 6.39x S&P Issuer Ratings

FQ+1

FQ+2

85.26 70.59 3.7% 3.6% 0.42 0.68 14.78 147.48 61.08 169.14

Sales/Revenue/Turnover

25.00

700.0 600.0

20.00

500.0 15.00

400.0 300.0

10.00

200.0 5.00

0.00 03.07.2009

100.0 0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Mount Gibson Iron Ltd Holdings By:

All

Holder Name COL CAPITAL LTD APAC RESOURCES LTD SHOUGANG CONCORD INT PARADICE INVESTMENT MACQUARIE GROUP LTD DIMENSIONAL FUND ADV LANDESBANK BERLIN IN VANGUARD GROUP INC ARGO INVESTMENTS LTD AXA ROSENBERG INTL VANGUARD INVESTMENTS SCHRODER INVESTMENT PRUDENTIAL FINANCIAL BLACKROCK BANK OF NEW YORK MEL GLENMEDE ADVISORS IN TD ASSET MANAGEMENT MACLIVER IAN ALEXAND SMITH BARNEY FUND MA MUNDER CAPITAL MANAG

Firm Name EVA Dimensions Wilson HTM Investment Group Nomura Deutsche Bank Goldman Sachs RBC Capital Markets Credit Suisse JPMorgan Macquarie CIMB Argonaut Securities Pty Ltd Paterson Securities Foster Stockbroking

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING ANDREW PEDLER DAVID RADCLYFFE PAUL-D YOUNG OWEN BIRRELL CHRIS DREW MATTHEW HOPE MARK BUSUTTIL LEE BOWERS MICHAEL EVANS ADAM MIETHKE TIM MCCORMACK MARTIN CAROLAN

Source Co File Co File Co File EXCH ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG

Recommendation overweight hold neutral buy neutral/attractive outperform neutral neutral neutral outperform buy hold buy

Amt Held 282'992'277 279'877'774 154'166'874 53'763'579 12'357'495 9'014'849 7'298'386 6'967'505 6'433'498 5'295'100 4'985'719 4'711'350 4'661'159 3'157'245 1'580'558 1'580'245 1'155'018 1'000'000 922'396 657'228

% Out 25.95 25.66 14.14 4.93 1.13 0.83 0.67 0.64 0.59 0.49 0.46 0.43 0.43 0.29 0.14 0.14 0.11 0.09 0.08 0.06

Weighting

Change 5 3 3 5 3 5 3 3 3 5 5 3 5

D D M M M U M M M M M M M

Latest Chg (1'850'684) (2'760'012) 50'100 266'500 365'154 679'588 131'252 (912'780) 190'496 112'442 (3'437)

Target Price #N/A N/A 1 1 1 1 1 1 1 1 1 1 1 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 21.08.2012 Corporation 21.08.2012 Corporation 21.08.2012 Corporation 28.09.2012 Investment Advisor 31.08.2011 Investment Advisor 31.07.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 25.02.2013 Investment Advisor 31.10.2012 Investment Advisor 31.12.2011 Investment Advisor 16.11.2011 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 9 month 12 month 12 month Not Provided 12 month Not Provided

Date 25.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 22.01.2013 02.02.2012

27.02.2013

Buru Energy Ltd Buru Energy, Ltd. is an oil and gas exploration and production company.

Price/Volume 4

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (26.03.2012) 52-Week Low (02.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BRU AT EQUITY YTD Change BRU AT EQUITY YTD % CHANGE

06/2012 01/yy 3.85 1.75 1'329'037.00 2.44 -36.62% 39.43% 26.19% 273.9 668.35 0.00 0.0 0.0 62.36 605.99

30.06.2009 30.06.2010 3.2 2.6 10.54x (7.0) (32.4) (4.4) Profitability

30.06.2011 1.5 60.26x (17.8) (10.3) -

4.0 M

2.0 M

0 f-12 m-12

a-12 m-12

LTM-4Q

LTM

01/yy

30.06.2012 2.0 359.31x (15.0) (5.5) -15.01 -15.26 -755.35% -366.44% -4.54% -7.74% 0.02% -14.3% -755.3% -272.6% 13.36 11.64 0.00% 0.00% 5.08 0.51

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

0.00 0.62 225.81 19.61% 1.67% 0.623 5 4.200 1'151'857 1'055'108 1'029'066 FY+2

06/13 Y 06/14 Y 9.8 29.5 64.49x 22.29x (11.3) 20.3 29.91x (7.0) 10.8 64.21x S&P Issuer Ratings

FQ+1

FQ+2

0.0% 0.0% 0.02 0.07 72.02 724.63 223.97 572.68

Sales/Revenue/Turnover

140.00

3.5

120.00

3.0

100.00

2.5

80.00

2.0

60.00

1.5

40.00

1.0

20.00

0.5

0.00 03.07.2009

6.0 M

Fiscal Year Ended 30.06.2008 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

Valuation Analysis

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 |

27.02.2013

Buru Energy Ltd Holdings By:

All

Holder Name STREITBERG ERIC CHAR MACQUARIE GROUP LTD NEW STANDARD ENERGY TROJAN EQUITY LTD STREITBERG TOM RILEY GRAHAM DOUGLAS VANGUARD GROUP INC VANGUARD INVESTMENTS TINTERN PTY LTD MILLER AUSTIN D MIRRABOOKA INVESTMEN DIMENSIONAL FUND ADV EDWARDS PETER BLACKROCK JONES PETER VERNON HARTFORD INVESTMENT RUDGE TONY OBERWEIS ASSET MANAG ROVON INVESTMENTS PT ING INVESTMENT MANAG

Firm Name JPMorgan Deutsche Bank BBY Limited Macquarie EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst BENJAMIN X. WILSON JOHN HIRJEE SCOTT ASHTON KIRIT HIRA CRAIG STERLING

Source EXCH ULT-AGG EXCH EXCH Co File Co File MF-AGG MF-AGG EXCH EXCH MF-AGG MF-AGG Co File ULT-AGG Co File MF-AGG Co File MF-AGG EXCH MF-AGG

Recommendation overweight buy strong buy outperform sell

Amt Held 28'700'566 18'259'264 10'000'000 8'640'516 3'783'440 3'000'000 1'756'352 1'055'445 980'132 645'000 600'000 592'097 494'198 289'786 248'277 224'461 204'000 101'949 50'000 32'094

% Out 10.48 6.67 3.65 3.15 1.38 1.1 0.64 0.39 0.36 0.24 0.22 0.22 0.18 0.11 0.09 0.08 0.07 0.04 0.02 0.01

Weighting

Change 5 5 5 5 1

M N M N M

Latest Chg 5'299'500 (5'000'000) (2'373'479) 87'072 52'050 56'449 (856)

Target Price 4 3 5 3 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 14.12.2012 n/a 09.09.2011 Investment Advisor 02.08.2012 Corporation 11.10.2010 Investment Advisor 30.06.2012 n/a 14.08.2012 n/a 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 09.11.2012 Other 09.11.2012 n/a 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 n/a 25.02.2013 Investment Advisor 14.08.2012 n/a 31.01.2013 Investment Advisor 30.06.2012 n/a 28.09.2012 Investment Advisor 17.12.2012 Corporation 31.12.2012 Investment Advisor

Date 9 month 12 month 12 month 12 month Not Provided

Date 27.02.2013 14.02.2013 24.01.2013 23.01.2013 15.01.2013

27.02.2013

Aquila Resources Ltd Aquila Resources Limited is an exploration company with interests in coal and iron ore. Aquila's exploration activities are located in Queensland, Western Australia and South Africa.

Price/Volume 6

4.5 M 4.0 M

3.5 M 3.0 M

Latest Fiscal Year: LTM as of: 52-Week High (20.03.2012) 52-Week Low (27.07.2012) 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 AQA AT EQUITY YTD Change AQA AT EQUITY YTD % CHANGE

06/2012 01/yy 5.49 1.86 225'969.00 2.61 -52.46% 40.32% 21.21% 411.8 1'074.81 0.00 0.0 0.0 49.15 1'025.66

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

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 30.06.2008 46.5 83.52x (31.7) 97.3 33.05x

2.5 M

Valuation Analysis

30.06.2009 30.06.2010 91.8 129.8 14.73x 17.44x (35.8) (54.6) (26.2) (33.1) Profitability

30.06.2011 133.5 18.73x 5.6 445.73x 3.1 896.25x

30.06.2012 197.1 6.00x 4.3 275.69x (0.2) 4.29 -4.91 -2.49% 0.58% -0.04% -0.05% 0.35% 21.8% -2.5% -0.1% 3.60 0.91 0.00% 0.00% 41.04 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.94 185.16 -50.29% 1.95% 1.944 9 3.000 652'529 594'275 629'996 FY+2

06/13 Y 06/14 Y 0.0 88.0 #DIV/0! 19.25x (44.7) (8.7) (40.3) (47.3) S&P Issuer Ratings

FQ+1

FQ+2

0.0% 0.0% 0.35 0.63 8.92 1.82

Sales/Revenue/Turnover

300.00

250.0

250.00

200.0

200.00

150.0 150.00

100.0 100.00

50.0

50.00 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 |

27.02.2013

Aquila Resources Ltd Holdings By:

All

Holder Name POLI ANTHONY M&G INVESTMENT MANAG BAOSTEEL GROUP CORP BASS CHARLES BENNET VANGUARD GROUP INC BLACKROCK COWLAN DEREK THOMAS VANGUARD INVESTMENTS RAE HOWARD CHARLES SCIENTIA FUND MANAGE GREEN BRENT E MACQUARIE GROUP LTD DIMENSIONAL FUND ADV INDEXIQ ADVISORS LLC LEGAL & GENERAL BESSEMER GROUP INCOR HSBC TRINKAUS INVEST WELLS FARGO INVESCO LTD PILCHER STEPHEN J

Firm Name RBC Capital Markets JPMorgan Commonwealth Bank EVA Dimensions Macquarie Paterson Securities Bell Potter Credit Suisse Investec

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 n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst CHRIS DREW MARK BUSUTTIL TOMAS VASQUEZ CRAIG STERLING ANDREW SULLIVAN ANDREW HARRINGTON STUART HOWE PAUL MCTAGGART COLIN MCLELLAND

Source EXCH EXCH Co File EXCH EXCH ULT-AGG EXCH MF-AGG Co File MF-AGG Co File ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG Co File

Recommendation sector perform underweight neutral sell outperform hold buy neutral hold

Amt Held 119'104'536 70'172'666 48'341'054 47'165'447 33'165'000 24'035'427 11'405'860 969'985 337'409 269'421 244'662 231'067 230'795 154'814 82'347 59'980 48'400 47'867 35'587 33'275

% Out 28.92 17.04 11.74 11.45 8.05 5.84 2.77 0.24 0.08 0.07 0.06 0.06 0.06 0.04 0.02 0.01 0.01 0.01 0.01 0.01

Weighting

Change 3 1 3 1 5 3 5 3 3

M D M M M D M M M

Latest Chg 10'827'684 10'213'057 4'287'766 8'171'711 (590'060) 1'036'892 (5'378) (200'319) (9'350) 13 -

Target Price 4 3 3 #N/A N/A 4 3 4 3 5

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 23.12.2011 n/a 06.04.2012 Investment Advisor 31.08.2011 Government 23.12.2011 n/a 09.11.2011 Investment Advisor 25.02.2013 Investment Advisor 23.12.2011 n/a 30.09.2012 Mutual Fund Manager 30.06.2011 n/a 31.12.2012 Investment Advisor 30.06.2011 n/a 31.08.2011 Investment Advisor 31.07.2012 Investment Advisor 25.02.2013 Investment Advisor 28.12.2012 Unclassified 31.10.2012 Investment Advisor 28.02.2011 Mutual Fund Manager 31.12.2012 Unclassified 25.02.2013 Investment Advisor 30.06.2011 n/a

Date 12 month 9 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month

Date 31.01.2013 31.01.2013 31.01.2013 15.01.2013 11.01.2013 29.10.2012 05.10.2012 28.09.2012 29.05.2012

27.02.2013

Fleetwood Corp Ltd Fleetwood Corporation Limited manufactures and sells caravans, parts and accessories along with design, manufacture, sale and rental of portable buildings.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.05.2012) 52-Week Low (04.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FWD AT EQUITY YTD Change FWD AT EQUITY YTD % CHANGE

06/2012 01/yy 13.46 8.46 484'857.00 9.55 -29.05% 12.88% 17.80% 60.1 573.50 0.89 0.0 0.0 17.38 585.24

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 m-12

30.06.2009 30.06.2010 354.6 291.1 0.88x 1.65x 63.9 67.5 4.90x 7.11x 35.6 38.7 8.59x 12.66x Profitability

30.06.2011 465.8 1.41x 88.7 7.43x 51.3 12.59x

30.06.2012 406.8 1.67x 91.1 7.45x 53.2 12.99x 91.08 75.83 18.64% 18.59% 11.05% 14.33% 1.23% 37.7% 18.7% 14.2% 13.1% 2.15 1.07 0.31% 0.39% 7.41 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

0.83 51.87 -17.89% 0.72% 0.830 12 2.417 503'528 395'939 371'281 FY+2

06/13 Y 06/14 Y 333.6 388.9 1.85x 1.65x 56.3 89.8 10.39x 6.52x 26.9 44.7 22.31x 13.05x S&P Issuer Ratings

FQ+1

FQ+2

111.61 79.14 0.18 0.32 0.4% 0.4% 1.23 3.35 49.38 69.09

Sales/Revenue/Turnover

18.00

500.0

16.00

450.0

14.00

400.0 350.0

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 03.07.2009

a-12 m-12

Fiscal Year Ended 30.06.2008 343.5 1.42x 61.5 7.95x 34.2 13.52x

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 |

27.02.2013

Fleetwood Corp Ltd Holdings By:

All

Holder Name KARRAD PTY LTD ELEY GRIFFITHS GROUP WESTPAC BANKING CORP ADVENTURE HOLDINGS P ARGO INVESTMENTS LTD AUSTRALIAN FOUNDATIO MIRRABOOKA INVESTMEN FLEETWOOD RETIREMENT SCHRODER INVESTMENT VANGUARD GROUP INC INVESCO LTD GILL STEPHEN TATE GREG VANGUARD INVESTMENTS DIMENSIONAL FUND ADV EIM CAPITAL MANAGERS GLOBAL X MANAGEMENT STATE STREET AMCIL LTD BLACKROCK

Firm Name EVA Dimensions Wilson HTM Investment Group Argonaut Securities Pty Ltd RBS Morgans Credit Suisse JPMorgan Macquarie Nomura Paterson Securities Moelis & Company Hartleys Paterson Securities

Portfolio Name n/a 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 Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst CRAIG STERLING JACQUELINE FERNLEY IAN CHRISTIE ALEXANDRA CLARKE PAUL BUYS GARRY SHERRIFF ANDREW WACKETT PAUL GRAHAM GRAEME CARSON ADAM S MICHELL PETER GRAY DAVID GIBSON

Source EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation underweight hold sell outperform underperform underweight neutral neutral hold sell accumulate buy

Amt Held 5'428'189 2'955'969 2'921'561 1'924'665 1'492'485 856'000 721'000 704'158 587'755 515'477 482'184 400'000 381'413 372'925 369'095 249'923 187'728 179'673 166'000 96'560

% Out 9.04 4.92 4.87 3.2 2.49 1.43 1.2 1.17 0.98 0.86 0.8 0.67 0.64 0.62 0.61 0.42 0.31 0.3 0.28 0.16

Weighting

Change 1 3 1 5 1 1 3 3 3 1 4 5

D M M M M M M M M M M M

Latest Chg (50'000) (56'068) (35'882) 50'000 106'797 36'881 50'400 -

Target Price #N/A N/A 10 8 11 9 9 10 10 9 8 14 9

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 04.12.2012 Unclassified 15.10.2012 Investment Advisor 24.05.2012 Bank 23.11.2012 Unclassified 30.06.2011 Investment Advisor 29.06.2012 Investment Advisor 31.12.2012 Investment Advisor 04.12.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 23.11.2012 n/a 04.12.2012 n/a 30.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.01.2013 Investment Advisor 28.01.2013 Investment Advisor 25.02.2013 Investment Advisor 29.06.2012 Investment Advisor 25.02.2013 Investment Advisor

Date Not Provided Not Provided 12 month 12 month Not Provided 6 month 12 month Not Provided 12 month 12 month 12 month 12 month

Date 25.02.2013 22.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 14.02.2013 23.08.2012 16.10.2009

27.02.2013

Sirtex Medical Ltd Sirtex Medical Limited is a medical company which researches, develops and commercializes medical products for the treatment of liver cancer. The Company is based in Western Australia and markets its products throughout the world. The Company's products include "SIR-Spheres," which uses micro-particle technology to treat liver cancer.

