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    Fundamental Equity Analysis & Analyst Recommendations - STOXX Large 200 Index Components ABBN VX Equity ABB Ltd ADS GY Equity Adidas AG AGN NA Equity Aegon NV AGK LN Equity Aggreko PLC AI FP Equity Air Liquide SA AKZA NA Equity Akzo Nobel NV ALV GY Equity Allianz SE ALO FP Equity Alstom SA AAL LN Equity Anglo American PLC ABI BB Equity Anheuser-Busch InBev NV ANTO LN Equity Antofagasta PLC MAERSKB DC Equity AP Moeller - Maersk A/S MT NA Equity ArcelorMittal ARM LN Equity ARM Holdings PLC ASML NA Equity ASML Holding NV ASSAB SS Equity Assa Abloy AB G IM Equity Assicurazioni Generali SpA ABF LN Equity Associated British Foods PLC AZN LN Equity AstraZeneca PLC ATCOA SS Equity Atlas Copco AB AV/ LN Equity Aviva PLC CS FP Equity AXA SA BA/ LN Equity BAE Systems PLC BBVA SQ Equity Banco Bilbao Vizcaya Argentaria SA SAN SQ Equity Banco Santander SA BARC LN Equity Barclays PLC BAS GY Equity BASF SE BAYN GY Equity Bayer AG BMW GY Equity Bayerische Motoren Werke AG BG/ LN Equity BG Group PLC BLT LN Equity BHP Billiton PLC BNP FP Equity BNP Paribas SA BP/ LN Equity BP PLC BATS LN Equity British American Tobacco PLC BLND LN Equity British Land Co PLC BSY LN Equity British Sky Broadcasting Group PLC BT/A LN Equity BT Group PLC BRBY LN Equity Burberry Group PLC CAP FP Equity Cap Gemini SA CPI LN Equity Capita PLC CARLB DC Equity Carlsberg A/S CA FP Equity Carrefour SA CNA LN Equity Centrica PLC CDI FP Equity Christian Dior SA SGO FP Equity Cie de St-Gobain CFR VX Equity Cie Financiere Richemont SA ML FP Equity Cie Generale des Etablissements Michelin CBK GY Equity Commerzbank AG CPG LN Equity Compass Group PLC CON GY Equity Continental AG ACA FP Equity Credit Agricole SA CSGN VX Equity Credit Suisse Group AG CRH ID Equity CRH PLC DAI GY Equity Daimler AG BN FP Equity Danone SA DANSKE DC Equity Danske Bank A/S DBK GY Equity Deutsche Bank AG DB1 GY Equity Deutsche Boerse AG DPW GY Equity Deutsche Post AG DTE GY Equity Deutsche Telekom AG DGE LN Equity Diageo PLC DNB NO Equity DNB ASA EOAN GY Equity E.ON SE EAD FP Equity EADS ENEL IM Equity Enel SpA ENI IM Equity Eni SpA EI FP Equity Essilor International SA EXPN LN Equity Experian PLC FI IM Equity Fiat Industrial SpA FUM1V FH Equity Fortum OYJ FTE FP Equity France Telecom SA FME GY Equity Fresenius Medical Care AG & Co KGaA FRE GY Equity Fresenius SE & Co KGaA GSZ FP Equity GDF Suez GEBN VX Equity Geberit AG GIVN VX Equity Givaudan SA GSK LN Equity GlaxoSmithKline PLC GLEN LN Equity Glencore International PLC HEI GY Equity HeidelbergCement AG HEIA NA Equity Heineken NV HEN3 GY Equity Henkel AG & Co KGaA HMB SS Equity Hennes & Mauritz AB HOLN VX Equity Holcim Ltd HSBA LN Equity HSBC Holdings PLC IBE SQ Equity Iberdrola SA IMT LN Equity Imperial Tobacco Group PLC ITX SQ Equity Inditex SA IFX GY Equity Infineon Technologies AG INGA NA Equity ING Groep NV ISP IM Equity Intesa Sanpaolo SpA INVEB SS Equity Investor AB JMAT LN Equity Johnson Matthey PLC BAER VX Equity Julius Baer Group Ltd SDF GY Equity K+S AG KGF LN Equity Kingfisher PLC KNEBV FH Equity Kone OYJ AH NA Equity Koninklijke Ahold NV DSM NA Equity Koninklijke DSM NV KPN NA Equity Koninklijke KPN NV PHIA NA Equity Koninklijke Philips Electronics NV OR FP Equity L'Oreal SA LG FP Equity Lafarge SA LAND LN Equity Land Securities Group PLC LGEN LN Equity Legal & General Group PLC LR FP Equity Legrand SA LIN GY Equity Linde AG LLOY LN Equity Lloyds Banking Group PLC MC FP Equity LVMH Moet Hennessy Louis Vuitton SA MKS LN Equity Marks & Spencer Group PLC MRK GY Equity Merck KGaA MUV2 GY Equity Muenchener Rueckversicherungs AG NG/ LN Equity National Grid PLC NESN VX Equity Nestle SA NXT LN Equity Next PLC NOK1V FH Equity Nokia OYJ NDA SS Equity Nordea Bank AB NOVN VX Equity Novartis AG NOVOB DC Equity Novo Nordisk A/S OML LN Equity Old Mutual PLC PSON LN Equity Pearson PLC RI FP Equity Pernod-Ricard SA PFC LN Equity Petrof

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    Fundamental Equity Analysis & Analyst Recommendations - STOXX Large 200 Index Components ABBN VX Equity ABB Ltd ADS GY Equity Adidas AG AGN NA Equity Aegon NV AGK LN Equity Aggreko PLC AI FP Equity Air Liquide SA AKZA NA Equity Akzo Nobel NV ALV GY Equity Allianz SE ALO FP Equity Alstom SA AAL LN Equity Anglo American PLC ABI BB Equity Anheuser-Busch InBev NV ANTO LN Equity Antofagasta PLC MAERSKB DC Equity AP Moeller - Maersk A/S MT NA Equity ArcelorMittal ARM LN Equity ARM Holdings PLC ASML NA Equity ASML Holding NV ASSAB SS Equity Assa Abloy AB G IM Equity Assicurazioni Generali SpA ABF LN Equity Associated British Foods PLC AZN LN Equity AstraZeneca PLC ATCOA SS Equity Atlas Copco AB AV/ LN Equity Aviva PLC CS FP Equity AXA SA BA/ LN Equity BAE Systems PLC BBVA SQ Equity Banco Bilbao Vizcaya Argentaria SA SAN SQ Equity Banco Santander SA BARC LN Equity Barclays PLC BAS GY Equity BASF SE BAYN GY Equity Bayer AG BMW GY Equity Bayerische Motoren Werke AG BG/ LN Equity BG Group PLC BLT LN Equity BHP Billiton PLC BNP FP Equity BNP Paribas SA BP/ LN Equity BP PLC BATS LN Equity British American Tobacco PLC BLND LN Equity British Land Co PLC BSY LN Equity British Sky Broadcasting Group PLC BT/A LN Equity BT Group PLC BRBY LN Equity Burberry Group PLC CAP FP Equity Cap Gemini SA CPI LN Equity Capita PLC CARLB DC Equity Carlsberg A/S CA FP Equity Carrefour SA CNA LN Equity Centrica PLC CDI FP Equity Christian Dior SA SGO FP Equity Cie de St-Gobain CFR VX Equity Cie Financiere Richemont SA ML FP Equity Cie Generale des Etablissements Michelin CBK GY Equity Commerzbank AG CPG LN Equity Compass Group PLC CON GY Equity Continental AG ACA FP Equity Credit Agricole SA CSGN VX Equity Credit Suisse Group AG CRH ID Equity CRH PLC DAI GY Equity Daimler AG BN FP Equity Danone SA DANSKE DC Equity Danske Bank A/S DBK GY Equity Deutsche Bank AG DB1 GY Equity Deutsche Boerse AG DPW GY Equity Deutsche Post AG DTE GY Equity Deutsche Telekom AG DGE LN Equity Diageo PLC DNB NO Equity DNB ASA EOAN GY Equity E.ON SE EAD FP Equity EADS ENEL IM Equity Enel SpA ENI IM Equity Eni SpA EI FP Equity Essilor International SA EXPN LN Equity Experian PLC FI IM Equity Fiat Industrial SpA FUM1V FH Equity Fortum OYJ FTE FP Equity France Telecom SA FME GY Equity Fresenius Medical Care AG & Co KGaA FRE GY Equity Fresenius SE & Co KGaA GSZ FP Equity GDF Suez GEBN VX Equity Geberit AG GIVN VX Equity Givaudan SA GSK LN Equity GlaxoSmithKline PLC GLEN LN Equity Glencore International PLC HEI GY Equity HeidelbergCement AG HEIA NA Equity Heineken NV HEN3 GY Equity Henkel AG & Co KGaA HMB SS Equity Hennes & Mauritz AB HOLN VX Equity Holcim Ltd HSBA LN Equity HSBC Holdings PLC IBE SQ Equity Iberdrola SA IMT LN Equity Imperial Tobacco Group PLC ITX SQ Equity Inditex SA IFX GY Equity Infineon Technologies AG INGA NA Equity ING Groep NV ISP IM Equity Intesa Sanpaolo SpA INVEB SS Equity Investor AB JMAT LN Equity Johnson Matthey PLC BAER VX Equity Julius Baer Group Ltd SDF GY Equity K+S AG KGF LN Equity Kingfisher PLC KNEBV FH Equity Kone OYJ AH NA Equity Koninklijke Ahold NV DSM NA Equity Koninklijke DSM NV KPN NA Equity Koninklijke KPN NV PHIA NA Equity Koninklijke Philips Electronics NV OR FP Equity L'Oreal SA LG FP Equity Lafarge SA LAND LN Equity Land Securities Group PLC LGEN LN Equity Legal & General Group PLC LR FP Equity Legrand SA LIN GY Equity Linde AG LLOY LN Equity Lloyds Banking Group PLC MC FP Equity LVMH Moet Hennessy Louis Vuitton SA MKS LN Equity Marks & Spencer Group PLC MRK GY Equity Merck KGaA MUV2 GY Equity Muenchener Rueckversicherungs AG NG/ LN Equity National Grid PLC NESN VX Equity Nestle SA NXT LN Equity Next PLC NOK1V FH Equity Nokia OYJ NDA SS Equity Nordea Bank AB NOVN VX Equity Novartis AG NOVOB DC Equity Novo Nordisk A/S OML LN Equity Old Mutual PLC PSON LN Equity Pearson PLC RI FP Equity Pernod-Ricard SA PFC LN Equity Petrof

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    Fundamental Equity Analysis & Analyst Recommendations - STOXX Large 200 Index Components

    Uploaded by

    Q.M.S Advisors LLC
    Fundamental Equity Analysis & Analyst Recommendations - STOXX Large 200 Index Components ABBN VX Equity ABB Ltd ADS GY Equity Adidas AG AGN NA Equity Aegon NV AGK LN Equity Aggreko PLC AI FP Equity Air Liquide SA AKZA NA Equity Akzo Nobel NV ALV GY Equity Allianz SE ALO FP Equity Alstom SA AAL LN Equity Anglo American PLC ABI BB Equity Anheuser-Busch InBev NV ANTO LN Equity Antofagasta PLC MAERSKB DC Equity AP Moeller - Maersk A/S MT NA Equity ArcelorMittal ARM LN Equity ARM Holdings PLC ASML NA Equity ASML Holding NV ASSAB SS Equity Assa Abloy AB G IM Equity Assicurazioni Generali SpA ABF LN Equity Associated British Foods PLC AZN LN Equity AstraZeneca PLC ATCOA SS Equity Atlas Copco AB AV/ LN Equity Aviva PLC CS FP Equity AXA SA BA/ LN Equity BAE Systems PLC BBVA SQ Equity Banco Bilbao Vizcaya Argentaria SA SAN SQ Equity Banco Santander SA BARC LN Equity Barclays PLC BAS GY Equity BASF SE BAYN GY Equity Bayer AG BMW GY Equity Bayerische Motoren Werke AG BG/ LN Equity BG Group PLC BLT LN Equity BHP Billiton PLC BNP FP Equity BNP Paribas SA BP/ LN Equity BP PLC BATS LN Equity British American Tobacco PLC BLND LN Equity British Land Co PLC BSY LN Equity British Sky Broadcasting Group PLC BT/A LN Equity BT Group PLC BRBY LN Equity Burberry Group PLC CAP FP Equity Cap Gemini SA CPI LN Equity Capita PLC CARLB DC Equity Carlsberg A/S CA FP Equity Carrefour SA CNA LN Equity Centrica PLC CDI FP Equity Christian Dior SA SGO FP Equity Cie de St-Gobain CFR VX Equity Cie Financiere Richemont SA ML FP Equity Cie Generale des Etablissements Michelin CBK GY Equity Commerzbank AG CPG LN Equity Compass Group PLC CON GY Equity Continental AG ACA FP Equity Credit Agricole SA CSGN VX Equity Credit Suisse Group AG CRH ID Equity CRH PLC DAI GY Equity Daimler AG BN FP Equity Danone SA DANSKE DC Equity Danske Bank A/S DBK GY Equity Deutsche Bank AG DB1 GY Equity Deutsche Boerse AG DPW GY Equity Deutsche Post AG DTE GY Equity Deutsche Telekom AG DGE LN Equity Diageo PLC DNB NO Equity DNB ASA EOAN GY Equity E.ON SE EAD FP Equity EADS ENEL IM Equity Enel SpA ENI IM Equity Eni SpA EI FP Equity Essilor International SA EXPN LN Equity Experian PLC FI IM Equity Fiat Industrial SpA FUM1V FH Equity Fortum OYJ FTE FP Equity France Telecom SA FME GY Equity Fresenius Medical Care AG & Co KGaA FRE GY Equity Fresenius SE & Co KGaA GSZ FP Equity GDF Suez GEBN VX Equity Geberit AG GIVN VX Equity Givaudan SA GSK LN Equity GlaxoSmithKline PLC GLEN LN Equity Glencore International PLC HEI GY Equity HeidelbergCement AG HEIA NA Equity Heineken NV HEN3 GY Equity Henkel AG & Co KGaA HMB SS Equity Hennes & Mauritz AB HOLN VX Equity Holcim Ltd HSBA LN Equity HSBC Holdings PLC IBE SQ Equity Iberdrola SA IMT LN Equity Imperial Tobacco Group PLC ITX SQ Equity Inditex SA IFX GY Equity Infineon Technologies AG INGA NA Equity ING Groep NV ISP IM Equity Intesa Sanpaolo SpA INVEB SS Equity Investor AB JMAT LN Equity Johnson Matthey PLC BAER VX Equity Julius Baer Group Ltd SDF GY Equity K+S AG KGF LN Equity Kingfisher PLC KNEBV FH Equity Kone OYJ AH NA Equity Koninklijke Ahold NV DSM NA Equity Koninklijke DSM NV KPN NA Equity Koninklijke KPN NV PHIA NA Equity Koninklijke Philips Electronics NV OR FP Equity L'Oreal SA LG FP Equity Lafarge SA LAND LN Equity Land Securities Group PLC LGEN LN Equity Legal & General Group PLC LR FP Equity Legrand SA LIN GY Equity Linde AG LLOY LN Equity Lloyds Banking Group PLC MC FP Equity LVMH Moet Hennessy Louis Vuitton SA MKS LN Equity Marks & Spencer Group PLC MRK GY Equity Merck KGaA MUV2 GY Equity Muenchener Rueckversicherungs AG NG/ LN Equity National Grid PLC NESN VX Equity Nestle SA NXT LN Equity Next PLC NOK1V FH Equity Nokia OYJ NDA SS Equity Nordea Bank AB NOVN VX Equity Novartis AG NOVOB DC Equity Novo Nordisk A/S OML LN Equity Old Mutual PLC PSON LN Equity Pearson PLC RI FP Equity Pernod-Ricard SA PFC LN Equity Petrof

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    of 401

    This material does not constitute investment advice and should not be

    viewed as a current or past recommendation or a solicitation of an


    offer to buy or sell any securities or to adopt any investment strategy.

    Fundamental Analysis &


    Analyst Recommendations
    STOXX Europe Large 200 Index
    March 2012

    Q M S Advisors
    .

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

    28.02.2013

    ABB Ltd
    ABB Limited provides power and automation technologies. The Company operates
    under segments that include power products, power systems, automation products,
    process automation and robotics.

    Price/Volume
    25

    35.0 M
    30.0 M

    20

    25.0 M

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (15.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    ABBN VX EQUITY YTD Change
    ABBN VX EQUITY YTD % CHANGE

    12/2012
    12/yy
    21.60
    14.45
    1'257'514.00
    21.38
    -1.06%
    47.96%
    93.85%
    2'314.7
    49'489.21
    10'071.00
    0.0
    540.0
    8'481.00
    55'299.32

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

    20.0 M

    10

    15.0 M
    10.0 M

    5.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    .0 M
    f-13

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

    Fiscal Year Ended


    31.12.2008
    34'912.0
    0.83x
    5'259.0
    5.48x
    3'118.0
    10.76x

    15

    31.12.2009
    31.12.2010
    31'795.0
    31'589.0
    1.18x
    1.42x
    4'892.0
    4'733.0
    7.67x
    9.49x
    2'901.0
    2'561.0
    15.27x
    19.85x
    Profitability

    LTM-4Q
    31.12.2011
    37'990.0
    1.10x
    5'688.0
    7.37x
    3'168.0
    13.65x

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

    31.12.2012
    39'336.0
    1.25x
    5'240.0
    9.40x
    2'704.0
    17.40x
    5'240.00
    4'058.00
    10.32%
    9.76%
    6.10%
    16.55%
    12.65%
    0.89%
    28.9%
    13.8%
    10.8%
    6.9%
    1.48
    1.06
    20.52%
    59.57%
    4.07
    4.69

    Price/ Cash Flow

    12/yy
    37'990.0
    5.09x
    5'688.0
    7.37x
    3'168.0
    13.65x

    LTM
    12/yy
    39'336.0
    4.69x
    5'420.0
    9.09x
    2'704.0
    17.55x

    FY+1

    1.28
    2'145.77
    19.98%
    14.03%
    1.278
    41
    3.805
    6'918'902
    6'780'230
    5'981'187
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    41'566.0
    43'746.9
    9'585.5
    10'338.2
    1.30x
    1.19x
    5.73x
    5.43x
    6'298.4
    6'953.3
    1'413.7
    1'587.3
    8.78x
    7.95x
    8.74x
    3'455.2
    3'961.8
    737.8
    849.5
    15.07x
    13.30x
    15.30x
    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

    08.06.2010
    A
    STABLE
    08.06.2010
    A-1
    17.88
    13.47
    0.29
    1.86
    59.6%
    36.6%
    0.89
    7.24
    89.90
    78.02
    63.02
    104.90

    Sales/Revenue/Turnover

    25.00

    45'000.0
    40'000.0

    20.00

    35'000.0
    30'000.0

    15.00

    25'000.0
    20'000.0

    10.00

    15'000.0
    10'000.0

    5.00

    5'000.0
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    ABB Ltd
    Holdings By:

    All

    Holder Name
    INVESTOR AB
    BLACKROCK
    VANGUARD GROUP INC
    CREDIT SUISSE ASSET
    HARBOR CAPITAL ADVIS
    NORDEA FONDER AB/SWE
    UBS FUND MANAGEMENT
    PICTET & CIE
    SWEDBANK ROBUR FONDE
    SEB
    SKAGEN AS
    AMF FONDER AB
    INVESCO LTD
    SWISSCANTO FONDSLEIT
    HANDELSBANKEN FONDER
    T ROWE PRICE ASSOCIA
    FOLKSAM LO FOND AB
    CALAMOS ADVISORS LLC
    CAPITAL GROUP COMPAN
    VONTOBEL ASSET MANAG

    Firm Name

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

    Analyst

    AlphaValue
    HEINZ STEFFEN
    Sanford C. Bernstein & Co
    MARTIN PROZESKY
    Credit Suisse
    SIMON TOENNESSEN
    Landesbank Baden-Wuerttemberg
    VOLKER STOLL
    Bank Vontobel AG
    TAKIS SPILIOPOULOS
    EVA Dimensions
    CRAIG STERLING
    RBC Capital Markets
    ANDREW CARTER
    Zuercher Kantonalbank
    RICHARD FREI
    Hamburger Sparkasse
    MARCO GUENTHER
    Kepler Capital Markets
    CHRISTOPH LADNER
    Main First Bank AG
    CHRISTOPHER YOUL
    Barclays
    NICK WEBSTER
    Societe Generale
    SEBASTIEN GRUTER
    Deutsche Bank
    MARTIN WILKIE
    SEB Enskilda
    DANIEL SCHMIDT
    Independent Research GmbH
    MARKUS FRIEBEL
    Carnegie
    KENNETH TOLL JOHANSSON
    Nordea Equity Research
    ANDREAS BROCK
    Exane BNP Paribas
    OLIVIER ESNOU
    Helvea
    STEFAN GAECHTER
    Danske Markets
    CARL GUSTAFSSON
    Morgan Stanley
    BEN UGLOW
    ABG Sundal Collier
    ANDERS IDBORG
    JPMorgan
    ANDREAS WILLI
    Canaccord Genuity Corp
    JAMES STETTLER
    Handelsbanken
    HAMPUS ENGELLAU
    Nomura
    DANIEL CUNLIFFE
    S&P Capital IQ
    JAWAHAR HINGORANI
    Day by Day
    VALERIE GASTALDY
    CA Cheuvreux
    ALFRED GLASER
    Goldman Sachs
    DANIELA COSTA
    Berenberg Bank
    WILLIAM MACKIE
    Natixis
    ARNAUD SCHMIT
    Swedbank
    MATS LISS
    HSBC
    COLIN GIBSON
    Espirito Santo Investment Bank Research
    ROB VIRDEE
    Redburn Partners
    JAMES MOORE
    Pareto Securities
    DAVID JACOBSSON
    Hammer Partners SA
    ALBERTO ROLLA

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

    Recommendation
    reduce
    outperform
    outperform
    buy
    buy
    sell
    sector perform
    outperform
    buy
    hold
    outperform
    overweight
    buy
    sell
    buy
    hold
    buy
    hold
    outperform
    buy
    buy
    Underwt/Cautious
    buy
    underweight
    hold
    buy
    neutral
    hold
    hold
    underperform
    Buy/Neutral
    hold
    neutral
    buy
    neutral
    buy
    neutral
    hold
    buy

    Amt Held
    166'330'142
    88'383'685
    46'622'931
    35'969'759
    25'109'683
    24'404'999
    21'512'467
    14'688'361
    14'044'104
    12'616'326
    10'421'737
    9'443'400
    8'568'106
    8'070'678
    7'074'030
    6'861'907
    6'064'784
    6'040'300
    5'600'000
    3'823'948

    % Out
    7.19
    3.82
    2.01
    1.55
    1.08
    1.05
    0.93
    0.63
    0.61
    0.55
    0.45
    0.41
    0.37
    0.35
    0.31
    0.3
    0.26
    0.26
    0.24
    0.17

    Weighting

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

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

    Latest Chg
    641'066
    107'985
    (250'775)
    742'517
    (228'817)
    1'127'411
    (1'721'905)
    442'829
    1'877'700
    (2'579'835)
    4'651
    559'620
    5'064'054
    1'403
    (135'000)
    (15'000)

    Target Price
    21
    25
    26
    25
    25
    #N/A N/A
    21
    #N/A N/A
    #N/A N/A
    21
    24
    24
    25
    18
    23
    22
    #N/A N/A
    21
    25
    25
    23
    18
    24
    21
    20
    26
    19
    23
    #N/A N/A
    14
    24
    21
    19
    20
    18
    21
    #N/A N/A
    17
    27

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

    File Dt
    04.01.2011
    26.02.2013
    31.12.2012
    28.12.2012
    31.12.2012
    31.01.2013
    30.11.2012
    30.11.2012
    31.12.2012
    25.02.2013
    31.01.2013
    31.12.2012
    27.02.2013
    28.12.2012
    31.01.2013
    31.12.2012
    31.12.2012
    31.01.2013
    31.12.2012
    31.10.2012

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

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

    Date
    28.02.2013
    26.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    19.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    23.01.2013
    17.01.2013
    08.01.2013
    21.12.2012
    11.12.2012
    29.11.2012
    30.10.2012
    08.10.2012
    27.07.2012
    05.08.2010

    28.02.2013

    Adidas AG
    Adidas AG manufactures sports shoes and sports equipment. The Company produces
    products that include footwear, sports apparel, and golf clubs and balls. Adidas
    sells its products worldwide.

    Price/Volume
    80

    3.0 M

    70

    2.5 M

    60
    2.0 M

    50
    40

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (29.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    ADS GY EQUITY YTD Change
    ADS GY EQUITY YTD % CHANGE

    12/2011
    09/yy
    72.64
    54.75
    129'500.00
    69.56
    -4.38%
    27.05%
    81.61%
    209.2
    14'553.08
    1'280.00
    0.0
    4.0
    1'371.00
    14'891.08

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

    1.0 M

    20
    .5 M

    10
    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


    31.12.2007
    10'299.0
    1.18x
    1'167.0
    10.41x
    551.0
    18.79x

    1.5 M

    30

    31.12.2008
    31.12.2009
    10'799.0
    10'381.0
    0.69x
    0.85x
    1'310.0
    823.0
    5.69x
    10.72x
    642.0
    245.0
    8.35x
    30.22x
    Profitability

    LTM-4Q
    31.12.2010
    11'990.0
    0.87x
    1'174.0
    8.91x
    567.0
    18.04x

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

    31.12.2011
    13'344.0
    0.78x
    1'264.0
    8.25x
    671.0
    15.71x
    1'264.00
    1'011.00
    7.58%
    6.95%
    7.16%
    14.84%
    1.30%
    47.5%
    9.9%
    8.1%
    5.0%
    1.50
    0.72
    11.25%
    24.03%
    6.37
    3.35

    Price/ Cash Flow

    LTM

    09/yy
    12'922.0
    3.36x
    1'262.0
    8.22x
    659.0
    14.58x

    09/yy
    14'777.0
    3.33x
    1'468.0
    9.35x
    817.0
    16.45x

    FY+1

    .0 M
    f-13

    0.77
    209.22
    19.87%
    3.31%
    0.773
    40
    3.950
    960'899
    831'914
    755'077
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    14'934.2
    15'751.7
    3'433.6
    3'994.5
    0.97x
    0.90x
    1'468.7
    1'699.3
    93.5
    503.0
    10.13x
    8.75x
    9.26x
    9.01x
    801.2
    949.2
    (14.9)
    308.5
    18.23x
    15.47x
    16.33x
    15.53x
    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

    11.70
    8.76
    0.23
    1.13
    24.0%
    19.4%
    1.30
    15.45
    57.44
    109.25
    63.25
    77.37

    Sales/Revenue/Turnover

    600.00

    16'000.0
    14'000.0

    500.00

    12'000.0
    400.00

    10'000.0
    8'000.0

    300.00

    6'000.0

    200.00

    4'000.0
    100.00
    0.00
    02.01.2009

    2'000.0
    0.0
    02.07.2009

    02.01.2010

    02.07.2010

    02.01.2011

    02.07.2011

    02.01.2012

    02.07.2012

    02.01.2013

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

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

    28.02.2013

    Adidas AG
    Holdings By:

    All

    Holder Name
    CAPITAL GROUP COMPAN
    BLACKROCK
    THORNBURG INVESTMENT
    VANGUARD GROUP INC
    DB PLATINUM ADVISORS
    DEUTSCHE BANK AG
    FMR LLC
    ALLIANZ ASSET MANAGE
    UNION INVESTMENT GMB
    JUPITER ASSET MANAGE
    INVESCO LTD
    MANNING & NAPIER ADV
    BROOKSIDE CAPITAL TR
    DEKA INVESTMENT GMBH
    TRIMARK INVESTMENT M
    BESSEMER GROUP INCOR
    SEB
    FRANKFURT TRUST INVE
    ADIG INVESTMENT
    AMUNDI

    Firm Name
    Main First Bank AG
    AlphaValue
    Equinet Institutional Services(ESN)
    Susquehanna Financial Group
    Morgan Stanley
    JPMorgan
    Deutsche Bank
    Cantor Fitzgerald
    Day by Day
    Barclays
    Baader Bank
    Exane BNP Paribas
    Telsey Advisory Group
    Redburn Partners
    DZ Bank AG
    National Bank AG
    Commerzbank Corporates & Markets
    EVA Dimensions
    Bryan Garnier & Cie
    Nomura
    Bankhaus Metzler
    Robert W. Baird & Co
    ISI Group
    Goldman Sachs
    HSBC
    Hamburger Sparkasse
    Landesbank Baden-Wuerttemberg
    Nord/LB
    Credit Suisse
    Independent Research GmbH
    M.M. Warburg Investment Research
    S&P Capital IQ
    Silvia Quandt Research
    Raymond James
    Bankhaus Lampe
    CA Cheuvreux
    Hammer Partners SA
    Equita SIM SpA
    Kepler Capital Markets

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

    Analyst
    MATTHIAS EIFERT
    HANS-PETER WODNIOK
    INGBERT FAUST
    CHRISTOPHER SVEZIA
    LOUISE SINGLEHURST
    CHIARA BATTISTINI
    MICHAEL KUHN
    ALLEGRA PERRY
    VALERIE GASTALDY
    JULIAN EASTHOPE
    VOLKER BOSSE
    ANDREAS INDERST
    KELLY CHEN
    ANDREW MOBBS
    HERBERT STURM
    MANFRED JAISFELD
    ANDREAS RIEMANN
    CRAIG STERLING
    PETER FARREN
    CHRISTOPHER WALKER
    SEBASTIAN FRERICKS
    MITCHEL J KUMMETZ
    OMAR SAAD
    WILLIAM HUTCHINGS
    ERWAN RAMBOURG
    CHRISTIAN HAMANN
    BERND MUELL
    VOLKER SACK
    ROGERIO FUJIMORI
    ZAFER RUZGAR
    JOERG PHILIPP FREY
    WILLIAM MACK
    MARK JOSEFSON
    CEDRIC LECASBLE
    CHRISTOPH SCHLIENKAMP
    JUERGEN KOLB
    STEPHAN SEIP
    FABIO FAZZARI
    TEAM COVERAGE

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

    Recommendation
    outperform
    reduce
    buy
    Positive
    Underwt/In-Line
    neutral
    buy
    sell
    hold
    equalweight
    buy
    outperform
    no rating system
    sell
    buy
    hold
    hold
    hold
    buy
    buy
    buy
    outperform
    neutral
    Buy/Neutral
    overweight
    hold
    buy
    hold
    outperform
    hold
    buy
    hold
    buy
    outperform
    hold
    outperform
    buy
    hold
    not rated

    Amt Held
    % Out
    24'832'306 11.87
    13'092'430
    6.26
    7'035'046
    3.36
    5'079'560
    2.43
    4'875'195
    2.33
    4'020'990
    1.92
    2'695'238
    1.29
    2'395'061
    1.14
    1'745'150
    0.83
    1'563'123
    0.75
    1'556'158
    0.74
    1'271'690
    0.61
    (1'234'376) -0.59
    1'162'385
    0.56
    1'126'329
    0.54
    980'376
    0.47
    757'244
    0.36
    651'800
    0.31
    647'738
    0.31
    627'633
    0.3

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

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

    Latest Chg
    (190'000)
    (131'765)
    (787'289)
    (630'886)
    1'800'000
    (4'077)
    (5'477)
    (84'641)
    7'200
    8'590
    11'310
    (104'609)
    (54'247)
    219'000
    146'586
    75'000
    395'273

    Target Price
    85
    72
    80
    78
    62
    65
    81
    62
    #N/A N/A
    74
    80
    83
    74
    #N/A N/A
    72
    72
    63
    #N/A N/A
    82
    85
    70
    82
    70
    97
    77
    #N/A N/A
    76
    60
    61
    70
    82
    68
    75
    84
    66
    74
    70
    60
    #N/A N/A

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

    File Dt
    Inst Type
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    28.09.2012
    Investment Advisor
    31.08.2012
    Investment Advisor
    27.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    02.11.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    30.09.2012
    Unclassified
    31.10.2012
    Investment Advisor
    31.01.2013
    Unclassified
    28.12.2012 Mutual Fund Manager
    31.10.2012
    Investment Advisor
    30.11.2012 Mutual Fund Manager

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

    Date
    28.02.2013
    28.02.2013
    27.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    18.02.2013
    14.02.2013
    13.02.2013
    10.02.2013
    01.02.2013
    23.01.2013
    18.01.2013
    17.01.2013
    17.01.2013
    16.01.2013
    16.01.2013
    11.01.2013
    08.01.2013
    04.01.2013
    04.12.2012
    28.11.2012
    19.11.2012
    13.11.2012
    09.11.2012
    09.11.2012
    09.11.2012
    08.11.2012
    08.11.2012
    08.11.2012
    25.09.2012
    24.09.2012
    14.09.2012
    02.08.2012
    24.05.2012
    31.10.2011

    28.02.2013

    Aegon NV
    AEGON N.V. offers life and health insurance, and related pension, savings, and
    investment products in Europe and North America. The Company also offers
    property and casualty insurance in the Netherlands, Spain, and Hungary, and
    financial services including banking, equipment lease financing, and mortgage
    lending.

    Price/Volume
    6

    30.0 M
    25.0 M

    Latest Fiscal Year:


    LTM as of:
    52-Week High (15.02.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    AGN NA EQUITY YTD Change
    AGN NA EQUITY YTD % CHANGE

    12/2012
    12/yy
    5.26
    3.12
    2'055'856.00
    4.563
    -13.05%
    46.30%
    66.50%
    1'972.0
    8'998.37
    12'974.00
    6'853.0
    13.0
    9'653.00
    12'332.37

    20.0 M
    15.0 M

    10.0 M
    1

    5.0 M

    0
    f-12

    31.12.2009
    31.12.2010
    41'592.0
    44'750.0
    0.48x
    0.44x
    204.0
    1'759.0
    6.05x
    Profitability

    LTM-4Q
    31.12.2011
    25'121.0
    0.59x
    869.0
    -

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

    31.12.2012
    42'930.0
    0.30x
    1'570.0
    6.96x
    5.46%
    4.44%
    0.44%
    5.42%
    4.97%
    0.11%
    3.7%
    3.54%
    43.70%
    -

    Price/ Cash Flow

    a-12

    m-12

    j-12

    LTM

    12/yy
    25'121.0
    2.66x
    0.0
    0.00x
    869.0
    0.00x

    j-12

    12/yy
    40'160.0
    1.48x
    0.0
    0.00x
    1'570.0
    6.96x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    1.64
    1'971.57
    22.48%
    -5.00%
    1.641
    36
    3.528
    12'265'640
    8'723'121
    7'793'220
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    30'120.0
    28'295.0
    0.63x
    0.67x
    1'324.0
    1'392.0
    7.31x
    6.92x
    8.15x
    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

    31.03.2009
    ASTABLE
    31.03.2009
    A-2
    43.7%
    30.4%
    0.11
    -

    Sales/Revenue/Turnover

    9.00

    50'000.0

    8.00

    45'000.0

    7.00

    40'000.0
    35'000.0

    6.00

    30'000.0

    5.00
    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
    01.01.2010

    m-12

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

    Fiscal Year Ended


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

    35.0 M

    Valuation Analysis

    31.12.2008
    3'208.0
    3.74x
    (1'082.0)
    -

    40.0 M

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Aegon NV
    Holdings By:

    All

    Holder Name
    DODGE & COX
    FMR LLC
    VANGUARD GROUP INC
    BLACKROCK
    ACHMEA BELEGGINSFOND
    ING INTERNATIONAL AD
    ALLIANCE BERNSTEIN
    FRANKLIN RESOURCES
    AMERIPRISE FINANCIAL
    THRIVENT FINANCIAL F
    ROBECO FUND MANAGEME
    TAUBE HODSON STONEX
    SANFORD C BERNSTEIN
    SNS INVESTMENT FUND
    BRANDES INVESTMENT P
    DIMENSIONAL FUND ADV
    STOREBRAND FUND MANA
    JP MORGAN
    STATE STREET BANQUE
    AMUNDI

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

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

    Analyst
    JEROME CASSAGNE
    RICHARD BURDEN
    GORDON AITKEN
    KAILESH MISTRY
    CHRISTIAN HAMANN
    CLAUDIA GASPARI
    JAN WILLEM WEIDEMA
    WILLIAM ELDERKIN
    ASHIK MUSADDI
    RODERICK WALLACE
    WILLIAM HAWKINS
    WERNER SCHIRMER
    NICOLAS JACOB
    FRANCOIS BOISSIN
    RAPHAEL CARUSO
    LEMER SALAH
    MATTHIAS DE WIT
    COR KLUIS
    OLIVIER PAUCHAUT
    ALBERT PLOEGH
    LANCE BURBIDGE
    DAVID ANDRICH
    ROBIN BUCKLEY
    VIRGINIA PEREZ REPES
    MICHAEL HAID
    VALERIE GASTALDY
    MARC THIELE
    NEIL WELCH
    AUSTIN BURKETT
    TOM MULLER
    HANS PLUIJGERS
    BENOIT VALLEAUX
    JASON KALAMBOUSSIS
    FAHAD CHANGAZI
    BENOIT PETRARQUE
    WERNER EISENMANN
    TIM PROUDLOVE

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

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

    Amt Held
    145'133'708
    96'406'786
    32'464'728
    16'465'793
    10'982'748
    7'093'254
    6'579'517
    5'805'289
    5'182'047
    5'083'550
    4'802'291
    3'919'013
    3'704'372
    3'640'000
    3'455'894
    3'243'816
    3'091'098
    2'999'325
    2'948'624
    2'822'679

    % Out
    7.36
    4.89
    1.65
    0.83
    0.56
    0.36
    0.33
    0.29
    0.26
    0.26
    0.24
    0.2
    0.19
    0.18
    0.18
    0.16
    0.16
    0.15
    0.15
    0.14

    Weighting

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

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

    Latest Chg
    9'558'140
    1'133'247
    266'744
    1'359
    1'033'941
    (340'436)
    1'988
    (19'659)
    1'290'650
    39'363
    (215'630)
    (173'700)
    716'574
    (43'457)
    1'923'228

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

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

    File Dt
    Inst Type
    10.02.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    28.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.10.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    29.06.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.07.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2012
    Unclassified
    31.01.2013
    Investment Advisor
    30.11.2012 Mutual Fund Manager

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

    Date
    28.02.2013
    22.02.2013
    21.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    19.02.2013
    19.02.2013
    19.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    11.02.2013
    07.02.2013
    05.02.2013
    04.02.2013
    01.02.2013
    31.01.2013
    30.01.2013
    23.01.2013
    17.01.2013
    15.01.2013
    10.01.2013
    10.01.2013
    08.11.2012
    08.10.2012
    17.02.2012
    24.01.2012
    22.06.2011

    28.02.2013

    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

    6.0 M

    12/2011
    01/yy
    2'415.00
    1'548.00
    88'623.00
    1666
    -31.01%
    7.62%
    14.99%
    268.6
    4'474.35
    417.70
    0.0
    0.0
    53.20
    5'152.65

    4.0 M
    3.0 M

    1000

    2.0 M

    500

    1.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


    31.12.2008
    31.12.2009
    946.6
    1'023.9
    1.65x
    2.62x
    318.4
    403.4
    4.90x
    6.64x
    122.7
    168.4
    9.74x
    14.84x
    Profitability

    31.12.2010
    1'229.9
    3.34x
    472.9
    8.69x
    213.1
    18.67x

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

    31.12.2011
    1'396.1
    4.05x
    526.9
    10.72x
    260.1
    20.60x
    526.90
    337.80
    24.20%
    23.19%
    14.91%
    31.46%
    21.41%
    0.79%
    58.7%
    39.0%
    24.7%
    18.6%
    1.22
    0.66
    23.57%
    47.40%
    4.88
    3.72

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    .0 M
    f-13

    1.31
    1.01
    257.86
    -23.99%
    -4.25%
    1.007
    24
    3.667
    794'832
    1'091'881
    1'038'844
    FY+2

    12/12 Y
    12/13 Y
    1'590.8
    1'608.5
    3.19x
    3.06x
    624.8
    628.8
    8.25x
    8.20x
    269.5
    253.3
    16.37x
    17.39x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    26.75
    5.52
    1.17
    1.20
    47.4%
    32.2%
    0.79
    1.37
    75.00
    98.42
    66.20

    Sales/Revenue/Turnover

    18.00

    1'600.0

    16.00

    1'400.0

    14.00

    1'200.0

    12.00

    1'000.0

    10.00

    800.0

    8.00

    600.0

    6.00

    400.0

    4.00

    200.0

    2.00
    0.00
    02.01.2009

    5.0 M

    1500

    Latest Fiscal Year:


    LTM as of:
    52-Week High (17.09.2012)
    52-Week Low (31.01.2013)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 01.02.2013
    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

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

    7.0 M

    2500
    2000

    Valuation Analysis

    31.12.2007
    693.2
    2.38x
    227.3
    7.24x
    80.7
    17.58x

    3000

    0.0
    02.07.2009

    02.01.2010

    02.07.2010

    02.01.2011

    02.07.2011

    02.01.2012

    02.07.2012

    02.01.2013

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

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

    28.02.2013

    Aggreko PLC
    Holdings By:

    All

    Holder Name
    M&G INVESTMENT MANAG
    BAILLIE GIFFORD AND
    BLACKROCK
    CAPITAL GROUP COMPAN
    SALVESEN ALASTAIR ER
    LEGAL & GENERAL
    PRIVATE INDIVIDUALS
    FMR LLC
    LANSDOWNE PARTNERS
    VANGUARD GROUP INC
    NORGES BANK INVESTME
    UBS
    SPEIRS & JEFFERY STO
    SCOTTISH WIDOWS
    KIMBERLEY GRANGE INV
    DEUTSCHE PRIVATE BAN
    INVESTEC BANK (UK) L
    GE ASSET MANAGEMENT
    PEOPLES REPUBLIC OF
    AEGON

    Firm Name

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

    Analyst

    RBC Capital Markets


    ANDREW BROOKE
    Panmure Gordon & Co Limited
    PAUL JONES
    Berenberg Bank
    SIMON MEZZANOTTE
    AlphaValue
    LIONEL PELLICER
    Jefferies
    JUSTIN JORDAN
    HSBC
    ALEX MAGNI
    EVA Dimensions
    CRAIG STERLING
    JPMorgan
    Nicholas de la Grense
    Peel Hunt
    ANDREW NUSSEY
    Day by Day
    VALERIE GASTALDY
    Deutsche Bank
    ANDY CHU
    Goldman Sachs
    CHARLES WILSON
    Credit Suisse
    DAVID RIGBY
    Espirito Santo Investment Bank Research
    DAVID BROCKTON
    Oriel Securities Ltd
    HECTOR FORSYTHE
    Investec
    JOHN LAWSON
    S&P Capital IQ
    CLIVE ROBERTS
    Numis Securities Ltd
    MIKE MURPHY
    WH Ireland Ltd
    NICK SPOLIAR
    Barclays
    PAUL CHECKETTS
    Canaccord Genuity Corp
    JULIAN CATER
    Arden Partners Ltd
    GEOFF ALLUM
    McCall Aitken McKenzie & Co
    TEAM COVERAGE

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

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

    Amt Held
    % Out
    16'146'748
    6.01
    13'384'025
    4.98
    12'600'810
    4.69
    12'091'039
    4.5
    9'995'283
    3.72
    9'932'162
    3.7
    8'517'852
    3.17
    7'802'230
    2.91
    (7'727'861) -2.88
    6'806'019
    2.53
    6'195'331
    2.31
    6'128'812
    2.28
    5'695'595
    2.12
    4'943'653
    1.84
    4'862'100
    1.81
    4'287'117
    1.6
    3'981'801
    1.48
    3'904'273
    1.45
    3'872'491
    1.44
    3'297'588
    1.23

    Weighting

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

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

    Latest Chg
    (619'982)
    (351'722)
    (3'930'510)
    (894'717)
    (54'102)
    (169'268)
    (634'391)
    (348'827)
    1'888'342
    143'820
    (1'503'178)
    (44'566)
    775'291
    4'049'575
    14'000
    601'072
    222'636
    (3'732'303)

    Target Price
    2'100
    1'742
    1'720
    2'400
    2'000
    1'650
    #N/A N/A
    1'845
    1'800
    #N/A N/A
    1'813
    2'530
    1'850
    1'700
    #N/A N/A
    #N/A N/A
    2'300
    1'680
    2'500
    2'360
    1'450
    1'450
    #N/A N/A

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

    File Dt
    01.11.2012
    01.11.2012
    26.02.2013
    11.02.2013
    27.12.2012
    31.01.2013
    01.11.2012
    31.12.2012
    02.01.2013
    31.12.2012
    01.11.2012
    28.12.2012
    01.11.2012
    30.11.2012
    01.11.2012
    01.11.2012
    01.11.2012
    01.11.2012
    01.11.2012
    01.11.2012

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

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

    Date
    27.02.2013
    27.02.2013
    26.02.2013
    21.02.2013
    20.02.2013
    08.02.2013
    17.01.2013
    04.01.2013
    02.01.2013
    20.12.2012
    19.12.2012
    18.12.2012
    18.12.2012
    18.12.2012
    18.12.2012
    17.12.2012
    17.12.2012
    17.12.2012
    23.10.2012
    22.10.2012
    27.03.2012
    30.09.2011
    16.10.2009

    28.02.2013

    Air Liquide SA
    Air Liquide SA, through its subsidiaries, produces, markets, and sells
    industrial and healthcare gases worldwide. These gases include liquid nitrogen,
    argon, carbon dioxide, and oxygen. The Company also produces welding equipment,
    diving equipment, and technical-medical equipment. Air Liquide sells its
    products throughout Europe, the United States, Canada, Africa, and Asia.

    Price/Volume

    3.0 M
    2.5 M
    2.0 M

    60

    Latest Fiscal Year:


    LTM as of:
    52-Week High (21.09.2012)
    52-Week Low (18.05.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 07.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    AI FP EQUITY YTD Change
    AI FP EQUITY YTD % CHANGE

    12/2012
    12/yy
    100.00
    83.45
    136'192.00
    92.95
    -7.05%
    11.38%
    56.97%
    312.2
    29'019.67
    7'273.70
    0.0
    232.6
    1'154.20
    35'371.77

    1.5 M

    40

    1.0 M

    20

    .5 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


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

    3.5 M

    100
    80

    Valuation Analysis

    31.12.2008
    13'103.1
    1.73x
    2'941.8
    7.71x
    1'220.0
    13.93x

    120

    31.12.2009
    31.12.2010
    11'976.1
    13'488.0
    2.25x
    2.38x
    2'969.0
    3'374.3
    9.08x
    9.50x
    1'230.0
    1'403.6
    17.67x
    18.97x
    Profitability

    LTM-4Q
    31.12.2011
    14'456.9
    2.25x
    3'563.6
    9.13x
    1'534.9
    17.60x

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

    31.12.2012
    15'326.3
    2.35x
    3'792.3
    9.50x
    1'609.4
    18.38x
    3'792.30
    2'560.50
    16.71%
    14.63%
    6.55%
    16.12%
    0.62%
    24.7%
    16.7%
    10.5%
    1.03
    0.77
    29.09%
    71.23%
    5.47
    -

    Price/ Cash Flow

    LTM

    09/yy
    14'255.5
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    12/yy
    15'326.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    0.77
    310.66
    7.84%
    -2.21%
    0.768
    35
    3.486
    1'102'385
    834'332
    690'965
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    16'326.4
    17'510.6
    3'964.3
    3'952.3
    2.15x
    1.99x
    4'096.0
    4'445.6
    8.64x
    7.96x
    1'738.0
    1'922.0
    16.66x
    15.07x
    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

    02.07.2007
    A
    POS
    06.05.2004
    A-1
    14.00
    7.11
    1.61
    1.92
    71.2%
    41.1%
    0.62
    1.23
    66.93
    -

    Sales/Revenue/Turnover

    14.00

    18'000.0

    12.00

    16'000.0
    14'000.0

    10.00

    12'000.0

    8.00

    10'000.0

    6.00

    8'000.0
    6'000.0

    4.00

    4'000.0

    2.00
    0.00
    01.01.2010

    2'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Air Liquide SA
    Holdings By:

    All

    Holder Name
    VANGUARD GROUP INC
    NATIXIS ASSET MANAGE
    THORNBURG INVESTMENT
    BLACKROCK
    AMUNDI
    MASSACHUSETTS FINANC
    DEUTSCHE BANK AG
    BANK OF NEW YORK MEL
    AIR LIQUIDE
    MERCURY ASSET MANAGE
    THREADNEEDLE INVESTM
    ALLIANZ ASSET MANAGE
    CAPITAL GROUP COMPAN
    FMR LLC
    SCHRODER INVESTMENT
    AMUNDI
    HARTFORD INVESTMENT
    LBPAM
    ARTISAN PARTNERS HOL
    HARDING LOEVNER LP

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

    Firm Name

    Analyst

    Goldman Sachs
    Commerzbank Corporates & Markets
    Sanford C. Bernstein & Co
    AlphaValue
    Landesbank Baden-Wuerttemberg
    Exane BNP Paribas
    S&P Capital IQ
    Main First Bank AG
    Societe Generale
    Deutsche Bank
    Credit Suisse
    Independent Research GmbH
    Banco Sabadell
    Morgan Stanley
    Jefferies
    HSBC
    Berenberg Bank
    Nomura
    Barclays
    Kepler Capital Markets
    EVA Dimensions
    Day by Day
    Liberum Capital Ltd
    JPMorgan
    Macquarie
    Hamburger Sparkasse
    CM - CIC Securities(ESN)
    CA Cheuvreux
    Alembic Global Advisors
    Redburn Partners
    Natixis
    Canaccord Genuity Corp
    DZ Bank AG

    RAKESH PATEL
    STEPHAN KIPPE
    JEREMY REDENIUS
    FABRICE FARIGOULE
    ULLE WORNER
    HEIDI VESTERINEN
    JOHNSON IMODE
    THOMAS SWOBODA
    PETER CLARK
    TIMOTHY JONES
    CHRIS COUNIHAN
    CHRISTOPH SCHOENDUBE
    PATRICIA GARCIA SANCHEZ
    PETER MACKEY
    LAURENCE ALEXANDER
    GEOFF HAIRE
    JOHN PHILIPP KLEIN
    JEAN DE WATTEVILLE
    GUNTHER ZECHMANN
    MARKUS MAYER
    CRAIG STERLING
    VALERIE GASTALDY
    ADAM COLLINS
    NEIL C TYLER
    CHRISTIAN FAITZ
    MARCO GUENTHER
    ARI AGOPYAN
    KLAUS RINGEL
    HASSAN I AHMED
    TONY JONES
    FREDERIC WILLIAMS-GOBEAUX
    PAUL W SATCHELL
    PETER SPENGLER

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

    Recommendation
    neutral/neutral
    add
    outperform
    add
    buy
    neutral
    hold
    outperform
    hold
    hold
    outperform
    hold
    buy
    Equalwt/In-Line
    hold
    overweight
    hold
    neutral
    underweight
    hold
    underweight
    hold
    buy
    neutral
    outperform
    hold
    accumulate
    outperform
    neutral
    buy
    neutral
    hold
    buy

    Amt Held
    5'647'329
    4'574'842
    4'574'174
    3'568'694
    2'688'376
    1'814'483
    1'445'902
    1'126'821
    1'119'676
    1'028'653
    983'348
    924'128
    902'774
    886'970
    730'867
    716'601
    629'057
    606'009
    561'349
    509'650

    % Out
    1.81
    1.47
    1.47
    1.14
    0.86
    0.58
    0.46
    0.36
    0.36
    0.33
    0.31
    0.3
    0.29
    0.28
    0.23
    0.23
    0.2
    0.19
    0.18
    0.16

    Weighting

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

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

    Latest Chg
    119'140
    6'156
    232'636
    (65'449)
    47'020
    (10'563)
    1'125
    23'544
    (61'527)
    (450'378)
    (92'423)
    308'898
    (9'134)
    9'691
    (7'465)
    11'929
    144'631

    Target Price
    108
    105
    105
    98
    103
    96
    95
    105
    100
    99
    103
    100
    111
    104
    97
    112
    93
    106
    100
    100
    #N/A N/A
    #N/A N/A
    121
    100
    100
    #N/A N/A
    106
    101
    95
    #N/A N/A
    83
    82
    91

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

    File Dt
    31.12.2012
    31.12.2012
    31.12.2012
    26.02.2013
    30.11.2012
    31.12.2012
    31.12.2012
    26.02.2013
    31.12.2011
    26.02.2013
    31.10.2012
    31.12.2012
    31.12.2012
    31.12.2012
    28.09.2012
    28.09.2012
    31.01.2013
    31.12.2012
    31.12.2012
    30.06.2012

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

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

    Date
    27.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    20.02.2013
    19.02.2013
    18.02.2013
    18.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    04.02.2013
    01.02.2013
    15.01.2013
    10.01.2013
    13.12.2012
    07.12.2012
    21.11.2012
    15.11.2012
    05.11.2012
    26.10.2012
    15.10.2012
    08.10.2012
    02.08.2012
    18.05.2012
    27.10.2011

    28.02.2013

    Akzo Nobel NV
    Akzo Nobel N.V. produces and markets chemicals, coatings, and paints. The
    Company's products include surfactants, polymer chemicals, pulp and paper
    chemicals, as well as lacquers and varnishes.

    Price/Volume
    60
    50
    40
    30

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (14.02.2013)
    52-Week Low (28.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 10.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    AKZA NA EQUITY YTD Change
    AKZA NA EQUITY YTD % CHANGE

    12/2012
    12/yy
    52.84
    34.85
    176'386.00
    49.23
    -6.81%
    41.28%
    77.66%
    239.0
    11'768.31
    4'050.00
    0.0
    465.0
    1'752.00
    14'531.31

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

    10
    0
    f-12

    31.12.2009
    31.12.2010
    13'028.0
    14'640.0
    1.00x
    0.84x
    1'414.0
    2'449.0
    9.19x
    5.03x
    285.0
    754.0
    42.57x
    16.31x
    Profitability

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

    LTM-4Q
    31.12.2011
    15'697.0
    0.71x
    1'663.0
    6.73x
    477.0
    18.59x

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

    31.12.2012
    15'390.0
    0.95x
    3'657.0
    4.01x
    (2'169.0)
    3'657.00
    862.00
    5.60%
    -9.73%
    -11.47%
    -26.94%
    0.86%
    37.6%
    24.7%
    5.0%
    -14.1%
    1.39
    0.35
    22.55%
    58.76%
    5.84

    Price/ Cash Flow

    LTM

    12/yy
    15'697.0
    3.02x
    1'663.0
    6.94x
    477.0
    18.59x

    12/yy
    16'331.0
    3.32x
    4'026.0
    3.64x
    (2'169.0)
    0.00x

    FY+1

    1.11
    238.82
    19.78%
    -1.04%
    1.114
    33
    3.394
    1'460'065
    867'881
    913'781
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    15'799.7
    16'330.2
    3'626.7
    4'037.0
    0.91x
    0.87x
    4.32x
    3.71x
    2'011.1
    2'208.1
    408.7
    555.3
    7.22x
    6.58x
    8.00x
    823.8
    970.3
    127.5
    222.0
    13.56x
    11.89x
    15.63x
    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

    25.02.2009
    BBB+
    STABLE
    28.06.2000
    A-2
    13.70
    10.60
    0.57
    1.01
    58.8%
    35.5%
    0.86
    4.39
    62.71
    47.88

    Sales/Revenue/Turnover

    80.00

    18'000.0

    70.00

    16'000.0

    60.00

    14'000.0
    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
    01.01.2010

    m-12

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

    Fiscal Year Ended


    31.12.2008
    15'415.0
    0.61x
    1'310.0
    7.14x
    (1'086.0)
    -

    20

    5.0 M
    4.5 M
    4.0 M
    3.5 M
    3.0 M
    2.5 M
    2.0 M
    1.5 M
    1.0 M
    .5 M
    .0 M
    f-13

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Akzo Nobel NV
    Holdings By:

    All

    Holder Name
    CAPITAL GROUP COMPAN
    MASSACHUSETTS FINANC
    ONTARIO TEACHERS PEN
    VANGUARD GROUP INC
    DODGE & COX
    ALLIANZ ASSET MANAGE
    BNP PARIBAS INV PART
    SKAGEN AS
    FRANKLIN RESOURCES
    HARRIS ASSOCIATES LP
    TWEEDY BROWNE COMPAN
    BLACKROCK
    ACHMEA BELEGGINSFOND
    FMR LLC
    HARTFORD INVESTMENT
    FRANK RUSSELL TRUST
    TEMPLETON INVESTMENT
    CAUSEWAY CAPITAL MAN
    NEW YORK LIFE GROUP
    ING INVESTMENT MANAG

    Firm Name
    AlphaValue
    Goldman Sachs
    Credit Suisse
    S&P Capital IQ
    Exane BNP Paribas
    Sanford C. Bernstein & Co
    Societe Generale
    Nomura
    HSBC
    ING Bank
    Deutsche Bank
    Kempen & Co
    Morgan Stanley
    KBC Securities
    Commerzbank Corporates & Markets
    Macquarie
    SNS Securities(ESN)
    Rabobank International
    Redburn Partners
    ABN Amro Bank N.V.
    Berenberg Bank
    Barclays
    Canaccord Genuity Corp
    Kepler Capital Markets
    Petercam
    JPMorgan
    Theodoor Gilissen Securities
    EVA Dimensions
    Day by Day
    CA Cheuvreux

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

    Analyst
    MARTIN SCHNEE
    RAKESH PATEL
    CHRIS COUNIHAN
    JOHNSON IMODE
    JAMES KNIGHT
    JEREMY REDENIUS
    PETER CLARK
    JEAN DE WATTEVILLE
    SEBASTIAN SATZ
    FABIAN SMEETS
    MARTIN DUNWOODIE
    ARUN RAMBOCUS
    PAUL R WALSH
    WIM HOSTE
    LUTZ GRUETEN
    CHRISTIAN FAITZ
    GERT STEENS
    MICHA TIEKINK
    TONY JONES
    MUTLU GUNDOGAN
    JAIDEEP PANDYA
    GUNTHER ZECHMANN
    PAUL W SATCHELL
    MARKUS MAYER
    Roderick Verhelst
    NEIL C TYLER
    TOM MULLER
    CRAIG STERLING
    VALERIE GASTALDY
    MARTIN ROEDIGER

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

    Recommendation
    reduce
    neutral/neutral
    outperform
    hold
    outperform
    outperform
    buy
    reduce
    neutral
    hold
    buy
    buy
    Overwt/In-Line
    hold
    buy
    outperform
    hold
    buy
    buy
    hold
    hold
    equalweight
    buy
    reduce
    hold
    neutral
    hold
    underweight
    hold
    underperform

    Amt Held
    8'322'900
    6'995'056
    5'100'000
    5'075'719
    4'598'291
    3'217'767
    3'046'145
    2'565'119
    2'546'361
    2'474'010
    2'436'793
    2'256'713
    1'639'488
    1'496'246
    1'184'020
    1'170'845
    1'126'384
    1'054'310
    1'054'117
    917'981

    % Out
    3.48
    2.93
    2.13
    2.12
    1.92
    1.35
    1.27
    1.07
    1.07
    1.03
    1.02
    0.94
    0.69
    0.63
    0.5
    0.49
    0.47
    0.44
    0.44
    0.38

    Weighting

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

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

    Latest Chg
    (954'000)
    133'919
    106'690
    2'468
    791'178
    575'475
    (69'636)
    (281'868)
    58'893
    (559'598)
    (55'518)
    193'027
    1'164'397
    24'506
    (9'520)
    217'455
    316'600
    (308'457)

    Target Price
    47
    53
    56
    49
    57
    65
    60
    54
    51
    54
    58
    59
    60
    49
    65
    53
    38
    60
    #N/A N/A
    42
    58
    53
    54
    45
    47
    50
    50
    #N/A N/A
    #N/A N/A
    45

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

    File Dt
    Inst Type
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2011 Pension Fund (ERISA)
    31.12.2012
    Investment Advisor
    29.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.03.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.05.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.09.2012
    Insurance Company
    31.12.2012
    Investment Advisor

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

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    18.02.2013
    12.02.2013
    07.02.2013
    04.02.2013
    01.02.2013
    01.02.2013
    25.01.2013
    24.01.2013
    22.01.2013
    17.01.2013
    07.01.2013
    17.12.2012

    28.02.2013

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

    Price/Volume
    120
    100
    80
    60

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (02.01.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    ALV GY EQUITY YTD Change
    ALV GY EQUITY YTD % CHANGE

    12/2012
    12/yy
    108.65
    68.50
    511'490.00
    104.35
    -3.82%
    52.34%
    87.42%
    456.0
    47'578.38
    28'411.00
    0.0
    2'338.0
    10'492.00
    66'210.38

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

    20
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

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

    Fiscal Year Ended


    31.12.2008
    76'195.0
    0.69x
    (2'444.0)
    8.51x

    40

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

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

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

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

    Price/ Cash Flow

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

    LTM

    FY+1

    1.24
    455.95
    21.09%
    -0.43%
    1.239
    43
    4.372
    2'663'762
    1'702'802
    1'612'530
    FY+2

    FQ+1

    FQ+2

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

    12/yy
    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    96'790.0 105'205.6 108'287.8
    1.86x
    0.56x
    0.54x
    0.0
    0.00x
    5'169.0
    5'442.6
    5'676.6
    9.18x
    8.58x
    8.20x
    S&P Issuer Ratings
    Long-Term Rating Date
    27.01.2012
    Long-Term Rating
    AA
    Long-Term Outlook
    NEG
    Short-Term Rating Date
    23.03.2009
    Short-Term Rating
    A-1+
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    0.0%
    Total Debt/Capital
    37.5%
    Asset Turnover
    0.14
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle
    Sales/Revenue/Turnover

    7.00

    120'000.0

    6.00

    100'000.0

    5.00

    80'000.0

    4.00

    60'000.0
    3.00

    40'000.0
    2.00

    20'000.0

    1.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Allianz SE
    Holdings By:

    All

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

    Firm Name

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

    Analyst

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

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

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

    Amt Held
    32'047'039
    8'563'293
    8'000'572
    6'365'290
    4'767'885
    4'519'378
    4'513'764
    3'746'308
    3'598'771
    3'381'128
    2'337'600
    2'263'956
    2'232'924
    1'917'437
    1'843'650
    1'516'111
    1'488'178
    1'483'920
    1'455'112
    961'436

    % Out
    7.03
    1.88
    1.75
    1.4
    1.05
    0.99
    0.99
    0.82
    0.79
    0.74
    0.51
    0.5
    0.49
    0.42
    0.4
    0.33
    0.33
    0.33
    0.32
    0.21

    Weighting

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

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

    Latest Chg
    175'318
    (440'475)
    (13'563)
    (131'397)
    546'507
    972'739
    135'754
    (99'900)
    2'699
    303'500
    388'780
    8'714

    Target Price
    110
    130
    135
    132
    105
    111
    120
    85
    73
    120
    113
    120
    133
    125
    118
    103
    122
    122
    125
    114
    113
    120
    120
    123
    133
    120
    130
    120
    #N/A N/A
    128
    110
    120
    117
    100
    118
    110
    100
    #N/A N/A
    100
    #N/A N/A
    #N/A N/A
    92
    106

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

    File Dt
    26.02.2013
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    28.09.2012
    16.05.2012
    31.01.2013
    31.12.2012
    31.12.2012
    28.12.2012
    31.10.2012
    30.11.2012
    31.12.2012
    28.12.2012
    26.02.2013
    30.12.2012
    31.12.2012
    31.12.2012

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

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

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    18.02.2013
    18.02.2013
    15.02.2013
    08.02.2013
    04.02.2013
    01.02.2013
    30.01.2013
    29.01.2013
    24.01.2013
    23.01.2013
    18.01.2013
    17.01.2013
    16.01.2013
    16.01.2013
    10.01.2013
    07.01.2013
    13.12.2012
    10.12.2012
    05.12.2012
    26.11.2012
    14.11.2012
    09.11.2012
    03.08.2012
    15.03.2012
    11.11.2011
    12.05.2011

    28.02.2013

    Alstom SA
    Alstom S.A. serves the power generation market and the rail transport market.
    The Group offers a broad range of solutions for the rail industry, from
    tramways to high speed trains. Alstom also provides integrated power plants and
    associated services and equipment for a wide variety of energy sources, and
    offers technology solutions to eliminate pollutants and reduce emissions.

    Price/Volume
    9.0 M

    35

    8.0 M

    30

    7.0 M
    6.0 M

    25

    5.0 M

    20

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (19.02.2013)
    52-Week Low (28.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    ALO FP EQUITY YTD Change
    ALO FP EQUITY YTD % CHANGE

    03/2012
    12/yy
    34.44
    22.71
    634'119.00
    33.695
    -2.08%
    48.40%
    86.45%
    308.0
    10'379.32
    5'022.00
    0.0
    107.0
    2'104.00
    13'784.32

    31.03.2008
    16'908.0
    1.13x
    1'557.0
    12.28x
    852.0
    22.77x

    4.0 M

    15

    3.0 M

    10

    2.0 M

    1.0 M

    0
    f-12

    31.03.2009
    31.03.2010
    18'739.0
    19'650.0
    0.51x
    0.60x
    1'971.0
    2'212.0
    4.89x
    5.34x
    1'109.0
    1'217.0
    10.07x
    10.97x
    Profitability

    LTM-4Q
    31.03.2011
    20'923.0
    0.67x
    2'244.0
    6.28x
    462.0
    26.58x

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

    31.03.2012
    19'934.0
    0.58x
    2'032.0
    5.73x
    732.0
    11.75x
    2'032.00
    1'406.00
    7.05%
    4.63%
    2.53%
    18.47%
    10.51%
    0.66%
    19.0%
    10.4%
    7.3%
    3.7%
    0.92
    0.39
    16.18%
    116.06%
    3.86
    4.89

    Price/ Cash Flow

    a-12

    m-12

    j-12

    LTM

    12/yy
    19'994.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    j-12

    12/yy
    20'343.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    1.17
    207.06
    7.79%
    11.81%
    1.171
    32
    3.844
    1'129'861
    1'124'900
    1'114'955
    FY+2

    FQ+1

    FQ+2

    03/13 Y
    03/14 Y
    03/13 Q4 06/13 Q1
    20'830.6
    21'752.3
    6'069.0
    0.62x
    0.58x
    1'957.6
    2'111.9
    7.05x
    6.54x
    935.3
    1'071.2
    10.55x
    9.62x
    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

    12.05.2011
    BBB
    NEG
    20.01.2010
    A-2
    11.35
    6.81
    1.56
    2.34
    116.1%
    53.1%
    0.66
    7.22
    94.71
    74.91
    92.08
    87.81

    Sales/Revenue/Turnover

    60.00

    30'000.0

    50.00

    25'000.0

    40.00

    20'000.0

    30.00

    15'000.0

    20.00

    10'000.0

    10.00

    5'000.0

    0.00
    03.04.2009

    m-12

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

    Fiscal Year Ended


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

    40

    0.0
    03.10.2009

    03.04.2010

    03.10.2010

    03.04.2011

    03.10.2011

    03.04.2012

    03.10.2012

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

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

    28.02.2013

    Alstom SA
    Holdings By:

    All

    Holder Name
    BOUYGUES
    FRANKLIN RESOURCES
    NATIXIS ASSET MANAGE
    FMR LLC
    NORGES BANK
    AMUNDI
    NATIXIS ASSET MANAGE
    VANGUARD GROUP INC
    UBS INVESTMENT BANK
    GROUPAMA ASSET MANAG
    FMR LLC
    EDMOND DE ROTHSCHILD
    UBS
    CAISSE DES DEPOTS ET
    CITIGROUP GLOBAL MAR
    TEMPLETON INVESTMENT
    HSBC HOLDINGS PLC
    BLACKROCK
    CREDIT SUISSE
    LEGAL & GENERAL

    Firm Name

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

    Analyst

    AlphaValue
    LIONEL PELLICER
    Sanford C. Bernstein & Co
    MARTIN PROZESKY
    RBC Capital Markets
    ANDREW CARTER
    CM - CIC Securities(ESN)
    ARI AGOPYAN
    Day by Day
    VALERIE GASTALDY
    Canaccord Genuity Corp
    JAMES STETTLER
    Ahorro Corporacion Financiera SA
    VIRGINIA PEREZ REPES
    Morgan Stanley
    BEN UGLOW
    Exane BNP Paribas
    OLIVIER ESNOU
    Espirito Santo Investment Bank Research
    ROB VIRDEE
    Grupo Santander
    JOSE MANUEL ARROYAS
    Societe Generale
    GAEL DE BRAY
    William Blair & Co
    NICHOLAS P HEYMANN
    Landesbank Baden-Wuerttemberg
    VOLKER STOLL
    Barclays
    NICK WEBSTER
    Goldman Sachs
    DANIELA COSTA
    Credit Suisse
    ANDRE KUKHNIN
    JPMorgan
    ANDREAS WILLI
    Nomura
    DANIEL CUNLIFFE
    S&P Capital IQ
    JAWAHAR HINGORANI
    Main First Bank AG
    CHRISTOPHER YOUL
    EVA Dimensions
    CRAIG STERLING
    Natixis
    ARNAUD SCHMIT
    Berenberg Bank
    WILLIAM MACKIE
    HSBC
    MICHAEL HAGMANN
    Redburn Partners
    JAMES MOORE
    Kepler Capital Markets
    PIERRE BOUCHENY
    CA Cheuvreux
    ALFRED GLASER
    DZ Bank AG
    KARSTEN OBLINGER
    Deutsche Bank
    MARTIN WILKIE
    Independent Research GmbH
    ROSSEN KOEV
    CS Capital
    CHRISTOPHER PARKINSON

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

    Recommendation
    buy
    market perform
    underperform
    buy
    buy
    hold
    buy
    Overwt/Cautious
    outperform
    buy
    underweight
    buy
    market perform
    sell
    overweight
    neutral/neutral
    neutral
    neutral
    reduce
    buy
    outperform
    hold
    buy
    hold
    overweight
    neutral
    buy
    select list
    hold
    buy
    hold
    buy

    Amt Held
    90'543'867
    22'992'941
    8'866'611
    7'229'711
    5'835'364
    5'432'726
    4'438'557
    3'812'822
    3'680'708
    3'511'872
    3'468'278
    3'435'566
    3'343'360
    3'155'418
    2'596'414
    2'409'031
    1'710'061
    1'686'171
    1'665'544
    1'512'457

    % Out
    29.39
    7.46
    2.88
    2.35
    1.89
    1.76
    1.44
    1.24
    1.19
    1.14
    1.13
    1.12
    1.09
    1.02
    0.84
    0.78
    0.56
    0.55
    0.54
    0.49

    Weighting

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

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

    Latest Chg
    744'152
    4'494'482
    97'141
    (1'263'275)
    (2'546)
    (16'250)
    (32'839)
    -

    Target Price
    47
    33
    27
    40
    43
    30
    38
    38
    37
    42
    31
    37
    34
    28
    39
    32
    27
    33
    25
    38
    41
    #N/A N/A
    37
    35
    38
    #N/A N/A
    34
    35
    31
    41
    44
    42

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

    File Dt
    Inst Type
    04.10.2012
    Corporation
    31.12.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    31.03.2012
    Unclassified
    31.03.2012
    Government
    31.03.2012
    Investment Advisor
    31.03.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.03.2012
    Bank
    31.03.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.03.2012
    Investment Advisor
    28.12.2012
    Unclassified
    31.03.2012
    Unclassified
    31.03.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    31.03.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.03.2012
    Investment Advisor
    31.03.2012
    Unclassified

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

    Date
    28.02.2013
    26.02.2013
    19.02.2013
    14.02.2013
    14.02.2013
    08.02.2013
    07.02.2013
    04.02.2013
    25.01.2013
    24.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    22.01.2013
    22.01.2013
    22.01.2013
    22.01.2013
    22.01.2013
    22.01.2013
    17.01.2013
    15.01.2013
    08.01.2013
    29.11.2012
    08.10.2012
    02.10.2012
    07.05.2012
    23.03.2012
    04.11.2011
    21.07.2011
    27.10.2010

    28.02.2013

    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
    3000

    7.0 M
    6.0 M
    5.0 M

    1500

    Latest Fiscal Year:


    LTM as of:
    52-Week High (29.02.2012)
    52-Week Low (16.11.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    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

    12/2012
    01/yy
    2'752.00
    1'662.50
    752'288.00
    1918
    -30.29%
    15.37%
    26.62%
    1'393.1
    26'720.28
    17'754.00
    0.0
    6'130.0
    9'094.00
    55'305.96

    4.0 M

    1000

    3.0 M
    2.0 M

    500

    1.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


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

    8.0 M

    2000

    Valuation Analysis

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

    9.0 M

    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
    1.77x
    11'889.0
    4.55x
    6'169.0
    7.23x

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

    31.12.2012
    28'761.0
    2.00x
    7'694.0
    7.48x
    (1'493.0)
    7'694.00
    5'405.00
    18.79%
    -0.83%
    -1.97%
    -3.89%
    9.38%
    0.38%
    43.3%
    26.8%
    18.8%
    -5.2%
    2.41
    1.41
    22.37%
    47.15%
    9.36
    -

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    2.92
    1.42
    1'225.82
    -25.94%
    1.27%
    1.418
    32
    3.031
    3'361'866
    3'079'506
    3'129'120
    FY+2

    12/13 Y
    12/14 Y
    34'446.7
    36'034.4
    1.66x
    1.61x
    9'887.9
    10'889.3
    5.59x
    5.08x
    2'988.7
    3'662.5
    12.30x
    10.19x
    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

    .0 M
    f-13

    FQ+1

    FQ+2

    18.04.2011
    BBB+
    NEG
    19.04.2010
    A-2
    7.09
    1.92
    1.13
    2.31
    47.1%
    28.8%
    0.38
    0.67
    39.11
    49.13

    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

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

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

    28.02.2013

    Anglo American PLC


    Holdings By:

    All

    Holder Name
    BLACKROCK
    PUBLIC INVESTMENT CO
    LEGAL & GENERAL
    TARL INVESTMENT HOLD
    EPOCH TWO INVESTMENT
    NORGES BANK INVESTME
    SCOTTISH WIDOWS
    FMR LLC
    VANGUARD GROUP INC
    E OPPENHEIMER & SON
    OPPENHEIMERFUNDS INC
    UBS
    PEOPLES REPUBLIC OF
    OPPENHEIMERFUNDS INC
    VANGUARD GROUP INC
    CORONATION ASSET MAN
    GOVT OF SINGAPORE IN
    AVIVA INVESTORS
    STATE STREET
    Northern Cross Inter

    Firm Name
    AlphaValue
    Exane BNP Paribas
    Sanford C. Bernstein & Co
    RBC Capital Markets
    EVA Dimensions
    Jefferies
    Societe Generale
    Independent Research GmbH
    Deutsche Bank
    Credit Suisse
    JPMorgan
    Natixis
    Nomura
    SBG Securities
    S&P Capital IQ
    BMO Capital Markets
    Morgan Stanley
    Goldman Sachs
    HSBC
    Imara
    Investec
    Redburn Partners
    Barclays
    Macquarie
    Liberum Capital Ltd
    Day by Day
    Standard Chartered
    Avior Research
    CA Cheuvreux
    Daiwa Securities Co. Ltd.
    Panmure Gordon & Co Limited
    Prosdocimi

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

    Analyst
    SACHIN KUMAR
    RAPHAEL VEVERKA
    PAUL GAIT
    DES KILALEA
    CRAIG STERLING
    Christopher LaFemina
    ALAIN WILLIAM
    SVEN DIERMEIER
    GRANT SPORRE
    LIAM FITZPATRICK
    FRASER JAMIESON
    RAOUDHA BOUZEKRI
    SAM CATALANO
    PETER DAVEY
    JOHNSON IMODE
    TONY ROBSON
    MENNO SANDERSE
    EUGENE KING
    ANDREW KEEN
    STEPHEN MEINTJES
    ALBERT MINASSIAN
    SIMON TOYNE
    IAN ROSSOUW
    KIERAN DALY
    ASH LAZENBY
    VALERIE GASTALDY
    SUBRAMANIAM VARADA
    CLINTON DUNCAN
    JOAKIM AHLBERG
    SCOTT FINLAY
    ALISON TURNER
    TEAM COVERAGE

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

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

    Amt Held
    78'986'629
    77'592'603
    51'463'960
    47'275'613
    42'166'686
    29'466'453
    29'199'945
    28'152'759
    25'211'973
    25'200'000
    18'493'976
    17'632'458
    17'290'964
    15'661'337
    14'199'373
    10'574'494
    10'535'767
    10'437'360
    9'723'569
    9'024'700

    % Out
    5.67
    5.57
    3.69
    3.39
    3.03
    2.12
    2.1
    2.02
    1.81
    1.81
    1.33
    1.27
    1.24
    1.12
    1.02
    0.76
    0.76
    0.75
    0.7
    0.65

    Weighting

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

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

    Latest Chg
    540'016
    (2'557'012)
    3'632'677
    (4'622'324)
    549'175
    1'751'397
    523'597
    6'944'224
    1'122'571
    1'982'164
    1'922'748
    (639'640)
    393'514
    95'026

    Target Price
    2'191
    1'700
    2'225
    1'700
    #N/A N/A
    2'450
    1'900
    1'800
    2'290
    2'100
    1'640
    1'900
    1'800
    2'000
    2'100
    2'200
    1'970
    1'550
    2'240
    #N/A N/A
    2'259
    #N/A N/A
    1'970
    2'250
    #N/A N/A
    #N/A N/A
    1'960
    2'338
    2'250
    3'329
    2'756
    #N/A N/A

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

    File Dt
    26.02.2013
    01.11.2012
    31.01.2013
    01.11.2012
    01.11.2012
    01.11.2012
    30.11.2012
    31.12.2012
    31.12.2012
    01.11.2012
    30.12.2012
    28.12.2012
    01.11.2012
    01.11.2012
    01.11.2012
    30.09.2012
    01.11.2012
    01.11.2012
    27.02.2013
    01.11.2012

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

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

    Date
    28.02.2013
    27.02.2013
    26.02.2013
    25.02.2013
    22.02.2013
    21.02.2013
    19.02.2013
    19.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    16.02.2013
    15.02.2013
    15.02.2013
    11.02.2013
    07.02.2013
    17.01.2013
    16.01.2013
    16.01.2013
    14.01.2013
    10.01.2013
    30.11.2012
    03.10.2012
    08.09.2012
    27.08.2012
    30.07.2012
    21.04.2011
    21.04.2011
    10.06.2010

    28.02.2013

    Anheuser-Busch InBev NV
    Anheuser-Busch InBev NV brews beer. The Company manufactures ale, lager,
    stout, and bitter beer. Anheuser-Busch InBev owns brands that are both
    nationally and internationally prominent. The Company has production plants in
    Europe, the Americas, and Asia.

    Price/Volume
    80

    9.0 M

    70

    8.0 M

    60

    7.0 M
    6.0 M

    50

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (28.02.2013)
    52-Week Low (29.02.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    ABI BB EQUITY YTD Change
    ABI BB EQUITY YTD % CHANGE

    12/2012
    12/yy
    71.74
    49.79
    540'520.00
    71.2
    -0.79%
    43.00%
    97.20%
    1'606.8
    114'403.27
    44'341.00
    0.0
    4'299.0
    13'878.00
    184'756.12

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

    4.0 M

    30

    3.0 M

    20

    2.0 M

    10

    1.0 M

    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


    31.12.2008
    23'507.0
    4.07x
    7'734.0
    12.37x
    1'927.0
    11.99x

    5.0 M

    40

    31.12.2009
    31.12.2010
    36'758.0
    36'297.0
    3.57x
    3.70x
    12'925.0
    13'768.0
    10.15x
    9.76x
    4'613.0
    4'026.0
    17.92x
    22.61x
    Profitability

    LTM-4Q
    31.12.2011
    39'046.0
    3.49x
    15'297.0
    8.91x
    5'855.0
    16.71x

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

    31.12.2012
    39'758.0
    4.37x
    15'450.0
    11.25x
    7'243.0
    19.15x
    15'450.00
    12'765.00
    32.11%
    28.05%
    6.16%
    18.42%
    13.08%
    0.34%
    58.6%
    38.9%
    32.1%
    18.2%
    1.01
    0.88
    36.16%
    107.78%
    9.76
    6.62

    Price/ Cash Flow

    LTM

    12/yy
    39'046.0
    3.49x
    15'297.0
    8.91x
    5'855.0
    16.71x

    12/yy
    39'758.0
    4.14x
    11'768.0
    0.00x
    7'244.0
    19.04x

    FY+1

    .0 M
    f-13

    0.78
    44.29%
    8.31%
    0.775
    35
    3.714
    2'462'573
    2'289'935
    1'827'882
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    45'038.9
    48'541.3
    4.20x
    3.78x
    17'643.5
    19'424.8
    10.48x
    9.52x
    8'086.7
    8'967.0
    18.73x
    16.66x
    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

    01.05.2012
    A
    STABLE
    01.05.2012
    A-1
    7.48
    5.90
    1.97
    2.87
    107.8%
    49.4%
    0.34
    2.45
    37.49
    55.25
    306.82
    -214.08

    Sales/Revenue/Turnover

    14.00

    45'000.0

    12.00

    40'000.0
    35'000.0

    10.00

    30'000.0

    8.00

    25'000.0

    6.00

    20'000.0
    15'000.0

    4.00

    10'000.0

    2.00
    0.00
    01.01.2010

    5'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Anheuser-Busch InBev NV
    Holdings By:

    All

    Holder Name
    STICHTING INBEV
    EUGENIE PATRI SEBAST
    CAPITAL GROUP COMPAN
    BRC SARL
    FMR LLC
    VANGUARD GROUP INC
    BLACKROCK
    HARBOR CAPITAL ADVIS
    BNP PARIBAS INV PART
    ANHEUSER-BUSCH INBEV
    VOORZITTER VERHELST
    INBEV-BAILLET LATOUR
    ARTISAN PARTNERS HOL
    ALLIANZ ASSET MANAGE
    T ROWE PRICE ASSOCIA
    INVESCO LTD
    MERCURY ASSET MANAGE
    AMUNDI
    GRANTHAM MAYO VAN OT
    THREADNEEDLE INVESTM

    Firm Name

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

    Analyst

    Societe Generale
    ANDREW HOLLAND
    HSBC
    LAUREN E TORRES
    Nomura
    IAN SHACKLETON
    Exane BNP Paribas
    JAVIER GONZALEZ LASTRA
    AlphaValue
    ISABELLE COMBEMALE
    Kempen & Co
    SANDER VAN OORT
    Jefferies
    DIRK VAN VLAANDEREN
    Sanford C. Bernstein & Co
    TREVOR STIRLING
    Bank Degroof(ESN)
    HANS D'HAESE
    Independent Research GmbH
    LARS LUSEBRINK
    KBC Securities
    WIM HOSTE
    Canaccord Genuity Corp
    EDDY HARGREAVES
    S&P Capital IQ
    CARL SHORT
    ING Bank
    MARCO GULPERS
    ABN Amro Bank N.V.
    ROBERT JAN VOS
    Rabobank International
    KAREL ZOETE
    JPMorgan
    MIKE J GIBBS
    Natixis
    OLIVIER DELAHOUSSE
    Grupo Santander
    ANTHONY J BUCALO
    Petercam
    KRIS KIPPERS
    Berenberg Bank
    PHILIP MORRISEY
    Goldman Sachs
    MITCHELL COLLETT
    Credit Suisse
    SANJEET AUJLA
    Bryan Garnier & Cie
    NIKOLAAS FAES
    Redburn Partners
    CHRIS PITCHER
    RBC Capital Markets
    JAMES EDWARDES JONES
    Liberum Capital Ltd
    PABLO ZUANIC
    CA Cheuvreux
    ERIC BOROIAN
    EVA Dimensions
    AUSTIN BURKETT
    Espirito Santo Investment Bank Research
    ALEX SMITH
    Nord/LB
    WOLFGANG VASTERLING
    Day by Day
    VALERIE GASTALDY
    Deutsche Bank
    JONATHAN FELL
    Barclays
    SIMON HALES
    Banco Sabadell
    IGNACIO ROMERO
    Shore Capital Stockbrokers
    PHIL CARROLL
    Kepler Capital Markets
    TEAM COVERAGE

    Source
    20F
    20F
    ULT-AGG
    20F
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    20F
    20F
    20F
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    buy
    overweight
    neutral
    underperform
    sell
    hold
    buy
    outperform
    hold
    hold
    hold
    buy
    hold
    hold
    reduce
    buy
    not rated
    neutral
    buy
    buy
    buy
    sell/attractive
    neutral
    buy
    buy
    outperform
    buy
    outperform
    sell
    neutral
    hold
    hold
    restricted
    suspended coverage
    buy
    not rated
    buy

    Amt Held
    663'074'830
    133'267'604
    35'079'819
    32'666'460
    19'379'453
    16'738'779
    12'006'663
    10'597'724
    9'854'250
    7'601'955
    6'997'665
    5'485'415
    4'160'120
    3'870'095
    3'438'936
    2'695'029
    2'446'978
    2'292'039
    2'153'869
    2'066'638

    % Out
    41.27
    8.29
    2.18
    2.03
    1.21
    1.04
    0.75
    0.66
    0.61
    0.47
    0.44
    0.34
    0.26
    0.24
    0.21
    0.17
    0.15
    0.14
    0.13
    0.13

    Weighting

    Change

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

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

    Latest Chg
    (3'462'946)
    (1'662'696)
    (2'422'646)
    266'830
    (128'959)
    727'791
    89'672
    10'559
    1'647'249
    311'764
    402'350
    166'567
    46'278

    Target Price
    74
    78
    70
    63
    44
    68
    76
    81
    74
    73
    71
    85
    73
    68
    61
    76
    #N/A N/A
    70
    71
    80
    64
    60
    70
    75
    #N/A N/A
    69
    82
    72
    #N/A N/A
    65
    #N/A N/A
    #N/A N/A
    #N/A N/A
    #N/A N/A
    42
    #N/A N/A
    50

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

    File Dt
    Inst Type
    29.08.2011
    n/a
    29.08.2011
    Corporation
    31.12.2012
    Investment Advisor
    29.08.2011
    Other
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    29.08.2011
    Corporation
    29.08.2011
    Other
    29.08.2011
    Other
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    27.02.2013
    Investment Advisor
    26.02.2013
    Investment Advisor
    30.11.2012 Mutual Fund Manager
    31.05.2012
    Investment Advisor
    31.10.2012
    Investment Advisor

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

    Date
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    25.02.2013
    15.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    04.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    31.01.2013
    25.01.2013
    21.01.2013
    17.01.2013
    14.09.2012
    10.09.2012
    07.08.2012
    29.06.2012
    29.06.2012
    05.03.2012
    07.02.2012
    27.09.2011

    28.02.2013

    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
    1600

    7.0 M

    1400

    6.0 M

    1200

    5.0 M

    1000

    Latest Fiscal Year:


    LTM as of:
    52-Week High (02.01.2013)
    52-Week Low (01.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.06.2012
    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

    12/2011
    09/yy
    1'392.00
    972.00
    312'006.00
    1099
    -20.98%
    13.07%
    34.05%
    985.9
    10'834.56
    2'140.30
    0.0
    1'611.2
    3'280.00
    16'875.29

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

    3.0 M

    600
    400

    2.0 M

    200

    1.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


    31.12.2007
    3'826.7
    3.37x
    2'784.2
    4.64x
    1'382.1
    10.14x

    4.0 M

    800

    Valuation Analysis

    31.12.2008
    31.12.2009
    3'372.6
    2'962.6
    1.29x
    5.22x
    1'776.4
    1'676.9
    2.45x
    9.23x
    1'706.5
    667.7
    3.58x
    23.65x
    Profitability

    LTM-4Q
    31.12.2010
    4'577.1
    5.42x
    2'881.1
    8.60x
    1'051.8
    23.56x

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

    31.12.2011
    6'076.0
    3.14x
    3'519.3
    5.41x
    1'236.6
    15.02x
    3'519.30
    3'087.60
    50.82%
    50.63%
    10.17%
    19.40%
    0.53%
    64.8%
    55.4%
    47.9%
    20.4%
    4.79
    4.05
    18.29%
    34.54%
    6.33
    3.99

    Price/ Cash Flow

    09/yy
    4'172.9
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    LTM
    09/yy
    6'755.5
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    1.23
    1.54
    345.84
    -15.25%
    -16.99%
    1.544
    29
    2.793
    2'470'585
    1'964'332
    1'610'025
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    09/12 Q3 12/12 Q4
    6'640.1
    6'606.7
    1'587.8
    1'618.0
    2.41x
    2.41x
    3'744.1
    3'435.2
    923.4
    4.51x
    4.91x
    1'338.0
    1'301.9
    12.16x
    12.53x
    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

    79.09
    64.11
    -0.39
    0.59
    34.5%
    21.5%
    0.53
    0.97
    57.78
    91.82
    68.81
    77.50

    Sales/Revenue/Turnover

    25.00

    7'000.0
    6'000.0

    20.00

    5'000.0
    15.00

    4'000.0
    3'000.0

    10.00

    2'000.0
    5.00

    0.00
    02.01.2009

    1'000.0
    0.0
    02.07.2009

    02.01.2010

    02.07.2010

    02.01.2011

    02.07.2011

    02.01.2012

    02.07.2012

    02.01.2013

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

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

    28.02.2013

    Antofagasta PLC
    Holdings By:

    All

    Holder Name
    METALINVEST ESTABLIS
    KUPFERBERG ESTABLISH
    BLACKROCK
    AUREBERG ESTABLISHME
    FRANKLIN RESOURCES
    LEGAL & GENERAL
    RS INVESTMENT MANAGE
    NORGES BANK INVESTME
    SCOTTISH WIDOWS
    RS INVESTMENT MANAGE
    JP MORGAN
    VANGUARD GROUP INC
    FMR LLC
    BAILLIE GIFFORD AND
    UBS
    MERRILL LYNCH & COMP
    T ROWE PRICE ASSOCIA
    PEOPLES REPUBLIC OF
    T ROWE PRICE ASSOCIA
    GH KLUGE & SONS LTD

    Firm Name
    AlphaValue
    JPMorgan
    Exane BNP Paribas
    Societe Generale
    RBC Capital Markets
    Day by Day
    GMP
    Jefferies
    HSBC
    Goldman Sachs
    Canaccord Genuity Corp
    Nomura
    Macquarie
    Deutsche Bank
    Credit Suisse
    Fox-Davies Capital
    Barclays
    Numis Securities Ltd
    Morgan Stanley
    EVA Dimensions
    Liberum Capital Ltd
    Redburn Partners
    BMO Capital Markets
    Natixis
    Larrain Vial Corredores de Bolsa
    S&P Capital IQ
    Grupo Santander
    Daiwa Securities Co. Ltd.

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

    Analyst
    SACHIN KUMAR
    FRASER JAMIESON
    RAPHAEL VEVERKA
    ABHISHEK SHUKLA
    TIMOTHY HUFF
    VALERIE GASTALDY
    MATHEW FERNLEY
    Christopher LaFemina
    ANDREW KEEN
    FAWZI HANANO
    PETER MALLIN-JONES
    PATRICK JONES
    ALON OLSHA
    GRANT SPORRE
    LIAM FITZPATRICK
    PETER ROSE
    IAN ROSSOUW
    CAILEY BARKER
    ALAIN GABRIEL
    CRAIG STERLING
    BEN DAVIS
    SIMON TOYNE
    TEAM COVERAGE
    RAOUDHA BOUZEKRI
    JOSE PEDRO FUENZALIDA
    JOHNSON IMODE
    RODRIGO ORDONEZ
    SCOTT FINLAY

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

    Recommendation
    buy
    overweight
    outperform
    sell
    outperform
    hold
    hold
    hold
    neutral
    sell/attractive
    hold
    neutral
    neutral
    hold
    underperform
    sell
    equalweight
    hold
    Underwt/In-Line
    overweight
    hold
    sell
    not rated
    neutral
    sell
    sell
    buy
    outperform

    Amt Held
    500'026'513
    98'032'110
    50'278'691
    41'963'110
    27'996'546
    14'952'806
    9'420'911
    8'649'755
    8'488'957
    7'887'165
    7'412'130
    7'272'901
    7'259'809
    7'141'508
    6'973'019
    6'199'759
    5'776'806
    5'702'125
    5'539'205
    5'345'800

    % Out
    50.72
    9.94
    5.1
    4.26
    2.84
    1.52
    0.96
    0.88
    0.86
    0.8
    0.75
    0.74
    0.74
    0.72
    0.71
    0.63
    0.59
    0.58
    0.56
    0.54

    Weighting

    Change

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

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

    Latest Chg
    877'100
    (652'086)
    348'840
    (310'538)
    2'136'431
    387'806
    185'093
    188'245
    5'090'993
    49'137
    (597'020)
    (2'450)
    (4'170'287)
    557'168
    (1'951'983)
    -

    Target Price
    1'457
    1'400
    1'350
    970
    1'200
    #N/A N/A
    1'220
    1'350
    1'160
    1'075
    1'175
    1'250
    1'170
    1'260
    1'150
    984
    1'100
    1'230
    1'100
    #N/A N/A
    #N/A N/A
    #N/A N/A
    #N/A N/A
    1'147
    1'180
    1'000
    1'500
    1'372

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

    File Dt
    12.03.2012
    02.01.2013
    26.02.2013
    02.01.2013
    02.01.2013
    31.01.2013
    02.01.2013
    02.01.2013
    02.01.2013
    31.12.2012
    02.01.2013
    31.12.2012
    02.01.2013
    02.01.2013
    02.01.2013
    02.01.2013
    02.01.2013
    02.01.2013
    31.12.2012
    02.01.2013

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

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

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    25.02.2013
    22.02.2013
    21.02.2013
    11.02.2013
    08.02.2013
    07.02.2013
    06.02.2013
    06.02.2013
    03.02.2013
    01.02.2013
    31.01.2013
    31.01.2013
    31.01.2013
    30.01.2013
    29.01.2013
    23.01.2013
    17.01.2013
    14.01.2013
    06.12.2012
    22.11.2012
    20.11.2012
    19.11.2012
    12.10.2012
    15.03.2012
    09.06.2011

    28.02.2013

    AP Moeller - Maersk A/S


    A.P. Moeller-Maersk A/S is a conglomerate with diversified holdings. The
    Company's fleet includes container vessels, tankers, supply ships, special
    vessels, and oil drilling rigs. A.P. Moeller-Maersk also operates industrial,
    and supermarket businesses, and explores for and produces oil and gas. The
    Company is active worldwide.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (21.01.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    MAERSKB DC EQUITY YTD Change
    MAERSKB DC EQUITY YTD % CHANGE

    12/2012
    12/yy
    47'480.00
    35'000.00
    1'761.00
    45680
    -3.79%
    30.51%
    83.33%
    2.2
    196'834.95
    111'064.00
    0.0
    13'744.0
    15'171.00
    306'471.96

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

    31.12.2009
    31.12.2010
    260'336.0
    315'396.0
    1.01x
    0.97x
    49'262.0
    89'218.0
    5.34x
    3.44x
    (7'027.0)
    26'455.0
    8.33x
    Profitability

    LTM-4Q
    31.12.2011
    322'520.0
    0.84x
    78'506.0
    3.44x
    15'189.0
    10.96x

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

    31.12.2012
    342'058.0
    0.85x
    72'897.0
    4.00x
    21'673.0
    8.59x
    72'897.00
    41'924.00
    12.26%
    12.43%
    5.25%
    10.76%
    0.83%
    21.3%
    12.3%
    6.3%
    1.15
    0.67
    26.40%
    53.19%
    12.20
    -

    Price/ Cash Flow

    .0 M
    .0 M
    .0 M
    .0 M
    .0 M

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    LTM

    FY+1

    .0 M
    f-13

    1.02
    3.97%
    7.23%
    1.017
    31
    3.677
    5'834
    4'800
    4'522
    FY+2

    FQ+1

    FQ+2

    12/yy
    12/yy
    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    322'520.0 342'058.0 346'192.4 366'044.8
    81'773.1
    85'571.3
    2.44x
    3.40x
    0.89x
    0.83x
    78'506.0
    72'897.0
    78'615.5
    85'718.1
    17'725.7
    19'909.3
    3.44x
    4.06x
    3.90x
    3.58x
    3.95x
    3.78x
    15'189.0
    21'673.0
    19'673.8
    24'918.6
    3'444.0
    5'381.8
    11.01x
    8.61x
    10.30x
    8.27x
    10.09x
    9.27x
    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

    15.68
    7.80
    1.32
    1.52
    53.2%
    33.3%
    0.83
    1.33
    30.01
    -

    Sales/Revenue/Turnover

    9.00

    400'000.0

    8.00

    350'000.0

    7.00

    300'000.0

    6.00

    250'000.0

    5.00

    200'000.0

    4.00

    150'000.0

    3.00

    100'000.0

    2.00

    50'000.0

    1.00
    0.00
    01.01.2010

    .0 M

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

    Fiscal Year Ended


    31.12.2008
    311'821.0
    0.68x
    83'945.0
    2.52x
    16'960.0
    6.86x

    50000
    45000
    40000
    35000
    30000
    25000
    20000
    15000
    10000
    5000
    0
    f-12 m-12

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    AP Moeller - Maersk A/S


    Holdings By:

    All

    Holder Name
    AP & CHASTINE MOLLER
    AP MOLLER C MCKINNEY
    FRANKLIN RESOURCES
    MC-KINNEY MOLLER MAE
    DEN AP MOLLERSKE STO
    VANGUARD GROUP INC
    AP MOLLER - MAERSK A
    SKAGEN AS
    NORDEA INV MANAGEMEN
    BLACKROCK
    SWEDBANK ROBUR FONDE
    CAPITAL GROUP COMPAN
    MANDARINE GESTION
    JANUS CAPITAL MANAGE
    SPARINVEST
    ING INTERNATIONAL AD
    T ROWE PRICE ASSOCIA
    SARASIN
    DANSKE INVEST A/S
    DEUTSCHE BANK AG

    Firm Name
    AlphaValue
    ABN Amro Bank N.V.
    Nordea Equity Research
    ABG Sundal Collier
    SEB Enskilda
    Carnegie
    Handelsbanken
    DNB Markets
    Danske Markets
    Clarkson Capital Markets LLC
    Alm Brand Markets
    Goldman Sachs
    JPMorgan
    Cantor Fitzgerald
    Fearnley Fonds
    Nomura
    Berenberg Bank
    Deutsche Bank
    RS Platou Markets
    Morgan Stanley
    Macquarie
    EVA Dimensions
    Credit Suisse
    HSBC
    SpareBank 1 Markets AS
    Equita SIM SpA
    Jyske Bank
    CA Cheuvreux
    NYKREDIT
    Sydbank

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

    Analyst
    HELENE COUMES
    MARK VAN DER GEEST
    FINN BJARKE PETERSEN
    LARS HEINDORFF
    MIKKEL M NIELSEN
    STIG FREDERIKSEN
    DAN TOGO JENSEN
    NICOLAY DYVIK
    ERIK BERGOO
    URS M DUR
    JESPER CHRISTENSEN
    OLIVER NEAL
    CHRISTOPHER G COMBE
    ROBIN BYDE
    RIKARD VABO
    MARK MCVICAR
    WILLIAM FOGGON
    JOSE FRANCISCO RUIZ SOLERA
    FRODE MOERKEDAL
    PENNY BUTCHER
    ROBERT JOYNSON
    CRAIG STERLING
    NEIL GLYNN
    JULIA WINARSO
    GLENN LODDEN
    GIANMARCO BONACINA
    FRANS HOYER
    BEAT KEISER
    RICKY S RASMUSSEN
    JACOB PEDERSEN

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

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

    Amt Held
    905'933
    216'483
    87'574
    81'758
    64'615
    35'821
    29'729
    16'835
    14'480
    14'105
    12'536
    9'054
    8'206
    6'963
    6'719
    6'527
    6'428
    6'199
    5'990
    5'839

    % Out
    41.22
    9.85
    3.98
    3.72
    2.94
    1.63
    1.35
    0.77
    0.66
    0.64
    0.57
    0.41
    0.37
    0.32
    0.31
    0.3
    0.29
    0.28
    0.27
    0.27

    Weighting

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

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

    Latest Chg
    (1'148)
    4'657
    275
    4'040
    1'049
    4'214
    (680)
    (954)
    (406)
    530
    (478)
    (319)
    (43)

    Target Price
    41'684
    52'500
    50'000
    52'000
    45'100
    #N/A N/A
    57'000
    51'000
    55'000
    42'200
    42'500
    56'000
    45'000
    50'000
    38'000
    59'000
    57'000
    53'800
    50'000
    60'000
    45'000
    #N/A N/A
    38'000
    56'000
    50'000
    60'000
    37'000
    40'000
    #N/A N/A
    #N/A N/A

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

    File Dt
    Inst Type
    31.12.2011
    Other
    31.12.2011
    n/a
    31.12.2012
    Investment Advisor
    31.12.2011
    n/a
    31.12.2011
    Other
    31.12.2012
    Investment Advisor
    31.12.2011
    Corporation
    31.01.2013 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    28.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.12.2012
    Unclassified
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor

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

    Date
    28.02.2013
    27.02.2013
    26.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    19.02.2013
    08.02.2013
    03.02.2013
    01.02.2013
    30.01.2013
    17.01.2013
    23.11.2012
    13.11.2012
    26.10.2012
    17.10.2012
    04.09.2012
    10.08.2012
    23.02.2012
    18.02.2011

    28.02.2013

    ArcelorMittal
    ArcelorMittal produces steel. The Company manufactures cold rolled,
    electrogalvanized and coated steels, slabs, special quality bars, and wire
    rods. Arcelor Mittal has steel making operations in Europe, the Americas,
    Asia, and Africa.

    Price/Volume
    18

    35.0 M

    16

    30.0 M

    14

    25.0 M

    12

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (29.02.2012)
    52-Week Low (01.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 15.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    MT NA EQUITY YTD Change
    MT NA EQUITY YTD % CHANGE

    12/2012
    12/yy
    16.42
    10.60
    2'321'167.00
    11.355
    -30.82%
    7.17%
    16.82%
    1'665.4
    18'910.53
    25'752.00
    0.0
    3'474.0
    4'398.00
    49'621.59

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

    20.0 M

    15.0 M

    10.0 M

    5.0 M

    2
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


    31.12.2008
    124'936.0
    0.50x
    24'436.0
    2.57x
    9'399.0
    3.49x

    10

    31.12.2009
    31.12.2010
    61'021.0
    78'025.0
    1.52x
    1.05x
    3'656.0
    8'014.0
    25.37x
    10.25x
    157.0
    2'916.0
    308.59x
    17.66x
    Profitability

    LTM-4Q
    31.12.2011
    93'973.0
    0.58x
    9'898.0
    5.47x
    2'263.0
    15.75x

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

    31.12.2012
    84'213.0
    0.61x
    6'762.0
    7.58x
    (3'726.0)
    6'762.00
    1'809.00
    2.15%
    -6.85%
    -3.15%
    -6.87%
    0.71%
    6.1%
    8.6%
    2.8%
    -4.4%
    1.33
    0.40
    22.48%
    49.79%
    14.60
    -

    Price/ Cash Flow

    LTM

    12/yy
    93'973.0
    2.92x
    10'448.0
    5.18x
    2'263.0
    15.75x

    12/yy
    84'213.0
    2.47x
    7'280.0
    7.04x
    (3'726.0)
    0.00x

    FY+1

    .0 M
    f-13

    1.48
    976.79
    -25.49%
    -12.21%
    1.477
    42
    3.524
    11'560'490
    8'518'240
    8'114'582
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    87'743.3
    90'551.9
    20'688.8
    22'234.8
    0.53x
    0.49x
    2.34x
    2.16x
    7'995.0
    9'529.1
    1'607.3
    2'168.3
    6.21x
    5.21x
    6.52x
    6.11x
    1'250.1
    2'590.7
    33.8
    557.0
    20.01x
    9.98x
    22.97x
    16.31x
    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

    02.08.2012
    BB+
    NEG
    02.08.2012
    B
    3.33
    1.02
    2.93
    3.54
    49.8%
    31.8%
    0.71
    1.56
    25.07
    61.20

    Sales/Revenue/Turnover

    60.00

    140'000.0

    50.00

    120'000.0
    100'000.0

    40.00

    80'000.0
    30.00

    60'000.0

    20.00

    40'000.0

    10.00

    20'000.0

    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    ArcelorMittal
    Holdings By:

    All

    Holder Name
    HSBC TRUSTEE CI LTD
    STATE OF LUXEMBOURG
    CAPITAL GROUP COMPAN
    VANGUARD GROUP INC
    BLACKROCK
    NATIXIS ASSET MANAGE
    ARCELOR MITTAL
    ING INVESTMENT MANAG
    AMUNDI
    AVIVA PLC
    ING INTERNATIONAL AD
    DIMENSIONAL FUND ADV
    HENDERSON GLOBAL INV
    LBPAM
    ACHMEA BELEGGINSFOND
    BNP ASSET MANAGEMENT
    MERCURY ASSET MANAGE
    SNS INVESTMENT FUND
    HARTFORD INVESTMENT
    BNP ASSET MANAGEMENT

    Firm Name

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

    Analyst

    Exane BNP Paribas


    LUC PEZ
    EVA Dimensions
    CRAIG STERLING
    HSBC
    THORSTEN ZIMMERMANN
    Nomura
    NEIL SAMPAT
    AlphaValue
    FABRICE FARIGOULE
    RBC Capital Markets
    TIMOTHY HUFF
    Bankia Bolsa (ESN)
    INIGO RECIO PASCUAL
    Banco Sabadell
    FRANCISCO JOSE RODRIGUEZ
    Hamburger Sparkasse
    INGO SCHMIDT
    Societe Generale
    ALAIN WILLIAM
    Nord/LB
    HOLGER FECHNER
    Jefferies
    SETH ROSENFELD
    Independent Research GmbH
    SVEN DIERMEIER
    Rabobank International
    FRANK CLAASSEN
    Kepler Capital Markets
    ROCHUS BRAUNEISER
    Espirito Santo Investment Bank Research
    RUI DIAS
    S&P Capital IQ
    JOHNSON IMODE
    Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL
    Morgan Stanley
    ALEXANDER HAISSL
    Goldman Sachs
    STEPHEN BENSON
    JPMorgan
    ALESSANDRO ABATE
    Ahorro Corporacion Financiera SA
    CESAR SANCHEZ-GRANDE
    ING Bank
    FILIP DE PAUW
    Banesto Bolsa SA Sociedad
    ROBERT JACKSON
    ABN Amro Bank N.V.
    MAARTEN BAKKER
    VTB Capital
    WIKTOR BIELSKI
    Macquarie
    JEFFREY LARGEY
    Grupo Santander
    JUAN RAMON CORREAS
    Theodoor Gilissen Securities
    TOM MULLER
    Petercam
    JUNIOR CUIGNIEZ
    Landesbank Baden-Wuerttemberg
    JENS MUENSTERMANN
    BBVA
    LUIS DE TOLEDO
    Natixis
    RAOUDHA BOUZEKRI
    Davy
    TIM CAHILL
    Kempen & Co
    DIRK VERBIESEN
    La Caixa
    ICIAR GOMEZ BOTAS
    Day by Day
    VALERIE GASTALDY
    National Bank AG
    EKKEHARD D LINK
    Main First Bank AG
    ALEXANDER HAUENSTEIN
    Deutsche Bank
    BASTIAN SYNAGOWITZ
    Cyrrus
    JIRI SIMARA
    Dahlman Rose & Co
    ANTHONY B RIZZUTO JR
    Daiwa Securities Co. Ltd.
    SCOTT FINLAY

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

    Recommendation
    neutral
    hold
    neutral
    neutral
    buy
    outperform
    buy
    buy
    buy
    buy
    sell
    buy
    hold
    buy
    hold
    sell
    sell
    hold
    Equalwt/Cautious
    neutral/neutral
    overweight
    sell
    hold
    Under Review
    buy
    buy
    neutral
    hold
    buy
    hold
    buy
    underperform
    neutral
    neutral
    buy
    overweight
    hold
    buy
    underperform
    hold
    accumulate
    buy
    buy

    Amt Held
    637'338'263
    38'965'330
    34'288'654
    18'860'993
    13'348'667
    12'923'790
    11'807'964
    8'527'735
    6'034'275
    5'391'818
    4'509'672
    3'648'408
    3'405'847
    3'040'188
    2'965'210
    2'897'046
    2'858'279
    2'539'528
    2'400'895
    2'277'403

    % Out
    38.27
    2.34
    2.06
    1.13
    0.8
    0.78
    0.71
    0.51
    0.36
    0.32
    0.27
    0.22
    0.2
    0.18
    0.18
    0.17
    0.17
    0.15
    0.14
    0.14

    Weighting

    Change

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

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

    Latest Chg
    (1'268'600)
    378'014
    (888'877)
    (458'274)
    (35'853)
    1'244'588
    (2'720)
    1'632'158
    383'008
    (511'043)
    2'297'074
    (67'376)
    1'952'715
    2'277'403

    Target Price
    15
    #N/A N/A
    12
    12
    15
    14
    16
    15
    #N/A N/A
    16
    10
    16
    14
    15
    13
    10
    9
    13
    13
    12
    15
    12
    13
    #N/A N/A
    19
    21
    15
    17
    18
    14
    15
    15
    13
    #N/A N/A
    17
    13
    #N/A N/A
    15
    9
    13
    18
    #N/A N/A
    30

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

    File Dt
    31.07.2012
    17.05.2012
    31.12.2012
    31.12.2012
    26.02.2013
    31.12.2012
    17.05.2012
    31.12.2012
    30.11.2012
    31.01.2013
    28.09.2012
    31.07.2012
    31.12.2012
    31.12.2012
    31.12.2012
    30.09.2012
    26.02.2013
    29.06.2012
    31.01.2013
    30.09.2012

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

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

    Date
    27.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    18.02.2013
    18.02.2013
    15.02.2013
    11.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    05.02.2013
    01.02.2013
    25.01.2013
    22.01.2013
    14.01.2013
    11.01.2013
    10.01.2013
    10.01.2013
    10.01.2013
    06.01.2013
    23.11.2012
    20.11.2012
    02.11.2012
    02.11.2012
    26.10.2012
    30.01.2012
    17.10.2011
    08.06.2011

    28.02.2013

    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 (20.02.2013)
    52-Week Low (18.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 01.02.2013
    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
    12/yy
    964.00
    463.60
    607'657.00
    956.5
    -0.73%
    106.32%
    97.20%
    1'380.8
    13'207.05
    5.80
    0.0
    0.0
    386.30
    12'826.55

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

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


    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

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

    31.12.2012
    576.9
    17.92x
    225.5
    45.85x
    160.7
    65.72x
    225.50
    208.10
    36.07%
    38.31%
    11.62%
    14.18%
    14.14%
    0.42%
    94.5%
    39.1%
    36.1%
    27.9%
    2.84
    2.19
    0.40%
    0.48%
    4.73
    13.38

    Price/ Cash Flow

    12/yy
    491.8
    61.30x
    0.0
    0.00x
    112.6
    70.73x

    LTM
    12/yy
    576.8
    56.03x
    0.0
    0.00x
    160.6
    65.76x

    FY+1

    .0 M
    f-13

    0.47
    1.05
    1'373.53
    69.17%
    24.54%
    1.051
    30
    3.400
    3'416'629
    3'835'742
    4'028'982
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    666.4
    781.8
    157.5
    159.1
    18.96x
    15.87x
    80.91x
    80.05x
    337.3
    419.6
    74.3
    72.8
    38.03x
    30.57x
    40.59x
    37.42x
    263.4
    338.2
    62.2
    62.0
    51.42x
    40.53x
    50.61x
    47.83x
    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

    -1.69
    0.03
    0.5%
    0.5%
    0.42
    21.31
    77.44
    27.36
    84.05
    20.76

    Sales/Revenue/Turnover

    80.00

    700.0

    70.00

    600.0

    60.00

    500.0

    50.00

    400.0

    40.00

    300.0

    30.00

    200.0

    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

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

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

    28.02.2013

    ARM Holdings PLC


    Holdings By:

    All

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

    Firm Name

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

    Analyst

    Exane BNP Paribas


    JEROME RAMEL
    AlphaValue
    LIONEL PELLICER
    Morgan Stanley
    FRANCOIS MEUNIER
    Societe Generale
    PETER KNOX
    BMO Capital Markets
    AMBRISH SRIVASTAVA
    Sanford C. Bernstein & Co
    PIERRE FERRAGU
    Redburn Partners
    SUMANT WAHI
    Day by Day
    VALERIE GASTALDY
    Credit Suisse
    JUSTIS MCEVILLY
    Goldman Sachs
    SIMON F SCHAFER
    Peel Hunt
    PAUL GILMER MORLAND
    RBC Capital Markets
    ANDREW DUNN
    JPMorgan
    SANDEEP S DESHPANDE
    CA Cheuvreux
    BERND LAUX
    Espirito Santo Investment Bank Research
    VIJAY ANAND
    Natixis
    STEPHANE HOURI
    S&P Capital IQ
    JAMES CRAWSHAW
    Numis Securities Ltd
    NICK JAMES
    Barclays
    ANDREW M GARDINER
    Investec
    JULIAN YATES
    Finncap
    LORNE DANIEL
    Jefferies
    LEE SIMPSON
    EVA Dimensions
    ANDREW S ZAMFOTIS
    Berenberg Bank
    ADNAAN AHMAD
    D.A. Davidson & Co
    AALOK K SHAH
    Deutsche Bank
    KAI KORSCHELT
    Liberum Capital Ltd
    JANARDAN MENON
    Merchant Securities
    JULIAN TOLLEY
    Panmure Gordon & Co Limited
    GEORGE O'CONNOR

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

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

    Amt Held
    95'690'311
    81'330'184
    79'925'721
    67'090'522
    61'899'954
    49'773'219
    48'892'118
    44'774'427
    26'857'349
    26'616'977
    18'045'002
    16'851'701
    16'092'906
    15'992'665
    15'841'776
    14'958'679
    14'519'056
    9'719'233
    9'530'232
    9'001'166

    % Out
    6.93
    5.89
    5.79
    4.86
    4.48
    3.6
    3.54
    3.24
    1.95
    1.93
    1.31
    1.22
    1.17
    1.16
    1.15
    1.08
    1.05
    0.7
    0.69
    0.65

    Weighting

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

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

    Latest Chg
    (1'388'313)
    209'000
    (14'018'380)
    (3'298'076)
    93'283
    713'733
    619'743
    7'456'490
    (622'766)
    (3'881'989)
    542'323
    (722'733)
    3'127'478
    460'541
    (630'000)
    287'919

    Target Price
    1'000
    532
    911
    640
    1'200
    550
    #N/A N/A
    1'090
    1'130
    1'250
    930
    960
    625
    1'040
    920
    955
    1'000
    920
    1'075
    940
    900
    805
    #N/A N/A
    1'000
    655
    400
    440
    680
    265

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

    File Dt
    Inst Type
    01.02.2013
    Investment Advisor
    01.12.2012
    Investment Advisor
    01.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    01.12.2012
    Investment Advisor
    01.12.2012
    Unclassified
    01.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    01.12.2012
    Unclassified
    01.12.2012
    Government
    01.12.2012 Hedge Fund Manager
    31.12.2012
    Investment Advisor
    01.12.2012
    Government
    01.12.2012
    Investment Advisor
    01.12.2012 Pension Fund (ERISA)
    01.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    01.12.2012
    Investment Advisor
    01.12.2012
    Investment Advisor
    28.12.2012
    Unclassified

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

    Date
    28.02.2013
    28.02.2013
    27.02.2013
    26.02.2013
    24.02.2013
    21.02.2013
    21.02.2013
    14.02.2013
    08.02.2013
    07.02.2013
    07.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    05.02.2013
    05.02.2013
    29.01.2013
    17.01.2013
    29.11.2012
    23.10.2012
    03.09.2012
    27.07.2012
    09.11.2011
    02.09.2010

    28.02.2013

    ASML Holding NV
    ASML Holding N.V. develops, produces, and markets semiconductor manufacturing
    equipment. The Company's products allow semiconductor manufacturers to choose
    the optimal numerical aperture and wavelength for their applications, assure
    uniformity, and produce more using less floor space.

    Price/Volume
    60

    18.0 M
    16.0 M

    50

    14.0 M

    40

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (04.02.2013)
    52-Week Low (06.03.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    ASML NA EQUITY YTD Change
    ASML NA EQUITY YTD % CHANGE

    12/2012
    12/yy
    58.09
    33.59
    240'082.00
    54.08
    -6.83%
    61.02%
    85.06%
    419.9
    22'705.63
    759.49
    0.0
    0.0
    2'697.60
    20'767.51

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

    10.0 M
    8.0 M

    20

    6.0 M
    4.0 M

    10

    2.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


    31.12.2008
    2'953.7
    1.71x
    406.2
    12.42x
    322.4
    17.00x

    12.0 M

    30

    31.12.2009
    31.12.2010
    1'596.1
    4'507.9
    6.29x
    2.52x
    (21.5)
    1'402.1
    8.11x
    (150.9)
    1'021.8
    12.30x
    Profitability

    LTM-4Q
    31.12.2011
    5'651.0
    2.02x
    1'806.4
    6.33x
    1'467.0
    9.41x

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

    31.12.2012
    4'731.6
    3.72x
    1'343.4
    13.11x
    1'146.3
    17.78x
    1'343.39
    1'156.77
    24.45%
    24.32%
    15.63%
    30.52%
    0.65%
    42.4%
    28.4%
    24.4%
    24.2%
    2.80
    1.58
    10.25%
    18.67%
    6.37
    1.57

    Price/ Cash Flow

    12/yy
    5'651.0
    7.30x
    1'806.4
    6.33x
    1'467.0
    9.41x

    LTM
    12/yy
    4'731.5
    12.93x
    1'343.4
    13.11x
    1'146.3
    17.78x

    FY+1

    .0 M
    f-13

    0.93
    326.78
    90.38%
    12.67%
    0.933
    36
    3.583
    1'329'633
    1'782'551
    1'647'886
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    4'862.8
    6'045.2
    911.5
    1'090.4
    4.18x
    3.24x
    22.57x
    19.12x
    1'254.1
    1'821.5
    139.5
    235.0
    16.56x
    11.40x
    17.44x
    13.83x
    945.6
    1'452.9
    120.0
    196.8
    23.38x
    15.24x
    22.58x
    18.85x
    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

    58.97
    51.43
    -1.44
    0.57
    18.7%
    15.7%
    0.65
    4.54
    57.47
    233.70
    39.17
    252.00

    Sales/Revenue/Turnover

    250.00

    6'000.0
    5'000.0

    200.00

    4'000.0
    150.00

    3'000.0
    100.00

    2'000.0

    50.00

    0.00
    01.01.2010

    1'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    ASML Holding NV
    Holdings By:

    All

    Holder Name
    STICHTING ADM MAKTSJ
    CAPITAL GROUP COMPAN
    FMR LLC
    BLACKROCK
    STICHT ADM TSMC
    ASML HOLDING NV
    WADDELL & REED FINAN
    VANGUARD GROUP INC
    ALLIANZ ASSET MANAGE
    THORNBURG INVESTMENT
    T ROWE PRICE ASSOCIA
    ING INVESTMENT MANAG
    NATIXIS ASSET MANAGE
    MERCURY ASSET MANAGE
    ACHMEA BELEGGINSFOND
    HENDERSON GLOBAL INV
    SARASIN
    BNP PARIBAS INV PART
    BESSEMER GROUP INCOR
    LBPAM

    Firm Name
    Exane BNP Paribas
    AlphaValue
    Morgan Stanley
    Pacific Crest Securities
    Rabobank International
    Natixis
    JPMorgan
    ING Bank
    EVA Dimensions
    Day by Day
    Deutsche Bank
    Liberum Capital Ltd
    ABN Amro Bank N.V.
    Baader Bank
    Bank of Valletta
    Grupo Santander
    Societe Generale
    Credit Suisse
    Sanford C. Bernstein & Co
    Landesbank Baden-Wuerttemberg
    CA Cheuvreux
    Petercam
    S&P Capital IQ
    Main First Bank AG
    Barclays
    Independent Research GmbH
    Kepler Capital Markets
    Piper Jaffray
    Theodoor Gilissen Securities
    Commerzbank Corporates & Markets
    Kempen & Co
    Jefferies
    Goldman Sachs
    SNS Securities(ESN)
    Redburn Partners

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

    Analyst
    JEROME RAMEL
    LIONEL PELLICER
    FRANCOIS MEUNIER
    WESTON TWIGG
    PHILIP SCHOLTE
    STEPHANE HOURI
    SANDEEP S DESHPANDE
    MARC ZWARTSENBURG
    ANDREW S ZAMFOTIS
    VALERIE GASTALDY
    KAI KORSCHELT
    JANARDAN MENON
    ROBIN VAN DEN BROEK
    GUENTHER MICHAEL HOLLFELDER
    TEAM COVERAGE
    CARLOS JAVIER TREVINO
    PETER KNOX
    SATYA KUMAR
    PIERRE FERRAGU
    WALTER SCHNEIDER
    BERND LAUX
    MARCEL ACHTERBERG
    JAMES CRAWSHAW
    JUERGEN WAGNER
    ANDREW M GARDINER
    MARKUS FRIEBEL
    PETER OLOFSEN
    JAGADISH IYER
    JOS VERSTEEG
    THOMAS M BECKER
    ERWIN DUT
    LEE SIMPSON
    SIMON F SCHAFER
    VICTOR BARENO
    SUMANT WAHI

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

    Recommendation
    neutral
    reduce
    Overwt/Cautious
    sector perform
    hold
    buy
    overweight
    hold
    underweight
    buy
    hold
    hold
    buy
    hold
    overweight
    hold
    hold
    outperform
    outperform
    hold
    outperform
    hold
    buy
    underperform
    overweight
    sell
    reduce
    overweight
    hold
    reduce
    hold
    hold
    not rated
    suspended coverage
    neutral

    Amt Held
    62'977'877
    51'453'097
    36'311'008
    22'878'489
    20'992'625
    8'980'030
    8'028'537
    5'830'523
    3'435'506
    2'964'987
    1'645'738
    1'523'440
    1'165'173
    1'104'264
    905'408
    855'324
    846'675
    846'555
    842'648
    809'277

    % Out
    15
    12.26
    8.65
    5.45
    5
    2.14
    1.91
    1.39
    0.82
    0.71
    0.39
    0.36
    0.28
    0.26
    0.22
    0.2
    0.2
    0.2
    0.2
    0.19

    Weighting

    Change

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

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

    Latest Chg
    191'077
    28'372
    (64'060)
    1'901'140
    39'872
    (421'865)
    516'501
    2'376
    (464'871)
    (479'776)
    827'721
    (247'319)

    Target Price
    50
    53
    56
    #N/A N/A
    52
    62
    65
    60
    #N/A N/A
    63
    47
    45
    60
    52
    59
    43
    48
    60
    58
    50
    59
    57
    58
    40
    53
    40
    40
    57
    50
    40
    50
    #N/A N/A
    #N/A N/A
    #N/A N/A
    #N/A N/A

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

    File Dt
    Inst Type
    06.02.2013
    Other
    06.02.2013
    Investment Advisor
    06.02.2013
    Investment Advisor
    26.02.2013
    Investment Advisor
    06.02.2013
    n/a
    01.07.2012
    Corporation
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    26.02.2013
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    28.12.2012
    Unclassified
    31.12.2012
    Investment Advisor
    31.10.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager

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

    Date
    28.02.2013
    28.02.2013
    26.02.2013
    25.02.2013
    25.02.2013
    21.02.2013
    12.02.2013
    01.02.2013
    29.01.2013
    28.01.2013
    22.01.2013
    22.01.2013
    22.01.2013
    21.01.2013
    21.01.2013
    18.01.2013
    18.01.2013
    18.01.2013
    18.01.2013
    18.01.2013
    18.01.2013
    18.01.2013
    18.01.2013
    18.01.2013
    18.01.2013
    17.01.2013
    17.01.2013
    17.01.2013
    15.01.2013
    07.01.2013
    06.01.2013
    18.12.2012
    23.11.2012
    01.11.2012
    11.07.2012

    28.02.2013

    Assa Abloy AB
    Assa Abloy AB develops, designs, and manufactures security locks. The Company
    markets mechanical locks, industrial locks, and electromechanical and electronic
    locks for doors and windows, and hotel locks, fittings, and other accessories.
    The Company also makes locks for parking meters, pay telephones and gambling
    machines. Assa Abloy primarily sells in Europe and in North America.

    Price/Volume
    300

    3.5 M
    3.0 M
    2.5 M

    150

    Latest Fiscal Year:


    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (18.05.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    ASSAB SS EQUITY YTD Change
    ASSAB SS EQUITY YTD % CHANGE

    12/2012
    12/yy
    257.80
    177.50
    77'679.00
    256.4
    -0.50%
    44.45%
    94.89%
    351.7
    95'088.19
    15'807.00
    0.0
    183.0
    907.00
    110'171.19

    2.0 M

    100

    1.5 M
    1.0 M

    50

    .5 M

    0
    f-12 m-12

    31.12.2009
    31.12.2010
    34'963.0
    36'823.0
    1.74x
    2.15x
    5'373.0
    7'093.0
    11.32x
    11.16x
    2'626.0
    4'050.0
    19.20x
    17.11x
    Profitability

    LTM-4Q
    31.12.2011
    41'786.0
    1.42x
    6'223.0
    9.53x
    3'843.0
    18.46x

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

    31.12.2012
    46'619.0
    2.26x
    8'465.0
    12.42x
    5'112.0
    17.58x
    8'465.00
    7'431.00
    15.94%
    14.44%
    8.87%
    20.42%
    0.81%
    39.5%
    18.2%
    15.9%
    11.0%
    1.00
    0.50
    26.41%
    59.55%
    6.44
    4.86

    Price/ Cash Flow

    j-12

    LTM

    12/yy
    41'786.0
    7.28x
    6'223.0
    9.53x
    3'843.0
    18.46x

    j-12

    12/yy
    46'620.0
    8.16x
    8'465.0
    12.42x
    5'111.0
    17.58x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    0.97
    30.51%
    5.56%
    0.969
    28
    2.964
    847'380
    995'078
    924'507
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    48'454.7
    51'263.2
    11'205.4
    12'179.3
    2.23x
    2.04x
    10.09x
    9.45x
    9'076.5
    9'701.5
    1'972.4
    2'230.4
    12.14x
    11.36x
    12.22x
    11.90x
    5'583.8
    6'141.5
    1'160.6
    1'378.2
    17.07x
    15.53x
    17.30x
    16.82x
    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

    06.04.2011
    ASTABLE
    21.09.2001
    A-2
    9.96
    8.52
    1.76
    1.87
    59.6%
    37.2%
    0.81
    8.26
    56.84
    75.36
    80.73

    Sales/Revenue/Turnover

    18.00

    50'000.0

    16.00

    45'000.0

    14.00

    40'000.0
    35'000.0

    12.00

    30'000.0

    10.00
    8.00

    25'000.0
    20'000.0

    6.00

    15'000.0

    4.00

    10'000.0

    2.00

    5'000.0

    0.00
    01.01.2010

    a-12 m-12

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

    Fiscal Year Ended


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

    4.0 M

    200

    Valuation Analysis

    31.12.2008
    34'918.0
    1.31x
    5'122.0
    8.95x
    2'413.0
    13.42x

    4.5 M

    250

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Assa Abloy AB
    Holdings By:

    All

    Holder Name
    CAPITAL GROUP COMPAN
    LATOUR INVESTMENT AB
    BLACKROCK
    MELKER SCHORLING & C
    GOVERNMENT OF NORWAY
    FMR LLC
    VANGUARD GROUP INC
    SWEDBANK ROBUR FONDE
    OPPENHEIMERFUNDS INC
    SHB FUNDS
    AMF FONDER AB
    ALECTA PENSIONSFORSA
    FOLKSAM GROUP
    HARRIS ASSOCIATES LP
    SEB TRYGG LIV INSURA
    HANDELSBANKEN FONDER
    SEB
    FOLKSAM LO FOND AB
    SPP FONDER AB
    T ROWE PRICE ASSOCIA

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

    Analyst

    Credit Suisse
    ANDRE KUKHNIN
    Danske Markets
    OSCAR STJERNGREN
    Sanford C. Bernstein & Co
    MARTIN PROZESKY
    EVA Dimensions
    CRAIG STERLING
    HSBC
    COLIN GIBSON
    Nordea Equity Research
    ANDREAS KOSKI
    Erik Penser Bankaktiebolag AB
    MAX FRYDEN
    Canaccord Genuity Corp
    ANDREW BELL
    Handelsbanken
    JON HYLTNER
    Swedbank
    NICLAS HOGLUND
    DNB Markets
    LARS BRORSON
    Societe Generale
    SEBASTIEN GRUTER
    Morgan Stanley
    MARKUS ALMERUD
    ABG Sundal Collier
    ANDERS IDBORG
    JPMorgan
    ANDREAS WILLI
    SEB Enskilda
    STEFAN ANDERSSON
    Carnegie
    AGNIESZKA VILELA
    Exane BNP Paribas
    JONATHAN R MOUNSEY
    CA Cheuvreux
    JOAKIM HOGLUND
    Deutsche Bank
    JOHAN WETTERGREN
    Goldman Sachs
    AARON IBBOTSON
    Pareto Securities
    DAVID JACOBSSON
    Barclays
    ALLAN SMYLIE
    Espirito Santo Investment Bank Research
    ROB VIRDEE
    Redburn Partners
    JAMES MOORE

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

    Recommendation
    outperform
    hold
    market perform
    hold
    overweight
    sell
    hold
    buy
    reduce
    neutral
    sell
    sell
    Equalwt/Cautious
    sell
    neutral
    sell
    hold
    underperform
    outperform
    hold
    neutral/neutral
    hold
    equalweight
    buy
    neutral

    Amt Held
    31'078'500
    21'300'000
    18'730'437
    9'162'136
    8'757'461
    8'016'506
    7'390'937
    6'916'101
    6'077'682
    5'432'951
    5'396'500
    5'000'000
    4'995'340
    4'894'400
    4'702'754
    3'900'416
    3'365'011
    3'280'217
    2'258'051
    1'889'009

    % Out
    8.84
    6.06
    5.33
    2.61
    2.49
    2.28
    2.1
    1.97
    1.73
    1.54
    1.53
    1.42
    1.42
    1.39
    1.34
    1.11
    0.96
    0.93
    0.64
    0.54

    Weighting

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

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

    Latest Chg
    839'375
    348'653
    (455'393)
    131'500
    (30'981)
    (900'432)
    429'555
    (183'832)
    187'106

    Target Price
    270
    255
    237
    #N/A N/A
    270
    223
    240
    280
    225
    235
    200
    220
    225
    210
    250
    230
    #N/A N/A
    250
    225
    215
    257
    240
    225
    250
    #N/A N/A

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

    File Dt
    Inst Type
    31.12.2012
    Investment Advisor
    30.09.2012
    Holding Company
    26.02.2013
    Investment Advisor
    30.09.2012
    Investment Advisor
    30.09.2012
    Government
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.12.2012
    Investment Advisor
    30.09.2012
    Investment Advisor
    30.09.2012
    Investment Advisor
    30.09.2012 Pension Fund (ERISA)
    30.09.2012
    Insurance Company
    30.09.2012
    Investment Advisor
    30.09.2012
    Insurance Company
    31.01.2013
    Investment Advisor
    31.12.2012
    Unclassified
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor

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

    Date
    20.02.2013
    20.02.2013
    12.02.2013
    12.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    29.01.2013
    22.01.2013
    17.01.2013
    16.01.2013
    12.11.2012
    30.10.2012
    08.10.2012

    28.02.2013

    Assicurazioni Generali SpA


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

    Price/Volume
    16

    30.0 M

    14

    25.0 M

    12
    20.0 M

    10
    8

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

    12/2011
    09/yy
    14.65
    8.16
    1'937'245.00
    12.26
    -16.38%
    50.34%
    64.13%
    1'556.9
    19'087.27
    21'346.20
    0.0
    2'635.0
    25'559.90
    23'671.57

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

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

    1.20

    10.0 M

    4
    5.0 M

    2
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


    31.12.2007
    80'164.7
    0.66x
    2'915.6
    14.69x

    15.0 M

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

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

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

    LTM

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

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

    FY+1

    .0 M
    f-13

    1.05
    1'267.12
    3.77%
    -10.77%
    1.045
    32
    2.625
    13'128'900
    7'561'705
    7'603'515
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    74'061.6
    76'271.1
    15'770.0
    0.28x
    0.28x
    1'488.8
    2'037.0
    38.5
    12.00x
    9.18x
    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

    A
    NEG
    137.8%
    54.1%
    0.19
    -

    Sales/Revenue/Turnover

    100'000.0
    90'000.0

    1.00

    80'000.0
    70'000.0

    0.80
    0.60
    0.40

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

    0.20

    10'000.0
    0.0

    0.00

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

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

    28.02.2013

    Assicurazioni Generali SpA


    Holdings By:

    All

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

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

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

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

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

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

    Amt Held
    % Out
    194'048'687 12.46
    69'420'980
    4.46
    35'185'336
    2.26
    33'488'344
    2.15
    31'168'603
    2
    21'969'315
    1.41
    17'558'979
    1.13
    14'198'684
    0.91
    (13'077'736) -0.84
    6'196'356
    0.4
    5'321'220
    0.34
    4'134'095
    0.27
    3'502'965
    0.23
    3'144'884
    0.2
    3'081'151
    0.2
    2'958'059
    0.19
    2'878'740
    0.18
    2'693'391
    0.17
    2'646'685
    0.17
    2'543'127
    0.16

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

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

    Latest Chg
    460'550
    117'904
    1'089'811
    (41'688)
    946'172
    45'132
    (5'402)

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

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

    File Dt
    Inst Type
    20.11.2012
    Bank
    30.11.2012
    Government
    30.11.2012
    Investment Advisor
    30.11.2012
    Corporation
    30.11.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    30.11.2012
    Corporation
    20.02.2013 Hedge Fund Manager
    30.11.2012
    Other
    31.01.2013
    Investment Advisor
    26.02.2013
    Investment Advisor
    30.11.2012
    Other
    30.11.2012
    Corporation
    30.11.2012 Mutual Fund Manager
    30.11.2012
    Holding Company
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    30.11.2012
    Unclassified
    28.12.2012 Mutual Fund Manager

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

    Date
    28.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    20.02.2013
    15.02.2013
    08.02.2013
    04.02.2013
    25.01.2013
    18.01.2013
    17.01.2013
    17.01.2013
    16.01.2013
    16.01.2013
    15.01.2013
    15.01.2013
    15.01.2013
    15.01.2013
    10.01.2013
    09.01.2013
    09.01.2013
    09.01.2013
    08.01.2013
    11.12.2012
    13.11.2012
    15.03.2012
    21.12.2011
    16.05.2011

    28.02.2013

    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

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (06.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 08.11.2012
    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
    1'881.00
    1'157.00
    123'264.00
    1850
    -1.65%
    59.90%
    93.09%
    791.7
    14'645.97
    1'452.00
    0.0
    387.0
    391.00
    16'093.97

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

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    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

    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

    1'568.00
    1'052.00
    8.59%
    6.21%
    5.43%
    9.58%
    8.66%
    1.20%
    24.2%
    12.8%
    8.6%
    4.5%
    1.20
    0.53
    14.18%
    24.89%
    12.77
    -

    Price/ Cash Flow

    5.0 M
    4.5 M
    4.0 M
    3.5 M
    3.0 M
    2.5 M
    2.0 M
    1.5 M
    1.0 M
    .5 M
    .0 M
    f-13

    Market Data

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

    Fiscal Year Ended


    30.09.2008
    8'235.0
    0.85x
    878.0
    7.96x
    357.0
    16.50x

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

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    1.54
    0.60
    351.15
    57.67%
    18.29%
    0.598
    22
    3.364
    1'012'493
    1'037'641
    994'103
    FY+2

    09/13 Y
    09/14 Y
    13'073.6
    13'855.1
    1.22x
    1.13x
    1'568.6
    1'684.4
    10.26x
    9.55x
    754.1
    835.9
    19.37x
    17.45x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    13.75
    7.61
    0.68
    0.93
    24.9%
    18.9%
    1.20
    2.72
    28.51
    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

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

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

    28.02.2013

    Associated British Foods PLC


    Holdings By:

    All

    Holder Name
    WITTINGTON PROPTYS L
    HOWARD INVESTMENTS L
    CAPITAL GROUP COMPAN
    NEWTON INV MGMT
    LEGAL & GENERAL
    FMR LLC
    ASSOCIATED BRITISH F
    ROYAL BANK OF CANADA
    NORGES BANK INVESTME
    BLACKROCK
    BANK OF NEW YORK MEL
    ABERDEEN
    VANGUARD GROUP INC
    AEGON
    LAZARD ASSET MANAGEM
    WESTON W G GALEN
    GALEWEST LIMITED
    JP MORGAN PRIVATE BA
    STANDARD LIFE INVEST
    DIRECTOR & RELATED H

    Firm Name
    Nomura
    Societe Generale
    Investec
    Credit Suisse
    Jefferies
    Sanford C. Bernstein & Co
    Shore Capital Stockbrokers
    Canaccord Genuity Corp
    S&P Capital IQ
    Panmure Gordon & Co Limited
    Day by Day
    Redburn Partners
    EVA Dimensions
    Goldman Sachs
    Berenberg Bank
    Mirabaud Securities
    Deutsche Bank
    Barclays
    Exane BNP Paribas
    JPMorgan
    Davy

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

    Analyst
    DAVID HAYES
    WARREN L ACKERMAN
    MARTIN DEBOO
    CHARLES MILLS
    DIRK VAN VLAANDEREN
    ANDREW WOOD
    DARREN SHIRLEY
    ALICIA FORRY
    CARL SHORT
    GRAHAM JONES
    VALERIE GASTALDY
    JEREMY FIALKO
    AUSTIN BURKETT
    ROSIE EDWARDS
    JAMES TARGETT
    JULIAN LAKIN
    JAMES ISENWATER
    LIAM ROWLEY
    JEFF STENT
    ANKUR GUPTA
    JACK GORMAN

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

    Recommendation
    neutral
    buy
    Under Review
    outperform
    hold
    market perform
    hold
    sell
    hold
    hold
    hold
    buy
    hold
    Sell/Neutral
    hold
    hold
    hold
    overweight
    neutral
    overweight
    outperform

    Amt Held
    431'515'108
    28'173'893
    24'295'000
    15'975'514
    15'915'267
    15'525'679
    14'299'314
    14'216'679
    11'741'776
    11'399'202
    9'051'956
    8'116'099
    7'447'403
    5'933'442
    5'847'612
    5'672'560
    5'258'642
    4'495'143
    4'293'104
    3'952'713

    % Out
    54.51
    3.56
    3.07
    2.02
    2.01
    1.96
    1.81
    1.8
    1.48
    1.44
    1.14
    1.03
    0.94
    0.75
    0.74
    0.72
    0.66
    0.57
    0.54
    0.5

    Weighting

    Change

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

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

    Latest Chg
    (53'882)
    190'351
    1'548'231
    (1'447'801)
    228'066
    (793'792)
    (267'454)
    977'135
    (137'379)
    (152'100)
    (17'444)
    60'113

    Target Price
    1'800
    1'820
    #N/A N/A
    1'650
    1'650
    1'600
    #N/A N/A
    1'450
    1'890
    1'750
    #N/A N/A
    #N/A N/A
    #N/A N/A
    1'510
    1'700
    1'520
    1'500
    1'700
    1'450
    1'340
    #N/A N/A

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

    File Dt
    Inst Type
    17.09.2011
    Investment Advisor
    01.12.2012
    Unclassified
    31.12.2012
    Investment Advisor
    01.12.2012 Mutual Fund Manager
    31.01.2013
    Unclassified
    31.12.2012
    Investment Advisor
    01.12.2012
    Unclassified
    01.12.2012
    Bank
    01.12.2012
    Government
    26.02.2013
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.01.2013
    Unclassified
    31.12.2012
    Investment Advisor
    01.12.2012
    Unclassified
    01.12.2012
    Unclassified
    08.11.2011
    n/a
    01.12.2012
    Unclassified
    01.12.2012
    Unclassified
    01.12.2012
    Investment Advisor
    01.12.2012
    Other

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

    Date
    26.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    20.02.2013
    28.01.2013
    24.01.2013
    21.01.2013
    21.01.2013
    19.01.2013
    17.01.2013
    17.01.2013
    06.11.2012
    11.09.2012
    25.01.2012

    28.02.2013

    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
    3500

    12.0 M

    3000

    10.0 M

    2500

    8.0 M

    2000

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (29.01.2013)
    52-Week Low (01.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 01.02.2013
    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

    31.12.2009
    31.12.2010
    32'804.0
    33'269.0
    2.02x
    1.84x
    13'235.0
    14'170.0
    5.00x
    4.31x
    7'521.0
    8'053.0
    9.05x
    8.14x
    Profitability

    2.0 M

    500
    0
    f-12 m-12 a-12 m-12

    LTM-4Q
    31.12.2011
    33'591.0
    1.71x
    13'276.0
    4.32x
    9'983.0
    6.29x

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

    31.12.2012
    27'973.0
    2.18x
    10'666.0
    5.71x
    6'297.0
    9.46x
    10'666.00
    8'148.00
    29.13%
    27.59%
    11.84%
    26.81%
    21.21%
    0.53%
    80.7%
    41.5%
    32.5%
    22.5%
    1.37
    1.16
    19.26%
    43.43%
    3.92
    2.76

    Price/ Cash Flow

    j-12

    LTM

    12/yy
    33'591.0
    7.33x
    15'415.0
    3.72x
    9'983.0
    6.31x

    j-12

    12/yy
    27'973.0
    8.49x
    11'621.0
    5.24x
    6'297.0
    9.47x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    6.17
    0.77
    1'245.93
    13.06%
    7.06%
    0.766
    37
    2.595
    2'398'473
    2'401'776
    2'249'583
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    26'439.8
    25'645.3
    6'532.1
    6'363.3
    2.14x
    2.16x
    10'157.3
    9'839.0
    2'403.3
    2'339.7
    5.77x
    5.96x
    5.94x
    6'601.2
    6'304.8
    1'488.3
    1'429.2
    8.29x
    8.63x
    8.59x
    8.17x
    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

    27.07.2007
    AASTABLE
    27.07.2007
    A-1+
    11.13
    10.43
    0.15
    0.89
    43.4%
    30.1%
    0.53
    4.47
    93.28
    132.78
    47.04

    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

    4.0 M

    1000

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

    Fiscal Year Ended


    31.12.2008
    31'601.0
    2.11x
    11'657.0
    5.72x
    6'101.0
    9.74x

    6.0 M

    1500

    12/2012
    12/yy
    3'171.50
    2'578.50
    283'817.00
    2991
    -5.74%
    16.00%
    69.48%
    1'248.0
    37'328.77
    10'310.00
    0.0
    215.0
    8'524.00
    58'602.62

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    AstraZeneca PLC
    Holdings By:

    All

    Holder Name
    INVESCO LTD
    BLACKROCK
    INVESTOR AB
    LEGAL & GENERAL
    SCOTTISH WIDOWS
    VANGUARD GROUP INC
    NORGES BANK INVESTME
    PERPETUAL INVESTMENT
    SCHRODER INVESTMENT
    CAPITAL GROUP COMPAN
    THREADNEEDLE ASSET M
    UBS
    FMR LLC
    VANGUARD GROUP INC
    GMO LLC
    PEOPLES REPUBLIC OF
    M&G INVESTMENT MANAG
    AXA INVESTMENT MANAG
    STATE STREET
    ALLIANCE BERNSTEIN

    Firm Name
    AlphaValue
    Sanford C. Bernstein & Co
    Helvea
    Nomura
    Jefferies
    Day by Day
    JPMorgan
    Berenberg Bank
    Kepler Capital Markets
    Panmure Gordon & Co Limited
    Landesbank Baden-Wuerttemberg
    Pareto Securities
    Redburn Partners
    Barclays
    Societe Generale
    Deutsche Bank
    ABG Sundal Collier
    Credit Suisse
    SEB Enskilda
    Independent Research GmbH
    Nordea Equity Research
    Bryan Garnier & Cie
    Exane BNP Paribas
    Morgan Stanley
    Carnegie
    S&P Capital IQ
    Shore Capital Stockbrokers
    Goldman Sachs
    Danske Markets
    Natixis
    EVA Dimensions
    Swedbank
    Liberum Capital Ltd
    Main First Bank AG
    Mirabaud Securities
    DZ Bank AG
    National Bank AG
    MP Advisors Pvt Ltd
    Edward Jones

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

    Analyst
    ARMELLE MOULIN
    TIMOTHY M ANDERSON
    ODILE RUNDQUIST
    AMIT ROY
    JEFFREY HOLFORD
    VALERIE GASTALDY
    ALEXANDRA M HAUBER-SCHUELE
    ALISTAIR CAMPBELL
    FABIAN WENNER
    SAVVAS NEOPHYTOU
    TIMO KUERSCHNER
    YILMAZ MAHSHID
    TEAM COVERAGE
    MARK PURCELL
    STEPHEN MCGARRY
    MARK CLARK
    PETER HUGREFFE
    LUISA HECTOR
    LARS HEVRENG
    CHRISTOPH SCHOENDUBE
    PATRIK LING
    ERIC LE BERRIGAUD
    NICOLAS GUYON-GELLIN
    PETER VERDULT
    KRISTOFER LILJEBERG
    SHO MATSUBARA
    BRIAN WHITE
    KEYUR PAREKH
    MATTIAS HAGGBLOM
    BEATRICE MUZARD
    ANDREW S ZAMFOTIS
    JOHAN UNNERUS
    NARESH CHOUHAN
    TIM FRANKLIN
    NICHOLAS TURNER
    ELMAR KRAUS
    STEFFEN MANSKE
    BHAVITA NAGRANI
    LINDA BANNISTER

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

    Recommendation
    add
    market perform
    neutral
    reduce
    hold
    buy
    underweight
    hold
    hold
    hold
    sell
    sell
    sell
    equalweight
    sell
    hold
    sell
    underperform
    hold
    sell
    sell
    buy
    neutral
    Equalwt/Attractive
    hold
    sell
    buy
    neutral/neutral
    hold
    reduce
    buy
    reduce
    neutral
    suspended coverage
    reduce
    buy
    buy
    underperform
    sell

    Amt Held
    87'922'954
    81'345'820
    51'587'810
    51'380'226
    41'846'600
    36'823'962
    28'774'269
    25'266'060
    18'876'288
    16'945'000
    13'116'741
    13'107'860
    12'997'614
    12'996'431
    12'463'433
    12'453'966
    12'281'102
    11'823'324
    11'774'477
    11'498'305

    % Out
    7.04
    6.52
    4.13
    4.12
    3.35
    2.95
    2.31
    2.02
    1.51
    1.36
    1.05
    1.05
    1.04
    1.04
    1
    1
    0.98
    0.95
    0.94
    0.92

    Weighting

    Change

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

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

    Latest Chg
    3'528'935
    (19'539'361)
    (900'534)
    992'701
    482'103
    29'422
    79'350
    7'945'000
    (724'926)
    (3'125'329)
    (3'148'419)
    692'446
    (1'591'513)
    18'817
    (596'981)
    471'855
    (2'576'692)

    Target Price
    3'239
    3'298
    2'850
    2'600
    3'000
    3'181
    2'750
    3'050
    2'600
    3'000
    2'900
    2'843
    #N/A N/A
    3'200
    2'650
    2'800
    2'479
    3'050
    2'924
    2'800
    2'824
    3'400
    3'000
    3'020
    #N/A N/A
    2'700
    #N/A N/A
    3'375
    3'000
    2'876
    #N/A N/A
    2'735
    3'000
    #N/A N/A
    2'700
    3'700
    3'300
    2'509
    #N/A N/A

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

    File Dt
    01.11.2012
    26.02.2013
    01.11.2012
    31.01.2013
    30.11.2012
    31.12.2012
    01.11.2012
    31.07.2012
    01.11.2012
    31.12.2012
    01.11.2012
    28.12.2012
    31.12.2012
    01.11.2012
    01.11.2012
    01.11.2012
    01.11.2012
    01.11.2012
    27.02.2013
    31.12.2012

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

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

    Date
    28.02.2013
    25.02.2013
    22.02.2013
    18.02.2013
    15.02.2013
    14.02.2013
    11.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    05.02.2013
    04.02.2013
    04.02.2013
    04.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    31.01.2013
    31.01.2013
    31.01.2013
    30.01.2013
    28.01.2013
    24.01.2013
    17.01.2013
    17.01.2013
    26.10.2012
    05.10.2012
    20.07.2012
    02.04.2012
    02.02.2012
    14.04.2010
    07.01.2010
    20.11.2008

    28.02.2013

    Atlas Copco AB
    Atlas Copco AB is an international industrial group. The Group develops,
    manufactures, and markets compressed air equipment and generators, construction
    and mining equipment, electric and pneumatic tools, and assembly systems and
    offers related services. Atlas Copco also rents equipment. The Company markets
    to manufacturing, building, construction, and mining companies worldwide.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (30.01.2013)
    52-Week Low (14.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    ATCOA SS EQUITY YTD Change
    ATCOA SS EQUITY YTD % CHANGE

    12/2012
    12/yy
    190.10
    134.40
    279'196.00
    186.8
    -1.63%
    38.99%
    93.72%
    839.4
    222'004.42
    21'052.00
    0.0
    54.0
    12'416.00
    230'694.42

    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
    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


    31.12.2008
    74'177.0
    1.38x
    15'808.0
    6.48x
    10'157.0
    8.16x

    200
    180
    160
    140
    120
    100
    80
    60
    40
    20
    0
    f-12 m-12

    31.12.2009
    31.12.2010
    63'762.0
    69'875.0
    2.15x
    2.97x
    11'527.0
    16'400.0
    11.87x
    12.67x
    6'244.0
    9'921.0
    20.51x
    20.80x
    Profitability

    LTM-4Q
    31.12.2011
    81'203.0
    2.39x
    20'061.0
    9.68x
    12'963.0
    13.86x

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

    31.12.2012
    90'533.0
    2.43x
    21'892.0
    10.05x
    13'901.0
    15.57x
    21'892.00
    19'228.00
    21.24%
    20.48%
    17.79%
    43.54%
    1.16%
    38.4%
    24.2%
    21.2%
    15.4%
    2.43
    0.57
    25.94%
    60.01%
    3.17

    Price/ Cash Flow

    LTM

    12/yy
    81'203.0
    9.56x
    20'076.0
    9.47x
    12'963.0
    13.86x

    12/yy
    90'533.0
    9.07x
    21'892.0
    10.28x
    13'901.0
    15.57x

    FY+1

    .0 M
    f-13

    1.11
    11.61%
    4.77%
    1.108
    32
    3.438
    2'760'204
    2'582'804
    2'485'087
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    89'640.7
    93'497.5
    21'651.9
    22'452.9
    2.51x
    2.34x
    10.52x
    10.28x
    21'680.0
    22'820.2
    5'037.0
    5'281.8
    10.64x
    10.11x
    10.79x
    10.92x
    13'854.8
    14'897.7
    3'279.8
    3'441.1
    16.41x
    15.35x
    16.57x
    16.23x
    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

    24.02.2011
    A
    STABLE
    24.02.2011
    A-1
    28.78
    26.30
    0.39
    0.96
    60.0%
    37.5%
    1.16
    10.33
    115.59
    131.90

    Sales/Revenue/Turnover

    30.00

    100'000.0
    90'000.0

    25.00

    80'000.0
    70'000.0

    20.00

    60'000.0

    15.00

    50'000.0
    40'000.0

    10.00

    30'000.0
    20'000.0

    5.00
    0.00
    01.01.2010

    10'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Atlas Copco AB
    Holdings By:

    All

    Holder Name
    INVESTOR AB
    CAPITAL GROUP COMPAN
    HARBOR CAPITAL ADVIS
    VANGUARD GROUP INC
    SWEDBANK ROBUR FONDE
    SEB
    FJARDE AP-FONDEN
    WILLIAM BLAIR & COMP
    ALECTA PENSIONSFORSA
    FMR LLC
    FOLKSAM GROUP
    BAILLIE GIFFORD AND
    HANDELSBANKEN FONDER
    FORSTA AP FONDEN
    LANSDOWNE PARTNERS L
    BLACKROCK
    ANDRA AP FONDEN
    ALLIANZ ASSET MANAGE
    BNP PARIBAS INV PART
    SPP FONDER AB

    Firm Name

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

    Analyst

    AlphaValue
    LIONEL PELLICER
    SEB Enskilda
    DANIEL SCHMIDT
    Sanford C. Bernstein & Co
    MARTIN PROZESKY
    Canaccord Genuity Corp
    ANDREW BELL
    Credit Suisse
    ANDRE KUKHNIN
    Nomura
    KLAS BERGELIND
    Societe Generale
    SEBASTIEN GRUTER
    HSBC
    COLIN GIBSON
    Carnegie
    KENNETH TOLL JOHANSSON
    Nordea Equity Research
    ANDREAS KOSKI
    Handelsbanken
    PEDER FROLEN
    Pareto Securities
    DAVID JACOBSSON
    Natixis
    LUDOVIC DEBAILLEUX
    DNB Markets
    LARS BRORSON
    Exane BNP Paribas
    JONATHAN R MOUNSEY
    Barclays
    ALLAN SMYLIE
    Morgan Stanley
    MARKUS ALMERUD
    ABG Sundal Collier
    ANDERS IDBORG
    Goldman Sachs
    AARON IBBOTSON
    JPMorgan
    ANDREAS WILLI
    William Blair & Co
    LAWRENCE T DE MARIA
    Danske Markets
    OSCAR STJERNGREN
    CA Cheuvreux
    JOAKIM HOGLUND
    EVA Dimensions
    CRAIG STERLING
    Berenberg Bank
    ALEXANDER VIRGO
    Evli Bank Plc
    ELINA RIUTTA
    Espirito Santo Investment Bank Research
    EDWARD STACEY
    Redburn Partners
    JAMES MOORE
    Deutsche Bank
    JOHAN WETTERGREN
    Swedbank
    MATS LISS
    Alandsbanken Equities
    ANDERS ROSLUND

    Source
    Research
    ULT-AGG
    MF-AGG
    MF-AGG
    Research
    ULT-AGG
    Research
    13F
    Research
    ULT-AGG
    Research
    MF-AGG
    Research
    Research
    Short
    ULT-AGG
    Research
    ULT-AGG
    ULT-AGG
    MF-AGG

    Recommendation
    sell
    hold
    market perform
    buy
    outperform
    neutral
    sell
    overweight
    hold
    buy
    accumulate
    hold
    neutral
    hold
    neutral
    overweight
    Equalwt/Cautious
    buy
    Buy/Neutral
    neutral
    market perform
    buy
    outperform
    overweight
    hold
    accumulate
    neutral
    neutral
    hold
    neutral
    neutral

    Amt Held
    % Out
    194'803'726 23.21
    70'407'727
    8.39
    38'234'795
    4.56
    26'722'665
    3.18
    21'795'438
    2.6
    16'233'543
    1.93
    10'437'990
    1.24
    9'989'946
    1.19
    9'500'000
    1.13
    8'507'039
    1.01
    7'887'691
    0.94
    7'767'690
    0.93
    7'211'859
    0.86
    7'160'904
    0.85
    (6'799'092) -0.81
    6'276'813
    0.75
    5'976'741
    0.71
    5'408'682
    0.64
    5'104'743
    0.61
    4'637'001
    0.55

    Weighting

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

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

    Latest Chg
    (6'585'000)
    257'650
    (599'301)
    46'733
    2'127'591
    (52'472)
    1'031'825
    101'175
    1'336'585
    (86'681)

    Target Price
    160
    190
    172
    205
    200
    187
    155
    200
    #N/A N/A
    202
    190
    180
    178
    185
    185
    175
    163
    210
    240
    192
    175
    210
    215
    #N/A N/A
    185
    175
    160
    #N/A N/A
    170
    160
    192

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

    File Dt
    30.06.2012
    31.12.2012
    31.12.2012
    31.12.2012
    30.09.2012
    25.02.2013
    30.06.2012
    31.12.2012
    30.06.2012
    31.12.2012
    30.06.2012
    30.11.2012
    30.06.2012
    30.06.2012
    01.11.2012
    26.02.2013
    30.06.2012
    31.12.2012
    31.12.2012
    31.01.2013

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

    Inst Type
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Pension Fund (ERISA)
    Investment Advisor
    Pension Fund (ERISA)
    Investment Advisor
    Insurance Company
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Hedge Fund Manager
    Investment Advisor
    Pension Fund (ERISA)
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    21.02.2013
    18.02.2013
    12.02.2013
    08.02.2013
    05.02.2013
    05.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    29.01.2013
    15.01.2013
    08.01.2013
    07.11.2012
    30.10.2012
    08.10.2012
    30.04.2012
    30.11.2011
    20.04.2011

    28.02.2013

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

    Price/Volume
    450

    35.0 M

    400

    30.0 M

    350

    25.0 M

    300

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

    12/2011
    09/yy
    390.40
    251.10
    1'545'462.00
    356.4
    -8.73%
    41.94%
    72.86%
    2'946.1
    10'499.93
    8'450.00
    1'190.0
    1'530.0
    23'043.00
    -

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

    20.0 M

    200

    15.0 M

    150

    10.0 M

    100

    5.0 M

    50
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


    31.12.2007
    40'761.0
    0.42x
    1'320.0
    13.93x

    250

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

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

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

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

    Price/ Cash Flow

    LTM

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

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

    FY+1

    .0 M
    f-13

    7.30
    1.53
    2'943.97
    4.19%
    -4.45%
    1.535
    27
    3.704
    9'866'538
    9'948'038
    9'409'141
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    03/12 Q1 06/12 Q2
    34'067.5
    35'166.5
    772.4
    1'439.9
    8.08x
    7.66x
    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

    ASTABLE
    66.8%
    35.5%
    0.12
    -

    Sales/Revenue/Turnover

    12.00

    70'000.0

    10.00

    60'000.0
    50'000.0

    8.00

    40'000.0
    6.00

    30'000.0

    4.00

    20'000.0

    2.00

    10'000.0

    0.00
    02.01.2009

    0.0
    02.07.2009

    02.01.2010

    02.07.2010

    02.01.2011

    02.07.2011

    02.01.2012

    02.07.2012

    02.01.2013

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

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

    28.02.2013

    Aviva PLC
    Holdings By:

    All

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

    Firm Name

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

    Analyst

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

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

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

    Amt Held
    211'675'498
    151'238'790
    117'884'648
    78'598'635
    76'147'776
    65'413'024
    61'649'544
    61'037'483
    54'324'031
    42'870'595
    41'983'449
    38'102'462
    37'094'970
    36'444'709
    33'646'794
    32'720'468
    32'078'780
    31'828'838
    28'103'629
    28'057'234

    % Out
    7.18
    5.13
    4
    2.67
    2.58
    2.22
    2.09
    2.07
    1.84
    1.46
    1.43
    1.29
    1.26
    1.24
    1.14
    1.11
    1.09
    1.08
    0.95
    0.95

    Weighting

    Change

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

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

    Latest Chg
    4'795'562
    1'582'908
    10'749'361
    (8'044'005)
    3'701'029
    (181'106)
    2'236'701
    5'011'081
    (1'060'681)
    (824'169)
    (2'106'276)
    (2'650'661)
    8'421'593
    294'056
    1'797'329
    (964'978)
    -

    Target Price
    377
    455
    540
    410
    414
    350
    425
    443
    302
    384
    470
    416
    400
    #N/A N/A
    425
    #N/A N/A
    422
    444
    380
    #N/A N/A
    343
    #N/A N/A
    350
    #N/A N/A
    540
    508
    605

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

    File Dt
    Inst Type
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    01.11.2012
    Unclassified
    01.11.2012
    Investment Advisor
    30.11.2012
    Unclassified
    01.11.2012
    Unclassified
    17.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    01.11.2012
    Government
    01.11.2012
    Investment Advisor
    01.11.2012
    Investment Advisor
    01.11.2012
    Investment Advisor
    01.11.2012
    Investment Advisor
    01.11.2012
    Investment Advisor
    28.12.2012
    Unclassified
    01.11.2012 Pension Fund (ERISA)
    01.11.2012
    Government
    01.11.2012
    Investment Advisor
    01.11.2012
    Investment Advisor
    01.11.2012
    Investment Advisor

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

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    21.02.2013
    20.02.2013
    13.02.2013
    08.02.2013
    04.02.2013
    23.01.2013
    23.01.2013
    18.01.2013
    17.01.2013
    17.01.2013
    16.01.2013
    10.01.2013
    07.01.2013
    04.01.2013
    24.12.2012
    21.12.2012
    11.12.2012
    22.11.2012
    08.11.2012
    23.10.2012
    31.05.2012
    01.07.2011
    31.05.2011

    28.02.2013

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

    Price/Volume
    16

    30.0 M

    14

    25.0 M

    12
    20.0 M

    10
    8

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    CS FP EQUITY YTD Change
    CS FP EQUITY YTD % CHANGE

    12/2012
    12/yy
    14.11
    8.65
    1'171'984.00
    13.19
    -6.42%
    52.49%
    83.23%
    2'389.0
    31'510.89
    10'662.00
    6'059.0
    2'355.0
    30'546.00
    13'981.89

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

    10.0 M

    4
    5.0 M

    2
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


    31.12.2008
    51'235.0
    0.62x
    923.0
    51.67x

    15.0 M

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

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

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

    31.12.2012
    114'689.0
    0.13x
    4'152.0
    7.53x
    5.81%
    5.03%
    0.56%
    8.33%
    7.16%
    0.15%
    3.6%
    1.40%
    19.87%
    -

    Price/ Cash Flow

    LTM

    FY+1

    .0 M
    f-13

    1.50
    2'042.80
    16.75%
    -1.20%
    1.501
    34
    4.059
    10'954'980
    6'871'367
    6'405'464
    FY+2

    FQ+1

    FQ+2

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

    12/yy
    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    0.0 100'036.2 101'553.8
    #DIV/0!
    0.44x
    0.50x
    0.0
    0.00x
    0.0
    4'708.3
    5'056.6
    0.00x
    6.72x
    6.30x
    S&P Issuer Ratings
    Long-Term Rating Date
    18.12.2012
    Long-Term Rating
    ALong-Term Outlook
    STABLE
    Short-Term Rating Date
    18.12.2012
    Short-Term Rating
    A-2
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    19.9%
    Total Debt/Capital
    16.0%
    Asset Turnover
    0.15
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle
    Sales/Revenue/Turnover

    3.00

    140'000.0

    2.50

    120'000.0
    100'000.0

    2.00

    80'000.0
    1.50

    60'000.0

    1.00

    40'000.0

    0.50

    20'000.0

    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    AXA SA
    Holdings By:

    All

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

    Firm Name

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

    Analyst

    Exane BNP Paribas


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

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

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

    Amt Held
    % Out
    342'767'775 14.35
    91'682'238
    3.84
    80'052'305
    3.35
    65'131'985
    2.73
    50'254'088
    2.1
    45'115'691
    1.89
    33'349'652
    1.4
    29'871'758
    1.25
    21'618'306
    0.9
    (20'395'259) -0.85
    13'116'372
    0.55
    12'758'066
    0.53
    11'972'481
    0.5
    11'629'095
    0.49
    10'727'164
    0.45
    7'008'017
    0.29
    6'232'941
    0.26
    5'917'236
    0.25
    5'835'130
    0.24
    4'299'610
    0.18

    Weighting

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

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

    Latest Chg
    (20'493'797)
    57'461
    2'125'718
    (9'366)
    4'831'525
    730'180
    (2'926'509)
    (3'608'266)
    (7'936'172)
    (977'034)
    255'752
    496'630
    (143'415)
    (27'579)
    210'749
    (52'090)
    (138'268)

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

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

    File Dt
    31.12.2011
    15.05.2012
    31.12.2012
    31.12.2012
    31.12.2012
    26.02.2013
    31.12.2012
    31.12.2012
    31.12.2012
    16.09.2011
    30.11.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.01.2013
    28.09.2012
    26.02.2013
    31.07.2012
    30.11.2012
    31.12.2012

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

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

    Date
    28.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    24.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    15.02.2013
    14.02.2013
    11.02.2013
    08.02.2013
    08.02.2013
    04.02.2013
    30.01.2013
    24.01.2013
    23.01.2013
    17.01.2013
    16.01.2013
    10.01.2013
    07.01.2013
    07.01.2013
    05.12.2012
    22.11.2012
    08.11.2012
    07.11.2012
    08.10.2012
    20.12.2011
    05.10.2011
    06.06.2011
    22.02.2011
    17.02.2011

    28.02.2013

    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.

    Price/Volume
    400

    70.0 M

    350

    60.0 M

    300

    50.0 M

    250

    Latest Fiscal Year:


    LTM as of:
    52-Week High (12.09.2012)
    52-Week Low (01.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    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

    12/2012
    01/yy
    367.50
    268.60
    1'152'782.00
    353.7
    -3.67%
    31.68%
    82.41%
    3'248.9
    11'491.51
    2'988.00
    0.0
    54.0
    3'355.00
    11'178.51

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

    30.0 M

    150
    100

    20.0 M

    50

    10.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    .0 M
    f-13

    j-13

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

    Fiscal Year Ended


    31.12.2008
    16'671.0
    0.81x
    2'512.0
    5.37x
    1'745.0
    7.60x

    40.0 M

    200

    Valuation Analysis

    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

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

    31.12.2012
    16'620.0
    0.64x
    2'199.0
    4.84x
    1'068.0
    10.27x
    2'199.00
    1'530.00
    9.21%
    8.24%
    4.71%
    26.83%
    0.73%
    13.2%
    9.2%
    6.4%
    0.78
    0.38
    13.41%
    80.32%
    4.79
    -

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    5.51
    0.96
    3'247.04
    20.38%
    4.99%
    0.962
    23
    3.609
    8'356'961
    5'821'528
    5'646'299
    FY+2

    12/13 Y
    12/14 Y
    19'342.5
    19'270.1
    0.62x
    0.64x
    2'405.1
    2'352.5
    4.65x
    4.75x
    1'352.9
    1'313.4
    8.46x
    8.61x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    16.10.2007
    BBB+
    STABLE
    24.04.2006
    A-2
    1.38
    1.15
    -0.17
    1.36
    80.3%
    44.2%
    0.73
    6.95
    76.45
    -

    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

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

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

    28.02.2013

    BAE Systems PLC


    Holdings By:

    All

    Holder Name
    INVESCO LTD
    BLACKROCK
    FRANKLIN RESOURCES
    SCOTTISH WIDOWS
    PERPETUAL INVESTMENT
    SILCHESTER INTL INVE
    LEGAL & GENERAL
    BAE SYSTEMS PLC SIP
    FMR LLC
    LLOYDS BANKING GROUP
    STATE STREET
    UBS
    NEWTON INV MGMT
    MAJEDIE ASSET MANAGE
    BANK OF NEW YORK MEL
    CAPITAL GROUP COMPAN
    ARTEMIS INVESTMENT M
    M&G INVESTMENT MANAG
    GRANTHAM MAYO VAN OT
    AVIVA INVESTORS

    Firm Name

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

    Analyst

    AlphaValue
    THOMAS PICHERIT
    S&P Capital IQ
    UNAI FRANCO
    Exane BNP Paribas
    TRISTAN SANSON
    Societe Generale
    ZAFAR KHAN
    Deutsche Bank
    BEN FIDLER
    Morgan Stanley
    RUPINDER VIG
    Investec
    ANDREW GOLLAN
    Barclays
    CARTER COPELAND
    RBC Capital Markets
    ROBERT STALLARD
    JPMorgan
    DAVID H. PERRY
    Jefferies
    SANDY MORRIS
    Sanford C. Bernstein & Co
    DOUGLAS S HARNED
    Espirito Santo Investment Bank Research
    EDWARD STACEY
    Kepler Capital Markets
    CHRISTOPHE MENARD
    EVA Dimensions
    CRAIG STERLING
    Day by Day
    VALERIE GASTALDY
    CA Cheuvreux
    ANTOINE BOIVIN-CHAMPEAUX
    Arden Partners Ltd
    GRAHAM J WEBSTER
    CM - CIC Securities(ESN)
    HARALD LIBERGE-DONDOUX
    Canaccord Genuity Corp
    PAUL BRANT
    CS Capital
    CHRISTOPHER PARKINSON

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

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

    Amt Held
    434'657'796
    151'592'177
    135'967'901
    117'018'010
    115'758'222
    114'594'189
    113'064'807
    104'111'765
    94'399'790
    90'005'845
    89'340'803
    87'306'549
    65'214'916
    64'156'833
    59'681'140
    55'533'283
    47'629'968
    41'681'313
    38'552'907
    37'957'321

    % Out
    13.38
    4.67
    4.18
    3.6
    3.56
    3.53
    3.48
    3.2
    2.91
    2.77
    2.75
    2.69
    2.01
    1.97
    1.84
    1.71
    1.47
    1.28
    1.19
    1.17

    Weighting

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

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

    Latest Chg
    1'632'804
    35'854
    (260'900)
    59'046'605
    342'354
    720'000
    (210'834)
    1'967'358
    9'221'859
    (59'234)
    12'182
    198'334
    849'248
    (1'632'401)
    2'160'526
    3'414
    3'672'855
    (6'837'681)
    (33'900)
    2'009'254

    Target Price
    379
    320
    360
    350
    375
    350
    325
    370
    315
    360
    350
    347
    425
    340
    #N/A N/A
    #N/A N/A
    360
    #N/A N/A
    360
    345
    331

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

    File Dt
    Inst Type
    08.10.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    01.01.2013
    Investment Advisor
    01.01.2013
    Unclassified
    31.07.2012
    Investment Advisor
    01.01.2013
    Investment Advisor
    01.01.2013
    Unclassified
    01.01.2013
    Unclassified
    01.01.2013
    Investment Advisor
    31.01.2013
    Investment Advisor
    27.02.2013
    Investment Advisor
    01.01.2013
    Unclassified
    01.01.2013 Mutual Fund Manager
    01.01.2013
    Investment Advisor
    26.02.2013
    Investment Advisor
    01.01.2013
    Investment Advisor
    01.01.2013
    Investment Advisor
    01.01.2013
    Investment Advisor
    08.10.2012
    Investment Advisor
    01.01.2013
    Investment Advisor

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

    Date
    28.02.2013
    27.02.2013
    26.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    18.02.2013
    12.02.2013
    17.01.2013
    10.01.2013
    11.10.2012
    01.10.2012
    03.08.2012
    26.03.2012
    15.08.2011

    28.02.2013

    Banco Bilbao Vizcaya Argentaria SA


    Banco Bilbao Vizcaya Argentaria, S.A. attracts deposits and offers retail,
    wholesale, and investment banking services. The Bank offers consumer and
    mortgage loans, private banking, asset management, insurance, mutual funds, and
    securities brokerage services. It operates in Europe, Latin America, United
    States, China and Turkey.

    Price/Volume

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

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

    1.20

    600.0 M
    500.0 M

    12/2012
    12/yy
    7.86
    4.31
    6'540'944.00
    7.404
    -5.84%
    71.79%
    86.58%
    5'448.9
    40'343.28
    227'639.00
    0.0
    2'373.0
    63'956.00
    -

    400.0 M

    300.0 M

    200.0 M

    100.0 M

    1
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    .0 M
    f-13

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

    Fiscal Year Ended


    31.12.2008
    41'508.0
    5'020.0
    6.41x

    700.0 M

    8
    7

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (28.01.2013)
    52-Week Low (23.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    BBVA SQ EQUITY YTD Change
    BBVA SQ EQUITY YTD % CHANGE

    31.12.2009
    31.12.2010
    34'467.0
    32'482.0
    4'210.0
    4'606.0
    11.37x
    6.46x
    Profitability

    LTM-4Q
    31.12.2011
    36'094.0
    3'004.0
    10.44x

    31.12.2012
    21'714.0
    1'676.0
    28.19x
    13.57%
    7.64%
    0.27%
    4.21%
    0.88%
    0.04%
    7.7%
    35.69%
    549.44%
    -

    LTM

    12/yy
    19'967.0
    0.00x
    0.0
    0.00x
    3'004.0
    10.33x

    12/yy
    22'260.0
    0.00x
    0.0
    0.00x
    1'676.0
    22.20x

    FY+1

    1.22
    5'283.94
    18.17%
    7.77%
    1.224
    43
    3.326
    44'472'560
    42'580'670
    68'606'900
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    23'435.5
    24'669.5
    5'931.0
    6'071.0
    4'436.5
    5'175.4
    1'169.0
    1'168.0
    9.78x
    8.33x
    10.88x
    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

    16.10.2012
    BBBNEG
    16.10.2012
    A-3
    549.4%
    83.9%
    0.04
    3.29
    -

    Sales/Revenue/Turnover

    45'000.0
    40'000.0

    1.00
    0.80

    35'000.0
    30'000.0
    25'000.0

    0.60

    20'000.0
    15'000.0

    0.40
    0.20

    10'000.0
    5'000.0
    0.0

    0.00

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

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

    28.02.2013

    Banco Bilbao Vizcaya Argentaria SA


    Holdings By:

    All

    Holder Name
    BNP PARIBAS SA
    INVERAVANTE INVERSIO
    VANGUARD GROUP INC
    BLACKROCK
    JANUS CAPITAL MANAGE
    CAPITAL GROUP COMPAN
    FMR LLC
    AMUNDI
    OPPENHEIMERFUNDS INC
    BNP PARIBAS INV PART
    MERCURY ASSET MANAGE
    BNP ASSET MANAGEMENT
    NATIXIS ASSET MANAGE
    UMB BANK N A
    BNP ASSET MANAGEMENT
    DEKA INVESTMENT GMBH
    SWEDBANK ROBUR FONDE
    SANTANDER ASSET MGMT
    CREDIT SUISSE ASSET
    DEXIA ASSET MANAGEME

    Firm Name

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

    Analyst

    Oddo & Cie


    JULIE LEGRAND
    Day by Day
    VALERIE GASTALDY
    BPI
    CARLOS JOAQUIM PEIXOTO
    AlphaValue
    DAVID GRINSZTAJN
    NMAS 1 Agencia de Valores
    FRANCISCO RIQUEL
    Banco Sabadell
    MARIO LODOS
    Exane BNP Paribas
    SANTIAGO LOPEZ DIAZ
    Kepler Capital Markets
    ALEJANDRO RUYRA DE ANDRADE
    Banesto Bolsa SA Sociedad
    JUAN ALBERTO TUESTA VILANOVA
    Morgan Stanley
    ALVARO SERRANO
    Interdin Bolsa
    JAVIER RUIZ-CAPILLAS
    JPMorgan
    JAIME BECERRIL
    Bankia Bolsa (ESN)
    JAVIER BERNAT
    Ahorro Corporacion Financiera SA
    IRMA GARRIDO
    Hamburger Sparkasse
    CHRISTIAN HAMANN
    Macquarie
    BENJIE CREELAN-SANDFORD
    Mediobanca SpA
    ANDREA FILTRI
    RBC Capital Markets
    PATRICK LEE
    Keefe, Bruyette & Woods
    ANTONIO RAMIREZ
    Independent Research GmbH
    STEFAN BONGARDT
    Espirito Santo Investment Bank Research
    JUAN PABLO LOPEZ
    Natixis
    FREDERIC TESCHNER
    Nomura
    DARAGH QUINN
    Credit Suisse
    IGNACIO CEREZO
    S&P Capital IQ
    WILLIAM HOWLETT
    Berenberg Bank
    NICK ANDERSON
    Goldman Sachs
    JERNEJ OMAHEN
    Societe Generale
    CARLOS GARCIA GONZALEZ
    Deutsche Bank
    CARLOS BERASTAIN GONZALEZ
    Landesbank Baden-Wuerttemberg
    INGO FROMMEN
    EVA Dimensions
    AUSTIN BURKETT
    HSBC
    CARLO DIGRANDI
    Barclays
    ROHITH CHANDRA-RAJAN
    Grupo Santander
    ARTURO DE FRIAS
    Redburn Partners
    GEORGE KARAMANOS
    Nord/LB
    MICHAEL SEUFERT
    CA Cheuvreux
    ADRIAN ZUNZUNEGUI RUANO
    Renta 4 SA SVB
    NURIA ALVAREZ
    Hammer Partners SA
    ENRICO RACIOPPI
    La Caixa
    DAVID FERNANDEZ
    DZ Bank AG
    SABINE BOHN

    Source
    EXCH
    13G
    MF-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-FRA
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

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

    Amt Held
    184'725'823
    160'934'820
    102'566'942
    77'530'161
    46'618'211
    38'166'132
    31'913'193
    19'030'674
    18'107'206
    18'072'640
    17'926'186
    13'489'332
    9'664'220
    8'602'312
    7'841'037
    7'802'767
    7'760'019
    7'718'009
    7'291'005
    6'508'112

    % Out
    3.39
    2.95
    1.88
    1.42
    0.86
    0.7
    0.59
    0.35
    0.33
    0.33
    0.33
    0.25
    0.18
    0.16
    0.14
    0.14
    0.14
    0.14
    0.13
    0.12

    Weighting

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

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

    Latest Chg
    22'455'188
    (86'470'698)
    3'027'039
    6'787'277
    (9'207'019)
    587'169
    (5'874'425)
    11'638'174
    3'203'936
    (3'037'700)
    (2'484'158)
    8'602'312
    (2'703'176)
    4'703'508
    1'553'396
    (2'806'444)
    141'375
    2'342'287

    Target Price
    9
    #N/A N/A
    9
    10
    9
    8
    7
    8
    8
    9
    9
    7
    7
    7
    #N/A N/A
    6
    7
    8
    9
    8
    7
    7
    8
    7
    7
    7
    11
    6
    8
    8
    #N/A N/A
    7
    6
    9
    #N/A N/A
    #N/A N/A
    7
    6
    6
    8
    6

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

    File Dt
    07.01.2013
    24.07.2012
    31.12.2012
    26.02.2013
    31.12.2012
    31.12.2012
    31.12.2012
    30.11.2012
    30.12.2012
    31.12.2012
    26.02.2013
    30.09.2012
    31.12.2012
    31.12.2012
    30.09.2012
    28.12.2012
    31.12.2012
    30.09.2012
    28.12.2012
    31.12.2012

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

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

    Date
    27.02.2013
    27.02.2013
    25.02.2013
    21.02.2013
    18.02.2013
    15.02.2013
    15.02.2013
    13.02.2013
    13.02.2013
    12.02.2013
    12.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    07.02.2013
    06.02.2013
    04.02.2013
    04.02.2013
    04.02.2013
    04.02.2013
    04.02.2013
    04.02.2013
    04.02.2013
    01.02.2013
    01.02.2013
    28.01.2013
    23.01.2013
    22.01.2013
    22.01.2013
    17.01.2013
    17.01.2013
    10.01.2013
    08.01.2013
    04.01.2013
    04.01.2013
    23.10.2012
    24.08.2012
    31.07.2012
    19.06.2012
    16.03.2012
    06.02.2012

    28.02.2013

    Banco Santander SA
    Banco Santander SA attracts deposits and offers retail, commercial and private
    banking, and asset management services. The Bank offers consumer credit,
    mortgage loans, lease financing, factoring, mutual funds, pension funds,
    insurance, commercial credit, investment banking services, structured finance,
    and advice on mergers and acquisitions.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (14.01.2013)
    52-Week Low (23.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 14.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SAN SQ EQUITY YTD Change
    SAN SQ EQUITY YTD % CHANGE

    12/2012
    12/yy
    6.68
    3.98
    15'210'496.00
    5.793
    -13.31%
    45.70%
    66.58%
    10'538.7
    61'050.59
    367'524.00
    0.0
    9'672.0
    182'116.00
    -

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

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

    1.20

    700.0 M

    600.0 M

    500.0 M

    400.0 M

    300.0 M

    200.0 M

    100.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    .0 M
    f-13

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

    Fiscal Year Ended


    31.12.2008
    70'114.3
    8'876.4
    5.74x

    31.12.2009
    31.12.2010
    69'736.2
    68'965.5
    8'942.5
    8'180.9
    11.09x
    8.39x
    Profitability

    LTM-4Q
    31.12.2011
    78'009.0
    5'351.0
    9.74x

    31.12.2012
    43'575.0
    2'205.0
    26.44x
    24.02%
    12.39%
    0.17%
    2.92%
    0.65%
    0.03%
    5.1%
    28.95%
    492.30%
    -

    LTM

    12/yy
    44'219.0
    0.00x
    0.0
    0.00x
    5'351.0
    9.70x

    12/yy
    43'575.0
    0.00x
    0.0
    0.00x
    2'205.0
    25.61x

    FY+1

    1.17
    10'340.94
    5.30%
    -2.79%
    1.170
    42
    2.857
    77'307'830
    65'165'030
    74'624'020
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    44'623.9
    46'700.7
    11'268.0
    11'390.0
    6'496.6
    7'591.4
    1'408.0
    1'407.0
    9.50x
    8.23x
    8.98x
    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

    16.10.2012
    BBB
    NEG
    30.04.2012
    A-2
    492.3%
    81.3%
    0.03
    3.19
    -

    Sales/Revenue/Turnover

    90'000.0
    80'000.0

    1.00
    0.80

    70'000.0
    60'000.0
    50'000.0

    0.60

    40'000.0
    30'000.0

    0.40
    0.20

    20'000.0
    10'000.0
    0.0

    0.00

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

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

    28.02.2013

    Banco Santander SA
    Holdings By:

    All

    Holder Name
    STATE STREET
    BANK OF NEW YORK MEL
    BNP PARIBAS SA
    CAPITAL GROUP COMPAN
    BARCLAYS PLC
    VANGUARD GROUP INC
    BLACKROCK
    DE LOS RIOS EMILIO B
    DODGE & COX
    ASSICURAZIONI GENERA
    HARRIS ASSOCIATES LP
    BANCO SANTANDER SA
    CARMIGNAC GESTION
    MERCURY ASSET MANAGE
    BNP PARIBAS INV PART
    FRANKLIN RESOURCES
    AMUNDI
    LBPAM
    O'SHEA JAVIER BOTINFMR LLC

    Firm Name

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

    Analyst

    Oddo & Cie


    JULIE LEGRAND
    Day by Day
    VALERIE GASTALDY
    NMAS 1 Agencia de Valores
    FRANCISCO RIQUEL
    EVA Dimensions
    AUSTIN BURKETT
    BPI
    CARLOS JOAQUIM PEIXOTO
    AlphaValue
    DAVID GRINSZTAJN
    Bankia Bolsa (ESN)
    JAVIER BERNAT
    Banco Sabadell
    MARIO LODOS
    Exane BNP Paribas
    SANTIAGO LOPEZ DIAZ
    Banesto Bolsa SA Sociedad
    JUAN ALBERTO TUESTA VILANOVA
    Morgan Stanley
    ALVARO SERRANO
    Ahorro Corporacion Financiera SA
    IRMA GARRIDO
    JPMorgan
    JAIME BECERRIL
    Hamburger Sparkasse
    CHRISTIAN HAMANN
    Mediobanca SpA
    ANDREA FILTRI
    RBC Capital Markets
    PATRICK LEE
    Macquarie
    BENJIE CREELAN-SANDFORD
    Independent Research GmbH
    STEFAN BONGARDT
    Espirito Santo Investment Bank Research
    JUAN PABLO LOPEZ
    Natixis
    FREDERIC TESCHNER
    Nomura
    DARAGH QUINN
    Credit Suisse
    IGNACIO CEREZO
    Keefe, Bruyette & Woods
    ANTONIO RAMIREZ
    S&P Capital IQ
    WILLIAM HOWLETT
    Berenberg Bank
    NICK ANDERSON
    Goldman Sachs
    JERNEJ OMAHEN
    BBVA
    IGNACIO ULARGUI
    HSBC
    CARLO DIGRANDI
    Barclays
    ROHITH CHANDRA-RAJAN
    Redburn Partners
    GEORGE KARAMANOS
    Societe Generale
    CARLOS GARCIA GONZALEZ
    Nord/LB
    MICHAEL SEUFERT
    Deutsche Bank
    CARLOS BERASTAIN GONZALEZ
    CA Cheuvreux
    ADRIAN ZUNZUNEGUI RUANO
    Landesbank Baden-Wuerttemberg
    INGO FROMMEN
    Kepler Capital Markets
    ALEJANDRO RUYRA DE ANDRADE
    Renta 4 SA SVB
    NURIA ALVAREZ
    Hammer Partners SA
    ENRICO RACIOPPI
    DZ Bank AG
    SABINE BOHN
    La Caixa
    DAVID FERNANDEZ

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

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

    Amt Held
    865'873'141
    555'448'975
    341'264'391
    302'742'257
    227'263'557
    219'115'525
    154'615'764
    79'366'139
    53'673'238
    50'134'290
    43'495'798
    42'192'066
    39'143'000
    33'955'154
    30'913'816
    20'697'193
    20'518'705
    16'712'670
    16'280'026
    15'945'626

    % Out
    8.22
    5.27
    3.24
    2.87
    2.16
    2.08
    1.47
    0.75
    0.51
    0.48
    0.41
    0.4
    0.37
    0.32
    0.29
    0.2
    0.19
    0.16
    0.15
    0.15

    Weighting

    Change

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

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

    Latest Chg
    (54'770)
    86'154'727
    (151'165'601)
    (56'807'364)
    10'545'834
    11'146'927
    55'838
    447'012
    586'726
    5'743'156
    606'704
    (3'364'606)
    (436'850)
    937
    (305'761)

    Target Price
    9
    #N/A N/A
    7
    #N/A N/A
    7
    9
    6
    7
    5
    #N/A N/A
    7
    6
    6
    #N/A N/A
    4
    6
    5
    7
    6
    5
    6
    6
    7
    5
    6
    8
    8
    6
    4
    #N/A N/A
    5
    #N/A N/A
    6
    7
    5
    5
    6
    6
    4
    8

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

    File Dt
    Inst Type
    27.02.2013
    Investment Advisor
    31.12.2011
    Investment Advisor
    14.01.2013
    Bank
    31.12.2012
    Investment Advisor
    03.05.2011
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    15.02.2013
    n/a
    29.01.2013
    Investment Advisor
    01.10.2011
    Insurance Company
    31.12.2012
    Investment Advisor
    31.12.2011
    Bank
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012 Mutual Fund Manager
    31.12.2012 Mutual Fund Manager
    31.01.2013
    n/a
    31.12.2012
    Investment Advisor

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

    Date
    27.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    21.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    13.02.2013
    12.02.2013
    12.02.2013
    11.02.2013
    06.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    31.01.2013
    31.01.2013
    31.01.2013
    28.01.2013
    23.01.2013
    14.01.2013
    10.01.2013
    08.01.2013
    04.01.2013
    05.11.2012
    23.10.2012
    17.10.2012
    24.08.2012
    22.08.2012
    02.08.2012
    26.07.2012
    28.06.2012
    23.05.2012
    16.03.2012

    28.02.2013

    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

    250.0 M

    300

    200.0 M

    250

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (13.02.2013)
    52-Week Low (26.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 26.02.2013
    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
    12/yy
    330.05
    148.20
    9'423'422.00
    305.4
    -7.57%
    106.07%
    84.47%
    12'860.6
    39'276.20
    437'951.00
    0.0
    9'371.0
    128'120.00
    -

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

    150.0 M

    150

    100.0 M

    100
    50.0 M

    50
    0
    f-12 m-12 a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    .0 M
    f-13

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

    Fiscal Year Ended


    31.12.2008
    37'159.0
    4'382.0
    3.00x

    200

    31.12.2009
    31.12.2010
    41'789.0
    40'058.0
    9'393.0
    3'564.0
    11.49x
    8.60x
    Profitability

    LTM-4Q
    31.12.2011
    38'428.0
    3'007.0
    7.02x

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

    31.12.2012
    37'203.0
    (1'041.0)
    23.30%
    0.83%
    -0.07%
    -1.91%
    -0.05%
    0.02%
    -3.5%
    29.39%
    817.29%
    -

    Price/ Cash Flow

    LTM

    12/yy
    36'004.0
    0.00x
    0.0
    0.00x
    3'007.0
    7.01x

    12/yy
    31'035.0
    0.00x
    0.0
    0.00x
    (1'043.0)
    0.00x

    FY+1

    1.96
    1.84
    11'271.38
    27.85%
    17.66%
    1.835
    32
    4.063
    65'563'970
    49'456'050
    43'695'510
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    29'334.2
    30'068.1
    -6.78x
    -7.28x
    4'638.6
    5'577.8
    8.18x
    6.92x
    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
    19.12.2008
    A-1
    817.3%
    87.4%
    0.02
    5.76
    -

    Sales/Revenue/Turnover

    35.00

    45'000.0

    30.00

    40'000.0
    35'000.0

    25.00

    30'000.0

    20.00

    25'000.0

    15.00

    20'000.0
    15'000.0

    10.00

    10'000.0

    5.00
    0.00
    01.01.2010

    5'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Barclays PLC
    Holdings By:

    All

    Holder Name
    QATAR HOLDINGS LLC
    AL NAHYAN MANSOUR BI
    BLACKROCK
    CAPITAL GROUP COMPAN
    FMR LLC
    LEGAL & GENERAL
    SCOTTISH WIDOWS
    NORGES BANK INVESTME
    UBS
    DODGE & COX
    UPPER CHANCE GROUP L
    DODGE & COX
    VANGUARD GROUP INC
    STANDARD LIFE INVEST
    BARCLAYS PERSONAL IN
    SUMITOMO MITSUI FINA
    FRANKLIN RESOURCES
    VANGUARD GROUP INC
    GOLDMAN SACHS INTERN
    ORBIS INVESTMENT MAN

    Firm Name

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

    Analyst

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

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

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

    Amt Held
    813'964'552
    758'437'618
    690'750'564
    492'619'694
    463'904'594
    432'379'416
    296'473'338
    284'232'353
    276'792'600
    266'149'298
    248'872'808
    248'069'617
    242'608'325
    239'392'965
    228'555'406
    194'868'102
    159'046'261
    140'569'309
    137'591'049
    137'036'940

    % Out
    6.33
    5.9
    5.37
    3.83
    3.61
    3.36
    2.31
    2.21
    2.15
    2.07
    1.94
    1.93
    1.89
    1.86
    1.78
    1.52
    1.24
    1.09
    1.07
    1.07

    Weighting

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

    M
    M
    U
    M
    M
    M
    U
    U
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    R
    M
    U
    M
    M
    M
    M
    M
    D

    Latest Chg
    120'690'937
    5'148'776
    1'245'216
    37'919'535
    9'484'275
    1'600'000
    (3'613'787)
    11'028'820
    (23'810'242)
    8'779'917
    19'599'450
    4'516'290
    (50'282'060)
    19'446'197

    Target Price
    360
    400
    400
    380
    400
    418
    345
    400
    340
    400
    320
    #N/A N/A
    425
    #N/A N/A
    380
    400
    375
    290
    375
    305
    380
    185
    350
    280
    160
    340
    #N/A N/A
    #N/A N/A
    230

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

    File Dt
    27.12.2012
    21.01.2013
    26.02.2013
    29.01.2013
    31.12.2012
    01.11.2012
    30.11.2012
    01.11.2012
    28.12.2012
    01.11.2012
    01.11.2012
    29.01.2013
    31.12.2012
    01.11.2012
    01.11.2012
    01.11.2012
    31.12.2012
    01.11.2012
    01.11.2012
    01.11.2012

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

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

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    22.02.2013
    21.02.2013
    19.02.2013
    18.02.2013
    15.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    11.02.2013
    17.01.2013
    07.01.2013
    14.11.2012

    28.02.2013

    BASF SE
    BASF SE is a chemical company. The Company operates in six segments: Chemicals,
    Plastics, Performance Products, Functional Solutions, Agricultural Solutions
    and Oil & Gas. BASF offers products for the chemical, automotive, construction,
    agriculture, oil, plastics, electrical / electronics, furniture and paper
    industries, and provides a range of system solutions and services.

