Fundamental equity analysis & recommendations mxwo index the msci world index is a free float weight 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 QMS Advisors - MSCI World Top 100 The MSCI World Index is a free-float weighted equity index. It was developed base value of 100 as of December 31 1969

with a

October 2013

Q M S Advisors .

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

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

Minority Interest (USD)

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

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

S&P 500 INDEX

USD

15439500

2063.628

1118

203

219

104.27

110.09

16.13

15.27

18.47

Euro Stoxx 50 Pr

EUR

2965996

6102.334

4723

775

796

235.03

303.10

22.78

20.43

17.67

21.65

NIKKEI 225

JPY

2838405

199.5747

197

6.14

8.10

0.25

0.24

0.19

0.12

FTSE 100 INDEX

GBP

2909103

12791.87

10098

1536

1670

543.36

812.04

31.26

24.36

20.92

23.16

SWISS MARKET INDEX

CHF

1126878

11568.39

4219

977

864

458.21

571.55

21.56

18.37

17.29

24.73

S&P/TSX COMPOSITE INDEX

CAD

1689705

17647.02

7386

1850

1964

731.18

803.05

16.47

16.48

15.00

24.05

S&P/ASX 200 INDEX

AUD

1359491

6456.327

2699

549

686

217.71

323.09

21.24

17.03

14.31

20.05

HANG SENG INDEX

HKD

1767307

3537.043

1667

375

392

278.24

268.98

1.37

1.45

1.41

2.97

MSCI EM

USD

7417180

1371.527

981

191

179

85.06

87.95

11.61

11.93

11.23

19.56

APPLE INC

USD

439177

11527

939

121

309.51

156508

169404

170135

181380

58518

55868

11435

44.15

40.04

39.28

42.99

12.07

12.31

11.25

44.58

39.09

64.36

65.35

32.98

AA+

23.04.2013

Aa1

23.04.2013

EXXON MOBIL CORP

USD

376340

13928

4502

397.03

420714

396937

437724

446779

65769

62482

18666

7.56

7.75

7.58

7.95

11.03

11.28

10.75

-2.96

-0.26

-5.62

-1.21

15.74

AAA

16.12.1985

16.08.1993

MICROSOFT CORP

USD

282052

38707

8328

220.63

77849

83109

89932

30519

6631

2.71

2.73

2.69

2.96

12.42

12.60

11.42

5.60

5.52

-1.31

4.45

39.20

AAA

22.09.2008

Aaa

11.05.2009

GENERAL ELECTRIC CO

USD

245429

37472

10406

245.03

144796

142477

146982

151008

25000

24107

5756

1.55

1.54

1.65

1.81

15.68

14.59

13.35

1.81

-5.22

-0.16

-6.95

16.92

AA+

12.03.2009

Aa3

03.04.2012

JOHNSON & JOHNSON

USD

243989

7732

2778

233.84

67224

69992

70734

73640

20698

21944

5698

4.86

5.26

5.46

5.82

16.45

15.85

14.87

3.37

1.86

7.18

2.84

31.35

AAA

17.09.1987

Aaa

10.08.1987

CHEVRON CORP

USD

228462

10206

1947

228.86

222580

213082

233411

239531

48426

43331

12635

12.55

12.20

12.08

12.37

9.69

9.79

9.56

-5.80

-1.69

-5.44

7.12

20.34

01.07.1987

Aa1

27.02.2009

NESTLE SA-REG

CHF

222092

1359

3189

248.57

99735

102293

104949

110085

3.55

3.62

3.84

4.13

21.13

20.73

19.91

18.48

8.16

-3.20

16.08.2007

GOOGLE INC-CL A

USD

291931

2119

330

240.92

50175

56594

46991

55180

15722

16440

5236

33.53

34.09

43.49

51.36

25.70

20.15

17.06

32.37

21.80

15.66

21.04

29.05

19.11.2012

Aa2

16.05.2011

WELLS FARGO & CO

USD

217701

19050

5266

185

159

91247

90503

84725

86201

3.43

3.76

3.84

4.01

10.91

10.68

10.23

4.17

14.39

A+

29.11.2011

PROCTER & GAMBLE CO/THE

USD

207708

9255

2742

235.09

84167

85615

88858

17771

4973

4.04

4.05

4.29

4.67

18.74

17.67

16.25

0.58

0.11

-1.67

-2.14

21.11

AA-

10.05.2005

Aa3

01.07.2005

INTL BUSINESS MACHINES CORP

USD

201405

3212

1117

225.30

104507

102383

102357

104548

25119

23949

6711

15.24

15.11

16.89

18.39

12.17

10.89

10.00

-2.25

-1.10

0.07

6.06

23.39

AA-

30.05.2012

Aa3

23.11.2010

HSBC HOLDINGS PLC

GBp

204100

4589

18476

462

489

143407

126317

107713

111306

0.79

1.41

1.56

1.69

20.30

18.32

16.89

-10.98

A+

29.11.2011

Aa3

21.06.2012

JPMORGAN CHASE & CO

USD

195512

18614

3804

696

472

108184

109232

99093

98186

5.86

6.38

5.76

6.06

8.14

9.01

8.57

-2.39

1.41

29.11.2011

ROCHE HOLDING AG-GENUSSCHEIN

CHF

227677

302

863

245.13

50459

51426

52440

54486

21515

21768

15.29

14.67

16.68

17.91

19.96

19.65

17.55

16.35

7.74

1.56

9.33

2.96

46.94

17.09.2012

PFIZER INC

USD

190466

22688

7276

193.97

58986

55517

51462

50814

27270

24056

6280

2.19

2.11

2.16

2.31

13.67

13.30

12.44

-9.61

4.07

-9.21

6.42

43.33

16.10.2009

15.10.2009

AT&T INC

USD

178662

22437

5581

249.62

127434

127468

128719

131231

31140

30316

10638

2.31

2.36

2.47

2.69

14.23

13.60

12.53

0.56

0.78

2.08

-5.80

23.78

A-

06.12.2010

29.01.2013

VODAFONE GROUP PLC

GBp

173582

12438

48919

221.56

72116

72020

73054

22335

0.21

0.01

0.25

0.24

410.72

27.88

23.74

24.06

-6.89

7.02

-39.63

1.56

50.25

A-

05.09.2013

04.09.2013

TOYOTA MOTOR CORP

JPY

217435

7044

3167

144

337.18

225145

232836

259089

271859

24755

28273

8585

3.10

3.98

5.83

6.30

0.16

0.11

0.10

0.19

0.07

0.72

-0.09

0.12

AA-

04.03.2011

Aa3

29.08.2011

NOVARTIS AG-REG

CHF

203182

935

2421

240.63

62851

63368

63738

65467

18536

18272

4.44

4.28

5.70

6.18

21.57

21.17

16.20

14.95

-3.58

7.52

-6.87

11.70

31.98

AA-

07.04.2008

Aa3

08.02.2013

COCA-COLA CO/THE

USD

164736

14438

4469

181.62

48017

47579

47378

49101

12761

12601

3383

2.01

2.03

2.10

2.26

18.30

17.69

16.46

3.17

8.66

5.23

8.68

26.48

AA-

13.09.2012

Aa3

16.08.2007

BANK OF AMERICA CORP

USD

150404

95269

10778

673

349

100078

99429

90132

91673

1.29

1.28

0.93

1.37

10.95

15.02

10.23

-13.26

2.97

A-

29.11.2011

Baa2 *

22.08.2013

PHILIP MORRIS INTERNATIONAL

USD

141607

3988

1654

165.06

31377

31310

31377

32815

14827

14523

3908

5.20

5.18

5.43

6.04

16.88

16.10

14.48

0.90

3.87

2.72

8.64

46.38

05.03.2008

11.09.2008

MERCK & CO. INC.

USD

141520

17901

3027

154.13

47267

44907

44384

44388

17662

14938

3878

3.82

3.47

3.48

3.63

13.94

13.91

13.31

-1.62

17.53

-1.18

17.28

33.26

24.11.2010

14.05.2013

CITIGROUP INC

USD

147186

22019

3029

624

753.06

90708

91183

78587

79658

30978

32335

4.01

4.37

4.80

5.50

11.06

10.09

8.80

-11.58

-3.39

-25.77

-17.44

35.46

A-

29.11.2011

Baa2 *

22.08.2013

VERIZON COMMUNICATIONS INC

USD

134526

14970

2859

234.97

115846

118258

120372

125089

29620

31664

10774

2.24

2.43

2.83

3.49

19.31

16.63

13.49

4.48

4.38

0.83

-0.97

26.78

BBB+

02.09.2013

Baa1

02.09.2013

GLAXOSMITHKLINE PLC

GBp

123400

1706

4903

150.30

42887

42865

43784

45350

17224

16081

4139

2.02

1.33

1.87

2.05

30.77

23.61

21.90

19.98

-5.66

4.29

9.68

6.52

60.87

A+

18.02.2008

ORACLE CORP

USD

151490

15480

4646

136.94

37180

37371

38367

40237

17363

17535

4621

2.23

2.31

2.91

3.18

14.39

11.44

10.44

0.16

10.98

2.30

12.84

46.92

A+

24.04.2012

24.06.2011

CISCO SYSTEMS INC

USD

123342

38161

5389

88.95

48607

50916

53933

13652

3965

1.71

1.55

2.11

2.27

14.84

10.92

10.14

5.53

4.65

5.25

4.06

28.09

A+

10.02.2006

WAL-MART STORES INC

USD

238169

7180

3314

291.40

469162

472980

480737

501623

36302

36650

8527

5.02

5.14

5.21

5.72

14.23

14.05

12.78

4.97

2.73

4.65

5.13

7.75

09.07.1999

Aa2

06.03.1996

PEPSICO INC

USD

122514

3990

1544

144.03

65492

65994

66808

69702

11801

12213

3435

4.10

4.38

4.33

4.69

18.14

18.34

16.93

-1.52

10.03

-4.60

6.54

18.51

17.03.2010

25.06.2013

BP PLC

GBp

133982

2297

19136

246.24

609411

604094

565581

559230

33169

40998

15266

0.36

2.20

1.26

1.45

8.42

17.77

14.78

12.77

0.03

5.15

-89.83

-18.58

11.01

24.09.2010

SANOFI

EUR

133518

413

1323

147.90

47392

45603

46015

48546

16794

15256

6.04

3.50

7.31

8.25

39.00

30.19

18.64

16.52

6.33

4.84

-2.25

4.15

45.37

03.05.2013

28.03.2013

AMAZON.COM INC

USD

143809

2679

454

74448

90581

BERKSHIRE HATHAWAY INC-CL B

USD

279479

4111

WALT DISNEY CO/THE

USD

114368

7264

TOTAL SA

EUR

138127

INTEL CORP

USD

ROYAL DUTCH SHELL PLC-A SHS

140.08

61093

66848

187

144.55

162463

174330

1780

127.81

42278

44255

44874

560

2258

168.31

247219

240556

112593

34889

4944

103.30

53341

GBp

213090

297

6331

378.10

SCHLUMBERGER LTD

USD

118346

6618

1328

BHP BILLITON LTD

AUD

167307

7075

5323

COMMONWEALTH BANK OF AUSTRAL

AUD

109011

3028

1606

172

QUALCOMM INC

USD

115122

6167

1706

84.73

19121

23256

24726

27631

SIEMENS AG-REG

EUR

108028

353

856

126.15

106178

104543

103810

106915

MCDONALD'S CORP

USD

94636

4860

1003

105.73

27567

27794

28255

29730

HOME DEPOT INC

USD

108694

6980

1484

118.03

74754

78022

78588

BAYER AG-REG

EUR

95614

435

827

107.72

53919

54452

55393

BRITISH AMERICAN TOBACCO PLC

GBp

99001

452

2026

117.11

24647

24842

GILEAD SCIENCES INC

USD

94455

6719

1519

99.07

9703

BASF SE

EUR

87917

287

918

106.12

UNITED TECHNOLOGIES CORP

USD

95137

4265

919

113.44

22.08.2013

2835

3309

1004

-0.23

-0.44

2.56

5.01

123.19

62.86

27.07

31.69

45.76

25.77

4.95

AA-

26.11.2012

Baa1

26.11.2012

29524

34359

6.15

6.65

18.44

17.05

13.07

8.57

34.15

4.33

19.71

16.05.2013

Aa2

04.02.2010

47851

10850

11440

2854

3.08

3.29

3.37

3.91

19.46

19.00

16.36

3.39

4.89

12.76

5.45

25.85

22.12.2009

23.05.2007

252070

255873

43861

41216

11999

6.92

5.71

6.86

7.03

13.80

13.84

11.50

11.22

12.82

4.06

-2.37

1.40

23.24

AA-

12.04.2011

Aa1

30.08.2005

52325

52933

54840

22160

20187

5274

2.11

1.84

1.90

2.00

12.30

11.90

11.30

-1.22

7.69

-5.87

10.34

38.58

A+

17.02.1993

14.09.2011

757996

739322

728298

731722

84559

85046

24228

6.67

6.12

6.32

6.63

14.04

15.10

13.61

12.96

-1.04

5.54

-11.11

-1.11

18.67

03.09.2009

Aa1

20.07.2005

124.52

42149

43632

45566

50292

11020

11405

3209

4.16

4.36

4.75

5.75

20.50

18.83

15.55

14.04

12.79

12.52

5.53

26.14

A+

11.12.2002

03.06.2003

186.59

62169

63640

67060

24939

20892

15597

2.78

1.93

2.46

2.70

15.29

10.58

11.99

10.89

-8.17

3.98

-26.67

-0.99

31.67

A+

15.11.2010

(P)A1

15.11.2010

39957

40827

21136

22147

4.40

4.50

4.62

4.82

14.15

13.80

13.23

-6.39

3.01

AA-

01.12.2011

Aa2

18.05.2011

6579

7878

2203

3.59

3.84

4.55

4.93

17.46

14.77

13.62

27.84

18.91

8.08

15.03

33.88

19.12.2001

13091

11801

2238

7.60

7.39

7.42

9.45

22.50

22.71

22.40

17.59

9.29

0.28

-10.84

1.13

15.31

A+

05.06.2009

10101

10180

2739

5.37

5.46

5.60

6.10

17.35

16.92

15.52

2.08

3.39

1.61

8.06

36.63

08.05.2003

17.12.2010

82346

9450

10323

2559

3.07

3.48

3.69

4.37

21.83

20.57

17.38

6.19

1.61

13.27

0.65

13.23

02.10.2013

30.08.2011

58442

12206

12606

2506

7.58

4.76

7.79

8.79

32.94

23.33

20.12

17.83

12.00

5.78

0.57

8.40

31.40

A-

30.04.2008

17.07.2006

25000

25573

9968

10135

5587

3.32

3.34

3.57

3.83

25.34

24.40

23.71

22.08

-2.20

11.55

-4.44

21.17

66.20

A-

09.11.2012

10314

10798

13437

4288

4622

1149

1.68

1.87

1.94

3.03

33.02

31.74

20.37

15.71

16.87

4.80

14.12

44.81

A-

23.03.2011

Baa1

23.03.2011

97815

101820

100529

96253

13112

13367

3030

7.12

6.69

7.26

7.98

19.42

17.88

16.26

-2.52

5.35

-25.01

-2.17

17.80

A+

10.05.2011

17.11.2010

57708

61890

63838

67031

9208

10087

2785

5.42

5.66

6.16

6.93

18.33

16.85

14.96

3.50

0.71

1.09

2.29

16.30

02.10.2003

22.04.1993

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

A-

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

Minority Interest (USD)

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

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P 500 INDEX

USD

15439500

2063.628

1118

203

219

104.27

110.09

16.13

15.27

18.47

Euro Stoxx 50 Pr

EUR

2965996

6102.334

4723

775

796

235.03

303.10

22.78

20.43

17.67

21.65

NIKKEI 225

JPY

2838405

199.5747

197

6.14

8.10

0.25

0.24

0.19

0.12

FTSE 100 INDEX

GBP

2909103

12791.87

10098

1536

1670

543.36

812.04

31.26

24.36

20.92

23.16

SWISS MARKET INDEX

CHF

1126878

11568.39

4219

977

864

458.21

571.55

21.56

18.37

17.29

24.73

S&P/TSX COMPOSITE INDEX

CAD

1689705

17647.02

7386

1850

1964

731.18

803.05

16.47

16.48

15.00

24.05

S&P/ASX 200 INDEX

AUD

1359491

6456.327

2699

549

686

217.71

323.09

21.24

17.03

14.31

20.05

HANG SENG INDEX

HKD

1767307

3537.043

1667

375

392

278.24

268.98

1.37

1.45

1.41

2.97

MSCI EM

USD

7417180

1371.527

981

191

179

85.06

87.95

11.61

11.93

11.23

19.56

WESTPAC BANKING CORP

AUD

94991

165

VISA INC-CLASS A SHARES

USD

121602

4918

811

BANCO SANTANDER SA

EUR

93352

237671

9235

570

261

ROYAL DUTCH SHELL PLC-B SHS

GBp

213090

575

6331

AMGEN INC

USD

83711

3059

756

ROYAL BANK OF CANADA

CAD

92229

3035

1445

110

CONOCOPHILLIPS

USD

85818

6551

1220

UNION PACIFIC CORP

USD

72072

1854

469

BRISTOL-MYERS SQUIBB CO

USD

76653

5362

1630

AUST AND NZ BANKING GROUP

AUD

79535

3852

2717

112

UBS AG-REG

CHF

78598

2340

3747

AMERICAN EXPRESS CO

USD

79857

4365

DIAGEO PLC

GBp

79163

3M CO

USD

FACEBOOK INC-A

5895

3075

S&P LT Credit Rating Date

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

39872

38138

17776

18494

1.82

1.93

2.09

2.15

14.90

15.22

13.75

13.38

-1.45

4.97

AA-

01.12.2011

10421

11536

11825

13170

6572

7395

1850

7.09

8.21

7.58

8.93

22.99

24.88

21.13

13.42

13.44

14.28

37.44

64.10

A+

20.05.2008

104637

56428

55672

58055

0.24

0.37

0.58

0.72

30.98

16.00

19.76

15.79

-1.48

5.15

BBB

16.10.2012

(P)Baa2

24.10.2012

757996

739322

728298

731722

84559

85046

24228

6.67

6.12

6.32

6.63

14.68

15.79

14.23

13.56

-1.04

5.54

-11.11

-1.11

18.67

03.09.2009

Aa1

20.07.2005

17265

17657

18270

19075

6665

6617

1693

5.72

6.12

7.35

8.15

18.16

15.11

13.64

10.80

4.55

24.07

2.92

37.48

27.08.2013

Baa1

07.11.2011

33467

34571

29234

31106

4.88

5.20

5.41

5.75

11.95

11.49

10.80

2.12

0.53

AA-

15.11.1994

Aa3

21.06.2012

103.98

57967

57605

50242

51327

19396

20320

5292

5.47

5.87

5.94

6.32

11.96

11.81

11.11

-9.70

-20.57

-10.41

-8.76

35.27

07.02.2012

26.04.2012

80.04

20926

21353

22105

23703

8505

8794

2450

8.24

8.76

9.48

10.89

17.74

16.40

14.27

7.00

5.47

15.86

12.61

41.18

A-

23.04.2012

Baa1

26.10.2012

77.84

17621

15806

16231

17419

4771

3328

978

1.99

1.62

1.74

2.01

28.77

26.79

23.19

-17.05

-4.26

-35.94

3.29

21.06

A+

06.09.2006

12.09.2006

33897

32740

17217

18193

2.00

1.99

2.17

2.28

13.73

13.74

12.57

11.99

0.97

-0.04

AA-

01.12.2011

Aa2

18.05.2011

297

243.32

41870

42917

32267

32833

17222

0.58

-0.71

1.10

1.43

17.54

20.67

15.86

-8.48

-11.10

-12.29

-34.76

29.11.2011

21.06.2012

1105

112.36

33808

34242

32904

34750

10563

10692

4.40

4.60

4.87

5.35

16.09

15.21

13.85

4.73

1.63

3.12

-6.66

31.22

BBB+

30.04.2009

24.04.2009

593

2503

94.40

18551

19861

21537

6378

3818

1.69

1.61

1.82

2.02

31.76

30.09

28.11

25.37

10.12

11.84

4.45

15.15

55.79

A-

01.09.2005

17.10.2005

81025

2526

687

81.62

29904

30270

30893

32505

7771

7794

2165

6.31

6.39

6.69

7.37

18.54

17.71

16.09

0.99

3.53

4.82

3.91

25.75

AA-

18.03.2009

Aa2

01.05.2009

USD

119776

82045

2372

111.69

5089

6118

7368

9769

1187

2698

1023

0.01

0.23

0.71

0.97

213.84

68.88

50.86

37.13

-42.91

44.10

OCCIDENTAL PETROLEUM CORP

USD

76064

3620

806

80.72

24172

23970

24671

25322

13701

13488

3804

7.10

6.82

7.12

7.48

13.84

13.27

12.62

0.97

1.51

-3.30

6.01

56.27

23.06.2008

19.04.2012

COMCAST CORP-CLASS A

USD

117149

9595

2639

159.89

62570

64061

64509

68488

19977

20744

5261

1.92

2.15

2.45

2.82

20.98

18.35

15.97

12.05

14.93

8.82

11.13

32.38

A-

14.02.2013

13.02.2013

BOEING CO/THE

USD

86942

4456

756

82.30

81698

83018

84904

92664

8118

8237

2014

5.11

5.42

6.45

7.20

21.28

17.87

16.01

18.86

5.62

8.53

2.21

9.92

29.07.2009

15.03.2006

UNITEDHEALTH GROUP INC

USD

73731

5038

1019

81.03

110618

116819

122906

134319

10563

10614

2941

5.28

5.26

5.51

5.84

13.79

13.17

12.41

8.60

8.46

10.17

4.09

9.09

24.09.2012

21.07.2011

TORONTO-DOMINION BANK

CAD

81207

2137

918

29442

29580

23749

25876

6.92

7.10

7.34

8.22

12.11

11.71

10.45

4.78

2.62

AA-

15.03.2007

Aa1

28.01.2013

ANHEUSER-BUSCH INBEV NV

EUR

158458

232

1602

280.48

53916

54668

59420

66279

21085

21195

6199

6.05

11.08

6.45

7.38

16.41

31.31

28.20

24.64

2.47

5.66

2.23

24.26

52.58

01.05.2012

27.03.2012

CVS CAREMARK CORP

USD

69575

7582

1231

77.77

123133

123632

126175

131382

8981

9633

2517

3.21

3.55

3.96

4.46

15.95

14.32

12.71

14.97

8.44

13.71

8.81

7.79

BBB+

23.03.2007

Baa1

23.09.2013

ALTRIA GROUP INC

USD

69553

5798

2010

81.89

17500

17425

17497

17788

7539

8130

2055

2.25

2.37

2.39

2.56

14.67

14.49

13.56

5.30

1.98

15.22

-12.44

46.66

BBB

06.01.2009

Baa1

24.10.2006

DAIMLER AG-REGISTERED SHARES

EUR

84087

1165

1068

115

178.85

155000

154863

159322

170061

16461

14719

7.69

8.50

6.53

7.53

12.54

25.48

16.32

14.16

9.87

6.14

-0.87

-7.03

12.89

A-

23.02.2012

01.10.2007

ALLIANZ SE-REG

EUR

72405

189

453

83.23

130214

131579

138947

142783

15.77

32.81

17.77

18.26

6.56

12.27

12.12

11.79

13.40

4.49

27.01.2012

Aa3

03.05.2004

MITSUBISHI UFJ FINANCIAL GRO

JPY

88307

43936

14155

597

123

45077

46261

36726

37333

0.61

0.66

0.59

0.60

0.10

0.11

-0.03

-0.02

30.09.2008

GOLDMAN SACHS GROUP INC

USD

73268

2951

481

511

522.08

41664

43493

33878

33810

20446

21297

14.96

16.92

15.15

15.46

9.27

10.35

10.15

13.24

-8.46

27.63

-19.57

48.97

A-

29.11.2011

HONEYWELL INTERNATIONAL INC

USD

63925

2633

783

66.63

37665

37944

39159

41400

5082

5340

1737

4.84

5.19

4.95

5.55

15.70

16.45

14.68

3.11

0.84

43.93

2.19

14.07

03.07.2001

12.10.2001

TELEFONICA SA

EUR

73474

2436

4503

154.06

84562

81282

78527

77920

28792

27545

1.02

1.17

1.40

1.47

18.66

21.88

15.67

14.87

-1.04

0.50

12.86

-1.95

45.96

BBB

20.12.2012

Baa2

18.10.2012

TIME WARNER INC

USD

60067

2966

932

77.45

28729

29380

29794

30815

7106

7589

1828

3.36

3.81

3.75

4.30

17.14

17.42

15.18

-0.85

0.68

3.33

-18.04

25.83

BBB

27.03.2009

Baa2

06.03.2006

ASTRAZENECA PLC

GBp

65091

218

1247

107.12

45389

43130

42253

40790

17294

17970

3658

9.83

6.34

8.47

7.81

21.38

16.94

16.01

17.36

-27.14

-6.99

-32.00

-0.77

67.61

AA-

27.07.2007

11.04.2013

NATIONAL AUSTRALIA BANK LTD

AUD

77057

3623

2244

157

36563

34906

17524

18145

1.74

1.81

2.36

2.53

17.06

17.12

13.09

12.23

1.59

-1.85

AA-

01.12.2011

Aa2

18.05.2011

ABBVIE INC

USD

72946

7021

1577

18648

19045

7255

1869

3.69

3.14

3.22

14.67

14.31

5.37

30.36

26.10.2012

Baa1

05.11.2012

US BANCORP

USD

66857

6326

1869

22202

21738

19680

20276

2.87

2.97

3.01

3.20

12.22

12.08

11.37

3.75

1.37

A+

20.08.2012

06.12.2012

BNP PARIBAS

EUR

86137

859

1240

1373

189

90686

126930

53040

54101

7.42

5.53

6.34

7.19

16.96

13.98

14.80

13.04

-7.90

-5.75

A+

25.10.2012

21.06.2012

BG GROUP PLC

GBp

64960

724

3614

123.31

30720

31858

32494

35759

16547

16763

2971

2.10

2.04

1.99

2.29

24.42

24.90

24.99

21.74

11.63

-5.49

10.58

9.94

85.38

AMERICAN INTERNATIONAL GROUP

USD

72120

7885

1476

113.74

65656

66705

49765

51239

3.93

3.65

4.29

4.31

13.37

11.39

11.34

9.77

-1.67

A-

02.03.2009

Baa1

12.01.2011

SOFTBANK CORP

JPY

89069

17484

1192

118.91

34473

35638

65514

76131

11733

13875

2.57

3.85

3.74

3.37

0.20

0.22

0.06

0.07

0.14

0.40

BB+

08.07.2013

04.06.2010

BANK OF NOVA SCOTIA

CAD

68908

2745

1184

26062

27014

20812

22036

4.55

4.81

4.97

5.33

11.55

11.18

10.43

10.85

1.14

A+

13.12.2012

Aa2

28.01.2013

NOVO NORDISK A/S-B

DKK

92530

172

543

90.63

14222

14977

15484

16813

5841

6239

1660

8.12

8.64

9.56

3.77

3.55

3.21

2.58

5.27

3.98

7.59

AA-

19.06.2013

BHP BILLITON PLC

GBp

169017

1323

5297

321.06

107039

109571

115458

45095

26854

3.58

3.31

4.23

4.65

22.97

21.25

18.01

16.37

-14.06

6.86

-29.10

-0.40

68.36

A+

15.11.2010

(P)A1

15.11.2010

SAP AG

EUR

90364

379

1192

92.47

22000

22563

23384

25455

2024

3.22

3.39

4.60

5.15

29.42

29.24

21.67

19.38

18.96

10.51

9.86

14.98

41.78

STARBUCKS CORP

USD

57760

4133

749

56.27

13300

14461

14874

16589

2367

2709

802

1.77

2.08

2.22

2.67

36.97

34.66

28.80

13.67

8.05

14.11

10.50

18.73

A-

24.02.2012

Baa2 *+

03.09.2013

RIO TINTO PLC

GBp

93588

420

1847

203.94

82698

81360

83988

89030

25802

25311

19691

5.80

-6.26

8.07

9.12

28.14

15.69

13.88

-25.65

0.61

-65.46

14.08

50.48

A-

18.04.2011

BIOGEN IDEC INC

USD

55577

1683

237

55.53

5516

5942

6823

8091

2204

2525

725

5.67

6.60

8.58

10.86

35.46

27.26

21.53

9.27

11.90

3.06

11.87

42.49

A-

17.04.2013

Baa2

19.03.2012

BARCLAYS PLC

GBp

71298

18239

13254

710

208

55194

54008

46983

48404

0.19

-0.02

0.44

0.52

130.65

16.47

13.76

-31.67

A-

02.07.2013

(P)A3

21.06.2012

COLGATE-PALMOLIVE CO

USD

54937

2620

935

59.95

17085

17279

17532

18367

4314

4052

1179

2.68

2.76

2.83

3.11

21.46

20.93

19.02

2.10

1.97

1.22

7.63

23.45

AA-

04.05.2001

Aa3

18.06.2001

MONSANTO CO

USD

56120

4503

533

54.48

14861

15984

16983

4185

685

4.56

4.54

5.27

5.99

23.19

19.98

17.57

10.05

1.80

11.30

3.89

28.16

A+

21.10.2008

21.02.2012

CELGENE CORP

USD

62769

2803

420

62.31

5507

5930

6349

7239

2199

2378

797

3.96

4.50

5.93

7.18

33.94

25.74

21.27

13.73

23.38

32.20

36.40

40.11

BBB+

04.10.2010

Baa2

04.10.2010

SUMITOMO MITSUI FINANCIAL GR

JPY

67384

6576

1354

290

124

33334

35323

28566

28711

6.04

7.26

5.01

4.71

0.07

0.10

0.09

0.07

18.06.2007

S&P LT Credit Rating -

115.06

378.10 85.61

82.17

18380

6783

6951

2024

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

Aa2

18.05.2011

22.08.2013

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.36

2.19

2.02

2.36

1.50

1.44

1.38

1.50

10.94

10.56

10.43

10.94

9.43

8.69

8.14

9.43

15.27

13.77

12.45

15.27

2.09

2.27

2.44

2.09

1853.2

10.2%

Euro Stoxx 50 Pr

1.31

1.25

1.17

1.31

0.84

0.81

0.79

0.84

6.56

6.03

5.46

6.56

7.67

7.26

6.87

7.67

13.03

11.64

10.46

13.03

3.92

4.12

4.46

3.92

3038.5

4.4%

NIKKEI 225

1.56

1.46

1.36

1.56

0.75

0.72

0.70

0.75

9.09

8.42

7.22

9.09

8.91

8.14

7.65

8.91

18.24

16.16

14.56

18.24

1.61

1.76

1.90

1.61

15398.4

6.3%

FTSE 100 INDEX

1.78

1.66

1.36

1.78

1.04

1.01

0.98

1.04

8.69

7.88

7.16

8.69

7.66

7.02

6.60

7.66

12.89

11.73

10.77

12.89

3.77

4.10

4.47

3.77

7099.4

10.1%

SWISS MARKET INDEX

2.50

2.32

2.17

2.50

2.11

2.02

1.93

2.11

13.16

11.84

10.57

13.16

13.38

12.41

11.59

13.38

15.59

14.12

12.82

15.59

3.17

3.54

3.99

3.17

8703.6

8.3%

S&P/TSX COMPOSITE INDEX

1.75

1.63

1.51

1.75

1.68

1.55

1.49

1.68

8.84

8.02

6.74

8.84

8.99

7.98

7.38

8.99

15.45

13.65

12.38

15.45

3.13

3.25

3.38

3.13

14291.9

11.8%

S&P/ASX 200 INDEX

1.93

1.83

1.74

1.93

1.82

1.71

1.64

1.82

11.03

10.10

9.46

11.03

9.41

8.58

8.02

9.41

15.19

13.80

12.80

15.19

4.52

4.82

5.17

4.52

5387.5

3.5%

HANG SENG INDEX

1.36

1.26

1.16

1.36

1.77

1.64

1.52

1.77

8.03

7.60

7.10

8.03

9.01

8.24

7.55

9.01

10.96

10.17

9.23

10.96

3.54

3.80

4.18

3.54

25158.2

10.1%

MSCI EM

1.45

1.33

1.21

1.45

1.01

0.94

0.88

1.01

7.28

6.63

6.09

7.28

7.65

6.95

6.43

7.65

11.23

10.05

9.20

11.23

2.80

3.08

3.37

2.80

1120.8

13.5%

APPLE INC

3.88

3.52

3.02

2.56

2.32

2.81

2.58

2.42

2.26

1.98

8.81

9.27

9.24

8.69

5.31

5.65

5.27

4.86

5.08

10.92

12.31

11.25

10.31

12.65

0.55

2.37

2.62

2.80

543.19

12.4%

EXXON MOBIL CORP

2.34

2.16

1.96

1.79

1.56

0.82

0.86

0.84

0.86

0.87

7.23

7.53

6.83

6.45

4.55

5.06

4.85

4.72

4.56

10.87

11.28

10.75

10.38

9.65

2.53

2.89

3.11

3.28

95.20

11.3%

MICROSOFT CORP

3.56

3.02

2.54

2.38

3.59

3.39

3.14

2.96

3.17

9.34

9.11

8.35

9.31

6.81

7.13

6.50

6.13

6.85

12.28

12.60

11.42

10.57

2.65

2.99

3.17

3.26

35.00

3.4%

GENERAL ELECTRIC CO

2.03

2.00

1.93

1.86

1.67

1.63

1.58

11.76

9.88

8.83

8.43

9.20

8.76

8.02

7.48

16.03

14.59

13.35

12.26

2.85

3.20

3.57

3.92

26.73

10.9%

JOHNSON & JOHNSON

3.70

3.29

2.88

2.54

2.33

3.62

3.45

3.31

3.18

3.05

14.10

15.14

11.68

11.20

10.51

10.95

10.03

9.49

8.97

8.49

17.00

15.85

14.87

13.94

12.98

2.71

3.00

3.25

3.50

3.72

96.28

11.2%

CHEVRON CORP

1.70

1.54

1.41

1.30

1.16

0.96

0.98

0.95

0.91

0.84

6.18

6.05

5.59

5.32

4.75

4.02

4.19

4.03

3.86

3.66

9.59

9.79

9.56

9.30

8.66

2.97

3.28

3.49

3.65

3.88

134.29

13.6%

NESTLE SA-REG

3.26

3.11

2.89

2.72

2.18

2.12

2.02

1.90

1.79

14.94

14.67

13.48

12.34

12.86

12.52

11.75

11.02

10.09

18.23

17.95

16.66

15.31

14.17

3.34

3.47

3.68

3.91

3.90

69.23

11.5%

GOOGLE INC-CL A

4.06

3.37

2.85

2.43

7.01

6.21

5.29

4.56

4.10

18.13

15.91

13.63

11.73

13.11

11.38

9.56

8.12

7.00

22.06

20.15

17.06

14.44

12.42

0.00

992.62

13.3%

WELLS FARGO & CO

1.51

1.40

1.28

1.20

2.54

2.57

2.53

2.43

11.49

10.25

9.83

9.21

12.29

10.68

10.23

9.68

8.84

2.15

2.80

3.09

3.40

46.23

12.8%

PROCTER & GAMBLE CO/THE

3.25

3.11

3.03

2.96

2.47

2.43

2.34

2.24

2.11

14.51

14.19

12.92

11.80

10.64

12.44

11.78

11.07

10.32

9.47

18.77

17.67

16.25

14.89

13.47

3.03

3.26

3.49

3.72

4.31

85.69

13.0%

INTL BUSINESS MACHINES CORP

8.21

9.87

7.52

6.02

3.52

1.93

1.97

1.93

1.87

1.77

10.14

9.70

8.11

7.37

6.19

8.55

8.21

7.64

7.16

6.82

12.16

10.89

10.00

9.10

1.78

1.96

2.11

2.23

2.67

217.59

18.3%

HSBC HOLDINGS PLC

1.18

1.13

1.08

1.03

0.98

2.96

3.05

2.95

2.79

2.85

11.85

10.48

9.43

8.64

12.27

11.29

10.41

9.34

9.75

3.97

4.75

5.27

5.88

5.62

773.48

14.7%

JPMORGAN CHASE & CO

1.02

0.95

0.88

0.82

1.98

1.97

1.99

1.84

10.50

8.77

8.39

7.55

10.45

9.01

8.57

8.01

6.79

2.29

2.77

3.19

3.63

62.36

20.1%

ROCHE HOLDING AG-GENUSSCHEIN

12.54

9.75

7.74

6.38

4.53

4.33

4.17

4.04

3.92

15.31

13.18

12.21

11.34

11.45

12.32

10.98

10.39

9.88

9.41

17.41

15.83

14.75

13.80

13.02

3.07

3.37

3.65

3.94

4.27

273.40

14.8%

PFIZER INC

2.65

2.76

2.71

2.70

3.26

3.70

3.75

3.81

3.88

11.28

11.27

9.94

10.07

10.46

6.64

7.91

8.25

8.55

9.18

13.29

13.30

12.44

12.03

11.97

3.05

3.31

3.55

3.77

4.08

32.19

11.9%

AT&T INC

1.96

2.11

2.05

1.96

1.41

1.39

1.36

1.34

1.32

5.65

5.48

5.34

5.31

5.98

6.06

5.81

5.59

5.38

14.30

13.60

12.53

11.74

10.93

5.26

5.38

5.51

5.64

5.73

37.24

10.7%

VODAFONE GROUP PLC

1.42

1.41

1.29

1.17

2.41

2.38

2.35

2.29

7.86

7.80

6.61

5.65

10.35

10.48

10.19

10.00

9.73

14.24

14.62

14.82

14.43

13.64

4.71

4.67

4.75

4.94

4.80

223.31

1.2%

TOYOTA MOTOR CORP

1.70

1.45

1.32

1.20

1.01

0.97

0.84

0.80

0.77

0.71

11.78

7.26

6.81

6.41

5.31

15.91

9.94

9.20

8.48

7.23

21.57

10.82

10.01

9.08

7.73

1.20

2.60

3.00

3.52

4.13

8067.65

30.5%

NOVARTIS AG-REG

2.58

2.52

2.39

2.29

2.03

3.60

3.54

3.44

3.33

3.23

12.59

12.50

11.83

10.65

10.42

12.71

12.93

12.32

11.59

11.18

14.34

14.61

13.48

12.38

11.82

3.25

3.35

3.50

3.73

4.01

74.21

9.6%

COCA-COLA CO/THE

5.17

5.11

4.86

4.62

3.42

3.48

3.36

3.19

3.03

15.29

15.90

14.11

12.64

11.80

13.52

13.35

12.64

11.74

11.00

18.56

17.69

16.46

15.16

13.87

2.76

3.00

3.20

3.50

3.79

45.33

22.0%

BANK OF AMERICA CORP

0.68

0.63

0.60

1.72

1.67

1.64

1.59

33.73

14.03

9.98

8.40

24.18

15.02

10.23

8.62

6.80

0.28

0.29

1.46

2.33

15.45

10.4%

4.50

4.51

4.32

4.09

3.85

14.34

14.04

12.83

11.90

11.07

11.15

10.43

9.76

8.86

16.80

16.10

14.48

13.09

11.57

3.74

4.04

4.46

4.90

5.52

96.50

10.3%

3.11

10.27

9.88

10.19

8.54

7.61

8.65

8.48

8.05

7.71

12.72

13.91

13.31

12.58

11.53

3.47

3.55

3.62

3.71

3.95

52.59

8.8%

14.07

10.32

8.79

8.57

11.88

10.09

8.80

8.11

0.08

1.27

2.21

59.43

22.8%

2.09

5.06

0.53

PHILIP MORRIS INTERNATIONAL MERCK & CO. INC.

2.58

2.92

2.69

2.60

3.01

3.19

CITIGROUP INC

0.76

0.74

0.69

0.65

2.07

1.87

1.85

1.80

1.16

1.12

1.08

1.04

1.01

4.39

4.24

5.34

4.89

2.87

2.82

2.72

2.62

2.54

13.04

10.90

9.95

9.12

3.38

11.12

10.33

9.63

9.48

9.57

9.04

VERIZON COMMUNICATIONS INC

3.36

3.43

4.27

3.53

GLAXOSMITHKLINE PLC

10.77

12.00

11.21

10.27

ORACLE CORP

3.53

3.04

2.68

2.16

4.05

3.95

3.76

3.58

CISCO SYSTEMS INC

2.15

1.92

1.78

1.64

2.54

2.42

2.29

2.15

WAL-MART STORES INC

3.18

2.99

2.73

2.26

0.51

0.50

0.47

0.45

0.44

9.35

9.12

8.25

7.36

PEPSICO INC

5.75

5.28

5.06

4.79

1.88

1.83

1.76

1.68

1.60

14.51

13.75

11.95

11.00

BP PLC

1.14

1.06

1.00

0.94

1.04

0.37

0.38

0.39

0.38

0.43

5.10

4.57

4.35

4.08

SANOFI

1.70

1.69

1.65

1.59

1.44

2.83

2.90

2.75

2.62

2.58

10.54

11.55

10.42

AMAZON.COM INC

18.72

15.40

12.54

9.53

7.04

2.32

1.93

1.59

1.32

1.12

48.60

31.84

24.76

BERKSHIRE HATHAWAY INC-CL B

9.08

1.67

5.70

10.32

9.06

3.50

6.19

5.63

5.28

5.00

4.77

19.83

16.63

13.49

12.25

11.47

4.29

4.44

4.55

4.71

4.75

53.80

14.4%

9.47

9.73

9.12

8.70

8.20

13.99

13.50

12.31

11.27

10.43

4.76

5.01

5.29

5.61

5.98

1769.16

13.6%

7.89

7.33

7.02

6.55

6.56

6.69

12.37

11.44

10.44

9.70

0.90

1.44

1.40

1.41

36.12

8.7%

7.93

5.58

5.41

5.10

4.95

11.46

10.92

10.14

9.63

2.70

3.07

3.26

3.58

27.11

17.8%

7.95

6.50

7.98

7.77

7.49

7.18

6.87

14.89

14.05

12.78

11.66

10.21

2.20

2.58

2.81

3.39

81.31

11.1%

11.66

11.19

10.49

9.84

9.17

19.54

18.34

16.93

15.58

14.20

2.67

2.82

3.02

3.24

3.47

89.60

12.8%

3.97

4.03

3.81

3.65

3.51

3.78

7.75

9.11

7.87

7.52

7.31

4.81

5.11

5.40

5.65

5.80

488.90

11.6%

9.04

8.28

8.11

9.43

8.47

7.76

7.26

11.98

13.76

12.18

10.91

10.07

3.76

3.78

4.13

4.60

5.27

86.78

17.0%

15.74

9.60

43.40

29.57

21.39

16.22

11.15

163.85

123.19

62.86

37.70

21.30

0.00

18.44

17.05

1.33

333.62

6.0%

129.50

14.2%

WALT DISNEY CO/THE

2.83

2.67

2.52

2.32

2.44

2.69

2.55

2.39

2.23

2.11

14.64

13.40

11.65

9.97

9.17

11.37

10.59

9.47

8.60

8.00

20.81

19.00

16.36

14.08

12.73

0.93

1.15

1.29

1.40

1.59

72.17

12.7%

TOTAL SA

1.32

1.26

1.16

1.07

1.03

0.57

0.55

0.54

0.58

4.43

4.53

4.06

3.83

3.76

3.67

3.88

3.68

3.49

3.24

7.85

8.48

8.27

8.06

7.45

5.45

5.54

5.68

5.82

6.14

46.48

8.5%

INTEL CORP

2.30

2.00

1.83

1.73

2.11

2.13

2.05

1.97

6.40

6.33

6.11

6.01

4.76

5.15

4.81

4.64

10.18

11.90

11.30

11.27

3.85

4.01

4.13

4.23

ROYAL DUTCH SHELL PLC-A SHS

1.10

1.07

1.00

0.95

0.45

0.47

4.65

4.69

4.35

4.20

3.92

3.83

3.67

3.58

7.77

8.39

7.99

7.90

5.28

5.52

5.65

5.78

SCHLUMBERGER LTD

3.37

3.04

2.68

2.34

2.80

2.60

2.35

2.15

14.84

12.45

10.54

9.17

11.15

10.04

8.80

7.73

21.37

18.83

15.55

13.19

1.22

1.38

1.47

1.57

98.29

9.9%

BHP BILLITON LTD

2.41

2.23

2.03

1.87

1.69

2.50

2.48

2.36

2.24

2.14

9.18

8.25

7.64

7.47

6.02

6.96

6.51

6.05

5.81

13.43

12.72

11.56

11.24

10.60

3.52

3.69

3.95

4.28

4.11

40.59

15.5%

COMMONWEALTH BANK OF AUSTRAL

2.69

2.52

2.39

2.30

2.21

5.37

5.16

4.92

4.71

4.46

15.29

14.46

13.78

13.04

13.03

15.46

14.64

14.03

13.30

12.43

5.07

5.29

5.53

5.84

6.20

70.89

-1.2%

QUALCOMM INC

3.50

3.07

2.69

2.41

6.09

4.66

4.17

3.84

16.84

14.73

12.61

12.06

11.52

9.20

8.13

7.72

18.44

14.77

13.62

12.94

1.33

1.72

2.03

2.20

74.42

10.9%

SIEMENS AG-REG

2.43

2.56

2.34

2.13

1.67

1.02

1.04

1.01

0.97

0.93

10.81

13.03

10.25

8.80

MCDONALD'S CORP

6.76

6.01

5.73

5.37

4.78

3.44

3.35

3.18

2.99

2.79

13.84

13.13

11.97

10.78

HOME DEPOT INC

6.48

6.95

7.40

8.17

10.00

1.46

1.38

1.32

1.27

1.22

18.24

16.12

13.56

11.75

BAYER AG-REG

3.53

3.43

3.04

2.69

2.43

1.78

1.73

1.64

1.55

1.48

12.63

11.49

10.30

9.45

8.74

BRITISH AMERICAN TOBACCO PLC

7.57

8.24

8.14

7.59

7.79

3.97

3.96

3.87

3.71

3.49

13.75

13.27

12.70

11.48

10.02

GILEAD SCIENCES INC

9.20

7.32

5.49

4.10

9.89

8.75

7.03

5.39

4.50

29.20

27.83

16.77

9.86

BASF SE

2.49

2.42

2.29

2.09

0.83

0.87

0.91

0.87

0.84

8.06

8.57

7.89

7.69

UNITED TECHNOLOGIES CORP

3.72

3.31

2.96

2.68

1.64

1.49

1.42

1.37

1.28

14.67

12.86

11.58

10.48

0.86

1.81

0.44

4.36

7.67

6.34

3.79

5.61

7.50

6.10

8.1%

2394.21

18.0%

9.39

10.80

8.60

7.88

7.21

14.73

16.52

12.97

11.65

10.07

3.40

3.43

3.63

3.86

10.61

10.27

9.67

8.91

8.30

17.81

16.92

15.52

14.02

12.25

3.02

3.34

3.65

3.96

12.43

11.03

10.02

9.44

8.86

24.88

20.57

17.38

15.17

13.60

1.42

2.07

2.37

2.69

9.60

9.32

8.47

7.81

7.25

15.74

14.84

13.15

11.81

10.72

2.12

2.43

2.73

3.01

11.83

11.41

10.93

10.24

9.45

15.59

14.61

13.61

12.43

11.05

4.18

4.51

4.84

5.31

21.25

20.53

14.50

10.08

30.89

31.74

20.37

13.11

9.95

0.00

6.33

7.73

7.20

6.70

6.13

13.01

13.19

11.99

10.91

9.70

3.66

3.80

4.00

4.23

4.41

74.74

5.9%

12.19

10.55

9.54

8.71

7.99

19.48

16.85

14.96

13.31

11.75

1.94

2.11

2.29

2.48

2.43

117.35

13.2%

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

3.92

24.43

90.34

-0.1%

105.62

11.6%

2.99

85.14

12.2%

3.30

92.75

8.8%

5.89

3747.96

16.6%

72.75

17.9%

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.36

2.19

2.02

2.36

1.50

1.44

1.38

1.50

10.94

10.56

10.43

10.94

9.43

8.69

8.14

9.43

15.27

13.77

12.45

15.27

2.09

2.27

2.44

2.09

1853.2

10.2%

Euro Stoxx 50 Pr

1.31

1.25

1.17

1.31

0.84

0.81

0.79

0.84

6.56

6.03

5.46

6.56

7.67

7.26

6.87

7.67

13.03

11.64

10.46

13.03

3.92

4.12

4.46

3.92

3038.5

4.4%

NIKKEI 225

1.56

1.46

1.36

1.56

0.75

0.72

0.70

0.75

9.09

8.42

7.22

9.09

8.91

8.14

7.65

8.91

18.24

16.16

14.56

18.24

1.61

1.76

1.90

1.61

15398.4

6.3%

FTSE 100 INDEX

1.78

1.66

1.36

1.78

1.04

1.01

0.98

1.04

8.69

7.88

7.16

8.69

7.66

7.02

6.60

7.66

12.89

11.73

10.77

12.89

3.77

4.10

4.47

3.77

7099.4

10.1%

SWISS MARKET INDEX

2.50

2.32

2.17

2.50

2.11

2.02

1.93

2.11

13.16

11.84

10.57

13.16

13.38

12.41

11.59

13.38

15.59

14.12

12.82

15.59

3.17

3.54

3.99

3.17

8703.6

8.3%

S&P/TSX COMPOSITE INDEX

1.75

1.63

1.51

1.75

1.68

1.55

1.49

1.68

8.84

8.02

6.74

8.84

8.99

7.98

7.38

8.99

15.45

13.65

12.38

15.45

3.13

3.25

3.38

3.13

14291.9

11.8%

S&P/ASX 200 INDEX

1.93

1.83

1.74

1.93

1.82

1.71

1.64

1.82

11.03

10.10

9.46

11.03

9.41

8.58

8.02

9.41

15.19

13.80

12.80

15.19

4.52

4.82

5.17

4.52

5387.5

3.5%

HANG SENG INDEX

1.36

1.26

1.16

1.36

1.77

1.64

1.52

1.77

8.03

7.60

7.10

8.03

9.01

8.24

7.55

9.01

10.96

10.17

9.23

10.96

3.54

3.80

4.18

3.54

25158.2

10.1%

MSCI EM

1.45

1.33

1.21

1.45

1.01

0.94

0.88

1.01

7.28

6.63

6.09

7.28

7.65

6.95

6.43

7.65

11.23

10.05

9.20

11.23

2.80

3.08

3.37

2.80

1120.8

13.5%

WESTPAC BANKING CORP

2.27

2.20

2.14

2.07

1.95

5.64

5.34

5.14

4.93

4.66

14.93

13.41

12.97

12.52

12.32

15.79

14.59

14.20

13.67

12.90

5.11

5.80

5.84

6.10

32.15

-0.8%

VISA INC-CLASS A SHARES

4.45

4.23

3.63

3.21

11.73

10.28

9.23

8.26

7.39

26.80

24.72

18.29

17.50

30.66

24.88

21.13

18.09

16.89

0.46

0.70

0.79

0.90

212.14

12.5%

BANCO SANTANDER SA

0.81

0.93

0.92

0.89

1.56

1.68

1.61

1.53

1.50

2.37

2.98

2.90

2.79

11.04

14.57

11.64

9.73

10.12

9.49

9.57

8.41

8.51

4.91

5.65

-8.9%

ROYAL DUTCH SHELL PLC-B SHS

1.15

1.12

1.05

1.00

0.45

0.47

0.44

4.86

4.91

4.55

4.39

8.13

8.77

8.35

8.26

7.84

5.04

5.28

5.42

5.54

5.70

2359.14

11.2%

AMGEN INC

4.34

4.09

3.38

2.99

4.86

4.58

4.39

4.30

4.19

13.49

13.14

11.74

11.02

17.10

15.11

13.64

12.76

11.78

1.29

1.70

2.05

2.39

2.03

124.43

12.0%

ROYAL BANK OF CANADA

2.43

2.19

2.00

1.86

3.29

3.15

2.97

2.75

12.66

12.06

11.31

13.23

11.84

11.13

10.58

10.26

3.46

3.84

4.19

4.52

CONOCOPHILLIPS

1.61

1.69

1.57

1.47

1.38

1.71

1.67

1.78

6.35

5.33

5.18

12.30

11.81

11.11

10.97

9.94

3.80

3.85

4.00

4.02

UNION PACIFIC CORP

3.69

3.37

3.04

2.71

3.43

3.26

3.04

2.87

2.77

12.22

10.58

9.64

BRISTOL-MYERS SQUIBB CO

4.87

5.83

5.88

6.19

4.36

4.72

4.40

4.44

4.23

16.73

24.86

AUST AND NZ BANKING GROUP

2.05

1.96

1.85

1.75

4.87

4.62

4.37

4.13

3.91

13.74

UBS AG-REG

1.46

1.44

1.36

1.31

2.82

2.44

2.40

2.29

2.38

119.10

AMERICAN EXPRESS CO

4.28

4.05

3.68

3.49

2.53

2.43

2.30

2.17

DIAGEO PLC

6.79

5.49

4.53

3.72

3.06

4.28

3.99

3.68

3.43

3M CO

4.72

4.50

4.14

3.80

2.72

2.62

2.49

2.39

FACEBOOK INC-A

7.98

8.74

7.49

6.15

5.89

23.82

16.26

12.26

9.49

OCCIDENTAL PETROLEUM CORP

1.85

1.73

1.58

1.47

3.21

3.08

3.00

3.05

COMCAST CORP-CLASS A

2.38

2.25

2.12

1.93

1.87

1.82

1.71

1.64

1.58

BOEING CO/THE

10.63

9.90

9.17

10.76

1.06

1.02

0.94

0.92

0.89

UNITEDHEALTH GROUP INC

2.49

2.24

2.03

1.97

0.67

0.60

0.55

TORONTO-DOMINION BANK

1.88

1.79

1.65

1.48

3.56

3.42

ANHEUSER-BUSCH INBEV NV

3.70

3.31

3.05

2.76

4.00

CVS CAREMARK CORP

1.91

1.79

1.69

1.59

ALTRIA GROUP INC

17.98

16.64

14.16

12.71

DAIMLER AG-REGISTERED SHARES

1.44

1.34

1.26

1.16

1.05

ALLIANZ SE-REG

1.03

1.02

0.96

0.90

MITSUBISHI UFJ FINANCIAL GRO

0.84

0.74

0.70

0.66

GOLDMAN SACHS GROUP INC

1.10

1.01

0.94

HONEYWELL INTERNATIONAL INC

4.79

4.25

TELEFONICA SA

2.37

TIME WARNER INC

1.97

ASTRAZENECA PLC

0.90

1.66

15.08

13.27

11.59

10.37

3.92

3.83

3.67

3.58

3.79

11.53

11.29

9.97

9.50

4.37

9.38

8.60

7.80

7.20

6.74

18.85

16.40

14.27

12.73

11.63

1.57

1.84

2.04

2.20

175.05

12.7%

18.44

19.73

14.80

19.72

17.61

19.02

16.11

23.78

26.79

23.19

24.70

22.82

2.93

3.02

3.10

3.19

3.26

47.00

0.9%

12.93

12.22

11.46

11.24

14.13

13.33

12.73

12.07

11.45

4.73

5.16

5.46

5.75

6.14

31.04

0.9%

17.33

11.67

8.64

18.15

18.61

14.30

11.40

9.53

0.71

1.33

3.23

6.35

6.97

19.72

6.8%

16.97

15.21

13.85

12.50

1.07

1.20

1.32

1.48

10.71

18.96

17.32

15.64

14.08

2.43

2.66

2.90

3.16

14.28

12.52

16.01

14.13

12.54

11.15

65.14

40.99

32.44

25.79

23.53

6.77

6.18

5.78

5.63

4.77

8.45

7.94

7.43

6.61

16.77

14.10

10.95

0.49

12.22

10.80

10.10

3.14

2.92

11.94

12.66

11.26

3.63

3.25

3.07

2.95

14.10

11.74

11.99

11.04

0.57

0.55

0.53

0.51

0.49

11.87

10.55

9.24

8.28

4.00

3.98

3.91

20.14

16.60

14.34

11.97

0.55

0.53

0.49

0.47

0.51

7.03

6.89

5.80

5.13

1.09

0.52

0.51

0.50

0.48

10.39

0.63

2.44

2.40

2.37

2.30

10.94

10.59

10.39

9.38

11.61

0.88

2.23

2.16

2.17

2.15

10.21

8.19

7.96

7.45

12.86

3.60

3.11

1.70

1.63

1.54

1.48

1.33

16.43

13.55

12.42

11.49

2.35

2.27

2.16

0.87

0.94

0.95

3.72

4.24

4.04

4.00

2.00

1.84

1.64

2.08

2.02

1.95

1.85

1.76

14.64

13.28

11.27

11.08

2.78

2.71

2.64

2.58

2.60

2.30

2.48

2.57

2.64

2.73

8.29

8.58

9.02

8.94

9.04

NATIONAL AUSTRALIA BANK LTD

1.96

1.92

1.84

1.76

1.63

4.47

4.40

4.25

4.08

3.85

13.36

13.20

12.57

11.88

10.82

ABBVIE INC

26.52

12.67

8.85

6.57

3.98

3.91

3.83

3.57

3.35

10.71

12.85

12.13

11.39

10.90

US BANCORP

1.96

1.83

1.68

1.55

3.30

3.40

3.30

3.14

12.16

11.73

10.99

BNP PARIBAS

0.82

0.79

0.75

0.71

1.62

1.59

1.54

1.52

6.40

6.21

BG GROUP PLC

1.93

1.81

1.65

1.48

2.86

3.22

2.92

2.36

2.15

7.93

AMERICAN INTERNATIONAL GROUP

0.74

0.73

0.68

0.63

1.28

1.45

1.41

1.34

SOFTBANK CORP

6.33

3.95

3.48

2.98

2.58

1.36

1.17

1.11

1.10

1.49

3.11

7.82

5.1%

19.14

16.28

9.0% 16.2%

10.50

10.13

9.46

8.87

7.63

18.77

17.71

16.09

14.90

2.00

2.15

2.33

122.57

3.4%

39.83

27.46

20.87

16.57

13.11

95.69

68.88

50.86

38.13

29.81

0.00

48.94

-0.5%

5.74

5.50

5.18

5.14

13.61

13.27

12.62

12.76

10.43

2.33

2.60

2.99

3.21

3.52

104.33

10.5%

8.08

7.53

7.09

6.71

6.49

22.84

18.35

15.97

13.99

12.26

1.41

1.72

1.97

2.18

2.24

51.34

14.1%

10.43

10.35

9.80

8.64

8.09

7.30

22.98

17.87

16.01

14.34

12.76

1.53

1.65

1.83

2.02

1.99

130.48

13.2%

9.64

8.01

7.53

7.13

6.79

13.75

13.17

12.41

11.12

9.81

1.04

1.45

1.62

1.54

78.95

8.9%

12.32

12.06

10.77

9.87

3.20

3.56

3.94

4.29

97.94

7.4%

13.33

12.14

10.70

9.96

9.29

21.14

20.79

18.17

16.28

14.53

1.93

2.45

2.85

3.24

8.67

7.86

7.39

6.86

6.39

16.64

14.32

12.71

11.28

9.88

1.15

1.60

1.84

2.34

10.85

10.48

10.18

9.78

15.73

14.49

13.56

12.72

4.93

5.32

5.76

6.21

37.11

6.9%

10.31

9.43

9.16

8.14

12.54

12.03

10.45

8.95

8.23

3.69

3.78

3.87

4.32

4.31

57.67

-0.5%

8.94

8.70

8.35

8.28

3.92

4.41

4.59

4.79

5.08

132.72

13.3%

10.61

10.43

9.80

9.17

1.97

2.29

2.42

2.55

2.95

744.21

21.8%

10.35

10.15

9.71

9.48

1.18

1.28

1.37

1.49

169.27

7.9%

18.17

16.45

14.68

13.41

12.03

1.86

2.04

2.26

2.54

90.15

10.7%

10.42 8.82

3.94

2258.33

13.91

3.65

12.00

80.65

14.80

10.14

11.77

3.76

-0.2%

4.47

12.70

4.29

70.02

4.44

10.96

4.55

69.38

5.03

21.29

2.44

3.15

4.56

19.95

9.81

9.01

8.49

6.40

3.70

77.41

6.5%

66.57

17.5%

5.36

5.79

5.83

5.79

5.87

9.81

11.56

10.96

10.35

10.44

1.08

6.11

6.53

6.37

7.06

11.53

-3.1%

11.20

10.22

9.50

8.82

8.05

20.35

17.42

15.18

13.22

11.41

1.60

1.76

1.92

2.07

2.34

70.84

8.5%

6.05

7.33

7.48

7.65

7.80

8.31

9.87

10.70

10.90

11.29

5.68

5.46

5.50

5.47

5.54

3222.83

0.7%

14.42

13.89

12.98

12.26

11.23

5.17

5.41

5.76

6.08

6.62

34.98

0.5%

12.28

14.67

14.31

12.75

11.68

3.48

3.61

3.76

4.46

49.65

7.9%

9.98

12.70

12.08

11.37

10.43

9.57

2.13

2.45

2.70

3.03

39.95

9.9%

5.65

4.91

9.37

10.92

9.62

8.34

7.95

2.94

3.46

4.02

4.77

5.19

54.30

6.4%

8.21

7.43

5.96

5.93

6.80

7.16

6.26

5.02

5.08

13.89

15.39

13.40

10.45

8.40

1.37

1.44

1.57

1.73

2.30

1380.24

17.5%

12.70

11.39

11.34

9.68

53.67

9.9%

10.13

6.53

6.04

5.54

4.70

10.33

6.34

5.47

5.00

4.37

24.92

19.82

22.04

17.36

1.24

7057.86

-2.9%

11.57

10.63

12.49

11.51

10.74

22.15

18.28

16.59

14.38

12.65

15.62

14.10

12.88

11.63

10.76

24.23

19.46

17.60

10.83

11.02

10.89

9.83

9.11

0.00

0.37

0.78

0.90

13.98

0.56

0.65

0.63

0.78

10.04

9.08

3.72

4.06

4.37

4.66

64.15

8.7%

15.46

13.57

1.86

2.36

2.62

2.98

3.32

1082.24

17.3%

BANK OF NOVA SCOTIA

1.99

1.77

1.62

1.51

3.70

3.31

3.13

2.92

NOVO NORDISK A/S-B

12.92

11.21

9.85

8.77

9.22

6.51

5.98

5.50

5.06

4.68

BHP BILLITON PLC

2.10

1.95

1.77

1.63

1.47

2.50

2.48

2.35

2.24

2.14

8.00

7.19

6.66

6.52

5.25

6.96

6.51

6.04

5.81

5.61

11.72

11.09

10.08

9.80

9.25

4.05

4.26

4.59

4.85

4.98

2121.60

18.0%

SAP AG

4.58

3.90

3.35

2.85

2.36

4.09

3.86

3.55

3.25

3.03

16.82

14.46

12.61

11.33

9.35

12.35

11.01

9.89

8.96

8.11

17.57

15.98

14.29

12.61

11.22

1.55

1.71

1.98

2.22

2.21

64.84

19.5%

STARBUCKS CORP

10.83

9.70

8.45

7.91

4.34

3.88

3.48

3.10

2.79

30.48

23.29

21.18

17.71

22.03

18.36

15.46

13.22

12.23

43.26

34.66

28.80

23.87

20.61

0.90

1.11

1.32

1.64

1.82

81.59

6.1%

RIO TINTO PLC

1.70

1.68

1.48

1.31

1.82

1.79

1.69

1.59

1.51

7.74

6.58

5.94

5.35

6.94

6.55

5.87

5.40

5.16

9.69

9.66

8.56

7.64

7.51

3.26

3.75

4.00

4.36

4.38

3669.83

22.8%

BIOGEN IDEC INC

7.39

7.79

6.04

4.77

10.13

8.15

6.87

6.20

5.54

31.35

23.31

16.26

13.10

23.51

17.71

13.17

11.89

11.91

35.56

27.26

21.53

18.13

15.76

0.00

259.91

11.1%

BARCLAYS PLC

0.67

0.74

0.71

0.68

0.65

1.51

1.52

1.47

1.42

1.36

3.09

10.22

8.48

7.56

8.43

10.15

8.48

7.07

6.32

2.16

2.31

4.25

5.60

6.30

305.88

12.0%

COLGATE-PALMOLIVE CO

9.90

34.69

37.13

37.84

118.44

3.21

3.13

2.99

2.83

2.68

18.75

18.33

16.64

14.81

3.01

63.00

6.4%

MONSANTO CO

4.28

3.87

3.37

2.96

3.75

3.51

3.30

3.14

2.92

18.93

16.40

14.62

118.09

12.2%

CELGENE CORP

10.67

7.50

5.49

3.84

11.37

9.89

8.67

7.28

6.08

32.03

23.86

SUMITOMO MITSUI FINANCIAL GR

1.09

0.93

0.87

0.81

2.47

2.36

2.35

2.29

8.09

8.38

1.26

0.80

5.29

13.82

13.56

13.11

12.19

11.36

10.50

22.10

20.93

19.02

17.37

15.98

2.02

2.26

2.46

2.68

14.61

12.95

11.23

10.10

9.60

8.77

23.00

19.98

17.57

16.62

15.83

1.43

1.55

1.63

1.55

19.13

14.13

22.57

19.68

16.66

13.84

11.87

31.13

25.74

21.27

16.59

12.73

0.00

9.74

8.68

8.91

9.52

10.13

9.59

11.82

2.30

2.49

2.56

2.64

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

2.36

156.33

2.4%

5717.65

22.4%

FUNDAMENTAL SCORING Pitroski F Score Positive Quality Price to Positive Operati Increasi of Currency Book Net ng Cash ng ROA Earning Ratio Income Flow s

Altman Z Score

Long Shares Inc. Term Inc. Current Out Asset Pitroski Debt Gross ratio Same Turnov F Score vs. Margin or Dec. er Assets

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc (Loss)

Market Cap

Ratio Analysis

Total Liabilities

Net Sales (T12M)

Total Shareholder s Equity

Altman Z Score

Altman Z Score Bankruptcy flag

GROWTH & VALUE CHECKLIST

Price to Price To Price to Price to Div Price to Price to Cash Dividen PE < 40 Sales < Book < Cash Yield > Sales Book Flow < d Yield 10 10 Flow 7% 10

Final Score

PEG < 0.75

EPS Relative PE < 20 Growth > Strength 15% >0

ROCE > 12%

Market Market < Cap > 1000m 20m

FINAL SCORE

APPLE INC

USD

5.3

170705

19111

101788

55241

626550

57854

156508

118210

5.50

1.00

15.1

0.3972

EXXON MOBIL CORP

USD

2.3

333795

321

156210

49881

389648

162135

420714

171660

3.61

1.00

11.5

2.5188

MICROSOFT CORP

USD

3.6

124693

64049

11638

26764

287691

63487

77849

78944

4.80

1.00

12.8

2.6632

GENERAL ELECTRIC CO

USD

1.8

599894

17921

89254

15654

218414

556858

144796

128470

0.91

0.00

13.5

3.3349

JOHNSON & JOHNSON

USD

3.0

70171

21854

61706

17032

193049

56521

67224

64826

6.09

1.00

14.3

3.4542

CHEVRON CORP

USD

1.5

228342

21508

119195

35013

210516

95150

222580

137832

3.53

1.00

8.6

3.2458

NESTLE SA-REG

CHF

3.1

80337

-3934

60685

13388

190064

62987

89931

62664

4.66

1.00

18.6

3.4396

GOOGLE INC-CL A

USD

3.3

75788

46117

48880

12760

233421

22083

50175

71715

10.73

1.00

21.1

WELLS FARGO & CO

USD

1.2

1390064

75733

28471

180003

1264057

91247

158911

10.0

2.5746

PROCTER & GAMBLE CO/THE

USD

3.2

52503

-6047

-620

14789

211132

70554

84167

68709

4.17

1.00

19.1

2.9744

INTL BUSINESS MACHINES CORP

USD

11.3

86181

5808

-31250

20443

214032

100229

104507

18984

2.84

1.00

12.6

1.7228

HSBC HOLDINGS PLC

GBp

1.1

2662685

155920

10068

194126

2509409

88382

183129

13.6

4.2829

JPMORGAN CHASE & CO

USD

0.9

2308731

96302

32209

167256

2155072

108184

204069

7.5

2.7292

ROCHE HOLDING AG-GENUSSCHEIN

CHF

11.0

53111

11162

14334

16979

158712

48077

45499

16728

5.56

1.00

16.4

3.9946

PFIZER INC

USD

2.2

95113

32796

8165

19659

182477

104120

58986

81678

2.79

1.00

11.4

3.5089

AT&T INC

USD

2.0

143767

-9081

-5171

12997

188149

179620

127434

92695

1.59

1.00

14.6

5.2507

VODAFONE GROUP PLC

GBp

1.3

90301

-7937

-86668

6065

91282

70210

44445

72488

0.04

0.00

214.0

5.4609

TOYOTA MOTOR CORP

JPY

1.3

35483317

872370

11199945

1320890

15393705

22710461

22064192

12772856

1.62

1.00

16.0

1.8519

NOVARTIS AG-REG

CHF

2.2

62795

3953

68092

11794

152316

54997

56673

69219

5.22

1.00

16.0

3.9889

COCA-COLA CO/THE

USD

4.9

58837

2507

19651

10779

162001

53006

48017

33168

3.63

1.00

18.0

2.8138

BANK OF AMERICA CORP

USD

0.6

2133314

60046

10129

125136

1973018

100078

236956

9.0

0.3445

PHILIP MORRIS INTERNATIONAL

USD

24151

-426

-4810

13929

138308

39523

31377

-1853

4.92

1.00

16.1

3.8737

MERCK & CO. INC.

USD

2.3

64915

16509

10586

10684

123910

50669

47267

55463

2.94

1.00

10.7

4.128

CITIGROUP INC

USD

0.6

1833290

80066

7936

119823

1673663

90708

190997

9.9

0.1011

VERIZON COMMUNICATIONS INC

USD

3.7

117406

-5721

-5130

13160

123690

139689

115846

85533

1.94

1.00

19.3

4.6568

GLAXOSMITHKLINE PLC

GBp

11.3

26955

-123

2439

9170

65450

34728

26431

6747

3.47

1.00

14.4

5.5431

ORACLE CORP

USD

3.5

47829

28820

25755

14432

156942

36667

37180

45145

5.20

1.00

15.2

0.8881

CISCO SYSTEMS INC

USD

2.3

75869

43329

16823

11301

137398

42063

48607

59128

4.09

1.00

14.9

2.4318

WAL-MART STORES INC

USD

3.0

182608

-11878

72391

27801

231814

121367

469162

81738

4.78

1.00

13.9

2.2731

PEPSICO INC

USD

4.7

41142

1631

18049

9112

105023

52239

65492

22399

4.02

1.00

16.6

3.1278

BP PLC

GBp

1.1

264291

28641

102107

7961

132029

180573

375580

119620

2.77

1.00

11.3

4.7829

SANOFI

EUR

1.6

42142

8940

47817

7787

94466

42935

34947

57472

3.19

1.00

19.0

3.8801

AMAZON.COM INC

USD

13.9

29278

2294

-160

676

113895

24363

61093

8192

6.26

1.00

BERKSHIRE HATHAWAY INC-CL B

USD

362936

75782

150409

24378

235864

162463

191588

2.29

1.00

WALT DISNEY CO/THE

USD

2.3

44773

896

8028

8863

93058

32940

42278

41958

4.00

1.00

17.0

1.1477

TOTAL SA

EUR

1.2

158971

18498

66997

21862

88067

97636

182299

74193

2.81

1.00

8.2

5.9985

INTEL CORP

USD

2.0

68406

18460

31739

14638

100017

33148

53341

51203

4.56

1.00

9.6

4.3005

ROYAL DUTCH SHELL PLC-A SHS

GBp

1.2

355855

17755

187952

37499

221603

170398

467153

189927

3.15

1.00

8.1

4.9905

SCHLUMBERGER LTD

USD

2.6

42160

11788

22839

7520

92029

26689

42149

34858

4.84

1.00

16.6

1.5873

BHP BILLITON LTD

AUD

2.2

132883

-586

68409

19518

152291

66074

65968

72035

3.08

1.00

14.0

4.0542

COMMONWEALTH BANK OF AUSTRAL

AUD

2.5

743453

18632

10817

111093

708384

42398

45492

14.5

5.2616

QUALCOMM INC

USD

3.2

36157

10343

21567

5682

106574

9467

19121

33545

9.20

1.00

17.4

1.4887

SIEMENS AG-REG

EUR

2.2

86618

9492

21917

6909

66721

76980

78296

31302

2.14

1.00

13.5

3.8501

MCDONALD'S CORP

USD

5.8

32583

1519

9498

8613

88448

20093

27567

15294

5.33

1.00

16.4

3.2536

HOME DEPOT INC

USD

5.6

39914

3910

9741

7766

99873

23307

74754

17777

5.55

1.00

21.9

1.7236

BAYER AG-REG

EUR

3.2

32579

5887

10185

6041

59449

32767

39760

18569

3.69

1.00

24.3

2.6429

BRITISH AMERICAN TOBACCO PLC

GBp

8.5

15617

1044

3049

5668

63240

19548

15190

7779

4.32

1.00

15.8

4.3223

GILEAD SCIENCES INC

USD

6.0

8443

1886

3659

4010

55791

11689

9703

9551

7.83

1.00

21.8

BASF SE

EUR

2.7

50533

10757

20247

6381

65350

37105

72129

25621

3.64

1.00

13.6

3.6543

UNITED TECHNOLOGIES CORP

USD

2.9

46419

5824

11938

7684

75355

62102

57708

27307

3.34

1.00

15.1

2.4753

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

FUNDAMENTAL SCORING Pitroski F Score Positive Quality Price to Positive Operati Increasi of Currency Book Net ng Cash ng ROA Earning Ratio Income Flow s

Altman Z Score

Long Shares Inc. Term Inc. Current Out Asset Pitroski Debt Gross ratio Same Turnov F Score vs. Margin or Dec. er Assets

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc (Loss)

Ratio Analysis

Market Cap

Total Liabilities

Net Sales (T12M)

Total Shareholder s Equity

Altman Z Score

Altman Z Score Bankruptcy flag

GROWTH & VALUE CHECKLIST

Price to Price To Price to Price to Div Price to Price to Cash Dividen PE < 40 Sales < Book < Cash Yield > Sales Book Flow < d Yield 10 10 Flow 7% 10

Final Score

PEG < 0.75

EPS Relative PE < 20 Growth > Strength 15% >0

ROCE > 12%

Market Market < Cap > 1000m 20m

FINAL SCORE

WESTPAC BANKING CORP

AUD

1.7

662831

17894

8975

76419

628746

42308

46219

12.7

6.6801

VISA INC-CLASS A SHARES

USD

3.9

16912

3832

7638

6239

108901

12383

10421

27630

14.48

1.00

18.9

0.6553

BANCO SANTANDER SA

EUR

0.8

1241566

32081

3838

56334

1185302

77159

84326

26.4

9.8361

ROYAL DUTCH SHELL PLC-B SHS

GBp

1.2

355855

17755

187952

37499

221603

170398

467153

189927

3.15

1.00

8.1

4.9905

AMGEN INC

USD

3.4

37668

23018

-10277

5577

65193

35238

17265

19060

2.86

1.00

15.1

1.6705

ROYAL BANK OF CANADA

CAD

2.1

814929

25131

9834

82265

779072

34481

46028

11.3

4.0042

CONOCOPHILLIPS

USD

1.5

117140

6546

2645

12816

70749

68717

57967

48427

1.61

1.00

10.6

4.5525

UNION PACIFIC CORP

USD

3.0

47153

495

14378

6745

59021

27276

20926

19877

2.86

1.00

15.3

1.9806

BRISTOL-MYERS SQUIBB CO

USD

3.9

19484

1242

10708

4090

53122

22259

17621

13638

4.19

1.00

16.4

4.2037

AUST AND NZ BANKING GROUP

AUD

1.7

635045

17176

8055

67255

600907

35968

41220

11.6

5.8586

UBS AG-REG

CHF

1.2

1252770

11614

1612

53475

1208983

37754

50249

1.0512

AMERICAN EXPRESS CO

USD

3.4

148966

6598

7346

63515

134254

33808

18886

13.1

1.3918

DIAGEO PLC

GBp

6.7

16029

3050

4895

3528

47056

16970

11433

8107

3.76

1.00

18.9

2.5213

3M CO

USD

3.6

24566

7430

13522

6483

63796

15836

29904

18040

6.02

1.00

14.7

2.5417

FACEBOOK INC-A

USD

5.4

13715

10215

1661

538

63142

3348

5089

11755

2662.0

OCCIDENTAL PETROLEUM CORP

USD

1.5

64210

2202

32397

9190

61710

24162

24172

40048

3.22

1.00

10.8

2.8195

COMCAST CORP-CLASS A

USD

2.0

55728

3277

8778

12179

98507

98177

62570

66794

2.95

1.00

19.4

BOEING CO/THE

USD

9.7

80750

12327

-3316

6307

56944

82929

81698

5967

1.96

1.00

14.8

2.4018

UNITEDHEALTH GROUP INC

USD

1.8

44917

-6064

31102

9254

55271

47586

110618

33299

4.95

1.00

10.3

1.4749

TORONTO-DOMINION BANK

CAD

1.7

796578

25241

7329

74585

762106

30334

49000

11.4

3.5578

ANHEUSER-BUSCH INBEV NV

EUR

3.4

46484

222

21834

12765

138992

77180

39758

45441

4.00

1.00

19.2

1.9133

CVS CAREMARK CORP

USD

1.6

29764

6062

8567

7228

59519

28208

123133

37704

7.22

1.00

15.1

1.3444

ALTRIA GROUP INC

USD

19.9

18077

-1936

-3455

7314

63186

32125

17500

3204

3.56

1.00

14.0

5.4071

DAIMLER AG-REGISTERED SHARES

EUR

1.0

154093

8013

28790

8071

44130

117468

114297

45510

1.39

1.00

7.2

5.3243

ALLIANZ SE-REG

EUR

0.9

681531

24738

10190

47492

638403

96020

56218

4.6

4.2939

MITSUBISHI UFJ FINANCIAL GRO

JPY

0.7

233407311

7424310

1344177

7898587

220979046

4417557

13519655

9.5

2.3297

GOLDMAN SACHS GROUP INC

USD

0.9

933456

18180

11207

61293

862331

41664

76224

8.5

1.3876

HONEYWELL INTERNATIONAL INC

USD

3.8

26979

4553

7659

4156

49684

28638

37665

13215

3.87

1.00

13.1

2.4106

TELEFONICA SA

EUR

2.2

79732

-5915

15450

10798

45887

102112

62356

27661

1.79

1.00

11.7

5.2012

TIME WARNER INC

USD

1.5

28108

3459

-124717

6214

44578

38426

28729

29878

-3.58

0.00

14.2

2.1744

ASTRAZENECA PLC

GBp

2.5

27188

4885

19921

8140

58928

29582

27973

23952

4.23

1.00

9.5

5.9252

NATIONAL AUSTRALIA BANK LTD

AUD

1.5

756002

16383

6513

57192

719287

38797

43803

14.5

7.0616

ABBVIE INC

USD

16.0

18555

8578

3363

6105

53882

23645

18380

3363

4.25

1.00

9.3

US BANCORP

USD

1.7

342006

26007

7806

59696

313588

22202

40267

11.1

2.4421

BNP PARIBAS

EUR

0.7

1894114

51931

8581

52811

1812868

66872

94422

8.3

3.5224

BG GROUP PLC

GBp

1.8

60754

3074

31840

7605

59432

32153

18933

33094

2.51

1.00

16.9

1.5895

AMERICAN INTERNATIONAL GROUP

USD

0.5

547164

12826

11652

52114

449630

65656

99003

9.0

SOFTBANK CORP

JPY

3.3

5369941

1013

900626

745000

5171110

4418427

3378365

2106459

2.06

1.00

16.8

0.9217

BANK OF NOVA SCOTIA

CAD

1.8

655899

22113

7432

64252

626665

26852

41379

11.6

4.0369

NOVO NORDISK A/S-B

DKK

12.2

64174

18525

40072

29474

513240

25037

78026

40632

13.85

1.00

23.4

1.964

BHP BILLITON PLC

GBp

1.9

132883

-586

68409

20847

145840

66074

65968

72035

3.05

1.00

12.5

4.5417

SAP AG

EUR

5.1

10327

-31

12442

4139

72342

12664

16223

14171

7.33

1.00

25.6

1.4006

STARBUCKS CORP

USD

7.4

7676

1990

5069

1787

37997

3105

13300

5115

12.86

1.00

28.6

1.4198

RIO TINTO PLC

GBp

2.2

108171

4006

36676

11461

105342

59552

50967

58021

2.12

1.00

2.9281

BIOGEN IDEC INC

USD

5.0

7297

1587

3107

1838

34629

3166

5516

6964

14.47

1.00

25.8

BARCLAYS PLC

GBp

0.6

1480420

38138

2880

32126

1428349

34016

59986

2.4771

COLGATE-PALMOLIVE CO

USD

22.3

9395

820

-95

3889

48893

11004

17085

2390

5.71

1.00

19.5

2.334

MONSANTO CO

USD

4.2

15918

5741

12559

3570

52185

7936

14861

12728

6.59

1.00

21.5

3.0647

CELGENE CORP

USD

5.8

6591

3843

-1850

1915

32938

6040

5507

5694

6.30

1.00

19.8

SUMITOMO MITSUI FINANCIAL GR

JPY

0.8

147905942

3248673

1073746

5110882

140253582

3266735

8443218

6.4

3.1788

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

04.10.2013

Apple Inc Apple Inc. designs, manufactures, and markets personal computers and related personal computing and mobile communication devices along with a variety of related software, services, peripherals, and networking solutions. The Company sells its products worldwide through its online stores, its retail stores, its direct sales force, third-party wholesalers, and resellers.