Price/Volume 14

1.6 M

1.4 M

1.2 M 1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.12.2012) 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 SRX AT EQUITY YTD Change SRX AT EQUITY YTD % CHANGE

06/2012 01/yy 13.40 4.89 142'849.00 10.41 -22.31% 112.88% 62.75% 55.8 580.55 0.00 0.0 0.0 49.45 561.55

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.6 M

.4 M

.2 M

0 f-12

m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

Fiscal Year Ended 30.06.2008 38.1 4.21x 3.6 44.51x 1.2 136.36x

.8 M

30.06.2009 30.06.2010 65.6 64.3 2.45x 3.60x 16.4 14.1 9.76x 16.39x 18.2 16.1 10.24x 17.01x Profitability

30.06.2011 70.3 3.28x 15.4 14.96x 11.5 23.79x

30.06.2012 82.6 3.51x 20.7 14.00x 17.1 19.84x 20.72 19.30 23.36% 26.77% 20.16% 27.08% 27.08% 0.99% 81.0% 25.9% 24.4% 20.7% 4.28 3.93 0.00% 0.00% 5.65 12.15

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.67 0.58 36.71 98.41% -20.72% 0.575 5 4.200 169'407 210'981 214'566 FY+2

06/13 Y 06/14 Y 100.2 121.5 5.37x 4.38x 24.6 32.5 22.80x 17.27x 18.3 24.5 31.74x 23.77x S&P Issuer Ratings

FQ+1

FQ+2

-0.80 0.00 0.0% 0.0% 0.99 12.84 64.81 30.13 200.67 -49.29

Sales/Revenue/Turnover

40.00

90.0

35.00

80.0

30.00

70.0 60.0

25.00

50.0 20.00

40.0

15.00

30.0

10.00

20.0

5.00

10.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Sirtex Medical Ltd Holdings By:

All

Holder Name HUNTER HALL INVESTME GRAY BRUCE NATHANIE ACN 132 442 114 PTY PLATYPUS ASSET MANAG PERPETUAL LTD AMP LTD DIMENSIONAL FUND ADV VANTAGEPOINT INVESTM GRANDEUR PEAK GLOBAL BLACKROCK BESSEMER GROUP INCOR ING INVESTMENT MANAG DIMENSIONAL FUND ADV BOYCE GRANT EADY JOHN ALAN EIM CAPITAL MANAGERS FIRST TRUST

Firm Name Nomura EVA Dimensions Macquarie CIMB

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst ZARA LYONS ANDREW S ZAMFOTIS AMRON D'SILVA DEREK JELLINEK

Source EXCH Co File EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG Co File Co File MF-AGG ULT-AGG

Recommendation buy overweight outperform neutral

Amt Held 13'254'180 10'090'604 8'961'778 3'897'856 3'045'755 1'221'163 229'641 172'300 139'900 11'738 9'054 7'207 6'913 5'000 5'000 4'000 360

% Out 23.77 18.09 16.07 6.99 5.46 2.19 0.41 0.31 0.25 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0

Weighting

Change 5 5 5 3

M U M N

Latest Chg (570'000) (732'673) (2'041'170) (639'114) (1'654'235) 19'992 72'000 7'207 260 -

Target Price 15 #N/A N/A 12 13

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 24.12.2012 15.08.2012 01.02.2013 05.09.2011 24.12.2012 12.10.2011 31.07.2012 31.12.2012 31.10.2012 25.02.2013 31.10.2012 31.12.2012 30.11.2012 29.08.2012 29.08.2012 31.01.2013 26.02.2013

Date Not Provided Not Provided 12 month 12 month

Inst Type Investment Advisor n/a Other Unclassified Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a Investment Advisor Investment Advisor

Date 20.02.2013 20.02.2013 14.02.2013 15.01.2013

27.02.2013

Reject Shop Ltd/The The Reject Shop Limited operates discount retail stores in Victoria, New South Wales, South Australia and the ACT. The Company's discount stores offers a variety of merchandise such as apparel, houseware, leisure, personal care and hardware and furniture.

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 10.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TRS AT EQUITY YTD Change TRS AT EQUITY YTD % CHANGE

06/2012 01/yy 17.53 8.95 93'362.00 17.17 -2.05% 91.87% 94.76% 26.1 448.00 31.40 0.0 0.0 9.04 452.62

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.06.2009 30.06.2010 412.2 470.8 0.77x 0.96x 35.8 41.4 8.84x 10.96x 19.0 23.4 15.92x 18.24x Profitability

30.06.2011 505.1 0.68x 23.3 14.69x 16.2 18.78x

30.06.2012 555.3 0.47x 38.7 6.74x 21.9 10.88x 38.72 26.34 4.74% 5.62% 15.56% 33.15% 30.56% 3.61% 44.1% 7.3% 5.0% 3.9% 1.19 0.14 19.74% 45.83% 4.66

Price/ Cash Flow

.7 M .6 M .5 M .4 M .3 M .2 M .1 M m-12

a-12

m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

FY+1 -

.0 M f-13

1.95 0.93 24.61 48.43% 15.08% 0.932 11 3.000 178'540 112'308 105'374 FY+2

06/13 Y 06/14 Y 624.4 718.4 0.76x 0.65x 46.4 57.1 9.75x 7.92x 21.2 27.7 21.33x 16.37x S&P Issuer Ratings

FQ+1

FQ+2

12.79 7.65 0.11 0.16 45.8% 31.4% 3.61 7.63 79.57 31.11 -

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 03.07.2009

.8 M

Fiscal Year Ended 30.06.2008 353.0 0.72x 31.3 8.07x 16.7 14.64x

20 18 16 14 12 10 8 6 4 2 0 f-12

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 |

27.02.2013

Reject Shop Ltd/The Holdings By:

All

Holder Name HYPERION ASSET MANAG UBS ACORN CAPITAL LTD PARADICE INVESTMENT PERPETUAL LTD NATIONAL AUSTRALIA B ALLERON INVESTMENT M NORTHCAPE CAPITAL PT ELEY GRIFFITHS GROUP GRAHGER CAPITAL INVE VANGUARD GROUP INC UCA FUNDS MANAGEMENT DIMENSIONAL FUND ADV VANGUARD INVESTMENTS GRANDEUR PEAK GLOBAL BRYCE CHRISTOPHER JO BLACKROCK MACQUARIE GROUP LTD HYPERION ASSET MANAG BESSEMER GROUP INCOR

Firm Name EVA Dimensions Macquarie Wilson HTM Investment Group Moelis & Company Morgan Stanley Goldman Sachs Credit Suisse Commonwealth Bank Nomura Bell Potter Shaw Stockbroking Veritas Securities Evans & Partners Pty Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING ADAM SIMPSON JACQUELINE FERNLEY TODD W GUYOT CHRIS NICOL GEORGE BATSAKIS GRANT SALIGARI JORDAN ROGERS NICK BERRY SAM HADDAD DANNY YOUNIS BRENT MITCHELL TONY WILSON

Source Co File ULT-AGG EXCH EXCH EXCH ULT-AGG EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation underweight neutral hold hold Overwt/In-Line Buy/Neutral underperform neutral neutral hold hold hold negative

Amt Held 3'026'771 2'172'111 1'709'102 1'690'135 1'433'224 1'339'344 1'331'428 1'299'620 1'270'954 1'140'000 361'560 188'554 137'963 132'596 123'085 122'187 41'081 31'628 31'000 9'792

% Out 11.6 8.32 6.55 6.48 5.49 5.13 5.1 4.98 4.87 4.37 1.39 0.72 0.53 0.51 0.47 0.47 0.16 0.12 0.12 0.04

Weighting

Change 1 3 3 3 5 5 1 3 3 3 3 3 2

U D M M M M M U M D N U M

Latest Chg (549'648) (262'939) 382'483 (37'653) (349'434) (317'000) 15'580 (806'367) (567) 52'000 2'536 -

Target Price #N/A N/A 18 17 17 18 17 14 17 16 18 #N/A N/A 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 31.07.2012 Investment Advisor 28.12.2012 Unclassified 12.10.2012 Investment Advisor 16.08.2012 Investment Advisor 28.08.2012 Investment Advisor 19.10.2012 Bank 05.11.2012 Investment Advisor 08.08.2012 Other 20.02.2013 Investment Advisor 15.09.2011 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 17.10.2012 n/a 25.02.2013 Investment Advisor 31.08.2011 Investment Advisor 30.06.2011 Investment Advisor 31.10.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided

Date 26.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 17.08.2011 08.04.2011 23.08.2010

27.02.2013

Emeco Holdings Ltd Emeco Holdings Limited rents earthmoving equipment to the mining industries in Australia and Indonesia.

Price/Volume 1

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M f-13

1 1 1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (15.11.2012) 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 EHL AT EQUITY YTD Change EHL AT EQUITY YTD % CHANGE

06/2012 01/yy 1.13 0.45 5'808'085.00 0.68 -39.82% 52.13% 39.97% 599.7 407.78 455.61 0.0 0.0 73.09 857.76

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 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 617.9 1.66x 203.6 5.03x 67.5 10.00x

30.06.2009 30.06.2010 443.7 405.0 1.31x 1.64x 209.3 188.4 2.79x 3.53x 13.3 (49.3) 4.66x 29.00x Profitability

30.06.2011 439.7 2.28x 152.1 6.59x 49.6 13.78x

30.06.2012 498.5 1.88x 191.1 4.89x 69.7 7.61x 191.13 55.30 11.09% 20.14% 5.69% 10.25% 7.98% 0.44% 44.8% 40.7% 13.8% 14.0% 2.41 1.85 37.46% 71.15% 5.11 7.83

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

8.82 0.83 591.43 -29.85% 15.57% 0.826 13 3.769 4'535'108 3'023'816 2'930'814 FY+2

06/13 Y 06/14 Y 490.5 529.3 1.67x 1.48x 218.2 234.1 3.93x 3.66x 46.7 53.0 8.95x 7.82x S&P Issuer Ratings

FQ+1

FQ+2

8.45 -5.56 2.25 2.33 71.1% 41.6% 0.44 0.62 71.63 46.77 83.02 90.35

Sales/Revenue/Turnover

4.50

700.0

4.00

600.0

3.50

500.0

3.00 2.50

400.0

2.00

300.0

1.50

200.0

1.00

100.0

0.50 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 |

27.02.2013

Emeco Holdings Ltd Holdings By:

All

Holder Name AMP LTD FRANKLIN RESOURCES COMMONWEALTH BANK OF BLACKROCK VINVA INVT MANAGEMEN MAPLE-BROWN ABBOTT L UCA FUNDS MANAGEMENT DIMENSIONAL FUND ADV PRUDENTIAL FINANCIAL VANGUARD GROUP INC AXA ROSENBERG INTL VANGUARD INVESTMENTS TURNER MICHAEL A TEMPLETON INVESTMENT BRENNAN ALEXANDER NO GORDON KEITH TESTROW IAN MACQUARIE GROUP LTD BANK OF NEW YORK MEL AUSBIL DEXIA LIMITED

Firm Name Octa Phillip Securities Ltd Morgan Stanley Macquarie Goldman Sachs Credit Suisse CIMB Nomura Bell Potter Moelis & Company EVA Dimensions Deutsche Bank Shaw Stockbroking

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst CONOR O'PREY DAVID EVANS ANDREW WACKETT WILL CHARLSTON PAUL BUYS MATTHEW NICHOLAS PAUL GRAHAM JONATHAN SNAPE ADAM S MICHELL CRAIG STERLING WASSIM KISIRWANI DANNY YOUNIS

Source EXCH ULT-AGG EXCH ULT-AGG EXCH EXCH MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG Co File EXCH Co File ULT-AGG MF-AGG MF-AGG

Recommendation hold Overwt/In-Line neutral neutral/neutral neutral neutral neutral hold hold buy buy accumulate

Amt Held 40'336'868 39'024'025 37'779'208 32'561'644 30'442'366 29'351'680 20'947'737 13'117'984 7'604'155 6'703'784 5'007'823 4'760'398 3'187'151 1'731'906 1'581'700 1'125'000 892'541 779'763 739'520 658'600

% Out 6.73 6.51 6.3 5.43 5.08 4.89 3.49 2.19 1.27 1.12 0.84 0.79 0.53 0.29 0.26 0.19 0.15 0.13 0.12 0.11

Weighting

Change 3 5 3 3 3 3 3 3 3 5 5 4

M M M M M M M M M M U M

Latest Chg 6'848'867 (6'611'129) 5'657'081 876'330 (4'616'616) (2'238'673) (3'531) (253'200) 28'520 398'600 235'069 (342'511) (30'233) -

Target Price 1 1 1 1 1 1 1 1 1 #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 21.05.2012 Insurance Company 22.02.2013 Investment Advisor 05.12.2012 Bank 25.02.2013 Investment Advisor 03.12.2012 Other 14.09.2010 Investment Advisor 31.01.2013 Mutual Fund Manager 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 30.06.2012 n/a 30.11.2012 Investment Advisor 20.08.2012 n/a 30.11.2012 n/a 30.06.2012 n/a 31.08.2011 Investment Advisor 25.02.2013 Investment Advisor 30.06.2011 Investment Advisor

Date Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided

Date 25.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 07.02.2013 17.01.2013 09.11.2012 08.11.2010

27.02.2013

Singapore Telecommunications Ltd Singapore Telecommunications Limited is a communications group. The Group provides a diverse range of communication services and solutions, including fixed, mobile, data, Internet, info-communications technology, satellite and pay television. Singapore Telecom has a network of offices in multiple countries and territories throughout Asia Pacific, in Europe and the United States.