    Price/Volume
    80

    8.0 M

    50

    12/2012
    12/yy
    76.20
    51.13
    836'811.00
    72
    -5.43%
    40.82%
    83.61%
    918.5
    66'130.47
    13'355.00
    0.0
    1'224.0
    1'800.00
    78'909.47

    6.0 M

    30

    4.0 M

    20
    2.0 M

    10
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


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

    10.0 M

    60
    40

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (28.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    BAS GY EQUITY YTD Change
    BAS GY EQUITY YTD % CHANGE

    31.12.2008
    62'304.0
    0.62x
    10'238.0
    3.74x
    2'912.0
    8.86x

    12.0 M

    70

    31.12.2009
    31.12.2010
    50'693.0
    63'873.0
    1.07x
    1.09x
    8'500.0
    11'903.0
    6.36x
    5.85x
    1'410.0
    4'557.0
    28.22x
    12.04x
    Profitability

    LTM-4Q
    31.12.2011
    73'497.0
    0.84x
    11'855.0
    5.20x
    6'188.0
    8.00x

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

    31.12.2012
    78'729.0
    0.99x
    12'537.0
    6.23x
    4'879.0
    13.40x
    12'537.00
    8'976.00
    11.40%
    10.72%
    7.78%
    20.03%
    14.67%
    1.25%
    26.3%
    15.9%
    11.4%
    6.2%
    1.66
    0.69
    20.76%
    54.33%
    7.49
    5.81

    Price/ Cash Flow

    LTM

    12/yy
    73'497.0
    3.54x
    11'855.0
    5.20x
    6'188.0
    8.00x

    12/yy
    78'729.0
    3.62x
    12'537.0
    6.23x
    4'879.0
    13.40x

    FY+1

    .0 M
    f-13

    1.07
    854.55
    13.65%
    1.19%
    1.068
    40
    3.850
    3'889'361
    2'654'063
    2'594'073
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    80'623.4
    81'006.5
    21'903.0
    19'912.0
    0.96x
    0.93x
    13'059.2
    13'778.9
    6.05x
    5.73x
    5'356.1
    5'798.4
    1'629.5
    1'602.0
    12.10x
    11.14x
    11.66x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    10.05.2011
    A+
    STABLE
    12.02.2009
    A-1
    16.67
    11.15
    0.92
    1.07
    54.3%
    34.1%
    1.25
    4.36
    48.87
    63.04
    31.03
    80.88

    Sales/Revenue/Turnover

    12.00

    90'000.0
    80'000.0

    10.00

    70'000.0
    60'000.0

    8.00

    50'000.0
    6.00

    40'000.0
    30'000.0

    4.00

    20'000.0
    2.00
    0.00
    01.01.2010

    10'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    BASF SE
    Holdings By:

    All

    Holder Name
    BLACKROCK
    VANGUARD GROUP INC
    CAPITAL GROUP COMPAN
    DEUTSCHE BANK AG
    FMR LLC
    UNION INVESTMENT GMB
    ALLIANZ ASSET MANAGE
    AMUNDI
    DB PLATINUM ADVISORS
    DEKA INVESTMENT GMBH
    ADIG INVESTMENT
    MERCURY ASSET MANAGE
    FRANKFURT TRUST INVE
    BNP PARIBAS INV PART
    UNION INVESTMENT LUX
    SEB
    ETFLAB INVESTMENT GM
    T ROWE PRICE ASSOCIA
    SWEDBANK ROBUR FONDE
    NATIXIS ASSET MANAGE

    Firm Name
    Commerzbank Corporates & Markets
    Credit Suisse
    AlphaValue
    Societe Generale
    Nord/LB
    Goldman Sachs
    Baader Bank
    Macquarie
    Independent Research GmbH
    Bankhaus Metzler
    Equinet Institutional Services(ESN)
    DZ Bank AG
    Morgan Stanley
    Sanford C. Bernstein & Co
    HSBC
    Landesbank Baden-Wuerttemberg
    Nomura
    M.M. Warburg Investment Research
    Bankhaus Lampe
    Redburn Partners
    Banco Sabadell
    Barclays
    Kepler Capital Markets
    EVA Dimensions
    CA Cheuvreux
    Jefferies
    Canaccord Genuity Corp
    Exane BNP Paribas
    JPMorgan
    Deutsche Bank
    Main First Bank AG
    Hamburger Sparkasse
    National Bank AG
    Berenberg Bank
    S&P Capital IQ
    Day by Day
    Gilford Securities
    Silvia Quandt Research
    Steubing AG
    SRH AlsterResearch

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

    Analyst
    LUTZ GRUETEN
    CHRIS COUNIHAN
    MARTIN SCHNEE
    PETER CLARK
    THORSTEN STRAUSS
    RAKESH PATEL
    NORBERT BARTH
    CHRISTIAN FAITZ
    CHRISTOPH SCHOENDUBE
    LARS HETTCHE
    NADESHDA DEMIDOVA
    PETER SPENGLER
    PAUL R WALSH
    JEREMY REDENIUS
    GEOFF HAIRE
    ULLE WORNER
    JEAN DE WATTEVILLE
    OLIVER SCHWARZ
    HEIKO FEBER
    TONY JONES
    GLEN SPENCER-CHAPMAN
    ANDREAS HEINE
    MARKUS MAYER
    CRAIG STERLING
    MARTIN ROEDIGER
    LAURENCE ALEXANDER
    PAUL W SATCHELL
    JAMES KNIGHT
    NEIL C TYLER
    TIMOTHY JONES
    RONALD KOEHLER
    MARCO GUENTHER
    EKKEHARD D LINK
    JAIDEEP PANDYA
    JOHNSON IMODE
    VALERIE GASTALDY
    PAUL C CHRISTOPHERSON
    HARALD GRUBER
    TEAM COVERAGE
    OLIVER DREBING

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

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

    Amt Held
    63'927'154
    18'561'651
    12'764'100
    11'265'507
    10'003'820
    7'816'891
    7'086'662
    6'645'086
    6'150'667
    3'833'502
    3'558'728
    3'023'851
    2'395'986
    2'167'370
    2'058'912
    1'999'333
    1'848'042
    1'605'194
    1'494'928
    1'453'204

    % Out
    6.96
    2.02
    1.39
    1.23
    1.09
    0.85
    0.77
    0.72
    0.67
    0.42
    0.39
    0.33
    0.26
    0.24
    0.22
    0.22
    0.2
    0.17
    0.16
    0.16

    Weighting

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

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

    Latest Chg
    813'771
    933'000
    9'211
    (1'484'793)
    3'435
    (813'616)
    (1'056'416)
    (1'176'953)
    150'348
    6'100
    9'000
    246'308
    239'807
    84'342
    667
    (18'792)
    95'786
    (1'208'057)

    Target Price
    83
    78
    76
    72
    73
    87
    85
    66
    84
    68
    85
    86
    85
    73
    75
    81
    88
    75
    80
    #N/A N/A
    71
    80
    75
    #N/A N/A
    78
    73
    45
    72
    60
    79
    65
    #N/A N/A
    64
    60
    78
    76
    #N/A N/A
    65
    81
    60

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

    File Dt
    26.02.2013
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    28.09.2012
    31.01.2013
    30.11.2012
    31.01.2013
    28.12.2012
    31.10.2012
    26.02.2013
    28.12.2012
    31.12.2012
    28.09.2012
    31.01.2013
    27.02.2013
    31.12.2012
    31.12.2012
    31.12.2012

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

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

    Date
    28.02.2013
    28.02.2013
    28.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    21.02.2013
    20.02.2013
    18.02.2013
    15.02.2013
    04.02.2013
    01.02.2013
    17.01.2013
    14.01.2013
    04.01.2013
    20.12.2012
    18.12.2012
    07.12.2012
    06.12.2012
    20.11.2012
    29.10.2012
    26.10.2012
    25.10.2012
    25.10.2012
    03.10.2012
    26.09.2012
    27.02.2012
    05.01.2012
    29.10.2010

    28.02.2013

    Bayer AG
    Bayer AG produces and markets healthcare and agricultural products, and
    polymers. The Company manufactures products that include aspirin, antibiotics,
    anti-infectives, and cardiovascular, oncology, and central nervous system
    drugs, over-the-counter medications, diagnostics, animal health products, crop
    protection products, plastics, and polyurethanes.

    Price/Volume
    80

    8.0 M

    50

    12/2012
    12/yy
    76.33
    47.63
    1'360'076.00
    75.35
    -1.28%
    58.22%
    91.81%
    826.9
    62'310.52
    9'532.00
    0.0
    100.0
    2'551.00
    69'391.52

    6.0 M

    30

    4.0 M

    20
    2.0 M

    10
    0
    f-12 m-12

    31.12.2009
    31.12.2010
    31'168.0
    35'088.0
    1.80x
    1.53x
    7'695.0
    8'900.0
    7.30x
    6.04x
    1'359.0
    1'301.0
    32.92x
    35.22x
    Profitability

    LTM-4Q
    31.12.2011
    36'528.0
    1.32x
    8'963.0
    5.36x
    2'470.0
    16.52x

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

    31.12.2012
    39'760.0
    1.67x
    6'920.0
    9.61x
    2'446.0
    24.29x
    6'920.00
    3'960.00
    9.96%
    8.17%
    4.70%
    12.98%
    0.76%
    52.1%
    17.4%
    10.0%
    6.2%
    1.45
    0.76
    18.57%
    51.61%
    5.49
    2.86

    Price/ Cash Flow

    j-12

    LTM

    12/yy
    36'528.0
    5.33x
    8'963.0
    5.36x
    2'470.0
    16.52x

    j-12

    12/yy
    39'760.0
    5.89x
    6'920.0
    9.61x
    2'446.0
    24.29x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    0.97
    826.95
    39.98%
    4.81%
    0.967
    39
    3.795
    2'766'242
    2'304'609
    2'139'599
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    41'481.4
    43'481.3
    10'524.0
    10'624.5
    1.66x
    1.52x
    8'898.0
    9'487.1
    2'543.0
    2'223.0
    7.80x
    7.31x
    7.93x
    4'722.1
    5'185.3
    1'491.0
    1'289.5
    12.70x
    11.57x
    12.80x
    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

    30.04.2008
    APOS
    11.07.2006
    A-2
    1.01
    1.38
    51.6%
    33.9%
    0.76
    4.04
    66.70
    128.16
    75.11
    119.75

    Sales/Revenue/Turnover

    16.00

    45'000.0

    14.00

    40'000.0

    12.00

    35'000.0
    30'000.0

    10.00

    25'000.0

    8.00

    20'000.0

    6.00

    15'000.0

    4.00

    10'000.0

    2.00

    5'000.0

    0.00
    01.01.2010

    a-12 m-12

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

    Fiscal Year Ended


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

    10.0 M

    60
    40

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (28.02.2013)
    52-Week Low (05.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    BAYN GY EQUITY YTD Change
    BAYN GY EQUITY YTD % CHANGE

    31.12.2008
    32'918.0
    1.40x
    6'702.0
    6.86x
    1'719.0
    18.72x

    12.0 M

    70

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Bayer AG
    Holdings By:

    All

    Holder Name
    CAPITAL GROUP COMPAN
    BLACKROCK
    VANGUARD GROUP INC
    FMR LLC
    DODGE & COX
    MASSACHUSETTS FINANC
    MORGAN STANLEY
    DEUTSCHE BANK AG
    BANK OF NEW YORK MEL
    UNION INVESTMENT GMB
    DEKA INVESTMENT GMBH
    ALLIANZ ASSET MANAGE
    DB PLATINUM ADVISORS
    AMUNDI
    BNP PARIBAS INV PART
    T ROWE PRICE ASSOCIA
    ADIG INVESTMENT
    MERCURY ASSET MANAGE
    TIAA CREF INVESTMENT
    FRANKFURT TRUST INVE

    Firm Name
    Jefferies
    Sanford C. Bernstein & Co
    Bryan Garnier & Cie
    DZ Bank AG
    AlphaValue
    Goldman Sachs
    M.M. Warburg Investment Research
    Helvea
    Societe Generale
    Kepler Capital Markets
    Barclays
    Baader Bank
    Berenberg Bank
    Commerzbank Corporates & Markets
    Landesbank Baden-Wuerttemberg
    Credit Suisse
    Exane BNP Paribas
    Macquarie
    Hamburger Sparkasse
    Nomura
    Bankhaus Metzler
    EVA Dimensions
    Independent Research GmbH
    Equinet Institutional Services(ESN)
    Deutsche Bank
    Day by Day
    Redburn Partners
    S&P Capital IQ
    Main First Bank AG
    JPMorgan
    Nord/LB
    National Bank AG
    Silvia Quandt Research
    CA Cheuvreux
    Natixis
    Banco Sabadell
    Liberum Capital Ltd

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

    Analyst
    JEFFREY HOLFORD
    JEREMY REDENIUS
    ERIC LE BERRIGAUD
    PETER SPENGLER
    MARTIN SCHNEE
    RAKESH PATEL
    ULRICH HUWALD
    ODILE RUNDQUIST
    STEPHEN MCGARRY
    FABIAN WENNER
    MARK PURCELL
    NORBERT BARTH
    ALISTAIR CAMPBELL
    DANIEL WENDORFF
    ULLE WORNER
    JOHANNA WALTON
    FLORENT CESPEDES
    CHRISTIAN FAITZ
    MARCO GUENTHER
    JEAN DE WATTEVILLE
    SEBASTIAN FRERICKS
    ANDREW S ZAMFOTIS
    CHRISTOPH SCHOENDUBE
    EDOUARD AUBERY
    TIM RACE
    VALERIE GASTALDY
    TEAM COVERAGE
    SHO MATSUBARA
    RONALD KOEHLER
    RICHARD VOSSER
    THORSTEN STRAUSS
    STEFFEN MANSKE
    CLAUDIA LAKATOS
    LAURENT FLAMME
    BEATRICE MUZARD
    MARTA DIAZ
    NARESH CHOUHAN

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

    Recommendation
    hold
    market perform
    buy
    buy
    reduce
    neutral/neutral
    hold
    accumulate
    hold
    buy
    underweight
    hold
    buy
    buy
    buy
    outperform
    neutral
    outperform
    hold
    neutral
    buy
    hold
    hold
    accumulate
    buy
    hold
    neutral
    hold
    outperform
    overweight
    sell
    hold
    neutral
    outperform
    buy
    buy
    overweight

    Amt Held
    99'286'793
    64'270'632
    17'541'075
    15'159'999
    11'899'870
    9'396'803
    8'564'198
    7'412'616
    6'165'632
    5'943'255
    5'795'523
    5'520'569
    5'225'477
    5'146'630
    4'784'393
    3'647'992
    2'990'138
    2'720'564
    2'555'851
    2'426'162

    % Out
    12.01
    7.77
    2.12
    1.83
    1.44
    1.14
    1.04
    0.9
    0.75
    0.72
    0.7
    0.67
    0.63
    0.62
    0.58
    0.44
    0.36
    0.33
    0.31
    0.29

    Weighting

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

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

    Latest Chg
    (3'516'978)
    (556'122)
    (349'533)
    (694'567)
    202'668
    (2'524)
    (40'739)
    279'416
    (211'094)
    (424'208)
    (1'503'851)
    (638'334)
    788'403
    356'211
    95'300
    706
    105'410

    Target Price
    79
    66
    75
    80
    72
    82
    75
    73
    72
    76
    66
    66
    80
    90
    77
    83
    73
    83
    #N/A N/A
    83
    80
    #N/A N/A
    76
    75
    86
    #N/A N/A
    #N/A N/A
    70
    80
    80
    60
    65
    63
    73
    77
    #N/A N/A
    76

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

    File Dt
    Inst Type
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    29.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    03.05.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    28.09.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    31.01.2013
    Investment Advisor
    31.01.2013
    Investment Advisor
    30.11.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.10.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager

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

    Date
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    20.02.2013
    19.02.2013
    19.02.2013
    12.02.2013
    07.02.2013
    04.02.2013
    25.01.2013
    15.01.2013
    10.01.2013
    09.01.2013
    12.12.2012
    11.12.2012
    26.11.2012
    21.11.2012
    20.11.2012
    16.11.2012
    31.10.2012
    31.10.2012
    30.10.2012
    12.10.2012
    28.09.2012
    05.03.2012
    15.09.2010

    28.02.2013

    Bayerische Motoren Werke AG


    Bayerische Motoren Werke (BMW) AG manufactures and sells luxury cars and
    motorcycles worldwide. The Company produces everything from convertible sports
    cars to luxury sedans to touring motorcycles with large displacement engines.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (02.01.2013)
    52-Week Low (26.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    BMW GY EQUITY YTD Change
    BMW GY EQUITY YTD % CHANGE

    12/2011
    09/yy
    76.16
    53.16
    372'891.00
    70.68
    -7.26%
    32.96%
    74.61%
    602.0
    45'067.57
    67'977.00
    0.0
    65.0
    11'527.00
    102'773.57

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

    8.0 M

    70

    7.0 M

    60

    6.0 M

    50

    5.0 M

    40

    4.0 M

    30

    3.0 M

    20

    2.0 M

    10

    1.0 M

    0
    f-12

    31.12.2008
    31.12.2009
    53'197.0
    50'681.0
    1.19x
    1.40x
    11'231.0
    9'311.0
    5.64x
    7.59x
    324.0
    204.0
    44.10x
    102.58x
    Profitability

    LTM-4Q
    31.12.2010
    60'477.0
    1.49x
    9'087.0
    9.93x
    3'227.0
    11.94x

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

    31.12.2011
    68'821.0
    1.31x
    11'660.0
    7.76x
    4'881.0
    6.95x
    11'660.00
    8'006.00
    11.63%
    10.73%
    3.77%
    17.16%
    5.63%
    0.60%
    21.1%
    15.6%
    10.6%
    7.1%
    1.04
    0.31
    55.07%
    251.41%
    27.97
    5.55

    Price/ Cash Flow

    a-12

    m-12

    j-12

    LTM

    09/yy
    67'218.0
    5.25x
    11'906.0
    7.11x
    5'211.0
    6.26x

    j-12

    09/yy
    74'661.0
    5.05x
    11'684.0
    8.07x
    4'693.0
    7.98x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    1.07
    320.86
    5.53%
    -3.09%
    1.073
    38
    3.842
    2'421'168
    1'587'273
    1'640'821
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    76'565.3
    79'502.7
    19'616.9
    0.64x
    0.59x
    13'165.3
    13'204.3
    3'141.0
    7.81x
    7.78x
    5'082.3
    5'109.0
    1'141.0
    9.12x
    9.10x
    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

    16.04.2012
    A
    STABLE
    16.04.2012
    A-1
    12.36
    8.46
    4.93
    6.02
    251.4%
    71.5%
    0.60
    2.18
    13.08
    65.98
    38.04
    41.93

    Sales/Revenue/Turnover

    900.00

    80'000.0

    800.00

    70'000.0

    700.00

    60'000.0

    600.00

    50'000.0

    500.00

    40'000.0

    400.00

    30'000.0

    300.00

    20'000.0

    200.00

    10'000.0

    100.00
    0.00
    02.01.2009

    m-12

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

    Fiscal Year Ended


    31.12.2007
    56'018.0
    1.18x
    12'397.0
    5.31x
    3'126.0
    8.94x

    80

    0.0
    02.07.2009

    02.01.2010

    02.07.2010

    02.01.2011

    02.07.2011

    02.01.2012

    02.07.2012

    02.01.2013

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

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

    28.02.2013

    Bayerische Motoren Werke AG


    Holdings By:

    All

    Holder Name
    QUANDT STEFAN
    QUANDT JOHANNA
    KLATTEN SUSANNE
    BLACKROCK
    CAPITAL GROUP COMPAN
    WADDELL & REED FINAN
    FMR LLC
    DODGE & COX
    VANGUARD GROUP INC
    DB PLATINUM ADVISORS
    UNION INVESTMENT GMB
    DEUTSCHE BANK AG
    ALLIANZ ASSET MANAGE
    DEKA INVESTMENT GMBH
    SEB
    WILLIAM BLAIR & COMP
    FRANKFURT TRUST INVE
    DIMENSIONAL FUND ADV
    MASSACHUSETTS FINANC
    MERCURY ASSET MANAGE

    Firm Name
    AlphaValue
    Morgan Stanley
    Bankhaus Lampe
    Sanford C. Bernstein & Co
    Exane BNP Paribas
    Bankhaus Metzler
    Redburn Partners
    Commerzbank Corporates & Markets
    HSBC
    Landesbank Baden-Wuerttemberg
    Ahorro Corporacion Financiera SA
    Independent Research GmbH
    Kepler Capital Markets
    Macquarie
    DZ Bank AG
    JPMorgan
    EVA Dimensions
    Goldman Sachs
    Oddo & Cie
    Credit Suisse
    National Bank AG
    Nord/LB
    Day by Day
    M.M. Warburg Investment Research
    Natixis
    Main First Bank AG
    Hamburger Sparkasse
    Societe Generale
    CA Cheuvreux
    Equinet Institutional Services(ESN)
    Barclays
    S&P Capital IQ
    Cyrrus
    Silvia Quandt Research
    Dr. Kalliwoda Equity Research
    Deutsche Bank
    Steubing AG

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

    Analyst
    HANS-PETER WODNIOK
    STUART PEARSON
    CHRISTIAN LUDWIG
    MAX WARBURTON
    RABIH FREIHA
    JUERGEN PIEPER
    CHARLES WINSTON
    DANIEL SCHWARZ
    HORST SCHNEIDER
    FRANK BILLER
    VIRGINIA PEREZ REPES
    ZAFER RUZGAR
    MICHAEL RAAB
    CHRISTIAN BREITSPRECHER
    MICHAEL PUNZET
    JOSE ASUMENDI
    CRAIG STERLING
    STEFAN BURGSTALLER
    FRANCOIS MAURY
    ERICH HAUSER
    MANFRED JAISFELD
    FRANK SCHWOPE
    VALERIE GASTALDY
    MARC-RENE TONN
    GEORGES DIENG
    LOTHAR LUBINETZKI
    TINA HECKING-VELTMAN
    PHILIPPE BARRIER
    THOMAS BESSON
    TIM SCHULDT
    KRISTINA CHURCH
    MARNIE COHEN
    JIRI SIMARA
    ALBRECHT DENNINGHOFF
    NORBERT KALLIWODA
    JOCHEN GEHRKE
    MICHAEL BROEKER

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

    Recommendation
    add
    Equalwt/In-Line
    buy
    outperform
    neutral
    sell
    buy
    add
    neutral
    hold
    strong buy
    buy
    buy
    neutral
    sell
    overweight
    underweight
    neutral/attractive
    reduce
    outperform
    buy
    sell
    buy
    buy
    buy
    outperform
    hold
    buy
    outperform
    buy
    overweight
    strong buy
    accumulate
    not rated
    buy
    hold
    buy

    Amt Held
    104'747'161
    100'533'195
    75'851'392
    36'438'063
    14'833'170
    8'265'500
    6'648'125
    6'403'800
    6'371'993
    4'538'672
    2'992'094
    2'908'511
    2'821'310
    2'667'376
    1'312'460
    1'310'054
    1'149'062
    1'140'397
    1'009'198
    994'684

    % Out
    17.4
    16.7
    12.6
    6.05
    2.46
    1.37
    1.1
    1.06
    1.06
    0.75
    0.5
    0.48
    0.47
    0.44
    0.22
    0.22
    0.19
    0.19
    0.17
    0.17

    Weighting

    Change

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

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

    Latest Chg
    372'565
    113'170
    (130'000)
    (642'747)
    289'797
    2'560'111
    120'402
    (48'313)
    283'272
    (191'841)
    10'865
    28'645
    2'500
    6'167
    -

    Target Price
    81
    79
    90
    90
    71
    64
    #N/A N/A
    87
    82
    70
    83
    90
    83
    80
    62
    95
    #N/A N/A
    92
    60
    80
    85
    57
    80
    84
    82
    77
    #N/A N/A
    72
    85
    88
    84
    83
    66
    #N/A N/A
    81
    68
    100

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

    File Dt
    Inst Type
    31.12.2011
    n/a
    31.12.2011
    n/a
    31.12.2011
    n/a
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    29.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    28.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    31.01.2013
    Unclassified
    31.12.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    31.07.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor

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

    Date
    28.02.2013
    25.02.2013
    25.02.2013
    21.02.2013
    21.02.2013
    19.02.2013
    12.02.2013
    04.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    28.01.2013
    28.01.2013
    23.01.2013
    21.01.2013
    18.01.2013
    17.01.2013
    10.01.2013
    10.01.2013
    08.01.2013
    02.01.2013
    18.12.2012
    14.12.2012
    11.12.2012
    10.12.2012
    26.11.2012
    08.11.2012
    07.11.2012
    07.11.2012
    07.11.2012
    07.11.2012
    06.11.2012
    29.10.2012
    16.10.2012
    06.06.2012
    26.03.2012
    05.01.2012

    28.02.2013

    BG Group PLC
    BG Group plc specializes in the exploration, production, transmission and
    distribution of gas, oil and liquefied natural gas. The Group also develops,
    owns and operates gas-fired power generation plants.

    Price/Volume
    1800
    1600
    1400
    1200
    1000
    800

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (16.03.2012)
    52-Week Low (19.11.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 01.02.2013
    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
    12/yy
    1'548.00
    991.00
    769'622.00
    1165.5
    -24.74%
    17.61%
    30.97%
    3'402.2
    39'652.83
    15'507.00
    0.0
    57.0
    4'434.00
    71'257.57

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

    400
    200
    0
    f-12 m-12 a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12 d-12

    j-13

    Market Data

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

    Fiscal Year Ended


    31.12.2008
    23'270.8
    2.83x
    11'459.5
    5.75x
    5'790.9
    10.25x

    600

    100.0 M
    90.0 M
    80.0 M
    70.0 M
    60.0 M
    50.0 M
    40.0 M
    30.0 M
    20.0 M
    10.0 M
    .0 M
    f-13

    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
    21'073.0
    4.20x
    10'026.0
    8.83x
    4'234.0
    17.08x

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

    31.12.2012
    18'933.0
    3.54x
    10'198.0
    6.58x
    4'519.0
    16.87x
    10'198.00
    7'605.00
    40.17%
    33.62%
    7.14%
    14.48%
    10.24%
    0.34%
    48.7%
    36.8%
    23.9%
    1.49
    0.54
    23.77%
    46.94%
    3.28
    -

    Price/ Cash Flow

    LTM

    12/yy
    21'073.0
    16.45x
    10'026.0
    8.83x
    4'234.0
    17.08x

    12/yy
    21'665.0
    14.69x
    10'561.0
    6.35x
    4'519.0
    16.06x

    FY+1

    1.48
    1.19
    3'260.62
    -22.28%
    15.11%
    1.188
    30
    4.067
    4'865'765
    6'378'558
    6'396'590
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    21'403.3
    24'424.0
    5'184.8
    5'252.3
    3.43x
    3.14x
    13.77x
    13.40x
    11'451.9
    13'735.1
    2'755.0
    2'722.0
    6.22x
    5.19x
    6.42x
    6.16x
    4'675.3
    5'606.5
    1'194.5
    1'174.5
    13.43x
    11.26x
    12.24x
    11.51x
    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

    15.20
    0.33
    1.05
    1.47
    46.9%
    31.9%
    0.34
    0.53
    111.74
    -

    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

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

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

    28.02.2013

    BG Group PLC
    Holdings By:

    All

    Holder Name
    BLACKROCK
    NORGES BANK INVESTME
    LEGAL & GENERAL
    VANGUARD GROUP INC
    FMR LLC
    SCOTTISH WIDOWS
    VANGUARD GROUP INC
    PEOPLES REPUBLIC OF
    SCHRODER INVESTMENT
    GOVT OF SINGAPORE IN
    STANDARD LIFE INVEST
    Northern Cross Inter
    STATE FARM MUTUAL AU
    ALECTA INVESTMENT MA
    HARBOR CAPITAL ADVIS
    CAPITAL GROUP COMPAN
    AXA INVESTMENT MANAG
    BNP PARIBAS INV PART
    UBS
    AVIVA INVESTORS

    Firm Name
    Grupo Santander
    Sanford C. Bernstein & Co
    Societe Generale
    Canaccord Genuity Corp
    Simmons & Company International
    AlphaValue
    RBC Capital Markets
    HSBC
    Oriel Securities Ltd
    Liberum Capital Ltd
    Credit Suisse
    Exane BNP Paribas
    Independent Research GmbH
    Equita SIM SpA
    Jefferies
    Macquarie
    Nomura
    S&P Capital IQ
    Barclays
    Morgan Stanley
    Investec
    Goldman Sachs
    JPMorgan
    EVA Dimensions
    Day by Day
    Deutsche Bank
    Tudor Pickering & Co
    CA Cheuvreux
    Shore Capital Stockbrokers

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

    Analyst
    JASON KENNEY
    OSWALD CLINT
    IRENE HIMONA
    GORDON GRAY
    JEFFREY A DIETERT
    ALEXANDRE ANDLAUER
    PETER HUTTON
    PAUL SPEDDING
    RICHARD GRIFFITH
    ANDREW WHITTOCK
    THOMAS YOICHI ADOLFF
    ALEJANDRO DEMICHELIS
    SVEN DIERMEIER
    MASSIMO BONISOLI
    BRENDAN MICHAEL WARN
    JASON D GAMMEL
    THEEPAN JOTHILINGAM
    CHRISTINE TISCARENO
    RAHIM KARIM
    MARTIJN P RATS
    STUART JOYNER
    MICHELE DELLA VIGNA
    FREDERICK G LUCAS
    CRAIG STERLING
    VALERIE GASTALDY
    LUCAS HERRMANN
    ANISH KAPADIA
    JEAN-CHARLES LACOSTE
    GERARD LANE

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

    Recommendation
    buy
    outperform
    hold
    buy
    overweight
    sell
    outperform
    overweight
    buy
    hold
    neutral
    outperform
    hold
    buy
    buy
    neutral
    buy
    buy
    overweight
    Equalwt/In-Line
    sell
    Buy/Cautious
    overweight
    overweight
    hold
    hold
    hold
    suspended coverage
    not rated

    Amt Held
    253'990'367
    152'363'377
    120'599'210
    119'324'748
    106'925'266
    94'496'552
    64'366'135
    57'396'054
    48'293'192
    45'954'406
    42'153'440
    41'754'612
    40'100'800
    40'085'000
    39'857'836
    39'552'694
    38'253'142
    35'453'168
    33'653'753
    33'087'593

    % Out
    7.47
    4.48
    3.54
    3.51
    3.14
    2.78
    1.89
    1.69
    1.42
    1.35
    1.24
    1.23
    1.18
    1.18
    1.17
    1.16
    1.12
    1.04
    0.99
    0.97

    Weighting

    Change

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

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

    Latest Chg
    14'804'992
    1'010'042
    (4'289'039)
    5'290'403
    (19'309'136)
    11'446'507
    4'003'911
    3'496'882
    5'128'695
    1'265'240
    1'734'497
    14'104'546
    1'113'800
    13'734'613
    22'192'928
    1'790'949
    (4'914'552)
    1'063'719
    1'984'533

    Target Price
    1'289
    1'890
    1'200
    1'300
    #N/A N/A
    938
    1'360
    1'815
    #N/A N/A
    1'268
    1'150
    1'470
    1'200
    1'415
    1'700
    1'300
    1'500
    1'400
    1'420
    1'110
    1'000
    1'580
    1'600
    #N/A N/A
    #N/A N/A
    1'350
    1'500
    #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
    26.02.2013
    01.01.2013
    01.01.2013
    31.12.2012
    01.01.2013
    01.01.2013
    01.01.2013
    01.01.2013
    01.01.2013
    01.01.2013
    01.01.2013
    01.01.2013
    01.01.2013
    01.01.2013
    31.12.2012
    01.01.2013
    01.01.2013
    01.01.2013
    01.01.2013
    01.01.2013

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

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

    Date
    27.02.2013
    27.02.2013
    25.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    19.02.2013
    18.02.2013
    18.02.2013
    15.02.2013
    11.02.2013
    11.02.2013
    08.02.2013
    07.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    29.01.2013
    15.01.2013
    05.11.2012
    02.11.2012
    01.11.2012
    20.09.2012
    05.03.2012

    28.02.2013

    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

    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 (19.02.2013)
    52-Week Low (01.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.06.2012
    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

    06/2012
    01/yy
    2'251.50
    1'650.50
    1'976'822.00
    2081
    -7.57%
    26.08%
    74.04%
    2'111.3
    124'477.09
    28'330.00
    0.0
    1'215.0
    5'063.00
    220'209.83

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

    30.06.2009
    30.06.2010
    50'211.0
    52'798.0
    2.97x
    2.83x
    21'761.0
    24'590.0
    6.86x
    6.07x
    5'877.0
    12'722.0
    21.26x
    11.48x
    Profitability

    30.06.2011
    71'739.0
    3.00x
    38'093.0
    5.65x
    23'648.0
    9.18x

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

    30.06.2012
    72'226.0
    2.42x
    33'866.0
    5.15x
    15'417.0
    9.78x
    33'866.00
    27'458.00
    38.02%
    31.87%
    7.60%
    14.89%
    10.90%
    0.52%
    42.3%
    32.2%
    21.3%
    0.93
    0.44
    21.91%
    43.01%
    8.49
    -

    Price/ Cash Flow

    6.0 M
    4.0 M

    500

    2.0 M
    0
    f-12 m-12 a-12 m-12

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    .0 M
    f-13

    j-13

    FY+1
    -

    3.61
    1.40
    2'012.24
    4.19%
    -2.28%
    1.404
    31
    3.871
    7'393'149
    5'282'239
    4'999'500
    FY+2

    06/13 Y
    06/14 Y
    68'522.1
    75'406.9
    3.18x
    2.85x
    29'004.5
    34'724.0
    7.59x
    6.34x
    13'408.5
    16'808.3
    12.33x
    10.13x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    15.11.2010
    A+
    STABLE
    06.02.2008
    A-1
    26.69
    10.27
    1.07
    1.25
    43.0%
    29.7%
    0.52
    0.72
    43.13
    -

    Sales/Revenue/Turnover

    18.00

    80'000.0

    16.00

    70'000.0

    14.00

    60'000.0

    12.00

    50'000.0

    10.00

    40'000.0

    8.00

    30'000.0

    6.00

    20'000.0

    4.00

    10'000.0

    2.00
    0.00
    03.07.2009

    8.0 M

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

    Fiscal Year Ended


    30.06.2008
    59'473.0
    3.90x
    28'137.0
    8.24x
    15'390.0
    13.88x

    10.0 M

    1000

    0.0
    03.01.2010

    03.07.2010

    03.01.2011

    03.07.2011

    03.01.2012

    03.07.2012

    03.01.2013

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

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

    28.02.2013

    BHP Billiton PLC


    Holdings By:

    All

    Holder Name
    BLACKROCK
    GEPF EQUITY
    LEGAL & GENERAL
    NORGES BANK
    ABERDEEN
    VANGUARD GROUP INC
    SCOTTISH WIDOWS
    FMR LLC
    FRANKLIN RESOURCES
    INDUSTRIAL DEVELOPME
    PEOPLES REPUBLIC OF
    BAILLIE GIFFORD AND
    VANGUARD GROUP INC
    SCHRODER INVESTMENT
    BNP PARIBAS INV PART
    STATE STREET
    Northern Cross Inter
    ALECTA INVESTMENT MA
    M&G INVESTMENT MANAG
    HARBOR CAPITAL ADVIS

    Firm Name
    AlphaValue
    SBG Securities
    Exane BNP Paribas
    Sanford C. Bernstein & Co
    Canaccord Genuity Corp
    RBC Capital Markets
    Barclays
    Societe Generale
    Independent Research GmbH
    Natixis
    Nomura
    Avior Research
    BMO Capital Markets
    Morgan Stanley
    Goldman Sachs
    Credit Suisse
    JPMorgan
    Jefferies
    S&P Capital IQ
    HSBC
    Day by Day
    Deutsche Bank
    Macquarie
    Macquarie
    EVA Dimensions
    Investec
    Redburn Partners
    Liberum Capital Ltd
    Standard Chartered
    National Bank AG

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

    Analyst
    SACHIN KUMAR
    PETER DAVEY
    SYLVAIN BRUNET
    PAUL GAIT
    PETER MALLIN-JONES
    DES KILALEA
    DAVID BUTLER
    ABHISHEK SHUKLA
    SVEN DIERMEIER
    RAOUDHA BOUZEKRI
    SAM CATALANO
    CLINTON DUNCAN
    TONY ROBSON
    MENNO SANDERSE
    MICHELE DELLA VIGNA
    PAUL MCTAGGART
    FRASER JAMIESON
    Christopher LaFemina
    JOHNSON IMODE
    ANDREW KEEN
    VALERIE GASTALDY
    GRANT SPORRE
    JEFFREY LARGEY
    KIERAN DALY
    CRAIG STERLING
    ALBERT MINASSIAN
    SIMON TOYNE
    RICHARD KNIGHTS
    SUBRAMANIAM VARADA
    STEFFEN MANSKE

    Source
    ULT-AGG
    20F
    ULT-AGG
    RNS-MAJ
    ULT-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    20F
    REG
    REG
    REG
    REG
    ULT-AGG
    ULT-AGG
    REG
    REG
    REG
    MF-AGG

    Recommendation
    reduce
    buy
    neutral
    outperform
    hold
    outperform
    overweight
    sell
    hold
    buy
    buy
    outperform
    outperform
    Overwt/In-Line
    buy/attractive
    neutral
    neutral
    buy
    hold
    neutral
    buy
    buy
    neutral
    neutral
    overweight
    hold
    neutral
    buy
    in-line
    buy

    Amt Held
    168'784'326
    87'131'000
    85'886'778
    63'635'068
    55'612'082
    52'382'761
    49'811'488
    40'702'625
    37'684'684
    33'804'582
    29'045'618
    24'697'602
    23'459'843
    21'902'436
    21'819'420
    20'408'218
    19'780'635
    19'545'000
    19'266'422
    18'688'842

    % Out
    7.99
    4.13
    4.07
    3.01
    2.63
    2.48
    2.36
    1.93
    1.78
    1.6
    1.38
    1.17
    1.11
    1.04
    1.03
    0.97
    0.94
    0.93
    0.91
    0.89

    Weighting

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

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

    Latest Chg
    2'527'508
    387'315
    395'884
    (1'247'628)
    5'468'533
    3'574'972
    8'839'621
    (1'256'810)
    819'531
    (1'063'116)
    1'354'845
    (902'635)
    85'032
    (4'850'000)
    529'365
    -

    Target Price
    1'973
    2'500
    2'000
    2'450
    2'155
    2'100
    2'300
    1'585
    2'300
    2'400
    2'350
    3'042
    2'500
    2'310
    2'500
    2'400
    2'300
    2'600
    2'200
    2'250
    2'516
    2'380
    2'175
    2'063
    #N/A N/A
    2'306
    #N/A N/A
    #N/A N/A
    2'000
    2'900

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

    File Dt
    26.02.2013
    24.08.2012
    31.01.2013
    05.02.2013
    31.01.2013
    31.12.2012
    30.11.2012
    31.12.2012
    31.12.2012
    24.08.2012
    01.11.2012
    01.11.2012
    01.11.2012
    01.11.2012
    31.12.2012
    27.02.2013
    01.11.2012
    01.11.2012
    01.11.2012
    31.12.2012

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

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

    Date
    28.02.2013
    28.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    07.02.2013
    31.01.2013
    30.01.2013
    23.01.2013
    23.01.2013
    17.01.2013
    20.12.2012
    06.12.2012
    20.09.2012
    08.09.2012
    24.08.2011

    28.02.2013

    BNP Paribas SA
    BNP Paribas S.A. attracts deposits and offers commercial, retail, investment,
    private and corporate banking services. The Bank also provides asset management
    and investment advisory services to institutions and individuals in Europe, the
    United States, Asia and the Emerging Markets.

    Price/Volume
    60

    18.0 M
    16.0 M

    50

    14.0 M

    40

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (29.01.2013)
    52-Week Low (30.05.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    BNP FP EQUITY YTD Change
    BNP FP EQUITY YTD % CHANGE

    12/2012
    12/yy
    47.92
    24.54
    913'099.00
    42.83
    -10.49%
    74.57%
    79.64%
    1'242.3
    53'206.08
    600'713.00
    7'241.0
    8'536.0
    143'596.00
    -

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

    10.0 M
    8.0 M

    20

    6.0 M
    4.0 M

    10

    2.0 M

    0
    f-12 m-12

    31.12.2009
    31.12.2010
    70'526.0
    72'848.0
    5'832.0
    7'843.0
    10.75x
    7.52x
    Profitability

    31.12.2011
    71'009.0
    6'050.0
    6.30x

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

    31.12.2012
    68'664.0
    6'553.0
    8.25x
    22.58%
    22.58%
    0.34%
    8.93%
    0.77%
    0.05%
    14.3%
    31.50%
    763.83%
    -

    Price/ Cash Flow

    LTM-4Q

    LTM

    12/yy
    11'685.0
    0.00x
    0.0
    0.00x
    6'050.0
    6.02x

    12/yy
    9'395.0
    0.00x
    0.0
    0.00x
    6'553.0
    7.78x

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    1.50
    1'084.57
    22.53%
    0.58%
    1.498
    38
    4.237
    6'485'017
    4'340'140
    3'890'392
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    40'123.4
    41'212.5
    10'476.5
    10'117.5
    6'341.0
    7'076.7
    1'658.0
    1'498.0
    8.39x
    7.41x
    9.16x
    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

    25.10.2012
    A+
    NEG
    25.10.2012
    A-1
    763.8%
    86.4%
    0.05
    4.07
    -

    Sales/Revenue/Turnover

    4.00

    90'000.0

    3.50

    80'000.0

    3.00

    70'000.0
    60'000.0

    2.50

    50'000.0

    2.00

    40'000.0

    1.50

    30'000.0

    1.00

    20'000.0

    0.50

    10'000.0

    0.00
    01.01.2010

    a-12 m-12

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

    Fiscal Year Ended


    31.12.2008
    78'052.0
    3'021.0
    9.85x

    12.0 M

    30

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    BNP Paribas SA
    Holdings By:

    All

    Holder Name
    BELGIAN STATE
    AXA
    BLACKROCK
    FMR LLC
    VANGUARD GROUP INC
    NATIXIS ASSET MANAGE
    BNP PARIBAS INV PART
    CAPITAL GROUP COMPAN
    STATE OF LUXEMBOURG
    WILLIAM BLAIR & COMP
    FRANKLIN RESOURCES
    HARRIS ASSOCIATES LP
    AMUNDI
    AMUNDI
    AVIVA PLC
    LBPAM
    SCHRODER INVESTMENT
    ALLIANZ ASSET MANAGE
    JANUS CAPITAL MANAGE
    DODGE & COX

    Firm Name

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

    Analyst

    HSBC
    ROBIN DOWN
    AlphaValue
    CHRISTOPHE NIJDAM
    Keefe, Bruyette & Woods
    JEAN-PIERRE LAMBERT
    Oddo & Cie
    JEAN SASSUS
    Deutsche Bank
    FLORA BENHAKOUN
    Kepler Capital Markets
    BENOIT PETRARQUE
    Nomura
    JON PEACE
    Societe Generale
    SEBASTIEN LEMAIRE
    Morgan Stanley
    THIBAULT NARDIN
    RBC Capital Markets
    ANKE REINGEN
    JPMorgan
    DELPHINE LEE
    Landesbank Baden-Wuerttemberg
    INGO FROMMEN
    CA Cheuvreux
    CYRIL MEILLAND
    Hamburger Sparkasse
    CHRISTIAN HAMANN
    Banco Sabadell
    MARIO LODOS
    Natixis
    ALEX KOAGNE
    Redburn Partners
    GEORGE KARAMANOS
    Main First Bank AG
    FEDERICO SALERNO
    Credit Suisse
    MAXENCE LE GOUVELLO
    Independent Research GmbH
    STEFAN BONGARDT
    CM - CIC Securities(ESN)
    PIERRE CHEDEVILLE
    S&P Capital IQ
    WILLIAM HOWLETT
    Grupo Santander
    AURELIA FAURE
    Mediobanca SpA
    ANTONIO GUGLIELMI
    Ahorro Corporacion Financiera SA
    VIRGINIA PEREZ REPES
    Day by Day
    VALERIE GASTALDY
    Espirito Santo Investment Bank Research
    ANDREW LIM
    Macquarie
    PIERS BROWN
    Goldman Sachs
    JEAN-FRANCOIS NEUEZ
    Berenberg Bank
    JAMES CHAPPELL
    EVA Dimensions
    AUSTIN BURKETT
    Barclays
    JEREMY SIGEE
    Nord/LB
    MICHAEL SEUFERT
    Hammer Partners SA
    ENRICO RACIOPPI
    DZ Bank AG
    SABINE BOHN

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

    Recommendation
    overweight
    add
    outperform
    buy
    hold
    buy
    buy
    buy
    Overwt/In-Line
    outperform
    neutral
    hold
    select list
    hold
    buy
    buy
    buy
    outperform
    outperform
    buy
    buy
    buy
    buy
    neutral
    buy
    hold
    neutral
    underperform
    Buy/Neutral
    sell
    hold
    overweight
    hold
    buy
    buy

    Amt Held
    127'750'000
    65'670'000
    23'042'891
    20'758'385
    20'366'602
    20'253'041
    18'914'692
    16'235'239
    12'870'000
    9'991'341
    8'085'126
    5'548'626
    5'245'271
    5'129'144
    5'073'791
    4'981'512
    3'841'153
    3'806'620
    3'746'401
    3'700'000

    % Out
    10.28
    5.29
    1.85
    1.67
    1.64
    1.63
    1.52
    1.31
    1.04
    0.8
    0.65
    0.45
    0.42
    0.41
    0.41
    0.4
    0.31
    0.31
    0.3
    0.3

    Weighting

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

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

    Latest Chg
    (954'322)
    (4'298'206)
    476'466
    267'400
    38'772
    760'566
    215'029
    (274'653)
    (313'400)
    (179'074)
    (17'017)
    11'613
    (358'290)
    304'820
    (204'516)
    (1'674'656)
    -

    Target Price
    55
    48
    55
    55
    52
    50
    56
    56
    55
    55
    48
    48
    56
    #N/A N/A
    48
    61
    #N/A N/A
    55
    60
    53
    56
    50
    55
    47
    49
    #N/A N/A
    43
    41
    70
    25
    #N/A N/A
    50
    #N/A N/A
    50
    39

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

    File Dt
    31.12.2011
    31.12.2011
    26.02.2013
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2011
    31.12.2012
    31.12.2012
    31.12.2012
    30.11.2012
    28.09.2012
    31.01.2013
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    29.01.2013

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

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

    Date
    28.02.2013
    28.02.2013
    27.02.2013
    27.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    12.02.2013
    06.02.2013
    06.02.2013
    31.01.2013
    30.01.2013
    29.01.2013
    28.01.2013
    28.01.2013
    17.01.2013
    23.11.2012
    23.10.2012
    19.06.2012
    08.05.2012

    28.02.2013

    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
    600
    500
    400
    300

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (05.03.2012)
    52-Week Low (18.05.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 25.02.2013
    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
    12/yy
    512.00
    389.50
    2'706'638.00
    445.15
    -13.11%
    14.29%
    46.90%
    19'165.2
    85'314.03
    48'797.00
    0.0
    1'206.0
    20'114.00
    159'254.93

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

    100
    0
    f-12 m-12 a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

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

    Fiscal Year Ended


    31.12.2008
    361'143.0
    0.47x
    41'761.0
    4.05x
    21'157.0
    6.81x

    200

    31.12.2009
    31.12.2010
    239'272.0
    297'107.0
    0.87x
    0.53x
    33'392.0
    38'497.0
    6.24x
    4.06x
    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

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

    31.12.2012
    370'866.0
    0.44x
    21'187.0
    7.64x
    11'582.0
    11.34x
    21'187.00
    7'961.00
    2.15%
    5.07%
    3.90%
    10.08%
    7.70%
    1.25%
    11.7%
    5.9%
    2.4%
    3.1%
    1.43
    0.26
    16.21%
    41.21%
    12.20

    Price/ Cash Flow

    100.0 M
    90.0 M
    80.0 M
    70.0 M
    60.0 M
    50.0 M
    40.0 M
    30.0 M
    20.0 M
    10.0 M
    .0 M
    f-13

    LTM

    FY+1

    5.04
    1.05
    19'162.36
    -5.03%
    6.13%
    1.053
    38
    3.605
    25'423'590
    24'849'570
    23'532'130
    FY+2

    FQ+1

    FQ+2

    12/yy
    12/yy
    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    375'517.0 370'866.0 346'384.6 353'168.6
    84'943.3
    84'719.7
    1.71x
    1.79x
    0.44x
    0.44x
    1.85x
    1.84x
    45'796.0
    22'056.0
    39'563.8
    43'294.9
    9'196.0
    9'434.5
    3.63x
    7.34x
    4.02x
    3.68x
    3.93x
    3.69x
    25'700.0
    11'582.0
    16'770.6
    18'671.0
    3'872.7
    3'902.7
    5.25x
    11.33x
    7.76x
    6.94x
    8.18x
    7.58x
    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.
    18.83
    (EBITDA-Capex)/Interest Exp.
    -1.68
    Net Debt/EBITDA
    1.30
    Total Debt/EBITDA
    2.21
    Reference
    Total Debt/Equity
    41.2%
    Total Debt/Capital
    29.0%
    Asset Turnover
    1.25
    Net Fixed Asset Turnover
    3.09
    Accounts receivable turnover-days
    Inventory Days
    30.00
    Accounts Payable Turnover Day
    Cash Conversion Cycle
    22.04
    Sales/Revenue/Turnover

    12.00

    400'000.0
    350'000.0

    10.00

    300'000.0
    8.00

    250'000.0
    200'000.0

    6.00

    150'000.0

    4.00

    100'000.0
    2.00
    0.00
    01.01.2010

    50'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    BP PLC
    Holdings By:

    All

    Holder Name
    BLACKROCK
    LEGAL & GENERAL
    CAPITAL GROUP COMPAN
    SCOTTISH WIDOWS
    NORGES BANK INVESTME
    UBS
    VANGUARD GROUP INC
    KUWAIT INVESTMENT AU
    M&G INVESTMENT MANAG
    FRANKLIN RESOURCES
    FMR LLC
    PEOPLES REPUBLIC OF
    STANDARD LIFE INVEST
    VANGUARD GROUP INC
    STATE STREET
    AVIVA INVESTORS
    GOVT OF SINGAPORE IN
    HSBC INVESTMENTS UK
    JP MORGAN
    MASSACHUSETTS FINANC

    Firm Name
    AlphaValue
    Morgan Stanley
    Sanford C. Bernstein & Co
    Independent Research GmbH
    VSA Capital Ltd
    Macquarie
    Societe Generale
    Canaccord Genuity Corp
    Raymond James
    Day by Day
    Exane BNP Paribas
    RBC Capital Markets
    Simmons & Company International
    EVA Dimensions
    HSBC
    Credit Suisse
    Jefferies
    Ahorro Corporacion Financiera SA
    Natixis
    Nomura
    Oriel Securities Ltd
    Liberum Capital Ltd
    Barclays
    Investec
    Goldman Sachs
    S&P Capital IQ
    VTB Capital
    Grupo Santander
    JPMorgan
    Landesbank Baden-Wuerttemberg
    Deutsche Bank
    Tudor Pickering & Co
    Jyske Bank
    CA Cheuvreux
    Kepler Capital Markets
    CS Capital
    National Bank AG

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

    Analyst
    ALEXANDRE ANDLAUER
    MARTIJN P RATS
    OSWALD CLINT
    SVEN DIERMEIER
    DOUGIE YOUNGSON
    JASON D GAMMEL
    IRENE HIMONA
    GORDON GRAY
    BERTRAND HODEE
    VALERIE GASTALDY
    ALEJANDRO DEMICHELIS
    PETER HUTTON
    JEFFREY A DIETERT
    CRAIG STERLING
    PAUL SPEDDING
    KIM FUSTIER
    IAIN REID
    VIRGINIA PEREZ REPES
    ANNE PUMIR
    THEEPAN JOTHILINGAM
    RICHARD GRIFFITH
    ANDREW WHITTOCK
    RAHIM KARIM
    STUART JOYNER
    MICHELE DELLA VIGNA
    CHRISTINE TISCARENO
    COLIN SMITH
    JASON KENNEY
    FREDERICK G LUCAS
    JENS MUENSTERMANN
    LUCAS HERRMANN
    ROBERT KESSLER
    ROBERT JAKOBSEN
    DOMINIQUE PATRY
    TEAM COVERAGE
    CHRISTOPHER PARKINSON
    MANFRED JAISFELD

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

    Recommendation
    sell
    Underwt/In-Line
    market perform
    buy
    sell
    outperform
    hold
    hold
    market perform
    hold
    outperform
    sector perform
    overweight
    overweight
    overweight
    neutral
    hold
    hold
    neutral
    neutral
    hold
    hold
    underweight
    buy
    neutral/cautious
    hold
    hold
    hold
    overweight
    buy
    buy
    accumulate
    buy
    outperform
    buy
    buy
    buy

    Amt Held
    1'027'123'894
    715'298'081
    609'649'091
    507'765'071
    432'628'420
    355'281'619
    353'723'961
    328'143'792
    321'514'948
    314'758'416
    283'870'139
    258'130'496
    241'527'129
    195'306'957
    193'482'670
    166'069'621
    147'434'500
    139'991'616
    121'771'755
    118'437'667

    % Out
    5.36
    3.73
    3.18
    2.65
    2.26
    1.85
    1.85
    1.71
    1.68
    1.64
    1.48
    1.35
    1.26
    1.02
    1.01
    0.87
    0.77
    0.73
    0.64
    0.62

    Weighting

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

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

    Latest Chg
    19'032'430
    44'846'385
    4'845'711
    11'374'989
    5'646'262
    (277'008)
    34'717'581
    (14'029'910)
    (10'962'271)
    7'261'934
    (658'775)
    (5'019'297)
    (6'919'062)
    6'546'014
    45'206'019
    12'912'052

    Target Price
    398
    442
    510
    540
    400
    550
    500
    500
    #N/A N/A
    #N/A N/A
    575
    530
    #N/A N/A
    #N/A N/A
    550
    475
    450
    6
    490
    455
    #N/A N/A
    445
    480
    495
    520
    595
    490
    520
    525
    480
    500
    500
    520
    500
    602
    500
    700

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

    File Dt
    26.02.2013
    01.11.2012
    31.12.2012
    30.11.2012
    01.11.2012
    28.12.2012
    31.12.2012
    01.11.2012
    01.11.2012
    31.12.2012
    31.12.2012
    01.11.2012
    01.11.2012
    01.11.2012
    27.02.2013
    01.11.2012
    01.11.2012
    01.11.2012
    31.12.2012
    01.11.2012

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

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

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    25.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    19.02.2013
    15.02.2013
    12.02.2013
    08.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    23.01.2013
    19.12.2012
    07.12.2012
    19.10.2012
    15.10.2012
    19.09.2012
    10.08.2012
    16.04.2012
    15.08.2011
    14.04.2010

    28.02.2013

    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 (06.08.2012)
    52-Week Low (24.05.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 01.02.2013
    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
    3'514.00
    2'986.50
    422'695.00
    3431.5
    -2.43%
    14.90%
    81.42%
    1'930.5
    66'244.16
    10'719.00
    0.0
    307.0
    2'107.00
    75'163.16

    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
    5'852.0
    9.82x
    9.93x
    2'713.0
    2'879.0
    14.72x
    16.97x
    Profitability

    3.0 M

    1000

    2.0 M

    500

    1.0 M

    0
    f-12 m-12

    LTM-4Q
    31.12.2011
    15'399.0
    4.56x
    6'316.0
    11.12x
    3'095.0
    19.45x

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

    31.12.2012
    15'190.0
    4.54x
    6'093.0
    11.31x
    3'841.0
    15.69x
    6'093.00
    5'618.00
    36.98%
    37.18%
    14.11%
    49.12%
    24.11%
    0.56%
    40.1%
    37.0%
    25.3%
    1.13
    0.26
    39.22%
    143.46%
    -

    Price/ Cash Flow

    a-12 m-12

    j-12

    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

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    3.93
    0.75
    1'929.00
    12.45%
    9.95%
    0.748
    27
    4.074
    2'043'506
    2'347'182
    2'439'279
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    15'926.8
    16'675.3
    4.66x
    4.43x
    6'489.4
    6'939.6
    11.57x
    10.82x
    4'316.7
    4'646.4
    15.28x
    13.91x
    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

    09.11.2012
    ASTABLE
    16.05.2003
    A-2
    12.07
    10.75
    1.41
    1.76
    143.5%
    57.9%
    0.56
    4.86
    -

    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

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

    Fiscal Year Ended


    31.12.2008
    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

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

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

    28.02.2013

    British American Tobacco PLC


    Holdings By:

    All

    Holder Name
    BLACKROCK
    REINET INVESTMENTS S
    LEGAL & GENERAL
    CAPITAL GROUP COMPAN
    INVESCO LTD
    SCOTTISH WIDOWS
    FMR LLC
    FRANKLIN RESOURCES
    VANGUARD GROUP INC
    CREDIT SUISSE PRIVAT
    ABERDEEN
    MORGAN STANLEY INVES
    M&G INVESTMENT MANAG
    UBS
    Northern Cross Inter
    VANGUARD GROUP INC
    MORGAN STANLEY
    HARBOR CAPITAL ADVIS
    NEWTON INV MGMT
    ALLAN GRAY UNIT TRUS

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

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

    Analyst
    RAE MAILE
    DIRK VAN VLAANDEREN
    DAVID HAYES
    ISABELLE COMBEMALE
    CHRIS WICKHAM
    JAMES BUSHNELL
    RICHARD TESSENDORF
    VALERIE GASTALDY
    DAMIAN MCNEELA
    CHAS MANSO DE ZUNIGA
    FULVIO CAZZOL
    EDDY HARGREAVES
    SIMON HALES
    ROGERIO FUJIMORI
    AUSTIN BURKETT
    REY WIUM
    CHRISTIAN DE ROUALLE
    JONATHAN FELL
    THANE DUFF
    LARS LUSEBRINK
    ERIK BLOOMQUIST
    CARL SHORT
    NICOLAS LANGLET
    TANUJA CHITRE
    RICHARD CLARKE

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

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

    Amt Held
    132'891'526
    81'313'066
    70'617'321
    67'664'399
    62'241'180
    51'036'377
    45'340'822
    44'798'347
    39'627'587
    37'965'898
    35'358'765
    26'280'778
    24'636'075
    23'121'300
    22'218'678
    21'639'256
    21'269'629
    20'358'179
    16'928'208
    16'512'563

    % Out
    6.88
    4.21
    3.66
    3.51
    3.22
    2.64
    2.35
    2.32
    2.05
    1.97
    1.83
    1.36
    1.28
    1.2
    1.15
    1.12
    1.1
    1.05
    0.88
    0.86

    Weighting

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

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

    Latest Chg
    (3'000'000)
    (2'766'594)
    1'948'246
    3'856'239
    (5'033'085)
    (3'167'914)
    562'275
    (376'548)
    1'323'019
    5'499'279
    (427'111)
    (1'105'375)
    245'915
    1'824'714
    1'855'889
    260'794
    (202'468)
    15'454'877

    Target Price
    4'209
    3'600
    3'880
    3'762
    3'400
    3'600
    3'554
    #N/A N/A
    3'650
    3'400
    4'410
    3'100
    3'600
    3'380
    #N/A N/A
    3'445
    #N/A N/A
    3'300
    3'334
    3'400
    3'500
    3'320
    3'490
    #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
    26.02.2013
    Investment Advisor
    03.12.2012
    Investment Advisor
    03.12.2012
    Unclassified
    31.12.2012
    Investment Advisor
    03.12.2012
    Investment Advisor
    03.12.2012
    Unclassified
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    03.12.2012
    Bank
    31.01.2013
    Unclassified
    03.12.2012
    Investment Advisor
    03.12.2012
    Investment Advisor
    28.12.2012
    Unclassified
    03.12.2012
    Unclassified
    03.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    03.12.2012 Mutual Fund Manager
    30.06.2012
    Investment Advisor

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

    Date
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    25.02.2013
    25.02.2013
    21.02.2013
    20.02.2013
    15.02.2013
    08.02.2013
    06.02.2013
    01.02.2013
    23.01.2013
    17.01.2013
    17.01.2013
    16.01.2013
    16.01.2013
    04.01.2013
    30.10.2012
    24.10.2012
    24.10.2012
    24.10.2012
    20.07.2012
    18.04.2012
    17.05.2011

    28.02.2013

    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

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (19.02.2013)
    52-Week Low (11.04.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 15.02.2013
    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

    03/2012
    03/yy
    588.00
    461.70
    946'907.00
    562.5
    -4.34%
    21.83%
    77.83%
    896.6
    5'043.46
    2'621.00
    0.0
    0.0
    384.00
    7'546.46

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

    7.0 M

    600

    6.0 M

    500

    5.0 M

    400

    4.0 M

    300

    3.0 M

    200

    2.0 M

    100

    1.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


    31.03.2008
    685.0
    14.37x
    (1'563.0)
    -

    700

    31.03.2009
    31.03.2010
    515.0
    407.0
    12.19x
    13.96x
    (3'881.0)
    1'140.0
    3.62x
    Profitability

    LTM-4Q
    31.03.2011
    313.0
    20.99x
    840.0
    5.77x

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

    31.03.2012
    348.0
    18.67x
    480.0
    8.87x
    233.00
    66.95%
    137.64%
    3.20%
    5.13%
    0.04%
    86.8%
    66.7%
    137.9%
    1.30
    1.11
    32.13%
    51.35%
    1.95
    -

    Price/ Cash Flow

    03/yy
    316.0
    74.40x
    147.0
    0.00x
    840.0
    5.77x

    LTM
    03/yy
    348.0
    76.19x
    120.0
    0.00x
    480.0
    8.87x

    FY+1

    .0 M
    f-13

    3.52
    0.98
    808.37
    25.75%
    1.25%
    0.977
    22
    3.864
    2'993'428
    2'558'323
    2'266'988
    FY+2

    FQ+1

    FQ+2

    03/13 Y
    03/14 Y
    06/12 Q1 09/12 Q2
    545.7
    564.2
    78.0
    79.0
    17.79x
    17.37x
    394.9
    408.6
    19.11x
    18.47x
    268.1
    280.2
    65.3
    64.9
    18.69x
    17.91x
    17.25x
    18.69x
    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

    51.4%
    33.9%
    0.04
    0.07
    187.69
    -

    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
    03.04.2009

    0.0
    03.10.2009

    03.04.2010

    03.10.2010

    03.04.2011

    03.10.2011

    03.04.2012

    03.10.2012

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

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

    28.02.2013

    British Land Co PLC


    Holdings By:

    All

    Holder Name
    BLACKROCK
    APG ALGEMENE PENSIOE
    NORGES BANK INVESTME
    FMR LLC
    GOVT OF SINGAPORE IN
    CAPITAL GROUP COMPAN
    STICHTING PENSIOEN F
    LEGAL & GENERAL
    SCOTTISH WIDOWS
    STATE STREET
    DAIWA SB INVESTMENTS
    VANGUARD GROUP INC
    STICHTING PENSIOENFO
    BNP PARIBAS INV PART
    MORGAN STANLEY
    COHEN & STEERS CAPIT
    BREWIN DOLPHIN LIMIT
    NOMURA
    ABN AMRO ASSET MGMT
    PEOPLES REPUBLIC OF

    Firm Name

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

    Analyst

    AlphaValue
    PIERRE-LOUP ETIENNE
    Jefferies
    MICHAEL PREW
    Numis Securities Ltd
    CHRISTOPHER SPEARING
    Panmure Gordon & Co Limited
    MARK HUGHES
    Day by Day
    VALERIE GASTALDY
    Exane BNP Paribas
    NICK WEBB
    Kempen & Co
    RYAN PALECEK
    Morgan Stanley
    BART GYSENS
    Investec
    ALAN CARTER
    Oriel Securities Ltd
    LI SUN
    Deutsche Bank
    MARTIN ALLEN
    Espirito Santo Investment Bank Research
    MICHAEL BURT
    EVA Dimensions
    AUSTIN BURKETT
    JPMorgan
    HARM M MEIJER
    Societe Generale
    MARC MOZZI
    Peel Hunt
    KEITH CRAWFORD
    Goldman Sachs
    JULIAN LIVINGSTON-BOOTH
    Credit Suisse
    STEVE BRAMLEY-JACKSON
    Liberum Capital Ltd
    ALISON WATSON
    Barclays
    AARON GUY
    Overture Capital Markets Ltd
    TEAM COVERAGE
    Fairfax I.S. Limited
    AOIFE MCGRATH

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

    Recommendation
    reduce
    hold
    hold
    buy
    buy
    outperform
    overweight
    Overwt/Attractive
    buy
    hold
    buy
    neutral
    underweight
    overweight
    hold
    hold
    neutral/neutral
    outperform
    hold
    equalweight
    buy
    corporate

    Amt Held
    52'861'598
    51'657'620
    47'810'536
    40'302'151
    37'888'506
    35'703'190
    34'793'042
    31'806'263
    26'908'534
    22'471'161
    19'609'420
    18'059'603
    15'755'901
    14'696'212
    12'763'439
    12'427'571
    11'498'511
    10'652'255
    10'561'672
    10'394'047

    % Out
    5.9
    5.76
    5.33
    4.49
    4.23
    3.98
    3.88
    3.55
    3
    2.51
    2.19
    2.01
    1.76
    1.64
    1.42
    1.39
    1.28
    1.19
    1.18
    1.16

    Weighting

    Change

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

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

    Latest Chg
    (15'850)
    1'062'018
    1'791'667
    (540'057)
    1'728'241
    13'961'285
    (868'705)
    989'210
    331'560
    556'094
    330'281
    (2'768'348)
    37'424
    (2'391'216)
    474'255
    896'756
    7'478'923
    -

    Target Price
    560
    538
    615
    600
    610
    590
    630
    570
    600
    #N/A N/A
    740
    590
    #N/A N/A
    650
    560
    511
    565
    605
    528
    609
    564
    #N/A N/A

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

    File Dt
    Inst Type
    26.02.2013
    Investment Advisor
    01.09.2012 Pension Fund (ERISA)
    01.09.2012
    Government
    31.12.2012
    Investment Advisor
    01.09.2012
    Government
    31.12.2012
    Investment Advisor
    09.02.2010 Pension Fund (ERISA)
    01.09.2012
    Unclassified
    30.11.2012
    Unclassified
    27.02.2013
    Investment Advisor
    01.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    01.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    01.09.2012
    Investment Advisor
    06.09.2012
    Unclassified
    17.07.2012
    Investment Advisor
    01.09.2012
    Government

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

    Date
    28.02.2013
    25.02.2013
    25.02.2013
    11.02.2013
    05.02.2013
    01.02.2013
    29.01.2013
    29.01.2013
    29.01.2013
    29.01.2013
    28.01.2013
    21.01.2013
    17.01.2013
    09.01.2013
    18.12.2012
    27.11.2012
    21.11.2012
    26.09.2012
    10.08.2012
    18.07.2012
    22.11.2011
    25.02.2010

    28.02.2013

    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
    900

    40.0 M

    800

    35.0 M

    700

    30.0 M

    600

    25.0 M

    500

    Latest Fiscal Year:


    LTM as of:
    52-Week High (28.02.2013)
    52-Week Low (05.04.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    BSY LN EQUITY YTD Change
    BSY LN EQUITY YTD % CHANGE

    06/2012
    12/yy
    860.00
    629.00
    872'720.00
    853
    -0.76%
    35.61%
    98.60%
    1'617.6
    13'798.12
    2'414.00
    0.0
    0.0
    1'174.00
    15'230.12

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

    15.0 M

    300
    200

    10.0 M

    100

    5.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


    30.06.2008
    4'952.0
    1.99x
    970.0
    10.14x
    (127.0)
    -

    20.0 M

    400

    Valuation Analysis

    30.06.2009
    30.06.2010
    5'359.0
    5'506.0
    1.83x
    2.49x
    1'104.0
    1'182.0
    8.89x
    11.58x
    259.0
    878.0
    30.57x
    13.63x
    Profitability

    LTM-4Q
    30.06.2011
    6'565.0
    2.41x
    1'406.0
    11.25x
    810.0
    19.46x

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

    30.06.2012
    6'791.0
    1.90x
    1'587.0
    8.13x
    906.0
    13.24x
    1'587.00
    1'243.00
    18.30%
    17.51%
    15.48%
    101.38%
    29.12%
    1.13%
    23.4%
    18.5%
    13.3%
    1.08
    0.60
    43.82%
    255.72%
    -

    Price/ Cash Flow

    12/yy
    6'775.0
    4.36x
    0.0
    0.00x
    844.0
    15.10x

    LTM
    12/yy
    6'960.0
    3.84x
    0.0
    0.00x
    952.0
    13.46x

    FY+1

    .0 M
    f-13

    3.19
    0.68
    935.58
    31.96%
    11.21%
    0.683
    29
    3.345
    2'648'720
    2'768'301
    2'628'278
    FY+2

    FQ+1

    FQ+2

    06/13 Y
    06/14 Y
    03/13 Q3 06/13 Q4
    7'148.3
    7'477.6
    1'811.0
    1'820.3
    2.11x
    1.98x
    8.02x
    8.06x
    1'668.6
    1'712.9
    428.0
    415.0
    9.13x
    8.89x
    930.3
    960.4
    239.7
    227.7
    15.04x
    14.36x
    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

    30.11.2009
    BBB+
    STABLE
    14.30
    12.24
    0.88
    1.74
    255.7%
    71.9%
    1.13
    7.31
    -

    Sales/Revenue/Turnover

    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
    03.07.2009

    0.0
    03.01.2010

    03.07.2010

    03.01.2011

    03.07.2011

    03.01.2012

    03.07.2012

    03.01.2013

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

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

    28.02.2013

    British Sky Broadcasting Group PLC


    Holdings By:

    All

    Holder Name
    BSKYB HOLDCO INC
    BLACKROCK
    CAPITAL GROUP COMPAN
    FMR LLC
    FRANKLIN RESOURCES
    AEGON
    SCOTTISH WIDOWS
    ODEY ASSET MANAGEMEN
    LEGAL & GENERAL
    STATE STREET
    NOMURA INTERNATIONAL
    NORGES BANK INVESTME
    LLOYDS BANKING GROUP
    VANGUARD GROUP INC
    M&G INVESTMENT MANAG
    LANSDOWNE PARTNERS
    INVESCO LTD
    ODEY ASSET MGMT LTD
    MANNING & NAPIER ADV
    BRITISH SKY BROADCAS

    Firm Name

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

    Analyst

    AlphaValue
    VERONIQUE CABIOC'H
    HSBC
    ADAM M RUMLEY
    Kepler Capital Markets
    CONOR O'SHEA
    Macquarie
    GUY R PEDDY
    Deutsche Bank
    LAURIE DAVISON
    Sanford C. Bernstein & Co
    CLAUDIO ASPESI
    Berenberg Bank
    SARAH SIMON
    Nomura
    MATTHEW WALKER
    S&P Capital IQ
    ALEXANDER WISCH
    Numis Securities Ltd
    PAUL RICHARDS
    New Street Research
    FRANK KNOWLES
    Barclays
    JULIEN ROCH
    Morgan Stanley
    PATRICK WELLINGTON
    Investec
    STEVEN LIECHTI
    Oriel Securities Ltd
    JOHN KARIDIS
    Exane BNP Paribas
    MICHAEL WILLIAMS
    Jefferies
    WILL SMITH
    Peel Hunt
    PATRICK YAU
    EVA Dimensions
    CRAIG STERLING
    Day by Day
    VALERIE GASTALDY
    Goldman Sachs
    VIGHNESH PADIACHY
    CA Cheuvreux
    THOMAS JORION
    JPMorgan
    MARK O'DONNELL
    Raymond James
    STEPHANE BEYAZIAN
    Espirito Santo Investment Bank Research
    GIASONE SALATI
    Credit Suisse
    OMAR SHEIKH
    Panmure Gordon & Co Limited
    ALEX DE GROOTE
    ING Bank
    SIMON WALLIS
    Natixis
    JEROME BODIN

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

    Recommendation
    add
    underweight
    buy
    outperform
    buy
    underperform
    sell
    buy
    hold
    add
    buy
    equalweight
    Equalwt/Attractive
    buy
    sell
    outperform
    underperform
    hold
    hold
    hold
    Buy/Neutral
    underperform
    overweight
    market perform
    buy
    neutral
    not rated
    buy
    suspended coverage

    Amt Held
    % Out
    645'652'521 39.91
    144'275'740
    8.92
    111'340'500
    6.88
    87'366'381
    5.4
    62'089'978
    3.84
    44'992'780
    2.78
    39'916'152
    2.47
    37'389'881
    2.31
    36'978'729
    2.29
    36'734'089
    2.27
    32'111'245
    1.99
    29'127'229
    1.8
    26'756'130
    1.65
    22'422'420
    1.39
    20'388'936
    1.26
    (20'064'543) -1.24
    16'877'130
    1.04
    16'648'684
    1.03
    15'531'610
    0.96
    14'532'207
    0.9

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

    Change
    M
    M
    M
    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

    Latest Chg
    (8'800'626)
    (20'622'800)
    (16'750'738)
    (878'881)
    (1'432'023)
    (9'115'597)
    (431'754)
    (773'923)
    (53'441)
    3'259'976
    (332'629)
    7'625
    865'304
    (862'242)
    2'448'287
    2'943'999
    (620'690)
    4'699'330
    (1'204'732)

    Target Price
    967
    600
    960
    900
    970
    600
    650
    975
    860
    921
    900
    840
    860
    870
    590
    920
    650
    845
    #N/A N/A
    #N/A N/A
    1'040
    800
    910
    #N/A N/A
    875
    610
    #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
    01.11.2012
    Unclassified
    26.02.2013
    Investment Advisor
    06.02.2013
    Investment Advisor
    01.11.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    01.11.2012
    Unclassified
    30.11.2012
    Unclassified
    01.11.2012 Hedge Fund Manager
    01.11.2012
    Unclassified
    27.02.2013
    Investment Advisor
    11.07.2011
    Investment Advisor
    01.11.2012
    Government
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    01.11.2012
    Investment Advisor
    07.02.2013
    Investment Advisor
    01.11.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    01.11.2012
    Unclassified
    01.11.2012
    Unclassified

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

    Date
    28.02.2013
    21.02.2013
    11.02.2013
    05.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    24.01.2013
    23.01.2013
    17.01.2013
    07.01.2013
    01.11.2012
    17.09.2012
    12.09.2012
    04.09.2012
    04.09.2012
    03.05.2012
    25.07.2011
    15.06.2010
    16.02.2010

    28.02.2013

    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
    70.0 M

    250

    60.0 M
    50.0 M

    200

    40.0 M

    150

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (15.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.01.2013
    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

    03/2012
    12/yy
    282.80
    197.40
    3'661'608.00
    268.2
    -5.23%
    35.87%
    85.01%
    7'876.6
    21'124.94
    10'486.00
    0.0
    11.0
    844.00
    29'649.94

    31.03.2008
    20'704.0
    1.28x
    5'792.0
    4.56x
    1'737.0
    10.09x

    30.0 M

    100

    20.0 M

    50

    10.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


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

    300

    31.03.2009
    31.03.2010
    21'390.0
    20'911.0
    0.88x
    1.01x
    3'629.0
    5'594.0
    5.19x
    3.76x
    (193.0)
    1'028.0
    9.33x
    Profitability

    LTM-4Q
    31.03.2011
    20'076.0
    1.23x
    5'886.0
    4.19x
    1'502.0
    9.58x

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

    31.03.2012
    19'307.0
    1.46x
    6'190.0
    4.54x
    2'002.0
    8.78x
    6'190.00
    3'218.00
    16.67%
    12.66%
    8.38%
    26.06%
    0.71%
    32.5%
    16.5%
    10.4%
    0.49
    0.28
    43.79%
    808.48%
    -

    Price/ Cash Flow

    LTM

    12/yy
    19'487.0
    4.93x
    6'006.0
    3.87x
    1'842.0
    8.03x

    12/yy
    18'107.0
    6.04x
    5'881.0
    4.54x
    2'131.0
    8.47x

    FY+1

    .0 M
    f-13

    3.24
    0.88
    7'867.00
    29.57%
    16.05%
    0.881
    27
    3.667
    14'447'570
    15'334'320
    13'784'240
    FY+2

    FQ+1

    FQ+2

    03/13 Y
    03/14 Y
    03/13 Q4 06/13 Q1
    18'130.0
    17'795.2
    4'690.3
    1.60x
    1.57x
    6.10x
    6'096.3
    6'064.6
    1'634.5
    4.86x
    4.89x
    1'973.5
    1'945.9
    571.0
    10.60x
    10.56x
    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

    19.07.2011
    BBB
    STABLE
    19.07.2011
    A-2
    8.95
    5.22
    1.45
    1.82
    808.5%
    88.9%
    0.71
    1.27
    -

    Sales/Revenue/Turnover

    9.00

    25'000.0

    8.00

    20'000.0

    7.00
    6.00

    15'000.0

    5.00
    4.00

    10'000.0

    3.00

    5'000.0

    2.00
    1.00
    0.00
    03.04.2009

    0.0
    03.10.2009

    03.04.2010

    03.10.2010

    03.04.2011

    03.10.2011

    03.04.2012

    03.10.2012

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

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

    28.02.2013

    BT Group PLC
    Holdings By:

    All

    Holder Name
    INVESCO LTD
    BLACKROCK
    LEGAL & GENERAL
    BT GROUP PLC SHAREVI
    PERPETUAL INVESTMENT
    THREADNEEDLE ASSET M
    NORGES BANK INVESTME
    STANDARD LIFE INVEST
    VANGUARD GROUP INC
    FMR LLC
    AVIVA INVESTORS
    SCOTTISH WIDOWS
    ARTEMIS INVESTMENT M
    M&G INVESTMENT MANAG
    PEOPLES REPUBLIC OF
    ARTEMIS INVESTMENT M
    THREADNEEDLE INVESTM
    BT GROUP PLC EMPLOYE
    VANGUARD GROUP INC
    MAJEDIE ASSET MANAGE

    Firm Name

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

    Analyst

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

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

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

    Amt Held
    778'912'816
    414'048'238
    326'762'309
    284'949'077
    218'997'078
    176'167'732
    153'691'805
    151'085'357
    144'638'507
    135'948'337
    134'026'296
    128'739'886
    121'209'276
    103'659'925
    95'877'803
    90'844'770
    87'631'989
    81'270'291
    81'100'448
    79'359'827

    % Out
    9.89
    5.26
    4.15
    3.62
    2.78
    2.24
    1.95
    1.92
    1.84
    1.73
    1.7
    1.63
    1.54
    1.32
    1.22
    1.15
    1.11
    1.03
    1.03
    1.01

    Weighting

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

    Latest Chg
    9'808'268
    56'100'337
    609'027
    (2'425'817)
    (9'615'159)
    1'514'171
    4'210'755
    17'073'643
    17'151'093
    (6'162'708)
    5'420'429
    (857'049)
    4'103'000
    12'800'853
    (1'560'443)
    (197'922)
    7'324'283
    702'630

    Target Price
    270
    290
    285
    180
    290
    330
    #N/A N/A
    280
    300
    277
    250
    230
    245
    320
    280
    278
    260
    250
    175
    300
    #N/A N/A
    220
    245
    190

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

    File Dt
    01.11.2012
    26.02.2013
    31.01.2013
    01.11.2012
    31.07.2012
    01.11.2012
    01.11.2012
    01.11.2012
    31.12.2012
    31.12.2012
    01.11.2012
    30.11.2012
    01.11.2012
    01.11.2012
    01.11.2012
    31.12.2012
    31.10.2012
    01.11.2012
    01.11.2012
    01.11.2012

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

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

    Date
    28.02.2013
    20.02.2013
    20.02.2013
    14.02.2013
    12.02.2013
    08.02.2013
    08.02.2013
    05.02.2013
    05.02.2013
    04.02.2013
    04.02.2013
    04.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    30.01.2013
    24.01.2013
    17.01.2013
    20.11.2012
    04.09.2012
    25.07.2012

    28.02.2013

    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
    1600
    1400
    1200
    1000
    800

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (16.04.2012)
    52-Week Low (10.10.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.01.2013
    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

    03/2012
    12/yy
    1'605.00
    998.00
    125'800.00
    1368
    -14.77%
    37.07%
    59.64%
    442.1
    6'047.46
    208.60
    0.0
    24.1
    546.90
    5'834.96

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

    400
    200
    0
    f-12 m-12 a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

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

    Fiscal Year Ended


    31.03.2008
    995.4
    2.02x
    233.9
    8.61x
    135.2
    14.40x

    600

    31.03.2009
    31.03.2010
    1'201.5
    1'185.1
    1.01x
    2.41x
    215.6
    272.1
    5.65x
    10.51x
    (6.0)
    81.4
    20.36x
    Profitability

    LTM-4Q
    31.03.2011
    1'501.3
    3.22x
    363.8
    13.30x
    208.4
    23.81x

    31.03.2012
    1'857.2
    3.37x
    468.1
    13.36x
    263.3
    24.78x

    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

    468.10
    380.50
    20.49%
    19.71%
    15.00%
    28.54%
    24.66%
    1.24%
    69.9%
    18.5%
    13.5%
    14.2%
    1.68
    1.08
    12.95%
    24.05%
    12.19
    1.60

    Price/ Cash Flow

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

    12/yy
    1'751.9
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    LTM
    12/yy
    1'950.4
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    1.90
    1.28
    440.10
    -1.18%
    11.58%
    1.276
    26
    3.385
    902'430
    1'086'278
    1'237'631
    FY+2

    FQ+1

    FQ+2

    03/13 Y
    03/14 Y
    03/13 Q4 06/13 Q1
    1'975.8
    2'258.8
    478.0
    414.5
    2.94x
    2.52x
    514.4
    578.1
    11.34x
    10.09x
    288.9
    340.7
    20.66x
    17.88x
    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

    33.92
    24.78
    -0.67
    0.40
    24.1%
    19.0%
    1.24
    5.69
    30.04
    228.26
    78.35
    141.12

    Sales/Revenue/Turnover

    30.00

    2'000.0
    1'800.0

    25.00

    1'600.0
    1'400.0

    20.00

    1'200.0

    15.00

    1'000.0
    800.0

    10.00

    600.0
    400.0

    5.00
    0.00
    03.04.2009

    200.0
    0.0
    03.10.2009

    03.04.2010

    03.10.2010

    03.04.2011

    03.10.2011

    03.04.2012

    03.10.2012

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

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

    28.02.2013

    Burberry Group PLC


    Holdings By:

    All

    Holder Name
    BLACKROCK
    FMR LLC
    CAPITAL GROUP COMPAN
    JP MORGAN
    AMERIPRISE FINANCIAL
    THORNBURG INVESTMENT
    LEGAL & GENERAL
    SCHRODER INVESTMENT
    JENNISON ASSOCIATES
    VANGUARD GROUP INC
    NORGES BANK INVESTME
    BAILLIE GIFFORD AND
    OPPENHEIMERFUNDS INC
    SCOTTISH WIDOWS
    OPPENHEIMERFUNDS INC
    WALTER SCOTT & PARTN
    SCHRODER INVESTMENT
    MERRILL LYNCH & COMP
    PEOPLES REPUBLIC OF
    CREDIT AGRICOLE GROU

    Firm Name
    AlphaValue
    Telsey Advisory Group
    Exane BNP Paribas
    Cantor Fitzgerald
    Berenberg Bank
    Bryan Garnier & Cie
    Morgan Stanley
    Credit Suisse
    Barclays
    Raymond James
    Aurel - BGC
    HSBC
    Oddo & Cie
    EVA Dimensions
    Nomura
    ISI Group
    Deutsche Bank
    Day by Day
    Redburn Partners
    S&P Capital IQ
    JPMorgan
    Goldman Sachs
    Investec
    Merchant Securities
    Numis Securities Ltd

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

    Analyst
    VIRGINIE BLIN
    DANA TELSEY
    LUCA GIUSEPPE SOLCA
    ALLEGRA PERRY
    JOHN GUY
    PETER FARREN
    LOUISE SINGLEHURST
    ROGERIO FUJIMORI
    JULIAN EASTHOPE
    MARC WILLAUME
    DAVID DA MAIA
    SOPHIE DARGNIES
    LEOPOLD AUTHIE
    CRAIG STERLING
    FRASER RAMZAN
    OMAR SAAD
    WARWICK OKINES
    VALERIE GASTALDY
    ANNABEL GLEESON
    EFRAIM LEVY
    MELANIE A FLOUQUET
    WILLIAM HUTCHINGS
    BETHANY HOCKING
    AMISHA CHOHAN
    ANDREW WADE

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

    Recommendation
    reduce
    no rating system
    neutral
    hold
    buy
    buy
    Equalwt/In-Line
    outperform
    equalweight
    market perform
    hold
    neutral
    reduce
    sell
    neutral
    buy
    hold
    hold
    neutral
    hold
    neutral
    Buy/Neutral
    buy
    hold
    add

    Amt Held
    43'198'349
    41'632'964
    35'458'691
    29'258'289
    21'664'800
    19'912'489
    19'396'137
    12'469'746
    11'034'562
    11'031'188
    10'187'956
    9'716'174
    9'682'422
    9'559'824
    9'147'718
    8'033'235
    7'880'146
    6'696'720
    6'519'326
    5'169'361

    % Out
    9.77
    9.42
    8.02
    6.62
    4.9
    4.5
    4.39
    2.82
    2.5
    2.5
    2.3
    2.2
    2.19
    2.16
    2.07
    1.82
    1.78
    1.51
    1.47
    1.17

    Weighting

    Change

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

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

    Latest Chg
    (4'063'682)
    2'010'000
    754'748
    924'834
    (935'463)
    (1'800'361)
    243'473
    143'568
    4'801'296
    2'322'973
    6'080'394
    40'235
    (759'719)
    27'992
    477'091
    769'776

    Target Price
    1'282
    1'600
    1'590
    1'326
    1'600
    1'600
    1'300
    1'550
    1'380
    #N/A N/A
    1'400
    1'500
    1'290
    #N/A N/A
    1'350
    1'700
    1'350
    #N/A N/A
    #N/A N/A
    1'238
    1'270
    1'859
    1'690
    #N/A N/A
    1'500

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

    File Dt
    26.02.2013
    01.11.2012
    31.12.2012
    01.11.2012
    22.05.2012
    10.01.2013
    01.11.2012
    01.11.2012
    01.11.2012
    31.12.2012
    01.11.2012
    01.11.2012
    30.12.2012
    30.11.2012
    01.11.2012
    01.11.2012
    31.12.2012
    01.11.2012
    01.11.2012
    01.11.2012

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

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

    Date
    28.02.2013
    27.02.2013
    19.02.2013
    18.02.2013
    15.02.2013
    12.02.2013
    07.02.2013
    07.02.2013
    28.01.2013
    25.01.2013
    25.01.2013
    24.01.2013
    22.01.2013
    17.01.2013
    16.01.2013
    15.01.2013
    14.01.2013
    20.12.2012
    13.11.2012
    09.11.2012
    07.11.2012
    26.10.2012
    11.07.2012
    17.04.2012
    16.01.2012

    28.02.2013

    Cap Gemini SA
    Cap Gemini offers computer and management consulting services. The Company
    develops software and offers information systems management, project management,
    and education and training services. Cap Gemini serves customers in the
    petroleum, financial services, automotive, aerospace, and telecommunications
    industries in Europe, the United States, Asia, and South Africa.

    Price/Volume

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

    3.0 M
    2.5 M

    30

    12/2012
    12/yy
    38.57
    25.24
    157'893.00
    38.03
    -1.34%
    50.70%
    98.50%
    161.8
    6'152.13
    1'837.00
    0.0
    27.0
    2'223.00
    6'233.13

    25

    2.0 M

    20

    1.5 M

    15

    1.0 M

    10

    .5 M

    5
    0
    f-12

    31.12.2009
    31.12.2010
    8'371.0
    8'697.0
    0.43x
    0.50x
    778.0
    763.0
    4.62x
    5.73x
    178.0
    280.0
    25.99x
    19.09x
    Profitability

    LTM-4Q
    31.12.2011
    9'693.0
    0.35x
    901.0
    3.72x
    404.0
    9.18x

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

    31.12.2012
    10'264.0
    370.0
    13.97x
    901.00
    713.00
    7.36%
    5.06%
    4.20%
    10.18%
    8.71%
    1.01%
    23.4%
    8.0%
    5.9%
    3.6%
    1.36
    1.23
    16.68%
    43.16%
    3.53
    -

    Price/ Cash Flow

    a-12

    m-12

    j-12

    LTM

    12/yy
    9'693.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    j-12

    12/yy
    10'264.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    1.09
    144.26
    19.55%
    15.73%
    1.086
    25
    4.440
    1'291'651
    795'185
    789'144
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    10'354.7
    10'683.8
    2'516.0
    2'575.0
    0.50x
    0.46x
    1'043.5
    1'116.0
    5.97x
    5.58x
    492.9
    549.3
    12.87x
    11.57x
    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

    21.01.2008
    BBBSTABLE
    10.24
    8.44
    0.05
    1.69
    43.2%
    30.0%
    1.01
    19.03
    103.65
    -

    Sales/Revenue/Turnover

    30.00

    12'000.0

    25.00

    10'000.0

    20.00

    8'000.0

    15.00

    6'000.0

    10.00

    4'000.0

    5.00

    2'000.0

    0.00
    01.01.2010

    m-12

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

    Fiscal Year Ended


    31.12.2008
    8'710.0
    0.36x
    981.0
    3.24x
    451.0
    8.76x

    3.5 M

    40
    35

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 26.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    CAP FP EQUITY YTD Change
    CAP FP EQUITY YTD % CHANGE

    45

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Cap Gemini SA
    Holdings By:

    All

    Holder Name
    SOCIETE GENERALE
    AMUNDI SA
    CREDIT INDUSTRIEL ET
    KAMPF SERGE
    VANGUARD GROUP INC
    NATIXIS ASSET MANAGE
    MANNING & NAPIER ADV
    CAP GEMINI SA
    ALLIANZ ASSET MANAGE
    AVIVA PLC
    INVESCO LTD
    INTERNATIONAL VALUE
    BLACKROCK
    AMUNDI
    ROTHSCHILD & COMPAGN
    LBPAM
    T ROWE PRICE ASSOCIA
    HSBC ASSET MGMT EURO
    ING INTERNATIONAL AD
    IVY MANAGEMENT INCOR

    Firm Name
    Landesbank Baden-Wuerttemberg
    JPMorgan
    Kepler Capital Markets
    Exane BNP Paribas
    Societe Generale
    Morgan Stanley
    Credit Suisse
    Jefferies
    HSBC
    Oddo & Cie
    Berenberg Bank
    Bryan Garnier & Cie
    Natixis
    S&P Capital IQ
    Barclays
    AlphaValue
    CM - CIC Securities(ESN)
    EVA Dimensions
    Day by Day
    Redburn Partners
    Goldman Sachs
    CA Cheuvreux
    DZ Bank AG
    National Bank AG

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

    Analyst
    THOMAS HOFMANN
    STACY E POLLARD
    LAURENT DAURE
    BRICE PRUNAS
    RICHARD NGUYEN
    ADAM WOOD
    CHARLES BRENNAN
    MILAN RADIA
    ANTONIN BAUDRY
    ALEXANDRE IATRIDES
    DAUD KHAN
    GREGORY RAMIREZ
    GWENAEL GIARD
    JAMES CRAWSHAW
    GERARDUS VOS
    HELENE COUMES
    DOV LEVY
    ANDREW S ZAMFOTIS
    VALERIE GASTALDY
    NEIL STEER
    SIVA KRISHNA PRASAD BORRA
    MICHAEL BEUCHER
    THORSTEN REIGBER
    SVEN PAULSEN

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

    Recommendation
    buy
    neutral
    buy
    outperform
    buy
    Equalwt/In-Line
    underperform
    buy
    overweight
    buy
    buy
    buy
    neutral
    sell
    overweight
    buy
    buy
    overweight
    buy
    buy
    Buy/Neutral
    select list
    buy
    buy

    Amt Held
    11'462'735
    9'114'958
    7'725'000
    5'365'904
    3'635'761
    3'358'525
    3'271'830
    2'203'250
    2'117'078
    1'921'551
    1'651'444
    1'426'428
    1'287'834
    1'258'868
    1'040'763
    918'572
    916'820
    733'209
    665'392
    626'970

    % Out
    7.09
    5.63
    4.78
    3.32
    2.25
    2.08
    2.02
    1.36
    1.31
    1.19
    1.02
    0.88
    0.8
    0.78
    0.64
    0.57
    0.57
    0.45
    0.41
    0.39

    Weighting

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

    N
    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
    10'639'977
    2'817'161
    (600'000)
    62'051
    51'759
    301'090
    688'563
    (517)
    (231'801)
    (417'452)
    (24'595)
    (54'335)
    (2'000)
    (12'846)
    23'018
    3'504
    (38'779)
    (7'370)

    Target Price
    42
    41
    44
    43
    46
    36
    30
    42
    43
    40
    42
    47
    35
    30
    43
    46
    45
    #N/A N/A
    40
    #N/A N/A
    50
    43
    37
    46

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

    File Dt
    Inst Type
    28.09.2012
    Bank
    26.09.2012
    Other
    24.05.2012
    Bank
    31.12.2011
    n/a
    31.12.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2011
    Corporation
    31.01.2013
    Investment Advisor
    31.01.2013
    Investment Advisor
    27.02.2013
    Investment Advisor
    30.06.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    28.09.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor

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

    Date
    27.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    28.01.2013
    17.01.2013
    16.01.2013
    14.01.2013
    11.01.2013
    11.05.2012
    08.11.2011
    28.07.2011

    28.02.2013

    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
    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 (25.02.2013)
    52-Week Low (23.05.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 01.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    CPI LN EQUITY YTD Change
    CPI LN EQUITY YTD % CHANGE

    12/2012
    01/yy
    857.50
    600.00
    1'351'279.00
    828
    -3.50%
    38.00%
    96.31%
    655.2
    5'424.79
    1'732.40
    0.0
    0.0
    74.50
    6'959.39

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

    3.0 M

    300
    200

    2.0 M

    100

    1.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


    31.12.2008
    2'441.4
    2.25x
    371.9
    14.77x
    165.8
    27.08x

    4.0 M

    400

    Valuation Analysis

    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

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

    31.12.2012
    3'351.8
    236.0
    20.35x
    567.80
    429.70
    14.66%
    10.34%
    7.14%
    37.10%
    12.79%
    0.91%
    28.5%
    19.0%
    14.0%
    7.0%
    0.83
    0.49
    48.97%
    330.55%
    -

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    .0 M
    f-13

    2.67
    0.71
    653.15
    11.22%
    9.67%
    0.710
    25
    3.080
    1'178'713
    1'336'180
    1'327'613
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/12 Q1 06/12 Q2
    3'662.1
    3'965.1
    1.79x
    1.61x
    603.8
    648.8
    11.53x
    10.73x
    354.6
    381.4
    14.79x
    13.66x
    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

    13.39
    10.98
    2.58
    2.91
    330.5%
    76.8%
    0.91
    9.79
    -

    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

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

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

    28.02.2013

    Capita PLC
    Holdings By:

    All

    Holder Name
    INVESCO LTD
    PERPETUAL INVESTMENT
    VERITAS ASSET MANAGE
    BLACKROCK
    FMR LLC
    LEGAL & GENERAL
    MARATHON ASSET MANAG
    LEGAL & GENERAL
    VANGUARD GROUP INC
    NORGES BANK INVESTME
    SCHRODER INVESTMENT
    HSBC INVESTMENTS UK
    T ROWE PRICE ASSOCIA
    T ROWE PRICE ASSOCIA
    CREDIT AGRICOLE GROU
    HENDERSON GLOBAL INV
    WELLINGTON MANAGEMEN
    SANFORD C BERNSTEIN
    ALLIANCE BERNSTEIN
    GE ASSET MANAGEMENT

    Firm Name

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

    Analyst

    Investec
    GIDEON ADLER
    RBC Capital Markets
    DAVID GREENALL
    Canaccord Genuity Corp
    JULIAN CATER
    HSBC
    ALEX MAGNI
    Numis Securities Ltd
    MIKE MURPHY
    Panmure Gordon & Co Limited
    MIKE ALLEN
    Barclays
    PAUL D A SULLIVAN
    Berenberg Bank
    SIMON MEZZANOTTE
    Westhouse Securities
    MICHAEL DONNELLY
    Credit Suisse
    DAVID RIGBY
    JPMorgan
    ROBERT PLANT
    Cantor Fitzgerald
    CAROLINE DE LA SOUJEOLE
    Oriel Securities Ltd
    HECTOR FORSYTHE
    Deutsche Bank
    THOMAS SYKES
    Shore Capital Stockbrokers
    ROBIN SPEAKMAN
    Peel Hunt
    HENRY CARVER
    EVA Dimensions
    CRAIG STERLING
    Goldman Sachs
    CHARLES WILSON
    S&P Capital IQ
    CLIVE ROBERTS
    Jefferies
    KEAN MARDEN
    Baden Hill LLP
    CRAIG FRASER
    Espirito Santo Investment Bank Research
    DAVID BROCKTON
    Arden Partners Ltd
    GEOFF ALLUM

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

    Recommendation
    sell
    sector perform
    sell
    underweight
    add
    sell
    equalweight
    buy
    sell
    outperform
    overweight
    sell
    add
    hold
    hold
    buy
    sell
    Buy/Neutral
    strong buy
    buy
    sell
    sell
    buy

    Amt Held
    144'038'472
    37'524'969
    33'317'504
    29'940'883
    26'986'665
    25'031'417
    19'839'758
    19'622'705
    18'874'585
    15'245'154
    14'575'344
    12'906'064
    11'880'519
    11'590'671
    10'860'843
    10'258'018
    8'912'133
    8'676'741
    8'609'804
    8'439'574

    % Out
    21.98
    5.73
    5.09
    4.57
    4.12
    3.82
    3.03
    3
    2.88
    2.33
    2.22
    1.97
    1.81
    1.77
    1.66
    1.57
    1.36
    1.32
    1.31
    1.29

    Weighting

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

    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
    3'264'145
    10'276
    732'031
    464'770
    (1'610'100)
    (1'391'159)
    321'057
    493'951
    (663'213)
    2'281'733
    1'249'821
    124'501
    (1'496'695)
    2'456'307
    (806'360)
    (221'909)
    (1'806'639)

    Target Price
    630
    790
    650
    690
    760
    620
    875
    870
    661
    1'000
    875
    700
    #N/A N/A
    694
    #N/A N/A
    850
    #N/A N/A
    1'135
    1'029
    840
    612
    560
    #N/A N/A

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

    File Dt
    03.12.2012
    31.03.2012
    03.12.2012
    26.02.2013
    31.12.2012
    31.01.2013
    03.12.2012
    18.06.2012
    31.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    31.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    30.11.2012
    31.12.2012
    03.12.2012

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

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

    Date
    28.02.2013
    28.02.2013
    28.02.2013
    27.02.2013
    27.02.2013
    25.02.2013
    25.02.2013
    21.02.2013
    20.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    13.02.2013
    12.02.2013
    29.01.2013
    15.01.2013
    18.12.2012
    18.12.2012
    28.11.2012
    09.10.2012
    25.04.2012
    30.09.2011

    28.02.2013

    Carlsberg A/S
    Carlsberg A/S is an international brewing company. The Company produces branded
    beers and regional brands. Carlsberg makes most of its beer outside of Denmark,
    and it is sold in markets around the world. The Company also markets and
    produces soft drinks, water, and wine.

    Price/Volume
    700

    1.6 M

    600

    1.4 M

    500

    1.2 M
    1.0 M

    400

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (15.02.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    CARLB DC EQUITY YTD Change
    CARLB DC EQUITY YTD % CHANGE

    12/2012
    12/yy
    602.50
    414.10
    64'170.00
    581
    -3.57%
    40.30%
    87.26%
    118.9
    89'376.91
    40'058.00
    0.0
    3'389.0
    5'760.00
    127'063.91

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

    .6 M

    200

    .4 M

    100

    .2 M

    0
    f-12 m-12

    31.12.2009
    31.12.2010
    59'382.0
    60'054.0
    1.69x
    2.08x
    13'193.0
    13'858.0
    7.59x
    9.01x
    3'602.0
    5'351.0
    16.26x
    15.92x
    Profitability

    LTM-4Q
    31.12.2011
    63'561.0
    1.59x
    13'180.0
    7.66x
    5'149.0
    12.00x

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

    31.12.2012
    67'201.0
    1.82x
    13'704.0
    8.92x
    5'607.0
    15.07x
    13'704.00
    9'685.00
    14.41%
    12.06%
    3.72%
    8.24%
    0.45%
    49.7%
    20.4%
    14.4%
    8.3%
    0.77
    0.21
    26.02%
    57.01%
    4.05

    Price/ Cash Flow

    j-12

    LTM

    12/yy
    63'561.0
    6.96x
    13'420.0
    7.50x
    6'146.0
    10.02x

    j-12

    12/yy
    67'201.0
    6.86x
    13'704.0
    8.92x
    5'607.0
    15.07x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    0.92
    33.86%
    4.87%
    0.916
    37
    3.162
    341'184
    361'643
    324'557
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    69'169.7
    72'022.2
    13'218.0
    20'112.3
    1.73x
    1.58x
    14'604.2
    15'511.6
    1'658.7
    4'770.7
    8.70x
    8.20x
    8.49x
    8.40x
    6'217.1
    7'053.7
    96.0
    2'266.7
    14.22x
    12.58x
    14.60x
    14.11x
    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

    6.81
    4.76
    2.50
    2.92
    57.0%
    35.2%
    0.45
    2.11
    90.44
    100.06
    -28.65

    Sales/Revenue/Turnover

    10.00

    80'000.0

    9.00

    70'000.0

    8.00

    60'000.0

    7.00

    50'000.0

    6.00
    5.00

    40'000.0

    4.00

    30'000.0

    3.00

    20'000.0

    2.00

    10'000.0

    1.00
    0.00
    01.01.2010

    a-12 m-12

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

    Fiscal Year Ended


    31.12.2008
    59'944.0
    1.30x
    10'967.0
    7.08x
    2'621.0
    7.76x

    .8 M

    300

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Carlsberg A/S
    Holdings By:

    All

    Holder Name
    CARLSBERG FOUNDATION
    OPPENHEIMERFUNDS INC
    ALLIANZ ASSET MANAGE
    VANGUARD GROUP INC
    CAPITAL GROUP COMPAN
    MASSACHUSETTS FINANC
    T ROWE PRICE ASSOCIA
    ARTISAN PARTNERS HOL
    BNP PARIBAS INV PART
    MANNING & NAPIER ADV
    NORDEA INV MANAGEMEN
    COMMONWEALTH BANK OF
    FMR LLC
    DANSKE INVEST A/S
    BLACKROCK
    SCHRODER INVESTMENT
    MANDARINE GESTION
    NEW JERSEY DIVISION
    GLOBAL INVESTMENT SE
    SWEDBANK ROBUR FONDE

    Firm Name

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

    Analyst

    AlphaValue
    ISABELLE COMBEMALE
    Jyske Bank
    JONAS GULDBORG HANSEN
    DNB Markets
    RUNE MAJLUND DAHL
    RBC Capital Markets
    JAMES EDWARDES JONES
    Exane BNP Paribas
    JAVIER GONZALEZ LASTRA
    Jefferies
    DIRK VAN VLAANDEREN
    Societe Generale
    ANDREW HOLLAND
    Credit Suisse
    SANJEET AUJLA
    Sanford C. Bernstein & Co
    TREVOR STIRLING
    SEB Enskilda
    SOREN SAMSOE
    Nordea Equity Research
    HANS GREGERSEN
    Handelsbanken
    CASPER BLOM
    Natixis
    OLIVIER DELAHOUSSE
    Nomura
    IAN SHACKLETON
    Barclays
    SAMAR CHAND
    Danske Markets
    TOBIAS CORNELIUS BJORKLUND
    Deutsche Bank
    JONATHAN FELL
    Alm Brand Markets
    STIG NYMANN
    ABG Sundal Collier
    MICHAEL K RASMUSSEN
    JPMorgan
    MATTHEW WEBB
    Canaccord Genuity Corp
    EDDY HARGREAVES
    Berenberg Bank
    PHILIP MORRISEY
    S&P Capital IQ
    CARL SHORT
    NYKREDIT
    RICKY S RASMUSSEN
    Liberum Capital Ltd
    PABLO ZUANIC
    CA Cheuvreux
    ERIC BOROIAN
    Grupo Santander
    ANTHONY J BUCALO
    EVA Dimensions
    AUSTIN BURKETT
    Bryan Garnier & Cie
    NIKOLAAS FAES
    Goldman Sachs
    MITCHELL COLLETT
    Redburn Partners
    CHRIS PITCHER
    Carnegie
    LARS TOPHOLM
    Espirito Santo Investment Bank Research
    ALEX SMITH
    Davy
    BARRY GALLAGHER
    Kepler Capital Markets
    TEAM COVERAGE
    Equita SIM SpA
    FABIO FAZZARI
    Sydbank
    MORTEN IMSGARD

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

    Recommendation
    add
    buy
    sell
    sector perform
    outperform
    hold
    sell
    underperform
    outperform
    hold
    buy
    accumulate
    neutral
    buy
    equalweight
    buy
    hold
    sell
    sell
    neutral
    buy
    buy
    strong buy
    neutral
    hold
    underperform
    hold
    underweight
    neutral
    sell/attractive
    neutral
    buy
    sell
    neutral
    buy
    hold
    overweight

    Amt Held
    13'663'681
    7'090'243
    4'431'809
    2'072'807
    1'873'510
    1'724'123
    1'604'743
    1'376'106
    1'296'634
    1'098'850
    1'064'725
    1'007'821
    864'037
    815'182
    700'034
    699'089
    683'810
    500'000
    393'300
    376'660

    % Out
    11.5
    5.97
    3.73
    1.74
    1.58
    1.45
    1.35
    1.16
    1.09
    0.92
    0.9
    0.85
    0.73
    0.69
    0.59
    0.59
    0.58
    0.42
    0.33
    0.32

    Weighting

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

    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
    D
    M
    M
    U
    M
    M
    N
    U
    M

    Latest Chg
    755'515
    44'260
    (211'546)
    90'734
    (26'362)
    66'834
    368'106
    190'630
    (41'063)
    30'657
    (1'266'289)
    (25'586)
    8'448
    (331'477)
    98'342
    (500'000)
    4'800
    70'448

    Target Price
    680
    650
    520
    500
    700
    580
    530
    500
    760
    590
    635
    615
    550
    660
    525
    615
    575
    550
    540
    500
    650
    650
    630
    #N/A N/A
    #N/A N/A
    530
    600
    #N/A N/A
    650
    504
    #N/A N/A
    #N/A N/A
    460
    #N/A N/A
    515
    480
    #N/A N/A

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

    File Dt
    Inst Type
    31.12.2011
    Other
    30.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012
    Bank
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    26.02.2013
    Investment Advisor
    28.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.06.2012 Pension Fund (ERISA)
    31.10.2012
    Investment Advisor
    31.12.2012
    Investment Advisor

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

    Date
    28.02.2013
    26.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    19.02.2013
    19.02.2013
    19.02.2013
    19.02.2013
    19.02.2013
    19.02.2013
    19.02.2013
    19.02.2013
    19.02.2013
    19.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    14.02.2013
    25.01.2013
    21.01.2013
    17.01.2013
    17.01.2013
    10.01.2013
    09.01.2013
    10.12.2012
    15.11.2012
    14.09.2012
    15.08.2012
    27.09.2011
    08.08.2011
    03.05.2011

    28.02.2013

    Carrefour SA
    Carrefour SA operates chains of supermarkets, hypermarkets, discount, cash and
    carry, and frozen food stores in Europe, the Americas, and Asia.

    Price/Volume
    25

    16.0 M
    14.0 M

    20

    12.0 M
    10.0 M

    15

    8.0 M

    Valuation Analysis

    10

    Latest Fiscal Year:


    LTM as of:
    52-Week High (30.01.2013)
    52-Week Low (11.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    CA FP EQUITY YTD Change
    CA FP EQUITY YTD % CHANGE

    12/2011
    09/yy
    21.63
    12.87
    474'520.00
    20.905
    -3.35%
    62.43%
    89.67%
    709.2
    14'826.13
    11'672.00
    0.0
    1'009.0
    4'760.00
    26'072.13

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

    4.0 M
    2.0 M

    0
    f-12 m-12

    31.12.2008
    31.12.2009
    86'341.0
    84'763.0
    0.30x
    0.37x
    4'044.0
    4'599.0
    6.51x
    6.75x
    1'269.0
    276.0
    14.82x
    67.12x
    Profitability

    LTM-4Q
    31.12.2010
    79'737.0
    0.37x
    4'380.0
    6.81x
    433.0
    61.70x

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

    31.12.2011
    80'455.0
    0.25x
    3'894.0
    5.08x
    371.0
    3'894.00
    2'182.00
    2.71%
    -1.46%
    1.24%
    9.48%
    1.69%
    19.3%
    3.3%
    2.6%
    0.5%
    0.74
    0.29
    34.58%
    250.46%
    31.35
    10.19

    Price/ Cash Flow

    j-12

    LTM

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

    j-12

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

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    1.11
    561.21
    15.14%
    8.06%
    1.111
    39
    3.385
    3'177'666
    3'124'005
    2'879'344
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    77'880.0
    79'244.5
    22'948.8
    0.27x
    0.26x
    3'716.0
    3'880.8
    7.00x
    6.70x
    832.1
    979.5
    16.99x
    14.67x
    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

    15.03.2012
    BBB
    STABLE
    16.04.2010
    A-2
    6.25
    2.51
    3.99
    4.96
    250.5%
    68.5%
    1.69
    5.84
    11.68
    35.93
    69.25
    -39.59

    Sales/Revenue/Turnover

    9.00

    100'000.0

    8.00

    90'000.0

    7.00

    80'000.0
    70'000.0

    6.00

    60'000.0

    5.00
    4.00

    50'000.0
    40'000.0

    3.00

    30'000.0

    2.00

    20'000.0

    1.00

    10'000.0

    0.00
    02.01.2009

    a-12 m-12

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

    Fiscal Year Ended


    31.12.2007
    82'148.5
    0.61x
    3'742.1
    13.33x
    2'299.4
    20.00x

    6.0 M

    0.0
    02.07.2009

    02.01.2010

    02.07.2010

    02.01.2011

    02.07.2011

    02.01.2012

    02.07.2012

    02.01.2013

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

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

    28.02.2013

    Carrefour SA
    Holdings By:

    All

    Holder Name
    BLUE CAPITAL SARL
    SOCIETE GENERALE
    BLUE PARTICIPATIONS
    AMUNDI SA
    COLONY BLUE INVESTOR
    FIRST EAGLE INVESTME
    NATIXIS ASSET MANAGE
    VANGUARD GROUP INC
    AMUNDI
    SOCIETE GEN GESTION
    MACKENZIE FINANCIAL
    MANNING & NAPIER ADV
    BLACKROCK
    CARREFOUR SA
    AKO CAPITAL LLP
    GROUPE ARNAULT SAS
    ALLIANZ ASSET MANAGE
    INTERNATIONAL VALUE
    LBPAM
    MERCURY ASSET MANAGE

    Firm Name

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

    Analyst

    AlphaValue
    VIRGINIE BLIN
    Commerzbank Corporates & Markets JUERGEN ELFERS
    Cantor Fitzgerald
    MICHAEL J DENNIS
    Day by Day
    VALERIE GASTALDY
    JPMorgan
    JAIME VAZQUEZ
    Espirito Santo Investment Bank Research
    CAROLINE GULLIVER
    Morgan Stanley
    EDOUARD AUBIN
    Banco Sabadell
    MARTA DIAZ
    Baader Bank
    VOLKER BOSSE
    Jefferies
    JAMES GRZINIC
    Nomura
    NICK COULTER
    Oddo & Cie
    LAURENCE HOFMANN
    Exane BNP Paribas
    JOHN KERSHAW
    Credit Suisse
    XAVIER LE MENE
    CM - CIC Securities(ESN)
    CHRISTIAN DEVISMES
    Independent Research GmbH
    ZAFER RUZGAR
    Shore Capital Stockbrokers
    CLIVE WILLIAM BLACK
    Aurel - BGC
    JEAN-MARIE L'HOME
    S&P Capital IQ
    WILLIAM MACK
    Main First Bank AG
    RICKIN THAKRAR
    Barclays
    NICOLAS CHAMP
    EVA Dimensions
    AUSTIN BURKETT
    Hammer Partners SA
    STEPHAN SEIP
    Jyske Bank
    ROBERT JAKOBSEN
    Kepler Capital Markets
    FABIENNE CARON
    Macquarie
    SREEDHAR MAHAMKALI
    HSBC
    JEROME SAMUEL
    Goldman Sachs
    FRANKLIN WALDING
    Landesbank Baden-Wuerttemberg
    BARBARA AMBRUS
    Raymond James
    CEDRIC LECASBLE
    Natixis
    PIERRE-EDOUARD BOUDOT
    Makor Capital
    ALBERT SAPORTA
    CA Cheuvreux
    ARNAUD JOLY
    Redburn Partners
    MARC DE SPEVILLE
    Deutsche Bank
    JAMES G COLLINS
    Hamburger Sparkasse
    CHRISTIAN HAMANN
    Nord/LB
    WOLFGANG VASTERLING
    DZ Bank AG
    CHRISTIAN DOUGLAS
    Equita SIM SpA
    FABIO FAZZARI

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

    Recommendation
    add
    hold
    buy
    buy
    overweight
    buy
    Overwt/In-Line
    sell
    sell
    hold
    neutral
    buy
    outperform
    outperform
    buy
    hold
    corporate
    buy
    sell
    outperform
    equalweight
    sell
    sell
    strong buy
    buy
    outperform
    neutral
    neutral/neutral
    hold
    market perform
    buy
    buy
    underperform
    neutral
    hold
    sell
    sell
    sell
    hold

    Amt Held
    % Out
    64'047'813
    9.03
    31'310'832
    4.41
    25'359'996
    3.58
    23'161'032
    3.27
    15'166'770
    2.14
    12'514'112
    1.76
    11'440'585
    1.61
    11'120'136
    1.57
    10'417'130
    1.47
    8'353'963
    1.18
    8'277'296
    1.17
    8'126'922
    1.15
    6'569'736
    0.93
    5'598'650
    0.79
    (5'531'875) -0.78
    5'156'752
    0.73
    3'390'346
    0.48
    2'553'188
    0.36
    2'260'463
    0.32
    1'840'060
    0.26

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

    Change
    M
    M
    M
    U
    N
    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
    U
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (14'638'655)
    1'806'945
    853'582
    454'748
    (273'062)
    20'200
    92'009
    290'035
    (393'327)
    25'590
    1'018'888
    -

    Target Price
    23
    22
    27
    24
    25
    25
    25
    22
    17
    17
    20
    25
    22
    25
    25
    22
    #N/A N/A
    23
    18
    24
    19
    #N/A N/A
    15
    25
    26
    22
    19
    20
    19
    #N/A N/A
    24
    35
    16
    #N/A N/A
    16
    #N/A N/A
    #N/A N/A
    16
    22

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

    File Dt
    31.12.2011
    20.06.2012
    31.12.2011
    11.07.2011
    31.12.2011
    30.09.2012
    31.12.2012
    31.12.2012
    31.10.2012
    11.07.2011
    30.11.2012
    31.12.2012
    26.02.2013
    31.12.2011
    17.01.2013
    31.12.2011
    31.12.2012
    30.06.2012
    31.12.2012
    26.02.2013

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

    Inst Type
    Other
    Bank
    Holding Company
    Other
    Other
    Hedge Fund Manager
    Mutual Fund Manager
    Investment Advisor
    Mutual Fund Manager
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Corporation
    Investment Advisor
    Holding Company
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor

    Date
    28.02.2013
    26.02.2013
    20.02.2013
    19.02.2013
    18.02.2013
    18.02.2013
    15.02.2013
    15.02.2013
    12.02.2013
    01.02.2013
    01.02.2013
    28.01.2013
    25.01.2013
    21.01.2013
    21.01.2013
    18.01.2013
    18.01.2013
    17.01.2013
    17.01.2013
    17.01.2013
    17.01.2013
    17.01.2013
    17.01.2013
    09.01.2013
    19.12.2012
    12.12.2012
    05.12.2012
    26.11.2012
    23.11.2012
    01.11.2012
    01.11.2012
    29.10.2012
    19.10.2012
    12.10.2012
    06.10.2012
    03.09.2012
    10.07.2012
    31.01.2012
    12.01.2012

    28.02.2013

    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
    400

    35.0 M

    350

    30.0 M

    300

    25.0 M

    250

    Latest Fiscal Year:


    LTM as of:
    52-Week High (04.02.2013)
    52-Week Low (29.02.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 04.02.2013
    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

    12/2012
    01/yy
    359.20
    298.90
    1'241'443.00
    349.6
    -2.64%
    16.96%
    81.09%
    5'199.2
    18'176.54
    5'328.00
    0.0
    0.0
    938.00
    22'566.54

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

    15.0 M

    150
    100

    10.0 M

    50

    5.0 M

    0
    f-12 m-12

    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

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

    31.12.2012
    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%
    6.13%
    22.09%
    14.28%
    1.15%
    19.8%
    15.4%
    10.1%
    5.3%
    0.95
    0.14
    24.27%
    89.89%
    38.89

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    .0 M
    f-13

    j-13

    FY+1
    -

    4.69
    0.63
    4'990.59
    20.79%
    4.80%
    0.634
    24
    3.458
    7'265'793
    7'485'328
    7'004'867
    FY+2

    12/13 Y
    12/14 Y
    24'200.4
    25'043.4
    0.94x
    0.89x
    3'892.7
    4'073.8
    5.80x
    5.54x
    1'402.3
    1'517.1
    12.53x
    11.70x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    29.05.2009
    ASTABLE
    29.05.2009
    A-2
    7.44
    3.83
    1.19
    1.44
    89.9%
    47.3%
    1.15
    3.33
    9.41
    19.73

    Sales/Revenue/Turnover

    12.00

    30'000.0

    10.00

    25'000.0

    8.00

    20'000.0

    6.00

    15'000.0

    4.00

    10'000.0

    2.00

    5'000.0

    0.00
    01.01.2010

    a-12 m-12

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

    Fiscal Year Ended


    31.12.2008
    20'872.0
    0.68x
    2'613.0
    5.43x
    (137.0)
    241.82x

    20.0 M

    200

    Valuation Analysis

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Centrica PLC
    Holdings By:

    All

    Holder Name
    INVESCO LTD
    ABERDEEN
    LEGAL & GENERAL
    PETRONAS
    BLACKROCK
    SCOTTISH WIDOWS
    NEWTON INV MGMT
    FMR LLC
    BANK OF NEW YORK MEL
    NORGES BANK INVESTME
    UBS
    VANGUARD GROUP INC
    M&G INVESTMENT MANAG
    BNP PARIBAS INV PART
    CAPITAL GROUP COMPAN
    PERPETUAL INVESTMENT
    SCHRODER INVESTMENT
    JP MORGAN
    PEOPLES REPUBLIC OF
    WALTER SCOTT & PARTN

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

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

    Analyst
    MYRIAM COHEN
    ASHLEY THOMAS
    EMMANUEL RETIF
    ANGELOS ANASTASIOU
    CLIVE ROBERTS
    IAIN TURNER
    JOHN MUSK
    EDMUND REID
    JONATHAN CONSTABLE
    MARK FRESHNEY
    ANDREW MEAD
    ROBERT CHANTRY
    VERITY MITCHELL
    GUILLAUME REDGWELL
    PETER BISZTYGA
    AUSTIN BURKETT
    BOBBY CHADA
    INGO BECKER
    MARTIN BROUGH
    JAMIE TUNNICLIFFE
    VALERIE GASTALDY

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

    Recommendation
    add
    hold
    underperform
    buy
    strong buy
    underperform
    sector perform
    overweight
    neutral
    neutral
    neutral/attractive
    hold
    overweight
    buy
    underweight
    overweight
    Equalwt/In-Line
    hold
    hold
    buy
    hold

    Amt Held
    258'200'185
    244'303'902
    199'643'469
    199'375'000
    197'118'726
    192'693'150
    178'317'146
    171'059'340
    138'923'496
    115'829'394
    111'040'082
    108'307'589
    107'778'794
    94'454'857
    81'472'000
    77'307'596
    74'363'376
    73'984'809
    68'473'929
    67'827'517

    % Out
    4.97
    4.7
    3.84
    3.83
    3.79
    3.71
    3.43
    3.29
    2.67
    2.23
    2.14
    2.08
    2.07
    1.82
    1.57
    1.49
    1.43
    1.42
    1.32
    1.3

    Weighting

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

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

    Latest Chg
    2'192'353
    (2'602'961)
    11'238'419
    20'183'664
    15'220'210
    14'285'475
    (2'850'259)
    2'398'382
    11'871'452
    1'115'563
    (3'099'325)
    (786'991)
    53'727'337
    53'600
    (2'361'053)
    (12'787'908)
    16'115'286
    1'389'000

    Target Price
    366
    371
    321
    403
    525
    280
    340
    365
    335
    325
    416
    370
    400
    370
    325
    #N/A N/A
    345
    320
    340
    #N/A N/A
    #N/A N/A

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

    File Dt
    Inst Type
    23.02.2012
    Investment Advisor
    31.01.2013
    Unclassified
    01.11.2012
    Unclassified
    23.02.2012
    Government
    26.02.2013
    Investment Advisor
    30.11.2012
    Unclassified
    01.11.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    01.11.2012
    Government
    28.12.2012
    Unclassified
    31.12.2012
    Investment Advisor
    01.11.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.07.2012
    Investment Advisor
    01.11.2012
    Investment Advisor
    31.12.2012
    Unclassified
    01.11.2012
    Government
    01.11.2012
    Investment Advisor

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

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    15.02.2013
    08.02.2013
    05.02.2013
    04.02.2013
    25.01.2013
    25.01.2013
    17.01.2013
    11.01.2013
    08.01.2013
    07.01.2013
    10.12.2012
    22.10.2012

    28.02.2013

    Christian Dior SA
    Christian Dior SA manufactures luxury products such as upscale clothing,
    champagne and wines, cognac and spirits, luggage and leather goods, perfumes and
    cosmetics, and jewelry and watches. The Company markets its products
    internationally.

    Price/Volume
    160

    .6 M

    140

    .5 M

    120
    .4 M

    100
    80

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (18.01.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.10.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    CDI FP EQUITY YTD Change
    CDI FP EQUITY YTD % CHANGE

    12/2012
    03/yy
    136.80
    98.08
    19'633.00
    127.75
    -6.65%
    30.25%
    72.88%
    181.7
    23'215.63
    8'824.00
    0.0
    15'309.0
    2'428.00
    45'598.63

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

    .2 M

    40
    .1 M

    20
    0
    f-12

    31.12.2008
    31.12.2009
    17'933.0
    17'745.0
    1.26x
    1.55x
    4'294.0
    4'102.0
    5.24x
    6.69x
    796.0
    695.0
    9.02x
    18.40x
    Profitability

    LTM-4Q
    31.12.2010
    21'123.0
    1.68x
    5'175.0
    6.85x
    1'261.0
    15.14x

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

    31.12.2011
    24'628.0
    1.55x
    6'266.0
    6.08x
    1'279.0
    12.83x
    6'266.00
    5'323.00
    21.61%
    19.94%
    66.0%
    4.7%
    1.33
    0.43
    17.23%
    91.60%
    -

    Price/ Cash Flow

    a-12

    m-12

    j-12

    LTM

    03/yy
    20'224.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    03/yy
    26'024.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    0.91
    51.20
    12.34%
    -0.39%
    0.906
    14
    4.429
    91'275
    111'615
    99'949
    FY+2

    FQ+1

    FQ+2

    04/13 Y
    04/14 Y
    06/12 Q2 09/12 Q3
    30'111.6
    33'099.6
    1.47x
    1.23x
    7'526.8
    8'506.0
    6.05x
    5.35x
    1'838.6
    2'277.0
    13.39x
    11.28x
    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

    25.79
    18.23
    91.6%
    26.1%
    229.19

    Sales/Revenue/Turnover

    7.00

    35'000.0

    6.00

    30'000.0

    5.00

    25'000.0

    4.00

    20'000.0

    3.00

    15'000.0

    2.00

    10'000.0

    1.00

    5'000.0

    0.00
    01.01.2010

    m-12

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

    Fiscal Year Ended


    31.12.2007
    17'245.0
    1.74x
    4'207.0
    7.14x
    880.0
    18.20x

    .3 M

    60

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Christian Dior SA
    Holdings By:

    All

    Holder Name
    GROUPE ARNAULT SAS
    CHRISTIAN DIOR SA
    FMR LLC
    VANGUARD GROUP INC
    WILLIAM BLAIR & COMP
    BANK OF NEW YORK MEL
    SCHRODER INVESTMENT
    BLACKROCK
    PICTET ASSET MANAGEM
    CAPITAL GROUP COMPAN
    NATIXIS ASSET MANAGE
    PALATINE ASSET MANAG
    MASSACHUSETTS FINANC
    SOCIETE GENERALE
    ALLIANZ ASSET MANAGE
    HSBC ASSET MGMT EURO
    LBPAM
    PUTNAM INVESTMENT MA
    DEKA INVESTMENT GMBH
    IG INVESTMENT MANAGE

    Firm Name
    AlphaValue
    EVA Dimensions
    Goldman Sachs
    Raymond James
    Natixis
    Aurel - BGC
    HSBC
    Oddo & Cie
    Bryan Garnier & Cie
    Main First Bank AG
    Day by Day
    Kepler Capital Markets
    JPMorgan

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

    Analyst
    VIRGINIE BLIN
    CRAIG STERLING
    MARKUS IWAR
    MARC WILLAUME
    OLIVIER DELAHOUSSE
    DAVID DA MAIA
    SOPHIE DARGNIES
    LEOPOLD AUTHIE
    LOIC MORVAN
    GAEL COLCOMBET
    VALERIE GASTALDY
    CATHERINE ROLLAND
    MELANIE A FLOUQUET

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

    Recommendation
    buy
    underweight
    Buy/Neutral
    outperform
    buy
    buy
    neutral
    buy
    buy
    outperform
    buy
    buy
    overweight

    Amt Held
    127'874'042
    2'380'206
    1'334'463
    1'025'475
    796'326
    665'717
    623'742
    419'022
    389'442
    366'000
    336'771
    305'010
    266'791
    261'707
    261'234
    229'000
    227'680
    222'041
    188'200
    153'104

    % Out
    70.37
    1.31
    0.73
    0.56
    0.44
    0.37
    0.34
    0.23
    0.21
    0.2
    0.19
    0.17
    0.15
    0.14
    0.14
    0.13
    0.13
    0.12
    0.1
    0.08

    Weighting

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

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

    Latest Chg
    33'750
    (89'228)
    (75'135)
    (329'869)
    11'342
    14'325
    19'665
    (60)
    (20'922)
    1'450
    16'419
    (10'954)
    (17'896)
    32
    30'482
    4

    Target Price
    176
    #N/A N/A
    149
    142
    142
    140
    147
    150
    145
    174
    139
    130
    110

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

    File Dt
    Inst Type
    01.10.2012
    Holding Company
    30.04.2012
    n/a
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    30.11.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.10.2012
    Bank
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    28.09.2012
    Investment Advisor

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

    Date
    28.02.2013
    21.02.2013
    11.02.2013
    04.02.2013
    04.02.2013
    25.01.2013
    24.01.2013
    22.01.2013
    16.01.2013
    09.01.2013
    11.12.2012
    30.10.2012
    15.12.2011

    28.02.2013

    Cie de St-Gobain
    Compagnie de Saint-Gobain manufactures glass products, high-performance
    materials, and construction materials. The Company produces flat glass,
    insulation, and glass containers, high-performance ceramics, plastics, and
    abrasives, and building materials such as roofing, wall facings, mortars, and
    ductile cast iron pipe. Saint-Gobain also retails building materials.

    Price/Volume
    40

    8.0 M

    25
    20

    12/2012
    12/yy
    37.39
    23.90
    281'883.00
    30.715
    -17.77%
    28.51%
    51.63%
    531.1
    16'313.52
    12'669.00
    0.0
    412.0
    4'179.00
    25'215.52

    6.0 M

    15

    4.0 M

    10
    2.0 M

    5
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


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

    10.0 M

    30

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (16.03.2012)
    52-Week Low (02.08.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 29.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SGO FP EQUITY YTD Change
    SGO FP EQUITY YTD % CHANGE

    31.12.2008
    43'800.0
    0.56x
    5'263.0
    4.68x
    1'378.0
    9.15x

    12.0 M

    35

    31.12.2009
    31.12.2010
    37'786.0
    40'119.0
    0.75x
    0.69x
    3'821.0
    4'785.0
    7.39x
    5.80x
    202.0
    1'129.0
    88.53x
    17.66x
    Profitability

    LTM-4Q
    31.12.2011
    42'116.0
    0.57x
    5'024.0
    4.80x
    1'284.0
    12.16x

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

    31.12.2012
    43'198.0
    0.60x
    2'637.0
    9.87x
    766.0
    22.07x
    2'637.00
    1'087.00
    2.52%
    2.94%
    1.63%
    4.35%
    4.86%
    0.92%
    6.1%
    6.1%
    2.5%
    1.8%
    1.31
    0.67
    26.66%
    72.65%
    8.34
    6.43

    Price/ Cash Flow

    LTM

    12/yy
    42'116.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    12/yy
    43'198.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    1.24
    460.13
    -9.85%
    -4.67%
    1.242
    30
    3.500
    2'600'955
    2'185'841
    1'898'433
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    43'250.5
    44'871.7
    0.57x
    0.54x
    4'487.1
    4'884.6
    5.63x
    5.17x
    1'297.3
    1'605.4
    12.25x
    10.16x
    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

    24.07.2009
    BBB
    NEG
    30.04.2004
    A-2
    8.99
    5.36
    3.22
    4.80
    72.6%
    41.5%
    0.92
    3.09
    43.88
    56.89
    55.34
    45.44

    Sales/Revenue/Turnover

    12.00

    50'000.0
    45'000.0

    10.00

    40'000.0
    35'000.0

    8.00

    30'000.0

    6.00

    25'000.0
    20'000.0

    4.00

    15'000.0
    10'000.0

    2.00
    0.00
    01.01.2010

    5'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Cie de St-Gobain
    Holdings By:

    All

    Holder Name
    WENDEL INVESTISSEMEN
    FONDS DU PLAN D EPAR
    AMUNDI SA
    CAISSE DES DEPOTS ET
    GROUPAMA SA
    VANGUARD GROUP INC
    NATIXIS ASSET MANAGE
    HARBOR CAPITAL ADVIS
    COGEMA
    AMUNDI
    CIE DE SAINT GOBAIN
    BLACKROCK
    PREDICA
    AVIVA PLC
    SOCIETE GEN GESTION
    FMR LLC
    DODGE & COX
    DIMENSIONAL FUND ADV
    JP MORGAN
    MERCURY ASSET MANAGE

    Firm Name
    EVA Dimensions
    Jefferies
    Societe Generale
    Aurel - BGC
    Independent Research GmbH
    Oddo & Cie
    Kepler Capital Markets
    Bryan Garnier & Cie
    Natixis
    S&P Capital IQ
    Exane BNP Paribas
    AlphaValue
    Liberum Capital Ltd
    Sanford C. Bernstein & Co
    Goldman Sachs
    Redburn Partners
    HSBC
    Berenberg Bank
    Morgan Stanley
    CM - CIC Securities(ESN)
    JPMorgan
    Landesbank Baden-Wuerttemberg
    Deutsche Bank
    Credit Suisse
    Day by Day
    Raymond James
    Davy
    Banco Sabadell
    CA Cheuvreux
    Hamburger Sparkasse

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

    Analyst

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

    Recommendation

    CRAIG STERLING
    sell
    MICHAEL F BETTS
    buy
    MURIEL FELLOUS
    buy
    ERIC LEMARIE
    buy
    CHRISTOPH SCHOENDUBE
    sell
    VIRGINIE ROUSSEAU
    neutral
    JOSEP PUJAL
    hold
    SVEN EDELFELT
    neutral
    RAFIC EL HADDAD
    buy
    JAWAHAR HINGORANI
    sell
    PAUL ROGER
    underperform
    GAETAN DUPONT
    buy
    CHARLIE CAMPBELL
    hold
    PHIL ROSEBERG
    outperform
    WILL MORGAN
    neutral/neutral
    WILLIAM JONES
    buy
    JOHN FRASER-ANDREWS
    underweight
    MICHAEL WATTS
    buy
    ALEJANDRA PEREDA
    Equalwt/In-Line
    JEAN-CHRISTOPHE LEFEVRE-MOULENQ
    accumulate
    MICHAEL MORRIS
    overweight
    HANS-PETER KUHLMANN
    hold
    LUIS PRIETO
    buy
    HARRY GOAD
    neutral
    VALERIE GASTALDY
    buy
    ARNAUD PALLIEZ
    market perform
    TIM CAHILL
    outperform
    GLEN SPENCER-CHAPMAN
    buy
    NABIL AHMED
    suspended coverage
    INGO SCHMIDT
    sell

    Amt Held
    92'891'280
    41'402'970
    40'161'206
    15'393'412
    10'085'339
    7'458'234
    7'332'929
    6'617'178
    5'838'880
    5'071'166
    4'777'266
    4'508'665
    3'715'651
    2'716'101
    2'536'782
    2'419'956
    1'784'591
    1'740'267
    1'478'226
    1'375'429

    % Out
    17.49
    7.8
    7.56
    2.9
    1.9
    1.4
    1.38
    1.25
    1.1
    0.95
    0.9
    0.85
    0.7
    0.51
    0.48
    0.46
    0.34
    0.33
    0.28
    0.26

    Weighting

    Change

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

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

    Latest Chg
    17'861'078
    180'416
    (114'372)
    (362'065)
    37'465
    203'000
    61'591
    (11'122)
    -

    Target Price
    #N/A N/A
    45
    38
    40
    27
    36
    30
    32
    38
    28
    32
    41
    28
    39
    34
    #N/A N/A
    31
    35
    33
    37
    35
    33
    39
    27
    36
    #N/A N/A
    #N/A N/A
    44
    52
    #N/A N/A

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

    File Dt
    Inst Type
    31.12.2010
    Investment Advisor
    31.12.2010
    n/a
    27.06.2012
    Other
    31.12.2010
    Government
    31.12.2010
    Insurance Company
    31.12.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2010
    Corporation
    30.11.2012 Mutual Fund Manager
    31.12.2010
    Corporation
    26.02.2013
    Investment Advisor
    31.12.2010
    Insurance Company
    31.01.2013
    Investment Advisor
    15.06.2011 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    29.01.2013
    Investment Advisor
    31.07.2012
    Investment Advisor
    31.12.2012
    Unclassified
    26.02.2013
    Investment Advisor

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

    Date
    26.02.2013
    25.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    19.02.2013
    18.02.2013
    12.02.2013
    08.02.2013
    29.01.2013
    24.01.2013
    18.01.2013
    18.01.2013
    15.01.2013
    15.01.2013
    19.12.2012
    17.12.2012
    14.12.2012
    30.10.2012
    09.08.2012
    30.07.2012
    12.01.2012
    09.03.2009

    28.02.2013

    Cie Financiere Richemont SA


    Compagnie Financiere Richemont SA, through subsidiaries, manufactures and
    retails luxury goods. The Company produces jewelry, watches, leather goods,
    writing instruments, and men's and women's wear.

    Price/Volume
    90

    6.0 M

    80

    5.0 M

    70
    60

    4.0 M

    50

    03/2012
    12/yy
    81.45
    48.13
    307'570.00
    74.7
    -8.23%
    55.20%
    77.34%
    522.0
    42'892.74
    851.00
    0.0
    9.0
    4'036.00
    32'102.78

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

    30

    2.0 M

    20

    1.0 M

    10
    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


    31.03.2008
    5'290.0
    3.53x
    1'428.0
    13.08x
    1'565.0
    20.48x

    3.0 M

    40

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (18.01.2013)
    52-Week Low (12.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    CFR VX EQUITY YTD Change
    CFR VX EQUITY YTD % CHANGE

    31.03.2009
    31.03.2010
    5'418.0
    5'176.0
    1.05x
    2.82x
    1'345.0
    1'259.0
    4.23x
    11.59x
    1'075.0
    599.0
    8.94x
    26.38x
    Profitability

    LTM-4Q
    31.03.2011
    6'892.0
    2.72x
    1'669.0
    11.22x
    1'090.0
    20.65x

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

    31.03.2012
    8'867.0
    2.41x
    2'354.0
    9.08x
    1'544.0
    16.70x
    2'354.00
    2'045.00
    23.06%
    20.35%
    16.06%
    22.64%
    0.82%
    63.7%
    27.5%
    24.1%
    17.4%
    3.16
    1.66
    7.24%
    9.89%
    0.95

    Price/ Cash Flow

    LTM

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

    12/yy
    7'515.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    1.30
    495.05
    35.63%
    4.62%
    1.295
    36
    3.917
    1'294'923
    1'430'418
    1'423'546
    FY+2

    FQ+1

    FQ+2

    03/13 Y
    03/14 Y
    03/13 Q4 06/13 Q1
    10'194.2
    11'058.6
    2'316.2
    3.07x
    2.72x
    2'797.8
    3'062.7
    11.47x
    10.48x
    1'944.8
    2'181.2
    17.63x
    15.65x
    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

    78.47
    63.03
    -1.14
    0.58
    9.9%
    9.0%
    0.82
    6.66
    386.45
    74.31
    305.95

    Sales/Revenue/Turnover

    30.00

    10'000.0
    9'000.0

    25.00

    8'000.0
    7'000.0

    20.00

    6'000.0

    15.00

    5'000.0
    4'000.0

    10.00

    3'000.0
    2'000.0

    5.00
    0.00
    03.04.2009

    1'000.0
    0.0
    03.10.2009

    03.04.2010

    03.10.2010

    03.04.2011

    03.10.2011

    03.04.2012

    03.10.2012

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

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

    28.02.2013

    Cie Financiere Richemont SA


    Holdings By:

    All

    Holder Name
    PUBLIC INVESTMENT CO
    CARMIGNAC GESTION
    VANGUARD GROUP INC
    HARBOR CAPITAL ADVIS
    CREDIT SUISSE ASSET
    BLACKROCK
    WADDELL & REED FINAN
    GARDNER RUSSO & GARD
    JANUS CAPITAL MANAGE
    UBS FUND MANAGEMENT
    FMR LLC
    ALLIANZ ASSET MANAGE
    T ROWE PRICE ASSOCIA
    MASSACHUSETTS FINANC
    PICTET & CIE
    HARRIS ASSOCIATES LP
    CAPITAL GROUP COMPAN
    SWISSCANTO FONDSLEIT
    ALLIANCE BERNSTEIN
    PICTET ASSET MANAGEM

    Firm Name
    AlphaValue
    Independent Research GmbH
    Exane BNP Paribas
    Berenberg Bank
    Telsey Advisory Group
    Cantor Fitzgerald
    ISI Group
    Bryan Garnier & Cie
    Barclays
    Aurel - BGC
    Kepler Capital Markets
    HSBC
    Credit Suisse
    Macquarie
    Oddo & Cie
    S&P Capital IQ
    Morgan Stanley
    Goldman Sachs
    JPMorgan
    Zuercher Kantonalbank
    Renaissance Capital
    Main First Bank AG
    Raymond James
    Deutsche Bank
    Nomura
    EVA Dimensions
    CA Cheuvreux
    Bank Vontobel AG
    Investec
    Day by Day
    Redburn Partners
    BNP Paribas Cadiz Securities
    Natixis
    Avior Research

    Portfolio Name
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    GARDNER RUSSO & GARD
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios

    Analyst
    VIRGINIE BLIN
    LARS LUSEBRINK
    LUCA GIUSEPPE SOLCA
    JOHN GUY
    DANA TELSEY
    ALLEGRA PERRY
    OMAR SAAD
    LOIC MORVAN
    HELEN NORRIS
    DAVID DA MAIA
    JON COX
    ERWAN RAMBOURG
    ROGERIO FUJIMORI
    WYNAND VAN ZYL
    LEOPOLD AUTHIE
    JASON ASAEDA
    LOUISE SINGLEHURST
    WILLIAM HUTCHINGS
    MELANIE A FLOUQUET
    PATRIK SCHWENDIMANN
    REY WIUM
    MATTHIAS EIFERT
    MARC WILLAUME
    FRANCESCA DI PASQUANTONIO
    CHRISTOPHER WALKER
    CRAIG STERLING
    THOMAS MESMIN
    RENE WEBER
    THANE DUFF
    VALERIE GASTALDY
    ANNABEL GLEESON
    SHAMIL ISMAIL
    JOSEPHINE CHEVALLIER
    MATHEW MENEZES

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

    Recommendation
    reduce
    buy
    outperform
    hold
    no rating system
    hold
    strong buy
    buy
    overweight
    buy
    buy
    neutral
    outperform
    outperform
    buy
    hold
    Equalwt/In-Line
    Buy/Neutral
    neutral
    market perform
    sell
    outperform
    strong buy
    buy
    buy
    sell
    outperform
    hold
    sell
    hold
    buy
    hold
    neutral
    neutral

    Amt Held
    26'715'742
    12'427'709
    11'837'563
    9'166'906
    7'629'446
    7'488'907
    7'162'235
    6'983'477
    5'280'837
    4'761'035
    4'251'482
    3'136'150
    3'073'903
    2'946'020
    2'738'421
    1'978'900
    1'666'800
    1'529'561
    1'295'118
    1'263'548

    % Out
    5.12
    2.38
    2.27
    1.76
    1.46
    1.43
    1.37
    1.34
    1.01
    0.91
    0.81
    0.6
    0.59
    0.56
    0.52
    0.38
    0.32
    0.29
    0.25
    0.24

    Weighting

    Change

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

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

    Latest Chg
    (5'917'694)
    (1'002'480)
    (192'369)
    162'756
    (5'806'400)
    (43'763)
    (46'046)
    (104'448)
    1'299'798
    40'671
    (123'534)
    20'428
    (14'220)
    (809'000)
    (362'873)
    (24'262)
    (231'928)
    (276)

    Target Price
    75
    90
    105
    72
    84
    74
    80
    82
    86
    86
    90
    83
    85
    90
    89
    80
    74
    114
    72
    #N/A N/A
    72
    83
    90
    86
    83
    #N/A N/A
    88
    80
    72
    #N/A N/A
    #N/A N/A
    64
    60
    70

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

    File Dt
    13.07.2011
    31.12.2012
    31.12.2012
    31.12.2012
    28.12.2012
    26.02.2013
    31.12.2012
    31.12.2012
    31.12.2012
    30.11.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    30.11.2012
    31.12.2012
    31.12.2012
    28.12.2012
    31.12.2012
    30.11.2012

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

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

    Date
    28.02.2013
    21.02.2013
    19.02.2013
    15.02.2013
    10.02.2013
    08.02.2013
    07.02.2013
    01.02.2013
    28.01.2013
    25.01.2013
    25.01.2013
    24.01.2013
    22.01.2013
    22.01.2013
    22.01.2013
    22.01.2013
    21.01.2013
    21.01.2013
    21.01.2013
    21.01.2013
    21.01.2013
    21.01.2013
    18.01.2013
    16.01.2013
    16.01.2013
    15.01.2013
    14.01.2013
    09.01.2013
    08.01.2013
    07.01.2013
    07.01.2013
    27.11.2012
    02.11.2012
    05.09.2012

    28.02.2013

    Cie Generale des Etablissements Michelin


    Cie Generale des Etablissements Michelin manufactures all-purpose tires,
    wheels, steel cables, maps, and tourist guides. The Company's tire products
    are used for automobiles, trucks, aircraft, bicycles, and industrial vehicles.
    Michelin manufactures and distributes its products worldwide.

    Price/Volume
    80

    2.5 M

    70

    2.0 M

    60
    50

    Latest Fiscal Year:


    LTM as of:
    52-Week High (04.01.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 29.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    ML FP EQUITY YTD Change
    ML FP EQUITY YTD % CHANGE

    12/2012
    12/yy
    73.89
    45.32
    191'450.00
    68.35
    -7.43%
    50.83%
    81.10%
    182.6
    12'477.75
    3'297.00
    0.0
    2.0
    1'858.00
    13'918.75

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

    1.0 M

    30
    20

    .5 M

    10
    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


    31.12.2008
    16'408.0
    0.60x
    1'847.0
    5.34x
    360.0
    15.27x

    1.5 M

    40

    Valuation Analysis

    31.12.2009
    31.12.2010
    14'807.0
    17'891.0
    0.73x
    0.67x
    1'801.0
    2'706.0
    6.02x
    4.45x
    106.0
    1'085.0
    75.46x
    7.65x
    Profitability

    LTM-4Q
    31.12.2011
    20'719.0
    0.51x
    2'889.0
    3.62x
    1'462.0
    5.61x

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

    31.12.2012
    21'474.0
    0.68x
    3'429.0
    4.23x
    1'570.0
    8.31x
    3'429.00
    2'423.00
    11.28%
    10.74%
    7.39%
    18.92%
    14.34%
    1.01%
    31.2%
    16.0%
    11.3%
    7.3%
    1.87
    0.86
    15.28%
    38.79%
    7.31
    3.27

    Price/ Cash Flow

    LTM

    12/yy
    20'719.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    12/yy
    21'474.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    1.14
    182.52
    37.79%
    -4.53%
    1.144
    24
    4.333
    773'329
    884'221
    696'351
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    21'474.2
    22'761.6
    0.63x
    0.58x
    3'638.4
    3'952.2
    3.81x
    3.51x
    1'578.3
    1'741.7
    8.01x
    7.31x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    23.03.2012
    BBB+
    STABLE
    04.10.2010
    A-2
    17.77
    7.82
    0.42
    0.96
    38.8%
    27.9%
    1.01
    2.61
    50.08
    111.79
    50.40
    111.48

    Sales/Revenue/Turnover

    10.00

    25'000.0

    9.00

    20'000.0

    8.00
    7.00

    15'000.0

    6.00
    5.00

    10'000.0

    4.00
    3.00

    5'000.0

    2.00
    1.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Cie Generale des Etablissements Michelin


    Holdings By:

    All

    Holder Name
    CAPITAL GROUP COMPAN
    FRANKLIN RESOURCES
    THORNBURG INVESTMENT
    VANGUARD GROUP INC
    NATIXIS ASSET MANAGE
    BLACKROCK
    DNCA FINANCE
    TEMPLETON INVESTMENT
    AVIVA PLC
    LBPAM
    PRUDENTIAL FINANCIAL
    SCHRODER INVESTMENT
    ALLIANZ ASSET MANAGE
    AMUNDI
    PIONEER INVESTMENT M
    HSBC ASSET MGMT EURO
    AMUNDI
    PRINCIPAL FINANCIAL
    DANSKE INVEST A/S
    SOCIETE GENERALE

    Firm Name
    AlphaValue
    JPMorgan
    HSBC
    CM - CIC Securities(ESN)
    Main First Bank AG
    Exane BNP Paribas
    Societe Generale
    Goldman Sachs
    Barclays
    Macquarie
    Oddo & Cie
    Morgan Stanley
    Credit Suisse
    Kepler Capital Markets
    S&P Capital IQ
    CA Cheuvreux
    EVA Dimensions
    Day by Day
    Natixis
    Deutsche Bank
    Equita SIM SpA
    Silvia Quandt Research

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

    Analyst
    HANS-PETER WODNIOK
    JOSE ASUMENDI
    NIELS FEHRE
    FLORENT COUVREUR
    BRUNO LAPIERRE
    RABIH FREIHA
    PHILIPPE BARRIER
    STEPHAN PUETTER
    KRISTINA CHURCH
    JENS SCHATTNER
    FRANCOIS MAURY
    EDOARDO SPINA
    ERICH HAUSER
    XAVIER CAROEN
    SHO MATSUBARA
    THOMAS BESSON
    CRAIG STERLING
    VALERIE GASTALDY
    MICHAEL FOUNDOUKIDIS
    GAETAN TOULEMONDE
    MARTINO DEAMBROGGI
    ALBRECHT DENNINGHOFF

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

    Recommendation
    add
    neutral
    overweight
    accumulate
    outperform
    outperform
    buy
    sell/attractive
    equalweight
    outperform
    buy
    Equalwt/In-Line
    outperform
    buy
    buy
    select list
    buy
    hold
    buy
    buy
    buy
    not rated

    Amt Held
    16'620'491
    11'549'825
    4'265'411
    3'318'288
    2'790'202
    1'463'127
    1'260'500
    1'195'617
    1'037'142
    883'666
    722'498
    666'771
    662'378
    598'817
    511'459
    477'378
    444'830
    443'830
    436'925
    407'102

    % Out
    9.1
    6.33
    2.34
    1.82
    1.53
    0.8
    0.69
    0.65
    0.57
    0.48
    0.4
    0.37
    0.36
    0.33
    0.28
    0.26
    0.24
    0.24
    0.24
    0.22

    Weighting

    Change

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

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

    Latest Chg
    (3'240'978)
    (699'818)
    (163'513)
    (33'355)
    (37'500)
    (14'912)
    13'000
    (65'931)
    (12'147)
    (24'381)
    112
    11'943
    (4'016)
    (5'323)
    111'214
    19'554
    4'163
    12'741

    Target Price
    78
    78
    80
    80
    80
    79
    79
    48
    71
    80
    85
    76
    70
    84
    75
    90
    #N/A N/A
    #N/A N/A
    80
    90
    70
    #N/A N/A

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

    File Dt
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    26.02.2013
    28.09.2012
    30.11.2012
    31.01.2013
    31.12.2012
    31.01.2013
    31.12.2012
    31.01.2013
    30.11.2012
    31.12.2012
    31.12.2012
    28.09.2012
    31.01.2013
    31.01.2013
    31.10.2012

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

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

    Date
    28.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    13.02.2013
    13.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    01.02.2013
    17.01.2013
    14.12.2012
    27.11.2012
    23.10.2012
    20.09.2012
    18.01.2012

    28.02.2013

    Commerzbank AG
    Commerzbank AG attracts deposits and offers retail and commercial banking
    services. The Bank offers mortgage loans, securities brokerage and asset
    management services, private banking, foreign exchange, and treasury services
    worldwide.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (02.03.2012)
    52-Week Low (23.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    CBK GY EQUITY YTD Change
    CBK GY EQUITY YTD % CHANGE

    12/2012
    12/yy
    2.04
    1.12
    9'877'078.00
    1.416
    -30.59%
    26.77%
    32.83%
    5'829.5
    8'254.59
    247'823.00
    2'376.0
    858.0
    42'259.00
    -

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

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

    250.0 M

    200.0 M

    150.0 M

    100.0 M

    50.0 M

    0
    f-12 m-12

    31.12.2009
    31.12.2010
    25'393.0
    25'027.0
    (4'537.0)
    1'430.0
    4.59x
    Profitability

    LTM-4Q
    31.12.2011
    21'462.0
    638.0
    7.24x

    31.12.2012
    9'855.0
    6.0
    -

    j-12

    11.87%
    9.18%
    0.00%
    0.03%
    0.43%
    0.03%
    0.1%
    0.00%
    0.00%
    -

    LTM

    12/yy
    21'462.0
    0.00x
    0.0
    0.00x
    638.0
    37.22x

    j-12

    12/yy
    17'595.0
    0.00x
    0.0
    0.00x
    6.0
    0.00x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    .0 M
    f-13

    FY+1

    1.36
    4'367.02
    -24.92%
    -1.26%
    1.363
    34
    2.324
    61'450'310
    51'157'400
    47'919'790
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    9'979.9
    10'354.9
    2'482.0
    2'530.0
    664.5
    1'116.9
    150.0
    12.42x
    7.38x
    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

    07.02.2013
    A *07.02.2013
    A-1 *0.0%
    90.9%
    0.03
    10.92
    -

    Sales/Revenue/Turnover

    1.20

    30'000.0

    1.00

    25'000.0

    0.80

    20'000.0

    0.60

    a-12 m-12

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

    Fiscal Year Ended


    31.12.2008
    24'181.0
    3.0
    1870.42x

    15'000.0
    10'000.0

    0.40

    5'000.0
    0.20

    0.0
    0.00

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

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

    28.02.2013

    Commerzbank AG
    Holdings By:

    All

    Holder Name
    FEDERAL REPUBLIC OF
    BLACKROCK
    ALLIANZ SE
    VANGUARD GROUP INC
    MARSHALL WACE LLP
    FRANKFURT TRUST INVE
    UNION INVESTMENT GMB
    THRIVENT FINANCIAL F
    ADIG INVESTMENT
    DEKA INVESTMENT GMBH
    ETFLAB INVESTMENT GM
    CREDIT SUISSE ASSET
    DEUTSCHE BANK AG
    VERITAS SG INVESTMEN
    COMMERZBANK AG
    STATE STREET BANQUE
    DIMENSIONAL FUND ADV
    FMR LLC
    AMUNDI
    DWS INVESTMENT S A

    Firm Name
    AlphaValue
    Oddo & Cie
    Landesbank Baden-Wuerttemberg
    DZ Bank AG
    Main First Bank AG
    Macquarie
    Bankhaus Metzler
    Nomura
    Equinet Institutional Services(ESN)
    Kepler Capital Markets
    Nord/LB
    Keefe, Bruyette & Woods
    Independent Research GmbH
    Hamburger Sparkasse
    M.M. Warburg Investment Research
    Berenberg Bank
    S&P Capital IQ
    Exane BNP Paribas
    JPMorgan
    Grupo Santander
    HSBC
    Goldman Sachs
    RBC Capital Markets
    Societe Generale
    EVA Dimensions
    Credit Suisse
    Barclays
    Morgan Stanley
    National Bank AG
    Deutsche Bank
    CA Cheuvreux
    Mediobanca SpA
    Natixis

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

    Analyst
    DIETER HEIN
    JEAN SASSUS
    INGO FROMMEN
    CHRISTOPH BAST
    KILIAN MAIER
    THOMAS STOEGNER
    GUIDO HOYMANN
    OMAR KEENAN
    PHILIPP HAESSLER
    DIRK BECKER
    MICHAEL SEUFERT
    RONNY REHN
    STEFAN BONGARDT
    CHRISTIAN HAMANN
    ANDREAS PLAESIER
    NICK ANDERSON
    FRANK BRADEN
    GUILLAUME TIBERGHIEN
    JAIME BECERRIL
    TANIA GOLD
    JOHANNES THORMANN
    MARTIN LEITGEB
    ANKE REINGEN
    PHILIP RICHARDS
    AUSTIN BURKETT
    MAXENCE LE GOUVELLO
    KIRI VIJAYARAJAH
    FRANCESCA TONDI
    MANFRED JAISFELD
    ALEXANDER HENDRICKS
    CYRIL MEILLAND
    RICCARDO ROVERE
    ALEX KOAGNE

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

    Recommendation
    add
    reduce
    hold
    sell
    underperform
    neutral
    sell
    reduce
    buy
    buy
    hold
    underperform
    sell
    sell
    hold
    sell
    hold
    underperform
    neutral
    underweight
    overweight
    neutral/neutral
    underperform
    sell
    underweight
    outperform
    underweight
    Underwt/In-Line
    hold
    hold
    underperform
    neutral
    dropped coverage

    Amt Held
    % Out
    1'457'378'418
    25
    314'718'665
    5.4
    158'754'249
    2.72
    68'996'872
    1.18
    (31'479'374) -0.54
    22'030'550
    0.38
    21'236'463
    0.36
    11'377'900
    0.2
    7'263'550
    0.12
    6'635'014
    0.11
    6'276'714
    0.11
    5'847'747
    0.1
    5'575'095
    0.1
    5'221'900
    0.09
    5'113'429
    0.09
    4'692'099
    0.08
    4'365'790
    0.07
    4'146'582
    0.07
    3'993'107
    0.07
    3'800'900
    0.07

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

    Change
    M
    M
    M
    D
    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
    D
    M
    M

    Latest Chg
    92'055
    2'722'059
    (4'080'660)
    2'131'853
    2'831'900
    (340'010)
    (2'979'650)
    1'766
    286'355
    516'937
    (864'000)
    (91'050)
    (7'853'558)
    742'413
    -

    Target Price
    2
    1
    2
    1
    1
    2
    1
    2
    2
    2
    2
    1
    1
    #N/A N/A
    1
    1
    2
    2
    2
    1
    2
    2
    1
    1
    #N/A N/A
    2
    1
    1
    2
    2
    1
    2
    #N/A N/A

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

    File Dt
    30.10.2012
    26.02.2013
    07.03.2012
    31.12.2012
    21.02.2013
    28.12.2012
    28.09.2012
    31.10.2012
    31.10.2012
    28.12.2012
    27.02.2013
    28.12.2012
    31.12.2012
    30.11.2012
    31.12.2011
    31.01.2013
    31.07.2012
    31.12.2012
    30.11.2012
    28.12.2012

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

    Inst Type
    Government
    Investment Advisor
    Insurance Company
    Investment Advisor
    Hedge Fund Manager
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Mutual Fund Manager
    Bank
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Mutual Fund Manager

    Date
    28.02.2013
    27.02.2013
    22.02.2013
    22.02.2013
    20.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    16.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    12.02.2013
    01.02.2013
    31.01.2013
    28.01.2013
    28.01.2013
    22.01.2013
    17.01.2013
    15.01.2013
    28.11.2012
    09.11.2012
    08.11.2012
    01.11.2012
    10.08.2012
    03.08.2012
    07.08.2010

    28.02.2013

    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
    900

    14.0 M

    800

    12.0 M

    700

    10.0 M

    600

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (21.02.2013)
    52-Week Low (16.05.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    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
    814.00
    611.00
    357'048.00
    799
    -1.84%
    30.77%
    92.12%
    1'830.1
    14'622.51
    1'785.00
    0.0
    10.0
    728.00
    15'689.51

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

    8.0 M

    400

    6.0 M

    300

    4.0 M

    200

    2.0 M

    100
    0
    f-12 m-12

    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

    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

    1'480.00
    1'143.00
    6.76%
    4.67%
    6.49%
    17.99%
    13.04%
    1.81%
    8.8%
    6.8%
    3.6%
    0.87
    0.73
    19.34%
    55.25%
    9.57
    -

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    .0 M
    f-13

    j-13

    FY+1
    -

    2.67
    0.81
    1'824.92
    30.64%
    12.29%
    0.808
    31
    3.677
    3'138'411
    2'907'700
    2'969'020
    FY+2

    09/13 Y
    09/14 Y
    17'526.2
    18'444.8
    0.91x
    0.86x
    1'542.3
    1'647.7
    10.17x
    9.52x
    841.1
    925.3
    17.33x
    15.73x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    18.02.2013
    A
    STABLE
    15.74
    13.19
    0.71
    1.21
    55.2%
    35.5%
    1.81
    25.87
    38.26
    -

    Sales/Revenue/Turnover

    16.00

    18'000.0

    14.00

    16'000.0

    12.00

    14'000.0
    12'000.0

    10.00

    10'000.0

    8.00

    8'000.0

    6.00

    6'000.0

    4.00

    4'000.0

    2.00

    2'000.0

    0.00
    02.10.2009

    a-12 m-12

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

    Fiscal Year Ended


    30.09.2008
    11'440.0
    0.64x
    864.0
    8.53x
    443.0
    16.46x

    500

    0.0
    02.04.2010

    02.10.2010

    02.04.2011

    02.10.2011

    02.04.2012

    02.10.2012

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

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

    28.02.2013

    Compass Group PLC


    Holdings By:

    All

    Holder Name
    BLACKROCK
    MASSACHUSETTS FINANC
    LEGAL & GENERAL
    ARTISAN PARTNERS HOL
    M&G INVESTMENT MANAG
    SCOTTISH WIDOWS
    NORGES BANK INVESTME
    ARTISAN PARTNERS HOL
    INVESCO LTD
    VANGUARD GROUP INC
    STANDARD LIFE INVEST
    FMR LLC
    THREADNEEDLE ASSET M
    MONDRIAN INVESTMENT
    AVIVA INVESTORS
    UBS
    MARATHON ASSET MANAG
    LONGVIEW PARTNERS (G
    HSBC INVESTMENTS UK
    INVESCO LTD

    Firm Name

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

    Analyst

    AlphaValue
    BERENICE LACROIX
    Goldman Sachs
    NICK EDELMAN
    Baden Hill LLP
    CRAIG FRASER
    Day by Day
    VALERIE GASTALDY
    Credit Suisse
    TIM RAMSKILL
    Natixis
    GEOFFREY D'HALLUIN
    RBC Capital Markets
    ANDREW BROOKE
    JPMorgan
    MIKE J GIBBS
    Bryan Garnier & Cie
    BRUNO DE LA ROCHEBROCHARD
    Nomura
    TIM BARRETT
    Numis Securities Ltd
    WYN ELLIS
    Oriel Securities Ltd
    JEFFREY HARWOOD
    Panmure Gordon & Co Limited
    SIMON FRENCH
    Exane BNP Paribas
    MATTHIAS DESMARAIS
    Barclays
    VICTORIA LEE
    HSBC
    LENA THAKKAR
    EVA Dimensions
    CRAIG STERLING
    Raymond James
    JULIEN RICHER
    Morgan Stanley
    JAMIE ROLLO
    Espirito Santo Investment Bank Research
    DAVID BROCKTON
    Jefferies
    JAMES WHEATCROFT
    CA Cheuvreux
    THOMAS MESMIN
    Oddo & Cie
    GUILLAUME RASCOUSSIER
    Investec
    JAMES HOLLINS
    Shore Capital Stockbrokers
    KARL BURNS
    Deutsche Bank
    RICHARD CARTER
    Kepler Capital Markets
    CATHERINE ROLLAND
    Canaccord Genuity Corp
    JULIAN CATER

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

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

    Amt Held
    181'766'878
    115'232'820
    88'004'697
    70'315'379
    50'472'967
    44'566'371
    43'264'770
    37'320'195
    34'856'578
    33'836'239
    31'421'771
    30'288'641
    29'130'450
    29'119'406
    26'293'485
    25'040'131
    25'022'872
    23'356'375
    23'254'860
    21'866'308

    % Out
    9.93
    6.3
    4.81
    3.84
    2.76
    2.44
    2.36
    2.04
    1.9
    1.85
    1.72
    1.66
    1.59
    1.59
    1.44
    1.37
    1.37
    1.28
    1.27
    1.19

    Weighting

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

    M
    M
    R
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    D
    U
    M
    M
    M
    M
    M
    D
    M

    Latest Chg
    (878'115)
    7'844'704
    2'225'618
    1'786'354
    (365'885)
    1'077'028
    704'261
    1'983'711
    (963'504)
    531'029
    (1'471'820)
    (1'591'608)
    5'795'071
    (3'266'913)
    (2'083'666)
    185'802
    (462'367)
    (5'654'098)
    1'359'774
    125'456

    Target Price
    812
    915
    #N/A N/A
    #N/A N/A
    912
    775
    575
    780
    730
    832
    850
    800
    820
    850
    815
    700
    #N/A N/A
    #N/A N/A
    730
    750
    710
    765
    720
    800
    #N/A N/A
    760
    700
    665

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

    File Dt
    Inst Type
    26.02.2013
    Investment Advisor
    01.11.2012
    Investment Advisor
    31.01.2013
    Unclassified
    01.11.2012
    Investment Advisor
    01.11.2012
    Investment Advisor
    30.11.2012
    Unclassified
    01.11.2012
    Government
    31.12.2012
    Investment Advisor
    01.11.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    01.11.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    01.11.2012
    Investment Advisor
    01.11.2012 Hedge Fund Manager
    01.11.2012
    Investment Advisor
    28.12.2012
    Unclassified
    01.11.2012
    Investment Advisor
    01.11.2012
    Unclassified
    01.11.2012
    Investment Advisor
    27.02.2013
    Investment Advisor

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

    Date
    28.02.2013
    27.02.2013
    21.02.2013
    20.02.2013
    15.02.2013
    08.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    31.01.2013
    29.01.2013
    28.01.2013
    07.01.2013
    03.01.2013
    28.11.2012
    22.11.2012
    22.11.2012
    21.11.2012
    16.11.2012
    15.11.2012
    28.09.2012
    26.07.2012

    28.02.2013

    Continental AG
    Continental AG manufactures tires, automotive parts and industrial products.
    The Company produces passenger car, truck, commercial vehicle, and bicycle
    tires, braking systems, shock absorbers, hoses, drive belts, conveyor belting,
    transmission products, and sealing systems. Continental markets its products
    under such brands as Continental, Uniroyal, Gislaved, Viking, and Barum.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (27.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    CON GY EQUITY YTD Change
    CON GY EQUITY YTD % CHANGE

    12/2011
    09/yy
    91.41
    60.48
    95'386.00
    90.02
    -1.54%
    48.84%
    93.34%
    200.0
    18'004.54
    8'570.40
    0.0
    397.2
    1'804.70
    25'310.34

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

    31.12.2008
    31.12.2009
    24'238.7
    20'095.7
    0.68x
    0.77x
    3'042.6
    2'246.6
    5.41x
    6.89x
    (1'123.5)
    (1'649.2)
    Profitability

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    31.12.2011
    30'504.9
    0.55x
    4'277.0
    3.92x
    1'242.2
    7.74x
    4'277.00
    2'645.90
    8.67%
    6.10%
    6.70%
    23.82%
    12.92%
    1.21%
    21.0%
    14.7%
    9.5%
    4.1%
    1.06
    0.69
    32.91%
    119.93%
    5.56
    7.90

    Price/ Cash Flow

    5.0 M
    4.5 M
    4.0 M
    3.5 M
    3.0 M
    2.5 M
    2.0 M
    1.5 M
    1.0 M
    .5 M
    .0 M
    f-13

    Market Data

    LTM-4Q
    31.12.2010
    26'046.9
    0.75x
    3'709.8
    5.25x
    576.0
    20.53x

    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

    LTM

    09/yy
    29'495.3
    2.70x
    4'003.5
    4.40x
    1'106.7
    7.83x

    09/yy
    32'552.8
    2.50x
    4'799.7
    4.71x
    1'800.9
    8.49x

    FY+1

    1.24
    94.39
    34.44%
    2.77%
    1.241
    33
    4.121
    567'650
    508'742
    542'232
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    32'792.1
    34'236.6
    8'160.0
    0.75x
    0.70x
    3.01x
    4'800.5
    5'109.8
    1'088.0
    5.26x
    4.95x
    2'027.6
    2'104.1
    469.5
    8.91x
    8.60x
    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

    16.05.2012
    BBPOS
    27.01.2009
    B
    5.59
    3.34
    1.45
    1.83
    119.9%
    53.2%
    1.21
    4.92
    65.80
    46.30
    57.50
    44.34

    Sales/Revenue/Turnover

    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
    02.01.2009

    a-12 m-12

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

    Fiscal Year Ended


    31.12.2007
    16'619.4
    1.53x
    2'541.8
    10.01x
    1'020.6
    13.08x

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

    0.0
    02.07.2009

    02.01.2010

    02.07.2010

    02.01.2011

    02.07.2011

    02.01.2012

    02.07.2012

    02.01.2013

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

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

    28.02.2013

    Continental AG
    Holdings By:

    All

    Holder Name
    SCHAEFFLER GROUP
    BLACKROCK
    GOVT OF SINGAPORE IN
    ONTARIO TEACHERS PEN
    DEUTSCHE BANK AG
    VANGUARD GROUP INC
    ALLIANZ ASSET MANAGE
    UNION INVESTMENT GMB
    FRANKLIN RESOURCES
    ADIG INVESTMENT
    UMB BANK N A
    DEKA INVESTMENT GMBH
    HENDERSON GLOBAL INV
    BNP PARIBAS INV PART
    FMR LLC
    TIAA CREF INVESTMENT
    ROYAL BANK OF CANADA
    GENERALI ASSET MANAG
    MACKAY SHIELDS LLC
    SWEDBANK ROBUR FONDE

    Firm Name
    AlphaValue
    Exane BNP Paribas
    Day by Day
    HSBC
    Bankhaus Lampe
    Societe Generale
    JPMorgan
    Commerzbank Corporates & Markets
    Kepler Capital Markets
    Natixis
    DZ Bank AG
    EVA Dimensions
    Nord/LB
    Landesbank Baden-Wuerttemberg
    Independent Research GmbH
    Equinet Institutional Services(ESN)
    National Bank AG
    Oddo & Cie
    M.M. Warburg Investment Research
    Morgan Stanley
    CA Cheuvreux
    Goldman Sachs
    Bankhaus Metzler
    Main First Bank AG
    Macquarie
    Hamburger Sparkasse
    Silvia Quandt Research
    Barclays
    Credit Suisse
    Deutsche Bank

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

    Analyst
    HANS-PETER WODNIOK
    RABIH FREIHA
    VALERIE GASTALDY
    HORST SCHNEIDER
    CHRISTIAN LUDWIG
    PHILIPPE BARRIER
    JOSE ASUMENDI
    DANIEL SCHWARZ
    MICHAEL RAAB
    MICHAEL FOUNDOUKIDIS
    MICHAEL PUNZET
    CRAIG STERLING
    FRANK SCHWOPE
    FRANK BILLER
    ZAFER RUZGAR
    TIM SCHULDT
    MANFRED JAISFELD
    FRANCOIS MAURY
    MARC-RENE TONN
    EDOARDO SPINA
    THOMAS BESSON
    STEPHAN PUETTER
    JUERGEN PIEPER
    LOTHAR LUBINETZKI
    JENS SCHATTNER
    TINA HECKING-VELTMAN
    ALBRECHT DENNINGHOFF
    KRISTINA CHURCH
    ERICH HAUSER
    GAETAN TOULEMONDE

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

    Recommendation
    sell
    outperform
    hold
    overweight
    buy
    hold
    overweight
    buy
    buy
    reduce
    buy
    overweight
    hold
    buy
    buy
    hold
    hold
    neutral
    buy
    Overwt/In-Line
    outperform
    neutral/attractive
    buy
    outperform
    outperform
    hold
    neutral
    overweight
    outperform
    buy

    Amt Held
    99'802'992
    17'610'298
    5'808'371
    4'600'000
    2'614'228
    1'945'462
    1'584'929
    1'491'784
    947'777
    941'175
    870'411
    777'660
    648'920
    624'548
    616'787
    542'142
    449'403
    436'560
    402'275
    382'218

    % Out
    49.9
    8.8
    2.9
    2.3
    1.31
    0.97
    0.79
    0.75
    0.47
    0.47
    0.44
    0.39
    0.32
    0.31
    0.31
    0.27
    0.22
    0.22
    0.2
    0.19

    Weighting

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

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

    Latest Chg
    574'937
    (25'449)
    312'212
    73'110
    (123'990)
    (517'195)
    (17'315)
    38'685
    61'716
    (173'994)
    16'491
    541'868
    56'200
    140'400
    (970)
    42'233
    (71'460)

    Target Price
    74
    105
    #N/A N/A
    102
    110
    91
    105
    98
    94
    76
    85
    #N/A N/A
    85
    106
    100
    85
    80
    75
    106
    96
    100
    105
    115
    104
    88
    #N/A N/A
    82
    94
    90
    100

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

    File Dt
    Inst Type
    25.09.2012
    Other
    26.02.2013
    Investment Advisor
    16.03.2012
    Government
    31.12.2011 Pension Fund (ERISA)
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.10.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.09.2012
    Bank
    31.01.2013 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor

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

    Date
    28.02.2013
    21.02.2013
    20.02.2013
    18.02.2013
    15.02.2013
    05.02.2013
    05.02.2013
    04.02.2013
    28.01.2013
    25.01.2013
    21.01.2013
    17.01.2013
    15.01.2013
    15.01.2013
    15.01.2013
    15.01.2013
    14.01.2013
    14.01.2013
    14.01.2013
    11.01.2013
    11.01.2013
    10.01.2013
    21.12.2012
    21.12.2012
    13.11.2012
    13.11.2012
    01.11.2012
    01.11.2012
    04.09.2012
    03.08.2012

    28.02.2013

    Credit Agricole SA
    Credit Agricole S.A. is the lead bank of the Credit Agricole Group. The Company
    acts as the central bank of the Group, coordinates its sales and marketing
    strategy and ensures the liquidity & solvency of each of the Caisses Regionales.
    Credit Agricole S.A., through its subsidiaries, designs and manages specialized
    financial products that are distributed primarily by the Caisses Regionales.

    Price/Volume
    9

    60.0 M

    50.0 M

    7
    6

    40.0 M

    12/2012
    12/yy
    8.00
    2.84
    3'498'805.00
    7.099
    -11.18%
    149.88%
    82.54%
    2'498.0
    17'733.45
    914'619.00
    2'104.0
    5'505.0
    428'281.00
    -

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

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

    1.20
    1.00

    20.0 M

    10.0 M

    1
    0
    f-12

    m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    .0 M
    f-13

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

    Fiscal Year Ended


    31.12.2008
    55'888.0
    1'024.0
    15.56x

    30.0 M

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (01.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    ACA FP EQUITY YTD Change
    ACA FP EQUITY YTD % CHANGE

    31.12.2009
    31.12.2010
    44'042.0
    43'303.0
    1'125.0
    1'263.0
    24.77x
    17.60x
    Profitability

    LTM-4Q
    31.12.2011
    46'292.0
    (1'470.0)
    -

    31.12.2012
    39'785.0
    (6'471.0)
    2.71%
    -9.83%
    -0.36%
    -16.69%
    -0.69%
    -29.4%
    49.64%
    2431.01%
    -

    12/yy
    0.0
    #DIV/0!
    0.0
    0.00x
    (1'470.0)
    0.00x

    LTM
    12/yy
    3'437.0
    0.00x
    0.0
    0.00x
    (6'471.0)
    0.00x

    FY+1

    1.61
    1'085.72
    47.68%
    16.68%
    1.607
    30
    3.000
    17'212'960
    13'026'280
    10'915'270
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    17'714.3
    18'161.5
    -0.98x
    -0.95x
    2'730.5
    3'339.7
    781.0
    6.96x
    5.61x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    23.01.2012
    A
    NEG
    20.05.2011
    A-1
    2431.0%
    95.3%
    -

    Sales/Revenue/Turnover

    70'000.0
    60'000.0
    50'000.0

    0.80

    40'000.0
    0.60

    30'000.0

    0.40

    20'000.0
    10'000.0

    0.20

    0.0
    0.00

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

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

    28.02.2013

    Credit Agricole SA
    Holdings By:

    All

    Holder Name
    SAS RUE DE LA BOETIE
    VANGUARD GROUP INC
    NATIXIS ASSET MANAGE
    INTEGRATED CORE STRA
    TEMPLETON INVESTMENT
    BLACKROCK
    AVIVA PLC
    CREDIT AGRICOLE SA
    DNCA FINANCE
    FMR LLC
    LBPAM
    AMUNDI
    FRANKLIN RESOURCES
    PRUDENTIAL FINANCIAL
    DIMENSIONAL FUND ADV
    ETOILE GESTION
    HSBC ASSET MGMT EURO
    STATE STREET BANQUE
    AMUNDI
    CREDIT SUISSE ASSET

    Firm Name
    AlphaValue
    Oddo & Cie
    Day by Day
    Deutsche Bank
    Macquarie
    Societe Generale
    RBC Capital Markets
    Credit Suisse
    JPMorgan
    Natixis
    Nomura
    Exane BNP Paribas
    Keefe, Bruyette & Woods
    CM - CIC Securities(ESN)
    S&P Capital IQ
    Main First Bank AG
    Morgan Stanley
    Landesbank Baden-Wuerttemberg
    Mediobanca SpA
    Berenberg Bank
    HSBC
    Goldman Sachs
    EVA Dimensions
    Kepler Capital Markets
    CA Cheuvreux
    Barclays
    Grupo Santander
    Redburn Partners
    Hammer Partners SA
    DZ Bank AG
    Nord/LB

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

    Analyst
    CHRISTOPHE NIJDAM
    JEAN SASSUS
    VALERIE GASTALDY
    FLORA BENHAKOUN
    BENJIE CREELAN-SANDFORD
    SEBASTIEN LEMAIRE
    ANKE REINGEN
    MAXENCE LE GOUVELLO
    DELPHINE LEE
    ALEX KOAGNE
    JON PEACE
    GUILLAUME TIBERGHIEN
    JEAN-PIERRE LAMBERT
    PIERRE CHEDEVILLE
    WILLIAM HOWLETT
    FEDERICO SALERNO
    THIBAULT NARDIN
    INGO FROMMEN
    ANTONIO GUGLIELMI
    JAMES CHAPPELL
    ROBIN DOWN
    JEAN-FRANCOIS NEUEZ
    AUSTIN BURKETT
    BENOIT PETRARQUE
    CYRIL MEILLAND
    KIRI VIJAYARAJAH
    AURELIA FAURE
    GEORGE KARAMANOS
    ENRICO RACIOPPI
    SABINE BOHN
    MICHAEL SEUFERT

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

    Recommendation
    reduce
    neutral
    hold
    hold
    underperform
    hold
    sector perform
    outperform
    neutral
    buy
    neutral
    outperform
    market perform
    buy
    hold
    outperform
    Overwt/In-Line
    sell
    underperform
    sell
    overweight
    Sell/Neutral
    buy
    reduce
    not rated
    underweight
    buy
    sell
    sell
    sell
    buy

    Amt Held
    % Out
    1'405'263'364 56.26
    17'852'131
    0.71
    13'951'136
    0.56
    (12'864'806) -0.52
    10'390'263
    0.42
    9'962'179
    0.4
    6'995'000
    0.28
    6'969'381
    0.28
    6'700'000
    0.27
    5'574'538
    0.22
    5'150'248
    0.21
    3'796'145
    0.15
    3'409'969
    0.14
    2'228'891
    0.09
    1'931'830
    0.08
    1'806'647
    0.07
    1'751'187
    0.07
    1'597'338
    0.06
    1'484'707
    0.06
    1'374'309
    0.06

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

    Change
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    418'476
    3'126'655
    (82'290)
    19'658
    40'000
    (2'241'003)
    1'930'004
    1'204'832
    (1'260)
    (37'707)
    593'699
    46'151
    605'126
    (30'708)

    Target Price
    7
    6
    #N/A N/A
    8
    7
    8
    9
    10
    8
    10
    9
    10
    9
    10
    8
    8
    7
    6
    7
    3
    9
    7
    #N/A N/A
    6
    #N/A N/A
    6
    8
    #N/A N/A
    4
    4
    #N/A N/A

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

    File Dt
    31.12.2011
    31.12.2012
    31.12.2012
    26.04.2012
    30.11.2012
    26.02.2013
    31.08.2012
    31.12.2011
    28.09.2012
    31.12.2012
    31.12.2012
    30.11.2012
    31.12.2012
    31.01.2013
    31.07.2012
    31.10.2012
    31.12.2012
    31.01.2013
    28.09.2012
    28.12.2012

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

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

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    18.02.2013
    08.02.2013
    06.02.2013
    01.02.2013
    30.01.2013
    28.01.2013
    17.01.2013
    14.01.2013
    19.12.2012
    23.11.2012
    06.11.2012
    24.09.2012
    19.06.2012
    16.12.2011
    21.10.2011

    28.02.2013

    Credit Suisse Group AG


    Credit Suisse Group AG is an international financial services group. The Group
    provides investment banking, private banking, and asset management services to
    customers located around the world.

    Price/Volume
    30

    35.0 M

    25

    30.0 M
    25.0 M

    20

    Latest Fiscal Year:


    LTM as of:
    52-Week High (07.02.2013)
    52-Week Low (03.08.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    CSGN VX EQUITY YTD Change
    CSGN VX EQUITY YTD % CHANGE

    12/2012
    12/yy
    27.85
    15.97
    1'560'050.00
    25.25
    -9.26%
    58.11%
    78.11%
    1'320.8
    33'350.96
    330'510.00
    0.0
    6'786.0
    63'708.00
    -

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

    15.0 M

    10

    10.0 M

    5.0 M

    0
    f-12 m-12

    31.12.2009
    31.12.2010
    51'547.0
    50'345.0
    6'724.0
    5'098.0
    9.96x
    9.59x
    Profitability

    LTM-4Q
    31.12.2011
    42'693.0
    1'953.0
    16.11x

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

    31.12.2012
    38'313.0
    1'483.0
    24.46x
    7.71%
    10.31%
    0.15%
    4.28%
    0.44%
    0.04%
    6.3%
    35.76%
    927.57%
    -

    Price/ Cash Flow

    j-12

    LTM

    12/yy
    42'715.0
    0.00x
    0.0
    0.00x
    1'953.0
    16.85x

    j-12

    12/yy
    38'313.0
    0.00x
    0.0
    0.00x
    1'483.0
    26.50x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    1.52
    1'140.95
    7.90%
    13.43%
    1.522
    42
    3.595
    6'736'758
    6'061'925
    5'643'509
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    26'558.3
    27'461.6
    6'813.0
    6'456.0
    34.95x
    33.80x
    4'268.7
    5'076.3
    1'335.0
    1'009.0
    9.37x
    8.10x
    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

    19.12.2008
    A
    NEG
    27.07.2012
    NR
    927.6%
    88.6%
    0.04
    5.98
    -

    Sales/Revenue/Turnover

    8.00

    100'000.0

    7.00

    90'000.0
    80'000.0

    6.00

    70'000.0

    5.00

    60'000.0

    4.00

    50'000.0
    40'000.0

    3.00

    30'000.0

    2.00

    20'000.0

    1.00

    10'000.0

    0.00
    01.01.2010

    a-12 m-12

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

    Fiscal Year Ended


    31.12.2008
    48'697.0
    (8'218.0)
    -

    20.0 M

    15

    Valuation Analysis

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Credit Suisse Group AG


    Holdings By:

    All

    Holder Name
    CRESCENT HOLDING GMB
    QATAR INVESTMENT AUT
    DODGE & COX
    FRANKLIN RESOURCES
    CREDIT SUISSE
    CAPITAL GROUP COMPAN
    BLACKROCK
    KOOR INDUSTRIES LTD
    HARRIS ASSOCIATES LP
    MORGAN STANLEY
    AXA
    VANGUARD GROUP INC
    NORGES BANK
    CREDIT SUISSE ASSET
    T ROWE PRICE ASSOCIA
    UBS FUND MANAGEMENT
    PICTET & CIE
    ONTARIO TEACHERS PEN
    SWISSCANTO FONDSLEIT
    TEMPLETON INVESTMENT

    Firm Name

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

    Analyst

    Keefe, Bruyette & Woods


    ANDREW STIMPSON
    Oddo & Cie
    JEAN SASSUS
    Bankhaus Metzler
    GUIDO HOYMANN
    AlphaValue
    DIETER HEIN
    DZ Bank AG
    CHRISTOPH BAST
    Redburn Partners
    NICHOLAS WATTS
    Exane BNP Paribas
    DANIEL DAVIES
    Mediobanca SpA
    CHRISTOPHER J WHEELER
    Helvea
    TIM DAWSON
    Barclays
    JEREMY SIGEE
    Zuercher Kantonalbank
    ANDREAS VENDITTI
    Main First Bank AG
    KILIAN MAIER
    RBC Capital Markets
    FIONA SWAFFIELD
    Natixis
    ANTOINE BURGARD
    Nomura
    JON PEACE
    S&P Capital IQ
    FRANK BRADEN
    Commerzbank Corporates & Markets MICHAEL DUNST
    Deutsche Bank
    MATT SPICK
    Morgan Stanley
    HUW VAN STEENIS
    Independent Research GmbH
    STEFAN BONGARDT
    Berenberg Bank
    JAMES CHAPPELL
    Kepler Capital Markets
    DIRK BECKER
    Ahorro Corporacion Financiera SA
    VIRGINIA PEREZ REPES
    Canaccord Genuity Corp
    ARUN MELMANE
    Espirito Santo Investment Bank Research
    ANDREW LIM
    Macquarie
    PIERS BROWN
    Day by Day
    VALERIE GASTALDY
    Goldman Sachs
    JERNEJ OMAHEN
    Societe Generale
    DIRK HOFFMANN-BECKING
    JPMorgan
    KIAN ABOUHOSSEIN
    Liberum Capital Ltd
    CORMAC LEECH
    Landesbank Baden-Wuerttemberg
    INGO FROMMEN
    EVA Dimensions
    AUSTIN BURKETT
    Bank Vontobel AG
    TERESA NIELSEN
    CA Cheuvreux
    CHRISTIAN STARK
    HSBC
    ROBERT MURPHY
    Nord/LB
    MICHAEL SEUFERT
    Grupo Santander
    AURELIA FAURE
    Hammer Partners SA
    ENRICO RACIOPPI

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

    Recommendation
    outperform
    neutral
    sell
    reduce
    sell
    neutral
    outperform
    outperform
    neutral
    equalweight
    market perform
    outperform
    outperform
    neutral
    buy
    hold
    hold
    hold
    Overwt/In-Line
    buy
    sell
    buy
    hold
    hold
    neutral
    outperform
    buy
    neutral/neutral
    buy
    overweight
    hold
    hold
    buy
    hold
    select list
    neutral
    hold
    hold
    sell

    Amt Held
    78'402'457
    73'169'083
    63'536'480
    62'002'635
    40'271'647
    39'396'381
    38'592'165
    37'006'666
    36'900'422
    32'818'874
    32'002'938
    28'272'417
    27'965'044
    18'828'838
    10'904'019
    10'465'976
    6'138'768
    4'500'000
    4'350'217
    4'030'117

    % Out
    5.94
    5.54
    4.81
    4.69
    3.05
    2.98
    2.92
    2.8
    2.79
    2.48
    2.42
    2.14
    2.12
    1.43
    0.83
    0.79
    0.46
    0.34
    0.33
    0.31

    Weighting

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

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

    Latest Chg
    119'125
    (1'140'250)
    21'754'278
    34'154'430
    5'348'082
    3'774'670
    12'068'962
    (26'636'525)
    2'714'754
    1'395'872
    (8'304)
    1'197'683
    (117'031)
    (83'054)
    (27'793)
    646'850

    Target Price
    34
    28
    25
    28
    24
    #N/A N/A
    32
    31
    27
    27
    #N/A N/A
    30
    30
    24
    32
    28
    27
    29
    30
    32
    13
    30
    23
    29
    25
    30
    31
    30
    33
    34
    25
    27
    #N/A N/A
    23
    26
    24
    #N/A N/A
    20
    21

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

    File Dt
    18.07.2012
    21.04.2011
    12.12.2012
    31.12.2012
    21.02.2013
    17.01.2013
    26.02.2013
    31.12.2010
    10.05.2012
    28.06.2010
    25.08.2009
    31.12.2012
    31.07.2012
    28.12.2012
    31.12.2012
    30.11.2012
    30.11.2012
    31.12.2011
    28.12.2012
    30.11.2012

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

    Inst Type
    Investment Advisor
    Government
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Holding Company
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Government
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Pension Fund (ERISA)
    Mutual Fund Manager
    Investment Advisor

    Date
    27.02.2013
    27.02.2013
    22.02.2013
    22.02.2013
    19.02.2013
    15.02.2013
    15.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    11.02.2013
    11.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    04.02.2013
    30.01.2013
    29.01.2013
    29.01.2013
    28.01.2013
    25.01.2013
    23.01.2013
    23.01.2013
    22.01.2013
    17.01.2013
    20.11.2012
    09.11.2012
    07.11.2012
    23.10.2012
    18.09.2012
    03.07.2012

    28.02.2013

    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
    18
    16
    14
    12
    10
    8

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (16.03.2012)
    52-Week Low (05.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 19.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    CRH ID EQUITY YTD Change
    CRH ID EQUITY YTD % CHANGE

    12/2012
    01/yy
    16.93
    12.81
    292'141.00
    16.59
    -2.11%
    29.51%
    93.16%
    726.5
    12'051.99
    4'915.00
    1.0
    36.0
    1'799.00
    15'204.99

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

    4
    2
    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

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

    Fiscal Year Ended


    31.12.2008
    20'887.0
    0.78x
    2'656.0
    6.11x
    1'248.0
    7.66x

    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

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

    31.12.2012
    18'659.0
    0.76x
    1'640.0
    8.70x
    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
    1.15
    23.22%
    46.65%
    7.88
    5.79

    Price/ Cash Flow

    5.0 M
    4.5 M
    4.0 M
    3.5 M
    3.0 M
    2.5 M
    2.0 M
    1.5 M
    1.0 M
    .5 M
    .0 M
    f-13

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    3.77
    1.43
    682.70
    7.83%
    8.43%
    1.426
    32
    2.594
    1'860'815
    1'424'135
    1'279'321
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/12 Q1 06/12 Q2
    19'130.2
    20'215.4
    0.79x
    0.74x
    1'727.0
    1'977.6
    8.80x
    7.68x
    605.5
    795.7
    19.45x
    15.16x
    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

    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
    46.46
    63.19
    59.16
    50.49

    Sales/Revenue/Turnover

    12.00

    25'000.0

    10.00

    20'000.0

    8.00

    15'000.0

    6.00

    10'000.0
    4.00

    5'000.0

    2.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    CRH PLC
    Holdings By:

    All

    Holder Name
    BLACKROCK
    FRANKLIN RESOURCES
    CAPITAL GROUP COMPAN
    UBS
    LEGAL & GENERAL
    HARBOR CAPITAL ADVIS
    NORGES BANK
    GRWTH FUND OF AMERIC
    VANGUARD GROUP INC
    FIRST EAGLE INVESTME
    BNP PARIBAS INV PART
    MANNING & NAPIER ADV
    SCOTTISH WIDOWS
    TEMPLETON INVESTMENT
    INVESCO LTD
    MORGAN STANLEY
    MACKAY SHIELDS LLC
    ARTISAN PARTNERS HOL
    LEGAL & GENERAL
    INVESTEC ASSET MANAG

    Firm Name
    Natixis
    AlphaValue
    Societe Generale
    Independent Research GmbH
    Goodbody Stockbrokers Ltd
    Jefferies
    Bryan Garnier & Cie
    S&P Capital IQ
    Exane BNP Paribas
    Numis Securities Ltd
    Merrion Stockbrokers
    Landesbank Baden-Wuerttemberg
    Sanford C. Bernstein & Co
    Goldman Sachs
    Oddo & Cie
    Kepler Capital Markets
    Deutsche Bank
    HSBC
    EVA Dimensions
    Raymond James
    Credit Suisse
    Day by Day
    Morgan Stanley
    JPMorgan
    Berenberg Bank
    Liberum Capital Ltd
    Redburn Partners
    Davy
    Nord/LB
    BB&T Capital Markets

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

    Analyst
    ABDELKADER BENCHIHA
    GAETAN DUPONT
    MURIEL FELLOUS
    CHRISTOPH SCHOENDUBE
    ROBERT EASON
    MICHAEL F BETTS
    SVEN EDELFELT
    JAWAHAR HINGORANI
    PAUL ROGER
    HOWARD SEYMOUR
    DAVID HOLOHAN
    HANS-PETER KUHLMANN
    PHIL ROSEBERG
    WILL MORGAN
    VIRGINIE ROUSSEAU
    JOSEP PUJAL
    LUIS PRIETO
    JOHN FRASER-ANDREWS
    CRAIG STERLING
    ARNAUD PALLIEZ
    HARRY GOAD
    VALERIE GASTALDY
    YURI SEROV
    MICHAEL MORRIS
    ROBERT MUIR
    CHARLIE CAMPBELL
    WILLIAM JONES
    BARRY DIXON
    HEINO HAMMANN
    JOHN F KASPRZAK JR

    Source
    ULT-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    RNS-MAJ
    20F
    20F
    RNS-MAJ
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG

    Recommendation
    neutral
    add
    hold
    hold
    sell
    buy
    neutral
    hold
    neutral
    reduce
    sell
    hold
    market perform
    neutral/neutral
    reduce
    hold
    buy
    underweight
    underweight
    market perform
    underperform
    hold
    Underwt/In-Line
    neutral
    sell
    hold
    neutral
    outperform
    hold
    hold

    Amt Held
    28'961'677
    28'914'042
    27'093'488
    26'862'558
    22'496'003
    21'999'275
    21'543'277
    21'114'087
    13'600'947
    11'276'498
    7'873'476
    7'703'980
    5'345'457
    4'922'840
    3'204'946
    2'811'878
    2'762'000
    2'746'054
    2'583'993
    2'523'636

    % Out
    3.99
    3.98
    3.73
    3.7
    3.1
    3.03
    2.97
    2.91
    1.87
    1.55
    1.08
    1.06
    0.74
    0.68
    0.44
    0.39
    0.38
    0.38
    0.36
    0.35

    Weighting

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

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

    Latest Chg
    (9'325'971)
    (7'581'034)
    5'009
    318'307
    1'580'407
    1'110'441
    3'376'460
    2'283'455
    (13'040)
    1'180
    92'614
    342'000
    850'506
    89'230
    -

    Target Price
    17
    19
    16
    18
    15
    20
    15
    17
    18
    11
    14
    16
    16
    17
    15
    16
    18
    15
    #N/A N/A
    #N/A N/A
    12
    #N/A N/A
    16
    14
    12
    14
    #N/A N/A
    #N/A N/A
    #N/A N/A
    #N/A N/A

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

    File Dt
    Inst Type
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    21.01.2013
    Investment Advisor
    28.12.2012
    Unclassified
    04.01.2012
    Investment Advisor
    23.03.2012
    Investment Advisor
    23.03.2012
    Government
    15.02.2011
    n/a
    31.12.2012
    Investment Advisor
    30.09.2012 Hedge Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012
    Unclassified
    30.11.2012
    Investment Advisor
    27.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Unclassified
    31.12.2012
    Investment Advisor

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

    Date
    28.02.2013
    28.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    22.02.2013
    20.02.2013
    19.02.2013
    12.02.2013
    05.02.2013
    04.02.2013
    30.01.2013
    29.01.2013
    17.01.2013
    03.01.2013
    17.12.2012
    14.12.2012
    13.12.2012
    20.11.2012
    14.11.2012
    09.11.2012
    07.11.2012
    19.10.2012
    14.06.2012
    04.05.2011

    28.02.2013

    Daimler AG
    Daimler AG develops, manufactures, distributes, and sells a wide range of
    automotive products, mainly passenger cars, trucks, vans and buses. The Company
    also provides financial and other services relating to its automotive
    businesses.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (14.03.2012)
    52-Week Low (27.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 28.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    DAI GY EQUITY YTD Change
    DAI GY EQUITY YTD % CHANGE

    12/2012
    12/yy
    48.95
    32.86
    608'578.00
    45.495
    -7.07%
    38.47%
    77.91%
    1'067.6
    48'572.58
    71'860.00
    0.0
    1'713.0
    10'910.00
    120'317.58

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

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

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


    31.12.2008
    95'873.0
    0.87x
    11'685.0
    7.14x
    1'348.0
    15.61x

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

    31.12.2009
    31.12.2010
    78'924.0
    97'761.0
    1.15x
    1.10x
    3'032.0
    10'489.0
    29.84x
    10.26x
    (2'640.0)
    4'498.0
    11.85x
    Profitability

    LTM-4Q
    31.12.2011
    106'540.0
    0.93x
    12'216.0
    8.09x
    5'667.0
    6.38x

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

    31.12.2012
    114'297.0
    6'095.0
    7.24x
    12'216.00
    8'641.00
    8.11%
    7.93%
    3.65%
    14.09%
    5.96%
    0.74%
    24.0%
    11.0%
    7.5%
    5.3%
    1.07
    0.33
    48.51%
    181.35%
    13.70
    4.74

    Price/ Cash Flow

    LTM

    FY+1

    .0 M
    f-13

    1.21
    944.56
    5.37%
    10.10%
    1.210
    39
    3.564
    4'753'721
    4'223'369
    4'083'692
    FY+2

    FQ+1

    FQ+2

    12/yy
    12/yy
    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    106'540.0 114'297.0 116'827.6 123'652.3
    3.70x
    2.90x
    0.48x
    0.45x
    12'265.0
    9'551.0
    12'665.1
    14'379.3
    8.06x
    0.00x
    9.49x
    8.36x
    5'667.0
    6'095.0
    4'975.8
    5'972.2
    6.38x
    7.24x
    9.76x
    8.22x
    S&P Issuer Ratings
    Long-Term Rating Date
    23.02.2012
    Long-Term Rating
    ALong-Term Outlook
    STABLE
    Short-Term Rating Date
    26.02.2001
    Short-Term Rating
    A-2
    Credit Ratios
    EBITDA/Interest Exp.
    52.66
    (EBITDA-Capex)/Interest Exp.
    34.73
    Net Debt/EBITDA
    5.64
    Total Debt/EBITDA
    6.82
    Reference
    Total Debt/Equity
    181.4%
    Total Debt/Capital
    63.5%
    Asset Turnover
    0.74
    Net Fixed Asset Turnover
    2.67
    Accounts receivable turnover-days
    26.72
    Inventory Days
    77.15
    Accounts Payable Turnover Day
    41.35
    Cash Conversion Cycle
    59.49
    Sales/Revenue/Turnover

    70.00

    180'000.0

    60.00

    160'000.0
    140'000.0

    50.00

    120'000.0

    40.00

    100'000.0

    30.00

    80'000.0
    60'000.0

    20.00

    40'000.0

    10.00
    0.00
    01.01.2010

    20'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Daimler AG
    Holdings By:

    All

    Holder Name
    MORGAN STANLEY
    BLACKROCK
    KUWAIT INVESTMENT AU
    CAPITAL GROUP COMPAN
    AABAR INVESTMENTS PJ
    NORGES BANK
    VANGUARD GROUP INC
    NISSAN MOTOR CO LTD
    DB PLATINUM ADVISORS
    HARBOR CAPITAL ADVIS
    HARRIS ASSOCIATES LP
    DEKA INVESTMENT GMBH
    FIRST EAGLE INVESTME
    AMUNDI
    UNION INVESTMENT GMB
    DIMENSIONAL FUND ADV
    MERCURY ASSET MANAGE
    ONTARIO TEACHERS PEN
    GOLDMAN SACHS GROUP
    ALLIANZ ASSET MANAGE

    Firm Name
    Macquarie
    AlphaValue
    Morgan Stanley
    Credit Suisse
    Sanford C. Bernstein & Co
    Exane BNP Paribas
    Commerzbank Corporates & Markets
    Banco Sabadell
    Goldman Sachs
    Kepler Capital Markets
    Redburn Partners
    DZ Bank AG
    Barclays
    Societe Generale
    JPMorgan
    HSBC
    Landesbank Baden-Wuerttemberg
    Bankhaus Lampe
    Oddo & Cie
    M.M. Warburg Investment Research
    Bankhaus Metzler
    Equinet Institutional Services(ESN)
    S&P Capital IQ
    Nord/LB
    Independent Research GmbH
    Hamburger Sparkasse
    National Bank AG
    Natixis
    Ahorro Corporacion Financiera SA
    EVA Dimensions
    Day by Day
    Main First Bank AG
    Silvia Quandt Research
    Cyrrus
    Deutsche Bank
    CA Cheuvreux
    Steubing AG

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

    Analyst
    CHRISTIAN BREITSPRECHER
    HANS-PETER WODNIOK
    STUART PEARSON
    ERICH HAUSER
    MAX WARBURTON
    RABIH FREIHA
    DANIEL SCHWARZ
    GLEN SPENCER-CHAPMAN
    STEFAN BURGSTALLER
    MICHAEL RAAB
    CHARLES WINSTON
    MICHAEL PUNZET
    KRISTINA CHURCH
    STEPHEN REITMAN
    JOSE ASUMENDI
    HORST SCHNEIDER
    FRANK BILLER
    CHRISTIAN LUDWIG
    FRANCOIS MAURY
    MARC-RENE TONN
    JUERGEN PIEPER
    TIM SCHULDT
    JAWAHAR HINGORANI
    FRANK SCHWOPE
    ZAFER RUZGAR
    TINA HECKING-VELTMAN
    MANFRED JAISFELD
    GEORGES DIENG
    VIRGINIA PEREZ REPES
    CRAIG STERLING
    VALERIE GASTALDY
    LOTHAR LUBINETZKI
    ALBRECHT DENNINGHOFF
    JIRI SIMARA
    JOCHEN GEHRKE
    ALEXANDER NEUBERGER
    TEAM COVERAGE

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

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

    Amt Held
    112'329'268
    93'445'843
    73'577'854
    50'908'791
    33'056'717
    32'355'918
    20'484'066
    16'448'378
    12'048'083
    10'511'692
    10'428'300
    7'252'246
    6'339'832
    6'214'832
    3'548'162
    3'244'839
    3'233'619
    3'200'000
    2'719'961
    2'340'094

    % Out
    10.52
    8.75
    6.89
    4.77
    3.1
    3.03
    1.92
    1.54
    1.13
    0.98
    0.98
    0.68
    0.59
    0.58
    0.33
    0.3
    0.3
    0.3
    0.25
    0.22

    Weighting

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

    Latest Chg
    14'642
    (544'907)
    (2'451'600)
    361'219
    7'881'332
    3'324
    1'095'300
    (488'209)
    6'700
    623'562
    (1'704'912)
    (944'583)

    Target Price
    60
    41
    53
    35
    40
    46
    60
    48
    62
    41
    #N/A N/A
    44
    43
    46
    46
    52
    58
    39
    45
    46
    50
    47
    48
    51
    46
    #N/A N/A
    50
    38
    37
    #N/A N/A
    #N/A N/A
    43
    35
    37
    35
    48
    76

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

    File Dt
    31.12.2012
    26.02.2013
    06.02.2012
    31.12.2012
    06.02.2012
    17.09.2012
    31.12.2012
    31.03.2012
    31.01.2013
    31.12.2012
    31.12.2012
    28.12.2012
    30.09.2012
    30.11.2012
    28.09.2012
    31.07.2012
    26.02.2013
    31.12.2011
    05.10.2012
    31.12.2012

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

    Inst Type
    Investment Advisor
    Investment Advisor
    Government
    Investment Advisor
    Government
    Government
    Investment Advisor
    Corporation
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Hedge Fund Manager
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Pension Fund (ERISA)
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    27.02.2013
    26.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    15.02.2013
    13.02.2013
    12.02.2013
    12.02.2013
    11.02.2013
    11.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    06.02.2013
    31.01.2013
    17.01.2013
    29.11.2012
    26.11.2012
    16.11.2012
    29.10.2012
    28.10.2012
    26.10.2012
    10.01.2011

    28.02.2013

    Danone SA
    Danone is a food processing company. The Company produces dairy products,
    beverages, baby food and clinical/medical nutrition products.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (04.05.2012)
    52-Week Low (23.10.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 21.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    BN FP EQUITY YTD Change
    BN FP EQUITY YTD % CHANGE

    12/2012
    12/yy
    54.96
    45.61
    211'176.00
    52.59
    -4.40%
    15.32%
    78.51%
    634.4
    33'361.10
    9'031.00
    0.0
    98.0
    2'141.00
    40'431.10

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

    12.0 M

    50

    10.0 M

    40

    8.0 M

    30

    6.0 M

    20

    4.0 M

    10

    2.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


    31.12.2008
    15'220.0
    2.09x
    2'796.0
    11.35x
    1'313.0
    19.75x

    60

    31.12.2009
    31.12.2010
    14'982.0
    17'010.0
    2.20x
    2.11x
    2'844.0
    3'194.0
    11.61x
    11.23x
    1'361.0
    1'875.0
    17.77x
    15.42x
    Profitability

    LTM-4Q
    31.12.2011
    19'318.0
    1.89x
    3'486.0
    10.45x
    1'671.0
    17.53x

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

    31.12.2012
    20'869.0
    1'672.0
    17.93x
    3'486.00
    2'747.00
    13.16%
    12.84%
    5.89%
    14.55%
    9.57%
    0.70%
    50.6%
    17.6%
    14.2%
    8.0%
    0.88
    0.59
    31.77%
    74.64%
    8.98
    9.02

    Price/ Cash Flow

    LTM

    12/yy
    19'318.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    12/yy
    20'868.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    0.65
    535.17
    6.32%
    5.38%
    0.654
    43
    3.256
    1'911'571
    1'754'627
    1'563'158
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    22'069.7
    23'405.4
    5'388.0
    5'667.8
    1.80x
    1.66x
    3'774.0
    4'050.0
    10.73x
    10.00x
    1'836.4
    2'035.0
    16.64x
    15.06x
    3.63x
    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

    25.07.2007
    ASTABLE
    11.07.2007
    A-2
    14.46
    10.79
    1.99
    2.78
    74.6%
    42.5%
    0.70
    5.03
    40.74
    40.58
    107.35
    -21.32

    Sales/Revenue/Turnover

    14.00

    25'000.0

    12.00

    20'000.0

    10.00

    15'000.0

    8.00
    6.00

    10'000.0

    4.00

    5'000.0
    2.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Danone SA
    Holdings By:

    All

    Holder Name
    MASSACHUSETTS FINANC
    GROUPE DANONE
    AMUNDI SA
    EURAZEO
    SOFINA & HENEX GROUP
    CAISSE DES DEPOTS ET
    VANGUARD GROUP INC
    NATIXIS ASSET MANAGE
    HARBOR CAPITAL ADVIS
    CAPITAL GROUP COMPAN
    FCPE FONDS GROUPE DA
    FMR LLC
    BLACKROCK
    TRIAN FUND MANAGEMEN
    ALLIANZ ASSET MANAGE
    AMUNDI
    MANNING & NAPIER ADV
    MACKENZIE FINANCIAL
    AMUNDI
    AVIVA PLC

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

    Analyst

    AlphaValue
    SOPHIE CABO-BROSETA
    EVA Dimensions
    AUSTIN BURKETT
    Sanford C. Bernstein & Co
    ANDREW WOOD
    RBC Capital Markets
    JAMES EDWARDES JONES
    Berenberg Bank
    JAMES TARGETT
    Redburn Partners
    JEREMY FIALKO
    Morgan Stanley
    EILEEN KHOO
    S&P Capital IQ
    CARL SHORT
    Grupo Santander
    PEDRO GIL
    Societe Generale
    WARREN L ACKERMAN
    Goldman Sachs
    ALEXIS COLOMBO
    Hamburger Sparkasse
    TINA HECKING-VELTMAN
    CM - CIC Securities(ESN)
    FRANCIS PRETRE
    Oddo & Cie
    LAURENCE HOFMANN
    Nomura
    DAVID HAYES
    Exane BNP Paribas
    JEFF STENT
    Helvea
    ANDREAS VON ARX
    Barclays
    LIAM ROWLEY
    Deutsche Bank
    JAMES ISENWATER
    JPMorgan
    CELINE PANNUTI
    Jefferies
    ALEX HOWSON
    Independent Research GmbH
    LARS LUSEBRINK
    Canaccord Genuity Corp
    EDDY HARGREAVES
    Kepler Capital Markets
    JON COX
    Main First Bank AG
    ALAIN-SEBASTIAN OBERHUBER
    Banco Sabadell
    IGNACIO ROMERO
    Ahorro Corporacion Financiera SA
    VIRGINIA PEREZ REPES
    Liberum Capital Ltd
    PABLO ZUANIC
    CA Cheuvreux
    ERIC BOROIAN
    Credit Suisse
    ALEX MOLLOY
    Espirito Santo Investment Bank Research
    ALEX SMITH
    Equita SIM SpA
    FABIO FAZZARI
    Natixis
    PIERRE TEGNER
    Aurel - BGC
    JEAN-MARIE L'HOME
    HSBC
    CEDRIC BESNARD
    Mirabaud Securities
    JULIAN LAKIN
    DZ Bank AG
    ROBERT CZERWENSKY
    Day by Day
    VALERIE GASTALDY
    Nord/LB
    WOLFGANG VASTERLING
    Landesbank Baden-Wuerttemberg
    BARBARA AMBRUS
    Gabelli & Co
    JOSEPH A GABELLI

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

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

    Amt Held
    39'168'842
    35'825'460
    28'864'287
    16'433'370
    13'584'541
    11'688'114
    11'254'856
    11'161'518
    9'939'780
    9'120'390
    8'804'680
    8'060'999
    6'877'827
    6'431'620
    5'777'116
    4'650'485
    4'324'592
    3'963'386
    2'595'770
    2'209'019

    % Out
    6.17
    5.65
    4.55
    2.59
    2.14
    1.84
    1.77
    1.76
    1.57
    1.44
    1.39
    1.27
    1.08
    1.01
    0.91
    0.73
    0.68
    0.62
    0.41
    0.35

    Weighting

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

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

    Latest Chg
    (3'844'941)
    (418'650)
    (450'547)
    (112'541)
    681'500
    (1'998'562)
    (35'521)
    60'164
    (94'425)
    745'570
    (265'402)
    136'900
    -

    Target Price
    62
    #N/A N/A
    53
    47
    51
    #N/A N/A
    45
    58
    46
    53
    65
    #N/A N/A
    47
    54
    60
    54
    61
    51
    45
    56
    48
    55
    43
    59
    49
    56
    56
    #N/A N/A
    53
    44
    56
    55
    56
    50
    55
    49
    56
    53
    #N/A N/A
    51
    #N/A N/A

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

    File Dt
    08.08.2012
    31.12.2011
    15.05.2012
    31.12.2011
    31.12.2011
    31.12.2011
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2011
    31.12.2012
    26.02.2013
    07.11.2012
    31.12.2012
    30.11.2012
    31.12.2012
    30.11.2012
    28.09.2012
    31.01.2013

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

    Inst Type
    Investment Advisor
    Corporation
    Other
    Investment Advisor
    Other
    Government
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    n/a
    Investment Advisor
    Investment Advisor
    Hedge Fund Manager
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor

    Date
    28.02.2013
    26.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    19.02.2013
    19.02.2013
    19.02.2013
    19.02.2013
    19.02.2013
    19.02.2013
    19.02.2013
    15.02.2013
    25.01.2013
    25.01.2013
    21.01.2013
    17.01.2013
    08.01.2013
    20.12.2012
    14.12.2012
    13.12.2012
    06.11.2012
    22.10.2012
    22.10.2012
    08.10.2012
    10.09.2012
    27.07.2012
    01.11.2011

    28.02.2013

    Danske Bank A/S


    Danske Bank A/S is a Danish banking group that encompasses Danske Bank,
    Realkredit Danmark, and other subsidiaries. The Group provides financial
    services including banking, insurance, mortgage, asset management, brokerage,
    credit card, real estate, and leasing services. Danske Bank serves private
    customers, as well as the corporate and institutional sectors worldwide.