Price/Volume 700

60.0 M

600

50.0 M

500

40.0 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (19.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AAPL US EQUITY YTD Change AAPL US EQUITY YTD % CHANGE

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

20.0 M

200

10.0 M

100 0 o-12

LTM-4Q

30.09.2009 30.09.2010 42'905.0 65'225.0 3.03x 3.32x 12'474.0 19'412.0 10.43x 11.17x 8'235.0 14'013.0 20.08x 19.30x Profitability

30.09.2011 108'249.0 2.72x 35'604.0 8.26x 25'922.0 14.61x

30.09.2012 156'508.0 3.23x 58'518.0 8.63x 41'733.0 15.11x

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

58'518.00 55'241.00 35.30% 35.63% 20.81% 32.11% 29.98% 0.93% 43.9% 33.0% 29.5% 26.7% 1.50 1.04 0.00% 0.00% 20.54 74.19

Price/ Cash Flow

d-12

j-13

f-13 m-13 a-13 m-13

LTM

06/yy 148'812 9.77x 55'846.0 7.70x 40'133.0 13.73x

06/yy 169'404 7.96x 55'868.0 4.13x 37'748.0 9.90x

j-13

a-13

s-13

.0 M o-13

FY+1

2.28 1.02 908.08 17.87 -26.28% -7.43% 1.022 66 4.242 10'385'834 13'861'323 12'824'479 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 170'135 181'380 36'717 54'908 2.07x 1.84x 8.36x 5.38x 54'808.6 58'707.2 11'435.2 18'488.6 5.65x 5.27x 5.33x 5.21x 36'661.1 38'331.4 7'134.3 12'281.6 12.31x 11.25x 11.73x 11.21x 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

23.04.2013 AA+ STABLE -2.32 0.30 0.0% 0.0% 0.93 12.64 17.72 4.91 55.95 -52.97

Sales/Revenue/Turnover

20.00

180'000.0

18.00

160'000.0

16.00

140'000.0

14.00

120'000.0

12.00

100'000.0

10.00

80'000.0

8.00

60'000.0

6.00

40'000.0

4.00

20'000.0

2.00 0.00 02.10.2009

n-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 30.09.2008 37'491.0 2.39x 8'823.0 10.14x 6'119.0 18.91x

30.0 M

300

09/2012 06/yy 674.25 385.10 11'526'929.00 483.41 -28.30% 25.53% 34.00% 908.5 439'176.53 0.00 0.0 0.0 121'251.00 309'514.54

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

04.10.2013

Apple Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC NORTHERN TRUST CORPO INVESCO LTD BANK OF NEW YORK MEL GOLDMAN SACHS GROUP JP MORGAN T ROWE PRICE ASSOCIA SUSQUEHANNA INTERNAT UBS AG NORGES BANK MORGAN STANLEY JANUS CAPITAL MANAGE CAPITAL GROUP COMPAN GEODE CAPITAL MANAGE TIAA CREF INVESTMENT BANK OF AMERICA CORP WELLS FARGO & COMPAN

Firm Name BMO Capital Markets Canaccord Genuity Corp Evercore Partners Cross Research Wedge Partners Sanford C. Bernstein & Co Cowen and Company Monness, Crespi, Hardt & Co Wells Fargo Securities, LLC Jefferies Hamburger Sparkasse Piper Jaffray Societe Generale Morgan Stanley Robert W. Baird & Co Avondale Partners LLC Susquehanna Financial Group Barclays EVA Dimensions Deutsche Bank Goldman Sachs RBC Capital Markets Credit Suisse Edward Jones Janney Montgomery Scott LLC Pacific Crest Securities William Blair & Co Raymond James Cantor Fitzgerald Oppenheimer & Co Mizuho Securities USA Inc ISI Group Nomura JMP Securities S&P Capital IQ Lazard Capital Markets BTIG LLC FBN Securities Stifel Independent Research GmbH Exane BNP Paribas Calamatta Cuschieri Creative Global Investments

Portfolio Name n/a n/a n/a n/a NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL n/a n/a T ROWE PRICE ASSOCIA SUSQUEHANNA INTERNAT n/a NORGES BANK n/a n/a n/a GEODE CAPITAL MANAGE TIAA-CREF INVESTMENT BANK OF AMERICA n/a

Analyst KEITH F BACHMAN T MICHAEL WALKLEY ROBERT CIHRA SHANNON S CROSS BRIAN BLAIR TONI SACCONAGHI TIMOTHY M ARCURI JEFFREY FIDACARO MAYNARD UM PETER J MISEK MARCO GUENTHER EUGENE E MUNSTER ANDY PERKINS KATHRYN HUBERTY WILLIAM V POWER JOHN F BRIGHT CHRISTOPHER CASO BENJAMIN A REITZES ANDREW S ZAMFOTIS CHRISTOPHER WHITMORE WILLIAM C SHOPE JR AMIT DARYANANI KULBINDER GARCHA WILLIAM C KREHER WILLIAM CHOI ANDY HARGREAVES ANIL K DORADLA TAVIS C MCCOURT BRIAN J WHITE ITTAI KIDRON ABHEY R LAMBA BRIAN MARSHALL STUART JEFFREY ALEX GAUNA SCOTT H KESSLER EDWARD PARKER WALTER P PIECYK JR SHEBLY SEYRAFI AARON C RAKERS MARKUS FRIEBEL ALEXANDER PETERC TEAM COVERAGE CARLO R BESENIUS

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

Recommendation outperform buy overweight buy no rating system outperform outperform buy outperform hold hold overweight hold Overwt/In-Line neutral market outperform Positive overweight hold buy Buy/Cautious outperform neutral hold buy sector perform outperform strong buy buy outperform buy strong buy neutral market perform buy buy buy outperform buy buy outperform hold sell

Amt Held 47'047'876 44'504'335 37'660'101 31'023'222 13'976'334 12'627'644 12'372'947 10'725'259 10'012'335 8'745'254 8'667'987 8'513'898 7'531'087 7'243'095 6'697'150 6'632'228 6'621'520 6'616'945 6'241'153 6'213'156

% Out 5.18 4.9 4.15 3.41 1.54 1.39 1.36 1.18 1.1 0.96 0.95 0.94 0.83 0.8 0.74 0.73 0.73 0.73 0.69 0.68

Weighting

Change

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

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

Latest Chg (2'232'575) 1'256'511 96'119 (3'724'460) 127'619 128'905 (189'644) 1'713'702 (3'713'885) (2'914'459) (3'391'234) (26'419) 149'878 (4'019'911) 32'609 114'211 (702'827) (336'309) (737'891)

Target Price 508 560 600 585 #N/A N/A 600 550 550 #N/A N/A 425 482 640 500 540 525 600 625 540 #N/A N/A 575 560 550 525 #N/A N/A 500 #N/A N/A #N/A N/A 675 777 540 520 600 480 #N/A N/A 590 570 540 625 540 590 570 490 #N/A N/A

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

File Dt 02.10.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 03.10.2013 30.06.2013 31.08.2013 31.07.2013 30.06.2013 30.06.2013 31.08.2013 31.12.2012 30.08.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013

Date 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 18 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided

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

Date 04.10.2013 03.10.2013 03.10.2013 03.10.2013 02.10.2013 30.09.2013 30.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 16.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013

04.10.2013

Exxon Mobil Corp Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis. The Company's operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.07.2013) 52-Week Low (31.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance XOM US EQUITY YTD Change XOM US EQUITY YTD % CHANGE

12/2012 06/yy 95.49 84.70 13'927'518.00 85.5 -10.46% 0.94% 7.41% 4'401.6 376'339.50 11'581.00 0.0 5'797.0 9'582.00 397'028.51

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 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 425'071.0 0.89x 78'669.0 4.82x 45'220.0 9.22x

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

31.12.2009 31.12.2010 275'564.0 341'578.0 1.18x 1.10x 38'156.0 54'882.0 8.54x 6.87x 19'280.0 30'460.0 17.01x 11.76x Profitability

LTM-4Q 31.12.2011 433'526.0 0.95x 69'687.0 5.91x 41'060.0 10.07x

31.12.2012 420'714.0 0.94x 65'769.0 6.04x 44'880.0 11.45x 65'769.00 49'881.00 11.86% 18.71% 10.69% 21.85% 19.83% 1.18% 15.6% 15.7% 11.5% 10.7% 1.01 0.69 3.47% 6.98% 11.49 20.53

Price/ Cash Flow

LTM

FY+1

2.74 0.96 4'391.31 40.57 -4.24% 0.81% 0.960 29 3.552 13'204'710 12'064'613 11'696'538 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 434'824.0 396'937.0 437'723.5 446'778.9 111'495.3 111'754.1 3.63x 4.16x 0.91x 0.89x 3.56x 3.55x 65'402.0 62'482.0 78'480.1 81'942.5 18'666.3 17'229.7 6.08x 6.70x 5.06x 4.85x 5.28x 5.28x 45'090.0 35'880.0 33'726.3 34'548.2 8'686.7 8'761.4 10.83x 11.65x 11.28x 10.75x 10.89x 10.79x S&P Issuer Ratings Long-Term Rating Date 16.12.1985 Long-Term Rating AAA Long-Term Outlook STABLE Short-Term Rating Date 16.12.1985 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 78.95 (EBITDA-Capex)/Interest Exp. 37.81 Net Debt/EBITDA 0.24 Total Debt/EBITDA 0.31 Reference Total Debt/Equity 7.0% Total Debt/Capital 6.3% Asset Turnover 1.18 Net Fixed Asset Turnover 1.76 Accounts receivable turnover-days 31.76 Inventory Days 17.78 Accounts Payable Turnover Day 56.78 Cash Conversion Cycle 12.30 Sales/Revenue/Turnover

12.00

500'000.0 450'000.0

10.00

400'000.0 350'000.0

8.00

300'000.0

6.00

250'000.0 200'000.0

4.00

150'000.0 100'000.0

2.00 0.00 01.01.2010

50'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Exxon Mobil Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP BANK OF NEW YORK MEL NORTHERN TRUST CORPO WELLINGTON MANAGEMEN JP MORGAN BANK OF AMERICA CORP FMR LLC STATE FARM MUTUAL AU NORGES BANK T ROWE PRICE ASSOCIA GEODE CAPITAL MANAGE UBS AG SUN LIFE FINANCIAL I GOLDMAN SACHS GROUP LEGAL & GENERAL STATE FARM MUTUAL AU TIAA CREF INVESTMENT WELLS FARGO & COMPAN

Firm Name Cowen and Company Morgan Stanley Oppenheimer & Co Wells Fargo Securities, LLC Howard Weil Inc Raymond James Simmons & Company International Tudor Pickering & Co ISI Group Goldman Sachs VTB Capital Societe Generale Deutsche Bank Barclays Edward Jones Credit Suisse Argus Research Corp Canaccord Genuity Corp Independent Research GmbH Jefferies Macquarie Prime Executions JPMorgan S&P Capital IQ Ameriprise Advisor Services, Inc EVA Dimensions UBS

Portfolio Name n/a n/a n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO WELLINGTON MANAGEMEN n/a BANK OF AMERICA n/a STATE FARM MUTUAL AU NORGES BANK T ROWE PRICE ASSOCIA GEODE CAPITAL MANAGE n/a n/a n/a n/a STATE FARM MUTUAL AU TIAA-CREF INVESTMENT n/a

Analyst ASIT SEN J EVAN CALIO FADEL GHEIT ROGER D READ BLAKE FERNANDEZ PAVEL MOLCHANOV GUY BABER ROBERT KESSLER DOUGLAS T TERRESON ARJUN N MURTI COLIN SMITH JOHN HERRLIN PAUL SANKEY PAUL Y CHENG BRIAN YOUNGBERG EDWARD WESTLAKE JONATHAN GELCIUS SAMUEL SIMON SVEN DIERMEIER IAIN REID JASON D GAMMEL CHRIS KETTENMANN KATHERINE LUCAS MINYARD MICHAEL KAY LEZE THAQI CRAIG STERLING WILLIAM A FEATHERSTON

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

Recommendation outperform Underwt/In-Line market perform market perform sector perform outperform overweight hold neutral neutral/attractive hold buy hold equalweight hold neutral hold hold hold hold neutral hold neutral buy buy buy neutral

Amt Held 241'792'944 222'138'704 188'782'241 72'856'125 69'932'718 54'093'936 49'313'920 43'874'521 39'640'486 37'062'400 36'257'449 33'432'306 30'718'030 24'321'497 22'583'867 21'949'979 21'726'698 21'374'790 20'970'249 20'615'760

% Out 5.49 5.05 4.29 1.66 1.59 1.23 1.12 1 0.9 0.84 0.82 0.76 0.7 0.55 0.51 0.5 0.49 0.49 0.48 0.47

Weighting

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

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

Latest Chg (7'353'913) 1'649'824 946'114 (1'410'323) (14'050) (4'066'682) 1'087'068 649'292 (8'374'042) (2'689'639) 323'254 848'010 1'907'635 214'679 792'209 (12'210) (2'093'986) (310'836)

Target Price 102 79 #N/A N/A #N/A N/A 94 98 #N/A N/A 86 95 96 90 103 96 102 #N/A N/A 90 #N/A N/A 95 94 90 98 88 95 101 #N/A N/A #N/A N/A 91

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

File Dt 02.10.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 31.08.2013 30.06.2013 31.08.2013 31.07.2013 30.06.2013 30.06.2013 31.07.2013

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

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

Date 04.10.2013 30.09.2013 27.09.2013 27.09.2013 24.09.2013 23.09.2013 23.09.2013 18.09.2013 16.09.2013 12.09.2013 10.09.2013 09.09.2013 03.09.2013 03.09.2013 29.08.2013 21.08.2013 15.08.2013 15.08.2013 07.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 29.04.2013 15.01.2013 02.11.2012

04.10.2013

Microsoft Corp Microsoft Corporation develops, manufactures, licenses, sells, and supports software products. The Company offers operating system software, server application software, business and consumer applications software, software development tools, and Internet and intranet software. Microsoft also develops video game consoles and digital music entertainment devices.

Price/Volume 40

200.0 M

06/2013 06/yy 36.43 26.26 38'707'452.00 33.86 -7.05% 28.94% 74.73% 8'330.0 282'052.34 15'600.00 0.0 0.0 77'022.00 220'630.33

150.0 M

100.0 M

10 50.0 M

5 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

.0 M o-13

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

250.0 M

30 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.07.2013) 52-Week Low (05.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MSFT US EQUITY YTD Change MSFT US EQUITY YTD % CHANGE

30.06.2009 58'437.0 3.18x 23'255.0 8.00x 14'569.0 13.77x

300.0 M

30.06.2010 30.06.2011 62'484.0 69'943.0 2.70x 2.53x 26'830.0 29'927.0 6.28x 5.91x 18'760.0 23'150.0 10.93x 9.86x Profitability

LTM-4Q 30.06.2012 73'723.0 2.78x 30'923.0 6.64x 16'978.0 11.21x

30.06.2013 77'849.0 2.91x 30'519.0 7.41x 21'863.0 12.77x 30'519.00 26'764.00 34.38% 34.75% 16.58% 30.09% 25.70% 0.59% 74.0% 39.2% 34.4% 28.1% 2.71 2.53 10.95% 19.76% 4.68 13.17

Price/ Cash Flow

LTM

06/yy 73'723.0 10.45x 30'923.0 6.64x 16'978.0 11.21x

06/yy 77'849.0 9.89x 30'519.0 7.41x 21'863.0 12.67x

FY+1

2.72 0.88 7'607.66 62.84 16.92% 29.61% 0.876 44 3.659 43'512'088 62'928'208 53'251'536 FY+2

FQ+1

FQ+2

06/14 Y 06/15 Y 09/13 Q1 12/13 Q2 83'109.4 89'932.5 17'817.6 22'878.4 2.44x 2.09x 12.07x 9.47x 30'948.6 33'931.6 6'631.0 8'447.3 7.13x 6.50x 6.98x 6.69x 22'279.7 24'377.3 4'561.0 6'331.8 12.60x 11.42x 12.65x 12.30x S&P Issuer Ratings

22.09.2008 AAA STABLE 15.08.2013 A-1+ 71.14 61.22 -2.01 0.51 19.8% 16.5% 0.59 8.53 77.98 27.71 78.05 27.64

Sales/Revenue/Turnover

12.00

90'000.0 80'000.0

10.00

70'000.0 60'000.0

8.00

50'000.0 6.00

40'000.0 30'000.0

4.00

20'000.0 2.00 0.00 02.07.2010

10'000.0 0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

04.10.2013

Microsoft Corp Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN GATES III WILLIAM HE VANGUARD GROUP INC BALLMER STEVEN ANTHO STATE STREET CORP FMR LLC INVESCO LTD BANK OF NEW YORK MEL WELLINGTON MANAGEMEN NORTHERN TRUST CORPO JP MORGAN FRANKLIN RESOURCES DODGE & COX MORGAN STANLEY NORGES BANK T ROWE PRICE ASSOCIA PRIMECAP MANAGEMENT ALLIANZ ASSET MANAGE VALUEACT HOLDINGS LP

Firm Name Nomura Stifel UBS Janney Montgomery Scott LLC Pacific Crest Securities Deutsche Bank Morgan Stanley Argus Research Corp Sanford C. Bernstein & Co FBR Capital Markets Griffin Securities Evercore Partners Cross Research Raymond James Wells Fargo Securities, LLC S&P Capital IQ RBC Capital Markets Credit Suisse JPMorgan Jefferies Oppenheimer & Co Cowen and Company Atlantic Equities LLP MKM Partners Independent Research GmbH Edward Jones Barclays Hilliard Lyons BMO Capital Markets Daiwa Securities Co. Ltd. Tigress Financial Partners Ameriprise Advisor Services, Inc Hamburger Sparkasse Goldman Sachs McAdams Wright Ragen Inc BGC Partners Erste Group Jyske Bank National Bank AG EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a BANK OF NEW YORK MEL WELLINGTON MANAGEMEN NORTHERN TRUST CORPO n/a n/a DODGE & COX n/a NORGES BANK T ROWE PRICE ASSOCIA PRIMECAP MANAGEMENT n/a VALUEACT HOLDINGS LP

Analyst RICHARD G SHERLUND BRAD REBACK BRENT THILL YUN KIM BRENDAN BARNICLE NANDAN AMLADI KEITH WEISS JOSEPH F BONNER MARK L MOERDLER DAVID M HILAL JAY VLEESCHHOUWER STEWART KIRK MATERNE III RICHARD T WILLIAMS MICHAEL TURITS JASON MAYNARD BARBARA COFFEY MATTHEW HEDBERG PHILIP WINSLOW JOHN DIFUCCI ROSS MACMILLAN SHAUL EYAL GREGG MOSKOWITZ CHRISTOPHER HICKEY ISRAEL HERNANDEZ MARKUS FRIEBEL JOSH OLSON RAIMO LENSCHOW STEPHEN TURNER KARL KEIRSTEAD KAZUYA NISHIMURA IVAN FEINSETH JUSTIN H BURGIN MARCO GUENTHER HEATHER BELLINI SID PARAKH COLIN W GILLIS HANS ENGEL ROBERT JAKOBSEN STEFFEN MANSKE ANDREW S ZAMFOTIS

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

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

Amt Held 460'856'739 424'501'360 378'413'981 357'946'067 333'252'990 332'288'082 165'177'985 155'517'724 153'829'299 141'454'611 111'566'073 94'881'242 92'108'447 77'260'349 69'024'880 66'902'672 66'786'550 63'165'491 62'136'376 57'750'000

% Out 5.53 5.1 4.54 4.3 4 3.99 1.98 1.87 1.85 1.7 1.34 1.14 1.11 0.93 0.83 0.8 0.8 0.76 0.75 0.69

Weighting

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

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

Latest Chg 17'353'760 110'658'808 (10'000'000) 3'862'016 (3'378'782) 53'108'864 4'032'640 3'896'699 30'735'749 2'345'165 (10'118'425) (411'430) (807'455) (12'447'123) (10'198'296) 1'836'200 11'376'284 24'396'487

Target Price 38 #N/A N/A 37 34 #N/A N/A 32 #N/A N/A #N/A N/A 41 30 41 38 39 #N/A N/A #N/A N/A 33 34 38 30 33 37 35 33 30 36 #N/A N/A 35 #N/A N/A 35 34 #N/A N/A #N/A N/A #N/A N/A 28 34 31 #N/A N/A 35 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 02.10.2013 Investment Advisor 30.06.2013 Investment Advisor 09.09.2013 n/a 30.06.2013 Investment Advisor 14.09.2012 n/a 03.10.2013 Investment Advisor 30.06.2013 Investment Advisor 03.10.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.08.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Hedge Fund Manager

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

Date 03.10.2013 02.10.2013 01.10.2013 01.10.2013 01.10.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 24.09.2013 23.09.2013 23.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 18.09.2013 17.09.2013 11.09.2013 05.09.2013 04.09.2013 23.08.2013 02.08.2013 23.07.2013 23.07.2013 19.07.2013 19.07.2013 19.07.2013 01.07.2013 13.06.2013 28.01.2013 15.01.2013

04.10.2013

General Electric Co General Electric Company is a globally diversified technology and financial services company. The Company's products and services include aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing and industrial products.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.07.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GE US EQUITY YTD Change GE US EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 24.95 19.87 37'472'161.00 24.1 -3.41% 21.29% 83.27% 10'183.8 245'429.13 17'469.00 0.0 5'444.0 15'583.00 245'030.13

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 o-12

31.12.2009 31.12.2010 154'272.0 148'442.0 1.12x 1.28x 20'435.0 23'747.0 8.45x 8.01x 11'025.0 11'644.0 12.59x 15.84x Profitability

LTM-4Q 31.12.2011 142'224.0 1.37x 25'040.0 7.76x 14'151.0 12.68x

31.12.2012 144'796.0 1.56x 25'000.0 9.03x 13'641.0 13.54x 25'000.00 15'654.00 10.81% 12.02% 2.09% 11.67% 3.41% 0.21% 38.6% 16.9% 10.3% 9.4% 1.12 1.02 49.24% 274.31% 7.22 5.35

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

3.07 1.10 10'177.44 69.85 8.72% 17.61% 1.105 22 4.273 32'356'866 35'566'508 33'869'720 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 143'048.0 142'477.0 146'982.2 151'007.5 35'903.0 40'717.4 5.62x 6.62x 3.32x 3.20x 13.10x 12.16x 24'310.0 24'107.0 27'976.5 30'566.8 5'755.8 7'778.2 9.33x 9.78x 8.76x 8.02x 8.88x 8.31x 13'093.0 14'162.0 16'880.5 18'000.0 3'853.2 5'449.8 14.14x 15.08x 14.59x 13.35x 14.27x 13.88x S&P Issuer Ratings Long-Term Rating Date 12.03.2009 Long-Term Rating AA+ Long-Term Outlook STABLE Short-Term Rating Date 23.11.1981 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 18.10 (EBITDA-Capex)/Interest Exp. 7.15 Net Debt/EBITDA -0.28 Total Debt/EBITDA 0.52 Reference Total Debt/Equity 274.3% Total Debt/Capital 72.4% Asset Turnover 0.21 Net Fixed Asset Turnover 2.10 Accounts receivable turnover-days 50.57 Inventory Days 68.20 Accounts Payable Turnover Day 68.74 Cash Conversion Cycle 48.22 Sales/Revenue/Turnover

10.00

200'000.0

9.00

180'000.0

8.00

160'000.0

7.00

140'000.0

6.00

120'000.0

5.00 4.00

100'000.0 80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 180'929.0 0.99x 30'781.0 5.83x 17'410.0 8.39x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

General Electric Co Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP CAPITAL GROUP COMPAN NORTHERN TRUST CORPO FMR LLC BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA DODGE & COX GENERAL ELECTRIC COM WELLINGTON MANAGEMEN NORGES BANK INVESCO LTD FRANKLIN RESOURCES BANK OF AMERICA CORP GOLDMAN SACHS GROUP GEODE CAPITAL MANAGE UBS AG WELLS FARGO & COMPAN TIAA CREF INVESTMENT

Firm Name William Blair & Co Sanford C. Bernstein & Co Deutsche Bank Argus Research Corp Edward Jones JPMorgan Barclays Independent Research GmbH S&P Capital IQ Credit Suisse Langenberg & Co UBS Ameriprise Advisor Services, Inc Hamburger Sparkasse Oppenheimer & Co Nomura Morgan Stanley Hilliard Lyons EVA Dimensions Tigress Financial Partners

Portfolio Name n/a n/a n/a n/a NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA DODGE & COX GENERAL ELECTRIC COM WELLINGTON MANAGEMEN NORGES BANK n/a n/a BANK OF AMERICA n/a GEODE CAPITAL MANAGE n/a n/a TIAA-CREF INVESTMENT

Analyst NICHOLAS P HEYMANN STEVEN E WINOKER JOHN G INCH NATHANIEL GABRIEL CHRISTIAN MAYES CHARLES STEPHEN TUSA SCOTT R DAVIS MARKUS FRIEBEL ERIC HUGEL JULIAN MITCHELL BRIAN KEITH LANGENBERG JASON D FELDMAN FREDERICK M SCHULTZ MARCO GUENTHER CHRISTOPHER D GLYNN SHANNON O'CALLAGHAN NIGEL COE STEPHEN A O'NEIL CRAIG STERLING IVAN FEINSETH

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

Recommendation market perform market perform buy buy hold neutral overweight buy buy outperform buy buy buy hold outperform neutral Equalwt/In-Line long-term buy buy neutral

Amt Held 565'401'357 486'582'514 407'597'022 280'036'265 164'099'333 161'813'316 155'655'108 97'140'339 92'549'309 88'830'439 85'001'301 84'870'136 83'922'266 77'815'005 75'518'557 75'315'554 71'411'156 65'426'948 60'659'835 57'105'186

% Out 5.55 4.78 4 2.75 1.61 1.59 1.53 0.95 0.91 0.87 0.83 0.83 0.82 0.76 0.74 0.74 0.7 0.64 0.6 0.56

Weighting

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

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

Latest Chg (11'267'324) 5'613'567 (6'755'602) 3'631'417 (66'534) (23'683'631) (1'144'862) (14'774'959) (2'108'600) (155'186) (3'938'345) (1'374'347) (4'395'439) 1'245'531 5'455'517 861'585 3'870'312 628'584 (2'914'265)

Target Price 26 26 28 28 #N/A N/A 26 26 28 28 27 28 27 #N/A N/A #N/A N/A 26 23 24 27 #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 02.10.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 03.10.2013 31.07.2013 30.06.2013 31.08.2013 30.06.2013 31.08.2013 31.07.2013 30.06.2013

Date 12 month 12 month 12 month Not Provided Not Provided 15 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 18 month 12 month 12 month 12 month Not Provided Not Provided

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

Date 02.10.2013 27.09.2013 18.09.2013 16.09.2013 16.09.2013 11.09.2013 02.09.2013 30.08.2013 30.08.2013 30.07.2013 29.07.2013 23.07.2013 23.07.2013 22.07.2013 22.07.2013 22.07.2013 21.07.2013 19.07.2013 13.05.2013 06.03.2013

04.10.2013

Johnson & Johnson Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets. The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.07.2013) 52-Week Low (12.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JNJ US EQUITY YTD Change JNJ US EQUITY YTD % CHANGE

12/2012 06/yy 94.42 67.80 7'731'645.00 86.58 -8.30% 27.70% 70.55% 2'818.1 243'988.84 16'165.00 0.0 0.0 21'089.00 233'841.84

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

31.12.2009 31.12.2010 61'897.0 61'587.0 2.79x 2.57x 19'550.0 19'466.0 8.82x 8.14x 12'266.0 13'334.0 14.23x 12.99x Profitability

35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M n-12

LTM-4Q 31.12.2011 65'030.0 2.55x 19'311.0 8.60x 9'672.0 13.41x

31.12.2012 67'224.0 2.80x 20'698.0 9.09x 10'853.0 14.30x 20'698.00 17'032.00 25.34% 20.49% 10.72% 19.78% 15.86% 0.58% 67.8% 31.4% 25.5% 16.1% 1.90 1.34 13.32% 24.94% 6.19 2.92

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

07/yy 64'874.0 10.49x 19'640.0 9.49x 8'738.0 14.17x

06/yy 69'992.0 11.86x 21'944.0 10.55x 12'865.0 16.31x

a-13 m-13

j-13

a-13

s-13

FY+1

2.88 0.72 2'817.00 23.93 29.52% 26.38% 0.717 26 3.923 6'773'862 7'767'492 8'700'390 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 70'734.3 73'640.2 17'398.5 17'844.9 3.26x 3.04x 13.74x 12.92x 23'313.7 24'628.5 5'697.5 5'308.5 10.03x 9.49x 9.99x 9.89x 15'680.9 16'563.5 3'792.6 3'502.5 15.85x 14.87x 15.64x 15.33x S&P Issuer Ratings

17.09.1987 AAA STABLE 14.07.1987 A-1+ 31.99 27.46 -0.46 0.68 24.9% 20.0% 0.58 4.46 58.78 124.74 86.59 83.09

Sales/Revenue/Turnover

20.00

80'000.0

18.00

70'000.0

16.00

60'000.0

14.00

50'000.0

12.00 10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 08.01.2010

40.0 M

Fiscal Year Ended 31.12.2008 63'747.0 2.53x 19'001.0 8.48x 12'949.0 12.87x

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

0.0 08.07.2010

08.01.2011

08.07.2011

08.01.2012

08.07.2012

08.01.2013

08.07.2013

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

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

04.10.2013

Johnson & Johnson Holdings By:

All

Holder Name STATE STREET CORP BLACKROCK VANGUARD GROUP INC BANK OF NEW YORK MEL JP MORGAN WELLINGTON MANAGEMEN NORTHERN TRUST CORPO STATE FARM MUTUAL AU SUN LIFE FINANCIAL I FMR LLC CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA BANK OF AMERICA CORP GRANTHAM MAYO VAN OT FRANKLIN RESOURCES STATE FARM MUTUAL AU NORGES BANK GOLDMAN SACHS GROUP GEODE CAPITAL MANAGE UBS AG

Firm Name Atlantic Equities LLP Wells Fargo Securities, LLC Piper Jaffray Sanford C. Bernstein & Co Morgan Stanley Leerink Swann & Co Cowen and Company Argus Research Corp Jefferies Credit Suisse Barclays Edward Jones Stifel Deutsche Bank EVA Dimensions RBC Capital Markets JPMorgan Independent Research GmbH Goldman Sachs Hilliard Lyons Raymond James CL King & Associates S&P Capital IQ Ameriprise Advisor Services, Inc First Global Stockbroking

Portfolio Name n/a n/a n/a BANK OF NEW YORK MEL n/a WELLINGTON MANAGEMEN NORTHERN TRUST CORPO STATE FARM MUTUAL AU n/a n/a n/a T ROWE PRICE ASSOCIA BANK OF AMERICA GRANTHAM MAYO VAN OT n/a STATE FARM MUTUAL AU NORGES BANK n/a GEODE CAPITAL MANAGE n/a

Analyst RICHARD J PURKISS LAWRENCE BIEGELSEN MATT MIKSIC DERRICK SUNG DAVID R LEWIS DANIELLE ANTALFFY JOSHUA JENNINGS DAVID H TOUNG JEFFREY HOLFORD BRUCE NUDELL CHARLES ANTHONY BUTLER JUDSON CLARK FREDERICK A WISE KRISTEN M STEWART ANDREW S ZAMFOTIS GLENN J NOVARRO MICHAEL N WEINSTEIN CHRISTOPH SCHOENDUBE JAMI E RUBIN STEPHEN A O'NEIL JAYSON BEDFORD ROBERT M GOLDMAN HERMAN SAFTLAS E EUGENE ROBINSON KAVITA THOMAS

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

Recommendation overweight outperform neutral outperform Equalwt/In-Line outperform outperform buy hold underperform overweight buy hold hold buy sector perform neutral hold sell/attractive long-term buy outperform neutral buy buy short-term market perform

Amt Held 158'139'250 157'926'951 132'596'620 53'894'865 53'035'623 49'073'605 42'741'233 37'878'592 35'505'662 35'165'680 32'251'154 27'032'522 23'632'765 23'171'691 23'171'290 22'535'202 22'053'497 21'748'051 19'420'908 19'299'632

% Out 5.61 5.6 4.71 1.91 1.88 1.74 1.52 1.34 1.26 1.25 1.14 0.96 0.84 0.82 0.82 0.8 0.78 0.77 0.69 0.68

Weighting

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

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

Latest Chg 5'976'597 163'826 4'055'409 244'056 9'062'671 (4'855'096) 533'039 159'186 (3'262'699) (804'104) (925'540) 192'483 (786'367) (2'548'216) 1'448 6'747'526 466'610 (828'784)

Target Price 95 #N/A N/A 97 97 #N/A N/A 98 100 104 95 86 99 #N/A N/A #N/A N/A 93 #N/A N/A 88 88 96 87 105 95 #N/A N/A 102 #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 03.10.2013 02.10.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 31.12.2012 30.08.2013 30.06.2013 31.08.2013

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

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

Date 02.10.2013 01.10.2013 30.09.2013 27.09.2013 25.09.2013 23.09.2013 18.09.2013 17.09.2013 10.09.2013 08.09.2013 03.09.2013 20.08.2013 15.08.2013 12.08.2013 03.08.2013 17.07.2013 17.07.2013 17.07.2013 16.07.2013 16.07.2013 16.07.2013 16.07.2013 16.07.2013 28.06.2013 23.04.2012

04.10.2013

Chevron Corp Chevron Corporation is an integrated energy company with operations in countries located around the world. The Company produces and transports crude oil and natural gas. Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services.

Price/Volume

12/2012 06/yy 127.83 100.66 10'206'049.00 118.25 -7.49% 17.47% 64.74% 1'932.0 228'461.81 12'192.00 0.0 1'308.0 21'205.00 228'860.81

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 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 255'112.0 0.58x 44'538.0 3.32x 23'931.0 6.50x

18.0 M

120 100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.07.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CVX US EQUITY YTD Change CVX US EQUITY YTD % CHANGE

140

31.12.2009 31.12.2010 159'293.0 189'607.0 0.99x 0.96x 26'432.0 38'438.0 5.94x 4.71x 10'483.0 19'024.0 15.38x 9.62x Profitability

LTM-4Q 31.12.2011 236'286.0 0.87x 51'210.0 4.02x 26'895.0 7.97x

31.12.2012 222'580.0 0.91x 48'426.0 4.19x 26'179.0 8.62x 48'426.00 35'013.00 15.73% 20.82% 10.38% 17.62% 15.87% 0.92% 18.6% 20.3% 13.9% 11.8% 1.63 1.23 5.23% 8.93% 10.40 24.46

Price/ Cash Flow

LTM

FY+1

3.13 1.11 1'931.55 17.93 5.22% 12.02% 1.114 30 4.267 6'350'758 5'301'062 5'113'148 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 230'561.0 213'082.0 233'410.8 239'530.8 59'616.2 58'347.6 3.41x 4.14x 0.98x 0.98x 3.86x 3.91x 50'980.0 43'331.0 54'562.7 56'783.9 12'635.1 12'445.7 3.87x 5.33x 4.19x 4.03x 4.30x 4.12x 26'633.0 24'041.0 23'343.4 23'550.9 5'977.0 6'037.4 8.06x 9.70x 9.79x 9.56x 9.60x 9.49x S&P Issuer Ratings Long-Term Rating Date 01.07.1987 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 01.07.1987 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 200.11 (EBITDA-Capex)/Interest Exp. 72.26 Net Debt/EBITDA -0.02 Total Debt/EBITDA 0.46 Reference Total Debt/Equity 8.9% Total Debt/Capital 8.1% Asset Turnover 0.92 Net Fixed Asset Turnover 1.52 Accounts receivable turnover-days 35.10 Inventory Days 14.92 Accounts Payable Turnover Day 44.44 Cash Conversion Cycle 1.75 Sales/Revenue/Turnover

8.00

300'000.0

7.00

250'000.0

6.00

200'000.0

5.00 4.00

150'000.0

3.00

100'000.0

2.00

50'000.0 1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Chevron Corp Holdings By:

All

Holder Name BLACKROCK STATE STREET CORP VANGUARD GROUP INC CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN BANK OF NEW YORK MEL NORTHERN TRUST CORPO FMR LLC JP MORGAN T ROWE PRICE ASSOCIA FRANKLIN RESOURCES NORGES BANK STATE FARM MUTUAL AU BANK OF AMERICA CORP GEODE CAPITAL MANAGE AMERIPRISE FINANCIAL WELLS FARGO & COMPAN DODGE & COX GRANTHAM MAYO VAN OT SUN LIFE FINANCIAL I

Firm Name ISI Group Howard Weil Inc Oppenheimer & Co Wells Fargo Securities, LLC Argus Research Corp Raymond James Simmons & Company International S&P Capital IQ Tudor Pickering & Co Goldman Sachs VTB Capital Societe Generale Edward Jones Cowen and Company Barclays Canaccord Genuity Corp Independent Research GmbH JPMorgan Prime Executions Morgan Stanley Jefferies Macquarie Credit Suisse Deutsche Bank UBS Ameriprise Advisor Services, Inc Oracle Investment Research EVA Dimensions

Portfolio Name n/a n/a n/a n/a WELLINGTON MANAGEMEN BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a n/a T ROWE PRICE ASSOCIA n/a NORGES BANK STATE FARM MUTUAL AU BANK OF AMERICA GEODE CAPITAL MANAGE AMERIPRISE FINANCIAL n/a DODGE & COX GRANTHAM MAYO VAN OT n/a

Analyst DOUGLAS T TERRESON BLAKE FERNANDEZ FADEL GHEIT ROGER D READ JONATHAN GELCIUS PAVEL MOLCHANOV GUY BABER MICHAEL KAY ROBERT KESSLER ARJUN N MURTI COLIN SMITH JOHN HERRLIN BRIAN YOUNGBERG ASIT SEN PAUL Y CHENG SAMUEL SIMON SVEN DIERMEIER KATHERINE LUCAS MINYARD CHRIS KETTENMANN J EVAN CALIO IAIN REID JASON D GAMMEL EDWARD WESTLAKE PAUL SANKEY WILLIAM A FEATHERSTON LEZE THAQI LAURENCE BALTER CRAIG STERLING

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

Recommendation buy sector outperform outperform outperform buy outperform overweight strong buy hold neutral/attractive hold hold buy outperform equalweight buy hold neutral buy Overwt/In-Line hold outperform outperform buy neutral buy hold buy

Amt Held 121'332'702 106'244'729 99'815'732 65'110'549 36'581'500 31'962'641 31'806'155 29'922'195 25'129'299 22'139'348 17'959'479 16'404'385 16'281'400 15'897'989 13'394'689 13'341'537 12'483'222 12'141'619 12'036'143 11'463'054

% Out 6.28 5.5 5.17 3.37 1.89 1.65 1.65 1.55 1.3 1.15 0.93 0.85 0.84 0.82 0.69 0.69 0.65 0.63 0.62 0.59

Weighting

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

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

Latest Chg 684'083 2'102'034 1'775'177 (13'022'485) (1'007'006) 523'741 268'853 588'374 1'472'473 (1'184'467) (428'252) (889'067) 214'493 693'516 66'509 3'100'613 2'301'857 164'583

Target Price 130 140 140 #N/A N/A 140 130 #N/A N/A 145 126 128 120 126 #N/A N/A 140 145 136 127 122 131 135 135 148 135 140 125 #N/A N/A 110 #N/A N/A

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

File Dt 02.10.2013 03.10.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 31.07.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013

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

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

Date 03.10.2013 01.10.2013 27.09.2013 27.09.2013 25.09.2013 23.09.2013 23.09.2013 19.09.2013 18.09.2013 12.09.2013 10.09.2013 09.09.2013 09.09.2013 04.09.2013 03.09.2013 15.08.2013 12.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 02.08.2013 10.07.2013 08.05.2013 03.05.2013 01.02.2013 16.01.2013

04.10.2013

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

Price/Volume 80

18.0 M

16.0 M

14.0 M 12.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NESN VX EQUITY YTD Change NESN VX EQUITY YTD % CHANGE

12/2012 06/yy 70.00 58.30 1'358'502.00 62.1 -11.36% 6.52% 33.76% 3'224.8 200'260.08 27'416.00 0.0 1'657.0 9'296.00 224'133.08

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

8.0 M

6.0 M

4.0 M

2.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 103'086.0 1.64x 15'533.0 10.89x 18'039.0 20.80x

10.0 M

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

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

31.12.2012 89'931.0 2.33x 10'228.0 18.57x 13'388.00 14.89% 15.50% 8.61% 17.63% 0.76% 47.2% 15.1% 11.4% 0.90 0.24 21.82% 44.94% 5.03

Price/ Cash Flow

LTM

06/yy 85'516.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 93'257.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-13

0.77 3'218.97 6.83% 7.45% 0.774 41 3.756 4'215'684 4'181'902 4'297'150 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 94'632.8 99'263.4 24'108.9 25'353.0 2.30x 2.17x 17'891.5 19'066.1 12.52x 11.75x 10'969.9 11'799.9 17.95x 16.66x S&P Issuer Ratings

16.08.2007 AA STABLE 23.11.1981 A-1+ 44.9% 30.4% 0.76 3.65 72.59 101.58 -

Sales/Revenue/Turnover

20.00

120'000.0

18.00

100'000.0

16.00 14.00

80'000.0

12.00

60'000.0

10.00 8.00

40'000.0

6.00 4.00

20'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Nestle SA Holdings By:

All

Holder Name BLACKROCK NORGES BANK CAPITAL GROUP COMPAN CREDIT SUISSE AG VANGUARD GROUP INC UBS AG SUN LIFE FINANCIAL I FMR LLC PICTET FUNDS MORGAN STANLEY FIL LIMITED CARMIGNAC GESTION T ROWE PRICE ASSOCIA HARBOR CAPITAL ADVIS DEUTSCHE BANK AG SWISSCANTO FONDSLEIT FIRST EAGLE INVESTME EATON VANCE MANAGEME COVEA FINANCE SAS THORNBURG INVESTMENT

Firm Name

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

Analyst

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

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

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

Amt Held 119'317'602 82'413'972 73'166'337 43'559'622 39'901'243 35'191'921 30'856'312 22'036'962 18'952'159 18'210'070 14'470'672 13'738'810 13'012'758 11'851'701 10'727'156 10'051'508 8'153'102 7'192'776 7'189'604 7'065'763

% Out 3.7 2.56 2.27 1.35 1.24 1.09 0.96 0.68 0.59 0.56 0.45 0.43 0.4 0.37 0.33 0.31 0.25 0.22 0.22 0.22

Weighting

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

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

Latest Chg (9'679'860) (706'405) 691'633 (193'484) 1'748'068 (283'677) (255'323) (418'183) 4'186'244 1'149'170 2'709'903 (35'644) 854'949 (44'643) 197'400 (185'635) 7'056'334 1'470'200

Target Price 66 73 67 #N/A N/A 68 71 70 65 74 72 70 72 68 72 #N/A N/A 82 #N/A N/A 70 78 67 60 67 #N/A N/A 66 65 68 60 74 65 60 66 73 #N/A N/A 65 65 67 #N/A N/A 64 49 #N/A N/A

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

File Dt Inst Type 02.10.2013 Investment Advisor 31.12.2012 Government 31.07.2013 Investment Advisor 30.08.2013 Investment Advisor 31.08.2013 Investment Advisor 03.10.2013 Unclassified 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor 30.08.2013 Investment Advisor 30.08.2013 Investment Advisor 30.04.2013 Investment Advisor 28.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.08.2013 Investment Advisor 28.03.2013 Investment Advisor 31.07.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 31.08.2013 Investment Advisor

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

Date 04.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 27.09.2013 25.09.2013 25.09.2013 20.09.2013 18.09.2013 17.09.2013 17.09.2013 13.09.2013 12.09.2013 02.09.2013 15.08.2013 14.08.2013 12.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 22.07.2013 13.06.2013 02.05.2013 18.04.2013 18.04.2013 24.01.2013 18.10.2012 10.09.2012

04.10.2013

Google Inc Google Inc. is a global technology company that provides a web based search engine through its website. The Company offers a wide range of search options, including web, image, groups, directory, and news searches.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.07.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GOOG US EQUITY YTD Change GOOG US EQUITY YTD % CHANGE

12/2012 06/yy 928.00 636.00 2'119'212.00 876.09 -5.59% 37.75% 82.22% 273.9 291'930.88 5'537.00 0.0 0.0 49'557.00 240'923.87

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 n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 21'795.6 3.72x 8'131.9 9.96x 4'226.9 18.44x

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

31.12.2009 31.12.2010 23'650.6 29'321.0 7.29x 5.42x 9'836.5 11'777.0 17.53x 13.48x 6'520.4 8'505.0 30.38x 22.30x Profitability

LTM-4Q 31.12.2011 37'905.0 4.45x 13'593.0 12.41x 9'737.0 21.30x

31.12.2012 50'175.0 3.77x 15'722.0 12.05x 10'737.0 21.10x 15'722.00 12'760.00 25.43% 26.68% 12.43% 16.21% 15.12% 0.60% 58.9% 29.0% 22.5% 21.4% 4.22 3.90 5.90% 7.72% 7.98 50.77

Price/ Cash Flow

LTM

06/yy 42'756.0 14.32x 15'367.0 9.87x 11'109.0 16.99x

06/yy 56'594.0 15.10x 16'440.0 14.74x 11'636.0 25.83x

FY+1

.0 M o-13

0.00 0.98 273.26 4.36 14.90% 23.85% 0.977 49 4.347 1'656'668 1'595'205 1'840'257 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 46'991.0 55'179.6 11'702.1 13'201.7 5.00x 4.11x 20.34x 17.71x 21'176.9 25'203.0 5'235.7 5'952.9 11.38x 9.56x 10.43x 9.97x 14'695.8 17'599.7 3'520.0 4'027.7 20.15x 17.06x 18.92x 18.01x S&P Issuer Ratings

19.11.2012 AA STABLE 15.07.2010 A-1+ 187.17 148.20 -3.10 0.30 7.7% 7.2% 0.60 4.75 45.75 7.19 31.14 30.52

Sales/Revenue/Turnover

25.00

60'000.0 50'000.0

20.00

40'000.0 15.00

30'000.0 10.00

20'000.0

5.00

0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Google Inc Holdings By:

All

Holder Name FMR LLC BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN STATE STREET CORP T ROWE PRICE ASSOCIA JP MORGAN BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO PRIMECAP MANAGEMENT JENNISON ASSOCIATES SANDS CAPITAL MANAGE DAVIS SELECTED ADVIS UBS AG MORGAN STANLEY AMERIPRISE FINANCIAL GOLDMAN SACHS GROUP TIAA CREF INVESTMENT WELLS FARGO & COMPAN

Firm Name Janney Montgomery Scott LLC Robert W. Baird & Co CRT Capital Group RBC Capital Markets Susquehanna Financial Group Topeka Capital Markets Inc Sanford C. Bernstein & Co Evercore Partners Cantor Fitzgerald JMP Securities Jefferies Wedbush Stifel Canaccord Genuity Corp SunTrust Robinson Humphrey JPMorgan BMO Capital Markets Pacific Crest Securities Deutsche Bank Edward Jones Pivotal Research Group LLC Piper Jaffray Daiwa Securities Co. Ltd. Cowen and Company Morgan Stanley Telsey Advisory Group Raymond James EVA Dimensions Hilliard Lyons Argus Research Corp Independent Research GmbH Hamburger Sparkasse Goldman Sachs Credit Suisse UBS Needham & Co William Blair & Co Macquarie B Riley & Co BGC Partners Wells Fargo Securities, LLC S&P Capital IQ Atlantic Equities LLP

Portfolio Name n/a n/a n/a n/a n/a T ROWE PRICE ASSOCIA n/a BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO PRIMECAP MANAGEMENT JENNISON ASSOCIATES SANDS CAPITAL MANAGE DAVIS SELECTED ADVIS n/a n/a AMERIPRISE FINANCIAL n/a TIAA-CREF INVESTMENT n/a

Analyst SHAWN C MILNE COLIN SEBASTIAN NEIL A DOSHI MARK S MAHANEY BRIAN NOWAK VICTOR ANTHONY CARLOS KIRJNER KEN SENA YOUSSEF H SQUALI RONALD V JOSEY III BRIAN J PITZ SHYAM PATIL JORDAN ROHAN MICHAEL GRAHAM ROBERT S PECK DOUGLAS ANMUTH DANIEL SALMON EVAN S WILSON ROSS SANDLER JOSH OLSON BRIAN WIESER EUGENE E MUNSTER KAZUYA NISHIMURA JOHN BLACKLEDGE SCOTT W DEVITT THOMAS FORTE AARON M KESSLER ANDREW S ZAMFOTIS STEPHEN TURNER JOSEPH F BONNER MARKUS FRIEBEL MARCO GUENTHER HEATHER BELLINI STEPHEN JU ERIC J SHERIDAN KERRY RICE RALPH SCHACKART BENJAMIN A SCHACHTER SAMEET SINHA COLIN W GILLIS PETER STABLER SCOTT H KESSLER HAMILTON FABER

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

Recommendation buy outperform buy outperform Positive buy outperform overweight buy market outperform buy neutral hold buy buy overweight market perform outperform buy buy hold overweight outperform outperform Overwt/Attractive no rating system outperform overweight neutral buy hold hold neutral/attractive outperform buy buy outperform outperform buy hold market perform hold overweight

Amt Held 18'479'838 15'339'315 12'822'404 12'771'167 11'203'121 9'435'920 6'855'015 4'861'862 4'246'600 3'962'235 3'058'842 2'863'672 2'776'485 2'678'747 2'553'473 2'395'387 2'361'582 2'348'056 2'280'237 2'251'499

% Out 6.75 5.6 4.68 4.66 4.09 3.44 2.5 1.77 1.55 1.45 1.12 1.05 1.01 0.98 0.93 0.87 0.86 0.86 0.83 0.82

Weighting

Change

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

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

Latest Chg 368'143 (19'909) 570'740 1'243'423 (101'068) 86'313 398'289 177'481 44'852 47'166 (37'280) (1'479) (107'631) (23'243) (16'771) 137'379 164'221 (44'375) 24'666 94'725

Target Price 1'050 1'000 1'090 1'020 1'080 1'035 1'000 1'050 1'000 975 1'000 860 #N/A N/A 940 1'125 1'015 890 980 970 #N/A N/A 870 975 950 972 996 966 990 #N/A N/A #N/A N/A 1'065 980 #N/A N/A 950 1'000 1'020 1'000 #N/A N/A 1'175 1'003 810 #N/A N/A 950 1'000

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

File Dt 30.06.2013 02.10.2013 30.06.2013 31.07.2013 03.10.2013 30.06.2013 23.08.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 30.08.2013 30.06.2013 30.08.2013 30.06.2013 31.07.2013

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

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

Date 03.10.2013 03.10.2013 03.10.2013 02.10.2013 02.10.2013 02.10.2013 01.10.2013 01.10.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 19.09.2013 19.09.2013 11.09.2013 10.09.2013 05.09.2013 05.09.2013 05.09.2013 02.09.2013 16.08.2013 13.08.2013 05.08.2013 02.08.2013 31.07.2013 26.07.2013 25.07.2013 22.07.2013 22.07.2013 22.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013

04.10.2013

Wells Fargo & Co Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.07.2013) 52-Week Low (14.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WFC US EQUITY YTD Change WFC US EQUITY YTD % CHANGE

12/2012 06/yy 44.79 31.25 19'049'575.00 41 -8.45% 31.20% 72.04% 5'309.8 217'701.08 184'554.00 12'883.0 1'357.0 159'173.00 -

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 n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 51'652.0 2'655.0 17.14x

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

31.12.2009 31.12.2010 98'636.0 93'249.0 12'275.0 12'362.0 13.15x 12.68x Profitability

LTM-4Q 31.12.2011 87'597.0 15'869.0 9.11x

31.12.2012 91'247.0 18'897.0 9.97x 33.07% 33.07% 1.49% 13.89% 6.27% 0.07% 22.0% 12.97% 127.57% -

Price/ Cash Flow

LTM

06/yy 88'964.0 0.00x 0.0 0.00x 17'032.0 10.47x

06/yy 90'503.0 0.00x 0.0 0.00x 20'717.0 10.98x

FY+1

.0 M o-13

2.41 1.18 5'290.51 40.25 19.03% 22.60% 1.175 42 3.810 18'001'422 17'045'656 17'907'972 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 84'724.7 86'200.8 21'039.8 21'036.8 20'826.6 21'493.8 5'280.7 5'310.3 10.68x 10.23x 10.55x 10.40x S&P Issuer Ratings

29.11.2011 A+ NEG 29.11.2011 A-1 127.6% 53.7% 0.07 9.78 -

Sales/Revenue/Turnover

16.00

120'000.0

14.00

100'000.0

12.00

80'000.0

10.00 8.00

60'000.0

6.00

40'000.0

4.00

20'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Wells Fargo & Co Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN JP MORGAN NORTHERN TRUST CORPO DODGE & COX BANK OF NEW YORK MEL DAVIS SELECTED ADVIS FRANKLIN RESOURCES STATE FARM MUTUAL AU ALLIANZ ASSET MANAGE T ROWE PRICE ASSOCIA SUN LIFE FINANCIAL I NORGES BANK DODGE & COX WORLDWID BARROW HANLEY MEWHIN

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a WELLINGTON MANAGEMEN n/a NORTHERN TRUST CORPO DODGE & COX BANK OF NEW YORK MEL DAVIS SELECTED ADVIS n/a STATE FARM MUTUAL AU n/a T ROWE PRICE ASSOCIA n/a NORGES BANK Multiple Portfolios BARROW HANLEY MEWHIN

Analyst

SunTrust Robinson Humphrey ERIC E WASSERSTROM Evercore Partners ANDREW A MARQUARDT Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO Buckingham Research Group JAMES F MITCHELL S&P Capital IQ ERIK M OJA Compass Point Research & Trading LLC KEVIN BARKER Sandler O'Neill & Partners, LP R SCOTT SIEFERS Sterne, Agee & Leach TODD L HAGERMAN Miller Tabak + Co., LLC TOM MITCHELL Susquehanna Financial Group JACK MICENKO RBC Capital Markets JOSEPH K MORFORD Sanford C. Bernstein & Co JOHN E MCDONALD Raymond James ANTHONY J POLINI Macquarie THOMAS ALONSO UBS DEREK DE VRIES Edward Jones SHANNON L STEMM Guggenheim Securities LLC MARTY L MOSBY III Oppenheimer & Co CHRISTOPHER M KOTOWSKI Societe Generale MURALI GOPAL Morgan Stanley BETSY L GRASECK Robert W. Baird & Co DAVID A GEORGE JPMorgan VIVEK JUNEJA Credit Suisse MOSHE A ORENBUCH Barclays JASON M GOLDBERG BMO Capital Markets PETER J WINTER Portales Partners JENNIFER A THOMPSON Rafferty Capital Markets RICHARD X BOVE SR Atlantic Equities LLP RICHARD STAITE Drexel Hamilton LLC DAVID B HILDER Daiwa Securities Co. Ltd. KAZUKI WATANABE Jefferies KENNETH M USDIN Deutsche Bank MATTHEW D O'CONNOR Goldman Sachs RICHARD N RAMSDEN Ameriprise Advisor Services, Inc LORI WILKING Argus Research Corp DAVID RITTER FBR Capital Markets PAUL J MILLER JR Scotia Capital KEVIN R CHOQUETTE Keefe, Bruyette & Woods FREDERICK CANNON EVA Dimensions AUSTIN BURKETT Meredith Whitney Advisory Group MEREDITH A WHITNEY

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

Recommendation neutral equalweight market perform neutral buy neutral hold neutral hold neutral outperform outperform strong buy outperform neutral buy buy market perform hold Equalwt/Attractive outperform overweight neutral overweight market perform outperform buy underweight buy outperform buy hold neutral/attractive buy sell outperform sector perform market perform hold hold

Amt Held 463'131'623 284'092'508 241'053'484 212'871'815 186'499'132 158'116'415 121'660'360 103'769'628 75'832'477 74'139'268 66'160'721 60'400'962 58'414'107 55'039'014 47'751'398 47'158'629 46'962'096 43'955'116 43'787'939 42'938'914

% Out 8.72 5.35 4.54 4.01 3.51 2.98 2.29 1.95 1.43 1.4 1.25 1.14 1.1 1.04 0.9 0.89 0.88 0.83 0.82 0.81

Weighting

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

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

Latest Chg 4'961'300 139'392 10'651'620 6'929'110 1'904'382 (6'404'182) 4'813'936 8'839'628 635'086 (962'698) (474'707) (3'628'077) (2'152'526) 9'169'089 (1'857'260) 6'859'196 1'336'294

Target Price 46 43 50 43 45 42 46 44 44 50 47 46 50 47 45 #N/A N/A 50 #N/A N/A 45 46 46 45 42 48 47 #N/A N/A 48 41 48 47 48 44 45 #N/A N/A #N/A N/A 50 51 37 #N/A N/A #N/A N/A

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

File Dt 30.06.2013 02.10.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 31.08.2013 30.06.2013 30.06.2013 31.12.2012 31.03.2013 30.06.2013

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

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

Date 03.10.2013 03.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 01.10.2013 01.10.2013 01.10.2013 01.10.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 23.09.2013 23.09.2013 23.09.2013 18.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 10.09.2013 10.09.2013 03.09.2013 12.08.2013 06.08.2013 23.07.2013 19.07.2013 19.07.2013 17.07.2013 15.07.2013 15.07.2013 27.01.2013 15.01.2013 12.10.2012

04.10.2013

Procter & Gamble Co/The The Procter & Gamble Company manufactures and markets consumer products in countries throughout the world. The Company provides products in the laundry and cleaning, paper, beauty care, food and beverage, and health care segments. Procter & Gamble's products are sold primarily through mass merchandisers, grocery stores, membership club stores, drug stores, and neighborhood stores.

Price/Volume

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

30.0 M 25.0 M

06/2013 06/yy 82.54 65.83 9'254'910.00 75.84 -8.12% 15.21% 59.90% 2'738.8 207'707.59 31'543.00 1'137.0 645.0 5'947.00 235'085.59

20.0 M

15.0 M

10.0 M

5.0 M

10 0 o-12

30.06.2010 30.06.2011 78'938.0 81'104.0 2.52x 2.55x 19'129.0 18'333.0 10.41x 11.27x 12'736.0 11'927.0 19.41x 16.43x Profitability

LTM-4Q 30.06.2012 83'680.0 2.34x 18'072.0 10.82x 10'756.0 15.91x

30.06.2013 84'167.0 2.83x 17'771.0 13.42x 11'312.0 19.06x 17'771.00 14'789.00 17.57% 17.64% 8.33% 17.14% 12.28% 0.62% 49.6% 21.1% 17.6% 13.4% 0.80 0.41 22.65% 47.13% 13.39 6.23

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 83'680.0 9.93x 18'072.0 10.82x 10'756.0 15.85x

06/yy 84'167.0 10.81x 17'771.0 13.42x 11'312.0 19.02x

a-13 m-13

j-13

a-13

s-13

FY+1

3.02 0.66 2'736.01 19.20 13.14% 14.35% 0.659 30 3.733 9'489'210 7'463'160 7'339'154 FY+2

FQ+1

FQ+2

06/14 Y 06/15 Y 09/13 Q1 12/13 Q2 85'614.7 88'857.9 21'068.4 22'342.4 2.75x 2.63x 11.27x 10.63x 19'948.6 21'236.4 4'972.8 5'631.6 11.78x 11.07x 11.72x 11.52x 12'396.5 13'313.8 3'074.6 3'566.7 17.67x 16.25x 17.71x 17.35x S&P Issuer Ratings

10.05.2005 AASTABLE 10.05.2005 A-1+ 26.64 20.63 1.44 1.77 47.1% 31.5% 0.62 4.00 27.27 58.63 71.50 14.39

Sales/Revenue/Turnover

18.00

90'000.0

16.00

80'000.0

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 02.07.2010

.0 M n-12

Fiscal Year Ended 30.06.2009 76'694.0 2.38x 18'456.0 9.91x 13'436.0 14.68x

35.0 M

80 70

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PG US EQUITY YTD Change PG US EQUITY YTD % CHANGE

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

04.10.2013

Procter & Gamble Co/The Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC BERKSHIRE HATHAWAY I NORTHERN TRUST CORPO BANK OF NEW YORK MEL CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA JP MORGAN MORGAN STANLEY YACKTMAN ASSET MANAG BANK OF AMERICA CORP WELLINGTON MANAGEMEN NORGES BANK STATE FARM MUTUAL AU GEODE CAPITAL MANAGE UBS AG GRANTHAM MAYO VAN OT SUN LIFE FINANCIAL I

Firm Name Canaccord Genuity Corp BMO Capital Markets Sanford C. Bernstein & Co B Riley & Co SunTrust Robinson Humphrey Credit Suisse Argus Research Corp Edward Jones Barclays Buckingham Research Group Exane BNP Paribas Tigress Financial Partners William Blair & Co EVA Dimensions Hilliard Lyons Independent Research GmbH Goldman Sachs Wells Fargo Securities, LLC Deutsche Bank Morgan Stanley JPMorgan Ameriprise Advisor Services, Inc Stifel Oppenheimer & Co S&P Capital IQ Oracle Investment Research Janney Montgomery Scott LLC Gabelli & Co

Portfolio Name n/a n/a n/a n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a T ROWE PRICE ASSOCIA n/a n/a YACKTMAN ASSET MANAG BANK OF AMERICA WELLINGTON MANAGEMEN NORGES BANK STATE FARM MUTUAL AU GEODE CAPITAL MANAGE n/a GRANTHAM MAYO VAN OT n/a

Analyst ALICIA FORRY CONSTANCE M MANEATY ALI DIBADJ LINDA BOLTON WEISER WILLIAM CHAPPELL MICHAEL STEIB JOHN D STASZAK JACK P RUSSO LAUREN R LIEBERMAN ALICE BEEBE LONGLEY EAMONN FERRY IVAN FEINSETH JON R ANDERSEN AUSTIN BURKETT JEFFREY S THOMISON LARS LUSEBRINK JASON ENGLISH TIMOTHY A CONDER WILLIAM G SCHMITZ DARA MOHSENIAN JOHN A FAUCHER PATRICK DIEDRICKSON MARK S ASTRACHAN JOSEPH ALTOBELLO IAN GORDON LAURENCE BALTER JOHN SAN MARCO SARAH DONNELLY

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

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

Amt Held 148'544'362 140'160'566 122'530'223 58'887'653 52'793'078 43'927'729 40'985'320 39'507'523 38'813'867 30'019'872 25'750'279 25'393'047 23'316'443 23'209'972 22'102'179 20'372'600 18'918'279 18'869'241 18'854'995 15'860'588

% Out 5.42 5.12 4.47 2.15 1.93 1.6 1.5 1.44 1.42 1.1 0.94 0.93 0.85 0.85 0.81 0.74 0.69 0.69 0.69 0.58

Weighting

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

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

Latest Chg 2'300'433 3'470'916 2'129'676 (1'234'280) 316'932 (452'641) 5'239'208 2'479'318 2'152'344 748'644 (1'144'376) 591'206 302'325 379'466 418'294 2'595'508 2'966'668

Target Price 89 90 89 85 80 85 92 #N/A N/A 83 76 74 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 85 83 #N/A N/A 90 #N/A N/A 90 #N/A N/A #N/A N/A #N/A N/A 83 80 81 #N/A N/A

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

File Dt 02.10.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 31.07.2013 30.08.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 31.08.2013 30.06.2013 30.06.2013

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

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

Date 02.10.2013 01.10.2013 01.10.2013 01.10.2013 24.09.2013 20.09.2013 19.09.2013 19.09.2013 18.09.2013 11.09.2013 10.09.2013 10.09.2013 05.09.2013 19.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 24.05.2013 24.05.2013 28.01.2013 02.02.2009

04.10.2013

International Business Machines Corp International Business Machines Corporation (IBM) provides computer solutions through the use of advanced information technology. The Company's solutions include technologies, systems, products, services, software, and financing. IBM offers its products through its global sales and distribution organization, as well as through a variety of third party distributors and resellers.

Price/Volume 250 200 150

Valuation Analysis

100

Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IBM US EQUITY YTD Change IBM US EQUITY YTD % CHANGE

12/2012 06/yy 215.90 181.10 3'212'240.00 183.86 -14.84% 1.52% 7.93% 1'095.4 201'405.00 33'269.00 0.0 124.0 11'129.00 225'296.99

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

50 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

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

Fiscal Year Ended 31.12.2008 103'630.0 1.29x 21'388.0 6.25x 12'334.0 9.42x

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

31.12.2009 31.12.2010 95'759.0 99'871.0 1.91x 1.98x 22'009.0 22'982.0 8.32x 8.59x 13'425.0 14'833.0 13.08x 12.97x Profitability

LTM-4Q 31.12.2011 106'916.0 2.18x 25'101.0 9.30x 15'855.0 14.06x

31.12.2012 104'507.0 2.26x 25'119.0 9.41x 16'604.0 12.57x 25'119.00 20'443.00 19.56% 20.96% 13.90% 83.27% 30.94% 0.89% 48.1% 23.4% 18.9% 15.9% 1.13 0.91 27.91% 176.40% 3.93 20.47

Price/ Cash Flow

LTM

FY+1

1.90 0.92 1'094.02 18.57 -11.05% -2.67% 0.923 31 3.806 3'479'804 3'357'638 3'601'962 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 106'099.0 102'383.0 102'356.7 104'547.9 24'762.3 29'046.1 9.08x 9.61x 2.20x 2.14x 9.23x 7.80x 25'258.0 23'949.0 27'426.4 29'498.1 6'711.2 9'650.8 9.69x 9.74x 8.21x 7.64x 7.71x 7.64x 16'276.0 15'915.0 18'527.0 19'183.3 4'336.4 6'563.4 13.97x 12.65x 10.89x 10.00x 10.45x 10.23x S&P Issuer Ratings Long-Term Rating Date 30.05.2012 Long-Term Rating AALong-Term Outlook STABLE Short-Term Rating Date 30.05.2012 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 52.66 (EBITDA-Capex)/Interest Exp. 44.10 Net Debt/EBITDA 0.99 Total Debt/EBITDA 1.42 Reference Total Debt/Equity 176.4% Total Debt/Capital 63.7% Asset Turnover 0.89 Net Fixed Asset Turnover 7.52 Accounts receivable turnover-days 92.86 Inventory Days 17.83 Accounts Payable Turnover Day 49.91 Cash Conversion Cycle 60.00 Sales/Revenue/Turnover

14.00

120'000.0

12.00

100'000.0

10.00

80'000.0

8.00

60'000.0 6.00

40'000.0 4.00

20'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

International Business Machines Corp Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I STATE STREET CORP BLACKROCK VANGUARD GROUP INC STATE FARM MUTUAL AU NORTHERN TRUST CORPO BANK OF NEW YORK MEL WELLINGTON MANAGEMEN STATE FARM MUTUAL AU NORGES BANK BANK OF AMERICA CORP FMR LLC WELLS FARGO & COMPAN GEODE CAPITAL MANAGE JP MORGAN GRANTHAM MAYO VAN OT CAPITAL GROUP COMPAN TIAA CREF INVESTMENT SUN LIFE FINANCIAL I NEUBERGER BERMAN LLC

Firm Name Cowen and Company Stifel Janney Montgomery Scott LLC Wells Fargo Securities, LLC Sanford C. Bernstein & Co Societe Generale Cantor Fitzgerald Argus Research Corp ISI Group Deutsche Bank RBC Capital Markets Barclays S&P Capital IQ BMO Capital Markets Daiwa Securities Co. Ltd. Edward Jones Credit Suisse Tigress Financial Partners EVA Dimensions Evercore Partners Independent Research GmbH Morgan Stanley Hamburger Sparkasse Goldman Sachs JPMorgan Jefferies Macquarie UBS Oracle Investment Research

Portfolio Name n/a n/a n/a n/a STATE FARM MUTUAL AU NORTHERN TRUST CORPO BANK OF NEW YORK MEL WELLINGTON MANAGEMEN STATE FARM MUTUAL AU NORGES BANK BANK OF AMERICA n/a n/a GEODE CAPITAL MANAGE n/a GRANTHAM MAYO VAN OT n/a TIAA-CREF INVESTMENT n/a NEUBERGER BERMAN GRO

Analyst MOSHE KATRI DAVID M GROSSMAN JOSEPH D FORESI MAYNARD UM TONI SACCONAGHI RICHARD NGUYEN BRIAN J WHITE JAMES KELLEHER BRIAN MARSHALL CHRISTOPHER WHITMORE AMIT DARYANANI BENJAMIN A REITZES DYLAN CATHERS KEITH F BACHMAN KAZUYA NISHIMURA JOSH OLSON KULBINDER GARCHA IVAN FEINSETH ANDREW S ZAMFOTIS ROBERT CIHRA MARKUS FRIEBEL KATHRYN HUBERTY MARCO GUENTHER WILLIAM C SHOPE JR MARK A MOSKOWITZ PETER J MISEK BRAD A ZELNICK STEVEN M MILUNOVICH LAURENCE BALTER

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

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

Amt Held 68'121'984 60'962'949 55'065'513 54'608'801 16'651'892 16'317'160 15'377'793 10'471'466 9'694'117 9'100'412 8'913'296 7'895'483 7'751'737 7'207'821 7'152'077 6'961'422 6'705'471 6'683'081 6'523'777 6'394'310

% Out 6.22 5.57 5.03 4.99 1.52 1.49 1.4 0.96 0.88 0.83 0.81 0.72 0.71 0.66 0.65 0.64 0.61 0.61 0.6 0.58

Weighting

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

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

Latest Chg 1'045'117 (1'581'831) 2'237'708 (22'615) (624'128) (658'419) (2'153) 57'345 (1'420'843) 13'223 85'140 (1'808'557) 1'513'655 (224'430) (1'199'181) 521'232 (597'571)

Target Price 234 237 210 #N/A N/A 225 199 220 235 #N/A N/A 225 210 215 227 220 210 #N/A N/A 175 #N/A N/A #N/A N/A 235 205 #N/A N/A #N/A N/A 195 196 210 215 235 195

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

File Dt 30.06.2013 03.10.2013 02.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 31.07.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013

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

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

Date 03.10.2013 02.10.2013 27.09.2013 27.09.2013 25.09.2013 23.09.2013 19.09.2013 18.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 09.09.2013 06.09.2013 23.08.2013 20.08.2013 06.08.2013 02.08.2013 01.08.2013 31.07.2013 22.07.2013 21.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 10.04.2013 07.06.2012

04.10.2013

HSBC Holdings PLC HSBC Holdings plc is the holding company for the HSBC Group. The Company provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance. The Group operates worldwide.

Price/Volume

12/2012 06/yy 772.50 586.40 4'588'875.00 674.2 -12.69% 14.97% 44.65% 18'657.2 125'786.94 284'987.00 2'728.0 7'887.0 301'381.00 -

Price/ Cash Flow

1.20 1.00

50.0 M 40.0 M 30.0 M

300 200

20.0 M

100

10.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended

60.0 M

600 400

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HSBA LN EQUITY YTD Change HSBA LN EQUITY YTD % CHANGE

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

70.0 M

700 500

Valuation Analysis

31.12.2008 126'036.0 5'728.0 19.90x

800

31.12.2009 31.12.2010 97'533.0 91'171.0 5'834.0 13'159.0 31.93x 13.43x Profitability

LTM-4Q 31.12.2011 94'799.0 16'797.0 8.03x

31.12.2012 88'382.0 14'027.0 13.58x 14.52% 29.77% 0.60% 9.00% 3.98% 0.03% 20.2% 10.58% 165.20% -

LTM

06/yy 72'964.0 0.00x 0.0 0.00x 16'020.0 9.67x

06/yy 77'849.0 0.00x 0.0 0.00x 15'873.0 11.95x

FY+1

.0 M o-13

4.33 1.23 18'647.18 19.84% 7.88% 1.234 47 3.787 18'296'900 19'711'160 20'352'090 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 66'383.7 68'598.1 18'134.2 19'709.8 11.29x 10.41x S&P Issuer Ratings

29.11.2011 A+ NEG 29.11.2011 A-1 165.2% 60.9% 0.03 7.34 -

Sales/Revenue/Turnover

160'000.0 140'000.0 120'000.0

0.80 0.60

100'000.0 80'000.0 60'000.0

0.40 0.20

40'000.0 20'000.0 0.0

0.00

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

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

04.10.2013

HSBC Holdings PLC Holdings By:

All

Holder Name JP MORGAN BLACKROCK LEGAL & GENERAL CAPITAL GROUP COMPAN NORGES BANK INVESTME VANGUARD GROUP INC NORGES BANK SCOTTISH WIDOWS STATE STREET CORP FIL LIMITED UBS AG FRANKLIN RESOURCES SUN LIFE FINANCIAL I BARCLAYS GLOBAL INVE ABERDEEN DZ BANK AG STANDARD LIFE INVEST PRUDENTIAL PLC AXA HSBC INVESTMENTS UK

Firm Name

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

Analyst

AlphaValue DAVID GRINSZTAJN Nomura CHINTAN JOSHI Exane BNP Paribas TOM RAYNER Mizuho Securities JIM ANTOS BNP Paribas Equity Research DOMINIC CHAN Keefe, Bruyette & Woods MARK J PHIN Grupo Santander ARTURO DE FRIAS Deutsche Bank JASON NAPIER JPMorgan RAUL SINHA Sanford C. Bernstein & Co CHIRANTAN BARUA Shore Capital Stockbrokers GARY GREENWOOD Macquarie THOMAS STOEGNER RBC Capital Markets PATRICK LEE China International Capital Corp MAO JUNHUA Credit Suisse AMIT GOEL Berenberg Bank JAMES CHAPPELL Citic Securities Co., Ltd STEVEN CHAN Barclays ROHITH CHANDRA-RAJAN Independent Research GmbH STEFAN BONGARDT Day by Day VALERIE GASTALDY Investec IAN GORDON Phillip Securities CHEN XINGYU Mediobanca SpA CHRISTOPHER J WHEELER Societe Generale JAMES INVINE Morgan Stanley ANIL AGARWAL Morgan Stanley CHRISTOPHER MANNERS DBS Vickers ALEXANDER LEE Bankhaus Lampe NEIL SMITH Canaccord Genuity Corp GARETH HUNT Numis Securities Ltd MICHAEL J TRIPPITT BOCOM International Holdings LI SHANSHAN EVA Dimensions DOUG WALTERS Landesbank Baden-Wuerttemberg WERNER SCHIRMER Hamburger Sparkasse CHRISTIAN HAMANN S&P Capital IQ FRANK BRADEN Oriel Securities Ltd VIVEK RAJA CCB International Securities Ltd ADAM CHAN Redburn Partners FAHED KUNWAR Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA Goldman Sachs FREDERIK THOMASEN AMTD Financial Planning Limited KENNY TANG SING HING Liberum Capital Ltd CORMAC LEECH UBS JOHN-PAUL CRUTCHLEY

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

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

Amt Held 1'338'629'211 1'110'172'768 748'467'133 588'120'515 476'556'585 471'918'678 466'932'178 460'045'487 435'596'266 323'889'762 234'954'359 225'751'909 216'419'553 213'843'953 200'306'281 199'626'669 198'945'867 178'830'276 153'923'594 148'430'627

% Out 7.17 5.95 4.01 3.15 2.55 2.53 2.5 2.47 2.33 1.74 1.26 1.21 1.16 1.15 1.07 1.07 1.07 0.96 0.83 0.8

Weighting

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

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

Latest Chg (389'304) (9'835'788) 98'539'136 29'837'228 (2'452'327) 4'335'654 34'592'720 30'882'903 (6'887'857) 11'581'572 (2'360'604) (243'050) 519'114 (1'738'451) 5'011'957 6'437'582

Target Price 574 850 750 750 823 780 690 730 800 860 #N/A N/A 800 700 765 780 790 805 810 780 750 745 832 835 810 747 757 750 650 825 712 733 #N/A N/A 780 #N/A N/A 800 860 756 #N/A N/A 850 950 745 650 750

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

File Dt 31.08.2013 02.10.2013 31.07.2013 31.07.2013 01.05.2013 31.08.2013 31.12.2012 31.08.2013 03.10.2013 31.07.2013 03.10.2013 31.08.2013 31.08.2013 28.06.2013 31.08.2013 01.05.2013 01.05.2013 30.06.2013 30.06.2013 01.05.2013

Date 6 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 15 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 6 month Not Provided 12 month 3 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month

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

Date 03.10.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 24.09.2013 23.09.2013 23.09.2013 11.09.2013 09.09.2013 06.09.2013 05.09.2013 04.09.2013 03.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 23.08.2013 23.08.2013 09.08.2013 08.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 16.07.2013 03.07.2013 03.06.2013 08.05.2013 12.04.2013 05.03.2013

04.10.2013

JPMorgan Chase & Co JPMorgan Chase & Co. provides global financial services and retail banking. The Company provides services such as investment banking, treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance. JP Morgan Chase serves business enterprises, institutions, and individuals.

Price/Volume

60.0 M 50.0 M 40.0 M

Latest Fiscal Year: LTM as of: 52-Week High (24.07.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JPM US EQUITY YTD Change JPM US EQUITY YTD % CHANGE

12/2012 06/yy 56.93 38.83 18'614'460.00 51.94 -8.77% 33.76% 72.43% 3'764.2 195'512.44 695'583.00 9'058.0 0.0 471'833.00 -

30.0 M

20.0 M

10.0 M

0 o-12

31.12.2009 31.12.2010 115'632.0 115'475.0 11'728.0 17'370.0 14.96x 8.42x Profitability

LTM-4Q 31.12.2011 110'838.0 18'976.0 6.78x

31.12.2012 108'184.0 21'284.0 7.51x 33.19% 29.80% 1.03% 12.00% 2.64% 0.05% 21.9% 29.48% 356.69% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 06/yy 105'720.0 109'232.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 17'874.0 24'425.0 7.43x 8.27x

a-13 m-13

j-13

a-13

s-13

FY+1

2.46 1.36 3'740.60 46.15 30.66% 21.42% 1.364 42 4.381 21'207'650 20'360'886 18'581'678 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 99'093.5 98'186.2 24'101.2 24'290.1 22'617.9 23'416.3 4'763.6 5'393.3 9.01x 8.57x 9.03x 8.76x S&P Issuer Ratings

29.11.2011 A NEG 19.12.2008 A-1 356.7% 77.3% 0.05 7.59 -

Sales/Revenue/Turnover

35.00

140'000.0

30.00

120'000.0

25.00

100'000.0

20.00

80'000.0

15.00

60'000.0

10.00

40'000.0

5.00

20'000.0

0.00 01.01.2010

.0 M n-12

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

70.0 M

50 40

Valuation Analysis

31.12.2008 101'491.0 5'605.0 30.32x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

JPMorgan Chase & Co Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC WELLINGTON MANAGEMEN CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO BANK OF NEW YORK MEL SUN LIFE FINANCIAL I FRANKLIN RESOURCES INVESCO LTD AMERIPRISE FINANCIAL BANK OF AMERICA CORP BARROW HANLEY MEWHIN UBS AG NORGES BANK ROBECO MORGAN STANLEY ALLIANZ ASSET MANAGE

Firm Name Morgan Stanley Jyske Bank RBC Capital Markets SunTrust Robinson Humphrey Evercore Partners Wells Fargo Securities, LLC Keefe, Bruyette & Woods Buckingham Research Group Portales Partners Raymond James Rafferty Capital Markets UBS Macquarie Oppenheimer & Co Guggenheim Securities LLC S&P Capital IQ Sanford C. Bernstein & Co Societe Generale Robert W. Baird & Co Independent Research GmbH Sandler O'Neill & Partners, LP Drexel Hamilton LLC Edward Jones Sterne, Agee & Leach Credit Suisse Barclays FBR Capital Markets Atlantic Equities LLP Mediobanca SpA Daiwa Securities Co. Ltd. Deutsche Bank Goldman Sachs Ameriprise Advisor Services, Inc Argus Research Corp Scotia Capital JMP Securities EVA Dimensions HSBC Meredith Whitney Advisory Group Oriel Securities Ltd

Portfolio Name n/a n/a n/a n/a WELLINGTON MANAGEMEN n/a T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a n/a n/a AMERIPRISE FINANCIAL BANK OF AMERICA BARROW HANLEY MEWHIN n/a NORGES BANK n/a n/a n/a

Analyst BETSY L GRASECK ROBERT JAKOBSEN GERARD S CASSIDY ERIC E WASSERSTROM ANDREW A MARQUARDT MATTHEW H BURNELL CHRISTOPHER M MUTASCIO JAMES F MITCHELL CHARLES W PEABODY ANTHONY J POLINI RICHARD X BOVE SR DEREK DE VRIES DAVID J KONRAD CHRISTOPHER M KOTOWSKI MARTY L MOSBY III ERIK M OJA JOHN E MCDONALD MURALI GOPAL DAVID A GEORGE STEFAN BONGARDT JEFFERY HARTE DAVID B HILDER SHANNON L STEMM TODD L HAGERMAN MOSHE A ORENBUCH JASON M GOLDBERG PAUL J MILLER JR RICHARD STAITE CHRISTOPHER J WHEELER KAZUKI WATANABE MATTHEW D O'CONNOR RICHARD N RAMSDEN LORI WILKING DAVID RITTER KEVIN R CHOQUETTE DAVID M TRONE AUSTIN BURKETT ROBERT MURPHY MEREDITH A WHITNEY VIVEK RAJA

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

Recommendation Overwt/Attractive strong buy outperform buy overweight outperform outperform buy underperform strong buy hold buy neutral outperform buy strong buy outperform hold outperform buy buy buy buy buy outperform overweight market perform overweight outperform neutral buy buy/attractive buy hold sector outperform market perform buy neutral hold not rated

Amt Held 241'978'623 178'912'530 173'225'394 102'403'056 96'044'072 82'089'473 79'256'840 60'023'478 56'413'992 51'687'156 47'279'089 42'557'875 40'301'821 35'378'422 32'190'193 29'758'490 29'412'458 28'121'489 27'145'980 26'292'789

% Out 6.43 4.75 4.6 2.72 2.55 2.18 2.11 1.59 1.5 1.37 1.26 1.13 1.07 0.94 0.86 0.79 0.78 0.75 0.72 0.7

Weighting

Change

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

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

Latest Chg (4'308'762) 2'183'408 5'553'816 12'150'133 (4'692'808) (974'301) (2'080'142) (56'621) 515'847 774'064 (433'649) (1'394'937) 634'658 (576'497) 1'448'616 (2'298'158) (5'429'166) (1'384'610) 1'696'674

Target Price 70 65 68 63 61 #N/A N/A 63 65 #N/A N/A 65 57 62 57 71 63 61 62 56 60 65 61 64 #N/A N/A 65 65 65 55 61 66 53 64 63 #N/A N/A #N/A N/A 67 #N/A N/A #N/A N/A 54 43 #N/A N/A

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

File Dt 02.10.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 31.12.2012 30.06.2013 30.06.2013 31.08.2013

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

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

Date 04.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 02.10.2013 02.10.2013 02.10.2013 30.09.2013 30.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 20.09.2013 19.09.2013 19.09.2013 12.09.2013 12.09.2013 11.09.2013 10.09.2013 13.08.2013 12.08.2013 25.07.2013 19.07.2013 18.07.2013 16.07.2013 15.07.2013 03.06.2013 13.04.2013 05.03.2013 12.10.2012 11.05.2012

04.10.2013

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

Price/Volume 300 250 200 150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ROG VX EQUITY YTD Change ROG VX EQUITY YTD % CHANGE

12/2012 06/yy 258.60 174.20 301'777.00 238.1 -7.85% 36.68% 79.38% 702.6 205'296.19 24'590.00 0.0 2'234.0 13'991.00 221'035.18

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

50 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 45'617.0 2.93x 16'673.0 8.03x 8'969.0 15.58x

100

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

LTM-4Q 31.12.2011 42'531.0 3.65x 17'894.0 8.68x 9'343.0 14.46x

31.12.2012 45'499.0 3.77x 19'400.0 8.84x 9'539.0 16.36x 19'400.00 16'979.00 37.32% 27.08% 18.86% 95.24% 32.70% 0.78% 73.8% 42.3% 37.1% 21.0% 1.55 1.16 37.94% 169.66% 4.84 2.12

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 o-13

LTM

06/yy 43'283.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 46'371.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.96 701.88 36.07% 33.85% 0.963 32 4.500 851'991 892'434 916'143 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 47'285.3 49'129.6 11'709.3 12'208.3 4.52x 4.24x 20'096.4 21'231.6 10.98x 10.39x 12'688.5 13'720.2 15.83x 14.75x S&P Issuer Ratings

17.09.2012 AA STABLE 01.02.2006 A-1+ 13.90 12.34 0.69 1.09 169.7% 59.5% 0.78 2.98 75.45 172.09 50.98 181.16

Sales/Revenue/Turnover

18.00

60'000.0

16.00

50'000.0

14.00

40'000.0

12.00 10.00

30'000.0

8.00

20'000.0

6.00 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

01.07.2013

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

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

04.10.2013

Roche Holding AG Holdings By:

All

Holder Name VANGUARD GROUP INC NORGES BANK CAPITAL GROUP COMPAN BLACKROCK PRIMECAP MANAGEMENT CREDIT SUISSE AG FRANKLIN RESOURCES PERPETUAL INVESTMENT UBS AG DODGE & COX DODGE & COX WORLDWID SUN LIFE FINANCIAL I FMR LLC HARBOR CAPITAL ADVIS PICTET FUNDS BANK OF NEW YORK MEL THORNBURG INVESTMENT DEUTSCHE BANK AG FIL LIMITED ABERDEEN

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

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

Analyst STEPHEN MCGARRY TIM RACE ARMELLE MOULIN ERIC LE BERRIGAUD PHILIPPE LANONE SHO MATSUBARA VINCENT MEUNIER ODILE RUNDQUIST ARSENE GUEKAM JEFFREY HOLFORD TIMOTHY M ANDERSON MICHAEL NAWRATH VALERIE GASTALDY RICHARD VOSSER ANDREW WHITNEY MARK PURCELL BRUNO ESCHLI FABIAN WENNER ALISTAIR CAMPBELL LUISA HECTOR CHRISTOPH SCHOENDUBE MARCO GUENTHER ANDREW C WEISS TIMO KUERSCHNER NARESH CHOUHAN TEAM COVERAGE TIMOTHY STANISH KEYUR PAREKH NICHOLAS TURNER STEFFEN MANSKE TOMAS MENCIK VISHAL MANCHANDA

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

Recommendation buy buy add neutral buy buy neutral buy buy buy outperform outperform hold overweight neutral overweight buy buy buy outperform buy hold buy buy buy neutral overweight Buy/Neutral accumulate hold accumulate outperform

Amt Held 21'440'624 16'154'814 15'092'299 13'509'815 10'513'329 9'877'114 9'230'789 9'115'734 8'076'891 7'496'200 7'367'775 4'825'545 4'743'631 4'691'073 4'440'628 3'686'148 3'538'214 2'960'909 2'681'167 2'399'178

% Out 3.05 2.3 2.15 1.92 1.5 1.41 1.31 1.3 1.15 1.07 1.05 0.69 0.68 0.67 0.63 0.52 0.5 0.42 0.38 0.34

Weighting

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

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

Latest Chg 334'665 (1'202'673) 350'586 (85'966) (142'317) (671'189) 101'592 (51'485) (220'000) 115'558 29'260 (5'018) (50'098) (3'559) 217'495 (706'253) 31'914

Target Price 312 280 251 252 285 288 250 270 281 280 273 #N/A N/A #N/A N/A 280 225 258 263 260 270 270 295 #N/A N/A 263 290 250 #N/A N/A #N/A N/A 310 262 210 176 160

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

File Dt 31.08.2013 31.12.2012 31.07.2013 02.10.2013 30.06.2013 30.08.2013 31.08.2013 31.08.2013 03.10.2013 30.06.2013 31.03.2013 31.08.2013 31.08.2013 30.06.2013 30.08.2013 03.10.2013 31.08.2013 30.08.2013 30.04.2013 31.08.2013

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

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

Date 03.10.2013 03.10.2013 03.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 01.10.2013 30.09.2013 27.09.2013 27.09.2013 23.09.2013 19.09.2013 17.09.2013 16.09.2013 28.08.2013 27.08.2013 30.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 28.06.2013 14.06.2013 06.06.2013 17.05.2013 10.05.2013 31.01.2013 05.04.2012 14.11.2011

04.10.2013

Pfizer Inc Pfizer Inc. is a research-based, global pharmaceutical company that discovers, develops, manufactures, and markets medicines for humans and animals. The Company's products include prescription pharmaceuticals, non-prescription self-medications, and animal health products such as anti-infective medicines and vaccines.

Price/Volume 35

Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PFE US EQUITY YTD Change PFE US EQUITY YTD % CHANGE

12/2012 06/yy 31.15 23.55 22'687'910.00 28.77 -7.64% 22.17% 68.68% 6'620.3 190'466.03 37'460.00 39.0 418.0 32'708.00 193'967.03

150.0 M

100.0 M

10 50.0 M

5 0 o-12

31.12.2009 31.12.2010 50'009.0 67'057.0 3.40x 2.34x 21'810.0 29'319.0 7.79x 5.35x 8'635.0 8'257.0 9.00x 7.92x Profitability

LTM-4Q 31.12.2011 65'259.0 2.71x 30'037.0 5.89x 10'009.0 9.55x

31.12.2012 58'986.0 3.18x 27'270.0 6.88x 14'570.0 11.45x 27'270.00 19'659.00 33.33% 20.48% 14.56% 33.37% 23.54% 0.31% 81.4% 43.3% 30.9% 24.7% 2.15 1.58 20.16% 46.12% 4.55 1.59

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

07/yy 61'603.0 11.32x 27'471.0 6.79x 10'224.0 10.20x

06/yy 55'517.0 14.16x 24'056.0 7.85x 26'368.0 13.31x

a-13 m-13

j-13

a-13

s-13

FY+1

3.20 0.77 6'615.88 56.88 17.58% 17.64% 0.765 24 4.375 24'652'506 24'805'748 26'566'762 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 51'462.4 50'813.9 12'729.8 13'425.1 4.02x 4.02x 24'533.1 23'516.6 6'280.0 5'745.5 7.91x 8.25x 8.85x 9.35x 14'887.1 14'768.2 3'735.1 3'490.3 13.30x 12.44x 12.94x 12.84x S&P Issuer Ratings

16.10.2009 AA STABLE 23.11.1981 A-1+ 17.42 16.58 0.13 1.53 46.1% 31.4% 0.31 4.08 80.01 228.82 95.07 179.54

Sales/Revenue/Turnover

16.00

80'000.0

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

.0 M n-12

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

200.0 M

Valuation Analysis

31.12.2008 48'296.0 2.35x 22'146.0 5.12x 8'104.0 7.32x

250.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Pfizer Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP BANK OF NEW YORK MEL CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN NORTHERN TRUST CORPO FMR LLC FRANKLIN RESOURCES SUN LIFE FINANCIAL I BANK OF AMERICA CORP DODGE & COX DEUTSCHE BANK AG JP MORGAN AMERIPRISE FINANCIAL BARROW HANLEY MEWHIN STATE FARM MUTUAL AU INVESCO LTD NORGES BANK

Firm Name SunTrust Robinson Humphrey Cowen and Company Sanford C. Bernstein & Co JPMorgan Barclays Goldman Sachs Jefferies Edward Jones Leerink Swann & Co Atlantic Equities LLP ISI Group Argus Research Corp Independent Research GmbH BMO Capital Markets Morgan Stanley Spin-Off Research Hilliard Lyons S&P Capital IQ Hamburger Sparkasse MKM Partners EVA Dimensions UBS MP Advisors Pvt Ltd Cyrrus First Global Stockbroking McAdams Wright Ragen Inc

Portfolio Name n/a n/a n/a BANK OF NEW YORK MEL n/a T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN NORTHERN TRUST CORPO n/a n/a n/a BANK OF AMERICA DODGE & COX n/a n/a AMERIPRISE FINANCIAL BARROW HANLEY MEWHIN STATE FARM MUTUAL AU n/a NORGES BANK

Analyst JOHN T BORIS STEVEN R SCALA TIMOTHY M ANDERSON CHRISTOPHER T SCHOTT CHARLES ANTHONY BUTLER JAMI E RUBIN JEFFREY HOLFORD JUDSON CLARK SEAMUS FERNANDEZ RICHARD J PURKISS MARK J SCHOENEBAUM JOHN M EADE CHRISTOPH SCHOENDUBE ALEX ARFAEI DAVID R RISINGER TEAM COVERAGE STEPHEN A O'NEIL HERMAN SAFTLAS MARCO GUENTHER JON LECROY ANDREW S ZAMFOTIS MARC GOODMAN VISHAL MANCHANDA TOMAS MENCIK KAVITA THOMAS PAUL C LATTA

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

Recommendation reduce outperform outperform overweight equalweight buy/attractive hold buy market perform overweight buy buy buy outperform Overwt/In-Line buy long-term buy buy sell neutral buy buy market perform hold moderate outperform focus list

Amt Held 441'437'796 317'715'155 284'233'523 134'252'049 124'187'559 114'431'992 110'447'558 103'170'420 96'079'093 93'550'454 85'800'884 75'642'968 68'191'798 68'126'998 67'024'027 65'355'992 60'830'964 60'677'997 60'300'036 60'070'940

% Out 6.67 4.8 4.29 2.03 1.88 1.73 1.67 1.56 1.45 1.41 1.3 1.14 1.03 1.03 1.01 0.99 0.92 0.92 0.91 0.91

Weighting

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

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

Latest Chg (33'142'689) (18'962'285) (30'858'473) (6'421'294) 26'589'221 (5'401'590) (37'853'965) (7'117'343) (39'424'151) (10'221'358) 788'473 25'791'018 (1'567'758) 5'860'229 (9'269'944) (5'308'979) 2'548'133 (19'321'528) (12'336'316) -

Target Price 27 33 33 34 32 34 27 #N/A N/A 29 35 34 32 35 33 31 33 34 33 #N/A N/A 29 #N/A N/A 32 21 24 #N/A N/A 25

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

File Dt 02.10.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.08.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 03.10.2013 31.12.2012

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

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

Date 30.09.2013 30.09.2013 27.09.2013 26.09.2013 20.09.2013 17.09.2013 10.09.2013 30.08.2013 30.08.2013 16.08.2013 06.08.2013 05.08.2013 05.08.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 28.05.2013 23.05.2013 11.05.2013 09.04.2013 08.08.2012 05.04.2012 09.02.2012 30.04.2009

04.10.2013

AT&T Inc AT&T Inc. is a communications holding company. The Company, through its subsidiaries and affiliates, provides local and long-distance phone service, wireless and data communications, Internet access and messaging, IP-based and satellite television, security services, telecommunications equipment, and directory advertising and publishing.

