Fundamental Equity Analysis - FTSE 100 Index Members (UKX Index). by Q.M.S Advisors

This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

Fundamental Analysis & Analyst Recommendations QMS Advisors FlexIndex - FTSE 100 The FTSE 100 Index is a capitalization-weighted index of the 100 most highly capitalized companies traded on the London Stock Exchange.

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

HSBC HOLDINGS PLC

GBp

203131

7852

18476

462

489

107713

111824

0.79

1.41

1.56

1.69

20.36

18.37

16.94

-10.98

A+

29.11.2011

Aa3

21.06.2012

VODAFONE GROUP PLC

GBp

170790

58924

48919

218.77

72116

72111

73167

22335

0.21

0.01

0.25

0.24

404.11

27.43

23.02

23.49

-6.89

7.02

-39.63

1.56

50.25

A-

05.09.2013

04.09.2013

BP PLC

GBp

132196

7539

19136

245.03

609411

604094

565647

559199

33169

40998

15889

0.36

2.20

1.24

1.44

8.37

17.65

14.82

12.84

0.03

5.15

-89.83

-18.58

11.01

24.09.2010

ROYAL DUTCH SHELL PLC-A SHS

GBp

211898

1571

6331

378.86

757996

739322

728304

731721

84559

85046

24228

6.67

6.12

6.32

6.64

14.06

15.12

13.63

12.97

-1.04

5.54

-11.11

-1.11

18.67

03.09.2009

Aa1

20.07.2005

GLAXOSMITHKLINE PLC

GBp

122958

3589

4903

149.86

42887

42865

43784

45350

17224

16081

4139

2.02

1.33

1.87

2.05

30.63

23.50

21.81

19.89

-5.66

4.29

9.68

6.52

60.87

A+

18.02.2008

BRITISH AMERICAN TOBACCO PLC

GBp

99242

2040

2026

117.35

24647

24842

25022

25668

9968

10135

5587

3.32

3.34

3.57

3.85

25.39

24.45

23.72

22.03

-2.20

11.55

-4.44

21.17

66.20

A-

09.11.2012

ROYAL DUTCH SHELL PLC-B SHS

GBp

211898

2652

6331

378.86

757996

739322

728304

731721

84559

85046

24228

6.67

6.12

6.32

6.64

14.71

15.82

14.26

13.57

-1.04

5.54

-11.11

-1.11

18.67

03.09.2009

Aa1

20.07.2005

DIAGEO PLC

GBp

79107

2641

2503

94.34

18551

19925

21570

6378

3818

1.69

1.61

1.83

2.03

31.72

30.06

27.94

25.22

10.12

11.84

4.45

15.15

55.79

A-

01.09.2005

17.10.2005

BARCLAYS PLC

GBp

60589

29336

13254

710

208

55194

54008

47024

48376

0.19

-0.02

0.43

0.52

128.85

16.36

13.56

-31.67

A-

02.07.2013

(P)A3

21.06.2012

BG GROUP PLC

GBp

64938

1806

3614

124.09

30720

31858

32497

35689

16547

16763

3380

2.10

2.04

1.98

2.27

24.62

25.10

25.32

22.10

11.63

-5.49

10.58

9.94

85.38

ASTRAZENECA PLC

GBp

65076

798

1247

107.91

45389

43130

42253

40801

17294

17970

3658

9.83

6.34

8.47

7.82

21.55

17.07

16.13

17.48

-27.14

-6.99

-32.00

-0.77

67.61

AA-

27.07.2007

11.04.2013

BHP BILLITON PLC

GBp

168518

3048

5297

322.38

107039

109463

115390

45095

26854

3.58

3.31

4.19

4.61

23.09

21.36

18.24

16.58

-14.06

6.86

-29.10

-0.40

68.36

A+

15.11.2010

(P)A1

15.11.2010

RIO TINTO PLC

GBp

93143

1445

1847

204.40

82698

81360

83919

88827

25802

25311

19691

5.80

-6.26

8.05

9.05

28.22

15.77

14.03

-25.65

0.61

-65.46

14.08

50.48

A-

18.04.2011

LLOYDS BANKING GROUP PLC

GBp

86306

49211

70424

315

172

59075

60385

29912

29883

0.02

0.09

0.11

108.35

35.77

22.75

18.55

2.85

A-

29.11.2011

21.06.2012

GLENCORE XSTRATA PLC

GBp

70245

10869

7099

200.44

347941

354558

400355

423185

7466

8441

12209

0.29

-1.90

0.47

0.66

29.81

20.99

24.65

19.40

6.53

-5.84

3.86

BBB

29.11.2012

PRUDENTIAL PLC

GBp

48836

2907

2557

48.48

90015

87597

93273

95498

1.25

1.03

1.38

1.54

30.18

29.46

22.40

20.09

84.32

A+

17.08.2010

20.12.2002

STANDARD CHARTERED PLC

GBp

57600

3138

2413

181

210

43343

44092

32302

34769

3.72

2.83

3.65

4.00

22.09

15.47

17.11

15.61

15.26

5.75

A+

01.12.2011

26.11.2010

SABMILLER PLC

GBp

79464

2065

1670

157.16

37665

38561

41314

9302

3.47

3.34

4.08

4.56

39.00

37.51

31.92

28.55

10.83

26.51

18.23

7.53

40.07

BBB+

04.08.2003

Baa1

27.10.2005

TESCO PLC

GBp

46971

8494

8054

59.66

105186

109494

113354

6680

0.47

0.28

0.52

0.55

33.60

19.98

17.99

17.04

2.31

9.41

-35.81

4.46

10.30

BBB+

19.04.2013

Baa1

20.04.2012

RECKITT BENCKISER GROUP PLC

GBp

51765

833

734

56.29

15523

16051

16520

17115

4410

4493

4.27

3.85

4.33

4.46

30.35

26.73

27.01

26.22

1.40

16.94

4.54

26.29

45.42

A+

16.12.2003

UNILEVER PLC

GBp

113382

4404

2832

155.36

83278

83443

82904

85945

13286

14100

2.46

2.71

2.58

2.78

27.35

26.44

28.68

26.62

16.96

8.34

15.79

6.28

27.42

A+

05.10.2000

11.07.2000

BT GROUP PLC

GBp

44475

6261

7880

58.66

29617

29177

29338

29283

9646

9609

2320

0.41

0.46

22.23

21.75

22.04

19.65

-8.86

-4.79

8.35

0.85

53.44

BBB

19.07.2011

NATIONAL GRID PLC

GBp

44211

1809

3666

79.90

23299

24194

24948

8121

0.91

1.02

0.85

0.89

18.92

21.24

22.65

21.50

6.18

6.89

7.74

11.16

56.56

A-

24.08.2007

Baa1

12.01.2007

IMPERIAL TOBACCO GROUP PLC

GBp

35354

806

990

53.38

23807

23289

12725

13029

5390

5178

3062

2.67

0.80

3.40

3.60

73.87

24.46

17.44

16.45

-5.49

36.82

3.09

26.65

36.07

BBB

20.05.2008

ROLLS-ROYCE HOLDINGS PLC

GBp

34658

3137

1872

34.39

19732

22369

24936

26472

2737

3227

1894

1.52

0.64

1.09

1.17

46.95

18.03

27.47

25.49

15.13

21.55

22.69

32.28

23.41

13.04.2012

ANGLO AMERICAN PLC

GBp

33129

1349

1391

76.98

46667

47847

50748

51834

12465

12544

7689

4.20

-2.91

2.92

3.44

17.97

21.39

18.19

-9.65

5.06

-52.72

-8.09

42.54

BBB

04.04.2013

Baa2

07.08.2013

CENTRICA PLC

GBp

30621

4761

5199

38.07

38848

41564

41459

45891

6000

6550

0.42

0.35

0.45

0.48

27.99

27.38

21.30

20.15

7.95

12.09

19.02

13.15

25.57

A-

29.05.2009

21.06.2006

WPP PLC

GBp

27447

1584

1265

32.29

16831

17407

18110

19085

2957

3067

1.04

1.07

1.33

1.47

31.10

29.74

25.04

22.67

5.69

16.47

25.27

21.13

28.59

BBB

10.11.2008

Baa2

26.03.2012

COMPASS GROUP PLC

GBp

25022

1684

1855

27.30

27430

27842

28597

29649

2401

2463

2523

0.72

0.53

0.76

0.83

42.40

29.91

29.50

27.24

10.99

15.87

18.16

26.32

14.35

18.02.2013

Baa1

26.11.2009

BAE SYSTEMS PLC

GBp

23808

1617

3251

25.87

26967

27154

30597

30304

3743

3474

0.53

0.50

0.69

0.68

23.88

25.01

17.33

17.66

-10.50

5.50

1.78

8.26

20.76

BBB+

16.10.2007

Baa2

14.04.2005

SSE PLC

GBp

23044

849

964

32.04

45927

53530

55924

2809

1.69

0.73

1.94

2.08

53.35

22.85

19.92

18.59

-17.49

26.15

-17.97

3.42

9.92

A-

21.08.2009

22.09.2009

ARM HOLDINGS PLC

GBp

22477

1042

1381

21.50

936

1055

1140

1325

368

341

141

0.19

0.17

0.34

0.42

152.08

205.10

77.60

62.26

28.07

34.21

68.51

44.96

52.39

SHIRE PLC

GBp

22349

619

552

35.90

7542

7631

8084

8679

2571

2309

733

2.66

1.74

3.73

4.28

61.17

49.27

28.51

24.83

15.89

19.63

15.28

40.57

49.10

AVIVA PLC

GBp

19513

4522

2946

70641

59617

40771

40376

0.60

0.43

0.71

0.77

24.80

8.04

15.11

13.94

71.06

42.38

A-

15.08.2012

12.06.2013

EXPERIAN PLC

GBp

19303

967

1010

LEGAL & GENERAL GROUP PLC

GBp

18891

4480

5913

CRH PLC

GBp

17649

533

734

PEARSON PLC

GBp

16560

575

807

REED ELSEVIER PLC

GBp

15882

719

1187

TULLOW OIL PLC

GBp

15084

721

908

KINGFISHER PLC

GBp

15008

4142

2372

OLD MUTUAL PLC

GBp

14873

2404

4892

WOLSELEY PLC

GBp

14602

1629

274

BRITISH SKY BROADCASTING GRO

GBp

22703

825

1594

STANDARD LIFE PLC

GBp

13330

1641

2358

MARKS & SPENCER GROUP PLC

GBp

13149

1155

1614

NEXT PLC

GBp

13169

108

ROYAL BANK OF SCOTLAND GROUP

GBp

66442

BURBERRY GROUP PLC

GBp

11775

LAND SECURITIES GROUP PLC

GBp

11697

143407

36.23

126317

7675

8035

8641

3498

1.38

0.41

1.49

1.66

123.79

36.63

33.98

30.55

8.79

4.71

74.43

23.85

73.96

56752

68244

9698

10236

0.21

0.24

0.25

0.27

21.65

21.67

20.59

19.01

147.57

09.02.2010

18.05.2010

28.11

30276

29378

31257

2661

1760

0.82

1.24

0.95

1.45

37.89

57.65

49.36

32.45

5.19

-3.24

-1.57

-17.06

14.26

BBB+

17.12.2007

19.95

8209

7657

9600

9270

1551

1433

0.77

0.49

1.27

1.46

67.00

48.27

25.91

22.56

8.15

4.83

2.41

2.67

30.36

BBB+

25.11.1998

Baa1

01.02.2002

23.33

9924

9878

10000

10331

3065

3109

1496

0.73

0.71

0.88

0.95

30.83

31.38

24.98

23.19

3.08

7.71

14.20

14.28

51.07

BBB+

12.12.2008

27.23

3804

4095

4169

4171

1695

2365

0.16

0.66

1.02

1.00

65.96

42.87

43.57

2.81

43.06

-60.39

9.27

93.71

14.67

17156

17542

17958

18730

1548

1554

0.41

0.51

0.38

0.43

19.97

24.31

26.80

23.60

-3.87

3.66

-12.12

15.65

14.38

BBB-

30.04.2008

Baa2

29.03.2012

13.95

29054

30920

10808

11363

0.20

0.25

0.31

0.34

19.33

20.16

15.82

14.40

215.61

237.73

Baa2

08.10.2012

15.37

21344

22619

24178

1438

2.94

1.72

3.35

3.95

50.07

29.39

25.75

21.84

-3.23

0.87

11.16

-8.30

10.93

25.15

11739

12285

12831

2708

589

0.98

0.95

1.06

23.50

23.74

24.30

21.77

10.61

13.69

8.38

18.60

37.43

BBB+

30.11.2009

Baa1

09.04.2009

4.61

31129

32439

34559

36633

0.53

0.41

0.38

0.42

22.26

21.97

23.96

21.73

180.35

A-

25.02.2009

16.49

16269

16876

17555

2042

0.53

0.47

0.54

0.61

27.89

25.06

24.29

21.64

1.51

3.24

-3.96

-5.48

20.36

BBB-

07.01.2009

161

14.07

5757

5816

5956

6180

1278

1309

5.14

5.62

5.38

5.81

24.27

25.01

25.38

23.51

5.03

3.67

14.64

6.63

36.53

BBB

13.05.2003

Baa2

06.06.2003

5790

11171

514

176

45859

44981

33354

32822

0.18

-0.46

0.28

0.48

34.66

34.09

20.13

-20.86

-26.01

A-

29.11.2011

Baa1 *-

05.07.2013

334

442

11.35

3243

3767

4172

859

1.16

0.95

1.27

1.44

45.56

37.18

33.84

29.91

12.36

26.49

21.18

28.78

42.96

423

791

17.72

1195

947

993

728

1.10

1.11

0.62

0.67

21.77

21.96

38.99

36.33

15.73

132.68

4.46

-6.28

98.80

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

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

Minority Interest (USD)

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

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

S&P 500 INDEX

USD

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

SMITH & NEPHEW PLC

GBp

11161

616

904

18.55

7354

2028

2022

481

1.12

0.99

1.22

1.34

33.17

28.97

26.85

24.50

-5.05

2.72

5.64

9.41

48.39

CAPITA PLC

GBp

10738

431

668

13.27

5439

5782

6291

6904

1037

1152

0.87

0.62

0.92

1.01

42.47

27.25

28.89

26.20

23.35

14.77

20.46

24.21

32.33

ASSOCIATED BRITISH FOODS PLC

GBp

24124

498

792

26.89

19880

20800

21438

22681

2544

2749

1543

1.32

1.26

1.59

1.67

39.30

34.48

31.19

29.64

17.41

18.44

34.05

21.93

21.44

INTL CONSOLIDATED AIRLINE-DI

GBp

11113

3261

1855

15.53

29396

29680

30716

32368

1700

2080

1126

-0.42

-1.04

0.21

0.54

51.42

19.80

20.29

-49.27

11.37

ITV PLC

GBp

11286

2794

3912

11.45

3563

3586

3822

4033

888

928

0.11

0.12

0.17

0.19

40.23

32.91

27.08

24.53

4.25

3.92

19.62

18.59

42.00

BBB-

29.03.2013

Baa3

09.08.2013

WM MORRISON SUPERMARKETS

GBp

10598

2718

2346

14.72

29395

29393

29320

30278

2139

2012

1053

0.43

0.40

0.41

0.42

18.28

17.31

18.09

17.40

4.16

7.71

0.49

13.97

11.11

(P)Baa1

19.09.2013

JOHNSON MATTHEY PLC

GBp

9363

172

205

10.75

17408

18045

19462

888

952

2.41

2.18

2.62

2.89

33.96

30.72

28.31

25.64

-17.47

14.64

-9.14

12.81

8.28

BRITISH LAND CO PLC

GBp

9346

1503

986

12.60

558

515

589

367

0.49

0.51

0.49

0.53

29.48

27.28

30.87

28.52

-1.87

-17.73

-5.55

GKN PLC

GBp

9145

1708

1661

10.69

10563

11201

11682

12384

1199

1272

0.46

0.35

0.43

0.51

25.82

19.21

20.81

17.65

21.57

17.05

31.46

19.50

18.43

19.04.2002

SMITHS GROUP PLC

GBp

9045

214

394

10.26

5044

5262

5485

1123

441

1.69

1.47

1.61

1.73

25.31

22.02

23.19

21.58

4.20

9.59

23.88

16.07

36.13

BBB+

15.01.2007

Baa2

06.05.2010

SAINSBURY (J) PLC

GBp

11964

1967

1893

15.64

37811

39219

41024

2186

2281

0.48

0.53

0.52

0.55

19.29

21.48

19.79

18.57

7.34

8.68

8.36

9.89

9.38

13.05.2010

01.06.2006

INTERTEK GROUP PLC

GBp

8762

161

9.84

3333

3485

3665

3946

616

658

399

1.90

1.80

2.34

2.62

48.96

41.75

37.71

33.61

28.28

31.53

30.36

32.65

30.62

23.10.2006

WHITBREAD PLC

GBp

8710

299

179

9.49

3294

3666

4048

850

902

2.76

2.77

2.71

3.01

28.27

28.42

28.91

26.03

23.00

17.29

19.58

14.68

41.86

WEIR GROUP PLC/THE

GBp

8052

264

213

9.60

4119

3913

4168

4423

858

822

504

2.31

2.20

2.48

2.69

27.90

28.49

24.75

22.76

17.44

23.85

28.58

50.48

34.09

INTERCONTINENTAL HOTELS GROU

GBp

7687

240

268

13.81

2977

3070

3162

1149

252

2.31

3.08

2.48

2.65

25.17

33.35

31.17

29.22

6.15

5.87

12.33

6.03

62.60

BBB

22.06.2011

01.03.2005

UNITED UTILITIES GROUP PLC

GBp

7684

1248

682

17.37

2655

2748

2851

1535

1647

0.69

0.67

0.72

27.22

26.34

27.09

25.27

7.37

-10.07

8.31

1.42

93.83

IMI PLC

GBp

7470

199

341

7.86

3557

3549

3676

3824

724

720

388

1.35

1.18

1.44

1.58

32.44

28.56

26.69

24.38

4.33

5.97

-2.37

18.63

32.91

BUNZL PLC

GBp

7249

164

355

8.68

8696

9255

9856

10214

609

650

0.99

1.27

1.35

35.64

30.98

27.90

26.29

7.93

14.05

6.24

12.40

11.39

RSA INSURANCE GROUP PLC

GBp

7078

7176

3596

8.08

14347

14842

14801

15408

0.15

0.16

0.18

0.20

19.32

19.51

17.28

15.49

1.99

9.54

13.08.1997

10.03.1997

BABCOCK INTL GROUP PLC

GBp

7109

229

362

8.11

RESOLUTION LTD

GBp

7326

1894

1418

MEGGITT PLC

GBp

7054

301

785

SEVERN TRENT PLC

GBp

6873

168

238

TRAVIS PERKINS PLC

GBp

6690

394

240

G4S PLC

GBp

6448

4005

1411

AGGREKO PLC

GBp

6840

519

266

RANDGOLD RESOURCES LTD

GBp

6427

346

MELROSE INDUSTRIES PLC

GBp

6192

846

1267

REXAM PLC

GBp

6206

1001

CARNIVAL PLC

GBp

26546

MONDI PLC

GBp

8150

SAGE GROUP PLC/THE

GBp

PETROFAC LTD

6713

6779

7042

481

4915

5621

6084

578

657

1.15

0.86

1.13

1.25

37.04

27.82

28.29

25.40

10.31

21.68

8.89

33.63

19.07

18059

25942

11825

12378

-0.08

0.05

0.38

0.43

155.82

155.97

21.98

19.64

263.87

8.19

2606

2661

2750

2904

798

840

0.52

0.50

0.62

0.67

29.21

26.41

23.38

21.68

16.78

15.29

25.32

28.84

51.23

14.03

2972

3037

3103

1270

1364

1.52

1.55

1.44

1.48

30.06

29.62

32.38

31.63

5.59

5.34

-0.89

3.67

69.31

BBB-

28.01.2010

Baa1

08.09.2009

7.35

7861

7923

8056

8496

587

579

364

1.29

1.56

1.62

1.86

28.48

39.30

27.35

23.81

2.23

16.30

0.31

-0.63

11.86

10.07

12171

11757

12307

12885

1068

1066

574

0.26

-0.05

0.27

0.31

22.09

24.59

21.76

12.46

11.17

24.07

17.58

14.71

BBB-

05.11.2012

7.74

2569

2612

2615

2680

1009

1050

1023

1.63

1.66

1.49

24.82

25.64

27.61

21.75

21.83

29.16

36.16

65.25

10.61

2138

1969

1930

2588

1134

950

203

7.55

6.01

4.59

7.03

30.52

39.95

26.08

27.46

62.11

32.71

86.55

78.28

7.93

2517

3260

3482

3579

379

535

334

0.20

0.10

0.27

0.30

81.48

36.98

29.27

26.14

70.74

138.49

57.98

77.01

26.61

878

8.60

6997

6682

7076

7301

1089

1042

0.54

0.46

0.61

0.68

27.60

25.18

20.89

18.75

3.07

-2.75

-0.48

10.53

25.30

BBB-

19.02.2009

Baa3

26.09.2001

312

776

57.70

24959

24951

25026

26028

5423

787

3.05

2.31

2.50

2.64

38.47

32.27

35.60

33.77

-4.22

0.19

-17.88

-4.33

16.04.2003

Baa1

10.06.2013

459

486

13.17

9422

10237

10776

11170

1491

1681

1.13

0.88

1.44

1.57

37.10

22.63

22.70

20.78

1.92

2.16

-6.93

1.64

26.64

5920

1420

1264

6.26

2175

2258

2241

2285

635

650

318

0.32

0.06

0.36

0.39

155.00

24.90

24.27

22.17

0.74

4.46

-1.48

8.09

46.71

GBp

7863

483

340

13.36

10261

9535

10774

12134

1404

1302

1035

2.86

2.62

3.06

3.57

22.80

24.22

19.53

16.75

14.63

21.93

21.21

38.45

22.16

BBB+

17.05.2013

Baa1

03.06.2013

COCA-COLA HBC AG-CDI

GBp

10781

249

15.73

11431

11613

12021

1335

1.38

1.61

41.77

35.75

5.24

-12.76

18.95

BBB+

10.05.2013

ABERDEEN ASSET MGMT PLC

GBp

7380

1155

1151

7.02

1410

1577

1716

1861

586

682

407

0.28

0.38

0.49

0.54

26.50

28.53

20.38

18.65

17.63

36.23

24.76

42.35

70.17

WILLIAM HILL PLC

GBp

5847

11972

760

7.02

2072

2273

2431

2634

603

633

316

0.42

0.48

0.51

25.87

24.40

22.95

21.28

20.01

14.53

31.02

4.64

45.21

BB+

27.10.2009

Ba1

13.11.2009

CRODA INTERNATIONAL PLC

GBp

5856

179

140

6.22

1707

1690

1784

1905

468

478

2.11

2.13

2.19

2.45

32.87

31.99

28.60

3.77

7.66

10.36

33.92

45.87

HAMMERSON PLC

GBp

5795

248

713

9.57

581

607

544

581

353

394

0.20

0.36

0.39

37.12

35.99

36.95

34.01

-2.59

-0.26

-1.55

-6.97

105.45

Baa2

12.01.2004

TATE & LYLE PLC

GBp

5607

722

466

6.45

5283

5620

5677

738

0.98

0.91

0.96

1.02

21.47

19.92

20.41

19.05

8.83

6.00

5.53

9.84

22.67

BBB

15.07.2011

Baa2

15.02.2013

PERSIMMON PLC

GBp

5379

475

303

5.30

2793

2944

3147

3479

369

431

489

0.92

1.04

1.21

1.51

27.61

27.08

23.73

19.06

19.70

1.53

73.10

-30.11

23.76

EASYJET PLC

GBp

8480

1263

396

7.78

6253

6377

6837

7327

709

816

1.00

0.93

1.50

1.69

37.51

37.77

23.19

20.50

18.90

20.20

35.25

26.47

20.77

AMEC PLC

GBp

5159

319

308

5.12

6747

6701

6915

7009

589

617

326

1.32

1.12

1.39

1.56

25.14

20.18

20.20

18.01

44.63

17.13

47.35

36.84

14.93

SCHRODERS PLC

GBp

11589

267

5.23

2313

2502

2208

2522

536

618

1.53

1.92

2.14

2.52

35.70

38.61

32.08

27.20

-8.26

21.22

-29.98

-2.61

40.05

A+

30.04.2013

ANTOFAGASTA PLC

GBp

12965

896

986

21.56

10936

10314

9258

9399

5400

4463

2870

2.36

1.29

1.44

1.41

26.91

17.80

24.08

24.60

17.73

20.51

-8.83

5.89

70.21

LONDON STOCK EXCHANGE GROUP

GBp

6845

200

271

7.52

1368

1822

1922

908

1.69

1.31

1.66

1.79

31.39

24.20

24.73

22.91

7.32

7.88

27.31

17.27

107.66

A-

03.05.2013

Baa2

01.07.2011

ADMIRAL GROUP PLC

GBp

5473

209

274

5.14

1597

1543

2186

2256

1.54

1.59

1.61

1.67

20.36

20.41

20.06

19.42

21.25

30.01

HARGREAVES LANSDOWN PLC

GBp

7619

175

474

7.30

474

541

614

314

360

0.51

0.59

0.69

50.66

51.19

44.01

37.62

36.47

32.04

43.07

43.53

107.46

TUI TRAVEL PLC

GBp

6688

808

1118

8.43

23463

23381

24256

24929

1150

1199

0.38

0.24

0.47

0.51

40.11

27.74

20.63

18.93

-2.51

1.69

5.68

-7.51

8.32

FRESNILLO PLC

GBp

11114

773

717

17.75

3501

3242

2816

3007

2112

1790

1.48

1.16

0.78

0.84

34.20

32.68

50.86

47.50

-2.61

36.24

-24.73

59.26

89.60

SPORTS DIRECT INTERNATIONAL

GBp

6895

178

598

7.14

3546

4324

4936

426

527

0.40

0.43

0.52

0.63

43.24

47.00

36.00

29.62

30.92

21.62

33.46

20.78

19.49

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

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%

HSBC HOLDINGS PLC

1.18

1.13

1.08

1.03

0.95

2.97

3.06

2.95

2.79

2.86

11.89

10.51

9.46

8.67

12.31

11.32

10.44

9.37

9.78

3.96

4.73

5.25

5.86

5.61

775.80

15.6%

VODAFONE GROUP PLC

1.40

1.38

1.26

1.15

2.37

2.33

2.31

2.25

7.73

7.67

6.50

5.55

BP PLC

1.13

1.06

0.99

0.93

1.03

0.37

0.38

0.43

5.06

4.53

4.31

4.08

10.22

10.31

10.04

9.85

9.60

14.01

14.19

14.47

14.19

13.40

4.79

4.74

4.84

5.02

4.88

223.31

2.8%

4.15

4.01

3.78

3.63

3.49

3.76

7.70

9.13

7.91

7.58

7.26

4.84

5.14

5.44

5.67

5.84

490.56

13.5%

ROYAL DUTCH SHELL PLC-A SHS

1.10

1.07

1.00

0.95

0.86

0.45

0.47

0.44

4.66

4.70

4.35

4.20

4.37

3.93

3.84

3.68

3.58

3.80

7.79

8.40

7.99

7.90

7.51

5.27

5.51

5.64

5.77

6.09

2399.76

19.0%

GLAXOSMITHKLINE PLC

10.73

11.95

11.16

10.23

8.92

2.86

2.81

2.71

2.62

2.54

12.98

10.82

9.80

9.05

7.75

9.45

9.70

9.10

8.67

8.14

13.92

13.44

12.26

11.22

10.38

4.78

5.03

5.31

5.63

6.01

1769.16

14.1%

BRITISH AMERICAN TOBACCO PLC

7.59

8.25

8.15

7.61

7.80

3.98

3.97

3.87

3.71

3.50

13.77

13.29

12.72

11.50

10.04

11.86

11.42

10.89

10.20

9.46

15.63

14.62

13.58

12.40

11.07

4.17

4.50

4.85

5.32

5.88

3749.86

16.4%

ROYAL DUTCH SHELL PLC-B SHS

1.15

1.12

1.05

1.00

0.90

0.45

0.47

0.44

4.87

4.92

4.55

4.39

4.57

3.93

3.84

3.68

3.58

3.80

8.14

8.79

8.36

8.27

7.86

5.03

5.27

5.41

5.53

5.69

2361.87

11.9%

DIAGEO PLC

6.78

5.48

4.52

3.70

3.06

4.27

3.97

3.67

3.39

3.14

21.26

16.12

14.20

12.43

10.94

14.79

13.81

12.62

11.57

10.70

18.94

17.22

15.54

13.92

11.98

2.43

2.66

2.91

3.17

3.94

2244.58

15.6%

BARCLAYS PLC

0.66

0.75

0.72

0.68

0.64

1.28

1.29

1.25

1.21

1.15

3.05

10.08

8.36

7.45

8.31

10.08

8.36

6.99

6.24

2.19

2.34

4.20

5.65

6.39

304.36

13.0%

BG GROUP PLC

1.94

1.83

1.66

1.50

2.88

3.24

2.95

2.39

2.16

7.99

8.33

7.52

6.06

5.97

6.84

7.21

6.31

5.06

5.11

14.00

15.61

13.62

10.56

8.47

1.35

1.42

1.55

1.72

2.28

1381.19

17.5%

ASTRAZENECA PLC

2.80

2.73

2.66

2.60

2.62

2.32

2.50

2.59

2.66

2.75

8.35

8.65

9.08

9.00

9.11

6.09

7.39

7.53

7.70

7.85

8.37

9.94

10.78

10.97

11.38

5.64

5.42

5.46

5.43

5.50

3222.83

0.7%

BHP BILLITON PLC

2.11

1.96

1.78

1.65

1.53

2.51

2.50

2.37

2.25

2.15

8.05

7.28

6.72

6.57

5.40

6.99

6.56

6.08

5.83

5.69

11.78

11.24

10.22

9.86

9.44

4.03

4.24

4.56

4.83

4.96

2121.60

18.3%

RIO TINTO PLC

1.70

1.69

1.49

1.32

1.28

1.83

1.80

1.70

1.60

1.51

7.77

6.61

5.96

5.36

5.24

6.95

6.61

5.92

5.44

5.16

23.4%

LLOYDS BANKING GROUP PLC

1.16

1.18

1.12

1.06

1.07

2.88

2.89

2.83

3.10

18.58

11.43

9.29

7.91

GLENCORE XSTRATA PLC

1.17

1.18

1.10

1.03

0.34

0.28

0.27

0.26

0.23

10.08

7.85

6.68

5.19

PRUDENTIAL PLC

3.06

2.66

2.35

2.01

0.60

0.52

0.51

0.59

STANDARD CHARTERED PLC

1.33

1.23

1.15

1.07

3.01

2.89

2.69

2.48

2.31

10.65

8.99

8.63

7.97

SABMILLER PLC

2.91

2.77

2.55

2.36

3.37

3.34

3.12

2.69

2.80

16.66

16.20

14.68

13.01

TESCO PLC

1.54

1.59

1.47

1.36

0.44

0.43

0.41

0.40

0.38

7.53

6.81

6.66

6.31

RECKITT BENCKISER GROUP PLC

5.13

4.90

4.29

3.93

4.01

3.34

3.13

3.02

2.87

2.73

16.43

15.75

14.61

13.83

UNILEVER PLC

5.09

4.76

4.24

3.77

3.18

1.63

1.64

1.58

1.49

1.42

14.17

13.18

12.58

BT GROUP PLC

15.75

35.35

12.97

9.07

1.51

1.52

1.51

1.50

6.32

6.93

NATIONAL GRID PLC

2.64

2.49

2.37

2.26

1.89

1.83

1.77

1.68

1.62

8.08

7.61

IMPERIAL TOBACCO GROUP PLC

2.83

3.54

3.37

3.21

3.52

2.75

2.78

2.71

2.62

2.52

10.03

ROLLS-ROYCE HOLDINGS PLC

3.75

3.10

2.74

2.44

2.15

1.74

1.39

1.31

1.22

1.16

ANGLO AMERICAN PLC

0.74

0.81

0.78

0.74

1.17

1.06

1.04

0.97

0.83

CENTRICA PLC

3.15

3.12

2.94

2.72

0.81

0.74

0.67

0.64

WPP PLC

2.23

2.14

1.98

1.83

1.64

1.52

1.44

COMPASS GROUP PLC

4.62

4.72

4.26

3.84

0.91

0.87

BAE SYSTEMS PLC

3.17

3.61

3.42

3.24

2.93

0.78

SSE PLC

3.04

2.80

2.61

2.41

3.08

0.45

0.43

0.41

0.39

0.36

8.30

7.44

7.02

6.92

7.01

8.95

8.55

7.96

ARM HOLDINGS PLC

11.09

9.79

8.39

6.88

5.24

24.55

19.72

16.96

14.70

12.79

66.44

52.11

38.67

31.43

24.69

51.07

40.20

30.89

SHIRE PLC

5.44

5.03

3.87

3.03

2.69

4.76

4.48

4.17

4.05

3.88

16.28

15.71

13.21

12.38

12.34

13.47

12.14

10.76

10.13

AVIVA PLC

1.16

1.26

1.16

1.04

1.05

0.19

0.48

0.52

EXPERIAN PLC

5.86

5.77

4.81

4.05

4.04

3.89

3.62

3.36

LEGAL & GENERAL GROUP PLC

2.09

2.00

1.89

1.74

1.61

0.44

1.95

1.85

2.26

CRH PLC

1.19

1.22

1.20

1.15

1.06

0.70

0.72

0.68

0.64

0.60

10.04

11.08

9.81

8.16

PEARSON PLC

1.65

1.72

1.64

1.56

1.65

1.72

1.79

1.75

1.66

12.40

13.51

11.41

10.47

REED ELSEVIER PLC

5.94

5.65

5.00

4.23

1.59

1.54

1.49

1.42

11.04

10.67

9.96

9.32

12.76

TULLOW OIL PLC

2.77

2.72

2.56

2.48

6.34

5.86

5.87

5.79

4.44

10.26

10.55

11.13

10.38

7.36

KINGFISHER PLC

1.52

1.42

1.35

1.28

0.88

0.84

0.80

0.77

0.75

14.44

11.71

10.71

9.58

OLD MUTUAL PLC

1.08

1.21

1.15

1.07

3.40

1.38

1.31

1.14

11.48

9.36

8.63

7.97

1.79

2.04

2.43

0.99

21.84

10.20

8.22

7.25

179.99

8.65

7.71

7.53

3.25

3.74

3.99

4.35

4.37

3669.83

11.43

9.91

9.65

0.00

0.81

2.83

4.71

6.19

78.16

5.2%

11.43

18.37

12.94

10.23

8.04

2.80

2.91

3.14

3.46

4.72

368.29

12.8%

16.95

13.80

12.38

11.19

9.74

2.26

2.68

2.87

3.10

3.38

1311.55

11.5%

10.85

10.55

9.62

8.81

8.35

3.45

3.75

4.10

4.49

1701.81

16.2%

14.81

13.55

12.55

10.47

20.67

19.68

17.59

15.84

14.28

2.06

2.20

2.49

2.75

2.97

3465.07

13.5%

7.56

7.15

6.84

6.57

6.27

11.98

11.09

10.50

9.92

8.45

4.10

4.22

4.44

4.69

5.22

400.90

11.9%

13.25

13.06

12.46

12.13

11.40

10.77

17.94

16.64

16.16

15.21

14.10

2.91

3.13

3.30

3.54

3.71

4697.39

5.8%

11.40

10.03

11.62

11.23

10.67

9.90

9.06

17.79

17.67

16.40

14.98

13.52

3.46

3.69

3.97

4.33

4.65

2776.58

18.3%

6.51

6.86

9.68

5.90

5.99

5.82

5.69

5.59

13.70

13.58

12.11

11.17

10.37

2.74

3.18

3.61

4.16

4.88

343.52

-0.9%

7.40

7.46

6.35

9.83

9.30

8.88

8.47

7.86

13.48

13.96

13.25

12.72

12.90

5.60

5.78

5.96

6.15

6.36

800.64

9.6%

10.20

9.81

8.96

8.21

9.73

9.74

9.45

9.09

8.76

11.28

10.75

10.14

9.45

8.90

4.65

5.14

5.62

6.17

6.80

2488.16

10.7%

18.47

16.37

13.72

11.50

11.64

9.25

8.59

7.90

6.46

19.79

16.93

15.71

14.24

11.74

1.73

1.92

2.12

2.32

2.73

1224.38

7.8%

5.65

4.89

4.55

3.98

5.94

5.53

5.15

4.52

4.20

12.37

13.18

11.21

9.16

9.64

3.18

3.58

3.67

3.91

4.09

1591.65

8.7%

0.60

10.21

7.92

7.03

6.13

5.74

6.48

5.69

5.37

5.14

4.88

13.61

13.13

12.42

11.60

10.84

4.46

4.71

4.95

5.20

5.47

400.43

9.0%

1.37

1.28

13.48

11.71

10.87

10.73

11.30

11.29

10.41

9.62

8.97

8.43

17.36

15.43

13.97

12.73

11.99

2.12

2.64

3.05

3.49

3.95

1352.12

6.7%

0.84

0.80

0.74

14.78

14.12

12.51

11.38

11.54

10.82

10.25

9.57

8.61

20.06

18.18

16.79

15.48

2.46

2.75

3.00

3.27

0.79

0.77

11.46

37.91

12.07

9.28

6.84

6.65

6.92

6.76

6.93

11.63

10.68

10.88

10.39

9.89

4.24

4.46

4.57

4.73

7.51

7.08

12.86

12.28

11.46

11.04

9.58

5.73

5.98

6.24

25.44

18.71

67.35

47.83

38.37

31.94

22.35

0.40

0.56

0.69

9.68

19.92

17.57

15.30

14.40

13.31

0.43

0.45

8.80

9.32

8.59

7.97

8.46

6.22

22.78

20.94

18.83

16.97

14.06

12.70

11.71

10.87

15.16

14.24

12.46

11.77

13.79

7.00

13.11

12.05

11.06

10.75

893.00

4.5%

4.77

440.94

-3.0%

6.54

6.82

1545.00

5.0%

0.83

0.78

1049.62

6.0%

0.56

0.60

0.68

2647.73

6.3%

3.68

3.85

4.14

4.98

413.15

1.2%

1.76

1.95

2.16

2.42

1280.08

7.9%

10.24

3.76

4.57

5.18

5.74

6.91

200.20

1.7%

10.81

11.86

10.00

8.46

7.00

24.33

30.42

20.01

14.93

10.95

3.53

3.56

3.65

3.50

1371.92

-8.0%

11.54

12.41

11.22

10.27

9.59

14.81

15.97

13.90

12.53

11.84

3.57

3.83

4.07

4.30

4.57

1288.68

3.3%

7.47

7.27

6.86

6.58

6.01

16.69

15.40

14.29

13.50

13.02

2.90

2.98

3.19

3.40

3.74

852.81

2.2%

9.60

10.02

9.71

9.97

21.52

26.42

26.88

30.51

22.70

0.97

1.07

1.11

1.13

1.39

1283.73

25.6%

9.31

8.83

7.97

7.27

17.80

16.52

14.54

12.70

10.18

2.33

2.54

2.85

3.16

3.98

421.14

8.0%

10.70

9.75

8.87

8.21

7.01

3.47

4.27

4.75

5.40

5.61

209.98

12.2%

18.67

15.87

13.47

11.38

2.02

2.35

2.77

3.22

3447.43

5.1%

15.21

14.97

13.42

11.99

172.35

3.29

3.54

3.94

4.38

0.00

880.05

0.1%

11.56

14.76

13.39

12.30

11.48

4.25

4.52

5.27

5.09

5.47

355.63

2.9%

3.14

2.84

2.53

2.09

0.68

0.65

0.60

0.58

0.56

20.99

14.46

12.61

8.95

11.45

10.03

8.76

7.77

BRITISH SKY BROADCASTING GRO

16.46

15.16

10.51

7.96

1.95

1.85

1.77

1.69

1.64

10.80

10.50

9.42

8.25

9.21

8.54

7.84

STANDARD LIFE PLC

1.94

1.88

1.81

1.74

0.42

0.39

0.36

0.34

MARKS & SPENCER GROUP PLC

3.29

2.99

2.70

2.45

0.81

0.78

0.75

0.72

NEXT PLC

30.23

26.64

17.34

11.67

2.27

2.21

2.13

ROYAL BANK OF SCOTLAND GROUP

0.61

0.64

0.62

0.59

1.73

1.99

2.02

BURBERRY GROUP PLC

7.06

5.74

4.87

4.17

3.66

3.13

LAND SECURITIES GROUP PLC

1.01

0.92

0.85

0.81

14.55

12.35

3.75

9.72 14.02

16.05

3.10

11.41

WOLSELEY PLC

1.72

5.84

9.72 30.97

5.92

7.89

0.71

9.39

8.59

7.60

7.23

7.80

7.62

7.06

6.70

6.62

15.48

14.97

13.34

12.08

11.64

3.39

3.53

3.81

4.19

4.39

492.62

-1.8%

2.05

1.95

15.16

13.87

12.56

11.62

11.26

10.71

10.27

9.85

9.52

18.34

15.64

14.49

13.72

12.68

1.96

2.30

2.52

2.64

2.86

5136.36

-0.9%

2.03

10.08

15.74

13.46

9.13

8.24

18.27

21.01

12.41

9.96

10.01

0.00

0.58

2.23

3.74

330.00

-9.2%

2.82

2.55

2.42

21.04

16.86

15.41

13.14

13.42

11.46

10.30

9.20

9.36

23.86

20.85

18.43

16.64

15.05

1.70

1.95

2.21

2.48

2.63

1651.30

0.9%

11.78

10.96

11.01

26.38

24.61

22.39

21.40

24.44

22.84

21.34

19.91

17.84

25.64

24.03

22.39

21.55

19.66

3.25

3.36

3.52

3.64

4.20

954.44

4.0%

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

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%

SMITH & NEPHEW PLC

3.02

2.79

2.52

2.30

2.68

2.57

2.46

2.35

2.24

13.64

13.87

12.81

9.81

7.98

9.44

9.34

8.52

7.96

7.48

16.68

16.55

15.10

13.95

13.04

1.96

2.15

2.38

2.57

2.67

783.33

2.1%

CAPITA PLC

7.12

6.44

5.47

4.70

3.05

1.98

1.71

1.56

1.46

1.38

20.16

15.62

14.60

12.28

11.30

14.75

13.66

12.49

11.75

11.26

19.38

17.81

16.15

15.01

14.31

2.32

2.54

2.77

3.01

3.22

1000.41

-0.6%

ASSOCIATED BRITISH FOODS PLC

2.43

2.32

2.13

1.97

1.75

1.21

1.13

1.06

1.00

0.93

14.55

12.19

11.64

10.78

9.51

11.49

10.28

9.92

9.35

8.53

21.81

19.22

18.27

16.63

14.57

1.46

1.70

1.83

2.00

2.26

1916.65

2.1%

INTL CONSOLIDATED AIRLINE-DI

1.47

2.09

1.82

1.53

0.46

0.43

0.41

0.39

0.38

9.76

6.55

4.20

3.90

9.13

5.51

4.05

3.46

3.20

31.70

12.21

8.47

6.70

0.00

0.10

0.27

0.90

0.61

336.72

-1.4%

ITV PLC

6.70

6.06

3.88

3.18

3.15

2.95

2.80

2.70

2.94

20.10

17.17

14.15

13.61

13.16

11.20

10.22

9.56

20.33

16.69

15.12

13.71

14.62

1.36

2.26

2.43

2.77

178.27

0.8%

WM MORRISON SUPERMARKETS

1.28

1.20

1.15

1.09

0.36

0.35

0.34

0.32

6.46

6.63

6.33

6.08

6.84

7.17

6.90

6.58

6.35

10.52

11.15

10.72

10.07

8.18

4.18

4.61

4.82

5.11

5.75

287.00

2.5%

JOHNSON MATTHEY PLC

3.79

3.72

3.29

2.91

0.56

0.52

0.48

0.45

0.46

15.26

13.21

11.39

10.16

12.18

11.29

10.36

9.40

8.96

19.22

17.45

15.80

14.13

13.80

2.04

2.25

2.48

2.75

2.90

2952.50

4.8%

BRITISH LAND CO PLC

1.00

0.94

0.87

0.82

18.77

18.15

15.87

14.36

20.02

18.84

17.74

15.79

16.06

16.47

15.01

13.95

13.25

19.15

19.03

17.58

16.06

14.97

4.60

4.68

4.82

4.98

4.91

612.38

6.2%

GKN PLC

4.01

3.07

2.53

2.18

0.87

0.78

0.74

0.69

0.66

14.63

9.93

8.30

6.86

8.90

7.65

6.78

6.26

14.32

12.82

10.88

9.99

2.07

2.30

2.59

2.85

375.92

9.4%

SMITHS GROUP PLC

4.49

3.66

3.29

2.91

1.77

1.72

1.65

1.60

1.56

15.17

13.05

11.96

11.58

10.01

9.53

8.93

8.47

15.33

14.29

13.30

12.74

2.77

2.92

3.06

3.20

1353.36

-4.4%

SAINSBURY (J) PLC

1.26

1.24

1.19

1.17

0.32

0.31

0.29

0.28

0.27

6.73

6.60

6.23

5.97

INTERTEK GROUP PLC

8.29

6.94

5.73

4.76

2.61

2.39

2.22

2.06

1.91

18.46

17.62

15.38

13.63

WHITBREAD PLC

3.63

3.08

2.73

2.42

2.66

2.38

2.15

1.96

1.81

15.18

12.55

11.40

WEIR GROUP PLC/THE

3.96

3.28

2.87

2.53

1.91

1.93

1.82

1.74

1.62

17.11

15.20

INTERCONTINENTAL HOTELS GROU

43.25

4.19

4.06

3.94

3.72

3.46

15.41

14.36

UNITED UTILITIES GROUP PLC

2.56

2.39

2.29

2.27

2.88

2.80

2.69

2.68

2.60

8.27

7.26

6.85

IMI PLC

7.24

6.90

5.28

4.29

2.07

2.03

1.95

1.88

1.77

24.86

15.49

14.53

BUNZL PLC

5.08

4.13

3.80

3.43

0.84

0.74

0.71

0.68

18.12

15.82

14.39

13.04

RSA INSURANCE GROUP PLC

1.11

1.04

0.98

0.51

0.48

0.46

0.44

0.40

1193.00

BABCOCK INTL GROUP PLC

4.28

4.14

3.71

3.33

1.35

1.26

1.17

1.10

0.99

19.24

18.73

16.24

14.54

RESOLUTION LTD

0.82

0.85

0.88

0.93

0.79

2.80

0.62

0.59

0.42

MEGGITT PLC

2.22

2.05

1.89

1.73

1.72

2.71

2.56

2.43

2.30

2.20

SEVERN TRENT PLC

4.89

4.90

4.77

4.80

2.32

2.26

2.22

2.23

2.11

8.59

8.03

TRAVIS PERKINS PLC

1.73

1.64

1.52

1.39

0.85

0.83

0.79

0.74

0.69

13.75

13.70

G4S PLC

2.31

2.70

2.59

2.42

0.50

0.52

0.50

0.48

0.45

10.67

13.99

AGGREKO PLC

3.87

3.41

2.96

2.62

2.65

2.62

2.55

2.42

2.11

12.95

9.65

RANDGOLD RESOURCES LTD

2.50

2.23

2.01

1.79

4.80

5.40

4.03

4.07

3.46

10.58

16.31

MELROSE INDUSTRIES PLC

2.18

1.84

1.78

1.68

2.47

1.78

1.73

1.65

22.65

14.99

REXAM PLC

1.79

1.85

1.68

1.46

0.87

0.88

0.85

0.82

9.80

9.72

CARNIVAL PLC

1.09

1.07

1.03

1.73

1.72

1.66

1.54

9.11

MONDI PLC

2.25

2.13

1.93

1.75

1.04

0.91

0.87

0.85

8.58

SAGE GROUP PLC/THE

2.48

3.69

3.42

3.16

2.71

2.64

2.59

2.47

PETROFAC LTD

5.35

4.05

3.22

2.60

1.22

1.18

1.05

0.96

COCA-COLA HBC AG-CDI

2.65

2.49

2.32

2.14

1.13

1.11

1.07

1.03

ABERDEEN ASSET MGMT PLC

3.76

3.22

2.95

2.70

5.36

4.30

3.97

3.65

WILLIAM HILL PLC

3.16

2.30

2.13

1.97

2.85

2.41

2.22

2.10

CRODA INTERNATIONAL PLC

10.11

8.38

6.51

5.32

3.34

3.28

3.07

2.89

HAMMERSON PLC

0.93

0.90

0.85

0.81

0.76

12.52

10.66

9.97

TATE & LYLE PLC

2.96

2.94

2.61

2.32

2.07

1.05

1.00

PERSIMMON PLC

1.70

1.65

1.50

0.99

1.42

1.94

EASYJET PLC

3.01

2.58

2.26

2.04

1.35

AMEC PLC

2.70

2.81

2.57

2.31

SCHRODERS PLC

3.62

3.16

2.87

ANTOFAGASTA PLC

1.80

1.83

LONDON STOCK EXCHANGE GROUP

2.86

ADMIRAL GROUP PLC

7.69

HARGREAVES LANSDOWN PLC TUI TRAVEL PLC FRESNILLO PLC SPORTS DIRECT INTERNATIONAL

37.13

3.07

4.36

12.00

6.86

6.45

6.12

6.20

13.02

12.20

11.44

10.81

10.51

4.33

4.46

4.67

4.80

381.75

-1.6%

13.97

12.63

11.52

10.82

26.03

23.24

20.71

18.62

16.67

1.21

1.37

1.57

1.77

1.81

3465.52

3.5%

10.27

11.62

10.52

9.64

8.74

20.03

17.82

16.04

14.44

13.31

1.89

2.13

2.31

2.53

2.61

3073.76

3.3%

12.39

11.50

11.17

10.69

9.79

9.24

15.80

15.26

14.02

13.06

12.06

1.58

1.80

1.95

2.13

0.00

2331.13

0.1%

13.34

12.69

12.08

11.27

10.91

10.01

9.24

21.28

19.21

18.01

16.30

14.70

2.12

2.68

2.61

2.89

2.99

2069.05

14.1%

7.27

10.91

10.55

10.06

10.19

9.56

17.67

16.69

15.57

16.46

16.38

4.95

5.17

5.43

5.49

5.20

730.89

5.2%

12.05

11.48

10.83

10.02

9.27

17.84

16.45

15.03

13.76

2.23

2.42

2.62

2.84

1503.07

3.0%

14.27

12.48

11.87

11.35

19.16

17.20

16.20

15.24

2.07

2.32

2.48

2.67

1269.50

-5.5%

10.65

9.54

8.84

8.23

7.80

5.28

5.45

5.78

6.12

126.68

6.2%

13.31

12.34

11.38

10.49

17.66

17.44

15.65

14.37

12.58

2.06

2.36

2.60

2.88

3.38

1277.18

5.6%

14.47

13.55

12.10

11.29

11.53

6.60

6.66

6.72

6.85

7.01

325.62

2.3%

12.05

12.47

10.20

9.48

8.96

8.20

16.00

14.41

13.36

12.43

11.76

2.07

2.34

2.56

2.80

3.14

537.73

-2.3%

7.91

7.85

10.29

10.28

10.06

10.14

8.98

20.40

19.96

19.49

20.51

18.99

4.28

4.53

4.81

4.92

5.02

1751.11

-1.2%

12.35

10.96

11.41

11.00

9.94

8.94

7.89

17.93

16.85

14.68

12.83

10.57

1.44

1.78

2.17

2.61

3.63

1621.88

-3.6%

12.02

9.81

9.36

10.28

9.44

8.85

8.42

11.54

15.15

13.41

12.37

3.40

3.48

3.59

3.98

9.57

7.17

6.27

7.63

7.56

7.53

7.11

6.24

15.38

17.01

15.48

13.09

1.51

1.66

1.84

2.09

9.33

8.87

6.84

9.27

13.28

10.08

8.45

6.17

14.59

24.61

16.08

15.80

13.14

0.75

0.66

0.77

1.05

12.66

12.45

17.84

12.34

11.43

10.80

18.83

18.04

16.11

14.92

2.29

2.69

2.92

3.15

306.86

1.8%

8.73

8.25

7.77

8.26

7.91

7.49

13.49

12.88

11.55

10.78

3.27

3.42

3.85

4.18

558.00

15.5%

9.51

8.75

7.85

10.72

11.55

10.98

9.44

18.12

21.95

20.80

15.41

15.43

3.20

3.26

3.06

3.22

2185.36

4.8%

6.98

6.32

6.18

8.87

7.55

7.04

6.76

18.82

14.01

12.79

11.68

8.91

2.17

2.67

3.08

3.40

1071.08

3.6%

14.83

13.02

12.24

11.36

9.82

9.47

9.22

8.70

8.56

16.05

14.96

13.66

12.67

12.81

3.30

5.08

3.57

3.81

4.05

344.58

4.2%

0.90

14.71

11.94

8.43

7.04

10.18

8.92

8.17

6.92

5.87

6.78

12.30

12.04

10.33

9.06

12.90

2.80

2.91

3.35

3.79

2.73

1590.10

13.5%

0.99

11.32

11.17

9.53

8.57

7.28

11.30

10.91

10.09

9.16

8.14

27.88

25.74

22.04

18.66

15.39

0.89

1.50

1.73

2.12

2.93

1704.41

-6.6%

15.05

10.17

10.59

9.88

12.48

9.30

8.43

7.68

17.72

12.56

11.49

10.28

9.60

2.77

3.95

4.56

5.19

7.28

461.87

21.8%

2.05

12.83

11.81

11.42

11.15

11.93

10.97

10.07

10.39

9.97

15.51

14.14

13.12

13.68

13.08

2.50

2.84

3.15

3.32

3.92

492.57

18.5%

2.69

17.86

17.27

15.44

14.44

12.48

13.24

12.29

11.24

10.45

10.07

20.98

19.72

17.63

16.19

14.73

2.22

2.42

2.68

2.91

3.27

2699.33

1.6%

9.30

9.05

25.56

22.67

20.37

17.77

17.16

25.05

22.70

21.01

19.32

18.14

25.18

22.77

20.96

18.98

17.64

3.47

3.77

4.03

4.31

4.67

534.20

6.6%

0.99

0.96

0.91

12.11

8.98

8.80

7.90

7.40

8.72

8.22

7.85

7.49

13.30

12.58

11.74

10.91

10.18

3.52

3.72

3.93

4.17

4.71

893.86

20.6%

1.71

1.55

1.40

1.32

21.56

20.82

13.34

11.01

14.45

14.64

10.84

8.80

7.40

7.36

20.51

14.62

11.74

9.65

9.51

2.90

4.51

3.24

6.19

10.08

1247.21

14.3%

1.24

1.16

1.08

1.01

13.45

10.06

8.89

8.14

10.62

7.80

7.05

6.46

5.87

22.23

14.30

12.64

11.38

8.75

0.90

2.34

3.09

2.96

3.96

1519.21

15.3%

0.78

0.75

0.74

0.69

0.74

12.78

10.98

9.68

8.76

9.37

8.30

7.57

7.34

13.75

12.45

11.10

10.18

3.14

3.69

4.11

4.56

1203.53

12.6%

2.52

6.41

5.25

4.60

4.18

21.38

17.30

15.99

14.38

9.08

6.89

5.79

5.06

26.34

19.77

16.77

14.95

13.50

1.55

1.95

2.26

2.57

2.96

2525.05

-3.0%

1.70

1.59

1.95

2.27

2.24

2.20

5.34

7.56

7.35

7.42

3.55

5.10

5.27

5.17

9.59

14.84

15.17

14.54

11.79

4.44

2.34

2.44

2.49

2.78

923.52

13.9%

2.49

2.30

2.07

5.03

3.76

3.56

3.31

13.82

11.61

11.18

9.86

10.18

8.74

8.32

7.57

15.89

15.24

14.12

12.63

1.90

2.00

2.11

2.29

1635.00

5.1%

6.91

6.54

6.16

1.56

2.50

2.43

2.37

13.51

12.36

11.97

11.76

6.98

7.73

7.77

7.79

1225.07

-0.3%

24.32

19.26

15.79

0.02

15.96

14.10

12.41

11.32

27.20

36.13

22.92

942.60

-4.8%

2.11

2.39

2.16

1.95

0.28

0.27

0.26

0.25

11.38

8.63

8.02

6.82

5.08

4.16

3.89

3.56

5.10

6.40

5.99

5.15

13.27

10.15

16.13

15.23

13.01

1.96

1.59

1.40

1.23

23.83

18.35

18.49

1.97

1.64

1.47

2.01

12.57

11.31

10.85

1.02

14.22

7.21 15.04

12.95

10.59

2.30

17.15

10.28

6.32

5.75

9.18

4.50

258.08

0.8%

2.62

1767.50

12.8%

0.83

5586.72

30.1%

23.28

20.26

17.71

15.15

31.53

27.12

23.19

19.30

2.72

3.06

3.70

4.16

7.82

7.02

6.52

6.19

5.58

15.36

12.71

11.67

10.75

9.15

3.20

3.53

3.85

4.15

4.61

380.07

3.1%

8.33

13.09

11.52

9.61

6.26

14.76

31.33

29.27

23.27

14.78

3.82

2.01

2.08

2.40

4.44

1122.57

20.8%

16.43

13.56

11.17

9.76

27.63

22.19

18.25

15.54

0.00

0.83

760.71

7.1%

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

HSBC HOLDINGS PLC

GBp

1.1

2662685

155920

10068

194126

2509409

88382

183129

13.6

4.2829

VODAFONE GROUP PLC

GBp

1.3

90301

-7937

-86668

6065

91282

70210

44445

72488

0.04

0.00

214.0

5.4609

BP PLC

GBp

1.1

264291

28641

102107

7961

132029

180573

375580

119620

2.77

1.00

11.3

4.7829

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

GLAXOSMITHKLINE PLC

GBp

11.3

26955

-123

2439

9170

65450

34728

26431

6747

3.47

1.00

14.4

5.5431

BRITISH AMERICAN TOBACCO PLC

GBp

8.5

15617

1044

3049

5668

63240

19548

15190

7779

4.32

1.00

15.8

4.3223

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

DIAGEO PLC

GBp

6.7

16029

3050

4895

3528

47056

16970

11433

8107

3.76

1.00

18.9

2.5213

BARCLAYS PLC

GBp

0.6

1480420

38138

2880

32126

1428349

34016

59986

2.4771

BG GROUP PLC

GBp

1.8

60754

3074

31840

7605

59432

32153

18933

33094

2.51

1.00

16.9

1.5895

ASTRAZENECA PLC

GBp

2.5

27188

4885

19921

8140

58928

29582

27973

23952

4.23

1.00

9.5

5.9252

BHP BILLITON PLC

GBp

1.9

132883

-586

68409

20847

145840

66074

65968

72035

3.05

1.00

12.5

4.5417

RIO TINTO PLC

GBp

2.2

108171

4006

36676

11461

179239

59552

50967

58021

2.12

1.00

2.9281

LLOYDS BANKING GROUP PLC

GBp

0.8

919744

20085

1864

33744

879868

36408

44684

GLENCORE XSTRATA PLC

GBp

1.3

102873

6910

4507

3128

40508

71237

214436

34300

1.89

1.00

39.6

2.7603

PRUDENTIAL PLC

GBp

2.1

308606

8342

3090

22133

299889

55476

10364

10.0

132

3.3726

STANDARD CHARTERED PLC

GBp

1.4

629206

38679

7566

61669

590463

26712

46055

12.5

3.2868

SABMILLER PLC

GBp

3.3

26797

-2964

19624

4416

87852

28834

23213

27460

4.13

1.00

25.6

1.9196

TESCO PLC

GBp

1.8

45767

-5889

11220

2527

29981

33468

64826

16661

2.32

1.00

21.5

3.9651

RECKITT BENCKISER GROUP PLC

GBp

4.8

3905

-3430

5664

2570

28480

9158

9567

5922

7.20

1.00

15.4

3.4545

UNILEVER PLC

GBp

5.4

24448

-3668

14535

6989

82459

30450

51324

15716

4.57

1.00

18.4

3.3311

BT GROUP PLC

GBp

21568

-2930

-732

3102

21907

25088

18253

-262

1.78

1.00

10.4

3.4173

NATIONAL GRID PLC

GBp

2.7

49088

2131

8451

3644

28045

44472

14359

10233

1.19

1.00

12.2

5.3399

IMPERIAL TOBACCO GROUP PLC

GBp

3.8

10030

-2029

2747

22694

21555

14672

6084

2.43

1.00

33.6

4.6073

ROLLS-ROYCE HOLDINGS PLC

GBp

2.7

15214

2399

5714

1200

16352

12010

12161

6105

2.27

1.00

7.1

2.2324

ANGLO AMERICAN PLC

GBp

1.1

74798

11822

32528

5393

42789

35582

28761

43787

1.90

1.00

2.7631

CENTRICA PLC

GBp

2.9

17830

-352

4677

2422

17344

16025

23942

5927

3.00

1.00

13.6

4.9161

WPP PLC

GBp

1.6

13593

-917

6507

1426

11237

17817

10373

7061

2.33

1.00

13.4

3.2106

COMPASS GROUP PLC

GBp

3.9

4389

-437

2659

1143

12680

5989

16905

3241

6.77

1.00

21.3

3.1163

BAE SYSTEMS PLC

GBp

2.9

11346

-1939

2381

1638

10953

18500

16620

3774

2.62

1.00

10.3

5.7881

SSE PLC

GBp

2.6

19678

-855

4209

1155

14310

15047

28305

5549

2.45

1.00

33.2

5.6739

ARM HOLDINGS PLC

GBp

8.8

936

430

839

209

10605

261

577

1206

24.85

1.00

65.7

0.5859

SHIRE PLC

GBp

4.4

4285

1567

772

1276

16912

3508

4648

3809

4.90

1.00

22.8

0.5654

AVIVA PLC

GBp

1.3

313085

3032

1633

10988

304329

43536

11360

5.0938

EXPERIAN PLC

GBp

5.5

2664

-720

1602

1691

17491

4971

4730

3224

6.50

1.00

68.7

2.0069

LEGAL & GENERAL GROUP PLC

GBp

1.6

346090

4337

1201

8609

340821

34976

5480

10.5

5.2541

CRH PLC

GBp

1.1

16722

3186

6154

845

11227

10595

18659

10573

2.45

1.00

20.0

4.085

PEARSON PLC

GBp

1.7

5130

1733

2927

639

9586

5638

5059

5710

3.47

1.00

33.8

3.7879

REED ELSEVIER PLC

GBp

6.3

3194

-1384

-183

1334

7618

8700

6116

2314

3.67

1.00

14.0

3.5826

TULLOW OIL PLC

GBp

3.6

6405

4498

483

18592

4060

2344

5322

3.16

1.00

29.7

0.5859

KINGFISHER PLC

GBp

1.1

7332

-170

3571

706

6518

3741

10573

6156

4.05

1.00

11.4

3.4425

OLD MUTUAL PLC

GBp

1.1

140441

6439

1641

8718

133699

17906

9798

13.4

3.9282

WOLSELEY PLC

GBp

2.8

5796

1445

2998

660

8633

3989

13154

3053

4.92

1.00

29.6

2.0979

BRITISH SKY BROADCASTING GRO

GBp

12.5

4628

246

-1222

1291

12624

5333

7235

1012

3.39

1.00

13.0

3.7879

STANDARD LIFE PLC

GBp

1.8

173887

3009

920

7831

169405

19185

4696

11.2

8.2806

MARKS & SPENCER GROUP PLC

GBp

2.5

6873

-970

1787

791

6294

5081

10027

2486

2.78

1.00

13.4

4.359

NEXT PLC

GBp

22.9

1849

392

269

671

6544

1608

3548

286

6.19

1.00

12.7

2.5868

ROYAL BANK OF SCOTLAND GROUP

GBp

0.5

1298750

36756

6077

36249

1241847

28263

70448

BURBERRY GROUP PLC

GBp

5.8

1536

363

776

418

5876

693

1999

1053

8.28

1.00

22.8

2.1821

LAND SECURITIES GROUP PLC

GBp

0.9

11786

-268

6620

446

6558

4299

737

7487

1.86

1.00

12.1

3.5947

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)

Market Cap

Total Liabilities

Ratio Analysis 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

SMITH & NEPHEW PLC

GBp

2.6

3392

1214

3203

938

9978

1758

4137

3884

7.87

1.00

13.6

2.3649

CAPITA PLC

GBp

5.7

1944

-82

394

471

5046

2985

3352

878

3.38

1.00

20.4

3.1126

ASSOCIATED BRITISH FOODS PLC

GBp

1.7

8471

530

5789

1052

10094

4019

12252

6221

4.94

1.00

18.1

2.2353

INTL CONSOLIDATED AIRLINE-DI

GBp

0.9

17872

-2538

-1453

-23

4220

14782

18117

5055

0.73

0.00

ITV PLC

GBp

5.0

1863

624

304

460

4115

1963

2196

832

5.01

1.00

15.3

2.4715

WM MORRISON SUPERMARKETS

GBp

1.1

10112

-992

4888

950

5905

5297

18116

5230

3.24

1.00

9.4

4.6881

JOHNSON MATTHEY PLC

GBp

3.4

2735

437

1025

398

4713

2141

10729

1393

6.44

1.00

17.1

2.4783

BRITISH LAND CO PLC

GBp

0.9

8269

-85

4196

224

5360

2582

344

5687

2.07

1.00

17.1

4.8574

GKN PLC

GBp

2.4

4730

497

1269

471

3799

4343

6510

1927

2.83

1.00

7.6

3.1469

SMITHS GROUP PLC

GBp

3.7

2320

699

998

559

5454

2573

3109

1494

4.35

1.00

15.3

2.852

SAINSBURY (J) PLC

GBp

1.2

12524

-1239

4117

830

6868

6961

23303

5734

3.01

1.00

11.1

4.6031

INTERTEK GROUP PLC

GBp

7.9

1012

275

371

283

4983

1180

2054

655

6.20

1.00

28.6

1.323

WHITBREAD PLC

GBp

2.9

2959

-237

1331

395

4521

1629

2030

1545

3.33

1.00

14.8

2.2751

WEIR GROUP PLC/THE

GBp

3.0

1829

767

1242

443

3987

1972

2538

1310

5.14

1.00

12.8

2.0256

INTERCONTINENTAL HOTELS GROU

GBp

24.1

2816

-120

129

614

7430

2946

1835

317

2.93

1.00

14.6

2.3084

UNITED UTILITIES GROUP PLC

GBp

2.6

10303

-60

1369

617

4831

8536

1636

1872

0.87

0.00

17.1

4.844

IMI PLC

GBp

5.9

1180

392

380

371

3737

1041

2192

684

5.61

1.00

15.1

2.9626

BUNZL PLC

GBp

4.0

1618

281

627

294

3586

2056

5359

886

5.78

1.00

16.8

2.7948

RSA INSURANCE GROUP PLC

GBp

1.2

21296

1449

600

4520

18906

8842

3879

13.3

5.8154

BABCOCK INTL GROUP PLC

GBp

4.2

1142

-241

-143

245

3939

2035

3029

969

4.09

1.00

20.5

2.4173

RESOLUTION LTD

GBp

0.7

123418

1152

-32

3510

122041

11130

5698

8.5414

MEGGITT PLC

GBp

1.6

1187

118

722

337

3001

1979

1606

1905

4.76

1.00

12.3

3.0866

SEVERN TRENT PLC

GBp

4.9

7878

402

510

487

4081

7175

1832

844

0.93

0.00

17.9

4.4305

TRAVIS PERKINS PLC

GBp

1.1

2125

-115

1796

292

2606

2049

4845

2308

4.94

1.00

10.0

2.2978

G4S PLC

GBp

3.1

3202

836

565

427

3618

4385

7501

1231

3.68

1.00

32.5

3.4932

AGGREKO PLC

GBp

4.4

1954

971

381

4632

1079

1583

1045

4.82

1.00

16.7

1.3741

RANDGOLD RESOURCES LTD

GBp

3.4

3127

724

1205

567

8897

342

1318

2785

18.06

1.00

20.6

0.5174

MELROSE INDUSTRIES PLC

GBp

1.6

1397

228

1733

203

2831

2675

1551

1742

4.80

1.00

50.8

3.4004

REXAM PLC

GBp

1.7

4550

233

730

493

3830

4076

4312

2287

2.29

1.00

14.4

3.4862

CARNIVAL PLC

GBp

1.3

34673

-5519

15314

1815

30332

15232

15382

23929

2.10

1.00

24.3

2.4703

MONDI PLC

GBp

1.6

5919

416

2030

564

4001

3738

5807

2876

2.84

1.00

16.3

3.3982

SAGE GROUP PLC/THE

GBp

3.0

519

-421

837

344

4167

1100

1340

1373

6.56

1.00

16.8

3.2387

PETROFAC LTD

GBp

5.8

4900

1538

735

8974

3782

6324

1550

2.98

1.00

14.2

2.4279

COCA-COLA HBC AG-CDI

GBp

5306

-252

2049

444

4244

7045

3007

ABERDEEN ASSET MGMT PLC

GBp

3.3

3077

269

157

275

3581

2771

869

1301

1.79

1.00

16.5

3.6966

WILLIAM HILL PLC

GBp

2.4

442

-83

630

323

2455

838

1277

1037

7.25

1.00

12.9

3.2175

CRODA INTERNATIONAL PLC

GBp

9.7

790

213

236

257

3325

659

1052

344

6.39

1.00

18.3

2.5042

HAMMERSON PLC

GBp

0.9

6406

-121

2451

216

3481

2481

358

3926

1.47

1.00

38.8

3.6248

TATE & LYLE PLC

GBp

3.8

2431

770

513

347

3964

1751

3256

1036

3.84

1.00

15.2

3.0824

PERSIMMON PLC

GBp

1.2

2555

1697

1729

223

2423

805

1721

1994

5.28

1.00

14.2

EASYJET PLC

GBp

1.3

3839

1030

332

2299

2501

3854

1794

2.55

1.00

9.3

3.7037

AMEC PLC

GBp

2.9

1549

145

824

308

3089

1435

4158

1083

5.38

1.00

15.0

3.6391

SCHRODERS PLC

GBp

2.2

14533

1273

1697

318

4502

12605

1425

2070

0.73

0.00

16.1

2.5504

ANTOFAGASTA PLC

GBp

3.0

12712

4252

6822

2834

21200

4065

6740

8805

4.26

1.00

20.5

0.9765

LONDON STOCK EXCHANGE GROUP

GBp

2.3

146877

398

1512

430

3541

147327

843

1599

0.05

0.00

16.2

2.2588

ADMIRAL GROUP PLC

GBp

6.9

3112

444

345

3173

2744

984

461

12.2

7.8103

HARGREAVES LANSDOWN PLC

GBp

21.4

479

179

195

192

4212

284

292

197

11.84

1.00

28.0

2.3288

TUI TRAVEL PLC

GBp

1.7

4139

-2962

1453

490

2617

7012

14460

1609

3.34

1.00

18.8

4.9979

FRESNILLO PLC

GBp

9.6

3271

972

1583

1048

21514

669

2157

2602

13.14

1.00

29.2

1.9301

SPORTS DIRECT INTERNATIONAL

GBp

4.3

1168

276

-293

210

2796

764

2186

645

4.59

1.00

17.5

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

01.10.2013

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 772.50 574.00 7'851'759.00 671 -13.09% 16.90% 48.06% 18'657.2 125'189.91 284'987.00 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

.0 M o-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

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

60.0 M

600 400

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (01.10.2012) 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 0.00x 0.0 0.00x 16'020.0 9.67x

06/yy 77'849 0.00x 0.0 0.00x 15'873.0 11.95x

FY+1

4.32 1.23 18'647.18 19.31% 7.37% 1.234 47 3.787 18'895'720 20'455'870 20'367'860 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 66'384 68'917 18'134.2 19'709.8 11.32x 10.44x 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

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 |

01.10.2013

HSBC Holdings PLC Holdings By:

All

Holder Name JP MORGAN BLACKROCK LEGAL & GENERAL CAPITAL GROUP COMPAN NORGES BANK INVESTME NORGES BANK VANGUARD GROUP INC 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 Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst

Nomura CHINTAN JOSHI Exane BNP Paribas TOM RAYNER Mizuho Securities JIM ANTOS BNP Paribas Equity Research DOMINIC CHAN AlphaValue DAVID GRINSZTAJN 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 MF-AGG ULT-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 buy neutral neutral buy sell 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 1'110'172'768 748'467'133 588'120'515 476'556'585 466'932'178 461'215'618 460'045'487 435'517'176 323'889'762 235'075'428 225'751'909 216'147'783 213'843'953 200'405'981 199'626'669 198'945'867 178'830'276 153'923'594 148'430'627