    Price/Volume
    120

    12.0 M
    10.0 M

    60

    Latest Fiscal Year:


    LTM as of:
    52-Week High (17.09.2012)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    DANSKE DC EQUITY YTD Change
    DANSKE DC EQUITY YTD % CHANGE

    12/2012
    12/yy
    113.40
    75.00
    430'845.00
    106.3
    -6.26%
    41.73%
    80.99%
    1'008.6
    107'216.31
    1'622'632.00
    0.0
    4.0
    210'924.00
    -

    8.0 M
    6.0 M

    40

    4.0 M
    20

    2.0 M

    0
    f-12 m-12

    31.12.2009
    31.12.2010
    128'040.0
    94'291.0
    1'727.0
    3'661.0
    47.20x
    26.98x
    Profitability

    LTM-4Q
    31.12.2011
    96'492.0
    1'712.0
    37.46x

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

    31.12.2012
    96'111.0
    4'745.0
    18.92x
    15.80%
    16.13%
    0.14%
    3.59%
    0.29%
    0.03%
    8.9%
    46.56%
    1173.86%
    -

    Price/ Cash Flow

    j-12

    LTM

    12/yy
    96'492.0
    0.00x
    0.0
    0.00x
    1'712.0
    34.55x

    j-12

    12/yy
    96'111.0
    0.00x
    0.0
    0.00x
    4'745.0
    18.92x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    1.09
    5.77%
    11.13%
    1.089
    30
    2.800
    1'931'750
    1'712'132
    1'658'713
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    46'709.9
    48'589.0
    11'517.5
    11'459.7
    5.17x
    5.10x
    10'109.2
    13'418.9
    2'451.0
    2'241.4
    10.92x
    8.04x
    10.79x
    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

    30.05.2012
    APOS
    30.05.2012
    A-2
    1173.9%
    92.1%
    0.03
    13.92
    -

    Sales/Revenue/Turnover

    1.80

    180'000.0

    1.60

    160'000.0

    1.40

    140'000.0

    1.20

    120'000.0

    1.00

    100'000.0

    0.80

    80'000.0

    0.60

    60'000.0

    0.40

    40'000.0

    0.20

    20'000.0

    0.00
    01.01.2010

    a-12 m-12

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

    Fiscal Year Ended


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

    14.0 M

    80

    Valuation Analysis

    31.12.2008
    158'143.0
    1'011.0
    34.67x

    16.0 M

    100

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Danske Bank A/S


    Holdings By:

    All

    Holder Name
    AP & CHASTINE MOLLER
    REALDANIA
    CEVIAN CAPITAL
    VANGUARD GROUP INC
    DIDNER & GERGE FONDE
    DANSKE INVEST A/S
    NORDEA INV MANAGEMEN
    BLACKROCK
    SWEDBANK ROBUR FONDE
    SPARINVEST
    HANDELSBANKEN FONDER
    SKAGEN AS
    NORDEA FONDER AB/SWE
    FMR LLC
    THRIVENT FINANCIAL F
    JP MORGAN
    DIMENSIONAL FUND ADV
    SEB
    PRINCIPAL FINANCIAL
    AMERIPRISE FINANCIAL

    Firm Name
    Macquarie
    AlphaValue
    Barclays
    EVA Dimensions
    Nomura
    ABG Sundal Collier
    Exane BNP Paribas
    Keefe, Bruyette & Woods
    JPMorgan
    Deutsche Bank
    Alm Brand Markets
    DNB Markets
    Carnegie
    Nordea Equity Research
    Handelsbanken
    Danske Markets
    RBC Capital Markets
    Credit Suisse
    Arctic Securities ASA
    Goldman Sachs
    Berenberg Bank
    NYKREDIT
    Societe Generale
    Jyske Bank
    Morgan Stanley
    Mediobanca SpA
    SEB Enskilda
    CA Cheuvreux
    Swedbank
    Sydbank
    LD Invest Markets

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

    Analyst
    EDWARD FIRTH
    CHRISTOPHE NIJDAM
    CHRISTOFFER ROSQUIST
    AUSTIN BURKETT
    OMAR KEENAN
    JAKOB BRINK
    ANDREAS HAKANSSON
    RONNY REHN
    SOFIE PETERZENS
    JAN WOLTER
    STIG NYMANN
    HAKON FURE
    ASBJORN MORK
    SIMON CHRISTENSEN
    MATTI AHOKAS
    PER GRONBORG
    CLAIRE KANE
    MASIH YAZDI
    FRIDTJOF BERENTS
    PAWEL DZIEDZIC
    NICK ANDERSON
    MADS THINGGAARD
    GEOFF DAWES
    CHRISTIAN HEDE
    ALVARO SERRANO
    RICCARDO ROVERE
    CLAUS GROEN THERP
    MATS ANDERSON
    CHRISTIAN HALL
    BJORN SCHWARZ
    TORSTEN BECH

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

    Recommendation
    underperform
    sell
    underweight
    underweight
    reduce
    sell
    underperform
    market perform
    overweight
    hold
    buy
    hold
    hold
    buy
    accumulate
    not rated
    underperform
    neutral
    hold
    neutral/neutral
    sell
    underperform
    hold
    strong buy
    Equalwt/In-Line
    underperform
    buy
    select list
    neutral
    overweight
    accumulate

    Amt Held
    230'368'807
    101'568'034
    51'174'252
    12'396'501
    11'250'000
    6'173'728
    5'323'372
    4'446'048
    3'897'383
    2'749'608
    1'929'043
    1'900'000
    1'890'938
    1'645'251
    1'171'450
    993'561
    954'371
    926'295
    798'549
    674'084

    % Out
    22.84
    10.07
    5.07
    1.23
    1.12
    0.61
    0.53
    0.44
    0.39
    0.27
    0.19
    0.19
    0.19
    0.16
    0.12
    0.1
    0.09
    0.09
    0.08
    0.07

    Weighting

    Change

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

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

    Latest Chg
    369'450
    1'190'000
    (158'357)
    (823'969)
    7'602
    1'420'517
    (282'337)
    263'220
    295'670
    (20'996)
    67'665
    686'700
    45'183
    (175'890)
    395'000
    (83'639)

    Target Price
    98
    96
    101
    #N/A N/A
    98
    100
    82
    125
    120
    115
    125
    110
    #N/A N/A
    130
    125
    #N/A N/A
    110
    117
    110
    125
    81
    #N/A N/A
    100
    140
    115
    86
    119
    140
    72
    #N/A N/A
    153

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

    File Dt
    Inst Type
    30.06.2012
    Other
    30.06.2012
    Corporation
    27.02.2013
    Other
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.01.2013 Mutual Fund Manager
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.10.2012
    Investment Advisor
    31.12.2012
    Unclassified
    31.07.2012
    Investment Advisor
    31.12.2012
    Unclassified
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor

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

    Date
    28.02.2013
    28.02.2013
    25.02.2013
    20.02.2013
    19.02.2013
    18.02.2013
    15.02.2013
    14.02.2013
    12.02.2013
    11.02.2013
    11.02.2013
    10.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    28.01.2013
    28.01.2013
    24.01.2013
    22.01.2013
    21.01.2013
    16.01.2013
    26.11.2012
    26.11.2012
    31.10.2012
    02.11.2011
    10.05.2011
    03.11.2010

    28.02.2013

    Deutsche Bank AG
    Deutsche Bank AG is a global financial service provider delivering commercial,
    investment, private and retail banking. The Bank offers debt, foreign exchange,
    derivatives, commodities, money markets, repo and securitization, cash equities,
    research, equity prime services, loans, convertibles, advice on M&A and IPO's,
    trade finance, retail banking, asset management and corporate investments.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (27.03.2012)
    52-Week Low (26.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    DBK GY EQUITY YTD Change
    DBK GY EQUITY YTD % CHANGE

    12/2012
    12/yy
    39.51
    22.11
    1'693'810.00
    35.03
    -11.23%
    58.44%
    73.82%
    929.5
    32'560.37
    284'516.00
    0.0
    1'270.0
    177'928.00
    -

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

    18.0 M

    40

    16.0 M

    35

    14.0 M

    30

    12.0 M

    25

    10.0 M

    20

    8.0 M

    15

    6.0 M

    10

    4.0 M

    2.0 M

    0
    f-12 m-12

    31.12.2009
    31.12.2010
    45'167.0
    46'151.0
    4'973.0
    2'310.0
    6.24x
    12.74x
    Profitability

    LTM-4Q
    31.12.2011
    52'660.0
    4'132.0
    6.61x

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

    31.12.2012
    33'582.0
    611.0
    50.69x
    10.41%
    4.16%
    0.03%
    1.13%
    0.85%
    0.02%
    1.8%
    0.00%
    0.00%
    -

    Price/ Cash Flow

    j-12

    LTM

    12/yy
    50'925.0
    0.00x
    0.0
    0.00x
    4'132.0
    6.64x

    j-12

    12/yy
    47'151.0
    0.00x
    0.0
    0.00x
    611.0
    48.46x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    1.34
    889.66
    2.69%
    6.31%
    1.341
    42
    3.476
    8'142'228
    6'622'448
    6'191'376
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    34'013.5
    35'073.6
    8'657.0
    8'714.0
    2.05x
    2.03x
    3'960.8
    5'022.3
    8.60x
    6.79x
    7.49x
    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

    25.01.2012
    A+
    NEG
    19.12.2008
    A-1
    0.0%
    83.9%
    0.02
    9.56
    -

    Sales/Revenue/Turnover

    10.00

    100'000.0

    9.00

    90'000.0

    8.00

    80'000.0

    7.00

    70'000.0

    6.00

    60'000.0

    5.00
    4.00

    50'000.0
    40'000.0

    3.00

    30'000.0

    2.00

    20'000.0

    1.00

    10'000.0

    0.00
    01.01.2010

    a-12 m-12

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

    Fiscal Year Ended


    31.12.2008
    58'492.0
    (3'835.0)
    -

    45

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Deutsche Bank AG
    Holdings By:

    All

    Holder Name
    BLACKROCK
    CAPITAL GROUP COMPAN
    DEUTSCHE BANK AG
    DEKABANK DEUTSCHE GI
    DEUTSCHE BANK AG
    VANGUARD GROUP INC
    CREDIT AGRICOLE SA
    DEUTSCHE BANK AG
    COMMERZBANK AKTIENGE
    CREDIT SUISSE GROUP
    GOLDMAN SACHS GROUP
    DEKA INVESTMENT GMBH
    UNION INVESTMENT GMB
    JP MORGAN
    BANK OF AMERICA CORP
    JANUS CAPITAL MANAGE
    AMUNDI
    UBS
    BANK OF NEW YORK MEL
    DEUTSCHE TELEKOM

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    DEKABANK DEUTSCHE GI
    DEUTSCHE BANK AKTIEN
    Multiple Portfolios
    CREDIT AGRICOLE SA
    n/a
    COMMERZBANK AKTIENGE
    n/a
    GOLDMAN SACHS GROUP
    Multiple Portfolios
    Multiple Portfolios
    n/a
    BANK OF AMERICA
    n/a
    Multiple Portfolios
    n/a
    BANK OF NEW YORK MEL
    n/a

    Analyst

    AlphaValue
    DIETER HEIN
    Keefe, Bruyette & Woods
    ANDREW STIMPSON
    Oddo & Cie
    JEAN SASSUS
    Espirito Santo Investment Bank Research
    ANDREW LIM
    Credit Suisse
    AMIT GOEL
    Banco Sabadell
    MARIO LODOS
    Redburn Partners
    NICHOLAS WATTS
    Exane BNP Paribas
    DANIEL DAVIES
    Barclays
    JEREMY SIGEE
    Ahorro Corporacion Financiera SA
    VIRGINIA PEREZ REPES
    RBC Capital Markets
    FIONA SWAFFIELD
    Hamburger Sparkasse
    CHRISTIAN HAMANN
    Canaccord Genuity Corp
    ARUN MELMANE
    DZ Bank AG
    CHRISTOPH BAST
    Mediobanca SpA
    CHRISTOPHER J WHEELER
    Commerzbank Corporates & Markets MICHAEL DUNST
    Landesbank Baden-Wuerttemberg
    INGO FROMMEN
    CA Cheuvreux
    CYRIL MEILLAND
    Natixis
    ANTOINE BURGARD
    Nomura
    JON PEACE
    Equinet Institutional Services(ESN)
    PHILIPP HAESSLER
    Morgan Stanley
    HUW VAN STEENIS
    Nord/LB
    MICHAEL SEUFERT
    JPMorgan
    KIAN ABOUHOSSEIN
    Independent Research GmbH
    STEFAN BONGARDT
    M.M. Warburg Investment Research ANDREAS PLAESIER
    Berenberg Bank
    JAMES CHAPPELL
    Kepler Capital Markets
    DIRK BECKER
    S&P Capital IQ
    FRANK BRADEN
    Bankhaus Metzler
    GUIDO HOYMANN
    Macquarie
    PIERS BROWN
    Goldman Sachs
    JERNEJ OMAHEN
    Societe Generale
    DIRK HOFFMANN-BECKING
    EVA Dimensions
    AUSTIN BURKETT
    Day by Day
    VALERIE GASTALDY
    Grupo Santander
    AURELIA FAURE
    HSBC
    ROBERT MURPHY
    National Bank AG
    DIRK GOJNY
    Hammer Partners SA
    ENRICO RACIOPPI
    SRC Research
    STEFAN SCHARFF

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

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

    Amt Held
    74'132'136
    42'222'206
    24'888'999
    24'458'657
    16'957'871
    16'884'847
    16'648'807
    15'177'158
    14'797'901
    9'379'275
    8'557'620
    7'115'570
    6'864'207
    5'993'512
    5'677'666
    4'653'686
    4'071'299
    4'067'133
    3'906'432
    3'832'262

    % Out
    7.98
    4.54
    2.68
    2.63
    1.82
    1.82
    1.79
    1.63
    1.59
    1.01
    0.92
    0.77
    0.74
    0.64
    0.61
    0.5
    0.44
    0.44
    0.42
    0.41

    Weighting

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

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

    Latest Chg
    1'174'201
    (2'143'049)
    (3'091'342)
    5'959'356
    384'651
    3'630'244
    10'133'323
    3'906'478
    (629'994)
    164'636
    (4'233'794)
    (3'004'857)
    (1'925'339)
    727'185
    2'278'827
    176'476
    -

    Target Price
    39
    44
    38
    30
    32
    40
    #N/A N/A
    40
    46
    39
    39
    #N/A N/A
    45
    40
    40
    41
    38
    37
    37
    37
    44
    41
    45
    38
    39
    44
    20
    44
    39
    45
    36
    47
    42
    #N/A N/A
    #N/A N/A
    30
    39
    32
    36
    33

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

    File Dt
    Inst Type
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2011
    Investment Advisor
    31.12.2012
    Bank
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    17.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    08.06.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    28.09.2012
    Investment Advisor
    31.12.2012
    Unclassified
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012 Mutual Fund Manager
    31.12.2012
    Unclassified
    31.12.2012
    Investment Advisor
    13.11.2012
    Unclassified

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

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    25.02.2013
    19.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    12.02.2013
    07.02.2013
    04.02.2013
    04.02.2013
    04.02.2013
    04.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    30.01.2013
    29.01.2013
    28.01.2013
    25.01.2013
    17.01.2013
    15.01.2013
    14.12.2012
    05.09.2012
    25.07.2012
    03.07.2012
    08.02.2010

    28.02.2013

    Deutsche Boerse AG
    Deutsche Boerse AG provides a variety of stock exchange introduction, trading,
    and operational services to institutions and private investors. The Company
    offers electronic trading systems for buying and selling of securities on stock
    exchanges in Europe. Deutsche Boerse offers indices such as DAX, MDAX, SDAX,
    and XTF, as well as trading in options and futures.

    Price/Volume
    60
    50
    40
    30

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (05.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 19.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    DB1 GY EQUITY YTD Change
    DB1 GY EQUITY YTD % CHANGE

    12/2012
    12/yy
    52.30
    36.25
    103'659.00
    47.595
    -9.00%
    31.31%
    71.97%
    193.0
    9'185.83
    1'775.40
    0.0
    212.6
    1'223.50
    10'254.74

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

    10
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

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

    Fiscal Year Ended


    31.12.2008
    2'947.0
    3.81x
    1'627.6
    6.90x
    1'033.3
    9.37x

    20

    31.12.2009
    31.12.2010
    2'267.9
    2'165.7
    5.55x
    4.90x
    1'133.7
    1'090.6
    11.11x
    9.73x
    496.1
    417.8
    21.72x
    23.02x
    Profitability

    LTM-4Q
    31.12.2011
    2'308.4
    3.76x
    1'229.4
    7.05x
    848.8
    9.44x

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

    31.12.2012
    2'209.0
    645.0
    13.43x
    1'229.40
    1'138.00
    49.30%
    49.84%
    0.25%
    21.75%
    0.01%
    50.1%
    45.5%
    29.2%
    1.00
    0.01
    0.81%
    60.11%
    -

    Price/ Cash Flow

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

    12/yy
    2'308.4
    16.52x
    1'229.4
    7.05x
    848.8
    9.48x

    LTM
    12/yy
    2'143.5
    13.21x
    856.1
    0.00x
    645.0
    13.43x

    FY+1

    0.72
    180.36
    3.42%
    3.00%
    0.725
    30
    3.500
    1'692'560
    987'912
    867'845
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    2'151.4
    2'265.4
    504.0
    520.5
    4.69x
    4.39x
    1'151.6
    1'259.9
    270.0
    279.3
    8.90x
    8.13x
    9.19x
    8.94x
    712.5
    793.2
    157.0
    167.0
    12.31x
    11.03x
    12.71x
    12.28x
    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

    13.02.2012
    AA
    NEG
    07.03.2005
    A-1+
    14.08
    13.61
    0.78
    1.32
    60.1%
    35.9%
    0.01
    17.63
    -

    Sales/Revenue/Turnover

    16.00

    3'500.0

    14.00

    3'000.0

    12.00

    2'500.0

    10.00

    2'000.0

    8.00

    1'500.0

    6.00

    1'000.0

    4.00

    500.0

    2.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Deutsche Boerse AG
    Holdings By:

    All

    Holder Name
    BLACKROCK
    DEUTSCHE BOERSE AG
    DEKABANK DEUTSCHE GI
    CAPITAL GROUP COMPAN
    FMR LLC
    FRANKLIN RESOURCES
    MASSACHUSETTS FINANC
    DEUTSCHE BANK AG
    DWS INVESTMENT GMBH
    DODGE & COX
    VANGUARD GROUP INC
    ALLIANZ ASSET MANAGE
    WARBURG INVEST
    T ROWE PRICE ASSOCIA
    UNION INVESTMENT GMB
    INVESCO LTD
    BANQUE DE LUXEMBOURG
    ARTISAN PARTNERS HOL
    JP MORGAN
    SEB

    Firm Name
    RBC Capital Markets
    AlphaValue
    Independent Research GmbH
    Equinet Institutional Services(ESN)
    DZ Bank AG
    BMO Capital Markets
    Berenberg Bank
    Macquarie
    National Bank AG
    Bankhaus Metzler
    Morgan Stanley
    Nord/LB
    S&P Capital IQ
    Barclays
    Credit Suisse
    Landesbank Baden-Wuerttemberg
    M.M. Warburg Investment Research
    JPMorgan
    Hamburger Sparkasse
    Main First Bank AG
    HSBC
    Deutsche Bank
    Goldman Sachs
    EVA Dimensions
    Day by Day
    Keefe, Bruyette & Woods
    Kepler Capital Markets
    Nomura
    Banco Sabadell
    Steubing AG

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

    Analyst
    PETER K LENARDOS
    DIETER HEIN
    STEFAN BONGARDT
    PHILIPP HAESSLER
    CHRISTOPH BAST
    JILLIAN MILLER
    RICHARD PERROTT
    NEIL WELCH
    MANFRED JAISFELD
    JOCHEN SCHMITT
    BRUCE HAMILTON
    JULIA SIEKMANN
    FRANK BRADEN
    DANIEL R GARROD
    GURJIT KAMBO
    INGO FROMMEN
    ANDREAS PLAESIER
    RAE MAILE
    CHRISTIAN HAMANN
    FEDERICO SALERNO
    JOHANNES THORMANN
    ALEXANDER HENDRICKS
    CHRIS M. TURNER
    AUSTIN BURKETT
    VALERIE GASTALDY
    TOM MILLS
    DIRK BECKER
    TEAM COVERAGE
    MARIO LODOS
    MICHAEL BROEKER

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

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

    Amt Held
    12'131'849
    9'533'068
    9'441'669
    7'853'396
    7'441'750
    6'054'290
    5'699'639
    5'578'790
    5'566'859
    3'750'000
    3'657'320
    3'313'307
    3'108'037
    2'005'955
    1'869'360
    1'784'051
    1'611'462
    1'586'601
    961'438
    906'265

    % Out
    6.29
    4.94
    4.89
    4.07
    3.86
    3.14
    2.95
    2.89
    2.88
    1.94
    1.89
    1.72
    1.61
    1.04
    0.97
    0.92
    0.83
    0.82
    0.5
    0.47

    Weighting

    Change

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

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

    Latest Chg
    312'411
    (3'256'076)
    1'501'230
    (2'179'541)
    34'215
    87'717
    1'353'841
    (84'578)
    (135'714)
    1'112'071
    20'000
    1'586'601
    (113'220)
    (28'983)

    Target Price
    50
    53
    52
    48
    53
    48
    54
    50
    46
    57
    50
    44
    50
    44
    45
    48
    50
    48
    #N/A N/A
    47
    57
    50
    53
    #N/A N/A
    #N/A N/A
    54
    55
    #N/A N/A
    70
    #N/A N/A

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

    File Dt
    Inst Type
    26.02.2013
    Investment Advisor
    17.02.2012
    Corporation
    11.05.2012
    Bank
    31.12.2012
    Investment Advisor
    30.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    19.12.2011
    Investment Advisor
    31.12.2012
    Investment Advisor
    11.09.2012
    Investment Advisor
    29.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    21.05.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    28.09.2012
    Investment Advisor
    27.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Unclassified
    31.01.2013
    Unclassified

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

    Date
    28.02.2013
    28.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    19.02.2013
    06.02.2013
    06.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    29.01.2013
    26.01.2013
    24.01.2013
    17.01.2013
    07.01.2013
    29.10.2012
    11.10.2012
    27.09.2012
    23.02.2012
    18.02.2009

    28.02.2013

    Deutsche Post AG
    Deutsche Post AG provides mail delivery and other services to the public and
    businesses. The Company offers domestic mail delivery, international parcel
    and mail delivery services, and freight delivery and logistics services.
    Deutsche Post also provides a variety of financial services including standard
    banking services, retail and commercial lending, and brokerage services.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (28.01.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    DPW GY EQUITY YTD Change
    DPW GY EQUITY YTD % CHANGE

    12/2011
    09/yy
    17.78
    12.64
    1'334'764.00
    17.155
    -3.49%
    35.72%
    87.34%
    1'209.0
    20'740.67
    7'010.00
    0.0
    190.0
    5'621.00
    22'096.67

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

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    31.12.2008
    31.12.2009
    54'474.0
    46'201.0
    0.35x
    0.41x
    2'052.0
    2'047.0
    9.39x
    9.22x
    (1'688.0)
    644.0
    79.32x
    Profitability

    LTM-4Q
    31.12.2010
    51'481.0
    0.36x
    3'495.0
    5.29x
    2'541.0
    6.05x

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

    31.12.2011
    52'829.0
    0.30x
    3'667.0
    4.35x
    1'163.0
    12.38x
    3'667.00
    2'393.00
    4.53%
    3.14%
    3.59%
    11.68%
    1.53%
    6.8%
    4.4%
    2.2%
    0.92
    0.65
    18.25%
    63.68%
    -

    Price/ Cash Flow

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

    Market Data

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

    Fiscal Year Ended


    31.12.2007
    54'043.0
    3.99x
    4'450.0
    48.45x
    1'383.0
    29.52x

    20
    18
    16
    14
    12
    10
    8
    6
    4
    2
    0
    f-12 m-12

    LTM

    09/yy
    52'574.0
    1.22x
    3'610.0
    3.65x
    1'475.0
    7.87x

    09/yy
    55'061.0
    1.30x
    3'763.0
    5.27x
    1'291.0
    14.41x

    FY+1

    0.89
    900.74
    36.75%
    3.34%
    0.892
    35
    3.943
    3'127'560
    3'410'599
    3'485'712
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    56'178.3
    58'423.0
    14'710.2
    14'062.0
    0.40x
    0.39x
    1.50x
    1.57x
    3'967.2
    4'217.8
    1'047.0
    1'038.0
    5.57x
    5.24x
    5.29x
    5.19x
    1'570.0
    1'701.3
    495.2
    480.0
    13.48x
    12.41x
    11.97x
    12.08x
    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

    27.11.2012
    NR
    27.11.2012
    NR
    5.56
    2.96
    0.31
    0.98
    63.7%
    38.5%
    1.53
    8.66
    -

    Sales/Revenue/Turnover

    16.00

    70'000.0

    14.00

    60'000.0

    12.00

    50'000.0

    10.00

    40'000.0

    8.00

    30'000.0

    6.00

    20'000.0

    4.00

    10'000.0

    2.00
    0.00
    02.01.2009

    0.0
    02.07.2009

    02.01.2010

    02.07.2010

    02.01.2011

    02.07.2011

    02.01.2012

    02.07.2012

    02.01.2013

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

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

    28.02.2013

    Deutsche Post AG
    Holdings By:

    All

    Holder Name
    KREDITANSTALT FUER W
    BLACKROCK
    DEUTSCHE BANK AG
    VANGUARD GROUP INC
    ARTISAN PARTNERS HOL
    UNION INVESTMENT GMB
    FMR LLC
    ALLIANZ ASSET MANAGE
    DEKA INVESTMENT GMBH
    ARTEMIS INVESTMENT M
    BANK OF NEW YORK MEL
    FRANKFURT TRUST INVE
    DB PLATINUM ADVISORS
    HENDERSON GLOBAL INV
    MAINFIRST SICAV
    TAUBE HODSON STONEX
    DWS INVESTMENT S A
    LBBW ASSET MANAGEMEN
    PUTNAM INVESTMENT MA
    ADIG INVESTMENT

    Firm Name
    AlphaValue
    Cantor Fitzgerald
    Equinet Institutional Services(ESN)
    DZ Bank AG
    Day by Day
    Commerzbank Corporates & Markets
    Deutsche Bank
    HSBC
    Independent Research GmbH
    Liberum Capital Ltd
    Bankhaus Metzler
    Nomura
    EVA Dimensions
    Nord/LB
    Stifel Nicolaus
    Main First Bank AG
    Barclays
    Goldman Sachs
    Landesbank Baden-Wuerttemberg
    JPMorgan
    CA Cheuvreux
    Hamburger Sparkasse
    Morgan Stanley
    RBC Capital Markets
    Macquarie
    Redburn Partners
    S&P Capital IQ
    Berenberg Bank
    Credit Suisse
    National Bank AG
    Silvia Quandt Research
    Kepler Capital Markets
    Davy
    Thompson, Davis & Company

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

    Analyst
    HEINZ STEFFEN
    ROBIN BYDE
    JOCHEN ROTHENBACHER
    ROBERT CZERWENSKY
    VALERIE GASTALDY
    JOHANNES BRAUN
    ANDY CHU
    JULIA WINARSO
    ZAFER RUZGAR
    PETER HYDE
    GUIDO HOYMANN
    MARK MCVICAR
    CRAIG STERLING
    VOLKER SACK
    DAVID G ROSS
    TOBIAS SITTIG
    DAVID E FINTZEN
    JOHN WOODMAN
    BERND MUELL
    CHRISTOPHER G COMBE
    BEAT KEISER
    INGO SCHMIDT
    PENNY BUTCHER
    DAMIAN BREWER
    ROBERT JOYNSON
    TIM MARSHALL
    JAMES CORRIDORE
    WILLIAM FOGGON
    NEIL GLYNN
    EKKEHARD D LINK
    STEFAN KICK
    ANDRE MULDER
    STEPHEN FURLONG
    DAVID P CAMPBELL

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

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

    Amt Held
    308'277'358
    29'412'506
    28'224'969
    19'305'205
    8'766'530
    8'022'409
    8'021'748
    7'177'580
    6'938'573
    5'646'936
    5'583'510
    4'808'400
    4'580'078
    3'473'728
    3'067'300
    2'483'784
    2'476'732
    2'429'900
    1'981'567
    1'936'758

    % Out
    25.5
    2.43
    2.33
    1.6
    0.73
    0.66
    0.66
    0.59
    0.57
    0.47
    0.46
    0.4
    0.38
    0.29
    0.25
    0.21
    0.2
    0.2
    0.16
    0.16

    Weighting

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

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

    Latest Chg
    152'360
    69'667
    981'620
    3'100'494
    527'453
    185'453
    (1'073'866)
    3'575'300
    265'000
    118'680
    (21'740)
    4'287'759
    (1'851'194)
    (20'000)
    (150'250)
    43'036
    20'600
    (186'635)
    500'000

    Target Price
    20
    17
    17
    19
    #N/A N/A
    22
    21
    17
    18
    14
    21
    22
    #N/A N/A
    19
    19
    19
    19
    23
    20
    17
    18
    #N/A N/A
    17
    18
    14
    #N/A N/A
    17
    15
    18
    17
    19
    18
    #N/A N/A
    19

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

    File Dt
    11.09.2012
    26.02.2013
    31.12.2012
    31.12.2012
    31.12.2012
    28.09.2012
    31.12.2012
    31.12.2012
    28.12.2012
    31.12.2012
    26.02.2013
    28.12.2012
    31.01.2013
    31.12.2012
    31.10.2012
    30.11.2012
    28.12.2012
    30.11.2012
    31.12.2012
    31.10.2012

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

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

    Date
    28.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    15.02.2013
    08.02.2013
    05.02.2013
    01.02.2013
    01.02.2013
    29.01.2013
    28.01.2013
    21.01.2013
    17.01.2013
    15.01.2013
    14.01.2013
    09.01.2013
    09.01.2013
    18.12.2012
    14.12.2012
    11.12.2012
    07.12.2012
    07.12.2012
    05.12.2012
    04.12.2012
    04.12.2012
    14.11.2012
    12.11.2012
    09.11.2012
    08.11.2012
    08.11.2012
    08.11.2012
    24.10.2012
    10.11.2011
    13.09.2010

    28.02.2013

    Deutsche Telekom AG
    Deutsche Telekom AG offers telecommunications services. The Company offers a
    full range of fixed-line telephone services, mobile communications services,
    Internet access, and combined information technology and telecommunications
    services for businesses.

    Price/Volume
    12

    45.0 M
    40.0 M

    10

    35.0 M

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (20.09.2012)
    52-Week Low (05.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    DTE GY EQUITY YTD Change
    DTE GY EQUITY YTD % CHANGE

    12/2012
    12/yy
    10.06
    7.69
    8'446'576.00
    8.157
    -18.88%
    6.10%
    22.81%
    4'321.3
    35'249.00
    48'318.00
    0.0
    4'647.0
    6'122.00
    80'687.00

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

    25.0 M
    20.0 M

    15.0 M
    10.0 M

    5.0 M

    0
    f-12 m-12

    31.12.2009
    31.12.2010
    64'602.0
    62'421.0
    1.46x
    1.48x
    17'335.0
    17'726.0
    5.46x
    5.20x
    353.0
    1'695.0
    128.63x
    24.76x
    Profitability

    LTM-4Q
    31.12.2011
    58'653.0
    1.45x
    20'202.0
    4.22x
    557.0
    68.19x

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

    31.12.2012
    58'169.0
    (5'255.0)
    20'202.00
    6'806.00
    11.60%
    5.15%
    -6.35%
    -24.03%
    0.50%
    42.2%
    33.1%
    -10.0%
    -9.0%
    0.65
    0.52
    39.43%
    136.90%
    36.51

    Price/ Cash Flow

    j-12

    LTM

    12/yy
    58'653.0
    6.25x
    19'004.0
    4.48x
    557.0
    68.19x

    j-12

    12/yy
    58'169.0
    4.39x
    13'101.0
    0.00x
    (5'255.0)
    0.00x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    0.77
    2'938.38
    1.10%
    -5.10%
    0.768
    42
    3.167
    17'979'580
    14'066'790
    13'562'730
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    57'777.5
    57'540.7
    14'165.0
    14'096.0
    1.34x
    1.31x
    17'430.7
    17'412.0
    4'223.0
    4'378.0
    4.63x
    4.64x
    4.70x
    2'927.3
    3'085.9
    816.0
    997.0
    11.89x
    11.42x
    9.17x
    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

    19.05.2008
    BBB+
    STABLE
    08.04.2002
    A-2
    7.79
    5.26
    2.11
    2.36
    136.9%
    54.7%
    0.50
    1.64
    10.02
    51.52
    -17.15

    Sales/Revenue/Turnover

    3.50

    70'000.0

    3.00

    60'000.0

    2.50

    50'000.0

    2.00

    40'000.0

    1.50

    30'000.0

    1.00

    20'000.0

    0.50

    10'000.0

    0.00
    01.01.2010

    a-12 m-12

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

    Fiscal Year Ended


    31.12.2008
    61'666.0
    1.49x
    17'535.0
    5.24x
    1'483.0
    31.62x

    30.0 M

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Deutsche Telekom AG
    Holdings By:

    All

    Holder Name
    KREDITANSTALT FUER W
    FEDERAL REPUBLIC OF
    BLACKROCK
    BLACKSTONE GROUP LP
    DB PLATINUM ADVISORS
    VANGUARD GROUP INC
    ONTARIO TEACHERS PEN
    BANK OF NEW YORK MEL
    UNION INVESTMENT GMB
    DEKA INVESTMENT GMBH
    SCHRODER INVESTMENT
    NATIXIS ASSET MANAGE
    AMUNDI
    ALLIANZ ASSET MANAGE
    MERCURY ASSET MANAGE
    MASSACHUSETTS FINANC
    FMR LLC
    ETFLAB INVESTMENT GM
    ING INTERNATIONAL AD
    EATON VANCE MANAGEME

    Firm Name

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

    Analyst

    Grupo Santander
    JOHN DAVIES
    Societe Generale
    OTTAVIO ADORISIO
    Commerzbank Corporates & Markets HEIKE PAULS
    Jefferies
    ULRICH RATHE
    Sanford C. Bernstein & Co
    ROBIN BIENENSTOCK
    Raymond James
    STEPHANE BEYAZIAN
    Equinet Institutional Services(ESN)
    ADRIAN PEHL
    DZ Bank AG
    KARSTEN OBLINGER
    AlphaValue
    HEINZ STEFFEN
    Landesbank Baden-Wuerttemberg
    STEFAN BORSCHEID
    Goldman Sachs
    TIMOTHY BODDY
    Barclays
    JONATHAN DANN
    CA Cheuvreux
    PETER KURT NIELSEN
    Independent Research GmbH
    MARKUS FRIEBEL
    Bankhaus Lampe
    WOLFGANG SPECHT
    New Street Research
    CHARLES GAYNOR
    M.M. Warburg Investment Research JOCHEN REICHERT
    Nomura
    FREDERIC BOULAN
    RBC Capital Markets
    JONATHAN ATKIN
    Macquarie
    GUY R PEDDY
    Exane BNP Paribas
    MATHIEU ROBILLIARD
    Liberum Capital Ltd
    LAWRENCE SUGARMAN
    Banco Sabadell
    ANDRES BOLUMBURU
    Berenberg Bank
    PAUL ANDREW MARSCH
    Morgan Stanley
    NICK DELFAS
    Oddo & Cie
    ALEXANDRE IATRIDES
    Kepler Capital Markets
    JAVIER BORRACHERO
    Credit Suisse
    JUSTIN FUNNELL
    Ahorro Corporacion Financiera SA
    VIRGINIA PEREZ REPES
    National Bank AG
    MANFRED JAISFELD
    Deutsche Bank
    MATTHEW BLOXHAM
    EVA Dimensions
    ANDREW S ZAMFOTIS
    Steubing AG
    TEAM COVERAGE
    Day by Day
    VALERIE GASTALDY
    Hamburger Sparkasse
    TINA HECKING-VELTMAN
    JPMorgan
    HANNES C WITTIG
    HSBC
    DOMINIK KLARMANN
    Espirito Santo Investment Bank Research
    WILL DRAPER
    S&P Capital IQ
    ALEXANDER WISCH
    Bankhaus Metzler
    ULRICH TRABERT
    Silvia Quandt Research
    JACQUES ABRAMOWICZ
    Natixis
    JACQUES DE GRELING

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

    Recommendation
    underweight
    buy
    hold
    hold
    outperform
    outperform
    buy
    sell
    add
    buy
    neutral/neutral
    equalweight
    select list
    hold
    sell
    reduce
    hold
    buy
    sector perform
    underperform
    neutral
    hold
    sell
    hold
    restricted
    buy
    buy
    restricted
    sell
    hold
    buy
    sell
    buy
    buy
    hold
    not rated
    neutral
    sell
    sell
    sell
    buy
    reduce

    Amt Held
    734'624'287
    648'197'900
    251'286'399
    191'700'000
    55'113'797
    52'043'505
    27'700'000
    23'207'924
    14'524'559
    14'083'422
    11'716'763
    11'491'425
    11'401'203
    10'747'785
    9'801'405
    9'211'450
    7'630'916
    7'058'316
    5'217'805
    5'213'828

    % Out
    17
    15
    5.82
    4.44
    1.28
    1.2
    0.64
    0.54
    0.34
    0.33
    0.27
    0.27
    0.26
    0.25
    0.23
    0.21
    0.18
    0.16
    0.12
    0.12

    Weighting

    Change

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

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

    Latest Chg
    (802'657)
    15'760'085
    1'150'782
    156'567
    442'723
    7'267'197
    2'200'291
    4'778'409
    (5'317'051)
    (1'992'942)
    (3'302'086)
    (7'472'121)
    5'086
    (1'779'584)
    (696'430)

    Target Price
    8
    11
    9
    8
    12
    11
    10
    8
    10
    10
    9
    10
    11
    9
    8
    7
    10
    10
    10
    8
    9
    8
    10
    11
    #N/A N/A
    11
    11
    #N/A N/A
    8
    9
    10
    #N/A N/A
    #N/A N/A
    10
    #N/A N/A
    #N/A N/A
    9
    8
    8
    9
    11
    8

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

    File Dt
    30.09.2012
    30.09.2012
    26.02.2013
    03.08.2012
    31.01.2013
    31.12.2012
    31.12.2011
    26.02.2013
    28.09.2012
    28.12.2012
    31.12.2012
    31.12.2012
    30.11.2012
    31.12.2012
    26.02.2013
    31.12.2012
    31.12.2012
    27.02.2013
    28.09.2012
    31.12.2012

    Date
    12 month
    12 month
    6 month
    12 month
    12 month
    12 month
    12 month
    12 month
    6 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    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
    Investment Advisor
    Government
    Investment Advisor
    Hedge Fund Manager
    Investment Advisor
    Investment Advisor
    Pension Fund (ERISA)
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Mutual Fund Manager
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    19.02.2013
    15.02.2013
    14.02.2013
    13.02.2013
    30.01.2013
    30.01.2013
    24.01.2013
    23.01.2013
    17.01.2013
    16.01.2013
    15.01.2013
    14.01.2013
    10.01.2013
    08.01.2013
    14.12.2012
    10.12.2012
    10.12.2012
    10.12.2012
    09.11.2012
    08.11.2012
    08.10.2012

    28.02.2013

    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

    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 (25.02.2013)
    52-Week Low (23.05.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.01.2013
    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

    06/2012
    01/yy
    1'985.00
    1'475.00
    606'783.00
    1960.5
    -1.23%
    32.92%
    92.16%
    2'509.0
    49'189.74
    8'629.00
    0.0
    1'223.0
    1'076.00
    58'044.74

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

    4.0 M
    2.0 M

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

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    .0 M
    f-13

    j-13

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

    Fiscal Year Ended


    30.06.2008
    8'090.0
    3.78x
    2'516.0
    12.17x
    1'521.0
    15.85x

    6.0 M

    500

    30.06.2009
    30.06.2010
    9'311.0
    9'780.0
    3.27x
    3.57x
    2'777.0
    2'984.0
    10.96x
    11.70x
    1'605.0
    1'629.0
    13.51x
    15.99x
    Profitability

    30.06.2011
    9'936.0
    3.98x
    3'232.0
    12.24x
    1'900.0
    16.71x

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

    30.06.2012
    10'762.0
    4.68x
    3'826.0
    13.16x
    1'942.0
    21.00x
    3'826.00
    3'415.00
    31.73%
    29.00%
    11.04%
    44.10%
    19.93%
    0.48%
    60.4%
    36.5%
    32.8%
    18.0%
    1.52
    0.59
    38.61%
    154.42%
    3.84
    1.09

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    2.30
    0.72
    2'506.14
    33.63%
    10.73%
    0.719
    34
    4.265
    4'008'160
    3'816'437
    3'564'089
    FY+2

    06/13 Y
    06/14 Y
    11'463.1
    12'248.3
    5.04x
    4.63x
    3'914.3
    4'236.4
    14.83x
    13.70x
    2'575.6
    2'847.9
    19.13x
    17.24x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    01.09.2005
    ASTABLE
    01.09.2005
    A-2
    5.94
    5.19
    1.92
    2.11
    154.4%
    55.9%
    0.48
    3.74
    95.26
    334.29
    294.76

    Sales/Revenue/Turnover

    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

    0.00
    03.07.2009

    2'000.0
    0.0
    03.01.2010

    03.07.2010

    03.01.2011

    03.07.2011

    03.01.2012

    03.07.2012

    03.01.2013

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

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

    28.02.2013

    Diageo PLC
    Holdings By:

    All

    Holder Name
    CAPITAL GROUP COMPAN
    BLACKROCK
    LEGAL & GENERAL
    FMR LLC
    MASSACHUSETTS FINANC
    SCOTTISH WIDOWS
    NORGES BANK INVESTME
    VANGUARD GROUP INC
    MASSACHUSETTS FINANC
    UBS
    Northern Cross Inter
    HARBOR CAPITAL ADVIS
    PEOPLES REPUBLIC OF
    VANGUARD GROUP INC
    Cascade Investment C
    STATE STREET
    FRANKLIN RESOURCES
    DIAGEO PLC ESOP
    BREWIN DOLPHIN LIMIT
    M&G INVESTMENT MANAG

    Firm Name

    Portfolio Name
    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
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    AlphaValue
    ISABELLE COMBEMALE
    Sanford C. Bernstein & Co
    TREVOR STIRLING
    Exane BNP Paribas
    JAVIER GONZALEZ LASTRA
    Investec
    MARTIN DEBOO
    RBC Capital Markets
    JAMES EDWARDES JONES
    Shore Capital Stockbrokers
    PHIL CARROLL
    JPMorgan
    MATTHEW WEBB
    Societe Generale
    NICOLAS CERON
    Raymond James
    HERMINE DE BENTZMANN
    Canaccord Genuity Corp
    EDDY HARGREAVES
    Kepler Capital Markets
    LAETITIA DELAYE
    Natixis
    OLIVIER DELAHOUSSE
    Nomura
    IAN SHACKLETON
    Redburn Partners
    CHRIS PITCHER
    Barclays
    SIMON HALES
    Credit Suisse
    CHARLES MILLS
    Jefferies
    DIRK VAN VLAANDEREN
    Independent Research GmbH
    LARS LUSEBRINK
    National Bank AG
    STEFFEN MANSKE
    Bryan Garnier & Cie
    NIKOLAAS FAES
    S&P Capital IQ
    CARL SHORT
    Oriel Securities Ltd
    CHRIS WICKHAM
    Liberum Capital Ltd
    PABLO ZUANIC
    CA Cheuvreux
    ERIC BOROIAN
    Grupo Santander
    ANTHONY J BUCALO
    EVA Dimensions
    AUSTIN BURKETT
    Goldman Sachs
    MITCHELL COLLETT
    Deutsche Bank
    JAMES ISENWATER
    Berenberg Bank
    PHILIP MORRISEY
    Espirito Santo Investment Bank Research
    ALEX SMITH
    Day by Day
    VALERIE GASTALDY
    HSBC
    ERWAN RAMBOURG
    Davy
    BARRY GALLAGHER

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

    Recommendation
    reduce
    market perform
    neutral
    hold
    sector perform
    buy
    neutral
    hold
    outperform
    hold
    buy
    buy
    buy
    buy
    overweight
    outperform
    buy
    hold
    buy
    buy
    buy
    buy
    buy
    outperform
    buy
    hold
    buy/attractive
    buy
    buy
    buy
    buy
    neutral
    outperform

    Amt Held
    170'818'263
    166'780'393
    93'430'267
    75'661'425
    62'326'696
    60'373'127
    53'076'191
    45'861'087
    42'171'078
    36'384'228
    32'768'036
    31'592'406
    31'254'191
    26'868'931
    25'516'958
    23'848'629
    20'837'253
    20'432'541
    19'857'996
    17'635'695

    % Out
    6.81
    6.65
    3.72
    3.02
    2.48
    2.41
    2.12
    1.83
    1.68
    1.45
    1.31
    1.26
    1.25
    1.07
    1.02
    0.95
    0.83
    0.81
    0.79
    0.7

    Weighting

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

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

    Latest Chg
    32'500
    19'483'465
    116'442
    2'008'546
    (1'792'375)
    21'983'554
    751'700
    (6'773'960)
    1'067'737
    1'094'573
    490'603
    162'750
    7'155'385
    1'303'879
    1'443'861
    (161'619)
    443'832
    (847'762)
    104'421

    Target Price
    1'890
    2'100
    1'980
    1'970
    1'700
    #N/A N/A
    1'915
    1'900
    2'060
    1'670
    2'100
    2'100
    2'040
    #N/A N/A
    2'040
    1'900
    1'915
    1'900
    2'100
    1'900
    2'100
    2'100
    2'300
    1'850
    2'100
    #N/A N/A
    2'220
    2'000
    1'760
    1'860
    1'906
    1'800
    #N/A N/A

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

    File Dt
    31.12.2012
    26.02.2013
    03.12.2012
    31.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    31.12.2012
    31.12.2012
    28.12.2012
    03.12.2012
    31.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    27.02.2013
    31.12.2012
    03.12.2012
    03.12.2012
    03.12.2012

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

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

    Date
    28.02.2013
    22.02.2013
    22.02.2013
    15.02.2013
    14.02.2013
    12.02.2013
    06.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    25.01.2013
    21.01.2013
    18.01.2013
    17.01.2013
    09.01.2013
    10.11.2012
    29.10.2012
    02.10.2012
    01.10.2012
    08.08.2012
    25.08.2011

    28.02.2013

    DNB ASA
    DNB ASA is a commercial bank. The Bank's services include retail, commercial,
    corporate, and investment banking, and life, pension, and non-life insurance.
    The services are provided to private customers, small businesses, and large
    companies. DNB offers special services to the shipping industry. The Bank
    operates through several subsidiaries in Norway and abroad.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    DNB NO EQUITY YTD Change
    DNB NO EQUITY YTD % CHANGE

    12/2012
    12/yy
    85.95
    53.00
    469'476.00
    85.25
    -0.87%
    60.85%
    94.69%
    1'628.8
    138'855.11
    980'525.00
    0.0
    0.0
    336'028.00
    -

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

    35.0 M
    30.0 M
    25.0 M
    20.0 M
    15.0 M
    10.0 M
    5.0 M
    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


    31.12.2008
    96'073.0
    9'211.0
    1.95x

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

    31.12.2009
    31.12.2010
    75'333.0
    75'104.0
    8'585.0
    14'814.0
    9.76x
    9.46x
    Profitability

    LTM-4Q
    31.12.2011
    79'039.0
    12'979.0
    7.33x

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

    31.12.2012
    79'116.0
    13'657.0
    8.40x
    38.83%
    40.88%
    0.62%
    11.11%
    1.26%
    0.04%
    31.6%
    43.29%
    765.83%
    -

    Price/ Cash Flow

    LTM

    12/yy
    82'252.0
    0.00x
    0.0
    0.00x
    12'979.0
    7.32x

    12/yy
    79'445.0
    0.00x
    0.0
    0.00x
    13'657.0
    8.40x

    FY+1

    .0 M
    f-13

    1.14
    977.50
    22.20%
    21.09%
    1.138
    32
    3.938
    2'347'399
    3'048'556
    2'784'096
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    44'351.3
    46'727.1
    10'628.3
    11'038.4
    14'654.6
    16'168.8
    3'369.7
    3'695.0
    9.47x
    8.56x
    9.61x
    9.10x
    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

    765.8%
    88.5%
    0.04
    9.26
    -

    Sales/Revenue/Turnover

    8.00

    120'000.0

    7.00

    100'000.0

    6.00

    80'000.0

    5.00
    4.00

    60'000.0

    3.00

    40'000.0

    2.00

    20'000.0
    1.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    DNB ASA
    Holdings By:

    All

    Holder Name
    NORWEGIAN GOVT MINIS
    SPAREBANKSTIFTELSEN
    STATE STREET
    GOVERNMENT PENSION F
    JP MORGAN CHASE BANK
    BANK OF NEW YORK MEL
    NORTHERN TRUST CO
    CLEARSTREAM BANKING
    VANGUARD GROUP INC
    FMR LLC
    DNB NOR ASSET MANAGE
    HSBC BANK PLC
    CAPITAL GROUP COMPAN
    JUPITER ASSET MANAGE
    T ROWE PRICE ASSOCIA
    SCHRODER INVESTMENT
    MASSACHUSETTS FINANC
    STOREBRAND FUND MANA
    BNP PARIBAS INV PART
    RBC INVESTOR SERVICE

    Firm Name
    AlphaValue
    Keefe, Bruyette & Woods
    Macquarie
    Barclays
    Nomura
    ABG Sundal Collier
    Exane BNP Paribas
    EVA Dimensions
    JPMorgan
    Nordea Equity Research
    Norne Securities AS
    DNB Markets
    Deutsche Bank
    Credit Suisse
    SEB Enskilda
    CA Cheuvreux
    Carnegie
    Handelsbanken
    Pareto Securities
    Danske Markets
    Morgan Stanley
    SpareBank 1 Markets AS
    Arctic Securities ASA
    Swedbank First Securities
    Goldman Sachs
    RBC Capital Markets
    Berenberg Bank
    Societe Generale
    Mediobanca SpA
    Fondsfinans AS

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

    Analyst
    CHRISTOPHE NIJDAM
    RONNY REHN
    EDWARD FIRTH
    CHRISTOFFER ROSQUIST
    OMAR KEENAN
    RICKARD HENZE
    ANDREAS HAKANSSON
    AUSTIN BURKETT
    SOFIE PETERZENS
    THOMAS SVENDSEN
    ANDRIUS VALIVONIS
    HAKON FURE
    JAN WOLTER
    MASIH YAZDI
    CHRISTOFFER J ADAMS
    MATS ANDERSON
    ASBJORN MORK
    MATTI AHOKAS
    VEGARD EID MEDIAS
    LARS HOLM
    ALVARO SERRANO
    NILS CHRISTIAN OYEN
    FRIDTJOF BERENTS
    BENGT KIRKOEN
    PAWEL DZIEDZIC
    CLAIRE KANE
    NICK ANDERSON
    GEOFF DAWES
    RICCARDO ROVERE
    ARILD NYSAETHER

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

    Recommendation
    add
    outperform
    neutral
    overweight
    buy
    hold
    neutral
    underweight
    neutral
    sell
    buy
    not rated
    buy
    neutral
    buy
    outperform
    hold
    accumulate
    buy
    hold
    Overwt/In-Line
    buy
    hold
    strong buy
    neutral/neutral
    sector perform
    buy
    buy
    outperform
    buy

    Amt Held
    553'791'613
    162'900'397
    118'954'357
    96'802'281
    41'841'989
    41'084'067
    38'027'017
    27'940'153
    25'809'928
    21'864'481
    21'317'386
    16'564'894
    16'512'114
    12'578'994
    12'226'011
    10'133'470
    9'499'126
    9'133'670
    8'575'089
    8'331'759

    % Out
    34
    10
    7.3
    5.94
    2.57
    2.52
    2.33
    1.72
    1.58
    1.34
    1.31
    1.02
    1.01
    0.77
    0.75
    0.62
    0.58
    0.56
    0.53
    0.51

    Weighting

    Change

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

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

    Latest Chg
    257'730
    1'368'731
    (237'782)
    (9'077'833)
    (334'256)
    80'801
    279'299
    (237'411)
    2'112'682
    -

    Target Price
    95
    124
    82
    100
    90
    85
    79
    #N/A N/A
    85
    76
    99
    #N/A N/A
    103
    84
    94
    100
    #N/A N/A
    86
    89
    85
    95
    90
    86
    95
    92
    83
    81
    85
    97
    95

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

    File Dt
    18.02.2013
    18.02.2013
    27.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    31.12.2012
    31.12.2012
    31.01.2013
    18.02.2013
    31.12.2012
    31.08.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.01.2013
    31.12.2012
    18.02.2013

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

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

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    25.02.2013
    19.02.2013
    18.02.2013
    15.02.2013
    12.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    10.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    28.01.2013
    28.01.2013
    28.01.2013
    15.01.2013
    26.11.2012
    25.10.2012

    28.02.2013

    E.ON SE
    E.ON SE operates in power generation and gas production businesses. The
    Company's operations include electric generation at conventional, nuclear, and
    renewable-source facilities, electric transmission via high-voltage wires
    network, regional distribution of electricity, gas, and heat, power trading and
    electricity, gas, and heat sales.

    Price/Volume
    25

    50.0 M

    Latest Fiscal Year:


    LTM as of:
    52-Week High (14.09.2012)
    52-Week Low (08.02.2013)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    EOAN GY EQUITY YTD Change
    EOAN GY EQUITY YTD % CHANGE

    12/2011
    09/yy
    19.74
    12.42
    2'278'625.00
    12.73
    -35.61%
    2.50%
    4.37%
    2'001.0
    25'472.73
    29'914.00
    0.0
    3'876.0
    6'931.00
    49'331.73

    15

    40.0 M

    10

    30.0 M
    20.0 M

    10.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


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

    60.0 M

    20

    Valuation Analysis

    31.12.2007
    68'731.0
    1.64x
    11'063.0
    10.16x
    7'204.0
    13.80x

    70.0 M

    31.12.2008
    31.12.2009
    86'753.0
    81'817.0
    1.08x
    1.11x
    5'403.0
    12'703.0
    17.28x
    7.18x
    1'266.0
    8'396.0
    37.92x
    6.50x
    Profitability

    LTM-4Q
    31.12.2010
    92'863.0
    0.78x
    13'006.0
    5.56x
    5'853.0
    6.53x

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

    31.12.2011
    112'954.0
    0.52x
    4'269.0
    13.73x
    (2'219.0)
    4'269.00
    46.00
    0.04%
    -2.58%
    0.00%
    -0.01%
    0.85%
    3.6%
    0.4%
    -2.0%
    1.10
    0.54
    19.57%
    83.71%
    -

    Price/ Cash Flow

    LTM

    FY+1

    .0 M
    f-13

    1.10
    1'787.19
    -21.63%
    -9.65%
    1.102
    38
    2.474
    13'289'580
    13'895'670
    11'592'750
    FY+2

    FQ+1

    FQ+2

    09/yy
    09/yy
    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    105'888.0 129'077.0 112'559.6 110'835.4
    29'586.7
    2.46x
    1.88x
    0.45x
    0.44x
    6'579.0
    6'892.0
    10'690.1
    9'527.5
    2'038.0
    8.68x
    8.59x
    4.62x
    5.18x
    3'195.0
    (356.0)
    3'954.1
    2'504.7
    113.0
    7.49x
    0.00x
    5.75x
    9.73x
    S&P Issuer Ratings
    Long-Term Rating Date
    27.07.2012
    Long-Term Rating
    ALong-Term Outlook
    STABLE
    Short-Term Rating Date
    27.07.2012
    Short-Term Rating
    A-2
    Credit Ratios
    EBITDA/Interest Exp.
    1.37
    (EBITDA-Capex)/Interest Exp.
    -0.62
    Net Debt/EBITDA
    5.86
    Total Debt/EBITDA
    6.87
    Reference
    Total Debt/Equity
    83.7%
    Total Debt/Capital
    43.0%
    Asset Turnover
    0.85
    Net Fixed Asset Turnover
    2.25
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle
    Sales/Revenue/Turnover

    7.00

    120'000.0

    6.00

    100'000.0

    5.00

    80'000.0

    4.00

    60'000.0
    3.00

    40'000.0
    2.00

    20'000.0

    1.00
    0.00
    02.01.2009

    0.0
    02.07.2009

    02.01.2010

    02.07.2010

    02.01.2011

    02.07.2011

    02.01.2012

    02.07.2012

    02.01.2013

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

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

    28.02.2013

    E.ON SE
    Holdings By:

    All

    Holder Name
    BLACKROCK
    GOVERNMENT OF NORWAY
    E.ON AG
    CREDIT SUISSE AG
    VANGUARD GROUP INC
    MORGAN STANLEY
    UNION INVESTMENT GMB
    DEUTSCHE BANK AG
    DB PLATINUM ADVISORS
    CAPITAL GROUP COMPAN
    DEKA INVESTMENT GMBH
    MERCURY ASSET MANAGE
    ALLIANZ ASSET MANAGE
    AMUNDI
    FRANKLIN RESOURCES
    PICTET ASSET MANAGEM
    ETFLAB INVESTMENT GM
    ADIG INVESTMENT
    GRANTHAM MAYO VAN OT
    BNP PARIBAS INV PART

    Firm Name
    Raymond James
    RBC Capital Markets
    Commerzbank Corporates & Markets
    Grupo Santander
    AlphaValue
    S&P Capital IQ
    Banco Sabadell
    Goldman Sachs
    JPMorgan
    Berenberg Bank
    Ahorro Corporacion Financiera SA
    Landesbank Baden-Wuerttemberg
    M.M. Warburg Investment Research
    DZ Bank AG
    Societe Generale
    Deutsche Bank
    Morgan Stanley
    Nord/LB
    HSBC
    Macquarie
    Independent Research GmbH
    Hamburger Sparkasse
    National Bank AG
    Bankhaus Metzler
    Natixis
    Nomura
    Equinet Institutional Services(ESN)
    Day by Day
    Exane BNP Paribas
    Credit Suisse
    Barclays
    Main First Bank AG
    EVA Dimensions
    Kepler Capital Markets
    Redburn Partners
    CA Cheuvreux
    Silvia Quandt Research

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

    Analyst
    EMMANUEL RETIF
    JOHN MUSK
    TANJA MARKLOFF
    OSCAR NAJAR RIOS
    EILEEN RYAN
    CLIVE ROBERTS
    JORGE GONZALEZ SADORNIL
    DEBORAH WILKENS
    VINCENT DE BLIC
    ROBERT CHANTRY
    VIRGINIA PEREZ REPES
    ERKAN AYCICEK
    STEPHAN WULF
    MARC NETTELBECK
    ALBERTO PONTI
    ALEXANDER KARNICK
    BOBBY CHADA
    HEINO HAMMANN
    ADAM DICKENS
    ROBERT SCHRAMM-FUCHS
    SVEN DIERMEIER
    ANNEMARIE SCHLUETER
    STEFFEN MANSKE
    DANIEL SEIDENSPINNER
    PHILIPPE OURPATIAN
    MARTIN YOUNG
    MICHAEL SCHAEFER
    VALERIE GASTALDY
    BENJAMIN LEYRE
    VINCENT GILLES
    PETER BISZTYGA
    ANDREAS THIELEN
    AUSTIN BURKETT
    INGO BECKER
    AHMED FARMAN
    SEBASTIAN KAUFFMANN
    SEBASTIAN ZANK

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

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

    Amt Held
    170'529'697
    118'276'492
    95'529'865
    46'680'225
    32'966'723
    25'888'854
    13'832'519
    11'102'820
    8'922'635
    7'475'000
    7'351'606
    6'583'121
    5'494'244
    5'493'604
    4'868'435
    4'553'664
    4'287'252
    4'279'858
    3'863'245
    3'862'439

    % Out
    8.52
    5.91
    4.77
    2.33
    1.65
    1.29
    0.69
    0.55
    0.45
    0.37
    0.37
    0.33
    0.27
    0.27
    0.24
    0.23
    0.21
    0.21
    0.19
    0.19

    Weighting

    Change

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

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

    Latest Chg
    22'778
    719'330
    (329'536)
    (1'285'217)
    (105'000)
    (544'741)
    (1'936'021)
    (436'769)
    (16'120'588)
    (6'792'748)
    2'250
    (1'160'000)
    254'908
    139'909

    Target Price
    #N/A N/A
    11
    14
    16
    18
    15
    14
    21
    13
    12
    15
    13
    17
    14
    13
    13
    11
    13
    11
    12
    11
    #N/A N/A
    #N/A N/A
    11
    12
    14
    #N/A N/A
    #N/A N/A
    12
    11
    15
    17
    #N/A N/A
    14
    #N/A N/A
    17
    #N/A N/A

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

    File Dt
    Inst Type
    26.02.2013
    Investment Advisor
    31.12.2011
    Government
    31.12.2011
    Corporation
    09.05.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    10.05.2012
    Investment Advisor
    28.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    27.02.2013
    Investment Advisor
    31.10.2012
    Investment Advisor
    31.05.2012
    Investment Advisor
    31.12.2012
    Investment Advisor

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

    Date
    27.02.2013
    26.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    19.02.2013
    15.02.2013
    13.02.2013
    06.02.2013
    05.02.2013
    04.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    30.01.2013
    25.01.2013
    23.01.2013
    17.01.2013
    08.01.2013
    14.11.2012
    14.08.2012
    14.03.2012

    28.02.2013

    European Aeronautic Defence and Space Co NV


    European Aeronautic Defence and Space Company manufactures airplanes and
    military equipment. The Company produces commercial aircraft including the
    Airbus, military fighter aircraft, military and commercial helicopters,
    missiles, satellites, and telecommunications and defense systems, and offers
    military and commercial aircraft conversion and maintenance services.

    Price/Volume
    45

    25.0 M

    40
    20.0 M

    35
    30

    15.0 M

    25
    20

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (28.02.2013)
    52-Week Low (23.11.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 18.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    EAD FP EQUITY YTD Change
    EAD FP EQUITY YTD % CHANGE

    12/2012
    12/yy
    39.19
    24.26
    2'807'077.00
    38.97
    -0.59%
    60.67%
    95.59%
    828.3
    32'279.30
    5'104.00
    0.0
    20.0
    9'556.00
    30'662.30

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

    10

    5.0 M

    5
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


    31.12.2008
    43'265.0
    0.09x
    4'136.0
    0.89x
    1'572.0
    6.17x

    10.0 M

    15

    31.12.2009
    31.12.2010
    42'822.0
    45'752.0
    0.13x
    0.17x
    1'236.0
    2'500.0
    4.62x
    3.02x
    (763.0)
    553.0
    25.65x
    Profitability

    LTM-4Q
    31.12.2011
    49'128.0
    0.31x
    3'173.0
    4.76x
    1'033.0
    19.02x

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

    31.12.2012
    56'480.0
    1'228.0
    19.67x
    3'173.00
    1'449.00
    2.95%
    2.84%
    1.70%
    16.48%
    12.83%
    0.60%
    13.9%
    7.4%
    3.9%
    2.2%
    0.91
    0.34
    5.77%
    57.67%
    8.29
    1.82

    Price/ Cash Flow

    LTM

    12/yy
    49'128.0
    1.04x
    3'173.0
    4.76x
    1'033.0
    19.02x

    12/yy
    56'480.0
    1.07x
    2'710.0
    0.00x
    1'228.0
    19.67x

    FY+1

    .0 M
    f-13

    0.75
    424.24
    45.44%
    32.10%
    0.752
    30
    4.467
    2'821'365
    2'204'444
    2'212'415
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    58'364.2
    62'182.4
    11'628.0
    13'892.5
    0.49x
    0.45x
    5'428.5
    6'353.9
    1'162.0
    1'333.0
    5.63x
    4.81x
    5.46x
    2'088.6
    2'667.9
    373.0
    489.0
    14.77x
    11.19x
    14.70x
    14.81x
    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

    22.09.2010
    APOS
    02.10.2012
    A-1
    8.72
    2.68
    -0.42
    1.42
    57.7%
    36.5%
    0.60
    3.80
    44.13
    201.38
    67.97
    160.41

    Sales/Revenue/Turnover

    50.00

    60'000.0

    45.00

    50'000.0

    40.00
    35.00

    40'000.0

    30.00

    30'000.0

    25.00
    20.00

    20'000.0

    15.00
    10.00

    10'000.0

    5.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    European Aeronautic Defence and Space Co NV


    Holdings By:

    All

    Holder Name
    SOGEADE
    DAIMLERCHRYSLER AERO
    SOCIEDAD ESTATAL DE
    FEDERAL REPUBLIC OF
    CAPITAL GROUP COMPAN
    BLACKROCK
    CAISSE DES DEPOTS ET
    AMUNDI SA
    VANGUARD GROUP INC
    VIKING GLOBAL INVEST
    OLD MUTUAL
    OPPENHEIMERFUNDS INC
    STATE STREET
    NATIXIS ASSET MANAGE
    PRIMECAP MANAGEMENT
    DEUTSCHE BANK AG
    INVESCO LTD
    ALLIANZ ASSET MANAGE
    BARCLAYS CAPITAL SEC
    AMUNDI

    Firm Name

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

    Analyst

    Oddo & Cie


    YAN DEROCLES
    DZ Bank AG
    MARKUS TURNWALD
    Barclays
    CARTER COPELAND
    AlphaValue
    THOMAS PICHERIT
    Societe Generale
    ZAFAR KHAN
    Commerzbank Corporates & Markets STEPHAN BOEHM
    Morgan Stanley
    RUPINDER VIG
    Investec
    ANDREW GOLLAN
    Nord/LB
    WOLFGANG DONIE
    RBC Capital Markets
    ROBERT STALLARD
    JPMorgan
    DAVID H. PERRY
    Jefferies
    SANDY MORRIS
    CA Cheuvreux
    ANTOINE BOIVIN-CHAMPEAUX
    CM - CIC Securities(ESN)
    HARALD LIBERGE-DONDOUX
    Kepler Capital Markets
    CHRISTOPHE MENARD
    Bankhaus Lampe
    SEBASTIAN HEIN
    Exane BNP Paribas
    OLIVIER BROCHET
    Landesbank Baden-Wuerttemberg
    STEFAN MAICHL
    Sanford C. Bernstein & Co
    DOUGLAS S HARNED
    Natixis
    ERIC CHADEYRAS
    Day by Day
    VALERIE GASTALDY
    Independent Research GmbH
    ZAFER RUZGAR
    Hamburger Sparkasse
    INGO SCHMIDT
    EVA Dimensions
    CRAIG STERLING
    Deutsche Bank
    BEN FIDLER
    Espirito Santo Investment Bank Research
    EDWARD STACEY
    S&P Capital IQ
    JOHNSON IMODE
    Gabelli & Co
    JAMES FOUNG

    Source
    Research
    Research
    Research
    Research
    ULT-AGG
    ULT-AGG
    RNS-RUL8
    RNS-RUL8
    RNS-RUL8
    RNS-RUL8
    ULT-AGG
    RNS-RUL8
    ULT-AGG
    MF-AGG
    13F
    MF-AGG
    RNS-RUL8
    ULT-AGG
    RNS-RUL8
    MF-AGG

    Recommendation
    buy
    buy
    overweight
    add
    buy
    buy
    Overwt/In-Line
    buy
    hold
    outperform
    overweight
    buy
    select list
    reduce
    buy
    buy
    outperform
    buy
    market perform
    buy
    buy
    buy
    sell
    overweight
    buy
    sell
    buy
    hold

    Amt Held
    183'337'704
    122'225'136
    44'690'871
    22'725'182
    22'700'810
    22'605'402
    15'584'382
    15'385'347
    12'117'860
    11'930'093
    9'429'402
    9'211'702
    8'700'820
    7'204'777
    6'266'690
    4'615'311
    3'879'592
    2'769'956
    2'644'421
    2'609'047

    % Out
    22.13
    14.76
    5.4
    2.74
    2.74
    2.73
    1.88
    1.86
    1.46
    1.44
    1.14
    1.11
    1.05
    0.87
    0.76
    0.56
    0.47
    0.33
    0.32
    0.31

    Weighting

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

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

    Latest Chg
    (61'096'851)
    3'758
    472'675
    (2'721)
    3'341
    (1'079'438)
    (24'465)
    (9'990)
    18'091
    (19'787)
    60'000
    318'710
    243'047
    (833'201)
    32'018

    Target Price
    44
    42
    40
    42
    42
    44
    40
    43
    36
    43
    48
    45
    42
    27
    42
    40
    35
    40
    38
    41
    36
    40
    #N/A N/A
    #N/A N/A
    42
    25
    36
    #N/A N/A

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

    File Dt
    Inst Type
    11.12.2012
    Holding Company
    11.12.2012
    Corporation
    11.12.2012
    Holding Company
    06.12.2012
    Government
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    25.09.2012
    Unclassified
    10.10.2012
    Other
    09.10.2012
    Investment Advisor
    10.10.2012 Hedge Fund Manager
    31.12.2012
    Unclassified
    05.10.2012
    Investment Advisor
    27.02.2013
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    13.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    10.10.2012
    Investment Advisor
    28.09.2012 Mutual Fund Manager

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

    Date
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    25.02.2013
    22.02.2013
    18.02.2013
    15.02.2013
    01.02.2013
    28.01.2013
    22.01.2013
    22.01.2013
    17.01.2013
    12.12.2012
    07.12.2012
    08.11.2012
    10.10.2011

    28.02.2013

    Enel SpA
    Enel S.p.A. generates, transmits, distributes, and trades electricity. The
    Company operates hydroelectric, geothermal, and other generating plants. Enel,
    through subsidiaries, also provides fixed-line and mobile telephone services,
    installs public lighting systems, and operates real estate, factoring,
    insurance, telecommunications, and Internet service provider businesses.

    Price/Volume
    4

    300.0 M

    250.0 M

    200.0 M

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (14.01.2013)
    52-Week Low (24.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    ENEL IM EQUITY YTD Change
    ENEL IM EQUITY YTD % CHANGE

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

    100.0 M

    50.0 M

    1
    0
    f-12 m-12

    31.12.2008
    31.12.2009
    59'577.0
    62'498.0
    1.53x
    1.85x
    13'722.0
    15'883.0
    6.63x
    7.29x
    5'293.0
    5'586.0
    5.54x
    5.90x
    Profitability

    LTM-4Q
    31.12.2010
    71'943.0
    1.56x
    16'768.0
    6.68x
    4'390.0
    8.01x

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

    31.12.2011
    77'573.0
    1.34x
    17'198.0
    6.03x
    4'148.0
    7.13x
    17'198.00
    11'366.00
    14.65%
    10.88%
    2.01%
    8.93%
    0.48%
    23.5%
    12.8%
    5.3%
    0.88
    0.46
    38.56%
    168.81%
    6.11
    -

    Price/ Cash Flow

    j-12

    LTM

    09/yy
    75'827.0
    5.88x
    16'725.0
    6.33x
    4'433.0
    7.05x

    j-12

    09/yy
    82'455.0
    4.88x
    19'353.0
    5.21x
    3'464.0
    7.52x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    .0 M
    f-13

    FY+1

    0.97
    6'465.37
    -2.29%
    -12.43%
    0.970
    35
    3.114
    54'134'760
    42'051'110
    40'455'780
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    79'476.8
    79'116.5
    19'566.8
    1.07x
    1.05x
    4.36x
    16'570.6
    16'335.3
    3'856.5
    6.09x
    6.17x
    3'473.1
    3'337.0
    992.5
    7.51x
    7.76x
    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

    08.03.2012
    BBB+
    NEG
    14.12.2007
    A-2
    6.25
    3.72
    3.03
    3.40
    168.8%
    54.6%
    0.48
    0.82
    59.86
    -

    Sales/Revenue/Turnover

    4.00

    90'000.0

    3.50

    80'000.0

    3.00

    70'000.0
    60'000.0

    2.50

    50'000.0

    2.00

    40'000.0

    1.50

    30'000.0

    1.00

    20'000.0

    0.50

    10'000.0

    0.00
    02.01.2009

    a-12 m-12

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

    Fiscal Year Ended


    31.12.2007
    42'734.0
    2.76x
    9'694.0
    12.17x
    3'916.0
    13.46x

    150.0 M

    12/2011
    09/yy
    3.30
    2.02
    8'380'399.00
    2.748
    -16.67%
    36.04%
    56.72%
    9'403.4
    25'840.43
    65'481.00
    0.0
    15'650.0
    7'015.00
    100'842.43

    0.0
    02.07.2009

    02.01.2010

    02.07.2010

    02.01.2011

    02.07.2011

    02.01.2012

    02.07.2012

    02.01.2013

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

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

    28.02.2013

    Enel SpA
    Holdings By:

    All

    Holder Name
    MINISTERO DELL'ECONO
    VANGUARD GROUP INC
    BLACKROCK
    PICTET ASSET MANAGEM
    FMR LLC
    DB PLATINUM ADVISORS
    MERCURY ASSET MANAGE
    AMUNDI
    ARCA SGR SPA
    BNP ASSET MANAGEMENT
    STATE STREET BANQUE
    AVIVA PLC
    CREDIT SUISSE ASSET
    UNION INVESTMENT LUX
    NATIXIS ASSET MANAGE
    BNP ASSET MANAGEMENT
    DEKA INVESTMENT GMBH
    UBS
    BANK OF NEW YORK MEL
    JOHN HANCOCK INVESTM

    Firm Name

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

    Analyst

    Raymond James
    EMMANUEL RETIF
    AlphaValue
    MYRIAM COHEN
    Day by Day
    VALERIE GASTALDY
    Espirito Santo Investment Bank Research
    FERNANDO GARCIA GARCIA
    Exane BNP Paribas
    PHILIP GOTTSCHALK
    ICBPI
    SIMONA PEDRAZZINI
    Centrobanca
    EDOARDO MONTALBANO
    Nomura
    JAVIER SUAREZ
    Grupo Santander
    OSCAR NAJAR RIOS
    Banca IMI
    ROBERTO RANIERI
    Independent Research GmbH
    SVEN DIERMEIER
    Banca Akros(ESN)
    DARIO MICHI
    Ahorro Corporacion Financiera SA
    VIRGINIA PEREZ REPES
    Berenberg Bank
    ANDREW FISHER
    S&P Capital IQ
    CLIVE ROBERTS
    Societe Generale
    ALBERTO PONTI
    Barclays
    SUSANNA INVERNIZZI
    EVA Dimensions
    AUSTIN BURKETT
    Deutsche Bank
    VIRGINIA SANZ DE MADRID
    Kepler Capital Markets
    CLAUDIA INTROVIGNE
    Goldman Sachs
    DARIO CARRADORI
    Equita SIM SpA
    ROBERTO LETIZIA
    Credit Suisse
    STEFANO BEZZATO
    Morgan Stanley
    ANNA MARIA SCAGLIA
    HSBC
    ADAM DICKENS
    Natixis
    PHILIPPE OURPATIAN
    CA Cheuvreux
    FRANCESCA PEZZOLI
    Mediobanca SpA
    MARIA BEATRICE GEROSA
    Banco Sabadell
    JORGE GONZALEZ SADORNIL
    Nord/LB
    HEINO HAMMANN
    Landesbank Baden-Wuerttemberg
    ERKAN AYCICEK
    Hammer Partners SA
    CHRIS MOORE
    JPMorgan
    JAVIER GARRIDO
    DZ Bank AG
    HASIM SENGUEL

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

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

    Amt Held
    2'937'984'993
    120'746'699
    105'225'009
    78'166'519
    24'688'850
    23'430'194
    19'719'027
    16'612'410
    12'645'186
    11'206'529
    9'435'950
    9'331'460
    9'057'798
    7'912'096
    7'807'081
    7'543'637
    7'123'096
    7'000'609
    6'940'014
    6'929'768

    % Out
    31.24
    1.28
    1.12
    0.83
    0.26
    0.25
    0.21
    0.18
    0.13
    0.12
    0.1
    0.1
    0.1
    0.08
    0.08
    0.08
    0.08
    0.07
    0.07
    0.07

    Weighting

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

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

    Latest Chg
    2'529'990
    911'441
    (3'333'832)
    13'243'042
    (6'000'000)
    (13'273'216)
    510'545
    775'170
    309'230
    137'675
    (241'490)
    2'075'741
    3'250'432
    57'724
    288'821
    45'616

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

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

    File Dt
    20.11.2012
    31.12.2012
    26.02.2013
    30.11.2012
    31.12.2012
    31.01.2013
    26.02.2013
    30.11.2012
    28.12.2012
    30.09.2012
    31.01.2013
    31.01.2013
    28.12.2012
    28.09.2012
    31.12.2012
    30.09.2012
    28.12.2012
    28.12.2012
    26.02.2013
    31.12.2012

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

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

    Date
    27.02.2013
    21.02.2013
    14.02.2013
    13.02.2013
    13.02.2013
    12.02.2013
    08.02.2013
    08.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    05.02.2013
    05.02.2013
    04.02.2013
    25.01.2013
    17.01.2013
    07.01.2013
    21.12.2012
    18.12.2012
    30.11.2012
    22.11.2012
    14.11.2012
    14.11.2012
    05.11.2012
    26.09.2012
    21.09.2012
    03.08.2012
    05.06.2012
    09.03.2012
    08.03.2012
    16.02.2012
    18.11.2011

    28.02.2013

    Eni SpA
    Eni S.p.A. explores for and produces hydrocarbons in Italy, Africa, the North
    Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces
    natural gas and imports it for sale in Italy and elsewhere in Europe. Eni
    transports natural gas in pipelines. The Company generates and trades
    electricity, refines oil, and operates gasoline service stations.

    Price/Volume
    25

    60.0 M
    50.0 M

    15

    40.0 M
    10

    Latest Fiscal Year:


    LTM as of:
    52-Week High (18.01.2013)
    52-Week Low (25.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    ENI IM EQUITY YTD Change
    ENI IM EQUITY YTD % CHANGE

    12/2012
    12/yy
    19.59
    14.94
    3'440'119.00
    17.34
    -11.49%
    16.06%
    52.47%
    3'634.2
    63'016.77
    24'463.00
    0.0
    3'514.0
    8'066.00
    82'927.77

    30.0 M
    20.0 M

    10.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

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

    Fiscal Year Ended


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

    70.0 M

    20

    Valuation Analysis

    31.12.2008
    108'082.0
    0.74x
    26'939.0
    2.98x
    8'825.0
    6.89x

    80.0 M

    31.12.2009
    31.12.2010
    83'227.0
    98'523.0
    1.10x
    0.91x
    20'817.0
    24'992.0
    4.39x
    3.58x
    4'367.0
    6'318.0
    14.71x
    9.39x
    Profitability

    LTM-4Q
    31.12.2011
    109'589.0
    0.83x
    25'732.0
    3.53x
    6'860.0
    8.47x

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

    31.12.2012
    127'271.0
    0.68x
    24'564.0
    3.52x
    7'788.0
    16.38x
    24'564.00
    15'026.00
    11.81%
    13.04%
    6.12%
    15.13%
    0.90%
    19.3%
    11.8%
    6.1%
    1.44
    0.23
    17.43%
    41.32%
    -

    Price/ Cash Flow

    LTM

    FY+1

    .0 M
    f-13

    0.86
    2'532.64
    6.67%
    -5.45%
    0.858
    37
    4.027
    16'247'390
    13'960'150
    12'092'730
    FY+2

    FQ+1

    FQ+2

    12/yy
    12/yy
    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    108'740.0 127'271.0 120'055.6 122'018.0
    32'752.0
    31'600.7
    3.31x
    2.95x
    0.67x
    0.66x
    2.45x
    2.57x
    25'213.0
    24'564.0
    28'717.7
    29'865.0
    7'530.0
    7'527.0
    3.60x
    3.52x
    2.89x
    2.78x
    2.76x
    2.69x
    6'860.0
    8'673.0
    7'217.5
    7'779.2
    1'871.0
    1'838.0
    8.45x
    7.66x
    8.71x
    8.16x
    9.00x
    8.25x
    S&P Issuer Ratings
    Long-Term Rating Date
    17.01.2012
    Long-Term Rating
    A
    Long-Term Outlook
    NEG
    Short-Term Rating Date
    19.05.2010
    Short-Term Rating
    A-1
    Credit Ratios
    EBITDA/Interest Exp.
    27.91
    (EBITDA-Capex)/Interest Exp.
    15.26
    Net Debt/EBITDA
    0.67
    Total Debt/EBITDA
    1.00
    Reference
    Total Debt/Equity
    41.3%
    Total Debt/Capital
    28.1%
    Asset Turnover
    0.90
    Net Fixed Asset Turnover
    1.86
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle
    Sales/Revenue/Turnover

    6.00

    140'000.0

    5.00

    120'000.0
    100'000.0

    4.00

    80'000.0
    3.00

    60'000.0

    2.00

    40'000.0

    1.00

    20'000.0

    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

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

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

    28.02.2013

    Eni SpA
    Holdings By:

    All

    Holder Name
    CASSA DEPOSITI E PRE
    MINISTERO DELL'ECONO
    BLACKROCK
    FMR LLC
    VANGUARD GROUP INC
    CAPITAL GROUP COMPAN
    BNP PARIBAS ARBITRAG
    BNP PARIBAS SA
    ABERDEEN
    DB PLATINUM ADVISORS
    T ROWE PRICE ASSOCIA
    BNP PARIBAS SEC SERV
    NATIXIS ASSET MANAGE
    MERCURY ASSET MANAGE
    AMUNDI
    THORNBURG INVESTMENT
    BNP PARIBAS INV PART
    JP MORGAN
    UNION INVESTMENT LUX
    ALLIANZ ASSET MANAGE

    Firm Name
    HSBC
    Banca Akros(ESN)
    AlphaValue
    Sanford C. Bernstein & Co
    Mediobanca SpA
    Banca IMI
    Macquarie
    Canaccord Genuity Corp
    RBC Capital Markets
    Societe Generale
    Jefferies
    Raymond James
    Independent Research GmbH
    Kepler Capital Markets
    Nomura
    Exane BNP Paribas
    Barclays
    Grupo Santander
    Investec
    Goldman Sachs
    Credit Suisse
    Banco Sabadell
    S&P Capital IQ
    VTB Capital
    Day by Day
    Natixis
    JPMorgan
    EVA Dimensions
    Landesbank Baden-Wuerttemberg
    Equita SIM SpA
    Morgan Stanley
    Hamburger Sparkasse
    Deutsche Bank
    CA Cheuvreux
    National Bank AG
    Pareto Securities

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

    Analyst
    PAUL SPEDDING
    DARIO MICHI
    ALEXANDRE ANDLAUER
    OSWALD CLINT
    ANDREA SCAURI
    ROBERTO RANIERI
    MARC B KOFLER
    GORDON GRAY
    PETER HUTTON
    IRENE HIMONA
    IAIN REID
    BERTRAND HODEE
    SVEN DIERMEIER
    ENRICO COCO
    THEEPAN JOTHILINGAM
    ALEJANDRO DEMICHELIS
    RAHIM KARIM
    JASON KENNEY
    STUART JOYNER
    MICHELE DELLA VIGNA
    KIM FUSTIER
    JORGE GONZALEZ SADORNIL
    CHRISTINE TISCARENO
    COLIN SMITH
    VALERIE GASTALDY
    ANNE PUMIR
    NITIN SHARMA
    CRAIG STERLING
    JENS MUENSTERMANN
    DOMENICO GHILOTTI
    MARTIJN P RATS
    INGO SCHMIDT
    MARK BLOOMFIELD
    DOMINIQUE PATRY
    MANFRED JAISFELD
    THOMAS AARRESTAD

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

    Recommendation
    neutral
    buy
    reduce
    market perform
    outperform
    add
    outperform
    sell
    sector perform
    hold
    buy
    outperform
    hold
    hold
    buy
    neutral
    overweight
    Under Review
    hold
    Buy/Cautious
    outperform
    buy
    buy
    hold
    buy
    neutral
    overweight
    buy
    buy
    hold
    Overwt/In-Line
    hold
    buy
    outperform
    hold
    hold

    Amt Held
    958'298'322
    142'968'850
    65'146'713
    51'132'349
    50'558'786
    44'489'000
    41'175'319
    28'455'671
    16'682'332
    15'945'098
    12'165'115
    11'484'026
    9'392'579
    8'803'365
    7'930'723
    7'363'500
    6'416'116
    5'215'817
    5'172'282
    5'121'487

    % Out
    26.37
    3.93
    1.79
    1.41
    1.39
    1.22
    1.13
    0.78
    0.46
    0.44
    0.33
    0.32
    0.26
    0.24
    0.22
    0.2
    0.18
    0.14
    0.14
    0.14

    Weighting

    Change

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

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    U
    M
    M
    D
    N

    Latest Chg
    1'485'289
    (1'982'479)
    999'327
    1'853'508
    (116'700)
    2'499'767
    848'857
    729'051
    2'261'442
    55'450
    (10'621)
    1'009'050
    (222'556)

    Target Price
    19
    22
    18
    20
    22
    19
    21
    17
    20
    19
    22
    21
    20
    18
    19
    20
    21
    #N/A N/A
    16
    21
    21
    20
    23
    20
    20
    18
    22
    #N/A N/A
    20
    21
    20
    #N/A N/A
    21
    21
    17
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    20.11.2012
    Other
    20.11.2012
    Government
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    20.11.2012
    Investment Advisor
    20.11.2012
    Bank
    31.01.2013
    Unclassified
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    20.11.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    26.02.2013
    Investment Advisor
    30.11.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Unclassified
    28.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor

    Date
    Not Provided
    12 month
    6 month
    12 month
    6 month
    12 month
    12 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    3 month
    Not Provided
    3 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided

    Date
    28.02.2013
    28.02.2013
    28.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    21.02.2013
    21.02.2013
    19.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    14.02.2013
    07.02.2013
    06.02.2013
    17.01.2013
    09.01.2013
    30.11.2012
    27.11.2012
    30.10.2012
    29.08.2012
    13.08.2012
    24.05.2012
    23.04.2010

    28.02.2013

    Cie Generale d'Optique Essilor International SA


    Essilor International SA manufactures and sells plastic and glass ophthalmic
    lenses. These include the Ormex, Transitions, Varilux, Essilor, Airwear, and
    Crizal lenses. Essilor sells its products internationally.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (28.02.2013)
    52-Week Low (01.03.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 14.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    EI FP EQUITY YTD Change
    EI FP EQUITY YTD % CHANGE

    12/2012
    12/yy
    78.93
    58.04
    405'327.00
    78.62
    -0.30%
    35.46%
    80.84%
    214.7
    16'881.61
    915.73
    0.0
    132.9
    397.77
    17'740.56

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    9.0 M

    80

    8.0 M

    70

    7.0 M

    60

    6.0 M

    50

    5.0 M

    40

    4.0 M

    30

    3.0 M

    20

    2.0 M

    10

    1.0 M

    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    3'074.4
    2.30x
    696.7
    10.16x
    382.4
    18.15x

    90

    31.12.2009
    31.12.2010
    3'268.0
    3'891.6
    2.68x
    2.68x
    754.4
    900.2
    11.63x
    11.58x
    390.7
    462.0
    22.09x
    21.90x
    Profitability

    LTM-4Q
    31.12.2011
    4'189.5
    2.87x
    919.3
    13.09x
    505.6
    22.36x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    4'988.8
    584.0
    27.11x
    919.35
    724.97
    17.30%
    16.65%
    9.12%
    17.43%
    13.69%
    0.78%
    55.4%
    22.0%
    17.3%
    11.7%
    1.26
    0.21
    14.87%
    27.54%
    4.32
    2.77

    Price/ Cash Flow

    03/yy
    3'333.4
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    LTM
    12/yy
    4'518.6
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    0.55
    197.12
    33.20%
    3.42%
    0.553
    22
    3.636
    687'876
    502'127
    463'294
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    5'369.3
    5'811.8
    3.21x
    2.92x
    1'185.9
    1'297.2
    14.94x
    13.64x
    647.1
    711.8
    25.38x
    23.00x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    66.12
    51.40
    0.59
    1.15
    27.5%
    20.9%
    0.78
    5.02
    84.68
    132.29
    132.66
    -

    Sales/Revenue/Turnover

    25.00

    6'000.0
    5'000.0

    20.00

    4'000.0
    15.00

    3'000.0
    10.00

    2'000.0

    5.00

    0.00
    01.01.2010

    1'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Cie Generale d'Optique Essilor International SA


    Holdings By:

    All

    Holder Name
    FCPE VALOPTEC INTERN
    CIE GENERALE D'OPTIQ
    FCPE GROUPE ESSILOR
    VANGUARD GROUP INC
    HARBOR CAPITAL ADVIS
    NATIXIS ASSET MANAGE
    FMR LLC
    BLACKROCK
    CARMIGNAC GESTION
    ALLIANZ ASSET MANAGE
    AMUNDI
    TIAA CREF INVESTMENT
    LBPAM
    SCHRODER INVESTMENT
    JUPITER ASSET MANAGE
    OPPENHEIMERFUNDS INC
    SARASIN
    MERCURY ASSET MANAGE
    PICTET ASSET MANAGEM
    UNION INVESTMENT GMB

    Firm Name
    Morgan Stanley
    Raymond James
    Bryan Garnier & Cie
    AlphaValue
    Barclays
    Redburn Partners
    Berenberg Bank
    Exane BNP Paribas
    S&P Capital IQ
    EVA Dimensions
    Natixis
    HSBC
    Day by Day
    Societe Generale
    BPI
    Jefferies
    Independent Research GmbH
    Kepler Capital Markets
    Goldman Sachs
    CA Cheuvreux

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    MICHAEL K JUNGLING
    MARC WILLAUME
    CEDRIC ROSSI
    ARMELLE MOULIN
    ALEXANDER KLEBAN
    PASCAL HAUTCOEUR
    BASSEL CHOUGHARI
    JULIEN DORMOIS
    JACOB THRANE
    ANDREW S ZAMFOTIS
    STEPHANE SUMAR
    SOPHIE DARGNIES
    VALERIE GASTALDY
    MARIE-LINE FORT
    HUBERT D'AILLIERES
    INGEBORG OIE
    CHRISTOPH SCHOENDUBE
    CLAIRE DERAY
    WILLIAM HUTCHINGS
    THOMAS MESMIN

    Source
    Co File
    Co File
    Co File
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    Underwt/Attractive
    outperform
    buy
    reduce
    overweight
    buy
    hold
    neutral
    strong buy
    underweight
    buy
    overweight
    buy
    hold
    buy
    hold
    sell
    reduce
    neutral/neutral
    suspended coverage

    Amt Held
    6'263'487
    5'363'126
    5'269'233
    5'142'831
    4'201'430
    3'780'077
    3'548'248
    2'938'700
    2'844'588
    1'753'778
    1'483'908
    1'027'416
    938'921
    871'599
    862'001
    830'196
    675'667
    659'008
    618'958
    608'800

    % Out
    2.92
    2.5
    2.45
    2.4
    1.96
    1.76
    1.65
    1.37
    1.32
    0.82
    0.69
    0.48
    0.44
    0.41
    0.4
    0.39
    0.31
    0.31
    0.29
    0.28

    Weighting

    Change

    1
    5
    5
    2
    5
    5
    3
    3
    5
    1
    5
    5
    5
    3
    5
    3
    1
    2
    3
    #N/A N/A

    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (20'616)
    228'537
    (284'151)
    (683'149)
    (511'731)
    (134'702)
    (27'217)
    80'908
    74'350
    (179'060)
    (28'372)
    (364)
    (3'800)

    Target Price
    60
    83
    80
    70
    89
    #N/A N/A
    77
    78
    88
    #N/A N/A
    90
    90
    82
    69
    80
    70
    66
    62
    74
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.12.2011
    n/a
    31.12.2011
    Corporation
    31.12.2011
    n/a
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    30.11.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.08.2012
    Investment Advisor
    30.12.2012
    Investment Advisor
    28.12.2012
    Unclassified
    26.02.2013
    Investment Advisor
    30.11.2012
    Investment Advisor
    28.09.2012
    Investment Advisor

    Date
    12 month
    12 month
    6 month
    6 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    3 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    Not Provided

    Date
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    25.02.2013
    22.02.2013
    15.02.2013
    13.02.2013
    08.02.2013
    17.01.2013
    10.01.2013
    09.01.2013
    11.12.2012
    04.12.2012
    12.11.2012
    05.11.2012
    31.10.2012
    25.10.2012
    21.05.2012
    15.03.2012

    28.02.2013

    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
    7.0 M

    1000

    6.0 M
    5.0 M

    800

    4.0 M

    600

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (01.02.2013)
    52-Week Low (18.05.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 22.02.2013
    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

    03/2012
    01/yy
    1'114.00
    859.00
    178'765.00
    1087
    -2.42%
    26.54%
    89.41%
    1'010.2
    10'981.16
    2'192.00
    0.0
    159.0
    261.00
    18'909.28

    31.03.2008
    3'789.0
    2.72x
    1'086.0
    9.50x
    437.0
    17.74x

    3.0 M

    400

    2.0 M

    200

    1.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    1200

    31.03.2009
    31.03.2010
    3'873.0
    3'880.0
    2.24x
    3.07x
    1'139.0
    1'124.0
    7.62x
    10.59x
    486.0
    600.0
    13.34x
    16.47x
    Profitability

    31.03.2011
    3'885.0
    3.71x
    1'421.0
    10.13x
    581.0
    25.10x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.03.2012
    4'487.0
    4.04x
    1'803.0
    10.05x
    655.0
    23.33x
    1'803.00
    1'369.00
    30.51%
    15.36%
    4.19%
    14.08%
    21.39%
    0.57%
    62.1%
    41.1%
    31.4%
    14.6%
    0.52
    0.35
    26.88%
    79.08%
    5.29
    -

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    1.97
    0.95
    1'006.84
    17.43%
    11.64%
    0.947
    18
    4.444
    1'455'314
    1'595'838
    1'772'752
    FY+2

    03/13 Y
    03/14 Y
    4'751.1
    5'148.4
    4.18x
    3.74x
    1'590.5
    1'745.7
    11.89x
    10.83x
    836.0
    1'010.6
    19.72x
    16.97x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    .0 M
    f-13

    FQ+1

    FQ+2

    4.10
    3.91
    1.15
    1.49
    79.1%
    42.8%
    0.57
    10.20
    69.13
    21.12

    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
    03.04.2009

    500.0
    0.0
    03.10.2009

    03.04.2010

    03.10.2010

    03.04.2011

    03.10.2011

    03.04.2012

    03.10.2012

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Experian PLC
    Holdings By:

    All

    Holder Name
    BLACKROCK
    ARTISAN PARTNERS HOL
    LEGAL & GENERAL
    FMR LLC
    CAPITAL GROUP COMPAN
    VANGUARD GROUP INC
    SCHRODER INVESTMENT
    OPPENHEIMERFUNDS INC
    MORGAN STANLEY
    BNP PARIBAS INV PART
    WILLIAM BLAIR & COMP
    T ROWE PRICE ASSOCIA
    SCOTTISH WIDOWS
    JUPITER ASSET MANAGE
    TRIMARK INVESTMENT M
    HARRIS ASSOCIATES LP
    BANK OF NEW YORK MEL
    THREADNEEDLE INVESTM
    TAUBE HODSON STONEX
    SWEDBANK ROBUR FONDE

    Firm Name
    Goldman Sachs
    Day by Day
    Canaccord Genuity Corp
    Barclays
    HSBC
    Jefferies
    Evercore Partners
    Nomura
    Oriel Securities Ltd
    JPMorgan
    Robert W. Baird & Co
    EVA Dimensions
    Credit Suisse
    Shore Capital Stockbrokers
    Deutsche Bank

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    WILLIAM BLAIR & COMP
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    CHARLES WILSON
    VALERIE GASTALDY
    GRAHAM BROWN
    PAUL D A SULLIVAN
    RAJESH KUMAR
    JUSTIN JORDAN
    DAVID M TOGUT
    MATTHEW WALKER
    HECTOR FORSYTHE
    ROBERT PLANT
    DANIEL R LEBEN
    CRAIG STERLING
    ANDY GROBLER
    ROBIN SPEAKMAN
    ANDY CHU

    Source
    ULT-AGG
    Co File
    ULT-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    13F
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    neutral/neutral
    buy
    sell
    overweight
    overweight
    buy
    overweight
    buy
    buy
    overweight
    neutral
    hold
    outperform
    buy
    buy

    Amt Held
    51'371'146
    50'901'871
    40'756'800
    33'355'571
    32'286'000
    18'295'867
    12'636'172
    10'650'959
    10'138'387
    10'049'097
    9'835'265
    8'828'054
    8'544'826
    7'031'674
    5'660'606
    5'505'401
    4'693'289
    4'364'234
    3'962'890
    3'431'637

    % Out
    5.09
    5.04
    4.03
    3.3
    3.2
    1.81
    1.25
    1.05
    1
    0.99
    0.97
    0.87
    0.85
    0.7
    0.56
    0.54
    0.46
    0.43
    0.39
    0.34

    Weighting

    Change
    3
    5
    1
    5
    5
    5
    5
    5
    5
    5
    3
    3
    5
    5
    5

    M
    U
    M
    N
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    621'998
    394'068
    (7'204)
    980'910
    2'580'137
    410'711
    (950'546)
    2'999'238
    4'079'400
    (244'046)
    (24'755)
    (530'350)
    528'260

    Target Price
    1'305
    1'192
    898
    1'250
    1'200
    1'200
    1'400
    1'215
    1'152
    1'210
    1'140
    #N/A N/A
    1'230
    #N/A N/A
    1'200

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    26.02.2013
    09.05.2012
    09.05.2012
    31.12.2012
    31.12.2012
    31.12.2012
    30.11.2012
    30.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    30.11.2012
    31.08.2012
    30.09.2012
    31.12.2012
    31.12.2012
    31.10.2012
    30.11.2012
    31.12.2012

    Date
    12 month
    3 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    9 month
    12 month
    Not Provided
    Not Provided
    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
    Unclassified
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    25.02.2013
    20.02.2013
    12.02.2013
    07.02.2013
    04.02.2013
    30.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    29.01.2013
    29.01.2013
    17.01.2013
    16.01.2013
    08.01.2013
    24.10.2012

    28.02.2013

    Fiat Industrial SpA


    Fiat Industrial SpA manufactures a wide range of branded trucks and tractors.
    The Company also manufactures powertrains for industrial, and marine
    applications as well as manufactures and supplies truck, bus, and diesel
    engines, and engineers, manufactures, markets, and distributes agricultural and
    construction equipment.

    Price/Volume
    25.0 M

    10

    20.0 M

    15.0 M

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (29.01.2013)
    52-Week Low (27.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    FI IM EQUITY YTD Change
    FI IM EQUITY YTD % CHANGE

    12/2012
    12/yy
    9.80
    6.96
    636'916.00
    9.155
    -6.33%
    31.54%
    79.58%
    1'222.6
    11'192.62
    20'730.00
    787.0
    4'615.00
    28'094.62

    10.0 M

    5.0 M

    2
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    12

    31.12.2009
    31.12.2010
    17'968.0
    21'342.0
    959.0
    1'757.0
    (464.0)
    341.0
    Profitability

    LTM-4Q
    31.12.2011
    24'231.0
    0.95x
    2'352.0
    9.83x
    624.0
    13.54x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    25'785.0
    1.05x
    2'798.0
    9.65x
    810.0
    12.45x
    2'798.00
    2'079.00
    8.06%
    5.76%
    2.16%
    17.10%
    0.70%
    18.8%
    14.1%
    8.1%
    3.1%
    1.67
    0.36
    53.24%
    420.06%
    15.58
    3.95

    Price/ Cash Flow

    LTM

    12/yy
    24'289.0
    3.87x
    2'352.0
    9.83x
    624.0
    13.54x

    12/yy
    25'785.0
    3.14x
    3'626.0
    0.00x
    810.0
    12.57x

    FY+1

    .0 M
    f-13

    0.93
    792.73
    17.21%
    10.90%
    0.928
    24
    3.583
    3'806'783
    4'025'179
    3'981'908
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    26'852.8
    27'863.8
    6'002.0
    7'023.0
    0.61x
    0.58x
    2.24x
    1.95x
    3'023.8
    3'287.1
    648.0
    848.0
    9.30x
    8.55x
    9.46x
    9.34x
    1'158.6
    1'354.1
    221.0
    340.0
    10.07x
    8.68x
    9.86x
    9.55x
    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

    04.11.2010
    BB+
    STABLE
    24.02.2011
    B
    8.94
    4.63
    5.51
    6.58
    420.1%
    78.4%
    0.70
    6.27
    23.50
    92.62
    77.10
    19.55

    Sales/Revenue/Turnover

    8.00

    30'000.0

    7.00

    25'000.0

    6.00

    20'000.0

    5.00
    4.00

    15'000.0

    3.00

    10'000.0

    2.00

    5'000.0
    1.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Fiat Industrial SpA


    Holdings By:

    All

    Holder Name
    EXOR SPA
    HARRIS ASSOCIATES LP
    FMR LLC
    FIAT SPA
    GOVT OF SINGAPORE IN
    VANGUARD GROUP INC
    BLACKROCK
    ARTISAN PARTNERS HOL
    CAPITAL GROUP COMPAN
    CITADEL ADVISORS LLC
    LBPAM
    GENERALI ASSET MANAG
    NEW JERSEY DIVISION
    NATIXIS ASSET MANAGE
    BESSEMER GROUP INCOR
    CARMIGNAC GESTION
    ALLIANZ ASSET MANAGE
    SNS INVESTMENT FUND
    LITMAN/GREGORY FUND
    FEDERAL GESTION

    Firm Name
    William Blair & Co
    Banca Akros(ESN)
    Mediobanca SpA
    AlphaValue
    Macquarie
    Equita SIM SpA
    Banca IMI
    Societe Generale
    Deutsche Bank
    CA Cheuvreux
    Kepler Capital Markets
    Morgan Stanley
    Credit Suisse
    Barclays
    EVA Dimensions
    Berenberg Bank
    Silvia Quandt Research
    Centrobanca
    Main First Bank AG
    JPMorgan
    Goldman Sachs
    Exane BNP Paribas
    Natixis

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    LAWRENCE T DE MARIA
    GABRIELE GAMBAROVA
    MASSIMO VECCHIO
    HANS-PETER WODNIOK
    JENS SCHATTNER
    MARTINO DEAMBROGGI
    MONICA BOSIO
    STEPHEN REITMAN
    PETER REILLY
    MARCO BACCAGLIO
    GIANANTONIO VILLANI
    LAURA LEMBKE
    ERICH HAUSER
    MICHAEL TYNDALL
    CRAIG STERLING
    ALEXANDER VIRGO
    ALBRECHT DENNINGHOFF
    MARCO CRISTOFORI
    CHRISTOPHER YOUL
    NICO DIL
    STEFAN BURGSTALLER
    RABIH FREIHA
    KATHLEEN GAILLIOT

    Source
    EXCH
    EXCH
    ULT-AGG
    EXCH
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    Short
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    outperform
    accumulate
    outperform
    reduce
    underperform
    hold
    buy
    hold
    hold
    outperform
    hold
    Equalwt/In-Line
    outperform
    overweight
    underweight
    sell
    neutral
    buy
    outperform
    restricted
    not rated
    neutral
    buy

    Amt Held
    % Out
    366'929'588 30.01
    61'458'536
    5.03
    39'099'088
    3.2
    34'219'702
    2.8
    28'449'177
    2.33
    24'435'812
    2
    22'660'155
    1.85
    9'198'596
    0.75
    8'037'500
    0.66
    (6'112'844)
    -0.5
    5'010'068
    0.41
    4'048'366
    0.33
    3'889'467
    0.32
    3'669'863
    0.3
    3'574'471
    0.29
    2'688'654
    0.22
    2'656'939
    0.22
    2'407'813
    0.2
    2'163'600
    0.18
    1'999'999
    0.16

    Weighting
    5
    4
    5
    2
    1
    3
    5
    3
    3
    5
    3
    3
    5
    5
    1
    1
    3
    5
    5
    #N/A N/A
    #N/A N/A
    3
    5

    Change
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (2'725'955)
    143'652
    (444'064)
    195'478
    (14'482)
    (9'310)
    78
    (298'179)
    (61'039)
    503'719
    27'500
    -

    Target Price
    12
    11
    11
    10
    9
    10
    12
    10
    10
    11
    9
    9
    12
    11
    #N/A N/A
    6
    9
    10
    10
    #N/A N/A
    #N/A N/A
    9
    11

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    20.01.2013
    20.01.2013
    31.12.2012
    20.01.2013
    20.01.2013
    31.12.2012
    26.02.2013
    31.12.2012
    31.12.2012
    04.12.2012
    31.12.2012
    31.01.2013
    30.06.2012
    31.12.2012
    31.10.2012
    31.12.2012
    31.12.2012
    29.06.2012
    31.12.2012
    30.11.2012

    Date
    12 month
    12 month
    6 month
    6 month
    12 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided

    Inst Type
    Corporation
    Investment Advisor
    Investment Advisor
    Corporation
    Government
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Hedge Fund Manager
    Mutual Fund Manager
    Mutual Fund Manager
    Pension Fund (ERISA)
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    27.02.2013
    26.02.2013
    21.02.2013
    21.02.2013
    12.02.2013
    05.02.2013
    04.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    31.01.2013
    31.01.2013
    17.01.2013
    17.01.2013
    08.01.2013
    16.11.2012
    05.11.2012
    02.11.2012
    13.07.2012
    30.05.2012
    27.04.2012
    26.04.2012

    28.02.2013

    Fortum OYJ
    Fortum Oyj provides a full range of energy related products and services.
    The Company's activities cover the generation, distribution, and sale of
    electricity and heat and steam, as well as the operation of power plants, and
    energy-related services. Fortum operates worldwide but mainly in Northern
    Europe.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (02.03.2012)
    52-Week Low (23.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    FUM1V FH EQUITY YTD Change
    FUM1V FH EQUITY YTD % CHANGE

    12/2012
    12/yy
    19.36
    12.81
    571'738.00
    14.52
    -25.00%
    13.35%
    25.04%
    888.4
    12'899.09
    8'777.00
    0.0
    616.0
    963.00
    21'329.09

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    12.0 M
    10.0 M
    8.0 M
    6.0 M
    4.0 M
    2.0 M

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    5'636.0
    3.58x
    2'332.0
    8.64x
    1'542.0
    8.76x

    20
    18
    16
    14
    12
    10
    8
    6
    4
    2
    0
    f-12 m-12

    31.12.2009
    31.12.2010
    5'435.0
    6'296.0
    4.28x
    4.35x
    2'332.0
    2'390.0
    9.98x
    11.45x
    1'312.0
    1'300.0
    12.84x
    15.40x
    Profitability

    LTM-4Q
    31.12.2011
    6'161.0
    3.61x
    2'395.0
    9.28x
    1'769.0
    8.28x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    6'159.0
    3.41x
    2'360.0
    8.90x
    1'409.0
    8.92x
    2'360.00
    1'696.00
    27.54%
    25.57%
    5.92%
    14.21%
    9.19%
    0.26%
    39.0%
    28.2%
    22.9%
    1.09
    0.71
    35.64%
    86.01%
    7.68
    -

    Price/ Cash Flow

    LTM

    12/yy
    6'161.0
    16.02x
    2'408.0
    9.23x
    1'769.0
    8.28x

    12/yy
    6'159.0
    14.06x
    2'403.0
    8.74x
    1'409.0
    8.92x

    FY+1

    .0 M
    f-13

    0.79
    -17.45%
    2.61%
    0.794
    35
    3.343
    2'588'822
    3'311'906
    2'522'945
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    6'260.0
    6'460.5
    1'925.5
    1'300.0
    3.43x
    3.31x
    10.74x
    16.66x
    2'448.0
    2'450.5
    802.2
    478.0
    8.71x
    8.70x
    8.59x
    9.03x
    1'154.4
    1'137.8
    443.3
    178.4
    11.25x
    11.47x
    11.13x
    12.38x
    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

    27.11.2012
    ANEG
    27.11.2012
    A-2
    7.87
    3.13
    3.25
    3.65
    86.0%
    44.8%
    0.26
    0.39
    47.63
    -

    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
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Fortum OYJ
    Holdings By:

    All

    Holder Name
    REPUBLIC OF FINLAND
    ILMARINEN MUTUAL PEN
    VANGUARD GROUP INC
    VARMA MUTUAL PENSION
    FINLAND STATE PENSIO
    SOCIAL INSUR INSTITU
    BLACKROCK
    CITY OF KURIKKA
    PICTET ASSET MANAGEM
    MANDATUM LIFE INSURA
    NORDEA INVESTMENT FU
    DEUTSCHE BANK AG
    OPPENHEIMERFUNDS INC
    LOCAL GOVERNMENT PEN
    SWISS NATIONAL BANK
    ING INTERNATIONAL AD
    BNP PARIBAS INV PART
    NORDEA FENNIA FUND
    SOCIETY OF SWEDISH L
    OP DELTA FUND

    Firm Name
    Raymond James
    AlphaValue
    Pohjola Bank Plc (ESN)
    FIM
    Main First Bank AG
    Nomura
    HSBC
    Berenberg Bank
    Kepler Capital Markets
    Morgan Stanley
    Macquarie
    SEB Enskilda
    Carnegie
    Nordea Equity Research
    Handelsbanken
    Evli Bank Plc
    Danske Markets
    Commerzbank Corporates & Markets
    ABG Sundal Collier
    Goldman Sachs
    Pareto Securities
    S&P Capital IQ
    DNB Markets
    Exane BNP Paribas
    INDERES
    Barclays
    EVA Dimensions
    Swedbank
    JPMorgan
    Deutsche Bank
    CA Cheuvreux
    Natixis

    Portfolio Name
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    n/a

    Analyst
    EMMANUEL RETIF
    MYRIAM COHEN
    HENRI PARKKINEN
    SANNA KAJE
    ANDREAS THIELEN
    MARTIN YOUNG
    ADAM DICKENS
    ANDREW FISHER
    INGO BECKER
    EMMANUEL TURPIN
    ROBERT SCHRAMM-FUCHS
    JUHA ISO-HERTTUA
    TIMO HEINONEN
    PASI VAISANEN
    KARRI RINTA
    MARKKU JARVINEN
    ANTTI KOSKIVUORI
    TANJA MARKLOFF
    PETTER NYSTROM
    DEBORAH WILKENS
    TEEMU VAINIO
    CLIVE ROBERTS
    HAAKON LEVY
    BENJAMIN LEYRE
    JUHA KINNUNEN
    PETER BISZTYGA
    AUSTIN BURKETT
    PETRI KARHUNKOSKI
    NATHALIE F CASALI
    JAMES BRAND
    SEBASTIAN KAUFFMANN
    PHILIPPE OURPATIAN

    Source
    Research
    Research
    MF-AGG
    Research
    Research
    Research
    ULT-AGG
    Research
    MF-AGG
    Research
    MF-AGG
    MF-AGG
    MF-AGG
    Research
    Research
    MF-AGG
    ULT-AGG
    Research
    Research
    Research

    Recommendation
    outperform
    buy
    buy
    accumulate
    underperform
    neutral
    underweight
    hold
    hold
    Underwt/In-Line
    outperform
    hold
    buy
    strong buy
    accumulate
    buy
    hold
    reduce
    buy
    buy/attractive
    buy
    hold
    buy
    outperform
    buy
    underweight
    underweight
    strong buy
    neutral
    sell
    underperform
    reduce

    Amt Held
    450'932'988
    13'467'550
    8'365'010
    8'324'300
    7'268'387
    7'195'896
    6'459'630
    6'203'500
    5'362'594
    4'954'834
    4'338'398
    4'127'103
    3'359'544
    2'951'403
    2'669'409
    2'514'210
    2'484'823
    2'280'000
    2'195'400
    2'160'000

    % Out
    50.76
    1.52
    0.94
    0.94
    0.82
    0.81
    0.73
    0.7
    0.6
    0.56
    0.49
    0.46
    0.38
    0.33
    0.3
    0.28
    0.28
    0.26
    0.25
    0.24

    Weighting

    Change
    5
    5
    5
    4
    1
    3
    1
    3
    3
    1
    5
    3
    5
    5
    4
    5
    3
    2
    5
    5
    5
    3
    5
    5
    5
    1
    1
    5
    3
    1
    1
    2

    M
    M
    M
    M
    M
    U
    M
    N
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M

    Latest Chg
    (155'492)
    342'018
    (1'537'758)
    44'185
    (48'943)
    (317'494)
    (188'710)
    -

    Target Price
    16
    18
    18
    16
    15
    14
    13
    14
    14
    13
    16
    14
    #N/A N/A
    18
    16
    17
    14
    13
    18
    23
    18
    14
    17
    17
    17
    14
    #N/A N/A
    19
    14
    13
    15
    12

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.10.2012
    Government
    31.10.2012
    Insurance Company
    31.12.2012
    Investment Advisor
    31.10.2012
    Insurance Company
    31.10.2012
    Government
    31.10.2012
    Government
    26.02.2013
    Investment Advisor
    31.10.2012
    Government
    30.11.2012
    Investment Advisor
    31.10.2012
    Insurance Company
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.12.2012
    Investment Advisor
    31.10.2012 Pension Fund (ERISA)
    31.10.2012
    Government
    28.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.10.2012
    n/a
    31.10.2012 Mutual Fund Manager
    31.10.2012
    Investment Advisor

    Date
    Not Provided
    6 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    12 month
    6 month
    6 month
    12 month
    6 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    9 month
    12 month
    Not Provided
    Not Provided

    Date
    27.02.2013
    21.02.2013
    20.02.2013
    19.02.2013
    15.02.2013
    12.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    25.01.2013
    17.01.2013
    07.11.2012
    06.11.2012
    26.10.2012
    22.10.2012
    20.07.2012

    28.02.2013

    France Telecom SA
    France Telecom SA provides telecommunications services to residential,
    professional, and large business customers. The Company offers public
    fixed-line telephone, leased lines and data transmission, mobile
    telecommunications, cable television, Internet and wireless applications, and
    broadcasting services, and telecommunications equipment sales and rentals.

    Price/Volume
    12

    30.0 M
    25.0 M

    Latest Fiscal Year:


    LTM as of:
    52-Week High (21.03.2012)
    52-Week Low (26.02.2013)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    FTE FP EQUITY YTD Change
    FTE FP EQUITY YTD % CHANGE

    12/2012
    12/yy
    11.72
    7.23
    2'459'103.00
    7.392
    -36.91%
    2.23%
    6.15%
    2'648.9
    19'580.56
    39'214.00
    0.0
    2'078.0
    8'462.00
    52'410.56

    20.0 M
    15.0 M

    10.0 M
    2

    5.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    35.0 M

    Valuation Analysis

    31.12.2008
    46'712.0
    1.92x
    17'300.0
    5.18x
    4'073.0
    14.20x

    40.0 M

    10

    31.12.2009
    31.12.2010
    44'845.0
    45'503.0
    1.82x
    1.64x
    14'480.0
    15'291.0
    5.64x
    4.89x
    3'018.0
    4'880.0
    16.37x
    10.83x
    Profitability

    LTM-4Q
    31.12.2011
    45'277.0
    1.42x
    15'019.0
    4.29x
    3'895.0
    8.26x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    43'515.0
    1.26x
    820.0
    26.90x
    15'019.00
    6'045.00
    13.89%
    5.37%
    0.88%
    3.16%
    2.88%
    0.47%
    31.9%
    13.9%
    1.9%
    0.65
    0.53
    43.58%
    161.33%
    9.12
    -

    Price/ Cash Flow

    LTM

    12/yy
    45'277.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    12/yy
    43'515.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    10.55
    0.85
    1'919.60
    -26.38%
    -11.36%
    0.853
    37
    2.946
    12'779'000
    10'861'520
    9'602'256
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    12/12 Q4 03/13 Q1
    42'080.1
    41'448.4
    10'817.4
    1.22x
    1.21x
    12'901.8
    12'555.2
    3'105.2
    4.06x
    4.18x
    2'948.0
    2'854.7
    6.73x
    6.88x
    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

    27.02.2013
    A- *14.05.2003
    A-2
    7.27
    4.02
    2.23
    2.75
    161.3%
    59.8%
    0.47
    1.84
    40.12
    -

    Sales/Revenue/Turnover

    3.50

    60'000.0

    3.00

    50'000.0

    2.50

    40'000.0

    2.00

    30'000.0
    1.50

    20'000.0
    1.00

    10'000.0

    0.50
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    France Telecom SA
    Holdings By:

    All

    Holder Name
    FRENCH STATE
    SOCIETE GENERALE
    AMUNDI
    VANGUARD GROUP INC
    NATIXIS ASSET MANAGE
    AMUNDI
    BLACKROCK
    FRANKLIN RESOURCES
    FRANCE TELECOM SA
    DNCA FINANCE
    LBPAM
    AVIVA PLC
    MERCURY ASSET MANAGE
    BNP ASSET MANAGEMENT
    TEMPLETON INVESTMENT
    DIMENSIONAL FUND ADV
    CAPITAL GROUP COMPAN
    AMUNDI
    STATE STREET
    MORGAN STANLEY

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    n/a

    Analyst

    JPMorgan
    HANNES C WITTIG
    Espirito Santo Investment Bank Research
    WILL DRAPER
    Exane BNP Paribas
    ANTOINE PRADAYROL
    AlphaValue
    JEAN-MICHEL SALVADOR
    Grupo Santander
    CARLOS JAVIER TREVINO
    Societe Generale
    STEPHANE SCHLATTER
    Nord/LB
    WOLFGANG DONIE
    Macquarie
    GUY R PEDDY
    Landesbank Baden-Wuerttemberg
    STEFAN BORSCHEID
    Oddo & Cie
    VINCENT MAULAY
    Nomura
    FREDERIC BOULAN
    Barclays
    JONATHAN DANN
    Goldman Sachs
    ANDREW LEE
    Jefferies
    JEREMY A DELLIS
    Sanford C. Bernstein & Co
    ROBIN BIENENSTOCK
    Independent Research GmbH
    MARKUS FRIEBEL
    S&P Capital IQ
    ALEXANDER WISCH
    New Street Research
    RUSSELL WALLER
    Berenberg Bank
    STUART GORDON
    Banco Sabadell
    ANDRES BOLUMBURU
    Ahorro Corporacion Financiera SA
    VIRGINIA PEREZ REPES
    Kepler Capital Markets
    JAVIER BORRACHERO
    HSBC
    NICOLAS COTE-COLISSON
    Credit Suisse
    JAKOB BLUESTONE
    EVA Dimensions
    ANDREW S ZAMFOTIS
    Morgan Stanley
    NICK DELFAS
    Hamburger Sparkasse
    TINA HECKING-VELTMAN
    CM - CIC Securities(ESN)
    JEAN-MICHEL KOSTER
    Day by Day
    VALERIE GASTALDY
    Deutsche Bank
    MATTHEW BLOXHAM
    Natixis
    BENOIT MAYNARD
    CA Cheuvreux
    PETER KURT NIELSEN
    Raymond James
    STEPHANE BEYAZIAN
    National Bank AG
    MANFRED JAISFELD
    Fincorp SAOG
    GAURAV RAMAIYA

    Source
    Co File
    Research
    Research
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    Co File
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG

    Recommendation
    underweight
    buy
    neutral
    buy
    hold
    hold
    buy
    outperform
    buy
    neutral
    neutral
    underweight
    Sell/Neutral
    buy
    underperform
    buy
    sell
    buy
    hold
    sell
    sell
    hold
    overweight
    neutral
    hold
    Underwt/In-Line
    hold
    hold
    hold
    hold
    buy
    underperform
    market perform
    sell
    buy

    Amt Held
    713'720'564
    132'135'951
    129'217'007
    38'053'493
    30'658'099
    27'919'123
    27'649'568
    16'736'395
    15'456'045
    13'910'873
    7'761'976
    7'460'542
    5'987'536
    5'931'576
    5'174'475
    4'642'622
    4'580'800
    3'776'349
    3'673'237
    3'542'207

    % Out
    26.94
    4.99
    4.88
    1.44
    1.16
    1.05
    1.04
    0.63
    0.58
    0.53
    0.29
    0.28
    0.23
    0.22
    0.2
    0.18
    0.17
    0.14
    0.14
    0.13

    Weighting

    Change
    1
    5
    3
    5
    3
    3
    5
    5
    5
    3
    3
    1
    1
    5
    1
    5
    1
    5
    3
    1
    1
    3
    5
    3
    3
    1
    3
    3
    3
    3
    5
    1
    3
    1
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    D
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    D
    M

    Latest Chg
    (27'339'807)
    (3'894'321)
    4'937'505
    1'937'969
    (449'408)
    168'384
    1'567'332
    (368'000)
    (527'072)
    (2'123)
    34'665
    (26'670)
    (9'177'060)
    264'343
    1'153'077

    Target Price
    7
    12
    9
    15
    14
    9
    10
    12
    10
    11
    8
    9
    8
    12
    7
    10
    7
    10
    8
    11
    7
    9
    11
    9
    #N/A N/A
    9
    #N/A N/A
    9
    #N/A N/A
    10
    14
    12
    14
    #N/A N/A
    15

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2011
    16.05.2012
    11.06.2012
    31.12.2012
    31.12.2012
    30.11.2012
    26.02.2013
    31.12.2012
    31.12.2011
    28.09.2012
    31.12.2012
    31.01.2013
    26.02.2013
    30.09.2012
    30.11.2012
    31.07.2012
    31.12.2012
    28.09.2012
    27.02.2013
    31.12.2012

    Date
    9 month
    Not Provided
    Not Provided
    6 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided

    Inst Type
    Government
    Bank
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Corporation
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor

    Date
    26.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    18.02.2013
    15.02.2013
    07.02.2013
    04.02.2013
    31.01.2013
    24.01.2013
    15.01.2013
    14.01.2013
    13.12.2012
    26.11.2012
    06.11.2012
    26.10.2012
    26.10.2012
    26.09.2012
    07.09.2012
    30.03.2012
    23.10.2011

    28.02.2013

    Fresenius Medical Care AG & Co KGaA


    Fresenius Medical Care AG & Co. KGaA offers kidney dialysis services and
    manufactures and distributes equipment and products used in the treatment of
    dialysis patients. The Company also offers clinical laboratory testing and
    diagnostic testing services and provides home infusion, respiratory therapy,
    ultrasound, and echo-cardiography. Fresenius operates worldwide.

    Price/Volume
    70

    3.0 M

    60

    2.5 M

    50

    2.0 M

    40

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (30.07.2012)
    52-Week Low (10.01.2013)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    FME GY EQUITY YTD Change
    FME GY EQUITY YTD % CHANGE

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    1.0 M

    20

    .5 M

    10
    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    10'612.3
    1.81x
    2'088.1
    9.19x
    817.6
    17.10x

    1.5 M

    30

    12/2012
    12/yy
    60.27
    47.79
    119'976.00
    52.83
    -12.38%
    10.55%
    38.54%
    302.7
    16'168.88
    8'298.48
    0.0
    788.0
    688.04
    22'532.79

    31.12.2009
    31.12.2010
    11'247.5
    12'053.5
    1.84x
    1.88x
    2'212.7
    2'427.0
    9.33x
    9.36x
    891.1
    978.5
    17.72x
    17.64x
    Profitability

    LTM-4Q
    31.12.2011
    12'570.5
    2.22x
    2'632.2
    10.62x
    1'071.2
    19.22x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    13'800.3
    2.15x
    2'821.5
    10.50x
    1'186.8
    17.78x
    2'821.47
    2'218.57
    16.08%
    14.00%
    5.67%
    14.09%
    9.79%
    0.66%
    33.3%
    20.4%
    16.1%
    8.6%
    1.93
    0.26
    37.17%
    92.80%
    110.93
    9.18

    Price/ Cash Flow

    LTM

    12/yy
    12'570.5
    8.84x
    2'632.2
    10.63x
    1'071.2
    19.27x

    12/yy
    13'800.3
    8.76x
    2'821.5
    10.50x
    1'186.8
    17.78x

    FY+1

    .0 M
    f-13

    0.60
    193.22
    1.79%
    0.99%
    0.596
    36
    3.583
    1'074'365
    775'201
    852'300
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    14'702.2
    15'551.1
    3'530.8
    3'762.0
    1.99x
    1.84x
    8.35x
    7.80x
    3'104.3
    3'284.1
    729.5
    767.0
    9.53x
    9.01x
    9.66x
    9.51x
    1'207.8
    1'321.3
    270.0
    294.0
    17.55x
    16.16x
    18.08x
    17.54x
    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

    19.09.2012
    BB+
    STABLE
    6.00
    4.56
    2.70
    2.94
    92.8%
    46.0%
    0.66
    4.95
    3.30
    39.87
    27.61
    15.56

    Sales/Revenue/Turnover

    25.00

    16'000.0
    14'000.0

    20.00

    12'000.0
    10'000.0

    15.00

    8'000.0
    10.00

    6'000.0
    4'000.0

    5.00

    0.00
    01.01.2010

    2'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Fresenius Medical Care AG & Co KGaA


    Holdings By:

    All

    Holder Name
    FRESENIUS SE & CO KG
    BLACKROCK
    THORNBURG JR H GARRE
    THORNBURG INVESTMENT
    FMR LLC
    VANGUARD GROUP INC
    BNP PARIBAS INV PART
    CAPITAL GROUP COMPAN
    CARMIGNAC GESTION
    ALLIANZ ASSET MANAGE
    THREADNEEDLE INVESTM
    DEUTSCHE BANK AG
    INVESCO LTD
    SARASIN
    RUFFER LLP
    UNION INVESTMENT GMB
    DB PLATINUM ADVISORS
    SCHRODER INVESTMENT
    SCOTTISH WIDOWS
    MASSACHUSETTS FINANC

    Firm Name
    Morgan Stanley
    Goldman Sachs
    Credit Suisse
    Bankhaus Metzler
    Berenberg Bank
    Kepler Capital Markets
    Bryan Garnier & Cie
    Equinet Institutional Services(ESN)
    Main First Bank AG
    Exane BNP Paribas
    Societe Generale
    JPMorgan
    Sanford C. Bernstein & Co
    Landesbank Baden-Wuerttemberg
    M.M. Warburg Investment Research
    Nomura
    S&P Capital IQ
    DZ Bank AG
    Helvea
    Barclays
    Commerzbank Corporates & Markets
    AlphaValue
    Deutsche Bank
    EVA Dimensions
    HSBC
    Hamburger Sparkasse
    Jefferies
    Day by Day
    Nord/LB
    CA Cheuvreux
    Independent Research GmbH
    National Bank AG
    Silvia Quandt Research
    SunTrust Robinson Humphrey

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios

    Analyst
    MICHAEL K JUNGLING
    VERONIKA DUBAJOVA
    CHRISTOPH GRETLER
    SEBASTIAN FRERICKS
    TOM JONES
    MAJA PATAKI
    MATHIEU CHABERT
    KONRAD LIEDER
    MARCUS WIEPRECHT
    JULIEN DORMOIS
    JUSTIN SMITH
    DAVID J ADLINGTON
    LISA BEDELL CLIVE
    TIMO KUERSCHNER
    ULRICH HUWALD
    MARTIN BRUNNINGER
    SHO MATSUBARA
    SVEN OLAF KUERTEN
    OLAV ZILIAN
    SALLY TAYLOR
    VOLKER BRAUN
    MARTIN SCHNEE
    HOLGER BLUM
    ANDREW S ZAMFOTIS
    JAN KEPPELER
    MARCO GUENTHER
    INGEBORG OIE
    VALERIE GASTALDY
    HOLGER FECHNER
    OLIVER REINBERG
    CHRISTOPH SCHOENDUBE
    STEFFEN MANSKE
    CLAUDIA LAKATOS
    DAVID S MACDONALD

    Source
    13D
    ULT-AGG
    Research
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG

    Recommendation
    Overwt/In-Line
    neutral/neutral
    neutral
    buy
    buy
    buy
    buy
    accumulate
    underperform
    outperform
    buy
    underweight
    outperform
    buy
    buy
    reduce
    hold
    hold
    buy
    equalweight
    hold
    add
    hold
    underweight
    neutral
    buy
    hold
    hold
    hold
    underperform
    hold
    hold
    buy
    buy

    Amt Held
    94'380'382
    23'468'852
    15'147'822
    7'854'716
    4'687'680
    4'453'381
    2'979'900
    2'947'832
    2'691'210
    2'319'348
    1'922'027
    1'871'531
    1'238'875
    1'201'154
    1'077'120
    1'031'500
    1'027'208
    890'437
    740'707
    677'140

    % Out
    31.17
    7.75
    5
    2.59
    1.55
    1.47
    0.98
    0.97
    0.89
    0.77
    0.63
    0.62
    0.41
    0.4
    0.36
    0.34
    0.34
    0.29
    0.24
    0.22

    Weighting

    Change
    5
    3
    3
    5
    5
    5
    5
    4
    1
    5
    5
    1
    5
    5
    5
    2
    3
    3
    5
    3
    3
    4
    3
    1
    3
    5
    3
    3
    3
    1
    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
    U
    M
    M
    D
    M
    M
    M
    M
    M

    Latest Chg
    376'932
    (140'663)
    509'822
    (1'804'230)
    (7'348)
    531'056
    1'361'232
    450'000
    (117)
    16'297
    (241'975)
    (237'145)
    11'971
    (34'200)
    998'292
    (89'146)
    6'037
    116'276

    Target Price
    58
    53
    55
    56
    63
    58
    66
    58
    50
    62
    69
    49
    62
    58
    57
    45
    57
    55
    65
    57
    56
    60
    48
    #N/A N/A
    55
    #N/A N/A
    60
    #N/A N/A
    55
    49
    60
    57
    66
    63

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    01.03.2012
    Corporation
    26.02.2013
    Investment Advisor
    06.02.2013
    n/a
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.10.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    27.02.2013
    Investment Advisor
    28.12.2012
    Unclassified
    28.09.2012 Hedge Fund Manager
    28.09.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    28.09.2012
    Investment Advisor
    30.11.2012
    Unclassified
    31.12.2012
    Investment Advisor

    Date
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    6 month
    12 month
    12 month
    Not Provided
    12 month
    9 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    6 month
    6 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month

    Date
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    15.01.2013
    14.01.2013
    14.01.2013
    05.11.2012
    05.11.2012
    02.11.2012
    01.11.2012
    31.10.2012
    31.10.2012
    31.10.2012
    02.11.2011

    28.02.2013

    Fresenius SE & Co KGaA


    Fresenius SE & Co KGaA i s a global health care group with products and services
    for dialysis, the hospital and the medical care of patients at home. The
    Company sells dialysis, infusion, transfusion, and diagnostics equipment and
    systems, blood separators and plasma and hemofilters, nutritional liquids, and
    solid and liquid pharmaceuticals.

    Price/Volume

    3.0 M
    2.5 M
    2.0 M

    60

    Latest Fiscal Year:


    LTM as of:
    52-Week High (16.10.2012)
    52-Week Low (26.04.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 02.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    FRE GY EQUITY YTD Change
    FRE GY EQUITY YTD % CHANGE

    12/2012
    12/yy
    96.93
    68.60
    104'147.00
    94.08
    -3.02%
    37.14%
    87.22%
    178.2
    16'766.65
    11'028.00
    0.0
    5'523.0
    885.00
    32'432.65

    1.5 M

    40

    1.0 M

    20

    .5 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    3.5 M

    100
    80

    Valuation Analysis

    31.12.2008
    12'336.0
    1.43x
    2'260.0
    7.82x
    270.0
    21.19x

    120

    31.12.2009
    31.12.2010
    14'164.0
    15'972.0
    1.32x
    1.40x
    2'616.0
    3'057.0
    7.17x
    7.31x
    494.0
    622.0
    14.20x
    16.30x
    Profitability

    LTM-4Q
    31.12.2011
    16'522.0
    1.58x
    3'237.0
    8.08x
    690.0
    16.86x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    19'290.0
    1.62x
    3'759.0
    8.30x
    926.0
    16.28x
    3'759.00
    2'983.00
    15.46%
    12.40%
    3.25%
    13.61%
    0.68%
    32.6%
    19.5%
    15.5%
    4.8%
    1.48
    0.83
    35.96%
    144.48%
    5.60
    7.31

    Price/ Cash Flow

    LTM

    12/yy
    16'522.0
    5.90x
    3'237.0
    8.08x
    690.0
    16.86x

    12/yy
    19'290.0
    6.33x
    3'759.0
    8.30x
    926.0
    16.16x

    FY+1

    .0 M
    f-13

    0.56
    131.35
    22.75%
    8.01%
    0.556
    34
    4.088
    554'796
    464'155
    484'930
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    20'939.0
    22'318.0
    5'006.0
    5'213.0
    1.52x
    1.38x
    4'139.1
    4'471.3
    7.84x
    7.25x
    1'042.6
    1'178.5
    259.0
    290.0
    15.81x
    14.10x
    14.86x
    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

    19.09.2012
    BB+
    STABLE
    5.64
    4.21
    2.70
    2.93
    144.5%
    45.6%
    0.68
    4.23
    65.31
    50.06
    24.65
    90.72

    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
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Fresenius SE & Co KGaA


    Holdings By:

    All

    Holder Name
    ELSE KRONER FOUNDATI
    BLACKROCK
    CAPITAL GROUP COMPAN
    FMR LLC
    ALLIANZ ASSET MANAGE
    VANGUARD GROUP INC
    DEUTSCHE BANK AG
    T ROWE PRICE ASSOCIA
    WILLIAM BLAIR & COMP
    JUPITER ASSET MANAGE
    DEKA INVESTMENT GMBH
    UNION INVESTMENT GMB
    ADIG INVESTMENT
    SCHRODER INVESTMENT
    HENDERSON GLOBAL INV
    MANDARINE GESTION
    FRANKFURT TRUST INVE
    GENERAL ELECTRIC COM
    HARDING LOEVNER LP
    DEKA INTERNATIONAL S

    Firm Name
    Goldman Sachs
    Credit Suisse
    Bankhaus Metzler
    Kepler Capital Markets
    Bryan Garnier & Cie
    Equinet Institutional Services(ESN)
    Main First Bank AG
    Exane BNP Paribas
    Morgan Stanley
    Landesbank Baden-Wuerttemberg
    Berenberg Bank
    Nomura
    S&P Capital IQ
    DZ Bank AG
    Barclays
    Societe Generale
    Commerzbank Corporates & Markets
    AlphaValue
    Deutsche Bank
    Day by Day
    EVA Dimensions
    HSBC
    JPMorgan
    Independent Research GmbH
    Hamburger Sparkasse
    CA Cheuvreux
    Jefferies
    Nord/LB
    National Bank AG
    Silvia Quandt Research
    M.M. Warburg Investment Research
    Equita SIM SpA

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    WILLIAM BLAIR & COMP
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    VERONIKA DUBAJOVA
    CHRISTOPH GRETLER
    SEBASTIAN FRERICKS
    MAJA PATAKI
    MATHIEU CHABERT
    KONRAD LIEDER
    MARCUS WIEPRECHT
    JULIEN DORMOIS
    MICHAEL K JUNGLING
    TIMO KUERSCHNER
    TOM JONES
    MARTIN BRUNNINGER
    SHO MATSUBARA
    SVEN OLAF KUERTEN
    SALLY TAYLOR
    JUSTIN SMITH
    VOLKER BRAUN
    MARTIN SCHNEE
    HOLGER BLUM
    VALERIE GASTALDY
    ANDREW S ZAMFOTIS
    JAN KEPPELER
    DAVID J ADLINGTON
    CHRISTOPH SCHOENDUBE
    MARCO GUENTHER
    OLIVER REINBERG
    INGEBORG OIE
    HOLGER FECHNER
    STEFFEN MANSKE
    CLAUDIA LAKATOS
    ULRICH HUWALD
    GIANMARCO BONACINA

    Source
    Co File
    ULT-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    13F
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    Buy/Neutral
    outperform
    sell
    buy
    buy
    accumulate
    underperform
    outperform
    Equalwt/In-Line
    buy
    buy
    buy
    hold
    buy
    overweight
    buy
    add
    add
    hold
    buy
    underweight
    overweight
    neutral
    hold
    hold
    outperform
    hold
    buy
    buy
    buy
    hold
    not rated

    Amt Held
    46'871'154
    12'127'306
    5'557'985
    3'303'719
    2'725'218
    2'301'340
    2'287'238
    1'933'823
    1'834'729
    1'497'170
    1'082'884
    1'001'527
    777'427
    716'923
    607'480
    576'078
    531'790
    482'594
    463'268
    421'034

    % Out
    26.3
    6.8
    3.12
    1.85
    1.53
    1.29
    1.28
    1.09
    1.03
    0.84
    0.61
    0.56
    0.44
    0.4
    0.34
    0.32
    0.3
    0.27
    0.26
    0.24

    Weighting

    Change

    5
    5
    1
    5
    5
    4
    1
    5
    3
    5
    5
    5
    3
    5
    5
    5
    4
    4
    3
    5
    1
    5
    3
    3
    3
    5
    3
    5
    5
    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
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D

    Latest Chg
    (797'072)
    534'621
    (55'167)
    53'676
    (2'418)
    159'242
    (25'274)
    68'982
    (466'250)
    (300'000)
    379'506
    (71'817)
    75'911
    (3'690)
    (13'082)
    100'100
    55'609

    Target Price
    109
    101
    84
    98
    103
    104
    92
    105
    95
    100
    105
    106
    97
    95
    97
    120
    97
    96
    91
    105
    #N/A N/A
    100
    92
    98
    #N/A N/A
    96
    93
    103
    100
    97
    99
    57

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.12.2011
    Other
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.08.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    28.09.2012
    Investment Advisor
    31.10.2012
    Investment Advisor
    31.10.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    31.12.2012
    Corporation
    30.06.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager

    Date
    12 month
    Not Provided
    12 month
    Not Provided
    6 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    12 month
    6 month
    6 month
    12 month
    3 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided

    Date
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    20.02.2013
    05.02.2013
    15.01.2013
    14.01.2013
    03.01.2013
    14.12.2012
    10.12.2012
    03.12.2012
    05.11.2012
    31.10.2012
    31.10.2012
    31.10.2012
    25.10.2012
    02.03.2010

    28.02.2013

    GDF Suez
    GDF Suez offers a full range of electricity, gas and associated energy and
    environment services throughout the world. The Company produces, trades,
    transports, stores and distributes natural gas, and offers energy management and
    climatic and thermal engineering services.

    Price/Volume
    25

    45.0 M
    40.0 M

    20

    35.0 M
    30.0 M

    15

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (21.08.2012)
    52-Week Low (21.02.2013)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    GSZ FP EQUITY YTD Change
    GSZ FP EQUITY YTD % CHANGE

    12/2012
    12/yy
    20.35
    14.12
    2'804'577.00
    14.535
    -28.50%
    2.94%
    4.65%
    2'412.8
    35'070.40
    57'200.00
    0.0
    11'500.0
    14'675.00
    94'349.40

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    20.0 M
    15.0 M
    10.0 M

    5.0 M
    0
    f-12 m-12

    31.12.2009
    31.12.2010
    79'908.0
    84'478.0
    1.32x
    1.24x
    13'781.0
    15'918.0
    7.63x
    6.59x
    4'477.0
    4'616.0
    14.77x
    12.79x
    Profitability

    LTM-4Q
    31.12.2011
    90'673.0
    1.18x
    16'071.0
    6.64x
    4'003.0
    11.73x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    97'038.0
    1'550.0
    23.19x
    16'071.00
    9'520.00
    9.81%
    4.96%
    0.74%
    2.53%
    5.67%
    0.46%
    17.4%
    9.8%
    1.6%
    1.11
    0.67
    27.83%
    95.81%
    3.87
    -

    Price/ Cash Flow

    j-12

    LTM

    09/yy
    89'792.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    j-12

    12/yy
    97'038.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    10.32
    1.06
    1'388.04
    -19.02%
    -6.68%
    1.056
    29
    3.138
    6'188'922
    4'480'220
    5'246'540
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    06/12 Q2 09/12 Q3
    80'339.6
    80'535.2
    - 20'325.0
    1.02x
    0.99x
    14'175.7
    14'405.3
    3'489.8
    6.66x
    6.56x
    3'252.0
    3'439.5
    10.59x
    10.10x
    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

    29.01.2013
    A *29.01.2013
    A-1 *6.40
    2.86
    2.88
    3.98
    95.8%
    44.5%
    0.46
    1.07
    94.62
    -

    Sales/Revenue/Turnover

    6.00

    120'000.0

    5.00

    100'000.0

    4.00

    80'000.0

    3.00

    60'000.0

    2.00

    40'000.0

    1.00

    20'000.0

    0.00
    01.01.2010

    a-12 m-12

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    67'923.8
    1.64x
    9'605.7
    11.61x
    4'857.1
    11.85x

    25.0 M

    10

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    GDF Suez
    Holdings By:

    All

    Holder Name
    FRENCH STATE
    CAPITAL GROUP COMPAN
    GROUPE BRUXELLES LAM
    CAISSE DES DEPOTS ET
    GDF SUEZ
    CNP ASSURANCES
    VANGUARD GROUP INC
    FRANKLIN RESOURCES
    NATIXIS ASSET MANAGE
    BLACKROCK
    SOFINA SA
    AMUNDI
    BNP PARIBAS INV PART
    PICTET ASSET MANAGEM
    INTERNATIONAL VALUE
    LBPAM
    THORNBURG INVESTMENT
    AVIVA PLC
    MASSACHUSETTS FINANC
    DIMENSIONAL FUND ADV

    Firm Name
    Raymond James
    CM - CIC Securities(ESN)
    Grupo Santander
    Credit Suisse
    KBC Securities
    AlphaValue
    Natixis
    Exane BNP Paribas
    Banco Sabadell
    Goldman Sachs
    Morgan Stanley
    Berenberg Bank
    Ahorro Corporacion Financiera SA
    S&P Capital IQ
    Barclays
    EVA Dimensions
    JPMorgan
    Landesbank Baden-Wuerttemberg
    Day by Day
    Nomura
    Macquarie
    HSBC
    Deutsche Bank
    Nord/LB
    Independent Research GmbH
    Societe Generale
    Hamburger Sparkasse
    DZ Bank AG
    Kepler Capital Markets
    National Bank AG

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    EMMANUEL RETIF
    OLIVIER BAILS
    OSCAR NAJAR RIOS
    MICHEL DEBS
    DIETER FURNIERE
    MYRIAM COHEN
    PHILIPPE OURPATIAN
    BENJAMIN LEYRE
    JORGE GONZALEZ SADORNIL
    ANDREW MEAD
    EMMANUEL TURPIN
    ANDREW FISHER
    VIRGINIA PEREZ REPES
    CLIVE ROBERTS
    JULIE ARAV
    AUSTIN BURKETT
    NATHALIE F CASALI
    ERKAN AYCICEK
    VALERIE GASTALDY
    MARTIN YOUNG
    ATALLAH ESTEPHAN
    ADAM DICKENS
    MARTIN BROUGH
    HEINO HAMMANN
    SVEN DIERMEIER
    ALBERTO PONTI
    ANNEMARIE SCHLUETER
    HASIM SENGUEL
    TEAM COVERAGE
    STEFFEN MANSKE

    Source
    Co File
    ULT-AGG
    Research
    Co File
    Co File
    Co File
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    Co File
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    underperform
    buy
    hold
    neutral
    hold
    buy
    neutral
    underperform
    buy
    buy/attractive
    Underwt/In-Line
    sell
    hold
    hold
    equalweight
    overweight
    underweight
    hold
    hold
    neutral
    outperform
    underweight
    hold
    hold
    sell
    buy
    hold
    hold
    not rated
    buy

    Amt Held
    810'927'246
    209'718'616
    116'911'820
    45'051'514
    38'293'787
    24'778'333
    23'983'907
    21'781'399
    20'322'250
    20'086'194
    13'515'454
    10'747'643
    10'457'972
    10'301'897
    9'286'222
    8'811'951
    8'527'900
    6'360'558
    5'624'332
    4'925'079

    % Out
    33.61
    8.69
    4.85
    1.87
    1.59
    1.03
    0.99
    0.9
    0.84
    0.83
    0.56
    0.45
    0.43
    0.43
    0.38
    0.37
    0.35
    0.26
    0.23
    0.2

    Weighting

    Change

    1
    5
    3
    3
    3
    5
    3
    1
    5
    5
    1
    1
    3
    3
    3
    5
    1
    3
    3
    3
    5
    1
    3
    3
    1
    5
    3
    3
    #N/A N/A
    5

    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    D
    D
    M
    D
    D
    M
    D
    M
    M
    M
    M
    M

    Latest Chg
    (12'226'130)
    639'284
    125'918
    (2'547'671)
    (260'953)
    (10'873'633)
    225'241
    (349'199)
    282'671
    134'083
    (3'204'400)
    (1'446)
    350'659
    -

    Target Price
    13
    23
    17
    15
    17
    18
    17
    14
    18
    25
    15
    14
    15
    15
    15
    #N/A N/A
    14
    17
    #N/A N/A
    20
    17
    14
    18
    17
    16
    25
    #N/A N/A
    22
    #N/A N/A
    31

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.12.2011
    Government
    31.12.2012
    Investment Advisor
    15.03.2012
    Holding Company
    31.12.2011
    Government
    31.12.2011
    Corporation
    31.12.2011
    Insurance Company
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    26.02.2013
    Investment Advisor
    31.12.2011
    Holding Company
    30.11.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    30.06.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.07.2012
    Investment Advisor

    Date
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    6 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    9 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month

    Date
    28.02.2013
    28.02.2013
    27.02.2013
    26.02.2013
    22.02.2013
    21.02.2013
    20.02.2013
    19.02.2013
    15.02.2013
    08.02.2013
    06.02.2013
    05.02.2013
    05.02.2013
    28.01.2013
    25.01.2013
    17.01.2013
    10.01.2013
    20.12.2012
    20.12.2012
    12.12.2012
    10.12.2012
    07.12.2012
    06.12.2012
    06.12.2012
    06.12.2012
    26.11.2012
    27.02.2012
    01.11.2011
    31.10.2011
    13.04.2011

    28.02.2013

    Geberit AG
    Geberit AG manufactures and supplies water supply pipes and
    fittings, installation systems, drainage and flushing systems such as visible
    cisterns, and other sanitary systems for the commercial and residential
    construction markets. The Company sells its products in Germany, Italy,
    Switzerland, Austria, the Netherlands, France, and Belgium.

    Price/Volume
    250

    1.6 M
    200

    1.2 M
    1.0 M
    .8 M

    100

    Latest Fiscal Year:


    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (14.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    GEBN VX EQUITY YTD Change
    GEBN VX EQUITY YTD % CHANGE

    12/2011
    09/yy
    228.00
    174.60
    28'504.00
    224.1
    -1.54%
    28.35%
    92.32%
    38.8
    8'699.79
    75.60
    0.0
    0.0
    542.00
    8'316.89

    .6 M
    .4 M

    50

    .2 M
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    1.4 M

    150

    Valuation Analysis

    31.12.2007
    2'082.9
    2.88x
    632.0
    9.49x
    463.3
    7.07x

    1.8 M

    31.12.2008
    31.12.2009
    2'179.0
    1'931.0
    1.95x
    3.57x
    649.1
    611.0
    6.56x
    11.27x
    466.3
    397.5
    9.50x
    18.03x
    Profitability

    LTM-4Q
    31.12.2010
    1'900.0
    4.23x
    573.7
    14.01x
    406.8
    20.95x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2011
    1'867.6
    3.49x
    532.0
    12.24x
    384.0
    18.43x
    532.00
    449.20
    24.05%
    23.66%
    17.75%
    27.44%
    0.89%
    28.1%
    23.6%
    20.6%
    2.47
    1.88
    3.56%
    5.33%
    -

    Price/ Cash Flow

    09/yy
    1'872.4
    15.62x
    541.0
    11.64x
    392.3
    16.90x

    LTM
    09/yy
    1'890.4
    14.82x
    530.4
    14.25x
    377.6
    20.80x

    FY+1

    .0 M
    f-13

    0.98
    35.02
    19.46%
    11.27%
    0.976
    15
    2.467
    74'538
    94'405
    100'223
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    2'186.6
    2'269.3
    501.0
    3.81x
    3.62x
    542.9
    582.6
    15.36x
    14.32x
    393.0
    419.7
    21.67x
    19.89x
    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

    25.05.2010
    ASTABLE
    83.13
    68.66
    0.14
    5.3%
    5.1%
    0.89
    3.78
    -

    Sales/Revenue/Turnover

    18.00

    2'500.0

    16.00

    2'000.0

    14.00
    12.00

    1'500.0

    10.00
    8.00

    1'000.0

    6.00

    500.0

    4.00
    2.00
    0.00
    02.01.2009

    0.0
    02.07.2009

    02.01.2010

    02.07.2010

    02.01.2011

    02.07.2011

    02.01.2012

    02.07.2012

    02.01.2013

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Geberit AG
    Holdings By:

    All

    Holder Name
    CAPITAL GROUP COMPAN
    BARCLAYS PLC
    BLACKROCK
    CAPITAL GROUP COS
    VANGUARD GROUP INC
    MARATHON ASSET MANAG
    CREDIT SUISSE FUND A
    GEBERIT AG
    WILLIAM BLAIR & COMP
    CREDIT SUISSE ASSET
    PICTET & CIE
    MASSACHUSETTS FINANC
    HANSLIN RANDOLF
    UBS FUND MANAGEMENT
    SWISSCANTO FONDSLEIT
    COLUMBIA WANGER ASSE
    VONTOBEL ASSET MANAG
    CARMIGNAC GESTION
    UNION INVESTMENT GMB
    SARASIN

    Firm Name
    Main First Bank AG
    Goldman Sachs
    HSBC
    Helvea
    Bank Vontobel AG
    Credit Suisse
    Zuercher Kantonalbank
    EVA Dimensions
    Morgan Stanley
    Davy
    Kepler Capital Markets
    Berenberg Bank
    CA Cheuvreux

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    WILLIAM BLAIR & COMP
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a

    Analyst
    CHRISTIAN KORTH
    DANIELA COSTA
    TOBIAS LOSKAMP
    PATRICK APPENZELLER
    CHRISTIAN ARNOLD
    ANDRE KUKHNIN
    MARTIN HUESLER
    CRAIG STERLING
    ALEJANDRA PEREDA
    FLORENCE O'DONOGHUE
    CHRISTOPH LADNER
    MICHAEL WATTS
    OLIVER GIRAKHOU

    Source
    ULT-AGG
    EXCH
    ULT-AGG
    EXCH
    MF-AGG
    EXCH
    EXCH
    EXCH
    13F
    MF-AGG
    MF-AGG
    MF-AGG
    Co File
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG

    Recommendation
    underperform
    neutral/neutral
    overweight
    neutral
    hold
    underperform
    market perform
    underweight
    Underwt/In-Line
    underperform
    hold
    hold
    outperform

    Amt Held
    3'984'363
    2'095'110
    1'903'482
    1'720'160
    1'237'828
    1'189'345
    1'184'109
    1'167'899
    709'879
    646'658
    579'690
    501'827
    363'151
    326'423
    283'281
    280'660
    151'487
    105'775
    100'400
    94'644

    % Out
    10.26
    5.4
    4.9
    4.43
    3.19
    3.06
    3.05
    3.01
    1.83
    1.67
    1.49
    1.29
    0.94
    0.84
    0.73
    0.72
    0.39
    0.27
    0.26
    0.24

    Weighting

    Change
    1
    3
    5
    3
    3
    1
    3
    1
    1
    1
    3
    3
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    D
    M

    Latest Chg
    (136'664)
    71'418
    11'686
    (6'120)
    (31'671)
    490'351
    4'743
    (8'557)
    (1'226)
    (1'383)
    4'492
    (26'574)
    (4'450)
    8'282
    11'700
    1'911

    Target Price
    215
    235
    244
    220
    220
    185
    #N/A N/A
    #N/A N/A
    194
    #N/A N/A
    200
    200
    220

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.12.2012
    Investment Advisor
    14.03.2007
    Investment Advisor
    26.02.2013
    Investment Advisor
    11.05.2006
    Investment Advisor
    31.12.2012
    Investment Advisor
    29.01.2013
    Investment Advisor
    11.06.2012
    Investment Advisor
    06.12.2012
    Corporation
    31.12.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    30.11.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2011
    n/a
    30.11.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.10.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.09.2012
    Investment Advisor
    30.11.2012
    Unclassified

    Date
    12 month
    6 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided

    Date
    25.02.2013
    18.02.2013
    29.01.2013
    21.01.2013
    16.01.2013
    15.01.2013
    15.01.2013
    15.01.2013
    29.11.2012
    09.11.2012
    31.10.2012
    30.10.2012
    13.03.2012

    28.02.2013

    Givaudan SA
    Givaudan SA manufactures and markets fragrances and flavors from natural and
    synthetic ingredients. The Company sells its products to manufacturers of
    perfumes, beverages, prepared foods, and consumer goods. Givaudan operates
    worldwide.

    Price/Volume
    1200

    .1 M

    1000

    .1 M
    .1 M

    800

    Latest Fiscal Year:


    LTM as of:
    52-Week High (27.02.2013)
    52-Week Low (06.03.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    GIVN VX EQUITY YTD Change
    GIVN VX EQUITY YTD % CHANGE

    12/2012
    12/yy
    1'119.00
    808.95
    4'788.00
    1117
    -0.09%
    38.08%
    98.06%
    9.2
    10'313.92
    1'521.00
    0.0
    0.0
    425.00
    11'409.92

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    .1 M

    400

    .0 M

    200

    .0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    4'087.0
    2.20x
    822.0
    10.95x
    111.0
    53.20x

    .1 M

    600

    Valuation Analysis

    31.12.2009
    31.12.2010
    3'959.0
    4'239.0
    2.31x
    2.47x
    758.0
    866.0
    12.04x
    12.10x
    199.0
    340.0
    32.97x
    26.64x
    Profitability

    LTM-4Q
    31.12.2011
    3'915.0
    2.44x
    755.0
    12.63x
    252.0
    32.30x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    4'257.0
    2.32x
    871.0
    11.33x
    411.0
    21.33x
    871.00
    608.00
    14.28%
    12.07%
    6.29%
    11.46%
    8.76%
    0.65%
    42.2%
    20.4%
    14.3%
    9.7%
    2.23
    1.28
    23.95%
    41.33%
    5.21
    3.14

    Price/ Cash Flow

    12/yy
    3'915.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    LTM
    12/yy
    4'257.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    0.78
    7.12
    34.05%
    15.99%
    0.777
    23
    3.043
    27'575
    28'503
    24'435
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    4'456.3
    4'663.2
    1'114.0
    1'127.5
    2.53x
    2.37x
    950.1
    1'014.8
    12.01x
    11.24x
    531.3
    580.9
    19.25x
    17.54x
    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

    12.10
    9.93
    1.26
    1.75
    41.3%
    29.2%
    0.65
    3.09
    70.20
    116.39
    55.72
    130.87

    Sales/Revenue/Turnover

    25.00

    4'500.0
    4'000.0

    20.00

    3'500.0
    3'000.0

    15.00

    2'500.0
    2'000.0

    10.00

    1'500.0
    1'000.0

    5.00

    500.0
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Givaudan SA
    Holdings By:

    All

    Holder Name
    GATES III WILLIAM HE
    NESTLE SA
    BLACKROCK
    CAPITAL GROUP COMPAN
    HARRIS ASSOCIATES LP
    VANGUARD GROUP INC
    GIVAUDAN SAV
    MASSACHUSETTS FINANC
    CREDIT SUISSE ASSET
    HOFFMANN ANDRE SEREN
    NEW JERSEY DIVISION
    UBS FUND MANAGEMENT
    UMB BANK N A
    SCHRODER INVESTMENT
    PICTET & CIE
    FMR LLC
    CAUSEWAY CAPITAL MAN
    CALAMOS ADVISORS LLC
    SWISSCANTO FONDSLEIT
    VONTOBEL ASSET MANAG

    Firm Name
    AlphaValue
    Goldman Sachs
    EVA Dimensions
    Liberum Capital Ltd
    Deutsche Bank
    Credit Suisse
    JPMorgan
    CA Cheuvreux
    Kepler Capital Markets
    Exane BNP Paribas
    Helvea
    Barclays
    HSBC
    Zuercher Kantonalbank
    Bank Vontobel AG
    Nomura
    Main First Bank AG
    Berenberg Bank
    Morgan Stanley
    Davy

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    MARTIN SCHNEE
    RAKESH PATEL
    CRAIG STERLING
    ADAM COLLINS
    VIRGINIE BOUCHER-FERTE
    PATRICK JNGLIN
    CELINE PANNUTI
    CHRISTOPH WIRTZ
    BETTINA EDMONDSTON
    HEIDI VESTERINEN
    ANDREAS VON ARX
    GUNTHER ZECHMANN
    SEBASTIAN SATZ
    DANIEL BUERKI
    JEAN-PHILIPPE BERTSCHY
    JEAN DE WATTEVILLE
    BERND POMREHN
    JAIDEEP PANDYA
    ERIK SJOGREN
    JACK GORMAN

    Source
    Co File
    Co File
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    EXCH
    MF-AGG
    MF-AGG
    Co File
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    reduce
    Sell/Neutral
    hold
    buy
    hold
    neutral
    overweight
    underperform
    buy
    outperform
    neutral
    equalweight
    underweight
    market perform
    hold
    neutral
    outperform
    sell
    Equalwt/In-Line
    neutral

    Amt Held
    950'137
    926'130
    281'272
    211'326
    152'660
    150'984
    144'346
    130'164
    123'834
    86'929
    80'000
    72'343
    72'247
    46'515
    40'592
    37'605
    36'210
    30'575
    29'171
    28'596

    % Out
    10.29
    10.03
    3.05
    2.29
    1.65
    1.64
    1.56
    1.41
    1.34
    0.94
    0.87
    0.78
    0.78
    0.5
    0.44
    0.41
    0.39
    0.33
    0.32
    0.31

    Weighting

    Change
    2
    1
    3
    5
    3
    3
    5
    1
    5
    5
    3
    3
    1
    3
    3
    3
    5
    1
    3
    3

    M
    M
    U
    U
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    9'981
    4'960
    3'566
    3'592
    (2'525)
    (13'567)
    9'253
    3'211
    (16'898)
    (8'264)
    (2'712)
    3'845
    5'750
    (288)
    500

    Target Price
    1'088
    1'060
    #N/A N/A
    1'219
    1'030
    1'050
    1'120
    965
    1'220
    1'160
    1'020
    1'170
    960
    #N/A N/A
    1'030
    1'130
    1'200
    840
    900
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2011
    31.12.2011
    26.02.2013
    31.12.2012
    31.12.2012
    31.12.2012
    25.11.2011
    31.12.2012
    28.12.2012
    31.12.2011
    30.06.2012
    30.11.2012
    31.12.2012
    28.09.2012
    30.11.2012
    31.12.2012
    31.12.2012
    31.01.2013
    28.12.2012
    31.10.2012

    Date
    6 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    9 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    Not Provided

    Inst Type
    n/a
    Corporation
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Corporation
    Investment Advisor
    Mutual Fund Manager
    n/a
    Pension Fund (ERISA)
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor

    Date
    28.02.2013
    27.02.2013
    13.02.2013
    07.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    04.02.2013
    09.10.2012
    21.06.2012

    28.02.2013

    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
    1600

    1000

    15.0 M

    800

    Latest Fiscal Year:


    LTM as of:
    52-Week High (07.08.2012)
    52-Week Low (19.11.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 01.02.2013
    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
    12/yy
    1'515.00
    1'314.00
    1'274'805.00
    1447
    -4.46%
    10.12%
    69.65%
    4'903.8
    70'957.64
    18'302.00
    0.0
    937.0
    4'265.00
    85'931.64

    10.0 M

    600
    400

    5.0 M

    200
    0
    f-12 m-12 a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    20.0 M

    1200

    Valuation Analysis

    31.12.2008
    24'352.0
    3.17x
    9'115.0
    8.47x
    4'602.0
    14.50x

    25.0 M

    1400

    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
    9'845.0
    8.54x
    5'261.0
    14.06x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    26'431.0
    3.04x
    8'477.0
    9.49x
    4'565.0
    14.36x
    8'477.00
    7'392.00
    27.97%
    25.32%
    11.06%
    65.96%
    21.91%
    0.64%
    70.1%
    32.1%
    28.0%
    17.3%
    0.99
    0.31
    44.13%
    315.01%
    2.01

    Price/ Cash Flow

    LTM

    12/yy
    27'387.0
    11.22x
    9'455.0
    8.89x
    5'261.0
    14.06x

    12/yy
    26'431.0
    12.29x
    8'477.0
    9.49x
    4'565.0
    14.38x

    FY+1

    .0 M
    f-13

    5.11
    0.67
    4'638.23
    9.83%
    9.99%
    0.673
    36
    3.306
    6'062'348
    6'914'636
    6'705'974
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    26'882.3
    27'906.4
    6'353.6
    6'529.0
    3.17x
    3.03x
    9'574.4
    10'048.7
    2'241.0
    2'467.0
    8.98x
    8.55x
    8.79x
    5'522.0
    5'942.4
    1'263.3
    1'367.5
    12.51x
    11.37x
    12.48x
    12.15x
    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

    18.02.2008
    A+
    STABLE
    18.02.2008
    A-1
    10.49
    9.19
    1.66
    2.16
    315.0%
    73.1%
    0.64
    3.02
    181.79
    137.13

    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

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    GlaxoSmithKline PLC
    Holdings By:

    All

    Holder Name
    BLACKROCK
    INVESCO LTD
    LEGAL & GENERAL
    SCOTTISH WIDOWS
    CAPITAL GROUP COMPAN
    FMR LLC
    NORGES BANK INVESTME
    VANGUARD GROUP INC
    M&G INVESTMENT MANAG
    UBS
    NEWTON INV MGMT
    FRANKLIN RESOURCES
    BANK OF NEW YORK MEL
    STANDARD LIFE INVEST
    SCHRODER INVESTMENT
    PEOPLES REPUBLIC OF
    PERPETUAL INVESTMENT
    VANGUARD GROUP INC
    STATE STREET
    THREADNEEDLE ASSET M

    Firm Name
    AlphaValue
    Exane BNP Paribas
    Barclays
    Sanford C. Bernstein & Co
    Jefferies
    Berenberg Bank
    Leerink Swann & Co
    Kepler Capital Markets
    JPMorgan
    Independent Research GmbH
    Societe Generale
    Credit Suisse
    National Bank AG
    Shore Capital Stockbrokers
    Bryan Garnier & Cie
    Panmure Gordon & Co Limited
    Helvea
    Morgan Stanley
    Hamburger Sparkasse
    S&P Capital IQ
    Nomura
    Goldman Sachs
    EVA Dimensions
    Day by Day
    Deutsche Bank
    Cenkos Securities Ltd
    Redburn Partners
    Liberum Capital Ltd
    CA Cheuvreux
    Natixis
    Landesbank Baden-Wuerttemberg
    Main First Bank AG
    Cyrrus
    Mirabaud Securities
    MP Advisors Pvt Ltd
    DZ Bank AG
    First Global Stockbroking

    Portfolio Name
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios

    Analyst
    ARMELLE MOULIN
    FLORENT CESPEDES
    MARK PURCELL
    TIMOTHY M ANDERSON
    JEFFREY HOLFORD
    ALISTAIR CAMPBELL
    SEAMUS FERNANDEZ
    FABIAN WENNER
    JAMES D GORDON
    CHRISTOPH SCHOENDUBE
    STEPHEN MCGARRY
    KERRY HOLFORD
    STEFFEN MANSKE
    BRIAN WHITE
    ERIC LE BERRIGAUD
    SAVVAS NEOPHYTOU
    ODILE RUNDQUIST
    PETER VERDULT
    MARCO GUENTHER
    SHO MATSUBARA
    AMIT ROY
    KEYUR PAREKH
    ANDREW S ZAMFOTIS
    VALERIE GASTALDY
    MARK CLARK
    NAVID MALIK
    TEAM COVERAGE
    NARESH CHOUHAN
    MARCEL BRAND
    PHILIPPE LANONE
    TIMO KUERSCHNER
    TIM FRANKLIN
    TOMAS MENCIK
    NICHOLAS TURNER
    VISHAL MANCHANDA
    ELMAR KRAUS
    KAVITA THOMAS

    Source
    ULT-AGG
    REG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    REG
    MF-AGG
    REG
    ULT-AGG
    REG
    ULT-AGG
    MF-AGG
    REG
    REG
    REG
    MF-AGG
    REG
    ULT-AGG
    REG

    Recommendation
    reduce
    underperform
    overweight
    market perform
    hold
    buy
    market perform
    buy
    underweight
    hold
    buy
    neutral
    buy
    buy
    neutral
    buy
    neutral
    Equalwt/Attractive
    hold
    sell
    neutral
    neutral/neutral
    hold
    hold
    hold
    buy
    neutral
    underweight
    underperform
    neutral
    hold
    suspended coverage
    hold
    buy
    outperform
    buy
    market perform

    Amt Held
    264'839'621
    188'613'112
    179'252'802
    143'125'734
    137'148'963
    131'086'441
    115'229'583
    94'804'755
    85'255'473
    72'393'642
    71'507'300
    61'140'888
    59'687'279
    53'010'281
    52'720'290
    51'503'238
    51'301'508
    49'644'084
    44'017'059
    41'392'601

    % Out
    5.4
    3.85
    3.66
    2.92
    2.8
    2.67
    2.35
    1.93
    1.74
    1.48
    1.46
    1.25
    1.22
    1.08
    1.08
    1.05
    1.05
    1.01
    0.9
    0.84

    Weighting

    Change

    2
    1
    5
    3
    3
    5
    3
    5
    1
    3
    5
    3
    5
    5
    3
    5
    3
    3
    3
    1
    3
    3
    3
    3
    3
    5
    3
    1
    1
    3
    3
    #N/A N/A
    3
    5
    5
    5
    3

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    N
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    R

    Latest Chg
    (36'072'825)
    9'906'677
    (4'093'706)
    24'341'047
    30'057'500
    9'272'321
    21'497
    (188'352)
    (1'180'943)
    (1'602'098)
    9'684'880
    (2'383'469)
    4'489'459
    (9'956'056)
    (5'398'021)
    73'324
    1'468'137
    558'614
    (2'037'428)

    Target Price
    1'454
    1'400
    1'610
    1'497
    1'550
    1'530
    #N/A N/A
    1'680
    1'460
    1'560
    1'810
    1'450
    1'540
    #N/A N/A
    1'580
    1'525
    1'520
    1'370
    #N/A N/A
    1'200
    1'340
    1'415
    #N/A N/A
    #N/A N/A
    1'440
    1'603
    #N/A N/A
    1'380
    1'250
    1'450
    1'450
    #N/A N/A
    1'420
    1'640
    #N/A N/A
    1'500
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    26.02.2013
    Investment Advisor
    01.01.2013
    Investment Advisor
    01.01.2013
    Unclassified
    01.01.2013
    Unclassified
    01.01.2013
    Investment Advisor
    01.01.2013
    Investment Advisor
    01.01.2013
    Government
    31.12.2012
    Investment Advisor
    01.01.2013
    Investment Advisor
    01.01.2013
    Unclassified
    01.01.2013 Mutual Fund Manager
    01.01.2013
    Investment Advisor
    26.02.2013
    Investment Advisor
    01.01.2013
    Investment Advisor
    01.01.2013
    Investment Advisor
    01.01.2013
    Government
    31.07.2012
    Investment Advisor
    01.01.2013
    Investment Advisor
    27.02.2013
    Investment Advisor
    01.01.2013
    Investment Advisor

    Date
    6 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    9 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    6 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    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

    Date
    28.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    20.02.2013
    13.02.2013
    11.02.2013
    08.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    04.02.2013
    28.01.2013
    17.01.2013
    15.01.2013
    12.12.2012
    30.11.2012
    26.11.2012
    05.10.2012
    11.09.2012
    06.09.2012
    03.08.2012
    20.07.2012
    05.04.2012
    02.04.2012
    13.01.2012
    28.10.2011
    23.08.2011

    28.02.2013

    Glencore International PLC


    Glencore International PLC, through its subsidiaries, supplies commodities and
    raw materials to industrial consumers. The Company operates in three groups:
    Metals and Minerals, Energy Products, and Agricultural Products.

    Price/Volume
    450

    250.0 M

    400
    200.0 M

    350
    300

    150.0 M

    250
    200

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (29.02.2012)
    52-Week Low (27.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 01.11.2012
    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

    12/2011
    06/yy
    442.85
    289.35
    3'019'685.00
    382.35
    -13.64%
    32.14%
    62.64%
    7'099.5
    27'144.77
    28'029.00
    0.0
    3'070.0
    1'345.00
    71'847.97

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    100

    50.0 M

    50
    0
    f-12 m-12 a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2007
    142'343.0
    5'527.0
    6'114.0
    -

    100.0 M

    150

    31.12.2008
    31.12.2009
    152'236.0
    106'364.0
    5'068.0
    3'074.0
    1'044.0
    1'633.0
    Profitability

    LTM-4Q
    31.12.2010
    144'978.0
    4'474.0
    3'751.0
    -

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2011
    186'152.0
    0.39x
    4'423.0
    16.24x
    4'048.0
    8.50x
    4'423.00
    3'357.00
    1.80%
    2.15%
    4.40%
    12.82%
    2.31%
    2.3%
    2.0%
    1.4%
    2.2%
    1.45
    0.55
    32.53%
    95.78%
    13.40
    11.72

    Price/ Cash Flow

    LTM

    FY+1

    .0 M
    f-13

    2.66
    1.38
    3'360.94
    -9.13%
    8.84%
    1.378
    17
    3.765
    17'936'010
    12'247'080
    12'450'940
    FY+2

    FQ+1

    FQ+2

    06/yy
    06/yy
    12/12 Y
    12/13 Y
    09/11 Q3 12/11 Q4
    131'129.0 167'091.0 203'968.5 213'614.0
    - 39'115.0
    0.00x
    0.48x
    0.35x
    0.33x
    3'708.0
    5'333.0
    5'648.8
    7'581.8
    0.00x
    15.01x
    12.72x
    9.48x
    2'136.0
    4'755.0
    3'329.9
    4'593.3
    0.00x
    0.00x
    12.21x
    9.29x
    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.
    3.73
    (EBITDA-Capex)/Interest Exp.
    1.53
    Net Debt/EBITDA
    6.74
    Total Debt/EBITDA
    7.13
    Reference
    Total Debt/Equity
    95.8%
    Total Debt/Capital
    46.4%
    Asset Turnover
    2.31
    Net Fixed Asset Turnover
    12.28
    Accounts receivable turnover-days
    27.31
    Inventory Days
    31.22
    Accounts Payable Turnover Day
    Cash Conversion Cycle
    35.54
    Sales/Revenue/Turnover

    70.00

    200'000.0
    180'000.0

    60.00

    160'000.0

    50.00

    140'000.0
    120'000.0

    40.00

    100'000.0
    80'000.0

    30.00

    60'000.0

    20.00

    40'000.0
    10.00
    0.00
    02.01.2009

    20'000.0
    0.0
    02.07.2009

    02.01.2010

    02.07.2010

    02.01.2011

    02.07.2011

    02.01.2012

    02.07.2012

    02.01.2013

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Glencore International PLC


    Holdings By:

    All

    Holder Name
    GLASENBERG IVAN
    MATE BADENE DANIEL F
    MISTAKIDIS ARISTOTEL
    PETERSON TOR
    BEARD ALEXANDER FRAN
    BLACKROCK
    JSC VERNY CAPITAL
    FEGEL GARY
    MAHONEY CHRIS
    LEGAL & GENERAL
    FR GALAXY HOLDINGS S
    CAPITAL GROUP COMPAN
    ABU DHABI INVESTMENT
    STATE STREET
    POPOVIC NIKOLA
    WOLFENSBERGER CHRIST
    BLUMGART STEVEN
    ALVAREZ LUIS
    CUTLER STUART
    DAVIDSON KEMPNER EUR

    Firm Name
    Macquarie
    Exane BNP Paribas
    Deutsche Bank
    RBC Capital Markets
    Sanford C. Bernstein & Co
    BMO Capital Markets
    AlphaValue
    Redburn Partners
    Jefferies
    Societe Generale
    Day by Day
    SBG Securities
    EVA Dimensions
    Nomura
    Liberum Capital Ltd
    Standard Chartered
    ABN Amro Bank N.V.
    Credit Suisse
    Morgan Stanley
    JPMorgan

    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

    Analyst
    JEFFREY LARGEY
    SYLVAIN BRUNET
    ROBERT CLIFFORD
    TIMOTHY HUFF
    PAUL GAIT
    TONY ROBSON
    SACHIN KUMAR
    SIMON TOYNE
    Christopher LaFemina
    ALAIN WILLIAM
    VALERIE GASTALDY
    PETER DAVEY
    CRAIG STERLING
    SAM CATALANO
    ASH LAZENBY
    SUBRAMANIAM VARADA
    TEUN TEEUWISSE
    LIAM FITZPATRICK
    ALAIN GABRIEL
    BENJAMIN DEFAY

    Source
    RNS-RUL8
    RNS-MAJ
    RNS-RUL8
    Co File
    Co File
    ULT-AGG
    RNS-RUL8
    RNS-RUL8
    RNS-RUL8
    ULT-AGG
    RNS-RUL8
    ULT-AGG
    RNS-RUL8
    ULT-AGG
    RNS-RUL8
    RNS-RUL8
    RNS-RUL8
    RNS-RUL8
    RNS-RUL8
    Short

    Recommendation
    outperform
    neutral
    restricted
    outperform
    outperform
    underperform
    reduce
    neutral
    buy
    hold
    hold
    hold
    sell
    restricted
    buy
    outperform
    buy
    restricted
    restricted
    restricted

    Amt Held
    % Out
    1'101'848'752 15.52
    417'468'330
    5.88
    414'730'597
    5.84
    366'074'885
    5.16
    320'260'410
    4.51
    261'928'809
    3.69
    176'742'520
    2.49
    154'814'588
    2.18
    143'834'821
    2.03
    132'287'391
    1.86
    129'372'165
    1.82
    103'521'628
    1.46
    99'299'065
    1.4
    98'165'604
    1.38
    93'437'150
    1.32
    87'403'187
    1.23
    86'736'565
    1.22
    81'654'211
    1.15
    78'568'743
    1.11
    (72'414'452) -1.02

    Weighting
    5
    3
    #N/A N/A
    5
    5
    1
    2
    3
    5
    3
    3
    3
    1
    #N/A N/A
    5
    5
    5
    #N/A N/A
    #N/A N/A
    #N/A N/A

    Change
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    D
    M
    M
    M
    M
    M
    N
    M
    M
    M

    Latest Chg
    2'700'000
    3'000'000
    4'464
    47'852
    16'875'000
    (74'400)
    3'072'650
    (414'450)
    200'000
    (7'809'402)

    Target Price
    430
    400
    #N/A N/A
    400
    475
    325
    394
    #N/A N/A
    450
    390
    #N/A N/A
    400
    #N/A N/A
    #N/A N/A
    #N/A N/A
    454
    415
    #N/A N/A
    #N/A N/A
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    11.06.2012
    n/a
    11.10.2012
    n/a
    24.05.2012
    n/a
    26.03.2012
    n/a
    26.03.2012
    n/a
    26.02.2013
    Investment Advisor
    11.10.2012
    Investment Advisor
    15.02.2012
    n/a
    15.02.2012
    n/a
    25.02.2013
    Unclassified
    29.01.2013
    Holding Company
    25.02.2013
    Investment Advisor
    02.02.2012
    Government
    27.02.2013
    Investment Advisor
    15.02.2012
    n/a
    15.02.2012
    n/a
    15.02.2012
    n/a
    15.02.2012
    n/a
    18.05.2012
    n/a
    28.11.2012 Hedge Fund Manager

    Date
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    6 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided

    Date
    27.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    21.02.2013
    11.02.2013
    08.02.2013
    31.01.2013
    31.01.2013
    29.01.2013
    17.01.2013
    16.01.2013
    10.01.2013
    22.11.2012
    31.10.2012
    20.03.2012
    02.02.2012
    02.02.2012

    28.02.2013

    HeidelbergCement AG
    HeidelbergCement AG produces and markets aggregates. The Company also
    manufactures building materials including cement and concrete in Europe, North
    America, Asia, Australia and Africa.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (28.02.2013)
    52-Week Low (05.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    HEI GY EQUITY YTD Change
    HEI GY EQUITY YTD % CHANGE

    12/2011
    09/yy
    52.39
    32.12
    117'659.00
    52.18
    -0.40%
    62.48%
    97.97%
    187.5
    9'783.75
    9'322.90
    0.0
    951.6
    1'932.90
    18'111.25

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    3.0 M

    50

    2.5 M

    40

    2.0 M

    30

    1.5 M

    20

    1.0 M

    10

    .5 M

    0
    f-12

    31.12.2008
    31.12.2009
    14'187.1
    11'117.0
    1.11x
    1.58x
    2'945.6
    1'953.3
    5.33x
    8.97x
    1'808.2
    42.6
    7.04x
    133.97x
    Profitability

    LTM-4Q
    31.12.2010
    11'761.8
    1.45x
    2'025.2
    8.43x
    342.7
    23.69x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2011
    12'901.9
    1.12x
    2'368.8
    6.12x
    348.1
    16.64x
    2'368.80
    1'521.60
    11.79%
    6.16%
    1.13%
    2.57%
    4.60%
    0.49%
    18.1%
    11.7%
    2.7%
    1.20
    0.77
    32.13%
    73.89%
    6.79
    -

    Price/ Cash Flow

    a-12

    m-12

    j-12

    LTM

    09/yy
    12'504.8
    5.25x
    2'294.2
    5.99x
    365.9
    13.15x

    j-12

    09/yy
    13'807.0
    4.57x
    2'502.6
    6.41x
    321.1
    20.78x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    1.18
    140.42
    30.30%
    13.86%
    1.176
    38
    3.447
    760'984
    917'400
    815'041
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    13'973.2
    14'504.2
    3'423.6
    1.31x
    1.22x
    5.25x
    2'433.3
    2'612.7
    643.5
    7.44x
    6.93x
    513.2
    693.5
    212.4
    19.24x
    14.39x
    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

    22.11.2012
    NR
    22.11.2012
    NR
    3.72
    2.38
    2.91
    3.40
    73.9%
    40.7%
    0.49
    1.28
    53.93
    -

    Sales/Revenue/Turnover

    10.00

    16'000.0

    9.00

    14'000.0

    8.00

    12'000.0

    7.00

    10'000.0

    6.00
    5.00

    8'000.0

    4.00

    6'000.0

    3.00

    4'000.0

    2.00

    2'000.0

    1.00
    0.00
    02.01.2009

    m-12

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2007
    10'862.3
    2.45x
    2'377.2
    11.19x
    2'021.8
    6.64x

    60

    0.0
    02.07.2009

    02.01.2010

    02.07.2010

    02.01.2011

    02.07.2011

    02.01.2012

    02.07.2012

    02.01.2013

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    HeidelbergCement AG
    Holdings By:

    All

    Holder Name
    MERCKLE LUDWIG
    BLACKROCK
    FIRST EAGLE INVESTME
    ARTISAN PARTNERS HOL
    VANGUARD GROUP INC
    FMR LLC
    SKAGEN AS
    MACKENZIE FINANCIAL
    INVESTEC ASSET MANAG
    MANDARINE GESTION
    DB PLATINUM ADVISORS
    ADIG INVESTMENT
    ROYAL BANK OF CANADA
    UNION INVESTMENT GMB
    GENERALI ASSET MANAG
    AMUNDI LUXEMBOURG SA
    NATIXIS ASSET MANAGE
    GENERAL ELECTRIC COM
    TAUBE HODSON STONEX
    ROTHSCHILD & COMPAGN

    Firm Name
    AlphaValue
    Jefferies
    Hamburger Sparkasse
    S&P Capital IQ
    Main First Bank AG
    Landesbank Baden-Wuerttemberg
    Sanford C. Bernstein & Co
    Helvea
    Goldman Sachs
    DZ Bank AG
    Exane BNP Paribas
    Bankhaus Metzler
    Bryan Garnier & Cie
    Commerzbank Corporates & Markets
    BHF-Bank
    Nord/LB
    JPMorgan
    Independent Research GmbH
    Bankhaus Lampe
    Oddo & Cie
    Berenberg Bank
    Kepler Capital Markets
    HSBC
    CA Cheuvreux
    EVA Dimensions
    Raymond James
    Deutsche Bank
    Credit Suisse
    Morgan Stanley
    National Bank AG
    Silvia Quandt Research
    Redburn Partners
    Davy
    Natixis
    Day by Day
    Steubing AG
    Prosdocimi

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    GAETAN DUPONT
    MICHAEL F BETTS
    INGO SCHMIDT
    JAWAHAR HINGORANI
    CHRISTIAN KORTH
    HANS-PETER KUHLMANN
    PHIL ROSEBERG
    PATRICK APPENZELLER
    WILL MORGAN
    MARC NETTELBECK
    YASSINE TOUAHRI
    STEPHAN BAUER
    SVEN EDELFELT
    NORBERT KRETLOW
    JENS JUNG
    HEINO HAMMANN
    MICHAEL MORRIS
    CHRISTOPH SCHOENDUBE
    MARC GABRIEL
    VIRGINIE ROUSSEAU
    ROBERT MUIR
    JOSEP PUJAL
    JOHN FRASER-ANDREWS
    NABIL AHMED
    CRAIG STERLING
    ARNAUD PALLIEZ
    LUIS PRIETO
    HARRY GOAD
    YURI SEROV
    EKKEHARD D LINK
    RALF GROENEMEYER
    JOHN MESSENGER
    TIM CAHILL
    RAFIC EL HADDAD
    VALERIE GASTALDY
    TEAM COVERAGE
    TEAM COVERAGE

    Source
    Co File
    ULT-AGG
    Co File
    Research
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    add
    buy
    sell
    buy
    outperform
    hold
    outperform
    neutral
    neutral/neutral
    buy
    underperform
    buy
    sell
    buy
    market weight
    buy
    neutral
    buy
    buy
    reduce
    hold
    buy
    overweight
    underperform
    underweight
    market perform
    buy
    underperform
    Overwt/In-Line
    buy
    buy
    neutral
    underperform
    reduce
    hold
    buy
    buy

    Amt Held
    47'081'250
    13'800'125
    9'600'000
    5'645'081
    3'760'629
    3'194'005
    1'206'240
    1'056'800
    929'584
    920'171
    897'178
    824'949
    819'323
    810'341
    793'910
    721'459
    566'853
    550'283
    541'350
    514'000

    % Out
    25.11
    7.36
    5.12
    3.01
    2.01
    1.7
    0.64
    0.56
    0.5
    0.49
    0.48
    0.44
    0.44
    0.43
    0.42
    0.38
    0.3
    0.29
    0.29
    0.27

    Weighting

    Change
    4
    5
    1
    5
    5
    3
    5
    3
    3
    5
    1
    5
    1
    5
    3
    5
    3
    5
    5
    2
    3
    5
    5
    1
    1
    3
    5
    1
    5
    5
    5
    3
    1
    2
    3
    5
    5

    M
    M
    D
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    D
    M
    M
    U
    M
    M
    M
    D
    D
    M
    M
    M

    Latest Chg
    11'332
    55'318
    (684'546)
    19'659
    (48'090)
    62'610
    618'858
    295'000
    5'620
    (441'209)
    (1'750)
    20'400
    (88'989)
    (33'560)
    (34'940)
    (1'000)

    Target Price
    57
    56
    #N/A N/A
    57
    65
    52
    63
    52
    55
    54
    50
    55
    44
    51
    45
    53
    46
    57
    53
    44
    50
    52
    66
    43
    #N/A N/A
    #N/A N/A
    55
    37
    55
    48
    60
    #N/A N/A
    #N/A N/A
    42
    #N/A N/A
    64
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2011
    26.02.2013
    31.12.2011
    24.10.2012
    31.12.2012
    31.12.2012
    31.01.2013
    30.11.2012
    31.12.2012
    31.12.2012
    31.01.2013
    31.10.2012
    28.09.2012
    28.09.2012
    31.01.2013
    31.10.2012
    31.12.2012
    31.12.2012
    30.11.2012
    31.12.2012

    Date
    6 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    12 month
    Not Provided
    12 month
    6 month
    6 month
    12 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided

    Inst Type
    n/a
    Investment Advisor
    Hedge Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Bank
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Mutual Fund Manager
    Corporation
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    27.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    20.02.2013
    19.02.2013
    15.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    08.02.2013
    08.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    04.02.2013
    29.01.2013
    25.01.2013
    17.01.2013
    16.01.2013
    19.12.2012
    17.12.2012
    29.11.2012
    08.11.2012
    08.11.2012
    07.11.2012
    04.10.2012
    24.09.2012
    23.08.2012
    10.01.2011
    16.04.2010

    28.02.2013

    Heineken NV
    Heineken NV produces and distributes beverages internationally. The Company
    produces beers, spirits, wines, and soft drinks under various brand names.