Price/Volume 45

120.0 M

100.0 M

35 30

80.0 M

12/2012 06/yy 39.00 32.71 22'437'328.00 33.64 -13.74% 2.84% 14.79% 5'311.0 178'662.03 69'844.00 0.0 333.0 4'868.00 249'622.04

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

40.0 M

20.0 M

5 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 124'028.0 1.94x 42'946.0 5.62x 12'867.0 12.28x

60.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (09.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance T US EQUITY YTD Change T US EQUITY YTD % CHANGE

31.12.2009 31.12.2010 122'513.0 124'280.0 1.91x 1.92x 40'515.0 39'037.0 5.78x 6.11x 12'138.0 19'864.0 13.18x 12.95x Profitability

LTM-4Q 31.12.2011 126'723.0 1.82x 30'505.0 7.56x 3'944.0 12.39x

31.12.2012 127'434.0 1.99x 31'140.0 8.14x 7'264.0 14.62x 31'140.00 12'997.00 10.20% 8.19% 2.71% 7.71% 6.11% 0.47% 56.7% 23.8% 9.5% 5.7% 0.71 0.55 25.65% 75.62% 10.22 -

Price/ Cash Flow

LTM

FY+1

5.32 0.78 5'306.94 121.57 -7.44% 3.60% 0.778 39 3.410 19'109'942 20'861'820 19'530'822 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 127'378.0 127'468.0 128'719.1 131'230.6 32'210.9 33'105.7 7.67x 8.31x 1.96x 1.94x 7.78x 7.61x 31'323.0 30'316.0 41'158.8 42'964.2 10'638.2 9'364.7 8.61x 8.57x 6.06x 5.81x 5.94x 5.88x 4'431.0 7'300.0 13'519.3 14'207.9 3'561.4 2'640.6 13.85x 14.97x 13.60x 12.53x 13.10x 12.85x S&P Issuer Ratings Long-Term Rating Date 06.12.2010 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 06.12.2010 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 8.40 (EBITDA-Capex)/Interest Exp. 3.15 Net Debt/EBITDA 2.33 Total Debt/EBITDA 2.48 Reference Total Debt/Equity 75.6% Total Debt/Capital 43.0% Asset Turnover 0.47 Net Fixed Asset Turnover 1.17 Accounts receivable turnover-days 35.70 Inventory Days Accounts Payable Turnover Day 116.27 Cash Conversion Cycle Sales/Revenue/Turnover

6.00

140'000.0

5.00

120'000.0 100'000.0

4.00

80'000.0 3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

AT&T Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP EVERCORE TRUST COMPA CAPITAL GROUP COMPAN NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA NORGES BANK GEODE CAPITAL MANAGE DIMENSIONAL FUND ADV UBS AG BARROW HANLEY MEWHIN BANK OF AMERICA CORP JP MORGAN STATE FARM MUTUAL AU FRANKLIN RESOURCES WELLS FARGO & COMPAN SUN LIFE FINANCIAL I LEGAL & GENERAL

Firm Name Wells Fargo Securities, LLC New Street Research Atlantic Equities LLP Evercore Partners Deutsche Bank Argus Research Corp S&P Capital IQ Barclays Stifel Canaccord Genuity Corp Oppenheimer & Co Cowen and Company Morgan Stanley Credit Suisse Edward Jones Pacific Crest Securities Robert W. Baird & Co Raymond James Macquarie Nomura BMO Capital Markets FBR Capital Markets JPMorgan HSBC RBC Capital Markets William Blair & Co Ameriprise Advisor Services, Inc Independent Research GmbH Hilliard Lyons Jefferies Scotia Capital Telsey Advisory Group EVA Dimensions Goldman Sachs Gabelli & Co UBS Piper Jaffray Tigress Financial Partners Wedge Partners

Portfolio Name n/a n/a n/a EVERCORE TRUST COMPA n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA NORGES BANK GEODE CAPITAL MANAGE n/a n/a BARROW HANLEY MEWHIN BANK OF AMERICA n/a STATE FARM MUTUAL AU n/a n/a n/a n/a

Analyst JENNIFER M FRITZSCHE JONATHAN CHAPLIN CHRISTOPHER WATTS JONATHAN SCHILDKRAUT BRETT FELDMAN JOSEPH F BONNER JAMES G MOORMAN AMIR ROZWADOWSKI CHRISTOPHER C KING GREGORY MILLER TIMOTHY K HORAN COLBY SYNESAEL SIMON FLANNERY JOSEPH MASTROGIOVANNI DAVID HEGER MICHAEL BOWEN WILLIAM V POWER FRANK G LOUTHAN KEVIN SMITHEN ADAM ILKOWITZ KEVIN MANNING DAVID DIXON PHILIP CUSICK RICHARD DINEEN JONATHAN ATKIN JAMES D BREEN JR JUSTIN H BURGIN MARKUS FRIEBEL DAVID B BURKS THOMAS O SEITZ JEFFREY FAN JAISON BLAIR ANDREW S ZAMFOTIS JASON ARMSTRONG SERGEY DLUZHEVSKIY JOHN C HODULIK CHRISTOPHER M LARSEN IVAN FEINSETH BRIAN BLAIR

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

Recommendation outperform neutral neutral equalweight hold buy hold equalweight hold hold outperform market perform Equalwt/In-Line outperform buy sector perform neutral market perform neutral buy market perform market perform overweight overweight sector perform market perform buy sell buy hold sector underperform no rating system hold neutral/neutral hold neutral overweight underperform no rating system

Amt Held 291'814'748 254'682'385 236'698'374 232'820'447 131'553'606 77'328'866 75'778'353 60'835'198 41'221'593 37'195'655 33'404'081 33'075'142 31'915'277 31'846'940 30'826'499 29'793'395 28'575'380 27'938'466 27'280'504 27'242'744

% Out 5.49 4.8 4.46 4.38 2.48 1.46 1.43 1.15 0.78 0.7 0.63 0.62 0.6 0.6 0.58 0.56 0.54 0.53 0.51 0.51

Weighting

Change

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

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

Latest Chg (11'886'028) (3'152'363) (402'724) (1'782'810) (16'412'652) (1'555'671) (9'264'877) (11'421'673) (28'021) 455'950 835'577 1'481'316 (908'629) (5'558'793) (229'653) 290'639 (2'581'341) 997'764

Target Price #N/A N/A 32 37 36 35 42 40 38 #N/A N/A 35 42 39 #N/A N/A 38 #N/A N/A #N/A N/A 36 #N/A N/A 36 38 34 39 38 39 38 #N/A N/A #N/A N/A 34 38 38 36 38 #N/A N/A 38 #N/A N/A 36 42 #N/A N/A #N/A N/A

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

File Dt 02.10.2013 30.06.2013 03.10.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 31.08.2013 31.07.2013 30.06.2013 31.07.2013

Date Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 18 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 15 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided

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

Date 03.10.2013 03.10.2013 02.10.2013 01.10.2013 27.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 16.09.2013 16.09.2013 12.09.2013 04.09.2013 07.08.2013 05.08.2013 01.08.2013 29.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 19.07.2013 11.06.2013 07.06.2013 14.05.2013 25.03.2013 26.11.2012

04.10.2013

Vodafone Group PLC Vodafone Group PLC is a mobile telecommunications company providing a range of services, including voice and data communications. The Company operates in Continental Europe, the United Kingdom, the United States, Asia Pacific, Africa and the Middle East through its subsidiaries, associates, and investments.

Price/Volume 250 200 150

Valuation Analysis

100

Latest Fiscal Year: LTM as of: 52-Week High (03.10.2013) 52-Week Low (31.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VOD LN EQUITY YTD Change VOD LN EQUITY YTD % CHANGE

03/2013 06/yy 223.20 154.20 12'438'036.00 220.75 -1.10% 43.16% 98.26% 48'461.3 106'978.39 41'529.00 0.0 1'011.0 12'973.00 136'545.39

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

0 o-12

31.03.2010 31.03.2011 44'472.0 45'884.0 2.54x 2.67x 14'820.0 14'668.0 7.62x 8.35x 8'645.0 7'968.0 9.25x 11.61x Profitability

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Market Data

LTM-4Q 31.03.2012 46'417.0 2.43x 18'214.0 6.20x 6'957.0 12.54x

31.03.2013 44'445.0 2.72x 13'765.0 8.78x 429.0 213.97x

13'765.00 6'065.00 13.65% 7.32% 0.30% 0.58% 0.92% 0.31% 31.4% 31.0% 13.6% 1.0% 0.75 0.54 29.10% 58.10% 11.28 65.18

Price/ Cash Flow

LTM

06/yy 45'525.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 44'778.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

4.62 0.75 48'432.73 31.77% 48.39% 0.747 31 3.871 84'537'640 ######### 90'042'900 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 44'386.1 45'023.2 3.02x 2.92x 13'026.0 13'405.1 10.48x 10.19x 7'603.2 6'449.6 14.62x 14.82x S&P Issuer Ratings

05.09.2013 ASTABLE 30.05.2006 A-2 7.70 5.09 2.07 3.02 58.1% 36.4% 0.31 2.28 32.36 5.60 53.03 -15.08

Sales/Revenue/Turnover

8.00

50'000.0

7.00

45'000.0 40'000.0

6.00

35'000.0

5.00

30'000.0

4.00

25'000.0 20'000.0

3.00

15'000.0

2.00

10'000.0

1.00

5'000.0

0.00 02.04.2010

n-12

Fiscal Year Ended 31.03.2009 41'017.0 2.36x 14'520.0 6.67x 3'078.0 21.03x

500.0 M 450.0 M 400.0 M 350.0 M 300.0 M 250.0 M 200.0 M 150.0 M 100.0 M 50.0 M .0 M o-13

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

04.10.2013

Vodafone Group PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL FRANKLIN RESOURCES VANGUARD GROUP INC SCOTTISH WIDOWS CAPITAL GROUP COMPAN NORGES BANK INVESTME NORGES BANK UBS AG STATE STREET CORP ABERDEEN PEOPLES REPUBLIC OF SUN LIFE FINANCIAL I FIL LIMITED BARCLAYS GLOBAL INVE CREDIT SUISSE AG STANDARD LIFE INVEST JP MORGAN PRUDENTIAL PLC AXA

Firm Name

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

Analyst

Sanford C. Bernstein & Co ROBIN BIENENSTOCK EVA Dimensions ANDREW S ZAMFOTIS HSBC STEPHEN HOWARD Exane BNP Paribas ANTOINE PRADAYROL Oriel Securities Ltd JOHN KARIDIS AlphaValue JEAN-MICHEL SALVADOR Independent Research GmbH MARKUS FRIEBEL Day by Day VALERIE GASTALDY Nomura JAMES BRITTON UBS NICK LYALL New Street Research JAMES RATZER National Bank AG MARKUS GLOCKENMEIER Credit Suisse JUSTIN FUNNELL Landesbank Baden-Wuerttemberg RALPH SZYMCZAK Banca Akros(ESN) ANDREA DEVITA Natixis BENOIT MAYNARD Societe Generale OTTAVIO ADORISIO JPMorgan AKHIL DATTANI Jefferies JEREMY A DELLIS Deutsche Bank DAVID A WRIGHT Hamburger Sparkasse TINA HECKING-VELTMAN Espirito Santo Investment Bank Research ANDREW HOGLEY Grupo Santander JOHN DAVIES Raymond James STEPHANE BEYAZIAN Macquarie GUY R PEDDY Oddo & Cie VINCENT MAULAY Berenberg Bank PAUL ANDREW MARSCH S&P Capital IQ JAMES CRAWSHAW Barclays MAURICE PATRICK Morgan Stanley LUIS PROTA Makor Capital ALBERT SAPORTA Goldman Sachs TIMOTHY BODDY Gabelli & Co EVAN D MILLER

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

Recommendation market perform overweight overweight underperform hold add hold buy buy buy buy buy outperform hold hold neutral sell restricted hold buy hold neutral hold outperform neutral buy hold hold suspended coverage restricted buy not rated buy

Amt Held 3'367'545'539 2'086'376'701 1'911'088'632 1'438'730'324 1'404'336'633 1'370'547'139 1'190'966'875 1'121'139'281 986'616'488 900'946'467 790'791'906 740'416'478 646'072'727 621'506'332 556'207'191 554'021'342 544'419'847 515'954'525 471'211'875 465'325'373

% Out 6.95 4.31 3.94 2.97 2.9 2.83 2.46 2.31 2.04 1.86 1.63 1.53 1.33 1.28 1.15 1.14 1.12 1.06 0.97 0.96

Weighting

Change

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

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

Latest Chg 34'853'609 (97'916'099) 67'283'806 56'284'040 64'373'245 (50'030'998) 30'423'399 (32'812'460) 53'178'665 (98'914'374) (92'678'216) 68'686'103 11'066'075 (4'648'532) (16'801'017) (5'601'758)

Target Price 230 #N/A N/A 255 202 215 247 230 235 235 245 235 230 195 220 220 220 130 #N/A N/A 216 246 #N/A N/A 215 190 220 230 240 233 229 #N/A N/A #N/A N/A 250 #N/A N/A #N/A N/A

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

File Dt 02.10.2013 31.07.2013 31.08.2013 31.08.2013 31.08.2013 30.06.2013 03.06.2013 31.12.2012 03.10.2013 03.10.2013 31.08.2013 03.06.2013 31.08.2013 03.06.2013 28.06.2013 30.08.2013 03.06.2013 31.08.2013 03.06.2013 30.06.2013

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

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

Date 03.10.2013 03.10.2013 01.10.2013 30.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 24.09.2013 23.09.2013 23.09.2013 17.09.2013 13.09.2013 13.09.2013 13.09.2013 12.09.2013 06.09.2013 06.09.2013 06.09.2013 05.09.2013 05.09.2013 04.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 29.08.2013 29.08.2013 12.06.2013 05.04.2013

04.10.2013

Toyota Motor Corp TOYOTA MOTOR CORPORATION manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

Price/Volume 7000

40.0 M

6000

35.0 M

5000

30.0 M 25.0 M

4000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 7203 JP EQUITY YTD Change 7203 JP EQUITY YTD % CHANGE

03/2013 06/yy 6'800.00 2'873.00 7'043'900.00 6180 -9.12% 115.11% 85.99% 3'448.0 21'308'624.00 14'153'179.00 0.0 624'821.0 3'270'660.00 33'043'800.50

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

15.0 M

2000

10.0 M

1000

5.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.03.2009 20'529'570.0 1.03x 1'034'159.0 20.43x (436'937.0) -

20.0 M

3000

31.03.2010 31.03.2011 18'950'973.0 18'993'688.0 1.10x 1.05x 1'562'085.0 1'643'852.0 13.30x 12.17x 209'456.0 408'183.0 56.07x 25.74x Profitability

LTM-4Q 31.03.2012 18'583'653.0 1.13x 1'423'457.0 14.69x 283'559.0 39.57x

LTM

FY+1

1.15 2'689.19 102.12% 56.20% 1.154 25 4.680 8'171'400 8'126'760 9'019'753 FY+2

FQ+1

31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 22'064'192.0 ######### ######### ######### ######### ######### 1.22x 3.63x 4.37x 1.13x 1.06x 2'425'999.0 ######### ######### ######### ######### 841'378.0 11.09x 10.25x 11.09x 9.94x 9.20x 962'160.0 572'746.0 ######### ######### ######### 441'494.6 16.00x 17.59x 15.38x 10.82x 10.01x 10.97x S&P Issuer Ratings 2'425'999.00 Long-Term Rating Date 1'320'890.00 Long-Term Rating 5.99% Long-Term Outlook 7.41% Short-Term Rating Date 3.67% Short-Term Rating 10.54% Credit Ratios 5.41% EBITDA/Interest Exp. 0.68% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 15.5% Total Debt/EBITDA 12.1% Reference 7.1% Total Debt/Equity 4.4% Total Debt/Capital Asset Turnover 1.07 Net Fixed Asset Turnover 0.80 Accounts receivable turnover-days 39.89% Inventory Days 116.51% Accounts Payable Turnover Day 3.49 Cash Conversion Cycle 10.89

Price/ Cash Flow

.0 M o-13

FQ+2 12/13 Q3 ######### 790'250.0 439'097.6 10.97x 04.03.2011 AASTABLE 19.03.1984 A-1+ 105.63 68.42 4.00 5.31 116.5% 52.6% 0.68 3.48 104.53 33.53 38.62 99.46

Sales/Revenue/Turnover

9.00

30'000'000.0

8.00

25'000'000.0

7.00

20'000'000.0

6.00 5.00

15'000'000.0

4.00

10'000'000.0

3.00 2.00

5'000'000.0

1.00 0.00 02.04.2010

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

04.10.2013

Toyota Motor Corp Holdings By:

All

Holder Name TOYOTA MOTOR CORP JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF STATE STREET CORP NIPPON LIFE INSURANC BANK OF NEW YORK MEL TRUST & CUSTODY SERV MITSUI SUMITOMO INSU STATE STREET CUSTODI DENSO CORP MITSUB UFJ FINANCIAL TOKIO MARINE & NICHI BLACKROCK SUMITOMO MITSUI FINA VANGUARD GROUP INC CAPITAL GROUP COMPAN NIPPON STEEL & SUMIT NORGES BANK NOMURA HARBOR CAPITAL ADVIS

Firm Name

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

Analyst

BNP Paribas Equity Research KOICHI SUGIMOTO Morgan Stanley RYOSUKE HOSHINO Daiwa Securities Co. Ltd. EIJI HAKOMORI Tokai Tokyo Securities YUSUKE MIURA Credit Suisse ISSEI TAKAHASHI Okasan Securities YASUAKI IWAMOTO Guggenheim Securities LLC MATTHEW T STOVER Mitsubishi UFJ Morgan Stanley SecuritieNORIYUKI MATSUSHIMA Macquarie CLIVE WIGGINS Deutsche Bank KURT SANGER Marusan Securities HIROAKI MOCHIDA SMBC Nikko Securities Inc SHOTARO NOGUCHI Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI Nord/LB FRANK SCHWOPE TIW SATORU TAKADA Mito Securities YOICHIRO WATANABE Tachibana Securities KENTARO HAYASHI Goldman Sachs KOTA YUZAWA Mizuho Securities SEIJI SUGIURA Nomura MASATAKA KUNUGIMOTO EVA Dimensions CRAIG STERLING Ji Asia STEPHEN USHER

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

Recommendation buy Overwt/Attractive outperform strong buy outperform buy buy outperform outperform buy buy outperform outperform buy Neutral Plus outperform Strong Outperform Buy/Neutral neutral buy sell buy

Amt Held 512'389'200 328'913'000 185'036'000 135'533'821 129'844'574 82'399'000 75'309'000 66'063'000 61'752'000 58'903'000 55'259'884 50'660'017 37'070'932 36'850'000 31'853'693 29'754'781 25'495'978 21'661'892 21'591'625 17'339'700

% Out 14.86 9.54 5.37 3.93 3.77 2.39 2.18 1.92 1.79 1.71 1.6 1.47 1.08 1.07 0.92 0.86 0.74 0.63 0.63 0.5

Weighting

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

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

Latest Chg (623'200) (20'677'000) (9'081'000) 13'618'600 (300'321) (3'446'000) (9'980'000) (595) (1'411'000) (12'668'332) 490'763 (3'160'000) 972'720 197'881 7'800 (543'786) (500)

Target Price 10'000 8'450 7'000 #N/A N/A 8'600 7'300 #N/A N/A 9'800 8'000 8'000 8'400 8'000 8'000 6'900 #N/A N/A #N/A N/A 8'000 7'500 6'200 8'500 #N/A N/A 8'000

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

File Dt 30.04.2013 31.03.2013 31.03.2013 03.10.2013 30.08.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 02.10.2013 31.03.2013 31.08.2013 31.07.2013 31.03.2013 31.12.2012 30.09.2013 30.06.2013

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

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

Date 02.10.2013 01.10.2013 01.10.2013 27.09.2013 26.09.2013 17.09.2013 17.09.2013 13.09.2013 12.09.2013 28.08.2013 21.08.2013 20.08.2013 09.08.2013 08.08.2013 07.08.2013 06.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 01.07.2013 17.05.2013

04.10.2013

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

Price/Volume 16.0 M

14.0 M 12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (20.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NOVN VX EQUITY YTD Change NOVN VX EQUITY YTD % CHANGE

12/2012 06/yy 73.75 55.20 934'872.00 67.7 -8.20% 22.64% 70.62% 2'706.2 183'209.27 19'726.00 0.0 126.0 8'119.00 216'971.86

8.0 M

6.0 M

4.0 M

2.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

18.0 M

70 50

Valuation Analysis

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

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

LTM-4Q 31.12.2011 58'566.0 2.61x 17'818.0 8.58x 9'113.0 14.94x

31.12.2012 56'673.0 2.89x 16'714.0 9.82x 9'505.0 16.01x 16'714.00 11'794.00 20.81% 19.84% 7.85% 14.08% 11.58% 0.48% 66.9% 28.8% 20.1% 16.8% 1.16 0.76 15.88% 28.55% 5.37 2.78

Price/ Cash Flow

LTM

06/yy 57'662.0 10.61x 16'889.0 8.96x 8'534.0 15.87x

06/yy 57'139.0 12.33x 16'476.0 11.37x 9'408.0 18.37x

FY+1

.0 M o-13

0.88 2'423.83 20.62% 22.19% 0.880 30 3.933 2'580'412 3'121'078 3'050'774 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 57'472.1 59'032.0 14'272.3 14'646.7 3.68x 3.51x 16'751.8 17'582.2 12.93x 12.32x 12'601.5 13'437.1 3'188.0 2'975.0 14.61x 13.48x 14.59x 14.10x S&P Issuer Ratings

07.04.2008 AASTABLE 14.01.1997 A-1+ 23.09 19.36 0.83 1.15 28.5% 22.2% 0.48 3.53 67.96 131.10 88.33 90.49

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

01.07.2013

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

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

04.10.2013

Novartis AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK NOVARTIS AG EMASAN AG NOVARTIS FOUNDATION NORGES BANK DODGE & COX WORLDWID CREDIT SUISSE AG VANGUARD GROUP INC UBS AG PICTET FUNDS HARBOR CAPITAL ADVIS BANK OF NEW YORK MEL INVESCO LTD THORNBURG INVESTMENT SWISSCANTO FONDSLEIT CARMIGNAC GESTION FMR LLC DEUTSCHE BANK AG SUN LIFE FINANCIAL I

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

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

Analyst ODILE RUNDQUIST ARMELLE MOULIN FLORENT CESPEDES TIMOTHY M ANDERSON ERIC LE BERRIGAUD BEATRICE MUZARD ANDREW C WEISS MARK PURCELL JEFFREY HOLFORD TIM RACE MATTHEW WESTON STEPHEN MCGARRY MICHAEL NAWRATH NARESH CHOUHAN ALISTAIR CAMPBELL BRUNO ESCHLI VALERIE GASTALDY FABIAN WENNER TIMO KUERSCHNER CHRISTOPH SCHOENDUBE MARCO GUENTHER ARSENE GUEKAM SHO MATSUBARA RICHARD VOSSER TEAM COVERAGE TIMOTHY STANISH KEYUR PAREKH ANDREW WHITNEY TOMAS MENCIK

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

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

Amt Held 124'079'873 119'892'063 109'194'165 87'859'938 78'926'882 60'347'393 37'058'506 36'398'922 34'576'652 30'091'817 15'275'859 13'520'441 11'714'105 10'589'671 9'867'796 8'816'259 8'442'000 7'863'681 7'716'503 7'473'841

% Out 4.59 4.43 4.03 3.25 2.92 2.23 1.37 1.35 1.28 1.11 0.56 0.5 0.43 0.39 0.36 0.33 0.31 0.29 0.29 0.28

Weighting

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

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

Latest Chg (2'058'246) 9'381'038 (534'812) 1'381'777 (31'764) (182'751) (145) (299'924) 229'064 49'996 7'906'126 (184'233) 359'497 1'067'290

Target Price 76 72 79 80 76 72 60 64 80 74 79 82 #N/A N/A 85 83 70 #N/A N/A 66 75 75 #N/A N/A 55 69 78 #N/A N/A #N/A N/A 76 80 52

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

File Dt Inst Type 31.07.2013 Investment Advisor 02.10.2013 Investment Advisor 09.05.2012 Corporation 31.12.2011 Hedge Fund Manager 25.02.2013 n/a 31.12.2012 Government 31.03.2013 Investment Advisor 30.08.2013 Investment Advisor 31.08.2013 Investment Advisor 03.10.2013 Unclassified 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 03.10.2013 Investment Advisor 03.10.2013 Investment Advisor 31.08.2013 Investment Advisor 28.03.2013 Investment Advisor 28.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.08.2013 Investment Advisor 31.08.2013 Investment Advisor

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

Date 03.10.2013 03.10.2013 02.10.2013 27.09.2013 23.09.2013 23.09.2013 16.09.2013 16.09.2013 10.09.2013 04.09.2013 29.08.2013 28.08.2013 20.08.2013 16.08.2013 26.07.2013 23.07.2013 22.07.2013 19.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 10.07.2013 14.06.2013 06.06.2013 17.05.2013 19.03.2013 05.04.2012

04.10.2013

Coca-Cola Co/The The Coca-Cola Company manufactures, markets, and distributes soft drink concentrates and syrups. The Company also distributes and markets juice and juice-drink products. Coca-Cola distributes its products to retailers and wholesalers in the United States and internationally.

Price/Volume 45

40.0 M

35.0 M

30.0 M

25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (31.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KO US EQUITY YTD Change KO US EQUITY YTD % CHANGE

12/2012 06/yy 43.43 35.58 14'437'945.00 37.16 -14.44% 4.44% 20.13% 4'433.2 164'735.98 32'610.00 0.0 378.0 16'551.00 181'616.99

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

15.0 M

15 10

10.0 M

5.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 31'944.0 3.42x 9'674.0 11.31x 5'807.0 14.33x

20.0 M

Valuation Analysis

31.12.2009 31.12.2010 30'990.0 35'119.0 4.34x 4.65x 9'467.0 9'892.0 14.20x 16.49x 6'824.0 11'809.0 18.65x 18.85x Profitability

LTM-4Q 31.12.2011 46'542.0 3.72x 12'127.0 14.28x 8'584.0 17.87x

31.12.2012 48'017.0 3.72x 12'761.0 13.98x 9'019.0 18.01x 12'761.00 10'779.00 22.45% 24.59% 9.85% 26.20% 13.50% 0.54% 60.3% 26.5% 22.3% 18.8% 1.09 0.77 37.84% 99.45% 8.72 5.20

Price/ Cash Flow

LTM

06/yy 47'510.0 15.03x 12'461.0 15.40x 8'720.0 19.91x

06/yy 47'579.0 15.88x 12'601.0 15.45x 8'604.0 19.75x

FY+1

.0 M o-13

2.88 0.75 3'996.26 34.26 -0.05% 4.73% 0.751 26 4.000 16'803'854 15'109'023 13'680'084 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 47'378.4 49'101.2 12'067.0 11'380.5 3.92x 3.76x 15.86x 16.92x 13'606.2 14'367.9 3'382.8 3'049.4 13.35x 12.64x 13.24x 13.07x 9'438.1 9'993.3 2'416.8 2'110.4 17.69x 16.46x 17.29x 16.98x S&P Issuer Ratings

13.09.2012 AASTABLE 13.09.2012 A-1+ 32.14 25.14 1.31 2.83 99.5% 49.6% 0.54 3.20 41.74 70.01 191.38 58.52

Sales/Revenue/Turnover

20.00

60'000.0

18.00

50'000.0

16.00 14.00

40'000.0

12.00

30'000.0

10.00 8.00

20'000.0

6.00 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

01.07.2013

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

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

04.10.2013

Coca-Cola Co/The Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC CAPITAL GROUP COMPAN NORTHERN TRUST CORPO BANK OF NEW YORK MEL GRANTHAM MAYO VAN OT JP MORGAN NORGES BANK GATES FOUNDATION FAYEZ SAROFIM BANK OF AMERICA CORP UBS AG YACKTMAN ASSET MANAG GEODE CAPITAL MANAGE STATE FARM MUTUAL AU T ROWE PRICE ASSOCIA TIAA CREF INVESTMENT

Firm Name JPMorgan Sanford C. Bernstein & Co SunTrust Robinson Humphrey Credit Suisse Goldman Sachs Edward Jones Wells Fargo Securities, LLC Buckingham Research Group Tigress Financial Partners BMO Capital Markets Morgan Stanley Argus Research Corp Ameriprise Advisor Services, Inc HSBC Independent Research GmbH Stifel Davenport & Co Gabelli & Co Deutsche Bank S&P Capital IQ Barclays EVA Dimensions National Bank AG Hamburger Sparkasse Oracle Investment Research

Portfolio Name n/a n/a n/a n/a n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL GRANTHAM MAYO VAN OT n/a NORGES BANK BILL & MELINDA FOUND FAYEZ SAROFIM BANK OF AMERICA n/a YACKTMAN ASSET MANAG GEODE CAPITAL MANAGE STATE FARM MUTUAL AU T ROWE PRICE ASSOCIA TIAA-CREF INVESTMENT

Analyst JOHN A FAUCHER ALI DIBADJ WILLIAM CHAPPELL MICHAEL STEIB JUDY E HONG JACK P RUSSO BONNIE HERZOG ALICE BEEBE LONGLEY IVAN FEINSETH AMIT SHARMA DARA MOHSENIAN JOHN D STASZAK PATRICK DIEDRICKSON LAUREN E TORRES LARS LUSEBRINK MARK D SWARTZBERG ANN H GURKIN DAMIAN A WITKOWSKI WILLIAM G SCHMITZ ESTHER KWON MICHAEL J BRANCA AUSTIN BURKETT STEFFEN MANSKE TINA HECKING-VELTMAN LAURENCE BALTER

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

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

Amt Held 400'000'000 212'880'418 212'326'552 170'527'876 153'298'131 74'885'359 61'791'003 56'332'835 42'088'314 42'023'428 35'967'061 34'002'000 33'439'647 32'480'226 28'938'937 28'106'827 26'445'317 23'326'500 22'128'802 22'068'372

% Out 9.02 4.8 4.79 3.85 3.46 1.69 1.39 1.27 0.95 0.95 0.81 0.77 0.75 0.73 0.65 0.63 0.6 0.53 0.5 0.5

Weighting

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

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

Latest Chg (10'323'070) 7'021'388 (1'379'769) (4'720'945) (496'360) 533'792 (712'150) 1'014'402 3'489'840 (131'675) (1'613'662) 621'056 5'217'075 458'987 125'100 (909'529) (6'674'376)

Target Price 43 46 45 48 43 #N/A N/A #N/A N/A 47 #N/A N/A 45 #N/A N/A #N/A N/A #N/A N/A 47 43 #N/A N/A 42 #N/A N/A 45 47 50 #N/A N/A 44 #N/A N/A 39

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

File Dt 01.07.2013 02.10.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013

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

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

Date 02.10.2013 01.10.2013 24.09.2013 20.09.2013 18.09.2013 17.09.2013 16.09.2013 11.09.2013 10.09.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 16.07.2013 16.07.2013 16.07.2013 17.04.2013 13.02.2013 10.05.2012 03.05.2012

04.10.2013

Bank of America Corp Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-management products and services. The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary.

Price/Volume 16

500.0 M 450.0 M 400.0 M 350.0 M 300.0 M 250.0 M 200.0 M 150.0 M 100.0 M 50.0 M .0 M

14 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.07.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAC US EQUITY YTD Change BAC US EQUITY YTD % CHANGE

12/2012 06/yy 15.03 8.92 95'269'005.00 14 -6.85% 56.95% 83.14% 10'743.1 150'403.78 673'162.00 18'768.0 0.0 349'370.00 -

4 2 0 o-12

n-12

d-12

31.12.2008 113'106.0

31.12.2009 153'286.0

4'008.0

6'276.0

31.12.2010 135'161.0 (2'238.0) 12.35x

LTM-4Q 31.12.2011 115'373.0 1'446.0 9.25x

31.12.2012 100'078.0 4'188.0 9.00x

f-13 m-13

LTM

06/yy 116'933.0 0.00x 0.0 0.00x 11'339.0 8.33x

06/yy 99'429.0 0.00x 0.0 0.00x 6'567.0 10.06x

Profitability 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

12.15% 3.69% 0.31% 2.31% 0.73% 0.05% 5.0% 30.46% 308.52% -

Price/ Cash Flow

a-13 m-13

j-13

a-13

s-13

FY+1

0.29 1.61 10'737.71 140.56 54.19% 20.87% 1.608 41 3.390 85'136'464 84'665'760 95'176'016 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 90'132.5 91'673.1 22'040.4 22'072.8 11'033.0 15'981.6 2'544.8 3'315.2 15.02x 10.23x 12.37x 10.97x S&P Issuer Ratings

29.11.2011 ANEG 29.11.2011 A-2 308.5% 74.0% 0.05 8.47 -

Sales/Revenue/Turnover

8.00

180'000.0

7.00

160'000.0

6.00

140'000.0 120'000.0

5.00

100'000.0

4.00

80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

j-13

Market Data

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Bank of America Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC JP MORGAN CITIGROUP INCORPORAT BANK OF NEW YORK MEL NORTHERN TRUST CORPO CAPITAL GROUP COMPAN DODGE & COX T ROWE PRICE ASSOCIA FAIRHOLME CAPITAL MA WELLS FARGO & COMPAN GOLDMAN SACHS GROUP ING GROEP NV BARROW HANLEY MEWHIN NORGES BANK HARRIS ASSOCIATES LP DIMENSIONAL FUND ADV GEODE CAPITAL MANAGE

Firm Name Sanford C. Bernstein & Co Evercore Partners Wells Fargo Securities, LLC Keefe, Bruyette & Woods Buckingham Research Group Portales Partners SunTrust Robinson Humphrey Raymond James UBS Edward Jones Macquarie Guggenheim Securities LLC Oppenheimer & Co Morgan Stanley Rafferty Capital Markets Societe Generale Robert W. Baird & Co Sterne, Agee & Leach JPMorgan Credit Suisse Atlantic Equities LLP Independent Research GmbH Sandler O'Neill & Partners, LP S&P Capital IQ Drexel Hamilton LLC Daiwa Securities Co. Ltd. Barclays RBC Capital Markets Argus Research Corp Deutsche Bank Ameriprise Advisor Services, Inc Goldman Sachs FBR Capital Markets Scotia Capital EVA Dimensions JMP Securities R.W. Pressprich & Co HSBC Meredith Whitney Advisory Group

Portfolio Name n/a n/a n/a n/a n/a n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a DODGE & COX T ROWE PRICE ASSOCIA FAIRHOLME CAPITAL MA n/a n/a ING GROEP NV BARROW HANLEY MEWHIN NORGES BANK HARRIS ASSOC LP n/a GEODE CAPITAL MANAGE

Analyst JOHN E MCDONALD ANDREW A MARQUARDT MATTHEW H BURNELL CHRISTOPHER M MUTASCIO JAMES F MITCHELL CHARLES W PEABODY ERIC E WASSERSTROM ANTHONY J POLINI DEREK DE VRIES SHANNON L STEMM DAVID J KONRAD MARTY L MOSBY III CHRISTOPHER M KOTOWSKI BETSY L GRASECK RICHARD X BOVE SR MURALI GOPAL DAVID A GEORGE TODD L HAGERMAN VIVEK JUNEJA MOSHE A ORENBUCH RICHARD STAITE STEFAN BONGARDT JEFFERY HARTE ERIK M OJA DAVID B HILDER KAZUKI WATANABE JASON M GOLDBERG JOSEPH K MORFORD DAVID RITTER MATTHEW D O'CONNOR LORI WILKING RICHARD N RAMSDEN PAUL J MILLER JR KEVIN R CHOQUETTE AUSTIN BURKETT DAVID M TRONE BRIAN CHARLES ROBERT MURPHY MEREDITH A WHITNEY

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

Recommendation market perform overweight market perform market perform buy underperform neutral strong buy neutral buy underperform neutral market perform Overwt/Attractive buy buy neutral neutral overweight neutral overweight hold hold hold buy underperform equalweight outperform hold hold buy neutral/attractive market perform sector outperform underweight market perform buy underweight hold

Amt Held 555'960'699 486'711'237 467'514'408 223'658'257 167'684'205 152'895'155 145'015'679 142'516'486 142'085'000 127'292'188 115'436'717 100'948'615 96'801'239 84'980'546 84'717'844 81'368'292 77'988'479 76'899'616 76'366'591 74'446'403

% Out 5.18 4.53 4.35 2.08 1.56 1.42 1.35 1.33 1.32 1.18 1.07 0.94 0.9 0.79 0.79 0.76 0.73 0.72 0.71 0.69

Weighting

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

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

Latest Chg (16'297'306) 7'392'689 7'554'255 56'897'452 5'623'268 (24'393'324) 861'231 828'472 (900'000) (190'600) 12'224'748 359'400 (59'245) (27'300'960) 16'702'963 8'344'139 7'766'400 1'883'538 1'016'969

Target Price 15 16 #N/A N/A 17 17 #N/A N/A 15 17 16 #N/A N/A 12 16 #N/A N/A 20 19 17 14 14 16 14 17 16 16 15 16 12 15 16 #N/A N/A 15 #N/A N/A 16 14 17 #N/A N/A #N/A N/A 16 10 #N/A N/A

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

File Dt 02.10.2013 30.06.2013 03.10.2013 30.06.2013 23.08.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 31.08.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 31.07.2013 30.06.2013

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

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

Date 03.10.2013 03.10.2013 03.10.2013 02.10.2013 02.10.2013 02.10.2013 30.09.2013 30.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 23.09.2013 23.09.2013 19.09.2013 18.09.2013 12.09.2013 12.09.2013 11.09.2013 05.09.2013 03.09.2013 03.09.2013 12.08.2013 02.08.2013 01.08.2013 29.07.2013 24.07.2013 22.07.2013 19.07.2013 18.07.2013 17.07.2013 17.07.2013 03.06.2013 30.05.2013 26.03.2013 17.10.2012

04.10.2013

Philip Morris International Inc Philip Morris International Inc., through its subsidiaries, affiliates and their licensees, produces, sells, distributes, and markets a wide range of branded cigarettes and tobacco products in markets outside of the United States of America. The Company's portfolio comprises both international and local brands.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.05.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PM US EQUITY YTD Change PM US EQUITY YTD % CHANGE

12/2012 06/yy 96.73 82.10 3'987'739.00 87.49 -9.55% 6.57% 36.84% 1'618.5 141'606.75 22'839.00 0.0 1'623.0 2'983.00 165'056.75

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 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 25'705.0 3.82x 11'174.0 8.79x 6'890.0 13.11x

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

31.12.2009 31.12.2010 25'035.0 27'208.0 4.20x 4.48x 10'922.0 12'179.0 9.64x 10.01x 6'342.0 7'259.0 14.84x 14.86x Profitability

LTM-4Q 31.12.2011 31'097.0 4.92x 14'434.0 10.60x 8'591.0 16.02x

31.12.2012 31'377.0 5.09x 14'827.0 10.78x 8'800.0 16.08x 14'827.00 13'929.00 44.39% 41.39% 23.50% 45.04% 0.86% 66.9% 46.4% 43.5% 28.0% 0.97 0.39 60.63% 8.33 1.35

Price/ Cash Flow

LTM

06/yy 31'601.0 19.43x 14'682.0 11.32x 8'741.0 17.11x

06/yy 31'310.0 21.36x 14'523.0 11.29x 8'571.0 16.71x

FY+1

3.89 0.83 1'523.12 10.12 -1.86% 7.76% 0.834 21 4.238 3'896'359 5'265'601 4'736'073 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 31'377.3 32'814.5 7'949.1 7'997.6 5.28x 5.13x 14'804.5 15'824.3 3'907.8 3'735.3 11.15x 10.43x 10.90x 10.74x 8'819.9 9'401.1 2'333.2 2'252.0 16.10x 14.48x 15.37x 14.89x S&P Issuer Ratings

05.03.2008 A STABLE 05.03.2008 A-1 14.72 13.68 1.51 1.76 108.8% 0.86 4.99 43.82 271.07 33.16 305.87

Sales/Revenue/Turnover

20.00

35'000.0

18.00

30'000.0

16.00 14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00

10'000.0

6.00 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

01.07.2013

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

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

04.10.2013

Philip Morris International Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET CORP BANK OF NEW YORK MEL SUN LIFE FINANCIAL I FMR LLC MORGAN STANLEY WELLINGTON MANAGEMEN NORTHERN TRUST CORPO BARROW HANLEY MEWHIN FAYEZ SAROFIM JP MORGAN PNC FINANCIAL SERVIC GRANTHAM MAYO VAN OT AMERIPRISE FINANCIAL ABERDEEN BANK OF AMERICA CORP WADDELL & REED FINAN T ROWE PRICE ASSOCIA

Firm Name JPMorgan Morgan Stanley Stifel Berenberg Bank Wells Fargo Securities, LLC Edward Jones Barclays Renaissance Capital Credit Suisse Nomura Ameriprise Advisor Services, Inc Argus Research Corp UBS Jefferies Davenport & Co S&P Capital IQ Goldman Sachs EVA Dimensions

Portfolio Name n/a n/a n/a n/a BANK OF NEW YORK MEL n/a n/a n/a WELLINGTON MANAGEMEN NORTHERN TRUST CORPO BARROW HANLEY MEWHIN FAYEZ SAROFIM n/a PNC FINANCIAL SERVIC GRANTHAM MAYO VAN OT AMERIPRISE FINANCIAL n/a BANK OF AMERICA n/a T ROWE PRICE ASSOCIA

Analyst RAE MAILE DAVID J ADELMAN CHRISTOPHER R GROWE ERIK BLOOMQUIST BONNIE HERZOG JACK P RUSSO MICHAEL J BRANCA REY WIUM ROGERIO FUJIMORI DAVID HAYES PATRICK DIEDRICKSON NATHANIEL GABRIEL JONATHAN LEINSTER THILO WREDE ANN H GURKIN ESTHER KWON JUDY E HONG AUSTIN BURKETT

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

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

Amt Held 163'412'048 88'907'643 78'255'847 70'650'039 31'201'793 28'684'193 25'940'589 23'825'616 21'975'237 21'819'091 21'373'282 19'848'505 19'369'046 17'459'334 15'857'175 15'260'155 13'486'080 13'067'067 13'051'447 11'921'557

% Out 10.1 5.49 4.83 4.37 1.93 1.77 1.6 1.47 1.36 1.35 1.32 1.23 1.2 1.08 0.98 0.94 0.83 0.81 0.81 0.74

Weighting

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

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

Latest Chg 10'833'187 (662'061) (131'697) (862'955) 2'018'948 (3'463'838) 1'482'701 (634'634) (99'787) 669'982 (115'592) (1'380'591) 12'249'375 1'796'812 218'508 (155'400) (156'369) (433'428) (2'825'713)

Target Price 109 92 95 100 #N/A N/A #N/A N/A 104 95 90 92 #N/A N/A 98 90 94 100 100 103 #N/A N/A

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

File Dt 31.07.2013 02.10.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013

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

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

Date 03.10.2013 01.10.2013 01.10.2013 01.10.2013 16.09.2013 11.09.2013 11.09.2013 28.08.2013 02.08.2013 01.08.2013 23.07.2013 22.07.2013 22.07.2013 18.07.2013 18.07.2013 18.07.2013 11.07.2013 25.02.2013

04.10.2013

Merck & Co Inc Merck & Co., Inc. is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. The Company has operations in pharmaceutical, animal health, and consumer care.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.06.2013) 52-Week Low (31.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MRK US EQUITY YTD Change MRK US EQUITY YTD % CHANGE

12/2012 06/yy 50.16 40.02 17'900'526.00 48.36 -3.59% 20.84% 82.25% 2'926.4 141'519.52 20'569.00 0.0 2'443.0 16'141.00 154'134.52

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 o-12

31.12.2009 31.12.2010 27'428.3 45'987.0 4.52x 2.59x 7'314.7 12'116.0 16.96x 9.84x 12'901.3 861.0 11.24x 10.54x Profitability

LTM-4Q 31.12.2011 48'047.0 2.49x 17'873.0 6.69x 6'272.0 10.00x

31.12.2012 47'267.0 2.77x 17'662.0 7.40x 6'168.0 10.72x 17'662.00 10'684.00 22.60% 18.49% 5.30% 10.96% 8.25% 0.42% 65.6% 33.3% 18.3% 13.0% 1.90 1.30 19.38% 38.79% 5.64 2.51

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 48'358.0 9.87x 18'468.0 7.09x 6'735.0 10.57x

06/yy 44'907.0 12.50x 14'938.0 9.94x 5'629.0 13.39x

a-13 m-13

j-13

a-13

s-13

FY+1

3.54 0.78 2'925.13 34.06 9.64% 21.42% 0.785 23 4.217 17'194'178 13'935'799 12'247'941 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 44'383.9 44'387.8 11'137.1 11'483.4 3.43x 3.40x 17'818.7 18'171.9 3'878.0 3'792.5 8.65x 8.48x 10'388.5 10'458.0 2'592.6 2'686.1 13.91x 13.31x 13.76x 13.61x S&P Issuer Ratings

24.11.2010 AA STABLE 23.11.1981 A-1+ 24.74 22.00 0.67 1.88 38.8% 27.1% 0.42 2.85 64.74 145.68 42.61 159.00

Sales/Revenue/Turnover

30.00

60'000.0

25.00

50'000.0

20.00

40'000.0

15.00

30'000.0

10.00

20'000.0

5.00

10'000.0

0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 23'850.3 2.82x 8'070.3 8.33x 7'808.4 8.89x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Merck & Co Inc Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN VANGUARD GROUP INC STATE STREET CORP FRANKLIN RESOURCES FMR LLC BANK OF NEW YORK MEL DODGE & COX T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO JP MORGAN DODGE & COX WORLDWID BARROW HANLEY MEWHIN INVESCO LTD NORGES BANK BANK OF AMERICA CORP GOLDMAN SACHS GROUP GEODE CAPITAL MANAGE DEUTSCHE BANK AG

Firm Name ISI Group BMO Capital Markets SunTrust Robinson Humphrey MKM Partners Morgan Stanley Goldman Sachs JPMorgan Leerink Swann & Co Cowen and Company S&P Capital IQ Barclays Sanford C. Bernstein & Co Jefferies Edward Jones Argus Research Corp Ameriprise Advisor Services, Inc Hilliard Lyons UBS Atlantic Equities LLP EVA Dimensions MP Advisors Pvt Ltd Cyrrus First Global Stockbroking

Portfolio Name n/a n/a WELLINGTON MANAGEMEN n/a n/a n/a n/a BANK OF NEW YORK MEL DODGE & COX T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO n/a Multiple Portfolios BARROW HANLEY MEWHIN n/a NORGES BANK BANK OF AMERICA n/a GEODE CAPITAL MANAGE n/a

Analyst MARK J SCHOENEBAUM ALEX ARFAEI JOHN T BORIS JON LECROY DAVID R RISINGER JAMI E RUBIN CHRISTOPHER T SCHOTT SEAMUS FERNANDEZ STEVEN R SCALA HERMAN SAFTLAS CHARLES ANTHONY BUTLER TIMOTHY M ANDERSON JEFFREY HOLFORD JUDSON CLARK JOHN M EADE E EUGENE ROBINSON STEPHEN A O'NEIL MARC GOODMAN RICHARD J PURKISS ANDREW S ZAMFOTIS VISHAL MANCHANDA TOMAS MENCIK KAVITA THOMAS

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

Recommendation buy market perform neutral buy Underwt/In-Line neutral/attractive overweight market perform market perform buy overweight outperform buy buy buy buy neutral buy overweight overweight outperform accumulate market perform

Amt Held 193'066'603 178'482'501 143'940'429 142'940'287 131'465'581 89'437'035 74'111'313 54'672'337 50'697'146 48'164'250 46'320'534 39'817'400 30'475'112 29'318'754 28'551'654 24'410'941 22'623'250 21'521'351 20'856'425 20'747'539

% Out 6.6 6.1 4.92 4.88 4.49 3.06 2.53 1.87 1.73 1.65 1.58 1.36 1.04 1 0.98 0.83 0.77 0.74 0.71 0.71

Weighting

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

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

Latest Chg (12'696'033) 1'012'922 14'886'519 2'100'780 702'268 (1'614'075) 3'062'866 (2'156'551) (568'800) 1'148'024 706'740 (17'290'644) 16'835'178 (1'818'968) 1'962'708 466'787 361'158 1'001'596

Target Price 52 50 49 59 #N/A N/A 54 53 51 51 54 60 53 53 #N/A N/A 52 #N/A N/A #N/A N/A 53 53 #N/A N/A 50 43 #N/A N/A

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

File Dt 02.10.2013 30.06.2013 30.06.2013 30.06.2013 03.10.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 31.03.2013 30.06.2013 03.10.2013 31.12.2012 30.06.2013 31.08.2013 30.06.2013 30.08.2013

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

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

Date 03.10.2013 02.10.2013 02.10.2013 02.10.2013 01.10.2013 01.10.2013 01.10.2013 01.10.2013 01.10.2013 01.10.2013 30.09.2013 27.09.2013 10.09.2013 30.08.2013 06.08.2013 01.08.2013 31.07.2013 07.06.2013 31.05.2013 15.01.2013 16.10.2012 05.04.2012 21.06.2011

04.10.2013

Citigroup Inc Citigroup Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers. The Company services include investment banking, retail brokerage, corporate banking, and cash management products and services. Citigroup serves customers globally.

Price/Volume

120.0 M 100.0 M 80.0 M

Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (28.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance C US EQUITY YTD Change C US EQUITY YTD % CHANGE

12/2012 06/yy 53.56 34.04 22'018'731.00 48.4 -9.63% 42.19% 73.57% 3'041.0 147'185.69 623'537.00 2'562.0 1'948.0 36'453.00 753'056.69

60.0 M

40.0 M

20.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

140.0 M

50 40

Valuation Analysis

31.12.2008 104'349.0 8.56x 4'411.0 202.58x (27'684.0) -

31.12.2009 31.12.2010 108'006.0 111'697.0 7.34x 7.58x 22'662.0 40'944.0 34.98x 20.68x (1'606.0) 10'602.0 12.95x Profitability

LTM-4Q 31.12.2011 102'587.0 6.95x 41'730.0 17.09x 11'067.0 7.37x

31.12.2012 90'708.0 7.84x 30'978.0 22.97x 7'541.0 9.87x 30'978.00 11.31% 8.75% 0.51% 5.13% 1.15% 0.05% 35.5% 8.3% 33.44% 334.36% -

Price/ Cash Flow

LTM

06/yy 98'474.0 31.31x 44'967.0 16.46x 10'604.0 7.60x

06/yy 91'183.0 32.27x 32'335.0 23.25x 9'654.0 10.97x

FY+1

0.08 1.81 2'922.02 39.24 42.23% 22.42% 1.811 37 4.324 22'134'668 23'070'498 23'435'090 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 78'587.1 79'658.1 18'798.4 19'115.0 14'661.4 16'594.5 3'238.1 3'479.9 10.09x 8.80x 9.53x 9.13x S&P Issuer Ratings

29.11.2011 ANEG 29.11.2011 A-2 18.55 19.51 334.4% 76.6% 0.05 -

Sales/Revenue/Turnover

120.00

180'000.0 160'000.0

100.00

140'000.0 120'000.0

80.00

100'000.0 60.00

80'000.0 60'000.0

40.00

40'000.0 20.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Citigroup Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP GIC PRIVATE LIMITED FMR LLC CAPITAL GROUP COMPAN BANK OF NEW YORK MEL JP MORGAN WELLINGTON MANAGEMEN INVESCO LTD NORTHERN TRUST CORPO FRANKLIN RESOURCES NORGES BANK ROBECO AMERIPRISE FINANCIAL TIAA CREF INVESTMENT T ROWE PRICE ASSOCIA BARROW HANLEY MEWHIN DIMENSIONAL FUND ADV GEODE CAPITAL MANAGE

Firm Name RBC Capital Markets Evercore Partners Wells Fargo Securities, LLC Keefe, Bruyette & Woods Buckingham Research Group Portales Partners Credit Suisse SunTrust Robinson Humphrey Raymond James Sandler O'Neill & Partners, LP UBS Edward Jones Macquarie Guggenheim Securities LLC Oppenheimer & Co S&P Capital IQ Sanford C. Bernstein & Co Societe Generale Morgan Stanley Rafferty Capital Markets JPMorgan Goldman Sachs Sterne, Agee & Leach HSBC Drexel Hamilton LLC Daiwa Securities Co. Ltd. EVA Dimensions Barclays Argus Research Corp Deutsche Bank Atlantic Equities LLP Scotia Capital JMP Securities Vector Servicios Financieros Meredith Whitney Advisory Group

Portfolio Name n/a n/a n/a n/a n/a n/a BANK OF NEW YORK MEL n/a WELLINGTON MANAGEMEN n/a NORTHERN TRUST CORPO n/a NORGES BANK n/a AMERIPRISE FINANCIAL TIAA-CREF INVESTMENT T ROWE PRICE ASSOCIA BARROW HANLEY MEWHIN n/a GEODE CAPITAL MANAGE

Analyst GERARD S CASSIDY ANDREW A MARQUARDT MATTHEW H BURNELL FREDERICK CANNON JAMES F MITCHELL CHARLES W PEABODY MOSHE A ORENBUCH ERIC E WASSERSTROM ANTHONY J POLINI JEFFERY HARTE DEREK DE VRIES TOM LEWANDOWSKI DAVID J KONRAD MARTY L MOSBY III CHRISTOPHER M KOTOWSKI ERIK M OJA JOHN E MCDONALD MURALI GOPAL BETSY L GRASECK RICHARD X BOVE SR VIVEK JUNEJA RICHARD N RAMSDEN TODD L HAGERMAN ROBERT MURPHY DAVID B HILDER KAZUKI WATANABE AUSTIN BURKETT JASON M GOLDBERG DAVID RITTER MATTHEW D O'CONNOR RICHARD STAITE KEVIN R CHOQUETTE DAVID M TRONE RAFAEL ESCOBAR MEREDITH A WHITNEY

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

Recommendation outperform equalweight outperform outperform buy underperform outperform buy strong buy buy buy buy outperform buy outperform buy outperform buy Overwt/Attractive buy neutral buy/attractive buy underweight buy underperform overweight overweight sell buy overweight focus stock market perform speculative buy hold

Amt Held 185'741'493 134'566'151 129'750'260 112'095'403 109'449'237 82'103'844 48'992'879 48'242'806 47'168'864 46'271'505 39'668'164 34'518'410 25'563'949 25'111'191 24'500'016 23'928'074 22'465'050 21'674'442 21'124'935 21'028'602

% Out 6.11 4.43 4.27 3.69 3.6 2.7 1.61 1.59 1.55 1.52 1.3 1.14 0.84 0.83 0.81 0.79 0.74 0.71 0.69 0.69

Weighting

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

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

Latest Chg 9'874'589 2'420'020 5'275'167 10'555'939 (9'472'750) 2'133'892 (1'196'905) (1'486'425) 2'781'147 650'328 (339'941) (3'701'197) (5'219'110) 1'911'783 6'761'647 1'646'742 372'005 445'508

Target Price 62 53 #N/A N/A 58 62 #N/A N/A 65 58 62 57 65 #N/A N/A 62 64 61 55 60 59 62 63 54 58 61 48 58 46 #N/A N/A 58 #N/A N/A 61 59 65 #N/A N/A 52 #N/A N/A

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

File Dt 02.10.2013 30.06.2013 03.10.2013 31.12.2009 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 03.10.2013 30.06.2013 31.08.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013

Date 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 18 month Not Provided 12 month 12 month 12 month Not Provided 15 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided

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

Date 03.10.2013 03.10.2013 03.10.2013 02.10.2013 02.10.2013 02.10.2013 01.10.2013 30.09.2013 30.09.2013 30.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 25.09.2013 23.09.2013 23.09.2013 23.09.2013 18.09.2013 17.09.2013 16.09.2013 13.09.2013 03.09.2013 12.08.2013 12.08.2013 02.08.2013 25.07.2013 24.07.2013 19.07.2013 15.07.2013 03.06.2013 18.12.2012 16.10.2012

04.10.2013

Verizon Communications Inc Verizon Communications Inc. is an integrated telecommunications company that provides wire line voice and data services, wireless services, Internet services, and published directory information. The Company also provides network services for the federal government including business phone lines, data services, telecommunications equipment and payphones.

Price/Volume 60

40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.04.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VZ US EQUITY YTD Change VZ US EQUITY YTD % CHANGE

12/2012 06/yy 54.31 40.51 14'969'951.00 47.01 -13.44% 16.05% 47.10% 2'861.6 134'525.98 51'987.00 0.0 52'376.0 3'563.00 234'966.99

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

20 10 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 97'354.0 1.80x 32'830.0 5.34x 6'428.0 13.35x

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

31.12.2009 31.12.2010 107'808.0 106'565.0 1.82x 1.83x 32'512.0 31'050.0 6.04x 6.28x 4'894.0 2'549.0 11.16x 18.52x Profitability

LTM-4Q 31.12.2011 110'875.0 1.85x 29'376.0 6.98x 2'404.0 18.66x

31.12.2012 115'846.0 1.94x 29'620.0 7.58x 875.0 19.32x 29'620.00 13'160.00 11.36% 8.54% 0.70% 4.39% 0.53% 60.1% 26.8% 12.8% 0.8% 0.79 0.60 23.08% 156.79% 9.93 48.55

Price/ Cash Flow

LTM

FY+1

4.38 0.75 2'861.20 58.73 6.06% 12.20% 0.754 36 4.222 11'918'586 14'992'293 11'515'431 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 113'143.0 118'258.0 120'372.4 125'088.7 30'182.7 30'977.6 7.32x 7.93x 1.92x 2.16x 7.70x 7.48x 30'896.0 31'664.0 41'716.8 44'480.3 10'774.5 10'008.7 7.17x 7.72x 5.63x 5.28x 5.44x 5.35x 2'867.0 1'562.0 8'033.1 12'390.6 2'150.7 1'806.5 19.30x 20.67x 16.63x 13.49x 15.19x 14.41x S&P Issuer Ratings Long-Term Rating Date 02.09.2013 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date 06.12.2010 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 9.95 (EBITDA-Capex)/Interest Exp. 4.52 Net Debt/EBITDA 1.50 Total Debt/EBITDA 1.57 Reference Total Debt/Equity 156.8% Total Debt/Capital 37.8% Asset Turnover 0.53 Net Fixed Asset Turnover 1.34 Accounts receivable turnover-days 36.75 Inventory Days 7.52 Accounts Payable Turnover Day 113.13 Cash Conversion Cycle -75.29 Sales/Revenue/Turnover

5.00

140'000.0

4.50

120'000.0

4.00 3.50

100'000.0

3.00

80'000.0

2.50

60'000.0

2.00

40'000.0

1.50 1.00

20'000.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Verizon Communications Inc Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN VANGUARD GROUP INC STATE STREET CORP WELLINGTON MANAGEMEN FMR LLC NORTHERN TRUST CORPO BANK OF NEW YORK MEL JP MORGAN BANK OF AMERICA CORP T ROWE PRICE ASSOCIA NORGES BANK BARROW HANLEY MEWHIN GEODE CAPITAL MANAGE TIAA CREF INVESTMENT AMERIPRISE FINANCIAL UBS AG MORGAN STANLEY LEGAL & GENERAL SUN LIFE FINANCIAL I

Firm Name Canaccord Genuity Corp Evercore Partners Wells Fargo Securities, LLC Oppenheimer & Co Cowen and Company RBC Capital Markets Credit Suisse BMO Capital Markets FBR Capital Markets Edward Jones Pacific Crest Securities Nomura Gabelli & Co JPMorgan Macquarie Morgan Stanley Deutsche Bank Argus Research Corp Jefferies Robert W. Baird & Co Raymond James HSBC Atlantic Equities LLP Hilliard Lyons Stifel Scotia Capital S&P Capital IQ New Street Research Barclays Goldman Sachs UBS Telsey Advisory Group William Blair & Co Erste Group Accountability Research Corp Piper Jaffray Janco Partners Inc Tigress Financial Partners EVA Dimensions

Portfolio Name n/a n/a n/a n/a WELLINGTON MANAGEMEN n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a BANK OF AMERICA T ROWE PRICE ASSOCIA NORGES BANK BARROW HANLEY MEWHIN GEODE CAPITAL MANAGE TIAA-CREF INVESTMENT AMERIPRISE FINANCIAL n/a n/a n/a n/a

Analyst GREGORY MILLER JONATHAN SCHILDKRAUT JENNIFER M FRITZSCHE TIMOTHY K HORAN COLBY SYNESAEL JONATHAN ATKIN JOSEPH MASTROGIOVANNI KEVIN MANNING DAVID DIXON DAVID HEGER MICHAEL BOWEN ADAM ILKOWITZ SERGEY DLUZHEVSKIY PHILIP CUSICK KEVIN SMITHEN SIMON FLANNERY BRETT FELDMAN JOSEPH F BONNER THOMAS O SEITZ WILLIAM V POWER FRANK G LOUTHAN RICHARD DINEEN CHRISTOPHER WATTS DAVID B BURKS CHRISTOPHER C KING JEFFREY FAN JAMES G MOORMAN JONATHAN CHAPLIN AMIR ROZWADOWSKI JASON ARMSTRONG JOHN C HODULIK JAISON BLAIR JAMES D BREEN JR HANS ENGEL KEVIN CHU CHRISTOPHER M LARSEN GERARD HALLAREN IVAN FEINSETH ANDREW S ZAMFOTIS

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

Recommendation buy overweight outperform outperform market perform outperform neutral outperform market perform buy outperform buy buy restricted neutral restricted hold buy buy outperform outperform overweight overweight buy hold sector outperform hold neutral suspended coverage not rated neutral no rating system market perform buy buy overweight strong buy neutral underweight

Amt Held 172'012'282 164'992'025 135'382'464 121'809'669 45'222'499 43'218'448 42'896'884 40'672'222 33'954'070 23'308'721 22'842'911 21'259'449 20'703'663 19'752'552 19'040'574 17'865'241 16'926'031 14'462'833 14'213'945 13'015'281

% Out 6.01 5.77 4.73 4.26 1.58 1.51 1.5 1.42 1.19 0.81 0.8 0.74 0.72 0.69 0.67 0.62 0.59 0.51 0.5 0.45

Weighting

Change

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

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

Latest Chg 383'861 (10'489'550) 3'119'624 1'772'926 3'891'060 (1'698'656) 603'091 (411'927) 1'386'917 (50'723) 52'370 3'542'967 391'479 804'867 (3'565'516) 293'638 1'239'686 784'305 (1'890'418)

Target Price 55 53 #N/A N/A 56 49 54 52 55 53 #N/A N/A 58 55 #N/A N/A #N/A N/A 51 #N/A N/A 49 59 56 53 54 55 56 54 #N/A N/A 56 52 53 #N/A N/A #N/A N/A 50 55 #N/A N/A #N/A N/A 57 56 #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 02.10.2013 30.06.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.08.2013 31.07.2013 30.06.2013

Date 12 month 12 month Not Provided 18 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 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 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

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

Date 03.10.2013 01.10.2013 27.09.2013 24.09.2013 24.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 13.09.2013 13.09.2013 11.09.2013 10.09.2013 06.09.2013 06.09.2013 05.09.2013 04.09.2013 04.09.2013 04.09.2013 04.09.2013 04.09.2013 04.09.2013 04.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 02.09.2013 19.07.2013 19.07.2013 18.07.2013 01.07.2013 22.04.2013 19.04.2013 18.04.2013 25.03.2013 15.01.2013

04.10.2013

GlaxoSmithKline PLC GlaxoSmithKline PLC is a research-based pharmaceutical company. The Company develops, manufactures, and markets vaccines, prescription, and over-the-counter medicines, as well as health-related consumer products. GlaxoSmithKline provides products for infections, depression, skin conditions, asthma, heart & circulatory disease, and cancer.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (19.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GSK LN EQUITY YTD Change GSK LN EQUITY YTD % CHANGE

12/2012 06/yy 1'816.00 1'314.00 1'705'966.00 1558 -14.18% 18.57% 51.20% 4'881.4 76'051.54 18'302.00 0.0 937.0 4'265.00 92'630.54

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

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 24'352.0 3.17x 9'115.0 8.47x 4'602.0 14.50x

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

31.12.2009 31.12.2010 28'368.0 28'392.0 2.77x 2.61x 11'117.0 6'932.0 7.08x 10.70x 5'531.0 1'634.0 12.09x 38.59x Profitability

LTM-4Q 31.12.2011 27'387.0 3.07x 10'017.7 8.39x 5'261.0 14.06x

31.12.2012 26'431.0 3.04x 10'615.3 7.58x 4'565.0 14.36x 10'615.30 9'170.30 34.70% 25.32% 9.45% 59.35% 18.54% 0.63% 71.8% 37.5% 29.7% 17.3% 0.99 0.61 44.13% 315.01% 1.95

Price/ Cash Flow

LTM

06/yy 27'184.0 11.81x 9'453.0 8.61x 5'176.0 13.89x

06/yy 26'418.0 13.03x 9'911.0 9.73x 3'992.0 20.06x

FY+1

.0 M o-13

4.88 0.71 4'609.53 12.90% 21.02% 0.705 30 3.333 7'970'263 7'137'137 6'394'573 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 26'983.8 27'949.3 6'780.4 7'067.4 3.32x 3.17x 9'518.3 10'153.5 2'551.0 2'771.0 9.73x 9.12x 5'590.7 6'066.3 1'386.0 1'588.0 13.50x 12.31x 13.19x 12.87x S&P Issuer Ratings

18.02.2008 A+ STABLE 18.02.2008 A-1 13.14 11.84 1.59 1.88 315.0% 73.1% 0.63 3.00 187.14 124.87

Sales/Revenue/Turnover

25.00

30'000.0 25'000.0

20.00

20'000.0 15.00

15'000.0 10.00

10'000.0

5.00

0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

GlaxoSmithKline PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL INVESCO LTD SCOTTISH WIDOWS CAPITAL GROUP COMPAN PERPETUAL INVESTMENT VANGUARD GROUP INC NORGES BANK INVESTME NORGES BANK FIL LIMITED FRANKLIN RESOURCES STATE STREET CORP PRUDENTIAL PLC UBS AG SUN LIFE FINANCIAL I NEWTON INV MGMT PEOPLES REPUBLIC OF THREADNEEDLE DODGE & COX WORLDWID AXA

Firm Name AlphaValue Day by Day Societe Generale Sanford C. Bernstein & Co Panmure Gordon & Co Limited Bryan Garnier & Cie Helvea Barclays Exane BNP Paribas Deutsche Bank Jefferies Leerink Swann & Co Berenberg Bank S&P Capital IQ Shore Capital Stockbrokers Credit Suisse JPMorgan Natixis Hamburger Sparkasse Cenkos Securities Ltd Independent Research GmbH Landesbank Baden-Wuerttemberg Kepler Cheuvreux EVA Dimensions UBS Redburn Partners Liberum Capital Ltd Goldman Sachs Cyrrus MP Advisors Pvt Ltd First Global Stockbroking

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

Analyst ARMELLE MOULIN VALERIE GASTALDY STEPHEN MCGARRY TIMOTHY M ANDERSON SAVVAS NEOPHYTOU ERIC LE BERRIGAUD ODILE RUNDQUIST MARK PURCELL FLORENT CESPEDES MARK CLARK JEFFREY HOLFORD SEAMUS FERNANDEZ ALISTAIR CAMPBELL SHO MATSUBARA BRIAN WHITE KERRY HOLFORD JAMES D GORDON PHILIPPE LANONE MARCO GUENTHER NAVID MALIK CHRISTOPH SCHOENDUBE TIMO KUERSCHNER FABIAN WENNER TIMOTHY STANISH ANDREW WHITNEY TEAM COVERAGE NARESH CHOUHAN KEYUR PAREKH TOMAS MENCIK VISHAL MANCHANDA KAVITA THOMAS

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

Recommendation sell hold buy market perform buy neutral hold equalweight underperform buy hold market perform buy sell buy neutral neutral neutral hold buy hold hold buy hold neutral neutral hold neutral/neutral hold outperform market perform

Amt Held 271'061'000 199'157'242 196'578'135 150'301'277 149'918'516 139'489'742 123'391'504 115'208'137 114'425'878 113'518'266 91'996'990 91'834'502 76'685'874 73'595'250 69'887'485 69'380'765 66'513'616 62'907'414 62'449'823 58'702'551

% Out 5.55 4.08 4.03 3.08 3.07 2.86 2.53 2.36 2.34 2.33 1.88 1.88 1.57 1.51 1.43 1.42 1.36 1.29 1.28 1.2

Weighting

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

M D M M M M M M M M M M M M M M U M U M M M M U M M U M M M R

Latest Chg (517'183) 1'785'533 5'975'844 10'689'400 1'809'167 2'640'666 (21'446) 14'024'169 (3'463'075) 32'044 (6'390'814) (8'433'357) 8'183'000 (1'147'509) 9'874'025 689'091 3'973'187

Target Price 1'435 #N/A N/A 2'000 1'755 1'850 1'870 1'710 1'555 1'600 1'850 1'750 1'836 1'845 1'400 #N/A N/A 1'670 1'900 1'700 #N/A N/A 1'933 1'750 1'650 1'900 #N/A N/A 1'745 #N/A N/A 1'600 1'740 1'420 #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 02.10.2013 31.07.2013 03.10.2013 31.08.2013 01.07.2013 30.08.2013 31.08.2013 01.07.2013 31.12.2012 01.07.2013 31.08.2013 03.10.2013 01.07.2013 03.10.2013 31.08.2013 01.07.2013 01.07.2013 31.07.2013 31.03.2013 01.07.2013

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

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

Date 03.10.2013 02.10.2013 01.10.2013 27.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 19.09.2013 17.09.2013 12.09.2013 11.09.2013 11.09.2013 09.09.2013 05.09.2013 28.08.2013 14.08.2013 13.08.2013 05.08.2013 29.07.2013 25.07.2013 24.07.2013 24.07.2013 17.07.2013 17.06.2013 14.06.2013 10.06.2013 17.05.2013 05.04.2012 13.01.2012 23.08.2011

04.10.2013

Oracle Corp Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

Price/Volume 160.0 M

140.0 M 120.0 M 100.0 M

Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (14.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ORCL US EQUITY YTD Change ORCL US EQUITY YTD % CHANGE

05/2013 08/yy 36.43 29.52 15'480'112.00 33.24 -8.76% 12.60% 53.84% 4'557.5 151'489.94 18'494.00 0.0 497.0 32'216.00 136'938.94

80.0 M

60.0 M

40.0 M

20.0 M

0 o-12

31.05.2010 31.05.2011 26'820.0 35'622.0 4.10x 4.52x 12'138.0 15'524.0 9.06x 10.37x 6'135.0 8'547.0 17.19x 19.46x Profitability

LTM-4Q 31.05.2012 37'121.0 3.13x 16'973.0 6.84x 9'981.0 13.20x

31.05.2013 37'180.0 3.87x 17'363.0 8.28x 10'925.0 15.17x 17'363.00 14'432.00 38.82% 37.38% 13.60% 25.52% 18.55% 0.46% 80.9% 46.9% 39.1% 29.4% 3.24 2.97 22.61% 41.42% 10.34 35.66

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

08/yy 36'928.0 14.23x 16'972.0 8.04x 10'175.0 15.56x

08/yy 37'371.0 15.05x 17'535.0 7.47x 11'083.0 13.79x

a-13 m-13

j-13

a-13

s-13

FY+1

1.08 1.07 3'442.92 47.09 5.66% 0.14% 1.074 46 4.239 18'087'144 20'769'278 22'488'964 FY+2

FQ+1

FQ+2

05/14 Y 05/15 Y 11/13 Q2 02/14 Q3 38'367.2 40'236.8 9'191.0 9'359.9 3.59x 3.25x 15.20x 14.70x 19'501.2 20'920.6 4'620.9 4'808.7 7.02x 6.55x 6.81x 6.70x 13'473.6 14'385.3 3'119.7 3'236.5 11.44x 10.44x 11.23x 10.97x S&P Issuer Ratings

24.04.2012 A+ STABLE 24.04.2012 A-1+ 21.79 20.97 -0.86 1.37 41.4% 29.1% 0.46 12.27 35.28 10.24 19.50 49.47

Sales/Revenue/Turnover

20.00

40'000.0

18.00

35'000.0

16.00

30'000.0

14.00

25'000.0

12.00 10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 04.06.2010

.0 M n-12

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

180.0 M

35 25

Valuation Analysis

31.05.2009 23'252.0 4.11x 10'531.0 9.08x 5'593.0 17.50x

0.0 04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

04.06.2013

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

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

04.10.2013

Oracle Corp Holdings By:

All

Holder Name ELLISON LAWRENCE JOS BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN STATE STREET CORP FMR LLC SUN LIFE FINANCIAL I BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO HARRIS ASSOCIATES LP GRANTHAM MAYO VAN OT WELLINGTON MANAGEMEN NORGES BANK EAGLE CAPITAL MANAGE JP MORGAN TIAA CREF INVESTMENT ABERDEEN T ROWE PRICE ASSOCIA GOLDMAN SACHS GROUP

Firm Name Stifel Oppenheimer & Co FBR Capital Markets Lazard Capital Markets Deutsche Bank JPMorgan Janney Montgomery Scott LLC Jefferies Pacific Crest Securities Wedbush William Blair & Co Raymond James Nomura Wells Fargo Securities, LLC Cowen and Company JMP Securities MKM Partners Morgan Stanley RBC Capital Markets Canaccord Genuity Corp Evercore Partners Ameriprise Advisor Services, Inc Societe Generale Berenberg Bank Susquehanna Financial Group Edward Jones Sanford C. Bernstein & Co Macquarie Daiwa Securities Co. Ltd. S&P Capital IQ Atlantic Equities LLP Cross Research Barclays Credit Suisse Piper Jaffray Tigress Financial Partners BMO Capital Markets Argus Research Corp EVA Dimensions Hamburger Sparkasse Goldman Sachs UBS Davenport & Co

Portfolio Name n/a n/a n/a n/a n/a n/a n/a BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO HARRIS ASSOC LP GRANTHAM MAYO VAN OT WELLINGTON MANAGEMEN NORGES BANK EAGLE CAPITAL MANAGE n/a TIAA-CREF INVESTMENT n/a T ROWE PRICE ASSOCIA n/a

Analyst BRAD REBACK BRIAN SCHWARTZ DAVID M HILAL JOEL P FISHBEIN JR NANDAN AMLADI JOHN DIFUCCI YUN KIM ROSS MACMILLAN BRENDAN BARNICLE STEVEN R KOENIG JASON NOAH ADER MICHAEL TURITS RICHARD G SHERLUND JASON MAYNARD PETER GOLDMACHER PATRICK WALRAVENS ISRAEL HERNANDEZ KEITH WEISS MATTHEW HEDBERG RICHARD DAVIS JR STEWART KIRK MATERNE III JUSTIN H BURGIN RICHARD NGUYEN DAUD KHAN J DERRICK WOOD JOSH OLSON MARK L MOERDLER BRAD A ZELNICK KAZUYA NISHIMURA BARBARA COFFEY CHRISTOPHER HICKEY RICHARD T WILLIAMS RAIMO LENSCHOW PHILIP WINSLOW MARK R MURPHY IVAN FEINSETH KARL KEIRSTEAD JOSEPH F BONNER ANDREW S ZAMFOTIS MARCO GUENTHER HEATHER BELLINI BRENT THILL F DRAKE JOHNSTONE

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

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

Amt Held 1'112'434'580 209'702'380 172'098'386 156'869'534 155'546'565 120'094'671 80'756'314 77'745'074 71'812'245 55'664'732 50'319'721 49'839'220 45'100'934 38'397'212 37'704'501 37'589'146 34'100'251 27'801'698 27'453'653 26'746'512

% Out 24.41 4.6 3.78 3.44 3.41 2.64 1.77 1.71 1.58 1.22 1.1 1.09 0.99 0.84 0.83 0.82 0.75 0.61 0.6 0.59

Weighting

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

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

Latest Chg 7'200'000 (7'773'459) (1'845'455) (83'083'038) 19'610 26'213'072 (81'435) (1'560'302) 2'997'655 (1'185'985) 9'861'274 2'781'619 (22'594'917) 7'787'429 1'275'878 (4'683'028) 68'273 (835'680) 3'073'661

Target Price 37 37 38 38 32 40 43 34 35 36 #N/A N/A 36 39 #N/A N/A 30 #N/A N/A 36 36 35 38 34 #N/A N/A 35 28 37 #N/A N/A 33 34 36 37 33 35 41 40 36 #N/A N/A 39 39 #N/A N/A #N/A N/A 39 37 40

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

File Dt 28.12.2012 02.10.2013 30.06.2013 31.07.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 31.07.2013 30.06.2013 31.08.2013 30.06.2013 30.08.2013

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

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

Date 03.10.2013 02.10.2013 01.10.2013 30.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 20.09.2013 20.09.2013 20.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 18.09.2013 10.09.2013 04.08.2013 18.07.2013 01.07.2013 24.06.2013 21.06.2013 20.06.2013 21.03.2013

04.10.2013

Cisco Systems Inc Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. The Company provides products for transporting data, voice, and video within buildings, across campuses, and globally.

Price/Volume

200.0 M 150.0 M

Latest Fiscal Year: LTM as of: 52-Week High (07.08.2013) 52-Week Low (09.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CSCO US EQUITY YTD Change CSCO US EQUITY YTD % CHANGE

07/2013 07/yy 26.49 16.68 38'161'128.00 23.005 -13.14% 37.92% 64.50% 5'361.6 123'342.45 16'211.00 0.0 8.0 50'610.00 88'951.45

100.0 M

50.0 M

5 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

250.0 M

25 20

Valuation Analysis

31.07.2009 36'117.0 2.82x 9'153.0 11.13x 6'134.0 20.17x

31.07.2010 31.07.2011 40'040.0 43'218.0 2.64x 1.37x 11'194.0 10'959.0 9.46x 5.39x 7'767.0 6'490.0 17.07x 13.03x Profitability

LTM-4Q 31.07.2012 46'061.0 1.10x 12'971.0 3.91x 8'041.0 9.80x

31.07.2013 48'607.0 2.12x 13'652.0 7.55x 9'983.0 14.92x 13'652.00 11'301.00 23.25% 23.10% 10.35% 18.08% 14.69% 0.50% 60.6% 28.1% 23.2% 20.5% 2.95 2.71 16.02% 27.42% 5.54 12.21

Price/ Cash Flow

LTM

07/yy 46'061.0 5.95x 12'971.0 3.91x 8'041.0 9.92x

07/yy 48'607.0 6.74x 13'652.0 7.55x 9'983.0 16.45x

FY+1

2.70 1.09 5'352.14 57.24 25.18% 19.72% 1.094 47 4.234 46'234'912 32'986'996 34'255'700 FY+2

FQ+1

FQ+2

07/14 Y 07/15 Y 10/13 Q1 01/14 Q2 50'915.9 53'932.9 12'370.6 12'633.8 1.62x 1.41x 6.99x 6.66x 16'430.8 17'443.3 3'965.3 4'074.3 5.41x 5.10x 5.45x 5.37x 11'430.0 12'258.2 2'740.9 2'829.6 10.92x 10.14x 10.93x 10.75x S&P Issuer Ratings

10.02.2006 A+ STABLE 31.01.2011 A-1+ 23.42 21.43 -2.52 1.19 27.4% 21.5% 0.50 14.46 65.66 29.81 18.10 77.37

Sales/Revenue/Turnover

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 06.08.2010

0.0 06.02.2011

06.08.2011

06.02.2012

06.08.2012

06.02.2013

06.08.2013

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

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

04.10.2013

Cisco Systems Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP WELLINGTON MANAGEMEN FMR LLC BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO JP MORGAN FRANKLIN RESOURCES T ROWE PRICE ASSOCIA CAPITAL GROUP COMPAN YACKTMAN ASSET MANAG GRANTHAM MAYO VAN OT AMERIPRISE FINANCIAL ALLIANZ ASSET MANAGE TIAA CREF INVESTMENT NORGES BANK FIRST EAGLE INVESTME ROBECO

Firm Name Northland Securities Inc Argus Research Corp Robert W. Baird & Co Wells Fargo Securities, LLC The Juda Group Cowen and Company Deutsche Bank Jefferies FBR Capital Markets Cantor Fitzgerald Stifel Oppenheimer & Co JMP Securities Credit Suisse Wedbush MKM Partners Berenberg Bank ISI Group Janney Montgomery Scott LLC William Blair & Co Raymond James Lazard Capital Markets Barclays Pacific Crest Securities Edward Jones BMO Capital Markets Ameriprise Advisor Services, Inc Daiwa Securities Co. Ltd. Piper Jaffray RBC Capital Markets JPMorgan Needham & Co Independent Research GmbH Wunderlich Securities Nomura S&P Capital IQ FBN Securities ACI Research Sterne, Agee & Leach Evercore Partners Goldman Sachs UBS Tigress Financial Partners

Portfolio Name n/a n/a n/a WELLINGTON MANAGEMEN n/a BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO n/a n/a T ROWE PRICE ASSOCIA n/a YACKTMAN ASSET MANAG GRANTHAM MAYO VAN OT AMERIPRISE FINANCIAL n/a TIAA-CREF INVESTMENT NORGES BANK FIRST EAGLE INVESTME n/a

Analyst CATHARINE TREBNICK JAMES KELLEHER JAYSON NOLAND SR JESS L LUBERT NATARAJAN SUBRAHMANYAN PAUL SILVERSTEIN BRIAN T MODOFF GEORGE C NOTTER SCOTT S THOMPSON BRIAN J WHITE SANJIV R WADHWANI ITTAI KIDRON ERIK SUPPIGER KULBINDER GARCHA ROHIT CHOPRA MICHAEL GENOVESE ADNAAN AHMAD BRIAN MARSHALL WILLIAM CHOI JASON NOAH ADER SIMON M LEOPOLD RYAN HUTCHINSON BENJAMIN A REITZES BRENT A BRACELIN WILLIAM C KREHER TIMOTHY P LONG JUSTIN H BURGIN YOKO YAMADA TROY D JENSEN MARK SUE ROD HALL ALEXANDER HENDERSON MARKUS FRIEBEL MATTHEW S ROBISON STUART JEFFREY JAMES G MOORMAN SHEBLY SEYRAFI EDWARD A ZABITSKY ALEX KURTZ MARK A MCKECHNIE SIMONA JANKOWSKI AMITABH PASSI IVAN FEINSETH

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

Recommendation outperform buy outperform outperform buy outperform buy hold market perform buy buy outperform market perform underperform outperform buy sell neutral neutral outperform outperform neutral overweight outperform hold outperform buy outperform overweight outperform neutral hold hold buy buy buy outperform sell buy equalweight Buy/Neutral buy neutral

Amt Held 294'843'399 254'843'882 225'986'767 161'841'487 145'904'607 126'492'474 98'803'162 87'113'945 85'554'668 78'839'136 76'899'392 66'839'322 52'890'691 49'830'519 47'831'805 46'181'415 43'859'456 43'095'418 43'088'314 38'140'163

% Out 5.5 4.75 4.21 3.02 2.72 2.36 1.84 1.62 1.6 1.47 1.43 1.25 0.99 0.93 0.89 0.86 0.82 0.8 0.8 0.71

Weighting

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

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

Latest Chg 9'022'438 6'342'908 (6'052'475) (62'363'028) 64'023'264 5'500'721 (3'051'815) 1'597'553 (9'303'378) (7'968'435) (650'485) 26'507'894 451'471 (12'656'144) 1'595'580 7'420'228 (799'851) 975'900 (3'876'432)

Target Price 30 29 30 #N/A N/A 27 32 28 22 19 30 30 27 #N/A N/A 21 27 28 16 #N/A N/A 25 #N/A N/A 30 #N/A N/A 30 30 #N/A N/A 29 #N/A N/A 27 29 26 24 #N/A N/A 28 28 28 28 29 18 28 26 30 29 #N/A N/A

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

File Dt Inst Type 02.10.2013 Investment Advisor 30.06.2013 Investment Advisor 03.10.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 03.10.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Hedge Fund Manager 30.06.2013 Unclassified

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

Date 02.10.2013 01.10.2013 30.09.2013 30.09.2013 30.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 24.09.2013 24.09.2013 24.09.2013 18.09.2013 17.09.2013 12.09.2013 11.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 03.09.2013 22.08.2013 20.08.2013 20.08.2013 19.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 12.08.2013 08.08.2013 02.08.2013

04.10.2013

Wal-Mart Stores Inc Wal-Mart Stores, Inc. operates discount stores, supercenters, and neighborhood markets. The Company's discount stores and supercenters offer merchandise such as apparel, housewares, small appliances, electronics, and hardware. Walmart's markets offer a full-line supermarket and a limited assortment of general merchandise. The Company operates nationally and internationally.