% Out 7.17 5.95 4.01 3.15 2.55 2.5 2.47 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 5 3 3 5 1 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 26'400'348 (2'452'327) 4'194'012 34'592'720 31'041'501 (6'887'857) 14'200'208 (2'274'104) (243'050) 519'114 (1'738'451) 5'011'957 6'437'582

Target Price 850 750 750 823 579 780 690 730 800 860 #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 27.09.2013 31.07.2013 31.07.2013 01.05.2013 31.12.2012 30.06.2013 31.08.2013 27.09.2013 31.07.2013 30.09.2013 31.08.2013 31.07.2013 28.06.2013 31.08.2013 01.05.2013 01.05.2013 30.06.2013 30.06.2013 01.05.2013

Date 12 month Not Provided 12 month 12 month 6 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 Unclassified Investment Advisor Government Government Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 26.09.2013 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

01.10.2013

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 (26.09.2013) 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 219.20 154.20 58'924'491.00 217.2 -0.94% 40.86% 95.08% 48'461.3 105'258.01 41'529.00 0.0 1'011.0 12'973.00 134'825.01

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

4.69 0.75 48'432.73 30.50% 46.00% 0.747 31 3.871 ######### ######### 89'277'180 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 44'441.7 45'092.8 2.97x 2.87x 13'080.4 13'430.3 10.31x 10.04x 7'603.2 6'449.6 14.19x 14.47x 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

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 31.03.2009 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 |

01.10.2013

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

HSBC STEPHEN HOWARD Sanford C. Bernstein & Co ROBIN BIENENSTOCK 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 EVA Dimensions ANDREW S ZAMFOTIS

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 overweight market perform 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 buy

Amt Held 3'367'545'539 2'086'376'701 1'911'082'045 1'412'874'653 1'404'336'633 1'370'547'139 1'190'966'875 1'121'139'281 986'313'774 900'734'731 791'325'406 740'416'478 638'193'168 621'506'332 556'207'191 554'021'342 544'419'847 515'954'525 471'211'875 465'325'373

% Out 6.95 4.31 3.94 2.92 2.9 2.83 2.46 2.31 2.04 1.86 1.63 1.53 1.32 1.28 1.15 1.14 1.12 1.06 0.97 0.96

Weighting

Change

5 3 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 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 M N M M M

Latest Chg 34'853'609 (97'984'099) 50'993'181 56'284'040 64'373'245 (50'529'218) 29'892'535 (33'995'860) 53'178'665 (100'065'739) (92'678'216) 68'686'103 11'066'075 (4'648'532) (16'801'017) (5'601'758)

Target Price 255 230 202 215 247 230 235 235 245 235 230 195 220 220 220 130 #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 #N/A N/A

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

File Dt 27.09.2013 31.07.2013 31.07.2013 30.06.2013 31.08.2013 30.06.2013 03.06.2013 31.12.2012 30.09.2013 27.09.2013 31.08.2013 03.06.2013 31.07.2013 03.06.2013 28.06.2013 30.08.2013 03.06.2013 31.08.2013 03.06.2013 30.06.2013

Date Not Provided 12 month 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 Not Provided

Inst Type Investment Advisor Unclassified 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 01.10.2013 30.09.2013 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 17.01.2013

01.10.2013

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 30.09.2013 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 7'539'284.00 432.1 -10.91% 3.78% 24.40% 18'855.0 81'472.49 48'797.00 21.0 1'206.0 20'114.00 151'015.06

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

5.14 1.00 18'851.85 3.71% 5.71% 1.004 33 3.364 22'858'750 21'364'480 20'362'020 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 378'677.0 372'303.0 348'608.1 344'634.2 96'000.7 94'599.0 1.70x 1.70x 0.45x 0.46x 1.60x 1.63x 37'562.0 25'267.0 39'977.0 41'608.1 9'792.7 10'620.0 4.24x 5.93x 3.78x 3.63x 3.58x 3.53x 16'976.0 25'957.0 14'556.9 17'113.3 4'086.8 4'213.8 7.39x 5.09x 9.13x 7.91x 8.35x 7.90x 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 |

01.10.2013

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 Jyske Bank Sanford C. Bernstein & Co Exane BNP Paribas Goldman Sachs AlphaValue Simmons & Company International Day by Day Societe Generale Raymond James Nomura RBC Capital Markets Grupo Santander Barclays Canaccord Genuity Corp EVA Dimensions Jefferies Macquarie Natixis Liberum Capital Ltd Deutsche Bank Morgan Stanley Investec JPMorgan Landesbank Baden-Wuerttemberg Independent Research GmbH S&P Capital IQ Oriel Securities Ltd VSA Capital Ltd VTB Capital 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 ROBERT JAKOBSEN OSWALD CLINT ALEJANDRO DEMICHELIS MICHELE DELLA VIGNA ALEXANDRE ANDLAUER GUY BABER VALERIE GASTALDY IRENE HIMONA BERTRAND HODEE THEEPAN JOTHILINGAM PETER HUTTON 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 SVEN DIERMEIER CHRISTINE TISCARENO RICHARD GRIFFITH DOUGIE YOUNGSON COLIN SMITH 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 buy market perform outperform neutral/cautious reduce overweight hold hold market perform neutral sector perform underweight underweight hold buy hold outperform neutral hold buy Underwt/In-Line hold overweight buy hold hold hold sell hold buy accumulate

Amt Held 1'352'774'589 1'032'917'387 743'547'210 538'558'781 462'524'968 440'435'909 431'404'955 369'057'339 364'092'250 350'647'299 341'051'304 328'143'792 308'914'530 250'586'375 239'057'923 219'945'184 175'533'364 175'363'926 163'549'797 136'057'977

% Out 7.17 5.48 3.94 2.86 2.45 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 5 3 5 3 2 5 3 3 3 3 3 1 1 3 5 3 5 3 3 5 1 3 5 5 3 3 3 1 3 5 4

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

Latest Chg (19'852'881) 13'522'251 17'177'883 (1'478'376) (5'453'358) 19'711'280 7'441'848 7'324'940 (868'987) 4'855'001 (1'652'884) 6'799'667 (3'819'486) 1'936'654 7'560'582

Target Price 507 490 550 450 450 #N/A N/A #N/A N/A 490 #N/A N/A 460 530 485 485 470 #N/A N/A 500 550 465 445 500 452 440 515 530 510 595 #N/A N/A 400 490 500 500

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

File Dt 31.07.2013 27.09.2013 30.06.2013 31.08.2013 30.06.2013 01.05.2013 31.12.2012 31.07.2013 30.09.2013 27.09.2013 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 Not Provided 12 month Not Provided 12 month 6 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 3 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided

Inst Type Unclassified 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 30.09.2013 30.09.2013 30.09.2013 27.09.2013 26.09.2013 23.09.2013 23.09.2013 17.09.2013 09.09.2013 05.09.2013 30.08.2013 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 30.07.2013 30.07.2013 19.02.2013 15.10.2012

01.10.2013

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 (01.10.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 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 2'011.50 1'571'452.00 2017 -13.19% 0.27% 6.59% 3'860.7 130'592.73 37'754.00 0.0 1'433.0 18'550.00 233'488.88

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

5.38 0.91 3'859.07 -1.57% -1.05% 0.906 26 3.885 2'629'941 2'640'830 2'816'495 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 475'975.0 455'644.0 448'853.6 450'959.9 115'677.3 118'919.0 2.01x 2.05x 0.54x 0.54x 2.04x 2.05x 52'487.0 52'414.0 60'849.5 63'491.9 14'932.0 15'826.0 4.46x 4.29x 3.84x 3.68x 3.77x 3.77x 26'296.0 23'723.0 24'255.8 26'230.1 5'686.0 6'531.3 7.99x 8.45x 8.40x 7.99x 8.29x 8.05x 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 |

01.10.2013

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 Sanford C. Bernstein & Co ING Bank AlphaValue Simmons & Company International JPMorgan Raymond James Tudor Pickering & Co 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 VTB Capital S&P Capital IQ

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 OSWALD CLINT QUIRIJN MULDER ALEXANDRE ANDLAUER GUY BABER FREDERICK G LUCAS BERTRAND HODEE ROBERT KESSLER 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 COLIN SMITH CHRISTINE TISCARENO

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 market perform buy reduce overweight underweight market perform buy buy outperform buy overweight hold buy Equalwt/In-Line buy neutral buy outperform hold buy neutral buy buy hold not rated hold hold

Amt Held 299'944'409 190'215'159 151'294'420 92'522'996 88'021'023 58'035'680 54'024'002 46'954'362 43'490'791 41'981'008 37'460'656 31'885'730 28'604'365 25'186'875 22'150'138 19'551'813 17'748'060 16'825'596 15'753'161 14'671'783

% Out 7.77 4.93 3.92 2.4 2.28 1.5 1.4 1.22 1.13 1.09 0.97 0.83 0.74 0.65 0.57 0.51 0.46 0.44 0.41 0.38

Weighting

Change

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

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 N D

Latest Chg (30'560'568) 211'803 3'696'588 494'600 29'616 621'383 (630'508) 5'874'828 (7'434'748) 974'555 3'591'933 (250'000) (71'901) (50'509) 575'551 15'753'161 (124'558)

Target Price 2'200 2'322 2'034 #N/A N/A 2'200 #N/A N/A 2'700 #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 2'500 2'315

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

File Dt 31.07.2013 27.09.2013 31.12.2012 31.08.2013 01.07.2013 27.09.2013 01.07.2013 31.07.2013 28.06.2013 30.09.2013 01.07.2013 01.07.2013 30.06.2013 31.08.2013 01.07.2013 31.07.2013 01.07.2013 31.08.2013 30.04.2013 01.07.2013

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

Inst Type Unclassified 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 27.09.2013 26.09.2013 26.09.2013 23.09.2013 18.09.2013 12.09.2013 05.09.2013 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 27.09.2012 03.10.2011

01.10.2013

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 30.09.2013 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 3'589'152.00 1551 -14.59% 18.04% 48.51% 4'885.8 75'779.14 18'302.00 0.0 937.0 4'265.00 92'358.14

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

4.90 0.71 4'613.99 12.94% 20.48% 0.705 30 3.400 8'045'724 6'980'038 6'315'178 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 3.31x 3.16x 9'518.3 10'153.5 2'551.0 2'771.0 9.70x 9.10x 5'590.7 6'066.3 1'386.0 1'588.0 13.44x 12.26x 13.13x 12.81x 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 |

01.10.2013

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 NEWTON INV MGMT SUN LIFE FINANCIAL I PEOPLES REPUBLIC OF THREADNEEDLE DODGE & COX WORLDWID AXA

Firm Name Societe Generale Sanford C. Bernstein & Co AlphaValue 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 Day by Day Hamburger Sparkasse Cenkos Securities Ltd Independent Research GmbH Landesbank Baden-Wuerttemberg Kepler Cheuvreux EVA Dimensions UBS Redburn Partners Liberum Capital Ltd Goldman Sachs Cyrrus Mirabaud Securities 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 Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst STEPHEN MCGARRY TIMOTHY M ANDERSON ARMELLE MOULIN 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 VALERIE GASTALDY MARCO GUENTHER NAVID MALIK CHRISTOPH SCHOENDUBE TIMO KUERSCHNER FABIAN WENNER TIMOTHY STANISH ANDREW WHITNEY TEAM COVERAGE NARESH CHOUHAN KEYUR PAREKH TOMAS MENCIK NICHOLAS TURNER 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 REG ULT-AGG REG ULT-AGG MF-AGG ULT-AGG

Recommendation buy market perform sell buy neutral hold equalweight underperform buy hold market perform buy sell buy neutral neutral neutral buy hold buy hold hold buy hold neutral neutral hold neutral/neutral hold buy outperform market perform

Amt Held 271'061'000 199'157'242 196'574'727 150'301'277 149'918'516 139'489'742 120'548'689 115'208'137 114'425'878 113'518'266 91'996'990 91'809'623 76'685'874 73'621'231 69'380'765 68'939'885 66'513'616 62'907'414 62'449'823 58'702'551

% Out 5.55 4.08 4.02 3.08 3.07 2.85 2.47 2.36 2.34 2.32 1.88 1.88 1.57 1.51 1.42 1.41 1.36 1.29 1.28 1.2

Weighting

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

M M M M M M M M M M M M M M M U M M U M M M M U M M U M M M M R

Latest Chg (517'183) 1'779'967 5'975'844 10'689'400 1'809'167 1'306'873 (21'446) 14'024'169 (3'463'075) 4'461 (6'390'814) (8'400'610) (1'147'509) 8'174'724 9'874'025 672'028 3'973'187

Target Price 2'000 1'755 1'440 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 1'781 #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 1'640 #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 27.09.2013 31.07.2013 30.09.2013 31.08.2013 01.07.2013 30.08.2013 01.07.2013 01.07.2013 31.12.2012 01.07.2013 31.08.2013 27.09.2013 01.07.2013 30.09.2013 01.07.2013 31.07.2013 01.07.2013 31.07.2013 31.03.2013 01.07.2013

Date 12 month 12 month 6 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 3 month 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 Not Provided

Inst Type Investment Advisor Unclassified 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 01.10.2013 27.09.2013 26.09.2013 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 12.08.2013 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 02.04.2012 13.01.2012 23.08.2011

01.10.2013

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 30.09.2013 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 2'040'345.00 3220.5 -15.40% 5.23% 28.92% 1'899.2 61'162.71 10'719.00 0.0 307.0 2'107.00 72'323.71

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 1'897.53 4.16% 7.36% 0.777 28 4.036 1'928'274 2'572'910 2'451'241 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 15'421.1 15'819.4 4.57x 4.47x 6'334.6 6'641.2 11.42x 10.89x 4'208.0 4'444.1 14.62x 13.58x 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 |

01.10.2013

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 Oriel Securities Ltd AlphaValue Exane BNP Paribas Canaccord Genuity Corp Jefferies Redburn Partners Societe Generale Berenberg Bank Credit Suisse Renaissance Capital Natixis Nomura Panmure Gordon & Co Limited Morgan Stanley Investec Macquarie Goldman Sachs Avior Research Independent Research GmbH Deutsche Bank S&P Capital IQ Barclays JPMorgan 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 CHRIS WICKHAM ISABELLE COMBEMALE JAMES BUSHNELL EDDY HARGREAVES 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 FULVIO CAZZOL RICHARD TESSENDORF LARS LUSEBRINK HAROLD THOMPSON CARL SHORT SIMON HALES RAE MAILE 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 hold add outperform sell buy neutral hold buy outperform hold buy buy buy Equalwt/Attractive hold neutral buy/attractive neutral hold buy hold overweight 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 52'074'497 51'048'140 42'890'939 40'352'339 40'036'620 36'362'542 31'934'181 31'900'581 25'576'533 25'120'554 21'977'479 20'489'760 19'154'821 16'195'687

% Out 8.26 6.99 4.03 3.83 3.57 2.86 2.74 2.69 2.26 2.12 2.11 1.91 1.68 1.68 1.35 1.32 1.16 1.08 1.01 0.85

Weighting

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

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 N

Latest Chg 494'876 (7'785'406) 525'501 535'150 1'543'386 10'441 (3'240'863) (3'270'569) 543'657 (495'941) 166'322 (780'914) (1'827'714) 831'144 509'084 463'153 (359'359)

Target Price 3'700 3'746 3'700 3'000 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 4'280 3'953 3'700 3'600 3'760 3'950 4'209 #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 27.09.2013 03.06.2013 30.09.2013 30.06.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013 03.06.2013 30.08.2013 31.08.2013 27.09.2013 03.06.2013 30.06.2013 30.09.2013 28.06.2013 03.06.2013 30.06.2013 31.07.2013

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

Inst Type Unclassified 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 30.09.2013 26.09.2013 25.09.2013 23.09.2013 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 11.08.2013 07.08.2013 05.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 15.07.2013 26.06.2013 06.06.2013 17.05.2011

01.10.2013

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 (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 RDSB LN EQUITY YTD Change RDSB LN EQUITY YTD % CHANGE

12/2012 06/yy 2'374.50 2'092.50 2'652'248.00 2110 -11.10% 0.84% 14.89% 2'498.7 130'592.73 37'754.00 0.0 1'433.0 18'550.00 233'488.88

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

5.15 0.88 2'497.24 -0.08% 0.86% 0.876 18 3.556 4'082'191 4'123'815 4'173'359 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 475'975.0 455'644.0 448'853.6 450'959.9 115'677.3 118'919.0 2.01x 2.05x 0.54x 0.54x 2.04x 2.05x 52'487.0 52'414.0 60'849.5 63'491.9 14'932.0 15'826.0 4.46x 4.29x 3.84x 3.68x 3.77x 3.77x 26'296.0 23'723.0 24'255.8 26'230.1 5'686.0 6'531.3 7.99x 8.45x 8.79x 8.36x 8.67x 8.42x 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 |

01.10.2013

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 STANDARD LIFE INVEST FRANKLIN RESOURCES THREADNEEDLE BARCLAYS GLOBAL INVE BREWIN DOLPHIN LIMIT NEWTON INV MGMT

Firm Name Sanford C. Bernstein & Co Goldman Sachs JPMorgan Nomura Exane BNP Paribas EVA Dimensions Barclays Canaccord Genuity Corp Grupo Santander Morgan Stanley Societe Generale RBC Capital Markets Liberum Capital Ltd VTB Capital 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 Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst OSWALD CLINT MICHELE DELLA VIGNA FREDERICK G LUCAS THEEPAN JOTHILINGAM ALEJANDRO DEMICHELIS DOUG WALTERS RAHIM KARIM SAMUEL SIMON JASON KENNEY MARTIJN P RATS IRENE HIMONA PETER HUTTON ANDREW WHITTOCK COLIN SMITH 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 REG ULT-AGG ULT-AGG MF-AGG REG REG

Recommendation market perform Buy/Cautious underweight neutral neutral buy overweight buy hold Equalwt/In-Line buy outperform hold hold hold not rated buy

Amt Held 189'404'755 169'732'143 91'859'138 90'302'687 84'271'957 73'734'073 60'912'105 45'831'136 44'703'170 44'167'880 43'528'747 43'512'477 40'052'906 38'190'671 32'953'132 32'673'563 29'978'188 29'009'861 26'911'800 24'621'539

% Out 7.58 6.79 3.68 3.61 3.37 2.95 2.44 1.83 1.79 1.77 1.74 1.74 1.6 1.53 1.32 1.31 1.2 1.16 1.08 0.99

Weighting

Change

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

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

Latest Chg (2'685'750) 1'105'984 2'002'540 10'743'809 (18'228'650) 1'350 3'213'253 (896'993) (1'538'711) 1'492'483 861'457 667'800 484'560 (4'169'783) (1'124'142) (143'054) (431'135)

Target Price 2'200 2'310 2'200 2'400 2'350 #N/A N/A 2'410 2'650 2'368 2'320 2'500 2'520 2'200 2'500 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 27.09.2013 01.07.2013 01.07.2013 31.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 27.09.2013 01.07.2013 01.07.2013 01.07.2013 31.08.2013 01.07.2013 31.08.2013 31.07.2013 28.06.2013 01.07.2013 01.07.2013

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

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

Date 30.09.2013 27.09.2013 18.09.2013 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 01.08.2013 01.07.2013 02.05.2013 01.02.2013

01.10.2013

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 (01.10.2012) 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 DGE LN EQUITY YTD Change DGE LN EQUITY YTD % CHANGE

1000

06/2013 01/yy 2'152.50 1'739.50 2'641'454.00 1941 -9.80% 11.58% 54.60% 2'511.8 48'753.58 10'091.00 0.0 1'071.0 1'772.00 58'143.58

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 2'508.49 12.12% 11.17% 0.730 34 4.147 4'197'240 3'304'987 3'346'004 FY+2

06/14 Y 06/15 Y 12'279.9 13'293.3 4.68x 4.25x 4'211.2 4'606.8 13.81x 12.62x 2'848.0 3'148.9 17.22x 15.54x 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 |

01.10.2013

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

Nomura IAN SHACKLETON Oriel Securities Ltd CHRIS WICKHAM Raymond James HERMINE DE BENTZMANN Liberum Capital Ltd PABLO ZUANIC AlphaValue ISABELLE COMBEMALE 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 Canaccord Genuity Corp EDDY HARGREAVES Grupo Santander ANTHONY J BUCALO 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 Kepler Cheuvreux LAETITIA DELAYE S&P Capital IQ CARL SHORT Espirito Santo Investment Bank Research ALEX SMITH Goldman Sachs MITCHELL COLLETT 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 buy outperform hold reduce outperform hold neutral outperform sector perform neutral hold hold overweight buy hold hold hold buy buy overweight hold buy buy buy buy buy buy buy/attractive hold neutral buy

Amt Held 147'296'928 138'861'163 109'201'911 101'592'328 73'278'562 68'917'166 51'673'621 51'504'767 51'007'166 43'133'295 40'477'590 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 5.86 5.53 4.35 4.04 2.92 2.74 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 5 5 3 2 5 3 3 5 3 3 3 3 5 5 3 3 3 5 5 5 3 5 5 5 5 5 5 5 3 3 5

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

Latest Chg (6'547'300) 1'616'206 (316'680) 7'397'453 2'608'342 (932'957) (6'065'267) (9'031'044) 100'801 (3'923'273) 63'368 206'762 661'040 (1'510'311) 586'361 (578'334)

Target Price 2'350 2'250 2'300 #N/A N/A 1'991 2'350 #N/A N/A 2'010 2'410 2'000 2'200 1'950 2'050 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 2'215 2'270 2'250 2'620 1'970 2'050 2'100

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

File Dt 27.09.2013 15.07.2013 31.07.2013 31.07.2013 30.06.2013 31.08.2013 31.12.2012 01.06.2013 01.06.2013 30.09.2013 27.09.2013 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 12 month Not Provided 12 month Not Provided 6 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 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 Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Unclassified 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 30.09.2013 30.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 19.09.2013 13.09.2013 09.09.2013 05.09.2013 03.09.2013 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 31.07.2013 03.07.2013 27.06.2013 07.05.2013 10.04.2013 31.01.2013

01.10.2013

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 (01.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.09.2013 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 312.41 198.14 29'335'738.00 269.25 -13.82% 35.89% 58.95% 12'876.3 37'341.19 437'733.00 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 11.49x 8.73x 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

2.23 1.78 12'044.59 34.02% 13.08% 1.778 32 3.813 80'368'450 51'444'390 48'680'170 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 28'981.0 29'814.2 6'762.2 6'873.5 -3.94x -4.37x 3'627.8 5'118.5 816.0 488.5 10.08x 8.36x 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 3.00x

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 |

01.10.2013

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

Goldman Sachs FREDERIK THOMASEN RBC Capital Markets FIONA SWAFFIELD Nomura CHINTAN JOSHI AlphaValue DAVID GRINSZTAJN Independent Research GmbH STEFAN BONGARDT Deutsche Bank JASON NAPIER Macquarie EDWARD FIRTH Day by Day VALERIE GASTALDY Morgan Stanley CHRISTOPHER MANNERS Keefe, Bruyette & Woods MARK J PHIN S&P Capital IQ WILLIAM HOWLETT Numis Securities Ltd MICHAEL J TRIPPITT Investec IAN GORDON UBS JOHN-PAUL CRUTCHLEY HSBC PETER TOEMAN JPMorgan RAUL SINHA Shore Capital Stockbrokers GARY GREENWOOD Exane BNP Paribas TOM RAYNER Jefferies JOSEPH DICKERSON Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA 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 Societe Generale JAMES INVINE 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 neutral/neutral outperform buy buy sell buy neutral hold restricted outperform buy reduce add neutral overweight overweight buy restricted buy buy neutral market perform sell buy buy outperform underweight hold buy restricted hold buy sell hold

Amt Held 813'964'552 690'750'564 638'027'354 504'601'003 362'210'686 340'939'698 305'896'895 287'045'959 281'756'683 248'872'808 241'006'035 238'361'607 214'211'559 207'960'957 204'449'298 203'383'874 181'527'386 143'836'281 142'553'706 141'482'313

% Out 6.32 5.36 4.96 3.92 2.81 2.65 2.38 2.23 2.19 1.93 1.87 1.85 1.66 1.62 1.59 1.58 1.41 1.12 1.11 1.1

Weighting

Change

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

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

Latest Chg 145'407'660 (8'712'201) 38'375'618 27'730'961 (25'567'183) (12'130'533) 9'164'347 (32'806'177) 6'402'762 (39'188'341) (34'052'000) (9'865'580) 46'609'382 2'605'984 27'066'918 -

Target Price 310 310 330 341 260 342 280 #N/A N/A #N/A N/A 330 320 222 300 295 315 340 #N/A N/A #N/A N/A 339 342 #N/A N/A 268 203 345 342 323 #N/A N/A 300 300 #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 27.09.2013 19.09.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.12.2012 01.08.2013 01.08.2013 01.08.2013 30.09.2013 27.09.2013 30.06.2013 01.08.2013 01.08.2013 01.08.2013 31.08.2013 01.08.2013 01.08.2013

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

Inst Type Government Investment Advisor Investment Advisor Unclassified 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 27.09.2013 27.09.2013 27.09.2013 26.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 20.09.2013 19.09.2013 19.09.2013 18.09.2013 18.09.2013 18.09.2013 17.09.2013 17.09.2013 17.09.2013 13.09.2013 12.09.2013 11.09.2013 06.09.2013 05.09.2013 27.08.2013 19.08.2013 13.08.2013 07.08.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 04.07.2013 12.04.2013 14.11.2012

01.10.2013

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 02.09.2013 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 1'805'775.00 1175.5 -13.34% 18.62% 51.78% 3'404.6 40'021.54 15'507.00 0.0 57.0 4'434.00 76'475.92

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

1.43 1.11 3'229.41 -6.63% 17.94% 1.107 30 3.867 4'093'653 5'658'909 5'059'529 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 20'028.1 21'995.1 5'196.0 5'560.3 3.85x 3.69x 14.28x 13.65x 10'605.9 12'128.8 2'083.0 2'019.0 7.21x 6.31x 8.89x 8.59x 4'147.3 4'776.6 1'123.5 1'207.0 15.61x 13.62x 13.66x 13.31x 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 |

01.10.2013

BG Group PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL NORGES BANK VANGUARD GROUP INC 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 Sanford C. Bernstein & Co Goldman Sachs RBC Capital Markets AlphaValue Simmons & Company International Oriel Securities Ltd Macquarie Deutsche Bank Liberum Capital Ltd Societe Generale Investec Credit Suisse 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 Shore Capital Stockbrokers

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 OSWALD CLINT MICHELE DELLA VIGNA PETER HUTTON ALEXANDRE ANDLAUER GUY BABER RICHARD GRIFFITH JASON D GAMMEL LUCAS HERRMANN ANDREW WHITTOCK IRENE HIMONA NEILL MORTON THOMAS YOICHI ADOLFF 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 GERARD LANE

Source ULT-AGG ULT-AGG RNS-MAJ ULT-AGG 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 outperform Buy/Cautious outperform sell overweight buy outperform buy hold hold sell underperform overweight outperform hold hold buy outperform equalweight Overwt/In-Line buy hold hold buy sell hold buy buy not rated

Amt Held 259'128'305 237'765'696 172'003'916 170'367'213 98'893'176 94'531'762 80'518'307 58'668'349 57'515'947 57'446'481 53'370'409 48'532'540 46'554'299 45'967'364 43'605'600 43'208'045 42'802'945 42'392'660 41'839'173 41'334'000

% Out 7.61 6.98 5.05 5 2.9 2.78 2.36 1.72 1.69 1.69 1.57 1.43 1.37 1.35 1.28 1.27 1.26 1.25 1.23 1.21

Weighting

Change

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

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

Latest Chg (1'741'530) 2'998'397 16'712'550 604'072 (1'410'633) 10'013'324 (1'617'483) 25'578 41'935'269 573'783 (4'057'822) 278'645 (40'959) 9'126'216 393'238 (2'347'720) (5'445'420) 378'800

Target Price 1'770 1'620 1'400 738 #N/A N/A #N/A N/A 1'400 1'400 1'260 1'300 1'100 1'190 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 #N/A N/A

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

File Dt 27.09.2013 31.07.2013 27.08.2013 01.07.2013 31.07.2013 31.08.2013 01.07.2013 31.07.2013 27.09.2013 01.07.2013 31.08.2013 01.07.2013 01.07.2013 30.06.2013 01.07.2013 30.09.2013 01.07.2013 31.07.2013 01.07.2013 01.07.2013

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

Inst Type Investment Advisor Unclassified Government Investment Advisor 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 30.09.2013 27.09.2013 27.09.2013 26.09.2013 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 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 05.03.2012

01.10.2013

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 2'786.00 797'589.00 3202 -9.65% 14.93% 56.62% 1'252.5 40'106.21 10'310.00 0.0 215.0 8'524.00 66'507.18

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

5.39 0.73 1'098.23 16.04% 16.66% 0.733 36 2.611 1'639'020 1'807'188 1'853'081 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 26'040.8 25'145.8 6'438.2 7'066.2 2.56x 2.63x 8'999.9 8'828.8 2'254.3 2'503.3 7.39x 7.53x 6'452.3 5'863.5 1'626.7 1'551.6 9.94x 10.78x 10.65x 10.89x 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 02.09.2013 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 |

01.10.2013

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 Morgan Stanley Panmure Gordon & Co Limited Sanford C. Bernstein & Co AlphaValue Independent Research GmbH Handelsbanken Exane BNP Paribas Helvea Nordea Equity Research Barclays Jefferies Landesbank Baden-Wuerttemberg Deutsche Bank Bryan Garnier & Cie Danske 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 Mirabaud Securities 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 AMY WALKER SAVVAS NEOPHYTOU TIMOTHY M ANDERSON ARMELLE MOULIN CHRISTOPH SCHOENDUBE PETER SEHESTED NICOLAS GUYON-GELLIN ODILE RUNDQUIST 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 NICHOLAS TURNER 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 Underwt/Attractive hold market perform reduce hold reduce neutral 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 reduce underperform sell

Amt Held 100'885'181 95'031'897 70'008'786 68'555'410 51'587'810 50'180'731 46'936'428 42'370'000 41'020'112 29'841'326 29'399'381 23'877'635 22'563'141 21'682'917 16'435'885 15'042'917 14'674'651 13'347'455 10'743'602 10'492'061

% Out 8.05 7.59 5.59 5.47 4.12 4.01 3.75 3.38 3.27 2.38 2.35 1.91 1.8 1.73 1.31 1.2 1.17 1.07 0.86 0.84

Weighting

Change 1 3 3 2 3 2 3 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 2 1 1

M M M M M N M 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 U M M

Latest Chg 2'454'214 127'633 (541'502) (689'566) 3'114'680 5'760'000 (3'381'442) 963'792 6'313'593 1'407'697 195'362 (1'649'061) 1'295'706 1'189'255 1'747'117 342'617

Target Price 3'200 3'200 3'485 3'256 3'450 3'430 3'200 3'280 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 2'700 2'509 #N/A N/A

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

File Dt 27.09.2013 30.09.2013 30.08.2013 30.06.2013 01.05.2013 31.07.2013 30.06.2013 30.06.2013 31.08.2013 01.05.2013 31.12.2012 30.09.2013 31.07.2013 27.09.2013 01.05.2013 01.05.2013 28.06.2013 01.05.2013 01.05.2013 30.08.2013

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

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

Date 30.09.2013 30.09.2013 27.09.2013 26.09.2013 20.09.2013 19.09.2013 19.09.2013 18.09.2013 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 02.04.2012 07.01.2010 20.11.2008

01.10.2013

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 3'047'534.00 1793 -20.32% 9.06% 28.97% 2'112.1 103'857.34 35'165.00 0.0 1'371.0 6'219.00 198'680.14

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 -

3.99 1.35 2'013.16 -5.70% -12.56% 1.351 32 3.969 4'569'386 5'798'071 6'436'260 FY+2

06/14 Y 06/15 Y 67'462.3 71'114.7 2.94x 2.76x 30'304.1 32'667.8 6.56x 6.08x 13'850.2 15'004.8 11.24x 10.22x 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 |

01.10.2013

BHP Billiton PLC Holdings By:

All

Holder Name LEGAL & GENERAL BLACKROCK GEPF EQUITY ABERDEEN NORGES BANK INVESTME VANGUARD GROUP INC SCOTTISH WIDOWS FRANKLIN RESOURCES PEOPLES REPUBLIC OF STATE STREET CORP INDUSTRIAL DEVELOPME UBS AG BNP PARIBAS SA FIL LIMITED AXA SCHRODER INVESTMENT ALECTA INVESTMENT MA PRUDENTIAL PLC Northern Cross Inter HARBOR CAPITAL ADVIS

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

Analyst

Canaccord Genuity Corp PETER MALLIN-JONES JPMorgan FRASER JAMIESON Deutsche Bank ANNA MULHOLLAND Sanford C. Bernstein & Co PAUL GAIT Macquarie JEFFREY LARGEY AlphaValue SACHIN KUMAR 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 20F ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG 20F ULT-AGG REG ULT-AGG ULT-AGG REG REG ULT-AGG REG MF-AGG

Recommendation hold neutral buy outperform outperform add 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 172'687'106 168'784'326 87'131'000 79'489'309 65'345'943 59'082'815 49'378'270 44'295'906 39'732'063 35'456'500 33'804'582 28'268'830 25'260'320 23'655'061 21'572'365 21'127'581 19'570'000 19'385'286 19'195'308 18'768'637

% Out 8.18 7.99 4.13 3.76 3.09 2.8 2.34 2.1 1.88 1.68 1.6 1.34 1.2 1.12 1.02 1 0.93 0.92 0.91 0.89

Weighting

Change 3 3 5 5 5 4 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 U 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) 7'984'859 3'690'452 (3'950'848) 209'810 6'839'307 1'570'469 2'694'633 (769'684) 5'127'605 (1'688'089) (212'158) (1'345'049) 500'000 342'337 (371'341) 79'795

Target Price 2'050 2'345 2'500 2'250 2'250 2'022 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 31.07.2013 27.09.2013 24.08.2012 31.08.2013 01.05.2013 30.06.2013 31.08.2013 30.06.2013 01.05.2013 27.09.2013 24.08.2012 30.09.2013 01.05.2013 01.05.2013 30.06.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 30.06.2013

Date 12 month 9 month 12 month 12 month 12 month 6 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 Unclassified Investment Advisor n/a Investment Advisor Government Investment Advisor Unclassified Investment Advisor Government Investment Advisor Unclassified Unclassified Bank Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Unclassified Investment Advisor

Date 30.09.2013 27.09.2013 26.09.2013 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

01.10.2013

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 02.09.2013 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 1'445'118.00 2973 -22.50% 15.25% 35.24% 1'412.6 57'403.97 27'019.00 0.0 11'156.0 7'615.00 125'971.58

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 1.28x 18'964.0 3.66x 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 2.78x 26'657.0 6.30x 5'826.0 16.07x

31.12.2012 50'967.0 4.12x 15'902.0 13.19x (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

3.69 1.46 1'228.24 4.75% -12.35% 1.462 31 4.387 3'353'922 3'499'264 3'972'980 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 51'719.5 54'744.2 2.44x 2.28x 19'045.0 21'268.7 6.61x 5.92x 9'048.0 10'359.0 9.72x 8.65x 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 |

01.10.2013

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 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 AlphaValue SACHIN KUMAR 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 Espirito Santo Investment Bank Research NICK MELLOR 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 Axiom Capital GORDON L JOHNSON

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 sell buy overweight buy outperform outperform buy reduce outperform buy outperform buy outperform Equalwt/In-Line buy Sell/Neutral outperform buy neutral buy buy buy equalweight overweight buy buy hold outperform sell

Amt Held 182'550'329 127'744'871 53'572'054 41'031'494 32'700'844 32'090'672 31'666'277 30'708'074 24'082'565 22'868'087 22'673'647 22'286'666 21'644'386 18'798'950 15'717'679 14'883'693 14'592'653 13'892'388 13'034'042 12'394'711

% Out 12.92 9.04 3.79 2.9 2.31 2.27 2.24 2.17 1.7 1.62 1.61 1.58 1.53 1.33 1.11 1.05 1.03 0.98 0.92 0.88

Weighting

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

M D 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 N

Latest Chg (364'086) 1'306'236 383'206 172'909 (534'999) 1'154'958 229'621 (2'842'902) 4'237 (224'208) (2'141'634) 1'116'256 1'026'407 656'369 294'310 (105'047) (1'887'256)

Target Price 4'000 2'700 3'303 4'300 4'570 4'125 4'200 3'700 2'968 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 3'980 3'650 3'000 4'070 3'460 #N/A N/A #N/A N/A 3'430 2'059

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

File Dt 03.06.2013 27.09.2013 31.07.2013 31.07.2013 30.09.2013 31.07.2013 31.08.2013 30.06.2013 03.06.2013 31.07.2013 03.06.2013 27.09.2013 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 12 month 12 month 9 month 12 month 12 month 12 month 12 month 6 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 Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month

Inst Type Holding Company Investment Advisor Unclassified 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 30.09.2013 30.09.2013 27.09.2013 27.09.2013 26.09.2013 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 01.08.2013 30.07.2013 26.07.2013 16.07.2013 28.06.2013 24.06.2013 06.06.2013 22.11.2012 30.07.2012

01.10.2013

Lloyds Banking Group PLC Lloyds Banking Group plc, through subsidiaries and associated companies, offers a range of banking and financial services. The Company provides retail banking, mortgages, pensions, asset management, insurance services, corporate banking, and treasury services.

Price/Volume 90

800.0 M

700.0 M

600.0 M

500.0 M

Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 52-Week Low (09.10.2012) 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 LLOY LN EQUITY YTD Change LLOY LN EQUITY YTD % CHANGE

12/2012 06/yy 78.78 36.74 49'210'659.00 74.32 -5.62% 102.31% 87.63% 71'367.6 53'190.48 194'299.00 0.0 685.0 105'871.00 -

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

1.20

300.0 M

30 20

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 20'413.0 772.0 18.90x

400.0 M

Valuation Analysis

31.12.2009 31.12.2010 44'007.0 43'432.0 2'827.0 (320.0) 6.76x Profitability

LTM-4Q 31.12.2011 35'780.0 (2'787.0) -

31.12.2012 36'408.0 (1'427.0) 8.49% -2.60% 0.09% 1.81% 0.36% 0.04% -6.5% 21.02% 441.60% -

LTM

06/yy 34'977.0 0.00x 0.0 0.00x (1'179.0) 0.00x

06/yy 37'215.0 0.00x 0.0 0.00x 809.0 56.75x

FY+1

0.00 1.44 48'032.33 85.92% 55.11% 1.441 33 3.515 ######### ######### ######### FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 18'435.0 18'416.8 4'575.0 4'604.0 3'539.8 4'243.6 14.02x 11.43x S&P Issuer Ratings

29.11.2011 ANEG 29.11.2011 A-2 441.6% 81.3% 0.04 4.90 -

Sales/Revenue/Turnover

50'000.0 45'000.0

1.00

40'000.0 35'000.0

0.80 0.60 0.40

30'000.0 25'000.0 20'000.0 15'000.0 10'000.0

0.20

5'000.0 0.0

0.00

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

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

01.10.2013

Lloyds Banking Group PLC Holdings By:

All

Holder Name UNITED KINGDOM GOVER BLACKROCK FIL LIMITED LEGAL & GENERAL HALIFAX SHARE DEALIN NORGES BANK INVESTME UBS AG VANGUARD GROUP INC NORGES BANK Northern Cross Inter SCOTTISH WIDOWS HARBOR CAPITAL ADVIS FRANKLIN RESOURCES STANDARD LIFE INVEST STATE STREET CORP TD DIRECT INVESTING DEUTSCHE PRIVATE BAN HARRIS ASSOCIATES LP HARRIS ASSOCIATES LP PRUDENTIAL PLC

Firm Name

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

Analyst

AlphaValue DAVID GRINSZTAJN JPMorgan RAUL SINHA Nomura CHINTAN JOSHI Exane BNP Paribas TOM RAYNER Investec IAN GORDON Deutsche Bank JASON NAPIER Jefferies JOSEPH DICKERSON S&P Capital IQ FRANK BRADEN Numis Securities Ltd MICHAEL J TRIPPITT Goldman Sachs FREDERIK THOMASEN Redburn Partners FAHED KUNWAR Sanford C. Bernstein & Co CHIRANTAN BARUA Shore Capital Stockbrokers GARY GREENWOOD Morgan Stanley CHRISTOPHER MANNERS Berenberg Bank JAMES CHAPPELL Macquarie EDWARD FIRTH Grupo Santander ARTURO DE FRIAS Day by Day VALERIE GASTALDY HSBC PETER TOEMAN Credit Suisse CARLA ANTUNES-SILVA UBS JOHN-PAUL CRUTCHLEY Societe Generale JAMES INVINE Mediobanca SpA CHRISTOPHER J WHEELER RBC Capital Markets CLAIRE KANE Barclays ROHITH CHANDRA-RAJAN Keefe, Bruyette & Woods MARK J PHIN Canaccord Genuity Corp GARETH HUNT Oriel Securities Ltd VIVEK RAJA Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA Liberum Capital Ltd CORMAC LEECH Daniel Stewart & Co SIMON WILLIS EVA Dimensions AUSTIN BURKETT

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

Recommendation sell neutral neutral outperform hold buy hold hold add neutral/neutral buy outperform buy Overwt/In-Line sell underperform buy hold overweight neutral buy buy outperform outperform overweight underperform Under Review hold sell buy sell sell

Amt Held 23'326'529'533 2'605'428'305 1'718'607'780 1'596'221'504 1'405'483'353 1'315'234'776 1'250'562'603 1'073'537'233 1'051'964'895 986'276'991 959'058'246 943'794'318 803'787'493 765'389'162 708'711'958 680'235'802 650'331'357 567'521'700 541'942'300 510'517'833

% Out 32.69 3.65 2.41 2.24 1.97 1.84 1.75 1.5 1.47 1.38 1.34 1.32 1.13 1.07 0.99 0.95 0.91 0.8 0.76 0.72

Latest Chg (4'282'034'109) 89'153'861 (256'266'648) (95'090'074) 381'533'402 98'764'056 85'558'919 (1'248'914) 307'924'915 (61'166'490) (21'208'752) (6'547'700) (18'272'867) (227'328'310) (309'943'400) (52'741'900) 14'303'079

Weighting

Change

Target Price

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

M M M M U 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

55 84 64 90 76 77 69 75 85 75 #N/A N/A 100 #N/A N/A 100 50 60 88 #N/A N/A 90 65 100 86 80 88 85 54 #N/A N/A 68 59 62 39 #N/A N/A

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

File Dt 20.09.2013 27.09.2013 01.09.2013 01.09.2013 01.09.2013 01.09.2013 30.09.2013 01.09.2013 31.12.2012 01.09.2013 01.09.2013 30.06.2013 01.09.2013 01.09.2013 27.09.2013 01.09.2013 01.09.2013 01.09.2013 30.06.2013 01.09.2013

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

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

Date 30.09.2013 27.09.2013 27.09.2013 27.09.2013 24.09.2013 23.09.2013 17.09.2013 17.09.2013 17.09.2013 11.09.2013 11.09.2013 06.09.2013 06.09.2013 04.09.2013 02.09.2013 29.08.2013 28.08.2013 23.08.2013 15.08.2013 07.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 22.07.2013 02.04.2013 01.03.2013 17.01.2013

01.10.2013

Glencore Xstrata PLC Glencore Xstrata plc is a diversified natural resources company. The Company operates in three groups: Metals and Minerals, Energy Products, and Agricultural Products. Glencore Xstrata offers its products and services around the world.

Price/Volume 450

120.0 M

400

100.0 M

350 300

80.0 M

250

12/2012 06/yy 386.81 253.22 10'868'823.00 326.4 -15.59% 28.90% 62.49% 13'263.4 43'291.75 35'526.00 0.0 3'034.0 2'820.00 123'528.26

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

150

40.0 M

100

20.0 M

50 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 152'236.0 5'068.0 1'044.0 -

60.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.02.2013) 52-Week Low (10.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GLEN LN EQUITY YTD Change GLEN LN EQUITY YTD % CHANGE

31.12.2009 31.12.2010 106'364.0 144'978.0 3'074.0 4'474.0 1'633.0 3'751.0 Profitability

LTM-4Q 31.12.2011 186'152.0 0.39x 4'423.0 16.24x 4'048.0 8.50x

31.12.2012 214'436.0 0.36x 4'601.0 16.57x 1'004.0 39.57x 4'601.00 3'128.00 1.46% 0.50% -8.17% -25.36% 1.75% 1.9% 2.4% 1.3% 0.5% 1.15 0.45 33.66% 113.63% 12.32 11.47

Price/ Cash Flow

LTM

FY+1

.0 M o-13

2.98 1.35 8'430.91 -1.60% -4.21% 1.348 27 4.074 21'080'700 29'614'860 27'536'030 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 131'129.0 167'091.0 246'739.0 260'809.0 0.00x 0.48x 0.49x 0.45x 3'708.0 5'333.0 12'105.4 15'030.3 0.00x 15.01x 10.20x 8.22x 2'136.0 4'755.0 3'755.7 5'402.1 0.00x 0.00x 18.37x 12.94x S&P Issuer Ratings Long-Term Rating Date 29.11.2012 Long-Term Rating BBB Long-Term Outlook STABLE Short-Term Rating Date 29.11.2012 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 3.36 (EBITDA-Capex)/Interest Exp. 1.19 Net Debt/EBITDA 9.47 Total Debt/EBITDA 10.15 Reference Total Debt/Equity 113.6% Total Debt/Capital 50.9% Asset Turnover 1.75 Net Fixed Asset Turnover 4.98 Accounts receivable turnover-days 29.62 Inventory Days 31.83 Accounts Payable Turnover Day Cash Conversion Cycle 32.71 Sales/Revenue/Turnover

70.00

250'000.0

60.00

200'000.0

50.00

150'000.0

40.00 30.00

100'000.0

20.00

50'000.0 10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

01.10.2013

Glencore Xstrata PLC Holdings By:

All

Holder Name GLASENBERG IVAN QATAR HOLDINGS LLC BLACKROCK MATE BADENE DANIEL F MISTAKIDIS ARISTOTEL PETERSON TOR BEARD ALEXANDER FRAN JSC VERNY CAPITAL LEGAL & GENERAL FEGEL GARY MAHONEY CHRIS FR GALAXY HOLDINGS S STATE STREET CORP CAPITAL GROUP COMPAN ABU DHABI INVESTMENT POPOVIC NIKOLA WOLFENSBERGER CHRIST BLUMGART STEVEN ALVAREZ LUIS CUTLER STUART

Firm Name Deutsche Bank Sanford C. Bernstein & Co Macquarie S&P Capital IQ Exane BNP Paribas Liberum Capital Ltd Nomura AlphaValue Credit Suisse Morgan Stanley RBC Capital Markets UBS Redburn Partners Day by Day JPMorgan Jefferies Independent Research GmbH Barclays Goldman Sachs Societe Generale BMO Capital Markets SBG Securities Standard Chartered Kepler Cheuvreux EVA Dimensions ABN Amro Bank N.V.

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

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

Analyst ROBERT CLIFFORD PAUL GAIT JEFFREY LARGEY JOHNSON IMODE SYLVAIN BRUNET BEN DAVIS SAM CATALANO SACHIN KUMAR LIAM FITZPATRICK MENNO SANDERSE TIMOTHY HUFF MYLES ALLSOP SIMON TOYNE VALERIE GASTALDY DOMINIC O'KANE Christopher LaFemina SVEN DIERMEIER IAN ROSSOUW EUGENE KING ALAIN WILLIAM TONY ROBSON PETER DAVEY SUBRAMANIAM VARADA JOAKIM AHLBERG TIMOTHY STANISH TEUN TEEUWISSE

Recommendation buy outperform outperform buy outperform buy neutral add outperform Equalwt/In-Line outperform neutral buy hold overweight buy hold equalweight neutral/neutral buy restricted sell in-line buy sell buy

Amt Held 1'101'848'752 1'080'779'642 705'228'886 417'468'330 414'730'597 366'074'885 320'260'410 176'742'520 165'545'629 154'814'588 143'834'821 129'372'165 122'333'531 117'078'214 99'299'065 93'437'150 87'403'187 86'736'565 81'654'211 78'568'743

% Out 8.31 8.15 5.32 3.15 3.13 2.76 2.41 1.33 1.25 1.17 1.08 0.98 0.92 0.88 0.75 0.7 0.66 0.65 0.62 0.59

Weighting

Change

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

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

Latest Chg 19'799'811 16'875'000 (830'811) (455'409) 3'072'650 200'000

Target Price 367 525 390 390 410 #N/A N/A 290 359 400 309 350 335 #N/A N/A #N/A N/A 380 425 370 305 270 345 #N/A N/A 270 342 360 #N/A N/A 415

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

File Dt 02.05.2013 02.05.2013 27.09.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 11.10.2012 31.07.2013 15.02.2012 15.02.2012 29.01.2013 27.09.2013 31.07.2013 02.02.2012 15.02.2012 15.02.2012 15.02.2012 15.02.2012 18.05.2012

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

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

Date 26.09.2013 26.09.2013 26.09.2013 26.09.2013 23.09.2013 20.09.2013 19.09.2013 19.09.2013 17.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 26.08.2013 12.08.2013 17.07.2013 28.06.2013 21.06.2013 18.06.2013 06.06.2013 31.10.2012

01.10.2013

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

Price/Volume 1400

12.0 M

1200

10.0 M

1000

8.0 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.08.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PRU LN EQUITY YTD Change PRU LN EQUITY YTD % CHANGE

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

4.0 M

400

2.0 M

200 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 (10'269.0) (396.0) -

6.0 M

600

12/2012 06/yy 1'270.00 801.50 2'907'310.00 1176 -7.40% 46.72% 74.60% 2'559.3 30'097.43 6'832.00 0.0 5.0 6'384.00 29'878.43

31.12.2009 31.12.2010 48'099.0 47'646.0 0.38x 0.39x 676.0 1'431.0 23.20x 11.78x Profitability

LTM-4Q 31.12.2011 36'506.0 0.47x 1'415.0 11.43x

31.12.2012 55'476.0 0.41x 2'197.0 10.01x 5.57% 5.07% 0.53% 17.02% 11.53% 0.18% 4.0% 2.20% 65.95% -

Price/ Cash Flow

LTM

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

FY+1

.0 M o-13

2.60 1.42 2'454.17 47.43% 39.76% 1.420 27 4.222 2'746'104 4'043'490 3'883'081 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/12 Q1 06/12 Q2 57'484.0 58'855.7 166.0 179.99x 2'151.6 2'385.0 13.80x 12.38x S&P Issuer Ratings

17.08.2010 A+ STABLE 17.08.2010 A-1 66.0% 39.7% 0.18 -

Sales/Revenue/Turnover

120.00

60'000.0

100.00

50'000.0 40'000.0

80.00

30'000.0 60.00

20'000.0

40.00

10'000.0 0.0

20.00

-10'000.0 0.00 01.01.2010

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

-20'000.0

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

01.10.2013

Prudential PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN LEGAL & GENERAL BLACKROCK NORGES BANK INVESTME FRAMLINGTON INVESTME VANGUARD GROUP INC BAILLIE GIFFORD AND SCOTTISH WIDOWS FIL LIMITED JANUS CAPITAL MANAGE PRUDENTIAL PLC UBS AG FMR LLC JP MORGAN PEOPLES REPUBLIC OF AXA HSBC INVESTMENTS UK ALLIANZ ASSET MANAGE SCHRODER INVESTMENT AVIVA INVESTORS

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

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

Analyst JEROME CASSAGNE MATTHEW PRESTON EDWARD HOUGHTON MAARTEN ALTENA WILLIAM ELDERKIN KAILESH MISTRY EAMONN FLANAGAN BARRIE CORNES JAMES SHUCK ALAN DEVLIN OLIVER STEEL VALERIE GASTALDY RODERICK WALLACE ANDY HUGHES JON HOCKING FAHAD CHANGAZI ABID HUSSAIN MARCUS BARNARD CHRIS ESSON GREIG N PATERSON ASHIK MUSADDI NEIL WELCH DOUG WALTERS GORDON AITKEN LANCE BURBIDGE

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

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

Amt Held 259'009'041 218'237'677 129'499'098 113'488'282 101'907'451 90'414'720 89'441'724 73'281'664 72'224'461 53'489'976 46'690'714 44'679'276 40'258'849 38'837'472 34'754'886 29'317'273 28'647'689 28'514'943 28'097'266 26'062'474

% Out 10.12 8.53 5.06 4.43 3.98 3.53 3.49 2.86 2.82 2.09 1.82 1.75 1.57 1.52 1.36 1.15 1.12 1.11 1.1 1.02

Weighting

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

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

Latest Chg 3'157'087 (3'939'642) 97'273'768 524'059 (1'868'089) 1'001'565 12'897'469 (14'254'165) (58'411) (1'034'303) 2'427'463 (4'679'522) 274'720 3'947 (5'519'461) (641'090) 2'813'383

Target Price 1'155 1'400 1'355 1'317 1'480 1'460 #N/A N/A 1'453 1'150 1'450 1'290 #N/A N/A 1'320 835 1'259 1'487 1'300 1'350 1'300 1'045 836 1'200 #N/A N/A 1'270 #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 17.09.2013 27.09.2013 01.07.2013 31.05.2013 01.07.2013 01.07.2013 31.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 31.08.2013 31.07.2013 01.07.2013 01.07.2013 01.07.2013 31.08.2013 01.07.2013 01.07.2013

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

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

Date 27.09.2013 26.09.2013 25.09.2013 17.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 09.09.2013 09.09.2013 23.08.2013 23.08.2013 22.08.2013 22.08.2013 21.08.2013 16.08.2013 13.08.2013 13.08.2013 12.08.2013 12.08.2013 01.08.2013 02.07.2013 12.06.2013 07.05.2013 20.03.2013

01.10.2013

Standard Chartered PLC Standard Chartered plc is an international banking group operating principally in Asia, Africa, and the Middle East. The Company offers its products and services in the personal, consumer, corporate, institutional and treasury areas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.03.2013) 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 05.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance STAN LN EQUITY YTD Change STAN LN EQUITY YTD % CHANGE

12/2012 01/yy 1'860.50 1'376.50 3'137'579.00 1464.5 -21.26% 6.39% 21.59% 2'424.0 35'498.81 111'255.00 693.0 129'424.00 -

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

.0 M o-13

s-13

Fiscal Year Ended 31.12.2008 22'429.0 3'241.0 6.41x

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

31.12.2009 31.12.2010 20'558.0 21'355.0 3'380.0 4'332.0 14.69x 13.38x Profitability

31.12.2011 24'416.0 4'849.0 10.66x

31.12.2012 26'712.0 4'887.0 12.53x 38.87% 35.33% 0.67% 9.44% 2.60% 0.04% 25.1% 17.48% 245.26% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.60 1.27 1'984.12 5.49% -3.76% 1.269 43 3.535 3'619'693 4'072'676 4'106'941 FY+2

12/13 Y 12/14 Y 19'907.9 21'427.9 32.38x 31.76x 5'363.3 6'064.0 10.55x 9.62x S&P Issuer Ratings

FQ+1

FQ+2

01.12.2011 A+ NEG 10.01.2008 A-1 245.3% 70.7% 0.04 4.41 -

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 |

01.10.2013

Standard Chartered PLC Holdings By:

All

Holder Name TEMASEK HOLDINGS PRI ABERDEEN BLACKROCK LEGAL & GENERAL VANGUARD GROUP INC SUN LIFE FINANCIAL I NORGES BANK INVESTME NORGES BANK BNP PARIBAS SA SCOTTISH WIDOWS JP MORGAN FIL LIMITED STATE STREET CORP THORNBURG INVESTMENT DODGE & COX BAILLIE GIFFORD AND PEOPLES REPUBLIC OF FMR LLC THORNBURG INVESTMENT WALTER SCOTT & PARTN

Firm Name

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

Analyst

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

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

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

Amt Held 438'346'486 199'566'036 154'291'839 80'472'080 76'317'331 65'422'522 55'288'230 53'675'810 46'902'118 45'314'701 39'112'290 35'782'136 33'666'851 31'949'623 31'714'907 31'644'919 30'164'127 29'170'668 27'617'606 26'831'010

% Out 18.08 8.23 6.37 3.32 3.15 2.7 2.28 2.21 1.93 1.87 1.61 1.48 1.39 1.32 1.31 1.31 1.24 1.2 1.14 1.11

Weighting

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

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

Latest Chg 5'911'096 (4'429'755) (8'186'893) 5'708'275 499'076 1'322'959 (1'798'413) 9'052'221 1'334'373 (147'295) 1'206'240 1'836'656 2'534'878 (3'941'079) 2'065'700 4'350'239

Target Price 1'330 1'548 1'830 1'650 1'700 1'905 1'715 1'645 1'800 #N/A N/A 1'650 1'500 1'350 1'662 1'450 1'571 1'530 #N/A N/A 1'700 1'450 #N/A N/A 1'900 #N/A N/A 1'790 1'800 1'700 1'650 1'900 1'780 1'935 1'960 1'800 1'715 1'846 1'840 1'325 1'900 #N/A N/A 1'975 1'875 1'888 1'900

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

File Dt 31.12.2012 31.08.2013 27.09.2013 31.07.2013 01.07.2013 31.07.2013 01.07.2013 31.12.2012 01.07.2013 01.07.2013 31.07.2013 01.07.2013 27.09.2013 01.07.2013 30.06.2013 01.07.2013 01.07.2013 31.08.2013 31.07.2013 01.07.2013

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

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

Date 01.10.2013 30.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 23.09.2013 11.09.2013 06.09.2013 05.09.2013 04.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 23.08.2013 22.08.2013 20.08.2013 13.08.2013 13.08.2013 09.08.2013 07.08.2013 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 26.07.2013 27.06.2013 08.05.2013 25.04.2013 09.04.2013 12.03.2013 06.03.2013 08.08.2012

01.10.2013

SABMiller PLC SABMiller plc is an international beer company. The Company bottles and distributes beer through breweries worldwide. SABMiller also bottles and distributes a number of soft drinks.

Price/Volume 4000

7.0 M

3500

6.0 M

3000

5.0 M

2500

Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 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 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAB LN EQUITY YTD Change SAB LN EQUITY YTD % CHANGE

03/2013 01/yy 3'683.50 2'593.50 2'065'144.00 3053 -17.12% 17.72% 50.46% 1'604.1 48'973.68 18'548.00 0.0 1'088.0 2'171.00 96'856.23

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

3.0 M

1500 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 31.03.2009 18'703.0 1.79x 3'663.0 9.13x 1'881.0 11.84x

4.0 M

2000

Valuation Analysis

31.03.2010 31.03.2011 18'020.0 19'408.0 3.21x 3.45x 4'212.0 4'682.0 13.74x 14.30x 1'910.0 2'408.0 23.94x 23.21x Profitability

31.03.2012 21'760.0 3.96x 5'154.0 16.73x 4'221.0 15.05x

31.03.2013 23'213.0 4.54x 5'733.0 18.37x 3'274.0 25.55x

5'733.00 4'416.00 19.02% 20.30% 5.83% 12.73% 10.01% 0.41% 24.7% 19.0% 14.1% 0.65 0.44 32.95% 70.33% 15.62 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.04 0.93 822.53 13.33% 9.76% 0.933 37 3.595 1'502'137 1'662'527 1'818'527 FY+2

03/14 Y 03/15 Y 23'765.0 25'461.6 3.97x 3.62x 6'541.2 7'147.4 14.81x 13.55x 4'042.8 4'543.9 19.68x 17.59x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

04.08.2003 BBB+ POS 16.10.2006 A-2 4.05 3.10 2.86 3.24 70.3% 40.3% 0.41 2.55 23.37 -

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 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 |

01.10.2013

SABMiller PLC Holdings By:

All

Holder Name ALTRIA GROUP INC BEVCO INTERNATIONAL PUBLIC INVESTMENT CO KULCZYK HOLDING BLACKROCK LEGAL & GENERAL NORGES BANK INVESTME NORGES BANK FIL LIMITED VANGUARD GROUP INC CAPITAL GROUP COMPAN SCOTTISH WIDOWS JP MORGAN KULCZYK INVESTMENT H STATE STREET CORP ABERDEEN ALLAN GRAY UNIT TRUS FMR LLC PEOPLES REPUBLIC OF OPPENHEIMERFUNDS INC

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

Analyst

Numis Securities Ltd WYN ELLIS Oriel Securities Ltd CHRIS WICKHAM Exane BNP Paribas JAVIER GONZALEZ LASTRA RBC Capital Markets JAMES EDWARDES JONES AlphaValue ISABELLE COMBEMALE Sanford C. Bernstein & Co TREVOR STIRLING Jefferies DIRK VAN VLAANDEREN Liberum Capital Ltd PABLO ZUANIC Societe Generale ANDREW HOLLAND Morgan Stanley VIKHYAT SHARMA Renaissance Capital REY WIUM Mirabaud Securities JONATHAN FYFE Nomura IAN SHACKLETON BNP Paribas Equity Research DAN LEECH HSBC CEDRIC BESNARD Canaccord Genuity Corp EDDY HARGREAVES Day by Day VALERIE GASTALDY SBG Securities BRENDAN GRUNDLINGH Macquarie WYNAND VAN ZYL Shore Capital Stockbrokers PHIL CARROLL Deutsche Bank HAROLD THOMPSON Goldman Sachs MITCHELL COLLETT Credit Suisse SANJEET AUJLA S&P Capital IQ CARL SHORT Barclays SIMON HALES Natixis OLIVIER DELAHOUSSE Grupo Santander ANTHONY J BUCALO Espirito Santo Investment Bank Research ALEX SMITH EVA Dimensions CRAIG STERLING JPMorgan MATTHEW WEBB Avior Research DE WET SCHUTTE Berenberg Bank PHILIP MORRISEY Investec MARTIN DEBOO UBS MELISSA EARLAM Redburn Partners CHRIS PITCHER

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

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

Amt Held 430'000'000 225'000'000 67'663'248 48'000'000 35'014'324 34'220'790 30'009'387 29'116'788 24'596'214 22'482'699 21'343'012 20'329'744 17'627'321 17'475'287 14'960'043 14'850'920 13'973'231 13'719'451 13'251'875 12'223'684

% Out 26.81 14.03 4.22 2.99 2.18 2.13 1.87 1.82 1.53 1.4 1.33 1.27 1.1 1.09 0.93 0.93 0.87 0.86 0.83 0.76

Weighting

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

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 D M M M M M M

Latest Chg (1'434'509) (1'366'620) 370'805 1'641'647 646'332 (867'800) (1'818'503) 4'423'980 (42'524'713) (84'064) (2'259'728) (866'761) (222'325) 8'370 -

Target Price 3'700 3'300 3'600 3'300 2'699 3'370 3'680 2'700 3'620 3'400 3'325 3'500 2'800 3'700 3'600 3'000 #N/A N/A 3'800 3'747 #N/A N/A 3'400 3'850 3'800 3'300 3'550 3'500 3'675 3'370 #N/A N/A 3'520 3'230 3'800 3'600 3'300 #N/A N/A

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

File Dt 03.06.2013 03.06.2013 03.06.2013 03.06.2013 27.09.2013 31.07.2013 01.05.2013 31.12.2012 01.05.2013 30.06.2013 31.07.2013 01.05.2013 30.08.2013 01.05.2013 27.09.2013 31.08.2013 30.06.2013 31.08.2013 01.05.2013 31.07.2013

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

Inst Type Corporation Corporation Government Holding Company Investment Advisor Unclassified Government Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor

Date 01.10.2013 30.09.2013 30.09.2013 26.09.2013 26.09.2013 25.09.2013 20.09.2013 20.09.2013 17.09.2013 17.09.2013 17.09.2013 17.09.2013 16.09.2013 10.09.2013 09.09.2013 05.09.2013 20.08.2013 12.08.2013 07.08.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 18.07.2013 12.07.2013 03.07.2013 01.07.2013 28.06.2013 13.06.2013 23.05.2013 09.04.2013 11.02.2013 10.12.2012

01.10.2013

Tesco PLC Tesco plc is a food retailer. The Group operates stores in the United Kingdom, Republic of Ireland, Czech Republic, Hungary, Poland, Slovakia, Turkey, Japan, Malaysia, South Korea, China, Thailand, and the United States.

Price/Volume 450

120.0 M

400

100.0 M

350 300

80.0 M

250

02/2013 01/yy 388.05 306.40 8'494'036.00 358.2 -7.69% 16.91% 64.42% 8'081.5 28'947.97 10'834.00 0.0 18.0 3'034.00 36'765.97

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

150

40.0 M

100

20.0 M

50 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 28.02.2009 53'898.0 0.70x 4'122.0 9.09x 2'133.0 12.28x

60.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (05.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TSCO LN EQUITY YTD Change TSCO LN EQUITY YTD % CHANGE

28.02.2010 28.02.2011 56'910.0 60'455.0 0.75x 0.67x 4'464.0 4'905.0 9.57x 8.23x 2'327.0 2'655.0 14.31x 11.79x Profitability

29.02.2012 63'916.0 0.53x 5'283.0 6.39x 2'806.0 8.09x

28.02.2013 64'826.0 0.58x 4'117.0 9.18x 124.0 21.52x 4'117.00 2'527.00 3.90% 3.02% 0.25% 0.72% 1.56% 1.28% 6.3% 6.4% 3.9% 0.2% 0.69 0.16 21.61% 65.10% 16.55

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.12 0.83 7'670.50 12.87% 9.56% 0.830 30 3.567 16'506'730 13'307'720 13'266'120 FY+2

FQ+1

FQ+2

02/14 Y 02/15 Y 08/12 Q2 11/12 Q3 67'481.0 69'860.2 32'917.0 0.52x 0.49x 5'144.7 5'374.7 7.15x 6.84x 2'623.0 2'774.1 11.09x 10.50x S&P Issuer Ratings

19.04.2013 BBB+ STABLE 29.07.2008 A-2 7.07 2.57 1.89 2.63 65.1% 39.4% 1.28 2.56 22.00 35.89 -

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 05.03.2010

0.0 05.09.2010

05.03.2011

05.09.2011

05.03.2012

05.09.2012

05.03.2013

05.09.2013

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 |

01.10.2013

Tesco PLC Holdings By:

All

Holder Name BLACKROCK NORGES BANK INVESTME LEGAL & GENERAL FRANKLIN RESOURCES BERKSHIRE HATHAWAY I VANGUARD GROUP INC SCOTTISH WIDOWS STATE STREET CORP PEOPLES REPUBLIC OF UBS AG WALTER SCOTT & PARTN SILCHESTER INTL INVE MONDRIAN INVESTMENT ARTISAN PARTNERS HOL GEICO CORP FIL LIMITED FMR LLC GENERAL REINSURANCE PRUDENTIAL PLC MANNING & NAPIER ADV

Firm Name

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

Analyst

Grupo Santander TIM ATTENBOROUGH Cantor Fitzgerald MICHAEL J DENNIS Shore Capital Stockbrokers CLIVE WILLIAM BLACK Oriel Securities Ltd JONATHAN PRITCHARD Exane BNP Paribas JOHN KERSHAW AlphaValue VIRGINIE BLIN Societe Generale ARNAUD JOLY JPMorgan JAIME VAZQUEZ Jefferies JAMES GRZINIC Barclays JAMES ANSTEAD Credit Suisse ANDREW KASOULIS HSBC JEROME SAMUEL UBS BENJAMIN PETERS Deutsche Bank JAMES G COLLINS Nomura DAVID PAYNE Independent Research GmbH ZAFER RUZGAR Day by Day VALERIE GASTALDY Baader Bank VOLKER BOSSE S&P Capital IQ WILLIAM MACK Redburn Partners MARC DE SPEVILLE Kepler Cheuvreux FABIENNE CARON Morgan Stanley EDOUARD AUBIN Macquarie SREEDHAR MAHAMKALI Panmure Gordon & Co Limited PHILIP DORGAN EVA Dimensions CRAIG STERLING Investec DAVID MCCARTHY Espirito Santo Investment Bank Research SANJAY VIDYARTHI Goldman Sachs FRANKLIN WALDING Aurel - BGC JEAN-MARIE L'HOME

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

Recommendation buy buy buy buy outperform add sell underweight buy equalweight outperform overweight buy buy neutral buy hold buy hold neutral hold restricted outperform buy hold sell sell neutral/neutral sell

Amt Held 406'665'281 396'583'770 319'254'151 280'132'052 257'443'328 199'145'926 170'117'669 138'441'832 133'300'613 133'122'878 130'535'474 128'762'362 114'807'330 110'613'354 90'000'000 83'844'151 74'900'400 72'862'000 72'804'200 72'430'910

% Out 5.03 4.91 3.95 3.47 3.19 2.46 2.11 1.71 1.65 1.65 1.62 1.59 1.42 1.37 1.11 1.04 0.93 0.9 0.9 0.9

Weighting

Change

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

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

Latest Chg 7'799'083 (6'050'566) (3'020'119) 12'028'252 6'911'918 1'673'398 1'435'554 16'606'024 8'598'446 4'078'939 32'588'641 6'421'337 13'021'795 10'168'875 5'952'527 (529'133) 11'553'520

Target Price 425 443 #N/A N/A 425 425 401 290 350 440 365 430 430 430 415 400 440 #N/A N/A 410 380 #N/A N/A 380 #N/A N/A 400 440 #N/A N/A 295 310 390 300

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

File Dt Inst Type 27.09.2013 Investment Advisor 01.07.2013 Government 31.07.2013 Unclassified 31.08.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Unclassified 27.09.2013 Investment Advisor 01.07.2013 Government 30.09.2013 Unclassified 01.07.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Hedge Fund Manager 01.07.2013 Investment Advisor 01.07.2013 Unclassified 01.07.2013 Investment Advisor 31.08.2013 Investment Advisor 01.07.2013 Insurance Company 01.07.2013 Unclassified 01.07.2013 Unclassified

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

Date 30.09.2013 30.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 20.09.2013 20.09.2013 19.09.2013 18.09.2013 18.09.2013 17.09.2013 16.09.2013 11.09.2013 05.09.2013 02.09.2013 28.08.2013 09.08.2013 04.07.2013 01.07.2013 06.06.2013 05.06.2013 22.04.2013 11.04.2013 10.01.2013

01.10.2013

Reckitt Benckiser Group PLC Reckitt Benckiser Group PLC manufactures and distributes a wide range of household, toiletry, pharmaceutical and food products on a global basis. The Company's products include fabric treatments , disinfectant spray and cleaners, dishwashing detergent, personal care, food, and prescription drugs.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.07.2013) 52-Week Low (01.10.2012) 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 RB/ LN EQUITY YTD Change RB/ LN EQUITY YTD % CHANGE

12/2012 06/yy 4'986.00 3'561.00 832'658.00 4439 -10.95% 24.66% 67.30% 718.7 31'902.51 3'274.00 0.0 1.0 891.00 34'693.51

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

6.0 M

5000

5.0 M

4000

4.0 M

3000

3.0 M

2000

2.0 M

1000

1.0 M

0 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 6'563.0 2.96x 1'612.0 12.05x 1'120.0 16.36x

6000

31.12.2009 31.12.2010 7'753.0 8'453.0 3.10x 3.28x 2'030.0 2'375.0 11.84x 11.66x 1'418.0 1'568.0 16.87x 16.28x Profitability

LTM-4Q 31.12.2011 9'485.0 2.65x 2'644.0 9.49x 1'745.0 13.26x

31.12.2012 9'567.0 3.23x 2'718.0 11.36x 1'829.0 15.36x 2'718.00 2'570.00 26.86% 25.30% 11.37% 29.74% 19.36% 0.66% 57.9% 28.0% 26.4% 19.1% 0.47 0.33 21.71% 55.29% 5.32

Price/ Cash Flow

LTM

06/yy 9'533.0 2.63x 0.0 0.00x 986.0 0.00x

06/yy 9'892.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-13

3.11 0.58 638.87 26.19% 17.90% 0.583 32 2.906 942'435 936'503 1'037'430 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'181.2 10'548.0 2'611.0 2'642.0 3.32x 3.12x 2'783.6 2'860.9 12.46x 12.13x 1'955.0 2'022.3 516.0 599.0 16.64x 16.16x S&P Issuer Ratings

16.12.2003 A+ STABLE 01.05.1990 A-1 66.29 62.24 1.01 1.30 55.3% 35.6% 0.66 13.47 68.57 25.97

Sales/Revenue/Turnover

20.00

12'000.0

18.00

10'000.0

16.00 14.00

8'000.0

12.00

6'000.0

10.00 8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

01.10.2013

Reckitt Benckiser Group PLC Holdings By:

All

Holder Name JAB HOLDINGS BV JAB INVESTMENTS BV SUN LIFE FINANCIAL I INVESCO LTD BLACKROCK MORGAN STANLEY LEGAL & GENERAL PERPETUAL INVESTMENT VANGUARD GROUP INC SCOTTISH WIDOWS NORGES BANK INVESTME FIL LIMITED NORGES BANK MORGAN STANLEY INVES STATE STREET CORP ALLIANZ ASSET MANAGE WALTER SCOTT & PARTN THORNBURG INVESTMENT CEDAR ROCK CAPITAL L UBS AG

Firm Name

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

Analyst

Oriel Securities Ltd CHRIS WICKHAM JPMorgan CELINE PANNUTI Panmure Gordon & Co Limited GRAHAM JONES AlphaValue ARMELLE MOULIN Sanford C. Bernstein & Co ANDREW WOOD Exane BNP Paribas EAMONN FERRY Liberum Capital Ltd PABLO ZUANIC RBC Capital Markets JAMES EDWARDES JONES Deutsche Bank HAROLD THOMPSON Canaccord Genuity Corp EDDY HARGREAVES Day by Day VALERIE GASTALDY EVA Dimensions CRAIG STERLING Berenberg Bank JAMES TARGETT Shore Capital Stockbrokers DARREN SHIRLEY Societe Generale CHAS MANSO DE ZUNIGA Investec MARTIN DEBOO Jefferies ALEX HOWSON Independent Research GmbH LARS LUSEBRINK Commerzbank Corporates & Markets ANDREAS RIEMANN Morgan Stanley ERIK SJOGREN Goldman Sachs ROSIE EDWARDS Credit Suisse CHARLES MILLS Raymond James HERMINE DE BENTZMANN Nomura GUILLAUME DELMAS S&P Capital IQ CARL SHORT Barclays IAIN SIMPSON HSBC CEDRIC BESNARD Espirito Santo Investment Bank Research ALEX SMITH UBS EVA QUIROGA Mirabaud Securities JULIAN LAKIN Redburn Partners JEREMY FIALKO

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

Recommendation buy neutral hold reduce outperform underperform sell sector perform buy sell hold underweight Under Review hold sell sell hold hold hold Equalwt/In-Line neutral/attractive neutral market perform buy hold equalweight neutral sell buy hold sell

Amt Held 76'659'342 76'659'342 36'608'287 36'323'474 29'874'746 28'266'229 25'293'266 23'836'570 16'386'994 15'413'516 15'225'822 15'010'959 14'863'926 12'309'781 11'312'268 11'010'401 10'986'837 10'075'592 8'971'380 8'249'450

% Out 10.67 10.67 5.09 5.05 4.16 3.93 3.52 3.32 2.28 2.14 2.12 2.09 2.07 1.71 1.57 1.53 1.53 1.4 1.25 1.15

Weighting

Change

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

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

Latest Chg (359'245) (1'513'439) 1'100'756 469'475 (354'341) 493'569 (169'751) (35'000) (1'941'478) 184'456 (89'771) 791'561 (270'098) (1'294'694) (100'373)

Target Price 5'200 4'450 4'625 4'332 5'450 4'400 3'700 5'200 5'100 4'100 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 4'300 4'425 4'500 5'000 4'500 4'500 5'130 4'650 #N/A N/A 4'800 4'800 4'400 4'800 4'160 5'210 4'320 #N/A N/A

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

File Dt 01.03.2013 03.06.2013 01.03.2013 30.09.2013 27.09.2013 30.06.2013 31.07.2013 30.08.2013 30.06.2013 30.06.2013 03.06.2013 03.06.2013 31.12.2012 03.06.2013 27.09.2013 31.08.2013 03.06.2013 31.07.2013 03.06.2013 30.09.2013

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

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

Date 30.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 20.09.2013 13.09.2013 10.09.2013 05.09.2013 12.08.2013 05.08.2013 01.08.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 16.07.2013 03.07.2013 31.05.2013 09.05.2013 09.05.2013

01.10.2013

Unilever PLC Unilever PLC manufactures branded and packaged consumer goods, including food, detergents, fragrances, home and personal care products. Dually-listed company with UNA NA.