    Price/Volume
    60

    3.5 M

    50

    3.0 M
    2.5 M

    40

    Latest Fiscal Year:


    LTM as of:
    52-Week High (28.02.2013)
    52-Week Low (19.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    HEIA NA EQUITY YTD Change
    HEIA NA EQUITY YTD % CHANGE

    12/2012
    12/yy
    56.82
    37.04
    292'887.00
    56.73
    -0.16%
    53.18%
    98.35%
    576.0
    32'676.63
    13'491.00
    0.0
    1'071.0
    1'048.00
    46'190.63

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    1.5 M

    20

    1.0 M

    10

    .5 M

    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    14'319.0
    1.42x
    2'388.0
    8.51x
    209.0
    50.93x

    2.0 M

    30

    Valuation Analysis

    31.12.2009
    31.12.2010
    14'701.0
    16'133.0
    1.68x
    1.85x
    2'713.0
    3'413.0
    9.13x
    8.73x
    1'018.0
    1'447.0
    15.99x
    14.28x
    Profitability

    LTM-4Q
    31.12.2011
    17'123.0
    1.72x
    3'383.0
    8.70x
    1'430.0
    14.66x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    18'383.0
    2.32x
    5'007.0
    8.51x
    2'949.0
    9.84x
    5'007.00
    3'691.00
    20.08%
    19.77%
    9.35%
    27.48%
    15.66%
    0.58%
    27.2%
    20.1%
    16.0%
    0.71
    0.13
    37.50%
    115.40%
    -

    Price/ Cash Flow

    LTM

    12/yy
    17'123.0
    0.00x
    0.0
    0.00x
    1'430.0
    14.64x

    12/yy
    18'383.0
    0.00x
    0.0
    0.00x
    2'949.0
    9.84x

    FY+1

    .0 M
    f-13

    1.87
    0.73
    229.43
    46.04%
    12.40%
    0.735
    36
    3.167
    639'122
    766'311
    766'367
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    20'527.6
    21'482.6
    2.19x
    2.03x
    4'566.3
    4'907.7
    10.08x
    9.38x
    1'874.8
    2'124.5
    17.23x
    15.28x
    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

    02.10.2012
    BBB+
    STABLE
    02.10.2012
    A-2
    9.09
    6.96
    2.49
    2.69
    115.4%
    51.4%
    0.58
    2.21
    -

    Sales/Revenue/Turnover

    12.00

    20'000.0
    18'000.0

    10.00

    16'000.0
    14'000.0

    8.00

    12'000.0

    6.00

    10'000.0
    8'000.0

    4.00

    6'000.0
    4'000.0

    2.00
    0.00
    01.01.2010

    2'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Heineken NV
    Holdings By:

    All

    Holder Name
    HEINEKEN HOLDING NV
    CB EQUITY LLP
    CREDIT SUISSE GROUP
    MASSACHUSETTS FINANC
    MASSACHUSETTS FINANC
    DAVIS INVESTMENTS LL
    VANGUARD GROUP INC
    HARBOR CAPITAL ADVIS
    OPPENHEIMERFUNDS INC
    FMR LLC
    INVESCO LTD
    SKAGEN AS
    BLACKROCK
    MFS FINANCIAL SERVIC
    ALLIANZ ASSET MANAGE
    UNITED SERVICES AUTO
    UNIVERSAL INVEST CON
    FRANK RUSSELL TRUST
    NATIXIS ASSET MANAGE
    MCLEAN BUDDEN LTD

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    RBC Capital Markets


    JAMES EDWARDES JONES
    AlphaValue
    ISABELLE COMBEMALE
    Societe Generale
    ANDREW HOLLAND
    Exane BNP Paribas
    JAVIER GONZALEZ LASTRA
    JPMorgan
    MIKE J GIBBS
    EVA Dimensions
    AUSTIN BURKETT
    ING Bank
    MARCO GULPERS
    KBC Securities
    WIM HOSTE
    SNS Securities(ESN)
    RICHARD WITHAGEN
    ABN Amro Bank N.V.
    ROBERT JAN VOS
    Deutsche Bank
    JONATHAN FELL
    Sanford C. Bernstein & Co
    TREVOR STIRLING
    Natixis
    JOSEPHINE CHEVALLIER
    Nomura
    IAN SHACKLETON
    Day by Day
    VALERIE GASTALDY
    Barclays
    SAMAR CHAND
    Kempen & Co
    SANDER VAN OORT
    Jefferies
    DIRK VAN VLAANDEREN
    HSBC
    LAUREN E TORRES
    Petercam
    KRIS KIPPERS
    Canaccord Genuity Corp
    EDDY HARGREAVES
    Rabobank International
    KAREL ZOETE
    Bryan Garnier & Cie
    NIKOLAAS FAES
    S&P Capital IQ
    CARL SHORT
    Berenberg Bank
    PHILIP MORRISEY
    Liberum Capital Ltd
    PABLO ZUANIC
    Theodoor Gilissen Securities
    TOM MULLER
    Grupo Santander
    ANTHONY J BUCALO
    CA Cheuvreux
    ERIC BOROIAN
    Goldman Sachs
    MITCHELL COLLETT
    Redburn Partners
    CHRIS PITCHER
    Espirito Santo Investment Bank Research
    ALEX SMITH
    Credit Suisse
    SANJEET AUJLA
    Davy
    BARRY GALLAGHER
    Kepler Capital Markets
    TEAM COVERAGE
    CS Capital
    CHRISTOPHER PARKINSON

    Source
    Research
    Research
    Research
    MF-AGG
    Research
    Research
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    sector perform
    add
    buy
    outperform
    neutral
    underweight
    buy
    buy
    reduce
    hold
    buy
    outperform
    buy
    neutral
    buy
    underweight
    hold
    underperform
    neutral
    hold
    sell
    hold
    buy
    hold
    hold
    hold
    hold
    hold
    outperform
    neutral/attractive
    neutral
    neutral
    not rated
    underperform
    reduce
    sell

    Amt Held
    288'030'112
    58'426'684
    19'749'284
    15'647'594
    12'210'557
    8'514'203
    5'265'209
    4'732'907
    3'521'780
    2'651'525
    2'589'665
    2'205'111
    2'109'014
    1'490'572
    1'306'209
    1'286'600
    1'165'000
    837'474
    753'643
    742'408

    % Out
    50
    10.14
    3.43
    2.72
    2.12
    1.48
    0.91
    0.82
    0.61
    0.46
    0.45
    0.38
    0.37
    0.26
    0.23
    0.22
    0.2
    0.15
    0.13
    0.13

    Weighting

    Change

    3
    4
    5
    5
    3
    1
    5
    5
    2
    3
    5
    5
    5
    3
    5
    1
    3
    1
    3
    3
    1
    3
    5
    3
    3
    3
    3
    3
    5
    3
    3
    3
    #N/A N/A
    1
    2
    1

    M
    M
    M
    M
    M
    D
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    N
    N

    Latest Chg
    146'912
    53'695
    4'253'020
    1'293'196
    88'238
    130'894
    132'566
    (98)
    (270'658)
    (64'810)
    (28'080)
    160'753
    (126'964)

    Target Price
    48
    60
    62
    64
    57
    #N/A N/A
    59
    62
    50
    53
    60
    64
    60
    54
    59
    48
    48
    43
    56
    50
    45
    55
    67
    56
    49
    45
    54
    57
    55
    56
    #N/A N/A
    45
    #N/A N/A
    #N/A N/A
    34
    38

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    30.07.2011
    Corporation
    29.06.2011
    Holding Company
    04.05.2010
    Investment Advisor
    31.12.2012
    Investment Advisor
    29.12.2010 Mutual Fund Manager
    16.02.2012
    Other
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    27.02.2013
    Investment Advisor
    31.01.2013 Mutual Fund Manager
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.05.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor

    Date
    12 month
    6 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    3 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    6 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided

    Date
    28.02.2013
    28.02.2013
    26.02.2013
    22.02.2013
    21.02.2013
    20.02.2013
    19.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    07.02.2013
    25.01.2013
    22.01.2013
    21.01.2013
    21.01.2013
    09.01.2013
    10.12.2012
    20.09.2012
    28.08.2012
    14.08.2012
    27.09.2011
    08.08.2011

    28.02.2013

    Henkel AG & Co KGaA


    Henkel AG & Co. KGaA manufactures industrial, commercial, and consumer chemical
    products. The Company produces reactive polyurethane and laminating adhesives,
    labeling for glass and PET plastic bottles, corrosion inhibitors and surface
    treatments, soaps, skin care products, hair dye, perfumes, detergents,
    dishwashing soaps, glass cleaners, wallpaper adhesives, and roofing products.

    Price/Volume

    3.0 M
    2.5 M

    50

    2.0 M

    40

    Latest Fiscal Year:


    LTM as of:
    52-Week High (28.02.2013)
    52-Week Low (08.03.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    HEN3 GY EQUITY YTD Change
    HEN3 GY EQUITY YTD % CHANGE

    12/2011
    09/yy
    67.82
    47.16
    126'935.00
    67.52
    -0.41%
    43.19%
    97.21%
    178.2
    26'527.65
    4'051.00
    0.0
    121.0
    1'980.00
    28'820.65

    1.5 M

    30
    20

    1.0 M

    10

    .5 M

    0
    f-12

    31.12.2008
    31.12.2009
    14'131.0
    13'573.0
    1.00x
    1.40x
    2'048.0
    1'938.0
    6.87x
    9.84x
    1'221.0
    602.0
    8.01x
    26.40x
    Profitability

    LTM-4Q
    31.12.2010
    15'092.0
    1.41x
    2'445.0
    8.71x
    1'118.0
    18.11x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2011
    15'605.0
    1.38x
    2'315.0
    9.31x
    1'253.0
    15.48x
    2'315.00
    1'912.00
    12.25%
    10.91%
    7.68%
    16.70%
    0.86%
    45.3%
    15.9%
    13.5%
    8.0%
    1.54
    0.91
    21.80%
    46.88%
    7.22
    5.49

    Price/ Cash Flow

    a-12

    m-12

    j-12

    LTM

    09/yy
    15'533.0
    5.66x
    2'478.0
    8.01x
    1'207.0
    14.40x

    j-12

    09/yy
    16'309.0
    6.06x
    2'599.0
    10.22x
    1'462.0
    18.48x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    0.73
    173.62
    40.20%
    8.55%
    0.732
    41
    3.268
    556'764
    598'218
    674'430
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    16'513.1
    17'095.7
    4'025.6
    1.66x
    1.54x
    2'702.7
    2'872.6
    10.66x
    10.03x
    1'595.7
    1'738.4
    395.0
    18.39x
    16.95x
    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

    18.05.2011
    A
    STABLE
    18.05.2011
    A-1
    15.97
    13.32
    0.83
    1.57
    46.9%
    31.6%
    0.86
    7.25
    50.68
    66.64
    111.66
    10.06

    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
    02.01.2009

    m-12

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    3.5 M

    70
    60

    Valuation Analysis

    31.12.2007
    13'074.0
    1.43x
    1'760.0
    10.65x
    921.0
    19.26x

    80

    0.0
    02.07.2009

    02.01.2010

    02.07.2010

    02.01.2011

    02.07.2011

    02.01.2012

    02.07.2012

    02.01.2013

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Henkel AG & Co KGaA


    Holdings By:

    All

    Holder Name
    BLACKROCK
    HENKEL KGAA
    ALLIANZ ASSET MANAGE
    DEUTSCHE BANK AG
    VANGUARD GROUP INC
    MASSACHUSETTS FINANC
    ARTISAN PARTNERS HOL
    UNION INVESTMENT GMB
    FMR LLC
    DEKA INVESTMENT GMBH
    DB PLATINUM ADVISORS
    SWEDBANK ROBUR FONDE
    SCHRODER INVESTMENT
    TIAA CREF INVESTMENT
    DEKA INTERNATIONAL S
    ROYAL BANK OF CANADA
    SNS INVESTMENT FUND
    T ROWE PRICE ASSOCIA
    MORGAN STANLEY
    FRANKFURT TRUST INVE

    Firm Name
    Commerzbank Corporates & Markets
    Sanford C. Bernstein & Co
    Exane BNP Paribas
    Bankhaus Metzler
    Nord/LB
    Bankhaus Lampe
    Nomura
    Goldman Sachs
    DZ Bank AG
    Redburn Partners
    Canaccord Genuity Corp
    Kepler Capital Markets
    Raymond James
    JPMorgan
    Day by Day
    Liberum Capital Ltd
    Berenberg Bank
    Barclays
    Credit Suisse
    HSBC
    EVA Dimensions
    Grupo Santander
    Independent Research GmbH
    Macquarie
    Societe Generale
    National Bank AG
    M.M. Warburg Investment Research
    Main First Bank AG
    Silvia Quandt Research
    Landesbank Baden-Wuerttemberg
    Hamburger Sparkasse
    Equinet Institutional Services(ESN)
    S&P Capital IQ
    Baader Bank
    CA Cheuvreux
    Jefferies
    Morgan Stanley
    Deutsche Bank
    Equita SIM SpA

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios

    Analyst
    ANDREAS RIEMANN
    ANDREW WOOD
    EAMONN FERRY
    SEBASTIAN FRERICKS
    JULIA SIEKMANN
    HEIKO FEBER
    GUILLAUME DELMAS
    ROSIE EDWARDS
    THOMAS MAUL
    WILLIAM HOUSTON
    EDDY HARGREAVES
    MARKUS MAYER
    HERMINE DE BENTZMANN
    CELINE PANNUTI
    VALERIE GASTALDY
    PABLO ZUANIC
    SETH PETERSON
    IAIN SIMPSON
    ALEX MOLLOY
    CEDRIC BESNARD
    AUSTIN BURKETT
    PEDRO GIL
    ZAFER RUZGAR
    CHRISTIAN FAITZ
    CHAS MANSO DE ZUNIGA
    STEFFEN MANSKE
    JOERG PHILIPP FREY
    GAEL COLCOMBET
    MARK JOSEFSON
    BERND MUELL
    MARCO GUENTHER
    NADESHDA DEMIDOVA
    CARL SHORT
    CHRISTIAN WEIZ
    MARTIN ROEDIGER
    ALEX HOWSON
    ERIK SJOGREN
    HAROLD THOMPSON
    FABIO FAZZARI

    Source
    ULT-AGG
    EXCH
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG

    Recommendation
    buy
    outperform
    underperform
    sell
    hold
    buy
    buy
    neutral/attractive
    sell
    sell
    buy
    hold
    outperform
    underweight
    buy
    hold
    buy
    overweight
    underperform
    underweight
    overweight
    hold
    hold
    neutral
    hold
    buy
    hold
    outperform
    avoid
    buy
    sell
    reduce
    hold
    hold
    underperform
    hold
    Overwt/In-Line
    buy
    not rated

    Amt Held
    5'613'229
    4'541'372
    3'395'667
    3'355'442
    3'245'689
    3'134'159
    2'048'886
    2'024'730
    1'731'402
    1'594'087
    1'426'676
    974'909
    952'921
    828'149
    721'996
    715'120
    601'863
    564'346
    517'216
    507'360

    % Out
    3.15
    2.55
    1.91
    1.88
    1.82
    1.76
    1.15
    1.14
    0.97
    0.89
    0.8
    0.55
    0.53
    0.46
    0.41
    0.4
    0.34
    0.32
    0.29
    0.28

    Weighting

    Change

    5
    5
    1
    1
    3
    5
    5
    3
    1
    1
    5
    3
    5
    1
    5
    3
    5
    5
    1
    1
    5
    3
    3
    3
    3
    5
    3
    5
    1
    5
    1
    2
    3
    3
    1
    3
    5
    5
    #N/A N/A

    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    U
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    U
    D

    Latest Chg
    4'969
    (135'231)
    626'478
    (94'991)
    84'095
    45'815
    2'800
    280'335
    (136'144)
    1'422'660
    90'999
    563'648
    (284'925)
    344'567
    (3'400)
    85'487
    (482'690)
    17'806
    52'000

    Target Price
    78
    73
    58
    59
    63
    73
    68
    74
    55
    #N/A N/A
    75
    69
    71
    58
    69
    #N/A N/A
    83
    72
    58
    60
    #N/A N/A
    65
    64
    49
    63
    76
    60
    78
    52
    68
    #N/A N/A
    52
    61
    61
    65
    54
    70
    75
    36

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    26.02.2013
    Investment Advisor
    05.08.2011
    Corporation
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    28.09.2012
    Bank
    29.06.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager

    Date
    6 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    9 month
    3 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided

    Date
    27.02.2013
    27.02.2013
    25.02.2013
    22.02.2013
    20.02.2013
    14.02.2013
    14.02.2013
    07.02.2013
    07.02.2013
    06.02.2013
    01.02.2013
    01.02.2013
    29.01.2013
    28.01.2013
    28.01.2013
    25.01.2013
    23.01.2013
    23.01.2013
    17.01.2013
    17.01.2013
    17.01.2013
    14.12.2012
    23.11.2012
    21.11.2012
    19.11.2012
    19.11.2012
    19.11.2012
    19.11.2012
    19.11.2012
    16.11.2012
    16.11.2012
    16.11.2012
    16.11.2012
    15.11.2012
    14.11.2012
    31.10.2012
    26.09.2012
    27.08.2012
    14.12.2009

    28.02.2013

    Hennes & Mauritz AB


    Hennes & Mauritz AB (H&M) designs and retails fashions for women, men, teens,
    and children. The Company sells a variety trendy, sporty, and classic garments
    in addition to accessories such as jewelery, bags, and scarves, and cosmetics.
    H&M owns and operates stores in many European countries and the United States.

    Price/Volume
    300

    14.0 M

    250

    12.0 M
    10.0 M

    200

    Latest Fiscal Year:


    LTM as of:
    52-Week High (02.08.2012)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    HMB SS EQUITY YTD Change
    HMB SS EQUITY YTD % CHANGE

    11/2012
    11/yy
    257.30
    207.00
    393'906.00
    230.6
    -10.34%
    11.40%
    46.32%
    1'460.7
    381'659.63
    0.00
    0.0
    0.0
    17'143.00
    364'516.61

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    6.0 M

    100

    4.0 M

    50

    2.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    30.11.2008
    88'532.0
    2.53x
    22'340.0
    10.02x
    15'294.0
    16.12x

    8.0 M

    150

    Valuation Analysis

    30.11.2009
    30.11.2010
    101'393.0
    108'483.0
    3.15x
    3.39x
    24'474.0
    27'720.0
    13.04x
    13.28x
    16'384.0
    18'681.0
    20.82x
    21.03x
    Profitability

    LTM-4Q
    30.11.2011
    109'999.0
    3.03x
    23'641.0
    14.08x
    15'821.0
    22.39x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    30.11.2012
    120'799.0
    2.82x
    25'459.0
    13.36x
    16'867.0
    21.19x
    25'459.00
    21'754.00
    18.01%
    18.45%
    28.03%
    38.36%
    38.37%
    2.01%
    59.5%
    21.1%
    18.0%
    14.0%
    2.66
    1.38
    0.00%
    0.00%
    53.17
    3.37

    Price/ Cash Flow

    LTM

    FY+1

    .0 M
    f-13

    0.93
    1.05%
    2.72%
    0.930
    38
    2.526
    2'675'624
    2'839'909
    2'818'975
    FY+2

    FQ+1

    FQ+2

    11/yy
    11/yy
    11/13 Y
    11/14 Y
    02/13 Q1 05/13 Q2
    109'999.0 120'798.0 131'850.8 145'984.1
    29'225.7
    33'658.9
    12.05x
    11.91x
    2.76x
    2.49x
    12.36x
    10.99x
    23'641.0
    25'459.0
    27'727.3
    31'046.5
    4'325.8
    8'082.9
    14.08x
    13.36x
    13.15x
    11.74x
    13.19x
    12.89x
    15'821.0
    16'867.0
    18'445.6
    20'625.7
    2'677.3
    5'501.8
    22.39x
    21.19x
    20.73x
    18.51x
    20.69x
    20.35x
    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

    5091.80
    3877.60
    -0.67
    0.00
    0.0%
    0.0%
    2.01
    6.61
    6.88
    108.59
    31.06
    84.41

    Sales/Revenue/Turnover

    25.00

    140'000.0
    120'000.0

    20.00

    100'000.0
    15.00

    80'000.0
    60'000.0

    10.00

    40'000.0
    5.00

    0.00
    04.12.2009

    20'000.0
    0.0
    04.06.2010

    04.12.2010

    04.06.2011

    04.12.2011

    04.06.2012

    04.12.2012

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Hennes & Mauritz AB


    Holdings By:

    All

    Holder Name
    PERSSON STEFAN
    THAM LOTTIE
    ALECTA PENSIONSFORSA
    JP MORGAN CHASE BANK
    SWEDBANK ROBUR FONDE
    SEB
    CLEARSTREAM BANKING
    AMF FORAKRING OCH FO
    SSB CL OMNIBUS
    FOLKSAM GROUP
    CAPITAL GROUP COMPAN
    VANGUARD GROUP INC
    FJARDE AP-FONDEN
    HANDELSBANKEN FONDER
    AFA FORSAKRINGAR
    BENGTSSON JAN
    THORNBURG INVESTMENT
    AMF FONDER AB
    NORDEA FONDER AB/SWE
    FORSTA AP FONDEN

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a

    Analyst

    Societe Generale
    ANNE CRITCHLOW
    Carnegie
    NIKLAS EKMAN
    AlphaValue
    VIRGINIE BLIN
    Sanford C. Bernstein & Co
    JAMIE MERRIMAN
    Telsey Advisory Group
    DANA TELSEY
    Grupo Santander
    REBECCA MCCLELLAN
    Stifel Nicolaus
    RICHARD E JAFFE
    DNB Markets
    HAAKON ASCHEHOUG
    EVA Dimensions
    CRAIG STERLING
    HSBC
    PAUL ROSSINGTON
    Nomura
    FRASER RAMZAN
    Natixis
    JEAN BAPTISTE TEISSIER
    S&P Capital IQ
    TUNA AMOBI
    Redburn Partners
    GEOFF LOWERY
    Credit Suisse
    SIMON IRWIN
    SEB Enskilda
    NICKLAS FHARM
    Independent Research GmbH
    ZAFER RUZGAR
    Nordea Equity Research
    STEFAN STJERNHOLM
    Handelsbanken
    ERIK SANDSTEDT
    Bryan Garnier & Cie
    PETER FARREN
    Danske Markets
    ANDERS HANSSON
    Morgan Stanley
    GEOFFREY RUDDELL
    ABG Sundal Collier
    ANDREAS LUNDBERG
    ISI Group
    OMAR SAAD
    Deutsche Bank
    CHARLIE MUIR-SANDS
    Exane BNP Paribas
    SIMON BOWLER
    Swedbank
    CHRISTIAN ANDERSON
    Barclays
    CHRISTODOULOS CHAVIARAS
    Raymond James
    CEDRIC LECASBLE
    CA Cheuvreux
    DANIEL OVIN
    Espirito Santo Investment Bank Research
    CAROLINE GULLIVER
    Goldman Sachs
    FRANKLIN WALDING
    Sydbank
    SOEREN LONTOFT HANSEN
    Commerzbank Corporates & Markets ANNA RABEYA KHAN
    Pareto Securities
    HELENA NORDMAN-KNUTSON
    Hamburger Sparkasse
    CHRISTIAN HAMANN
    Evli Bank Plc
    TEAM COVERAGE
    Alandsbanken Equities
    ANDERS WIKLUND

    Source
    Research
    Research
    Research
    Research
    Research
    ULT-AGG
    Research
    Research
    Research
    Research
    ULT-AGG
    MF-AGG
    Research
    Research
    Research
    Research
    MF-AGG
    MF-AGG
    MF-AGG
    Research

    Recommendation
    sell
    buy
    reduce
    underperform
    no rating system
    underweight
    hold
    sell
    hold
    neutral
    neutral
    neutral
    hold
    sell
    underperform
    buy
    sell
    buy
    buy
    sell
    hold
    Underwt/Cautious
    hold
    neutral
    hold
    underperform
    neutral
    equalweight
    underperform
    underperform
    sell
    neutral/neutral
    hold
    reduce
    hold
    hold
    Under Review
    neutral

    Amt Held
    429'449'332
    88'080'400
    58'985'000
    42'781'365
    41'731'790
    35'679'414
    29'408'055
    27'863'730
    26'950'142
    17'812'084
    16'296'650
    16'093'787
    16'007'969
    15'328'521
    14'856'773
    14'222'030
    13'523'874
    12'305'880
    12'175'170
    12'143'279

    % Out
    29.4
    6.03
    4.04
    2.93
    2.86
    2.44
    2.01
    1.91
    1.85
    1.22
    1.12
    1.1
    1.1
    1.05
    1.02
    0.97
    0.93
    0.84
    0.83
    0.83

    Weighting

    Change

    1
    5
    2
    1
    #N/A N/A
    1
    3
    1
    3
    3
    3
    3
    3
    1
    1
    5
    1
    5
    5
    1
    3
    1
    3
    3
    3
    1
    3
    3
    1
    1
    1
    3
    3
    2
    3
    3
    #N/A N/A
    3

    M
    M
    M
    M
    M
    M
    M
    D
    U
    M
    M
    N
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M

    Latest Chg
    (1'442'033)
    (10'445'500)
    333'637
    2'337'150
    1'267'016
    -

    Target Price
    219
    #N/A N/A
    240
    195
    212
    190
    #N/A N/A
    205
    #N/A N/A
    230
    227
    250
    260
    #N/A N/A
    175
    255
    210
    260
    270
    230
    235
    195
    220
    230
    240
    190
    220
    240
    198
    200
    185
    238
    #N/A N/A
    215
    240
    #N/A N/A
    #N/A N/A
    230

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    28.09.2012
    n/a
    28.09.2012
    n/a
    28.09.2012 Pension Fund (ERISA)
    28.09.2012
    Investment Advisor
    28.09.2012
    Investment Advisor
    31.12.2012
    Unclassified
    28.09.2012
    Bank
    28.09.2012
    n/a
    28.09.2012
    Other
    28.09.2012
    Insurance Company
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.09.2012 Pension Fund (ERISA)
    28.09.2012
    Investment Advisor
    28.09.2012
    Insurance Company
    28.09.2012
    n/a
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    28.09.2012
    Investment Advisor

    Date
    12 month
    Not Provided
    6 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    6 month
    12 month
    12 month
    6 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    6 month
    6 month
    Not Provided
    Not Provided
    12 month

    Date
    22.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    18.02.2013
    15.02.2013
    15.02.2013
    13.02.2013
    12.02.2013
    05.02.2013
    05.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    23.01.2013
    21.01.2013
    14.01.2013
    09.01.2013
    04.12.2012
    30.11.2012
    19.11.2012
    07.11.2012
    01.10.2012
    28.09.2012
    28.09.2012
    25.07.2012
    19.12.2011
    01.06.2011

    28.02.2013

    Holcim Ltd
    Holcim Ltd. produces building materials. The Company produces and markets
    ready-mixed concrete, cement, clinker, and admixtures. The Company also
    provides consulting and engineering services in all areas of the cement
    manufacturing process. Holcim, through subsidiaries, operates cement
    manufacturing facilities around the world.

    Price/Volume

    3.0 M
    2.5 M

    50

    2.0 M

    40

    Latest Fiscal Year:


    LTM as of:
    52-Week High (28.02.2013)
    52-Week Low (14.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    HOLN VX EQUITY YTD Change
    HOLN VX EQUITY YTD % CHANGE

    12/2012
    12/yy
    75.00
    49.00
    415'695.00
    74.45
    -0.73%
    51.94%
    98.82%
    327.1
    24'351.58
    13'507.00
    0.0
    2'889.0
    3'146.00
    37'601.58

    1.5 M

    30
    20

    1.0 M

    10

    .5 M

    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    3.5 M

    70
    60

    Valuation Analysis

    31.12.2008
    25'157.0
    1.32x
    5'333.0
    6.23x
    1'782.0
    8.84x

    80

    31.12.2009
    31.12.2010
    21'132.0
    21'653.0
    2.02x
    1.71x
    4'630.0
    4'513.0
    9.20x
    8.19x
    1'471.0
    1'182.0
    16.33x
    19.15x
    Profitability

    LTM-4Q
    31.12.2011
    20'744.0
    1.47x
    3'958.0
    7.69x
    275.0
    58.43x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    21'544.0
    1.63x
    3'984.0
    8.79x
    622.0
    34.84x
    3'984.00
    1'816.00
    8.43%
    7.35%
    1.48%
    3.68%
    4.29%
    0.51%
    40.8%
    18.5%
    8.4%
    2.9%
    1.00
    0.70
    32.60%
    79.69%
    7.93
    6.18

    Price/ Cash Flow

    LTM

    12/yy
    20'744.0
    6.51x
    3'958.0
    7.69x
    275.0
    58.43x

    12/yy
    21'544.0
    6.27x
    3'984.0
    8.79x
    622.0
    35.21x

    FY+1

    .0 M
    f-13

    1.25
    227.77
    28.49%
    11.29%
    1.254
    35
    3.686
    985'930
    906'857
    808'080
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    22'733.9
    24'295.6
    5'090.0
    5'948.0
    1.62x
    1.47x
    4'787.1
    5'537.2
    7.86x
    6.79x
    1'487.7
    1'947.1
    16.46x
    12.53x
    15.84x
    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

    22.01.2009
    BBB
    STABLE
    01.04.2005
    A-2
    5.84
    3.29
    2.60
    3.39
    79.7%
    40.5%
    0.51
    0.96
    46.17
    59.24
    70.03
    35.39

    Sales/Revenue/Turnover

    9.00

    30'000.0

    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
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Holcim Ltd
    Holdings By:

    All

    Holder Name
    SCHMIDHEINY THOMAS
    EUROCEMENT HOLDING A
    CAPITAL GROUP COMPAN
    HARBOR CAPITAL ADVIS
    VANGUARD GROUP INC
    CREDIT SUISSE ASSET
    COMMONWEALTH BANK OF
    HARRIS ASSOCIATES LP
    BLACKROCK
    TIAA CREF INVESTMENT
    MANNING & NAPIER ADV
    UBS FUND MANAGEMENT
    DIMENSIONAL FUND ADV
    SWISSCANTO FONDSLEIT
    PICTET & CIE
    MORGAN STANLEY
    VONTOBEL ASSET MANAG
    SARASIN
    SWISSCANTO FONDSLEIT
    MANDARINE GESTION

    Firm Name
    AlphaValue
    Jefferies
    Raymond James
    CM - CIC Securities(ESN)
    Oddo & Cie
    Bank Vontobel AG
    Bryan Garnier & Cie
    S&P Capital IQ
    Exane BNP Paribas
    Helvea
    Main First Bank AG
    Bankhaus Metzler
    Day by Day
    Sanford C. Bernstein & Co
    Berenberg Bank
    Goldman Sachs
    Kepler Capital Markets
    Morgan Stanley
    Deutsche Bank
    HSBC
    CA Cheuvreux
    Natixis
    EVA Dimensions
    JPMorgan
    Credit Suisse
    Societe Generale
    Equita SIM SpA
    Aurel - BGC
    Redburn Partners
    Liberum Capital Ltd
    DZ Bank AG
    Davy
    Zuercher Kantonalbank
    Societe Generale

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    Source
    Co File
    EXCH
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG

    Recommendation

    GAETAN DUPONT
    MICHAEL F BETTS
    ARNAUD PALLIEZ
    JEAN-CHRISTOPHE LEFEVRE-MOULENQ
    VIRGINIE ROUSSEAU
    SERGE ROTZER
    SVEN EDELFELT
    JAWAHAR HINGORANI
    PAUL ROGER
    PATRICK APPENZELLER
    CHRISTIAN KORTH
    STEPHAN BAUER
    VALERIE GASTALDY
    PHIL ROSEBERG
    ROBERT MUIR
    WILL MORGAN
    JOSEP PUJAL
    YURI SEROV
    GLYNIS JOHNSON
    JOHN FRASER-ANDREWS
    NABIL AHMED
    RAFIC EL HADDAD
    CRAIG STERLING
    MICHAEL MORRIS
    HARRY GOAD
    MURIEL FELLOUS
    GIUSEPPE MAPELLI
    ERIC LEMARIE
    JOHN MESSENGER
    CHARLIE CAMPBELL
    MARC NETTELBECK
    TIM CAHILL
    MARTIN HUESLER
    MIKE BRIDGES

    reduce
    buy
    outperform
    accumulate
    buy
    hold
    buy
    hold
    outperform
    buy
    outperform
    sell
    hold
    outperform
    buy
    Buy/Neutral
    buy
    Equalwt/In-Line
    hold
    neutral
    underperform
    neutral
    sell
    overweight
    neutral
    hold
    hold
    not rated
    neutral
    buy
    sell
    outperform
    outperform
    hold

    Amt Held
    65'774'099
    33'091'556
    9'685'325
    8'823'981
    4'797'785
    3'223'358
    2'681'685
    2'646'500
    1'967'051
    1'781'784
    1'735'900
    1'669'158
    1'488'651
    1'058'833
    977'599
    732'217
    504'170
    425'499
    382'570
    379'517

    % Out
    20.11
    10.12
    2.96
    2.7
    1.47
    0.99
    0.82
    0.81
    0.6
    0.54
    0.53
    0.51
    0.46
    0.32
    0.3
    0.22
    0.15
    0.13
    0.12
    0.12

    Weighting

    Change

    2
    5
    5
    4
    5
    3
    5
    3
    5
    5
    5
    1
    3
    5
    5
    5
    5
    3
    3
    3
    1
    3
    1
    5
    3
    3
    3
    #N/A N/A
    3
    5
    1
    5
    5
    3

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    D
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    U
    M

    Latest Chg
    (6'310'975)
    98'616
    (19'205)
    51'437
    (146'800)
    99'225
    51'886
    221'420
    (16'288)
    (109'012)
    (8'919)
    21'313
    (1'500)
    (87'067)
    (32'000)
    -

    Target Price
    74
    83
    77
    80
    90
    71
    83
    75
    85
    80
    85
    61
    #N/A N/A
    85
    68
    85
    78
    74
    73
    77
    70
    65
    #N/A N/A
    73
    58
    60
    65
    #N/A N/A
    #N/A N/A
    71
    55
    #N/A N/A
    #N/A N/A
    54

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.12.2011
    n/a
    12.09.2011
    Private Equity
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    30.11.2012
    Bank
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    31.07.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    30.11.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.10.2012
    Investment Advisor
    30.11.2012
    Unclassified
    30.11.2012
    Investment Advisor
    31.12.2012
    Investment Advisor

    Date
    6 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    6 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    9 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    25.02.2013
    22.02.2013
    21.02.2013
    19.02.2013
    13.02.2013
    12.02.2013
    04.02.2013
    31.01.2013
    30.01.2013
    29.01.2013
    25.01.2013
    21.01.2013
    17.01.2013
    18.12.2012
    17.12.2012
    04.12.2012
    09.11.2012
    07.11.2012
    07.11.2012
    22.10.2012
    16.10.2012
    08.10.2012
    14.05.2012
    30.11.2011

    28.02.2013

    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

    12/2011
    12/yy
    739.90
    501.20
    6'289'476.00
    737.1
    -0.46%
    47.07%
    95.32%
    18'480.6
    136'220.48
    274'441.00
    2'712.0
    7'368.0
    273'607.00
    -

    Price/ Cash Flow

    1.20
    1.00

    70.0 M
    60.0 M
    50.0 M
    40.0 M

    300

    30.0 M

    200

    20.0 M

    100

    10.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended

    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

    80.0 M

    600
    400

    Latest Fiscal Year:


    LTM as of:
    52-Week High (28.02.2013)
    52-Week Low (30.05.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.01.2013
    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

    90.0 M

    700
    500

    Valuation Analysis

    31.12.2007
    136'800.0
    19'133.0
    10.07x

    800

    31.12.2008
    31.12.2009
    126'036.0
    97'533.0
    5'728.0
    5'834.0
    19.90x
    31.93x
    Profitability

    LTM-4Q
    31.12.2010
    91'171.0
    13'159.0
    13.43x

    31.12.2011
    94'799.0
    16'797.0
    8.03x
    19.94%
    30.19%
    0.49%
    7.70%
    3.51%
    0.03%
    23.2%
    10.74%
    175.91%
    -

    LTM

    12/yy
    85'228.0
    0.00x
    0.0
    0.00x
    16'797.0
    8.03x

    12/yy
    62'793.0
    0.00x
    0.0
    0.00x
    10'936.0
    0.00x

    FY+1

    .0 M
    f-13

    3.67
    1.08
    18'470.21
    38.88%
    13.94%
    1.082
    44
    3.955
    18'156'360
    18'394'800
    18'568'740
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    68'047.3
    69'574.4
    17'524.3
    1.63x
    1.09x
    16'186.9
    18'695.1
    4'793.3
    12.67x
    11.20x
    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
    175.9%
    62.3%
    0.03
    -

    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 |

    28.02.2013

    HSBC Holdings PLC


    Holdings By:

    All

    Holder Name
    JP MORGAN
    BLACKROCK
    LEGAL & GENERAL
    NORGES BANK INVESTME
    SCOTTISH WIDOWS
    VANGUARD GROUP INC
    CAPITAL GROUP COMPAN
    FMR LLC
    ABERDEEN
    DZ BANK AG
    FRANKLIN RESOURCES
    STANDARD LIFE INVEST
    M&G INVESTMENT MANAG
    VANGUARD GROUP INC
    STATE STREET
    UBS
    HSBC INVESTMENTS UK
    BNP PARIBAS INV PART
    MASSACHUSETTS FINANC
    STATE STREET GLOBAL

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    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

    Analyst

    AlphaValue
    DAVID GRINSZTAJN
    Investec
    IAN GORDON
    S&P Capital IQ
    FRANK BRADEN
    BOCOM International Holdings
    LI SHANSHAN
    Societe Generale
    JAMES INVINE
    RBC Capital Markets
    PATRICK LEE
    JPMorgan
    RAUL SINHA
    BNP Paribas Equity Research
    DOMINIC CHAN
    Exane BNP Paribas
    TOM RAYNER
    Credit Suisse
    AMIT GOEL
    CCB International Securities Ltd
    ADAM CHAN
    Macquarie
    THOMAS STOEGNER
    Sanford C. Bernstein & Co
    CHIRANTAN BARUA
    Nomura
    CHINTAN JOSHI
    Morgan Stanley
    CHRISTOPHER MANNERS
    Citic Securities Co., Ltd
    STEVEN CHAN
    Day by Day
    VALERIE GASTALDY
    Keefe, Bruyette & Woods
    MARK J PHIN
    Goldman Sachs
    FREDERIK THOMASEN
    Numis Securities Ltd
    MICHAEL J TRIPPITT
    Landesbank Baden-Wuerttemberg
    WERNER SCHIRMER
    Redburn Partners
    JON KIRK
    Espirito Santo Investment Bank Research
    SHAILESH RAIKUNDLIA
    Berenberg Bank
    JAMES CHAPPELL
    Barclays
    ROHITH CHANDRA-RAJAN
    DBS Vickers
    ALEXANDER LEE
    EVA Dimensions
    AUSTIN BURKETT
    Daniel Stewart & Co
    SIMON WILLIS
    Shore Capital Stockbrokers
    GARY GREENWOOD
    Mediobanca SpA
    CHRISTOPHER J WHEELER
    Deutsche Bank
    JASON NAPIER
    Oriel Securities Ltd
    VIVEK RAJA
    Liberum Capital Ltd
    CORMAC LEECH
    Independent Research GmbH
    STEFAN BONGARDT
    JF Apex Securities Bhd
    TEAM COVERAGE
    AMTD Financial Planning Limited
    KENNY TANG SING HING
    Mizuho Securities
    JIM ANTOS
    Canaccord Genuity Corp
    GARETH HUNT
    Grupo Santander
    ARTURO DE FRIAS
    China International Capital Corp
    SALLY NG

    Source
    ULT-AGG
    ULT-AGG
    ULT-AGG
    REG
    ULT-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    REG
    ULT-AGG
    REG
    REG
    REG
    ULT-AGG
    ULT-AGG
    REG
    ULT-AGG
    REG
    MF-AGG

    Recommendation
    reduce
    add
    buy
    neutral
    buy
    sector perform
    overweight
    buy
    outperform
    outperform
    neutral
    outperform
    outperform
    buy
    Equalwt/In-Line
    buy
    buy
    outperform
    Buy/Neutral
    hold
    hold
    buy
    buy
    buy
    overweight
    buy
    sell
    hold
    hold
    outperform
    buy
    reduce
    buy
    hold
    neutral
    buy
    buy
    buy
    hold
    accumulate

    Amt Held
    1'318'990'036
    1'079'549'015
    668'561'943
    473'549'078
    427'379'460
    353'780'532
    292'327'351
    290'142'793
    196'475'077
    196'388'333
    194'617'832
    191'301'312
    190'942'240
    181'319'415
    171'700'357
    162'209'150
    150'546'283
    124'863'778
    118'997'834
    116'018'196

    % Out
    7.14
    5.84
    3.62
    2.56
    2.31
    1.91
    1.58
    1.57
    1.06
    1.06
    1.05
    1.04
    1.03
    0.98
    0.93
    0.88
    0.81
    0.68
    0.64
    0.63

    Weighting

    Change
    2
    4
    5
    3
    5
    3
    5
    5
    5
    5
    3
    5
    5
    5
    3
    5
    5
    5
    5
    3
    3
    5
    5
    5
    5
    5
    1
    3
    3
    5
    5
    2
    5
    3
    3
    5
    5
    5
    3
    4

    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    N
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    U
    M
    M
    M
    N
    M
    U
    M
    M
    M

    Latest Chg
    528'619
    2'427'110
    7'173'910
    47'522'456
    5'636'526
    50'440'600
    20'868'374
    (3'186'700)
    231'999
    7'963'598
    (2'968'273)
    7'208'914
    (1'258'480)
    (10'821'116)
    7'191'544
    7'443'423
    (1'803'378)
    (5'981'610)

    Target Price
    674
    735
    785
    626
    700
    700
    755
    853
    850
    760
    706
    800
    750
    900
    737
    833
    830
    800
    890
    652
    720
    #N/A N/A
    800
    680
    730
    796
    #N/A N/A
    650
    #N/A N/A
    685
    715
    550
    665
    650
    #N/A N/A
    676
    709
    700
    632
    668

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2012
    26.02.2013
    01.11.2012
    01.11.2012
    30.11.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.01.2013
    01.11.2012
    31.12.2012
    01.11.2012
    01.11.2012
    01.11.2012
    27.02.2013
    28.12.2012
    01.11.2012
    31.12.2012
    01.11.2012
    30.06.2012

    Date
    6 month
    12 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    6 month
    3 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month

    Inst Type
    Unclassified
    Investment Advisor
    Unclassified
    Government
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    25.02.2013
    23.02.2013
    22.02.2013
    22.02.2013
    18.02.2013
    18.02.2013
    14.02.2013
    08.02.2013
    07.02.2013
    06.02.2013
    04.02.2013
    31.01.2013
    29.01.2013
    28.01.2013
    22.01.2013
    21.01.2013
    17.01.2013
    09.01.2013
    21.12.2012
    13.12.2012
    13.12.2012
    11.12.2012
    07.12.2012
    06.12.2012
    06.12.2012
    06.12.2012
    19.11.2012
    09.11.2012
    18.09.2012
    12.07.2012

    28.02.2013

    Iberdrola SA
    Iberdrola S.A. generates, distributes, trades, and markets electricity in
    the United Kingdom, United States, Spain, Portugal, and Latin America. The
    Company specializes in clean energy and more specifically wind power.

    Price/Volume
    5
    4
    4
    3
    3
    2

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (20.03.2012)
    52-Week Low (26.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 03.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    IBE SQ EQUITY YTD Change
    IBE SQ EQUITY YTD % CHANGE

    12/2012
    12/yy
    4.42
    2.63
    6'088'537.00
    3.728
    -15.63%
    41.75%
    59.34%
    6'281.2
    23'416.25
    33'373.00
    0.0
    325.0
    6'575.00
    50'539.25

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    1
    1
    0
    f-12 m-12

    31.12.2009
    31.12.2010
    25'891.9
    30'431.0
    2.39x
    1.90x
    6'197.0
    6'857.9
    10.00x
    8.42x
    2'824.3
    2'870.9
    12.54x
    10.95x
    Profitability

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

    LTM-4Q
    31.12.2011
    31'648.0
    1.76x
    7'000.4
    7.95x
    2'804.5
    10.04x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    34'750.1
    1.52x
    7'193.0
    7.35x
    2'840.7
    9.07x
    7'193.00
    4'377.00
    12.60%
    8.85%
    2.93%
    8.52%
    0.36%
    38.2%
    20.5%
    12.4%
    8.2%
    1.10
    0.86
    34.47%
    98.85%
    6.31
    10.71

    Price/ Cash Flow

    LTM

    12/yy
    32'095.3
    8.28x
    7'004.8
    7.94x
    2'804.6
    10.09x

    12/yy
    34'848.9
    5.94x
    7'151.9
    7.39x
    2'840.7
    8.91x

    FY+1

    1.05
    5'366.09
    -8.47%
    -8.04%
    1.049
    36
    3.417
    36'236'130
    30'323'830
    39'157'620
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    33'228.7
    34'381.4
    1.57x
    1.48x
    7'608.4
    7'937.2
    2'289.0
    1'696.0
    6.64x
    6.37x
    6.61x
    2'474.2
    2'690.7
    916.0
    440.0
    9.32x
    8.86x
    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

    28.11.2012
    BBB
    STABLE
    26.11.2007
    A-2
    4.73
    2.00
    3.75
    4.67
    98.9%
    49.5%
    0.36
    58.03
    34.18
    104.73
    -12.35

    Sales/Revenue/Turnover

    9.00

    40'000.0

    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
    01.01.2010

    a-12 m-12

    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    24'889.3
    2.53x
    6'105.6
    10.31x
    2'553.7
    11.20x

    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
    f-13

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Iberdrola SA
    Holdings By:

    All

    Holder Name
    QATAR INVESTMENT AUT
    ACS ACTIVIDADES CONS
    BANCAJA (VALENCIA CA
    BILBAO BIZKAIA KUTXA
    NATIXIS
    BLACKROCK
    SOCIETE GENERALE
    VANGUARD GROUP INC
    AMUNDI
    DEUTSCHE BANK AG
    FMR LLC
    ALLIANZ ASSET MANAGE
    MERCURY ASSET MANAGE
    DE URRUTIA VAL VICTO
    UNION INVESTMENT LUX
    MASSACHUSETTS FINANC
    INVERCAIXA GESTION S
    MAINFIRST SICAV
    MACQUARIE GROUP LTD
    SWEDBANK ROBUR FONDE

    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
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios

    Analyst

    BPI
    GONZALO SANCHEZ-BORDONA
    NMAS 1 Agencia de Valores
    FERNANDO LAFUENTE
    Landesbank Baden-Wuerttemberg
    ERKAN AYCICEK
    Independent Research GmbH
    SVEN DIERMEIER
    Grupo Santander
    BOSCO MUGUIRO
    Goldman Sachs
    FRED BARASI
    Bankia Bolsa (ESN)
    VICTOR PEIRO PEREZ
    Banco Sabadell
    JORGE GONZALEZ SADORNIL
    Nomura
    JAVIER SUAREZ
    Exane BNP Paribas
    MANUEL PALOMO
    Morgan Stanley
    CAROLINA DORES
    Credit Suisse
    STEFANO BEZZATO
    S&P Capital IQ
    CLIVE ROBERTS
    Banesto Bolsa SA Sociedad
    ANTONIO CRUZ
    BBVA
    ISIDORO DEL ALAMO
    JPMorgan
    JAVIER GARRIDO
    Societe Generale
    JORGE ALONSO SUILS
    HSBC
    ADAM DICKENS
    Berenberg Bank
    ANDREW FISHER
    Interdin Bolsa
    ALEJANDRO MIRANDA FOURNIER
    Espirito Santo Investment Bank Research
    FERNANDO GARCIA GARCIA
    La Caixa
    FERNANDO MURILLO GUIRAO
    Barclays
    MONICA GIRARDI
    Day by Day
    VALERIE GASTALDY
    EVA Dimensions
    AUSTIN BURKETT
    Mirabaud Finanzas Sociedad de ValoresJOSE
    S MARTIN-VIVAS
    BCP Investimento
    VANDA MESQUITA
    Deutsche Bank
    VIRGINIA SANZ DE MADRID
    Natixis
    PHILIPPE OURPATIAN
    Macquarie
    SHAI HILL
    Renta 4 SA SVB
    NATALIA AGUIRRE
    Nord/LB
    HEINO HAMMANN
    CA Cheuvreux
    JOSE PORTA SAUDAN
    Hamburger Sparkasse
    ANNEMARIE SCHLUETER
    National Bank AG
    STEFFEN MANSKE

    Source
    EXCH
    EXCH
    EXCH
    EXCH
    EXCH
    ULT-AGG
    EXCH
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    EXCH
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG

    Recommendation
    buy
    neutral
    hold
    hold
    buy
    neutral/attractive
    buy
    sell
    reduce
    underperform
    Equalwt/In-Line
    outperform
    hold
    buy
    market perform
    neutral
    buy
    neutral
    hold
    buy
    buy
    overweight
    underweight
    hold
    overweight
    underweight
    buy
    buy
    neutral
    underperform
    hold
    hold
    select list
    sell
    hold

    Amt Held
    496'946'224
    394'672'404
    314'887'559
    309'430'747
    298'846'609
    263'493'736
    192'447'747
    72'833'378
    65'490'156
    18'850'297
    18'260'832
    14'653'115
    14'296'206
    13'465'535
    13'214'700
    9'446'268
    8'289'915
    8'200'000
    7'184'315
    7'034'262

    % Out
    7.91
    6.28
    5.01
    4.93
    4.76
    4.19
    3.06
    1.16
    1.04
    0.3
    0.29
    0.23
    0.23
    0.21
    0.21
    0.15
    0.13
    0.13
    0.11
    0.11

    Weighting

    Change
    5
    3
    3
    3
    5
    3
    5
    1
    2
    1
    3
    5
    3
    5
    3
    3
    5
    3
    3
    5
    5
    5
    1
    3
    5
    1
    5
    5
    3
    1
    3
    3
    5
    1
    3

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    N
    M
    M
    D
    M
    D
    M
    M
    M
    U
    M
    M
    M
    M
    U
    M
    M

    Latest Chg
    (492'545'762)
    (13'299'908)
    (14'204'256)
    21'813'155
    1'993'873
    2'388'677
    9'908'640
    (1'477'915)
    2'045'672
    (262'879)
    464'328
    7'602'990
    (3'963'637)
    1'796'471
    8'200'000
    10'895
    1'750'634

    Target Price
    5
    4
    4
    4
    5
    5
    5
    4
    4
    4
    4
    5
    4
    6
    4
    4
    4
    4
    4
    5
    5
    5
    4
    #N/A N/A
    #N/A N/A
    4
    5
    5
    4
    3
    5
    #N/A N/A
    5
    #N/A N/A
    7

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.12.2011
    Government
    13.07.2012
    Corporation
    31.12.2011
    Bank
    24.01.2013
    Bank
    28.08.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    10.01.2013
    Bank
    31.12.2012
    Investment Advisor
    30.11.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    24.01.2013
    n/a
    28.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    31.10.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor

    Date
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    9 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided

    Date
    25.02.2013
    22.02.2013
    20.02.2013
    20.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    12.02.2013
    07.02.2013
    06.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    04.02.2013
    28.01.2013
    25.01.2013
    15.01.2013
    15.01.2013
    14.01.2013
    20.12.2012
    29.10.2012
    25.10.2012
    19.10.2012
    21.09.2012
    05.06.2012
    07.05.2012
    24.02.2012
    10.03.2011

    28.02.2013

    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 (10.07.2012)
    52-Week Low (10.09.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 22.02.2013
    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
    2'629.00
    2'235.00
    666'765.00
    2378
    -9.55%
    6.40%
    36.80%
    981.1
    23'329.84
    9'587.00
    0.0
    49.0
    631.00
    32'334.84

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    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
    4'509.0
    7.03x
    678.0
    33.65x

    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

    4'509.00
    2'747.00
    18.72%
    7.37%
    2.33%
    9.91%
    9.83%
    0.50%
    37.4%
    30.7%
    18.7%
    4.6%
    0.78
    0.38
    34.69%
    158.86%
    5.25
    2.97

    Price/ Cash Flow

    2.0 M

    500

    1.0 M

    0
    f-12 m-12

    a-12 m-12

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1
    -

    .0 M
    f-13

    4.44
    0.56
    980.40
    -0.33%
    3.34%
    0.560
    26
    3.731
    1'904'831
    2'101'558
    1'929'714
    FY+2

    09/13 Y
    09/14 Y
    8'039.9
    8'313.2
    3.98x
    3.81x
    3'454.6
    3'598.8
    9.36x
    8.98x
    2'086.7
    2'202.4
    11.16x
    10.38x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    20.05.2008
    BBB
    STABLE
    20.05.2008
    A-2
    3.06
    2.86
    1.99
    2.13
    158.9%
    61.2%
    0.50
    7.22
    69.69
    123.36
    43.60
    149.45

    Sales/Revenue/Turnover

    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

    3.0 M

    1000

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    30.09.2008
    10'116.0
    2.96x
    1'958.0
    15.29x
    428.0
    35.54x

    4.0 M

    1500

    Valuation Analysis

    0.0
    02.04.2010

    02.10.2010

    02.04.2011

    02.10.2011

    02.04.2012

    02.10.2012

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Imperial Tobacco Group PLC


    Holdings By:

    All

    Holder Name
    FRANKLIN RESOURCES
    INVESCO LTD
    BLACKROCK
    LEGAL & GENERAL
    SCOTTISH WIDOWS
    FMR LLC
    Northern Cross Inter
    VANGUARD GROUP INC
    CAPITAL GROUP COMPAN
    HARBOR CAPITAL ADVIS
    CEDAR ROCK CAPITAL L
    PERPETUAL INVESTMENT
    STANDARD LIFE INVEST
    UBS
    M&G INVESTMENT MANAG
    THREADNEEDLE ASSET M
    ALLIANZ ASSET MANAGE
    MORGAN STANLEY
    VANGUARD GROUP INC
    ARTISAN PARTNERS HOL

    Firm Name
    Societe Generale
    Nomura
    Panmure Gordon & Co Limited
    Day by Day
    Exane BNP Paribas
    Credit Suisse
    Oriel Securities Ltd
    AlphaValue
    JPMorgan
    Investec
    Berenberg Bank
    Goldman Sachs
    Canaccord Genuity Corp
    Natixis
    Morgan Stanley
    Jefferies
    Independent Research GmbH
    S&P Capital IQ
    Barclays
    EVA Dimensions
    Renaissance Capital
    Redburn Partners
    Deutsche Bank

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    CHAS MANSO DE ZUNIGA
    DAVID HAYES
    DAMIAN MCNEELA
    VALERIE GASTALDY
    JAMES BUSHNELL
    ROGERIO FUJIMORI
    CHRIS WICKHAM
    ISABELLE COMBEMALE
    RAE MAILE
    MARTIN DEBOO
    ERIK BLOOMQUIST
    FULVIO CAZZOL
    EDDY HARGREAVES
    NICOLAS LANGLET
    MATTHEW GRAINGER
    DIRK VAN VLAANDEREN
    LARS LUSEBRINK
    CARL SHORT
    SIMON HALES
    AUSTIN BURKETT
    REY WIUM
    CHRISTIAN DE ROUALLE
    JONATHAN FELL

    Source
    ULT-AGG
    Co File
    ULT-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    REG
    MF-AGG
    ULT-AGG
    MF-AGG
    REG
    MF-AGG
    REG
    ULT-AGG
    REG
    REG
    ULT-AGG
    ULT-AGG
    REG
    REG

    Recommendation
    buy
    reduce
    buy
    hold
    underperform
    outperform
    buy
    buy
    neutral
    hold
    hold
    neutral/attractive
    buy
    buy
    Overwt/Attractive
    hold
    buy
    hold
    equalweight
    overweight
    hold
    sell
    buy

    Amt Held
    66'383'270
    61'000'000
    53'000'000
    42'095'053
    30'498'871
    30'059'966
    22'902'506
    22'530'279
    20'453'291
    17'630'376
    16'997'045
    15'439'779
    13'734'190
    13'384'603
    13'022'970
    12'498'191
    11'599'057
    11'504'109
    11'373'592
    9'608'003

    % Out
    6.77
    6.22
    5.4
    4.29
    3.11
    3.06
    2.33
    2.3
    2.08
    1.8
    1.73
    1.57
    1.4
    1.36
    1.33
    1.27
    1.18
    1.17
    1.16
    0.98

    Weighting

    Change
    5
    2
    5
    3
    1
    5
    5
    5
    3
    3
    3
    3
    5
    5
    5
    3
    5
    3
    3
    5
    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

    Latest Chg
    198'642
    (976'269)
    1'083'885
    (183'449)
    4'070'578
    465'216
    (4'970'335)
    595'616
    26'099
    (606'667)
    (482'373)
    306'789
    2'126'754
    1'384'744
    (598'834)
    311'401
    166'724

    Target Price
    2'700
    2'450
    2'900
    #N/A N/A
    2'450
    2'700
    2'900
    2'966
    3'067
    2'450
    2'800
    2'440
    2'900
    2'900
    2'680
    2'500
    2'850
    2'450
    2'650
    #N/A N/A
    2'700
    #N/A N/A
    3'000

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2012
    30.10.2012
    26.02.2013
    31.01.2013
    01.12.2012
    31.12.2012
    01.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    01.12.2012
    31.07.2012
    01.12.2012
    28.12.2012
    01.12.2012
    01.12.2012
    31.01.2013
    01.12.2012
    01.12.2012
    01.12.2012

    Date
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    6 month
    10 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month

    Inst Type
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Unclassified
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    15.02.2013
    07.02.2013
    06.02.2013
    01.02.2013
    31.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    17.01.2013
    16.01.2013
    16.01.2013
    01.05.2012

    28.02.2013

    Inditex SA
    Industria de Diseno Textil, S.A. (Inditex), also known as ZARA, designs,
    manufactures and distributes apparel. The Company operates retail chains in
    Europe, the Americas, Asia, and Africa.

    Price/Volume
    120

    35.0 M

    100

    30.0 M
    25.0 M

    80

    Latest Fiscal Year:


    LTM as of:
    52-Week High (19.12.2012)
    52-Week Low (01.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.10.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    ITX SQ EQUITY YTD Change
    ITX SQ EQUITY YTD % CHANGE

    01/2012
    10/yy
    111.80
    63.97
    182'983.00
    101.8
    -8.99%
    59.14%
    78.05%
    623.3
    63'455.04
    25.11
    0.0
    40.8
    3'517.44
    59'536.04

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover
    Price/ Cash Flow

    1.20
    1.00

    15.0 M

    40

    10.0 M

    20

    5.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.01.2008
    9'434.7
    2.10x
    2'148.8
    9.24x
    1'250.3
    16.70x

    20.0 M

    60

    Valuation Analysis

    31.01.2009
    31.01.2010
    10'407.0
    11'083.5
    1.68x
    2.36x
    2'186.9
    2'353.1
    7.97x
    11.09x
    1'253.5
    1'314.4
    14.82x
    21.63x
    Profitability

    LTM-4Q
    31.01.2011
    12'526.6
    2.48x
    2'966.2
    10.46x
    1'731.8
    19.86x

    31.01.2012
    13'792.6
    2.76x
    3'214.6
    11.86x
    1'932.3
    21.51x
    3'214.63
    2'522.01
    18.29%
    18.55%
    19.31%
    31.43%
    1.31%
    59.3%
    24.4%
    19.6%
    14.0%
    2.01
    1.50
    0.23%
    0.34%
    20.30
    3.60

    LTM

    10/yy
    13'369.6
    10.48x
    3'121.2
    12.14x
    1'854.8
    22.09x

    10/yy
    15'445.6
    11.86x
    3'774.6
    15.22x
    2'285.3
    26.85x

    FY+1

    .0 M
    f-13

    0.70
    216.72
    50.14%
    -3.51%
    0.699
    41
    3.488
    1'294'387
    1'152'940
    1'479'209
    FY+2

    FQ+1

    FQ+2

    01/13 Y
    01/14 Y
    01/13 Q4 04/13 Q1
    15'995.7
    17'769.9
    4'595.9
    3'809.0
    3.69x
    3.26x
    3'987.4
    4'469.9
    1'165.5
    882.0
    14.93x
    13.32x
    13.70x
    13.10x
    2'401.1
    2'706.2
    728.6
    503.0
    26.43x
    23.47x
    24.96x
    24.09x
    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

    875.44
    573.53
    -1.05
    0.00
    0.3%
    0.3%
    1.31
    3.60
    18.03
    101.74
    213.24
    -64.26

    Sales/Revenue/Turnover

    16'000.0
    14'000.0
    12'000.0

    0.80
    0.60

    10'000.0
    8'000.0
    6'000.0

    0.40
    0.20

    4'000.0
    2'000.0
    0.0

    0.00

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Inditex SA
    Holdings By:

    All

    Holder Name
    GARTLER SL
    PARTLER 2006 SL
    ROSP CORUNNA
    JP MORGAN
    FMR LLC
    CAPITAL GROUP COMPAN
    VANGUARD GROUP INC
    CARMIGNAC GESTION
    BLACKROCK
    HARBOR CAPITAL ADVIS
    OPPENHEIMERFUNDS INC
    ALLIANZ ASSET MANAGE
    WILLIAM BLAIR & COMP
    UMB BANK N A
    BAILLIE GIFFORD AND
    PRUDENTIAL FINANCIAL
    JENNISON ASSOCIATES
    NATIXIS ASSET MANAGE
    MASSACHUSETTS FINANC
    BANK OF NEW YORK MEL

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    WILLIAM BLAIR & COMP
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    AlphaValue
    VIRGINIE BLIN
    Nomura
    FRASER RAMZAN
    S&P Capital IQ
    WILLIAM MACK
    BPI
    JOSE RITO
    Barclays
    CHRISTODOULOS CHAVIARAS
    Societe Generale
    ANNE CRITCHLOW
    Sanford C. Bernstein & Co
    JAMIE MERRIMAN
    NMAS 1 Agencia de Valores
    FRANCISCO RIQUEL
    BBVA
    ISABEL CARBALLO
    Banco Sabadell
    IGNACIO ROMERO
    Exane BNP Paribas
    BEN SPRUNTULIS
    Grupo Santander
    REBECCA MCCLELLAN
    Telsey Advisory Group
    DANA TELSEY
    ISI Group
    OMAR SAAD
    Natixis
    JEAN BAPTISTE TEISSIER
    Ahorro Corporacion Financiera SA
    GERMAN GARCIA BOU
    Credit Suisse
    SIMON IRWIN
    Morgan Stanley
    GEOFFREY RUDDELL
    Bankia Bolsa (ESN)
    MARIA RIVAS RODRIGUEZ
    EVA Dimensions
    CRAIG STERLING
    Bryan Garnier & Cie
    PETER FARREN
    Hamburger Sparkasse
    CHRISTIAN HAMANN
    HSBC
    PAUL ROSSINGTON
    Espirito Santo Investment Bank Research
    FILIPE ROSA
    Commerzbank Corporates & Markets ANNA RABEYA KHAN
    La Caixa
    ANTONIO JOSE CASTELL NEYRA
    Interdin Bolsa
    SOFIA REBUELTA VILLEGAS
    Banesto Bolsa SA Sociedad
    JESUS DOMINGUEZ ANGULO
    Raymond James
    CEDRIC LECASBLE
    Intermoney Valores
    ANTONIO PAUSA RODRIGUEZ
    Deutsche Bank
    WARWICK OKINES
    Day by Day
    VALERIE GASTALDY
    Goldman Sachs
    FRANKLIN WALDING
    Independent Research GmbH
    ZAFER RUZGAR
    CA Cheuvreux
    DANIEL OVIN
    Kepler Capital Markets
    NATALIA BOBO BJOERK
    Renta 4 SA SVB
    IVAN SAN FELIX
    Redburn Partners
    GEOFF LOWERY
    Mirabaud Finanzas Sociedad de ValoresGONZALO
    S
    SANZ
    Link Securities
    PAULA SAMPEDRO

    Source
    Co File
    Co File
    Co File
    ULT-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    13F
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    sell
    buy
    buy
    neutral
    equalweight
    buy
    outperform
    neutral
    market perform
    buy
    outperform
    buy
    no rating system
    strong buy
    buy
    sell
    underperform
    Equalwt/Cautious
    hold
    hold
    sell
    hold
    overweight
    neutral
    buy
    underweight
    sell
    neutral
    market perform
    hold
    hold
    buy
    Buy/Neutral
    sell
    outperform
    buy
    hold
    buy
    underweight
    accumulate

    Amt Held
    311'727'598
    57'872'465
    36'550'000
    18'825'977
    8'191'912
    7'598'170
    6'989'503
    4'779'721
    3'752'254
    2'887'450
    2'594'242
    2'398'392
    1'835'758
    1'265'424
    1'073'500
    871'124
    753'341
    738'925
    729'020
    660'155

    % Out
    50.01
    9.28
    5.86
    3.02
    1.31
    1.22
    1.12
    0.77
    0.6
    0.46
    0.42
    0.38
    0.29
    0.2
    0.17
    0.14
    0.12
    0.12
    0.12
    0.11

    Weighting

    Change

    1
    5
    5
    3
    3
    5
    5
    3
    3
    5
    5
    5
    #N/A N/A
    5
    5
    1
    1
    3
    3
    3
    1
    3
    5
    3
    5
    1
    1
    3
    3
    3
    3
    5
    5
    1
    5
    5
    3
    5
    1
    4

    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    N
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    U
    M
    D
    M
    M
    M
    U
    M
    D

    Latest Chg
    (125)
    (179'487)
    759'500
    86'426
    893'049
    (726'832)
    (43'431)
    (346'060)
    (62'631)
    61'061
    56'242
    (53'921)
    (54'094)
    496'579
    (65'107)
    8'902

    Target Price
    86
    121
    115
    105
    89
    138
    115
    112
    107
    115
    115
    125
    122
    110
    125
    82
    105
    90
    98
    #N/A N/A
    100
    #N/A N/A
    120
    110
    115
    99
    80
    105
    #N/A N/A
    93
    99
    114
    125
    83
    110
    108
    81
    #N/A N/A
    67
    47

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.01.2011
    Unclassified
    31.01.2011
    Corporation
    31.01.2011
    Unclassified
    31.10.2012
    Unclassified
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor

    Date
    6 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    6 month
    Not Provided
    Not Provided
    Not Provided
    6 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    3 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided

    Date
    28.02.2013
    27.02.2013
    26.02.2013
    25.02.2013
    22.02.2013
    20.02.2013
    20.02.2013
    19.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    14.02.2013
    10.02.2013
    07.02.2013
    01.02.2013
    30.01.2013
    28.01.2013
    27.01.2013
    17.01.2013
    17.01.2013
    16.01.2013
    18.12.2012
    13.12.2012
    13.12.2012
    12.12.2012
    12.12.2012
    12.12.2012
    12.12.2012
    04.12.2012
    04.12.2012
    30.11.2012
    23.11.2012
    07.11.2012
    26.09.2012
    20.09.2012
    20.09.2012
    12.09.2012
    11.07.2012
    21.03.2012
    26.11.2009

    28.02.2013

    Infineon Technologies AG
    Infineon Technologies AG designs, manufactures, and markets semiconductors and
    related products. The Company's products include microprocessors, memory
    components, microcontrollers, integrated circuits, digital and analog sensors,
    and fiber optics. Infineon markets its products to the communications,
    automotive, industrial, and consumer electronics sectors.

    Price/Volume

    30.0 M
    25.0 M

    Latest Fiscal Year:


    LTM as of:
    52-Week High (03.04.2012)
    52-Week Low (28.09.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 02.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    IFX GY EQUITY YTD Change
    IFX GY EQUITY YTD % CHANGE

    09/2012
    12/yy
    7.99
    4.87
    2'276'894.00
    6.458
    -18.99%
    32.74%
    50.42%
    1'080.4
    6'977.24
    295.00
    0.0
    0.0
    2'235.00
    5'209.24

    20.0 M

    15.0 M

    10.0 M

    5.0 M

    1
    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    35.0 M

    8
    7

    Valuation Analysis

    30.09.2008
    3'903.0
    0.85x
    702.0
    4.73x
    (2'935.0)
    -

    30.09.2009
    30.09.2010
    2'184.0
    3'295.0
    1.66x
    1.27x
    292.0
    687.0
    12.43x
    6.07x
    (626.0)
    659.0
    17.47x
    Profitability

    LTM-4Q
    30.09.2011
    3'997.0
    0.91x
    1'098.0
    3.33x
    1'119.0
    8.17x

    30.09.2012
    3'904.0
    0.88x
    881.0
    3.89x
    427.0
    12.42x

    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

    881.00
    453.00
    11.60%
    11.04%
    6.18%
    9.94%
    0.67%
    36.6%
    21.2%
    9.5%
    10.9%
    2.09
    1.65
    5.00%
    8.25%
    7.65
    4.40

    Price/ Cash Flow

    12/yy
    4'021.0
    4.86x
    1'074.0
    3.96x
    983.0
    9.09x

    LTM
    12/yy
    3'809.0
    4.86x
    808.0
    6.00x
    350.0
    19.15x

    FY+1

    .0 M
    f-13

    1.03
    1'076.22
    -13.57%
    5.37%
    1.033
    37
    3.351
    7'503'749
    7'487'140
    7'298'764
    FY+2

    FQ+1

    FQ+2

    09/13 Y
    09/14 Y
    03/13 Q2 06/13 Q3
    3'658.4
    4'023.0
    888.1
    943.8
    1.39x
    1.23x
    6.03x
    5.52x
    720.1
    948.4
    166.0
    188.0
    7.26x
    5.51x
    6.69x
    6.08x
    196.3
    391.9
    34.4
    55.5
    35.47x
    18.18x
    30.16x
    25.02x
    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

    14.68
    -0.15
    -2.19
    0.39
    8.3%
    7.6%
    0.67
    2.38
    47.85
    83.24
    76.20
    34.53

    Sales/Revenue/Turnover

    14.00

    9'000.0

    12.00

    8'000.0
    7'000.0

    10.00

    6'000.0

    8.00

    5'000.0

    6.00

    4'000.0
    3'000.0

    4.00

    2'000.0

    2.00
    0.00
    02.10.2009

    1'000.0
    0.0
    02.04.2010

    02.10.2010

    02.04.2011

    02.10.2011

    02.04.2012

    02.10.2012

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Infineon Technologies AG
    Holdings By:

    All

    Holder Name
    CAPITAL GROUP COMPAN
    BLACKROCK
    DODGE & COX
    VANGUARD GROUP INC
    UBS
    ODEY ASSET MANAGEMEN
    SUSQUEHANNA INTERNAT
    DEUTSCHE BANK AG
    ALLIANZ ASSET MANAGE
    DEKA INVESTMENT GMBH
    ODEY ASSET MGMT LTD
    AQR CAPITAL MANAGEME
    T ROWE PRICE ASSOCIA
    NORDEA INV MANAGEMEN
    UNION INVESTMENT GMB
    SCHRODER INVESTMENT
    UBS INSTITUTIONAL FU
    COHEN & STEERS INC
    CAZENOVE UNIT TRUST
    FMR LLC

    Firm Name
    Exane BNP Paribas
    AlphaValue
    Deutsche Bank
    M.M. Warburg Investment Research
    Morgan Stanley
    Baader Bank
    Liberum Capital Ltd
    Societe Generale
    DZ Bank AG
    HSBC
    Commerzbank Corporates & Markets
    Hamburger Sparkasse
    Grupo Santander
    JPMorgan
    Jefferies
    Sanford C. Bernstein & Co
    Landesbank Baden-Wuerttemberg
    CA Cheuvreux
    Natixis
    Barclays
    Nord/LB
    Independent Research GmbH
    Hauck & Aufhaeuser
    National Bank AG
    Kepler Capital Markets
    S&P Capital IQ
    Bankhaus Lampe
    Bankhaus Metzler
    Main First Bank AG
    EVA Dimensions
    Goldman Sachs
    Redburn Partners
    Silvia Quandt Research
    Berenberg Bank
    CM - CIC Securities(ESN)

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a

    Analyst
    JEROME RAMEL
    LIONEL PELLICER
    KAI KORSCHELT
    MALTE SCHAUMANN
    FRANCOIS MEUNIER
    GUENTHER MICHAEL HOLLFELDER
    JANARDAN MENON
    PETER KNOX
    HARALD SCHNITZER
    CHRISTIAN DOMINIK RATH
    THOMAS M BECKER
    MARCO GUENTHER
    CARLOS JAVIER TREVINO
    SANDEEP S DESHPANDE
    LEE SIMPSON
    PIERRE FERRAGU
    THOMAS HOFMANN
    BERND LAUX
    STEPHANE HOURI
    ANDREW M GARDINER
    WOLFGANG DONIE
    MARKUS FRIEBEL
    TIM OLIVER WUNDERLICH
    STEFFEN MANSKE
    SEBASTIEN SZTABOWICZ
    JAMES CRAWSHAW
    KARSTEN ILTGEN
    ULRICH TRABERT
    JUERGEN WAGNER
    ANDREW S ZAMFOTIS
    SIMON F SCHAFER
    SUMANT WAHI
    EERIK KD BUDARZ
    ADNAAN AHMAD
    FRANCOIS GOBRON

    Source
    ULT-AGG
    ULT-AGG
    Co File
    MF-AGG
    ULT-AGG
    Research
    Short
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    Short
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    Research
    MF-AGG
    ULT-AGG

    Recommendation
    outperform
    add
    hold
    buy
    Equalwt/Cautious
    hold
    hold
    hold
    buy
    underweight
    buy
    hold
    underweight
    overweight
    buy
    outperform
    sell
    underperform
    neutral
    overweight
    hold
    hold
    hold
    buy
    buy
    sell
    sell
    sell
    outperform
    overweight
    Buy/Neutral
    buy
    avoid
    hold
    suspended coverage

    Amt Held
    % Out
    193'337'736 17.89
    128'865'653 11.93
    108'178'569 10.01
    34'885'086
    3.23
    33'642'487
    3.11
    31'138'315
    2.88
    (19'445'513)
    -1.8
    9'809'768
    0.91
    9'374'215
    0.87
    8'661'702
    0.8
    8'257'375
    0.76
    (7'562'813)
    -0.7
    7'377'971
    0.68
    6'779'273
    0.63
    6'461'925
    0.6
    6'010'923
    0.56
    5'461'515
    0.51
    4'184'893
    0.39
    3'531'100
    0.33
    3'468'464
    0.32

    Weighting
    5
    4
    3
    5
    3
    3
    3
    3
    5
    1
    5
    3
    1
    5
    5
    5
    1
    1
    3
    5
    3
    3
    3
    5
    5
    1
    1
    1
    5
    5
    5
    5
    1
    3
    #N/A N/A

    Change
    M
    M
    M
    U
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    N
    M
    M
    M
    M
    M
    N
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    2'820'000
    2'651'848
    433'059
    324'259
    1'080'306
    (204'136)
    (1'431'608)
    (725'888)
    324'735
    (108'182)
    1'230'721
    4'299'267
    545'400
    605'018
    (214'910)
    1'226'168

    Target Price
    9
    7
    6
    8
    6
    7
    7
    7
    8
    6
    9
    #N/A N/A
    6
    9
    8
    8
    6
    6
    6
    8
    6
    7
    6
    8
    9
    5
    6
    6
    8
    #N/A N/A
    9
    #N/A N/A
    4
    6
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    30.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.12.2012
    Unclassified
    04.04.2012
    Investment Advisor
    22.11.2012
    Other
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    31.01.2013
    Investment Advisor
    03.01.2013 Hedge Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012 Mutual Fund Manager
    25.09.2012
    Corporation
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor

    Date
    Not Provided
    6 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    6 month
    Not Provided
    Not Provided
    9 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided

    Date
    28.02.2013
    28.02.2013
    21.02.2013
    20.02.2013
    19.02.2013
    19.02.2013
    18.02.2013
    14.02.2013
    14.02.2013
    13.02.2013
    04.02.2013
    04.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    29.01.2013
    17.01.2013
    16.01.2013
    15.01.2013
    09.01.2013
    21.11.2012
    14.11.2012
    04.09.2012
    23.09.2008

    28.02.2013

    ING Groep NV
    ING Groep N.V. offers financial services to individuals, corporations, and other
    institutions. The Company offers corporate, investment, and private banking
    services, asset and portfolio management, treasury services, and insurance. ING
    Groep has offices throughout the world.

    Price/Volume
    9

    70.0 M

    60.0 M

    50.0 M

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (14.01.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    INGA NA EQUITY YTD Change
    INGA NA EQUITY YTD % CHANGE

    12/2012
    12/yy
    7.91
    4.44
    6'338'927.00
    6.081
    -22.97%
    36.96%
    46.75%
    3'831.6
    23'299.72
    207'649.00
    0.0
    1'081.0
    17'657.00
    214'372.72

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover
    Price/ Cash Flow

    1.20

    40.0 M

    30.0 M

    20.0 M

    10.0 M

    1
    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    64'680.0
    4.40x
    (729.0)
    -

    31.12.2009
    31.12.2010
    46'025.0
    51'411.0
    5.41x
    4.99x
    (935.0)
    2'810.0
    12.77x
    Profitability

    LTM-4Q
    31.12.2011
    52'787.0
    4.38x
    5'766.0
    6.70x

    31.12.2012
    40'783.0
    5.34x
    3'894.0
    10.31x
    15.18%
    8.66%
    0.32%
    7.33%
    1.55%
    0.03%
    9.5%
    17.77%
    366.83%
    -

    LTM

    12/yy
    46'023.0
    22.59x
    0.0
    0.00x
    5'766.0
    6.43x

    12/yy
    42'241.0
    22.26x
    0.0
    0.00x
    3'894.0
    9.42x

    FY+1

    .0 M
    f-13

    1.77
    -8.67%
    -13.88%
    1.773
    30
    3.900
    31'487'600
    20'689'220
    17'642'570
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    45'396.2
    46'723.3
    1.51x
    1.75x
    3'708.7
    4'100.2
    6.23x
    5.58x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    03.09.2009
    A
    NEG
    31.03.2009
    A-1
    366.8%
    78.3%
    0.03
    -

    Sales/Revenue/Turnover

    100'000.0
    90'000.0

    1.00

    80'000.0
    70'000.0

    0.80
    0.60
    0.40

    60'000.0
    50'000.0
    40'000.0
    30'000.0
    20'000.0

    0.20

    10'000.0
    0.0

    0.00

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    ING Groep NV
    Holdings By:

    All

    Holder Name
    BLACKROCK
    VANGUARD GROUP INC
    FRANKLIN RESOURCES
    FMR LLC
    CARMIGNAC GESTION
    MASSACHUSETTS FINANC
    ING INVESTMENT MANAG
    ALLIANZ ASSET MANAGE
    DB PLATINUM ADVISORS
    CAPITAL GROUP COMPAN
    DEUTSCHE BANK AG
    BNP PARIBAS INV PART
    ARTISAN PARTNERS HOL
    ACHMEA BELEGGINSFOND
    UNION INVESTMENT GMB
    SCHRODER INVESTMENT
    TEMPLETON INVESTMENT
    NATIXIS ASSET MANAGE
    MERCURY ASSET MANAGE
    AMUNDI

    Firm Name
    AlphaValue
    Macquarie
    Day by Day
    HSBC
    Morgan Stanley
    Hamburger Sparkasse
    Main First Bank AG
    Independent Research GmbH
    SNS Securities(ESN)
    Rabobank International
    Societe Generale
    Deutsche Bank
    JPMorgan
    Keefe, Bruyette & Woods
    Nomura
    S&P Capital IQ
    Credit Suisse
    Petercam
    Oddo & Cie
    Exane BNP Paribas
    ABN Amro Bank N.V.
    Berenberg Bank
    EVA Dimensions
    Kepler Capital Markets
    Goldman Sachs
    RBC Capital Markets
    Barclays
    Mediobanca SpA
    Landesbank Baden-Wuerttemberg
    CA Cheuvreux
    DZ Bank AG
    Theodoor Gilissen Securities
    Daiwa Securities Co. Ltd.
    Natixis

    Portfolio Name
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    JEROME CASSAGNE
    THOMAS STOEGNER
    VALERIE GASTALDY
    STEVEN HAYWOOD
    DAVID ANDRICH
    CHRISTIAN HAMANN
    FEDERICO SALERNO
    STEFAN BONGARDT
    LEMER SALAH
    COR KLUIS
    PHILIP RICHARDS
    DAVID LOCK
    MICHAEL HUTTNER
    WILLIAM HAWKINS
    DOMENICO SANTORO
    RODERICK WALLACE
    RICHARD BURDEN
    MATTHIAS DE WIT
    NICOLAS JACOB
    FRANCOIS BOISSIN
    JAN WILLEM WEIDEMA
    JAMES CHAPPELL
    AUSTIN BURKETT
    BENOIT PETRARQUE
    MARTIN LEITGEB
    GORDON AITKEN
    KIRI VIJAYARAJAH
    ALAIN TCHIBOZO
    WERNER SCHIRMER
    HANS PLUIJGERS
    WERNER EISENMANN
    TOM MULLER
    TIM PROUDLOVE
    BENOIT VALLEAUX

    Source
    ULT-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    add
    neutral
    hold
    neutral
    Equalwt/In-Line
    hold
    outperform
    hold
    buy
    buy
    buy
    hold
    not rated
    market perform
    buy
    hold
    outperform
    hold
    reduce
    neutral
    buy
    buy
    overweight
    reduce
    Rating Suspended
    outperform
    equalweight
    outperform
    hold
    outperform
    buy
    hold
    outperform
    suspended coverage

    Amt Held
    247'285'183
    90'073'181
    78'003'891
    40'930'087
    39'943'572
    31'337'900
    30'654'369
    30'253'616
    29'191'916
    25'314'880
    23'645'980
    23'264'866
    23'087'088
    19'699'641
    18'894'298
    18'175'184
    15'020'303
    13'099'026
    12'705'244
    10'837'716

    % Out
    6.45
    2.35
    2.04
    1.07
    1.04
    0.82
    0.8
    0.79
    0.76
    0.66
    0.62
    0.61
    0.6
    0.51
    0.49
    0.47
    0.39
    0.34
    0.33
    0.28

    Weighting

    Change

    4
    3
    3
    3
    3
    3
    5
    3
    5
    5
    5
    3
    #N/A N/A
    3
    5
    3
    5
    3
    2
    3
    5
    5
    5
    2
    #N/A N/A
    5
    3
    5
    3
    5
    5
    3
    5
    #N/A N/A

    M
    U
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    N
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (1'141'937)
    599'105
    2'363'316
    (35'661'908)
    1'701'096
    665'045
    (22'538)
    (1'501'706)
    191'764
    3'963'556
    526'814
    1'256'401
    3'885'289
    201'990
    (143'690)
    574'476
    4'084'330

    Target Price
    7
    7
    #N/A N/A
    7
    7
    #N/A N/A
    7
    7
    9
    10
    9
    7
    #N/A N/A
    8
    9
    8
    9
    8
    7
    8
    10
    8
    #N/A N/A
    7
    #N/A N/A
    8
    7
    9
    7
    8
    8
    10
    9
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    28.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    26.02.2013
    Investment Advisor
    30.11.2012 Mutual Fund Manager

    Date
    6 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided

    Date
    28.02.2013
    26.02.2013
    26.02.2013
    20.02.2013
    19.02.2013
    19.02.2013
    19.02.2013
    18.02.2013
    15.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    28.01.2013
    17.01.2013
    18.12.2012
    07.12.2012
    07.12.2012
    23.11.2012
    20.11.2012
    08.11.2012
    05.10.2012
    13.01.2012
    27.10.2011
    17.06.2011
    17.03.2009

    28.02.2013

    Intesa Sanpaolo SpA


    Intesa Sanpaolo attracts deposits and offers banking and financial services.
    The Bank offers consumer credit, asset management, Internet banking, merchant
    banking, securities brokerage, factoring, and lease financing services, and
    manages mutual funds. Intesa Sanpaolo operates branches throughout Italy, and
    offices elsewhere in Europe, Asia, and the United States.

    Price/Volume
    2
    2
    1
    1
    1
    1

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (16.03.2012)
    52-Week Low (23.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 02.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    ISP IM EQUITY YTD Change
    ISP IM EQUITY YTD % CHANGE

    12/2011
    09/yy
    1.59
    0.85
    49'400'667.00
    1.242
    -21.70%
    45.52%
    55.02%
    15'501.5
    20'242.25
    266'182.00
    0.0
    718.0
    39'926.00
    -

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover
    Price/ Cash Flow

    1.20
    1.00

    0
    0
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2007
    32'566.0
    7'250.0
    21.37x

    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
    f-13

    31.12.2008
    31.12.2009
    33'216.0
    27'022.0
    2'553.0
    2'805.0
    23.67x
    15.27x
    Profitability

    LTM-4Q
    31.12.2010
    24'836.0
    2'705.0
    12.90x

    31.12.2011
    25'266.0
    (8'190.0)
    4.75%
    -54.51%
    -1.26%
    -15.80%
    -2.50%
    0.03%
    -46.8%
    41.64%
    565.86%
    -

    LTM

    09/yy
    18'533.0
    0.00x
    0.0
    0.00x
    2'434.0
    7.68x

    09/yy
    22'360.0
    0.00x
    0.0
    0.00x
    (8'431.0)
    0.00x

    FY+1

    1.39
    13'656.70
    -10.67%
    -4.46%
    1.386
    36
    3.111
    #########
    #########
    #########
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    17'396.9
    16'811.7
    4'206.8
    1'757.9
    2'015.0
    119.0
    11.61x
    10.10x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    10.02.2012
    BBB+
    NEG
    10.02.2012
    A-2
    565.9%
    84.8%
    0.03
    3.84
    -

    Sales/Revenue/Turnover

    35'000.0
    30'000.0
    25'000.0

    0.80

    20'000.0
    0.60

    15'000.0

    0.40

    10'000.0
    5'000.0

    0.20

    0.0
    0.00

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Intesa Sanpaolo SpA


    Holdings By:

    All

    Holder Name
    COMPAGNIA DI SAN PAO
    FOND CR PROVINCIE LO
    FONDAZIONE CASSA RIS
    ENTE CASSA DI RISP F
    FONDAZIONE CASSA RIS
    ALLEANZA TORO SPA
    BLACKROCK
    VANGUARD GROUP INC
    ASSICURAZIONI GENERA
    HARRIS ASSOCIATES LP
    INA ASSITALIA SPA
    GENERALI VIE SA
    DB PLATINUM ADVISORS
    AMUNDI
    MERCURY ASSET MANAGE
    MANDARINE GESTION
    NATIXIS ASSET MANAGE
    TEMPLETON INVESTMENT
    MAINFIRST SICAV
    GENERALI VERSICHERUN

    Firm Name
    Keefe, Bruyette & Woods
    Oddo & Cie
    HSBC
    Kepler Capital Markets
    Exane BNP Paribas
    ICBPI
    AlphaValue
    Banca Akros(ESN)
    Nomura
    Intermonte Securities SpA
    Day by Day
    Berenberg Bank
    Goldman Sachs
    RBC Capital Markets
    Equita SIM SpA
    Macquarie
    Independent Research GmbH
    Societe Generale
    Morgan Stanley
    Deutsche Bank
    EVA Dimensions
    Credit Suisse
    Landesbank Baden-Wuerttemberg
    Centrobanca
    JPMorgan
    Grupo Santander
    Barclays
    Mediobanca SpA
    S&P Capital IQ
    CA Cheuvreux
    Nord/LB
    Natixis
    Hammer Partners SA
    Banco Sabadell
    Main First Bank AG

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a

    Analyst
    RONNY REHN
    JEAN SASSUS
    CARLO DIGRANDI
    ANNA MARIA BENASSI
    ANDREA VERCELLONE
    LUCA COMI
    DAVID GRINSZTAJN
    LUIGI TRAMONTANA
    DOMENICO SANTORO
    CHRISTIAN CARRESE
    VALERIE GASTALDY
    ELENI PAPOULA
    JEAN-FRANCOIS NEUEZ
    PATRICK LEE
    MATTEO GHILOTTI
    BENJIE CREELAN-SANDFORD
    STEFAN BONGARDT
    CARLO TOMMASELLI
    FRANCESCA TONDI
    PAOLA SABBIONE
    AUSTIN BURKETT
    IGNACIO CEREZO
    INGO FROMMEN
    GUGLIELMO MARCO OPIPARI
    MARTA BASTONI
    TANIA GOLD
    ANTONIO RIZZO
    ANDREA FILTRI
    FRANK BRADEN
    ALDO COMI
    MICHAEL SEUFERT
    STEVEN GOULD
    ENRICO RACIOPPI
    MARIO LODOS
    ALBERTO SEGAFREDO

    Source
    EXCH
    EXCH
    EXCH
    EXCH
    EXCH
    EXCH
    ULT-AGG
    MF-AGG
    EXCH
    MF-AGG
    EXCH
    EXCH
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    EXCH

    Recommendation
    underperform
    reduce
    neutral
    buy
    neutral
    neutral
    buy
    accumulate
    buy
    outperform
    hold
    hold
    neutral/neutral
    underperform
    buy
    underperform
    hold
    sell
    Equalwt/In-Line
    buy
    overweight
    outperform
    hold
    sell
    underweight
    underweight
    underweight
    neutral
    hold
    outperform
    hold
    buy
    sell
    buy
    neutral

    Amt Held
    1'532'766'787
    725'460'008
    647'953'597
    523'633'314
    422'874'979
    286'308'683
    223'228'447
    212'362'489
    205'236'977
    193'171'300
    85'877'104
    82'931'860
    61'718'552
    60'101'856
    43'225'303
    38'348'489
    38'026'097
    37'525'547
    37'116'000
    34'722'872

    % Out
    9.89
    4.68
    4.18
    3.38
    2.73
    1.85
    1.44
    1.37
    1.32
    1.25
    0.55
    0.53
    0.4
    0.39
    0.28
    0.25
    0.25
    0.24
    0.24
    0.22

    Weighting

    Change
    1
    2
    3
    5
    3
    3
    5
    4
    5
    5
    3
    3
    3
    1
    5
    1
    3
    1
    3
    5
    5
    5
    3
    1
    1
    1
    1
    3
    3
    5
    3
    5
    1
    5
    3

    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    N
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (1'503'139)
    21'857'253
    19'137'900
    (15'000'000)
    6'956'978
    3'963'559
    (4'773'898)
    (363'082)
    27'900'000
    -

    Target Price
    1
    1
    1
    2
    2
    2
    2
    1
    2
    2
    #N/A N/A
    2
    2
    1
    2
    1
    2
    1
    2
    2
    #N/A N/A
    2
    1
    1
    1
    1
    1
    1
    1
    2
    #N/A N/A
    1
    1
    #N/A N/A
    2

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    20.11.2012
    Other
    20.11.2012
    Bank
    20.11.2012
    Bank
    20.11.2012
    Bank
    20.11.2012
    Other
    20.11.2012
    Insurance Company
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    20.11.2012
    Insurance Company
    31.12.2012
    Investment Advisor
    20.11.2012
    Insurance Company
    20.11.2012
    Other
    31.01.2013
    Investment Advisor
    30.11.2012 Mutual Fund Manager
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    30.11.2012
    Investment Advisor
    31.10.2012
    Investment Advisor
    20.11.2012
    Holding Company

    Date
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    6 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    12 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    9 month
    Not Provided
    Not Provided
    6 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month

    Date
    27.02.2013
    27.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    20.02.2013
    19.02.2013
    14.02.2013
    08.02.2013
    28.01.2013
    28.01.2013
    28.01.2013
    25.01.2013
    24.01.2013
    22.01.2013
    22.01.2013
    17.01.2013
    17.01.2013
    15.01.2013
    15.01.2013
    11.01.2013
    07.01.2013
    11.12.2012
    30.11.2012
    14.11.2012
    13.11.2012
    06.11.2012
    23.10.2012
    02.10.2012
    19.06.2012
    06.02.2012
    29.07.2011

    28.02.2013

    Investor AB
    Investor AB is an industrial holding company. The Company owns significant
    shareholdings in major public multinational companies and conducts private
    equity activities in Europe, North America, and Asia. Investor takes an active
    ownership role in many of the companies it owns.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    INVEB SS EQUITY YTD Change
    INVEB SS EQUITY YTD % CHANGE

    12/2012
    12/yy
    189.00
    122.80
    228'963.00
    188
    -0.53%
    53.09%
    98.04%
    455.5
    142'919.81
    46'488.00
    0.0
    0.0
    10'368.00
    179'039.81

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    31.12.2009
    31.12.2010
    37'862.0
    37'002.0
    3.15x
    4.01x
    36'963.0
    33'587.0
    3.23x
    4.42x
    31'379.0
    30'713.0
    3.23x
    3.57x
    Profitability

    LTM-4Q
    31.12.2011
    2'470.0
    57.24x
    (11'416.0)
    (9'229.0)
    -

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    42'007.0
    3.96x
    24'226.0
    5.34x
    -11'416.00
    60.27%
    56.08%
    10.93%
    14.63%
    11.34%
    0.19%
    57.7%
    20.24%
    26.55%
    -

    Price/ Cash Flow

    6.0 M
    5.0 M
    4.0 M
    3.0 M
    2.0 M
    1.0 M
    a-12 m-12

    j-12

    LTM

    12/yy
    2'470.0
    227.89x
    0.0
    0.00x
    (9'229.0)
    0.00x

    j-12

    12/yy
    42'007.0
    14.21x
    0.0
    0.00x
    24'226.0
    5.34x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    0.96
    33.39%
    10.59%
    0.958
    10
    4.600
    1'324'897
    1'395'161
    1'517'276
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    11'034.0
    11.85x
    5'571.0
    9'740.0
    32.15x
    18.39x
    6'756.5
    7'531.5
    18.24x
    21.61x
    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

    16.12.1997
    AASTABLE
    16.12.1997
    A-1+
    26.5%
    21.0%
    0.19
    10.30
    -

    Sales/Revenue/Turnover

    180.00

    60'000.0

    160.00

    50'000.0

    140.00

    40'000.0

    120.00

    30'000.0

    100.00

    20'000.0

    80.00

    10'000.0

    60.00

    0.0

    40.00

    -10'000.0

    20.00

    -20'000.0

    0.00
    01.01.2010

    7.0 M

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    (29'455.0)
    (30'301.0)
    (36'708.0)
    -

    200
    180
    160
    140
    120
    100
    80
    60
    40
    20
    0
    f-12 m-12

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    -30'000.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    -40'000.0

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Investor AB
    Holdings By:

    All

    Holder Name
    ALECTA PENSIONSFORSA
    AMF PENSION
    SEB FOUNDATION
    HARBOR CAPITAL ADVIS
    FIRST EAGLE INVESTME
    SKANDIA LIV
    THIRD AVENUE MANAGEM
    SEB
    SWEDBANK ROBUR FONDE
    VANGUARD GROUP INC
    CARNEGIE FONDER AB/S
    AMF FONDER AB
    FOLKSAM LO FOND AB
    INVESCO LTD
    FOUTH AP-FUND
    BLACKROCK
    SPP FONDER AB
    NORTHERN CROSS INVES
    CATELLA FONDFORVALTN
    SKANDIA FONDER AB

    Firm Name
    AlphaValue
    CA Cheuvreux
    SEB Enskilda
    Nordea Equity Research
    Handelsbanken
    ABG Sundal Collier
    Goldman Sachs
    EVA Dimensions
    Swedbank
    Evli Bank Plc
    Carnegie

    Portfolio Name
    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
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    PIERRE-YVES GAUTHIER
    BJORN GUSTAFSSON
    SVANTE KROKFORS
    CATRIN JANSSON
    ELIAS PORSE
    RICKARD HENZE
    MARKUS IWAR
    AUSTIN BURKETT
    NICLAS HOGLUND
    TEAM COVERAGE
    JOHAN SJOBERG

    Source
    Research
    Research
    Research
    MF-AGG
    Research
    Research
    Research
    ULT-AGG
    Research
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    Research
    ULT-AGG
    MF-AGG
    Research
    MF-AGG
    MF-AGG

    Recommendation
    add
    outperform
    buy
    buy
    accumulate
    buy
    Buy/Neutral
    buy
    buy
    Under Review
    buy

    Amt Held
    38'515'000
    29'552'521
    21'407'757
    20'602'145
    12'753'557
    12'753'557
    12'298'073
    10'116'122
    7'743'231
    7'404'635
    6'512'142
    5'550'736
    4'929'208
    4'239'435
    4'099'358
    3'781'096
    3'386'822
    2'732'905
    2'676'420
    2'497'024

    % Out
    8.46
    6.49
    4.7
    4.52
    2.8
    2.8
    2.7
    2.22
    1.7
    1.63
    1.43
    1.22
    1.08
    0.93
    0.9
    0.83
    0.74
    0.6
    0.59
    0.55

    Weighting

    Change

    4
    5
    5
    5
    4
    5
    5
    5
    5
    #N/A N/A
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U

    Latest Chg
    (611'890)
    141'614
    (351)
    (489'224)
    632'753
    59'398
    147'309
    (218'634)
    333'065
    192'003

    Target Price
    222
    194
    200
    200
    185
    202
    222
    #N/A N/A
    180
    #N/A N/A
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    12.12.2012
    20.12.2012
    30.09.2012
    31.12.2012
    30.09.2012
    30.09.2012
    30.09.2012
    31.12.2012
    30.09.2012
    31.12.2012
    28.12.2012
    31.12.2012
    31.12.2012
    31.01.2013
    30.09.2012
    26.02.2013
    31.01.2013
    30.09.2012
    31.12.2012
    31.12.2012

    Date
    6 month
    Not Provided
    Not Provided
    12 month
    12 month
    6 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided

    Inst Type
    Pension Fund (ERISA)
    Pension Fund (ERISA)
    Other
    Investment Advisor
    Hedge Fund Manager
    Pension Fund (ERISA)
    Hedge Fund Manager
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    n/a
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager

    Date
    28.02.2013
    01.02.2013
    30.01.2013
    30.01.2013
    30.01.2013
    29.01.2013
    25.01.2013
    17.01.2013
    05.12.2012
    23.03.2012
    20.11.2011

    28.02.2013

    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
    2.5 M

    2500

    2.0 M

    2000

    Latest Fiscal Year:


    LTM as of:
    52-Week High (17.09.2012)
    52-Week Low (25.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    JMAT LN EQUITY YTD Change
    JMAT LN EQUITY YTD % CHANGE

    03/2012
    01/yy
    2'579.00
    2'013.30
    93'722.00
    2289
    -11.28%
    13.69%
    46.62%
    204.9
    4'690.57
    499.30
    0.0
    0.4
    150.70
    5'400.97

    31.03.2008
    7'498.7
    0.66x
    374.4
    13.16x
    186.2
    22.71x

    1.0 M

    1000

    .5 M

    500
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.03.2009
    31.03.2010
    7'847.8
    7'839.4
    0.36x
    0.54x
    401.2
    402.2
    7.05x
    10.53x
    174.1
    164.2
    12.84x
    22.50x
    Profitability

    31.03.2011
    9'984.8
    0.46x
    520.5
    8.76x
    181.5
    21.60x

    31.03.2012
    12'023.2
    0.45x
    580.2
    9.33x
    315.9
    15.86x

    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

    580.20
    433.40
    3.60%
    3.40%
    9.66%
    22.91%
    15.80%
    3.40%
    6.3%
    5.1%
    3.8%
    2.6%
    1.74
    0.90
    15.29%
    32.60%
    15.48

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    2.42
    1.22
    204.63
    1.67%
    -3.66%
    1.219
    16
    3.375
    533'598
    601'221
    564'705
    FY+2

    03/13 Y
    03/14 Y
    10'293.0
    9'471.0
    0.52x
    0.56x
    543.3
    567.6
    9.94x
    9.52x
    297.6
    312.7
    15.72x
    14.83x
    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

    .0 M
    f-13

    FQ+1

    FQ+2

    16.39
    12.13
    1.26
    1.43
    32.6%
    24.6%
    3.40
    12.33
    23.65
    31.18

    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
    03.04.2009

    1.5 M

    1500

    Valuation Analysis

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    3000

    0.0
    03.10.2009

    03.04.2010

    03.10.2010

    03.04.2011

    03.10.2011

    03.04.2012

    03.10.2012

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Johnson Matthey PLC


    Holdings By:

    All

    Holder Name
    FMR LLC
    BLACKROCK
    LLOYDS BANKING GROUP
    THREADNEEDLE ASSET M
    SCOTTISH WIDOWS
    LEGAL & GENERAL
    NORGES BANK INVESTME
    BAILLIE GIFFORD AND
    M&G INVESTMENT MANAG
    STANDARD LIFE INVEST
    MANNING & NAPIER ADV
    JOHNSON MATTHEY PLC
    THREADNEEDLE INVESTM
    WILLIAM BLAIR & COMP
    MANNING & NAPIER ADV
    VANGUARD GROUP INC
    AVIVA INVESTORS
    WILLIAM BLAIR & COMP
    ARTISAN PARTNERS HOL
    AXA FRAMLINGTON INV

    Firm Name
    AlphaValue
    Morgan Stanley
    Numis Securities Ltd
    Deutsche Bank
    Goldman Sachs
    JPMorgan
    HSBC
    Liberum Capital Ltd
    Credit Suisse
    EVA Dimensions
    Day by Day
    S&P Capital IQ
    Redburn Partners

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    WILLIAM BLAIR & COMP
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    MARTIN SCHNEE
    PAUL R WALSH
    CHARLES PICK
    MARTIN DUNWOODIE
    RAKESH PATEL
    MARTIN EVANS
    GEOFF HAIRE
    ADAM COLLINS
    RHIAN O'CONNOR
    CRAIG STERLING
    VALERIE GASTALDY
    SHO MATSUBARA
    TONY JONES

    Source
    ULT-AGG
    ULT-AGG
    ULT-AGG
    REG
    ULT-AGG
    ULT-AGG
    REG
    REG
    REG
    REG
    REG
    REG
    MF-AGG
    13F
    MF-AGG
    MF-AGG
    REG
    REG
    REG
    REG

    Recommendation
    reduce
    Underwt/In-Line
    add
    buy
    Buy/Neutral
    neutral
    neutral
    buy
    outperform
    hold
    hold
    hold
    neutral

    Amt Held
    25'259'807
    20'164'605
    10'470'589
    10'363'251
    7'570'675
    7'398'405
    5'551'656
    5'278'231
    5'222'338
    5'110'819
    4'967'991
    4'463'881
    4'018'232
    3'965'899
    3'851'250
    3'732'589
    3'569'501
    3'361'546
    3'121'157
    2'858'947

    % Out
    12.33
    9.84
    5.11
    5.06
    3.69
    3.61
    2.71
    2.58
    2.55
    2.49
    2.42
    2.18
    1.96
    1.94
    1.88
    1.82
    1.74
    1.64
    1.52
    1.4

    Weighting

    Change
    2
    1
    4
    5
    5
    3
    3
    5
    5
    3
    3
    3
    3

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M

    Latest Chg
    (1'271'286)
    (8'683)
    (282'632)
    2'399'232
    (94'073)
    5'428'717
    131'579
    (1'054'394)
    1'308'506
    (999'339)
    (210'338)
    (50)
    32'197
    325'169
    88'799
    (161'440)
    (951'213)
    235'699
    (66'217)

    Target Price
    2'413
    2'200
    2'515
    2'550
    2'900
    2'150
    2'300
    3'000
    2'400
    #N/A N/A
    #N/A N/A
    2'350
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2012
    26.02.2013
    01.12.2012
    01.12.2012
    01.12.2012
    01.12.2012
    01.12.2012
    01.12.2012
    01.12.2012
    01.12.2012
    01.12.2012
    01.12.2012
    31.10.2012
    31.12.2012
    31.12.2012
    31.12.2012
    01.12.2012
    01.12.2012
    01.12.2012
    01.12.2012

    Date
    6 month
    12 month
    Not Provided
    12 month
    12 month
    9 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
    Unclassified
    Unclassified
    Government
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Other
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    22.02.2013
    18.02.2013
    16.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    12.02.2013
    17.01.2013
    07.01.2013
    27.11.2012
    05.10.2012

    28.02.2013

    Julius Baer Group Ltd


    Julius Baer Group Ltd. offers private banking services. The bank advises on
    wealth management, financial planning and investments, and offers mortgage and
    other lending, foreign exchange, securities trading, custody and execution
    services.

    Price/Volume
    40

    3.0 M

    35

    2.5 M

    30
    2.0 M

    25
    20

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (29.01.2013)
    52-Week Low (06.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 24.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    BAER VX EQUITY YTD Change
    BAER VX EQUITY YTD % CHANGE

    12/2012
    01/yy
    37.97
    29.34
    432'337.00
    35.35
    -6.87%
    20.50%
    68.96%
    223.8
    7'911.66
    8'190.75
    0.0
    2.3
    15'606.04
    -

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover
    Price/ Cash Flow

    1.20

    1.0 M

    10
    .5 M

    5
    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    .0 M
    f-13

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    2'480.1
    356.9
    -

    1.5 M

    15

    31.12.2009
    31.12.2010
    1'883.7
    2'075.2
    388.7
    352.0
    19.35x
    25.61x
    Profitability

    31.12.2011
    2'052.0
    257.9
    28.93x

    31.12.2012
    2'028.9
    297.4
    21.99x
    19.37%
    19.37%
    0.55%
    6.48%
    2.21%
    0.04%
    15.4%
    14.93%
    168.13%
    -

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    1.19
    213.52
    4.99%
    9.34%
    1.188
    23
    3.609
    868'450
    742'384
    686'222
    FY+2

    12/13 Y
    12/14 Y
    2'131.9
    2'551.7
    -1.30x
    -2.10x
    456.1
    597.7
    16.96x
    12.96x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    168.1%
    62.7%
    0.04
    5.59
    -

    Sales/Revenue/Turnover

    4'500.0
    4'000.0

    1.00
    0.80

    3'500.0
    3'000.0
    2'500.0

    0.60

    2'000.0
    1'500.0

    0.40
    0.20

    1'000.0
    500.0
    0.0

    0.00

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Julius Baer Group Ltd


    Holdings By:

    All

    Holder Name
    MFS INVESTMENT MANAG
    DAVIS SELECTED ADVIS
    BLACKROCK
    THORNBURG INVESTMENT
    HARRIS ASSOCIATES LP
    BANK OF AMERICA CORP
    MASSACHUSETTS FINANC
    BOFA MERRILL LYNCH
    WELLINGTON MANAGEMEN
    AXA
    VANGUARD GROUP INC
    CREDIT SUISSE ASSET
    JULIUS BAER GROUP LT
    INVESCO LTD
    T ROWE PRICE ASSOCIA
    UBS FUND MANAGEMENT
    PICTET & CIE
    HARTFORD INVESTMENT
    UNITED SERVICES AUTO
    CLERICAL MEDICAL INV

    Firm Name
    AlphaValue
    Oddo & Cie
    CA Cheuvreux
    Bank Vontobel AG
    Barclays
    EVA Dimensions
    Zuercher Kantonalbank
    Macquarie
    Berenberg Bank
    Main First Bank AG
    Helvea
    Nomura
    Morgan Stanley
    Credit Suisse
    Keefe, Bruyette & Woods
    Kepler Capital Markets
    S&P Capital IQ
    Deutsche Bank
    JPMorgan
    HSBC
    Equita SIM SpA
    Goldman Sachs
    Mediobanca SpA

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    #N/A N/A
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    DIETER HEIN
    JEAN SASSUS
    CHRISTIAN STARK
    TERESA NIELSEN
    JEREMY SIGEE
    AUSTIN BURKETT
    ANDREAS BRUN
    JIA WANG
    ELENI PAPOULA
    KILIAN MAIER
    TIM DAWSON
    JON PEACE
    HUBERT LAM
    GURJIT KAMBO
    ANDREW STIMPSON
    DIRK BECKER
    FRANK BRADEN
    MATT SPICK
    KIAN ABOUHOSSEIN
    ROBERT MURPHY
    MATTEO GHILOTTI
    MARTIN LEITGEB
    GIANLUCA FERRARI

    Source
    Co File
    Co File
    ULT-AGG
    Co File
    Co File
    Co File
    MF-AGG
    EXCH
    Co File
    EXCH
    MF-AGG
    MF-AGG
    Co File
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    add
    buy
    select list
    reduce
    equalweight
    sell
    market perform
    outperform
    hold
    outperform
    neutral
    buy
    Equalwt/In-Line
    outperform
    market perform
    reduce
    strong buy
    buy
    overweight
    neutral
    reduce
    not rated
    neutral

    Amt Held
    21'714'041
    18'333'412
    12'775'138
    11'095'398
    8'776'634
    8'148'183
    7'676'732
    7'375'149
    6'696'246
    6'128'304
    5'153'699
    2'971'249
    2'599'046
    2'424'707
    2'242'726
    2'185'490
    1'611'017
    1'265'435
    1'240'011
    871'961

    % Out
    9.7
    8.19
    5.71
    4.96
    3.92
    3.64
    3.43
    3.3
    2.99
    2.74
    2.3
    1.33
    1.16
    1.08
    1
    0.98
    0.72
    0.57
    0.55
    0.39

    Weighting

    Change

    4
    5
    5
    2
    3
    1
    3
    5
    3
    5
    3
    5
    3
    5
    3
    2
    5
    5
    5
    3
    2
    #N/A N/A
    3

    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    U
    M
    M
    N
    M
    M

    Latest Chg
    (1'542'891)
    (173'099)
    (2'715'494)
    (36'537)
    11'294
    233'612
    363'424
    177'591
    13'149
    104'513
    140'522
    -

    Target Price
    42
    44
    44
    26
    39
    #N/A N/A
    #N/A N/A
    41
    39
    40
    41
    39
    39
    40
    39
    29
    43
    43
    41
    35
    31
    #N/A N/A
    36

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    10.08.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    24.09.2010
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    31.12.2012
    Bank
    27.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    30.11.2012 Mutual Fund Manager
    31.01.2013
    Investment Advisor
    30.11.2012
    Investment Advisor
    30.11.2012
    Investment Advisor

    Date
    6 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    9 month
    Not Provided
    12 month
    Not Provided
    Not Provided

    Date
    28.02.2013
    27.02.2013
    22.02.2013
    22.02.2013
    12.02.2013
    12.02.2013
    08.02.2013
    07.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    05.02.2013
    04.02.2013
    04.02.2013
    04.02.2013
    04.02.2013
    04.02.2013
    23.01.2013
    23.01.2013
    04.12.2012
    03.10.2012
    23.08.2012
    18.07.2012

    28.02.2013

    K+S AG
    K+S AG manufactures and markets within the fertilizer division standard and
    speciality fertilizers to the agricultural and industrial industries worldwide.
    In its salt business, the company produces de-icing salt, food grade salt,
    industrial salt and salt for chemical use.

    Price/Volume
    45
    40
    35
    30
    25
    20

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (30.07.2012)
    52-Week Low (05.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SDF GY EQUITY YTD Change
    SDF GY EQUITY YTD % CHANGE

    12/2011
    09/yy
    41.50
    30.14
    311'066.00
    35.715
    -13.94%
    18.50%
    45.35%
    191.4
    6'835.85
    770.60
    0.0
    3.1
    757.80
    7'254.35

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    10
    5
    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2007
    3'344.1
    2.21x
    418.5
    17.66x
    (93.3)
    -

    15

    31.12.2008
    31.12.2009
    4'794.4
    3'573.8
    1.40x
    2.35x
    1'464.3
    460.2
    4.57x
    18.24x
    870.9
    96.4
    7.57x
    68.95x
    Profitability

    LTM-4Q
    31.12.2010
    4'632.7
    2.34x
    972.2
    11.14x
    448.6
    23.58x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2011
    5'150.9
    1.30x
    1'194.5
    5.61x
    564.3
    10.18x
    1'194.50
    952.50
    18.49%
    17.23%
    11.12%
    21.96%
    19.13%
    0.73%
    38.3%
    24.9%
    19.6%
    11.0%
    2.56
    1.66
    12.72%
    25.01%
    5.83
    4.14

    Price/ Cash Flow

    5.0 M
    4.5 M
    4.0 M
    3.5 M
    3.0 M
    2.5 M
    2.0 M
    1.5 M
    1.0 M
    .5 M
    .0 M
    f-13

    09/yy
    4'452.6
    8.83x
    1'136.1
    6.86x
    536.5
    12.28x

    LTM
    09/yy
    4'501.8
    6.48x
    1'121.5
    6.93x
    681.6
    12.43x

    FY+1

    0.88
    172.26
    -1.17%
    2.04%
    0.885
    40
    3.600
    1'557'172
    1'502'719
    1'561'501
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    4'010.4
    4'127.2
    941.8
    1'095.3
    1.73x
    1.79x
    7.73x
    1'060.3
    1'085.7
    238.3
    322.0
    6.84x
    6.68x
    6.67x
    6.64x
    573.9
    560.3
    112.0
    181.0
    12.05x
    12.10x
    12.86x
    12.61x
    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

    08.09.2011
    BBB+
    STABLE
    30.11.2009
    A-2
    10.18
    8.01
    0.37
    1.13
    25.0%
    20.0%
    0.73
    2.04
    62.81
    88.33
    48.44
    86.19

    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
    02.01.2009

    0.0
    02.07.2009

    02.01.2010

    02.07.2010

    02.01.2011

    02.07.2011

    02.01.2012

    02.07.2012

    02.01.2013

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    K+S AG
    Holdings By:

    All

    Holder Name
    MERITUS TRUST CO LTD
    BLACKROCK
    VANGUARD GROUP INC
    PRUDENTIAL PLC
    VIKING GLOBAL INVEST
    DWS INVESTMENT S A
    POINTSTATE CAPITAL
    DEUTSCHE BANK AG
    CAPITAL GROUP COMPAN
    UNION INVESTMENT GMB
    ALLIANZ ASSET MANAGE
    UNIVERSAL INVEST CON
    AQR CAPITAL MANAGEME
    MARSHALL WACE LLP
    DEKA INVESTMENT GMBH
    ING INTERNATIONAL AD
    SCHRODER INVESTMENT
    UNIVERSAL INVESTMENT
    HIGHBRIDGE CAPITAL M
    FRANKFURT TRUST INVE

    Firm Name
    AlphaValue
    Sanford C. Bernstein & Co
    HSBC
    Equinet Institutional Services(ESN)
    Hauck & Aufhaeuser
    Hamburger Sparkasse
    Berenberg Bank
    Scotia Capital
    Exane BNP Paribas
    M.M. Warburg Investment Research
    DZ Bank AG
    Main First Bank AG
    Commerzbank Corporates & Markets
    Kepler Capital Markets
    Nomura
    Barclays
    Morgan Stanley
    JPMorgan
    EVA Dimensions
    BMO Capital Markets
    Bankhaus Lampe
    Liberum Capital Ltd
    Landesbank Baden-Wuerttemberg
    Equita SIM SpA
    Macquarie
    Nord/LB
    National Bank AG
    Bankhaus Metzler
    Deutsche Bank
    Independent Research GmbH
    S&P Capital IQ
    Silvia Quandt Research
    Societe Generale
    Baader Bank
    CA Cheuvreux
    Day by Day
    PingAn Securities
    Redburn Partners
    Solventis WPH-Bank GmbH

    Portfolio Name
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios

    Analyst
    EILEEN RYAN
    JEREMY REDENIUS
    JESKO MAYER-WEGELIN
    MICHAEL SCHAEFER
    NILS-PETER FITZL
    MARCO GUENTHER
    GUNNAR COHRS
    BEN ISAACSON
    HEIDI VESTERINEN
    OLIVER SCHWARZ
    HEINZ MUELLER
    THOMAS SWOBODA
    LUTZ GRUETEN
    TEAM COVERAGE
    JEAN DE WATTEVILLE
    ANDREAS HEINE
    AMY WALKER
    NEIL C TYLER
    CRAIG STERLING
    JOEL JACKSON
    MARC GABRIEL
    SOPHIE JOURDIER
    ULLE WORNER
    MASSIMO BONISOLI
    CHRISTIAN FAITZ
    THORSTEN STRAUSS
    EKKEHARD D LINK
    LARS HETTCHE
    VIRGINIE BOUCHER-FERTE
    CHRISTOPH SCHOENDUBE
    JOHNSON IMODE
    STEFAN KICK
    PETER CLARK
    NORBERT BARTH
    MARTIN ROEDIGER
    VALERIE GASTALDY
    YAN ZHUBING
    TONY JONES
    KLAUS SOER

    Source
    Research
    ULT-AGG
    MF-AGG
    Research
    Short
    MF-AGG
    Short
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    Short
    Short
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    Short
    MF-AGG

    Recommendation
    add
    underperform
    overweight
    buy
    buy
    buy
    buy
    sector perform
    underperform
    buy
    buy
    outperform
    hold
    hold
    reduce
    equalweight
    Underwt/In-Line
    underweight
    hold
    market perform
    hold
    sell
    buy
    buy
    outperform
    buy
    buy
    buy
    hold
    hold
    sell
    neutral
    hold
    buy
    outperform
    hold
    buy
    neutral
    sell

    Amt Held
    % Out
    18'910'319
    9.88
    16'320'340
    8.53
    7'766'246
    4.06
    5'742'000
    3
    (4'172'520) -2.18
    3'238'562
    1.69
    (2'296'800)
    -1.2
    1'560'824
    0.82
    1'410'000
    0.74
    1'118'064
    0.58
    1'044'250
    0.55
    1'020'000
    0.53
    (995'280) -0.52
    (861'300) -0.45
    859'133
    0.45
    793'493
    0.41
    746'471
    0.39
    614'324
    0.32
    (612'480) -0.32
    460'200
    0.24

    Weighting

    Change
    4
    1
    5
    5
    5
    5
    5
    3
    1
    5
    5
    5
    3
    3
    2
    3
    1
    1
    3
    3
    3
    1
    5
    5
    5
    5
    5
    5
    3
    3
    1
    3
    3
    5
    5
    3
    5
    3
    1

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    D
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    N
    U
    M

    Latest Chg
    (427'918)
    47'053
    (210'540)
    (36'597)
    (191'400)
    (24'919)
    (3'160'400)
    (213'500)
    (581'230)
    729'000
    (57'420)
    114'840
    38'183
    229'436
    (47'951)
    111'056
    478'500
    -

    Target Price
    40
    27
    47
    52
    42
    #N/A N/A
    45
    37
    30
    40
    58
    37
    41
    40
    38
    37
    33
    28
    #N/A N/A
    34
    37
    31
    41
    43
    56
    44
    52
    40
    32
    40
    30
    40
    41
    44
    41
    #N/A N/A
    #N/A N/A
    #N/A N/A
    25

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    30.11.2011
    26.02.2013
    31.12.2012
    30.11.2011
    25.02.2013
    28.12.2012
    18.01.2013
    31.12.2012
    31.12.2012
    28.09.2012
    31.12.2012
    31.01.2013
    08.02.2013
    20.02.2013
    28.12.2012
    28.09.2012
    31.12.2012
    02.10.2012
    19.02.2013
    28.12.2012

    Date
    6 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    12 month
    6 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    9 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 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
    12 month

    Inst Type
    Other
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Hedge Fund Manager
    Mutual Fund Manager
    Hedge Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Hedge Fund Manager
    Hedge Fund Manager
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Hedge Fund Manager
    Mutual Fund Manager

    Date
    28.02.2013
    22.02.2013
    22.02.2013
    18.02.2013
    15.02.2013
    13.02.2013
    13.02.2013
    11.02.2013
    11.02.2013
    06.02.2013
    06.02.2013
    05.02.2013
    04.02.2013
    04.02.2013
    04.02.2013
    04.02.2013
    25.01.2013
    22.01.2013
    17.01.2013
    07.01.2013
    07.01.2013
    07.01.2013
    03.01.2013
    07.12.2012
    21.11.2012
    14.11.2012
    14.11.2012
    14.11.2012
    13.11.2012
    13.11.2012
    13.11.2012
    13.11.2012
    12.11.2012
    10.11.2012
    02.11.2012
    22.10.2012
    09.10.2012
    30.03.2011
    19.03.2010

    28.02.2013

    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
    350

    25.0 M

    300

    20.0 M

    250

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (03.04.2012)
    52-Week Low (24.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 01.02.2013
    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

    01/2012
    10/yy
    317.00
    252.00
    1'159'809.00
    275.9
    -12.90%
    9.48%
    38.15%
    2'372.2
    6'545.03
    742.00
    0.0
    8.0
    587.00
    6'588.03

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    15.0 M

    150

    10.0 M

    100
    5.0 M

    50
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.01.2008
    9'050.0
    0.57x
    602.0
    8.56x
    274.0
    13.83x

    200

    LTM-4Q

    31.01.2009
    31.01.2010
    10'026.0
    10'503.0
    0.44x
    0.50x
    672.0
    833.0
    6.60x
    6.36x
    209.0
    388.0
    695.50x
    12.87x
    Profitability

    31.01.2011
    10'450.0
    0.58x
    915.0
    6.66x
    494.0
    12.17x

    31.01.2012
    10'831.0
    0.57x
    1'031.0
    6.02x
    640.0
    9.30x

    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

    1'031.00
    794.00
    7.33%
    7.36%
    5.93%
    10.32%
    9.50%
    1.09%
    37.7%
    9.2%
    6.9%
    5.9%
    0.97
    0.21
    7.70%
    12.97%
    3.42

    Price/ Cash Flow

    LTM

    04/yy
    10'032.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    10/yy
    10'997.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    3.43
    0.96
    2'369.77
    0.36%
    -2.89%
    0.958
    26
    3.769
    7'696'422
    6'997'722
    6'092'267
    FY+2

    FQ+1

    FQ+2

    01/13 Y
    01/14 Y
    07/12 Q2 10/12 Q3
    10'567.1
    11'003.3
    2'846.5
    2'719.0
    0.62x
    0.59x
    979.8
    1'055.5
    6.72x
    6.24x
    522.3
    578.6
    12.54x
    11.40x
    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

    30.04.2008
    BBBPOS
    30.04.2008
    A-3
    32.22
    18.16
    0.04
    0.67
    13.0%
    11.5%
    1.09
    2.89
    106.24
    29.64

    Sales/Revenue/Turnover

    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
    06.02.2009

    0.0
    06.08.2009

    06.02.2010

    06.08.2010

    06.02.2011

    06.08.2011

    06.02.2012

    06.08.2012

    06.02.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Kingfisher PLC
    Holdings By:

    All

    Holder Name
    FRANKLIN RESOURCES
    TEMPLETON GLOBAL ADV
    THORNBURG INVESTMENT
    BLACKROCK
    THORNBURG INVESTMENT
    FMR LLC
    CAPITAL GROUP COMPAN
    LEGAL & GENERAL
    BNP PARIBAS INV PART
    APG ALGEMENE PENSIOE
    NORGES BANK INVESTME
    STANDARD LIFE INVEST
    HSBC INVESTMENTS UK
    SCOTTISH WIDOWS
    VANGUARD GROUP INC
    JP MORGAN
    BANK OF NEW YORK MEL
    PEOPLES REPUBLIC OF
    UBS
    MAJEDIE ASSET MANAGE

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios

    Analyst

    Societe Generale
    ANNE CRITCHLOW
    Natixis
    JEAN BAPTISTE TEISSIER
    Nomura
    SUNITA ENTWISLE
    Numis Securities Ltd
    ANDREW WADE
    Oriel Securities Ltd
    EITHNE O'LEARY
    Exane BNP Paribas
    BEN SPRUNTULIS
    Credit Suisse
    SIMON IRWIN
    Jefferies
    JAMES GRZINIC
    Sanford C. Bernstein & Co
    JAMIE MERRIMAN
    HSBC
    PAUL ROSSINGTON
    Cantor Fitzgerald
    FREDDIE GEORGE
    S&P Capital IQ
    WILLIAM MACK
    Panmure Gordon & Co Limited
    PHILIP DORGAN
    AlphaValue
    VIRGINIE BLIN
    Espirito Santo Investment Bank Research
    CAROLINE GULLIVER
    Morgan Stanley
    GEOFFREY RUDDELL
    Day by Day
    VALERIE GASTALDY
    Redburn Partners
    GEOFF LOWERY
    Goldman Sachs
    ROBERT JOYCE
    Deutsche Bank
    WARWICK OKINES
    EVA Dimensions
    CRAIG STERLING
    Shore Capital Stockbrokers
    CLIVE WILLIAM BLACK
    Barclays
    CHRISTODOULOS CHAVIARAS
    N+1 Singer Ltd
    MATTHEW MCEACHRAN
    Investec
    DAVID JEARY
    Prosdocimi
    TEAM COVERAGE
    ING Bank
    PETER BROCKWELL

    Source
    ULT-AGG
    Co File
    Co File
    ULT-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    REG
    REG
    REG
    REG
    ULT-AGG
    MF-AGG
    ULT-AGG
    REG
    REG
    ULT-AGG
    REG

    Recommendation
    hold
    neutral
    neutral
    add
    reduce
    outperform
    outperform
    buy
    outperform
    overweight
    sell
    sell
    buy
    buy
    buy
    Equalwt/Cautious
    hold
    buy
    Buy/Neutral
    hold
    overweight
    corporate
    overweight
    hold
    Under Review
    buy
    not rated

    Amt Held
    322'532'365
    197'406'849
    186'101'763
    142'191'093
    104'001'992
    102'864'559
    96'465'249
    94'535'986
    70'145'235
    59'959'956
    54'135'204
    53'890'493
    52'795'729
    50'291'639
    42'725'080
    41'952'797
    34'602'970
    30'928'345
    26'940'804
    26'266'422

    % Out
    13.6
    8.32
    7.84
    5.99
    4.38
    4.34
    4.07
    3.99
    2.96
    2.53
    2.28
    2.27
    2.23
    2.12
    1.8
    1.77
    1.46
    1.3
    1.14
    1.11

    Weighting

    Change

    3
    3
    3
    4
    2
    5
    5
    5
    5
    5
    1
    1
    5
    5
    5
    3
    3
    5
    5
    3
    5
    #N/A N/A
    5
    3
    #N/A N/A
    5
    #N/A N/A

    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    61'496'760
    29'308'160
    (2'483'548)
    11'771'600
    (2'064'388)
    (1'240'339)
    6'082'195
    20'742'949
    (4'093'498)
    9'600'632
    994'862
    1'730'371
    10'730'078
    (78'010)
    (1'688'639)

    Target Price
    296
    300
    270
    310
    240
    350
    320
    330
    355
    335
    240
    260
    350
    329
    300
    270
    #N/A N/A
    #N/A N/A
    340
    290
    #N/A N/A
    #N/A N/A
    325
    280
    #N/A N/A
    #N/A N/A
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    02.01.2013
    Investment Advisor
    15.02.2012
    Investment Advisor
    15.02.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    02.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Unclassified
    02.01.2013
    Investment Advisor
    02.01.2013 Pension Fund (ERISA)
    02.01.2013
    Government
    02.01.2013
    Investment Advisor
    02.01.2013
    Investment Advisor
    02.01.2013
    Unclassified
    31.12.2012
    Investment Advisor
    02.01.2013
    Unclassified
    02.01.2013
    Investment Advisor
    02.01.2013
    Government
    02.01.2013
    Unclassified
    02.01.2013
    Investment Advisor

    Date
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    6 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided

    Date
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    15.02.2013
    13.02.2013
    31.01.2013
    25.01.2013
    24.01.2013
    23.01.2013
    17.01.2013
    05.12.2012
    30.11.2012
    30.11.2012
    12.09.2012
    07.01.2011
    12.10.2010

    28.02.2013

    Kone OYJ
    Kone Oyj provides solutions for the installation, maintenance, and modernization
    of elevators and escalators and the maintenance of automatic building doors.

    Price/Volume
    70
    60
    50
    40

    Valuation Analysis

    30

    Latest Fiscal Year:


    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (10.04.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    KNEBV FH EQUITY YTD Change
    KNEBV FH EQUITY YTD % CHANGE

    12/2012
    12/yy
    65.40
    38.88
    83'867.00
    61.65
    -5.66%
    58.55%
    85.10%
    222.4
    16'062.05
    112.00
    0.0
    21.3
    249.60
    15'945.75

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    10
    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    4'602.8
    0.88x
    623.2
    6.47x
    417.3
    9.37x

    20

    31.12.2009
    31.12.2010
    4'743.7
    4'986.6
    1.62x
    2.11x
    664.5
    761.9
    11.53x
    13.80x
    465.6
    535.3
    16.27x
    19.82x
    Profitability

    LTM-4Q
    31.12.2011
    5'225.2
    1.97x
    791.0
    13.04x
    643.6
    15.91x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    6'276.8
    2.30x
    907.3
    15.90x
    601.2
    23.76x
    907.30
    821.30
    13.08%
    12.82%
    12.22%
    30.75%
    1.28%
    14.5%
    13.1%
    9.6%
    1.12
    0.09
    2.19%
    5.95%
    -

    Price/ Cash Flow

    2.0 M
    1.8 M
    1.6 M
    1.4 M
    1.2 M
    1.0 M
    .8 M
    .6 M
    .4 M
    .2 M
    .0 M
    f-13

    12/yy
    5'225.2
    7.75x
    791.0
    12.79x
    643.6
    16.20x

    LTM
    12/yy
    6'276.8
    8.10x
    907.3
    15.64x
    601.2
    24.15x

    FY+1

    0.85
    50.97%
    13.63%
    0.849
    28
    2.500
    765'532
    499'290
    369'061
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    6'777.5
    7'159.7
    1'347.8
    1'678.0
    2.23x
    2.08x
    1'002.5
    1'102.0
    163.5
    248.5
    15.91x
    14.47x
    16.11x
    15.29x
    724.7
    805.2
    113.0
    176.8
    22.19x
    20.01x
    22.39x
    21.04x
    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

    648.07
    567.07
    -0.15
    0.12
    5.9%
    5.6%
    1.28
    25.45
    -

    Sales/Revenue/Turnover

    20.00

    7'000.0

    18.00

    6'000.0

    16.00
    14.00

    5'000.0

    12.00

    4'000.0

    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

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Kone OYJ
    Holdings By:

    All

    Holder Name
    HERLIN ANTTI
    CAPITAL GROUP COMPAN
    HOLDINGS MANUTAS OY
    TOSHIBA ELEV & BLDG
    D SIJOITUS OY
    WIPUNEN VARAINHALLIN
    MARIATORP OY
    BLACKROCK
    KONE FOUNDATION
    SECURITY TRADING OY
    KONE OYJ
    ILMARINEN MUTUAL PEN
    MORGAN STANLEY
    VANGUARD GROUP INC
    BLABERG OLLI
    FINLAND STATE PENSIO
    VARMA MUTUAL PENSION
    WILLIAM BLAIR & COMP
    TWEEDY BROWNE COMPAN
    BLABERG KAROLINA

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    WILLIAM BLAIR & COMP
    Multiple Portfolios
    n/a

    Analyst

    AlphaValue
    LIONEL PELLICER
    Credit Suisse
    ANDRE KUKHNIN
    Goldman Sachs
    AARON IBBOTSON
    Canaccord Genuity Corp
    JAMES STETTLER
    Danske Markets
    ANTTI SUTTELIN
    Evli Bank Plc
    ELINA RIUTTA
    EVA Dimensions
    CRAIG STERLING
    Deutsche Bank
    JOHAN WETTERGREN
    ABG Sundal Collier
    ERIK PETTERSSON-GOLRANG
    Pohjola Bank Plc (ESN)
    PEKKA SPOLANDER
    SEB Enskilda
    TOMI RAILO
    Carnegie
    TIMO HEINONEN
    Nordea Equity Research
    JAN KAIJALA
    Handelsbanken
    TOM SKOGMAN
    Exane BNP Paribas
    ALEXIS DENAUD
    Helvea
    VOLKAN GOCMEN
    JPMorgan
    GLEN H LIDDY
    Pareto Securities
    JARI HARJUNPAA
    FIM
    SANNA KAJE
    DNB Markets
    LARS BRORSON
    INDERES
    PYRY KANGAS
    CA Cheuvreux
    JOHAN ELIASON
    HSBC
    MICHAEL HAGMANN
    Espirito Santo Investment Bank Research
    ROB VIRDEE
    Swedbank
    ERKKI VESOLA
    ICECAPITAL Markets
    LAURI LEINO

    Source
    Research
    ULT-AGG
    Research
    Research
    Research
    Research
    Research
    ULT-AGG
    Research
    Research
    Research
    Research
    ULT-AGG
    MF-AGG
    Research
    Research
    Research
    13F
    MF-AGG
    Research

    Recommendation
    sell
    neutral
    neutral/neutral
    sell
    buy
    accumulate
    underweight
    hold
    hold
    hold
    hold
    hold
    hold
    accumulate
    neutral
    neutral
    underweight
    sell
    accumulate
    hold
    sell
    underperform
    neutral
    neutral
    reduce
    hold

    Amt Held
    20'477'932
    16'093'800
    14'313'972
    12'093'360
    8'735'964
    8'300'000
    8'000'000
    5'483'788
    4'929'816
    4'494'008
    4'160'339
    3'731'917
    3'727'528
    2'857'366
    1'900'000
    1'774'000
    1'746'560
    1'365'772
    1'216'000
    1'205'980

    % Out
    9.21
    7.24
    6.44
    5.44
    3.93
    3.73
    3.6
    2.47
    2.22
    2.02
    1.87
    1.68
    1.68
    1.28
    0.85
    0.8
    0.79
    0.61
    0.55
    0.54

    Weighting

    Change
    1
    3
    3
    1
    5
    4
    1
    3
    3
    3
    3
    3
    3
    4
    3
    3
    1
    1
    4
    3
    1
    1
    3
    3
    2
    3

    M
    U
    M
    M
    U
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    U

    Latest Chg
    1'864'128
    382'473
    (568'081)
    66'896
    (11'456)
    (741'731)
    -

    Target Price
    49
    62
    61
    50
    81
    65
    #N/A N/A
    49
    56
    58
    59
    #N/A N/A
    60
    67
    60
    52
    43
    54
    62
    58
    50
    50
    62
    51
    45
    33

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.10.2012
    31.12.2012
    31.10.2012
    31.10.2012
    31.10.2012
    31.10.2012
    31.10.2012
    26.02.2013
    31.10.2012
    31.10.2012
    31.10.2012
    31.10.2012
    31.12.2012
    31.12.2012
    31.10.2012
    31.10.2012
    31.10.2012
    31.12.2012
    31.03.2012
    31.10.2012

    Date
    6 month
    Not Provided
    6 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    6 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    9 month
    6 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    6 month

    Inst Type
    n/a
    Investment Advisor
    Investment Advisor
    Other
    Unclassified
    Investment Advisor
    Other
    Investment Advisor
    Other
    Private Equity
    Corporation
    Insurance Company
    Investment Advisor
    Investment Advisor
    n/a
    Government
    Insurance Company
    Investment Advisor
    Investment Advisor
    n/a

    Date
    28.02.2013
    20.02.2013
    18.02.2013
    08.02.2013
    30.01.2013
    29.01.2013
    29.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    17.12.2012
    29.11.2012
    30.10.2012
    24.10.2012
    21.07.2010

    28.02.2013

    Koninklijke Ahold NV
    Koninklijke Ahold NV retails food through supermarkets, convenience stores and
    online food retail businesses in the United States and Europe. The Company also
    retails health and beauty supplies, prescriptions drugs, and wine and liquor
    Ahold retails food over the Internet in the Netherlands and the United States.

    Price/Volume
    12

    14.0 M

    10

    12.0 M
    10.0 M

    Latest Fiscal Year:


    LTM as of:
    52-Week High (11.02.2013)
    52-Week Low (08.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    AH NA EQUITY YTD Change
    AH NA EQUITY YTD % CHANGE

    12/2012
    12/yy
    11.24
    9.01
    2'237'395.00
    11.08
    -2.40%
    22.99%
    83.83%
    1'038.5
    11'506.66
    3'597.00
    0.0
    0.0
    1'929.00
    13'174.66

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    6.0 M

    4.0 M

    2.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    25'648.0
    0.47x
    1'876.0
    6.40x
    1'077.0
    11.62x

    8.0 M

    Valuation Analysis

    31.12.2009
    31.12.2010
    27'925.0
    29'530.0
    0.43x
    0.42x
    2'068.0
    2'148.0
    5.76x
    5.71x
    894.0
    853.0
    11.29x
    13.35x
    Profitability

    LTM-4Q
    31.12.2011
    30'271.0
    0.40x
    2'144.0
    5.69x
    1'017.0
    11.19x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    32'841.0
    0.37x
    2'155.0
    5.66x
    827.0
    12.67x
    2'155.00
    1'187.00
    3.61%
    3.17%
    5.50%
    13.93%
    11.82%
    2.18%
    26.0%
    6.6%
    3.6%
    2.5%
    1.00
    0.44
    23.85%
    60.00%
    16.44

    Price/ Cash Flow

    LTM

    12/yy
    30'271.0
    1.52x
    2'144.0
    5.69x
    1'017.0
    11.19x

    12/yy
    32'841.0
    1.49x
    2'155.0
    5.66x
    827.0
    12.67x

    FY+1

    .0 M
    f-13

    0.73
    835.74
    11.07%
    9.32%
    0.732
    36
    4.250
    3'368'873
    2'949'306
    2'737'148
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    33'992.6
    35'189.7
    0.36x
    0.34x
    2'320.3
    2'415.7
    5.61x
    5.38x
    1'126.5
    1'123.5
    11.00x
    10.32x
    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

    24.06.2009
    BBB
    STABLE
    24.06.2009
    A-2
    9.13
    5.27
    0.77
    1.67
    60.0%
    37.5%
    2.18
    5.46
    22.26
    38.36
    -11.33

    Sales/Revenue/Turnover

    8.00

    70'000.0

    7.00

    60'000.0

    6.00

    50'000.0

    5.00

    40'000.0

    4.00

    30'000.0

    3.00

    20'000.0

    2.00

    10'000.0

    1.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Koninklijke Ahold NV
    Holdings By:

    All

    Holder Name
    STICHTING ADMINIS PR
    DELTAFORT BELEGGINGE
    ING GROEP NV
    BLACKROCK
    MONDRIAN INVESTMENT
    CAPITAL GROUP COMPAN
    FRANKLIN RESOURCES
    VANGUARD GROUP INC
    BNP PARIBAS INV PART
    ING INVESTMENT MANAG
    ARTISAN PARTNERS HOL
    HARRIS ASSOCIATES LP
    MANNING & NAPIER ADV
    T ROWE PRICE ASSOCIA
    ACHMEA BELEGGINSFOND
    UNION INVESTMENT GMB
    INVESCO LTD
    ALLIANCE BERNSTEIN
    FORTIS INVESTMENTS
    DB PLATINUM ADVISORS

    Firm Name
    JPMorgan
    Jefferies
    Raymond James
    SNS Securities(ESN)
    AlphaValue
    Rabobank International
    Exane BNP Paribas
    Credit Suisse
    Cantor Fitzgerald
    KBC Securities
    Natixis
    ING Bank
    Day by Day
    Kepler Capital Markets
    ABN Amro Bank N.V.
    Deutsche Bank
    Baader Bank
    National Bank AG
    Oddo & Cie
    Kempen & Co
    Goldman Sachs
    HSBC
    Petercam
    Nomura
    S&P Capital IQ
    Barclays
    Theodoor Gilissen Securities
    Shore Capital Stockbrokers
    EVA Dimensions
    Hammer Partners SA
    Redburn Partners
    Morgan Stanley
    Macquarie
    Aurel - BGC
    CA Cheuvreux
    DZ Bank AG

    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
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    JAIME VAZQUEZ
    JAMES GRZINIC
    CEDRIC LECASBLE
    RICHARD WITHAGEN
    VIRGINIE BLIN
    PATRICK ROQUAS
    JOHN KERSHAW
    ANDREW KASOULIS
    MICHAEL J DENNIS
    PASCALE WEBER
    ANTOINE PARISON
    MARCO GULPERS
    VALERIE GASTALDY
    FABIENNE CARON
    ROBERT JAN VOS
    JAMES G COLLINS
    VOLKER BOSSE
    STEFFEN MANSKE
    LAURENCE HOFMANN
    ERWIN DUT
    FRANKLIN WALDING
    JEROME SAMUEL
    FERNAND DE BOER
    NICK COULTER
    WILLIAM MACK
    JAMES ANSTEAD
    TOM MULLER
    CLIVE WILLIAM BLACK
    AUSTIN BURKETT
    STEPHAN SEIP
    MARC DE SPEVILLE
    EDOUARD AUBIN
    SREEDHAR MAHAMKALI
    JEAN-MARIE L'HOME
    ARNAUD JOLY
    CHRISTIAN DOUGLAS

    Source
    Co File
    Co File
    Co File
    ULT-AGG
    Research
    ULT-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG

    Recommendation
    overweight
    hold
    outperform
    hold
    buy
    buy
    underperform
    outperform
    buy
    accumulate
    buy
    buy
    hold
    buy
    buy
    hold
    buy
    buy
    buy
    buy
    not rated
    overweight
    buy
    buy
    buy
    overweight
    buy
    corporate
    hold
    buy
    sell
    Equalwt/In-Line
    neutral
    hold
    select list
    buy

    Amt Held
    202'343'136
    123'629'674
    101'942'189
    70'055'666
    56'654'977
    33'853'597
    25'279'167
    18'578'797
    16'492'014
    10'254'521
    8'669'935
    7'655'500
    7'582'580
    5'740'464
    4'994'944
    4'306'700
    4'023'767
    3'577'210
    3'463'611
    3'371'031

    % Out
    19.48
    11.9
    9.82
    6.75
    5.46
    3.26
    2.43
    1.79
    1.59
    0.99
    0.83
    0.74
    0.73
    0.55
    0.48
    0.41
    0.39
    0.34
    0.33
    0.32

    Weighting

    Change

    5
    3
    5
    3
    5
    5
    1
    5
    5
    4
    5
    5
    3
    5
    5
    3
    5
    5
    5
    5
    #N/A N/A
    5
    5
    5
    5
    5
    5
    #N/A N/A
    3
    5
    1
    3
    3
    3
    5
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (914'624)
    (929'632)
    363'240
    96'017
    2'938'987
    9'058
    (91'761)
    (4'434'000)
    (1'447)
    568'948
    2'313'500
    (303'837)
    (56'153)
    2'800'729

    Target Price
    12
    11
    12
    11
    14
    13
    11
    11
    13
    12
    13
    13
    #N/A N/A
    12
    12
    12
    13
    12
    13
    13
    #N/A N/A
    13
    13
    13
    12
    13
    13
    #N/A N/A
    #N/A N/A
    12
    #N/A N/A
    11
    11
    11
    12
    10

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    29.02.2012
    Corporation
    29.02.2012
    Unclassified
    29.02.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    27.09.2012 Hedge Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    28.09.2012
    Investment Advisor
    27.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.10.2012 Mutual Fund Manager
    31.01.2013
    Investment Advisor

    Date
    12 month
    12 month
    Not Provided
    12 month
    6 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month

    Date
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    26.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    20.02.2013
    19.02.2013
    19.02.2013
    14.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    22.01.2013
    18.01.2013
    17.01.2013
    17.01.2013
    03.12.2012
    16.11.2012
    21.09.2012
    23.08.2012
    10.05.2012
    25.11.2011

    28.02.2013

    Koninklijke DSM NV
    Koninklijke DSM is a global science-based company active in health, nutrition
    and materials. The Company provides solutions that nourish, protect and improve
    performance in global markets such as food and dietary supplements, personal
    care, feed, pharmaceuticals, medical devices, automotive, paints, electrical and
    electronics, life protection, alternative energy and bio-based materials.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (25.01.2013)
    52-Week Low (27.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    DSM NA EQUITY YTD Change
    DSM NA EQUITY YTD % CHANGE

    12/2012
    12/yy
    47.42
    36.42
    383'192.00
    44.86
    -5.30%
    23.17%
    68.55%
    181.4
    8'533.85
    2'564.00
    0.0
    168.0
    1'195.00
    10'070.85

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    3.5 M
    3.0 M
    2.5 M
    2.0 M
    1.5 M
    1.0 M
    .5 M
    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    9'079.0
    0.51x
    1'220.0
    3.80x
    577.0
    6.43x

    50
    45
    40
    35
    30
    25
    20
    15
    10
    5
    0
    f-12

    31.12.2009
    31.12.2010
    7'732.0
    9'050.0
    0.83x
    0.80x
    860.0
    1'226.0
    7.50x
    5.94x
    337.0
    507.0
    14.06x
    Profitability

    LTM-4Q
    31.12.2011
    9'048.0
    0.67x
    1'291.0
    4.67x
    814.0
    8.83x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    9'131.0
    1.01x
    941.0
    9.84x
    288.0
    27.26x
    941.00
    441.00
    4.83%
    3.82%
    2.49%
    4.77%
    0.79%
    27.9%
    13.3%
    4.8%
    3.2%
    1.53
    0.87
    21.43%
    43.65%
    5.85
    -

    Price/ Cash Flow

    LTM

    12/yy
    9'048.0
    3.02x
    1'476.0
    4.09x
    814.0
    8.75x

    12/yy
    9'131.0
    3.41x
    774.0
    0.00x
    288.0
    27.26x

    FY+1

    .0 M
    f-13

    1.01
    181.35
    11.45%
    -2.03%
    1.008
    34
    4.000
    1'289'020
    857'712
    780'299
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    9'993.3
    10'554.7
    2'394.3
    2'519.7
    1.04x
    0.96x
    1'376.0
    1'535.6
    311.7
    342.0
    7.33x
    6.57x
    7.47x
    581.0
    694.3
    136.7
    153.7
    12.63x
    10.74x
    13.28x
    12.41x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    10.11.2010
    A
    STABLE
    10.11.2010
    A-1
    12.78
    8.59
    0.70
    1.83
    43.6%
    29.8%
    0.79
    2.53
    62.53
    69.32

    Sales/Revenue/Turnover

    12.00

    10'000.0
    9'000.0

    10.00

    8'000.0
    7'000.0

    8.00

    6'000.0

    6.00

    5'000.0
    4'000.0

    4.00

    3'000.0
    2'000.0

    2.00
    0.00
    01.01.2010

    1'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Koninklijke DSM NV
    Holdings By:

    All

    Holder Name
    CAPITAL GROUP COMPAN
    VANGUARD GROUP INC
    ALLIANZ ASSET MANAGE
    BLACKROCK
    FRANKLIN RESOURCES
    TRIMARK INVESTMENT M
    ALLIANCE BERNSTEIN
    ROBECO FUND MANAGEME
    T ROWE PRICE ASSOCIA
    GENERALI ASSET MANAG
    UBS
    CLERICAL MEDICAL INV
    LBBW ASSET MANAGEMEN
    SANFORD C BERNSTEIN
    SPARINVEST
    DEUTSCHE BANK AG
    UBS INSTITUTIONAL FU
    UNION INVESTMENT GMB
    SNS INVESTMENT FUND
    ACHMEA BELEGGINSFOND

    Firm Name
    Goldman Sachs
    ING Bank
    AlphaValue
    ABN Amro Bank N.V.
    Credit Suisse
    Equita SIM SpA
    KBC Securities
    Nomura
    Exane BNP Paribas
    Barclays
    Kempen & Co
    Morgan Stanley
    Jefferies
    HSBC
    Macquarie
    SNS Securities(ESN)
    Petercam
    Rabobank International
    S&P Capital IQ
    Berenberg Bank
    Bank of Valletta
    Commerzbank Corporates & Markets
    Canaccord Genuity Corp
    Kepler Capital Markets
    EVA Dimensions
    Theodoor Gilissen Securities
    CA Cheuvreux
    JPMorgan
    Deutsche Bank
    Day by Day
    Hamburger Sparkasse

    Portfolio Name
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    RAKESH PATEL
    FABIAN SMEETS
    MARTIN SCHNEE
    MUTLU GUNDOGAN
    CHRIS COUNIHAN
    MASSIMO BONISOLI
    WIM HOSTE
    JEAN DE WATTEVILLE
    JAMES KNIGHT
    ANDREAS HEINE
    SACHIN SONI
    PETER MACKEY
    LAURENCE ALEXANDER
    SEBASTIAN SATZ
    CHRISTIAN FAITZ
    GERT STEENS
    FERNAND DE BOER
    MICHA TIEKINK
    SHO MATSUBARA
    JAIDEEP PANDYA
    TEAM COVERAGE
    STEPHAN KIPPE
    PAUL W SATCHELL
    MARKUS MAYER
    CRAIG STERLING
    TOM MULLER
    MARTIN ROEDIGER
    NEIL C TYLER
    MARTIN DUNWOODIE
    VALERIE GASTALDY
    MARCO GUENTHER

    Source
    ULT-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    Buy/Neutral
    buy
    buy
    reduce
    underperform
    buy
    buy
    buy
    outperform
    overweight
    buy
    Underwt/In-Line
    buy
    neutral
    outperform
    buy
    buy
    hold
    hold
    hold
    overweight
    add
    buy
    buy
    sell
    buy
    outperform
    neutral
    hold
    buy
    hold

    Amt Held
    7'840'979
    2'863'204
    1'924'676
    1'526'288
    1'412'672
    1'145'435
    1'086'782
    908'480
    901'858
    803'696
    795'818
    754'353
    750'000
    746'835
    711'948
    678'330
    677'204
    650'000
    591'484
    570'145

    % Out
    4.32
    1.58
    1.06
    0.84
    0.78
    0.63
    0.6
    0.5
    0.5
    0.44
    0.44
    0.42
    0.41
    0.41
    0.39
    0.37
    0.37
    0.36
    0.33
    0.31

    Weighting

    Change
    5
    5
    5
    2
    1
    5
    5
    5
    5
    5
    5
    1
    5
    3
    5
    5
    5
    3
    3
    3
    5
    4
    5
    5
    1
    5
    5
    3
    3
    5
    3

    U
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M

    Latest Chg
    62'172
    (96'885)
    (196'754)
    (73'951)
    (146'966)
    3'317
    9'092
    (1'810)
    7'807
    25'000
    (23'325)
    (3'480)
    3'956
    132'937
    -

    Target Price
    53
    58
    58
    38
    40
    49
    53
    64
    62
    70
    52
    45
    51
    49
    61
    55
    54
    46
    47
    51
    54
    52
    49
    54
    #N/A N/A
    51
    51
    44
    43
    50
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2012
    31.12.2012
    31.12.2012
    26.02.2013
    31.12.2012
    30.09.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.01.2013
    28.12.2012
    30.11.2012
    30.11.2012
    30.11.2012
    31.01.2013
    31.12.2012
    30.11.2012
    28.09.2012
    29.06.2012
    31.12.2012

    Date
    12 month
    12 month
    6 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    6 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    9 month
    12 month
    3 month
    Not Provided

    Inst Type
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Unclassified
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager

    Date
    27.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    19.02.2013
    15.02.2013
    13.02.2013
    01.02.2013
    01.02.2013
    17.01.2013
    15.01.2013
    10.01.2013
    07.12.2012
    06.12.2012
    23.11.2012
    16.11.2012

    28.02.2013

    Koninklijke KPN NV
    Koninklijke (Royal) KPN NV provides telecommunications services throughout the
    Netherlands. The Company provides local, long distance, international, and
    mobile telecommunications services, voice-mail, call forwarding, ISDN Internet
    lines, faxing, and communications services for businesses and individuals. KPN
    offers mobile telecommunications through E-Plus in Germany and BASE in Belgium.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (27.03.2012)
    52-Week Low (28.02.2013)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    KPN NA EQUITY YTD Change
    KPN NA EQUITY YTD % CHANGE

    12/2012
    12/yy
    8.59
    2.61
    4'140'765.00
    2.614
    -69.44%
    0.15%
    0.50%
    1'431.5
    3'742.00
    13'896.00
    0.0
    51.0
    1'286.00
    16'403.00

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    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
    f-12

    31.12.2009
    31.12.2010
    13'451.0
    13'324.0
    2.23x
    2.17x
    5'192.0
    5'476.0
    5.77x
    5.28x
    2'178.0
    1'793.0
    8.90x
    9.50x
    Profitability

    LTM-4Q
    31.12.2011
    13'022.0
    1.95x
    5'138.0
    4.93x
    1'549.0
    8.72x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    12'409.0
    1.45x
    4'528.0
    3.97x
    691.0
    7.58x
    4'528.00
    1'820.00
    14.67%
    7.76%
    3.08%
    25.88%
    0.55%
    36.5%
    14.7%
    5.6%
    0.53
    0.22
    62.00%
    576.60%
    -

    Price/ Cash Flow

    a-12

    m-12

    j-12

    LTM

    12/yy
    13'022.0
    8.48x
    5'138.0
    4.93x
    1'549.0
    8.80x

    j-12

    12/yy
    12'409.0
    7.04x
    4'528.0
    3.97x
    691.0
    7.58x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    0.82
    1'024.25
    -64.66%
    -29.66%
    0.823
    38
    2.868
    15'562'400
    18'056'150
    15'724'380
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    12'031.7
    11'946.9
    1.22x
    1.22x
    4'136.2
    4'068.6
    1'018.0
    1'031.0
    3.97x
    4.04x
    3.93x
    838.3
    808.3
    5.23x
    5.92x
    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

    08.02.2013
    BBBSTABLE
    08.02.2013
    A-3
    6.19
    3.75
    2.78
    3.07
    576.6%
    85.0%
    0.55
    1.61
    -

    Sales/Revenue/Turnover

    4.50

    16'000.0

    4.00

    14'000.0

    3.50

    12'000.0

    3.00

    10'000.0

    2.50

    8'000.0

    2.00

    6'000.0

    1.50

    4'000.0

    1.00

    2'000.0

    0.50
    0.00
    01.01.2010

    m-12

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    14'427.0
    1.99x
    5'058.0
    5.67x
    1'332.0
    13.48x

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Koninklijke KPN NV
    Holdings By:

    All

    Holder Name
    AMERICA MOVIL SAB DE
    CAPITAL INCOME BUILD
    MORGAN STANLEY
    BLACKROCK
    VANGUARD GROUP INC
    KONINKLIJKE KPN NV
    MARSHALL WACE LLP
    BANK OF NEW YORK MEL
    DEUTSCHE BANK AG
    ING INTERNATIONAL AD
    ING INVESTMENT MANAG
    GLG PARTNERS LP
    FMR LLC
    RUFFER LLP
    ARROWGRASS CAPITAL P
    STATE STREET
    ALLIANZ ASSET MANAGE
    SCHRODER INVESTMENT
    FRANKLIN RESOURCES
    ACHMEA BELEGGINSFOND

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios

    Analyst

    Macquarie
    GUY R PEDDY
    Barclays
    JONATHAN DANN
    Societe Generale
    STEPHANE SCHLATTER
    AlphaValue
    JEAN-MICHEL SALVADOR
    ABN Amro Bank N.V.
    MARC HESSELINK
    Grupo Santander
    NAHUM SANCHEZ DE LAMADRID
    Morgan Stanley
    LUIS PROTA
    JPMorgan
    AKHIL DATTANI
    Jefferies
    ULRICH RATHE
    Sanford C. Bernstein & Co
    ROBIN BIENENSTOCK
    Petercam
    STEFAAN GENOE
    Nomura
    FREDERIC BOULAN
    ING Bank
    EMMANUEL CARLIER
    HSBC
    LUIGI MINERVA
    Kepler Capital Markets
    JAVIER BORRACHERO
    Rabobank International
    FRANK CLAASSEN
    New Street Research
    RUSSELL WALLER
    Exane BNP Paribas
    MICHAEL ZORKO
    Oddo & Cie
    ALEXANDRE IATRIDES
    Berenberg Bank
    STUART GORDON
    Credit Suisse
    PAUL SIDNEY
    Landesbank Baden-Wuerttemberg
    RALPH SZYMCZAK
    Natixis
    JACQUES DE GRELING
    Kempen & Co
    SANDER VAN OORT
    Goldman Sachs
    TIMOTHY BODDY
    S&P Capital IQ
    JAMES CRAWSHAW
    Day by Day
    VALERIE GASTALDY
    Makor Capital
    Albert Saporta
    CA Cheuvreux
    PETER KURT NIELSEN
    Deutsche Bank
    MATTHEW BLOXHAM
    Theodoor Gilissen Securities
    JOS VERSTEEG
    EVA Dimensions
    ANDREW S ZAMFOTIS
    SNS Securities(ESN)
    VICTOR BARENO
    Raymond James
    STEPHANE BEYAZIAN
    Espirito Santo Investment Bank Research
    WILL DRAPER
    Gabelli & Co
    EVAN D MILLER

    Source
    Research
    Research
    Research
    ULT-AGG
    MF-AGG
    Co File
    Short
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    Short
    ULT-AGG
    MF-AGG
    Short
    ULT-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG

    Recommendation
    outperform
    equalweight
    hold
    buy
    hold
    hold
    Equalwt/In-Line
    underweight
    underperform
    market perform
    reduce
    neutral
    hold
    neutral
    reduce
    hold
    neutral
    underperform
    reduce
    sell
    neutral
    buy
    reduce
    hold
    neutral/neutral
    hold
    hold
    hold
    outperform
    buy
    hold
    overweight
    reduce
    market perform
    sell
    hold

    Amt Held
    % Out
    393'283'000 27.47
    70'631'406
    4.93
    33'158'475
    2.32
    20'914'146
    1.46
    19'414'671
    1.36
    13'271'699
    0.93
    (13'026'854) -0.91
    12'900'730
    0.9
    11'299'898
    0.79
    10'691'486
    0.75
    10'626'528
    0.74
    (9'591'200) -0.67
    8'998'088
    0.63
    8'520'000
    0.6
    (7'300'765) -0.51
    6'997'386
    0.49
    6'994'538
    0.49
    5'434'844
    0.38
    5'016'067
    0.35
    4'444'284
    0.31

    Weighting

    Change
    5
    3
    3
    5
    3
    3
    3
    1
    1
    3
    2
    3
    3
    3
    2
    3
    3
    1
    2
    1
    3
    5
    2
    3
    3
    3
    3
    3
    5
    5
    3
    5
    2
    3
    1
    3

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    D
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    D
    M
    D
    U
    U
    M
    M
    M
    N
    M
    M

    Latest Chg
    (37'172'923)
    3'878'406
    462'248
    (429'456)
    360'542
    (2'359'072)
    2'961'352
    2'362'757
    (1'717'826)
    (1'642'391)
    5'826'500
    (168'399)
    (3'079'895)
    4'998'492
    (586'359)

    Target Price
    3
    4
    3
    6
    3
    5
    4
    #N/A N/A
    3
    3
    5
    3
    4
    3
    3
    3
    3
    3
    3
    2
    4
    4
    3
    4
    4
    4
    #N/A N/A
    #N/A N/A
    5
    5
    4
    #N/A N/A
    6
    #N/A N/A
    5
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    28.06.2012
    17.05.2012
    11.05.2012
    26.02.2013
    31.12.2012
    31.12.2011
    26.02.2013
    31.12.2012
    31.12.2012
    28.09.2012
    31.12.2012
    25.02.2013
    31.12.2012
    28.09.2012
    22.02.2013
    27.02.2013
    31.12.2012
    31.12.2012
    30.09.2012
    31.12.2012

    Date
    12 month
    Not Provided
    12 month
    6 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided

    Inst Type
    Corporation
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Corporation
    Hedge Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Hedge Fund Manager
    Investment Advisor
    Hedge Fund Manager
    Hedge Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager

    Date
    27.02.2013
    26.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    15.02.2013
    13.02.2013
    12.02.2013
    11.02.2013
    11.02.2013
    08.02.2013
    07.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    04.02.2013
    16.01.2013
    15.01.2013
    15.01.2013
    17.12.2012
    09.11.2012
    24.10.2012
    17.11.2011

    28.02.2013

    Koninklijke Philips Electronics NV


    Koninklijke Philips Electronics N.V. manufactures medical systems, domestic
    appliances, consumer electronics, and lighting. The Company produces imaging,
    ultrasound and healthcare informatics equipment, shaving and beauty and health
    and wellness products, displays, and peripherals, and lamps and luminaries.

    Price/Volume
    25

    14.0 M
    12.0 M

    20

    10.0 M

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (01.02.2013)
    52-Week Low (07.05.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    PHIA NA EQUITY YTD Change
    PHIA NA EQUITY YTD % CHANGE

    12/2012
    12/yy
    23.44
    13.57
    767'829.00
    21.505
    -8.21%
    58.47%
    81.30%
    957.1
    20'583.14
    4'534.00
    0.0
    34.0
    3'834.00
    21'317.14

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    8.0 M

    10

    6.0 M
    4.0 M

    2.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    26'385.0
    0.51x
    1'883.0
    7.11x
    (91.0)
    -

    15

    31.12.2009
    31.12.2010
    20'092.0
    22'287.0
    0.95x
    0.92x
    2'055.0
    3'436.0
    9.30x
    5.98x
    410.0
    1'446.0
    41.36x
    14.60x
    Profitability

    LTM-4Q
    31.12.2011
    22'579.0
    0.70x
    1'185.0
    13.35x
    (1'295.0)
    -

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    24'788.0
    0.76x
    2'463.0
    7.69x
    226.0
    71.05x
    2'463.00
    1'030.00
    4.16%
    2.30%
    0.78%
    1.92%
    2.46%
    0.85%
    38.0%
    9.9%
    4.2%
    0.9%
    1.26
    0.82
    15.59%
    40.70%
    5.81
    4.32

    Price/ Cash Flow

    LTM

    12/yy
    22'582.0
    3.02x
    1'186.0
    13.34x
    (1'295.0)
    0.00x

    12/yy
    24'788.0
    2.75x
    2'463.0
    7.69x
    226.0
    72.71x

    FY+1

    .0 M
    f-13

    1.17
    908.50
    43.71%
    8.09%
    1.175
    41
    3.659
    3'823'697
    3'484'632
    2'952'107
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    24'833.3
    25'725.3
    5'575.0
    5'840.0
    0.86x
    0.79x
    3.71x
    3.74x
    3'439.0
    3'760.5
    589.0
    713.0
    6.20x
    5.67x
    6.71x
    8.24x
    1'474.5
    1'686.4
    214.0
    304.3
    12.81x
    11.24x
    12.97x
    12.16x
    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

    11.05.2005
    ANEG
    26.02.2001
    A-2
    7.00
    5.08
    0.28
    1.84
    40.7%
    28.9%
    0.85
    8.30
    63.03
    84.72
    74.10
    76.69

    Sales/Revenue/Turnover

    40.00

    35'000.0

    35.00

    30'000.0

    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

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Koninklijke Philips Electronics NV


    Holdings By:

    All

    Holder Name
    BLACKROCK
    KONINKLIJKE PHILIPS
    DODGE & COX
    SOUTHEASTERN ASSET M
    VANGUARD GROUP INC
    HARRIS ASSOCIATES LP
    ING INVESTMENT MANAG
    FMR LLC
    ARTISAN PARTNERS HOL
    ONTARIO TEACHERS PEN
    AMUNDI
    T ROWE PRICE ASSOCIA
    TEMPLETON INVESTMENT
    DIMENSIONAL FUND ADV
    ACHMEA BELEGGINSFOND
    FRANKLIN RESOURCES
    FORTIS INVESTMENTS
    MERCURY ASSET MANAGE
    BARCLAYS PLC
    AMERICAN CENTURY COM

    Firm Name

    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
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios

    Analyst

    Morgan Stanley
    BEN UGLOW
    Nord/LB
    WOLFGANG VASTERLING
    Sanford C. Bernstein & Co
    MARTIN PROZESKY
    AlphaValue
    THOMAS PICHERIT
    Societe Generale
    GAEL DE BRAY
    RBC Capital Markets
    ANDREW CARTER
    Nomura
    DANIEL CUNLIFFE
    Banco Sabadell
    GLEN SPENCER-CHAPMAN
    Day by Day
    VALERIE GASTALDY
    ABN Amro Bank N.V.
    ROBIN VAN DEN BROEK
    Exane BNP Paribas
    OLIVIER ESNOU
    Canaccord Genuity Corp
    JAMES STETTLER
    Ahorro Corporacion Financiera SA
    VIRGINIA PEREZ REPES
    EVA Dimensions
    CRAIG STERLING
    Credit Suisse
    SIMON TOENNESSEN
    Redburn Partners
    PHILIP WILSON
    Landesbank Baden-Wuerttemberg
    VOLKER STOLL
    CA Cheuvreux
    ANTOINE AZAR
    Hamburger Sparkasse
    MARCO GUENTHER
    Rabobank International
    HANS SLOB
    Natixis
    LUDOVIC DEBAILLEUX
    Barclays
    DAVID VOS
    Deutsche Bank
    MARTIN WILKIE
    Kempen & Co
    ERWIN DUT
    JPMorgan
    ANDREAS WILLI
    Independent Research GmbH
    MARKUS FRIEBEL
    Petercam
    MARCEL ACHTERBERG
    S&P Capital IQ
    JAMES CRAWSHAW
    ING Bank
    FABIAN SMEETS
    Kepler Capital Markets
    PETER OLOFSEN
    Goldman Sachs
    AARON IBBOTSON
    Berenberg Bank
    WILLIAM MACKIE
    HSBC
    MICHAEL HAGMANN
    Espirito Santo Investment Bank Research
    ROB VIRDEE
    SNS Securities(ESN)
    VICTOR BARENO
    Theodoor Gilissen Securities
    JOS VERSTEEG
    DZ Bank AG
    THOMAS MAUL
    National Bank AG
    STEFFEN MANSKE
    Jyske Bank
    ROBERT JAKOBSEN

    Source
    ULT-AGG
    Research
    13G
    13G
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    Research
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    Research
    MF-AGG

    Recommendation
    Equalwt/Cautious
    buy
    outperform
    add
    hold
    outperform
    buy
    sell
    hold
    buy
    neutral
    hold
    hold
    underweight
    neutral
    buy
    hold
    outperform
    sell
    buy
    buy
    equalweight
    hold
    buy
    neutral
    hold
    hold
    hold
    buy
    buy
    neutral/neutral
    buy
    neutral
    buy
    hold
    buy
    buy
    sell
    sell

    Amt Held
    48'728'999
    47'895'476
    46'061'138
    41'502'897
    18'911'287
    9'437'496
    6'865'214
    6'475'487
    5'481'917
    4'800'000
    3'988'162
    3'920'784
    3'472'591
    3'404'174
    3'396'481
    3'171'131
    3'003'859
    2'961'527
    2'911'837
    2'442'077

    % Out
    5.09
    5
    4.81
    4.34
    1.98
    0.99
    0.72
    0.68
    0.57
    0.5
    0.42
    0.41
    0.36
    0.36
    0.35
    0.33
    0.31
    0.31
    0.3
    0.26

    Weighting

    Change
    3
    5
    5
    4
    3
    5
    5
    1
    3
    5
    3
    3
    3
    1
    3
    5
    3
    5
    1
    5
    5
    3
    3
    5
    3
    3
    3
    3
    5
    5
    3
    5
    3
    5
    3
    5
    5
    1
    1

    M
    M
    M
    M
    D
    M
    M
    M
    D
    U
    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
    D
    M

    Latest Chg
    15'514'236
    (6'799'141)
    498'208
    586'900
    6'240
    74'068
    282'727
    53'525
    153'795
    (768'340)
    (653'525)
    (19'794)
    (339'267)

    Target Price
    24
    24
    27
    26
    24
    27
    25
    20
    #N/A N/A
    28
    25
    20
    23
    #N/A N/A
    23
    #N/A N/A
    25
    25
    #N/A N/A
    26
    26
    21
    23
    23
    24
    24
    23
    23
    27
    23
    23
    25
    22
    24
    15
    23
    17
    #N/A N/A
    23

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    26.02.2013
    08.02.2013
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2011
    30.11.2012
    31.12.2012
    30.11.2012
    31.07.2012
    31.12.2012
    31.12.2012
    31.10.2012
    26.02.2013
    04.05.2012
    31.12.2012

    Date
    12 month
    12 month
    12 month
    6 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    9 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided

    Inst Type
    Investment Advisor
    Corporation
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Pension Fund (ERISA)
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    26.02.2013
    26.02.2013
    26.02.2013
    21.02.2013
    19.02.2013
    19.02.2013
    19.02.2013
    15.02.2013
    15.02.2013
    12.02.2013
    11.02.2013
    08.02.2013
    06.02.2013
    05.02.2013
    01.02.2013
    01.02.2013
    30.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    29.01.2013
    29.01.2013
    29.01.2013
    29.01.2013
    29.01.2013
    29.01.2013
    29.01.2013
    24.01.2013
    17.01.2013
    08.01.2013
    29.11.2012
    30.10.2012
    22.10.2012
    04.09.2012
    27.06.2012
    03.04.2012
    29.03.2010

    28.02.2013

    L'Oreal SA
    L'Oreal SA manufactures, markets, and distributes health and beauty aids. The
    Company produces colorants, styling, and hair care products for professional
    hairdressers, hair care, cosmetics, and skin care products and perfumes for
    consumers, luxury cosmetics and perfumes sold through department stores,
    perfumeries and travel stores, and dermatological and pharmaceutical products.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (01.03.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 20.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    OR FP EQUITY YTD Change
    OR FP EQUITY YTD % CHANGE

    12/2012
    12/yy
    115.90
    85.27
    84'972.00
    113.8
    -1.81%
    33.46%
    92.00%
    609.4
    69'348.68
    248.00
    0.0
    4.8
    1'823.20
    67'778.28

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    3.5 M

    120

    3.0 M

    100

    2.5 M

    80

    2.0 M

    60

    1.5 M

    40

    1.0 M

    20

    .5 M

    0
    f-12 m-12

    31.12.2009
    31.12.2010
    17'472.6
    19'495.8
    2.72x
    2.52x
    3'368.7
    3'757.5
    14.12x
    13.05x
    1'792.2
    2'239.7
    25.41x
    21.75x
    Profitability

    LTM-4Q
    31.12.2011
    20'343.1
    2.33x
    3'955.1
    12.00x
    2'438.4
    19.64x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    22'462.7
    2.72x
    4'388.9
    13.94x
    2'867.7
    21.90x
    4'388.90
    3'697.30
    16.46%
    17.25%
    10.17%
    14.87%
    14.49%
    0.80%
    70.7%
    19.5%
    16.5%
    12.8%
    1.29
    0.79
    0.84%
    1.18%
    7.24
    3.22

    Price/ Cash Flow

    j-12

    LTM

    12/yy
    20'343.1
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    j-12

    12/yy
    22'462.7
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    0.69
    233.59
    35.83%
    8.48%
    0.689
    39
    3.308
    748'039
    601'434
    527'477
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    23'448.7
    24'825.6
    5'755.0
    5'663.0
    2.85x
    2.63x
    4'735.3
    5'082.6
    14.30x
    13.32x
    3'090.7
    3'347.9
    22.24x
    20.54x
    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

    05.06.2006
    A-1+
    127.21
    99.53
    -0.36
    0.06
    1.2%
    1.2%
    0.80
    7.69
    50.55
    113.50
    182.89
    -18.84

    Sales/Revenue/Turnover

    25.00

    25'000.0

    20.00

    20'000.0

    15.00

    15'000.0

    10.00

    10'000.0

    5.00

    5'000.0

    0.00
    01.01.2010

    a-12 m-12

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    17'541.8
    2.28x
    3'441.7
    11.63x
    1'948.3
    18.82x

    140

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    L'Oreal SA
    Holdings By:

    All

    Holder Name
    BETTENCOURT FAMILY
    NESTLE SA
    L'OREAL SA
    VANGUARD GROUP INC
    CAPITAL GROUP COMPAN
    NATIXIS ASSET MANAGE
    HARBOR CAPITAL ADVIS
    OWEN-JONES LINDSAY
    BLACKROCK
    AMUNDI
    BALYASNY ASSET MANAG
    FMR LLC
    ALLIANZ ASSET MANAGE
    BANK OF NEW YORK MEL
    LBPAM
    AMUNDI
    INVESCO LTD
    MERCURY ASSET MANAGE
    NEW JERSEY DIVISION
    AVIVA PLC

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    AlphaValue
    ARMELLE MOULIN
    Sanford C. Bernstein & Co
    ANDREW WOOD
    Exane BNP Paribas
    EAMONN FERRY
    RBC Capital Markets
    JAMES EDWARDES JONES
    Stifel Nicolaus
    MARK S ASTRACHAN
    Landesbank Baden-Wuerttemberg
    BERND MUELL
    Nomura
    GUILLAUME DELMAS
    Main First Bank AG
    GAEL COLCOMBET
    Barclays
    IAIN SIMPSON
    Grupo Santander
    PEDRO GIL
    Credit Suisse
    ALEX MOLLOY
    Raymond James
    HERMINE DE BENTZMANN
    Oddo & Cie
    LEOPOLD AUTHIE
    Canaccord Genuity Corp
    EDDY HARGREAVES
    Bryan Garnier & Cie
    LOIC MORVAN
    Redburn Partners
    WILLIAM HOUSTON
    Societe Generale
    CHAS MANSO DE ZUNIGA
    Commerzbank Corporates & Markets ANDREAS RIEMANN
    Deutsche Bank
    HAROLD THOMPSON
    Goldman Sachs
    ROSIE EDWARDS
    JPMorgan
    CELINE PANNUTI
    Jefferies
    ALEX HOWSON
    Independent Research GmbH
    LARS LUSEBRINK
    Hamburger Sparkasse
    CHRISTIAN HAMANN
    Kepler Capital Markets
    CATHERINE ROLLAND
    S&P Capital IQ
    CARL SHORT
    Telsey Advisory Group
    DAVID WU
    Natixis
    PIERRE TEGNER
    Liberum Capital Ltd
    PABLO ZUANIC
    HSBC
    CEDRIC BESNARD
    EVA Dimensions
    AUSTIN BURKETT
    CA Cheuvreux
    THOMAS MESMIN
    Berenberg Bank
    SETH PETERSON
    Day by Day
    VALERIE GASTALDY
    Aurel - BGC
    DAVID DA MAIA
    Morgan Stanley
    ERIK SJOGREN
    Espirito Santo Investment Bank Research
    ALEX SMITH
    Banco Sabadell
    IGNACIO ROMERO
    DZ Bank AG
    THOMAS MAUL

    Source
    Co File
    Co File
    Co File
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    Co File
    ULT-AGG
    MF-AGG
    Short
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    reduce
    underperform
    outperform
    outperform
    hold
    hold
    reduce
    outperform
    overweight
    hold
    neutral
    outperform
    buy
    sell
    buy
    sell
    hold
    hold
    hold
    buy/attractive
    overweight
    buy
    hold
    buy
    buy
    hold
    no rating system
    neutral
    buy
    overweight
    underweight
    suspended coverage
    hold
    hold
    not rated
    Underwt/In-Line
    sell
    sell
    buy

    Amt Held
    % Out
    185'661'879 30.47
    178'381'021 29.27
    8'597'659
    1.41
    7'596'479
    1.25
    5'729'800
    0.94
    4'487'451
    0.74
    4'446'174
    0.73
    3'029'005
    0.5
    2'557'662
    0.42
    2'473'079
    0.41
    (2'309'774) -0.38
    1'482'647
    0.24
    1'392'571
    0.23
    1'069'068
    0.18
    1'056'948
    0.17
    828'949
    0.14
    796'394
    0.13
    737'576
    0.12
    725'628
    0.12
    511'365
    0.08

    Weighting
    2
    1
    5
    5
    3
    3
    2
    5
    5
    3
    3
    5
    5
    1
    5
    1
    3
    3
    3
    5
    5
    5
    3
    5
    5
    3
    #N/A N/A
    3
    5
    5
    1
    #N/A N/A
    3
    3
    #N/A N/A
    1
    1
    1
    5

    Change
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    D
    M
    M
    M
    M
    M

    Latest Chg
    95'322
    (1'345'900)
    (327'559)
    (34'247)
    (109'936)
    729'403
    (234'507)
    (71'418)
    51'217
    306'745
    29'230
    2'736
    -

    Target Price
    110
    95
    114
    114
    #N/A N/A
    105
    97
    120
    121
    105
    99
    120
    120
    94
    118
    #N/A N/A
    112
    113
    105
    143
    120
    106
    111
    #N/A N/A
    125
    115
    #N/A N/A
    96
    130
    121
    #N/A N/A
    #N/A N/A
    103
    #N/A N/A
    #N/A N/A
    91
    87
    92
    97

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2011
    31.12.2011
    31.12.2011
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2011
    26.02.2013
    30.11.2012
    30.01.2013
    31.12.2012
    31.12.2012
    26.02.2013
    31.12.2012
    28.09.2012
    27.02.2013
    26.02.2013
    30.06.2012
    31.08.2012

    Date
    6 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    6 month
    Not Provided
    12 month
    6 month
    12 month
    12 month
    9 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month

    Inst Type
    n/a
    Corporation
    Corporation
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    n/a
    Investment Advisor
    Mutual Fund Manager
    Hedge Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Pension Fund (ERISA)
    Investment Advisor

    Date
    28.02.2013
    27.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    19.02.2013
    18.02.2013
    18.02.2013
    14.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    08.02.2013
    25.01.2013
    17.01.2013
    17.01.2013
    14.01.2013
    11.01.2013
    14.12.2012
    07.11.2012
    06.11.2012
    30.10.2012
    30.07.2012
    30.07.2012

    28.02.2013

    Lafarge SA
    Lafarge SA supplies a wide range of building materials to contractors,
    wholesalers, and manufacturers. The Company produces cement, aggregates and
    concrete and gypsum products. Lafarge markets its products in Europe, Africa,
    Asia, North America, and Latin America.

    Price/Volume
    60

    3.5 M

    50

    3.0 M
    2.5 M

    40

    Latest Fiscal Year:


    LTM as of:
    52-Week High (28.02.2013)
    52-Week Low (24.04.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 08.11.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    LG FP EQUITY YTD Change
    LG FP EQUITY YTD % CHANGE

    12/2012
    12/yy
    52.17
    27.54
    330'058.00
    51.93
    -0.46%
    88.60%
    99.83%
    287.3
    14'917.18
    15'206.00
    0.0
    2'197.0
    3'171.00
    29'297.18

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    1.5 M

    20

    1.0 M

    10

    .5 M

    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    19'033.0
    1.43x
    4'618.0
    5.89x
    1'598.0
    5.24x

    2.0 M

    30

    Valuation Analysis

    31.12.2009
    31.12.2010
    15'884.0
    14'834.0
    2.02x
    1.99x
    3'507.0
    3'416.0
    9.16x
    8.63x
    736.0
    827.0
    20.87x
    16.64x
    Profitability

    LTM-4Q
    31.12.2011
    15'284.0
    1.44x
    2'772.0
    7.95x
    593.0
    76.98x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    15'816.0
    432.0
    32.15x
    2'772.00
    1'638.00
    10.72%
    4.42%
    0.79%
    2.07%
    1.98%
    0.36%
    23.9%
    17.0%
    9.9%
    2.7%
    1.32
    0.68
    37.34%
    95.01%
    6.59
    6.88

    Price/ Cash Flow

    LTM

    12/yy
    14'933.0
    6.91x
    2'737.0
    8.05x
    593.0
    85.45x

    12/yy
    15'816.0
    4.81x
    2'166.0
    0.00x
    432.0
    32.76x

    FY+1

    .0 M
    f-13

    1.20
    178.42
    50.87%
    7.67%
    1.199
    33
    4.061
    1'346'747
    1'016'073
    837'782
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    16'233.3
    17'203.2
    3'387.0
    4'302.0
    1.67x
    1.52x
    8.75x
    6.79x
    3'786.0
    4'160.3
    521.0
    1'030.0
    7.74x
    7.05x
    8.49x
    1'015.0
    1'333.8
    14.73x
    11.24x
    14.04x
    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

    17.03.2011
    BB+
    NEG
    17.03.2011
    B
    2.94
    1.80
    4.77
    6.11
    95.0%
    45.5%
    0.36
    0.97
    55.52
    53.22
    60.80
    29.36

    Sales/Revenue/Turnover

    12.00

    20'000.0
    18'000.0

    10.00

    16'000.0
    14'000.0

    8.00

    12'000.0

    6.00

    10'000.0
    8'000.0

    4.00

    6'000.0
    4'000.0

    2.00
    0.00
    01.01.2010

    2'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Lafarge SA
    Holdings By:

    All

    Holder Name
    GROUPE BRUXELLES LAM
    NNS HOLDING
    DODGE & COX
    SOUTHEASTERN ASSET M
    BLACKROCK
    VANGUARD GROUP INC
    NATIXIS ASSET MANAGE
    FMR LLC
    MANDARINE GESTION
    JP MORGAN
    TIAA CREF INVESTMENT
    STATE FARM MUTUAL AU
    AGF INVESTMENTS INC
    AMUNDI
    DIMENSIONAL FUND ADV
    ACTIVEST MUNICH
    ING ASSET MANAGEMENT
    AMUNDI
    LBPAM
    STOREBRAND FUND MANA

    Firm Name
    AlphaValue
    JPMorgan
    Jefferies
    Morgan Stanley
    Bryan Garnier & Cie
    Main First Bank AG
    Landesbank Baden-Wuerttemberg
    Deutsche Bank
    Goldman Sachs
    CA Cheuvreux
    Exane BNP Paribas
    Helvea
    Societe Generale
    Oddo & Cie
    Kepler Capital Markets
    S&P Capital IQ
    Sanford C. Bernstein & Co
    Liberum Capital Ltd
    CM - CIC Securities(ESN)
    HSBC
    Day by Day
    Natixis
    EVA Dimensions
    Credit Suisse
    Berenberg Bank
    Equita SIM SpA
    Redburn Partners
    DZ Bank AG
    Raymond James
    Davy

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    STATE FARM MUTUAL AU
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    Source
    Research
    Research
    Co File
    Research
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    Sch-D
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation

    GAETAN DUPONT
    MICHAEL MORRIS
    MICHAEL F BETTS
    ALEJANDRA PEREDA
    SVEN EDELFELT
    CHRISTIAN KORTH
    HANS-PETER KUHLMANN
    GLYNIS JOHNSON
    WILL MORGAN
    NABIL AHMED
    YASSINE TOUAHRI
    PATRICK APPENZELLER
    MURIEL FELLOUS
    VIRGINIE ROUSSEAU
    JOSEP PUJAL
    JAWAHAR HINGORANI
    PHIL ROSEBERG
    CHARLIE CAMPBELL
    JEAN-CHRISTOPHE LEFEVRE-MOULENQ
    JOHN FRASER-ANDREWS
    VALERIE GASTALDY
    RAFIC EL HADDAD
    CRAIG STERLING
    HARRY GOAD
    ROBERT MUIR
    GIUSEPPE MAPELLI
    JOHN MESSENGER
    MARC NETTELBECK
    ARNAUD PALLIEZ
    TIM CAHILL

    add
    neutral
    buy
    Overwt/In-Line
    buy
    outperform
    hold
    buy
    Buy/Neutral
    outperform
    outperform
    reduce
    hold
    neutral
    buy
    hold
    underperform
    hold
    buy
    overweight
    hold
    buy
    hold
    outperform
    hold
    reduce
    buy
    hold
    outperform
    outperform

    Amt Held
    60'293'256
    48'120'866
    17'214'899
    14'297'439
    5'338'171
    3'455'130
    3'438'697
    1'598'645
    1'044'731
    854'877
    837'127
    468'856
    458'248
    397'483
    380'564
    349'216
    310'000
    301'345
    294'119
    261'408

    % Out
    20.99
    16.75
    5.99
    4.98
    1.86
    1.2
    1.2
    0.56
    0.36
    0.3
    0.29
    0.16
    0.16
    0.14
    0.13
    0.12
    0.11
    0.1
    0.1
    0.09

    Weighting

    Change
    4
    3
    5
    5
    5
    5
    3
    5
    5
    5
    5
    2
    3
    3
    5
    3
    1
    3
    5
    5
    3
    5
    3
    5
    3
    2
    5
    3
    5
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    D
    D
    M
    M
    M
    U

    Latest Chg
    (548'579)
    1'668'523
    69'604
    218'017
    (22'694)
    35'923
    32'674
    (343'177)
    (190'174)
    (20'530)
    99'848
    (45'189)
    (45'584)
    (70'200)

    Target Price
    59
    49
    60
    57
    60
    60
    52
    64
    60
    56
    54
    42
    50
    52
    56
    52
    42
    48
    55
    56
    #N/A N/A
    55
    #N/A N/A
    55
    47
    46
    #N/A N/A
    39
    51
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    15.03.2012
    01.10.2012
    31.12.2011
    16.08.2012
    26.02.2013
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    30.09.2012
    28.09.2012
    31.10.2012
    31.07.2012
    30.11.2012
    28.09.2012
    28.09.2012
    31.12.2012
    31.01.2013

    Date
    6 month
    9 month
    12 month
    12 month
    6 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided

    Inst Type
    Holding Company
    Holding Company
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Insurance Company
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Mutual Fund Manager
    Investment Advisor

    Date
    27.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    19.02.2013
    19.02.2013
    18.02.2013
    29.01.2013
    24.01.2013
    21.01.2013
    17.01.2013
    17.12.2012
    27.11.2012
    13.11.2012
    07.11.2012
    16.10.2012
    19.09.2012
    31.08.2012

    28.02.2013

    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

    6.0 M

    03/2012
    01/yy
    850.00
    673.00
    243'308.00
    824.5
    -2.94%
    22.51%
    80.51%
    781.6
    6'444.03
    3'235.90
    0.0
    0.2
    29.70
    9'620.73

    500

    4.0 M

    400

    3.0 M

    300

    2.0 M

    200

    1.0 M

    100
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.03.2009
    31.03.2010
    821.2
    833.4
    4.96x
    10.25x
    519.1
    445.7
    7.84x
    19.16x
    (5'191.3)
    1'088.9
    4.71x
    Profitability

    31.03.2011
    701.9
    12.87x
    437.6
    20.65x
    1'241.6
    4.52x

    31.03.2012
    671.5
    13.20x
    436.5
    20.30x
    522.9
    10.70x

    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

    436.50
    431.90
    64.32%
    76.80%
    2.47%
    3.75%
    5.35%
    0.06%
    64.3%
    65.0%
    64.3%
    77.9%
    2.37
    0.13
    29.91%
    45.22%
    1.58

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    .0 M
    f-13

    3.57
    0.93
    705.29
    26.89%
    1.35%
    0.929
    22
    3.409
    1'539'578
    1'594'792
    1'491'604
    FY+2

    03/13 Y
    03/14 Y
    552.2
    591.7
    18.60x
    17.60x
    444.3
    481.3
    21.65x
    19.99x
    270.8
    313.4
    23.29x
    21.58x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    2.02
    0.11
    7.68
    7.73
    45.2%
    31.1%
    0.06
    0.07
    231.09
    202.47

    Sales/Revenue/Turnover

    50.00

    2'000.0

    45.00

    1'800.0

    40.00

    1'600.0

    35.00

    1'400.0

    30.00

    1'200.0

    25.00

    1'000.0

    20.00

    800.0

    15.00

    600.0

    10.00

    400.0

    5.00

    200.0

    0.00
    03.04.2009

    5.0 M

    600

    Latest Fiscal Year:


    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (01.03.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 01.02.2013
    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

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    7.0 M

    800
    700

    Valuation Analysis

    31.03.2008
    818.0
    15.24x
    546.4
    22.81x
    (830.8)
    -

    900

    0.0
    03.10.2009

    03.04.2010

    03.10.2010

    03.04.2011

    03.10.2011

    03.04.2012

    03.10.2012

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Land Securities Group PLC


    Holdings By:

    All

    Holder Name
    BLACKROCK
    NORGES BANK INVESTME
    M&G INVESTMENT MANAG
    APG ALGEMENE PENSIOE
    ALBRIGHT INVESTMENTS
    LEGAL & GENERAL
    PEEL HOLDINGS PLC
    STATE STREET
    SCOTTISH WIDOWS
    VANGUARD GROUP INC
    COHEN & STEERS CAPIT
    MORGAN STANLEY
    BNP PARIBAS INV PART
    EUROPEAN INVESTORS I
    NOMURA
    AXA INVESTMENT MANAG
    UBS
    COHEN & STEERS CAPIT
    PEOPLES REPUBLIC OF
    ING INV MANAGEMENT E

    Firm Name

    Portfolio Name
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    AlphaValue
    PIERRE-LOUP ETIENNE
    Jefferies
    MICHAEL PREW
    Numis Securities Ltd
    CHRISTOPHER SPEARING
    Morgan Stanley
    CHRISTOPHER FREMANTLE
    Barclays
    AARON GUY
    Exane BNP Paribas
    NICK WEBB
    EVA Dimensions
    AUSTIN BURKETT
    Panmure Gordon & Co Limited
    MARK HUGHES
    Investec
    ALAN CARTER
    Oriel Securities Ltd
    MIRANDA COCKBURN
    Day by Day
    VALERIE GASTALDY
    Deutsche Bank
    MARTIN ALLEN
    Kempen & Co
    RYAN PALECEK
    JPMorgan
    HARM M MEIJER
    Societe Generale
    MARC MOZZI
    Espirito Santo Investment Bank Research
    MICHAEL BURT
    Peel Hunt
    KEITH CRAWFORD
    Goldman Sachs
    JULIAN LIVINGSTON-BOOTH
    Credit Suisse
    STEVE BRAMLEY-JACKSON
    Liberum Capital Ltd
    ALISON WATSON

    Source
    ULT-AGG
    REG
    REG
    RNS-MAJ
    RNS-MAJ
    ULT-AGG
    REG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    Research
    ULT-AGG
    REG
    ULT-AGG
    REG
    REG
    REG

    Recommendation
    reduce
    hold
    hold
    Overwt/Attractive
    overweight
    neutral
    overweight
    hold
    hold
    hold
    hold
    buy
    underweight
    neutral
    hold
    neutral
    hold
    neutral/neutral
    outperform
    hold

    Amt Held
    50'151'233
    40'749'193
    31'294'639
    31'221'316
    31'088'858
    28'211'488
    24'525'117
    20'984'824
    20'953'672
    16'374'356
    12'276'292
    12'078'981
    10'396'373
    10'180'350
    9'987'499
    9'787'418
    9'542'361
    9'333'062
    9'176'759
    8'913'024

    % Out
    6.42
    5.21
    4
    3.99
    3.98
    3.61
    3.14
    2.68
    2.68
    2.1
    1.57
    1.55
    1.33
    1.3
    1.28
    1.25
    1.22
    1.19
    1.17
    1.14

    Weighting

    Change
    2
    3
    3
    5
    5
    3
    5
    3
    3
    3
    3
    5
    1
    3
    3
    3
    3
    3
    5
    3

    M
    M
    M
    M
    U
    M
    U
    M
    M
    M
    D
    M
    D
    M
    M
    M
    M
    M
    M
    D

    Latest Chg
    7'761'689
    (1'221'618)
    (1'683'597)
    (6'060'943)
    927'739
    4'492'452
    531'785
    (1'866'135)
    635'620
    (2'594'377)
    (15'872)
    4'726'670
    (132'066)
    334'652
    3'728'602
    2'879'547
    (409'523)

    Target Price
    811
    788
    870
    830
    935
    860
    #N/A N/A
    820
    825
    #N/A N/A
    #N/A N/A
    970
    800
    920
    830
    800
    840
    855
    865
    773

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    26.02.2013
    Investment Advisor
    01.10.2012
    Government
    01.10.2012
    Investment Advisor
    19.02.2013 Pension Fund (ERISA)
    29.11.2011
    Investment Advisor
    01.10.2012
    Unclassified
    01.10.2012
    Holding Company
    27.02.2013
    Investment Advisor
    30.11.2012
    Unclassified
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    01.10.2012
    Unclassified
    01.10.2012
    Investment Advisor
    30.11.2012
    Unclassified
    01.10.2012
    Investment Advisor
    01.10.2012
    Government
    01.10.2012
    Investment Advisor

    Date
    6 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
    9 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided

    Date
    28.02.2013
    25.02.2013
    25.02.2013
    11.02.2013
    08.02.2013
    01.02.2013
    29.01.2013
    25.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    22.01.2013
    14.01.2013
    09.01.2013
    18.12.2012
    18.12.2012
    03.12.2012
    08.11.2012
    26.09.2012
    20.07.2012

    28.02.2013

    Legal & General Group PLC


    Legal & General Group plc is a holding company. The Company, through its
    subsidiaries, provides savings, risk and investment management services such as
    annuities, long-term savings, life assurance and financial protection products.
    Legal & General Group's products are sold through bank, building society
    relationships, Independent Financial Advisers and directly to customers.