Price/Volume 3

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.02.2013) 52-Week Low (27.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SGT AT EQUITY YTD Change SGT AT EQUITY YTD % CHANGE

03/2012 12/yy 2.83 2.29 2'788'686.00 2.75 -2.83% 20.09% 81.48% 15'943.6 43'844.84 8'793.80 0.0 20.4 1'346.40 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

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 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 31.03.2008 14'844.4 4.61x 4'419.2 15.48x 3'960.2 -

18.0 M

31.03.2009 31.03.2010 14'934.4 16'870.9 3.13x 3.31x 4'461.5 4'906.0 10.47x 11.37x 3'448.4 3'907.3 Profitability

LTM-4Q 31.03.2011 18'070.6 2.92x 5'080.5 10.37x 3'825.3 -

31.03.2012 18'825.3 3.06x 5'186.3 11.11x 3'988.7 5'186.30 3'184.70 16.92% 22.92% 9.90% 17.54% 13.81% 0.47% 83.3% 28.3% 17.0% 21.2% 1.05 0.76 21.76% 37.54% 5.14 11.39

LTM

12/yy 18'687.6 11.81x 5'033.2 11.27x 3'691.4 0.00x

12/yy 18'481.8 12.78x 5'225.0 11.44x 3'929.1 0.00x

FY+1

0.40 25.22% 5.36% 0.399 3 3.667 1'584'274 2'614'218 2'301'175 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 18'273.3 18'442.7 3.46x 3.46x 6'199.7 6'420.0 3'511.5 3'800.0 15.99x 14.52x S&P Issuer Ratings

05.08.2003 A+ STABLE 05.08.2003 A-1 13.14 7.44 1.37 1.52 37.5% 27.3% 0.47 1.62 71.18 32.14 527.30 -274.64

Sales/Revenue/Turnover

20'000.0 18'000.0

1.00 0.80 0.60 0.40

16'000.0 14'000.0 12'000.0 10'000.0 8'000.0 6'000.0 4'000.0

0.20

2'000.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Singapore Telecommunications Ltd Holdings By:

All

Holder Name ABERDEEN VANGUARD INVESTMENTS MACQUARIE GROUP LTD SWISSCANTO FONDSLEIT PARVEST INVESTMENT M BLACKROCK AVIVA INVESTORS FUND ING INVESTMENT MANAG

Firm Name Macquarie Credit Suisse Commonwealth Bank Morgan Stanley Goldman Sachs

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst ANDREW LEVY CHATE BENCHAVITVILAI ALICE BENNETT NAVIN KILLA CHRISTIAN GUERRA

Source ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation outperform outperform underweight Overwt/In-Line hold

Amt Held 7'079'958 769'430 295'751 269'844 229'245 39'862 35'423 23'742

% Out 0.04 0 0 0 0 0 0 0

Weighting

Change 5 5 1 5 3

Latest Chg 2'696'208 2'364 46'269 190'293 (2'046)

Target Price

M M M U M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.01.2013 Unclassified 30.09.2012 Mutual Fund Manager 31.08.2011 Investment Advisor 28.12.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 25.02.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor

Date 3 4 3 3 3

12 month Not Provided 12 month 12 month Not Provided

Date 19.02.2013 17.02.2013 14.02.2013 06.06.2011 12.05.2011

27.02.2013

Virgin Australia Holdings Ltd Virgin Australia Holdings Limited is an Australian-based full service airline providing domestic and international operations.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.11.2012) 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 VAH AT EQUITY YTD Change VAH AT EQUITY YTD % CHANGE

06/2012 01/yy 0.52 0.37 5'622'711.00 0.405 -21.36% 10.96% 30.00% 2'455.8 994.59 1'674.10 0.0 0.0 480.10 2'016.59

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 f-12 m-12

30.06.2009 30.06.2010 2'600.3 2'976.1 0.63x 0.54x 144.6 309.7 11.29x 5.23x (160.0) 21.3 29.50x Profitability

30.06.2011 3'268.3 0.57x 244.7 7.68x (67.8) -

30.06.2012 3'913.5 0.52x 376.6 5.44x 22.8 39.00x 376.60 129.70 3.31% 0.70% -0.15% -0.58% 1.00% 7.7% 1.6% 0.6% 0.65 0.36 41.90% 180.07% 22.97 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

FY+1 -

0.00 0.99 950.86 -3.57% -3.57% 0.995 12 3.500 3'336'577 2'652'044 2'970'368 FY+2

06/13 Y 06/14 Y 4'188.7 4'527.7 0.48x 0.43x 369.2 459.0 5.46x 4.39x 62.7 110.1 15.00x 9.00x S&P Issuer Ratings

FQ+1

FQ+2

4.26 -3.08 3.32 5.54 180.1% 64.3% 1.00 1.40 15.93 -

Sales/Revenue/Turnover

9.00

4'500.0

8.00

4'000.0

7.00

3'500.0

6.00

3'000.0

5.00

2'500.0

4.00

2'000.0

3.00

1'500.0

2.00

1'000.0

1.00

500.0

0.00 03.07.2009

a-12 m-12

Fiscal Year Ended 30.06.2008 2'321.7 0.59x 262.9 5.22x 97.7 5.05x

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 |

27.02.2013

Virgin Australia Holdings Ltd Holdings By:

All

Holder Name VIRGIN GROUP AIR NEW ZEALAND LTD SINGAPORE AIRLINES L ETIHAD AIRWAYS PJSC DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV MACQUARIE GROUP LTD VANGUARD INVESTMENTS VANGUARD GROUP INC CHATFIELD NEIL GREGO STATE STREET GLOBAL BORGHETTI MASSIMO CHARLES SCHWAB INVES DIMENSIONAL FUND ADV WELLS FARGO BESSEMER GROUP INCOR THOMAS ROBERT BAIN MCARTHUR MERREN BLACKROCK GAM INTERNATIONAL MA

Firm Name Macquarie Morgan Stanley Credit Suisse JPMorgan CIMB Commonwealth Bank Nomura EVA Dimensions Bell Potter Goldman Sachs Deutsche Bank

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 Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios

Analyst RUSSELL SHAW JULIA WENG NICHOLAS MARKIEWICZ SCOTT CARROLL MARK WILLIAMS MATT CROWE DAVID FRASER CRAIG STERLING JOHN O'SHEA ANDREW GIBSON CAMERON MCDONALD

Source Co File EXCH EXCH Co File EXCH MF-AGG ULT-AGG MF-AGG MF-AGG Co File MF-AGG Co File MF-AGG MF-AGG ULT-AGG MF-AGG Co File Co File ULT-AGG MF-AGG

Recommendation neutral Equalwt/In-Line outperform neutral neutral neutral buy hold hold not rated hold

Amt Held 577'515'919 457'756'480 245'577'511 221'019'760 108'316'973 50'576'409 11'746'310 6'835'249 2'777'325 1'000'392 906'659 869'107 668'269 575'302 557'568 521'584 485'920 430'000 312'156 233'408

% Out 23.52 18.64 10 9 4.41 2.06 0.48 0.28 0.11 0.04 0.04 0.04 0.03 0.02 0.02 0.02 0.02 0.02 0.01 0.01

Weighting

Change

3 3 5 3 3 3 5 3 3 #N/A N/A 3

M U U M M D M M M M M

Latest Chg 49'139'707 (2'772'321) 9'932'418 18'984 (581'970) (77'695) (24'737) -

Target Price 0 0 0 0 0 0 1 #N/A N/A 1 #N/A N/A 0

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 11.09.2012 Corporation 19.11.2012 Corporation 19.11.2012 Government 11.09.2012 Corporation 24.10.2012 Investment Advisor 31.07.2012 Investment Advisor 31.08.2011 Investment Advisor 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 n/a 30.11.2012 Mutual Fund Manager 28.09.2012 n/a 26.02.2013 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Unclassified 31.10.2012 Investment Advisor 28.09.2012 n/a 30.06.2012 n/a 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month Not Provided 9 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month

Date 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 17.01.2013 10.12.2012 30.10.2012 28.08.2012

27.02.2013

Northern Star Resources Ltd Northern Star Resources Ltd is an Australian Gold Producer with tenement holdings and gold deposits located in the Ashburton - Pilbara Region of Western Australia.

Price/Volume 2

60.0 M

50.0 M

1 1

40.0 M

06/2012 01/yy 1.59 0.61 2'726'852.00 0.945 -40.38% 56.20% 31.12% 424.3 400.94 9.43 0.0 0.0 64.96 361.83

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

(0.1) (0.1) -

20.0 M

10.0 M

0 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 30.06.2008

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.11.2012) 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 11.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NST AT EQUITY YTD Change NST AT EQUITY YTD % CHANGE

30.06.2009

30.06.2010

(5.1) (4.7) Profitability

(1.3) (1.3) -

30.06.2011 114.9 1.11x 45.1 2.83x 16.3 7.80x

30.06.2012 99.5 2.55x 47.5 5.35x 22.0 12.62x 47.49 30.02 30.16% 31.60% 29.17% 42.20% 38.16% 1.05% 57.3% 52.8% 36.3% 22.1% 3.13 2.68 7.03% 9.97% 3404.63 5.45

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 0.67 373.08 5.12% -23.48% 0.673 5 3.400 5'141'696 3'262'208 3'974'147 FY+2

06/13 Y 06/14 Y 160.5 200.0 2.12x 1.51x 82.3 110.5 4.40x 3.27x 41.5 55.0 9.26x 7.56x S&P Issuer Ratings

FQ+1

FQ+2

89.78 40.79 -0.65 0.19 10.0% 9.1% 1.05 2.27 0.11 67.11 67.12 -39.98

Sales/Revenue/Turnover

12.00

140.0

10.00

120.0 100.0

8.00

80.0 6.00

60.0 4.00

40.0

2.00

20.0

0.00 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 |

27.02.2013

Northern Star Resources Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C INVESTMET LIMITED PARADICE INVESTMENT BEAMENT WILLIAM JAME BLACKROCK JP MORGAN FOTIOS MICHAEL GEORG JP MORGAN INVESTMENT ROWE CHRISTOPHER MORGAN STANLEY AUSTR RUFFER LLP MACQUARIE GROUP LTD VANGUARD GROUP INC UOB ASSET MANAGEMENT VANGUARD INVESTMENTS DIMENSIONAL FUND ADV BROWN KAREN ELIZABET O'CONNOR PETER EDMUN GOLDMAN SACHS GROUP

Firm Name Argonaut Securities Pty Ltd RBC Capital Markets Hartleys Paterson Securities EVA Dimensions

Portfolio Name Multiple Portfolios 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst PATRICK CHANG STEUART MCINTYRE MIKE MILLIKAN TIM MCCORMACK CRAIG STERLING

Source MF-AGG EXCH EXCH EXCH EXCH ULT-AGG ULT-AGG EXCH MF-AGG EXCH EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File EXCH MF-AGG

Recommendation buy sector perform buy hold underweight

Amt Held 28'378'198 26'706'283 21'946'900 18'915'010 12'134'735 9'137'480 7'457'311 7'103'474 6'631'000 3'986'195 3'202'580 3'084'000 2'864'116 2'678'776 2'250'000 2'095'462 1'549'986 1'191'666 850'000 449'148

% Out 6.69 6.29 5.17 4.46 2.86 2.15 1.76 1.67 1.56 0.94 0.75 0.73 0.68 0.63 0.53 0.49 0.37 0.28 0.2 0.11

Weighting

Change 5 3 5 3 1

M M M M M

Latest Chg 3'981'558 (18'089'000) (2'872'573) 25'269 (45'509) (7'400'000) (36'529'953) (146'803) 91'085 (15'180) 241'827

Target Price 2 1 1 1 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.02.2013 14.01.2013 30.11.2012 08.01.2013 30.11.2012 25.02.2013 31.12.2012 30.11.2012 30.06.2012 30.11.2012 04.12.2012 28.09.2012 30.06.2011 31.12.2012 30.06.2012 30.09.2012 31.07.2012 30.06.2012 03.12.2012 30.09.2012

Date 12 month 12 month 12 month 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Corporation Investment Advisor n/a Investment Advisor Unclassified n/a Mutual Fund Manager n/a Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor n/a n/a Investment Advisor

Date 20.02.2013 19.02.2013 12.02.2013 31.01.2013 17.01.2013

27.02.2013

Mineral Deposits Ltd Mineral Deposits Limited mines and processes heavy mineral sands. The Company is developing the Grande Cote Mineral Sands Project in Senegal, West Africa. It's Grande Cote Mineral Sands Project is located near the port of Dakar, Grande Cote.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.03.2012) 52-Week Low (10.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MDL AT EQUITY YTD Change MDL AT EQUITY YTD % CHANGE

12/2012 09/yy 6.62 3.06 437'061.00 4.12 -37.76% 34.64% 33.15% 83.5 344.18 0.00 0.0 0.0 278.46 188.94

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

(7.0) (16.4) -

1.8 M

1.6 M

1.4 M 1.2 M

1.0 M

.8 M .6 M

.4 M

.2 M

0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 30.06.2007

30.06.2008 (8.5) (8.1) Profitability

30.06.2009 47.1 6.77x (1.8) (4.3) -

LTM-4Q 30.06.2010 0.0 23.4 19.81x (26.2) -

30.06.2011 0.0 7.5 30.66x 255.8 1.36x 7.47 -9.78 5.65% 5.90% 0.00% 82.80 81.33 0.00% 0.00% -

Price/ Cash Flow

03/yy 0.0 #DIV/0! 11.9 33.83x 232.5 1.68x

LTM 09/yy 0.0 #DIV/0! 3.8 0.00x 28.9 14.66x

FY+1

.0 M f-13

0.00 1.43 82.76 -31.33% 7.01% 1.432 6 4.667 130'713 186'756 216'889 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 0.0 0.0 #DIV/0! #DIV/0! (6.2) (7.7) 17.1 19.9 19.98x 21.74x S&P Issuer Ratings

3.12 -11.19 -19.62 0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

30.00

50.0 45.0

25.00

40.0 35.0

20.00

30.0 25.0

15.00

20.0 10.00

15.0 10.0

5.00 0.00 03.07.2009

5.0 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 |

27.02.2013

Mineral Deposits Ltd Holdings By:

All

Holder Name BLACKROCK FMR LLC COMMONWEALTH BANK OF AMP LTD JP MORGAN UBS WESTPAC BANKING CORP JP MORGAN INVESTMENT INVESTEC ASSET MANAG VANGUARD GROUP INC OPPENHEIMERFUNDS INC DIMENSIONAL FUND ADV VANGUARD INVESTMENTS AGF INVESTMENTS INC LIMB NICHOLAS JAMES TRANSAMERICA INVESTM WILLIAMS JEFFREY W JULIUS BAER MULTICOO ROBECO FUND MANAGEME SHARP WARWICK

Firm Name Goldman Sachs Credit Suisse EVA Dimensions RBC Capital Markets Ambrian Partners Ltd GMP Cormark Securities Inc.

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 Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst PAUL HISSEY MATTHEW HOPE CRAIG STERLING DES KILALEA CRAIG FOGGO MATHEW FERNLEY MIKE KOZAK

Source ULT-AGG ULT-AGG EXCH EXCH ULT-AGG ULT-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG EXCH MF-AGG MF-AGG EXCH

Recommendation neutral/attractive outperform buy outperform buy buy restricted

Amt Held 12'311'324 7'318'757 7'063'431 6'362'572 5'933'076 4'353'865 2'758'307 1'140'095 1'041'767 853'661 806'105 784'779 474'811 372'964 332'772 278'577 187'819 174'950 163'920 119'803

% Out 14.74 8.76 8.46 7.62 7.1 5.21 3.3 1.36 1.25 1.02 0.96 0.94 0.57 0.45 0.4 0.33 0.22 0.21 0.2 0.14

Weighting

Change

3 5 5 5 5 5 #N/A N/A

M M M M M M M

Latest Chg 1'043'876 (1'036'499) 881'477 848'724 (1'548'633) 4'708 (460'074) (2'759) (42'900) 124'847 (1'385) -

Target Price 5 7 #N/A N/A 8 6 7 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.02.2013 Investment Advisor 31.01.2013 Investment Advisor 12.12.2012 Bank 30.11.2012 Insurance Company 31.10.2012 Unclassified 06.06.2012 Unclassified 22.06.2011 Bank 30.06.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.12.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 22.12.2011 n/a 31.12.2012 Investment Advisor 30.06.2011 n/a 31.10.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 22.12.2011 n/a

Date 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Date 27.02.2013 22.01.2013 17.01.2013 05.12.2012 26.11.2012 16.11.2012 18.01.2011

27.02.2013

SMS Management & Technology Ltd SMS Management & Technology Limited is an international information technology, enterprise and management solutions provider. The Company offers IT, business and management consulting, project management, Internet products, IT contracting and permanent recruitment, enterprise solutions and e-commerce development and integration.