Price/Volume 3500

6.0 M

3000

5.0 M

2500

4.0 M

2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (01.10.2012) 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 ULVR LN EQUITY YTD Change ULVR LN EQUITY YTD % CHANGE

2.0 M

1000

1.0 M

500 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

3.0 M

1500

12/2012 06/yy 2'908.00 2'243.00 4'404'111.00 2348 -19.22% 4.68% 29.62% 1'283.5 69'877.56 10'221.00 0.0 557.0 2'866.00 95'750.66

31.12.2008 40'523.0

31.12.2009 39'823.0

6'793.0

6'887.0

5'027.0

3'370.0

31.12.2010 44'262.0 1.62x 7'620.0 9.40x 4'244.0 15.17x

LTM-4Q 31.12.2011 46'467.0 1.77x 7'462.0 11.04x 4'252.0 17.14x

31.12.2012 51'324.0 1.76x 8'188.0 11.04x 4'480.0 18.39x

LTM

06/yy 49'077.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 51'426.0 0.00x 0.0 0.00x 0.0 0.00x

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

8'188.00 6'989.00 13.62% 13.02% 9.59% 34.61% 19.15% 1.04% 40.2% 16.9% 14.6% 8.7% 0.77 0.36 22.14% 67.43% -

Price/ Cash Flow

FY+1

.0 M o-13

3.71 0.81 1'212.16 6.79% 1.77% 0.805 26 3.577 2'700'796 2'471'106 2'331'278 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 51'093.5 52'967.8 13'144.7 12'638.7 1.80x 1.71x 8'526.4 8'975.3 11.23x 10.67x 4'683.5 5'051.5 1'140.0 1'190.0 17.67x 16.40x S&P Issuer Ratings

05.10.2000 A+ STABLE 05.10.2000 A-1 15.57 11.81 1.34 1.83 67.4% 39.4% 1.04 5.61 -8.85

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00 8.00

30'000.0

6.00

20'000.0

4.00

10'000.0 2.00 0.00 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 |

01.10.2013

Unilever PLC Holdings By:

All

Holder Name LEGAL & GENERAL BLACKROCK The Leverhulme Trust MORGAN STANLEY VANGUARD GROUP INC PRUDENTIAL PLC COMMONWEALTH BANK OF NORGES BANK INVESTME NORGES BANK THREADNEEDLE SCOTTISH WIDOWS STATE STREET CORP CAPITAL GROUP COMPAN PEOPLES REPUBLIC OF OPPENHEIMERFUNDS INC OPPENHEIMERFUNDS INC UBS AG BREWIN DOLPHIN LIMIT MONDRIAN INVESTMENT CEDAR ROCK CAPITAL L

Firm Name

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

Analyst

Sanford C. Bernstein & Co ANDREW WOOD Shore Capital Stockbrokers DARREN SHIRLEY S&P Capital IQ CARL SHORT Oriel Securities Ltd CHRIS WICKHAM Exane BNP Paribas JEFF STENT Barclays IAIN SIMPSON Credit Suisse CHARLES MILLS JPMorgan CELINE PANNUTI Panmure Gordon & Co Limited GRAHAM JONES AlphaValue SOPHIE CABO-BROSETA Morgan Stanley EILEEN KHOO RBC Capital Markets JAMES EDWARDES JONES Goldman Sachs ROSIE EDWARDS Espirito Santo Investment Bank Research ALEX SMITH Day by Day VALERIE GASTALDY EVA Dimensions CRAIG STERLING Investec MARTIN DEBOO Jefferies ALEX HOWSON Berenberg Bank JAMES TARGETT Deutsche Bank HAROLD THOMPSON HSBC CEDRIC BESNARD Liberum Capital Ltd PABLO ZUANIC Mirabaud Securities JULIAN LAKIN UBS ALAN ERSKINE Redburn Partners JEREMY FIALKO Nord/LB WOLFGANG VASTERLING Nomura DAVID HAYES

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

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

Amt Held 100'229'308 74'570'243 70'566'764 39'495'231 34'011'195 30'995'172 29'472'341 29'021'651 28'683'284 28'527'954 24'833'966 19'817'363 19'517'900 17'414'434 17'021'470 16'976'959 16'005'561 13'951'186 12'958'273 12'778'186

% Out 7.81 5.81 5.5 3.08 2.65 2.41 2.3 2.26 2.23 2.22 1.93 1.54 1.52 1.36 1.33 1.32 1.25 1.09 1.01 1

Weighting

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

M M M D 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 (264'326) 612'496 (304'305) (2'028'424) 1'534'822 (185'808) (546'213) 282'811 (175'651) (3'398'000) (1'096'149) (438'268) 141'170 968'227 2'465 (106'389) (30'193)

Target Price 3'050 #N/A N/A 2'730 2'170 2'800 2'900 2'730 2'600 2'800 2'432 2'500 2'600 3'280 2'730 #N/A N/A #N/A N/A 3'000 2'760 3'000 2'590 3'070 3'250 2'810 2'990 #N/A N/A #N/A N/A 1'870

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

File Dt Inst Type 31.07.2013 Unclassified 27.09.2013 Investment Advisor 01.07.2013 Unclassified 01.07.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Unclassified 01.07.2013 Bank 01.07.2013 Government 31.12.2012 Government 31.07.2013 Unclassified 31.07.2013 Unclassified 27.09.2013 Investment Advisor 31.07.2013 Investment Advisor 01.07.2013 Government 01.07.2013 Investment Advisor 31.07.2013 Investment Advisor 30.09.2013 Unclassified 01.07.2013 Investment Advisor 01.07.2013 Hedge Fund Manager 01.07.2013 Investment Advisor

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

Date 01.10.2013 01.10.2013 01.10.2013 01.10.2013 01.10.2013 01.10.2013 30.09.2013 27.09.2013 27.09.2013 26.09.2013 24.09.2013 13.09.2013 12.09.2013 12.09.2013 12.08.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 10.06.2013 29.04.2013 26.03.2013 24.09.2012 03.07.2012 17.01.2012

01.10.2013

BT Group PLC BT Group plc provides telecommunications services. The Company provides local and long-distance telephone call products and services in the UK, international telephone calls to and from the UK, broadband network solutions and web hosting to corporate customers, network ADSL, ISDN, and IP services to communication companies and narrowband and broadband internet access and related services.

Price/Volume 400

200

03/2013 06/yy 350.60 212.50 6'261'077.00 346.5 -1.20% 63.06% 94.06% 7'910.5 27'410.02 10'013.00 0.0 0.0 1'455.00 36'153.02

30.0 M

150

20.0 M

100 10.0 M

50 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

31.03.2010 31.03.2011 20'859.0 20'076.0 1.01x 1.23x 5'594.0 5'886.0 3.76x 4.19x 1'028.0 1'502.0 9.33x 9.58x Profitability

LTM-4Q 31.03.2012 19'307.0 1.41x 5'654.0 4.82x 2'003.0 8.77x

31.03.2013 18'253.0 1.67x 5'945.0 5.12x 2'091.0 10.41x

5'945.00 3'102.00 16.99% 13.70% 7.95% 170.17% 21.08% 0.72% 32.9% 17.3% 11.5% 0.61 0.39 40.33% -

Price/ Cash Flow

LTM

06/yy 19'047.0 5.21x 5'670.0 4.61x 2'033.0 8.10x

06/yy 17'982.0 6.56x 5'922.0 5.59x 1'985.0 12.22x

FY+1

.0 M o-13

2.74 0.82 7'898.47 54.17% 52.90% 0.820 27 3.593 9'991'242 11'694'260 12'855'030 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 18'081.2 18'047.3 4'459.0 4'497.0 1.92x 1.87x 8.03x 7.79x 6'036.7 6'210.5 1'430.0 1'523.0 5.99x 5.82x 1'956.9 2'205.6 13.58x 12.11x S&P Issuer Ratings

19.07.2011 BBB STABLE 19.07.2011 A-2 8.86 5.16 1.48 1.70 102.7% 0.72 1.27 -

Sales/Revenue/Turnover

9.00

22'000.0 21'500.0 21'000.0 20'500.0 20'000.0 19'500.0 19'000.0 18'500.0 18'000.0 17'500.0 17'000.0 16'500.0

8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 02.04.2010

40.0 M

250

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

50.0 M

300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.09.2013) 52-Week Low (31.10.2012) 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 BT/A LN EQUITY YTD Change BT/A LN EQUITY YTD % CHANGE

31.03.2009 21'390.0 0.88x 3'629.0 5.19x (193.0) -

60.0 M

350

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 |

01.10.2013

BT Group PLC Holdings By:

All

Holder Name INVESCO LTD PERPETUAL INVESTMENT BLACKROCK LEGAL & GENERAL BT GROUP PLC SHAREVI THREADNEEDLE SCOTTISH WIDOWS VANGUARD GROUP INC STANDARD LIFE INVEST NORGES BANK INVESTME NORGES BANK STATE STREET CORP FIL LIMITED AVIVA PLC AXA PEOPLES REPUBLIC OF PRUDENTIAL PLC AVIVA INVESTORS ARTEMIS INVESTMENT M HSBC INVESTMENTS UK

Firm Name

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

Analyst

Morgan Stanley TERENCE TSUI Sanford C. Bernstein & Co ROBIN BIENENSTOCK Nomura JAMES BRITTON Exane BNP Paribas MICHAEL WILLIAMS AlphaValue JEAN-MICHEL SALVADOR Barclays MAURICE PATRICK Berenberg Bank BARRY ZEITOUNE Deutsche Bank DAVID A WRIGHT Credit Suisse PAUL SIDNEY Jefferies JEREMY A DELLIS Day by Day VALERIE GASTALDY Espirito Santo Investment Bank Research ANDREW HOGLEY Macquarie GUY R PEDDY EVA Dimensions ANDREW S ZAMFOTIS UBS NICK LYALL Societe Generale OTTAVIO ADORISIO JPMorgan CARL MURDOCK-SMITH Raymond James STEPHANE BEYAZIAN Landesbank Baden-Wuerttemberg RALPH SZYMCZAK S&P Capital IQ JAMES CRAWSHAW Oriel Securities Ltd JOHN KARIDIS New Street Research JAMES RATZER Goldman Sachs ANDREW LEE Oddo & Cie ALEXANDRE IATRIDES HSBC STEPHEN HOWARD

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

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

Amt Held 782'112'111 530'869'513 382'736'261 331'177'506 274'615'887 265'694'482 203'634'704 196'241'263 174'035'329 173'818'968 146'448'697 133'752'446 132'132'657 114'776'509 104'377'931 104'096'932 99'255'333 91'662'854 90'844'770 86'745'508

% Out 9.89 6.71 4.84 4.19 3.47 3.36 2.57 2.48 2.2 2.2 1.85 1.69 1.67 1.45 1.32 1.32 1.25 1.16 1.15 1.1

Weighting

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

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 4'074'464 906'276 (5'865'047) 11'272'301 (6'176'745) 26'113'685 8'359'939 23'086'002 34'695'884 (4'085'339) (14'576'617) (584'968) (15'303'089) 8'219'129 (2'556'548) (27'322'335) 12'800'853 (3'719'189)

Target Price 350 385 390 277 325 400 375 300 350 385 #N/A N/A 405 180 #N/A N/A 330 245 330 340 242 370 390 350 400 175 220

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

File Dt 30.09.2013 30.08.2013 27.09.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.12.2012 27.09.2013 01.08.2013 31.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.12.2012 01.08.2013

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

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

Date 01.10.2013 30.09.2013 30.09.2013 30.09.2013 26.09.2013 23.09.2013 13.09.2013 05.09.2013 02.09.2013 20.08.2013 12.08.2013 02.08.2013 31.07.2013 30.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 11.07.2013 30.05.2013 20.11.2012

01.10.2013

National Grid PLC National Grid PLC is an investor-owned utility company which distributes gas. The PLC owns and operates the electricity transmission network in England and Wales, the gas transmission network in Great Britain, and electricity transmission networks in the Northeastern United States. National Grid also operates the electricity transmission networks in Scotland.

Price/Volume 900

25.0 M

800 20.0 M

700 600

15.0 M

500 400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (15.02.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NG/ LN EQUITY YTD Change NG/ LN EQUITY YTD % CHANGE

03/2013 01/yy 849.50 678.00 1'809'311.00 730.5 -14.01% 7.74% 30.61% 3'729.9 27'247.15 28'095.00 0.0 5.0 6'102.00 49'245.15

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

200

5.0 M

100 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 31.03.2009 15'624.0 2.41x 4'037.0 9.34x 944.0 14.32x

10.0 M

300

31.03.2010 31.03.2011 14'007.0 14'343.0 2.84x 2.90x 4'309.0 4'845.0 9.24x 8.58x 1'386.0 2'159.0 13.25x 9.30x Profitability

31.03.2012 13'832.0 3.16x 4'777.0 9.14x 2'036.0 11.04x

31.03.2013 14'359.0 3.49x 5'005.0 10.00x 2'295.0 12.21x

5'005.00 3'644.00 25.38% 20.34% 4.50% 23.58% 11.34% 0.28% 34.9% 25.4% 16.0% 1.29 1.00 51.36% 274.69% 12.72 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

5.59 0.52 3'724.43 10.95% 7.61% 0.522 21 3.238 6'333'028 6'502'765 6'123'895 FY+2

03/14 Y 03/15 Y 14'911.0 15'375.5 3.37x 3.37x 5'293.0 5'545.0 9.30x 8.88x 1'930.3 2'059.3 13.96x 13.25x S&P Issuer Ratings

FQ+1

FQ+2

24.08.2007 ASTABLE 24.08.2007 A-2 2.18 0.78 4.39 5.61 274.7% 73.3% 0.28 0.41 28.70 -

Sales/Revenue/Turnover

12.00

18'000.0 16'000.0

10.00

14'000.0 12'000.0

8.00

10'000.0 6.00

8'000.0 6'000.0

4.00

4'000.0 2.00 0.00 02.04.2010

2'000.0 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 |

01.10.2013

National Grid PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK LEGAL & GENERAL CRESCENT HOLDING GMB VANGUARD GROUP INC SCOTTISH WIDOWS NORGES BANK NORGES BANK INVESTME STATE STREET CORP PICTET FUNDS NOMURA BREWIN DOLPHIN LIMIT MONDRIAN INVESTMENT AXA PEOPLES REPUBLIC OF PRUDENTIAL PLC STOCK LENDING ACCOUN FIL LIMITED THREADNEEDLE DEUTSCHE PRIVATE BAN

Firm Name RBC Capital Markets AlphaValue UBS Barclays Goldman Sachs Exane BNP Paribas Independent Research GmbH Day by Day Societe Generale Credit Suisse HSBC Morgan Stanley Liberum Capital Ltd S&P Capital IQ Deutsche Bank Berenberg Bank EVA Dimensions JPMorgan Redburn Partners

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

Analyst JOHN MUSK MYRIAM COHEN STEPHEN HUNT PETER BISZTYGA ANDREW MEAD IAIN TURNER SVEN DIERMEIER VALERIE GASTALDY ASHLEY THOMAS MARK FRESHNEY VERITY MITCHELL BOBBY CHADA PETER ATHERTON CLIVE ROBERTS MARTIN BROUGH TEAM COVERAGE DOUG WALTERS EDMUND REID JAMIE TUNNICLIFFE

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

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

Amt Held 403'430'699 182'630'798 150'762'820 149'414'285 130'759'413 88'220'510 87'631'999 87'598'229 62'667'600 49'092'363 46'953'805 43'256'010 41'613'515 37'487'005 37'000'018 34'263'175 33'192'138 32'992'368 31'785'150 30'101'911

% Out 10.82 4.9 4.04 4.01 3.51 2.37 2.35 2.35 1.68 1.32 1.26 1.16 1.12 1.01 0.99 0.92 0.89 0.88 0.85 0.81

Weighting

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

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

Latest Chg (1'921'199) 4'264'861 14'622'233 (1'187'842) (2'830'674) (2'360'835) (779'643) 644'804 (680'082) 16'540'273 (668'863) 3'763'450 (19'830'814) 15'889'686 (1'367'362) 8'056'776 5'447'195

Target Price 900 786 740 850 695 780 810 #N/A N/A 730 800 885 880 730 789 660 740 #N/A N/A 735 #N/A N/A

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

File Dt Inst Type 01.08.2013 Investment Advisor 27.09.2013 Investment Advisor 31.07.2013 Unclassified 17.07.2013 Investment Advisor 30.06.2013 Investment Advisor 03.06.2013 Unclassified 31.12.2012 Government 03.06.2013 Government 27.09.2013 Investment Advisor 16.07.2013 Investment Advisor 03.06.2013 Unclassified 03.06.2013 Investment Advisor 03.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 03.06.2013 Government 03.06.2013 Unclassified 03.06.2013 Other 03.06.2013 Investment Advisor 31.07.2013 Unclassified 03.06.2013 Unclassified

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

Date 01.10.2013 26.09.2013 23.09.2013 13.09.2013 09.09.2013 02.09.2013 28.08.2013 12.08.2013 08.08.2013 07.08.2013 07.08.2013 06.08.2013 31.07.2013 29.07.2013 10.06.2013 10.06.2013 06.06.2013 31.05.2013 24.05.2013

01.10.2013

Imperial Tobacco Group PLC Imperial Tobacco Group plc is an international tobacco company that manufactures, markets, and sells a range of cigarettes, tobaccos, rolling papers, and cigars.

Price/Volume 3000

7.0 M

2500

6.0 M 5.0 M

2000

Latest Fiscal Year: LTM as of: 52-Week High (05.12.2012) 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 23.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IMT LN EQUITY YTD Change IMT LN EQUITY YTD % CHANGE

09/2012 01/yy 2'545.00 2'106.00 806'205.00 2248 -11.59% 6.74% 41.23% 969.3 21'788.84 9'587.00 0.0 49.0 631.00 32'896.84

30.09.2008 10'116.0 2.96x 1'958.0 15.29x 428.0 35.54x

3.0 M

1000

2.0 M

500 0 o-12

1.0 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

4.0 M

1500

Valuation Analysis

30.09.2009 30.09.2010 14'748.0 15'018.0 2.00x 1.93x 3'158.0 3'307.0 9.34x 8.75x 663.0 1'505.0 27.61x 12.78x Profitability

30.09.2011 15'186.0 2.05x 3'260.0 9.53x 1'796.0 12.26x

30.09.2012 14'672.0 2.16x 3'322.0 9.54x 678.0 33.65x

3'322.00 2'747.00 18.72% 7.37% 1.58% 7.10% 8.51% 0.48% 37.4% 22.2% 18.2% 4.6% 0.78 0.38 34.69% 158.86% 4.47 2.33

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.85 0.67 968.59 1.70% -0.75% 0.666 25 3.680 1'433'435 1'865'403 2'048'872 FY+2

09/13 Y 09/14 Y 7'842.3 8'029.5 3.91x 3.78x 3'377.2 3'480.4 9.74x 9.45x 2'043.5 2'138.0 10.75x 10.14x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

20.05.2008 BBB STABLE 20.05.2008 A-2 2.26 2.05 3.46 3.67 158.9% 61.2% 0.48 6.69 81.71 156.32 149.45

Sales/Revenue/Turnover

30.00

16'000.0 14'000.0

25.00

12'000.0 20.00

10'000.0 8'000.0

15.00

6'000.0

10.00

4'000.0 5.00 0.00 02.10.2009

2'000.0 0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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 |

01.10.2013

Imperial Tobacco Group PLC Holdings By:

All

Holder Name MORGAN STANLEY INVESCO LTD BLACKROCK PERPETUAL INVESTMENT LEGAL & GENERAL FRANKLIN RESOURCES VANGUARD GROUP INC SCOTTISH WIDOWS FIL LIMITED CAPITAL GROUP COMPAN UBS AG STATE STREET CORP THREADNEEDLE ALLIANZ ASSET MANAGE CEDAR ROCK CAPITAL L PRUDENTIAL PLC AXA CREDIT SUISSE AG DWS INVESTMENTS STANDARD LIFE INVEST

Firm Name Oriel Securities Ltd AlphaValue Exane BNP Paribas Canaccord Genuity Corp Jefferies Redburn Partners Berenberg Bank Credit Suisse UBS Renaissance Capital Natixis Morgan Stanley JPMorgan Independent Research GmbH Nomura S&P Capital IQ Panmure Gordon & Co Limited Day by Day Goldman Sachs EVA Dimensions Investec Barclays Deutsche Bank

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

Analyst CHRIS WICKHAM ISABELLE COMBEMALE JAMES BUSHNELL EDDY HARGREAVES DIRK VAN VLAANDEREN CHRISTIAN DE ROUALLE ERIK BLOOMQUIST ROGERIO FUJIMORI JONATHAN LEINSTER REY WIUM NICOLAS LANGLET MATTHEW GRAINGER RAE MAILE LARS LUSEBRINK DAVID HAYES CARL SHORT DAMIAN MCNEELA VALERIE GASTALDY FULVIO CAZZOL CRAIG STERLING MARTIN DEBOO SIMON HALES HAROLD THOMPSON

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

Recommendation buy buy underperform hold hold neutral hold outperform buy buy neutral Overwt/Attractive neutral buy reduce sell buy hold neutral/attractive overweight buy equalweight buy

Amt Held 61'764'487 61'000'000 53'000'000 50'298'923 41'375'945 41'000'000 29'551'075 27'960'852 22'107'588 20'782'201 19'287'717 18'925'372 18'149'145 18'144'726 17'669'281 15'291'266 12'644'818 12'397'351 10'592'294 10'288'350

% Out 6.37 6.29 5.47 5.19 4.27 4.23 3.05 2.88 2.28 2.14 1.99 1.95 1.87 1.87 1.82 1.58 1.3 1.28 1.09 1.06

Weighting

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

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

Latest Chg (357'175) 1'648'729 766'943 826'272 (2'196'131) 572'077 7'109'224 82'331 601'167 (2'366'689) 2'976'907 137'270 1'948'715 (786'031) 264'634 2'015'813 (3'239'512)

Target Price 2'900 2'991 2'350 2'450 2'500 #N/A N/A 2'500 2'700 2'500 2'450 2'350 2'680 3'067 2'650 2'150 2'040 2'650 #N/A N/A 2'465 #N/A N/A 2'440 2'600 3'000

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

File Dt 30.06.2013 30.10.2012 27.09.2013 30.08.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 03.06.2013 31.07.2013 30.06.2013 27.09.2013 31.07.2013 31.08.2013 03.06.2013 30.06.2013 30.06.2013 03.06.2013 03.06.2013 03.06.2013

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

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

Date 30.09.2013 26.09.2013 25.09.2013 23.09.2013 19.09.2013 19.09.2013 06.09.2013 02.09.2013 30.08.2013 28.08.2013 19.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 12.08.2013 11.08.2013 08.08.2013 07.08.2013 11.07.2013 21.06.2013

01.10.2013

Rolls-Royce Holdings PLC Rolls-Royce Holdings PLC manufactures aero, marine and industrial gas turbines for civil and military aircraft. The Group designs, constructs and installs power generation systems, transmission and distribution systems, and equipment for the marine propulsion, oil and gas pumping, and defense markets.

Price/Volume 1400

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 o-13

1200 1000 800

Valuation Analysis

600

Latest Fiscal Year: LTM as of: 52-Week High (25.07.2013) 52-Week Low (01.10.2012) 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 RR/ LN EQUITY YTD Change RR/ LN EQUITY YTD % CHANGE

12/2012 01/yy 1'248.00 827.34 3'137'387.00 1136 -8.97% 37.31% 67.67% 1'880.3 21'359.96 1'383.00 0.0 17.0 2'596.00 21'191.96

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 9'082.0 0.56x 1'096.0 4.63x (1'340.0) -

400

31.12.2009 31.12.2010 10'414.0 11'085.0 0.76x 0.93x 1'396.0 1'404.0 5.67x 7.36x 2'221.0 539.0 4.02x 21.34x Profitability

31.12.2011 11'124.0 1.25x 1'480.0 9.36x 850.0 16.25x

31.12.2012 12'161.0 1.25x 1'687.0 8.98x 2'281.0 7.09x 1'687.00 1'200.00 9.87% 22.24% 3.66% 14.58% 26.56% 0.70% 22.6% 14.4% 10.0% 18.8% 1.33 0.79 7.63% 22.72% 3.24

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.80 0.95 1'877.74 34.28% 31.42% 0.949 22 3.591 3'967'898 3'901'896 3'385'021 FY+2

12/13 Y 12/14 Y 15'367.8 16'314.8 1.30x 1.20x 2'290.2 2'466.2 9.25x 8.59x 1'280.8 1'376.5 16.93x 15.71x S&P Issuer Ratings

FQ+1

FQ+2

13.04.2012 A STABLE 13.04.2012 A-1 3.52 2.61 -0.43 1.30 22.7% 18.5% 0.70 4.90 112.49 97.64

Sales/Revenue/Turnover

20.00

14'000.0

18.00

12'000.0

16.00 14.00

10'000.0

12.00

8'000.0

10.00

6'000.0

8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 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 |

01.10.2013

Rolls-Royce Holdings PLC Holdings By:

All

Holder Name INVESCO LTD BLACKROCK PERPETUAL INVESTMENT LEGAL & GENERAL VANGUARD GROUP INC BAILLIE GIFFORD AND HARBOR FUNDS FIL LIMITED CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS Northern Cross Inter NORGES BANK NORGES BANK INVESTME SCOTTISH WIDOWS THREADNEEDLE M FINANCIAL INVESTME STATE STREET CORP THORNBURG INVESTMENT FMR LLC STANDARD LIFE INVEST

Firm Name

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

Analyst

RBC Capital Markets ROBERT STALLARD Jefferies SANDY MORRIS AlphaValue THOMAS PICHERIT Espirito Santo Investment Bank Research EDWARD STACEY Investec ANDREW GOLLAN Day by Day VALERIE GASTALDY Liberum Capital Ltd BENJAMIN BOURNE Cantor Fitzgerald ANDREW CHAMBERS Morgan Stanley RUPINDER VIG Exane BNP Paribas OLIVIER BROCHET EVA Dimensions TIMOTHY STANISH Societe Generale ZAFAR KHAN Deutsche Bank BEN FIDLER JPMorgan DAVID H PERRY Shore Capital Stockbrokers GERARD LANE S&P Capital IQ UNAI FRANCO Sanford C. Bernstein & Co DOUGLAS S HARNED UBS CHARLES ARMITAGE Barclays NICK WEBSTER CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX Kepler Cheuvreux CHRISTOPHE MENARD

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

Recommendation outperform buy sell sell add hold buy buy Overwt/In-Line outperform overweight sell sell overweight corporate buy market perform sell overweight sell hold

Amt Held 120'487'796 93'990'210 84'928'999 81'858'814 64'246'008 60'277'271 58'969'691 58'360'922 57'062'291 49'502'250 45'553'844 44'676'196 44'674'730 42'004'275 33'797'272 32'727'840 32'074'111 31'189'550 30'958'721 24'329'225

% Out 6.41 5 4.52 4.35 3.42 3.21 3.14 3.1 3.03 2.63 2.42 2.38 2.38 2.23 1.8 1.74 1.71 1.66 1.65 1.29

Weighting

Change

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

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

Latest Chg 298'988 48'778'690 (4'010'286) 1'596'751 208'582 (20'698'194) 602'116 (36'831) (833'953) (1'098'601) 32'455'108 (312'843) 5'082'190 219'381 (811'123)

Target Price 1'340 1'400 1'009 950 1'180 #N/A N/A 1'340 1'350 1'300 1'365 #N/A N/A 1'150 1'020 1'560 #N/A N/A 1'400 1'100 900 1'225 800 1'050

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

File Dt 30.09.2013 27.09.2013 30.04.2013 31.07.2013 30.06.2013 01.05.2013 18.09.2013 01.05.2013 30.06.2013 30.06.2013 01.05.2013 31.12.2012 01.05.2013 31.07.2013 31.07.2013 30.06.2013 27.09.2013 01.05.2013 31.08.2013 01.05.2013

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

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

Date 30.09.2013 30.09.2013 26.09.2013 25.09.2013 18.09.2013 16.09.2013 12.09.2013 02.09.2013 27.08.2013 20.08.2013 19.08.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 22.07.2013 09.07.2013 09.07.2013 18.02.2013 15.02.2013

01.10.2013

Anglo American PLC Anglo American PLC is a global mining company. The Company's mining portfolio includes bulk commodities including iron ore, manganese and metallurgical coal, base metals including copper and nickel and precious metals and minerals including platinum and diamonds. Anglo American PLC has mining operations in Africa, Europe, North and South America, Asia and Australia.

Price/Volume

2000

10.0 M 8.0 M

1500 1000

12/2012 01/yy 2'088.50 1'195.50 1'349'395.00 1464.5 -29.83% 22.50% 36.11% 1'394.1 20'417.11 16'760.00 0.0 6'130.0 9'094.00 47'445.18

4.0 M

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

12.0 M

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.02.2013) 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 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AAL LN EQUITY YTD Change AAL LN EQUITY YTD % CHANGE

31.12.2008 26'311.0 1.61x 9'986.0 4.23x 5'215.0 5.19x

2500

31.12.2009 31.12.2010 20'858.0 27'960.0 3.39x 2.84x 4'465.0 10'301.0 15.82x 7.71x 2'425.0 6'544.0 21.67x 9.58x Profitability

31.12.2011 30'580.0 1.75x 11'379.0 4.69x 6'169.0 7.24x

31.12.2012 28'761.0 1.97x 7'682.0 7.37x (1'493.0) 7'682.00 5'393.00 18.75% -0.83% -3.14% -6.14% 0.40% 33.9% 26.2% 17.6% -5.2% 2.34 1.32 21.12% 44.51% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.58 1.37 1'222.99 -19.97% -20.10% 1.375 32 3.156 2'760'847 3'227'574 3'492'314 FY+2

12/13 Y 12/14 Y 31'276.1 31'945.5 1.61x 1.63x 8'584.6 9'220.2 5.53x 5.15x 2'171.4 2'707.1 13.18x 11.21x S&P Issuer Ratings

FQ+1

FQ+2

04.04.2013 BBB STABLE 19.04.2010 A-2 7.08 1.91 1.11 2.21 44.5% 27.7% 0.40 0.71 64.36

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 |

01.10.2013

Anglo American PLC Holdings By:

All

Holder Name PUBLIC INVESTMENT CO CORONATION ASSET MAN BLACKROCK GENESIS ASSET MANAGE LEGAL & GENERAL TARL INVESTMENT HOLD EPOCH TWO INVESTMENT NORGES BANK VANGUARD GROUP INC SCOTTISH WIDOWS NORGES BANK INVESTME E OPPENHEIMER & SON FRANKLIN RESOURCES OPPENHEIMERFUNDS INC STATE STREET CORP PEOPLES REPUBLIC OF FIL LIMITED UBS AG OPPENHEIMERFUNDS INC MOMENTUM

Firm Name

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

Analyst

Deutsche Bank ANNA MULHOLLAND Sanford C. Bernstein & Co PAUL GAIT Macquarie KIERAN DALY AlphaValue SACHIN KUMAR Barclays IAN ROSSOUW Nomura SAM CATALANO Liberum Capital Ltd BEN DAVIS BMO Capital Markets TONY ROBSON RBC Capital Markets DES KILALEA Exane BNP Paribas RAPHAEL VEVERKA Jefferies Christopher LaFemina Investec ALBERT MINASSIAN Kepler Cheuvreux JOAKIM AHLBERG Natixis RAOUDHA BOUZEKRI JPMorgan FRASER JAMIESON Day by Day VALERIE GASTALDY Makor Capital ALBERT SAPORTA Redburn Partners SIMON TOYNE Credit Suisse LIAM FITZPATRICK Societe Generale ALAIN WILLIAM Morgan Stanley MENNO SANDERSE Independent Research GmbH SVEN DIERMEIER Goldman Sachs EUGENE KING S&P Capital IQ JOHNSON IMODE HSBC ANDREW KEEN Espirito Santo Investment Bank Research NICK MELLOR UBS MYLES ALLSOP SBG Securities PETER DAVEY EVA Dimensions TIMOTHY STANISH Imara STEPHEN MEINTJES Standard Chartered SUBRAMANIAM VARADA

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

Recommendation buy outperform outperform add equalweight neutral sell market perform underperform neutral hold buy buy neutral neutral hold buy neutral neutral hold Equalwt/In-Line hold Sell/Neutral sell overweight neutral neutral sell underweight hold in-line

Amt Held 81'235'375 71'675'580 64'138'546 63'296'166 50'355'891 47'275'613 42'166'686 32'910'585 31'860'172 29'232'507 29'043'329 25'200'000 25'112'730 24'657'790 24'277'745 23'639'170 19'432'904 17'058'800 16'211'057 13'556'213

% Out 5.83 5.14 4.6 4.54 3.61 3.39 3.02 2.36 2.29 2.1 2.08 1.81 1.8 1.77 1.74 1.7 1.39 1.22 1.16 0.97

Weighting

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

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

Latest Chg (1'189'600) 418'601 351'510 (423'124) 15'143'162 2'780'180 (309'275) 94'571 (482'716) (60'900) 11'781'598

Target Price 1'830 2'025 1'700 1'720 1'415 1'600 #N/A N/A 1'500 1'500 1'550 1'650 1'924 2'000 1'370 1'655 #N/A N/A #N/A N/A #N/A N/A 1'600 1'500 1'610 1'500 1'100 1'200 1'610 1'224 1'350 1'430 #N/A N/A #N/A N/A 1'960

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

File Dt 01.05.2013 05.07.2013 27.09.2013 10.05.2013 31.07.2013 01.05.2013 01.05.2013 31.12.2012 30.06.2013 01.05.2013 01.05.2013 01.05.2013 30.06.2013 01.05.2013 27.09.2013 01.05.2013 01.05.2013 28.06.2013 31.07.2013 31.08.2013

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

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

Date 26.09.2013 26.09.2013 26.09.2013 26.09.2013 24.09.2013 19.09.2013 18.09.2013 16.09.2013 16.09.2013 10.09.2013 09.09.2013 06.09.2013 04.09.2013 29.08.2013 21.08.2013 20.08.2013 15.08.2013 09.08.2013 06.08.2013 31.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 16.07.2013 15.07.2013 10.07.2013 28.06.2013 06.06.2013 17.01.2013 08.09.2012

01.10.2013

Centrica PLC Centrica PLC is an integrated energy company offering a wide range of home and business energy solutions. The Company sources, generates, processes, stores, trades, saves and supplies energy and provides a range of related services.

Price/Volume 450

30.0 M

400

25.0 M

350 300

20.0 M

250

12/2012 01/yy 403.20 308.80 4'761'392.00 367.5 -8.78% 19.01% 64.51% 5'135.1 18'871.51 5'328.00 0.0 0.0 938.00 23'462.51

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

150

10.0 M

100

5.0 M

50 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 20'872.0 0.68x 2'613.0 5.43x (137.0) 241.82x

15.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (13.11.2012) 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 CNA LN EQUITY YTD Change CNA LN EQUITY YTD % CHANGE

31.12.2009 31.12.2010 21'963.0 22'423.0 0.81x 0.92x 2'721.0 3'336.0 6.54x 6.19x 844.0 1'935.0 22.13x 9.11x Profitability

31.12.2011 22'824.0 0.81x 3'310.0 5.62x 421.0 33.64x

31.12.2012 23'942.0 0.91x 3'698.0 5.88x 1'273.0 13.56x 3'698.00 2'422.00 10.12% 10.20% 5.05% 18.48% 11.02% 1.17% 22.0% 15.8% 10.0% 5.3% 0.95 0.45 24.27% 89.89% 44.14

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.54 0.69 5'126.43 16.60% 15.09% 0.694 23 3.348 16'692'260 9'136'008 8'372'507 FY+2

12/13 Y 12/14 Y 25'551.2 28'282.8 0.94x 0.84x 4'127.0 4'373.1 5.69x 5.37x 1'425.6 1'489.0 13.13x 12.42x S&P Issuer Ratings

FQ+1

FQ+2

29.05.2009 ASTABLE 29.05.2009 A-2 7.44 3.83 1.14 1.34 89.9% 47.3% 1.17 3.29 8.27 20.79

Sales/Revenue/Turnover

10.00

30'000.0

9.00

25'000.0

8.00 7.00

20'000.0

6.00

15'000.0

5.00 4.00

10'000.0

3.00 2.00

5'000.0

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 |

01.10.2013

Centrica PLC Holdings By:

All

Holder Name INVESCO LTD ABERDEEN BLACKROCK LEGAL & GENERAL SCOTTISH WIDOWS NEWTON INV MGMT FIL LIMITED VANGUARD GROUP INC BANK OF NEW YORK MEL NORGES BANK INVESTME UBS AG NORGES BANK PRUDENTIAL PLC STATE STREET CORP SCHRODER INVESTMENT WALTER SCOTT & PARTN PEOPLES REPUBLIC OF PERPETUAL INVESTMENT JP MORGAN CAPITAL GROUP COMPAN

Firm Name RBC Capital Markets JPMorgan Raymond James S&P Capital IQ AlphaValue Day by Day Exane BNP Paribas Morgan Stanley Goldman Sachs Deutsche Bank Liberum Capital Ltd Credit Suisse HSBC Kepler Cheuvreux Societe Generale Redburn Partners Barclays UBS EVA Dimensions Berenberg Bank Mirabaud Securities

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

Analyst JOHN MUSK EDMUND REID EMMANUEL RETIF CLIVE ROBERTS MYRIAM COHEN VALERIE GASTALDY IAIN TURNER BOBBY CHADA ANDREW MEAD MARTIN BROUGH PETER ATHERTON MARK FRESHNEY VERITY MITCHELL INGO BECKER ASHLEY THOMAS JAMIE TUNNICLIFFE PETER BISZTYGA STEPHEN HUNT DOUG WALTERS TEAM COVERAGE GUS HOCHSCHILD

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

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

Amt Held 258'200'185 247'804'357 213'064'012 210'219'442 176'661'116 175'772'868 147'161'813 145'744'098 135'734'067 115'670'650 114'115'879 113'058'384 105'915'795 104'258'720 93'158'901 79'150'586 78'284'584 77'000'595 76'235'846 73'437'520

% Out 5.03 4.83 4.15 4.09 3.44 3.42 2.87 2.84 2.64 2.25 2.22 2.2 2.06 2.03 1.81 1.54 1.52 1.5 1.48 1.43

Weighting

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

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

Latest Chg (5'886'753) 10'721'225 (6'217'023) (10'147'041) (2'496'825) (6'000'841) 6'535'815 (10'046'858) 3'160'810 (1'123'837) (20'863) 2'869'659 (1'053'000) 2'283'630 (307'001) 10'715'199 21'205'520

Target Price 400 375 347 538 427 #N/A N/A 310 395 456 430 440 320 440 350 410 #N/A N/A 380 370 #N/A N/A 380 435

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

File Dt 30.09.2013 31.08.2013 27.09.2013 31.07.2013 30.06.2013 01.05.2013 01.05.2013 30.06.2013 27.09.2013 01.05.2013 28.06.2013 31.12.2012 30.06.2013 27.09.2013 01.05.2013 01.05.2013 01.05.2013 31.01.2013 31.07.2013 30.06.2013

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

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

Date 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 16.09.2013 10.09.2013 09.09.2013 09.09.2013 03.09.2013 23.08.2013 19.08.2013 15.08.2013 07.08.2013 01.08.2013 01.08.2013 16.07.2013 26.06.2013 06.06.2013 31.05.2013 25.02.2013

01.10.2013

WPP PLC WPP plc operates a communications services group. The Company's operations encompass advertising, media investment management, information and consultancy, public relations and public affairs, healthcare and specialist communications, and branding and identity services.

Price/Volume 1400

12.0 M

1200

10.0 M

1000

8.0 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.09.2013) 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 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WPP LN EQUITY YTD Change WPP LN EQUITY YTD % CHANGE

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

4.0 M

400

2.0 M

200 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 7'476.9 1.11x 1'107.6 7.51x 439.1 10.48x

6.0 M

600

12/2012 06/yy 1'313.00 766.00 1'583'513.00 1267 -3.50% 65.40% 92.14% 1'335.1 16'915.34 4'766.50 0.0 249.6 1'945.30 19'898.74

31.12.2009 31.12.2010 8'684.3 9'331.0 1.21x 1.29x 1'135.8 1'358.4 9.23x 8.89x 437.7 586.0 16.97x 16.61x Profitability

LTM-4Q 31.12.2011 10'021.8 1.12x 1'576.7 7.14x 840.1 9.99x

31.12.2012 10'373.1 1.38x 1'822.3 7.85x 822.7 13.42x 1'822.30 1'425.70 13.74% 10.53% 3.36% 11.34% 9.61% 0.44% 91.7% 17.6% 13.8% 7.9% 0.92 0.67 19.16% 69.98% 1.83 2.40

Price/ Cash Flow

LTM

06/yy 10'280.3 0.00x 0.0 0.00x 0.0 0.00x

06/yy 10'728.2 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-13

2.39 1.13 1'314.54 53.92% 45.23% 1.135 32 4.156 2'722'092 3'267'981 2'747'603 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 11'161.0 11'761.9 2'677.6 3'115.2 1.75x 1.61x 1'911.3 2'069.5 10.41x 9.62x 1'081.3 1'197.1 15.43x 13.97x S&P Issuer Ratings

10.11.2008 BBB STABLE 05.04.2011 A-2 6.08 5.11 1.44 2.19 70.0% 40.3% 0.44 13.95 199.06 152.06 3121.56 -2679.03

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 |

01.10.2013

WPP PLC Holdings By:

All

Holder Name BLACKROCK SUN LIFE FINANCIAL I LEGAL & GENERAL VANGUARD GROUP INC FIL LIMITED CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA NORGES BANK SORRELL MARTIN STUAR THORNBURG INVESTMENT SCOTTISH WIDOWS FMR LLC INVESCO LTD SKANDIA INVESTMENT M FIRST PACIFIC ADVISO FRAMLINGTON INVESTME ARTISAN PARTNERS HOL STATE STREET CORP JO HAMBRO CAPITAL MA ROYAL BANK OF CANADA

Firm Name Macquarie Panmure Gordon & Co Limited HSBC Nomura Day by Day AlphaValue Deutsche Bank Sanford C. Bernstein & Co Pivotal Research Group LLC Barclays Exane BNP Paribas BMO Capital Markets JPMorgan Goldman Sachs Berenberg Bank Jefferies Natixis Societe Generale Investec Credit Suisse Numis Securities Ltd Morgan Stanley Evercore Partners S&P Capital IQ Liberum Capital Ltd UBS Main First Bank AG Kepler Cheuvreux EVA Dimensions Oddo & Cie N+1 Singer Ltd Wells Fargo Securities, LLC

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

Analyst TIMOTHY W NOLLEN ALEX DE GROOTE OLIVIER MORAL WILLIAM MAIRS VALERIE GASTALDY VERONIQUE CABIOC'H PATRICK KIRBY CLAUDIO ASPESI BRIAN WIESER JULIEN ROCH CHARLES BEDOUELLE DANIEL SALMON FILIPPO PIETRO LO FRANCO VIGHNESH PADIACHY SARAH SIMON DAVID REYNOLDS JEROME BODIN LAURENT PICARD STEVEN LIECHTI NICK BERTOLOTTI PAUL RICHARDS PATRICK WELLINGTON DOUGLAS M ARTHUR ALEXANDER WISCH IAN WHITTAKER TAMSIN GARRITY THOMAS JORION CONOR O'SHEA CRAIG STERLING BRUNO HARENG JOHNATHAN BARRETT PETER STABLER

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG RNS-DIR MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation outperform buy overweight buy hold reduce buy outperform hold overweight outperform market perform overweight Buy/Neutral sell buy reduce buy buy outperform add Equalwt/Attractive overweight buy buy buy underperform buy overweight neutral not rated outperform

Amt Held 81'676'870 70'862'918 49'223'178 45'903'664 42'043'046 37'363'273 27'551'920 24'463'087 18'556'204 17'976'694 14'972'002 13'066'525 12'098'097 10'490'465 10'134'960 9'962'845 8'919'285 7'058'620 5'707'092 5'218'352

% Out 6.12 5.31 3.69 3.44 3.15 2.8 2.06 1.83 1.39 1.35 1.12 0.98 0.91 0.79 0.76 0.75 0.67 0.53 0.43 0.39

Weighting

Change

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

Latest Chg 1'058'266 13'537'605 (211'381) (147'637) 12'990'121 (4'221'727) 770'600 112'683 30'384 (100'903) 1'547'433 (371'995) 6'556 447'881 (144'920)

Target Price 1'500 1'550 1'500 1'300 #N/A N/A 1'220 1'500 1'500 1'320 1'425 1'500 1'200 1'520 1'600 1'085 1'425 1'080 1'340 1'325 1'400 1'270 1'235 1'400 1'350 1'300 1'300 1'100 1'300 #N/A N/A 950 #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 27.09.2013 31.10.2012 31.07.2013 30.06.2013 30.04.2013 30.06.2013 30.06.2013 31.12.2012 02.05.2013 31.07.2013 28.02.2013 31.08.2013 30.09.2013 30.08.2013 31.03.2013 30.08.2013 31.03.2013 27.09.2013 30.06.2013 31.05.2013

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

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

Date 01.10.2013 01.10.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 24.09.2013 19.09.2013 17.09.2013 11.09.2013 10.09.2013 09.09.2013 09.09.2013 04.09.2013 04.09.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 29.08.2013 29.08.2013 29.08.2013 16.08.2013 29.07.2013 15.07.2013 18.06.2013 13.05.2013 22.01.2013 01.03.2012 08.02.2012

01.10.2013

Compass Group PLC Compass Group PLC provides catering and support services in countries throughout the world. The Company's clients are in locations including offices, factories, hospitals and care homes, schools and universities, sports venues, military facilities, offshore platforms and other remote locations.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 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 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CPG LN EQUITY YTD Change CPG LN EQUITY YTD % CHANGE

09/2012 01/yy 917.00 670.50 1'684'004.00 854.5 -6.82% 27.44% 72.82% 1'804.7 15'421.21 1'785.00 0.0 10.0 728.00 16'823.21

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

30.09.2009 30.09.2010 13'444.0 14'468.0 0.60x 0.74x 1'102.0 1'228.0 7.36x 8.73x 586.0 675.0 12.96x 15.03x Profitability

30.09.2011 15'833.0 0.68x 1'331.0 8.07x 728.0 14.31x

30.09.2012 16'905.0 0.81x 1'480.0 9.29x 605.0 21.29x

1'480.00 1'143.00 6.76% 4.67% 6.25% 17.80% 12.38% 1.78% 8.8% 6.8% 3.6% 0.87 0.73 19.34% 55.25% -

Price/ Cash Flow

10.0 M 8.0 M 6.0 M 4.0 M 2.0 M

n-12

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 -

2.59 0.84 1'799.52 26.38% 21.24% 0.839 30 3.800 4'380'514 3'326'343 2'888'840 FY+2

09/13 Y 09/14 Y 17'624.6 18'272.8 0.96x 0.91x 1'554.9 1'641.0 10.82x 10.25x 853.8 912.9 18.18x 16.79x S&P Issuer Ratings

FQ+1

FQ+2

18.02.2013 A STABLE 15.74 13.19 0.92 1.36 55.2% 35.5% 1.78 24.41 -

Sales/Revenue/Turnover

18.00

18'000.0

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 02.10.2009

12.0 M

Fiscal Year Ended 30.09.2008 11'440.0 0.64x 864.0 8.53x 443.0 16.46x

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

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 |

01.10.2013

Compass Group PLC Holdings By:

All

Holder Name BLACKROCK SUN LIFE FINANCIAL I LEGAL & GENERAL ARTISAN PARTNERS HOL INVESCO LTD PRUDENTIAL PLC SCOTTISH WIDOWS VANGUARD GROUP INC NORGES BANK INVESTME NORGES BANK THREADNEEDLE ARTISAN PARTNERS HOL STATE STREET CORP UBS AG PEOPLES REPUBLIC OF MONDRIAN INVESTMENT LONGVIEW PARTNERS (G STANDARD LIFE INVEST ALLIANZ ASSET MANAGE AVIVA INVESTORS

Firm Name Goldman Sachs Natixis Nomura Morgan Stanley JPMorgan Numis Securities Ltd Oriel Securities Ltd Societe Generale Investec RBC Capital Markets Raymond James HSBC Oddo & Cie Bryan Garnier & Cie Panmure Gordon & Co Limited Exane BNP Paribas Barclays AlphaValue Deutsche Bank Credit Suisse Shore Capital Stockbrokers Kepler Cheuvreux Canaccord Genuity Corp Day by Day UBS Jefferies Baden Hill LLP EVA Dimensions

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

Analyst NICK EDELMAN GEOFFREY D'HALLUIN TIM BARRETT JAMIE ROLLO MIKE J GIBBS WYN ELLIS JEFFREY HARWOOD SABRINA BLANC JAMES HOLLINS ANDREW BROOKE JULIEN RICHER LENA THAKKAR GUILLAUME RASCOUSSIER BRUNO DE LA ROCHEBROCHARD KARL BURNS MATTHIAS DESMARAIS VICTORIA LEE BERENICE LACROIX RICHARD CARTER TIM RAMSKILL GREG JOHNSON CATHERINE ROLLAND GRAHAM BROWN VALERIE GASTALDY JARROD CASTLE JAMES WHEATCROFT CRAIG FRASER CRAIG STERLING

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

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

Amt Held 181'766'878 137'608'618 81'150'715 78'782'357 57'947'188 47'633'240 47'353'731 43'924'238 42'983'064 42'848'292 42'630'001 40'742'164 33'647'980 31'260'417 30'967'279 28'209'986 27'921'695 25'578'084 24'913'615 23'300'911

% Out 10.07 7.62 4.5 4.37 3.21 2.64 2.62 2.43 2.38 2.37 2.36 2.26 1.86 1.73 1.72 1.56 1.55 1.42 1.38 1.29

Weighting

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

Latest Chg (878'115) 20'525'597 (3'836'745) 2'614'678 (1'927'814) 176'680 (1'570'284) 1'405'411 (888'785) (2'290'831) 3'421'969 269'378 1'303'318 1'912'918 1'042'340 (244'000) (1'089'870) 59'919 (2'758'034)

Target Price 815 880 1'055 880 950 850 800 970 925 930 #N/A N/A 760 850 900 820 940 1'000 850 1'000 985 #N/A N/A 845 665 #N/A N/A 900 890 #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 27.09.2013 Investment Advisor 01.05.2013 Investment Advisor 31.07.2013 Unclassified 01.05.2013 Investment Advisor 30.09.2013 Investment Advisor 01.05.2013 Unclassified 31.07.2013 Unclassified 30.06.2013 Investment Advisor 01.05.2013 Government 31.12.2012 Government 31.07.2013 Unclassified 31.03.2013 Investment Advisor 27.09.2013 Investment Advisor 28.06.2013 Unclassified 01.05.2013 Government 01.05.2013 Hedge Fund Manager 01.05.2013 Unclassified 01.05.2013 Investment Advisor 31.08.2013 Investment Advisor 01.05.2013 Investment Advisor

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

Date 01.10.2013 01.10.2013 30.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 23.09.2013 19.09.2013 05.09.2013 15.07.2013 08.07.2013 01.07.2013 19.06.2013 13.06.2013 09.05.2013 21.03.2013

01.10.2013

BAE Systems PLC BAE Systems plc develops, delivers, and supports advanced defense and aerospace systems. The Group manufactures military aircraft, surface ships, submarines, radar, avionics, communications, electronics, and guided weapon systems. BAE Systems services clients located throughout the world.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 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 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BA/ LN EQUITY YTD Change BA/ LN EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 471.00 300.80 1'617'016.00 454.7 -3.40% 51.16% 90.25% 3'226.9 14'672.78 2'988.00 0.0 54.0 3'355.00 15'945.78

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

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 16'671.0 0.81x 2'512.0 5.37x 1'745.0 7.60x

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

31.12.2009 31.12.2010 20'374.0 20'980.0 0.60x 0.54x 2'379.0 2'394.0 5.12x 4.72x (67.0) 1'052.0 11.83x Profitability

31.12.2011 17'770.0 0.58x 2'282.0 4.53x 1'240.0 7.71x

31.12.2012 16'620.0 0.64x 2'307.0 4.61x 1'068.0 10.27x 2'307.00 1'638.00 9.86% 8.24% 4.45% 25.44% 0.74% 12.8% 9.2% 6.4% 0.78 0.48 13.41% 80.32% 4.86 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.33 0.96 3'094.96 46.77% 39.16% 0.964 21 3.143 8'164'090 4'979'440 4'906'350 FY+2

12/13 Y 12/14 Y 18'856.9 18'676.2 0.84x 0.85x 2'399.4 2'306.4 6.65x 6.92x 1'377.2 1'313.4 10.68x 10.88x S&P Issuer Ratings

FQ+1

FQ+2

16.10.2007 BBB+ STABLE 24.04.2006 A-2 9.23 7.79 0.57 1.47 80.3% 44.2% 0.74 7.08 75.15 -

Sales/Revenue/Turnover

30.00

25'000.0

25.00

20'000.0

20.00

15'000.0

15.00

10'000.0 10.00

5'000.0

5.00 0.00 01.01.2010

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 |

01.10.2013

BAE Systems PLC Holdings By:

All

Holder Name INVESCO LTD PERPETUAL INVESTMENT LEGAL & GENERAL AXA FRANKLIN RESOURCES BARCLAYS PLC SILCHESTER INTL INVE SCOTTISH WIDOWS BAE SYSTEMS PLC SIP CAPITAL GROUP COMPAN LLOYDS BANKING GROUP UBS AG FIL LIMITED NORGES BANK INVESTME PRUDENTIAL PLC NEWTON INV MGMT BLACKROCK ARTEMIS INVESTMENT M MAJEDIE ASSET MANAGE GRANTHAM MAYO VAN OT

Firm Name

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

Analyst

AlphaValue THOMAS PICHERIT UBS CHARLES ARMITAGE Espirito Santo Investment Bank Research EDWARD STACEY Day by Day VALERIE GASTALDY Investec ANDREW GOLLAN Sanford C. Bernstein & Co DOUGLAS S HARNED Cantor Fitzgerald ANDREW CHAMBERS RBC Capital Markets ROBERT STALLARD Morgan Stanley RUPINDER VIG Kepler Cheuvreux CHRISTOPHE MENARD EVA Dimensions TIMOTHY STANISH CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX S&P Capital IQ UNAI FRANCO Exane BNP Paribas TRISTAN SANSON Societe Generale ZAFAR KHAN Deutsche Bank BEN FIDLER JPMorgan DAVID H PERRY Jefferies SANDY MORRIS Barclays NICK WEBSTER Canaccord Genuity Corp PAUL BRANT

Source ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG REG ULT-AGG REG REG RNS-RUL8

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

Amt Held 423'261'859 316'110'125 260'359'004 171'841'827 159'942'269 128'774'804 118'224'809 115'123'459 107'723'551 97'255'217 88'466'322 85'568'566 60'520'303 52'085'278 49'907'935 49'266'039 45'197'744 44'916'347 39'042'485 38'552'907

% Out 13.12 9.8 8.07 5.33 4.96 3.99 3.66 3.57 3.34 3.01 2.74 2.65 1.88 1.61 1.55 1.53 1.4 1.39 1.21 1.19

Weighting

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

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

Latest Chg (749'624) (1'720'004) (125'172) 44'239 7'018'089 3'936'476 (69'117) 749'819 (863'292) 1'698'214 (57'052) 22'759'250 (33'721) (867'274) (7'195'110) (33'900)

Target Price 415 490 510 495 485 485 490 420 430 440 #N/A N/A 450 420 460 480 415 390 350 370 345

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

File Dt 30.09.2013 31.08.2013 31.07.2013 01.07.2013 30.06.2013 31.12.2012 01.07.2013 01.07.2013 01.07.2013 27.09.2013 30.08.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 27.09.2013 01.07.2013 01.07.2013 08.10.2012

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

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

Date 26.09.2013 25.09.2013 25.09.2013 19.09.2013 18.09.2013 16.09.2013 13.09.2013 11.09.2013 09.08.2013 07.08.2013 07.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 09.07.2013 26.03.2012

01.10.2013

SSE PLC SSE PLC generates, transmits, distributes and supplies electricity to industrial, commercial and domestic customers in the United Kingdom and Ireland. The Company also stores and distributes natural gas, and operates a telecommunications network that offers bandwidth and capacity to companies, public sector organizations, Internet service providers, and others.

Price/Volume 1800

6.0 M

1600

5.0 M

1400 1200

4.0 M

1000

03/2013 01/yy 1'690.00 1'363.00 849'286.00 1471 -12.90% 7.92% 33.94% 965.5 14'202.32 6'085.00 0.0 0.0 538.70 19'748.62

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

600

2.0 M

400

1.0 M

200 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 25'424.2 0.60x 1'784.1 8.58x 112.3 87.20x

3.0 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (13.11.2012) 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 SSE LN EQUITY YTD Change SSE LN EQUITY YTD % CHANGE

31.03.2010 31.03.2011 21'550.4 28'334.2 0.74x 0.60x 1'773.4 1'856.3 8.97x 9.13x 1'235.3 1'504.5 8.22x 7.77x Profitability

31.03.2012 31'723.9 0.59x 1'946.8 9.56x 197.8 63.01x

31.03.2013 28'304.6 0.70x 1'731.2 11.47x 425.9 33.17x

1'731.20 1'154.50 4.08% 2.12% 2.11% 8.41% 7.66% 1.41% 9.5% 6.1% 4.1% 1.5% 0.89 0.42 29.54% 109.66% 9.19 83.20

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

5.72 0.64 936.08 11.00% 9.59% 0.637 21 3.048 3'864'232 1'826'721 1'739'684 FY+2

03/14 Y 03/15 Y 32'990.6 34'465.7 0.66x 0.64x 2'308.7 2'480.4 8.55x 7.96x 1'145.8 1'245.8 12.28x 11.46x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

21.08.2009 ANEG 21.08.2009 A-2 3.38 0.84 3.20 3.51 109.7% 52.3% 1.41 2.98 39.72 4.39 41.00 3.13

Sales/Revenue/Turnover

8.00

35'000.0

7.00

30'000.0

6.00

25'000.0

5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

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 |

01.10.2013

SSE PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN LEGAL & GENERAL BLACKROCK BANK OF NEW YORK MEL NORGES BANK INVESTME VANGUARD GROUP INC BREWIN DOLPHIN LIMIT JP MORGAN FIL LIMITED CLEARSTREAM BANKING HSBC INVESTMENTS UK RATHBONE PERPETUAL INVESTMENT FEDERATED INVESTORS SCOTTISH WIDOWS BARCLAYS PROP TRADIN INVESTEC WEALTH & IN STATE STREET CORP UBS AG NOMURA

Firm Name RBC Capital Markets S&P Capital IQ Raymond James AlphaValue Societe Generale Exane BNP Paribas Morgan Stanley Goldman Sachs Credit Suisse HSBC Day by Day Liberum Capital Ltd JPMorgan Barclays UBS Berenberg Bank EVA Dimensions Deutsche Bank Redburn Partners

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

Analyst JOHN MUSK CLIVE ROBERTS EMMANUEL RETIF MYRIAM COHEN ASHLEY THOMAS IAIN TURNER BOBBY CHADA ANDREW MEAD MARK FRESHNEY VERITY MITCHELL VALERIE GASTALDY PETER ATHERTON EDMUND REID PETER BISZTYGA STEPHEN HUNT TEAM COVERAGE DOUG WALTERS MARTIN BROUGH JAMIE TUNNICLIFFE

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

Recommendation sector perform buy underperform add sell outperform Underwt/In-Line Sell/Neutral outperform neutral hold buy underweight overweight buy hold sell hold buy

Amt Held 85'895'986 68'350'524 32'611'445 31'514'212 28'887'963 21'822'279 18'771'401 16'755'333 13'849'845 13'569'318 12'705'849 11'217'071 10'888'619 10'391'770 9'205'980 8'883'695 8'710'412 8'631'706 7'898'173 7'282'567

% Out 8.9 7.08 3.38 3.26 2.99 2.26 1.94 1.74 1.43 1.41 1.32 1.16 1.13 1.08 0.95 0.92 0.9 0.89 0.82 0.75

Weighting

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

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

Latest Chg (2'354'301) (14'182'453) 922'670 (242'402) 849'127 36'761 16'115'325 (5'580'324) 796'580 9'049'742 27'886 218'239 624'000 (4'369'527) (46'485) (3'138'832) (1'373'141) 49'241

Target Price 1'740 1'700 1'270 1'650 1'380 1'800 1'280 1'385 1'700 1'630 #N/A N/A 1'575 1'220 1'810 1'630 1'570 #N/A N/A 1'400 #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 01.08.2013 27.09.2013 27.09.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.01.2013 30.06.2013 01.08.2013 01.08.2013 01.08.2013 27.09.2013 01.08.2013 01.08.2013

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

Inst Type Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Other Investment Advisor Investment Advisor Unclassified Other Investment Advisor Investment Advisor Unclassified Unclassified

Date 01.10.2013 30.09.2013 26.09.2013 26.09.2013 19.09.2013 17.09.2013 09.09.2013 09.09.2013 03.09.2013 19.08.2013 12.08.2013 30.07.2013 19.07.2013 16.07.2013 26.06.2013 11.06.2013 06.06.2013 23.05.2013 16.10.2012

01.10.2013

ARM Holdings PLC ARM Holdings plc develops processors, data engines, peripherals, software, and tools. The Group's solutions are used in a variety of applications, including in the automotive, consumer entertainment, digital imaging, mass storage, networking, security, and wireless industries.

Price/Volume 1200

18.0 M 16.0 M

1000

14.0 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 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 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ARM LN EQUITY YTD Change ARM LN EQUITY YTD % CHANGE

12/2012 06/yy 1'111.00 570.00 1'042'178.00 990 -10.89% 73.68% 76.89% 1'399.2 13'852.46 5.80 0.0 0.0 386.30 13'251.66

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

10.0 M 8.0 M

400

6.0 M 4.0 M

200

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 298.9 3.63x 90.0 12.05x 43.6 25.11x

12.0 M

600

31.12.2009 31.12.2010 305.0 406.6 7.36x 13.31x 63.1 125.6 35.55x 43.09x 40.4 86.0 55.60x 64.66x Profitability

LTM-4Q 31.12.2011 491.8 15.56x 159.3 48.06x 112.6 70.69x

31.12.2012 576.9 17.72x 226.5 45.14x 160.7 65.72x 226.50 209.10 36.25% 38.31% 9.93% 12.04% 0.44% 94.5% 32.3% 28.8% 27.9% 2.84 2.19 0.40% 0.48% 5.35 15.96

Price/ Cash Flow

06/yy 526.0 55.96x 0.0 0.00x 141.3 48.68x

LTM 06/yy 650.3 62.26x 0.0 0.00x 146.2 75.26x

FY+1

.0 M o-13

0.50 1.18 1'393.23 69.90% 29.64% 1.178 29 3.862 2'597'844 3'351'847 4'046'038 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 702.4 816.9 175.7 188.4 18.96x 16.04x 75.40x 70.12x 329.7 429.0 86.8 97.3 40.20x 30.89x 32.39x 30.30x 294.4 362.5 69.4 77.4 47.83x 38.37x 42.86x 40.41x S&P Issuer Ratings

755.00 687.67 -2.86 0.02 0.5% 0.5% 0.44 18.82 68.24 22.87 134.95 20.76

Sales/Revenue/Turnover

100.00

700.0

90.00

600.0

80.00 70.00

500.0

60.00

400.0

50.00

300.0

40.00

200.0

30.00 20.00

100.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

01.10.2013

ARM Holdings PLC Holdings By:

All

Holder Name BAILLIE GIFFORD AND FMR LLC LEGAL & GENERAL CAPITAL GROUP COMPAN VANGUARD GROUP INC BLACKROCK JANUS CAPITAL MANAGE NORGES BANK INVESTME SCOTTISH WIDOWS NORGES BANK STATE STREET CORP PEOPLES REPUBLIC OF LONE PINE CAPITAL LL THORNBURG INVESTMENT SANDS CAPITAL MANAGE APG ALGEMENE PENSIOE HARDING LOEVNER LP FRANKLIN RESOURCES STANDARD LIFE INVEST UBS AG

Firm Name

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

Analyst

AlphaValue LIONEL PELLICER Day by Day VALERIE GASTALDY Exane BNP Paribas JEROME RAMEL Sanford C. Bernstein & Co PIERRE FERRAGU Finncap LORNE DANIEL Kepler Cheuvreux BERND LAUX Morgan Stanley FRANCOIS MEUNIER RBC Capital Markets ANDREW DUNN Numis Securities Ltd NICK JAMES Deutsche Bank KAI KORSCHELT Goldman Sachs SIMON F SCHAFER Jefferies LEE SIMPSON Berenberg Bank ADNAAN AHMAD Natixis STEPHANE HOURI Societe Generale PETER KNOX BMO Capital Markets AMBRISH SRIVASTAVA Peel Hunt ALEXANDRA JARVIS Barclays ANDREW M GARDINER Credit Suisse ACHAL SULTANIA JPMorgan SANDEEP S DESHPANDE Investec JULIAN YATES S&P Capital IQ JAMES CRAWSHAW Redburn Partners SUMANT WAHI UBS GARETH JENKINS EVA Dimensions ANDREW S ZAMFOTIS Liberum Capital Ltd JANARDAN MENON Espirito Santo Investment Bank Research VIJAY ANAND Sanlam Securities UK Ltd JULIAN TOLLEY Panmure Gordon & Co Limited GEORGE O'CONNOR

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

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

Amt Held 98'093'074 67'972'760 56'644'896 55'769'294 54'826'924 49'188'739 48'899'985 27'773'416 27'307'633 27'304'809 25'120'133 24'189'033 22'036'543 21'683'776 20'818'400 17'554'268 12'267'180 11'236'231 11'115'223 10'237'636

% Out 7.01 4.86 4.05 3.99 3.92 3.52 3.49 1.98 1.95 1.95 1.8 1.73 1.57 1.55 1.49 1.25 0.88 0.8 0.79 0.73

Weighting

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

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

Latest Chg 3'886'859 (700'152) (620'723) (27'138'744) 1'456'981 (390'227) (323'244) 898'256 1'237'224 2'183'226 9'364'546 (3'661'735) 1'979'600 262'731 (4'453'770) (99'784) (3'022'365) 598'439

Target Price 722 1'106 940 590 900 1'040 925 1'050 800 1'080 1'500 1'300 1'350 1'000 640 1'200 950 1'125 1'130 625 1'100 1'030 #N/A N/A 970 #N/A N/A 725 920 680 265

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

File Dt Inst Type 03.06.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2013 Unclassified 12.07.2013 Investment Advisor 30.06.2013 Investment Advisor 27.09.2013 Investment Advisor 03.06.2013 Investment Advisor 03.06.2013 Government 03.06.2013 Unclassified 31.12.2012 Government 27.09.2013 Investment Advisor 03.06.2013 Government 03.06.2013 Hedge Fund Manager 03.06.2013 Investment Advisor 03.06.2013 Investment Advisor 03.06.2013 Pension Fund (ERISA) 03.06.2013 Investment Advisor 30.06.2013 Investment Advisor 03.06.2013 Investment Advisor 30.06.2013 Unclassified

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

Date 26.09.2013 23.09.2013 20.09.2013 18.09.2013 16.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 06.09.2013 03.09.2013 20.08.2013 12.08.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 03.07.2013 05.06.2013 13.05.2013 18.03.2013 09.11.2011 02.09.2010

01.10.2013

Shire PLC Shire PLC markets, licenses and develops prescription medicines. The Group focuses its operations on attention deficit and hyperactivity disorders, human genetic therapies, gastrointestinal, and renal diseases.