    Price/Volume
    180

    60.0 M

    160

    50.0 M

    140
    120

    40.0 M

    100

    12/2011
    09/yy
    161.30
    105.30
    1'695'336.00
    157.8
    -2.17%
    49.86%
    93.39%
    5'912.9
    9'330.50
    3'250.00
    0.0
    66.0
    14'113.00
    -

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    60

    20.0 M

    40

    10.0 M

    20
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2007
    18'202.0
    0.13x
    724.0
    11.62x

    30.0 M

    80

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (01.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 01.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    LGEN LN EQUITY YTD Change
    LGEN LN EQUITY YTD % CHANGE

    31.12.2008
    31.12.2009
    (31'644.0)
    43'790.0
    (1'067.0)
    863.0
    2.72x
    Profitability

    LTM-4Q
    31.12.2010
    38'440.0
    820.0
    6.88x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2011
    18'317.0
    726.0
    8.25x
    6.12%
    5.22%
    0.23%
    15.45%
    10.79%
    0.06%
    4.0%
    0.99%
    62.50%
    -

    Price/ Cash Flow

    LTM

    09/yy
    0.0
    #DIV/0!
    0.0
    0.00x
    0.0
    0.00x

    09/yy
    0.0
    #DIV/0!
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    4.25
    1.37
    5'906.47
    37.94%
    8.38%
    1.374
    27
    3.519
    12'616'970
    11'376'690
    10'220'880
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    03/12 Q1 06/12 Q2
    5'859.3
    6'387.3
    436.5
    1.50x
    1.37x
    843.1
    882.8
    11.27x
    10.66x
    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

    09.02.2010
    A
    STABLE
    25.02.2009
    A-1
    62.5%
    38.2%
    0.06
    -

    Sales/Revenue/Turnover

    12.00

    50'000.0
    40'000.0

    10.00

    30'000.0
    8.00

    20'000.0

    6.00

    10'000.0
    0.0

    4.00

    -10'000.0

    0.00
    02.01.2009

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    -20'000.0

    2.00

    -30'000.0
    02.07.2009

    02.01.2010

    02.07.2010

    02.01.2011

    02.07.2011

    02.01.2012

    02.07.2012

    02.01.2013

    -40'000.0

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Legal & General Group PLC


    Holdings By:

    All

    Holder Name
    SCHRODER INVESTMENT
    BLACKROCK
    CAPITAL GROUP COMPAN
    FMR LLC
    THREADNEEDLE ASSET M
    SCHRODER INVESTMENT
    SWISS REINSURANCE
    STANDARD LIFE INVEST
    AXA INVESTMENT MANAG
    SCOTTISH WIDOWS
    THREADNEEDLE INVESTM
    ARTEMIS INVESTMENT M
    AVIVA INVESTORS
    VANGUARD GROUP INC
    NORGES BANK INVESTME
    ARTEMIS INVESTMENT M
    PEOPLES REPUBLIC OF
    LEGAL & GENERAL GROU
    F&C ASSET MANAGEMENT
    JUPITER ASSET MANAGE

    Firm Name
    Sanford C. Bernstein & Co
    Keefe, Bruyette & Woods
    JPMorgan
    Oriel Securities Ltd
    Day by Day
    RBC Capital Markets
    Credit Suisse
    Barclays
    Deutsche Bank
    Macquarie
    Goldman Sachs
    EVA Dimensions
    HSBC
    Investec
    Societe Generale
    Redburn Partners
    Morgan Stanley
    Canaccord Genuity Corp
    Panmure Gordon & Co Limited
    Shore Capital Stockbrokers
    Berenberg Bank
    S&P Capital IQ
    Exane BNP Paribas
    Nomura
    Daiwa Securities Co. Ltd.

    Portfolio Name
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    EDWARD HOUGHTON
    GREIG N PATERSON
    ASHIK MUSADDI
    MARCUS BARNARD
    VALERIE GASTALDY
    GORDON AITKEN
    CHRIS ESSON
    ALAN DEVLIN
    OLIVER STEEL
    NEIL WELCH
    COLIN L SIMPSON
    AUSTIN BURKETT
    KAILESH MISTRY
    KEVIN RYAN
    ABID HUSSAIN
    LANCE BURBIDGE
    JON HOCKING
    BEN COHEN
    BARRIE CORNES
    EAMONN FLANAGAN
    MATTHEW PRESTON
    RODERICK WALLACE
    ANDY HUGHES
    FAHAD CHANGAZI
    TIM PROUDLOVE

    Source
    REG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    REG
    MF-AGG
    REG
    REG
    REG
    ULT-AGG
    MF-AGG
    REG
    REG
    MF-AGG
    REG
    MF-AGG
    REG
    REG
    REG
    REG

    Recommendation
    market perform
    underperform
    neutral
    buy
    hold
    sector perform
    neutral
    overweight
    buy
    outperform
    neutral/neutral
    hold
    overweight
    hold
    hold
    neutral
    Equalwt/In-Line
    hold
    buy
    buy
    buy
    hold
    underperform
    buy
    outperform

    Amt Held
    386'066'239
    291'921'424
    290'344'506
    240'966'463
    238'287'407
    215'079'841
    169'171'985
    162'792'629
    154'548'532
    146'965'053
    118'694'862
    114'033'951
    112'000'485
    108'308'669
    101'018'107
    93'648'888
    81'906'572
    72'641'394
    70'631'364
    65'293'473

    % Out
    6.53
    4.94
    4.91
    4.08
    4.03
    3.64
    2.86
    2.75
    2.61
    2.49
    2.01
    1.93
    1.89
    1.83
    1.71
    1.58
    1.39
    1.23
    1.19
    1.1

    Weighting

    Change
    3
    1
    3
    5
    3
    3
    3
    5
    5
    5
    3
    3
    5
    3
    3
    3
    3
    3
    5
    5
    5
    3
    1
    5
    5

    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
    (10'233'954)
    (1'707'207)
    245'672
    11'184'585
    98'290
    418'703
    13'696'488
    (2'209'633)
    46'947'806
    673'846
    21'870'538
    (16'190'706)
    2'913'807
    6'951'655
    37'648'888
    (2'070'035)
    403'808
    1'547'523

    Target Price
    165
    110
    144
    165
    #N/A N/A
    150
    160
    166
    170
    175
    165
    #N/A N/A
    180
    153
    144
    #N/A N/A
    157
    150
    154
    #N/A N/A
    170
    150
    116
    185
    137

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    03.12.2012
    26.02.2013
    31.12.2012
    31.12.2012
    03.12.2012
    31.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    31.10.2012
    03.12.2012
    03.12.2012
    31.12.2012
    03.12.2012
    31.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    03.12.2012

    Date
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    6 month

    Inst Type
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Insurance Company
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Government
    Investment Advisor
    Government
    Unclassified
    Investment Advisor
    Investment Advisor

    Date
    27.02.2013
    26.02.2013
    25.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    15.02.2013
    04.02.2013
    24.01.2013
    23.01.2013
    18.01.2013
    17.01.2013
    16.01.2013
    07.01.2013
    11.12.2012
    10.12.2012
    05.12.2012
    26.11.2012
    16.11.2012
    08.11.2012
    01.11.2012
    01.11.2012
    01.11.2012
    17.09.2012
    01.07.2011

    28.02.2013

    Legrand SA
    Legrand S.A. specializes in products and systems for electrical installations
    and information networks. The company's products are offered for residential,
    commercial, and industrial use.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.11.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    LR FP EQUITY YTD Change
    LR FP EQUITY YTD % CHANGE

    12/2012
    12/yy
    35.44
    23.50
    68'123.00
    35.255
    -0.48%
    50.02%
    98.49%
    264.2
    9'314.06
    1'576.80
    0.0
    5.5
    494.30
    10'402.06

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    4.0 M

    35

    3.5 M

    30

    3.0 M

    25

    2.5 M

    20

    2.0 M

    15

    1.5 M

    10

    1.0 M

    .5 M

    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    4'202.4
    1.28x
    859.9
    6.24x
    349.9
    10.01x

    40

    31.12.2009
    31.12.2010
    3'577.5
    3'890.5
    1.80x
    2.37x
    904.1
    1'066.5
    7.13x
    8.63x
    289.8
    418.3
    17.48x
    19.11x
    Profitability

    LTM-4Q
    31.12.2011
    4'250.1
    1.81x
    994.2
    7.72x
    478.6
    13.64x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    4'466.7
    2.13x
    953.2
    9.98x
    505.6
    16.60x
    953.20
    848.00
    18.98%
    16.89%
    7.55%
    16.49%
    12.16%
    0.67%
    51.7%
    22.8%
    19.0%
    11.3%
    1.58
    0.88
    23.42%
    49.51%
    8.71
    3.59

    Price/ Cash Flow

    12/yy
    4'250.1
    7.78x
    1'011.2
    7.59x
    478.6
    13.66x

    LTM
    12/yy
    4'466.7
    7.96x
    1'016.5
    9.36x
    505.6
    16.62x

    FY+1

    .0 M
    f-13

    0.89
    240.00
    34.32%
    10.60%
    0.891
    24
    3.292
    1'025'216
    734'727
    598'451
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    4'585.5
    4'803.9
    1'106.0
    1'185.0
    2.23x
    2.07x
    9.49x
    8.89x
    1'038.4
    1'103.3
    246.5
    276.5
    10.02x
    9.43x
    9.93x
    9.85x
    551.3
    602.9
    128.0
    147.0
    16.89x
    15.55x
    16.40x
    15.67x
    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

    22.02.2012
    ASTABLE
    22.03.2007
    A-2
    9.30
    8.40
    1.06
    1.55
    49.5%
    33.1%
    0.67
    7.55
    42.01
    101.84
    74.31
    69.54

    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
    01.01.2010

    500.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Legrand SA
    Holdings By:

    All

    Holder Name
    MASSACHUSETTS FINANC
    BLACKROCK
    CAPITAL GROUP COMPAN
    MORGAN STANLEY
    LEGRON BV
    ALLIANZ ASSET MANAGE
    HARBOR CAPITAL ADVIS
    VANGUARD GROUP INC
    FINANCIERE LIGHT III
    OPPENHEIMERFUNDS INC
    SCHNEPP GILLES
    BAZIL OLIVIER
    GRAPPOTTE FRANCOIS
    FIRST EAGLE INVESTME
    FMR LLC
    NATIXIS ASSET MANAGE
    LEGRAND SA
    MFS FINANCIAL SERVIC
    T ROWE PRICE ASSOCIA
    UNITED SERVICES AUTO

    Firm Name

    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
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    Sanford C. Bernstein & Co


    MARTIN PROZESKY
    AlphaValue
    LIONEL PELLICER
    Credit Suisse
    ANDRE KUKHNIN
    Deutsche Bank
    MARTIN WILKIE
    Natixis
    LUDOVIC DEBAILLEUX
    Societe Generale
    GAEL DE BRAY
    CA Cheuvreux
    ANTOINE AZAR
    Exane BNP Paribas
    OLIVIER ESNOU
    Barclays
    NICK WEBSTER
    Morgan Stanley
    BEN UGLOW
    JPMorgan
    ANDREAS WILLI
    CM - CIC Securities(ESN)
    ARI AGOPYAN
    Canaccord Genuity Corp
    JAMES STETTLER
    Berenberg Bank
    WILLIAM MACKIE
    Kepler Capital Markets
    PIERRE BOUCHENY
    Goldman Sachs
    DANIELA COSTA
    EVA Dimensions
    CRAIG STERLING
    Day by Day
    VALERIE GASTALDY
    HSBC
    MICHAEL HAGMANN
    Espirito Santo Investment Bank Research
    ROB VIRDEE
    Redburn Partners
    PASCAL HAUTCOEUR

    Source
    Research
    ULT-AGG
    ULT-AGG
    ULT-AGG
    Research
    ULT-AGG
    MF-AGG
    MF-AGG
    Research
    MF-AGG
    Co File
    Co File
    Co File
    MF-AGG
    ULT-AGG
    MF-AGG
    Co File
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    market perform
    reduce
    underperform
    hold
    neutral
    buy
    underperform
    neutral
    overweight
    Equalwt/Cautious
    neutral
    reduce
    buy
    hold
    reduce
    Buy/Neutral
    hold
    hold
    neutral
    buy
    buy

    Amt Held
    28'686'661
    23'364'992
    22'771'783
    17'160'497
    14'422'556
    4'930'258
    4'471'384
    4'376'976
    2'659'412
    2'025'190
    1'929'582
    1'928'845
    1'916'000
    1'680'883
    1'501'737
    1'470'336
    1'315'484
    1'167'547
    1'104'268
    946'225

    % Out
    10.86
    8.84
    8.62
    6.5
    5.46
    1.87
    1.69
    1.66
    1.01
    0.77
    0.73
    0.73
    0.73
    0.64
    0.57
    0.56
    0.5
    0.44
    0.42
    0.36

    Weighting

    Change
    3
    2
    1
    3
    3
    5
    1
    3
    5
    3
    3
    2
    5
    3
    2
    5
    3
    3
    3
    5
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M

    Latest Chg
    (2'490'304)
    (3'496'723)
    (6'792'589)
    (15'492)
    128'255
    2'885'734
    70'518
    (12'730'394)
    2'800
    31'210
    (135'692)
    (65'612)
    (6'014)
    8'522

    Target Price
    33
    33
    30
    30
    37
    37
    26
    37
    34
    33
    33
    29
    37
    36
    32
    37
    #N/A N/A
    #N/A N/A
    32
    34
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    08.08.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.09.2012
    Investment Advisor
    31.07.2012
    Other
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    08.03.2012
    Other
    30.12.2012
    Investment Advisor
    31.12.2009
    n/a
    31.12.2009
    n/a
    31.12.2009
    n/a
    30.09.2012 Hedge Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    31.12.2009
    Corporation
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor

    Date
    12 month
    6 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    9 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided

    Date
    26.02.2013
    21.02.2013
    20.02.2013
    19.02.2013
    18.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    17.01.2013
    17.01.2013
    15.01.2013
    29.11.2012
    30.10.2012
    03.10.2012

    28.02.2013

    Linde AG
    Linde AG is a gases and engineering company. The Gases Division offers a wide
    range of industrial and medical gases mainly used in energy sector, steel
    production, chemical processing, as well as in food processing. The Engineering
    Division develops olefin plants, natural gas plants and air separation plants,
    as well as hydrogen and synthesis gas plants.

    Price/Volume
    4.0 M

    120

    3.5 M
    3.0 M
    2.5 M

    80

    Latest Fiscal Year:


    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (10.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 02.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    LIN GY EQUITY YTD Change
    LIN GY EQUITY YTD % CHANGE

    12/2011
    09/yy
    138.90
    109.80
    108'516.00
    137.85
    -0.79%
    25.55%
    95.02%
    185.2
    25'533.32
    7'814.00
    0.0
    540.0
    2'073.00
    35'254.32

    2.0 M

    60

    1.5 M

    40

    1.0 M

    20

    .5 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    4.5 M

    140
    100

    Valuation Analysis

    31.12.2007
    12'306.0
    1.78x
    2'340.9
    9.37x
    952.0
    15.66x

    160

    31.12.2008
    31.12.2009
    12'663.0
    11'211.0
    1.34x
    1.86x
    2'468.0
    2'320.0
    6.86x
    8.97x
    717.0
    591.0
    14.02x
    23.98x
    Profitability

    LTM-4Q
    31.12.2010
    12'868.0
    1.97x
    2'847.0
    8.92x
    1'005.0
    19.12x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2011
    13'787.0
    1.88x
    3'101.0
    8.37x
    1'174.0
    16.71x
    3'101.00
    1'801.00
    13.06%
    11.74%
    4.05%
    10.41%
    0.49%
    36.4%
    22.5%
    12.7%
    8.5%
    0.89
    0.63
    27.02%
    67.34%
    6.35
    8.11

    Price/ Cash Flow

    LTM

    09/yy
    13'672.0
    7.33x
    3'072.0
    7.70x
    1'163.0
    14.78x

    09/yy
    14'641.0
    8.09x
    3'287.0
    10.52x
    1'222.0
    19.14x

    FY+1

    .0 M
    f-13

    0.81
    185.21
    12.69%
    4.43%
    0.810
    43
    4.000
    527'878
    477'054
    478'213
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    15'178.1
    16'955.3
    4'111.5
    4'021.0
    2.25x
    1.97x
    8.46x
    3'492.2
    3'973.2
    983.9
    947.0
    10.10x
    8.87x
    9.00x
    8.91x
    1'318.4
    1'531.4
    352.8
    360.5
    17.80x
    16.12x
    16.67x
    16.26x
    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

    25.05.2012
    A
    STABLE
    25.05.2012
    A-1
    7.93
    4.49
    2.79
    3.20
    67.3%
    39.2%
    0.49
    1.58
    57.62
    45.11
    102.46
    -15.95

    Sales/Revenue/Turnover

    14.00

    16'000.0

    12.00

    14'000.0
    12'000.0

    10.00

    10'000.0
    8.00

    8'000.0
    6.00

    6'000.0

    4.00

    4'000.0

    2.00

    2'000.0

    0.00
    02.01.2009

    0.0
    02.07.2009

    02.01.2010

    02.07.2010

    02.01.2011

    02.07.2011

    02.01.2012

    02.07.2012

    02.01.2013

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Linde AG
    Holdings By:

    All

    Holder Name
    BLACKROCK ADVISORS L
    BLACKROCK
    CAPITAL GROUP COMPAN
    FMR LLC
    HARBOR CAPITAL ADVIS
    MASSACHUSETTS FINANC
    DEUTSCHE BANK AG
    VANGUARD GROUP INC
    ARTISAN PARTNERS HOL
    DB PLATINUM ADVISORS
    ALLIANZ ASSET MANAGE
    FRANKLIN RESOURCES
    UNION INVESTMENT GMB
    BNP PARIBAS INV PART
    DEKA INVESTMENT GMBH
    ADIG INVESTMENT
    DODGE & COX
    FRANKFURT TRUST INVE
    MFS FINANCIAL SERVIC
    OPPENHEIMERFUNDS INC

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Firm Name

    Analyst

    Commerzbank Corporates & Markets


    Goldman Sachs
    Sanford C. Bernstein & Co
    AlphaValue
    Bankhaus Metzler
    Bankhaus Lampe
    Societe Generale
    Exane BNP Paribas
    Credit Suisse
    Berenberg Bank
    Nomura
    Barclays
    Kepler Capital Markets
    Equinet Institutional Services(ESN)
    Morgan Stanley
    EVA Dimensions
    HSBC
    Jefferies
    Equita SIM SpA
    Day by Day
    Liberum Capital Ltd
    JPMorgan
    Deutsche Bank
    Natixis
    Landesbank Baden-Wuerttemberg
    DZ Bank AG
    Macquarie
    Main First Bank AG
    M.M. Warburg Investment Research
    Nord/LB
    CA Cheuvreux
    National Bank AG
    Independent Research GmbH
    Hamburger Sparkasse
    S&P Capital IQ
    Silvia Quandt Research
    Baader Bank
    Alembic Global Advisors
    Redburn Partners
    Canaccord Genuity Corp
    Donner & Reuschel

    STEPHAN KIPPE
    RAKESH PATEL
    JEREMY REDENIUS
    HANS-PETER WODNIOK
    LARS HETTCHE
    HEIKO FEBER
    PETER CLARK
    HEIDI VESTERINEN
    CHRIS COUNIHAN
    JOHN PHILIPP KLEIN
    JEAN DE WATTEVILLE
    GUNTHER ZECHMANN
    MARKUS MAYER
    NADESHDA DEMIDOVA
    PETER MACKEY
    CRAIG STERLING
    SEBASTIAN SATZ
    LAURENCE ALEXANDER
    MASSIMO BONISOLI
    VALERIE GASTALDY
    ADAM COLLINS
    NEIL C TYLER
    TIMOTHY JONES
    FREDERIC WILLIAMS-GOBEAUX
    ULLE WORNER
    PETER SPENGLER
    CHRISTIAN FAITZ
    THOMAS SWOBODA
    EGGERT KULS
    THORSTEN STRAUSS
    KLAUS RINGEL
    EKKEHARD D LINK
    CHRISTOPH SCHOENDUBE
    MARCO GUENTHER
    JOHNSON IMODE
    RALF GROENEMEYER
    NORBERT BARTH
    HASSAN I AHMED
    TONY JONES
    PAUL W SATCHELL
    MARKUS NEUBURGER

    Source
    Research
    ULT-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    buy
    Buy/Neutral
    market perform
    add
    buy
    buy
    buy
    neutral
    underperform
    buy
    neutral
    equalweight
    buy
    buy
    Equalwt/In-Line
    sell
    overweight
    buy
    buy
    hold
    buy
    overweight
    buy
    buy
    buy
    hold
    outperform
    outperform
    buy
    buy
    select list
    hold
    hold
    hold
    hold
    buy
    buy
    neutral
    neutral
    hold
    buy

    Amt Held
    9'252'936
    8'946'666
    6'880'592
    4'839'818
    4'801'614
    4'270'688
    4'054'644
    3'252'066
    2'572'241
    2'504'264
    1'882'931
    1'815'526
    1'580'518
    1'561'563
    1'230'595
    831'040
    820'205
    687'970
    677'654
    665'092

    % Out
    5
    4.83
    3.71
    2.61
    2.59
    2.31
    2.19
    1.76
    1.39
    1.35
    1.02
    0.98
    0.85
    0.84
    0.66
    0.45
    0.44
    0.37
    0.37
    0.36

    Weighting

    Change
    5
    5
    3
    4
    5
    5
    5
    3
    1
    5
    3
    3
    5
    5
    3
    1
    5
    5
    5
    3
    5
    5
    5
    5
    5
    3
    5
    5
    5
    5
    5
    3
    3
    3
    3
    5
    5
    3
    3
    3
    5

    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
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    474'456
    (174'285)
    (687'774)
    77'090
    (37'869)
    67'654
    61'948
    1'428'093
    (69'285)
    (1'249)
    127'709
    244'879
    (17'345)
    (15'000)
    (78)
    -

    Target Price
    180
    167
    135
    145
    145
    160
    155
    131
    130
    160
    158
    139
    147
    155
    150
    #N/A N/A
    156
    149
    150
    #N/A N/A
    156
    160
    160
    141
    148
    141
    150
    140
    158
    150
    153
    140
    139
    #N/A N/A
    132
    160
    153
    120
    #N/A N/A
    114
    155

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    14.01.2013
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    31.10.2012
    Investment Advisor
    29.01.2013
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    30.12.2012
    Investment Advisor

    Date
    6 month
    12 month
    12 month
    6 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
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    9 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month

    Date
    27.02.2013
    27.02.2013
    22.02.2013
    21.02.2013
    15.02.2013
    12.02.2013
    11.02.2013
    07.02.2013
    04.02.2013
    04.02.2013
    04.02.2013
    04.02.2013
    01.02.2013
    29.01.2013
    25.01.2013
    17.01.2013
    11.01.2013
    02.01.2013
    20.12.2012
    20.12.2012
    13.12.2012
    07.12.2012
    06.12.2012
    03.12.2012
    30.11.2012
    28.11.2012
    21.11.2012
    20.11.2012
    31.10.2012
    30.10.2012
    30.10.2012
    30.10.2012
    29.10.2012
    29.10.2012
    29.10.2012
    29.10.2012
    25.10.2012
    15.10.2012
    08.10.2012
    18.05.2012
    17.03.2011

    28.02.2013

    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
    60

    700.0 M

    50

    600.0 M
    500.0 M

    40

    Latest Fiscal Year:


    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (30.05.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.01.2013
    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

    12/2011
    09/yy
    56.10
    24.75
    41'930'316.00
    54.42
    -2.98%
    119.92%
    92.35%
    70'343.3
    38'390.89
    267'954.00
    0.0
    674.0
    94'236.00
    -

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover
    Price/ Cash Flow

    1.20

    300.0 M

    20

    200.0 M

    10

    100.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    .0 M
    f-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2007
    22'081.0
    3'289.0
    8.09x

    400.0 M

    30

    Valuation Analysis

    31.12.2008
    31.12.2009
    20'413.0
    44'007.0
    772.0
    2'827.0
    18.90x
    6.76x
    Profitability

    LTM-4Q
    31.12.2010
    43'432.0
    (320.0)
    -

    31.12.2011
    35'780.0
    (2'787.0)
    12.27%
    -15.98%
    -0.11%
    -2.20%
    -0.32%
    0.04%
    -12.6%
    27.61%
    583.52%
    -

    LTM

    09/yy
    26'601.0
    0.00x
    0.0
    0.00x
    (2'824.0)
    0.00x

    09/yy
    35'485.0
    0.00x
    0.0
    0.00x
    (1'016.0)
    0.00x

    FY+1

    0.00
    1.68
    42'726.59
    55.78%
    13.58%
    1.676
    33
    3.394
    #########
    #########
    #########
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    18'424.7
    18'345.1
    4'553.9
    1'598.7
    2'901.3
    644.5
    23.65x
    13.95x
    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
    ANEG
    29.11.2011
    A-2
    583.5%
    85.2%
    0.04
    -

    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

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Lloyds Banking Group PLC


    Holdings By:

    All

    Holder Name
    UNITED KINGDOM GOVER
    FMR LLC
    BLACKROCK
    LEGAL & GENERAL
    UBS
    SCOTTISH WIDOWS
    DEUTSCHE PRIVATE BAN
    NORGES BANK INVESTME
    HALIFAX SHARE DEALIN
    FRANKLIN RESOURCES
    VANGUARD GROUP INC
    SCHRODER INVESTMENT
    STANDARD LIFE INVEST
    TD WATERHOUSE GROUP
    ALECTA INVESTMENT MA
    HARRIS ASSOCIATES LP
    BNP PARIBAS INV PART
    SELFTRADE
    SCHRODER INVESTMENT
    PRIVATE INDIVIDUALS

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    AlphaValue
    DAVID GRINSZTAJN
    Shore Capital Stockbrokers
    GARY GREENWOOD
    Nomura
    CHINTAN JOSHI
    Societe Generale
    JAMES INVINE
    Numis Securities Ltd
    MICHAEL J TRIPPITT
    Investec
    IAN GORDON
    Sanford C. Bernstein & Co
    CHIRANTAN BARUA
    Credit Suisse
    CARLA ANTUNES-SILVA
    Barclays
    ROHITH CHANDRA-RAJAN
    Exane BNP Paribas
    TOM RAYNER
    Keefe, Bruyette & Woods
    MARK J PHIN
    Morgan Stanley
    CHRISTOPHER MANNERS
    Liberum Capital Ltd
    CORMAC LEECH
    Redburn Partners
    JON KIRK
    Espirito Santo Investment Bank Research
    SHAILESH RAIKUNDLIA
    RBC Capital Markets
    CLAIRE KANE
    Berenberg Bank
    JAMES CHAPPELL
    EVA Dimensions
    AUSTIN BURKETT
    Macquarie
    EDWARD FIRTH
    JPMorgan
    RAUL SINHA
    HSBC
    PETER TOEMAN
    Day by Day
    VALERIE GASTALDY
    Grupo Santander
    ARTURO DE FRIAS
    Deutsche Bank
    JASON NAPIER
    Goldman Sachs
    FREDERIK THOMASEN
    Mediobanca SpA
    CHRISTOPHER J WHEELER
    Canaccord Genuity Corp
    GARETH HUNT
    S&P Capital IQ
    FRANK BRADEN
    Oriel Securities Ltd
    VIVEK RAJA
    Daniel Stewart & Co
    SIMON WILLIS
    Prosdocimi
    TEAM COVERAGE

    Source
    RNS-MAJ
    ULT-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    REG
    REG
    REG
    ULT-AGG
    MF-AGG
    REG
    REG
    REG
    REG
    REG
    ULT-AGG
    REG
    MF-AGG
    REG

    Recommendation
    sell
    buy
    reduce
    buy
    buy
    sell
    outperform
    neutral
    underweight
    outperform
    underperform
    Equalwt/In-Line
    buy
    buy
    sell
    outperform
    sell
    sell
    underperform
    neutral
    overweight
    buy
    buy
    buy
    neutral/neutral
    neutral
    hold
    hold
    buy
    sell
    buy

    Amt Held
    27'608'563'642
    2'484'724'574
    2'339'209'568
    1'661'814'988
    1'115'530'386
    1'090'319'837
    1'075'638'770
    1'075'023'992
    1'052'501'056
    808'147'076
    777'777'333
    742'242'002
    739'647'720
    724'279'567
    675'500'000
    609'121'200
    605'694'180
    597'593'904
    594'532'401
    456'479'052

    % Out
    39.25
    3.53
    3.33
    2.36
    1.59
    1.55
    1.53
    1.53
    1.5
    1.15
    1.11
    1.06
    1.05
    1.03
    0.96
    0.87
    0.86
    0.85
    0.85
    0.65

    Weighting

    Change
    1
    5
    2
    5
    5
    1
    5
    3
    1
    5
    1
    3
    5
    5
    1
    5
    1
    1
    1
    3
    5
    5
    5
    5
    3
    3
    3
    3
    5
    1
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    D
    U
    M
    M
    M
    M
    D
    M
    M
    M
    M
    N
    M

    Latest Chg
    395'879'107
    55'209'103
    10'480'503
    (47'847'264)
    462'591'455
    41'049'793
    (14'804'023)
    (38'913'754)
    (82'767'266)
    17'836'770
    (128'253'574)
    19'888'448
    (36'378'354)
    (40'000'000)
    (225'724'735)
    35'224'216
    (17'125'603)
    (1'298'271)
    (1'330'422)

    Target Price
    46
    #N/A N/A
    42
    52
    64
    46
    60
    45
    40
    63
    51
    50
    62
    #N/A N/A
    48
    69
    24
    #N/A N/A
    48
    55
    65
    59
    66
    66
    57
    40
    35
    47
    49
    26
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    23.03.2012
    31.12.2012
    26.02.2013
    31.01.2013
    28.12.2012
    01.12.2012
    01.12.2012
    01.12.2012
    01.12.2012
    31.12.2012
    31.12.2012
    01.12.2012
    01.12.2012
    01.12.2012
    01.12.2012
    01.12.2012
    31.12.2012
    01.12.2012
    31.12.2012
    01.12.2012

    Date
    6 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    9 month
    Not Provided
    3 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided

    Inst Type
    Government
    Investment Advisor
    Investment Advisor
    Unclassified
    Unclassified
    Unclassified
    Unclassified
    Government
    Corporation
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Other

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    20.02.2013
    20.02.2013
    15.02.2013
    11.02.2013
    05.02.2013
    04.02.2013
    01.02.2013
    29.01.2013
    28.01.2013
    28.01.2013
    17.01.2013
    16.01.2013
    14.01.2013
    10.01.2013
    10.01.2013
    07.01.2013
    13.12.2012
    16.11.2012
    07.11.2012
    01.11.2012
    01.11.2012
    01.11.2012
    02.07.2012
    25.11.2010

    28.02.2013

    LVMH Moet Hennessy Louis Vuitton SA


    LVMH Moet Hennessy Louis Vuitton SA is a diversified luxury goods group. The
    Company produces and sells champagne, cognac, perfumes, cosmetics, luggage,
    watches and jewelry.

    Price/Volume
    160

    3.0 M

    140

    2.5 M

    120
    2.0 M

    100
    80

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (18.01.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 05.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    MC FP EQUITY YTD Change
    MC FP EQUITY YTD % CHANGE

    12/2012
    12/yy
    143.40
    111.00
    109'699.00
    131.85
    -8.12%
    18.78%
    62.96%
    507.7
    66'943.38
    6'812.00
    0.0
    1'102.0
    2'196.00
    72'661.38

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    1.0 M

    40
    .5 M

    20
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    17'193.0
    1.60x
    4'323.0
    6.34x
    2'026.0
    11.16x

    1.5 M

    60

    31.12.2009
    31.12.2010
    17'053.0
    20'320.0
    2.41x
    3.08x
    4'055.0
    5'106.0
    10.13x
    12.27x
    1'755.0
    3'032.0
    21.13x
    19.36x
    Profitability

    LTM-4Q
    31.12.2011
    23'659.0
    2.56x
    6'150.0
    9.84x
    3'065.0
    17.45x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    28'103.0
    2.67x
    6'940.0
    10.82x
    3'424.0
    20.23x
    6'940.00
    5'921.00
    21.07%
    20.39%
    7.06%
    14.57%
    12.72%
    0.58%
    64.7%
    25.7%
    21.1%
    12.2%
    1.51
    0.44
    13.64%
    27.73%
    14.55
    1.27

    Price/ Cash Flow

    LTM

    12/yy
    23'659.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    12/yy
    28'103.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    2.20
    0.93
    254.99
    6.79%
    -5.01%
    0.928
    38
    4.316
    862'484
    737'215
    690'358
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    29'681.7
    32'725.6
    2.38x
    2.10x
    7'467.8
    8'431.5
    9.74x
    8.63x
    3'864.8
    4'312.6
    17.30x
    15.45x
    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

    20.05.2011
    A
    POS
    20.05.2011
    A-1
    41.81
    31.51
    0.64
    0.94
    27.7%
    21.0%
    0.58
    3.35
    25.15
    287.68
    106.20
    206.64

    Sales/Revenue/Turnover

    20.00

    30'000.0

    18.00

    25'000.0

    16.00
    14.00

    20'000.0

    12.00

    15'000.0

    10.00
    8.00

    10'000.0

    6.00
    4.00

    5'000.0

    2.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    LVMH Moet Hennessy Louis Vuitton SA


    Holdings By:

    All

    Holder Name
    GROUPE ARNAULT SAS
    LVMH MOET HENNESSY L
    VANGUARD GROUP INC
    QATAR HOLDINGS LLC
    FMR LLC
    CARMIGNAC GESTION
    MASSACHUSETTS FINANC
    NATIXIS ASSET MANAGE
    THORNBURG INVESTMENT
    BLACKROCK
    AMUNDI
    OPPENHEIMERFUNDS INC
    TRAPANI FRANCESCO
    CAPITAL GROUP COMPAN
    DEUTSCHE BANK AG
    ALLIANZ ASSET MANAGE
    BNP PARIBAS INV PART
    AVIVA PLC
    LBPAM
    AMUNDI

    Firm Name
    Cantor Fitzgerald
    AlphaValue
    Aurel - BGC
    Main First Bank AG
    Exane BNP Paribas
    Banco Sabadell
    Berenberg Bank
    Telsey Advisory Group
    Morgan Stanley
    Goldman Sachs
    Bryan Garnier & Cie
    Credit Suisse
    Independent Research GmbH
    Ahorro Corporacion Financiera SA
    JPMorgan
    Raymond James
    Hamburger Sparkasse
    National Bank AG
    Oddo & Cie
    Natixis
    ISI Group
    Nomura
    S&P Capital IQ
    Barclays
    Kepler Capital Markets
    Day by Day
    HSBC
    EVA Dimensions
    Deutsche Bank
    Equita SIM SpA
    Renaissance Capital
    Redburn Partners
    CA Cheuvreux
    Landesbank Baden-Wuerttemberg
    Societe Generale
    DZ Bank AG
    Helvea

    Portfolio Name
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    Source
    Research
    Co File
    MF-AGG
    Research
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    Co File
    ULT-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation

    ALLEGRA PERRY
    hold
    VIRGINIE BLIN
    buy
    DAVID DA MAIA
    hold
    MATTHIAS EIFERT
    outperform
    LUCA GIUSEPPE SOLCA
    neutral
    IGNACIO ROMERO
    buy
    JOHN GUY
    hold
    DANA TELSEY
    no rating system
    LOUISE SINGLEHURST
    Overwt/In-Line
    WILLIAM HUTCHINGS
    Buy/Neutral
    CEDRIC ROSSI
    buy
    ROGERIO FUJIMORI
    neutral
    LARS LUSEBRINK
    buy
    VIRGINIA PEREZ REPES
    strong buy
    MELANIE A FLOUQUET
    neutral
    MARC WILLAUME
    strong buy
    CHRISTIAN HAMANN
    buy
    MANFRED JAISFELD
    buy
    LEOPOLD AUTHIE
    buy
    OLIVIER DELAHOUSSE
    buy
    OMAR SAAD
    buy
    CHRISTOPHER WALKER
    buy
    MICHAEL SOUERS
    strong buy
    JULIAN EASTHOPE
    overweight
    CATHERINE ROLLAND
    buy
    VALERIE GASTALDY
    buy
    ANTOINE BELGE
    neutral
    CRAIG STERLING
    sell
    WARWICK OKINES
    hold
    FABIO FAZZARI
    buy
    REY WIUM
    hold
    ANNABEL GLEESON
    buy
    THOMAS MESMIN
    outperform
    BARBARA AMBRUS
    buy
    EMMANUEL BRULEY DES VARANNES
    buy
    THOMAS MAUL
    buy
    TIM DAWSON
    suspended coverage

    Amt Held
    235'886'503
    9'536'678
    5'434'092
    5'230'723
    4'433'130
    4'200'037
    4'199'287
    4'191'889
    4'085'056
    3'438'401
    2'895'464
    1'691'030
    1'561'592
    1'528'000
    1'404'172
    1'401'021
    1'364'068
    1'357'226
    1'150'592
    949'292

    % Out
    46.46
    1.88
    1.07
    1.03
    0.87
    0.83
    0.83
    0.83
    0.8
    0.68
    0.57
    0.33
    0.31
    0.3
    0.28
    0.28
    0.27
    0.27
    0.23
    0.19

    Weighting

    Change

    3
    5
    3
    5
    3
    5
    3
    #N/A N/A
    5
    5
    5
    3
    5
    5
    3
    5
    5
    5
    5
    5
    5
    5
    5
    5
    5
    5
    3
    1
    3
    5
    3
    5
    5
    5
    5
    5
    #N/A N/A

    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    N
    M
    M
    M
    M
    N
    M
    M

    Latest Chg
    (147'143)
    134'015
    161'263
    4'700
    157'656
    (43'581)
    (105'173)
    (41'343)
    (14'605)
    17'212
    202'014
    43'392
    (36'062)

    Target Price
    141
    171
    145
    157
    135
    144
    140
    140
    152
    198
    160
    148
    165
    160
    142
    163
    123
    155
    158
    155
    160
    155
    160
    151
    168
    151
    150
    #N/A N/A
    145
    178
    152
    #N/A N/A
    140
    150
    150
    147
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    01.10.2012
    31.12.2011
    31.12.2012
    15.03.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    26.02.2013
    30.11.2012
    30.12.2012
    31.12.2011
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.01.2013
    31.12.2012
    28.09.2012

    Date
    Not Provided
    6 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    6 month
    Not Provided
    12 month
    12 month
    9 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    3 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided

    Inst Type
    Holding Company
    Holding Company
    Investment Advisor
    Government
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    n/a
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Mutual Fund Manager

    Date
    22.02.2013
    21.02.2013
    20.02.2013
    20.02.2013
    19.02.2013
    15.02.2013
    15.02.2013
    10.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    05.02.2013
    04.02.2013
    04.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    31.01.2013
    28.01.2013
    24.01.2013
    17.01.2013
    14.01.2013
    10.12.2012
    03.12.2012
    19.10.2012
    17.10.2012
    30.07.2012
    31.05.2012
    02.05.2012
    02.04.2012

    28.02.2013

    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
    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 (19.12.2012)
    52-Week Low (12.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 01.02.2013
    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

    03/2012
    01/yy
    399.60
    310.60
    777'401.00
    370.2
    -7.38%
    19.19%
    66.18%
    1'612.8
    5'970.67
    2'275.80
    0.0
    (11.4)
    456.60
    8'040.87

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    100

    5.0 M

    50
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    .0 M
    f-13

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.03.2008
    9'022.0
    0.96x
    1'493.9
    5.80x
    821.7
    8.05x

    10.0 M

    150

    31.03.2009
    31.03.2010
    9'062.1
    9'536.6
    0.75x
    0.85x
    1'138.1
    1'268.9
    5.96x
    6.37x
    508.0
    526.3
    8.21x
    11.10x
    Profitability

    31.03.2011
    9'740.3
    0.74x
    1'289.4
    5.60x
    612.0
    8.73x

    31.03.2012
    9'934.3
    0.79x
    1'162.8
    6.79x
    513.1
    11.67x

    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

    1'162.80
    683.10
    6.88%
    6.62%
    6.52%
    19.11%
    11.51%
    1.33%
    37.8%
    11.5%
    6.7%
    5.2%
    0.73
    0.28
    31.29%
    81.56%
    -

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    4.59
    0.80
    1'611.05
    7.02%
    -3.17%
    0.800
    28
    2.893
    5'505'292
    4'347'828
    4'710'803
    FY+2

    03/13 Y
    03/14 Y
    10'038.3
    10'425.1
    0.84x
    0.81x
    1'303.0
    1'388.2
    6.17x
    5.79x
    517.7
    563.7
    11.39x
    10.64x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    07.01.2009
    BBBSTABLE
    03.07.2008
    A-3
    8.50
    4.38
    1.83
    2.07
    81.6%
    45.0%
    1.33
    2.10
    -12.05

    Sales/Revenue/Turnover

    7.00

    12'000.0

    6.00

    10'000.0

    5.00

    8'000.0

    4.00

    6'000.0
    3.00

    4'000.0
    2.00

    2'000.0

    1.00
    0.00
    03.04.2009

    0.0
    03.10.2009

    03.04.2010

    03.10.2010

    03.04.2011

    03.10.2011

    03.04.2012

    03.10.2012

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Marks & Spencer Group PLC


    Holdings By:

    All

    Holder Name
    FRANKLIN RESOURCES
    BLACKROCK
    BRANDES INVESTMENT P
    CAPITAL GROUP COMPAN
    LEGAL & GENERAL
    WELLCOME TRUST
    Marks & Spencer Grou
    MAJEDIE ASSET MANAGE
    NORGES BANK INVESTME
    UBS
    VANGUARD GROUP INC
    SCOTTISH WIDOWS
    BARCLAYS PRIVATE BAN
    MANNING & NAPIER ADV
    STANDARD LIFE INVEST
    JP MORGAN
    BREWIN DOLPHIN LIMIT
    VANGUARD GROUP INC
    BARCLAYS PERSONAL IN
    MANNING & NAPIER ADV

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    AlphaValue
    VIRGINIE BLIN
    Shore Capital Stockbrokers
    CLIVE WILLIAM BLACK
    Sanford C. Bernstein & Co
    JAMIE MERRIMAN
    Espirito Santo Investment Bank Research
    CAROLINE GULLIVER
    Barclays
    CHRISTODOULOS CHAVIARAS
    Cantor Fitzgerald
    FREDDIE GEORGE
    Nomura
    FRASER RAMZAN
    Oriel Securities Ltd
    EITHNE O'LEARY
    Redburn Partners
    GEOFF LOWERY
    Morgan Stanley
    GEOFFREY RUDDELL
    S&P Capital IQ
    WILLIAM MACK
    Exane BNP Paribas
    BEN SPRUNTULIS
    EVA Dimensions
    CRAIG STERLING
    Societe Generale
    ANNE CRITCHLOW
    Peel Hunt
    JOHN STEVENSON
    Grupo Santander
    REBECCA MCCLELLAN
    Deutsche Bank
    CHARLIE MUIR-SANDS
    Investec
    BETHANY HOCKING
    HSBC
    PAUL ROSSINGTON
    Numis Securities Ltd
    MATTHEW TAYLOR
    Panmure Gordon & Co Limited
    JEAN ROCHE
    N+1 Singer Ltd
    MATTHEW MCEACHRAN
    Day by Day
    VALERIE GASTALDY
    Goldman Sachs
    ROBERT JOYCE
    CA Cheuvreux
    DANIEL OVIN
    Merchant Securities
    AMISHA CHOHAN
    Equita SIM SpA
    FABIO FAZZARI

    Source
    ULT-AGG
    ULT-AGG
    Co File
    ULT-AGG
    ULT-AGG
    REG
    REG
    REG
    REG
    ULT-AGG
    MF-AGG
    ULT-AGG
    REG
    REG
    REG
    ULT-AGG
    REG
    REG
    REG
    MF-AGG

    Recommendation
    reduce
    buy
    market perform
    sell
    underweight
    hold
    buy
    buy
    sell
    Equalwt/Cautious
    strong buy
    underperform
    underweight
    buy
    hold
    underweight
    hold
    sell
    neutral
    hold
    hold
    hold
    buy
    Sell/Neutral
    underperform
    hold
    buy

    Amt Held
    109'838'583
    79'693'916
    74'959'501
    63'140'887
    57'724'119
    52'000'000
    49'210'479
    37'836'860
    37'616'041
    35'547'910
    29'522'643
    29'154'880
    28'620'596
    28'160'460
    26'255'350
    21'358'626
    18'684'348
    17'020'916
    16'346'525
    15'413'990

    % Out
    6.81
    4.94
    4.65
    3.91
    3.58
    3.22
    3.05
    2.35
    2.33
    2.2
    1.83
    1.81
    1.77
    1.75
    1.63
    1.32
    1.16
    1.06
    1.01
    0.96

    Weighting

    Change
    2
    5
    3
    1
    1
    3
    5
    5
    1
    3
    5
    1
    1
    5
    3
    1
    3
    1
    3
    3
    3
    3
    5
    1
    1
    3
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    D
    M
    M
    M

    Latest Chg
    5'002'787
    (7'164'012)
    337'328
    (1'911'522)
    (906'737)
    3'038'362
    679'747
    6'867'592
    5'859
    795'530
    (1'444'607)
    1'023'354
    (1'047'530)
    697'213
    (388'883)
    (5'382'540)

    Target Price
    339
    #N/A N/A
    370
    310
    320
    350
    420
    525
    #N/A N/A
    355
    430
    310
    #N/A N/A
    445
    350
    337
    365
    #N/A N/A
    390
    385
    379
    345
    418
    360
    320
    #N/A N/A
    425

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2012
    26.02.2013
    21.05.2012
    31.12.2012
    01.12.2012
    01.12.2012
    01.12.2012
    01.12.2012
    01.12.2012
    28.12.2012
    31.12.2012
    01.12.2012
    01.12.2012
    01.12.2012
    01.12.2012
    31.12.2012
    01.12.2012
    01.12.2012
    01.12.2012
    31.12.2012

    Date
    6 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    3 month
    12 month
    Not Provided
    Not Provided
    12 month

    Inst Type
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Unclassified
    Unclassified
    Investment Advisor
    Government
    Unclassified
    Investment Advisor
    Unclassified
    Bank
    Unclassified
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    27.02.2013
    20.02.2013
    15.02.2013
    12.02.2013
    11.02.2013
    07.02.2013
    07.02.2013
    01.02.2013
    27.01.2013
    25.01.2013
    22.01.2013
    17.01.2013
    11.01.2013
    11.01.2013
    10.01.2013
    10.01.2013
    10.01.2013
    10.01.2013
    10.01.2013
    10.01.2013
    10.01.2013
    07.01.2013
    06.12.2012
    07.03.2012
    10.01.2012
    29.11.2011

    28.02.2013

    Merck KGaA
    Merck KGaA is a global pharmaceutical and chemicals company. The Company
    researches drugs in the areas oncology and neurodegenerative as well as
    autoimmune and inflammatory diseases. Also, it markets cardiovascular,
    fertility, endocrinology, and over-the-counter products as well as products for
    flat screens and the pharmaceutical, food, cosmetics, packaging, and coatings.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (28.02.2013)
    52-Week Low (05.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    MRK GY EQUITY YTD Change
    MRK GY EQUITY YTD % CHANGE

    12/2011
    09/yy
    107.05
    71.95
    39'390.00
    106.8
    -0.23%
    48.44%
    95.72%
    64.6
    23'217.17
    5'539.30
    0.0
    46.3
    2'054.90
    25'396.57

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    1.2 M

    100

    1.0 M

    80

    .8 M

    60

    .6 M

    40

    .4 M

    20

    .2 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2007
    6'775.1
    2.92x
    1'905.7
    10.37x
    3'500.1
    -

    120

    31.12.2008
    31.12.2009
    7'201.6
    7'377.7
    2.02x
    1.96x
    2'436.5
    1'675.8
    5.98x
    8.64x
    367.1
    366.3
    38.17x
    38.79x
    Profitability

    LTM-4Q
    31.12.2010
    8'928.9
    1.96x
    2'497.0
    7.02x
    632.1
    20.57x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2011
    9'905.9
    2.05x
    2'685.3
    7.55x
    617.5
    27.12x
    2'685.30
    1'087.90
    10.98%
    8.59%
    1.94%
    4.13%
    0.47%
    71.9%
    27.1%
    14.0%
    6.2%
    1.47
    1.00
    25.04%
    53.02%
    4.63
    1.85

    Price/ Cash Flow

    LTM

    09/yy
    9'927.3
    7.27x
    3'095.8
    5.44x
    522.8
    25.58x

    09/yy
    10'553.2
    8.02x
    2'861.4
    8.07x
    432.2
    48.37x

    FY+1

    .0 M
    f-13

    0.72
    64.62
    40.12%
    6.98%
    0.715
    33
    2.667
    201'741
    247'682
    248'573
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    11'076.8
    11'218.4
    2'785.3
    2.33x
    2.18x
    2'763.7
    3'078.8
    785.0
    9.19x
    8.25x
    1'637.3
    1'764.7
    450.5
    14.18x
    12.88x
    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

    30.11.2012
    ASTABLE
    09.01.2007
    A-2
    11.82
    10.21
    0.74
    1.77
    53.0%
    34.6%
    0.47
    3.51
    79.05
    197.83
    149.15
    155.77

    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
    02.01.2009

    0.0
    02.07.2009

    02.01.2010

    02.07.2010

    02.01.2011

    02.07.2011

    02.01.2012

    02.07.2012

    02.01.2013

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Merck KGaA
    Holdings By:

    All

    Holder Name
    BLACKROCK
    SUN LIFE FINANCIAL I
    CAPITAL GROUP COMPAN
    TEMPLETON GLOBAL ADV
    BANKHAUS LAMPE
    MFS INSTITUTIONAL AD
    CREDIT SUISSE GROUP
    MASSACHUSETTS FINANC
    VANGUARD GROUP INC
    GOLDMAN SACHS GROUP
    FRANKLIN RESOURCES
    UNION INVESTMENT GMB
    TEMPLETON INVESTMENT
    UMB BANK N A
    ARTEMIS INVESTMENT M
    MFS FINANCIAL SERVIC
    THREADNEEDLE INVESTM
    UNITED SERVICES AUTO
    TIAA CREF INVESTMENT
    PUTNAM INVESTMENT MA

    Firm Name
    AlphaValue
    Credit Suisse
    Bryan Garnier & Cie
    S&P Capital IQ
    Helvea
    Deutsche Bank
    Commerzbank Corporates & Markets
    Barclays
    Bankhaus Metzler
    EVA Dimensions
    Exane BNP Paribas
    Nomura
    Main First Bank AG
    Mirabaud Securities
    Independent Research GmbH
    Equinet Institutional Services(ESN)
    DZ Bank AG
    JPMorgan
    Landesbank Baden-Wuerttemberg
    Redburn Partners
    Nord/LB
    Berenberg Bank
    Hamburger Sparkasse
    National Bank AG
    M.M. Warburg Investment Research
    Silvia Quandt Research
    Jefferies
    Kepler Capital Markets
    Societe Generale
    Cyrrus
    Equita SIM SpA

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    MARTIN SCHNEE
    MATTHEW WESTON
    MARTIAL DESCOUTURES
    JACOB THRANE
    ODILE RUNDQUIST
    HOLGER BLUM
    DANIEL WENDORFF
    MICHAEL LEUCHTEN
    SEBASTIAN FRERICKS
    ANDREW S ZAMFOTIS
    VINCENT MEUNIER
    AMIT ROY
    MARCUS WIEPRECHT
    NICHOLAS TURNER
    CHRISTOPH SCHOENDUBE
    EDOUARD AUBERY
    PETER SPENGLER
    RICHARD VOSSER
    TIMO KUERSCHNER
    TEAM COVERAGE
    HOLGER FECHNER
    ADRIAN HOWD
    MARCO GUENTHER
    STEFFEN MANSKE
    ULRICH HUWALD
    CLAUDIA LAKATOS
    JEFFREY HOLFORD
    MARTIN VOEGTLI
    STEPHEN MCGARRY
    TOMAS MENCIK
    GIANMARCO BONACINA

    Source
    ULT-AGG
    Co File
    ULT-AGG
    Research
    Research
    Research
    Research
    MF-AGG
    MF-AGG
    Research
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    reduce
    neutral
    neutral
    hold
    neutral
    buy
    hold
    underweight
    sell
    buy
    neutral
    neutral
    underperform
    reduce
    sell
    hold
    hold
    neutral
    hold
    buy
    hold
    hold
    sell
    sell
    hold
    neutral
    hold
    reduce
    hold
    sell
    not rated

    Amt Held
    6'738'761
    6'175'369
    3'555'422
    3'222'248
    2'332'640
    1'884'389
    1'860'448
    1'628'646
    1'547'818
    1'226'407
    702'817
    697'789
    634'542
    613'123
    483'289
    382'476
    372'457
    346'510
    343'619
    317'039

    % Out
    10.43
    9.56
    5.5
    4.99
    3.61
    2.92
    2.88
    2.52
    2.4
    1.9
    1.09
    1.08
    0.98
    0.95
    0.75
    0.59
    0.58
    0.54
    0.53
    0.49

    Weighting

    Change

    2
    3
    3
    3
    3
    5
    3
    1
    1
    5
    3
    3
    1
    2
    1
    3
    3
    3
    3
    5
    3
    3
    1
    1
    3
    3
    3
    2
    3
    1
    #N/A N/A

    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    D
    D
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (232'080)
    (201'724)
    54'432
    97'771
    (19'220)
    123'800
    (7'170)
    472'289
    (669)
    6'477
    (9'901)
    (2'595)

    Target Price
    98
    110
    100
    112
    96
    118
    100
    87
    85
    #N/A N/A
    108
    95
    100
    89
    94
    113
    105
    97
    96
    #N/A N/A
    98
    92
    71
    #N/A N/A
    93
    92
    88
    84
    83
    77
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    26.02.2013
    31.12.2011
    31.12.2012
    30.01.2013
    23.04.2012
    12.03.2012
    12.08.2011
    31.12.2012
    31.12.2012
    27.04.2012
    31.12.2012
    28.09.2012
    30.11.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.10.2012
    30.11.2012
    31.12.2012
    31.12.2012

    Date
    6 month
    Not Provided
    6 month
    12 month
    12 month
    12 month
    6 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    12 month
    9 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided

    Inst Type
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    09.02.2013
    04.02.2013
    04.02.2013
    25.01.2013
    23.01.2013
    22.01.2013
    04.01.2013
    04.01.2013
    24.12.2012
    20.12.2012
    19.12.2012
    19.12.2012
    06.12.2012
    06.12.2012
    26.11.2012
    16.11.2012
    16.11.2012
    15.11.2012
    15.11.2012
    15.11.2012
    15.11.2012
    10.10.2012
    26.09.2012
    19.07.2012
    05.04.2012
    23.02.2010

    28.02.2013

    Muenchener Rueckversicherungs AG
    Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial
    services. The Company offers reinsurance, insurance, and asset management
    services. MunichRe has subsidiaries in most major financial centers throughout
    the world.

    Price/Volume
    160

    3.5 M

    140

    3.0 M

    120

    2.5 M

    100

    Latest Fiscal Year:


    LTM as of:
    52-Week High (05.02.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    MUV2 GY EQUITY YTD Change
    MUV2 GY EQUITY YTD % CHANGE

    12/2012
    12/yy
    139.75
    95.85
    75'317.00
    135.45
    -3.08%
    41.31%
    89.52%
    179.3
    24'291.77
    5'562.00
    0.0
    247.0
    2'490.00
    27'864.77

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    1.5 M

    60
    40

    1.0 M

    20

    .5 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    47'151.0
    0.56x
    1'555.0
    14.34x

    2.0 M

    80

    Valuation Analysis

    31.12.2009
    31.12.2010
    53'891.0
    59'111.0
    0.44x
    0.42x
    2'521.0
    2'422.0
    8.39x
    8.69x
    Profitability

    LTM-4Q
    31.12.2011
    60'908.0
    0.33x
    702.0
    24.03x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    3'200.0
    7.62x
    0.74%
    0.26%
    1.32%
    13.69%
    12.08%
    0.26%
    1.2%
    2.25%
    0.00%
    -

    Price/ Cash Flow

    LTM

    12/yy
    61'764.0
    1.29x
    0.0
    0.00x
    702.0
    23.74x

    12/yy
    49'754.0
    1.45x
    0.0
    0.00x
    3'200.0
    7.56x

    FY+1

    .0 M
    f-13

    0.95
    178.94
    30.79%
    -0.40%
    0.947
    42
    3.357
    785'748
    660'764
    637'189
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    57'842.6
    60'912.0
    0.52x
    2'830.5
    2'888.2
    8.53x
    8.33x
    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

    AASTABLE
    0.0%
    19.3%
    0.26
    -

    Sales/Revenue/Turnover

    5.00

    70'000.0

    4.50

    60'000.0

    4.00
    3.50

    50'000.0

    3.00

    40'000.0

    2.50

    30'000.0

    2.00

    20'000.0

    1.50
    1.00

    10'000.0

    0.50
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Muenchener Rueckversicherungs AG
    Holdings By:

    All

    Holder Name
    BERKSHIRE HATHAWAY I
    BLACKROCK
    PEOPLES BANK OF CHIN
    VANGUARD GROUP INC
    CREDIT SUISSE AG
    ALLIANZ ASSET MANAGE
    ARTISAN PARTNERS HOL
    DEUTSCHE BANK AG
    DEKA INVESTMENT GMBH
    DB PLATINUM ADVISORS
    NATIXIS ASSET MANAGE
    MACKENZIE FINANCIAL
    TWEEDY BROWNE COMPAN
    UNION INVESTMENT GMB
    DIMENSIONAL FUND ADV
    BNP PARIBAS INV PART
    T ROWE PRICE ASSOCIA
    AMUNDI
    SARASIN
    FRANKFURT TRUST INVE

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios

    Analyst

    AlphaValue
    DIETER HEIN
    Bankhaus Lampe
    ANDREAS SCHAEFER
    Societe Generale
    JASON KALAMBOUSSIS
    CA Cheuvreux
    FRANK KOPFINGER
    Credit Suisse
    ADAM MCINALLY
    Day by Day
    VALERIE GASTALDY
    Raymond James
    DANNY JACQUES
    HSBC
    THOMAS FOSSARD
    Nord/LB
    JULIA SIEKMANN
    Landesbank Baden-Wuerttemberg
    WERNER SCHIRMER
    Hamburger Sparkasse
    CHRISTIAN HAMANN
    S&P Capital IQ
    RODERICK WALLACE
    Goldman Sachs
    VINIT MALHOTRA
    Keefe, Bruyette & Woods
    WILLIAM HAWKINS
    Independent Research GmbH
    STEFAN BONGARDT
    Oddo & Cie
    NICOLAS JACOB
    Kepler Capital Markets
    FABRIZIO CROCE
    Ahorro Corporacion Financiera SA
    VIRGINIA PEREZ REPES
    Bryan Garnier & Cie
    OLIVIER PAUCHAUT
    Nomura
    MICHAEL KLIEN
    Equinet Institutional Services(ESN)
    PHILIPP HAESSLER
    DZ Bank AG
    THORSTEN WENZEL
    Exane BNP Paribas
    THOMAS JACQUET
    Helvea
    DANIEL BISCHOF
    Barclays
    ANDREW BROADFIELD
    Main First Bank AG
    MICHAEL HAID
    Morgan Stanley
    MACIEJ WASILEWICZ
    Mediobanca SpA
    MARC THIELE
    JPMorgan
    MICHAEL HUTTNER
    RBC Capital Markets
    GORDON AITKEN
    EVA Dimensions
    AUSTIN BURKETT
    Natixis
    BENOIT VALLEAUX
    Canaccord Genuity Corp
    BEN COHEN
    Bankhaus Metzler
    JOCHEN SCHMITT
    Sanford C. Bernstein & Co
    THOMAS SEIDL
    Macquarie
    HADLEY COHEN
    Berenberg Bank
    TOM CARSTAIRS
    National Bank AG
    MANFRED JAISFELD
    Redburn Partners
    PAUL GOODHIND
    Espirito Santo Investment Bank Research
    JOY FERNEYHOUGH
    Daiwa Securities Co. Ltd.
    TIM PROUDLOVE

    Source
    ULT-AGG
    ULT-AGG
    Co File
    MF-AGG
    Research
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG

    Recommendation
    reduce
    hold
    hold
    outperform
    neutral
    hold
    market perform
    underweight
    hold
    hold
    buy
    hold
    Buy/Neutral
    outperform
    hold
    reduce
    buy
    hold
    sell
    reduce
    hold
    buy
    neutral
    neutral
    overweight
    underperform
    Overwt/In-Line
    outperform
    overweight
    underperform
    buy
    neutral
    buy
    buy
    underperform
    neutral
    hold
    buy
    neutral
    neutral
    outperform

    Amt Held
    18'292'803
    17'610'971
    5'380'236
    3'304'459
    3'097'431
    2'373'209
    1'798'228
    1'606'533
    1'374'140
    1'155'674
    1'059'394
    953'106
    909'100
    836'088
    674'788
    644'557
    619'738
    597'168
    571'730
    550'331

    % Out
    10.2
    9.82
    3
    1.84
    1.73
    1.32
    1
    0.9
    0.77
    0.64
    0.59
    0.53
    0.51
    0.47
    0.38
    0.36
    0.35
    0.33
    0.32
    0.31

    Weighting

    Change
    2
    3
    3
    5
    3
    3
    3
    1
    3
    3
    5
    3
    5
    5
    3
    2
    5
    3
    1
    2
    3
    5
    3
    3
    5
    1
    5
    5
    5
    1
    5
    3
    5
    5
    1
    3
    3
    5
    3
    3
    5

    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    N
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U

    Latest Chg
    (345'123)
    75'261
    (49'867)
    263'657
    (448)
    (234'487)
    1'135'418
    698'268
    2'470
    (376'953)
    4'122
    9'816
    6'554
    208'331
    195'044
    1'200

    Target Price
    137
    145
    133
    157
    140
    #N/A N/A
    #N/A N/A
    135
    145
    140
    #N/A N/A
    150
    165
    160
    145
    125
    153
    147
    136
    128
    125
    154
    145
    130
    157
    145
    152
    164
    150
    115
    #N/A N/A
    137
    142
    150
    100
    140
    140
    145
    #N/A N/A
    118
    119

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2011
    26.02.2013
    31.12.2011
    31.12.2012
    25.04.2012
    31.01.2013
    31.12.2012
    31.12.2012
    28.12.2012
    31.01.2013
    31.12.2012
    30.11.2012
    31.03.2012
    28.09.2012
    31.07.2012
    31.12.2012
    31.12.2012
    30.11.2012
    30.11.2012
    28.12.2012

    Date
    6 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
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    6 month
    12 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    6 month
    9 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    6 month

    Inst Type
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Unclassified
    Mutual Fund Manager

    Date
    28.02.2013
    20.02.2013
    18.02.2013
    18.02.2013
    15.02.2013
    15.02.2013
    08.02.2013
    07.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    04.02.2013
    01.02.2013
    31.01.2013
    30.01.2013
    29.01.2013
    28.01.2013
    17.01.2013
    10.01.2013
    09.01.2013
    08.01.2013
    13.12.2012
    27.11.2012
    09.11.2012
    07.11.2012
    15.03.2012
    02.02.2012
    10.05.2011

    28.02.2013

    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
    800

    20.0 M

    600
    500

    15.0 M

    400

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (28.02.2013)
    52-Week Low (30.03.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 01.02.2013
    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

    03/2012
    01/yy
    735.00
    622.50
    4'851'732.00
    732
    -0.41%
    17.59%
    99.50%
    3'664.7
    26'825.57
    23'025.00
    0.0
    7.0
    2'723.00
    47'760.57

    31.03.2008
    11'423.0
    3.20x
    3'589.0
    10.20x
    3'190.0
    11.47x

    10.0 M

    300
    200

    5.0 M

    100
    0
    f-12 m-12

    31.03.2009
    31.03.2010
    15'624.0
    14'007.0
    2.41x
    2.84x
    4'037.0
    4'309.0
    9.34x
    9.24x
    944.0
    1'386.0
    14.32x
    13.25x
    Profitability

    31.03.2011
    14'343.0
    2.90x
    4'845.0
    8.58x
    2'159.0
    9.30x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.03.2012
    13'832.0
    3.16x
    4'777.0
    9.14x
    2'036.0
    11.04x
    4'777.00
    3'495.00
    25.27%
    18.50%
    4.79%
    26.24%
    12.28%
    0.28%
    36.7%
    27.0%
    14.7%
    0.94
    0.61
    48.64%
    249.22%
    -

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    .0 M
    f-13

    j-13

    FY+1
    -

    5.44
    0.48
    3'554.83
    21.02%
    4.13%
    0.484
    23
    3.217
    7'828'332
    7'191'993
    6'787'165
    FY+2

    03/13 Y
    03/14 Y
    14'377.7
    14'862.6
    3.36x
    3.35x
    5'102.9
    5'379.7
    9.36x
    8.88x
    1'941.5
    2'004.9
    13.66x
    13.36x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    24.08.2007
    ASTABLE
    24.08.2007
    A-2
    2.04
    0.70
    4.19
    4.83
    249.2%
    71.3%
    0.28
    0.40
    -

    Sales/Revenue/Turnover

    8.00

    18'000.0

    7.00

    16'000.0

    6.00

    14'000.0
    12'000.0

    5.00

    10'000.0

    4.00

    8'000.0

    3.00

    6'000.0

    2.00

    4'000.0

    1.00

    2'000.0

    0.00
    03.04.2009

    a-12 m-12

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    25.0 M

    700

    0.0
    03.10.2009

    03.04.2010

    03.10.2010

    03.04.2011

    03.10.2011

    03.04.2012

    03.10.2012

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    National Grid PLC


    Holdings By:

    All

    Holder Name
    CAPITAL GROUP COMPAN
    BLACKROCK
    CRESCENT HOLDING GMB
    LEGAL & GENERAL
    SCOTTISH WIDOWS
    NORGES BANK INVESTME
    VANGUARD GROUP INC
    FMR LLC
    M&G INVESTMENT MANAG
    BREWIN DOLPHIN LIMIT
    VANGUARD GROUP INC
    STOCK LENDING ACCOUN
    STATE STREET
    AXA INVESTMENT MANAG
    DEUTSCHE BANK PROP T
    PEOPLES REPUBLIC OF
    HSBC INVESTMENTS UK
    NOMURA
    GOVT OF SINGAPORE IN
    FEDERATED INVESTORS

    Firm Name
    RBC Capital Markets
    Nomura
    AlphaValue
    Societe Generale
    Redburn Partners
    Goldman Sachs
    HSBC
    Berenberg Bank
    JPMorgan
    S&P Capital IQ
    Liberum Capital Ltd
    Barclays
    Exane BNP Paribas
    EVA Dimensions
    Deutsche Bank
    Day by Day
    Morgan Stanley
    Credit Suisse
    Independent Research GmbH
    CA Cheuvreux

    Portfolio Name
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios

    Analyst
    JOHN MUSK
    JONATHAN CONSTABLE
    MYRIAM COHEN
    ASHLEY THOMAS
    JAMIE TUNNICLIFFE
    ANDREW MEAD
    VERITY MITCHELL
    LAWSON STEELE
    EDMUND REID
    CLIVE ROBERTS
    GUILLAUME REDGWELL
    PETER BISZTYGA
    IAIN TURNER
    AUSTIN BURKETT
    MARTIN BROUGH
    VALERIE GASTALDY
    BOBBY CHADA
    MARK FRESHNEY
    SVEN DIERMEIER
    FRANCESCA PEZZOLI

    Source
    ULT-AGG
    ULT-AGG
    REG
    ULT-AGG
    ULT-AGG
    REG
    MF-AGG
    ULT-AGG
    REG
    REG
    REG
    REG
    ULT-AGG
    REG
    REG
    REG
    REG
    ULT-AGG
    ULT-AGG
    MF-AGG

    Recommendation
    sector perform
    buy
    reduce
    sell
    buy
    sell/attractive
    neutral
    hold
    underweight
    hold
    hold
    overweight
    outperform
    underweight
    sell
    buy
    Overwt/In-Line
    outperform
    hold
    underperform

    Amt Held
    399'638'038
    182'630'798
    149'414'285
    132'427'487
    94'750'614
    90'428'903
    88'790'677
    72'787'936
    69'496'919
    44'812'821
    43'614'734
    42'803'435
    37'930'391
    34'695'562
    34'419'117
    33'236'568
    28'398'916
    26'894'630
    24'997'793
    24'687'411

    % Out
    10.91
    4.98
    4.08
    3.61
    2.59
    2.47
    2.42
    1.99
    1.9
    1.22
    1.19
    1.17
    1.04
    0.95
    0.94
    0.91
    0.77
    0.73
    0.68
    0.67

    Weighting

    Change
    3
    5
    2
    1
    5
    1
    3
    3
    1
    3
    3
    5
    5
    1
    1
    5
    5
    5
    3
    1

    M
    M
    M
    M
    M
    M
    D
    N
    M
    M
    N
    M
    U
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (35'637'904)
    2'720'054
    15'922'916
    1'757'999
    3'422'249
    (11'690'925)
    (1'736'674)
    (2'034'154)
    4'093'896
    18'660'830
    (1'276'968)
    (2'110'950)
    19'219'117
    14'402'655
    5'959'620
    1'333'083
    1'812'745

    Target Price
    720
    735
    682
    634
    #N/A N/A
    604
    780
    700
    640
    727
    730
    785
    780
    #N/A N/A
    600
    786
    775
    770
    710
    700

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    21.02.2013
    26.02.2013
    03.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    31.12.2012
    31.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    27.02.2013
    03.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    31.12.2012

    Date
    12 month
    12 month
    6 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    3 month
    12 month
    Not Provided
    12 month
    Not Provided

    Inst Type
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Unclassified
    Government
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Other
    Investment Advisor
    Investment Advisor
    Other
    Government
    Investment Advisor
    Unclassified
    Government
    Investment Advisor

    Date
    28.02.2013
    28.02.2013
    28.02.2013
    21.02.2013
    12.02.2013
    08.02.2013
    06.02.2013
    05.02.2013
    30.01.2013
    29.01.2013
    25.01.2013
    25.01.2013
    22.01.2013
    17.01.2013
    07.01.2013
    04.01.2013
    13.12.2012
    13.12.2012
    21.11.2012
    18.05.2012

    28.02.2013

    Nestle SA
    Nestle SA is a multinational packaged food company that manufactures and markets
    a wide range of food products. The Company's product line includes milk,
    chocolate, confectionery, bottled water, coffee, creamer, food seasoning and
    pet foods.

    Price/Volume
    70

    30.0 M

    60

    25.0 M

    50

    20.0 M

    40

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (05.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    NESN VX EQUITY YTD Change
    NESN VX EQUITY YTD % CHANGE

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    10.0 M

    20

    5.0 M

    10
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    103'086.0
    1.64x
    15'533.0
    10.89x
    18'039.0
    20.80x

    15.0 M

    30

    12/2012
    12/yy
    64.95
    53.80
    1'204'311.00
    64.9
    -0.15%
    20.63%
    95.07%
    3'224.8
    209'289.53
    27'577.00
    0.0
    1'657.0
    9'425.00
    229'098.52

    31.12.2009
    31.12.2010
    100'579.0
    88'015.0
    1.96x
    2.08x
    16'048.0
    15'611.0
    12.28x
    11.72x
    10'428.0
    34'233.0
    19.38x
    21.06x
    Profitability

    LTM-4Q
    31.12.2011
    83'770.0
    2.23x
    15'390.0
    12.16x
    9'487.0
    18.18x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    92'324.0
    2.27x
    16'887.0
    12.43x
    10'611.0
    17.90x
    16'887.00
    13'903.00
    15.06%
    15.72%
    8.83%
    18.02%
    13.46%
    0.77%
    47.6%
    18.3%
    15.1%
    11.5%
    0.91
    0.50
    21.85%
    45.25%
    9.49
    5.27

    Price/ Cash Flow

    LTM

    12/yy
    83'642.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    12/yy
    92'186.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    0.75
    2'924.59
    21.48%
    8.89%
    0.750
    42
    3.667
    4'421'274
    4'733'470
    4'410'439
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    98'213.2 103'856.6
    22'958.6
    24'413.6
    2.33x
    2.18x
    18'619.8
    20'009.4
    12.30x
    11.44x
    11'454.8
    12'388.3
    17.86x
    16.48x
    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

    16.08.2007
    AA
    STABLE
    23.11.1981
    A-1+
    29.73
    20.28
    1.07
    1.63
    45.2%
    30.6%
    0.77
    3.63
    38.56
    69.50
    106.31
    1.76

    Sales/Revenue/Turnover

    20.00

    120'000.0

    18.00

    100'000.0

    16.00
    14.00

    80'000.0

    12.00

    60'000.0

    10.00
    8.00

    40'000.0

    6.00
    4.00

    20'000.0

    2.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Nestle SA
    Holdings By:

    All

    Holder Name
    FOOD PRODUCTS HOLDIN
    BLACKROCK
    NESTLE SA
    CAPITAL GROUP COMPAN
    VANGUARD GROUP INC
    CREDIT SUISSE ASSET
    FMR LLC
    UBS FUND MANAGEMENT
    MASSACHUSETTS FINANC
    MORGAN STANLEY
    PICTET & CIE
    CARMIGNAC GESTION
    HARBOR CAPITAL ADVIS
    DEUTSCHE BANK AG
    SWISSCANTO FONDSLEIT
    T ROWE PRICE ASSOCIA
    EATON VANCE MANAGEME
    FIRST EAGLE INVESTME
    THORNBURG INVESTMENT
    ARTISAN PARTNERS HOL

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    AlphaValue
    SOPHIE CABO-BROSETA
    Sanford C. Bernstein & Co
    ANDREW WOOD
    Kepler Capital Markets
    JON COX
    RBC Capital Markets
    JAMES EDWARDES JONES
    Landesbank Baden-Wuerttemberg
    BARBARA AMBRUS
    Main First Bank AG
    ALAIN-SEBASTIAN OBERHUBER
    EVA Dimensions
    AUSTIN BURKETT
    Societe Generale
    WARREN L ACKERMAN
    Redburn Partners
    JEREMY FIALKO
    Grupo Santander
    PEDRO GIL
    Berenberg Bank
    JAMES TARGETT
    Bank Vontobel AG
    JEAN-PHILIPPE BERTSCHY
    Nomura
    DAVID HAYES
    Exane BNP Paribas
    JEFF STENT
    Helvea
    ANDREAS VON ARX
    Barclays
    LIAM ROWLEY
    Deutsche Bank
    JAMES ISENWATER
    Morgan Stanley
    EILEEN KHOO
    Goldman Sachs
    ALEXIS COLOMBO
    JPMorgan
    CELINE PANNUTI
    Jefferies
    ALEX HOWSON
    Independent Research GmbH
    LARS LUSEBRINK
    Hamburger Sparkasse
    TINA HECKING-VELTMAN
    SNS Securities(ESN)
    RICHARD WITHAGEN
    Canaccord Genuity Corp
    EDDY HARGREAVES
    S&P Capital IQ
    CARL SHORT
    Natixis
    PIERRE TEGNER
    Liberum Capital Ltd
    PABLO ZUANIC
    National Bank AG
    STEFFEN MANSKE
    CA Cheuvreux
    ERIC BOROIAN
    Credit Suisse
    ALEX MOLLOY
    Mirabaud Securities
    JULIAN LAKIN
    Aurel - BGC
    JEAN-MARIE L'HOME
    Day by Day
    VALERIE GASTALDY
    Espirito Santo Investment Bank Research
    ALEX SMITH
    Zuercher Kantonalbank
    PATRIK SCHWENDIMANN
    HSBC
    CEDRIC BESNARD
    Nord/LB
    WOLFGANG VASTERLING
    DZ Bank AG
    ROBERT CZERWENSKY

    Source
    EXCH
    ULT-AGG
    EXCH
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    reduce
    market perform
    hold
    sector perform
    hold
    outperform
    sell
    buy
    buy
    buy
    hold
    hold
    reduce
    outperform
    neutral
    overweight
    hold
    Overwt/In-Line
    neutral/neutral
    overweight
    buy
    hold
    buy
    hold
    buy
    hold
    buy
    hold
    hold
    outperform
    neutral
    hold
    hold
    buy
    neutral
    market perform
    neutral
    buy
    hold

    Amt Held
    182'846'786
    167'651'110
    111'955'165
    73'718'620
    60'566'111
    46'249'257
    34'299'444
    28'911'702
    22'985'548
    18'248'184
    17'724'477
    12'537'390
    11'887'345
    10'655'609
    10'247'647
    9'789'155
    8'962'561
    7'902'742
    6'043'739
    5'524'912

    % Out
    5.67
    5.2
    3.47
    2.29
    1.88
    1.43
    1.06
    0.9
    0.71
    0.57
    0.55
    0.39
    0.37
    0.33
    0.32
    0.3
    0.28
    0.25
    0.19
    0.17

    Weighting

    Change
    2
    3
    3
    3
    3
    5
    1
    5
    5
    5
    3
    3
    2
    5
    3
    5
    3
    5
    3
    5
    5
    3
    5
    3
    5
    3
    5
    3
    3
    5
    3
    3
    3
    5
    3
    3
    3
    5
    3

    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
    U
    M
    M
    M
    M
    M
    M
    U
    M
    D
    D
    M
    D

    Latest Chg
    858'421
    2'250'900
    (997'394)
    (403'539)
    (1'781'638)
    (348'860)
    752'438
    1'074'770
    (67'190)
    22'050
    (187'731)
    (27'109)
    (30'385)
    3'003'499
    (365'938)
    11'764
    (3'314'361)
    121'371

    Target Price
    68
    66
    60
    60
    65
    70
    #N/A N/A
    71
    #N/A N/A
    69
    68
    66
    66
    66
    65
    70
    63
    68
    70
    72
    74
    67
    #N/A N/A
    61
    69
    65
    72
    #N/A N/A
    64
    63
    62
    62
    49
    65
    58
    #N/A N/A
    67
    #N/A N/A
    63

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    08.01.2010
    26.02.2013
    22.06.2011
    31.12.2012
    31.12.2012
    28.12.2012
    31.12.2012
    30.11.2012
    31.12.2012
    31.12.2012
    30.11.2012
    31.12.2012
    31.12.2012
    31.12.2012
    28.12.2012
    31.12.2012
    31.12.2012
    30.09.2012
    31.12.2012
    31.12.2012

    Date
    6 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    12 month
    9 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    6 month
    3 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month

    Inst Type
    Holding Company
    Investment Advisor
    Corporation
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Hedge Fund Manager
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    20.02.2013
    19.02.2013
    18.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    11.02.2013
    25.01.2013
    24.01.2013
    21.01.2013
    17.01.2013
    22.10.2012
    18.10.2012
    18.09.2012
    14.09.2012
    13.09.2012
    12.09.2012
    10.09.2012
    16.08.2012

    28.02.2013

    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
    4500

    3.5 M

    4000

    3.0 M

    3500

    2.5 M

    3000

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (22.02.2013)
    52-Week Low (06.03.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 04.02.2013
    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

    01/2012
    01/yy
    4'260.00
    2'699.00
    61'586.00
    4177
    -1.95%
    54.76%
    94.55%
    161.2
    6'734.75
    660.20
    0.0
    0.0
    56.40
    7'291.65

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    2.0 M

    2000

    1.5 M

    1500

    1.0 M

    1000

    .5 M

    500
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.01.2008
    3'329.1
    1.05x
    644.8
    5.42x
    354.1
    8.15x

    2500

    31.01.2009
    31.01.2010
    3'271.5
    3'406.5
    0.86x
    1.23x
    624.6
    672.8
    4.49x
    6.21x
    302.4
    364.1
    7.03x
    10.43x
    Profitability

    31.01.2011
    3'297.7
    1.26x
    691.2
    6.02x
    401.1
    9.16x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.01.2012
    3'441.1
    1.46x
    722.5
    6.95x
    474.9
    10.16x
    722.50
    602.80
    17.52%
    16.84%
    24.72%
    337.94%
    57.93%
    1.92%
    30.4%
    21.2%
    17.9%
    13.8%
    1.54
    0.88
    35.61%
    296.45%
    6.25

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    2.24
    0.67
    152.38
    55.07%
    12.62%
    0.665
    28
    3.321
    415'851
    353'952
    385'537
    FY+2

    01/13 Y
    01/14 Y
    3'579.6
    3'709.8
    2.04x
    1.95x
    769.1
    803.3
    9.48x
    9.08x
    469.1
    497.5
    14.77x
    13.35x
    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

    .0 M
    f-13

    FQ+1

    FQ+2

    13.05.2003
    BBB
    STABLE
    09.03.2010
    A-2
    25.00
    20.64
    0.75
    0.89
    296.5%
    74.8%
    1.92
    6.21
    58.55
    87.25

    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
    30.01.2009

    0.0
    30.07.2009

    30.01.2010

    30.07.2010

    30.01.2011

    30.07.2011

    30.01.2012

    30.07.2012

    30.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Next PLC
    Holdings By:

    All

    Holder Name
    FMR LLC
    BLACKROCK
    NEXT PLC ESOT
    NEXT PLC ESOP
    LEGAL & GENERAL
    SCHRODER INVESTMENT
    CAPITAL GROUP COMPAN
    SCHRODER INVESTMENT
    NORGES BANK INVESTME
    INVESCO LTD
    SCOTTISH WIDOWS
    VANGUARD GROUP INC
    INVESCO LTD
    PEOPLES REPUBLIC OF
    AXA FRAMLINGTON INV
    JP MORGAN
    DIRECTOR & RELATED H
    RWC PARTNERS LTD
    VANGUARD GROUP INC
    STATE STREET

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a

    Analyst

    AlphaValue
    VIRGINIE BLIN
    Nomura
    FRASER RAMZAN
    Day by Day
    VALERIE GASTALDY
    Sanford C. Bernstein & Co
    JAMIE MERRIMAN
    Espirito Santo Investment Bank Research
    CAROLINE GULLIVER
    HSBC
    PAUL ROSSINGTON
    Cantor Fitzgerald
    KATE CALVERT
    Morgan Stanley
    GEOFFREY RUDDELL
    Peel Hunt
    JOHN STEVENSON
    Exane BNP Paribas
    SIMON BOWLER
    EVA Dimensions
    CRAIG STERLING
    Goldman Sachs
    ROBERT JOYCE
    Barclays
    CHRISTODOULOS CHAVIARAS
    Shore Capital Stockbrokers
    CLIVE WILLIAM BLACK
    Oriel Securities Ltd
    EITHNE O'LEARY
    Societe Generale
    ANNE CRITCHLOW
    Deutsche Bank
    CHARLIE MUIR-SANDS
    Credit Suisse
    SIMON IRWIN
    S&P Capital IQ
    WILLIAM MACK
    Numis Securities Ltd
    ANDREW WADE
    Panmure Gordon & Co Limited
    JEAN ROCHE
    N+1 Singer Ltd
    MATTHEW MCEACHRAN
    Redburn Partners
    GEOFF LOWERY
    Grupo Santander
    REBECCA MCCLELLAN
    Investec
    BETHANY HOCKING
    CA Cheuvreux
    DANIEL OVIN
    Merchant Securities
    AMISHA CHOHAN
    Equita SIM SpA
    FABIO FAZZARI
    ING Bank
    PETER BROCKWELL

    Source
    ULT-AGG
    ULT-AGG
    RNS-MAJ
    REG
    ULT-AGG
    REG
    ULT-AGG
    MF-AGG
    REG
    REG
    ULT-AGG
    MF-AGG
    MF-AGG
    REG
    REG
    ULT-AGG
    REG
    REG
    REG
    ULT-AGG

    Recommendation
    reduce
    buy
    hold
    market perform
    neutral
    overweight
    hold
    Equalwt/Cautious
    hold
    neutral
    overweight
    neutral/neutral
    underweight
    corporate
    hold
    hold
    buy
    outperform
    strong sell
    hold
    hold
    hold
    neutral
    buy
    hold
    underperform
    hold
    reduce
    not rated

    Amt Held
    46'878'698
    20'161'727
    6'881'904
    6'848'103
    6'462'327
    5'323'399
    4'781'673
    4'183'189
    3'928'845
    3'662'215
    3'082'953
    3'011'847
    2'562'857
    2'515'304
    2'500'000
    2'043'972
    1'885'527
    1'880'135
    1'741'105
    1'625'169

    % Out
    29.07
    12.5
    4.27
    4.25
    4.01
    3.3
    2.97
    2.59
    2.44
    2.27
    1.91
    1.87
    1.59
    1.56
    1.55
    1.27
    1.17
    1.17
    1.08
    1.01

    Weighting

    Change

    2
    5
    3
    3
    3
    5
    3
    3
    3
    3
    5
    3
    1
    #N/A N/A
    3
    3
    5
    5
    1
    3
    3
    3
    3
    5
    3
    1
    3
    2
    #N/A N/A

    M
    M
    M
    M
    M
    U
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    N
    M

    Latest Chg
    (10'641)
    (1'961'350)
    1'329'986
    (100'456)
    (431'900)
    (616'873)
    (95'552)
    (1'311'244)
    220'294
    42'307
    (652'880)
    168'796
    (100'000)
    (769'517)
    13'576
    144'042
    36'949
    (59'491)

    Target Price
    4'136
    4'450
    #N/A N/A
    3'800
    3'550
    4'965
    3'500
    3'920
    4'000
    4'000
    #N/A N/A
    4'100
    3'100
    #N/A N/A
    3'700
    4'143
    4'200
    4'450
    3'400
    3'750
    3'848
    3'500
    #N/A N/A
    4'040
    3'680
    3'000
    #N/A N/A
    2'090
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    01.12.2012
    26.02.2013
    26.10.2012
    01.12.2012
    31.01.2013
    01.12.2012
    31.12.2012
    31.12.2012
    01.12.2012
    01.12.2012
    01.12.2012
    31.12.2012
    27.02.2013
    01.12.2012
    01.12.2012
    31.12.2012
    01.12.2012
    01.12.2012
    01.12.2012
    27.02.2013

    Date
    6 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided

    Inst Type
    Investment Advisor
    Investment Advisor
    n/a
    Unclassified
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Government
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Government
    Investment Advisor
    Unclassified
    Other
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    26.02.2013
    21.02.2013
    20.02.2013
    15.02.2013
    13.02.2013
    11.02.2013
    28.01.2013
    23.01.2013
    21.01.2013
    17.01.2013
    11.01.2013
    09.01.2013
    08.01.2013
    07.01.2013
    04.01.2013
    03.01.2013
    03.01.2013
    03.01.2013
    03.01.2013
    03.01.2013
    03.01.2013
    23.11.2012
    31.10.2012
    22.10.2012
    03.09.2012
    04.01.2012
    28.09.2011
    12.08.2010

    28.02.2013

    Nokia OYJ
    Nokia Oyj is a global mobile communications company that operates a network of
    production facilities for mobile products and network infrastructure, as well
    as a network of sales and customer service. The Company also operates research
    and software development facilities worldwide.

    Price/Volume
    5

    250.0 M

    4
    200.0 M

    4
    3

    150.0 M

    3
    2

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (28.03.2012)
    52-Week Low (18.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    NOK1V FH EQUITY YTD Change
    NOK1V FH EQUITY YTD % CHANGE

    12/2012
    12/yy
    4.17
    1.33
    12'226'043.00
    2.758
    -33.85%
    107.37%
    53.81%
    3'745.0
    10'328.59
    5'549.00
    0.0
    1'386.0
    9'494.00
    7'769.59

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    50.0 M

    1
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    .0 M
    f-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    50'710.0
    0.81x
    6'581.0
    6.23x
    3'988.0
    10.42x

    100.0 M

    31.12.2009
    31.12.2010
    40'984.0
    42'446.0
    0.77x
    0.58x
    3'889.0
    3'841.0
    8.14x
    6.37x
    891.0
    1'850.0
    37.09x
    15.52x
    Profitability

    LTM-4Q
    31.12.2011
    38'659.0
    0.28x
    1'579.0
    6.90x
    (1'164.0)
    -

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    30'176.0
    0.28x
    (977.0)
    (3'106.0)
    -977.00
    -2'303.00
    -7.63%
    -8.76%
    -9.39%
    -31.16%
    0.91%
    27.8%
    -3.2%
    -7.6%
    -10.3%
    1.43
    1.03
    18.53%
    68.84%
    4.74
    11.26

    Price/ Cash Flow

    LTM

    12/yy
    38'659.0
    1.47x
    1'579.0
    6.90x
    (1'164.0)
    0.00x

    12/yy
    30'176.0
    0.99x
    (977.0)
    0.00x
    (3'106.0)
    0.00x

    FY+1

    1.30
    -24.15%
    -5.74%
    1.296
    49
    2.571
    31'219'900
    33'523'930
    38'605'170
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    29'349.0
    29'727.6
    6'606.4
    7'120.9
    0.29x
    0.26x
    1.20x
    1.12x
    1'528.3
    2'154.7
    161.4
    330.1
    5.09x
    3.61x
    4.87x
    4.24x
    (3.2)
    481.9
    (195.9)
    (50.3)
    138.00x
    17.57x
    51.07x
    24.21x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    15.08.2012
    BBNEG
    27.04.2012
    B
    6.19
    3.85
    -5.68
    68.8%
    37.0%
    0.91
    18.44
    77.21
    32.49
    86.52
    23.18

    Sales/Revenue/Turnover

    25.00

    60'000.0

    20.00

    50'000.0
    40'000.0

    15.00

    30'000.0
    10.00

    20'000.0

    5.00

    0.00
    01.01.2010

    10'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Nokia OYJ
    Holdings By:

    All

    Holder Name
    CAPITAL GROUP COMPAN
    DODGE & COX
    VIKING GLOBAL INVEST
    ILMARINEN MUTUAL PEN
    VARMA MUTUAL PENSION
    VANGUARD GROUP INC
    DISCOVERY CAPITAL MA
    FEST N.V.
    BLUE RIDGE CAPITAL L
    BLACKROCK
    MAVERICK CAPITAL LTD
    NOKIA OYJ
    LONE PINE CAPITAL LL
    MASSACHUSETTS FINANC
    FINLAND STATE PENSIO
    MACKENZIE FINANCIAL
    KEVA
    FORE RESEARCH AND MA
    SWISS NATIONAL BANK
    SAC CAPITAL ADVISORS

    Firm Name
    Exane BNP Paribas
    Morgan Stanley
    Societe Generale
    SEB Enskilda
    ABG Sundal Collier
    Evli Bank Plc
    Jyske Bank
    AlphaValue
    Pohjola Bank Plc (ESN)
    Barclays
    Nordea Equity Research
    Ahorro Corporacion Financiera SA
    Independent Research GmbH
    Daiwa Securities Co. Ltd.
    Grupo Santander
    Goldman Sachs
    Credit Suisse
    JPMorgan
    Carnegie
    Oddo & Cie
    Wunderlich Securities
    Handelsbanken
    Kepler Capital Markets
    Swedbank
    FIM
    Nomura
    Main First Bank AG
    Danske Markets
    Nord/LB
    Pacific Crest Securities
    Sanford C. Bernstein & Co
    S&P Capital IQ
    INDERES
    EVA Dimensions
    Landesbank Baden-Wuerttemberg
    Berenberg Bank
    Natixis
    Canaccord Genuity Corp
    Day by Day
    Liberum Capital Ltd
    HSBC
    Deutsche Bank
    Pareto Securities

    Portfolio Name
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    n/a

    Analyst
    ALEXANDER PETERC
    FRANCOIS MEUNIER
    ANDY PERKINS
    ARTEM BELETSKI
    PER LINDBERG
    MIKKO ERVASTI
    ROBERT JAKOBSEN
    JEAN-MICHEL SALVADOR
    HANNU RAUHALA
    ANDREW M GARDINER
    SAMI SARKAMIES
    VIRGINIA PEREZ REPES
    MARKUS FRIEBEL
    YOKO YAMADA
    CARLOS JAVIER TREVINO
    SIMON F SCHAFER
    KULBINDER GARCHA
    SANDEEP S DESHPANDE
    MATTI RIIKONEN
    VINCENT MAULAY
    MATTHEW S ROBISON
    FREDRIK LITHELL
    SEBASTIEN SZTABOWICZ
    HAKAN WRANNE
    MICHAEL SCHROEDER
    STUART JEFFREY
    JUERGEN WAGNER
    ILKKA RAUVOLA
    WOLFGANG DONIE
    JAMES FAUCETTE
    PIERRE FERRAGU
    JAMES CRAWSHAW
    MIKAEL RAUTANEN
    ANDREW S ZAMFOTIS
    MIRKO MAIER
    ADNAAN AHMAD
    ERIC BEAUDET
    T MICHAEL WALKLEY
    VALERIE GASTALDY
    JANARDAN MENON
    RICHARD DINEEN
    KAI KORSCHELT
    HELENA NORDMAN-KNUTSON

    Source
    ULT-AGG
    MF-AGG
    Short
    Research
    Research
    MF-AGG
    Short
    Short
    Short
    ULT-AGG
    Short
    Research
    Short
    MF-AGG
    Research
    MF-AGG
    Research
    Short
    Research
    Short

    Recommendation
    underperform
    Underwt/In-Line
    buy
    buy
    buy
    accumulate
    buy
    buy
    reduce
    underweight
    strong buy
    strong sell
    sell
    underperform
    hold
    Sell/Neutral
    underperform
    underweight
    buy
    neutral
    hold
    reduce
    reduce
    neutral
    accumulate
    neutral
    underperform
    sell
    sell
    sector perform
    underperform
    strong sell
    reduce
    overweight
    buy
    sell
    reduce
    hold
    buy
    buy
    underweight
    sell
    buy

    Amt Held
    % Out
    197'142'860
    5.26
    142'687'625
    3.81
    (104'858'770)
    -2.8
    71'219'299
    1.9
    70'294'113
    1.88
    67'928'503
    1.81
    (63'664'253)
    -1.7
    (57'672'323) -1.54
    (56'174'341)
    -1.5
    39'062'135
    1.04
    (34'828'091) -0.93
    33'972'481
    0.91
    (31'457'631) -0.84
    28'848'633
    0.77
    28'000'000
    0.75
    26'363'420
    0.7
    23'744'945
    0.63
    (23'593'223) -0.63
    21'956'277
    0.59
    (20'971'754) -0.56

    Weighting

    Change
    1
    1
    5
    5
    5
    4
    5
    5
    2
    1
    5
    1
    1
    1
    3
    1
    1
    1
    5
    3
    3
    2
    2
    3
    4
    3
    1
    1
    1
    3
    1
    1
    2
    5
    5
    1
    2
    3
    5
    5
    1
    1
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    D
    M
    M
    U
    M
    M
    M
    M
    U
    M
    M
    M

    Latest Chg
    (2'246'974)
    1'492'793
    (1'123'487)
    3'744'956
    (3'744'956)
    150'168
    5'991'930
    (4'868'443)
    2'262'678
    307'100
    (3'744'956)
    (1'497'982)

    Target Price
    2
    3
    5
    4
    5
    4
    4
    6
    3
    3
    4
    3
    2
    3
    6
    3
    3
    2
    #N/A N/A
    4
    3
    3
    3
    3
    4
    3
    3
    2
    2
    #N/A N/A
    1
    3
    3
    #N/A N/A
    4
    2
    3
    3
    4
    4
    2
    2
    3

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2012
    29.01.2013
    21.02.2013
    31.12.2012
    31.12.2012
    31.12.2012
    25.02.2013
    20.02.2013
    10.01.2013
    26.02.2013
    14.01.2013
    30.09.2012
    11.12.2012
    31.12.2012
    31.12.2012
    30.11.2012
    31.12.2012
    25.01.2013
    31.12.2012
    26.02.2013

    Date
    Not Provided
    12 month
    12 month
    Not Provided
    6 month
    12 month
    Not Provided
    6 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    3 month
    Not Provided
    Not Provided
    18 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    3 month
    Not Provided
    Not Provided
    12 month
    6 month

    Inst Type
    Investment Advisor
    Investment Advisor
    Hedge Fund Manager
    Insurance Company
    Insurance Company
    Investment Advisor
    Hedge Fund Manager
    Other
    Hedge Fund Manager
    Investment Advisor
    Hedge Fund Manager
    Corporation
    Hedge Fund Manager
    Investment Advisor
    Government
    Investment Advisor
    Pension Fund (ERISA)
    Hedge Fund Manager
    Government
    Hedge Fund Manager

    Date
    28.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    21.02.2013
    20.02.2013
    19.02.2013
    15.02.2013
    04.02.2013
    28.01.2013
    28.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    15.01.2013
    14.01.2013
    11.01.2013
    11.01.2013
    10.01.2013
    04.01.2013
    27.11.2012
    06.11.2012
    19.10.2012
    19.10.2012

    28.02.2013

    Nordea Bank AB
    Nordea Bank AB is a financial services group that provides banking services,
    financial solutions, and related advisory services. The Group attracts deposits
    and offers credit, investment banking, securities trading, and insurance
    products to private individuals, companies, institutions, and the public sector.
    Nordea services the Scandinavian countries and the Baltic Sea region.

    Price/Volume
    80

    50

    15.0 M

    40

    Latest Fiscal Year:


    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (21.05.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    NDA SS EQUITY YTD Change
    NDA SS EQUITY YTD % CHANGE

    12/2012
    12/yy
    75.35
    51.35
    1'607'541.00
    73.95
    -1.73%
    44.01%
    94.58%
    4'050.0
    299'493.94
    247'563.00
    0.0
    5.0
    54'634.00
    -

    10.0 M

    30
    20

    5.0 M

    10
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    20.0 M

    60

    Valuation Analysis

    31.12.2008
    20'485.0
    2'671.0
    4.84x

    25.0 M

    70

    31.12.2009
    31.12.2010
    15'492.0
    14'595.0
    2'314.0
    2'657.0
    11.79x
    12.35x
    Profitability

    LTM-4Q
    31.12.2011
    16'685.0
    2'627.0
    9.15x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    17'457.0
    3'119.0
    9.30x
    36.77%
    37.62%
    0.45%
    11.50%
    1.14%
    0.03%
    28.5%
    36.54%
    877.54%
    -

    Price/ Cash Flow

    LTM

    12/yy
    16'686.0
    0.00x
    0.0
    0.00x
    2'627.0
    9.15x

    12/yy
    17'456.0
    0.00x
    0.0
    0.00x
    3'119.0
    9.31x

    FY+1

    .0 M
    f-13

    1.16
    20.27%
    19.08%
    1.155
    30
    4.000
    7'564'277
    8'548'666
    7'201'778
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    10'424.4
    10'857.8
    2'556.4
    2'582.1
    3'277.5
    3'665.1
    778.8
    807.7
    10.67x
    9.51x
    10.71x
    10.36x
    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

    29.11.2005
    AANEG
    29.11.2005
    A-1+
    877.5%
    89.8%
    0.03
    37.02
    -

    Sales/Revenue/Turnover

    50.00

    25'000.0

    45.00

    20'000.0

    40.00
    35.00

    15'000.0

    30.00
    25.00

    10'000.0

    20.00
    15.00

    5'000.0

    10.00
    5.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Nordea Bank AB
    Holdings By:

    All

    Holder Name
    SAMPO OYJ
    GOVERNMENT OF SWEDEN
    NORDEA FONDER AB/SWE
    SWEDBANK ROBUR FONDE
    AMF PENSION
    NORWEGIAN PETROLEUM
    SHB FUNDS
    SEB
    SEB FUNDS
    VANGUARD GROUP INC
    FJARDE AP-FONDEN
    HANDELSBANKEN FONDER
    NORDEA FUNDS
    AFA INSURANCE
    ABERDEEN
    VARMA MUTUAL PENSION
    SKANDIA LIV
    AMF FONDER AB
    FORSTA AP FONDEN
    ALECTA PENSIONSFORSA

    Firm Name
    AlphaValue
    Keefe, Bruyette & Woods
    DNB Markets
    Barclays
    Jyske Bank
    Pareto Securities
    Nomura
    ABG Sundal Collier
    EVA Dimensions
    Exane BNP Paribas
    RBC Capital Markets
    Credit Suisse
    JPMorgan
    Macquarie
    SEB Enskilda
    Carnegie
    Handelsbanken
    SpareBank 1 Markets AS
    Alm Brand Markets
    S&P Capital IQ
    Arctic Securities ASA
    Danske Markets
    Goldman Sachs
    Berenberg Bank
    Morgan Stanley
    Societe Generale
    Mediobanca SpA
    NYKREDIT
    Evli Bank Plc
    Nordea Equity Research
    Swedbank
    CA Cheuvreux
    Sydbank
    LD Invest Markets

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a

    Analyst
    CHRISTOPHE NIJDAM
    RONNY REHN
    HAKON FURE
    CHRISTOFFER ROSQUIST
    CHRISTIAN HEDE
    JON DAVID GJERTSEN
    OMAR KEENAN
    MAGNUS ANDERSSON
    AUSTIN BURKETT
    ANDREAS HAKANSSON
    CLAIRE KANE
    MASIH YAZDI
    SOFIE PETERZENS
    EDWARD FIRTH
    BENGT CLAESSON
    ASBJORN MORK
    PETER GRABE
    NILS CHRISTIAN OYEN
    STIG NYMANN
    FRANK BRADEN
    FRIDTJOF BERENTS
    PER GRONBORG
    PAWEL DZIEDZIC
    NICK ANDERSON
    ALVARO SERRANO
    GEOFF DAWES
    RICCARDO ROVERE
    MADS THINGGAARD
    KIMMO RAMA
    MATHS LILJEDAHL
    CHRISTIAN HALL
    MATS ANDERSON
    BJORN SCHWARZ
    TORSTEN BECH

    Source
    Research
    Research
    Research
    Research
    Research
    Research
    Research
    ULT-AGG
    Research
    MF-AGG
    Research
    MF-AGG
    Research
    Research
    ULT-AGG
    Research
    Research
    MF-AGG
    Research
    Research

    Recommendation
    reduce
    outperform
    buy
    overweight
    strong buy
    buy
    buy
    buy
    overweight
    underperform
    outperform
    outperform
    neutral
    neutral
    buy
    buy
    reduce
    buy
    sell
    buy
    buy
    hold
    Buy/Neutral
    buy
    Equalwt/In-Line
    buy
    underperform
    underperform
    buy
    not rated
    buy
    outperform
    neutral
    reduce

    Amt Held
    860'400'000
    544'200'000
    158'200'000
    127'800'000
    79'700'000
    72'400'000
    58'900'000
    52'450'681
    51'700'000
    48'495'879
    44'400'000
    42'501'413
    41'100'000
    40'900'000
    32'718'700
    30'400'000
    30'400'000
    28'499'330
    27'000'000
    23'500'000

    % Out
    21.24
    13.44
    3.91
    3.16
    1.97
    1.79
    1.45
    1.3
    1.28
    1.2
    1.1
    1.05
    1.01
    1.01
    0.81
    0.75
    0.75
    0.7
    0.67
    0.58

    Weighting

    Change

    2
    5
    5
    5
    5
    5
    5
    5
    5
    1
    5
    5
    3
    3
    5
    5
    2
    5
    1
    5
    5
    3
    5
    5
    3
    5
    1
    1
    5
    #N/A N/A
    5
    5
    3
    2

    M
    M
    M
    M
    M
    U
    M
    M
    U
    M
    U
    U
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M

    Latest Chg
    (271'123)
    1'287'716
    689'571
    (169'700)
    (862'000)
    -

    Target Price
    74
    71
    77
    88
    90
    82
    82
    83
    #N/A N/A
    68
    81
    82
    76
    75
    83
    #N/A N/A
    70
    76
    60
    78
    76
    72
    85
    80
    70
    75
    58
    #N/A N/A
    86
    #N/A N/A
    65
    80
    #N/A N/A
    75

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    28.09.2012
    28.09.2012
    28.09.2012
    28.09.2012
    28.09.2012
    28.09.2012
    28.09.2012
    31.12.2012
    28.09.2012
    31.12.2012
    28.09.2012
    31.01.2013
    28.09.2012
    28.09.2012
    31.01.2013
    28.09.2012
    28.09.2012
    31.12.2012
    28.09.2012
    28.09.2012

    Date
    6 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    6 month
    12 month
    6 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    18 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided

    Inst Type
    Insurance Company
    Government
    Investment Advisor
    Investment Advisor
    Pension Fund (ERISA)
    n/a
    n/a
    Unclassified
    n/a
    Investment Advisor
    Pension Fund (ERISA)
    Investment Advisor
    n/a
    Insurance Company
    Unclassified
    Insurance Company
    Pension Fund (ERISA)
    Investment Advisor
    Investment Advisor
    Pension Fund (ERISA)

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    25.02.2013
    22.02.2013
    21.02.2013
    19.02.2013
    18.02.2013
    18.02.2013
    15.02.2013
    12.02.2013
    04.02.2013
    04.02.2013
    04.02.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    28.01.2013
    28.01.2013
    16.01.2013
    15.01.2013
    26.11.2012
    08.10.2012
    29.05.2012
    16.04.2012
    27.10.2011
    16.08.2011
    29.04.2011
    27.10.2010

    28.02.2013

    Novartis AG
    Novartis AG manufactures pharmaceutical and consumer healthcare products. The
    Company produces pharmaceuticals for cardiovascular, respiratory and infectious
    diseases, oncology, neuroscience, transplantation, dermatology,
    gastrointestinal and urinary conditions, and arthritis, vaccines and
    diagnostics, vision, and animal health products.

    Price/Volume
    70
    60
    50
    40

    Valuation Analysis

    30

    Latest Fiscal Year:


    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (18.05.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    NOVN VX EQUITY YTD Change
    NOVN VX EQUITY YTD % CHANGE

    12/2012
    12/yy
    65.00
    48.29
    838'610.00
    62.95
    -3.15%
    30.36%
    84.74%
    2'706.2
    170'354.84
    19'726.00
    0.0
    126.0
    8'119.00
    194'761.67

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    10
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    41'459.0
    2.76x
    11'978.0
    9.55x
    8'195.0
    13.89x

    20

    31.12.2009
    31.12.2010
    44'267.0
    50'624.0
    2.72x
    3.08x
    12'318.0
    15'866.0
    9.79x
    9.81x
    8'400.0
    9'794.0
    14.73x
    13.70x
    Profitability

    LTM-4Q
    31.12.2011
    58'566.0
    2.61x
    17'818.0
    8.58x
    9'113.0
    14.94x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    56'673.0
    2.89x
    16'714.0
    9.82x
    9'505.0
    16.01x
    16'714.00
    11'794.00
    20.81%
    19.84%
    7.86%
    14.09%
    11.69%
    0.47%
    66.9%
    29.1%
    20.3%
    16.8%
    1.16
    0.76
    15.88%
    28.55%
    5.56
    2.96

    Price/ Cash Flow

    20.0 M
    18.0 M
    16.0 M
    14.0 M
    12.0 M
    10.0 M
    8.0 M
    6.0 M
    4.0 M
    2.0 M
    .0 M
    f-13

    LTM

    12/yy
    58'566.0
    10.66x
    17'818.0
    8.58x
    9'113.0
    14.94x

    12/yy
    56'673.0
    11.16x
    16'465.0
    9.96x
    9'505.0
    16.05x

    FY+1

    0.91
    2'423.83
    32.43%
    13.62%
    0.908
    33
    4.000
    6'140'722
    5'391'543
    4'530'214
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    56'970.9
    59'309.5
    13'655.0
    14'048.3
    3.35x
    3.12x
    16'864.2
    17'930.1
    11.55x
    10.86x
    12'506.4
    14'252.9
    2'981.0
    3'123.0
    13.04x
    11.77x
    13.07x
    12.97x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    07.04.2008
    AASTABLE
    14.01.1997
    A-1+
    23.09
    19.36
    0.70
    1.20
    28.5%
    22.2%
    0.47
    3.48
    65.79
    123.66
    98.95
    90.49

    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

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Novartis AG
    Holdings By:

    All

    Holder Name
    CAPITAL GROUP COMPAN
    NOVARTIS AG
    BLACKROCK
    EMASAN AG
    NOVARTIS FOUNDATION
    VANGUARD GROUP INC
    CREDIT SUISSE ASSET
    UBS FUND MANAGEMENT
    PICTET & CIE
    HARBOR CAPITAL ADVIS
    THORNBURG INVESTMENT
    BANK OF NEW YORK MEL
    SWISSCANTO FONDSLEIT
    INVESCO LTD
    DEUTSCHE BANK AG
    FMR LLC
    ABERDEEN
    GRANTHAM MAYO VAN OT
    ARTISAN PARTNERS HOL
    TWEEDY BROWNE COMPAN

    Firm Name
    AlphaValue
    Societe Generale
    Sanford C. Bernstein & Co
    Bryan Garnier & Cie
    Helvea
    Zuercher Kantonalbank
    Jefferies
    Kepler Capital Markets
    Barclays
    Hamburger Sparkasse
    Goldman Sachs
    Landesbank Baden-Wuerttemberg
    Credit Suisse
    JPMorgan
    Berenberg Bank
    Bank Vontobel AG
    Day by Day
    Exane BNP Paribas
    Morgan Stanley
    Independent Research GmbH
    S&P Capital IQ
    Natixis
    Nomura
    EVA Dimensions
    Deutsche Bank
    Redburn Partners
    CM - CIC Securities(ESN)
    Liberum Capital Ltd
    Main First Bank AG
    Cyrrus
    Mirabaud Securities
    DZ Bank AG
    Neue Zuercher Bank
    National Bank AG
    CA Cheuvreux

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    ARMELLE MOULIN
    STEPHEN MCGARRY
    TIMOTHY M ANDERSON
    ERIC LE BERRIGAUD
    ODILE RUNDQUIST
    MICHAEL NAWRATH
    JEFFREY HOLFORD
    MARTIN VOEGTLI
    MARK PURCELL
    MARCO GUENTHER
    KEYUR PAREKH
    TIMO KUERSCHNER
    MATTHEW WESTON
    ALEXANDRA M HAUBER-SCHUELE
    ALISTAIR CAMPBELL
    ANDREW C WEISS
    VALERIE GASTALDY
    FLORENT CESPEDES
    PETER VERDULT
    CHRISTOPH SCHOENDUBE
    SHO MATSUBARA
    BEATRICE MUZARD
    AMIT ROY
    ANDREW S ZAMFOTIS
    TIM RACE
    TEAM COVERAGE
    ARSENE GUEKAM
    NARESH CHOUHAN
    TIM FRANKLIN
    TOMAS MENCIK
    NICHOLAS TURNER
    ELMAR KRAUS
    LILIAN MONTERO
    STEFFEN MANSKE
    MARCEL BRAND

    Source
    ULT-AGG
    EXCH
    ULT-AGG
    Co File
    EXCH
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    add
    buy
    outperform
    buy
    buy
    outperform
    buy
    hold
    equalweight
    hold
    neutral/neutral
    buy
    outperform
    neutral
    buy
    reduce
    buy
    outperform
    Equalwt/Attractive
    hold
    hold
    neutral
    buy
    overweight
    hold
    buy
    hold
    overweight
    suspended coverage
    hold
    accumulate
    buy
    buy
    buy
    underperform

    Amt Held
    120'887'981
    109'194'165
    103'241'179
    87'859'938
    78'926'882
    49'018'874
    38'588'261
    23'887'421
    14'521'288
    13'520'586
    12'686'196
    10'335'364
    8'876'212
    6'963'050
    6'410'533
    6'356'678
    6'089'697
    5'092'802
    3'857'938
    3'817'080

    % Out
    4.47
    4.03
    3.81
    3.25
    2.92
    1.81
    1.43
    0.88
    0.54
    0.5
    0.47
    0.38
    0.33
    0.26
    0.24
    0.23
    0.23
    0.19
    0.14
    0.14

    Weighting

    Change

    4
    5
    5
    5
    5
    5
    5
    3
    3
    3
    3
    5
    5
    3
    5
    2
    5
    5
    3
    3
    3
    3
    5
    5
    3
    5
    3
    5
    #N/A N/A
    3
    4
    5
    5
    5
    1

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M

    Latest Chg
    (515'205)
    3'576'587
    1'041'632
    (347'066)
    (272'579)
    (78'620)
    1'410'638
    1'488'500
    249'698
    20'625
    893'297
    231'333
    (1'719'293)
    (7'000)
    (237'271)
    219'112
    862'650

    Target Price
    72
    72
    71
    70
    68
    #N/A N/A
    78
    59
    65
    #N/A N/A
    60
    70
    70
    63
    69
    53
    69
    71
    61
    63
    63
    62
    65
    #N/A N/A
    63
    #N/A N/A
    55
    70
    #N/A N/A
    52
    61
    56
    65
    64
    48

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2012
    09.05.2012
    26.02.2013
    31.12.2011
    25.02.2013
    31.12.2012
    28.12.2012
    30.11.2012
    30.11.2012
    31.12.2012
    31.12.2012
    26.02.2013
    28.12.2012
    27.02.2013
    31.12.2012
    31.12.2012
    31.01.2013
    31.05.2012
    31.12.2012
    31.03.2012

    Date
    6 month
    12 month
    12 month
    6 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    9 month
    Not Provided
    Not Provided
    3 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided

    Inst Type
    Investment Advisor
    Corporation
    Investment Advisor
    Hedge Fund Manager
    n/a
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    18.02.2013
    15.02.2013
    14.02.2013
    04.02.2013
    29.01.2013
    28.01.2013
    25.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    18.01.2013
    18.01.2013
    17.01.2013
    12.12.2012
    10.12.2012
    25.10.2012
    05.10.2012
    20.07.2012
    05.04.2012
    02.04.2012
    30.01.2012
    14.03.2011
    21.10.2010
    17.07.2009

    28.02.2013

    Novo Nordisk A/S


    Novo Nordisk A/S develops, produces, and markets pharmaceutical products. The
    Company focuses on diabetes care and offers insulin delivery systems and other
    diabetes products. Novo Nordisk also works in areas such as haemostatis
    management, growth disorders, and hormone replacement therapy. The Company
    offers educational and training materials. Novo Nordisk markets worldwide.

    Price/Volume

    6.0 M
    5.0 M
    4.0 M

    600

    Latest Fiscal Year:


    LTM as of:
    52-Week High (07.02.2013)
    52-Week Low (30.03.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    NOVOB DC EQUITY YTD Change
    NOVOB DC EQUITY YTD % CHANGE

    12/2012
    12/yy
    1'100.00
    763.50
    88'907.00
    998.5
    -9.18%
    30.78%
    67.90%
    452.5
    559'160.00
    500.00
    0.0
    0.0
    16'105.00
    543'554.98

    3.0 M

    400

    2.0 M

    200

    1.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    7.0 M

    1000
    800

    Valuation Analysis

    31.12.2008
    45'553.0
    3.45x
    14'815.0
    10.60x
    9'645.0
    17.30x

    1200

    31.12.2009
    31.12.2010
    51'078.0
    60'776.0
    3.47x
    5.98x
    17'484.0
    21'358.0
    10.13x
    17.02x
    10'768.0
    14'403.0
    18.47x
    25.35x
    Profitability

    LTM-4Q
    31.12.2011
    66'346.0
    5.52x
    24'864.0
    14.73x
    17'097.0
    21.83x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    78'026.0
    6.38x
    32'047.0
    15.53x
    21'432.0
    23.45x
    32'047.00
    29'474.00
    37.77%
    35.64%
    32.88%
    54.90%
    1.20%
    82.7%
    41.1%
    37.8%
    27.5%
    1.86
    1.19
    0.76%
    1.23%
    8.22
    1.42

    Price/ Cash Flow

    LTM

    12/yy
    66'346.0
    19.15x
    24'864.0
    14.08x
    17'097.0
    21.82x

    12/yy
    78'026.0
    23.42x
    32'047.0
    15.03x
    21'432.0
    23.44x

    FY+1

    .0 M
    f-13

    1.08
    29.85%
    8.95%
    1.084
    37
    3.622
    673'639
    897'518
    681'714
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    83'697.6
    91'297.2
    19'420.5
    20'952.0
    6.49x
    5.94x
    34'360.4
    38'100.9
    7'730.3
    8'612.3
    15.82x
    14.27x
    16.02x
    15.72x
    24'949.1
    27'062.2
    5'745.4
    6'486.2
    21.65x
    19.53x
    21.71x
    21.66x
    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

    24.06.2011
    A+
    STABLE
    13.06.2007
    A-1
    552.53
    494.40
    -0.49
    0.02
    1.2%
    1.2%
    1.20
    3.67
    44.53
    257.90
    96.39
    206.05

    Sales/Revenue/Turnover

    30.00

    90'000.0
    80'000.0

    25.00

    70'000.0
    60'000.0

    20.00

    50'000.0
    15.00

    40'000.0
    30'000.0

    10.00

    20'000.0
    5.00
    0.00
    01.01.2010

    10'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Novo Nordisk A/S


    Holdings By:

    All

    Holder Name
    CAPITAL GROUP COMPAN
    NOVO AS
    NOVO-NORDISK A/S
    FMR LLC
    VANGUARD GROUP INC
    HARBOR CAPITAL ADVIS
    CARMIGNAC GESTION
    BLACKROCK
    THORNBURG INVESTMENT
    SWEDBANK ROBUR FONDE
    CALAMOS ADVISORS LLC
    T ROWE PRICE ASSOCIA
    JUPITER ASSET MANAGE
    NORDEA INV MANAGEMEN
    ALLIANZ ASSET MANAGE
    MANNING & NAPIER ADV
    DANSKE INVEST A/S
    WILLIAM BLAIR & COMP
    HANDELSBANKEN FONDER
    SEB

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    WILLIAM BLAIR & COMP
    Multiple Portfolios
    n/a

    Firm Name

    Analyst

    ABG Sundal Collier


    Nordea Equity Research
    Danske Markets
    Nomura
    AlphaValue
    Jefferies
    Exane BNP Paribas
    Deutsche Bank
    Jyske Bank
    Credit Suisse
    SEB Enskilda
    Handelsbanken
    Berenberg Bank
    Kepler Capital Markets
    S&P Capital IQ
    DNB Markets
    Helvea
    Barclays
    Societe Generale
    Morgan Stanley
    Alm Brand Markets
    Goldman Sachs
    JPMorgan
    Bryan Garnier & Cie
    Natixis
    Commerzbank Corporates & Markets
    CA Cheuvreux
    Carnegie
    EVA Dimensions
    Redburn Partners
    Mirabaud Securities
    Swedbank
    NYKREDIT
    Main First Bank AG
    Cyrrus
    Sydbank
    MP Advisors Pvt Ltd

    PETER HUGREFFE
    MICHAEL NOVOD
    MARTIN PARKHOI
    AMIT ROY
    KAMLA SINGH
    JEFFREY HOLFORD
    VINCENT MEUNIER
    TIM RACE
    FRANK HOERNING ANDERSEN
    LUISA HECTOR
    LARS HEVRENG
    PETER SEHESTED
    ALISTAIR CAMPBELL
    MARTIN VOEGTLI
    JACOB THRANE
    RUNE MAJLUND DAHL
    OLAV ZILIAN
    BRIAN BOURDOT
    STEPHEN MCGARRY
    PETER VERDULT
    MICHAEL FRIIS JORGENSEN
    KEYUR PAREKH
    RICHARD VOSSER
    ERIC LE BERRIGAUD
    PHILIPPE LANONE
    DANIEL WENDORFF
    LAURENT FLAMME
    CARSTEN LONBORG MADSEN
    ANDREW S ZAMFOTIS
    TEAM COVERAGE
    NICHOLAS TURNER
    JOHAN UNNERUS
    KRESTEN JOHNSEN
    TIM FRANKLIN
    TOMAS MENCIK
    SOEREN LONTOFT HANSEN
    VISHAL MANCHANDA

    Source
    ULT-AGG
    20F
    20F
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    13F
    MF-AGG
    ULT-AGG

    Recommendation
    buy
    strong buy
    buy
    buy
    add
    hold
    neutral
    sell
    buy
    neutral
    buy
    buy
    hold
    hold
    hold
    buy
    accumulate
    underweight
    sell
    Equalwt/Attractive
    neutral
    Buy/Neutral
    neutral
    neutral
    neutral
    buy
    underperform
    buy
    hold
    neutral
    reduce
    strong buy
    outperform
    suspended coverage
    sell
    overweight
    market perform

    Amt Held
    41'565'020
    35'312'800
    18'442'009
    15'690'397
    8'334'761
    7'777'930
    5'142'771
    5'047'303
    4'529'170
    2'512'028
    1'831'462
    1'806'460
    1'696'726
    1'309'817
    1'172'071
    1'163'920
    1'119'121
    936'874
    863'445
    766'779

    % Out
    9.19
    7.8
    4.08
    3.47
    1.84
    1.72
    1.14
    1.12
    1
    0.56
    0.4
    0.4
    0.37
    0.29
    0.26
    0.26
    0.25
    0.21
    0.19
    0.17

    Weighting

    Change

    5
    5
    5
    5
    4
    3
    3
    1
    5
    3
    5
    5
    3
    3
    3
    5
    4
    1
    1
    3
    3
    5
    3
    3
    3
    5
    1
    5
    3
    3
    2
    5
    5
    #N/A N/A
    1
    5
    3

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    D
    M
    M
    M
    M
    M
    D
    U
    M
    M
    M
    U
    M

    Latest Chg
    (2'160'000)
    (5'100'000)
    (7'565'294)
    (356'504)
    207'091
    (74'744)
    591
    (184'470)
    23'700
    758'793
    (146'100)
    43'470
    25'157
    (73'201)
    1'109'960
    7'930
    21'995
    13'635
    (27'697)

    Target Price
    1'200
    1'225
    1'100
    1'000
    1'023
    900
    950
    850
    1'075
    1'040
    1'050
    1'099
    920
    920
    985
    1'100
    1'100
    870
    753
    1'040
    1'015
    1'200
    800
    920
    1'010
    1'400
    925
    #N/A N/A
    #N/A N/A
    #N/A N/A
    819
    1'150
    #N/A N/A
    #N/A N/A
    627
    #N/A N/A
    648

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    30.12.2011
    31.01.2013
    31.01.2013
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    26.02.2013
    31.12.2012
    31.12.2012
    31.01.2013
    31.12.2012
    31.08.2012
    31.12.2012
    31.01.2013
    31.12.2012
    31.01.2013
    31.12.2012
    31.01.2013
    31.12.2012

    Date
    6 month
    12 month
    12 month
    12 month
    6 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    9 month
    6 month
    Not Provided
    6 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided

    Inst Type
    Investment Advisor
    Holding Company
    Corporation
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified

    Date
    25.02.2013
    25.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    15.02.2013
    13.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    04.02.2013
    01.02.2013
    01.02.2013
    17.01.2013
    26.11.2012
    23.11.2012
    09.11.2012
    23.07.2012
    20.07.2012
    05.04.2012
    02.02.2012
    15.04.2011

    28.02.2013

    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 (20.02.2013)
    52-Week Low (06.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 06.02.2013
    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

    12/2011
    09/yy
    203.10
    136.60
    1'067'715.00
    201.7
    -0.69%
    47.66%
    96.09%
    4'893.3
    9'869.77
    3'656.00
    718.0
    1'652.0
    3'624.00
    11'727.77

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    20.0 M

    100

    15.0 M
    10.0 M

    50

    5.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2007
    15'618.0
    0.62x
    956.0
    9.05x

    150

    31.12.2008
    31.12.2009
    (2'414.0)
    18'013.0
    0.50x
    495.0
    (275.0)
    5.93x
    Profitability

    LTM-4Q
    31.12.2010
    17'356.0
    0.55x
    (220.0)
    13.41x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2011
    7'689.0
    1.33x
    729.0
    14.26x
    13.72%
    12.93%
    0.72%
    12.87%
    0.06%
    9.5%
    2.25%
    43.07%
    -

    Price/ Cash Flow

    LTM

    09/yy
    0.0
    #DIV/0!
    0.0
    0.00x
    0.0
    0.00x

    09/yy
    0.0
    #DIV/0!
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    2.85
    1.17
    4'096.99
    30.91%
    13.19%
    1.171
    21
    3.524
    10'123'100
    7'756'106
    6'832'377
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    09/11 Q3 12/11 Q4
    3'219.5
    4'376.0
    353.0
    865.3
    998.3
    11.73x
    10.24x
    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

    43.1%
    25.2%
    0.06
    -

    Sales/Revenue/Turnover

    6.00

    20'000.0

    5.00

    15'000.0

    4.00

    10'000.0
    3.00
    2.00

    5'000.0

    1.00

    0.0

    0.00
    02.01.2009

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
    02.07.2009

    02.01.2010

    02.07.2010

    02.01.2011

    02.07.2011

    02.01.2012

    02.07.2012

    02.01.2013

    -5'000.0

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Old Mutual PLC


    Holdings By:

    All

    Holder Name
    CEVIAN CAPITAL
    SANLAM ASSET MANAGEM
    PUBLIC INVESTMENT CO
    OLD MUTUAL
    BLACKROCK
    LEGAL & GENERAL
    VANGUARD GROUP INC
    SCOTTISH WIDOWS
    SCHRODER INVESTMENT
    ALLAN GRAY UNIT TRUS
    NORGES BANK INVESTME
    VANGUARD GROUP INC
    SCHRODER INVESTMENT
    PEOPLES REPUBLIC OF
    DIMENSIONAL FUND ADV
    APG ALGEMENE PENSIOE
    STATE STREET
    COLLINS STEWART LTD
    JP MORGAN
    Education SPV Ltd

    Firm Name
    AlphaValue
    Sanford C. Bernstein & Co
    SBG Securities
    Keefe, Bruyette & Woods
    Oriel Securities Ltd
    Barclays
    JPMorgan
    RBC Capital Markets
    Investec
    Nedgroup Securities
    Deutsche Bank
    Avior Research
    EVA Dimensions
    Day by Day
    Morgan Stanley
    Credit Suisse
    S&P Capital IQ
    Goldman Sachs
    Imara
    Nomura
    Shore Capital Stockbrokers

    Portfolio Name
    Multiple Portfolios
    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
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios

    Analyst
    JEROME CASSAGNE
    EDWARD HOUGHTON
    RISTO KETOLA
    GREIG N PATERSON
    MARCUS BARNARD
    ALAN DEVLIN
    FRANCOIS DU TOIT
    GORDON AITKEN
    MARK SALMON
    DAVID S DANILOWITZ
    LARISSA VAN-DEVENTER
    HARRY BOTHA
    AUSTIN BURKETT
    VALERIE GASTALDY
    JON HOCKING
    BRIAN MUSHONGA
    RODERICK WALLACE
    COLIN L SIMPSON
    ADDMORE T CHAKURIRA
    BEN BATHURST
    EAMONN FLANAGAN

    Source
    REG
    REG
    Co File
    ULT-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    REG
    MF-AGG
    REG
    REG
    MF-AGG
    REG
    REG
    REG
    ULT-AGG
    REG
    ULT-AGG
    REG

    Recommendation
    reduce
    market perform
    buy
    underperform
    buy
    equalweight
    neutral
    sector perform
    sell
    not rated
    buy
    outperform
    sell
    buy
    Equalwt/In-Line
    underperform
    hold
    Buy/Neutral
    buy
    buy
    hold

    Amt Held
    410'748'581
    305'691'719
    268'811'081
    246'193'595
    241'406'155
    185'451'357
    90'701'902
    78'294'908
    75'182'544
    67'667'765
    56'099'783
    52'018'689
    47'821'797
    44'880'947
    39'313'687
    37'242'823
    36'924'811
    35'758'032
    34'417'472
    33'740'000

    % Out
    8.39
    6.25
    5.49
    5.03
    4.93
    3.79
    1.85
    1.6
    1.54
    1.38
    1.15
    1.06
    0.98
    0.92
    0.8
    0.76
    0.75
    0.73
    0.7
    0.69

    Weighting

    Change

    2
    3
    5
    1
    5
    3
    3
    3
    1
    #N/A N/A
    5
    5
    1
    5
    3
    1
    3
    5
    5
    5
    3

    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    U
    M
    U
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    1'758'324
    11'251'775
    2'583'390
    27'971'120
    (3'111'564)
    67'667'765
    2'178'786
    609'391
    (637'028)
    (4'748'190)
    3'225'107
    (686'845)
    12'260'831
    -

    Target Price
    199
    175
    260
    133
    230
    183
    209
    190
    182
    201
    205
    217
    #N/A N/A
    203
    171
    156
    175
    216
    #N/A N/A
    202
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    03.12.2012
    Other
    03.12.2012
    Investment Advisor
    08.03.2012
    Government
    03.12.2012
    Unclassified
    26.02.2013
    Investment Advisor
    03.12.2012
    Unclassified
    31.12.2012
    Investment Advisor
    03.12.2012
    Unclassified
    03.12.2012
    Investment Advisor
    30.06.2012
    Investment Advisor
    03.12.2012
    Government
    03.12.2012
    Investment Advisor
    31.10.2012
    Investment Advisor
    03.12.2012
    Government
    03.12.2012
    Investment Advisor
    03.12.2012 Pension Fund (ERISA)
    27.02.2013
    Investment Advisor
    03.12.2012
    Investment Advisor
    31.12.2012
    Unclassified
    03.12.2012
    Unclassified

    Date
    6 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    3 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    21.02.2013
    20.02.2013
    05.02.2013
    04.02.2013
    24.01.2013
    22.01.2013
    17.01.2013
    20.12.2012
    05.12.2012
    05.12.2012
    20.11.2012
    19.11.2012
    16.08.2012
    11.07.2012
    31.10.2011

    28.02.2013

    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
    1400

    10.0 M
    9.0 M
    8.0 M
    7.0 M
    6.0 M
    5.0 M
    4.0 M
    3.0 M
    2.0 M
    1.0 M
    .0 M
    f-13

    1200
    1000
    800

    Valuation Analysis

    600

    Latest Fiscal Year:


    LTM as of:
    52-Week High (26.07.2012)
    52-Week Low (20.04.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 01.02.2013
    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
    1'302.00
    1'105.00
    591'223.00
    1151
    -11.75%
    4.16%
    20.30%
    817.5
    9'408.97
    2'272.00
    0.0
    24.0
    1'068.00
    10'636.97

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    200
    0
    f-12 m-12 a-12 m-12

    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
    5'862.0
    1.77x
    1'038.0
    10.00x
    957.0
    10.12x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    5'059.0
    2.16x
    956.0
    11.44x
    326.0
    33.75x
    956.00
    639.00
    12.63%
    8.58%
    2.89%
    5.61%
    5.04%
    0.45%
    56.0%
    18.9%
    12.6%
    6.4%
    1.74
    0.43
    20.02%
    39.96%
    6.66

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1
    -

    3.91
    0.76
    789.41
    -0.42%
    -3.11%
    0.759
    27
    3.222
    4'450'200
    2'790'288
    2'245'848
    FY+2

    12/13 Y
    12/14 Y
    6'280.3
    6'266.2
    1.58x
    1.54x
    1'061.4
    1'152.0
    10.02x
    9.23x
    651.2
    727.1
    13.93x
    12.63x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    25.11.1998
    BBB+
    STABLE
    25.11.1998
    A-2
    8.46
    7.77
    1.26
    2.38
    40.0%
    28.5%
    0.45
    14.25
    54.97
    72.21
    55.93

    Sales/Revenue/Turnover

    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

    j-12

    Market Data

    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    4'811.0
    1.45x
    847.0
    8.21x
    292.0
    13.38x

    400

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Pearson PLC
    Holdings By:

    All

    Holder Name
    FMR LLC
    BLACKROCK
    LEGAL & GENERAL
    LIBYAN INVESTMENT AU
    THORNBURG INVESTMENT
    MASSACHUSETTS FINANC
    Northern Cross Inter
    HARBOR CAPITAL ADVIS
    THORNBURG INVESTMENT
    ABERDEEN
    VANGUARD GROUP INC
    AVIVA INVESTORS
    NORGES BANK INVESTME
    THREADNEEDLE ASSET M
    MACKENZIE FINANCIAL
    SARASIN
    MACKENZIE FINANCIAL
    SCOTTISH WIDOWS
    UBS
    DWS INVESTMENT SA

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios

    Analyst

    Numis Securities Ltd


    GARETH R DAVIES
    AlphaValue
    VERONIQUE CABIOC'H
    Societe Generale
    CHRISTOPHE CHERBLANC
    Deutsche Bank
    MARK BRALEY
    Investec
    STEVEN LIECHTI
    Macquarie
    TIMOTHY W NOLLEN
    Berenberg Bank
    SARAH SIMON
    Natixis
    PAVEL GOVCIYAN
    Nomura
    MATTHEW WALKER
    S&P Capital IQ
    ALEXANDER WISCH
    Exane BNP Paribas
    SAMI KASSAB
    Barclays
    NICK DEMPSEY
    Morgan Stanley
    PATRICK WELLINGTON
    Goldman Sachs
    VIGHNESH PADIACHY
    Sanford C. Bernstein & Co
    CLAUDIO ASPESI
    Espirito Santo Investment Bank Research
    GIASONE SALATI
    Liberum Capital Ltd
    IAN WHITTAKER
    Jefferies
    DAVID REYNOLDS
    Credit Suisse
    JOSEPH BARNET-LAMB
    EVA Dimensions
    CRAIG STERLING
    HSBC
    DAN GRAHAM
    Panmure Gordon & Co Limited
    ALEX DE GROOTE
    JPMorgan
    MARK O'DONNELL
    Day by Day
    VALERIE GASTALDY
    CA Cheuvreux
    NIKLAS KRISTOFFERSSONN

    Source
    ULT-AGG
    ULT-AGG
    ULT-AGG
    REG
    REG
    REG
    REG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    REG
    REG
    REG
    MF-AGG
    ULT-AGG
    REG
    ULT-AGG
    ULT-AGG
    REG

    Recommendation
    hold
    add
    sell
    hold
    hold
    neutral
    hold
    buy
    reduce
    hold
    outperform
    equalweight
    Underwt/Attractive
    Buy/Neutral
    outperform
    buy
    sell
    hold
    outperform
    underweight
    underweight
    hold
    overweight
    hold
    underperform

    Amt Held
    47'469'661
    38'923'069
    32'385'175
    26'572'179
    23'537'352
    19'904'294
    19'350'761
    19'130'761
    16'108'031
    15'978'648
    14'972'747
    14'855'998
    14'432'921
    14'384'173
    12'272'596
    11'932'117
    11'851'900
    11'664'238
    11'426'009
    10'946'232

    % Out
    5.81
    4.76
    3.96
    3.25
    2.88
    2.43
    2.37
    2.34
    1.97
    1.95
    1.83
    1.82
    1.77
    1.76
    1.5
    1.46
    1.45
    1.43
    1.4
    1.34

    Weighting

    Change
    3
    4
    1
    3
    3
    3
    3
    5
    2
    3
    5
    3
    1
    5
    5
    5
    1
    3
    5
    1
    1
    3
    5
    3
    1

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (3'473'668)
    (52'750)
    2'321'910
    10'177'539
    4'434'586
    407'712
    374'401
    (1'303'670)
    (212'960)
    (160'200)
    621'527
    (397'000)
    2'054'671
    24'963
    709'947

    Target Price
    1'192
    1'354
    1'040
    1'225
    1'150
    1'100
    1'200
    1'420
    1'195
    1'300
    1'400
    1'175
    1'140
    1'370
    1'400
    1'570
    1'050
    1'290
    1'210
    #N/A N/A
    1'000
    1'125
    1'490
    #N/A N/A
    1'150

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2012
    26.02.2013
    31.12.2011
    01.11.2012
    01.11.2012
    01.11.2012
    01.11.2012
    31.12.2012
    31.12.2012
    31.01.2013
    31.12.2012
    01.11.2012
    01.11.2012
    01.11.2012
    30.11.2012
    28.12.2012
    01.11.2012
    30.11.2012
    28.12.2012
    01.11.2012

    Date
    Not Provided
    6 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    9 month
    Not Provided
    Not Provided

    Inst Type
    Investment Advisor
    Investment Advisor
    Unclassified
    Other
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Government
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Unclassified
    Unclassified
    Unclassified

    Date
    28.02.2013
    28.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    21.02.2013
    22.01.2013
    21.01.2013
    17.01.2013
    29.11.2012
    31.10.2012
    29.10.2012
    07.08.2012
    28.02.2012

    28.02.2013

    Pernod-Ricard SA
    Pernod Ricard SA produces wines and spirits. The Company produces wines,
    bitters, whiskies, anis-based spirits, liqueurs, cognacs and brandies, and
    white spirits and rums. Pernod Ricard markets its products worldwide.

    Price/Volume
    120

    4.5 M
    4.0 M

    100

    3.5 M

    80

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (11.04.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    RI FP EQUITY YTD Change
    RI FP EQUITY YTD % CHANGE

    06/2012
    12/yy
    98.65
    74.85
    63'615.00
    98.2
    -0.51%
    31.20%
    98.19%
    265.3
    26'053.50
    10'176.00
    0.0
    169.0
    787.00
    35'429.50

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    2.5 M
    2.0 M

    40

    1.5 M
    1.0 M

    20

    .5 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    30.06.2008
    6'589.0
    3.09x
    1'689.0
    12.05x
    840.0
    16.65x

    3.0 M

    60

    30.06.2009
    30.06.2010
    7'203.0
    7'081.0
    3.11x
    3.87x
    2'187.0
    2'063.0
    10.26x
    13.28x
    945.0
    951.0
    11.26x
    17.67x
    Profitability

    LTM-4Q
    30.06.2011
    7'643.0
    3.54x
    2'111.0
    12.82x
    1'045.0
    17.08x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    30.06.2012
    8'215.0
    3.86x
    2'295.0
    13.82x
    1'146.0
    19.33x
    2'295.00
    2'113.00
    25.72%
    17.29%
    4.23%
    10.97%
    7.86%
    0.30%
    61.4%
    28.8%
    25.8%
    14.0%
    1.76
    0.56
    35.86%
    94.20%
    4.74
    0.78

    Price/ Cash Flow

    12/yy
    0.0
    #DIV/0!
    0.0
    0.00x
    0.0
    0.00x

    LTM
    12/yy
    8'508.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    1.61
    0.72
    189.25
    28.84%
    12.31%
    0.716
    34
    3.529
    565'738
    562'468
    474'765
    FY+2

    FQ+1

    FQ+2

    06/13 Y
    06/14 Y
    03/13 Q3 06/13 Q4
    8'809.5
    9'353.8
    4'874.0
    3.95x
    3.65x
    2'490.3
    2'697.3
    14.23x
    13.14x
    1'324.8
    1'508.2
    19.73x
    17.43x
    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

    03.10.2011
    BBBSTABLE
    03.10.2011
    A-3
    4.40
    3.88
    3.76
    4.12
    94.2%
    48.1%
    0.30
    4.54
    77.28
    472.24
    245.15
    323.06

    Sales/Revenue/Turnover

    80.00

    9'000.0

    70.00

    8'000.0

    60.00

    7'000.0
    6'000.0

    50.00

    5'000.0
    40.00

    4'000.0

    30.00

    3'000.0

    20.00

    2'000.0

    10.00

    1'000.0

    0.00
    03.07.2009

    0.0
    03.01.2010

    03.07.2010

    03.01.2011

    03.07.2011

    03.01.2012

    03.07.2012

    03.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Pernod-Ricard SA
    Holdings By:

    All

    Holder Name
    SOCIETE PAUL RICARD
    CAPITAL GROUP COMPAN
    GROUPE BRUXELLES LAM
    FRANKLIN RESOURCES
    MFS INVESTMENT MANAG
    HARBOR CAPITAL ADVIS
    CREDIT AGRICOLE ASSE
    AMUNDI ASSET MANAGEM
    NORGES BANK INVESTME
    CAISSE DES DEPOTS ET
    BLACKROCK
    NATIXIS ASSET MANAGE
    VANGUARD GROUP INC
    GARDNER RUSSO & GARD
    ARTISAN PARTNERS HOL
    JANUS CAPITAL MANAGE
    MASSACHUSETTS FINANC
    NATIXIS ASSET MANAGE
    T ROWE PRICE ASSOCIA
    CITIGROUP GLOBAL MAR

    Firm Name

    Portfolio Name
    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
    GARDNER RUSSO & GARD
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a

    Analyst

    AlphaValue
    ISABELLE COMBEMALE
    RBC Capital Markets
    JAMES EDWARDES JONES
    Sanford C. Bernstein & Co
    TREVOR STIRLING
    Exane BNP Paribas
    JAVIER GONZALEZ LASTRA
    Berenberg Bank
    PHILIP MORRISEY
    Day by Day
    VALERIE GASTALDY
    Shore Capital Stockbrokers
    PHIL CARROLL
    EVA Dimensions
    AUSTIN BURKETT
    Canaccord Genuity Corp
    EDDY HARGREAVES
    Societe Generale
    NICOLAS CERON
    Investec
    MARTIN DEBOO
    JPMorgan
    MIKE J GIBBS
    Raymond James
    HERMINE DE BENTZMANN
    Natixis
    JOSEPHINE CHEVALLIER
    Nomura
    IAN SHACKLETON
    Barclays
    SIMON HALES
    Credit Suisse
    ALEX MOLLOY
    CM - CIC Securities(ESN)
    FRANCIS PRETRE
    Kepler Capital Markets
    LAETITIA DELAYE
    Bryan Garnier & Cie
    NIKOLAAS FAES
    S&P Capital IQ
    CARL SHORT
    Deutsche Bank
    JAMES ISENWATER
    Liberum Capital Ltd
    PABLO ZUANIC
    CA Cheuvreux
    ERIC BOROIAN
    Grupo Santander
    ANTHONY J BUCALO
    Goldman Sachs
    MITCHELL COLLETT
    Aurel - BGC
    JEAN-MARIE L'HOME
    Redburn Partners
    CHRIS PITCHER
    Jefferies
    DIRK VAN VLAANDEREN
    Espirito Santo Investment Bank Research
    ALEX SMITH
    HSBC
    ERWAN RAMBOURG
    Equita SIM SpA
    FABIO FAZZARI
    Davy
    BARRY GALLAGHER
    CS Capital
    CHRISTOPHER PARKINSON

    Source
    Co File
    ULT-AGG
    Co File
    ULT-AGG
    Co File
    MF-AGG
    Co File
    Co File
    Co File
    Co File
    ULT-AGG
    MF-AGG
    MF-AGG
    13F
    Co File
    ULT-AGG
    MF-AGG
    Co File
    MF-AGG
    Co File

    Recommendation
    reduce
    outperform
    market perform
    outperform
    buy
    hold
    hold
    sell
    sell
    buy
    hold
    overweight
    outperform
    buy
    neutral
    overweight
    outperform
    accumulate
    hold
    neutral
    buy
    sell
    sell
    underperform
    buy
    buy/attractive
    hold
    neutral
    hold
    buy
    neutral
    hold
    outperform
    neutral

    Amt Held
    34'866'200
    31'984'252
    19'890'770
    11'042'098
    6'674'776
    5'904'879
    5'615'014
    5'468'037
    5'310'761
    5'270'298
    4'851'901
    4'260'468
    3'960'944
    3'711'633
    3'710'368
    3'408'168
    3'120'159
    3'110'259
    2'934'500
    2'898'012

    % Out
    13.14
    12.06
    7.5
    4.16
    2.52
    2.23
    2.12
    2.06
    2
    1.99
    1.83
    1.61
    1.49
    1.4
    1.4
    1.28
    1.18
    1.17
    1.11
    1.09

    Weighting

    Change
    2
    5
    3
    5
    5
    3
    3
    1
    1
    5
    3
    5
    5
    5
    3
    5
    5
    4
    3
    3
    5
    1
    1
    1
    5
    5
    3
    3
    3
    5
    3
    3
    5
    3

    M
    M
    M
    M
    M
    M
    D
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M

    Latest Chg
    2'110'090
    (910'162)
    (96'556)
    (114'043)
    1'196'974
    91'680
    70'829
    11'347
    83'016
    859'128
    -

    Target Price
    97
    95
    103
    104
    95
    #N/A N/A
    #N/A N/A
    #N/A N/A
    72
    110
    93
    101
    104
    107
    98
    105
    96
    98
    97
    91
    107
    75
    62
    91
    103
    139
    75
    #N/A N/A
    82
    96
    93
    66
    #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
    29.08.2012
    Corporation
    31.12.2012
    Investment Advisor
    29.08.2012
    Holding Company
    31.12.2012
    Investment Advisor
    29.08.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    29.08.2012
    Investment Advisor
    29.08.2012
    Other
    29.08.2012
    Government
    29.08.2012
    Government
    26.02.2013
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012 Hedge Fund Manager
    29.08.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    29.08.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    29.08.2012
    Unclassified

    Date
    6 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
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    6 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    6 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided

    Date
    28.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    20.02.2013
    18.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    08.02.2013
    25.01.2013
    21.01.2013
    14.01.2013
    09.01.2013
    14.12.2012
    10.12.2012
    26.10.2012
    14.09.2012
    08.08.2012
    12.01.2012
    26.07.2011
    04.08.2010

    28.02.2013

    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 (20.04.2012)
    52-Week Low (27.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 06.09.2012
    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
    1'784.00
    1'324.00
    712'233.00
    1459
    -18.33%
    10.20%
    37.61%
    345.9
    5'046.56
    349.00
    0.0
    1.0
    699.00
    7'303.35

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    4.5 M
    4.0 M
    3.5 M
    3.0 M
    2.5 M
    2.0 M
    1.5 M
    1.0 M
    .5 M
    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    3'329.5
    0.34x
    420.9
    2.69x
    265.0
    6.46x

    2000
    1800
    1600
    1400
    1200
    1000
    800
    600
    400
    200
    0
    f-12 m-12

    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
    5'800.7
    1.05x
    764.0
    7.96x
    539.4
    14.05x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    6'324.0
    1.36x
    859.0
    10.04x
    632.0
    14.18x
    859.00
    729.00
    11.53%
    12.10%
    12.36%
    47.52%
    41.04%
    1.24%
    17.1%
    13.6%
    11.5%
    10.0%
    1.03
    0.59
    6.55%
    22.53%
    6.03
    8.03

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    2.89
    1.19
    246.99
    -6.33%
    -10.10%
    1.186
    24
    3.750
    1'688'379
    1'066'217
    889'816
    FY+2

    12/13 Y
    12/14 Y
    6'782.7
    7'369.9
    1.09x
    0.99x
    1'070.2
    1'253.6
    6.82x
    5.83x
    697.1
    787.0
    10.87x
    9.52x
    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

    .0 M
    f-13

    FQ+1

    FQ+2

    171.80
    92.40
    -0.41
    0.41
    22.5%
    18.4%
    1.24
    8.44
    60.66
    45.56
    85.61
    20.61

    Sales/Revenue/Turnover

    90.00

    7'000.0

    80.00

    6'000.0

    70.00

    5'000.0

    60.00
    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

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Petrofac Ltd
    Holdings By:

    All

    Holder Name
    ASFARI AYMAN
    SEMAAN MAROUN
    LANSDOWNE PARTNERS
    VANGUARD GROUP INC
    BLACKROCK
    ROBERTS KEITH STEPHE
    LEGAL & GENERAL
    ROYAL LONDON ASSET M
    GLOBAL INVESTMENT SE
    GLG PARTNERS LP
    FMR LLC
    ROYAL BANK OF CANADA
    CAUSEWAY CAPITAL MAN
    CHEDID MARWAN
    JYSKE INVEST
    VERMA RAJESH KUMAR
    SCOTTISH WIDOWS
    BESSEMER GROUP INCOR
    PUTNAM INVESTMENT MA
    HSBC INVESTMENT FUND

    Firm Name
    Societe Generale
    RBC Capital Markets
    Natixis
    Nomura
    Barclays
    Morgan Stanley
    Goldman Sachs
    JPMorgan
    Canaccord Genuity Corp
    S&P Capital IQ
    Exane BNP Paribas
    Numis Securities Ltd
    Day by Day
    Oriel Securities Ltd
    EVA Dimensions
    Liberum Capital Ltd
    Investec
    VSA Capital Ltd
    Macquarie
    Deutsche Bank
    HSBC
    Fox-Davies Capital

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    GUILLAUME DELABY
    KATHERINE TONKS
    ALAIN PARENT
    CHRISTYAN MALEK
    MICK PICKUP
    ROBERT PULLEYN
    HENRY TARR
    ANDREW DOBBING
    JAMES EVANS
    CHRISTINE TISCARENO
    ALEXANDRE MARIE
    SANJEEV BAHL
    VALERIE GASTALDY
    DAVID ROUND
    CRAIG STERLING
    ANDREW WHITTOCK
    KEITH ADAM MORRIS
    DOUGIE YOUNGSON
    MARK WILSON
    SEBASTIAN YOSHIDA
    PHILLIP LINDSAY
    PAUL SINGER

    Source
    RNS-DIR
    RNS-DIR
    Short
    MF-AGG
    ULT-AGG
    RNS-DIR
    ULT-AGG
    MF-AGG
    MF-AGG
    Short
    ULT-AGG
    ULT-AGG
    MF-AGG
    RNS-DIR
    MF-AGG
    RNS-DIR
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    hold
    sector perform
    buy
    buy
    underweight
    Overwt/Attractive
    neutral/neutral
    overweight
    buy
    strong buy
    neutral
    hold
    hold
    hold
    overweight
    hold
    buy
    not rated
    underperform
    hold
    neutral
    buy

    Amt Held
    % Out
    62'900'835 18.19
    28'217'864
    8.16
    (6'917'830)
    -2
    6'114'265
    1.77
    2'940'256
    0.85
    2'120'000
    0.61
    1'881'840
    0.54
    1'829'459
    0.53
    1'818'800
    0.53
    (1'660'279) -0.48
    1'532'632
    0.44
    1'500'320
    0.43
    1'374'940
    0.4
    1'321'913
    0.38
    1'269'304
    0.37
    1'253'092
    0.36
    1'225'865
    0.35
    1'132'000
    0.33
    1'119'872
    0.32
    1'017'795
    0.29

    Weighting
    3
    3
    5
    5
    1
    5
    3
    5
    5
    5
    3
    3
    3
    3
    5
    3
    5
    #N/A N/A
    1
    3
    3
    5

    Change
    D
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    U
    M
    M
    M
    M
    D
    N
    M
    M

    Latest Chg
    62'867
    82'476
    (207'535)
    401'496
    3'426
    232'961
    403'000
    345'892
    (20'366)
    37'902
    498'326
    38'148
    7'856
    55'018
    678'758
    400'000
    988'627
    16'036

    Target Price
    1'580
    1'600
    1'990
    1'740
    1'800
    2'100
    1'800
    2'215
    1'950
    2'200
    1'840
    1'508
    #N/A N/A
    #N/A N/A
    #N/A N/A
    1'703
    2'000
    #N/A N/A
    1'350
    1'600
    1'510
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    19.03.2012
    n/a
    19.03.2012
    n/a
    07.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    21.03.2011
    n/a
    31.01.2013
    Unclassified
    31.12.2012
    Investment Advisor
    31.10.2012
    Investment Advisor
    21.02.2013 Hedge Fund Manager
    31.12.2012
    Investment Advisor
    28.09.2012
    Bank
    31.12.2012
    Investment Advisor
    19.03.2012
    n/a
    31.12.2012
    Investment Advisor
    21.03.2011
    n/a
    30.11.2012
    Unclassified
    31.10.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor

    Date
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    9 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided

    Date
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    20.02.2013
    20.02.2013
    11.02.2013
    17.01.2013
    20.12.2012
    18.12.2012
    05.12.2012
    27.10.2012
    05.10.2012
    14.08.2012
    06.03.2012

    28.02.2013

    Porsche Automobil Holding SE


    Porsche Automobil Holding SE is a holding company. The Company, through its
    subsidiaries, offers development, production, and sale of automobiles along
    with financial services. Porsche operates worldwide.

    Price/Volume
    70

    3.0 M

    60

    2.5 M

    50

    2.0 M

    40

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (29.01.2013)
    52-Week Low (28.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.06.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    PAH3 GY EQUITY YTD Change
    PAH3 GY EQUITY YTD % CHANGE

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    1.0 M

    20

    .5 M

    10
    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    .0 M
    f-13

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.07.2007
    7'367.9
    3.55x
    (1'589.5)
    4'197.0
    -

    1.5 M

    30

    12/2011
    01/yy
    67.10
    37.69
    149'230.00
    60.92
    -9.21%
    61.63%
    79.19%
    153.1
    18'681.25
    5'871.00
    345.0
    469.00
    24'310.25

    31.07.2008
    31.07.2009
    7'467.0
    0.0
    3.07x
    (10'868.0)
    (49'337.0)
    6'291.0
    (2'524.0)
    2.65x
    Profitability

    31.07.2010
    0.0
    3'985.0
    4.36x
    (379.0)
    1.19x

    31.12.2011
    0.0
    37.0
    318.08x
    -4'447.00
    3.15%
    4.69%
    0.00%
    2.13
    1.42
    17.81%
    27.56%
    -

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    1.11
    149.49
    27.14%
    -1.26%
    1.115
    25
    3.800
    641'211
    450'638
    487'115
    FY+2

    12/12 Y
    12/13 Y
    0.0
    0.0
    #DIV/0!
    #DIV/0!
    2'134.8
    351.8
    11.39x
    69.13x
    6'627.6
    3'313.8
    2.97x
    5.84x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    27.6%
    21.3%
    0.00
    -

    Sales/Revenue/Turnover

    250.00

    8'000.0
    7'000.0

    200.00

    6'000.0
    5'000.0

    150.00

    4'000.0
    100.00

    3'000.0
    2'000.0

    50.00

    1'000.0

    0.00
    01.08.2008 01.02.2009 01.08.2009 01.02.2010 01.08.2010 01.02.2011 01.08.2011 01.02.2012 01.08.2012 01.02.2013

    0.0
    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Porsche Automobil Holding SE


    Holdings By:

    All

    Holder Name
    VANGUARD GROUP INC
    AHONER ALPHA BETEILI
    DEKA INVESTMENT GMBH
    DB PLATINUM ADVISORS
    BLACKROCK
    SEB
    MAINFIRST SICAV
    UNION INVESTMENT GMB
    FRANKLIN RESOURCES
    DEUTSCHE BANK AG
    BAILLIE GIFFORD AND
    INVESCO LTD
    DEKA INTERNATIONAL S
    GRANTHAM MAYO VAN OT
    FRANKFURT TRUST INVE
    AMUNDI
    FMR LLC
    ADIG INVESTMENT
    UNION INVESTMENT LUX
    JOHN HANCOCK INVESTM

    Firm Name
    AlphaValue
    Commerzbank Corporates & Markets
    Sanford C. Bernstein & Co
    Societe Generale
    HSBC
    Landesbank Baden-Wuerttemberg
    Equinet Institutional Services(ESN)
    DZ Bank AG
    Kepler Capital Markets
    Independent Research GmbH
    Macquarie
    Credit Suisse
    Morgan Stanley
    Bankhaus Metzler
    JPMorgan
    Nord/LB
    Goldman Sachs
    M.M. Warburg Investment Research
    Silvia Quandt Research
    Deutsche Bank
    Barclays
    Exane BNP Paribas
    EVA Dimensions
    Hamburger Sparkasse
    Oddo & Cie
    CA Cheuvreux
    Redburn Partners

    Portfolio Name
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    HANS-PETER WODNIOK
    DANIEL SCHWARZ
    MAX WARBURTON
    STEPHEN REITMAN
    HORST SCHNEIDER
    FRANK BILLER
    TIM SCHULDT
    MICHAEL PUNZET
    MICHAEL RAAB
    ZAFER RUZGAR
    CHRISTIAN BREITSPRECHER
    ERICH HAUSER
    STUART PEARSON
    JUERGEN PIEPER
    JOSE ASUMENDI
    FRANK SCHWOPE
    STEFAN BURGSTALLER
    MARC-RENE TONN
    ALBRECHT DENNINGHOFF
    JOCHEN GEHRKE
    MICHAEL TYNDALL
    RABIH FREIHA
    TEAM COVERAGE
    TINA HECKING-VELTMAN
    FRANCOIS MAURY
    ALEXANDER NEUBERGER
    CHARLES WINSTON

    Source
    MF-AGG
    Research
    MF-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    add
    buy
    market perform
    buy
    neutral
    buy
    hold
    sell
    reduce
    hold
    outperform
    outperform
    Overwt/In-Line
    buy
    neutral
    buy
    neutral/attractive
    hold
    not rated
    buy
    overweight
    outperform
    hold
    sell
    reduce
    outperform
    neutral

    Amt Held
    4'552'893
    3'633'723
    1'921'050
    1'726'000
    1'693'679
    1'368'171
    1'159'500
    753'753
    615'890
    542'145
    456'197
    415'094
    407'656
    344'522
    330'000
    311'291
    280'456
    262'375
    220'565
    217'971

    % Out
    2.97
    2.37
    1.25
    1.13
    1.11
    0.89
    0.76
    0.49
    0.4
    0.35
    0.3
    0.27
    0.27
    0.22
    0.22
    0.2
    0.18
    0.17
    0.14
    0.14

    Weighting

    Change

    4
    5
    3
    5
    3
    5
    3
    1
    2
    3
    5
    5
    5
    5
    3
    5
    3
    3
    #N/A N/A
    5
    5
    5
    3
    1
    2
    5
    3

    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    N
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M

    Latest Chg
    72'904
    (69'629)
    (519'745)
    3'872
    (141'367)
    29'353
    (2'179)
    (51'432)
    (700)
    (57'132)
    (1'313'369)
    (417'733)
    39'365
    (4'692)

    Target Price
    72
    70
    60
    70
    71
    96
    64
    42
    52
    70
    77
    89
    75
    71
    88
    56
    71
    55
    #N/A N/A
    60
    54
    66
    #N/A N/A
    #N/A N/A
    50
    57
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2012
    27.11.2012
    28.12.2012
    31.01.2013
    26.02.2013
    31.01.2013
    31.10.2012
    28.09.2012
    31.12.2012
    31.12.2012
    30.11.2012
    27.02.2013
    28.09.2012
    31.05.2012
    28.12.2012
    30.11.2012
    31.12.2012
    31.10.2012
    28.09.2012
    31.12.2012

    Date
    6 month
    6 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    9 month
    12 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided

    Inst Type
    Investment Advisor
    n/a
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Mutual Fund Manager
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager

    Date
    28.02.2013
    25.02.2013
    21.02.2013
    04.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    28.01.2013
    25.01.2013
    23.01.2013
    08.01.2013
    07.01.2013
    03.01.2013
    19.12.2012
    18.12.2012
    02.11.2012
    02.11.2012
    16.10.2012
    02.08.2012
    19.06.2012
    16.05.2012
    09.04.2012
    10.11.2011
    15.09.2011
    31.03.2011
    20.10.2010

    28.02.2013

    PPR
    PPR retails consumer and household products, sporting goods, personal computers
    and lingerie, and luxury goods.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (19.02.2013)
    52-Week Low (12.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 14.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    PP FP EQUITY YTD Change
    PP FP EQUITY YTD % CHANGE

    12/2012
    12/yy
    175.05
    106.35
    51'114.00
    171.05
    -2.40%
    60.84%
    91.63%
    126.1
    21'572.26
    4'584.00
    0.0
    704.9
    2'081.00
    24'780.16

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    1.6 M
    1.4 M
    1.2 M
    1.0 M
    .8 M
    .6 M
    .4 M
    .2 M
    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    17'207.0
    0.75x
    1'860.6
    6.94x
    921.1
    15.69x

    200
    180
    160
    140
    120
    100
    80
    60
    40
    20
    0
    f-12 m-12

    31.12.2009
    31.12.2010
    13'584.3
    11'007.8
    1.20x
    1.83x
    1'584.1
    1'714.9
    10.32x
    11.77x
    950.9
    964.5
    33.97x
    21.23x
    Profitability

    31.12.2011
    8'062.3
    2.26x
    1'815.5
    10.03x
    986.3
    14.41x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    9'736.3
    2.15x
    2'074.4
    10.10x
    1'048.2
    13.41x
    2'074.40
    1'791.50
    18.40%
    17.00%
    4.18%
    9.38%
    7.63%
    0.39%
    61.2%
    21.2%
    18.4%
    10.8%
    1.25
    0.70
    18.15%
    40.16%
    9.39
    1.92

    Price/ Cash Flow

    LTM-4Q

    LTM

    09/yy
    15'203.4
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    12/yy
    9'736.3
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    0.92
    74.52
    39.13%
    22.61%
    0.916
    28
    3.893
    343'097
    316'650
    273'032
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    10'307.5
    11'170.9
    2.29x
    2.06x
    2'287.1
    2'564.5
    10.83x
    9.67x
    1'326.5
    1'540.5
    16.08x
    13.89x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    23.03.2012
    BBB
    STABLE
    23.03.2012
    A-2
    9.41
    7.40
    1.21
    2.22
    40.2%
    27.4%
    0.39
    7.09
    38.96
    190.89
    122.74
    107.11

    Sales/Revenue/Turnover

    20.00

    30'000.0

    18.00

    25'000.0

    16.00
    14.00

    20'000.0

    12.00

    15'000.0

    10.00
    8.00

    10'000.0

    6.00
    4.00

    5'000.0

    2.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    PPR
    Holdings By:

    All

    Holder Name
    ARTEMIS SA
    FMR LLC
    VANGUARD GROUP INC
    OPPENHEIMERFUNDS INC
    HARRIS ASSOCIATES LP
    NATIXIS ASSET MANAGE
    BAILLIE GIFFORD AND
    BLACKROCK
    T ROWE PRICE ASSOCIA
    LBPAM
    PICTET ASSET MANAGEM
    ING INVESTMENT MANAG
    SNS INVESTMENT FUND
    AMUNDI
    JP MORGAN
    ING INTERNATIONAL AD
    LBBW ASSET MANAGEMEN
    GLOBAL INVESTMENT SE
    DEKA INVESTMENT GMBH
    ALLIANZ ASSET MANAGE

    Firm Name
    CM - CIC Securities(ESN)
    Aurel - BGC
    Cantor Fitzgerald
    Equita SIM SpA
    Nomura
    AlphaValue
    Credit Suisse
    Kepler Capital Markets
    ISI Group
    Exane BNP Paribas
    Raymond James
    CA Cheuvreux
    Oddo & Cie
    Bryan Garnier & Cie
    Natixis
    EVA Dimensions
    Deutsche Bank
    Morgan Stanley
    JPMorgan
    Main First Bank AG
    Barclays
    HSBC
    Renaissance Capital
    Day by Day
    Goldman Sachs

    Portfolio Name
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a

    Analyst
    CHRISTIAN DEVISMES
    DAVID DA MAIA
    ALLEGRA PERRY
    FABIO FAZZARI
    CHRISTOPHER WALKER
    VIRGINIE BLIN
    ROGERIO FUJIMORI
    CATHERINE ROLLAND
    OMAR SAAD
    LUCA GIUSEPPE SOLCA
    MARC WILLAUME
    THOMAS MESMIN
    LEOPOLD AUTHIE
    LOIC MORVAN
    JEAN BAPTISTE TEISSIER
    CRAIG STERLING
    WARWICK OKINES
    LOUISE SINGLEHURST
    MELANIE A FLOUQUET
    MATTHIAS EIFERT
    HELEN NORRIS
    ANTOINE BELGE
    REY WIUM
    VALERIE GASTALDY
    WILLIAM HUTCHINGS

    Source
    Co File
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG

    Recommendation
    hold
    hold
    buy
    hold
    buy
    add
    neutral
    hold
    neutral
    outperform
    market perform
    outperform
    buy
    neutral
    buy
    underweight
    buy
    Underwt/In-Line
    overweight
    underperform
    overweight
    overweight
    buy
    buy
    neutral/neutral

    Amt Held
    51'572'650
    2'811'629
    2'768'907
    1'764'181
    1'581'400
    1'401'477
    1'123'116
    1'090'235
    516'791
    428'475
    260'342
    196'744
    194'869
    170'885
    170'147
    167'180
    165'000
    164'700
    151'589
    144'859

    % Out
    40.89
    2.23
    2.2
    1.4
    1.25
    1.11
    0.89
    0.86
    0.41
    0.34
    0.21
    0.16
    0.15
    0.14
    0.13
    0.13
    0.13
    0.13
    0.12
    0.11

    Weighting

    Change
    3
    3
    5
    3
    5
    4
    3
    3
    3
    5
    3
    5
    5
    3
    5
    1
    5
    1
    5
    1
    5
    5
    5
    5
    3

    M
    M
    M
    U
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    U
    M

    Latest Chg
    (627'382)
    (236'088)
    86'140
    (48'400)
    68'968
    (145'158)
    431'790
    17'154
    (8'458)
    (54)
    33'654
    (16'646)
    2'526
    (4'662)
    949
    4'700
    39'739
    3'780

    Target Price
    170
    185
    190
    185
    184
    185
    166
    165
    180
    192
    #N/A N/A
    170
    195
    166
    192
    #N/A N/A
    182
    135
    182
    182
    200
    186
    163
    165
    152

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2012
    31.12.2012
    31.12.2012
    30.12.2012
    31.12.2012
    31.12.2012
    30.11.2012
    26.02.2013
    31.12.2012
    31.12.2012
    30.11.2012
    31.12.2012
    29.06.2012
    30.11.2012
    31.12.2012
    28.09.2012
    30.11.2012
    31.10.2012
    28.12.2012
    31.12.2012

    Date
    12 month
    6 month
    Not Provided
    12 month
    12 month
    6 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    6 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    3 month
    12 month

    Inst Type
    Holding Company
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Unclassified
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor

    Date
    26.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    19.02.2013
    19.02.2013
    19.02.2013
    19.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    16.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    24.01.2013
    03.12.2012
    23.11.2012
    26.10.2012

    28.02.2013

    Prudential PLC
    Prudential plc is an international company which provides a wide assortment of
    insurance and investment products and services. Insurance products include life,
    accident and health, property and casualty insurance, as well as fixed and
    variable annuities. Financial and investment services include personal and
    group pensions, equity plans, mortgages and deposit accounts.

    Price/Volume
    1200

    12.0 M
    10.0 M

    600

    Latest Fiscal Year:


    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (01.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 01.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    PRU LN EQUITY YTD Change
    PRU LN EQUITY YTD % CHANGE

    12/2011
    09/yy
    989.00
    654.50
    496'451.00
    975
    -1.37%
    48.97%
    95.22%
    2'557.3
    24'933.44
    7'923.00
    43.0
    7'257.00
    24'627.43

    8.0 M
    6.0 M

    400

    4.0 M
    200

    2.0 M

    0
    f-12 m-12 a-12 m-12

    31.12.2008
    31.12.2009
    (10'269.0)
    48'099.0
    0.38x
    (396.0)
    676.0
    23.20x
    Profitability

    LTM-4Q
    31.12.2010
    47'646.0
    0.39x
    1'431.0
    11.78x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2011
    36'506.0
    0.47x
    1'490.0
    10.85x
    6.05%
    5.32%
    0.57%
    17.77%
    11.06%
    0.14%
    4.1%
    2.90%
    86.90%
    -

    LTM

    09/yy
    0.0
    #DIV/0!
    0.0
    0.00x
    0.0
    0.00x

    09/yy
    0.0
    #DIV/0!
    0.0
    0.00x
    0.0
    0.00x

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Sales/Revenue/Turnover

    16.00

    60'000.0

    14.00

    50'000.0

    12.00

    40'000.0

    10.00

    FY+1

    .0 M
    f-13

    2.63
    1.33
    2'447.67
    41.40%
    12.65%
    1.327
    27
    4.111
    3'343'742
    3'617'767
    3'782'261
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    03/12 Q1 06/12 Q2
    54'089.0
    57'898.0
    933.1
    0.34x
    0.33x
    1'735.1
    1'944.9
    14.15x
    12.73x
    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

    Price/ Cash Flow

    17.08.2010
    A+
    NEG
    17.08.2010
    A-1
    86.9%
    46.4%
    0.14
    -

    30'000.0

    8.00

    20'000.0

    6.00

    10'000.0

    4.00

    0.0

    2.00

    -10'000.0
    0.00
    02.01.2009 02.07.2009

    j-12

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    14.0 M

    800

    Valuation Analysis

    31.12.2007
    32'870.0
    0.59x
    947.0
    24.66x

    16.0 M

    1000

    02.01.2010 02.07.2010

    02.01.2011 02.07.2011

    02.01.2012 02.07.2012

    02.01.2013

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    -20'000.0

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Prudential PLC
    Holdings By:

    All

    Holder Name
    CAPITAL GROUP COMPAN
    BLACKROCK
    NORGES BANK INVESTME
    LEGAL & GENERAL
    BAILLIE GIFFORD AND
    SCOTTISH WIDOWS
    VANGUARD GROUP INC
    FMR LLC
    M&G INVESTMENT MANAG
    JP MORGAN
    UBS
    JANUS CAPITAL MANAGE
    SCHRODER INVESTMENT
    PEOPLES REPUBLIC OF
    VANGUARD GROUP INC
    LANSDOWNE PARTNERS L
    LAZARD ASSET MANAGEM
    AEGON
    HSBC INVESTMENTS UK
    AVIVA INVESTORS

    Firm Name
    AlphaValue
    JPMorgan
    Keefe, Bruyette & Woods
    Sanford C. Bernstein & Co
    Day by Day
    RBC Capital Markets
    Credit Suisse
    Morgan Stanley
    Macquarie
    Barclays
    Deutsche Bank
    EVA Dimensions
    HSBC
    Investec
    S&P Capital IQ
    Exane BNP Paribas
    Shore Capital Stockbrokers
    Panmure Gordon & Co Limited
    Societe Generale
    Berenberg Bank
    Redburn Partners
    Oriel Securities Ltd
    Goldman Sachs
    Nomura
    Daiwa Securities Co. Ltd.

    Portfolio Name
    n/a
    n/a
    Multiple Portfolios
    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
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    JEROME CASSAGNE
    ASHIK MUSADDI
    GREIG N PATERSON
    EDWARD HOUGHTON
    VALERIE GASTALDY
    GORDON AITKEN
    CHRIS ESSON
    JON HOCKING
    NEIL WELCH
    ALAN DEVLIN
    OLIVER STEEL
    AUSTIN BURKETT
    KAILESH MISTRY
    KEVIN RYAN
    RODERICK WALLACE
    ANDY HUGHES
    EAMONN FLANAGAN
    BARRIE CORNES
    ABID HUSSAIN
    MATTHEW PRESTON
    LANCE BURBIDGE
    MARCUS BARNARD
    COLIN L SIMPSON
    FAHAD CHANGAZI
    TIM PROUDLOVE

    Source
    ULT-AGG
    ULT-AGG
    REG
    ULT-AGG
    REG
    ULT-AGG
    MF-AGG
    ULT-AGG
    REG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    REG
    REG
    REG
    Short
    ULT-AGG
    ULT-AGG
    REG
    REG

    Recommendation
    reduce
    underweight
    market perform
    outperform
    buy
    outperform
    outperform
    Overwt/In-Line
    neutral
    overweight
    buy
    sell
    overweight
    hold
    strong buy
    underperform
    buy
    buy
    buy
    buy
    buy
    buy
    Buy/Neutral
    reduce
    outperform

    Amt Held
    % Out
    256'652'047 10.04
    128'527'550
    5.03
    109'343'285
    4.28
    104'285'746
    4.08
    88'407'117
    3.46
    73'996'286
    2.89
    73'253'657
    2.86
    62'496'567
    2.44
    47'303'661
    1.85
    46'509'713
    1.82
    41'867'106
    1.64
    39'310'345
    1.54
    33'734'493
    1.32
    32'116'464
    1.26
    29'093'870
    1.14
    (26'336'610) -1.03
    25'634'525
    1
    24'499'349
    0.96
    24'085'771
    0.94
    23'132'403
    0.9

    Weighting

    Change
    2
    1
    3
    5
    5
    5
    5
    5
    3
    5
    5
    1
    5
    3
    5
    1
    5
    5
    5
    5
    5
    5
    5
    2
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    1'911'502
    (136'942)
    401'633
    3'700'201
    (685'857)
    8'839'032
    (3'596'819)
    5'620'946
    (4'272'531)
    (7'205'386)
    (3'852'887)
    1'381'546
    (2'301'258)
    (142'717)
    (6'815'149)
    (189'080)
    2'472'324

    Target Price
    894
    781
    950
    1'055
    1'035
    910
    1'080
    1'135
    1'000
    1'023
    1'060
    #N/A N/A
    1'095
    831
    1'100
    745
    #N/A N/A
    1'085
    900
    1'080
    #N/A N/A
    900
    1'081
    680
    812

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    01.01.2013
    Investment Advisor
    26.02.2013
    Investment Advisor
    01.01.2013
    Government
    01.01.2013
    Unclassified
    01.01.2013
    Investment Advisor
    01.01.2013
    Unclassified
    31.12.2012
    Investment Advisor
    01.01.2013
    Investment Advisor
    01.01.2013
    Investment Advisor
    01.01.2013
    Unclassified
    01.01.2013
    Unclassified
    01.01.2013
    Investment Advisor
    01.01.2013
    Investment Advisor
    01.01.2013
    Government
    01.01.2013
    Investment Advisor
    20.12.2012 Hedge Fund Manager
    31.01.2013
    Unclassified
    01.01.2013
    Unclassified
    01.01.2013
    Investment Advisor
    01.01.2013
    Investment Advisor

    Date
    6 month
    9 month
    12 month
    12 month
    3 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    6 month

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    20.02.2013
    15.02.2013
    11.02.2013
    05.02.2013
    04.02.2013
    24.01.2013
    17.01.2013
    16.01.2013
    07.01.2013
    21.12.2012
    17.12.2012
    06.12.2012
    04.12.2012
    03.12.2012
    03.12.2012
    22.11.2012
    14.11.2012
    11.10.2012
    15.08.2012
    01.07.2011

    28.02.2013

    Publicis Groupe SA
    Publicis Groupe offers advertising services. The Company develops advertising
    campaigns and sells advertising on billboards and urban furniture, in newspapers
    and magazines, on radio, and in movie theaters. Publicis offers direct
    marketing, customer relationship marketing, sales promotion, public relations
    and human resources services, and operates retail drugstores.
    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (27.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 22.08.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    PUB FP EQUITY YTD Change
    PUB FP EQUITY YTD % CHANGE

    Price/Volume

    12/2012
    12/yy
    51.60
    35.11
    53'514.00
    50.49
    -2.17%
    43.83%
    91.69%
    210.0
    10'603.34
    1'109.00
    0.0
    44.0
    1'314.00
    10'442.34

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    3.0 M

    50

    2.5 M

    40

    2.0 M

    30

    1.5 M

    20

    1.0 M

    10

    .5 M

    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    4'704.0
    0.85x
    889.0
    4.49x
    447.0
    8.32x

    60

    31.12.2009
    31.12.2010
    4'524.0
    5'418.0
    1.28x
    1.30x
    751.0
    980.0
    7.71x
    7.19x
    403.0
    526.0
    14.32x
    15.00x
    Profitability

    LTM-4Q
    31.12.2011
    5'816.0
    1.16x
    1'055.0
    6.42x
    600.0
    12.01x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    6'610.0
    1.26x
    1'229.0
    6.79x
    737.0
    12.33x
    1'229.00
    1'058.00
    16.01%
    15.82%
    4.46%
    17.32%
    13.60%
    0.40%
    18.6%
    16.0%
    11.1%
    0.86
    0.78
    6.68%
    24.04%
    0.99
    -

    Price/ Cash Flow

    12/yy
    5'816.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    LTM
    12/yy
    6'610.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    0.81
    149.38
    25.36%
    11.58%
    0.814
    29
    3.862
    506'091
    574'747
    518'133
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    7'005.0
    7'357.4
    1'638.0
    1'799.0
    1.48x
    1.34x
    1'279.0
    1'373.2
    8.17x
    7.61x
    768.7
    828.4
    14.32x
    13.24x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    23.11.2009
    BBB+
    STABLE
    15.01.2007
    A-2
    17.31
    15.58
    -0.17
    0.90
    24.0%
    19.2%
    0.40
    13.19
    367.85
    -

    Sales/Revenue/Turnover

    12.00

    7'000.0

    10.00

    6'000.0
    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

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Publicis Groupe SA
    Holdings By:

    All

    Holder Name
    BADINTER ELISABETH
    THORNBURG INVESTMENT
    PUBLICIS GROUPE
    HARRIS ASSOCIATES LP
    ARTISAN PARTNERS LP
    LEVY MAURICE
    VANGUARD GROUP INC
    DENTSU INC
    SEP DENTSU BADINTER
    BLACKROCK
    AMUNDI SA
    NATIXIS ASSET MANAGE
    FMR LLC
    DULAC SOPHIE
    MASSACHUSETTS FINANC
    ARTISAN PARTNERS HOL
    INVESCO LTD
    BNP PARIBAS ARBITRAG
    INTERNATIONAL VALUE
    T ROWE PRICE ASSOCIA

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    AlphaValue
    VERONIQUE CABIOC'H
    EVA Dimensions
    CRAIG STERLING
    Pivotal Research Group LLC
    BRIAN WIESER
    HSBC
    OLIVIER MORAL
    Nomura
    MATTHEW WALKER
    Natixis
    JEROME BODIN
    Macquarie
    TIMOTHY W NOLLEN
    BMO Capital Markets
    DANIEL SALMON
    Societe Generale
    CHRISTOPHE CHERBLANC
    CM - CIC Securities(ESN)
    EMMANUEL CHEVALIER
    Kepler Capital Markets
    CONOR O'SHEA
    Espirito Santo Investment Bank Research
    GIASONE SALATI
    Exane BNP Paribas
    CHARLES BEDOUELLE
    Barclays
    JULIEN ROCH
    Deutsche Bank
    PATRICK KIRBY
    Morgan Stanley
    JULIEN ROSSI
    Jefferies
    WILL SMITH
    Sanford C. Bernstein & Co
    CLAUDIO ASPESI
    Oddo & Cie
    BRUNO HARENG
    S&P Capital IQ
    ALEXANDER WISCH
    Credit Suisse
    NICK BERTOLOTTI
    Liberum Capital Ltd
    IAN WHITTAKER
    Day by Day
    VALERIE GASTALDY
    JPMorgan
    FILIPPO PIETRO LO FRANCO
    CA Cheuvreux
    THOMAS JORION
    Goldman Sachs
    RICHARD JONES
    WYT Ltd
    ANTHONY DE LARRINAGA

    Source
    Research
    Co File
    Co File
    Research
    Research
    Co File
    MF-AGG
    Co File
    Co File
    ULT-AGG
    Research
    MF-AGG
    ULT-AGG
    Co File
    MF-AGG
    MF-AGG
    MF-AGG
    Short
    MF-AGG
    MF-AGG

    Recommendation
    add
    overweight
    hold
    neutral
    neutral
    neutral
    outperform
    market perform
    hold
    hold
    hold
    buy
    outperform
    overweight
    sell
    Overwt/Attractive
    buy
    outperform
    buy
    hold
    outperform
    hold
    buy
    overweight
    select list
    Buy/Neutral
    hold

    Amt Held
    % Out
    19'172'340
    9.13
    14'876'062
    7.08
    13'579'916
    6.47
    9'169'600
    4.37
    8'497'130
    4.05
    4'922'854
    2.34
    3'948'756
    1.88
    3'875'139
    1.85
    3'772'485
    1.8
    3'260'272
    1.55
    3'067'032
    1.46
    2'531'229
    1.21
    2'377'254
    1.13
    2'369'460
    1.13
    2'150'961
    1.02
    2'060'574
    0.98
    1'814'309
    0.86
    (1'638'068) -0.78
    1'277'306
    0.61
    1'242'453
    0.59

    Weighting

    Change
    4
    5
    3
    3
    3
    3
    5
    3
    3
    3
    3
    5
    5
    5
    1
    5
    5
    5
    5
    3
    5
    3
    5
    5
    5
    5
    3

    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    U
    M
    M

    Latest Chg
    (65'800)
    61'926
    (185'555)
    (88'988)
    150'166
    (31'728)
    118'754
    21'106
    105'004
    (243'790)
    12'360

    Target Price
    56
    #N/A N/A
    53
    52
    55
    45
    56
    48
    53
    49
    52
    64
    62
    55
    43
    56
    48
    47
    54
    54
    47
    42
    54
    54
    53
    54
    43

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    03.08.2012
    n/a
    29.02.2012
    Investment Advisor
    29.02.2012
    Corporation
    07.06.2012
    Investment Advisor
    04.08.2011
    Unclassified
    31.12.2011
    n/a
    31.12.2012
    Investment Advisor
    31.03.2012
    Corporation
    31.12.2011
    Other
    26.02.2013
    Investment Advisor
    05.07.2011
    Other
    31.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2011
    n/a
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    27.02.2013
    Investment Advisor
    29.01.2013
    Investment Advisor
    30.06.2012
    Investment Advisor
    31.12.2012
    Investment Advisor

    Date
    6 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    3 month
    9 month
    Not Provided
    12 month
    12 month

    Date
    28.02.2013
    20.02.2013
    20.02.2013
    19.02.2013
    19.02.2013
    18.02.2013
    16.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    13.02.2013
    12.02.2013
    28.01.2013
    12.12.2012
    07.12.2012
    26.10.2012
    18.03.2012

    28.02.2013

    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

    3.5 M

    8000

    3.0 M

    7000

    2.5 M

    6000

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (02.10.2012)
    52-Week Low (16.05.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.01.2013
    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
    12/yy
    7'875.00
    4'480.00
    83'088.00
    5485
    -30.29%
    22.43%
    33.87%
    92.1
    5'052.54
    18.02
    0.0
    166.1
    390.76
    7'454.78

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    2.0 M

    4000

    1.5 M

    3000

    1.0 M

    2000

    .5 M

    1000
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    338.6
    9.01x
    97.3
    31.34x
    41.6
    78.87x

    5000

    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
    569.8
    15.77x
    377.1
    24.74x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    1'317.8
    6.59x
    699.2
    12.43x
    431.8
    20.57x
    699.18
    567.44
    43.06%
    43.12%
    15.26%
    17.98%
    20.11%
    0.47%
    52.8%
    53.1%
    43.1%
    32.8%
    4.10
    1.66
    0.58%
    0.69%
    -

    Price/ Cash Flow

    12/yy
    1'127.1
    28.36x
    569.8
    15.77x
    377.1
    24.75x

    LTM
    12/yy
    1'317.8
    26.72x
    699.2
    12.43x
    431.8
    20.57x

    FY+1

    .0 M
    f-13

    0.00
    0.69
    82.98
    -23.43%
    -7.82%
    0.686
    23
    4.174
    431'791
    353'601
    322'874
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    1'640.4
    2'116.9
    4.59x
    3.34x
    931.3
    1'279.9
    8.00x
    5.82x
    564.4
    752.6
    14.16x
    10.24x
    16.06x
    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

    582.65
    114.09
    -0.53
    0.03
    0.7%
    0.6%
    0.47
    0.87
    138.94

    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

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Randgold Resources Ltd


    Holdings By:

    All

    Holder Name
    BLACKROCK
    VAN ECK ASSOCIATES C
    PACIFIC CENTURY GROU
    FMR LLC
    CARMIGNAC GESTION
    WELLS FARGO
    LEGAL & GENERAL
    MASSACHUSETTS MUTUAL
    FRANKLIN RESOURCES
    COMGEST SA
    STATE STREET
    VANGUARD GROUP INC
    INVESTEC ASSET MANAG
    BRISTOW D MARK
    SCOTTISH WIDOWS
    COMGEST GROWTH PLC
    ALLIANZ ASSET MANAGE
    DWS INVESTMENT SA
    ROYAL LONDON ASSET M
    IG INVESTMENT MANAGE

    Firm Name
    Societe Generale
    CIBC World Markets
    SBG Securities
    Barclays
    Deutsche Bank
    Morgan Stanley
    RBC Capital Markets
    GMP
    Fox-Davies Capital
    Clarus Securities
    Canaccord Genuity Corp
    JPMorgan
    Numis Securities Ltd
    Liberum Capital Ltd
    Investec
    Day by Day
    EVA Dimensions
    Davy
    Nomura
    Goldman Sachs
    BMO Capital Markets

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    BRUCE ALWAY
    LEON ESTERHUIZEN
    MICHAEL STARKE
    IAN ROSSOUW
    GRANT SPORRE
    ALAIN GABRIEL
    JONATHAN GUY
    BROCK SALIER
    PETER ROSE
    NANA SANGMUAH
    TIM DUDLEY
    ALLAN COOKE
    CAILEY BARKER
    KATE CRAIG
    HUNTER HILLCOAT
    VALERIE GASTALDY
    CRAIG STERLING
    BART JAWORSKI
    TYLER BRODA
    EUGENE KING
    ANDREW BREICHMANAS

    Source
    ULT-AGG
    13G
    Co File
    ULT-AGG
    Co File
    ULT-AGG
    ULT-AGG
    Co File
    ULT-AGG
    Co File
    ULT-AGG
    MF-AGG
    MF-AGG
    RNS-DIR
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    buy
    sector perform
    hold
    overweight
    buy
    Overwt/In-Line
    outperform
    buy
    buy
    buy
    buy
    overweight
    buy
    buy
    buy
    buy
    underweight
    outperform
    reduce
    neutral/attractive
    market perform

    Amt Held
    13'581'998
    6'334'035
    6'249'762
    5'072'898
    4'555'052
    4'350'752
    3'817'502
    2'386'554
    2'215'042
    2'041'700
    1'894'010
    1'573'483
    742'722
    706'065
    519'961
    350'000
    309'408
    235'369
    179'857
    170'831

    % Out
    14.74
    6.88
    6.78
    5.51
    4.94
    4.72
    4.14
    2.59
    2.4
    2.22
    2.06
    1.71
    0.81
    0.77
    0.56
    0.38
    0.34
    0.26
    0.2
    0.19

    Weighting

    Change
    5
    3
    3
    5
    5
    5
    5
    5
    5
    5
    5
    5
    5
    5
    5
    5
    1
    5
    2
    3
    3

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    U
    M
    M
    M
    M
    M

    Latest Chg
    319'685
    (3'943'449)
    (33)
    (143'741)
    161
    36'786
    35'612
    (31'665)
    232'006
    (19'130)
    35'000
    2

    Target Price
    8'000
    6'500
    6'500
    6'500
    7'360
    6'800
    7'500
    7'800
    7'008
    7'671
    8'300
    7'560
    8'000
    #N/A N/A
    6'882
    7'530
    #N/A N/A
    #N/A N/A
    7'075
    7'800
    7'823

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    26.02.2013
    Investment Advisor
    31.12.2011
    Investment Advisor
    31.12.2011
    Corporation
    04.12.2012
    Investment Advisor
    31.12.2011
    Investment Advisor
    31.12.2012
    Unclassified
    31.01.2013
    Unclassified
    31.12.2011
    Insurance Company
    31.12.2011
    Investment Advisor
    31.12.2011
    Unclassified
    27.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    14.01.2013
    n/a
    30.11.2012
    Unclassified
    30.06.2011
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    28.09.2012
    Investment Advisor

    Date
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    9 month
    Not Provided
    Not Provided
    12 month
    3 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided

    Date
    22.02.2013
    20.02.2013
    11.02.2013
    06.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    04.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    29.01.2013
    23.01.2013
    15.01.2013
    08.01.2013
    29.11.2012
    11.11.2012
    07.11.2012

    28.02.2013

    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 (20.02.2013)
    52-Week Low (28.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 26.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    RB/ LN EQUITY YTD Change
    RB/ LN EQUITY YTD % CHANGE

    12/2012
    12/yy
    4'636.00
    3'274.00
    145'574.00
    4439
    -4.31%
    35.58%
    83.70%
    718.8
    31'909.22
    3'274.00
    0.0
    1.0
    891.00
    34'293.22

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    9.0 M
    8.0 M
    7.0 M
    6.0 M
    5.0 M
    4.0 M
    3.0 M
    2.0 M
    1.0 M
    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    6'563.0
    2.96x
    1'612.0
    12.05x
    1'120.0
    16.36x

    5000
    4500
    4000
    3500
    3000
    2500
    2000
    1500
    1000
    500
    0
    f-12 m-12

    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

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    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%
    12.52%
    31.45%
    21.32%
    0.66%
    57.9%
    28.4%
    26.9%
    19.1%
    0.47
    0.14
    21.71%
    55.29%
    5.40

    Price/ Cash Flow

    LTM

    12/yy
    9'485.0
    5.53x
    0.0
    0.00x
    1'745.0
    13.26x

    12/yy
    9'567.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    3.02
    0.68
    639.03
    31.75%
    16.38%
    0.682
    35
    2.829
    1'455'132
    1'123'002
    971'886
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    10'077.7
    10'580.2
    2'452.0
    2'473.0
    3.36x
    3.12x
    2'760.3
    2'917.0
    12.42x
    11.75x
    1'923.6
    2'031.0
    16.84x
    15.91x
    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

    16.12.2003
    A+
    STABLE
    01.05.1990
    A-1
    66.29
    62.24
    0.88
    1.20
    55.3%
    35.6%
    0.66
    13.03
    67.80
    23.86

    Sales/Revenue/Turnover

    18.00

    12'000.0

    16.00

    10'000.0

    14.00

    8'000.0

    12.00
    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

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Reckitt Benckiser Group PLC


    Holdings By:

    All

    Holder Name
    JAB INVESTMENTS BV
    MASSACHUSETTS FINANC
    INVESCO LTD
    BLACKROCK
    FMR LLC
    LEGAL & GENERAL
    SCOTTISH WIDOWS
    NORGES BANK INVESTME
    MORGAN STANLEY
    THORNBURG INVESTMENT
    MORGAN STANLEY INVES
    MORGAN STANLEY INVES
    VANGUARD GROUP INC
    PERPETUAL INVESTMENT
    WALTER SCOTT & PARTN
    CEDAR ROCK CAPITAL L
    PEOPLES REPUBLIC OF
    VANGUARD GROUP INC
    UBS
    FIRST MANHATTAN CO A

    Firm Name

    Portfolio Name
    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
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    FIRST MANHATTAN COMP

    Analyst

    AlphaValue
    ARMELLE MOULIN
    Credit Suisse
    CHARLES MILLS
    Sanford C. Bernstein & Co
    ANDREW WOOD
    Societe Generale
    CHAS MANSO DE ZUNIGA
    Oriel Securities Ltd
    CHRIS WICKHAM
    Investec
    MARTIN DEBOO
    JPMorgan
    CELINE PANNUTI
    Jefferies
    ALEX HOWSON
    Exane BNP Paribas
    EAMONN FERRY
    RBC Capital Markets
    JAMES EDWARDES JONES
    Berenberg Bank
    SETH PETERSON
    Independent Research GmbH
    LARS LUSEBRINK
    Grupo Santander
    PEDRO GIL
    Raymond James
    HERMINE DE BENTZMANN
    HSBC
    CEDRIC BESNARD
    Nomura
    GUILLAUME DELMAS
    Barclays
    IAIN SIMPSON
    Commerzbank Corporates & Markets ANDREAS RIEMANN
    Deutsche Bank
    HAROLD THOMPSON
    Shore Capital Stockbrokers
    DARREN SHIRLEY
    Canaccord Genuity Corp
    EDDY HARGREAVES
    S&P Capital IQ
    CARL SHORT
    Panmure Gordon & Co Limited
    GRAHAM JONES
    Goldman Sachs
    ROSIE EDWARDS
    Day by Day
    VALERIE GASTALDY
    Liberum Capital Ltd
    PABLO ZUANIC
    CA Cheuvreux
    ERIC BOROIAN
    EVA Dimensions
    AUSTIN BURKETT
    Morgan Stanley
    ERIK SJOGREN
    Redburn Partners
    JEREMY FIALKO
    Espirito Santo Investment Bank Research
    ALEX SMITH
    Mirabaud Securities
    JULIAN LAKIN

    Source
    REG
    RNS-MAJ
    RNS-MAJ
    ULT-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    REG
    ULT-AGG
    MF-AGG
    REG
    REG
    MF-AGG
    MF-AGG
    REG
    REG
    REG
    REG
    ULT-AGG
    13F

    Recommendation
    reduce
    neutral
    outperform
    sell
    add
    sell
    neutral
    hold
    underperform
    underperform
    hold
    hold
    hold
    outperform
    neutral
    buy
    underweight
    hold
    buy
    hold
    sell
    hold
    hold
    neutral/attractive
    hold
    sell
    underperform
    hold
    Equalwt/In-Line
    sell
    sell
    hold

    Amt Held
    76'659'342
    35'974'048
    35'939'131
    31'438'890
    28'350'600
    24'932'096
    16'359'039
    15'260'822
    13'463'507
    13'054'020
    12'921'988
    12'791'415
    12'172'426
    11'262'286
    10'715'075
    8'962'334
    7'394'843
    7'286'409
    7'010'308
    6'769'218

    % Out
    10.66
    5
    5
    4.37
    3.94
    3.47
    2.28
    2.12
    1.87
    1.82
    1.8
    1.78
    1.69
    1.57
    1.49
    1.25
    1.03
    1.01
    0.98
    0.94

    Weighting

    Change
    2
    3
    5
    1
    4
    1
    3
    3
    1
    1
    3
    3
    3
    5
    3
    5
    1
    3
    5
    3
    1
    3
    3
    3
    3
    1
    1
    3
    3
    1
    1
    3

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D

    Latest Chg
    93'124
    (3'521'895)
    (1'160'262)
    (368'967)
    1'501'589
    6'346'254
    154'056
    93'068
    131'837
    1'135'192
    307'932
    2'130'744
    3'028'426
    294'364
    (659'855)
    26'600

    Target Price
    4'411
    4'250
    5'000
    4'000
    4'700
    4'260
    4'300
    3'640
    4'000
    3'700
    4'490
    4'700
    4'200
    4'630
    4'700
    4'900
    3'700
    4'300
    4'800
    #N/A N/A
    3'425
    4'600
    3'975
    4'300
    #N/A N/A
    3'100
    3'750
    #N/A N/A
    3'800
    #N/A N/A
    3'140
    3'600

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    03.12.2012
    15.01.2013
    11.02.2013
    26.02.2013
    31.12.2012
    31.01.2013
    03.12.2012
    03.12.2012
    31.12.2012
    31.12.2012
    03.12.2012
    03.12.2012
    31.12.2012
    31.03.2012
    03.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    28.12.2012
    31.12.2012

    Date
    6 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    9 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    6 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month

    Inst Type
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Unclassified
    Government
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Government
    Investment Advisor
    Unclassified
    Investment Advisor

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    18.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    07.02.2013
    28.01.2013
    25.01.2013
    21.01.2013
    17.01.2013
    19.11.2012
    24.09.2012
    14.09.2012
    03.05.2012

    28.02.2013

    Reed Elsevier NV
    Reed Elsevier NV 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
    14
    12
    10
    8

    Valuation Analysis

    Latest Fiscal Year:


    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (01.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 06.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    REN NA EQUITY YTD Change
    REN NA EQUITY YTD % CHANGE

    12/2012
    01/yy
    11.83
    8.10
    1'942'631.00
    11.635
    -1.73%
    43.73%
    89.41%
    726.9
    8'958.20
    5'124.19
    0.0
    1'326.1
    868.79
    14'627.64

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    2
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2007
    6'699.0
    2.16x
    1'810.7
    7.99x
    855.5
    28.15x

    31.12.2008
    31.12.2009
    6'691.8
    6'816.8
    2.19x
    1.73x
    1'681.1
    1'715.7
    8.71x
    6.86x
    294.8
    219.2
    24.91x
    27.14x
    Profitability

    31.12.2010
    7'061.7
    1.72x
    1'924.3
    6.30x
    376.3
    18.07x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2011
    6'917.4
    1.70x
    2'001.9
    5.87x
    437.2
    14.59x
    2'001.93
    1'354.21
    19.58%
    15.79%
    4.42%
    44.91%
    18.61%
    0.57%
    64.6%
    30.0%
    20.6%
    8.7%
    0.59
    0.46
    37.23%
    393.26%
    10.81

    Price/ Cash Flow

    10.0 M
    9.0 M
    8.0 M
    7.0 M
    6.0 M
    5.0 M
    4.0 M
    3.0 M
    2.0 M
    1.0 M
    .0 M
    f-13

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    3.76
    0.82
    726.11
    31.95%
    4.02%
    0.817
    30
    3.867
    2'599'840
    2'053'609
    2'011'569
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    03/12 Q1 06/12 Q2
    7'395.2
    7'551.6
    1.87x
    1.74x
    2'225.1
    2'294.3
    6.58x
    6.38x
    1'175.4
    1'247.3
    12.26x
    11.67x
    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

    12.12.2008
    BBB+
    STABLE
    12.07.2001
    A-2
    6.89
    6.56
    1.86
    2.09
    393.3%
    66.1%
    0.57
    22.29
    33.87
    -105.83

    Sales/Revenue/Turnover

    6.00

    8'000.0
    7'000.0

    5.00

    6'000.0
    4.00

    5'000.0
    4'000.0

    3.00

    3'000.0

    2.00

    2'000.0
    1.00
    0.00
    01.01.2010

    1'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Reed Elsevier NV
    Holdings By:

    All

    Holder Name
    MONDRIAN INVESTMENT
    ING GROEP NV
    BANK OF NEW YORK MEL
    JUPITER ASSET MANAGE
    BLACKROCK
    VANGUARD GROUP INC
    ALLIANZ ASSET MANAGE
    FMR LLC
    ING INVESTMENT MANAG
    BESSEMER GROUP INCOR
    ACHMEA BELEGGINSFOND
    CAUSEWAY CAPITAL MAN
    FRANKLIN RESOURCES
    BNP PARIBAS INV PART
    NATIXIS ASSET MANAGE
    DEKA INVESTMENT GMBH
    HIRTLE CALLAGHAN & C
    JUPITER GLOBAL ACTIV
    JO HAMBRO CAPITAL MA
    ING INTERNATIONAL AD

    Firm Name

    Portfolio Name
    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
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    Sanford C. Bernstein & Co


    CLAUDIO ASPESI
    SNS Securities(ESN)
    JOHAN VAN DEN HOOVEN
    Natixis
    PAVEL GOVCIYAN
    Exane BNP Paribas
    SAMI KASSAB
    Liberum Capital Ltd
    IAN WHITTAKER
    KBC Securities
    MARGO JORIS
    Rabobank International
    HANS SLOB
    HSBC
    DAN GRAHAM
    Day by Day
    VALERIE GASTALDY
    Barclays
    NICK DEMPSEY
    Credit Suisse
    JOSEPH BARNET-LAMB
    ING Bank
    FABIAN SMEETS
    ABN Amro Bank N.V.
    MAURITS HELDRING
    Societe Generale
    CHRISTOPHE CHERBLANC
    EVA Dimensions
    CRAIG STERLING
    Theodoor Gilissen Securities
    JOS VERSTEEG
    Goldman Sachs
    VIGHNESH PADIACHY
    Kempen & Co
    SANDER VAN OORT
    Kepler Capital Markets
    PETER OLOFSEN
    Deutsche Bank
    MARK BRALEY
    Nomura
    MATTHEW WALKER
    JPMorgan
    MARK O'DONNELL
    Petercam
    KRIS KIPPERS
    S&P Capital IQ
    ALEXANDER WISCH
    Espirito Santo Investment Bank Research
    GIASONE SALATI
    CA Cheuvreux
    ANDREA BENEVENTI
    Berenberg Bank
    SARAH SIMON
    Morgan Stanley
    PATRICK WELLINGTON

    Source
    20F
    13G
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    underperform
    hold
    reduce
    outperform
    buy
    accumulate
    buy
    overweight
    hold
    overweight
    neutral
    buy
    hold
    buy
    overweight
    buy
    neutral/neutral
    hold
    hold
    buy
    buy
    overweight
    buy
    hold
    sell
    outperform
    hold
    Overwt/Attractive

    Amt Held
    37'022'687
    36'233'523
    16'681'983
    13'575'627
    11'979'445
    11'373'008
    9'497'343
    8'329'651
    7'508'220
    7'309'000
    4'744'134
    4'486'170
    4'387'325
    3'225'743
    2'999'065
    2'581'715
    2'335'178
    2'284'705
    2'269'268
    2'222'917

    % Out
    5.09
    4.98
    2.29
    1.87
    1.65
    1.56
    1.31
    1.15
    1.03
    1.01
    0.65
    0.62
    0.6
    0.44
    0.41
    0.36
    0.32
    0.31
    0.31
    0.31

    Weighting

    Change
    1
    3
    2
    5
    5
    4
    5
    5
    3
    5
    3
    5
    3
    5
    5
    5
    3
    3
    3
    5
    5
    5
    5
    3
    1
    5
    3
    5

    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    R
    M
    M
    D
    M

    Latest Chg
    (908'469)
    530'035
    248'456
    1'750'000
    9'017
    228'684
    3'370'196
    (1'002'963)
    (39'320)
    1'940'000
    (589'798)
    294'955
    137'218
    (1'574'086)
    (253'558)
    116'798
    1'550'000
    (89'364)
    12'228

    Target Price
    9
    10
    8
    14
    13
    13
    12
    13
    #N/A N/A
    14
    12
    13
    11
    14
    #N/A N/A
    13
    13
    12
    10
    14
    14
    13
    13
    12
    8
    13
    12
    11

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    17.07.2012
    09.01.2012
    26.02.2013
    31.08.2012
    26.02.2013
    31.12.2012
    31.01.2013
    31.12.2012
    31.12.2012
    31.10.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    28.12.2012
    30.09.2011
    31.08.2012
    30.11.2012
    28.09.2012

    Date
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    12 month
    9 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month

    Inst Type
    Hedge Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    28.02.2013
    25.02.2013
    25.02.2013
    21.02.2013
    19.02.2013
    19.02.2013
    12.02.2013
    05.02.2013
    24.01.2013
    21.01.2013
    21.01.2013
    18.01.2013
    17.01.2013
    17.01.2013
    15.01.2013
    09.01.2013
    06.01.2013
    30.12.2012
    10.12.2012
    05.12.2012
    30.11.2012
    08.11.2012
    08.11.2012
    12.10.2012
    19.09.2012
    06.08.2012
    09.12.2011

    28.02.2013

    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
    800

    12.0 M

    700

    10.0 M

    600
    8.0 M

    500
    400

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (01.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 06.02.2013
    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
    725.00
    466.10
    1'814'791.00
    709
    -2.21%
    52.11%
    89.96%
    1'193.6
    8'462.59
    4'282.00
    0.0
    1'048.0
    726.00
    12'971.59

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    4.0 M

    200
    2.0 M

    100
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2007
    4'584.0
    2.31x
    1'239.0
    8.53x
    624.0
    27.10x

    6.0 M

    300

    31.12.2008
    31.12.2009
    5'334.0
    6'071.0
    2.20x
    1.80x
    1'337.0
    1'528.0
    8.76x
    7.16x
    241.0
    195.0
    24.70x
    29.68x
    Profitability

    31.12.2010
    6'055.0
    1.77x
    1'650.0
    6.51x
    327.0
    19.86x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2011
    6'002.0
    1.81x
    1'737.0
    6.24x
    389.0
    16.04x
    1'737.00
    1'175.00
    19.58%
    15.79%
    4.54%
    43.71%
    18.61%
    0.57%
    64.6%
    30.0%
    20.6%
    9.0%
    0.59
    0.46
    37.23%
    372.67%
    10.81

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    .0 M
    f-13

    0.00
    0.91
    1'193.18
    34.20%
    10.44%
    0.912
    29
    3.690
    3'058'674
    3'048'637
    3'138'257
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    03/12 Q1 06/12 Q2
    6'171.3
    6'260.2
    2.04x
    1.91x
    1'925.3
    1'986.6
    6.74x
    6.53x
    1'136.3
    1'180.9
    14.18x
    13.53x
    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

    12.12.2008
    BBB+
    STABLE
    12.07.2001
    A-2
    6.89
    6.56
    1.86
    2.09
    372.7%
    66.1%
    0.57
    22.29
    33.87
    -105.83

    Sales/Revenue/Turnover

    6.00

    7'000.0

    5.00

    6'000.0
    5'000.0

    4.00

    4'000.0
    3.00

    3'000.0
    2.00

    2'000.0

    1.00

    1'000.0

    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Reed Elsevier PLC


    Holdings By:

    All

    Holder Name
    FRANKLIN RESOURCES
    FMR LLC
    SCOTTISH WIDOWS
    LLOYDS BANKING GROUP
    BLACKROCK
    CAPITAL GROUP COMPAN
    LEGAL & GENERAL
    INVESCO LTD
    ARTISAN PARTNERS HOL
    NEWTON INV MGMT
    BANK OF NEW YORK MEL
    SCHRODER INVESTMENT
    ARTEMIS INVESTMENT M
    ARTISAN PARTNERS HOL
    THREADNEEDLE ASSET M
    NORGES BANK INVESTME
    VANGUARD GROUP INC
    UBS
    ARTEMIS INVESTMENT M
    INVESCO LTD

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    Investec
    STEVEN LIECHTI
    Jefferies
    DAVID REYNOLDS
    Sanford C. Bernstein & Co
    CLAUDIO ASPESI
    Nomura
    MATTHEW WALKER
    AlphaValue
    VERONIQUE CABIOC'H
    Numis Securities Ltd
    GARETH R DAVIES
    Exane BNP Paribas
    SAMI KASSAB
    Liberum Capital Ltd
    IAN WHITTAKER
    HSBC
    DAN GRAHAM
    Deutsche Bank
    MARK BRALEY
    Barclays
    NICK DEMPSEY
    Peel Hunt
    PATRICK YAU
    Credit Suisse
    JOSEPH BARNET-LAMB
    Societe Generale
    CHRISTOPHE CHERBLANC
    EVA Dimensions
    CRAIG STERLING
    Goldman Sachs
    VIGHNESH PADIACHY
    Morgan Stanley
    PATRICK WELLINGTON
    Panmure Gordon & Co Limited
    ALEX DE GROOTE
    JPMorgan
    MARK O'DONNELL
    Macquarie
    TIMOTHY W NOLLEN
    Petercam
    KRIS KIPPERS
    S&P Capital IQ
    ALEXANDER WISCH
    Espirito Santo Investment Bank Research
    GIASONE SALATI
    CA Cheuvreux
    ANDREA BENEVENTI
    Day by Day
    VALERIE GASTALDY
    Berenberg Bank
    SARAH SIMON
    N+1 Singer Ltd
    JOHNATHAN BARRETT

    Source
    ULT-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    REG
    REG
    REG
    MF-AGG
    REG
    REG
    MF-AGG
    REG
    REG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG

    Recommendation
    buy
    buy
    underperform
    buy
    reduce
    add
    outperform
    buy
    neutral
    buy
    overweight
    sell
    neutral
    buy
    hold
    neutral/neutral
    Overwt/Attractive
    buy
    overweight
    underperform
    buy
    hold
    sell
    outperform
    hold
    hold
    not rated

    Amt Held
    201'919'186
    81'129'406
    63'278'995
    60'901'076
    57'666'566
    46'952'528
    42'367'910
    42'254'826
    36'357'666
    34'080'964
    31'060'014
    30'756'657
    29'906'301
    25'067'088
    24'449'279
    23'946'229
    23'646'802
    23'539'529
    22'365'700
    21'443'285

    % Out
    16.92
    6.8
    5.3
    5.1
    4.83
    3.93
    3.55
    3.54
    3.05
    2.86
    2.6
    2.58
    2.51
    2.1
    2.05
    2.01
    1.98
    1.97
    1.87
    1.8

    Weighting

    Change

    5
    5
    1
    5
    2
    4
    5
    5
    3
    5
    5
    1
    3
    5
    3
    3
    5
    5
    5
    1
    5
    3
    1
    5
    3
    3
    #N/A N/A

    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    R
    M
    M
    M
    D
    M

    Latest Chg
    (6'875'734)
    15'972'370
    (13'309'322)
    (11'099'237)
    (1'953'468)
    1'935'549
    4'271'265
    2'629'644
    2'531'677
    1'206'189
    2'212'191
    4'146'817
    1'292'810
    (3'082'095)
    677'485
    (138'429)
    (2'639'089)
    244'530

    Target Price
    780
    760
    500
    750
    683
    801
    750
    700
    720
    740
    790
    556
    620
    750
    #N/A N/A
    700
    750
    650
    685
    500
    730
    650
    390
    700
    #N/A N/A
    650
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    01.01.2013
    Investment Advisor
    01.01.2013
    Investment Advisor
    01.01.2013
    Unclassified
    31.01.2013
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    01.01.2013
    Unclassified
    01.01.2013
    Investment Advisor
    01.01.2013
    Investment Advisor
    01.01.2013 Mutual Fund Manager
    26.02.2013
    Investment Advisor
    01.01.2013
    Investment Advisor
    01.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    01.01.2013
    Investment Advisor
    01.01.2013
    Government
    31.12.2012
    Investment Advisor
    01.01.2013
    Unclassified
    31.12.2012
    Investment Advisor
    27.02.2013
    Investment Advisor

    Date
    12 month
    12 month
    12 month
    12 month
    6 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    9 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided

    Date
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    27.02.2013
    25.02.2013
    21.02.2013
    11.02.2013
    06.02.2013
    24.01.2013
    23.01.2013
    21.01.2013
    17.01.2013
    17.01.2013
    09.01.2013
    08.01.2013
    11.12.2012
    30.11.2012
    09.11.2012
    08.11.2012
    08.11.2012
    12.10.2012
    19.09.2012
    06.09.2012
    06.08.2012
    16.02.2012

    28.02.2013

    Renault SA
    Renault SA designs, produces, and markets passenger cars and light commercial
    vehicles. The Company produces the Twingo, Clio, Kangoo, Megane, Scenic,
    Laguna, Espace, Avantime and Vel Satis automobiles, and vans of up to seven
    tons capacity. Renault manufactures Dacia automobiles in Romania, and Samsung
    cars in South Korea. The Company finances vehicles for dealers and customers.