Price/Volume 7

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.09.2012) 52-Week Low (14.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SMX AT EQUITY YTD Change SMX AT EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

.5 M

1 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 30.06.2008 237.8 0.94x 35.0 6.42x 24.8 9.66x

1.5 M

06/2012 01/yy 6.73 4.51 249'809.00 5.32 -20.95% 17.96% 38.74% 69.4 369.09 0.00 0.0 0.0 29.98 339.11

30.06.2009 30.06.2010 230.5 247.4 1.01x 33.2 38.0 6.97x 24.3 27.9 10.65x 14.22x Profitability

30.06.2011 306.1 1.31x 42.2 9.54x 29.8 14.22x

30.06.2012 335.5 0.96x 44.0 7.32x 30.6 11.47x 43.97 42.86 12.78% 12.97% 19.18% 24.00% 2.11% 12.6% 12.2% 9.1% 2.75 1.81 0.00% 0.00% 5.43 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.87 66.83 8.19% 14.90% 0.874 12 3.333 374'663 384'586 361'555 FY+2

06/13 Y 06/14 Y 298.5 313.0 1.12x 1.05x 36.0 41.0 9.41x 8.26x 25.2 28.8 14.66x 12.91x S&P Issuer Ratings

FQ+1

FQ+2

158.17 156.65 0.0% 0.0% 2.11 98.50 67.40 -

Sales/Revenue/Turnover

25.00

400.0 350.0

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 |

27.02.2013

SMS Management & Technology Ltd Holdings By:

All

Holder Name WESTPAC BANKING CORP CELESTE FUNDS MANAGE INVESCO AUSTRALIA LT BLACKROCK AMP LTD ELEY GRIFFITHS GROUP UBS LARISON PTY LTD ABERDEEN VANGUARD GROUP INC EIM CAPITAL MANAGERS DIMENSIONAL FUND ADV COX LAURENCE GRIME STIANOS THOMAS VANGUARD INVESTMENTS FMR LLC LANPHIER GRAHAM NORDINVEST FUND MANA BANK OF NEW YORK MEL SCHRODER INVESTMENT

Firm Name EVA Dimensions BBY Limited Moelis & Company Morgan Stanley Goldman Sachs Credit Suisse Macquarie CIMB Commonwealth Bank Paterson Securities Octa Phillip Securities Ltd Wilson HTM Investment Group

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 n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ANDREW S ZAMFOTIS MARK MCDONNELL ADAM S MICHELL JAMES BALES MIKE YOUNGER CHRIS SMITH JODIE BANNAN JULIAN GUIDO NICK MACLEAN BEN KAKOSCHKE KEN WAGNER SIMON FRITSCH

Source EXCH EXCH Co File ULT-AGG EXCH EXCH ULT-AGG EXCH ULT-AGG MF-AGG MF-AGG MF-AGG Co File EXCH MF-AGG ULT-AGG Co File MF-AGG MF-AGG MF-AGG

Recommendation hold buy hold Overwt/In-Line neutral/neutral neutral neutral neutral neutral hold hold buy

Amt Held 5'100'676 4'514'181 4'050'070 3'527'361 3'403'878 3'394'544 3'060'205 1'406'502 713'700 667'912 545'803 495'303 411'762 410'881 342'313 200'000 198'923 149'040 103'415 95'232

% Out 7.35 6.51 5.84 5.08 4.91 4.89 4.41 2.03 1.03 0.96 0.79 0.71 0.59 0.59 0.49 0.29 0.29 0.21 0.15 0.14

Weighting

Change 3 5 3 5 3 3 3 3 3 3 3 5

D M M M M M M M U M M M

Latest Chg 754'364 (17'061) (158'414) (518'048) (67'300) 181'297 92'020 (2'152) 40'991

Target Price #N/A N/A 6 6 6 6 6 5 5 5 5 5 5

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 20.02.2013 Bank 06.02.2013 Hedge Fund Manager 01.08.2012 Investment Advisor 25.02.2013 Investment Advisor 10.10.2011 Insurance Company 27.11.2012 Investment Advisor 13.02.2012 Unclassified 11.09.2012 Other 31.01.2013 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.07.2012 Investment Advisor 15.08.2012 n/a 11.09.2012 n/a 30.09.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 15.08.2012 n/a 30.11.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided

Date 26.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 07.02.2013 29.10.2012 05.11.2008

27.02.2013

Billabong International Ltd Billabong International Limited manufactures and distributes surfwear and extreme sports apparel throughout the world. Billabong designs board shirts, swimwear, T-shirts, fleece tops, jumpers, shirts, walk shorts, trousers, jeans, back packs and accessories under its brand name. The Company also sponsors professional surfing, skateboarding and snowboarding events.

Price/Volume 3

2 2

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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBG AT EQUITY YTD Change BBG AT EQUITY YTD % CHANGE

06/2012 01/yy 2.51 0.74 3'193'904.00 0.86 -65.80% 16.69% 6.64% 478.9 411.89 478.16 0.0 (1.3) 317.26 562.44

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1 1 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 1'349.5 1.91x 304.6 8.46x 176.4 12.60x

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M f-13

30.06.2009 30.06.2010 1'671.3 1'484.3 1.44x 1.62x 279.7 254.8 8.63x 9.46x 152.8 146.0 12.64x 14.99x Profitability

30.06.2011 1'554.0 1.28x 165.6 11.98x 119.1 19.32x

30.06.2012 1'439.0 0.42x (114.1) (275.6) -114.13 -161.82 -11.25% -36.32% -44.42% -95.42% 0.69% 46.8% -57.3% -19.2% 1.47 0.86 22.99% 46.49% 5.22 2.12

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.31 339.63 -64.18% 3.61% 1.314 12 3.083 2'954'871 3'490'344 3'730'425 FY+2

06/13 Y 06/14 Y 1'297.4 1'343.5 0.43x 0.40x 78.8 92.7 7.14x 6.07x 14.9 31.7 26.88x 13.03x S&P Issuer Ratings

FQ+1

FQ+2

-3.92 -5.31 46.5% 31.8% 0.69 7.57 70.08 172.53 179.32 128.90

Sales/Revenue/Turnover

60.00

1'800.0 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 03.07.2009

200.0 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 |

27.02.2013

Billabong International Ltd Holdings By:

All

Holder Name MERCHANT GORDON STAN TPG ASIA INC IOOF HOLDINGS LTD FRANKLIN RESOURCES I TIAA CREF INVESTMENT COMMONWEALTH BANK OF MACQUARIE GROUP LTD BAILLIE GIFFORD AND CREDIT SUISSE AG MAPLE-BROWN ABBOTT L INVESCO AUSTRALIA LT NATIONAL AUSTRALIA B FMR LLC DIMENSIONAL FUND ADV PAULL COLETTE UBS VANGUARD GROUP INC FRANKLIN RESOURCES VALIC CO I GSM PTY LTD

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a

Firm Name

Analyst

Credit Suisse JPMorgan Deutsche Bank Macquarie CIMB Commonwealth Bank Nomura Morgan Stanley EVA Dimensions Goldman Sachs Moelis & Company Makor Capital Evans & Partners Pty Ltd

GRANT SALIGARI SHAUN COUSINS MICHAEL SIMOTAS GREG DRING DANIEL BROEREN JORDAN ROGERS NICK BERRY THOMAS KIERATH CRAIG STERLING PHILLIP KIMBER ADAM S MICHELL ALBERT SAPORTA TONY WILSON

Source EXCH Co File EXCH Co File EXCH Co File ULT-AGG EXCH EXCH EXCH EXCH ULT-AGG ULT-AGG MF-AGG EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG EXCH

Recommendation outperform neutral hold neutral neutral underweight reduce restricted buy not rated hold buy negative

Amt Held 68'336'527 59'618'480 41'439'752 36'551'586 29'567'328 24'636'095 23'744'760 15'849'851 12'852'218 12'602'451 12'561'444 12'318'798 11'723'946 9'131'423 5'521'824 5'160'799 4'159'525 3'051'061 2'479'670 2'268'994

% Out 14.27 12.45 8.65 7.63 6.17 5.14 4.96 3.31 2.68 2.63 2.62 2.57 2.45 1.91 1.15 1.08 0.87 0.64 0.52 0.47

Weighting

Change

5 3 3 3 3 1 2 #N/A N/A 5 #N/A N/A 3 5 2

M M M M D M D M M M M M D

Latest Chg 900'058 (5'533'024) 4'862'617 (7'060'063) (1'377'251) (6'256'976) (1'670'532) (1'380'048) (1'797'072) 2'548'535 (13'819'335) 55'000 1'205 -

Target Price 1 1 1 1 1 1 1 #N/A N/A #N/A N/A #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 |

File Dt 19.10.2012 12.10.2012 19.12.2012 14.08.2012 14.02.2013 19.11.2012 02.08.2012 29.06.2012 15.02.2012 21.12.2011 28.11.2011 23.02.2012 30.04.2012 31.07.2012 26.07.2012 08.12.2011 31.12.2012 31.12.2012 31.12.2012 19.10.2012

Date Not Provided 9 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type n/a Other Investment Advisor Unclassified Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor n/a Unclassified Investment Advisor Investment Advisor Investment Advisor Corporation

Date 25.02.2013 23.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.01.2013 15.01.2013 19.12.2012 25.10.2012 23.10.2012 26.08.2011

27.02.2013

Decmil Group Ltd Decmil Group Limited (DGL) is a provider of engineering, construction and maintenance and industrial services to Australia's resources, energy and infrastructure sectors. The Company designs, builds and commissions temporary and permanent facilities, including accommodation villages, administration buildings, maintenance and storage facilities and complete civil concrete work.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.08.2012) 52-Week Low (05.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DCG AT EQUITY YTD Change DCG AT EQUITY YTD % CHANGE

06/2012 01/yy 3.21 2.11 810'693.00 2.44 -23.99% 15.64% 36.36% 168.2 410.42 15.85 0.0 0.0 141.35 348.03

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 f-12

30.06.2009 30.06.2010 254.6 328.2 0.24x 0.43x 21.0 30.4 2.97x 4.63x 10.0 7.8 6.58x 9.83x Profitability

30.06.2011 392.1 0.73x 35.4 8.08x 23.5 14.58x

30.06.2012 550.3 0.58x 56.1 5.65x 39.1 10.00x 56.12 51.85 9.42% 10.17% 17.89% 30.49% 27.94% 1.72% 15.2% 11.1% 10.3% 7.1% 1.36 1.19 3.57% 7.03% 14.94 20.35

Price/ Cash Flow

a-12

m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

1.31 137.68 -7.19% -2.75% 1.309 12 4.000 1'265'712 888'548 676'763 FY+2

06/13 Y 06/14 Y 565.8 589.7 0.67x 0.59x 66.8 82.8 5.21x 4.20x 44.8 49.6 9.61x 8.33x S&P Issuer Ratings

FQ+1

FQ+2

79.72 55.53 -0.83 0.45 7.0% 6.6% 1.72 5.22 24.50 17.98 70.50 35.89

Sales/Revenue/Turnover

12.00

600.0

10.00

500.0

8.00

400.0

6.00

300.0

4.00

200.0

2.00

100.0

0.00 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 91.3 0.20x 4.6 3.86x 0.1 19.03x

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 |

27.02.2013

Decmil Group Ltd Holdings By:

All

Holder Name BROADWAY PTY LTD ACORN CAPITAL LTD THORNEY INTL PTY LTD COMMONWEALTH BANK OF DENVER INVESTMENT AD FRANCO M ROBERT AMP LTD WESTPAC BANKING CORP UNISUPER SUNSUPER FUND CRIDDLE DENIS MICROCAP INVESTMENT MACQUARIE GROUP LTD HEALTH SUPER CBA OFFICERS SUPER F VANGUARD GROUP INC DIMENSIONAL FUND ADV CRIDDLE SCOTT QLD LOCAL GOVT SUPER AUSCOAL SUPER FUND

Firm Name Nomura RBS Morgans RBC Capital Markets EVA Dimensions Moelis & Company BBY Limited Blackswan Equities Ltd Octa Phillip Securities Ltd Hartleys Argonaut Securities Pty Ltd E.L. & C. Baillieu Deutsche Bank

Portfolio Name n/a n/a n/a n/a DENVER INVESTMENT AD n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a

Analyst PAUL GRAHAM ALEXANDRA CLARKE HEATH ANDREWS CRAIG STERLING ADAM S MICHELL MOIRA EILEEN DAW OLIVER STEVENS CONOR O'PREY TRENT BARNETT IAN CHRISTIE ROB CRAIGIE DOMINIC ROSE

Source EXCH Co File EXCH EXCH 13F Co File EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG EXCH EXCH MF-AGG MF-AGG EXCH EXCH EXCH

Recommendation neutral outperform sector perform buy buy buy hold hold buy hold hold buy

Amt Held 16'975'000 15'446'896 13'175'000 11'267'257 8'614'988 8'600'000 8'451'873 8'113'565 2'827'249 1'799'171 1'798'232 1'487'306 1'415'170 1'334'055 1'193'664 1'149'372 830'775 759'717 757'260 698'819

% Out 10.09 9.18 7.83 6.7 5.12 5.11 5.02 4.82 1.68 1.07 1.07 0.88 0.84 0.79 0.71 0.68 0.49 0.45 0.45 0.42

Weighting

Change 3 5 3 5 5 5 3 3 5 3 3 5

M U M U M D M M M M N M

Latest Chg (1'702'082) 8'614'988 (1'237'218) (16'975'000) (4'854) 418'116 439'717 -

Target Price 3 3 3 #N/A N/A 3 3 3 2 3 2 3 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 18.09.2012 30.06.2012 29.01.2013 13.02.2013 31.12.2012 30.06.2012 03.09.2012 05.06.2012 21.12.2011 21.12.2011 18.09.2012 21.12.2011 30.06.2011 21.12.2011 21.12.2011 31.12.2012 31.07.2012 11.10.2012 21.12.2011 21.12.2011

Date Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month

Inst Type Other Investment Advisor Corporation Bank Investment Advisor n/a Insurance Company Bank Other Other n/a Other Investment Advisor Other Other Investment Advisor Investment Advisor n/a Other Other

Date 25.02.2013 25.02.2013 24.02.2013 22.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 07.02.2013 16.01.2013

27.02.2013

OceanaGold Corp OceanaGold Corporation is a gold mining and exploration company. The Company currently owns interests in projects in New Zealand and the Philippines.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.10.2012) 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 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OGC AT EQUITY YTD Change OGC AT EQUITY YTD % CHANGE

12/2012 12/yy 3.57 1.71 1'056'412.00 2.45 -31.37% 43.70% 37.80% 293.5 719.12 266.87 0.0 0.0 96.50 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00 0.80