Price/Volume 90

30.0 M

25.0 M

70 60

20.0 M

01/2013 07/yy 79.96 67.37 7'179'614.00 73.16 -8.50% 8.59% 45.99% 3'255.5 238'169.19 54'136.00 0.0 5'395.0 7'781.00 291'403.18

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

10.0 M

5.0 M

10 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.01.2009 404'374.0 0.55x 29'537.0 7.52x 13'400.0 13.80x

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (31.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WMT US EQUITY YTD Change WMT US EQUITY YTD % CHANGE

31.01.2010 31.01.2011 408'085.0 421'849.0 0.58x 0.57x 31'159.0 33'183.0 7.63x 7.30x 14'370.0 16'389.0 14.44x 13.80x Profitability

LTM-4Q 31.01.2012 446'950.0 0.58x 34'688.0 7.53x 15'699.0 13.67x

31.01.2013 469'162.0 0.60x 36'302.0 7.81x 16'999.0 13.93x 36'302.00 27'801.00 5.93% 5.49% 8.62% 24.09% 14.77% 2.38% 24.9% 7.7% 5.9% 3.6% 0.83 0.20 26.65% 70.91% 83.26 8.52

Price/ Cash Flow

LTM

FY+1

2.37 0.62 1'616.04 19.09 0.99% 9.22% 0.623 34 3.824 6'241'384 6'025'813 5'814'539 FY+2

FQ+1

FQ+2

07/yy 07/yy 01/14 Y 01/15 Y 10/13 Q3 01/14 Q4 460'709.0 472'980.0 480'737.2 501'623.4 117'039.3 132'881.4 2.31x 2.55x 0.60x 0.58x 2.49x 2.19x 35'700.0 36'650.0 37'488.1 38'912.8 8'527.0 11'319.7 8.46x 8.40x 7.77x 7.49x 7.79x 7.68x 16'257.0 17'094.0 17'066.1 18'083.1 3'705.6 5'500.6 15.83x 15.16x 14.05x 12.78x 13.49x 13.21x S&P Issuer Ratings Long-Term Rating Date 09.07.1999 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 22.07.1983 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 15.61 (EBITDA-Capex)/Interest Exp. 10.07 Net Debt/EBITDA 1.32 Total Debt/EBITDA 1.56 Reference Total Debt/Equity 70.9% Total Debt/Capital 39.8% Asset Turnover 2.38 Net Fixed Asset Turnover 4.12 Accounts receivable turnover-days 4.38 Inventory Days 42.83 Accounts Payable Turnover Day 37.16 Cash Conversion Cycle 10.40 Sales/Revenue/Turnover

12.00

500'000.0 450'000.0

10.00

400'000.0 350'000.0

8.00

300'000.0

6.00

250'000.0 200'000.0

4.00

150'000.0 100'000.0

2.00 0.00 05.02.2010

50'000.0 0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

05.08.2013

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

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

04.10.2013

Wal-Mart Stores Inc Holdings By:

All

Holder Name WALTON ENTERPRISES L VANGUARD GROUP INC BLACKROCK STATE STREET CORP BERKSHIRE HATHAWAY I BANK OF NEW YORK MEL FMR LLC NORTHERN TRUST CORPO CAPITAL GROUP COMPAN STATE FARM MUTUAL AU GRANTHAM MAYO VAN OT BANK OF AMERICA CORP DODGE & COX GEODE CAPITAL MANAGE GATES FOUNDATION WALTON JIM C WELLINGTON MANAGEMEN EAGLE CAPITAL MANAGE DEUTSCHE BANK AG T ROWE PRICE ASSOCIA

Firm Name ISI Group Northcoast Research Stifel Susquehanna Financial Group EVA Dimensions Janney Montgomery Scott LLC Shore Capital Stockbrokers Wolfe Research S&P Capital IQ Raymond James Credit Suisse Edward Jones Robert W. Baird & Co Wells Fargo Securities, LLC Jefferies Tigress Financial Partners Goldman Sachs MKM Partners Cowen and Company Deutsche Bank BMO Capital Markets Argus Research Corp UBS JPMorgan Stephens Inc Independent Research GmbH Daiwa Securities Co. Ltd. Buckingham Research Group Telsey Advisory Group William Blair & Co Barclays Gilford Securities HSBC Oracle Investment Research

Portfolio Name n/a n/a n/a n/a n/a BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO n/a STATE FARM MUTUAL AU GRANTHAM MAYO VAN OT BANK OF AMERICA DODGE & COX GEODE CAPITAL MANAGE BILL & MELINDA FOUND n/a WELLINGTON MANAGEMEN EAGLE CAPITAL MANAGE n/a T ROWE PRICE ASSOCIA

Analyst GREGORY MELICH CHARLES E CERANKOSKY DAVID A SCHICK ROBERT SUMMERS AUSTIN BURKETT DAVID S STRASSER CLIVE WILLIAM BLACK SCOTT A MUSHKIN IAN GORDON BUDD BUGATCH MICHAEL B EXSTEIN BRIAN YARBROUGH PETER S BENEDICT MATTHEW NEMER DANIEL T BINDER IVAN FEINSETH MATTHEW J FASSLER PATRICK G MCKEEVER JR FAYE LANDES PAUL TRUSSELL WAYNE HOOD CHRISTOPHER GRAJA JASON DERISE CHRISTOPHER HORVERS JOHN R LAWRENCE ZAFER RUZGAR KAHORI TAMADA JOHN M ZOLIDIS JOSEPH I FELDMAN MARK R MILLER ROBERT S DRBUL BERNARD SOSNICK FRANCISCO J CHEVEZ LAURENCE BALTER

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

Recommendation neutral neutral buy neutral buy buy corporate peerperform buy outperform neutral buy outperform market perform buy neutral Buy/Neutral neutral market perform hold market perform hold buy neutral overweight sell neutral neutral no rating system market perform overweight buy overweight sell

Amt Held 1'609'891'131 88'134'754 86'121'674 77'646'463 49'247'235 34'543'130 31'102'598 22'733'688 17'008'338 16'800'850 15'642'603 13'978'902 13'931'834 11'360'045 11'103'000 10'501'672 10'347'793 10'269'498 9'636'266 9'471'801

% Out 49.45 2.71 2.65 2.39 1.51 1.06 0.96 0.7 0.52 0.52 0.48 0.43 0.43 0.35 0.34 0.32 0.32 0.32 0.3 0.29

Weighting

Change

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

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

Latest Chg (1'636'374) (5'586'544) 1'883'733 204'549 (2'085'286) (119'525) 2'100'317 1'233'628 1'603'504 147'490 7'406 1'597'339 556'514 3'595'670 (522'174)

Target Price 75 #N/A N/A 83 79 #N/A N/A 80 #N/A N/A #N/A N/A 82 82 80 #N/A N/A 83 #N/A N/A 86 #N/A N/A 83 75 75 76 80 #N/A N/A 88 75 87 67 79 75 80 #N/A N/A 90 #N/A N/A 87 60

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

File Dt 07.06.2013 30.06.2013 02.10.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 07.06.2013 30.06.2013 30.06.2013 30.08.2013 30.06.2013

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

Inst Type Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Endowment n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.10.2013 02.10.2013 30.09.2013 30.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 16.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 10.09.2013 10.09.2013 08.09.2013 04.09.2013 03.09.2013 29.08.2013 20.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 15.08.2013 15.08.2013 18.07.2013 10.07.2013 18.02.2013

04.10.2013

PepsiCo Inc PepsiCo, Inc. operates worldwide beverage, snack and food businesses. The Company manufacture or uses contract manufacturers, market and sell a variety of grain-based snacks, carbonated and non-carbonated beverages and foods in countries throughout the world.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.07.2013) 52-Week Low (31.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PEP US EQUITY YTD Change PEP US EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 87.06 67.39 3'990'059.00 79.44 -8.75% 17.88% 61.26% 1'542.2 122'513.52 28'359.00 41.0 105.0 6'619.00 144'031.52

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

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 n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 43'251.0 2.10x 8'478.0 10.70x 5'142.0 14.85x

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

31.12.2009 31.12.2010 43'232.0 57'838.0 2.31x 2.12x 9'679.0 10'659.0 10.31x 11.51x 5'946.0 6'320.0 16.45x 15.91x Profitability

LTM-4Q 31.12.2011 66'504.0 1.90x 12'370.0 10.22x 6'443.0 15.08x

31.12.2012 65'492.0 1.94x 11'801.0 10.75x 6'178.0 16.61x 11'801.00 9'112.00 13.91% 12.68% 8.92% 30.87% 14.60% 0.89% 52.2% 18.5% 14.5% 9.4% 1.10 0.80 38.00% 127.44% 8.41 7.43

Price/ Cash Flow

LTM

06/yy 66'626.0 7.63x 12'003.0 11.04x 6'030.0 16.30x

06/yy 65'994.0 7.99x 12'213.0 10.02x 6'648.0 18.76x

FY+1

2.74 0.60 1'538.92 13.04 15.65% 18.57% 0.601 24 4.333 4'449'153 4'562'078 4'645'173 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 66'808.0 69'702.3 16'965.8 20'326.3 2.16x 2.07x 8.48x 7.07x 12'869.4 13'727.9 3'435.3 3'444.1 11.19x 10.49x 10.94x 10.77x 6'761.9 7'248.4 1'830.3 1'674.0 18.34x 16.93x 18.07x 17.51x S&P Issuer Ratings

17.03.2010 A STABLE 17.01.1989 A-1 13.05 10.05 1.75 2.42 127.4% 55.9% 0.89 3.58 43.30 49.00 136.19 -56.84

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

01.07.2013

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

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

04.10.2013

PepsiCo Inc Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK CAPITAL GROUP COMPAN STATE STREET CORP T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL BANK OF AMERICA CORP NORTHERN TRUST CORPO YACKTMAN ASSET MANAG FMR LLC WELLINGTON MANAGEMEN JP MORGAN ABERDEEN GRANTHAM MAYO VAN OT FRANKLIN RESOURCES TIAA CREF INVESTMENT NORGES BANK WELLS FARGO & COMPAN TRIAN FUND MANAGEMEN MORGAN STANLEY

Firm Name JPMorgan Sanford C. Bernstein & Co Credit Suisse Edward Jones Goldman Sachs Stifel BMO Capital Markets Tigress Financial Partners Wells Fargo Securities, LLC S&P Capital IQ Argus Research Corp EVA Dimensions Morgan Stanley Ameriprise Advisor Services, Inc HSBC Davenport & Co Gabelli & Co Barclays Deutsche Bank Janney Montgomery Scott LLC First Global Stockbroking Oracle Investment Research

Portfolio Name n/a n/a n/a n/a T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL BANK OF AMERICA NORTHERN TRUST CORPO YACKTMAN ASSET MANAG n/a WELLINGTON MANAGEMEN n/a n/a GRANTHAM MAYO VAN OT n/a TIAA-CREF INVESTMENT NORGES BANK n/a TRIAN FUND MANAGEMEN n/a

Analyst JOHN A FAUCHER ALI DIBADJ MICHAEL STEIB JACK P RUSSO JUDY E HONG MARK D SWARTZBERG AMIT SHARMA IVAN FEINSETH BONNIE HERZOG ESTHER KWON JOHN D STASZAK AUSTIN BURKETT DARA MOHSENIAN PATRICK DIEDRICKSON LAUREN E TORRES ANN H GURKIN DAMIAN A WITKOWSKI MICHAEL J BRANCA WILLIAM G SCHMITZ JONATHAN P FEENEY KAVITA THOMAS LAURENCE BALTER

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

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

Amt Held 83'911'234 79'470'191 69'819'410 64'069'261 28'727'648 28'452'298 25'288'288 24'364'390 22'953'521 18'257'744 18'038'362 15'987'418 15'972'954 14'729'864 13'825'931 12'725'356 12'667'234 12'606'738 12'270'046 11'945'040

% Out 5.44 5.15 4.53 4.15 1.86 1.84 1.64 1.58 1.49 1.18 1.17 1.04 1.04 0.96 0.9 0.83 0.82 0.82 0.8 0.77

Weighting

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

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

Latest Chg 2'164'214 (529'782) 9'694'934 707'191 7'643'181 824'579 (308'354) 276'684 (91'291) 2'380'888 (7'604'634) 461'825 (546'100) 916'285 (447'158) 560'139 (218'656) 239'200 (2'837'414)

Target Price 95 91 87 #N/A N/A 86 #N/A N/A 92 #N/A N/A #N/A N/A 88 98 #N/A N/A 95 #N/A N/A 96 82 #N/A N/A 87 90 85 #N/A N/A 75

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

File Dt Inst Type 30.06.2013 Investment Advisor 02.10.2013 Investment Advisor 30.06.2013 Investment Advisor 03.10.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 31.07.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor

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

Date 02.10.2013 01.10.2013 20.09.2013 19.09.2013 18.09.2013 13.09.2013 12.09.2013 10.09.2013 05.09.2013 05.09.2013 02.08.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 17.06.2013 25.07.2012

04.10.2013

BP PLC BP plc is an oil and petrochemicals company. The Company explores for and produces oil and natural gas, refines, markets, and supplies petroleum products, generates solar energy, and manufactures and markets chemicals. BP's chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and polyethylene.

Price/Volume

60.0 M 50.0 M 40.0 M

300

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BP/ LN EQUITY YTD Change BP/ LN EQUITY YTD % CHANGE

12/2012 06/yy 485.00 416.35 2'297'057.00 438.25 -9.55% 5.26% 30.30% 18'841.5 82'572.91 48'797.00 21.0 1'206.0 20'114.00 151'758.53

30.0 M

200

20.0 M

100

10.0 M

0 o-12

31.12.2009 31.12.2010 239'272.0 297'107.0 0.87x 0.55x 33'392.0 38'497.0 6.24x 4.22x 16'578.0 (3'719.0) 10.95x Profitability

LTM-4Q 31.12.2011 375'517.0 0.44x 45'796.0 3.63x 25'700.0 5.25x

31.12.2012 375'580.0 0.43x 20'442.0 7.92x 11'582.0 11.34x 20'442.00 7'961.00 2.12% 5.01% 8.66% 21.52% 16.12% 1.24% 11.6% 6.8% 3.2% 3.1% 1.37 0.59 16.26% 41.22% 11.89

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

5.11 1.00 18'838.35 5.07% 7.21% 1.004 33 3.364 24'624'630 21'969'010 20'581'530 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 378'677.0 372'303.0 348'567.8 344'653.6 95'894.3 94'599.0 1.70x 1.70x 0.45x 0.47x 1.61x 1.65x 37'562.0 25'267.0 39'880.7 41'566.4 9'408.3 10'426.3 4.24x 5.93x 3.81x 3.65x 3.67x 3.59x 16'976.0 25'957.0 14'548.3 17'092.1 3'849.4 4'138.8 7.39x 5.09x 9.11x 7.87x 8.48x 8.00x S&P Issuer Ratings Long-Term Rating Date 24.09.2010 Long-Term Rating A Long-Term Outlook POS Short-Term Rating Date 24.09.2010 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 13.60 (EBITDA-Capex)/Interest Exp. -1.75 Net Debt/EBITDA 0.70 Total Debt/EBITDA 1.86 Reference Total Debt/Equity 41.2% Total Debt/Capital 29.0% Asset Turnover 1.24 Net Fixed Asset Turnover 3.03 Accounts receivable turnover-days Inventory Days 30.69 Accounts Payable Turnover Day Cash Conversion Cycle 23.17 Sales/Revenue/Turnover

18.00

400'000.0

16.00

350'000.0

14.00

300'000.0

12.00

250'000.0

10.00

200'000.0

8.00

150'000.0

6.00

100'000.0

4.00

50'000.0

2.00 0.00 01.01.2010

n-12

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

70.0 M

500 400

Valuation Analysis

31.12.2008 361'143.0 0.47x 41'761.0 4.05x 21'157.0 6.81x

600

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

BP PLC Holdings By:

All

Holder Name LEGAL & GENERAL BLACKROCK CAPITAL GROUP COMPAN SCOTTISH WIDOWS VANGUARD GROUP INC NORGES BANK INVESTME NORGES BANK FRANKLIN RESOURCES UBS AG STATE STREET CORP PEOPLES REPUBLIC OF KUWAIT INVESTMENT AU PRUDENTIAL PLC FIL LIMITED STANDARD LIFE INVEST BARCLAYS GLOBAL INVE AVIVA INVESTORS AXA AVIVA PLC HSBC INVESTMENTS UK

Firm Name Societe Generale Jyske Bank RBC Capital Markets Sanford C. Bernstein & Co AlphaValue Independent Research GmbH Exane BNP Paribas Goldman Sachs Simmons & Company International Day by Day VTB Capital Raymond James Nomura Grupo Santander Barclays Canaccord Genuity Corp EVA Dimensions Jefferies Macquarie Natixis Liberum Capital Ltd Deutsche Bank Morgan Stanley Investec JPMorgan Landesbank Baden-Wuerttemberg S&P Capital IQ Oriel Securities Ltd VSA Capital Ltd UBS Tudor Pickering & Co

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

Analyst IRENE HIMONA ROBERT JAKOBSEN PETER HUTTON OSWALD CLINT ALEXANDRE ANDLAUER SVEN DIERMEIER ALEJANDRO DEMICHELIS MICHELE DELLA VIGNA GUY BABER VALERIE GASTALDY COLIN SMITH BERTRAND HODEE THEEPAN JOTHILINGAM JASON KENNEY RAHIM KARIM SAMUEL SIMON DOUG WALTERS IAIN REID JASON D GAMMEL ANNE PUMIR ANDREW WHITTOCK LUCAS HERRMANN MARTIJN P RATS NEILL MORTON FREDERICK G LUCAS JENS MUENSTERMANN CHRISTINE TISCARENO RICHARD GRIFFITH DOUGIE YOUNGSON JONATHON RIGBY ROBERT KESSLER

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

Recommendation hold buy sector perform market perform reduce hold outperform neutral/cautious overweight hold hold market perform neutral underweight underweight hold buy hold outperform neutral hold buy Underwt/In-Line hold overweight buy hold hold sell buy accumulate

Amt Held 1'352'774'589 1'032'917'387 743'547'210 538'558'781 473'529'109 440'435'909 431'404'955 369'032'164 364'220'429 350'691'667 341'051'304 328'143'792 308'914'530 250'586'375 239'057'923 219'945'184 175'533'364 175'363'926 163'489'782 136'057'977

% Out 7.18 5.48 3.95 2.86 2.51 2.34 2.29 1.96 1.93 1.86 1.81 1.74 1.64 1.33 1.27 1.17 0.93 0.93 0.87 0.72

Weighting

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

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

Latest Chg (19'852'881) 13'522'251 22'793'680 (1'478'376) (10'000'512) 19'842'236 7'491'538 7'324'940 (868'987) 4'855'001 (1'652'884) 6'799'667 (3'819'486) 2'015'380 7'560'582

Target Price 490 507 530 490 444 470 550 450 #N/A N/A #N/A N/A 490 #N/A N/A 460 485 485 470 #N/A N/A 500 550 465 445 500 452 440 515 530 595 #N/A N/A 400 500 500

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

File Dt 31.07.2013 02.10.2013 30.06.2013 31.08.2013 31.08.2013 01.05.2013 31.12.2012 31.08.2013 03.10.2013 03.10.2013 01.05.2013 01.05.2013 30.06.2013 01.05.2013 01.05.2013 28.06.2013 01.05.2013 30.06.2013 31.08.2013 01.05.2013

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

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

Date 03.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 02.10.2013 30.09.2013 27.09.2013 23.09.2013 23.09.2013 10.09.2013 09.09.2013 05.09.2013 28.08.2013 22.08.2013 15.08.2013 05.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 19.02.2013 15.10.2012

04.10.2013

Sanofi Sanofi is a global pharmaceutical company that researches, develops and manufactures prescription pharmaceuticals and vaccines. The Company develops cardiovascular, thrombosis, metabolic disorder, central nervous system, internal medicine and oncology drugs, and vaccines.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAN FP EQUITY YTD Change SAN FP EQUITY YTD % CHANGE

12/2012 06/yy 87.03 65.63 413'372.00 74.2 -14.74% 13.06% 40.98% 1'326.9 98'456.01 14'531.00 0.0 134.0 6'381.00 109'064.01

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

31.12.2009 31.12.2010 29'306.0 32'367.0 2.61x 1.99x 12'805.0 13'156.0 5.97x 4.90x 5'265.0 5'467.0 14.13x 11.42x Profitability

8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M n-12

LTM-4Q 31.12.2011 33'389.0 2.59x 12'593.0 6.88x 5'693.0 13.17x

31.12.2012 34'947.0 2.94x 12'384.0 8.30x 4'967.0 18.99x 12'384.00 7'787.00 22.28% 17.94% 3.44% 6.09% 5.46% 0.34% 68.2% 33.5% 19.3% 14.2% 1.65 1.00 14.47% 25.34% 4.25 1.63

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 34'642.0 5.12x 9'570.0 0.00x 6'431.0 12.32x

06/yy 33'628.0 6.51x 7'976.0 0.00x 3'417.0 30.86x

a-13 m-13

j-13

a-13

s-13

FY+1

.0 M o-13

0.76 1'188.18 13.64% 7.40% 0.762 35 4.343 2'103'977 2'842'375 2'610'527 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 33'931.8 35'798.1 8'949.3 8'841.0 3.07x 2.83x 11'562.4 12'875.2 9.43x 8.47x 7'049.9 7'956.2 2'104.8 1'897.4 13.76x 12.18x 12.93x 12.59x S&P Issuer Ratings

03.05.2013 AA STABLE 18.02.2011 A-1+ 29.70 25.83 0.93 1.30 25.3% 20.2% 0.34 3.18 85.79 223.55 106.36 184.13

Sales/Revenue/Turnover

20.00

40'000.0

18.00

35'000.0

16.00

30'000.0

14.00

25'000.0

12.00 10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 01.01.2010

9.0 M

Fiscal Year Ended 31.12.2008 27'568.0 2.22x 9'940.0 6.16x 3'851.0 15.94x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Sanofi Holdings By:

All

Holder Name L'OREAL SA NORGES BANK DODGE & COX WORLDWID BLACKROCK FMR LLC VANGUARD GROUP INC SANOFI EMP SAVINGS P DODGE & COX FIL LIMITED AMUNDI FRANKLIN RESOURCES NATIXIS ASSET MANAGE AVIVA PLC MORGAN STANLEY FIRST EAGLE INVESTME ALLIANZ ASSET MANAGE LBPAM DEUTSCHE BANK AG BANK OF NEW YORK MEL AMUNDI

Firm Name Societe Generale CM - CIC Securities(ESN) Exane BNP Paribas Morgan Stanley AlphaValue Sanford C. Bernstein & Co Berenberg Bank Deutsche Bank Helvea Day by Day Redburn Partners Oddo & Cie Bryan Garnier & Cie Hamburger Sparkasse Barclays EVA Dimensions Credit Suisse Leerink Swann & Co S&P Capital IQ Jefferies Goldman Sachs JPMorgan Independent Research GmbH UBS Kepler Cheuvreux Natixis Landesbank Baden-Wuerttemberg Intermonte Securities SpA Liberum Capital Ltd Mirabaud Securities Banco Sabadell National Bank AG Nord/LB Cyrrus MP Advisors Pvt Ltd

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

Analyst STEPHEN MCGARRY ARSENE GUEKAM VINCENT MEUNIER AMY WALKER ARMELLE MOULIN TIMOTHY M ANDERSON ALISTAIR CAMPBELL MARK CLARK ODILE RUNDQUIST VALERIE GASTALDY TEAM COVERAGE SEBASTIEN MALAFOSSE ERIC LE BERRIGAUD MARCO GUENTHER MARK PURCELL TIMOTHY STANISH LUISA HECTOR SEAMUS FERNANDEZ SHO MATSUBARA JEFFREY HOLFORD KEYUR PAREKH RICHARD VOSSER CHRISTOPH SCHOENDUBE ANDREW WHITNEY FABIAN WENNER PHILIPPE LANONE TIMO KUERSCHNER ZHANG YANGMEI NARESH CHOUHAN NICHOLAS TURNER MARTA DIAZ STEFFEN MANSKE THORSTEN STRAUSS TOMAS MENCIK VISHAL MANCHANDA

Source 20F MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG 20F MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

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

Amt Held 118'227'307 31'319'685 30'181'783 28'196'824 20'415'581 19'063'928 17'191'116 16'598'982 15'846'155 14'744'957 10'869'959 7'350'443 7'012'301 6'845'541 5'965'946 4'931'133 4'682'226 4'529'020 4'237'097 3'854'683

% Out 8.91 2.36 2.27 2.13 1.54 1.44 1.3 1.25 1.19 1.11 0.82 0.55 0.53 0.52 0.45 0.37 0.35 0.34 0.32 0.29

Weighting

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

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

Latest Chg 707'446 (1'386'282) 161'720 (350'000) 217'968 407'364 (957'634) 542'686 2'823 (64'764) (30'300) 702'739 (135'315) 91'671 189'155 (103'617)

Target Price 91 76 85 95 80 86 92 95 83 81 #N/A N/A 87 88 #N/A N/A 81 #N/A N/A 80 83 86 100 85 88 83 89 80 85 85 86 80 83 80 78 #N/A N/A 60 52

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

File Dt Inst Type 31.01.2013 Corporation 31.12.2012 Government 31.03.2013 Investment Advisor 02.10.2013 Investment Advisor 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor 31.01.2013 n/a 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor 31.05.2013 Investment Advisor 30.08.2013 Investment Advisor 30.08.2013 Investment Advisor 31.07.2013 Hedge Fund Manager 31.08.2013 Investment Advisor 28.03.2013 Investment Advisor 30.08.2013 Investment Advisor 03.10.2013 Investment Advisor 30.08.2013 Investment Advisor

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

Date 04.10.2013 04.10.2013 04.10.2013 03.10.2013 03.10.2013 27.09.2013 27.09.2013 25.09.2013 24.09.2013 19.09.2013 19.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 16.09.2013 12.09.2013 12.09.2013 12.09.2013 10.09.2013 20.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 17.07.2013 28.06.2013 22.03.2013 15.02.2013 13.02.2013 11.12.2012 05.04.2012 08.02.2012

04.10.2013

Amazon.com Inc Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products. Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

Price/Volume 350

16.0 M

300

14.0 M

250

12.0 M 10.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.10.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMZN US EQUITY YTD Change AMZN US EQUITY YTD % CHANGE

12/2012 06/yy 322.92 218.18 2'679'440.00 314.76 -2.53% 44.27% 92.21% 456.9 143'808.66 4'385.00 0.0 0.0 11'448.00 140'078.66

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

6.0 M

100

4.0 M

2.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 19'166.0 0.98x 1'129.0 16.55x 645.0 36.89x

8.0 M

150

31.12.2009 31.12.2010 24'509.0 34'204.0 2.19x 2.15x 1'507.0 1'974.0 35.69x 37.21x 902.0 1'152.0 63.60x 71.15x Profitability

LTM-4Q 31.12.2011 48'077.0 1.49x 1'945.0 36.75x 631.0 126.35x

31.12.2012 61'093.0 1.75x 2'835.0 37.68x (39.0) 2'835.00 676.00 1.11% 0.64% -0.40% -1.26% -1.72% 2.64% 24.8% 5.0% 1.0% -0.1% 1.12 0.78 13.47% 53.53% 27.31 10.09

Price/ Cash Flow

LTM

06/yy 54'326.0 6.43x 2'217.0 44.31x 377.0 342.43x

06/yy 66'848.0 6.83x 3'309.0 37.22x (102.0) 0.00x

FY+1

0.00 1.15 370.25 6.83 22.99% 25.47% 1.152 46 4.413 2'117'468 2'098'392 2'401'983 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 74'448.1 90'581.1 16'752.2 25'871.5 1.83x 1.46x 8.39x 5.21x 4'737.6 6'549.9 1'003.8 1'634.8 29.57x 21.39x 25.62x 24.11x 1'272.6 2'270.0 200.8 607.5 123.19x 62.86x 95.24x 85.28x S&P Issuer Ratings

26.11.2012 AASTABLE 13.06.2007 NR 30.82 -10.33 -1.13 1.13 53.5% 34.9% 2.64 9.63 13.37 36.16 58.04 -33.57

Sales/Revenue/Turnover

40.00

70'000.0

35.00

60'000.0

30.00

50'000.0

25.00

40'000.0

20.00

30'000.0

15.00

20'000.0

10.00

10'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Amazon.com Inc Holdings By:

All

Holder Name BEZOS JEFFREY P CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA BLACKROCK VANGUARD GROUP INC FMR LLC STATE STREET CORP BAILLIE GIFFORD AND SANDS CAPITAL MANAGE JENNISON ASSOCIATES INVESCO LTD JP MORGAN MORGAN STANLEY NORTHERN TRUST CORPO BANK OF NEW YORK MEL TORONTO DOMINION BAN UBS AG WELLS FARGO & COMPAN WINSLOW CAPITAL MANA GOLDMAN SACHS GROUP

Firm Name Janney Montgomery Scott LLC Robert W. Baird & Co William Blair & Co CRT Capital Group Lazard Capital Markets Sanford C. Bernstein & Co Cantor Fitzgerald Telsey Advisory Group Wedge Partners Cowen and Company RBC Capital Markets Canaccord Genuity Corp Topeka Capital Markets Inc Stifel Wells Fargo Securities, LLC Evercore Partners ISI Group B Riley & Co Piper Jaffray Wedbush Susquehanna Financial Group Tigress Financial Partners Pacific Crest Securities Daiwa Securities Co. Ltd. EVA Dimensions Morgan Stanley SunTrust Robinson Humphrey Argus Research Corp Jefferies BMO Capital Markets Deutsche Bank Credit Suisse UBS JPMorgan Needham & Co Raymond James Macquarie McAdams Wright Ragen Inc Oppenheimer & Co BGC Partners JMP Securities S&P Capital IQ Atlantic Equities LLP

Portfolio Name n/a n/a T ROWE PRICE ASSOCIA n/a n/a n/a n/a BAILLIE GIFFORD & CO SANDS CAPITAL MANAGE JENNISON ASSOCIATES n/a n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL TORONTO DOMINION BAN n/a n/a WINSLOW CAPITAL MANA n/a

Analyst SHAWN C MILNE COLIN SEBASTIAN MARK R MILLER NEIL A DOSHI BRETT FODERO CARLOS KIRJNER YOUSSEF H SQUALI THOMAS FORTE BRIAN BLAIR JOHN BLACKLEDGE MARK S MAHANEY MICHAEL GRAHAM VICTOR ANTHONY JORDAN ROHAN MATTHEW NEMER KEN SENA GREGORY MELICH SCOTT TILGHMAN EUGENE E MUNSTER MICHAEL PACHTER BRIAN NOWAK IVAN FEINSETH CHAD BARTLEY KAZUYA NISHIMURA CRAIG STERLING SCOTT W DEVITT ROBERT S PECK JOSEPH F BONNER BRIAN J PITZ EDWARD S WILLIAMS ROSS SANDLER STEPHEN JU ERIC J SHERIDAN DOUGLAS ANMUTH KERRY RICE AARON M KESSLER BENJAMIN A SCHACHTER DAN GEIMAN JASON S HELFSTEIN COLIN W GILLIS RONALD V JOSEY III MICHAEL SOUERS JAMES CORDWELL

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

Recommendation buy outperform outperform buy buy outperform buy no rating system no rating system outperform outperform hold buy buy outperform overweight buy buy overweight neutral Positive buy outperform outperform hold Overwt/Attractive buy hold buy market perform buy outperform neutral neutral hold market perform outperform hold outperform hold market perform hold overweight

Amt Held 85'970'020 45'352'706 21'178'535 18'939'577 16'981'823 14'986'761 14'487'247 11'767'270 8'359'285 7'121'873 5'678'076 5'575'330 5'458'160 5'221'169 4'509'324 4'250'800 3'800'025 3'455'449 3'357'193 3'172'483

% Out 18.82 9.93 4.64 4.15 3.72 3.28 3.17 2.58 1.83 1.56 1.24 1.22 1.19 1.14 0.99 0.93 0.83 0.76 0.73 0.69

Weighting

Change

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

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

Latest Chg (385'062) 2'859'097 845'001 36'061 548'389 176'070 486'549 (128'099) 123'765 1'121'285 273'669 (582'890) (355'458) 35'116 (156'971) (9'602) (434'587) 99'801 (35'608) 15'696

Target Price 310 325 #N/A N/A 350 340 375 315 400 #N/A N/A 347 330 300 350 335 #N/A N/A 350 340 340 331 330 370 #N/A N/A 330 305 #N/A N/A 314 370 #N/A N/A 350 310 335 330 305 285 #N/A N/A #N/A N/A 325 #N/A N/A 367 245 #N/A N/A 300 325

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

File Dt 06.08.2013 31.07.2013 30.06.2013 02.10.2013 30.06.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 03.10.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.08.2013

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

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

Date 03.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 01.10.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 23.09.2013 19.09.2013 18.09.2013 16.09.2013 13.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 28.08.2013 20.08.2013 09.08.2013 08.08.2013 06.08.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013

04.10.2013

Berkshire Hathaway Inc Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety of business sectors. The Company's principal operations are insurance business conducted nationwide on a primary basis and worldwide on a reinsurance basis. Berkshire's other operations include a railway company, a specialty chemical company, and an international association of diversified businesses.

Price/Volume 140

12.0 M

120

10.0 M

100

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.07.2013) 52-Week Low (09.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BRK/B US EQUITY YTD Change BRK/B US EQUITY YTD % CHANGE

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

1.20

4.0 M

2.0 M

20 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M o-13

s-13

Fiscal Year Ended 31.12.2008 107'786.0 0.58x 11'708.0 5.38x 4'994.0 -

6.0 M

12/2012 06/yy 119.30 83.85 4'110'617.00 113.37 -4.97% 35.21% 83.27% 1'163.0 279'478.59 62'736.00 0.0 3'941.0 186'759.00 144'551.59

31.12.2009 31.12.2010 112'493.0 136'185.0 0.35x 0.78x 15'985.0 25'185.0 2.48x 4.23x 8'055.0 12'967.0 Profitability

LTM-4Q 31.12.2011 143'688.0 0.64x 22'008.0 4.15x 10'254.0 -

31.12.2012 162'463.0 0.62x 29'524.0 3.39x 14'824.0 29'524.00 24'378.00 15.01% 13.69% 4.17% 9.44% 7.75% 0.41% 23.5% 19.7% 16.7% 9.1% 1.49 1.43 14.68% 33.43% 5.00 13.46

LTM

06/yy 06/yy 148'387.0 174'330.0 2.44x 2.68x 24'384.0 34'359.0 3.93x 4.14x 11'679.0 17'904.0 0.00x 0.00x

0.88 1'067.32 14.56 26.68% 26.39% 0.876 3 3.000 3'675'913 3'735'474 3'337'757

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

18.44x 17.05x S&P Issuer Ratings

AA NEG 13.78 9.22 -4.01 1.86 33.4% 24.7% 0.41 1.65 72.93 27.11 93.89 3.83

Sales/Revenue/Turnover

180'000.0 160'000.0

1.00 0.80

140'000.0 120'000.0 100'000.0

0.60

80'000.0 60'000.0

0.40 0.20

40'000.0 20'000.0 0.0

0.00

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

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

04.10.2013

Berkshire Hathaway Inc Holdings By:

All

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

Firm Name Barclays S&P Capital IQ EVA Dimensions

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

Analyst JAY H GELB CATHY SEIFERT AUSTIN BURKETT

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

Recommendation overweight hold underweight

Amt Held 91'649'304 79'410'665 77'010'372 74'581'373 73'920'219 22'032'539 18'988'932 13'918'715 12'584'392 11'526'988 9'309'332 7'497'181 7'451'748 7'172'476 6'970'733 6'076'307 5'973'268 5'708'979 5'639'464 5'535'707

% Out 7.88 6.83 6.62 6.41 6.36 1.89 1.63 1.2 1.08 0.99 0.8 0.64 0.64 0.62 0.6 0.52 0.51 0.49 0.48 0.48

Weighting

Change 5 3 1

M M U

Latest Chg 17'067'931 (1'162'630) 2'632'364 (6'250'000) 13'872'293 410'254 157'700 (3'603'849) 244'272 634'303 (130'146) 359'701 168'501 (1'833'805) (168'951) 455'338 (13'091) 22'305 (574'348) (6'900)

Target Price 137 122 #N/A N/A

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

File Dt Inst Type 08.07.2013 Endowment 02.10.2013 Investment Advisor 03.10.2013 Investment Advisor 30.06.2013 Endowment 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Unclassified 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Pension Fund (ERISA)

Date Not Provided 12 month Not Provided

Date 02.10.2013 05.08.2013 05.03.2013

04.10.2013

Walt Disney Co/The The Walt Disney Company is an entertainment company that conducts operations in media networks, studio entertainment, theme parks and resorts, consumer products, and interactive media. The Company produces motion pictures, television programs, and musical recordings, as well as books and magazines.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (09.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DIS US EQUITY YTD Change DIS US EQUITY YTD % CHANGE

09/2012 06/yy 67.89 46.53 7'264'104.00 64.02 -5.70% 37.59% 81.88% 1'786.4 114'368.04 14'311.00 0.0 2'199.0 3'387.00 127'810.04

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 o-12

30.09.2009 30.09.2010 36'149.0 38'063.0 1.67x 1.96x 7'328.0 8'439.0 8.25x 8.86x 3'307.0 3'963.0 14.99x 16.08x Profitability

LTM-4Q 30.09.2011 40'893.0 1.65x 9'622.0 7.00x 4'807.0 11.80x

30.09.2012 42'278.0 2.51x 10'850.0 9.79x 5'682.0 16.96x

10'850.00 8'863.00 20.96% 21.90% 7.68% 14.33% 11.43% 0.57% 21.0% 25.9% 21.0% 13.4% 1.07 0.77 19.11% 35.99% 7.07 23.69

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 41'921.0 8.19x 10'663.0 9.42x 5'525.0 16.29x

06/yy 44'255.0 10.30x 11'440.0 11.11x 5'986.0 19.20x

a-13 m-13

j-13

a-13

s-13

FY+1

1.17 1.12 1'616.25 39.76 23.88% 28.58% 1.120 34 4.235 6'485'535 8'924'502 7'769'536 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 44'874.1 47'850.8 11'403.3 12'200.0 2.84x 2.64x 11.16x 10.32x 12'067.1 13'495.1 2'853.8 3'097.6 10.59x 9.47x 9.71x 9.43x 6'134.7 6'946.7 1'353.1 1'630.6 19.00x 16.36x 17.01x 16.27x S&P Issuer Ratings

22.12.2009 A STABLE 22.12.2009 A-1 19.24 12.53 0.97 1.31 36.0% 25.4% 0.57 2.07 51.48 15.37 58.24 21.82

Sales/Revenue/Turnover

18.00

45'000.0

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 09.10.2009

.0 M n-12

Fiscal Year Ended 30.09.2008 37'843.0 1.95x 8'986.0 8.20x 4'427.0 14.43x

0.0 09.04.2010

09.10.2010

09.04.2011

09.10.2011

09.04.2012

09.10.2012

09.04.2013

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

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

04.10.2013

Walt Disney Co/The Holdings By:

All

Holder Name LAURENE POWELL JOBS BLACKROCK VANGUARD GROUP INC STATE STREET CORP CAPITAL GROUP COMPAN FMR LLC SUN LIFE FINANCIAL I STATE FARM MUTUAL AU LUCAS JR GEORGE W BANK OF NEW YORK MEL NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN STATE FARM MUTUAL AU JENNISON ASSOCIATES JP MORGAN NORGES BANK DAVIS SELECTED ADVIS GEODE CAPITAL MANAGE WELLS FARGO & COMPAN

Firm Name Credit Suisse Needham & Co Sanford C. Bernstein & Co B Riley & Co Cowen and Company Lazard Capital Markets Wells Fargo Securities, LLC Stifel Morgan Stanley Sterne, Agee & Leach JPMorgan BMO Capital Markets Macquarie ISI Group Edward Jones Wunderlich Securities Argus Research Corp Hilliard Lyons Deutsche Bank Goldman Sachs Janney Montgomery Scott LLC Evercore Partners S&P Capital IQ Atlantic Equities LLP Piper Jaffray Telsey Advisory Group Wedge Partners RBC Capital Markets Erste Group BTIG LLC UBS Tigress Financial Partners Gabelli & Co EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a STATE FARM MUTUAL AU n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN STATE FARM MUTUAL AU JENNISON ASSOCIATES n/a NORGES BANK DAVIS SELECTED ADVIS GEODE CAPITAL MANAGE n/a

Analyst MICHAEL SENNO LAURA A MARTIN TODD JUENGER DAVID W MILLER DOUGLAS CREUTZ BARTON CROCKETT MARCI RYVICKER DREW E CRUM BENJAMIN SWINBURNE VASILY KARASYOV ALEXIA S QUADRANI DANIEL SALMON TIMOTHY W NOLLEN VIJAY JAYANT ROBIN DIEDRICH MATTHEW HARRIGAN JOSEPH F BONNER JEFFREY S THOMISON DOUGLAS D MITCHELSON DREW BORST TONY WIBLE ALAN GOULD TUNA AMOBI HAMILTON FABER JAMES M MARSH JR JAISON BLAIR MARTIN PYYKKONEN DAVID BANK HANS ENGEL RICHARD GREENFIELD JOHN JANEDIS IVAN FEINSETH BRETT HARRISS CRAIG STERLING

Source PROXY ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F Co File 13F 13F 13F 13F Sch-D 13F ULT-AGG 13F 13F 13F ULT-AGG

Recommendation outperform hold outperform buy market perform buy outperform buy Equalwt/Attractive neutral overweight outperform outperform neutral buy hold buy long-term buy buy neutral/attractive neutral overweight strong buy neutral neutral no rating system no rating system outperform buy buy buy buy hold sell

Amt Held 130'844'544 93'837'785 80'163'479 77'801'114 62'014'410 59'453'225 55'699'112 42'206'018 37'076'679 30'293'150 28'465'082 25'834'722 24'292'691 23'262'171 16'644'863 15'073'679 14'991'213 12'938'299 12'441'353 12'253'959

% Out 7.32 5.25 4.49 4.36 3.47 3.33 3.12 2.36 2.08 1.7 1.59 1.45 1.36 1.3 0.93 0.84 0.84 0.72 0.7 0.69

Weighting

Change

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

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

Latest Chg (494'298) 1'183'628 2'889'171 36'689'294 (1'495'596) (1'422'694) (127'337) 224'418 (3'332'832) (4'191'722) (2'486) 2'408'938 1'496'290 (2'546'616) 233'702 (536'689)

Target Price 73 #N/A N/A 75 73 62 76 #N/A N/A 76 70 69 80 76 75 68 #N/A N/A 65 75 78 75 69 71 70 75 74 57 74 #N/A N/A 71 #N/A N/A 85 72 #N/A N/A #N/A N/A #N/A N/A

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

File Dt 07.01.2013 02.10.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 06.02.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 31.12.2012 30.06.2013 30.06.2013 31.07.2013

Date Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 15 month Not Provided 12 month 12 month Not Provided 18 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided

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

Date 02.10.2013 02.10.2013 02.10.2013 02.10.2013 30.09.2013 30.09.2013 24.09.2013 20.09.2013 19.09.2013 13.09.2013 12.09.2013 11.09.2013 11.09.2013 10.09.2013 06.09.2013 19.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 01.07.2013 09.05.2013 29.04.2013 20.03.2013 06.02.2013 06.02.2013

04.10.2013

Total SA Total SA explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. Total operates gasoline filling stations in Europe, the United States, and Africa.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 52-Week Low (17.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FP FP EQUITY YTD Change FP FP EQUITY YTD % CHANGE

12/2012 06/yy 43.79 35.18 559'854.00 42.855 -2.03% 21.83% 84.15% 2'376.7 101'854.99 33'290.00 0.0 1'281.0 17'031.00 124'112.99

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

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 160'331.0 0.62x 29'887.0 3.32x 10'590.0 8.21x

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

31.12.2009 31.12.2010 112'153.0 140'476.0 1.03x 0.74x 22'234.0 28'045.0 5.22x 3.72x 8'447.0 10'571.0 11.87x 8.38x Profitability

LTM-4Q 31.12.2011 166'550.0 0.65x 32'919.0 3.28x 12'276.0 7.23x

31.12.2012 182'299.0 0.58x 32'343.0 3.27x 10'694.0 8.23x 32'343.00 21'862.00 11.99% 13.11% 5.60% 13.30% 9.43% 1.04% 17.1% 11.4% 5.9% 1.38 0.74 19.37% 45.66% 9.02 -

Price/ Cash Flow

LTM

FY+1

.0 M o-13

5.51 0.85 2'045.62 18.72% 14.92% 0.851 34 4.206 4'164'597 4'705'134 4'143'133 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 175'834.0 177'386.0 185'876.2 188'680.7 43'674.0 40'783.0 2.28x 2.39x 0.66x 0.64x 2.83x 2.99x 31'821.0 30'393.0 31'902.9 33'650.1 8'848.0 9'144.0 3.10x 3.53x 3.88x 3.68x 3.45x 3.38x 10'790.0 9'521.0 11'571.5 12'078.7 3'052.5 3'220.5 7.43x 8.91x 8.48x 8.27x 8.25x 8.22x S&P Issuer Ratings Long-Term Rating Date 12.04.2011 Long-Term Rating AALong-Term Outlook STABLE Short-Term Rating Date 13.09.1999 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 48.20 (EBITDA-Capex)/Interest Exp. 18.54 Net Debt/EBITDA 0.68 Total Debt/EBITDA 1.07 Reference Total Debt/Equity 45.7% Total Debt/Capital 31.0% Asset Turnover 1.04 Net Fixed Asset Turnover 2.51 Accounts receivable turnover-days 40.46 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

7.00

200'000.0 180'000.0

6.00

160'000.0

5.00

140'000.0 120'000.0

4.00

100'000.0 80'000.0

3.00

60'000.0

2.00

40'000.0 1.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Total SA Holdings By:

All

Holder Name AMUNDI TOTAL SA GROUPE BRUXELLES LAM QATAR HOLDINGS LLC NORGES BANK BLACKROCK NATIONALE A PORTEFEU VANGUARD GROUP INC AMUNDI FRANKLIN RESOURCES FMR LLC FIRST EAGLE INVESTME CAPITAL GROUP COMPAN AVIVA PLC NATIXIS ASSET MANAGE BANK OF NEW YORK MEL LBPAM THORNBURG INVESTMENT UBS AG MERCURY ASSET MANAGE

Firm Name Sanford C. Bernstein & Co AlphaValue Exane BNP Paribas Tudor Pickering & Co Deutsche Bank S&P Capital IQ Societe Generale Investec RBC Capital Markets Raymond James Macquarie Independent Research GmbH CM - CIC Securities(ESN) Oddo & Cie Canaccord Genuity Corp Kepler Cheuvreux Natixis Nomura Day by Day Barclays Morgan Stanley Simmons & Company International JPMorgan VTB Capital Grupo Santander UBS Hamburger Sparkasse Jefferies Landesbank Baden-Wuerttemberg EVA Dimensions Goldman Sachs Banco Sabadell

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

Analyst OSWALD CLINT ALEXANDRE ANDLAUER ALEJANDRO DEMICHELIS ROBERT KESSLER LUCAS HERRMANN CHRISTINE TISCARENO IRENE HIMONA NEILL MORTON PETER HUTTON BERTRAND HODEE JASON D GAMMEL SVEN DIERMEIER JEAN-LUC ROMAIN AHMED BEN SALEM SAMUEL SIMON PETER OPPITZHAUSER ANNE PUMIR THEEPAN JOTHILINGAM VALERIE GASTALDY LYDIA RAINFORTH MARTIJN P RATS GUY BABER NITIN SHARMA COLIN SMITH JASON KENNEY JONATHON RIGBY INGO SCHMIDT IAIN REID JENS MUENSTERMANN DOUG WALTERS MICHELE DELLA VIGNA JORGE GONZALEZ SADORNIL

Source 13G 20F 20F Research Research ULT-AGG 20F ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation outperform sell outperform accumulate buy strong buy buy hold outperform outperform neutral hold buy buy buy buy buy buy buy equalweight Overwt/In-Line overweight overweight buy hold buy hold buy buy buy Sell/Cautious buy

Amt Held 180'919'481 108'732'635 94'636'768 47'275'059 47'038'683 38'417'212 33'122'869 26'314'212 22'406'254 17'113'337 13'201'183 13'107'361 12'428'800 10'973'075 10'566'114 10'246'871 7'843'202 7'431'200 7'214'206 6'989'877

% Out 7.61 4.57 3.98 1.99 1.98 1.62 1.39 1.11 0.94 0.72 0.56 0.55 0.52 0.46 0.44 0.43 0.33 0.31 0.3 0.29

Weighting

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

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

Latest Chg 559'401 1'303'674 (2'333'425) 1'164'524 2'983'384 1'184'659 2'339'437 895'479 (7'965'265) 165'823 (3'635'391) 98'965 4'635 (133'000) (35'208) -

Target Price 52 37 48 45 45 48 48 43 46 47 42 47 54 50 45 49 48 45 45 47 47 #N/A N/A 49 50 46 44 #N/A N/A 48 45 #N/A N/A 42 47

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 Corporation 31.12.2012 Holding Company 14.03.2012 Government 31.12.2011 Government 02.10.2013 Investment Advisor 31.12.2012 Private Equity 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor 31.07.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.08.2013 Investment Advisor 31.05.2013 Investment Advisor 03.10.2013 Investment Advisor 28.03.2013 Investment Advisor 31.08.2013 Investment Advisor 03.10.2013 Unclassified 02.10.2013 Investment Advisor

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

Date 03.10.2013 03.10.2013 02.10.2013 02.10.2013 27.09.2013 25.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 17.09.2013 10.09.2013 28.08.2013 14.08.2013 30.07.2013 29.07.2013 26.07.2013 06.06.2013 20.03.2013 15.02.2013

04.10.2013

Intel Corp Intel Corporation designs, manufactures, and sells computer components and related products. The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

Price/Volume 30

120.0 M 100.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.06.2013) 52-Week Low (21.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INTC US EQUITY YTD Change INTC US EQUITY YTD % CHANGE

12/2012 06/yy 25.98 19.23 34'888'536.00 22.6 -13.01% 17.52% 49.93% 4'982.0 112'593.20 13'448.00 0.0 0.0 22'586.00 103'295.20

80.0 M 60.0 M

40.0 M 5

20.0 M

0 o-12

31.12.2009 31.12.2010 35'127.0 43'623.0 2.84x 2.16x 10'994.0 20'226.0 9.08x 4.65x 4'369.0 11'464.0 18.04x 10.58x Profitability

LTM-4Q 31.12.2011 53'999.0 2.10x 23'541.0 4.81x 12'942.0 10.09x

31.12.2012 53'341.0 1.70x 22'160.0 4.10x 11'005.0 9.58x 22'160.00 14'638.00 27.44% 27.88% 12.01% 18.49% 15.61% 0.66% 62.1% 38.6% 23.4% 20.6% 2.43 1.71 15.94% 26.26% 14.91 4.54

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 54'527.0 8.69x 23'768.0 5.32x 12'393.0 11.32x

06/yy 52'325.0 7.79x 20'187.0 5.52x 9'485.0 13.19x

a-13 m-13

j-13

a-13

s-13

.0 M o-13

FY+1

3.98 0.99 4'978.15 246.42 4.30% 12.90% 0.991 50 3.460 29'081'478 30'680'644 35'957'420 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 52'932.7 54'840.2 13'462.7 14'076.0 2.02x 1.92x 7.88x 7.47x 20'074.1 21'478.9 5'273.8 5'682.8 5.15x 4.81x 4.90x 4.81x 9'866.0 10'341.5 2'797.6 2'912.3 11.90x 11.30x 11.23x 11.28x S&P Issuer Ratings

17.02.1993 A+ STABLE 17.02.1993 A-1+ 67.15 33.74 -0.46 0.66 26.3% 20.8% 0.66 1.89 24.41 80.12 52.91 52.88

Sales/Revenue/Turnover

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

n-12

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

140.0 M

Valuation Analysis

31.12.2008 37'586.0 1.81x 14'280.0 4.76x 5'292.0 12.66x

160.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Intel Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP WELLINGTON MANAGEMEN BANK OF NEW YORK MEL NORTHERN TRUST CORPO HARRIS ASSOCIATES LP ALLIANZ ASSET MANAGE CAPITAL GROUP COMPAN INVESCO LTD BANK OF AMERICA CORP UBS AG NORGES BANK STATE FARM MUTUAL AU FRANKLIN RESOURCES LOOMIS SAYLES & COMP FIRST EAGLE INVESTME GEODE CAPITAL MANAGE STATE FARM MUTUAL AU MORGAN STANLEY

Firm Name Wells Fargo Securities, LLC RBC Capital Markets Jefferies B Riley & Co Pacific Crest Securities Cowen and Company Susquehanna Financial Group Sterne, Agee & Leach Robert W. Baird & Co Sanford C. Bernstein & Co Nomura Evercore Partners Maxim Group LLC Piper Jaffray FBR Capital Markets Credit Suisse Stifel MKM Partners Barclays BMO Capital Markets Morgan Stanley Wedbush JMP Securities Lazard Capital Markets Topeka Capital Markets Inc JPMorgan Raymond James Argus Research Corp Needham & Co Drexel Hamilton LLC Tigress Financial Partners Hamburger Sparkasse Daiwa Securities Co. Ltd. Edward Jones Deutsche Bank Roth Capital Partners Macquarie Independent Research GmbH S&P Capital IQ EVA Dimensions Canaccord Genuity Corp Oppenheimer & Co Williams Financial Group

Portfolio Name n/a n/a n/a WELLINGTON MANAGEMEN BANK OF NEW YORK MEL NORTHERN TRUST CORPO HARRIS ASSOC LP n/a n/a n/a BANK OF AMERICA n/a NORGES BANK STATE FARM MUTUAL AU n/a LOOMIS SAYLES & CO L FIRST EAGLE INVESTME GEODE CAPITAL MANAGE STATE FARM MUTUAL AU n/a

Analyst DAVID M WONG DOUG FREEDMAN MARK J LIPACIS CRAIG ELLIS MICHAEL MCCONNELL TIMOTHY M ARCURI CHRISTOPHER CASO VIJAY R RAKESH TRISTAN GERRA STACY A RASGON ROMIT SHAH PATRICK WANG ASHOK KUMAR AUGUSTE P RICHARD CHRISTOPHER ROLLAND JOHN W PITZER KEVIN E CASSIDY ADA MENAKER BLAYNE CURTIS AMBRISH SRIVASTAVA JOSEPH MOORE BETSY VAN HEES ALEX GAUNA DANIEL L AMIR SUJI DE SILVA CHRISTOPHER DANELY HANS C MOSESMANN JAMES KELLEHER N QUINN BOLTON RICHARD WHITTINGTON IVAN FEINSETH MARCO GUENTHER YOKO YAMADA WILLIAM C KREHER ROSS C SEYMORE KRISHNA SHANKAR DEEPON NAG MARKUS FRIEBEL CHRISTIN ARMACOST ANDREW S ZAMFOTIS ROBERT BURLESON RICHARD SCHAFER CODY G ACREE

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

Recommendation outperform outperform buy neutral sector perform market perform neutral neutral neutral underperform reduce underweight buy neutral outperform outperform buy buy equalweight market perform Underwt/In-Line neutral market perform buy buy neutral underperform buy hold buy neutral buy underperform hold buy neutral outperform hold buy overweight hold market perform hold

Amt Held 264'974'886 243'197'888 209'856'173 116'399'575 97'588'298 79'566'902 67'381'692 66'464'334 66'269'514 63'305'659 49'199'815 42'289'743 40'236'837 39'078'900 38'192'385 35'880'336 35'586'892 35'041'335 34'882'873 31'367'587

% Out 5.32 4.88 4.21 2.34 1.96 1.6 1.35 1.33 1.33 1.27 0.99 0.85 0.81 0.78 0.77 0.72 0.71 0.7 0.7 0.63

Weighting

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

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

Latest Chg (11'576'334) 14'957'667 5'000'866 31'120'302 (9'550'581) 1'305'192 (374'307) 4'623'644 1'727'254 (880'534) (932'220) 2'403'027 (6'090'061) (26'508) 2'188'817 714'583 2'802 6'546'876

Target Price #N/A N/A 29 30 25 #N/A N/A 24 21 20 23 18 18 20 29 22 28 30 28 28 20 21 22 23 #N/A N/A 27 28 18 #N/A N/A 28 #N/A N/A 30 #N/A N/A #N/A N/A 22 #N/A N/A 26 23 25 26 23 #N/A N/A 20 #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 02.10.2013 Investment Advisor 30.06.2013 Investment Advisor 03.10.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 03.10.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Unclassified 31.12.2012 Government 30.06.2013 Insurance Company 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Insurance Company 30.06.2013 Investment Advisor

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

Date 03.10.2013 02.10.2013 02.10.2013 02.10.2013 30.09.2013 30.09.2013 30.09.2013 29.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 24.09.2013 24.09.2013 20.09.2013 17.09.2013 16.09.2013 13.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 10.09.2013 03.09.2013 22.08.2013 13.08.2013 02.08.2013 22.07.2013 22.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 17.07.2013 17.07.2013 17.07.2013

04.10.2013

Royal Dutch Shell PLC Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and refines petroleum. The Company produces fuels, chemicals, and lubricants. Shell owns and operates gasoline filling stations worldwide.

Price/Volume 2500

14.0 M 12.0 M

2000

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (02.10.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RDSA LN EQUITY YTD Change RDSA LN EQUITY YTD % CHANGE

12/2012 06/yy 2'323.50 1'997.00 297'359.00 2029 -12.57% 1.60% 8.73% 3'860.7 131'327.53 37'754.00 0.0 1'433.0 18'550.00 233'025.34

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

8.0 M

1000

6.0 M 4.0 M

500

2.0 M

0 o-12

31.12.2009 31.12.2010 278'188.0 368'056.0 0.76x 0.65x 29'079.0 41'839.0 7.28x 5.69x 12'518.0 20'127.0 14.87x 10.16x Profitability

LTM-4Q 31.12.2011 470'171.0 0.56x 55'943.0 4.73x 30'918.0 7.39x

31.12.2012 467'153.0 0.52x 52'114.0 4.65x 26'592.0 8.12x 52'114.00 37'499.00 8.03% 10.76% 6.86% 13.42% 11.73% 1.32% 15.2% 11.5% 7.2% 5.7% 1.18 0.61 10.48% 20.03% 6.83 13.38

Price/ Cash Flow

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

5.39 0.91 3'859.07 -1.24% -0.46% 0.906 26 3.885 3'258'850 2'746'014 2'822'585 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 475'975.0 455'644.0 448'850.0 450'960.3 115'670.7 118'911.7 2.01x 2.05x 0.54x 0.53x 2.06x 2.05x 52'487.0 52'414.0 60'791.9 63'483.4 14'932.0 15'826.0 4.46x 4.29x 3.83x 3.67x 4.57x 5.09x 26'296.0 23'723.0 24'237.7 26'216.2 5'506.5 6'521.8 7.99x 8.45x 8.39x 7.99x 8.32x 8.08x S&P Issuer Ratings Long-Term Rating Date 03.09.2009 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 06.03.1990 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 22.42 (EBITDA-Capex)/Interest Exp. 8.41 Net Debt/EBITDA 0.39 Total Debt/EBITDA 0.63 Reference Total Debt/Equity 20.0% Total Debt/Capital 16.6% Asset Turnover 1.32 Net Fixed Asset Turnover 2.71 Accounts receivable turnover-days 53.48 Inventory Days 27.28 Accounts Payable Turnover Day 69.49 Cash Conversion Cycle 22.13 Sales/Revenue/Turnover

10.00

500'000.0

9.00

450'000.0

8.00

400'000.0

7.00

350'000.0

6.00

300'000.0

5.00 4.00

250'000.0 200'000.0

3.00

150'000.0

2.00

100'000.0

1.00

50'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 458'361.0 0.37x 57'301.0 2.98x 26'277.0 6.16x

1500

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Royal Dutch Shell PLC Holdings By:

All

Holder Name LEGAL & GENERAL BLACKROCK NORGES BANK SCOTTISH WIDOWS VANGUARD GROUP INC STATE STREET CORP PEOPLES REPUBLIC OF SUN LIFE FINANCIAL I BARCLAYS GLOBAL INVE UBS AG FIL LIMITED GIC PRIVATE LIMITED FRANKLIN RESOURCES JP MORGAN BP INVESTMENT MANAGE ABERDEEN NORTHERN TRUST GLOBA AVIVA PLC HALIFAX FUND MANAGEM STANDARD LIFE INVEST

Firm Name AlphaValue Tudor Pickering & Co Sanford C. Bernstein & Co ING Bank Simmons & Company International JPMorgan Raymond James EVA Dimensions RBC Capital Markets Theodoor Gilissen Securities Barclays Day by Day Canaccord Genuity Corp Morgan Stanley Investec UBS Jefferies Macquarie Independent Research GmbH Hamburger Sparkasse Natixis Oriel Securities Ltd Landesbank Baden-Wuerttemberg Deutsche Bank VSA Capital Ltd

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

Analyst ALEXANDRE ANDLAUER ROBERT KESSLER OSWALD CLINT QUIRIJN MULDER GUY BABER FREDERICK G LUCAS BERTRAND HODEE DOUG WALTERS PETER HUTTON JOS VERSTEEG RAHIM KARIM VALERIE GASTALDY SAMUEL SIMON MARTIJN P RATS NEILL MORTON JONATHON RIGBY IAIN REID JASON D GAMMEL SVEN DIERMEIER INGO SCHMIDT ANNE PUMIR RICHARD GRIFFITH JENS MUENSTERMANN LUCAS HERRMANN DOUGIE YOUNGSON

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

Recommendation reduce buy market perform buy overweight underweight market perform buy outperform buy overweight hold buy Equalwt/In-Line buy neutral buy outperform hold buy neutral buy buy hold not rated

Amt Held 299'944'409 190'215'159 151'294'420 92'522'996 90'407'024 58'033'026 54'024'002 48'461'514 43'490'791 41'930'335 37'460'656 31'885'730 29'506'299 25'186'875 22'150'138 19'437'596 17'748'060 16'991'248 15'753'161 14'671'783

% Out 7.77 4.93 3.92 2.4 2.34 1.5 1.4 1.26 1.13 1.09 0.97 0.83 0.76 0.65 0.57 0.5 0.46 0.44 0.41 0.38

Weighting

Change

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

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

Latest Chg (30'560'568) 211'803 4'924'759 475'635 29'616 1'098'762 (690'787) 5'874'828 (7'434'748) 1'876'489 3'591'933 (250'000) 84'000 (50'509) 575'551 15'753'161 (124'558)

Target Price 2'006 2'600 2'200 2'322 #N/A N/A 2'200 #N/A N/A #N/A N/A 2'520 2'485 2'410 #N/A N/A 2'650 2'320 2'550 2'200 2'450 2'500 2'259 #N/A N/A 2'350 #N/A N/A 2'580 2'400 #N/A N/A

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

File Dt 31.07.2013 02.10.2013 31.12.2012 31.08.2013 31.08.2013 03.10.2013 01.07.2013 31.08.2013 28.06.2013 03.10.2013 01.07.2013 01.07.2013 31.08.2013 31.08.2013 01.07.2013 30.08.2013 01.07.2013 31.08.2013 30.04.2013 01.07.2013

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

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

Date 03.10.2013 02.10.2013 27.09.2013 26.09.2013 23.09.2013 18.09.2013 12.09.2013 02.09.2013 28.08.2013 22.08.2013 22.08.2013 20.08.2013 15.08.2013 13.08.2013 07.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 19.07.2013 04.12.2012

04.10.2013

Schlumberger Ltd Schlumberger Limited is an oil services company. The Company, through its subsidiaries, provides a wide range of services, including technology, project management and information solutions to the international petroleum industry as well as advanced acquisition and data processing surveys.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.10.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SLB US EQUITY YTD Change SLB US EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 89.98 66.85 6'618'259.00 89.44 -0.60% 33.79% 97.67% 1'323.2 118'345.51 11'630.00 0.0 107.0 6'274.00 124'515.51

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 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 27'162.9 1.92x 8'966.9 5.82x 5'434.8 9.41x

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

31.12.2009 31.12.2010 22'702.0 27'447.0 3.47x 4.26x 6'596.0 7'133.0 11.94x 16.40x 3'134.0 4'267.0 23.41x 30.05x Profitability

LTM-4Q 31.12.2011 36'959.0 2.61x 9'794.0 9.84x 4'997.0 18.91x

31.12.2012 42'149.0 2.31x 11'020.0 8.85x 5'490.0 16.64x 11'020.00 7'520.00 17.84% 17.06% 10.21% 17.61% 13.98% 0.73% 21.6% 26.1% 17.9% 13.0% 1.95 1.43 18.90% 33.47% 3.95 7.05

Price/ Cash Flow

LTM

06/yy 40'106.0 9.35x 10'642.0 8.76x 5'419.0 16.09x

06/yy 43'632.0 9.31x 11'405.0 8.85x 6'140.0 16.43x

FY+1

1.31 1.39 1'319.85 16.58 27.65% 30.62% 1.387 36 4.667 6'053'791 5'995'498 5'836'619 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 45'565.7 50'292.1 11'583.5 12'135.5 2.70x 2.38x 10.76x 10.20x 12'396.8 14'154.7 3'209.1 3'412.2 10.04x 8.80x 9.31x 8.98x 6'323.5 7'596.2 1'659.8 1'798.3 18.83x 15.55x 16.93x 16.10x S&P Issuer Ratings

11.12.2002 A+ STABLE 11.12.2002 A-1 32.41 18.60 0.53 1.05 33.5% 25.0% 0.73 3.07 92.35 51.79 80.75 54.51

Sales/Revenue/Turnover

25.00

45'000.0 40'000.0

20.00

35'000.0 30'000.0

15.00

25'000.0 20'000.0

10.00

15'000.0 10'000.0

5.00

5'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Schlumberger Ltd Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP CAPITAL GROUP COMPAN DODGE & COX BANK OF NEW YORK MEL JP MORGAN T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO FMR LLC SANDS CAPITAL MANAGE THORNBURG INVESTMENT SUN LIFE FINANCIAL I BANK OF AMERICA CORP MANNING & NAPIER ADV ABERDEEN NORGES BANK GOLDMAN SACHS GROUP FRANKLIN RESOURCES UBS AG

Firm Name RBC Capital Markets Deutsche Bank Howard Weil Inc Macquarie Sanford C. Bernstein & Co Capital One Southcoast, Inc. BMO Capital Markets Stephens Inc Edward Jones Cowen and Company UBS ISI Group Guggenheim Securities LLC Societe Generale Jefferies Barclays JPMorgan Susquehanna Financial Group Ameriprise Advisor Services, Inc Argus Research Corp RS Platou Markets Morgan Stanley Goldman Sachs Credit Suisse William Blair & Co Raymond James HSBC Sterne, Agee & Leach Global Hunter Securities Wells Fargo Securities, LLC FBR Capital Markets Johnson Rice & Co EVA Dimensions S&P Capital IQ Tudor Pickering & Co Oracle Investment Research

Portfolio Name n/a n/a n/a n/a DODGE & COX BANK OF NEW YORK MEL n/a T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO n/a SANDS CAPITAL MANAGE THORNBURG INVESTMENT n/a BANK OF AMERICA MANNING & NAPIER ADV n/a NORGES BANK n/a n/a n/a

Analyst KURT HALLEAD MICHAEL W URBAN WILLIAM SANCHEZ NIGEL BROWNE SCOTT GRUBER LUKE M LEMOINE ALAN D LAWS MICHAEL MARINO ROB DESAI JAMES D CRANDELL ANGELINE M SEDITA JUDSON E BAILEY Michael K LaMotte EDWARD C MUZTAFAGO BRAD HANDLER JAMES C WEST J DAVID ANDERSON CHARLES P MINERVINO LEZE THAQI JONATHAN GELCIUS TURNER HOLM OLE SLORER WAQAR SYED JAMES WICKLUND BRANDON DOBELL J MARSHALL ADKINS DAVID PHILLIPS STEPHEN D GENGARO BRIAN UHLMER MATTHEW D CONLAN MEGAN REPINE DANIEL BURKE CRAIG STERLING STEWART GLICKMAN JEFF TILLERY LAURENCE BALTER

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

Recommendation outperform buy focus list outperform outperform add outperform overweight buy outperform buy strong buy buy buy buy overweight overweight Positive buy buy buy Overwt/In-Line buy/attractive neutral market perform outperform overweight buy buy outperform outperform equalweight underweight hold buy strong buy

Amt Held 82'892'806 63'681'041 54'892'634 51'287'531 39'663'243 29'841'215 27'275'516 22'323'994 21'347'792 18'083'636 14'986'234 14'504'617 13'416'560 13'246'003 12'916'255 12'128'065 12'026'446 11'381'969 10'925'120 10'451'310

% Out 6.26 4.81 4.15 3.88 3 2.26 2.06 1.69 1.61 1.37 1.13 1.1 1.01 1 0.98 0.92 0.91 0.86 0.83 0.79

Weighting

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

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

Latest Chg 1'989'058 1'842'256 (222'685) (4'973'763) 5'424'699 1'558'301 3'231'500 (3'254'700) 29'189 (4'523'058) 297'910 (894'516) 1'517'935 2'457'923 172'891 2'936'400 (788'209) 2'155'358 (1'034'129)

Target Price 102 97 100 100 97 105 97 99 #N/A N/A 105 98 98 100 94 97 123 105 96 #N/A N/A 92 100 95 100 87 #N/A N/A 87 96 93 97 #N/A N/A 93 #N/A N/A #N/A N/A 81 #N/A N/A 95

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

File Dt 02.10.2013 30.06.2013 03.10.2013 31.07.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 31.12.2012 30.06.2013 31.08.2013 30.06.2013

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

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

Date 04.10.2013 02.10.2013 02.10.2013 02.10.2013 01.10.2013 01.10.2013 30.09.2013 30.09.2013 26.09.2013 26.09.2013 23.09.2013 23.09.2013 23.09.2013 16.09.2013 16.09.2013 13.09.2013 11.09.2013 28.08.2013 25.07.2013 23.07.2013 23.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 19.07.2013 15.07.2013 25.04.2013 20.04.2013 20.09.2012 12.09.2012 20.07.2012

04.10.2013

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

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BHP AU EQUITY YTD Change BHP AU EQUITY YTD % CHANGE

06/2013 01/yy 39.34 30.43 7'074'992.00 35.13 -10.70% 15.45% 58.02% 3'211.7 177'529.89 35'165.00 0.0 1'371.0 6'097.00 197'989.04

15.0 M

15 10

10.0 M

5.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M o-13

s-13

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

35.0 M

35 25

Valuation Analysis

30.06.2009 50'211.0 2.99x 17'311.0 8.67x 5'877.0 26.55x

30.06.2010 30.06.2011 52'798.0 71'739.0 3.44x 3.56x 24'106.0 38'194.0 7.53x 6.68x 12'722.0 23'648.0 13.95x 10.93x Profitability

30.06.2012 72'226.0 2.70x 36'907.0 5.29x 15'417.0 11.12x

30.06.2013 65'968.0 2.77x 26'463.0 6.91x 10'876.0 14.00x 26'463.00 19'518.00 29.59% 27.09% 8.14% 15.93% 11.86% 0.49% 33.6% 23.1% 16.5% 0.97 0.52 25.46% 49.76% 14.22 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.50 1.22 3'192.95 5.59 10.16% -2.04% 1.217 21 4.333 7'483'399 8'117'605 8'085'691 FY+2

06/14 Y 06/15 Y 67'528.4 71'156.9 2.92x 2.74x 30'392.2 32'740.6 6.51x 6.05x 13'949.4 15'123.8 12.72x 11.56x S&P Issuer Ratings

FQ+1

FQ+2

15.11.2010 A+ STABLE 06.02.2008 A-1 25.67 3.46 1.31 1.59 49.8% 32.8% 0.49 0.67 25.68 -

Sales/Revenue/Turnover

14.00

80'000.0

12.00

70'000.0 60'000.0

10.00

50'000.0 8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 02.07.2010

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

04.10.2013

BHP Billiton Ltd Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC NORGES BANK COMMONWEALTH BANK OF NATIONAL AUSTRALIA B PERENNIAL INVESTMENT AMP LTD DB PLATINUM ADVISORS AUSTRALIAN FOUNDATIO FIL LIMITED T ROWE PRICE ASSOCIA PERPETUAL INVESTMENT CI INVESTMENTS INC AUSBIL DEXIA LIMITED ARGO INVESTMENTS LTD PERPETUAL TRUSTEE CO SCHRODER INVESTMENT ING FUNDS MANAGEMENT QUEENSLAND INVESTMEN ADVANCE ASSET MANAGE

Firm Name Nomura CIMB Commonwealth Bank JPMorgan Sanford C. Bernstein & Co Macquarie Deutsche Bank Shaw Stockbroking Credit Suisse RBC Capital Markets Morgan Stanley Investec Barclays Goldman Sachs UBS Standard Chartered EVA Dimensions HSBC

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

Analyst AMBER MACKINNON MICHAEL EVANS ANDREW HINES LYNDON FAGAN PAUL GAIT ADRIAN WOOD PAUL-D YOUNG VINCENT PISANI PAUL MCTAGGART DES KILALEA BRENDAN FITZPATRICK TIM GERRARD EPHREM RAVI CRAIG SAINSBURY GLYN LAWCOCK SUBRAMANIAM VARADA TIMOTHY STANISH ANDREW KEEN

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

Recommendation buy outperform overweight neutral outperform outperform buy buy neutral outperform Overwt/Cautious hold overweight buy/attractive buy underperform hold overweight

Amt Held 156'919'245 76'929'116 63'635'068 49'319'703 43'028'702 34'107'382 32'974'637 15'353'565 13'990'941 10'151'100 10'147'120 9'872'186 9'258'100 8'169'904 8'024'309 7'569'447 7'463'424 6'913'739 6'532'033 6'298'498

% Out 4.89 2.4 1.98 1.54 1.34 1.06 1.03 0.48 0.44 0.32 0.32 0.31 0.29 0.25 0.25 0.24 0.23 0.22 0.2 0.2

Weighting

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

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

Latest Chg 1'398'183 3'119 (1'558'971) (278'628) 180'510 127'626 102'200 534'380 (118'221) -

Target Price 42 43 43 42 35 43 45 40 38 41 38 37 42 42 40 25 #N/A N/A 38

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

File Dt 02.10.2013 31.08.2013 05.02.2013 28.06.2013 31.08.2013 31.07.2013 31.07.2013 25.09.2013 24.08.2012 31.07.2013 30.06.2013 31.07.2013 28.06.2013 31.07.2013 24.08.2012 24.08.2012 31.07.2013 31.07.2013 24.08.2012 31.07.2013

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

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

Date 03.10.2013 02.10.2013 02.10.2013 27.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 20.09.2013 15.09.2013 20.08.2013 19.08.2013 19.08.2013 30.07.2013 25.06.2013 21.06.2013 06.06.2013 21.04.2013

04.10.2013

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 (14.08.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CBA AU EQUITY YTD Change CBA AU EQUITY YTD % CHANGE

06/2013 01/yy 75.00 56.20 3'028'211.00 71.76 -4.32% 27.69% 82.45% 1'611.9 115'672.02 182'690.00 0.0 537.0 28'378.00 -

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 o-12

30.06.2010 30.06.2011 39'647.0 44'286.0 5'664.0 6'394.0 13.22x 12.72x Profitability

30.06.2012 45'481.0 7'090.0 11.83x

30.06.2013 42'398.0 7'677.0 14.48x 50.09% 49.68% 1.04% 17.76% 3.51% 0.06% 35.6% 24.23% 406.38% -

Price/ Cash Flow

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M o-13

s-13

FY+1 -

5.07 0.95 1'601.46 11.93 33.72% 21.61% 0.955 18 2.556 4'360'864 3'591'328 3'636'921 FY+2

06/14 Y 06/15 Y 22'427.6 23'499.8 8'062.9 8'450.7 14.64x 14.03x S&P Issuer Ratings

FQ+1

FQ+2

01.12.2011 AASTABLE 13.06.1996 A-1+ 406.4% 80.1% 0.06 16.60 -

Sales/Revenue/Turnover

20.00

50'000.0

18.00

45'000.0

16.00

40'000.0

14.00

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 02.07.2010

n-12

Fiscal Year Ended 30.06.2009 37'721.0 4'723.0 11.85x

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

04.10.2013

Commonwealth Bank of Australia Holdings By:

All

Holder Name COMMONWEALTH BANK OF VANGUARD GROUP INC NATIONAL AUSTRALIA B BLACKROCK AMP LTD PERENNIAL INVESTMENT NORGES BANK PERPETUAL INVESTMENT AUSTRALIAN FOUNDATIO UBS WEALTH MANAGEMEN FIL LIMITED FRANKLIN RESOURCES MILTON CORP LTD QUEENSLAND INVESTMEN DAWNRAPTOR PTY LTD BT FUNDS MANAGEMENT ING FUNDS MANAGEMENT AUSBIL DEXIA LIMITED ARGO INVESTMENTS LTD CREDIT SUISSE AG

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

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

Analyst DAVID SPOTSWOOD BRETT LE MESURIER VICTOR GERMAN RICHARD E WILES JARROD MARTIN MICHAEL WIBLIN ANDREW LYONS T S LIM JOHN BUONACCORSI LOU CAPPARELLI JONATHAN MOTT JAMES FREEMAN SCOTT MANNING SITI RUDZIAH SALIKIN DOUG WALTERS

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

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

Amt Held 42'330'388 39'933'081 20'817'977 18'469'533 16'676'510 12'889'830 12'600'096 9'542'943 8'482'900 6'087'323 5'932'497 3'878'127 3'029'225 2'998'879 2'747'995 2'723'898 2'720'255 2'706'430 2'577'895 2'453'463

% Out 2.63 2.48 1.29 1.15 1.03 0.8 0.78 0.59 0.53 0.38 0.37 0.24 0.19 0.19 0.17 0.17 0.17 0.17 0.16 0.15

Weighting

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

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

Latest Chg (39'562'492) 700'192 (249'345) 642'984 (124'602) 167'411 (168) (37'167) 9'815 4'600 (27'453)

Target Price 68 76 71 79 71 66 65 79 68 #N/A N/A 62 73 73 66 #N/A N/A

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

File Dt 23.08.2013 31.08.2013 31.08.2013 02.10.2013 02.08.2013 31.07.2013 31.12.2012 31.07.2013 02.08.2013 02.08.2013 31.07.2013 31.07.2013 02.08.2013 03.08.2012 02.08.2013 31.07.2013 31.07.2013 30.08.2013 02.08.2013 31.05.2013

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

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

Date 03.10.2013 01.10.2013 30.09.2013 24.09.2013 23.09.2013 23.09.2013 06.09.2013 05.09.2013 03.09.2013 22.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 06.06.2013

04.10.2013

QUALCOMM Inc QUALCOMM, Inc . manufactures digital wireless communications equipment. The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits, and produces equipment and software used to track workers and assets, and software for wireless content enablement.

Price/Volume 80

40.0 M

50 40

09/2012 06/yy 70.37 57.29 6'167'388.00 67.11 -4.63% 17.14% 75.08% 1'715.4 115'122.23 0.00 0.0 22.0 26'837.00 84'726.23

30.0 M

20.0 M

20 10.0 M

10 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.09.2013) 52-Week Low (25.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance QCOM US EQUITY YTD Change QCOM US EQUITY YTD % CHANGE

30.09.2008 11'142.0 5.80x 4'186.0 15.44x 3'160.0 21.73x

60.0 M

30.09.2009 30.09.2010 10'416.0 10'982.0 5.46x 4.96x 3'644.0 4'393.0 15.60x 12.41x 1'592.0 3'247.0 33.41x 19.63x Profitability

LTM-4Q 30.09.2011 14'957.0 4.32x 6'087.0 10.62x 4'260.0 16.71x

30.09.2012 19'121.0 4.17x 6'579.0 12.12x 6'109.0 17.40x

6'579.00 5'682.00 29.72% 34.32% 14.84% 18.88% 18.66% 0.52% 62.9% 33.9% 29.6% 31.9% 2.95 2.61 0.00% 0.00% 14.54 7.03

Price/ Cash Flow

LTM

06/yy 18'367.0 16.01x 6'566.0 10.61x 5'894.0 16.84x

06/yy 23'256.0 13.56x 7'878.0 9.49x 6'623.0 15.89x

FY+1

.0 M o-13

1.64 0.98 1'694.12 24.01 10.13% 10.08% 0.977 48 4.458 7'713'537 10'490'547 11'957'779 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 24'725.8 27'631.5 6'348.8 7'017.3 3.89x 3.28x 14.77x 13.14x 9'207.3 10'415.6 2'203.0 2'717.5 9.20x 8.13x 8.46x 8.24x 7'987.8 8'715.7 1'908.8 2'234.8 14.77x 13.62x 14.04x 13.58x S&P Issuer Ratings

19.12.2001 NR 73.10 58.83 -3.86 0.00 0.0% 0.0% 0.52 7.93 25.52 52.81 55.83 13.58

Sales/Revenue/Turnover

35.00

25'000.0

30.00

20'000.0

25.00

15'000.0

20.00 15.00

10'000.0

10.00

5'000.0 5.00 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

04.10.2013

QUALCOMM Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO JP MORGAN UBS AG WELLS FARGO & COMPAN JACOBS IRWIN MARK GOLDMAN SACHS GROUP PRIMECAP MANAGEMENT AMERIPRISE FINANCIAL MORGAN STANLEY MACQUARIE GROUP NORGES BANK TIAA CREF INVESTMENT GEODE CAPITAL MANAGE

Firm Name Nomura Sterne, Agee & Leach Canaccord Genuity Corp Wells Fargo Securities, LLC FBR Capital Markets Cowen and Company Susquehanna Financial Group Piper Jaffray Morgan Stanley Wedge Partners Deutsche Bank Exane BNP Paribas Sanford C. Bernstein & Co BMO Capital Markets Credit Suisse Oppenheimer & Co S&P Capital IQ Brean Capital LLC Raymond James Berenberg Bank JPMorgan Pacific Crest Securities JMP Securities Argus Research Corp Evercore Partners RBC Capital Markets Edward Jones ACI Research Drexel Hamilton LLC William Blair & Co Daiwa Securities Co. Ltd. Lazard Capital Markets Societe Generale Macquarie Atlantic Equities LLP Northland Securities Inc Barclays Topeka Capital Markets Inc Scotia Capital Williams Financial Group Tigress Financial Partners Goldman Sachs UBS

Portfolio Name n/a n/a n/a n/a T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO n/a n/a n/a n/a n/a PRIMECAP MANAGEMENT AMERIPRISE FINANCIAL n/a n/a NORGES BANK TIAA-CREF INVESTMENT GEODE CAPITAL MANAGE

Analyst ROMIT SHAH VIJAY R RAKESH T MICHAEL WALKLEY DAVID M WONG CHRISTOPHER ROLLAND TIMOTHY M ARCURI CHRISTOPHER CASO AUGUSTE P RICHARD JOSEPH MOORE BRIAN BLAIR BRIAN T MODOFF JEROME RAMEL STACY A RASGON TIMOTHY P LONG KULBINDER GARCHA ITTAI KIDRON JAMES G MOORMAN MIKE BURTON TAVIS C MCCOURT ADNAAN AHMAD ROD HALL JAMES FAUCETTE ALEX GAUNA JAMES KELLEHER MARK A MCKECHNIE MARK SUE WILLIAM C KREHER EDWARD A ZABITSKY RICHARD WHITTINGTON ANIL K DORADLA YOKO YAMADA IAN ING PETER KNOX DEEPON NAG JAMES CORDWELL THOMAS SEPENZIS BLAYNE CURTIS SUJI DE SILVA GUS PAPAGEORGIOU CODY G ACREE IVAN FEINSETH SIMONA JANKOWSKI STEPHEN CHIN

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

Recommendation buy buy buy outperform outperform outperform Positive neutral Overwt/In-Line no rating system buy outperform outperform outperform outperform outperform strong buy buy strong buy sell neutral outperform market outperform buy overweight outperform buy short sell buy outperform neutral neutral hold outperform overweight outperform overweight hold focus stock hold strong buy Buy/Neutral buy

Amt Held 95'895'927 81'774'869 69'852'686 42'079'819 40'117'924 37'733'578 28'757'050 28'056'099 22'018'136 20'536'116 18'667'031 18'545'579 18'323'398 17'010'025 15'619'875 14'179'622 13'483'216 13'118'618 13'074'309 12'216'223

% Out 5.59 4.77 4.07 2.45 2.34 2.2 1.68 1.64 1.28 1.2 1.09 1.08 1.07 0.99 0.91 0.83 0.79 0.76 0.76 0.71

Weighting

Change

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

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

Latest Chg (2'674'170) 3'128'779 663'229 (21'912'361) (5'721'593) 511'863 801'450 1'013'602 1'009'323 (528'282) (2'685'604) (66'379) 199'207 73'830 (1'937'702) (364'515) (31'094) (3'952'261) 290'689

Target Price 78 75 84 #N/A N/A 76 75 85 66 78 #N/A N/A 80 81 80 77 85 70 85 75 89 50 60 70 80 80 75 72 #N/A N/A 40 80 #N/A N/A 70 #N/A N/A 67 72 72 80 68 65 80 #N/A N/A #N/A N/A 80 76

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

File Dt 02.10.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 03.10.2013 30.06.2013 31.07.2013 30.06.2013 31.07.2013 05.03.2012 30.08.2013 30.06.2013 30.06.2013 30.06.2013 30.08.2013 31.12.2012 30.06.2013 30.06.2013

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

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

Date 04.10.2013 03.10.2013 03.10.2013 03.10.2013 01.10.2013 30.09.2013 30.09.2013 27.09.2013 25.09.2013 25.09.2013 24.09.2013 20.09.2013 19.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 05.09.2013 05.09.2013 05.09.2013 04.09.2013 04.09.2013 03.09.2013 27.08.2013 27.08.2013 13.08.2013 05.08.2013 05.08.2013 30.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 18.03.2013 31.01.2013 31.01.2013

04.10.2013

Siemens AG Siemens AG is an engineering and manufacturing company. The Company focuses on four major business sectors including infrastructure and cities, healthcare, industry and energy. Siemens AG also provides engineering solutions in automation and control, power, transportation, and medical.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.10.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SIE GR EQUITY YTD Change SIE GR EQUITY YTD % CHANGE

09/2012 06/yy 92.78 73.08 352'897.00 90.42 -2.45% 23.72% 86.29% 881.0 79'660.02 22'166.00 0.0 569.0 11'415.00 93'023.02

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

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

30.09.2009 30.09.2010 76'651.0 68'978.0 0.81x 1.09x 9'196.0 9'544.0 6.77x 7.87x 2'292.0 3'899.0 24.49x 16.42x Profitability

LTM-4Q 30.09.2011 73'275.0 0.92x 10'492.0 6.40x 6'145.0 8.24x

30.09.2012 78'296.0 1.00x 9'653.0 8.08x 4'458.0 13.50x

9'653.00 6'909.00 8.82% 9.30% 4.18% 15.19% 10.32% 0.72% 28.4% 11.3% 7.7% 5.7% 1.22 0.62 20.47% 72.12% 4.82 3.26

Price/ Cash Flow

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

Market Data

Fiscal Year Ended 30.09.2008 77'327.0 0.82x 8'175.0 7.77x 5'725.0 34.66x

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

LTM

06/yy 76'980.0 3.69x 9'726.0 6.83x 4'185.0 12.03x

06/yy 77'090.0 4.24x 8'702.0 9.39x 4'491.0 14.30x

FY+1

0.91 771.11 22.34% 17.73% 0.909 38 4.053 2'147'112 2'140'561 2'314'227 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 76'549.5 78'839.2 20'662.4 18'409.0 1.23x 1.16x 4.62x 5.29x 8'616.0 10'819.4 1'650.0 2'418.0 10.80x 8.60x 9.59x 8.66x 4'432.2 5'914.2 963.0 1'397.0 16.52x 12.97x 12.96x 12.19x S&P Issuer Ratings

05.06.2009 A+ STABLE 18.04.2011 A-1+ 21.45 16.55 1.48 2.62 72.1% 41.5% 0.72 7.37 75.68 111.86 48.72 120.05

Sales/Revenue/Turnover

14.00

100'000.0 90'000.0

12.00

80'000.0

10.00

70'000.0 60'000.0

8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0 2.00 0.00 02.10.2009

10'000.0 0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

04.10.2013

Siemens AG Holdings By:

All

Holder Name BLACKROCK SIEMENS FAMILY QATAR HOLDINGS LLC SIEMENS AG NORGES BANK VANGUARD GROUP INC UBS AG CAPITAL GROUP COMPAN DEKABANK DEUTSCHE GI DEUTSCHE BANK AG FRANKLIN RESOURCES DB PLATINUM ADVISORS UNION INVESTMENT GMB FMR LLC ALLIANZ ASSET MANAGE AMUNDI MERCURY ASSET MANAGE FRANKFURT TRUST INVE FIL LIMITED OPPENHEIMERFUNDS INC

Firm Name

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

Analyst

Credit Suisse SIMON TOENNESSEN AlphaValue HEINZ STEFFEN William Blair & Co NICHOLAS P HEYMANN Exane BNP Paribas OLIVIER ESNOU RBC Capital Markets ANDREW CARTER Nomura DANIEL CUNLIFFE Day by Day VALERIE GASTALDY JPMorgan ANDREAS WILLI National Bank AG EKKEHARD D LINK Morgan Stanley BEN UGLOW Canaccord Genuity Corp ANDREW BELL Espirito Santo Investment Bank Research ROB VIRDEE Societe Generale GAEL DE BRAY Deutsche Bank PETER REILLY Barclays JAMES STETTLER HSBC MICHAEL HAGMANN Kepler Cheuvreux HANS-JOACHIM HEIMBUERGER EVA Dimensions TIMOTHY STANISH Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL DZ Bank AG JASKO TERZIC Baader Bank GUENTHER MICHAEL HOLLFELDER Landesbank Baden-Wuerttemberg VOLKER STOLL Nord/LB WOLFGANG DONIE Independent Research GmbH MARKUS FRIEBEL Hamburger Sparkasse MARCO GUENTHER S&P Capital IQ UNAI FRANCO Redburn Partners JAMES MOORE Main First Bank AG CHRISTOPHER YOUL Goldman Sachs DANIELA COSTA Bankhaus Metzler ULRICH TRABERT Berenberg Bank WILLIAM MACKIE Natixis ARNAUD SCHMIT Spin-Off Research TEAM COVERAGE Banco Sabadell FRANCISCO JOSE RODRIGUEZ UBS FREDRIC STAHL SRH AlsterResearch OLIVER DREBING Langenberg & Co BRIAN KEITH LANGENBERG

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

Recommendation outperform reduce market perform outperform sector perform buy buy neutral hold Overwt/Cautious hold neutral buy buy overweight neutral buy hold add hold buy hold hold hold buy hold neutral outperform neutral/neutral buy buy not rated hold buy buy buy buy

Amt Held 59'361'268 54'852'206 27'758'338 26'820'674 20'908'158 13'513'859 8'295'632 7'482'100 6'450'328 6'200'247 5'643'625 5'170'870 4'686'512 3'746'899 3'349'550 3'200'095 2'586'323 1'971'925 1'903'166 1'690'031

% Out 6.74 6.23 3.15 3.04 2.37 1.53 0.94 0.85 0.73 0.7 0.64 0.59 0.53 0.43 0.38 0.36 0.29 0.22 0.22 0.19

Weighting

Change

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

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

Latest Chg 782'271 435'942 (113'628) (2'112'700) (59'727) 1'902'800 (92'858) 4'928'947 332'271 904'845 455'539 (2'141'123) 150'000 (296'914) (3'550)

Target Price 95 89 83 102 83 102 100 98 82 97 80 90 100 95 100 90 100 #N/A N/A 84 83 90 90 85 82 83 88 #N/A N/A 93 80 87 95 #N/A N/A 83 87 85 89 97

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

File Dt 02.10.2013 10.11.2011 07.05.2012 08.10.2012 31.12.2012 31.08.2013 03.10.2013 30.06.2013 04.10.2013 30.08.2013 28.06.2013 31.07.2013 31.07.2013 31.08.2013 31.08.2013 31.08.2013 02.10.2013 28.06.2013 30.04.2013 31.07.2013

Date Not Provided 6 month 12 month Not Provided 12 month Not Provided 3 month 15 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 6 month Not Provided 12 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 12 month 12 month 12 month Not Provided

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

Date 04.10.2013 03.10.2013 02.10.2013 30.09.2013 26.09.2013 24.09.2013 24.09.2013 23.09.2013 20.09.2013 19.09.2013 11.09.2013 09.09.2013 06.09.2013 05.09.2013 05.09.2013 28.08.2013 28.08.2013 26.08.2013 21.08.2013 05.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 30.07.2013 17.07.2013 09.07.2013 15.02.2013 31.01.2013 23.01.2013 12.10.2012

04.10.2013

McDonald's Corp McDonald's Corporation franchises and operates fast-food restaurants in the global restaurant industry. The Company's restaurants serve a variety of value-priced menu products in countries around the world.