Price/Volume 3000

9.0 M 8.0 M

2500

7.0 M

2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (26.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SHP LN EQUITY YTD Change SHP LN EQUITY YTD % CHANGE

12/2012 06/yy 2'602.00 1'682.00 618'676.00 2490 -4.30% 48.04% 86.52% 553.2 13'773.59 1'100.00 0.0 0.0 1'482.20 22'126.46

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

5.0 M 4.0 M

1000

3.0 M 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 31.12.2008 2'999.7 3.06x 867.6 10.59x 156.0 45.95x

6.0 M

1500

31.12.2009 31.12.2010 2'986.2 3'456.3 3.89x 4.07x 876.3 1'075.4 13.26x 13.09x 491.6 588.0 20.96x 22.34x Profitability

LTM-4Q 31.12.2011 4'233.7 4.64x 1'448.0 13.56x 865.0 22.17x

31.12.2012 4'648.3 3.56x 1'584.4 10.43x 745.4 22.84x 1'584.40 1'275.80 27.45% 19.63% 7.92% 15.90% 12.84% 0.63% 86.1% 30.3% 23.7% 16.0% 1.95 1.40 15.03% 28.88% 1.47

Price/ Cash Flow

06/yy 4'581.3 15.78x 1'559.8 10.23x 924.4 17.19x

LTM 06/yy 4'702.8 14.07x 1'423.0 12.06x 592.1 29.57x

FY+1

.0 M o-13

0.44 0.81 552.66 36.64% 32.66% 0.815 23 4.435 1'653'949 1'392'599 1'377'387 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'982.2 5'348.9 1'221.5 1'330.8 4.27x 3.71x 18.08x 16.09x 1'822.4 2'055.5 452.0 565.0 12.14x 10.76x 1'315.7 1'498.2 310.4 347.2 17.57x 15.30x 18.36x 18.04x S&P Issuer Ratings

41.48 37.56 -0.14 0.77 28.9% 22.4% 0.63 5.01 247.68 170.71

Sales/Revenue/Turnover

25.00

5'000.0 4'500.0 4'000.0

20.00

3'500.0 15.00

3'000.0

10.00

2'500.0 2'000.0 1'500.0 1'000.0

5.00

500.0 0.00 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 |

01.10.2013

Shire PLC Holdings By:

All

Holder Name BLACKROCK FMR LLC NORGES BANK VANGUARD GROUP INC CAPITAL GROUP INTERN SCHRODER INVESTMENT ALLIANZ ASSET MANAGE FIL LIMITED SCOTTISH WIDOWS INVESCO LTD STATE STREET CORP LEGAL & GENERAL WADDELL & REED FINAN EDMOND DE ROTHSCHILD SWEDBANK ROBUR FONDE ROYAL LONDON ASSET M OPPENHEIMERFUNDS INC BANQUE DE LUXEMBOURG PRINCIPAL FINANCIAL JP MORGAN

Firm Name Morgan Stanley JPMorgan Sanford C. Bernstein & Co AlphaValue Deutsche Bank Exane BNP Paribas Panmure Gordon & Co Limited Day by Day Barclays Berenberg Bank Societe Generale Bryan Garnier & Cie Shore Capital Stockbrokers Cenkos Securities Ltd Credit Suisse UBS Jefferies S&P Capital IQ EVA Dimensions Goldman Sachs Redburn Partners

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

Analyst AMY WALKER JAMES D GORDON AARON GAL KAMLA SINGH MARK CLARK NICOLAS GUYON-GELLIN SAVVAS NEOPHYTOU VALERIE GASTALDY DANI SAURYMPER ALISTAIR CAMPBELL STEPHEN MCGARRY MARTIAL DESCOUTURES BRIAN WHITE NAVID MALIK LUISA HECTOR GUILLAUME VAN RENTERGHEM PETER WELFORD JACOB THRANE TIMOTHY STANISH KEYUR PAREKH TEAM COVERAGE

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

Recommendation Overwt/Attractive overweight outperform reduce buy outperform buy buy overweight hold buy neutral buy buy outperform buy buy hold buy Buy/Neutral neutral

Amt Held 56'533'559 27'861'459 12'637'745 10'483'134 9'789'761 5'766'556 5'274'982 4'757'834 4'386'618 3'350'409 3'192'102 3'086'687 2'545'390 2'486'901 2'465'145 2'464'850 2'355'822 2'022'870 1'999'866 1'865'223

% Out 10.22 5.04 2.28 1.9 1.77 1.04 0.95 0.86 0.79 0.61 0.58 0.56 0.46 0.45 0.45 0.45 0.43 0.37 0.36 0.34

Weighting

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

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

Latest Chg 238'194 593'897 187'901 (2'156'129) (165'813) 1'277'938 51'020 (201'548) 1'635'550 (99'594) (16'232) (3'410) 422'708 (317'561)

Target Price 2'750 3'000 2'800 2'338 2'660 2'700 2'750 2'665 2'515 2'350 2'786 2'350 #N/A N/A 2'590 2'600 2'600 2'700 2'500 #N/A N/A 2'850 #N/A N/A

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

File Dt 27.09.2013 15.02.2013 31.12.2012 30.06.2013 19.01.2012 30.08.2013 31.08.2013 30.04.2013 28.02.2013 30.09.2013 27.09.2013 31.07.2013 30.06.2013 30.08.2013 31.03.2013 28.06.2013 31.07.2013 31.07.2013 31.08.2013 31.07.2013

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

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

Date 30.09.2013 30.09.2013 30.09.2013 26.09.2013 24.09.2013 19.09.2013 18.09.2013 16.09.2013 16.09.2013 29.08.2013 27.08.2013 26.08.2013 08.08.2013 30.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 06.06.2013 17.05.2013 26.11.2012

01.10.2013

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

Price/Volume 450 400 350 300 250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2013) 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 23.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AV/ LN EQUITY YTD Change AV/ LN EQUITY YTD % CHANGE

12/2012 06/yy 422.60 292.50 4'522'369.00 408.1 -3.38% 39.52% 80.17% 2'946.9 12'026.16 8'194.00 1'582.0 1'574.0 22'897.00 -

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

100 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 20'484.0 0.23x (915.0) -

150

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 59'434.0 50'197.0 0.09x 0.11x 1'085.0 1'463.0 10.51x 14.10x Profitability

LTM-4Q 31.12.2011 30'277.0 225.0 16.39x

31.12.2012 43'536.0 (3'218.0) 3.75% 0.06% -0.56% -18.84% -5.84% 0.12% -7.4% 2.60% 99.88% -

Price/ Cash Flow

LTM

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

FY+1

3.58 1.52 2'944.46 29.08% 12.54% 1.518 27 3.259 6'236'286 7'486'867 7'958'317 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/12 Q1 06/12 Q2 25'127.1 24'883.9 1'151.9 1'366.0 9.32x 8.59x S&P Issuer Ratings

ASTABLE 21.03.2013 A-2 99.9% 41.9% 0.12 -

Sales/Revenue/Turnover

30.00

70'000.0

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

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 |

01.10.2013

Aviva PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES AXA LEGAL & GENERAL BLACKROCK CAPITAL GROUP COMPAN SCOTTISH WIDOWS THREADNEEDLE VANGUARD GROUP INC AVIVA PLC SHARE ACCO PRUDENTIAL PLC NORGES BANK NORGES BANK INVESTME PEOPLES REPUBLIC OF HARGREAVES LANSDOWN CAUSEWAY CAPITAL MAN UBS AG CAZENOVE CAPITAL MAN DIMENSIONAL FUND ADV TD DIRECT INVESTING APG ALGEMENE PENSIOE

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

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

Analyst MATTHEW PRESTON BEN COHEN JEROME CASSAGNE JON HOCKING MAARTEN ALTENA WILLIAM ELDERKIN FAHAD CHANGAZI ANDY HUGHES JAMES SHUCK BARRIE CORNES ALAN DEVLIN ASHIK MUSADDI EDWARD HOUGHTON ABID HUSSAIN DOUG WALTERS VALERIE GASTALDY EAMONN FLANAGAN RODERICK WALLACE GORDON AITKEN GREIG N PATERSON KAILESH MISTRY MARCUS BARNARD CHRIS ESSON NEIL WELCH OLIVER STEEL LANCE BURBIDGE

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

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

Amt Held 196'288'968 123'937'732 118'410'427 105'223'547 90'225'962 83'827'569 76'089'020 74'720'335 65'399'621 57'908'485 52'682'267 50'423'269 45'643'218 40'574'799 40'418'141 39'867'351 37'202'576 35'881'104 34'889'391 32'073'528

% Out 6.66 4.21 4.02 3.57 3.06 2.84 2.58 2.54 2.22 1.97 1.79 1.71 1.55 1.38 1.37 1.35 1.26 1.22 1.18 1.09

Weighting

Change

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

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

Latest Chg 60'671 (2'914'063) 1'710'184 (5'275'487) 7'603'527 (3'966'350) (440'517) (475'714) (4'773'748) 97'554 (2'893'241) 6'636'870 (15'681'155) 6'975'874 (2'088'395) (5'492'874) (7'305'222)

Target Price 375 460 369 445 349 430 474 403 440 380 320 436 430 400 #N/A N/A #N/A N/A #N/A N/A 420 300 432 400 400 435 330 #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 01.08.2013 Investment Advisor 01.08.2013 Unclassified 27.09.2013 Investment Advisor 27.08.2013 Investment Advisor 01.08.2013 Unclassified 01.08.2013 Unclassified 01.08.2013 Investment Advisor 01.08.2013 Unclassified 01.08.2013 Unclassified 31.12.2012 Government 01.08.2013 Government 01.08.2013 Government 01.08.2013 Investment Advisor 01.08.2013 Investment Advisor 01.08.2013 Unclassified 01.08.2013 Investment Advisor 01.08.2013 Investment Advisor 01.08.2013 Investment Advisor 01.08.2013 Pension Fund (ERISA)

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

Date 26.09.2013 20.09.2013 19.09.2013 18.09.2013 17.09.2013 17.09.2013 16.09.2013 13.09.2013 09.09.2013 09.09.2013 30.08.2013 21.08.2013 20.08.2013 16.08.2013 15.08.2013 12.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 31.07.2013 22.05.2013 21.12.2012 22.11.2012

01.10.2013

Experian PLC Experian PLC offers credit and marketing services. The Company manages large databases that enable credit granting and monitoring, and help minimize fraud and credit risk, offers specialist analytical solutions for credit scoring, risk management, and processing applications, processes checks and credit cards, and offers consumers credit reports and scores.

Price/Volume 1400

8.0 M

1200

7.0 M 6.0 M

1000

5.0 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 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 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EXPN LN EQUITY YTD Change EXPN LN EQUITY YTD % CHANGE

03/2013 01/yy 1'290.00 975.00 967'101.00 1186 -8.06% 21.64% 64.13% 1'003.1 11'896.46 3'261.00 0.0 40.0 256.00 22'329.76

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

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 31.03.2009 3'873.0 2.24x 1'139.0 7.62x 486.0 13.34x

4.0 M

600

31.03.2010 31.03.2011 3'880.0 3'885.0 3.07x 3.71x 1'124.0 1'258.0 10.59x 11.44x 600.0 581.0 16.47x 25.10x Profitability

31.03.2012 4'487.0 4.04x 1'478.0 12.26x 655.0 23.33x

31.03.2013 4'730.0 4.34x 2'156.0 9.52x 367.0 68.71x

2'156.00 1'691.00 35.75% 9.30% 4.49% 12.32% 14.74% 0.58% 61.2% 45.6% 35.8% 7.8% 0.63 0.47 39.79% 102.42% 7.41 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.81 0.97 999.40 15.31% 23.42% 0.968 19 4.263 1'885'275 1'736'154 1'630'571 FY+2

03/14 Y 03/15 Y 4'952.2 5'325.2 4.47x 4.03x 1'702.8 1'853.9 13.11x 12.05x 916.6 1'012.9 20.94x 18.83x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

3.14 2.97 1.39 1.51 102.4% 50.3% 0.58 10.05 49.23 16.80

Sales/Revenue/Turnover

14.00

5'000.0 4'500.0

12.00

4'000.0

10.00

3'500.0 3'000.0

8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0 2.00 0.00 02.04.2010

500.0 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 |

01.10.2013

Experian PLC Holdings By:

All

Holder Name BLACKROCK ARTISAN PARTNERS HOL FMR LLC CAPITAL GROUP COMPAN NORGES BANK VANGUARD GROUP INC WILLIAM BLAIR & COMP MORGAN STANLEY SCHRODER INVESTMENT JUPITER ASSET MANAGE HARRIS ASSOCIATES LP T ROWE PRICE ASSOCIA SCOTTISH WIDOWS BNP PARIBAS OPPENHEIMERFUNDS INC SUN LIFE FINANCIAL I INVESCO LTD JO HAMBRO CAPITAL MA STATE STREET CORP FIL LIMITED

Firm Name Credit Suisse Jefferies JPMorgan Evercore Partners Day by Day Shore Capital Stockbrokers Oriel Securities Ltd Exane BNP Paribas Nomura Deutsche Bank Goldman Sachs Canaccord Genuity Corp Barclays HSBC EVA Dimensions Baden Hill LLP UBS

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

Analyst ANDY GROBLER JUSTIN JORDAN ROBERT PLANT DAVID M TOGUT VALERIE GASTALDY ROBIN SPEAKMAN HECTOR FORSYTHE PIERRE-EMMANUEL CAUSSE MATTHEW WALKER ANDY CHU CHARLES WILSON GRAHAM BROWN PAUL D A SULLIVAN RAJESH KUMAR TIMOTHY STANISH JEFF CHISLETT WILLIAM VANDERPUMP

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

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

Amt Held 51'371'146 50'901'871 32'541'155 32'286'000 23'949'750 12'584'961 11'357'902 10'451'428 10'364'248 9'918'295 9'347'934 8'530'689 8'200'306 7'933'964 7'487'278 7'137'248 5'807'974 5'712'290 5'708'926 5'639'655

% Out 5.12 5.07 3.24 3.22 2.39 1.25 1.13 1.04 1.03 0.99 0.93 0.85 0.82 0.79 0.75 0.71 0.58 0.57 0.57 0.56

Weighting

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

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

Latest Chg 20'458 397'271 1'312'481 125'456 924'048 38'460 401'433 (849'102) (5'378) 305'963 (2'579'950) 42'705 68'881 707'371 (53'323) 63'448

Target Price 1'390 1'200 1'347 1'199 1'395 #N/A N/A 1'182 1'400 1'215 1'300 1'230 985 1'340 1'500 #N/A N/A #N/A N/A 1'300

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

File Dt 27.09.2013 09.05.2012 31.08.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 30.08.2013 31.07.2013 30.06.2013 30.06.2013 28.02.2013 31.05.2013 31.07.2013 31.07.2013 30.09.2013 30.06.2013 27.09.2013 30.04.2013

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

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

Date 01.10.2013 01.10.2013 26.09.2013 23.09.2013 16.09.2013 05.09.2013 04.09.2013 23.08.2013 23.07.2013 15.07.2013 12.07.2013 12.07.2013 03.07.2013 01.07.2013 06.06.2013 09.05.2013 07.02.2013

01.10.2013

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

Price/Volume 250

25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 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 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LGEN LN EQUITY YTD Change LGEN LN EQUITY YTD % CHANGE

12/2012 06/yy 205.40 130.50 4'479'742.00 196.8 -4.19% 50.80% 87.72% 5'915.8 11'642.22 3'365.00 0.0 39.0 16'652.00 -

150

20.0 M

100

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

30.0 M

200

Valuation Analysis

31.12.2008 (31'644.0) (1'067.0) -

35.0 M

31.12.2009 31.12.2010 43'790.0 38'440.0 863.0 820.0 2.72x 6.88x Profitability

LTM-4Q 31.12.2011 18'317.0 724.0 8.28x

31.12.2012 34'976.0 813.0 10.48x 3.43% 2.96% 0.25% 16.24% 11.38% 0.12% 2.3% 0.97% 61.85% -

Price/ Cash Flow

LTM

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

FY+1

.0 M o-13

4.11 1.27 5'906.74 53.58% 41.55% 1.272 26 3.538 9'640'541 9'347'372 10'162'570 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/12 Q1 06/12 Q2 5'977.0 6'308.3 1.79x 1.69x 922.5 978.1 12.70x 11.71x S&P Issuer Ratings

09.02.2010 A STABLE 25.02.2009 A-1 61.8% 38.0% 0.12 -

Sales/Revenue/Turnover

25.00

50'000.0 40'000.0

20.00

30'000.0 20'000.0

15.00

10'000.0 0.0

10.00

-10'000.0 5.00

0.00 01.01.2010

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

-20'000.0 -30'000.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

-40'000.0

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

01.10.2013

Legal & General Group PLC Holdings By:

All

Holder Name THREADNEEDLE SCHRODER INVESTMENT BLACKROCK CAPITAL GROUP COMPAN FIL LIMITED AXA SCOTTISH WIDOWS SWISS REINSURANCE STANDARD LIFE INVEST VANGUARD GROUP INC ARTEMIS INVESTMENT M STATE STREET CORP INVESCO LTD AVIVA INVESTORS NORGES BANK INVESTME PRUDENTIAL PLC NORGES BANK ARTEMIS INVESTMENT M PEOPLES REPUBLIC OF UBS AG

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

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

Analyst EDWARD HOUGHTON MATTHEW PRESTON BEN COHEN OLIVER STEEL JON HOCKING MAARTEN ALTENA RAVI TANNA VALERIE GASTALDY ANDY HUGHES ALAN DEVLIN KAILESH MISTRY FAHAD CHANGAZI EAMONN FLANAGAN ABID HUSSAIN GORDON AITKEN CHRIS ESSON GREIG N PATERSON RODERICK WALLACE MARCUS BARNARD BARRIE CORNES ASHIK MUSADDI NEIL WELCH DOUG WALTERS LANCE BURBIDGE

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

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

Amt Held 373'376'358 319'328'646 298'315'445 290'344'506 204'415'752 170'490'036 169'827'830 164'754'656 163'293'539 145'976'485 144'698'224 111'328'275 106'695'211 106'057'810 101'018'107 97'782'784 97'682'291 93'648'888 88'064'111 78'133'032

% Out 6.31 5.4 5.04 4.91 3.46 2.88 2.87 2.79 2.76 2.47 2.45 1.88 1.8 1.79 1.71 1.65 1.65 1.58 1.49 1.32

Weighting

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

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

Latest Chg 1'040'713 (63'983'154) 6'394'021 41'946'723 (3'171'438) (1'677'060) 448'605 1'250'120 4'726'049 13'070'964 2'158'860 21'651'411 (8'110'965) 30'482'392 37'648'888 97'368 (1'013'781)

Target Price 225 225 215 225 196 225 205 #N/A N/A 128 205 230 191 #N/A N/A 175 200 175 149 180 200 235 151 194 #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 03.06.2013 27.09.2013 30.06.2013 03.06.2013 30.06.2013 31.07.2013 03.06.2013 03.06.2013 30.06.2013 03.06.2013 27.09.2013 30.09.2013 03.06.2013 03.06.2013 03.06.2013 31.12.2012 31.12.2012 03.06.2013 28.06.2013

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

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

Date 27.09.2013 26.09.2013 20.09.2013 19.09.2013 18.09.2013 17.09.2013 17.09.2013 16.09.2013 22.08.2013 15.08.2013 13.08.2013 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 17.06.2013 17.06.2013 06.06.2013 10.12.2012

01.10.2013

CRH PLC CRH plc manufactures cement, concrete products, aggregates, asphalt, clay bricks, chemical lime, security fencing products, and roofing, insulation and other building materials. The Group also operates some 136 builders merchant locations and 54 DIY stores. CRH, via its subsidiaries, operates in some 19 countries, including Ireland, the US, Spain, Germany and the Netherlands.

Price/Volume 1800

6.0 M

1600

5.0 M

1400 1200

4.0 M

1000

12/2011 01/yy 1'554.00 1'088.00 532'932.00 1491 -3.99% 37.04% 83.69% 729.5 10'877.01 4'915.00 1.0 36.0 1'799.00 17'321.58

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

600

2.0 M

400

1.0 M

200 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 20'887.0 0.78x 2'656.0 6.11x 1'248.0 7.66x

3.0 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 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 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CRH LN EQUITY YTD Change CRH LN EQUITY YTD % CHANGE

31.12.2009 31.12.2010 17'373.0 17'173.0 1.01x 0.86x 1'803.0 1'614.0 9.69x 9.18x 592.0 432.0 21.54x 25.28x Profitability

31.12.2011 18'081.0 0.82x 1'656.0 9.01x 590.0 18.60x

31.12.2012 18'659.0 0.77x 1'640.0 8.77x 552.0 20.01x 1'640.00 845.00 4.53% 3.61% 2.59% 5.25% 5.03% 0.88% 27.3% 8.8% 4.5% 3.0% 1.84 1.01 23.22% 46.65% 8.93 5.79

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.50 1.40 641.54 30.44% 24.07% 1.404 34 2.794 1'417'186 2'001'683 1'841'075 FY+2

12/13 Y 12/14 Y 18'105.5 19'263.4 0.89x 0.84x 1'460.7 1'733.1 11.86x 10.00x 419.9 648.9 30.42x 20.01x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

17.12.2007 BBB+ STABLE 07.09.2001 A-2 5.92 3.84 1.90 3.00 46.6% 31.7% 0.88 2.15 40.98 63.19 41.37 62.80

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 |

01.10.2013

CRH PLC Holdings By:

All

Holder Name BLACKROCK JP MORGAN UBS AG LEGAL & GENERAL CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS NORGES BANK TEMPLETON GLOBAL ADV FRANKLIN RESOURCES GRWTH FUND OF AMERIC FIRST EAGLE INVESTME VANGUARD GROUP INC MANNING & NAPIER ADV BNP PARIBAS ARTISAN PARTNERS HOL NEW YORK LIFE INVEST SCOTTISH WIDOWS STATE STREET CORP MARKETFIELD ASSET MA METROPOLE GESTION

Firm Name Jefferies Raymond James Oddo & Cie Redburn Partners Sanford C. Bernstein & Co Goodbody Stockbrokers Ltd UBS Day by Day AlphaValue Berenberg Bank Goldman Sachs Kepler Cheuvreux Baden Hill LLP Credit Suisse Exane BNP Paribas Investec EVA Dimensions Societe Generale Deutsche Bank JPMorgan HSBC Landesbank Baden-Wuerttemberg Natixis Merrion Stockbrokers Numis Securities Ltd Cantor Fitzgerald Independent Research GmbH Bryan Garnier & Cie S&P Capital IQ Morgan Stanley Liberum Capital Ltd Davy Nord/LB

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

Analyst MICHAEL F BETTS ARNAUD PALLIEZ VIRGINIE ROUSSEAU WILLIAM JONES PHIL ROSEBERG ROBERT EASON GREGOR KUGLITSCH VALERIE GASTALDY GAETAN DUPONT ROBERT MUIR WILL MORGAN JOSEP PUJAL ROY CAMPBELL HARRY GOAD PAUL ROGER TOM HOLMES TIMOTHY STANISH MURIEL FELLOUS LUIS PRIETO EMILY BIDDULPH JOHN FRASER-ANDREWS HANS-PETER KUHLMANN ABDELKADER BENCHIHA DAVID HOLOHAN HOWARD SEYMOUR IAN OSBURN CHRISTOPH SCHOENDUBE SVEN EDELFELT JAWAHAR HINGORANI YURI SEROV CHARLIE CAMPBELL BARRY DIXON HEINO HAMMANN

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG 20F RNS-MAJ Co File ULT-AGG RNS-MAJ MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

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

Amt Held 43'712'866 42'393'425 28'443'731 25'113'795 22'377'823 21'999'275 21'832'661 21'503'171 21'503'171 21'114'087 15'747'839 9'585'829 7'703'980 7'539'057 6'680'589 6'629'550 5'154'195 5'126'071 4'196'785 3'640'823

% Out 5.99 5.81 3.9 3.44 3.07 3.02 2.99 2.95 2.95 2.89 2.16 1.31 1.06 1.03 0.92 0.91 0.71 0.7 0.58 0.5

Weighting

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

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

Latest Chg (701'166) 167 (13'648) 3'545 425'000 328'953 3'376'460 (82'754) 3'934'535 707'790 (55'402) 80'277 2'571'785 -

Target Price 1'770 1'485 1'384 #N/A N/A 1'197 1'405 1'580 1'614 1'399 1'573 1'511 1'317 #N/A N/A 1'126 1'578 1'672 #N/A N/A 1'200 1'500 1'279 1'193 1'279 1'364 1'193 1'200 1'200 1'284 1'284 1'284 1'354 1'150 #N/A N/A #N/A N/A

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

File Dt Inst Type 27.09.2013 Investment Advisor 30.08.2013 Investment Advisor 30.09.2013 Unclassified 31.07.2013 Unclassified 26.07.2013 Investment Advisor 22.03.2013 Investment Advisor 13.08.2013 Government 31.12.2012 n/a 28.06.2013 Investment Advisor 15.02.2011 n/a 31.07.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.12.2012 Investment Advisor 31.05.2013 Unclassified 31.03.2013 Investment Advisor 31.07.2013 Insurance Company 28.02.2013 Unclassified 27.09.2013 Investment Advisor 31.12.2012 Investment Advisor 28.06.2013 Investment Advisor

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

Date 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 24.09.2013 23.09.2013 19.09.2013 18.09.2013 17.09.2013 02.09.2013 02.09.2013 30.08.2013 30.08.2013 27.08.2013 23.08.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 01.08.2013 09.11.2012 19.10.2012 14.06.2012

01.10.2013

Pearson PLC Pearson plc is an international media and education company with its principal operations in the education, business information and consumer publishing markets. The Company creates and manages intellectual property to inform, educate and entertain. The Company's content is delivered through books books, newspapers and online services.

Price/Volume 1600 1200 1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.07.2013) 52-Week Low (15.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PSON LN EQUITY YTD Change PSON LN EQUITY YTD % CHANGE

12/2012 01/yy 1'370.00 1'090.00 574'509.00 1247 -8.98% 14.40% 59.64% 818.4 10'205.77 2'272.00 0.0 24.0 1'068.00 12'295.77

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

600 400 200 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 4'811.0 1.45x 847.0 8.21x 292.0 13.38x

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

1400

31.12.2009 31.12.2010 5'140.0 5'663.0 1.66x 1.53x 821.0 948.0 10.39x 9.16x 425.0 1'297.0 18.96x 15.27x Profitability

31.12.2011 4'817.0 2.16x 942.0 11.02x 957.0 10.93x

31.12.2012 5'059.0 2.14x 956.0 11.31x 326.0 33.75x 956.00 639.00 12.63% 8.58% 2.43% 4.77% 4.44% 0.42% 56.0% 18.7% 12.1% 6.4% 1.70 0.79 20.02% 39.96% 5.41

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.69 0.80 789.89 5.64% 9.01% 0.804 27 3.074 1'774'670 1'617'523 1'784'893 FY+2

12/13 Y 12/14 Y 5'916.7 5'713.3 1.90x 1.91x 990.4 1'096.2 12.41x 11.22x 624.7 726.1 15.97x 13.90x S&P Issuer Ratings

FQ+1

FQ+2

25.11.1998 BBB+ STABLE 25.11.1998 A-2 8.46 7.77 2.35 3.03 40.0% 28.5% 0.42 13.18 67.44 53.23 52.06

Sales/Revenue/Turnover

16.00

6'000.0

14.00

5'000.0

12.00

4'000.0

10.00 8.00

3'000.0

6.00

2'000.0

4.00

1'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

01.10.2013

Pearson PLC Holdings By:

All

Holder Name BLACKROCK SUN LIFE FINANCIAL I LIBYAN INVESTMENT AU THORNBURG INVESTMENT THREADNEEDLE ABERDEEN Northern Cross Inter VANGUARD GROUP INC HARBOR CAPITAL ADVIS LONGVIEW PARTNERS (G FIL LIMITED THORNBURG INVESTMENT SCOTTISH WIDOWS NORGES BANK MACKENZIE FINANCIAL MACKENZIE FINANCIAL PSP INVESTMENTS DWS INVESTMENTS STATE STREET CORP NORGES BANK INVESTME

Firm Name Natixis Deutsche Bank Exane BNP Paribas AlphaValue Credit Suisse HSBC Barclays Nomura JPMorgan Goldman Sachs Sanford C. Bernstein & Co Investec Day by Day Morgan Stanley Liberum Capital Ltd Numis Securities Ltd Societe Generale Jefferies Macquarie S&P Capital IQ Kepler Cheuvreux Panmure Gordon & Co Limited Berenberg Bank EVA Dimensions UBS

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

Analyst PAVEL GOVCIYAN MARK BRALEY SAMI KASSAB VERONIQUE CABIOC'H JOSEPH BARNET-LAMB DAN GRAHAM NICK DEMPSEY MATTHEW WALKER MARK O'DONNELL VIGHNESH PADIACHY CLAUDIO ASPESI STEVEN LIECHTI VALERIE GASTALDY PATRICK WELLINGTON IAN WHITTAKER GARETH R DAVIES CHRISTOPHE CHERBLANC DAVID REYNOLDS TIMOTHY W NOLLEN ALEXANDER WISCH ANDREA BENEVENTI ALEX DE GROOTE SARAH SIMON CRAIG STERLING ALASTAIR REID

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

Recommendation buy sell outperform add outperform underweight equalweight reduce overweight Buy/Neutral outperform add buy Underwt/Attractive sell hold sell hold underperform hold reduce hold hold sell buy

Amt Held 40'975'445 27'136'827 26'572'179 23'093'960 21'252'298 20'250'860 20'173'083 19'759'127 19'615'225 16'893'927 16'609'013 14'384'918 14'099'947 13'982'430 13'922'784 13'847'432 13'550'705 13'316'380 13'111'996 12'622'113

% Out 5.01 3.32 3.25 2.82 2.6 2.47 2.46 2.41 2.4 2.06 2.03 1.76 1.72 1.71 1.7 1.69 1.66 1.63 1.6 1.54

Weighting

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

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

Latest Chg 2'380'072 (281'857) (497'290) 1'420'806 113'985 557'947 484'464 (23'761'560) (1'723'113) (2'167'730) (96'192) 2'127'832 6'957'705 1'946'999 229'743 (1'810'808)

Target Price 1'530 1'000 1'600 1'468 1'530 1'100 1'340 1'100 1'490 1'590 1'400 1'325 1'398 1'225 1'050 1'225 1'100 1'240 1'050 1'400 1'150 1'125 1'200 #N/A N/A 1'500

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

File Dt 27.09.2013 31.07.2013 01.05.2013 01.05.2013 31.07.2013 31.07.2013 01.05.2013 30.06.2013 30.06.2013 01.05.2013 01.05.2013 31.07.2013 30.06.2013 31.12.2012 30.06.2013 01.05.2013 01.05.2013 01.05.2013 27.09.2013 01.05.2013

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

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

Date 01.10.2013 27.09.2013 27.09.2013 26.09.2013 20.09.2013 20.09.2013 19.09.2013 11.09.2013 10.09.2013 09.09.2013 09.09.2013 04.09.2013 21.08.2013 15.08.2013 15.08.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 18.06.2013 05.06.2013 26.03.2013 14.03.2013 14.01.2013

01.10.2013

Reed Elsevier PLC Reed Elsevier PLC is a holding company. The Company is a publisher and information provider. Reed Elsevier, through its subsidiaries, publishes information for the scientific and medical professions, legal, and business to business sector.

Price/Volume 900

8.0 M

800

7.0 M

700

6.0 M

600

5.0 M

500

Latest Fiscal Year: LTM as of: 52-Week High (01.08.2013) 52-Week Low (01.10.2012) 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 REL LN EQUITY YTD Change REL LN EQUITY YTD % CHANGE

12/2012 01/yy 860.00 590.50 718'563.00 834.5 -2.97% 41.32% 89.98% 1'172.9 9'788.22 3'892.00 0.0 1'108.0 641.00 14'375.22

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

3.0 M

300 200

2.0 M

100

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 5'334.0 2.20x 1'337.0 8.76x 241.0 24.70x

4.0 M

400

Valuation Analysis

31.12.2009 31.12.2010 6'071.0 6'055.0 1.80x 1.77x 1'528.0 1'650.0 7.16x 6.51x 195.0 327.0 29.68x 19.86x Profitability

31.12.2011 6'002.0 1.81x 1'737.0 6.24x 389.0 16.04x

31.12.2012 6'116.0 1.96x 1'889.0 6.34x 552.0 13.96x 1'889.00 1'334.00 21.81% 19.41% 4.87% 42.49% 19.82% 0.57% 65.0% 31.5% 22.2% 9.0% 0.65 0.47 35.34% 322.72% 12.40

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

2.83 0.86 1'172.53 43.96% 34.09% 0.857 28 3.750 2'813'513 3'131'033 2'956'824 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 6'163.2 6'367.1 2.25x 2.07x 1'978.1 2'096.5 7.27x 6.86x 1'184.5 1'258.4 15.40x 14.29x S&P Issuer Ratings

12.12.2008 BBB+ STABLE 12.07.2001 A-2 8.14 7.84 1.78 1.98 322.7% 62.7% 0.57 22.80 29.45 -103.16

Sales/Revenue/Turnover

8.00

7'000.0

7.00

6'000.0

6.00

5'000.0

5.00

4'000.0

4.00

3'000.0

3.00

2'000.0

2.00

1'000.0

1.00 0.00 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 |

01.10.2013

Reed Elsevier PLC Holdings By:

All

Holder Name LEGAL & GENERAL INVESCO LTD FRANKLIN RESOURCES BLACKROCK SCOTTISH WIDOWS THREADNEEDLE FIL LIMITED SILCHESTER INTL INVE LLOYDS BANKING GROUP ARTISAN PARTNERS HOL CAPITAL GROUP COMPAN VANGUARD GROUP INC ARTEMIS INVESTMENT M ARTISAN PARTNERS HOL NEWTON INV MGMT SCHRODER INVESTMENT BANK OF NEW YORK MEL NORGES BANK UBS AG ARTEMIS INVESTMENT M

Firm Name Peel Hunt Sanford C. Bernstein & Co AlphaValue Berenberg Bank HSBC Barclays Morgan Stanley Jefferies JPMorgan Goldman Sachs Day by Day Exane BNP Paribas Liberum Capital Ltd Petercam Societe Generale Macquarie Nomura Numis Securities Ltd Deutsche Bank Investec Kepler Cheuvreux S&P Capital IQ Panmure Gordon & Co Limited UBS EVA Dimensions Credit Suisse N+1 Singer Ltd

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

Analyst PATRICK YAU CLAUDIO ASPESI VERONIQUE CABIOC'H SARAH SIMON DAN GRAHAM NICK DEMPSEY PATRICK WELLINGTON DAVID REYNOLDS MARK O'DONNELL VIGHNESH PADIACHY VALERIE GASTALDY SAMI KASSAB IAN WHITTAKER KRIS KIPPERS CHRISTOPHE CHERBLANC TIMOTHY W NOLLEN MATTHEW WALKER GARETH R DAVIES MARK BRALEY STEVEN LIECHTI ANDREA BENEVENTI ALEXANDER WISCH ALEX DE GROOTE ALASTAIR REID CRAIG STERLING JOSEPH BARNET-LAMB JOHNATHAN BARRETT

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG 20F ULT-AGG REG ULT-AGG ULT-AGG REG MF-AGG REG REG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation hold underperform reduce buy neutral overweight Overwt/Attractive hold overweight neutral/neutral hold outperform buy buy buy underperform buy add buy buy reduce hold buy neutral overweight neutral not rated

Amt Held 91'888'557 72'516'236 60'224'598 60'105'105 55'642'542 53'686'312 51'291'591 47'677'807 47'597'906 40'297'175 35'438'891 30'036'449 27'317'425 27'131'455 26'153'435 25'760'259 23'873'752 23'253'135 22'497'451 22'365'700

% Out 7.83 6.18 5.13 5.12 4.74 4.58 4.37 4.06 4.06 3.44 3.02 2.56 2.33 2.31 2.23 2.2 2.04 1.98 1.92 1.91

Weighting

Change

3 1 2 5 3 5 5 3 5 3 3 5 5 5 5 1 5 4 5 5 2 3 5 3 5 3 #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 D U M M

Latest Chg (3'690'375) 4'726'906 (181'344) 8'559'145 (19'968'716) 989'419 (627'426) (3'309'347) 2'064'367 59'396 (5'147'784) (5'527'812) (2'881'600) (2'639'089)

Target Price 788 550 800 890 825 935 925 884 915 955 #N/A N/A 900 840 900 940 750 900 937 860 900 700 900 825 770 #N/A N/A 620 #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 30.09.2013 01.07.2013 27.09.2013 01.07.2013 31.07.2013 01.07.2013 07.03.2013 30.08.2013 01.07.2013 15.08.2013 01.07.2013 01.07.2013 31.03.2013 01.07.2013 01.07.2013 27.09.2013 31.12.2012 01.07.2013 31.12.2012

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

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

Date 30.09.2013 26.09.2013 26.09.2013 25.09.2013 20.09.2013 19.09.2013 13.09.2013 12.09.2013 10.09.2013 09.09.2013 12.08.2013 06.08.2013 05.08.2013 30.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 11.06.2013 02.05.2013 04.03.2013 21.01.2013 16.02.2012

01.10.2013

Tullow Oil PLC Tullow Oil plc explores for and produces oil and gas. The Group's assets are in Africa, Europe, South America and Asia.

Price/Volume 1600

12.0 M

1400

10.0 M

1200 8.0 M

1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.10.2012) 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 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TLW LN EQUITY YTD Change TLW LN EQUITY YTD % CHANGE

12/2012 01/yy 1'485.00 931.00 720'986.00 1022 -31.11% 9.77% 16.79% 909.6 9'296.45 1'205.20 0.0 92.4 330.20 16'784.71

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

4.0 M

400 2.0 M

200 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 1'280.9 7.60x 478.0 20.36x 413.4 21.37x

6.0 M

600

31.12.2009 31.12.2010 911.8 1'089.8 19.23x 17.80x 486.2 628.7 36.06x 30.86x 23.6 71.0 688.29x 243.62x Profitability

31.12.2011 2'304.2 9.77x 1'663.8 13.54x 649.0 30.01x

31.12.2012 2'344.1 8.34x 1'044.6 18.72x 624.3 29.75x 1'044.60 482.70 20.59% 47.60% 3.67% 7.01% 6.40% 0.25% 57.4% 57.8% 33.7% 26.6% 1.05 0.27 12.85% 23.05% 6.78

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.72 1.20 865.11 -25.96% -17.97% 1.199 34 3.735 991'224 1'380'751 1'493'628 FY+2

12/13 Y 12/14 Y 2'569.6 2'570.4 6.59x 6.92x 1'675.6 1'731.1 10.02x 9.71x 559.0 563.0 26.42x 26.88x S&P Issuer Ratings

FQ+1

FQ+2

17.71 6.64 1.10 1.48 23.0% 18.5% 0.25 0.62 53.86 -

Sales/Revenue/Turnover

80.00

2'500.0

70.00

2'000.0

60.00 50.00

1'500.0

40.00

1'000.0

30.00 20.00

500.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

01.10.2013

Tullow Oil PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL GENESIS INVESTMENT M GENESIS ASSET MANAGE IFG INTL TRUST CO LT OPPENHEIMERFUNDS INC OPPENHEIMERFUNDS INC UBS AG PRUDENTIAL PLC BAILLIE GIFFORD AND VANGUARD GROUP INC T ROWE PRICE ASSOCIA LANSDOWNE PARTNERS NORGES BANK NORGES BANK INVESTME STANDARD LIFE INVEST COMMONWEALTH BANK OF SCOTTISH WIDOWS PEOPLES REPUBLIC OF STATE STREET CORP

Firm Name Goodbody Stockbrokers Ltd Sanford C. Bernstein & Co Morgan Stanley Societe Generale Credit Suisse Oriel Securities Ltd Exane BNP Paribas VSA Capital Ltd Barclays AlphaValue Canaccord Genuity Corp Day by Day Numis Securities Ltd RBC Capital Markets Macquarie HSBC Investec EVA Dimensions Jefferies FirstEnergy Capital Corp Nomura Liberum Capital Ltd Goldman Sachs JPMorgan UBS GMP Tudor Pickering & Co SBG Securities WH Ireland Ltd Merrion Stockbrokers Mirabaud Securities Davy Westhouse Securities CAL Brokers Limited

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

Analyst GERRY F HENNIGAN OSWALD CLINT JAMIE MADDOCK DAVID MIRZAI THOMAS YOICHI ADOLFF RICHARD GRIFFITH ALEJANDRO DEMICHELIS JOE STOKELD RAHIM KARIM ALEXANDRE ANDLAUER THOMAS MARTIN VALERIE GASTALDY SANJEEV BAHL AL STANTON MARK WILSON PETER HITCHENS BRIAN GALLAGHER DOUG WALTERS BRENDAN MICHAEL WARN GERRY F DONNELLY THEEPAN JOTHILINGAM ANDREW WHITTOCK HENRY MORRIS JAMES THOMPSON JONATHON RIGBY TEAM COVERAGE ANISH KAPADIA LIONEL THEROND ANGUS B MCPHAIL MUNA MULEYA TEAM COVERAGE JOB LANGBROEK PETER BASSETT NANA AGYEI OPOKU-AGYEMANG

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

Recommendation buy outperform Overwt/In-Line hold neutral add outperform hold overweight sell hold hold hold outperform neutral neutral sell underweight buy outperform neutral buy Buy/Cautious overweight neutral buy trim hold buy buy neutral outperform not rated buy

Amt Held % Out 90'154'669 9.91 72'199'420 7.94 56'581'972 6.22 41'820'113 4.6 38'960'366 4.28 33'326'316 3.66 32'329'038 3.55 29'759'645 3.27 28'297'934 3.11 23'356'386 2.57 23'242'169 2.56 20'490'932 2.25 (20'346'810) -2.24 20'152'180 2.22 20'008'997 2.2 18'113'348 1.99 17'908'000 1.97 16'809'000 1.85 16'763'040 1.84 16'432'882 1.81

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

Change M M M M M M M M M M M M M M U M M U M M M M M M M M M U M M U M M M

Latest Chg 651'077 16'916'902 7'772'308 5'376'851 4'649'685 (15'438'355) (5'396'207) 884'128 1'661'451 (1'095'706) (223'062) (4'173'082) 1'412'862 (18'575) 2'623'200 324'339

Target Price 1'285 1'700 1'510 1'125 1'161 #N/A N/A 1'485 1'050 1'500 857 1'050 #N/A N/A 1'084 1'375 960 1'381 940 #N/A N/A 1'500 1'280 1'220 1'446 1'280 1'260 1'130 1'310 900 1'150 1'515 1'780 #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 27.09.2013 31.07.2013 03.06.2013 26.04.2013 12.02.2013 31.07.2013 03.06.2013 30.06.2013 03.06.2013 03.06.2013 30.06.2013 03.06.2013 03.07.2013 31.12.2012 03.06.2013 03.06.2013 03.06.2013 03.06.2013 03.06.2013 27.09.2013

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

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

Date 01.10.2013 30.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 17.09.2013 16.09.2013 12.09.2013 11.09.2013 09.09.2013 04.09.2013 06.08.2013 06.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 29.07.2013 23.07.2013 07.06.2013 18.04.2013 18.04.2013 13.02.2013 11.01.2013 12.12.2012 26.11.2012 04.07.2012 30.08.2011

01.10.2013

Kingfisher PLC Kingfisher plc sells a wide range of home improvement consumer goods. The Company conducts retail operations through stores located throughout the world.

Price/Volume 450

25.0 M

400 20.0 M

350 300

15.0 M

250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.09.2013) 52-Week Low (03.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KGF LN EQUITY YTD Change KGF LN EQUITY YTD % CHANGE

01/2013 08/yy 421.60 260.90 4'142'245.00 389.8 -7.54% 49.41% 77.78% 2'372.9 9'249.46 431.00 0.0 8.0 398.00 9'043.46

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

100

5.0 M

50 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 31.01.2009 10'026.0 0.44x 672.0 6.60x 209.0 695.50x

10.0 M

150

31.01.2010 31.01.2011 10'503.0 10'450.0 0.50x 0.58x 833.0 915.0 6.36x 6.66x 388.0 494.0 12.87x 12.17x Profitability

31.01.2012 10'831.0 0.57x 1'031.0 6.02x 640.0 9.30x

31.01.2013 10'573.0 0.62x 954.0 6.88x 564.0 11.40x 954.00 706.00 6.68% 6.54% 7.49% 12.34% 1.09% 37.4% 8.9% 6.5% 5.3% 0.94 0.15 4.35% 7.01% 3.31

Price/ Cash Flow

LTM-4Q

LTM

07/yy 10'647.0 0.00x 0.0 0.00x 0.0 0.00x

08/yy 7'718.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-13

2.43 1.02 2'369.15 52.32% 39.93% 1.020 27 3.852 5'226'782 5'474'711 5'375'745 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 10/13 Q3 01/14 Q4 11'067.2 11'543.2 2'898.7 2'464.3 0.82x 0.77x 1'024.3 1'134.3 8.83x 7.97x 561.0 645.6 16.52x 14.54x S&P Issuer Ratings

30.04.2008 BBBSTABLE 30.04.2008 A-3 47.70 31.90 -0.22 0.36 7.0% 6.5% 1.09 2.94 112.08 40.58

Sales/Revenue/Turnover

16.00

12'000.0

14.00

10'000.0

12.00

8'000.0

10.00 8.00

6'000.0

6.00

4'000.0

4.00

2'000.0 2.00 0.00 05.02.2010

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 |

01.10.2013

Kingfisher PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES THORNBURG INVESTMENT CAPITAL GROUP COMPAN LEGAL & GENERAL BLACKROCK FIL LIMITED VANGUARD GROUP INC HSBC INVESTMENTS UK NORGES BANK INVESTME NORGES BANK FMR LLC BNP PARIBAS SA SCOTTISH WIDOWS UBS AG JP MORGAN APG ALGEMENE PENSIOE ABU DHABI INVESTMENT STATE STREET CORP DIMENSIONAL FUND ADV AVIVA INVESTORS

Firm Name

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

Analyst

Jefferies JAMES GRZINIC AlphaValue VIRGINIE BLIN Sanford C. Bernstein & Co JAMIE MERRIMAN Espirito Santo Investment Bank Research ROBERT EVANS Numis Securities Ltd MATTHEW TAYLOR Exane BNP Paribas BEN SPRUNTULIS Societe Generale ANNE CRITCHLOW HSBC PAUL ROSSINGTON Deutsche Bank WARWICK OKINES Nomura SUNITA ENTWISLE Day by Day VALERIE GASTALDY Barclays CHRISTODOULOS CHAVIARAS Morgan Stanley GEOFFREY RUDDELL Cantor Fitzgerald FREDDIE GEORGE Natixis JEAN BAPTISTE TEISSIER S&P Capital IQ WILLIAM MACK Oriel Securities Ltd JONATHAN PRITCHARD N+1 Singer Ltd MATTHEW MCEACHRAN Credit Suisse SIMON IRWIN EVA Dimensions CRAIG STERLING UBS ANDREW HUGHES Redburn Partners GEOFF LOWERY Goldman Sachs ROBERT JOYCE Panmure Gordon & Co Limited PHILIP DORGAN Baden Hill LLP JEFF CHISLETT ING Bank PETER BROCKWELL

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

Recommendation buy reduce outperform buy hold outperform hold overweight hold neutral buy overweight Underwt/Cautious hold neutral hold hold hold outperform hold neutral buy Buy/Neutral buy buy not rated

Amt Held 197'406'849 194'252'960 126'559'469 93'527'364 85'122'960 75'040'477 58'069'139 57'011'675 55'454'949 52'927'359 52'657'768 47'180'035 46'950'333 46'454'519 44'950'631 43'636'601 42'742'656 40'616'648 40'326'169 36'548'898

% Out 8.32 8.19 5.33 3.94 3.59 3.16 2.45 2.4 2.34 2.23 2.22 1.99 1.98 1.96 1.89 1.84 1.8 1.71 1.7 1.54

Weighting

Change

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

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

Latest Chg 10'903'528 (2'128'205) (24'444'566) (1'647'888) 2'763'249 (5'599'953) 120'391 8'637'495 (4'446'797) (7'782'086) (2'726'813) (10'057'326) (2'563'148) (1'539'043) (1'011'105) 6'127'583

Target Price 440 391 465 360 425 480 414 480 400 380 455 450 300 400 400 425 400 395 440 #N/A N/A 400 #N/A N/A 440 350 #N/A N/A #N/A N/A

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

File Dt Inst Type 01.07.2013 Investment Advisor 07.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Unclassified 27.09.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Government 31.12.2012 Government 31.08.2013 Investment Advisor 01.07.2013 Bank 01.07.2013 Unclassified 01.07.2013 Unclassified 31.07.2013 Investment Advisor 01.07.2013 Pension Fund (ERISA) 01.07.2013 Government 27.09.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Investment Advisor

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

Date 01.10.2013 26.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 17.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 09.09.2013 25.07.2013 19.07.2013 12.07.2013 11.07.2013 30.05.2013 09.05.2013 12.10.2010

01.10.2013

Old Mutual PLC Old Mutual PLC is an international long-term savings, protection and investment Group. The Company provides life assurance, asset management, banking and general insurance to customers in Africa, the Americas, Asia and Europe.

Price/Volume 250

35.0 M 30.0 M

200

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.05.2013) 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 07.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OML LN EQUITY YTD Change OML LN EQUITY YTD % CHANGE

12/2012 06/yy 223.90 165.00 2'403'918.00 187.2 -16.39% 13.45% 38.37% 4'896.6 9'166.47 3'395.00 273.0 1'692.0 3'863.00 8'598.47

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

20.0 M

100

15.0 M 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 (2'414.0) 495.0 5.93x

150

31.12.2009 31.12.2010 18'013.0 17'356.0 0.48x 0.55x (275.0) (220.0) 13.41x Profitability

LTM-4Q 31.12.2011 7'689.0 1.33x 729.0 14.26x

31.12.2012 17'906.0 0.57x 1'223.0 13.42x 9.16% 7.79% 0.47% 8.37% 8.02% 0.13% 6.8% 2.37% 43.34% -

Price/ Cash Flow

LTM

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

FY+1

.0 M o-13

3.93 1.19 4'119.43 12.37% 8.98% 1.193 20 3.850 6'370'081 7'109'514 7'872'974 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/11 Q3 12/11 Q4 6'660.8 7'003.0 353.0 917.5 1'011.8 9.75x 8.87x S&P Issuer Ratings

43.3% 25.7% 0.13 -

Sales/Revenue/Turnover

5.00

20'000.0

4.50 4.00

15'000.0

3.50 3.00

10'000.0

2.50 2.00

5'000.0

1.50 1.00

0.0

0.50 0.00 01.01.2010

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

-5'000.0

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

01.10.2013

Old Mutual PLC Holdings By:

All

Holder Name CEVIAN CAPITAL LEGAL & GENERAL PUBLIC INVESTMENT CO SANLAM ASSET MANAGEM BLACKROCK OLD MUTUAL VANGUARD GROUP INC NORGES BANK SCOTTISH WIDOWS STATE STREET CORP ALLAN GRAY UNIT TRUS PEOPLES REPUBLIC OF NORGES BANK INVESTME SCHRODER INVESTMENT DIMENSIONAL FUND ADV SCHRODER INVESTMENT JP MORGAN UBS AG APG ALGEMENE PENSIOE COLLINS STEWART LTD

Firm Name AlphaValue Morgan Stanley Goldman Sachs Barclays SBG Securities Investec JPMorgan Imara Credit Suisse EVA Dimensions Nomura UBS Keefe, Bruyette & Woods Sanford C. Bernstein & Co S&P Capital IQ Oriel Securities Ltd Day by Day Deutsche Bank Avior Research RBC Capital Markets Nedgroup Securities Shore Capital Stockbrokers

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

Analyst JEROME CASSAGNE JON HOCKING WILLIAM ELDERKIN LARISSA VAN-DEVENTER RISTO KETOLA MARK SALMON FRANCOIS DU TOIT TONDERAI MANESWA BRIAN MUSHONGA DOUG WALTERS BEN BATHURST MICHAEL CHRISTELIS GREIG N PATERSON EDWARD HOUGHTON RODERICK WALLACE MARCUS BARNARD VALERIE GASTALDY OLIVER STEEL HARRY BOTHA GORDON AITKEN DAVID S DANILOWITZ EAMONN FLANAGAN

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

Recommendation add Equalwt/In-Line Buy/Neutral overweight buy buy overweight buy neutral sell neutral neutral underperform market perform hold buy buy not rated outperform sector perform not rated hold

Amt Held 359'405'008 353'550'776 268'811'081 255'514'951 245'074'793 145'783'360 120'964'765 97'832'828 88'727'999 86'909'604 74'190'770 66'219'496 60'299'783 47'034'930 44'304'652 43'717'460 42'182'384 38'434'808 37'870'172 33'740'657

% Out 7.34 7.22 5.49 5.22 5 2.98 2.47 2 1.81 1.77 1.52 1.35 1.23 0.96 0.9 0.89 0.86 0.78 0.77 0.69

Weighting

Change

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

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

Latest Chg 4'951'472 (16'498'041) 4'156'882 8'979'318 2'618'278 6'370'149 80'451 (3'400'000) (177'475) (4'049'859) (23'803'423) 5'465'582 (1'935'313) (1'568'397)

Target Price 215 186 230 225 260 218 228 #N/A N/A 208 #N/A N/A 202 205 146 190 210 230 225 #N/A N/A 239 220 206 #N/A N/A

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

File Dt Inst Type 03.06.2013 Other 31.07.2013 Unclassified 01.03.2013 Government 03.06.2013 Investment Advisor 27.09.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 31.12.2012 Government 03.06.2013 Unclassified 27.09.2013 Investment Advisor 30.06.2013 Investment Advisor 03.06.2013 Government 03.06.2013 Government 31.01.2013 Investment Advisor 03.06.2013 Investment Advisor 03.06.2013 Investment Advisor 31.07.2013 Investment Advisor 28.06.2013 Unclassified 03.06.2013 Pension Fund (ERISA) 03.06.2013 Investment Advisor

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

Date 26.09.2013 18.09.2013 17.09.2013 17.09.2013 27.08.2013 20.08.2013 14.08.2013 14.08.2013 13.08.2013 13.08.2013 12.08.2013 09.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 19.07.2013 04.07.2013 13.06.2013 09.05.2013 01.03.2013 31.10.2011

01.10.2013

Wolseley PLC Wolseley plc distributes bathroom materials, heating and plumbing supplies, and industrial pipes, valves, and fittings, to customers in the United Kingdom, Europe, and the United States. Wolseley also distributes building materials and lumber products, as well as operates tool hire centers.

Price/Volume 4000

3.5 M

3500

3.0 M

3000

2.5 M

2500

Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (02.10.2012) 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 WOS LN EQUITY YTD Change WOS LN EQUITY YTD % CHANGE

07/2013 07/yy 3'483.00 2'601.62 1'628'846.00 3280 -5.63% 26.08% 67.55% 274.4 8'999.14 812.00 0.0 0.0 339.00 9'472.14

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

31.07.2010 31.07.2011 13'203.0 13'558.0 0.34x 0.42x 840.0 852.0 5.36x 6.72x (340.0) 271.0 18.26x Profitability

1000

1.0 M

500

.5 M

0 o-12

n-12

LTM-4Q 31.07.2012 13'421.0 0.49x 829.0 7.98x 57.0 108.63x

31.07.2013 13'154.0 0.69x 886.0 10.28x 305.0 29.60x 886.00 660.00 5.02% 3.60% 4.30% 9.86% 0.43% 1.86% 27.8% 6.7% 5.0% 2.3% 1.53 0.87 11.53% 26.60% 7.21 5.71

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

07/yy 13'421.0 0.00x 0.0 0.00x 0.0 0.00x

07/yy 13'154.0 0.00x 0.0 0.00x 0.0 0.00x

a-13 m-13

j-13

a-13

s-13

FY+1

.0 M o-13

2.01 1.26 274.08 24.85% 13.87% 1.257 25 3.720 683'657 785'655 720'466 FY+2

FQ+1

FQ+2

07/14 Y 07/15 Y 07/13 Q4 10/13 Q1 13'940.0 14'900.8 3'580.4 0.67x 0.61x 944.2 1'083.9 10.03x 8.76x 572.7 671.6 15.87x 13.47x S&P Issuer Ratings

32.81 28.15 0.53 0.92 26.6% 21.0% 1.86 10.70 50.65 63.93 77.93 36.66

Sales/Revenue/Turnover

40.00

18'000.0

35.00

16'000.0

30.00

14'000.0 12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 06.08.2010

1.5 M

1500

Fiscal Year Ended 31.07.2009 13'301.0 0.36x 1'140.0 4.23x (1'173.0) -

2.0 M

2000

Valuation Analysis

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 |

01.10.2013

Wolseley PLC Holdings By:

All

Holder Name BLACKROCK CEVIAN CAPITAL FIL LIMITED AXA CAPITAL GROUP COMPAN NORGES BANK SKANDIA INVESTMENT M FMR LLC VANGUARD GROUP INC FRAMLINGTON INVESTME ONTARIO TEACHERS PEN BANK OF NEW YORK MEL THREADNEEDLE NEW YORK LIFE INVEST BESSEMER GROUP INCOR OPPENHEIMERFUNDS INC WILLIAM BLAIR & COMP MARKETFIELD ASSET MA SCOTTISH WIDOWS STATE STREET CORP

Firm Name Jefferies Goodbody Stockbrokers Ltd Oddo & Cie Numis Securities Ltd RBC Capital Markets Deutsche Bank Goldman Sachs Raymond James Exane BNP Paribas Cantor Fitzgerald Panmure Gordon & Co Limited Credit Suisse Day by Day HSBC Oriel Securities Ltd Baden Hill LLP UBS EVA Dimensions Liberum Capital Ltd Berenberg Bank JPMorgan Morgan Stanley Barclays Redburn Partners Davy

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

Analyst SAM CULLEN ROBERT EASON VIRGINIE ROUSSEAU HOWARD SEYMOUR OLIVIA PETERS THOMAS SYKES JOHN WOODMAN ARNAUD PALLIEZ PAUL ROGER IAN OSBURN MIKE ALLEN HARRY GOAD VALERIE GASTALDY RAJESH KUMAR MARK HOWSON ROY CAMPBELL GREGOR KUGLITSCH TIMOTHY STANISH CHARLIE CAMPBELL MICHAEL WATTS EMILY BIDDULPH YURI SEROV PAUL CHECKETTS JOHN MESSENGER FLORENCE O'DONOGHUE

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

Recommendation underperform buy buy hold sector perform buy neutral/neutral underperform neutral Under Review hold neutral hold overweight hold buy buy hold buy hold overweight Equalwt/In-Line overweight neutral neutral

Amt Held 32'249'493 14'051'392 13'735'172 12'502'365 8'364'048 6'376'330 4'710'715 4'598'505 4'522'033 4'434'601 3'730'435 3'139'507 3'137'111 2'353'709 2'211'695 2'165'492 1'696'380 1'667'465 1'649'003 1'586'389

% Out 11.75 5.12 5.01 4.56 3.05 2.32 1.72 1.68 1.65 1.62 1.36 1.14 1.14 0.86 0.81 0.79 0.62 0.61 0.6 0.58

Weighting

Change

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

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

Latest Chg (2'168'377) 5'190 (125'183) 95'180 (73'371) (11'144) (210'588) 230'049 1'283'000 187'110 (1'059'878) 745'378 (22'999) 48'951

Target Price 2'510 3'555 3'900 3'250 2'900 3'400 3'649 #N/A N/A 3'210 #N/A N/A 3'620 3'700 #N/A N/A 3'930 #N/A N/A #N/A N/A 3'500 #N/A N/A 3'500 3'000 3'350 3'050 3'700 #N/A N/A #N/A N/A

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

File Dt Inst Type 27.09.2013 Investment Advisor 31.07.2012 Other 31.12.2012 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 30.08.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.08.2013 Investment Advisor 31.12.2011 Pension Fund (ERISA) 31.08.2013 Investment Advisor 31.07.2013 Unclassified 31.07.2013 Insurance Company 30.04.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 27.09.2013 Investment Advisor

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

Date 01.10.2013 01.10.2013 01.10.2013 01.10.2013 30.09.2013 27.09.2013 27.09.2013 27.09.2013 23.09.2013 18.09.2013 18.09.2013 16.09.2013 16.09.2013 10.09.2013 04.09.2013 02.09.2013 22.08.2013 29.07.2013 28.06.2013 21.06.2013 11.06.2013 05.06.2013 05.06.2013 18.01.2013 18.07.2012

01.10.2013

British Sky Broadcasting Group PLC British Sky Broadcasting Group plc provides a pay television broadcasting service to customers in the United Kingdom and the Republic of Ireland. The Group's channels broadcast news, movies, sports and pay-per-view events. British Sky also offers Internet services via fixed telecommunications infrastructure.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 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 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BSY LN EQUITY YTD Change BSY LN EQUITY YTD % CHANGE

06/2013 06/yy 905.50 704.00 824'921.00 879 -2.93% 24.86% 82.38% 1'591.8 13'991.92 2'920.00 0.0 0.0 1'410.00 15'501.92

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 30.06.2009 5'359.0 1.83x 1'104.0 8.89x 259.0 30.57x

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

30.06.2010 30.06.2011 5'506.0 6'565.0 2.49x 2.41x 1'182.0 1'406.0 11.58x 11.25x 878.0 810.0 13.63x 19.46x Profitability

LTM-4Q 30.06.2012 6'791.0 1.90x 1'587.0 8.13x 906.0 13.24x

30.06.2013 7'235.0 1.95x 1'669.0 8.47x 979.0 13.05x 1'669.00 1'291.00 17.84% 17.37% 16.52% 100.10% 29.66% 1.22% 23.1% 17.8% 13.5% 1.11 0.64 46.02% 288.54% 93.35 -

Price/ Cash Flow

06/yy 6'791.0 3.92x 0.0 0.00x 906.0 13.24x

LTM 06/yy 7'235.0 3.87x 0.0 0.00x 979.0 13.05x

FY+1

.0 M o-13

3.41 0.61 967.37 21.10% 16.04% 0.614 29 3.414 2'301'220 2'259'726 2'841'916 FY+2

FQ+1

FQ+2

06/14 Y 06/15 Y 09/13 Q1 12/13 Q2 7'571.2 7'907.5 1'803.0 1'910.0 2.04x 1.91x 8.45x 8.02x 1'683.6 1'815.1 363.0 407.0 9.21x 8.54x 9.32x 933.6 1'033.1 224.5 230.5 14.97x 13.42x 14.92x S&P Issuer Ratings

30.11.2009 BBB+ STABLE 12.74 11.19 0.90 1.75 288.5% 74.3% 1.22 7.28 3.91 -

Sales/Revenue/Turnover

12.00

8'000.0 7'000.0

10.00

6'000.0 8.00

5'000.0 4'000.0

6.00

3'000.0

4.00

2'000.0 2.00 0.00 02.07.2010

1'000.0 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 |

01.10.2013

British Sky Broadcasting Group PLC Holdings By:

All

Holder Name BSKYB HOLDCO INC BLACKROCK FRANKLIN RESOURCES CAPITAL GROUP COMPAN LEGAL & GENERAL FIL LIMITED ODEY ASSET MANAGEMEN SCOTTISH WIDOWS NORGES BANK NORGES BANK INVESTME VANGUARD GROUP INC INVESCO LTD PRUDENTIAL PLC MANNING & NAPIER ADV STATE STREET CORP KAMES CAPITAL PLC PEOPLES REPUBLIC OF T ROWE PRICE ASSOCIA ODEY ASSET MANAGEMEN TIAA CREF INVESTMENT

Firm Name

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

Analyst

Exane BNP Paribas MICHAEL WILLIAMS New Street Research FRANK KNOWLES AlphaValue VERONIQUE CABIOC'H Barclays JULIEN ROCH JPMorgan MARK O'DONNELL Goldman Sachs VIGHNESH PADIACHY Sanford C. Bernstein & Co CLAUDIO ASPESI Oriel Securities Ltd JOHN KARIDIS Peel Hunt PATRICK YAU Westhouse Securities RODDY DAVIDSON Morgan Stanley PATRICK WELLINGTON Nomura MATTHEW WALKER UBS POLO TANG Investec STEVEN LIECHTI Kepler Cheuvreux CONOR O'SHEA Macquarie GUY R PEDDY Deutsche Bank LAURIE DAVISON Berenberg Bank SARAH SIMON S&P Capital IQ ALEXANDER WISCH Numis Securities Ltd PAUL RICHARDS Jefferies JEREMY A DELLIS Raymond James STEPHANE BEYAZIAN Day by Day VALERIE GASTALDY Credit Suisse OMAR SHEIKH HSBC ADAM M RUMLEY Espirito Santo Investment Bank Research GIASONE SALATI EVA Dimensions CRAIG STERLING ING Bank SIMON WALLIS Natixis JEROME BODIN

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

Recommendation outperform buy buy equalweight neutral Buy/Neutral underperform sell hold add Equalwt/Attractive buy neutral hold buy outperform buy sell hold add underperform market perform buy neutral underweight buy hold buy suspended coverage

Amt Held 623'817'229 88'682'765 60'075'437 46'460'733 38'707'232 37'563'637 37'260'771 32'670'225 28'398'828 28'222'910 25'119'318 23'828'226 21'226'152 20'742'660 19'512'852 16'923'869 13'838'618 13'468'963 13'039'299 12'447'796

% Out 39.19 5.57 3.77 2.92 2.43 2.36 2.34 2.05 1.78 1.77 1.58 1.5 1.33 1.3 1.23 1.06 0.87 0.85 0.82 0.78

Weighting

Change

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

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

Latest Chg (31'156'837) (2'592'759) (16'775'554) (1'638'499) 11'452'910 2'170'828 (5'598'911) (27'135) (2'293'800) (1'197'169) (624'039) 4'649'390 227'749 267'238 (15'602) 4'010'521 (88'200) 164'343

Target Price 985 993 1'041 915 930 1'170 700 600 845 934 860 975 880 825 960 900 1'000 705 900 1'014 710 #N/A N/A 938 810 600 935 #N/A N/A 765 #N/A N/A

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

File Dt Inst Type 01.07.2013 Unclassified 27.09.2013 Investment Advisor 28.06.2013 Investment Advisor 25.07.2013 Investment Advisor 31.07.2013 Unclassified 01.05.2013 Investment Advisor 01.05.2013 Hedge Fund Manager 01.05.2013 Unclassified 31.12.2012 Government 01.05.2013 Government 30.06.2013 Investment Advisor 30.09.2013 Investment Advisor 01.05.2013 Unclassified 01.05.2013 Unclassified 27.09.2013 Investment Advisor 01.05.2013 Investment Advisor 01.05.2013 Government 30.06.2013 Investment Advisor 30.08.2013 Hedge Fund Manager 01.05.2013 Investment Advisor

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

Date 30.09.2013 27.09.2013 26.09.2013 19.09.2013 10.09.2013 09.09.2013 09.09.2013 06.09.2013 20.08.2013 16.08.2013 12.08.2013 12.08.2013 09.08.2013 07.08.2013 02.08.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 19.07.2013 15.07.2013 03.05.2013 02.05.2013 17.01.2013 15.06.2010 16.02.2010

01.10.2013

Standard Life PLC Standard Life PLC is a group holding company for a wide variety of insurance and financial services companies.

Price/Volume 450

16.0 M

400

14.0 M

350

12.0 M

300

10.0 M

250

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (01.10.2012) 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 SL/ LN EQUITY YTD Change SL/ LN EQUITY YTD % CHANGE

12/2012 06/yy 422.20 261.28 1'641'046.00 345.7 -18.12% 32.31% 52.27% 2'376.5 8'215.48 1'976.00 0.0 341.0 9'942.00 2'841.48

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

6.0 M

150 100

4.0 M

2.0 M

0 o-12

31.12.2009 31.12.2010 17'167.0 18'569.0 0.08x 213.0 432.0 29.06x 11.75x Profitability

LTM-4Q 31.12.2011 9'086.0 298.0 15.93x

31.12.2012 19'185.0 0.01x 698.0 11.19x 4.80% 4.06% 0.33% 14.09% 11.10% 0.12% 3.6% 1.13% 45.37% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

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

a-13 m-13

j-13

a-13

s-13

FY+1

.0 M o-13

8.05 1.43 2'371.72 34.47% 12.57% 1.426 25 2.840 3'474'090 4'766'194 4'804'261 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 21'298.8 22'576.7 529.6 604.9 14.76x 13.39x S&P Issuer Ratings

13.01.2004 ASTABLE 13.01.2004 NR 45.4% 29.6% 0.12 -

Sales/Revenue/Turnover

9.00

25'000.0

8.00

20'000.0

7.00

15'000.0

6.00

10'000.0

5.00

5'000.0

4.00

0.0

3.00

-5'000.0

2.00

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

-10'000.0

1.00 0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 (16'225.0) 100.0 29.28x

8.0 M

200

Valuation Analysis

-15'000.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

-20'000.0

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

01.10.2013

Standard Life PLC Holdings By:

All

Holder Name PRIVATE INDIVIDUALS BLACKROCK LEGAL & GENERAL VANGUARD GROUP INC SCOTTISH WIDOWS STATE STREET CORP BANK OF NEW YORK MEL PEOPLES REPUBLIC OF ARTEMIS INVESTMENT M ARTEMIS INVESTMENT M NEWTON INV MGMT HENDERSON GLOBAL INV NORGES BANK INVESTME NORGES BANK JP MORGAN KAMES CAPITAL PLC HENDERSON GROUP PLC MAJEDIE ASSET MANAGE JO HAMBRO CAPITAL MA STANDARD LIFE PLC ES

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

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

Analyst MATTHEW PRESTON MAARTEN ALTENA RAVI TANNA ANDY HUGHES CHRIS ESSON JON HOCKING ALAN DEVLIN KAILESH MISTRY RODERICK WALLACE VALERIE GASTALDY ABID HUSSAIN OLIVER STEEL ASHIK MUSADDI GREIG N PATERSON EDWARD HOUGHTON BEN BATHURST MARCUS BARNARD BARRIE CORNES GORDON AITKEN DOUG WALTERS NEIL WELCH EAMONN FLANAGAN LANCE BURBIDGE

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

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

Amt Held 985'678'746 113'806'452 97'012'013 58'182'971 46'537'510 39'374'508 39'179'205 34'213'229 32'985'894 32'962'353 30'634'267 29'152'584 20'852'768 19'054'556 19'040'740 18'686'855 18'593'488 18'308'177 17'792'562 17'693'168

% Out 41.48 4.79 4.08 2.45 1.96 1.66 1.65 1.44 1.39 1.39 1.29 1.23 0.88 0.8 0.8 0.79 0.78 0.77 0.75 0.74

Weighting

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

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

Latest Chg 1'053'923 1'507'414 (5'881'559) 1'803'173 (678'905) 98'236 3'163'396 1'618'394 (157'918) (7'065'125) (3'324'238) 1'628'782 5'184'563 6'027'858 (3'913'291) 14'646'774 (714'475) 4'394'262 8'109'089

Target Price 333 302 315 434 362 321 285 335 410 #N/A N/A 320 425 419 338 300 351 400 420 370 #N/A N/A 409 #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 01.07.2013 27.09.2013 31.07.2013 01.07.2013 01.07.2013 27.09.2013 27.09.2013 01.07.2013 01.07.2013 31.12.2012 01.07.2013 01.07.2013 01.07.2013 31.12.2012 31.07.2013 01.07.2013 31.07.2013 01.07.2013 01.07.2013 01.07.2013

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

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

Date 26.09.2013 17.09.2013 17.09.2013 17.09.2013 21.08.2013 20.08.2013 16.08.2013 13.08.2013 13.08.2013 12.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 04.07.2013 06.06.2013 01.05.2013 26.11.2012 22.11.2012

01.10.2013

Marks & Spencer Group PLC Marks & Spencer Group PLC is a holding company. The Company, through its subsidiaries, provides retail of clothing, food and home products.