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 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 217.2 0.77x 63.7 2.62x (54.7) -

31.12.2009 31.12.2010 237.1 305.6 1.89x 3.30x 106.6 141.1 4.20x 7.15x 54.5 44.4 Profitability

LTM-4Q 31.12.2011 395.6 1.61x 164.3 3.88x 44.2 -

31.12.2012 385.4 2.62x 144.5 7.00x 20.7 144.50 53.12 13.78% 8.37% 2.24% 3.80% 4.57% 0.42% 17.7% 37.5% 13.8% 5.4% 0.93 0.56 25.87% 43.76% 34.08 5.63

01/yy 395.6 6.97x 164.3 3.88x 44.2 0.00x

LTM 12/yy 385.4 9.30x 144.5 7.00x 20.7 0.00x

FY+1

.0 M f-13

1.52 0.82% -11.23% 1.517 9 5.000 1'515'098 964'958 954'878 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 638.2 720.9 1.19x 0.77x 298.1 350.3 122.4 163.4 6.50x 4.76x 6.10x S&P Issuer Ratings

5.98 -6.04 1.18 1.85 43.8% 30.4% 0.42 0.59 10.71 64.88 58.44 17.15

Sales/Revenue/Turnover

450.0 400.0 350.0 300.0 250.0

0.60

200.0 150.0

0.40 0.20

100.0 50.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

OceanaGold Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C AMP LTD RUFFER LLP CF RUFFER BAKER STEE JP MORGAN MACQUARIE GROUP LTD GENUS DYNAMIC GOLD F BAKER STEEL CAPITAL UNITED SERVICES AUTO DEN DUYTS CORP & ASS UOB ASSET MANAGEMENT SPROTT INC VANGUARD INVESTMENTS RIT CAPITAL PARTNERS LB SWISS INVESTMENT LEVISTE JR JOSE PARE EPOCH INVESTMENT PAR OPPENHEIM KAPITALANL FERN TERRENCE N SHALE IV JAMES DENHA

Portfolio Name 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 n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a

Firm Name

Analyst

Goldman Sachs Nomura BMO Capital Markets Canaccord Genuity Corp JPMorgan Macquarie Investec

PAUL HISSEY DAVID COTTERELL BRIAN QUAST REG SPENCER JOSEPH KIM MITCH RYAN COLIN MCLELLAND

Source EXCH EXCH MF-AGG EXCH ULT-AGG ULT-AGG EXCH EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG EXCH MF-AGG MF-AGG EXCH EXCH

Recommendation buy/attractive buy outperform buy overweight outperform buy

Amt Held 17'977'486 14'719'157 9'445'179 9'272'179 5'460'000 3'356'241 3'172'000 2'519'000 2'300'000 1'542'855 1'232'070 1'150'000 679'233 650'000 400'000 376'770 272'950 260'000 222'019 200'000

% Out 6.12 5.01 3.22 3.16 1.86 1.14 1.08 0.86 0.78 0.53 0.42 0.39 0.23 0.22 0.14 0.13 0.09 0.09 0.08 0.07

Weighting

Change 5 5 5 5 5 5 5

Latest Chg (1'106'603) (2'560'000) 1'012'961 2'300'000 1'956 200'000 (50'000) 137'550 -

Target Price

M M M M M M M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.12.2012 06.02.2013 28.09.2012 02.10.2012 31.10.2012 31.08.2011 02.10.2012 01.11.2012 30.11.2012 04.06.2011 30.06.2012 30.06.2011 30.09.2012 02.10.2012 28.12.2012 30.06.2010 31.12.2012 31.10.2012 04.06.2011 04.06.2010

Date 3 4 4 4 4 5 3

12 month Not Provided Not Provided 12 month 9 month 12 month 12 month

Inst Type Investment Advisor Insurance Company Hedge Fund Manager n/a Unclassified Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Hedge Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager n/a Hedge Fund Manager Mutual Fund Manager n/a n/a

Date 26.02.2013 26.02.2013 25.02.2013 19.02.2013 15.02.2013 15.02.2013 23.01.2013

27.02.2013

Coalspur Mines Ltd Coalspur Mines Ltd. explores for coal in Canada.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.04.2012) 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 06.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CPL AT EQUITY YTD Change CPL AT EQUITY YTD % CHANGE

06/2012 09/yy 1.76 0.51 567'532.00 0.735 -58.12% 44.12% 20.88% 634.1 466.10 0.00 0.0 0.0 7.29 474.60

1.20 1.00 0.80

(0.6) (0.5) -

8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 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

2 2 2 1 1 1 1 1 0 0 0 f-12

30.06.2009

30.06.2010

(1.7) (1.7) Profitability

(8.3) (8.1) -

LTM-4Q 30.06.2011 0.0 (16.9) (16.5) -

30.06.2012 0.0 (23.5) (23.1) -23.48 -23.54 -12.66% -13.61% 0.00% 3.25 3.05 0.00% 0.00% 0.00 -

09/yy 0.0 #DIV/0! 0.0 0.00x (15.8) 0.00x

LTM 09/yy 0.0 #DIV/0! 0.0 0.00x (22.4) 0.00x

FY+1

.0 M f-13

0.00 1.86 381.67 -53.04% 2.08% 1.859 7 4.714 521'813 810'965 968'705 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 12/12 Q2 03/13 Q3 0.0 0.0 #DIV/0! #DIV/0! (13.4) (8.5) (2.1) (10.9) (9.6) (2.1) S&P Issuer Ratings

0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

0.9 0.8 0.7 0.6 0.5

0.60

0.4 0.3

0.40 0.20

0.2 0.1 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Coalspur Mines Ltd Holdings By:

All

Holder Name BORROWDALE PARK S.A. ARGYLE GAVIN JOHN ARIMA ANASTASIOS ARREDO PTY LTD PEARCE MARK LAURENCE VANGUARD GROUP INC WUSATY EUGENE VANGUARD INVESTMENTS FIRST ASSET INVESTME DIMENSIONAL FUND ADV TURCOTTE DENIS A BLACKROCK MACQUARIE GROUP LTD JP MORGAN RODDA MARK T LANE DERMOT MAYERS THEODORE C DRIER WAYNE BREESE PETER B HANSAINVEST GMBH

Firm Name Haywood Securities Inc. BMO Capital Markets Salman Partners Paterson Securities Bell Potter Dundee Securities Corp RBC Capital Markets EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios

Analyst COLIN HEALEY MEREDITH H BANDY MIKE PLASTER ANDREW HARRINGTON STUART HOWE DAVID CHARLES ROBIN B KOZAR TEAM COVERAGE

Source EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG Co File ULT-AGG ULT-AGG ULT-AGG EXCH Co File Co File Co File EXCH MF-AGG

Recommendation sector outperform speculative outperform speculative buy buy buy buy outperform sell

Amt Held 153'840'202 53'877'953 19'203'092 14'900'000 3'990'000 3'675'285 2'850'000 2'246'710 1'243'600 1'239'823 925'000 749'709 561'669 486'300 458'334 441'600 375'000 374'000 366'667 290'121

% Out 24.26 8.5 3.03 2.35 0.63 0.58 0.45 0.35 0.2 0.2 0.15 0.12 0.09 0.08 0.07 0.07 0.06 0.06 0.06 0.05

Weighting

Change 5 4 4 5 5 5 5 1

M M M M M M M N

Latest Chg 15'356'869 19'458 (14'075) 92'652 23'000 66'667 -

Target Price 1 1 2 2 1 1 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 09.01.2013 Corporation 30.01.2012 n/a 11.05.2011 n/a 13.10.2011 Corporation 13.10.2011 n/a 31.12.2012 Investment Advisor 30.06.2012 n/a 30.09.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 31.07.2012 Investment Advisor 07.09.2012 n/a 25.02.2013 Investment Advisor 31.08.2011 Investment Advisor 28.09.2012 Unclassified 09.01.2013 n/a 07.09.2012 n/a 07.09.2012 n/a 07.09.2012 n/a 30.11.2012 n/a 28.12.2012 Mutual Fund Manager

Date Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided

Date 21.02.2013 11.02.2013 05.02.2013 01.02.2013 22.01.2013 14.01.2013 28.11.2012 13.01.2012

27.02.2013

Imdex Ltd Imdex Limited provides drilling fluids and leading down hole instrumentation to the mining, oil and gas, water well, and civil engineering industries worldwide.

Price/Volume 4

8.0 M

7.0 M

6.0 M 5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.04.2012) 52-Week Low (30.11.2012) 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 IMD AT EQUITY YTD Change IMD AT EQUITY YTD % CHANGE

06/2012 01/yy 3.28 1.11 223'358.00 1.545 -52.90% 39.82% 20.92% 210.5 325.18 59.43 0.0 0.0 11.23 381.38

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

2.0 M

1.0 M

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 30.06.2008 142.0 2.30x 42.6 7.68x 32.0 14.80x

4.0 M

30.06.2009 30.06.2010 137.0 134.3 1.06x 1.23x 33.0 48.7 4.38x 3.40x 12.1 (21.5) 10.13x Profitability

30.06.2011 205.2 2.17x 57.2 7.79x 29.0 14.64x

30.06.2012 269.6 1.54x 82.9 5.00x 45.8 7.88x 82.90 70.18 26.03% 25.04% 14.89% 24.39% 19.43% 0.97% 61.1% 26.5% 22.0% 17.0% 2.29 1.18 21.65% 35.36% 5.04 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.21 1.53 152.75 -35.90% -8.31% 1.530 16 3.375 1'757'012 1'275'570 1'207'860 FY+2

06/13 Y 06/14 Y 262.5 287.8 1.44x 1.27x 62.4 74.6 6.11x 5.11x 34.2 40.6 9.42x 8.05x S&P Issuer Ratings

FQ+1

FQ+2

45.27 39.23 0.82 0.97 35.4% 26.1% 0.97 9.72 72.57 170.61

Sales/Revenue/Turnover

70.00

300.0

60.00

250.0

50.00

200.0

40.00

150.0 30.00

100.0 20.00

50.0

10.00 0.00 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 |

27.02.2013

Imdex Ltd Holdings By:

All

Holder Name OZ MINERALS LTD CELESTE FUNDS MANAGE BLACKROCK NORTHCAPE CAPITAL PT PERPETUAL LTD WESTPAC BANKING CORP ERICSSON CLAES THRIVENT FINANCIAL F ROYCE AND ASSOCIATES MACQUARIE GROUP LTD RIDGEWAY BERNARD WIL VANGUARD GROUP INC NEUBERGER BERMAN LLC VANGUARD INVESTMENTS EIM CAPITAL MANAGERS FMR LLC DIMENSIONAL FUND ADV WEAR SERVICES PTY LT LEMMEL MAGNUS WASATCH ADVISORS INC

Firm Name Ord Minnett Canaccord Genuity Corp Wilson HTM Investment Group Morgan Stanley Goldman Sachs Hartleys CIMB BBY Limited Nomura Argonaut Securities Pty Ltd Moelis & Company EVA Dimensions Deutsche Bank

Portfolio Name n/a #N/A N/A n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst JAMES LENNON AARON MULLER JACQUELINE FERNLEY DAVID EVANS WILL CHARLSTON TRENT BARNETT MATTHEW NICHOLAS SWAPAN PANDYA PAUL GRAHAM IAN CHRISTIE ADAM S MICHELL CRAIG STERLING DOMINIC ROSE

Source EXCH EXCH ULT-AGG EXCH EXCH EXCH EXCH MF-AGG MF-AGG ULT-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG EXCH Co File MF-AGG

Recommendation hold hold hold Equalwt/In-Line neutral/neutral buy neutral underperform neutral hold buy overweight hold

Amt Held 33'909'000 14'238'766 10'995'074 10'234'627 10'083'279 9'547'445 8'507'406 3'008'106 2'328'557 2'323'120 2'214'630 2'062'146 1'687'555 1'522'821 1'475'439 1'364'960 1'340'372 987'893 750'000 702'700

% Out 16.11 6.77 5.22 4.86 4.79 4.54 4.04 1.43 1.11 1.1 1.05 0.98 0.8 0.72 0.7 0.65 0.64 0.47 0.36 0.33

Weighting

Change 3 3 3 3 3 5 3 1 3 3 5 5 3

M M M M M M M M M M M M D

Latest Chg 3'419'296 (25'845) (302'523) (2'857'877) (2'356'422) (2'002'931) 1'561'915 15'000 66'907 (4) 14'030 426'710 (286'052) (26'737) 10'000 -

Target Price 2 2 2 2 2 2 2 2 2 2 2 #N/A N/A 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 28.11.2012 Corporation 27.02.2013 Hedge Fund Manager 25.02.2013 Investment Advisor 14.01.2013 Other 29.02.2012 Investment Advisor 18.01.2012 Bank 09.09.2011 n/a 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.08.2011 Investment Advisor 17.08.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 06.06.2012 Corporation 15.11.2012 n/a 31.12.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month

Date 22.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 30.01.2013 15.01.2013 18.10.2012

27.02.2013

FKP Property Group FKP Property Group's activities include the development for resale of land subdivision, residential and commercial property along with commercial and residential building and construction. The Company also develops and manages retirement villages and invests in and manages office and commercial properties along with providing funds management and other property services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (21.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FKP AT EQUITY YTD Change FKP AT EQUITY YTD % CHANGE

06/2012 01/yy 3.15 1.12 11'934'703.00 1.685 -46.42% 50.45% 26.17% 321.6 541.86 975.60 0.0 469.4 18.20 1'968.66

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 30.06.2008 260.5 11.16x 50.6 57.47x 145.3 8.88x

30.06.2009 30.06.2010 325.5 404.1 5.23x 4.95x 111.6 58.2 15.27x 34.37x (319.4) 50.8 15.01x Profitability

30.06.2011 258.6 8.04x 74.5 27.92x 73.0 10.00x

30.06.2012 131.7 14.33x (19.2) (352.9) -19.20 -22.20 -16.86% -373.88% -9.05% -39.87% 0.03% 23.7% -16.9% -268.0% 0.29 0.03 26.05% 139.01% 5.41 0.47

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

9.09 0.88 144.28 -43.59% 49.12% 0.884 5 3.000 923'776 1'221'549 1'037'375 FY+2

06/13 Y 06/14 Y 291.4 380.2 5.67x 4.57x 61.0 69.3 32.29x 28.43x 47.3 67.1 13.37x 12.21x S&P Issuer Ratings

FQ+1

FQ+2

-0.24 -1.43 139.0% 45.4% 0.03 0.05 67.67 780.80 37.42 811.05

Sales/Revenue/Turnover

16.00

450.0

14.00

400.0

12.00

350.0 300.0

10.00

250.0 8.00

200.0

6.00

150.0

4.00

100.0

2.00

50.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

FKP Property Group Holdings By:

All

Holder Name MULPHA INTERNATIONAL STOCKLAND IOOF HOLDINGS LTD AMP LTD DIMENSIONAL FUND ADV PARKER PHILIP VANGUARD GROUP INC DIMENSIONAL FUND ADV ALPINE WOODS CAPITAL BROWN PETER ROSS ARGO INVESTMENTS LTD VANGUARD INVESTMENTS MACQUARIE GROUP LTD FRANK RUSSELL TRUST BLACKROCK PRUDENTIAL FINANCIAL STATE STREET HARTFORD INVESTMENT ALLSTATE CORP CHARLES SCHWAB INVES

Firm Name JPMorgan EVA Dimensions RBS Morgans Goldman Sachs

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst RICHARD JONES AUSTIN BURKETT FIONA BUCHANAN PETER ZUK

Source EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation neutral hold neutral not rated

Amt Held 84'326'641 46'009'761 40'123'994 20'136'017 8'608'538 5'585'377 3'157'154 3'004'823 1'326'530 1'231'617 1'060'227 1'027'910 850'773 518'436 408'402 371'220 194'494 100'126 77'463 71'168

% Out 26.22 14.31 12.48 6.26 2.68 1.74 0.98 0.93 0.41 0.38 0.33 0.32 0.26 0.16 0.13 0.12 0.06 0.03 0.02 0.02

Weighting

Change

3 3 3 #N/A N/A

M M M M

Latest Chg (23'415) (4'126'713) (81'005) 213'097 612'245 469'111 71'821 4'706 (298'484) (28'585) (10'301)

Target Price 2 #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 10.01.2013 Corporation 27.09.2012 Corporation 28.09.2012 Investment Advisor 31.01.2013 Insurance Company 18.04.2012 Investment Advisor 21.02.2012 n/a 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.10.2012 Investment Advisor 14.09.2012 n/a 30.06.2011 Investment Advisor 30.09.2012 Mutual Fund Manager 31.08.2011 Investment Advisor 31.05.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.01.2013 Investment Advisor 30.09.2012 Insurance Company 26.02.2013 Investment Advisor

Date 6 month Not Provided 12 month Not Provided

Date 26.02.2013 17.01.2013 20.12.2012 13.06.2012

27.02.2013

Mirabela Nickel Ltd Mirabela Nickel Limited a mineral exploration company with a portfolio of prospective nickel and other base metal targets in Brazil.The Company explores for nickel in the state of Bahia in Brazil. Mirabela's projects include the Santa Rita, Serra Azul, Palestina, Sao Francisco where it explores fornickel saprolite resource and nickel sulphide.