Price/Volume 120

25.0 M

100

20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (12.04.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MCD US EQUITY YTD Change MCD US EQUITY YTD % CHANGE

12/2012 06/yy 103.70 83.31 4'860'086.00 94.67 -8.71% 13.64% 55.71% 999.6 94'636.46 13'632.50 0.0 0.0 2'336.10 105'727.86

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

10.0 M

5.0 M

20 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 23'522.4 3.30x 7'656.7 10.12x 4'313.2 16.95x

15.0 M

Valuation Analysis

31.12.2009 31.12.2010 22'744.7 24'074.6 3.34x 3.74x 7'996.1 8'778.4 9.51x 10.25x 4'551.0 4'946.3 15.47x 16.69x Profitability

LTM-4Q 31.12.2011 27'006.0 4.17x 9'940.8 11.33x 5'503.1 19.05x

31.12.2012 27'567.0 3.62x 10'101.1 9.87x 5'464.8 16.43x 10'101.10 8'612.60 31.24% 29.31% 16.28% 37.79% 20.91% 0.82% 56.3% 36.6% 31.1% 19.8% 1.45 1.09 38.52% 89.14% 21.44 143.84

Price/ Cash Flow

LTM

06/yy 27'451.5 15.42x 10'084.4 9.95x 5'497.6 16.62x

06/yy 27'793.6 15.25x 10'180.1 10.81x 5'517.8 18.14x

FY+1

3.18 0.73 998.83 11.39 8.28% 9.93% 0.726 31 3.871 4'660'432 4'962'096 4'637'667 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 28'254.8 29'730.5 7'332.5 7'205.6 3.78x 3.62x 14.43x 14.76x 10'294.3 10'930.0 2'739.3 2'670.2 10.27x 9.67x 9.93x 9.75x 5'627.3 6'005.7 1'512.6 1'445.1 16.92x 15.52x 16.25x 15.85x S&P Issuer Ratings

08.05.2003 A STABLE 29.10.2001 A-1 18.96 13.24 1.09 1.31 89.1% 47.1% 0.82 1.17 17.02 2.54 18.83 -10.34

Sales/Revenue/Turnover

16.00

30'000.0

14.00

25'000.0

12.00

20'000.0

10.00 8.00

15'000.0

6.00

10'000.0

4.00

5'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

McDonald's Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC NORTHERN TRUST CORPO BANK OF AMERICA CORP BANK OF NEW YORK MEL SUN LIFE FINANCIAL I JP MORGAN DEUTSCHE BANK AG GATES FOUNDATION WELLINGTON MANAGEMEN WELLS FARGO & COMPAN UBS AG NORGES BANK GRANTHAM MAYO VAN OT GEODE CAPITAL MANAGE INSTITUTIONAL CAPITA RENAISSANCE TECHNOLO AMERIPRISE FINANCIAL

Firm Name Goldman Sachs S&P Capital IQ Jefferies Sanford C. Bernstein & Co Raymond James Stifel Stephens Inc Deutsche Bank Buckingham Research Group Edward Jones Sterne, Agee & Leach Piper Jaffray Morgan Stanley JPMorgan Robert W. Baird & Co Wells Fargo Securities, LLC Barclays Telsey Advisory Group Oppenheimer & Co Lazard Capital Markets Susquehanna Financial Group Janney Montgomery Scott LLC EVA Dimensions Atlantic Equities LLP Argus Research Corp Independent Research GmbH Davenport & Co BMO Capital Markets Tigress Financial Partners

Portfolio Name n/a n/a n/a n/a NORTHERN TRUST CORPO BANK OF AMERICA BANK OF NEW YORK MEL n/a n/a n/a BILL & MELINDA FOUND WELLINGTON MANAGEMEN n/a n/a NORGES BANK GRANTHAM MAYO VAN OT GEODE CAPITAL MANAGE INSTITUTIONAL CAPITA RENAISSANCE TECHNOLO AMERIPRISE FINANCIAL

Analyst MICHAEL KELTER JIM YIN ANDREW M BARISH SARA H SENATORE BRYAN C ELLIOTT PAUL L WESTRA WILL SLABAUGH JASON WEST MITCHELL J SPEISER JACK P RUSSO LYNNE COLLIER NICOLE MILLER REGAN JOHN S GLASS JOHN W IVANKOE DAVID E TARANTINO JEFFREY D FARMER JEFFREY A BERNSTEIN PETER SALEH BRIAN J BITTNER MATTHEW J DIFRISCO RACHAEL ROTHMAN MARK D KALINOWSKI CRAIG STERLING ALISTAIR M SCOBIE JOHN D STASZAK LARS LUSEBRINK JEFFREY F OMOHUNDRO PHILLIP JUHAN IVAN FEINSETH

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

Recommendation neutral/neutral hold hold market perform market perform hold overweight buy neutral buy buy overweight Equalwt/In-Line overweight outperform outperform overweight no rating system market perform neutral Positive neutral buy neutral hold hold buy market perform neutral

Amt Held 64'023'049 55'689'701 51'311'811 18'577'044 17'660'726 16'551'977 15'341'428 13'141'334 11'093'341 10'284'358 9'872'500 9'099'711 8'958'161 8'500'570 8'198'069 7'773'519 6'922'207 6'595'572 6'354'900 6'061'848

% Out 6.4 5.57 5.13 1.86 1.77 1.66 1.53 1.31 1.11 1.03 0.99 0.91 0.9 0.85 0.82 0.78 0.69 0.66 0.64 0.61

Weighting

Change

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

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

Latest Chg 955'849 2'002'363 2'529'333 (5'333'415) 169'214 962'952 (50'350) 666'978 4'674'929 (95'931) 2'895'710 93'733 53'869 (121'077) 120'603 664'742 1'737'000 (2'350'055)

Target Price 106 110 91 100 #N/A N/A #N/A N/A 120 110 100 #N/A N/A 107 110 #N/A N/A 105 104 #N/A N/A 110 103 #N/A N/A #N/A N/A 109 100 #N/A N/A 95 #N/A N/A 107 107 107 #N/A N/A

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

File Dt Inst Type 02.10.2013 Investment Advisor 30.06.2013 Investment Advisor 03.10.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.08.2013 Investment Advisor 30.06.2013 Endowment 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Unclassified 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor

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

Date 02.10.2013 02.10.2013 01.10.2013 01.10.2013 01.10.2013 01.10.2013 30.09.2013 25.09.2013 23.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 26.08.2013 13.08.2013 08.08.2013 25.07.2013 23.07.2013 23.07.2013 22.07.2013 12.04.2013

04.10.2013

Home Depot Inc/The The Home Depot, Inc. is a home improvement retailer that sells building materials and home improvement products. The Company sells a wide assortment of building materials, home improvement and lawn and garden products and provide a number of services. Home Depot operates throughout the U.S. (including Puerto Rico, the Virgin Islands and Guam), Canada, China, and Mexico.

Price/Volume 90

25.0 M

80 20.0 M

70 60

15.0 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HD US EQUITY YTD Change HD US EQUITY YTD % CHANGE

01/2013 08/yy 81.56 58.75 6'979'925.00 75.88 -6.96% 29.16% 75.10% 1'432.4 108'693.80 10'796.00 0.0 0.0 2'494.00 118'032.81

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

5.0 M

10 0 o-12

31.01.2010 31.01.2011 66'176.0 67'997.0 0.84x 1.01x 6'609.0 7'557.0 8.45x 9.10x 2'661.0 3'338.0 16.84x 17.90x Profitability

LTM-4Q 31.01.2012 70'395.0 1.10x 8'343.0 9.32x 3'883.0 18.17x

31.01.2013 74'754.0 1.45x 9'450.0 11.45x 4'535.0 21.94x 9'450.00 7'766.00 10.39% 9.66% 11.85% 30.13% 19.06% 1.85% 34.6% 13.2% 11.0% 6.1% 1.34 0.34 26.28% 60.73% 51.21 4.64

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

07/yy 71'718.0 4.43x 8'894.0 10.00x 4'275.0 19.45x

08/yy 78'022.0 5.73x 10'323.0 12.06x 4'989.0 23.08x

a-13 m-13

j-13

a-13

s-13

FY+1

1.79 0.94 1'430.18 11.93 25.37% 24.64% 0.945 27 4.037 5'369'441 7'204'264 6'828'349 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 10/13 Q3 01/14 Q4 78'587.9 82'346.0 19'151.6 17'831.1 1.50x 1.46x 6.25x 6.68x 10'698.0 11'784.9 2'559.4 2'196.3 11.03x 10.02x 10.58x 10.35x 5'307.3 5'964.0 1'269.9 1'014.6 20.57x 17.38x 19.03x 18.37x S&P Issuer Ratings

02.10.2013 A- *+ 02.10.2013 A-2 *+ 14.95 12.88 0.90 1.24 60.7% 37.8% 1.85 3.26 7.24 80.02 46.12 47.82

Sales/Revenue/Turnover

18.00

90'000.0

16.00

80'000.0

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 05.02.2010

.0 M n-12

Fiscal Year Ended 31.01.2009 71'288.0 0.67x 6'261.0 7.57x 2'260.0 12.12x

10.0 M

0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

05.08.2013

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

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

04.10.2013

Home Depot Inc/The Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC JP MORGAN NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL NORGES BANK WELLS FARGO & COMPAN TIAA CREF INVESTMENT JANUS CAPITAL MANAGE BANK OF AMERICA CORP AMERIPRISE FINANCIAL GEODE CAPITAL MANAGE CLEARBRIDGE INVESTME AMERICAN CENTURY COM ALLIANCE BERNSTEIN UBS AG

Firm Name RBC Capital Markets Argus Research Corp Stifel Robert W. Baird & Co Edward Jones ISI Group Janney Montgomery Scott LLC Longbow Research S&P Capital IQ Barclays Raymond James Daiwa Securities Co. Ltd. JPMorgan Morgan Stanley Landesbank Baden-Wuerttemberg Telsey Advisory Group BMO Capital Markets Deutsche Bank Goldman Sachs Credit Suisse Jefferies Canaccord Genuity Corp Oppenheimer & Co Piper Jaffray UBS EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL NORGES BANK n/a TIAA-CREF INVESTMENT n/a BANK OF AMERICA AMERIPRISE FINANCIAL GEODE CAPITAL MANAGE CLEARBRIDGE INVESTME AMERICAN CENTURY COM n/a n/a

Analyst R SCOT CICCARELLI CHRISTOPHER GRAJA DAVID A SCHICK PETER S BENEDICT ROBIN DIEDRICH GREGORY MELICH DAVID S STRASSER DAVID S MACGREGOR MICHAEL SOUERS ALAN M RIFKIN BUDD BUGATCH KAHORI TAMADA CHRISTOPHER HORVERS DAVID GOBER PER-OLA HELLGREN JOSEPH I FELDMAN WAYNE HOOD MICHAEL BAKER MATTHEW J FASSLER GARY BALTER DANIEL T BINDER LAURA A CHAMPINE BRIAN NAGEL PETER J KEITH MICHAEL LASSER CRAIG STERLING

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

Recommendation outperform buy hold outperform hold strong buy neutral buy sell overweight market perform neutral overweight Equalwt/In-Line hold no rating system market perform hold neutral/neutral outperform buy hold outperform overweight buy overweight

Amt Held 215'616'880 87'508'966 69'210'534 66'169'677 47'913'757 33'032'160 24'236'604 22'570'498 19'911'269 17'480'869 14'125'191 13'392'380 11'297'143 11'052'821 10'675'935 10'151'076 9'806'252 9'003'602 8'387'101 8'229'361

% Out 15.05 6.11 4.83 4.62 3.34 2.31 1.69 1.58 1.39 1.22 0.99 0.93 0.79 0.77 0.75 0.71 0.68 0.63 0.59 0.57

Weighting

Change

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

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

Latest Chg (26'980'287) (3'510'750) 441'375 (2'592'318) 713'717 803'697 (359'825) 2'252'314 (273'030) (98'706) (141'485) (691'398) 692'274 (406'890) (21'303) (352'061) 1'791'620 1'022'482 561'376

Target Price 89 91 #N/A N/A 93 #N/A N/A 87 72 90 68 95 #N/A N/A 78 86 #N/A N/A 72 88 82 80 84 85 94 83 86 91 88 #N/A N/A

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

File Dt 31.07.2013 02.10.2013 30.06.2013 03.10.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 30.08.2013

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

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

Date 03.10.2013 01.10.2013 30.09.2013 26.09.2013 23.09.2013 23.09.2013 13.09.2013 09.09.2013 04.09.2013 03.09.2013 27.08.2013 26.08.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 21.05.2013 15.01.2013

04.10.2013

Bayer AG Bayer AG produces and markets healthcare and agricultural products, and polymers. The Company manufactures products that include aspirin, antibiotics, anti-infectives, and cardiovascular, oncology, and central nervous system drugs, over-the-counter medications, diagnostics, animal health products, crop protection products, plastics, and polyurethanes.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAYN GR EQUITY YTD Change BAYN GR EQUITY YTD % CHANGE

12/2012 06/yy 91.03 64.65 434'887.00 85.26 -6.26% 31.88% 82.05% 826.9 70'505.57 9'532.00 0.0 100.0 2'551.00 79'432.57

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

31.12.2009 31.12.2010 31'168.0 35'088.0 1.80x 1.53x 7'695.0 8'900.0 7.30x 6.04x 1'359.0 1'301.0 32.92x 35.22x Profitability

7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M n-12

LTM-4Q 31.12.2011 36'528.0 1.32x 8'963.0 5.36x 2'470.0 16.52x

31.12.2012 39'760.0 1.67x 9'001.0 7.39x 2'446.0 24.29x 9'001.00 6'041.00 15.19% 8.17% 5.50% 15.33% 0.76% 52.1% 23.2% 16.0% 6.2% 1.45 0.76 18.57% 51.61% 4.58 2.77

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 38'081.0 5.12x 9'332.0 5.86x 2'560.0 18.24x

06/yy 40'153.0 6.96x 9'296.0 8.24x 2'903.0 23.30x

a-13 m-13

j-13

a-13

s-13

FY+1

.0 M o-13

0.97 801.82 29.87% 21.41% 0.966 36 4.000 1'545'527 1'893'642 1'821'515 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 40'846.7 43'095.1 9'972.8 10'369.0 1.88x 1.73x 8'519.5 9'378.8 1'848.0 2'050.5 9.32x 8.47x 4'587.0 5'221.9 847.5 1'094.0 14.84x 13.15x S&P Issuer Ratings

30.04.2008 APOS 11.07.2006 A-2 12.11 9.52 0.95 1.22 51.6% 33.9% 0.76 4.06 79.64 131.78 70.17 119.75

Sales/Revenue/Turnover

18.00

45'000.0

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

8.0 M

Fiscal Year Ended 31.12.2008 32'918.0 1.40x 6'702.0 6.86x 1'719.0 18.72x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Bayer AG Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN SEB UBS AG CREDIT SUISSE GROUP NORGES BANK FMR LLC VANGUARD GROUP INC DODGE & COX SUN LIFE FINANCIAL I MORGAN STANLEY DEKABANK DEUTSCHE GI DEUTSCHE BANK AG BANK OF NEW YORK MEL ALLIANZ ASSET MANAGE BNP PARIBAS UNION INVESTMENT GMB SOCIETE GENERALE SA T ROWE PRICE ASSOCIA FIL LIMITED

Firm Name AlphaValue Exane BNP Paribas Helvea Sanford C. Bernstein & Co Day by Day Equinet Institutional Services(ESN) Barclays Bryan Garnier & Cie Jefferies Deutsche Bank Macquarie Societe Generale Landesbank Baden-Wuerttemberg DZ Bank AG Morgan Stanley Hamburger Sparkasse Berenberg Bank Kepler Cheuvreux Commerzbank Corporates & Markets Goldman Sachs Credit Suisse JPMorgan Independent Research GmbH Natixis Liberum Capital Ltd Nord/LB M.M. Warburg Investment Research S&P Capital IQ Main First Bank AG Ahorro Corporacion Financiera SA Redburn Partners EVA Dimensions Nomura National Bank AG UBS Banco Sabadell

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

Analyst MARTIN SCHNEE FLORENT CESPEDES ODILE RUNDQUIST JEREMY REDENIUS VALERIE GASTALDY MARIETTA MIEMIETZ MARK PURCELL MARTIAL DESCOUTURES JEFFREY HOLFORD TIM RACE CHRISTIAN FAITZ STEPHEN MCGARRY ULLE WORNER PETER SPENGLER AMY WALKER MARCO GUENTHER ALISTAIR CAMPBELL FABIAN WENNER DANIEL WENDORFF STEVE CHESNEY JOHANNA WALTON RICHARD VOSSER CHRISTOPH SCHOENDUBE BEATRICE MUZARD NARESH CHOUHAN THORSTEN STRAUSS ULRICH HUWALD SHO MATSUBARA RONALD KOEHLER JOSE VALLE TEAM COVERAGE TIMOTHY STANISH JEAN DE WATTEVILLE EKKEHARD D LINK ANDREW WHITNEY MARTA DIAZ

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

Recommendation reduce outperform hold market perform buy accumulate equalweight buy buy buy outperform sell buy buy Equalwt/Attractive hold hold hold buy Buy/Neutral outperform overweight hold buy buy sell hold buy outperform buy neutral overweight not rated hold neutral buy

Amt Held 71'118'577 70'759'889 41'433'976 24'985'912 20'623'972 19'085'378 15'023'112 12'356'787 10'591'070 10'565'692 10'217'170 8'712'046 7'911'929 6'632'056 5'316'950 5'007'682 4'911'757 4'502'247 3'999'285 3'510'286

% Out 8.6 8.56 5.01 3.02 2.49 2.31 1.82 1.49 1.28 1.28 1.24 1.05 0.96 0.8 0.64 0.61 0.59 0.54 0.48 0.42

Weighting

Change

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

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

Latest Chg 518'745 (743'466) (196'834) 36'871 369'858 460'933 (288'800) 264'509 (41'508) (441'999) (181'841) (30'561) 63'505 (182'914) (27'066) 80'895 (88'226)

Target Price 84 94 90 78 95 94 85 98 98 99 98 79 97 95 95 #N/A N/A 97 84 97 105 95 100 91 98 110 69 89 96 90 91 #N/A N/A #N/A N/A #N/A N/A 80 82 #N/A N/A

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

File Dt 02.10.2013 31.07.2013 30.06.2013 03.10.2013 15.05.2013 31.12.2012 31.08.2013 31.08.2013 30.06.2013 31.08.2013 30.06.2013 04.10.2013 30.08.2013 03.10.2013 31.08.2013 31.08.2013 31.07.2013 10.05.2013 30.06.2013 30.04.2013

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

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

Date 03.10.2013 02.10.2013 01.10.2013 27.09.2013 25.09.2013 16.09.2013 16.09.2013 12.09.2013 10.09.2013 04.09.2013 04.09.2013 27.08.2013 16.08.2013 15.08.2013 14.08.2013 08.08.2013 06.08.2013 03.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 01.07.2013 24.06.2013 14.06.2013 06.06.2013 17.04.2013 12.04.2013 22.03.2013 05.03.2012

04.10.2013

British American Tobacco PLC British American Tobacco PLC is the holding company for a group of companies that manufacture, market and sell cigarettes and other tobacco products, including cigars and roll-your-own tobacco.

Price/Volume 4000

9.0 M

3500

8.0 M

3000

7.0 M 6.0 M

2500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.05.2013) 52-Week Low (02.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BATS LN EQUITY YTD Change BATS LN EQUITY YTD % CHANGE

12/2012 12/yy 3'807.50 3'060.50 452'434.00 3214 -15.55% 5.02% 17.34% 1'898.4 61'014.35 10'719.00 0.0 307.0 2'107.00 72'175.35

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

31.12.2009 31.12.2010 14'208.0 14'883.0 3.52x 3.90x 5'091.0 5'888.0 9.82x 9.87x 2'713.0 2'879.0 14.72x 16.97x Profitability

3.0 M

1000

2.0 M

500

1.0 M

0 o-12

n-12

LTM-4Q 31.12.2011 15'399.0 4.56x 6'316.0 11.12x 3'095.0 19.45x

31.12.2012 15'190.0 4.75x 6'143.0 11.75x 3'841.0 15.76x 6'143.00 5'668.00 37.31% 37.18% 14.42% 55.73% 23.35% 0.56% 40.8% 37.6% 25.3% 1.13 0.52 39.22% 143.46% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

12/yy 9'866.0 8.70x 873.0 0.00x 2'130.0 18.69x

12/yy 12'122.0 7.34x 0.0 0.00x 2'457.0 14.60x

a-13 m-13

j-13

a-13

s-13

FY+1

.0 M o-13

4.28 0.78 1'896.75 2.30% 7.15% 0.777 28 4.036 3'137'537 2'740'642 2'521'546 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 15'407.3 15'760.6 4.57x 4.48x 6'322.9 6'607.3 11.41x 10.93x 4'198.5 4'416.9 14.61x 13.61x S&P Issuer Ratings

09.11.2012 ASTABLE 16.05.2003 A-2 12.16 10.85 1.74 2.02 143.5% 57.9% 0.56 4.98 -

Sales/Revenue/Turnover

20.00

18'000.0

18.00

16'000.0

16.00

14'000.0

14.00

12'000.0

12.00

10'000.0

10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 01.01.2010

4.0 M

1500

Fiscal Year Ended 31.12.2008 12'122.0 3.84x 3'978.0 11.69x 2'457.0 14.60x

5.0 M

2000

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

British American Tobacco PLC Holdings By:

All

Holder Name LEGAL & GENERAL BLACKROCK REINET INVESTMENTS S INVESCO LTD CAPITAL GROUP COMPAN SCOTTISH WIDOWS VANGUARD GROUP INC MORGAN STANLEY FRANKLIN RESOURCES CREDIT SUISSE AG PERPETUAL INVESTMENT ABERDEEN STATE STREET CORP FIL LIMITED PRUDENTIAL PLC UBS AG BARCLAYS GLOBAL INVE Northern Cross Inter HARBOR CAPITAL ADVIS THREADNEEDLE

Firm Name JPMorgan Oriel Securities Ltd AlphaValue Goldman Sachs Canaccord Genuity Corp Exane BNP Paribas Jefferies Redburn Partners Societe Generale Berenberg Bank Credit Suisse Renaissance Capital Natixis Nomura Panmure Gordon & Co Limited Morgan Stanley Investec Macquarie Avior Research Independent Research GmbH Deutsche Bank S&P Capital IQ Barclays Day by Day UBS EVA Dimensions Imara

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

Analyst RAE MAILE CHRIS WICKHAM ISABELLE COMBEMALE FULVIO CAZZOL EDDY HARGREAVES JAMES BUSHNELL DIRK VAN VLAANDEREN CHRISTIAN DE ROUALLE CHAS MANSO DE ZUNIGA ERIK BLOOMQUIST ROGERIO FUJIMORI REY WIUM NICOLAS LANGLET DAVID HAYES DAMIAN MCNEELA MATTHEW GRAINGER MARTIN DEBOO WYNAND VAN ZYL RICHARD TESSENDORF LARS LUSEBRINK HAROLD THOMPSON CARL SHORT SIMON HALES VALERIE GASTALDY JONATHAN LEINSTER CRAIG STERLING RICHARD CLARKE

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

Recommendation overweight hold add buy/attractive sell outperform buy neutral hold buy outperform hold buy buy buy Equalwt/Attractive hold neutral neutral hold buy hold overweight hold buy overweight sell

Amt Held 156'848'836 132'816'502 76'518'264 72'775'562 67'759'582 54'390'224 53'200'115 51'048'140 42'890'939 40'352'339 40'036'620 36'362'542 31'944'305 31'900'581 25'576'533 25'097'454 21'977'479 20'489'760 19'154'821 16'195'687

% Out 8.26 7 4.03 3.83 3.57 2.87 2.8 2.69 2.26 2.13 2.11 1.92 1.68 1.68 1.35 1.32 1.16 1.08 1.01 0.85

Weighting

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

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

Latest Chg 494'876 (7'785'406) 527'034 535'150 2'257'257 10'441 (3'240'863) (3'270'569) 543'657 (331'741) 175'896 (780'914) (1'827'714) 786'717 509'084 463'153 (359'359)

Target Price 4'549 3'700 3'688 4'240 3'000 3'700 3'800 #N/A N/A 3'550 3'850 3'700 3'453 3'900 4'100 3'900 3'700 3'580 3'671 3'953 3'700 3'600 3'760 3'950 #N/A N/A 3'850 #N/A N/A #N/A N/A

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

File Dt 31.07.2013 02.10.2013 03.06.2013 03.10.2013 30.06.2013 31.08.2013 31.08.2013 30.06.2013 30.06.2013 03.06.2013 30.08.2013 31.08.2013 03.10.2013 03.06.2013 30.06.2013 03.10.2013 28.06.2013 03.06.2013 30.06.2013 31.07.2013

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

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

Date 03.10.2013 03.10.2013 03.10.2013 02.10.2013 02.10.2013 25.09.2013 19.09.2013 19.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 10.09.2013 21.08.2013 12.08.2013 07.08.2013 05.08.2013 01.08.2013 01.08.2013 01.08.2013 15.07.2013 26.06.2013 06.06.2013 17.05.2011

04.10.2013

Gilead Sciences Inc Gilead Sciences, Inc. is a research-based biopharmaceutical company that discovers, develops, and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases. The Company's primary areas of focus include HIV/AIDS, liver disease and serious cardiovascular and respiratory conditions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (08.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GILD US EQUITY YTD Change GILD US EQUITY YTD % CHANGE

12/2012 06/yy 64.74 32.07 6'719'498.00 61.71 -4.68% 92.42% 90.73% 1'530.6 94'454.93 8'224.05 0.0 241.1 2'582.09 99'068.29

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 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 5'335.8 8.35x 2'845.0 15.67x 1'978.9 24.83x

31.12.2009 31.12.2010 7'011.4 7'949.4 5.18x 3.38x 3'742.2 4'227.7 9.71x 6.35x 2'635.8 2'901.3 15.12x 10.53x Profitability

LTM-4Q 31.12.2011 8'385.4 3.41x 4'092.1 6.99x 2'803.6 11.34x

31.12.2012 9'702.5 6.36x 4'288.4 14.38x 2'591.6 21.83x 4'288.38 4'010.18 41.33% 37.23% 13.60% 30.72% 17.62% 0.48% 74.5% 44.8% 42.0% 26.7% 1.44 0.85 38.72% 88.34% 5.73 1.47

Price/ Cash Flow

LTM

06/yy 9'009.7 16.33x 4'010.4 11.39x 2'559.8 15.13x

06/yy 10'313.9 27.29x 4'622.1 17.96x 2'932.8 27.43x

FY+1

0.00 0.91 1'517.57 59.23 76.33% 68.03% 0.907 30 4.733 6'414'003 6'145'270 7'474'544 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'798.3 13'437.4 2'724.8 2'801.0 9.12x 7.13x 4'826.0 6'832.8 1'149.3 1'202.3 20.53x 14.50x 3'285.6 4'937.1 824.6 848.1 31.74x 20.37x 26.24x 22.18x S&P Issuer Ratings

23.03.2011 ASTABLE 11.88 10.78 0.94 1.59 88.3% 46.3% 0.48 10.59 63.68 249.13 172.14 137.94

Sales/Revenue/Turnover

35.00

12'000.0

30.00

10'000.0

25.00

8'000.0

20.00

6'000.0 15.00

4'000.0 10.00

2'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Gilead Sciences Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN FMR LLC BLACKROCK T ROWE PRICE ASSOCIA VANGUARD GROUP INC STATE STREET CORP WELLINGTON MANAGEMEN INVESCO LTD JENNISON ASSOCIATES NORTHERN TRUST CORPO UBS AG AMERIPRISE FINANCIAL BANK OF NEW YORK MEL TIAA CREF INVESTMENT JP MORGAN JANUS CAPITAL MANAGE MARSICO CAPITAL MANA WELLS FARGO & COMPAN BANK OF AMERICA CORP FRANKLIN RESOURCES

Firm Name Sanford C. Bernstein & Co Wells Fargo Securities, LLC Robert W. Baird & Co Cowen and Company Stifel Leerink Swann & Co ISI Group RBC Capital Markets Ameriprise Advisor Services, Inc Goldman Sachs JPMorgan Guggenheim Securities LLC S&P Capital IQ William Blair & Co Oppenheimer & Co Maxim Group LLC Deutsche Bank Jefferies Summer Street Research Partners Barclays Lazard Capital Markets Argus Research Corp BMO Capital Markets UBS Needham & Co Atlantic Equities LLP Credit Suisse EVA Dimensions First Global Stockbroking

Portfolio Name n/a n/a n/a T ROWE PRICE ASSOCIA n/a n/a WELLINGTON MANAGEMEN n/a JENNISON ASSOCIATES NORTHERN TRUST CORPO n/a AMERIPRISE FINANCIAL BANK OF NEW YORK MEL TIAA-CREF INVESTMENT n/a n/a MARSICO CAPITAL MANA n/a BANK OF AMERICA n/a

Analyst GEOFFREY C PORGES BRIAN C ABRAHAMS BRIAN P SKORNEY PHILIP NADEAU JOEL D SENDEK HOWARD LIANG MARK J SCHOENEBAUM MICHAEL J YEE E EUGENE ROBINSON TERENCE FLYNN GEOFFREY MEACHAM BRET HOLLEY STEVEN SILVER JOHN S SONNIER DAVID FERREIRO JASON KOLBERT ROBYN KARNAUSKAS THOMAS WEI CAROL A WERTHER CHARLES ANTHONY BUTLER JOSHUA SCHIMMER JOHN M EADE JIM BIRCHENOUGH MATTHEW RODEN ALAN CARR RICHARD J PURKISS RAVI MEHROTRA ANDREW S ZAMFOTIS KAVITA THOMAS

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

Recommendation outperform outperform neutral outperform buy outperform buy outperform buy neutral/attractive overweight buy strong buy outperform outperform buy buy hold neutral overweight buy buy outperform buy buy overweight outperform overweight market perform

Amt Held 262'106'315 113'163'265 88'569'304 78'477'109 72'049'594 62'945'894 38'445'149 29'623'875 25'115'117 22'482'945 21'928'979 21'866'607 21'208'221 19'502'561 19'243'678 19'239'500 17'041'344 16'785'370 15'530'616 13'737'350

% Out 17.12 7.39 5.79 5.13 4.71 4.11 2.51 1.94 1.64 1.47 1.43 1.43 1.39 1.27 1.26 1.26 1.11 1.1 1.01 0.9

Weighting

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

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

Latest Chg (31'703'911) 2'230'067 909'816 1'483'418 2'657'881 469'619 (5'685'187) 1'929'307 (292'067) 1'060'340 (2'467'790) 56'112 (226'836) 1'387'115 (1'735'771) 2'426'241 (4'940'812) 2'839'265 4'519'724 1'005'914

Target Price 82 #N/A N/A 65 80 79 70 69 72 #N/A N/A 67 80 72 76 #N/A N/A 70 89 77 40 #N/A N/A 68 75 70 85 72 70 73 67 #N/A N/A #N/A N/A

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

File Dt 31.07.2013 30.06.2013 02.10.2013 30.06.2013 30.06.2013 03.10.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 31.07.2013

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

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

Date 02.10.2013 02.10.2013 01.10.2013 01.10.2013 30.09.2013 26.09.2013 26.09.2013 24.09.2013 19.09.2013 18.09.2013 18.09.2013 13.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 10.09.2013 10.09.2013 10.09.2013 06.09.2013 13.08.2013 30.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 04.02.2013 09.02.2012

04.10.2013

BASF SE BASF SE is a chemical company. The Company operates in six segments: Chemicals, Plastics, Performance Products, Functional Solutions, Agricultural Solutions and Oil & Gas. BASF offers products for the chemical, automotive, construction, agriculture, oil, plastics, electrical / electronics, furniture and paper industries, and provides a range of system solutions and services.

Price/Volume 80 70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.06.2013) 52-Week Low (24.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAS GR EQUITY YTD Change BAS GR EQUITY YTD % CHANGE

12/2012 06/yy 76.39 62.05 287'251.00 70.584 -7.38% 13.75% 59.90% 918.5 64'829.90 12'798.00 0.0 1'010.0 1'661.00 78'251.90

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

20 10 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 62'304.0 0.62x 10'238.0 3.74x 2'912.0 8.86x

31.12.2009 31.12.2010 50'693.0 63'873.0 1.07x 1.09x 8'500.0 11'903.0 6.36x 5.85x 1'410.0 4'557.0 28.22x 12.04x Profitability

LTM-4Q 31.12.2011 73'497.0 0.84x 11'855.0 5.20x 6'188.0 8.00x

31.12.2012 72'129.0 1.07x 9'669.0 8.02x 4'819.0 13.55x 9'669.00 6'381.00 8.85% 8.29% 7.13% 18.59% 13.65% 1.18% 24.8% 13.1% 9.1% 6.7% 1.64 0.67 20.40% 52.00% 6.72 5.80

Price/ Cash Flow

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

LTM

06/yy 72'351.0 3.45x 11'258.0 5.54x 5'234.0 9.60x

06/yy 75'082.0 4.02x 9'857.0 7.79x 4'532.0 14.00x

FY+1

1.10 813.96 11.32% 2.82% 1.099 39 3.538 2'145'732 2'642'160 2'764'658 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 74'129.8 70'976.8 17'811.6 18'402.5 1.05x 1.07x 4.43x 4.22x 10'125.2 10'867.0 2'234.0 2'311.7 7.73x 7.20x 4'826.6 5'300.5 1'011.0 1'085.0 13.19x 11.99x S&P Issuer Ratings

10.05.2011 A+ STABLE 12.02.2009 A-1 13.35 7.81 1.26 1.49 52.0% 33.3% 1.18 4.39 54.33 62.97 32.21 85.23

Sales/Revenue/Turnover

12.00

80'000.0 70'000.0

10.00

60'000.0 8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0 2.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

BASF SE Holdings By:

All

Holder Name BLACKROCK NORGES BANK CAPITAL GROUP COMPAN VANGUARD GROUP INC SEB AG DEUTSCHE BANK AG FMR LLC DB PLATINUM ADVISORS DEKABANK DEUTSCHE GI UNION INVESTMENT GMB ALLIANZ ASSET MANAGE AMUNDI ADIG INVESTMENT BNP PARIBAS JP MORGAN MERCURY ASSET MANAGE UBS AG FRANKFURT TRUST INVE SEB NEW YORK LIFE INVEST

Firm Name Bankhaus Lampe Equinet Institutional Services(ESN) Deutsche Bank Barclays AlphaValue Commerzbank Corporates & Markets Sanford C. Bernstein & Co Canaccord Genuity Corp UBS Jefferies Baader Bank Morgan Stanley JPMorgan HSBC Hamburger Sparkasse Macquarie Goldman Sachs Day by Day Exane BNP Paribas M.M. Warburg Investment Research Kepler Cheuvreux Landesbank Baden-Wuerttemberg DZ Bank AG Societe Generale Bankhaus Metzler Redburn Partners Nord/LB Credit Suisse Independent Research GmbH Nomura S&P Capital IQ Main First Bank AG EVA Dimensions Berenberg Bank Gilford Securities Banco Sabadell National Bank AG Steubing AG SRH AlsterResearch

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

Analyst HEIKO FEBER NADESHDA DEMIDOVA TIMOTHY JONES ANDREAS HEINE MARTIN SCHNEE LUTZ GRUETEN JEREMY REDENIUS PAUL W SATCHELL THOMAS GILBERT LAURENCE ALEXANDER NORBERT BARTH PAUL RICHARD WALSH MARTIN EVANS GEOFF HAIRE MARCO GUENTHER CHRISTIAN FAITZ MICHAEL RAE VALERIE GASTALDY JAMES KNIGHT OLIVER SCHWARZ MARKUS MAYER ULLE WORNER PETER SPENGLER PETER CLARK LARS HETTCHE TONY JONES THORSTEN STRAUSS CHRIS COUNIHAN CHRISTOPH SCHOENDUBE JEAN DE WATTEVILLE JACOB THRANE RONALD KOEHLER TIMOTHY STANISH JAIDEEP PANDYA PAUL C CHRISTOPHERSON GLEN SPENCER-CHAPMAN EKKEHARD D LINK TEAM COVERAGE OLIVER DREBING

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

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

Amt Held 63'927'154 27'715'437 16'676'000 12'970'902 12'879'295 11'873'682 8'108'458 7'248'759 6'679'762 6'377'307 6'224'755 3'224'267 3'179'430 3'066'097 3'042'286 2'857'690 2'663'310 2'459'910 2'088'817 2'024'615

% Out 6.96 3.02 1.82 1.41 1.4 1.29 0.88 0.79 0.73 0.69 0.68 0.35 0.35 0.33 0.33 0.31 0.29 0.27 0.23 0.22

Weighting

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

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

Latest Chg 3'046'200 499'609 (369'381) 50'351 (222'398) (17'501) (439'057) (70'723) (3'152'762) 45'000 (77'630) 316'260 (37'509) 1'300 248'150 196'938

Target Price 75 75 79 79 71 85 86 60 75 74 75 78 54 82 #N/A N/A 75 68 77 73 79 80 78 81 70 61 #N/A N/A 70 73 77 82 72 75 #N/A N/A 60 #N/A N/A 71 64 81 60

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

File Dt 02.10.2013 19.06.2013 30.06.2013 31.08.2013 29.04.2013 30.08.2013 31.08.2013 24.09.2013 04.10.2013 31.07.2013 31.08.2013 31.08.2013 31.05.2013 31.08.2013 31.07.2013 02.10.2013 03.10.2013 28.06.2013 30.06.2013 31.07.2013

Date 12 month 12 month 12 month Not Provided 6 month 6 month 12 month 12 month 12 month 12 month 12 month 12 month 15 month Not Provided Not Provided 12 month 12 month 3 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month

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

Date 04.10.2013 04.10.2013 03.10.2013 03.10.2013 03.10.2013 01.10.2013 27.09.2013 27.09.2013 23.09.2013 20.09.2013 16.09.2013 13.09.2013 13.09.2013 11.09.2013 10.09.2013 04.09.2013 30.08.2013 23.08.2013 22.08.2013 15.08.2013 13.08.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 01.07.2013 06.06.2013 15.04.2013 08.04.2013 15.02.2013 26.10.2012 05.01.2012 29.10.2010

04.10.2013

United Technologies Corp United Technologies Corporation provides technology products and support services to customers in the aerospace and building industries worldwide. The Company's products include aircraft engines, elevators and escalators, heating and air conditioning equipment, helicopters, aerospace systems, fuel cell systems, and fire and safety equipment.

Price/Volume 120

7.0 M 6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (14.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UTX US EQUITY YTD Change UTX US EQUITY YTD % CHANGE

12/2012 06/yy 112.46 74.44 4'265'426.00 103.69 -7.80% 39.29% 76.93% 917.5 95'136.55 23'221.00 0.0 1'393.0 4'819.00 113'439.54

4.0 M

3.0 M 2.0 M

1.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

8.0 M

Valuation Analysis

31.12.2008 59'757.0 0.98x 8'946.0 6.54x 4'689.0 10.78x

9.0 M

100

31.12.2009 31.12.2010 52'920.0 54'326.0 1.35x 1.47x 7'723.0 8'542.0 9.28x 9.36x 3'829.0 4'373.0 14.64x 16.22x Profitability

LTM-4Q 31.12.2011 55'754.0 1.29x 9'109.0 7.89x 4'979.0 13.45x

31.12.2012 57'708.0 1.65x 9'208.0 10.33x 5'130.0 15.13x 9'208.00 7'684.00 13.32% 11.98% 7.71% 25.40% 15.65% 0.76% 27.0% 16.3% 13.4% 8.9% 1.24 0.67 25.97% 89.61% 5.98 4.84

Price/ Cash Flow

LTM

06/yy 54'835.0 5.61x 9'136.0 9.30x 4'307.0 13.32x

06/yy 61'890.0 6.46x 10'087.0 10.27x 6'298.0 16.43x

FY+1

2.06 1.08 916.31 6.22 35.16% 28.55% 1.076 27 4.556 4'009'901 3'066'840 3'005'337 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 63'837.8 67'031.3 16'180.6 17'298.4 1.75x 1.62x 6.97x 6.48x 10'757.6 11'894.2 2'785.3 2'764.4 10.55x 9.54x 10.00x 9.73x 5'633.6 6'290.9 1'414.0 1'419.1 16.85x 14.96x 16.32x 15.66x S&P Issuer Ratings

02.10.2003 A STABLE 28.01.1992 A-1 10.10 8.57 1.66 2.15 89.6% 46.0% 0.76 8.77 61.03 75.46 48.10 90.69

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

01.07.2013

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

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

04.10.2013

United Technologies Corp Holdings By:

All

Holder Name STATE STREET CORP BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN SUN LIFE FINANCIAL I FMR LLC JP MORGAN T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN BANK OF NEW YORK MEL NORTHERN TRUST CORPO BANK OF AMERICA CORP UBS AG WELLS FARGO & COMPAN ABERDEEN JENNISON ASSOCIATES MORGAN STANLEY FRANKLIN RESOURCES NORGES BANK INVESCO LTD

Firm Name William Blair & Co Deutsche Bank Morgan Stanley RBC Capital Markets Jefferies Sanford C. Bernstein & Co Sterne, Agee & Leach Nomura Cowen and Company Credit Suisse Wells Fargo Securities, LLC Drexel Hamilton LLC Edward Jones EVA Dimensions Argus Research Corp Goldman Sachs UBS JPMorgan Ameriprise Advisor Services, Inc Atlantic Equities LLP Barclays Oppenheimer & Co Langenberg & Co FBR Capital Markets S&P Capital IQ

Portfolio Name n/a n/a n/a n/a n/a n/a n/a T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN BANK OF NEW YORK MEL NORTHERN TRUST CORPO BANK OF AMERICA n/a n/a n/a JENNISON ASSOCIATES n/a n/a NORGES BANK n/a

Analyst NICHOLAS P HEYMANN MYLES WALTON NIGEL COE ROBERT STALLARD HOWARD A RUBEL DOUGLAS S HARNED PETER J ARMENT SHANNON O'CALLAGHAN CAI VON RUMOHR JULIAN MITCHELL SAMUEL J PEARLSTEIN RICHARD WHITTINGTON CHRISTIAN MAYES CRAIG STERLING NATHANIEL GABRIEL NOAH POPONAK DAVID E STRAUSS JOSEPH B NADOL III FREDERICK M SCHULTZ RICHARD RADBOURNE CARTER COPELAND YAIR REINER BRIAN KEITH LANGENBERG AJAY K KEJRIWAL RICHARD TORTORIELLO

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

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

Amt Held 107'855'897 54'951'110 47'375'624 33'571'852 32'496'298 29'071'080 26'039'339 24'337'393 19'877'873 15'423'591 14'610'633 13'910'558 11'228'702 10'036'863 8'865'601 7'924'615 7'873'684 7'497'146 7'312'921 7'192'951

% Out 11.76 5.99 5.16 3.66 3.54 3.17 2.84 2.65 2.17 1.68 1.59 1.52 1.22 1.09 0.97 0.86 0.86 0.82 0.8 0.78

Weighting

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

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

Latest Chg 1'479'165 (567'126) 1'146'186 (7'805'556) 944'416 (1'431'707) 292'140 (1'715'494) 1'206'238 (55'315) 69'692 198'317 (1'480'342) 546'404 (369'615) (449'766) 1'199'500 (354'240) 262'541

Target Price 123 115 110 118 120 117 128 120 120 120 #N/A N/A 120 #N/A N/A #N/A N/A 118 110 122 110 #N/A N/A 115 117 #N/A N/A 115 95 98

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

File Dt 03.10.2013 02.10.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 31.08.2013 30.06.2013 30.06.2013 31.07.2013 31.12.2012 03.10.2013

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

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

Date 03.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 01.10.2013 01.10.2013 18.09.2013 16.09.2013 28.08.2013 16.08.2013 12.08.2013 02.08.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 23.07.2013 23.07.2013 22.07.2013 23.01.2013

04.10.2013

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 40

60.0 M

50.0 M

30 40.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WBC AU EQUITY YTD Change WBC AU EQUITY YTD % CHANGE

09/2012 01/yy 34.68 24.16 5'894'721.00 32.42 -6.53% 34.21% 80.58% 3'109.0 100'795.34 174'646.00 0.0 1'970.0 24'644.00 -

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

20.0 M

10 10.0 M

5 0 o-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% 0.95% 14.32% 2.87% 0.06% 33.3% 25.87% 394.69% -

Price/ Cash Flow

d-12

j-13

LTM-4Q

LTM

01/yy

01/yy -

f-13 m-13

a-13 m-13

j-13

a-13

s-13

.0 M o-13

FY+1 -

5.24 1.16 3'045.36 26.67 34.98% 28.26% 1.160 19 3.316 6'347'928 6'312'004 6'415'346 FY+2

09/13 Y 09/14 Y 18'862.2 19'624.5 4.33x 4.12x 7'067.3 7'295.8 14.59x 14.20x S&P Issuer Ratings

FQ+1

FQ+2

01.12.2011 AASTABLE 11.09.1996 A-1+ 394.7% 79.1% 0.06 36.52 -

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

n-12

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

30.0 M

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

04.10.2013

Westpac Banking Corp Holdings By:

All

Holder Name NATIONAL AUSTRALIA B VANGUARD GROUP INC WESTPAC BANKING CORP COMMONWEALTH BANK OF BLACKROCK NORGES BANK PERENNIAL INVESTMENT PERPETUAL INVESTMENT AUSTRALIAN FOUNDATIO FMR LLC MILTON CORP LTD CAPITAL GROUP COMPAN FIL LIMITED AUSBIL DEXIA LIMITED DB PLATINUM ADVISORS BT FUNDS MANAGEMENT ING FUNDS MANAGEMENT ADVANCE ASSET MANAGE SUN LIFE FINANCIAL I CREDIT SUISSE AG

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

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

Analyst DAVID SPOTSWOOD T S LIM BRETT LE MESURIER VICTOR GERMAN RICHARD E WILES MICHAEL WIBLIN JAMES FREEMAN SITI RUDZIAH SALIKIN ANDREW LYONS JOHN BUONACCORSI TIMOTHY ROCKS JARROD MARTIN SCOTT MANNING DOUG WALTERS LOU CAPPARELLI JONATHAN MOTT

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

Recommendation hold buy buy neutral Equalwt/In-Line outperform buy hold Sell/Neutral underperform overweight underperform overweight hold neutral neutral

Amt Held 136'646'825 77'870'533 60'312'493 45'344'264 34'036'026 29'644'754 26'780'033 21'003'035 18'476'000 13'026'472 10'417'683 10'176'077 8'180'297 7'917'459 7'099'537 5'625'253 5'618'022 5'440'589 5'380'358 4'794'304

% Out 4.4 2.5 1.94 1.46 1.09 0.95 0.86 0.68 0.59 0.42 0.34 0.33 0.26 0.25 0.23 0.18 0.18 0.17 0.17 0.15

Weighting

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

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

Latest Chg (81'780'624) 1'364'315 4'631'708 (212) 198'183 230'060 43'448 45'363 (37'537) (121'678) (256'612) (41'860)

Target Price 29 35 34 33 32 35 33 35 28 30 32 31 33 #N/A N/A #N/A N/A 29

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

File Dt 31.08.2013 31.08.2013 22.11.2012 31.05.2013 02.10.2013 31.12.2012 31.07.2013 31.07.2013 29.06.2012 31.08.2013 30.06.2012 30.06.2013 31.07.2013 30.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.08.2013 31.05.2013

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

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

Date 03.10.2013 02.10.2013 01.10.2013 30.09.2013 24.09.2013 23.09.2013 18.09.2013 13.09.2013 06.09.2013 03.09.2013 26.08.2013 19.08.2013 06.08.2013 06.06.2013 04.06.2013 21.02.2013

04.10.2013

Visa Inc Visa Inc. operates a retail electronic payments network and manages global financial services. The Company also offers global commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses and government entities.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.09.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance V US EQUITY YTD Change V US EQUITY YTD % CHANGE

09/2012 06/yy 200.86 135.93 4'917'977.00 188.65 -6.08% 38.78% 81.20% 514.6 121'601.79 0.00 0.0 0.0 6'100.00 115'064.79

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

25.0 M

200

20.0 M

150

15.0 M

100

10.0 M

5.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 30.09.2008 6'263.0 7.60x 2'939.0 16.20x 804.0 26.24x

250

30.09.2009 30.09.2010 6'911.0 8'065.0 7.98x 7.19x 3'766.0 4'809.0 14.64x 12.06x 2'353.0 2'966.0 21.88x 18.70x Profitability

LTM-4Q 30.09.2011 9'188.0 7.13x 5'751.0 11.39x 3'650.0 16.59x

30.09.2012 10'421.0 9.86x 6'572.0 15.64x 2'144.0 18.94x

6'572.00 6'239.00 59.87% 21.18% 14.72% 20.50% 0.31% 64.1% 60.8% 20.6% 1.48 0.45 0.00% 0.00% 14.68 -

Price/ Cash Flow

LTM

06/yy 10'073.0 32.83x 6'399.0 14.83x 1'362.0 19.82x

06/yy 11'536.0 40.38x 7'395.0 18.56x 5'450.0 22.27x

FY+1

0.64 0.99 513.89 11.05 37.30% 25.18% 0.990 40 4.175 2'731'737 3'382'551 3'891'067 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 11'825.2 13'170.3 3'020.8 3'179.9 10.01x 8.79x 38.91x 36.43x 7'628.0 8'669.9 1'850.4 2'143.1 15.08x 13.27x 13.78x 13.28x 4'976.8 5'669.2 1'193.4 1'386.7 24.88x 21.13x 22.21x 21.22x S&P Issuer Ratings

20.05.2008 A+ STABLE 20.05.2008 A-1 -0.88 0.00 0.0% 0.0% 0.31 7.06 24.87 -

Sales/Revenue/Turnover

250.00

12'000.0 10'000.0

200.00

8'000.0 150.00

6'000.0 100.00

4'000.0

50.00

0.00 02.10.2009

2'000.0 0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

04.10.2013

Visa Inc Holdings By:

All

Holder Name BLACKROCK FMR LLC VANGUARD GROUP INC STATE STREET CORP T ROWE PRICE ASSOCIA SANDS CAPITAL MANAGE SUN LIFE FINANCIAL I MORGAN STANLEY JP MORGAN NORTHERN TRUST CORPO WINSLOW CAPITAL MANA BANK OF NEW YORK MEL CAPITAL GROUP COMPAN JENNISON ASSOCIATES MACQUARIE GROUP UBS AG GOLDMAN SACHS GROUP ALLIANZ ASSET MANAGE AMERIPRISE FINANCIAL NORGES BANK

Firm Name Janney Montgomery Scott LLC RBC Capital Markets Keefe, Bruyette & Woods Jefferies Sanford C. Bernstein & Co Buckingham Research Group Wells Fargo Securities, LLC Susquehanna Financial Group Pacific Crest Securities Sterne, Agee & Leach William Blair & Co Evercore Partners EVA Dimensions Stifel Cowen and Company Robert W. Baird & Co FBR Capital Markets Argus Research Corp SunTrust Robinson Humphrey Edward Jones Oppenheimer & Co Daiwa Securities Co. Ltd. JPMorgan Morgan Stanley Ameriprise Advisor Services, Inc Guggenheim Securities LLC Portales Partners Deutsche Bank Macquarie BNP Paribas Equity Research Nomura Barclays Credit Suisse UBS Wedbush Raymond James S&P Capital IQ Meredith Whitney Advisory Group Lazard Capital Markets

Portfolio Name n/a n/a n/a n/a T ROWE PRICE ASSOCIA SANDS CAPITAL MANAGE n/a n/a n/a NORTHERN TRUST CORPO WINSLOW CAPITAL MANA BANK OF NEW YORK MEL n/a JENNISON ASSOCIATES n/a n/a n/a n/a AMERIPRISE FINANCIAL NORGES BANK

Analyst THOMAS C MCCROHAN DANIEL R PERLIN SANJAY SAKHRANI JASON KUPFERBERG RODERICK BOURGEOIS DAVID HOCHSTIM TIMOTHY W WILLI JAMES E FRIEDMAN JAMES FAUCETTE GREGORY SMITH ROBERT P NAPOLI DAVID M TOGUT ANDREW S ZAMFOTIS CHRISTOPHER C BRENDLER MOSHE KATRI DAVID J KONING SCOTT VALENTIN DAVID RITTER ANDREW W JEFFREY JOSH OLSON GLENN GREENE KAZUKI WATANABE TIEN-TSIN HUANG SMITTIPON SRETHAPRAMOTE LORI WILKING DAVID W DARST WILLIAM H RYAN BRYAN KEANE KEVIN MCVEIGH ARVIND RAMNANI BILL CARCACHE DARRIN D PELLER MOSHE A ORENBUCH JOHN T WILLIAMS GIL B LURIA WAYNE JOHNSON SONIA PARECHANIAN MEREDITH A WHITNEY JENNIFER DUGAN

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

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

Amt Held 29'936'220 29'506'866 24'312'587 20'210'558 16'358'634 14'445'520 13'802'249 9'623'858 8'045'025 6'807'566 6'573'686 6'172'725 6'121'044 5'666'890 5'641'324 5'536'943 5'269'889 5'264'626 5'248'123 4'798'922

% Out 5.82 5.73 4.72 3.93 3.18 2.81 2.68 1.87 1.56 1.32 1.28 1.2 1.19 1.1 1.1 1.08 1.02 1.02 1.02 0.93

Weighting

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

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

Latest Chg (251'777) 50'170 180'767 137'884 3'106'728 226'240 593'304 (58'506) 342'582 (16'482) (426'125) 66'041 178'094 120'205 (19'522) (1'131'703) 1'532'942 1'122'646 (495'646) -

Target Price 175 244 217 220 181 230 #N/A N/A 220 205 #N/A N/A #N/A N/A 241 #N/A N/A 217 210 200 190 #N/A N/A 235 #N/A N/A 205 192 219 220 #N/A N/A 220 #N/A N/A 226 225 183 220 215 210 202 180 220 169 134 105

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

File Dt 02.10.2013 30.06.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.08.2013 30.08.2013 31.07.2013 31.08.2013 30.06.2013 31.12.2012

Date 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 18 month Not Provided 15 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month

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

Date 04.10.2013 03.10.2013 03.10.2013 02.10.2013 02.10.2013 02.10.2013 01.10.2013 01.10.2013 30.09.2013 29.09.2013 27.09.2013 23.09.2013 23.09.2013 13.09.2013 12.09.2013 11.09.2013 09.09.2013 04.09.2013 23.08.2013 21.08.2013 20.08.2013 19.08.2013 14.08.2013 12.08.2013 06.08.2013 01.08.2013 31.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 07.02.2013 25.07.2012 10.06.2011

04.10.2013

Banco Santander SA Banco Santander SA attracts deposits and offers retail, commercial and private banking, and asset management services. The Bank offers consumer credit, mortgage loans, lease financing, factoring, mutual funds, pension funds, insurance, commercial credit, investment banking services, structured finance, and advice on mergers and acquisitions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAN SM EQUITY YTD Change SAN SM EQUITY YTD % CHANGE

12/2012 06/yy 6.68 4.79 237'670'765.00 6.206 -7.04% 29.53% 71.28% 11'092.1 68'837.63 420'024.00 0.0 9'672.0 192'388.00 -

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

1.20

700.0 M

600.0 M

500.0 M

400.0 M

300.0 M

200.0 M

100.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

.0 M o-13

Fiscal Year Ended 31.12.2008 70'114.3 8'876.4 5.74x

31.12.2009 31.12.2010 69'736.2 68'965.5 8'942.5 8'180.9 11.09x 8.39x Profitability

LTM-4Q 31.12.2011 78'009.0 5'351.0 9.18x

31.12.2012 77'159.0 2'205.0 26.44x 7.95% 7.35% 0.22% 3.85% 0.74% 0.03% 4.6% 33.08% 562.63% -

LTM

06/yy 43'979.0 0.00x 0.0 0.00x 3'577.0 13.18x

06/yy 41'610.0 0.00x 0.0 0.00x 2'756.0 18.04x

FY+1

1.17 10'881.12 17.58% 10.38% 1.166 39 3.026 65'963'200 62'742'460 73'210'660 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 41'052.7 42'809.4 10'206.0 10'267.0 4'823.8 6'367.6 1'223.0 1'227.0 14.57x 11.64x S&P Issuer Ratings

16.10.2012 BBB NEG 30.04.2012 A-2 562.6% 83.3% 0.03 2.48 -

Sales/Revenue/Turnover

90'000.0 80'000.0

1.00 0.80

70'000.0 60'000.0 50'000.0

0.60

40'000.0 30'000.0

0.40 0.20

20'000.0 10'000.0 0.0

0.00

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

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

04.10.2013

Banco Santander SA Holdings By:

All

Holder Name BNP PARIBAS SA NORGES BANK BLACKROCK VANGUARD GROUP INC DE LOS RIOS EMILIO B DODGE & COX BANCO SANTANDER SA CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS PRIVAT BANK PATRIMON AMUNDI BNP PARIBAS MERCURY ASSET MANAGE UBS AG FRANKLIN RESOURCES INVESCO LTD DEKABANK DEUTSCHE GI CREDIT SUISSE AG O'SHEA JAVIER BOTINSTATE STREET CORP

Firm Name

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

Analyst

BBVA IGNACIO ULARGUI Nomura DARAGH QUINN BPI CARLOS JOAQUIM PEIXOTO Oddo & Cie JULIE LEGRAND AlphaValue DAVID GRINSZTAJN UBS IGNACIO SANZ Natixis FREDERIC TESCHNER NMAS 1 Agencia de Valores FRANCISCO RIQUEL Exane BNP Paribas SANTIAGO LOPEZ DIAZ Bankia Bolsa (ESN) JAVIER BERNAT Banco Sabadell MARIO LODOS Deutsche Bank JASON NAPIER Morgan Stanley ALVARO SERRANO HSBC CARLO DIGRANDI Goldman Sachs JERNEJ OMAHEN Societe Generale CARLOS GARCIA GONZALEZ JPMorgan JAIME BECERRIL Credit Suisse IGNACIO CEREZO RBC Capital Markets PATRICK LEE Berenberg Bank NICK ANDERSON Barclays ROHITH CHANDRA-RAJAN Ahorro Corporacion Financiera SA IRMA GARRIDO Hamburger Sparkasse CHRISTIAN HAMANN Keefe, Bruyette & Woods ANTONIO RAMIREZ EVA Dimensions DOUG WALTERS Bankhaus Lampe NEIL SMITH Independent Research GmbH STEFAN BONGARDT Mediobanca SpA ANDREA FILTRI Macquarie BENJIE CREELAN-SANDFORD Landesbank Baden-Wuerttemberg INGO FROMMEN Interdin Bolsa JAVIER RUIZ-CAPILLAS S&P Capital IQ WILLIAM HOWLETT Redburn Partners GEORGE KARAMANOS Espirito Santo Investment Bank Research JUAN PABLO LOPEZ Day by Day VALERIE GASTALDY Makor Capital ALBERT SAPORTA La Caixa DAVID FERNANDEZ Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA Nord/LB MICHAEL SEUFERT Renta 4 SA SVB NURIA ALVAREZ

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

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

Amt Held 317'600'714 229'355'687 199'154'646 170'128'916 79'291'178 78'001'217 74'306'648 62'980'304 61'394'251 54'995'669 51'844'179 51'147'359 34'487'176 33'004'130 28'196'365 25'283'907 20'626'025 19'536'957 16'282'411 15'411'333

% Out 2.86 2.07 1.8 1.53 0.71 0.7 0.67 0.57 0.55 0.5 0.47 0.46 0.31 0.3 0.25 0.23 0.19 0.18 0.15 0.14

Weighting

Change

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

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

Latest Chg (23'663'677) 674'837 13'345'066 7'442 8'057'177 1'797'991 61'394'251 31'967'355 7'449'761 (231'017) (429'313) (1'366'347) 5'341'387 196'929 1'228 193'466

Target Price 7 6 6 7 7 6 5 6 5 6 7 6 7 7 7 5 6 6 5 4 4 5 #N/A N/A 6 #N/A N/A 5 6 4 5 6 6 5 #N/A N/A 6 #N/A N/A #N/A N/A 6 #N/A N/A #N/A N/A 6

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

File Dt 16.04.2013 31.12.2012 02.10.2013 31.08.2013 01.08.2013 30.06.2013 10.09.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 31.08.2013 02.10.2013 03.10.2013 31.08.2013 03.10.2013 04.10.2013 30.08.2013 01.08.2013 03.10.2013

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

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

Date 04.10.2013 04.10.2013 03.10.2013 03.10.2013 03.10.2013 02.10.2013 01.10.2013 01.10.2013 27.09.2013 26.09.2013 25.09.2013 24.09.2013 20.09.2013 17.09.2013 16.09.2013 11.09.2013 11.09.2013 05.09.2013 04.09.2013 02.09.2013 02.09.2013 29.08.2013 27.08.2013 23.08.2013 20.08.2013 16.08.2013 02.08.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 29.07.2013 18.07.2013 16.07.2013 04.07.2013 20.03.2013 13.02.2013 23.10.2012 26.07.2012

04.10.2013

Price/Volume 2500

14.0 M 12.0 M

2000

10.0 M

12/2012 06/yy 2'374.50 2'088.00 575'477.00 2122 -10.55% 1.63% 9.42% 2'497.4 131'327.53 37'754.00 0.0 1'433.0 18'550.00 233'025.34

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

8.0 M

1000

6.0 M 4.0 M

500

2.0 M

0 o-12

31.12.2009 31.12.2010 278'188.0 368'056.0 0.76x 0.65x 29'079.0 41'839.0 7.28x 5.69x 12'518.0 20'127.0 14.87x 10.16x Profitability

LTM-4Q 31.12.2011 470'171.0 0.56x 55'943.0 4.73x 30'918.0 7.39x

31.12.2012 467'153.0 0.52x 52'114.0 4.65x 26'592.0 8.12x 52'114.00 37'499.00 8.03% 10.76% 6.86% 13.42% 11.73% 1.32% 15.2% 11.5% 7.2% 5.7% 1.18 0.61 10.48% 20.03% 6.83 13.38

Price/ Cash Flow

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

5.16 0.88 2'495.90 0.40% 1.43% 0.876 18 3.556 4'201'057 4'177'052 4'201'667 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 475'975.0 455'644.0 448'850.0 450'960.3 115'670.7 118'911.7 2.01x 2.05x 0.54x 0.53x 2.06x 2.05x 52'487.0 52'414.0 60'791.9 63'483.4 14'932.0 15'826.0 4.46x 4.29x 3.83x 3.67x 4.57x 5.09x 26'296.0 23'723.0 24'237.7 26'216.2 5'506.5 6'521.8 7.99x 8.45x 8.77x 8.35x 8.71x 8.45x S&P Issuer Ratings Long-Term Rating Date 03.09.2009 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 06.03.1990 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 22.42 (EBITDA-Capex)/Interest Exp. 8.41 Net Debt/EBITDA 0.39 Total Debt/EBITDA 0.63 Reference Total Debt/Equity 20.0% Total Debt/Capital 16.6% Asset Turnover 1.32 Net Fixed Asset Turnover 2.71 Accounts receivable turnover-days 53.48 Inventory Days 27.28 Accounts Payable Turnover Day 69.49 Cash Conversion Cycle 22.13 Sales/Revenue/Turnover

10.00

500'000.0

9.00

450'000.0

8.00

400'000.0

7.00

350'000.0

6.00

300'000.0

5.00 4.00

250'000.0 200'000.0

3.00

150'000.0

2.00

100'000.0

1.00

50'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 458'361.0 0.37x 57'301.0 2.98x 26'277.0 6.16x

1500

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Royal Dutch Shell PLC Holdings By:

All

Holder Name LEGAL & GENERAL BLACKROCK VANGUARD GROUP INC CREDIT SUISSE AG SCOTTISH WIDOWS CAPITAL GROUP COMPAN NORGES BANK INVESTME PEOPLES REPUBLIC OF QATAR INVESTMENT AUT STATE STREET CORP PRUDENTIAL PLC AXA UBS AG ABERDEEN INVESTEC PLC STANDARD LIFE INVEST FRANKLIN RESOURCES THREADNEEDLE BARCLAYS GLOBAL INVE BREWIN DOLPHIN LIMIT

Firm Name Sanford C. Bernstein & Co Goldman Sachs JPMorgan VTB Capital Nomura Exane BNP Paribas EVA Dimensions Barclays Canaccord Genuity Corp Grupo Santander Morgan Stanley Societe Generale RBC Capital Markets Liberum Capital Ltd Deutsche Bank VSA Capital Ltd Natixis

Portfolio Name 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 Multiple Portfolios

Analyst OSWALD CLINT MICHELE DELLA VIGNA FREDERICK G LUCAS COLIN SMITH THEEPAN JOTHILINGAM ALEJANDRO DEMICHELIS DOUG WALTERS RAHIM KARIM SAMUEL SIMON JASON KENNEY MARTIJN P RATS IRENE HIMONA PETER HUTTON ANDREW WHITTOCK LUCAS HERRMANN DOUGIE YOUNGSON ANNE PUMIR

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

Recommendation market perform Buy/Cautious underweight hold neutral neutral buy overweight buy hold Equalwt/In-Line buy outperform hold hold not rated buy

Amt Held 189'404'755 169'732'143 93'104'026 90'302'687 84'271'957 73'734'073 60'912'105 45'831'136 44'703'170 44'173'663 43'528'747 43'512'477 40'032'118 38'190'671 38'081'953 32'953'132 32'673'563 29'978'188 29'009'861 26'911'800

% Out 7.58 6.8 3.73 3.62 3.37 2.95 2.44 1.84 1.79 1.77 1.74 1.74 1.6 1.53 1.52 1.32 1.31 1.2 1.16 1.08

Weighting

Change

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

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

Latest Chg (2'685'750) 2'095'281 2'002'540 10'743'809 (18'228'650) 1'350 3'213'253 (848'324) (1'538'711) 1'492'483 840'669 742'200 (478'723) 484'560 (4'169'783) (1'124'142) (143'054)

Target Price 2'200 2'310 2'200 2'500 2'400 2'350 #N/A N/A 2'410 2'650 2'368 2'320 2'500 2'520 2'200 2'400 #N/A N/A 2'600

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

File Dt 31.07.2013 02.10.2013 31.08.2013 01.07.2013 31.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 03.10.2013 01.07.2013 01.07.2013 01.07.2013 31.08.2013 01.07.2013 01.07.2013 31.08.2013 31.07.2013 28.06.2013 01.07.2013

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

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

Date 30.09.2013 27.09.2013 18.09.2013 10.09.2013 05.09.2013 02.09.2013 30.08.2013 22.08.2013 15.08.2013 09.08.2013 08.08.2013 02.08.2013 02.08.2013 02.08.2013 01.07.2013 02.05.2013 01.02.2013

04.10.2013

Amgen Inc Amgen Inc. is an independent biotechnology medicines company that discovers, develops, manufactures and markets medicines for grievous illnesses. The Company focuses solely on human therapeutics and concentrates on innovating novel medicines based on advances in cellular and molecular biology.

Price/Volume 140

25.0 M

120

20.0 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.09.2013) 52-Week Low (22.01.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMGN US EQUITY YTD Change AMGN US EQUITY YTD % CHANGE

12/2012 06/yy 117.91 81.56 3'058'836.00 111.118 -5.76% 36.24% 81.31% 753.4 83'711.43 26'529.00 0.0 0.0 24'061.00 85'608.43

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

15.0 M

10.0 M

40 5.0 M

20 0 o-12

31.12.2009 31.12.2010 14'642.0 15'053.0 3.65x 3.13x 6'728.0 6'679.0 7.94x 7.05x 4'605.0 4'627.0 12.60x 11.66x Profitability

LTM-4Q 31.12.2011 15'582.0 3.33x 5'372.0 9.66x 3'683.0 13.74x

31.12.2012 17'265.0 3.92x 6'665.0 10.15x 4'345.0 15.07x 6'665.00 5'577.00 32.30% 29.01% 8.75% 23.03% 12.66% 0.34% 83.1% 37.5% 31.2% 25.2% 3.81 3.24 48.86% 139.19% 6.56 1.15

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 16'442.0 12.77x 5'807.0 9.99x 3'838.0 13.63x

06/yy 17'657.0 16.38x 6'617.0 11.51x 4'587.0 16.12x

a-13 m-13

j-13

a-13

s-13

FY+1

1.49 0.76 752.47 8.52 30.40% 30.76% 0.756 30 3.933 2'667'885 3'343'872 3'147'044 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 18'270.3 19'074.7 4'574.3 4'770.7 4.65x 4.19x 7'581.7 8'588.7 1'693.0 1'650.0 11.29x 9.97x 5'606.1 6'167.3 1'356.2 1'318.0 15.11x 13.64x 15.10x 14.27x S&P Issuer Ratings

27.08.2013 A STABLE 27.08.2013 A-1 6.18 5.54 0.29 3.61 139.2% 58.2% 0.34 3.29 55.63 317.28 105.58 296.17

Sales/Revenue/Turnover

18.00

20'000.0

16.00

18'000.0

14.00

16'000.0 14'000.0

12.00

12'000.0

10.00 8.00

10'000.0 8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 15'003.0 4.02x 6'287.0 9.59x 4'052.0 12.89x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Amgen Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN FMR LLC BLACKROCK PRIMECAP MANAGEMENT VANGUARD GROUP INC STATE STREET CORP WELLINGTON MANAGEMEN INVESCO LTD NORTHERN TRUST CORPO FRANKLIN RESOURCES BANK OF NEW YORK MEL ROBECO CLEARBRIDGE INVESTME TIAA CREF INVESTMENT T ROWE PRICE ASSOCIA NORGES BANK UBS AG LEGG MASON INC GEODE CAPITAL MANAGE JANUS CAPITAL MANAGE

Firm Name Jefferies Leerink Swann & Co Oppenheimer & Co S&P Capital IQ BMO Capital Markets Goldman Sachs JPMorgan Stifel RBC Capital Markets Robert W. Baird & Co Sanford C. Bernstein & Co Edward Jones William Blair & Co Atlantic Equities LLP Cowen and Company Deutsche Bank Barclays UBS Credit Suisse Independent Research GmbH ISI Group Guggenheim Securities LLC Brean Capital LLC Argus Research Corp Hamburger Sparkasse Ameriprise Advisor Services, Inc Lazard Capital Markets EVA Dimensions First Global Stockbroking Cyrrus

Portfolio Name n/a n/a n/a PRIMECAP MANAGEMENT n/a n/a WELLINGTON MANAGEMEN n/a NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL n/a CLEARBRIDGE INVESTME TIAA-CREF INVESTMENT T ROWE PRICE ASSOCIA NORGES BANK n/a Multiple Portfolios GEODE CAPITAL MANAGE n/a

Analyst EUN K YANG HOWARD LIANG BORIS PEAKER STEVEN SILVER JIM BIRCHENOUGH TERENCE FLYNN GEOFFREY MEACHAM JOEL D SENDEK MICHAEL J YEE CHRISTOPHER J RAYMOND GEOFFREY C PORGES JUDSON CLARK JOHN S SONNIER RICHARD J PURKISS ERIC SCHMIDT ROBYN KARNAUSKAS CHARLES ANTHONY BUTLER MATTHEW RODEN RAVI MEHROTRA CHRISTOPH SCHOENDUBE MARK J SCHOENEBAUM BRET HOLLEY GENE MACK JOHN M EADE MARCO GUENTHER E EUGENE ROBINSON JOSHUA SCHIMMER ANDREW S ZAMFOTIS KAVITA THOMAS TOMAS MENCIK

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

Recommendation buy market perform market perform buy market perform buy/attractive neutral hold outperform neutral market perform hold market perform overweight outperform buy equalweight buy neutral hold buy neutral buy buy sell buy buy buy sector outperform buy

Amt Held 79'707'984 53'549'185 46'439'771 37'348'991 35'624'540 31'700'395 20'075'251 16'927'106 11'739'729 10'401'459 9'952'809 8'822'756 7'670'619 6'885'950 6'395'479 6'263'455 6'034'240 5'328'117 5'316'372 5'306'091

% Out 10.58 7.11 6.16 4.96 4.73 4.21 2.66 2.25 1.56 1.38 1.32 1.17 1.02 0.91 0.85 0.83 0.8 0.71 0.71 0.7

Weighting

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

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

Latest Chg 2'285'601 (4'912'545) 1'233'795 (2'536'436) 786'664 (856'658) (1'354'298) 562'806 65'259 1'074 654'985 (2'175'754) 405'015 957'211 (1'422'694) (137'438) 37'475 94'826 (304'565)

Target Price 130 128 109 128 116 140 115 #N/A N/A 125 115 128 #N/A N/A #N/A N/A 140 121 138 115 124 120 119 122 108 119 120 #N/A N/A #N/A N/A 125 #N/A N/A #N/A N/A 78

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

File Dt 30.06.2013 30.06.2013 02.10.2013 30.06.2013 30.06.2013 03.10.2013 30.06.2013 03.10.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 30.06.2013

Date 12 month 12 month 18 month 12 month Not Provided 12 month 15 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

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

Date 02.10.2013 02.10.2013 02.10.2013 02.10.2013 01.10.2013 01.10.2013 01.10.2013 30.09.2013 29.09.2013 25.09.2013 25.09.2013 20.09.2013 12.09.2013 11.09.2013 06.09.2013 03.09.2013 03.09.2013 02.09.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 19.08.2013 05.08.2013 05.08.2013 01.08.2013 26.06.2013 15.01.2013 17.05.2012 05.04.2012

04.10.2013

Royal Bank of Canada Royal Bank of Canada is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services. Royal Bank offers its services to personal, business, public sector and institutional clients with operations worldwide.

Price/Volume 80

8.0 M

50 40

10/2012 07/yy 67.00 54.51 3'035'096.00 65.98 -1.52% 21.04% 91.83% 1'440.2 95'024.01 113'303.00 4'813.0 1'761.0 22'872.00 -

6.0 M

4.0 M

20 2.0 M

10 0 o-12

31.10.2009 31.10.2010 33'534.0 30'060.0 3'858.0 5'223.0 16.71x 13.95x Profitability

LTM-4Q 31.10.2011 33'743.0 6'343.0 10.69x

31.10.2012 34'481.0 7'442.0 11.32x

37.64% 37.09% 0.97% 19.43% 5.10% 0.04% 28.5% 13.73% 287.18% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

07/yy 33'801.0 0.00x 0.0 0.00x 7'100.0 11.05x

07/yy 35'619.0 0.00x 0.0 0.00x 8'124.0 11.97x

a-13 m-13

j-13

a-13

s-13

FY+1

3.73 0.92 1'438.54 25.06 20.47% 13.52% 0.925 19 3.947 2'788'120 3'228'009 3'538'951 FY+2

FQ+1

FQ+2

10/13 Y 10/14 Y 10/13 Q4 01/14 Q1 30'119.8 32'048.5 7'971.0 7'709.0 8'160.8 8'571.3 2'046.4 2'092.8 11.84x 11.13x 11.42x 11.25x S&P Issuer Ratings

27.10.1992 AASTABLE 10.09.1990 A-1+ 287.2% 71.1% 0.04 13.31 -

Sales/Revenue/Turnover

40.00

45'000.0

35.00

40'000.0

30.00

35'000.0 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 06.11.2009

.0 M n-12

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 (06.09.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RY CN EQUITY YTD Change RY CN EQUITY YTD % CHANGE

31.10.2008 35'935.0 4'555.0 14.59x

12.0 M

0.0 06.05.2010

06.11.2010

06.05.2011

06.11.2011

06.05.2012

06.11.2012

06.05.2013

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

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

04.10.2013

Royal Bank of Canada Holdings By:

All

Holder Name ROYAL BANK OF CANADA CIBC WORLD MARKETS I BANK OF MONTREAL /CA TORONTO DOMINION BAN THE BANK OF NOVA SCO TD ASSET MANAGEMENT FMR LLC IG INVESTMENT MANAGE JARISLOWSKY FRASER L CIBC GLOBAL ASSET MA GREAT WEST LIFE ASSU CONNOR CLARK & LUNN FRANKLIN RESOURCES BEUTEL GOODMAN & COM CI INVESTMENTS INC NORGES BANK FIERA CAPITAL CORPOR GREYSTONE MANAGED IN BANK OF NOVA SCOTIA BMO INVESTMENTS INC

Firm Name Cormark Securities Inc. Stonecap Securities Inc Rafferty Capital Markets Accountability Research Corp Morgan Stanley Keefe, Bruyette & Woods CIBC World Markets National Bank Financial BMO Capital Markets Credit Suisse Edward Jones Macquarie Desjardins Securities Veritas Investment Research Co Scotia Capital Barclays EVA Dimensions

Portfolio Name n/a CIBC WORLD MARKETS I BANK OF MONTREAL /CA TORONTO DOMINION BAN THE BANK OF NOVA SCO TD ASSET MANAGEMENT n/a IG INVESTMENT MANAGE JARISLOWSKY FRASER L CIBC GLOBAL ASSET MA GREAT WEST LIFE ASSU CONNOR CLARK & LUNN n/a BEUTEL, GOODMAN & CO Multiple Portfolios NORGES BANK FIERA CAPITAL CORPOR GREYSTONE MANAGED IN n/a Multiple Portfolios

Analyst DARKO MIHELIC J BRADLEY SMITH RICHARD X BOVE SR KEVIN CHU CHERYL PATE BRIAN KLOCK ROBERT SEDRAN PETER D ROUTLEDGE JOHN REUCASSEL GABRIEL DECHAINE TOM LEWANDOWSKI SUMIT MALHOTRA MICHAEL GOLDBERG OHAD LEDERER KEVIN R CHOQUETTE JOHN AIKEN DOUG WALTERS

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

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

Amt Held 66'166'608 60'813'720 58'325'074 56'836'115 55'411'225 44'275'745 32'549'429 30'564'338 20'476'359 19'266'652 14'558'136 14'429'230 13'930'767 11'882'256 11'622'194 11'091'639 9'855'477 9'499'637 9'127'808 8'691'099

% Out 4.59 4.22 4.05 3.95 3.85 3.07 2.26 2.12 1.42 1.34 1.01 1 0.97 0.83 0.81 0.77 0.68 0.66 0.63 0.6

Weighting

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

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

Latest Chg 2'841'557 570'235 2'213'129 (246'049) 415'474 723'222 (219'496) 281'730 (362'036) 798'432 91'064 105'538 4'201'521 300'240 3'750'636 77'370 878'663 717'210 (87'618)

Target Price 75 58 72 71 67 64 72 68 68 71 #N/A N/A 69 75 67 80 66 #N/A N/A

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

File Dt 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 28.06.2013 31.12.2012 30.06.2013 30.06.2013 31.07.2013 02.10.2013

Date 12 month 12 month 12 month Not Provided 12 month 12 month 18 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided

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

Date 24.09.2013 19.09.2013 10.09.2013 09.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 29.08.2013 29.08.2013 06.06.2013

04.10.2013

ConocoPhillips ConocoPhillips explores for, produces, transports and markets crude oil, natural gas, natural gas liquids, liquefied natural gas and bitumen on a worldwide basis.