Price/Volume 600

35.0 M

500

30.0 M 25.0 M

400

Latest Fiscal Year: LTM as of: 52-Week High (16.09.2013) 52-Week Low (10.01.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MKS LN EQUITY YTD Change MKS LN EQUITY YTD % CHANGE

03/2013 06/yy 520.50 351.60 1'154'812.00 501.5 -3.65% 42.63% 85.85% 1'615.9 8'103.53 2'286.00 0.0 (19.0) 210.00 10'160.53

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

15.0 M

200

10.0 M

100

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 9'062.1 0.75x 1'138.1 5.96x 508.0 8.21x

20.0 M

300

Valuation Analysis

31.03.2010 31.03.2011 9'536.6 9'740.3 0.85x 0.74x 1'268.9 1'286.5 6.37x 5.61x 526.3 612.0 11.10x 8.73x Profitability

LTM-4Q 31.03.2012 9'934.3 0.79x 1'289.8 6.12x 513.1 11.67x

31.03.2013 10'026.8 0.83x 1'258.3 6.64x 466.7 13.37x

1'258.30 790.90 7.89% 5.63% 6.29% 17.63% 12.93% 1.35% 37.9% 12.5% 7.9% 4.7% 0.57 0.14 30.21% 91.24% 89.97 -

Price/ Cash Flow

LTM

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

FY+1

.0 M o-13

3.39 0.97 1'613.33 45.68% 34.18% 0.972 30 3.233 2'601'890 3'776'394 3'772'979 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 10'401.0 10'819.1 1.02x 0.96x 1'333.7 1'439.0 7.62x 7.06x 544.5 612.5 14.97x 13.34x S&P Issuer Ratings

07.01.2009 BBBSTABLE 03.07.2008 A-3 5.77 2.82 1.65 1.82 91.2% 47.9% 1.35 2.04 4.05 -10.14

Sales/Revenue/Turnover

9.00

12'000.0

8.00

10'000.0

7.00

8'000.0

6.00 5.00

6'000.0

4.00

4'000.0

3.00 2.00

2'000.0

1.00 0.00 09.04.2010

0.0 09.10.2010

09.04.2011

09.10.2011

09.04.2012

09.10.2012

09.04.2013

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 |

01.10.2013

Marks & Spencer Group PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES AXA BLACKROCK BRANDES INVESTMENT P LEGAL & GENERAL WELLCOME TRUST CAPITAL GROUP COMPAN Marks & Spencer Grou MAJEDIE ASSET MANAGE VANGUARD GROUP INC NORGES BANK INVESTME NORGES BANK UBS AG THREADNEEDLE BARCLAYS PRIVATE BAN STATE STREET CORP SCOTTISH WIDOWS STANDARD LIFE INVEST MANNING & NAPIER ADV CREDIT SUISSE AG

Firm Name

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

Analyst

Peel Hunt JOHN STEVENSON Cantor Fitzgerald FREDDIE GEORGE Shore Capital Stockbrokers CLIVE WILLIAM BLACK AlphaValue VIRGINIE BLIN Exane BNP Paribas BEN SPRUNTULIS Numis Securities Ltd MATTHEW TAYLOR Day by Day VALERIE GASTALDY Societe Generale ANNE CRITCHLOW Sanford C. Bernstein & Co JAMIE MERRIMAN Oriel Securities Ltd EITHNE O'LEARY N+1 Singer Ltd MATTHEW MCEACHRAN HSBC PAUL ROSSINGTON Equita SIM SpA FABIO FAZZARI S&P Capital IQ WILLIAM MACK Espirito Santo Investment Bank Research ROBERT EVANS Morgan Stanley GEOFFREY RUDDELL Investec BETHANY HOCKING Nomura FRASER RAMZAN Deutsche Bank CHARLIE MUIR-SANDS Credit Suisse SIMON IRWIN Panmure Gordon & Co Limited JEAN ROCHE Grupo Santander REBECCA MCCLELLAN Kepler Cheuvreux DANIEL OVIN UBS ANDREW HUGHES Barclays CHRISTODOULOS CHAVIARAS Redburn Partners GEOFF LOWERY Goldman Sachs ROBERT JOYCE EVA Dimensions CRAIG STERLING

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

Recommendation hold sell buy sell underperform hold hold buy market perform buy buy overweight buy strong buy neutral Overwt/Cautious sell buy hold underperform buy hold reduce buy underweight sell Sell/Neutral underweight

Amt Held 136'726'970 86'932'123 79'391'658 74'959'501 65'314'841 52'000'000 48'263'858 47'791'717 40'474'556 39'206'411 38'778'366 36'799'908 35'884'223 34'892'783 28'889'041 28'886'353 26'389'922 25'302'944 24'103'580 18'312'075

% Out 8.46 5.38 4.91 4.64 4.04 3.22 2.99 2.96 2.5 2.43 2.4 2.28 2.22 2.16 1.79 1.79 1.63 1.57 1.49 1.13

Weighting

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

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

Latest Chg (2'280'893) (2'153'788) 469'722 (14'877'029) (2'868'913) (3'071'806) 1'190'126 911'614 263'677 14'944'413 224'562 3'389'977 (5'840'833) (2'991'703) 3'178'940 12'602'139

Target Price 525 445 #N/A N/A 392 390 450 #N/A N/A 581 445 550 650 550 588 570 370 490 275 540 465 425 516 460 430 530 350 #N/A N/A 345 #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 27.09.2013 21.05.2012 31.07.2013 03.06.2013 30.06.2013 03.06.2013 03.06.2013 30.06.2013 03.06.2013 31.12.2012 28.06.2013 31.07.2013 03.06.2013 27.09.2013 03.06.2013 03.06.2013 03.06.2013 03.06.2013

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

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

Date 01.10.2013 27.09.2013 26.09.2013 26.09.2013 24.09.2013 23.09.2013 23.09.2013 17.09.2013 10.09.2013 10.09.2013 10.09.2013 05.09.2013 04.09.2013 27.08.2013 20.08.2013 07.08.2013 07.08.2013 30.07.2013 10.07.2013 09.07.2013 09.07.2013 04.07.2013 18.06.2013 30.05.2013 22.05.2013 07.05.2013 05.04.2013 17.01.2013

01.10.2013

Next PLC Next Plc conducts retailing, home shopping, and customer services management operations. The Company's retail stores sell ladies wear, mens wear, childrens wear, and housewares.

Price/Volume 6000

1.4 M

5000

1.2 M 1.0 M

4000

Latest Fiscal Year: LTM as of: 52-Week High (16.09.2013) 52-Week Low (02.10.2012) 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 NXT LN EQUITY YTD Change NXT LN EQUITY YTD % CHANGE

01/2013 01/yy 5'255.00 3'435.00 108'026.00 5185 -1.33% 50.95% 94.78% 156.5 8'116.14 747.80 0.0 (0.1) 136.30 8'672.84

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

.6 M

2000

.4 M

1000

.2 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 31.01.2009 3'271.5 0.86x 624.6 4.49x 302.4 7.03x

.8 M

3000

Valuation Analysis

31.01.2010 31.01.2011 3'406.5 3'297.7 1.23x 1.26x 672.8 691.2 6.21x 6.02x 364.1 401.1 10.43x 9.16x Profitability

31.01.2012 3'441.1 1.46x 722.5 6.95x 474.9 10.16x

31.01.2013 3'547.8 2.02x 787.7 9.08x 508.7 12.68x 787.70 670.50 18.90% 18.79% 28.63% 305.66% 67.24% 1.90% 31.5% 22.5% 19.2% 14.3% 1.48 0.93 39.49% 261.74% 6.39

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.12 0.72 147.62 53.73% 42.10% 0.721 28 3.000 298'740 323'015 329'582 FY+2

01/14 Y 01/15 Y 3'670.6 3'808.8 2.35x 2.25x 809.9 844.8 10.71x 10.27x 519.6 545.5 15.64x 14.49x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

13.05.2003 BBB STABLE 09.03.2010 A-2 27.16 24.35 0.69 0.81 261.7% 72.4% 1.90 6.60 57.10 85.42

Sales/Revenue/Turnover

14.00

4'000.0

12.00

3'500.0 3'000.0

10.00

2'500.0 8.00

2'000.0 6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 05.02.2010

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 |

01.10.2013

Next PLC Holdings By:

All

Holder Name FIL LIMITED FMR LLC BLACKROCK NEXT PLC ESOP NEXT PLC ESOT LEGAL & GENERAL INVESCO LTD CAPITAL GROUP COMPAN SCHRODER INVESTMENT NORGES BANK INVESTME NORGES BANK VANGUARD GROUP INC SCOTTISH WIDOWS STATE STREET CORP SKANDIA INVESTMENT M AXA PEOPLES REPUBLIC OF FRAMLINGTON INVESTME DIRECTOR & RELATED H RWC PARTNERS LTD

Firm Name

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

Analyst

AlphaValue VIRGINIE BLIN Peel Hunt JOHN STEVENSON Numis Securities Ltd MATTHEW TAYLOR Grupo Santander REBECCA MCCLELLAN UBS ANDREW HUGHES Societe Generale ANNE CRITCHLOW Credit Suisse SIMON IRWIN Sanford C. Bernstein & Co JAMIE MERRIMAN HSBC PAUL ROSSINGTON Oriel Securities Ltd ALISTAIR DAVIES Redburn Partners GEOFF LOWERY Barclays CHRISTODOULOS CHAVIARAS Deutsche Bank CHARLIE MUIR-SANDS Morgan Stanley GEOFFREY RUDDELL Cantor Fitzgerald FREDDIE GEORGE Nomura FRASER RAMZAN S&P Capital IQ WILLIAM MACK Exane BNP Paribas SIMON BOWLER N+1 Singer Ltd MATTHEW MCEACHRAN Espirito Santo Investment Bank Research ROBERT EVANS Panmure Gordon & Co Limited JEAN ROCHE Day by Day VALERIE GASTALDY EVA Dimensions CRAIG STERLING Goldman Sachs ROBERT JOYCE Kepler Cheuvreux DANIEL OVIN Investec BETHANY HOCKING ING Bank PETER BROCKWELL

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

Recommendation reduce hold hold underweight neutral hold neutral market perform neutral hold sell equalweight hold Underwt/Cautious hold neutral hold neutral hold neutral buy hold buy neutral/neutral reduce hold not rated

Amt Held 23'883'754 23'332'854 20'918'483 7'331'988 6'881'904 6'428'479 5'414'206 4'781'673 4'561'515 3'854'065 3'828'893 3'751'313 3'480'238 2'844'004 2'821'593 2'728'819 2'512'251 2'432'693 1'811'496 1'775'456

% Out 15.26 14.91 13.36 4.68 4.4 4.11 3.46 3.05 2.91 2.46 2.45 2.4 2.22 1.82 1.8 1.74 1.6 1.55 1.16 1.13

Weighting

Change

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

M M M D 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 81'944 (822) 751'701 8'707 (525'211) (616'873) (35'684) (13'599) 260'434 373'157 20'388 (84'315) 21'215 (62'388) -

Target Price 5'173 5'000 5'250 5'200 5'350 5'500 5'500 4'600 5'400 5'000 #N/A N/A 5'000 5'600 3'920 5'000 4'900 5'500 5'400 5'100 4'150 5'330 #N/A N/A #N/A N/A 4'700 4'000 3'760 #N/A N/A

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

File Dt 03.06.2013 31.03.2013 27.09.2013 03.06.2013 19.03.2013 31.07.2013 30.09.2013 10.09.2012 03.06.2013 03.06.2013 31.12.2012 30.06.2013 03.06.2013 27.09.2013 30.08.2013 03.06.2013 03.06.2013 30.08.2013 03.06.2013 03.06.2013

Date 6 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 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 Unclassified n/a Unclassified Investment Advisor Investment Advisor Investment Advisor Government Government Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Other Investment Advisor

Date 25.09.2013 24.09.2013 23.09.2013 19.09.2013 18.09.2013 17.09.2013 16.09.2013 16.09.2013 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 12.09.2013 20.08.2013 30.07.2013 15.07.2013 11.07.2013 04.07.2013 18.06.2013 13.05.2013 12.08.2010

01.10.2013

Royal Bank of Scotland Group PLC Royal Bank of Scotland Group plc, through subsidiaries, accepts deposits and offers commercial banking services. The bank offers business term loans, commercial mortgages, professional practice loans, asset finance and invoice finance loans, residential mortgages, consumer loans, credit cards, financial planning services, and life, personal lines, and income protection insurance.

Price/Volume 40.0 M

300

35.0 M 30.0 M 25.0 M

200

Latest Fiscal Year: LTM as of: 52-Week High (25.09.2013) 52-Week Low (03.10.2012) 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 RBS LN EQUITY YTD Change RBS LN EQUITY YTD % CHANGE

12/2012 06/yy 380.60 252.70 5'789'650.00 363.5 -4.47% 43.85% 83.82% 6'185.8 40'947.97 316'688.00 0.0 2'318.0 108'458.00 -

20.0 M

150

15.0 M

100

10.0 M

5.0 M

0 o-12

31.12.2009 31.12.2010 40'844.0 37'526.0 (2'672.0) (1'001.0) Profitability

LTM-4Q 31.12.2011 32'433.0 (1'997.0) -

31.12.2012 28'263.0 (5'683.0) 28.75% -24.44% -0.25% -4.65% -0.77% 0.02% -26.9% 24.13% 464.83% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 27'234.0 0.00x 0.0 0.00x (2'604.0) 0.00x

06/yy 27'722.0 0.00x 0.0 0.00x (3'332.0) 0.00x

a-13 m-13

j-13

a-13

s-13

FY+1

.0 M o-13

0.00 1.53 2'220.15 36.45% 12.02% 1.534 33 2.818 12'335'230 11'379'060 13'050'180 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 20'556.2 20'228.1 4'984.0 4'787.5 1'729.3 3'124.1 294.0 21.01x 12.41x 16.01x S&P Issuer Ratings

29.11.2011 ANEG 29.11.2011 A-2 464.8% 81.8% 0.02 2.69 -

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

n-12

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

45.0 M

350 250

Valuation Analysis

31.12.2008 54'331.0 (23'710.0) -

400

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 |

01.10.2013

Royal Bank of Scotland Group PLC Holdings By:

All

Holder Name UNITED KINGDOM GOVER SCHRODER INVESTMENT LEGAL & GENERAL BLACKROCK MAJEDIE ASSET MANAGE VANGUARD GROUP INC THORNBURG INVESTMENT TD DIRECT INVESTING SCHRODER INVESTMENT EDINBURGH PARTNERS L FIL LIMITED RBS GROUP PLC ESOP HALIFAX SHARE DEALIN NORGES BANK INVESTME STANDARD LIFE INVEST NORGES BANK UBS AG SCOTTISH WIDOWS STATE STREET CORP JUPITER ASSET MANAGE

Firm Name

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

Analyst

Shore Capital Stockbrokers GARY GREENWOOD Numis Securities Ltd MICHAEL J TRIPPITT Barclays ROHITH CHANDRA-RAJAN Nomura CHINTAN JOSHI Exane BNP Paribas TOM RAYNER Sanford C. Bernstein & Co CHIRANTAN BARUA Day by Day VALERIE GASTALDY Deutsche Bank JASON NAPIER Investec IAN GORDON AlphaValue DAVID GRINSZTAJN UBS JOHN-PAUL CRUTCHLEY JPMorgan RAUL SINHA Redburn Partners FAHED KUNWAR Mediobanca SpA CHRISTOPHER J WHEELER Macquarie EDWARD FIRTH Credit Suisse CARLA ANTUNES-SILVA Berenberg Bank JAMES CHAPPELL Keefe, Bruyette & Woods MARK J PHIN Goldman Sachs FREDERIK THOMASEN Jefferies JOSEPH DICKERSON Societe Generale JAMES INVINE Oriel Securities Ltd VIVEK RAJA Morgan Stanley CHRISTOPHER MANNERS S&P Capital IQ FRANK BRADEN HSBC PETER TOEMAN RBC Capital Markets CLAIRE KANE EVA Dimensions DOUG WALTERS Grupo Santander ARTURO DE FRIAS Liberum Capital Ltd CORMAC LEECH Canaccord Genuity Corp GARETH HUNT Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA

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

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

Amt Held 3'964'483'519 117'887'408 87'438'206 75'480'235 74'492'455 73'555'946 70'966'159 70'359'299 64'472'547 48'587'103 41'319'932 34'038'412 33'111'460 32'566'512 32'552'133 31'122'455 30'927'109 30'304'436 29'069'079 28'488'028

% Out 64.09 1.91 1.41 1.22 1.2 1.19 1.15 1.14 1.04 0.79 0.67 0.55 0.54 0.53 0.53 0.5 0.5 0.49 0.47 0.46

Weighting

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

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

Latest Chg 2'896'435 3'140'077 3'122'192 8'115'571 5'103'346 5'139'122 1'391'134 3'377'097 7'165'206 12'870'814 (17'009'823) 7'094'307 1'254'608 1'549'722 (7'620'837) (8'322'899) (1'428'154)

Target Price #N/A N/A 410 400 270 360 490 427 275 345 286 365 335 #N/A N/A 348 280 265 210 320 400 390 305 245 332 335 300 355 #N/A N/A 400 340 275 320

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

File Dt 28.03.2013 03.06.2013 31.07.2013 27.09.2013 03.06.2013 30.06.2013 03.06.2013 03.06.2013 30.08.2013 03.06.2013 03.06.2013 03.06.2013 03.06.2013 03.06.2013 03.06.2013 31.12.2012 28.06.2013 03.06.2013 27.09.2013 03.06.2013

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

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

Date 30.09.2013 30.09.2013 30.09.2013 27.09.2013 27.09.2013 25.09.2013 25.09.2013 23.09.2013 20.09.2013 20.09.2013 16.09.2013 11.09.2013 11.09.2013 04.09.2013 04.09.2013 02.09.2013 02.09.2013 23.08.2013 12.08.2013 06.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 02.07.2013 20.06.2013 06.06.2013 02.04.2013 20.03.2013 28.02.2013 29.01.2013

01.10.2013

Burberry Group PLC Burberry Group PLC is a global luxury brand with British heritage, core outerwear and large leather goods base. The Company designs and sources apparel and accessories, selling through a diversified network of retail, digital, wholesale and licensing channels worldwide.

Price/Volume 1800

14.0 M

1600

12.0 M

1400

10.0 M

1200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.09.2013) 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 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BRBY LN EQUITY YTD Change BRBY LN EQUITY YTD % CHANGE

03/2013 06/yy 1'687.00 998.00 333'939.00 1637 -3.02% 64.03% 92.31% 443.3 7'256.65 129.80 0.0 35.8 426.40 6'995.85

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

8.0 M

800

6.0 M

600

4.0 M

400

2.0 M

200 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 1'201.5 1.01x 215.6 5.65x (6.0) -

1000

31.03.2010 31.03.2011 1'185.1 1'501.3 2.41x 3.22x 272.1 363.8 10.51x 13.30x 81.4 208.4 20.36x 23.81x Profitability

LTM-4Q 31.03.2012 1'857.2 3.37x 468.1 13.36x 263.3 24.78x

31.03.2013 1'998.7 2.81x 529.2 10.61x 254.3 22.80x

529.20 418.00 20.91% 17.55% 15.15% 26.99% 22.95% 1.19% 72.1% 26.5% 20.9% 12.7% 1.64 0.95 7.43% 12.76% 19.53 1.68

Price/ Cash Flow

06/yy 1'899.5 0.00x 0.0 0.00x 0.0 0.00x

LTM 06/yy 1'590.5 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-13

1.77 1.31 441.14 64.96% 35.57% 1.314 26 3.615 754'628 1'057'649 1'153'680 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 2'321.4 2'571.5 2.97x 2.61x 610.5 679.1 11.46x 10.30x 350.1 398.0 20.85x 18.43x S&P Issuer Ratings

143.03 100.30 -0.56 0.25 12.8% 11.0% 1.19 5.42 18.69 217.05 72.50 163.25

Sales/Revenue/Turnover

30.00

2'500.0

25.00

2'000.0

20.00

1'500.0

15.00

1'000.0 10.00

500.0

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 |

01.10.2013

Burberry Group PLC Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN LEGAL & GENERAL JP MORGAN THORNBURG INVESTMENT FMR LLC AMERIPRISE FINANCIAL BAILLIE GIFFORD AND VANGUARD GROUP INC WALTER SCOTT & PARTN SCHRODER INVESTMENT FIL LIMITED NORGES BANK INVESTME NORGES BANK SUN LIFE FINANCIAL I SCOTTISH WIDOWS STATE STREET CORP PEOPLES REPUBLIC OF JANUS CAPITAL MANAGE MORGAN STANLEY

Firm Name Morgan Stanley HSBC Sanford C. Bernstein & Co Aurel - BGC Societe Generale Credit Suisse Nomura Exane BNP Paribas AlphaValue Barclays EVA Dimensions Deutsche Bank Redburn Partners Investec UBS Oddo & Cie Telsey Advisory Group Goldman Sachs JPMorgan Cantor Fitzgerald Berenberg Bank ISI Group S&P Capital IQ Day by Day Equita SIM SpA

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

Analyst GEOFFREY RUDDELL ERWAN RAMBOURG MARIO ORTELLI DAVID DA MAIA THIERRY COTA ROGERIO FUJIMORI FRASER RAMZAN LUCA GIUSEPPE SOLCA VIRGINIE BLIN JULIAN EASTHOPE CRAIG STERLING WARWICK OKINES ANNABEL GLEESON BETHANY HOCKING FRED SPEIRS LEOPOLD AUTHIE DANA TELSEY WILLIAM HUTCHINGS MELANIE A FLOUQUET ALLEGRA PERRY JOHN GUY OMAR SAAD WILLIAM MACK VALERIE GASTALDY FABIO FAZZARI

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

Recommendation Overwt/In-Line overweight market perform buy hold outperform neutral neutral reduce equalweight underweight hold buy hold neutral reduce no rating system Buy/Neutral neutral hold buy buy hold hold buy

Amt Held 43'198'349 39'818'356 37'096'985 28'455'599 22'895'430 21'867'513 21'664'800 18'029'448 14'063'557 12'162'431 11'755'988 11'177'114 10'788'200 10'542'078 10'369'384 9'023'343 8'278'873 5'842'936 5'547'173 5'377'118

% Out 9.74 8.98 8.37 6.42 5.16 4.93 4.89 4.07 3.17 2.74 2.65 2.52 2.43 2.38 2.34 2.04 1.87 1.32 1.25 1.21

Weighting

Change

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

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

Latest Chg (837'835) (2'517'370) (233'343) 505'131 (66'926) 718'193 491'402 1'765'762 (30'378) (5'105'825) (1'020'369) (252'065) 648'122 2'189'981 (15'683)

Target Price 1'650 1'900 1'550 1'850 1'690 1'700 1'630 1'670 1'496 1'700 #N/A N/A 1'530 #N/A N/A 1'330 1'530 1'400 1'600 2'181 1'450 1'515 1'700 1'800 1'650 #N/A N/A 1'800

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

File Dt 27.09.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 20.05.2013 20.05.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.12.2012 01.08.2013 01.08.2013 27.09.2013 01.08.2013 30.06.2013 01.08.2013

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

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

Date 29.09.2013 29.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 17.09.2013 16.09.2013 02.09.2013 30.08.2013 07.08.2013 11.07.2013 11.07.2013 11.07.2013 10.07.2013 10.07.2013 10.07.2013 10.07.2013 10.07.2013 10.07.2013 10.07.2013 10.06.2013

01.10.2013

Land Securities Group PLC Land Securities Group plc is a property investment and management company. The Group invests in real estate, including offices, shops and shopping centres, out of town retail locations, supermarkets and industrial/warehouse facilities throughout the United Kingdom. Land Securities' portfolio also consists of a small percentage of hotel, leisure and residential properties.

Price/Volume 1200 1000 800 600

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (21.01.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LAND LN EQUITY YTD Change LAND LN EQUITY YTD % CHANGE

03/2013 01/yy 1'006.00 746.00 423'231.00 918 -8.75% 23.06% 66.54% 785.3 7'208.95 3'751.40 0.0 0.0 41.70 10'918.65

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

200 0 o-12

31.03.2010 31.03.2011 833.4 701.9 10.25x 12.87x 445.7 437.6 19.16x 20.65x 1'088.9 1'241.6 4.71x 4.52x Profitability

31.03.2012 671.5 13.20x 436.5 20.30x 522.9 10.70x

31.03.2013 736.6 13.94x 448.5 22.89x 533.0 12.11x

448.50 445.90 60.53% 72.36% 4.72% 7.28% 6.79% 0.07% 60.5% 60.9% 60.5% 72.4% 0.68 0.10 31.83% 50.11% 22.95 2.03

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.25 0.96 709.84 23.94% 15.80% 0.963 19 3.263 1'201'289 1'670'884 1'785'858 FY+2

03/14 Y 03/15 Y 583.9 612.2 19.53x 18.65x 478.1 511.7 22.84x 21.34x 291.7 319.6 24.03x 22.39x S&P Issuer Ratings

FQ+1

FQ+2

2.02 -0.32 8.27 8.36 50.1% 33.4% 0.07 0.08 15.91 179.49 8.23 187.16

Sales/Revenue/Turnover

45.00

2'000.0

40.00

1'800.0

35.00

1'600.0 1'400.0

30.00

1'200.0

25.00 20.00

1'000.0 800.0

15.00

600.0

10.00

400.0

5.00

200.0

0.00 02.04.2010

n-12

Fiscal Year Ended 31.03.2009 821.2 8.73x 519.1 13.80x (5'191.3) -

400

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

01.10.2013

Land Securities Group PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL NORGES BANK INVESTME ALBRIGHT INVESTMENTS APG ALGEMENE PENSIOE PRUDENTIAL PLC STATE STREET CORP PEEL HOLDINGS PLC VANGUARD GROUP INC CBRE GROUP INC SCOTTISH WIDOWS MORGAN STANLEY ARTISAN PARTNERS HOL PEOPLES REPUBLIC OF UBS AG INVESCO LTD ARTISAN PARTNERS HOL DIMENSIONAL FUND ADV HENDERSON GLOBAL INV AXA

Firm Name Peel Hunt Exane BNP Paribas Societe Generale Jefferies AlphaValue Deutsche Bank EVA Dimensions Day by Day JPMorgan Numis Securities Ltd Morgan Stanley Oriel Securities Ltd UBS Investec Goldman Sachs Kempen & Co Barclays Panmure Gordon & Co Limited

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

Analyst JAMES CARSWELL NICK WEBB MARC MOZZI MICHAEL PREW PIERRE-LOUP ETIENNE MARTIN ALLEN DOUG WALTERS VALERIE GASTALDY HARM M MEIJER CHRISTOPHER SPEARING CHRISTOPHER FREMANTLE MIRANDA COCKBURN KRISTIAN BANDY ALAN CARTER JULIAN LIVINGSTON-BOOTH RYAN PALECEK AARON GUY MARK HUGHES

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

Recommendation hold outperform hold hold reduce sell hold hold overweight hold Overwt/Attractive hold neutral hold neutral/neutral underweight overweight hold

Amt Held 57'371'354 55'123'714 41'578'421 31'088'858 30'701'943 26'727'743 25'923'696 24'519'599 22'740'900 22'511'997 22'348'485 18'953'640 17'770'455 12'441'456 12'231'461 11'037'937 10'695'415 10'617'906 9'948'380 9'457'870

% Out 7.31 7.02 5.29 3.96 3.91 3.4 3.3 3.12 2.9 2.87 2.85 2.41 2.26 1.58 1.56 1.41 1.36 1.35 1.27 1.2

Weighting

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

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

Latest Chg (125'954) (86'039) 1'865 (4'542'611) 289'074 557'380 4'320'046 (2'142'884) (1'454'772) 237'207 12'888 583'729 347'512 1'941'681 249'723 2'214'160 79'762

Target Price 933 1'050 960 902 853 750 #N/A N/A #N/A N/A 1'040 935 1'020 #N/A N/A 960 935 908 820 935 820

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

File Dt Inst Type 27.09.2013 Investment Advisor 31.07.2013 Unclassified 01.07.2013 Government 29.11.2011 Investment Advisor 01.07.2013 Pension Fund (ERISA) 01.07.2013 Unclassified 27.09.2013 Investment Advisor 01.07.2013 Holding Company 01.07.2013 Investment Advisor 01.07.2013 Corporation 01.07.2013 Unclassified 01.07.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Government 01.07.2013 Unclassified 30.09.2013 Investment Advisor 31.03.2013 Investment Advisor 31.07.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Investment Advisor

Date Not Provided Not Provided 12 month 12 month 6 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

Date 01.10.2013 01.10.2013 30.09.2013 30.09.2013 26.09.2013 24.09.2013 23.09.2013 16.09.2013 13.09.2013 10.09.2013 28.08.2013 17.07.2013 21.05.2013 15.05.2013 19.04.2013 12.04.2013 08.02.2013 25.01.2013

01.10.2013

Smith & Nephew PLC Smith & Nephew plc develops and markets advanced medical devices. The Group is involved in orthopaedics, endoscopy, and advanced wound management.

Price/Volume 900

4.0 M

800

3.5 M

700

3.0 M

600

2.5 M

500

Latest Fiscal Year: LTM as of: 52-Week High (14.08.2013) 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 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SN/ LN EQUITY YTD Change SN/ LN EQUITY YTD % CHANGE

12/2012 06/yy 805.50 636.00 616'338.00 767.5 -4.72% 20.68% 79.65% 896.3 6'878.82 468.00 0.0 0.0 178.00 11'430.91

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

1.5 M

300 200

1.0 M

100

.5 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 3'801.0 1.83x 1'049.0 6.65x 377.0 15.00x

2.0 M

400

Valuation Analysis

31.12.2009 31.12.2010 3'772.0 3'962.0 2.68x 2.49x 1'169.0 1'223.0 8.64x 8.08x 472.0 615.0 19.34x 15.23x Profitability

LTM-4Q 31.12.2011 4'270.0 2.06x 1'208.0 7.29x 582.0 14.85x

31.12.2012 4'137.0 2.48x 1'250.0 8.21x 729.0 13.58x 1'250.00 938.00 22.67% 26.59% 10.68% 14.71% 14.07% 0.81% 74.1% 29.8% 21.5% 17.6% 2.31 1.18 8.29% 12.05% 1.20

Price/ Cash Flow

06/yy 4'246.0 8.26x 988.0 8.92x 722.0 12.37x

LTM 06/yy 4'178.0 9.75x 1'246.0 8.30x 548.0 18.34x

FY+1

.0 M o-13

2.14 0.85 894.72 13.59% 14.60% 0.853 22 3.000 1'374'358 1'318'972 1'367'680 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'340.0 4'532.1 1'025.5 1'158.5 2.63x 2.43x 11.13x 9.95x 1'223.8 1'342.1 296.5 346.5 9.34x 8.52x 653.1 723.1 150.0 192.5 16.55x 15.10x S&P Issuer Ratings

104.17 82.08 0.22 0.31 12.0% 10.8% 0.81 5.48 304.73 184.64

Sales/Revenue/Turnover

14.00

4'500.0

12.00

4'000.0 3'500.0

10.00

3'000.0

8.00

2'500.0

6.00

2'000.0 1'500.0

4.00

1'000.0

2.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

01.10.2013

Smith & Nephew PLC Holdings By:

All

Holder Name INVESCO LTD BLACKROCK LEGAL & GENERAL WALTER SCOTT & PARTN VANGUARD GROUP INC THREADNEEDLE SCOTTISH WIDOWS NORGES BANK INVESTME ARTEMIS INVESTMENT M NORGES BANK PERPETUAL INVESTMENT FIL LIMITED AVIVA INVESTORS PRUDENTIAL PLC STATE STREET CORP ARTEMIS INVESTMENT M JUPITER ASSET MANAGE AXA PEOPLES REPUBLIC OF JO HAMBRO CAPITAL MA

Firm Name Numis Securities Ltd UBS AlphaValue Societe Generale Investec Sanford C. Bernstein & Co Morgan Stanley Credit Suisse Jefferies Barclays Deutsche Bank JPMorgan Berenberg Bank S&P Capital IQ Exane BNP Paribas Day by Day Goldman Sachs EVA Dimensions Panmure Gordon & Co Limited Shore Capital Stockbrokers Cenkos Securities Ltd Daniel Stewart & Co Equita SIM SpA

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

Analyst CHARLES WESTON MARTIN WALES KAMLA SINGH JUSTIN SMITH NICHOLAS KEHER LISA BEDELL CLIVE MICHAEL K JUNGLING CHRISTOPH GRETLER INGEBORG OIE SALLY TAYLOR YI-DAN WANG DAVID J ADLINGTON TOM JONES JACOB THRANE JULIEN DORMOIS VALERIE GASTALDY VERONIKA DUBAJOVA TIMOTHY STANISH SAVVAS NEOPHYTOU BRIAN WHITE NAVID MALIK VADIM K ALEXANDRE FABIO FAZZARI

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

Recommendation add neutral reduce sell hold market perform Equalwt/Attractive neutral buy equalweight hold neutral hold hold outperform hold neutral/neutral hold hold sell buy buy buy

Amt Held 105'894'709 44'811'000 39'541'718 36'051'776 26'736'823 25'855'444 24'523'363 21'139'854 21'009'411 20'454'412 19'989'418 17'021'567 16'553'578 16'249'158 15'987'021 15'864'866 13'869'553 13'186'629 12'888'488 11'641'868

% Out 11.82 5 4.41 4.02 2.98 2.88 2.74 2.36 2.34 2.28 2.23 1.9 1.85 1.81 1.78 1.77 1.55 1.47 1.44 1.3

Weighting

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

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

Latest Chg 729'597 871'607 (607'735) 312'312 (688'403) (1'281'362) (1'215'452) (151'174) 1'721'770 (909'206) 337'157 (537'632) 46'000 95'000 (1'276'858) 1'429'577 (901'452)

Target Price 870 780 712 660 783 775 757 775 890 780 650 740 810 830 800 #N/A N/A 760 #N/A N/A 720 #N/A N/A 790 766 680

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

File Dt 30.09.2013 27.09.2013 31.07.2013 01.07.2013 01.07.2013 31.07.2013 01.07.2013 01.07.2013 01.07.2013 31.12.2012 31.01.2013 01.07.2013 01.07.2013 01.07.2013 27.09.2013 31.12.2012 01.07.2013 01.07.2013 01.07.2013 01.07.2013

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

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

Date 01.10.2013 27.09.2013 26.09.2013 09.09.2013 13.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 22.07.2013 08.07.2013 17.06.2013 02.05.2013 01.05.2013 06.07.2012 07.02.2012 23.11.2011

01.10.2013

Capita PLC Capita PLC provides an integrated range of services across the United Kingdom's public and private sectors. The Company provides customer services, human resource services, software services, systems and strategic support, and property services.

Price/Volume 1200 1000 800 600

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.07.2013) 52-Week Low (13.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CPI LN EQUITY YTD Change CPI LN EQUITY YTD % CHANGE

12/2012 01/yy 1'060.00 704.00 430'604.00 1006 -5.00% 42.90% 82.02% 657.9 6'618.03 1'661.20 0.0 0.0 327.90 8'181.13

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 2'441.4 2.25x 371.9 14.77x 165.8 27.08x

400

31.12.2009 31.12.2010 2'686.8 2'744.0 2.04x 2.01x 382.1 504.0 14.34x 10.97x 188.9 235.0 24.42x 18.12x Profitability

31.12.2011 2'930.2 1.91x 567.8 9.87x 238.0 16.05x

31.12.2012 3'351.8 1.90x 639.4 9.98x 236.0 20.36x 639.40 471.20 14.06% 8.65% 5.85% 28.98% 10.12% 0.83% 28.1% 19.9% 14.8% 7.0% 0.94 0.59 43.00% 189.18% -

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-4Q

LTM

01/yy

01/yy -

FY+1 -

2.42 0.88 655.31 32.22% 36.86% 0.876 24 2.958 795'083 939'305 1'050'510 FY+2

12/13 Y 12/14 Y 3'877.3 4'255.2 1.99x 1.78x 598.8 654.8 13.66x 12.49x 352.6 392.7 17.81x 16.15x S&P Issuer Ratings

FQ+1

FQ+2

13.75 11.70 2.16 2.95 189.2% 65.4% 0.83 9.75 -

Sales/Revenue/Turnover

25.00

4'000.0 3'500.0

20.00

3'000.0 2'500.0

15.00

2'000.0 10.00

1'500.0 1'000.0

5.00

0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

01.10.2013

Capita PLC Holdings By:

All

Holder Name INVESCO LTD PERPETUAL INVESTMENT VERITAS ASSET MANAGE BLACKROCK CAPITAL GROUP COMPAN LEGAL & GENERAL FIL LIMITED LEGAL & GENERAL MARATHON ASSET MANAG VANGUARD GROUP INC SUN LIFE FINANCIAL I NORGES BANK INVESTME NORGES BANK CREDIT AGRICOLE GROU T ROWE PRICE ASSOCIA HENDERSON GLOBAL INV T ROWE PRICE ASSOCIA STATE STREET CORP BANK OF NEW YORK MEL SCOTTISH WIDOWS

Firm Name Panmure Gordon & Co Limited Peel Hunt Oriel Securities Ltd Credit Suisse Cantor Fitzgerald UBS Berenberg Bank Westhouse Securities RBC Capital Markets Jefferies Numis Securities Ltd Deutsche Bank Investec Goldman Sachs JPMorgan Shore Capital Stockbrokers S&P Capital IQ Canaccord Genuity Corp EVA Dimensions HSBC Baden Hill LLP Barclays

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

Analyst MIKE ALLEN CHRISTOPHER BAMBERRY HECTOR FORSYTHE ANDY GROBLER CAROLINE DE LA SOUJEOLE WILLIAM VANDERPUMP SIMON MEZZANOTTE MICHAEL DONNELLY DAVID GREENALL KEAN MARDEN MIKE MURPHY THOMAS SYKES GIDEON ADLER CHARLES WILSON ROBERT PLANT ROBIN SPEAKMAN CLIVE ROBERTS GRAHAM BROWN TIMOTHY STANISH ALEX MAGNI CRAIG FRASER PAUL D A SULLIVAN

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

Recommendation hold buy add outperform sell neutral hold sell underperform buy hold hold hold Buy/Neutral overweight sell strong buy sell sell neutral sell equalweight

Amt Held 145'168'062 102'327'549 38'472'887 34'267'189 32'506'032 25'410'949 23'903'506 23'279'554 20'074'860 19'501'541 17'592'299 15'245'154 14'871'593 14'102'738 12'372'856 11'664'189 11'081'201 10'895'708 9'484'530 8'584'160

% Out 22.07 15.55 5.85 5.21 4.94 3.86 3.63 3.54 3.05 2.96 2.67 2.32 2.26 2.14 1.88 1.77 1.68 1.66 1.44 1.3

Weighting

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

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

Latest Chg 990'124 (965'077) 1'318'595 721'562 999'676 136'112 (612'943) 2'219'458 2'386'719 (534'643) 1'326'293 (176'538) 393'793 381'143 788'994

Target Price 950 1'060 #N/A N/A 1'150 810 1'000 1'060 813 870 1'115 992 892 1'000 1'200 1'230 #N/A N/A 1'300 650 #N/A N/A 1'050 612 885

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

File Dt 30.09.2013 30.08.2013 03.06.2013 27.09.2013 30.06.2013 31.07.2013 03.06.2013 20.02.2013 03.06.2013 30.06.2013 31.07.2013 03.06.2013 31.12.2012 03.06.2013 03.06.2013 03.06.2013 30.06.2013 27.09.2013 27.09.2013 03.06.2013

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

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

Date 24.09.2013 23.09.2013 04.09.2013 03.09.2013 22.08.2013 02.08.2013 02.08.2013 30.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 08.07.2013 06.06.2013 21.05.2013 14.05.2013 01.03.2013

01.10.2013

Associated British Foods PLC Associated British Foods PLC is a diversified international food, ingredients, and retail group. The Group conducts business in China, South America, Africa Europe, Australia, New Zealand, Asia, and the United States.

Price/Volume 2500

4.0 M 3.5 M

2000

3.0 M 2.5 M

1500

2.0 M

Valuation Analysis

1000

Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABF LN EQUITY YTD Change ABF LN EQUITY YTD % CHANGE

08/2012 01/yy 2'044.00 1'289.00 498'279.00 1878 -8.12% 45.69% 77.75% 791.7 14'867.64 1'452.00 0.0 387.0 391.00 16'572.64

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

1.0 M

0 o-12

.5 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 8'235.0 0.85x 878.0 7.96x 357.0 16.50x

1.5 M

500

30.09.2009 30.09.2010 9'255.0 10'167.0 0.88x 0.94x 1'082.0 1'304.0 7.52x 7.35x 359.0 546.0 18.89x 15.15x Profitability

30.09.2011 11'065.0 0.95x 1'296.0 8.15x 541.0 16.28x

30.09.2012 12'252.0 0.94x 1'568.0 7.36x 555.0 18.13x

1'568.00 1'052.00 8.59% 6.21% 5.72% 10.25% 9.06% 1.20% 24.2% 13.2% 8.9% 4.5% 1.20 0.53 14.18% 24.89% 9.44 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.56 0.68 356.29 46.28% 20.69% 0.677 26 3.500 1'067'155 733'755 714'610 FY+2

09/13 Y 09/14 Y 13'212.4 13'978.5 1.22x 1.14x 1'612.4 1'671.0 10.28x 9.92x 771.3 809.7 19.22x 18.27x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

13.75 7.61 0.79 0.92 24.9% 18.9% 1.20 2.72 38.55 54.48

Sales/Revenue/Turnover

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 18.09.2009

0.0 18.03.2010

18.09.2010

18.03.2011

18.09.2011

18.03.2012

18.09.2012

18.03.2013

18.09.2013

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

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

01.10.2013

Associated British Foods PLC Holdings By:

All

Holder Name WITTINGTON PROPTYS L CAPITAL GROUP COMPAN HOWARD INVESTMENTS L ASSOCIATED BRITISH F FMR LLC ROYAL BANK OF CANADA LEGAL & GENERAL NORGES BANK NORGES BANK INVESTME FIL LIMITED BLACKROCK NEWTON INV MGMT VANGUARD GROUP INC BANK OF NEW YORK MEL PICTET FUNDS ABERDEEN JP MORGAN GALEWEST LIMITED STATE STREET CORP SCOTTISH WIDOWS

Firm Name Societe Generale Sanford C. Bernstein & Co Exane BNP Paribas Day by Day Panmure Gordon & Co Limited Jefferies Investec Morgan Stanley Berenberg Bank Nomura Davy Goldman Sachs Canaccord Genuity Corp Shore Capital Stockbrokers Numis Securities Ltd Redburn Partners Barclays Credit Suisse S&P Capital IQ Mirabaud Securities Deutsche Bank JPMorgan UBS EVA Dimensions

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

Analyst WARREN L ACKERMAN ANDREW WOOD JEFF STENT VALERIE GASTALDY GRAHAM JONES DIRK VAN VLAANDEREN MARTIN DEBOO AUDREY BORIUS-GUNNING JAMES TARGETT DAVID HAYES JACK GORMAN ROSIE EDWARDS ALICIA FORRY DARREN SHIRLEY CHARLES PICK JEREMY FIALKO LIAM ROWLEY CHARLES MILLS CARL SHORT JULIAN LAKIN HAROLD THOMPSON ANKUR GUPTA ALAN ERSKINE CRAIG STERLING

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

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

Amt Held 431'515'108 31'794'121 28'173'893 17'159'287 16'387'030 14'593'625 13'429'916 11'767'757 11'741'776 11'727'688 11'019'487 10'679'974 9'384'083 7'097'428 6'387'160 5'943'563 5'644'529 5'258'642 5'151'852 4'737'030

% Out 54.51 4.02 3.56 2.17 2.07 1.84 1.7 1.49 1.48 1.48 1.39 1.35 1.19 0.9 0.81 0.75 0.71 0.66 0.65 0.6

Weighting

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

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

Latest Chg 936'831 528'368 (1'293'653) 236'787 1'570'533 52'172 (2'497'982) 126'048 (2'180'262) (8'188) (1'803'986) (367'925) (353'276) 759'405

Target Price 1'950 1'800 2'400 2'034 2'075 1'750 1'930 2'140 1'960 1'670 #N/A N/A 1'630 1'663 #N/A N/A 1'845 #N/A N/A 2'100 1'850 1'940 1'780 1'750 2'000 2'030 #N/A N/A

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

File Dt 15.09.2012 27.09.2013 03.06.2013 03.06.2013 31.08.2013 03.06.2013 31.07.2013 31.12.2012 03.06.2013 03.06.2013 27.09.2013 03.06.2013 30.06.2013 27.09.2013 03.06.2013 31.07.2013 31.07.2013 03.06.2013 27.09.2013 03.06.2013

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

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

Date 26.09.2013 25.09.2013 25.09.2013 24.09.2013 20.09.2013 19.09.2013 18.09.2013 17.09.2013 17.09.2013 17.09.2013 16.09.2013 12.09.2013 12.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 09.09.2013 09.09.2013 31.07.2013 26.07.2013 11.07.2013 19.06.2013 06.06.2013

01.10.2013

International Consolidated Airlines Group SA International Consolidated Airlines Group SA provides international and domestic air passenger and cargo transportation services. The Company and its subsidiaries serve Europe, the Americas, Africa, Asia, Australia and the Middle East.

Price/Volume 400

60.0 M

350

50.0 M

300 40.0 M

250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.09.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IAG LN EQUITY YTD Change IAG LN EQUITY YTD % CHANGE

12/2012 06/yy 343.70 149.80 3'261'439.00 341.4 -0.67% 127.90% 97.22% 2'006.2 6'849.09 4'798.00 0.0 300.0 2'909.00 9'568.76

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

20.0 M

100 10.0 M

50 0 o-12

31.12.2009 31.12.2010 13'456.0 14'798.0 0.41x 0.58x (134.0) 1'069.0 8.00x (777.0) 100.0 58.52x Profitability

LTM-4Q 31.12.2011 16'103.0 0.29x 1'505.0 3.14x 562.0 5.67x

31.12.2012 18'117.0 0.35x 1'048.0 6.12x (943.0) 1'048.00 -23.00 -0.13% -5.50% -5.73% -33.11% 0.87% 7.0% 1.2% -5.2% 0.66 0.54 24.19% 100.90% 11.60 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 17'098.0 0.58x 1'186.0 4.45x 267.0 12.71x

06/yy 18'292.0 0.74x 1'248.0 5.68x (1'185.0) 0.00x

a-13 m-13

j-13

a-13

s-13

FY+1

.0 M o-13

0.00 1.38 2'003.74 121.26% 84.74% 1.380 35 3.857 5'985'162 8'301'112 8'904'842 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 18'930.1 19'948.2 5'432.0 4'822.0 0.60x 0.57x 1'736.6 2'361.7 694.0 363.0 5.51x 4.05x 197.8 742.3 323.0 (2.0) 31.70x 12.21x S&P Issuer Ratings

3.91 -0.71 0.81 3.64 100.9% 48.7% 0.87 1.87 31.47 -

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

n-12

Fiscal Year Ended 31.12.2008

30.0 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 |

01.10.2013

International Consolidated Airlines Group SA Holdings By:

All

Holder Name FRANKLIN RESOURCES STANDARD LIFE INVEST UNION BANK OF SWITZE SCHRODER INVESTMENT CAPITAL GROUP COMPAN LANSDOWNE PARTNERS L LEGAL & GENERAL NORGES BANK BLACKROCK FIL LIMITED MAJEDIE ASSET MANAGE SCOTTISH WIDOWS FEROX CAPITAL MANAGE VANGUARD GROUP INC PACIFIC LIFE INSURAN FMR LLC BG MASTER FUND PLC STATE STREET CORP BTG PACTUAL EUROPE L OLD MUTUAL

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

Firm Name

Analyst

HSBC Goldman Sachs Ahorro Corporacion Financiera SA Deutsche Bank BBVA AlphaValue Banco Sabadell Cantor Fitzgerald Natixis Day by Day Grupo Santander Main First Bank AG Oddo & Cie La Caixa Goodbody Stockbrokers Ltd NMAS 1 Agencia de Valores Commerzbank Corporates & Markets Jefferies Redburn Partners Investec Morgan Stanley RBC Capital Markets Macquarie Nomura Oriel Securities Ltd UBS Credit Suisse BPI JPMorgan EVA Dimensions Baden Hill LLP Barclays Davy Raymond James Renta 4 SA SVB

ANDREW DAVID LOBBENBERG ALEXIA DOGANI ELENA FERNANDEZ GEOF COLLYER JUAN ROS PADILLA HELENE COUMES FRANCISCO JOSE RODRIGUEZ ROBIN BYDE SARAH EMSELLEM VALERIE GASTALDY JOSE MANUEL ARROYAS LOIC SABATIER YAN DEROCLES ANTONIO JOSE CASTELL NEYRA DONAL O'NEILL RODRIGO VAZQUEZ FRANK SKODZIK MARK IRVINE-FORTESCUE TIM MARSHALL JAMES HOLLINS PENNY BUTCHER DAMIAN BREWER SAM DOBSON ANDREW EVANS EDWARD STANFORD JARROD CASTLE NEIL GLYNN GUILHERME MACEDO SAMPAIO JAMIE N BAKER TIMOTHY STANISH HOA QUACH DAVID E FINTZEN STEPHEN FURLONG JULIEN RICHER TEAM COVERAGE

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

Recommendation overweight Sell/Neutral sell buy market perform sell sell buy neutral hold hold underperform neutral buy buy buy buy buy buy hold Overwt/Attractive outperform outperform buy buy buy outperform strong buy overweight sell sell overweight outperform market perform hold

Amt Held % Out 169'089'102 8.43 89'676'679 4.47 56'707'515 2.83 34'400'360 1.71 30'070'400 1.5 23'548'644 1.17 20'539'815 1.02 20'437'721 1.02 20'071'450 1 19'100'006 0.95 16'489'178 0.82 16'048'146 0.8 (13'842'625) -0.69 12'409'086 0.62 11'232'686 0.56 10'964'799 0.55 (9'817'558) -0.49 9'218'666 0.46 (9'076'611) -0.45 8'297'503 0.41

Weighting

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

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

Latest Chg (3'029'319) (14'131'269) (6'458'612) 1'288'364 1'308'202 16'489'178 158'914 81'010 114'134 3'244'260 6'643'075 5'001'398 (6'807) 4'807'431

Target Price 405 281 226 360 252 219 286 360 300 #N/A N/A 327 293 260 362 360 341 350 355 #N/A N/A 320 409 360 400 335 #N/A N/A 365 345 376 302 #N/A N/A #N/A N/A 300 #N/A N/A #N/A N/A 169

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 11.01.2011 Investment Advisor 22.08.2011 Other 30.08.2013 Investment Advisor 30.06.2013 Investment Advisor 02.04.2012 Hedge Fund Manager 31.07.2013 Unclassified 31.12.2012 Government 27.09.2013 Investment Advisor 28.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.05.2013 Unclassified 24.09.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.08.2013 Insurance Company 31.08.2013 Investment Advisor 18.07.2013 Investment Advisor 27.09.2013 Investment Advisor 13.08.2013 Investment Advisor 31.08.2013 Unclassified

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

Date 30.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 24.09.2013 24.09.2013 19.09.2013 16.09.2013 16.09.2013 13.09.2013 12.09.2013 12.09.2013 05.09.2013 30.08.2013 29.08.2013 29.08.2013 27.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 13.08.2013 02.08.2013 01.08.2013 17.07.2013 06.06.2013 09.05.2013 05.04.2013 19.11.2012 06.06.2012 13.12.2011

01.10.2013

ITV PLC ITV plc is a United Kingdom media company covering broadcasting, news, and production. The Company owns all of the regional Channel 3 licenses in England and Wales. ITV owns ITV1, a commercial television channel, as well as ITV2, a partial interest in GMTV, and other interests.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.09.2013) 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 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITV LN EQUITY YTD Change ITV LN EQUITY YTD % CHANGE

12/2012 06/yy 186.20 81.43 2'793'923.00 176.9 -4.99% 117.25% 89.60% 3'931.9 6'955.55 639.00 0.0 15.0 690.00 7'054.55

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

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 2'029.0 1.21x 247.0 9.96x (2'556.0) -

200 180 160 140 120 100 80 60 40 20 0 o-12

31.12.2009 31.12.2010 1'879.0 2'064.0 1.54x 1.52x 240.0 438.0 12.06x 7.18x 91.0 269.0 22.33x 10.11x Profitability

LTM-4Q 31.12.2011 2'140.0 1.30x 488.0 5.68x 247.0 10.71x

31.12.2012 2'196.0 1.86x 547.0 7.46x 267.0 15.32x 547.00 460.00 20.95% 15.85% 11.16% 37.17% 35.14% 0.89% 25.9% 21.9% 12.2% 1.88 1.35 22.86% 78.21% -

Price/ Cash Flow

06/yy 2'145.0 0.00x 0.0 0.00x 0.0 0.00x

LTM 06/yy 2'210.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-13

1.64 1.10 3'768.37 107.67% 75.94% 1.096 28 3.821 12'052'860 11'231'700 11'230'840 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 2'355.8 2'485.8 456.0 566.5 2.92x 2.69x 16.63x 630.0 690.5 11.20x 10.22x 426.9 467.6 16.69x 15.12x S&P Issuer Ratings

29.03.2013 BBBSTABLE 29.03.2013 A-3 2.19 1.99 0.12 0.83 78.2% 43.4% 0.89 10.78 -

Sales/Revenue/Turnover

20.00

2'500.0

18.00

2'000.0

16.00 14.00

1'500.0

12.00 10.00

1'000.0

8.00 6.00

500.0

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 |

01.10.2013

ITV PLC Holdings By:

All

Holder Name AXA BRITISH SKY BROADCAS BLACKROCK FIL LIMITED BRANDES INVESTMENT P LEGAL & GENERAL SCOTTISH WIDOWS LEGAL AND GENERAL IN THREADNEEDLE SKANDIA INVESTMENT M FRAMLINGTON INVESTME MAJEDIE ASSET MANAGE STANDARD LIFE INVEST VANGUARD GROUP INC PRUDENTIAL PLC RUFFER INVESTMENT MA JP MORGAN MARATHON ASSET MANAG WILLIAM BLAIR & COMP SCHRODER INVESTMENT

Firm Name Peel Hunt AlphaValue UBS Barclays Liberum Capital Ltd Nomura JPMorgan Westhouse Securities Goldman Sachs Credit Suisse Sanford C. Bernstein & Co Panmure Gordon & Co Limited Morgan Stanley HSBC Macquarie Investec Kepler Cheuvreux S&P Capital IQ Exane BNP Paribas Deutsche Bank Numis Securities Ltd Oriel Securities Ltd Day by Day Jefferies Berenberg Bank EVA Dimensions

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

Analyst PATRICK YAU VERONIQUE CABIOC'H TAMSIN GARRITY JULIEN ROCH IAN WHITTAKER WILLIAM MAIRS FILIPPO PIETRO LO FRANCO RODDY DAVIDSON LISA YANG OMAR SHEIKH CLAUDIO ASPESI ALEX DE GROOTE PATRICK WELLINGTON DAN GRAHAM ANGUS TWEEDIE STEVEN LIECHTI CONOR O'SHEA ALEXANDER WISCH ADRIEN DE SAINT HILAIRE LAURIE DAVISON PAUL RICHARDS JOHN KARIDIS VALERIE GASTALDY WILL SMITH SARAH SIMON CRAIG STERLING

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

Recommendation hold sell buy equalweight buy buy neutral add Buy/Neutral outperform market perform buy Overwt/Attractive underweight outperform hold hold buy outperform hold buy hold hold hold hold hold

Amt Held 394'901'403 291'684'730 213'598'277 207'116'203 194'304'930 176'582'181 165'734'859 153'692'144 153'075'832 141'388'763 139'167'676 114'167'195 97'966'618 88'797'645 81'090'458 80'846'050 80'087'918 76'832'295 75'797'828 74'823'466

% Out 10.04 7.42 5.43 5.27 4.94 4.49 4.22 3.91 3.89 3.6 3.54 2.9 2.49 2.26 2.06 2.06 2.04 1.95 1.93 1.9

Weighting

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

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

Latest Chg 24'534'599 (7'732'414) 2'335'737 82'932'862 (3'705'171) (1'045'303) (742'940) (36'494'325) 26'695'026 2'639'958 (1'194'144) (6'745'840) (1'132'448) 424'900 730'970 11'995'173

Target Price 160 154 175 175 230 200 181 195 204 220 175 180 185 95 190 160 160 180 185 150 198 140 #N/A N/A 110 91 #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 01.05.2013 27.09.2013 01.05.2013 31.12.2011 31.07.2013 31.05.2013 31.12.2011 31.07.2013 30.08.2013 30.08.2013 01.05.2013 01.05.2013 30.06.2013 01.05.2013 01.05.2013 31.07.2013 01.05.2013 30.06.2013 01.05.2013

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

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

Date 30.09.2013 26.09.2013 25.09.2013 19.09.2013 18.09.2013 13.09.2013 10.09.2013 10.09.2013 09.09.2013 09.09.2013 09.09.2013 23.08.2013 19.08.2013 02.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 19.07.2013 03.04.2013 26.03.2013 17.01.2013

01.10.2013

WM Morrison Supermarkets PLC William Morrison Supermarkets plc retails groceries through a chain of supermarkets in England. Approximately half of the Group's stores contain petrol filling stations. William Morrison has its own fresh food manufacturing and processing operations, thus allowing them to market a number of own label brands.

Price/Volume 350

Latest Fiscal Year: LTM as of: 52-Week High (12.09.2013) 52-Week Low (08.02.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MRW LN EQUITY YTD Change MRW LN EQUITY YTD % CHANGE

01/2013 08/yy 312.30 247.50 2'718'296.00 279.9 -10.37% 13.09% 50.15% 2'333.4 6'531.28 2'451.00 0.0 0.0 270.00 9'074.28

200

15.0 M

150

10.0 M

100 5.0 M

50 0 o-12

31.01.2010 31.01.2011 15'410.0 16'479.0 0.56x 0.48x 1'209.0 1'224.0 7.10x 6.40x 598.0 632.0 12.68x 11.03x Profitability

LTM-4Q 31.01.2012 17'663.0 0.50x 1'314.0 6.76x 690.0 10.97x

31.01.2013 18'116.0 0.45x 1'318.0 6.14x 647.0 9.45x 1'318.00 950.00 5.24% 4.85% 5.59% 11.13% 8.39% 1.73% 6.7% 6.8% 4.7% 3.6% 0.57 0.19 23.28% 46.86% 23.40

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

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

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

a-13 m-13

j-13

a-13

s-13

FY+1

.0 M o-13

4.34 0.61 2'099.44 1.48% 9.55% 0.612 26 2.269 7'905'441 6'922'629 5'847'469 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 10/13 Q3 01/14 Q4 18'070.1 18'660.6 0.51x 0.50x 1'265.6 1'315.4 7.17x 6.90x 591.5 611.3 11.15x 10.72x S&P Issuer Ratings

14.64 5.24 2.05 2.26 46.9% 31.9% 1.73 2.14 15.85 -11.31

Sales/Revenue/Turnover

10.00

20'000.0

9.00

18'000.0

8.00

16'000.0

7.00

14'000.0

6.00

12'000.0

5.00 4.00

10'000.0 8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 05.02.2010

n-12

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

20.0 M

250

Valuation Analysis

31.01.2009 14'528.0 0.54x 961.0 8.16x 460.0 15.57x

25.0 M

300

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 |

01.10.2013

WM Morrison Supermarkets PLC Holdings By:

All

Holder Name LEGAL & GENERAL INVESCO LTD BLACKROCK BRANDES INVESTMENT P AMERIPRISE FINANCIAL WALTER SCOTT & PARTN SUSAN PRITCHARD FIRST EAGLE INVESTME ZURICH FINANCIAL SER FIL LIMITED KERNIGHAN ELEANOR MA THREADNEEDLE MORRISON DUNCAN JAME SELFTRADE NORGES BANK INVESTME NORGES BANK PRIVATE INDIVIDUALS SCHRODER INVESTMENT VANGUARD GROUP INC MACKENZIE FINANCIAL

Firm Name

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

Analyst

Cantor Fitzgerald MICHAEL J DENNIS Shore Capital Stockbrokers DARREN SHIRLEY Oriel Securities Ltd JONATHAN PRITCHARD Exane BNP Paribas JOHN KERSHAW AlphaValue VIRGINIE BLIN JPMorgan JAIME VAZQUEZ UBS BENJAMIN PETERS Nomura DAVID PAYNE EVA Dimensions CRAIG STERLING Day by Day VALERIE GASTALDY Redburn Partners JAMES TRACEY Grupo Santander TIM ATTENBOROUGH Credit Suisse ANDREW KASOULIS Jefferies JAMES GRZINIC S&P Capital IQ WILLIAM MACK Barclays JAMES ANSTEAD Deutsche Bank JAMES G COLLINS Morgan Stanley EDOUARD AUBIN HSBC JEROME SAMUEL Macquarie SREEDHAR MAHAMKALI Investec DAVID MCCARTHY Panmure Gordon & Co Limited PHILIP DORGAN Espirito Santo Investment Bank Research SANJAY VIDYARTHI Goldman Sachs FRANKLIN WALDING

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

Recommendation sell hold hold neutral reduce underweight neutral buy hold hold sell hold neutral buy hold equalweight hold Underwt/In-Line underweight underperform sell sell sell Sell/Neutral

Amt Held 190'781'893 173'229'493 161'470'917 132'155'077 131'284'252 107'775'155 94'720'169 90'708'263 81'286'130 72'822'973 69'693'360 68'690'883 68'511'466 59'784'732 57'253'233 57'129'899 57'041'338 54'724'631 52'429'452 49'875'879

% Out 8.18 7.42 6.92 5.66 5.63 4.62 4.06 3.89 3.48 3.12 2.99 2.94 2.94 2.56 2.45 2.45 2.44 2.35 2.25 2.14

Weighting

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

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

Latest Chg (2'796'473) (324'148) (7'878'078) 6'872'100 25'716'235 (4'500'000) 1'629'205 135'765 (4'036'316) (501'965) 2'327'603 658'762 (571'800)

Target Price 229 #N/A N/A 300 305 275 245 270 360 #N/A N/A #N/A N/A #N/A N/A 300 285 310 315 310 277 255 260 230 240 260 230 250

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

File Dt Inst Type 31.07.2013 Unclassified 30.09.2013 Investment Advisor 27.09.2013 Investment Advisor 13.03.2013 Investment Advisor 13.03.2013 Investment Advisor 13.03.2013 Investment Advisor 13.03.2013 n/a 31.07.2013 Hedge Fund Manager 13.03.2013 Insurance Company 03.06.2013 Investment Advisor 12.03.2013 n/a 31.07.2013 Unclassified 15.03.2013 n/a 03.06.2013 Investment Advisor 03.06.2013 Government 31.12.2012 Government 03.06.2013 Other 03.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 19.09.2013 18.09.2013 18.09.2013 16.09.2013 16.09.2013 13.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 05.09.2013 15.08.2013 31.07.2013 06.07.2013 05.06.2013 17.05.2013 22.04.2013 23.01.2013

01.10.2013

Johnson Matthey PLC Johnson Matthey PLC is a specialty chemicals company which manufactures catalysts, pharmaceutical materials, and pollution control systems. The Company also refines platinum, gold and silver, and produces color and coating materials for the glass, ceramics, tile, plastics, paint, ink, and construction industries. Johnson Matthey has operations around the world.

Price/Volume 3500

Latest Fiscal Year: LTM as of: 52-Week High (05.09.2013) 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 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JMAT LN EQUITY YTD Change JMAT LN EQUITY YTD % CHANGE

03/2013 01/yy 3'015.00 2'150.00 172'205.00 2816 -6.57% 30.98% 76.07% 204.9 5'770.48 932.30 0.0 (1.4) 75.70 6'625.68

2000

1.5 M

1500

1.0 M

1000

31.03.2010 31.03.2011 7'839.4 9'984.8 0.54x 0.47x 402.2 520.5 10.53x 8.93x 164.2 181.5 22.50x 21.60x Profitability

31.03.2012 12'023.2 0.46x 580.2 9.54x 315.9 15.86x

31.03.2013 10'728.8 0.52x 547.5 10.17x 276.5 17.09x

547.50 397.90 3.71% 3.31% 8.13% 18.90% 13.49% 3.16% 6.6% 5.1% 3.7% 2.6% 1.37 0.68 26.39% 66.88% 14.96 15.46

Price/ Cash Flow

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.02 1.18 190.03 17.15% 20.43% 1.185 19 3.316 280'772 450'132 455'865 FY+2

03/14 Y 03/15 Y 11'121.4 11'994.4 0.59x 0.54x 586.9 639.3 11.29x 10.36x 332.5 370.4 17.45x 15.80x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

16.20 9.27 1.56 1.70 66.9% 40.1% 3.16 11.28 24.39 23.61 11.98 36.02

Sales/Revenue/Turnover

45.00

14'000.0

40.00

12'000.0

35.00

10'000.0

30.00 25.00

8'000.0

20.00

6'000.0

15.00

4'000.0

10.00

2'000.0

5.00 0.00 02.04.2010

.5 M

500

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

2.0 M

2500

Valuation Analysis

31.03.2009 7'847.8 0.36x 401.2 7.05x 174.1 12.84x

2.5 M

3000

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 |

01.10.2013

Johnson Matthey PLC Holdings By:

All

Holder Name BLACKROCK FIL LIMITED THREADNEEDLE LEGAL & GENERAL LLOYDS BANKING GROUP PRUDENTIAL PLC NORGES BANK SCOTTISH WIDOWS FMR LLC ARTISAN PARTNERS HOL MANNING & NAPIER ADV BAILLIE GIFFORD AND VANGUARD GROUP INC NEWTON INV MGMT JOHNSON MATTHEY PLC BANK OF NEW YORK MEL STATE STREET CORP AXA MANNING & NAPIER ADV STANDARD LIFE INVEST

Firm Name Numis Securities Ltd Exane BNP Paribas AlphaValue Kempen & Co UBS Berenberg Bank Morgan Stanley JPMorgan Goldman Sachs Deutsche Bank Credit Suisse HSBC Day by Day EVA Dimensions S&P Capital IQ Liberum Capital Ltd Redburn Partners

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

Analyst CHARLES PICK SIMON FICKLING MARTIN SCHNEE DENIS LEPADATU CAROL CHAN EVGENIA MOLOTOVA PAUL RICHARD WALSH MARTIN EVANS RAKESH PATEL MARTIN DUNWOODIE CHRIS COUNIHAN GEOFF HAIRE VALERIE GASTALDY TIMOTHY STANISH SHO MATSUBARA ADAM COLLINS TONY JONES

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

Recommendation hold outperform sell hold neutral hold Equalwt/In-Line neutral Buy/Neutral buy neutral neutral hold hold sell buy neutral

Amt Held 20'371'247 19'574'397 15'881'049 14'525'689 10'836'118 10'632'941 8'348'729 7'524'735 5'452'862 5'406'964 5'387'857 5'106'132 4'958'105 4'696'131 4'514'875 4'321'409 4'041'638 3'961'771 3'851'250 3'604'455

% Out 9.94 9.55 7.75 7.09 5.29 5.19 4.07 3.67 2.66 2.64 2.63 2.49 2.42 2.29 2.2 2.11 1.97 1.93 1.88 1.76

Weighting

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

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

Latest Chg 232'273 (832'064) (100'895) 296'142 (140'855) 9'511'347 2'124'154 (248'155) (57'137) 805'208 (45'241) (780'735) 130'041 2'330'434 53'521 848'639 (100'241) 1'075'754 325'169 (212'546)

Target Price 2'855 3'300 2'348 2'850 2'910 2'800 2'890 2'800 3'400 3'050 2'900 2'825 #N/A N/A #N/A N/A 2'350 3'100 #N/A N/A

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

File Dt 27.09.2013 03.06.2013 31.07.2013 31.07.2013 30.08.2013 30.06.2013 10.07.2013 31.07.2013 31.08.2013 03.06.2013 03.06.2013 03.06.2013 30.06.2013 03.06.2013 03.06.2013 27.09.2013 27.09.2013 03.06.2013 31.12.2012 03.06.2013

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

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

Date 01.10.2013 26.09.2013 26.09.2013 19.09.2013 18.09.2013 09.09.2013 05.09.2013 04.09.2013 30.08.2013 23.08.2013 25.07.2013 05.07.2013 02.07.2013 12.06.2013 11.06.2013 10.06.2013 05.10.2012

01.10.2013

British Land Co PLC British Land Company plc invests, both directly and through joint ventures, in income-producing and freehold commercial properties in order to maximize their growth and potential. The Company trades, finances, and develops property. Their portfolio consists of offices, retail superstores, shopping centers, leisure, industrial, and distribution spaces.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 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 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BLND LN EQUITY YTD Change BLND LN EQUITY YTD % CHANGE

03/2013 03/yy 659.50 506.00 1'503'485.00 576.5 -12.59% 13.93% 46.58% 999.1 5'759.76 2'178.00 0.0 0.0 175.00 7'762.76

16.0 M 14.0 M 12.0 M

400

10.0 M

300

8.0 M 6.0 M

200

4.0 M

100

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

600 500

Valuation Analysis

31.03.2009 515.0 12.10x (3'881.0) -

700

31.03.2010 31.03.2011 407.0 313.0 13.97x 20.99x 215.0 30.55x 1'140.0 840.0 3.62x 5.77x Profitability

LTM-4Q 31.03.2012 348.0 18.67x 234.0 27.76x 480.0 8.87x

31.03.2013 344.0 21.40x 226.0 32.58x 284.0 17.13x

226.00 224.00 65.12% 75.58% 3.46% 5.26% 0.04% 86.0% 65.1% 82.6% 0.73 0.59 26.34% 38.30% 15.64 -

Price/ Cash Flow

03/yy 316.0 74.22x 59.0 0.00x 840.0 5.77x

LTM 03/yy 352.0 75.18x 0.0 0.00x 480.0 8.87x

FY+1

.0 M o-13

4.58 1.02 895.21 14.53% 6.26% 1.018 20 3.350 2'446'945 3'312'766 3'326'136 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 317.3 363.0 33.17x 29.84x 471.3 517.3 16.47x 15.01x 327.0 374.0 19.03x 17.58x S&P Issuer Ratings

1.59 -3.14 38.3% 27.7% 0.04 0.06 23.34 691.98 -

Sales/Revenue/Turnover

35.00

800.0

30.00

700.0 600.0

25.00

500.0 20.00

400.0 15.00

300.0

10.00

200.0

5.00

100.0

0.00 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 |

01.10.2013

British Land Co PLC Holdings By:

All

Holder Name LEGAL & GENERAL NORGES BANK INVESTME APG ALGEMENE PENSIOE CAPITAL GROUP COMPAN BLACKROCK GIC PRIVATE LIMITED SCOTTISH WIDOWS VANGUARD GROUP INC STATE STREET CORP FIL LIMITED STICHTING PENSIOENFO MORGAN STANLEY UBS AG ARTISAN PARTNERS HOL BREWIN DOLPHIN LIMIT DIMENSIONAL FUND ADV PEOPLES REPUBLIC OF JP MORGAN CREDIT SUISSE AG ABN AMRO ASSET MGMT

Firm Name Numis Securities Ltd Exane BNP Paribas Societe Generale Jefferies AlphaValue Deutsche Bank Barclays JPMorgan Day by Day Morgan Stanley Peel Hunt Investec Oriel Securities Ltd Panmure Gordon & Co Limited Goldman Sachs UBS EVA Dimensions Liberum Capital Ltd Kempen & Co

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

Analyst CHRISTOPHER SPEARING NICK WEBB MARC MOZZI MICHAEL PREW PIERRE-LOUP ETIENNE MARTIN ALLEN AARON GUY HARM M MEIJER VALERIE GASTALDY BART GYSENS JAMES CARSWELL ALAN CARTER MATTHEW S SAPERIA MARK HUGHES JULIAN LIVINGSTON-BOOTH HARRY STOKES DOUG WALTERS ALISON WATSON RYAN PALECEK

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

Recommendation add neutral hold hold reduce hold overweight overweight hold Overwt/Attractive hold reduce hold hold neutral/neutral neutral underweight hold overweight

Amt Held 73'150'422 59'981'518 54'592'968 53'796'899 52'861'598 41'030'728 32'270'752 28'734'236 28'396'511 25'310'541 25'166'986 24'325'054 18'221'862 14'591'898 13'694'045 12'501'943 11'832'247 11'318'858 11'148'633 10'561'672

% Out 7.32 6 5.46 5.38 5.29 4.11 3.23 2.88 2.84 2.53 2.52 2.43 1.82 1.46 1.37 1.25 1.18 1.13 1.12 1.06

Weighting

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

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

Latest Chg 3'011'486 10'882'900 2'776'611 (2'382'598) 2'087'214 4'579'359 3'309'644 2'697'191 (1'029'190) 8'847'487 5'015'225 3'432'169 2'626'255 1'156'293 1'765'514 2'795'178 (1'297'271) 7'478'923

Target Price 615 610 620 536 565 520 695 670 #N/A N/A 670 550 600 #N/A N/A 630 630 630 #N/A N/A 528 600

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

File Dt Inst Type 31.07.2013 Unclassified 03.06.2013 Government 03.06.2013 Pension Fund (ERISA) 30.06.2013 Investment Advisor 27.09.2013 Investment Advisor 03.06.2013 Government 03.06.2013 Unclassified 30.06.2013 Investment Advisor 27.09.2013 Investment Advisor 03.06.2013 Investment Advisor 03.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Unclassified 03.06.2013 Investment Advisor 03.06.2013 Investment Advisor 31.07.2013 Investment Advisor 03.06.2013 Government 31.07.2013 Investment Advisor 03.06.2013 Investment Advisor 17.07.2012 Investment Advisor

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

Date 01.10.2013 01.10.2013 30.09.2013 30.09.2013 26.09.2013 24.09.2013 17.09.2013 13.09.2013 30.08.2013 28.08.2013 05.08.2013 24.07.2013 24.07.2013 24.07.2013 08.07.2013 19.06.2013 06.06.2013 29.04.2013 25.04.2013

01.10.2013

GKN PLC GKN plc produces automotive components and aerospace vehicles, and supplies a variety of industrial services. The Company manufactures and provides driveline systems, vehicle chassis assemblies, sub-assemblies and power take-off shafts, in addition to aircraft transmissions and helicopters.