Price/Volume

12/2012 09/yy 0.98 0.22 4'357'456.00 0.38 -61.38% 76.74% 22.11% 876.8 333.17 402.20 0.0 0.0 61.20 630.63

1.20 1.00

15.0 M 10.0 M

5.0 M

0 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 (7.9) 17.7 40.82x

20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 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 23.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MBN AT EQUITY YTD Change MBN AT EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

1 1

Valuation Analysis

30.06.2008

30.06.2009 (12.2) (28.1) Profitability

31.12.2010 211.0 6.20x 30.2 43.30x (47.6) -

LTM-4Q 31.12.2011 303.6 2.98x 5.7 159.82x (50.8) -

31.12.2012 343.4 (452.9) 5.67 -53.71 -17.69% -17.50% -6.35% -12.35% 0.35% -9.2% 26.0% -10.2% -131.9% 2.15 1.02 39.59% 76.54% 13.85 6.16

09/yy 251.5 18.47x 14.3 64.84x (64.6) 0.00x

LTM 09/yy 369.6 7.56x 96.1 7.11x (66.2) 0.00x

FY+1

.0 M f-13

0.00 1.60 728.02 -60.61% -20.83% 1.603 13 3.769 2'297'249 2'550'923 2'362'198 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 384.4 426.7 105.0 106.0 1.69x 1.48x 6.32x 6.26x 93.2 118.2 16.9 17.1 6.77x 5.33x 9.38x 8.64x (23.4) (1.4) (9.4) (9.4) 24.19x 48.38x 129.02x S&P Issuer Ratings

29.03.2012 CCC+ STABLE 0.15 -2.40 3.03 4.70 76.5% 43.4% 0.35 0.47 26.43 59.40 27.76 56.72

Sales/Revenue/Turnover

400.0 350.0 300.0

0.80 0.60

250.0 200.0 150.0

0.40 0.20

100.0 50.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Mirabela Nickel Ltd Holdings By:

All

Holder Name DEANS KNIGHT CAPITAL RESOURCE CAPITAL FUN PERPETUAL LTD STEYN COLIN H LANCASTER PARK SA DISBROW ROBERT NATIONAL AUSTRALIA B OMERS ADMINISTRATION JP MORGAN JP MORGAN INVESTMENT VAN ECK ASSOCIATES C BURTON CRAIG IAN VANGUARD GROUP INC CLOUGH WILLIAM HAROL DIMENSIONAL FUND ADV VANGUARD INVESTMENTS FIRST ASSET INVESTME BLACKROCK AGF INVESTMENTS INC FRONT STREET CAPITAL

Firm Name Macquarie RBC Capital Markets Credit Suisse Cormark Securities Inc. Raymond James Paradigm Capital Inc Paterson Securities RBS Morgans Dundee Securities Corp CIBC World Markets EVA Dimensions Argonaut Securities Pty Ltd Deutsche Bank Evans & Partners Pty Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst LEE BOWERS GEOFF BREEN PAUL MCTAGGART CLIFF HALE-SANDERS TOM MEYER SANTO RANIERI SIMON TONKIN TOM SARTOR DAVID CHARLES ALEC KODATSKY CRAIG STERLING TROY IRVIN CHRIS TERRY CATHY MOISES

Source Co File EXCH EXCH PROXY EXCH Co File ULT-AGG EXCH ULT-AGG MF-AGG MF-AGG EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation neutral sector perform neutral buy Under Review buy buy neutral buy sector perform sell buy not rated negative

Amt Held 128'190'489 104'102'564 70'283'508 50'972'345 50'972'345 32'022'100 24'445'537 24'393'200 15'061'770 11'437'875 8'607'180 7'788'561 7'317'629 6'000'000 5'926'177 3'533'371 3'276'400 1'938'936 1'871'930 1'314'364

% Out 14.62 11.87 8.02 5.81 5.81 3.65 2.79 2.78 1.72 1.3 0.98 0.89 0.83 0.68 0.68 0.4 0.37 0.22 0.21 0.15

Weighting

Change

3 3 3 5 #N/A N/A 5 5 3 5 3 1 5 #N/A N/A 2

M M M M M M U D M M M U M D

Latest Chg 54'102'564 (9'248'710) (6'537'715) (2'254'400) 244'678 (28'080) -

Target Price 1 1 1 1 #N/A N/A 1 1 1 1 1 #N/A N/A 1 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Investment Advisor 29.05.2012 Private Equity 02.01.2013 Investment Advisor 13.04.2012 n/a 29.05.2012 Other 27.02.2012 n/a 02.05.2012 Bank 20.07.2011 Pension Fund (ERISA) 31.12.2012 Unclassified 30.06.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 01.01.2012 n/a 31.12.2012 Investment Advisor 01.01.2012 n/a 31.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 25.02.2013 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Date 25.02.2013 21.02.2013 14.02.2013 06.02.2013 05.02.2013 01.02.2013 30.01.2013 29.01.2013 22.01.2013 21.01.2013 15.01.2013 13.11.2012 22.02.2012 28.07.2011

27.02.2013

Discovery Metals Ltd Discovery Metals Limited is an exploration and production company. The Company is focused on developing the Boseto Copper Project located in west Botswana. Discovery Metals also controls the Dikoloti Nickel Project in north east Botswana.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.04.2012) 52-Week Low (21.02.2013) 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 DML AT EQUITY YTD Change DML AT EQUITY YTD % CHANGE

Price/Volume

06/2012 01/yy 1.82 0.56 12'227'644.00 0.62 -65.84% 10.71% 5.98% 487.0 301.93 205.00 0.0 0.0 60.31 444.72

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M

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 30.06.2008 0.0 (3.9) (3.2) -

2 2 2 1 1 1 1 1 0 0 0 f-12

30.06.2009 30.06.2010 0.0 0.0 (3.6) (4.6) (3.3) (4.1) Profitability

30.06.2011 0.0 (14.6) (14.5) -

LTM-4Q

LTM

01/yy

30.06.2012 0.0 (20.7) (21.1) -20.66 -21.32 -6.12% -11.23% 0.00% 1.06 0.58 41.67% 86.05% 0.00 -

FY+1 -

0.00 1.34 377.63 -59.61% -61.96% 1.343 10 2.800 16'238'730 5'182'716 3'317'015 FY+2

06/13 Y 06/14 Y 189.1 324.9 2.08x 0.97x 72.3 162.7 6.15x 2.73x 45.1 102.6 7.10x 3.16x S&P Issuer Ratings

FQ+1

FQ+2

-13.45 -156.64 -7.10 86.0% 46.2% 0.00 0.00 -

Sales/Revenue/Turnover

1.0 0.9

1.00 0.80 0.60 0.40

0.8 0.7 0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Discovery Metals Ltd Holdings By:

All

Holder Name BLACKROCK CATHAY FORTUNE CORP GENESIS ASSET MANAGE M&G INVESTMENT MANAG TRANSAMINVEST SA VANGUARD GROUP INC NATIONAL AUSTRALIA B TAURUS SM HOLDINGS P JP MORGAN INVESTMENT MACQUARIE GROUP LTD VANGUARD INVESTMENTS GALT GORDON THOMAS READ JEREMY JAMES DIMENSIONAL FUND ADV CORDINER MORRICE SAMPSON STUART BRADL GABONOWE RIBSON SHAW JOHN THOMAS STATE STREET ANDERSEN JAN

Firm Name Goldman Sachs Macquarie Blackswan Equities Ltd Octa Phillip Securities Ltd RBC Capital Markets EVA Dimensions RBS Morgans Bell Potter Argonaut Securities Pty Ltd Deutsche Bank Fox-Davies Capital

Portfolio Name n/a n/a n/a #N/A N/A n/a #N/A N/A n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a

Analyst PAUL HISSEY TOM WALKER MARK SAVICH PIETER BRUINSTROOP GEOFF BREEN CRAIG STERLING CHRIS BROWN STUART HOWE TROY IRVIN CHRIS TERRY PETER ROSE

Source ULT-AGG EXCH Co File EXCH Co File EXCH ULT-AGG EXCH MF-AGG ULT-AGG MF-AGG Co File EXCH MF-AGG Co File EXCH Co File Co File ULT-AGG Co File

Recommendation neutral/attractive neutral buy buy underperform sell neutral hold hold not rated hold

Amt Held 100'133'200 66'795'164 35'886'865 33'900'000 31'300'470 31'000'000 26'041'189 3'293'019 3'056'400 2'939'449 2'403'820 2'356'236 1'620'000 1'293'797 1'055'000 1'018'000 953'694 500'000 255'958 250'000

% Out 20.56 13.72 7.37 6.96 6.43 6.37 5.35 0.68 0.63 0.6 0.49 0.48 0.33 0.27 0.22 0.21 0.2 0.1 0.05 0.05

Weighting

Change

3 3 5 5 1 1 3 3 3 #N/A N/A 3

M M M U M M N D M M M

Latest Chg 430'000 (11'957'037) (4'900'000) (30'061'047) 553'145 195'972 8'000 -

Target Price 1 2 1 1 1 #N/A N/A 2 2 2 #N/A N/A 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.02.2013 Investment Advisor 15.02.2013 Private Equity 30.09.2012 Investment Advisor 27.11.2012 Investment Advisor 30.09.2012 Other 21.02.2013 Investment Advisor 30.09.2012 Bank 27.01.2012 Holding Company 30.06.2012 Mutual Fund Manager 31.08.2011 Investment Advisor 30.09.2012 Mutual Fund Manager 30.06.2012 n/a 21.02.2013 n/a 31.07.2012 Investment Advisor 30.06.2012 n/a 22.02.2013 n/a 30.06.2012 n/a 30.06.2012 n/a 25.02.2013 Investment Advisor 30.06.2012 n/a

Date 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month

Date 26.02.2013 25.02.2013 25.02.2013 25.02.2013 20.02.2013 17.01.2013 27.11.2012 16.10.2012 23.04.2012 22.02.2012 19.01.2012

27.02.2013

Alacer Gold Corp Alacer Gold Corporation explores for gold. The Company operates in Australia and Turkey.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (20.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AQG AT EQUITY YTD Change AQG AT EQUITY YTD % CHANGE

12/2011 09/yy 9.20 3.10 710'887.00 3.5 -61.96% 12.90% 5.74% 286.9 1'004.06 200.46 0.0 18.0 249.57 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2008 31.12.2009 0.0 0.0 (17.6) (13.4) (13.5) (33.5) Profitability

4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M m-12

LTM-4Q 31.12.2010 0.0 (15.6) (37.8) -

31.12.2011 557.4 5.13x 257.0 11.13x 75.2 257.03 165.28 29.65% 13.31% 9.78% 12.37% 0.40% 40.9% 45.2% 25.2% 13.5% 1.15 0.83 11.12% 14.58% 5.25

09/yy 373.2 24.08x 159.5 17.33x (9.6) 0.00x

a-12 m-12

j-12

LTM 09/yy 721.2 11.98x 326.1 6.18x 174.2 0.00x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.92 -61.02% -26.16% 0.916 14 3.643 989'420 946'040 813'932 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 717.5 715.1 184.2 1.11x 0.87x 319.5 333.3 71.4 114.4 135.2 14.2 9.14x 7.63x S&P Issuer Ratings

10.46 5.50 -0.63 0.23 14.6% 12.6% 0.40 0.50 69.76 112.72 -

Sales/Revenue/Turnover

1.20

600.0

1.00

500.0

0.80

400.0

0.60

4.5 M

Fiscal Year Ended 31.12.2007 0.0 (15.2) (19.6) -

10 9 8 7 6 5 4 3 2 1 0 f-12

300.0 200.0

0.40

100.0 0.20

0.0 0.00

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 |

27.02.2013

Alacer Gold Corp Holdings By:

All

Holder Name SCHRODER INVESTMENT WILLIAMS ROHAN IAN JP MORGAN CREDIT SUISSE ASSET VANGUARD INVESTMENTS BARING ASSET MANAGEM ABERDEEN RUFFER LLP NEWMAN CHRIS HADDON TIMOTHY J QUINLIVAN DAVID F JF ASSET MANAGEMENT GRAFF RICHARD P SNS INVESTMENT FUND MACQUARIE GROUP LTD NESTOR INVESTMENT MA FLEMING FAMILY & PAR CAPITAL INTERNATIONA BLACKROCK COUNSEL PORTFOLIO SE

Firm Name Goldman Sachs JPMorgan Nomura Macquarie Argonaut Securities Pty Ltd Deutsche Bank Credit Suisse Commonwealth Bank Morgan Stanley Bell Potter Evans & Partners Pty Ltd

Portfolio Name Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios 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

Analyst PAUL HISSEY JOSEPH KIM DAVID RADCLYFFE MITCH RYAN TROY IRVIN BRETT MCKAY MICHAEL SLIFIRSKI ANDREW KNUCKEY BRENDAN FITZPATRICK STEPHEN THOMAS CATHY MOISES

Source MF-AGG EXCH ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG SEDI EXCH EXCH MF-AGG EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation sell/attractive neutral reduce outperform buy buy outperform overweight Equalwt/Attractive accumulate Positive

Amt Held 3'010'098 2'013'968 1'925'139 419'800 389'699 383'200 376'200 333'975 229'130 218'262 206'606 192'700 81'837 62'975 57'337 40'000 33'736 27'255 19'473 16'673

% Out 1.05 0.7 0.67 0.15 0.14 0.13 0.13 0.12 0.08 0.08 0.07 0.07 0.03 0.02 0.02 0.01 0.01 0.01 0.01 0.01

Weighting

Change 1 3 2 5 5 5 5 5 3 4 4

M U D M M M M M M D U

Latest Chg 3'010'098 (200'000) (710'000) 1'104 2'267 62'245 192'700 7'750 -

Target Price 2 4 3 5 5 6 6 6 5 7 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 14.09.2012 31.10.2012 28.12.2012 30.09.2012 31.10.2012 31.01.2013 28.09.2012 13.06.2012 17.12.2012 01.08.2012 30.09.2011 27.11.2012 29.06.2012 31.08.2011 31.12.2012 31.01.2012 30.09.2012 25.02.2013 28.09.2012

Date 12 month 9 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided

Inst Type Investment Advisor n/a Unclassified Mutual Fund Manager Mutual Fund Manager Unclassified Unclassified Hedge Fund Manager n/a n/a n/a Mutual Fund Manager n/a Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor

Date 26.02.2013 22.02.2013 18.02.2013 14.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 24.01.2013 17.09.2012 19.07.2012

27.02.2013

Energy World Corp Ltd Energy World Corporation Ltd. generates electricity. The Company operates gas-fired power plants in Sengkang, South Sulawesi, Indonesia, and Alice Springs, Northern Territory, Australia. Energy World also produces natural gas and liquefied natural gas in Australia.