Price/Volume 80

25.0 M

20.0 M

60 50

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COP US EQUITY YTD Change COP US EQUITY YTD % CHANGE

12/2012 06/yy 71.09 53.95 6'550'772.00 70.17 -1.29% 30.06% 94.63% 1'223.0 85'818.41 21'725.00 0.0 440.0 3'618.00 103'979.42

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

10.0 M

30 20

5.0 M

10 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 225'424.0 0.46x 35'740.0 2.92x (16'998.0) 4.81x

15.0 M

Valuation Analysis

31.12.2009 31.12.2010 136'016.0 175'752.0 0.77x 0.63x 4'281.0 22'655.0 24.43x 4.91x 4'414.0 11'358.0 16.11x 12.53x Profitability

LTM-4Q 31.12.2011 64'196.0 1.72x 21'649.0 5.10x 12'436.0 11.43x

31.12.2012 57'967.0 1.54x 19'396.0 4.60x 8'428.0 10.60x 19'396.00 12'816.00 22.11% 26.61% 6.42% 15.69% 11.10% 0.50% 27.3% 35.3% 22.9% 14.5% 1.38 0.72 18.55% 45.27% 7.31 36.28

Price/ Cash Flow

LTM

06/yy 60'718.0 6.97x 19'427.0 4.65x 11'210.0 9.65x

06/yy 57'605.0 6.27x 20'320.0 4.54x 7'413.0 10.31x

FY+1

3.76 1.02 1'220.65 26.48 29.15% 24.98% 1.020 27 3.667 4'790'051 4'908'585 5'553'702 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 50'242.2 51'327.5 11'167.7 11'584.9 1.94x 1.94x 9.01x 8.56x 22'832.4 23'775.8 5'292.3 5'671.1 4.55x 4.37x 4.78x 4.72x 7'310.7 7'758.4 1'728.8 1'888.5 11.81x 11.11x 11.25x 11.04x S&P Issuer Ratings

07.02.2012 A STABLE 07.02.2012 A-1 14.65 3.95 0.87 1.07 45.3% 31.0% 0.50 0.82 49.94 10.06 76.90 -30.26

Sales/Revenue/Turnover

6.00

250'000.0

5.00

200'000.0

4.00

150'000.0

3.00

100'000.0 2.00

50'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

ConocoPhillips Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN STATE STREET CORP JP MORGAN BERKSHIRE HATHAWAY I BANK OF NEW YORK MEL BARROW HANLEY MEWHIN ALLIANZ ASSET MANAGE NORTHERN TRUST CORPO WADDELL & REED FINAN WELLS FARGO & COMPAN DIMENSIONAL FUND ADV AMERIPRISE FINANCIAL FEDERATED INVESTORS NORGES BANK FIRST EAGLE INVESTME LSV ASSET MANAGEMENT GEODE CAPITAL MANAGE WELLINGTON MANAGEMEN

Firm Name ISI Group Societe Generale Howard Weil Inc Oppenheimer & Co Wells Fargo Securities, LLC Guggenheim Securities LLC Argus Research Corp Simmons & Company International Tudor Pickering & Co Jefferies Goldman Sachs Raymond James Edward Jones Barclays RBC Capital Markets UBS Morgan Stanley Credit Suisse Macquarie JPMorgan Cowen and Company S&P Capital IQ Deutsche Bank EVA Dimensions Alembic Global Advisors

Portfolio Name n/a n/a n/a n/a n/a n/a BANK OF NEW YORK MEL BARROW HANLEY MEWHIN n/a NORTHERN TRUST CORPO n/a n/a n/a AMERIPRISE FINANCIAL FEDERATED INVESTORS NORGES BANK FIRST EAGLE INVESTME LSV ASSET MANAGEMENT GEODE CAPITAL MANAGE WELLINGTON MANAGEMEN

Analyst DOUGLAS T TERRESON JOHN HERRLIN BLAKE FERNANDEZ FADEL GHEIT ROGER D READ ROBERT CORDRAY JONATHAN GELCIUS GUY BABER ROBERT KESSLER IAIN REID ARJUN N MURTI PAVEL MOLCHANOV BRIAN YOUNGBERG PAUL Y CHENG SCOTT HANOLD WILLIAM A FEATHERSTON J EVAN CALIO EDWARD WESTLAKE JASON D GAMMEL KATHERINE LUCAS MINYARD ASIT SEN MICHAEL KAY PAUL SANKEY CRAIG STERLING JAMES J SULLIVAN

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

Recommendation strong buy buy sector perform outperform outperform buy buy neutral hold hold neutral/attractive underperform hold overweight outperform sell Underwt/Attractive neutral neutral overweight market perform buy hold buy overweight

Amt Held 71'759'453 59'149'941 56'992'550 51'802'001 26'920'300 24'123'911 22'998'376 22'539'880 19'315'927 18'536'228 12'219'658 11'993'483 11'366'563 10'056'664 9'840'834 9'343'737 9'109'903 9'000'490 8'424'592 7'826'386

% Out 5.87 4.84 4.66 4.24 2.2 1.97 1.88 1.84 1.58 1.52 1 0.98 0.93 0.82 0.8 0.76 0.74 0.74 0.69 0.64

Weighting

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

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

Latest Chg (1'655'379) 2'481'186 2'219'156 600'554 1'156'474 29'476 1'087'685 5'587'443 84'571 (7'608'234) 1'758'404 223'858 (69'442) 935'533 258'200 (77'940) 128'547 (636'199)

Target Price 78 79 73 80 #N/A N/A 83 77 #N/A N/A 73 65 67 #N/A N/A #N/A N/A 83 63 57 58 70 64 70 67 64 62 #N/A N/A 72

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

File Dt Inst Type 02.10.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 03.10.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 03.10.2013 01.10.2013 27.09.2013 27.09.2013 27.09.2013 24.09.2013 23.09.2013 23.09.2013 18.09.2013 16.09.2013 12.09.2013 09.09.2013 04.09.2013 03.09.2013 16.08.2013 14.08.2013 05.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 06.06.2013 01.05.2013 16.04.2013

04.10.2013

Union Pacific Corp Union Pacific Corporation is a rail transportation company. The Company's railroad hauls a variety of goods, including agricultural, automotive, and chemical products. Union Pacific offersslong-haul routes from all major West Coast and Gulf Coast ports to eastern gateways as well as connects with Canada's rail systems and serves the major gateways to Mexico.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.07.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UNP US EQUITY YTD Change UNP US EQUITY YTD % CHANGE

12/2012 06/yy 165.18 116.06 1'854'166.00 155.38 -5.93% 33.88% 80.05% 463.8 72'072.13 8'997.00 0.0 0.0 1'063.00 80'036.14

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

4.5 M

160

4.0 M

140

3.5 M

120

3.0 M

100

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 17'970.0 1.77x 5'462.0 5.81x 2'338.0 10.53x

180

31.12.2009 31.12.2010 14'143.0 16'965.0 2.85x 3.17x 4'806.0 6'468.0 8.38x 8.30x 1'890.0 2'780.0 17.98x 16.59x Profitability

LTM-4Q 31.12.2011 19'557.0 2.99x 7'341.0 7.97x 3'292.0 15.88x

31.12.2012 20'926.0 3.20x 8'505.0 7.87x 3'943.0 15.26x 8'505.00 6'745.00 32.23% 30.19% 8.68% 20.91% 15.19% 0.45% 41.2% 32.9% 18.8% 1.16 0.77 19.08% 45.26% 14.40 -

Price/ Cash Flow

LTM

06/yy 20'542.0 11.18x 8'110.0 7.98x 3'733.0 15.55x

06/yy 21'353.0 13.36x 8'794.0 9.05x 4'141.0 17.62x

FY+1

1.72 1.01 461.32 3.46 31.43% 25.42% 1.008 27 4.074 1'945'265 1'655'355 1'541'128 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 22'104.7 23'702.6 5'660.2 5'681.9 3.62x 3.37x 9'301.8 10'258.1 2'450.4 2'460.6 8.60x 7.80x 8.21x 8.01x 4'414.9 4'949.7 1'176.6 1'179.3 16.40x 14.27x 15.42x 14.87x S&P Issuer Ratings

23.04.2012 ASTABLE 29.05.2002 A-2 15.90 8.91 0.91 1.12 45.3% 31.2% 0.45 0.51 25.34 -

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

01.07.2013

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

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

04.10.2013

Union Pacific Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC FMR LLC STATE STREET CORP T ROWE PRICE ASSOCIA JP MORGAN WINSLOW CAPITAL MANA BANK OF NEW YORK MEL NORTHERN TRUST CORPO NEW YORK LIFE INVEST JENNISON ASSOCIATES WELLS FARGO & COMPAN AMERIPRISE FINANCIAL UBS AG NORGES BANK TIAA CREF INVESTMENT JANUS CAPITAL MANAGE WADDELL & REED FINAN DIMENSIONAL FUND ADV

Firm Name Morgan Stanley Goldman Sachs RBC Capital Markets Raymond James Wells Fargo Securities, LLC BMO Capital Markets Deutsche Bank Credit Suisse JPMorgan Avondale Partners LLC Barclays Sanford C. Bernstein & Co Robert W. Baird & Co Cowen and Company TD Securities Wolfe Research Susquehanna Financial Group Atlantic Equities LLP Edward Jones Stifel FBR Capital Markets Argus Research Corp Stephens Inc BB&T Capital Markets EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a T ROWE PRICE ASSOCIA n/a WINSLOW CAPITAL MANA BANK OF NEW YORK MEL NORTHERN TRUST CORPO Multiple Portfolios JENNISON ASSOCIATES n/a AMERIPRISE FINANCIAL n/a NORGES BANK TIAA-CREF INVESTMENT n/a n/a n/a

Analyst WILLIAM J GREENE TOM KIM WALTER SPRACKLIN PATRICK TYLER BROWN ANTHONY P GALLO FADI CHAMOUN JUSTIN B YAGERMAN ALLISON LANDRY THOMAS R WADEWITZ DONALD BROUGHTON BRANDON OGLENSKI DAVID VERNON BENJAMIN J HARTFORD JASON H SEIDL CHERILYN RADBOURNE SCOTT H GROUP MATTHEW TROY RORRIE MARS LOGAN PURK JOHN G LARKIN JOHN R MIMS NATHANIEL GABRIEL JUSTIN LONG MARK A LEVIN CRAIG STERLING

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

Recommendation Overwt/Attractive neutral/neutral sector perform market perform outperform outperform buy outperform overweight market perform overweight market perform outperform outperform hold outperform Positive neutral hold hold outperform buy equalweight hold hold

Amt Held 47'187'138 29'655'023 22'037'516 21'106'420 18'782'675 13'013'553 9'010'113 8'617'657 7'137'035 6'516'604 6'179'440 6'008'018 5'919'968 5'595'174 4'290'776 4'213'790 4'153'143 4'042'902 3'874'520 3'693'208

% Out 10.17 6.39 4.75 4.55 4.05 2.81 1.94 1.86 1.54 1.4 1.33 1.3 1.28 1.21 0.93 0.91 0.9 0.87 0.84 0.8

Weighting

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

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

Latest Chg (768'719) (234'256) 495'731 (208'223) 193'052 (2'023'568) 176'968 (333'954) (21'701) 29'289 (48'096) (669'328) (143'716) 885'503 (769'457) 288'355 815'653 245'806 (366'804)

Target Price 175 176 160 #N/A N/A #N/A N/A 176 181 182 172 167 191 167 177 174 174 178 185 164 #N/A N/A #N/A N/A 180 179 155 #N/A N/A #N/A N/A

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

File Dt 30.06.2013 02.10.2013 30.06.2013 30.06.2013 03.10.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 31.07.2013

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

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

Date 04.10.2013 04.10.2013 04.10.2013 04.10.2013 04.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 01.10.2013 30.09.2013 30.09.2013 26.09.2013 26.09.2013 08.09.2013 04.09.2013 30.08.2013 13.08.2013 26.07.2013 19.07.2013 19.07.2013 19.07.2013 15.01.2013

04.10.2013

Bristol-Myers Squibb Co Bristol-Myers Squibb Company is a global biopharmaceutical company. The Company develops, licenses, manufactures, markets, and sells pharmaceutical and nutritional products. Bristol-Myers Squibb products and experimental therapies address cancer, heart disease, HIV/AIDS, diabetes, rheumatoid arthritis, hepatitis, organ transplant rejection, and psychiatric disorders.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.06.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BMY US EQUITY YTD Change BMY US EQUITY YTD % CHANGE

12/2012 06/yy 49.57 30.64 5'362'311.00 46.56 -6.07% 51.96% 84.10% 1'646.3 76'652.83 7'394.00 0.0 15.0 6'352.00 77'838.83

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 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 17'715.0 2.49x 4'382.0 10.08x 5'247.0 15.60x

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

31.12.2009 31.12.2010 18'808.0 19'484.0 2.10x 2.07x 5'646.0 6'722.0 7.01x 6.01x 10'612.0 3'102.0 13.58x 12.26x Profitability

LTM-4Q 31.12.2011 21'244.0 2.50x 7'448.0 7.13x 3'709.0 16.31x

31.12.2012 17'621.0 3.07x 4'771.0 11.36x 1'960.0 16.38x 4'771.00 4'090.00 23.21% 13.28% 4.00% 8.92% 0.47% 73.8% 21.1% 16.6% 11.1% 1.15 0.71 20.60% 54.28% 5.07 2.56

Price/ Cash Flow

LTM

06/yy 20'493.0 10.27x 6'953.0 8.12x 3'567.0 16.71x

06/yy 15'806.0 16.08x 3'328.0 22.35x 1'359.0 27.61x

FY+1

2.23 0.70 1'644.00 25.39 43.60% 47.88% 0.701 22 3.545 7'844'569 6'887'103 6'968'499 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 16'230.6 17'419.4 4'005.5 4'330.7 5.57x 5.20x 3'947.8 4'421.2 978.0 1'022.0 19.72x 17.61x 2'862.9 3'299.7 723.6 716.4 26.79x 23.19x 25.11x 24.74x S&P Issuer Ratings

06.09.2006 A+ STABLE 31.05.2012 A-1+ 26.21 23.20 0.36 2.17 54.3% 35.2% 0.47 3.26 71.94 142.53 181.81 11.53

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

01.07.2013

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

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

04.10.2013

Bristol-Myers Squibb Co Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET CORP WELLINGTON MANAGEMEN JP MORGAN NORTHERN TRUST CORPO BANK OF NEW YORK MEL JENNISON ASSOCIATES BANK OF AMERICA CORP AMERIPRISE FINANCIAL INVESCO LTD LOOMIS SAYLES & COMP FMR LLC MORGAN STANLEY T ROWE PRICE ASSOCIA NORGES BANK GEODE CAPITAL MANAGE UBS AG TIAA CREF INVESTMENT

Firm Name SunTrust Robinson Humphrey Jefferies Cowen and Company MKM Partners Barclays Sanford C. Bernstein & Co Edward Jones Leerink Swann & Co JPMorgan BMO Capital Markets Argus Research Corp Morgan Stanley Hilliard Lyons Goldman Sachs William Blair & Co Atlantic Equities LLP UBS EVA Dimensions S&P Capital IQ ISI Group Cyrrus MP Advisors Pvt Ltd

Portfolio Name n/a n/a n/a n/a WELLINGTON MANAGEMEN n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL JENNISON ASSOCIATES BANK OF AMERICA AMERIPRISE FINANCIAL n/a LOOMIS SAYLES & CO L n/a n/a T ROWE PRICE ASSOCIA NORGES BANK GEODE CAPITAL MANAGE n/a TIAA-CREF INVESTMENT

Analyst JOHN T BORIS JEFFREY HOLFORD STEVEN R SCALA JON LECROY CHARLES ANTHONY BUTLER TIMOTHY M ANDERSON JUDSON CLARK SEAMUS FERNANDEZ CHRISTOPHER T SCHOTT ALEX ARFAEI JOHN M EADE DAVID R RISINGER STEPHEN A O'NEIL JAMI E RUBIN JOHN S SONNIER RICHARD J PURKISS MARC GOODMAN ANDREW S ZAMFOTIS HERMAN SAFTLAS MARK J SCHOENEBAUM TOMAS MENCIK VISHAL MANCHANDA

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

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

Amt Held 157'303'422 108'745'529 76'848'907 68'845'664 59'324'696 34'799'574 27'274'977 26'209'101 17'108'065 16'570'948 15'867'810 15'171'429 14'819'639 14'356'226 14'167'650 14'111'659 13'547'101 11'307'658 10'661'175 10'463'291

% Out 9.55 6.61 4.67 4.18 3.6 2.11 1.66 1.59 1.04 1.01 0.96 0.92 0.9 0.87 0.86 0.86 0.82 0.69 0.65 0.64

Weighting

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

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

Latest Chg 839'868 1'439'171 1'161'410 1'504'188 18'874'267 15'924'934 (591'743) 714'594 1'703'185 (1'416'933) (10'242'527) (2'987'953) (369'648) 7'825'567 (4'275'123) 1'499'390 231'216 (721'538) 1'957'227

Target Price 55 41 55 29 45 46 #N/A N/A 49 52 48 54 45 #N/A N/A 53 #N/A N/A 38 48 #N/A N/A 42 36 32 26

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

File Dt 31.07.2013 02.10.2013 30.06.2013 03.10.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013

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

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

Date 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 27.09.2013 20.09.2013 17.09.2013 16.09.2013 12.09.2013 29.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 07.06.2013 16.05.2013 25.04.2013 10.04.2013 05.04.2012 31.01.2012

04.10.2013

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

60.0 M

50.0 M

40.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.05.2013) 52-Week Low (19.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ANZ AU EQUITY YTD Change ANZ AU EQUITY YTD % CHANGE

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

20.0 M

10.0 M

5 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

30.0 M

09/2012 03/yy 32.09 23.42 3'852'089.00 30.76 -4.14% 31.34% 86.97% 2'743.7 84'394.84 118'987.00 871.0 49.0 55'159.00 -

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% 0.88% 14.17% 3.42% 0.05% 32.3% 18.53% 295.25% -

Price/ Cash Flow

LTM

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

FY+1

.0 M o-13

4.94 1.11 2'669.28 8.65 28.52% 25.72% 1.110 19 3.211 6'220'854 6'137'111 6'421'415 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 18'268.5 19'305.0 0.59x 0.48x 6'424.6 6'786.8 13.33x 12.73x S&P Issuer Ratings

01.12.2011 AASTABLE 11.09.1996 A-1+ 295.3% 74.3% 0.05 16.65 -

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

02.04.2013

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

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

04.10.2013

Australia & New Zealand Banking Group Ltd Holdings By:

All

Holder Name NATIONAL AUSTRALIA B VANGUARD GROUP INC COMMONWEALTH BANK OF PERENNIAL INVESTMENT AMP LTD BLACKROCK FMR LLC AUSTRALIA & NEW ZEAL NORGES BANK ANZEST PTY LTD RANCHLAND HOLDINGS P PERPETUAL INVESTMENT FIL LIMITED JP MORGAN DB PLATINUM ADVISORS AUSBIL DEXIA LIMITED AUSTRALIAN FOUNDATIO BANK OF NEW YORK MEL ARGO INVESTMENTS LTD BLUEKNIGHT CORP PTY

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

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

Analyst T S LIM DAVID SPOTSWOOD BRETT LE MESURIER JOHN BUONACCORSI VICTOR GERMAN RICHARD E WILES MICHAEL WIBLIN ANDREW LYONS TIMOTHY ROCKS JARROD MARTIN JAMES FREEMAN SCOTT MANNING SITI RUDZIAH SALIKIN JONATHAN MOTT DOUG WALTERS LOU CAPPARELLI TONY FARNHAM

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

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

Amt Held 113'696'216 68'853'827 37'625'188 34'534'250 30'029'549 29'675'289 29'130'917 23'933'842 21'707'393 17'899'078 17'051'442 16'242'401 15'191'730 12'364'888 12'078'524 8'298'977 8'187'710 7'910'180 7'902'915 7'000'000

% Out 4.14 2.51 1.37 1.26 1.09 1.08 1.06 0.87 0.79 0.65 0.62 0.59 0.55 0.45 0.44 0.3 0.3 0.29 0.29 0.26

Weighting

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

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

Latest Chg (95'206'554) 1'170'160 400 (197'545) 211'322 1'698'098 (3'417) 406'384 917'556 21'601 139 -

Target Price 32 30 32 31 32 27 36 29 31 31 33 31 32 29 #N/A N/A #N/A N/A #N/A N/A

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

File Dt 31.08.2013 31.08.2013 31.05.2013 31.07.2013 31.07.2013 02.10.2013 31.08.2013 25.09.2013 31.12.2012 12.10.2012 31.01.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.08.2013 12.10.2012 03.10.2013 12.10.2012 29.01.2013

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

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

Date 04.10.2013 03.10.2013 01.10.2013 30.09.2013 30.09.2013 24.09.2013 23.09.2013 06.09.2013 26.08.2013 19.08.2013 16.08.2013 16.08.2013 16.08.2013 13.06.2013 06.06.2013 04.06.2013 08.11.2011

04.10.2013

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

Price/Volume 25

60.0 M

50.0 M 40.0 M

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UBSN VX EQUITY YTD Change UBSN VX EQUITY YTD % CHANGE

12/2012 06/yy 19.60 11.46 2'339'986.00 18.46 -5.71% 61.12% 86.00% 3'839.2 70'871.48 267'401.00 0.0 4'353.0 66'383.00 219'402.48

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

10.0 M

0 o-12

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

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

31.12.2012 37'754.0 6.86x 15'529.0 16.67x (2'511.0) 15'529.00 5.80% -4.70% -0.19% -4.68% -0.63% 0.03% -6.7% 21.24% 582.62% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 37'651.0 35.58x 12'178.0 0.00x 2'762.0 15.14x

06/yy 38'698.0 25.76x 13'651.0 0.00x (2'384.0) 0.00x

a-13 m-13

j-13

a-13

s-13

FY+1

.0 M o-13

1.35 3'469.40 55.73% 30.52% 1.349 43 3.628 7'547'587 8'049'799 8'529'483 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 29'094.8 29'605.6 6'766.0 7'276.0 37.97x 33.35x 3'821.8 4'887.0 834.5 1'034.0 18.61x 14.30x 14.74x 13.67x S&P Issuer Ratings

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

Sales/Revenue/Turnover

5.00

160'000.0

4.50

140'000.0

4.00

120'000.0

3.50

100'000.0

3.00 2.50

80'000.0

2.00

60'000.0

1.50

40'000.0

1.00

20'000.0

0.50 0.00 01.01.2010

n-12

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

20.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

UBS AG Holdings By:

All

Holder Name GIC PRIVATE LIMITED UBS AG NORGES BANK FMR LLC CAPITAL GROUP COMPAN FIL LIMITED CREDIT SUISSE AG HARBOR CAPITAL ADVIS BLACKROCK FRANKLIN RESOURCES ZURCHER KANTONALBANK OPPENHEIMERFUNDS INC JP MORGAN CREDIT AGRICOLE SA PICTET FUNDS WELLINGTON MANAGEMEN GOLDMAN SACHS GROUP INVESCO LTD AXA BANK OF NEW YORK MEL

Firm Name

Portfolio Name n/a n/a #N/A N/A n/a n/a n/a n/a Multiple Portfolios n/a n/a ZURCHER KANTONALBANK Multiple Portfolios n/a CREDIT AGRICOLE SA n/a WELLINGTON MANAGEMEN n/a n/a n/a BANK OF NEW YORK MEL

Analyst

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

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

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

Amt Held 245'596'591 216'151'871 116'576'979 101'598'767 62'295'964 58'857'023 50'539'582 38'747'528 34'781'417 29'879'115 24'085'894 23'172'660 23'125'477 22'168'898 21'828'303 21'670'005 16'886'540 16'432'471 15'645'128 15'105'719

% Out 6.4 5.63 3.04 2.65 1.62 1.53 1.32 1.01 0.91 0.78 0.63 0.6 0.6 0.58 0.57 0.56 0.44 0.43 0.41 0.39

Weighting

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

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

Latest Chg (20'651'798) 14'311'401 10'743'000 (1'640'766) (401'100) 4'128'293 (2'250'900) (14'305'536) (2'534'077) 332'960 4'674'008 4'697'001 (263'056) (2'974'135) 7'764'122 4'932'798 3'097'530 752'938

Target Price 19 17 19 20 20 18 16 19 21 18 21 21 #N/A N/A 20 #N/A N/A 16 19 20 22 20 20 16 18 22 20 24 19 21 20 21 14 20 24 #N/A N/A 20 #N/A N/A 23 15 18 #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 12.09.2013 03.10.2013 31.12.2012 30.06.2013 31.07.2013 31.07.2013 31.05.2013 30.06.2013 02.10.2013 30.06.2013 30.06.2013 31.07.2013 31.07.2013 30.06.2013 31.05.2013 30.06.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013

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

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

Date 03.10.2013 03.10.2013 01.10.2013 27.09.2013 27.09.2013 27.09.2013 25.09.2013 25.09.2013 19.09.2013 18.09.2013 16.09.2013 11.09.2013 02.09.2013 02.09.2013 23.08.2013 20.08.2013 20.08.2013 15.08.2013 14.08.2013 13.08.2013 08.08.2013 07.08.2013 06.08.2013 06.08.2013 05.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 26.07.2013 16.07.2013 17.06.2013 06.06.2013 05.06.2013 29.05.2013 25.03.2013 30.10.2012 23.10.2012

04.10.2013

American Express Co American Express Company is a global payment and travel company. The Company's principal products and services are charge and credit payment card products and travel-related services offered to consumers and businesses around the world.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.07.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AXP US EQUITY YTD Change AXP US EQUITY YTD % CHANGE

12/2012 06/yy 78.63 53.02 4'364'703.00 74.02 -5.86% 39.61% 82.00% 1'078.9 79'857.48 62'287.00 0.0 0.0 22'250.00 112'364.47

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

18.0 M

16.0 M

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 31'920.0 2.19x 7'848.0 8.92x 2'699.0 6.82x

31.12.2009 31.12.2010 26'730.0 30'005.0 3.23x 3.49x 5'100.0 9'417.0 16.94x 11.13x 2'130.0 4'057.0 40.37x 12.58x Profitability

LTM-4Q 31.12.2011 32'282.0 2.88x 10'243.0 9.08x 4'935.0 11.46x

31.12.2012 33'808.0 3.06x 10'563.0 9.80x 4'482.0 13.06x 10'563.00 23.26% 19.08% 3.05% 23.64% 5.96% 0.23% 31.2% 13.3% 40.67% 329.81% -

Price/ Cash Flow

LTM

06/yy 33'139.0 11.79x 11'012.0 9.42x 5'022.0 13.58x

06/yy 34'242.0 12.32x 10'692.0 10.62x 4'572.0 16.25x

FY+1

1.12 1.05 1'075.79 10.48 30.59% 30.40% 1.048 33 3.364 3'510'406 3'566'101 4'192'900 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 32'903.7 34'750.3 8'215.8 8'537.3 4.11x 3.94x 5'319.2 5'595.9 1'330.0 1'334.5 15.21x 13.85x 14.63x 14.24x S&P Issuer Ratings

30.04.2009 BBB+ STABLE 30.04.2009 A-2 3.04 5.20 329.8% 76.7% 0.23 9.57 -

Sales/Revenue/Turnover

12.00

40'000.0 35'000.0

10.00

30'000.0 8.00

25'000.0 20'000.0

6.00

15'000.0

4.00

10'000.0 2.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

American Express Co Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET CORP DAVIS SELECTED ADVIS T ROWE PRICE ASSOCIA FMR LLC BARROW HANLEY MEWHIN NORTHERN TRUST CORPO SUN LIFE FINANCIAL I BANK OF NEW YORK MEL FISHER INVESTMENTS I FIRST EAGLE INVESTME TIAA CREF INVESTMENT WELLS FARGO & COMPAN GOLDMAN SACHS GROUP NORGES BANK EGERTON CAPITAL LIMI BANK OF AMERICA CORP

Firm Name Janney Montgomery Scott LLC Keefe, Bruyette & Woods Buckingham Research Group Evercore Partners Edward Jones Oppenheimer & Co Morgan Stanley Susquehanna Financial Group Goldman Sachs RBC Capital Markets Sandler O'Neill & Partners, LP Nomura Jefferies Drexel Hamilton LLC Daiwa Securities Co. Ltd. Guggenheim Securities LLC S&P Capital IQ Barclays Credit Suisse Sanford C. Bernstein & Co Stifel William Blair & Co Argus Research Corp JPMorgan FBR Capital Markets Portales Partners Wells Fargo Securities, LLC Piper Jaffray Sterne, Agee & Leach EVA Dimensions Meredith Whitney Advisory Group

Portfolio Name n/a n/a n/a n/a n/a DAVIS SELECTED ADVIS T ROWE PRICE ASSOCIA n/a BARROW HANLEY MEWHIN NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL FISHER INVESTMENTS FIRST EAGLE INVESTME TIAA-CREF INVESTMENT n/a n/a NORGES BANK EGERTON CAPITAL LIMI BANK OF AMERICA

Analyst SAMEER GOKHALE SANJAY SAKHRANI DAVID HOCHSTIM BRADLEY BALL JIM SHANAHAN BEN CHITTENDEN BETSY L GRASECK JAMES E FRIEDMAN RYAN M. NASH JASON ARNOLD CHRISTOPHER R DONAT BILL CARCACHE DANIEL FURTADO DAVID B HILDER KAZUKI WATANABE DAVID W DARST SONIA PARECHANIAN MARK C DEVRIES MOSHE A ORENBUCH JOHN E MCDONALD CHRISTOPHER C BRENDLER ROBERT P NAPOLI DAVID RITTER RICHARD SHANE JR SCOTT VALENTIN WILLIAM H RYAN JOEL HOUCK MICHAEL J GRONDAHL HENRY J COFFEY JR AUSTIN BURKETT MEREDITH A WHITNEY

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

Recommendation neutral outperform neutral equalweight hold market perform Equalwt/Attractive neutral neutral/attractive underperform hold buy hold buy outperform neutral strong buy equalweight underperform market perform hold outperform buy underweight market perform underperform market perform neutral not rated hold hold

Amt Held 151'610'700 129'013'976 55'302'094 47'938'837 46'580'692 37'779'862 27'646'277 26'051'205 21'800'089 17'320'271 14'545'102 13'132'368 10'867'290 10'024'245 9'850'698 9'311'556 8'709'373 7'962'831 7'202'820 7'104'851

% Out 14.05 11.96 5.13 4.44 4.32 3.5 2.56 2.41 2.02 1.61 1.35 1.22 1.01 0.93 0.91 0.86 0.81 0.74 0.67 0.66

Weighting

Change

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

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

Latest Chg (1'085'084) (248'564) 2'824'795 1'365'370 (2'157'765) (2'006'793) 6'109'014 (2'841'094) (78'634) 1'537'162 (949'310) 60'244 60'900 892'572 470'910 (2'051'880) (1'538'400) 469'547

Target Price 77 87 85 76 #N/A N/A #N/A N/A 75 80 82 61 78 89 75 85 81 75 96 82 71 78 #N/A N/A #N/A N/A 85 70 80 #N/A N/A #N/A N/A 77 #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 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 02.10.2013 Investment Advisor 30.06.2013 Investment Advisor 03.10.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor

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

Date 04.10.2013 03.10.2013 03.10.2013 02.10.2013 27.09.2013 26.09.2013 23.09.2013 23.09.2013 17.09.2013 17.09.2013 16.09.2013 09.09.2013 06.09.2013 22.08.2013 19.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 07.08.2013 06.08.2013 01.08.2013 23.07.2013 18.07.2013 18.07.2013 18.07.2013 17.07.2013 17.07.2013 15.01.2013 15.01.2013 17.10.2012

04.10.2013

Diageo PLC Diageo plc produces, distills and markets alcoholic beverages. The Company offers a wide range of branded beverages, including vodkas, whiskeys, tequilas, gins, and beer.

Price/Volume 2500

12.0 M

2000

10.0 M 8.0 M

1500

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (17.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DGE LN EQUITY YTD Change DGE LN EQUITY YTD % CHANGE

1000

06/2013 01/yy 2'152.50 1'741.00 592'504.00 1943.5 -9.57% 11.63% 49.82% 2'510.3 48'788.14 10'091.00 0.0 1'071.0 1'772.00 58'178.14

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

0 o-12

2.0 M

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

.0 M o-13

s-13

Fiscal Year Ended 30.06.2009 9'311.0 3.27x 2'777.0 10.96x 1'605.0 13.51x

4.0 M

500

30.06.2010 30.06.2011 9'780.0 9'936.0 3.57x 3.98x 2'984.0 3'232.0 11.70x 12.24x 1'629.0 1'900.0 15.99x 16.71x Profitability

30.06.2012 10'762.0 4.68x 3'826.0 13.16x 1'942.0 21.00x

30.06.2013 11'433.0 4.94x 3'931.0 14.36x 2'485.0 18.93x 3'931.00 3'528.00 30.86% 27.32% 10.48% 39.37% 17.90% 0.48% 60.9% 34.4% 30.9% 21.7% 1.55 0.69 40.24% 143.42% 6.01 1.09

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.44 0.73 2'507.04 11.76% 11.32% 0.730 35 4.143 4'215'735 3'385'246 3'376'813 FY+2

06/14 Y 06/15 Y 12'240.2 13'273.0 4.70x 4.26x 4'182.7 4'581.7 13.91x 12.70x 2'833.3 3'130.5 17.32x 15.64x S&P Issuer Ratings

FQ+1

FQ+2

01.09.2005 ASTABLE 01.09.2005 A-2 7.83 6.55 2.12 2.57 143.4% 55.5% 0.48 3.55 60.75 333.85 83.87 310.73

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 02.07.2010

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

04.10.2013

Diageo PLC Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN SUN LIFE FINANCIAL I LEGAL & GENERAL VANGUARD GROUP INC SCOTTISH WIDOWS NORGES BANK NORGES BANK INVESTME FIL LIMITED UBS AG STATE STREET CORP MORGAN STANLEY HARBOR CAPITAL ADVIS PEOPLES REPUBLIC OF Northern Cross Inter BARCLAYS GLOBAL INVE CASCADE INVESTMENT L AXA CREDIT SUISSE AG DIAGEO PLC ESOP

Firm Name

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

Analyst

Kepler Cheuvreux LAETITIA DELAYE Grupo Santander ANTHONY J BUCALO Numis Securities Ltd WYN ELLIS Oriel Securities Ltd CHRIS WICKHAM AlphaValue ISABELLE COMBEMALE Goldman Sachs MITCHELL COLLETT Canaccord Genuity Corp EDDY HARGREAVES Nomura IAN SHACKLETON Raymond James HERMINE DE BENTZMANN Liberum Capital Ltd PABLO ZUANIC Credit Suisse SANJEET AUJLA Day by Day VALERIE GASTALDY Exane BNP Paribas JAVIER GONZALEZ LASTRA Sanford C. Bernstein & Co TREVOR STIRLING RBC Capital Markets JAMES EDWARDES JONES HSBC CEDRIC BESNARD JPMorgan MATTHEW WEBB Redburn Partners CHRIS PITCHER Shore Capital Stockbrokers PHIL CARROLL Independent Research GmbH LARS LUSEBRINK Societe Generale NICOLAS CERON Deutsche Bank HAROLD THOMPSON Natixis OLIVIER DELAHOUSSE Barclays SIMON HALES EVA Dimensions CRAIG STERLING Jefferies DIRK VAN VLAANDEREN Stifel MARK D SWARTZBERG Berenberg Bank PHILIP MORRISEY S&P Capital IQ CARL SHORT Espirito Santo Investment Bank Research ALEX SMITH Investec MARTIN DEBOO UBS MELISSA EARLAM National Bank AG STEFFEN MANSKE

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

Recommendation buy hold add buy reduce buy/attractive hold buy outperform hold outperform hold neutral outperform sector perform neutral overweight buy hold hold hold buy buy overweight hold buy buy buy buy buy hold neutral buy

Amt Held 147'296'928 138'861'163 109'650'695 101'592'328 74'765'260 68'917'166 51'673'621 51'504'767 51'007'166 43'110'326 40'489'083 38'992'784 38'858'938 38'833'995 33'451'519 28'946'011 27'516'958 25'628'057 22'587'421 20'207'977

% Out 5.87 5.53 4.37 4.05 2.98 2.75 2.06 2.05 2.03 1.72 1.61 1.55 1.55 1.55 1.33 1.15 1.1 1.02 0.9 0.8

Weighting

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

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

Latest Chg (6'547'300) 1'838'901 (316'680) 8'063'886 2'608'342 (932'957) (6'065'267) (9'094'156) 124'731 (3'923'273) 63'368 206'762 661'040 (1'510'311) 586'361 (578'334)

Target Price 2'180 2'050 2'200 2'250 1'963 2'660 1'950 2'350 2'300 #N/A N/A 2'350 #N/A N/A 2'010 2'410 2'000 2'200 2'200 #N/A N/A #N/A N/A 2'300 2'150 2'200 2'400 2'250 #N/A N/A 2'300 2'400 2'250 2'270 2'250 1'970 2'050 2'100

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

File Dt 02.10.2013 15.07.2013 31.08.2013 31.07.2013 31.08.2013 31.08.2013 31.12.2012 01.06.2013 01.06.2013 03.10.2013 03.10.2013 30.06.2013 30.06.2013 01.06.2013 01.06.2013 28.06.2013 01.06.2013 30.06.2013 01.06.2013 01.06.2013

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

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

Date 04.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 02.10.2013 02.10.2013 30.09.2013 27.09.2013 27.09.2013 25.09.2013 25.09.2013 25.09.2013 19.09.2013 13.09.2013 09.09.2013 28.08.2013 20.08.2013 08.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 03.07.2013 07.05.2013 10.04.2013 31.01.2013

04.10.2013

3M Co 3M Co. conducts operations in electronics, telecommunications, industrial, consumer and office, health care, safety, and other markets. The Company's businesses share technologies, manufacturing operations, brands, marketing channels, and other resources. 3M serves customers in countries located around the world.

Price/Volume 140

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

120 100 80

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MMM US EQUITY YTD Change MMM US EQUITY YTD % CHANGE

12/2012 06/yy 122.27 86.74 2'525'828.00 118.55 -3.04% 36.67% 89.53% 683.5 81'025.14 6'001.00 0.0 465.0 5'693.00 81'620.14

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

20 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 25'269.0 1.76x 6'394.0 6.96x 3'460.0 11.13x

31.12.2009 31.12.2010 23'123.0 26'662.0 2.61x 2.33x 5'971.0 7'038.0 10.11x 8.84x 3'193.0 4'085.0 18.29x 14.89x Profitability

LTM-4Q 31.12.2011 29'611.0 1.95x 7'414.0 7.80x 4'283.0 13.48x

31.12.2012 29'904.0 2.16x 7'771.0 8.31x 4'444.0 14.72x 7'771.00 6'483.00 21.68% 21.24% 13.27% 26.12% 19.66% 0.90% 47.5% 25.7% 21.4% 14.9% 2.20 1.39 17.71% 34.15% 6.80 4.20

Price/ Cash Flow

LTM

06/yy 29'640.0 7.94x 7'569.0 8.29x 4'334.0 14.43x

06/yy 30'270.0 9.19x 7'794.0 9.67x 4'478.0 17.10x

FY+1

2.07 0.91 682.57 11.13 29.49% 29.93% 0.910 22 3.818 2'114'325 2'419'161 2'316'757 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 30'892.6 32'505.0 7'853.4 7'670.5 2.74x 2.58x 10.78x 11.06x 8'054.1 8'632.1 2'164.9 2'032.1 10.13x 9.46x 9.83x 9.37x 4'644.8 5'013.8 1'222.0 1'103.2 17.71x 16.09x 16.91x 16.50x S&P Issuer Ratings

18.03.2009 AASTABLE 23.11.1981 A-1+ 40.06 32.41 0.02 0.76 34.1% 25.0% 0.90 3.78 53.69 86.90 41.89 94.45

Sales/Revenue/Turnover

16.00

35'000.0

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

3M Co Holdings By:

All

Holder Name STATE STREET CORP BLACKROCK VANGUARD GROUP INC SUN LIFE FINANCIAL I T ROWE PRICE ASSOCIA FMR LLC STATE FARM MUTUAL AU NORTHERN TRUST CORPO BANK OF AMERICA CORP WELLINGTON MANAGEMEN FIDUCIARY MANAGEMENT WELLS FARGO & COMPAN BANK OF NEW YORK MEL US BANCORP FIRST EAGLE INVESTME JP MORGAN STATE FARM MUTUAL AU NORGES BANK MORGAN STANLEY GRANTHAM MAYO VAN OT

Firm Name William Blair & Co Sanford C. Bernstein & Co Edward Jones Jefferies JPMorgan Langenberg & Co Argus Research Corp EVA Dimensions UBS FBR Capital Markets Nomura Morgan Stanley Credit Suisse Hilliard Lyons Barclays Deutsche Bank Erste Group Goldman Sachs Tigress Financial Partners S&P Capital IQ

Portfolio Name n/a n/a n/a n/a T ROWE PRICE ASSOCIA n/a STATE FARM MUTUAL AU NORTHERN TRUST CORPO BANK OF AMERICA WELLINGTON MANAGEMEN FIDUCIARY MANAGEMENT n/a BANK OF NEW YORK MEL US BANCORP FIRST EAGLE INVESTME n/a STATE FARM MUTUAL AU NORGES BANK n/a GRANTHAM MAYO VAN OT

Analyst NICHOLAS P HEYMANN STEVEN E WINOKER MATT ARNOLD LAURENCE ALEXANDER CHARLES STEPHEN TUSA BRIAN KEITH LANGENBERG NATHANIEL GABRIEL CRAIG STERLING JASON D FELDMAN AJAY K KEJRIWAL SHANNON O'CALLAGHAN NIGEL COE JOHN P MCNULTY STEPHEN A O'NEIL SCOTT R DAVIS DAVID I BEGLEITER HANS ENGEL JOSEPH RITCHIE IVAN FEINSETH RICHARD TORTORIELLO

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

Recommendation market perform market perform buy buy underweight hold hold overweight buy outperform neutral Equalwt/In-Line neutral long-term buy equalweight hold buy neutral/neutral buy buy

Amt Held 51'797'154 41'003'437 36'790'378 20'152'816 11'757'610 11'234'023 11'131'700 10'203'276 9'521'546 9'145'855 9'115'422 7'816'260 7'678'554 6'681'505 5'885'651 5'494'744 5'420'474 5'326'652 4'869'773 4'650'451

% Out 7.58 6 5.38 2.95 1.72 1.64 1.63 1.49 1.39 1.34 1.33 1.14 1.12 0.98 0.86 0.8 0.79 0.78 0.71 0.68

Weighting

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

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

Latest Chg 557'779 (898'894) 1'828'321 734'105 (2'007'155) 1'610'563 100'355 11'557 (237'885) 1'943'549 (145'230) (89'908) (273'762) 150'500 (924'782) (628) 1'409'466 565'820

Target Price 114 127 #N/A N/A 140 120 110 #N/A N/A #N/A N/A 128 127 120 118 120 125 110 125 #N/A N/A 112 #N/A N/A 110

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

File Dt Inst Type 03.10.2013 Investment Advisor 02.10.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Insurance Company 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 30.06.2013 Insurance Company 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 02.10.2013 27.09.2013 25.09.2013 20.09.2013 11.09.2013 03.09.2013 12.08.2013 05.08.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 01.07.2013 26.04.2013 06.03.2013 06.02.2013

04.10.2013

Facebook Inc Facebook Inc. operates a social networking website. The Company's website allows people to communicate with their family, friends, and coworkers. Facebook develops technologies that facilitate the sharing of information, photographs, website links, and videos. Facebook users have the ability to share and restrict information based on their own specific criteria.

Price/Volume 60

300.0 M

12/2012 06/yy 51.60 18.80 82'045'323.00 49.183 -4.68% 161.61% 92.63% 1'817.5 119'776.34 2'356.00 0.0 0.0 9'626.00 111'691.34

200.0 M 150.0 M

100.0 M 10 0 o-12

50.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

.0 M o-13

Fiscal Year Ended 31.12.2009 31.12.2010 777.0 1'974.0 340.0 1'171.0 122.0 372.0 Profitability

LTM-4Q 31.12.2011 3'711.0 2'079.0 668.0 -

31.12.2012 5'089.0 10.98x 1'187.0 47.07x 32.0 2661.97x 1'187.00 538.00 10.57% 9.71% 3.61% 4.31% 4.03% 0.40% 73.2% 44.1% 30.0% 0.6% 10.71 9.83 15.60% 20.04% 9.04 -

Price/ Cash Flow

06/yy 4'327.0 13.20x 1'049.0 54.46x 432.0 124.38x

LTM 06/yy 6'118.0 32.71x 2'698.0 19.42x 553.0 108.17x

FY+1

0.00 1'766.91 27.05 125.30% 84.76% 46 4.543 84'899'864 76'193'008 70'328'952 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 7'368.2 9'769.1 1'896.1 2'204.0 15.00x 11.11x 58.46x 50.09x 4'067.5 5'352.5 1'022.8 1'210.6 27.46x 20.87x 24.33x 22.88x 1'767.9 2'445.6 445.1 542.4 68.88x 50.86x 59.91x 55.89x S&P Issuer Ratings

23.27 -0.94 -3.00 0.80 20.0% 16.7% 0.40 2.61 40.36 11.19 -

Sales/Revenue/Turnover

60.00

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 01.01.2010

250.0 M

Latest Fiscal Year: LTM as of: 52-Week High (30.09.2013) 52-Week Low (19.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FB US EQUITY YTD Change FB US EQUITY YTD % CHANGE

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

350.0 M

Valuation Analysis

31.12.2008 272.0 (56.0) -

400.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Facebook Inc Holdings By:

All

Holder Name FMR LLC VANGUARD GROUP INC BLACKROCK MORGAN STANLEY INVESCO LTD SANDS CAPITAL MANAGE T ROWE PRICE ASSOCIA STATE STREET CORP JENNISON ASSOCIATES BAILLIE GIFFORD AND UBS AG PARAMETRIC RISK ADVI ALLIANZ ASSET MANAGE AMERIPRISE FINANCIAL CAPITAL GROUP COMPAN SANDBERG SHERYL KARA NEW YORK LIFE INVEST MERITECH CAPITAL ASS WELLINGTON MANAGEMEN LONE PINE CAPITAL LL

Firm Name Robert W. Baird & Co William Blair & Co Macquarie CRT Capital Group Topeka Capital Markets Inc Pivotal Research Group LLC Susquehanna Financial Group Deutsche Bank Janney Montgomery Scott LLC Cantor Fitzgerald Goldman Sachs UBS Jefferies Sanford C. Bernstein & Co JPMorgan Stifel Canaccord Genuity Corp Oppenheimer & Co Sterne, Agee & Leach Cowen and Company Wedbush Argus Research Corp BMO Capital Markets SunTrust Robinson Humphrey RBC Capital Markets Wells Fargo Securities, LLC Morgan Stanley Edward Jones Wedge Partners Oracle Investment Research S&P Capital IQ Needham & Co Pacific Crest Securities Raymond James Investcafe LLC Evercore Partners Daiwa Securities Co. Ltd. JMP Securities EVA Dimensions Piper Jaffray Credit Suisse Telsey Advisory Group Lazard Capital Markets

Portfolio Name n/a n/a n/a n/a n/a SANDS CAPITAL MANAGE T ROWE PRICE ASSOCIA n/a JENNISON ASSOCIATES BAILLIE GIFFORD & CO n/a PARAMETRIC RISK ADVI n/a AMERIPRISE FINANCIAL n/a n/a Multiple Portfolios n/a WELLINGTON MANAGEMEN LONE PINE CAPITAL LL

Analyst COLIN SEBASTIAN RALPH SCHACKART BENJAMIN A SCHACHTER NEIL A DOSHI VICTOR ANTHONY BRIAN WIESER BRIAN NOWAK ROSS SANDLER TONY WIBLE YOUSSEF H SQUALI HEATHER BELLINI ERIC J SHERIDAN BRIAN J PITZ CARLOS KIRJNER DOUGLAS ANMUTH JORDAN ROHAN MICHAEL GRAHAM JASON S HELFSTEIN ARVIND BHATIA JOHN BLACKLEDGE MICHAEL PACHTER JOSEPH F BONNER DANIEL SALMON ROBERT S PECK MARK S MAHANEY PETER STABLER SCOTT W DEVITT JOSH OLSON MARTIN PYYKKONEN LAURENCE BALTER SCOTT H KESSLER LAURA A MARTIN EVAN S WILSON AARON M KESSLER TIMUR NIGMATULLIN KEN SENA KAZUYA NISHIMURA RONALD V JOSEY III ANDREW S ZAMFOTIS EUGENE E MUNSTER STEPHEN JU THOMAS FORTE WILLIAM BIRD

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

Recommendation outperform outperform outperform buy buy hold neutral buy buy buy buy/attractive buy buy market perform overweight buy buy outperform buy outperform outperform hold outperform buy outperform outperform Overwt/Attractive buy no rating system hold hold buy sector perform strong buy buy overweight outperform market outperform overweight overweight neutral no rating system neutral

Amt Held 75'812'359 46'160'109 44'779'970 42'269'751 36'421'901 35'724'981 30'798'011 27'164'741 24'583'587 23'690'777 22'804'893 20'475'434 20'173'176 17'385'711 14'648'220 13'809'424 12'532'268 12'014'344 11'010'828 9'864'619

% Out 4.17 2.54 2.46 2.33 2 1.97 1.69 1.49 1.35 1.3 1.25 1.13 1.11 0.96 0.81 0.76 0.69 0.66 0.61 0.54

Weighting

Change

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

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

Latest Chg 1'547'642 4'531'884 13'613'695 (4'067'582) 7'666'137 690'411 (13'277'813) 11'817'372 3'699'872 288'482 (2'315'856) 10'003'334 5'300'204 (166'501) (5'250'000) (176'249) 8'851'850 (4'254'514) (1'254'204) 9'864'619

Target Price 50 #N/A N/A 62 52 47 48 50 62 50 40 58 60 60 40 53 50 60 54 50 53 49 #N/A N/A 50 55 52 #N/A N/A 45 #N/A N/A #N/A N/A 42 44 37 #N/A N/A 38 36 45 41 38 #N/A N/A 46 36 41 #N/A N/A

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

File Dt Inst Type 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 02.10.2013 Investment Advisor 30.06.2013 Investment Advisor 03.10.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 03.10.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Unclassified 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 25.09.2013 n/a 31.07.2013 Insurance Company 30.06.2013 Venture Capital 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager

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

Date 03.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 02.10.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 20.09.2013 18.09.2013 16.09.2013 13.09.2013 13.09.2013 12.09.2013 12.09.2013 05.09.2013 05.09.2013 05.09.2013 05.09.2013 29.08.2013 28.08.2013 22.08.2013 20.08.2013 20.08.2013 19.08.2013 16.08.2013 16.08.2013 08.08.2013 05.08.2013 25.07.2013 25.07.2013 24.07.2013

04.10.2013

Occidental Petroleum Corp Occidental Petroleum Corporation explores for, develops, produces, and markets crude oil and natural gas. The Company also manufactures and markets a variety of basic chemicals, vinyls and performance chemicals. Occidental also gathers, treats, processes, transports, stores, trades and markets crude oil, natural gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OXY US EQUITY YTD Change OXY US EQUITY YTD % CHANGE

12/2012 06/yy 95.57 72.43 3'619'744.00 94.4 -1.22% 30.34% 94.94% 805.8 76'064.12 7'623.00 0.0 32.0 1'592.00 80'718.12

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

31.12.2009 31.12.2010 14'814.0 19'045.0 4.58x 4.32x 7'755.0 10'816.0 8.75x 7.61x 2'915.0 4'530.0 20.11x 17.21x Profitability

14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M n-12

LTM-4Q 31.12.2011 23'939.0 3.26x 14'168.0 5.51x 6'771.0 11.53x

31.12.2012 24'172.0 2.80x 13'701.0 4.95x 4'598.0 10.79x 13'701.00 9'190.00 38.02% 32.07% 6.66% 10.79% 9.24% 0.36% 46.1% 56.3% 35.8% 19.0% 1.30 0.89 11.87% 19.05% 4.71 9.43

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 24'076.0 12.04x 13'968.0 5.20x 6'292.0 11.09x

06/yy 23'970.0 11.96x 13'488.0 5.68x 4'388.0 13.09x

a-13 m-13

j-13

a-13

s-13

FY+1

2.50 1.32 794.51 7.75 16.14% 25.94% 1.318 29 4.448 3'523'874 3'551'696 3'564'401 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 24'670.9 25'321.5 6'276.5 5'839.0 3.28x 3.11x 12.94x 13.90x 14'673.2 15'594.0 3'803.6 3'761.0 5.50x 5.18x 5.45x 5.48x 5'704.8 5'993.4 1'516.1 1'547.8 13.27x 12.62x 12.44x 12.47x S&P Issuer Ratings

23.06.2008 A STABLE 23.06.2008 A-1 105.39 26.73 0.34 0.57 19.0% 16.0% 0.36 0.46 77.51 38.71 148.04 -25.72

Sales/Revenue/Turnover

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

16.0 M

Fiscal Year Ended 31.12.2008 24'217.0 2.05x 14'622.0 3.39x 6'857.0 6.70x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Occidental Petroleum Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP CAPITAL GROUP COMPAN FMR LLC BANK OF NEW YORK MEL BARROW HANLEY MEWHIN WELLINGTON MANAGEMEN JP MORGAN SUN LIFE FINANCIAL I NORTHERN TRUST CORPO NEUBERGER BERMAN LLC ROBECO UBS AG BANK OF AMERICA CORP AMERICAN CENTURY COM IRANI RAY R INVESCO LTD DAVIS SELECTED ADVIS AMERIPRISE FINANCIAL

Firm Name ISI Group Deutsche Bank Societe Generale Oppenheimer & Co Wells Fargo Securities, LLC Susquehanna Financial Group Howard Weil Inc Morgan Stanley Simmons & Company International Raymond James Goldman Sachs RBC Capital Markets Guggenheim Securities LLC Edward Jones Sterne, Agee & Leach Argus Research Corp Capital One Southcoast, Inc. Macquarie Spin-Off Research Barclays Credit Suisse UBS JPMorgan Cowen and Company S&P Capital IQ Tudor Pickering & Co EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a BANK OF NEW YORK MEL BARROW HANLEY MEWHIN WELLINGTON MANAGEMEN n/a n/a NORTHERN TRUST CORPO NEUBERGER BERMAN GRO n/a n/a BANK OF AMERICA AMERICAN CENTURY COM n/a n/a DAVIS SELECTED ADVIS AMERIPRISE FINANCIAL

Analyst DOUGLAS T TERRESON PAUL SANKEY JOHN HERRLIN FADEL GHEIT ROGER D READ DUANE GRUBERT PETER KISSEL J EVAN CALIO GUY BABER PAVEL MOLCHANOV ARJUN N MURTI LEO P MARIANI ROBERT CORDRAY BRIAN YOUNGBERG TIM A REZVAN JONATHAN GELCIUS BRIAN T VELIE JASON D GAMMEL TEAM COVERAGE THOMAS R DRISCOLL EDWARD WESTLAKE WILLIAM A FEATHERSTON KATHERINE LUCAS MINYARD ASIT SEN MICHAEL KAY MATTHEW PORTILLO CRAIG STERLING

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

Recommendation strong buy buy buy outperform outperform Positive sector outperform Equalwt/Attractive overweight outperform buy/attractive sector perform buy buy neutral buy add neutral buy equalweight outperform neutral overweight outperform buy buy overweight

Amt Held 47'782'555 43'970'762 34'770'366 28'864'136 28'458'444 18'644'454 16'302'226 16'021'000 13'454'035 12'865'096 11'517'808 10'936'849 10'088'327 8'839'202 8'712'648 8'314'287 7'929'622 7'688'871 7'226'766 6'855'170

% Out 5.93 5.46 4.32 3.58 3.53 2.31 2.02 1.99 1.67 1.6 1.43 1.36 1.25 1.1 1.08 1.03 0.98 0.95 0.9 0.85

Weighting

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

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

Latest Chg (2'957'601) 1'080'263 (752'262) 16'390'940 2'754'067 3'257'183 1'862'566 (5'620'299) (746'449) (361'003) 99'210 1'230'291 (825'278) 1'902'830 172'947 3'211'788 (49'245) (118'251) (1'615'176) 2'330'231

Target Price 105 109 115 115 #N/A N/A 115 111 93 #N/A N/A 100 105 90 110 #N/A N/A #N/A N/A 100 114 92 99 93 110 94 108 110 103 107 #N/A N/A

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

File Dt 02.10.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 21.12.2012 03.10.2013 30.06.2013 30.06.2013

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

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

Date 03.10.2013 02.10.2013 01.10.2013 27.09.2013 27.09.2013 27.09.2013 24.09.2013 23.09.2013 23.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 09.09.2013 22.08.2013 13.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 28.05.2013 28.02.2013

04.10.2013

Comcast Corp Comcast Corporation provides media and television broadcasting services. The Company offers video streaming, television programming, high-speed internet, cable television, and communication services. Comcast serves customers worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.08.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CMCSA US EQUITY YTD Change CMCSA US EQUITY YTD % CHANGE

12/2012 06/yy 46.33 34.94 9'594'738.00 45.01 -2.84% 28.82% 88.45% 2'133.6 117'149.27 40'458.00 0.0 17'438.0 12'415.00 159'892.28

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

31.12.2009 31.12.2010 35'756.0 37'937.0 2.14x 2.28x 13'714.0 14'596.0 5.58x 5.93x 3'638.0 3'635.0 15.29x 16.80x Profitability

50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M n-12

LTM-4Q 31.12.2011 55'842.0 2.12x 18'357.0 6.44x 4'160.0 15.02x

31.12.2012 62'570.0 2.30x 19'977.0 7.21x 6'203.0 19.43x 19'977.00 12'179.00 19.46% 18.55% 4.33% 14.05% 9.93% 0.41% 68.1% 32.4% 20.0% 9.9% 1.20 1.07 24.52% 81.97% 12.95 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

06/yy 59'470.0 8.38x 19'182.0 7.04x 4'767.0 18.22x

06/yy 64'061.0 9.23x 20'744.0 7.34x 6'802.0 19.46x

FY+1

1.59 1.01 2'131.22 23.72 26.64% 22.15% 1.012 34 4.529 12'161'988 10'105'105 10'375'500 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 64'508.7 68'487.6 16'249.1 16'676.1 2.75x 2.56x 10.03x 9.73x 21'240.8 22'566.1 5'261.0 5'520.7 7.53x 7.09x 7.30x 7.18x 6'549.4 7'366.5 1'644.4 1'767.5 18.35x 15.97x 17.14x 16.73x S&P Issuer Ratings

14.02.2013 APOS 25.05.2004 A-2 7.92 5.66 2.00 2.25 82.0% 37.7% 0.41 2.32 28.19 82.61 -

Sales/Revenue/Turnover

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00 5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 01.01.2010

60.0 M

Fiscal Year Ended 31.12.2008 34'423.0 2.33x 13'132.0 6.10x 2'547.0 18.55x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Comcast Corp Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN FMR LLC VANGUARD GROUP INC STATE STREET CORP DODGE & COX WELLINGTON MANAGEMEN INVESCO LTD JP MORGAN DODGE & COX WORLDWID BANK OF NEW YORK MEL NORTHERN TRUST CORPO BROWN BROTHERS HARRI TIAA CREF INVESTMENT NORGES BANK VIKING GLOBAL INVEST LANSDOWNE PARTNERS L DIMENSIONAL FUND ADV BANK OF NOVA SCOTIA T ROWE PRICE ASSOCIA

Firm Name Brean Capital LLC Evercore Partners ISI Group Atlantic Equities LLP Wells Fargo Securities, LLC Oppenheimer & Co Robert W. Baird & Co Barclays Pivotal Research Group LLC RBC Capital Markets Deutsche Bank Morgan Stanley Argus Research Corp JPMorgan Jefferies Macquarie Wunderlich Securities Nomura Credit Suisse UBS Edward Jones Janney Montgomery Scott LLC Pacific Crest Securities Raymond James Stifel Scotia Capital Guggenheim Securities LLC S&P Capital IQ Maxim Group LLC Goldman Sachs Wedge Partners Telsey Advisory Group EVA Dimensions New Street Research

Portfolio Name n/a n/a n/a n/a n/a DODGE & COX WELLINGTON MANAGEMEN n/a n/a Multiple Portfolios BANK OF NEW YORK MEL NORTHERN TRUST CORPO BROWN BROTHERS HARRI TIAA-CREF INVESTMENT NORGES BANK VIKING GLOBAL INVEST LANSDOWNE PARTNERS L n/a n/a T ROWE PRICE ASSOCIA

Analyst TODD MITCHELL BRYAN KRAFT VIJAY JAYANT CHRISTOPHER WATTS MARCI RYVICKER TIMOTHY K HORAN WILLIAM V POWER KANNAN VENKATESHWAR JEFFREY WLODARCZAK JONATHAN ATKIN DOUGLAS D MITCHELSON BENJAMIN SWINBURNE JOSEPH F BONNER PHILIP CUSICK THOMAS O SEITZ AMY YONG MATTHEW HARRIGAN MICHAEL L MCCORMACK MICHAEL SENNO JOHN C HODULIK DAVID HEGER TONY WIBLE ANDY HARGREAVES FRANK G LOUTHAN CHRISTOPHER C KING JEFFREY FAN SABINA NYCKOWSKI TUNA AMOBI JOHN TINKER JASON ARMSTRONG MARTIN PYYKKONEN JAISON BLAIR CRAIG STERLING CHARLES GAYNOR

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

Recommendation buy overweight buy overweight outperform outperform outperform overweight buy outperform buy Equalwt/In-Line hold overweight buy neutral buy buy outperform buy buy buy sector perform strong buy buy sector outperform neutral buy buy buy/attractive no rating system no rating system underweight neutral

Amt Held 152'681'391 142'417'011 116'642'514 112'988'256 101'380'482 62'251'273 46'398'200 46'058'308 45'853'754 38'504'049 35'429'598 34'261'885 24'770'524 23'752'422 22'993'590 21'951'155 20'435'365 19'932'677 19'810'232 18'684'154

% Out 7.16 6.67 5.47 5.3 4.75 2.92 2.17 2.16 2.15 1.8 1.66 1.61 1.16 1.11 1.08 1.03 0.96 0.93 0.93 0.88

Weighting

Change

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

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

Latest Chg 661'305 (22'695'424) (9'582'234) 2'869'146 2'619'979 (1'991'462) (8'035'337) (3'117'714) 3'944'136 383'101 110'984 1'000'850 (2'415'065) 6'965'300 5'098'721 (149'773) (224'057) (1'013'665)

Target Price 50 53 50 53 #N/A N/A 52 54 50 56 50 52 46 #N/A N/A 51 55 48 58 50 52 50 #N/A N/A 54 #N/A N/A 52 47 51 47 50 56 52 #N/A N/A 49 #N/A N/A 40

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

File Dt Inst Type 02.10.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 03.10.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 03.10.2013 Investment Advisor 31.07.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Hedge Fund Manager 30.06.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 31.07.2013 Bank 30.06.2013 Investment Advisor

Date 12 month 12 month 12 month 12 month Not Provided 18 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 15 month 12 month 12 month 18 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided

Date 03.10.2013 02.10.2013 29.09.2013 27.09.2013 25.09.2013 24.09.2013 21.08.2013 16.08.2013 08.08.2013 07.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 26.07.2013 15.07.2013 02.05.2013 02.05.2013 13.02.2013

04.10.2013

Boeing Co/The The Boeing Company, together with its subsidiaries, develops, produces, and markets commercial jet aircraft, as well as provides related support services to the commercial airline industry worldwide. The Company also researches, develops, produces, modifies, and supports information, space, and defense systems, including military aircraft, helicopters and space and missile systems.

Price/Volume 140

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

120 100 80

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (07.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BA US EQUITY YTD Change BA US EQUITY YTD % CHANGE

12/2012 06/yy 120.38 69.30 4'456'126.00 115.24 -4.27% 66.29% 89.94% 754.4 86'942.16 10'409.00 0.0 100.0 13'558.00 82'301.16

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

20 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 60'909.0 0.56x 5'437.0 6.26x 2'672.0 6.87x

31.12.2009 31.12.2010 68'281.0 64'306.0 0.60x 0.78x 3'786.0 6'692.0 10.86x 7.47x 1'312.0 3'307.0 28.31x 15.41x Profitability

LTM-4Q 31.12.2011 68'735.0 0.81x 7'480.0 7.46x 4'018.0 15.38x

31.12.2012 81'698.0 0.66x 8'118.0 6.64x 3'900.0 14.76x 8'118.00 6'307.00 7.72% 7.23% 4.84% 63.08% 26.24% 0.96% 16.0% 9.9% 7.7% 4.8% 1.27 0.43 11.71% 177.42% 12.81 1.86

Price/ Cash Flow

LTM

06/yy 76'670.0 2.84x 8'121.0 7.00x 4'381.0 14.19x

06/yy 83'018.0 2.91x 8'237.0 8.81x 4'204.0 18.91x

FY+1

1.61 1.04 751.14 9.39 68.70% 55.41% 1.040 29 4.586 3'419'443 4'030'779 4'984'491 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 84'903.7 92'663.5 21'678.9 22'579.1 0.99x 0.88x 3.90x 3.67x 8'400.1 9'521.8 2'014.4 2'075.5 9.80x 8.64x 9.56x 9.15x 4'439.3 5'119.5 991.7 1'005.0 17.87x 16.01x 17.24x 16.30x S&P Issuer Ratings

29.07.2009 A STABLE 05.02.2002 A-1 15.12 11.95 -0.58 1.16 177.4% 63.6% 0.96 8.62 28.50 196.12 47.81 170.08

Sales/Revenue/Turnover

30.00

90'000.0 80'000.0

25.00

70'000.0 60'000.0

20.00

50'000.0 15.00

40'000.0 30'000.0

10.00

20'000.0 5.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Boeing Co/The Holdings By:

All

Holder Name CAPITAL GROUP COMPAN EVERCORE TRUST COMPA BLACKROCK VANGUARD GROUP INC STATE STREET CORP T ROWE PRICE ASSOCIA JENNISON ASSOCIATES NEUBERGER BERMAN LLC WELLINGTON MANAGEMEN NORTHERN TRUST CORPO GOLDMAN SACHS GROUP BANK OF NEW YORK MEL FMR LLC VIKING GLOBAL INVEST UBS AG ALLIANCE BERNSTEIN TIAA CREF INVESTMENT WELLS FARGO & COMPAN JANUS CAPITAL MANAGE GEODE CAPITAL MANAGE

Firm Name Sterne, Agee & Leach Jefferies Sanford C. Bernstein & Co Stifel Oppenheimer & Co Wells Fargo Securities, LLC Buckingham Research Group CRT Capital Group Cowen and Company D.A. Davidson & Co EVA Dimensions Deutsche Bank Edward Jones S&P Capital IQ Drexel Hamilton LLC RBC Capital Markets Goldman Sachs Morgan Stanley BB&T Capital Markets Societe Generale Argus Research Corp JPMorgan Gabelli & Co Barclays Credit Suisse UBS Tigress Financial Partners

Portfolio Name n/a EVERCORE TRUST COMPA n/a n/a n/a T ROWE PRICE ASSOCIA JENNISON ASSOCIATES NEUBERGER BERMAN GRO WELLINGTON MANAGEMEN NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL n/a VIKING GLOBAL INVEST n/a n/a TIAA-CREF INVESTMENT n/a n/a GEODE CAPITAL MANAGE

Analyst PETER J ARMENT HOWARD A RUBEL DOUGLAS S HARNED STEPHEN E LEVENSON YAIR REINER SAMUEL J PEARLSTEIN RICHARD SAFRAN MICHAEL W DERCHIN CAI VON RUMOHR JB GROH CRAIG STERLING MYLES WALTON CHRISTIAN MAYES ERIC HUGEL RICHARD WHITTINGTON ROBERT STALLARD NOAH POPONAK JOHN D GODYN F CARTER LEAKE ZAFAR KHAN NATHANIEL GABRIEL JOSEPH B NADOL III JAMES FOUNG CARTER COPELAND ROBERT M SPINGARN DAVID E STRAUSS IVAN FEINSETH

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

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

Amt Held 76'805'633 55'925'358 36'536'140 34'874'740 33'450'260 31'145'498 11'752'324 10'135'410 9'997'272 9'949'196 8'872'358 8'390'479 8'008'404 7'995'460 7'477'536 7'056'377 7'002'202 6'232'174 5'722'233 4'748'844

% Out 10.18 7.41 4.84 4.62 4.43 4.13 1.56 1.34 1.33 1.32 1.18 1.11 1.06 1.06 0.99 0.94 0.93 0.83 0.76 0.63

Weighting

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

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

Latest Chg 2'440'826 (2'460'883) 1'267'232 947'377 1'554'980 (1'063'773) 409'245 (2'281'505) 47'378 (686'450) (24'018) 1'316'937 (4'379'618) (1'233'257) 2'334'099 705'546 34'128 2'250'955 110'370

Target Price 164 124 146 140 120 #N/A N/A 136 142 140 115 #N/A N/A 130 #N/A N/A 138 130 126 131 132 110 111 120 135 #N/A N/A 120 121 107 #N/A N/A

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

File Dt Inst Type 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 02.10.2013 Investment Advisor 30.06.2013 Investment Advisor 03.10.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 31.08.2013 Unclassified 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

Date 12 month 12 month 12 month 12 month 18 month Not Provided 12 month Not Provided 12 month 18 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 15 month Not Provided Not Provided Not Provided 12 month Not Provided

Date 04.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 02.10.2013 02.10.2013 30.09.2013 20.09.2013 20.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 29.08.2013 12.08.2013 05.08.2013 29.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 18.07.2013 13.03.2013

04.10.2013

UnitedHealth Group Inc UnitedHealth Group Incorporated owns and manages organized health systems in the United States and internationally. The Company provides employers products and resources to plan and administer employee benefit programs. UnitedHealth also serves the health needs of older Americans, provides specialized care services, and provides health care information and research to providers and payers.

Price/Volume 80

15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (16.09.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UNH US EQUITY YTD Change UNH US EQUITY YTD % CHANGE

12/2012 06/yy 75.88 51.09 5'038'426.00 72.52 -4.43% 41.95% 86.45% 1'016.7 73'731.06 16'754.00 0.0 2'121.0 11'437.00 81'032.06

10.0 M

30 20

5.0 M

10 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

20.0 M

Valuation Analysis

31.12.2008 81'186.0 0.45x 6'244.0 5.85x 2'977.0 9.02x

25.0 M

31.12.2009 31.12.2010 87'138.0 94'155.0 0.40x 0.42x 7'350.0 8'928.0 4.77x 4.39x 3'822.0 4'634.0 9.41x 8.57x Profitability

LTM-4Q 31.12.2011 101'862.0 0.51x 9'588.0 5.45x 5'142.0 10.71x

31.12.2012 110'618.0 0.57x 10'563.0 5.94x 5'526.0 10.27x 10'563.00 9'254.00 8.37% 7.79% 7.07% 17.87% 13.03% 1.52% 25.2% 9.1% 7.9% 5.0% 0.78 0.52 20.71% 53.74% 36.96 -

Price/ Cash Flow

LTM

FY+1

1.27 0.85 1'000.61 17.83 29.59% 35.31% 0.849 25 4.640 3'960'633 4'213'924 4'304'970 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 105'743.0 116'819.0 122'905.8 134'318.8 30'976.5 31'321.2 2.02x 2.21x 0.67x 0.60x 2.65x 2.60x 9'893.0 10'614.0 10'759.6 11'372.7 2'941.2 2'774.6 5.87x 6.89x 7.53x 7.13x 7.37x 7.29x 5'254.0 5'429.0 5'628.8 5'874.8 1'541.6 1'443.5 11.89x 12.45x 13.17x 12.41x 12.96x 12.70x S&P Issuer Ratings Long-Term Rating Date 03.11.1998 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 16.71 (EBITDA-Capex)/Interest Exp. 15.02 Net Debt/EBITDA 0.62 Total Debt/EBITDA 1.57 Reference Total Debt/Equity 53.7% Total Debt/Capital 33.5% Asset Turnover 1.52 Net Fixed Asset Turnover 36.65 Accounts receivable turnover-days 9.88 Inventory Days Accounts Payable Turnover Day 74.66 Cash Conversion Cycle Sales/Revenue/Turnover

25.00

120'000.0 100'000.0

20.00

80'000.0 15.00

60'000.0 10.00

40'000.0

5.00

0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

UnitedHealth Group Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK FMR LLC WELLINGTON MANAGEMEN STATE STREET CORP VANGUARD GROUP INC T ROWE PRICE ASSOCIA JP MORGAN CLEARBRIDGE INVESTME NORTHERN TRUST CORPO INVESCO LTD DAVIS SELECTED ADVIS UBS AG HARRIS ASSOCIATES LP JENNISON ASSOCIATES EAGLE CAPITAL MANAGE CREDIT SUISSE AG BANK OF NEW YORK MEL UNITED HEALTHCARE IN ROBECO

Firm Name Raymond James Wells Fargo Securities, LLC BMO Capital Markets Wedbush Oppenheimer & Co Cowen and Company JPMorgan Lazard Capital Markets CRT Capital Group Jefferies Stifel Susquehanna Financial Group Barclays Argus Research Corp UBS Ameriprise Advisor Services, Inc Cantor Fitzgerald Deutsche Bank Goldman Sachs Credit Suisse S&P Capital IQ Monness, Crespi, Hardt & Co EVA Dimensions

Portfolio Name n/a n/a n/a WELLINGTON MANAGEMEN n/a n/a T ROWE PRICE ASSOCIA n/a CLEARBRIDGE INVESTME NORTHERN TRUST CORPO n/a DAVIS SELECTED ADVIS n/a HARRIS ASSOC LP JENNISON ASSOCIATES EAGLE CAPITAL MANAGE n/a BANK OF NEW YORK MEL UNITED HEALTHCARE IN n/a

Analyst MICHAEL J BAKER PETER H COSTA JENNIFER LYNCH SARAH JAMES MICHAEL WIEDERHORN CHRISTINE ARNOLD JUSTIN LAKE STEVEN P HALPER SHERYL R SKOLNICK DAVID H WINDLEY THOMAS A CARROLL CHRIS RIGG JOSHUA R RASKIN DAVID H TOUNG A J RICE E EUGENE ROBINSON JOSEPH D FRANCE SCOTT J FIDEL MATTHEW BORSCH RALPH GIACOBBE PHILLIP SELIGMAN BRIAN M WRIGHT AUSTIN BURKETT

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

Recommendation strong buy outperform outperform outperform outperform outperform overweight buy buy buy buy Positive overweight hold buy buy buy hold Buy/Neutral outperform buy buy underweight

Amt Held 93'181'336 54'208'511 51'084'750 50'420'231 49'211'250 46'283'387 32'494'780 27'502'133 25'086'466 16'478'935 16'446'385 14'750'586 14'700'129 12'591'400 11'927'404 10'971'511 10'887'126 10'821'078 9'668'800 9'492'959

% Out 9.17 5.33 5.02 4.96 4.84 4.55 3.2 2.71 2.47 1.62 1.62 1.45 1.45 1.24 1.17 1.08 1.07 1.06 0.95 0.93

Weighting

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

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

Latest Chg 5'009'888 1'284'030 6'379'894 4'318'486 436'749 (513'464) (1'298'061) 1'422'407 2'706'176 259'867 (1'572'349) 6'588'559 (1'811'138) (2'037'400) (501'760) 593'347 (16'080) (782'547) (863'693)

Target Price 82 #N/A N/A 79 85 78 75 80 81 80 82 80 81 82 #N/A N/A 81 #N/A N/A 75 68 80 77 76 75 #N/A N/A

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

File Dt 30.06.2013 02.10.2013 30.06.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 03.10.2013 30.06.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013

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

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

Date 03.10.2013 03.10.2013 01.10.2013 30.09.2013 27.09.2013 27.09.2013 23.09.2013 23.09.2013 10.09.2013 09.09.2013 09.09.2013 05.09.2013 06.08.2013 22.07.2013 19.07.2013 19.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 16.07.2013 04.06.2013

04.10.2013

Toronto-Dominion Bank/The The Toronto-Dominion Bank conducts a general banking business through banking branches and offices located throughout Canada and overseas. The Bank and other subsidiaries offer a broad range of banking, advisory services, and discount brokerage to individuals, businesses, financial institutions, governments, and multinational corporations.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.09.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TD CN EQUITY YTD Change TD CN EQUITY YTD % CHANGE

10/2012 07/yy 93.20 78.05 2'137'128.00 91.18 -2.17% 16.82% 86.67% 917.6 83'667.12 85'793.00 3'395.0 1'477.0 25'128.00 -

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

31.10.2009 31.10.2010 25'421.0 25'409.0 3'120.0 4'644.0 13.83x 12.95x Profitability

8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M n-12

LTM-4Q 31.10.2011 28'910.0 5'941.0 11.05x

31.10.2012 30'334.0 6'367.0 11.39x

31.70% 32.71% 0.80% 14.23% 5.09% 0.04% 27.5% 10.58% 194.42% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

07/yy 30'119.0 0.00x 0.0 0.00x 6'359.0 11.27x

07/yy 30'476.0 0.00x 0.0 0.00x 6'533.0 11.84x

a-13 m-13

j-13

a-13

s-13

FY+1

3.47 0.86 915.86 18.77 16.15% 13.05% 0.861 21 4.333 2'300'352 2'451'739 2'494'062 FY+2

FQ+1

FQ+2

10/13 Y 10/14 Y 10/13 Q4 01/14 Q1 24'469.1 26'660.4 6'421.9 6'482.3 6'902.9 7'676.8 1'804.3 1'888.0 12.06x 10.77x 11.02x 10.73x S&P Issuer Ratings

15.03.2007 AASTABLE 15.03.2007 A-1+ 194.4% 63.6% 0.04 6.93 -

Sales/Revenue/Turnover

70.00

35'000.0

60.00

30'000.0

50.00

25'000.0

40.00

20'000.0

30.00

15'000.0

20.00

10'000.0

10.00

5'000.0

0.00 06.11.2009

9.0 M

Fiscal Year Ended 31.10.2008 25'721.0 3'833.0 11.10x

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

0.0 06.05.2010

06.11.2010

06.05.2011

06.11.2011

06.05.2012

06.11.2012

06.05.2013

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

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

04.10.2013

Toronto-Dominion Bank/The Holdings By:

All

Holder Name ROYAL BANK OF CANADA CIBC WORLD MARKETS I BANK OF MONTREAL /CA FMR LLC THE BANK OF NOVA SCO TD ASSET MANAGEMENT BANK OF NOVA SCOTIA JARISLOWSKY FRASER L CIBC GLOBAL ASSET MA IG INVESTMENT MANAGE CI INVESTMENTS INC BEUTEL GOODMAN & COM GREAT WEST LIFE ASSU BMO INVESTMENTS INC CAISSE DE DEPOT ET P CONNOR CLARK & LUNN MACKENZIE FINANCIAL FIERA CAPITAL CORPOR INVESCO LTD GREYSTONE MANAGED IN

Firm Name Cormark Securities Inc. National Bank Financial Stonecap Securities Inc Edward Jones Desjardins Securities Barclays BMO Capital Markets Morgan Stanley RBC Capital Markets Credit Suisse Scotia Capital S&P Capital IQ Rafferty Capital Markets Accountability Research Corp Keefe, Bruyette & Woods CIBC World Markets Macquarie Veritas Investment Research Co EVA Dimensions

Portfolio Name n/a CIBC WORLD MARKETS I BANK OF MONTREAL /CA n/a THE BANK OF NOVA SCO TD ASSET MANAGEMENT n/a JARISLOWSKY FRASER L CIBC GLOBAL ASSET MA IG INVESTMENT MANAGE Multiple Portfolios BEUTEL, GOODMAN & CO GREAT WEST LIFE ASSU Multiple Portfolios CAISSE DE DEPOT ET P CONNOR CLARK & LUNN MACKENZIE FINANCIAL FIERA CAPITAL CORPOR n/a GREYSTONE MANAGED IN

Analyst DARKO MIHELIC PETER D ROUTLEDGE J BRADLEY SMITH TOM LEWANDOWSKI MICHAEL GOLDBERG JOHN AIKEN JOHN REUCASSEL CHERYL PATE ANDRE PHILIPPE HARDY GABRIEL DECHAINE KEVIN R CHOQUETTE ERIK M OJA RICHARD X BOVE SR KEVIN CHU BRIAN KLOCK ROBERT SEDRAN SUMIT MALHOTRA OHAD LEDERER DOUG WALTERS

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

Recommendation top pick outperform underperform buy top pick equalweight outperform Overwt/In-Line outperform neutral sector outperform buy buy hold market perform sector outperform outperform buy hold

Amt Held 81'092'943 39'580'475 38'478'407 28'813'462 28'791'176 26'644'476 18'717'829 16'495'685 14'640'438 14'136'765 13'414'290 11'251'156 11'129'011 8'758'762 8'702'152 8'629'896 8'452'580 8'421'167 7'716'989 7'162'708

% Out 8.84 4.31 4.19 3.14 3.14 2.9 2.04 1.8 1.6 1.54 1.46 1.23 1.21 0.95 0.95 0.94 0.92 0.92 0.84 0.78

Weighting

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

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

Latest Chg 1'262'927 68'208 864'941 702'570 338'212 432'996 (1'301'846) 1'307'080 92'695 1'263'542 778'078 345'650 173'585 (240'354) 681'397 (761'523) 18'313 10'623 (425'543) (216'689)

Target Price 115 99 76 #N/A N/A 108 93 100 97 104 91 110 97 103 97 88 98 97 90 #N/A N/A

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

File Dt 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 28.06.2013 30.06.2013 30.06.2013 02.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 03.10.2013 30.06.2013

Date 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 18 month 12 month Not Provided Not Provided

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

Date 24.09.2013 23.09.2013 19.09.2013 18.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 11.09.2013 05.09.2013 03.09.2013 03.09.2013 30.08.2013 30.08.2013 06.06.2013

04.10.2013

Anheuser-Busch InBev NV Anheuser-Busch InBev NV brews beer. The Company manufactures ale, lager, stout, and bitter beer. Anheuser-Busch InBev owns brands that are both nationally and internationally prominent. The Company has production plants in Europe, the Americas, and Asia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABI BB EQUITY YTD Change ABI BB EQUITY YTD % CHANGE

12/2012 06/yy 79.60 63.44 232'474.00 72.7 -8.69% 14.60% 52.91% 1'607.2 116'846.69 44'341.00 0.0 4'299.0 13'878.00 206'829.18

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

9.0 M

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 23'507.0 4.07x 7'734.0 12.37x 1'927.0 11.99x

31.12.2009 31.12.2010 36'758.0 36'297.0 3.57x 3.70x 12'925.0 13'768.0 10.15x 9.76x 4'613.0 4'026.0 17.92x 22.61x Profitability

LTM-4Q 31.12.2011 39'046.0 3.49x 15'297.0 8.91x 5'855.0 16.71x

31.12.2012 39'758.0 4.37x 15'548.0 11.18x 7'243.0 19.15x 15'548.00 12'765.00 32.11% 28.05% 10.46% 30.77% 18.56% 0.32% 58.6% 38.8% 32.0% 18.2% 1.01 0.88 36.16% 107.78% 8.80 5.73

Price/ Cash Flow

LTM

06/yy 39'294.0 7.65x 15'940.0 10.30x 7'047.0 17.56x

06/yy 40'312.0 9.04x 16'406.0 11.61x 13'104.0 10.87x

FY+1

.0 M o-13

0.81 9.23% 13.20% 0.809 37 3.622 1'440'695 1'423'764 1'437'473 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 43'816.4 48'874.0 11'989.8 12'173.0 4.60x 4.02x 16'990.1 19'287.1 4'570.8 5'076.3 12.14x 10.70x 7'667.4 8'794.3 2'024.3 2'185.2 20.79x 18.17x S&P Issuer Ratings

01.05.2012 A STABLE 01.05.2012 A-1 7.53 5.95 2.78 3.22 107.8% 49.4% 0.32 2.23 41.47 63.73 265.22 -214.08

Sales/Revenue/Turnover

14.00

45'000.0

12.00

40'000.0 35'000.0

10.00

30'000.0

8.00

25'000.0

6.00

20'000.0 15'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Anheuser-Busch InBev NV Holdings By:

All

Holder Name STICHTING INBEV EUGENIE PATRI SEBAST BLACKROCK BRC SARL CAPITAL GROUP COMPAN NORGES BANK FMR LLC VANGUARD GROUP INC HARBOR CAPITAL ADVIS BNP PARIBAS VOORZITTER VERHELST INBEV-BAILLET LATOUR ARTISAN PARTNERS HOL ANHEUSER-BUSCH INBEV ALLIANZ ASSET MANAGE AMUNDI HARTFORD INVESTMENT T ROWE PRICE ASSOCIA THREADNEEDLE UBS AG

Firm Name

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

Analyst

AlphaValue ISABELLE COMBEMALE Goldman Sachs MITCHELL COLLETT Canaccord Genuity Corp EDDY HARGREAVES Exane BNP Paribas JAVIER GONZALEZ LASTRA Sanford C. Bernstein & Co TREVOR STIRLING Jefferies DIRK VAN VLAANDEREN RBC Capital Markets JAMES EDWARDES JONES Nomura IAN SHACKLETON Grupo Santander ANTHONY J BUCALO HSBC LAUREN E TORRES ING Bank MARCO GULPERS Day by Day VALERIE GASTALDY Petercam KRIS KIPPERS ISI Group ROBERT E OTTENSTEIN KBC Securities WIM HOSTE Societe Generale ANDREW HOLLAND Credit Suisse SANJEET AUJLA JPMorgan MIKE J GIBBS Mirabaud Securities JONATHAN FYFE Natixis OLIVIER DELAHOUSSE Redburn Partners CHRIS PITCHER Barclays SIMON HALES ABN Amro Bank N.V. ROBERT JAN VOS Deutsche Bank HAROLD THOMPSON Kempen & Co SANDER VAN OORT Bank Degroof(ESN) HANS D'HAESE Independent Research GmbH LARS LUSEBRINK Rabobank International KAREL ZOETE Berenberg Bank PHILIP MORRISEY S&P Capital IQ CARL SHORT Espirito Santo Investment Bank Research ALEX SMITH Erste Group HANS ENGEL Liberum Capital Ltd PABLO ZUANIC EVA Dimensions CRAIG STERLING UBS MELISSA EARLAM Nord/LB WOLFGANG VASTERLING Shore Capital Stockbrokers PHIL CARROLL

Source 20F 20F ULT-AGG 20F ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG 20F 20F MF-AGG 20F ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation sell sell/attractive buy underperform market perform buy outperform reduce buy overweight hold hold buy buy accumulate hold outperform overweight add neutral buy equalweight hold hold hold hold hold buy buy hold neutral hold buy sell buy hold not rated

Amt Held 663'074'830 130'234'791 48'302'036 32'966'462 29'314'521 17'367'904 13'466'616 10'789'585 10'534'658 9'732'192 6'997'665 5'485'415 4'293'694 4'190'715 3'833'157 3'652'374 3'387'045 3'004'748 2'658'248 2'412'543

% Out 41.26 8.1 3.01 2.05 1.82 1.08 0.84 0.67 0.66 0.61 0.44 0.34 0.27 0.26 0.24 0.23 0.21 0.19 0.17 0.15

Weighting

Change

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

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

Latest Chg (2'756'441) 115'026 368'040 (63'066) (53'616) 133'574 (61'164) 965'431 4'311 (288'985) 83'248 13'408

Target Price 60 66 80 64 85 84 88 66 83 85 78 #N/A N/A 80 #N/A N/A 75 71 88 92 82 70 #N/A N/A 77 72 70 75 74 77 80 82 75 70 #N/A N/A 82 #N/A N/A 80 #N/A N/A #N/A N/A

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

File Dt 31.12.2012 31.12.2012 02.10.2013 31.12.2012 30.06.2013 31.12.2012 31.08.2013 31.08.2013 30.06.2013 31.08.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.08.2013 31.08.2013 31.08.2013 30.06.2013 31.07.2013 03.10.2013

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

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

Date 03.10.2013 02.10.2013 02.10.2013 02.10.2013 25.09.2013 19.09.2013 13.09.2013 12.09.2013 11.09.2013 09.09.2013 09.09.2013 12.08.2013 05.08.2013 05.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 03.07.2013 01.07.2013 10.06.2013 06.06.2013 28.02.2013 10.09.2012 07.02.2012

04.10.2013

CVS Caremark Corp CVS Caremark Corporation is an integrated pharmacy health care provider. The Company's offerings include pharmacy benefit management services, mail order, retail and specialty pharmacy, disease management programs, and retail clinics. The company operates drugstores throughout the U.S., the District of Columbia, and Puerto Rico.

Price/Volume

12/2012 06/yy 62.36 44.33 7'581'879.00 56.64 -9.17% 27.77% 68.28% 1'228.4 69'574.84 9'828.00 0.0 0.0 1'380.00 77'771.84

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 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 87'471.9 0.59x 7'320.4 7.10x 3'212.1 11.78x

18.0 M

60 50

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.07.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CVS US EQUITY YTD Change CVS US EQUITY YTD % CHANGE

31.12.2009 31.12.2010 98'729.0 95'778.0 0.56x 0.59x 7'827.0 7'606.0 7.02x 7.37x 3'696.0 3'427.0 12.58x 13.96x Profitability

LTM-4Q 31.12.2011 107'100.0 0.57x 7'898.0 7.79x 3'461.0 15.58x

31.12.2012 123'133.0 0.55x 8'981.0 7.57x 3'877.0 15.08x 8'981.00 7'228.00 5.87% 5.14% 6.39% 10.97% 9.52% 1.88% 18.3% 7.8% 6.3% 3.1% 1.44 0.57 14.91% 26.07% 18.71 9.55

Price/ Cash Flow

LTM

FY+1

1.37 0.78 1'225.85 10.99 17.71% 18.54% 0.781 27 4.667 6'496'710 5'579'623 4'744'664 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 116'503.0 123'632.0 126'175.2 131'381.6 31'518.2 32'621.9 2.11x 2.35x 0.62x 0.58x 2.46x 2.36x 8'310.0 9'633.0 9'892.3 10'521.6 2'517.4 2'716.5 8.06x 8.13x 7.86x 7.39x 7.67x 7.55x 3'674.0 4'212.0 4'832.1 5'120.3 1'212.0 1'332.5 16.35x 16.10x 14.32x 12.71x 13.60x 13.26x S&P Issuer Ratings Long-Term Rating Date 23.03.2007 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date 29.04.2004 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 15.22 (EBITDA-Capex)/Interest Exp. 11.78 Net Debt/EBITDA 0.85 Total Debt/EBITDA 0.97 Reference Total Debt/Equity 26.1% Total Debt/Capital 20.7% Asset Turnover 1.88 Net Fixed Asset Turnover 14.27 Accounts receivable turnover-days 19.51 Inventory Days 38.23 Accounts Payable Turnover Day 18.32 Cash Conversion Cycle 39.40 Sales/Revenue/Turnover

16.00

140'000.0

14.00

120'000.0

12.00

100'000.0

10.00

80'000.0

8.00

60'000.0

6.00

40'000.0

4.00

20'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

CVS Caremark Corp Holdings By:

All

Holder Name BLACKROCK FMR LLC VANGUARD GROUP INC STATE STREET CORP WELLINGTON MANAGEMEN DAVIS SELECTED ADVIS FRANKLIN RESOURCES CAPITAL GROUP COMPAN SUN LIFE FINANCIAL I JP MORGAN ABERDEEN NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA DIMENSIONAL FUND ADV LAZARD ASSET MANAGEM WELLS FARGO & COMPAN NORGES BANK INVESCO LTD NEW YORK LIFE INVEST

Firm Name BMO Capital Markets Raymond James Lazard Capital Markets Susquehanna Financial Group Wells Fargo Securities, LLC ISI Group Cowen and Company Goldman Sachs Edward Jones SunTrust Robinson Humphrey Argus Research Corp Morgan Stanley RBC Capital Markets Macquarie Cantor Fitzgerald Barclays Credit Suisse JPMorgan William Blair & Co Mizuho Securities USA Inc Guggenheim Securities LLC Wolfe Research UBS S&P Capital IQ EVA Dimensions

Portfolio Name n/a n/a n/a n/a WELLINGTON MANAGEMEN DAVIS SELECTED ADVIS n/a n/a n/a n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA n/a n/a n/a NORGES BANK n/a Multiple Portfolios

Analyst JENNIFER LYNCH JOHN W RANSOM THOMAS GALLUCCI ROBERT SUMMERS PETER H COSTA ROSS MUKEN CHARLES RHYEE ROBERT P JONES JUDSON CLARK DAVID G MAGEE CHRISTOPHER GRAJA RICKY GOLDWASSER FRANK G MORGAN DANE LEONE AJAY JAIN MEREDITH ADLER EDWARD J KELLY LISA C GILL MARK R MILLER ANN HYNES JOHN HEINBOCKEL SCOTT A MUSHKIN STEVEN VALIQUETTE JOSEPH AGNESE AUSTIN BURKETT

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

Recommendation outperform outperform buy Positive outperform buy market perform neutral/attractive buy neutral buy Overwt/In-Line outperform outperform hold overweight outperform overweight outperform buy buy outperform buy strong buy buy

Amt Held 76'133'514 68'002'343 55'758'799 53'306'915 47'615'850 38'896'601 27'812'350 26'837'874 25'052'655 24'023'832 21'778'366 19'531'956 18'666'324 16'317'099 11'303'259 10'369'984 10'358'989 10'256'556 9'619'095 8'530'373

% Out 6.2 5.54 4.54 4.34 3.88 3.17 2.26 2.18 2.04 1.96 1.77 1.59 1.52 1.33 0.92 0.84 0.84 0.83 0.78 0.69

Weighting

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

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

Latest Chg (2'164'825) 2'203'905 (1'074'586) 1'397'971 (2'325'673) (4'030'606) (2'703'317) (2'143'326) 4'197'927 13'438'957 475'937 43'269 812'436 237'094 118'910 (2'939'256) 3'454'567 (523'851) (146'976)

Target Price 66 65 69 71 #N/A N/A 67 66 66 #N/A N/A 66 66 65 71 66 62 69 67 66 #N/A N/A 66 60 67 64 62 #N/A N/A

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

File Dt 02.10.2013 30.06.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 30.06.2013 31.07.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 31.08.2013 31.07.2013 31.12.2012 03.10.2013 31.07.2013

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

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

Date 01.10.2013 01.10.2013 30.09.2013 30.09.2013 20.09.2013 18.09.2013 18.09.2013 11.09.2013 06.09.2013 15.08.2013 12.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 01.05.2013 06.02.2013 16.01.2013

04.10.2013

Altria Group Inc Altria Group, Inc. is a holding company. The Company, through subsidiaries, manufactures and sells cigarettes and other tobacco products, including cigars and pipe tobacco. Altria holds an interest in a brewery company.