Price/Volume 400

25.0 M

350

20.0 M

300 250

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (16.10.2012) 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 GKN LN EQUITY YTD Change GKN LN EQUITY YTD % CHANGE

12/2012 06/yy 364.90 201.00 1'708'446.00 343.7 -5.81% 71.00% 86.03% 1'639.8 5'636.04 1'052.00 0.0 353.0 181.00 6'587.04

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

10.0 M

150 100

5.0 M

50 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 4'376.0 0.32x 379.0 3.68x (109.0) -

15.0 M

200

Valuation Analysis

31.12.2009 31.12.2010 4'223.0 5'084.0 0.52x 0.80x 344.0 570.0 6.41x 7.13x (36.0) 305.0 11.34x Profitability

LTM-4Q 31.12.2011 5'746.0 0.66x 619.0 6.17x 279.0 10.17x

31.12.2012 6'510.0 0.77x 739.0 6.80x 480.0 7.58x 739.00 471.00 7.24% 9.03% 5.83% 22.99% 16.48% 1.15% 11.4% 7.0% 7.4% 1.29 0.65 16.78% 66.84% -

Price/ Cash Flow

06/yy 3'254.0 0.00x 0.0 0.00x 0.0 0.00x

LTM 06/yy 6'903.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-13

2.15 1.59 1'635.94 62.47% 54.09% 1.593 14 4.286 4'272'432 4'223'728 4'263'367 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 7'199.9 7'632.1 0.94x 0.86x 860.5 972.0 7.65x 6.78x 417.3 508.9 12.82x 10.88x S&P Issuer Ratings

19.04.2002 NR 8.59 5.36 1.18 1.48 66.8% 35.3% 1.15 3.62 -

Sales/Revenue/Turnover

400.00

7'000.0

350.00

6'000.0

300.00

5'000.0

250.00

4'000.0

200.00

3'000.0

150.00

2'000.0

100.00

1'000.0

50.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

01.10.2013

GKN PLC Holdings By:

All

Holder Name STANDARD LIFE INVEST THREADNEEDLE BLACKROCK LEGAL & GENERAL SCOTTISH WIDOWS AXA SKANDIA INVESTMENT M NORGES BANK INVESTME FRAMLINGTON INVESTME VANGUARD GROUP INC NORGES BANK SUN LIFE FINANCIAL I ABERDEEN SANDERSON ASSET MANA INVESCO LTD AVIVA INVESTORS CAZENOVE CAPITAL MAN UBS AG T ROWE PRICE ASSOCIA ALLIANCE BERNSTEIN

Firm Name Jefferies Societe Generale RBC Capital Markets UBS Investec Cantor Fitzgerald Exane BNP Paribas Barclays Goldman Sachs Credit Suisse JPMorgan Shore Capital Stockbrokers EVA Dimensions

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

Analyst SANDY MORRIS ALASDAIR LESLIE ANDREW CARTER RAMI MYERSON ANDREW GOLLAN ANDREW CHAMBERS JONATHAN R MOUNSEY MICHAEL TYNDALL STEPHAN PUETTER JONATHAN HURN GLEN H LIDDY GERARD LANE CRAIG STERLING

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

Recommendation buy buy sector perform buy buy buy neutral equalweight neutral/attractive outperform overweight corporate hold

Amt Held 145'904'162 134'522'790 77'153'138 63'292'029 59'197'292 58'448'508 41'987'801 40'296'063 40'186'585 39'535'460 38'848'145 38'652'884 38'505'178 37'305'164 35'559'956 31'430'078 28'813'138 28'386'190 27'876'911 26'062'599

% Out 8.9 8.2 4.7 3.86 3.61 3.56 2.56 2.46 2.45 2.41 2.37 2.36 2.35 2.27 2.17 1.92 1.76 1.73 1.7 1.59

Weighting

Change

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

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

Latest Chg (33'190'154) (9'768'848) 4'661'748 (1'199'095) 6'314'135 6'996'280 225'028 905'465 2'187'503 (16'294'272) (195'138) 1'031'000 324'687 (1'283'698) (2'859'757) 4'825'960 1'404'949 (1'196'730)

Target Price 275 425 290 400 410 420 390 327 409 395 375 #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 04.07.2013 31.07.2013 27.09.2013 31.07.2013 01.05.2013 01.05.2013 30.08.2013 01.05.2013 30.08.2013 30.06.2013 31.12.2012 31.07.2013 31.07.2013 01.05.2013 30.09.2013 01.05.2013 01.05.2013 28.06.2013 01.05.2013 31.08.2013

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

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

Date 30.09.2013 26.09.2013 26.09.2013 25.09.2013 18.09.2013 13.09.2013 05.09.2013 16.08.2013 07.08.2013 01.08.2013 30.07.2013 26.07.2013 11.06.2013

01.10.2013

Smiths Group PLC Smiths Group plc is a global technology company. The company delivers products and services for the threat & contraband detection, medical devices, energy and communications market worldwide.

Price/Volume 1600

14.0 M

1400

12.0 M

1200

10.0 M

1000

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 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SMIN LN EQUITY YTD Change SMIN LN EQUITY YTD % CHANGE

07/2013 01/yy 1'456.00 1'018.00 213'749.00 1415 -2.82% 39.00% 86.99% 393.9 5'574.25 1'138.20 0.0 7.6 393.80 6'326.25

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

6.0 M

600 400

4.0 M

200

2.0 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 31.07.2009 2'664.6 1.38x 544.3 6.78x 269.5 10.17x

8.0 M

800

Valuation Analysis

31.07.2010 31.07.2011 2'769.6 2'842.0 1.88x 1.83x 580.3 598.7 8.96x 8.67x 310.0 383.8 14.82x 14.59x Profitability

31.07.2012 3'030.1 1.65x 603.4 8.27x 256.6 16.32x

31.07.2013 3'108.6 2.00x 692.2 8.97x 356.6 15.27x 692.20 558.80 17.98% 14.21% 9.30% 29.01% 18.02% 0.81% 45.5% 22.3% 18.0% 11.5% 1.80 1.17 27.99% 76.59% 5.15 3.71

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.79 1.00 392.75 40.35% 20.00% 1.000 18 3.111 504'862 569'085 695'862 FY+2

07/14 Y 07/15 Y 3'242.8 3'380.5 1.94x 1.83x 664.0 708.1 9.53x 8.93x 394.6 424.9 14.29x 13.30x S&P Issuer Ratings

FQ+1

FQ+2

15.01.2007 BBB+ STABLE 19.04.2000 A-2 9.83 9.03 1.08 1.64 76.6% 43.2% 0.81 11.29 70.87 98.48 42.94 126.41

Sales/Revenue/Turnover

20.00

3'500.0

18.00

3'000.0

16.00 14.00

2'500.0

12.00

2'000.0

10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 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 |

01.10.2013

Smiths Group PLC Holdings By:

All

Holder Name THREADNEEDLE HARRIS ASSOCIATES LP PRUDENTIAL PLC BLACKROCK LEGAL & GENERAL SUN LIFE FINANCIAL I INVESCO LTD DWS INVESTMENTS VANGUARD GROUP INC MORGAN STANLEY INVES NORGES BANK SCOTTISH WIDOWS DEUTSCHE BANK AG NORGES BANK INVESTME STATE STREET CORP BNP PARIBAS SA JO HAMBRO CAPITAL MA ARTEMIS INVESTMENT M ARTEMIS INVESTMENT M JUPITER ASSET MANAGE

Firm Name

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

Analyst

RBC Capital Markets ANDREW CARTER Jefferies SANDY MORRIS Deutsche Bank MARTIN WILKIE Investec CHRIS DYETT UBS RAMI MYERSON Morgan Stanley BEN UGLOW Societe Generale ALASDAIR LESLIE Credit Suisse ANDRE KUKHNIN JPMorgan GLEN H LIDDY Numis Securities Ltd SCOTT CAGEHIN Day by Day VALERIE GASTALDY Exane BNP Paribas JONATHAN R MOUNSEY Espirito Santo Investment Bank Research EDWARD STACEY HSBC SEAN D MCLOUGHLIN Barclays NICK WEBSTER EVA Dimensions TIMOTHY STANISH Berenberg Bank ALEXANDER VIRGO Gabelli & Co WAYNE PINSENT

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

Recommendation underperform buy hold buy neutral not rated sell outperform neutral hold buy outperform neutral neutral underweight overweight hold buy

Amt Held 24'447'972 21'081'435 17'400'000 16'400'000 15'735'510 13'162'739 11'389'308 10'760'210 9'732'394 9'686'591 8'938'410 8'735'722 8'391'540 7'908'248 7'276'490 6'294'829 6'069'038 5'957'384 5'904'477 5'874'272

% Out 6.21 5.35 4.42 4.16 3.99 3.34 2.89 2.73 2.47 2.46 2.27 2.22 2.13 2.01 1.85 1.6 1.54 1.51 1.5 1.49

Weighting

Change

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

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

Latest Chg (397'878) 11'932'545 74'801 463'351 1'818'764 892'999 298'310 (1'883'669) 2'287'966 (3'490) 2'722'457 1'687'461 (394'580) 202'372 (3'115'615) (1'382'817) (116'629)

Target Price 1'200 1'400 1'400 1'640 1'450 #N/A N/A 1'235 1'460 1'460 1'400 1'555 1'525 1'220 1'400 1'157 #N/A N/A 1'275 #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 01.07.2013 01.07.2013 27.09.2013 31.07.2013 01.07.2013 30.09.2013 01.07.2013 01.07.2013 01.07.2013 31.12.2012 01.07.2013 30.08.2013 01.07.2013 27.09.2013 01.07.2013 01.07.2013 31.12.2012 01.07.2013 01.07.2013

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

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

Date 30.09.2013 30.09.2013 27.09.2013 25.09.2013 25.09.2013 23.09.2013 19.09.2013 18.09.2013 18.09.2013 18.09.2013 16.09.2013 05.09.2013 02.09.2013 28.08.2013 01.08.2013 06.06.2013 24.05.2013 05.05.2011

01.10.2013

J Sainsbury PLC J Sainsbury plc retails food. The Company operates Sainsbury supermarkets in the United Kingdom, convenience stores, an Internet-based home delivery service, and Sainsbury Bank. The Bank offers saving accounts, credit cards, mortgages, insurance products, and consumer loans.

Price/Volume 450

14.0 M

400

12.0 M

350

10.0 M

300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.09.2013) 52-Week Low (15.01.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBRY LN EQUITY YTD Change SBRY LN EQUITY YTD % CHANGE

03/2013 06/yy 403.30 320.30 1'967'431.00 387.9 -3.79% 21.11% 85.78% 1'900.9 7'373.51 2'782.00 0.0 1.0 517.00 9'639.51

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

8.0 M

200

6.0 M

150

4.0 M

100

2.0 M

50 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 18'911.0 0.38x 1'074.0 6.70x 289.0 18.83x

250

31.03.2010 31.03.2011 19'964.0 21'102.0 0.39x 0.40x 1'156.0 1'220.0 6.74x 6.95x 585.0 640.0 10.37x 10.19x Profitability

LTM-4Q 31.03.2012 22'294.0 0.35x 1'281.0 6.04x 598.0 9.48x

31.03.2013 23'303.0 0.39x 1'347.0 6.78x 614.0 11.12x

1'347.00 830.00 3.56% 3.38% 4.91% 10.81% 8.57% 1.86% 5.5% 5.8% 3.6% 2.6% 0.60 0.21 21.91% 48.53% 195.82 22.88

Price/ Cash Flow

LTM

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

FY+1

.0 M o-13

4.31 0.77 1'254.65 17.40% 15.95% 0.767 27 2.704 4'029'702 3'682'139 3'448'581 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 24'170.6 25'282.8 0.41x 0.39x 1'406.1 1'495.4 6.86x 6.45x 612.8 653.9 12.20x 11.44x S&P Issuer Ratings

13.05.2010 NR 13.05.2010 NR 7.74 1.61 1.68 2.07 48.5% 32.7% 1.86 2.44 1.86 15.91 31.42 -13.66

Sales/Revenue/Turnover

8.00

25'000.0

7.00

20'000.0

6.00 5.00

15'000.0

4.00

10'000.0

3.00 2.00

5'000.0

1.00 0.00 26.03.2010

0.0 26.09.2010

26.03.2011

26.09.2011

26.03.2012

26.09.2012

26.03.2013

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 |

01.10.2013

J Sainsbury PLC Holdings By:

All

Holder Name QATAR INVESTMENT AUT SCHRODER PRIVATE BAN SAINSBURY TURVILLE D Innotech Advisors Lt BLACKROCK PORTRAIT JUDITH LEGAL & GENERAL NORGES BANK INVESTME SAINSBURY FAMILY NORGES BANK M1 Capital Ltd LANSDOWNE PARTNERS FIL LIMITED VANGUARD GROUP INC CREDIT SUISSE AG SANDERSON ASSET MANA BREWIN DOLPHIN LIMIT PELHAM CAPITAL LONG/ UBS AG SPARINVEST

Firm Name

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

Analyst

Grupo Santander TIM ATTENBOROUGH Cantor Fitzgerald MICHAEL J DENNIS Exane BNP Paribas ANDREW GWYNN Shore Capital Stockbrokers CLIVE WILLIAM BLACK Oriel Securities Ltd JONATHAN PRITCHARD AlphaValue VIRGINIE BLIN Deutsche Bank JAMES G COLLINS JPMorgan JAIME VAZQUEZ Jefferies JAMES GRZINIC Morgan Stanley EDOUARD AUBIN UBS BENJAMIN PETERS S&P Capital IQ WILLIAM MACK Nomura DAVID PAYNE HSBC JEROME SAMUEL Redburn Partners JAMES TRACEY Credit Suisse ANDREW KASOULIS Panmure Gordon & Co Limited PHILIP DORGAN Investec DAVID MCCARTHY Barclays JAMES ANSTEAD EVA Dimensions CRAIG STERLING Day by Day VALERIE GASTALDY Natixis ANTOINE PARISON Espirito Santo Investment Bank Research SANJAY VIDYARTHI Macquarie SREEDHAR MAHAMKALI Goldman Sachs FRANKLIN WALDING

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

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

Amt Held % Out 481'746'132 25.34 102'831'356 5.41 94'009'955 4.95 84'750'000 4.46 56'831'235 2.99 56'197'619 2.96 55'076'839 2.9 44'405'865 2.34 44'177'079 2.32 43'873'590 2.31 42'160'449 2.22 (36'366'748) -1.91 34'822'376 1.83 33'657'513 1.77 32'555'417 1.71 29'726'261 1.56 27'686'518 1.46 (19'756'224) -1.04 19'552'131 1.03 17'438'617 0.92

Weighting

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

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

Latest Chg 3'393'497 (744'437) (13'576'709) (3'977'613) 1'259'340 3'026'361 (6'523'859) (1'535'405) (2'093'595) 3'621'394 -

Target Price 395 381 360 #N/A N/A 425 354 370 360 385 400 425 350 350 340 #N/A N/A 285 400 375 410 #N/A N/A #N/A N/A 360 400 290 295

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

File Dt 03.06.2013 03.06.2013 08.05.2013 03.06.2013 27.09.2013 22.05.2013 31.07.2013 03.06.2013 03.06.2013 31.12.2012 10.09.2013 22.05.2013 03.06.2013 30.06.2013 03.06.2013 03.06.2013 03.06.2013 16.07.2013 28.06.2013 31.07.2013

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

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

Date 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 19.09.2013 19.09.2013 18.09.2013 06.09.2013 02.09.2013 12.06.2013 12.06.2013 07.06.2013 06.06.2013 06.06.2013 20.05.2013 09.05.2013 22.04.2013 12.01.2013 05.12.2012

01.10.2013

Intertek Group PLC Intertek Group plc offers product inspection services. The Company tests textiles, toys, petroleum products, chemicals, electronic products, building materials, and agricultural products. Intertek inspects and certifies products for safety to governments, exporters and importers, and certifies that import duties are declared and paid.

Price/Volume

1.2 M

.8 M

2000

12/2012 01/yy 3'510.00 2'689.00 96'307.00 3347 -4.62% 24.47% 75.03% 161.3 5'399.84 717.20 0.0 25.3 166.50 6'063.14

.6 M

1500 1000

.4 M

500

.2 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 1'237.3 1'374.2 1.79x 2.20x 260.4 274.9 8.49x 11.00x 114.7 128.6 17.33x 21.99x Profitability

31.12.2011 1'749.4 2.21x 319.6 12.09x 138.8 23.44x

31.12.2012 2'054.3 2.71x 379.4 14.65x 173.8 28.64x 379.40 283.30 13.79% 12.49% 9.66% 29.08% 15.71% 1.16% 18.9% 14.3% 8.5% 1.68 1.30 39.08% 113.91% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

1.28 0.79 160.68 23.51% 8.94% 0.792 25 3.680 185'047 351'721 403'116 FY+2

12/13 Y 12/14 Y 2'258.6 2'431.9 2.61x 2.38x 434.0 480.0 13.97x 12.63x 233.7 264.1 23.24x 20.71x S&P Issuer Ratings

FQ+1

FQ+2

23.10.2006 NR 11.09 7.73 1.56 1.87 113.9% 52.3% 1.16 7.27 -

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

1.0 M

2500

Latest Fiscal Year: LTM as of: 52-Week High (04.04.2013) 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 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITRK LN EQUITY YTD Change ITRK LN EQUITY YTD % CHANGE

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

1.4 M

3500 3000

Valuation Analysis

31.12.2008 1'003.5 1.56x 204.8 7.62x 93.8 13.18x

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 |

01.10.2013

Intertek Group PLC Holdings By:

All

Holder Name MORGAN STANLEY CAPITAL GROUP COMPAN MARATHON ASSET MANAG FIL LIMITED CREDIT SUISSE GROUP BLACKROCK Cantillon Capital LEGAL & GENERAL ALLIANCE BERNSTEIN MORGAN STANLEY INVES BAILLIE GIFFORD AND NORGES BANK INVESTME VANGUARD GROUP INC SUN LIFE FINANCIAL I NORGES BANK UBS AG PEOPLES REPUBLIC OF WALTER SCOTT & PARTN STATE STREET CORP KUWAIT INVESTMENT AU

Firm Name Goldman Sachs HSBC JPMorgan Deutsche Bank Credit Suisse Societe Generale Helvea RBC Capital Markets Morgan Stanley Kepler Cheuvreux UBS Cantor Fitzgerald Oddo & Cie Natixis Exane BNP Paribas Barclays Jefferies Shore Capital Stockbrokers Berenberg Bank Numis Securities Ltd Main First Bank AG EVA Dimensions S&P Capital IQ

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

Analyst JOHN WOODMAN ALEX MAGNI ROBERT PLANT THOMAS SYKES ANDY GROBLER PATRICK JOUSSEAUME CHRISTIAN BURGER ANDREW BROOKE ALLEN WELLS BEAT KEISER WILLIAM VANDERPUMP CAROLINE DE LA SOUJEOLE GUILLAUME RASCOUSSIER OLIVIER LEBRUN LAURENT BRUNELLE PAUL D A SULLIVAN WILLIAM KIRKNESS ROBIN SPEAKMAN SIMON MEZZANOTTE STEVE WOOLF MOURAD LAHMIDI TIMOTHY STANISH JOHNSON IMODE

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

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

Amt Held 12'566'332 9'681'119 9'502'983 8'979'420 8'245'135 8'053'997 6'992'103 6'390'358 6'226'268 4'459'621 4'208'951 4'023'272 4'010'516 3'869'814 3'667'712 3'376'910 2'646'943 2'430'700 2'430'252 2'171'294

% Out 7.79 6 5.89 5.57 5.11 4.99 4.33 3.96 3.86 2.76 2.61 2.49 2.49 2.4 2.27 2.09 1.64 1.51 1.51 1.35

Weighting

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

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

Latest Chg 8'172 167'542 (933'814) (774'385) 19'017 26'706 (34'700) (3'950'823) (124'844) 76'731 (50'358) (189'940) 653'274 (77'213) 62'075

Target Price 3'916 3'520 3'840 3'243 3'600 3'500 3'300 3'050 3'950 2'900 3'100 3'175 3'800 3'300 4'100 3'700 2'750 #N/A N/A 3'300 3'782 3'450 #N/A N/A 3'300

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

File Dt 12.09.2013 30.06.2013 03.06.2013 03.06.2013 28.08.2013 27.09.2013 03.06.2013 31.07.2013 31.08.2013 03.06.2013 03.06.2013 03.06.2013 30.06.2013 31.07.2013 31.12.2012 30.06.2013 03.06.2013 03.06.2013 27.09.2013 03.06.2013

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

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

Date 27.09.2013 19.09.2013 12.09.2013 10.09.2013 03.09.2013 16.08.2013 15.08.2013 06.08.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 08.07.2013 06.06.2013 29.05.2013

01.10.2013

Whitbread PLC Whitbread PLC is a hotel and restaurant group. The Company operates businesses in budget hotels, restaurants and coffee shops.

Price/Volume 3500

1.6 M

3000

1.4 M 1.2 M

2500

1.0 M

2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 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 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WTB LN EQUITY YTD Change WTB LN EQUITY YTD % CHANGE

02/2013 01/yy 3'311.00 2'243.00 298'583.00 2977 -10.06% 32.72% 67.51% 180.3 5'367.91 511.90 0.0 10.8 40.80 5'849.81

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

.6 M

1000

.4 M

500

.2 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 28.02.2009 1'334.6 1.45x 354.6 5.44x 91.8 14.17x

.8 M

1500

28.02.2010 28.02.2011 1'435.0 1'599.6 2.16x 2.20x 364.9 427.1 8.51x 8.23x 161.0 223.3 15.94x 13.43x Profitability

29.02.2012 1'778.0 1.98x 467.3 7.52x 267.3 11.13x

28.02.2013 2'030.0 2.46x 523.7 9.55x 303.5 14.76x 523.70 395.30 19.47% 17.50% 9.89% 21.59% 17.36% 0.66% 25.8% 19.5% 15.0% 0.42 0.23 16.12% 33.36% 39.84 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.93 0.89 179.76 32.37% 23.37% 0.889 24 3.542 514'715 471'501 413'729 FY+2

02/14 Y 02/15 Y 2'259.6 2'494.6 2.61x 2.36x 556.1 606.8 10.52x 9.64x 295.1 327.5 17.82x 16.04x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

11.61 4.31 0.90 0.98 33.4% 24.9% 0.66 0.76 9.14 -

Sales/Revenue/Turnover

16.00

2'500.0

14.00

2'000.0

12.00 10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 05.03.2010

0.0 05.09.2010

05.03.2011

05.09.2011

05.03.2012

05.09.2012

05.03.2013

05.09.2013

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 |

01.10.2013

Whitbread PLC Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN SUN LIFE FINANCIAL I ABBEY NATIONAL TREAS LEGAL & GENERAL FMR LLC SCOTTISH WIDOWS SCHRODER INVESTMENT STANDARD LIFE INVEST VANGUARD GROUP INC NORGES BANK INVESTME NORGES BANK HSBC INVESTMENTS UK FIL LIMITED STATE STREET CORP MARGATE CAPITAL LP NEWTON INV MGMT BANK OF NEW YORK MEL AXA PEOPLES REPUBLIC OF

Firm Name Natixis Raymond James Oriel Securities Ltd AlphaValue Societe Generale Deutsche Bank JPMorgan Nomura Numis Securities Ltd Oddo & Cie Shore Capital Stockbrokers Panmure Gordon & Co Limited Credit Suisse Barclays Jefferies UBS Exane BNP Paribas Morgan Stanley HSBC Investec Goldman Sachs EVA Dimensions

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

Analyst ANDRE JUILLARD JULIEN RICHER JEFFREY HARWOOD BERENICE LACROIX SABRINA BLANC GEOF COLLYER KOMAL DHILLON TIM BARRETT WYN ELLIS FEHMI BEN NAAMANE GREG JOHNSON SIMON FRENCH TIM RAMSKILL VICTORIA LEE IAN RENNARDSON JARROD CASTLE ROBERTA CIACCIA JAMIE ROLLO LENA THAKKAR JAMES HOLLINS NICK EDELMAN CRAIG STERLING

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

Recommendation neutral outperform hold reduce sell buy neutral buy hold neutral buy sell outperform overweight hold neutral outperform Equalwt/In-Line overweight sell Buy/Neutral hold

Amt Held 17'184'930 10'825'963 10'000'604 7'700'780 7'641'590 5'091'137 4'978'405 4'774'783 4'316'129 4'300'028 4'123'847 4'024'630 3'879'154 3'865'753 3'279'259 3'130'600 2'986'764 2'863'174 2'791'941 2'641'060

% Out 9.53 6 5.55 4.27 4.24 2.82 2.76 2.65 2.39 2.38 2.29 2.23 2.15 2.14 1.82 1.74 1.66 1.59 1.55 1.46

Weighting

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

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

Latest Chg 3'348'708 (515'842) 1'107'179 694'573 (1'971'705) (1'338'880) 148'322 (96'059) 525'837 109'491 49'291 835'695 1'160'055 (216'544) 4'321

Target Price 2'700 3'100 #N/A N/A 2'975 2'900 3'350 3'250 3'110 3'100 2'500 #N/A N/A 2'644 3'530 3'420 2'700 3'150 3'500 2'900 3'400 2'000 3'310 #N/A N/A

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

File Dt 27.09.2013 31.07.2013 31.07.2013 20.05.2013 31.07.2013 31.08.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 31.12.2012 01.07.2013 01.07.2013 27.09.2013 01.07.2013 01.07.2013 27.09.2013 01.07.2013 01.07.2013

Date Not Provided Not Provided Not Provided 6 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 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 Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Government Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Government

Date 01.10.2013 27.09.2013 27.09.2013 26.09.2013 19.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 05.09.2013 03.09.2013 22.08.2013 05.07.2013 05.07.2013 04.07.2013 19.06.2013 18.06.2013 10.06.2013 15.01.2013

01.10.2013

Weir Group PLC/The The Weir Group PLC is an engineering solutions provider focused on the minerals, oil and gas and power markets. The Company manufactures and supplies engineering products and services for mining and minerals processing, power generation, oil and gas production, water supply and other industrial uses. The Weir Group supplies pumps, valves, compressors and turbines.

Price/Volume

3.0 M

12/2012 01/yy 2'490.00 1'651.00 264'119.00 2328 -6.47% 41.01% 80.93% 213.2 4'962.33 1'080.00 0.0 3.2 391.10 5'916.93

2.0 M 1.5 M

1000

1.0 M

500

.5 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 1'390.2 1'635.0 1.17x 2.47x 230.1 338.7 7.07x 11.91x 128.8 185.1 12.20x 18.88x Profitability

31.12.2011 2'292.0 2.17x 449.7 11.05x 298.3 15.42x

31.12.2012 2'538.3 1.84x 528.9 8.85x 315.4 12.75x 528.90 442.80 17.44% 16.70% 8.84% 22.23% 14.29% 0.74% 34.9% 21.0% 17.1% 12.4% 2.19 1.24 32.90% 82.63% 4.69 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

1.67 1.45 197.54 31.51% 25.62% 1.453 20 3.600 374'377 471'062 584'330 FY+2

12/13 Y 12/14 Y 2'568.6 2'725.8 2.23x 2.03x 553.5 604.6 10.69x 9.79x 314.3 345.3 15.26x 14.02x S&P Issuer Ratings

FQ+1

FQ+2

11.09 8.50 1.87 2.03 82.6% 45.2% 0.74 6.31 78.50 101.11

Sales/Revenue/Turnover

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

2.5 M

1500

Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 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 09.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WEIR LN EQUITY YTD Change WEIR LN EQUITY YTD % CHANGE

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

3.5 M

2500 2000

Valuation Analysis

31.12.2008 1'353.6 0.66x 203.7 4.38x 170.8 5.76x

3000

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 |

01.10.2013

Weir Group PLC/The Holdings By:

All

Holder Name AXA LEGAL & GENERAL CREDIT SUISSE AG ABERDEEN NORGES BANK LANSDOWNE PARTNERS SKANDIA INVESTMENT M FMR LLC CAPITAL GROUP COMPAN FRAMLINGTON INVESTME PRUDENTIAL PLC SUN LIFE FINANCIAL I STANDARD LIFE INVEST VANGUARD GROUP INC BREWIN DOLPHIN LIMIT BLACKROCK SCOTTISH WIDOWS SCHRODER INVESTMENT EAST SIDE CAPITAL LL BAILLIE GIFFORD AND

Firm Name Exane BNP Paribas Jefferies RBC Capital Markets Investec Barclays HSBC Morgan Stanley Berenberg Bank Societe Generale Credit Suisse JPMorgan Cowen and Company Deutsche Bank Numis Securities Ltd EVA Dimensions Nomura UBS Baden Hill LLP N+1 Singer Ltd

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

Analyst JONATHAN R MOUNSEY ANDREW DOUGLAS ANDREW CARTER THOMAS RANDS NICK WEBSTER SEAN D MCLOUGHLIN BEN UGLOW ALEXANDER VIRGO ALASDAIR LESLIE JONATHAN HURN GLEN H LIDDY PETER HATFIELD PETER REILLY SCOTT CAGEHIN TIMOTHY STANISH CHRISTYAN MALEK FREDRIC STAHL ANTOINE HNEIN JO REEDMAN

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

Recommendation outperform hold outperform buy overweight neutral Equalwt/Cautious buy sell neutral overweight underperform buy buy underweight neutral buy sell not rated

Amt Held % Out 21'685'388 10.17 20'933'333 9.82 12'780'388 6 10'797'589 5.07 8'503'919 3.99 (7'204'757) -3.38 6'427'993 3.02 6'425'000 3.01 6'271'906 2.94 6'258'320 2.94 6'165'587 2.89 5'684'917 2.67 5'411'377 2.54 5'108'310 2.4 5'020'548 2.36 4'907'250 2.3 4'402'180 2.07 3'819'146 1.79 3'728'788 1.75 3'552'057 1.67

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

Change M M M M M M M U M M M M M M U M M M M

Latest Chg 286'648 (510'099) 162'231 333'925 (39'210) 63'321 (22'000) (2'204'073) 60'880 (216'732) 301'680 (522'258) 237'587 (328'627) 694'710 822'261 (2'655) (16'428)

Target Price 2'500 2'500 2'700 2'610 2'520 2'350 2'150 2'545 1'870 2'260 2'680 1'843 2'300 2'500 #N/A N/A 1'950 2'500 1'720 #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 31.07.2013 12.07.2013 31.07.2013 23.09.2013 13.09.2013 30.08.2013 27.02.2013 09.07.2013 30.08.2013 01.05.2013 31.07.2013 01.05.2013 30.06.2013 01.05.2013 27.09.2013 31.07.2013 01.05.2013 01.05.2013 01.05.2013

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

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

Date 01.10.2013 30.09.2013 26.09.2013 18.09.2013 09.09.2013 03.09.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 29.07.2013 02.07.2013 07.06.2013 01.05.2013 19.06.2012

01.10.2013

InterContinental Hotels Group PLC InterContinental Hotels Group PLC owns and operates a portfolio of hotel businesses. The Group's portfolio is comprised primarily of various franchised hotels from an established and diverse group of brands. InterContinental Hotels manages hotel loyalty and priority club rewards programs. The Group operates hotels in countries and territories all over the world.

Price/Volume 2500

2.5 M 2.0 M

1000

12/2012 12/yy 1'961.90 1'424.84 239'801.00 1814 -7.54% 27.31% 70.23% 261.2 4'737.37 1'258.00 0.0 9.0 201.00 8'508.51

1.5 M 1.0 M

500

.5 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 1'538.0 1'628.0 3.40x 3.88x 472.0 552.0 11.06x 11.46x 213.0 293.0 19.86x 19.19x Profitability

LTM-4Q 31.12.2011 1'768.0 3.24x 658.0 8.71x 460.0 11.27x

31.12.2012 1'835.0 4.63x 708.0 12.00x 544.0 14.63x 708.00 614.00 33.46% 30.30% 17.46% 127.25% 42.60% 0.59% 57.9% 38.6% 33.5% 29.6% 0.85 0.70 38.55% 408.44% 5.71 193.00

Price/ Cash Flow

12/yy 1'768.0 13.96x 658.0 8.71x 460.0 11.27x

LTM 12/yy 1'835.0 17.16x 708.0 12.00x 544.0 14.63x

FY+1

.0 M o-13

2.18 1.13 253.22 18.59% 13.73% 1.134 27 3.889 729'919 833'125 820'411 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'892.2 1'948.8 431.2 472.0 4.71x 4.56x 20.42x 18.75x 754.8 779.8 155.0 201.0 11.27x 10.91x 11.31x 11.25x 404.2 421.9 88.0 19.21x 18.01x 11.55x 11.60x S&P Issuer Ratings

22.06.2011 BBB STABLE 18.02.2005 NR 12.42 11.65 1.49 1.78 408.4% 79.9% 0.59 1.52 64.12 1.90 57.60 8.42

Sales/Revenue/Turnover

20.00

5'000.0

18.00

4'500.0

16.00

4'000.0

14.00

3'500.0

12.00

3'000.0

10.00 8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

3.0 M

1500

Latest Fiscal Year: LTM as of: 52-Week High (02.04.2013) 52-Week Low (06.11.2012) 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 IHG LN EQUITY YTD Change IHG LN EQUITY YTD % CHANGE

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

3.5 M

2000

Valuation Analysis

31.12.2008 1'897.0 1.90x 661.0 5.47x 262.0 9.15x

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 |

01.10.2013

InterContinental Hotels Group PLC Holdings By:

All

Holder Name LEGAL & GENERAL JP MORGAN CEDAR ROCK CAPITAL L CAPITAL GROUP COMPAN NOMURA FIL LIMITED BLACKROCK WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP VANGUARD GROUP INC NORGES BANK INVESTME NORGES BANK SOUTHEASTERN ASSET M PEOPLES REPUBLIC OF STATE STREET CORP F&C ASSET MANAGEMENT THREADNEEDLE SCOTTISH WIDOWS PICTET FUNDS FMR LLC

Firm Name Natixis Oriel Securities Ltd AlphaValue Societe Generale Day by Day JPMorgan Nomura Numis Securities Ltd Morgan Stanley Raymond James UBS Shore Capital Stockbrokers HSBC Credit Suisse Jefferies Oddo & Cie Exane BNP Paribas Barclays Telsey Advisory Group Deutsche Bank Investec Bryan Garnier & Cie S&P Capital IQ Panmure Gordon & Co Limited Goldman Sachs EVA Dimensions

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

Analyst ANDRE JUILLARD JEFFREY HARWOOD BERENICE LACROIX SABRINA BLANC VALERIE GASTALDY KOMAL DHILLON TIM BARRETT WYN ELLIS JAMIE ROLLO JULIEN RICHER JARROD CASTLE GREG JOHNSON LENA THAKKAR TIM RAMSKILL IAN RENNARDSON GUILLAUME RASCOUSSIER MATTHIAS DESMARAIS VICTORIA LEE CHRISTOPHER E JONES GEOF COLLYER JAMES HOLLINS BRUNO DE LA ROCHEBROCHARD WILLIAM MACK KARL BURNS NICK EDELMAN CRAIG STERLING

Source ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F REG ULT-AGG REG MF-AGG 13G REG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG

Recommendation buy buy add buy hold neutral neutral add Overwt/In-Line outperform buy sell neutral neutral hold buy neutral equalweight no rating system buy buy neutral sell hold Buy/Neutral overweight

Amt Held 21'793'236 13'942'917 13'428'181 12'725'207 11'168'540 10'404'037 10'064'241 7'754'102 6'714'173 6'391'269 6'292'590 6'150'663 5'819'200 5'601'025 4'835'993 4'793'241 4'216'882 3'923'998 3'441'748 3'193'190

% Out 8.34 5.34 5.14 4.87 4.28 3.98 3.85 2.97 2.57 2.45 2.41 2.36 2.23 2.14 1.85 1.84 1.61 1.5 1.32 1.22

Weighting

Change

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

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

Latest Chg (154'350) (181'695) (455'616) (4'152'808) 232'046 (1'590'792) (1'251'918) 1'126'472 245'285 278'084 456'621 (87'859) (244'651) 170'599 63'364 (360'810)

Target Price 2'200 #N/A N/A 2'073 2'200 #N/A N/A 1'920 2'066 2'100 2'200 2'150 2'200 #N/A N/A 1'900 1'865 1'770 2'200 2'060 2'085 2'000 2'250 2'100 1'925 1'700 1'920 2'230 #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 31.07.2013 03.06.2013 16.09.2013 31.12.2012 03.06.2013 27.09.2013 30.06.2013 03.06.2013 30.06.2013 03.06.2013 31.12.2012 30.09.2012 03.06.2013 27.09.2013 03.06.2013 31.07.2013 03.06.2013 03.06.2013 31.08.2013

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

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

Date 01.10.2013 27.09.2013 26.09.2013 19.09.2013 19.09.2013 11.09.2013 11.09.2013 11.09.2013 06.09.2013 06.09.2013 05.09.2013 05.09.2013 03.09.2013 22.08.2013 22.08.2013 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 10.06.2013 26.02.2013

01.10.2013

United Utilities Group PLC United Utilities Group PLC manages and operates the regulated electricity distribution, water and wastewater networks in North West England. The Company also manages other infrastructure assets in the United Kingdom and overseas.

Price/Volume 900

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

800 700 600 500 400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.05.2013) 52-Week Low (13.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UU/ LN EQUITY YTD Change UU/ LN EQUITY YTD % CHANGE

03/2013 01/yy 795.00 641.00 1'247'610.00 694.5 -12.64% 8.35% 32.47% 681.9 4'735.72 6'173.50 0.0 0.0 201.70 10'707.52

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

200 100 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 31.03.2009 2'427.2 3.57x 998.8 8.69x 179.1 18.25x

300

31.03.2010 31.03.2011 1'573.1 1'513.3 5.71x 6.01x 1'105.7 899.6 8.13x 10.10x 403.5 458.2 10.98x 11.38x Profitability

31.03.2012 1'564.9 6.16x 900.0 10.71x 316.5 13.16x

31.03.2013 1'636.0 6.60x 946.1 11.42x 296.9 17.11x

946.10 616.90 37.71% 18.62% 2.91% 16.33% 7.36% 0.16% 57.8% 37.7% 18.1% 0.91 0.57 59.31% 329.80% 8.79 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.94 0.62 661.06 0.61% 6.53% 0.621 19 2.947 1'699'864 1'985'372 1'829'319 FY+2

03/14 Y 03/15 Y 1'693.3 1'757.3 6.27x 6.11x 1'015.3 1'064.5 10.55x 10.06x 323.7 328.3 16.69x 15.57x S&P Issuer Ratings

FQ+1

FQ+2

28.01.2010 A-3 3.13 1.06 6.31 6.53 329.8% 76.7% 0.16 0.19 41.52 -

Sales/Revenue/Turnover

9.00

3'000.0

8.00

2'500.0

7.00

2'000.0

6.00 5.00

1'500.0

4.00

1'000.0

3.00 2.00

500.0

1.00 0.00 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 |

01.10.2013

United Utilities Group PLC Holdings By:

All

Holder Name LEGAL & GENERAL AXA BLACKROCK PICTET ASSET MANAGEM NORGES BANK INVESTME NOMURA PRUDENTIAL PLC VANGUARD GROUP INC BNP PARIBAS SA NEWTON INV MGMT STATE STREET CORP BANK OF NEW YORK MEL BARCLAYS PLC EPOCH INVESTMENT PAR TD DIRECT INVESTING STANDARD LIFE INVEST SCOTTISH WIDOWS HARGREAVES LANSDOWN PEOPLES REPUBLIC OF PICTET FUNDS

Firm Name RBC Capital Markets Macquarie S&P Capital IQ AlphaValue Exane BNP Paribas JPMorgan Day by Day Credit Suisse Societe Generale HSBC Deutsche Bank Morgan Stanley EVA Dimensions Goldman Sachs UBS Baden Hill LLP Barclays

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

Analyst JOHN MUSK DOMINIC NASH CLIVE ROBERTS MYRIAM COHEN IAIN TURNER EDMUND REID VALERIE GASTALDY GUY MACKENZIE ASHLEY THOMAS VERITY MITCHELL JAMES BRAND BOBBY CHADA DOUG WALTERS ANDREW MEAD STEPHEN HUNT ROY CAMPBELL HARRY WYBURD

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

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

Amt Held 53'929'455 39'927'661 34'980'876 34'094'421 24'164'998 21'618'247 17'335'577 16'873'320 13'805'604 13'562'603 12'531'745 11'341'239 10'817'795 10'089'023 9'940'789 9'504'660 9'456'986 9'335'631 9'309'709 8'017'596

% Out 7.91 5.86 5.13 5 3.54 3.17 2.54 2.47 2.02 1.99 1.84 1.66 1.59 1.48 1.46 1.39 1.39 1.37 1.37 1.18

Weighting

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

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

Latest Chg (1'718'989) (2'530'858) (337'828) 1'541'800 (3'824'071) 474'479 8'327'152 7'009'577 12'530 (5'350'000) 406'922 (1'390'582) 104'810 (786'944) (1'113'515) 915'010 695'073 10'772

Target Price 650 800 620 787 830 750 #N/A N/A 660 773 745 800 780 #N/A N/A 915 740 #N/A N/A 700

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

File Dt Inst Type 31.07.2013 Unclassified 01.07.2013 Investment Advisor 27.09.2013 Investment Advisor 22.05.2013 Investment Advisor 01.07.2013 Government 01.07.2013 Unclassified 01.07.2013 Unclassified 01.07.2013 Investment Advisor 01.07.2013 Bank 01.07.2013 Investment Advisor 27.09.2013 Investment Advisor 27.09.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Hedge Fund Manager 01.07.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Unclassified 01.07.2013 Investment Advisor 01.07.2013 Government 31.05.2013 Investment Advisor

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

Date 01.10.2013 20.09.2013 19.09.2013 19.09.2013 28.08.2013 27.08.2013 12.08.2013 29.07.2013 26.07.2013 24.07.2013 16.07.2013 20.06.2013 06.06.2013 05.06.2013 25.04.2013 01.03.2013 25.01.2013

01.10.2013

IMI PLC IMI PLC, the international engineering company, designs, manufactures and services bespoke solutions that control the precise movement of fluids. The Company works with customers across a range of high-growth sectors, including energy, oil and gas, energy efficient buildings, rail, commercial vehicles and beverage dispense.

Price/Volume 1600

1000

12/2012 01/yy 1'528.00 897.50 198'712.00 1459 -4.52% 62.56% 88.42% 315.6 4'603.97 246.60 0.0 48.0 123.20 4'841.07

1.0 M

600 400

.5 M

200 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 1'785.0 1'917.0 1.07x 1.77x 298.0 377.0 6.43x 8.99x 130.2 224.7 12.71x 14.23x Profitability

31.12.2011 2'135.0 1.28x 452.8 6.01x 200.4 12.02x

31.12.2012 2'192.0 1.78x 446.2 8.76x 230.6 15.12x 446.20 370.90 16.92% 14.46% 12.75% 37.31% 24.72% 1.20% 42.8% 20.3% 17.0% 10.5% 1.84 1.03 14.30% 38.80% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

2.30 1.39 314.28 60.49% 36.42% 1.387 18 3.556 650'285 710'599 594'502 FY+2

12/13 Y 12/14 Y 2'265.8 2'356.9 2.12x 1.96x 447.2 483.3 10.83x 10.02x 277.6 306.0 16.45x 15.03x S&P Issuer Ratings

FQ+1

FQ+2

20.85 19.02 0.43 0.73 38.8% 26.5% 1.20 8.80 68.32

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

1.5 M

800

Latest Fiscal Year: LTM as of: 52-Week High (10.09.2013) 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 13.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IMI LN EQUITY YTD Change IMI LN EQUITY YTD % CHANGE

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

2.0 M

1200

Valuation Analysis

31.12.2008 1'897.0 0.64x 314.5 3.85x 112.9 7.68x

2.5 M

1400

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 |

01.10.2013

IMI PLC Holdings By:

All

Holder Name THREADNEEDLE STANDARD LIFE INVEST AXA AMERIPRISE FINANCIAL FIL LIMITED LEGAL & GENERAL BLACKROCK SPRUCEGROVE INVESTME SCOTTISH WIDOWS BT PENSION SCHEME VANGUARD GROUP INC NORGES BANK INVESTME NORGES BANK SUN LIFE FINANCIAL I STATE STREET CORP RUANE CUNNIFF & GOLD PEOPLES REPUBLIC OF PRUDENTIAL PLC BURGUNDY ASSET MANAG CAPITAL GROUP COMPAN

Firm Name Numis Securities Ltd Jefferies RBC Capital Markets AlphaValue Investec Berenberg Bank Credit Suisse Exane BNP Paribas Morgan Stanley Peel Hunt HSBC Societe Generale JPMorgan N+1 Singer Ltd EVA Dimensions Barclays

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

Analyst SCOTT CAGEHIN ANDREW DOUGLAS ANDREW CARTER LIONEL PELLICER MICHAEL BLOGG ALEXANDER VIRGO JONATHAN HURN JONATHAN R MOUNSEY BEN UGLOW DOMINIC CONVEY SEAN D MCLOUGHLIN ALASDAIR LESLIE GLEN H LIDDY JON LIENARD TIMOTHY STANISH NICK WEBSTER

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

Recommendation add hold sector perform reduce hold hold outperform outperform Equalwt/Cautious hold neutral hold overweight hold hold overweight

Amt Held 22'999'302 22'449'807 17'141'779 16'140'515 13'509'131 12'895'941 11'160'979 10'555'591 10'040'565 9'609'771 7'917'962 7'523'731 7'272'653 6'551'704 5'518'348 5'506'201 5'124'557 4'373'220 4'263'992 4'250'000

% Out 7.29 7.11 5.43 5.11 4.28 4.09 3.54 3.35 3.18 3.05 2.51 2.38 2.3 2.08 1.75 1.74 1.62 1.39 1.35 1.35

Weighting

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

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

Latest Chg 106'226 (3'163'225) 462'535 2'293'249 403'305 (771'665) 841'489 4'560'315 (64'946) 459'401 27'249 1'824'481 699'368 248'305 326'955 45'165 86'216 -

Target Price 1'550 1'405 1'400 1'431 1'550 1'420 1'640 1'700 1'397 1'340 1'675 1'440 1'660 1'376 #N/A N/A 1'320

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

File Dt Inst Type 31.07.2013 Unclassified 03.01.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Investment Advisor 03.06.2013 Investment Advisor 31.07.2013 Unclassified 27.09.2013 Investment Advisor 03.06.2013 Investment Advisor 03.06.2013 Unclassified 24.10.2011 Pension Fund (ERISA) 30.06.2013 Investment Advisor 03.06.2013 Government 31.12.2012 Government 31.07.2013 Investment Advisor 27.09.2013 Investment Advisor 03.06.2013 Investment Advisor 03.06.2013 Government 03.06.2013 Unclassified 03.06.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 01.10.2013 30.09.2013 26.09.2013 26.09.2013 18.09.2013 12.09.2013 11.09.2013 09.09.2013 03.09.2013 03.09.2013 28.08.2013 23.08.2013 22.08.2013 22.08.2013 21.08.2013 08.03.2013

01.10.2013

Bunzl PLC Bunzl plc is a distribution group supplying a range of non-food consumable products for customers to operate their businesses but which they do not actually sell. The Company partners with both suppliers and customers in providing outsourcing solutions and service oriented distribution. Bunzl's main customer markets include grocery, foodservice, cleaning and safety.

Price/Volume 1600

1000

1.5 M

800

Latest Fiscal Year: LTM as of: 52-Week High (31.07.2013) 52-Week Low (20.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BNZL LN EQUITY YTD Change BNZL LN EQUITY YTD % CHANGE

12/2012 01/yy 1'423.00 995.00 164'297.00 1343 -5.48% 34.97% 80.14% 332.7 4'467.54 829.50 0.0 0.0 81.20 5'347.94

1.0 M

600 400

.5 M

200 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

2.0 M

1200

Valuation Analysis

31.12.2008 4'177.3 0.72x 297.9 10.03x 142.2 13.25x

2.5 M

1400

31.12.2009 31.12.2010 4'648.7 4'829.6 0.67x 0.68x 319.7 331.7 9.75x 9.88x 148.9 159.0 14.53x 14.64x Profitability

31.12.2011 5'109.5 0.74x 361.3 10.52x 123.8 23.14x

31.12.2012 5'359.2 0.81x 375.2 11.55x 195.3 16.85x 375.20 293.60 5.48% 5.03% 6.71% 24.26% 13.66% 1.92% 7.0% 5.4% 3.6% 1.23 0.62 28.20% 93.68% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.19 0.68 331.70 23.00% 35.12% 0.676 20 2.650 312'925 361'718 397'563 FY+2

12/13 Y 12/14 Y 6'074.3 6'294.9 0.86x 0.80x 428.5 450.5 12.48x 11.87x 260.3 277.8 17.20x 16.20x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

7.42 6.96 2.20 2.43 93.7% 48.4% 1.92 48.29 -

Sales/Revenue/Turnover

20.00

6'000.0

18.00

5'000.0

16.00 14.00

4'000.0

12.00

3'000.0

10.00 8.00

2'000.0

6.00 4.00

1'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

01.10.2013

Bunzl PLC Holdings By:

All

Holder Name SUN LIFE FINANCIAL I INVESCO LTD CAPITAL GROUP COMPAN BLACKROCK LLOYDS BANKING GROUP CASCADE INVESTMENT L LEGAL & GENERAL MARATHON ASSET MANAG FIL LIMITED OPPENHEIMERFUNDS INC ALLIANZ ASSET MANAGE OPPENHEIMERFUNDS INC VANGUARD GROUP INC BUNZL PLC ESOP NORGES BANK INVESTME NORGES BANK FMR LLC PERPETUAL INVESTMENT SCOTTISH WIDOWS STATE STREET CORP

Firm Name Goldman Sachs Deutsche Bank UBS Oriel Securities Ltd Credit Suisse JPMorgan Shore Capital Stockbrokers Berenberg Bank Numis Securities Ltd Investec RBC Capital Markets Cantor Fitzgerald Panmure Gordon & Co Limited EVA Dimensions Canaccord Genuity Corp HSBC Jefferies Barclays

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

Analyst CHARLES WILSON SYLVIA FOTEVA RORY MCKENZIE HECTOR FORSYTHE ANDY GROBLER ROBERT PLANT ROBIN SPEAKMAN SIMON MEZZANOTTE MIKE MURPHY GIDEON ADLER ANDREW BROOKE CAROLINE DE LA SOUJEOLE PAUL JONES TIMOTHY STANISH GRAHAM BROWN RAJESH KUMAR WILLIAM KIRKNESS PAUL CHECKETTS

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

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

Amt Held 40'126'776 32'571'686 17'359'674 16'467'337 16'425'039 13'618'458 12'997'624 9'946'841 9'715'629 9'283'116 9'251'633 9'079'834 8'620'250 7'771'048 7'595'285 7'405'602 7'270'782 7'084'595 6'498'379 6'224'187

% Out 12.06 9.79 5.22 4.95 4.94 4.09 3.91 2.99 2.92 2.79 2.78 2.73 2.59 2.34 2.28 2.23 2.19 2.13 1.95 1.87

Weighting

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

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

Latest Chg 2'287'838 284'600 2'000'000 (160'508) 324'348 812'035 49'889 (137'551) 120'156 339'008 1'962'518 (5'170) 29'025 (400'714)

Target Price 1'470 1'426 1'325 1'200 1'000 1'520 #N/A N/A 1'050 1'505 1'400 1'020 1'070 1'218 #N/A N/A 1'000 1'360 990 1'250

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

File Dt 01.08.2013 30.09.2013 01.08.2013 27.09.2013 25.02.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.08.2013 31.07.2013 01.08.2013 01.08.2013 01.08.2013 31.12.2012 31.08.2013 31.03.2012 01.08.2013 27.09.2013

Date 12 month 12 month 12 month Not Provided Not Provided 15 month Not Provided Not Provided Not Provided 12 month 12 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 Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Government Government Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 27.09.2013 17.09.2013 13.09.2013 04.09.2013 03.09.2013 29.08.2013 28.08.2013 28.08.2013 28.08.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 06.06.2013 01.05.2013 26.03.2013 27.02.2013 26.02.2013

01.10.2013

RSA Insurance Group PLC RSA Insurance Group PLC is a worldwide commercial insurer. The Company provides property, automobile, liability, and specialty insurance products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 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 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RSA LN EQUITY YTD Change RSA LN EQUITY YTD % CHANGE

12/2012 09/yy 137.30 107.30 7'176'408.00 119.3 -13.11% 11.18% 45.33% 3'656.4 4'362.13 1'607.00 125.0 129.0 1'329.00 4'979.13

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

140.0 M

120

120.0 M

100

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 o-12

31.12.2009 31.12.2010 7'458.0 7'924.0 0.67x 0.62x 418.0 346.0 4.88x 6.23x Profitability

LTM-4Q 31.12.2011 8'735.0 0.49x 426.0 8.86x

31.12.2012 8'842.0 0.57x 344.0 13.26x 6.79% 5.42% 1.60% 10.07% 8.64% 0.40% 3.9% 7.05% 44.33% -

Price/ Cash Flow

d-12

j-13

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

LTM

09/yy 3'185.0 0.72x 0.0 0.00x 234.0 9.99x

09/yy 0.0 #DIV/0! 0.0 0.00x 561.0 8.23x

j-13

a-13

s-13

.0 M o-13

FY+1

5.18 0.99 3'648.83 12.70% 0.06% 0.994 28 3.464 9'414'251 9'488'121 10'433'570 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/11 Q3 12/11 Q4 9'122.1 9'496.1 0.49x 0.48x 404.5 465.2 10.65x 9.54x S&P Issuer Ratings

NR 44.3% 29.3% 0.40 -

Sales/Revenue/Turnover

20.00

16'000.0

18.00

14'000.0

16.00

12'000.0

14.00

10'000.0

12.00 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 7'143.0 0.67x 574.0 3.97x

140

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 |

01.10.2013

RSA Insurance Group PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES LEGAL & GENERAL THREADNEEDLE BLACKROCK ARTEMIS INVESTMENT M SCOTTISH WIDOWS VANGUARD GROUP INC PRUDENTIAL FINANCIAL ARTEMIS INVESTMENT M UBS AG PRUDENTIAL PLC CAZENOVE CAPITAL MAN STATE STREET CORP STANDARD LIFE INVEST SKAGEN FUNDS ABBEY NATIONAL TREAS RWC PARTNERS LTD MELLON CAPITAL MANAG NORGES BANK SKAGEN AS

Firm Name AlphaValue Sanford C. Bernstein & Co Berenberg Bank Exane BNP Paribas Canaccord Genuity Corp Goldman Sachs UBS Barclays Day by Day Credit Suisse EVA Dimensions Oriel Securities Ltd HSBC Shore Capital Stockbrokers Numis Securities Ltd Panmure Gordon & Co Limited Deutsche Bank Morgan Stanley RBC Capital Markets JPMorgan Keefe, Bruyette & Woods Raymond James Nomura Redburn Partners Daniel Stewart & Co Jyske Bank

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

Analyst JEROME CASSAGNE THOMAS SEIDL SAMI TAIPALUS ANDY HUGHES BEN COHEN RAVI TANNA JAMES SHUCK ANDREW BROADFIELD VALERIE GASTALDY CHRIS ESSON DOUG WALTERS MARCUS BARNARD DHRUV GAHLAUT EAMONN FLANAGAN NICHOLAS JOHNSON BARRIE CORNES OLIVER STEEL MARCUS RIVALDI GORDON AITKEN ANDREAS VAN EMBDEN GREIG N PATERSON RAPHAEL CARUSO FAHAD CHANGAZI DAVID BRACEWELL SIMON WILLIS ROBERT JAKOBSEN

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

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

Amt Held 298'560'236 288'895'501 284'530'976 188'217'284 138'835'938 138'739'160 90'629'908 88'483'354 77'677'008 74'490'873 67'449'339 66'605'163 65'229'187 65'165'329 54'281'885 50'807'479 49'194'336 48'217'386 43'080'092 42'926'107

% Out 8.17 7.9 7.78 5.15 3.8 3.79 2.48 2.42 2.12 2.04 1.84 1.82 1.78 1.78 1.48 1.39 1.35 1.32 1.18 1.17

Weighting

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

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

Latest Chg 85'344'022 4'378'039 46'134'898 23'214'052 (35'991'827) 6'065'828 (510'680) 1'937'697 (7'878'784) (21'617'111) 8'578'654 545'051 (27'276'001) 20'911'198 (69'312'086) 4'053'652 4'223'342 608'000

Target Price 140 155 141 156 120 135 113 115 #N/A N/A 130 #N/A N/A 120 128 #N/A N/A 115 117 120 127 120 132 100 #N/A N/A 124 #N/A N/A 135 130

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

File Dt 01.07.2013 31.07.2013 31.07.2013 27.09.2013 01.07.2013 31.07.2013 01.07.2013 30.08.2013 31.12.2012 01.07.2013 01.07.2013 01.07.2013 27.09.2013 01.07.2013 01.07.2013 01.10.2012 01.07.2013 01.07.2013 31.12.2012 30.08.2013

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

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

Date 01.10.2013 30.09.2013 26.09.2013 23.09.2013 20.09.2013 17.09.2013 09.09.2013 19.08.2013 12.08.2013 07.08.2013 07.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 24.04.2013 20.02.2013 06.12.2012

01.10.2013

Babcock International Group PLC Babcock International Group plc offers support services to public sector institutions. The Company offers facilities management, training, and support services to defense, rail transportation, marine, and other public sector organizations. Babcock serves customers in Europe, Africa, and North America.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.07.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAB LN EQUITY YTD Change BAB LN EQUITY YTD % CHANGE

03/2013 01/yy 1'225.00 919.00 229'272.00 1210 -1.22% 31.66% 90.52% 362.1 4'381.09 692.80 0.0 21.8 97.10 4'998.59

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

3.5 M

1200

3.0 M

1000

2.5 M

800

2.0 M

600

1.5 M

400

1.0 M

200

.5 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 1'901.9 0.88x 168.9 9.89x 72.0 11.48x

1400

31.03.2010 31.03.2011 1'895.5 2'564.5 0.89x 1.16x 189.6 293.5 8.92x 10.12x 106.0 101.1 13.02x 20.60x Profitability

31.03.2012 2'848.4 1.24x 337.5 10.45x 100.8 18.55x

31.03.2013 3'029.4 1.50x 356.0 12.80x 175.2 20.53x

356.00 245.00 8.09% 7.41% 5.84% 18.85% 12.86% 1.01% 13.1% 11.8% 8.1% 5.8% 0.74 0.50 23.06% 73.15% 8.15 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.17 0.70 342.29 34.44% 27.63% 0.697 18 4.111 500'159 563'784 648'591 FY+2

03/14 Y 03/15 Y 3'464.4 3'749.8 1.41x 1.28x 405.0 439.1 12.34x 11.38x 242.8 271.4 17.44x 15.65x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

9.20 7.84 1.67 1.95 73.1% 41.7% 1.01 13.10 44.78 8.14

Sales/Revenue/Turnover

25.00

3'500.0 3'000.0

20.00

2'500.0 15.00

2'000.0 1'500.0

10.00

1'000.0 5.00

0.00 02.04.2010

500.0 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 |

01.10.2013

Babcock International Group PLC Holdings By:

All

Holder Name BAKER STEEL CAPITAL LEGAL & GENERAL Cantillon Capital CAPITAL GROUP COMPAN BLACKROCK CANTILLON CAPITAL MA FMR LLC STANDARD LIFE INVEST JP MORGAN WILLIAM BLAIR & COMP AMERIPRISE FINANCIAL SCOTTISH WIDOWS WILLIAM BLAIR & COMP VANGUARD GROUP INC ROYAL BANK OF CANADA NORGES BANK INVESTME NORGES BANK PRUDENTIAL PLC CREDIT SUISSE AG FIL LIMITED

Firm Name Jefferies Panmure Gordon & Co Limited Westhouse Securities Liberum Capital Ltd Goldman Sachs JPMorgan Cantor Fitzgerald Berenberg Bank Peel Hunt UBS EVA Dimensions Numis Securities Ltd Investec WH Ireland Ltd Shore Capital Stockbrokers N+1 Singer Ltd

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

Analyst KEAN MARDEN MIKE ALLEN MICHAEL DONNELLY JOE BRENT CHARLES WILSON ROBERT PLANT CAROLINE DE LA SOUJEOLE SIMON MEZZANOTTE CHRISTOPHER BAMBERRY GEORGE GREGORY TIMOTHY STANISH MIKE MURPHY JOHN LAWSON NICK SPOLIAR ROBIN SPEAKMAN JAMES GC WOODROW

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

Recommendation buy buy add hold neutral/neutral overweight buy buy hold neutral hold buy add buy hold hold

Amt Held 35'846'324 35'453'200 20'005'905 18'752'700 18'147'899 17'938'977 17'700'915 16'880'526 14'225'498 11'545'075 11'330'063 9'778'073 8'921'055 8'543'676 8'512'084 8'077'865 7'895'361 7'424'501 7'408'756 6'338'483

% Out 9.9 9.79 5.53 5.18 5.01 4.95 4.89 4.66 3.93 3.19 3.13 2.7 2.46 2.36 2.35 2.23 2.18 2.05 2.05 1.75

Weighting

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

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

Latest Chg (1'435'459) (1'826'811) 4'033'655 (743'029) 301'433 (83'160) (288'532) 354'277 170'556 (285'831) 1'315'727 (344'417) (493'848) 264'750

Target Price 1'250 1'350 1'371 1'200 1'371 1'380 1'300 1'350 1'105 1'150 #N/A N/A 1'417 1'155 1'250 #N/A N/A 1'013

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

File Dt Inst Type 17.05.2013 Investment Advisor 31.07.2013 Unclassified 03.06.2013 Unclassified 23.07.2013 Investment Advisor 27.09.2013 Investment Advisor 13.05.2013 Hedge Fund Manager 13.05.2013 Investment Advisor 03.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 13.05.2013 Investment Advisor 03.06.2013 Unclassified 03.06.2013 Investment Advisor 30.06.2013 Investment Advisor 03.06.2013 Bank 03.06.2013 Government 31.12.2012 Government 03.06.2013 Unclassified 03.06.2013 Investment Advisor 03.06.2013 Investment Advisor

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

Date 30.09.2013 30.09.2013 30.09.2013 30.09.2013 27.09.2013 27.09.2013 27.09.2013 25.09.2013 18.09.2013 02.08.2013 29.07.2013 11.07.2013 14.05.2013 08.05.2013 31.01.2013 12.11.2012

01.10.2013

Resolution Ltd Resolution Limited is a life insurance company. The Company provides life cover, critical illness cover, income protection, and business protection. Resolution also offers individual personal pension, individual stakeholder pension, and online stakeholder pension and corporate pensions.

Price/Volume 350

12.0 M

300

10.0 M

250

8.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.08.2013) 52-Week Low (29.10.2012) 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 RSL LN EQUITY YTD Change RSL LN EQUITY YTD % CHANGE

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

4.0 M

100

2.0 M

50 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

6.0 M

150

12/2012 06/yy 342.40 204.80 1'893'655.00 318.4 -7.01% 55.47% 82.12% 1'418.1 4'515.26 1'099.00 0.0 321.0 9'449.00 -

31.12.2009 31.12.2010 2'816.0 11'115.0 1'280.0 765.0 0.65x 2.89x Profitability

LTM-4Q 31.12.2011 4'238.0 (62.0) -

31.12.2012 11'130.0 (72.0) -0.29% -1.73% 0.04% 0.88% 1.72% 0.12% -0.6% 0.86% 20.44% -

Price/ Cash Flow

LTM

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

FY+1

.0 M o-13

6.64 1.13 1'407.00 56.82% 38.82% 1.126 18 3.778 2'209'255 2'300'406 2'440'888 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/11 Q3 12/11 Q4 7'287.5 7'628.5 272.0 268.0 271.6 13.55x 12.10x S&P Issuer Ratings

20.4% 16.2% 0.12 -

Sales/Revenue/Turnover

40.00

12'000.0

35.00

10'000.0

30.00

8'000.0

25.00 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 |

01.10.2013

Resolution Ltd Holdings By:

All

Holder Name SCHRODERS PLC PRUDENTIAL PLC FMR LLC LLOYDS BANKING GROUP AVIVA PLC FIL LIMITED NORGES BANK SCOTTISH WIDOWS ABBEY NATIONAL TREAS BLACKROCK HSBC INVESTMENT FUND VANGUARD GROUP INC PERPETUAL INVESTMENT MORGAN STANLEY FRANKLIN RESOURCES INVESCO LTD LEGAL & GENERAL ARTEMIS INVESTMENT M ALLIANZ ASSET MANAGE Alliance Trust Savin

Firm Name Berenberg Bank Canaccord Genuity Corp Sanford C. Bernstein & Co Morgan Stanley Goldman Sachs EVA Dimensions Keefe, Bruyette & Woods Oriel Securities Ltd RBC Capital Markets Credit Suisse Nomura Barclays JPMorgan Deutsche Bank Societe Generale Redburn Partners Shore Capital Stockbrokers

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

Analyst MATTHEW PRESTON MING ZHU EDWARD HOUGHTON JON HOCKING RAVI TANNA DOUG WALTERS GREIG N PATERSON MARCUS BARNARD GORDON AITKEN CHRIS ESSON BEN BATHURST ALAN DEVLIN ASHIK MUSADDI OLIVER STEEL ABID HUSSAIN LANCE BURBIDGE EAMONN FLANAGAN

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

Recommendation sell buy market perform Overwt/In-Line neutral/neutral buy outperform hold outperform neutral neutral overweight neutral hold hold buy not rated

Amt Held 132'593'192 71'074'425 70'047'341 69'859'955 42'278'177 41'629'412 28'509'332 27'020'255 26'285'404 23'230'446 22'395'855 17'413'707 16'730'575 15'990'060 13'419'934 12'498'187 10'541'708 10'374'334 9'340'463 8'736'842

% Out 9.35 5.01 4.94 4.93 2.98 2.94 2.01 1.91 1.85 1.64 1.58 1.23 1.18 1.13 0.95 0.88 0.74 0.73 0.66 0.62

Weighting

Change

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

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

Latest Chg 12'554 (12'524'439) 3'523'167 (2'058'990) (31'319'163) 559'413 (394'767) 218'461 412'704 (303'593) 1'155'670 (899'062) 117'511 (1'432'331) (8'405)

Target Price 295 355 315 371 325 #N/A N/A 376 340 320 265 311 296 302 273 260 #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 22.03.2013 07.06.2013 31.03.2013 30.08.2013 04.04.2013 30.04.2013 31.12.2012 31.07.2013 10.09.2012 27.09.2013 31.05.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.09.2013 31.07.2013 31.12.2012 31.08.2013 30.06.2013

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

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

Date 26.09.2013 24.09.2013 20.09.2013 18.09.2013 17.09.2013 20.08.2013 16.08.2013 16.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 26.07.2013 08.05.2013 03.05.2013 22.11.2012 11.08.2009

01.10.2013

Meggitt PLC Meggitt plc operates an engineering group, which specializes in aerospace, defense and electronics products. The Company manufactures aircraft instruments and valves, water injection systems, compact heat exchangers, smoke detection systems and defense systems, including aerial target systems and surveillance drones. Meggitt markets its products internationally.

Price/Volume 600

3.0 M

12/2012 01/yy 575.00 363.60 301'070.00 550.5 -4.26% 51.40% 87.70% 789.7 4'347.34 747.40 0.0 0.0 104.90 5'048.24

2.0 M 1.5 M

200

1.0 M 100

.5 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 1'150.5 1'162.0 2.25x 2.84x 379.3 362.5 6.83x 9.11x 138.8 138.8 12.67x 18.43x Profitability

31.12.2011 1'455.3 2.43x 425.5 8.31x 184.9 14.69x

31.12.2012 1'605.8 2.27x 491.9 7.41x 243.3 12.29x 491.90 337.20 21.00% 18.19% 6.05% 12.40% 10.08% 0.41% 42.1% 31.6% 21.8% 15.2% 1.20 0.61 19.24% 39.23% 2.94

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

2.21 1.01 747.41 41.12% 47.51% 1.008 16 3.625 806'597 1'108'139 1'205'542 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'695.1 1'789.9 2.91x 2.69x 495.0 532.5 10.20x 9.48x 300.2 321.4 14.41x 13.36x S&P Issuer Ratings

7.35 6.82 1.35 1.52 39.2% 28.2% 0.41 6.88 124.17 104.29

Sales/Revenue/Turnover

16.00

1'800.0

14.00

1'600.0

12.00

1'400.0 1'200.0

10.00

1'000.0

8.00

800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 01.01.2010

2.5 M

300

Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (13.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MGGT LN EQUITY YTD Change MGGT LN EQUITY YTD % CHANGE

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

3.5 M

400

Valuation Analysis

31.12.2008 1'162.6 1.82x 290.1 7.29x 99.1 10.67x

4.0 M

500

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 |

01.10.2013

Meggitt PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BAILLIE GIFFORD AND PRUDENTIAL PLC FMR LLC VANGUARD GROUP INC FIL LIMITED LEGAL & GENERAL BLACKROCK ARTISAN PARTNERS HOL AXA SCOTTISH WIDOWS SUN LIFE FINANCIAL I NORGES BANK INVESTME NORGES BANK DIMENSIONAL FUND ADV UBS AG BANK OF NEW YORK MEL JP MORGAN STATE STREET CORP WILLIAM BLAIR & COMP

Firm Name

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

Analyst

RBC Capital Markets ROBERT STALLARD Jefferies SANDY MORRIS Morgan Stanley JONATHAN J ACKERLEY AlphaValue THOMAS PICHERIT Investec CHRIS DYETT Espirito Santo Investment Bank Research EDWARD STACEY Cantor Fitzgerald ANDREW CHAMBERS UBS CHARLES ARMITAGE JPMorgan DAVID H PERRY Deutsche Bank BEN FIDLER Shore Capital Stockbrokers GERARD LANE Societe Generale ZAFAR KHAN Liberum Capital Ltd BENJAMIN BOURNE Barclays NICK WEBSTER EVA Dimensions TIMOTHY STANISH

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

Recommendation top pick hold Equalwt/In-Line reduce add neutral hold neutral neutral hold corporate buy hold overweight overweight

Amt Held 110'944'677 62'633'197 48'288'550 39'522'708 38'656'521 35'452'720 29'576'747 26'233'651 25'396'094 25'134'700 20'938'232 20'512'686 18'671'482 18'107'666 17'045'148 15'730'633 15'232'675 14'953'368 14'559'748 13'944'514

% Out 14.05 7.93 6.11 5 4.9 4.49 3.75 3.32 3.22 3.18 2.65 2.6 2.36 2.29 2.16 1.99 1.93 1.89 1.84 1.77

Weighting

Change

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

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

Latest Chg 6'753'617 (1'579'274) (337'561) 983'554 (3'500'609) (502'325) 271'387 5'373'556 (522'393) 2'240'044 (203'678) (2'140'055) 896'932 (152'082) 158'763 754'645 6'604'491

Target Price 650 365 600 533 600 495 520 540 625 525 #N/A N/A 550 500 565 #N/A N/A

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

File Dt 02.07.2013 01.07.2013 01.07.2013 11.09.2013 01.07.2013 01.07.2013 31.07.2013 27.09.2013 01.07.2013 01.07.2013 01.07.2013 31.07.2013 01.07.2013 31.12.2012 01.07.2013 01.07.2013 27.09.2013 31.07.2013 27.09.2013 30.06.2013

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

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

Date 30.09.2013 30.09.2013 20.09.2013 19.09.2013 18.09.2013 02.09.2013 28.08.2013 07.08.2013 07.08.2013 06.08.2013 26.07.2013 15.07.2013 21.06.2013 14.06.2013 06.06.2013

01.10.2013

Severn Trent PLC Severn Trent plc supplies water, waste, and utility services throughout the United Kingdom, Europe, and the United States. The Group offers a range of water purification, sewage treatment and disposal, and recycling services. Severn also provides utility companies with a range of information technology services and software solutions, as well as engineering consultancy services.