Price/Volume 1

16.0 M

14.0 M

1 1

12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (20.03.2012) 52-Week Low (20.11.2012) 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 EWC AT EQUITY YTD Change EWC AT EQUITY YTD % CHANGE

06/2012 01/yy 0.86 0.25 717'848.00 0.34 -60.47% 36.00% 18.85% 1'734.2 589.62 274.91 0.0 8.2 128.01 755.66

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

0 0

4.0 M

2.0 M

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 30.06.2008 76.3 22.85x 34.4 50.74x 20.7 78.63x

8.0 M

Valuation Analysis

30.06.2009 30.06.2010 95.1 93.5 10.37x 7.50x 41.3 41.4 23.88x 16.94x (9.1) 20.1 24.61x Profitability

30.06.2011 110.3 9.20x 52.3 19.41x 27.1 30.78x

30.06.2012 145.6 5.58x 58.7 13.82x 20.4 32.09x 58.73 35.89 24.65% 20.52% 2.38% 4.08% 0.17% 51.6% 40.3% 24.7% 14.0% 3.71 2.40 29.24% 49.71% 8.14 29.85

Price/ Cash Flow

0.00 1.07 724.72 -49.63% -6.85% 1.073 1 1.000 1'895'531 1'360'478 1'243'218

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

06/13 Y

06/14 Y

S&P Issuer Ratings

FQ+2 -

2.50 4.68 49.7% 32.9% 0.17 0.29 44.98 12.26 166.21 -108.97

Sales/Revenue/Turnover

60.00

160.0 140.0

50.00

120.0 40.00

100.0 80.0

30.00

60.0

20.00

40.0 10.00 0.00 03.07.2009

20.0 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 |

27.02.2013

Energy World Corp Ltd Holdings By:

All

Holder Name ENERGY WORLD INTERNA RICHARD CHANDLER CAP CAPITAL GROUP COMPAN UBS MORGAN STANLEY BANK OF NEW YORK MEL VANGUARD GROUP INC MELLON GLOBAL MANAGE DIMENSIONAL FUND ADV VANGUARD INVESTMENTS BLACKROCK MACQUARIE GROUP LTD STATE STREET BESSEMER GROUP INCOR JORDAN IAN WILLIAM DIMENSIONAL FUND ADV O'NEILL MICHAEL PHIL WELLS FARGO CHARLES SCHWAB INVES ING INVESTMENT MANAG

Firm Name EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst AUSTIN BURKETT

Source Co File EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG Co File MF-AGG Co File ULT-AGG MF-AGG MF-AGG

Recommendation sell

Amt Held 639'740'924 369'090'589 87'558'955 84'549'545 64'036'425 20'000'000 9'011'374 9'000'000 5'009'599 4'676'133 1'573'605 1'039'635 603'074 329'666 319'700 314'889 300'000 225'288 197'800 122'675

% Out 36.89 21.28 5.05 4.88 3.69 1.15 0.52 0.52 0.29 0.27 0.09 0.06 0.03 0.02 0.02 0.02 0.02 0.01 0.01 0.01

Weighting

Change 1

Latest Chg 23'992'320 (19'550'201) (43'766'200) 13'950 (33'722) (48'362) 26'029 62 (10'420)

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 14.09.2012 Corporation 14.11.2012 Corporation 31.12.2012 Investment Advisor 20.06.2011 Unclassified 03.05.2011 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 31.08.2011 Investment Advisor 25.02.2013 Investment Advisor 31.10.2012 Investment Advisor 14.09.2012 n/a 30.11.2012 Investment Advisor 14.09.2012 n/a 31.12.2012 Unclassified 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided

Date 17.01.2013

27.02.2013

Troy Resources Ltd Troy Resources Limited is a junior gold producer. The Company has operations at Andorinhas in Para State, Brazil and Casposo in San Juan Province, Argentina.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (20.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TRY AT EQUITY YTD Change TRY AT EQUITY YTD % CHANGE

Price/Volume

06/2012 03/yy 5.05 2.53 340'680.00 3.05 -39.60% 20.55% 18.25% 91.3 278.52 14.23 0.0 (0.3) 58.92 233.57

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

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 39.7 1.95x (12.5) (17.6) -

30.06.2009 30.06.2010 75.4 75.2 2.65x 9.9 2.0 101.67x 16.7 (6.7) 6.03x Profitability

LTM-4Q 30.06.2011 102.5 3.00x 36.8 8.33x 14.6 20.84x

30.06.2012 208.6 1.46x 89.6 3.39x 31.4 10.99x 89.64 57.56 27.60% 26.63% 18.16% 25.93% 23.33% 1.21% 36.5% 43.0% 27.6% 15.1% 2.22 1.44 7.67% 10.74% 8.50

Price/ Cash Flow

03/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 03/yy 19.5 7.50x (2.3) 0.00x (5.9) 0.00x

FY+1

.0 M f-13

3.28 0.79 75.69 -36.02% -15.75% 0.788 6 4.000 364'581 315'679 320'113 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/12 Q4 09/12 Q1 222.6 246.6 62.4 66.5 1.01x 0.66x 3.07x 112.1 135.3 39.7 2.08x 1.73x 1.47x 54.1 67.0 19.8 19.2 5.26x 4.22x 3.47x 3.47x S&P Issuer Ratings

27.25 22.58 -0.50 0.16 10.7% 9.7% 1.21 2.18 43.04 15.86 -

Sales/Revenue/Turnover

8'000.00

250.0

7'000.00

200.0

6'000.00 5'000.00

150.0

4'000.00

100.0

3'000.00 2'000.00

50.0

1'000.00 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 |

27.02.2013

Troy Resources Ltd Holdings By:

All

Holder Name WARRIGAL PTY LTD EL ORO LTD MACQUARIE GROUP LTD JONES JOHN LOAD CECI FMR LLC WELLS FARGO FUNDS MA VANGUARD GROUP INC DIMENSIONAL FUND ADV VANGUARD INVESTMENTS BENSON PAUL NILSSON KEN KRISTER PARISH CLEMENT ROBIN UOB ASSET MANAGEMENT GOLDMAN SACHS GROUP BLACKROCK THRIVENT FINANCIAL F DIX DAVID RUSSELL PACIFIC LIFE INSURAN ING INVESTMENT MANAG GRIMWADE FREDERICK S

Firm Name Paterson Securities Macquarie Wilson HTM Investment Group Argonaut Securities Pty Ltd EVA Dimensions Bell Potter

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst SIMON TONKIN MITCH RYAN CAMERON JUDD PATRICK CHANG CRAIG STERLING STEPHEN THOMAS

Source EXCH EXCH ULT-AGG EXCH ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH EXCH EXCH MF-AGG MF-AGG ULT-AGG MF-AGG Co File MF-AGG MF-AGG EXCH

Recommendation hold outperform hold buy buy hold

Amt Held 9'041'963 4'252'266 1'650'837 1'239'061 1'188'401 1'170'833 778'922 502'312 361'053 342'690 300'239 249'175 234'383 198'878 152'323 107'854 87'013 79'274 40'672 40'000

% Out 9.9 4.66 1.81 1.36 1.3 1.28 0.85 0.55 0.4 0.38 0.33 0.27 0.26 0.22 0.17 0.12 0.1 0.09 0.04 0.04

Weighting

Change 3 5 3 5 5 3

M M M M M M

Latest Chg (14'053) 8'447 453'755 (9'745) 15'380 (2'547) (55'000) 148'476 107'854 (1'051) 20'000

Target Price 4 6 3 5 #N/A N/A 5

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 08.11.2012 Other 07.12.2012 n/a 31.08.2011 Investment Advisor 08.11.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 04.12.2012 n/a 08.10.2012 n/a 07.12.2012 n/a 30.06.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 25.02.2013 Investment Advisor 31.10.2012 Investment Advisor 29.09.2011 n/a 31.01.2013 Insurance Company 31.12.2012 Investment Advisor 30.11.2011 n/a

Date 12 month 12 month Not Provided 12 month Not Provided 12 month

Date 26.02.2013 14.02.2013 31.01.2013 30.01.2013 17.01.2013 16.01.2013

27.02.2013

Gindalbie Metals Ltd Gindalbie Metals Limited is a iron ore exploration and mining company. The Company explores for iron ore in the Mid West Region of Western Australia and its projects include the Karara Magnetite, Mungada Hematite and Lodestone Project.

Price/Volume 1

45.0 M

40.0 M

35.0 M 30.0 M

Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (07.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GBG AT EQUITY YTD Change GBG AT EQUITY YTD % CHANGE

06/2012 01/yy 0.71 0.22 6'255'402.00 0.25 -64.79% 16.28% 6.06% 1'404.4 351.09 0.00 0.0 0.0 40.52 310.57

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

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 30.06.2008 0.0 (9.9) 44.5 16.20x

25.0 M

Valuation Analysis

30.06.2009 30.06.2010 0.0 0.0 (11.8) (9.3) 26.2 (2.5) 15.10x Profitability

30.06.2011 0.0 (8.5) 13.9 54.22x

30.06.2012 0.0 (9.6) (27.2) -9.59 -10.00 -4.25% -4.27% 0.00% 14.38 14.25 0.00% 0.00% 0.00 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.53 921.95 -62.69% 0.00% 1.528 9 2.556 8'649'155 9'317'533 11'269'020 FY+2

06/13 Y 06/14 Y 0.0 0.0 #DIV/0! #DIV/0! 12.6 58.1 24.68x 5.35x 18.9 51.1 83.33x 7.58x S&P Issuer Ratings

FQ+1

FQ+2

0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

4'500.00

30.0

4'000.00

25.0

3'500.00

20.0

3'000.00 2'500.00

15.0

2'000.00

10.0

1'500.00 1'000.00

5.0

500.00 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 |

27.02.2013

Gindalbie Metals Ltd Holdings By:

All

Holder Name ANSHAN IRON & STEEL JP MORGAN JP MORGAN INVESTMENT JONES GEORGE FRANCIS VANGUARD GROUP INC MELEWAR STEEL VENTUR VANGUARD INVESTMENTS DIMENSIONAL FUND ADV BLACKROCK O'NEILL MICHAEL JOHN MACQUARIE GROUP LTD DIXON GARRET JOHN MURCIA DIDIER MARCEL BIN ABDULLAH YAACOB DIMENSIONAL FUND ADV MCBAIN PETER J MARSHALL ANDREW R NETSCHER TIMOTHY CAR WELLS FARGO ING INVESTMENT MANAG

Firm Name RBC Capital Markets Bell Potter Credit Suisse Morgan Stanley JPMorgan EVA Dimensions Octa Phillip Securities Ltd

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a 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

Analyst CHRIS DREW STUART HOWE MATTHEW HOPE BRENDAN FITZPATRICK MARK BUSUTTIL CRAIG STERLING ANDREW SHEARER

Source EXCH ULT-AGG MF-AGG EXCH MF-AGG Co File MF-AGG MF-AGG ULT-AGG EXCH ULT-AGG EXCH EXCH EXCH MF-AGG Co File EXCH EXCH ULT-AGG MF-AGG

Recommendation underperform hold neutral Overwt/In-Line underweight underweight buy

Amt Held 447'688'420 92'771'728 23'738'500 19'500'000 11'690'987 11'000'000 3'997'303 2'721'919 2'313'800 1'437'655 978'059 710'000 668'000 600'000 292'128 240'000 200'000 200'000 188'164 143'403

% Out 31.88 6.61 1.69 1.39 0.83 0.78 0.28 0.19 0.16 0.1 0.07 0.05 0.05 0.04 0.02 0.02 0.01 0.01 0.01 0.01

Weighting

Change 1 3 3 5 1 1 5

M M M M M M M

Latest Chg (4'800'153) 500'000 (4'732'022) (29'454) (200'000) (114'320) 33'084 100'000 100'000 52 5'137

Target Price 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 |

File Dt Inst Type 07.12.2012 Government 31.10.2012 Unclassified 30.06.2012 Mutual Fund Manager 10.12.2012 n/a 31.12.2012 Investment Advisor 08.09.2010 Unclassified 30.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 25.02.2013 Investment Advisor 30.01.2012 n/a 31.08.2011 Investment Advisor 05.05.2011 n/a 31.01.2010 n/a 03.11.2010 n/a 30.11.2012 Investment Advisor 30.06.2010 n/a 12.12.2012 n/a 11.12.2012 n/a 31.12.2012 Unclassified 31.12.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided

Date 21.02.2013 14.02.2013 06.02.2013 24.01.2013 22.01.2013 15.01.2013 22.12.2011

27.02.2013

Saracen Mineral Holdings Ltd Saracen Mineral Holdings Ltd. explores for and produces gold. The Company produces gold from its Carosue Dam mine located notheast of Kalgoorlie, Western Australia.