    Price/Volume

    6.0 M
    5.0 M
    4.0 M

    30

    Latest Fiscal Year:


    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (27.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    RNO FP EQUITY YTD Change
    RNO FP EQUITY YTD % CHANGE

    12/2012
    12/yy
    49.32
    29.01
    295'680.00
    48.265
    -2.11%
    66.37%
    92.22%
    295.7
    14'273.04
    33'021.00
    0.0
    255.0
    12'169.00
    35'380.04

    3.0 M

    20

    2.0 M

    10

    1.0 M

    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    7.0 M

    50
    40

    Valuation Analysis

    31.12.2008
    37'791.0
    0.86x
    2'839.0
    11.42x
    571.0
    8.32x

    60

    31.12.2009
    31.12.2010
    33'712.0
    38'971.0
    1.03x
    0.86x
    2'288.0
    3'706.0
    15.13x
    9.02x
    (3'125.0)
    3'420.0
    3.43x
    Profitability

    LTM-4Q
    31.12.2011
    42'628.0
    0.70x
    3'922.0
    7.63x
    2'092.0
    3.49x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    41'270.0
    0.80x
    4'260.0
    7.78x
    1'772.0
    6.25x
    4'260.00
    953.00
    2.31%
    5.53%
    2.39%
    7.33%
    3.65%
    0.56%
    17.4%
    10.3%
    2.3%
    4.3%
    1.04
    0.33
    43.79%
    135.93%
    34.12
    8.22

    Price/ Cash Flow

    LTM

    12/yy
    42'628.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    12/yy
    41'270.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    1.29
    179.05
    25.91%
    18.63%
    1.289
    33
    3.970
    1'436'043
    1'352'881
    1'275'136
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    09/12 Q3 12/12 Q4
    42'128.5
    44'323.4
    8'972.8
    9'915.0
    0.33x
    0.30x
    4'108.3
    4'546.6
    8.60x
    7.77x
    2'177.3
    2'663.1
    6.18x
    5.01x
    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

    03.11.2010
    BB+
    STABLE
    19.06.2009
    B
    9.45
    3.13
    4.89
    7.75
    135.9%
    57.4%
    0.56
    3.61
    10.73
    44.52
    69.65
    -14.41

    Sales/Revenue/Turnover

    7.00

    45'000.0

    6.00

    40'000.0
    35'000.0

    5.00

    30'000.0

    4.00

    25'000.0

    3.00

    20'000.0
    15'000.0

    2.00

    10'000.0

    1.00
    0.00
    01.01.2010

    5'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Renault SA
    Holdings By:

    All

    Holder Name
    FRENCH STATE
    NISSAN FINANCIAL SER
    NORGES BANK
    CAPITAL GROUP COMPAN
    DAIMLER AG
    BLACKROCK
    VANGUARD GROUP INC
    RENAULT SA
    NATIXIS ASSET MANAGE
    JANUS CAPITAL MANAGE
    AMUNDI
    FIRST PACIFIC ADVISO
    SKAGEN AS
    SARASIN
    HENDERSON GLOBAL INV
    MACKENZIE FINANCIAL
    BESSEMER GROUP INCOR
    INVESCO LTD
    CLASSIC FUND MGMT AG
    DNCA FINANCE

    Firm Name
    AlphaValue
    Macquarie
    Sanford C. Bernstein & Co
    Redburn Partners
    Exane BNP Paribas
    Barclays
    Kepler Capital Markets
    Societe Generale
    Commerzbank Corporates & Markets
    Goldman Sachs
    JPMorgan
    CA Cheuvreux
    CM - CIC Securities(ESN)
    Oddo & Cie
    Natixis
    S&P Capital IQ
    Day by Day
    Main First Bank AG
    Morgan Stanley
    Nord/LB
    Credit Suisse
    Landesbank Baden-Wuerttemberg
    Bankhaus Metzler
    HSBC
    Deutsche Bank
    EVA Dimensions
    Silvia Quandt Research
    Hamburger Sparkasse
    Cyrrus
    Hammer Partners SA
    DZ Bank AG

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    HANS-PETER WODNIOK
    JENS SCHATTNER
    MAX WARBURTON
    CHARLES WINSTON
    RABIH FREIHA
    KRISTINA CHURCH
    XAVIER CAROEN
    PHILIPPE BARRIER
    SASCHA GOMMEL
    STEFAN BURGSTALLER
    JOSE ASUMENDI
    THOMAS BESSON
    FLORENT COUVREUR
    FRANCOIS MAURY
    GEORGES DIENG
    RODERICK BRIDGE
    VALERIE GASTALDY
    BRUNO LAPIERRE
    LAURA LEMBKE
    FRANK SCHWOPE
    ERICH HAUSER
    Fabian Suessenguth
    JUERGEN PIEPER
    HORST SCHNEIDER
    GAETAN TOULEMONDE
    CRAIG STERLING
    ALBRECHT DENNINGHOFF
    TINA HECKING-VELTMAN
    JIRI SIMARA
    ALBERTO ROLLA
    MICHAEL PUNZET

    Source
    Co File
    Co File
    Research
    ULT-AGG
    Co File
    ULT-AGG
    MF-AGG
    Co File
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    reduce
    outperform
    market perform
    buy
    outperform
    overweight
    buy
    buy
    hold
    neutral/attractive
    overweight
    select list
    accumulate
    buy
    buy
    hold
    hold
    outperform
    Overwt/In-Line
    sell
    neutral
    hold
    sell
    neutral
    buy
    hold
    neutral
    hold
    buy
    buy
    sell

    Amt Held
    44'387'915
    44'358'343
    14'484'228
    12'509'353
    9'167'391
    4'890'613
    4'341'107
    4'059'255
    3'160'363
    2'188'494
    2'111'277
    2'084'000
    1'779'079
    1'647'253
    1'535'672
    1'390'938
    984'635
    896'387
    832'000
    819'300

    % Out
    15.01
    15
    4.9
    4.23
    3.1
    1.65
    1.47
    1.37
    1.07
    0.74
    0.71
    0.7
    0.6
    0.56
    0.52
    0.47
    0.33
    0.3
    0.28
    0.28

    Weighting

    Change
    2
    5
    3
    5
    5
    5
    5
    5
    3
    3
    5
    5
    4
    5
    5
    3
    3
    5
    5
    1
    3
    3
    1
    3
    5
    3
    3
    3
    5
    5
    1

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    U
    M
    M
    M
    D
    M
    M
    M
    M
    N
    D
    D
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    280'408
    (183'160)
    501'993
    (98'271)
    1'797'486
    (70'267)
    134'000
    1'647'253
    (138'292)
    1'026'700
    9'508
    (5'562)
    19'300

    Target Price
    45
    60
    45
    #N/A N/A
    47
    54
    57
    55
    46
    49
    55
    60
    52
    55
    57
    46
    #N/A N/A
    59
    50
    38
    50
    45
    40
    47
    60
    #N/A N/A
    #N/A N/A
    #N/A N/A
    43
    43
    28

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2011
    31.12.2011
    04.10.2011
    31.12.2012
    31.12.2011
    26.02.2013
    31.12.2012
    31.12.2011
    31.12.2012
    31.12.2012
    31.10.2012
    31.12.2012
    31.01.2013
    30.11.2011
    31.12.2012
    30.11.2012
    31.10.2012
    27.02.2013
    28.09.2012
    28.09.2012

    Date
    6 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    6 month
    12 month
    9 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month

    Inst Type
    Government
    Other
    Government
    Investment Advisor
    Corporation
    Investment Advisor
    Investment Advisor
    Corporation
    Mutual Fund Manager
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Mutual Fund Manager
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor

    Date
    28.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    19.02.2013
    18.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    04.02.2013
    04.02.2013
    01.02.2013
    22.01.2013
    17.01.2013
    16.11.2012
    08.11.2012
    29.10.2012
    17.10.2012
    19.01.2012

    28.02.2013

    Repsol SA
    Repsol S.A., through subsidiaries, explores for and produces crude oil and
    natural gas, refines petroleum, and transports petroleum products and liquefied
    petroleum gas (LPG). The Company retails gasoline and other products through
    its chain of gasoline filling stations. Repsol's petroleum reserves are in
    Spain, Latin America, Asia, North Africa, and the Middle East and United States.
    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (02.03.2012)
    52-Week Low (25.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    REP SQ EQUITY YTD Change
    REP SQ EQUITY YTD % CHANGE

    Price/Volume

    12/2012
    12/yy
    20.75
    10.90
    3'346'978.00
    16.21
    -21.98%
    48.72%
    52.74%
    1'282.4
    20'788.49
    22'059.00
    0.0
    770.0
    6'318.00
    37'299.49

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    31.12.2009
    31.12.2010
    45'827.0
    53'663.0
    0.87x
    0.73x
    6'686.0
    11'919.0
    5.99x
    3.30x
    1'559.0
    4'693.0
    14.63x
    5.43x
    Profitability

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

    LTM-4Q
    31.12.2011
    60'122.0
    0.82x
    8'509.0
    5.79x
    2'193.0
    13.19x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    59'593.0
    0.61x
    6'873.0
    5.26x
    2'060.0
    9.83x
    6'873.00
    4'286.00
    7.19%
    5.95%
    3.03%
    8.20%
    0.92%
    11.7%
    7.6%
    3.5%
    1.51
    1.06
    33.98%
    82.61%
    8.70
    -

    Price/ Cash Flow

    LTM

    12/yy
    44'474.0
    3.15x
    6'157.0
    0.00x
    1'614.0
    0.00x

    12/yy
    62'343.0
    2.43x
    7'313.0
    4.95x
    2'060.0
    8.77x

    FY+1

    1.07
    976.27
    -10.87%
    5.71%
    1.068
    42
    4.167
    9'749'347
    7'677'978
    11'824'160
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    61'711.5
    62'128.9
    0.56x
    0.54x
    7'223.6
    7'691.9
    1'743.0
    1'857.0
    5.16x
    4.85x
    5.14x
    5.05x
    2'125.7
    2'289.2
    571.0
    658.0
    9.67x
    9.09x
    8.76x
    8.62x
    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

    19.04.2012
    BBBSTABLE
    19.04.2012
    A-3
    10.88
    3.83
    2.15
    3.02
    82.6%
    44.5%
    0.92
    1.92
    42.08
    -

    Sales/Revenue/Turnover

    7.00

    70'000.0

    6.00

    60'000.0

    5.00

    50'000.0

    4.00

    40'000.0

    3.00

    30'000.0

    2.00

    20'000.0

    1.00

    10'000.0

    0.00
    01.01.2010

    a-12 m-12

    100.0 M
    90.0 M
    80.0 M
    70.0 M
    60.0 M
    50.0 M
    40.0 M
    30.0 M
    20.0 M
    10.0 M
    .0 M
    f-13

    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    58'475.0
    0.48x
    8'009.0
    3.49x
    2'555.0
    7.19x

    20
    18
    16
    14
    12
    10
    8
    6
    4
    2
    0
    f-12 m-12

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Repsol SA
    Holdings By:

    All

    Holder Name
    CAIXABANK
    SACYR VALLEHERMOSO S
    PETROLEOS MEXICANOS
    REPSOL YPF SA
    BLACKROCK
    BNP PARIBAS SA
    VANGUARD GROUP INC
    AMUNDI
    NATIXIS ASSET MANAGE
    FMR LLC
    DEUTSCHE BANK AG
    FRANKLIN RESOURCES
    OPPENHEIMERFUNDS INC
    UNION INVESTMENT GMB
    UNION INVESTMENT LUX
    SOCIETE GENERALE
    SCHRODER INVESTMENT
    MERCURY ASSET MANAGE
    STATE STREET
    PIONEER INVESTMENT M

    Firm Name

    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
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios

    Analyst

    Investec
    STUART JOYNER
    Sanford C. Bernstein & Co
    OSWALD CLINT
    Raymond James
    BERTRAND HODEE
    Bankia Bolsa (ESN)
    SONIA RUIZ DE GARIBAY CUBILLO
    AlphaValue
    ALEXANDRE ANDLAUER
    Grupo Santander
    JASON KENNEY
    Societe Generale
    IRENE HIMONA
    Morgan Stanley
    HAYTHEM RASHED
    BPI
    BRUNO ALMEIDA DA SILVA
    Goldman Sachs
    HENRY MORRIS
    Macquarie
    MARC B KOFLER
    Canaccord Genuity Corp
    GORDON GRAY
    Espirito Santo Investment Bank Research
    FILIPE ROSA
    Nomura
    THEEPAN JOTHILINGAM
    NMAS 1 Agencia de Valores
    FERNANDO LAFUENTE
    Exane BNP Paribas
    ALEJANDRO DEMICHELIS
    Credit Suisse
    THOMAS YOICHI ADOLFF
    Banco Sabadell
    JORGE GONZALEZ SADORNIL
    Intermoney Valores
    ALVARO NAVARRO
    Banesto Bolsa SA Sociedad
    ROBERT JACKSON
    RBC Capital Markets
    PETER HUTTON
    EVA Dimensions
    CRAIG STERLING
    Tudor Pickering & Co
    ANISH KAPADIA
    Natixis
    ANNE PUMIR
    JPMorgan
    NITIN SHARMA
    BBVA
    LUIS DE TOLEDO
    Barclays
    LYDIA RAINFORTH
    Mirabaud Finanzas Sociedad de ValoresJOSE
    S MARTIN-VIVAS
    Jefferies
    BRENDAN MICHAEL WARN
    Day by Day
    VALERIE GASTALDY
    Landesbank Baden-Wuerttemberg
    JENS MUENSTERMANN
    HSBC
    PAUL SPEDDING
    Interdin Bolsa
    ALEJANDRO MIRANDA FOURNIER
    Independent Research GmbH
    SVEN DIERMEIER
    Kepler Capital Markets
    NATALIA BOBO BJOERK
    La Caixa
    FERNANDO MURILLO GUIRAO
    S&P Capital IQ
    CHRISTINE TISCARENO
    Deutsche Bank
    MARK BLOOMFIELD
    CA Cheuvreux
    DOMINIQUE PATRY
    Equita SIM SpA
    MASSIMO BONISOLI

    Source
    Research
    EXCH
    Research
    Research
    ULT-AGG
    EXCH
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG

    Recommendation
    hold
    outperform
    outperform
    buy
    add
    hold
    buy
    Underwt/In-Line
    neutral
    not rated
    neutral
    hold
    buy
    neutral
    strong buy
    neutral
    outperform
    buy
    buy
    overweight
    sector perform
    buy
    hold
    neutral
    neutral
    outperform
    overweight
    overweight
    hold
    buy
    buy
    overweight
    buy
    hold
    buy
    buy
    buy
    hold
    outperform
    buy

    Amt Held
    157'399'192
    122'208'433
    115'884'040
    67'582'415
    47'557'287
    42'053'943
    19'815'858
    10'892'672
    9'914'377
    8'850'756
    5'411'492
    4'686'610
    4'263'085
    3'787'114
    3'583'153
    2'727'151
    2'527'453
    2'411'002
    2'214'010
    1'902'975

    % Out
    12.27
    9.53
    9.04
    5.27
    3.71
    3.28
    1.55
    0.85
    0.77
    0.69
    0.42
    0.37
    0.33
    0.3
    0.28
    0.21
    0.2
    0.19
    0.17
    0.15

    Weighting

    Change

    3
    5
    5
    5
    4
    3
    5
    1
    3
    #N/A N/A
    3
    3
    5
    3
    5
    3
    5
    5
    5
    5
    3
    5
    3
    3
    3
    5
    5
    5
    3
    5
    5
    5
    5
    3
    5
    5
    5
    3
    5
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    N
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M

    Latest Chg
    66'282
    931'065
    285'878
    5'796'040
    (683'303)
    84'364
    (15'141)
    1'100'898
    316'718
    368'473
    2'025'708
    716'936
    67'533
    97'655

    Target Price
    15
    21
    19
    20
    17
    19
    19
    16
    20
    #N/A N/A
    15
    18
    20
    16
    21
    19
    21
    19
    19
    19
    16
    #N/A N/A
    22
    17
    16
    19
    20
    20
    16
    18
    17
    19
    22
    18
    20
    20
    20
    16
    18
    18

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    08.10.2012
    Investment Advisor
    17.01.2013
    Corporation
    08.10.2012
    Unclassified
    08.10.2012
    Holding Company
    26.02.2013
    Investment Advisor
    18.12.2012
    Bank
    31.12.2012
    Investment Advisor
    30.11.2012 Mutual Fund Manager
    31.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.12.2012
    Investment Advisor
    28.09.2012
    Investment Advisor
    31.10.2012
    Investment Advisor
    31.10.2012
    Bank
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    27.02.2013
    Investment Advisor
    30.11.2012
    Investment Advisor

    Date
    12 month
    12 month
    12 month
    12 month
    6 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    3 month
    Not Provided
    Not Provided
    12 month
    12 month
    3 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month

    Date
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    19.02.2013
    14.02.2013
    13.02.2013
    07.02.2013
    06.02.2013
    01.02.2013
    30.01.2013
    29.01.2013
    28.01.2013
    22.01.2013
    09.01.2013
    27.12.2012
    27.12.2012
    21.12.2012
    26.11.2012
    14.11.2012
    08.11.2012
    25.10.2012
    23.10.2012
    30.07.2012

    28.02.2013

    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

    25.0 M

    3500

    20.0 M

    3000
    2500

    Latest Fiscal Year:


    LTM as of:
    52-Week High (14.02.2013)
    52-Week Low (05.09.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 01.02.2013
    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
    2'649.50
    1'149'243.00
    3509
    -8.55%
    32.44%
    74.51%
    1'411.4
    69'291.77
    26'819.00
    0.0
    11'156.0
    7'615.00
    135'430.56

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    10.0 M

    1500
    1000

    5.0 M

    500
    0
    f-12 m-12 a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    54'264.0
    1.53x
    18'964.0
    4.38x
    3'676.0
    6.19x

    15.0 M

    2000

    Valuation Analysis

    31.12.2009
    31.12.2010
    41'825.0
    55'171.0
    5.29x
    2.71x
    10'920.0
    22'752.0
    20.24x
    6.57x
    4'872.0
    14'238.0
    18.14x
    9.63x
    Profitability

    LTM-4Q
    31.12.2011
    60'537.0
    1.80x
    26'657.0
    4.09x
    5'826.0
    16.07x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    50'967.0
    2.67x
    18'580.0
    7.31x
    (2'990.0)
    18'580.00
    14'139.00
    27.74%
    -5.04%
    -2.52%
    -6.02%
    5.92%
    0.43%
    36.5%
    27.7%
    -5.9%
    1.46
    0.94
    22.81%
    57.23%
    11.32
    -

    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
    f-13

    3.14
    1.51
    1'227.06
    -0.60%
    -0.07%
    1.514
    31
    4.452
    5'287'556
    4'204'871
    4'237'773
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    09/12 Q3 12/12 Q4
    58'687.2
    62'542.1
    2.30x
    2.12x
    22'053.7
    24'226.2
    6.14x
    5.59x
    11'193.4
    12'311.6
    8.78x
    7.80x
    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

    18.04.2011
    ANEG
    08.07.2009
    A-2
    26.85
    1.62
    1.03
    1.44
    57.2%
    31.6%
    0.43
    0.73
    32.07
    -

    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

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Rio Tinto PLC


    Holdings By:

    All

    Holder Name
    SHINING PROSPECT PTE
    BLACKROCK
    LEGAL & GENERAL
    CAPITAL GROUP COMPAN
    SCOTTISH WIDOWS
    ABERDEEN
    BNP PARIBAS INV PART
    UBS
    VANGUARD GROUP INC
    PEOPLES REPUBLIC OF
    STANDARD LIFE INVEST
    M&G INVESTMENT MANAG
    MASSACHUSETTS FINANC
    AVIVA INVESTORS
    VANGUARD GROUP INC
    JP MORGAN
    GOVT OF SINGAPORE IN
    SCHRODER INVESTMENT
    AXA INVESTMENT MANAG
    FMR LLC

    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
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a

    Analyst

    AlphaValue
    SACHIN KUMAR
    Credit Suisse
    PAUL MCTAGGART
    Exane BNP Paribas
    LUC PEZ
    Sanford C. Bernstein & Co
    PAUL GAIT
    BMO Capital Markets
    TONY ROBSON
    RBC Capital Markets
    DES KILALEA
    Jefferies
    Christopher LaFemina
    Societe Generale
    ABHISHEK SHUKLA
    Deutsche Bank
    ROBERT CLIFFORD
    JPMorgan
    FRASER JAMIESON
    Independent Research GmbH
    SVEN DIERMEIER
    Espirito Santo Investment Bank Research
    NICK MELLOR
    Natixis
    RAOUDHA BOUZEKRI
    Morgan Stanley
    MENNO SANDERSE
    Canaccord Genuity Corp
    PETER MALLIN-JONES
    Nomura
    SAM CATALANO
    S&P Capital IQ
    JOHNSON IMODE
    Day by Day
    VALERIE GASTALDY
    Macquarie
    JEFFREY LARGEY
    SBG Securities
    PETER DAVEY
    HSBC
    ANDREW KEEN
    Redburn Partners
    SIMON TOYNE
    Goldman Sachs
    MICHELE DELLA VIGNA
    EVA Dimensions
    CRAIG STERLING
    Barclays
    DAVID BUTLER
    Liberum Capital Ltd
    RICHARD KNIGHTS
    Standard Chartered
    SUBRAMANIAM VARADA
    Axiom Capital
    GORDON L JOHNSON
    Dahlman Rose & Co
    ANTHONY B RIZZUTO JR
    Prosdocimi
    TEAM COVERAGE

    Source
    REG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    REG
    REG
    REG
    REG
    REG
    REG
    ULT-AGG
    ULT-AGG
    REG
    REG
    ULT-AGG

    Recommendation
    add
    outperform
    outperform
    outperform
    outperform
    outperform
    buy
    buy
    buy
    overweight
    buy
    sell
    neutral
    Equalwt/In-Line
    buy
    buy
    strong buy
    buy
    neutral
    buy
    overweight
    buy
    neutral/attractive
    buy
    overweight
    buy
    outperform
    sell
    buy
    buy

    Amt Held
    182'550'329
    128'626'019
    53'285'839
    41'031'494
    32'751'832
    30'049'694
    28'496'806
    27'872'369
    25'576'279
    22'584'269
    20'134'091
    15'566'865
    14'813'304
    14'066'647
    13'772'088
    13'410'654
    13'197'558
    13'004'093
    10'777'320
    10'501'623

    % Out
    12.93
    9.11
    3.78
    2.91
    2.32
    2.13
    2.02
    1.97
    1.81
    1.6
    1.43
    1.1
    1.05
    1
    0.98
    0.95
    0.94
    0.92
    0.76
    0.74

    Weighting

    Change
    4
    5
    5
    5
    5
    5
    5
    5
    5
    5
    5
    1
    3
    3
    5
    5
    5
    5
    3
    5
    5
    5
    3
    5
    5
    5
    5
    1
    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
    M
    N
    M
    M

    Latest Chg
    113'019
    10'311'357
    534'514
    6'199'929
    (340'045)
    559'905
    2'505'810
    (1'535'852)
    777'762
    821'355
    (18'708)
    509'965
    917'301
    (667'279)
    3'648'560
    605'414
    (400'858)

    Target Price
    3'925
    4'000
    4'700
    4'750
    4'500
    4'000
    4'300
    3'900
    4'720
    4'400
    4'500
    2'910
    3'500
    3'870
    4'200
    3'700
    4'200
    4'461
    4'050
    4'300
    4'180
    #N/A N/A
    3'750
    #N/A N/A
    4'000
    #N/A N/A
    3'430
    2'059
    #N/A N/A
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    03.12.2012
    26.02.2013
    31.01.2013
    31.12.2012
    03.12.2012
    31.01.2013
    31.12.2012
    28.12.2012
    31.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    31.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    31.12.2012

    Date
    6 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    12 month
    12 month
    9 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    12 month
    3 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided

    Inst Type
    Holding Company
    Investment Advisor
    Unclassified
    Investment Advisor
    Unclassified
    Unclassified
    Investment Advisor
    Unclassified
    Investment Advisor
    Government
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Government
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    25.02.2013
    25.02.2013
    20.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    11.02.2013
    11.02.2013
    07.02.2013
    21.01.2013
    17.01.2013
    17.01.2013
    14.01.2013
    30.11.2012
    22.11.2012
    30.07.2012
    20.10.2011
    10.06.2010

    28.02.2013

    Roche Holding AG
    Roche Holding AG develops and manufactures pharmaceutical and diagnostic
    products. The Company produces prescription drugs in the areas of
    cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology,
    metabolic disorders, oncology, transplantation, and the central nervous system.

    Price/Volume
    250
    200
    150

    Valuation Analysis

    100

    Latest Fiscal Year:


    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    ROG VX EQUITY YTD Change
    ROG VX EQUITY YTD % CHANGE

    12/2012
    12/yy
    215.20
    148.40
    553'775.00
    212.3
    -1.35%
    43.06%
    95.06%
    702.6
    183'266.06
    24'590.00
    0.0
    2'234.0
    13'991.00
    196'099.06

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    45'617.0
    2.93x
    16'541.0
    8.09x
    8'969.0
    15.58x

    50

    31.12.2009
    31.12.2010
    49'051.0
    47'473.0
    3.62x
    2.96x
    17'705.0
    16'038.0
    10.03x
    8.76x
    7'784.0
    8'666.0
    19.38x
    13.51x
    Profitability

    LTM-4Q
    31.12.2011
    42'531.0
    3.65x
    15'822.0
    9.81x
    9'343.0
    14.46x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    45'499.0
    3.77x
    16'546.0
    10.37x
    9'539.0
    16.36x
    16'546.00
    14'125.00
    31.04%
    27.08%
    15.10%
    71.75%
    26.33%
    0.72%
    73.2%
    36.4%
    31.0%
    21.0%
    1.55
    1.16
    37.94%
    169.66%
    4.72
    2.30

    Price/ Cash Flow

    5.0 M
    4.5 M
    4.0 M
    3.5 M
    3.0 M
    2.5 M
    2.0 M
    1.5 M
    1.0 M
    .5 M
    .0 M
    f-13

    LTM

    12/yy
    42'531.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    12/yy
    45'499.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    0.95
    701.88
    40.61%
    15.38%
    0.947
    34
    4.206
    1'555'499
    1'447'017
    1'291'201
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    47'520.2
    49'333.4
    11'542.0
    11'641.0
    4.04x
    3.77x
    19'848.8
    20'839.4
    9.89x
    9.42x
    12'682.6
    13'665.8
    14.25x
    13.30x
    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

    17.09.2012
    AA
    STABLE
    01.02.2006
    A-1+
    11.85
    10.30
    0.64
    1.49
    169.7%
    59.5%
    0.72
    2.88
    77.48
    159.36
    57.80
    179.03

    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

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Roche Holding AG
    Holdings By:

    All

    Holder Name
    VANGUARD GROUP INC
    CAPITAL GROUP COMPAN
    PRIMECAP MANAGEMENT
    CREDIT SUISSE ASSET
    BLACKROCK
    DODGE & COX
    FMR LLC
    UBS FUND MANAGEMENT
    FRANKLIN RESOURCES
    HARBOR CAPITAL ADVIS
    MASSACHUSETTS FINANC
    PICTET & CIE
    PERPETUAL INVESTMENT
    BANK OF NEW YORK MEL
    ABERDEEN
    DEUTSCHE BANK AG
    SWISSCANTO FONDSLEIT
    INVESCO LTD
    ALLIANZ ASSET MANAGE
    OPPENHEIMERFUNDS INC

    Firm Name
    Societe Generale
    Sanford C. Bernstein & Co
    Natixis
    Nomura
    Exane BNP Paribas
    Morgan Stanley
    S&P Capital IQ
    Kepler Capital Markets
    Bryan Garnier & Cie
    Helvea
    Jefferies
    EVA Dimensions
    Zuercher Kantonalbank
    Hamburger Sparkasse
    Deutsche Bank
    Barclays
    Berenberg Bank
    Credit Suisse
    JPMorgan
    CM - CIC Securities(ESN)
    National Bank AG
    Bank Vontobel AG
    Independent Research GmbH
    Goldman Sachs
    CA Cheuvreux
    Day by Day
    Landesbank Baden-Wuerttemberg
    Redburn Partners
    Liberum Capital Ltd
    Main First Bank AG
    Cyrrus
    Mirabaud Securities
    DZ Bank AG
    MP Advisors Pvt Ltd

    Portfolio Name
    Multiple Portfolios
    n/a
    PRIMECAP MANAGEMENT
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios

    Analyst
    STEPHEN MCGARRY
    TIMOTHY M ANDERSON
    PHILIPPE LANONE
    AMIT ROY
    VINCENT MEUNIER
    PETER VERDULT
    SHO MATSUBARA
    MARTIN VOEGTLI
    ERIC LE BERRIGAUD
    ODILE RUNDQUIST
    JEFFREY HOLFORD
    ANDREW S ZAMFOTIS
    MICHAEL NAWRATH
    MARCO GUENTHER
    TIM RACE
    MARK PURCELL
    ALISTAIR CAMPBELL
    LUISA HECTOR
    ALEXANDRA M HAUBER-SCHUELE
    ARSENE GUEKAM
    STEFFEN MANSKE
    ANDREW C WEISS
    CHRISTOPH SCHOENDUBE
    KEYUR PAREKH
    MARCEL BRAND
    VALERIE GASTALDY
    TIMO KUERSCHNER
    TEAM COVERAGE
    NARESH CHOUHAN
    TIM FRANKLIN
    TOMAS MENCIK
    NICHOLAS TURNER
    ELMAR KRAUS
    VISHAL MANCHANDA

    Source
    MF-AGG
    ULT-AGG
    13F
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG

    Recommendation
    buy
    outperform
    buy
    neutral
    neutral
    Overwt/Attractive
    buy
    buy
    neutral
    accumulate
    buy
    overweight
    outperform
    hold
    buy
    overweight
    buy
    outperform
    overweight
    hold
    hold
    buy
    hold
    Buy/Neutral
    outperform
    hold
    buy
    neutral
    neutral
    suspended coverage
    accumulate
    accumulate
    buy
    outperform

    Amt Held
    25'319'338
    11'953'300
    10'676'417
    10'414'196
    8'146'530
    7'596'200
    7'564'291
    6'393'548
    6'179'700
    4'696'091
    4'453'902
    4'139'677
    4'098'284
    3'468'434
    2'804'378
    2'786'673
    2'283'469
    2'052'175
    1'999'062
    1'976'916

    % Out
    3.6
    1.7
    1.52
    1.48
    1.16
    1.08
    1.08
    0.91
    0.88
    0.67
    0.63
    0.59
    0.58
    0.49
    0.4
    0.4
    0.33
    0.29
    0.28
    0.28

    Weighting

    Change

    5
    5
    5
    3
    3
    5
    5
    5
    3
    4
    5
    5
    5
    3
    5
    5
    5
    5
    5
    3
    3
    5
    3
    5
    5
    3
    5
    3
    3
    #N/A N/A
    4
    4
    5
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    D
    N
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    336'935
    102'700
    (95'118)
    1'346'081
    235'712
    (76'203)
    (1'557'447)
    336'221
    95'553
    (2'362)
    98'690
    (11'400)
    26'056
    (2'504)
    (28'044)
    5'523
    (16'698)

    Target Price
    246
    222
    240
    140
    213
    230
    222
    225
    202
    220
    230
    #N/A N/A
    #N/A N/A
    #N/A N/A
    215
    230
    210
    227
    225
    206
    210
    225
    215
    245
    220
    #N/A N/A
    220
    #N/A N/A
    190
    #N/A N/A
    176
    178
    220
    160

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    26.02.2013
    Investment Advisor
    29.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012 Mutual Fund Manager
    31.03.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.01.2013
    Unclassified
    31.12.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    27.02.2013
    Investment Advisor
    31.01.2013
    Investment Advisor
    30.12.2012
    Investment Advisor

    Date
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    6 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    9 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided

    Date
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    18.02.2013
    18.02.2013
    15.02.2013
    13.02.2013
    07.02.2013
    05.02.2013
    04.02.2013
    04.02.2013
    01.02.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    30.01.2013
    28.01.2013
    28.01.2013
    25.01.2013
    11.12.2012
    26.11.2012
    05.10.2012
    20.07.2012
    05.04.2012
    02.04.2012
    03.02.2012
    14.11.2011

    28.02.2013

    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
    1200

    14.0 M

    1000

    12.0 M
    10.0 M

    800

    Latest Fiscal Year:


    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (11.04.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.01.2013
    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
    1'064.00
    775.78
    921'951.00
    1021
    -3.85%
    31.61%
    84.73%
    1'872.3
    19'116.34
    1'383.00
    0.0
    17.0
    2'596.00
    17'920.34

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    6.0 M

    400

    4.0 M

    200

    2.0 M

    0
    f-12 m-12 a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    .0 M
    f-13

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    9'082.0
    0.56x
    1'096.0
    4.61x
    (1'340.0)
    -

    8.0 M

    600

    Valuation Analysis

    31.12.2009
    31.12.2010
    10'414.0
    11'085.0
    0.70x
    0.93x
    1'396.0
    1'404.0
    5.26x
    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

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    12'161.0
    1.25x
    1'687.0
    8.99x
    2'281.0
    7.09x
    1'687.00
    1'200.00
    9.87%
    22.24%
    13.21%
    43.01%
    40.90%
    0.70%
    22.6%
    13.9%
    9.9%
    18.8%
    1.33
    0.36
    7.63%
    22.72%
    3.56

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    1.91
    1.02
    1'868.09
    28.17%
    16.89%
    1.018
    25
    3.360
    3'541'991
    4'378'616
    4'008'670
    FY+2

    12/13 Y
    12/14 Y
    15'200.0
    16'110.8
    1.17x
    1.08x
    2'213.6
    2'373.2
    8.10x
    7.55x
    1'240.8
    1'349.7
    15.61x
    14.30x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    13.04.2012
    A
    STABLE
    13.04.2012
    A-1
    3.52
    2.61
    -0.72
    0.82
    22.7%
    18.5%
    0.70
    4.96
    102.75
    95.47

    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

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Rolls-Royce Holdings PLC


    Holdings By:

    All

    Holder Name
    FMR LLC
    INVESCO LTD
    SANTANDER ASSET MANA
    BLACKROCK
    LEGAL & GENERAL
    BAILLIE GIFFORD AND
    VANGUARD GROUP INC
    Northern Cross Inter
    NORGES BANK INVESTME
    SCOTTISH WIDOWS
    HARBOR CAPITAL ADVIS
    DEUTSCHE PRIVATE BAN
    ABERDEEN
    UBS
    PERPETUAL INVESTMENT
    M&G INVESTMENT MANAG
    SCHRODER INVESTMENT
    THREADNEEDLE ASSET M
    T ROWE PRICE ASSOCIA
    STANDARD LIFE INVEST

    Firm Name

    Portfolio Name
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    AlphaValue
    THOMAS PICHERIT
    Investec
    ANDREW GOLLAN
    RBC Capital Markets
    ROBERT STALLARD
    S&P Capital IQ
    UNAI FRANCO
    Morgan Stanley
    RUPINDER VIG
    CM - CIC Securities(ESN)
    HARALD LIBERGE-DONDOUX
    Natixis
    ERIC CHADEYRAS
    Exane BNP Paribas
    OLIVIER BROCHET
    Societe Generale
    ZAFAR KHAN
    Deutsche Bank
    BEN FIDLER
    JPMorgan
    DAVID H. PERRY
    Kepler Capital Markets
    CHRISTOPHE MENARD
    Barclays
    CARTER COPELAND
    Jefferies
    SANDY MORRIS
    Sanford C. Bernstein & Co
    DOUGLAS S HARNED
    Day by Day
    VALERIE GASTALDY
    Liberum Capital Ltd
    BENJAMIN BOURNE
    EVA Dimensions
    CRAIG STERLING
    Credit Suisse
    OLIVER SLEATH
    Espirito Santo Investment Bank Research
    EDWARD STACEY
    Arden Partners Ltd
    GRAHAM J WEBSTER
    CA Cheuvreux
    ANTOINE BOIVIN-CHAMPEAUX

    Source
    ULT-AGG
    REG
    MF-AGG
    ULT-AGG
    ULT-AGG
    REG
    MF-AGG
    REG
    REG
    ULT-AGG
    MF-AGG
    REG
    ULT-AGG
    ULT-AGG
    MF-AGG
    REG
    REG
    REG
    REG
    REG

    Recommendation
    reduce
    add
    outperform
    hold
    Overwt/In-Line
    sell
    neutral
    outperform
    sell
    hold
    overweight
    hold
    overweight
    buy
    market perform
    hold
    buy
    underweight
    neutral
    neutral
    add
    underperform

    Amt Held
    169'053'839
    112'822'192
    102'989'922
    93'986'631
    75'786'766
    58'757'257
    51'232'824
    45'853'311
    45'308'048
    43'402'486
    43'022'491
    41'865'846
    40'333'837
    37'795'310
    36'150'309
    30'897'478
    27'706'884
    26'924'567
    25'928'040
    25'368'833

    % Out
    9.03
    6.03
    5.5
    5.02
    4.05
    3.14
    2.74
    2.45
    2.42
    2.32
    2.3
    2.24
    2.15
    2.02
    1.93
    1.65
    1.48
    1.44
    1.38
    1.35

    Weighting

    Change
    2
    4
    5
    3
    5
    1
    3
    5
    1
    3
    5
    3
    5
    5
    3
    3
    5
    1
    3
    3
    4
    1

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    60'869'295
    (3'289'064)
    98'650'606
    1'193'881
    3'025'904
    759'881
    5'797'601
    1'065'936
    2'538'998
    699'470
    2'652'399
    17'831'114
    15'796'505
    16'496
    (5'380'217)
    803'995
    (428'418)
    (8'010'744)
    941'008

    Target Price
    970
    1'080
    1'170
    1'100
    1'200
    800
    1'100
    1'075
    900
    930
    1'225
    1'050
    1'200
    950
    880
    #N/A N/A
    1'030
    #N/A N/A
    900
    800
    #N/A N/A
    800

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2012
    01.11.2012
    31.12.2012
    26.02.2013
    01.11.2012
    01.11.2012
    31.12.2012
    01.11.2012
    01.11.2012
    30.11.2012
    31.12.2012
    01.11.2012
    31.01.2013
    28.12.2012
    31.07.2012
    01.11.2012
    01.11.2012
    01.11.2012
    01.11.2012
    01.11.2012

    Date
    6 month
    12 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    10 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided

    Inst Type
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Unclassified
    Government
    Unclassified
    Investment Advisor
    Unclassified
    Unclassified
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    22.02.2013
    20.02.2013
    19.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    04.02.2013
    17.01.2013
    16.01.2013
    16.10.2012
    01.10.2012
    27.07.2012

    28.02.2013

    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
    400

    40.0 M

    250
    200

    12/2012
    12/yy
    369.60
    193.30
    9'070'603.00
    339.8
    -8.17%
    75.79%
    87.07%
    6'071.7
    37'961.41
    386'556.00
    0.0
    1'234.0
    123'139.00
    -

    30.0 M

    150

    20.0 M

    100
    10.0 M

    50
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    50.0 M

    300

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (28.01.2013)
    52-Week Low (24.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.01.2013
    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

    31.12.2008
    54'331.0
    (23'710.0)
    -

    60.0 M

    350

    31.12.2009
    31.12.2010
    40'844.0
    37'526.0
    (2'672.0)
    (1'001.0)
    Profitability

    LTM-4Q
    31.12.2011
    34'247.0
    (1'997.0)
    -

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    (5'971.0)
    0.30%
    -3.00%
    -0.35%
    -6.89%
    -1.08%
    0.02%
    -34.3%
    25.65%
    516.65%
    -

    Price/ Cash Flow

    LTM

    12/yy
    36'158.0
    0.00x
    0.0
    0.00x
    (1'997.0)
    0.00x

    12/yy
    20'271.0
    0.00x
    0.0
    0.00x
    (5'971.0)
    0.00x

    FY+1

    .0 M
    f-13

    1.67
    2'106.11
    0.30
    21.70%
    4.71%
    1.674
    32
    2.969
    10'049'100
    9'622'547
    9'510'974
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    22'999.5
    22'027.0
    2'733.5
    3'691.0
    12.36x
    9.57x
    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
    ASTABLE
    29.11.2011
    A-2
    516.7%
    83.6%
    0.02
    1.96
    -

    Sales/Revenue/Turnover

    4.00

    60'000.0

    3.50

    50'000.0

    3.00

    40'000.0

    2.50
    2.00

    30'000.0

    1.50

    20'000.0

    1.00

    10'000.0
    0.50
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Royal Bank of Scotland Group PLC


    Holdings By:

    All

    Holder Name
    UNITED KINGDOM GOVER
    SCHRODER INVESTMENT
    LEGAL & GENERAL
    BLACKROCK
    TD WATERHOUSE GROUP
    SCHRODER INVESTMENT
    VANGUARD GROUP INC
    ROYAL BANK OF SCOTLA
    MAJEDIE ASSET MANAGE
    SCOTTISH WIDOWS
    EDINBURGH PARTNERS L
    THORNBURG INVESTMENT
    JUPITER ASSET MANAGE
    THORNBURG INVESTMENT
    UBS
    NORGES BANK INVESTME
    AEGON
    FMR LLC
    STANDARD LIFE INVEST
    HALIFAX SHARE DEALIN

    Firm Name

    Portfolio Name
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    Morgan Stanley
    CHRISTOPHER MANNERS
    Investec
    IAN GORDON
    RBC Capital Markets
    CLAIRE KANE
    Keefe, Bruyette & Woods
    MARK J PHIN
    Canaccord Genuity Corp
    GARETH HUNT
    Nomura
    CHINTAN JOSHI
    AlphaValue
    DAVID GRINSZTAJN
    Numis Securities Ltd
    MICHAEL J TRIPPITT
    Societe Generale
    JAMES INVINE
    Credit Suisse
    CARLA ANTUNES-SILVA
    JPMorgan
    RAUL SINHA
    Sanford C. Bernstein & Co
    CHIRANTAN BARUA
    Deutsche Bank
    JASON NAPIER
    Exane BNP Paribas
    TOM RAYNER
    Redburn Partners
    JON KIRK
    Espirito Santo Investment Bank Research
    SHAILESH RAIKUNDLIA
    Goldman Sachs
    FREDERIK THOMASEN
    Berenberg Bank
    JAMES CHAPPELL
    EVA Dimensions
    AUSTIN BURKETT
    Macquarie
    EDWARD FIRTH
    HSBC
    PETER TOEMAN
    Shore Capital Stockbrokers
    GARY GREENWOOD
    Day by Day
    VALERIE GASTALDY
    Mediobanca SpA
    CHRISTOPHER J WHEELER
    Barclays
    ROHITH CHANDRA-RAJAN
    Liberum Capital Ltd
    CORMAC LEECH
    Oriel Securities Ltd
    VIVEK RAJA
    S&P Capital IQ
    FRANK BRADEN
    Grupo Santander
    ARTURO DE FRIAS
    Prosdocimi
    TEAM COVERAGE

    Source
    RNS-MAJ
    REG
    ULT-AGG
    ULT-AGG
    REG
    MF-AGG
    MF-AGG
    REG
    REG
    ULT-AGG
    REG
    MF-AGG
    REG
    REG
    ULT-AGG
    REG
    ULT-AGG
    ULT-AGG
    REG
    REG

    Recommendation
    Equalwt/In-Line
    sell
    sector perform
    market perform
    hold
    reduce
    sell
    hold
    buy
    underperform
    overweight
    outperform
    hold
    neutral
    neutral
    sell
    Sell/Neutral
    sell
    sell
    underperform
    overweight
    hold
    buy
    underperform
    overweight
    hold
    hold
    hold
    buy
    buy

    Amt Held
    3'964'483'519
    115'934'748
    82'966'979
    71'561'099
    71'118'734
    63'047'414
    57'798'161
    51'198'748
    42'522'122
    42'508'260
    38'927'617
    37'649'457
    35'702'617
    34'960'450
    34'509'871
    31'657'868
    29'646'943
    29'213'820
    28'636'513
    27'224'892

    % Out
    65.29
    1.91
    1.37
    1.18
    1.17
    1.04
    0.95
    0.84
    0.7
    0.7
    0.64
    0.62
    0.59
    0.58
    0.57
    0.52
    0.49
    0.48
    0.47
    0.45

    Weighting

    Change
    3
    1
    3
    3
    3
    2
    1
    3
    5
    1
    5
    5
    3
    3
    3
    1
    1
    1
    1
    1
    5
    3
    5
    1
    5
    3
    3
    3
    5
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    D
    M
    M
    M
    U
    M
    U
    M
    M
    D
    M
    D
    M
    M

    Latest Chg
    10'352'052
    1'989'170
    142'628
    (7'539'103)
    (11'121)
    2'764'445
    (257'198)
    699'701
    12'912'812
    6'388'807
    (323'651)
    (20'882)
    (2'048'761)
    1'056'050
    (6'124'662)
    (2'236'467)
    (3'161'145)

    Target Price
    329
    290
    379
    370
    275
    300
    284
    348
    330
    260
    415
    450
    325
    350
    #N/A N/A
    320
    340
    190
    #N/A N/A
    310
    480
    #N/A N/A
    368
    255
    330
    290
    205
    300
    400
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.01.2013
    03.12.2012
    31.01.2013
    26.02.2013
    03.12.2012
    31.12.2012
    31.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    31.12.2012
    03.12.2012
    03.12.2012
    28.12.2012
    03.12.2012
    03.12.2012
    31.12.2012
    03.12.2012
    03.12.2012

    Date
    12 month
    12 month
    12 month
    12 month
    12 month
    12 month
    6 month
    Not Provided
    12 month
    Not Provided
    9 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    3 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided

    Inst Type
    Government
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Government
    Unclassified
    Investment Advisor
    Investment Advisor
    Corporation

    Date
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    27.02.2013
    26.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    15.02.2013
    15.02.2013
    31.01.2013
    29.01.2013
    28.01.2013
    28.01.2013
    17.01.2013
    16.01.2013
    10.01.2013
    07.01.2013
    20.12.2012
    13.12.2012
    27.11.2012
    14.11.2012
    05.11.2012
    02.11.2012
    22.05.2012
    09.07.2010

    28.02.2013

    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

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (15.08.2012)
    52-Week Low (01.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 21.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    RDSA NA EQUITY YTD Change
    RDSA NA EQUITY YTD % CHANGE

    12/2011
    12/yy
    28.99
    24.30
    1'123'772.00
    25.03
    -13.59%
    3.03%
    13.11%
    3'772.4
    161'646.05
    37'754.00
    0.0
    1'433.0
    18'550.00
    232'587.30

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    30.0 M

    25

    25.0 M

    20

    20.0 M

    15

    15.0 M

    10

    10.0 M

    5.0 M

    0
    f-12 m-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
    0.55x
    55'943.0
    4.60x
    30'918.0
    7.39x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    467'153.0
    0.51x
    52'114.0
    4.57x
    26'592.0
    8.12x
    52'114.00
    37'499.00
    8.03%
    10.76%
    7.54%
    14.86%
    12.75%
    1.32%
    15.2%
    11.2%
    8.0%
    5.7%
    1.18
    0.19
    10.48%
    20.03%
    6.22
    13.25

    Price/ Cash Flow

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    LTM

    FY+1

    .0 M
    f-13

    5.24
    0.81
    3'771.09
    -3.86%
    -2.40%
    0.811
    33
    3.485
    4'970'235
    5'083'996
    4'274'340
    FY+2

    FQ+1

    FQ+2

    12/yy
    12/yy
    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    470'171.0 467'153.0 457'395.1 465'234.3 110'179.5 113'283.3
    2.10x
    2.04x
    0.52x
    0.51x
    2.08x
    2.02x
    55'943.0
    52'114.0
    61'062.5
    62'298.6
    10'357.0
    10'835.0
    4.60x
    4.57x
    3.81x
    3.73x
    5.21x
    5.12x
    30'918.0
    26'592.0
    26'628.6
    27'156.4
    6'859.0
    7'011.0
    7.38x
    8.11x
    7.76x
    7.71x
    7.71x
    7.73x
    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.
    29.66
    (EBITDA-Capex)/Interest Exp.
    11.12
    Net Debt/EBITDA
    0.37
    Total Debt/EBITDA
    0.72
    Reference
    Total Debt/Equity
    20.0%
    Total Debt/Capital
    16.6%
    Asset Turnover
    1.32
    Net Fixed Asset Turnover
    2.88
    Accounts receivable turnover-days
    58.88
    Inventory Days
    27.61
    Accounts Payable Turnover Day
    72.92
    Cash Conversion Cycle
    23.58
    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

    250'000.0

    4.00

    200'000.0

    3.00

    150'000.0

    2.00

    100'000.0

    1.00

    50'000.0

    0.00
    01.01.2010

    a-12 m-12

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    458'361.0
    0.37x
    57'301.0
    2.98x
    26'277.0
    6.16x

    30

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Royal Dutch Shell PLC


    Holdings By:

    All

    Holder Name
    BLACKROCK
    LEGAL & GENERAL
    SCOTTISH WIDOWS
    VANGUARD GROUP INC
    PEOPLES REPUBLIC OF
    FMR LLC
    GOVT OF SINGAPORE IN
    UBS
    VANGUARD GROUP INC
    MASSACHUSETTS FINANC
    STATE STREET
    FRANKLIN RESOURCES
    BP INVESTMENT MANAGE
    ABERDEEN
    JP MORGAN
    MASSACHUSETTS FINANC
    BNP PARIBAS INV PART
    NORTHERN TRUST GLOBA
    SOCIETE GENERALE PRO
    STANDARD LIFE INVEST

    Firm Name
    AlphaValue
    Grupo Santander
    Sanford C. Bernstein & Co
    ING Bank
    Tudor Pickering & Co
    Canaccord Genuity Corp
    Simmons & Company International
    Petercam
    CA Cheuvreux
    Day by Day
    Credit Suisse
    Hamburger Sparkasse
    Investec
    Jefferies
    Raymond James
    HSBC
    Independent Research GmbH
    Barclays
    Goldman Sachs
    National Bank AG
    S&P Capital IQ
    Oriel Securities Ltd
    Ahorro Corporacion Financiera SA
    RBC Capital Markets
    Landesbank Baden-Wuerttemberg
    VSA Capital Ltd
    Deutsche Bank
    JPMorgan
    Theodoor Gilissen Securities
    VTB Capital
    Kepler Capital Markets
    Morgan Stanley

    Portfolio Name
    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
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    ALEXANDRE ANDLAUER
    JASON KENNEY
    OSWALD CLINT
    QUIRIJN MULDER
    ROBERT KESSLER
    GORDON GRAY
    JEFFREY A DIETERT
    LUUK VAN BEEK
    DOMINIQUE PATRY
    VALERIE GASTALDY
    KIM FUSTIER
    INGO SCHMIDT
    STUART JOYNER
    IAIN REID
    BERTRAND HODEE
    PAUL SPEDDING
    SVEN DIERMEIER
    RAHIM KARIM
    MICHELE DELLA VIGNA
    MANFRED JAISFELD
    CHRISTINE TISCARENO
    RICHARD GRIFFITH
    VIRGINIA PEREZ REPES
    PETER HUTTON
    JENS MUENSTERMANN
    DOUGIE YOUNGSON
    LUCAS HERRMANN
    FREDERICK G LUCAS
    JOS VERSTEEG
    COLIN SMITH
    TEAM COVERAGE
    MARTIJN P RATS

    Source
    ULT-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    REG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    REG
    REG
    ULT-AGG
    ULT-AGG
    REG
    ULT-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    REG
    REG
    REG

    Recommendation
    reduce
    underweight
    market perform
    buy
    buy
    buy
    overweight
    add
    outperform
    hold
    outperform
    buy
    hold
    buy
    market perform
    neutral
    hold
    equalweight
    Sell/Cautious
    buy
    sell
    buy
    hold
    sector perform
    buy
    not rated
    hold
    neutral
    buy
    hold
    hold
    not rated

    Amt Held
    190'130'247
    148'916'543
    77'887'769
    70'248'299
    50'156'944
    47'161'630
    39'669'849
    38'811'729
    34'834'706
    29'163'178
    25'722'173
    25'127'871
    22'400'138
    19'216'437
    18'860'833
    18'043'180
    17'283'611
    16'292'959
    16'129'705
    14'890'316

    % Out
    5.04
    3.95
    2.06
    1.86
    1.33
    1.25
    1.05
    1.03
    0.92
    0.77
    0.68
    0.67
    0.59
    0.51
    0.5
    0.48
    0.46
    0.43
    0.43
    0.39

    Weighting

    Change

    2
    1
    3
    5
    5
    5
    5
    4
    5
    3
    5
    5
    3
    5
    3
    3
    3
    3
    1
    5
    1
    5
    3
    3
    5
    #N/A N/A
    3
    3
    5
    3
    3
    #N/A N/A

    M
    M
    M
    M
    M
    M
    M
    M
    D
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    D
    M
    M
    N
    M
    M

    Latest Chg
    13'987'593
    2'525'344
    16'866'612
    1'675'222
    3'594'333
    (5'532'784)
    1'602'657
    (1'487'355)
    5'779'775
    2'404'996
    (1'317'683)
    333'102
    288'938
    (271'479)
    5'111'499
    589'935
    (1'405'434)
    35'052
    12'387'795
    (803'892)

    Target Price
    24
    29
    28
    33
    32
    31
    #N/A N/A
    30
    28
    #N/A N/A
    29
    #N/A N/A
    25
    28
    #N/A N/A
    29
    28
    29
    26
    33
    24
    #N/A N/A
    30
    30
    32
    #N/A N/A
    31
    31
    34
    31
    28
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    26.02.2013
    01.01.2013
    01.01.2013
    31.12.2012
    01.01.2013
    01.01.2013
    01.01.2013
    01.01.2013
    01.01.2013
    01.01.2013
    27.02.2013
    31.12.2012
    01.01.2013
    31.01.2013
    01.01.2013
    31.12.2012
    01.01.2013
    01.01.2013
    01.01.2013
    01.01.2013

    Date
    6 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    3 month
    Not Provided
    12 month
    Not Provided
    Not Provided

    Inst Type
    Investment Advisor
    Unclassified
    Unclassified
    Investment Advisor
    Government
    Investment Advisor
    Government
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    21.02.2013
    15.02.2013
    06.02.2013
    05.02.2013
    05.02.2013
    04.02.2013
    04.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    29.01.2013
    24.01.2013
    09.01.2013
    04.12.2012
    03.12.2012
    02.10.2012
    02.10.2012
    27.09.2012
    18.05.2012
    03.05.2012

    28.02.2013

    RWE AG
    RWE AG generates, distributes, and trades electricity to municipal, industrial,
    commercial, and residential customers. The Company produces natural gas and oil,
    mines coal, delivers and distributes gas, and supplies drinking water.
    RWE AG operates mainly in Europe.

    Price/Volume
    40

    14.0 M

    35

    12.0 M

    30

    10.0 M

    25

    Latest Fiscal Year:


    LTM as of:
    52-Week High (20.03.2012)
    52-Week Low (08.02.2013)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    RWE GY EQUITY YTD Change
    RWE GY EQUITY YTD % CHANGE

    12/2011
    09/yy
    37.12
    26.36
    1'555'187.00
    28.015
    -24.60%
    6.30%
    11.75%
    575.7
    17'217.11
    21'923.00
    0.0
    1'344.0
    7'004.00
    34'364.11

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    6.0 M

    15
    10

    4.0 M

    2.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2007
    41'053.0
    1.35x
    7'787.0
    7.13x
    2'667.0
    18.45x

    8.0 M

    20

    Valuation Analysis

    31.12.2008
    31.12.2009
    47'500.0
    46'191.0
    0.88x
    1.10x
    7'903.0
    9'655.0
    5.30x
    5.28x
    2'558.0
    3'571.0
    10.69x
    10.33x
    Profitability

    LTM-4Q
    31.12.2010
    50'722.0
    0.85x
    9'230.0
    4.68x
    3'308.0
    8.05x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2011
    49'153.0
    0.65x
    8'286.0
    3.88x
    1'806.0
    8.10x
    8'286.00
    4'843.00
    9.85%
    6.15%
    2.54%
    15.27%
    9.63%
    0.55%
    15.5%
    8.6%
    3.7%
    0.93
    0.46
    23.66%
    139.30%
    6.96
    -

    Price/ Cash Flow

    LTM

    09/yy
    50'324.0
    2.96x
    8'371.0
    3.89x
    2'087.0
    7.12x

    09/yy
    49'485.0
    2.92x
    7'646.0
    5.06x
    2'270.0
    9.32x

    FY+1

    .0 M
    f-13

    1.06
    482.66
    -13.26%
    -10.32%
    1.056
    40
    2.600
    3'465'085
    3'462'767
    3'114'181
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    51'055.4
    51'953.6
    11'815.0
    0.74x
    0.70x
    8'642.1
    8'793.3
    1'948.5
    3.98x
    3.91x
    2'522.8
    2'436.7
    612.0
    6.87x
    7.12x
    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

    27.07.2012
    BBB+
    STABLE
    08.06.2011
    A-2
    7.79
    1.82
    2.04
    2.73
    139.3%
    56.2%
    0.55
    1.41
    52.61
    -

    Sales/Revenue/Turnover

    6.00

    100'000.0
    90'000.0

    5.00

    80'000.0
    70'000.0

    4.00

    60'000.0
    50'000.0

    3.00

    40'000.0
    2.00

    30'000.0
    20'000.0

    1.00
    0.00
    02.01.2009

    10'000.0
    0.0
    02.07.2009

    02.01.2010

    02.07.2010

    02.01.2011

    02.07.2011

    02.01.2012

    02.07.2012

    02.01.2013

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    RWE AG
    Holdings By:

    All

    Holder Name
    RW ENERGIE-BETEILIGU
    BLACKROCK
    CREDIT SUISSE GROUP
    MONDRIAN INVESTMENT
    VANGUARD GROUP INC
    SOCIETE GENERALE SA
    CAPITAL GROUP COMPAN
    UNION INVESTMENT GMB
    PICTET ASSET MANAGEM
    FMR LLC
    DEKA INVESTMENT GMBH
    AMUNDI
    DB PLATINUM ADVISORS
    MERCURY ASSET MANAGE
    ALLIANZ ASSET MANAGE
    ETFLAB INVESTMENT GM
    BNP PARIBAS INV PART
    DEKA INTERNATIONAL S
    MACQUARIE GROUP LTD
    MAINFIRST SICAV

    Firm Name
    Morgan Stanley
    Societe Generale
    Commerzbank Corporates & Markets
    Raymond James
    RBC Capital Markets
    Exane BNP Paribas
    AlphaValue
    Banco Sabadell
    Day by Day
    HSBC
    Credit Suisse
    National Bank AG
    Berenberg Bank
    M.M. Warburg Investment Research
    Ahorro Corporacion Financiera SA
    S&P Capital IQ
    Barclays
    Landesbank Baden-Wuerttemberg
    Macquarie
    Independent Research GmbH
    Bankhaus Metzler
    EVA Dimensions
    JPMorgan
    Steubing AG
    Equinet Institutional Services(ESN)
    Kepler Capital Markets
    Deutsche Bank
    Nord/LB
    Goldman Sachs
    Nomura
    Hamburger Sparkasse
    DZ Bank AG
    Grupo Santander
    Natixis
    Redburn Partners
    Main First Bank AG
    CA Cheuvreux
    Silvia Quandt Research

    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
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios

    Analyst
    BOBBY CHADA
    ALBERTO PONTI
    TANJA MARKLOFF
    EMMANUEL RETIF
    JOHN MUSK
    BENJAMIN LEYRE
    EILEEN RYAN
    JORGE GONZALEZ SADORNIL
    VALERIE GASTALDY
    ADAM DICKENS
    VINCENT GILLES
    STEFFEN MANSKE
    LAWSON STEELE
    STEPHAN WULF
    VIRGINIA PEREZ REPES
    CLIVE ROBERTS
    PETER BISZTYGA
    ERKAN AYCICEK
    ROBERT SCHRAMM-FUCHS
    SVEN DIERMEIER
    DANIEL SEIDENSPINNER
    AUSTIN BURKETT
    VINCENT DE BLIC
    MICHAEL BROEKER
    MICHAEL SCHAEFER
    INGO BECKER
    ALEXANDER KARNICK
    HEINO HAMMANN
    DEBORAH WILKENS
    MARTIN YOUNG
    ANNEMARIE SCHLUETER
    MARC NETTELBECK
    OSCAR NAJAR RIOS
    PHILIPPE OURPATIAN
    AHMED FARMAN
    ANDREAS THIELEN
    SEBASTIAN KAUFFMANN
    SEBASTIAN ZANK

    Source
    Co File
    ULT-AGG
    Research
    Research
    MF-AGG
    Research
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG

    Recommendation
    Overwt/In-Line
    sell
    hold
    underperform
    sector perform
    neutral
    buy
    sell
    hold
    underweight
    underperform
    hold
    sell
    buy
    hold
    hold
    underweight
    sell
    neutral
    hold
    sell
    overweight
    underweight
    buy
    hold
    reduce
    sell
    hold
    neutral/attractive
    reduce
    hold
    buy
    underweight
    neutral
    buy
    neutral
    outperform
    not rated

    Amt Held
    86'361'823
    48'747'999
    28'008'409
    17'188'015
    9'058'752
    6'421'155
    5'726'000
    2'919'473
    2'882'791
    2'395'739
    2'349'710
    1'804'867
    1'545'363
    1'514'247
    1'377'562
    1'148'445
    986'564
    928'678
    853'442
    786'597

    % Out
    15
    8.47
    4.86
    2.99
    1.57
    1.12
    0.99
    0.51
    0.5
    0.42
    0.41
    0.31
    0.27
    0.26
    0.24
    0.2
    0.17
    0.16
    0.15
    0.14

    Weighting

    Change

    5
    1
    3
    1
    3
    3
    5
    1
    3
    1
    1
    3
    1
    5
    3
    3
    1
    1
    3
    3
    1
    5
    1
    5
    3
    2
    1
    3
    3
    2
    3
    5
    1
    3
    5
    3
    5
    #N/A N/A

    U
    M
    M
    D
    M
    M
    M
    M
    M
    D
    M
    M
    N
    M
    M
    M
    M
    D
    D
    M
    M
    M
    D
    M
    M
    M
    D
    D
    M
    D
    M
    M
    M
    M
    M
    M
    D
    M

    Latest Chg
    12'850
    196'272
    4'226'000
    78'546
    (977'126)
    (2'133)
    (446'152)
    (1'865'836)
    (5'801'852)
    139'508
    228
    (355'069)
    79'174
    (7'746)
    (6'600)

    Target Price
    33
    25
    29
    25
    30
    32
    37
    37
    #N/A N/A
    26
    28
    30
    25
    34
    34
    34
    27
    26
    30
    30
    27
    #N/A N/A
    28
    60
    35
    29
    27
    31
    40
    32
    #N/A N/A
    38
    41
    34
    #N/A N/A
    37
    38
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2011
    26.02.2013
    04.05.2012
    16.05.2012
    31.12.2012
    19.02.2013
    31.12.2012
    28.09.2012
    30.11.2012
    31.12.2012
    28.12.2012
    31.10.2012
    31.01.2013
    26.02.2013
    31.01.2013
    27.02.2013
    31.12.2012
    31.10.2012
    31.12.2012
    31.10.2012

    Date
    12 month
    12 month
    6 month
    Not Provided
    12 month
    Not Provided
    6 month
    12 month
    Not Provided
    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
    9 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided

    Inst Type
    Other
    Investment Advisor
    Investment Advisor
    Hedge Fund Manager
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    21.02.2013
    15.02.2013
    14.02.2013
    08.02.2013
    06.02.2013
    06.02.2013
    05.02.2013
    30.01.2013
    28.01.2013
    28.01.2013
    25.01.2013
    24.01.2013
    22.01.2013
    17.01.2013
    17.01.2013
    17.01.2013
    15.01.2013
    14.01.2013
    11.01.2013
    08.01.2013
    07.01.2013
    28.12.2012
    18.12.2012
    12.12.2012
    27.11.2012
    22.11.2012
    14.11.2012
    05.11.2012
    24.10.2012
    13.09.2012
    14.06.2012
    06.03.2012

    28.02.2013

    Ryanair Holdings PLC


    Ryanair Holdings PLC provides low fare passenger airline services to
    destinations in Europe.

    Price/Volume
    7

    25.0 M

    20.0 M

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (01.02.2013)
    52-Week Low (30.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 01.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    RYA ID EQUITY YTD Change
    RYA ID EQUITY YTD % CHANGE

    03/2012
    12/yy
    5.99
    3.44
    118'185.00
    5.663
    -5.51%
    64.71%
    85.44%
    1'446.8
    8'193.21
    3'625.20
    0.0
    0.0
    3'480.50
    8'660.71

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    15.0 M

    10.0 M

    2
    5.0 M

    1
    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.03.2008
    2'713.8
    1.68x
    713.0
    6.40x
    390.7
    10.84x

    31.03.2009
    31.03.2010
    2'942.0
    2'988.1
    1.59x
    1.89x
    348.7
    637.5
    13.41x
    8.87x
    (169.2)
    305.3
    17.80x
    Profitability

    LTM-4Q
    31.03.2011
    3'629.5
    1.59x
    765.9
    7.51x
    374.6
    13.32x

    31.03.2012
    4'390.2
    1.52x
    992.4
    6.71x
    560.4
    11.77x

    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

    992.40
    683.20
    15.56%
    14.42%
    7.34%
    18.99%
    10.42%
    0.59%
    21.9%
    15.3%
    12.8%
    2.14
    1.95
    40.28%
    109.63%
    88.20
    -

    Price/ Cash Flow

    12/yy
    4'258.4
    5.29x
    927.9
    6.32x
    519.3
    10.35x

    LTM
    12/yy
    4'908.3
    5.25x
    1'076.8
    6.79x
    615.7
    11.02x

    FY+1

    .0 M
    f-13

    0.00
    0.68
    1'260.55
    47.77%
    19.80%
    0.681
    29
    4.069
    1'181'611
    2'430'157
    2'172'430
    FY+2

    FQ+1

    FQ+2

    03/13 Y
    03/14 Y
    03/13 Q4 06/13 Q1
    4'875.7
    5'183.5
    816.0
    1.67x
    1.41x
    1'021.9
    1'097.3
    8.48x
    7.89x
    555.7
    621.4
    (58.0)
    112.0
    14.86x
    13.29x
    14.41x
    13.78x
    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

    9.09
    6.18
    0.43
    3.33
    109.6%
    52.3%
    0.59
    1.01
    4.15
    -

    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
    6.00

    2'000.0
    1'500.0

    4.00

    1'000.0
    2.00
    0.00
    03.04.2009

    500.0
    0.0
    03.10.2009

    03.04.2010

    03.10.2010

    03.04.2011

    03.10.2011

    03.04.2012

    03.10.2012

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Ryanair Holdings PLC


    Holdings By:

    All

    Holder Name
    BLACKROCK
    EUROPACIFIC GROWTH F
    GIFFORD BAILLE
    O'LEARY MICHAEL
    BAILLIE GIFFORD AND
    MANNING & NAPIER ADV
    BONDERMAN DAVID
    SCOTTISH WIDOWS
    ALLIANZ ASSET MANAGE
    ING INVESTMENT MANAG
    PIONEER INVESTMENT M
    HSBC INVESTMENT FUND
    FMR LLC
    ROBECO FUND MANAGEME
    DEXIA ASSET MANAGEME
    GAM INTERNATIONAL MA
    VANGUARD GROUP INC
    THREADNEEDLE INVESTM
    ODEY ASSET MANAGEMEN
    MM ASSET MANAGEMENT

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    AlphaValue
    HELENE COUMES
    Cantor Fitzgerald
    ROBIN BYDE
    Main First Bank AG
    LOIC SABATIER
    Oddo & Cie
    YAN DEROCLES
    RBC Capital Markets
    DAMIAN BREWER
    Panmure Gordon & Co Limited
    GERT ZONNEVELD
    Oriel Securities Ltd
    EDWARD STANFORD
    Nomura
    ANDREW EVANS
    Commerzbank Corporates & Markets JOHANNES BRAUN
    Goldman Sachs
    OLIVER NEAL
    Deutsche Bank
    GEOF COLLYER
    HSBC
    ANDREW DAVID LOBBENBERG
    Goodbody Stockbrokers Ltd
    DONAL O'NEILL
    Espirito Santo Investment Bank Research
    GERALD KHOO
    Redburn Partners
    TIM MARSHALL
    Barclays
    DAVID E FINTZEN
    Investec
    JAMES HOLLINS
    Credit Suisse
    NEIL GLYNN
    Macquarie
    SAM DOBSON
    Liberum Capital Ltd
    ALEXIA DOGANI
    EVA Dimensions
    CRAIG STERLING
    CA Cheuvreux
    BEAT KEISER
    JPMorgan
    DAVID PITURA
    Davy
    STEPHEN FURLONG
    Raymond James
    JAMES D PARKER
    DZ Bank AG
    ROBERT CZERWENSKY
    Bloxham Stockbrokers
    JOE R GILL
    Numis Securities Ltd
    WYN ELLIS

    Source
    ULT-AGG
    RNS-MAJ
    20F
    Co File
    RNS-MAJ
    13G
    Co File
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    reduce
    hold
    outperform
    buy
    sector perform
    buy
    buy
    neutral
    hold
    Buy/Neutral
    buy
    underweight
    buy
    buy
    buy
    equalweight
    hold
    outperform
    outperform
    buy
    overweight
    outperform
    underweight
    outperform
    market perform
    buy
    overweight
    reduce

    Amt Held
    82'425'662
    71'927'100
    52'883'746
    51'081'256
    31'915'383
    15'629'581
    9'230'671
    7'870'582
    7'448'070
    6'305'245
    5'738'911
    5'091'691
    4'741'437
    4'370'092
    3'736'808
    2'733'425
    2'221'442
    2'174'926
    1'993'845
    1'834'019

    % Out
    5.7
    4.97
    3.66
    3.53
    2.21
    1.08
    0.64
    0.54
    0.51
    0.44
    0.4
    0.35
    0.33
    0.3
    0.26
    0.19
    0.15
    0.15
    0.14
    0.13

    Weighting

    Change
    2
    3
    5
    5
    3
    5
    5
    3
    3
    5
    5
    1
    5
    5
    5
    3
    3
    5
    5
    5
    5
    5
    1
    5
    3
    5
    5
    2

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    D

    Latest Chg
    (417'800)
    (1'555'311)
    (12'601)
    199'803
    (250'350)
    4'435'963
    67'417
    (38'043)
    11'841
    (253'890)
    35'420

    Target Price
    6
    6
    6
    7
    6
    7
    #N/A N/A
    6
    6
    7
    7
    5
    6
    6
    #N/A N/A
    6
    6
    7
    6
    6
    #N/A N/A
    7
    5
    #N/A N/A
    #N/A N/A
    5
    #N/A N/A
    3

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    26.02.2013
    22.10.2012
    30.06.2012
    31.03.2012
    10.01.2013
    31.12.2012
    31.03.2012
    30.11.2012
    31.10.2012
    31.12.2012
    31.12.2012
    30.11.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.10.2012
    28.09.2012
    31.01.2013

    Date
    6 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    6 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided

    Inst Type
    Investment Advisor
    n/a
    n/a
    n/a
    Investment Advisor
    Investment Advisor
    n/a
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    26.02.2013
    18.02.2013
    15.02.2013
    12.02.2013
    12.02.2013
    08.02.2013
    07.02.2013
    04.02.2013
    01.02.2013
    29.01.2013
    29.01.2013
    29.01.2013
    29.01.2013
    29.01.2013
    29.01.2013
    28.01.2013
    28.01.2013
    28.01.2013
    25.01.2013
    15.01.2013
    11.01.2013
    06.11.2012
    06.11.2012
    23.10.2012
    18.10.2012
    20.03.2012
    02.02.2010

    28.02.2013

    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
    3500

    25.0 M

    3000

    20.0 M

    2500

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (21.02.2013)
    52-Week Low (30.05.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.01.2013
    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

    03/2012
    01/yy
    3'287.00
    2'342.00
    321'834.00
    3272.5
    -0.49%
    39.73%
    96.19%
    1'596.8
    52'255.29
    19'226.00
    0.0
    940.0
    746.00
    98'106.31

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    15.0 M

    1500

    10.0 M

    1000

    31.03.2009
    31.03.2010
    14'883.0
    14'195.0
    2.25x
    4.08x
    3'663.0
    4'212.0
    9.13x
    13.74x
    1'881.0
    1'910.0
    11.84x
    23.94x
    Profitability

    31.03.2011
    15'145.0
    4.42x
    4'682.0
    14.30x
    2'408.0
    23.21x

    31.03.2012
    16'713.0
    5.16x
    5'154.0
    16.73x
    4'221.0
    15.05x

    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

    5'154.00
    3'972.00
    23.77%
    33.52%
    9.47%
    18.88%
    15.36%
    0.37%
    31.7%
    24.4%
    25.3%
    0.68
    0.32
    34.55%
    76.68%
    8.96
    -

    Price/ Cash Flow

    0
    f-12 m-12 a-12 m-12

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    .0 M
    f-13

    j-13

    FY+1
    -

    1.88
    0.98
    802.32
    31.17%
    15.84%
    0.977
    37
    3.541
    2'155'658
    2'048'454
    2'023'109
    FY+2

    03/13 Y
    03/14 Y
    24'584.4
    26'249.6
    3.92x
    3.59x
    6'388.7
    6'983.5
    15.35x
    14.05x
    3'842.6
    4'337.3
    20.61x
    18.30x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    04.08.2003
    BBB+
    POS
    16.10.2006
    A-2
    4.72
    3.37
    3.29
    3.43
    76.7%
    42.5%
    0.37
    1.91
    40.84
    -

    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
    03.04.2009

    5.0 M

    500

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.03.2008
    17'057.0
    2.50x
    4'569.0
    9.35x
    2'023.0
    16.26x

    2000

    0.0
    03.10.2009

    03.04.2010

    03.10.2010

    03.04.2011

    03.10.2011

    03.04.2012

    03.10.2012

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    SABMiller PLC
    Holdings By:

    All

    Holder Name
    ALTRIA GROUP INC
    BEVCO INTERNATIONAL
    PUBLIC INVESTMENT CO
    KULCZYK HOLDING
    KULCZYK INVESTMENT H
    BLACKROCK
    LEGAL & GENERAL
    FMR LLC
    NORGES BANK INVESTME
    CAPITAL GROUP COMPAN
    ABERDEEN
    SCOTTISH WIDOWS
    VANGUARD GROUP INC
    ALLAN GRAY UNIT TRUS
    OPPENHEIMERFUNDS INC
    PEOPLES REPUBLIC OF
    OPPENHEIMERFUNDS INC
    VANGUARD GROUP INC
    GARDNER RUSSO & GARD
    BNP PARIBAS INV PART

    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
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    GARDNER RUSSO & GARD
    n/a

    Analyst

    HSBC
    LAUREN E TORRES
    Barclays
    SIMON HALES
    Exane BNP Paribas
    JAVIER GONZALEZ LASTRA
    Morgan Stanley
    VIKHYAT SHARMA
    AlphaValue
    ISABELLE COMBEMALE
    Oriel Securities Ltd
    CHRIS WICKHAM
    Investec
    MARTIN DEBOO
    Grupo Santander
    ANTHONY J BUCALO
    Day by Day
    VALERIE GASTALDY
    Sanford C. Bernstein & Co
    TREVOR STIRLING
    Canaccord Genuity Corp
    EDDY HARGREAVES
    SBG Securities
    BRENDAN GRUNDLINGH
    Liberum Capital Ltd
    PABLO ZUANIC
    Espirito Santo Investment Bank Research
    ALEX SMITH
    Natixis
    OLIVIER DELAHOUSSE
    Societe Generale
    ANDREW HOLLAND
    Deutsche Bank
    JONATHAN FELL
    Credit Suisse
    SANJEET AUJLA
    JPMorgan
    MATTHEW WEBB
    Jefferies
    DIRK VAN VLAANDEREN
    Renaissance Capital
    REY WIUM
    Shore Capital Stockbrokers
    PHIL CARROLL
    Berenberg Bank
    PHILIP MORRISEY
    Bryan Garnier & Cie
    NIKOLAAS FAES
    Nomura
    IAN SHACKLETON
    S&P Capital IQ
    CARL SHORT
    CA Cheuvreux
    ERIC BOROIAN
    EVA Dimensions
    AUSTIN BURKETT
    Macquarie
    WYNAND VAN ZYL
    Goldman Sachs
    MITCHELL COLLETT
    Redburn Partners
    CHRIS PITCHER
    RBC Capital Markets
    JAMES EDWARDES JONES
    Avior Research
    DE WET SCHUTTE
    Afrifocus Securities
    TANUJA CHITRE

    Source
    RNS-MAJ
    Co File
    Co File
    Co File
    REG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    REG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    REG
    REG
    REG
    13F
    ULT-AGG

    Recommendation
    neutral
    equalweight
    outperform
    Equalwt/In-Line
    reduce
    add
    buy
    buy
    hold
    market perform
    hold
    hold
    sell
    neutral
    neutral
    hold
    hold
    outperform
    overweight
    buy
    hold
    hold
    buy
    neutral
    neutral
    hold
    outperform
    sell
    outperform
    buy/attractive
    buy
    sector perform
    underperform
    hold

    Amt Held
    430'000'000
    225'000'000
    67'663'248
    60'000'000
    60'000'000
    35'505'767
    35'286'280
    30'286'716
    29'568'406
    21'708'108
    19'381'504
    19'161'032
    17'780'239
    17'129'363
    12'499'774
    12'259'520
    10'980'964
    9'864'730
    9'330'377
    8'874'676

    % Out
    26.93
    14.09
    4.24
    3.76
    3.76
    2.22
    2.21
    1.9
    1.85
    1.36
    1.21
    1.2
    1.11
    1.07
    0.78
    0.77
    0.69
    0.62
    0.58
    0.56

    Weighting

    Change
    3
    3
    5
    3
    2
    4
    5
    5
    3
    3
    3
    3
    1
    3
    3
    3
    3
    5
    5
    5
    3
    3
    5
    3
    3
    3
    5
    1
    5
    5
    5
    3
    1
    3

    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M

    Latest Chg
    (1'161'886)
    (739'579)
    1'206'973
    (755'600)
    361'800
    (4'245'434)
    (1'401'802)
    17'129'363
    1'220'540
    2'453'239
    (324'670)
    182'666
    265'826
    1'751'807

    Target Price
    3'350
    3'350
    3'333
    3'300
    2'933
    2'850
    2'950
    3'675
    #N/A N/A
    3'180
    2'750
    3'200
    2'600
    2'860
    3'000
    2'970
    2'900
    3'300
    3'645
    3'200
    3'100
    #N/A N/A
    3'400
    2'633
    2'840
    3'100
    2'950
    #N/A N/A
    3'292
    3'520
    #N/A N/A
    2'800
    2'641
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    29.06.2012
    Corporation
    08.06.2012
    Corporation
    08.06.2012
    Government
    08.06.2012
    Holding Company
    01.11.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.01.2013
    Unclassified
    31.12.2012
    Investment Advisor
    01.11.2012
    Government
    31.12.2012
    Investment Advisor
    31.01.2013
    Unclassified
    30.11.2012
    Unclassified
    31.12.2012
    Investment Advisor
    30.06.2012
    Investment Advisor
    30.12.2012
    Investment Advisor
    01.11.2012
    Government
    01.11.2012
    Investment Advisor
    01.11.2012
    Investment Advisor
    31.12.2012 Hedge Fund Manager
    31.12.2012
    Investment Advisor

    Date
    Not Provided
    Not Provided
    Not Provided
    12 month
    6 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    15 month
    12 month
    12 month
    Not Provided
    Not Provided
    6 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided

    Date
    25.02.2013
    25.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    15.02.2013
    11.02.2013
    11.02.2013
    07.02.2013
    01.02.2013
    30.01.2013
    25.01.2013
    23.01.2013
    23.01.2013
    22.01.2013
    22.01.2013
    22.01.2013
    22.01.2013
    22.01.2013
    22.01.2013
    22.01.2013
    22.01.2013
    22.01.2013
    22.01.2013
    22.01.2013
    21.01.2013
    17.01.2013
    16.01.2013
    09.01.2013
    10.12.2012
    22.11.2012
    19.10.2012
    24.08.2012

    28.02.2013

    Safran SA
    Safran SA manufactures propulsion, communications, defense, security, and
    aerospace equipment. The Company produces engines for airplanes, helicopters,
    missiles and launch vehicles, mobile telephones, printing terminals, broadband
    networks, landing gear, wheels and brakes, aircraft wiring, inertial navigation
    systems, optronics, avionics, and fingerprint biometric equipment.

    Price/Volume
    40

    4.0 M

    25

    12/2012
    12/yy
    35.55
    24.52
    340'866.00
    35.245
    -0.83%
    43.77%
    93.20%
    417.0
    14'698.21
    3'175.00
    0.0
    165.0
    2'193.00
    15'845.21

    3.0 M

    15

    2.0 M

    10
    1.0 M

    5
    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    5.0 M

    30
    20

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (19.02.2013)
    52-Week Low (07.03.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SAF FP EQUITY YTD Change
    SAF FP EQUITY YTD % CHANGE

    31.12.2008
    10'281.0
    0.45x
    1'153.0
    4.01x
    (205.0)
    148.66x

    6.0 M

    35

    31.12.2009
    31.12.2010
    10'559.0
    11'028.0
    0.58x
    0.98x
    1'269.0
    1'526.0
    4.82x
    7.05x
    641.0
    207.0
    8.45x
    50.00x
    Profitability

    LTM-4Q
    31.12.2011
    11'658.0
    0.91x
    1'591.0
    6.70x
    478.0
    19.79x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    13'615.0
    1.08x
    1'999.0
    7.36x
    1'302.0
    10.38x
    1'999.00
    1'278.00
    9.39%
    12.99%
    5.97%
    23.61%
    16.48%
    0.62%
    14.7%
    9.4%
    9.6%
    1.13
    0.61
    13.84%
    52.37%
    2.99
    -

    Price/ Cash Flow

    LTM

    12/yy
    11'658.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    12/yy
    13'615.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    0.88
    254.71
    43.42%
    8.13%
    0.877
    22
    4.045
    1'057'092
    723'529
    634'567
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    14'448.5
    15'592.7
    1.10x
    0.98x
    2'296.5
    2'516.6
    6.88x
    6.28x
    938.0
    1'091.9
    15.08x
    13.30x
    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

    20.61
    16.29
    0.49
    1.59
    52.4%
    33.8%
    0.62
    5.35
    122.47
    -

    Sales/Revenue/Turnover

    12.00

    16'000.0
    14'000.0

    10.00

    12'000.0
    8.00

    10'000.0
    8'000.0

    6.00

    6'000.0

    4.00

    4'000.0
    2.00
    0.00
    01.01.2010

    2'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Safran SA
    Holdings By:

    All

    Holder Name
    FRENCH STATE
    NATIXIS ASSET MANAGE
    CLUB SAGEM
    SAFRAN SA
    ASTON CAPITAL PARTNE
    VANGUARD GROUP INC
    BLACKROCK
    HARTFORD INVESTMENT
    FRANKLIN RESOURCES
    FMR LLC
    AMUNDI
    ALLIANCE BERNSTEIN
    GENERAL ELECTRIC COM
    NATIXIS ASSET MANAGE
    SCHRODER INVESTMENT
    DEUTSCHE BANK AG
    ALLIANZ ASSET MANAGE
    CLERICAL MEDICAL INV
    AMUNDI
    SANFORD C BERNSTEIN

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    AlphaValue
    THOMAS PICHERIT
    EVA Dimensions
    CRAIG STERLING
    Societe Generale
    ZAFAR KHAN
    Deutsche Bank
    MILENE KERNER
    Morgan Stanley
    RUPINDER VIG
    Oddo & Cie
    YAN DEROCLES
    Natixis
    ERIC CHADEYRAS
    Barclays
    CARTER COPELAND
    RBC Capital Markets
    ROBERT STALLARD
    Jefferies
    SANDY MORRIS
    Sanford C. Bernstein & Co
    DOUGLAS S HARNED
    Exane BNP Paribas
    TRISTAN SANSON
    JPMorgan
    DAVID H. PERRY
    Kepler Capital Markets
    CHRISTOPHE MENARD
    Credit Suisse
    OLIVER SLEATH
    CA Cheuvreux
    ANTOINE BOIVIN-CHAMPEAUX
    Day by Day
    VALERIE GASTALDY
    CM - CIC Securities(ESN)
    HARALD LIBERGE-DONDOUX
    Espirito Santo Investment Bank Research
    EDWARD STACEY

    Source
    Co File
    Research
    Research
    Co File
    Form 4
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    reduce
    overweight
    buy
    buy
    Overwt/In-Line
    buy
    neutral
    overweight
    outperform
    hold
    outperform
    neutral
    neutral
    buy
    outperform
    underperform
    buy
    buy
    neutral

    Amt Held
    125'940'227
    25'706'000
    20'754'407
    7'758'797
    7'619'047
    7'326'715
    4'612'408
    4'596'376
    4'285'111
    3'792'923
    2'090'530
    1'827'899
    1'260'699
    1'244'528
    1'115'186
    1'104'613
    983'707
    971'280
    924'268
    903'160

    % Out
    30.2
    6.16
    4.98
    1.86
    1.83
    1.76
    1.11
    1.1
    1.03
    0.91
    0.5
    0.44
    0.3
    0.3
    0.27
    0.26
    0.24
    0.23
    0.22
    0.22

    Weighting

    Change
    2
    5
    5
    5
    5
    5
    3
    5
    5
    3
    5
    3
    3
    5
    5
    1
    5
    5
    3

    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    N
    M
    M
    M
    M
    M
    M

    Latest Chg
    1'164'679
    1'409'145
    773
    2'591'520
    (1'151'250)
    19'975
    85'543
    (83'834)
    (77'835)
    468'167
    (2'956)
    (40'423)
    (33'333)
    -

    Target Price
    34
    #N/A N/A
    39
    40
    37
    39
    35
    36
    40
    30
    36
    36
    37
    40
    39
    30
    39
    37
    27

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.12.2011
    Government
    30.01.2012
    Investment Advisor
    05.09.2012
    n/a
    31.12.2011
    Corporation
    25.07.2011
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.09.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012
    Corporation
    31.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    31.10.2012 Mutual Fund Manager
    30.11.2012
    Investment Advisor

    Date
    6 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    9 month
    Not Provided
    Not Provided
    Not Provided
    3 month
    12 month
    Not Provided

    Date
    28.02.2013
    26.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    19.02.2013
    11.02.2013
    05.02.2013
    16.01.2013
    10.01.2013
    20.12.2012
    17.10.2012
    16.10.2012

    28.02.2013

    Saipem SpA
    Saipem S.p.A. offers construction and offshore and onshore drilling services.
    The Company installs sub-sea pipelines, installs fixed platforms, manages
    complete onshore construction projects, and drills for oil mainly in Italy,
    Algeria, Nigeria, and the Arabian peninsula.

    Price/Volume
    45

    12/2012
    12/yy
    40.12
    18.61
    507'881.00
    20.49
    -48.90%
    10.10%
    9.95%
    441.3
    9'045.02
    4'278.00
    0.0
    148.0
    1'029.00
    13'572.02

    30

    40.0 M

    25
    20

    30.0 M

    15

    20.0 M

    10

    10.0 M

    5
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    50.0 M

    35

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (17.09.2012)
    52-Week Low (30.01.2013)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SPM IM EQUITY YTD Change
    SPM IM EQUITY YTD % CHANGE

    31.12.2008
    10'094.0
    0.74x
    1'437.0
    5.19x
    914.0
    5.63x

    60.0 M

    40

    31.12.2009
    31.12.2010
    10'292.0
    11'160.0
    1.31x
    1.75x
    1'601.0
    1'833.0
    8.42x
    10.64x
    732.0
    844.0
    14.35x
    19.09x
    Profitability

    LTM-4Q
    31.12.2011
    12'593.0
    1.41x
    2'101.0
    8.46x
    921.0
    15.64x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    13'369.0
    2'207.0
    902.0
    14.33x
    2'207.00
    1'481.00
    11.08%
    10.09%
    6.97%
    17.84%
    1.03%
    16.4%
    11.1%
    6.7%
    0.84
    0.48
    42.58%
    79.15%
    -

    Price/ Cash Flow

    LTM

    12/yy
    12'593.0
    5.72x
    2'101.0
    8.46x
    921.0
    15.64x

    12/yy
    13'369.0
    3.03x
    2'186.0
    0.00x
    902.0
    14.28x

    FY+1

    .0 M
    f-13

    0.88
    251.64
    -44.86%
    -30.07%
    0.877
    29
    3.000
    2'526'863
    5'625'828
    4'186'920
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    13'566.9
    14'063.2
    3'309.7
    3'400.3
    0.98x
    0.88x
    4.20x
    4.18x
    1'540.5
    1'973.7
    395.0
    405.5
    8.81x
    6.88x
    8.39x
    7.94x
    443.9
    768.3
    113.0
    118.5
    20.42x
    12.39x
    19.58x
    17.33x
    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

    18.11
    8.63
    1.96
    1.96
    79.1%
    43.5%
    1.03
    3.05
    -

    Sales/Revenue/Turnover

    70.00

    16'000.0

    60.00

    14'000.0
    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
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Saipem SpA
    Holdings By:

    All

    Holder Name
    ENI SPA
    FMR LLC
    BLACKROCK
    ALLIANZ ASSET MANAGE
    VANGUARD GROUP INC
    OPPENHEIMERFUNDS INC
    MFS INSTITUTIONAL AD
    MFS FINANCIAL SERVIC
    UMB BANK N A
    SCHRODER INVESTMENT
    T ROWE PRICE ASSOCIA
    SARASIN
    MFS INVESTMENT MGMT
    DEUTSCHE BANK AG
    MFS INTERNATIONAL UK
    MASSACHUSETTS FINANC
    SNS INVESTMENT FUND
    UNION INVESTMENT GMB
    AMERICAN CENTURY COM
    MFS INVESTMENT MANAG

    Firm Name
    AlphaValue
    Mediobanca SpA
    Canaccord Genuity Corp
    ICBPI
    Equita SIM SpA
    Societe Generale
    Banca IMI
    HSBC
    Macquarie
    Banca Akros(ESN)
    S&P Capital IQ
    Liberum Capital Ltd
    Barclays
    ABN Amro Bank N.V.
    Morgan Stanley
    Goldman Sachs
    RBC Capital Markets
    Exane BNP Paribas
    JPMorgan
    Natixis
    Nomura
    Day by Day
    EVA Dimensions
    Deutsche Bank
    CA Cheuvreux
    Kepler Capital Markets
    Ricerca Finanza

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a

    Analyst
    ALEXANDRE ANDLAUER
    ANDREA SCAURI
    JAMES EVANS
    LUCA ARENA
    LUIGI DE BELLIS
    GUILLAUME DELABY
    ROBERTO RANIERI
    PHILLIP LINDSAY
    DAVID FARRELL
    DARIO MICHI
    CHRISTINE TISCARENO
    ANDREW WHITTOCK
    MICK PICKUP
    MARK VAN DER GEEST
    ROBERT PULLEYN
    HENRY TARR
    KATHERINE TONKS
    ALEXANDRE MARIE
    ANDREW DOBBING
    ANNE PUMIR
    CHRISTYAN MALEK
    VALERIE GASTALDY
    CRAIG STERLING
    SEBASTIAN YOSHIDA
    GEOFFROY STERN
    ENRICO COCO
    FRANCESCO MANZI

    Source
    Research
    ULT-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    Research
    Research
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    Research
    MF-AGG
    Research
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    Research

    Recommendation
    reduce
    underperform
    hold
    sell
    hold
    buy
    reduce
    overweight
    underperform
    hold
    buy
    hold
    equalweight
    hold
    Equalwt/Attractive
    neutral/neutral
    sector perform
    neutral
    neutral
    neutral
    neutral
    hold
    hold
    hold
    outperform
    hold
    outperform

    Amt Held
    189'447'556
    21'088'746
    7'691'076
    5'186'029
    5'054'648
    2'662'857
    2'590'416
    2'255'030
    2'187'281
    1'513'680
    1'414'646
    1'222'030
    1'204'742
    1'061'416
    992'919
    990'749
    952'030
    948'419
    908'676
    856'117

    % Out
    42.93
    4.78
    1.74
    1.18
    1.15
    0.6
    0.59
    0.51
    0.5
    0.34
    0.32
    0.28
    0.27
    0.24
    0.23
    0.22
    0.22
    0.21
    0.21
    0.19

    Weighting

    Change
    2
    1
    3
    1
    3
    5
    2
    5
    1
    3
    5
    3
    3
    3
    3
    3
    3
    3
    3
    3
    3
    3
    3
    3
    5
    3
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    U
    D
    M
    D
    N

    Latest Chg
    (1'638'416)
    (295'722)
    (105'883)
    124'129
    4'881
    97'214
    1'311'599
    535'767
    (55'854)
    120'134
    16'834
    (107'051)
    412'019
    (131'277)
    -

    Target Price
    20
    19
    23
    21
    23
    25
    16
    26
    18
    20
    30
    20
    22
    21
    25
    23
    22
    21
    26
    22
    22
    #N/A N/A
    #N/A N/A
    21
    30
    25
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    06.02.2013
    31.01.2013
    26.02.2013
    31.12.2012
    31.12.2012
    30.12.2012
    06.02.2013
    06.02.2013
    31.12.2012
    28.09.2012
    31.12.2012
    28.12.2012
    06.02.2013
    31.12.2012
    06.02.2013
    31.12.2012
    29.06.2012
    28.09.2012
    31.12.2012
    06.02.2013

    Date
    6 month
    6 month
    12 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    9 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided

    Inst Type
    Corporation
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    21.02.2013
    20.02.2013
    18.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    12.02.2013
    07.02.2013
    06.02.2013
    31.01.2013
    31.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    01.06.2010

    28.02.2013

    Sampo
    Sampo Oyj offers multi-line insurance. The Company offers life and pension and
    property/casualty insurance.

    Price/Volume
    35

    2.5 M

    30

    2.0 M

    25

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SAMAS FH EQUITY YTD Change
    SAMAS FH EQUITY YTD % CHANGE

    12/2012
    12/yy
    28.74
    17.91
    113'988.00
    28.29
    -1.57%
    57.96%
    95.66%
    558.8
    15'842.40
    2'378.00
    0.0
    0.0
    1'034.00
    17'186.40

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    1.5 M

    15

    1.0 M

    10
    .5 M

    5
    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    4'634.0
    1.78x
    675.0
    11.22x

    20

    31.12.2009
    31.12.2010
    5'655.0
    6'305.0
    1.92x
    2.05x
    641.0
    1'104.0
    14.93x
    10.18x
    Profitability

    LTM-4Q
    31.12.2011
    5'342.0
    1'038.0
    10.36x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    6'415.0
    2.33x
    1'404.0
    9.71x
    15.46%
    25.19%
    4.52%
    14.75%
    0.21%
    21.9%
    7.42%
    23.51%
    -

    Price/ Cash Flow

    12/yy
    5'342.0
    7.10x
    0.0
    0.00x
    1'038.0
    5.18x

    LTM
    12/yy
    6'416.0
    8.71x
    0.0
    0.00x
    1'404.0
    7.91x

    FY+1

    .0 M
    f-13

    0.93
    41.90%
    16.23%
    0.934
    26
    3.308
    975'729
    963'976
    837'227
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    5'502.6
    5'652.4
    1'349.4
    1'424.7
    313.7
    668.8
    11.83x
    11.18x
    11.63x
    10.99x
    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

    NR
    23.5%
    19.0%
    0.21
    -

    Sales/Revenue/Turnover

    120.00

    7'000.0

    100.00

    6'000.0
    5'000.0

    80.00

    4'000.0
    60.00

    3'000.0
    40.00

    2'000.0

    20.00

    1'000.0

    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Sampo
    Holdings By:

    All

    Holder Name
    SOLIDIUM OY
    VARMA MUTUAL PENSION
    CAPITAL GROUP COMPAN
    WAHLROOS BJORN
    VANGUARD GROUP INC
    DEUTSCHE BANK AG
    ILMARINEN MUTUAL PEN
    KALEVA MUTUAL INSURA
    UMB BANK N A
    BNP PARIBAS INV PART
    FMR LLC
    FINLAND STATE PENSIO
    THREADNEEDLE INVESTM
    BLACKROCK
    LOCAL GOVERNMENT PEN
    SWISS NATIONAL BANK
    UBS
    SWEDBANK ROBUR FONDE
    NORDEA INVESTMENT FU
    FOLKETRYGDFONDET

    Firm Name
    AlphaValue
    Barclays
    Berenberg Bank
    Deutsche Bank
    Pohjola Bank Plc (ESN)
    Macquarie
    Carnegie
    Nordea Equity Research
    Handelsbanken
    DNB Markets
    ABG Sundal Collier
    Goldman Sachs
    Credit Suisse
    Evli Bank Plc
    Danske Markets
    Keefe, Bruyette & Woods
    Mediobanca SpA
    EVA Dimensions
    Sanford C. Bernstein & Co
    SEB Enskilda
    Morgan Stanley
    CA Cheuvreux
    Societe Generale
    JPMorgan

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a

    Analyst
    JEROME CASSAGNE
    CLAUDIA GASPARI
    PETER ELIOT
    JAN WOLTER
    ANTTI SAARI
    HADLEY COHEN
    GIANANDREA ROBERTI
    PAAVO AHONEN
    MATTI AHOKAS
    HAKON FURE
    JAKOB BRINK
    VINIT MALHOTRA
    CHRIS ESSON
    KIMMO RAMA
    PER GRONBORG
    KARL MORRIS
    SIMONETTA CHIRIOTTI
    AUSTIN BURKETT
    THOMAS SEIDL
    MIKA KOSKINEN
    JON HOCKING
    HANS PLUIJGERS
    EMMANUELLE CALES
    ANDREAS VAN EMBDEN

    Source
    Research
    Research
    ULT-AGG
    Research
    MF-AGG
    MF-AGG
    Research
    Research
    MF-AGG
    ULT-AGG
    ULT-AGG
    Research
    MF-AGG
    ULT-AGG
    Research
    Research
    ULT-AGG
    MF-AGG
    MF-AGG
    Research

    Recommendation
    sell
    equalweight
    hold
    hold
    reduce
    outperform
    buy
    hold
    accumulate
    hold
    buy
    neutral/neutral
    outperform
    buy
    sell
    underperform
    neutral
    hold
    market perform
    hold
    Equalwt/In-Line
    outperform
    hold
    underweight

    Amt Held
    79'280'080
    47'709'421
    22'872'997
    11'761'383
    9'111'481
    7'096'795
    5'850'422
    5'668'476
    5'350'770
    5'100'009
    5'050'788
    4'260'000
    4'231'895
    3'335'757
    2'552'530
    2'457'137
    2'170'127
    2'128'943
    1'949'210
    1'848'262

    % Out
    14.19
    8.54
    4.09
    2.1
    1.63
    1.27
    1.05
    1.01
    0.96
    0.91
    0.9
    0.76
    0.76
    0.6
    0.46
    0.44
    0.39
    0.38
    0.35
    0.33

    Weighting

    Change
    1
    3
    3
    3
    2
    5
    5
    3
    4
    3
    5
    3
    5
    5
    1
    1
    3
    3
    3
    3
    3
    5
    3
    1

    M
    D
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    382'597
    (545'761)
    237'817
    998'823
    (325'137)
    105'058
    34'469
    (340'986)
    388'386
    (18'522)
    -

    Target Price
    24
    28
    30
    26
    27
    29
    #N/A N/A
    29
    29
    29
    31
    27
    30
    27
    27
    23
    28
    #N/A N/A
    22
    23
    22
    25
    22
    20

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.01.2013
    Holding Company
    31.01.2013
    Insurance Company
    31.12.2012
    Investment Advisor
    31.01.2013
    n/a
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Insurance Company
    31.01.2013
    Insurance Company
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Government
    31.10.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.01.2013 Pension Fund (ERISA)
    31.01.2013
    Government
    28.12.2012
    Unclassified
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Other

    Date
    6 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    6 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    6 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided

    Date
    28.02.2013
    20.02.2013
    19.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    11.02.2013
    30.01.2013
    17.01.2013
    13.12.2012
    10.12.2012
    05.12.2012
    09.08.2012
    31.05.2012
    23.02.2012

    28.02.2013

    Sandvik AB
    Sandvik AB is a high-technology engineering group. The Company develops,
    manufactures, and markets tools for metalworking applications, machinery and
    tools for rock excavation, stainless steel products, special alloys, and
    resistance heating materials and process systems. Sandvik markets to industrial
    companies throughout the world, and tools can also be purchased online.

    Price/Volume

    20.0 M
    15.0 M

    60

    Latest Fiscal Year:


    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (28.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SAND SS EQUITY YTD Change
    SAND SS EQUITY YTD % CHANGE

    12/2012
    12/yy
    109.00
    81.65
    953'877.00
    104.4
    -4.13%
    27.86%
    82.45%
    1'254.4
    130'957.89
    37'203.00
    0.0
    107.0
    13'829.00
    154'438.89

    10.0 M

    40

    5.0 M

    20
    0
    f-12 m-12 a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    25.0 M

    100
    80

    Valuation Analysis

    31.12.2008
    92'654.0
    0.99x
    16'305.0
    5.61x
    7'472.0
    7.78x

    120

    31.12.2009
    31.12.2010
    71'937.0
    82'654.0
    1.84x
    2.17x
    3'474.0
    15'272.0
    38.19x
    11.73x
    (2'652.0)
    6'634.0
    23.44x
    Profitability

    LTM-4Q
    31.12.2011
    94'084.0
    1.33x
    16'148.0
    7.73x
    5'498.0
    18.22x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    98'529.0
    1.56x
    17'812.0
    8.61x
    8'105.0
    15.91x
    17'812.00
    13'490.00
    13.69%
    11.69%
    7.99%
    23.62%
    0.97%
    35.2%
    18.1%
    13.7%
    8.2%
    2.27
    0.52
    35.75%
    102.98%
    2.47

    Price/ Cash Flow

    LTM

    12/yy
    94'083.0
    6.16x
    15'970.0
    7.82x
    5'498.0
    18.22x

    12/yy
    98'529.0
    5.88x
    17'811.0
    8.61x
    8'105.0
    15.88x

    FY+1

    .0 M
    f-13

    1.36
    6.59%
    0.87%
    1.359
    30
    3.633
    4'558'221
    4'108'293
    3'951'066
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    94'171.5
    97'301.5
    22'961.5
    23'643.6
    1.59x
    1.49x
    6.49x
    6.31x
    18'600.7
    20'350.7
    3'997.4
    4'596.7
    8.30x
    7.59x
    8.41x
    8.01x
    9'228.7
    10'496.9
    1'976.4
    2'326.4
    14.08x
    12.35x
    14.09x
    13.33x
    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

    24.05.2011
    BBB+
    STABLE
    02.03.2009
    A-2
    8.19
    5.66
    1.31
    2.09
    103.0%
    50.7%
    0.97
    3.85
    147.90
    152.13

    Sales/Revenue/Turnover

    18.00

    120'000.0

    16.00

    100'000.0

    14.00

    80'000.0

    12.00
    10.00

    60'000.0

    8.00

    40'000.0

    6.00
    4.00

    20'000.0

    2.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Sandvik AB
    Holdings By:

    All

    Holder Name
    INDUSTRIVARDEN AB
    SWEDBANK ROBUR FONDE
    HANDELSBANKEN PENSIO
    ALECTA PENSIONSFORSA
    JP MORGAN CHASE BANK
    OMNIBUS ACCOUNT W FD
    HARBOR CAPITAL ADVIS
    VANGUARD GROUP INC
    NORDEA FONDER AB/SWE
    LE LUNDBERGFORETAGEN
    GORANSSONSKA FOUNDAT
    HANDELSBANKEN FONDER
    FOLKSAM GROUP
    SEB
    FOLKSAM LO FOND AB
    AMF FONDER AB
    LANSDOWNE PARTNERS
    BLACKROCK
    ALLIANZ ASSET MANAGE
    FMR LLC

    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
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    n/a
    n/a

    Analyst

    AlphaValue
    LIONEL PELLICER
    HSBC
    COLIN GIBSON
    SEB Enskilda
    DANIEL SCHMIDT
    Sanford C. Bernstein & Co
    MARTIN PROZESKY
    Canaccord Genuity Corp
    ANDREW BELL
    Evli Bank Plc
    ELINA RIUTTA
    Societe Generale
    SEBASTIEN GRUTER
    Morgan Stanley
    MARKUS ALMERUD
    Credit Suisse
    ANDRE KUKHNIN
    Nordea Equity Research
    ANDREAS KOSKI
    Handelsbanken
    PEDER FROLEN
    Pareto Securities
    DAVID JACOBSSON
    DNB Markets
    LARS BRORSON
    Exane BNP Paribas
    JONATHAN R MOUNSEY
    Barclays
    ALLAN SMYLIE
    Danske Markets
    OSCAR STJERNGREN
    ABG Sundal Collier
    ANDERS IDBORG
    Goldman Sachs
    AARON IBBOTSON
    JPMorgan
    ANDREAS WILLI
    CA Cheuvreux
    JOAKIM HOGLUND
    Carnegie
    KENNETH TOLL JOHANSSON
    Nomura
    KLAS BERGELIND
    EVA Dimensions
    CRAIG STERLING
    Berenberg Bank
    ALEXANDER VIRGO
    Deutsche Bank
    JOHAN WETTERGREN
    Espirito Santo Investment Bank Research
    EDWARD STACEY
    Redburn Partners
    JAMES MOORE
    Swedbank
    MATS LISS
    Alandsbanken Equities
    ANDERS ROSLUND

    Source
    Co File
    Research
    Co File
    Co File
    Co File
    Co File
    MF-AGG
    MF-AGG
    MF-AGG
    Co File
    Co File
    Co File
    Co File
    ULT-AGG
    MF-AGG
    MF-AGG
    Short
    ULT-AGG
    ULT-AGG
    ULT-AGG

    Recommendation
    add
    overweight
    buy
    outperform
    sell
    reduce
    sell
    Underwt/Cautious
    underperform
    buy
    reduce
    buy
    hold
    outperform
    overweight
    buy
    buy
    Buy/Neutral
    neutral
    underperform
    buy
    buy
    hold
    buy
    buy
    neutral
    neutral
    buy
    buy

    Amt Held
    % Out
    144'727'042 11.54
    62'171'471
    4.96
    48'637'776
    3.88
    42'706'340
    3.4
    42'706'340
    3.4
    39'147'479
    3.12
    36'065'502
    2.88
    34'552'637
    2.75
    28'722'871
    2.29
    27'284'606
    2.18
    24'912'032
    1.99
    20'166'883
    1.61
    18'980'596
    1.51
    13'685'328
    1.09
    12'905'096
    1.03
    11'367'560
    0.91
    (7'651'754) -0.61
    7'574'592
    0.6
    6'828'824
    0.54
    6'636'816
    0.53

    Weighting

    Change
    4
    5
    5
    5
    1
    2
    1
    1
    1
    5
    2
    5
    3
    5
    5
    5
    5
    5
    3
    1
    5
    5
    3
    5
    5
    3
    3
    5
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    U
    M
    D
    M
    M

    Latest Chg
    53'926
    1'303'025
    (671'980)
    (101'448)
    (2'000'730)
    (752'632)
    16'660
    248'394
    (11'929)

    Target Price
    112
    135
    120
    118
    90
    95
    95
    91
    95
    116
    100
    115
    105
    120
    100
    130
    120
    118
    108
    110
    #N/A N/A
    130
    #N/A N/A
    118
    115
    95
    #N/A N/A
    100
    142

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.12.2011
    Holding Company
    13.02.2012
    Investment Advisor
    31.12.2011
    Other
    31.12.2011 Pension Fund (ERISA)
    31.12.2011
    Investment Advisor
    31.12.2011
    Other
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2011
    Holding Company
    31.12.2011
    Other
    31.12.2011
    Investment Advisor
    31.12.2011
    Insurance Company
    31.12.2012
    Unclassified
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    18.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor

    Date
    6 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    12 month
    12 month
    6 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    6 month
    12 month
    9 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month

    Date
    28.02.2013
    27.02.2013
    18.02.2013
    12.02.2013
    08.02.2013
    06.02.2013
    30.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    29.01.2013
    29.01.2013
    29.01.2013
    29.01.2013
    29.01.2013
    29.01.2013
    15.01.2013
    08.01.2013
    04.12.2012
    30.10.2012
    08.10.2012
    13.12.2011
    04.05.2011

    28.02.2013

    Sanofi
    Sanofi is a global pharmaceutical company that researches, develops and
    manufactures prescription pharmaceuticals and vaccines. The Company develops
    cardiovascular, thrombosis, metabolic disorder, central nervous system,
    internal medicine and oncology drugs, and vaccines.

    Price/Volume
    80

    12.0 M

    70

    10.0 M

    60
    8.0 M

    50
    40

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (09.01.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SAN FP EQUITY YTD Change
    SAN FP EQUITY YTD % CHANGE

    12/2012
    12/yy
    74.29
    53.20
    371'982.00
    71.3
    -3.98%
    34.02%
    86.39%
    1'326.3
    94'568.26
    14'531.00
    0.0
    134.0
    6'381.00
    102'852.26

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    4.0 M

    20
    2.0 M

    10
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    27'568.0
    2.22x
    9'940.0
    6.16x
    3'851.0
    15.94x

    6.0 M

    30

    31.12.2009
    31.12.2010
    29'306.0
    32'367.0
    2.61x
    1.99x
    12'805.0
    13'156.0
    5.97x
    4.90x
    5'265.0
    5'467.0
    14.13x
    11.42x
    Profitability

    LTM-4Q
    31.12.2011
    33'389.0
    2.59x
    12'593.0
    6.88x
    5'693.0
    13.17x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    34'947.0
    2.95x
    4'967.0
    18.99x
    12'593.00
    7'787.00
    22.28%
    17.94%
    4.95%
    8.75%
    9.69%
    0.35%
    68.2%
    38.1%
    22.3%
    14.2%
    1.65
    0.46
    14.47%
    25.34%
    4.36
    1.72

    Price/ Cash Flow

    LTM

    12/yy
    33'389.0
    5.23x
    2'463.0
    0.00x
    5'693.0
    13.17x

    12/yy
    34'947.0
    5.54x
    2'704.0
    0.00x
    4'967.0
    18.99x

    FY+1

    .0 M
    f-13

    0.76
    1'152.78
    34.56%
    -0.13%
    0.762
    39
    4.000
    3'492'259
    2'898'773
    2'429'587
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    35'791.9
    37'714.9
    8'360.8
    8'695.8
    2.79x
    2.55x
    13'144.9
    14'251.7
    7.83x
    7.22x
    7'942.1
    8'760.6
    1'813.3
    1'792.3
    11.88x
    10.65x
    12.07x
    11.64x
    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

    18.02.2011
    AASTABLE
    18.02.2011
    A-1+
    29.63
    25.44
    0.90
    1.23
    25.3%
    20.2%
    0.35
    3.28
    84.01
    212.88
    102.81
    159.20

    Sales/Revenue/Turnover

    12.00

    40'000.0
    35'000.0

    10.00

    30'000.0
    8.00

    25'000.0
    20'000.0

    6.00

    15'000.0

    4.00

    10'000.0
    2.00
    0.00
    01.01.2010

    5'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Sanofi
    Holdings By:

    All

    Holder Name
    L'OREAL SA
    TOTAL SA
    FMR LLC
    VANGUARD GROUP INC
    BLACKROCK
    NATIXIS ASSET MANAGE
    SANOFI AVENTIS
    DODGE & COX
    AMUNDI
    AVIVA PLC
    MORGAN STANLEY
    FIRST EAGLE INVESTME
    WADDELL & REED FINAN
    DEUTSCHE BANK AG
    ALLIANZ ASSET MANAGE
    LBPAM
    GRANTHAM MAYO VAN OT
    WILLIAM BLAIR & COMP
    AMUNDI
    MERCURY ASSET MANAGE

    Firm Name
    AlphaValue
    Societe Generale
    Sanford C. Bernstein & Co
    Jefferies
    Oddo & Cie
    Bryan Garnier & Cie
    Morgan Stanley
    Banco Sabadell
    National Bank AG
    Berenberg Bank
    Exane BNP Paribas
    EVA Dimensions
    JPMorgan
    Helvea
    Barclays
    Leerink Swann & Co
    CM - CIC Securities(ESN)
    Deutsche Bank
    Credit Suisse
    Landesbank Baden-Wuerttemberg
    Independent Research GmbH
    Kepler Capital Markets
    Ahorro Corporacion Financiera SA
    Nomura
    S&P Capital IQ
    Goldman Sachs
    Natixis
    Nord/LB
    Day by Day
    Redburn Partners
    Hamburger Sparkasse
    CA Cheuvreux
    Liberum Capital Ltd
    Main First Bank AG
    Jyske Bank
    Cyrrus
    Mirabaud Securities
    MP Advisors Pvt Ltd
    DZ Bank AG

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    WILLIAM BLAIR & COMP
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    ARMELLE MOULIN
    STEPHEN MCGARRY
    TIMOTHY M ANDERSON
    JEFFREY HOLFORD
    SEBASTIEN MALAFOSSE
    ERIC LE BERRIGAUD
    PETER VERDULT
    MARTA DIAZ
    STEFFEN MANSKE
    ALISTAIR CAMPBELL
    VINCENT MEUNIER
    ANDREW S ZAMFOTIS
    RICHARD VOSSER
    ODILE RUNDQUIST
    MARK PURCELL
    SEAMUS FERNANDEZ
    ARSENE GUEKAM
    MARK CLARK
    LUISA HECTOR
    TIMO KUERSCHNER
    CHRISTOPH SCHOENDUBE
    FABIAN WENNER
    VIRGINIA PEREZ REPES
    AMIT ROY
    SHO MATSUBARA
    KEYUR PAREKH
    PHILIPPE LANONE
    THORSTEN STRAUSS
    VALERIE GASTALDY
    TEAM COVERAGE
    MARCO GUENTHER
    LAURENT FLAMME
    NARESH CHOUHAN
    TIM FRANKLIN
    ROBERT JAKOBSEN
    TOMAS MENCIK
    NICHOLAS TURNER
    VISHAL MANCHANDA
    ELMAR KRAUS

    Source
    20F
    Research
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    Co File
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    13F
    MF-AGG
    MF-AGG

    Recommendation
    add
    buy
    outperform
    buy
    buy
    buy
    Overwt/Attractive
    buy
    buy
    hold
    outperform
    hold
    overweight
    accumulate
    equalweight
    outperform
    hold
    buy
    neutral
    buy
    hold
    hold
    buy
    neutral
    buy
    neutral/neutral
    buy
    hold
    buy
    neutral
    sell
    outperform
    underweight
    suspended coverage
    sell
    hold
    accumulate
    market perform
    buy

    Amt Held
    118'227'307
    37'975'811
    32'799'143
    27'514'327
    20'886'012
    20'193'712
    17'225'803
    16'748'982
    12'833'468
    6'423'335
    6'318'259
    5'954'817
    5'643'800
    5'573'977
    5'092'500
    4'869'438
    4'234'244
    4'068'709
    4'056'614
    3'964'720

    % Out
    8.91
    2.86
    2.47
    2.07
    1.57
    1.52
    1.3
    1.26
    0.97
    0.48
    0.48
    0.45
    0.43
    0.42
    0.38
    0.37
    0.32
    0.31
    0.31
    0.3

    Weighting

    Change

    4
    5
    5
    5
    5
    5
    5
    5
    5
    3
    5
    3
    5
    4
    3
    5
    3
    5
    3
    5
    3
    3
    5
    3
    5
    3
    5
    3
    5
    3
    1
    5
    1
    #N/A N/A
    1
    3
    4
    3
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    U
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (29'735'080)
    (222'743)
    1'487'319
    355'666
    1'062'104
    (170'838)
    (25'407)
    4'308'695
    597'970
    111'905
    540'232
    (67'746)
    (345'054)
    8'077
    (101'144)
    -

    Target Price
    81
    88
    76
    85
    82
    80
    81
    80
    78
    76
    85
    #N/A N/A
    80
    82
    77
    #N/A N/A
    66
    82
    78
    78
    75
    73
    81
    65
    81
    73
    84
    #N/A N/A
    78
    #N/A N/A
    #N/A N/A
    77
    65
    #N/A N/A
    57
    60
    63
    52
    55

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.01.2012
    15.02.2012
    31.12.2012
    31.12.2012
    26.02.2013
    31.12.2012
    31.12.2011
    29.01.2013
    30.11.2012
    31.01.2013
    31.12.2012
    30.09.2012
    31.12.2012
    31.12.2012
    31.01.2013
    31.12.2012
    31.05.2012
    31.12.2012
    28.09.2012
    26.02.2013

    Date
    6 month
    12 month
    12 month
    12 month
    Not Provided
    6 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    9 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    3 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month

    Inst Type
    Corporation
    Corporation
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Corporation
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Hedge Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor

    Date
    28.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    19.02.2013
    19.02.2013
    18.02.2013
    15.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    11.02.2013
    11.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    28.01.2013
    28.01.2013
    11.12.2012
    11.12.2012
    10.12.2012
    28.11.2012
    29.10.2012
    05.10.2012
    20.07.2012
    11.07.2012
    05.04.2012
    02.04.2012
    08.02.2012
    20.12.2011

    28.02.2013

    SAP AG
    SAP AG is a multinational software company. The Company develops business
    software, including e-business and enterprise management software, consults on
    organizational usage of its applications software, and provides training
    services. SAP markets its products and services worldwide.

    Price/Volume
    70

    18.0 M

    60

    16.0 M
    14.0 M

    50

    12.0 M

    40

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (02.01.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 02.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SAP GY EQUITY YTD Change
    SAP GY EQUITY YTD % CHANGE

    12/2012
    12/yy
    62.79
    43.62
    421'340.00
    59.61
    -5.02%
    36.66%
    82.79%
    1'228.5
    73'231.14
    5'247.00
    0.0
    8.0
    2'629.00
    75'857.14

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    6.0 M

    20

    4.0 M

    10

    2.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    11'575.0
    2.71x
    3'300.0
    9.49x
    1'847.0
    16.28x

    10.0 M
    8.0 M

    30

    31.12.2009
    31.12.2010
    10'672.0
    12'464.0
    3.65x
    3.71x
    3'301.0
    4'125.0
    11.81x
    11.20x
    1'748.0
    1'811.0
    22.45x
    25.07x
    Profitability

    LTM-4Q
    31.12.2011
    14'233.0
    3.31x
    4'908.0
    9.60x
    3'438.0
    14.13x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    16'222.0
    4.76x
    4'935.0
    15.64x
    2'826.0
    25.61x
    4'935.00
    4'072.00
    25.10%
    23.56%
    11.29%
    21.05%
    16.33%
    0.65%
    69.2%
    28.2%
    22.9%
    17.4%
    0.99
    0.92
    19.53%
    37.04%
    4.34
    -

    Price/ Cash Flow

    LTM

    12/yy
    14'233.0
    13.42x
    4'892.0
    9.63x
    3'438.0
    14.18x

    12/yy
    16'223.0
    16.09x
    4'575.0
    16.87x
    2'827.0
    25.61x

    FY+1

    .0 M
    f-13

    0.82
    912.18
    20.49%
    -1.78%
    0.816
    44
    4.114
    2'995'705
    2'864'451
    2'824'906
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    18'061.8
    19'912.7
    3'816.4
    4'342.3
    4.00x
    3.48x
    19.40x
    17.09x
    6'384.8
    7'233.5
    1'116.5
    1'487.5
    11.87x
    10.48x
    11.64x
    11.65x
    4'064.7
    4'629.0
    698.5
    948.8
    17.04x
    15.02x
    16.85x
    16.56x
    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

    28.20
    25.10
    0.57
    1.15
    37.0%
    27.0%
    0.65
    9.95
    84.26
    -

    Sales/Revenue/Turnover

    25.00

    18'000.0
    16'000.0

    20.00

    14'000.0
    12'000.0

    15.00

    10'000.0
    8'000.0

    10.00

    6'000.0
    4'000.0

    5.00

    2'000.0
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    SAP AG
    Holdings By:

    All

    Holder Name
    PLATTNER HASSO
    TSCHIRA KLAUS
    BLACKROCK
    HOPP DIETMAR
    SAP AG
    FMR LLC
    VANGUARD GROUP INC
    DEUTSCHE BANK AG
    ALLIANZ ASSET MANAGE
    HARBOR CAPITAL ADVIS
    CAPITAL GROUP COMPAN
    UNION INVESTMENT GMB
    DEKA INVESTMENT GMBH
    THORNBURG INVESTMENT
    OPPENHEIMERFUNDS INC
    DB PLATINUM ADVISORS
    MORGAN STANLEY
    CREDIT SUISSE AG
    AMUNDI
    BNP PARIBAS INV PART

    Firm Name
    AlphaValue
    Pacific Crest Securities
    Nomura
    Banco Sabadell
    Morgan Stanley
    Baader Bank
    Commerzbank Corporates & Markets
    Bryan Garnier & Cie
    Redburn Partners
    EVA Dimensions
    Exane BNP Paribas
    Societe Generale
    Nord/LB
    Credit Suisse
    JPMorgan
    Macquarie
    Hamburger Sparkasse
    Bankhaus Metzler
    Berenberg Bank
    Ahorro Corporacion Financiera SA
    Barclays
    Grupo Santander
    Goldman Sachs
    Jefferies
    William Blair & Co
    Landesbank Baden-Wuerttemberg
    Independent Research GmbH
    National Bank AG
    Kepler Capital Markets
    S&P Capital IQ
    DZ Bank AG
    Wells Fargo Securities, LLC
    M.M. Warburg Investment Research
    Natixis
    Cross Research
    Sanford C. Bernstein & Co
    Jyske Bank
    Day by Day
    Deutsche Bank
    HSBC
    Evercore Partners
    CA Cheuvreux
    FBR Capital Markets

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    n/a

    Analyst
    HEINZ STEFFEN
    BRENDAN BARNICLE
    RICHARD G SHERLUND
    ANDRES BOLUMBURU
    ADAM WOOD
    KNUT WOLLER
    THOMAS M BECKER
    GREGORY RAMIREZ
    NEIL STEER
    ANDREW S ZAMFOTIS
    JOSEP BORI
    RICHARD NGUYEN
    WOLFGANG DONIE
    PHILIP WINSLOW
    STACY E POLLARD
    BRAD A ZELNICK
    MARCO GUENTHER
    ULRICH TRABERT
    DAUD KHAN
    VIRGINIA PEREZ REPES
    GERARDUS VOS
    CARLOS JAVIER TREVINO
    MOHAMMED MOAWALLA
    ROSS MACMILLAN
    LAURA J LEDERMAN
    MIRKO MAIER
    MARKUS FRIEBEL
    STEFFEN MANSKE
    LAURENT DAURE
    JAMES CRAWSHAW
    OLIVER FINGER
    JASON MAYNARD
    ANDREAS WOLF
    GWENAEL GIARD
    RICHARD T WILLIAMS
    MARK L MOERDLER
    ROBERT JAKOBSEN
    VALERIE GASTALDY
    KAI KORSCHELT
    ANTONIN BAUDRY
    STEWART KIRK MATERNE III
    MICHAEL BEUCHER
    DAVID M HILAL

    Source
    13G
    Co File
    ULT-AGG
    13G
    Research
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    Research
    MF-AGG
    ULT-AGG

    Recommendation
    add
    outperform
    buy
    buy
    Overwt/In-Line
    hold
    add
    buy
    buy
    underweight
    neutral
    buy
    buy
    outperform
    overweight
    outperform
    buy
    buy
    buy
    buy
    equalweight
    underweight
    buy/attractive
    hold
    outperform
    hold
    hold
    buy
    buy
    buy
    buy
    market perform
    buy
    neutral
    hold
    outperform
    reduce
    buy
    buy
    neutral
    equalweight
    underperform
    market perform

    Amt Held
    121'324'707
    93'079'595
    66'743'066
    65'273'200
    36'642'744
    19'051'555
    18'879'878
    11'764'147
    11'271'403
    11'235'667
    8'459'500
    8'277'322
    7'820'713
    7'542'813
    6'399'479
    5'671'301
    5'601'418
    4'582'686
    4'346'379
    4'026'820

    % Out
    9.88
    7.58
    5.43
    5.31
    2.98
    1.55
    1.54
    0.96
    0.92
    0.91
    0.69
    0.67
    0.64
    0.61
    0.52
    0.46
    0.46
    0.37
    0.35
    0.33

    Weighting

    Change
    4
    5
    5
    5
    5
    3
    4
    5
    5
    1
    3
    5
    5
    5
    5
    5
    5
    5
    5
    5
    3
    1
    5
    3
    5
    3
    3
    5
    5
    5
    5
    3
    5
    3
    3
    5
    2
    5
    5
    3
    3
    1
    3

    M
    M
    M
    M
    M
    M
    U
    M
    M
    D
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (1'795'675)
    35'104
    (73'364)
    (392'073)
    972'000
    (339'827)
    (171'398)
    1'699'948
    547'634
    (371'742)
    993'621

    Target Price
    72
    70
    68
    67
    67
    63
    65
    70
    #N/A N/A
    #N/A N/A
    63
    71
    70
    65
    65
    64
    #N/A N/A
    69
    71
    70
    55
    57
    86
    62
    #N/A N/A
    57
    63
    64
    66
    70
    66
    #N/A N/A
    67
    53
    45
    69
    65
    66
    73
    62
    65
    46
    55

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.12.2012
    n/a
    08.03.2012
    n/a
    26.02.2013
    Investment Advisor
    31.12.2012
    n/a
    12.06.2012
    Corporation
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.09.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    30.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    06.06.2012
    Investment Advisor
    30.11.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor

    Date
    6 month
    12 month
    12 month
    12 month
    12 month
    12 month
    6 month
    6 month
    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
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    3 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month

    Date
    28.02.2013
    24.02.2013
    22.02.2013
    15.02.2013
    14.02.2013
    11.02.2013
    04.02.2013
    01.02.2013
    01.02.2013
    29.01.2013
    28.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    22.01.2013
    17.01.2013
    16.01.2013
    16.01.2013
    14.01.2013
    09.01.2013
    09.01.2013
    07.01.2013
    29.10.2012
    24.10.2012
    02.02.2012
    26.01.2012

    28.02.2013

    Schneider Electric SA
    Schneider Electric SA manufactures power distribution and automation systems.
    The Company produces circuit breakers, remote installation management equipment,
    panelboards, programmable logic controllers, industrial control products,
    detectors, human-machine interfaces, and process controls. Schneider's products
    are sold various brands.

    Price/Volume
    70

    6.0 M

    60

    5.0 M

    50

    4.0 M

    40

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (27.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 29.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SU FP EQUITY YTD Change
    SU FP EQUITY YTD % CHANGE

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    2.0 M

    20

    1.0 M

    10
    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    18'311.0
    0.95x
    3'321.0
    5.24x
    1'682.0
    7.55x

    3.0 M

    30

    12/2012
    12/yy
    60.00
    39.40
    285'996.00
    58.63
    -2.20%
    48.83%
    90.00%
    555.4
    32'564.10
    8'132.00
    0.0
    174.0
    3'737.00
    37'133.10

    31.12.2009
    31.12.2010
    15'793.0
    19'580.0
    1.51x
    1.68x
    2'575.0
    3'575.0
    9.26x
    9.20x
    824.0
    1'720.0
    24.63x
    17.00x
    Profitability

    LTM-4Q
    31.12.2011
    22'345.0
    1.23x
    3'725.0
    7.36x
    1'793.0
    12.18x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    23'946.0
    1.44x
    3'837.0
    9.01x
    1'840.0
    16.17x
    3'837.00
    3'030.00
    12.65%
    10.42%
    5.11%
    11.32%
    9.07%
    0.67%
    37.8%
    16.0%
    12.7%
    7.7%
    1.51
    1.01
    22.49%
    48.86%
    4.48
    4.63

    Price/ Cash Flow

    LTM

    12/yy
    22'387.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    12/yy
    23'946.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    1.27
    525.90
    19.38%
    6.93%
    1.274
    30
    3.600
    2'551'024
    1'416'742
    1'301'488
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    24'383.6
    25'633.7
    5'390.0
    6'012.0
    1.50x
    1.38x
    4'043.1
    4'421.6
    9.21x
    8.42x
    2'298.4
    2'562.1
    14.28x
    12.80x
    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

    26.11.2008
    ASTABLE
    14.03.2007
    A-2
    9.97
    8.74
    1.15
    2.12
    48.9%
    32.6%
    0.67
    9.22
    81.70
    79.13
    103.63
    57.20

    Sales/Revenue/Turnover

    18.00

    30'000.0

    16.00

    25'000.0

    14.00

    20'000.0

    12.00
    10.00

    15'000.0

    8.00

    10'000.0

    6.00
    4.00

    5'000.0

    2.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Schneider Electric SA
    Holdings By:

    All

    Holder Name
    CAPITAL GROUP COMPAN
    AMUNDI
    CAISSE DES DEPOTS ET
    VANGUARD GROUP INC
    HARBOR CAPITAL ADVIS
    DODGE & COX
    SCHNEIDER ELECTRIC S
    NATIXIS ASSET MANAGE
    BLACKROCK
    FMR LLC
    MASSACHUSETTS FINANC
    AMUNDI
    ALLIANZ ASSET MANAGE
    BNP PARIBAS INV PART
    ABERDEEN
    T ROWE PRICE ASSOCIA
    ARTISAN PARTNERS HOL
    JUPITER ASSET MANAGE
    AVIVA PLC
    LBPAM

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    AlphaValue
    LIONEL PELLICER
    Barclays
    NICK WEBSTER
    Sanford C. Bernstein & Co
    MARTIN PROZESKY
    EVA Dimensions
    CRAIG STERLING
    Credit Suisse
    SIMON TOENNESSEN
    Landesbank Baden-Wuerttemberg
    VOLKER STOLL
    Exane BNP Paribas
    OLIVIER ESNOU
    Societe Generale
    GAEL DE BRAY
    Deutsche Bank
    MARTIN WILKIE
    RBC Capital Markets
    ANDREW CARTER
    CA Cheuvreux
    ALFRED GLASER
    Independent Research GmbH
    MARKUS FRIEBEL
    Natixis
    LUDOVIC DEBAILLEUX
    Morgan Stanley
    BEN UGLOW
    JPMorgan
    ANDREAS WILLI
    Kepler Capital Markets
    PIERRE BOUCHENY
    S&P Capital IQ
    JAWAHAR HINGORANI
    Banco Sabadell
    MARIA CEBOLLERO
    Canaccord Genuity Corp
    JAMES STETTLER
    Goldman Sachs
    DANIELA COSTA
    Ahorro Corporacion Financiera SA
    VIRGINIA PEREZ REPES
    CM - CIC Securities(ESN)
    ARI AGOPYAN
    Day by Day
    VALERIE GASTALDY
    Berenberg Bank
    WILLIAM MACKIE
    HSBC
    MICHAEL HAGMANN
    Nomura
    DANIEL CUNLIFFE
    Espirito Santo Investment Bank Research
    ROB VIRDEE
    Redburn Partners
    JAMES MOORE

    Source
    ULT-AGG
    Research
    Research
    MF-AGG
    MF-AGG
    MF-AGG
    Co File
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    add
    equalweight
    market perform
    hold
    neutral
    hold
    outperform
    buy
    hold
    outperform
    outperform
    hold
    neutral
    Equalwt/Cautious
    overweight
    reduce
    hold
    buy
    hold
    Buy/Neutral
    hold
    hold
    buy
    hold
    overweight
    neutral
    neutral
    buy

    Amt Held
    82'567'657
    27'220'485
    20'349'002
    15'925'730
    10'849'337
    10'102'524
    9'164'952
    8'967'731
    7'556'416
    7'269'961
    5'926'032
    4'706'688
    4'454'343
    2'683'041
    2'531'916
    2'485'819
    2'452'160
    1'943'144
    1'836'557
    1'775'165

    % Out
    14.87
    4.9
    3.66
    2.87
    1.95
    1.82
    1.65
    1.61
    1.36
    1.31
    1.07
    0.85
    0.8
    0.48
    0.46
    0.45
    0.44
    0.35
    0.33
    0.32

    Weighting

    Change
    4
    3
    3
    3
    3
    3
    5
    5
    3
    5
    5
    3
    3
    3
    5
    2
    3
    5
    3
    5
    3
    3
    5
    3
    5
    3
    3
    5

    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    U
    M
    M
    M

    Latest Chg
    (10'012'679)
    (1'168'334)
    477'308
    (52'247)
    95'500
    1'005'966
    756'342
    (188'094)
    185'126
    (70'229)
    55'617
    408'459
    (25'700)
    551'587
    (404'495)
    (2'705)
    (144'907)

    Target Price
    65
    54
    53
    #N/A N/A
    58
    60
    66
    64
    55
    65
    62
    65
    61
    57
    65
    57
    61
    48
    60
    65
    53
    58
    58
    60
    62
    45
    52
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.12.2012
    Investment Advisor
    16.05.2012
    Investment Advisor
    31.12.2012
    Government
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    29.01.2013
    Investment Advisor
    31.12.2011
    Corporation
    31.12.2012 Mutual Fund Manager
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012 Mutual Fund Manager
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Unclassified
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.08.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2012 Mutual Fund Manager

    Date
    6 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    9 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    3 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided

    Date
    28.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    15.02.2013
    08.02.2013
    30.01.2013
    24.01.2013
    21.01.2013
    10.01.2013
    08.01.2013
    29.11.2012
    27.11.2012
    30.10.2012
    08.10.2012

    28.02.2013

    Seadrill Ltd
    Seadrill Ltd. provides offshore deepwater drilling. The Company operates a fleet
    for operations in shallow to ultra-deepwater areas in harsh and benign
    environments. Seadrill's fleet includes semi-submersible rigs, deepwater
    drillships, jack-ups, semi-tender rigs, and tender rigs.

    Price/Volume
    250

    6.0 M

    200

    5.0 M
    4.0 M

    150

    3.0 M

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (21.08.2012)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SDRL NO EQUITY YTD Change
    SDRL NO EQUITY YTD % CHANGE

    100

    12/2011
    09/yy
    246.90
    188.50
    248'168.00
    209.3
    -15.23%
    11.03%
    34.76%
    469.3
    98'214.22
    10'428.00
    0.0
    325.0
    507.00
    28'160.57

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    1.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2007
    1'465.1
    9.01x
    671.7
    19.66x
    502.0
    19.15x

    2.0 M

    50

    31.12.2008
    31.12.2009
    2'031.3
    3'210.9
    5.24x
    5.30x
    801.8
    1'697.1
    13.28x
    10.02x
    (164.4)
    1'261.2
    8.06x
    Profitability

    LTM-4Q
    31.12.2010
    4'015.0
    5.88x
    2'079.0
    11.35x
    1'117.0
    12.24x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2011
    4'191.0
    6.18x
    2'315.0
    11.19x
    1'401.0
    10.97x
    2'315.00
    1'752.00
    41.80%
    39.87%
    5.41%
    16.27%
    8.32%
    0.22%
    56.6%
    42.5%
    33.4%
    0.71
    0.44
    56.97%
    174.47%
    5.51
    -

    Price/ Cash Flow

    09/yy
    4'364.0
    22.25x
    2'311.0
    9.79x
    1'783.0
    7.00x

    LTM
    09/yy
    4'208.0
    26.26x
    2'382.0
    12.29x
    1'022.0
    17.89x

    FY+1

    .0 M
    f-13

    9.03
    0.95
    318.39
    1.10%
    2.95%
    0.947
    37
    3.514
    1'050'764
    994'030
    994'827
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    4'377.9
    5'030.5
    1'118.0
    1'155.4
    6.49x
    5.95x
    25.45x
    24.47x
    2'418.4
    2'892.7
    595.7
    645.8
    11.64x
    9.73x
    10.88x
    10.27x
    1'256.9
    1'479.7
    290.2
    322.0
    14.31x
    11.95x
    13.68x
    12.40x
    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

    7.85
    -0.77
    4.41
    4.73
    174.5%
    62.3%
    0.22
    0.30
    66.41
    -

    Sales/Revenue/Turnover

    12.00

    4'500.0
    4'000.0

    10.00

    3'500.0
    3'000.0

    8.00

    2'500.0
    6.00

    2'000.0
    1'500.0

    4.00

    1'000.0
    2.00
    0.00
    02.01.2009 02.07.2009

    500.0
    0.0
    02.01.2010 02.07.2010

    02.01.2011 02.07.2011

    02.01.2012 02.07.2012

    02.01.2013

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Seadrill Ltd
    Holdings By:

    All

    Holder Name
    HEMEN HOLDING LTD
    STATE STREET
    GOVERNMENT PENSION F
    VANGUARD GROUP INC
    CITIBANK NA
    BARROW HANLEY MEWHIN
    MORGAN STANLEY
    CAPITAL GROUP COMPAN
    CLEARSTREAM BANKING
    FARAHEAD INVESTMENT
    ALLIANCE BERNSTEIN
    JP MORGAN CHASE BANK
    DNB NORBANK ASA
    BANK OF NEW YORK MEL
    ALLIANZ ASSET MANAGE
    VAN ECK ASSOCIATES C
    GEVERAN TRADING CO L
    DNB LIVSFORSIKRING A
    BANK OF AMERICA CORP
    EUROCLEAR BANK SA

    Firm Name
    DNB Markets
    Nordea Equity Research
    Clarkson Capital Markets LLC
    Pareto Securities
    Guggenheim Securities LLC
    SpareBank 1 Markets AS
    Exane BNP Paribas
    Carnegie
    Norne Securities AS
    Swedbank First Securities
    Danske Markets
    Sanford C. Bernstein & Co
    Arctic Securities ASA
    Fearnley Fonds
    Wells Fargo Securities, LLC
    Credit Suisse
    ISI Group
    Dahlman Rose & Co
    SEB Enskilda
    ABG Sundal Collier
    Howard Weil Inc
    Barclays
    ABN Amro Bank N.V.
    JPMorgan
    Nomura
    RBC Capital Markets
    EVA Dimensions
    Societe Generale
    Spin-Off Research
    BMO Capital Markets
    Deutsche Bank
    Handelsbanken
    Natixis
    Morgan Stanley
    Goldman Sachs
    HSBC
    Johnson Rice & Co
    Fondsfinans AS
    RS Platou Markets

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    BARROW HANLEY MEWHIN
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    BANK OF AMERICA
    n/a

    Analyst
    MARTIN HUSEBY KARLSEN
    DAVID BHATTI
    TODD P SCHOLL
    FRANK HARESTAD
    DARREN GACICIA
    JANNE KVERNLAND
    ALEXANDRE MARIE
    FREDERIK H LUNDE
    VILIS EIZENTAS
    BJORN THORESEN
    ENDRE STORLOKKEN
    SCOTT GRUBER
    KRISTOFFER RIIS IDEN
    TRULS OLSEN
    MATTHEW D CONLAN
    GREGORY LEWIS
    JUDSON E BAILEY
    DOUG GARBER
    LUKAS DAUL
    OYVIND HAGEN
    DAVID T WILSON
    JAMES C WEST
    THIJS BERKELDER
    ANDREW DOBBING
    CHRISTYAN MALEK
    KATHERINE TONKS
    CRAIG STERLING
    GUILLAUME DELABY
    TEAM COVERAGE
    ALAN D LAWS
    MICHAEL W URBAN
    KNUT ERIK LOVSTAD
    JULIEN LAURENT
    OLE SLORER
    HENRY TARR
    DAVID PHILLIPS
    DAVID C SMITH
    IVAR ANDREAS LEMMECHEN GJUL
    ANDERS BERGLAND

    Source
    424B
    ULT-AGG
    Co File
    MF-AGG
    EXCH
    13F
    ULT-AGG
    ULT-AGG
    EXCH
    EXCH
    ULT-AGG
    EXCH
    EXCH
    EXCH
    ULT-AGG
    MF-AGG
    EXCH
    EXCH
    13F
    EXCH

    Recommendation
    buy
    hold
    outperform
    buy
    buy
    neutral
    underperform
    hold
    buy
    neutral
    buy
    market perform
    hold
    Under Review
    market perform
    outperform
    neutral
    hold
    hold
    hold
    sector perform
    overweight
    buy
    overweight
    buy
    sector perform
    sell
    hold
    neutral
    market perform
    hold
    reduce
    neutral
    restricted
    not rated
    neutral
    equalweight
    Under Review
    buy

    Amt Held
    115'097'583
    27'697'257
    23'736'823
    17'105'468
    16'424'550
    14'724'984
    11'047'487
    8'278'539
    7'590'854
    6'550'000
    6'078'937
    6'063'475
    5'431'494
    4'631'602
    4'599'493
    4'110'598
    3'500'000
    3'386'997
    3'320'822
    3'264'503

    % Out
    24.53
    5.9
    5.06
    3.65
    3.5
    3.14
    2.35
    1.76
    1.62
    1.4
    1.3
    1.29
    1.16
    0.99
    0.98
    0.88
    0.75
    0.72
    0.71
    0.7

    Weighting

    Change

    5
    3
    5
    5
    5
    3
    1
    3
    5
    3
    5
    3
    3
    #N/A N/A
    3
    5
    3
    3
    3
    3
    3
    5
    5
    5
    5
    3
    1
    3
    3
    3
    3
    2
    3
    #N/A N/A
    #N/A N/A
    3
    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
    N
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    D
    M
    M
    M

    Latest Chg
    (3'559)
    2'000'218
    2'099'255
    (205'652)
    (3'749'740)
    957'941
    448'062
    47'020
    17'815
    -

    Target Price
    250
    225
    263
    275
    278
    225
    200
    #N/A N/A
    270
    210
    235
    217
    225
    #N/A N/A
    #N/A N/A
    263
    #N/A N/A
    #N/A N/A
    245
    207
    256
    261
    230
    290
    310
    222
    #N/A N/A
    208
    213
    258
    210
    225
    217
    #N/A N/A
    #N/A N/A
    262
    #N/A N/A
    #N/A N/A
    283

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    18.10.2012
    31.12.2012
    24.04.2012
    31.12.2012
    03.10.2011
    31.12.2012
    31.12.2012
    31.12.2012
    03.10.2011
    03.10.2011
    31.12.2012
    03.10.2011
    03.10.2011
    03.10.2011
    31.12.2012
    26.02.2013
    03.10.2011
    03.10.2011
    31.12.2012
    03.10.2011

    Date
    Not Provided
    12 month
    12 month
    6 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    6 month
    12 month
    Not Provided
    Not Provided
    9 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    6 month

    Inst Type
    Holding Company
    Investment Advisor
    Government
    Investment Advisor
    Bank
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Bank
    Corporation
    Investment Advisor
    Investment Advisor
    Bank
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Corporation
    Insurance Company
    Investment Advisor
    Bank

    Date
    27.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    19.02.2013
    18.02.2013
    13.02.2013
    13.02.2013
    12.02.2013
    11.02.2013
    11.02.2013
    04.02.2013
    03.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    29.01.2013
    29.01.2013
    17.01.2013
    17.01.2013
    11.01.2013
    26.12.2012
    16.12.2012
    28.11.2012
    27.11.2012
    27.11.2012
    26.11.2012
    05.11.2012
    10.09.2012
    28.08.2012
    02.03.2012
    09.02.2012

    28.02.2013

    SES SA
    SES, through subsidiaries, offers global satellite broadband communications
    services. The Company offers feeds for cable television networks, Internet
    access, corporate networks, network facilities, telecommunications services,
    and audiovisual broadcasting.

    Price/Volume
    25
    20
    15

    Valuation Analysis

    10

    Latest Fiscal Year:


    LTM as of:
    52-Week High (22.02.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 28.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SESG FP EQUITY YTD Change
    SESG FP EQUITY YTD % CHANGE

    12/2012
    12/yy
    24.10
    17.54
    137'104.00
    23.48
    -2.61%
    33.90%
    87.81%
    337.6
    9'382.19
    4'196.60
    0.0
    83.1
    218.00
    13'480.29

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    0
    f-12

    m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    1'630.3
    5.52x
    1'100.0
    8.19x
    387.5
    17.78x

    31.12.2009
    31.12.2010
    1'620.3
    1'735.7
    6.98x
    7.27x
    1'193.7
    1'296.4
    9.48x
    9.74x
    476.5
    487.3
    8.85x
    9.58x
    Profitability

    LTM-4Q
    31.12.2011
    1'733.1
    7.67x
    1'274.6
    10.43x
    617.7
    14.74x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    1'828.0
    649.1
    11.22x
    1'274.60
    808.20
    46.63%
    37.00%
    7.39%
    28.32%
    0.21%
    92.2%
    73.8%
    46.1%
    35.5%
    0.41
    0.24
    47.31%
    165.60%
    -

    Price/ Cash Flow

    2.0 M
    1.8 M
    1.6 M
    1.4 M
    1.2 M
    1.0 M
    .8 M
    .6 M
    .4 M
    .2 M
    .0 M
    f-13

    09/yy
    1'730.0
    0.00x
    0.0
    0.00x
    601.1
    10.81x

    LTM
    12/yy
    1'828.0
    0.00x
    0.0
    0.00x
    649.1
    11.22x

    FY+1

    0.54
    36.09%
    8.18%
    0.541
    23
    3.783
    866'733
    509'889
    462'953
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    1'914.8
    2'027.1
    6.99x
    6.47x
    1'415.4
    1'501.9
    9.50x
    8.96x
    599.2
    655.3
    15.80x
    14.15x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    10.05.2007
    BBB
    STABLE
    29.06.2009
    A-2
    7.56
    2.61
    3.07
    3.25
    165.6%
    61.6%
    0.21
    0.37
    -1010.13

    Sales/Revenue/Turnover

    12.00

    2'000.0
    1'800.0

    10.00

    1'600.0
    1'400.0

    8.00

    1'200.0
    1'000.0

    6.00

    800.0
    4.00

    600.0
    400.0

    2.00
    0.00
    01.01.2010

    200.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    SES SA
    Holdings By:

    All

    Holder Name
    ETAT DU GRAND-DUCHE
    BANQUE ET CAISSE D'E
    SOC NATIONALE DE CRE
    SOFINA SA
    CAPITAL GROUP COMPAN
    LUXEMPART SA
    SANTANDER TELECOM S
    VANGUARD GROUP INC
    SARASIN
    BANK OF NEW YORK MEL
    DEUTSCHE BANK AG
    BLACKROCK
    LBPAM
    OPPENHEIMERFUNDS INC
    COHEN & STEERS CAPIT
    UNIVERSAL INVEST CON
    AKO CAPITAL LLP
    FMR LLC
    BANQUE DE LUXEMBOURG
    BNP ASSET MANAGEMENT

    Firm Name
    ABN Amro Bank N.V.
    Societe Generale
    JPMorgan
    Exane BNP Paribas
    Barclays
    Deutsche Bank
    Morgan Stanley
    Goldman Sachs
    Jefferies
    HSBC
    Oddo & Cie
    Nomura
    ING Bank
    CA Cheuvreux
    Credit Suisse
    EVA Dimensions
    Natixis
    Berenberg Bank
    CM - CIC Securities(ESN)
    Main First Bank AG
    Equita SIM SpA

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    MAURITS HELDRING
    PETER KNOX
    TORSTEN ACHTMANN
    MATHIEU ROBILLIARD
    NICK DEMPSEY
    LAURIE DAVISON
    JULIEN ROSSI
    MARK WALKER
    GILES THORNE
    OLIVIER MORAL
    VINCENT MAULAY
    HENRIK NYBLOM
    EMMANUEL CARLIER
    DAVID CERDAN
    PAUL SIDNEY
    CRAIG STERLING
    ERIC BEAUDET
    SARAH SIMON
    JEAN-MICHEL KOSTER
    LOIC SABATIER
    FABIO FAZZARI

    Source
    Co File
    Co File
    Co File
    Co File
    ULT-AGG
    Co File
    Co File
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    Short
    ULT-AGG
    MF-AGG
    MF-AGG

    Recommendation
    buy
    buy
    overweight
    neutral
    equalweight
    hold
    Equalwt/Attractive
    Buy/Neutral
    buy
    neutral
    neutral
    neutral
    buy
    outperform
    outperform
    underweight
    neutral
    hold
    hold
    neutral
    buy

    Amt Held
    % Out
    57'825'830 17.13
    54'336'756
    16.1
    54'329'979 16.09
    18'800'000
    5.57
    17'666'293
    5.23
    11'538'264
    3.42
    9'000'000
    2.67
    5'528'819
    1.64
    3'915'438
    1.16
    3'109'818
    0.92
    2'917'088
    0.86
    2'472'822
    0.73
    1'888'821
    0.56
    1'888'570
    0.56
    1'825'167
    0.54
    1'736'000
    0.51
    (1'620'480) -0.48
    1'584'092
    0.47
    1'225'340
    0.36
    1'143'572
    0.34

    Weighting

    Change
    5
    5
    5
    3
    3
    3
    3
    5
    5
    3
    3
    3
    5
    5
    5
    1
    3
    3
    3
    3
    5

    M
    M
    M
    D
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M

    Latest Chg
    (4'233'285)
    118'032
    39'446
    (25'197)
    780'908
    (99'501)
    (21'262)
    (570'800)
    (371'360)
    1'326
    (109'783)

    Target Price
    24
    27
    23
    25
    24
    23
    23
    32
    26
    25
    22
    24
    24
    27
    24
    #N/A N/A
    21
    23
    22
    19
    22

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    28.01.2011
    Government
    28.01.2011
    Unclassified
    28.01.2011
    Bank
    28.01.2011
    Holding Company
    31.12.2012
    Investment Advisor
    28.01.2011
    Holding Company
    28.01.2011
    Holding Company
    31.12.2012
    Investment Advisor
    28.12.2012
    Unclassified
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    30.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    22.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.09.2012
    Investment Advisor

    Date
    Not Provided
    12 month
    9 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    12 month

    Date
    26.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    23.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    14.02.2013
    21.01.2013
    17.01.2013
    11.12.2012
    09.11.2012
    02.10.2012
    27.07.2012
    21.12.2011

    28.02.2013

    SGS SA
    SGS SA provides industrial inspection, analysis, testing, and verification
    services. The Company inspects, samples, analyzes, and monitors raw materials,
    petroleum, food, crops, chemicals, consumer goods, and production machinery for
    compliance with industrial standards and local regulatory requirements,
    including tax and duty. SGS serves business worldwide.

    Price/Volume

    2000

    .1 M
    .0 M

    1500
    1000

    12/2012
    01/yy
    2'391.00
    1'617.91
    1'805.00
    2365
    -1.09%
    46.18%
    95.08%
    7.8
    18'500.06
    1'323.00
    0.0
    58.0
    989.00
    18'892.06

    .0 M

    500

    .0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    .1 M

    .0 M

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (06.03.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SGSN VX EQUITY YTD Change
    SGSN VX EQUITY YTD % CHANGE

    31.12.2008
    4'818.0
    1.66x
    1'024.0
    7.82x
    692.0
    12.08x

    2500

    31.12.2009
    31.12.2010
    4'712.0
    4'757.0
    2.06x
    2.46x
    1'223.0
    1'286.0
    7.93x
    9.09x
    566.0
    588.0
    17.90x
    20.21x
    Profitability

    31.12.2011
    4'797.0
    2.48x
    1'015.0
    11.73x
    534.0
    22.05x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    5'578.0
    2.84x
    1'124.0
    14.11x
    556.0
    27.76x
    1'124.00
    843.00
    15.11%
    14.49%
    11.40%
    27.42%
    1.14%
    20.2%
    15.1%
    10.0%
    2.06
    1.60
    26.49%
    64.22%
    6.05
    -

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    0.99
    4.57
    44.86%
    16.73%
    0.985
    25
    3.440
    11'427
    13'175
    12'600
    FY+2

    12/13 Y
    12/14 Y
    6'163.0
    6'756.5
    3.06x
    2.78x
    1'371.2
    1'572.5
    13.77x
    12.00x
    724.7
    851.1
    25.00x
    21.42x
    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

    .0 M
    f-13

    FQ+1

    FQ+2

    29.58
    19.39
    0.30
    1.18
    64.2%
    38.4%
    1.14
    5.85
    60.53
    -

    Sales/Revenue/Turnover

    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

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    SGS SA
    Holdings By:

    All

    Holder Name
    EXOR GROUP SA
    VON FINCK AUGUST
    VON FINCK AUGUST FRA
    SGS INVESTMENT LTD
    CAPITAL GROUP INTERN
    BANK OF NEW YORK MEL
    SGS GROUP
    CAPITAL GROUP COMPAN
    VANGUARD GROUP INC
    CREDIT SUISSE ASSET
    FMR LLC
    UBS FUND MANAGEMENT
    PICTET & CIE
    BLACKROCK
    JUPITER ASSET MANAGE
    WILLIAM BLAIR & COMP
    T ROWE PRICE ASSOCIA
    ALLIANZ ASSET MANAGE
    THREADNEEDLE INVESTM
    SCHRODER INVESTMENT

    Firm Name
    AlphaValue
    Credit Suisse
    Main First Bank AG
    Exane BNP Paribas
    Bank Vontobel AG
    Helvea
    CA Cheuvreux
    Zuercher Kantonalbank
    Oddo & Cie
    Goldman Sachs
    Societe Generale
    Jefferies
    Kepler Capital Markets
    Natixis
    RBC Capital Markets
    JPMorgan
    EVA Dimensions
    Berenberg Bank
    S&P Capital IQ
    HSBC
    Redburn Partners
    Deutsche Bank
    Equita SIM SpA

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    WILLIAM BLAIR & COMP
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    HEINZ STEFFEN
    DAVID RIGBY
    MOURAD LAHMIDI
    LAURENT BRUNELLE
    JEAN-PHILIPPE BERTSCHY
    CHRISTIAN BURGER
    BEAT KEISER
    DANIEL BUERKI
    GUILLAUME RASCOUSSIER
    JOHN WOODMAN
    PATRICK JOUSSEAUME
    WILLIAM KIRKNESS
    BETTINA EDMONDSTON
    OLIVIER LEBRUN
    ANDREW BROOKE
    ROBERT PLANT
    CRAIG STERLING
    KONRAD ZOMER
    JOHNSON IMODE
    RAJESH KUMAR
    PASCAL HAUTCOEUR
    THOMAS SYKES
    FABIO FAZZARI

    Source
    Co File
    Co File
    Co File
    EXCH
    EXCH
    EXCH
    EXCH
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    13F
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG

    Recommendation
    sell
    neutral
    outperform
    neutral
    buy
    accumulate
    outperform
    outperform
    buy
    Buy/Neutral
    hold
    hold
    hold
    neutral
    underperform
    neutral
    underweight
    hold
    hold
    neutral
    buy
    hold
    not rated

    Amt Held
    1'173'360
    1'171'013
    439'515
    235'364
    234'342
    233'686
    228'873
    200'461
    97'783
    90'443
    58'037
    54'613
    42'975
    42'489
    39'988
    38'389
    34'848
    26'958
    25'988
    21'541

    % Out
    15
    14.97
    5.62
    3.01
    3
    2.99
    2.93
    2.56
    1.25
    1.16
    0.74
    0.7
    0.55
    0.54
    0.51
    0.49
    0.45
    0.34
    0.33
    0.28

    Weighting

    Change

    1
    3
    5
    3
    5
    4
    5
    5
    5
    5
    3
    3
    3
    3
    1
    3
    1
    3
    3
    3
    5
    3
    #N/A N/A

    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    U
    M
    M

    Latest Chg
    (40'224)
    (21'372)
    (30'048)
    (16'153)
    1'868
    (654)
    (212)
    (774)
    18
    102
    11'026
    33'733
    536
    (37)
    (5'515)

    Target Price
    1'815
    2'250
    2'550
    2'400
    2'550
    2'450
    2'325
    #N/A N/A
    2'300
    2'750
    2'240
    2'000
    2'000
    2'200
    1'500
    1'860
    #N/A N/A
    1'740
    2'040
    2'100
    #N/A N/A
    1'799
    1'426

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.12.2011
    Holding Company
    31.12.2011
    n/a
    31.12.2011
    n/a
    29.03.2011
    Holding Company
    29.06.2011
    Investment Advisor
    16.01.2013
    Investment Advisor
    30.01.2012
    Corporation
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    30.11.2012 Mutual Fund Manager
    26.02.2013
    Investment Advisor
    31.08.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.10.2012
    Investment Advisor
    28.09.2012
    Investment Advisor

    Date
    6 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    9 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided

    Date
    28.02.2013
    21.02.2013
    18.02.2013
    12.02.2013
    07.02.2013
    07.02.2013
    05.02.2013
    30.01.2013
    29.01.2013
    28.01.2013
    22.01.2013
    18.01.2013
    18.01.2013
    18.01.2013
    17.01.2013
    17.01.2013
    17.01.2013
    14.01.2013
    21.11.2012
    13.09.2012
    15.05.2012
    27.04.2012
    21.05.2009

    28.02.2013

    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
    2500
    2000
    1500

    Valuation Analysis

    1000

    Latest Fiscal Year:


    LTM as of:
    52-Week High (09.03.2012)
    52-Week Low (26.10.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 26.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SHP LN EQUITY YTD Change
    SHP LN EQUITY YTD % CHANGE

    12/2012
    12/yy
    2'270.00
    1'682.00
    770'923.00
    2067
    -8.94%
    22.89%
    71.43%
    557.4
    11'521.56
    1'100.00
    0.0
    0.0
    1'482.20
    17'088.52

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    0
    f-12 m-12 a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    2'999.7
    3.06x
    867.6
    10.59x
    156.0
    45.95x

    500

    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
    4.74x
    1'448.0
    13.85x
    865.0
    22.17x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    4'648.3
    3.56x
    1'214.5
    13.61x
    745.4
    22.84x
    1'214.50
    905.90
    19.49%
    19.63%
    10.88%
    21.31%
    16.89%
    0.68%
    86.1%
    26.8%
    20.1%
    16.0%
    1.95
    1.40
    15.03%
    28.88%
    5.57
    1.66

    Price/ Cash Flow

    10.0 M
    9.0 M
    8.0 M
    7.0 M
    6.0 M
    5.0 M
    4.0 M
    3.0 M
    2.0 M
    1.0 M
    .0 M
    f-13

    12/yy
    4'233.7
    17.44x
    1'423.9
    14.08x
    865.0
    22.15x

    LTM
    12/yy
    4'648.3
    14.44x
    1'244.7
    13.28x
    745.4
    22.83x

    FY+1

    0.55
    0.74
    556.92
    1.62
    -5.53%
    9.54%
    0.738
    22
    4.682
    1'366'813
    1'366'456
    1'529'514
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    5'045.6
    5'446.5
    1'249.5
    1'247.3
    3.20x
    2.72x
    13.40x
    13.19x
    1'770.4
    1'996.2
    467.0
    484.0
    9.66x
    8.56x
    8.49x
    1'285.6
    1'485.3
    334.7
    330.0
    13.90x
    12.21x
    13.98x
    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

    31.79
    27.88
    -0.31
    0.88
    28.9%
    22.4%
    0.68
    4.92
    65.72
    220.31
    117.50

    Sales/Revenue/Turnover

    25.00

    5'000.0
    4'500.0

    20.00

    4'000.0
    3'500.0
    3'000.0

    15.00

    2'500.0
    2'000.0

    10.00

    1'500.0
    1'000.0

    5.00

    500.0
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Shire PLC
    Holdings By:

    All

    Holder Name
    BLACKROCK
    FMR LLC
    LEGAL & GENERAL
    VANGUARD GROUP INC
    CAPITAL GROUP INTERN
    SCHRODER INVESTMENT
    SCOTTISH WIDOWS
    ALLIANZ ASSET MANAGE
    SWEDBANK ROBUR FONDE
    ROYAL LONDON ASSET M
    JANUS CAPITAL MANAGE
    INVESCO LTD
    SEB
    ALLIANCE BERNSTEIN
    ROYAL BANK OF CANADA
    F&C FUND MANAGEMENT
    BARING FUND MANAGERS
    PRINCIPAL FINANCIAL
    BANK OF NEW YORK MEL
    BNP PARIBAS INV PART

    Firm Name
    AlphaValue
    Morgan Stanley
    Jefferies
    JPMorgan
    Societe Generale
    Deutsche Bank
    Credit Suisse
    Bryan Garnier & Cie
    S&P Capital IQ
    Panmure Gordon & Co Limited
    Exane BNP Paribas
    Barclays
    Shore Capital Stockbrokers
    Goldman Sachs
    Day by Day
    EVA Dimensions
    Berenberg Bank
    Redburn Partners
    Cenkos Securities Ltd

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a

    Analyst
    KAMLA SINGH
    PETER VERDULT
    PETER WELFORD
    JAMES D GORDON
    STEPHEN MCGARRY
    MARK CLARK
    KERRY HOLFORD
    MARTIAL DESCOUTURES
    JACOB THRANE
    SAVVAS NEOPHYTOU
    NICOLAS GUYON-GELLIN
    BRIAN BOURDOT
    BRIAN WHITE
    KEYUR PAREKH
    VALERIE GASTALDY
    ANDREW S ZAMFOTIS
    ADRIAN HOWD
    TEAM COVERAGE
    NAVID MALIK

    Source
    ULT-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    RNS-MAJ
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG

    Recommendation
    add
    Overwt/Attractive
    buy
    overweight
    buy
    buy
    outperform
    buy
    buy
    hold
    outperform
    overweight
    buy
    Buy/Neutral
    buy
    overweight
    buy
    neutral
    buy

    Amt Held
    54'260'621
    34'572'784
    22'275'321
    13'355'630
    9'789'761
    6'086'202
    4'551'120
    3'730'220
    2'825'300
    2'345'173
    2'184'994
    1'950'261
    1'944'312
    1'820'467
    1'554'741
    1'431'243
    1'370'039
    1'261'321
    1'184'401
    1'099'487

    % Out
    9.73
    6.2
    4
    2.4
    1.76
    1.09
    0.82
    0.67
    0.51
    0.42
    0.39
    0.35
    0.35
    0.33
    0.28
    0.26
    0.25
    0.23
    0.21
    0.2

    Weighting

    Change
    4
    5
    5
    5
    5
    5
    5
    5
    5
    3
    5
    5
    5
    5
    5
    5
    5
    3
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    20'903'890
    (5'400'836)
    694'811
    241'426
    2'001'575
    124'161
    394'229
    1'623
    843'065
    (498'275)
    349'830
    (37'620)
    (151'823)
    16'787
    392'307
    59'246
    (476)
    63'774

    Target Price
    2'344
    2'400
    2'400
    2'340
    2'397
    2'325
    2'350
    2'250
    2'300
    2'150
    2'400
    2'350
    #N/A N/A
    2'675
    2'273
    #N/A N/A
    2'150
    #N/A N/A
    2'343

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    26.02.2013
    Investment Advisor
    30.09.2012
    Investment Advisor
    23.02.2012
    Unclassified
    31.12.2012
    Investment Advisor
    19.01.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012
    Unclassified
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    27.02.2013
    Investment Advisor
    31.01.2013
    Unclassified
    31.12.2012
    Investment Advisor
    28.09.2012
    Bank
    31.12.2012 Mutual Fund Manager
    31.10.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor

    Date
    6 month
    12 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    6 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    3 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided

    Date
    28.02.2013
    21.02.2013
    20.02.2013
    19.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    13.02.2013
    28.01.2013
    24.01.2013
    17.01.2013
    14.12.2012
    26.11.2012
    26.06.2012

    28.02.2013

    Siemens AG
    Siemens AG is an engineering and manufacturing company. The Company focuses on
    three major business sectors including industrial, energy, and healthcare.
    Siemens AG provides engineering solutions in automation and control, power,
    transportation, medical, information and communication, and lighting.

    Price/Volume
    90

    14.0 M

    80

    12.0 M

    70

    10.0 M

    60

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (22.01.2013)
    52-Week Low (26.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SIE GY EQUITY YTD Change
    SIE GY EQUITY YTD % CHANGE

    09/2012
    12/yy
    84.75
    62.13
    550'345.00
    79.59
    -6.17%
    28.10%
    74.45%
    881.0
    70'118.79
    20'706.00
    0.0
    569.0
    11'415.00
    81'679.79

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    6.0 M

    30

    4.0 M

    20

    2.0 M

    10
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    30.09.2008
    77'327.0
    0.82x
    8'175.0
    7.77x
    5'725.0
    34.66x

    8.0 M

    50
    40

    30.09.2009
    30.09.2010
    76'651.0
    68'978.0
    0.81x
    1.07x
    9'196.0
    9'544.0
    6.77x
    7.72x
    2'292.0
    3'899.0
    24.49x
    16.42x
    Profitability

    LTM-4Q
    30.09.2011
    73'275.0
    0.89x
    10'492.0
    6.19x
    6'145.0
    8.24x

    30.09.2012
    78'296.0
    0.98x
    9'653.0
    7.93x
    4'458.0
    13.50x

    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

    9'653.00
    6'909.00
    8.82%
    9.30%
    4.00%
    13.31%
    9.71%
    0.75%
    28.4%
    13.2%
    9.7%
    5.7%
    1.22
    0.62
    19.12%
    67.37%
    4.95
    3.49

    Price/ Cash Flow

    LTM

    12/yy
    73'702.0
    4.28x
    9'978.0
    7.27x
    5'793.0
    9.79x

    12/yy
    78'670.0
    3.87x
    10'351.0
    7.81x
    4'215.0
    14.47x

    FY+1

    .0 M
    f-13

    0.96
    771.11
    10.24%
    0.40%
    0.960
    43
    3.326
    2'655'786
    2'524'859
    2'301'306
    FY+2

    FQ+1

    FQ+2

    09/13 Y
    09/14 Y
    03/13 Q2 06/13 Q3
    78'366.8
    81'351.0
    18'915.5
    19'281.4
    1.02x
    0.96x
    4.44x
    4.37x
    9'509.1
    11'396.4
    2'045.0
    2'134.7
    8.60x
    7.18x
    8.65x
    8.19x
    5'186.8
    6'438.8
    1'218.2
    1'148.2
    12.96x
    10.54x
    12.29x
    11.83x
    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

    05.06.2009
    A+
    STABLE
    18.04.2011
    A-1+
    21.45
    16.55
    1.07
    2.14
    67.4%
    39.8%
    0.75
    7.41
    73.95
    104.73
    44.53
    120.05

    Sales/Revenue/Turnover

    14.00

    100'000.0
    90'000.0

    12.00

    80'000.0
    10.00

    70'000.0
    60'000.0

    8.00

    50'000.0
    6.00

    40'000.0
    30'000.0

    4.00

    20'000.0
    2.00
    0.00
    02.10.2009

    10'000.0
    0.0
    02.04.2010

    02.10.2010

    02.04.2011

    02.10.2011

    02.04.2012

    02.10.2012

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Siemens AG
    Holdings By:

    All

    Holder Name
    BLACKROCK
    SIEMENS FAMILY
    QATAR HOLDINGS LLC
    SIEMENS AG
    VANGUARD GROUP INC
    CAPITAL GROUP COMPAN
    UBS
    THORNBURG INVESTMENT
    AMUNDI
    UNION INVESTMENT GMB
    FMR LLC
    DEKA INVESTMENT GMBH
    ALLIANZ ASSET MANAGE
    DEUTSCHE BANK AG
    OPPENHEIMERFUNDS INC
    MERCURY ASSET MANAGE
    LBPAM
    FRANKFURT TRUST INVE
    ADIG INVESTMENT
    ETFLAB INVESTMENT GM

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    Baader Bank
    GUENTHER MICHAEL HOLLFELDER
    Sanford C. Bernstein & Co
    MARTIN PROZESKY
    AlphaValue
    HEINZ STEFFEN
    RBC Capital Markets
    ANDREW CARTER
    Canaccord Genuity Corp
    JAMES STETTLER
    Banco Sabadell
    FRANCISCO JOSE RODRIGUEZ
    DZ Bank AG
    JASKO TERZIC
    Ahorro Corporacion Financiera SA
    VIRGINIA PEREZ REPES
    HSBC
    MICHAEL HAGMANN
    Landesbank Baden-Wuerttemberg
    VOLKER STOLL
    Hamburger Sparkasse
    MARCO GUENTHER
    Day by Day
    VALERIE GASTALDY
    Kepler Capital Markets
    ULRICH SCHOLZ
    Exane BNP Paribas
    OLIVIER ESNOU
    Societe Generale
    GAEL DE BRAY
    Credit Suisse
    SIMON TOENNESSEN
    CA Cheuvreux
    ALFRED GLASER
    Bankhaus Metzler
    ULRICH TRABERT
    Berenberg Bank
    WILLIAM MACKIE
    Natixis
    LUDOVIC DEBAILLEUX
    Spin-Off Research
    TEAM COVERAGE
    Main First Bank AG
    CHRISTOPHER YOUL
    Barclays
    NICK WEBSTER
    Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL
    Morgan Stanley
    BEN UGLOW
    Nord/LB
    WOLFGANG DONIE
    JPMorgan
    ANDREAS WILLI
    William Blair & Co
    NICHOLAS P HEYMANN
    Independent Research GmbH
    MARKUS FRIEBEL
    S&P Capital IQ
    JAMES CRAWSHAW
    Redburn Partners
    JAMES MOORE
    SRH AlsterResearch
    OLIVER DREBING
    Goldman Sachs
    DANIELA COSTA
    EVA Dimensions
    CRAIG STERLING
    National Bank AG
    EKKEHARD D LINK
    Deutsche Bank
    PETER REILLY
    Nomura
    DANIEL CUNLIFFE
    Silvia Quandt Research
    EERIK KD BUDARZ
    Espirito Santo Investment Bank Research
    ROB VIRDEE
    Langenberg & Co
    BRIAN KEITH LANGENBERG

    Source
    ULT-AGG
    Research
    Research
    Research
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    buy
    market perform
    reduce
    sector perform
    hold
    buy
    hold
    hold
    neutral
    buy
    buy
    hold
    hold
    underperform
    hold
    outperform
    outperform
    buy
    buy
    reduce
    hold
    underperform
    equalweight
    hold
    Equalwt/Cautious
    hold
    neutral
    market perform
    hold
    hold
    neutral
    buy
    neutral/neutral
    hold
    hold
    sell
    neutral
    avoid
    neutral
    buy

    Amt Held
    58'443'400
    54'852'206
    27'758'338
    26'820'674
    18'817'904
    9'880'200
    6'382'759
    5'755'800
    5'430'391
    5'391'186
    5'108'440
    4'175'468
    3'937'998
    3'090'203
    2'906'549
    2'736'704
    2'013'201
    1'734'739
    1'640'151
    1'613'031

    % Out
    6.63
    6.23
    3.15
    3.04
    2.14
    1.12
    0.72
    0.65
    0.62
    0.61
    0.58
    0.47
    0.45
    0.35
    0.33
    0.31
    0.23
    0.2
    0.19
    0.18

    Weighting

    Change
    5
    3
    2
    3
    3
    5
    3
    3
    3
    5
    5
    3
    3
    1
    3
    5
    5
    5
    5
    2
    3
    1
    3
    3
    3
    3
    3
    3
    3
    3
    3
    5
    3
    3
    3
    1
    3
    1
    3
    5

    N
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M

    Latest Chg
    (528'569)
    (179'474)
    (890'272)
    1'611
    132'554
    (1'087'091)
    (3'157'683)
    70'846
    (166'351)
    (880)
    (274'619)
    (38'813)
    (47'600)
    (19'800)
    383

    Target Price
    88
    72
    84
    86
    80
    90
    77
    85
    82
    96
    86
    #N/A N/A
    85
    88
    88
    95
    94
    93
    94
    75
    85
    86
    84
    83
    90
    76
    90
    79
    85
    85
    #N/A N/A
    92
    90
    #N/A N/A
    70
    65
    85
    58
    74
    100

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    26.02.2013
    10.11.2011
    07.05.2012
    08.10.2012
    31.12.2012
    31.12.2012
    31.01.2013
    31.12.2012
    30.11.2012
    28.09.2012
    31.12.2012
    28.12.2012
    31.01.2013
    31.12.2012
    30.12.2012
    26.02.2013
    31.12.2012
    28.12.2012
    31.10.2012
    27.02.2013

    Date
    12 month
    12 month
    6 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    6 month
    12 month
    12 month
    9 month
    12 month
    12 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided

    Inst Type
    Investment Advisor
    n/a
    Government
    Corporation
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor

    Date
    27.02.2013
    26.02.2013
    21.02.2013
    19.02.2013
    19.02.2013
    15.02.2013
    05.02.2013
    04.02.2013
    29.01.2013
    28.01.2013
    28.01.2013
    28.01.2013
    25.01.2013
    25.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    17.01.2013
    17.01.2013
    30.11.2012
    20.11.2012
    16.11.2012
    08.11.2012
    30.10.2012
    12.10.2012

    28.02.2013

    Skandinaviska Enskilda Banken AB


    Skandinaviska Enskilda Banken AB (SEB) is a North European financial banking
    group. The Bank offers corporate, institutional, and private banking services
    including savings account, investment banking, securities brokerage services,
    loans, pensions, and insurance products. SEB has branches throughout Sweden, in
    Germany and the Baltic States, and is represented in many countries worldwide.