Price/Volume

2000

10.0 M 8.0 M 6.0 M

1000

03/2013 01/yy 2'200.00 1'500.00 168'079.00 1773 -19.32% 18.20% 37.57% 238.9 4'235.90 4'801.60 0.0 10.8 403.60 8'644.70

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

.0 M o-13

s-13

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

12.0 M

1500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.06.2013) 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 19.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SVT LN EQUITY YTD Change SVT LN EQUITY YTD % CHANGE

31.03.2009 1'642.2 3.76x 713.6 8.66x (57.8) -

2500

31.03.2010 31.03.2011 1'703.9 1'711.3 3.86x 4.38x 813.9 792.5 8.07x 9.45x 249.2 272.6 11.32x 12.69x Profitability

31.03.2012 1'770.6 4.39x 786.7 9.89x 171.8 21.30x

31.03.2013 1'831.6 4.64x 782.4 10.85x 227.5 17.89x

782.40 487.30 26.61% 11.75% 2.89% 25.18% 0.23% 42.7% 26.6% 12.4% 1.69 1.03 59.87% 576.28% 9.70 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.28 0.70 222.46 8.84% 15.67% 0.700 17 2.882 382'584 480'959 516'947 FY+2

03/14 Y 03/15 Y 1'871.7 1'912.3 4.71x 4.66x 840.8 859.8 10.28x 10.06x 214.5 220.5 19.96x 19.49x S&P Issuer Ratings

FQ+1

FQ+2

28.01.2010 BBBSTABLE 28.01.2010 A-3 3.39 1.53 5.62 6.14 576.3% 85.1% 0.23 0.27 37.64 -

Sales/Revenue/Turnover

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0

6.00

1'000.0 4.00

500.0

2.00 0.00 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 |

01.10.2013

Severn Trent PLC Holdings By:

All

Holder Name LEGAL & GENERAL NEWTON INV MGMT BLACKROCK PICTET FUNDS RREEF AMERICA LLC SCOTTISH WIDOWS NORGES BANK INVESTME NOMURA BARCLAYS CAPITAL SEC RARE INFRASTRUCTURE LLOYDS BANKING GROUP AXA STATE STREET CORP PICTET ASSET MANAGEM KAMES CAPITAL PLC FIL LIMITED PEOPLES REPUBLIC OF SAFE INVESTMENT COMP STANDARD LIFE INVEST BNP PARIBAS SA

Firm Name RBC Capital Markets Macquarie Exane BNP Paribas JPMorgan Day by Day Societe Generale HSBC Credit Suisse S&P Capital IQ Deutsche Bank Morgan Stanley Goldman Sachs Barclays UBS EVA Dimensions

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

Analyst JOHN MUSK DOMINIC NASH IAIN TURNER EDMUND REID VALERIE GASTALDY ASHLEY THOMAS VERITY MITCHELL GUY MACKENZIE CLIVE ROBERTS JAMES BRAND BOBBY CHADA ANDREW MEAD HARRY WYBURD STEPHEN HUNT DOUG WALTERS

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

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

Amt Held 20'476'189 18'880'467 13'607'547 6'746'185 6'418'608 5'966'117 5'779'849 5'765'880 4'876'419 4'340'796 4'309'061 3'796'516 3'748'237 3'735'586 3'694'699 3'533'072 3'172'292 3'171'819 3'054'897 2'903'384

% Out 8.57 7.9 5.7 2.82 2.69 2.5 2.42 2.41 2.04 1.82 1.8 1.59 1.57 1.56 1.55 1.48 1.33 1.33 1.28 1.22

Weighting

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

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

Latest Chg (80'902) 4'140'810 (3'622) 694'669 (208'434) (65'222) 1'152'612 (1'484'245) (59'645) (1'770'134) (383'412) 1'778'331 (383'672) (964) (444'098) 209'541 (242'376) (517'359) 1'779'069

Target Price 1'580 1'800 1'870 1'680 #N/A N/A 2'100 1'780 1'530 1'800 1'550 1'730 2'211 1'765 1'800 #N/A N/A

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

File Dt 23.09.2013 01.07.2013 27.09.2013 01.07.2013 30.05.2013 31.07.2013 01.07.2013 01.07.2013 11.06.2013 01.07.2013 07.06.2013 01.07.2013 27.09.2013 07.06.2013 01.07.2013 01.07.2013 01.07.2013 17.05.2013 01.07.2013 01.07.2013

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

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

Date 01.10.2013 25.09.2013 28.08.2013 27.08.2013 12.08.2013 26.07.2013 24.07.2013 23.07.2013 17.07.2013 16.07.2013 20.06.2013 13.06.2013 13.06.2013 12.06.2013 06.06.2013

01.10.2013

Travis Perkins PLC Travis Perkins plc markets and distributes products to the UK construction and building trade industries, including timber, building, and plumbing and heating materials.

Price/Volume 1800

16.0 M

1600

14.0 M

1400

12.0 M

1200

10.0 M

1000

Latest Fiscal Year: LTM as of: 52-Week High (24.07.2013) 52-Week Low (01.10.2012) 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 TPK LN EQUITY YTD Change TPK LN EQUITY YTD % CHANGE

12/2012 01/yy 1'728.00 1'040.00 394'186.00 1682 -2.66% 61.73% 88.66% 245.1 4'123.02 591.30 0.0 0.0 139.10 4'530.02

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

6.0 M

600 400

4.0 M

200

2.0 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 31.12.2008 3'178.6 0.45x 217.5 6.62x 101.9 3.90x

8.0 M

800

Valuation Analysis

31.12.2009 31.12.2010 2'930.9 3'152.8 0.75x 1.04x 336.7 285.2 6.56x 11.50x 157.4 141.3 9.64x 15.21x Profitability

31.12.2011 4'779.1 0.52x 360.8 6.91x 212.4 8.81x

31.12.2012 4'844.9 0.63x 361.5 8.46x 259.6 9.99x 361.50 292.10 6.03% 6.47% 5.21% 9.96% 8.85% 1.11% 30.2% 7.3% 5.9% 5.4% 0.93 0.44 13.57% 25.62% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.61 1.31 244.35 60.49% 56.40% 1.307 21 3.286 629'388 544'417 643'646 FY+2

12/13 Y 12/14 Y 4'965.1 5'236.3 0.90x 0.83x 411.7 455.7 11.00x 9.94x 239.9 279.5 16.85x 14.68x S&P Issuer Ratings

FQ+1

FQ+2

8.93 6.89 1.14 1.43 25.6% 20.4% 1.11 8.42 31.64

Sales/Revenue/Turnover

18.00

6'000.0

16.00

5'000.0

14.00

4'000.0

12.00 10.00

3'000.0

8.00

2'000.0

6.00 4.00

1'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

01.10.2013

Travis Perkins PLC Holdings By:

All

Holder Name SCOTTISH WIDOWS LEGAL & GENERAL AXA LLOYDS BANKING GROUP SPRUCEGROVE INVESTME BLACKROCK DIMENSIONAL FUND ADV SANDERSON ASSET MANA SKANDIA INVESTMENT M FRAMLINGTON INVESTME TRAVIS PERKINS FAMIL FIL LIMITED PZENA INVESTMENT MAN NORGES BANK TIAA CREF INVESTMENT NORGES BANK INVESTME HARRIS ASSOCIATES LP TRAVIS PERKINS ESOP MAJEDIE ASSET MANAGE PRIVATE INDIVIDUALS

Firm Name Deutsche Bank Goldman Sachs Jefferies AlphaValue UBS Oriel Securities Ltd Panmure Gordon & Co Limited Credit Suisse EVA Dimensions Redburn Partners Berenberg Bank Goodbody Stockbrokers Ltd Peel Hunt Numis Securities Ltd Liberum Capital Ltd Barclays Cantor Fitzgerald RBC Capital Markets JPMorgan Davy

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

Analyst GLYNIS JOHNSON JOHN WOODMAN SAM CULLEN LIONEL PELLICER BENJAMIN ROSENBERGER MARK HOWSON MARK HUGHES HARRY GOAD TIMOTHY STANISH JOHN MESSENGER MICHAEL WATTS ROBERT EASON ANDREW NUSSEY HOWARD SEYMOUR CHARLIE CAMPBELL PAUL CHECKETTS IAN OSBURN OLIVIA PETERS EMILY BIDDULPH FLORENCE O'DONOGHUE

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

Recommendation hold Buy/Neutral underperform reduce buy add hold neutral hold neutral sell hold hold hold buy equalweight Under Review outperform neutral outperform

Amt Held 18'506'022 18'029'698 16'405'386 14'397'703 12'267'137 12'243'827 9'512'417 9'166'336 8'088'670 7'559'111 7'443'861 7'381'091 6'791'956 6'605'232 6'590'657 6'060'830 4'994'697 4'514'734 4'365'100 4'344'745

% Out 7.55 7.36 6.69 5.87 5 4.99 3.88 3.74 3.3 3.08 3.04 3.01 2.77 2.69 2.69 2.47 2.04 1.84 1.78 1.77

Weighting

Change

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

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

Latest Chg (2'619'758) 227'081 (119'007) (3'020'859) (85'641) 155'167 (3'915) (15'976) (535'103) 2'105'605 (126'926) (3'409'267) 737'899 1'043'077 (924'421) 518'472 (1'053'975)

Target Price 1'352 1'947 1'130 1'623 1'825 #N/A N/A 1'540 1'579 #N/A N/A #N/A N/A 1'330 1'580 1'800 1'800 1'890 1'800 #N/A N/A 1'550 1'380 #N/A N/A

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

File Dt Inst Type 01.07.2013 Unclassified 31.07.2013 Unclassified 01.07.2013 Investment Advisor 01.07.2013 Investment Advisor 19.09.2013 Investment Advisor 27.09.2013 Investment Advisor 31.07.2013 Investment Advisor 01.07.2013 Investment Advisor 30.08.2013 Investment Advisor 30.08.2013 Investment Advisor 01.07.2013 Unclassified 01.07.2013 Investment Advisor 01.07.2013 Hedge Fund Manager 31.12.2012 Government 01.07.2013 Investment Advisor 01.07.2013 Government 01.07.2013 Investment Advisor 01.07.2013 Other 01.07.2013 Investment Advisor 01.07.2013 Other

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

Date 27.09.2013 27.09.2013 27.09.2013 26.09.2013 24.09.2013 04.09.2013 29.08.2013 07.08.2013 07.08.2013 06.08.2013 02.08.2013 01.08.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 18.07.2013 10.05.2013 04.12.2012

01.10.2013

G4S PLC G4S PLC offers security services. The Company offers security guards, alarms, monitoring, management and transportation of cash and valuables, prison management, and electronic monitoring of offenders.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.04.2013) 52-Week Low (15.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GFS LN EQUITY YTD Change GFS LN EQUITY YTD % CHANGE

12/2012 01/yy 315.80 203.60 4'004'851.00 256.1 -18.84% 25.79% 45.19% 1'551.6 3'973.63 2'449.00 0.0 55.0 525.00 6'206.63

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

35.0 M

300

30.0 M

250

25.0 M

200

20.0 M

150

15.0 M

100

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 31.12.2008 5'928.5 0.75x 532.2 8.31x 151.2 15.53x

350

31.12.2009 31.12.2010 7'009.0 7'258.0 0.74x 0.71x 637.0 645.0 8.19x 8.00x 202.0 223.0 17.49x 15.07x Profitability

31.12.2011 6'966.0 0.80x 573.0 9.78x 181.0 20.44x

31.12.2012 7'501.0 0.75x 658.0 8.51x 48.0 32.47x 658.00 427.00 5.69% 2.33% -3.37% -16.03% -3.79% 1.30% 20.6% 9.1% 6.0% 0.6% 1.59 1.26 43.61% 208.25% 42.93

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.50 0.63 1'539.39 -0.26% 3.43% 0.628 23 3.304 4'399'389 6'210'580 5'737'930 FY+2

12/13 Y 12/14 Y 7'585.1 7'940.8 0.75x 0.70x 603.8 657.4 10.28x 9.44x 259.2 295.4 15.15x 13.41x S&P Issuer Ratings

FQ+1

FQ+2

05.11.2012 BBBSTABLE 05.11.2012 A-3 3.15 2.38 3.29 4.13 208.2% 66.5% 1.30 14.14 8.50 55.55

Sales/Revenue/Turnover

30.00

8'000.0 7'000.0

25.00

6'000.0 20.00

5'000.0 4'000.0

15.00

3'000.0

10.00

2'000.0 5.00 0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

01.10.2013

G4S PLC Holdings By:

All

Holder Name INVESCO LTD PRUDENTIAL PLC CEVIAN CAPITAL HARRIS ASSOCIATES LP LEGAL & GENERAL FRANKLIN RESOURCES TWEEDY BROWNE COMPAN VANGUARD GROUP INC CASCADE INVESTMENT L ALLIANZ ASSET MANAGE BLACKROCK Danish Depositary In ABU DHABI INVESTMENT SCOTTISH WIDOWS STANDARD LIFE INVEST NORGES BANK INVESTME NORGES BANK MARATHON ASSET MANAG MONDRIAN INVESTMENT STATE STREET CORP

Firm Name Goldman Sachs Cantor Fitzgerald Jefferies UBS Day by Day RBC Capital Markets Credit Suisse Investec Exane BNP Paribas EVA Dimensions Deutsche Bank JPMorgan SEB Enskilda Carnegie Barclays Panmure Gordon & Co Limited HSBC Canaccord Genuity Corp Numis Securities Ltd Kepler Cheuvreux Danske Markets

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

Analyst CHARLES WILSON CAROLINE DE LA SOUJEOLE KEAN MARDEN GEORGE GREGORY VALERIE GASTALDY DAVID GREENALL ANDY GROBLER GIDEON ADLER LAURENT BRUNELLE TIMOTHY STANISH ANDY CHU ROBERT PLANT DANIEL PATTERSON STIG FREDERIKSEN PAUL CHECKETTS MIKE ALLEN ALEX MAGNI GRAHAM BROWN STEVE WOOLF NIKLAS KRISTOFFERSSONN KASPER FROM LARSEN

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

Recommendation Sell/Neutral hold buy neutral hold sector perform neutral buy neutral sell hold overweight buy hold overweight hold underweight buy add buy hold

Amt Held 248'239'496 107'538'211 72'142'365 69'584'044 55'428'099 55'122'069 54'818'310 47'734'259 45'224'081 43'828'856 42'651'109 37'944'831 35'588'161 33'786'000 33'675'460 32'497'278 32'024'170 30'571'283 25'104'432 21'250'170

% Out 16 6.93 4.65 4.48 3.57 3.55 3.53 3.08 2.91 2.82 2.75 2.45 2.29 2.18 2.17 2.09 2.06 1.97 1.62 1.37

Weighting

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

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

Latest Chg 21'962'034 7'545 646'222 (17'599'543) 9'547'642 1'165'245 (4'100'858) (4'202'596) 4'979'110 (1'255'877) (5'813'007) (4'821'084) 1'044'893 24'196'432 (1'459'051)

Target Price 193 240 290 250 #N/A N/A 270 275 280 260 #N/A N/A 212 308 309 #N/A N/A 280 275 205 300 300 300 286

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

File Dt Inst Type 30.09.2013 Investment Advisor 03.06.2013 Unclassified 08.08.2013 Other 03.06.2013 Investment Advisor 31.07.2013 Unclassified 28.06.2013 Investment Advisor 03.06.2013 Investment Advisor 30.06.2013 Investment Advisor 06.06.2013 Investment Advisor 31.08.2013 Investment Advisor 27.09.2013 Investment Advisor 03.06.2013 Unclassified 03.06.2013 Government 03.06.2013 Unclassified 03.06.2013 Investment Advisor 03.06.2013 Government 31.12.2012 Government 03.06.2013 Investment Advisor 03.06.2013 Hedge Fund Manager 27.09.2013 Investment Advisor

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

Date 27.09.2013 27.09.2013 18.09.2013 17.09.2013 16.09.2013 05.09.2013 04.09.2013 03.09.2013 02.09.2013 02.09.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 28.08.2013 12.07.2013 08.07.2013 05.06.2013 14.05.2013 06.11.2012

01.10.2013

Aggreko PLC Aggreko plc provides specialist power and temperature control rental services in two main product areas, mobile electricity generators and temperature control equipment. Aggreko also supplies oil-free diesel compressors used to eliminate oil based contaminants in the food, pharmaceutical and textile industries. The Group operates through approximately 118 depots in 23 countries worldwide.

Price/Volume 2500

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (31.01.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AGK LN EQUITY YTD Change AGK LN EQUITY YTD % CHANGE

12/2012 01/yy 2'374.00 1'548.00 519'026.00 1567 -33.99% 1.23% 6.78% 269.0 4'215.61 615.90 0.0 0.0 22.90 4'767.61

1500

4.0 M

1000

3.0 M 2.0 M

500

31.12.2009 31.12.2010 1'023.9 1'229.9 2.62x 3.34x 403.4 472.9 6.64x 8.69x 168.4 213.1 14.84x 18.67x Profitability

31.12.2011 1'396.1 4.05x 526.9 10.72x 260.1 20.60x

31.12.2012 1'583.2 3.30x 621.6 8.41x 276.0 16.71x 621.60 380.70 24.05% 23.18% 12.61% 26.42% 17.52% 0.74% 61.5% 40.2% 23.6% 17.4% 1.12 0.54 29.01% 58.95% 5.05 3.77

Price/ Cash Flow

n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

FY+1 -

.0 M o-13

1.58 0.95 258.19 -31.65% -8.63% 0.947 25 3.440 817'001 806'268 775'212 FY+2

12/13 Y 12/14 Y 1'611.6 1'651.7 2.89x 2.73x 630.6 633.2 7.56x 7.53x 244.3 242.6 17.01x 17.01x S&P Issuer Ratings

FQ+1

FQ+2

23.37 6.84 0.85 0.90 58.9% 37.1% 0.74 1.27 72.23 96.88 85.07

Sales/Revenue/Turnover

18.00

1'800.0

16.00

1'600.0

14.00

1'400.0

12.00

1'200.0

10.00

1'000.0

8.00

800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 01.01.2010

1.0 M

0 o-12

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

6.0 M

2000

Valuation Analysis

31.12.2008 946.6 1.65x 318.4 4.90x 122.7 9.74x

7.0 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 |

01.10.2013

Aggreko PLC Holdings By:

All

Holder Name BAILLIE GIFFORD AND PRUDENTIAL PLC VANGUARD GROUP INC SALVESEN ALASTAIR ER LEGAL & GENERAL PRIVATE INDIVIDUALS LANSDOWNE PARTNERS CAPITAL GROUP COMPAN NORGES BANK SPEIRS & JEFFERY STO BREWIN DOLPHIN LIMIT BLACKROCK MORGAN STANLEY INVES UBS AG NORGES BANK INVESTME INVESTEC BANK (UK) L KIMBERLEY GRANGE INV SCHRODER INVESTMENT PEOPLES REPUBLIC OF WALTER SCOTT & PARTN

Firm Name Peel Hunt Goldman Sachs Morgan Stanley AlphaValue Credit Suisse Cantor Fitzgerald Day by Day Deutsche Bank UBS Oriel Securities Ltd S&P Capital IQ RBC Capital Markets Westhouse Securities EVA Dimensions Investec Jefferies Numis Securities Ltd Panmure Gordon & Co Limited JPMorgan Berenberg Bank Barclays WH Ireland Ltd HSBC

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

Analyst ANDREW NUSSEY CHARLES WILSON TOBY REEKS LIONEL PELLICER ANDY GROBLER CAROLINE DE LA SOUJEOLE VALERIE GASTALDY ANDY CHU GEORGE GREGORY HECTOR FORSYTHE CLIVE ROBERTS ANDREW BROOKE MICHAEL DONNELLY TIMOTHY STANISH JOHN LAWSON WILLIAM KIRKNESS MIKE MURPHY PAUL JONES ROBERT PLANT SIMON MEZZANOTTE PAUL CHECKETTS NICK SPOLIAR ALEX MAGNI

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

Recommendation hold Buy/Neutral Underwt/In-Line buy underperform buy hold buy neutral hold hold sector perform buy underweight hold buy reduce buy neutral hold overweight buy neutral

Amt Held % Out 23'588'699 8.77 15'860'093 5.9 12'213'581 4.54 9'995'283 3.72 9'223'118 3.43 8'355'170 3.11 (7'727'861) -2.87 7'391'176 2.75 6'082'133 2.26 6'010'656 2.23 5'958'668 2.21 5'821'340 2.16 5'804'864 2.16 5'663'935 2.11 5'322'218 1.98 5'147'801 1.91 4'862'100 1.81 3'966'886 1.47 3'961'541 1.47 3'726'300 1.39

Weighting

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

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

Latest Chg 3'357'559 2'923'985 (578'349) 24'915 (348'827) (3'177'316) 113'022 12'365 (2'092'768) (245'524) (193'790) (284'036) 48'000 (957'083) 9'308 1'201'964

Target Price 1'700 1'876 1'300 2'001 1'400 2'200 #N/A N/A 1'870 1'610 #N/A N/A 1'700 1'680 2'502 #N/A N/A 1'700 2'000 1'400 1'822 1'800 1'720 2'150 2'300 1'650

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

File Dt 01.08.2013 01.08.2013 01.08.2013 31.12.2012 01.08.2013 01.08.2013 02.01.2013 01.08.2013 31.12.2012 01.08.2013 01.08.2013 27.09.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013

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

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

Date 30.09.2013 27.09.2013 26.09.2013 26.09.2013 17.09.2013 16.09.2013 16.09.2013 12.09.2013 12.09.2013 04.09.2013 28.08.2013 22.08.2013 22.08.2013 06.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 17.04.2013 05.04.2013 08.03.2013 08.02.2013

01.10.2013

Randgold Resources Ltd Randgold Resources Ltd. provides mining services. The Company offers acquisition, development, and exploration of gold and other precious metal in Africa.

Price/Volume 9000

1.6 M

8000

1.4 M

7000

1.2 M

6000

1.0 M

5000

Latest Fiscal Year: LTM as of: 52-Week High (02.10.2012) 52-Week Low (26.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RRS LN EQUITY YTD Change RRS LN EQUITY YTD % CHANGE

12/2012 06/yy 7'875.00 3'934.00 345'798.00 4295 -45.38% 9.18% 13.12% 92.2 3'961.08 18.02 0.0 166.1 390.76 6'540.28

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

.6 M

3000 2000

.4 M

1000

.2 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 338.6 9.01x 97.3 31.34x 41.6 78.87x

.8 M

4000

Valuation Analysis

31.12.2009 31.12.2010 432.8 484.6 15.50x 14.79x 142.3 164.3 47.15x 43.62x 69.4 103.5 94.26x 72.03x Profitability

LTM-4Q 31.12.2011 1'127.1 7.97x 581.9 15.44x 383.9 24.30x

31.12.2012 1'317.8 6.59x 699.2 12.43x 431.8 20.57x 699.18 567.44 43.06% 43.12% 11.67% 13.41% 15.04% 0.42% 51.1% 48.2% 35.1% 32.8% 4.07 1.92 0.58% 0.69% -

Price/ Cash Flow

06/yy 1'166.6 28.44x 625.2 12.72x 435.9 18.91x

LTM 06/yy 1'213.5 27.54x 585.5 9.97x 340.8 16.76x

FY+1

.0 M o-13

0.72 0.85 86.74 -43.61% -27.36% 0.850 22 4.182 500'295 554'146 578'653 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'189.6 1'594.7 295.5 303.0 5.46x 3.98x 492.6 649.2 125.0 120.0 13.28x 10.08x 262.8 438.6 24.61x 16.08x 21.19x S&P Issuer Ratings

582.65 114.09 -0.07 0.01 0.7% 0.6% 0.42 0.94 136.09

Sales/Revenue/Turnover

160.00

1'400.0

140.00

1'200.0

120.00

1'000.0

100.00

800.0

80.00

600.0

60.00

400.0

40.00

200.0

20.00 0.00 01.01.2010

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 |

01.10.2013

Randgold Resources Ltd Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C WELLS FARGO & COMPAN FMR LLC CARMIGNAC GESTION LEGAL & GENERAL COMGEST SA STATE STREET CORP FRANKLIN RESOURCES GOVERNMENT OF NORWAY NORGES BANK COMGEST S A VANGUARD GROUP INC HARRIS TRUST & SAVIN INVESTEC ASSET MANAG BRISTOW D MARK FIL LIMITED SCOTTISH WIDOWS MARSHALL WACE LLP ALLIANZ ASSET MANAGE

Firm Name Numis Securities Ltd Deutsche Bank Clarus Securities Liberum Capital Ltd Nomura Goldman Sachs JPMorgan Societe Generale CIBC World Markets RBC Capital Markets Canaccord Genuity Corp Day by Day EVA Dimensions Morgan Stanley Investec GMP Barclays Fox-Davies Capital SBG Securities Davy

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

Analyst CAILEY BARKER ANNA MULHOLLAND NANA SANGMUAH KATE CRAIG TYLER BRODA EUGENE KING ALLAN COOKE BRUCE ALWAY LEON ESTERHUIZEN JONATHAN GUY DMITRY KALACHEV VALERIE GASTALDY TIMOTHY STANISH ALAIN GABRIEL HUNTER HILLCOAT BROCK SALIER AMOS FLETCHER PETER ROSE MICHAEL STARKE BART JAWORSKI

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

Recommendation buy buy buy buy neutral neutral/neutral overweight hold sector outperform outperform buy hold sell Overwt/In-Line hold buy overweight buy hold outperform

Amt Held % Out 14'060'434 15.25 6'627'558 7.19 4'797'738 5.2 4'466'907 4.84 4'270'202 4.63 3'858'745 4.18 2'892'000 3.14 2'596'091 2.81 1'751'752 1.9 1'721'309 1.87 1'646'034 1.78 1'150'000 1.25 1'126'985 1.22 828'741 0.9 735'721 0.8 716'507 0.78 572'698 0.62 493'338 0.53 (414'866) -0.45 309'763 0.34

Weighting

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

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

Latest Chg 305'472 293'523 1 (185'396) 52'130 (621) 78'563 828'741 8'401 10'442 (40'724) (478) 92'193 275

Target Price 5'900 5'050 6'219 5'414 4'370 5'700 6'130 4'800 6'300 5'500 5'700 #N/A N/A #N/A N/A 4'900 4'981 5'400 6'500 6'177 5'400 #N/A N/A

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

File Dt Inst Type 27.09.2013 Investment Advisor 31.08.2013 Investment Advisor 31.07.2013 Investment Advisor 29.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2013 Unclassified 31.12.2012 Unclassified 27.09.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Government 31.12.2012 Unclassified 30.06.2013 Investment Advisor 28.06.2013 Unclassified 31.05.2013 Investment Advisor 18.03.2013 n/a 28.02.2013 Investment Advisor 28.02.2013 Unclassified 12.08.2013 Hedge Fund Manager 31.08.2013 Investment Advisor

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

Date 30.09.2013 26.09.2013 25.09.2013 24.09.2013 13.09.2013 12.09.2013 12.09.2013 11.09.2013 08.09.2013 05.09.2013 27.08.2013 23.08.2013 13.08.2013 07.08.2013 07.08.2013 06.08.2013 26.07.2013 09.07.2013 28.06.2013 26.06.2013

01.10.2013

Melrose Industries PLC Melrose Industries PLC is an international engineering group with worldwide interests in the design, development and manufacture of specialist components for a wide range of markets, including aerospace, IT, telecommunications, consumer electronics, automotive, medical and consumer durables.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 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 07.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MRO LN EQUITY YTD Change MRO LN EQUITY YTD % CHANGE

12/2012 01/yy 312.70 198.20 846'119.00 301.3 -3.61% 52.02% 88.73% 1'266.6 3'816.35 1'154.20 0.0 7.1 156.50 4'889.15

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

35.0 M

300

30.0 M

250

25.0 M

200

20.0 M

150

15.0 M

100

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 31.12.2008 895.3 1.09x 103.6 9.45x (48.3) 21.16x

350

31.12.2009 31.12.2010 1'298.5 1'035.4 0.94x 1.77x 156.6 147.2 7.78x 12.47x 79.5 141.1 16.36x 14.95x Profitability

31.12.2011 1'080.4 1.50x 172.1 9.41x 286.4 24.64x

31.12.2012 1'551.4 2.47x 233.6 16.42x 42.5 50.80x 233.60 203.10 13.09% 5.93% 2.68% 6.67% 5.97% 0.64% 31.2% 16.4% 14.3% 2.7% 1.33 0.69 26.14% 66.54% 7.09 4.86

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.57 1.24 1'223.69 27.45% 38.86% 1.242 9 3.778 1'193'689 2'090'418 2'210'478 FY+2

12/13 Y 12/14 Y 2'146.3 2'205.6 2.10x 2.01x 396.1 427.9 12.34x 11.43x 210.3 235.7 18.04x 16.11x S&P Issuer Ratings

FQ+1

FQ+2

5.87 4.56 3.25 3.56 66.5% 39.9% 0.64 8.01 51.52 75.03 101.64

Sales/Revenue/Turnover

70.00

1'800.0

60.00

1'600.0 1'400.0

50.00

1'200.0

40.00

1'000.0

30.00

800.0 600.0

20.00

400.0

10.00 0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

01.10.2013

Melrose Industries PLC Holdings By:

All

Holder Name BLACKROCK THREADNEEDLE SCHRODERS PLC AMERIPRISE FINANCIAL LEGAL & GENERAL SCOTTISH WIDOWS LLOYDS BANKING GROUP AVIVA INVESTORS ARTEMIS INVESTMENT M CAZENOVE CAPITAL MAN DIRECTOR & RELATED H F&C ASSET MANAGEMENT VANGUARD GROUP INC KAMES CAPITAL PLC JUPITER ASSET MANAGE JUPITER ASSET MANAGE NORGES BANK INVESTME NORGES BANK STATE STREET CORP CAZENOVE UNIT TRUST

Firm Name RBC Capital Markets Investec UBS EVA Dimensions JPMorgan Liberum Capital Ltd Credit Suisse Barclays

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

Analyst ANDREW CARTER CHRIS DYETT ROBBIE CAPP TIMOTHY STANISH ANDREW J WILSON BENJAMIN BOURNE JONATHAN HURN RICHARD PAIGE

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

Recommendation outperform add neutral sell not rated buy neutral overweight

Amt Held 184'916'089 120'769'057 92'937'131 88'024'456 80'231'941 76'257'546 62'720'706 55'044'472 51'544'983 42'093'573 35'815'411 32'347'027 31'649'327 29'999'116 27'078'848 26'770'433 25'883'344 25'270'966 21'055'841 20'996'083

% Out 14.6 9.53 7.34 6.95 6.33 6.02 4.95 4.35 4.07 3.32 2.83 2.55 2.5 2.37 2.14 2.11 2.04 2 1.66 1.66

Weighting

Change

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

M M D D M M M M

Latest Chg (10'594'856) (5'038'076) (11'598'787) (5'432'855) (8'228'911) 54'675 14'060'373 (296'958) (2'719'862) 1'489'385 (3'476'140) 1'757'421 (60'355) (214'715) 3'829'165

Target Price 325 318 305 #N/A N/A #N/A N/A 295 275 280

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

File Dt 27.09.2013 31.07.2013 02.07.2013 06.03.2013 31.07.2013 01.07.2013 30.08.2013 01.07.2013 06.03.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 31.05.2013 01.07.2013 31.12.2012 27.09.2013 31.08.2013

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

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

Date 26.09.2013 18.09.2013 05.09.2013 04.09.2013 29.08.2013 01.08.2013 11.07.2013 08.03.2013

01.10.2013

Rexam PLC Rexam Plc manufactures and distributes packaging materials. The Company supplies packaging solutions to the beauty, food, beverages, and healthcare industry. Rexam's products are marketed worldwide.

Price/Volume 600

8.0 M 7.0 M

500

6.0 M 400

Latest Fiscal Year: LTM as of: 52-Week High (02.04.2013) 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 10.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance REX LN EQUITY YTD Change REX LN EQUITY YTD % CHANGE

12/2012 01/yy 550.50 430.95 1'001'150.00 483.1 -12.26% 12.10% 42.37% 791.7 3'824.51 2'212.00 0.0 0.0 1'307.00 5'302.51

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

31.12.2009 31.12.2010 4'533.0 4'619.0 1.00x 1.01x 619.0 710.0 7.32x 6.60x (29.0) 124.0 25.49x 12.28x Profitability

31.12.2011 4'232.0 1.07x 673.0 6.72x 376.0 10.66x

31.12.2012 4'312.0 1.10x 671.0 7.06x 214.0 14.39x 671.00 493.00 11.43% 8.21% 6.52% 17.91% 12.06% 0.72% 15.6% 11.7% 5.0% 1.12 0.86 34.76% 96.72% -

Price/ Cash Flow

3.0 M 2.0 M

100

1.0 M

0 o-12

n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

FY+1 -

.0 M o-13

3.29 0.83 790.25 12.46% 13.82% 0.835 13 4.077 1'709'832 1'636'079 1'842'946 FY+2

12/13 Y 12/14 Y 4'361.0 4'499.8 1.18x 1.13x 641.4 670.4 8.26x 7.91x 295.0 339.1 12.88x 11.55x S&P Issuer Ratings

FQ+1

FQ+2

19.02.2009 BBBSTABLE 22.02.2006 A-3 6.16 3.49 2.30 2.55 96.7% 49.2% 0.72 3.08 -

Sales/Revenue/Turnover

10.00

5'000.0

9.00

4'500.0

8.00

4'000.0

7.00

3'500.0

6.00

3'000.0

5.00 4.00

2'500.0 2'000.0

3.00

1'500.0

2.00

1'000.0

1.00

500.0

0.00 01.01.2010

4.0 M

200

Fiscal Year Ended 31.12.2008 4'618.0 1.09x 644.0 7.83x 172.0 13.10x

5.0 M

300

Valuation Analysis

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 |

01.10.2013

Rexam PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES BLACKROCK LAZARD ASSET MANAGEM VANGUARD GROUP INC LEGAL & GENERAL CAUSEWAY CAPITAL MAN WELLINGTON MANAGEMEN ARTEMIS INVESTMENT M SCOTTISH WIDOWS NORGES BANK INVESTME NORGES BANK STATE STREET CORP AVIVA INVESTORS LAZARD FRERES ASSET ARTEMIS INVESTMENT M MONDRIAN INVESTMENT MARATHON ASSET MANAG THREADNEEDLE POLARIS CAPITAL MANA PEOPLES REPUBLIC OF

Firm Name AlphaValue Oriel Securities Ltd Robert W. Baird & Co Jefferies EVA Dimensions Barclays Deutsche Bank Credit Suisse Macquarie S&P Capital IQ Goldman Sachs

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

Analyst THOMAS PICHERIT HECTOR FORSYTHE GHANSHAM PANJABI SANDY MORRIS TIMOTHY STANISH PAUL CHECKETTS DEBBIE JONES LARS KJELLBERG ALBERT KABILI CARL SHORT ESHAN TOORABALLY

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

Recommendation add add neutral buy overweight overweight buy neutral neutral hold neutral/neutral

Amt Held 74'760'708 44'138'256 40'377'252 32'526'710 32'505'035 21'306'763 20'573'923 19'517'388 18'739'731 18'137'533 17'704'311 16'151'292 16'038'753 15'584'098 14'254'851 12'819'269 12'438'264 11'645'572 11'234'801 10'687'785

% Out 9.44 5.58 5.1 4.11 4.11 2.69 2.6 2.47 2.37 2.29 2.24 2.04 2.03 1.97 1.8 1.62 1.57 1.47 1.42 1.35

Weighting

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

M M M M D M M M M M M

Latest Chg 1'868'711 (79'928) 1'408'612 474'554 (1'042'011) 1'050'130 575'000 267'620 45'350 1'281'463 758'276 245'701 28'088 1'723'836 (795'236) 804'271 -

Target Price 562 570 550 550 #N/A N/A 540 550 555 530 540 567

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 27.09.2013 Investment Advisor 06.09.2013 Unclassified 30.06.2013 Investment Advisor 31.07.2013 Unclassified 03.06.2013 Investment Advisor 03.06.2013 Investment Advisor 03.06.2013 Investment Advisor 03.06.2013 Unclassified 03.06.2013 Government 31.12.2012 Government 27.09.2013 Investment Advisor 03.06.2013 Investment Advisor 03.06.2013 Investment Advisor 31.12.2012 Investment Advisor 03.06.2013 Hedge Fund Manager 03.06.2013 Investment Advisor 31.07.2013 Unclassified 03.06.2013 Investment Advisor 03.06.2013 Government

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

Date 26.09.2013 25.09.2013 23.09.2013 22.08.2013 09.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 02.08.2013 25.06.2013

01.10.2013

Carnival PLC Carnival plc owns and operates cruise ships. The Company offers cruise vacations in North America, continental Europe, the United Kingdom, South America, and Australia. Dually-listed company with CCL US.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (21.05.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CCL LN EQUITY YTD Change CCL LN EQUITY YTD % CHANGE

11/2012 08/yy 2'638.00 2'017.00 312'335.00 2085 -21.00% 3.37% 12.40% 215.7 16'360.38 8'958.00 0.0 0.0 465.00 35'558.82

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

6.0 M

2500

5.0 M

2000

4.0 M

1500

3.0 M

1000

2.0 M

500

1.0 M

0 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 30.11.2008 14'646.0 1.73x 3'978.0 6.35x 2'330.0 7.12x

3000

30.11.2009 30.11.2010 13'460.0 14'469.0 2.66x 2.82x 3'463.0 3'763.0 10.34x 10.83x 1'790.0 1'978.0 14.69x 16.28x Profitability

LTM-4Q 30.11.2011 15'793.0 2.21x 3'756.0 9.30x 1'912.0 14.20x

30.11.2012 15'382.0 2.52x 3'342.0 11.62x 1'298.0 24.26x 3'342.00 1'815.00 11.80% 8.46% 2.78% 4.56% 0.39% 44.2% 9.3% 8.4% 0.25 0.10 22.87% 37.44% 41.01 23.23

Price/ Cash Flow

LTM

08/yy 15'500.0 8.79x 3'467.0 10.12x 1'422.0 18.68x

08/yy 15'377.0 9.90x 1'645.0 0.00x 1'105.0 26.19x

FY+1

.0 M o-13

2.96 1.01 215.41 -5.45% -9.75% 1.011 18 3.167 1'737'475 891'644 738'793 FY+2

FQ+1

FQ+2

11/13 Y 11/14 Y 11/13 Q4 02/14 Q1 15'423.6 16'040.8 3'588.5 3'583.6 2.31x 2.23x 10.03x 10.05x 3'082.3 3'241.1 485.2 442.5 11.55x 10.98x 11.56x 11.33x 1'183.4 1'271.7 5.1 (60.8) 21.95x 20.80x 22.12x 20.89x S&P Issuer Ratings

16.04.2003 NR 9.95 3.01 37.4% 27.2% 0.39 0.48 8.90 15.71 150.45 -66.82

Sales/Revenue/Turnover

12.00

18'000.0 16'000.0

10.00

14'000.0 12'000.0

8.00

10'000.0 6.00

8'000.0 6'000.0

4.00

4'000.0 2.00 0.00 04.12.2009

2'000.0 0.0 04.06.2010

04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

04.06.2013

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

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

01.10.2013

Carnival PLC Holdings By:

All

Holder Name THORNBURG INVESTMENT BLACKROCK CAPITAL GROUP COMPAN SCHRODER INVESTMENT LEGAL & GENERAL SPRUCEGROVE INVESTME FIL LIMITED VANGUARD GROUP INC THREADNEEDLE UBS AG ARTEMIS INVESTMENT M PRUDENTIAL PLC NORGES BANK MAJEDIE ASSET MANAGE T ROWE PRICE ASSOCIA ARTEMIS INVESTMENT M TIAA CREF INVESTMENT NORGES BANK INVESTME T ROWE PRICE ASSOCIA F&C ASSET MANAGEMENT

Firm Name Natixis HSBC Panmure Gordon & Co Limited Deutsche Bank Investec UBS Numis Securities Ltd Morgan Stanley S&P Capital IQ Exane BNP Paribas Barclays Credit Suisse Jefferies Day by Day Shore Capital Stockbrokers Oriel Securities Ltd EVA Dimensions Telsey Advisory Group

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

Analyst GEOFFREY D'HALLUIN LENA THAKKAR KARL BURNS RICHARD CARTER JAMES HOLLINS ROBIN M FARLEY WYN ELLIS JAMIE ROLLO WILLIAM MACK MATTHIAS DESMARAIS CHRIS STEVENS TIM RAMSKILL IAN RENNARDSON VALERIE GASTALDY GREG JOHNSON EDWARD STANFORD CRAIG STERLING JOSHUA HERRITY

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

Recommendation reduce neutral sell buy buy neutral hold Underwt/In-Line buy underperform equalweight neutral hold buy hold hold buy no rating system

Amt Held 17'589'474 11'328'223 11'023'960 10'076'954 7'983'018 7'072'865 6'504'840 6'440'362 5'823'194 5'176'795 5'045'383 4'861'984 4'749'014 4'644'000 4'573'100 4'359'876 4'212'010 4'143'581 3'918'033 3'185'065

% Out 8.15 5.25 5.11 4.67 3.7 3.28 3.02 2.99 2.7 2.4 2.34 2.25 2.2 2.15 2.12 2.02 1.95 1.92 1.82 1.48

Weighting

Change

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

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

Latest Chg (2'561'859) 2'892'956 1'806'846 (174'293) (145'242) (573'745) 3'702'498 585'919 52'927 578'500 (1'134'400) (916'036) (287'241) (64'596) (28'853) (600'458) (726'617) (1'107'678) 345'706

Target Price 2'000 2'120 1'770 2'640 2'350 2'100 2'250 2'000 2'700 2'000 2'000 2'065 2'200 2'965 #N/A N/A #N/A N/A #N/A N/A 2'800

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

File Dt 01.05.2013 27.09.2013 25.07.2013 01.05.2013 31.07.2013 01.05.2013 01.05.2013 30.06.2013 31.07.2013 28.06.2013 01.05.2013 01.05.2013 31.12.2012 01.05.2013 30.06.2013 31.12.2012 01.05.2013 01.05.2013 01.05.2013 01.05.2013

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

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

Date 01.10.2013 30.09.2013 30.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 23.08.2013 09.07.2013 26.06.2013 22.03.2013 10.02.2013

01.10.2013

Mondi PLC Mondi is an international packaging and paper Group, with key operations in central Europe, Russia and South Africa. Mondi is fully integrated, growing wood, manufacturing pulp and converting packaging into corrugated packaging, industrial bags, extrusion coatings and release liner. Mondi is also a supplier of consumer packaging solutions, advanced films and hygiene product components. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 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 MNDI LN EQUITY YTD Change MNDI LN EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 1'117.00 615.00 459'044.00 1034 -7.43% 68.13% 85.26% 367.2 5'023.03 1'921.00 0.0 304.0 57.00 8'118.25

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

12.0 M

1000

10.0 M

800

8.0 M

600

6.0 M

400

4.0 M

200

2.0 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 31.12.2008 6'345.0 0.50x 801.0 3.94x (211.0) -

1200

31.12.2009 31.12.2010 5'257.0 5'610.0 0.74x 0.87x 654.0 803.0 5.94x 6.11x (33.0) 224.0 15.85x Profitability

31.12.2011 5'739.0 0.68x 960.0 4.09x 330.0 9.47x

31.12.2012 5'807.0 1.06x 919.0 6.71x 244.0 16.32x 919.00 564.00 9.71% 6.39% 4.32% 10.44% 8.44% 1.04% 38.5% 16.4% 10.5% 4.2% 1.29 0.62 29.04% 74.69% 5.38

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.31 1.29 355.50 69.49% 58.73% 1.289 12 3.667 1'282'855 1'426'446 1'142'495 FY+2

12/13 Y 12/14 Y 6'641.1 6'884.4 1.21x 1.14x 1'075.3 1'152.5 7.55x 7.04x 428.7 496.0 14.01x 12.79x S&P Issuer Ratings

FQ+1

FQ+2

7.92 5.35 1.78 1.86 74.7% 40.0% 1.04 1.83 67.82 70.86

Sales/Revenue/Turnover

10.00

7'000.0

9.00

6'000.0

8.00 7.00

5'000.0

6.00

4'000.0

5.00

3'000.0

4.00

2'000.0

3.00 2.00

1'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

01.10.2013

Mondi PLC Holdings By:

All

Holder Name DIMENSIONAL FUND ADV AXA INVESTEC ASSET MANAG Investec Asset Manag LEGAL & GENERAL CORONATION ASSET MAN JP MORGAN ACADIAN ASSET MANAGE BLACKROCK SCOTTISH WIDOWS OLD MUTUAL ALLAN GRAY UNIT TRUS SANLAM ASSET MANAGEM SANLAM INVESTMENT MA CAPITAL GROUP COMPAN MAJEDIE ASSET MANAGE NORGES BANK INVESTME STATE STREET CORP LSV ASSET MANAGEMENT PRINCIPAL GLOBAL INV

Firm Name Credit Suisse UBS Jefferies Barclays Goldman Sachs Avior Research EVA Dimensions Deutsche Bank BNP Paribas Cadiz Securities Davy

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

Analyst LARS KJELLBERG NISHAL RAMLOUTAN JUSTIN JORDAN CAROLINE LEARMONTH ESHAN TOORABALLY SEAN UNGERER TIMOTHY STANISH MATTHIAS PFEIFENBERGER BRIAN MORGAN BARRY DIXON

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

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

Amt Held 23'333'547 18'735'674 17'789'698 17'789'698 15'068'706 14'757'932 14'251'462 13'575'707 12'621'964 12'477'995 11'978'984 10'993'007 10'936'128 10'936'128 10'511'712 9'990'329 7'671'991 7'549'067 6'540'446 6'511'682

% Out 6.35 5.1 4.84 4.84 4.1 4.02 3.88 3.7 3.44 3.4 3.26 2.99 2.98 2.98 2.86 2.72 2.09 2.06 1.78 1.77

Weighting

Change 5 3 5 3 3 3 5 5 3 5

M M M M M M U M M M

Latest Chg (144'863) (387'710) 57'142 (49'176) (553'276) 2'511'904 494'205 2'009'236 1'211'739 (410'698) 1'617'234 (836'200) 1'542'443

Target Price 1'310 1'016 1'150 910 960 1'146 #N/A N/A 1'050 905 #N/A N/A

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

File Dt 01.05.2013 30.06.2013 20.02.2013 01.05.2013 31.07.2013 30.06.2013 31.08.2013 01.05.2013 27.09.2013 01.05.2013 30.06.2013 20.02.2013 01.05.2013 20.02.2013 31.07.2013 01.05.2013 01.05.2013 27.09.2013 01.05.2013 01.05.2013

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

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

Date 24.09.2013 24.09.2013 12.09.2013 03.09.2013 22.08.2013 16.08.2013 14.08.2013 31.07.2013 15.04.2013 31.10.2012

01.10.2013

Sage Group PLC/The The Sage Group plc is a software publishing company. The Group develops, publishes and distributes accounting and payroll software for personal computer systems. Via its subsidiaries, Sage also maintains a registered user database which provides a market for their related products and services, including computer forms, software support contracts, program upgrades and training.

Price/Volume 9.0 M

350

8.0 M

300

7.0 M 5.0 M

200

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (06.12.2012) 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 SGE LN EQUITY YTD Change SGE LN EQUITY YTD % CHANGE

09/2012 01/yy 371.90 289.07 1'420'455.00 330.6 -11.10% 14.37% 49.17% 1'103.6 3'648.65 209.20 0.0 (2.1) 61.60 3'860.95

30.09.2008 1'295.0 2.38x 322.6 9.54x 166.3 15.34x

4.0 M

150

3.0 M

100

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 30.09.2009 30.09.2010 1'439.3 1'277.7 2.42x 2.99x 346.2 363.0 10.06x 10.53x 189.5 227.3 16.14x 16.95x Profitability

30.09.2011 1'334.1 2.55x 394.8 8.63x 189.0 13.19x

30.09.2012 1'340.2 3.22x 391.2 11.02x 296.6 16.82x

391.20 343.90 25.66% 24.94% 1.79% 3.30% 3.14% 0.56% 93.7% 28.8% 25.2% 22.1% 0.47 0.42 8.46% 15.21% 32.90

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

3.30 0.99 1'101.88 7.45% 15.78% 0.994 25 2.720 2'636'307 2'047'805 2'003'903 FY+2

09/13 Y 09/14 Y 1'381.4 1'408.1 2.92x 2.84x 407.6 418.6 9.47x 9.22x 250.6 263.6 14.96x 13.66x S&P Issuer Ratings

FQ+1

FQ+2

29.64 28.17 0.53 0.75 15.2% 13.2% 0.56 10.20 11.09 -160.97

Sales/Revenue/Turnover

16.00

1'600.0

14.00

1'400.0

12.00

1'200.0

10.00

1'000.0

8.00

800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 02.10.2009

6.0 M

250

Valuation Analysis

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

400

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 |

01.10.2013

Sage Group PLC/The Holdings By:

All

Holder Name AVIVA INVESTORS LLOYDS BANKING GROUP BLACKROCK UBS AG THREADNEEDLE LEGAL & GENERAL ABERDEEN FIL LIMITED MARATHON ASSET MANAG JUPITER ASSET MANAGE NEWTON INV MGMT VANGUARD GROUP INC NORGES BANK JO HAMBRO CAPITAL MA NORGES BANK INVESTME LINDSELL TRAIN INVES STATE STREET CORP TROY ASSET MANAGEMEN OPPENHEIMERFUNDS INC OPPENHEIMERFUNDS INC

Firm Name

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

Analyst

AlphaValue HELENE COUMES Credit Suisse CHARLES BRENNAN Morgan Stanley ADAM WOOD Panmure Gordon & Co Limited GEORGE O'CONNOR Natixis GWENAEL GIARD Day by Day VALERIE GASTALDY Goldman Sachs MOHAMMED MOAWALLA N+1 Singer Ltd CHRIS GLASPER UBS MICHAEL BRIEST EVA Dimensions ANDREW S ZAMFOTIS Exane BNP Paribas BRICE PRUNAS Sanlam Securities UK Ltd ROGER PHILLIPS Societe Generale RICHARD NGUYEN RBC Capital Markets ANDREW DUNN Baader Bank KNUT WOLLER Berenberg Bank DAUD KHAN Bryan Garnier & Cie GREGORY RAMIREZ S&P Capital IQ JAMES CRAWSHAW Barclays GERARDUS VOS Espirito Santo Investment Bank Research VIJAY ANAND Numis Securities Ltd DAVID TOMS JPMorgan STACY E POLLARD Investec JULIAN YATES Canaccord Genuity Corp BOB LIAO Jefferies MILAN RADIA Redburn Partners NEIL STEER

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

Recommendation add underperform Underwt/In-Line hold neutral hold neutral/attractive corporate neutral buy underperform sell sell sector perform hold hold neutral hold underweight buy hold neutral sell hold hold buy

Amt Held 61'770'580 58'339'925 54'400'141 53'627'661 51'406'703 46'864'801 45'976'197 40'165'985 39'765'191 31'776'701 31'069'382 29'296'874 28'765'677 27'880'402 27'558'864 26'224'031 24'884'250 23'129'565 20'343'238 19'045'834

% Out 5.6 5.29 4.93 4.86 4.66 4.25 4.17 3.64 3.6 2.88 2.82 2.65 2.61 2.53 2.5 2.38 2.25 2.1 1.84 1.73

Weighting

Change

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

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

Latest Chg 8'523'246 (2'682'056) (879'324) (993'077) 3'350'251 7'120'649 1'408'089 1'867'352 11'666'387 279'289 (1'570'872) (1'686'659) 3'488'702 (602'120) 3'171'838 1'755'830 1'215'673

Target Price 405 317 320 337 335 #N/A N/A 410 #N/A N/A 330 #N/A N/A 333 315 305 363 370 342 365 368 274 400 337 344 316 368 337 #N/A N/A

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

File Dt 01.07.2013 28.06.2013 27.09.2013 01.07.2013 31.07.2013 31.07.2013 31.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 31.12.2012 01.07.2013 01.07.2013 01.07.2013 27.09.2013 01.07.2013 31.07.2013 01.07.2013

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

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

Date 26.09.2013 25.09.2013 24.09.2013 24.09.2013 20.09.2013 19.09.2013 11.09.2013 11.09.2013 03.09.2013 16.08.2013 06.08.2013 05.08.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 10.07.2013 01.07.2013 19.06.2013 14.06.2013 13.05.2013 09.05.2013 20.03.2013 15.11.2011

01.10.2013

Petrofac Ltd Petrofac Limited is an international provider of facilities solutions to the oil and gas production and processing industry. The Company's solutions include designing and building oil and gas facilities, operating and managing facilities, and training personnel.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 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 09.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PFC LN EQUITY YTD Change PFC LN EQUITY YTD % CHANGE

12/2012 01/yy 1'752.00 1'160.00 483'139.00 1401 -20.03% 20.78% 41.39% 345.9 4'846.24 349.00 0.0 1.0 699.00 8'230.99

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

4.5 M

1600

4.0 M

1400

3.5 M

1200

3.0 M

1000

2.5 M

800

2.0 M

600

1.5 M

400

1.0 M

200

.5 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 3'329.5 0.34x 420.9 2.69x 265.0 6.46x

1800

31.12.2009 31.12.2010 3'655.4 4'354.2 1.20x 1.69x 550.2 637.7 7.94x 11.56x 353.6 557.8 16.07x 15.03x Profitability

31.12.2011 5'801.0 1.05x 765.0 7.95x 540.0 14.03x

31.12.2012 6'324.0 1.36x 865.0 9.97x 632.0 14.18x 865.00 735.00 11.62% 12.10% 10.62% 38.32% 28.87% 1.13% 17.1% 13.7% 10.3% 10.0% 1.03 0.59 6.55% 22.53% 5.49

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.86 1.15 246.80 -10.32% -10.87% 1.153 26 3.769 835'292 1'027'902 853'669 FY+2

12/13 Y 12/14 Y 6'639.9 7'478.0 1.23x 1.11x 1'007.4 1'189.8 8.17x 6.92x 642.1 747.3 12.04x 10.33x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

17.05.2013 BBB+ STABLE 17.05.2013 A-2 173.00 93.60 0.46 1.13 22.5% 18.4% 1.13 7.48 66.47 20.59

Sales/Revenue/Turnover

80.00

7'000.0

70.00

6'000.0

60.00

5'000.0

50.00

4'000.0

40.00

3'000.0

30.00

2'000.0

20.00

1'000.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

01.10.2013

Petrofac Ltd Holdings By:

All

Holder Name ASFARI AYMAN SEMAAN MAROUN VANGUARD GROUP INC NORGES BANK BLACKROCK BESSEMER GROUP INCOR BANK OF NEW YORK MEL HSBC INVESTMENT FUND ETON PARK INTERNATIO JP MORGAN PUTNAM INVESTMENT MA ROBERTS KEITH STEPHE CAUSEWAY CAPITAL MAN ROYAL LONDON ASSET M OYSTER ASSET MANAGEM GLG PARTNERS LP CAISSE DE DEPOT ET P FMR LLC AKO CAPITAL LLP ROYAL BANK OF CANADA

Firm Name Day by Day Exane BNP Paribas Credit Suisse JPMorgan Numis Securities Ltd Nomura Liberum Capital Ltd EVA Dimensions Berenberg Bank RBC Capital Markets Societe Generale Deutsche Bank HSBC Macquarie Natixis Goldman Sachs S&P Capital IQ Oriel Securities Ltd Investec UBS VSA Capital Ltd Morgan Stanley ABN Amro Bank N.V. Barclays

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

Analyst VALERIE GASTALDY ALEJANDRO DEMICHELIS DAVID J THOMAS ANDREW DOBBING SANJEEV BAHL CHRISTYAN MALEK ANDREW WHITTOCK DOUG WALTERS ASAD FARID KATHERINE TONKS GUILLAUME DELABY SEBASTIAN YOSHIDA PHILLIP LINDSAY MARK WILSON ALAIN PARENT HENRY TARR CHRISTINE TISCARENO DAVID ROUND KEITH ADAM MORRIS AMY WONG DOUGIE YOUNGSON ROBERT PULLEYN MARK VAN DER GEEST MICK PICKUP

Source RNS-DIR RNS-DIR ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG Short ULT-AGG MF-AGG RNS-DIR MF-AGG MF-AGG MF-AGG Short MF-AGG ULT-AGG Short ULT-AGG

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

Amt Held % Out 62'950'678 18.2 28'288'813 8.18 4'331'720 1.25 4'138'407 1.2 3'538'335 1.02 3'117'000 0.9 2'839'830 0.82 2'617'203 0.76 (2'455'981) -0.71 2'428'547 0.7 2'180'957 0.63 2'120'000 0.61 1'945'473 0.56 1'916'433 0.55 1'689'634 0.49 (1'660'279) -0.48 1'622'551 0.47 1'497'643 0.43 (1'452'834) -0.42 1'419'829 0.41

Weighting

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

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

Latest Chg 49'843 70'949 81'649 205'227 1'712'000 481'323 107'413 (380'504) (48'745) 490'048 564'153 19'825 (167'166) 345'892 (150'102) 345'802 (159'348)

Target Price #N/A N/A 1'600 1'800 2'215 1'350 1'300 1'550 #N/A N/A 1'370 1'600 1'580 1'450 1'300 1'140 1'650 1'512 2'200 #N/A N/A 1'500 1'850 1'850 1'700 1'650 1'800

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

File Dt Inst Type 16.05.2013 n/a 16.05.2013 n/a 30.06.2013 Investment Advisor 31.12.2012 Government 27.09.2013 Investment Advisor 30.04.2013 Investment Advisor 31.08.2013 Investment Advisor 31.05.2013 Investment Advisor 24.07.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 21.03.2011 n/a 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 28.02.2013 Investment Advisor 21.02.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 31.08.2013 Investment Advisor 04.09.2013 Investment Advisor 31.05.2013 Bank

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

Date 23.09.2013 20.09.2013 19.09.2013 19.09.2013 12.09.2013 10.09.2013 05.09.2013 05.09.2013 03.09.2013 29.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 27.08.2013 27.08.2013 27.08.2013 22.08.2013 16.08.2013 24.07.2013 09.07.2013 25.06.2013 28.05.2013

01.10.2013

Coca-Cola HBC AG Coca-Cola HBC AG is one of the bottlers in the Coca-Cola system, operating plants in Europe, Africa and Asia. The Company produces, sells, and distributes a wide range of non-alcoholic beverages, including sparkling, juice, water, sport, energy, tea and coffee.

Price/Volume 2500

18.0 M 16.0 M

2000

14.0 M 12.0 M

1500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.09.2013) 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 01.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CCH LN EQUITY YTD Change CCH LN EQUITY YTD % CHANGE

12/2012 06/yy 1'979.00 1'374.28 249'061.00 1825 -7.73% 32.80% 78.67% 364.1 6'644.51 2'159.70 0.0 17.8 439.10 9'695.17

1.20 1.00

8.0 M

31.12.2009 -

6.0 M 4.0 M

500

2.0 M 0 a-13

.0 M m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

1000

Profitability

31.12.2010 6'761.6 1'058.8 421.0 -

LTM-4Q 31.12.2011 6'824.3 892.9 264.4 -

31.12.2012 7'044.7 822.7 190.4 822.70 444.40 6.31% 3.67% 2.63% 6.46% 5.15% 0.97% 35.8% 11.7% 6.3% 2.7% 0.89 0.58 29.79% 72.26% 7.92 9.99

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

LTM 06/yy 3'381.1 0.00x 0.0 0.00x 65.6 0.00x

FY+1

0.00 193.13 16 2.750 337'421 958'056 539'973 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 7'156.9 7'408.5 1.34x 1.27x 888.7 961.4 10.91x 10.09x 301.6 362.3 25.74x 22.04x S&P Issuer Ratings

10.05.2013 BBB+ NEG 10.05.2013 A-2 8.39 4.36 2.09 2.63 72.3% 41.8% 0.97 2.33 46.20 36.65 34.46 48.39

Sales/Revenue/Turnover

8'000.0 7'000.0 6'000.0

0.80 0.60

5'000.0 4'000.0 3'000.0

0.40 0.20

2'000.0 1'000.0 0.0

0.00

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

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

01.10.2013

Coca-Cola HBC AG Holdings By:

All

Holder Name KAR-TESS HOLDING S.A COCA-COLA CO/THE COMMONWEALTH BANK OF UMB BANK N A COMGEST S A VANGUARD GROUP INC MORGAN STANLEY BLACKROCK ST JAMES' PLACE UNIT PETERCAM SA ALPHA MUTUAL FUND MA IOANNOU CHRISTOS CALAMOS ADVISORS LLC SUN LIFE FINANCIAL I ING INVESTMENT MANAG LOMBARD ODIER DARIER MOTLEY FOOL ASSET MA TIAA CREF INVESTMENT AMERICAN CENTURY COM GLOBAL X MANAGEMENT

Firm Name Societe Generale Jefferies Nomura JPMorgan EVA Dimensions Eurobank EFG Goldman Sachs HSBC IBG Research (ESN) Barclays Credit Suisse Piraeus Securities S.A. NBG Securities Deutsche Bank

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

Analyst ANDREW HOLLAND DIRK VAN VLAANDEREN EDWARD MUNDY MIKE J GIBBS CRAIG STERLING STAMATIOS DRAZIOTIS CONOR PARSONS LAUREN E TORRES DIMITRIS BIRBOS SAMAR CHAND CHARLES MILLS GEORGE DOUKAS COSTAS THEODOROU HAROLD THOMPSON

Source 13D RNS-MAJ ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG RNS-DIR MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell hold neutral overweight sell sell neutral/attractive neutral hold overweight neutral neutral neutral hold

Amt Held 85'340'094 85'112'078 8'436'476 3'828'430 3'727'000 2'212'780 1'411'859 1'327'738 1'100'167 531'065 465'011 447'500 443'000 362'862 341'943 335'000 211'408 208'668 179'015 174'037

% Out 23.44 23.38 2.32 1.05 1.02 0.61 0.39 0.36 0.3 0.15 0.13 0.12 0.12 0.1 0.09 0.09 0.06 0.06 0.05 0.05

Weighting

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

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

Latest Chg 8'436'476 2'098'498 1'408'451 13'711 531'065 375'011 10'602 (3'236) 335'000 211'408 9'007 179'015 (3'800)

Target Price 1'520 1'750 1'600 1'860 #N/A N/A 1'515 1'940 1'800 1'763 2'000 1'790 1'549 #N/A N/A 1'700

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

File Dt 19.06.2013 29.04.2013 31.05.2013 31.07.2013 31.12.2012 30.06.2013 30.06.2013 27.09.2013 30.08.2013 30.04.2013 28.06.2013 31.05.2013 31.07.2013 31.07.2013 30.06.2013 31.05.2013 30.04.2013 31.07.2013 30.06.2013 26.09.2013

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

Inst Type Holding Company Corporation Bank Investment Advisor Unclassified 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

Date 23.09.2013 19.09.2013 12.09.2013 03.09.2013 26.08.2013 20.08.2013 13.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 21.06.2013

01.10.2013

Aberdeen Asset Management PLC Aberdeen Asset Management PLC operates an investment management group, which manages unit trusts, investment trusts, and institutional funds for retail and institutional clients. The Group's funds under management are mainly United Kingdom funds, but also include an assortment from the Far East, Japan, Europe, and the United States.

Price/Volume 600

12.0 M 10.0 M

300

Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADN LN EQUITY YTD Change ADN LN EQUITY YTD % CHANGE

09/2012 01/yy 492.20 309.90 1'154'800.00 379.3 -22.94% 22.39% 37.69% 1'199.2 4'548.54 81.50 0.0 212.1 406.40 4'323.84

30.09.2008 430.1 2.84x 114.9 10.64x 35.2 27.55x

8.0 M 6.0 M

200

4.0 M 100

2.0 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 30.09.2009 30.09.2010 421.9 638.2 4.39x 3.16x 132.0 226.4 14.02x 8.90x (8.1) 92.6 18.72x Profitability

30.09.2011 784.0 2.56x 313.2 6.40x 169.7 11.51x

30.09.2012 869.2 3.99x 361.0 9.61x 208.7 16.46x

361.00 274.60 31.59% 31.03% 6.59% 23.99% 18.99% 0.25% 43.2% 34.8% 24.0% 1.10 0.17 2.00% 7.49% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.45 1.23 920.71 23.01% 4.67% 1.233 25 4.200 3'097'137 5'203'751 4'732'790 FY+2

09/13 Y 09/14 Y 1'057.7 1'147.1 4.09x 3.59x 464.9 512.9 9.30x 8.43x 353.3 386.7 12.56x 11.49x S&P Issuer Ratings

FQ+1

FQ+2

48.78 47.76 -1.80 0.00 7.5% 5.9% 0.25 50.50 -

Sales/Revenue/Turnover

100.00

1'000.0

90.00

900.0

80.00

800.0

70.00

700.0

60.00

600.0

50.00 40.00

500.0 400.0

30.00

300.0

20.00

200.0

10.00

100.0

0.00 02.10.2009

14.0 M

400

Valuation Analysis

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

16.0 M

500

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 |

01.10.2013

Aberdeen Asset Management PLC Holdings By:

All

Holder Name MITSUB UFJ FINANCIAL LEGAL & GENERAL BLACKROCK ABERDEEN ASSET MANAG APPLEBY TRUST (JERSE SKAGEN FUNDS SUN LIFE FINANCIAL I UBS AG SWEDBANK PRIVATE BAN NORGES BANK INVESTME VANGUARD GROUP INC NORGES BANK FIL LIMITED FMR LLC SCOTTISH WIDOWS FRANKLIN RESOURCES CAPITAL GROUP COMPAN STATE STREET CORP ODEY ASSET MANAGEMEN ROYAL BANK OF CANADA

Firm Name

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

Analyst

Numis Securities Ltd DAVID MCCANN Exane BNP Paribas DANIEL DAVIES RBC Capital Markets PETER K LENARDOS Shore Capital Stockbrokers OWEN JONES Credit Suisse GURJIT KAMBO Peel Hunt STUART DUNCAN Societe Generale MICHAEL SANDERSON JPMorgan RAE MAILE Keefe, Bruyette & Woods TOM MILLS Cantor Fitzgerald CATHERINE HEATH Canaccord Genuity Corp ARUN MELMANE Morgan Stanley BRUCE HAMILTON UBS ARNAUD GIBLAT HSBC NITIN ARORA Baden Hill LLP MATTHEW WAKEFIELD Espirito Santo Investment Bank Research PHILIP DOBBIN Berenberg Bank PRAS JEYANANDHAN Oriel Securities Ltd SARAH ING Barclays DANIEL R GARROD Jefferies JASON STREETS Goldman Sachs CHRIS M. TURNER Macquarie NEIL WELCH EVA Dimensions DOUG WALTERS

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

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

Amt Held % Out 450'802'990 37.59 79'200'958 6.6 57'119'257 4.76 54'038'430 4.51 47'936'218 4 34'233'445 2.85 30'361'858 2.53 29'395'742 2.45 26'462'809 2.21 24'119'762 2.01 23'671'412 1.97 23'524'139 1.96 20'953'011 1.75 20'718'847 1.73 20'083'117 1.67 18'825'076 1.57 15'210'000 1.27 14'732'864 1.23 (14'390'317) -1.2 14'327'509 1.19

Weighting

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

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

Latest Chg 1'646'457 (4'349'282) (1'175'926) (647'777) (1'057'206) (4'108'230) 23'962'809 413'484 1'221'839 (3'675'050) 6'558'994 (2'158'896) 5'008'400 (470'000) (274'117) (959'354) 1'431'598

Target Price 480 525 480 #N/A N/A 465 450 465 523 420 535 440 407 404 455 #N/A N/A 461 500 530 530 440 465 427 #N/A N/A

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

File Dt 01.08.2013 01.08.2013 27.09.2013 01.08.2013 21.12.2012 15.08.2012 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.12.2012 01.08.2013 31.08.2013 01.08.2013 01.08.2013 01.08.2013 27.09.2013 11.09.2013 01.08.2013

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

Inst Type Holding Company Unclassified Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Unclassified Bank Government Investment Advisor Government Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank

Date 01.10.2013 27.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 17.09.2013 16.09.2013 11.09.2013 02.09.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 08.07.2013 03.07.2013 17.06.2013 06.06.2013

01.10.2013

William Hill PLC William Hill plc provides bookmaking services in the United Kingdom. The Group, which operates licensed betting offices, telephone based-betting operations, and online betting, offers odds and takes bets on an assortment of sporting and other events. William Hill's betting offices provide access to real-time sports information via television and audio satellite links. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.08.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WMH LN EQUITY YTD Change WMH LN EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 494.60 292.26 11'972'418.00 415.8 -15.91% 42.27% 54.73% 866.6 3'603.44 402.70 0.0 14.6 151.70 4'327.74

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

60.0 M

500

50.0 M

400

40.0 M

300

30.0 M

200

20.0 M

100

10.0 M

0 o-12

31.12.2009 31.12.2010 997.9 1'071.8 1.90x 1.54x 296.3 310.8 6.41x 5.31x 61.1 129.7 20.03x 9.21x Profitability

31.12.2011 1'136.7 1.48x 311.8 5.38x 115.2 11.45x

31.12.2012 1'276.9 2.13x 371.4 7.33x 189.8 12.90x 371.40 322.70 25.27% 21.75% 9.73% 20.94% 16.83% 0.65% 86.5% 27.9% 23.8% 14.9% 0.70 0.56 21.48% 39.39% 886.80

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 -

2.63 0.94 841.36 44.82% 31.26% 0.942 23 4.000 4'974'111 3'409'225 3'312'544 FY+2

12/13 Y 12/14 Y 1'498.3 1'623.2 2.90x 2.58x 394.6 429.8 10.97x 10.07x 246.7 276.5 14.14x 13.12x S&P Issuer Ratings

FQ+1

FQ+2

27.10.2009 BB+ STABLE 8.00 7.02 1.86 2.29 39.4% 28.0% 0.65 6.11 0.41 -161.90

Sales/Revenue/Turnover

16.00

9'000.0

14.00

8'000.0

12.00

7'000.0 6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 963.7 1.82x 318.0 5.53x 234.0 3.18x

600

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

01.10.2013

William Hill PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK SCHRODER INVESTMENT SUN LIFE FINANCIAL I ARTEMIS INVESTMENT M OPPENHEIMERFUNDS INC LEGAL & GENERAL UBS AG ARTEMIS INVESTMENT M OPPENHEIMERFUNDS INC SCOTTISH WIDOWS STANDARD LIFE INVEST VANGUARD GROUP INC FIL LIMITED NORGES BANK INVESTME JP MORGAN AVIVA INVESTORS DEUTSCHE PRIVATE BAN DIMENSIONAL FUND ADV OLD MUTUAL

Firm Name Numis Securities Ltd AlphaValue Morgan Stanley Nomura JPMorgan Davy Investec Goodbody Stockbrokers Ltd Daniel Stewart & Co Oriel Securities Ltd Exane BNP Paribas Jefferies Panmure Gordon & Co Limited EVA Dimensions Shore Capital Stockbrokers Peel Hunt Canaccord Genuity Corp Deutsche Bank Barclays Goldman Sachs UBS

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

Analyst IVOR JONES BERENICE LACROIX VAUGHAN LEWIS RICHARD STUBER VICTORIA A GREER DAVID JENNINGS JAMES HOLLINS GAVIN KELLEHER MICHAEL CAMPBELL JEFFREY HARWOOD ROBERTA CIACCIA JAMES WHEATCROFT SIMON FRENCH CRAIG STERLING GREG JOHNSON NICHOLAS BATRAM SIMON DAVIES RICHARD CARTER CHRIS STEVENS NICK EDELMAN JONATHAN LEINSTER

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

Recommendation buy add Overwt/In-Line buy overweight outperform buy buy buy buy neutral buy buy underweight buy hold hold hold equalweight neutral/neutral neutral

Amt Held 115'975'361 50'680'215 49'697'947 37'376'972 36'402'491 36'159'985 34'388'260 30'234'184 23'995'319 23'789'599 22'956'817 20'648'837 20'549'676 20'114'544 20'107'165 18'910'251 16'738'871 16'595'941 15'958'682 15'330'414

% Out 13.38 5.85 5.73 4.31 4.2 4.17 3.97 3.49 2.77 2.75 2.65 2.38 2.37 2.32 2.32 2.18 1.93 1.91 1.84 1.77

Weighting

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

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

Latest Chg 11'053'095 (7'121'005) 8'340'854 8'777'501 4'936'447 2'518'044 3'060'120 5'473'086 17'443'803 6'933'822 (873'976) 3'655'847 3'115'413 1'773'697 15'708'095 1'715'275 (1'112'663)

Target Price 550 464 500 505 550 #N/A N/A 540 510 555 #N/A N/A 425 500 518 #N/A N/A #N/A N/A 409 438 496 450 465 400

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

File Dt 30.06.2013 27.09.2013 01.05.2013 01.03.2013 01.05.2013 01.05.2013 31.07.2013 30.06.2013 31.12.2012 31.07.2013 01.05.2013 01.05.2013 30.06.2013 01.05.2013 01.05.2013 31.07.2013 01.05.2013 01.05.2013 31.07.2013 31.08.2013

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

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

Date 26.09.2013 26.09.2013 20.09.2013 13.09.2013 11.09.2013 26.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 05.08.2013 05.08.2013 02.08.2013 25.07.2013 25.06.2013 25.04.2013 19.04.2013

01.10.2013

Croda International PLC Croda International plc is the holding company for a group of companies that manufacture a diverse range of chemicals and chemical products, including oleochemicals and industrial chemicals. Croda supplies its items to companies that specialize in the personal care, pharmaceutical, plastics, food processing, nutrition, fire prevention, engineering and automotive industries.