Price/Volume 1

12.0 M

10.0 M

1 8.0 M

1 0

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (21.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAR AT EQUITY YTD Change SAR AT EQUITY YTD % CHANGE

06/2012 01/yy 0.75 0.34 1'851'962.00 0.37 -50.34% 10.45% 7.32% 595.3 220.25 3.06 0.0 0.0 20.31 203.00

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

0 2.0 M

0 0 f-12

30.06.2009 (9.5) (10.0) Profitability

30.06.2010 31.4 5.26x 14.7 11.26x (25.4) -

30.06.2011 155.7 1.58x 59.5 4.15x 47.7 5.49x

30.06.2012 183.8 1.70x 63.1 4.96x 18.7 16.82x 63.08 36.49 19.86% 14.53% 9.13% 11.17% 11.10% 0.90% 34.3% 19.9% 10.2% 3.39 0.96 1.21% 1.47% -

Price/ Cash Flow

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

0.00 1.14 502.89 -49.32% -2.63% 1.145 6 4.167 2'334'589 2'871'316 2'485'334 FY+2

06/13 Y 06/14 Y 221.0 256.7 0.74x 0.41x 76.1 96.8 2.67x 2.10x 36.3 49.2 5.78x 4.11x S&P Issuer Ratings

FQ+1

FQ+2

492.83 -271.65 -0.27 0.05 1.5% 1.4% 0.90 1.35 -

Sales/Revenue/Turnover

90.00

200.0

80.00

180.0

70.00

160.0 140.0

60.00

120.0

50.00

100.0

40.00

80.0

30.00

60.0

20.00

40.0

10.00

20.0

0.00 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 0.0 (1.9) (1.8) -

6.0 M

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 |

27.02.2013

Saracen Mineral Holdings Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C RENAISSANCE SMALL CO VINVA INVESTMENT MGM COMMONWEALTH BANK OF SPROTT INC ARVE CHARLES JCP INVESTMENT PARTN BANK OF AMERICA CORP STALTARI GUIDO CF RUFFER BAKER STEE JP MORGAN JP MORGAN INVESTMENT VANGUARD GROUP INC UOB ASSET MANAGEMENT GENUS DYNAMIC GOLD F DIMENSIONAL FUND ADV VANGUARD INVESTMENTS FMR LLC GAMCO

Firm Name EVA Dimensions Canaccord Genuity Corp RBS Morgans Argonaut Securities Pty Ltd Evans & Partners Pty Ltd

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a

Analyst CRAIG STERLING REG SPENCER JAMES WILSON TROY IRVIN CATHY MOISES

Source EXCH MF-AGG EXCH EXCH EXCH EXCH EXCH EXCH EXCH Co File EXCH ULT-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation overweight buy outperform hold Positive

Amt Held 42'407'248 39'805'060 30'365'634 29'918'028 29'318'248 28'800'451 28'685'450 26'084'770 22'796'021 14'407'252 14'000'000 6'988'411 5'886'468 5'726'257 5'000'000 4'100'000 3'260'819 2'671'902 2'032'488 2'000'000

% Out 7.12 6.69 5.1 5.03 4.93 4.84 4.82 4.38 3.83 2.42 2.35 1.17 0.99 0.96 0.84 0.69 0.55 0.45 0.34 0.34

Weighting

Change 5 5 5 3 4

U M N D U

Latest Chg 6'250'328 (1'361'474) (841'000) (320'000) (5'314'150) (2'168'808) (4'949'162) (43'038) (1'739'000) (20'201) 1'000'000

Target Price #N/A N/A 1 1 1 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 10.09.2012 25.02.2013 16.01.2013 20.12.2012 08.03.2012 27.01.2012 19.07.2011 09.02.2012 04.05.2011 31.08.2012 26.05.2011 31.10.2012 30.06.2012 31.12.2012 30.06.2012 26.05.2011 31.07.2012 30.09.2012 31.12.2012 28.09.2012

Date Not Provided 12 month 12 month 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Other Investment Advisor Bank Hedge Fund Manager n/a Investment Advisor Investment Advisor n/a n/a Unclassified Mutual Fund Manager Investment Advisor Mutual Fund Manager n/a Investment Advisor Mutual Fund Manager Investment Advisor Unclassified

Date 21.02.2013 29.01.2013 27.11.2012 10.10.2012 27.09.2012

27.02.2013

Bathurst Resources Ltd Bathurst Resources Ltd. is a mineral exploration company. The Company is focused on developing high grade coal projects and has currently entered into an agreement to acquire the Buller Coal project in New Zealand which hosts high grade coaking and thermal coal. Bathurst Resources intends to be in production by late 2011.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.03.2012) 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 31.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BTU AT EQUITY YTD Change BTU AT EQUITY YTD % CHANGE

06/2012 01/yy 0.87 0.26 773'974.00 0.33 -62.07% 26.92% 14.75% 697.2 230.09 2.01 0.0 0.0 53.82 178.28

1.20 1.00 0.80

(0.4) (0.3) -

70.0 M

60.0 M

1 1

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 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 30.06.2008

30.06.2009

30.06.2010

2.8 4.28x (11.3) Profitability

(3.0) (8.4) -

30.06.2011 4.0 148.33x (19.9) (13.5) -

30.06.2012 16.5 12.92x (5.2) (21.5) -5.17 -7.60 -46.19% -157.24% -5.52% -12.44% 0.04% -31.4% -46.2% -130.8% 7.16 6.73 0.51% 1.17% 10.30 -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.83 684.24 -56.00% -9.59% 1.825 7 4.429 4'811'478 3'222'218 3'260'816 FY+2

06/13 Y 06/14 Y 32.7 103.0 7.51x 2.71x (4.4) 20.9 8.55x (9.7) 7.1 33.00x S&P Issuer Ratings

FQ+1

FQ+2

-21.44 -90.94 -0.39 1.2% 1.2% 0.04 0.10 35.53 -

Sales/Revenue/Turnover

18.0 16.0 14.0 12.0 10.0

0.60

8.0 6.0

0.40 0.20

4.0 2.0 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 |

27.02.2013

Bathurst Resources Ltd Holdings By:

All

Holder Name L1 CAPITAL PTY LTD JP MORGAN COUPLAND CARDIFF ASS MATHEWS CAPITAL PART BANK OF AMERICA CORP UBS CREDIT SUISSE AG JP MORGAN INVESTMENT MACQUARIE GROUP LTD BOHANNAN HAMISH JOHN VANGUARD GROUP INC VANGUARD INVESTMENTS JF ASSET MANAGEMENT BLACKROCK TCW GROUP INC DIMENSIONAL FUND ADV MANNERS TIMOTHY COOPER GERALD WILLIA LORD ROBERT JOHN MUNRO CRAIG RENNIE

Firm Name Credit Suisse RBC Capital Markets EVA Dimensions Canaccord Genuity Corp Helmsec Global Capital Limited Lonsec Ltd

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 Multiple Portfolios n/a n/a n/a n/a

Analyst JAMES REDFERN CHRIS DREW CRAIG STERLING ROD BUCKTON BASIL BURMEISTER PETER GREEN

Source Co File ULT-AGG EXCH EXCH EXCH ULT-AGG EXCH MF-AGG ULT-AGG Co File MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG Co File EXCH Co File Co File

Recommendation outperform outperform sell buy buy buy

Amt Held 78'924'030 77'948'241 62'167'752 52'849'280 39'399'738 38'282'288 34'682'287 14'183'859 11'785'885 10'605'000 6'356'330 3'226'671 2'947'689 1'448'063 1'100'000 1'096'806 600'000 597'000 530'938 462'526

% Out 11.32 11.18 8.92 7.58 5.65 5.49 4.97 2.03 1.69 1.52 0.91 0.46 0.42 0.21 0.16 0.16 0.09 0.09 0.08 0.07

Weighting

Change 5 5 1 5 5 5

M M M M M M

Latest Chg 25'435'218 11'195'642 (12'074'658) 5'838'782 2'634'263 (21'780) 739'689 559'589 -

Target Price 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 27.09.2012 04.01.2013 07.12.2012 27.09.2012 11.02.2013 11.12.2012 21.03.2012 30.06.2012 31.08.2011 30.06.2012 31.12.2012 30.09.2012 30.09.2011 25.02.2013 31.01.2013 31.07.2012 30.06.2012 12.02.2013 30.06.2012 30.06.2012

Date Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Mutual Fund Manager Unclassified Hedge Fund Manager Investment Advisor Investment Advisor Unclassified Investment Advisor Mutual Fund Manager Investment Advisor n/a Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor n/a n/a n/a n/a

Date 08.02.2013 31.01.2013 17.01.2013 12.06.2012 30.05.2012 17.05.2012

27.02.2013

Maverick Drilling & Exploration Ltd Maverick Drilling & Exploration Ltd. is an oil and gas exploration and production company. The Company has operations in the Blue Ridge Dome Oilfield of Texas in the United States.

Price/Volume 2

25.0 M

20.0 M

1 1

Latest Fiscal Year: LTM as of: 52-Week High (20.04.2012) 52-Week Low (24.01.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MAD AT EQUITY YTD Change MAD AT EQUITY YTD % CHANGE

06/2012 01/yy 1.49 0.51 1'720'644.00 0.57 -61.74% 12.87% 5.58% 452.7 258.05 9.37 0.0 0.0 19.81 247.62

10.0 M

1 0

5.0 M

0 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 30.06.2008 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

Valuation Analysis

30.06.2009 30.06.2010 5.8 5.6 1.3 1.3 (2.1) (2.0) Profitability

30.06.2011 11.0 7.97x 5.0 17.40x 2.2 33.57x

30.06.2012 22.0 21.85x 9.9 48.37x 6.6 71.47x 9.92 8.48 38.62% 42.25% 10.55% 14.59% 12.24% 0.35% 45.2% 38.6% 30.1% 4.00 3.61 12.13% 16.23% 11.13 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.08 248.57 -28.30% -20.83% 1.083 3 3.667 1'202'894 3'026'443 3'132'239 FY+2

06/13 Y 06/14 Y 31.9 112.0 7.15x 2.24x 10.1 54.0 24.52x 4.59x 2.4 25.7 95.00x 10.96x S&P Issuer Ratings

FQ+1

FQ+2

583.76 -621.71 -1.05 0.94 16.2% 14.0% 0.35 0.56 32.89 -

Sales/Revenue/Turnover

60.00

25.0

50.00

20.0

40.00

15.0 30.00

10.0 20.00

5.0

10.00 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 |

27.02.2013

Maverick Drilling & Exploration Ltd Holdings By:

All

Holder Name CREDIT SUISSE AG MAVERICK DRILLING & HENRICH DON DURST MACQUARIE GROUP LTD CLARKE LEE ANTHONY SIMMONS BRADLEY JAY AMANTERRA LTD CAMUGLIA JOSEPH CHAR JOSEPH CAMUGLIA CLARKE ROGER BRIAN SALT DOME PTY LTD VANGUARD INVESTMENTS VANGUARD GROUP INC KNORR D A KICH PTY LTD ROFF D FMR LLC BLACKROCK CRAWFORD ANDREW JAME ING INVESTMENT MANAG

Firm Name Wilson HTM Investment Group EVA Dimensions RBS Morgans

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios

Analyst JOHN YOUNG CRAIG STERLING KRISTA WALTER

Source EXCH EXCH EXCH ULT-AGG Co File EXCH EXCH Co File EXCH EXCH EXCH MF-AGG MF-AGG Co File EXCH Co File ULT-AGG ULT-AGG Co File MF-AGG

Recommendation buy underweight outperform

Amt Held 82'561'641 82'244'697 52'087'685 18'583'575 18'014'357 11'108'414 11'108'414 10'884'936 7'884'936 5'650'000 2'000'000 1'624'836 1'580'881 1'000'000 1'000'000 950'000 781'710 293'386 225'000 59'685

% Out 18.24 18.17 11.51 4.1 3.98 2.45 2.45 2.4 1.74 1.25 0.44 0.36 0.35 0.22 0.22 0.21 0.17 0.06 0.05 0.01

Weighting

Change 5 1 5

M M N

Latest Chg (12'125) 100'000 4'359'322 (1'250'000) (1'250'000) 78'571 1'616'681 59'685

Target Price 2 #N/A N/A 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 03.09.2012 Investment Advisor 31.01.2013 Corporation 04.02.2013 n/a 30.06.2011 Investment Advisor 30.06.2012 n/a 21.12.2012 n/a 21.12.2012 Other 30.06.2012 n/a 16.04.2012 n/a 06.02.2013 n/a 16.04.2012 Other 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.06.2012 n/a 16.04.2012 Other 30.06.2012 n/a 31.10.2012 Investment Advisor 25.02.2013 Investment Advisor 30.06.2012 n/a 31.12.2012 Investment Advisor

Date Not Provided Not Provided 12 month

Date 26.02.2013 17.01.2013 27.11.2012

27.02.2013

Gryphon Minerals Ltd Gryphon Minerals Ltd. explores for gold. The Company operates on the Banfora Gold Project in Burkina Faso, Africa, and properties in Mauritania.

Price/Volume 1

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.02.2012) 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 26.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GRY AT EQUITY YTD Change GRY AT EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

4.0 M

2.0 M

0 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 30.06.2008 0.0 (3.3) (3.1) -

6.0 M

06/2012 01/yy 1.24 0.35 1'859'252.00 0.36 -70.85% 4.35% 0.00% 400.5 144.17 0.00 0.0 0.0 46.22 97.95

30.06.2009 30.06.2010 0.0 0.0 (2.7) (3.9) (2.3) (3.2) Profitability

30.06.2011 0.0 (15.9) (8.9) -

LTM-4Q

LTM

01/yy

30.06.2012 0.0 (8.0) (5.9) -8.04 -8.20 -3.58% -3.78% 0.00% 3.81 3.75 0.00% 0.00% 0.00 -

FY+1 -

0.00 1.44 390.22 -70.49% -30.10% 1.439 13 4.462 1'994'042 2'461'543 2'258'382 FY+2

06/13 Y 06/14 Y 0.0 1.3 #DIV/0! 201.47x (12.0) (9.7) (10.0) (11.0) S&P Issuer Ratings

FQ+1

FQ+2

0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

1.0 0.9

1.00 0.80 0.60 0.40

0.8 0.7 0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Gryphon Minerals Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C COMMONWEALTH BANK OF AMP LTD ROYAL BANK OF CANADA PARSONS STEPHEN MACQUARIE GROUP LTD RUFFER LLP FMR LLC GCIC LTD/CANADA LOMBARD ODIER DARIER WELLS FARGO FUNDS MA SHARE SICAV JP MORGAN VANGUARD GROUP INC QUANTEX AG GLOBAL X MANAGEMENT JP MORGAN INVESTMENT TOCQUEVILLE ASSET MA DIMENSIONAL FUND ADV

Firm Name Canaccord Genuity Corp Argonaut Securities Pty Ltd RBC Capital Markets Macquarie Paradigm Capital Inc Morgan Stanley Credit Suisse Clarus Securities BMO Capital Markets EVA Dimensions RBS Morgans GMP Deutsche Bank DJ Carmichael Pty Ltd

Portfolio Name 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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios TOCQUEVILLE ASSET MA Multiple Portfolios

Analyst REG SPENCER TROY IRVIN GEOFF BREEN MITCH RYAN DON MACLEAN BRENDAN FITZPATRICK MICHAEL SLIFIRSKI NANA SANGMUAH ANDREW BREICHMANAS CRAIG STERLING JAMES WILSON LEVI SPRY CHRIS TERRY PAUL ADAMS

Source EXCH MF-AGG EXCH EXCH ULT-AGG EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG

Recommendation buy speculative buy outperform outperform speculative buy Overwt/Attractive outperform buy speculative outperform sell outperform buy not rated speculative buy

Amt Held 47'385'165 28'870'028 19'591'128 16'488'127 14'803'493 6'990'601 6'168'574 5'470'000 5'085'010 5'000'000 4'496'398 3'913'874 3'845'666 3'583'500 3'135'801 2'860'000 2'781'999 2'610'000 2'016'000 1'988'755

% Out 11.83 7.21 4.89 4.12 3.7 1.75 1.54 1.37 1.27 1.25 1.12 0.98 0.96 0.89 0.78 0.71 0.69 0.65 0.5 0.5

Weighting

Change

5 4 5 5 4 5 5 5 4 1 5 5 #N/A N/A 4

M M M M M M M M M M N M M M

Latest Chg 681'722 (985'067) (160'194) 935'592 180'000 (1'109'985) 156'000 (768'620) 248'508 2'016'000 -

Target Price 1 1 1 1 1 1 1 1 1 #N/A N/A 2 1 #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 28.11.2012 25.02.2013 20.11.2012 22.10.2012 05.04.2011 18.12.2012 31.08.2011 28.09.2012 31.12.2012 30.06.2012 31.12.2012 31.12.2012 30.03.2012 31.12.2012 31.12.2012 31.01.2013 28.01.2013 30.06.2012 30.09.2012 31.07.2012

Date 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Bank Insurance Company Bank n/a Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Hedge Fund Manager Investment Advisor

Date 13.02.2013 11.02.2013 04.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 17.01.2013 27.11.2012 21.08.2012 22.02.2012 24.08.2011