Price/Volume 40

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

35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MO US EQUITY YTD Change MO US EQUITY YTD % CHANGE

12/2012 06/yy 37.61 30.01 5'798'494.00 34.7 -7.74% 15.63% 61.71% 2'004.4 69'553.02 13'878.00 0.0 36.0 2'900.00 81'890.02

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

10 5 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 15'957.0 1.92x 5'142.0 5.95x 4'930.0 9.13x

31.12.2009 31.12.2010 16'824.0 16'892.0 3.02x 3.63x 6'234.0 6'540.0 8.16x 9.38x 3'206.0 3'905.0 6.50x 12.90x Profitability

LTM-4Q 31.12.2011 16'619.0 4.28x 6'543.0 10.86x 3'390.0 15.17x

31.12.2012 17'500.0 4.24x 7'539.0 9.84x 4'180.0 13.98x 7'539.00 7'314.00 41.79% 37.01% 12.79% 112.22% 27.94% 0.51% 54.6% 46.7% 45.4% 23.9% 0.77 0.37 39.28% 438.07% 94.19 4.33

Price/ Cash Flow

LTM

06/yy 17'248.0 16.91x 7'254.0 11.36x 4'429.0 15.23x

06/yy 17'425.0 18.09x 8'130.0 10.15x 4'411.0 14.79x

FY+1

5.07 0.68 1'997.73 18.96 7.42% 14.76% 0.684 17 4.176 6'798'067 9'261'158 8'519'322 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 17'496.7 17'788.4 4'535.2 4'481.6 4.57x 4.42x 7'810.3 8'040.8 2'054.5 1'920.8 10.48x 10.18x 10.36x 10.27x 4'799.4 5'079.4 1'268.0 1'199.0 14.49x 13.56x 14.11x 13.88x S&P Issuer Ratings

06.01.2009 BBB STABLE 18.09.2003 A-2 6.66 6.55 1.51 1.83 438.1% 81.2% 0.51 8.36 3.88 84.28 15.15 64.01

Sales/Revenue/Turnover

30.00

80'000.0 70'000.0

25.00

60'000.0 20.00

50'000.0 40'000.0

15.00

30'000.0

10.00

20'000.0 5.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Altria Group Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET CORP BANK OF NEW YORK MEL FMR LLC NORTHERN TRUST CORPO BARROW HANLEY MEWHIN FAYEZ SAROFIM BANK OF AMERICA CORP TIAA CREF INVESTMENT FRANKLIN RESOURCES FEDERATED INVESTORS GEODE CAPITAL MANAGE DEUTSCHE BANK AG UBS AG WELLINGTON MANAGEMEN INVESCO LTD AMERIPRISE FINANCIAL MANAGED ACCOUNT ADVI

Firm Name JPMorgan Stifel Jefferies Edward Jones Wells Fargo Securities, LLC Argus Research Corp Ameriprise Advisor Services, Inc Morgan Stanley Independent Research GmbH Davenport & Co Barclays EVA Dimensions Goldman Sachs S&P Capital IQ

Portfolio Name n/a n/a n/a n/a BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO BARROW HANLEY MEWHIN FAYEZ SAROFIM BANK OF AMERICA TIAA-CREF INVESTMENT n/a FEDERATED INVESTORS GEODE CAPITAL MANAGE n/a n/a WELLINGTON MANAGEMEN n/a AMERIPRISE FINANCIAL MANAGED ACCOUNT ADVI

Analyst RAE MAILE CHRISTOPHER R GROWE THILO WREDE JACK P RUSSO BONNIE HERZOG NATHANIEL GABRIEL PATRICK DIEDRICKSON DAVID J ADELMAN LARS LUSEBRINK ANN H GURKIN MICHAEL J BRANCA AUSTIN BURKETT JUDY E HONG ESTHER KWON

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

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

Amt Held 193'529'992 105'939'427 94'999'175 84'668'082 37'813'052 33'587'283 27'246'505 22'766'057 20'567'678 17'758'667 16'563'960 16'120'616 14'996'639 13'785'315 13'302'474 12'247'674 12'218'036 11'310'212 11'164'216 10'518'575

% Out 9.66 5.29 4.74 4.22 1.89 1.68 1.36 1.14 1.03 0.89 0.83 0.8 0.75 0.69 0.66 0.61 0.61 0.56 0.56 0.52

Weighting

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

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

Latest Chg (2'385'478) 996'212 (1'162'206) 468'888 (424'013) 1'934'152 103'495 822'414 174'627 (309'220) 120'559 (363'046) 594'266 142'178 2'770'831 (314'151) (181'340) (335'162) 293'085 788'022

Target Price 51 38 35 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 34 43 38 34 #N/A N/A 37 39

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

File Dt 30.06.2013 02.10.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.08.2013 30.06.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013

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

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

Date 03.10.2013 01.10.2013 27.09.2013 24.09.2013 24.09.2013 30.07.2013 25.07.2013 24.07.2013 24.07.2013 23.07.2013 23.07.2013 07.06.2013 12.05.2013 25.04.2013

04.10.2013

Daimler AG Daimler AG develops, manufactures, distributes, and sells a wide range of automotive products, mainly passenger cars, trucks, vans and buses. The Company also provides financial and other services relating to its automotive businesses.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DAI GR EQUITY YTD Change DAI GR EQUITY YTD % CHANGE

12/2012 06/yy 59.56 35.15 1'164'824.00 57.98 -2.55% 64.97% 92.63% 1'069.4 62'005.90 84'642.00 0.0 1'631.0 15'055.00 131'881.90

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 o-12

31.12.2009 31.12.2010 78'924.0 97'761.0 1.15x 1.10x 3'032.0 10'489.0 29.84x 10.26x (2'640.0) 4'498.0 11.85x Profitability

LTM-4Q 31.12.2011 106'540.0 0.93x 12'216.0 8.09x 5'667.0 6.38x

31.12.2012 114'297.0 1.01x 12'138.0 9.50x 6'095.0 7.24x 12'138.00 8'071.00 7.06% 6.75% 4.10% 16.82% 7.41% 0.70% 22.3% 9.5% 5.8% 5.3% 1.13 0.38 51.93% 192.90% 14.03 4.69

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

1.22 942.25 58.56% 47.81% 1.216 39 3.615 2'823'113 3'293'807 3'488'493 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 111'368.0 114'196.0 117'484.0 125'402.8 29'639.3 32'565.7 3.69x 4.07x 0.67x 0.62x 12'317.0 10'854.0 13'980.1 14'401.6 8.78x 11.01x 9.43x 9.16x 5'825.0 6'700.0 5'545.0 5'933.9 1'283.5 1'390.5 6.46x 7.40x 12.03x 10.45x S&P Issuer Ratings Long-Term Rating Date 23.02.2012 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 26.02.2001 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 20.54 (EBITDA-Capex)/Interest Exp. 12.37 Net Debt/EBITDA 6.38 Total Debt/EBITDA 7.96 Reference Total Debt/Equity 192.9% Total Debt/Capital 65.0% Asset Turnover 0.70 Net Fixed Asset Turnover 2.46 Accounts receivable turnover-days 26.01 Inventory Days 77.76 Accounts Payable Turnover Day 42.15 Cash Conversion Cycle 58.83 Sales/Revenue/Turnover

160.00

180'000.0

140.00

160'000.0

120.00

140'000.0 120'000.0

100.00

100'000.0

80.00

80'000.0

60.00

60'000.0

40.00

40'000.0

20.00

20'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 95'873.0 0.87x 11'685.0 7.14x 1'348.0 15.61x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Daimler AG Holdings By:

All

Holder Name DEUTSCHE BANK AG BLACKROCK KUWAIT INVESTMENT AU CAPITAL GROUP COMPAN COMMERZBANK AKTIENGE AABAR INVESTMENTS PJ NORGES BANK NISSAN MOTOR CO LTD HARRIS ASSOCIATES LP VANGUARD GROUP INC HARBOR CAPITAL ADVIS DEKABANK DEUTSCHE GI FIRST EAGLE INVESTME CREDIT SUISSE GROUP DIMENSIONAL FUND ADV UNION INVESTMENT GMB MERCURY ASSET MANAGE ONTARIO TEACHERS PEN AMUNDI UBS AG

Firm Name Goldman Sachs Sanford C. Bernstein & Co AlphaValue Natixis Steubing AG Redburn Partners HSBC Cyrrus Oddo & Cie DZ Bank AG Commerzbank Corporates & Markets Deutsche Bank Morgan Stanley UBS JPMorgan Landesbank Baden-Wuerttemberg M.M. Warburg Investment Research Bankhaus Metzler Kepler Cheuvreux Barclays ISI Group Nomura Exane BNP Paribas Hamburger Sparkasse Equinet Institutional Services(ESN) Baader Bank Day by Day Nord/LB EVA Dimensions Societe Generale Macquarie S&P Capital IQ Independent Research GmbH Bankhaus Lampe Main First Bank AG Creative Global Investments Banco Sabadell

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

Analyst STEFAN BURGSTALLER MAX WARBURTON HANS-PETER WODNIOK GEORGES DIENG TOBIAS SCHMIDT CHARLES WINSTON HORST SCHNEIDER JIRI SIMARA FRANCOIS MAURY MICHAEL PUNZET DANIEL SCHWARZ JOCHEN GEHRKE LAURA LEMBKE PHILIPPE HOUCHOIS JOSE ASUMENDI FRANK BILLER MARC-RENE TONN JUERGEN PIEPER MICHAEL RAAB KRISTINA CHURCH ARNDT ELLINGHORST HARALD C HENDRIKSE RABIH FREIHA TINA HECKING-VELTMAN TIM SCHULDT KLAUS BREITENBACH VALERIE GASTALDY FRANK SCHWOPE CRAIG STERLING STEPHEN REITMAN CHRISTIAN BREITSPRECHER RODERICK BRIDGE ZAFER RUZGAR CHRISTIAN LUDWIG LOTHAR LUBINETZKI CARLO R BESENIUS GLEN SPENCER-CHAPMAN

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

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

Amt Held 140'497'673 94'196'275 73'577'854 43'507'194 38'268'282 33'056'717 31'839'135 16'448'378 14'357'505 13'773'039 10'511'692 10'334'582 6'356'137 4'071'305 3'437'987 3'314'133 3'055'920 3'000'000 2'808'112 2'756'747

% Out 13.14 8.81 6.88 4.07 3.58 3.09 2.98 1.54 1.34 1.29 0.98 0.97 0.59 0.38 0.32 0.31 0.29 0.28 0.26 0.26

Weighting

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

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

Latest Chg (181'891) (2'675'000) 2'212'510 50'479 (1'261'030) (34'395) 8'169 (288'511) (2'291'565) (5'726)

Target Price 74 55 40 65 79 #N/A N/A 68 56 68 50 66 62 46 62 66 60 60 66 52 39 60 55 63 #N/A N/A 46 55 #N/A N/A 59 #N/A N/A 60 63 56 47 53 58 52 48

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

File Dt Inst Type 23.09.2013 Investment Advisor 02.10.2013 Investment Advisor 06.02.2012 Government 31.07.2013 Investment Advisor 11.04.2013 Bank 06.02.2012 Government 27.03.2013 Government 31.03.2013 Corporation 30.08.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 04.10.2013 Bank 31.07.2013 Hedge Fund Manager 16.04.2013 Unclassified 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 02.10.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 30.04.2013 Investment Advisor 03.10.2013 Unclassified

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

Date 03.10.2013 03.10.2013 03.10.2013 02.10.2013 02.10.2013 01.10.2013 30.09.2013 30.09.2013 26.09.2013 25.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 20.09.2013 06.09.2013 29.08.2013 27.08.2013 12.08.2013 12.08.2013 02.08.2013 30.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 23.07.2013 16.04.2013 15.02.2013

04.10.2013

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

Price/Volume 140

8.0 M

120

7.0 M 6.0 M

100

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALV GR EQUITY YTD Change ALV GR EQUITY YTD % CHANGE

12/2012 06/yy 122.11 90.36 188'957.00 117.1 -4.02% 29.59% 82.33% 456.0 53'391.75 19'574.00 0.0 2'665.0 12'437.00 61'375.74

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

3.0 M

2.0 M

1.0 M

0 o-12

31.12.2009 31.12.2010 82'711.0 89'740.0 0.64x 0.57x 4'297.0 5'053.0 8.37x 7.94x Profitability

LTM-4Q 31.12.2011 87'384.0 0.50x 2'545.0 13.13x

31.12.2012 96'020.0 0.60x 5'169.0 4.62x 10.61% 8.95% 0.86% 12.22% 10.33% 0.14% 5.4% 2.82% 36.55% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

1.20 448.87 31.05% 16.03% 1.198 39 4.256 1'260'031 1'648'690 1'598'698 FY+2

FQ+1

FQ+2

06/yy 90'556.0 2.07x 0.0 0.00x 3'317.0 10.58x

06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 97'026.0 102'459.9 105'288.4 24'605.0 24'916.0 2.31x 0.66x 0.65x 0.0 0.00x 5'859.0 5'867.0 6'003.5 1'230.5 1'430.5 4.64x 8.94x 8.70x S&P Issuer Ratings Long-Term Rating Date 27.01.2012 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 23.03.2009 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 36.6% Total Debt/Capital 25.8% Asset Turnover 0.14 Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

12.00

120'000.0

10.00

100'000.0

8.00

80'000.0

6.00

60'000.0

4.00

40'000.0

2.00

20'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 76'195.0 0.62x (2'444.0) 8.51x

4.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Allianz SE Holdings By:

All

Holder Name BLACKROCK NORGES BANK HARBOR CAPITAL ADVIS VANGUARD GROUP INC DB PLATINUM ADVISORS DEUTSCHE BANK AG SOCIETE GENERALE SA ALLIANZ ASSET MANAGE MORGAN STANLEY DEKABANK DEUTSCHE GI HARRIS ASSOCIATES LP UNION INVESTMENT GMB FMR LLC AMUNDI JP MORGAN CAPITAL GROUP COMPAN ADIG INVESTMENT FIL LIMITED INVESCO LTD FRANKFURT TRUST INVE

Firm Name Canaccord Genuity Corp Goldman Sachs Bryan Garnier & Cie Natixis AlphaValue Bankhaus Lampe Sanford C. Bernstein & Co Berenberg Bank JPMorgan Day by Day Morgan Stanley Oddo & Cie Nomura Main First Bank AG Helvea Kepler Cheuvreux Exane BNP Paribas Societe Generale Credit Suisse Keefe, Bruyette & Woods HSBC Hamburger Sparkasse Bankhaus Metzler Equinet Institutional Services(ESN) S&P Capital IQ Nord/LB RBC Capital Markets Raymond James Landesbank Baden-Wuerttemberg Independent Research GmbH DZ Bank AG Deutsche Bank Barclays Mediobanca SpA EVA Dimensions Bank of Valletta Banco Sabadell

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

Analyst BEN COHEN VINIT MALHOTRA OLIVIER PAUCHAUT BENOIT VALLEAUX DIETER HEIN ANDREAS SCHAEFER THOMAS SEIDL PETER ELIOT MICHAEL HUTTNER VALERIE GASTALDY JON HOCKING NICOLAS JACOB MICHAEL KLIEN MICHAEL HAID DANIEL BISCHOF ATANASIO PANTARROTAS THOMAS JACQUET NICK HOLMES RICHARD BURDEN WILLIAM HAWKINS KAILESH MISTRY CHRISTIAN HAMANN JOCHEN SCHMITT PHILIPP HAESSLER RODERICK WALLACE JULIA SIEKMANN GORDON AITKEN RAPHAEL CARUSO WERNER SCHIRMER STEFAN BONGARDT THORSTEN WENZEL OLIVER STEEL ANDREW BROADFIELD MARC THIELE DOUG WALTERS MALCOLM ABDILLA CASTILLO MARIO LODOS

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

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

Amt Held 32'047'039 9'837'831 6'365'290 5'741'584 4'802'438 4'776'032 4'300'429 3'883'559 3'878'270 3'647'505 3'208'800 2'657'513 2'389'822 2'169'864 2'088'052 2'054'950 1'967'279 1'855'417 1'618'812 1'598'651

% Out 7.03 2.16 1.4 1.26 1.05 1.05 0.94 0.85 0.85 0.8 0.7 0.58 0.52 0.48 0.46 0.45 0.43 0.41 0.36 0.35

Weighting

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

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

Latest Chg 271'832 4'701'470 (94'710) 86'760 (1'408) 78'519 159'500 (1'139'274) (1'373'321) 107'355 37'573 (153'200) (89'450) (2'282'838) 1'121'047 (119'500)

Target Price 135 151 140 132 130 135 115 144 140 #N/A N/A 118 130 140 150 128 140 135 125 132 140 145 #N/A N/A 110 120 130 132 130 #N/A N/A 125 145 134 130 118 123 #N/A N/A 117 114

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

File Dt 02.10.2013 31.12.2012 30.06.2013 31.08.2013 24.09.2013 30.08.2013 16.05.2013 31.08.2013 30.06.2013 04.10.2013 30.06.2013 31.07.2013 31.08.2013 31.08.2013 31.07.2013 30.06.2013 31.05.2013 30.04.2013 03.10.2013 28.06.2013

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

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

Date 04.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 30.09.2013 26.09.2013 26.09.2013 24.09.2013 19.09.2013 18.09.2013 18.09.2013 13.09.2013 09.09.2013 09.09.2013 03.09.2013 22.08.2013 09.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 25.07.2013 22.07.2013 20.06.2013 06.06.2013 12.03.2013 15.02.2013

04.10.2013

Mitsubishi UFJ Financial Group Inc Mitsubishi UFJ Financial Group, Inc. (MUFG) is a holding company established through the merger of Mitsubishi Tokyo Financial Group and UFJ Holdings. As a financial group, the Company provides a variety of financial and investment services including commercial banking, trust banking, international finance, and assets management services.

Price/Volume

300.0 M 250.0 M

500

200.0 M

400

Latest Fiscal Year: LTM as of: 52-Week High (14.05.2013) 52-Week Low (14.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8306 JP EQUITY YTD Change 8306 JP EQUITY YTD % CHANGE

03/2013 06/yy 755.00 345.00 43'935'700.00 611 -19.07% 77.10% 66.10% 14'163.8 8'654'058.00 58'534'309.00 390'001.0 1'774'153.0 12'037'605.00 -

150.0 M

300 200

100.0 M

100

50.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

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

350.0 M

700 600

Valuation Analysis

31.03.2009 4'615'952.0 (256'952.0) -

800

31.03.2010 31.03.2011 4'695'328.0 4'355'750.0 388'734.0 583'079.0 16.58x 9.61x Profitability

LTM-4Q 31.03.2012 4'536'724.0 981'331.0 6.05x

LTM

FY+1

.0 M o-13

1.15 12'243.53 69.89% 35.62% 1.154 18 4.389 43'369'180 47'588'200 52'494'050 FY+2

FQ+1

FQ+2

31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 4'417'557.0 ######### ######### ######### ######### 911'362.8 880'177.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 852'623.0 663'665.0 924'993.0 828'450.9 835'729.0 217'733.3 173'000.0 9.46x 8.17x 9.46x 10.61x 10.43x S&P Issuer Ratings - Long-Term Rating Date 30.09.2008 - Long-Term Rating A 34.49% Long-Term Outlook STABLE 34.74% Short-Term Rating Date 0.41% Short-Term Rating 8.56% Credit Ratios 1.52% EBITDA/Interest Exp. 0.02% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 515.5% 21.9% Total Debt/Capital 81.2% Asset Turnover 0.02 - Net Fixed Asset Turnover 3.25 - Accounts receivable turnover-days 24.96% Inventory Days 515.47% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

40.00

7'000'000.0

35.00

6'000'000.0

30.00

5'000'000.0

25.00

4'000'000.0

20.00

3'000'000.0

15.00

2'000'000.0

10.00

1'000'000.0

5.00 0.00 02.04.2010

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

04.10.2013

Mitsubishi UFJ Financial Group Inc Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO MITSUI TRUS STATE STREET CUSTODI MEIJI YASUDA LIFE IN NIPPON LIFE INSURANC STATE STREET CORP VANGUARD GROUP INC BLACKROCK TOYOTA MOTOR CORP JP MORGAN BANK OF NEW YORK MEL THORNBURG INVESTMENT NORGES BANK MITSUBISHI HEAVY IND NOMURA FMR LLC DODGE & COX NIKKO ASSET MANAGEME DAIWA SECURITIES GRO

Firm Name BNP Paribas Equity Research Jefferies Daiwa Securities Co. Ltd. Goldman Sachs Nomura UBS Keefe, Bruyette & Woods Credit Suisse Macquarie Mizuho Securities Tokai Tokyo Securities SMBC Nikko Securities Inc JPMorgan Barclays 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 n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst TOYOKI SAMESHIMA MAKARIM SALMAN AKIRA TAKAI KATSUNORI TANAKA KEN TAKAMIYA SHINICHI INA DAVID THREADGOLD TAKEHITO YAMANAKA ALASTAIR MACDONALD RIE NISHIHARA TATSUO MAJIMA SHINICHIRO NAKAMURA NATSUMU TSUJINO SHIN TAMURA DOUG WALTERS YOSHINOBU YAMADA

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

Recommendation buy buy buy buy/attractive buy neutral outperform outperform outperform buy above average neutral overweight overweight underweight restricted

Amt Held 1'145'494'200 658'402'500 545'131'300 375'815'350 306'185'671 274'392'946 245'423'817 204'322'568 181'070'946 178'768'883 176'418'009 166'065'641 142'967'534 142'631'469 120'915'000 97'340'060 91'033'698 78'029'100 74'754'800 64'580'443

% Out 8.09 4.65 3.85 2.65 2.16 1.94 1.73 1.44 1.28 1.26 1.25 1.17 1.01 1.01 0.85 0.69 0.64 0.55 0.53 0.46

Weighting

Change

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

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

Latest Chg (452'586'600) 522'207 (112'300) 17'024'600 (2'781'064) 148'752 (4'774'491) (5'586'102) 5'790'000 20'067'465

Target Price 800 780 750 830 820 665 710 764 760 800 #N/A N/A 670 720 640 #N/A N/A #N/A N/A

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

File Dt 31.03.2013 31.03.2013 28.02.2013 31.03.2013 31.03.2013 30.08.2013 03.10.2013 31.08.2013 02.10.2013 31.03.2013 31.07.2013 31.03.2013 31.08.2013 31.12.2012 31.03.2013 30.09.2013 31.08.2013 30.06.2013 28.02.2013 30.08.2013

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

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

Date 03.10.2013 02.10.2013 24.09.2013 20.09.2013 19.09.2013 12.09.2013 12.09.2013 10.09.2013 28.08.2013 14.08.2013 13.08.2013 02.08.2013 01.08.2013 31.07.2013 25.07.2013 04.07.2013

04.10.2013

Goldman Sachs Group Inc/The The Goldman Sachs Group, Inc., a bank holding company, is a global investment banking and securities firm specializing in investment banking, trading and principal investments, asset management and securities services. The Company provides services to corporations, financial institutions, governments, and high-net worth individuals.

Price/Volume 180

25.0 M

160 20.0 M

140 120

15.0 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (09.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GS US EQUITY YTD Change GS US EQUITY YTD % CHANGE

12/2012 06/yy 170.00 113.84 2'950'787.00 156.85 -7.74% 37.78% 76.58% 449.1 73'268.26 510'691.00 6'200.0 508.0 72'669.00 522'083.26

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

5.0 M

20 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 30.11.2008 53'579.0 8.34x 35'318.0 12.66x 2'322.0 17.67x

10.0 M

31.12.2009 31.12.2010 51'673.0 45'967.0 10.25x 12.69x 28'272.0 22'067.0 18.74x 26.44x 13'385.0 8'354.0 7.33x 11.05x Profitability

LTM-4Q 31.12.2011 36'793.0 14.05x 16'020.0 32.28x 4'442.0 16.31x

31.12.2012 41'664.0 12.15x 20'446.0 24.75x 7'475.0 8.52x 20'446.00 32.80% 26.90% 0.91% 12.01% 1.45% 0.05% 49.0% 17.9% 54.41% 734.64% -

Price/ Cash Flow

LTM

06/yy 33'994.0 62.27x 14'640.0 35.24x 3'691.0 14.36x

06/yy 43'493.0 47.89x 21'297.0 24.40x 8'595.0 8.94x

FY+1

1.25 1.47 412.41 6.38 34.89% 24.17% 1.465 33 3.333 2'868'177 3'427'755 3'056'148 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 33'877.9 33'809.8 7'366.1 7'801.3 7'712.3 7'547.7 1'291.2 2'311.4 10.35x 10.15x 10.94x 10.57x S&P Issuer Ratings

29.11.2011 ANEG 29.11.2011 A-2 20.72 24.12 734.6% 87.0% 0.05 5.22 -

Sales/Revenue/Turnover

30.00

100'000.0 90'000.0

25.00

80'000.0 70'000.0

20.00

60'000.0

15.00

50'000.0 40'000.0

10.00

30'000.0 20'000.0

5.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Goldman Sachs Group Inc/The Holdings By:

All

Holder Name CAPITAL GROUP COMPAN GOLDMAN SACHS SHRHLD BLACKROCK STATE STREET CORP VANGUARD GROUP INC CITIGROUP INCORPORAT BERKSHIRE HATHAWAY I SUN LIFE FINANCIAL I DODGE & COX JENNISON ASSOCIATES NORTHERN TRUST CORPO BANK OF NEW YORK MEL INVESCO LTD JP MORGAN ROYAL BANK OF CANADA WELLS FARGO & COMPAN BANK OF AMERICA CORP OPPENHEIMERFUNDS INC GEODE CAPITAL MANAGE ALLIANCE BERNSTEIN

Firm Name Wells Fargo Securities, LLC Buckingham Research Group Portales Partners Susquehanna Financial Group SunTrust Robinson Humphrey RBC Capital Markets Sanford C. Bernstein & Co Macquarie Evercore Partners Guggenheim Securities LLC Credit Suisse Oppenheimer & Co Morgan Stanley Rafferty Capital Markets JMP Securities JPMorgan Mediobanca SpA Daiwa Securities Co. Ltd. Deutsche Bank Atlantic Equities LLP Argus Research Corp FBR Capital Markets Barclays UBS Keefe, Bruyette & Woods Sandler O'Neill & Partners, LP S&P Capital IQ HSBC EVA Dimensions Meredith Whitney Advisory Group

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a DODGE & COX JENNISON ASSOCIATES NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a n/a n/a n/a BANK OF AMERICA OPPENHEIMER FUNDS IN GEODE CAPITAL MANAGE n/a

Analyst MATTHEW H BURNELL JAMES F MITCHELL CHARLES W PEABODY DOUGLAS C SIPKIN ERIC E WASSERSTROM FIONA SWAFFIELD CHARLES BRADLEY HINTZ DAVID J KONRAD CHRISTOPHER J ALLEN MARTY L MOSBY III HOWARD H CHEN CHRISTOPHER M KOTOWSKI BETSY L GRASECK RICHARD X BOVE SR DEVIN RYAN KIAN ABOUHOSSEIN CHRISTOPHER J WHEELER KAZUKI WATANABE MATTHEW D O'CONNOR RICHARD STAITE DAVID RITTER STEVE STELMACH ROGER A FREEMAN BRENNAN HAWKEN FREDERICK CANNON JEFFERY HARTE KENNETH M LEON ROBERT MURPHY AUSTIN BURKETT MEREDITH A WHITNEY

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

Recommendation market perform neutral sector perform Positive neutral sector perform outperform neutral equalweight neutral outperform market perform Equalwt/Attractive buy market perform underweight neutral neutral hold neutral hold outperform equalweight neutral market perform hold buy underweight overweight hold

Amt Held 30'011'295 27'836'304 24'088'081 19'293'572 19'192'042 14'652'442 13'062'594 12'672'293 11'433'975 6'300'594 6'244'652 5'328'897 4'074'408 4'071'933 3'451'664 3'110'637 3'108'600 3'023'649 3'003'402 2'839'875

% Out 6.68 6.2 5.36 4.3 4.27 3.26 2.91 2.82 2.55 1.4 1.39 1.19 0.91 0.91 0.77 0.69 0.69 0.67 0.67 0.63

Weighting

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

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

Latest Chg 51'209 2'753'217 (116'405) 282'143 (428'607) (137'858) 13'062'594 (106'572) (143'400) (157'457) (84'013) (69'614) 518'316 176'821 (322'207) 786'133 (161'109) (298'670) 16'380 (8'072)

Target Price #N/A N/A 157 #N/A N/A 187 168 135 170 165 169 183 185 #N/A N/A 170 187 #N/A N/A 134 165 169 163 161 #N/A N/A 184 160 165 160 165 185 117 #N/A N/A #N/A N/A

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

File Dt 31.07.2013 01.02.2013 02.10.2013 03.10.2013 30.06.2013 30.06.2013 01.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 03.10.2013 31.07.2013 31.07.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013

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

Inst Type Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 03.10.2013 02.10.2013 02.10.2013 02.10.2013 30.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 23.09.2013 23.09.2013 12.09.2013 06.09.2013 13.08.2013 12.08.2013 23.07.2013 19.07.2013 18.07.2013 17.07.2013 17.07.2013 16.07.2013 16.07.2013 16.07.2013 16.07.2013 05.06.2013 05.03.2013 16.10.2012

04.10.2013

Honeywell International Inc Honeywell International Inc. is a worldwide diversified technology and manufacturing company providing aerospace products and services, control, sensing and security technologies, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HON US EQUITY YTD Change HON US EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 87.55 58.29 2'633'308.00 81.45 -6.97% 39.73% 79.15% 784.8 63'925.47 7'496.00 0.0 240.0 5'265.00 66'633.47

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

31.12.2009 31.12.2010 30'908.0 32'350.0 1.37x 1.40x 3'410.0 3'998.0 12.45x 11.33x 1'548.0 2'022.0 15.93x 17.79x Profitability

10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M n-12

LTM-4Q 31.12.2011 36'529.0 1.25x 3'531.0 12.91x 2'067.0 12.24x

31.12.2012 37'665.0 1.38x 5'082.0 10.26x 2'926.0 13.13x 5'082.00 4'156.00 11.03% 10.29% 7.74% 24.74% 16.54% 0.92% 24.9% 14.1% 11.5% 7.8% 1.35 0.97 17.91% 57.77% 5.09 6.55

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 37'513.0 4.83x 3'801.0 12.33x 2'277.0 11.68x

06/yy 37'944.0 6.03x 5'340.0 12.17x 3'188.0 15.29x

a-13 m-13

j-13

a-13

s-13

FY+1

1.97 1.13 783.26 6.72 36.71% 30.40% 1.131 28 4.500 2'442'205 2'402'372 2'434'040 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 39'159.0 41'399.8 9'911.4 10'238.7 1.67x 1.52x 6.71x 6.44x 6'794.9 7'398.2 1'737.2 1'772.2 9.81x 9.01x 9.42x 3'943.7 4'402.2 991.0 965.3 16.45x 14.68x 15.90x 15.36x S&P Issuer Ratings

03.07.2001 A STABLE 03.07.2001 A-1 13.77 11.38 0.49 1.47 57.8% 36.2% 0.92 7.80 71.69 55.70 59.85 64.84

Sales/Revenue/Turnover

20.00

40'000.0

18.00

35'000.0

16.00

30'000.0

14.00

25'000.0

12.00 10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 01.01.2010

12.0 M

Fiscal Year Ended 31.12.2008 36'556.0 0.83x 4'432.0 6.87x 2'792.0 7.08x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Honeywell International Inc Holdings By:

All

Holder Name STATE STREET CORP BLACKROCK SUN LIFE FINANCIAL I VANGUARD GROUP INC JP MORGAN FMR LLC WELLINGTON MANAGEMEN EVERCORE TRUST COMPA CAPITAL GROUP COMPAN BARROW HANLEY MEWHIN T ROWE PRICE ASSOCIA BANK OF AMERICA CORP PRIMECAP MANAGEMENT BANK OF NEW YORK MEL AMERIPRISE FINANCIAL NORTHERN TRUST CORPO TIAA CREF INVESTMENT MORGAN STANLEY INSTITUTIONAL CAPITA GOLDMAN SACHS GROUP

Firm Name EVA Dimensions William Blair & Co Jefferies Sanford C. Bernstein & Co Drexel Hamilton LLC Deutsche Bank Edward Jones JPMorgan Sterne, Agee & Leach Stifel RBC Capital Markets Argus Research Corp Oppenheimer & Co Nomura Atlantic Equities LLP Morgan Stanley Credit Suisse UBS Cowen and Company Langenberg & Co Barclays Gabelli & Co FBR Capital Markets Buckingham Research Group Goldman Sachs S&P Capital IQ

Portfolio Name n/a n/a n/a n/a n/a n/a WELLINGTON MANAGEMEN EVERCORE TRUST COMPA n/a BARROW HANLEY MEWHIN T ROWE PRICE ASSOCIA BANK OF AMERICA PRIMECAP MANAGEMENT BANK OF NEW YORK MEL AMERIPRISE FINANCIAL NORTHERN TRUST CORPO TIAA-CREF INVESTMENT n/a INSTITUTIONAL CAPITA n/a

Analyst CRAIG STERLING NICHOLAS P HEYMANN HOWARD A RUBEL STEVEN E WINOKER RICHARD WHITTINGTON JOHN G INCH CHRISTIAN MAYES CHARLES STEPHEN TUSA PETER J ARMENT JEFFREY D OSBORNE ROBERT STALLARD NATHANIEL GABRIEL CHRISTOPHER D GLYNN SHANNON O'CALLAGHAN RICHARD RADBOURNE NIGEL COE JULIAN MITCHELL JASON D FELDMAN GAUTAM KHANNA BRIAN KEITH LANGENBERG SCOTT R DAVIS JAMES FOUNG AJAY K KEJRIWAL EDWARD WHEELER JOSEPH RITCHIE RICHARD TORTORIELLO

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

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

Amt Held 71'810'457 44'455'811 39'168'130 35'713'306 26'389'059 23'231'986 22'451'274 19'712'106 19'320'282 17'793'858 17'500'658 13'585'980 12'320'581 11'801'239 10'915'464 10'381'137 8'944'221 8'552'164 7'485'247 5'642'338

% Out 9.15 5.66 4.99 4.55 3.36 2.96 2.86 2.51 2.46 2.27 2.23 1.73 1.57 1.5 1.39 1.32 1.14 1.09 0.95 0.72

Weighting

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

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

Latest Chg (122'072) (250'280) 1'061'398 1'395'169 6'269'224 3'250'524 (3'413'664) 282 516'310 (5'051'214) 548'418 (641'600) (2'868) (106'647) 24'517 72'151 41'896 (1'278'448) (277'434)

Target Price #N/A N/A 84 98 95 90 91 #N/A N/A 89 93 90 91 92 91 88 92 88 82 82 90 90 87 #N/A N/A 76 80 88 75

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

File Dt 03.10.2013 02.10.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013

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

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

Date 03.10.2013 02.10.2013 27.09.2013 27.09.2013 18.09.2013 17.09.2013 16.09.2013 11.09.2013 04.09.2013 03.09.2013 29.08.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 21.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 18.07.2013 22.04.2013 19.04.2013 20.03.2013 25.01.2013

04.10.2013

Telefonica SA Telefonica S.A. provides telecommunications services mainly to countries in Europe and Latin America. The Company offers fixed-line and mobile telephone, Internet, and data transmission services to residential and corporate customers.

Price/Volume 14

180.0 M

160.0 M 140.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.10.2013) 52-Week Low (21.02.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEF SM EQUITY YTD Change TEF SM EQUITY YTD % CHANGE

12/2012 06/yy 11.92 9.47 2'435'974.00 11.905 -0.17% 25.77% 96.29% 4'551.0 54'179.95 66'853.00 0.0 7'200.0 11'719.00 113'602.95

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 o-12

31.12.2009 31.12.2010 56'731.0 60'737.0 2.42x 2.29x 22'603.0 25'777.0 6.07x 5.39x 7'776.0 10'167.0 11.43x 7.54x Profitability

LTM-4Q 31.12.2011 62'837.0 1.99x 19'392.0 6.46x 5'402.9 11.18x

31.12.2012 62'356.0 1.74x 21'231.0 5.10x 3'928.0 11.71x 21'231.00 10'798.00 17.32% 9.40% 3.13% 19.88% 0.48% 33.9% 16.5% 6.3% 0.81 0.71 51.52% 326.73% 5.57 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 62'932.0 7.73x 18'455.9 6.19x 4'315.9 10.89x

06/yy 59'937.0 7.25x 20'311.7 5.11x 3'909.0 11.38x

a-13 m-13

j-13

a-13

s-13

.0 M o-13

FY+1

0.99 4'512.12 14.20% 16.83% 0.994 37 3.622 25'326'560 25'417'770 22'494'460 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 57'906.1 57'458.1 13'990.0 14'843.5 1.88x 1.86x 19'633.8 19'493.8 5.79x 5.83x 4'618.2 4'797.7 982.0 530.0 11.56x 10.96x S&P Issuer Ratings

20.12.2012 BBB NEG 20.12.2012 A-2 6.86 3.80 2.61 3.09 326.7% 70.7% 0.48 1.77 65.58 -

Sales/Revenue/Turnover

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 57'946.0 2.10x 22'919.0 5.31x 7'592.0 9.72x

120.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Telefonica SA Holdings By:

All

Holder Name BANCO BILBAO VIZCAYA CAIXABANK BLACKROCK NORGES BANK VANGUARD GROUP INC PRIVAT BANK PATRIMON TELEFONICA SA FRANKLIN RESOURCES AMUNDI T ROWE PRICE ASSOCIA NATIXIS ASSET MANAGE BNP PARIBAS MERCURY ASSET MANAGE UBS AG DEKABANK DEUTSCHE GI SANTANDER ASSET MGMT CREDIT SUISSE AG UNION INVESTMENT GMB STATE STREET CORP FMR LLC

Firm Name

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

Analyst

BBVA IVON LEAL Ahorro Corporacion Financiera SA GERMAN GARCIA BOU BPI PEDRO OLIVEIRA Sanford C. Bernstein & Co ROBIN BIENENSTOCK Bankia Bolsa (ESN) DAVID CABEZA JARENO NMAS 1 Agencia de Valores JOSE RAMON OCINA Exane BNP Paribas MATHIEU ROBILLIARD AlphaValue JEAN-MICHEL SALVADOR HSBC LUIGI MINERVA EVA Dimensions ANDREW S ZAMFOTIS Grupo Santander NAHUM SANCHEZ DE LAMADRID Landesbank Baden-Wuerttemberg RALPH SZYMCZAK Banco Sabadell ANDRES BOLUMBURU Jefferies JEREMY A DELLIS National Bank AG MARKUS GLOCKENMEIER Berenberg Bank PAUL ANDREW MARSCH New Street Research JAMES RATZER Credit Suisse JUSTIN FUNNELL Nomura FREDERIC BOULAN Barclays JONATHAN DANN Natixis BENOIT MAYNARD Raymond James STEPHANE BEYAZIAN Independent Research GmbH MARKUS FRIEBEL Hamburger Sparkasse TINA HECKING-VELTMAN JPMorgan AKHIL DATTANI Espirito Santo Investment Bank Research NUNO MATIAS Mirabaud Finanzas Sociedad de ValoresJAVIER S MIELGO Macquarie GUY R PEDDY Oddo & Cie ALEXANDRE IATRIDES Kepler Cheuvreux JAVIER BORRACHERO Morgan Stanley LUIS PROTA Interdin Bolsa BORJA MIJANGOS BLANCO S&P Capital IQ ALEXANDER WISCH Deutsche Bank KEVAL KHIROYA Goldman Sachs TIMOTHY BODDY BCP Investimento ALEXANDRA DELGADO Day by Day VALERIE GASTALDY La Caixa BORJA PAGOAGA Banesto Bolsa SA Sociedad MARTA GOMEZ UBS GIOVANNI MONTALTI Renta 4 SA SVB IVAN SAN FELIX

Source 20F 20F ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation outperform buy strong buy outperform buy strong buy neutral buy neutral overweight buy buy buy underperform buy sell reduce neutral reduce equalweight neutral underperform sell hold restricted neutral overweight neutral reduce buy restricted buy sell restricted not rated buy hold buy overweight neutral hold

Amt Held 261'798'437 254'697'815 177'257'649 97'834'735 48'204'013 37'507'740 30'901'456 30'023'849 25'942'653 15'696'768 15'333'636 12'682'839 12'373'862 11'478'143 8'969'403 7'005'886 6'058'218 6'029'180 5'799'932 5'624'012

% Out 5.75 5.6 3.89 2.15 1.06 0.82 0.68 0.66 0.57 0.34 0.34 0.28 0.27 0.25 0.2 0.15 0.13 0.13 0.13 0.12

Weighting

Change

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

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

Latest Chg 3'581'300 7'798'898 2'319'686 (48) 6'484'037 166'795 2'348'371 7'558'473 2'798'499 90'091 989'051 (225'400) (37'437) 80'913 37'016 197'236

Target Price 13 13 13 14 13 13 11 18 12 #N/A N/A 13 13 13 9 13 9 8 12 9 12 13 10 10 #N/A N/A #N/A N/A 10 13 10 10 13 #N/A N/A 12 9 #N/A N/A #N/A N/A 15 #N/A N/A 13 12 10 19

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

File Dt 21.03.2013 21.03.2013 02.10.2013 31.12.2012 31.08.2013 30.06.2013 25.07.2013 28.06.2013 31.08.2013 30.06.2013 31.05.2013 31.05.2013 02.10.2013 03.10.2013 04.10.2013 30.06.2013 31.05.2013 28.03.2013 03.10.2013 31.08.2013

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

Inst Type Bank Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 04.10.2013 04.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 16.09.2013 12.09.2013 05.09.2013 27.08.2013 22.08.2013 01.08.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 23.07.2013 23.07.2013 18.07.2013 15.07.2013 22.05.2013 03.04.2013 02.04.2013 23.07.2012

04.10.2013

Time Warner Inc Time Warner Inc. is a media and entertainment company. The Company's businesses include cable television networks that provide programming, feature films, television and home video production and distribution, and magazine publishing.

Price/Volume 80

18.0 M

16.0 M

14.0 M 12.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.10.2013) 52-Week Low (05.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TWX US EQUITY YTD Change TWX US EQUITY YTD % CHANGE

12/2012 06/yy 66.68 42.61 2'965'977.00 65.29 -2.08% 53.23% 94.23% 920.0 60'067.20 19'871.00 0.0 1.0 2'841.00 77'451.20

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

8.0 M

6.0 M

4.0 M

2.0 M

0 o-12

31.12.2009 31.12.2010 25'388.0 26'888.0 1.78x 1.79x 5'748.0 6'413.0 7.86x 7.52x 2'477.0 2'578.0 15.02x 12.97x Profitability

LTM-4Q 31.12.2011 28'974.0 1.77x 6'877.0 7.45x 2'886.0 12.37x

31.12.2012 28'729.0 2.14x 7'106.0 8.67x 3'019.0 14.24x 7'106.00 6'214.00 21.63% 15.81% 5.29% 11.81% 8.91% 0.44% 44.5% 25.8% 22.8% 10.5% 1.35 1.04 29.09% 66.51% 4.37 8.01

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 28'984.0 7.04x 6'836.0 7.90x 2'591.0 13.11x

06/yy 29'380.0 8.95x 7'589.0 9.32x 3'497.0 15.18x

a-13 m-13

j-13

a-13

s-13

FY+1

1.68 0.96 865.83 14.78 45.51% 38.57% 0.963 31 4.548 4'606'916 3'942'934 4'061'476 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 29'794.3 30'814.7 6'933.6 8'497.6 2.56x 2.45x 10.88x 8.83x 7'580.8 8'156.1 1'827.8 2'345.2 10.22x 9.50x 9.90x 9.65x 3'519.8 3'905.0 828.2 1'174.0 17.42x 15.18x 16.37x 15.68x S&P Issuer Ratings

27.03.2009 BBB STABLE 21.05.2008 A-2 5.23 4.75 2.29 2.56 66.5% 39.9% 0.44 7.72 83.51 45.59 14.78 -44.00

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 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 26'516.0 2.27x 5'541.0 10.88x (13'402.0) 18.98x

10.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

Time Warner Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK JP MORGAN VANGUARD GROUP INC DODGE & COX STATE STREET CORP FMR LLC VIKING GLOBAL INVEST WELLINGTON MANAGEMEN T ROWE PRICE ASSOCIA SUN LIFE FINANCIAL I BANK OF NEW YORK MEL INSTITUTIONAL CAPITA NORTHERN TRUST CORPO COATUE MANAGEMENT LL ALLIANZ ASSET MANAGE DIMENSIONAL FUND ADV NORGES BANK FIDUCIARY MANAGEMENT LONGVIEW PARTNERS (G

Firm Name Sanford C. Bernstein & Co Atlantic Equities LLP Needham & Co Wedbush Cowen and Company Lazard Capital Markets Wells Fargo Securities, LLC Edward Jones Stifel Morgan Stanley S&P Capital IQ BMO Capital Markets Sterne, Agee & Leach ISI Group Macquarie Wunderlich Securities Deutsche Bank Argus Research Corp RBC Capital Markets Credit Suisse B Riley & Co Barrington Research Evercore Partners Telsey Advisory Group Goldman Sachs UBS JPMorgan Janney Montgomery Scott LLC Wedge Partners EVA Dimensions Gabelli & Co

Portfolio Name n/a n/a n/a n/a DODGE & COX n/a n/a VIKING GLOBAL INVEST WELLINGTON MANAGEMEN T ROWE PRICE ASSOCIA n/a BANK OF NEW YORK MEL INSTITUTIONAL CAPITA NORTHERN TRUST CORPO COATUE MANAGEMENT LL n/a n/a NORGES BANK FIDUCIARY MANAGEMENT LONGVIEW PARTNERS (G

Analyst TODD JUENGER HAMILTON FABER LAURA A MARTIN JAMES G DIX DOUGLAS CREUTZ BARTON CROCKETT MARCI RYVICKER ROBIN DIEDRICH DREW E CRUM BENJAMIN SWINBURNE TUNA AMOBI DANIEL SALMON VASILY KARASYOV VIJAY JAYANT TIMOTHY W NOLLEN MATTHEW HARRIGAN DOUGLAS D MITCHELSON JOSEPH F BONNER DAVID BANK MICHAEL SENNO DAVID W MILLER JAMES C GOSS ALAN GOULD JAISON BLAIR DREW BORST JOHN JANEDIS ALEXIA S QUADRANI TONY WIBLE MARTIN PYYKKONEN CRAIG STERLING BRETT HARRISS

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

Recommendation market perform overweight hold outperform outperform buy outperform buy buy Overwt/Attractive buy market perform buy buy outperform buy buy buy outperform outperform neutral outperform overweight no rating system buy/attractive buy overweight neutral no rating system buy hold

Amt Held 75'114'562 53'535'995 50'603'793 41'196'951 37'691'644 37'381'197 27'676'900 26'511'363 25'496'238 16'998'802 14'176'783 13'817'264 13'532'684 12'464'926 11'874'982 9'349'691 9'316'194 9'297'800 8'367'196 8'020'132

% Out 8.16 5.82 5.5 4.48 4.1 4.06 3.01 2.88 2.77 1.85 1.54 1.5 1.47 1.35 1.29 1.02 1.01 1.01 0.91 0.87

Weighting

Change

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

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

Latest Chg (770'308) 3'160'130 (554'791) (3'640'494) 1'007'139 (437'235) 4'147'269 (5'925'129) (1'895'178) 7'120'197 109'490 (926'970) (26'492) (27'293) 4'626'381 (48'168) 379'175 (796'829)

Target Price 67 73 #N/A N/A 69 72 75 #N/A N/A #N/A N/A 72 72 70 65 73 71 74 83 69 77 70 71 67 73 70 74 71 72 75 70 #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 30.06.2013 Investment Advisor 02.10.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 03.10.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

Date 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 18 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 15 month 12 month Not Provided Not Provided Not Provided

Date 02.10.2013 02.10.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 26.09.2013 23.09.2013 20.09.2013 19.09.2013 12.09.2013 11.09.2013 10.09.2013 10.09.2013 04.09.2013 20.08.2013 13.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 15.07.2013 13.05.2013 08.03.2013

04.10.2013

AstraZeneca PLC AstraZeneca PLC is a holding company. The Company, through its subsidiaries, researches, manufactures, and sells pharmaceutical and medical products. AstraZeneca focuses its operations on eight therapeutic areas: Gastrointestinal, Oncology, Cardiovascular, Respiratory, Central Nervous System, Pain Control, Anaesthesia, and Infection.

Price/Volume 8.0 M

3000

7.0 M

12/2012 06/yy 3'544.50 2'786.00 218'062.00 3202 -9.54% 14.93% 54.45% 1'252.8 40'115.38 10'310.00 0.0 215.0 8'524.00 66'016.58

5.0 M 4.0 M

1500

3.0 M

1000

2.0 M

500

1.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2009 31.12.2010 32'804.0 33'269.0 2.07x 1.84x 13'235.0 14'170.0 5.14x 4.31x 7'521.0 8'053.0 9.05x 8.14x Profitability

LTM-4Q 31.12.2011 33'591.0 1.71x 13'276.0 4.32x 9'983.0 6.29x

31.12.2012 27'973.0 2.18x 10'658.0 5.72x 6'297.0 9.46x 10'658.00 8'140.00 29.10% 27.59% 9.08% 20.79% 16.08% 0.49% 80.7% 41.7% 30.0% 22.5% 1.35 1.02 19.26% 43.43% 2.49

Price/ Cash Flow

LTM

06/yy 30'878.0 7.54x 14'028.0 4.16x 8'185.0 7.18x

06/yy 26'581.0 9.42x 11'075.0 5.48x 4'880.0 12.10x

FY+1

.0 M o-13

5.44 0.73 1'098.51 16.72% 16.66% 0.733 36 2.611 1'746'011 1'798'929 1'844'486 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 26'040.8 25'139.2 6'438.2 7'066.2 2.54x 2.61x 8'999.9 8'822.2 2'254.3 2'503.3 7.33x 7.48x 6'452.3 5'863.5 1'626.7 1'551.6 9.87x 10.70x 10.57x 10.81x S&P Issuer Ratings

27.07.2007 AANEG 27.07.2007 A-1+ 11.13 10.42 0.12 0.94 43.4% 30.1% 0.49 4.52 146.86 63.02

Sales/Revenue/Turnover

10.00

40'000.0

9.00

35'000.0

8.00

30'000.0

7.00

25'000.0

6.00 5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 01.01.2010

6.0 M

2000

Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AZN LN EQUITY YTD Change AZN LN EQUITY YTD % CHANGE

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

9.0 M

3500 2500

Valuation Analysis

31.12.2008 31'601.0 2.11x 11'657.0 5.72x 6'101.0 9.74x

4000

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

04.10.2013

AstraZeneca PLC Holdings By:

All

Holder Name BLACKROCK INVESCO LTD PERPETUAL INVESTMENT AXA INVESTOR AB LEGAL & GENERAL VANGUARD GROUP INC CAPITAL GROUP COMPAN SCOTTISH WIDOWS NORGES BANK INVESTME NORGES BANK UBS AG THREADNEEDLE STATE STREET CORP SCHRODER INVESTMENT PEOPLES REPUBLIC OF BARCLAYS GLOBAL INVE GMO LLC FIL LIMITED SCHRODER INVESTMENT

Firm Name Helvea AlphaValue Panmure Gordon & Co Limited Morgan Stanley Sanford C. Bernstein & Co Independent Research GmbH Handelsbanken Exane BNP Paribas Nordea Equity Research Barclays Jefferies Landesbank Baden-Wuerttemberg Deutsche Bank Bryan Garnier & Cie Danske Bank Markets Berenberg Bank Credit Suisse JPMorgan Societe Generale Day by Day Carnegie Shore Capital Stockbrokers Pareto Securities Swedbank SEB Enskilda Natixis S&P Capital IQ Redburn Partners Liberum Capital Ltd Kepler Cheuvreux EVA Dimensions Goldman Sachs ABG Sundal Collier UBS MP Advisors Pvt Ltd Edward Jones

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

Analyst ODILE RUNDQUIST ARMELLE MOULIN SAVVAS NEOPHYTOU AMY WALKER TIMOTHY M ANDERSON CHRISTOPH SCHOENDUBE PETER SEHESTED NICOLAS GUYON-GELLIN ERIK HULTGARD MARK PURCELL JEFFREY HOLFORD TIMO KUERSCHNER MARK CLARK ERIC LE BERRIGAUD MATTIAS HAGGBLOM ALISTAIR CAMPBELL LUISA HECTOR JAMES D GORDON STEPHEN MCGARRY VALERIE GASTALDY KRISTOFER LILJEBERG BRIAN WHITE YILMAZ MAHSHID JOHAN UNNERUS LARS HEVRENG BEATRICE MUZARD SHO MATSUBARA TEAM COVERAGE NARESH CHOUHAN FABIAN WENNER TIMOTHY STANISH KEYUR PAREKH STEN GUSTAFSSON ANDREW WHITNEY BHAVITA NAGRANI LINDA BANNISTER

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

Recommendation neutral reduce hold Underwt/Attractive market perform hold reduce neutral buy equalweight hold sell hold buy sell hold underperform neutral sell hold hold buy sell reduce hold neutral sell sell hold reduce buy neutral/neutral sell buy underperform sell

Amt Held 100'885'181 95'031'897 70'008'786 68'555'410 51'587'810 50'180'731 47'675'636 42'370'000 41'020'112 29'841'326 29'399'381 23'852'599 22'562'507 21'690'960 16'435'885 15'042'917 14'674'651 13'347'455 10'743'602 10'493'582

% Out 8.05 7.59 5.59 5.47 4.12 4.01 3.81 3.38 3.27 2.38 2.35 1.9 1.8 1.73 1.31 1.2 1.17 1.07 0.86 0.84

Weighting

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

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

Latest Chg 2'454'214 127'633 (541'502) (689'566) 3'413'628 5'760'000 (3'381'442) 963'792 6'290'042 1'406'429 226'654 (1'649'061) 1'295'706 1'189'255 1'747'117 347'488

Target Price 3'280 3'216 3'200 3'200 3'485 3'450 3'430 3'200 3'865 3'050 2'850 2'900 3'425 3'620 3'000 3'472 3'130 3'300 2'700 #N/A N/A #N/A N/A #N/A N/A 3'128 2'921 3'240 3'504 2'900 #N/A N/A 3'100 2'700 #N/A N/A 3'750 2'573 3'600 2'509 #N/A N/A

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

File Dt 02.10.2013 03.10.2013 30.08.2013 30.06.2013 01.05.2013 31.07.2013 31.08.2013 30.06.2013 31.08.2013 01.05.2013 31.12.2012 03.10.2013 31.07.2013 03.10.2013 01.05.2013 01.05.2013 28.06.2013 01.05.2013 01.05.2013 30.08.2013

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

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

Date 03.10.2013 03.10.2013 02.10.2013 30.09.2013 27.09.2013 20.09.2013 19.09.2013 19.09.2013 16.09.2013 16.09.2013 12.09.2013 10.09.2013 04.09.2013 04.09.2013 02.09.2013 29.08.2013 28.08.2013 28.08.2013 27.08.2013 20.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 19.07.2013 28.06.2013 08.06.2013 06.06.2013 17.05.2013 25.04.2013 19.03.2013 07.01.2010 20.11.2008

04.10.2013

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 40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NAB AU EQUITY YTD Change NAB AU EQUITY YTD % CHANGE

09/2012 03/yy 35.45 22.97 3'623'207.00 34.81 -1.81% 51.55% 95.51% 2'348.9 81'765.31 166'809.00 4'914.0 47.0 66'874.00 -

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

10 5 0 o-12

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

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

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% 0.60% 11.10% 2.08% 0.05% 23.3% 21.86% 429.46% -

Price/ Cash Flow

LTM

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

FY+1

5.26 1.09 2'345.84 6.64 42.53% 43.66% 1.086 19 4.000 7'074'703 5'904'346 5'692'670 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 18'594.7 19'254.0 0.71x 0.53x 5'895.1 6'375.0 13.89x 12.98x S&P Issuer Ratings

01.12.2011 AASTABLE 21.07.1992 A-1+ 429.5% 79.2% 0.05 19.77 -

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

n-12

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

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 o-13

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

04.10.2013

National Australia Bank Ltd Holdings By:

All

Holder Name VANGUARD GROUP INC NATIONAL AUSTRALIA B COMMONWEALTH BANK OF PERENNIAL INVESTMENT BLACKROCK NORGES BANK AMP GROUP PERPETUAL INVESTMENT AUSTRALIAN FOUNDATIO EQUITY TRUSTEES LTD QUEENSLAND INVESTMEN ING FUNDS MANAGEMENT DFA AUSTRALIA LTD AUSBIL DEXIA LIMITED ADVANCE ASSET MANAGE ARGO INVESTMENTS LTD FIL LIMITED SCHRODER INVESTMENT MILTON CORP LTD BT FUNDS MANAGEMENT

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

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

Analyst DAVID SPOTSWOOD BRETT LE MESURIER VICTOR GERMAN RICHARD E WILES MICHAEL WIBLIN ANDREW LYONS T S LIM JOHN BUONACCORSI TIMOTHY ROCKS SITI RUDZIAH SALIKIN JAMES FREEMAN JARROD MARTIN SCOTT MANNING DOUG WALTERS LOU CAPPARELLI JONATHAN MOTT

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

Recommendation hold buy buy Underwt/In-Line outperform Buy/Neutral buy outperform neutral buy buy neutral neutral hold Positive neutral

Amt Held 58'490'741 47'612'982 35'863'148 32'689'559 28'169'071 23'900'743 17'565'667 17'359'203 9'342'065 8'345'013 7'938'149 6'815'692 6'656'882 5'804'550 5'737'150 5'156'609 5'138'462 4'428'736 4'348'688 4'274'145

% Out 2.49 2.03 1.53 1.39 1.2 1.02 0.75 0.74 0.4 0.36 0.34 0.29 0.28 0.25 0.24 0.22 0.22 0.19 0.19 0.18

Weighting

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

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

Latest Chg 1'035'367 311 904'902 (29'894) 17'063 (544'474) 3'791'984 (43'470)

Target Price 32 36 37 30 38 33 35 35 32 38 35 34 34 #N/A N/A #N/A N/A 31

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

File Dt 31.08.2013 31.08.2013 31.05.2013 31.07.2013 02.10.2013 31.12.2012 31.10.2012 31.07.2013 31.10.2012 30.06.2013 31.10.2012 31.07.2013 30.06.2013 30.08.2013 31.07.2013 31.10.2012 31.07.2013 31.08.2013 30.06.2012 31.07.2013

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

Inst Type Investment Advisor Bank Bank Investment Advisor Investment Advisor Government Other Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 03.10.2013 01.10.2013 30.09.2013 24.09.2013 23.09.2013 06.09.2013 05.09.2013 03.09.2013 26.08.2013 21.08.2013 20.08.2013 20.08.2013 20.08.2013 06.06.2013 04.06.2013 09.05.2013

04.10.2013

AbbVie Inc AbbVie Inc. researches and develops pharmaceutical products. The Company produces pharmaceutical drugs for specialty therapeutic areas such as immunology, chronic kidney disease, Hepatitis C, women's health, oncology, and neuroscience. AbbVie also offers treatments for diseases including Multiple Sclerosis, Parkinson's, and Alzheimer's disease.

Price/Volume

12/2012 06/yy 48.42 32.51 7'020'911.00 46.01 -4.98% 41.53% 84.85% 1'585.4 72'945.57 17'911.00 0.0 0.0 7'976.00 82'170.57

1.20

15.0 M

10.0 M

5.0 M

10 0 d-12

.0 M j-13

f-13

m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008

Price/ Cash Flow

20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (18.09.2013) 52-Week Low (17.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABBV US EQUITY YTD Change ABBV US EQUITY YTD % CHANGE

25.0 M

50 40

Valuation Analysis

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

31.12.2009 31.12.2010 14'214.2 15'637.7 5'799.3 6'214.3 4'636.5 4'177.9 Profitability

LTM-4Q 31.12.2011 17'444.0 5'565.4 3'433.1 -

31.12.2012 18'380.0 3.47x 7'255.0 8.80x 5'275.0 9.26x 7'255.00 6'105.00 33.22% 31.15% 75.5% 28.7% 2.27 1.71 66.32% 532.59% -

LTM

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

06/yy 9'021.0 16.60x 3'291.0 0.00x 2'036.0 0.00x

FY+1

1'584.68 11.56 38.80% 15 3.933 5'535'019 4'469'737 4'083'602 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 18'648.1 19'045.4 4'516.4 5'132.7 4.42x 4.22x 7'459.3 7'547.3 1'868.5 2'020.0 11.02x 10.89x 10.98x 10.98x 5'054.7 5'148.8 1'253.8 1'385.8 14.67x 14.31x 14.94x 14.92x S&P Issuer Ratings

26.10.2012 A POS 26.10.2012 A-1 86.37 82.40 532.6% 84.2% -260.37

Sales/Revenue/Turnover

20'000.0 18'000.0

1.00

16'000.0 14'000.0

0.80 0.60 0.40

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 |

04.10.2013

AbbVie Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC NORTHERN TRUST CORPO BANK OF NEW YORK MEL JANUS CAPITAL MANAGE BANK OF AMERICA CORP STATE FARM MUTUAL AU ALLIANZ ASSET MANAGE UBS AG T ROWE PRICE ASSOCIA GEODE CAPITAL MANAGE WELLS FARGO & COMPAN AMERIPRISE FINANCIAL STATE FARM MUTUAL AU JP MORGAN TIAA CREF INVESTMENT FEDERATED INVESTORS

Firm Name Cowen and Company UBS Morgan Stanley Edward Jones Goldman Sachs Jefferies Argus Research Corp Barclays EVA Dimensions Hilliard Lyons JPMorgan Spin-Off Research BMO Capital Markets Atlantic Equities LLP

Portfolio Name n/a n/a n/a n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a BANK OF AMERICA STATE FARM MUTUAL AU n/a n/a T ROWE PRICE ASSOCIA GEODE CAPITAL MANAGE n/a AMERIPRISE FINANCIAL STATE FARM MUTUAL AU n/a TIAA-CREF INVESTMENT FEDERATED INVESTORS

Analyst STEVEN R SCALA MARC GOODMAN DAVID R RISINGER JUDSON CLARK JAMI E RUBIN JEFFREY HOLFORD DAVID H TOUNG CHARLES ANTHONY BUTLER ANDREW S ZAMFOTIS STEPHEN A O'NEIL CHRISTOPHER T SCHOTT TEAM COVERAGE ALEX ARFAEI RICHARD J PURKISS

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

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

Amt Held 133'184'402 82'921'627 77'519'568 72'321'625 58'535'074 26'305'991 23'646'826 21'835'391 18'605'668 15'061'000 13'085'054 12'742'228 12'040'172 10'988'071 10'922'428 10'541'028 10'095'596 10'001'267 9'445'025 8'842'342

% Out 8.4 5.23 4.89 4.56 3.69 1.66 1.49 1.38 1.17 0.95 0.83 0.8 0.76 0.69 0.69 0.66 0.64 0.63 0.6 0.56

Weighting

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

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

Latest Chg 1'230'924 3'382'252 (973'119) 6'007'621 (77'137) (1'032'507) 2'672'971 1'517'430 10'008'396 913'738 (186'820) 222'391 (678'095) 3'152'787 (22'700) 2'277'222 927'926 503'203

Target Price 52 46 49 #N/A N/A 54 54 52 44 #N/A N/A #N/A N/A 46 48 48 44

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

File Dt 30.06.2013 02.10.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013

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

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

Date 30.09.2013 25.09.2013 23.09.2013 20.09.2013 17.09.2013 10.09.2013 04.09.2013 03.09.2013 12.08.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 31.05.2013

04.10.2013

US Bancorp/MN U.S. Bancorp is a diversified financial services company that provides lending and depository services, cash management, foreign exchange and trust and investment management services. The Company also provides credit card services, mortgage banking, insurance, brokerage, and leasing. U.S Bancorp operates in the Midwest and Western United States.

Price/Volume

30.0 M 25.0 M

20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (18.09.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance USB US EQUITY YTD Change USB US EQUITY YTD % CHANGE

12/2012 06/yy 38.23 30.96 6'325'927.00 36.35 -4.92% 17.41% 74.14% 1'839.3 66'857.32 51'818.00 4'769.0 1'269.0 8'252.00 -

15.0 M

15 10

10.0 M

5.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

35.0 M

35 30

Valuation Analysis

31.12.2008 19'229.0 2'946.0 15.34x

31.12.2009 31.12.2010 19'490.0 20'518.0 2'205.0 3'317.0 21.44x 15.78x Profitability

LTM-4Q 31.12.2011 21'399.0 4'872.0 11.27x

31.12.2012 22'202.0 5'647.0 11.14x 38.91% 38.51% 1.64% 16.28% 6.08% 0.06% 28.1% 14.64% 151.39% -

Price/ Cash Flow

LTM

06/yy 22'076.0 0.00x 0.0 0.00x 5'376.0 12.07x

06/yy 21'738.0 0.00x 0.0 0.00x 5'806.0 12.15x

FY+1

2.24 1.01 1'836.56 18.72 8.35% 15.92% 1.012 39 3.744 6'397'381 7'236'922 7'299'509 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 19'679.8 20'276.3 4'935.2 4'956.4 5'602.0 5'792.7 1'404.6 1'422.6 12.08x 11.37x 11.86x 11.64x S&P Issuer Ratings

20.08.2012 A+ STABLE 17.06.2009 A-1 151.4% 56.3% 0.06 8.27 -

Sales/Revenue/Turnover

16.00

25'000.0

14.00

20'000.0

12.00 10.00

15'000.0

8.00

10'000.0

6.00 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

01.07.2013

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

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

04.10.2013

US Bancorp/MN Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC FMR LLC STATE STREET CORP BERKSHIRE HATHAWAY I T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO CAPITAL GROUP COMPAN BROWN BROTHERS HARRI JANUS CAPITAL MANAGE BANK OF NEW YORK MEL US BANCORP NORGES BANK GENERAL RE NEW ENGLA UBS AG WELLINGTON MANAGEMEN GENERAL REINSURANCE YACKTMAN ASSET MANAG GEODE CAPITAL MANAGE JP MORGAN

Firm Name

Portfolio Name n/a n/a n/a n/a n/a T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO n/a BROWN BROTHERS HARRI n/a BANK OF NEW YORK MEL US BANCORP NORGES BANK GENERAL RE NEW ENGLA n/a WELLINGTON MANAGEMEN GENERAL REINSURANCE YACKTMAN ASSET MANAG GEODE CAPITAL MANAGE n/a

Analyst

Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO Raymond James DAVID J LONG Sandler O'Neill & Partners, LP R SCOTT SIEFERS Rafferty Capital Markets RICHARD X BOVE SR Susquehanna Financial Group JACK MICENKO SunTrust Robinson Humphrey ERIC E WASSERSTROM Edward Jones SHANNON L STEMM Evercore Partners ANDREW A MARQUARDT Guggenheim Securities LLC MARTY L MOSBY III Oppenheimer & Co CHRISTOPHER M KOTOWSKI Sanford C. Bernstein & Co JOHN E MCDONALD Wells Fargo Securities, LLC MATTHEW H BURNELL Morgan Stanley BETSY L GRASECK Robert W. Baird & Co DAVID A GEORGE Sterne, Agee & Leach TODD L HAGERMAN JPMorgan VIVEK JUNEJA Goldman Sachs RICHARD N RAMSDEN FBR Capital Markets PAUL J MILLER JR BMO Capital Markets PETER J WINTER Portales Partners JENNIFER A THOMPSON Barclays JASON M GOLDBERG Drexel Hamilton LLC DAVID B HILDER Deutsche Bank MATTHEW D O'CONNOR RBC Capital Markets JON G ARFSTROM Credit Suisse MOSHE A ORENBUCH UBS STEPHEN SCINICARIELLO Jefferies KENNETH M USDIN Compass Point Research & Trading LLC KEVIN BARKER Daiwa Securities Co. Ltd. KAZUKI WATANABE Argus Research Corp DAVID RITTER Atlantic Equities LLP RICHARD STAITE Hilliard Lyons ROSS A DEMMERLE Macquarie DAVID J KONRAD Scotia Capital KEVIN R CHOQUETTE EVA Dimensions AUSTIN BURKETT S&P Capital IQ ERIK M OJA Meredith Whitney Advisory Group MEREDITH A WHITNEY

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

Recommendation outperform strong buy buy buy Positive neutral hold equalweight neutral market perform market perform market perform Equalwt/Attractive outperform neutral neutral neutral/attractive outperform market perform sector perform overweight buy buy outperform outperform buy hold neutral outperform hold underweight buy outperform sector perform overweight hold hold

Amt Held 134'206'017 83'084'866 81'498'222 81'311'234 78'277'301 64'586'844 31'250'434 28'904'099 28'375'372 23'911'622 21'362'150 19'808'313 17'502'619 17'488'343 16'313'683 14'831'692 14'559'100 12'779'292 12'749'572 12'272'088

% Out 7.3 4.52 4.43 4.42 4.26 3.51 1.7 1.57 1.54 1.3 1.16 1.08 0.95 0.95 0.89 0.81 0.79 0.69 0.69 0.67

Weighting

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

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

Latest Chg (60'279) (240'453) (2'168'540) 2'106'685 16'819'200 (4'058'426) (285'764) 1'405'909 853'400 8'293'180 (358'034) (389'955) (3'100) 1'551'288 1'461'760 101'160 136'709 307'743

Target Price 43 42 41 40 43 39 #N/A N/A 38 38 #N/A N/A 38 #N/A N/A 40 39 38 40 40 42 40 #N/A N/A 43 40 41 40 40 42 39 36 41 #N/A N/A 34 43 42 42 #N/A N/A 34 #N/A N/A

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

File Dt 02.10.2013 30.06.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013

Date 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 15 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Insurance Company Unclassified Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor

Date 02.10.2013 02.10.2013 02.10.2013 02.10.2013 01.10.2013 30.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 23.09.2013 23.09.2013 19.09.2013 18.09.2013 17.09.2013 17.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.08.2013 24.07.2013 19.07.2013 18.07.2013 18.07.2013 17.07.2013 07.05.2013 16.01.2013 18.07.2012

04.10.2013

BNP Paribas SA BNP Paribas S.A. attracts deposits and offers commercial, retail, investment, private and corporate banking services. The Bank also provides asset management and investment advisory services to institutions and individuals in Europe, the United States, Asia and the Emerging Markets.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BNP FP EQUITY YTD Change BNP FP EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 51.56 37.25 859'216.00 51.04 -0.89% 37.02% 93.15% 1'244.5 63'517.38 1'012'615.00 7'241.0 8'536.0 139'568.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 o-12

31.12.2009 31.12.2010 70'439.0 72'579.0 5'832.0 7'843.0 10.75x 7.52x Profitability

LTM-4Q 31.12.2011 71'009.0 6'050.0 6.30x

31.12.2012 66'872.0 6'553.0 8.25x 19.44% 23.50% 0.27% 6.74% 0.54% 0.05% 14.8% 53.09% 1287.58% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 0.0 #DIV/0! 0.0 0.00x 6'023.0 6.02x

06/yy 9'395.0 0.00x 0.0 0.00x 5'185.0 9.95x

a-13 m-13

j-13

a-13

s-13

FY+1

.0 M o-13

1.58 1'099.81 38.58% 23.81% 1.582 37 4.162 3'171'972 3'408'582 3'597'750 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 39'111.4 39'894.2 9'757.0 9'785.8 5'818.9 6'605.9 1'344.0 1'292.0 10.92x 9.62x S&P Issuer Ratings

25.10.2012 A+ NEG 25.10.2012 A-1 1287.6% 91.5% 0.05 5.20 -

Sales/Revenue/Turnover

4.00

90'000.0

3.50

80'000.0

3.00

70'000.0 60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 77'571.0 3'021.0 9.85x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

04.10.2013

BNP Paribas SA Holdings By:

All

Holder Name BELGIAN STATE AXA NORGES BANK FRANKLIN RESOURCES CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE OF LUXEMBOURG FMR LLC HARRIS ASSOCIATES LP COVEA FINANCE SAS NATIXIS ASSET MANAGE DODGE & COX AVIVA PLC BNP PARIBAS AMUNDI WILLIAM BLAIR & COMP SCHRODER INVESTMENT LBPAM FIL LIMITED

Firm Name

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios n/a

Analyst

Nomura JON PEACE Oddo & Cie JEAN SASSUS Kepler Cheuvreux CYRIL MEILLAND Natixis ALEX KOAGNE Independent Research GmbH STEFAN BONGARDT AlphaValue CHRISTOPHE NIJDAM HSBC ROBIN DOWN Macquarie PIERS BROWN Morgan Stanley SARA MINELLI JPMorgan DELPHINE LEE Berenberg Bank JAMES CHAPPELL Jefferies OMAR FALL Societe Generale GEOFF DAWES Credit Suisse MAXENCE LE GOUVELLO Hamburger Sparkasse CHRISTIAN HAMANN Day by Day VALERIE GASTALDY Barclays JEREMY SIGEE Mediobanca SpA ANTONIO GUGLIELMI Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT Goldman Sachs JEAN-FRANCOIS NEUEZ Bankhaus Lampe NEIL SMITH RBC Capital Markets ANKE REINGEN Deutsche Bank FLORA BENHAKOUN UBS NICK DAVEY Landesbank Baden-Wuerttemberg INGO FROMMEN CM - CIC Securities(ESN) PIERRE CHEDEVILLE S&P Capital IQ WILLIAM HOWLETT Main First Bank AG FEDERICO SALERNO Calamatta Cuschieri TEAM COVERAGE Redburn Partners GEORGE KARAMANOS Grupo Santander AURELIA FAURE EVA Dimensions DOUG WALTERS Banco Sabadell MARIO LODOS Espirito Santo Investment Bank Research ANDREW LIM Nord/LB MICHAEL SEUFERT

Source Research ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG 13F MF-AGG MF-AGG ULT-AGG

Recommendation buy buy buy buy buy reduce overweight neutral Overwt/In-Line neutral sell hold buy outperform hold hold overweight outperform outperform Buy/Neutral buy outperform buy neutral hold buy buy outperform overweight buy buy underweight buy neutral hold

Amt Held 127'747'434 66'464'562 25'617'790 21'954'990 18'934'630 17'967'473 16'971'954 12'540'483 11'934'361 10'745'800 8'464'103 8'181'726 6'394'558 6'153'086 6'110'826 6'043'823 5'142'845 5'117'763 4'763'636 4'211'641

% Out 10.27 5.34 2.06 1.76 1.52 1.44 1.36 1.01 0.96 0.86 0.68 0.66 0.51 0.49 0.49 0.49 0.41 0.41 0.38 0.34

Weighting

Change 5 5 5 5 5 2 5 3 5 3 1 3 5 5 3 3 5 5 5 5 5 5 5 3 3 5 5 5 5 5 5 1 5 3 3

M M M M M M M M M M M N M M M M M M M M M M M M D M M M M M M M M M M

Latest Chg (1'419'545) 342'217 101'737 141'770 1'351'602 886'253 2'345'800 8'255'846 (50'444) 1'461'558 (97'318) 130'166 (316'289) (3'255'061) 684'101 (23'166) (2'885'463)

Target Price 56 55 57 62 60 51 56 45 60 49 25 51 58 57 #N/A N/A #N/A N/A 59 56 60 68 56 53 53 46 50 56 52 54 50 #N/A N/A 55 #N/A N/A 48 43 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 23.05.2013 31.12.2012 31.12.2012 31.08.2013 31.07.2013 02.10.2013 31.08.2013 31.12.2012 31.08.2013 30.06.2013 30.06.2013 31.05.2013 30.06.2013 30.08.2013 31.05.2013 30.08.2013 30.06.2013 30.08.2013 28.03.2013 30.04.2013

Date 12 month Not Provided Not Provided Not Provided 12 month 6 month Not Provided 12 month 12 month 15 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Government Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 04.10.2013 03.10.2013 02.10.2013 30.09.2013 27.09.2013 26.09.2013 18.09.2013 18.09.2013 16.09.2013 11.09.2013 06.09.2013 03.09.2013 02.09.2013 02.09.2013 27.08.2013 19.08.2013 14.08.2013 07.08.2013 05.08.2013 02.08.2013 02.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 22.07.2013 16.07.2013 26.06.2013 06.06.2013 15.02.2013 30.01.2013 23.10.2012

04.10.2013

BG Group PLC BG Group PLC operates as an integrated natural gas company. The Company explores develops, produces, liquefies, and markets hydrocarbons with a focus on natural gas. BG Group extends its services throughout global networks.

Price/Volume 1400 1200 1000 800

Valuation Analysis

600

Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 52-Week Low (19.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BG/ LN EQUITY YTD Change BG/ LN EQUITY YTD % CHANGE

12/2012 06/yy 1'357.00 991.00 724'247.00 1175 -13.26% 18.57% 50.55% 3'407.2 40'035.11 15'507.00 0.0 57.0 4'434.00 75'993.47

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

200 0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 23'270.8 2.83x 11'459.4 5.75x 5'790.8 10.25x

400

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 o-13

31.12.2009 31.12.2010 15'992.8 17'166.0 4.28x 4.68x 8'440.4 8'672.0 8.10x 9.27x 3'394.9 3'351.0 17.40x 20.19x Profitability

LTM-4Q 31.12.2011 17'667.0 5.03x 9'574.0 9.29x 4'234.0 17.67x

31.12.2012 18'933.0 3.73x 10'198.0 6.92x 4'519.0 16.87x 10'198.00 7'605.00 40.17% 33.62% 8.11% 16.86% 11.60% 0.30% 52.6% 38.5% 23.9% 1.38 0.83 23.77% 46.94% -

Price/ Cash Flow

LTM

06/yy 17'283.0 19.50x 9'780.0 8.16x 3'891.0 20.33x

06/yy 19'634.0 15.09x 10'331.0 6.72x 5'316.0 13.52x

FY+1

1.45 1.11 3'232.01 -8.81% 17.89% 1.107 30 3.867 3'834'575 5'612'055 5'013'853 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 20'026.0 22'038.4 5'057.0 5'506.3 3.83x 3.67x 14.61x 13.71x 10'609.8 12'153.4 1'831.0 2'235.0 7.16x 6.26x 8.81x 8.24x 4'179.2 4'786.9 1'053.0 1'267.0 15.39x 13.40x 13.58x 13.09x S&P Issuer Ratings

15.20 0.33 1.12 1.58 46.9% 31.9% 0.30 0.47 -

Sales/Revenue/Turnover

18.00

25'000.0

16.00

20'000.0

14.00 12.00

15'000.0

10.00 8.00

10'000.0

6.00

5'000.0

4.00 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

04.10.2013

BG Group PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL VANGUARD GROUP INC NORGES BANK CAPITAL GROUP COMPAN SCOTTISH WIDOWS FIL LIMITED SUN LIFE FINANCIAL I STATE STREET CORP PEOPLES REPUBLIC OF FRANKLIN RESOURCES Northern Cross Inter AXA HARBOR CAPITAL ADVIS STANDARD LIFE INVEST UBS AG SCHRODER INVESTMENT THREADNEEDLE GIC PRIVATE LIMITED STATE FARM MUTUAL AU

Firm Name Credit Suisse Sanford C. Bernstein & Co AlphaValue Goldman Sachs RBC Capital Markets Simmons & Company International Oriel Securities Ltd Macquarie Deutsche Bank Liberum Capital Ltd Societe Generale Investec JPMorgan Raymond James Independent Research GmbH Canaccord Genuity Corp Nomura Exane BNP Paribas Barclays Morgan Stanley Grupo Santander Day by Day EVA Dimensions Jefferies S&P Capital IQ Tudor Pickering & Co Equita SIM SpA UBS

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 n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst THOMAS YOICHI ADOLFF OSWALD CLINT ALEXANDRE ANDLAUER MICHELE DELLA VIGNA PETER HUTTON GUY BABER RICHARD GRIFFITH JASON D GAMMEL LUCAS HERRMANN ANDREW WHITTOCK IRENE HIMONA NEILL MORTON FREDERICK G LUCAS BERTRAND HODEE SVEN DIERMEIER SAMUEL SIMON THEEPAN JOTHILINGAM ALEJANDRO DEMICHELIS RAHIM KARIM MARTIJN P RATS JASON KENNEY VALERIE GASTALDY DOUG WALTERS BRENDAN MICHAEL WARN CHRISTINE TISCARENO ANISH KAPADIA MASSIMO BONISOLI JONATHON RIGBY

Source ULT-AGG ULT-AGG ULT-AGG RNS-MAJ ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG REG ULT-AGG MF-AGG REG ULT-AGG REG ULT-AGG ULT-AGG REG

Recommendation underperform outperform sell Buy/Cautious outperform overweight buy outperform buy hold hold sell overweight outperform hold hold buy outperform equalweight Overwt/In-Line buy hold hold buy sell hold buy buy

Amt Held 259'128'305 237'765'696 172'255'963 172'003'916 98'893'176 94'531'762 80'518'307 58'414'868 57'527'414 57'446'481 53'370'409 48'532'540 46'554'299 45'967'364 43'605'600 43'300'286 42'802'945 42'373'668 41'839'173 41'334'000

% Out 7.61 6.98 5.06 5.05 2.9 2.77 2.36 1.71 1.69 1.69 1.57 1.42 1.37 1.35 1.28 1.27 1.26 1.24 1.23 1.21

Weighting

Change 1 5 1 5 5 5 5 5 5 3 3 1 5 5 3 3 5 5 3 5 5 3 3 5 1 3 5 5

M M M M M M M M M M M M M M D M M M D M M M D M M M M M

Latest Chg (1'741'530) 3'907'346 16'712'550 604'072 (1'410'633) 9'570'931 (1'605'070) 25'578 41'935'269 573'783 (4'057'822) 278'645 (40'959) 9'092'599 393'238 (2'359'281) (5'445'420) 378'800

Target Price 1'170 1'770 726 1'620 1'400 #N/A N/A #N/A N/A 1'400 1'400 1'260 1'300 1'100 1'550 1'400 1'350 1'250 1'450 1'450 1'320 1'370 1'455 #N/A N/A #N/A N/A 1'700 1'150 1'600 1'460 1'400

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 02.10.2013 31.07.2013 31.08.2013 27.08.2013 31.07.2013 31.08.2013 01.07.2013 31.08.2013 03.10.2013 01.07.2013 31.08.2013 01.07.2013 01.07.2013 30.06.2013 01.07.2013 03.10.2013 01.07.2013 31.07.2013 01.07.2013 01.07.2013

Date Not Provided 12 month 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 9 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Government Insurance Company

Date 04.10.2013 03.10.2013 03.10.2013 27.09.2013 27.09.2013 23.09.2013 19.09.2013 12.09.2013 11.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 09.09.2013 04.09.2013 12.08.2013 05.08.2013 29.07.2013 26.07.2013 31.05.2013 17.05.2013 12.11.2012

04.10.2013

American International Group Inc American International Group, Inc. is an international insurance organization serving commercial, institutional and individual customers. AIG provides property-casualty insurance, life insurance and retirement services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.09.2013) 52-Week Low (14.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AIG US EQUITY YTD Change AIG US EQUITY YTD % CHANGE

12/2012 06/yy 50.99 30.64 7'884'670.00 48.85 -4.20% 59.43% 89.48% 1'476.4 72'119.74 48'500.00 0.0 1'001.0 1'151.00 113'743.74

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 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 6'896.0 38.32x (99'289.0) -

31.12.2009 31.12.2010 75'352.0 77'526.0 3.38x 2.92x (10'949.0) 7'786.0 Profitability

LTM-4Q 31.12.2011 59'812.0 2.13x 20'622.0 33.29x

31.12.2012 65'656.0 1.53x 3'438.0 8.98x 17.75% 14.20% 0.52% 2.80% 3.11% 0.12% 5.2% 8.84% 49.49% -

Price/ Cash Flow

LTM

06/yy 62'813.0 8.20x 0.0 0.00x 23'029.0 18.11x

06/yy 66'705.0 6.48x 0.0 0.00x 2'835.0 12.23x

FY+1

0.00 1.52 1'474.52 21.85 43.08% 38.66% 1.517 25 4.120 7'011'978 8'438'402 9'908'114 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 49'765.3 51'238.5 13'175.5 13'335.5 6'681.2 6'221.9 1'357.2 1'368.8 11.39x 11.34x 12.32x 11.98x S&P Issuer Ratings

02.03.2009 ANEG 14.01.2011 A-2 49.5% 32.9% 0.12 -

Sales/Revenue/Turnover

25.00

120'000.0 100'000.0

20.00

80'000.0 15.00

60'000.0 10.00

40'000.0

5.00

0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

04.10.2013

American International Group Inc Holdings By:

All

Holder Name FAIRHOLME CAPITAL MA BLACKROCK VANGUARD GROUP INC STATE STREET CORP WELLINGTON MANAGEMEN FRANKLIN RESOURCES HARRIS ASSOCIATES LP ORBIS HOLDINGS LIMIT CAPITAL GROUP COMPAN BANK OF NEW YORK MEL NORTHERN TRUST CORPO WADDELL & REED FINAN MACKENZIE FINANCIAL STARR INTERNATIONAL HOTCHKIS & WILEY CAP NORGES BANK FMR LLC CARMIGNAC GESTION JP MORGAN PERRY CORP

Firm Name JPMorgan Sanford C. Bernstein & Co William Blair & Co Barclays Drexel Hamilton LLC BMO Capital Markets Nomura Portales Partners FBR Capital Markets Guggenheim Securities LLC Argus Research Corp Keefe, Bruyette & Woods Sandler O'Neill & Partners, LP S&P Capital IQ Deutsche Bank Sterne, Agee & Leach Janney Montgomery Scott LLC Morgan Stanley Goldman Sachs UBS Macquarie Wells Fargo Securities, LLC Evercore Partners Credit Suisse EVA Dimensions

Portfolio Name FAIRHOLME CAPITAL MA n/a n/a n/a WELLINGTON MANAGEMEN n/a HARRIS ASSOC LP ORBIS HOLDINGS LIMIT n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a MACKENZIE FINANCIAL STARR INTERNATIONAL HOTCHKIS AND WILEY NORGES BANK n/a CARMIGNAC GESTION n/a PERRY CORPORATION

Analyst JIMMY S BHULLAR JOSH STIRLING ADAM KLAUBER JAY H GELB GLORIA L VOGEL CHARLES J SEBASKI CLIFFORD H GALLANT III NINA GUPTA RANDY BINNER BIJAN MOAZAMI JOHN M EADE MEYER SHIELDS J PAUL NEWSOME CATHY SEIFERT JOSHUA D SHANKER JOHN M NADEL LARRY GREENBERG GREGORY W LOCRAFT MICHAEL S NANNIZZI BRIAN MEREDITH AMIT KUMAR JOHN A HALL MARK FINKELSTEIN THOMAS GALLAGHER AUSTIN BURKETT

Source 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F ULT-AGG 13F ULT-AGG 13F

Recommendation neutral outperform outperform overweight buy outperform neutral outperform outperform neutral buy market perform buy buy buy neutral neutral Equalwt/In-Line neutral/neutral neutral outperform market perform equalweight restricted overweight

Amt Held 86'148'865 84'190'233 66'759'571 62'161'426 43'429'429 31'627'087 26'475'244 22'203'948 21'800'081 19'464'525 17'662'268 17'089'155 15'737'474 15'463'715 15'396'372 15'353'972 15'323'580 13'344'650 12'008'342 11'745'789

% Out 5.84 5.7 4.52 4.21 2.94 2.14 1.79 1.5 1.48 1.32 1.2 1.16 1.07 1.05 1.04 1.04 1.04 0.9 0.81 0.8

Weighting

Change

3 5 5 5 5 5 3 5 5 3 5 3 5 5 5 3 3 3 3 3 5 3 3 #N/A N/A 5

M M M M M M M M M N M M M M M M M M M M M M M M M

Latest Chg 248'788 5'671'040 2'625'102 (422'800) (10'385'007) (409'145) 938'943 (3'419'419) 4'966'436 512'410 420'076 (124'650) 457'142 950'362 (1'974'762) 2'425'905 13'344'650 1'902'649 (1'411'471)

Target Price 49 60 #N/A N/A 56 55 57 49 #N/A N/A 55 54 55 46 55 58 56 50 #N/A N/A #N/A N/A 49 48 57 #N/A N/A 50 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2013 Investment Advisor 02.10.2013 Investment Advisor 30.06.2013 Investment Advisor 03.10.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Hedge Fund Manager

Date 15 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided

Date 03.10.2013 03.10.2013 02.10.2013 02.10.2013 01.10.2013 30.09.2013 20.09.2013 20.09.2013 19.09.2013 17.09.2013 05.09.2013 30.08.2013 26.08.2013 26.08.2013 12.08.2013 07.08.2013 06.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 05.04.2013 15.01.2013

04.10.2013

Softbank Corp SoftBank Corp provides telecommunication services. The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.10.2013) 52-Week Low (15.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 9984 JP EQUITY YTD Change 9984 JP EQUITY YTD % CHANGE

03/2013 06/yy 7'540.00 2'200.00 17'484'200.00 7270 -3.58% 230.45% 99.81% 1'200.7 8'728'801.00 2'964'775.00 0.0 536'637.0 1'371'181.00 11'653'124.85

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

80.0 M

7000

70.0 M

6000

60.0 M

5000

50.0 M

4000

40.0 M

3000

30.0 M

2000

20.0 M

1000

10.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.03.2009 2'673'035.0 1.60x 656'245.0 6.52x 43'172.0 31.44x

8000

31.03.2010 31.03.2011 2'763'406.0 3'004'640.0 1.84x 1.90x 770'885.0 916'788.0 6.60x 6.24x 96'716.0 189'712.0 25.76x 18.94x Profitability

LTM-4Q 31.03.2012 3'202'435.0 1.35x 1'013'714.0 4.25x 313'752.0 8.56x

LTM

FY+1

.0 M o-13

0.96 939.87 134.05% 133.30% 0.957 19 4.526 18'044'560 9'024'610 10'918'470 FY+2

FQ+1

FQ+2

31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 3'378'365.0 ######### ######### ######### ######### 2.16x 5.70x 8.01x 2.28x 1.94x 1'149'809.0 ######### ######### ######### ######### 6.35x 5.28x 7.22x 6.34x 5.47x 289'403.0 324'541.0 437'003.0 439'420.6 395'659.0 16.80x 10.03x 15.35x 19.82x 22.04x S&P Issuer Ratings 1'149'809.00 Long-Term Rating Date 08.07.2013 745'000.00 Long-Term Rating BB+ 22.05% Long-Term Outlook STABLE 19.25% Short-Term Rating Date 6.55% Short-Term Rating 31.20% Credit Ratios 10.24% EBITDA/Interest Exp. 31.30 0.52% (EBITDA-Capex)/Interest Exp. 16.37 Net Debt/EBITDA 1.87 52.9% Total Debt/EBITDA 3.40 38.9% Reference 27.0% Total Debt/Equity 188.9% 8.6% Total Debt/Capital 58.5% Asset Turnover 0.52 1.00 Net Fixed Asset Turnover 2.12 0.77 Accounts receivable turnover-days 88.41 45.44% Inventory Days 12.66 188.86% Accounts Payable Turnover Day 176.47 4.13 Cash Conversion Cycle 33.52 28.83

Price/ Cash Flow

Sales/Revenue/Turnover

12.00

4'000'000.0 3'500'000.0

10.00

3'000'000.0 8.00

2'500'000.0 2'000'000.0

6.00

1'500'000.0

4.00

1'000'000.0 2.00 0.00 02.04.2010

500'000.0 0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

04.10.2013

Softbank Corp Holdings By:

All

Holder Name SON MASAYOSHI CAPITAL GROUP COMPAN JAPAN TRUSTEE SERVIC JP MORGAN CHASE BANK STATE STREET CORP MASTER TRUST BANK OF STATE STREET CUSTODI TRUST & CUSTODY SERV NOMURA FMR LLC JP MORGAN BLACKROCK VANGUARD GROUP INC NORGES BANK MELLON BANK NA DAIWA SECURITIES GRO SOFTBANK CORP NIKKO ASSET MANAGEME BANK OF NEW YORK MEL THORNBURG INVESTMENT

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst

SMBC Nikko Securities Inc SATORU KIKUCHI Ji Asia NEIL JUGGINS Barclays KEIICHI YONESHIMA Morgan Stanley TETSURO TSUSAKA New Street Research KIRK BOODRY Mitsubishi UFJ Morgan Stanley SecuritieHIDEAKI TANAKA Daiwa Securities Co. Ltd. YOSHIO ANDO Cantor Fitzgerald NAOSHI NEMA Nomura DAISAKU MASUNO Goldman Sachs IKUO MATSUHASHI Macquarie NATHAN RAMLER Credit Suisse HITOSHI HAYAKAWA Iwai Cosmo Securities Co. Ltd TOMOAKI KAWASAKI Mizuho Securities KEI TAKAHASHI EVA Dimensions ANDREW S ZAMFOTIS UBS MAKIO INUI Tokai Tokyo Securities YUSUKE TSUNODA Tachibana Securities RYUICHI ISHII ACE Research Institute HIDEKI YASUDA

Source Co File ULT-AGG Co File Co File ULT-AGG Co File ULT-AGG Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG Co File MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation outperform buy overweight restricted buy outperform neutral buy buy Buy/Neutral outperform restricted outperform neutral sell restricted above average Strong Outperform outperform

Amt Held 240'204'000 211'227'631 102'420'000 91'902'000 61'733'289 54'367'000 21'125'000 20'360'000 18'993'925 17'453'159 17'126'506 14'471'540 14'454'101 11'382'845 9'558'000 9'327'250 8'761'580 8'756'815 6'727'400 6'538'471

% Out 20.01 17.59 8.53 7.65 5.14 4.53 1.76 1.7 1.58 1.45 1.43 1.21 1.2 0.95 0.8 0.78 0.73 0.73 0.56 0.54

Weighting

Change

5 5 5 #N/A N/A 5 5 3 5 5 5 5 #N/A N/A 5 3 1 #N/A N/A 4 5 5

M M M M M M N M M M M M M M D M M M M

Latest Chg (21'010'632) 3'767'934 (2'002'000) 34'370'000 13'480'900 2'676'000 (634'000) (3'737'000) 318'629 351'461 (1'807'946) 1'143'450 866'800 (491'000) 2'555'570 (31'954) (60'700) (150'800) (75'000)

Target Price 7'700 7'930 7'500 #N/A N/A 7'100 7'500 6'540 7'300 7'370 6'900 7'500 #N/A N/A 8'500 5'070 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 21.06.2013 07.08.2013 31.03.2013 31.03.2013 03.10.2013 31.03.2013 31.03.2013 31.03.2013 30.09.2013 31.08.2013 31.07.2013 02.10.2013 31.08.2013 31.12.2012 31.03.2013 30.08.2013 31.08.2013 03.10.2013 03.10.2013 31.08.2013

Date 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 6 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type n/a Investment Advisor Bank Investment Advisor Investment Advisor Bank Other Bank Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Holding Company Corporation Unclassified Investment Advisor Investment Advisor

Date 30.09.2013 11.09.2013 10.09.2013 06.09.2013 04.09.2013 03.09.2013 02.09.2013 26.08.2013 22.08.2013 19.08.2013 15.08.2013 13.08.2013 31.07.2013 30.07.2013 28.06.2013 15.04.2013 07.02.2013 05.02.2013 01.02.2013

04.10.2013

Bank of Nova Scotia Bank of Nova Scotia provides retail, commercial, international, corporate, investment and private banking services and products.