Price/Volume 3000 2500 2000 1500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2013) 52-Week Low (01.11.2012) 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 CRDA LN EQUITY YTD Change CRDA LN EQUITY YTD % CHANGE

12/2012 06/yy 2'846.00 2'000.00 178'827.00 2658 -6.57% 32.90% 77.42% 135.8 3'609.08 261.50 0.0 0.1 53.80 3'831.48

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

500 0 o-12

31.12.2009 31.12.2010 827.5 1'001.9 1.70x 2.44x 136.7 232.7 10.32x 10.49x 23.8 130.8 18.78x 16.94x 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 1'028.0 2.68x 271.0 10.17x 167.5 15.02x

31.12.2012 1'051.9 3.36x 288.3 12.25x 161.9 18.28x 288.30 257.20 24.45% 24.07% 15.98% 44.93% 27.51% 1.02% 34.0% 28.3% 25.2% 15.4% 2.22 1.02 26.06% 75.97% 3.87

Price/ Cash Flow

06/yy 1'081.7 0.00x 0.0 0.00x 0.0 0.00x

LTM 06/yy 1'041.7 0.00x 0.0 0.00x 0.0 0.00x

FY+1

2.32 0.77 134.78 8.87% 14.60% 0.770 19 3.632 186'324 247'840 265'701 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'099.3 1'174.1 279.0 257.5 3.47x 3.20x 311.9 340.8 12.29x 11.24x 183.1 204.6 45.7 44.7 19.72x 17.63x S&P Issuer Ratings

31.00 25.58 0.75 0.88 76.0% 43.2% 1.02 3.00 94.36 102.42

Sales/Revenue/Turnover

30.00

1'200.0

25.00

1'000.0

20.00

800.0

15.00

600.0

10.00

400.0

5.00

200.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 911.1 1.24x 143.5 7.87x 61.0 10.82x

1000

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M o-13

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 |

01.10.2013

Croda International PLC Holdings By:

All

Holder Name SUN LIFE FINANCIAL I MONDRIAN INVESTMENT DWS INVESTMENTS LEGAL & GENERAL ABERDEEN BLACKROCK ALLIANZ ASSET MANAGE VANGUARD GROUP INC NORGES BANK DANSKE BANK A/S PRUDENTIAL PLC F&C ASSET MANAGEMENT RUANE CUNNIFF & GOLD THREADNEEDLE KUWAIT INVESTMENT AU NORGES BANK INVESTME MAWER INVESTMENT MAN FINANCIERE DE L'ECHI SCOTTISH WIDOWS HENDERSON GLOBAL INV

Firm Name Exane BNP Paribas Credit Suisse Canaccord Genuity Corp JPMorgan Goldman Sachs Deutsche Bank Liberum Capital Ltd Morgan Stanley Numis Securities Ltd UBS Jefferies HSBC Berenberg Bank Barclays EVA Dimensions N+1 Singer Ltd Main First Bank AG

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

Analyst HEIDI VESTERINEN CHRIS COUNIHAN ALICIA FORRY MARTIN EVANS RAKESH PATEL MARTIN DUNWOODIE ADAM COLLINS PAUL RICHARD WALSH CHARLES PICK CAROL CHAN LAURENCE ALEXANDER SEBASTIAN SATZ JAIDEEP PANDYA GUNTHER ZECHMANN TIMOTHY STANISH JAMES TETLEY THOMAS SWOBODA

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

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

Amt Held 7'685'145 6'180'992 5'621'675 5'241'299 4'860'712 3'822'742 3'406'662 3'160'617 3'126'070 2'936'201 2'766'332 2'513'815 2'276'434 2'250'026 2'211'676 2'015'948 1'836'940 1'831'700 1'771'139 1'701'885

% Out 5.66 4.55 4.14 3.86 3.58 2.82 2.51 2.33 2.3 2.16 2.04 1.85 1.68 1.66 1.63 1.48 1.35 1.35 1.3 1.25

Weighting

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

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

Latest Chg (420'946) 576'612 5'383'175 (680'280) (119'255) (693'181) (36'829) 14'529 (252'565) (1'170'904) 65'221 573'181 (2'315) (954'849) 23'263 76'124 (30'000)

Target Price 3'200 3'000 2'000 2'850 3'460 2'850 2'800 2'920 2'500 2'370 2'600 2'800 3'100 2'520 #N/A N/A 2'700 2'350

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 01.05.2013 Hedge Fund Manager 01.05.2013 Investment Advisor 01.05.2013 Unclassified 31.07.2013 Investment Advisor 27.09.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 01.05.2013 Bank 01.05.2013 Unclassified 01.05.2013 Investment Advisor 01.05.2013 Investment Advisor 31.07.2013 Unclassified 01.05.2013 Government 01.05.2013 Government 01.05.2013 Investment Advisor 01.05.2013 Investment Advisor 31.07.2013 Unclassified 01.05.2013 Investment Advisor

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

Date 26.09.2013 23.09.2013 05.09.2013 04.09.2013 30.08.2013 22.08.2013 09.08.2013 29.07.2013 29.07.2013 24.07.2013 23.07.2013 23.07.2013 23.07.2013 17.07.2013 06.06.2013 02.04.2013 23.01.2013

01.10.2013

Hammerson PLC Hammerson plc invests in and develops property. The Company develops, builds and manages commercial buildings, offices and shopping centers. Hammerson operates throughout the United Kingdom, but also has investment and development activities in France and Germany.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HMSO LN EQUITY YTD Change HMSO LN EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 556.50 450.40 248'127.00 501 -9.97% 11.23% 47.69% 712.9 3'571.46 2'080.40 0.0 74.5 57.10 5'900.86

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

6.0 M

500

5.0 M

400

4.0 M

300

3.0 M

200

2.0 M

100

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 408.5 12.25x 210.4 23.78x (1'572.6) -

600

31.12.2009 31.12.2010 404.8 401.5 12.88x 12.08x 67.6 273.1 77.10x 17.75x (344.5) 615.4 4.78x Profitability

31.12.2011 363.8 12.75x 219.5 21.13x 335.7 8.76x

31.12.2012 358.0 15.58x 217.4 25.66x 138.4 38.75x 217.40 215.90 60.31% 26.12% 2.89% 4.80% 4.70% 0.06% 62.9% 65.0% 64.6% 38.7% 0.75 0.22 32.47% 54.02% 8.01 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.65 1.02 677.45 13.98% 6.49% 1.019 17 3.647 1'129'533 1'802'079 1'717'961 FY+2

12/13 Y 12/14 Y 335.0 358.1 17.07x 16.14x 260.0 280.9 22.70x 21.01x 157.5 167.2 22.77x 20.96x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

2.11 -2.22 9.27 9.55 54.0% 34.6% 0.06 0.07 45.59 106.17 -

Sales/Revenue/Turnover

30.00

450.0 400.0

25.00

350.0 300.0

20.00

250.0 15.00

200.0 150.0

10.00

100.0 5.00 0.00 01.01.2010

50.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

01.10.2013

Hammerson PLC Holdings By:

All

Holder Name APG ALGEMENE PENSIOE BLACKROCK NORGES BANK INVESTME SCOTTISH WIDOWS LEGAL & GENERAL COHEN & STEERS CAPIT STATE STREET CORP VANGUARD GROUP INC MORGAN STANLEY BANK OF NEW YORK MEL EII CAPITAL MANAGEME CBRE GROUP INC COHEN & STEERS CAPIT MORGAN STANLEY INVES JP MORGAN DIMENSIONAL FUND ADV PEOPLES REPUBLIC OF UBS AG WELLINGTON MANAGEMEN AVIVA INVESTORS

Firm Name Exane BNP Paribas Societe Generale Jefferies AlphaValue Day by Day JPMorgan Numis Securities Ltd Deutsche Bank Morgan Stanley EVA Dimensions Peel Hunt Oriel Securities Ltd Investec Goldman Sachs Kempen & Co Panmure Gordon & Co Limited UBS Barclays

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

Analyst NICK WEBB MARC MOZZI MICHAEL PREW PIERRE-LOUP ETIENNE VALERIE GASTALDY HARM M MEIJER CHRISTOPHER SPEARING MARTIN ALLEN CHRISTOPHER FREMANTLE DOUG WALTERS KATE BARLOW MIRANDA COCKBURN ALAN CARTER JULIAN LIVINGSTON-BOOTH RYAN PALECEK MARK HUGHES HOWARD LESSER AARON GUY

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

Recommendation outperform buy hold reduce buy overweight hold hold Equalwt/Attractive sell hold add reduce Buy/Neutral overweight hold buy equalweight

Amt Held 65'270'126 50'223'602 34'141'595 29'935'266 29'573'571 27'316'612 22'203'315 21'621'983 20'426'043 16'735'709 15'028'617 12'259'027 11'777'668 11'255'021 10'208'160 9'967'677 9'287'857 9'188'995 8'425'923 8'324'626

% Out 9.16 7.05 4.79 4.2 4.15 3.83 3.11 3.03 2.87 2.35 2.11 1.72 1.65 1.58 1.43 1.4 1.3 1.29 1.18 1.17

Weighting

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

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

Latest Chg (1'000'000) 3'940'742 146'365 5'894'936 116'897 194'417 422'621 2'220'951 643'100 (544'400) (2'679'050) (254'162) (4'408'850) 259'481 1'157'200 (88'745) 2'622'321 2'894'899

Target Price 570 590 507 521 547 570 520 450 540 #N/A N/A 500 #N/A N/A 525 570 555 488 560 534

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

File Dt Inst Type 03.06.2013 Pension Fund (ERISA) 27.09.2013 Investment Advisor 03.06.2013 Government 03.06.2013 Unclassified 31.07.2013 Unclassified 03.06.2013 Investment Advisor 27.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 03.06.2013 Investment Advisor 30.06.2013 Investment Advisor 03.06.2013 Corporation 27.09.2013 Investment Advisor 03.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 03.06.2013 Government 30.06.2013 Unclassified 03.06.2013 Investment Advisor 03.06.2013 Investment Advisor

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

Date 01.10.2013 30.09.2013 30.09.2013 26.09.2013 16.09.2013 13.09.2013 10.09.2013 03.09.2013 28.08.2013 07.08.2013 05.08.2013 31.07.2013 29.07.2013 29.07.2013 10.05.2013 22.03.2013 11.03.2013 30.07.2012

01.10.2013

Tate & Lyle PLC Tate & Lyle PLC is the holding company for an international group of companies which produces and markets ingredients and solutions for the food, beverage, industrials and agriculture industries around the world. The Company's range of products includes nutritive sweeteners, industrial starches, ethanol, acidulants and animal feed.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.07.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TATE LN EQUITY YTD Change TATE LN EQUITY YTD % CHANGE

03/2013 01/yy 889.50 662.50 721'719.00 741 -16.64% 11.85% 32.60% 466.4 3'455.87 896.00 0.0 0.0 379.00 3'972.87

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

31.03.2010 31.03.2011 2'533.0 2'720.0 1.15x 1.17x 373.0 418.0 7.83x 7.62x 15.0 163.0 13.56x Profitability

31.03.2012 3'088.0 1.24x 440.0 8.70x 305.0 10.70x

31.03.2013 3'256.0 1.38x 455.0 9.85x 277.0 15.18x

455.00 347.00 10.66% 9.49% 9.73% 26.78% 15.41% 1.14% 14.0% 10.7% 8.5% 2.31 1.20 32.15% 86.49% 10.96 -

Price/ Cash Flow

6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

FY+1 -

.0 M o-13

3.54 0.62 465.12 14.80% -0.47% 0.615 20 3.600 1'517'197 1'248'156 1'173'250 FY+2

03/14 Y 03/15 Y 3'463.5 3'498.9 1.10x 1.06x 483.4 506.1 8.22x 7.85x 280.5 299.4 12.58x 11.74x S&P Issuer Ratings

FQ+1

FQ+2

15.07.2011 BBB STABLE 15.07.2011 A-2 15.17 12.10 1.14 1.97 86.5% 46.4% 1.14 3.46 33.29 -

Sales/Revenue/Turnover

20.00

4'000.0

18.00

3'500.0

16.00

3'000.0

14.00

2'500.0

12.00 10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00 0.00 02.04.2010

7.0 M

Fiscal Year Ended 31.03.2009 3'553.0 0.69x 296.0 8.24x 65.0 13.36x

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

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 |

01.10.2013

Tate & Lyle PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL SCHRODERS PLC AXA INVESCO LTD LLOYDS BANKING GROUP TIAA CREF INVESTMENT PERPETUAL INVESTMENT ARTEMIS INVESTMENT M BARCLAYS GLOBAL INVE SCOTTISH WIDOWS KAMES CAPITAL PLC SUN LIFE FINANCIAL I VANGUARD GROUP INC STATE STREET CORP JUPITER ASSET MANAGE NORGES BANK INVESTME NORGES BANK PRUDENTIAL PLC AVIVA INVESTORS

Firm Name Morgan Stanley Investec Exane BNP Paribas Credit Suisse Numis Securities Ltd Canaccord Genuity Corp UBS Redburn Partners Mirabaud Securities Societe Generale Deutsche Bank Berenberg Bank Panmure Gordon & Co Limited JPMorgan Jefferies Shore Capital Stockbrokers EVA Dimensions Goldman Sachs Davy

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

Analyst AUDREY BORIUS-GUNNING MARTIN DEBOO JEFF STENT CHARLES MILLS CHARLES PICK ALICIA FORRY ALAN ERSKINE JEREMY FIALKO JULIAN LAKIN WARREN L ACKERMAN HAROLD THOMPSON JAMES TARGETT DAMIAN MCNEELA ANKUR GUPTA DIRK VAN VLAANDEREN DARREN SHIRLEY CRAIG STERLING ROSIE EDWARDS JACK GORMAN

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

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

Amt Held 44'105'045 34'243'331 25'479'583 23'967'614 23'111'061 22'859'617 19'481'249 19'188'720 18'169'610 17'568'133 14'838'032 12'580'168 11'920'828 11'666'360 10'509'359 9'164'576 9'010'324 8'742'148 7'968'254 6'572'612

% Out 9.46 7.34 5.46 5.14 4.96 4.9 4.18 4.11 3.9 3.77 3.18 2.7 2.56 2.5 2.25 1.97 1.93 1.87 1.71 1.41

Weighting

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

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

Latest Chg (4'373'200) (471'019) (846'762) 206'222 (12'384) 1'203'406 3'727'963 (3'165'694) (1'886'159) 2'508'115 654'367 (42'394) 107'494 2'921 (32'004)

Target Price 975 825 800 800 884 900 770 #N/A N/A 930 900 1'050 950 750 735 980 #N/A N/A #N/A N/A 820 #N/A N/A

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

File Dt 27.09.2013 31.07.2013 04.07.2013 01.07.2013 30.09.2013 30.08.2013 26.09.2013 31.03.2012 01.07.2013 29.05.2013 31.07.2013 01.07.2013 31.07.2013 01.07.2013 27.09.2013 01.07.2013 01.07.2013 31.12.2012 01.07.2013 01.07.2013

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

Inst Type Investment Advisor Unclassified 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 Government Unclassified Investment Advisor

Date 27.09.2013 27.09.2013 27.09.2013 20.09.2013 19.09.2013 12.09.2013 09.09.2013 29.08.2013 31.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 06.06.2013 23.04.2013 18.12.2012

01.10.2013

Persimmon PLC Persimmon plc designs, builds and develops residential housing. The Company has regional branches in Yorkshire, the North East and North West, Scotland, the Midlands, Anglia, Wessex, Thames Valley, the South East, South Coast, South West and Wales.

Price/Volume 1400

25.0 M

1200

20.0 M

1000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.07.2013) 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 01.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PSN LN EQUITY YTD Change PSN LN EQUITY YTD % CHANGE

12/2012 01/yy 1'321.00 679.22 475'308.00 1091 -17.49% 60.63% 63.38% 303.9 3'315.09 0.00 0.0 0.0 201.50 3'266.99

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

15.0 M

600

10.0 M

400 5.0 M

200 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 1'755.1 0.81x 193.5 7.30x (625.0) -

800

31.12.2009 31.12.2010 1'420.6 1'569.5 1.18x 0.85x 59.3 132.1 28.38x 10.13x 74.1 115.3 19.03x 10.88x Profitability

31.12.2011 1'535.0 0.90x 156.7 8.81x 109.0 12.99x

31.12.2012 1'721.4 1.29x 227.3 9.77x 170.2 14.22x 227.30 223.20 12.97% 12.88% 7.19% 10.31% 10.73% 0.67% 17.5% 14.6% 14.4% 9.9% 3.83 0.38 0.00% 0.00% 0.72

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.26 301.98 53.56% 46.07% 1.256 17 3.647 1'517'250 1'302'260 1'113'311 FY+2

12/13 Y 12/14 Y 1'939.6 2'144.1 1.67x 1.41x 301.4 371.4 10.84x 8.80x 228.0 297.7 14.62x 11.74x S&P Issuer Ratings

FQ+1

FQ+2

31.14 30.53 -0.18 0.00 0.0% 0.0% 0.67 60.39 504.80 459.02

Sales/Revenue/Turnover

30.00

3'500.0

25.00

3'000.0 2'500.0

20.00

2'000.0 15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

01.10.2013

Persimmon PLC Holdings By:

All

Holder Name JP MORGAN DIMENSIONAL FUND ADV THREADNEEDLE ALLIANZ GLOBAL INVES AXA TEMPLETON FOREIGN FU AMERIPRISE FINANCIAL BLACKROCK FRANKLIN RESOURCES PRIVATE INDIVIDUALS LEGAL & GENERAL T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA SCOTTISH WIDOWS POLARIS CAPITAL MANA NORGES BANK ABERDEEN OLD MUTUAL FIL LIMITED VANGUARD GROUP INC

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

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

Analyst EMILY BIDDULPH GLYNIS JOHNSON ANTHONY CODLING MARK HUGHES COLIN SHERIDAN CRAIG STERLING JEFFREY G DAVIS CHARLIE CAMPBELL CHRISTOPHER MILLINGTON HARRY GOAD CLYDE LEWIS WILLIAM JONES ESHAN TOORABALLY BENJAMIN ROSENBERGER SIMON BROWN

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

Recommendation overweight hold hold sell underperform overweight overweight hold reduce outperform hold neutral Buy/Neutral neutral buy

Amt Held 24'634'523 23'313'004 20'951'876 18'098'600 17'724'777 14'827'805 14'416'769 13'818'947 11'840'740 11'802'142 11'295'917 10'433'585 8'944'371 7'098'172 6'991'738 6'754'488 6'214'919 6'036'602 5'546'762 5'270'309

% Out 8.11 7.67 6.9 5.96 5.83 4.88 4.74 4.55 3.9 3.88 3.72 3.43 2.94 2.34 2.3 2.22 2.05 1.99 1.83 1.73

Weighting

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

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

Latest Chg (714'018) 30'774 (3'695'819) (187'500) (904'422) (3'244'561) (1'418'609) 625'704 (655'962) (376'808) (331'252) (1'138'305) (925'826) (1'817'545) 30'993 515'709

Target Price 1'250 1'202 1'162 1'026 #N/A N/A #N/A N/A 1'395 1'245 1'000 1'532 1'310 #N/A N/A 1'811 1'260 950

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

File Dt 31.08.2013 01.08.2013 01.08.2013 31.12.2012 01.08.2013 31.12.2012 12.09.2013 27.09.2013 31.08.2013 01.08.2013 01.08.2013 01.08.2013 30.06.2013 01.08.2013 01.08.2013 31.12.2012 01.08.2013 31.08.2013 01.08.2013 01.08.2013

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

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

Date 30.09.2013 27.09.2013 27.09.2013 18.09.2013 10.09.2013 05.09.2013 04.09.2013 28.08.2013 20.08.2013 07.08.2013 30.07.2013 11.07.2013 02.07.2013 31.05.2013 15.02.2013

01.10.2013

easyJet PLC easyJet plc, a low-cost passenger airline, conducts operations throughout the United Kingdom and mainland Europe. The Company sells the majority of its tickets through its Web site.

Price/Volume 1600

12.0 M

1400

10.0 M

1200 8.0 M

1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.08.2013) 52-Week Low (01.10.2012) 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 EZJ LN EQUITY YTD Change EZJ LN EQUITY YTD % CHANGE

09/2012 06/yy 1'465.00 578.00 1'263'466.00 1318 -10.03% 128.03% 78.92% 396.5 5'225.94 957.00 0.0 0.0 883.00 4'792.94

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

30.09.2009 30.09.2010 2'666.8 2'973.0 0.62x 0.55x 108.9 259.0 15.22x 6.30x 71.2 121.0 22.47x 13.05x Profitability

2.0 M

200 0 o-12

n-12

LTM-4Q 30.09.2011 3'452.0 0.40x 359.0 3.85x 225.0 6.56x

30.09.2012 3'854.0 0.62x 437.0 5.43x 255.0 9.29x

437.00 332.00 8.61% 8.23% 6.74% 18.78% 12.66% 0.89% 12.8% 9.9% 6.6% 1.05 0.79 22.28% 53.34% -

Price/ Cash Flow

06/yy 3'749.0 0.00x 0.0 0.00x 0.0 0.00x

d-12

j-13

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

LTM 06/yy 4'099.0 0.58x 0.0 0.00x 0.0 0.00x

j-13

a-13

s-13

FY+1

.0 M o-13

1.63 0.99 249.62 127.72% 75.96% 0.990 27 4.037 1'247'850 1'536'672 1'391'687 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 4'213.9 4'515.6 1'477.0 1.21x 1.08x 614.4 680.2 7.80x 7.05x 372.5 424.3 14.30x 12.64x S&P Issuer Ratings

17.48 2.32 -0.86 1.51 53.3% 34.8% 0.89 1.79 -

Sales/Revenue/Turnover

16.00

4'500.0

14.00

4'000.0

12.00

3'500.0 3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 02.10.2009

4.0 M

400

Fiscal Year Ended 30.09.2008 2'362.8 0.46x 138.0 7.94x 83.2 15.88x

6.0 M

600

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 |

01.10.2013

easyJet PLC Holdings By:

All

Holder Name EASYGROUP HOLDINGS L POLYS HOLDINGS LTD STANDARD LIFE INVEST PRUDENTIAL PLC BLACKROCK DIMENSIONAL FUND ADV LEGAL & GENERAL THREADNEEDLE NORGES BANK JP MORGAN OLD MUTUAL WILLIAM BLAIR & COMP UBS AG NORGES BANK INVESTME BANK OF NEW YORK MEL EGERTON CAPITAL LIMI DEUTSCHE PRIVATE BAN Easyjet plc LTIP VANGUARD GROUP INC FIL LIMITED

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

Firm Name

Analyst

Numis Securities Ltd Panmure Gordon & Co Limited Cantor Fitzgerald Redburn Partners Macquarie AlphaValue HSBC Oddo & Cie Morgan Stanley Jefferies Investec Goldman Sachs Goodbody Stockbrokers Ltd Commerzbank Corporates & Markets Oriel Securities Ltd Deutsche Bank UBS RBC Capital Markets Credit Suisse Nomura Main First Bank AG JPMorgan EVA Dimensions Barclays Davy

WYN ELLIS GERT ZONNEVELD ROBIN BYDE TIM MARSHALL SAM DOBSON HELENE COUMES ANDREW DAVID LOBBENBERG YAN DEROCLES PENNY BUTCHER MARK IRVINE-FORTESCUE JAMES HOLLINS NICK EDELMAN DONAL O'NEILL JOHANNES BRAUN EDWARD STANFORD GEOF COLLYER JARROD CASTLE DAMIAN BREWER NEIL GLYNN ANDREW EVANS LOIC SABATIER JAMIE N BAKER TIMOTHY STANISH DAVID E FINTZEN STEPHEN FURLONG

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

Recommendation buy buy hold buy neutral sell neutral buy Overwt/Attractive hold buy neutral/neutral buy hold buy buy buy sector perform neutral buy outperform overweight overweight equalweight neutral

Amt Held 101'952'938 43'357'820 27'649'683 20'979'745 16'107'847 10'648'302 10'265'145 9'281'715 8'518'473 8'171'650 7'286'557 6'865'911 6'640'243 6'612'908 6'456'861 6'099'714 5'992'259 5'442'219 4'647'908 4'367'894

% Out 25.71 10.93 6.97 5.29 4.06 2.69 2.59 2.34 2.15 2.06 1.84 1.73 1.67 1.67 1.63 1.54 1.51 1.37 1.17 1.1

Weighting

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

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

Latest Chg (800'500) (400'540) (3'971'882) (1'100'781) 510'434 361'711 (1'408'631) 377'563 2'112'143 (1'020'513) 913'981 (2'315'759) 4'189'808 (154'972) 1'561'280 1'222'631

Target Price 1'600 1'500 1'500 #N/A N/A 1'300 1'159 1'350 1'620 1'800 1'470 1'550 1'442 1'750 1'450 #N/A N/A 1'610 1'560 1'450 1'518 1'375 1'550 1'540 #N/A N/A 950 #N/A N/A

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

File Dt Inst Type 01.05.2013 Holding Company 01.05.2013 Unclassified 11.07.2013 Investment Advisor 01.05.2013 Unclassified 27.09.2013 Investment Advisor 01.05.2013 Investment Advisor 31.07.2013 Unclassified 31.07.2013 Unclassified 31.12.2012 Government 31.07.2013 Investment Advisor 31.08.2013 Unclassified 30.06.2013 Investment Advisor 28.06.2013 Unclassified 01.05.2013 Government 01.05.2013 Investment Advisor 01.05.2013 Hedge Fund Manager 01.05.2013 Unclassified 01.05.2013 Unclassified 30.06.2013 Investment Advisor 01.05.2013 Investment Advisor

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

Date 01.10.2013 01.10.2013 30.09.2013 30.09.2013 27.09.2013 26.09.2013 20.09.2013 13.09.2013 03.09.2013 29.08.2013 27.08.2013 22.08.2013 06.08.2013 05.08.2013 26.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 17.07.2013 06.06.2013 28.01.2013 16.01.2013

01.10.2013

AMEC PLC AMEC PLC provides consulting, engineering and project management services to the world's energy, power and process industries. The Company project manages the delivery of major industrial and infrastructure projects, such as power networks, and supplies engineering, procurement and construction management services in the energy and mining industries.

Price/Volume 1200

3.5 M 3.0 M 2.5 M

600

Latest Fiscal Year: LTM as of: 52-Week High (03.10.2012) 52-Week Low (22.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMEC LN EQUITY YTD Change AMEC LN EQUITY YTD % CHANGE

12/2012 01/yy 1'162.00 961.00 318'675.00 1069 -8.09% 11.24% 56.22% 297.4 3'179.56 176.00 0.0 4.0 275.00 3'157.56

2.0 M

400

1.5 M 1.0 M

200

.5 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

4.0 M

800

Valuation Analysis

31.12.2008 2'606.4 0.35x 209.8 4.31x 199.7 7.64x

4.5 M

1000

31.12.2009 31.12.2010 2'539.1 2'951.0 0.76x 1.07x 155.6 238.0 12.45x 13.23x 171.7 231.0 16.64x 15.75x Profitability

31.12.2011 3'261.0 0.78x 281.0 9.06x 232.0 14.34x

31.12.2012 4'158.0 0.72x 363.0 8.25x 216.0 14.97x 363.00 308.00 7.41% 6.33% 7.72% 17.73% 14.84% 1.58% 12.8% 9.2% 7.8% 5.2% 1.13 1.05 6.99% 16.31% 716.80

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.58 1.16 294.89 -4.14% 9.14% 1.156 19 3.526 821'733 786'832 730'569 FY+2

12/13 Y 12/14 Y 4'261.5 4'319.9 0.72x 0.69x 380.0 416.9 8.30x 7.57x 245.8 274.7 12.45x 11.10x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

45.38 43.00 -0.07 0.50 16.3% 14.0% 1.58 103.25 0.51 20.91

Sales/Revenue/Turnover

30.00

5'000.0 4'500.0

25.00

4'000.0 3'500.0

20.00

3'000.0

15.00

2'500.0 2'000.0

10.00

1'500.0 1'000.0

5.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

01.10.2013

AMEC PLC Holdings By:

All

Holder Name BLACKROCK FIL LIMITED MONDRIAN INVESTMENT ABERDEEN THREADNEEDLE LEGAL & GENERAL SCOTTISH WIDOWS VANGUARD GROUP INC SUN LIFE FINANCIAL I NORGES BANK INVESTME NORGES BANK AVIVA INVESTORS INVESTEC WEALTH & IN CREDIT SUISSE AG AMEC PLC ESOP PEOPLES REPUBLIC OF JUPITER ASSET MANAGE ALLIANCE BERNSTEIN UBS AG RATHBONE

Firm Name JPMorgan Societe Generale UBS Nomura EVA Dimensions Oriel Securities Ltd Shore Capital Stockbrokers Liberum Capital Ltd Deutsche Bank Credit Suisse Exane BNP Paribas Goldman Sachs Morgan Stanley RBC Capital Markets Barclays HSBC S&P Capital IQ Investec

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

Analyst ANDREW DOBBING GUILLAUME DELABY AMY WONG CHRISTYAN MALEK DOUG WALTERS DAVID ROUND GREG JOHNSON ANDREW WHITTOCK SEBASTIAN YOSHIDA DAVID J THOMAS ALEJANDRO DEMICHELIS HENRY TARR ROBERT PULLEYN KATHERINE TONKS MICK PICKUP PHILLIP LINDSAY CHRISTINE TISCARENO KEITH ADAM MORRIS

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

Recommendation neutral buy neutral buy overweight hold hold hold restricted outperform underperform Buy/Neutral Underwt/In-Line sector perform underweight neutral buy buy

Amt Held 33'121'639 23'692'842 15'309'947 13'808'911 12'190'085 11'769'106 9'289'513 7'582'243 7'354'568 7'311'080 6'284'363 6'010'842 5'944'436 5'513'840 5'121'984 4'714'375 4'381'348 4'361'973 4'156'012 4'144'269

% Out 11.14 7.97 5.15 4.64 4.1 3.96 3.12 2.55 2.47 2.46 2.11 2.02 2 1.85 1.72 1.59 1.47 1.47 1.4 1.39

Weighting

Change

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

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

Latest Chg 2'490'602 627'410 289'922 (628'287) (275'297) (2'044'857) 827'557 386'809 1'165'752 212'667 (60'698) (1'225'956) (533'373) 1'315'009 (1'192'616) 189'879

Target Price 1'243 1'320 1'145 1'230 #N/A N/A #N/A N/A #N/A N/A 1'120 #N/A N/A 1'250 1'110 1'248 1'100 1'150 1'350 1'130 1'300 1'300

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

File Dt Inst Type 27.09.2013 Investment Advisor 01.05.2013 Investment Advisor 31.05.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 31.07.2013 Unclassified 31.07.2013 Unclassified 31.07.2013 Unclassified 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 01.05.2013 Government 31.12.2012 Government 01.05.2013 Investment Advisor 01.05.2013 Investment Advisor 31.05.2013 Investment Advisor 01.05.2013 Unclassified 01.05.2013 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Unclassified 01.05.2013 Other

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

Date 24.09.2013 23.09.2013 23.09.2013 20.09.2013 10.09.2013 06.09.2013 05.09.2013 20.08.2013 19.08.2013 19.08.2013 19.08.2013 13.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 01.08.2013

01.10.2013

Schroders PLC Schroders PLC is an international asset management group. The Group manages funds across all asset categories, including equities, bonds, cash, and alternative investments and Venture Capital. Schroders clients comprise charities, insurance companies, public authorities, pension funds and unit trust holders.

Price/Volume

1.2 M 1.0 M .8 M

1500

Latest Fiscal Year: LTM as of: 52-Week High (23.09.2013) 52-Week Low (03.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SDR LN EQUITY YTD Change SDR LN EQUITY YTD % CHANGE

12/2012 01/yy 2'639.00 1'493.00 70'966.00 2602 -1.40% 74.28% 94.50% 226.0 7'142.43 0.00 0.0 0.0 2'542.80 3'225.03

.6 M

1000

.4 M

500

.2 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

1.4 M

2500 2000

Valuation Analysis

31.12.2008 1'083.0 1.34x 110.2 13.20x 76.7 31.27x

3000

31.12.2009 31.12.2010 998.5 1'394.8 2.31x 2.32x 149.1 395.1 15.44x 8.18x 95.4 307.9 38.78x 16.59x Profitability

31.12.2011 1'501.9 0.82x 404.9 3.06x 315.8 11.33x

31.12.2012 1'425.4 1.37x 330.1 5.93x 283.2 16.09x 330.10 318.10 22.32% 25.26% 2.09% 15.54% 0.10% 76.9% 24.7% 23.9% 19.9% 1.10 0.20 0.00% 0.00% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

1.77 1.52 113.93 69.00% 57.57% 1.525 25 3.560 223'986 240'689 299'755 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 1'360.6 1'554.1 276.0 314.0 3.81x 3.27x 468.1 557.0 6.89x 5.79x 360.9 425.7 139.0 19.77x 16.77x S&P Issuer Ratings

30.04.2013 A+ STABLE 06.12.1994 A-1 -10.29 0.00 0.0% 0.0% 0.10 95.79 -

Sales/Revenue/Turnover

25.00

1'600.0 1'400.0

20.00

1'200.0 1'000.0

15.00

800.0 10.00

600.0 400.0

5.00

0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

01.10.2013

Schroders PLC Holdings By:

All

Holder Name FLAVIDA LIMITED FERVIDA LTD SCHRODER BRUNO L SCHRODERS PLC ESOP HARRIS ASSOCIATES LP NIPPON LIFE INSURANC LINDSELL TRAIN INVES NORGES BANK LEGAL & GENERAL KAMES CAPITAL PLC NORGES BANK INVESTME BLACKROCK VANGUARD GROUP INC PEOPLES REPUBLIC OF SUN LIFE FINANCIAL I SCOTTISH WIDOWS CAPITA FINANCIAL MAN UBS AG BANK OF NEW YORK MEL Schroders Investment

Firm Name Exane BNP Paribas Makor Capital RBC Capital Markets Keefe, Bruyette & Woods Morgan Stanley Credit Suisse Berenberg Bank Numis Securities Ltd HSBC Societe Generale Goldman Sachs JPMorgan Cantor Fitzgerald S&P Capital IQ Oriel Securities Ltd Panmure Gordon & Co Limited Barclays UBS Jefferies Macquarie EVA Dimensions Shore Capital Stockbrokers Canaccord Genuity Corp

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

Analyst DANIEL DAVIES ALBERT SAPORTA PETER K LENARDOS TOM MILLS BRUCE HAMILTON GURJIT KAMBO PRAS JEYANANDHAN DAVID MCCANN NITIN ARORA MICHAEL SANDERSON CHRIS M. TURNER RAE MAILE CATHERINE HEATH FRANK BRADEN SARAH ING KEITH BAIRD DANIEL R GARROD ARNAUD GIBLAT JASON STREETS NEIL WELCH DOUG WALTERS OWEN JONES ARUN MELMANE

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

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

Amt Held 60'951'886 36'795'041 13'881'416 12'224'183 9'522'176 5'721'822 5'026'154 4'925'261 4'637'240 4'094'130 3'945'049 3'934'613 2'746'021 2'503'285 2'435'320 2'386'065 2'338'900 2'049'404 1'939'894 1'933'142

% Out 26.97 16.28 6.14 5.41 4.21 2.53 2.22 2.18 2.05 1.81 1.75 1.74 1.21 1.11 1.08 1.06 1.03 0.91 0.86 0.86

Weighting

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

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

Latest Chg 252'981 (430'024) 228'952 (152'562) (116'928) 1'066'260 8'896 540'000 29'780 (57'448) 18'900 275'378 1'565'114 -

Target Price 2'500 #N/A N/A 2'600 2'600 2'650 2'350 2'550 2'625 2'670 2'460 2'790 2'543 2'666 2'550 2'400 2'740 2'220 2'350 2'300 2'200 #N/A N/A #N/A N/A 2'400

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

File Dt 06.03.2013 06.03.2013 06.03.2013 01.07.2013 30.06.2013 01.07.2013 01.07.2013 31.12.2012 31.07.2013 01.07.2013 01.07.2013 27.09.2013 01.07.2013 01.07.2013 31.07.2013 01.07.2013 28.02.2013 01.07.2013 01.07.2013 01.07.2013

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

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

Date 27.09.2013 11.09.2013 02.09.2013 29.08.2013 14.08.2013 12.08.2013 12.08.2013 12.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 12.07.2013 08.07.2013 02.07.2013 06.06.2013 02.05.2013 02.05.2013

01.10.2013

Antofagasta PLC Antofagasta plc owns and operates copper mines in Chile and conducts exploration activities in Chile and Peru. The Group also operates a rail network servicing the mining region of northern Chile, as well as operates a concession for the distribution of water in this region.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (26.06.2013) 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 ANTO LN EQUITY YTD Change ANTO LN EQUITY YTD % CHANGE

12/2012 06/yy 1'321.01 783.00 895'619.00 810.5 -38.53% 3.51% 6.60% 985.9 7'990.37 1'889.20 0.0 1'694.2 4'296.50 13'285.39

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

7.0 M

1200

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

31.12.2009 31.12.2010 2'962.6 4'577.1 5.22x 5.42x 1'676.9 2'881.1 9.23x 8.60x 667.7 1'051.8 23.65x 23.56x Profitability

LTM-4Q 31.12.2011 6'076.0 3.14x 3'519.3 5.41x 1'236.6 15.02x

31.12.2012 6'740.1 3.04x 3'327.8 6.16x 1'032.0 20.54x 3'327.80 2'833.60 42.04% 40.86% 6.54% 11.95% 13.53% 0.53% 63.4% 43.3% 35.5% 15.3% 4.27 3.76 14.68% 26.57% 8.02 4.71

Price/ Cash Flow

06/yy 6'182.5 0.00x 0.0 0.00x 0.0 0.00x

d-12

j-13

f-13 m-13

LTM 06/yy 6'356.7 0.00x 0.0 0.00x 0.0 0.00x

a-13 m-13

j-13

a-13

s-13

FY+1

.0 M o-13

1.63 1.39 345.83 -32.72% -34.60% 1.385 32 3.063 1'477'478 2'017'701 2'053'219 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'705.4 5'792.6 2.30x 2.32x 2'604.7 2'522.6 5.10x 5.27x 834.1 888.6 14.84x 15.17x S&P Issuer Ratings

28.81 21.25 -0.55 0.57 26.6% 17.7% 0.53 0.96 45.52 77.49 77.91 64.40

Sales/Revenue/Turnover

16.00

8'000.0

14.00

7'000.0

12.00

6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 3'372.6 1.29x 1'776.4 2.45x 1'706.5 3.58x

1400

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 |

01.10.2013

Antofagasta PLC Holdings By:

All

Holder Name METALINVEST ESTABLIS KUPFERBERG ESTABLISH BLACKROCK AUREBERG ESTABLISHME FRANKLIN RESOURCES RS INVESTMENT MANAGE RS INVESTMENT MANAGE LEGAL & GENERAL OPPENHEIMERFUNDS INC OPPENHEIMERFUNDS INC VANGUARD GROUP INC NORGES BANK JP MORGAN SCOTTISH WIDOWS COMMONWEALTH BANK OF UBS AG STATE STREET CORP AXA BAILLIE GIFFORD AND APG ALGEMENE PENSIOE

Firm Name Canaccord Genuity Corp Numis Securities Ltd Deutsche Bank Macquarie AlphaValue Day by Day Exane BNP Paribas Nomura Morgan Stanley RBC Capital Markets Larrain Vial Corredores de Bolsa Jefferies Investec Westhouse Securities Natixis Societe Generale S&P Capital IQ Liberum Capital Ltd Credit Suisse UBS JPMorgan CIBC World Markets Goldman Sachs Barclays HSBC Redburn Partners GMP EVA Dimensions Fox-Davies Capital Baden Hill LLP BMO Capital Markets Grupo Santander

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

Analyst PETER MALLIN-JONES CAILEY BARKER ANNA MULHOLLAND ALON OLSHA SACHIN KUMAR VALERIE GASTALDY RAPHAEL VEVERKA PATRICK JONES ALAIN GABRIEL TIMOTHY HUFF JOSE PEDRO FUENZALIDA Christopher LaFemina MARC ELLIOTT NICK HATCH RAOUDHA BOUZEKRI ABHISHEK SHUKLA JOHNSON IMODE BEN DAVIS LIAM FITZPATRICK MYLES ALLSOP FRASER JAMIESON TOM MEYER FAWZI HANANO IAN ROSSOUW ANDREW KEEN SIMON TOYNE MATHEW FERNLEY TIMOTHY STANISH PETER ROSE MATTHEW WAKEFIELD TEAM COVERAGE RODRIGO ORDONEZ

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

Recommendation buy hold hold underperform add hold outperform reduce Underwt/In-Line outperform sell hold sell buy buy sell sell hold underperform buy neutral sector perform neutral/neutral equalweight neutral sell hold buy buy buy not rated buy

Amt Held 500'026'513 98'032'110 50'278'691 41'963'110 21'944'925 17'060'427 14'460'006 13'469'429 12'271'820 12'132'720 9'109'342 9'089'988 8'797'239 8'646'834 8'217'477 8'024'417 7'863'125 7'340'546 6'847'360 6'414'877

% Out 50.72 9.94 5.1 4.26 2.23 1.73 1.47 1.37 1.24 1.23 0.92 0.92 0.89 0.88 0.83 0.81 0.8 0.74 0.69 0.65

Weighting

Change

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

Latest Chg (6'342'004) 7'446'362 4'906'527 (216'433) 7'621'378 197'100 (472'754) (12'075) 484'083 262'964 765'078 (2'947'976) (664'240) (386'013)

Target Price 1'020 750 1'035 700 986 #N/A N/A 1'100 875 810 1'000 940 1'000 725 1'090 1'050 866 800 #N/A N/A 900 990 975 1'000 800 900 900 #N/A N/A 1'035 #N/A N/A 1'010 #N/A N/A #N/A N/A 1'500

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

File Dt Inst Type 12.03.2012 Unclassified 01.07.2013 Unclassified 27.09.2013 Investment Advisor 01.07.2013 Unclassified 31.07.2013 Investment Advisor 01.07.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Unclassified 01.07.2013 Investment Advisor 31.07.2013 Investment Advisor 01.07.2013 Investment Advisor 31.12.2012 Government 31.07.2013 Investment Advisor 01.07.2013 Unclassified 01.07.2013 Bank 01.07.2013 Unclassified 27.09.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Pension Fund (ERISA)

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

Date 30.09.2013 30.09.2013 26.09.2013 26.09.2013 26.09.2013 23.09.2013 23.09.2013 19.09.2013 17.09.2013 16.09.2013 12.09.2013 09.09.2013 04.09.2013 30.08.2013 29.08.2013 28.08.2013 28.08.2013 28.08.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 31.07.2013 26.07.2013 16.07.2013 24.06.2013 17.06.2013 06.06.2013 16.05.2013 12.04.2013 22.11.2012 15.03.2012

01.10.2013

London Stock Exchange Group PLC London Stock Exchange Group plc is the United Kingdom's primary stock exchange. The LSE provides markets that facilitate the raising of capital and the trading of corporate securities, access to a trading environment, as well as real-time pricing and reference information services worldwide. Market coverage includes equities, derivatives and fixed-interest securities.

Price/Volume 1800

03/2013 12/yy 1'665.00 913.50 200'106.00 1556 -6.49% 70.33% 82.97% 271.1 4'218.45 796.80 0.0 68.5 446.20 4'637.55

1200

4.0 M

1000 800

3.0 M

600

2.0 M

400

1.0 M

200 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

5.0 M

1400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 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 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LSE LN EQUITY YTD Change LSE LN EQUITY YTD % CHANGE

31.03.2009 671.4 3.14x 424.4 4.96x (338.0) -

6.0 M

1600

31.03.2010 31.03.2011 621.8 667.2 3.88x 3.88x 347.4 387.6 6.94x 6.68x 90.4 151.6 21.03x 14.75x Profitability

LTM-4Q 31.03.2012 806.7 4.24x 478.8 7.14x 522.0 5.34x

31.03.2013 843.1 4.70x 559.4 7.08x 217.0 16.24x

559.40 430.20 51.03% 35.45% 0.17% 14.93% 11.37% 0.01% 92.9% 66.4% 51.0% 25.7% 1.00 0.00 0.54% 52.06% 7.60 -

Price/ Cash Flow

12/yy 701.4 0.00x 0.0 0.00x 0.0 0.00x

LTM 12/yy 733.6 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-13

1.90 1.17 171.84 70.60% 44.85% 1.165 18 3.167 473'058 376'623 393'327 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 03/13 Q4 06/13 Q1 1'122.8 1'184.6 273.0 4.28x 3.98x 530.5 557.6 8.74x 8.32x 251.8 278.3 15.24x 14.12x S&P Issuer Ratings

03.05.2013 ANEG 01.07.2011 A-2 8.74 8.46 0.63 1.42 52.1% 33.3% 0.01 10.99 48.05 -131.77

Sales/Revenue/Turnover

14.00

900.0

12.00

800.0 700.0

10.00

600.0

8.00

500.0

6.00

400.0 300.0

4.00

200.0

2.00 0.00 02.04.2010

100.0 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 |

01.10.2013

London Stock Exchange Group PLC Holdings By:

All

Holder Name BORSE DUBAI LTD QATAR INVESTMENT AUT FIL LIMITED ARTEMIS INVESTMENT M LINDSELL TRAIN INVES ROYAL BANK OF CANADA LEGAL & GENERAL BLACKROCK SCOTTISH WIDOWS NORGES BANK INVESTME Paulson Partners LP NORGES BANK VANGUARD GROUP INC SOCIETE GEN SECS SER BNP PARIBAS SA JUPITER ASSET MANAGE ARTEMIS INVESTMENT M CAPITA FINANCIAL MAN THREADNEEDLE FMR LLC

Firm Name

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

Analyst

Numis Securities Ltd JAMES HAMILTON BMO Capital Markets JILLIAN MILLER RBC Capital Markets PETER K LENARDOS JPMorgan RAE MAILE Barclays DANIEL R GARROD AlphaValue CHRISTOPHE NIJDAM HSBC JOHANNES THORMANN Morgan Stanley BRUCE HAMILTON Credit Suisse GURJIT KAMBO EVA Dimensions DOUG WALTERS UBS ARNAUD GIBLAT Goldman Sachs CHRIS M. TURNER Macquarie NEIL WELCH Espirito Santo Investment Bank Research PHILIP DOBBIN Berenberg Bank PRAS JEYANANDHAN Keefe, Bruyette & Woods TOM MILLS

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

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

Amt Held 55'966'856 41'700'652 27'022'592 10'787'144 9'718'088 8'306'500 7'350'096 6'556'120 5'842'957 5'487'287 5'247'251 4'998'614 4'576'746 4'486'955 3'998'524 3'533'359 3'279'313 3'144'266 2'978'901 2'810'931

% Out 20.64 15.38 9.97 3.98 3.58 3.06 2.71 2.42 2.16 2.02 1.94 1.84 1.69 1.66 1.47 1.3 1.21 1.16 1.1 1.04

Weighting

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

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

Latest Chg (7'746'652) 1'426'448 (151'320) (919'936) (99'290) 243'984 (639'018) 498'459 (73'244) 388'683 (36) 3'616'375 3'279'313 (125'289) 2'754'157 (89'820)

Target Price 1'505 1'600 1'600 1'539 1'800 1'472 1'650 1'795 1'700 #N/A N/A 1'550 1'250 1'399 1'718 1'150 1'010

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

File Dt 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 27.09.2013 01.08.2013 01.08.2013 01.08.2013 31.12.2012 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.12.2012 28.02.2013 01.08.2013 31.08.2013

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

Inst Type Holding Company Government Investment Advisor Investment Advisor Unclassified Bank Unclassified Investment Advisor Unclassified Government Unclassified Government Investment Advisor Unclassified Bank Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 13.09.2013 04.09.2013 31.07.2013 25.07.2013 19.07.2013 19.06.2013 17.06.2013 28.05.2013 29.01.2013 16.11.2012

01.10.2013

Admiral Group PLC Admiral Group Plc principally sells private motor insurance, together with additional products and services such as breakdown coverage. The Company markets directly to the public in the United Kingdom through its core brands, Admiral, Elephant, Diamond, and Bell. Admiral Group also offer motor insurance and operates comparison websites in Spain, Italy, France and the United States.

Price/Volume 1600

1000

1.5 M

800

Latest Fiscal Year: LTM as of: 52-Week High (31.07.2013) 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 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADM LN EQUITY YTD Change ADM LN EQUITY YTD % CHANGE

12/2012 09/yy 1'395.08 977.88 208'595.00 1229 -11.98% 25.68% 61.15% 274.4 3'372.89 0.80 0.0 3.6 216.60 3'170.49

1.0 M

600 400

.5 M

200 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

2.0 M

1200

Valuation Analysis

31.12.2008 422.8 5.35x 144.9 16.56x

2.5 M

1400

31.12.2009 31.12.2010 507.5 640.8 5.83x 5.97x 156.9 193.8 20.14x 20.94x Profitability

LTM-4Q 31.12.2011 870.3 2.39x 221.2 10.40x

31.12.2012 984.3 3.01x 258.4 12.20x 35.01% 35.01% 8.48% 57.81% 57.22% 0.30% 26.3% 0.02% 0.18% -

Price/ Cash Flow

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

LTM 09/yy 1'738.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-13

7.68 0.81 206.78 24.28% 14.21% 0.811 22 2.773 410'852 505'577 476'260 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 1'347.2 1'390.2 2.51x 2.43x 271.6 282.1 12.36x 11.97x S&P Issuer Ratings

0.2% 0.2% 0.30 -

Sales/Revenue/Turnover

25.00

1'200.0 1'000.0

20.00

800.0 15.00

600.0 10.00

400.0

5.00

0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

01.10.2013

Admiral Group PLC Holdings By:

All

Holder Name DIRECTOR & RELATED H ENGELHARDT HENRY ALL MORGAN STANLEY MUNICH RE GROUP BLACKROCK MANNING & NAPIER ADV STEVENS DAVID GRAHAM MACKENZIE FINANCIAL POWER CORPORATION OF MANNING & NAPIER ADV MORGAN STANLEY INVES FIL LIMITED ALLIANCE BERNSTEIN LEGAL & GENERAL MANNING & NAPIER ADV FRANKLIN RESOURCES BARING ASSET MANAGEM WALTER SCOTT & PARTN SARASIN VANGUARD GROUP INC

Firm Name UBS Berenberg Bank Oriel Securities Ltd Keefe, Bruyette & Woods Canaccord Genuity Corp Shore Capital Stockbrokers HSBC RBC Capital Markets Nomura Exane BNP Paribas Numis Securities Ltd JPMorgan Redburn Partners Credit Suisse Barclays EVA Dimensions Deutsche Bank Morgan Stanley Goldman Sachs Peel Hunt

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

Analyst JAMES SHUCK PETER ELIOT MARCUS BARNARD GREIG N PATERSON BEN COHEN EAMONN FLANAGAN DHRUV GAHLAUT GORDON AITKEN FAHAD CHANGAZI ANDY HUGHES NICHOLAS JOHNSON ANDREAS VAN EMBDEN DAVID BRACEWELL CHRIS ESSON ANDREW BROADFIELD DOUG WALTERS OLIVER STEEL JON HOCKING RAVI TANNA MARK WILLIAMSON

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

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

Amt Held 46'475'531 35'505'472 30'153'369 27'899'400 13'755'935 11'056'280 10'631'950 9'768'402 9'719'702 9'358'000 8'727'428 7'569'705 7'328'578 7'154'167 7'094'500 6'997'529 5'724'111 5'460'372 5'190'525 5'055'992

% Out 16.93 12.94 10.99 10.17 5.01 4.03 3.87 3.56 3.54 3.41 3.18 2.76 2.67 2.61 2.59 2.55 2.09 1.99 1.89 1.84

Weighting

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

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

Latest Chg (1'500'000) (3'168'953) 55'300 (580'090) (181'689) 15'395 (670'433) (265'904) 1'728'350 1'877'446 (191'082) 425'764 78'756 31'718

Target Price 1'250 1'080 900 1'227 1'200 #N/A N/A 1'550 1'020 1'493 926 1'170 1'122 #N/A N/A 1'351 1'369 #N/A N/A 1'300 1'257 1'550 1'226

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

File Dt 01.08.2013 12.04.2013 01.08.2013 01.08.2013 27.09.2013 31.01.2013 31.03.2013 01.08.2013 31.01.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.12.2012 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013

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

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

Date 30.09.2013 26.09.2013 25.09.2013 24.09.2013 20.09.2013 19.09.2013 03.09.2013 29.08.2013 29.08.2013 29.08.2013 28.08.2013 27.08.2013 15.08.2013 31.07.2013 22.07.2013 06.06.2013 19.04.2013 18.04.2013 15.03.2013 05.03.2013

01.10.2013

Hargreaves Lansdown PLC Hargreaves Lansdown PLC provides investment management and financial planning services. The Company's services include fund research, pension management, financial planning, and currency services.

Price/Volume 1200

16.0 M 14.0 M

1000

12.0 M 800

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (01.10.2012) 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 HL/ LN EQUITY YTD Change HL/ LN EQUITY YTD % CHANGE

06/2013 06/yy 1'044.00 622.05 174'546.00 990 -5.17% 59.15% 84.71% 474.3 4'695.75 0.00 0.0 0.5 198.18 4'498.10

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

8.0 M 6.0 M

400

4.0 M 200

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 30.06.2009 132.8 6.63x 71.6 12.32x 52.1 9.16x

10.0 M

600

Valuation Analysis

30.06.2010 30.06.2011 159.0 207.9 9.63x 13.26x 87.8 126.8 17.44x 21.75x 61.3 91.8 25.66x 30.65x Profitability

LTM-4Q 30.06.2012 238.7 9.85x 153.0 15.37x 113.0 21.90x

30.06.2013 292.4 13.73x 193.6 20.73x 148.4 28.00x 193.64 191.93 65.64% 66.75% 37.37% 83.93% 84.04% 0.74% 66.2% 65.6% 50.7% 1.63 1.51 0.00% 0.00% 1.74 -

Price/ Cash Flow

03/yy 62.1 0.00x 0.0 0.00x 0.0 0.00x

LTM 06/yy 292.4 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-13

2.09 1.27 197.79 59.71% 49.75% 1.270 12 3.000 384'952 531'311 500'459 FY+2

FQ+1

FQ+2

06/14 Y 06/15 Y 09/13 Q1 12/13 Q2 333.1 378.3 13.39x 11.64x 222.0 254.0 20.26x 17.71x 172.7 199.1 27.12x 23.19x S&P Issuer Ratings

-1.02 0.00 0.0% 0.0% 0.74 37.66 209.42 -

Sales/Revenue/Turnover

40.00

350.0

35.00

300.0

30.00

250.0

25.00

200.0

20.00

150.0

15.00

100.0

10.00

50.0

5.00 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 |

01.10.2013

Hargreaves Lansdown PLC Holdings By:

All

Holder Name DIRECTOR & RELATED H HARGREAVES PETER K LANSDOWN STEPHEN PHI HARGREAVES LANSDOWN BLACKROCK BAILLIE GIFFORD AND NORRIS ADAM BARRY THERESA LEGAL & GENERAL BARCLAYS PRIVATE BAN LINDSELL TRAIN INVES Hargreaves Lansdown BANK OF NEW YORK MEL STANDARD LIFE INVEST NORGES BANK INVESTME MSD CAPITAL EUROPE L VANGUARD GROUP INC NORGES BANK CAPITA FINANCIAL MAN Cantillon Capital

Firm Name Peel Hunt Credit Suisse Morgan Stanley Canaccord Genuity Corp Numis Securities Ltd Barclays HSBC Oriel Securities Ltd Jefferies Macquarie EVA Dimensions

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

Analyst STUART DUNCAN GURJIT KAMBO ANIL SHARMA ROBIN SAVAGE JAMES HAMILTON DANIEL R GARROD NITIN ARORA SARAH ING JASON STREETS NEIL WELCH DOUG WALTERS

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

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

Amt Held % Out 153'799'347 32.43 152'717'606 32.2 90'000'000 18.97 42'371'668 8.93 24'445'692 5.15 21'617'985 4.56 14'491'199 3.06 13'599'781 2.87 12'935'489 2.73 11'870'360 2.5 10'153'834 2.14 7'263'396 1.53 7'150'512 1.51 6'946'334 1.46 5'724'756 1.21 (5'644'392) -1.19 5'590'190 1.18 5'586'459 1.18 5'495'408 1.16 5'261'573 1.11

Weighting

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

M M M M M M M D M M M

Latest Chg (164'927) (706'200) (1'209'429) 1'706'832 1'743'947 (219'585) 1'321'355 332'022 163'545 (522'372) (3'714'942)

Target Price 1'000 790 1'050 1'040 1'006 1'145 665 900 1'050 940 #N/A N/A

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

File Dt 01.08.2013 30.06.2012 24.04.2013 01.08.2013 27.09.2013 01.08.2013 14.09.2012 08.11.2011 01.08.2013 01.08.2013 01.08.2013 01.08.2013 27.09.2013 01.08.2013 01.08.2013 23.08.2013 01.08.2013 31.12.2012 28.02.2013 01.08.2013

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

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

Date 30.09.2013 12.09.2013 09.09.2013 04.09.2013 04.09.2013 04.09.2013 09.08.2013 10.07.2013 08.07.2013 17.06.2013 06.06.2013

01.10.2013

TUI Travel PLC Tui Travel PLC operates as an international leisure travel group in the European and North American market. The Company offers accommodations in flights, hotels, tours, cruises, car hire, and retail shops. Tui services business and personal travelers.

Price/Volume 450

25.0 M

400 20.0 M

350 300

15.0 M

250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TT/ LN EQUITY YTD Change TT/ LN EQUITY YTD % CHANGE

09/2012 06/yy 401.50 229.50 808'097.00 368.7 -8.17% 60.65% 80.35% 1'118.0 4'122.11 938.00 0.0 44.0 849.00 5'198.11

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

100

5.0 M

50 0 o-12

30.09.2009 30.09.2010 13'851.0 13'514.0 0.23x 0.20x 644.0 649.0 4.89x 4.07x (67.0) (123.0) Profitability

LTM-4Q 30.09.2011 14'687.0 0.12x 685.0 2.47x 85.0 19.44x

30.09.2012 14'460.0 0.19x 709.0 3.88x 138.0 18.80x

709.00 490.00 3.39% 1.39% 1.80% 11.97% 9.82% 1.57% 10.3% 5.1% 3.5% 1.0% 0.42 0.27 10.88% 59.94% 179.89

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 14'843.0 0.34x 0.0 0.00x 65.0 28.95x

06/yy 14'580.0 0.51x 0.0 0.00x 186.0 21.31x

a-13 m-13

j-13

a-13

s-13

FY+1

.0 M o-13

3.17 1.22 431.34 64.99% 35.50% 1.222 24 3.458 2'746'779 2'142'289 2'032'988 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 14'949.1 15'363.5 5'535.0 0.28x 0.25x 740.7 797.3 7.02x 6.52x 339.2 373.9 12.71x 11.67x S&P Issuer Ratings

3.62 2.15 1.40 2.10 59.9% 36.8% 1.57 12.30 2.03 -67.19

Sales/Revenue/Turnover

80.00

16'000.0

70.00

14'000.0

60.00

12'000.0

50.00

10'000.0

40.00

8'000.0

30.00

6'000.0

20.00

4'000.0

10.00

2'000.0

0.00 02.10.2009

n-12

Fiscal Year Ended 30.09.2008 13'931.8 0.18x 837.4 3.01x (270.7) -

10.0 M

150

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 |

01.10.2013

TUI Travel PLC Holdings By:

All

Holder Name TUI AG Monteray Enterprises LEGAL & GENERAL BLACKROCK DIMENSIONAL FUND ADV PRUDENTIAL PLC MARATHON ASSET MANAG KAMES CAPITAL PLC JP MORGAN JO HAMBRO CAPITAL MA LLOYDS BANKING GROUP VANGUARD GROUP INC SCOTTISH WIDOWS STANDARD LIFE INVEST STATE STREET CORP BNP PARIBAS SA NORGES BANK INVESTME DE SHAW & CO LONDON BANK OF NEW YORK MEL ROYAL LONDON ASSET M

Firm Name Natixis Oriel Securities Ltd Exane BNP Paribas Numis Securities Ltd Panmure Gordon & Co Limited Barclays AlphaValue Deutsche Bank Jefferies JPMorgan EVA Dimensions Investec Morgan Stanley UBS Nomura Credit Suisse Shore Capital Stockbrokers Day by Day HSBC Peel Hunt Baden Hill LLP Goldman Sachs

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

Analyst GEOFFREY D'HALLUIN JEFFREY HARWOOD PIERRE-EMMANUEL CAUSSE WYN ELLIS KARL BURNS PATRICK COFFEY BERENICE LACROIX GEOF COLLYER IAN RENNARDSON JAAFAR MESTARI CRAIG STERLING JAMES HOLLINS JAMIE ROLLO ALEX BRIGNALL RICHARD STUBER TIM RAMSKILL GREG JOHNSON VALERIE GASTALDY LENA THAKKAR NICHOLAS BATRAM MATTHEW WAKEFIELD NICK EDELMAN

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

Recommendation neutral add neutral add hold overweight add hold hold overweight hold hold Equalwt/In-Line buy neutral neutral buy hold neutral hold sell neutral/neutral

Amt Held % Out 609'120'138 54.48 60'037'177 5.37 36'163'068 3.23 35'802'936 3.2 30'873'791 2.76 26'301'834 2.35 21'920'816 1.96 20'558'179 1.84 19'734'169 1.77 13'217'101 1.18 13'213'595 1.18 12'951'416 1.16 11'893'396 1.06 11'564'425 1.03 9'699'461 0.87 (9'167'687) -0.82 8'847'366 0.79 (8'496'881) -0.76 7'558'377 0.68 7'259'890 0.65

Weighting

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

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

Latest Chg (21'867'865) 411'682 (2'577) 368'420 3'918'062 (174'978) (2'545'959) (7'144'148) 938'295 (20'178) 1'192'798 (600'689) 9'283'168 569'711 (1'118'011) 1'407'042 (1'453'413) 2'006'684 (84'138)

Target Price 370 #N/A N/A 350 400 315 420 406 355 380 410 #N/A N/A 400 360 410 310 394 #N/A N/A #N/A N/A 290 327 #N/A N/A 310

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

File Dt 01.07.2013 31.12.2012 31.07.2013 27.09.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 22.01.2013 01.07.2013 01.07.2013 01.07.2013 27.09.2013 24.09.2013 01.07.2013 26.09.2013 01.07.2013 28.06.2013

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

Inst Type Unclassified Unclassified Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Bank Government Private Equity Investment Advisor Investment Advisor

Date 01.10.2013 30.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 18.09.2013 11.09.2013 06.09.2013 27.08.2013 09.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 23.07.2013 10.05.2013 10.05.2013 01.03.2013 08.02.2013

01.10.2013

Fresnillo PLC Fresnillo plc is a silver and gold mining and exploration company. The Company owns and operates silver and gold mines in Mexico. Fresnillo also holds a portfolio of development and exploration projects located along the silver and gold belts of Mexico.

Price/Volume 2500 2000 1500

Valuation Analysis

1000

Latest Fiscal Year: LTM as of: 52-Week High (27.11.2012) 52-Week Low (28.06.2013) 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 FRES LN EQUITY YTD Change FRES LN EQUITY YTD % CHANGE

12/2012 01/yy 2'033.00 846.00 772'696.00 929.5 -54.23% 9.87% 10.70% 736.9 6'849.43 0.00 0.0 368.6 613.77 10'937.90

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

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 720.5 3.17x 335.5 6.80x 127.9 18.02x

500

31.12.2009 31.12.2010 849.9 1'409.6 10.57x 12.98x 496.0 938.7 18.12x 19.49x 322.0 665.1 28.48x 28.04x Profitability

31.12.2011 2'192.7 7.56x 1'535.8 10.80x 901.7 18.83x

31.12.2012 2'157.4 9.86x 1'301.7 16.34x 736.1 29.23x 1'301.73 1'047.84 48.57% 53.97% 16.61% 23.67% 23.40% 0.65% 62.6% 55.2% 42.5% 34.1% 6.49 4.55 0.00% 0.00% 11.48 4.26

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-4Q

LTM

01/yy

01/yy -

FY+1 -

3.14 1.14 183.95 -49.17% -48.23% 1.141 18 3.056 1'239'687 1'704'662 1'403'400 FY+2

12/13 Y 12/14 Y 1'735.6 1'853.2 6.22x 5.91x 835.6 949.9 13.09x 11.52x 335.8 397.4 31.33x 29.27x S&P Issuer Ratings

FQ+1

FQ+2

331.90 199.32 -0.52 0.00 0.0% 0.0% 0.65 1.33 31.80 85.71 73.51

Sales/Revenue/Turnover

30.00

2'500.0

25.00

2'000.0

20.00

1'500.0

15.00

1'000.0 10.00

500.0

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 |

01.10.2013

Fresnillo PLC Holdings By:

All

Holder Name PENOLES INDUSTRIAS PENOLES S BLACKROCK FIRST EAGLE INVESTME FIRST EAGLE INVESTME T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA LANSDOWNE PARTNERS LEGAL & GENERAL VONTOBEL VANGUARD GROUP INC NORGES BANK NORGES BANK INVESTME GAMCO AGF MANAGEMENT LIMIT FRANKLIN RESOURCES STATE STREET CORP SCOTTISH WIDOWS TIAA CREF INVESTMENT VIRTUS INVESTMENT AD

Firm Name BMO Capital Markets Numis Securities Ltd Deutsche Bank Liberum Capital Ltd JPMorgan UBS BBVA RBC Capital Markets Societe Generale VSA Capital Ltd CIBC World Markets EVA Dimensions Goldman Sachs Credit Suisse Barclays Baden Hill LLP

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

Analyst ANDREW KAIP CAILEY BARKER ANNA MULHOLLAND KATE CRAIG ROGER BELL DANIEL MAJOR JEAN-BAPTISTE BRUNY JONATHAN GUY BRUCE ALWAY JESSICA PENDAL LEON ESTERHUIZEN TIMOTHY STANISH EUGENE KING SANTIAGO PEREZ TEUFFER AMOS FLETCHER MATTHEW WAKEFIELD

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

Recommendation market perform add hold hold overweight neutral underperform sector perform hold hold sector perform underweight Sell/Neutral neutral overweight buy

Amt Held % Out 552'595'191 74.99 552'591'460 74.99 51'399'264 6.98 30'579'953 4.15 23'170'680 3.14 10'109'450 1.37 9'557'943 1.3 (6'705'732) -0.91 6'473'734 0.88 5'696'391 0.77 4'071'993 0.55 3'461'886 0.47 3'283'196 0.45 2'979'500 0.4 2'567'242 0.35 2'353'000 0.32 2'154'089 0.29 1'917'771 0.26 1'913'227 0.26 1'898'507 0.26

Weighting

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

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

Latest Chg 19'150'695 11'790'872 (573'536) 20'551 (663'204) 97'922 738'413 (40'930) 6'800 (537'700) 143'250 (103'116) (120'936) 850'845

Target Price 1'300 1'100 1'000 1'100 1'160 1'150 1'221 1'200 1'120 910 1'000 #N/A N/A 820 1'100 1'375 #N/A N/A

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

File Dt Inst Type 03.05.2013 Corporation 01.07.2013 Corporation 27.09.2013 Investment Advisor 01.07.2013 Hedge Fund Manager 31.07.2013 Hedge Fund Manager 01.07.2013 Investment Advisor 30.06.2013 Investment Advisor 04.06.2013 Investment Advisor 31.07.2013 Unclassified 01.07.2013 Unclassified 01.07.2013 Investment Advisor 31.12.2012 Government 01.07.2013 Government 01.07.2013 Unclassified 01.07.2013 Investment Advisor 01.07.2013 Investment Advisor 27.09.2013 Investment Advisor 01.07.2013 Unclassified 01.07.2013 Investment Advisor 28.06.2013 Insurance Company

Date Not Provided Not Provided 12 month Not Provided 9 month 12 month Not Provided 12 month 12 month 12 month 18 month Not Provided 12 month Not Provided Not Provided Not Provided

Date 30.09.2013 30.09.2013 26.09.2013 24.09.2013 20.09.2013 18.09.2013 18.09.2013 12.09.2013 11.09.2013 05.09.2013 29.08.2013 28.08.2013 07.08.2013 07.08.2013 26.07.2013 12.04.2013

01.10.2013

Sports Direct International PLC Sports Direct International retails sports apparel products. The Company offers a wide range of branded sports, fashion and leisurewear clothing and accessories.

Price/Volume 800

30.0 M

700

25.0 M

600 20.0 M

500 400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SPD LN EQUITY YTD Change SPD LN EQUITY YTD % CHANGE

04/2013 07/yy 732.50 339.30 178'379.00 710 -3.07% 109.25% 93.64% 598.5 4'249.10 301.38 0.0 (0.3) 147.38 4'402.85

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

10.0 M

200 5.0 M

100 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 30.04.2009 1'367.3 0.66x 132.6 6.85x (15.8) -

15.0 M

300

30.04.2010 30.04.2011 1'451.6 1'599.2 0.66x 0.80x 158.1 199.5 6.07x 6.43x 89.4 84.2 7.12x 13.29x Profitability

LTM-4Q 30.04.2012 1'835.8 1.06x 217.7 8.97x 106.2 16.17x

30.04.2013 2'185.6 1.35x 262.6 11.23x 151.6 17.54x

262.59 210.00 9.61% 9.48% 11.93% 27.14% 19.12% 1.72% 40.9% 12.0% 9.6% 6.9% 1.64 0.46 21.40% 46.73% 32.55 3.38

Price/ Cash Flow

07/yy 972.8 0.00x 0.0 0.00x 0.0 0.00x

LTM 07/yy 2'279.9 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-13

0.00 0.83 202.71 105.50% 83.70% 0.835 11 4.273 491'614 708'891 953'860 FY+2

FQ+1

FQ+2

04/14 Y 04/15 Y 10/13 Q2 01/14 Q3 2'665.1 3'041.8 1.60x 1.34x 324.6 394.0 13.56x 11.17x 201.0 261.5 22.19x 18.25x S&P Issuer Ratings

36.49 29.79 0.59 1.15 46.7% 31.9% 1.72 6.78 11.18 107.69 41.68 77.19

Sales/Revenue/Turnover

40.00

2'500.0

35.00

2'000.0

30.00 25.00

1'500.0

20.00

1'000.0

15.00 10.00

500.0

5.00 0.00 30.04.2010

0.0 30.10.2010

30.04.2011

30.10.2011

30.04.2012

30.10.2012

30.04.2013

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 |

01.10.2013

Sports Direct International PLC Holdings By:

All

Holder Name ASHLEY MICHAEL Mash Holdings Ltd (M ODEY ASSET MANAGEMEN SCHRODER INVESTMENT NORGES BANK LEGAL & GENERAL JP MORGAN SPORTS DIRECT INT EB Sports Direct Intern SCOTTISH WIDOWS HENDERSON GLOBAL INV NORGES BANK INVESTME AVIVA INVESTORS BLACKROCK AXA STANDARD LIFE INVEST BANK OF NEW YORK MEL CAPITA FINANCIAL MAN VANGUARD GROUP INC OLD MUTUAL

Firm Name

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

Analyst

Numis Securities Ltd ANDREW WADE Cantor Fitzgerald FREDDIE GEORGE Espirito Santo Investment Bank Research ROBERT EVANS Oriel Securities Ltd JONATHAN PRITCHARD N+1 Singer Ltd MATTHEW MCEACHRAN Goldman Sachs FRANKLIN WALDING EVA Dimensions CRAIG STERLING Panmure Gordon & Co Limited PHILIP DORGAN Charles Stanley Securities PETER SMEDLEY

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

Recommendation add hold buy add hold Buy/Neutral hold buy buy

Amt Held 385'400'000 385'400'000 42'677'267 28'095'000 13'285'178 11'315'641 10'186'125 10'100'000 10'079'490 8'330'924 7'868'656 6'602'998 5'914'246 5'794'384 5'395'283 5'381'895 5'245'897 4'811'851 4'367'317 3'851'000

% Out 64.4 64.4 7.13 4.69 2.22 1.89 1.7 1.69 1.68 1.39 1.31 1.1 0.99 0.97 0.9 0.9 0.88 0.8 0.73 0.64

Weighting

Change 4 3 5 4 3 5 3 5 5

M M M M M M D M M

Latest Chg (1'417'476) (99'000) 137'374 3'242'248 (19'411'406) 1'415'657 (1'394'959) (1'608'762) 5'324'126 462'842 2'106'159 1'846'237 425'751 168'399 253'537 1'833'000

Target Price 800 680 765 750 700 980 #N/A N/A 500 #N/A N/A

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

File Dt Inst Type 18.07.2013 n/a 12.08.2013 Unclassified 12.08.2013 Hedge Fund Manager 12.08.2013 Investment Advisor 31.12.2012 Government 12.08.2013 Unclassified 12.08.2013 Investment Advisor 06.08.2013 n/a 12.08.2013 Unclassified 12.08.2013 Unclassified 12.08.2013 Investment Advisor 12.08.2013 Government 12.08.2013 Investment Advisor 27.09.2013 Investment Advisor 12.08.2013 Investment Advisor 12.08.2013 Investment Advisor 12.08.2013 Investment Advisor 28.02.2013 Investment Advisor 12.08.2013 Investment Advisor 31.08.2013 Unclassified

Date Not Provided Not Provided Not Provided Not Provided 12 month 24 month Not Provided Not Provided Not Provided

Date 01.10.2013 24.09.2013 11.09.2013 11.09.2013 11.09.2013 20.08.2013 24.07.2013 24.04.2013 24.10.2012