    Price/Volume
    80

    50

    15.0 M

    40

    Latest Fiscal Year:


    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SEBA SS EQUITY YTD Change
    SEBA SS EQUITY YTD % CHANGE

    12/2012
    12/yy
    67.90
    38.87
    1'016'802.00
    67.05
    -1.25%
    72.50%
    96.38%
    2'170.0
    147'057.64
    856'788.00
    0.0
    90.0
    317'468.00
    -

    10.0 M

    30
    20

    5.0 M

    10
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    20.0 M

    60

    Valuation Analysis

    31.12.2008
    124'731.0
    10'041.0
    4.14x

    25.0 M

    70

    31.12.2009
    31.12.2010
    86'567.0
    71'481.0
    1'114.0
    6'745.0
    46.82x
    14.43x
    Profitability

    LTM-4Q
    31.12.2011
    82'396.0
    11'107.0
    7.17x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    79'698.0
    11'632.0
    9.99x
    32.69%
    32.69%
    0.49%
    10.78%
    1.23%
    0.03%
    26.7%
    34.92%
    783.01%
    -

    Price/ Cash Flow

    LTM

    12/yy
    81'835.0
    0.00x
    0.0
    0.00x
    11'107.0
    7.13x

    12/yy
    79'698.0
    0.00x
    0.0
    0.00x
    11'765.0
    9.89x

    FY+1

    .0 M
    f-13

    1.20
    40.47%
    21.36%
    1.197
    31
    2.903
    6'136'295
    6'152'145
    5'413'619
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    40'019.3
    41'656.4
    9'873.1
    10'001.4
    12'541.9
    13'542.5
    3'113.2
    3'217.2
    11.76x
    10.94x
    11.58x
    11.59x
    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

    01.12.2011
    A+
    NEG
    16.12.2003
    A-1
    783.0%
    88.7%
    0.03
    7.33
    -

    Sales/Revenue/Turnover

    6.00

    140'000.0

    5.00

    120'000.0
    100'000.0

    4.00

    80'000.0
    3.00

    60'000.0
    2.00

    40'000.0
    20'000.0

    1.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Skandinaviska Enskilda Banken AB


    Holdings By:

    All

    Holder Name
    INVESTOR AB
    TRYGG FOUNDATION
    ALECTA PENSIONSFORSA
    SEB
    SWEDBANK ROBUR FONDE
    GOVERNMENT OF NORWAY
    NORDEA FONDER AB/SWE
    NORDEA FONDER AB
    SHB FUNDS
    AMF FONDER AB
    WALLENBERG FOUNDATIO
    AMF INSURANCE & FUND
    VANGUARD GROUP INC
    HANDELSBANKEN FONDER
    FJARDE AP-FONDEN
    FORSTA AP FONDEN
    ANDRA AP FONDEN
    SEB AB
    FOLKSAM LO FOND AB
    TREDJE AP-FONDEN

    Firm Name
    AlphaValue
    Barclays
    Nordea Equity Research
    Nomura
    ABG Sundal Collier
    Exane BNP Paribas
    Credit Suisse
    Macquarie
    Societe Generale
    Deutsche Bank
    CA Cheuvreux
    Carnegie
    Handelsbanken
    Pareto Securities
    DNB Markets
    RBC Capital Markets
    JPMorgan
    Keefe, Bruyette & Woods
    Berenberg Bank
    SpareBank 1 Markets AS
    Evli Bank Plc
    Arctic Securities ASA
    Danske Markets
    Goldman Sachs
    EVA Dimensions
    NYKREDIT
    Morgan Stanley
    Mediobanca SpA
    SEB Enskilda
    Swedbank
    Sydbank
    CS Capital

    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
    Multiple Portfolios
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a

    Analyst
    CHRISTOPHE NIJDAM
    CHRISTOFFER ROSQUIST
    PAWEL WYSZYNSKI
    OMAR KEENAN
    MAGNUS ANDERSSON
    ANDREAS HAKANSSON
    MASIH YAZDI
    EDWARD FIRTH
    GEOFF DAWES
    JAN WOLTER
    MATS ANDERSON
    ASBJORN MORK
    PETER GRABE
    JON DAVID GJERTSEN
    HAKON FURE
    CLAIRE KANE
    SOFIE PETERZENS
    RONNY REHN
    NICK ANDERSON
    NILS CHRISTIAN OYEN
    KIMMO RAMA
    FRIDTJOF BERENTS
    LARS HOLM
    PAWEL DZIEDZIC
    AUSTIN BURKETT
    MADS THINGGAARD
    ALVARO SERRANO
    RICCARDO ROVERE
    HAMPUS BRODEN
    CHRISTIAN HALL
    BJORN SCHWARZ
    CHRISTOPHER PARKINSON

    Source
    Research
    Research
    Research
    ULT-AGG
    Research
    Research
    MF-AGG
    Research
    Research
    MF-AGG
    Research
    Research
    MF-AGG
    MF-AGG
    Research
    Research
    Research
    Research
    Research
    Research

    Recommendation
    reduce
    overweight
    buy
    buy
    buy
    outperform
    neutral
    neutral
    sell
    hold
    outperform
    hold
    accumulate
    sell
    hold
    sector perform
    neutral
    underperform
    hold
    neutral
    reduce
    hold
    sell
    Sell/Neutral
    underweight
    underperform
    Equalwt/In-Line
    outperform
    not rated
    neutral
    neutral
    neutral

    Amt Held
    453'364'264
    177'447'478
    138'540'000
    81'128'347
    74'100'115
    62'703'227
    50'370'323
    47'259'297
    40'057'481
    28'092'620
    27'187'979
    27'113'930
    26'645'217
    24'854'086
    23'304'878
    18'853'903
    16'875'614
    14'374'972
    13'938'763
    12'524'415

    % Out
    20.89
    8.18
    6.38
    3.74
    3.41
    2.89
    2.32
    2.18
    1.85
    1.29
    1.25
    1.25
    1.23
    1.15
    1.07
    0.87
    0.78
    0.66
    0.64
    0.58

    Weighting

    Change

    2
    5
    5
    5
    5
    5
    3
    3
    1
    3
    5
    3
    4
    1
    3
    3
    3
    1
    3
    3
    2
    3
    1
    1
    1
    1
    3
    5
    #N/A N/A
    3
    3
    3

    M
    M
    U
    M
    M
    M
    D
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    D
    D
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (2'725'000)
    4'568'818
    273'104
    968'690
    560'512
    1'076'405
    -

    Target Price
    59
    78
    74
    73
    73
    70
    68
    60
    57
    61
    75
    #N/A N/A
    70
    54
    62
    67
    65
    56
    60
    58
    53
    67
    62
    66
    #N/A N/A
    #N/A N/A
    65
    66
    #N/A N/A
    45
    #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
    28.09.2012
    Investment Advisor
    28.09.2012
    n/a
    28.09.2012 Pension Fund (ERISA)
    31.12.2012
    Unclassified
    28.09.2012
    Investment Advisor
    28.09.2012
    Government
    31.01.2013
    Investment Advisor
    28.09.2012
    Investment Advisor
    28.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.09.2012
    Other
    28.09.2012
    n/a
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    28.09.2012 Pension Fund (ERISA)
    28.09.2012
    Investment Advisor
    28.09.2012 Pension Fund (ERISA)
    28.09.2012
    Bank
    28.09.2012
    Investment Advisor
    28.09.2012
    Government

    Date
    6 month
    Not Provided
    12 month
    12 month
    6 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    6 month
    Not Provided
    12 month
    18 month
    12 month
    Not Provided
    6 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided

    Date
    28.02.2013
    25.02.2013
    19.02.2013
    19.02.2013
    18.02.2013
    15.02.2013
    04.02.2013
    04.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    28.01.2013
    28.01.2013
    21.01.2013
    16.01.2013
    26.11.2012
    16.12.2011
    28.10.2011
    03.05.2011
    06.10.2010

    28.02.2013

    SKF AB
    SKF AB develops, produces, and markets products, solutions, and services in the
    rolling bearing and seal business. The Company's product line includes ball
    and roller bearings, specialty bearings, sealing systems, linear motion
    products, tools for mounting and dismounting bearings, and measuring and
    monitoring instruments. SKF markets to industrial companies worldwide.

    Price/Volume

    12.0 M
    10.0 M

    120

    8.0 M

    100
    80

    Latest Fiscal Year:


    LTM as of:
    52-Week High (16.03.2012)
    52-Week Low (18.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SKFB SS EQUITY YTD Change
    SKFB SS EQUITY YTD % CHANGE

    12/2012
    12/yy
    172.40
    126.20
    342'575.00
    158.8
    -7.89%
    25.83%
    70.78%
    412.7
    72'275.63
    15'675.00
    0.0
    1'128.0
    8'244.00
    80'834.63

    6.0 M

    60

    4.0 M

    40

    2.0 M

    20
    0
    f-12 m-12 a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    14.0 M

    160
    140

    Valuation Analysis

    31.12.2008
    63'361.0
    0.74x
    9'694.0
    4.85x
    4'616.0
    7.62x

    180

    31.12.2009
    31.12.2010
    56'227.0
    61'029.0
    1.13x
    1.61x
    5'459.0
    10'516.0
    11.67x
    9.32x
    1'642.0
    5'138.0
    34.28x
    16.98x
    Profitability

    LTM-4Q
    31.12.2011
    66'216.0
    1.15x
    10'681.0
    7.13x
    6'051.0
    10.96x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    64'575.0
    1.28x
    9'166.0
    9.04x
    4'724.0
    15.74x
    9'166.00
    7'335.00
    11.36%
    10.08%
    7.86%
    22.09%
    1.08%
    25.5%
    14.2%
    11.4%
    7.3%
    2.51
    1.32
    25.80%
    73.45%
    6.21
    3.56

    Price/ Cash Flow

    LTM

    12/yy
    66'216.0
    5.06x
    11'293.0
    6.74x
    6'051.0
    10.96x

    12/yy
    64'575.0
    4.83x
    9'166.0
    9.04x
    4'724.0
    15.74x

    FY+1

    .0 M
    f-13

    1.17
    -1.76%
    -2.70%
    1.166
    30
    2.800
    2'628'151
    2'780'358
    2'272'159
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    65'231.1
    68'542.0
    15'732.2
    16'615.2
    1.26x
    1.16x
    5.40x
    5.19x
    9'897.1
    11'286.1
    2'145.8
    2'383.3
    8.17x
    7.16x
    8.61x
    8.02x
    5'131.4
    6'165.8
    1'063.9
    1'322.8
    14.24x
    11.95x
    14.14x
    12.82x
    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

    12.05.2003
    ANEG
    19.60
    16.22
    0.81
    1.71
    73.5%
    41.1%
    1.08
    4.94
    58.94
    102.90
    34.77
    127.06

    Sales/Revenue/Turnover

    16.00

    70'000.0

    14.00

    60'000.0

    12.00

    50'000.0

    10.00

    40'000.0

    8.00

    30'000.0
    6.00

    20'000.0

    4.00

    10'000.0

    2.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    SKF AB
    Holdings By:

    All

    Holder Name
    FOUNDATION ASSET MAN
    SWEDBANK ROBUR FONDE
    SEB
    AMF PENSION
    ALECTA PENSIONSFORSA
    GOVERNMENT OF NORWAY
    VANGUARD GROUP INC
    SHB FUNDS
    FIRST MANHATTAN CO A
    TIAA CREF INVESTMENT
    HANDELSBANKEN FONDER
    ANDRA AP FONDEN
    CAPITAL GROUP COMPAN
    AMF FONDER AB
    FOLKSAM LO FOND AB
    FJARDE AP-FONDEN
    AFA INSURANCE
    LANSFORSAKRINGAR FON
    FORSTA AP FONDEN
    MARSHALL WACE LLP

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    FIRST MANHATTAN COMP
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    n/a
    n/a
    n/a

    Analyst

    Sanford C. Bernstein & Co


    MARTIN PROZESKY
    Canaccord Genuity Corp
    ANDREW BELL
    Exane BNP Paribas
    ARNAUD BROSSARD
    Societe Generale
    SEBASTIEN GRUTER
    Credit Suisse
    ANDRE KUKHNIN
    SEB Enskilda
    DANIEL SCHMIDT
    Carnegie
    AGNIESZKA VILELA
    Nordea Equity Research
    ANDREAS KOSKI
    Handelsbanken
    PEDER FROLEN
    Pareto Securities
    DAVID JACOBSSON
    S&P Capital IQ
    SHO MATSUBARA
    DNB Markets
    LARS BRORSON
    Danske Markets
    OSCAR STJERNGREN
    Morgan Stanley
    MARKUS ALMERUD
    ABG Sundal Collier
    ERIK PETTERSSON-GOLRANG
    JPMorgan
    ANDREAS WILLI
    HSBC
    COLIN GIBSON
    Evli Bank Plc
    ELINA RIUTTA
    CA Cheuvreux
    JOAKIM HOGLUND
    Deutsche Bank
    JOHAN WETTERGREN
    Nomura
    KLAS BERGELIND
    Goldman Sachs
    AARON IBBOTSON
    EVA Dimensions
    CRAIG STERLING
    Berenberg Bank
    ALEXANDER VIRGO
    Main First Bank AG
    CHRISTOPHER YOUL
    Redburn Partners
    JAMES MOORE
    Espirito Santo Investment Bank Research
    EDWARD STACEY
    Swedbank
    MATS LISS
    Alandsbanken Equities
    ANDERS ROSLUND
    Sydbank
    SOEREN LONTOFT HANSEN

    Source
    Research
    Research
    ULT-AGG
    Research
    Research
    Research
    MF-AGG
    Research
    13F
    MF-AGG
    MF-AGG
    Research
    ULT-AGG
    MF-AGG
    MF-AGG
    Research
    Research
    Research
    Research
    Short

    Recommendation
    underperform
    hold
    outperform
    hold
    underperform
    hold
    hold
    hold
    accumulate
    sell
    sell
    hold
    buy
    Equalwt/Cautious
    hold
    neutral
    overweight
    reduce
    underperform
    buy
    neutral
    neutral/neutral
    hold
    hold
    neutral
    neutral
    sell
    buy
    buy
    overweight

    Amt Held
    % Out
    37'850'000
    9.17
    16'635'592
    4.03
    15'366'899
    3.72
    15'250'390
    3.7
    14'357'148
    3.48
    10'125'697
    2.45
    7'809'488
    1.89
    6'745'596
    1.63
    5'672'780
    1.37
    5'601'453
    1.36
    5'219'845
    1.26
    5'171'265
    1.25
    4'820'000
    1.17
    4'783'090
    1.16
    4'680'801
    1.13
    4'573'158
    1.11
    4'100'089
    0.99
    3'869'356
    0.94
    3'431'804
    0.83
    (3'301'615)
    -0.8

    Weighting

    Change
    1
    3
    5
    3
    1
    3
    3
    3
    4
    1
    1
    3
    5
    3
    3
    3
    5
    2
    1
    5
    3
    3
    3
    3
    3
    3
    1
    5
    5
    5

    M
    M
    M
    M
    M
    M
    M
    U
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (563'435)
    190'212
    (734)
    (14'261)
    (325'688)
    (1'162'300)
    (22'499)
    80'173
    (165'081)

    Target Price
    133
    170
    195
    160
    140
    170
    #N/A N/A
    170
    180
    150
    128
    165
    190
    166
    160
    170
    185
    150
    125
    175
    175
    172
    #N/A N/A
    150
    152
    #N/A N/A
    115
    165
    220
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    28.09.2012
    28.09.2012
    31.01.2013
    28.09.2012
    28.09.2012
    28.09.2012
    31.12.2012
    28.09.2012
    31.12.2012
    31.12.2012
    31.01.2013
    28.09.2012
    31.12.2012
    31.12.2012
    31.12.2012
    28.09.2012
    28.09.2012
    28.09.2012
    28.09.2012
    11.02.2013

    Date
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    6 month
    12 month
    Not Provided
    12 month
    12 month
    6 month
    Not Provided
    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
    Not Provided

    Inst Type
    Other
    Investment Advisor
    Unclassified
    Pension Fund (ERISA)
    Pension Fund (ERISA)
    Government
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Pension Fund (ERISA)
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Pension Fund (ERISA)
    Insurance Company
    Insurance Company
    Investment Advisor
    Hedge Fund Manager

    Date
    12.02.2013
    08.02.2013
    04.02.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    29.01.2013
    22.01.2013
    22.01.2013
    17.01.2013
    15.01.2013
    08.01.2013
    21.12.2012
    20.11.2012
    30.10.2012
    20.12.2011
    19.04.2011
    19.10.2010

    28.02.2013

    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
    800

    6.0 M

    700

    5.0 M

    600
    4.0 M

    500
    400

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (30.01.2013)
    52-Week Low (06.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SN/ LN EQUITY YTD Change
    SN/ LN EQUITY YTD % CHANGE

    12/2012
    12/yy
    738.00
    567.50
    216'830.00
    705
    -4.47%
    24.23%
    79.18%
    904.8
    6'378.60
    468.00
    0.0
    0.0
    178.00
    9'962.19

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    2.0 M

    200
    1.0 M

    100
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    3'801.0
    1.83x
    1'049.0
    6.65x
    377.0
    15.00x

    3.0 M

    300

    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

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    4'137.0
    2.48x
    1'271.0
    8.06x
    729.0
    13.58x
    1'271.00
    947.00
    22.89%
    26.59%
    14.03%
    20.62%
    18.75%
    0.80%
    74.1%
    29.9%
    22.0%
    17.6%
    2.31
    1.34
    8.29%
    12.05%
    4.21
    1.22

    Price/ Cash Flow

    12/yy
    4'270.0
    8.99x
    1'208.0
    7.29x
    582.0
    14.85x

    LTM
    12/yy
    4'137.0
    9.12x
    1'236.0
    8.29x
    729.0
    13.54x

    FY+1

    .0 M
    f-13

    0.93
    0.87
    903.59
    16.42%
    3.75%
    0.867
    24
    3.417
    1'474'454
    1'798'672
    1'597'196
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    4'407.9
    4'598.7
    1'074.3
    1'112.7
    2.15x
    1.99x
    9.15x
    8.75x
    1'254.4
    1'363.6
    314.0
    322.5
    7.94x
    7.30x
    7.61x
    690.8
    749.2
    166.0
    172.5
    13.69x
    12.59x
    13.45x
    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

    105.92
    83.83
    0.23
    0.38
    12.0%
    10.8%
    0.80
    5.25
    86.92
    301.01
    198.30
    189.63

    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

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Smith & Nephew PLC


    Holdings By:

    All

    Holder Name
    INVESCO LTD
    CAPITAL GROUP COMPAN
    BLACKROCK
    LEGAL & GENERAL
    WALTER SCOTT & PARTN
    SCOTTISH WIDOWS
    LEGAL & GENERAL
    ARTEMIS INVESTMENT M
    VANGUARD GROUP INC
    NORGES BANK INVESTME
    AVIVA INVESTORS
    PERPETUAL INVESTMENT
    M&G INVESTMENT MANAG
    ARTEMIS INVESTMENT M
    THORNBURG INVESTMENT
    FMR LLC
    AXA INVESTMENT MANAG
    UBS
    JO HAMBRO CAPITAL MA
    BANK OF NEW YORK MEL

    Firm Name
    AlphaValue
    Numis Securities Ltd
    S&P Capital IQ
    Sanford C. Bernstein & Co
    Jefferies
    EVA Dimensions
    Barclays
    Societe Generale
    Berenberg Bank
    Panmure Gordon & Co Limited
    Exane BNP Paribas
    Morgan Stanley
    Credit Suisse
    JPMorgan
    Nomura
    Shore Capital Stockbrokers
    Goldman Sachs
    Day by Day
    Deutsche Bank
    Investec
    Cenkos Securities Ltd
    Daniel Stewart & Co
    Equita SIM SpA

    Portfolio Name
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    KAMLA SINGH
    CHARLES WESTON
    JACOB THRANE
    LISA BEDELL CLIVE
    INGEBORG OIE
    ANDREW S ZAMFOTIS
    SALLY TAYLOR
    JUSTIN SMITH
    TOM JONES
    SAVVAS NEOPHYTOU
    JULIEN DORMOIS
    MICHAEL K JUNGLING
    CHRISTOPH GRETLER
    DAVID J ADLINGTON
    MARTIN BRUNNINGER
    BRIAN WHITE
    VERONIKA DUBAJOVA
    VALERIE GASTALDY
    YI-DAN WANG
    SEBASTIEN JANTET
    NAVID MALIK
    VADIM K ALEXANDRE
    FABIO FAZZARI

    Source
    REG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    REG
    ULT-AGG
    RNS-MAJ
    REG
    MF-AGG
    REG
    REG
    MF-AGG
    REG
    MF-AGG
    RNS-MAJ
    ULT-AGG
    REG
    ULT-AGG
    REG
    MF-AGG

    Recommendation
    reduce
    add
    hold
    market perform
    buy
    hold
    equalweight
    sell
    buy
    hold
    outperform
    Equalwt/Attractive
    neutral
    neutral
    neutral
    sell
    neutral/neutral
    buy
    hold
    buy
    buy
    buy
    buy

    Amt Held
    107'823'255
    45'423'030
    44'811'205
    37'195'269
    32'053'564
    27'648'521
    27'146'459
    21'472'113
    21'124'490
    20'961'946
    20'885'005
    20'140'592
    18'269'229
    15'864'866
    14'783'322
    13'119'927
    12'948'806
    11'793'896
    11'748'075
    11'708'294

    % Out
    11.92
    5.02
    4.95
    4.11
    3.54
    3.06
    3
    2.37
    2.33
    2.32
    2.31
    2.23
    2.02
    1.75
    1.63
    1.45
    1.43
    1.3
    1.3
    1.29

    Weighting

    Change
    2
    4
    3
    3
    5
    3
    3
    1
    5
    3
    5
    3
    3
    3
    3
    1
    3
    5
    3
    5
    5
    5
    5

    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M

    Latest Chg
    12'568'680
    (690'970)
    436'571
    458'500
    3'478'352
    (613'011)
    1'030'208
    229'678
    (294'422)
    23'505
    (97'189)
    46'000
    6'475'027
    (1'062'565)
    15'343
    498'476
    (763'589)

    Target Price
    722
    800
    750
    690
    800
    #N/A N/A
    717
    585
    805
    720
    775
    696
    725
    709
    596
    #N/A N/A
    700
    766
    638
    730
    790
    766
    680

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    01.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.01.2013
    Unclassified
    01.01.2013
    Investment Advisor
    01.01.2013
    Unclassified
    25.01.2013
    Investment Advisor
    01.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    01.01.2013
    Government
    01.01.2013
    Investment Advisor
    31.07.2012
    Investment Advisor
    01.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    12.01.2011
    Investment Advisor
    01.01.2013
    Investment Advisor
    01.01.2013
    Investment Advisor
    01.01.2013
    Unclassified
    01.01.2013 Mutual Fund Manager
    26.02.2013
    Investment Advisor

    Date
    6 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    3 month
    12 month
    12 month
    Not Provided
    12 month
    12 month

    Date
    28.02.2013
    20.02.2013
    15.02.2013
    14.02.2013
    12.02.2013
    12.02.2013
    11.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    06.02.2013
    30.01.2013
    28.01.2013
    08.01.2013
    10.12.2012
    06.07.2012
    07.02.2012
    23.11.2011

    28.02.2013

    Snam SpA
    Snam S.p.A. owns and operates Italy's natural-gas distribution network. The
    Company transports gas on behalf of importers, distributors, and companies
    supplying Italian households. Snam owns a network of high-and medium-pressure
    pipes, including trunk lines connected to production and importation sites in
    Italy.

    Price/Volume
    4
    4
    3
    3
    2

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (30.01.2013)
    52-Week Low (24.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SRG IM EQUITY YTD Change
    SRG IM EQUITY YTD % CHANGE

    12/2012
    12/yy
    3.81
    3.07
    2'589'135.00
    3.604
    -5.20%
    17.55%
    73.78%
    3'381.6
    12'187.42
    12'554.00
    0.0
    1.0
    15.00
    24'727.42

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    1
    1
    0
    f-12

    m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    1'902.0
    6.95x
    1'511.0
    8.74x
    530.0
    13.20x

    31.12.2009
    31.12.2010
    2'438.0
    3'475.0
    8.89x
    6.59x
    1'887.0
    2'530.0
    11.48x
    9.05x
    732.0
    1'106.0
    12.39x
    11.27x
    Profitability

    LTM-4Q
    31.12.2011
    3'539.0
    6.42x
    2'621.0
    8.66x
    790.0
    14.81x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    3'730.0
    6.55x
    2'813.0
    8.68x
    779.0
    15.28x
    2'813.00
    2'111.00
    56.60%
    36.78%
    3.51%
    13.40%
    0.17%
    76.2%
    56.5%
    20.9%
    1.05
    0.01
    55.59%
    211.74%
    -

    Price/ Cash Flow

    50.0 M
    45.0 M
    40.0 M
    35.0 M
    30.0 M
    25.0 M
    20.0 M
    15.0 M
    10.0 M
    5.0 M
    .0 M
    f-13

    12/yy
    3'539.0
    26.16x
    2'621.0
    8.66x
    790.0
    14.81x

    LTM
    12/yy
    3'730.0
    18.99x
    2'032.0
    0.00x
    779.0
    15.18x

    FY+1

    0.69
    1'683.21
    6.64%
    2.56%
    0.685
    25
    3.640
    11'990'030
    9'271'406
    9'302'350
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    3'599.6
    3'736.1
    7.07x
    7.07x
    2'797.1
    2'919.2
    8.85x
    8.48x
    938.8
    1'021.4
    13.03x
    12.03x
    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

    13.06.2012
    ANEG
    13.06.2012
    A-2
    10.00
    5.58
    4.61
    4.61
    211.7%
    67.9%
    0.17
    0.26
    -

    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

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Snam SpA
    Holdings By:

    All

    Holder Name
    CDP RETI SRL
    ENI SPA
    CAPITAL GROUP COMPAN
    VANGUARD GROUP INC
    BLACKROCK
    DEUTSCHE BANK AG
    PICTET ASSET MANAGEM
    FMR LLC
    HARTFORD INVESTMENT
    ALLIANZ ASSET MANAGE
    THORNBURG INVESTMENT
    GENERALI ASSET MANAG
    PIONEER INVESTMENT M
    CI INVESTMENTS INC
    NATIXIS ASSET MANAGE
    UBI PRAMERICA SGR SP
    PRINCIPAL FINANCIAL
    FIDEURAM GESTIONS SA
    COHEN & STEERS CAPIT
    CAUSEWAY CAPITAL MAN

    Firm Name
    AlphaValue
    Banca IMI
    ICBPI
    Societe Generale
    Exane BNP Paribas
    Kepler Capital Markets
    Goldman Sachs
    Morgan Stanley
    Banca Akros(ESN)
    Berenberg Bank
    Nomura
    JPMorgan
    Barclays
    EVA Dimensions
    Credit Suisse
    Deutsche Bank
    Equita SIM SpA
    CA Cheuvreux
    Macquarie
    Mediobanca SpA
    Centrobanca
    Hammer Partners SA
    Renta 4 SA SVB

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    MYRIAM COHEN
    ROBERTO RANIERI
    SIMONA PEDRAZZINI
    ALBERTO PONTI
    OLIVIER VAN DOOSSELAERE
    CLAUDIA INTROVIGNE
    FRED BARASI
    ANNA MARIA SCAGLIA
    DARIO MICHI
    LAWSON STEELE
    JAVIER SUAREZ
    SARAH L LAITUNG
    MONICA GIRARDI
    AUSTIN BURKETT
    STEFANO BEZZATO
    VIRGINIA SANZ DE MADRID
    STEFANO GAMBERINI
    FRANCESCA PEZZOLI
    ATALLAH ESTEPHAN
    MARIA BEATRICE GEROSA
    EDOARDO MONTALBANO
    CHRIS MOORE
    NATALIA AGUIRRE

    Source
    EXCH
    EXCH
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    reduce
    add
    neutral
    buy
    neutral
    hold
    sell/attractive
    Overwt/In-Line
    hold
    hold
    buy
    overweight
    overweight
    underweight
    neutral
    hold
    buy
    outperform
    outperform
    outperform
    buy
    sell
    hold

    Amt Held
    1'014'491'455
    683'936'323
    47'421'588
    29'918'163
    28'778'313
    22'238'136
    18'427'871
    17'127'028
    16'451'498
    12'328'364
    10'440'000
    10'259'170
    8'751'869
    7'980'710
    7'874'489
    6'670'218
    6'367'537
    5'837'232
    5'388'995
    5'092'401

    % Out
    30
    20.22
    1.4
    0.88
    0.85
    0.66
    0.54
    0.51
    0.49
    0.36
    0.31
    0.3
    0.26
    0.24
    0.23
    0.2
    0.19
    0.17
    0.16
    0.15

    Weighting

    Change
    2
    4
    3
    5
    3
    3
    1
    5
    3
    3
    5
    5
    5
    1
    3
    3
    5
    5
    5
    5
    5
    1
    3

    M
    M
    M
    M
    M
    M
    M
    M
    M
    N
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    U
    D
    M

    Latest Chg
    17'421'245
    1'062'521
    1'077'108
    (83'886)
    (771'135)
    7'426'348
    753'730
    1'568'324
    (23'200)
    (548'644)
    3'667'174
    1'563'525
    4'076'110
    371'915
    1'044'592
    92'700
    933'442

    Target Price
    4
    4
    4
    4
    4
    4
    4
    4
    3
    4
    4
    4
    4
    #N/A N/A
    4
    4
    4
    4
    4
    4
    4
    4
    4

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    07.11.2012
    Other
    07.11.2012
    Corporation
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    30.06.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    30.11.2012 Mutual Fund Manager
    31.01.2013
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor

    Date
    6 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    12 month
    9 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    22.02.2013
    20.02.2013
    08.02.2013
    06.02.2013
    06.02.2013
    05.02.2013
    05.02.2013
    01.02.2013
    25.01.2013
    17.01.2013
    08.01.2013
    07.01.2013
    20.12.2012
    13.12.2012
    23.10.2012
    11.09.2012
    07.06.2012
    19.04.2012
    19.04.2011

    28.02.2013

    Societe Generale SA
    Societe Generale attracts deposits and offers commercial, retail, investment,
    and private banking services. The Bank offers consumer credit, vehicle lease
    financing, information technology equipment leasing, life and non-life
    insurance, custodian services, trade and project financing, currency exchange,
    treasury services, and financial and commodities futures brokerage services.

    Price/Volume

    12/2012
    12/yy
    34.40
    15.10
    1'390'136.00
    29.38
    -14.56%
    94.57%
    72.93%
    780.3
    22'924.45
    678'631.00
    0.0
    4'288.0
    144'795.00
    -

    Price/ Cash Flow

    14.0 M
    12.0 M
    10.0 M
    8.0 M

    15

    6.0 M

    10

    4.0 M

    2.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended

    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

    16.0 M

    30
    20

    Latest Fiscal Year:


    LTM as of:
    52-Week High (14.01.2013)
    52-Week Low (18.05.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    GLE FP EQUITY YTD Change
    GLE FP EQUITY YTD % CHANGE

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    18.0 M

    35
    25

    Valuation Analysis

    31.12.2008
    57'829.0
    2'010.0
    10.65x

    40

    31.12.2009
    31.12.2010
    43'984.0
    45'306.0
    678.0
    3'917.0
    108.78x
    8.11x
    Profitability

    LTM-4Q
    31.12.2011
    48'549.0
    2'385.0
    5.38x

    31.12.2012
    43'733.0
    774.0
    44.28x
    8.87%
    6.13%
    0.06%
    1.69%
    0.17%
    3.1%
    54.26%
    1362.47%
    -

    LTM

    12/yy
    0.0
    #DIV/0!
    0.0
    0.00x
    2'385.0
    5.37x

    12/yy
    0.0
    #DIV/0!
    0.0
    0.00x
    774.0
    29.01x

    FY+1

    .0 M
    f-13

    1.82
    736.59
    21.15%
    3.67%
    1.820
    37
    3.432
    7'133'454
    5'077'754
    4'682'536
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    23'982.4
    24'789.7
    6'068.0
    5'887.0
    2'762.7
    3'361.9
    675.0
    679.0
    8.13x
    6.79x
    8.89x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    23.01.2012
    A
    NEG
    07.05.2009
    A-1
    1362.5%
    92.6%
    -

    Sales/Revenue/Turnover

    1.20

    70'000.0

    1.00

    60'000.0
    50'000.0

    0.80

    40'000.0
    0.60

    30'000.0

    0.40

    20'000.0
    10'000.0

    0.20

    0.0
    0.00

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Societe Generale SA
    Holdings By:

    All

    Holder Name
    CAPITAL GROUP COMPAN
    LYXOR INTERNATIONAL
    CAISSE DES DEPOTS ET
    GROUPAMA SA
    VANGUARD GROUP INC
    NATIXIS ASSET MANAGE
    MEIJI YASUDA LIFE IN
    BLACKROCK
    SOCIETE GENERALE
    CNP ASSURANCES
    JANUS CAPITAL MANAGE
    AVIVA PLC
    LBPAM
    FMR LLC
    DIMENSIONAL FUND ADV
    BARCLAYS ASSET MANAG
    MERCURY ASSET MANAGE
    ALLIANZ ASSET MANAGE
    BNP ASSET MANAGEMENT
    AMUNDI

    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
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    AlphaValue
    CHRISTOPHE NIJDAM
    Keefe, Bruyette & Woods
    JEAN-PIERRE LAMBERT
    Oddo & Cie
    JEAN SASSUS
    Credit Suisse
    MAXENCE LE GOUVELLO
    Exane BNP Paribas
    GUILLAUME TIBERGHIEN
    Hamburger Sparkasse
    CHRISTIAN HAMANN
    HSBC
    ROBIN DOWN
    Kepler Capital Markets
    BENOIT PETRARQUE
    JPMorgan
    DELPHINE LEE
    Day by Day
    VALERIE GASTALDY
    Deutsche Bank
    FLORA BENHAKOUN
    Morgan Stanley
    THIBAULT NARDIN
    RBC Capital Markets
    ANKE REINGEN
    Landesbank Baden-Wuerttemberg
    INGO FROMMEN
    Natixis
    ALEX KOAGNE
    Nomura
    JON PEACE
    Goldman Sachs
    JEAN-FRANCOIS NEUEZ
    Independent Research GmbH
    STEFAN BONGARDT
    S&P Capital IQ
    WILLIAM HOWLETT
    Main First Bank AG
    FEDERICO SALERNO
    CA Cheuvreux
    CYRIL MEILLAND
    Ahorro Corporacion Financiera SA
    VIRGINIA PEREZ REPES
    Mediobanca SpA
    ANTONIO GUGLIELMI
    Espirito Santo Investment Bank Research
    ANDREW LIM
    Macquarie
    PIERS BROWN
    Berenberg Bank
    JAMES CHAPPELL
    Grupo Santander
    AURELIA FAURE
    EVA Dimensions
    AUSTIN BURKETT
    CM - CIC Securities(ESN)
    PIERRE CHEDEVILLE
    Barclays
    KIRI VIJAYARAJAH
    Redburn Partners
    GEORGE KARAMANOS
    Nord/LB
    MICHAEL SEUFERT
    Banco Sabadell
    MARIO LODOS
    Hammer Partners SA
    ENRICO RACIOPPI
    DZ Bank AG
    SABINE BOHN

    Source
    ULT-AGG
    Research
    Co File
    Research
    MF-AGG
    MF-AGG
    Co File
    ULT-AGG
    Co File
    Co File
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG

    Recommendation
    add
    outperform
    neutral
    outperform
    outperform
    hold
    overweight
    buy
    overweight
    hold
    hold
    Equalwt/In-Line
    sector perform
    sell
    neutral
    buy
    neutral/neutral
    buy
    hold
    underperform
    underperform
    hold
    underperform
    neutral
    underperform
    sell
    buy
    hold
    accumulate
    equalweight
    buy
    hold
    buy
    buy
    hold

    Amt Held
    73'717'333
    50'619'422
    19'567'063
    15'059'288
    13'637'274
    12'867'036
    11'069'312
    9'229'110
    8'987'016
    8'976'936
    6'418'786
    4'317'513
    3'648'601
    3'086'419
    2'714'129
    2'612'606
    2'401'374
    2'357'561
    2'191'661
    2'089'496

    % Out
    9.45
    6.49
    2.51
    1.93
    1.75
    1.65
    1.42
    1.18
    1.15
    1.15
    0.82
    0.55
    0.47
    0.4
    0.35
    0.33
    0.31
    0.3
    0.28
    0.27

    Weighting

    Change
    4
    5
    3
    5
    5
    3
    5
    5
    5
    3
    3
    3
    3
    1
    3
    5
    3
    5
    3
    1
    1
    3
    1
    3
    1
    1
    5
    3
    4
    3
    5
    3
    5
    5
    3

    M
    M
    M
    M
    M
    M
    U
    M
    M
    D
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    N
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (479'358)
    (7'089'130)
    320'629
    (994'135)
    (983'605)
    (1'842'824)
    (11'097)
    219'286
    (3'557'123)
    376'954
    (253'562)
    4'217
    (214'916)

    Target Price
    34
    36
    34
    41
    38
    #N/A N/A
    40
    41
    37
    #N/A N/A
    31
    35
    36
    29
    37
    36
    42
    38
    34
    31
    35
    20
    28
    31
    29
    16
    36
    #N/A N/A
    38
    28
    #N/A N/A
    #N/A N/A
    32
    36
    18

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2012
    26.09.2011
    31.12.2011
    21.02.2013
    31.12.2012
    31.12.2012
    31.12.2011
    26.02.2013
    31.12.2011
    31.12.2011
    31.12.2012
    31.01.2013
    31.12.2012
    31.12.2012
    31.07.2012
    31.03.2012
    26.02.2013
    31.12.2012
    30.09.2012
    28.09.2012

    Date
    6 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    6 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month

    Inst Type
    Investment Advisor
    Investment Advisor
    Government
    Insurance Company
    Investment Advisor
    Mutual Fund Manager
    Insurance Company
    Investment Advisor
    Bank
    Insurance Company
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    25.02.2013
    20.02.2013
    19.02.2013
    18.02.2013
    15.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    07.02.2013
    07.02.2013
    06.02.2013
    30.01.2013
    29.01.2013
    28.01.2013
    17.01.2013
    17.01.2013
    16.01.2013
    23.11.2012
    16.11.2012
    23.10.2012
    30.07.2012
    19.06.2012
    06.01.2012

    28.02.2013

    Sodexo
    Sodexo designs, manages and delivers comprehensive on-site service solutions
    for its clients. The Company offers food, construction management, reception,
    technical maintenance and housekeeping services, maintains scanners and
    laboratory equipment, and operates river and harbor cruises and correctional
    facilities. Sodexo also designs employee benefit and incentive programs.

    Price/Volume
    80

    .8 M

    50
    40

    08/2012
    11/yy
    71.00
    56.61
    21'568.00
    70.72
    -0.14%
    24.92%
    99.57%
    157.1
    11'112.38
    2'701.00
    0.0
    35.0
    1'451.00
    12'397.38

    .6 M

    30

    .4 M

    20
    .2 M

    10
    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    1.0 M

    60

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (28.02.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.08.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SW FP EQUITY YTD Change
    SW FP EQUITY YTD % CHANGE

    31.08.2008
    13'611.0
    0.59x
    894.0
    9.05x
    376.0
    19.12x

    1.2 M

    70

    31.08.2009
    31.08.2010
    14'681.0
    15'256.0
    0.53x
    0.55x
    957.0
    1'000.0
    8.09x
    8.37x
    393.0
    409.0
    15.82x
    17.18x
    Profitability

    LTM-4Q
    31.08.2011
    16'047.0
    0.55x
    1'095.0
    8.06x
    451.0
    17.57x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.08.2012
    18'236.0
    0.59x
    1'320.0
    8.15x
    525.0
    18.07x
    1'320.00
    984.00
    5.40%
    4.58%
    4.34%
    18.85%
    12.32%
    1.51%
    15.6%
    7.2%
    5.4%
    2.9%
    0.94
    0.71
    21.12%
    89.02%
    5.89
    56.19

    Price/ Cash Flow

    LTM

    05/yy
    14'825.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    11/yy
    17'734.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    0.63
    85.28
    25.42%
    13.71%
    0.628
    26
    3.769
    173'737
    216'916
    196'858
    FY+2

    FQ+1

    FQ+2

    08/13 Y
    08/14 Y
    02/13 Q2 05/13 Q3
    18'741.7
    19'711.4
    0.61x
    0.57x
    1'308.1
    1'433.2
    9.49x
    8.67x
    496.6
    597.1
    20.52x
    17.89x
    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

    28.11.2002
    BBB+
    POS
    28.11.2002
    A-2
    7.63
    5.85
    0.95
    2.05
    89.0%
    46.8%
    1.51
    33.55
    62.12
    6.51
    77.60
    -8.97

    Sales/Revenue/Turnover

    12.00

    20'000.0
    18'000.0

    10.00

    16'000.0
    14'000.0

    8.00

    12'000.0
    10'000.0

    6.00

    8'000.0
    4.00

    6'000.0
    4'000.0

    2.00
    0.00
    04.09.2009

    2'000.0
    0.0
    04.03.2010

    04.09.2010

    04.03.2011

    04.09.2011

    04.03.2012

    04.09.2012

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Sodexo
    Holdings By:

    All

    Holder Name
    BELLON SA
    SODEXO SA
    FIRST EAGLE INVESTME
    ARTISAN PARTNERS HOL
    ALLIANZ ASSET MANAGE
    INTERNATIONAL VALUE
    VANGUARD GROUP INC
    HENDERSON GLOBAL INV
    JP MORGAN
    BLACKROCK
    ALLIANCE BERNSTEIN
    SANFORD C BERNSTEIN
    MASSACHUSETTS FINANC
    NATIXIS ASSET MANAGE
    BNP ASSET MANAGEMENT
    UNION INVESTMENT GMB
    DEXIA ASSET MANAGEME
    BELLON BERNARD
    BNP ASSET MANAGEMENT
    LBPAM

    Firm Name
    AlphaValue
    Credit Suisse
    Exane BNP Paribas
    Day by Day
    HSBC
    Goldman Sachs
    Raymond James
    CM - CIC Securities(ESN)
    Oddo & Cie
    Kepler Capital Markets
    EVA Dimensions
    Bryan Garnier & Cie
    Natixis
    BPI
    JPMorgan
    Nomura
    Morgan Stanley
    Barclays
    Redburn Partners
    Deutsche Bank
    Jefferies
    RBC Capital Markets
    CA Cheuvreux

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    BNP PARIBAS MIDCAP F
    Multiple Portfolios

    Analyst
    BERENICE LACROIX
    TIM RAMSKILL
    MATTHIAS DESMARAIS
    VALERIE GASTALDY
    LENA THAKKAR
    NICK EDELMAN
    JULIEN RICHER
    ANNICK THEVENON
    GUILLAUME RASCOUSSIER
    CATHERINE ROLLAND
    CRAIG STERLING
    BRUNO DE LA ROCHEBROCHARD
    GEOFFREY D'HALLUIN
    HUBERT D'AILLIERES
    MIKE J GIBBS
    TIM BARRETT
    JAMIE ROLLO
    VICTORIA LEE
    PASCAL HAUTCOEUR
    RICHARD CARTER
    JAMES WHEATCROFT
    ANDREW BROOKE
    THOMAS MESMIN

    Source
    Co File
    Co File
    Co File
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    Co File
    MF-FRA
    MF-AGG

    Recommendation
    add
    outperform
    outperform
    buy
    overweight
    Buy/Neutral
    outperform
    accumulate
    neutral
    buy
    hold
    buy
    neutral
    buy
    neutral
    neutral
    Underwt/In-Line
    underweight
    buy
    hold
    hold
    underperform
    select list

    Amt Held
    59'252'063
    6'499'322
    5'604'372
    2'330'299
    1'977'772
    1'947'516
    1'752'851
    956'113
    831'593
    729'132
    701'271
    626'184
    402'168
    401'192
    376'488
    369'482
    365'059
    319'782
    312'848
    309'945

    % Out
    37.71
    4.14
    3.57
    1.48
    1.26
    1.24
    1.12
    0.61
    0.53
    0.46
    0.45
    0.4
    0.26
    0.26
    0.24
    0.24
    0.23
    0.2
    0.2
    0.2

    Weighting

    Change
    4
    5
    5
    5
    5
    5
    5
    4
    3
    5
    3
    5
    3
    5
    3
    3
    1
    1
    5
    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

    Latest Chg
    120'275
    70'419
    (1'438'323)
    35'286
    193'335
    (26'883)
    1'975
    (330)
    113'424
    30'506
    (81'078)
    816
    12'944
    (1'243)
    (2'791)

    Target Price
    75
    79
    70
    70
    74
    81
    70
    70
    68
    70
    #N/A N/A
    72
    63
    71
    63
    60
    63
    63
    #N/A N/A
    63
    60
    43
    70

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.08.2012
    Holding Company
    31.08.2012
    Corporation
    31.08.2012 Hedge Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.06.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Unclassified
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    30.09.2012
    Investment Advisor
    28.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.08.2012
    n/a
    30.09.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager

    Date
    6 month
    Not Provided
    Not Provided
    3 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    6 month
    Not Provided
    Not Provided
    6 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided

    Date
    28.02.2013
    15.02.2013
    11.02.2013
    05.02.2013
    31.01.2013
    29.01.2013
    28.01.2013
    22.01.2013
    22.01.2013
    22.01.2013
    17.01.2013
    15.01.2013
    10.01.2013
    09.01.2013
    09.01.2013
    09.01.2013
    07.01.2013
    21.12.2012
    19.12.2012
    13.11.2012
    09.11.2012
    08.11.2012
    11.07.2012

    28.02.2013

    Solvay SA
    Solvay SA manufactures chemicals and plastics. The Company produces soda ash,
    sodium bicarbonate, hydrogen peroxide, fluorinated products, disinfectants,
    chlorine, caustic soda, salt, specialty polymers, vinyls, polyvinyl chloride,
    fuel systems, and pipes and fittings.

    Price/Volume
    140

    2.5 M

    120

    2.0 M

    100

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (14.02.2013)
    52-Week Low (28.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SOLB BB EQUITY YTD Change
    SOLB BB EQUITY YTD % CHANGE

    12/2012
    12/yy
    119.50
    71.13
    62'633.00
    109.9
    -7.95%
    54.51%
    80.05%
    84.7
    9'308.65
    3'652.00
    0.0
    444.0
    2'526.00
    10'878.65

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    1.5 M

    60

    1.0 M

    40
    .5 M

    20
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    6'791.0
    0.92x
    918.0
    6.81x
    405.0
    32.59x

    80

    31.12.2009
    31.12.2010
    5'694.0
    5'959.0
    1.40x
    1.28x
    742.0
    1'132.0
    10.72x
    6.73x
    516.0
    1'776.0
    29.43x
    129.63x
    Profitability

    LTM-4Q
    31.12.2011
    8'109.0
    0.97x
    1'143.0
    6.90x
    247.0
    18.15x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    12'831.0
    0.84x
    1'839.0
    5.89x
    584.0
    14.41x
    1'839.00
    1'045.00
    8.14%
    7.16%
    3.09%
    9.49%
    6.92%
    0.70%
    20.0%
    14.1%
    8.1%
    4.6%
    1.91
    1.18
    19.93%
    59.36%
    6.68
    7.09

    Price/ Cash Flow

    LTM

    12/yy
    8'109.0
    3.46x
    993.0
    7.95x
    247.0
    18.11x

    12/yy
    13'245.0
    3.06x
    1'863.0
    5.81x
    584.0
    15.42x

    FY+1

    .0 M
    f-13

    1.10
    22.75%
    1.61%
    1.098
    30
    2.900
    316'906
    272'746
    235'088
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    13'022.5
    13'584.0
    3'060.0
    3'254.0
    0.86x
    0.81x
    2'094.5
    2'270.2
    469.0
    538.0
    5.19x
    4.78x
    5.55x
    662.9
    786.3
    155.0
    192.5
    13.21x
    11.25x
    14.02x
    13.33x
    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

    07.09.2011
    BBB+
    NEG
    24.08.2010
    A-2
    10.75
    6.16
    0.60
    1.96
    59.4%
    35.6%
    0.70
    2.40
    54.82
    51.63
    67.23
    40.41

    Sales/Revenue/Turnover

    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

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Solvay SA
    Holdings By:

    All

    Holder Name
    SOLVAC SA
    SOLVAY SA
    SOLVAY ST OPTION MGM
    VANGUARD GROUP INC
    JP MORGAN
    BLACKROCK
    ADAGE CAPITAL PARTNE
    BNP PARIBAS INV PART
    SCHRODER INVESTMENT
    LBPAM
    CAPITAL GROUP COMPAN
    JP MORGAN INVESTMENT
    ALLIANZ ASSET MANAGE
    ING ASSET MANAGEMENT
    KBC GROUP NV
    FRANKFURT TRUST INVE
    PUTNAM INVESTMENT MA
    GROUPAMA ASSET MGMT
    NATIXIS ASSET MANAGE
    DIMENSIONAL FUND ADV

    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
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Firm Name

    Analyst

    AlphaValue
    Goldman Sachs
    Nomura
    Morgan Stanley
    KBC Securities
    ING Bank
    EVA Dimensions
    Barclays
    Deutsche Bank
    Petercam
    Oddo & Cie
    ABN Amro Bank N.V.
    Credit Suisse
    HSBC
    Berenberg Bank
    Exane BNP Paribas
    Macquarie
    Bank Degroof(ESN)
    Rabobank International
    Commerzbank Corporates & Markets
    Natixis
    Kepler Capital Markets
    Day by Day
    Kempen & Co
    Main First Bank AG
    JPMorgan
    CA Cheuvreux
    S&P Capital IQ
    Equita SIM SpA

    MARTIN SCHNEE
    RAKESH PATEL
    JEAN DE WATTEVILLE
    PETER MACKEY
    WIM HOSTE
    FILIP DE PAUW
    CRAIG STERLING
    ANDREAS HEINE
    TIMOTHY JONES
    MARC DEBROUWER
    EMMANUEL MATOT
    MUTLU GUNDOGAN
    CHRIS COUNIHAN
    GEOFF HAIRE
    JAIDEEP PANDYA
    HEIDI VESTERINEN
    CHRISTIAN FAITZ
    BERNARD HANSSENS
    MICHA TIEKINK
    STEPHAN KIPPE
    FREDERIC WILLIAMS-GOBEAUX
    MARKUS MAYER
    VALERIE GASTALDY
    ARUN RAMBOCUS
    HOLGER OCHS
    NEIL C TYLER
    KLAUS RINGEL
    SHO MATSUBARA
    MASSIMO BONISOLI

    Source
    Co File
    Co File
    Co File
    MF-AGG
    ULT-AGG
    ULT-AGG
    Short
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    reduce
    Sell/Neutral
    reduce
    Overwt/In-Line
    accumulate
    hold
    hold
    underweight
    hold
    hold
    neutral
    hold
    outperform
    neutral
    sell
    underperform
    underperform
    hold
    Under Review
    buy
    neutral
    hold
    buy
    hold
    underperform
    neutral
    outperform
    sell
    not rated

    Amt Held
    % Out
    25'410'331
    30
    3'499'125
    4.13
    2'380'101
    2.81
    1'044'935
    1.23
    558'342
    0.66
    485'963
    0.57
    (431'976) -0.51
    430'855
    0.51
    388'276
    0.46
    287'271
    0.34
    240'000
    0.28
    195'372
    0.23
    191'519
    0.23
    180'000
    0.21
    160'893
    0.19
    155'000
    0.18
    148'084
    0.17
    145'338
    0.17
    143'757
    0.17
    139'251
    0.16

    Weighting
    2
    1
    2
    5
    4
    3
    3
    1
    3
    3
    3
    3
    5
    3
    1
    1
    1
    3
    #N/A N/A
    5
    3
    3
    5
    3
    1
    3
    5
    1
    #N/A N/A

    Change
    M
    M
    M
    M
    M
    M
    U
    D
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    22'509
    37'565
    1'224
    42'834
    97'438
    (9'751)
    (19'138)
    (1'000)
    366
    133'038
    90'820
    23'804
    -

    Target Price
    103
    90
    120
    145
    120
    110
    #N/A N/A
    120
    105
    117
    120
    115
    125
    123
    99
    90
    82
    120
    #N/A N/A
    138
    107
    120
    130
    111
    108
    93
    103
    80
    94

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2011
    31.12.2011
    17.02.2012
    31.12.2012
    31.12.2012
    26.02.2013
    25.01.2013
    31.12.2012
    31.07.2012
    31.12.2012
    31.12.2012
    31.12.2011
    31.12.2012
    28.09.2012
    31.01.2013
    28.12.2012
    31.12.2012
    28.09.2012
    31.12.2012
    31.07.2012

    Date
    6 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    6 month
    Not Provided
    Not Provided
    3 month
    12 month
    12 month
    9 month
    Not Provided
    12 month
    12 month

    Inst Type
    Holding Company
    Corporation
    Other
    Investment Advisor
    Unclassified
    Investment Advisor
    Hedge Fund Manager
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor

    Date
    28.02.2013
    27.02.2013
    26.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    20.02.2013
    20.02.2013
    18.02.2013
    18.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    06.02.2013
    04.02.2013
    01.02.2013
    28.01.2013
    06.01.2013
    13.12.2012
    07.12.2012
    31.10.2012
    27.07.2012
    23.02.2011

    28.02.2013

    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

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (24.12.2012)
    52-Week Low (29.02.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.01.2013
    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

    03/2012
    01/yy
    1'470.00
    1'279.00
    158'976.00
    1438
    -2.18%
    12.43%
    82.72%
    958.4
    13'781.76
    6'245.60
    0.0
    0.0
    189.20
    19'028.06

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    8.0 M

    1400

    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
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    .0 M
    f-13

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.03.2008
    15'256.3
    1.04x
    1'559.9
    10.18x
    872.9
    13.88x

    1600

    31.03.2009
    31.03.2010
    25'424.2
    21'550.4
    0.60x
    0.74x
    1'784.1
    1'773.4
    8.58x
    8.97x
    112.3
    1'235.3
    87.20x
    8.22x
    Profitability

    31.03.2011
    28'334.2
    0.60x
    1'856.3
    9.13x
    1'504.5
    7.77x

    31.03.2012
    31'723.9
    0.59x
    1'946.8
    9.56x
    197.8
    63.01x

    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

    1'946.80
    1'371.50
    4.32%
    0.85%
    1.24%
    4.70%
    6.42%
    1.69%
    7.1%
    6.6%
    4.7%
    0.6%
    1.00
    0.51
    31.73%
    136.24%
    75.49

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    5.65
    0.61
    957.77
    18.43%
    3.26%
    0.605
    22
    3.091
    1'814'990
    2'071'821
    1'733'890
    FY+2

    03/13 Y
    03/14 Y
    31'653.8
    33'025.4
    0.66x
    0.64x
    2'167.9
    2'301.3
    8.78x
    8.27x
    1'058.9
    1'090.9
    12.66x
    12.35x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    21.08.2009
    ANEG
    21.08.2009
    A-2
    3.88
    0.89
    2.53
    2.96
    136.2%
    57.7%
    1.69
    3.40
    4.85
    45.98
    2.21

    Sales/Revenue/Turnover

    30.00

    35'000.0

    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

    5'000.0

    0.00
    03.04.2009

    0.0
    03.10.2009

    03.04.2010

    03.10.2010

    03.04.2011

    03.10.2011

    03.04.2012

    03.10.2012

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    SSE PLC
    Holdings By:

    All

    Holder Name
    CAPITAL GROUP COMPAN
    BLACKROCK
    LEGAL & GENERAL
    BANK OF NEW YORK MEL
    FMR LLC
    BREWIN DOLPHIN LIMIT
    VANGUARD GROUP INC
    SCOTTISH WIDOWS
    CLEARSTREAM BANKING
    RATHBONE UNIT TRUST
    PERPETUAL INVESTMENT
    FEDERATED INVESTORS
    RENSBURG INVESTMENT
    VANGUARD GROUP INC
    UBS
    MORGAN STANLEY INVES
    T ROWE PRICE ASSOCIA
    TD WATERHOUSE GROUP
    HARGREAVES LANSDOWN
    BNP PARIBAS INV PART

    Firm Name
    AlphaValue
    Raymond James
    RBC Capital Markets
    Societe Generale
    Goldman Sachs
    Exane BNP Paribas
    Credit Suisse
    HSBC
    Berenberg Bank
    S&P Capital IQ
    Day by Day
    Liberum Capital Ltd
    Barclays
    Morgan Stanley
    EVA Dimensions
    Nomura
    JPMorgan
    Redburn Partners
    Deutsche Bank

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a

    Analyst
    MYRIAM COHEN
    EMMANUEL RETIF
    JOHN MUSK
    ASHLEY THOMAS
    ANDREW MEAD
    IAIN TURNER
    MARK FRESHNEY
    VERITY MITCHELL
    ROBERT CHANTRY
    CLIVE ROBERTS
    VALERIE GASTALDY
    GUILLAUME REDGWELL
    PETER BISZTYGA
    BOBBY CHADA
    AUSTIN BURKETT
    JONATHAN CONSTABLE
    EDMUND REID
    JAMIE TUNNICLIFFE
    MARTIN BROUGH

    Source
    ULT-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    REG
    MF-AGG
    ULT-AGG
    REG
    REG
    MF-AGG
    MF-AGG
    REG
    REG
    ULT-AGG
    REG
    MF-AGG
    REG
    REG
    ULT-AGG

    Recommendation
    add
    underperform
    outperform
    sell
    sell/attractive
    outperform
    outperform
    neutral
    hold
    hold
    hold
    buy
    overweight
    Underwt/In-Line
    sell
    reduce
    underweight
    buy
    hold

    Amt Held
    85'895'986
    45'295'508
    29'848'688
    24'838'720
    23'626'124
    18'976'901
    17'345'950
    13'858'241
    11'911'626
    11'195'816
    10'670'380
    9'783'770
    8'732'939
    8'656'546
    8'499'334
    7'231'304
    6'788'561
    6'244'569
    6'238'761
    5'860'128

    % Out
    8.96
    4.73
    3.11
    2.59
    2.47
    1.98
    1.81
    1.45
    1.24
    1.17
    1.11
    1.02
    0.91
    0.9
    0.89
    0.75
    0.71
    0.65
    0.65
    0.61

    Weighting

    Change
    4
    1
    5
    1
    1
    5
    5
    3
    3
    3
    3
    5
    5
    1
    1
    2
    1
    5
    3

    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D

    Latest Chg
    (9'487'100)
    (525'540)
    (547'003)
    (393'803)
    6'865'338
    14'632
    410'077
    5'769'622
    551'675
    30'177
    765'375
    (78'985)
    481'312
    3'749'692
    (356'830)
    70'228
    343'533
    381'297
    41'930

    Target Price
    1'500
    1'270
    1'550
    1'249
    1'154
    1'620
    1'600
    1'470
    1'430
    1'500
    #N/A N/A
    1'600
    1'585
    1'185
    #N/A N/A
    1'265
    1'190
    #N/A N/A
    1'400

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2012
    26.02.2013
    01.02.2013
    26.02.2013
    01.02.2013
    01.02.2013
    31.12.2012
    01.02.2013
    01.02.2013
    01.02.2013
    31.03.2012
    31.12.2012
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    31.12.2012
    01.02.2013
    01.02.2013
    01.02.2013

    Date
    6 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    3 month
    Not Provided
    12 month

    Inst Type
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Bank
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    27.02.2013
    26.02.2013
    21.02.2013
    08.02.2013
    08.02.2013
    07.02.2013
    07.02.2013
    05.02.2013
    05.02.2013
    28.01.2013
    25.01.2013
    25.01.2013
    24.01.2013
    17.01.2013
    12.12.2012
    23.11.2012
    16.10.2012
    06.08.2012

    28.02.2013

    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 (28.02.2013)
    52-Week Low (07.08.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 06.02.2013
    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

    12/2011
    01/yy
    1'802.50
    1'092.00
    1'165'005.00
    1797.5
    -0.28%
    64.61%
    98.70%
    2'413.0
    43'374.31
    101'003.00
    0.0
    661.0
    107'639.00
    -

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    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
    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2007
    21'345.0
    2'841.0
    20.56x

    2000
    1800
    1600
    1400
    1200
    1000
    800
    600
    400
    200
    0
    f-12 m-12 a-12 m-12

    31.12.2008
    31.12.2009
    22'429.0
    20'558.0
    3'241.0
    3'380.0
    6.41x
    14.69x
    Profitability

    31.12.2010
    21'355.0
    4'332.0
    13.38x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2011
    24'343.0
    4'849.0
    10.66x
    37.66%
    37.82%
    0.86%
    12.11%
    3.55%
    0.04%
    27.1%
    16.86%
    248.08%
    -

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    .0 M
    f-13

    2.88
    1.17
    1'978.89
    14.95%
    14.24%
    1.169
    42
    3.833
    3'942'044
    3'382'733
    3'337'594
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    03/12 Q1 06/12 Q2
    19'125.1
    20'825.4
    32.42x
    31.34x
    5'082.3
    5'742.4
    1'900.0
    12.67x
    11.48x
    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

    01.12.2011
    A+
    NEG
    10.01.2008
    A-1
    248.1%
    70.9%
    0.04
    5.00
    -

    Sales/Revenue/Turnover

    25.00

    30'000.0

    20.00

    25'000.0
    20'000.0

    15.00

    15'000.0
    10.00

    10'000.0

    5.00

    0.00
    02.01.2009 02.07.2009

    5'000.0
    0.0
    02.01.2010 02.07.2010

    02.01.2011 02.07.2011

    02.01.2012 02.07.2012

    02.01.2013

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Standard Chartered PLC


    Holdings By:

    All

    Holder Name
    TEMASEK HOLDINGS PRI
    BLACKROCK
    ABERDEEN
    LEGAL & GENERAL
    VANGUARD GROUP INC
    NORGES BANK INVESTME
    FMR LLC
    SCOTTISH WIDOWS
    BNP PARIBAS INV PART
    VANGUARD GROUP INC
    MASSACHUSETTS FINANC
    BAILLIE GIFFORD AND
    THORNBURG INVESTMENT
    JP MORGAN
    PEOPLES REPUBLIC OF
    DODGE & COX
    UBS
    Standard Chartered B
    THORNBURG INVESTMENT
    WALTER SCOTT & PARTN

    Firm Name

    Portfolio Name
    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
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    AlphaValue
    DAVID GRINSZTAJN
    Societe Generale
    JAMES INVINE
    RBC Capital Markets
    PATRICK LEE
    JPMorgan
    RAUL SINHA
    Exane BNP Paribas
    TOM RAYNER
    Investec
    IAN GORDON
    Credit Suisse
    AMIT GOEL
    Nomura
    CHINTAN JOSHI
    CCB International Securities Ltd
    ADAM CHAN
    Sanford C. Bernstein & Co
    CHIRANTAN BARUA
    Keefe, Bruyette & Woods
    MARK J PHIN
    Landesbank Baden-Wuerttemberg
    WERNER SCHIRMER
    Morgan Stanley
    CHRISTOPHER MANNERS
    Citic Securities Co., Ltd
    STEVEN CHAN
    Day by Day
    VALERIE GASTALDY
    Deutsche Bank
    JASON NAPIER
    Numis Securities Ltd
    MICHAEL J TRIPPITT
    China International Capital Corp
    SALLY NG
    Espirito Santo Investment Bank Research
    SHAILESH RAIKUNDLIA
    Goldman Sachs
    FREDERIK THOMASEN
    Macquarie
    THOMAS STOEGNER
    Berenberg Bank
    JAMES CHAPPELL
    EVA Dimensions
    AUSTIN BURKETT
    Redburn Partners
    JON KIRK
    Shore Capital Stockbrokers
    GARY GREENWOOD
    Barclays
    ROHITH CHANDRA-RAJAN
    Grupo Santander
    ARTURO DE FRIAS
    Oriel Securities Ltd
    VIVEK RAJA
    Mizuho Securities
    JIM ANTOS
    Liberum Capital Ltd
    CORMAC LEECH
    Canaccord Genuity Corp
    GARETH HUNT
    Independent Research GmbH
    STEFAN BONGARDT
    Mediobanca SpA
    CHRISTOPHER J WHEELER
    HSBC
    PETER TOEMAN
    S&P Capital IQ
    FRANK BRADEN
    BNP Paribas Equity Research
    DOMINIC CHAN
    Daniel Stewart & Co
    SIMON WILLIS
    JM Financial Institutional Securities P PUNEET GULATI
    IIFL
    SACHIN NIKHARE
    AMTD Financial Planning Limited
    KENNY TANG SING HING

    Source
    ULT-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    REG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    REG
    REG
    REG
    REG
    ULT-AGG
    REG
    MF-AGG
    ULT-AGG
    REG
    MF-AGG
    REG

    Recommendation
    reduce
    buy
    sector perform
    overweight
    neutral
    buy
    underperform
    buy
    outperform
    underperform
    market perform
    hold
    Overwt/In-Line
    hold
    buy
    hold
    add
    hold
    buy
    neutral/neutral
    outperform
    hold
    hold
    neutral
    buy
    overweight
    buy
    buy
    neutral
    buy
    sell
    hold
    neutral
    neutral
    hold
    buy
    buy
    buy
    add
    buy

    Amt Held
    432'746'145
    165'824'190
    157'962'325
    85'747'646
    68'031'356
    54'789'154
    51'411'716
    46'720'870
    44'970'788
    39'082'703
    34'484'510
    30'412'658
    30'132'593
    29'028'080
    28'340'249
    27'346'560
    24'356'981
    24'000'000
    23'401'106
    20'631'586

    % Out
    17.93
    6.87
    6.55
    3.55
    2.82
    2.27
    2.13
    1.94
    1.86
    1.62
    1.43
    1.26
    1.25
    1.2
    1.17
    1.13
    1.01
    0.99
    0.97
    0.86

    Weighting

    Change
    2
    5
    3
    5
    3
    5
    1
    5
    5
    1
    3
    3
    5
    3
    5
    3
    4
    3
    5
    3
    5
    3
    3
    3
    5
    5
    5
    5
    3
    5
    1
    3
    3
    3
    3
    5
    5
    5
    4
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    U
    M
    N
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    N

    Latest Chg
    (595'713)
    264'016
    (92'936)
    900'637
    2'664'042
    23'142'351
    (253'869)
    2'474'481
    3'222'072
    194'259
    (60'464)
    5'340'545
    5'884'182
    106'661
    4'339'697
    (437'402)

    Target Price
    1'765
    1'900
    1'780
    1'940
    1'700
    1'900
    1'400
    2'050
    1'958
    1'010
    1'850
    1'800
    1'924
    1'736
    1'854
    1'710
    1'864
    1'712
    1'970
    1'950
    1'857
    1'450
    #N/A N/A
    #N/A N/A
    #N/A N/A
    1'600
    1'960
    1'800
    1'609
    1'700
    1'325
    1'600
    1'400
    1'500
    1'740
    2'075
    1'900
    1'800
    1'700
    1'636

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    29.02.2012
    26.02.2013
    02.01.2013
    31.01.2013
    31.12.2012
    02.01.2013
    02.01.2013
    02.01.2013
    02.01.2013
    02.01.2013
    02.01.2013
    02.01.2013
    02.01.2013
    02.01.2013
    02.01.2013
    29.01.2013
    02.01.2013
    02.01.2013
    31.12.2012
    02.01.2013

    Date
    6 month
    12 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    6 month
    3 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided

    Inst Type
    Government
    Investment Advisor
    Unclassified
    Unclassified
    Investment Advisor
    Government
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Government
    Investment Advisor
    Unclassified
    Unclassified
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    21.02.2013
    20.02.2013
    18.02.2013
    18.02.2013
    14.02.2013
    11.02.2013
    06.02.2013
    01.02.2013
    29.01.2013
    28.01.2013
    28.01.2013
    28.01.2013
    17.01.2013
    04.01.2013
    21.12.2012
    17.12.2012
    11.12.2012
    11.12.2012
    07.12.2012
    07.12.2012
    06.12.2012
    05.11.2012
    31.10.2012
    31.10.2012
    31.10.2012
    09.08.2012
    08.08.2012
    02.08.2012
    01.03.2012
    04.08.2011

    28.02.2013

    Standard Life PLC


    Standard Life PLC is a group holding company for a wide variety of insurance
    and financial services companies.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (14.01.2013)
    52-Week Low (18.05.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.01.2013
    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

    12/2011
    09/yy
    356.60
    199.00
    589'561.00
    346.5
    -2.80%
    74.12%
    90.67%
    2'358.0
    8'170.44
    1'356.00
    0.0
    358.0
    9'187.00
    61.44

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    16.0 M

    350

    14.0 M

    300

    12.0 M

    250

    10.0 M

    200

    8.0 M

    150

    6.0 M

    100

    4.0 M

    50

    2.0 M

    0
    f-12 m-12

    a-12 m-12

    31.12.2008
    31.12.2009
    (16'225.0)
    17'167.0
    100.0
    213.0
    29.28x
    29.06x
    Profitability

    LTM-4Q
    31.12.2010
    18'569.0
    0.08x
    432.0
    11.75x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2011
    9'086.0
    298.0
    15.93x
    5.67%
    4.16%
    0.22%
    8.87%
    0.07%
    3.3%
    0.85%
    34.23%
    -

    LTM

    09/yy
    0.0
    #DIV/0!
    0.0
    0.00x
    0.0
    0.00x

    09/yy
    0.0
    #DIV/0!
    0.0
    0.00x
    0.0
    0.00x

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Sales/Revenue/Turnover

    10.00

    25'000.0

    9.00

    FY+1

    .0 M
    f-13

    4.07
    1.25
    2'354.66
    57.65%
    4.34%
    1.252
    26
    2.769
    4'251'395
    4'229'162
    4'367'725
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    19'553.8
    20'809.0
    0.44x
    622.6
    517.9
    12.12x
    14.74x
    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

    Price/ Cash Flow

    13.01.2004
    ASTABLE
    13.01.2004
    NR
    34.2%
    23.9%
    0.07
    -

    20'000.0

    8.00

    15'000.0

    7.00

    10'000.0

    6.00

    5'000.0

    5.00
    4.00

    0.0

    3.00

    -5'000.0

    2.00

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    -10'000.0

    1.00
    0.00
    02.01.2009 02.07.2009

    j-12

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2007
    10'113.0
    0.45x
    465.0
    5.82x

    400

    -15'000.0
    02.01.2010 02.07.2010

    02.01.2011 02.07.2011

    02.01.2012 02.07.2012

    02.01.2013

    -20'000.0

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Standard Life PLC


    Holdings By:

    All

    Holder Name
    PRIVATE INDIVIDUALS
    BLACKROCK
    LEGAL & GENERAL
    ARTEMIS INVESTMENT M
    VANGUARD GROUP INC
    SCOTTISH WIDOWS
    NEWTON INV MGMT
    ARTEMIS INVESTMENT M
    BANK OF NEW YORK MEL
    FMR LLC
    VANGUARD GROUP INC
    PEOPLES REPUBLIC OF
    HENDERSON GLOBAL INV
    JUPITER ASSET MANAGE
    SCHRODER INVESTMENT
    STATE STREET
    MAJEDIE ASSET MANAGE
    NORGES BANK INVESTME
    RWC PARTNERS LTD
    JO HAMBRO CAPITAL MA

    Firm Name
    Credit Suisse
    Sanford C. Bernstein & Co
    Panmure Gordon & Co Limited
    RBC Capital Markets
    JPMorgan
    Macquarie
    Barclays
    Societe Generale
    Exane BNP Paribas
    Deutsche Bank
    Goldman Sachs
    EVA Dimensions
    HSBC
    Oriel Securities Ltd
    Day by Day
    Investec
    Morgan Stanley
    Shore Capital Stockbrokers
    Redburn Partners
    Keefe, Bruyette & Woods
    Berenberg Bank
    S&P Capital IQ
    Nomura
    Daiwa Securities Co. Ltd.

    Portfolio Name
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    CHRIS ESSON
    EDWARD HOUGHTON
    BARRIE CORNES
    GORDON AITKEN
    ASHIK MUSADDI
    NEIL WELCH
    ALAN DEVLIN
    ABID HUSSAIN
    ANDY HUGHES
    OLIVER STEEL
    COLIN L SIMPSON
    AUSTIN BURKETT
    KAILESH MISTRY
    MARCUS BARNARD
    VALERIE GASTALDY
    KEVIN RYAN
    JON HOCKING
    EAMONN FLANAGAN
    LANCE BURBIDGE
    GREIG N PATERSON
    MATTHEW PRESTON
    RODERICK WALLACE
    BEN BATHURST
    TIM PROUDLOVE

    Source
    REG
    ULT-AGG
    ULT-AGG
    REG
    MF-AGG
    ULT-AGG
    REG
    MF-AGG
    MF-AGG
    ULT-AGG
    REG
    REG
    REG
    REG
    REG
    ULT-AGG
    REG
    REG
    REG
    REG

    Recommendation
    underperform
    underperform
    buy
    sector perform
    overweight
    outperform
    underweight
    hold
    outperform
    hold
    Sell/Neutral
    sell
    underweight
    add
    buy
    buy
    Underwt/In-Line
    hold
    buy
    market perform
    sell
    hold
    reduce
    hold

    Amt Held
    1'036'519'084
    113'806'452
    100'697'051
    57'307'886
    43'435'987
    36'285'342
    35'876'476
    32'962'353
    31'630'714
    28'613'149
    24'632'319
    21'579'330
    20'953'671
    19'988'853
    19'615'519
    18'856'790
    18'729'100
    18'271'783
    17'317'577
    16'422'300

    % Out
    43.96
    4.83
    4.27
    2.43
    1.84
    1.54
    1.52
    1.4
    1.34
    1.21
    1.04
    0.92
    0.89
    0.85
    0.83
    0.8
    0.79
    0.77
    0.73
    0.7

    Weighting

    Change
    1
    1
    5
    3
    5
    5
    1
    3
    5
    3
    1
    1
    1
    4
    5
    5
    1
    3
    5
    3
    1
    3
    2
    3

    M
    M
    M
    M
    M
    N
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (15'953'109)
    1'507'414
    (1'811'120)
    1'234'991
    1'100'647
    (2'379'780)
    (4'707'169)
    (7'065'125)
    (1'701'444)
    8'042'660
    3'322'539
    1'752'700
    (1'018'790)
    (730'058)
    8'107'695
    1'969'970
    1'451'606
    4'361'865
    1'178'977
    476'348

    Target Price
    321
    300
    375
    260
    349
    378
    301
    330
    371
    360
    300
    #N/A N/A
    310
    260
    364
    373
    285
    #N/A N/A
    #N/A N/A
    282
    290
    325
    260
    223

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    03.10.2012
    Other
    26.02.2013
    Investment Advisor
    31.01.2013
    Unclassified
    03.10.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012
    Unclassified
    03.10.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    03.10.2012
    Investment Advisor
    03.10.2012
    Government
    03.10.2012
    Investment Advisor
    03.10.2012
    Investment Advisor
    03.10.2012
    Investment Advisor
    27.02.2013
    Investment Advisor
    03.10.2012
    Investment Advisor
    03.10.2012
    Government
    03.10.2012
    Investment Advisor
    03.10.2012 Mutual Fund Manager

    Date
    Not Provided
    12 month
    Not Provided
    12 month
    9 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    3 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    6 month

    Date
    27.02.2013
    27.02.2013
    26.02.2013
    20.02.2013
    11.02.2013
    07.02.2013
    04.02.2013
    30.01.2013
    29.01.2013
    24.01.2013
    18.01.2013
    17.01.2013
    16.01.2013
    15.01.2013
    09.01.2013
    07.01.2013
    05.12.2012
    26.11.2012
    22.11.2012
    31.10.2012
    31.10.2012
    31.10.2012
    21.03.2012
    01.07.2011

    28.02.2013

    Statoil ASA
    Statoil ASA explores for, produces, transports, refines, and trades oil and
    natural gas. The Company explores for oil in Europe, Africa, the Middle East,
    Asia, and the Americas.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (14.03.2012)
    52-Week Low (26.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    STL NO EQUITY YTD Change
    STL NO EQUITY YTD % CHANGE

    12/2012
    12/yy
    162.80
    133.20
    731'131.00
    143.2
    -12.04%
    7.51%
    33.11%
    3'188.6
    456'614.25
    119'385.00
    0.0
    674.0
    80'101.00
    496'572.26

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    9.0 M

    160

    8.0 M

    140

    7.0 M

    120

    6.0 M

    100
    80

    5.0 M
    4.0 M

    60

    3.0 M

    40

    2.0 M

    20

    1.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    651'977.0
    0.63x
    240'545.0
    1.71x
    43'265.0
    8.39x

    180

    31.12.2009
    31.12.2010
    462'292.0
    526'950.0
    1.16x
    0.98x
    173'918.0
    186'787.0
    3.08x
    2.77x
    18'313.0
    38'082.0
    25.17x
    11.58x
    Profitability

    LTM-4Q
    31.12.2011
    645'599.0
    0.88x
    261'870.0
    2.16x
    78'787.0
    6.20x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    705'734.0
    0.68x
    267'081.0
    1.81x
    68'908.0
    6.42x
    267'081.00
    206'556.00
    29.27%
    29.29%
    8.87%
    23.04%
    0.91%
    48.5%
    37.7%
    29.2%
    9.8%
    1.12
    0.49
    15.22%
    37.40%
    13.69

    Price/ Cash Flow

    LTM

    FY+1

    .0 M
    f-13

    0.90
    935.30
    -6.43%
    3.02%
    0.903
    39
    3.564
    2'917'851
    3'048'952
    2'846'002
    FY+2

    FQ+1

    FQ+2

    12/yy
    12/yy
    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    645'671.0 705'734.0 640'330.2 655'023.6 166'675.2 164'664.0
    3.11x
    2.84x
    0.80x
    0.81x
    2.89x
    3.04x
    261'697.0 266'261.0 243'821.9 248'621.9
    62'353.0
    59'818.4
    2.16x
    1.81x
    2.04x
    2.00x
    2.02x
    1.98x
    78'787.0
    68'908.0
    53'086.5
    54'408.6
    13'919.2
    13'505.3
    6.20x
    6.42x
    8.63x
    8.33x
    8.36x
    8.14x
    S&P Issuer Ratings
    Long-Term Rating Date
    03.08.2007
    Long-Term Rating
    AALong-Term Outlook
    STABLE
    Short-Term Rating Date
    03.08.2007
    Short-Term Rating
    A-1+
    Credit Ratios
    EBITDA/Interest Exp.
    95.12
    (EBITDA-Capex)/Interest Exp.
    64.22
    Net Debt/EBITDA
    0.15
    Total Debt/EBITDA
    0.45
    Reference
    Total Debt/Equity
    37.4%
    Total Debt/Capital
    27.2%
    Asset Turnover
    0.91
    Net Fixed Asset Turnover
    1.67
    Accounts receivable turnover-days
    Inventory Days
    26.74
    Accounts Payable Turnover Day
    Cash Conversion Cycle
    41.00
    Sales/Revenue/Turnover

    7.00

    800'000.0

    6.00

    700'000.0
    600'000.0

    5.00

    500'000.0

    4.00

    400'000.0
    3.00

    300'000.0

    2.00

    200'000.0

    1.00

    100'000.0

    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Statoil ASA
    Holdings By:

    All

    Holder Name
    MINISTRY OF PETROLEU
    GOVERNMENT PENSION F
    DEUTSCHE BANK TRUST
    STATE STREET
    CLEARSTREAM BANKING
    NORTHERN TRUST CO
    BANK OF NEW YORK MEL
    VANGUARD GROUP INC
    JP MORGAN CHASE BANK
    DNB NOR ASSET MANAGE
    BLACKROCK
    SIX SIS AG
    WADDELL & REED FINAN
    WILLIAM BLAIR & COMP
    EUROCLEAR BANK SA
    STOREBRAND FUND MANA
    HSBC BANK PLC
    KLP AKSJE NORGE INDE
    DANSKE BANK A/S
    SWEDBANK ROBUR FONDE

    Firm Name
    AlphaValue
    Sanford C. Bernstein & Co
    Tudor Pickering & Co
    RBC Capital Markets
    Macquarie
    Canaccord Genuity Corp
    HSBC
    Simmons & Company International
    Credit Suisse
    Jefferies
    Exane BNP Paribas
    Societe Generale
    Morgan Stanley
    SEB Enskilda
    Carnegie
    Nordea Equity Research
    Handelsbanken
    Pareto Securities
    Fearnley Fonds
    Nomura
    SpareBank 1 Markets AS
    Barclays
    Norne Securities AS
    Danske Markets
    ABG Sundal Collier
    Investec
    S&P Capital IQ
    DNB Markets
    Arctic Securities ASA
    Swedbank First Securities
    JPMorgan
    Grupo Santander
    EVA Dimensions
    Goldman Sachs
    Landesbank Baden-Wuerttemberg
    Deutsche Bank
    Fondsfinans AS
    CA Cheuvreux

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    WILLIAM BLAIR & COMP
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios

    Analyst
    ALEXANDRE ANDLAUER
    OSWALD CLINT
    ROBERT KESSLER
    PETER HUTTON
    MARC B KOFLER
    GORDON GRAY
    PAUL SPEDDING
    JEFFREY A DIETERT
    KIM FUSTIER
    BRENDAN MICHAEL WARN
    ALEJANDRO DEMICHELIS
    IRENE HIMONA
    HAYTHEM RASHED
    LARS HENRIK ROREN
    MARTIN VOLD
    KELLY CHEN
    ANNE GJOEN
    SIGURD-ERIK NISSEN-MEYER
    OLE-JACOB STORVIK
    THEEPAN JOTHILINGAM
    ODDVAR BJORGAN
    RAHIM KARIM
    IRMANTAS VASKELA
    ENDRE STORLOKKEN
    JOHN A SCHJ OLAISEN
    STUART JOYNER
    CHRISTINE TISCARENO
    ESPEN HENNIE
    TROND OMDAL
    TEODOR SVEEN NILSEN
    NITIN SHARMA
    JASON KENNEY
    CRAIG STERLING
    MICHELE DELLA VIGNA
    JENS MUENSTERMANN
    MARK BLOOMFIELD
    MORTEN EVJENTH LINDBACK
    DOMINIQUE PATRY

    Source
    EXCH
    EXCH
    EXCH
    ULT-AGG
    EXCH
    EXCH
    EXCH
    MF-AGG
    EXCH
    MF-AGG
    ULT-AGG
    EXCH
    MF-AGG
    13F
    EXCH
    MF-AGG
    EXCH
    EXCH
    EXCH
    MF-AGG

    Recommendation
    reduce
    market perform
    accumulate
    top pick
    neutral
    buy
    neutral
    overweight
    underperform
    buy
    outperform
    hold
    Underwt/In-Line
    sell
    buy
    hold
    accumulate
    buy
    buy
    reduce
    buy
    equalweight
    hold
    hold
    buy
    buy
    hold
    hold
    buy
    neutral
    neutral
    underperform
    buy
    neutral/cautious
    buy
    hold
    Under Review
    underperform

    Amt Held
    2'136'393'559
    107'826'097
    98'860'553
    93'592'619
    65'504'645
    43'133'145
    33'350'690
    27'562'585
    24'655'169
    17'293'339
    12'672'489
    12'235'193
    11'465'900
    11'191'044
    9'575'465
    9'248'710
    8'993'818
    8'918'789
    7'926'283
    5'615'268

    % Out
    67
    3.38
    3.1
    2.94
    2.05
    1.35
    1.05
    0.86
    0.77
    0.54
    0.4
    0.38
    0.36
    0.35
    0.3
    0.29
    0.28
    0.28
    0.25
    0.18

    Weighting

    Change

    2
    3
    4
    5
    3
    5
    3
    5
    1
    5
    5
    3
    1
    1
    5
    3
    4
    5
    5
    2
    5
    3
    3
    3
    5
    5
    3
    3
    5
    3
    3
    1
    5
    3
    5
    3
    #N/A N/A
    1

    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (13'620)
    1'378'710
    53'357
    (244'216)
    (56'821)
    147'632
    812'787

    Target Price
    140
    135
    160
    175
    160
    170
    160
    #N/A N/A
    158
    200
    170
    150
    136
    140
    #N/A N/A
    147
    160
    170
    167
    145
    165
    160
    160
    145
    170
    163
    177
    150
    165
    160
    165
    155
    #N/A N/A
    160
    170
    160
    #N/A N/A
    155

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    18.02.2013
    18.02.2013
    18.02.2013
    27.02.2013
    18.02.2013
    18.02.2013
    18.02.2013
    31.12.2012
    18.02.2013
    31.01.2013
    26.02.2013
    18.02.2013
    31.12.2012
    31.12.2012
    18.02.2013
    31.01.2013
    18.02.2013
    18.02.2013
    18.02.2013
    31.12.2012

    Date
    6 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    6 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    12 month
    6 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    3 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided

    Inst Type
    Corporation
    Government
    Investment Advisor
    Investment Advisor
    Bank
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Bank
    Investment Advisor
    Investment Advisor
    Bank
    Investment Advisor
    Bank
    n/a
    Bank
    Investment Advisor

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    18.02.2013
    15.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    06.02.2013
    17.01.2013
    17.01.2013
    11.01.2013
    09.01.2013
    03.12.2012
    08.05.2012
    16.11.2011

    28.02.2013

    Subsea 7 SA
    Subsea 7 SA offers oilfield services. The Company designs, fabricates, builds
    and installs equipment for the offshore oil industry. Subsea 7 builds flexible
    flowlines, risers, umbilicals and other equipment. The Company operates in the
    Gulf of Mexico, the Asia Pacific region, the North Sea and the Mediterranean,
    and offshore Africa, the Middle East, and South America.

    Price/Volume
    160
    140
    120
    100
    80

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (02.04.2012)
    52-Week Low (25.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SUBC NO EQUITY YTD Change
    SUBC NO EQUITY YTD % CHANGE

    12/2011
    09/yy
    148.39
    106.91
    200'754.00
    136.7
    -7.67%
    27.87%
    72.79%
    351.8
    48'090.20
    893.40
    0.0
    51.5
    803.40
    8'783.83

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    40
    20
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    30.11.2007
    2'406.3
    1.60x
    411.3
    9.38x
    127.3
    34.04x

    60

    30.11.2008
    30.11.2009
    2'522.4
    2'208.8
    0.36x
    1.01x
    513.8
    420.3
    1.76x
    5.29x
    301.4
    245.0
    3.34x
    10.92x
    Profitability

    LTM-4Q
    30.11.2010
    2'369.0
    1.55x
    479.1
    7.69x
    265.4
    17.08x

    31.12.2011
    5'476.5
    1.17x
    870.8
    7.39x
    423.7
    14.74x
    870.80
    536.80
    9.80%
    11.45%
    8.50%
    13.40%
    12.17%
    0.66%
    17.3%
    17.2%
    11.8%
    7.7%
    1.28
    0.69
    9.66%
    15.45%
    5.79
    83.82

    Price/ Cash Flow

    10.0 M
    9.0 M
    8.0 M
    7.0 M
    6.0 M
    5.0 M
    4.0 M
    3.0 M
    2.0 M
    1.0 M
    .0 M
    f-13

    09/yy
    3'979.6
    5.76x
    742.1
    0.00x
    447.3
    0.00x

    LTM
    09/yy
    6'103.3
    5.15x
    1'050.1
    8.07x
    789.9
    10.78x

    FY+1

    2.51
    1.24
    262.22
    6.24%
    3.48%
    1.239
    31
    4.548
    1'240'444
    1'410'999
    1'206'336
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    6'245.7
    6'753.4
    1'562.2
    1'475.5
    1.39x
    1.26x
    5.86x
    6.11x
    1'141.2
    1'274.8
    284.4
    256.6
    7.70x
    6.89x
    7.08x
    6.90x
    637.6
    581.0
    115.5
    105.9
    14.39x
    14.81x
    15.56x
    15.31x
    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

    21.55
    4.91
    0.30
    0.86
    15.5%
    13.3%
    0.66
    1.75
    63.17
    4.37
    106.35
    -36.78

    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
    05.12.2008 05.06.2009 05.12.2009 05.06.2010 05.12.2010 05.06.2011 05.12.2011 05.06.2012 05.12.2012

    0.0
    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Subsea 7 SA
    Holdings By:

    All

    Holder Name
    SIEM INDUSTRIES INC
    STATE STREET
    GOVERNMENT PENSION F
    JP MORGAN CHASE BANK
    CAPITAL GROUP COMPAN
    DNB NOR ASSET MANAGE
    T ROWE PRICE ASSOCIA
    VANGUARD GROUP INC
    SWEDBANK ROBUR FONDE
    BLACKROCK
    ODIN FORVALTNING AS
    STOREBRAND FUND MANA
    DANSKE CAPITAL NORGE
    FMR LLC
    DEUTSCHE BANK AG
    NORDEA FONDENE AS
    NORDEA FONDER AB/SWE
    THREADNEEDLE INVESTM
    ING INVESTMENT MANAG
    ALFRED BERG KAPITALF

    Firm Name
    RBC Capital Markets
    Fondsfinans AS
    Fearnley Fonds
    ABN Amro Bank N.V.
    Danske Markets
    Canaccord Genuity Corp
    Exane BNP Paribas
    HSBC
    Natixis
    Arctic Securities ASA
    JPMorgan
    Nomura
    Barclays
    EVA Dimensions
    RS Platou Markets
    ABG Sundal Collier
    Societe Generale
    Goldman Sachs
    DNB Markets
    SEB Enskilda
    Nordea Equity Research
    SpareBank 1 Markets AS
    CA Cheuvreux
    Carnegie
    Handelsbanken
    Pareto Securities
    Morgan Stanley
    Swedbank First Securities

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    KATHERINE TONKS
    PETTER NARVESTAD
    TRULS OLSEN
    MARK VAN DER GEEST
    ENDRE STORLOKKEN
    JAMES EVANS
    ALEXANDRE MARIE
    PHILLIP LINDSAY
    ANNE PUMIR
    KJETIL GARSTAD
    ANDREW DOBBING
    CHRISTYAN MALEK
    MICK PICKUP
    CRAIG STERLING
    GORAN ANDREASSEN
    HAAKON AMUNDSEN
    GUILLAUME DELABY
    HENRY TARR
    EIRIK RONOLD MATHISEN
    TERJE FATNES
    ANNE SCHULT ULRIKSEN
    ERIK TONNE
    GEOFFROY STERN
    FREDERIK H LUNDE
    DANIEL RAVIK
    KRISTIAN DIESEN
    ROBERT PULLEYN
    EIVIND TONNESSEN

    Source
    13D
    ULT-AGG
    20F
    20F
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    sector perform
    buy
    buy
    hold
    buy
    buy
    outperform
    overweight
    buy
    hold
    overweight
    buy
    overweight
    underweight
    buy
    buy
    hold
    Buy/Neutral
    buy
    buy
    buy
    buy
    outperform
    buy
    buy
    buy
    Overwt/Attractive
    strong buy

    Amt Held
    69'681'932
    31'704'893
    19'570'200
    17'360'683
    13'430'000
    7'711'570
    7'047'394
    5'231'706
    4'474'769
    4'235'405
    3'601'607
    2'997'547
    2'716'830
    2'615'058
    2'527'098
    2'257'274
    2'037'525
    1'639'324
    1'498'986
    1'440'515

    % Out
    19.81
    9.01
    5.56
    4.93
    3.82
    2.19
    2
    1.49
    1.27
    1.2
    1.02
    0.85
    0.77
    0.74
    0.72
    0.64
    0.58
    0.47
    0.43
    0.41

    Weighting

    Change
    3
    5
    5
    3
    5
    5
    5
    5
    5
    3
    5
    5
    5
    1
    5
    5
    3
    5
    5
    5
    5
    5
    5
    5
    5
    5
    5
    5

    M
    M
    M
    N
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    7'232'000
    68'537
    617'802
    (186'066)
    (672'724)
    906'455
    607
    (153'168)
    (21'700)
    28'980
    (4'370)
    (69'034)
    49'755
    47'455
    (1'422)
    63'100

    Target Price
    150
    180
    155
    135
    160
    160
    175
    165
    146
    150
    170
    155
    195
    #N/A N/A
    164
    170
    138
    158
    165
    178
    165
    180
    140
    #N/A N/A
    175
    149
    185
    172

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    12.01.2011
    Corporation
    27.02.2013
    Investment Advisor
    29.01.2010
    Government
    29.01.2010
    Investment Advisor
    31.12.2010
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.01.2013 Mutual Fund Manager
    31.01.2013
    Investment Advisor
    28.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.09.2012 Mutual Fund Manager
    31.01.2013
    Investment Advisor
    31.10.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager

    Date
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    9 month
    12 month
    Not Provided
    Not Provided
    6 month
    6 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    6 month
    12 month
    Not Provided

    Date
    27.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    22.02.2013
    12.02.2013
    12.02.2013
    08.02.2013
    07.02.2013
    30.01.2013
    29.01.2013
    29.01.2013
    25.01.2013
    17.01.2013
    15.01.2013
    10.01.2013
    08.01.2013
    08.01.2013
    08.01.2013
    07.01.2013
    07.01.2013
    11.12.2012
    20.11.2012
    20.11.2012
    20.11.2012
    20.11.2012
    19.11.2012
    19.11.2012

    28.02.2013

    Svenska Cellulosa AB
    Svenska Cellulosa AB (SCA) is a global hygiene and forest company that
    develops and produces personal care products, tissue and forest products. The
    Company sells its branded products globally.

    Price/Volume
    180
    160
    140
    120
    100
    80

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 13.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SCAB SS EQUITY YTD Change
    SCAB SS EQUITY YTD % CHANGE

    12/2012
    12/yy
    160.20
    98.75
    396'810.00
    157.6
    -1.62%
    59.59%
    92.68%
    611.8
    111'144.02
    33'714.00
    0.0
    458.0
    2'017.00
    143'299.01

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    40
    20
    0
    f-12 m-12

    31.12.2009
    31.12.2010
    110'857.0
    82'731.0
    0.96x
    1.33x
    16'441.0
    14'723.0
    6.49x
    7.47x
    4'765.0
    5'552.0
    14.07x
    15.45x
    Profitability

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

    LTM-4Q
    31.12.2011
    81'337.0
    1.31x
    13'582.0
    7.86x
    548.0
    -

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    85'408.0
    1.54x
    13'413.0
    9.78x
    4'956.0
    22.24x
    13'413.00
    8'487.00
    9.94%
    5.56%
    3.66%
    8.23%
    0.63%
    24.5%
    15.7%
    9.9%
    5.8%
    1.00
    0.94
    25.63%
    56.47%
    4.26
    -

    Price/ Cash Flow

    LTM

    12/yy
    68'900.0
    5.92x
    11'738.0
    9.07x
    549.0
    0.00x

    12/yy
    85'408.0
    5.34x
    13'413.0
    9.78x
    4'956.0
    22.24x

    FY+1

    0.77
    38.22%
    11.77%
    0.768
    19
    3.474
    1'730'972
    2'193'216
    1'919'576
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    92'127.2
    94'512.6
    22'437.2
    22'986.7
    1.53x
    1.45x
    15'189.6
    16'849.2
    3'424.5
    3'682.7
    9.43x
    8.50x
    9.54x
    6'551.3
    7'789.2
    1'526.0
    1'688.7
    16.57x
    14.22x
    16.04x
    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

    17.10.2006
    BBB+
    POS
    13.08.1990
    A-2
    9.91
    5.60
    2.36
    2.51
    56.5%
    35.9%
    0.63
    1.46
    85.89
    56.42

    Sales/Revenue/Turnover

    12.00

    120'000.0

    10.00

    100'000.0

    8.00

    80'000.0

    6.00

    60'000.0

    4.00

    40'000.0

    2.00

    20'000.0

    0.00
    01.01.2010

    a-12 m-12

    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    110'449.0
    0.85x
    14'728.0
    6.38x
    5'578.0
    8.40x

    60

    10.0 M
    9.0 M
    8.0 M
    7.0 M
    6.0 M
    5.0 M
    4.0 M
    3.0 M
    2.0 M
    1.0 M
    .0 M
    f-13

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Svenska Cellulosa AB
    Holdings By:

    All

    Holder Name
    NORGES BANK
    INDUSTRIVARDEN AB
    CAPITAL GROUP COMPAN
    AMF PENSION INSURANC
    SEB
    SWEDBANK ROBUR FONDE
    HANDELSBANKEN FONDER
    VANGUARD GROUP INC
    SKAGEN FUNDS
    HANDELSBANKEN FONDER
    MASSACHUSETTS FINANC
    TREDJE AP-FONDEN
    ANDRA AP FONDEN
    AMF FONDER AB
    BLACKROCK
    FOLKSAM LO FOND AB
    UMB BANK N A
    DEUTSCHE BANK AG
    SPP FONDER AB
    SKAGEN AS

    Firm Name
    AlphaValue
    Carnegie
    CA Cheuvreux
    Morgan Stanley
    JPMorgan
    SEB Enskilda
    Nordea Equity Research
    Handelsbanken
    DNB Markets
    Evli Bank Plc
    Danske Markets
    ABG Sundal Collier
    Pareto Securities
    S&P Capital IQ
    Goldman Sachs
    Swedbank
    EVA Dimensions
    Deutsche Bank
    Credit Suisse
    Alandsbanken Equities

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    SACHIN KUMAR
    JOHAN SJOBERG
    MIKAEL JAFS
    ERIK SJOGREN
    CELINE PANNUTI
    LINUS LARSSON
    HARRI TAITTONEN
    KARRI RINTA
    HAAKON ASCHEHOUG
    MARKKU JARVINEN
    OSKAR LINDSTROM
    MARTIN MELBYE
    SERGEJ KAZATCHENKO
    JOHNSON IMODE
    ESHAN TOORABALLY
    OLA SODERMARK
    AUSTIN BURKETT
    HAROLD THOMPSON
    LARS KJELLBERG
    PER HANSSON

    Source
    Research
    Research
    ULT-AGG
    Research
    ULT-AGG
    Research
    Research
    MF-AGG
    Research
    MF-AGG
    MF-AGG
    Research
    Research
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    reduce
    hold
    outperform
    Overwt/In-Line
    overweight
    hold
    buy
    reduce
    buy
    reduce
    hold
    buy
    sell
    strong buy
    neutral/neutral
    buy
    underweight
    not rated
    restricted
    buy

    Amt Held
    44'156'511
    27'700'000
    18'439'259
    16'590'914
    15'800'992
    14'082'623
    10'200'840
    10'144'115
    9'804'910
    7'114'648
    6'814'460
    6'225'558
    5'728'729
    5'727'560
    5'366'199
    4'997'357
    4'984'411
    4'359'609
    4'008'838
    3'901'917

    % Out
    7.22
    4.53
    3.01
    2.71
    2.58
    2.3
    1.67
    1.66
    1.6
    1.16
    1.11
    1.02
    0.94
    0.94
    0.88
    0.82
    0.81
    0.71
    0.66
    0.64

    Weighting

    Change

    2
    3
    5
    5
    5
    3
    5
    2
    5
    2
    3
    5
    1
    5
    3
    5
    1
    #N/A N/A
    #N/A N/A
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (40'469)
    162'847
    449'461
    107'970
    (323'000)
    1'370'761
    553'422
    221'534
    38'216
    (243'019)
    (1'438'973)

    Target Price
    164
    #N/A N/A
    170
    180
    190
    141
    170
    145
    175
    150
    150
    160
    130
    160
    160
    160
    #N/A N/A
    #N/A N/A
    #N/A N/A
    108

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    29.06.2012
    Government
    29.06.2012
    Holding Company
    31.12.2012
    Investment Advisor
    29.06.2012
    Insurance Company
    31.12.2012
    Unclassified
    29.06.2012
    Investment Advisor
    29.06.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    29.06.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.03.2012
    Government
    31.03.2012 Pension Fund (ERISA)
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.01.2013 Mutual Fund Manager

    Date
    6 month
    Not Provided
    Not Provided
    12 month
    9 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    12 month
    6 month
    6 month
    12 month
    6 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month

    Date
    28.02.2013
    21.02.2013
    30.01.2013
    28.01.2013
    28.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    22.01.2013
    16.01.2013
    15.01.2013
    07.01.2013
    10.11.2011
    02.05.2011

    28.02.2013

    Svenska Handelsbanken AB
    Svenska Handelsbanken AB attracts deposits and offers commercial banking
    services. The Bank offers corporate finance, securities brokerage, commodity
    trading, structured products, custody services, and institutional asset
    management services. Svenska Handelsbanken operates in Europe, Asia, and the
    United States.

    Price/Volume
    300

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (28.02.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 14.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SHBA SS EQUITY YTD Change
    SHBA SS EQUITY YTD % CHANGE

    12/2012
    12/yy
    277.90
    197.90
    331'983.00
    276.4
    -0.47%
    39.67%
    98.61%
    621.2
    174'835.30
    1'368'832.00
    0.0
    2.0
    279'185.00
    -

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    4.0 M
    3.5 M

    200

    3.0 M

    150

    2.5 M
    2.0 M

    100

    1.5 M
    1.0 M

    50

    .5 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    95'178.0
    12'131.0
    6.58x

    4.5 M

    250

    31.12.2009
    31.12.2010
    62'858.0
    54'609.0
    10'244.0
    11'025.0
    12.47x
    12.37x
    Profitability

    LTM-4Q
    31.12.2011
    72'050.0
    12'323.0
    9.27x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    73'168.0
    14'547.0
    10.06x
    48.19%
    48.21%
    0.60%
    14.44%
    0.98%
    0.03%
    39.9%
    57.32%
    1280.54%
    -

    Price/ Cash Flow

    LTM

    12/yy
    72'050.0
    0.00x
    0.0
    0.00x
    12'323.0
    9.27x

    12/yy
    72'834.0
    0.00x
    0.0
    0.00x
    14'547.0
    10.06x

    FY+1

    .0 M
    f-13

    0.92
    30.28%
    18.93%
    0.922
    31
    2.484
    1'626'464
    1'508'766
    1'331'269
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    36'093.6
    37'724.7
    8'852.3
    8'996.8
    13'703.6
    14'463.6
    3'314.3
    3'461.7
    12.83x
    12.16x
    12.87x
    12.78x
    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

    11.11.2004
    AANEG
    11.11.2004
    A-1+
    1280.5%
    92.8%
    0.03
    25.48
    -

    Sales/Revenue/Turnover

    6.00

    100'000.0
    90'000.0

    5.00

    80'000.0
    70'000.0

    4.00

    60'000.0
    50'000.0

    3.00

    40'000.0
    2.00

    30'000.0
    20'000.0

    1.00
    0.00
    01.01.2010

    10'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Svenska Handelsbanken AB
    Holdings By:

    All

    Holder Name
    INDUSTRIVARDEN AB
    OKTOGONEN FOUNDATION
    SWEDBANK ROBUR FONDE
    VANGUARD GROUP INC
    LUNDBERGS
    ALECTA PENSIONSFORSA
    AMF PENSION
    HANDELSBANKEN FONDER
    FMR LLC
    SEB
    FOLKSAM GROUP
    SEB FONDER AB
    BLACKROCK
    AMF FONDER AB
    FJARDE AP-FONDEN
    AFA
    FOLKSAM LO FOND AB
    ANDRA AP FONDEN
    TREDJE AP-FONDEN
    3RD NAT SWED PENSION

    Firm Name
    AlphaValue
    RBC Capital Markets
    Barclays
    Nomura
    ABG Sundal Collier
    EVA Dimensions
    Exane BNP Paribas
    Macquarie
    Societe Generale
    JPMorgan
    SEB Enskilda
    CA Cheuvreux
    Nordea Equity Research
    Berenberg Bank
    SpareBank 1 Markets AS
    DNB Markets
    Danske Markets
    Credit Suisse
    Keefe, Bruyette & Woods
    Carnegie
    Pareto Securities
    Evli Bank Plc
    Arctic Securities ASA
    Goldman Sachs
    Morgan Stanley
    Deutsche Bank
    Mediobanca SpA
    NYKREDIT
    Shore Capital Stockbrokers
    Swedbank
    Sydbank

    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
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a

    Analyst
    CHRISTOPHE NIJDAM
    CLAIRE KANE
    CHRISTOFFER ROSQUIST
    OMAR KEENAN
    MAGNUS ANDERSSON
    AUSTIN BURKETT
    ANDREAS HAKANSSON
    EDWARD FIRTH
    GEOFF DAWES
    SOFIE PETERZENS
    BENGT CLAESSON
    MATS ANDERSON
    PAWEL WYSZYNSKI
    NICK ANDERSON
    NILS CHRISTIAN OYEN
    HAKON FURE
    LARS HOLM
    MASIH YAZDI
    RONNY REHN
    ASBJORN MORK
    JON DAVID GJERTSEN
    KIMMO RAMA
    FRIDTJOF BERENTS
    PAWEL DZIEDZIC
    ALVARO SERRANO
    JAN WOLTER
    RICCARDO ROVERE
    MADS THINGGAARD
    GARY GREENWOOD
    CHRISTIAN HALL
    BJORN SCHWARZ

    Source
    Research
    Research
    Research
    MF-AGG
    Research
    Research
    Research
    Research
    ULT-AGG
    ULT-AGG
    Research
    Research
    ULT-AGG
    MF-AGG
    Research
    Research
    MF-AGG
    Research
    Research
    Research

    Recommendation
    reduce
    outperform
    equalweight
    neutral
    hold
    underweight
    neutral
    neutral
    hold
    underweight
    hold
    underperform
    sell
    hold
    neutral
    hold
    buy
    neutral
    market perform
    hold
    sell
    reduce
    hold
    neutral/neutral
    Equalwt/In-Line
    sell
    underperform
    underperform
    corporate
    buy
    underweight

    Amt Held
    67'990'927
    64'300'000
    20'222'986
    16'136'338
    15'025'000
    11'615'000
    10'549'000
    9'261'325
    9'099'332
    7'808'702
    7'012'965
    6'853'353
    6'741'761
    6'441'950
    6'352'971
    5'692'076
    5'296'540
    5'015'573
    4'454'380
    4'454'380

    % Out
    10.94
    10.35
    3.26
    2.6
    2.42
    1.87
    1.7
    1.49
    1.46
    1.26
    1.13
    1.1
    1.09
    1.04
    1.02
    0.92
    0.85
    0.81
    0.72
    0.72

    Weighting

    Change

    2
    5
    3
    3
    3
    1
    3
    3
    3
    1
    3
    1
    1
    3
    3
    3
    5
    3
    3
    3
    1
    2
    3
    3
    3
    1
    1
    1
    #N/A N/A
    5
    1

    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    1'497'098
    (60'622)
    (246'668)
    (479'637)
    418'500
    (39'750)
    -

    Target Price
    267
    285
    287
    255
    265
    #N/A N/A
    245
    258
    245
    220
    267
    250
    245
    260
    250
    245
    285
    255
    256
    #N/A N/A
    226
    236
    250
    290
    250
    207
    250
    #N/A N/A
    #N/A N/A
    210
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2011
    31.12.2011
    31.12.2011
    31.12.2012
    31.12.2011
    31.12.2011
    31.12.2011
    31.12.2011
    31.12.2012
    31.12.2012
    31.12.2011
    31.12.2011
    26.02.2013
    31.12.2012
    31.12.2011
    31.12.2011
    31.12.2012
    31.12.2011
    31.12.2011
    31.12.2011

    Date
    6 month
    12 month
    Not Provided
    12 month
    6 month
    Not Provided
    Not Provided
    12 month
    12 month
    18 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    6 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    6 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided

    Inst Type
    Holding Company
    Other
    Investment Advisor
    Investment Advisor
    Corporation
    Pension Fund (ERISA)
    Pension Fund (ERISA)
    Investment Advisor
    Investment Advisor
    Unclassified
    Insurance Company
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Pension Fund (ERISA)
    Other
    Investment Advisor
    Pension Fund (ERISA)
    Government
    Pension Fund (ERISA)

    Date
    28.02.2013
    27.02.2013
    25.02.2013
    19.02.2013
    18.02.2013
    18.02.2013
    15.02.2013
    11.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    28.01.2013
    16.01.2013
    15.01.2013
    26.11.2012
    08.10.2012
    30.05.2012
    27.10.2011
    26.04.2011

    28.02.2013

    Swatch Group AG/The


    Swatch Group AG manufactures watches, watch components, jewelry, miniature
    batteries, LCD displays, and scoreboards. The Company produces watches under
    various branded names. Swatch also operates retail boutiques.

    Price/Volume
    600
    500
    400
    300

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (05.02.2013)
    52-Week Low (16.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    UHR VX EQUITY YTD Change
    UHR VX EQUITY YTD % CHANGE

    12/2012
    01/yy
    546.50
    341.70
    19'720.00
    524
    -4.30%
    53.35%
    86.08%
    30.8
    27'745.96
    91.00
    0.0
    17.0
    1'520.00
    26'734.96

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    100
    0
    f-12

    31.12.2009
    31.12.2010
    5'142.0
    6'108.0
    2.54x
    3.33x
    1'123.0
    1'658.0
    11.63x
    12.26x
    759.0
    1'074.0
    18.10x
    20.56x
    Profitability

    31.12.2011
    6'764.0
    2.50x
    1'843.0
    9.17x
    1'269.0
    14.96x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    7'796.0
    2'245.0
    1'600.0
    15.56x
    2'245.00
    1'984.00
    25.45%
    25.87%
    15.22%
    18.39%
    0.74%
    28.8%
    25.4%
    20.5%
    6.50
    2.14
    0.00%
    0.00%
    7.98
    -

    Price/ Cash Flow

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    1.13
    30.22
    29.65%
    13.62%
    1.134
    30
    4.100
    133'513
    167'469
    173'416
    FY+2

    12/13 Y
    12/14 Y
    8'908.8
    9'802.6
    2.94x
    2.57x
    2'542.3
    2'851.0
    10.52x
    9.38x
    1'780.1
    1'993.3
    15.93x
    14.24x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    614.33
    492.67
    -0.51
    0.05
    0.0%
    1.1%
    0.74
    4.32
    45.87
    -

    Sales/Revenue/Turnover

    45.00

    9'000.0

    40.00

    8'000.0

    35.00

    7'000.0

    30.00

    6'000.0

    25.00

    5'000.0

    20.00

    4'000.0

    15.00

    3'000.0

    10.00

    2'000.0

    5.00

    1'000.0

    0.00
    01.01.2010

    m-12

    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    5'677.0
    1.29x
    1'421.0
    5.17x
    834.0
    9.25x

    200

    .5 M
    .5 M
    .4 M
    .4 M
    .3 M
    .3 M
    .2 M
    .2 M
    .1 M
    .1 M
    .0 M
    f-13

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Swatch Group AG/The


    Holdings By:

    All

    Holder Name
    CAPITAL GROUP COMPAN
    VANGUARD GROUP INC
    FMR LLC
    THORNBURG INVESTMENT
    SWATCH GROUP AG
    CREDIT SUISSE ASSET
    BLACKROCK
    CALAMOS ADVISORS LLC
    UBS FUND MANAGEMENT
    PICTET & CIE
    BNP PARIBAS INV PART
    THREADNEEDLE INVESTM
    WINTERGREEN ADVISERS
    PICTET ASSET MANAGEM
    SCHRODER INVESTMENT
    ARTISAN PARTNERS HOL
    GRETHER ESTHER
    NORDEA INV MANAGEMEN
    ROYAL BANK OF CANADA
    SOCIETE GENERALE

    Firm Name
    AlphaValue
    ISI Group
    Nomura
    Cantor Fitzgerald
    Bryan Garnier & Cie
    Exane BNP Paribas
    Berenberg Bank
    Day by Day
    National Bank AG
    Main First Bank AG
    Credit Suisse
    Raymond James
    CA Cheuvreux
    Renaissance Capital
    Oddo & Cie
    Bank Vontobel AG
    Kepler Capital Markets
    Morgan Stanley
    JPMorgan
    Aurel - BGC
    S&P Capital IQ
    Barclays
    HSBC
    Deutsche Bank
    EVA Dimensions
    Goldman Sachs
    Zuercher Kantonalbank

    Portfolio Name
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios

    Analyst
    VERONIQUE CABIOC'H
    OMAR SAAD
    CHRISTOPHER WALKER
    ALLEGRA PERRY
    LOIC MORVAN
    LUCA GIUSEPPE SOLCA
    JOHN GUY
    VALERIE GASTALDY
    MANFRED JAISFELD
    MATTHIAS EIFERT
    PATRICK JNGLIN
    MARC WILLAUME
    THOMAS MESMIN
    REY WIUM
    LEOPOLD AUTHIE
    RENE WEBER
    JON COX
    LOUISE SINGLEHURST
    MELANIE A FLOUQUET
    DAVID DA MAIA
    WILLIAM MACK
    HELEN NORRIS
    ANTOINE BELGE
    FRANCESCA DI PASQUANTONIO
    CRAIG STERLING
    WILLIAM HUTCHINGS
    PATRIK SCHWENDIMANN

    Source
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    Co File
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    Co File
    MF-AGG
    ULT-AGG
    MF-AGG

    Recommendation
    add
    strong buy
    buy
    buy
    buy
    outperform
    buy
    buy
    hold
    outperform
    outperform
    outperform
    select list
    hold
    buy
    buy
    buy
    Overwt/In-Line
    neutral
    hold
    sell
    equalweight
    neutral
    buy
    underweight
    Buy/Neutral
    outperform

    Amt Held
    1'445'313
    707'162
    520'396
    510'260
    505'000
    459'002
    366'697
    290'805
    231'023
    230'614
    228'083
    185'140
    184'025
    157'207
    154'625
    154'414
    114'000
    108'996
    90'208
    85'146

    % Out
    4.69
    2.29
    1.69
    1.65
    1.64
    1.49
    1.19
    0.94
    0.75
    0.75
    0.74
    0.6
    0.6
    0.51
    0.5
    0.5
    0.37
    0.35
    0.29
    0.28

    Weighting

    Change
    4
    5
    5
    5
    5
    5
    5
    5
    3
    5
    5
    5
    5
    3
    5
    5
    5
    5
    3
    3
    1
    3
    3
    5
    1
    5
    5

    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
    U

    Latest Chg
    (70'942)
    63'157
    117'818
    (5'561)
    79'037
    (23'735)
    (1'910)
    2'647
    84'593
    10'413
    (136)
    21'810
    (69'287)
    (4'941)
    (10'000)
    (5'256)

    Target Price
    574
    650
    620
    600
    555
    706
    625
    580
    515
    650
    600
    600
    580
    537
    590
    600
    630
    558
    505
    550
    480
    550
    550
    600
    #N/A N/A
    680
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2011
    Corporation
    28.12.2012 Mutual Fund Manager
    26.02.2013
    Investment Advisor
    31.01.2013
    Investment Advisor
    30.11.2012
    Investment Advisor
    30.11.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.10.2012
    Investment Advisor
    30.09.2012 Hedge Fund Manager
    30.11.2012
    Investment Advisor
    28.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2011
    n/a
    31.12.2012
    Investment Advisor
    28.09.2012
    Bank
    31.10.2012
    Bank

    Date
    6 month
    12 month
    Not Provided
    Not Provided
    6 month
    Not Provided
    Not Provided
    3 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    9 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided

    Date
    28.02.2013
    25.02.2013
    25.02.2013
    21.02.2013
    21.02.2013
    19.02.2013
    15.02.2013
    14.02.2013
    06.02.2013
    06.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    05.02.2013
    04.02.2013
    04.02.2013
    04.02.2013
    04.02.2013
    04.02.2013
    24.01.2013
    22.01.2013
    17.01.2013
    15.01.2013
    13.09.2012

    28.02.2013

    Swedbank AB
    Swedbank AB offers retail banking, asset management, financial, and other
    services. The Bank attracts deposits and offers mortgage and other loans,
    credit and smart cards, lease financing, installment loans on equipment and
    recreational vehicles, securities trading, export and import services,
    insurance, and real estate brokerage services.

    Price/Volume

    14.0 M

    140

    12.0 M
    10.0 M

    100
    80

    Latest Fiscal Year:


    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (11.04.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SWEDA SS EQUITY YTD Change
    SWEDA SS EQUITY YTD % CHANGE

    12/2012
    12/yy
    158.00
    96.45
    454'464.00
    154.7
    -2.03%
    60.39%
    95.94%
    951.1
    175'211.72
    903'963.00
    0.0
    154.0
    215'538.00
    -

    8.0 M
    6.0 M

    60
    40

    4.0 M

    20

    2.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    16.0 M

    160
    120

    Valuation Analysis

    31.12.2008
    98'334.0
    10'887.0
    2.28x

    180

    31.12.2009
    31.12.2010
    73'122.0
    63'534.0
    (10'511.0)
    7'444.0
    14.60x
    Profitability

    LTM-4Q
    31.12.2011
    70'899.0
    11'736.0
    9.38x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    70'712.0
    14'438.0
    11.01x
    46.61%
    47.41%
    0.77%
    13.17%
    1.39%
    0.04%
    37.0%
    48.94%
    852.23%
    -

    Price/ Cash Flow

    LTM

    12/yy
    70'899.0
    0.00x
    0.0
    0.00x
    11'736.0
    9.44x

    12/yy
    70'712.0
    0.00x
    0.0
    0.00x
    14'438.0
    10.37x

    FY+1

    .0 M
    f-13

    1.16
    43.59%
    21.81%
    1.165
    32
    3.781
    2'929'472
    4'036'355
    3'096'689
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    36'714.3
    38'003.2
    9'012.0
    9'105.8
    14'578.4
    15'245.4
    3'512.7
    3'572.7
    11.70x
    11.14x
    12.03x
    12.06x
    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

    01.12.2011
    A+
    NEG
    23.12.1998
    A-1
    852.2%
    89.5%
    0.04
    15.68
    -

    Sales/Revenue/Turnover

    70.00

    120'000.0

    60.00

    100'000.0

    50.00

    80'000.0

    40.00

    60'000.0
    30.00

    40'000.0
    20.00

    20'000.0

    10.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Swedbank AB
    Holdings By:

    All

    Holder Name
    FOLKSAM GROUP
    SPARBANKS-GRUPPEN ME
    SWEDBANK AB
    SWEDBANK ROBUR FONDE
    JP MORGAN CHASE BANK
    ALECTA PENSIONSFORSA
    SEB
    STATE STREET CUSTODI
    UBS
    AMF PENSION
    NORDEA INVESTMENT FU
    SPARBANKSTIFFELSERFSPA RESULTATANDELSS
    HANDELSBANKEN FONDER
    VANGUARD GROUP INC
    NORDEA FONDER AB/SWE
    AMF FONDER AB
    FMR LLC
    INVESCO LTD
    DEUTSCHE BANK AG

    Firm Name
    AlphaValue
    Barclays
    Nomura
    ABG Sundal Collier
    Exane BNP Paribas
    Mediobanca SpA
    Credit Suisse
    CA Cheuvreux
    Deutsche Bank
    Macquarie
    Societe Generale
    Morgan Stanley
    RBC Capital Markets
    JPMorgan
    SEB Enskilda
    Carnegie
    Nordea Equity Research
    NYKREDIT
    Handelsbanken
    Pareto Securities
    SpareBank 1 Markets AS
    DNB Markets
    EVA Dimensions
    Keefe, Bruyette & Woods
    Evli Bank Plc
    Arctic Securities ASA
    Danske Markets
    Goldman Sachs
    Berenberg Bank
    Swedbank

    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
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    CHRISTOPHE NIJDAM
    CHRISTOFFER ROSQUIST
    OMAR KEENAN
    MAGNUS ANDERSSON
    ANDREAS HAKANSSON
    RICCARDO ROVERE
    MASIH YAZDI
    MATS ANDERSON
    JAN WOLTER
    EDWARD FIRTH
    GEOFF DAWES
    ALVARO SERRANO
    CLAIRE KANE
    SOFIE PETERZENS
    BENGT CLAESSON
    ASBJORN MORK
    PAWEL WYSZYNSKI
    MADS THINGGAARD
    PETER GRABE
    JON DAVID GJERTSEN
    NILS CHRISTIAN OYEN
    HAKON FURE
    AUSTIN BURKETT
    RONNY REHN
    KIMMO RAMA
    FRIDTJOF BERENTS
    PER GRONBORG
    PAWEL DZIEDZIC
    NICK ANDERSON
    CHRISTIAN HALL

    Source
    Co File
    Research
    Co File
    Co File
    Co File
    Co File
    ULT-AGG
    ULT-AGG
    ULT-AGG
    Co File
    Co File
    Research
    Co File
    Co File
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG

    Recommendation
    reduce
    equalweight
    buy
    hold
    outperform
    outperform
    outperform
    outperform
    buy
    outperform
    hold
    Overwt/In-Line
    outperform
    overweight
    buy
    buy
    hold
    neutral
    accumulate
    sell
    neutral
    hold
    hold
    market perform
    accumulate
    sell
    buy
    Sell/Neutral
    buy
    not rated

    Amt Held
    91'306'986
    54'280'235
    51'637'671
    39'283'238
    38'125'010
    35'229'440
    31'846'758
    30'500'008
    28'965'825
    26'446'209
    20'751'588
    18'624'380
    16'794'308
    16'118'675
    15'951'077
    13'799'838
    9'955'210
    7'451'731
    6'907'174
    6'863'001

    % Out
    9.6
    5.71
    5.43
    4.13
    4.01
    3.7
    3.35
    3.21
    3.05
    2.78
    2.18
    1.96
    1.77
    1.69
    1.68
    1.45
    1.05
    0.78
    0.73
    0.72

    Weighting

    Change

    2
    3
    5
    3
    5
    5
    5
    5
    5
    5
    3
    5
    5
    5
    5
    5
    3
    3
    4
    1
    3
    3
    3
    3
    4
    1
    5
    1
    5
    #N/A N/A

    M
    M
    M
    M
    M
    U
    M
    U
    U
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    U
    D
    M
    M
    M
    M
    D
    M
    M

    Latest Chg
    (38'669'144)
    1'122'268
    (266'848)
    511'961
    (1'104)
    (504'500)
    105'172
    1'375'617
    197'524

    Target Price
    161
    162
    164
    165
    165
    190
    165
    200
    164
    156
    142
    165
    175
    157
    163
    #N/A N/A
    153
    #N/A N/A
    155
    144
    142
    155
    #N/A N/A
    134
    130
    139
    170
    150
    140
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.12.2011
    Insurance Company
    31.10.2012
    n/a
    31.12.2011
    Bank
    31.12.2011
    Investment Advisor
    31.12.2011
    Investment Advisor
    31.12.2011 Pension Fund (ERISA)
    31.12.2012
    Unclassified
    31.12.2011
    Other
    28.12.2012
    Unclassified
    31.12.2011 Pension Fund (ERISA)
    31.12.2011 Mutual Fund Manager
    31.10.2012
    n/a
    31.12.2011
    n/a
    31.12.2011
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    27.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor

    Date
    6 month
    Not Provided
    12 month
    6 month
    Not Provided
    6 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    12 month
    12 month
    18 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    6 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided

    Date
    28.02.2013
    25.02.2013
    19.02.2013
    18.02.2013
    15.02.2013
    11.02.2013
    05.02.2013
    04.02.2013
    01.02.2013
    01.02.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    30.01.2013
    28.01.2013
    28.01.2013
    11.10.2011

    28.02.2013

    Swedish Match AB
    Swedish Match AB manufactures and markets smokeless tobacco products. The
    Company's products include snus, moist snuff, and chewing tobacco. Swedish
    Match also manufactures and markets machine made cigars, as well as matches and
    lighters.

    Price/Volume
    350

    6.0 M

    300

    5.0 M

    250

    4.0 M

    200

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (20.07.2012)
    52-Week Low (20.02.2013)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SWMA SS EQUITY YTD Change
    SWMA SS EQUITY YTD % CHANGE

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    2.0 M

    100

    1.0 M

    50
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    12'611.0
    2.81x
    3'233.0
    10.95x
    2'261.0
    13.46x

    3.0 M

    150

    12/2012
    12/yy
    294.50
    198.90
    190'013.00
    211.9
    -28.12%
    6.54%
    12.24%
    206.0
    43'651.40
    10'357.00
    0.0
    2.0
    2'824.00
    51'186.40

    31.12.2009
    31.12.2010
    14'204.0
    13'606.0
    3.03x
    3.55x
    3'862.0
    3'876.0
    11.14x
    12.46x
    3'146.0
    2'957.0
    16.23x
    14.84x
    Profitability

    LTM-4Q
    31.12.2011
    11'665.0
    4.90x
    3'664.0
    15.60x
    2'538.0
    20.12x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    12'486.0
    4.09x
    3'990.0
    12.79x
    2'906.0
    15.23x
    3'990.00
    3'694.00
    29.59%
    28.11%
    20.13%
    0.86%
    50.8%
    32.0%
    29.6%
    23.3%
    1.37
    0.66
    72.07%
    -

    Price/ Cash Flow

    LTM

    12/yy
    11'664.0
    18.83x
    3'663.0
    15.61x
    2'537.0
    20.19x

    12/yy
    12'486.0
    19.02x
    3'993.0
    12.78x
    2'906.0
    15.23x

    FY+1

    .0 M
    f-13

    0.49
    -14.11%
    -2.89%
    0.493
    24
    3.542
    1'204'423
    1'174'400
    1'012'186
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    12'665.3
    13'123.3
    2'964.6
    3'240.4
    4.15x
    4.03x
    4'031.3
    4'221.2
    972.3
    1'061.3
    12.70x
    12.13x
    12.33x
    12.21x
    2'766.9
    2'919.8
    645.4
    703.4
    15.05x
    13.78x
    15.19x
    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

    25.10.2007
    BBB
    STABLE
    26.03.1997
    A-2
    6.79
    6.33
    1.89
    2.59
    124.7%
    0.86
    6.11
    83.49

    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
    01.01.2010

    2'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Swedish Match AB
    Holdings By:

    All

    Holder Name
    MORGAN STANLEY INVES
    SWEDISH MATCH
    MORGAN STANLEY
    FMR LLC
    AMF FONDER AB
    SWEDBANK ROBUR FONDE
    GAMCO
    SEB
    STANDARD LIFE INVEST
    VANGUARD GROUP INC
    CAPITAL GROUP COMPAN
    ANDRA AP FONDEN
    FJARDE AP-FONDEN
    DEUTSCHE BANK AG
    HANDELSBANKEN FONDER
    SHB FUNDS
    TREDJE AP-FONDEN
    INVESTEC ASSET MANAG
    CLERICAL MEDICAL INV
    XACT FONDER AB

    Firm Name
    AlphaValue
    Societe Generale
    SEB Enskilda
    Nomura
    Redburn Partners
    EVA Dimensions
    ABG Sundal Collier
    CA Cheuvreux
    Nordea Equity Research
    Swedbank
    Natixis
    DNB Markets
    Exane BNP Paribas
    Danske Markets
    Deutsche Bank
    JPMorgan
    Carnegie
    Berenberg Bank
    Credit Suisse
    Goldman Sachs
    Handelsbanken
    S&P Capital IQ

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    ISABELLE COMBEMALE
    CHAS MANSO DE ZUNIGA
    STEFAN NELSON
    DAVID HAYES
    CHRISTIAN DE ROUALLE
    AUSTIN BURKETT
    ANDREAS LUNDBERG
    DANIEL OVIN
    STELLAN HELLSTROM
    CHRISTIAN ANDERSON
    NICOLAS LANGLET
    HAAKON ASCHEHOUG
    JAMES BUSHNELL
    ANDERS HANSSON
    JONATHAN FELL
    RAE MAILE
    NIKLAS EKMAN
    ERIK BLOOMQUIST
    JIMMIE BORK
    FULVIO CAZZOL
    PETER WALLIN
    ESTHER KWON

    Source
    Research
    Co File
    ULT-AGG
    ULT-AGG
    Research
    Research
    ULT-AGG
    ULT-AGG
    Research
    MF-AGG
    ULT-AGG
    Research
    Research
    MF-AGG
    MF-AGG
    Research
    Research
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    add
    sell
    buy
    neutral
    sell
    buy
    buy
    outperform
    hold
    reduce
    buy
    buy
    outperform
    buy
    hold
    underweight
    sell
    hold
    neutral
    buy/attractive
    reduce
    suspended coverage

    Amt Held
    13'144'520
    8'827'859
    8'623'498
    8'436'119
    6'029'700
    5'383'395
    4'802'000
    4'330'368
    4'284'355
    3'718'024
    3'179'000
    2'689'541
    2'546'773
    2'503'268
    2'466'518
    2'295'859
    2'016'192
    1'048'627
    951'786
    942'973

    % Out
    6.38
    4.29
    4.19
    4.1
    2.93
    2.61
    2.33
    2.1
    2.08
    1.8
    1.54
    1.31
    1.24
    1.22
    1.2
    1.11
    0.98
    0.51
    0.46
    0.46

    Weighting

    Change

    4
    1
    5
    3
    1
    5
    5
    5
    3
    2
    5
    5
    5
    5
    3
    1
    1
    3
    3
    5
    2
    #N/A N/A

    M
    M
    M
    U
    N
    U
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    860'532
    161'929
    (6'000)
    (1'591'031)
    57'331
    434'081
    401'270
    44'845
    (3'232)

    Target Price
    230
    190
    230
    205
    #N/A N/A
    #N/A N/A
    260
    245
    225
    195
    250
    280
    260
    260
    225
    250
    #N/A N/A
    260
    235
    279
    220
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    30.09.2012
    Investment Advisor
    31.12.2011
    Corporation
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.09.2012
    Investment Advisor
    30.09.2012
    Investment Advisor
    28.09.2012
    Unclassified
    31.12.2012
    Unclassified
    30.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.09.2012 Pension Fund (ERISA)
    30.09.2012 Pension Fund (ERISA)
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    30.09.2012
    Investment Advisor
    30.09.2012
    Government
    31.10.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    31.01.2013
    Investment Advisor

    Date
    6 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    6 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    9 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided

    Date
    28.02.2013
    26.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    17.01.2013
    09.01.2013
    18.12.2012
    08.03.2012

    28.02.2013

    Swiss Re AG
    Swiss Re AG offers reinsurance, insurance and insurance linked financial
    market products. The Company offers automobile, liability, accident,
    engineering, marine, aviation, life, and health insurance. Swiss Re also
    manages fixed-income and equity investments for itself and other insurance
    companies.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (01.03.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SREN VX EQUITY YTD Change
    SREN VX EQUITY YTD % CHANGE

    12/2012
    12/yy
    76.75
    50.52
    558'051.00
    74.5
    -2.93%
    47.45%
    88.75%
    370.7
    27'617.67
    19'898.00
    1'102.0
    24.0
    10'837.00
    39'859.49

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    4.0 M

    70

    3.5 M

    60

    3.0 M

    50

    2.5 M

    40

    2.0 M

    30

    1.5 M

    20

    1.0 M

    10

    .5 M

    0
    f-12 m-12

    31.12.2009
    31.12.2010
    30'624.0
    28'484.0
    0.50x
    1.13x
    467.4
    863.0
    33.44x
    21.30x
    Profitability

    LTM-4Q
    31.12.2011
    27'797.0
    1.02x
    2'626.0
    6.64x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    33'116.0
    1.12x
    4'201.0
    6.09x
    17.37%
    16.51%
    1.89%
    13.38%
    9.38%
    0.15%
    12.7%
    9.22%
    60.48%
    -

    Price/ Cash Flow

    j-12

    LTM

    12/yy
    27'797.0
    3.93x
    0.0
    0.00x
    2'626.0
    6.64x

    j-12

    12/yy
    33'116.0
    3.91x
    0.0
    0.00x
    4'180.0
    5.97x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    1.16
    370.21
    46.35%
    13.05%
    1.164
    37
    3.243
    2'085'186
    1'297'778
    1'077'138
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    32'138.0
    34'701.5
    1.54x
    2'938.1
    3'059.7
    754.0
    696.0
    9.77x
    9.39x
    10.27x
    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

    60.5%
    36.9%
    0.15
    -

    Sales/Revenue/Turnover

    16.00

    40'000.0

    14.00

    35'000.0

    12.00

    30'000.0

    10.00

    25'000.0

    8.00

    20'000.0

    6.00

    15'000.0

    4.00

    10'000.0

    2.00

    5'000.0

    0.00
    01.01.2010

    a-12 m-12

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    24'011.7
    1.03x
    (800.3)
    -

    80

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Swiss Re AG
    Holdings By:

    All

    Holder Name
    SWISS RE
    FRANKLIN RESOURCES
    BLACKROCK
    VANGUARD GROUP INC
    DODGE & COX
    MFS INVESTMENT MANAG
    BERKSHIRE HATHAWAY I
    CREDIT SUISSE ASSET
    MASSACHUSETTS FINANC
    UBS FUND MANAGEMENT
    PICTET & CIE
    SARASIN
    SWISSCANTO FONDSLEIT
    TEMPLETON INVESTMENT
    DIMENSIONAL FUND ADV
    JP MORGAN
    HARTFORD INVESTMENT
    FMR LLC
    BESSEMER GROUP INCOR
    VONTOBEL ASSET MANAG

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    RBC Capital Markets


    GORDON AITKEN
    Landesbank Baden-Wuerttemberg
    WERNER SCHIRMER
    Bank Vontobel AG
    STEFAN SCHUERMANN
    Barclays
    ANDREW BROADFIELD
    Morgan Stanley
    MACIEJ WASILEWICZ
    Kepler Capital Markets
    FABRIZIO CROCE
    S&P Capital IQ
    RODERICK WALLACE
    JPMorgan
    MICHAEL HUTTNER
    Zuercher Kantonalbank
    GEORG MARTI
    Oddo & Cie
    NICOLAS JACOB
    Bankhaus Metzler
    JOCHEN SCHMITT
    Nomura
    MICHAEL KLIEN
    Helvea
    DANIEL BISCHOF
    Societe Generale
    JASON KALAMBOUSSIS
    Nord/LB
    JULIA SIEKMANN
    Goldman Sachs
    VINIT MALHOTRA
    Berenberg Bank
    TOM CARSTAIRS
    Bryan Garnier & Cie
    OLIVIER PAUCHAUT
    Main First Bank AG
    RENE LOCHER
    Exane BNP Paribas
    NICCOLO DALLA PALMA
    AlphaValue
    DIETER HEIN
    CA Cheuvreux
    FRANK KOPFINGER
    Credit Suisse
    ADAM MCINALLY
    Day by Day
    VALERIE GASTALDY
    Keefe, Bruyette & Woods
    WILLIAM HAWKINS
    Mediobanca SpA
    GIANLUCA FERRARI
    EVA Dimensions
    AUSTIN BURKETT
    HSBC
    THOMAS FOSSARD
    Canaccord Genuity Corp
    BEN COHEN
    Sanford C. Bernstein & Co
    THOMAS SEIDL
    Macquarie
    HADLEY COHEN
    Hamburger Sparkasse
    CHRISTIAN HAMANN
    DZ Bank AG
    THORSTEN WENZEL
    Raymond James
    DANNY JACQUES
    Espirito Santo Investment Bank Research
    JOY FERNEYHOUGH

    Source
    EXCH
    ULT-AGG
    ULT-AGG
    MF-AGG
    Co File
    Co File
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG

    Recommendation
    sector perform
    hold
    buy
    overweight
    Equalwt/In-Line
    buy
    hold
    overweight
    market perform
    buy
    buy
    reduce
    neutral
    buy
    buy
    neutral/neutral
    sell
    sell
    underperform
    neutral
    sell
    select list
    neutral
    hold
    market perform
    neutral
    buy
    neutral
    buy
    underperform
    neutral
    buy
    sell
    underperform
    neutral

    Amt Held
    27'282'124
    19'016'988
    15'119'311
    13'188'586
    12'639'368
    11'485'890
    11'262'000
    5'610'148
    5'482'330
    2'874'140
    2'174'002
    1'986'440
    1'464'844
    1'299'889
    1'238'106
    1'214'600
    1'025'505
    833'022
    819'676
    635'477

    % Out
    7.36
    5.13
    4.08
    3.56
    3.41
    3.1
    3.04
    1.51
    1.48
    0.78
    0.59
    0.54
    0.4
    0.35
    0.33
    0.33
    0.28
    0.22
    0.22
    0.17

    Weighting

    Change
    3
    3
    5
    5
    3
    5
    3
    5
    3
    5
    5
    2
    3
    5
    5
    3
    1
    1
    1
    3
    1
    5
    3
    3
    3
    3
    5
    3
    5
    1
    3
    5
    1
    1
    3

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M

    Latest Chg
    (1'396'672)
    (465'989)
    749'509
    (222'639)
    (9'893)
    154'354
    (20'431)
    (7'637)
    4'568
    (30'255)
    (264'683)
    (801)
    (194'918)
    (181'060)
    145'000
    (6'100)

    Target Price
    80
    76
    85
    77
    76
    83
    83
    74
    #N/A N/A
    82
    82
    67
    75
    75
    84
    75
    66
    70
    72
    68
    64
    86
    68
    #N/A N/A
    79
    75
    #N/A N/A
    75
    70
    50
    72
    #N/A N/A
    58
    63
    48

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    29.03.2012
    Unclassified
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2011
    Investment Advisor
    31.12.2011
    Investment Advisor
    31.12.2011
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    30.11.2012 Mutual Fund Manager
    28.12.2012
    Unclassified
    28.12.2012 Mutual Fund Manager
    30.11.2012
    Investment Advisor
    30.04.2012
    Investment Advisor
    31.12.2012
    Unclassified
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.10.2012
    Investment Advisor
    31.10.2012
    Investment Advisor

    Date
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    6 month
    12 month
    Not Provided
    6 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    6 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided

    Date
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    18.02.2013
    15.02.2013
    14.02.2013
    12.02.2013
    30.01.2013
    17.01.2013
    16.01.2013
    09.01.2013
    13.12.2012
    27.11.2012
    14.11.2012
    10.09.2012
    09.08.2012
    12.01.2012

    28.02.2013

    Swisscom AG
    Swisscom AG operates public telecommunications networks and offers network
    application services. The Company provides local, long-distance, and mobile
    telephone services, integrated voice and data digital services, network
    solutions to national and international telecommunications operators, and
    Internet access services, and owns and operates pay telephones.

    Price/Volume
    450

    .4 M

    400

    .4 M

    350

    .3 M

    300

    .3 M

    250

    Latest Fiscal Year:


    LTM as of:
    52-Week High (28.02.2013)
    52-Week Low (12.04.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SCMN VX EQUITY YTD Change
    SCMN VX EQUITY YTD % CHANGE

    12/2012
    12/yy
    424.40
    334.40
    34'226.00
    423.9
    -0.16%
    26.76%
    98.21%
    51.8
    21'958.84
    8'783.00
    0.0
    24.0
    578.00
    30'187.84

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    .2 M

    150
    100

    .1 M

    50

    .1 M

    0
    f-12

    m-12

    a-12

    m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    12'198.0
    2.35x
    4'496.0
    6.37x
    1'756.0
    10.01x

    .2 M

    200

    Valuation Analysis

    31.12.2009
    31.12.2010
    12'001.0
    11'988.0
    2.53x
    2.54x
    4'402.0
    4'348.0
    6.89x
    7.01x
    1'926.0
    1'813.0
    10.64x
    11.75x
    Profitability

    LTM-4Q
    31.12.2011
    11'467.0
    2.35x
    4'300.0
    6.26x
    683.0
    26.98x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    11'384.0
    2.51x
    4'107.0
    6.97x
    1'755.0
    11.62x
    4'107.00
    2'157.00
    18.95%
    19.04%
    8.88%
    41.77%
    15.19%
    0.58%
    36.1%
    18.9%
    15.4%
    0.91
    0.72
    43.71%
    212.56%
    4.54
    -

    Price/ Cash Flow

    LTM

    12/yy
    11'467.0
    10.03x
    4'300.0
    6.26x
    683.0
    27.00x

    12/yy
    11'384.0
    9.90x
    4'107.0
    6.97x
    1'755.0
    11.64x

    FY+1

    .0 M
    f-13

    0.69
    22.31
    25.23%
    7.64%
    0.691
    24
    3.458
    97'540
    104'448
    89'743
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    11'298.5
    11'310.0
    2.67x
    2.64x
    4'325.3
    4'350.8
    6.99x
    6.94x
    1'671.7
    1'663.9
    13.04x
    13.05x
    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

    30.06.2009
    A
    STABLE
    15.38
    5.79
    2.00
    2.14
    212.6%
    67.9%
    0.58
    1.36
    80.65
    -

    Sales/Revenue/Turnover

    6.00

    16'000.0
    14'000.0

    5.00

    12'000.0
    4.00

    10'000.0
    8'000.0

    3.00

    6'000.0

    2.00

    4'000.0
    1.00
    0.00
    01.01.2010

    2'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Swisscom AG
    Holdings By:

    All

    Holder Name
    SWISS CONFEDERATION
    VANGUARD GROUP INC
    BLACKROCK
    CREDIT SUISSE ASSET
    THORNBURG INVESTMENT
    RUFFER LLP
    UBS FUND MANAGEMENT
    FMR LLC
    PICTET & CIE
    INVESCO LTD
    SWISSCANTO FONDSLEIT
    JOHN HANCOCK INVESTM
    EPOCH INVESTMENT PAR
    VONTOBEL ASSET MANAG
    MORGAN STANLEY
    DANSKE INVEST A/S
    DJE INVESTMENT SA
    SCHRODER INVESTMENT
    ALLIANZ ASSET MANAGE
    NATIXIS ASSET MANAGE

    Firm Name

    Portfolio Name
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios

    Analyst

    Landesbank Baden-Wuerttemberg
    STEFAN BORSCHEID
    AlphaValue
    HEINZ STEFFEN
    EVA Dimensions
    ANDREW S ZAMFOTIS
    Macquarie
    ALEX GRANT
    JPMorgan
    HANNES C WITTIG
    Bank Vontobel AG
    SERGE ROTZER
    Barclays
    MICHAEL BISHOP
    Goldman Sachs
    TIMOTHY BODDY
    Zuercher Kantonalbank
    MICHAEL INAUEN
    Natixis
    JACQUES DE GRELING
    Societe Generale
    STEPHANE SCHLATTER
    Morgan Stanley
    LUIS PROTA
    Nomura
    VIKRAM KARNANY
    S&P Capital IQ
    ALEXANDER WISCH
    New Street Research
    JAKUB DUBANIEWICZ
    Berenberg Bank
    USMAN GHAZI
    Exane BNP Paribas
    MICHAEL ZORKO
    Credit Suisse
    JAKOB BLUESTONE
    Deutsche Bank
    CAROLA BARDELLI
    HSBC
    NICOLAS COTE-COLISSON
    Espirito Santo Investment Bank Research
    ANDREW HOGLEY
    Gabelli & Co
    EVAN D MILLER
    CA Cheuvreux
    PETER KURT NIELSEN

    Source
    Co File
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG

    Recommendation
    hold
    reduce
    hold
    outperform
    overweight
    hold
    overweight
    Buy/Neutral
    outperform
    neutral
    buy
    Underwt/In-Line
    neutral
    hold
    neutral
    hold
    outperform
    underperform
    hold
    overweight
    sell
    buy
    underperform

    Amt Held
    29'475'281
    414'320
    402'984
    331'367
    276'400
    192'800
    192'618
    178'385
    119'907
    116'790
    103'584
    79'409
    72'255
    71'974
    60'743
    57'614
    52'753
    42'543
    40'089
    38'954

    % Out
    56.9
    0.8
    0.78
    0.64
    0.53
    0.37
    0.37
    0.34
    0.23
    0.23
    0.2
    0.15
    0.14
    0.14
    0.12
    0.11
    0.1
    0.08
    0.08
    0.08

    Weighting

    Change
    3
    2
    3
    5
    5
    3
    5
    5
    5
    3
    5
    1
    3
    3
    3
    3
    5
    1
    3
    5
    1
    5
    1

    M
    M
    U
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    9'902
    (7'144)
    (1'822)
    15'400
    (1'489)
    (255'087)
    (1'068)
    14'200
    689
    (2'173)
    (1'500)
    (1'150)
    56'467
    105
    8'924
    20'522
    8'981

    Target Price
    430
    418
    #N/A N/A
    450
    450
    410
    420
    476
    #N/A N/A
    394
    440
    430
    415
    420
    374
    390
    420
    355
    440
    430
    300
    #N/A N/A
    415

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2011
    31.12.2012
    26.02.2013
    28.12.2012
    31.12.2012
    28.09.2012
    30.11.2012
    31.12.2012
    30.11.2012
    27.02.2013
    28.12.2012
    31.12.2012
    31.12.2012
    31.10.2012
    31.12.2012
    31.01.2013
    30.11.2012
    31.12.2012
    31.01.2013
    31.12.2012

    Date
    Not Provided
    6 month
    Not Provided
    12 month
    9 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided

    Inst Type
    Government
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Hedge Fund Manager
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Mutual Fund Manager
    Mutual Fund Manager
    Hedge Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager

    Date
    27.02.2013
    21.02.2013
    20.02.2013
    19.02.2013
    12.02.2013
    12.02.2013
    11.02.2013
    10.02.2013
    08.02.2013
    08.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    04.02.2013
    30.01.2013
    24.01.2013
    16.01.2013
    09.11.2012
    09.11.2012
    14.10.2011
    17.08.2010

    28.02.2013

    Syngenta AG
    Syngenta AG produces crop protection products and seeds. The Company produces
    herbicides, insecticides and fungicides, and seeds for field crops, vegetables,
    and flowers.

    Price/Volume
    450
    400
    350
    300
    250
    200

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (25.01.2013)
    52-Week Low (07.03.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    SYNN VX EQUITY YTD Change
    SYNN VX EQUITY YTD % CHANGE

    12/2012
    12/yy
    404.70
    283.50
    64'495.00
    393.7
    -2.62%
    38.87%
    89.60%
    93.1
    36'663.77
    3'348.00
    11.0
    1'599.00
    41'151.64

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    100
    50
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    11'624.0
    1.68x
    2'495.0
    7.84x
    1'385.0
    12.86x

    150

    31.12.2009
    31.12.2010
    10'992.0
    11'641.0
    2.56x
    2.45x
    2'368.0
    2'460.0
    11.86x
    11.60x
    1'371.0
    1'397.0
    19.06x
    19.37x
    Profitability

    LTM-4Q
    31.12.2011
    13'268.0
    2.11x
    2'889.0
    9.69x
    1'599.0
    16.84x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    14'202.0
    2.72x
    3'148.0
    12.26x
    1'872.0
    19.65x
    3'148.00
    2'550.00
    17.96%
    15.15%
    10.22%
    23.06%
    0.78%
    49.2%
    22.2%
    18.0%
    13.2%
    1.71
    0.75
    17.26%
    38.28%
    4.79
    1.62

    Price/ Cash Flow

    1.0 M
    .9 M
    .8 M
    .7 M
    .6 M
    .5 M
    .4 M
    .3 M
    .2 M
    .1 M
    .0 M
    f-13

    LTM

    12/yy
    0.0
    #DIV/0!
    0.0
    0.00x
    0.0
    0.00x

    12/yy
    14'202.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    0.90
    92.99
    36.81%
    7.39%
    0.902
    33
    3.909
    201'849
    209'520
    199'460
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    12/12 Q4 03/13 Q1
    15'313.5
    16'202.5
    3'295.9
    4'596.0
    2.63x
    2.44x
    3'514.5
    3'807.1
    1'048.0
    11.72x
    10.82x
    2'295.0
    2'507.4
    518.0
    16.90x
    15.43x
    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

    15.06.2007
    A
    STABLE
    15.06.2007
    A-1
    22.17
    18.59
    0.56
    1.06
    38.3%
    27.7%
    0.78
    4.57
    76.37
    226.25
    148.30
    154.33

    Sales/Revenue/Turnover

    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
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Syngenta AG
    Holdings By:

    All

    Holder Name
    BLACKROCK
    CAPITAL GROUP COMPAN
    BANK OF NEW YORK
    VANGUARD GROUP INC
    FMR LLC
    HARBOR CAPITAL ADVIS
    CREDIT SUISSE ASSET
    VAN ECK ASSOCIATES C
    THORNBURG INVESTMENT
    BANK OF NEW YORK MEL
    UBS FUND MANAGEMENT
    WILLIAM BLAIR & COMP
    JUPITER ASSET MANAGE
    MANNING & NAPIER ADV
    PICTET & CIE
    INVESCO LTD
    DWS INVESTMENT S A
    THREADNEEDLE INVESTM
    SCHRODER INVESTMENT
    SWISSCANTO FONDSLEIT

    Firm Name
    Goldman Sachs
    Sanford C. Bernstein & Co
    AlphaValue
    EVA Dimensions
    Bank Vontobel AG
    Redburn Partners
    Exane BNP Paribas
    Equita SIM SpA
    Barclays
    Credit Suisse
    Macquarie
    CA Cheuvreux
    Bankhaus Metzler
    Nomura
    Morgan Stanley
    Jefferies
    HSBC
    Hamburger Sparkasse
    Kepler Capital Markets
    JPMorgan
    Deutsche Bank
    DZ Bank AG
    Main First Bank AG
    Societe Generale
    Liberum Capital Ltd
    Day by Day
    Zuercher Kantonalbank
    Berenberg Bank
    S&P Capital IQ
    Canaccord Genuity Corp
    National Bank AG

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    WILLIAM BLAIR & COMP
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    RAKESH PATEL
    JEREMY REDENIUS
    FABRICE FARIGOULE
    CRAIG STERLING
    PATRICK RAFAISZ
    TONY JONES
    JAMES KNIGHT
    MASSIMO BONISOLI
    ANDREAS HEINE
    CHRIS COUNIHAN
    CHRISTIAN FAITZ
    MARTIN ROEDIGER
    DANIEL SEIDENSPINNER
    JEAN DE WATTEVILLE
    AMY WALKER
    LAURENCE ALEXANDER
    GEOFF HAIRE
    MARCO GUENTHER
    BETTINA EDMONDSTON
    NEIL C TYLER
    VIRGINIE BOUCHER-FERTE
    HEINZ MUELLER
    RONALD KOEHLER
    PETER CLARK
    SOPHIE JOURDIER
    VALERIE GASTALDY
    MARTIN SCHREIBER
    JAIDEEP PANDYA
    JOHNSON IMODE
    PAUL W SATCHELL
    STEFFEN MANSKE

    Source
    ULT-AGG
    ULT-AGG
    EXCH
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    13F
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    Buy/Neutral
    underperform
    buy
    hold
    hold
    buy
    neutral
    hold
    equalweight
    outperform
    outperform
    select list
    buy
    neutral
    Equalwt/In-Line
    hold
    overweight
    sell
    buy
    neutral
    buy
    buy
    outperform
    buy
    buy
    buy
    market perform
    hold
    hold
    buy
    buy

    Amt Held
    5'198'082
    4'634'983
    3'865'136
    2'490'512
    2'191'088
    1'664'500
    1'439'692
    1'033'942
    932'280
    919'039
    860'085
    645'945
    598'755
    536'300
    488'894
    370'024
    356'424
    314'234
    248'343
    246'080

    % Out
    5.58
    4.98
    4.15
    2.67
    2.35
    1.79
    1.55
    1.11
    1
    0.99
    0.92
    0.69
    0.64
    0.58
    0.52
    0.4
    0.38
    0.34
    0.27
    0.26

    Weighting

    Change
    5
    1
    5
    3
    3
    5
    3
    3
    3
    5
    5
    5
    5
    3
    3
    3
    5
    1
    5
    3
    5
    5
    5
    5
    5
    5
    3
    3
    3
    5
    5

    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M

    Latest Chg
    32'386
    74'818
    69'566
    (18'855)
    (5'313)
    12'626
    (28'238)
    13'889
    (76'790)
    (639)
    2'505
    (2'270)
    12'005
    9'906
    (9'249)

    Target Price
    476
    307
    494
    #N/A N/A
    390
    #N/A N/A
    376
    390
    403
    450
    430
    426
    450
    440
    406
    365
    430
    #N/A N/A
    440
    375
    430
    400
    415
    450
    400
    410
    #N/A N/A
    350
    320
    310
    280

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    26.02.2013
    31.12.2012
    04.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    28.12.2012
    26.02.2013
    31.12.2012
    26.02.2013
    30.11.2012
    31.12.2012
    31.08.2012
    31.12.2012
    30.11.2012
    27.02.2013
    28.12.2012
    31.10.2012
    31.12.2012
    28.12.2012

    Date
    12 month
    12 month
    6 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    9 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    3 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided

    Inst Type
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager

    Date
    27.02.2013
    22.02.2013
    21.02.2013
    13.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    08.02.2013
    08.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    05.02.2013
    06.12.2012
    30.11.2012
    20.11.2012
    25.10.2012
    23.10.2012
    03.10.2012
    19.09.2012
    17.07.2012
    13.07.2012
    18.05.2012
    09.02.2009

    28.02.2013

    Technip SA
    Technip SA designs and constructs industrial facilities. The Company designs
    and builds factories which produce and process petroleum products, natural gas,
    and chemicals, and generate electricity. Technip builds offshore facilities
    for the petroleum industry. The Company operates worldwide.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (22.10.2012)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    TEC FP EQUITY YTD Change
    TEC FP EQUITY YTD % CHANGE

    12/2012
    12/yy
    92.36
    69.21
    118'303.00
    84.01
    -9.04%
    21.38%
    61.08%
    112.9
    9'487.56
    2'087.90
    0.0
    21.7
    2'808.70
    9'317.06

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    2.5 M
    2.0 M
    1.5 M
    1.0 M
    .5 M

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    7'481.4
    0.09x
    808.0
    0.86x
    448.0
    5.11x

    100
    90
    80
    70
    60
    50
    40
    30
    20
    10
    0
    f-12 m-12

    31.12.2009
    31.12.2010
    6'456.0
    6'081.9
    0.54x
    1.00x
    831.0
    765.9
    4.21x
    7.97x
    170.4
    417.6
    30.88x
    17.63x
    Profitability

    LTM-4Q
    31.12.2011
    6'813.0
    1.06x
    883.5
    8.15x
    507.3
    15.48x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    8'203.9
    539.7
    17.99x
    883.50
    709.50
    10.41%
    10.44%
    5.14%
    14.73%
    0.75%
    18.9%
    12.8%
    10.1%
    6.6%
    1.00
    0.70
    18.26%
    57.18%
    -

    Price/ Cash Flow

    12/yy
    6'813.0
    3.92x
    965.7
    7.45x
    507.3
    16.32x

    LTM
    12/yy
    8'203.9
    3.28x
    727.6
    0.00x
    539.7
    0.00x

    FY+1

    .0 M
    f-13

    1.09
    100.24
    4.63%
    -3.26%
    1.089
    29
    4.138
    691'986
    601'911
    493'870
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    9'403.5
    10'588.7
    2'136.6
    2'345.8
    0.96x
    0.81x
    4.72x
    4.34x
    1'193.7
    1'442.1
    249.5
    298.8
    7.79x
    6.45x
    7.79x
    7.63x
    668.9
    834.9
    136.5
    170.8
    15.30x
    12.37x
    14.30x
    14.01x
    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

    27.05.2010
    BBB+
    STABLE
    15.11.2001
    A-2
    22.89
    14.10
    -0.18
    2.08
    57.2%
    36.2%
    0.75
    1.57
    -47.01

    Sales/Revenue/Turnover

    250.00

    9'000.0
    8'000.0

    200.00

    7'000.0
    6'000.0

    150.00

    5'000.0
    4'000.0

    100.00

    3'000.0
    2'000.0

    50.00

    1'000.0
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Technip SA
    Holdings By:

    All

    Holder Name
    CAPITAL GROUP COMPAN
    BLACKROCK
    CAISSE DES DEPOTS ET
    BNP PARIBAS INV PART
    AMUNDI
    NATIXIS
    OPPENHEIMERFUNDS INC
    IFP ENERGIES NOUVELL
    NORGES BANK INVESTME
    VANGUARD GROUP INC
    NATIXIS ASSET MANAGE
    AXA INVESTMENT MANAG
    CAUSEWAY CAPITAL MAN
    CREDIT SUISSE
    ALLIANZ ASSET MANAGE
    T ROWE PRICE ASSOCIA
    ALLIANCE BERNSTEIN
    GRYPHON
    WILLIAM BLAIR & COMP
    FMR LLC

    Firm Name
    AlphaValue
    RBC Capital Markets
    Macquarie
    Societe Generale
    Raymond James
    CA Cheuvreux
    CM - CIC Securities(ESN)
    Oddo & Cie
    Nomura
    DNB Markets
    Exane BNP Paribas
    Liberum Capital Ltd
    Barclays
    RS Platou Markets
    ABN Amro Bank N.V.
    Morgan Stanley
    Goldman Sachs
    JPMorgan
    HSBC
    Canaccord Genuity Corp
    S&P Capital IQ
    Main First Bank AG
    Natixis
    Day by Day
    EVA Dimensions
    Kepler Capital Markets
    Fox-Davies Capital

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    WILLIAM BLAIR & COMP
    n/a

    Analyst
    GAETAN DUPONT
    KATHERINE TONKS
    DAVID FARRELL
    GUILLAUME DELABY
    BERTRAND HODEE
    GEOFFROY STERN
    JEAN-LUC ROMAIN
    JEAN-FRANCOIS GRANJON
    CHRISTYAN MALEK
    EIRIK RONOLD MATHISEN
    ALEXANDRE MARIE
    ANDREW WHITTOCK
    MICK PICKUP
    GORAN ANDREASSEN
    MARK VAN DER GEEST
    ROBERT PULLEYN
    HENRY TARR
    ANDREW DOBBING
    PHILLIP LINDSAY
    JAMES EVANS
    CHRISTINE TISCARENO
    BERND POMREHN
    ANNE PUMIR
    VALERIE GASTALDY
    CRAIG STERLING
    TEAM COVERAGE
    PAUL SINGER

    Source
    ULT-AGG
    ULT-AGG
    Co File
    ULT-AGG
    Research
    Co File
    Co File
    Co File
    Co File
    MF-AGG
    MF-AGG
    Co File
    Co File
    Co File
    ULT-AGG
    Co File
    ULT-AGG
    Co File
    13F
    ULT-AGG

    Recommendation
    reduce
    outperform
    outperform
    buy
    underperform
    outperform
    buy
    buy
    neutral
    buy
    neutral
    hold
    overweight
    buy
    hold
    Overwt/Attractive
    neutral/neutral
    overweight
    overweight
    buy
    buy
    outperform
    buy
    hold
    sell
    buy
    hold

    Amt Held
    10'888'250
    8'643'000
    5'929'398
    4'239'384
    4'146'278
    3'361'789
    3'219'635
    2'830'917
    2'750'873
    2'152'163
    1'816'844
    1'673'439
    1'596'029
    1'326'090
    1'310'743
    1'259'670
    1'190'548
    1'132'066
    950'406
    757'901

    % Out
    9.64
    7.65
    5.25
    3.75
    3.67
    2.98
    2.85
    2.51
    2.44
    1.91
    1.61
    1.48
    1.41
    1.17
    1.16
    1.12
    1.05
    1
    0.84
    0.67

    Weighting

    Change
    2
    5
    5
    5
    1
    5
    5
    5
    3
    5
    3
    3
    5
    5
    3
    5
    3
    5
    5
    5
    5
    5
    5
    3
    1
    5
    3

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    N
    M

    Latest Chg
    (1'555'250)
    315'855
    277'419
    601'110
    139'045
    (203'806)
    (5'231)
    158'316
    (53'277)

    Target Price
    80
    105
    89
    107
    78
    107
    98
    93
    90
    100
    93
    76
    113
    100
    83
    121
    94
    114
    106
    107
    96
    100
    95
    #N/A N/A
    #N/A N/A
    101
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2011
    Government
    31.12.2012
    Investment Advisor
    15.05.2012
    Investment Advisor
    31.12.2011
    Investment Advisor
    31.12.2011
    Investment Advisor
    31.12.2011
    Corporation
    31.12.2011
    Government
    31.12.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    31.12.2011
    Investment Advisor
    31.12.2011
    Investment Advisor
    31.12.2011
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2011
    Investment Advisor
    31.12.2011
    Investment Advisor
    31.12.2011
    Corporation
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor

    Date
    6 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    6 month
    12 month
    12 month
    12 month
    9 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided

    Date
    28.02.2013
    25.02.2013
    23.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    07.02.2013
    24.01.2013
    17.01.2013
    27.04.2012
    02.08.2011

    28.02.2013

    Telecom Italia SpA


    Telecom Italia S.p.A., through subsidiaries, offers fixed line and mobile
    telephone and data transmission services in Italy and abroad. The Company
    offers local and long-distance telephone, satellite communications, Internet
    access, and teleconferencing services.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (27.03.2012)
    52-Week Low (26.02.2013)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    TIT IM EQUITY YTD Change
    TIT IM EQUITY YTD % CHANGE

    12/2012
    09/yy
    0.93
    0.54
    28'698'762.00
    0.5615
    -39.77%
    3.41%
    2.96%
    13'416.8
    10'487.56
    41'951.00
    0.0
    3'904.0
    8'183.00
    47'277.56

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    600.0 M
    500.0 M
    400.0 M
    300.0 M
    200.0 M
    100.0 M

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    .0 M
    f-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    29'000.0
    2.07x
    11'090.0
    5.42x
    2'177.0
    10.27x

    1
    1
    1
    1
    1
    1
    0
    0
    0
    0
    0
    f-12 m-12

    31.12.2009
    31.12.2010
    27'163.0
    27'571.0
    2.15x
    2.06x
    11'115.0
    11'412.0
    5.26x
    4.98x
    1'581.0
    3'121.0
    9.69x
    5.96x
    Profitability

    LTM-4Q
    31.12.2011
    29'957.0
    1.79x
    12'246.0
    4.38x
    (4'726.0)
    -

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    12'246.00
    6'752.00
    22.54%
    -8.76%
    -1.94%
    -6.43%
    0.37%
    39.9%
    22.2%
    -15.8%
    0.95
    0.83
    50.03%
    184.07%
    4.75
    -

    Price/ Cash Flow

    LTM

    09/yy
    29'731.0
    7.48x
    12'081.0
    4.38x
    67.0
    206.11x

    09/yy
    29'959.0
    7.11x
    11'941.0
    4.34x
    (1'594.0)
    0.00x

    FY+1

    0.89
    9'732.99
    -31.22%
    -17.79%
    0.891
    32
    3.750
    #########
    #########
    89'758'000
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    28'773.6
    28'737.8
    4'144.0
    4'293.0
    1.44x
    1.37x
    11'430.5
    11'333.9
    2'051.0
    2'073.0
    4.14x
    4.17x
    5.63x
    2'248.3
    2'292.4
    4.84x
    4.72x
    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

    14.02.2013
    BBB *14.02.2013
    A-2 *6.16
    4.63
    2.76
    3.43
    184.1%
    61.1%
    0.37
    1.96
    77.10
    -

    Sales/Revenue/Turnover

    4.00

    33'000.0

    3.50

    32'000.0

    3.00

    31'000.0
    30'000.0

    2.50

    29'000.0
    2.00

    28'000.0

    1.50

    27'000.0

    1.00

    26'000.0

    0.50

    25'000.0

    0.00
    02.01.2009

    24'000.0
    02.07.2009

    02.01.2010

    02.07.2010

    02.01.2011

    02.07.2011

    02.01.2012

    02.07.2012

    02.01.2013

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Telecom Italia SpA


    Holdings By:

    All

    Holder Name
    TELCO SPA
    FINDIM GROUP SA
    DODGE & COX
    BRANDES INVESTMENT P
    BLACKROCK
    ALLIANCE BERNSTEIN
    VANGUARD GROUP INC
    BLACKROCK ADVISORS U
    PICTET ASSET MANAGEM
    DB PLATINUM ADVISORS
    ROYAL BANK OF CANADA
    INTESA SANPAOLO SPA
    FMR LLC
    BLACKROCK ASSET MANA
    UBS
    ROTHSCHILD & COMPAGN
    ARCA SGR SPA
    SANLAM ASSET MANAGEM
    LANDESBANK BERLIN IN
    MASSACHUSETTS FINANC

    Firm Name

    Portfolio Name
    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
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    Day by Day
    VALERIE GASTALDY
    ICBPI
    STEFANO VULPIANI
    Banca Akros(ESN)
    ANDREA DEVITA
    AlphaValue
    JEAN-MICHEL SALVADOR
    Banca IMI
    LAURA CARMIGNANI
    Sanford C. Bernstein & Co
    ROBIN BIENENSTOCK
    Independent Research GmbH
    MARKUS FRIEBEL
    Societe Generale
    OTTAVIO ADORISIO
    Berenberg Bank
    PAUL ANDREW MARSCH
    Goldman Sachs
    TIMOTHY BODDY
    JPMorgan
    TORSTEN ACHTMANN
    Centrobanca
    ORIANA CARDANI
    Nomura
    JAMES BRITTON
    Exane BNP Paribas
    MATHIEU ROBILLIARD
    Deutsche Bank
    CAROLA BARDELLI
    HSBC
    LUIGI MINERVA
    CA Cheuvreux
    MARCO BACCAGLIO
    Equita SIM SpA
    STEFANO LUSTIG
    Kepler Capital Markets
    ENRICO COCO
    Espirito Santo Investment Bank Research
    NUNO MATIAS
    Natixis
    BENOIT MAYNARD
    Barclays
    SAN DHILLON
    Mediobanca SpA
    FABIO PAVAN
    Morgan Stanley
    NICK DELFAS
    Oddo & Cie
    ALEXANDRE IATRIDES
    S&P Capital IQ
    ALEXANDER WISCH
    New Street Research
    JAMES RATZER
    Grupo Santander
    NAHUM SANCHEZ DE LAMADRID
    Credit Suisse
    JUSTIN FUNNELL
    Macquarie
    ALEX GRANT
    EVA Dimensions
    ANDREW S ZAMFOTIS
    Landesbank Baden-Wuerttemberg
    RALPH SZYMCZAK
    Banco Sabadell
    ANDRES BOLUMBURU
    DZ Bank AG
    THORSTEN REIGBER

    Source
    13D
    EXCH
    MF-AGG
    13G
    ULT-AGG
    ULT-AGG
    MF-AGG
    EXCH
    MF-AGG
    MF-AGG
    ULT-AGG
    13D
    ULT-AGG
    EXCH
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    hold
    not rated
    accumulate
    buy
    no rating system
    market perform
    hold
    buy
    hold
    neutral/neutral
    neutral
    buy
    reduce
    outperform
    buy
    neutral
    underperform
    hold
    buy
    buy
    buy
    overweight
    not rated
    restricted
    neutral
    hold
    buy
    hold
    neutral
    outperform
    overweight
    buy
    sell
    sell

    Amt Held
    3'011'678'040
    670'707'824
    442'523'245
    377'412'907
    354'313'952
    277'594'416
    179'875'527
    161'807'089
    97'020'263
    51'279'106
    39'952'893
    31'565'888
    26'728'403
    26'028'669
    23'753'573
    22'500'000
    21'293'844
    20'085'469
    19'377'935
    17'528'851

    % Out
    22.45
    5
    3.3
    2.81
    2.64
    2.07
    1.34
    1.21
    0.72
    0.38
    0.3
    0.24
    0.2
    0.19
    0.18
    0.17
    0.16
    0.15
    0.14
    0.13

    Weighting

    Change

    3
    #N/A N/A
    4
    5
    #N/A N/A
    3
    3
    5
    3
    3
    3
    5
    2
    5
    5
    3
    1
    3
    5
    5
    5
    5
    #N/A N/A
    #N/A N/A
    3
    3
    5
    3
    3
    5
    5
    5
    1
    1

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (13'871'309)
    3'965'978
    (4'125'936)
    48'790'617
    (1'070'655)
    4'021'086
    419'038
    380'000
    1'257'400
    (109'973)
    1'592'692

    Target Price
    #N/A N/A
    #N/A N/A
    1
    1
    #N/A N/A
    1
    1
    1
    1
    1
    1
    1
    1
    1
    1
    1
    1
    1
    1
    1
    1
    1
    #N/A N/A
    #N/A N/A
    1
    1
    1
    1
    1
    1
    #N/A N/A
    1
    1
    1

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    24.08.2012
    Holding Company
    24.08.2012
    Holding Company
    29.01.2013
    Investment Advisor
    31.12.2011
    Investment Advisor
    26.02.2013
    Investment Advisor
    24.08.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    24.08.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    30.11.2012
    Bank
    31.05.2012
    Bank
    31.12.2012
    Investment Advisor
    24.08.2012
    Investment Advisor
    28.12.2012
    Unclassified
    31.12.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.01.2013 Mutual Fund Manager
    31.12.2012
    Investment Advisor

    Date
    Not Provided
    Not Provided
    12 month
    6 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    12 month
    9 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month

    Date
    26.02.2013
    25.02.2013
    22.02.2013
    21.02.2013
    20.02.2013
    19.02.2013
    14.02.2013
    13.02.2013
    13.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    08.02.2013
    07.02.2013
    24.01.2013
    24.01.2013
    17.01.2013
    22.08.2012
    02.05.2012
    14.11.2011

    28.02.2013

    Telefonaktiebolaget LM Ericsson
    Telefonaktiebolaget LM Ericsson develops and manufactures products for wired
    and mobile communications in public and private networks. The Company produces
    mobile telephones through its Sony Ericsson joint venture. Ericsson
    manufactures and installs wired and wireless communications systems, wireless
    microwave links, call center equipment, microelectronics, and radar systems.

    Price/Volume
    90

    40.0 M

    80

    35.0 M

    70
    60

    30.0 M
    25.0 M

    50

    Latest Fiscal Year:


    LTM as of:
    52-Week High (28.02.2013)
    52-Week Low (18.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    ERICB SS EQUITY YTD Change
    ERICB SS EQUITY YTD % CHANGE

    12/2012
    12/yy
    79.90
    55.90
    1'921'925.00
    78.4
    -1.75%
    40.25%
    98.95%
    3'043.3
    258'605.63
    28'667.00
    0.0
    1'600.0
    76'708.00
    212'164.63

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    15.0 M

    30
    20

    10.0 M

    10

    5.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    208'930.0
    0.71x
    23'592.0
    6.26x
    11'273.0
    16.60x

    20.0 M

    40

    Valuation Analysis

    31.12.2009
    31.12.2010
    206'477.0
    203'348.0
    0.81x
    0.98x
    25'441.0
    25'925.0
    6.57x
    7.72x
    3'672.0
    11'146.0
    57.25x
    22.42x
    Profitability

    LTM-4Q
    31.12.2011
    226'921.0
    0.81x
    29'647.0
    6.17x
    12'194.0
    18.51x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    227'779.0
    0.72x
    32'078.0
    5.09x
    5'775.0
    36.25x
    32'078.00
    22'189.00
    9.74%
    4.47%
    2.08%
    4.13%
    0.82%
    31.6%
    14.1%
    9.7%
    2.5%
    1.98
    1.44
    10.42%
    20.94%
    3.55
    5.03

    Price/ Cash Flow

    LTM

    FY+1

    .0 M
    f-13

    0.93
    22.71%
    20.43%
    0.931
    38
    4.079
    7'596'848
    9'987'104
    9'411'732
    FY+2

    FQ+1

    FQ+2

    12/yy
    12/yy
    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    226'921.0 227'779.0 235'388.5 245'650.3
    52'842.7
    56'667.1
    3.56x
    2.95x
    0.92x
    0.85x
    4.19x
    3.98x
    30'714.0
    32'078.0
    30'949.5
    35'121.7
    5'850.1
    6'978.9
    5.82x
    5.09x
    6.86x
    6.05x
    6.77x
    12'194.0
    5'775.0
    16'175.0
    19'758.1
    2'649.3
    3'470.2
    18.50x
    36.15x
    15.45x
    12.77x
    15.85x
    S&P Issuer Ratings
    Long-Term Rating Date
    15.06.2007
    Long-Term Rating
    BBB+
    Long-Term Outlook
    NEG
    Short-Term Rating Date
    15.06.2007
    Short-Term Rating
    A-2
    Credit Ratios
    EBITDA/Interest Exp.
    17.38
    (EBITDA-Capex)/Interest Exp.
    14.45
    Net Debt/EBITDA
    -1.50
    Total Debt/EBITDA
    0.89
    Reference
    Total Debt/Equity
    20.9%
    Total Debt/Capital
    17.2%
    Asset Turnover
    0.82
    Net Fixed Asset Turnover
    20.45
    Accounts receivable turnover-days
    102.98
    Inventory Days
    72.72
    Accounts Payable Turnover Day
    58.50
    Cash Conversion Cycle
    117.20
    Sales/Revenue/Turnover

    40.00

    250'000.0

    35.00

    200'000.0

    30.00
    25.00

    150'000.0

    20.00

    100'000.0

    15.00
    10.00

    50'000.0

    5.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Telefonaktiebolaget LM Ericsson
    Holdings By:

    All

    Holder Name
    SWEDBANK ROBUR FONDE
    BLACKROCK
    SEB
    AMF FONDER AB
    NORGES BANK INVESTME
    OPPENHEIMERFUNDS INC
    VANGUARD GROUP INC
    ABERDEEN ASSET MANAG
    INVESTOR AB
    DODGE & COX
    HANDELSBANKEN FONDER
    FOLKSAM LO FOND AB
    MASSACHUSETTS FINANC
    NORDEA FONDER AB/SWE
    JANUS CAPITAL MANAGE
    ABERDEEN
    LANSFORSAKRINGAR FON
    SPP FONDER AB
    AFA FORSAKRINGAR
    XACT FONDER AB

    Firm Name
    JPMorgan
    Exane BNP Paribas
    AlphaValue
    Morgan Stanley
    ABG Sundal Collier
    Kepler Capital Markets
    HSBC
    EVA Dimensions
    Grupo Santander
    Societe Generale
    Pohjola Bank Plc (ESN)
    Goldman Sachs
    Credit Suisse
    Sanford C. Bernstein & Co
    Landesbank Baden-Wuerttemberg
    SEB Enskilda
    Independent Research GmbH
    Carnegie
    Oddo & Cie
    Nordea Equity Research
    Handelsbanken
    Pareto Securities
    Natixis
    Nomura
    Liberum Capital Ltd
    Barclays
    Danske Markets
    National Bank AG
    S&P Capital IQ
    Day by Day
    Deutsche Bank
    Swedbank
    Berenberg Bank
    CA Cheuvreux
    Jyske Bank
    DZ Bank AG
    Sydbank
    Alandsbanken Equities
    Silvia Quandt Research
    Evli Bank Plc

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios

    Analyst
    SANDEEP S DESHPANDE
    ALEXANDER PETERC
    JEAN-MICHEL SALVADOR
    FRANCOIS MEUNIER
    PER LINDBERG
    SEBASTIEN SZTABOWICZ
    RICHARD DINEEN
    ANDREW S ZAMFOTIS
    CARLOS JAVIER TREVINO
    ANDY PERKINS
    HANNU RAUHALA
    SIMON F SCHAFER
    ACHAL SULTANIA
    PIERRE FERRAGU
    MIRKO MAIER
    ANDREAS JOELSSON
    MARKUS FRIEBEL
    LENA OSTERBERG
    VINCENT MAULAY
    DANIEL DJURBERG
    MARTIN NILSSON
    ERIK PAULSSON
    ERIC BEAUDET
    STUART JEFFREY
    JANARDAN MENON
    ANDREW M GARDINER
    ILKKA RAUVOLA
    MANFRED JAISFELD
    JAMES CRAWSHAW
    VALERIE GASTALDY
    KAI KORSCHELT
    HAKAN WRANNE
    ADNAAN AHMAD
    ODON DE LAPORTE
    ROBERT JAKOBSEN
    OLIVER FINGER
    MORTEN IMSGARD
    LARS SOEDERFJELL
    JACQUES ABRAMOWICZ
    TEAM COVERAGE

    Source
    Co File
    ULT-AGG
    ULT-AGG
    Co File
    Co File
    Co File
    MF-AGG
    Co File
    Co File
    Co File
    Co File
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    Co File
    MF-AGG

    Recommendation
    overweight
    outperform
    add
    Overwt/In-Line
    buy
    buy
    overweight
    underweight
    buy
    hold
    accumulate
    Buy/Neutral
    neutral
    outperform
    buy
    buy
    buy
    buy
    neutral
    buy
    reduce
    hold
    buy
    buy
    buy
    equalweight
    buy
    buy
    buy
    hold
    buy
    buy
    sell
    outperform
    sell
    buy
    neutral
    reduce
    buy
    Under Review

    Amt Held
    141'913'401
    105'910'178
    92'362'246
    75'600'000
    69'572'027
    67'628'249
    59'565'375
    58'953'636
    58'709'995
    54'067'771
    54'063'621
    33'508'867
    32'640'723
    22'536'842
    21'439'425
    19'324'400
    17'556'069
    17'481'941
    15'779'975
    13'717'623

    % Out
    4.66
    3.48
    3.03
    2.48
    2.29
    2.22
    1.96
    1.94
    1.93
    1.78
    1.78
    1.1
    1.07
    0.74
    0.7
    0.63
    0.58
    0.57
    0.52
    0.45

    Weighting

    Change

    5
    5
    4
    5
    5
    5
    5
    1
    5
    3
    4
    5
    3
    5
    5
    5
    5
    5
    3
    5
    2
    3
    5
    5
    5
    3
    5
    5
    5
    3
    5
    5
    1
    5
    1
    5
    3
    2
    5
    #N/A N/A

    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    D
    U
    U
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    U
    M
    M
    M
    D
    M
    U
    M
    M
    M

    Latest Chg
    144'033
    (1'169'250)
    1'538'718
    (65'425)
    2'125'087
    (7'570)
    1'401'156
    (643'800)
    488'086
    (321'500)
    (51'014)

    Target Price
    90
    100
    87
    84
    90
    85
    90
    #N/A N/A
    85
    70
    83
    105
    70
    85
    84
    84
    88
    #N/A N/A
    80
    83
    55
    75
    80
    85
    90
    65
    90
    80
    85
    #N/A N/A
    80
    72
    51
    70
    70
    72
    #N/A N/A
    87
    92
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2011
    26.02.2013
    31.12.2012
    31.12.2011
    31.12.2011
    31.12.2011
    31.12.2012
    31.12.2011
    31.12.2011
    31.12.2011
    31.12.2011
    31.12.2012
    31.12.2012
    31.01.2013
    31.12.2012
    31.01.2013
    31.12.2012
    31.01.2013
    31.12.2011
    31.01.2013

    Date
    12 month
    Not Provided
    6 month
    12 month
    6 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    6 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided

    Inst Type
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Government
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Insurance Company
    Investment Advisor

    Date
    28.02.2013
    28.02.2013
    28.02.2013
    26.02.2013
    13.02.2013
    06.02.2013
    05.02.2013
    04.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    31.01.2013
    31.01.2013
    31.01.2013
    29.01.2013
    14.01.2013
    29.11.2012
    19.09.2012
    26.03.2012
    25.01.2012
    28.04.2011
    28.04.2011
    26.01.2011
    02.12.2010

    28.02.2013

    Telefonica SA
    Telefonica S.A. provides telecommunications services mainly to countries in
    Europe and Latin America. The Company offers fixed-line and mobile telephone,
    Internet, and data transmission services to residential and corporate customers.

    Price/Volume
    14

    600.0 M

    12

    500.0 M

    10

    400.0 M

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (20.03.2012)
    52-Week Low (26.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    TEF SQ EQUITY YTD Change
    TEF SQ EQUITY YTD % CHANGE

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    200.0 M

    100.0 M

    2
    0
    f-12 m-12 a-12 m-12

    31.12.2009
    31.12.2010
    56'731.0
    60'737.0
    2.42x
    2.29x
    22'603.0
    25'777.0
    6.07x
    5.39x
    7'776.0
    10'167.0
    11.43x
    7.54x
    Profitability

    LTM-4Q
    31.12.2011
    62'837.0
    1.99x
    19'392.0
    6.46x
    5'402.9
    11.18x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    62'356.0
    1.74x
    20'835.0
    5.22x
    3'928.0
    11.71x
    20'835.00
    10'402.00
    16.68%
    9.40%
    3.03%
    18.66%
    0.48%
    33.5%
    16.7%
    6.3%
    0.81
    0.71
    51.52%
    326.73%
    6.28
    -

    Price/ Cash Flow

    LTM

    12/yy
    62'837.3
    8.42x
    19'392.5
    6.46x
    5'402.7
    11.25x

    j-12

    12/yy
    62'356.0
    7.30x
    20'871.0
    5.21x
    3'928.0
    11.52x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    .0 M
    f-13

    FY+1

    0.95
    4'396.29
    -15.65%
    -2.01%
    0.945
    42
    3.119
    30'343'580
    25'226'970
    32'947'040
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    60'056.8
    60'113.9
    14'886.0
    14'791.0
    1.68x
    1.63x
    20'449.0
    20'497.5
    5.27x
    5.26x
    5'347.9
    5'392.4
    8.47x
    8.22x
    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

    20.12.2012
    BBB
    NEG
    20.12.2012
    A-2
    7.26
    3.86
    2.64
    3.20
    326.7%
    70.7%
    0.48
    1.77
    58.28
    -

    Sales/Revenue/Turnover

    14.00

    70'000.0

    12.00

    60'000.0

    10.00

    50'000.0

    8.00

    40'000.0

    6.00

    30'000.0

    4.00

    20'000.0

    2.00

    10'000.0

    0.00
    01.01.2010

    j-12

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    57'946.0
    2.10x
    22'919.0
    5.31x
    7'592.0
    9.72x

    300.0 M

    12/2012
    12/yy
    12.79
    7.90
    13'149'491.00
    9.985
    -21.98%
    26.39%
    38.83%
    4'551.0
    45'441.98
    66'853.00
    0.0
    7'200.0
    11'719.00
    107'775.98

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Telefonica SA
    Holdings By:

    All

    Holder Name
    BANCO BILBAO VIZCAYA
    CAIXABANK
    BLACKROCK
    BNP PARIBAS SA
    TELEFONICA SA
    VANGUARD GROUP INC
    CHINA UNICOM HONG KO
    AMUNDI
    NATIXIS ASSET MANAGE
    MERCURY ASSET MANAGE
    T ROWE PRICE ASSOCIA
    FMR LLC
    UNION INVESTMENT GMB
    CREDIT SUISSE ASSET
    INVERCAIXA GESTION S
    WELLCOME TRUST LIMIT
    DEKA INVESTMENT GMBH
    BBVA PATRIMONIOS GES
    UNION INVESTMENT LUX
    AVIVA PLC

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    Jefferies
    JEREMY A DELLIS
    Sanford C. Bernstein & Co
    ROBIN BIENENSTOCK
    Raymond James
    STEPHANE BEYAZIAN
    Bankia Bolsa (ESN)
    DAVID CABEZA JARENO
    Banesto Bolsa SA Sociedad
    MARTA GOMEZ
    BPI
    PEDRO OLIVEIRA
    Grupo Santander
    NAHUM SANCHEZ DE LAMADRID
    Espirito Santo Investment Bank Research
    NUNO MATIAS
    Interdin Bolsa
    BORJA MIJANGOS BLANCO
    NMAS 1 Agencia de Valores
    JOSE RAMON OCINA
    Exane BNP Paribas
    MATHIEU ROBILLIARD
    Banco Sabadell
    ANDRES BOLUMBURU
    Ahorro Corporacion Financiera SA
    GERMAN GARCIA BOU
    Goldman Sachs
    TIMOTHY BODDY
    AlphaValue
    JEAN-MICHEL SALVADOR
    Morgan Stanley
    LUIS PROTA
    Macquarie
    GUY R PEDDY
    Nomura
    FREDERIC BOULAN
    Independent Research GmbH
    MARKUS FRIEBEL
    S&P Capital IQ
    ALEXANDER WISCH
    EVA Dimensions
    ANDREW S ZAMFOTIS
    BBVA
    IVON LEAL
    Oddo & Cie
    ALEXANDRE IATRIDES
    Credit Suisse
    JUSTIN FUNNELL
    Barclays
    JONATHAN DANN
    JPMorgan
    TORSTEN ACHTMANN
    La Caixa
    BORJA PAGOAGA
    BCP Investimento
    ALEXANDRA DELGADO
    Hamburger Sparkasse
    TINA HECKING-VELTMAN
    Kepler Capital Markets
    JAVIER BORRACHERO
    National Bank AG
    STEFFEN MANSKE
    Berenberg Bank
    PAUL ANDREW MARSCH
    Day by Day
    VALERIE GASTALDY
    CA Cheuvreux
    ADRIAN ZUNZUNEGUI RUANO
    Deutsche Bank
    KEVAL KHIROYA
    Landesbank Baden-Wuerttemberg
    RALPH SZYMCZAK
    Renta 4 SA SVB
    IVAN SAN FELIX
    HSBC
    LUIGI MINERVA
    Natixis
    BENOIT MAYNARD
    Mirabaud Finanzas Sociedad de ValoresJAVIER
    S
    MIELGO
    DZ Bank AG
    THORSTEN REIGBER

    Source
    Research
    Research
    ULT-AGG
    EXCH
    Co File
    MF-AGG
    Co File
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    Research
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    underperform
    market perform
    underperform
    buy
    buy
    reduce
    buy
    sell
    buy
    buy
    underperform
    buy
    buy
    Sell/Neutral
    buy
    Equalwt/In-Line
    underperform
    reduce
    sell
    sell
    overweight
    outperform
    reduce
    neutral
    underweight
    neutral
    buy
    buy
    hold
    buy
    buy
    sell
    hold
    underperform
    hold
    buy
    hold
    neutral
    neutral
    overweight
    buy

    Amt Held
    258'217'137
    246'898'917
    177'257'649
    127'368'869
    84'209'364
    74'723'845
    62'526'753
    30'222'416
    14'333'965
    13'093'320
    8'058'783
    6'146'690
    5'972'644
    5'642'281
    5'312'877
    5'200'000
    4'961'960
    4'866'264
    4'645'859
    4'607'391

    % Out
    5.67
    5.43
    3.89
    2.8
    1.85
    1.64
    1.37
    0.66
    0.31
    0.29
    0.18
    0.14
    0.13
    0.12
    0.12
    0.11
    0.11
    0.11
    0.1
    0.1

    Weighting

    Change
    1
    3
    1
    5
    5
    2
    5
    1
    5
    5
    1
    5
    5
    1
    5
    3
    1
    2
    1
    1
    5
    5
    2
    3
    1
    3
    5
    5
    3
    5
    5
    1
    3
    1
    3
    5
    3
    3
    3
    5
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (15'605'969)
    2'181'969
    11'840'334
    7'266'063
    (3'474'417)
    (564'279)
    (295'222)
    189'186
    748'202
    829'681
    (70'160)
    (658'342)
    -

    Target Price
    8
    10
    10
    14
    12
    9
    13
    9
    12
    12
    11
    15
    13
    9
    17
    13
    9
    9
    9
    9
    #N/A N/A
    13
    10
    14
    9
    15
    13
    17
    #N/A N/A
    12
    13
    10
    #N/A N/A
    12
    11
    12
    19
    10
    14
    19
    16

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    19.10.2012
    19.10.2012
    26.02.2013
    12.05.2011
    31.12.2011
    31.12.2012
    31.12.2011
    30.11.2012
    31.12.2012
    26.02.2013
    31.12.2012
    31.12.2012
    28.09.2012
    28.12.2012
    30.11.2012
    31.01.2013
    28.12.2012
    30.09.2012
    28.09.2012
    31.08.2012

    Date
    12 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    6 month
    12 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    9 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month

    Inst Type
    Bank
    Investment Advisor
    Investment Advisor
    Bank
    Corporation
    Investment Advisor
    Corporation
    Mutual Fund Manager
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    28.02.2013
    27.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    20.02.2013
    20.02.2013
    18.02.2013
    12.02.2013
    11.02.2013
    31.01.2013
    30.01.2013
    24.01.2013
    24.01.2013
    21.01.2013
    27.11.2012
    27.11.2012
    26.11.2012
    19.11.2012
    07.11.2012
    07.11.2012
    03.10.2012
    26.09.2012
    07.09.2012
    26.07.2012
    23.07.2012
    12.06.2012
    14.05.2012
    24.02.2012
    15.11.2011

    28.02.2013

    Telenor ASA
    Telenor ASA researches, develops and provides telecommunications, information
    and media services. The Company offers telephone services, as well as installs
    and operates complete IT (information technology) systems. Telenor provides
    phone card, mobile telephone, satellite communications, paging and mobile data
    services. The Company operates in Norway and internationally.

    Price/Volume
    140

    8.0 M

    120

    7.0 M

    100

    6.0 M
    5.0 M

    80

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    TEL NO EQUITY YTD Change
    TEL NO EQUITY YTD % CHANGE

    12/2012
    12/yy
    124.90
    86.90
    327'937.00
    123.4
    -1.12%
    42.00%
    94.47%
    1'559.9
    192'497.56
    50'101.00
    0.0
    3'057.0
    8'805.00
    236'850.56

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    3.0 M

    40

    2.0 M

    20

    1.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    96'167.0
    1.37x
    30'133.0
    4.36x
    13'065.0
    5.81x

    4.0 M

    60

    31.12.2009
    31.12.2010
    90'748.0
    94'843.0
    1.89x
    1.94x
    33'071.0
    29'262.0
    5.18x
    6.28x
    8'653.0
    14'334.0
    14.43x
    10.60x
    Profitability

    LTM-4Q
    31.12.2011
    98'516.0
    1.82x
    34'352.0
    5.22x
    7'165.0
    22.04x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    101'718.0
    2.16x
    39'711.0
    5.52x
    9'490.0
    18.51x
    39'711.00
    17'486.00
    17.19%
    11.25%
    5.66%
    12.04%
    9.77%
    0.61%
    39.0%
    17.2%
    9.3%
    0.68
    0.20
    29.68%
    68.05%
    -

    Price/ Cash Flow

    LTM

    FY+1

    .0 M
    f-13

    0.78
    623.73
    25.64%
    9.98%
    0.778
    35
    3.971
    1'553'085
    1'755'816
    1'750'627
    FY+2

    FQ+1

    FQ+2

    12/yy
    12/yy
    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    98'515.0 101'719.0 102'827.1 105'992.2
    25'315.3
    25'646.2
    7.22x
    8.10x
    2.22x
    2.14x
    8.26x
    8.71x
    34'382.0
    39'711.0
    35'459.6
    37'360.0
    8'474.0
    8'753.0
    5.22x
    5.52x
    6.68x
    6.34x
    6.70x
    6.59x
    7'937.0
    9'490.0
    15'598.8
    17'216.8
    4'161.0
    4'402.2
    19.98x
    18.45x
    12.27x
    10.94x
    11.96x
    11.75x
    S&P Issuer Ratings
    Long-Term Rating Date
    12.04.2010
    Long-Term Rating
    ALong-Term Outlook
    STABLE
    Short-Term Rating Date
    25.09.2001
    Short-Term Rating
    A-2
    Credit Ratios
    EBITDA/Interest Exp.
    14.12
    (EBITDA-Capex)/Interest Exp.
    10.54
    Net Debt/EBITDA
    1.04
    Total Debt/EBITDA
    1.26
    Reference
    Total Debt/Equity
    68.0%
    Total Debt/Capital
    39.5%
    Asset Turnover
    0.61
    Net Fixed Asset Turnover
    2.18
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle
    Sales/Revenue/Turnover

    9.00

    120'000.0

    8.00

    100'000.0

    7.00

    80'000.0

    6.00
    5.00

    60'000.0

    4.00

    40'000.0

    3.00
    2.00

    20'000.0

    1.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Telenor ASA
    Holdings By:

    All

    Holder Name
    NORWEGIAN GOVT MINIS
    STATE STREET
    GOVERNMENT PENSION F
    JP MORGAN CHASE BANK
    BANK OF NEW YORK MEL
    NORTHERN TRUST CO
    CLEARSTREAM BANKING
    EUROCLEAR BANK SA
    TELENOR ASA
    FMR LLC
    DNB NOR ASSET MANAGE
    FRANKLIN RESOURCES
    VANGUARD GROUP INC
    MANNING & NAPIER ADV
    WILLIAM BLAIR & COMP
    RBC DEXIA INVESTOR S
    BLACKROCK
    STOREBRAND FUND MANA
    NORDEA FONDENE AS
    UNIVERSAL INVEST CON

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    WILLIAM BLAIR & COMP
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    AlphaValue
    JEAN-MICHEL SALVADOR
    Berenberg Bank
    BARRY ZEITOUNE
    Exane BNP Paribas
    MAXIME REY
    ABG Sundal Collier
    OLE PETTER KJERKREIT
    Landesbank Baden-Wuerttemberg
    RALPH SZYMCZAK
    EVA Dimensions
    ANDREW S ZAMFOTIS
    Nordea Equity Research
    STEFAN GAUFFIN
    Handelsbanken
    THOMAS HEATH
    Nomura
    JAMES BRITTON
    SpareBank 1 Markets AS
    TORE A TONSETH
    DNB Markets
    CHRISTER ROTH
    Barclays
    MAURICE PATRICK
    Norne Securities AS
    VILIS EIZENTAS
    Danske Markets
    ERIK STRANDIN PERS
    Swedbank First Securities
    SVEN SKOLD
    Morgan Stanley
    TERENCE TSUI
    Goldman Sachs
    ANDREW LEE
    Jefferies
    ULRICH RATHE
    HSBC
    DOMINIK KLARMANN
    SEB Enskilda
    HARALD HORNES OYEN
    Pareto Securities
    THOMAS NIELSEN
    S&P Capital IQ
    ALEXANDER WISCH
    New Street Research
    RUSSELL WALLER
    Arctic Securities ASA
    MARKUS BJERKE
    Credit Suisse
    JAKOB BLUESTONE
    Sanford C. Bernstein & Co
    ROBIN BIENENSTOCK
    Carnegie
    ESPEN TORGERSEN
    JPMorgan
    AKHIL DATTANI
    Grupo Santander
    JOHN DAVIES
    Deutsche Bank
    KEVAL KHIROYA
    Espirito Santo Investment Bank Research
    ANDREW HOGLEY
    Societe Generale
    THIERRY COTA
    CA Cheuvreux
    PETER KURT NIELSEN
    Evli Bank Plc
    TEAM COVERAGE

    Source
    EXCH
    ULT-AGG
    EXCH
    EXCH
    EXCH
    EXCH
    EXCH
    EXCH
    EXCH
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    13F
    EXCH
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    add
    buy
    neutral
    hold
    hold
    hold
    buy
    accumulate
    buy
    sell
    hold
    overweight
    sell
    buy
    buy
    Equalwt/In-Line
    Buy/Neutral
    buy
    overweight
    sell
    sell
    strong buy
    buy
    hold
    outperform
    outperform
    hold
    overweight
    buy
    buy
    buy
    buy
    outperform
    Under Review

    Amt Held
    841'829'056
    94'937'234
    76'298'571
    50'998'962
    39'505'589
    31'379'602
    29'248'614
    20'648'266
    18'037'374
    16'891'943
    15'595'967
    13'641'901
    12'878'142
    12'089'340
    7'950'745
    6'964'711
    5'293'394
    4'629'965
    4'208'273
    4'150'000

    % Out
    53.97
    6.09
    4.89
    3.27
    2.53
    2.01
    1.87
    1.32
    1.16
    1.08
    1
    0.87
    0.83
    0.77
    0.51
    0.45
    0.34
    0.3
    0.27
    0.27

    Weighting

    Change

    4
    5
    3
    3
    3
    3
    5
    4
    5
    1
    3
    5
    1
    5
    5
    3
    5
    5
    5
    1
    1
    5
    5
    3
    5
    5
    3
    5
    5
    5
    5
    5
    5
    #N/A N/A

    M
    M
    M
    M
    M
    D
    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
    (777'683)
    (196'938)
    (783'351)
    152'459
    (3'550)
    1'433'184
    (18'025)
    58'041
    (48'232)
    320'000

    Target Price
    145
    140
    133
    128
    112
    #N/A N/A
    135
    125
    134
    121
    123
    140
    100
    135
    128
    137
    164
    128
    142
    110
    105
    140
    125
    125
    120
    140
    #N/A N/A
    130
    133
    135
    145
    115
    105
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    18.02.2013
    Government
    27.02.2013
    Investment Advisor
    18.02.2013
    Government
    18.02.2013
    Investment Advisor
    18.02.2013
    Investment Advisor
    18.02.2013
    Investment Advisor
    18.02.2013
    Bank
    18.02.2013
    Bank
    18.02.2013
    Government
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    18.02.2013
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.01.2013
    Investment Advisor
    28.09.2012 Mutual Fund Manager
    31.01.2013
    Investment Advisor

    Date
    6 month
    Not Provided
    Not Provided
    6 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
    12 month
    12 month
    Not Provided
    Not Provided
    6 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    9 month
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided

    Date
    28.02.2013
    26.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    20.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    24.01.2013
    23.01.2013
    22.01.2013
    21.01.2013
    15.01.2013
    26.11.2012
    16.11.2012
    24.10.2012
    30.12.2011
    02.12.2010

    28.02.2013

    TeliaSonera AB
    TeliaSonera AB offers telecommunication services. The Company offers mobile
    communications services as well as operates fixed networks throughout Eurasia.