Price/Volume 70

9.0 M

8.0 M 7.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.03.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BNS CN EQUITY YTD Change BNS CN EQUITY YTD % CHANGE

10/2012 07/yy 61.84 52.30 2'745'225.00 59 -4.59% 12.81% 70.23% 1'203.3 70'995.42 87'072.00 4'384.0 1'743.0 54'804.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5.0 M

4.0 M 3.0 M

2.0 M

1.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.10.2008 26'618.0 3'140.0 13.18x

6.0 M

31.10.2009 31.10.2010 25'064.0 23'775.0 3'547.0 4'239.0 13.67x 13.98x Profitability

LTM-4Q 31.10.2011 24'151.0 5'181.0 11.60x

31.10.2012 26'852.0 6'243.0 11.57x 37.72% 40.84% 0.88% 16.86% 4.43% 0.04% 31.7% 13.03% 247.00% -

Price/ Cash Flow

LTM

07/yy 26'738.0 0.00x 0.0 0.00x 5'916.0 11.63x

07/yy 27'833.0 0.00x 0.0 0.00x 6'249.0 11.71x

FY+1

3.97 0.75 1'199.53 19.43 14.12% 5.94% 0.751 20 3.800 2'642'075 2'997'351 3'043'854 FY+2

FQ+1

FQ+2

10/13 Y 10/14 Y 10/13 Q4 01/14 Q1 21'442.1 22'703.2 5'436.1 5'494.0 6'282.4 6'771.5 1'601.4 1'640.0 11.51x 10.74x 10.95x 10.74x S&P Issuer Ratings

13.12.2012 A+ STABLE 13.12.2012 A-1 247.0% 67.8% 0.04 12.73 -

Sales/Revenue/Turnover

1'400.00

30'000.0

1'200.00

25'000.0

1'000.00

20'000.0

800.00

15'000.0 600.00

10'000.0 400.00

5'000.0

200.00 0.00 06.11.2009

0.0 06.05.2010

06.11.2010

06.05.2011

06.11.2011

06.05.2012

06.11.2012

06.05.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

04.10.2013

Bank of Nova Scotia Holdings By:

All

Holder Name ROYAL BANK OF CANADA CIBC WORLD MARKETS I BANK OF MONTREAL /CA TORONTO DOMINION BAN TD ASSET MANAGEMENT IG INVESTMENT MANAGE BANK OF NOVA SCOTIA JARISLOWSKY FRASER L CI INVESTMENTS INC BEUTEL GOODMAN & COM GREAT WEST LIFE ASSU CONNOR CLARK & LUNN CIBC GLOBAL ASSET MA MACKENZIE FINANCIAL BMO INVESTMENTS INC FRANKLIN RESOURCES CAPITAL GROUP COMPAN FMR LLC FIERA CAPITAL CORPOR NORGES BANK

Firm Name Rafferty Capital Markets National Bank Financial Morgan Stanley Barclays Stonecap Securities Inc BMO Capital Markets Scotia Capital Veritas Investment Research Co Edward Jones Cormark Securities Inc. RBC Capital Markets Desjardins Securities Keefe, Bruyette & Woods CIBC World Markets Macquarie Credit Suisse EVA Dimensions S&P Capital IQ

Portfolio Name n/a CIBC WORLD MARKETS I BANK OF MONTREAL /CA TORONTO DOMINION BAN TD ASSET MANAGEMENT IG INVESTMENT MANAGE n/a JARISLOWSKY FRASER L Multiple Portfolios BEUTEL, GOODMAN & CO GREAT WEST LIFE ASSU CONNOR CLARK & LUNN CIBC GLOBAL ASSET MA MACKENZIE FINANCIAL Multiple Portfolios n/a n/a n/a FIERA CAPITAL CORPOR NORGES BANK

Analyst RICHARD X BOVE SR PETER D ROUTLEDGE CHERYL PATE JOHN AIKEN J BRADLEY SMITH JOHN REUCASSEL KEVIN R CHOQUETTE OHAD LEDERER TOM LEWANDOWSKI DARKO MIHELIC ANDRE PHILIPPE HARDY MICHAEL GOLDBERG BRIAN KLOCK ROBERT SEDRAN SUMIT MALHOTRA GABRIEL DECHAINE DOUG WALTERS ERIK M OJA

Source ULT-AGG 13F 13F 13F 13F 13F ULT-AGG 13F MF-AGG 13F 13F 13F 13F 13F MF-AGG ULT-AGG ULT-AGG ULT-AGG 13F 13F

Recommendation hold outperform Overwt/In-Line equalweight outperform outperform sector perform sell hold buy outperform top pick market perform sector perform outperform neutral underweight buy

Amt Held 92'332'201 52'405'278 48'128'204 46'518'483 42'795'989 27'985'139 24'402'875 20'502'786 18'224'608 14'378'076 13'864'317 11'890'390 11'865'238 11'637'688 11'183'145 10'545'236 9'917'390 9'432'199 9'037'200 9'017'111

% Out 7.67 4.36 4 3.87 3.56 2.33 2.03 1.7 1.51 1.19 1.15 0.99 0.99 0.97 0.93 0.88 0.82 0.78 0.75 0.75

Weighting

Change 3 5 5 3 5 5 3 1 3 5 5 5 3 3 5 3 1 5

M M M M M M M M M M M M M D M M M M

Latest Chg 1'924'457 1'229'412 2'852'099 (54'205) 628'203 934'840 (717'307) 1'567'037 2'818'884 418'215 399'285 34'625 365'753 (330'191) (320'174) (316'650) (1'219'000) (699'671) (401'424) -

Target Price 60 65 65 59 61 65 70 56 #N/A N/A 73 70 68 61 63 62 61 #N/A N/A 60

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 28.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 02.10.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012

Date 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 18 month 12 month Not Provided Not Provided Not Provided

Inst Type Bank Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government

Date 02.10.2013 30.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 16.09.2013 16.09.2013 03.09.2013 03.09.2013 28.08.2013 27.08.2013 06.06.2013 11.12.2012

04.10.2013

Novo Nordisk A/S Novo Nordisk A/S develops, produces, and markets pharmaceutical products. The Company focuses on diabetes care and offers insulin delivery systems and other diabetes products. Novo Nordisk also works in areas such as haemostatis management, growth disorders, and hormone replacement therapy. The Company offers educational and training materials. Novo Nordisk markets worldwide. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.02.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NOVOB DC EQUITY YTD Change NOVOB DC EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 1'100.00 848.00 172'357.00 923 -16.05% 8.84% 26.79% 442.5 507'650.00 500.00 0.0 0.0 16'105.00 497'242.99

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

1000

5.0 M

800

4.0 M

600

3.0 M

400

2.0 M

200

1.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 45'553.0 3.45x 14'815.0 10.60x 9'645.0 17.30x

1200

31.12.2009 31.12.2010 51'078.0 60'776.0 3.47x 5.98x 17'484.0 21'358.0 10.13x 17.02x 10'768.0 14'403.0 18.47x 25.35x Profitability

LTM-4Q 31.12.2011 66'346.0 5.52x 24'864.0 14.73x 17'097.0 21.83x

31.12.2012 78'026.0 6.38x 32'047.0 15.53x 21'432.0 23.45x 32'047.00 29'474.00 37.77% 35.64% 38.54% 72.39% 1.31% 82.7% 41.7% 38.4% 27.5% 1.86 1.19 0.76% 1.23% 7.86 1.45

Price/ Cash Flow

LTM

06/yy 71'871.0 20.34x 28'083.0 16.05x 18'900.0 24.98x

06/yy 82'170.0 23.46x 34'229.0 13.62x 24'138.0 20.03x

FY+1

.0 M o-13

1.16 -0.03% 2.64% 1.158 33 3.909 498'177 597'381 548'226 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 84'949.9 92'242.7 21'238.2 22'328.5 5.78x 5.30x 35'272.9 38'603.6 9'105.2 8'800.0 14.10x 12.88x 13.70x 13.59x 25'642.0 27'684.7 6'671.2 6'562.5 19.46x 17.60x 19.08x 19.06x S&P Issuer Ratings

19.06.2013 AASTABLE 19.06.2013 A-1+ 552.53 494.40 -0.30 0.02 1.2% 1.2% 1.31 3.84 46.46 251.51 71.84 206.05

Sales/Revenue/Turnover

30.00

90'000.0 80'000.0

25.00

70'000.0 60'000.0

20.00

50'000.0 15.00

40'000.0 30'000.0

10.00

20'000.0 5.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

04.10.2013

Novo Nordisk A/S Holdings By:

All

Holder Name CAPITAL GROUP COMPAN NOVO AS NOVO-NORDISK A/S NORGES BANK HARBOR CAPITAL ADVIS FMR LLC BLACKROCK VANGUARD GROUP INC CARMIGNAC GESTION FIL LIMITED THORNBURG INVESTMENT SWEDBANK ROBUR FONDE JUPITER ASSET MANAGE T ROWE PRICE ASSOCIA NORDEA INV MANAGEMEN ALLIANZ ASSET MANAGE MANNING & NAPIER ADV DANSKE INVEST A/S HANDELSBANKEN FONDER DB PLATINUM ADVISORS

Portfolio Name 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 Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

AlphaValue Exane BNP Paribas Handelsbanken Sanford C. Bernstein & Co SEB Enskilda Nordea Equity Research Natixis Barclays Helvea Jefferies Commerzbank Corporates & Markets ABG Sundal Collier Danske Bank Markets Swedbank Deutsche Bank Jyske Bank Carnegie Bryan Garnier & Cie DNB Markets Societe Generale Credit Suisse JPMorgan Berenberg Bank Alm Brand Markets S&P Capital IQ Redburn Partners EVA Dimensions Goldman Sachs Kepler Cheuvreux UBS Mirabaud Securities NYKREDIT Cyrrus Sydbank MP Advisors Pvt Ltd

KAMLA SINGH VINCENT MEUNIER PETER SEHESTED AARON GAL PETER HUGREFFE MICHAEL NOVOD PHILIPPE LANONE MICHAEL LEUCHTEN OLAV ZILIAN JEFFREY HOLFORD DANIEL WENDORFF MORTEN LARSEN MARTIN PARKHOI JOHAN UNNERUS TIM RACE FRANK HOERNING ANDERSEN CARSTEN LONBORG MADSEN ERIC LE BERRIGAUD RUNE MAJLUND DAHL STEPHEN MCGARRY LUISA HECTOR RICHARD VOSSER ALISTAIR CAMPBELL MICHAEL FRIIS JORGENSEN SHO MATSUBARA TEAM COVERAGE TIMOTHY STANISH KEYUR PAREKH RICHARD KOCH ANDREW WHITNEY NICHOLAS TURNER KRESTEN JOHNSEN TOMAS MENCIK SOEREN LONTOFT HANSEN VISHAL MANCHANDA

Source ULT-AGG 20F Research MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation add underperform buy market perform buy strong buy buy overweight buy hold buy buy buy buy hold buy buy neutral buy sell neutral underweight hold neutral buy neutral overweight Buy/Neutral hold buy reduce outperform sell overweight market perform

Amt Held 82'015'437 35'312'800 17'186'048 10'248'509 6'618'888 6'236'895 6'164'863 5'728'093 5'553'844 4'702'211 4'400'349 2'096'263 1'671'886 1'598'879 1'285'975 1'208'993 1'163'920 981'600 957'456 891'013

% Out 18.53 7.98 3.88 2.32 1.5 1.41 1.39 1.29 1.26 1.06 0.99 0.47 0.38 0.36 0.29 0.27 0.26 0.22 0.22 0.2

Weighting

Change 4 1 5 3 5 5 5 5 5 3 5 5 5 5 3 5 5 3 5 1 3 1 3 3 5 3 5 5 3 5 2 5 1 5 3

M M M M M M M U M M M M M D M M M M M M M M M M M M M M M M D M M U M

Latest Chg 802'246 (5'100'000) (4'991) 175'674 (186'339) 232'251 440'771 (887'285) (1'617) 76'992 (33'805) (49'381) (86'389) 1'109'960 47'978 33'928 -

Target Price 1'047 850 1'165 1'000 1'300 1'285 1'180 1'000 1'190 1'000 1'320 1'200 1'150 1'125 980 1'096 #N/A N/A 1'040 1'150 801 1'080 800 1'090 1'020 1'080 #N/A N/A #N/A N/A 1'260 980 1'040 819 #N/A N/A 627 #N/A N/A 648

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.07.2013 31.01.2013 06.09.2013 31.12.2012 30.06.2013 31.08.2013 02.10.2013 31.08.2013 28.06.2013 30.04.2013 31.08.2013 31.03.2013 31.07.2013 30.06.2013 31.07.2013 31.08.2013 31.12.2012 30.06.2013 30.09.2013 25.09.2013

Date 6 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 6 month 6 month 12 month 12 month 12 month Not Provided Not Provided 6 month Not Provided 12 month Not Provided 3 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Holding Company Corporation Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 03.10.2013 02.10.2013 01.10.2013 30.09.2013 25.09.2013 25.09.2013 25.09.2013 16.09.2013 13.09.2013 10.09.2013 09.09.2013 09.09.2013 09.09.2013 06.09.2013 04.09.2013 04.09.2013 04.09.2013 04.09.2013 03.09.2013 27.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 14.06.2013 06.06.2013 17.05.2013 14.05.2013 12.02.2013 23.11.2012 23.07.2012 05.04.2012 02.02.2012 15.04.2011

04.10.2013

BHP Billiton PLC BHP Billiton Plc 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 and production. Dually-listed company with BHP AU.

Price/Volume 2500

16.0 M 14.0 M

2000

12.0 M 10.0 M

1500

8.0 M

Valuation Analysis

1000

Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (03.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BLT LN EQUITY YTD Change BLT LN EQUITY YTD % CHANGE

06/2013 01/yy 2'251.50 1'644.00 1'322'815.00 1797.5 -20.08% 9.34% 26.01% 2'112.1 104'165.40 35'165.00 0.0 1'371.0 6'219.00 197'867.04

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

0 o-12

2.0 M n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

.0 M o-13

s-13

Fiscal Year Ended 30.06.2009 50'211.0 2.97x 21'761.0 6.86x 5'877.0 21.26x

6.0 M

500

30.06.2010 30.06.2011 52'798.0 71'739.0 2.83x 3.00x 24'590.0 38'093.0 6.07x 5.65x 12'722.0 23'648.0 11.48x 9.18x Profitability

30.06.2012 72'226.0 2.42x 33'866.0 5.15x 15'417.0 9.78x

30.06.2013 65'968.0 2.67x 27'792.0 6.34x 10'876.0 12.50x 27'792.00 20'847.00 31.60% 27.09% 8.14% 15.93% 11.40% 0.49% 42.1% 31.6% 16.5% 0.97 0.53 25.46% 49.76% 14.22 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.01 1.35 2'047.06 -3.93% -12.34% 1.351 32 3.969 5'055'644 5'561'889 6'358'974 FY+2

06/14 Y 06/15 Y 67'528.4 71'156.9 2.92x 2.74x 30'392.2 32'740.6 6.51x 6.04x 13'949.4 15'123.8 11.09x 10.08x S&P Issuer Ratings

FQ+1

FQ+2

15.11.2010 A+ STABLE 06.02.2008 A-1 26.96 4.75 1.04 1.27 49.8% 32.8% 0.49 0.67 25.68 -

Sales/Revenue/Turnover

12.00

80'000.0 70'000.0

10.00

60'000.0 8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0 2.00 0.00 02.07.2010

10'000.0 0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

04.10.2013

BHP Billiton PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL ABERDEEN NORGES BANK VANGUARD GROUP INC SCOTTISH WIDOWS FRANKLIN RESOURCES PEOPLES REPUBLIC OF STATE STREET CORP UBS AG BNP PARIBAS SA FIL LIMITED AXA SCHRODER INVESTMENT ALECTA INVESTMENT MA PRUDENTIAL PLC INVESTEC PLC Northern Cross Inter HARBOR CAPITAL ADVIS QATAR HOLDINGS LLC

Firm Name

Portfolio Name n/a n/a n/a #N/A N/A n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Canaccord Genuity Corp PETER MALLIN-JONES AlphaValue SACHIN KUMAR JPMorgan FRASER JAMIESON Deutsche Bank ANNA MULHOLLAND Sanford C. Bernstein & Co PAUL GAIT Macquarie JEFFREY LARGEY Exane BNP Paribas SYLVAIN BRUNET Credit Suisse PAUL MCTAGGART Nomura SAM CATALANO Liberum Capital Ltd RICHARD KNIGHTS RBC Capital Markets DES KILALEA Day by Day VALERIE GASTALDY Jefferies Christopher LaFemina Investec ALBERT MINASSIAN Natixis RAOUDHA BOUZEKRI Independent Research GmbH SVEN DIERMEIER Societe Generale ABHISHEK SHUKLA UBS MYLES ALLSOP Avior Research CLINTON DUNCAN BMO Capital Markets TONY ROBSON Morgan Stanley MENNO SANDERSE Goldman Sachs MICHELE DELLA VIGNA S&P Capital IQ JOHNSON IMODE EVA Dimensions TIMOTHY STANISH Barclays DAVID BUTLER Espirito Santo Investment Bank Research NICK MELLOR HSBC ANDREW KEEN SBG Securities PETER DAVEY Redburn Partners SIMON TOYNE Imara STEPHEN MEINTJES Standard Chartered SUBRAMANIAM VARADA

Source ULT-AGG ULT-AGG ULT-AGG Co File ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG REG REG ULT-AGG ULT-AGG REG MF-AGG REG

Recommendation hold add neutral buy outperform outperform underperform neutral buy buy outperform hold buy hold buy hold sell buy outperform outperform Overwt/In-Line neutral/neutral sell buy overweight buy overweight buy neutral hold in-line

Amt Held 213'014'043 172'687'106 79'489'309 63'635'068 60'300'137 49'378'270 44'295'906 39'732'063 35'468'257 28'262'400 25'260'320 23'655'061 21'572'365 21'127'581 19'570'000 19'385'286 19'205'901 19'195'308 18'768'637 18'495'878

% Out 10.09 8.18 3.76 3.01 2.86 2.34 2.1 1.88 1.68 1.34 1.2 1.12 1.02 1 0.93 0.92 0.91 0.91 0.89 0.88

Weighting

Change 3 4 3 5 5 5 1 3 5 5 5 3 5 3 5 3 1 5 5 5 5 3 1 5 5 5 5 5 3 3 3

M M M M M M M M M M M M M M M M M M M M M M M U M U M M M M D

Latest Chg (2'010'116) 7'928'859 (3'447'188) 209'810 6'839'307 1'570'469 2'705'015 (776'284) 5'127'605 (1'688'089) (212'158) (1'345'049) 500'000 342'337 (435'684) (371'341) 79'795 13'137'528

Target Price 2'050 1'963 2'345 2'500 2'250 2'250 1'650 2'250 2'200 #N/A N/A 2'200 #N/A N/A 2'350 2'001 2'275 2'100 1'654 2'180 2'443 2'250 2'000 2'000 1'700 #N/A N/A 2'225 2'130 1'990 2'200 #N/A N/A #N/A N/A 2'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 02.10.2013 31.07.2013 31.08.2013 30.06.2013 31.08.2013 31.08.2013 30.06.2013 01.05.2013 03.10.2013 03.10.2013 01.05.2013 01.05.2013 30.06.2013 01.05.2013 01.05.2013 01.05.2013 30.06.2013 01.05.2013 30.06.2013 01.05.2013

Date 12 month 6 month 9 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Unclassified Investment Advisor Government Investment Advisor Unclassified Bank Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Unclassified Investment Advisor Government

Date 03.10.2013 03.10.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 23.09.2013 20.09.2013 19.09.2013 18.09.2013 16.09.2013 16.09.2013 09.09.2013 05.09.2013 29.08.2013 28.08.2013 22.08.2013 21.08.2013 21.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 19.08.2013 01.08.2013 16.07.2013 28.06.2013 24.06.2013 09.04.2013 08.09.2012

04.10.2013

SAP AG SAP AG is a multinational software company. The Company develops business software, including e-business and enterprise management software, consults on organizational usage of its applications software, and provides training services. SAP markets its products and services worldwide.

Price/Volume 70

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAP GR EQUITY YTD Change SAP GR EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

2.0 M

10 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 11'575.0 2.71x 3'300.0 9.49x 1'847.0 16.28x

6.0 M

12/2012 06/yy 65.00 52.62 379'336.00 54.24 -16.46% 3.08% 14.02% 1'228.5 66'634.07 5'248.00 0.0 8.0 2'631.00 68'185.07

31.12.2009 31.12.2010 10'672.0 12'464.0 3.65x 3.71x 3'301.0 4'125.0 11.81x 11.20x 1'748.0 1'811.0 22.45x 25.07x Profitability

LTM-4Q 31.12.2011 14'233.0 3.31x 4'663.0 10.10x 3'438.0 14.13x

31.12.2012 16'223.0 4.62x 5'002.0 14.99x 2'823.0 25.61x 5'002.00 4'139.00 25.51% 23.57% 11.42% 21.86% 17.00% 0.64% 68.8% 30.8% 25.2% 17.4% 1.00 0.94 19.56% 37.05% 5.05 -

Price/ Cash Flow

LTM

06/yy 15'157.0 13.82x 4'810.0 11.69x 3'553.0 15.71x

06/yy 16'638.0 17.12x 5'126.0 13.37x 2'967.0 22.47x

FY+1

.0 M o-13

0.83 913.65 0.86% -9.30% 0.832 44 4.045 2'080'609 2'735'576 2'745'422 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 17'243.5 18'770.5 4'186.9 5'386.2 3.85x 3.38x 16.25x 12.45x 6'194.9 6'891.3 1'492.5 2'324.5 11.01x 9.89x 10.67x 10.31x 3'909.3 4'385.7 950.1 1'548.6 15.98x 14.29x 15.22x 14.78x S&P Issuer Ratings

28.58 25.49 0.30 1.02 37.1% 27.0% 0.64 9.77 72.33 -

Sales/Revenue/Turnover

25.00

18'000.0 16'000.0

20.00

14'000.0 12'000.0

15.00

10'000.0 8'000.0

10.00

6'000.0 4'000.0

5.00

2'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

04.10.2013

SAP AG Holdings By:

All

Holder Name PLATTNER HASSO TSCHIRA KLAUS BLACKROCK HOPP DIETMAR MORGAN STANLEY SAP AG NORGES BANK VANGUARD GROUP INC ALLIANZ ASSET MANAGE HARBOR CAPITAL ADVIS DEKABANK DEUTSCHE GI FIL LIMITED CAPITAL GROUP COMPAN DEUTSCHE BANK AG FMR LLC OPPENHEIMERFUNDS INC UNION INVESTMENT GMB THORNBURG INVESTMENT CREDIT SUISSE AG DB PLATINUM ADVISORS

Firm Name AlphaValue Pacific Crest Securities Bankhaus Metzler M.M. Warburg Investment Research HSBC Natixis Baader Bank Main First Bank AG Commerzbank Corporates & Markets Credit Suisse Grupo Santander Goldman Sachs Bryan Garnier & Cie Morgan Stanley Exane BNP Paribas Redburn Partners Landesbank Baden-Wuerttemberg Day by Day Jyske Bank UBS Sanford C. Bernstein & Co Societe Generale Jefferies William Blair & Co Cross Research Nomura JPMorgan Macquarie Berenberg Bank DZ Bank AG Barclays Deutsche Bank Nord/LB Independent Research GmbH Hamburger Sparkasse Kepler Cheuvreux S&P Capital IQ JMP Securities Banco Sabadell EVA Dimensions National Bank AG Wells Fargo Securities, LLC Evercore Partners

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst HEINZ STEFFEN BRENDAN BARNICLE ULRICH TRABERT ANDREAS WOLF ANTONIN BAUDRY GWENAEL GIARD KNUT WOLLER CHANDRAMOULI SRIRAMAN THOMAS M BECKER PHILIP WINSLOW CARLOS JAVIER TREVINO MOHAMMED MOAWALLA GREGORY RAMIREZ ADAM WOOD BRICE PRUNAS NEIL STEER MIRKO MAIER VALERIE GASTALDY ROBERT JAKOBSEN MICHAEL BRIEST MARK L MOERDLER RICHARD NGUYEN ROSS MACMILLAN BHAVAN SURI RICHARD T WILLIAMS RICHARD G SHERLUND STACY E POLLARD BRAD A ZELNICK DAUD KHAN HARALD SCHNITZER GERARDUS VOS KAI KORSCHELT WOLFGANG DONIE MARKUS FRIEBEL MARCO GUENTHER LAURENT DAURE JAMES CRAWSHAW PATRICK WALRAVENS ANDRES BOLUMBURU ANDREW S ZAMFOTIS STEFFEN MANSKE JASON MAYNARD STEWART KIRK MATERNE III

Source 20F 20F ULT-AGG 20F ULT-AGG Research MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy outperform buy hold overweight neutral buy outperform add outperform hold buy/attractive buy Overwt/In-Line neutral sell buy buy reduce neutral outperform buy hold outperform hold buy neutral outperform buy buy equalweight hold buy hold buy buy buy market perform buy underweight buy market perform equalweight

Amt Held 120'857'498 92'079'595 66'743'066 65'273'200 40'257'706 36'642'744 20'930'681 13'295'889 12'385'174 11'235'667 10'825'875 9'374'421 8'250'500 7'508'046 6'862'436 6'538'742 6'520'724 5'573'465 5'180'145 5'175'655

% Out 9.84 7.5 5.43 5.31 3.28 2.98 1.7 1.08 1.01 0.91 0.88 0.76 0.67 0.61 0.56 0.53 0.53 0.45 0.42 0.42

Weighting

Change 5 5 5 3 5 3 5 5 4 5 3 5 5 5 3 1 5 5 2 3 5 5 3 5 3 5 3 5 5 5 3 3 5 3 5 5 5 3 5 1 5 3 3

M M M D M M M M U M U M M M M D U U M M M M M M M M D M M M M M M M M M M M M D U M M

Latest Chg 1'118'820 645'002 (33'736) (1'205'718) (1'384'940) (132'500) (2'594'963) (387'579) (4'744) (550'635) (9'477) 3'986'320

Target Price 73 70 65 60 74 59 65 68 62 70 61 90 69 67 54 #N/A N/A 65 65 62 62 68 68 60 #N/A N/A 59 68 62 64 71 63 55 57 68 63 #N/A N/A 66 65 #N/A N/A 67 #N/A N/A 64 #N/A N/A 65

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 07.03.2013 07.03.2013 02.10.2013 07.03.2013 25.09.2013 12.06.2012 31.12.2012 31.08.2013 31.08.2013 30.06.2013 04.10.2013 30.04.2013 30.06.2013 30.08.2013 31.08.2013 31.07.2013 31.07.2013 31.08.2013 31.05.2013 31.07.2013

Date 6 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 6 month Not Provided Not Provided 12 month 6 month 12 month Not Provided Not Provided Not Provided 3 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 6 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month

Inst Type n/a n/a Investment Advisor n/a Investment Advisor Corporation Government Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 03.10.2013 01.10.2013 01.10.2013 30.09.2013 27.09.2013 20.09.2013 19.09.2013 19.09.2013 18.09.2013 18.09.2013 11.09.2013 11.09.2013 11.09.2013 06.09.2013 06.09.2013 03.09.2013 15.08.2013 14.08.2013 09.08.2013 09.08.2013 31.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 21.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 17.07.2013 15.02.2013 29.01.2013 23.01.2013 22.01.2013 24.10.2012

04.10.2013

Starbucks Corp Starbucks Corporation retails, roasts, and provides its own brand of specialty coffee. The Company operates retail locations worldwide and sells whole bean coffees through its sales group, direct response business, supermarkets, and on the World Wide Web. Starbucks also produces and sells bottled coffee drinks and a line of ice creams.

Price/Volume 90

30.0 M

25.0 M

70 60

20.0 M

09/2012 06/yy 77.85 44.27 4'133'218.00 76.87 -1.25% 73.64% 97.10% 751.4 57'760.12 549.60 0.0 5.5 2'037.00 56'271.62

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

5.0 M

10 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 30.09.2008 10'383.0 1.15x 1'261.7 9.47x 315.5 21.07x

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBUX US EQUITY YTD Change SBUX US EQUITY YTD % CHANGE

30.09.2009 30.09.2010 9'774.6 10'707.4 1.50x 1.72x 1'335.8 1'865.1 10.94x 9.85x 390.8 945.6 25.07x 20.10x Profitability

LTM-4Q 30.09.2011 11'700.4 2.25x 2'074.6 12.67x 1'245.7 24.25x

30.09.2012 13'299.5 2.75x 2'367.3 15.42x 1'383.8 28.64x

2'367.30 1'786.70 13.43% 15.48% 18.41% 28.75% 26.44% 1.66% 56.3% 18.7% 14.4% 10.4% 1.90 1.14 6.69% 10.76% 30.78 5.12

Price/ Cash Flow

LTM

07/yy 12'967.3 10.67x 2'668.3 14.45x 1'383.6 31.66x

06/yy 14'461.4 11.29x 2'709.3 17.62x 1'599.4 31.50x

FY+1

1.09 0.86 730.58 8.50 57.54% 44.77% 0.862 32 4.563 3'463'857 3'513'812 4'001'863 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 14'873.7 16'588.6 3'804.6 4'269.3 3.85x 3.44x 14.94x 13.12x 3'064.3 3'639.6 801.9 925.8 18.36x 15.46x 16.25x 15.64x 1'686.9 2'020.7 451.9 521.5 34.66x 28.80x 30.13x 28.94x S&P Issuer Ratings

24.02.2012 ASTABLE 28.08.2009 A-2 65.94 42.09 -0.55 0.20 10.8% 9.7% 1.66 5.33 11.83 71.04 24.26 53.00

Sales/Revenue/Turnover

25.00

14'000.0 12'000.0

20.00

10'000.0 15.00

8'000.0 6'000.0

10.00

4'000.0 5.00

0.00 02.10.2009

2'000.0 0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

04.10.2013

Starbucks Corp Holdings By:

All

Holder Name FMR LLC BLACKROCK VANGUARD GROUP INC T ROWE PRICE ASSOCIA STATE STREET CORP CAPITAL GROUP COMPAN SCHULTZ HOWARD D NORTHERN TRUST CORPO MORGAN STANLEY SANDS CAPITAL MANAGE BANK OF NEW YORK MEL WELLS FARGO & COMPAN JP MORGAN BROWN ADVISORY INC JENNISON ASSOCIATES INVESCO LTD TIAA CREF INVESTMENT WINSLOW CAPITAL MANA AMERICAN CENTURY COM UBS AG

Firm Name Goldman Sachs Jefferies Sanford C. Bernstein & Co Stifel Pacific Crest Securities Stephens Inc Buckingham Research Group Edward Jones Janney Montgomery Scott LLC JPMorgan Northcoast Research BMO Capital Markets William Blair & Co Oppenheimer & Co Piper Jaffray Telsey Advisory Group Deutsche Bank Lazard Capital Markets Barclays Robert W. Baird & Co Wells Fargo Securities, LLC Wedbush Williams Capital Group Argus Research Corp Morgan Stanley Davenport & Co McAdams Wright Ragen Inc S&P Capital IQ Atlantic Equities LLP EVA Dimensions

Portfolio Name n/a n/a n/a T ROWE PRICE ASSOCIA n/a n/a n/a NORTHERN TRUST CORPO n/a SANDS CAPITAL MANAGE BANK OF NEW YORK MEL n/a n/a n/a JENNISON ASSOCIATES n/a TIAA-CREF INVESTMENT WINSLOW CAPITAL MANA AMERICAN CENTURY COM n/a

Analyst MICHAEL KELTER ANDREW M BARISH SARA H SENATORE PAUL L WESTRA JAMES FAUCETTE WILL SLABAUGH MITCHELL J SPEISER JACK P RUSSO MARK D KALINOWSKI JOHN W IVANKOE ALTON STUMP PHILLIP JUHAN SHARON M ZACKFIA BRIAN J BITTNER NICOLE MILLER REGAN PETER SALEH JASON WEST MATTHEW J DIFRISCO JEFFREY A BERNSTEIN DAVID E TARANTINO BONNIE HERZOG NICK SETYAN MARC RIDDICK JOHN D STASZAK JOHN S GLASS JEFFREY F OMOHUNDRO DAN GEIMAN JIM YIN ALISTAIR M SCOBIE CRAIG STERLING

Source ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG Form 4 13F ULT-AGG 13F 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F ULT-AGG

Recommendation Buy/Neutral buy outperform hold outperform overweight buy hold buy overweight buy outperform outperform outperform overweight no rating system buy buy equalweight outperform market perform outperform outperform buy Overwt/In-Line buy hold buy overweight underweight

Amt Held 44'378'334 35'254'550 34'219'216 34'047'399 30'015'056 20'637'514 18'875'169 13'058'253 11'305'400 11'269'026 10'350'930 10'278'392 10'170'897 9'906'785 8'806'865 8'364'157 7'471'875 7'406'690 6'496'606 6'198'476

% Out 5.91 4.69 4.55 4.53 3.99 2.75 2.51 1.74 1.5 1.5 1.38 1.37 1.35 1.32 1.17 1.11 0.99 0.99 0.86 0.82

Weighting

Change

5 5 5 3 5 5 5 3 5 5 5 5 5 5 5 #N/A N/A 5 5 3 5 3 5 5 5 5 5 3 5 5 1

M M M M M M M M M M M M M M M M M M M M M N U M M M M M M M

Latest Chg 6'128'875 (3'279'503) 320'521 568'291 915'830 (90'152) 48'371 (1'394'203) (13'073) (98'211) 83'112 2'486'404 950'930 1'200'777 (883'499) 558'064 (844'090) (565'369) (658'439)

Target Price 92 84 85 #N/A N/A 88 82 92 #N/A N/A 85 80 81 85 #N/A N/A 80 75 82 80 81 70 82 #N/A N/A 80 85 84 77 80 74 79 65 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2013 02.10.2013 30.06.2013 30.06.2013 03.10.2013 31.07.2013 05.08.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 31.07.2013 30.06.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013

Date 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 15 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 02.10.2013 01.10.2013 01.10.2013 01.10.2013 30.09.2013 30.09.2013 30.09.2013 26.09.2013 26.09.2013 24.09.2013 20.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 17.09.2013 17.09.2013 17.09.2013 16.09.2013 11.09.2013 04.09.2013 01.08.2013 30.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 15.01.2013

04.10.2013

Rio Tinto PLC Rio Tinto PLC 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 AU.

Price/Volume 4000

14.0 M

3500

12.0 M

3000

10.0 M

2500

Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIO LN EQUITY YTD Change RIO LN EQUITY YTD % CHANGE

12/2012 06/yy 3'838.00 2'579.50 420'244.00 2988.5 -22.06% 15.86% 33.41% 1'412.6 57'678.02 27'019.00 0.0 11'156.0 7'615.00 125'689.10

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

1500 1000

4.0 M

500

2.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 54'264.0 1.53x 18'964.0 4.37x 3'676.0 6.19x

8.0 M

2000

Valuation Analysis

31.12.2009 31.12.2010 41'825.0 55'171.0 5.29x 4.32x 10'920.0 22'752.0 20.24x 10.46x 4'872.0 14'238.0 18.14x 9.63x Profitability

LTM-4Q 31.12.2011 60'537.0 1.80x 26'657.0 4.09x 5'826.0 16.07x

31.12.2012 50'967.0 2.67x 15'902.0 8.55x (2'990.0) 15'902.00 11'461.00 22.49% -5.04% -6.02% -14.21% 0.42% 31.1% 21.8% -5.9% 1.29 0.78 22.98% 57.65% 8.82 -

Price/ Cash Flow

LTM

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

06/yy 46'038.0 8.17x 13'532.0 0.00x 9'402.0 0.00x

FY+1

.0 M o-13

3.70 1.46 1'228.25 5.43% -11.90% 1.462 31 4.387 3'020'756 3'381'721 3'929'126 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 51'761.7 54'869.0 2.43x 2.28x 19'174.5 21'422.2 6.55x 5.87x 8'974.4 10'460.8 9.66x 8.56x S&P Issuer Ratings

18.04.2011 ANEG 08.07.2009 A-2 10.90 -1.07 1.42 1.92 57.7% 31.8% 0.42 0.68 41.36 -

Sales/Revenue/Turnover

12.00

70'000.0

10.00

60'000.0 50'000.0

8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

04.10.2013

Rio Tinto PLC Holdings By:

All

Holder Name SHINING PROSPECT PTE BLACKROCK LEGAL & GENERAL CAPITAL GROUP COMPAN UBS AG SCOTTISH WIDOWS ABERDEEN VANGUARD GROUP INC PEOPLES REPUBLIC OF SUN LIFE FINANCIAL I BNP PARIBAS SA STATE STREET CORP STANDARD LIFE INVEST JP MORGAN PRUDENTIAL PLC AXA AVIVA PLC AVIVA INVESTORS SCHRODER INVESTMENT CREDIT SUISSE AG

Firm Name

Portfolio Name Multiple Portfolios 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

Canaccord Genuity Corp PETER MALLIN-JONES AlphaValue SACHIN KUMAR Espirito Santo Investment Bank Research NICK MELLOR S&P Capital IQ JOHNSON IMODE Investec TIM GERRARD JPMorgan DOMINIC O'KANE Deutsche Bank ROBERT CLIFFORD Sanford C. Bernstein & Co PAUL GAIT Macquarie JEFFREY LARGEY Nomura SAM CATALANO Credit Suisse JAMES GURRY Day by Day VALERIE GASTALDY Exane BNP Paribas LUC PEZ Liberum Capital Ltd RICHARD KNIGHTS RBC Capital Markets DES KILALEA Morgan Stanley MENNO SANDERSE Jefferies Christopher LaFemina Goldman Sachs MICHELE DELLA VIGNA BMO Capital Markets TONY ROBSON Societe Generale ABHISHEK SHUKLA Natixis RAOUDHA BOUZEKRI Independent Research GmbH SVEN DIERMEIER UBS MYLES ALLSOP Barclays AMOS FLETCHER HSBC ANDREW KEEN SBG Securities PETER DAVEY Redburn Partners SIMON TOYNE EVA Dimensions TIMOTHY STANISH Standard Chartered SUBRAMANIAM VARADA

Source REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG REG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG MF-AGG REG REG ULT-AGG

Recommendation buy reduce buy sell buy overweight buy outperform outperform buy outperform buy outperform buy outperform Equalwt/In-Line buy Sell/Neutral outperform buy neutral buy buy equalweight overweight buy buy hold outperform

Amt Held 182'550'329 127'744'871 53'572'054 41'031'494 32'713'691 32'090'672 31'663'577 31'401'083 24'082'565 23'067'757 22'673'647 22'292'498 21'644'386 18'798'950 15'717'679 14'883'693 14'733'032 13'892'388 13'034'042 12'394'711

% Out 12.92 9.04 3.79 2.9 2.32 2.27 2.24 2.22 1.7 1.63 1.61 1.58 1.53 1.33 1.11 1.05 1.04 0.98 0.92 0.88

Weighting

Change 5 2 5 1 5 5 5 5 5 5 5 5 5 5 5 3 5 1 5 5 3 5 5 3 5 5 5 3 5

M M M D M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg (364'086) 1'377'057 383'206 172'409 495'497 1'154'958 361'081 (2'842'902) 10'438 (224'208) (2'141'634) 1'116'256 1'026'407 662'604 294'310 (105'047) (1'887'256)

Target Price 4'000 2'896 3'980 2'700 3'303 4'300 4'570 4'125 4'200 3'700 3'900 3'740 4'070 #N/A N/A 3'800 3'590 3'600 2'550 3'500 3'698 3'300 3'500 3'650 3'000 4'070 3'460 #N/A N/A #N/A N/A 3'430

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 03.06.2013 02.10.2013 31.07.2013 31.07.2013 03.10.2013 31.07.2013 31.08.2013 31.08.2013 03.06.2013 31.08.2013 03.06.2013 03.10.2013 03.06.2013 31.08.2013 30.06.2013 03.06.2013 31.08.2013 03.06.2013 03.06.2013 03.06.2013

Date 12 month 6 month Not Provided 12 month 12 month 9 month 12 month 12 month 12 month 12 month Not Provided 3 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month

Inst Type Holding Company Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Government Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 03.10.2013 03.10.2013 02.10.2013 30.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 24.09.2013 24.09.2013 23.09.2013 18.09.2013 16.09.2013 09.09.2013 09.09.2013 05.09.2013 04.09.2013 29.08.2013 29.08.2013 09.08.2013 30.07.2013 26.07.2013 16.07.2013 28.06.2013 24.06.2013 06.06.2013 22.11.2012

04.10.2013

Biogen Idec Inc Biogen Idec Inc. develops, manufactures, and commercializes therapies, focusing on neurology, oncology, and immunology. The Company's products address diseases such as multiple sclerosis, non-Hodgkin's lymphoma, rheumatoid arthritis, Crohn's disease, and psoriasis.

Price/Volume 300

7.0 M

250

6.0 M 5.0 M

200

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (09.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BIIB US EQUITY YTD Change BIIB US EQUITY YTD % CHANGE

12/2012 06/yy 248.95 134.00 1'683'012.00 233.84 -6.07% 74.51% 86.86% 237.7 55'577.13 1'140.78 0.0 2.3 3'742.37 55'532.49

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

100

2.0 M

1.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 4'097.5 3.19x 2'160.2 6.05x 783.2 13.34x

4.0 M

150

Valuation Analysis

31.12.2009 31.12.2010 4'377.3 4'716.4 3.06x 3.27x 1'723.4 1'923.1 7.77x 8.03x 970.1 1'005.3 16.08x 14.09x Profitability

LTM-4Q 31.12.2011 5'048.6 4.87x 2'138.7 11.50x 1'234.4 21.22x

31.12.2012 5'516.5 5.81x 2'204.1 14.53x 1'380.0 25.83x 2'204.13 1'838.48 33.33% 33.55% 16.08% 22.70% 0.59% 90.1% 42.5% 35.5% 25.0% 1.96 1.44 11.26% 16.39% 7.69 1.37

Price/ Cash Flow

06/yy 5'349.6 19.87x 2'174.0 14.88x 1'341.6 25.77x

LTM 06/yy 5'942.1 27.29x 2'524.6 20.24x 1'607.9 32.63x

FY+1

0.00 0.95 237.39 2.78 52.90% 59.76% 0.952 29 4.138 1'098'249 1'049'479 1'133'628 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 6'822.9 8'090.6 1'777.5 1'906.1 8.04x 6.67x 3'136.0 4'215.4 725.0 756.8 17.71x 13.17x 2'064.5 2'634.0 506.4 536.4 27.26x 21.53x 17.03x 16.20x S&P Issuer Ratings

17.04.2013 ASTABLE 35.61 31.50 -0.02 0.29 16.4% 14.1% 0.59 3.48 47.46 267.12 69.59 194.64

Sales/Revenue/Turnover

35.00

6'000.0

30.00

5'000.0

25.00

4'000.0

20.00

3'000.0 15.00

2'000.0 10.00

1'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

04.10.2013

Biogen Idec Inc Holdings By:

All

Holder Name FMR LLC PRIMECAP MANAGEMENT BLACKROCK VANGUARD GROUP INC T ROWE PRICE ASSOCIA STATE STREET CORP JP MORGAN CAPITAL GROUP COMPAN CLEARBRIDGE INVESTME JENNISON ASSOCIATES SANDS CAPITAL MANAGE LEGG MASON INC MARSICO CAPITAL MANA WELLINGTON MANAGEMEN NORTHERN TRUST CORPO INVESCO LTD UBS AG WINSLOW CAPITAL MANA ALLIANCE BERNSTEIN TIAA CREF INVESTMENT

Firm Name Leerink Swann & Co Canaccord Genuity Corp Credit Suisse Wells Fargo Securities, LLC Sanford C. Bernstein & Co Stifel Deutsche Bank RBC Capital Markets JPMorgan BMO Capital Markets JMP Securities Goldman Sachs William Blair & Co Jefferies Guggenheim Securities LLC Cowen and Company Barclays EVA Dimensions Argus Research Corp Brean Capital LLC Robert W. Baird & Co Oppenheimer & Co Lazard Capital Markets UBS ISI Group Summer Street Research Partners S&P Capital IQ First Global Stockbroking Pareto Securities

Portfolio Name n/a PRIMECAP MANAGEMENT n/a n/a T ROWE PRICE ASSOCIA n/a n/a n/a CLEARBRIDGE INVESTME JENNISON ASSOCIATES SANDS CAPITAL MANAGE Multiple Portfolios MARSICO CAPITAL MANA WELLINGTON MANAGEMEN NORTHERN TRUST CORPO n/a n/a WINSLOW CAPITAL MANA n/a TIAA-CREF INVESTMENT

Analyst MARKO KOZUL RITU BARAL RAVI MEHROTRA BRIAN C ABRAHAMS GEOFFREY C PORGES JOEL D SENDEK ROBYN KARNAUSKAS MICHAEL J YEE GEOFFREY MEACHAM JIM BIRCHENOUGH JOHN L NEWMAN TERENCE FLYNN JOHN S SONNIER THOMAS WEI BRET HOLLEY ERIC SCHMIDT CHARLES ANTHONY BUTLER ANDREW S ZAMFOTIS JOHN M EADE GENE MACK CHRISTOPHER J RAYMOND DAVID FERREIRO WILLIAM TANNER MATTHEW RODEN MARK J SCHOENEBAUM CAROL A WERTHER STEVEN SILVER KAVITA THOMAS YILMAZ MAHSHID

Source ULT-AGG 13F ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F MF-AGG 13F 13F 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F

Recommendation outperform buy outperform market perform market perform buy buy outperform neutral market perform market outperform neutral/attractive outperform buy neutral outperform overweight overweight buy buy neutral market perform neutral neutral buy neutral hold moderate outperform hold

Amt Held 23'528'529 18'246'809 13'613'824 11'348'173 10'948'117 10'260'388 9'820'290 9'235'235 8'265'256 6'388'021 4'565'921 4'177'304 3'997'754 3'543'369 3'345'678 3'269'860 3'181'896 3'149'179 2'988'196 2'987'321

% Out 9.9 7.68 5.73 4.77 4.61 4.32 4.13 3.89 3.48 2.69 1.92 1.76 1.68 1.49 1.41 1.38 1.34 1.33 1.26 1.26

Weighting

Change 5 5 5 3 3 5 5 5 3 3 4 3 5 5 3 5 5 5 5 5 3 3 3 3 5 3 3 4 3

M M M M M M M M M M M M M M M M M D M M M M M M M M M M M

Latest Chg 899'903 (960'744) 1'012'302 728'181 1'420'575 (433'278) (1'278'229) (810'559) (1'102'589) (436'225) 987'613 (218'324) (664'009) (655'326) 44'316 66'767 (250'332) (742'043) 89'441 (603'509)

Target Price 286 292 290 #N/A N/A 233 270 270 275 240 237 270 240 #N/A N/A 266 228 278 240 #N/A N/A 250 293 234 207 #N/A N/A 230 233 #N/A N/A 154 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2013 30.06.2013 02.10.2013 30.06.2013 30.06.2013 03.10.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013

Date 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 15 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 03.10.2013 03.10.2013 02.10.2013 02.10.2013 01.10.2013 30.09.2013 27.09.2013 27.09.2013 25.09.2013 23.09.2013 20.09.2013 18.09.2013 12.09.2013 10.09.2013 09.09.2013 06.09.2013 03.09.2013 30.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 15.07.2013 14.06.2013 30.04.2013 18.10.2012 27.02.2012 10.01.2012

04.10.2013

Barclays PLC Barclays PLC is a global financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services.

Price/Volume 350

160.0 M

300

140.0 M

250

120.0 M 100.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BARC LN EQUITY YTD Change BARC LN EQUITY YTD % CHANGE

12/2012 06/yy 312.41 202.39 18'239'086.00 273 -12.61% 34.89% 64.18% 16'095.6 43'940.86 437'733.00 0.0 9'371.0 128'126.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

60.0 M

100

40.0 M

20.0 M

0 o-12

31.12.2009 31.12.2010 41'789.0 40'449.0 9'393.0 3'514.0 11.45x 8.72x Profitability

LTM-4Q 31.12.2011 42'266.0 2'924.0 7.22x

31.12.2012 34'016.0 (624.0) 10.88% 3.01% -0.01% -0.20% 0.13% 0.02% -2.4% 29.41% 864.83% -

Price/ Cash Flow

d-12

j-13

f-13 m-13 a-13 m-13

LTM

06/yy 37'151.0 0.00x 0.0 0.00x 1'657.0 11.81x

06/yy 33'285.0 0.00x 0.0 0.00x (101.0) 0.00x

j-13

a-13

s-13

.0 M o-13

FY+1

2.20 1.78 15'263.87 37.18% 14.66% 1.778 32 3.906 54'899'740 52'924'410 48'146'480 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 28'955.3 29'831.5 6'762.2 6'873.5 -3.71x -4.14x 3'583.4 5'050.7 848.7 488.5 10.15x 8.48x S&P Issuer Ratings

02.07.2013 ASTABLE 02.07.2013 A-2 864.8% 87.9% 0.02 5.78 -

Sales/Revenue/Turnover

0.50

45'000.0

0.45

40'000.0

0.40

35'000.0

0.35

30'000.0

0.30

25'000.0

0.25

20'000.0

0.20

15'000.0

0.15

10'000.0

0.10

5'000.0

0.05 0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 37'159.0 4'382.0 2.98x

80.0 M

150

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

04.10.2013

Barclays PLC Holdings By:

All

Holder Name QATAR HOLDINGS LLC BLACKROCK CAPITAL GROUP COMPAN LEGAL & GENERAL VANGUARD GROUP INC SCOTTISH WIDOWS FIL LIMITED NORGES BANK NORGES BANK INVESTME UPPER CHANCE GROUP L STANDARD LIFE INVEST UBS AG STATE STREET CORP DODGE & COX DODGE & COX BARCLAYS PLC CREDIT SUISSE AG JP MORGAN SUN LIFE FINANCIAL I PEOPLES REPUBLIC OF

Firm Name

Portfolio Name Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios

Analyst

Investec IAN GORDON AlphaValue DAVID GRINSZTAJN Societe Generale JAMES INVINE Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA Keefe, Bruyette & Woods MARK J PHIN Goldman Sachs FREDERIK THOMASEN RBC Capital Markets FIONA SWAFFIELD Nomura CHINTAN JOSHI Independent Research GmbH STEFAN BONGARDT Deutsche Bank JASON NAPIER Macquarie EDWARD FIRTH Day by Day VALERIE GASTALDY Morgan Stanley CHRISTOPHER MANNERS S&P Capital IQ WILLIAM HOWLETT Numis Securities Ltd MICHAEL J TRIPPITT UBS JOHN-PAUL CRUTCHLEY HSBC PETER TOEMAN JPMorgan RAUL SINHA Shore Capital Stockbrokers GARY GREENWOOD Exane BNP Paribas TOM RAYNER Jefferies JOSEPH DICKERSON Redburn Partners FAHED KUNWAR Sanford C. Bernstein & Co CHIRANTAN BARUA Berenberg Bank JAMES CHAPPELL Grupo Santander ARTURO DE FRIAS Bankhaus Lampe NEIL SMITH Mediobanca SpA CHRISTOPHER J WHEELER EVA Dimensions DOUG WALTERS Oriel Securities Ltd VIVEK RAJA Credit Suisse CARLA ANTUNES-SILVA Canaccord Genuity Corp GARETH HUNT Makor Capital ALBERT SAPORTA Baden Hill LLP JAMIE MOYES Liberum Capital Ltd CORMAC LEECH

Source REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG REG REG REG ULT-AGG ULT-AGG MF-AGG REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG

Recommendation buy buy buy buy outperform neutral/neutral outperform buy sell buy neutral hold restricted buy reduce neutral overweight overweight buy restricted buy neutral market perform sell buy buy outperform underweight buy restricted hold buy sell hold

Amt Held 813'964'552 690'750'564 638'027'354 504'601'003 369'405'322 340'939'698 305'896'895 287'045'959 281'756'683 248'872'808 241'006'035 238'091'359 214'266'495 207'960'957 204'449'298 203'383'874 181'527'386 143'836'281 142'747'084 141'482'313

% Out 5.06 4.29 3.96 3.14 2.3 2.12 1.9 1.78 1.75 1.55 1.5 1.48 1.33 1.29 1.27 1.26 1.13 0.89 0.89 0.88

Weighting

Change

5 5 5 5 5 3 5 5 1 5 3 3 #N/A N/A 5 2 3 5 5 5 #N/A N/A 5 3 3 1 5 5 5 1 5 #N/A N/A 3 5 1 3

U M U M M M M M M M M M M M M M M M M M N M M M M M M D M M M N M D

Latest Chg 145'407'660 (8'712'201) 33'557'700 27'730'961 (25'567'183) (12'130'533) 9'164'347 (33'151'099) 6'539'384 (39'188'341) (34'052'000) (9'865'580) 46'609'382 2'605'984 23'981'283 -

Target Price 300 342 320 356 330 310 310 330 260 342 280 #N/A N/A #N/A N/A 320 222 295 315 340 #N/A N/A #N/A N/A 339 #N/A N/A 268 203 345 342 323 #N/A N/A 300 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 212

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.08.2013 02.10.2013 19.09.2013 01.08.2013 31.08.2013 01.08.2013 01.08.2013 31.12.2012 01.08.2013 01.08.2013 01.08.2013 03.10.2013 03.10.2013 30.06.2013 01.08.2013 01.08.2013 01.08.2013 31.08.2013 31.08.2013 01.08.2013

Date 12 month 6 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 15 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Government Government Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government

Date 04.10.2013 03.10.2013 02.10.2013 02.10.2013 01.10.2013 27.09.2013 27.09.2013 27.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 19.09.2013 19.09.2013 18.09.2013 18.09.2013 17.09.2013 17.09.2013 17.09.2013 13.09.2013 11.09.2013 06.09.2013 05.09.2013 27.08.2013 19.08.2013 13.08.2013 07.08.2013 31.07.2013 30.07.2013 30.07.2013 04.07.2013 12.04.2013 14.11.2012

04.10.2013

Colgate-Palmolive Co Colgate-Palmolive Company is a consumer products company that markets its products throughout the world. The Company's products include toothpaste, toothbrushes, shampoos, deodorants, bar and liquid soaps, dishwashing liquid, and laundry products, as well as pet nutrition products for cats and dogs.

Price/Volume 70

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M

60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (31.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CL US EQUITY YTD Change CL US EQUITY YTD % CHANGE

12/2012 06/yy 62.70 51.41 2'620'023.00 59.22 -5.55% 15.19% 69.18% 927.7 54'937.05 5'230.00 0.0 201.0 884.00 59'954.05

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10 0 o-12

31.12.2009 31.12.2010 15'327.0 15'564.0 2.84x 2.75x 3'966.0 3'865.0 10.97x 11.09x 2'291.0 2'203.0 18.80x 17.02x Profitability

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

LTM-4Q 31.12.2011 16'734.0 2.89x 4'262.0 11.36x 2'431.0 18.38x

31.12.2012 17'085.0 3.13x 4'314.0 12.39x 2'472.0 19.49x 4'314.00 3'889.00 22.76% 22.67% 17.06% 118.48% 1.30% 58.1% 23.5% 20.9% 14.5% 1.22 0.68 39.05% 238.92% 9.70 5.13

Price/ Cash Flow

LTM

06/yy 17'022.0 11.75x 4'308.0 12.52x 2'453.0 20.09x

06/yy 17'279.0 13.11x 4'052.0 14.35x 2'273.0 20.76x

FY+1

2.14 0.66 922.98 9.42 12.17% 15.25% 0.659 26 3.308 3'230'424 2'786'063 2'841'489 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 17'532.1 18'367.5 4'463.4 4'416.7 3.42x 3.27x 13.41x 13.51x 4'571.4 4'918.8 1'178.5 1'172.5 13.11x 12.19x 12.66x 12.40x 2'647.1 2'842.1 675.4 682.4 20.93x 19.02x 20.07x 19.54x S&P Issuer Ratings

04.05.2001 AASTABLE 04.05.2001 A-1+ 53.93 46.86 1.17 1.39 238.9% 68.6% 1.30 4.67 37.63 71.21 62.90 40.19

Sales/Revenue/Turnover

20.00

18'000.0

18.00

16'000.0

16.00

14'000.0

14.00

12'000.0

12.00

10'000.0

10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 15'330.0 2.47x 3'449.0 10.99x 1'957.0 18.73x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

04.10.2013

Colgate-Palmolive Co Holdings By:

All

Holder Name STATE STREET CORP VANGUARD GROUP INC BLACKROCK FMR LLC BANK OF NEW YORK MEL SUN LIFE FINANCIAL I NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT JANUS CAPITAL MANAGE UBS AG JP MORGAN CAPITAL GROUP COMPAN STATE FARM MUTUAL AU LANSDOWNE PARTNERS L WELLS FARGO & COMPAN RENAISSANCE TECHNOLO NORGES BANK MORGAN STANLEY BANK OF AMERICA CORP TIAA CREF INVESTMENT

Firm Name Janney Montgomery Scott LLC Canaccord Genuity Corp Sanford C. Bernstein & Co B Riley & Co Morgan Stanley Edward Jones SunTrust Robinson Humphrey BMO Capital Markets Credit Suisse Barclays Buckingham Research Group Exane BNP Paribas William Blair & Co Argus Research Corp EVA Dimensions Wells Fargo Securities, LLC Deutsche Bank Goldman Sachs JPMorgan Stifel Oppenheimer & Co S&P Capital IQ Tigress Financial Partners

Portfolio Name n/a n/a n/a n/a BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT n/a n/a n/a n/a STATE FARM MUTUAL AU LANSDOWNE PARTNERS L n/a RENAISSANCE TECHNOLO NORGES BANK n/a BANK OF AMERICA TIAA-CREF INVESTMENT

Analyst JOHN SAN MARCO EDDY HARGREAVES ALI DIBADJ LINDA BOLTON WEISER DARA MOHSENIAN JACK P RUSSO WILLIAM CHAPPELL CONSTANCE M MANEATY MICHAEL STEIB LAUREN R LIEBERMAN ALICE BEEBE LONGLEY EAMONN FERRY JON R ANDERSEN JOHN D STASZAK AUSTIN BURKETT TIMOTHY A CONDER WILLIAM G SCHMITZ JASON ENGLISH JOHN A FAUCHER MARK S ASTRACHAN JOSEPH ALTOBELLO IAN GORDON IVAN FEINSETH

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG 13F 13F

Recommendation buy sell market perform neutral Overwt/In-Line hold neutral market perform outperform overweight buy neutral market perform hold underweight market perform hold neutral/neutral neutral hold market perform hold neutral

Amt Held 71'137'436 49'650'758 46'523'455 42'310'544 24'914'096 17'102'261 13'104'808 12'683'876 11'160'330 11'010'872 10'417'267 9'244'250 8'537'100 8'116'826 8'049'738 7'707'800 7'617'896 7'351'151 7'123'785 7'080'273

% Out 7.67 5.35 5.02 4.56 2.69 1.84 1.41 1.37 1.2 1.19 1.12 1 0.92 0.87 0.87 0.83 0.82 0.79 0.77 0.76

Weighting

Change 5 1 3 3 5 3 3 3 5 5 5 3 3 3 1 3 3 3 3 3 3 3 3

M M M M U M M M M U M N M D D M M M M M M M N

Latest Chg (224'500) 1'510'352 (989'395) (1'331'176) 594'502 (1'050'597) 121'532 (1'353'306) 4'432'620 (834'031) 505'837 (869'400) 86'100 285'330 471'122 (611'000) 712'467 (649'491) 1'759'755

Target Price 65 52 62 62 68 #N/A N/A 60 61 63 65 66 62 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 63 63 63 #N/A N/A #N/A N/A 61 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 03.10.2013 Investment Advisor 30.06.2013 Investment Advisor 02.10.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Unclassified 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Insurance Company 30.06.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

Date 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 3 month Not Provided Not Provided Not Provided Not Provided

Date 04.10.2013 02.10.2013 01.10.2013 01.10.2013 30.09.2013 24.09.2013 24.09.2013 23.09.2013 20.09.2013 18.09.2013 11.09.2013 10.09.2013 05.09.2013 16.08.2013 05.08.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.04.2013 25.02.2013

04.10.2013

Monsanto Co Monsanto Company provides agricultural products for farmers. The Company's business segments are seeds and genomics. Monsanto produces a wide range of seeds and develops biotechnology traits that assist farmers in controlling insects and weeds as well as provides other seed companies with genetic material and biotechnology traits for their seed brands.

Price/Volume 120

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MON US EQUITY YTD Change MON US EQUITY YTD % CHANGE

08/2013 08/yy 109.33 82.70 4'502'737.00 105.27 -3.71% 27.29% 84.75% 533.1 56'120.42 2'112.00 0.0 169.0 3'922.00 54'479.42

4.0 M 3.0 M

2.0 M 20

1.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

7.0 M

Valuation Analysis

31.08.2009 11'724.0 3.89x 4'175.0 10.92x 2'109.0 18.88x

8.0 M

100

31.08.2010 31.08.2011 10'483.0 11'822.0 2.78x 3.08x 2'415.0 3'116.0 12.06x 11.69x 1'096.0 1'607.0 23.53x 23.22x Profitability

LTM-4Q 31.08.2012 13'504.0 3.35x 3'760.0 12.03x 2'045.0 23.12x

31.08.2013 14'861.0 3.40x 4'185.0 12.08x 2'482.0 21.47x 4'185.00 3'570.00 24.02% 23.07% 12.14% 20.35% 18.32% 0.73% 51.5% 28.2% 24.0% 16.7% 2.32 1.30 10.22% 16.82% 8.23 2.49

Price/ Cash Flow

LTM

08/yy 13'516.0 12.22x 3'760.0 12.03x 2'045.0 23.30x

08/yy 14'861.0 13.56x 4'185.0 12.08x 2'482.0 21.56x

FY+1

1.42 0.93 531.41 5.85 20.67% 12.95% 0.933 26 4.423 3'384'092 2'682'766 2'791'512 FY+2

FQ+1

FQ+2

08/14 Y 08/15 Y 11/13 Q1 02/14 Q2 15'984.1 16'982.6 3'076.2 5'890.3 3.40x 3.13x 18.08x 9.24x 4'849.4 5'393.7 685.4 2'558.9 11.23x 10.10x 11.33x 11.18x 2'835.5 3'236.2 340.3 1'664.7 19.98x 17.57x 20.00x 19.81x S&P Issuer Ratings

21.10.2008 A+ STABLE 24.10.2007 A-1 24.33 20.02 -0.43 0.50 16.8% 14.2% 0.73 3.30 44.36 146.50 44.63 146.23

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 03.09.2010

2'000.0 0.0 03.03.2011

03.09.2011

03.03.2012

03.09.2012

03.03.2013

03.09.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

04.10.2013

Monsanto Co Holdings By:

All

Holder Name FMR LLC BLACKROCK VANGUARD GROUP INC STATE STREET CORP JENNISON ASSOCIATES PRIMECAP MANAGEMENT NORTHERN TRUST CORPO WINSLOW CAPITAL MANA NEW YORK LIFE INVEST BANK OF NEW YORK MEL AMERICAN CENTURY COM CAPITAL GROUP COMPAN AMERIPRISE FINANCIAL WADDELL & REED FINAN DAVIS SELECTED ADVIS TIAA CREF INVESTMENT LONE PINE CAPITAL LL WELLINGTON MANAGEMEN WELLS FARGO & COMPAN MARSICO CAPITAL MANA

Firm Name Morgan Stanley Goldman Sachs Credit Suisse JPMorgan Miller Tabak + Co., LLC BGC Partners Wells Fargo Securities, LLC Piper Jaffray Topeka Capital Markets Inc Deutsche Bank Jefferies Macquarie Stifel Canaccord Genuity Corp Susquehanna Financial Group Atlantic Equities LLP Edward Jones Gabelli & Co UBS Argus Research Corp S&P Capital IQ Monness, Crespi, Hardt & Co EVA Dimensions

Portfolio Name n/a n/a n/a n/a JENNISON ASSOCIATES PRIMECAP MANAGEMENT NORTHERN TRUST CORPO WINSLOW CAPITAL MANA Multiple Portfolios BANK OF NEW YORK MEL AMERICAN CENTURY COM n/a AMERIPRISE FINANCIAL n/a DAVIS SELECTED ADVIS TIAA-CREF INVESTMENT LONE PINE CAPITAL LL WELLINGTON MANAGEMEN n/a MARSICO CAPITAL MANA

Analyst VINCENT ANDREWS ROBERT KOORT CHRISTOPHER PARKINSON JEFFREY J ZEKAUSKAS TIM TIBERIO MARK R GULLEY FRANK J MITSCH MICHAEL E COX CHRISTOPHER KAPSCH DAVID I BEGLEITER LAURENCE ALEXANDER COOLEY MAY PAUL A MASSOUD KEITH CARPENTER DONALD D CARSON COLIN ISAAC MATT ARNOLD AMON R WILKES BILL CARROLL WILLIAM V SELESKY KEVIN KIRKEBY CHRIS L SHAW CRAIG STERLING

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F 13F MF-AGG 13F 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F ULT-AGG 13F

Recommendation Overwt/Attractive buy/attractive outperform overweight hold buy outperform overweight buy buy hold outperform hold buy Positive underweight hold buy buy buy hold buy overweight

Amt Held 33'481'299 29'768'944 29'353'388 23'429'545 15'351'518 12'225'167 10'049'817 9'746'186 7'907'168 7'707'927 7'534'852 7'231'303 6'961'443 6'547'419 6'309'475 6'253'319 6'207'263 6'137'691 6'059'858 5'846'658

% Out 6.28 5.58 5.51 4.39 2.88 2.29 1.89 1.83 1.48 1.45 1.41 1.36 1.31 1.23 1.18 1.17 1.16 1.15 1.14 1.1

Weighting

Change 5 5 5 5 3 5 5 5 5 5 3 5 3 5 4 1 3 5 5 5 3 5 5

M M M M M M M M M M M M M M M M M M U M M M U

Latest Chg (543'117) (1'703'975) 875'668 7'442 1'795'565 214'400 1'073'624 557'277 (79'237) (51'318) 161'546 (937'641) 646'058 (772'968) (2'890'619) (124'990) (455'287) 960'954 (283'628) 97'740

Target Price 125 118 121 113 104 123 #N/A N/A 135 121 120 110 117 #N/A N/A 124 128 90 #N/A N/A #N/A N/A 110 120 110 119 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2013 Investment Advisor 02.10.2013 Investment Advisor 30.06.2013 Investment Advisor 03.10.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Insurance Company 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor

Date 12 month 12 month Not Provided 15 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided

Date 03.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 03.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 13.09.2013 30.08.2013 27.08.2013 27.06.2013 26.06.2013 29.05.2013 09.04.2013

04.10.2013

Celgene Corp Celgene Corporation is a global biopharmaceutical company. The Company focuses on the discovery, development, and commercialization of therapies designed to treat cancer and immune-inflammatory related diseases.

Price/Volume 180

14.0 M

160

12.0 M

140

10.0 M

120

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.10.2013) 52-Week Low (09.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CELG US EQUITY YTD Change CELG US EQUITY YTD % CHANGE

12/2012 06/yy 157.50 71.23 2'802'546.00 152.62 -3.10% 114.26% 94.34% 411.3 62'768.94 3'079.79 0.0 0.0 3'900.27 62'305.74

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

6.0 M

4.0 M

2.0 M

20 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 2'254.8 10.27x 528.7 43.81x (1'533.7) 35.21x

100

31.12.2009 31.12.2010 2'689.9 3'625.7 8.39x 7.30x 967.6 1'296.0 23.33x 20.43x 776.7 880.5 32.71x 28.10x Profitability

LTM-4Q 31.12.2011 4'842.1 5.93x 1'663.3 17.27x 1'318.2 21.81x

31.12.2012 5'506.7 5.83x 2'198.8 14.61x 1'456.2 19.79x 2'198.84 1'915.39 34.78% 30.54% 13.88% 27.28% 19.44% 0.53% 94.6% 40.1% 34.3% 26.4% 3.27 2.88 26.25% 54.08% 6.24 1.22

Price/ Cash Flow

06/yy 5'173.7 22.31x 2'064.2 13.02x 1'552.1 17.91x

LTM 06/yy 5'930.3 26.89x 2'378.4 20.03x 1'550.3 26.01x

FY+1

0.00 0.90 410.49 4.95 93.21% 94.49% 0.895 30 4.700 3'016'072 2'608'860 2'561'247 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 6'348.8 7'238.5 1'633.7 1'657.7 9.27x 7.83x 3'166.3 3'739.6 797.4 782.8 19.68x 16.66x 2'550.3 3'024.4 653.4 653.2 25.74x 21.27x 24.05x 22.94x S&P Issuer Ratings

04.10.2010 BBB+ STABLE 07.09.2011 A-2 34.79 32.25 -0.19 1.52 54.1% 35.1% 0.53 10.67 58.45 298.78 118.28 205.59

Sales/Revenue/Turnover

35.00

6'000.0

30.00

5'000.0

25.00

4'000.0

20.00

3'000.0 15.00

2'000.0 10.00

1'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

04.10.2013

Celgene Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP T ROWE PRICE ASSOCIA JANUS CAPITAL MANAGE JP MORGAN FMR LLC INVESCO LTD NORTHERN TRUST CORPO BANK OF NEW YORK MEL MACQUARIE GROUP WINSLOW CAPITAL MANA AMERIPRISE FINANCIAL WELLS FARGO & COMPAN WELLINGTON MANAGEMEN CAPITAL GROUP COMPAN CARMIGNAC GESTION TIAA CREF INVESTMENT UBS AG ALLIANZ ASSET MANAGE

Firm Name Leerink Swann & Co Cowen and Company Oppenheimer & Co Wells Fargo Securities, LLC Stifel Sanford C. Bernstein & Co Robert W. Baird & Co Barclays Goldman Sachs S&P Capital IQ William Blair & Co JMP Securities BMO Capital Markets Guggenheim Securities LLC Cantor Fitzgerald ISI Group RBC Capital Markets UBS Argus Research Corp Brean Capital LLC Credit Suisse Jefferies Ameriprise Advisor Services, Inc Deutsche Bank JPMorgan Lazard Capital Markets Summer Street Research Partners EVA Dimensions

Portfolio Name n/a n/a n/a T ROWE PRICE ASSOCIA n/a n/a n/a n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a WINSLOW CAPITAL MANA AMERIPRISE FINANCIAL n/a WELLINGTON MANAGEMEN n/a CARMIGNAC GESTION TIAA-CREF INVESTMENT n/a n/a

Analyst HOWARD LIANG ERIC SCHMIDT BORIS PEAKER BRIAN C ABRAHAMS JOEL D SENDEK GEOFFREY C PORGES CHRISTOPHER J RAYMOND YING HUANG TERENCE FLYNN STEVEN SILVER JOHN S SONNIER MICHAEL G KING JR JIM BIRCHENOUGH BRET HOLLEY MARA GOLDSTEIN MARK J SCHOENEBAUM MICHAEL J YEE MATTHEW RODEN JOHN M EADE GENE MACK RAVI MEHROTRA THOMAS WEI E EUGENE ROBINSON ROBYN KARNAUSKAS GEOFFREY MEACHAM JOSHUA SCHIMMER CAROL A WERTHER ANDREW S ZAMFOTIS

Source ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG ULT-AGG

Recommendation outperform outperform market perform outperform buy outperform outperform overweight neutral/attractive strong buy outperform market outperform outperform buy buy buy outperform neutral buy buy neutral buy buy buy overweight buy buy buy

Amt Held 26'848'306 19'949'021 18'026'853 13'956'200 11'205'395 9'636'593 8'577'720 7'991'872 5'998'784 5'980'502 5'953'797 5'768'392 5'621'915 5'095'309 4'793'368 4'779'120 4'741'114 4'711'223 4'671'246 4'323'289

% Out 6.53 4.85 4.38 3.39 2.72 2.34 2.09 1.94 1.46 1.45 1.45 1.4 1.37 1.24 1.17 1.16 1.15 1.15 1.14 1.05

Weighting

Change 5 5 3 5 5 5 5 5 3 5 5 4 5 5 5 5 5 3 5 5 3 5 5 5 5 5 5 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 2'214'566 691'770 337'070 659'703 (7'085'474) (88'558) (1'823'890) 590'166 (34'140) (205'222) (126'419) (334'356) (1'153'462) (722'651) 681'519 (3'487'380) 51'614 (264'665) 919'276 109'091

Target Price 177 151 #N/A N/A #N/A N/A 160 170 155 158 129 172 #N/A N/A 160 180 152 156 145 150 148 160 153 135 161 #N/A N/A 162 160 152 140 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 02.10.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 03.10.2013 30.06.2013 30.06.2013 30.08.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013

Date 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 15 month 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 03.10.2013 03.10.2013 02.10.2013 02.10.2013 30.09.2013 27.09.2013 25.09.2013 24.09.2013 18.09.2013 13.09.2013 12.09.2013 09.09.2013 06.09.2013 06.09.2013 26.08.2013 26.08.2013 21.08.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 10.07.2013 15.01.2013

04.10.2013

Sumitomo Mitsui Financial Group Inc Sumitomo Mitsui Financial Group, Inc. is a holding company established by Sumitomo Mitsui Banking Corporation. Sumitomo Mitsui Card Co., SMBC Leasing Co., and The Japanese Research Institute, Ltd. joined the Group in Feb., 2003. The Company manages financial operations for its subsidiaries. The Group provides commercial banking and a variety of financial services.

Price/Volume 6000

30.0 M 25.0 M

3000

Latest Fiscal Year: LTM as of: 52-Week High (13.05.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 8316 JP EQUITY YTD Change 8316 JP EQUITY YTD % CHANGE

03/2013 06/yy 4'995.00 2'324.03 6'576'000.00 4670 -6.51% 100.94% 87.27% 1'414.1 6'603'640.00 28'376'228.00 0.0 2'096'760.0 12'153'037.00 -

20.0 M 15.0 M

2000

10.0 M 1000

5.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

35.0 M

4000

Valuation Analysis

31.03.2009 2'888'511.0 (373'456.0) -

40.0 M

5000

31.03.2010 31.03.2011 2'697'380.0 2'859'372.0 271'559.0 475'895.0 12.44x 7.68x Profitability

LTM-4Q 31.03.2012 2'989'626.0 518'536.0 7.28x

LTM

FY+1

.0 M o-13

1.13 1'225.30 97.09% 54.32% 1.134 21 4.667 5'397'120 5'660'257 6'233'967 FY+2

FQ+1

FQ+2

31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 3'266'735.0 ######### ######### ######### ######### 668'941.0 669'755.7 0.00x 0.00x 0.0 0.0 0.00x 0.00x 794'059.0 429'757.0 964'550.0 678'787.1 623'033.3 144'850.0 147'800.0 6.44x 8.36x 6.40x 9.52x 10.13x S&P Issuer Ratings - Long-Term Rating Date 18.06.2007 - Long-Term Rating A 36.38% Long-Term Outlook NEG 36.05% Short-Term Rating Date 18.06.2007 0.68% Short-Term Rating A-1 16.46% Credit Ratios 3.13% EBITDA/Interest Exp. 0.02% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 447.1% 26.9% Total Debt/Capital 77.1% Asset Turnover 0.02 - Net Fixed Asset Turnover 1.83 - Accounts receivable turnover-days 19.08% Inventory Days 447.12% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

3'500'000.0 3'000'000.0

20.00

2'500'000.0 15.00

2'000'000.0 1'500'000.0

10.00

1'000'000.0 5.00

0.00 02.04.2010

500'000.0 0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

04.10.2013

Sumitomo Mitsui Financial Group Inc Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO MITSUI FINA NOMURA STATE STREET CUSTODI STATE STREET CORP VANGUARD GROUP INC BLACKROCK MELLON BANK NA NOMURA SECURITIES CO NIPPON LIFE INSURANC NORGES BANK BANK OF NEW YORK MEL NATS CUMCO FMR LLC CAPITAL GROUP COMPAN WILLIAM BLAIR & COMP NIKKO ASSET MANAGEME TOYOTA MOTOR CORP CARMIGNAC GESTION

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a WILLIAM BLAIR & COMP n/a n/a Multiple Portfolios

Analyst

Jefferies MAKARIM SALMAN Nomura KEN TAKAMIYA BNP Paribas Equity Research TOYOKI SAMESHIMA Keefe, Bruyette & Woods DAVID THREADGOLD Goldman Sachs KATSUNORI TANAKA Daiwa Securities Co. Ltd. AKIRA TAKAI Credit Suisse TAKEHITO YAMANAKA Macquarie ALASTAIR MACDONALD UBS SHINICHI INA Mizuho Securities RIE NISHIHARA Marusan Securities TORU KOBORI EVA Dimensions DOUG WALTERS Tokai Tokyo Securities TATSUO MAJIMA JPMorgan NATSUMU TSUJINO Deutsche Bank YOSHINOBU YAMADA Morgan Stanley TAKAAKI NISHINO Barclays SHIN TAMURA Mitsubishi UFJ Morgan Stanley SecuritieJUNSUKE SENOGUCHI

Source Co File Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG Co File Co File ULT-AGG MF-AGG Co File Co File ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG MF-AGG

Recommendation buy buy buy outperform buy/attractive buy outperform outperform neutral buy buy hold above average overweight buy Overwt/Attractive equalweight outperform

Amt Held 103'713'518 70'319'200 60'021'200 38'567'808 38'096'284 24'739'157 22'689'081 21'359'450 17'660'849 17'347'000 15'574'586 15'559'294 14'973'601 14'283'505 12'542'094 12'184'202 11'267'900 10'872'300 7'593'300 7'340'000

% Out 7.33 4.97 4.24 2.73 2.69 1.75 1.6 1.51 1.25 1.23 1.1 1.1 1.06 1.01 0.89 0.86 0.8 0.77 0.54 0.52

Weighting

Change 5 5 5 5 5 5 5 5 3 5 5 3 4 5 5 5 3 5

M M M M M M M M M M N D M M M M M M

Latest Chg (9'801'500) (6'456'600) 65'900 47'900 (1'164'500) 1'719'724 1'472'400 (571'557) (1'533'708) 21'213 (902'773) (1'744'510) (322'753) 5'539'602 (15'700) 2'044'240 1'486'400 3'290'000

Target Price 6'300 5'100 5'900 6'130 7'100 6'000 5'700 5'600 4'870 5'800 5'700 #N/A N/A #N/A N/A 5'600 5'320 5'700 4'280 5'720

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 03.10.2013 31.08.2013 02.10.2013 31.03.2013 31.03.2013 30.08.2013 31.12.2012 31.03.2013 31.03.2013 31.08.2013 31.07.2013 30.06.2013 15.02.2013 31.03.2013 28.06.2013

Date 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 15 month 12 month 12 month Not Provided 12 month

Inst Type Bank Bank Bank Unclassified Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Government Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Unclassified Corporation Investment Advisor

Date 04.10.2013 04.10.2013 03.10.2013 29.09.2013 27.09.2013 27.09.2013 10.09.2013 28.08.2013 14.08.2013 14.08.2013 09.08.2013 02.08.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 03.07.2013