    Price/Volume
    60
    50
    40
    30

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (17.09.2012)
    52-Week Low (23.04.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    TLSN SS EQUITY YTD Change
    TLSN SS EQUITY YTD % CHANGE

    12/2012
    12/yy
    49.65
    41.03
    1'247'791.00
    44.41
    -10.59%
    8.24%
    39.79%
    4'330.1
    192'299.06
    91'587.00
    0.0
    3'956.0
    29'805.00
    258'037.06

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    10
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    103'585.0
    2.31x
    31'663.0
    7.57x
    19'011.0
    9.19x

    20

    31.12.2009
    31.12.2010
    109'161.0
    106'979.0
    2.65x
    2.77x
    35'329.0
    37'677.0
    8.19x
    7.86x
    18'854.0
    21'257.0
    12.35x
    11.26x
    Profitability

    LTM-4Q
    31.12.2011
    104'354.0
    2.66x
    36'843.0
    7.52x
    18'341.0
    11.14x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    104'898.0
    2.45x
    34'962.0
    7.34x
    19'886.0
    9.59x
    34'962.00
    14'420.00
    13.75%
    23.34%
    7.81%
    17.55%
    0.41%
    44.3%
    33.3%
    13.7%
    19.0%
    1.61
    0.84
    36.01%
    83.69%
    37.69

    Price/ Cash Flow

    50.0 M
    45.0 M
    40.0 M
    35.0 M
    30.0 M
    25.0 M
    20.0 M
    15.0 M
    10.0 M
    5.0 M
    .0 M
    f-13

    LTM

    FY+1

    0.78
    -1.82%
    0.79%
    0.781
    37
    3.243
    10'195'670
    9'918'570
    8'708'274
    FY+2

    FQ+1

    FQ+2

    12/yy
    12/yy
    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    104'558.0 104'898.0 103'942.6 104'986.9
    25'506.0
    26'112.3
    10.61x
    10.39x
    2.40x
    2.35x
    9.91x
    9.85x
    36'997.0
    34'963.0
    35'390.1
    36'536.5
    8'585.5
    8'772.0
    7.28x
    7.34x
    7.29x
    7.06x
    7.26x
    7.17x
    18'341.0
    19'838.0
    18'155.8
    19'100.9
    4'382.8
    4'510.7
    11.22x
    9.62x
    10.53x
    10.09x
    10.48x
    10.38x
    S&P Issuer Ratings
    Long-Term Rating Date
    28.10.2005
    Long-Term Rating
    ALong-Term Outlook
    STABLE
    Short-Term Rating Date
    28.10.2005
    Short-Term Rating
    A-2
    Credit Ratios
    EBITDA/Interest Exp.
    12.27
    (EBITDA-Capex)/Interest Exp.
    6.53
    Net Debt/EBITDA
    1.77
    Total Debt/EBITDA
    2.62
    Reference
    Total Debt/Equity
    83.7%
    Total Debt/Capital
    44.7%
    Asset Turnover
    0.41
    Net Fixed Asset Turnover
    1.72
    Accounts receivable turnover-days
    Inventory Days
    9.71
    Accounts Payable Turnover Day
    Cash Conversion Cycle
    -3.18
    Sales/Revenue/Turnover

    10.00

    120'000.0

    9.00

    100'000.0

    8.00
    7.00

    80'000.0

    6.00

    60'000.0

    5.00
    4.00

    40'000.0

    3.00
    2.00

    20'000.0

    1.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    TeliaSonera AB
    Holdings By:

    All

    Holder Name
    GOVERNMENT OF SWEDEN
    REPUBLIC OF FINLAND
    CAPITAL GROUP COMPAN
    ALECTA PENSIONSFORSA
    SWEDBANK ROBUR FONDE
    AMF PENSION
    SEB
    SHB FUNDS
    FJARDE AP-FONDEN
    GOVERNMENT OF NORWAY
    AFA INSURANCE
    VANGUARD GROUP INC
    HANDELSBANKEN FONDER
    AMF FONDER AB
    FORSTA AP FONDEN
    BANK OF NEW YORK MEL
    FOLKSAM LO FOND AB
    SKANDIA LIV
    BLACKROCK
    SPP

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    n/a

    Analyst

    AlphaValue
    JEAN-MICHEL SALVADOR
    HSBC
    DOMINIK KLARMANN
    ABG Sundal Collier
    KRISTOFER ERIKSSON
    SEB Enskilda
    ANDREAS JOELSSON
    CA Cheuvreux
    PETER KURT NIELSEN
    Exane BNP Paribas
    MAXIME REY
    INDERES
    MIKAEL RAUTANEN
    Grupo Santander
    JOHN DAVIES
    Evli Bank Plc
    MIKKO ERVASTI
    EVA Dimensions
    ANDREW S ZAMFOTIS
    Berenberg Bank
    BARRY ZEITOUNE
    Nomura
    JAMES BRITTON
    Deutsche Bank
    KEVAL KHIROYA
    Pohjola Bank Plc (ESN)
    KIMMO STENVALL
    Carnegie
    LENA OSTERBERG
    Nordea Equity Research
    STEFAN GAUFFIN
    Handelsbanken
    THOMAS HEATH
    Swedbank
    SVEN SKOLD
    Barclays
    MAURICE PATRICK
    Danske Markets
    ERIK STRANDIN PERS
    Societe Generale
    THIERRY COTA
    Morgan Stanley
    TERENCE TSUI
    Goldman Sachs
    ANDREW LEE
    Jefferies
    ULRICH RATHE
    Pareto Securities
    THOMAS NIELSEN
    S&P Capital IQ
    ALEXANDER WISCH
    DNB Markets
    CHRISTER ROTH
    New Street Research
    RUSSELL WALLER
    Credit Suisse
    JAKOB BLUESTONE
    JPMorgan
    AKHIL DATTANI
    Espirito Santo Investment Bank Research
    ANDREW HOGLEY
    Natixis
    JACQUES DE GRELING
    SpareBank 1 Markets AS
    TORE A TONSETH
    Landesbank Baden-Wuerttemberg
    RALPH SZYMCZAK
    Alandsbanken Equities
    LARS SOEDERFJELL

    Source
    Research
    Research
    ULT-AGG
    Research
    Research
    Research
    ULT-AGG
    Research
    Research
    Research
    Research
    MF-AGG
    MF-AGG
    MF-AGG
    Research
    MF-AGG
    MF-AGG
    Research
    ULT-AGG
    Research

    Recommendation
    add
    overweight
    sell
    buy
    outperform
    outperform
    accumulate
    underweight
    accumulate
    buy
    sell
    neutral
    hold
    reduce
    buy
    buy
    reduce
    buy
    equalweight
    hold
    sell
    Equalwt/In-Line
    neutral/neutral
    hold
    hold
    buy
    buy
    neutral
    neutral
    overweight
    sell
    neutral
    sell
    buy
    buy

    Amt Held
    1'614'513'748
    505'123'642
    135'101'977
    113'772'322
    100'536'059
    81'560'451
    57'463'604
    55'103'337
    51'218'385
    45'514'625
    40'936'185
    38'860'067
    35'879'472
    32'908'480
    31'821'766
    31'415'931
    29'888'500
    28'199'595
    27'312'303
    24'185'095

    % Out
    37.29
    11.67
    3.12
    2.63
    2.32
    1.88
    1.33
    1.27
    1.18
    1.05
    0.95
    0.9
    0.83
    0.76
    0.73
    0.73
    0.69
    0.65
    0.63
    0.56

    Weighting

    Change
    4
    5
    1
    5
    5
    5
    4
    1
    4
    5
    1
    3
    3
    2
    5
    5
    2
    5
    3
    3
    1
    3
    3
    3
    3
    5
    5
    3
    3
    5
    1
    3
    1
    5
    5

    M
    M
    M
    U
    D
    M
    M
    M
    D
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    D
    M
    U

    Latest Chg
    (89'000'000)
    45'896
    (1'638'000)
    866'212
    355'917
    (913'000)
    5'689'862
    2'212'625
    374'688
    -

    Target Price
    51
    52
    42
    49
    50
    53
    50
    45
    49
    #N/A N/A
    42
    46
    46
    43
    #N/A N/A
    51
    44
    51
    45
    45
    42
    53
    54
    43
    46
    52
    51
    49
    45
    55
    33
    46
    44
    56
    61

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    30.09.2012
    30.09.2012
    31.12.2012
    30.09.2012
    30.09.2012
    30.09.2012
    31.12.2012
    30.09.2012
    30.09.2012
    30.09.2012
    30.09.2012
    31.12.2012
    31.01.2013
    31.12.2012
    30.09.2012
    26.02.2013
    31.12.2012
    30.09.2012
    26.02.2013
    30.09.2012

    Date
    6 month
    Not Provided
    6 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    12 month
    12 month
    6 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    9 month
    Not Provided
    Not Provided
    6 month
    Not Provided
    12 month

    Inst Type
    Government
    Government
    Investment Advisor
    Pension Fund (ERISA)
    Investment Advisor
    Pension Fund (ERISA)
    Unclassified
    n/a
    Pension Fund (ERISA)
    Government
    Insurance Company
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Pension Fund (ERISA)
    Investment Advisor
    n/a

    Date
    28.02.2013
    27.02.2013
    22.02.2013
    22.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    07.02.2013
    05.02.2013
    05.02.2013
    04.02.2013
    04.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    24.01.2013
    21.01.2013
    30.10.2012
    18.10.2012
    17.10.2012
    18.07.2012
    21.02.2011

    28.02.2013

    Tenaris SA
    Tenaris S.A. manufactures seamless steel pipe products on a global basis. The
    Company also provides pipe handling, stocking, and distribution services to the
    oil and gas, energy, and mechanical industries. In addition, Tenaris supplies
    welded steel pipes for gas pipelines in South America.

    Price/Volume
    18

    8.0 M

    16

    7.0 M

    14

    6.0 M

    12

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (14.09.2012)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    TEN IM EQUITY YTD Change
    TEN IM EQUITY YTD % CHANGE

    12/2012
    12/yy
    17.08
    12.00
    388'780.00
    15.84
    -7.26%
    32.00%
    77.76%
    1'180.5
    18'699.70
    1'744.19
    0.0
    172.3
    1'472.87
    24'961.75

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    4.0 M
    3.0 M

    6
    4

    2.0 M

    1.0 M

    0
    f-12

    m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    12'131.8
    1.16x
    3'560.8
    3.94x
    2'124.8
    7.06x

    5.0 M

    10
    8

    31.12.2009
    31.12.2010
    8'149.3
    7'711.6
    3.15x
    3.77x
    2'318.5
    2'080.4
    11.08x
    13.99x
    1'161.6
    1'127.4
    21.37x
    25.49x
    Profitability

    LTM-4Q
    31.12.2011
    9'972.5
    2.23x
    2'449.1
    9.06x
    1'331.2
    16.38x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    10'834.0
    2.29x
    2'924.3
    8.47x
    1'699.0
    14.31x
    2'924.26
    2'356.61
    21.75%
    20.70%
    11.02%
    15.52%
    13.72%
    0.70%
    38.7%
    27.3%
    21.8%
    15.7%
    2.47
    1.25
    10.93%
    15.32%
    5.46
    2.29

    Price/ Cash Flow

    LTM

    12/yy
    9'972.5
    9.50x
    2'449.1
    9.06x
    1'331.2
    16.38x

    12/yy
    10'834.0
    8.64x
    2'952.6
    8.39x
    1'699.0
    14.30x

    FY+1

    .0 M
    f-13

    0.83
    463.52
    10.88%
    1.67%
    0.828
    12
    2.583
    3'659'074
    1'773'244
    1'705'819
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    11'351.4
    11'876.9
    2'718.0
    2'773.5
    2.13x
    1.95x
    9.04x
    8.82x
    3'090.1
    3'266.3
    722.0
    746.0
    8.08x
    7.64x
    8.50x
    1'859.1
    1'995.2
    431.0
    453.0
    13.15x
    12.35x
    12.38x
    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

    52.68
    38.46
    0.09
    0.59
    15.3%
    13.1%
    0.70
    2.55
    67.08
    159.70
    47.92
    178.86

    Sales/Revenue/Turnover

    60.00

    14'000.0

    50.00

    12'000.0
    10'000.0

    40.00

    8'000.0
    30.00

    6'000.0
    20.00

    4'000.0

    10.00

    2'000.0

    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Tenaris SA
    Holdings By:

    All

    Holder Name
    SAN FAUSTIN NV
    ABERDEEN
    VANGUARD GROUP INC
    BLACKROCK
    HINOJOSA GUILLERMO
    AMUNDI
    VOGEL GUILLERMO
    ARCA SGR SPA
    FIDEURAM GESTIONS SA
    WADDELL & REED FINAN
    UNION INVESTMENT GMB
    DNB NOR ASSET MANAGE
    CREDIT SUISSE ASSET
    SCOTTISH WIDOWS
    TD ASSET MANAGEMENT
    STATE STREET BANQUE
    GEODE CAPITAL MANAGE
    FMR LLC
    LBPAM
    MEDIOLANUM INTERNATI

    Firm Name
    AlphaValue
    Equita SIM SpA
    Exane BNP Paribas
    EVA Dimensions
    CA Cheuvreux
    Banca Akros(ESN)
    Kepler Capital Markets
    Natixis
    Mediobanca SpA
    Banca IMI
    Credit Suisse
    Goldman Sachs
    Simmons & Company International

    Portfolio Name
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    GEODE CAPITAL MANAGE
    n/a
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    FABRICE FARIGOULE
    ROBERTO LETIZIA
    RAPHAEL VEVERKA
    CRAIG STERLING
    GEOFFROY STERN
    FRANCESCO SALA
    FILIPPO PRINI
    JULIEN LAURENT
    ANDREA SCAURI
    BRUNO PERMUTTI
    MICHAEL SHILLAKER
    HENRY TARR
    STEPHEN WILLIAMS

    Source
    20F
    ULT-AGG
    MF-AGG
    ULT-AGG
    20F
    MF-AGG
    20F
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    13F
    ULT-AGG
    MF-AGG
    MF-AGG

    Recommendation
    add
    hold
    outperform
    hold
    underperform
    hold
    hold
    neutral
    underperform
    hold
    underperform
    Sell/Neutral
    overweight

    Amt Held
    713'605'187
    59'184'400
    7'401'869
    5'980'370
    1'915'446
    1'345'503
    1'325'446
    1'184'224
    766'267
    759'370
    735'000
    712'897
    620'846
    552'807
    537'821
    485'327
    449'230
    432'595
    371'083
    363'294

    % Out
    60.45
    5.01
    0.63
    0.51
    0.16
    0.11
    0.11
    0.1
    0.06
    0.06
    0.06
    0.06
    0.05
    0.05
    0.05
    0.04
    0.04
    0.04
    0.03
    0.03

    Weighting

    Change
    4
    3
    5
    3
    1
    3
    3
    3
    1
    3
    1
    1
    5

    M
    M
    M
    D
    M
    D
    M
    M
    M
    M
    M
    M
    U

    Latest Chg
    84'755
    18'147
    823'413
    (7'423)
    (5'146)
    (95'920)
    20'000
    5'582
    (62'086)
    129'036
    (5'138)
    1'163
    (211'652)
    (4'041)
    (4'984)

    Target Price
    17
    16
    18
    #N/A N/A
    16
    17
    14
    15
    14
    16
    15
    15
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.03.2012
    31.03.2012
    31.12.2012
    26.02.2013
    30.04.2008
    30.11.2012
    31.03.2012
    28.12.2012
    31.01.2013
    31.12.2012
    28.09.2012
    31.01.2013
    28.12.2012
    30.11.2012
    31.12.2011
    31.01.2013
    31.12.2012
    31.12.2012
    31.12.2012
    29.06.2012

    Date
    6 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    6 month
    12 month
    Not Provided
    12 month
    Not Provided

    Inst Type
    Other
    Unclassified
    Investment Advisor
    Investment Advisor
    n/a
    Mutual Fund Manager
    n/a
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    25.01.2013
    08.01.2013
    13.01.2010

    28.02.2013

    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
    400

    120.0 M

    350

    100.0 M

    300
    80.0 M

    250
    200

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (22.02.2013)
    52-Week Low (06.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 01.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    TSCO LN EQUITY YTD Change
    TSCO LN EQUITY YTD % CHANGE

    02/2012
    01/yy
    376.50
    294.50
    2'107'537.00
    365.3
    -2.99%
    24.04%
    84.51%
    8'043.7
    29'383.55
    11'749.00
    0.0
    26.0
    3'548.00
    37'498.55

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    40.0 M

    100
    20.0 M

    50
    0
    f-12 m-12 a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12 d-12

    j-13

    .0 M
    f-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


    29.02.2008
    47'298.0
    0.79x
    3'595.0
    10.42x
    2'124.0
    14.85x

    60.0 M

    150

    28.02.2009
    28.02.2010
    53'898.0
    56'910.0
    0.70x
    0.75x
    4'122.0
    4'464.0
    9.09x
    9.57x
    2'133.0
    2'327.0
    12.28x
    14.31x
    Profitability

    28.02.2011
    60'455.0
    0.67x
    4'905.0
    8.23x
    2'655.0
    11.79x

    29.02.2012
    64'539.0
    0.52x
    5'107.0
    6.62x
    2'806.0
    8.66x

    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

    5'107.00
    3'609.00
    5.59%
    5.94%
    5.38%
    15.74%
    10.57%
    1.29%
    8.2%
    7.6%
    5.2%
    4.3%
    0.67
    0.18
    23.14%
    66.10%
    16.61

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    4.04
    0.72
    7'632.58
    21.03%
    8.72%
    0.720
    32
    3.375
    15'263'970
    14'016'360
    16'597'940
    FY+2

    FQ+1

    FQ+2

    02/13 Y
    02/14 Y
    08/11 Q2 11/11 Q3
    66'180.6
    68'883.0
    0.54x
    0.51x
    4'976.5
    5'245.5
    7.53x
    7.15x
    2'577.7
    2'730.1
    11.60x
    10.97x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    29.07.2008
    ANEG
    29.07.2008
    A-2
    9.17
    3.11
    1.64
    2.55
    66.1%
    39.8%
    1.29
    2.54
    21.92
    -

    Sales/Revenue/Turnover

    9.00

    70'000.0

    8.00

    60'000.0

    7.00

    50'000.0

    6.00
    5.00

    40'000.0

    4.00

    30'000.0

    3.00

    20'000.0

    2.00

    10'000.0

    1.00
    0.00
    06.03.2009

    0.0
    06.09.2009

    06.03.2010

    06.09.2010

    06.03.2011

    06.09.2011

    06.03.2012

    06.09.2012

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Tesco PLC
    Holdings By:

    All

    Holder Name
    BERKSHIRE HATHAWAY I
    NORGES BANK
    BLACKROCK
    LEGAL & GENERAL
    FRANKLIN RESOURCES
    SCOTTISH WIDOWS
    VANGUARD GROUP INC
    THORNBURG INVESTMENT
    MONDRIAN INVESTMENT
    UBS
    WALTER SCOTT & PARTN
    PEOPLES REPUBLIC OF
    GEICO CORP
    FMR LLC
    ALECTA INVESTMENT MA
    VANGUARD GROUP INC
    M&G INVESTMENT MANAG
    ABERDEEN
    BNP PARIBAS INV PART
    GENERAL REINSURANCE

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios

    Analyst

    AlphaValue
    VIRGINIE BLIN
    Cantor Fitzgerald
    MICHAEL J DENNIS
    Shore Capital Stockbrokers
    CLIVE WILLIAM BLACK
    Jefferies
    JAMES GRZINIC
    Nomura
    NICK COULTER
    Oriel Securities Ltd
    JONATHAN PRITCHARD
    Exane BNP Paribas
    JOHN KERSHAW
    JPMorgan
    JAIME VAZQUEZ
    Redburn Partners
    MARC DE SPEVILLE
    Panmure Gordon & Co Limited
    PHILIP DORGAN
    Baader Bank
    VOLKER BOSSE
    Macquarie
    SREEDHAR MAHAMKALI
    EVA Dimensions
    AUSTIN BURKETT
    Independent Research GmbH
    ZAFER RUZGAR
    Credit Suisse
    ANDREW KASOULIS
    HSBC
    JEROME SAMUEL
    Aurel - BGC
    JEAN-MARIE L'HOME
    S&P Capital IQ
    WILLIAM MACK
    Espirito Santo Investment Bank Research
    CAROLINE GULLIVER
    Day by Day
    VALERIE GASTALDY
    Barclays
    JAMES ANSTEAD
    Morgan Stanley
    EDOUARD AUBIN
    Investec
    DAVID MCCARTHY
    CA Cheuvreux
    ARNAUD JOLY
    Natixis
    PIERRE-EDOUARD BOUDOT
    Deutsche Bank
    JAMES G COLLINS
    Kepler Capital Markets
    FABIENNE CARON
    Goldman Sachs
    FRANKLIN WALDING
    Merchant Securities
    AMISHA CHOHAN

    Source
    ULT-AGG
    Research
    ULT-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    REG
    REG
    ULT-AGG
    REG
    REG
    REG
    ULT-AGG
    REG
    REG
    REG
    ULT-AGG
    ULT-AGG
    REG

    Recommendation
    reduce
    buy
    hold
    buy
    buy
    buy
    neutral
    overweight
    neutral
    buy
    buy
    outperform
    hold
    buy
    neutral
    overweight
    sell
    buy
    sell
    hold
    equalweight
    Underwt/In-Line
    sell
    underperform
    reduce
    buy
    hold
    neutral/neutral
    hold

    Amt Held
    408'516'187
    402'082'861
    398'866'198
    320'862'123
    177'215'327
    156'851'265
    153'673'032
    118'983'981
    107'931'324
    102'773'538
    93'280'218
    91'096'868
    90'000'000
    89'854'295
    86'150'000
    86'139'561
    82'014'793
    75'560'486
    73'553'666
    72'862'000

    % Out
    5.08
    5
    4.96
    3.99
    2.2
    1.95
    1.91
    1.48
    1.34
    1.28
    1.16
    1.13
    1.12
    1.12
    1.07
    1.07
    1.02
    0.94
    0.91
    0.91

    Weighting

    Change
    2
    5
    3
    5
    5
    5
    3
    5
    3
    5
    5
    5
    3
    5
    3
    5
    1
    5
    1
    3
    3
    1
    1
    1
    2
    5
    3
    3
    3

    M
    M
    M
    M
    M
    M
    M
    N
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    N
    M
    M

    Latest Chg
    28'980'943
    8'207'810
    (26'435)
    (10'782'161)
    (4'771'387)
    22'917'650
    13'328'095
    947'214
    (12'497'042)
    (5'000'000)
    12'538'776
    1'643'553
    4'159'400
    (4'036'198)
    -

    Target Price
    370
    443
    #N/A N/A
    440
    430
    400
    375
    425
    #N/A N/A
    440
    410
    400
    #N/A N/A
    420
    355
    410
    300
    380
    275
    #N/A N/A
    360
    310
    295
    320
    300
    394
    298
    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
    03.12.2012
    Investment Advisor
    03.12.2012
    Government
    26.02.2013
    Investment Advisor
    03.12.2012
    Unclassified
    31.12.2012
    Investment Advisor
    30.11.2012
    Unclassified
    31.12.2012
    Investment Advisor
    01.10.2012
    Investment Advisor
    01.10.2012 Hedge Fund Manager
    28.12.2012
    Unclassified
    01.10.2012
    Investment Advisor
    01.10.2012
    Government
    01.10.2012
    Unclassified
    31.12.2012
    Investment Advisor
    01.10.2012
    Unclassified
    01.10.2012
    Investment Advisor
    01.10.2012
    Investment Advisor
    31.01.2013
    Unclassified
    31.12.2012
    Investment Advisor
    01.10.2012
    Insurance Company

    Date
    6 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    19.02.2013
    18.02.2013
    15.02.2013
    13.02.2013
    12.02.2013
    23.01.2013
    17.01.2013
    11.01.2013
    10.01.2013
    10.01.2013
    10.01.2013
    10.01.2013
    08.01.2013
    07.01.2013
    04.01.2013
    03.01.2013
    04.10.2012
    04.10.2012
    04.10.2012
    24.09.2012
    28.06.2012
    01.05.2012
    18.04.2012

    28.02.2013

    ThyssenKrupp AG
    ThyssenKrupp AG manufactures industrial components. The Company produces flat
    rolled and cast steel, automobile parts, elevators and escalators, machine
    tools, bearings, nonferrous metals and plastics, develops and manages real
    estate, and designs and constructs factories.

    Price/Volume
    25

    16.0 M
    14.0 M

    20

    12.0 M
    10.0 M

    15

    8.0 M

    Valuation Analysis

    10

    Latest Fiscal Year:


    LTM as of:
    52-Week High (29.02.2012)
    52-Week Low (14.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    TKA GY EQUITY YTD Change
    TKA GY EQUITY YTD % CHANGE

    09/2012
    12/yy
    20.90
    11.45
    536'655.00
    17.195
    -17.76%
    50.24%
    61.90%
    514.5
    8'846.64
    7'185.00
    0.0
    967.0
    2'510.00
    13'955.64

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    4.0 M
    2.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    30.09.2008
    53'426.0
    0.21x
    4'842.0
    2.31x
    2'195.0
    4.66x

    6.0 M

    30.09.2009
    30.09.2010
    40'563.0
    37'711.0
    0.34x
    0.44x
    876.0
    2'412.0
    15.54x
    6.80x
    (1'857.0)
    824.0
    12.19x
    Profitability

    LTM-4Q
    30.09.2011
    42'725.0
    0.32x
    4'043.0
    3.41x
    (1'291.0)
    5.15x

    30.09.2012
    40'124.0
    0.35x
    2'576.0
    5.52x
    (4'668.0)
    -

    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

    2'576.00
    1'115.00
    2.78%
    0.79%
    -10.38%
    -69.93%
    0.97%
    14.4%
    6.3%
    3.2%
    -11.6%
    1.26
    0.38
    18.77%
    201.88%
    8.01
    4.33

    Price/ Cash Flow

    LTM

    12/yy
    42'301.0
    1.77x
    4'049.0
    3.92x
    (1'893.0)
    5.28x

    12/yy
    39'065.0
    1.50x
    2'455.0
    5.80x
    (4'173.0)
    0.00x

    FY+1

    .0 M
    f-13

    1.16
    371.32
    -15.11%
    -3.18%
    1.158
    35
    3.514
    2'766'102
    2'699'501
    3'353'538
    FY+2

    FQ+1

    FQ+2

    09/13 Y
    09/14 Y
    03/13 Q2 06/13 Q3
    38'529.0
    40'042.1
    9'530.8
    9'952.5
    0.40x
    0.38x
    1.61x
    1.56x
    2'179.7
    2'722.3
    508.0
    601.0
    6.41x
    5.13x
    5.85x
    5.63x
    240.5
    723.5
    36.8
    93.0
    28.46x
    11.96x
    26.09x
    18.42x
    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

    06.06.2012
    BB
    NEG
    17.11.2009
    B
    5.41
    3.20
    1.71
    3.56
    201.9%
    61.4%
    0.97
    4.11
    45.67
    84.49
    45.89
    76.56

    Sales/Revenue/Turnover

    450.00

    60'000.0

    400.00

    50'000.0

    350.00

    40'000.0

    300.00
    250.00

    30'000.0

    200.00

    20'000.0

    150.00
    100.00

    10'000.0

    50.00
    0.00
    02.10.2009

    0.0
    02.04.2010

    02.10.2010

    02.04.2011

    02.10.2011

    02.04.2012

    02.10.2012

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    ThyssenKrupp AG
    Holdings By:

    All

    Holder Name
    ALFRIED KRUPP VON BO
    FRANKLIN RESOURCES
    BLACKROCK
    NORGES BANK
    JANUS CAPITAL MANAGE
    VANGUARD GROUP INC
    DEKA INVESTMENT GMBH
    UNION INVESTMENT GMB
    ALLIANZ ASSET MANAGE
    ADIG INVESTMENT
    UBS
    ING INTERNATIONAL AD
    INSTITUTIONAL CAPITA
    GLOBAL INVESTMENT SE
    JO HAMBRO CAPITAL MA
    FRANKFURT TRUST INVE
    DEKA INTERNATIONAL S
    UBS INSTITUTIONAL FU
    AMUNDI
    LAZARD GLOBAL ACTIVE

    Firm Name
    AlphaValue
    Exane BNP Paribas
    JPMorgan
    Nomura
    RBC Capital Markets
    Societe Generale
    Nord/LB
    Credit Suisse
    Jefferies
    Macquarie
    M.M. Warburg Investment Research
    Bankhaus Metzler
    Equinet Institutional Services(ESN)
    S&P Capital IQ
    DZ Bank AG
    Commerzbank Corporates & Markets
    BHF-Bank
    Baader Bank
    Independent Research GmbH
    Bankhaus Lampe
    Steubing AG
    Kepler Capital Markets
    HSBC
    Day by Day
    EVA Dimensions
    Deutsche Bank
    Landesbank Baden-Wuerttemberg
    Hamburger Sparkasse
    National Bank AG
    Silvia Quandt Research
    VTB Capital
    Main First Bank AG
    Davy
    Goldman Sachs
    Cyrrus
    CS Capital
    Prosdocimi

    Portfolio Name
    n/a
    n/a
    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
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    HANS-PETER WODNIOK
    SYLVAIN BRUNET
    ALESSANDRO ABATE
    NEIL SAMPAT
    TIMOTHY HUFF
    ALAIN WILLIAM
    HOLGER FECHNER
    MICHAEL SHILLAKER
    SETH ROSENFELD
    JEFFREY LARGEY
    BJOERN VOSS
    LARS HETTCHE
    STEFAN FREUDENREICH
    JOHNSON IMODE
    DIRK SCHLAMP
    INGO-MARTIN SCHACHEL
    HERMANN REITH
    CHRISTIAN OBST
    SVEN DIERMEIER
    MARC GABRIEL
    MICHAEL BROEKER
    ROCHUS BRAUNEISER
    THORSTEN ZIMMERMANN
    VALERIE GASTALDY
    CRAIG STERLING
    BASTIAN SYNAGOWITZ
    JENS MUENSTERMANN
    INGO SCHMIDT
    STEFFEN MANSKE
    EERIK KD BUDARZ
    WIKTOR BIELSKI
    ALEXANDER HAUENSTEIN
    TIM CAHILL
    STEPHEN BENSON
    JIRI SIMARA
    CHRISTOPHER PARKINSON
    TEAM COVERAGE

    Source
    Co File
    ULT-AGG
    ULT-AGG
    Research
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    sell
    neutral
    overweight
    buy
    sector perform
    hold
    sell
    outperform
    buy
    outperform
    buy
    sell
    buy
    hold
    hold
    buy
    market weight
    buy
    hold
    hold
    buy
    hold
    neutral
    hold
    overweight
    hold
    hold
    sell
    buy
    buy
    hold
    buy
    outperform
    not rated
    accumulate
    sell
    sell

    Amt Held
    130'320'067
    48'953'656
    27'051'217
    12'848'471
    8'571'525
    7'045'848
    4'004'958
    2'866'850
    2'865'290
    2'220'852
    1'503'260
    1'433'236
    1'360'630
    1'248'400
    940'166
    902'800
    766'250
    696'924
    683'779
    638'210

    % Out
    25.33
    9.52
    5.26
    2.5
    1.67
    1.37
    0.78
    0.56
    0.56
    0.43
    0.29
    0.28
    0.26
    0.24
    0.18
    0.18
    0.15
    0.14
    0.13
    0.12

    Weighting

    Change

    1
    3
    5
    5
    3
    3
    1
    5
    5
    5
    5
    1
    5
    3
    3
    5
    3
    5
    3
    3
    5
    3
    3
    3
    5
    3
    3
    1
    5
    5
    3
    5
    5
    #N/A N/A
    4
    1
    1

    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M

    Latest Chg
    361'802
    8'065
    641'656
    168'534
    (40'892)
    1'035'310
    366'562
    (80'000)
    (51'122)
    91'678
    270'900
    23'400
    154'180
    (1'898'800)
    (16'159)
    (2'803)

    Target Price
    13
    17
    22
    20
    18
    18
    16
    25
    21
    23
    21
    15
    22
    18
    17
    24
    19
    25
    20
    18
    22
    18
    19
    #N/A N/A
    #N/A N/A
    19
    18
    #N/A N/A
    19
    22
    17
    22
    #N/A N/A
    #N/A N/A
    24
    29
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    30.09.2012
    31.12.2012
    26.02.2013
    12.01.2012
    31.12.2012
    31.12.2012
    28.12.2012
    28.09.2012
    31.12.2012
    31.10.2012
    28.12.2012
    28.09.2012
    31.12.2012
    31.10.2012
    30.11.2012
    28.12.2012
    28.09.2012
    30.11.2012
    28.09.2012
    31.01.2013

    Date
    6 month
    Not Provided
    6 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    12 month
    12 month
    12 month
    12 month
    6 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
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided

    Inst Type
    n/a
    Investment Advisor
    Investment Advisor
    Government
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Mutual Fund Manager
    Mutual Fund Manager
    Mutual Fund Manager
    Investment Advisor

    Date
    28.02.2013
    27.02.2013
    25.02.2013
    22.02.2013
    18.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    05.02.2013
    29.01.2013
    29.01.2013
    17.01.2013
    15.01.2013
    09.01.2013
    12.12.2012
    11.12.2012
    11.12.2012
    15.10.2012
    14.10.2012
    03.10.2012
    09.09.2012
    30.01.2012
    11.07.2011
    10.06.2010

    28.02.2013

    Total SA
    Total SA explores for, produces, refines, transports, and markets oil and
    natural gas. The Company also operates a chemical division which produces
    polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and
    resins. Total operates gasoline filling stations in Europe, the United States,
    and Africa.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (14.03.2012)
    52-Week Low (01.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    FP FP EQUITY YTD Change
    FP FP EQUITY YTD % CHANGE

    12/2012
    12/yy
    42.97
    33.42
    789'970.00
    37.93
    -11.69%
    13.49%
    48.01%
    2'365.9
    89'739.86
    33'290.00
    0.0
    1'281.0
    17'031.00
    107'279.86

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    35.0 M

    40

    30.0 M

    35
    30

    25.0 M

    25

    20.0 M

    20

    15.0 M

    15

    10.0 M

    10

    5.0 M

    5
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    160'331.0
    0.62x
    29'887.0
    3.32x
    10'590.0
    8.21x

    45

    31.12.2009
    31.12.2010
    112'153.0
    140'476.0
    1.03x
    0.74x
    22'234.0
    28'045.0
    5.22x
    3.72x
    8'447.0
    10'571.0
    11.87x
    8.38x
    Profitability

    LTM-4Q
    31.12.2011
    166'550.0
    0.65x
    32'919.0
    3.28x
    12'276.0
    7.23x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    182'299.0
    0.58x
    32'343.0
    3.27x
    10'694.0
    8.23x
    32'343.00
    21'862.00
    11.99%
    13.11%
    6.37%
    15.17%
    10.66%
    1.09%
    17.5%
    12.0%
    5.9%
    1.38
    0.74
    19.37%
    45.66%
    9.29
    -

    Price/ Cash Flow

    LTM

    FY+1

    .0 M
    f-13

    6.17
    0.89
    2'033.04
    -4.22%
    -2.77%
    0.892
    36
    4.111
    6'343'054
    4'834'411
    4'410'172
    FY+2

    FQ+1

    FQ+2

    12/yy
    12/yy
    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    166'550.0 182'299.0 180'947.3 179'727.1
    45'141.7
    45'995.0
    2.49x
    2.27x
    0.60x
    0.61x
    2.38x
    2.33x
    32'919.0
    31'942.0
    33'520.2
    34'351.4
    8'679.0
    9'163.0
    3.28x
    3.31x
    3.20x
    3.13x
    2.97x
    2.92x
    12'276.0
    10'694.0
    12'089.0
    12'398.3
    2'587.0
    2'917.0
    7.25x
    8.25x
    7.25x
    7.12x
    7.28x
    7.32x
    S&P Issuer Ratings
    Long-Term Rating Date
    12.04.2011
    Long-Term Rating
    AALong-Term Outlook
    STABLE
    Short-Term Rating Date
    13.09.1999
    Short-Term Rating
    A-1+
    Credit Ratios
    EBITDA/Interest Exp.
    48.20
    (EBITDA-Capex)/Interest Exp.
    18.54
    Net Debt/EBITDA
    0.51
    Total Debt/EBITDA
    1.04
    Reference
    Total Debt/Equity
    45.7%
    Total Debt/Capital
    31.0%
    Asset Turnover
    1.09
    Net Fixed Asset Turnover
    2.73
    Accounts receivable turnover-days
    39.41
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle
    Sales/Revenue/Turnover

    8.00

    200'000.0

    7.00

    180'000.0
    160'000.0

    6.00

    140'000.0

    5.00

    120'000.0

    4.00

    100'000.0
    80'000.0

    3.00

    60'000.0
    2.00

    40'000.0

    1.00

    20'000.0

    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Total SA
    Holdings By:

    All

    Holder Name
    TOTAL SA
    GROUPE BRUXELLES LAM
    AMUNDI
    QATAR HOLDINGS LLC
    NORGES BANK
    VANGUARD GROUP INC
    NATIXIS ASSET MANAGE
    CIE NATIONALE A PORT
    BLACKROCK
    CAPITAL GROUP COMPAN
    AMUNDI
    ONTARIO TEACHERS PEN
    BANK OF NEW YORK MEL
    AVIVA PLC
    GRANTHAM MAYO VAN OT
    LBPAM
    WADDELL & REED FINAN
    MERCURY ASSET MANAGE
    FIRST EAGLE INVESTME
    ALLIANZ ASSET MANAGE

    Firm Name
    AlphaValue
    Sanford C. Bernstein & Co
    HSBC
    Tudor Pickering & Co
    Exane BNP Paribas
    Canaccord Genuity Corp
    RBC Capital Markets
    Banco Sabadell
    Societe Generale
    Credit Suisse
    JPMorgan
    Jefferies
    Raymond James
    Macquarie
    Hamburger Sparkasse
    CM - CIC Securities(ESN)
    Nomura
    Barclays
    Goldman Sachs
    Independent Research GmbH
    S&P Capital IQ
    VTB Capital
    Natixis
    Ahorro Corporacion Financiera SA
    Day by Day
    Grupo Santander
    EVA Dimensions
    Simmons & Company International
    Landesbank Baden-Wuerttemberg
    Deutsche Bank
    Morgan Stanley
    Investec
    CA Cheuvreux

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a

    Analyst
    ALEXANDRE ANDLAUER
    OSWALD CLINT
    PAUL SPEDDING
    ROBERT KESSLER
    ALEJANDRO DEMICHELIS
    GORDON GRAY
    PETER HUTTON
    JORGE GONZALEZ SADORNIL
    IRENE HIMONA
    KIM FUSTIER
    NITIN SHARMA
    IAIN REID
    BERTRAND HODEE
    JASON D GAMMEL
    INGO SCHMIDT
    JEAN-LUC ROMAIN
    THEEPAN JOTHILINGAM
    LYDIA RAINFORTH
    MICHELE DELLA VIGNA
    SVEN DIERMEIER
    CHRISTINE TISCARENO
    COLIN SMITH
    ANNE PUMIR
    VIRGINIA PEREZ REPES
    VALERIE GASTALDY
    JASON KENNEY
    CRAIG STERLING
    JEFFREY A DIETERT
    JENS MUENSTERMANN
    LUCAS HERRMANN
    MARTIJN P RATS
    STUART JOYNER
    DOMINIQUE PATRY

    Source
    Co File
    Research
    Research
    Research
    Research
    MF-AGG
    MF-AGG
    Co File
    ULT-AGG
    ULT-AGG
    MF-AGG
    Research
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG

    Recommendation
    reduce
    outperform
    overweight
    accumulate
    outperform
    buy
    outperform
    buy
    buy
    neutral
    overweight
    buy
    market perform
    neutral
    buy
    buy
    neutral
    underweight
    Sell/Cautious
    hold
    buy
    buy
    buy
    buy
    buy
    buy
    buy
    overweight
    buy
    buy
    Equalwt/In-Line
    hold
    outperform

    Amt Held
    108'732'635
    94'077'367
    78'390'326
    47'275'059
    47'038'683
    40'249'545
    37'542'094
    35'456'294
    28'896'868
    19'734'600
    16'537'673
    11'200'000
    10'460'975
    10'451'098
    8'031'246
    7'707'489
    7'573'598
    7'305'630
    7'054'684
    6'910'405

    % Out
    4.6
    3.98
    3.31
    2
    1.99
    1.7
    1.59
    1.5
    1.22
    0.83
    0.7
    0.47
    0.44
    0.44
    0.34
    0.33
    0.32
    0.31
    0.3
    0.29

    Weighting

    Change
    2
    5
    5
    4
    5
    5
    5
    5
    5
    3
    5
    5
    3
    3
    5
    5
    3
    1
    1
    3
    5
    5
    5
    5
    5
    5
    5
    5
    5
    5
    3
    3
    5

    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M

    Latest Chg
    287'390
    (1'584'992)
    545'153
    (2'024'000)
    (246'519)
    (194'580)
    (9'605)
    21'870
    (194'720)
    (6'360)
    492'571

    Target Price
    37
    51
    46
    46
    48
    45
    44
    47
    47
    44
    49
    48
    #N/A N/A
    42
    #N/A N/A
    54
    40
    44
    41
    42
    48
    50
    47
    49
    45
    46
    #N/A N/A
    #N/A N/A
    45
    44
    42
    38
    44

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2011
    15.03.2012
    06.01.2012
    14.03.2012
    31.12.2011
    31.12.2012
    31.12.2012
    31.12.2011
    26.02.2013
    31.12.2012
    30.11.2012
    31.12.2011
    26.02.2013
    31.01.2013
    31.05.2012
    31.12.2012
    31.12.2012
    26.02.2013
    30.09.2012
    31.01.2013

    Date
    6 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    12 month
    Not Provided
    3 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
    12 month
    3 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided

    Inst Type
    Corporation
    Holding Company
    Investment Advisor
    Government
    Government
    Investment Advisor
    Mutual Fund Manager
    Corporation
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Pension Fund (ERISA)
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Hedge Fund Manager
    Investment Advisor

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    21.02.2013
    19.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    07.02.2013
    06.02.2013
    05.02.2013
    17.01.2013
    17.01.2013
    15.01.2013
    09.01.2013
    03.12.2012
    27.11.2012
    02.07.2012
    30.04.2012

    28.02.2013

    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
    1800

    10.0 M
    9.0 M
    8.0 M
    7.0 M
    6.0 M
    5.0 M
    4.0 M
    3.0 M
    2.0 M
    1.0 M
    .0 M
    f-13

    1600
    1400
    1200
    1000
    800

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (27.03.2012)
    52-Week Low (12.12.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.01.2013
    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
    1'599.00
    1'098.00
    196'894.00
    1203
    -24.77%
    9.56%
    20.36%
    907.8
    10'920.39
    1'173.60
    0.0
    92.4
    330.20
    17'494.94

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    400
    200
    0
    f-12 m-12 a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    1'280.9
    7.60x
    478.0
    20.36x
    413.4
    21.37x

    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

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    2'344.1
    8.33x
    1'044.6
    18.69x
    624.3
    29.75x
    1'044.60
    482.70
    20.59%
    47.60%
    6.24%
    12.59%
    9.78%
    0.23%
    57.4%
    44.6%
    20.6%
    26.6%
    1.05
    0.27
    12.51%
    22.44%
    5.13

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    0.66
    1.24
    898.18
    -17.77%
    -4.60%
    1.241
    36
    3.528
    1'691'860
    2'231'262
    2'817'588
    FY+2

    12/13 Y
    12/14 Y
    2'737.6
    2'667.9
    6.73x
    7.17x
    1'881.8
    1'886.6
    9.30x
    9.27x
    736.0
    698.7
    24.29x
    26.36x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    17.71
    6.64
    0.81
    1.12
    22.4%
    18.1%
    0.23
    0.58
    71.31
    -

    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

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Tullow Oil PLC


    Holdings By:

    All

    Holder Name
    BLACKROCK
    M&G INVESTMENT MANAG
    IFG INTL TRUST CO LT
    LEGAL & GENERAL
    GENESIS ASSET MANAGE
    OPPENHEIMERFUNDS INC
    BAILLIE GIFFORD AND
    STANDARD LIFE INVEST
    OPPENHEIMERFUNDS INC
    UBS
    GENESIS INVESTMENT M
    NORGES BANK INVESTME
    FMR LLC
    VANGUARD GROUP INC
    SCOTTISH WIDOWS
    CARMIGNAC GESTION S
    T ROWE PRICE ASSOCIA
    CARMIGNAC GESTION
    LANSDOWNE PARTNERS
    T ROWE PRICE ASSOCIA

    Firm Name
    Sanford C. Bernstein & Co
    Goodbody Stockbrokers Ltd
    Societe Generale
    Numis Securities Ltd
    Morgan Stanley
    Jefferies
    FirstEnergy Capital Corp
    Oriel Securities Ltd
    AlphaValue
    Barclays
    Liberum Capital Ltd
    RBC Capital Markets
    EVA Dimensions
    Tudor Pickering & Co
    SBG Securities
    Deutsche Bank
    Investec
    Exane BNP Paribas
    Credit Suisse
    Canaccord Genuity Corp
    Nomura
    WH Ireland Ltd
    Global Hunter Securities
    JPMorgan
    Macquarie
    Merrion Stockbrokers
    Day by Day
    Goldman Sachs
    Mirabaud Securities
    HSBC
    N+1 Singer Ltd
    Davy
    Renaissance Capital
    Westhouse Securities
    CAL Brokers Limited
    Prosdocimi

    Portfolio Name
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios

    Analyst
    OSWALD CLINT
    GERRY F HENNIGAN
    DAVID MIRZAI
    SANJEEV BAHL
    JAMIE MADDOCK
    BRENDAN MICHAEL WARN
    GERRY F DONNELLY
    RICHARD GRIFFITH
    ALEXANDRE ANDLAUER
    RAHIM KARIM
    ANDREW WHITTOCK
    AL STANTON
    CRAIG STERLING
    ANISH KAPADIA
    LIONEL THEROND
    PHIL CORBETT
    BRIAN GALLAGHER
    ALEJANDRO DEMICHELIS
    THOMAS YOICHI ADOLFF
    THOMAS MARTIN
    THEEPAN JOTHILINGAM
    ANGUS B MCPHAIL
    JOHN MALONE
    JAMES THOMPSON
    MARK WILSON
    MUNA MULEYA
    VALERIE GASTALDY
    CHRISTOPHOR JOST
    TEAM COVERAGE
    PETER HITCHENS
    SIMON HAWKINS
    JOB LANGBROEK
    DRAGAN TRAJKOV
    PETER BASSETT
    NANA AGYEI OPOKU-AGYEMANG
    TEAM COVERAGE

    Source
    ULT-AGG
    REG
    Co File
    ULT-AGG
    RNS-MAJ
    MF-AGG
    REG
    REG
    REG
    ULT-AGG
    REG
    REG
    ULT-AGG
    MF-AGG
    ULT-AGG
    REG
    REG
    MF-AGG
    Short
    MF-AGG

    Recommendation
    outperform
    buy
    hold
    hold
    Overwt/Attractive
    buy
    outperform
    add
    reduce
    overweight
    buy
    outperform
    sell
    trim
    sell
    hold
    sell
    outperform
    neutral
    sell
    reduce
    buy
    neutral
    overweight
    underperform
    buy
    hold
    Buy/Cautious
    neutral
    neutral
    buy
    outperform
    hold
    not rated
    buy
    hold

    Amt Held
    % Out
    88'501'424
    9.75
    49'204'193
    5.42
    38'960'366
    4.29
    34'592'411
    3.81
    34'047'805
    3.75
    26'618'768
    2.93
    25'615'071
    2.82
    23'871'829
    2.63
    23'832'447
    2.63
    22'689'046
    2.5
    21'305'475
    2.35
    20'641'618
    2.27
    18'228'689
    2.01
    17'794'843
    1.96
    17'499'691
    1.93
    16'994'926
    1.87
    16'376'351
    1.8
    16'367'377
    1.8
    (16'158'187) -1.78
    14'127'789
    1.56

    Weighting
    5
    5
    3
    3
    5
    5
    5
    4
    2
    5
    5
    5
    1
    1
    1
    3
    1
    5
    3
    1
    2
    5
    3
    5
    1
    5
    3
    5
    3
    3
    5
    5
    3
    #N/A N/A
    5
    3

    Change
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    U
    U
    M
    M
    M
    M
    M
    N

    Latest Chg
    (10'253'392)
    (827'789)
    247'443
    2'960'620
    1'542'288
    (193'985)
    627'730
    (2'373)
    (1'255'509)
    (2'131'038)
    665'817
    4'756'712
    (79'832)
    291'947
    (239'378)
    (2'087'856)
    685'886

    Target Price
    1'800
    1'470
    1'340
    1'225
    1'780
    1'800
    1'480
    #N/A N/A
    1'220
    1'720
    1'683
    1'500
    #N/A N/A
    900
    1'250
    1'075
    1'000
    1'650
    1'350
    1'100
    1'330
    1'515
    1'300
    1'500
    1'006
    1'780
    #N/A N/A
    1'453
    #N/A N/A
    1'381
    1'370
    #N/A N/A
    1'300
    #N/A N/A
    #N/A N/A
    1'120

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    26.02.2013
    03.12.2012
    13.03.2012
    03.12.2012
    14.01.2013
    30.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    28.12.2012
    03.12.2012
    03.12.2012
    31.12.2012
    31.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    31.12.2012
    11.01.2013
    31.12.2012

    Date
    12 month
    12 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    6 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    9 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided

    Inst Type
    Investment Advisor
    Investment Advisor
    Corporation
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Unclassified
    Government
    Investment Advisor
    Investment Advisor
    Unclassified
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    27.02.2013
    26.02.2013
    25.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    19.02.2013
    18.02.2013
    18.02.2013
    15.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    08.02.2013
    08.02.2013
    11.01.2013
    20.12.2012
    12.12.2012
    12.12.2012
    03.12.2012
    27.11.2012
    26.11.2012
    07.08.2012
    04.07.2012
    30.08.2011
    02.12.2009

    28.02.2013

    UBS AG
    UBS AG is a wealth management, investment banking, and asset management firm.
    The Company provides a variety of financial services to individuals,
    institutions, corporations, governments, and financial intermediaries around the
    world.

    Price/Volume
    18

    60.0 M

    16

    50.0 M

    14
    12

    40.0 M

    10

    12/2012
    12/yy
    16.39
    9.69
    3'240'399.00
    14.75
    -9.95%
    52.30%
    77.03%
    3'835.9
    56'578.91
    267'400.00
    0.0
    4'353.0
    66'383.00
    261'948.91

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    20.0 M

    10.0 M

    2
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    67'219.0
    8.31x
    37'052.0
    15.08x
    (21'292.0)
    -

    30.0 M

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (25.01.2013)
    52-Week Low (24.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 05.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    UBSN VX EQUITY YTD Change
    UBSN VX EQUITY YTD % CHANGE

    31.12.2009
    31.12.2010
    44'432.0
    46'526.0
    9.56x
    8.39x
    19'648.0
    20'964.0
    21.61x
    18.62x
    (2'736.0)
    7'534.0
    7.71x
    Profitability

    LTM-4Q
    31.12.2011
    40'880.0
    9.20x
    17'464.0
    21.53x
    4'159.0
    10.16x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    37'392.0
    6.92x
    (2'511.0)
    17'464.00
    4.56%
    -4.74%
    -0.21%
    -5.66%
    -0.68%
    0.03%
    47.0%
    -6.7%
    21.24%
    582.62%
    -

    Price/ Cash Flow

    LTM

    12/yy
    40'870.0
    36.80x
    17'455.0
    21.54x
    4'159.0
    10.07x

    12/yy
    37'470.0
    31.94x
    14'464.0
    0.00x
    (2'810.0)
    0.00x

    FY+1

    .0 M
    f-13

    1.36
    3'466.99
    17.62%
    3.36%
    1.357
    42
    3.833
    12'501'790
    10'967'070
    10'963'170
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    26'730.4
    27'411.1
    6'498.0
    6'586.0
    42.17x
    36.73x
    3'648.5
    4'789.2
    563.0
    786.0
    16.03x
    12.22x
    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
    STABLE
    19.12.2008
    A-1
    9.52
    18.43
    582.6%
    84.2%
    0.03
    6.41
    -

    Sales/Revenue/Turnover

    6.00

    160'000.0
    140'000.0

    5.00

    120'000.0
    4.00

    100'000.0
    80'000.0

    3.00

    60'000.0

    2.00

    40'000.0
    1.00
    0.00
    01.01.2010

    20'000.0
    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    UBS AG
    Holdings By:

    All

    Holder Name
    GOVT OF SINGAPORE IN
    FMR LLC
    NORGES BANK
    UBS
    FRANKLIN RESOURCES
    CAPITAL GROUP COMPAN
    CREDIT SUISSE ASSET
    WELLINGTON MANAGEMEN
    HARBOR CAPITAL ADVIS
    UBS FUND MANAGEMENT
    ZURCHER KANTONALBANK
    BLACKROCK
    PICTET & CIE
    OPPENHEIMERFUNDS INC
    CREDIT AGRICOLE SA
    ALLIANCE BERNSTEIN
    BANK OF NEW YORK MEL
    PZENA INVESTMENT MAN
    SWISSCANTO FONDSLEIT
    ONTARIO TEACHERS PEN

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    WELLINGTON MANAGEMEN
    Multiple Portfolios
    Multiple Portfolios
    ZURCHER KANTONALBANK
    n/a
    Multiple Portfolios
    Multiple Portfolios
    CREDIT AGRICOLE SA
    n/a
    BANK OF NEW YORK MEL
    PZENA INVESTMENT MAN
    Multiple Portfolios
    ONTARIO TEACHERS PEN

    Analyst

    AlphaValue
    DIETER HEIN
    Keefe, Bruyette & Woods
    ANDREW STIMPSON
    Oddo & Cie
    JEAN SASSUS
    DZ Bank AG
    CHRISTOPH BAST
    Credit Suisse
    AMIT GOEL
    Redburn Partners
    NICHOLAS WATTS
    Exane BNP Paribas
    DANIEL DAVIES
    Mediobanca SpA
    CHRISTOPHER J WHEELER
    Barclays
    KIRI VIJAYARAJAH
    RBC Capital Markets
    FIONA SWAFFIELD
    Independent Research GmbH
    STEFAN BONGARDT
    Bankhaus Metzler
    GUIDO HOYMANN
    Berenberg Bank
    JAMES CHAPPELL
    Kepler Capital Markets
    DIRK BECKER
    Natixis
    ANTOINE BURGARD
    Nomura
    JON PEACE
    S&P Capital IQ
    FRANK BRADEN
    Helvea
    TIM DAWSON
    Main First Bank AG
    KILIAN MAIER
    Commerzbank Corporates & Markets MICHAEL DUNST
    Canaccord Genuity Corp
    ARUN MELMANE
    Espirito Santo Investment Bank Research
    ANDREW LIM
    Macquarie
    PIERS BROWN
    Day by Day
    VALERIE GASTALDY
    Societe Generale
    DIRK HOFFMANN-BECKING
    Bank Vontobel AG
    TERESA NIELSEN
    Goldman Sachs
    JERNEJ OMAHEN
    JPMorgan
    KIAN ABOUHOSSEIN
    Morgan Stanley
    HUW VAN STEENIS
    Liberum Capital Ltd
    CORMAC LEECH
    EVA Dimensions
    AUSTIN BURKETT
    Deutsche Bank
    MATT SPICK
    HSBC
    ROBERT MURPHY
    Landesbank Baden-Wuerttemberg
    INGO FROMMEN
    Grupo Santander
    AURELIA FAURE
    CA Cheuvreux
    CHRISTIAN STARK
    Hamburger Sparkasse
    CHRISTIAN HAMANN
    Zuercher Kantonalbank
    ANDREAS VENDITTI
    Nord/LB
    MICHAEL SEUFERT
    Hammer Partners SA
    ENRICO RACIOPPI

    Source
    ULT-AGG
    ULT-AGG
    EXCH
    ULT-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    13F
    MF-AGG
    MF-AGG
    13F
    ULT-AGG
    MF-AGG
    MF-AGG
    13F
    ULT-AGG
    13F
    13F
    MF-AGG
    13F

    Recommendation
    reduce
    market perform
    neutral
    sell
    neutral
    buy
    neutral
    neutral
    overweight
    sector perform
    hold
    sell
    buy
    reduce
    buy
    buy
    buy
    accumulate
    outperform
    hold
    buy
    buy
    outperform
    buy
    hold
    buy
    Buy/Neutral
    overweight
    Overwt/In-Line
    buy
    sell
    hold
    overweight
    hold
    underweight
    outperform
    hold
    outperform
    hold
    buy

    Amt Held
    245'633'960
    134'865'238
    116'490'210
    102'638'914
    65'053'578
    60'336'139
    53'621'392
    40'980'253
    34'619'235
    31'344'866
    25'446'748
    22'428'443
    21'021'319
    18'487'668
    16'622'115
    16'537'648
    14'956'720
    14'066'648
    12'476'987
    9'167'333

    % Out
    6.4
    3.52
    3.04
    2.68
    1.7
    1.57
    1.4
    1.07
    0.9
    0.82
    0.66
    0.58
    0.55
    0.48
    0.43
    0.43
    0.39
    0.37
    0.33
    0.24

    Weighting

    Change
    2
    3
    3
    1
    3
    5
    3
    3
    5
    3
    3
    1
    5
    2
    5
    5
    5
    4
    5
    3
    5
    5
    5
    5
    3
    5
    5
    5
    5
    5
    1
    3
    5
    3
    1
    5
    3
    5
    3
    5

    M
    D
    M
    D
    D
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    N
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    U
    M
    U
    M
    M

    Latest Chg
    (261'829)
    12'874'066
    2'353'834
    (4'846'844)
    6'015'804
    (1'146'234)
    1'928'515
    217'405
    (360'997)
    435'986
    11'685'142
    567'494
    651'957
    1'350'143
    4'242'564
    1'002'642
    (1'222'625)
    (303'453)
    5'013'106

    Target Price
    15
    18
    18
    13
    15
    #N/A N/A
    16
    17
    19
    16
    17
    13
    17
    14
    18
    18
    18
    18
    18
    16
    24
    20
    19
    17
    16
    18
    21
    21
    17
    18
    #N/A N/A
    16
    18
    17
    11
    17
    #N/A N/A
    #N/A N/A
    #N/A N/A
    11

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2012
    31.12.2012
    27.09.2011
    31.12.2012
    31.12.2012
    31.12.2012
    28.12.2012
    31.12.2012
    31.12.2012
    30.11.2012
    31.12.2012
    26.02.2013
    30.11.2012
    30.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    31.12.2012
    28.12.2012
    31.12.2012

    Date
    6 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    6 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    6 month
    Not Provided
    Not Provided
    12 month
    3 month
    12 month
    Not Provided
    12 month
    9 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided

    Inst Type
    Government
    Investment Advisor
    Government
    Unclassified
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Hedge Fund Manager
    Mutual Fund Manager
    Pension Fund (ERISA)

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    22.02.2013
    19.02.2013
    15.02.2013
    15.02.2013
    12.02.2013
    12.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    05.02.2013
    04.02.2013
    04.02.2013
    30.01.2013
    29.01.2013
    29.01.2013
    25.01.2013
    25.01.2013
    24.01.2013
    23.01.2013
    18.01.2013
    18.01.2013
    17.01.2013
    07.01.2013
    20.12.2012
    20.12.2012
    11.12.2012
    09.11.2012
    07.11.2012
    30.10.2012
    23.10.2012
    03.07.2012

    28.02.2013

    Unibail-Rodamco SE
    Unibail-Rodamco leases and rents building space, finances real estate
    investments, and renovates real estate for sale. The Company's properties,
    mainly shopping centers, office buildings, and convention-exhibition centers,
    are primarily located in city centers or near major access routes. The Company
    opted for the SIIC legal status in 2003.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (28.12.2012)
    52-Week Low (01.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 23.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    UL FP EQUITY YTD Change
    UL FP EQUITY YTD % CHANGE

    12/2012
    01/yy
    188.50
    130.50
    279'781.00
    174
    -7.69%
    33.33%
    75.00%
    94.9
    16'511.21
    11'919.00
    0.0
    1'583.1
    63.10
    29'950.20

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    2.5 M
    2.0 M
    1.5 M
    1.0 M
    .5 M
    .0 M
    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    1'642.5
    11.17x
    1'309.7
    14.01x
    (1'116.0)
    -

    200
    180
    160
    140
    120
    100
    80
    60
    40
    20
    0
    f-12 m-12

    31.12.2009
    31.12.2010
    1'363.3
    1'716.4
    17.14x
    14.60x
    931.4
    1'254.8
    25.09x
    19.97x
    (1'467.8)
    2'187.6
    6.19x
    Profitability

    31.12.2011
    1'939.9
    12.81x
    1'184.2
    20.99x
    1'327.8
    9.61x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    1'722.7
    17.56x
    1'187.1
    25.48x
    1'458.6
    11.52x
    1'187.10
    532.30
    30.90%
    105.67%
    5.21%
    11.89%
    6.71%
    0.06%
    68.9%
    84.7%
    40.31%
    92.38%
    -

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    0.89
    88.74
    26.90%
    -4.37%
    0.892
    30
    3.433
    315'287
    288'556
    310'107
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    1'573.4
    1'750.3
    19.02x
    17.40x
    1'397.1
    1'511.6
    21.44x
    19.81x
    965.1
    1'050.9
    17.18x
    15.84x
    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

    27.06.2007
    A
    STABLE
    27.06.2007
    A-1
    1.82
    -0.27
    9.99
    10.04
    92.4%
    45.1%
    0.06
    -

    Sales/Revenue/Turnover

    20.00

    2'500.0

    18.00
    16.00

    2'000.0

    14.00

    1'500.0

    12.00
    10.00

    1'000.0

    8.00
    6.00

    500.0

    4.00
    2.00
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Unibail-Rodamco SE
    Holdings By:

    All

    Holder Name
    APG ASSET MANAGEMENT
    AMUNDI
    STATE STREET
    COHEN & STEERS INC
    NORTHERN CROSS LLC
    BLACKROCK
    HARBOR CAPITAL ADVIS
    COMMERZBANK AKTIENGE
    SOCIETE GENERALE
    UBS
    VANGUARD GROUP INC
    NATIXIS
    NATIXIS ASSET MANAGE
    COHEN & STEERS CAPIT
    FMR LLC
    MORGAN STANLEY
    ARTISAN PARTNERS HOL
    WILLIAM BLAIR & COMP
    LASALLE INVESTMENT M
    ABN AMRO ASSET MGMT

    Firm Name

    Portfolio Name
    #N/A N/A
    #N/A N/A
    n/a
    n/a
    #N/A N/A
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    WILLIAM BLAIR & COMP
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    AlphaValue
    PIERRE-LOUP ETIENNE
    Jefferies
    ROBERT DUNCAN
    Oddo & Cie
    MARINE LAFITTE
    Morgan Stanley
    BART GYSENS
    Banco Sabadell
    IGNACIO ROMERO
    Espirito Santo Investment Bank Research
    MICHAEL BURT
    Goldman Sachs
    JULIAN LIVINGSTON-BOOTH
    Independent Research GmbH
    STEFAN BONGARDT
    Petercam
    STEPHAN VAN WEEREN
    Rabobank International
    MARTIJN VAN DEN EIJNDEN
    Societe Generale
    MICHEL VARALDO
    Kepler Capital Markets
    SAMUEL HENRY-DIESBACH
    Exane BNP Paribas
    NICK WEBB
    Deutsche Bank
    MARTIN ALLEN
    HSBC
    STEPHANIE DOSSMANN
    Bank Degroof(ESN)
    DRIES DURY
    Berenberg Bank
    KAI MALTE KLOSE
    Natixis
    SERGE DEMIRDJIAN
    S&P Capital IQ
    WILLIAM HOWLETT
    ING Bank
    JAAP KUIN
    ABN Amro Bank N.V.
    JAN WILLEM VAN KRANENBURG
    EVA Dimensions
    AUSTIN BURKETT
    Kempen & Co
    BOUDEWIJN SCHOON
    Credit Suisse
    STEVE BRAMLEY-JACKSON
    JPMorgan
    HARM M MEIJER
    Day by Day
    VALERIE GASTALDY
    Landesbank Baden-Wuerttemberg
    HANS-PETER KUHLMANN
    Barclays
    AARON GUY
    CA Cheuvreux
    BRUNO DUCLOS
    Edge Capital Research
    KONSTANTIN BOYCHINOV
    Tradition Securities & Futures
    LAETITIA D'EPREMESNIL

    Source
    Research
    Research
    ULT-AGG
    Co File
    Research
    ULT-AGG
    MF-AGG
    Co File
    Research
    ULT-AGG
    MF-AGG
    Co File
    MF-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    13F
    MF-AGG
    MF-AGG

    Recommendation
    reduce
    hold
    neutral
    Equalwt/Attractive
    buy
    buy
    Buy/Neutral
    sell
    hold
    hold
    buy
    hold
    underperform
    buy
    neutral
    hold
    buy
    neutral
    hold
    hold
    hold
    underweight
    neutral
    outperform
    overweight
    buy
    hold
    equalweight
    underperform
    outperform
    hold

    Amt Held
    8'485'804
    3'873'953
    3'848'029
    3'642'122
    3'320'531
    2'951'583
    2'943'120
    2'585'395
    2'351'985
    2'148'338
    1'896'330
    1'858'269
    1'323'509
    1'273'487
    1'014'174
    960'011
    929'896
    830'851
    823'883
    798'051

    % Out
    8.94
    4.08
    4.06
    3.84
    3.5
    3.11
    3.1
    2.72
    2.48
    2.26
    2
    1.96
    1.39
    1.34
    1.07
    1.01
    0.98
    0.88
    0.87
    0.84

    Weighting

    Change
    2
    3
    3
    3
    5
    5
    5
    1
    3
    3
    5
    3
    1
    5
    3
    3
    5
    3
    3
    3
    3
    1
    3
    5
    5
    5
    3
    3
    1
    5
    3

    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    N
    M

    Latest Chg
    8'104
    (27'121)
    (3'161'695)
    2'135
    57'491
    (160'832)
    (255'705)
    (438'874)
    (14'564)
    19'761
    169'706
    13'769
    92'667

    Target Price
    164
    185
    194
    163
    141
    209
    208
    165
    184
    190
    210
    178
    164
    206
    183
    180
    185
    164
    180
    185
    163
    #N/A N/A
    175
    186
    195
    190
    175
    176
    145
    160
    150

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.10.2012 Pension Fund (ERISA)
    31.10.2012
    Investment Advisor
    27.02.2013
    Investment Advisor
    01.03.2012
    Corporation
    31.10.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    01.03.2012
    Investment Advisor
    21.05.2012
    Bank
    28.12.2012
    Unclassified
    31.12.2012
    Investment Advisor
    01.03.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    21.08.2012
    Investment Advisor
    17.07.2012
    Investment Advisor

    Date
    6 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    9 month
    3 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided

    Date
    28.02.2013
    26.02.2013
    19.02.2013
    18.02.2013
    15.02.2013
    14.02.2013
    12.02.2013
    08.02.2013
    05.02.2013
    04.02.2013
    01.02.2013
    01.02.2013
    01.02.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    31.01.2013
    17.01.2013
    14.01.2013
    11.01.2013
    09.01.2013
    29.11.2012
    06.11.2012
    31.08.2012
    02.02.2012
    29.09.2011
    06.07.2011

    28.02.2013

    UniCredit SpA
    UniCredit SpA attracts deposits and offers commercial banking services. The
    Bank offers consumer credit, mortgages, life insurance, business loan,
    investment banking, asset management, and other services. UniCredit operates
    worldwide.

    Price/Volume
    6

    250.0 M

    200.0 M

    Latest Fiscal Year:


    LTM as of:
    52-Week High (30.01.2013)
    52-Week Low (23.07.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    UCG IM EQUITY YTD Change
    UCG IM EQUITY YTD % CHANGE

    12/2011
    09/yy
    4.88
    2.25
    25'214'373.00
    3.884
    -20.45%
    72.32%
    62.76%
    5'787.1
    22'496.90
    334'658.25
    0.0
    3'318.2
    56'215.54
    -

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover
    Price/ Cash Flow

    100.0 M

    50.0 M

    1
    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    .0 M
    f-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2007
    55'285.3
    5'901.3
    10.65x

    150.0 M

    Valuation Analysis

    31.12.2008
    31.12.2009
    65'266.9
    47'278.6
    4'011.8
    1'702.3
    5.74x
    23.66x
    Profitability

    LTM-4Q
    31.12.2010
    41'223.4
    1'323.3
    24.19x

    31.12.2011
    41'968.2
    (9'206.4)
    10.75%
    -23.82%
    0.16%
    2.67%
    0.50%
    0.03%
    -33.1%
    36.11%
    650.08%
    -

    LTM

    09/yy
    25'850.5
    0.00x
    0.0
    0.00x
    (8'999.3)
    0.00x

    09/yy
    26'215.4
    0.00x
    0.0
    0.00x
    1'531.9
    0.00x

    FY+1

    1.47
    4'387.84
    -0.56%
    4.80%
    1.470
    41
    2.707
    #########
    #########
    #########
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    25'418.7
    24'910.3
    5'999.4
    6'466.0
    1'088.7
    1'615.5
    (418.8)
    19.22x
    14.07x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    10.02.2012
    BBB+
    NEG
    10.02.2012
    A-2
    650.1%
    85.9%
    0.03
    2.17
    -

    Sales/Revenue/Turnover

    1.20

    70'000.0

    1.00

    60'000.0
    50'000.0

    0.80

    40'000.0
    0.60

    30'000.0

    0.40

    20'000.0
    10'000.0

    0.20

    0.0
    0.00

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    UniCredit SpA
    Holdings By:

    All

    Holder Name
    BLACKROCK
    AABAR LUX SARL
    CAPITAL GROUP COMPAN
    PGFF LUX SARL
    PGFF LUX SARL
    FONDAZIONE CASSA RIS
    CARIMONTE HOLDING SP
    CENTRAL BANK OF LIBY
    FONDAZIONE CASSA RIS
    DODGE & COX
    DELFIN SARL
    VANGUARD GROUP INC
    ALLIANZ SPA
    BLACKROCK LUXEMBOURG
    ALLIANZ FINANCE IV L
    CARMIGNAC GESTION
    FRANKLIN RESOURCES
    BLACKROCK ADVISORS L
    TEMPLETON INVESTMENT
    MASSACHUSETTS FINANC

    Firm Name
    Keefe, Bruyette & Woods
    Oddo & Cie
    Banca IMI
    Kepler Capital Markets
    Exane BNP Paribas
    Equita SIM SpA
    AlphaValue
    ICBPI
    Nomura
    Banca Akros(ESN)
    Day by Day
    Berenberg Bank
    Mediobanca SpA
    Ahorro Corporacion Financiera SA
    RBC Capital Markets
    Goldman Sachs
    Macquarie
    Morgan Stanley
    Independent Research GmbH
    Societe Generale
    Deutsche Bank
    EVA Dimensions
    Credit Suisse
    Intermonte Securities SpA
    JPMorgan
    DZ Bank AG
    Grupo Santander
    Barclays
    HSBC
    Hamburger Sparkasse
    Landesbank Baden-Wuerttemberg
    Natixis
    S&P Capital IQ
    CA Cheuvreux
    Centrobanca
    Redburn Partners
    Nord/LB
    Hammer Partners SA
    Banco Sabadell

    Portfolio Name
    n/a
    n/a
    n/a
    #N/A N/A
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    RONNY REHN
    JULIE LEGRAND
    MANUELA MERONI
    ANNA MARIA BENASSI
    ANDREA VERCELLONE
    GIOVANNI RAZZOLI
    DAVID GRINSZTAJN
    LUCA COMI
    DOMENICO SANTORO
    LUIGI TRAMONTANA
    VALERIE GASTALDY
    ELENI PAPOULA
    ANDREA FILTRI
    VIRGINIA PEREZ REPES
    ANKE REINGEN
    JEAN-FRANCOIS NEUEZ
    BENJIE CREELAN-SANDFORD
    FRANCESCA TONDI
    STEFAN BONGARDT
    CARLO TOMMASELLI
    PAOLA SABBIONE
    AUSTIN BURKETT
    IGNACIO CEREZO
    CHRISTIAN CARRESE
    MARTA BASTONI
    CHRISTOPH BAST
    TANIA GOLD
    ANTONIO RIZZO
    CARLO DIGRANDI
    CHRISTIAN HAMANN
    WERNER SCHIRMER
    STEVEN GOULD
    FRANK BRADEN
    ALDO COMI
    GUGLIELMO MARCO OPIPARI
    GEORGE KARAMANOS
    MICHAEL SEUFERT
    ENRICO RACIOPPI
    MARIO LODOS

    Source
    ULT-AGG
    Research
    ULT-AGG
    EXCH
    EXCH
    Research
    Research
    Research
    Research
    MF-AGG
    Research
    MF-AGG
    Research
    Research
    Research
    MF-AGG
    ULT-AGG
    Research
    MF-AGG
    MF-AGG

    Recommendation
    underperform
    reduce
    hold
    hold
    neutral
    buy
    add
    sell
    neutral
    hold
    hold
    hold
    outperform
    sell
    underperform
    Buy/Neutral
    outperform
    Overwt/In-Line
    hold
    hold
    buy
    hold
    neutral
    outperform
    neutral
    sell
    underweight
    equalweight
    underweight
    hold
    sell
    neutral
    sell
    underperform
    sell
    neutral
    sell
    sell
    Under Review

    Amt Held
    474'411'339
    376'220'171
    292'971'557
    290'000'000
    289'992'198
    204'516'549
    173'381'885
    152'258'925
    145'082'905
    126'635'987
    116'031'602
    109'307'635
    68'982'379
    55'961'376
    42'130'178
    41'185'296
    21'465'800
    19'271'084
    18'946'908
    18'229'636

    % Out
    8.2
    6.5
    5.06
    5.01
    5.01
    3.53
    3
    2.63
    2.51
    2.19
    2
    1.89
    1.19
    0.97
    0.73
    0.71
    0.37
    0.33
    0.33
    0.32

    Weighting

    Change

    1
    2
    3
    3
    3
    5
    4
    1
    3
    3
    3
    3
    5
    1
    1
    5
    5
    5
    3
    3
    5
    3
    3
    5
    3
    1
    1
    3
    1
    3
    1
    3
    1
    1
    1
    3
    1
    1
    #N/A N/A

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    N
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    N
    M
    M
    M
    M

    Latest Chg
    (341'905)
    (44'865'281)
    14'322'490
    (30'552'663)
    504'704
    (111'154)
    583'732

    Target Price
    3
    3
    4
    4
    4
    6
    5
    4
    5
    4
    #N/A N/A
    5
    6
    3
    3
    6
    5
    6
    5
    5
    5
    #N/A N/A
    4
    5
    3
    3
    3
    3
    3
    #N/A N/A
    3
    3
    3
    3
    3
    #N/A N/A
    #N/A N/A
    2
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    27.02.2013
    11.02.2013
    11.02.2013
    27.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    29.01.2013
    11.02.2013
    31.12.2012
    11.02.2013
    11.02.2013
    11.02.2013
    31.12.2012
    31.12.2012
    11.02.2013
    30.11.2012
    31.12.2012

    Date
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    6 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    12 month
    12 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    9 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
    Not Provided

    Inst Type
    Investment Advisor
    Other
    Investment Advisor
    Other
    Other
    Bank
    Unclassified
    Government
    Corporation
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Insurance Company
    Investment Advisor
    Other
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    27.02.2013
    27.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    20.02.2013
    15.02.2013
    15.02.2013
    08.02.2013
    30.01.2013
    30.01.2013
    29.01.2013
    28.01.2013
    25.01.2013
    23.01.2013
    22.01.2013
    21.01.2013
    17.01.2013
    17.01.2013
    16.01.2013
    15.01.2013
    07.01.2013
    12.12.2012
    11.12.2012
    10.12.2012
    27.11.2012
    16.11.2012
    15.11.2012
    14.11.2012
    13.11.2012
    06.11.2012
    05.11.2012
    02.11.2012
    23.10.2012
    19.06.2012
    05.03.2012

    28.02.2013

    Unilever NV
    Unilever NV manufactures branded and packaged consumer goods, including food,
    detergents, fragrances, home and personal care products. Dually-listed company
    with ULVR LN.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (23.01.2013)
    52-Week Low (13.04.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 25.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    UNA NA EQUITY YTD Change
    UNA NA EQUITY YTD % CHANGE

    12/2012
    12/yy
    30.20
    24.51
    628'685.00
    29.625
    -1.94%
    20.89%
    88.85%
    1'714.7
    89'673.30
    10'221.00
    0.0
    557.0
    2'866.00
    97'585.30

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    18.0 M

    30

    16.0 M

    25

    14.0 M
    12.0 M

    20

    10.0 M

    15

    8.0 M
    6.0 M

    10

    4.0 M

    2.0 M

    0
    f-12 m-12

    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    40'523.0
    1.41x
    6'793.0
    8.39x
    5'027.0
    9.69x

    35

    31.12.2009
    31.12.2010
    39'823.0
    44'262.0
    1.77x
    1.64x
    6'887.0
    7'620.0
    10.25x
    9.54x
    3'370.0
    4'244.0
    18.80x
    15.43x
    Profitability

    LTM-4Q
    31.12.2011
    46'467.0
    1.82x
    7'462.0
    11.30x
    4'252.0
    17.60x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    51'324.0
    1.75x
    8'188.0
    10.94x
    4'480.0
    18.25x
    8'188.00
    6'989.00
    13.62%
    13.02%
    9.56%
    30.42%
    19.56%
    1.10%
    39.9%
    15.9%
    13.5%
    8.7%
    0.77
    0.18
    22.14%
    67.43%
    -

    Price/ Cash Flow

    LTM

    12/yy
    46'467.0
    0.00x
    0.0
    0.00x
    2'235.0
    0.00x

    12/yy
    51'324.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    3.31
    0.60
    23.05%
    3.60%
    0.599
    45
    3.533
    4'602'513
    4'000'279
    3'520'013
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    53'472.9
    56'491.4
    12'678.3
    13'837.2
    1.80x
    1.68x
    8'805.2
    9'418.8
    11.08x
    10.36x
    4'921.2
    5'362.1
    17.49x
    16.15x
    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

    05.10.2000
    A+
    STABLE
    05.10.2000
    A-1
    15.57
    11.49
    0.90
    1.25
    67.4%
    39.4%
    1.10
    5.63
    -3.09

    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

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Unilever NV
    Holdings By:

    All

    Holder Name
    FOUNDATION UNILEVER
    UNILEVER NV
    CAPITAL GROUP COMPAN
    VANGUARD GROUP INC
    BLACKROCK
    FMR LLC
    GRANTHAM MAYO VAN OT
    ARTISAN PARTNERS HOL
    DEUTSCHE BANK AG
    WILLIAM BLAIR & COMP
    ACHMEA BELEGGINSFOND
    ONTARIO TEACHERS PEN
    ELMA EN UNITED HOLDS
    ING INVESTMENT MANAG
    UNION INVESTMENT GMB
    MORGAN STANLEY
    ALLIANZ ASSET MANAGE
    MACKENZIE FINANCIAL
    MERCURY ASSET MANAGE
    NATIXIS ASSET MANAGE

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    WILLIAM BLAIR & COMP
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    Sanford C. Bernstein & Co


    ANDREW WOOD
    Rabobank International
    KAREL ZOETE
    Banco Sabadell
    IGNACIO ROMERO
    Morgan Stanley
    EILEEN KHOO
    Day by Day
    VALERIE GASTALDY
    Canaccord Genuity Corp
    EDDY HARGREAVES
    HSBC
    CEDRIC BESNARD
    Landesbank Baden-Wuerttemberg
    BARBARA AMBRUS
    Jefferies
    ALEX HOWSON
    Hamburger Sparkasse
    TINA HECKING-VELTMAN
    Espirito Santo Investment Bank Research
    ALEX SMITH
    RBC Capital Markets
    JAMES EDWARDES JONES
    Berenberg Bank
    JAMES TARGETT
    Liberum Capital Ltd
    PABLO ZUANIC
    Societe Generale
    WARREN L ACKERMAN
    Deutsche Bank
    HAROLD THOMPSON
    Goldman Sachs
    ALEXIS COLOMBO
    SNS Securities(ESN)
    RICHARD WITHAGEN
    Kepler Capital Markets
    JON COX
    Nomura
    DAVID HAYES
    Main First Bank AG
    ALAIN-SEBASTIAN OBERHUBER
    Helvea
    ANDREAS VON ARX
    ABN Amro Bank N.V.
    ROBERT JAN VOS
    Grupo Santander
    PEDRO GIL
    Credit Suisse
    CHARLES MILLS
    Aurel - BGC
    JEAN-MARIE L'HOME
    Independent Research GmbH
    LARS LUSEBRINK
    Petercam
    FERNAND DE BOER
    National Bank AG
    MANFRED JAISFELD
    Ahorro Corporacion Financiera SA
    VIRGINIA PEREZ REPES
    S&P Capital IQ
    CARL SHORT
    Exane BNP Paribas
    JEFF STENT
    Barclays
    IAIN SIMPSON
    CA Cheuvreux
    ERIC BOROIAN
    Natixis
    PIERRE TEGNER
    ING Bank
    MARCO GULPERS
    EVA Dimensions
    AUSTIN BURKETT
    Theodoor Gilissen Securities
    TOM MULLER
    Kempen & Co
    ERWIN DUT
    JPMorgan
    CELINE PANNUTI
    Redburn Partners
    JEREMY FIALKO
    Mirabaud Securities
    JULIAN LAKIN
    DZ Bank AG
    ROBERT CZERWENSKY

    Source
    Co File
    Co File
    ULT-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    13F
    MF-AGG
    Research
    Research
    MF-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    outperform
    buy
    sell
    Equalwt/In-Line
    buy
    hold
    overweight
    hold
    hold
    hold
    neutral
    underperform
    buy
    buy
    sell
    hold
    Buy/Neutral
    accumulate
    buy
    reduce
    outperform
    accumulate
    hold
    buy
    neutral
    hold
    hold
    hold
    hold
    hold
    hold
    neutral
    overweight
    outperform
    reduce
    hold
    overweight
    buy
    hold
    overweight
    neutral
    hold
    sell

    Amt Held
    1'268'224'230
    141'560'629
    33'770'000
    30'880'146
    21'048'243
    16'489'726
    11'633'435
    9'447'002
    8'231'402
    8'028'108
    7'244'584
    7'200'000
    6'428'550
    6'163'468
    5'845'234
    5'815'114
    5'429'859
    5'387'703
    5'175'330
    3'948'044

    % Out
    73.96
    8.26
    1.97
    1.8
    1.23
    0.96
    0.68
    0.55
    0.48
    0.47
    0.42
    0.42
    0.37
    0.36
    0.34
    0.34
    0.32
    0.31
    0.3
    0.23

    Weighting

    Change
    5
    5
    1
    3
    5
    3
    5
    3
    3
    3
    3
    1
    5
    5
    1
    3
    5
    4
    5
    2
    5
    4
    3
    5
    3
    3
    3
    3
    3
    3
    3
    3
    5
    5
    2
    3
    5
    5
    3
    5
    3
    3
    1

    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (1'842'700)
    903'626
    (317'944)
    (247'678)
    (188'682)
    (57'347)
    (23'642)
    8'028'108
    (2'441)
    (789'445)
    126'290
    153'674
    (625'317)
    (537'200)
    53'454

    Target Price
    34
    34
    26
    27
    30
    31
    35
    32
    32
    #N/A N/A
    29
    25
    35
    37
    28
    30
    37
    35
    33
    30
    36
    33
    30
    33
    30
    26
    32
    30
    30
    30
    31
    30
    34
    30
    27
    29
    #N/A N/A
    33
    29
    30
    #N/A N/A
    28
    22

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    28.02.2011
    Other
    31.12.2011
    Other
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.05.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    31.12.2011 Pension Fund (ERISA)
    19.10.2011
    Other
    31.12.2012
    Investment Advisor
    28.09.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012 Mutual Fund Manager

    Date
    12 month
    12 month
    12 month
    12 month
    3 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    6 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    12 month

    Date
    25.02.2013
    25.02.2013
    15.02.2013
    11.02.2013
    11.02.2013
    01.02.2013
    30.01.2013
    30.01.2013
    29.01.2013
    29.01.2013
    29.01.2013
    25.01.2013
    25.01.2013
    25.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    24.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    21.01.2013
    21.01.2013
    21.01.2013
    17.01.2013
    15.01.2013
    06.01.2013
    26.10.2012
    24.09.2012
    06.09.2012
    03.02.2012

    28.02.2013

    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
    3000
    2500
    2000
    1500

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (11.04.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    ULVR LN EQUITY YTD Change
    ULVR LN EQUITY YTD % CHANGE

    12/2012
    12/yy
    2'671.00
    1'993.00
    301'167.00
    2619
    -1.95%
    31.41%
    90.86%
    1'283.5
    77'538.26
    10'221.00
    0.0
    557.0
    2'866.00
    97'585.30

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    500
    0
    f-12 m-12 a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    40'523.0
    1.35x
    6'793.0
    8.04x
    5'027.0
    9.21x

    1000

    31.12.2009
    31.12.2010
    39'823.0
    44'262.0
    1.75x
    1.62x
    6'887.0
    7'620.0
    10.14x
    9.40x
    3'370.0
    4'244.0
    18.57x
    15.17x
    Profitability

    LTM-4Q
    31.12.2011
    46'467.0
    1.77x
    7'921.0
    10.40x
    4'252.0
    17.14x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    51'324.0
    1.76x
    8'261.0
    10.94x
    4'480.0
    18.39x
    8'261.00
    7'062.00
    13.76%
    13.02%
    9.56%
    30.42%
    19.56%
    1.10%
    39.9%
    16.1%
    13.8%
    8.7%
    0.77
    0.46
    22.14%
    67.43%
    14.00
    -

    Price/ Cash Flow

    10.0 M
    9.0 M
    8.0 M
    7.0 M
    6.0 M
    5.0 M
    4.0 M
    3.0 M
    2.0 M
    1.0 M
    .0 M
    f-13

    LTM

    12/yy
    46'467.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    12/yy
    51'324.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    2.90
    0.58
    1'212.16
    33.45%
    11.58%
    0.583
    28
    3.786
    2'356'724
    2'280'724
    2'063'392
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    53'472.9
    56'491.4
    12'678.3
    13'837.2
    1.80x
    1.68x
    8'805.2
    9'418.8
    11.08x
    10.35x
    4'921.2
    5'362.1
    17.88x
    16.52x
    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

    05.10.2000
    A+
    STABLE
    05.10.2000
    A-1
    15.71
    11.63
    0.89
    1.24
    67.4%
    39.4%
    1.10
    5.63
    26.15
    -3.18

    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

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Unilever PLC
    Holdings By:

    All

    Holder Name
    BLACKROCK
    The Leverhulme Trust
    LEGAL & GENERAL
    M&G INVESTMENT MANAG
    NORGES BANK INVESTME
    VANGUARD GROUP INC
    SCOTTISH WIDOWS
    MORGAN STANLEY INVES
    THREADNEEDLE ASSET M
    CAPITAL GROUP COMPAN
    OPPENHEIMERFUNDS INC
    PEOPLES REPUBLIC OF
    MORGAN STANLEY
    OPPENHEIMERFUNDS INC
    FMR LLC
    UBS
    SCHRODER INVESTMENT
    BREWIN DOLPHIN LIMIT
    VANGUARD GROUP INC
    CEDAR ROCK CAPITAL L

    Firm Name

    Portfolio Name
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    AlphaValue
    SOPHIE CABO-BROSETA
    Sanford C. Bernstein & Co
    ANDREW WOOD
    Investec
    MARTIN DEBOO
    Shore Capital Stockbrokers
    DARREN SHIRLEY
    Morgan Stanley
    EILEEN KHOO
    Day by Day
    VALERIE GASTALDY
    Goldman Sachs
    ALEXIS COLOMBO
    Barclays
    IAIN SIMPSON
    HSBC
    CEDRIC BESNARD
    EVA Dimensions
    AUSTIN BURKETT
    JPMorgan
    CELINE PANNUTI
    Berenberg Bank
    JAMES TARGETT
    Deutsche Bank
    HAROLD THOMPSON
    Credit Suisse
    CHARLES MILLS
    Jefferies
    ALEX HOWSON
    S&P Capital IQ
    CARL SHORT
    Oriel Securities Ltd
    CHRIS WICKHAM
    Panmure Gordon & Co Limited
    GRAHAM JONES
    Exane BNP Paribas
    JEFF STENT
    RBC Capital Markets
    JAMES EDWARDES JONES
    Redburn Partners
    JEREMY FIALKO
    Espirito Santo Investment Bank Research
    ALEX SMITH
    Mirabaud Securities
    JULIAN LAKIN
    Nord/LB
    WOLFGANG VASTERLING
    Liberum Capital Ltd
    PABLO ZUANIC
    Nomura
    DAVID HAYES

    Source
    ULT-AGG
    REG
    ULT-AGG
    REG
    REG
    MF-AGG
    ULT-AGG
    REG
    REG
    ULT-AGG
    REG
    REG
    ULT-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    REG
    REG
    REG
    REG

    Recommendation
    sell
    outperform
    buy
    buy
    Equalwt/In-Line
    buy
    Buy/Neutral
    overweight
    overweight
    overweight
    overweight
    buy
    hold
    neutral
    buy
    hold
    hold
    buy
    neutral
    underperform
    neutral
    neutral
    hold
    hold
    buy
    reduce

    Amt Held
    74'570'243
    70'566'764
    43'844'579
    33'695'100
    29'379'103
    27'329'696
    23'502'768
    20'988'391
    18'808'791
    18'578'700
    17'496'650
    17'373'510
    17'029'358
    16'974'653
    15'910'328
    15'205'740
    14'967'376
    14'171'028
    14'055'878
    13'353'349

    % Out
    5.81
    5.5
    3.42
    2.63
    2.29
    2.13
    1.83
    1.64
    1.47
    1.45
    1.36
    1.35
    1.33
    1.32
    1.24
    1.18
    1.17
    1.1
    1.1
    1.04

    Weighting

    Change
    1
    5
    5
    5
    3
    5
    5
    5
    5
    5
    5
    5
    3
    3
    5
    3
    3
    5
    3
    1
    3
    3
    3
    3
    5
    2

    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

    Latest Chg
    (19'403)
    521'877
    82'924
    7'368'008
    7'492'327
    938'955
    7'437'850
    313'701
    4'229'196
    4'937'225
    464'019
    1'467'294
    (1'476'109)
    (1'475'510)
    (201'301)
    931'645
    (229'486)

    Target Price
    2'364
    2'700
    2'900
    #N/A N/A
    2'200
    2'740
    3'100
    2'900
    2'940
    #N/A N/A
    2'850
    2'800
    2'520
    2'400
    2'460
    2'600
    2'320
    2'600
    2'500
    1'900
    #N/A N/A
    2'280
    2'200
    #N/A N/A
    3'000
    1'870

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    26.02.2013
    02.01.2013
    02.01.2013
    02.01.2013
    02.01.2013
    31.12.2012
    02.01.2013
    02.01.2013
    02.01.2013
    02.01.2013
    02.01.2013
    02.01.2013
    31.12.2012
    30.12.2012
    02.01.2013
    02.01.2013
    02.01.2013
    02.01.2013
    02.01.2013
    02.01.2013

    Date
    6 month
    12 month
    12 month
    Not Provided
    12 month
    3 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    9 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided

    Inst Type
    Investment Advisor
    Unclassified
    Unclassified
    Investment Advisor
    Government
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Government
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    25.02.2013
    20.02.2013
    12.02.2013
    11.02.2013
    11.02.2013
    07.02.2013
    31.01.2013
    30.01.2013
    29.01.2013
    28.01.2013
    25.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    23.01.2013
    10.10.2012
    24.09.2012
    14.09.2012
    06.09.2012
    03.07.2012
    12.06.2012
    17.01.2012

    28.02.2013

    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
    800

    25.0 M

    700

    20.0 M

    600
    500

    Latest Fiscal Year:


    LTM as of:
    52-Week High (14.08.2012)
    52-Week Low (12.04.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 02.01.2013
    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

    03/2012
    01/yy
    816.00
    590.00
    232'455.00
    737
    -9.68%
    24.92%
    64.60%
    681.9
    5'025.52
    5'855.20
    0.0
    0.0
    321.20
    10'852.32

    31.03.2008
    2'362.9
    3.78x
    905.7
    9.87x
    909.2
    14.60x

    10.0 M

    300
    200

    5.0 M

    100
    0
    f-12 m-12 a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    .0 M
    f-13

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    15.0 M

    400

    Valuation Analysis

    31.03.2009
    31.03.2010
    2'427.2
    1'573.1
    3.57x
    5.71x
    998.8
    1'105.7
    8.69x
    8.13x
    179.1
    403.5
    18.25x
    10.98x
    Profitability

    31.03.2011
    1'513.3
    6.01x
    899.6
    10.10x
    458.2
    11.38x

    31.03.2012
    1'564.9
    6.16x
    900.0
    10.71x
    316.5
    13.16x

    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

    900.00
    602.20
    38.48%
    17.92%
    3.30%
    18.54%
    0.16%
    56.7%
    37.2%
    20.2%
    1.09
    0.76
    58.37%
    331.81%
    -

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    4.45
    0.63
    661.17
    26.51%
    9.43%
    0.629
    18
    3.167
    1'858'217
    2'795'405
    2'755'093
    FY+2

    03/13 Y
    03/14 Y
    1'643.6
    1'700.2
    6.43x
    6.37x
    964.3
    1'008.2
    11.25x
    10.76x
    293.8
    308.5
    18.24x
    17.02x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    28.01.2010
    A-3
    2.85
    1.26
    6.44
    6.61
    331.8%
    76.8%
    0.16
    0.19
    -

    Sales/Revenue/Turnover

    10.00

    3'000.0

    9.00

    2'500.0

    8.00
    7.00

    2'000.0

    6.00

    1'500.0

    5.00
    4.00

    1'000.0

    3.00
    2.00

    500.0

    1.00
    0.00
    03.04.2009

    0.0
    03.10.2009

    03.04.2010

    03.10.2010

    03.04.2011

    03.10.2011

    03.04.2012

    03.10.2012

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    United Utilities Group PLC


    Holdings By:

    All

    Holder Name
    BLACKROCK
    PICTET ASSET MANAGEM
    LEGAL & GENERAL
    M&G INVESTMENT MANAG
    NORGES BANK INVESTME
    NOMURA
    FRANKLIN RESOURCES
    BANK OF NEW YORK MEL
    VANGUARD GROUP INC
    NEWTON INV MGMT
    BARCLAYS PERSONAL IN
    STANDARD LIFE INVEST
    SCOTTISH WIDOWS
    EPOCH INVESTMENT PAR
    TD WATERHOUSE GROUP
    PEOPLES REPUBLIC OF
    HARGREAVES LANSDOWN
    AXA INVESTMENT MANAG
    CO-OPERATIVE INSURAN
    VANGUARD GROUP INC

    Firm Name
    RBC Capital Markets
    Nomura
    AlphaValue
    JPMorgan
    Goldman Sachs
    Exane BNP Paribas
    S&P Capital IQ
    HSBC
    Barclays
    EVA Dimensions
    Societe Generale
    Day by Day
    Credit Suisse
    Morgan Stanley
    Deutsche Bank

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    JOHN MUSK
    JONATHAN CONSTABLE
    MYRIAM COHEN
    EDMUND REID
    ANDREW MEAD
    IAIN TURNER
    CLIVE ROBERTS
    VERITY MITCHELL
    HARRY WYBURD
    AUSTIN BURKETT
    ASHLEY THOMAS
    VALERIE GASTALDY
    GUY MACKENZIE
    BOBBY CHADA
    JAMES BRAND

    Source
    ULT-AGG
    Co File
    ULT-AGG
    REG
    REG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    REG
    REG
    REG
    ULT-AGG
    REG
    REG
    REG
    REG
    REG
    REG
    REG

    Recommendation
    outperform
    neutral
    reduce
    neutral
    neutral/attractive
    neutral
    sell
    neutral
    equalweight
    sell
    buy
    hold
    underperform
    Overwt/In-Line
    buy

    Amt Held
    34'976'790
    34'090'439
    25'417'099
    21'148'243
    20'495'921
    16'048'587
    14'000'000
    13'381'200
    12'605'407
    12'112'597
    10'780'410
    10'763'202
    10'653'109
    10'464'744
    9'861'003
    8'614'636
    7'984'072
    7'974'775
    7'613'884
    7'470'989

    % Out
    5.13
    5
    3.73
    3.1
    3.01
    2.35
    2.05
    1.96
    1.85
    1.78
    1.58
    1.58
    1.56
    1.53
    1.45
    1.26
    1.17
    1.17
    1.12
    1.1

    Weighting

    Change
    5
    3
    2
    3
    3
    3
    1
    3
    3
    1
    5
    3
    1
    5
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    585'034
    188'493
    2'341'984
    2'009'113
    8'287'383
    (4'285'114)
    7'365'597
    677'916
    (1'644'175)
    3'592'473
    4'081'154
    248'244
    (556'329)
    527'792
    (277'460)
    822'884
    24'089

    Target Price
    790
    765
    749
    720
    829
    740
    603
    770
    700
    #N/A N/A
    779
    #N/A N/A
    610
    700
    770

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    26.02.2013
    Investment Advisor
    23.05.2012
    Investment Advisor
    01.01.2013
    Unclassified
    01.01.2013
    Investment Advisor
    01.01.2013
    Government
    01.01.2013
    Unclassified
    01.01.2013
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    01.01.2013 Mutual Fund Manager
    01.01.2013
    Investment Advisor
    01.01.2013
    Investment Advisor
    01.01.2013
    Unclassified
    01.01.2013 Hedge Fund Manager
    01.01.2013
    Investment Advisor
    01.01.2013
    Government
    01.01.2013
    Investment Advisor
    01.01.2013
    Investment Advisor
    01.01.2013
    Insurance Company
    01.01.2013
    Investment Advisor

    Date
    12 month
    Not Provided
    6 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month

    Date
    26.02.2013
    21.02.2013
    21.02.2013
    13.02.2013
    08.02.2013
    08.02.2013
    30.01.2013
    25.01.2013
    25.01.2013
    17.01.2013
    15.01.2013
    20.12.2012
    13.12.2012
    04.09.2012
    11.05.2012

    28.02.2013

    Vinci SA
    Vinci SA builds roads, offers electrical, mechanical, and civil engineering and
    construction services, and operates toll roads. The Company builds and
    maintains roads and produces road construction materials, builds electricity
    and communications networks, installs fire protection and power and ventilation
    systems, and operates toll highways, bridges, parking garages, and a stadium.

    Price/Volume
    45
    40
    35
    30
    25
    20

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (16.03.2012)
    52-Week Low (01.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 04.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    DG FP EQUITY YTD Change
    DG FP EQUITY YTD % CHANGE

    12/2012
    09/yy
    40.85
    31.23
    317'854.00
    35.65
    -12.69%
    14.15%
    45.45%
    577.3
    20'582.43
    20'193.80
    0.0
    735.4
    6'516.10
    34'995.53

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    10
    5
    0
    f-12 m-12 a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data

    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    33'930.3
    0.90x
    5'009.2
    6.09x
    1'591.4
    8.85x

    15

    10.0 M
    9.0 M
    8.0 M
    7.0 M
    6.0 M
    5.0 M
    4.0 M
    3.0 M
    2.0 M
    1.0 M
    .0 M
    f-13

    31.12.2009
    31.12.2010
    31'177.7
    34'002.8
    1.09x
    1.07x
    4'813.1
    5'165.6
    7.03x
    7.01x
    1'596.0
    1'775.9
    12.07x
    12.14x
    Profitability

    LTM-4Q
    31.12.2011
    37'646.1
    0.86x
    5'445.9
    5.93x
    1'904.3
    9.59x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    39'183.2
    0.86x
    5'507.8
    6.12x
    1'916.7
    10.07x
    5'507.80
    3'568.90
    9.11%
    7.64%
    3.14%
    14.62%
    7.32%
    0.63%
    14.1%
    9.3%
    4.9%
    0.87
    0.46
    32.79%
    151.44%
    6.49
    -

    Price/ Cash Flow

    LTM

    09/yy
    33'699.5
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    09/yy
    37'494.5
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    3.09
    1.10
    504.12
    -3.79%
    -0.86%
    1.100
    31
    4.323
    2'202'170
    1'676'025
    1'546'418
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    12/12 Q4 03/13 Q1
    38'950.1
    39'785.2
    10'174.8
    0.87x
    0.82x
    5'537.3
    5'692.7
    6.33x
    6.15x
    1'934.0
    2'022.1
    10.15x
    9.72x
    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

    29.03.2007
    BBB+
    STABLE
    24.04.2001
    A-2
    7.58
    4.83
    2.51
    3.70
    151.4%
    58.9%
    0.63
    8.40
    56.37
    -

    Sales/Revenue/Turnover

    8.00

    45'000.0

    7.00

    40'000.0

    6.00

    35'000.0
    30'000.0

    5.00

    25'000.0
    4.00

    20'000.0

    3.00

    15'000.0

    2.00

    10'000.0

    1.00

    5'000.0

    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Vinci SA
    Holdings By:

    All

    Holder Name
    VINCI SA
    COMET LUXEMBOURG HLD
    CAPITAL GROUP COMPAN
    VANGUARD GROUP INC
    ARTEMIS SA
    FRANKLIN RESOURCES
    NATIXIS ASSET MANAGE
    AMUNDI
    BLACKROCK
    FMR LLC
    AVIVA PLC
    PICTET ASSET MANAGEM
    LBPAM
    ALLIANZ ASSET MANAGE
    COHEN & STEERS CAPIT
    DEUTSCHE BANK AG
    MERCURY ASSET MANAGE
    UNION INVESTMENT LUX
    DNCA FINANCE
    COMMONWEALTH BANK OF

    Firm Name
    BPI
    Bryan Garnier & Cie
    EVA Dimensions
    AlphaValue
    Aurel - BGC
    Banco Sabadell
    Day by Day
    Raymond James
    Societe Generale
    Hamburger Sparkasse
    Natixis
    HSBC
    Independent Research GmbH
    CM - CIC Securities(ESN)
    Ahorro Corporacion Financiera SA
    S&P Capital IQ
    Exane BNP Paribas
    Deutsche Bank
    RBC Capital Markets
    Barclays
    Morgan Stanley
    Goldman Sachs
    CA Cheuvreux
    JPMorgan
    DZ Bank AG
    Landesbank Baden-Wuerttemberg
    Oddo & Cie
    Kepler Capital Markets
    Nord/LB
    National Bank AG

    Portfolio Name
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    Source
    Research
    Research
    ULT-AGG
    MF-AGG
    Research
    ULT-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation

    FILIPE MARTINS LEITE


    SVEN EDELFELT
    CRAIG STERLING
    GAETAN DUPONT
    ERIC LEMARIE
    MARIA CEBOLLERO
    VALERIE GASTALDY
    ARNAUD PALLIEZ
    MURIEL FELLOUS
    INGO SCHMIDT
    GREGOIRE THIBAULT
    PIERRE BOSSET
    CHRISTOPH SCHOENDUBE
    JEAN-CHRISTOPHE LEFEVRE-MOULENQ
    VIRGINIA PEREZ REPES
    JAWAHAR HINGORANI
    NICOLAS MORA
    LUIS PRIETO
    OLIVIA PETERS
    SUSANNA INVERNIZZI
    JAIME ROWBOTHAM
    WILL MORGAN
    NABIL AHMED
    ELODIE RALL
    MARC NETTELBECK
    HANS-PETER KUHLMANN
    OLIVIER BECKER
    JOSEP PUJAL
    HEINO HAMMANN
    STEFFEN MANSKE

    accumulate
    buy
    underweight
    buy
    hold
    buy
    hold
    outperform
    buy
    buy
    buy
    neutral
    hold
    buy
    strong buy
    strong buy
    neutral
    buy
    sector perform
    overweight
    Overwt/In-Line
    Buy/Neutral
    outperform
    overweight
    buy
    hold
    buy
    buy
    buy
    hold

    Amt Held
    40'940'297
    31'714'315
    13'142'000
    9'091'318
    8'072'735
    7'751'826
    7'426'360
    5'182'624
    5'132'665
    4'648'541
    2'633'758
    2'141'244
    1'945'486
    1'697'463
    1'663'965
    1'622'179
    1'566'679
    1'457'470
    1'325'000
    1'235'358

    % Out
    7.09
    5.49
    2.28
    1.57
    1.4
    1.34
    1.29
    0.9
    0.89
    0.81
    0.46
    0.37
    0.34
    0.29
    0.29
    0.28
    0.27
    0.25
    0.23
    0.21

    Weighting

    Change
    4
    5
    1
    5
    3
    5
    3
    5
    5
    5
    5
    3
    3
    5
    5
    5
    3
    5
    3
    5
    5
    5
    5
    5
    5
    3
    5
    5
    5
    3

    M
    M
    U
    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
    D

    Latest Chg
    2'679'200
    176'206
    194'046
    (349'909)
    (53'325)
    (461'536)
    997'150
    (491)
    (84'252)
    19'058
    (92'463)
    133'200
    (25'511)
    53'000
    (180'000)
    106'285

    Target Price
    48
    45
    #N/A N/A
    51
    37
    43
    #N/A N/A
    45
    48
    #N/A N/A
    48
    40
    40
    44
    45
    45
    41
    47
    40
    45
    42
    46
    43
    49
    41
    37
    49
    50
    #N/A N/A
    43

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    31.12.2012
    Corporation
    31.12.2012
    Corporation
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Holding Company
    31.12.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    30.11.2012 Mutual Fund Manager
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    30.11.2012
    Investment Advisor
    31.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    28.09.2012
    Investment Advisor
    28.09.2012
    Investment Advisor
    30.11.2012
    Bank

    Date
    Not Provided
    6 month
    Not Provided
    6 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    6 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided

    Date
    25.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    20.02.2013
    15.02.2013
    15.02.2013
    13.02.2013
    11.02.2013
    11.02.2013
    07.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    01.02.2013
    30.01.2013
    29.01.2013
    23.01.2013
    15.01.2013
    14.01.2013
    21.11.2012
    17.09.2012
    17.09.2012
    01.08.2012
    01.08.2012
    01.08.2012
    14.06.2012
    27.07.2011

    28.02.2013

    Vivendi SA
    Vivendi, through its subsidiaries, conducts operations ranging from music, games
    and television to film and telecommunications. The Company provides digital and
    pay television services, sells music compact discs (CDs), develops and
    distributes interactive entertainment, and operates mobile and fixed-line
    telecommunications.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (28.12.2012)
    52-Week Low (19.04.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.01.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    VIV FP EQUITY YTD Change
    VIV FP EQUITY YTD % CHANGE

    12/2012
    12/yy
    17.44
    12.01
    713'136.00
    16.005
    -8.23%
    33.21%
    75.56%
    1'324.0
    21'190.02
    17'757.00
    0.0
    2'971.0
    3'894.00
    38'024.02

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    35.0 M
    30.0 M
    25.0 M
    20.0 M
    15.0 M
    10.0 M
    5.0 M
    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    25'392.0
    1.55x
    6'774.0
    5.82x
    2'603.0
    10.43x

    20
    18
    16
    14
    12
    10
    8
    6
    4
    2
    0
    f-12 m-12

    31.12.2009
    31.12.2010
    27'132.0
    28'878.0
    1.44x
    1.29x
    7'682.0
    8'020.0
    5.07x
    4.64x
    830.0
    2'198.0
    30.14x
    11.35x
    Profitability

    LTM-4Q
    31.12.2011
    28'813.0
    1.24x
    8'847.0
    4.03x
    2'681.0
    7.83x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    28'994.0
    1.35x
    4'477.0
    8.77x
    164.0
    130.38x
    4'477.00
    3'230.00
    11.14%
    7.27%
    0.28%
    0.87%
    6.63%
    0.50%
    50.5%
    22.5%
    11.6%
    0.6%
    0.69
    0.19
    29.84%
    96.17%
    18.62

    Price/ Cash Flow

    LTM

    12/yy
    28'813.0
    5.00x
    9'585.0
    3.72x
    2'681.0
    7.83x

    12/yy
    28'994.0
    4.98x
    6'531.0
    6.01x
    164.0
    118.88x

    FY+1

    .0 M
    f-13

    0.83
    1'147.24
    10.49%
    -5.58%
    0.829
    35
    4.029
    6'432'485
    4'068'563
    3'785'556
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    28'781.9
    29'176.1
    6'974.0
    6'515.0
    1.28x
    1.23x
    7'858.2
    8'059.4
    4.84x
    4.72x
    2'303.0
    2'435.8
    8.59x
    8.09x
    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

    26.10.2012
    BBB
    NEG
    26.10.2012
    A-2
    16.72
    10.36
    2.12
    2.72
    96.2%
    45.3%
    0.50
    3.06
    19.66
    360.74
    -282.51

    Sales/Revenue/Turnover

    4.00

    70'000.0

    3.50

    60'000.0

    3.00

    50'000.0

    2.50

    40'000.0

    2.00

    30'000.0
    1.50

    20'000.0

    1.00

    10'000.0

    0.50
    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Vivendi SA
    Holdings By:

    All

    Holder Name
    BLACKROCK
    CIE DE CORNOUAILLE S
    SOCIETE GENERALE
    AMUNDI
    NATIXIS ASSET MANAGE
    CAISSE DES DEPOTS ET
    PEG VIVENDI
    BAUPOST GROUP LLC
    NORGES BANK INVESTME
    QATAR HOLDINGS LLC
    FRANKLIN RESOURCES
    VANGUARD GROUP INC
    AMUNDI
    NATIXIS ASSET MANAGE
    BANK OF AMERICA CORP
    FMR LLC
    UBS
    CREDIT SUISSE SECURI
    GROUPE BOLLORE
    HSBC HOLDINGS PLC

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a

    Analyst

    Sanford C. Bernstein & Co


    CLAUDIO ASPESI
    Societe Generale
    CHRISTOPHE CHERBLANC
    CA Cheuvreux
    ANDREA BENEVENTI
    Nomura
    MATTHEW WALKER
    S&P Capital IQ
    ALEXANDER WISCH
    Exane BNP Paribas
    CHARLES BEDOUELLE
    Barclays
    JULIEN ROCH
    Goldman Sachs
    RICHARD JONES
    Jefferies
    WILL SMITH
    Independent Research GmbH
    LARS LUSEBRINK
    CM - CIC Securities(ESN)
    ERIC RAVARY
    Oddo & Cie
    BRUNO HARENG
    Kepler Capital Markets
    CONOR O'SHEA
    New Street Research
    RUSSELL WALLER
    JPMorgan
    FILIPPO PIETRO LO FRANCO
    AlphaValue
    JEAN-MICHEL SALVADOR
    Credit Suisse
    OMAR SHEIKH
    Banco Sabadell
    ANDRES BOLUMBURU
    Macquarie
    ANGUS TWEEDIE
    Day by Day
    VALERIE GASTALDY
    HSBC
    NICOLAS COTE-COLISSON
    Grupo Santander
    CARLOS JAVIER TREVINO
    EVA Dimensions
    ANDREW S ZAMFOTIS
    Morgan Stanley
    PATRICK WELLINGTON
    Espirito Santo Investment Bank Research
    WILL DRAPER
    Liberum Capital Ltd
    IAN WHITTAKER
    Raymond James
    STEPHANE BEYAZIAN
    Landesbank Baden-Wuerttemberg
    MIRKO MAIER
    Natixis
    JEROME BODIN
    National Bank AG
    STEFFEN MANSKE
    Hamburger Sparkasse
    ANNEMARIE SCHLUETER
    Deutsche Bank
    PATRICK KIRBY
    DZ Bank AG
    HARALD HEIDER

    Source
    ULT-AGG
    Research
    Research
    Research
    Research
    Co File
    Co File
    Co File
    Co File
    Co File
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    Co File
    ULT-AGG
    ULT-AGG
    Co File
    Co File
    Co File

    Recommendation
    market perform
    buy
    outperform
    buy
    strong buy
    neutral
    overweight
    neutral/neutral
    buy
    hold
    hold
    buy
    buy
    neutral
    overweight
    buy
    outperform
    buy
    outperform
    hold
    neutral
    buy
    overweight
    Equalwt/Attractive
    buy
    buy
    outperform
    hold
    buy
    sell
    hold
    hold
    buy

    Amt Held
    79'112'687
    66'174'684
    62'157'815
    57'756'435
    57'389'860
    48'191'364
    33'192'445
    26'349'991
    25'862'423
    25'789'649
    24'281'481
    23'528'321
    22'982'134
    22'217'556
    19'320'712
    19'020'187
    18'735'055
    17'995'960
    14'021'059
    13'811'784

    % Out
    5.98
    5
    4.69
    4.36
    4.33
    3.64
    2.51
    1.99
    1.95
    1.95
    1.83
    1.78
    1.74
    1.68
    1.46
    1.44
    1.42
    1.36
    1.06
    1.04

    Weighting

    Change
    3
    5
    5
    5
    5
    3
    5
    3
    5
    3
    3
    5
    5
    3
    5
    5
    5
    5
    5
    3
    3
    5
    5
    3
    5
    5
    5
    3
    5
    1
    3
    3
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    M
    U
    D
    M
    D
    D
    M
    M

    Latest Chg
    35'583
    (36'465'062)
    (5'812'102)
    29'924'444
    244'439
    673'572
    (76'393)
    1'009'420
    203'260
    312'743
    -

    Target Price
    18
    17
    17
    18
    18
    19
    18
    18
    19
    17
    17
    19
    19
    17
    20
    24
    19
    18
    17
    #N/A N/A
    18
    22
    #N/A N/A
    17
    18
    20
    19
    17
    22
    16
    #N/A N/A
    16
    23

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    26.02.2013
    Investment Advisor
    14.11.2012
    Unclassified
    30.04.2012
    Bank
    14.05.2012
    Investment Advisor
    10.05.2012
    Investment Advisor
    31.12.2011
    Government
    31.12.2011
    Other
    31.12.2011 Hedge Fund Manager
    31.12.2011
    Government
    31.12.2011
    Government
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.11.2012 Mutual Fund Manager
    31.12.2012 Mutual Fund Manager
    31.12.2011
    Investment Advisor
    31.12.2012
    Investment Advisor
    28.12.2012
    Unclassified
    31.12.2011
    Investment Advisor
    31.12.2011
    Holding Company
    31.12.2011
    Investment Advisor

    Date
    12 month
    12 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    9 month
    6 month
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    21.02.2013
    15.02.2013
    15.02.2013
    05.02.2013
    05.02.2013
    31.01.2013
    23.01.2013
    17.01.2013
    08.01.2013
    15.11.2012
    24.10.2012
    22.10.2012
    15.10.2012
    21.09.2012
    04.04.2012
    08.03.2012
    01.03.2012
    06.12.2011

    28.02.2013

    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

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (14.08.2012)
    52-Week Low (31.12.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    VOD LN EQUITY YTD Change
    VOD LN EQUITY YTD % CHANGE

    03/2012
    12/yy
    191.75
    154.20
    16'076'617.00
    164.9
    -14.03%
    6.94%
    29.03%
    48'934.8
    80'693.39
    34'620.00
    0.0
    1'267.0
    8'461.00
    109'638.39

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    300.0 M
    250.0 M
    200.0 M
    150.0 M
    100.0 M
    50.0 M

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    .0 M
    f-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.03.2008
    35'478.0
    2.93x
    13'123.0
    7.93x
    6'660.0
    12.01x

    200
    180
    160
    140
    120
    100
    80
    60
    40
    20
    0
    f-12 m-12 a-12 m-12

    31.03.2009
    31.03.2010
    41'017.0
    44'472.0
    2.36x
    2.54x
    14'520.0
    14'820.0
    6.67x
    7.62x
    3'078.0
    8'645.0
    21.03x
    9.25x
    Profitability

    LTM-4Q
    31.03.2011
    45'884.0
    2.67x
    14'668.0
    8.34x
    7'968.0
    11.61x

    31.03.2012
    46'417.0
    2.43x
    18'214.0
    6.20x
    6'957.0
    12.54x

    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

    18'214.00
    10'355.00
    22.31%
    20.57%
    -1.22%
    -2.22%
    -3.70%
    0.32%
    32.0%
    31.1%
    14.3%
    15.0%
    0.83
    0.51
    24.80%
    45.00%
    3.76
    53.11

    Price/ Cash Flow

    LTM

    12/yy
    46'525.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    12/yy
    44'447.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    5.91
    0.68
    48'908.93
    3.18%
    6.77%
    0.678
    33
    3.879
    #########
    #########
    95'358'460
    FY+2

    FQ+1

    FQ+2

    03/13 Y
    03/14 Y
    03/13 Q4 06/13 Q1
    44'393.5
    45'197.5
    2.44x
    2.38x
    13'210.1
    13'303.9
    8.30x
    8.24x
    7'216.4
    7'718.7
    11.29x
    10.18x
    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

    30.05.2006
    ASTABLE
    30.05.2006
    A-2
    9.43
    6.96
    2.01
    2.55
    45.0%
    30.7%
    0.32
    2.41
    97.36
    6.89
    -14.42

    Sales/Revenue/Turnover

    7.00

    50'000.0
    45'000.0

    6.00

    40'000.0
    5.00

    35'000.0
    30'000.0

    4.00

    25'000.0
    3.00

    20'000.0
    15'000.0

    2.00

    10'000.0
    1.00
    0.00
    03.04.2009

    5'000.0
    0.0
    03.10.2009

    03.04.2010

    03.10.2010

    03.04.2011

    03.10.2011

    03.04.2012

    03.10.2012

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Vodafone Group PLC


    Holdings By:

    All

    Holder Name
    BLACKROCK
    LEGAL & GENERAL
    FRANKLIN RESOURCES
    SCOTTISH WIDOWS
    NORGES BANK INVESTME
    FMR LLC
    VANGUARD GROUP INC
    UBS
    ABERDEEN
    CAPITAL GROUP COMPAN
    PEOPLES REPUBLIC OF
    MASSACHUSETTS FINANC
    STANDARD LIFE INVEST
    VANGUARD GROUP INC
    STATE STREET
    M&G INVESTMENT MANAG
    JP MORGAN
    DODGE & COX
    DODGE & COX
    INVESCO LTD

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    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
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    AlphaValue
    JEAN-MICHEL SALVADOR
    Sanford C. Bernstein & Co
    ROBIN BIENENSTOCK
    JPMorgan
    AKHIL DATTANI
    Berenberg Bank
    PAUL ANDREW MARSCH
    Barclays
    MAURICE PATRICK
    Jefferies
    JEREMY A DELLIS
    Espirito Santo Investment Bank Research
    WILL DRAPER
    Exane BNP Paribas
    ANTOINE PRADAYROL
    Oddo & Cie
    VINCENT MAULAY
    Banca Akros(ESN)
    ANDREA DEVITA
    Nomura
    JAMES BRITTON
    Oriel Securities Ltd
    JOHN KARIDIS
    Credit Suisse
    JUSTIN FUNNELL
    Hamburger Sparkasse
    TINA HECKING-VELTMAN
    Deutsche Bank
    DAVID A WRIGHT
    Macquarie
    GUY R PEDDY
    Grupo Santander
    JOHN DAVIES
    Societe Generale
    OTTAVIO ADORISIO
    Goldman Sachs
    TIMOTHY BODDY
    Independent Research GmbH
    MARKUS FRIEBEL
    National Bank AG
    MANFRED JAISFELD
    S&P Capital IQ
    JAMES CRAWSHAW
    New Street Research
    JAMES RATZER
    Morgan Stanley
    NICK DELFAS
    Day by Day
    VALERIE GASTALDY
    Liberum Capital Ltd
    LAWRENCE SUGARMAN
    EVA Dimensions
    ANDREW S ZAMFOTIS
    HSBC
    STEPHEN HOWARD
    Natixis
    BENOIT MAYNARD
    Landesbank Baden-Wuerttemberg
    RALPH SZYMCZAK
    DZ Bank AG
    JOERI SELS
    Northland Capital Partners Ltd
    DAVID JOHNSON

    Source
    ULT-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    REG
    ULT-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    REG
    REG
    REG
    REG
    ULT-AGG
    REG
    ULT-AGG
    REG
    MF-AGG
    REG

    Recommendation
    add
    underperform
    overweight
    hold
    overweight
    hold
    buy
    underperform
    buy
    hold
    neutral
    buy
    outperform
    hold
    hold
    outperform
    buy
    sell
    Buy/Neutral
    sell
    buy
    buy
    buy
    Overwt/In-Line
    buy
    buy
    buy
    overweight
    neutral
    sell
    buy
    not rated

    Amt Held
    3'213'888'547
    1'840'749'892
    1'617'376'657
    1'308'057'080
    1'168'679'699
    1'118'656'840
    1'014'873'623
    907'329'162
    835'948'614
    785'130'474
    619'899'347
    557'175'102
    526'399'681
    517'367'935
    515'101'502
    508'998'599
    467'494'340
    413'470'000
    409'583'000
    387'646'663

    % Out
    6.57
    3.76
    3.31
    2.67
    2.39
    2.29
    2.07
    1.85
    1.71
    1.6
    1.27
    1.14
    1.08
    1.06
    1.05
    1.04
    0.96
    0.84
    0.84
    0.79

    Weighting

    Change

    4
    1
    5
    3
    5
    3
    5
    1
    5
    3
    3
    5
    5
    3
    3
    5
    5
    1
    5
    1
    5
    5
    5
    5
    5
    5
    5
    5
    3
    1
    5
    #N/A N/A

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (25'141'828)
    (40'318'864)
    141'890'605
    (11'916'154)
    (188'657'981)
    72'066'899
    106'653'335
    17'653'065
    100'485'000
    99'016'155
    (39'924'984)
    (24'829'446)
    44'104'574
    (15'293'137)
    (96'292'120)
    (59'478'393)
    15'508'600
    2'613'000
    (365'214'247)

    Target Price
    191
    135
    220
    185
    200
    155
    200
    170
    200
    184
    195
    225
    180
    #N/A N/A
    173
    195
    200
    100
    200
    150
    200
    190
    245
    205
    188
    210
    #N/A N/A
    205
    190
    135
    190
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    26.02.2013
    03.12.2012
    31.12.2012
    03.12.2012
    03.12.2012
    31.12.2012
    31.12.2012
    28.12.2012
    31.01.2013
    31.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    03.12.2012
    27.02.2013
    03.12.2012
    31.12.2012
    03.12.2012
    29.01.2013
    03.12.2012

    Date
    6 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    3 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided

    Inst Type
    Investment Advisor
    Unclassified
    Investment Advisor
    Unclassified
    Government
    Investment Advisor
    Investment Advisor
    Unclassified
    Unclassified
    Investment Advisor
    Government
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    26.02.2013
    21.02.2013
    21.02.2013
    20.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    14.02.2013
    12.02.2013
    11.02.2013
    08.02.2013
    08.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    29.01.2013
    28.01.2013
    18.01.2013
    17.01.2013
    07.12.2012
    02.10.2012
    20.07.2012
    08.11.2011
    13.04.2010

    28.02.2013

    Volkswagen AG
    Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks,
    and commercial vehicles for sale worldwide. The Company produces the Passat,
    Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi,
    Seat and Skoda, which manufacture and sell cars in Spain and in southern and
    eastern Europe, and Lamborghini, which makes sports cars in Italy.

    Price/Volume

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (28.01.2013)
    52-Week Low (26.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    VOW3 GY EQUITY YTD Change
    VOW3 GY EQUITY YTD % CHANGE

    12/2011
    12/yy
    187.40
    115.95
    308'507.00
    167
    -10.89%
    44.03%
    71.38%
    170.1
    74'833.73
    93'533.00
    0.0
    5'815.0
    24'437.00
    170'051.73

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    4.5 M
    4.0 M
    3.5 M
    3.0 M
    2.5 M
    2.0 M
    1.5 M
    1.0 M
    .5 M
    a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    113'808.0
    1.22x
    14'854.0
    9.34x
    4'753.0
    20.97x

    200
    180
    160
    140
    120
    100
    80
    60
    40
    20
    0
    f-12 m-12

    31.12.2009
    31.12.2010
    105'187.0
    126'875.0
    0.97x
    0.83x
    10'896.0
    16'659.0
    9.35x
    6.29x
    960.0
    6'835.0
    32.35x
    6.98x
    Profitability

    LTM-4Q
    31.12.2011
    159'337.0
    0.77x
    21'365.0
    5.76x
    15'409.0
    3.13x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    192'676.0
    21'717.0
    3.51x
    21'365.00
    11'032.00
    6.92%
    11.88%
    8.24%
    33.69%
    0.70%
    17.6%
    12.5%
    5.8%
    11.3%
    1.01
    0.33
    36.88%
    162.56%
    5.71

    Price/ Cash Flow

    LTM

    FY+1

    .0 M
    f-13

    1.15
    143.79
    21.89%
    -2.99%
    1.155
    39
    4.564
    1'852'924
    895'230
    834'907
    FY+2

    FQ+1

    FQ+2

    12/yy
    12/yy
    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    159'337.0 192'676.0 204'343.2 214'664.0
    54'027.0
    53'617.0
    2.87x
    2.22x
    0.36x
    0.33x
    1.34x
    1.35x
    21'365.0
    18'207.0
    24'443.1
    27'016.9
    4'387.0
    4'225.0
    5.76x
    0.00x
    6.96x
    6.29x
    15'409.0
    21'717.0
    10'445.6
    12'134.3
    2'360.0
    2'247.0
    3.13x
    3.51x
    7.29x
    6.41x
    S&P Issuer Ratings
    Long-Term Rating Date
    31.08.2009
    Long-Term Rating
    ALong-Term Outlook
    POS
    Short-Term Rating Date
    15.06.2004
    Short-Term Rating
    A-2
    Credit Ratios
    EBITDA/Interest Exp.
    18.64
    (EBITDA-Capex)/Interest Exp.
    11.59
    Net Debt/EBITDA
    3.89
    Total Debt/EBITDA
    4.98
    Reference
    Total Debt/Equity
    162.6%
    Total Debt/Capital
    59.6%
    Asset Turnover
    0.70
    Net Fixed Asset Turnover
    3.85
    Accounts receivable turnover-days
    Inventory Days
    64.15
    Accounts Payable Turnover Day
    36.84
    Cash Conversion Cycle
    45.36
    Sales/Revenue/Turnover

    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

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Volkswagen AG
    Holdings By:

    All

    Holder Name
    QATAR HOLDINGS LLC
    BLACKROCK
    WADDELL & REED FINAN
    CAPITAL GROUP COMPAN
    FMR LLC
    VANGUARD GROUP INC
    THORNBURG INVESTMENT
    CARMIGNAC GESTION
    DEUTSCHE BANK AG
    BG MASTER FUND PLC
    UNION INVESTMENT GMB
    AMUNDI
    ALLIANZ ASSET MANAGE
    ADIG INVESTMENT
    INVESCO LTD
    FRANKFURT TRUST INVE
    JP MORGAN
    UBS
    MERCURY ASSET MANAGE
    UMB BANK N A

    Firm Name
    HSBC
    Bankhaus Lampe
    Kepler Capital Markets
    Societe Generale
    Commerzbank Corporates & Markets
    Morgan Stanley
    Goldman Sachs
    JPMorgan
    Sanford C. Bernstein & Co
    Macquarie
    Independent Research GmbH
    National Bank AG
    Oddo & Cie
    M.M. Warburg Investment Research
    Bankhaus Metzler
    Natixis
    Equinet Institutional Services(ESN)
    S&P Capital IQ
    DZ Bank AG
    Barclays
    Landesbank Baden-Wuerttemberg
    Redburn Partners
    Exane BNP Paribas
    AlphaValue
    Nord/LB
    EVA Dimensions
    Ahorro Corporacion Financiera SA
    Day by Day
    Credit Suisse
    Hamburger Sparkasse
    Main First Bank AG
    Silvia Quandt Research
    Cyrrus
    Hammer Partners SA
    Deutsche Bank
    CA Cheuvreux

    Portfolio Name
    n/a
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    HORST SCHNEIDER
    CHRISTIAN LUDWIG
    MICHAEL RAAB
    STEPHEN REITMAN
    DANIEL SCHWARZ
    STUART PEARSON
    STEFAN BURGSTALLER
    JOSE ASUMENDI
    MAX WARBURTON
    CHRISTIAN BREITSPRECHER
    ZAFER RUZGAR
    MANFRED JAISFELD
    FRANCOIS MAURY
    MARC-RENE TONN
    JUERGEN PIEPER
    GEORGES DIENG
    TIM SCHULDT
    MARNIE COHEN
    MICHAEL PUNZET
    MICHAEL TYNDALL
    FRANK BILLER
    CHARLES WINSTON
    RABIH FREIHA
    HANS-PETER WODNIOK
    FRANK SCHWOPE
    CRAIG STERLING
    VIRGINIA PEREZ REPES
    VALERIE GASTALDY
    ERICH HAUSER
    TINA HECKING-VELTMAN
    LOTHAR LUBINETZKI
    ALBRECHT DENNINGHOFF
    JIRI SIMARA
    ALBERTO ROLLA
    JOCHEN GEHRKE
    ALEXANDER NEUBERGER

    Source
    EXCH
    ULT-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    Short
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG

    Recommendation
    overweight
    buy
    buy
    buy
    buy
    Overwt/In-Line
    buy/attractive
    overweight
    market perform
    neutral
    buy
    buy
    neutral
    buy
    buy
    buy
    buy
    buy
    buy
    overweight
    buy
    buy
    outperform
    reduce
    buy
    hold
    buy
    buy
    outperform
    buy
    outperform
    neutral
    buy
    buy
    buy
    outperform

    Amt Held
    % Out
    26'355'116 15.49
    6'687'487
    3.93
    6'373'641
    3.75
    5'769'375
    3.39
    4'851'809
    2.85
    2'664'085
    1.57
    2'561'075
    1.51
    1'823'701
    1.07
    1'646'609
    0.97
    (1'208'014) -0.71
    1'186'836
    0.7
    1'005'971
    0.59
    898'443
    0.53
    768'556
    0.45
    689'860
    0.41
    545'030
    0.32
    527'664
    0.31
    466'852
    0.27
    445'028
    0.26
    442'029
    0.26

    Weighting

    Change
    5
    5
    5
    5
    5
    5
    5
    5
    3
    3
    5
    5
    3
    5
    5
    5
    5
    5
    5
    5
    5
    5
    5
    2
    5
    3
    5
    5
    5
    5
    5
    3
    5
    5
    5
    5

    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    U
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    458'177
    (887'122)
    592'800
    (276'124)
    (51'122)
    1'011'201
    7'303
    (153'129)
    187'225
    106'070
    (30'044)
    31'000
    7'057
    (1'230)
    643
    82'856
    19'646

    Target Price
    207
    205
    194
    215
    195
    210
    235
    207
    170
    175
    220
    210
    160
    215
    200
    195
    185
    181
    188
    192
    213
    #N/A N/A
    194
    183
    198
    #N/A N/A
    181
    202
    195
    #N/A N/A
    207
    141
    170
    168
    200
    200

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    10.03.2011
    Government
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    07.11.2012
    Investment Advisor
    28.09.2012
    Investment Advisor
    30.11.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.10.2012
    Investment Advisor
    27.02.2013
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    31.12.2012
    Unclassified
    28.12.2012
    Unclassified
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor

    Date
    Not Provided
    12 month
    Not Provided
    12 month
    6 month
    12 month
    12 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    6 month
    12 month
    Not Provided
    Not Provided
    3 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided

    Date
    27.02.2013
    27.02.2013
    26.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    25.02.2013
    22.02.2013
    22.02.2013
    21.02.2013
    21.02.2013
    12.02.2013
    12.02.2013
    05.02.2013
    28.01.2013
    08.01.2013
    06.12.2012
    30.11.2012
    16.11.2012
    29.10.2012
    18.10.2012
    02.08.2012
    30.04.2012

    28.02.2013

    Volvo AB
    Volvo AB manufactures trucks, buses, construction equipment, drive systems for
    marine and industrial uses, and aircraft engine components. The Company also
    offers repair and maintenance, lease financing, insurance, and financial
    services to its customers.

    Price/Volume
    120

    40.0 M
    35.0 M

    100

    30.0 M
    80

    Latest Fiscal Year:


    LTM as of:
    52-Week High (25.02.2013)
    52-Week Low (28.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 18.02.2013
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    VOLVB SS EQUITY YTD Change
    VOLVB SS EQUITY YTD % CHANGE

    12/2012
    12/yy
    100.60
    73.60
    1'841'856.00
    97.1
    -3.43%
    31.93%
    86.48%
    1'581.9
    206'669.59
    131'842.00
    0.0
    1'266.0
    28'889.00
    310'888.60

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    20.0 M
    15.0 M

    40

    10.0 M
    20

    5.0 M

    0
    f-12 m-12 a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    304'642.0
    0.69x
    30'239.0
    6.94x
    9'942.0
    8.75x

    25.0 M

    60

    Valuation Analysis

    31.12.2009
    31.12.2010
    218'361.0
    264'749.0
    1.12x
    1.29x
    2'157.0
    33'711.0
    113.19x
    10.14x
    (14'718.0)
    10'866.0
    22.11x
    Profitability

    LTM-4Q
    31.12.2011
    310'367.0
    0.80x
    42'597.0
    5.80x
    17'751.0
    8.60x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    303'647.0
    0.94x
    32'391.0
    8.78x
    11'039.0
    16.31x
    32'391.00
    17'691.00
    5.83%
    5.06%
    3.19%
    12.97%
    6.01%
    0.88%
    22.6%
    10.7%
    5.8%
    3.6%
    1.08
    0.40
    38.92%
    153.93%
    11.03
    5.53

    Price/ Cash Flow

    LTM

    FY+1

    .0 M
    f-13

    1.28
    3.90%
    9.35%
    1.283
    33
    3.636
    7'495'713
    8'727'916
    7'902'262
    FY+2

    FQ+1

    FQ+2

    12/yy
    12/yy
    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    310'367.0 303'646.0 299'460.1 319'413.9
    69'176.1
    76'177.7
    3.61x
    3.78x
    0.84x
    0.75x
    3.34x
    3.09x
    42'597.0
    32'392.0
    34'377.7
    41'517.5
    5'751.0
    8'372.8
    5.80x
    8.78x
    9.04x
    7.49x
    9.99x
    9.07x
    17'751.0
    11'038.0
    13'530.8
    19'163.8
    1'688.1
    3'518.3
    8.60x
    16.31x
    14.73x
    10.63x
    15.78x
    13.46x
    S&P Issuer Ratings
    Long-Term Rating Date
    15.04.2011
    Long-Term Rating
    BBB
    Long-Term Outlook
    STABLE
    Short-Term Rating Date
    15.04.2011
    Short-Term Rating
    A-2
    Credit Ratios
    EBITDA/Interest Exp.
    13.08
    (EBITDA-Capex)/Interest Exp.
    5.29
    Net Debt/EBITDA
    3.18
    Total Debt/EBITDA
    4.07
    Reference
    Total Debt/Equity
    153.9%
    Total Debt/Capital
    60.3%
    Asset Turnover
    0.88
    Net Fixed Asset Turnover
    3.74
    Accounts receivable turnover-days
    33.18
    Inventory Days
    66.17
    Accounts Payable Turnover Day
    82.55
    Cash Conversion Cycle
    16.80
    Sales/Revenue/Turnover

    60.00

    350'000.0

    50.00

    300'000.0
    250'000.0

    40.00

    200'000.0
    30.00

    150'000.0
    20.00

    100'000.0

    10.00

    50'000.0

    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Volvo AB
    Holdings By:

    All

    Holder Name
    VOLVO AB
    SWEDBANK ROBUR FONDE
    NORGES BANK
    ALECTA PENSIONSFORSA
    CAPITAL GROUP COMPAN
    AMF FORSAKRING
    HARBOR CAPITAL ADVIS
    SEB FONDER AB
    AMF FONDER AB
    SEB
    SHB FUNDS
    VANGUARD GROUP INC
    NORDEA FONDER AB/SWE
    FOLKSAM LO FOND AB
    HANDELSBANKEN FONDER
    BLACKROCK
    DIDNER & GERGE FONDE
    FJARDE AP-FONDEN
    ANDRA AP FONDEN
    LANSFORSAKRINGAR FON

    Firm Name
    AlphaValue
    Goldman Sachs
    Robert W. Baird & Co
    Morgan Stanley
    Credit Suisse
    Societe Generale
    Canaccord Genuity Corp
    Evli Bank Plc
    Deutsche Bank
    JPMorgan
    Macquarie
    SEB Enskilda
    Carnegie
    Nordea Equity Research
    Handelsbanken
    Pareto Securities
    Natixis
    DNB Markets
    Barclays
    Danske Markets
    ABG Sundal Collier
    HSBC
    S&P Capital IQ
    EVA Dimensions
    Berenberg Bank
    Silvia Quandt Research
    Prime Predictions
    Main First Bank AG
    Exane BNP Paribas
    CA Cheuvreux
    Swedbank
    Sydbank

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios

    Analyst
    HANS-PETER WODNIOK
    ASHIK KURIAN
    DAVID LEIKER
    LAURA LEMBKE
    GEORGE GALLIERS
    ALASDAIR LESLIE
    ANDREW BELL
    ANTTI KANSANEN
    PETER REILLY
    ALEXANDER WHIGHT
    JENS SCHATTNER
    ANDERS TRAPP
    KENNETH TOLL JOHANSSON
    ANDREAS BROCK
    HAMPUS ENGELLAU
    DAVID JACOBSSON
    KATHLEEN GAILLIOT
    CHRISTER MAGNERGARD
    MICHAEL TYNDALL
    BJORN ENARSON
    ERIK PETTERSSON-GOLRANG
    COLIN GIBSON
    JAWAHAR HINGORANI
    CRAIG STERLING
    ALEXANDER VIRGO
    ALBRECHT DENNINGHOFF
    PETER LJUNGGREN
    CHRISTOPHER YOUL
    RABIH FREIHA
    ALEXANDER NEUBERGER
    FREDRIK NILHOV
    MORTEN IMSGARD

    Source
    Research
    Research
    Research
    Research
    ULT-AGG
    Research
    MF-AGG
    Research
    MF-AGG
    ULT-AGG
    Research
    MF-AGG
    Research
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    Research
    Research
    MF-AGG

    Recommendation
    reduce
    buy/attractive
    outperform
    Overwt/In-Line
    underperform
    hold
    sell
    buy
    hold
    overweight
    outperform
    buy
    buy
    buy
    buy
    hold
    buy
    sell
    overweight
    buy
    buy
    underweight
    hold
    underweight
    buy
    neutral
    hold
    neutral
    neutral
    outperform
    buy
    overweight

    Amt Held
    80'013'209
    78'657'058
    71'955'474
    66'910'000
    60'488'880
    42'544'960
    41'696'882
    35'329'637
    31'934'960
    27'630'008
    27'578'727
    25'377'814
    23'592'830
    23'301'799
    19'792'028
    14'005'708
    13'240'000
    12'895'181
    11'526'751
    9'898'756

    % Out
    5.06
    4.97
    4.55
    4.23
    3.82
    2.69
    2.64
    2.23
    2.02
    1.75
    1.74
    1.6
    1.49
    1.47
    1.25
    0.89
    0.84
    0.82
    0.73
    0.63

    Weighting

    Change
    2
    5
    5
    5
    1
    3
    1
    5
    3
    5
    5
    5
    5
    5
    5
    3
    5
    1
    5
    5
    5
    1
    3
    1
    5
    3
    3
    3
    3
    5
    5
    5

    M
    M
    M
    M
    M
    D
    M
    M
    D
    M
    M
    M
    M
    D
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M

    Latest Chg
    5'950'000
    2'523'000
    2'148'404
    619'858
    294'923
    (724'856)
    294'338
    600'000
    (819'640)

    Target Price
    91
    127
    103
    115
    75
    100
    80
    115
    100
    120
    108
    115
    #N/A N/A
    112
    120
    95
    117
    87
    103
    124
    110
    85
    95
    #N/A N/A
    116
    90
    92
    96
    100
    109
    105
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    28.12.2012
    28.12.2012
    28.12.2012
    28.12.2012
    31.12.2012
    28.12.2012
    31.12.2012
    28.12.2012
    31.12.2012
    31.01.2013
    28.12.2012
    31.12.2012
    28.12.2012
    31.12.2012
    31.01.2013
    26.02.2013
    31.12.2012
    28.12.2012
    28.12.2012
    31.12.2012

    Date
    6 month
    12 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    9 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    6 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    6 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided

    Inst Type
    Corporation
    Investment Advisor
    Government
    Pension Fund (ERISA)
    Investment Advisor
    Other
    Investment Advisor
    Mutual Fund Manager
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Pension Fund (ERISA)
    Pension Fund (ERISA)
    Investment Advisor

    Date
    28.02.2013
    22.02.2013
    20.02.2013
    18.02.2013
    15.02.2013
    11.02.2013
    08.02.2013
    08.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    07.02.2013
    06.02.2013
    06.02.2013
    06.02.2013
    15.01.2013
    08.01.2013
    16.11.2012
    13.11.2012
    05.11.2012
    27.04.2012
    22.03.2012
    14.02.2012
    17.05.2011

    28.02.2013

    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

    30.0 M

    300

    25.0 M

    250

    20.0 M

    200

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (26.03.2012)
    52-Week Low (08.02.2013)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 27.02.2013
    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

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    10.0 M

    100

    5.0 M

    50
    0
    f-12 m-12

    31.01.2009
    31.01.2010
    14'528.0
    15'410.0
    0.54x
    0.56x
    961.0
    1'209.0
    8.16x
    7.10x
    460.0
    598.0
    15.57x
    12.68x
    Profitability

    31.01.2011
    16'479.0
    0.48x
    1'224.0
    6.40x
    632.0
    11.03x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.01.2012
    17'663.0
    0.50x
    1'314.0
    6.76x
    690.0
    10.97x
    1'314.00
    974.00
    5.51%
    5.36%
    7.09%
    13.03%
    10.66%
    1.83%
    6.9%
    7.5%
    5.5%
    3.9%
    0.57
    0.19
    17.40%
    31.78%
    24.22

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    .0 M
    f-13

    j-13

    FY+1
    -

    4.24
    0.50
    2'182.47
    -6.76%
    -1.14%
    0.503
    26
    2.462
    5'349'544
    6'861'014
    6'795'425
    FY+2

    01/13 Y
    01/14 Y
    18'024.2
    18'193.8
    0.46x
    0.47x
    1'327.1
    1'316.3
    5.83x
    5.87x
    654.3
    623.3
    9.81x
    9.85x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    22.27
    10.00
    1.25
    1.48
    31.8%
    24.1%
    1.83
    2.27
    15.03
    -11.40

    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

    10'000.0

    4.00

    8'000.0

    3.00

    6'000.0

    2.00

    4'000.0

    1.00

    2'000.0

    0.00
    06.02.2009

    a-12 m-12

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.01.2008
    12'969.0
    0.66x
    872.0
    9.88x
    554.0
    14.38x

    15.0 M

    150

    01/2012
    01/yy
    308.20
    247.50
    611'483.00
    260
    -15.64%
    5.05%
    18.95%
    2'328.0
    6'052.92
    1'715.00
    0.0
    0.0
    243.00
    7'732.92

    0.0
    06.08.2009

    06.02.2010

    06.08.2010

    06.02.2011

    06.08.2011

    06.02.2012

    06.08.2012

    06.02.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    WM Morrison Supermarkets PLC


    Holdings By:

    All

    Holder Name
    INVESCO LTD
    BRANDES INVESTMENT P
    AMERIPRISE FINANCIAL
    WALTER SCOTT & PARTN
    BLACKROCK
    LEGAL & GENERAL
    ZURICH FINANCIAL SER
    KERNIGHAN ELEANOR MA
    DUNCAN MORRISON WILL
    LANSDOWNE PARTNERS
    PRIVATE INDIVIDUALS
    BANK OF NEW YORK MEL
    SELFTRADE
    NORGES BANK INVESTME
    FIRST EAGLE INVESTME
    SCHRODER INVESTMENT
    FMR LLC
    PERPETUAL INVESTMENT
    SCOTTISH WIDOWS
    MACKENZIE FINANCIAL

    Firm Name

    Portfolio Name
    Multiple Portfolios
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios

    Analyst

    AlphaValue
    VIRGINIE BLIN
    Shore Capital Stockbrokers
    DARREN SHIRLEY
    Jefferies
    JAMES GRZINIC
    Nomura
    NICK COULTER
    Oriel Securities Ltd
    JONATHAN PRITCHARD
    JPMorgan
    JAIME VAZQUEZ
    Cantor Fitzgerald
    MICHAEL J DENNIS
    Exane BNP Paribas
    JOHN KERSHAW
    Redburn Partners
    JAMES TRACEY
    Goldman Sachs
    FRANKLIN WALDING
    Deutsche Bank
    SALLY RONALD
    EVA Dimensions
    AUSTIN BURKETT
    Day by Day
    VALERIE GASTALDY
    Macquarie
    SREEDHAR MAHAMKALI
    Credit Suisse
    ANDREW KASOULIS
    HSBC
    JEROME SAMUEL
    Espirito Santo Investment Bank Research
    CAROLINE GULLIVER
    S&P Capital IQ
    WILLIAM MACK
    Panmure Gordon & Co Limited
    PHILIP DORGAN
    Barclays
    JAMES ANSTEAD
    Morgan Stanley
    EDOUARD AUBIN
    Natixis
    PIERRE-EDOUARD BOUDOT
    Investec
    DAVID MCCARTHY
    Numis Securities Ltd
    ANDREW WADE
    CA Cheuvreux
    ARNAUD JOLY

    Source
    REG
    Co File
    Co File
    Co File
    ULT-AGG
    ULT-AGG
    Co File
    RNS-MAJ
    RNS-MAJ
    Short
    REG
    MF-AGG
    REG
    REG
    MF-AGG
    REG
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG

    Recommendation
    add
    sell
    buy
    neutral
    sell
    underweight
    sell
    underperform
    neutral
    Sell/Neutral
    hold
    overweight
    hold
    underperform
    neutral
    neutral
    sell
    buy
    sell
    underweight
    Underwt/In-Line
    reduce
    hold
    buy
    outperform

    Amt Held
    % Out
    178'765'850
    7.68
    132'155'077
    5.68
    131'284'252
    5.64
    107'775'155
    4.63
    98'122'989
    4.21
    90'833'557
    3.9
    81'286'130
    3.49
    74'193'360
    3.19
    70'375'701
    3.02
    (65'860'713) -2.83
    63'707'505
    2.74
    63'257'394
    2.72
    63'228'203
    2.72
    58'507'279
    2.51
    55'292'475
    2.38
    50'536'377
    2.17
    48'801'103
    2.1
    45'400'762
    1.95
    43'813'435
    1.88
    42'278'475
    1.82

    Weighting

    Change
    4
    1
    5
    3
    1
    1
    1
    1
    3
    1
    3
    5
    3
    1
    3
    3
    1
    5
    1
    1
    1
    2
    3
    5
    5

    M
    M
    M
    M
    M
    N
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    100'000
    (20'901'802)
    (5'870'538)
    (1'635'173)
    (444'000)
    (2'235'095)
    332'099
    4'133'865
    5'969'579
    (4'269'618)
    21'451'999
    513'676

    Target Price
    272
    #N/A N/A
    310
    270
    225
    245
    229
    230
    #N/A N/A
    250
    235
    #N/A N/A
    #N/A N/A
    230
    265
    265
    230
    310
    240
    240
    255
    245
    260
    360
    350

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    03.12.2012
    Investment Advisor
    07.03.2012
    Investment Advisor
    07.03.2012
    Investment Advisor
    07.03.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.01.2013
    Unclassified
    07.03.2012
    Insurance Company
    06.01.2012
    n/a
    01.02.2013
    n/a
    01.02.2013
    Investment Advisor
    03.12.2012
    Other
    26.02.2013
    Investment Advisor
    03.12.2012
    Investment Advisor
    03.12.2012
    Government
    30.09.2012 Hedge Fund Manager
    03.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.03.2012
    Investment Advisor
    03.12.2012
    Unclassified
    30.11.2012
    Investment Advisor

    Date
    6 month
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided

    Date
    28.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    25.02.2013
    18.02.2013
    18.02.2013
    13.02.2013
    31.01.2013
    23.01.2013
    18.01.2013
    17.01.2013
    10.01.2013
    08.01.2013
    07.01.2013
    07.01.2013
    07.01.2013
    07.01.2013
    07.01.2013
    07.01.2013
    03.01.2013
    09.11.2012
    05.11.2012
    03.01.2012
    26.05.2011

    28.02.2013

    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
    3500

    3.0 M

    3000

    2.5 M

    2500

    2.0 M

    2000

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (21.05.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.01.2013
    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

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    1.0 M

    1000

    .5 M

    500
    0
    f-12 m-12 a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.07.2008
    13'079.0
    0.38x
    1'152.0
    4.35x
    74.0
    2.55x

    1.5 M

    1500

    07/2012
    10/yy
    3'150.00
    2'111.32
    163'556.00
    3085
    -2.10%
    46.12%
    92.30%
    274.0
    8'452.95
    840.00
    0.0
    0.0
    819.00
    8'473.95

    31.07.2009
    31.07.2010
    13'301.0
    13'203.0
    0.36x
    0.34x
    1'140.0
    840.0
    4.23x
    5.36x
    (1'173.0)
    (340.0)
    Profitability

    LTM-4Q
    31.07.2011
    13'558.0
    0.42x
    863.0
    6.63x
    271.0
    18.26x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.07.2012
    13'421.0
    0.49x
    829.0
    7.98x
    57.0
    108.63x
    829.00
    291.00
    2.17%
    1.48%
    0.76%
    1.75%
    1.60%
    1.79%
    27.5%
    5.9%
    1.9%
    0.4%
    1.71
    0.95
    11.76%
    26.81%
    8.23
    6.07

    Price/ Cash Flow

    LTM

    10/yy
    10'288.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    10/yy
    13'105.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    1.94
    1.29
    273.76
    0.01
    29.57%
    6.38%
    1.292
    25
    3.720
    990'234
    797'117
    835'189
    FY+2

    FQ+1

    FQ+2

    07/13 Y
    07/14 Y
    04/12 Q3 07/12 Q4
    13'203.6
    14'074.5
    3'157.3
    0.66x
    0.61x
    847.2
    977.8
    235.0
    10.01x
    8.67x
    493.0
    598.3
    16.96x
    14.33x
    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

    25.91
    22.06
    0.03
    1.06
    26.8%
    21.1%
    1.79
    10.98
    44.46
    60.26
    74.28
    30.45

    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
    31.07.2009

    0.0
    31.01.2010

    31.07.2010

    31.01.2011

    31.07.2011

    31.01.2012

    31.07.2012

    31.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Wolseley PLC
    Holdings By:

    All

    Holder Name
    BLACKROCK
    FMR LLC
    CEVIAN CAPITAL
    AXA
    LEGAL & GENERAL
    CAPITAL GROUP COMPAN
    VANGUARD GROUP INC
    ONTARIO TEACHERS PEN
    THREADNEEDLE INVESTM
    BANK OF NEW YORK MEL
    WILLIAM BLAIR & COMP
    OPPENHEIMERFUNDS INC
    MACKAY SHIELDS LLC
    SCOTTISH WIDOWS
    HARRIS ASSOCIATES LP
    TAUBE HODSON STONEX
    MARKETFIELD ASSET MA
    TIAA CREF INVESTMENT
    T ROWE PRICE ASSOCIA
    CAZENOVE UNIT TRUST

    Firm Name
    Goldman Sachs
    JPMorgan
    Goodbody Stockbrokers Ltd
    Oddo & Cie
    Liberum Capital Ltd
    Redburn Partners
    Exane BNP Paribas
    EVA Dimensions
    Panmure Gordon & Co Limited
    Deutsche Bank
    Jefferies
    Numis Securities Ltd
    Credit Suisse
    Berenberg Bank
    RBC Capital Markets
    Barclays
    Oriel Securities Ltd
    Day by Day
    HSBC
    Raymond James
    Shore Capital Stockbrokers
    Davy
    CA Cheuvreux

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    WILLIAM BLAIR & COMP
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    JOHN WOODMAN
    EMILY BIDDULPH
    ROBERT EASON
    VIRGINIE ROUSSEAU
    CHARLIE CAMPBELL
    JOHN MESSENGER
    PAUL ROGER
    CRAIG STERLING
    ANDY BROWN
    THOMAS SYKES
    SAM CULLEN
    HOWARD SEYMOUR
    HARRY GOAD
    MICHAEL WATTS
    OLIVIA PETERS
    PAUL CHECKETTS
    MARK HOWSON
    VALERIE GASTALDY
    RAJESH KUMAR
    ARNAUD PALLIEZ
    JON BELL
    FLORENCE O'DONOGHUE
    NABIL AHMED

    Source
    ULT-AGG
    ULT-AGG
    Co File
    Co File
    ULT-AGG
    ULT-AGG
    MF-AGG
    Research
    MF-AGG
    MF-AGG
    13F
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    neutral/neutral
    overweight
    buy
    buy
    hold
    neutral
    neutral
    buy
    sell
    buy
    underperform
    hold
    outperform
    buy
    outperform
    overweight
    hold
    buy
    neutral
    market perform
    hold
    neutral
    suspended coverage

    Amt Held
    32'249'493
    16'905'532
    14'051'392
    12'497'175
    10'746'374
    8'364'048
    6'050'004
    3'730'435
    3'643'569
    3'296'815
    2'718'151
    1'831'454
    1'580'365
    1'509'620
    1'134'017
    1'113'866
    922'087
    787'668
    777'848
    768'000

    % Out
    11.77
    6.17
    5.13
    4.56
    3.92
    3.05
    2.21
    1.36
    1.33
    1.2
    0.99
    0.67
    0.58
    0.55
    0.41
    0.41
    0.34
    0.29
    0.28
    0.28

    Weighting

    Change

    3
    5
    5
    5
    3
    3
    3
    5
    1
    5
    1
    3
    5
    5
    5
    5
    3
    5
    3
    3
    3
    3
    #N/A N/A

    M
    M
    M
    M
    D
    D
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    D
    M

    Latest Chg
    (2'168'377)
    (44'560)
    123'755
    (1'916)
    (252)
    1'981'218
    28'913
    210'626
    662'678
    (1'424'679)
    (55'239)
    301'305
    (655'718)
    (62'731)
    (299'956)

    Target Price
    3'440
    3'350
    3'555
    3'410
    3'150
    #N/A N/A
    3'250
    #N/A N/A
    2'500
    3'197
    2'500
    2'980
    3'348
    3'032
    3'241
    3'293
    #N/A N/A
    3'157
    3'139
    #N/A N/A
    #N/A N/A
    #N/A N/A
    2'300

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    26.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.07.2012
    Other
    31.07.2012
    Investment Advisor
    31.07.2012
    Unclassified
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2011 Pension Fund (ERISA)
    31.10.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    30.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    30.11.2012
    Unclassified
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    29.06.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor

    Date
    12 month
    9 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    3 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided

    Date
    28.02.2013
    25.02.2013
    21.02.2013
    05.02.2013
    31.01.2013
    18.01.2013
    18.01.2013
    17.01.2013
    11.01.2013
    09.01.2013
    07.01.2013
    07.01.2013
    17.12.2012
    14.12.2012
    10.12.2012
    05.12.2012
    04.12.2012
    20.11.2012
    05.11.2012
    05.10.2012
    20.08.2012
    18.07.2012
    12.01.2012

    28.02.2013

    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
    1200

    16.0 M
    14.0 M

    1000

    12.0 M
    800

    Latest Fiscal Year:


    LTM as of:
    52-Week High (20.02.2013)
    52-Week Low (06.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 01.02.2013
    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

    12/2011
    09/yy
    1'071.00
    733.00
    443'710.00
    1040
    -2.99%
    41.88%
    88.76%
    1'265.1
    13'157.10
    4'411.40
    0.0
    231.0
    1'946.60
    16'254.20

    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
    f-12 m-12 a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2007
    6'185.9
    1.47x
    988.1
    9.22x
    465.9
    16.34x

    10.0 M

    600

    Valuation Analysis

    31.12.2008
    31.12.2009
    7'476.9
    8'684.3
    1.11x
    1.21x
    1'107.6
    1'135.8
    7.51x
    9.23x
    439.1
    437.7
    10.48x
    16.97x
    Profitability

    LTM-4Q
    31.12.2010
    9'331.0
    1.29x
    1'358.4
    8.89x
    586.0
    16.61x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2011
    10'021.8
    1.12x
    1'576.7
    7.14x
    840.1
    9.99x
    1'576.70
    1'193.20
    11.91%
    10.06%
    3.67%
    13.13%
    11.03%
    0.43%
    92.2%
    15.7%
    11.9%
    8.4%
    0.93
    0.70
    17.86%
    66.20%
    1.77
    1.85

    Price/ Cash Flow

    LTM

    03/yy
    8'374.0
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    09/yy
    9'924.3
    0.00x
    0.0
    0.00x
    0.0
    0.00x

    FY+1

    .0 M
    f-13

    2.49
    1.11
    1'245.34
    33.71%
    17.12%
    1.112
    33
    4.091
    3'470'600
    3'146'467
    2'999'680
    FY+2

    FQ+1

    FQ+2

    12/12 Y
    12/13 Y
    12/12 Q4 03/13 Q1
    10'341.3
    10'831.5
    2'905.2
    2'464.0
    1.54x
    1.42x
    1'764.9
    1'830.1
    9.21x
    8.88x
    966.0
    1'025.6
    14.25x
    13.16x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    10.11.2008
    BBB
    STABLE
    05.04.2011
    A-2
    5.31
    4.58
    1.77
    2.61
    66.2%
    39.0%
    0.43
    14.43
    206.51
    197.72
    3370.54
    -3250.40

    Sales/Revenue/Turnover

    18.00

    30'000.0

    16.00

    25'000.0

    14.00

    20'000.0

    12.00
    10.00

    15'000.0

    8.00

    10'000.0

    6.00
    4.00

    5'000.0

    2.00
    0.00
    02.01.2009 02.07.2009

    0.0
    02.01.2010 02.07.2010

    02.01.2011 02.07.2011

    02.01.2012 02.07.2012

    02.01.2013

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    WPP PLC
    Holdings By:

    All

    Holder Name
    MASSACHUSETTS FINANC
    BLACKROCK
    VANGUARD GROUP INC
    LEGAL & GENERAL
    CAPITAL GROUP COMPAN
    FMR LLC
    T ROWE PRICE ASSOCIA
    SORRELL MARTIN STUAR
    D E SHAW & CO UK LTD
    SCOTTISH WIDOWS
    FIRST PACIFIC ADVISO
    ARTISAN PARTNERS HOL
    INVESCO LTD
    SUSQUEHANNA INTERNAT
    ROYAL BANK OF CANADA
    JO HAMBRO CAPITAL MA
    ALLIANZ ASSET MANAGE
    UNITED SERVICES AUTO
    HARTFORD INVESTMENT
    MFS FINANCIAL SERVIC

    Firm Name

    Portfolio Name
    n/a
    n/a
    Multiple Portfolios
    n/a
    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
    Multiple Portfolios
    Multiple Portfolios

    Analyst

    AlphaValue
    VERONIQUE CABIOC'H
    Deutsche Bank
    PATRICK KIRBY
    Investec
    STEVEN LIECHTI
    Liberum Capital Ltd
    IAN WHITTAKER
    Numis Securities Ltd
    PAUL RICHARDS
    Pivotal Research Group LLC
    BRIAN WIESER
    Nomura
    MATTHEW WALKER
    S&P Capital IQ
    ALEXANDER WISCH
    Morgan Stanley
    PATRICK WELLINGTON
    Sanford C. Bernstein & Co
    CLAUDIO ASPESI
    Exane BNP Paribas
    CHARLES BEDOUELLE
    Jefferies
    WILL SMITH
    Barclays
    JULIEN ROCH
    Oddo & Cie
    BRUNO HARENG
    Credit Suisse
    NICK BERTOLOTTI
    Societe Generale
    LAURENT PICARD
    EVA Dimensions
    CRAIG STERLING
    BMO Capital Markets
    DANIEL SALMON
    Goldman Sachs
    RICHARD JONES
    Macquarie
    TIMOTHY W NOLLEN
    Day by Day
    VALERIE GASTALDY
    JPMorgan
    FILIPPO PIETRO LO FRANCO
    Natixis
    JEROME BODIN
    HSBC
    DAN GRAHAM
    Panmure Gordon & Co Limited
    ALEX DE GROOTE
    Berenberg Bank
    SARAH SIMON
    Kepler Capital Markets
    CONOR O'SHEA
    Espirito Santo Investment Bank Research
    GIASONE SALATI
    CA Cheuvreux
    THOMAS JORION
    WYT Ltd
    ANTHONY DE LARRINAGA
    N+1 Singer Ltd
    JOHNATHAN BARRETT
    Wells Fargo Securities, LLC
    PETER STABLER

    Source
    13G
    ULT-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    RNS-DIR
    Short
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    Short
    ULT-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG

    Recommendation
    reduce
    hold
    buy
    buy
    buy
    hold
    buy
    hold
    Equalwt/Attractive
    outperform
    outperform
    buy
    overweight
    neutral
    outperform
    buy
    buy
    market perform
    Buy/Neutral
    outperform
    buy
    overweight
    reduce
    overweight
    hold
    hold
    hold
    buy
    outperform
    hold
    not rated
    outperform

    Amt Held
    % Out
    70'850'166
    5.6
    61'390'681
    4.85
    51'018'216
    4.03
    44'740'301
    3.54
    41'585'000
    3.29
    35'458'169
    2.8
    27'110'460
    2.14
    18'089'989
    1.43
    (15'560'800) -1.23
    15'428'314
    1.22
    10'134'960
    0.8
    9'291'280
    0.73
    9'198'258
    0.73
    (6'323'542)
    -0.5
    6'255'247
    0.49
    5'535'125
    0.44
    4'664'339
    0.37
    4'239'326
    0.34
    3'964'993
    0.31
    3'713'747
    0.29

    Weighting
    2
    3
    5
    5
    5
    3
    5
    3
    3
    5
    5
    5
    5
    3
    5
    5
    5
    3
    5
    5
    5
    5
    2
    5
    3
    3
    3
    5
    5
    3
    #N/A N/A
    5

    Change
    M
    M
    M
    M
    M
    M
    M
    U
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M

    Latest Chg
    13'537'605
    (1'528'975)
    21'688'538
    (2'192'056)
    (2'314'398)
    84'314
    (6'452'270)
    2'697'345
    176'552
    904'965
    90'826
    120'937
    (38'920)
    (325'574)
    (51'588)
    168'491
    63'834
    -

    Target Price
    1'000
    1'030
    1'150
    1'180
    1'224
    980
    1'030
    1'150
    1'090
    1'050
    1'230
    1'150
    1'100
    950
    950
    1'110
    #N/A N/A
    800
    1'105
    1'100
    1'070
    1'054
    820
    960
    820
    850
    940
    1'360
    1'000
    844
    #N/A N/A
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    31.12.2011
    26.02.2013
    31.12.2012
    20.04.2012
    31.12.2012
    31.12.2012
    31.12.2012
    12.11.2012
    13.02.2013
    30.11.2012
    31.12.2012
    31.12.2012
    27.02.2013
    12.12.2012
    28.09.2012
    30.11.2012
    31.12.2012
    30.11.2012
    31.01.2013
    31.12.2012

    Date
    6 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    12 month
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    3 month
    9 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided

    Inst Type
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    n/a
    Other
    Unclassified
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Other
    Bank
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor
    Investment Advisor

    Date
    28.02.2013
    26.02.2013
    22.02.2013
    21.02.2013
    20.02.2013
    20.02.2013
    19.02.2013
    19.02.2013
    14.02.2013
    14.02.2013
    05.02.2013
    30.01.2013
    25.01.2013
    22.01.2013
    21.01.2013
    17.01.2013
    17.01.2013
    15.01.2013
    09.01.2013
    03.01.2013
    02.01.2013
    12.12.2012
    07.12.2012
    12.11.2012
    26.10.2012
    25.10.2012
    11.10.2012
    04.09.2012
    31.08.2012
    18.03.2012
    01.03.2012
    08.02.2012

    28.02.2013

    Xstrata PLC
    Xstrata plc, a diversified mining group, explores for and mines copper, coking
    coal, thermal coal, ferrochrome, vanadium, zinc, gold, lead, and silver. The
    Group conducts operations in Australia, South Africa, Germany, Argentina, and
    the United Kingdom.

    Price/Volume
    1400

    60.0 M

    1200

    50.0 M

    1000

    40.0 M

    800

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (29.02.2012)
    52-Week Low (27.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 06.08.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    XTA LN EQUITY YTD Change
    XTA LN EQUITY YTD % CHANGE

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    20.0 M

    400

    10.0 M

    200
    0
    f-12 m-12 a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12

    d-12

    .0 M
    f-13

    j-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2007
    28'542.0
    2.82x
    10'904.0
    7.38x
    5'543.0
    12.31x

    30.0 M

    600

    12/2011
    01/yy
    1'209.40
    760.47
    470'780.00
    1144
    -5.33%
    50.43%
    87.44%
    3'002.7
    34'350.80
    10'370.00
    0.0
    2'037.0
    1'948.00
    65'924.83

    31.12.2008
    31.12.2009
    27'952.0
    22'732.0
    0.96x
    2.83x
    9'645.0
    6'476.0
    2.78x
    9.93x
    3'595.0
    661.0
    2.49x
    72.41x
    Profitability

    31.12.2010
    30'499.0
    2.59x
    10'393.0
    7.61x
    4'688.0
    14.58x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2011
    33'877.0
    1.64x
    11'648.0
    4.76x
    5'713.0
    7.70x
    11'648.00
    8'431.00
    24.89%
    24.05%
    6.26%
    10.70%
    9.03%
    0.43%
    43.2%
    30.1%
    20.3%
    16.9%
    1.33
    0.59
    13.86%
    23.75%
    8.67
    -

    Price/ Cash Flow

    LTM-4Q

    LTM

    01/yy

    01/yy
    -

    FY+1
    -

    2.36
    1.75
    1'520.54
    -2.38%
    8.03%
    1.750
    21
    3.429
    5'692'638
    4'439'979
    4'927'597
    FY+2

    12/12 Y
    12/13 Y
    30'644.3
    34'287.1
    2.17x
    1.97x
    7'704.7
    9'905.1
    8.56x
    6.66x
    3'461.3
    4'017.2
    14.90x
    13.41x
    S&P Issuer Ratings

    Long-Term Rating Date


    Long-Term Rating
    Long-Term Outlook
    Short-Term Rating Date
    Short-Term Rating
    Credit Ratios
    EBITDA/Interest Exp.
    (EBITDA-Capex)/Interest Exp.
    Net Debt/EBITDA
    Total Debt/EBITDA
    Reference
    Total Debt/Equity
    Total Debt/Capital
    Asset Turnover
    Net Fixed Asset Turnover
    Accounts receivable turnover-days
    Inventory Days
    Accounts Payable Turnover Day
    Cash Conversion Cycle

    FQ+1

    FQ+2

    29.11.2012
    BBB+ *29.11.2012
    A-2 *25.77
    7.83
    1.17
    1.34
    23.7%
    18.5%
    0.43
    0.62
    42.23
    85.13

    Sales/Revenue/Turnover

    14.00

    40'000.0

    12.00

    35'000.0
    30'000.0

    10.00

    25'000.0

    8.00

    20'000.0
    6.00

    15'000.0

    4.00

    10'000.0

    2.00

    5'000.0

    0.00
    02.01.2009 02.07.2009

    0.0
    02.01.2010 02.07.2010

    02.01.2011 02.07.2011

    02.01.2012 02.07.2012

    02.01.2013

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Xstrata PLC
    Holdings By:

    All

    Holder Name
    GLENCORE INTERNATION
    QATAR HOLDINGS LLC
    BLACKROCK
    UBS
    NORGES BANK INVESTME
    STATE STREET
    LEGAL & GENERAL
    JP MORGAN
    BANK OF NEW YORK MEL
    SCOTTISH WIDOWS
    Xstrata Plc Employee
    STANDARD LIFE INVEST
    FMR LLC
    GOVT OF SINGAPORE IN
    SAFE INVESTMENT COMP
    PEOPLES REPUBLIC OF
    LLOYDS BANKING GROUP
    NORTHERN CROSS LLC
    HSBC Prop Trading/Ma
    Northern Cross Inter

    Firm Name
    AlphaValue
    Macquarie
    Exane BNP Paribas
    RBC Capital Markets
    Sanford C. Bernstein & Co
    S&P Capital IQ
    BMO Capital Markets
    CA Cheuvreux
    Redburn Partners
    SBG Securities
    Jefferies
    HSBC
    Day by Day
    Societe Generale
    EVA Dimensions
    Nomura
    Liberum Capital Ltd
    Landesbank Baden-Wuerttemberg
    Natixis
    Standard Chartered
    Credit Suisse
    Bank Vontobel AG
    Deutsche Bank
    Morgan Stanley
    Goldman Sachs
    JPMorgan

    Portfolio Name
    Multiple Portfolios
    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
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios

    Analyst
    SACHIN KUMAR
    JEFFREY LARGEY
    SYLVAIN BRUNET
    TIMOTHY HUFF
    PAUL GAIT
    JOHNSON IMODE
    TONY ROBSON
    JOAKIM AHLBERG
    SIMON TOYNE
    PETER DAVEY
    Christopher LaFemina
    ANDREW KEEN
    VALERIE GASTALDY
    ALAIN WILLIAM
    CRAIG STERLING
    SAM CATALANO
    ASH LAZENBY
    JENS MUENSTERMANN
    RAOUDHA BOUZEKRI
    SUBRAMANIAM VARADA
    LIAM FITZPATRICK
    PATRICK RAFAISZ
    ROBERT CLIFFORD
    ALAIN GABRIEL
    EUGENE KING
    BENJAMIN DEFAY

    Source
    REG
    RNS-RUL8
    ULT-AGG
    ULT-AGG
    REG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    REG
    ULT-AGG
    REG
    RNS-RUL8
    ULT-AGG
    ULT-AGG
    RNS-RUL8
    REG
    ULT-AGG
    RNS-RUL8
    REG
    REG

    Recommendation
    reduce
    outperform
    neutral
    sector perform
    outperform
    sell
    underperform
    outperform
    neutral
    sell
    buy
    neutral
    hold
    hold
    underweight
    restricted
    buy
    buy
    neutral
    outperform
    restricted
    buy
    restricted
    restricted
    not rated
    restricted

    Amt Held
    1'010'403'999
    350'410'601
    145'371'174
    96'161'768
    88'851'173
    66'279'935
    62'799'829
    57'934'396
    54'135'734
    42'918'648
    42'642'114
    42'357'678
    32'546'951
    31'744'376
    31'187'938
    30'417'938
    29'719'950
    28'945'439
    25'475'000
    25'223'487

    % Out
    33.65
    11.67
    4.84
    3.2
    2.96
    2.21
    2.09
    1.93
    1.8
    1.43
    1.42
    1.41
    1.08
    1.06
    1.04
    1.01
    0.99
    0.96
    0.85
    0.84

    Weighting

    Change

    2
    5
    3
    3
    5
    1
    1
    5
    3
    1
    5
    3
    3
    3
    1
    #N/A N/A
    5
    5
    3
    5
    #N/A N/A
    5
    #N/A N/A
    #N/A N/A
    #N/A N/A
    #N/A N/A

    M
    M
    M
    M
    M
    D
    M
    M
    M
    D
    M
    D
    D
    D
    M
    M
    M
    M
    M
    U
    M
    M
    M
    M
    M
    M

    Latest Chg
    (6'037)
    16'463'856
    (219'524)
    571
    8'344'175
    (634'892)
    (192'461)
    (6'795'572)
    (228'412)
    131'350
    (99'639)
    (610'124)
    (3'925'000)
    2'450'000
    (757'180)

    Target Price
    1'147
    1'200
    1'050
    1'050
    1'575
    1'000
    975
    1'300
    #N/A N/A
    1'220
    1'350
    1'250
    #N/A N/A
    1'190
    #N/A N/A
    #N/A N/A
    #N/A N/A
    1'250
    1'017
    1'080
    #N/A N/A
    1'103
    #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
    02.01.2013
    14.01.2013
    26.02.2013
    26.02.2013
    02.01.2013
    27.02.2013
    25.02.2013
    26.02.2013
    02.01.2013
    02.01.2013
    02.01.2013
    26.02.2013
    26.02.2013
    25.02.2013
    02.02.2012
    02.01.2013
    31.01.2013
    14.09.2012
    02.01.2013
    02.01.2013

    Date
    6 month
    12 month
    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
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided

    Inst Type
    Corporation
    Government
    Investment Advisor
    Unclassified
    Government
    Investment Advisor
    Unclassified
    Unclassified
    Investment Advisor
    Unclassified
    Unclassified
    Investment Advisor
    Investment Advisor
    Government
    Unclassified
    Government
    Investment Advisor
    Investment Advisor
    Unclassified
    Unclassified

    Date
    28.02.2013
    27.02.2013
    27.02.2013
    26.02.2013
    26.02.2013
    13.02.2013
    12.02.2013
    11.02.2013
    11.02.2013
    11.02.2013
    08.02.2013
    07.02.2013
    05.02.2013
    31.01.2013
    17.01.2013
    16.01.2013
    10.01.2013
    09.01.2013
    20.11.2012
    08.09.2012
    21.02.2012
    07.02.2012
    02.02.2012
    02.02.2012
    02.02.2012
    02.02.2012

    28.02.2013

    Yara International ASA


    Yara International ASA produces, distributes, and sells nitrogen-based mineral
    fertilizers and related industrial products. The Company also distributes and
    sells a range of phosphate and potash-based mineral fertilizers, as well as
    complex and specialty mineral fertilizer products.

    Price/Volume
    350

    4.0 M

    300

    3.5 M

    250

    3.0 M
    2.5 M

    200

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (17.09.2012)
    52-Week Low (04.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 30.09.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    YAR NO EQUITY YTD Change
    YAR NO EQUITY YTD % CHANGE

    12/2012
    12/yy
    305.50
    221.70
    295'943.00
    277.2
    -9.26%
    25.03%
    66.83%
    287.7
    79'738.29
    10'895.00
    0.0
    1'745.0
    9'941.00
    82'437.29

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    1.5 M

    100

    1.0 M

    50

    .5 M

    0
    f-12 m-12

    31.12.2009
    31.12.2010
    60'867.0
    64'006.0
    1.52x
    1.67x
    3'698.0
    9'907.0
    25.03x
    10.80x
    3'782.0
    8'729.0
    20.16x
    11.16x
    Profitability

    LTM-4Q
    31.12.2011
    77'726.0
    0.95x
    15'917.0
    4.66x
    12'066.0
    5.72x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    83'997.0
    0.96x
    14'756.0
    5.46x
    10'602.0
    7.30x
    14'756.00
    11'332.00
    13.49%
    15.78%
    13.66%
    22.85%
    19.86%
    1.08%
    17.6%
    13.5%
    12.6%
    2.30
    1.27
    13.41%
    22.62%
    10.04
    -

    Price/ Cash Flow

    j-12

    LTM

    12/yy
    77'726.0
    4.24x
    15'915.0
    4.66x
    12'066.0
    5.72x

    j-12

    12/yy
    83'997.0
    3.90x
    14'759.0
    5.46x
    10'601.0
    7.31x

    a-12

    s-12

    o-12

    n-12

    d-12

    j-13

    FY+1

    .0 M
    f-13

    1.05
    163.14
    3.88%
    1.24%
    1.046
    31
    3.742
    1'071'734
    1'000'236
    984'281
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    85'116.4
    86'125.0
    21'995.0
    21'375.2
    0.95x
    0.91x
    3.70x
    3.89x
    14'781.2
    14'243.7
    4'200.8
    3'775.3
    5.58x
    5.79x
    5.65x
    5.61x
    9'156.8
    8'740.7
    2'672.3
    2'300.1
    8.42x
    8.70x
    8.98x
    9.10x
    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

    15.03.2010
    BBB
    STABLE
    15.03.2010
    A-2
    12.29
    9.31
    0.06
    0.74
    22.6%
    17.9%
    1.08
    3.23
    36.44
    -

    Sales/Revenue/Turnover

    18.00

    100'000.0

    16.00

    90'000.0

    14.00

    80'000.0
    70'000.0

    12.00

    60'000.0

    10.00

    50'000.0

    8.00

    40'000.0

    6.00

    30'000.0

    4.00

    20'000.0

    2.00

    10'000.0

    0.00
    01.01.2010

    a-12 m-12

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    87'926.0
    0.77x
    14'376.0
    4.73x
    8'228.0
    5.26x

    2.0 M

    150

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Yara International ASA


    Holdings By:

    All

    Holder Name
    NORWEGIAN GOVT MINIS
    STATE STREET
    GOVERNMENT PENSION F
    CLEARSTREAM BANKING
    BANK OF NEW YORK MEL
    JP MORGAN CHASE BANK
    FMR LLC
    VAN ECK ASSOCIATES C
    DNB NOR ASSET MANAGE
    YARA INTERNATIONAL A
    DWS INVESTMENT S A
    VANGUARD GROUP INC
    SWEDBANK ROBUR FONDE
    STOREBRAND FUND MANA
    DWP BANK
    ODIN FORVALTNING AS
    STATOILS PENSJONSKAS
    BLACKROCK
    UNIVERSAL INVEST CON
    ALLIANZ ASSET MANAGE

    Firm Name
    Sanford C. Bernstein & Co
    AlphaValue
    Scotia Capital
    SEB Enskilda
    Carnegie
    Fondsfinans AS
    Nordea Equity Research
    Handelsbanken
    DNB Markets
    Exane BNP Paribas
    Norne Securities AS
    Swedbank First Securities
    BMO Capital Markets
    Morgan Stanley
    ABG Sundal Collier
    Macquarie
    Pareto Securities
    Nomura
    Arctic Securities ASA
    Liberum Capital Ltd
    JPMorgan
    EVA Dimensions
    HSBC
    Main First Bank AG
    Credit Suisse
    SpareBank 1 Markets AS
    Deutsche Bank
    Societe Generale
    Redburn Partners
    Equita SIM SpA

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    n/a
    Multiple Portfolios
    n/a

    Analyst
    JEREMY REDENIUS
    FABRICE FARIGOULE
    BEN ISAACSON
    TRULS KOLSRUD ENGENE
    BENGT JONASSEN
    PER HAAGENSEN
    ANDRE HOLO ADOLFSEN
    ANNE GJOEN
    KNUT-IVAR BAKKEN
    HEIDI VESTERINEN
    TOMAS SKEIVYS
    HANS-ERIK JACOBSEN
    JOEL JACKSON
    AMY WALKER
    MARTIN MELBYE
    CHRISTIAN FAITZ
    EIRIK VEGEM DAHLE
    JEAN DE WATTEVILLE
    THOMAS LORCK
    SOPHIE JOURDIER
    NEIL C TYLER
    CRAIG STERLING
    YONAH WEISZ
    THOMAS SWOBODA
    LARS KJELLBERG
    HENRIK SCHULTZ
    VIRGINIE BOUCHER-FERTE
    PETER CLARK
    TONY JONES
    MASSIMO BONISOLI

    Source
    EXCH
    ULT-AGG
    EXCH
    EXCH
    EXCH
    EXCH
    ULT-AGG
    MF-AGG
    MF-AGG
    EXCH
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    EXCH
    MF-AGG
    EXCH
    ULT-AGG
    MF-AGG
    ULT-AGG

    Recommendation
    outperform
    buy
    sector perform
    sell
    sell
    buy
    buy
    accumulate
    hold
    neutral
    sell
    neutral
    market perform
    Equalwt/In-Line
    buy
    outperform
    buy
    buy
    sell
    buy
    overweight
    buy
    neutral
    outperform
    restricted
    neutral
    hold
    buy
    neutral
    buy

    Amt Held
    102'915'622
    20'886'005
    17'834'822
    11'288'663
    11'144'718
    8'909'011
    5'054'930
    4'219'070
    3'683'785
    3'639'677
    3'496'842
    3'425'872
    2'404'252
    2'271'516
    2'070'520
    1'722'699
    1'419'283
    1'397'411
    1'340'000
    1'253'280

    % Out
    35.78
    7.26
    6.2
    3.92
    3.87
    3.1
    1.76
    1.47
    1.28
    1.27
    1.22
    1.19
    0.84
    0.79
    0.72
    0.6
    0.49
    0.49
    0.47
    0.44

    Weighting

    Change

    5
    5
    3
    1
    1
    5
    5
    4
    3
    3
    1
    3
    3
    3
    5
    5
    5
    5
    1
    5
    5
    5
    3
    5
    #N/A N/A
    3
    3
    5
    3
    5

    M
    M
    M
    M
    M
    M
    M
    M
    D
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    D
    U
    M
    D
    M
    M
    M
    M

    Latest Chg
    (1'855)
    (21'813)
    (55'672)
    (48'600)
    74'219
    358'301
    27'390
    150'000
    38'821
    470'000
    95'840

    Target Price
    350
    369
    315
    265
    #N/A N/A
    350
    350
    320
    315
    280
    280
    300
    286
    316
    320
    400
    400
    375
    260
    350
    365
    #N/A N/A
    305
    320
    #N/A N/A
    290
    300
    370
    #N/A N/A
    320

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    18.02.2013
    Government
    27.02.2013
    Investment Advisor
    18.02.2013
    Government
    18.02.2013
    Bank
    18.02.2013
    Investment Advisor
    18.02.2013
    Investment Advisor
    31.12.2012
    Investment Advisor
    26.02.2013
    Investment Advisor
    31.01.2013
    Investment Advisor
    18.02.2013
    Corporation
    28.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    18.02.2013
    Bank
    31.01.2013 Mutual Fund Manager
    18.02.2013 Pension Fund (ERISA)
    26.02.2013
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.01.2013
    Investment Advisor

    Date
    12 month
    6 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    Not Provided
    12 month
    6 month
    12 month
    6 month
    12 month
    Not Provided
    Not Provided
    9 month
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    12 month
    12 month
    Not Provided
    12 month

    Date
    25.02.2013
    21.02.2013
    20.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    13.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    12.02.2013
    28.01.2013
    22.01.2013
    15.01.2013
    11.01.2013
    07.12.2012
    05.12.2012
    05.12.2012
    29.10.2012
    23.10.2012
    15.10.2012
    30.04.2012

    28.02.2013

    Zurich Insurance Group AG


    Zurich Insurance Group AG provides insurance-based financial services. The
    Company offers general and life insurance products and services for individuals,
    small businesses, commercial enterprises, mid-sized and large corporations, and
    multinational companies.

    Price/Volume
    300

    Valuation Analysis
    Latest Fiscal Year:
    LTM as of:
    52-Week High (28.01.2013)
    52-Week Low (05.06.2012)
    Daily Volume
    Current Price (2/dd/yy)
    52-Week High % Change
    52-Week Low % Change
    % 52 Week Price Range High/Low
    Shares Out 31.12.2012
    Market Capitalization
    Total Debt
    Preferred Stock
    Minority Interest
    Cash and Equivalents
    Enterprise Value
    Relative Stock Price Performance
    ZURN VX EQUITY YTD Change
    ZURN VX EQUITY YTD % CHANGE

    12/2012
    12/yy
    264.00
    192.50
    118'015.00
    254
    -3.75%
    31.95%
    83.64%
    148.3
    37'668.23
    12'521.00
    0.0
    2'368.0
    9'098.00
    46'261.84

    Total Revenue
    TEV/Revenue
    EBITDA
    TEV/EBITDA
    Net Income
    P/E

    1.6 M
    1.4 M

    200

    1.2 M

    150

    1.0 M
    .8 M

    100

    .6 M
    .4 M

    50

    .2 M

    0
    f-12 m-12 a-12 m-12

    j-12

    j-12

    a-12

    s-12

    o-12

    n-12 d-12

    j-13

    .0 M
    f-13

    Market Data
    Dividend Yield
    Beta
    Equity Float
    Short Int
    1 Yr Total Return
    YTD Return
    Adjusted BETA
    Analyst Recs
    Consensus Rating
    Average Daily Trading Volume
    Average Volume 5 Day
    - Average Volume 30 Day
    - Average Volume 3 Month

    Fiscal Year Ended


    31.12.2008
    32'331.0
    0.99x
    3'039.0
    9.86x

    1.8 M

    250

    31.12.2009
    31.12.2010
    70'123.0
    67'819.0
    0.50x
    0.64x
    3'963.0
    3'428.0
    7.83x
    10.92x
    Profitability

    LTM-4Q
    31.12.2011
    52'978.0
    0.73x
    3'750.0
    8.80x

    EBITDA
    EBIT
    Operating Margin
    Pretax Margin
    Return on Assets
    Return on Common Equity
    Return on Capital
    Asset Turnover
    Margin Analysis
    Gross Margin
    EBITDA Margin
    EBIT Margin
    Net Income Margin
    Structure
    Current Ratio
    Quick Ratio
    Debt to Assets
    Tot Debt to Common Equity
    Accounts Receivable Turnover
    Inventory Turnover

    31.12.2012
    70'446.0
    0.64x
    3'878.0
    10.08x
    8.34%
    7.48%
    0.97%
    11.74%
    9.17%
    0.18%
    5.5%
    3.06%
    36.30%
    -

    Price/ Cash Flow

    LTM

    12/yy
    52'980.0
    3.11x
    0.0
    0.00x
    3'750.0
    8.80x

    12/yy
    70'446.0
    2.48x
    0.0
    0.00x
    3'872.0
    10.07x

    FY+1

    1.20
    148.14
    0.42
    19.82%
    4.35%
    1.197
    39
    3.436
    536'046
    462'316
    417'827
    FY+2

    FQ+1

    FQ+2

    12/13 Y
    12/14 Y
    03/13 Q1 06/13 Q2
    60'114.2
    62'244.6
    0.92x
    4'318.0
    4'541.8
    1'175.0
    945.0
    9.51x
    9.01x
    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

    36.3%
    25.4%
    0.18
    -

    Sales/Revenue/Turnover

    14.00

    80'000.0

    12.00

    70'000.0
    60'000.0

    10.00

    50'000.0

    8.00

    40'000.0
    6.00

    30'000.0

    4.00

    20'000.0

    2.00

    10'000.0

    0.00
    01.01.2010

    0.0
    01.07.2010

    01.01.2011

    01.07.2011

    01.01.2012

    01.07.2012

    01.01.2013

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    28.02.2013

    Zurich Insurance Group AG


    Holdings By:

    All

    Holder Name
    BLACKROCK
    NORGES BANK
    ABERDEEN
    FMR LLC
    VANGUARD GROUP INC
    CREDIT SUISSE
    CREDIT SUISSE ASSET
    FRANKLIN RESOURCES
    UBS FUND MANAGEMENT
    PICTET & CIE
    TWEEDY BROWNE COMPAN
    MASSACHUSETTS FINANC
    SCHRODER INVESTMENT
    DIMENSIONAL FUND ADV
    SWISSCANTO FONDSLEIT
    BANK OF NEW YORK MEL
    UMB BANK N A
    MORGAN STANLEY
    DANSKE INVEST A/S
    ALLIANZ ASSET MANAGE

    Firm Name

    Portfolio Name
    n/a
    n/a
    n/a
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    Multiple Portfolios
    n/a
    Multiple Portfolios
    n/a

    Analyst

    AlphaValue
    DIETER HEIN
    Morgan Stanley
    MARCUS RIVALDI
    Bank Vontobel AG
    STEFAN SCHUERMANN
    Berenberg Bank
    PETER ELIOT
    Credit Suisse
    RICHARD BURDEN
    Independent Research GmbH
    STEFAN BONGARDT
    Zuercher Kantonalbank
    GEORG MARTI
    Keefe, Bruyette & Woods
    RALPH HEBGEN
    JPMorgan
    MICHAEL HUTTNER
    Macquarie
    HADLEY COHEN
    Bankhaus Metzler
    JOCHEN SCHMITT
    Kepler Capital Markets
    FABRIZIO CROCE
    Nomura
    MICHAEL KLIEN
    S&P Capital IQ
    RODERICK WALLACE
    Main First Bank AG
    RENE LOCHER
    Exane BNP Paribas
    THOMAS JACQUET
    Helvea
    DANIEL BISCHOF
    Oddo & Cie
    NICOLAS JACOB
    Bryan Garnier & Cie
    OLIVIER PAUCHAUT
    Banca Akros(ESN)
    MARCO CAVALLERI
    CA Cheuvreux
    ATANASIO PANTARROTAS
    Barclays
    ANDREW BROADFIELD
    Mediobanca SpA
    MARC THIELE
    RBC Capital Markets
    GORDON AITKEN
    Deutsche Bank
    ROBIN BUCKLEY
    Sanford C. Bernstein & Co
    THOMAS SEIDL
    HSBC
    THOMAS FOSSARD
    Day by Day
    VALERIE GASTALDY
    EVA Dimensions
    AUSTIN BURKETT
    Espirito Santo Investment Bank Research
    JOY FERNEYHOUGH
    Raymond James
    DANNY JACQUES
    Canaccord Genuity Corp
    BEN COHEN
    Landesbank Baden-Wuerttemberg
    WERNER SCHIRMER
    Societe Generale
    JASON KALAMBOUSSIS
    Goldman Sachs
    VINIT MALHOTRA
    Redburn Partners
    PAUL GOODHIND
    DZ Bank AG
    WERNER EISENMANN
    Daiwa Securities Co. Ltd.
    TIM PROUDLOVE
    CS Capital
    CHRISTOPHER PARKINSON

    Source
    ULT-AGG
    EXCH
    ULT-AGG
    ULT-AGG
    MF-AGG
    EXCH
    MF-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    MF-AGG
    ULT-AGG

    Recommendation
    add
    Equalwt/In-Line
    hold
    hold
    outperform
    hold
    market perform
    market perform
    neutral
    neutral
    buy
    hold
    buy
    sell
    underperform
    neutral
    neutral
    buy
    sell
    hold
    select list
    equalweight
    neutral
    sector perform
    hold
    outperform
    neutral
    buy
    buy
    buy
    outperform
    buy
    sell
    hold
    Buy/Neutral
    neutral
    buy
    underperform
    neutral

    Amt Held
    6'478'263
    4'495'862
    4'377'801
    3'587'304
    3'087'350
    2'525'492
    2'266'979
    1'902'944
    1'415'888
    756'303
    716'240
    601'051
    559'536
    540'678
    487'809
    420'245
    329'296
    313'506
    297'808
    281'822

    % Out
    4.37
    3.03
    2.95
    2.42
    2.08
    1.7
    1.53
    1.28
    0.95
    0.51
    0.48
    0.41
    0.38
    0.36
    0.33
    0.28
    0.22
    0.21
    0.2
    0.19

    Weighting

    Change
    4
    3
    3
    3
    5
    3
    3
    3
    3
    3
    5
    3
    5
    1
    1
    3
    3
    5
    1
    3
    5
    3
    3
    3
    3
    5
    3
    5
    5
    5
    5
    5
    1
    3
    5
    3
    5
    1
    3

    M
    M
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    D
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M
    M

    Latest Chg
    (221)
    (23'819)
    168'230
    22'537
    787
    (85)
    (1'964)
    (15'345)
    (4'300)
    (13'585)
    20'468
    16'355
    (6'860)
    10'384
    32'803
    56'299
    16'869
    7'978

    Target Price
    281
    261
    270
    290
    282
    270
    #N/A N/A
    300
    263
    270
    290
    213
    290
    230
    265
    245
    255
    300
    252
    245
    300
    260
    292
    280
    265
    250
    254
    270
    #N/A N/A
    300
    262
    260
    200
    252
    292
    #N/A N/A
    240
    216
    #N/A N/A

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    File Dt
    Inst Type
    26.02.2013
    Investment Advisor
    23.06.2011
    Government
    31.01.2012
    Unclassified
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    23.03.2010
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    30.11.2012
    Investment Advisor
    30.11.2012 Mutual Fund Manager
    31.03.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.07.2012
    Investment Advisor
    28.12.2012 Mutual Fund Manager
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.12.2012
    Investment Advisor
    31.01.2013
    Investment Advisor
    31.01.2013
    Investment Advisor

    Date
    6 month
    12 month
    Not Provided
    Not Provided
    Not Provided
    12 month
    Not Provided
    12 month
    9 month
    12 month
    12 month
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    Not Provided
    6 month
    12 month
    Not Provided
    Not Provided
    6 month
    12 month
    12 month
    12 month
    Not Provided
    3 month
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    Not Provided
    12 month
    12 month
    Not Provided
    12 month
    6 month
    Not Provided

    Date
    28.02.2013
    26.02.2013
    26.02.2013
    21.02.2013
    20.02.2013
    19.02.2013
    18.02.2013
    17.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    15.02.2013
    14.02.2013
    14.02.2013
    13.02.2013
    04.02.2013
    04.02.2013
    30.01.2013
    28.01.2013
    24.01.2013
    17.01.2013
    16.01.2013
    15.01.2013
    15.01.2013
    08.01.2013
    19.12.2012
    18.12.2012
    30.11.2012
    15.11.2012
    11.10.2012
    15.03.2012
    05.12.2011
    06.05.2011
    05.08.2010

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